-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KrmvTCjpJZ/Q8yu2jfgxFq0MZn0jwpHGa780xRCqeXmcfeILawzzkm3RkZlb67as JtZacVcgv9rN+49U4N0VBg== 0000858581-01-500008.txt : 20010820 0000858581-01-500008.hdr.sgml : 20010820 ACCESSION NUMBER: 0000858581-01-500008 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010630 FILED AS OF DATE: 20010817 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE INDEX TRUST INC CENTRAL INDEX KEY: 0000858581 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-05986 FILM NUMBER: 1717701 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 3015472000 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE INSTITUTIONAL EQUITY FUNDS INC DATE OF NAME CHANGE: 19900227 N-30D 1 exf40868.txt T. ROWE PRICE EQUITY INDEX 500 FUND Semiannual Report - Financial Statements T. Rowe Price Equity Index 500 Fund June 30, 2001 T. Rowe Price Equity Index 500 Fund - -------------------------------------------------------------------------------- Unaudited For a share outstanding throughout each period FINANCIAL HIGHLIGHTS 6 Months Year Ended Ended 6/30/01 12/31/00 12/31/99 12/31/98 12/31/97 12/31/96 NET ASSET VALUE Beginning of period $ 35.50 $ 39.56 $ 33.38 $ 26.38 $ 20.34 $ 17.21 ............................................................................... Investment activities Net investment income (loss) 0.15* 0.33* 0.34* 0.33* 0.35* 0.38* Net realized and unrealized gain (loss) (2.61) (3.98) 6.49 7.10 6.28 3.47 ............................................................................... Total from investment activities (2.46) (3.65) 6.83 7.43 6.63 3.85 ............................................................................... Distributions Net investment income (0.15) (0.33) (0.34) (0.34) (0.34) (0.38) Net realized gain - (0.08) (0.31) (0.09) (0.25) (0.34) ............................................................................... Total distributions (0.15) (0.41) (0.65) (0.43) (0.59) (0.72) ............................................................................... NET ASSET VALUE ............................................................................... End of period $ 32.89 $ 35.50 $ 39.56 $ 33.38 $ 26.38 $ 20.34 ............................................................................... RATIOS/SUPPLEMENTAL DATA Total return** (6.91)%* (9.30)%* 20.64%* 28.31%* 32.87%* 22.65%* ................................................................................ Ratio of total expenses to average net assets 0.35%*+ 0.35%* 0.40%* 0.40%* 0.40%* 0.40%* ................................................................................ Ratio of net investment income (loss) to average net assets 0.91%*+ 0.85%* 0.98%* 1.17%* 1.49%* 2.05%* ................................................................................ Portfolio turnover rate 4.3%+ 9.1% 5.2% 4.7% 0.7% 1.3% Net assets, end of period (in millions) $ 3,643 $ 4,045 $ 5,049 $ 3,347 $ 1,908 $ 808 ................................................................................ ** 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 0.40% voluntary expense limitation in effect through 12/31/99 and a 0.35% voluntary expense limitation in effect through 12/31/02. + Annualized The accompanying notes are an integral part of these financial statements. T. Rowe Price Equity Index 500 Fund - -------------------------------------------------------------------------------- Unaudited June 30, 2001 STATEMENT OF NET ASSETS Shares/Par Value In thousands COMMON STOCKS 99.1% BASIC MATERIALS 2.6% Chemicals 1.4% DuPont 341,743 $ 16,486 Dow Chemical 294,026 9,776 Air Products and Chemicals 74,602 3,413 PPG Industries 55,498 2,917 Praxair 52,847 2,484 Rohm & Haas 72,528 2,386 Avery Dennison 36,724 1,875 Ecolab 42,007 1,721 Goodyear Tire & Rubber 52,838 1,479 Eastman Chemical 24,931 1,187 Sherwin-Williams 52,730 1,171 Engelhard 40,976 1,057 Sealed Air *ss. 27,349 1,019 Sigma Aldrich 25,005 966 Ashland 22,742 912 FMC * 10,254 703 Great Lakes Chemicalss. 