-----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, W0kS0H9QHbECfO7DMdZ53n+XuMMPW8WQ47fx3nFdizEiFjqwFJwbkQ6WuRqqG8Ye Aljm7gMtzog0HB6y14gMfw== 0000858581-03-000009.txt : 20030815 0000858581-03-000009.hdr.sgml : 20030815 20030815162603 ACCESSION NUMBER: 0000858581-03-000009 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030630 FILED AS OF DATE: 20030815 EFFECTIVENESS DATE: 20030815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE INDEX TRUST INC CENTRAL INDEX KEY: 0000858581 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05986 FILM NUMBER: 03851024 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-CSRS 1 exf.txt T. ROWE PRICE EQUITY INDEX 500 FUND Item 1. Report to Shareholders T. Rowe Price Equity Index 500 Fund - -------------------------------------------------------------------------------- June 30, 2003 Certified Financials T. Rowe Price Equity Index 500 Fund - -------------------------------------------------------------------------------- Certified Financials (Unaudited) Financial Highlights For a share outstanding throughout each period - -------------------------------------------------------------------------------- 6 Months Year Ended Ended 6/30/03 12/31/02 12/31/01 12/31/00 12/31/99 12/31/98 NET ASSET VALUE Beginning of period $ 23.67 $ 30.84 $ 35.50 $ 39.56 $ 33.38 $ 26.38 Investment activities Net investment income (loss) 0.17* 0.34* 0.32* 0.33* 0.34* 0.33* Net realized and unrealized gain (loss) 2.56 (7.17) (4.65) (3.98) 6.49 7.10 Total from investment activities 2.73 (6.83) (4.33) (3.65) 6.83 7.43 Distributions Net investment income (0.16) (0.34) (0.33) (0.33) (0.34) (0.34) Net realized gain -- -- -- (0.08) (0.31) (0.09) Total distributions (0.16) (0.34) (0.33) (0.41) (0.65) (0.43) NET ASSET VALUE End of period $ 26.24 $ 23.67 $ 30.84 $ 35.50 $ 39.56 $ 33.38 - -------------------------------------------------------------------------------- Ratios/Supplemental Data Total return^ 11.57%* (22.21%)* (12.17%)* (9.30%)* 20.64%* 28.31%* Ratio of total expenses to average net assets 0.35%*! 0.35%* 0.35%* 0.35%* 0.40%* 0.40%* Ratio of net investment income (loss) to average net assets 1.43%*! 1.27%* 1.00%* 0.85%* 0.98%* 1.17%* Portfolio turnover rate 2.0%! 6.6% 4.0% 9.1% 5.2% 4.7% Net assets, end of period (in millions) $ 3,226 $ 2,708 $ 3,473 $ 4,045 $ 5,049 $ 3,347 ^ 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% contractual expense limitation in effect through 12/31/99 and a 0.35% contractual expense limitation in effect through 12/31/03. ! Annualized The accompanying notes are an integral part of these financial statements. T. Rowe Price Equity Index 500 Fund - -------------------------------------------------------------------------------- Certified Financials (Unaudited) June 30, 2003 Statement of Net Assets Shares/Par Value - -------------------------------------------------------------------------------- In thousands Common Stocks 97.5% CONSUMER DISCRETIONARY 10.8% Auto Components 0.2% Johnson Controls 31,197 $ 2,670 Delphi 195,758 1,689 Dana 53,003 613 Cooper Tire 26,973 475 Goodyear Tire & Rubber (misc. symbol) 58,770 309 Visteon 43,150 296 6,052 Automobiles 0.6% GM 195,285 7,030 Ford Motor (misc. symbol) 638,267 7,015 Harley-Davidson 105,286 4,197 18,242 Distributors 0.1% Genuine Parts 61,020 1,953 1,953 Hotels, Restaurants & Leisure 1.1% McDonald's 443,779 9,790 Carnival 218,593 7,107 Starbucks * 136,671 3,351 Marriott, Class A 82,072 3,153 Yum! Brands * 102,267 3,023 International Game Technology * 29,456 3,014 Starwood Hotels & Resorts Worldwide, REIT 70,807 2,024 Hilton 129,746 1,660 Harrah's Entertainment * 39,071 1,572 Wendys 39,985 1,158 Darden Restaurants 60,797 1,154 37,006 Household Durables 0.5% Fortune Brands 52,344 $ 2,732 Newell Rubbermaid 95,878 2,685 Centex 21,818 1,697 Whirlpool 24,053 1,532 Leggett & Platt 66,846 1,370 Pulte 21,289 1,313 Black & Decker 27,764 1,206 KB Home 16,534 1,025 Stanley Works 30,987 855 Maytag 27,779 679 Snap-On 20,550 597 American Greetings, Class A*(misc. symbol) 22,092 434 Tupperware 18,802 270 16,395 Internet & Catalog Retail 0.4% e-Bay * 111,176 11,582 11,582 Leisure Equipment & Products 0.2% Mattel 153,859 2,911 Eastman Kodak 102,172 2,794 Hasbro 59,049 1,033 Brunswick 32,217 806 7,544 Media 4.0% Viacom, Class B * 614,831 26,844 AOL Time Warner * 1,573,274 25,314 Comcast, Class A * 786,482 23,736 Disney 715,263 14,127 Clear Channel Communications * 215,002 9,114 Gannett 93,052 7,147 Tribune 106,527 5,145 Omnicom 65,637 4,706 McGraw-Hill 67,600 4,191 New York Times, Class A 53,168 