N-CSR 1 xmx.txt T. ROWE PRICE EXTENDED EQUITY MARKET INDEX FUND Item 1. Report to Shareholders DECEMBER 31, 2004 EQUITY MARKET INDEX FUNDS Annual Report T. ROWE PRICE -------------------------------------------------------------------------------- The views and opinions in this report were current as of December 31, 2004. They are not guarantees of performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and the managers reserve the right to change their views about individual stocks, sectors, and the markets at any time. As a result, the views expressed should not be relied upon as a forecast of the fund's future investment intent. The report is certified under the Sarbanes-Oxley Act of 2002, which requires mutual funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects. -------------------------------------------------------------------------------- Reports on the Web Sign up for our E-mail Program, and you can begin to receive updated fund reports and prospectuses online rather than through the mail. Log in to your account at troweprice.com formore information. T. Rowe Price Equity Market Index Funds -------------------------------------------------------------------------------- Fellow Shareholders U.S. stocks rose moderately in the second half of 2004, capping a second consecutive year of gains. Equities declined through mid-August as economic growth moderated amid rising short-term interest rates, surging energy costs, and a heated presidential campaign. Stock prices rose as oil prices backed away from their late-October peak of $55 per barrel, and gains accelerated following the reelection of President Bush. High-profile corporate deals and mergers late in the year were also supportive. By year-end, several major indexes were at or near their highest levels of the year. Market Environment The economy continued to expand in the second half of 2004, overcoming a mid-year period of softness that was largely attributable to heightened consumer and business caution amid rising oil prices and a tight presidential election race. Both of these concerns eased in the fourth quarter, as the price of oil fell sharply from its recent high and investors welcomed the uncontested presidential election result. The Federal Reserve continued to unwind its highly accommodative monetary policy in the last six months, though this was not to the detriment of the equity market. Beginning on June 30, the central bank raised the federal funds target rate gradually from 1.00% to 2.25% in five quarter-point increments. Small-cap shares outperformed their larger counterparts in the second half of 2004 and for the full year: the Russell 2000 Index returned 10.83% and 18.33%, respectively, versus 7.19% and 10.88% for the S&P 500 Index. As measured by various Russell indexes, growth stocks lagged value across all market capitalizations in both periods. The market for initial public offerings (IPOs) picked up dramatically in 2004, as investors seemed willing to embrace more investment risk than in recent years. According to Thomson Financial, 249 companies went public in 2004 versus 85 in 2003, as reported by The Wall Street Journal. However, as measured by the Dow Jones Wilshire 5000 Composite Index (Wilshire 5000), the universe of publicly traded companies based in the U.S. continued to shrink: there were 4,971 companies in the index at the end of 2004 versus 5,033 six months ago and 5,213 at the end of 2003. Heightened merger activity is one of the primary reasons. Also, some very small companies have been delisting from the major exchanges or taking themselves private, possibly due to the rising costs of complying with securities laws and regulations that were implemented following the corporate scandals of recent years. Sector Performance As measured by the Wilshire 5000, every major sector in the U.S. stock market produced positive returns in both the second half of 2004 and the entire year. Since mid-year, utilities, energy, and telecommunication services were among the strongest sectors. The materials and consumer discretionary sectors also performed well, but health care and information technology shares lagged due to weakness among pharmaceuticals and semiconductors, respectively. Consumer staples stocks were also sluggish. For the entire year, energy stocks far surpassed other sectors, but utility, telecommunication services, industrials and business services, and materials companies also performed well. Health care and information technology stocks generated only slight gains. Wilshire 5000 Returns by Sector -------------------------------------------------------------------------------- Periods Ended 12/31/04 6 Months 12 Months -------------------------------------------------------------------------------- Consumer Discretionary 12.55% 15.00% Consumer Staples 2.31 9.29 Energy 16.73 33.46 Financials 10.58 14.01 Health Care 0.62 4.77 Industrials and Business Services 10.58 18.69 Information Technology 3.01 2.33 Materials 15.01 18.69 Telecommunication Services 15.12 19.12 Utilities 18.64 23.54 Equity Index 500 Fund Your fund returned 7.03% in the second half of 2004 and 10.51% for the entire year. As shown in the table, the fund closely tracked the performance of its benchmark, the S&P 500 Stock Index, in both periods. The fund usually lags slightly due to annual operating and management expenses. Performance Comparison -------------------------------------------------------------------------------- Periods