16,231 501 Hercules 33,486 378 50,431 Forest Products & Paper 0.5% International Paper 158,195 5,647 Weyerhaeuser 70,688 3,886 Georgia-Pacific 74,890 2,535 Willamette Industries 36,355 1,800 Mead 32,017 869 Westvaco 33,432 812 Bemis 16,925 680 Pactiv * 49,881 668 Boise Cascade 18,331 645 Louisiana Pacificss. 36,025 423 Potlatch 9,247 318 18,283 Gold 0.1% Barrick Goldss. 129,383 $ 1,960 Newmont Mining 64,305 1,197 Placer Dome 109,239 1,071 Homestake Mining 82,216 637 Freeport McMoRan Copper Gold (Class B) * 48,977 541 5,406 Metals and Mining 0.6% Alcoa 283,878 11,185 Alcan 103,983 4,369 Nucor 25,901 1,266 Phelps Dodge 26,180 1,087 Inco * 60,467 1,044 USX-U.S. Steelss. 30,243 609 Allegheny Technologies 25,561 462 Ball 9,415 448 Worthington Industries 26,772 364 20,834 Total Basic Materials 94,954 BUSINESS SERVICES 0.9% Advertising 0.3% Omnicom 60,587 5,210 Interpublic Group 120,464 3,536 TMP Worldwide *ss. 34,800 2,088 10,834 Business Services 0.3% Paychex 122,755 4,910 IMS Health 96,633 2,754 Moody's 53,741 1,800 Quintiles Transnational *ss. 38,300 967 10,431 Environmental Services 0.2% Waste Management 204,202 6,294 Allied Waste Industries * 65,800 1,229 7,523 Industrial Services 0.1% Cintasss. 55,550 $ 2,569 Robert Half * 57,400 1,429 Ryder System 18,778 368 4,366 Total Business Services 33,154 CONSUMER DISCRETIONARY 4.0% Entertainment 1.0% Viacom (Class B) * 582,064 30,122 Carnival (Class A) 191,858 5,890 36,012 Hotels 0.2% Marriott (Class A) 78,657 3,724 Starwood Hotels & Resorts Worldwide, REIT 63,600 2,371 Hilton 120,715 1,400 Harrah's Entertainment * 38,104 1,345 8,840 Leisure 0.4% Harley-Davidson 99,900 4,703 Eastman Kodak 98,379 4,593 Mattel 139,617 2,642 Hasbro 55,316 799 Brunswick 29,217 702 13,439 Media 1.3% Disney 682,776 19,725 Comcast (Class A Special) * 307,846 13,360 Clear Channel Communications * 191,607 12,014 Univision Communications *ss. 67,500 2,888 47,987 Publishing 0.6% Gannett 86,225 5,682 McGraw-Hill 64,162 4,244 Tribune 99,327 3,974 New York Times (Class A) 53,348 2,241 Dow Jones 28,628 $ 1,710 Knight-Ridderss. 24,215 1,436 R.H. Donnelley * 40,777 1,211 Deluxe 24,362 704 Meredith 15,786 565 American Greetings (Class A)ss. 19,207 211 21,978 Restaurants 0.5% McDonald's 423,529 11,461 Starbucks * 124,000 2,852 Tricon Global Restaurants * 48,247 2,118 Darden Restaurants 39,503 1,102 Wendys 38,444 982 18,515 Total Consumer Discretionary 146,771 CONSUMER NONDURABLES 6.9% Alcohol 0.4% Anheuser-Busch 295,656 12,181 Brown-Forman (Class B) 22,464 1,436 Coors (Class B) 11,674 586 14,203 Apparel & Textiles 0.2% NIKE (Class B) 88,708 3,725 V. F. 37,282 1,356 Liz Claiborness. 17,394 878 Reebok *ss. 18,587 594 6,553 Beverages 1.6% Coca-Cola 814,762 36,664 PepsiCo 479,290 21,185 57,849 Food 1.7% Unilever 187,612 11,176 Sysco 222,072 6,029 Sara Lee 257,841 $ 4,884 Heinz 113,610 4,646 General Mills 92,878 4,066 Quaker Oats 43,479 3,967 Kellogg 132,599 3,845 Campbell 136,859 3,524 ConAgra 175,123 3,469 Wrigley 73,570 3,447 Ralston Purina 101,872 3,058 Hershey Foods 44,298 2,734 Archer-Daniels-Midland 209,265 2,720 Coca-Cola Enterprises 136,598 2,233 Pepsi Bottling Group 46,200 1,853 Supervalu 41,870 735 62,386 Home Products 1.9% Procter & Gamble 425,835 27,168 Colgate-Palmolive 183,790 10,842 Gillette 347,045 10,061 Kimberly-Clark 175,038 9,785 Avonss. 