2,419 Univision Communications, Class A*(misc. symbol) 79,543 2,418 Knight-Ridder 28,675 1,977 Interpublic Group 134,655 1,802 Dow Jones (misc. symbol) 28,513 $ 1,227 Meredith 17,414 766 130,933 Multiline Retail 1.1% Target 317,441 12,012 Kohl's * 118,600 6,094 Sears 110,422 3,715 Federated Department Stores 66,273 2,442 Family Dollar Stores 59,757 2,280 May Department Stores 101,631 2,262 Dollar General 117,433 2,144 J.C. Penney 93,071 1,568 Nordstrom (misc. symbol) 48,014 937 Big Lots * 41,720 628 Dillards, Class A 30,467 410 34,492 Specialty Retail 2.3% Home Depot 811,823 26,888 Lowe's 271,901 11,678 GAP 311,619 5,846 Best Buy * 112,323 4,933 Bed Bath & Beyond * 102,057 3,961 TJX 183,289 3,453 Staples * 165,762 3,042 The Limited 181,191 2,808 AutoZone *(misc. symbol) 34,095 2,590 Tiffany 50,909 1,664 Autonation * 102,900 1,618 Office Depot * 106,607 1,547 Radio Shack 58,777 1,546 Sherwin-Williams 51,849 1,394 Toys "R" Us * 72,878 883 Circuit City Stores 74,187 653 74,504 Textiles, Apparel, & Luxury Goods 0.3% Nike, Class B 92,035 $ 4,923 Liz Claiborne 37,627 1,326 Jones Apparel Group * 44,912 1,314 V. F. 38,147 1,296 Reebok * 20,930 704 9,563 Total Consumer Discretionary 348,266 CONSUMER STAPLES 11.4% Beverages 2.8% Coca-Cola 864,691 40,130 PepsiCo 601,877 26,784 Anheuser-Busch 291,775 14,895 Coca-Cola Enterprises 157,465 2,858 Pepsi Bottling Group 96,861 1,939 Brown-Forman, Class B 21,311 1,675 Coors, Class B 12,759 625 88,906 Food & Staples Retailing 3.8% Wal-Mart 1,531,259 82,183 Walgreen 357,869 10,772 Sysco 227,292 6,828 Costco Wholesale * 158,868 5,814 Kroger * 266,287 4,442 CVS 136,201 3,818 Safeway * 152,844 3,127 Albertson's (misc. symbol) 131,125 2,517 Supervalu 47,573 1,014 Winn-Dixie (misc. symbol) 50,186 618 121,133 Food Products 1.2% General Mills 128,194 6,078 Sara Lee 274,050 5,155 Kellogg 142,999 4,915 ConAgra 187,234 4,419 Wrigley 78,204 4,397 Heinz 122,298 $ 4,033 Campbell Soup 143,918 3,526 Hershey Foods 47,277 3,293 Archer-Daniels-Midland 223,635 2,878 McCormick 49,100 1,336 40,030 Household Products 2.0% Procter & Gamble 450,970 40,218 Colgate-Palmolive 187,405 10,860 Kimberly-Clark 179,000 9,333 Clorox 76,223 3,251 63,662 Personal Products 0.5% Gillette 364,604 11,616 Avon 82,203 5,113 Alberto Culver, Class B (misc. symbol) 20,794 1,063 17,792 Tobacco 1.1% Altria Group 708,071 32,175 UST 57,943 2,030 R.J. Reynolds Tobacco 29,200 1,086 35,291 Total Consumer Staples 366,814 ENERGY 5.6% Energy Equipment & Services 0.8% Schlumberger 203,556 9,683 Baker Hughes 117,498 3,944 Halliburton 153,044 3,520 Transocean * 111,843 2,457 BJ Services * 54,967 2,054 Nabors Industries * 51,576 2,040 Noble Drilling * 47,200 1,619 Rowan * 33,860 759 26,076 Oil & Gas 4.8% Exxon Mobil 2,337,707 $ 83,947 ChevronTexaco 373,868 26,993 ConocoPhillips 237,402 13,010 Occidental Petroleum 131,972 4,428 Devon Energy 80,351 4,291 Anadarko Petroleum 86,844 3,862 Burlington Resources 70,641 3,819 Apache 56,088 3,649 Marathon Oil 108,498 2,859 Unocal 90,436 2,595 EOG Resources 39,826 1,666 Kerr-McGee 35,043 1,570 Amerada Hess 31,305 1,539 Sunoco 26,518 1,001 Ashland 23,286 714 155,943 Total Energy 182,019 FINANCIALS 20.0% Capital Markets 3.4% J.P. Morgan Chase 710,569 24,287 Morgan Stanley 377,391 16,134 Merrill Lynch 323,565 15,104 Goldman Sachs Group 164,325 13,762 Bank of New York 266,798 7,670 Lehman Brothers 84,461 5,615 Charles Schwab 467,246 4,715 State Street 115,286 4,542 Mellon Financial 150,437 4,175 Franklin Resources 90,432 3,533 Northern Trust 77,183 3,226 Bear Stearns 34,452 2,495 T. Rowe Price Group 42,713 1,612 Janus Capital Group 82,997 1,361 Federated Investors, Class B 39,200 1,075 109,306 Commercial Banks 6.2% Bank of America 524,198 $ 41,427 Wells Fargo 590,357 29,754 Wachovia 474,266 18,952 U.S. Bancorp 672,122 16,467 Bank One 406,193 15,102 Fifth Third Bancorp 201,946 11,580 FleetBoston Financial 365,669 10,864 National City 214,468 7,015 SunTrust 98,586 5,850 BB&T (misc. symbol) 164,036 5,626 PNC Financial Services Group 99,419 4,853 KeyCorp 148,655 3,757 SouthTrust 120,409 3,275 Comerica 60,556 2,816 AmSouth 124,417 2,717 Regions Financial 76,750 2,593 Charter One Financial 79,506 2,479 Marshall & Ilsley 76,002 2,324 Synovus Financial (misc. symbol) 106,845 2,297 Union Planters 69,428 2,154 First Tennessee National 44,011 1,933 North Fork Bancorporation 56,630 1,929 Zions Bancorp 32,065 1,623 Huntington Bancshares 81,408 1,589 198,976 Consumer Finance 1.2% American Express 458,437 19,167 MBNA 446,722 9,310 SLM Corporation 160,365 6,282 Capital One Financial (misc. symbol) 79,309 3,900 Providian Financial * 102,081 945 39,604 Diversified Financial Services 2.6% Citigroup 1,800,263 77,051 Principal Financial Group 116,371 3,753 Moody's 52,406 2,762 83,566 Insurance 4.4% American International Group 909,771 $ 50,201 Marsh & McLennan 187,109 9,555 Allstate 244,612 8,720 MetLife 264,544 7,492 Prudential Financial 196,930 6,627 Progressive Corporation 76,043 5,559 AFLAC 179,973 5,534 Travelers Property Casualty, Class B 350,078 5,521 Hartford Financial Services Group 97,464 4,908 XL Capital, Class A 47,290 3,925 Chubb 64,680 3,881 ACE Limited 91,709 3,145 John Hancock Financial Services 100,511 3,089 Loews 64,527 3,051 St. Paul Companies 79,552 2,904 Aon 107,178 2,581 AMBAC 37,404 2,478 MBIA 50,364 2,455 Lincoln National (misc. symbol) 62,359 2,222 Cincinnati Financial (misc. symbol) 56,584 2,099 Jefferson Pilot 49,977 2,072 SAFECO 47,979 1,693 Torchmark 41,241 1,536 UnumProvident 98,714 1,324 142,572 Real Estate 0.4% Equity Office Properties, REIT 143,433 3,874 Simon Property Group, REIT 64,737 2,527 Equity Residential, REIT 95,785 2,486 Plum Creek Timber (misc. symbol) 64,704 1,679 Apartment Investment & Management, Class A, REIT 33,100 1,145 11,711 Thrifts & Mortgage Finance 1.8% Fannie Mae 346,847 23,391 Washington Mutual 330,505 13,650 Freddie Mac 242,993 12,337 Golden West Financial 53,255 4,261 Countrywide Financial 44,209 $ 3,076 MGIC Investment 34,694 1,618 58,333 Total Financials 644,068 HEALTH CARE 14.5% Biotechnology 1.3% Amgen * 441,256 29,317 MedImmune * 87,847 3,195 Genzyme * 75,995 3,177 Chiron * 65,058 2,844 Biogen * 51,941 1,974 40,507 Health Care Equipment & Supplies 1.9% Medtronic 426,648 20,466 Boston Scientific * 142,265 8,692 Baxter International 206,499 5,369 Guidant 108,424 4,813 Stryker 68,937 4,782 St. Jude Medical * 62,096 3,571 Becton, Dickinson 88,301 3,431 Zimmer Holdings * 68,434 3,083 Biomet 90,837 2,603 Applied Biosystems Group - Applera 73,765 1,404 C. R. Bard 18,138 1,293 Waters Corporation * 44,199 1,288 Millipore * 17,323 769 Bausch & Lomb 19,048 714 62,278 Health Care Providers & Services 1.7% UnitedHealth Group 212,694 10,688 Cardinal Health 157,337 10,117 HCA 178,689 5,725 Wellpoint Health Networks * 51,907 4,376 Anthem * 49,100 3,788 McKesson HBOC 101,614 3,632 Aetna 52,860 3,182 AmerisourceBergen 38,885 $ 2,697 Quest Diagnostics *(misc. symbol) 37,100 2,367 CIGNA 48,700 2,286 Tenet Healthcare * 166,128 1,935 Health Management, Class A 84,193 1,553 IMS Health 83,865 1,509 Humana * 57,988 875 Manor Care * 33,671 842 Quintiles Transnational * 40,153 570 HealthSouth *(misc. symbol) 136,887 71 56,213 Pharmaceuticals 9.6% Pfizer 2,762,975 94,356 Johnson & Johnson 1,038,964 53,714 Merck 784,740 47,516 Eli Lilly 393,502 27,140 Abbott Laboratories 545,147 23,856 Wyeth 464,569 21,161 Bristol-Myers Squibb 678,570 18,423 Schering-Plough 515,204 9,583 Forest Labs * 127,236 6,966 Allergan 45,688 3,522 Watson Pharmaceuticals * 37,430 1,511 King Pharmaceuticals * 82,574 1,219 308,967 Total Health Care 467,965 INDUSTRIALS & BUSINESS SERVICES 10.1% Aerospace & Defense 1.7% United Technologies 163,724 11,596 Boeing 293,782 10,083 Honeywell International 297,557 7,989 Lockheed Martin 158,496 7,540 Northrop Grumman 64,247 5,544 General Dynamics 70,057 5,079 Raytheon 143,699 4,719 Rockwell Collins 62,051 1,528 Goodrich 39,839 837 54,915 Air Freight & Logistics 1.0% UPS, Class B 392,379 $ 24,995 Fedex 104,712 6,495 Ryder System 22,318 572 32,062 Airlines 0.2% Southwest Airlines 270,034 4,645 Delta (misc. symbol) 44,023 646 5,291 Building Products 0.2% Masco 171,955 4,101 American Standard * 25,520 1,887 5,988 Commercial Services & Supplies 0.9% Cendant * 358,234 6,563 Waste Management 206,600 4,977 Apollo Group, Class A * 60,744 3,752 Pitney Bowes 82,303 3,161 H&R Block 62,088 2,685 Cintas 59,202 2,098 Avery Dennison 38,270 1,921 Equifax 48,895 1,271 Robert Half International * 60,061 1,138 R.R. Donnelley 38,971 1,019 Deluxe Corp. 21,793 976 Allied Waste Industries * 72,871 732 Hudson Highland Group *(misc. symbol) 2,925 56 30,349 Construction & Engineering 0.0% Fluor 27,310 918 McDermott International * 20,811 132 1,050 Electrical Equipment 0.4% Emerson Electric 147,544 7,539 Rockwell Automation 64,087 1,528 Cooper Industries 32,053 1,324 American Power Conversion * 69,666 1,086 Thomas & Betts *(misc. symbol) 19,390 280 Power-One * 30,900 221 11,978 Industrial Conglomerates 4.1% GE 3,499,399 $ 100,362 3M 136,195 17,567 Tyco International 699,573 13,278 Textron 47,602 1,857 133,064 Machinery 1.2% Illinois Tool Works 107,088 