Ended 12/31/04 6 Months 12 Months -------------------------------------------------------------------------------- Equity Index 500 Fund 7.03% 10.51% S&P 500 Stock Index 7.19 10.88 The financials sector (20.6% of equities as of December 31, 2004) contributed the most to fund performance in the last six months. Most underlying industries produced gains, led by commercial banks such as Bank of America, Wachovia, and Wells Fargo. Companies tied to the capital markets also had a favorable year, led by Merrill Lynch. Other financial industries were less robust. Insurance stocks lagged, pressured by New York Attorney General Eliot Spitzer's allegations of bid-rigging against insurance broker Marsh & McLennan--one of our largest performance detractors--and by the broadening of his investigation into insurance industry practices. (Please see the fund's portfolio of investments for a complete listing of fund holdings and the amount each represents in the portfolio.) Consumer discretionary shares (11.9% of equities) also performed well. Stocks of hotels, restaurants, and companies associated with leisure activities paced the sector's advance, especially McDonald's, Starbucks, and cruise ship operator Carnival. Specialty retailers also rose, led by home improvement specialists Home Depot and Lowe's. Stocks of several media companies struggled, though industry titans Comcast, Time Warner, and Disney contributed substantially to fund performance. Automobile companies lagged. Industrials and business services (11.8% of equities) generally produced positive returns, though index heavyweight GE, which was the fund's second-largest contributor to our results, represented a substantial portion of the sector's gains. Machinery stocks, led by Caterpillar, plowed ahead as the economy continued its expansion. Other industries also moved forward, including air freight and railroads, though the commercial services and supply industry was the sector's caboose. Portfolio Characteristics -------------------------------------------------------------------------------- Extended Equity Total Equity Equity As of 12/31/04 Index 500 Market Index Market Index -------------------------------------------------------------------------------- Market Cap (Investment- Weighted Median) $55.7 billion $27.4 billion $2.3 billion Earnings Growth Rate Estimated Next 5 Years * 11.5% 11.8% 14.0% P/E Ratio (Based on Next 12 Months' Estimated Earnings) * 17.8X 17.9X 19.0X * Source data: IBES. Forecasts are in no way indicative of future investment returns. Energy stocks (7.1% of equities) were fueled by the highest U.S. oil prices in 21 years. Nearly every energy stock in the fund and the index produced gains in the last six months, though much of the sector's contribution to our results stems from the favorable performance of ExxonMobil. Telecommunication services shares (3.3% of equities) also connected with investors, as industry fundamentals showed signs of stabilization and improvement, with Verizon Communications, Sprint, and SBC Communications among our top contributors. In addition, utilities (2.9% of equities) gained as investors sought higher-yielding securities in an environment of low interest rates. Information technology stocks (16.1% of equities) were disappointing in the second half of 2004, though a robust rebound in the fourth quarter offset third-quarter losses. Technology shares lagged as strength in makers of computers and peripherals, especially IBM, Dell, and Apple Computer, was offset by weakness in semiconductor and, to a lesser extent, communications equipment companies. In fact, chip giant Intel and networking behemoth Cisco Systems, bellwethers of each industry, were two of our worst contributors to performance. The health care sector (12.7% of equities) detracted from fund performance the most in the last six months. Although a few health care providers and service companies performed very well, such as UnitedHealth Group and WellPoint, pharmaceutical stocks Pfizer and Merck fell sharply amid concerns about heightened cardiovascular risks and other undesirable side effects from various drugs following Merck's worldwide withdrawal of its Vioxx arthritis medicine. There were 20 changes to the composition of the S&P 500 in 2004, 10 of which occurred in the last six months. Companies that joined the index included Compass Bancshares, CIT Group, and Archstone-Smith Trust in the financials sector; health care companies Laboratory Corporation of America and Fisher Scientific; and News Corp. and Coach in the consumer discretionary sector. Notable departures from the index include PeopleSoft, which was acquired by software giant Oracle after a protracted fight; WellPoint, which merged with Anthem; and AT&T Wireless, which was bought by Cingular Wireless, jointly owned by SBC Communications and BellSouth. (Please see the table on page 10 for a list of all index additions and deletions in 2004.) Total Equity Market Index Fund Your fund returned 8.20% in the second half of 2004 and 12.22% for the full year. The fund closely tracked the performance of the Dow Jones Wilshire 5000 Composite Index (formerly the Wilshire Performance Comparison -------------------------------------------------------------------------------- Periods Ended 12/31/04 6 Months 12 Months -------------------------------------------------------------------------------- Total Equity Market Index Fund 8.20% 12.22% Dow Jones Wilshire 5000 Composite Index * 8.37 12.62 * Dow Jones Wilshire 5000 returns through 12/31/04, calculated as of 1/10/05. 