77,938 3,607 Clorox 78,108 2,644 Newell Rubbermaid 87,479 2,196 Fortune Brands 50,436 1,935 International Flavors & Fragrances 31,757 798 Alberto Culver (Class B)ss. 18,801 790 Tupperware 19,478 456 National Service Industries 14,314 323 70,605 Tobacco 1.1% Philip Morris 720,561 36,569 UST 52,892 1,526 38,095 Total Consumer Nondurables 249,691 DURABLE GOODS 1.3% Construction & Real Property 0.2% Masco 146,454 $ 3,656 Vulcan Materials 32,700 1,758 Centex 19,028 775 Pulte 13,309 567 KB Home 14,457 436 7,192 Consumer Durables 0.1% Leggett & Platt 63,100 1,390 Whirlpool 22,147 1,384 Black & Decker 26,790 1,057 Maytag 25,476 746 4,577 Motor Vehicles 1.0% Ford Motor 599,102 14,708 General Motors 180,080 11,588 Delphi Automotive Systems 181,825 2,896 Johnson Controls 27,864 2,019 PACCAR 25,106 1,291 Danass. 49,649 1,159 Visteon 41,826 769 Navistar * 19,014 535 Cooper Tire 25,217 358 35,323 Total Durable Goods 47,092 ENERGY 7.2% Energy Reserves & Production 5.6% Exxon Mobil 1,129,882 98,695 Royal Dutch Petroleum ADR 702,278 40,922 Enron 244,902 12,000 El Paso Electric 166,639 8,755 Conoco (Class B) 204,951 5,923 Williams Companies 158,391 5,219 Phillips Petroleumss. 84,140 $ 4,796 Anadarko Petroleum 81,237 4,389 Transocean Sedco Forex 104,342 4,304 Occidental Petroleum 121,995 3,244 Burlington Resources 70,661 2,823 Unocal 78,953 2,696 Amerada Hess 29,074 2,349 Devon Energy 42,058 2,208 Tosco 47,800 2,106 Apache 40,431 2,052 Kerr-McGee 30,676 2,033 EOG Resources 37,900 1,348 205,862 Oil Refining 1.0% Chevron 210,634 19,062 Texaco 180,370 12,013 USX-Marathon 102,850 3,035 Sun 27,795 1,018 35,128 Oil Service 0.6% Schlumberger 187,858 9,891 Halliburton 140,549 5,003 Baker Hughes 109,277 3,661 Nabors Industries * 47,900 1,782 Noble Drilling * 43,900 1,438 Rowan * 30,896 683 McDermott International * 21,311 248 22,706 Total Energy 263,696 FINANCIAL 18.3% Banks 8.8% Citigroup 1,646,775 87,016 Bank of America 524,220 31,469 J.P. Morgan Chase 649,122 28,951 Wells Fargo 562,080 $ 26,097 U.S. Bancorp 623,985 14,221 FleetBoston Financial 356,265 14,055 Bank One 378,975 13,567 Bank of New York 242,737 11,651 Fifth Third Bancorpss. 188,362 11,311 First Unionss. 321,635 11,238 Mellon Financial 156,268 7,188 SunTrust 97,550 6,319 PNC Financial Services Group 94,854 6,240 National City 199,570 6,143 State Street 106,750 5,283 Wachovia 68,971 4,907 BB&T 132,263 4,854 Northern Trust 73,034 4,565 KeyCorp 138,872 3,618 Comerica 58,451 3,367 Synovus Financial 93,979 2,949 SouthTrust 112,142 2,916 Regions Financial 79,228 2,535 AmSouth 123,316 2,280 Charter One Financial 67,659 2,158 Union Planters 44,924 1,959 Zions Bancorp 30,200 1,782 Huntington Bancshares 82,448 1,348 319,987 Financial Services 3.4% Fannie Mae 327,587 27,894 American Express 435,518 16,898 Freddie Mac 227,837 15,949 Household International 151,942 10,134 MBNA 279,707 9,216 Marsh & McLennan 90,234 9,114 Providian Financial 94,116 5,572 Cendant * 278,446 5,430 Capital One Financial 68,189 4,091 USA Education 53,871 $ 3,933 Concord EFS * 71,950 3,742 Aon 84,369 2,953 H&R Block 30,216 1,950 Countrywide Credit 38,425 1,763 Equifax 46,390 1,702 Conseco *ss. 110,744 1,512 Temple-Inland 16,130 859 122,712 Life & Health Insurance 0.9% MetLifess. 250,700 7,767 American General 165,294 7,678 AFLAC 174,300 5,489 CIGNA 50,167 4,807 Lincoln National 62,202 3,219 UNUMProvident 79,937 2,567 Torchmark 41,625 1,674 33,201 Property & Casualty Insurance 3.0% American International Group 762,831 65,604 Allstate 240,082 10,561 Hartford Financial Services 77,764 5,319 Chubb 57,560 4,457 Loews 65,006 4,188 St. Paul Companies 70,931 3,596 Progressive 24,045 3,251 MBIA 48,171 2,682 MGIC Investment 35,288 2,563 Jefferson Pilot 50,784 2,454 Cincinnati Financial 52,635 2,079 AMBAC 34,250 1,993 SAFECO 42,745 1,261 110,008 Securities & Asset Management 1.8% Morgan Stanley Dean Witter 365,444 23,472 Merrill Lynch 274,404 16,258 Charles Schwab 453,959 $ 6,946 Lehman Brothers 81,832 6,362 John Hancock Financial Services 100,600 4,050 Franklin Resources 86,278 3,949 Stilwell Financial 73,800 2,477 Bear Stearns 35,047 2,067 T. Rowe Price 40,200 1,503 67,084 Thrift Institutions 0.4% Washington Mutual 287,768 10,806 Golden West Financial 51,654 3,318 14,124 Total Financial 667,116 HEALTH CARE 13.5% Drugs, Medicine 8.5% Pfizer 2,068,714 82,852 Merck 749,838 47,922 Bristol-Myers Squibb 636,376 33,283 Eli Lilly 369,501 27,343 American Home Products 429,953 25,126 Amgen * 341,286 20,709 Pharmacia 425,928 19,571 Schering-Plough 478,910 17,356 Cardinal Health 145,729 10,055 Forest Laboratories * 57,500 4,083 Allergan 43,328 3,705 McKesson HBOC 93,078 3,455 MedImmune * 70,100 3,309 Chiron * 63,200 3,223 King Pharmaceuticals *ss. 54,806 2,946 Biogen * 48,400 2,631 Watson Pharmaceuticals * 34,700 2,139 Applera-Applied Biosystems 69,284 1,853 311,561 Medical Products 4.3% Johnson & Johnson 991,956 $ 49,598 Tyco 632,721 34,483 Abbott Laboratories 507,335 24,357 Medtronic 393,658 18,112 Baxter 193,222 9,468 Guidant * 100,281 3,610 Stryker 63,900 3,505 Becton, Dickinson 84,645 3,030 Biomet 59,038 2,837 Boston Scientific * 133,363 2,267 St. Jude Medical * 28,367 1,702 Thermo Electron * 59,988 1,321 C. R. Bard 16,526 941 Bausch & Lomb 17,259 626 155,857 Medical Providers & Services 0.7% HCA-Healthcare 176,038 7,955 UnitedHealth 104,684 6,464 Tenet Healthcare * 105,089 5,422 HealthSouth * 127,679 2,039 Wellpoint Health Networks * 20,400 1,922 Manor Care * 32,857 1,043 Humana * 56,715 559 25,404 Total Health Care 492,822 INDUSTRIAL 7.5% Defense and Aerospace 1.6% Boeing 285,230 15,859 United Technologies 154,224 11,298 Honeywell 264,906 9,269 Lockheed Martin 140,775 5,216 General Dynamics 65,679 5,111 Raytheonss. 112,748 2,993 Northrop Grumman 27,813 2,228 TRW 41,171 $ 1,688 B.F. Goodrich 33,284 1,264 ITT Industries 28,348 1,254 56,180 Heavy Electrical Equipment 5.2% GE 3,252,216 158,545 3M 129,764 14,806 Emerson Electric 140,759 8,516 Rockwell 60,325 2,300 Cooper Industries 31,020 1,228 American Power Conversion * 63,100 994 Cummins Enginess. 13,669 529 Thomas & Betts 20,391 450 187,368 Heavy Machinery 0.2% Caterpillar 112,189 5,615 Deere 76,540 2,897 8,512 Industrial Parts 0.5% Illinois Tool Works 99,183 6,278 Textron 46,579 2,564 Ingersoll-Rand 52,379 2,158 Genuine Parts 57,362 1,807 Parker Hannifin 38,651 1,640 W. W. Grainger 31,429 1,294 Stanley Works 27,841 1,166 Pall 40,007 941 Crane 20,732 643 Snap-On 19,989 483 Timken 21,067 357 19,331 Total Industrial 271,391 MISCELLANEOUS 0.1% Miscellaneous 0.1% Aetna * 47,068 1,218 Fluor 25,926 1,170 Total Miscellaneous 2,388 RETAIL 6.2% Clothing Stores 0.4% Gap 278,564 $ 8,079 TJX 90,682 2,890 The Limited 140,742 2,325 Nordstrom 43,034 798 14,092 Department Stores 2.8% Wal-Mart 1,464,550 71,470 Target 294,116 10,176 Kohl's * 108,822 6,826 Sears 109,585 4,637 May Department Stores 97,581 3,343 Federated Department Stores * 64,717 2,751 J.C. Penneyss. 85,428 2,252 Kmart * 158,756 1,821 Dillardsss. 28,343 433 103,709 Grocery Stores 0.6% Safeway * 165,915 7,964 Kroger * 269,378 6,734 Albertson's 134,079 4,021 Winn-Dixie 46,100 1,205 19,924 Specialty Retail 2.4% Home Depot 764,025 35,565 Walgreen 332,989 11,372 Lowes 125,597 9,112 Costco Wholesale * 146,644 6,024 CVS 128,561 4,962 Best Buy * 68,600 4,358 Bed Bath & Beyond * 93,800 2,927 Staples * 148,753 2,379 Dollar General 108,736 2,120 Radio Shack 61,420 1,873 Tiffany 48,140 1,744 Toys "R" Us * 64,650 1,600 AutoZone *ss. 37,925 $ 1,422 Circuit City Stores 69,002 1,242 Office Depot * 98,100 1,018 Big Lots * 36,135 494 88,212 Total Retail 225,937 TECHNOLOGY 21.4% Communications Equipment 1.0% Motorola 717,002 11,874 Nortel Networks 1,038,912 9,444 Lucent Technologies 1,120,151 6,945 Comverse Technology *ss. 54,200 3,095 Tellabs * 134,942 2,615 Scientific-Atlantass. 