7,052 Caterpillar 120,586 6,712 Deere 83,199 3,802 Danaher 53,551 3,644 Ingersoll-Rand, Class A 59,372 2,809 PACCAR 40,674 2,748 Dover 71,430 2,140 ITT Industries 32,476 2,126 Eaton 25,839 2,031 Parker Hannifin 41,392 1,738 Pall 42,693 961 Navistar * 23,970 782 Cummins Engine (misc. symbol) 14,761 530 Crane (misc. symbol) 20,341 460 37,535 Road & Rail 0.4% Union Pacific 88,579 5,139 Burlington Northern Santa Fe 130,748 3,719 Norfolk Southern 134,905 2,590 CSX 74,134 2,231 13,679 Trading Companies & Distributors 0.0% W. W. Grainger 32,162 1,504 1,504 Total Industrials & Business Services 327,415 INFORMATION TECHNOLOGY 15.8% Communications Equipment 2.3% Cisco Systems * 2,457,274 $ 41,012 QUALCOMM 276,246 9,876 Motorola 810,866 7,646 Corning * 442,437 3,270 Lucent Technologies * 1,448,865 2,941 JDS Uniphase * 497,611 1,747 Scientific-Atlanta (misc. symbol) 53,524 1,276 Comverse Technology * 65,292 981 Tellabs * 147,222 967 CIENA * 164,795 855 Avaya * 127,533 824 ADC Telecommunications *(misc. symbol) 286,029 666 Andrew *(misc. symbol) 32,300 297 72,358 Computer & Peripherals 3.8% IBM 605,076 49,919 Dell Computer * 898,848 28,727 Hewlett-Packard 1,069,406 22,778 EMC * 765,556 8,015 Sun Microsystems * 1,129,026 5,194 Lexmark International, Class A * 44,767 3,168 Apple Computer * 127,922 2,446 Network Appliance *(misc. symbol) 119,415 1,936 NCR * 33,788 866 Gateway * 117,522 429 123,478 Electronic Equipment & Instruments 0.4% Agilent Technologies * 164,164 3,210 Molex 67,332 1,817 Jabil Circuit * 69,054 1,526 Thermo Electron * 57,772 1,214 Sanmina-SCI * 178,797 1,128 Solectron * 289,214 1,082 Symbol Technologies 80,249 1,044 Tektronix * 30,539 660 PerkinElmer (misc. symbol) 43,376 599 12,280 Internet Software & Services 0.2% Yahoo! * 211,048 $ 6,914 Monster Worldwide *(misc. symbol) 39,007 770 7,684 IT Services 1.2% First Data 262,950 10,897 Automatic Data Processing 208,980 7,076 Paychex 131,571 3,856 Electronic Data Systems 165,212 3,544 Concord EFS *(misc. symbol) 178,286 2,624 SunGard Data Systems * 99,626 2,581 Computer Sciences * 65,045 2,479 Fiserv * 67,923 2,419 Unisys * 115,684 1,421 Sabre Holdings, Class A 50,214 1,238 Convergys * 59,064 945 39,080 Office Electronics 0.1% Xerox * 273,474 2,896 2,896 Semiconductor & Semiconductor Equipment 3.2% Intel 2,287,316 47,539 Texas Instruments 604,958 10,647 Applied Materials * 580,359 9,204 Analog Devices * 127,194 4,429 Maxim Integrated Products 113,045 3,865 Linear Technology 109,070 3,513 KLA-Tencor *(misc. symbol) 66,339 3,084 Xilinx * 118,649 3,003 Micron Technology * 213,223 2,480 Broadcom, Class A * 98,105 2,444 Altera * 132,846 2,179 Novellus Systems * 51,991 1,904 QLogic * 32,561 1,574 NVIDIA *(misc. symbol) 55,179 1,270 National Semiconductor * 63,597 1,254 Teradyne * 64,406 1,115 LSI Logic *(misc. symbol) 133,965 948 Advanced Micro Devices *(misc. symbol) 118,765 $ 761 PMC-Sierra *(misc. symbol) 57,510 675 Applied Micro Circuits * 103,778 628 102,516 Software 4.6% Microsoft 3,758,094 96,245 Oracle * 1,836,587 22,076 Computer Associates 202,285 4,507 VERITAS Software * 145,271 4,165 Electronic Arts * 50,939 3,769 Intuit * 71,988 3,205 Adobe Systems 80,314 2,576 Symantec * 52,100 2,285 PeopleSoft * 110,618 1,946 Siebel Systems * 169,215 1,614 BMC Software *(misc. symbol) 81,514 1,331 Citrix Systems * 58,930 1,200 Mercury Interactive *(misc. symbol) 30,226 1,167 Compuware * 134,287 775 Autodesk 38,819 627 Novell * 124,889 385 Parametric Technology * 95,904 292 148,165 Total Information Technology 508,457 MATERIALS 2.6% Chemicals 1.4% DuPont 348,832 14,525 Dow Chemical 317,124 9,818 Praxair 56,590 3,401 Air Products and Chemicals 78,963 3,285 PPG Industries 59,328 3,010 Rohm & Haas 77,725 2,412 Ecolab 91,734 2,349 Monsanto 90,714 1,963 Sigma Aldrich 24,712 1,339 Engelhard 44,859 1,111 International Flavors & Fragrances 33,430 $ 1,068 Eastman Chemical 26,217 830 Hercules * 36,386 360 Great Lakes Chemical 17,492 357 45,828 Construction Materials 0.0% Vulcan Materials (misc. symbol) 34,967 1,296 1,296 Containers & Packaging 0.2% Sealed Air * 29,373 1,400 Pactiv * 54,804 1,080 Ball 19,666 895 Bemis 18,199 852 Temple-Inland (misc. symbol) 18,344 787 5,014 Metals & Mining 0.5% Alcoa 296,098 7,551 Newmont Mining (misc. symbol) 140,176 4,550 Nucor 27,517 1,344 Freeport McMoRan Copper Gold, Class B (misc. symbol) 51,560 1,263 Phelps Dodge * 30,908 1,185 USX-U.S. Steel Group 36,351 595 Worthington Industries 28,792 386 Allegheny Technologies 31,176 206 17,080 Paper & Forest Products 0.5% International Paper 168,209 6,010 Weyerhaeuser 76,618 