5000 Total Market Index) in both periods, as shown in the table on page 4, but slightly lagged due to annual operating and management expenses. Because the Wilshire 5000 includes about 5,000 publicly traded companies, it is impractical for us to buy shares of each. Instead, we use sampling strategies in an attempt to match the performance of the index. We manage the portfolio so that its characteristics--including sector allocations and price/earnings ratios--closely resemble those of the index. At the end of December, the fund owned stocks of nearly 2,000 companies. Sector Diversification -------------------------------------------------------------------------------- Percent of Extended Equities Equity Total Equity Equity As of 12/31/04 Index 500 Market Index Market Index -------------------------------------------------------------------------------- Consumer Discretionary 11.9% 13.8% 18.8% Consumer Staples 10.5 9.2 4.7 Energy 7.1 6.7 5.5 Financials 20.6 21.7 25.2 Health Care 12.7 12.5 11.5 Industrials and Business Services 11.8 10.9 10.0 Information Technology 16.1 16.0 15.3 Materials 3.1 3.4 4.5 Telecommunication Services 3.3 2.8 1.6 Trusts 0.0 0.0 0.0 Utilities 2.9 3.0 2.9 Other and Reserves 0.0 0.0 0.0 Note: The numbers in this table may not match the sector percentages in each fund's portfolio of investments, which are calculated as a percentage of net assets. In general, what was true about the performance of the 500 Fund in the last six months was also true for this fund: financials, consumer discretionary, and industrials and business services companies were among the fund's top contributors to performance, while the information technology and health care sectors lagged. The Wilshire 5000, which represents the entire U.S. stock market, includes all S&P 500 companies. In fact, the S&P 500 represents about 76% of the Wilshire 5000's total market value. The largest components of the Wilshire index--as with the S&P 500--have the greatest influence on performance. In addition, the percentage weightings of the major sectors are somewhat similar, as shown in the Sector Diversification table above. Extended Equity Market Index Fund Your fund returned 11.74% in the second half of 2004 and 18.38% for the entire year. The fund closely tracked the performance of the Dow Jones Wilshire 4500 Completion Index (formerly the Wilshire 4500 Completion Index) in both periods but lagged slightly due to annual operating and management expenses. Performance Comparison -------------------------------------------------------------------------------- Periods Ended 12/31/04 6 Months 12 Months -------------------------------------------------------------------------------- Extended Equity Market Index Fund 11.74% 18.38% Dow Jones Wilshire 4500 Completion Index * 12.04 18.57 * Dow Jones Wilshire 4500 returns through 12/31/04, calculated as of 1/10/05. The index includes nearly 4,500 small- and mid-cap companies, so it is impractical for us to buy shares of each. Instead, we use sampling strategies (just as we do with the Total Equity Market Index Fund) in an attempt to match the performance of the index. At the end of December, the fund held more than 2,400 stocks. The financials sector (25.2% of equities as of December 31, 2004) contributed the most to fund performance in the last six months. Real estate investment trusts (REITs) paced the sector's advance, as the real estate market remained healthy and investors sought the attractive yields offered by REITs in an environment of low interest rates. Commercial banks also performed well, while other financial industries were less robust. The consumer discretionary sector (18.8% of equities) produced strong gains in the second half of 2004. Media companies Liberty Media, Sirius Satellite Radio, and Cox Radio were some of our largest individual contributors to fund performance. Stocks of hotels, restaurants, and companies associated with leisure activities also fared well, led by MGM Mirage. Automobile companies, as with their larger peers, lagged other industries in the sector. Internet and catalog retailers were dragged lower by weakness in Amazon.com, one of the fund's largest detractors. (Please see the fund's portfolio of investments for a complete listing of fund holdings and the amount each represents in the portfolio.) Stocks in the industrials and business services sector (10.0% of equities) generally performed well in the last six months. Most underlying industries contributed to our results, but machinery and road and rail stocks were two of the stronger areas. Airline stocks struggled, however, amid high jet fuel costs, weak fundamentals throughout much of the industry, and poor investor sentiment toward the entire group. Information technology shares (15.3% of equities) were lackluster in the last six months, as gains in the fourth quarter offset losses in the third. Most of the sector's contribution to fund performance was attributable to the powerful returns generated by Google, which had one of the largest IPOs in 2004, in the Internet and software services industry. Other industries produced modest gains, but semiconductor stocks struggled along with their larger brethren. Health care stocks (11.5% of equities) rose modestly in the last six months. Health