52,522 2,132 36,105 Computer Communications Equipment 1.3% Cisco Systems * 2,396,296 43,612 Cabletron Systems * 60,252 1,377 Adaptec * 34,700 345 45,334 Computer Makers 2.0% Dell Computer * 849,197 22,207 Hewlett-Packard 632,980 18,103 Sun Microsystems * 1,067,088 16,775 COMPAQ Computer 553,497 8,574 Apple Computer * 113,730 2,644 Gateway 2000 * 104,492 1,719 Palm * 185,705 1,127 71,149 Computer Software 7.6% Microsoft * 1,762,054 128,630 IBM 568,164 64,203 Oracle * 1,838,564 34,933 VERITAS Software * 130,200 8,662 Siebel Systems * 148,100 6,946 Computer Associates 187,736 6,758 PeopleSoft * 92,927 4,575 Adobe Systems 78,592 $ 3,694 Intuit * 67,100 2,683 Sabre Group * 43,450 2,172 Citrix Systems * 61,100 2,132 BMC Software * 79,281 1,787 ADC Telecommunications * 253,300 1,672 Compuware * 118,670 1,660 Mercury Interactive * 26,200 1,569 Unisys * 103,262 1,519 NCR * 31,800 1,495 Parametric Technology * 84,888 1,188 Autodesk 19,008 709 Novell * 101,046 575 Sapient * 41,400 404 Roxio * 5,711 74 278,040 Electronic Equipment 1.1% JDS Uniphase * 429,600 5,370 Corning 301,496 5,038 Agilent Technologies * 149,065 4,845 Solectron * 211,026 3,862 KLA-Tencor * 61,102 3,573 Danaher 46,739 2,617 Dover 66,343 2,498 Sanmina * 101,000 2,364 Molexss. 64,625 2,361 Jabil Circuit * 63,200 1,950 Teradyne * 56,600 1,873 Eaton 22,327 1,565 Millipore 15,627 969 PerkinElmer 33,384 919 Tektronix * 31,478 855 Andrew * 28,252 521 Power-One *ss. 25,500 424 41,604 Information Services 0.9% Automatic Data Processing 204,426 10,160 Electronic Data Systems 153,659 9,604 First Data 129,598 $ 8,327 FIserv * 40,725 2,605 Computer Sciences * 55,819 1,931 Convergys * 56,400 1,706 34,333 Internet 2.6% AOL Time Warner * 1,448,709 76,782 QUALCOMM * 246,700 14,427 Yahoo! *ss. 183,700 3,672 Broadvision *ss. 88,561 443 95,324 Miscellaneous Computer Hardware 0.9% EMC * 717,880 20,854 Pitney Bowes 83,285 3,508 Lexmark International (Class A) * 42,000 2,825 Xeroxss. 218,299 2,089 Symbol Technologies 71,175 1,580 Network Appliance * 105,600 1,447 Avaya * 90,912 1,245 33,548 Semiconductor Capital Equipment 0.4% Applied Materials * 264,138 12,969 Novellus Systems * 45,800 2,601 15,570 Semiconductors 3.6% Intel 2,203,932 64,465 Texas Instruments 567,484 17,876 Micron Technology * 194,964 8,013 Analog Devices * 118,200 5,112 Maxim Integrated Products * 106,000 4,686 Linear Technology 103,500 4,577 Xilinx * 108,800 4,487 Altera * 129,800 3,764 Broadcom * 85,150 3,641 Advanced Micro Devices *ss. 111,790 3,228 LSI Logic * 117,254 2,204 QLogic * 30,622 1,974 Applied Micro Circuits *ss. 97,252 1,673 National Semiconductor * 57,411 $ 1,672 Vitesse Semiconductor * 62,400 1,313 Conexant Systems * 80,900 724 129,409 Total Technology 780,416 TELECOMMUNICATIONS 5.5% Telephone 4.9% Verizon Communications 886,011 47,402 SBC Communications 1,103,019 44,187 BellSouth 614,117 24,730 AT&Tss. 883,098 19,428 Qwest Communications 544,410 17,350 WorldCom - Worldcom Group * 947,324 13,452 Sprint 291,096 6,218 Global Crossing *ss. 291,060 2,515 Centurytel 45,250 1,371 Citizens Communications *ss. 93,500 1,125 WorldCom - MCI Group * 2,736 44 177,822 Wireless Telecommunications 0.6% Sprint PCS *ss. 304,212 7,347 ALLTEL 102,427 6,274 AT&T Wireless * 288,120 4,711 Nextel Communications *ss. 247,826 4,337 22,669 Total Telecommunications 200,491 TRANSPORTATION 0.7% Air Transport 0.2% Southwest Airlines 247,519 4,577 Delta 40,939 1,804 AMR * 48,997 1,770 USAir * 21,919 533 8,684 Railroads 0.4% Union Pacific 81,484 $ 4,474 Burlington Northern Santa Fe 129,605 3,910 Norfolk Southern 126,901 2,627 CSX 70,278 2,547 13,558 Trucking, Shipping and Air Freight 0.1% Fedex * 97,686 3,927 3,927 Total Transportation 26,169 UTILITIES 3.0% Electric Utilities 2.6% Duke Energy 252,124 9,835 AES * 174,302 7,504 Exelon 104,640 6,710 Southern 221,922 5,160 Dynegy (Class A) 106,460 4,950 American Electric Powerss. 