4,137 MeadWestvaco 70,513 1,742 Georgia-Pacific 86,727 1,643 Boise Cascade 21,108 505 Louisiana Pacific * 34,618 375 14,412 Total Materials 83,630 TELECOMMUNICATION SERVICES 3.8% Diversified Telecommunication Services 3.3% Verizon Communications 963,026 $ 37,991 SBC Communications 1,161,647 29,680 BellSouth 649,087 17,285 AT&T 274,897 5,292 Alltel 108,489 5,231 Sprint 315,275 4,540 Qwest Communications International * 597,916 2,858 Centurytel (misc. symbol) 49,428 1,723 Citizens Communications * 97,470 1,256 105,856 Wireless Telecommunication Services 0.5% AT&T Wireless * 949,163 7,793 Nextel Communications, Class A *(misc. symbol) 359,620 6,502 Sprint PCS *(misc. symbol) 361,253 2,077 16,372 Total Telecommunication Services 122,228 UTILITIES 2.9% Electric Utilities 2.2% Southern Company 248,603 7,746 Dominion Resources 108,637 6,982 Exelon 113,368 6,781 FPL Group 64,565 4,316 Entergy 78,954 4,167 American Electric Power 136,133 4,061 FirstEnergy 104,293 4,010 Progress Energy 84,342 3,703 Consolidated Edison 78,253 3,387 Public Service Enterprise 79,349 3,352 PG&E * 143,217 3,029 PPL 58,976 2,536 TXU 111,373 2,500 Ameren 56,409 2,488 DTE Energy 58,923 2,277 CINergy 61,726 $ 2,271 XCEL Energy 137,477 2,068 Constellation Energy Group 57,888 1,986 Edison International * 114,353 1,879 Pinnacle West Capital 32,097 1,202 CenterPoint Energy (misc. symbol) 105,946 863 Teco Energy (misc. symbol) 62,004 743 CMS Energy (misc. symbol) 52,720 427 Allegheny Energy (misc. symbol) 45,515 385 Texas Genco Holdings 5,052 117 73,276 Gas Utilities 0.3% Kinder Morgan 43,162 2,359 Sempra Energy 72,695 2,074 KeySpan 54,949 1,948 NiSource 93,165 1,770 NICOR (misc. symbol) 15,926 591 Peoples Energy 12,426 533 9,275 Multi-Utilities & Unregulated Power 0.4% Duke Energy 311,360 6,211 El Paso Energy (misc. symbol) 208,625 1,686 Williams Companies 181,298 1,432 AES *(misc. symbol) 214,433 1,362 Calpine *(misc. symbol) 132,129 872 Dynegy, Class A * 127,085 534 Mirant *(misc. symbol) 144,458 419 12,516 Total Utilities 95,067 Total Common Stocks (Cost $2,899,000) 3,145,929 Short-Term Investments 2.4% U.S. Government Obligations 0.2% U.S. Treasury Bills, 1.058%, 8/14/03 ** 6,000,000 $ 5,992 5,992 Money Market Funds 2.2% T. Rowe Price Reserve Investment Fund, 1.16% # 72,518,307 $ 72,518 72,518 Total Short-Term Investments (Cost $78,510) 78,510 SECURITIES LENDING COLLATERAL 1.7% Money Market Trust 1.7% State Street Bank and Trust Company of New Hampshire, N.A. Securities Lending Quality Trust units 55,037,537 55,038 Total Securities Lending Collateral (Cost $55,038) 55,038 T. Rowe Price Equity Index 500 Fund - -------------------------------------------------------------------------------- Certified Financials Value - -------------------------------------------------------------------------------- In thousands Total Investments in Securities 101.6% of Net Assets (Cost $3,032,548) $3,279,477 Futures Contracts Contract Unrealized Expiration Value Gain (Loss) ------------ --------- ----------- In thousands Long, 322 S&P 500 Stock Index contracts, $4,840,000 of U.S. Treasury Bills pledged as initial margin 9/03 $ 78,351 $ (40) Net payments (receipts) of variation margin to date 40 Variation margin receivable (payable) on open futures contracts - Other Assets Less Liabilities (53,081) NET ASSETS $ 3,226,396 -------------------- Net Assets Consist of: Undistributed net investment income (loss) $ 1,240 Undistributed net realized gain (loss) (174,096) Net unrealized gain (loss) 246,889 Paid-in-capital applicable to 122,939,638 shares of $0.01 par value capital stock outstanding; 1,000,000,000 shares of the Corporation authorized 3,152,363 NET ASSETS $ 3,226,396 -------------------- NET ASSET VALUE PER SHARE $ 26.24 -------------------- # Seven-day yield * Non-income producing (misc. symbol) All or a portion of this security is on loan at June 30, 2003-See Note 2 ** All or a portion of this security is pledged to cover margin requirements on futures contracts at June 30, 2003 REIT Real Estate Investment Trust The accompanying notes are an integral part of these financial statements. T. Rowe Price Equity Index 500 Fund - -------------------------------------------------------------------------------- Certified Financials (Unaudited) Statement of Operations - -------------------------------------------------------------------------------- In thousands 6 Months Ended 6/30/03 Investment Income (Loss) Income Dividend $ 24,746 Income distributions from mutual funds 427 Securities lending 88 Interest 31 Total income 25,292 Expenses