106,017 4,895 Dominion Resources 80,926 4,866 TXUss. 84,561 4,075 Mirant * 111,039 3,820 Calpine *ss. 97,900 3,701 FPL Group 57,736 3,476 XCEL Energyss. 111,582 3,175 Reliant Energy 96,743 3,116 Progress Energy 68,116 3,060 Entergy 73,761 2,832 Consolidated Edisonss. 69,800 2,778 DTE Energyss. 56,188 2,609 PPL 47,409 2,607 FirstEnergy 74,380 2,392 Constellation Energy Group 53,345 2,272 Ameren 45,552 1,945 Allegheny Energy 40,300 1,944 CINergy 51,753 $ 1,809 GPU 40,267 1,415 PG&E 126,364 1,415 Pinnacle West Capital 27,400 1,299 Edison Internationalss. 106,068 1,183 Niagara Mohawk * 51,233 906 95,749 Gas Utilities 0.4% Public Service Enterprise 71,032 3,473 Kinder Morgan 37,450 1,882 Sempra Energy 66,380 1,815 NiSource 66,175 1,809 KeySpan 43,740 1,596 CMS Energy 43,800 1,220 NICOR 15,255 595 Peoples Energy 11,723 471 ONEOK 18,550 365 13,226 Total Utilities 108,975 Total Common Stocks (Cost $2,704,720) 3,611,063 SHORT-TERM INVESTMENTS 1.7% U.S. Treasury Obligations U.S. Treasury Bills, 3.50 - 4.518%, 8/23/01 $ 4,400,000 4,372 4,372 MONEY MARKET FUNDS 1.6% T. Rowe Price Reserve Investment Fund, 4.34% # 57,874,440 57,874 Total Short-Term Investments (Cost $62,246) 62,246 Total Investments in Securities 100.8% of Net Assets (Cost $2,766,966) $3,673,309 Futures Contracts In thousands Contract Unrealized Expiration Value Gain (Loss) ---------- --------- ----------- Long, 110 S&P 500 Index contracts, $1,897,500 par of U.S. Treasury Bills pledged as initial margin 9/01 $ 33,872 $ (856) Net payments (receipts) of variation margin to date 985 Variation margin receivable (payable) on open futures contracts 129 Other Assets Less Liabilities (30,557) NET ASSETS $ 3,642,881 Net Assets Consist of: Accumulated net investment income - net of distributions $ 672 Accumulated net realized gain/loss - net of distributions (13,599) Net unrealized gain (loss) 905,487 Paid-in-capital applicable to 110,742,732 shares of $0.01 par value capital stock outstanding; 1,000,000,000 shares of the Corporation authorized 2,750,321 NET ASSETS $3,642,881 NET ASSET VALUE PER SHARE $ 32.89 # Seven-day yield * Non-income producing ss. All or a portion of this security is on loan at June 30, 2001-See Note 2. ADR American Depository Receipt REIT Real Estate Investment Trust The accompanying notes are an integral part of these financial statements. T. Rowe Price Equity Index 500 Fund - -------------------------------------------------------------------------------- Unaudited Statement of Operations In thousands 6 Months Ended 6/30/01 Investment Income (Loss) Income Dividend $ 22,558 Interest 906 Securities lending 135 Other 2 Total income 23,601 Expenses Shareholder servicing 4,545 Investment management 1,573 Prospectus and shareholder reports 123 Custody and accounting 114 Registration 21 Directors 10 Legal and audit 9 Miscellaneous 149 Total expenses 6,544 Expenses paid indirectly (2) Net expenses 6,542 Net investment income (loss) 17,059 REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) Securities 1,302 Futures (1,035) Net realized gain (loss) 267 Change in net unrealized gain or loss Securities (297,482) Futures (1,046) Change in net unrealized gain or loss (298,528) Net realized and unrealized gain (loss) (298,261) INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS $ (281,202) The accompanying notes are an integral part of these financial statements. T. Rowe Price Equity Index 500 Fund - -------------------------------------------------------------------------------- Unaudited STATEMENT OF CHANGES IN NET ASSETS In thousands 6 Months Year Ended Ended 6/30/01 12/31/00 Increase (Decrease) in Net Assets Operations Net investment income (loss) $ 17,059 $ 39,314 Net realized gain (loss) 267 130,648 Change in net unrealized gain or loss (298,528) (611,277) Increase (decrease) in net assets from operations (281,202) (441,315) Distributions to shareholders Net investment income (16,601) (39,254) Net realized gain - (9,469) Decrease in net assets from distributions (16,601) (48,723) Capital share transactions * Shares sold 518,858 1,638,056 Distributions reinvested 16,164 47,595 Shares redeemed (639,188) (2,199,966) Redemption fees received - 112 Increase (decrease) in net assets from capital share transactions (104,166) (514,203) Net Assets Increase (decrease) during period (401,969) (1,004,241) Beginning of period 4,044,850 5,049,091 End of period $3,642,881 $ 4,044,850 *Share information Shares sold 15,366 42,426 Distributions reinvested 510 1,236 Shares redeemed (19,067) (57,355) Increase (decrease) in shares outstanding (3,191) (13,693) The accompanying notes are an integral part of these financial statements. T. Rowe Price Equity Index 500 Fund - -------------------------------------------------------------------------------- Unaudited June 30, 2001 NOTES TO FINANCIAL STATEMENTS NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES T. Rowe Price Index Trust, Inc. (the trust) 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 trust and commenced operations on March 30, 1990. The fund seeks to match the performance of the Standard & Poor's 500 Stock Index. The accompanying financial statements were prepared in accordance with generally accepted accounting principles, which require the use of estimates made by fund management. Valuation Equity securities listed or regularly traded on a securities exchange are valued at the last quoted sales price at the time the valuations are made. A security that 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 in local currency 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 financial reporting purposes. Redemption Fees The fund assesses a 0.5% fee on redemptions of fund shares held less than six months. Such fees are retained by the fund, and have the primary effect of increasing paid-in-capital. 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 capital gain distributions are determined in accordance with federal income tax regulations and may differ from net investment income and realized gains 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 During the six months ended June 30, 2001, 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. It receives as collateral cash and U.S. government securities valued at 102%-105% of the value of the securities on loan. Cash collateral 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 the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the fund the next business day. 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 the securities. At June 30, 2001, the value of loaned securities was $73,623,000; aggregate collateral consisted of $74,818,000 in the securities lending collateral pool. Other Purchases and sales of portfolio securities, other than short-term securities, aggregated $81,168,000 and $210,907,000, respectively, for the six months ended June 30, 2001. 