Shareholder servicing 3,394 Investment management 1,029 Prospectus and shareholder reports 254 Custody and accounting 141 Registration 30 Directors 11 Legal and audit 10 Miscellaneous 112 Total expenses 4,981 Expenses paid indirectly (4) Net expenses 4,977 Net investment income (loss) 20,315 Realized and Unrealized Gain (Loss) Net realized gain (loss) Securities 1,476 Futures 5,820 Net realized gain (loss) 7,296 Change in net unrealized gain (loss) Securities 299,963 Futures 1,560 Change in net unrealized gain (loss) 301,523 Net realized and unrealized gain (loss) 308,819 INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS $ 329,134 -------------------- The accompanying notes are an integral part of these financial statements. T. Rowe Price Equity Index 500 Fund - -------------------------------------------------------------------------------- Certified Financials (Unaudited) Statement of Changes in Net Assets - -------------------------------------------------------------------------------- In thousands 6 Months Year Ended Ended 6/30/03 12/31/02 Increase (Decrease) in Net Assets Operations Net investment income (loss) $ 20,315 $ 38,847 Net realized gain (loss) 7,296 (67,280) Change in net unrealized gain (loss) 301,523 (750,059) Increase (decrease) in net assets from operations 329,134 (778,492) Distributions to shareholders Net investment income (19,255) (38,667) Capital share transactions * Shares sold 460,509 832,702 Distributions reinvested 18,886 37,875 Shares redeemed (271,336) (817,712) Redemption Fee 41 9 Increase (decrease) in net assets from capital share transactions 208,100 52,874 Net Assets Increase (decrease) during period 517,979 (764,285) Beginning of period 2,708,417 3,472,702 End of period $ 3,226,396 $ 2,708,417 --------------- --------------- *Share information Shares sold 19,066 30,831 Distributions reinvested 759 1,495 Shares redeemed (11,326) (30,477) Increase (decrease) in shares outstanding 8,499 1,849 The accompanying notes are an integral part of these financial statements. T. Rowe Price Equity Index 500 Fund - -------------------------------------------------------------------------------- Certified Financials (Unaudited) June 30, 2003 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 1940 Act). The Equity Index 500 Fund (the fund), a diversified, open-end management investment company, is one of the port-folios 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(registered trademark). The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America, which require the use of estimates made by fund management. Valuation Investments are valued at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET, each day that the NYSE is open for business. Equity securities listed or regularly traded on a securities exchange or in the over-the-counter market are valued at the last quoted sale 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 are valued at the mean of the latest bid and ask prices. Short-term debt securities are valued at amortized cost, which approximates fair value when combined with accrued interest. 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. Other investments and those 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. Expenses Paid Indirectly Certain security trades are directed to brokers who have agreed to rebate a portion of the related commission to the fund to pay fund expenses. Additionally, credits earned on temporarily uninvested cash balances at the custodian are used to reduce the fund's custody charges. Total expenses in the accompanying statement of operations are presented before reduction for rebates and credits, which totaled $4,000 and $0, respectively, for the six months ended June 30, 2003. Redemption Fees A 0.5% fee is assessed on redemptions of fund shares held less than 6 months. Such fees are deducted from redemption proceeds and retained by the fund, and have the primary effect of increasing paid-in capital. In-Kind Redemptions In certain circumstances, the fund may distribute portfolio securities rather than cash as payment for a redemption of fund shares (in-kind redemption). For financial reporting purposes, the fund recognizes a gain (loss) on in-kind redemptions to the extent fair value of the distributed securities on the date of redemption exceeds cost. Gains and losses realized on in-kind redemptions are not recognized for tax purposes, and are reclassified from undistributed realized gain (loss) to paid-in capital. During the six months ended June 30, 2003, the fund realized $8,463,000 of net gain on $16,732,000 of in-kind redemptions. 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. Payments ("variation margin") made or received by the fund to settle the daily fluctuations in the value of futures contracts are recorded as unrealized gains or losses until the contracts are closed. Unrealized gains and losses on futures contracts are included in Change in net unrealized gain or loss in the accompanying financial statements. NOTE 2 - INVESTMENT TRANSACTIONS Consistent with its investment objective, the fund engages in the following practices to manage exposure to certain risks or enhance performance. The investment objective, policies, program, and risk factors of the fund are described more fully in the fund's prospectus and Statement of Additional Information. Futures Contracts During the six months ended June 30, 2003, 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% to 105% of the value of the securities on loan. Cash collateral is invested in a money market pooled trust managed by the fund's lending agent in accordance with investment guidelines approved by fund management. 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. Securities lending revenue recognized by the fund consists of earnings on invested collateral and borrowing fees, net of any rebates to the borrower and compensation to the lending agent. At June 30, 2003, the value of loaned securities was $53,303,000; aggregate collateral consisted of $55,038,000 in the money market pooled trust. Other Purchases and sales of portfolio securities, other than short-term securities, aggregated $226,180,000 and $28,285,000, respectively, for the six months ended June 30, 2003. 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 to shareholders all of its taxable income and gains. Federal income tax regulations differ from generally accepted accounting principles; therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Temporary differences are not adjusted. The amount and character of tax-basis distributions and composition of net assets are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of June 30, 2003. For tax purposes, the fund has elected to treat net capital losses realized between November 1 and December 31 of each year as occurring on the first day of the following tax year; consequently, $1,093,000 of realized losses recognized for financial reporting purposes in the year ended December 31, 2002 were recognized for tax purposes on January 1, 2003. Further, the fund intends to retain realized gains to the extent of available capital loss carryforwards. As of December 31, 2002, the fund had $182,156,000 of unused capital loss carryforwards, of which $67,420,000 expire in 2009, and $114,736,000 expire in 2010. At June 30, 2003, the cost of investments for federal income tax purposes was $3,032,548,000. Net unrealized gain aggregated $246,889,000 at period-end, of which $719,172,000 related to appreciated investments and $472,283,000 related 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, Inc. The investment management agreement between the fund and the manager provides for an annual investment management fee equal to 0.15% of the fund's average daily net assets. The fee is computed daily and paid monthly. At June 30, 2003, investment management fee payable totaled $255,000. 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, 2003, which would cause the fund's ratio of total expenses to average net assets (expense ratio) to exceed 0.35%. Thereafter, through December 31, 2005, 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 expense ratio to exceed 0.35%. Pursuant to this agreement, $1,105,000 of management fees were not accrued by the fund for the six months ended June 30, 2003. At June 30, 2003, unaccrued management fees in the amount of $2,689,000 remain subject to reimbursement by the fund through December 31, 2004, and $1,105,000 through December 31, 2005. In addition, the fund has entered into service agreements with Price Associates and two wholly owned subsidiaries of Price Associates (collectively, Price). Price Associates computes the daily share price and maintains the financial records of the fund. T. Rowe Price Services, Inc. provides shareholder and administrative services in its capacity as the fund's transfer and dividend disbursing agent. T. Rowe Price Retirement Plan Services, Inc. provides subaccounting and recordkeeping services for certain retirement accounts invested in the fund. Expenses incurred pursuant to these service agreements