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, 2001, the cost of investments for federal income tax purposes was substantially the same as for financial reporting and totaled $2,766,966,000. Net unrealized gain aggregated $906,343,000 at period-end, of which $1,208,561,000 related to appreciated investments and $302,218,000 to depreciated investments. NOTE 4 - RELATED PARTY TRANSACTIONS The fund is managed by T. Rowe Price Associates, Inc. (the manager or Price Associates), a wholly owned subsidiary of T. Rowe Price Group. The investment management agreement between the fund and the manager provides for an annual investment management fee, of which $311,000 was payable at June 30, 2001. 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, excluding interest, taxes, brokerage commissions, and extraordinary 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, $1,233,000 of management fees were not accrued by the fund for the six months ended June 30, 2001. At June 30, 2001, unaccrued fees in the amount of $1,272,000 remain subject to reimbursement by the fund through December 31, 2001, and $1,914,000 through December 31, 2003. In addition, the fund has entered into agreements with Price Associates and two wholly owned subsidiaries of Price Associates, pursuant to which the fund receives certain other services. Price Associates 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 $4,159,000 for the six months ended June 30, 2001, of which $785,000 was payable at period-end. Consistent with its investment objective, the fund may invest in Price Associates. Additionally, the fund may invest in the T. Rowe Price Reserve Investment Fund and T. Rowe Price Government Reserve Investment Fund (collectively, the Reserve Fund), open-end management investment companies managed by Price Associates. The Reserve Funds are offered as cash management options only to mutual funds and other accounts sponsored by Price Associates, 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, 2001, totaled $806,000 and are reflected as interest income in the accompanying Statement of Operations. NOTE 5 - INTERFUND BORROWING Pursuant to the fund's prospectus, the fund may borrow up to 331U3% of its total assets. The fund is party to an interfund borrowing agreement between the fund and other T. Rowe Price-sponsored mutual funds, which permits it to borrow or lend cash at rates beneficial to both the borrowing and lending funds. Loans totaling 10% or more of a borrowing fund's total assets are collateralized at 102% of the value of the loan; loans of less than 10% are unsecured. During the six months ended June 30, 2001, the fund borrowed amounts ranging from $1,900,000 to $11,500,000, on 5 days, at a weighted average rate of 5.19%. There were no borrowings outstanding at June 30, 2001. 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 FOR THE HEARING IMPAIRED, CALL: 1-800-367-0763 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. INVESTOR CENTERS: For directions, call 1-800-225-5132 or visit our Web site at www.troweprice.com/investorcenters BALTIMORE AREA Downtown 105 East Lombard Street OWINGS MILLS Three Financial Center 4515 Painters Mill Road BOSTON AREA 386 Washington Street Wellesley CHICAGO AREA 1900 Spring Road, Suite 104 Oak Brook COLORADO SPRINGS 2260 Briargate Parkway LOS ANGELES AREA Warner Center 21800 Oxnard Street, Suite 270 Woodland Hills NEW JERSEY/NEW YORK AREA 51 JFK Parkway, 1st Floor Short Hills, New Jersey SAN FRANCISCO AREA 1990 North California Boulevard, Suite 100 Walnut Creek TAMPA 4200 West Cypress Street 10th Floor WASHINGTON, D.C., AREA Downtown 900 17th Street N.W. Farragut Square TYSONS CORNER 1600 Tysons Boulevard Suite 150 T. Rowe Price Investment Services, Inc., Distributor. F50-051 6/30/01 -----END PRIVACY-ENHANCED MESSAGE-----