totaled $2,292,000 for the six months ended June 30, 2003, of which $500,000 was payable at period-end. Additionally, the fund is one of several mutual funds in which certain college savings plans managed by Price Associates may invest. As approved by the fund's Board of Directors, shareholder servicing costs associated with each college savings plan are borne by the fund in proportion to the average daily value of its shares owned by the college savings plan. For the six months ended June 30, 2003, the fund was charged $419,000 for shareholder servicing costs related to the college savings plans, of which $332,000 was for services provided by Price and $81,000 was payable at period-end. At June 30, 2003, approximately 5.1% of the outstanding shares of the fund were held by college savings plans. The fund is also one of several mutual funds sponsored by Price Associates (underlying Price funds) in which the T. Rowe Price Retirement Funds (Retirement Funds) may invest. The Retirement Funds do not invest in the underlying Price funds for the purpose of exercising management or control. Pursuant to special servicing agreements, expenses associated with the operation of the Retirement Funds are borne by each underlying Price fund to the extent of estimated savings to it and in proportion to the average daily value of its shares owned by the Retirement Funds. Expenses allocated under these agreements are reflected as shareholder servicing expense in the accompanying financial statements. For the six months ended June 30, 2003, the fund was allocated $35,000 of Retirement Funds' expenses, of which $19,000 related to services provided by Price and $2,000 was payable at period-end. At June 30, 2003, approximately 0.8% of the outstanding shares of the fund were held by the Retirement Funds. Consistent with its investment objective, the fund may invest in T. Rowe Price Group, Inc. Additionally, the fund may invest in the T. Rowe Price Reserve Investment Fund and T. Rowe Price Government Reserve Investment Fund (collectively, the Reserve Funds), open-end management investment companies managed by Price Associates. The Reserve Funds are offered as cash management options only to mutual funds, trusts, and other accounts managed by Price Associates and/or 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, 2003, totaled $427,000. Item 2. Code of Ethics. Not required at this time. Item 3. Audit Committee Financial Expert. Not required at this time. Item 4. Principal Accountant Fees and Services. Not required at this time. Item 5. Audit Committee of Listed Registrants. Not required at this time. Item 6. [Reserved] Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable. Item 8. [Reserved] Item 9. Controls and Procedures (a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely. (b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 10. Exhibits. (a)(1) Not required at this time. (a)(2) Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached. (b) A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. T. Rowe Price Index Trust, Inc. By /s/ James S. Riepe James S. Riepe Principal Executive Officer Date August 13, 2003 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By /s/ James S. Riepe James S. Riepe Principal Executive Officer Date August 13, 2003 By /s/ Joseph A. Carrier Joseph A. Carrier Principal Financial Officer Date August 12, 2003 EX-99.CERT 2 ex-99cert.txt 302 CERTIFICATIONS Item 10(a)(2). CERTIFICATIONS I, James S. Riepe, certify that: 1. I have reviewed this report on Form N-CSR of T. Rowe Price Equity Index 500 Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: August 13, 2003 /s/ James S. Riepe James S. Riepe Principal Executive Officer CERTIFICATIONS I, Joseph A. Carrier, certify that: 1. I have reviewed this report on Form N-CSR of T. Rowe Price Equity Index 500 Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: August 12, 2003 /s/ Joseph A. Carrier Joseph A. Carrier Principal Financial Officer EX-99.906 4 ex-99_906cert.txt 906 CERTIFICATIONS Item 10(b). CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002 Name of Issuer: T. Rowe Price Equity Index 500 Fund In connection with the Report on Form N-CSR for the above named issuer, the undersigned hereby certifies, to the best of his knowledge, that: 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. Date: August 13, 2003 /s/ James S. Riepe James S. Riepe Principal Executive Officer Date: August 12, 2003 /s/ Joseph A. Carrier Joseph A. Carrier Principal Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----