care providers and service companies contributed the most, led by UnitedHealth Group, PacifiCare Health Systems, and WellChoice. Pharmaceutical stocks trailed other industries as sentiment toward the group was tainted by the woes of several large-cap drug makers. Year-End Distributions On December 13, 2004, the Equity Market Index Funds' Board of Directors declared fourth-quarter dividends: o $0.22 per share for the Equity Index 500 Fund, o $0.16 per share for the Total Equity Market Index Fund, and o $0.09 per share for the Extended Equity Market Index Fund. There were no year-end capital gain distributions. The dividends were paid on December 15 to shareholders of record on December 13. You should have received your check or statement reflecting the dividends, as well as IRS Form 1099-DIV summarizing this information for 2004 tax purposes. Outlook U.S. stocks have risen for two consecutive years, which has not occurred since 1998-1999. Favorable fundamentals driving the market--including solid corporate earnings growth, relatively low inflation and interest rates, and a pickup in merger activity--suggest that stocks could continue to rise in 2005. However, returns are likely to be more moderate than in the last two years. Although the Federal Reserve is determined to continue raising short-term interest rates at a "measured" pace, any acceleration of inflation or economic growth could trigger a more aggressive response from the central bank. In addition, concerns about the weakening U.S. dollar or the burgeoning trade and federal budget deficits could add upward pressure to interest rates, which would not be welcomed by equity investors. In any event, we do not worry about how the market or various equity sectors may perform as the tug of war between bullish and bearish forces plays itself out. Our task is to track the broad equity market indexes with the assets you have entrusted to us, and we appreciate your confidence in our investment management abilities. Respectfully submitted, E. Frederick Bair Chairman of the funds' Investment Advisory Committee January 14, 2005 The committee chairman has day-to-day responsibility for managing the portfolios and works with committee members in developing and executing each fund's investment program. New Weighting Methodology for S&P Indexes -------------------------------------------------------------------------------- Beginning in 2005, Standard & Poor's will change its methodology for weighting stocks in some of its domestic equity indexes, including the S&P 500 Stock Index, the S&P MidCap 400 Index, and the S&P SmallCap 600 Index. At present, S&P weights stocks in each index based on their market capitalization, which is calculated by multiplying the stock's price by the number of shares outstanding. Under the new "float-weighting" methodology, the weights will be determined based on the value of shares that are available for trading. According to S&P, this would exclude shares that are "closely held by other publicly traded companies, control groups or government agencies." Standard & Poor's has adopted the following timetable to smooth the transition to the new weighting methodology: o From January 1, 2005, through March 18, 2005, S&P will continue to calculate index weightings using the full market capitalization of each stock. o From March 19, 2005, through September 16, 2005, S&P index weighting calculations will reflect a partial implementation of the free-float methodology to reduce the disruptions that might otherwise occur to the index without a transition period. o After September 16, 2005, S&P will calculate index weightings using a full free-float adjustment. T. Rowe Price will continue to benchmark the Equity Index 500 Fund against the official S&P 500 Index benchmark. We will gradually shift to the full free-float methodology in tandem with the index. -------------------------------------------------------------------------------- Risks of Investing As with all stock mutual funds, the funds' share prices can fall because of weakness in the stock market, a particular industry, or specific holdings. Stock markets can decline for many reasons, including adverse political or economic developments, changes in investor psychology, or heavy institutional selling. The prospects for an industry or company may deteriorate because of a variety of factors, including disappointing earnings or changes in the competitive environment. Glossary Dow Jones Wilshire 4500 Completion Index: Tracks the performance of all stocks in the Dow Jones Wilshire 5000 Composite Index, excluding those in the S&P 500 Stock Index. Dow Jones Wilshire 5000 Composite Index: Tracks the performance of the most active stocks in the broad U.S. market. Fed funds target rate: An overnight lending rate set by the Federal Reserve and used by banks to meet reserve requirements. Banks also use the fed funds rate as a benchmark for their prime lending rates. Russell 2000 Index: Tracks the stocks of 2000 small U.S. companies. S&P 500 Stock Index: Tracks the stocks of 500 mostly large U.S. companies. T. Rowe Price Equity Market Index Funds -------------------------------------------------------------------------------- The Evolving S&P 500 Stock Index -------------------------------------------------------------------------------- Changes in the index in 2004 Additions Deletions -------------------------------------------------------------------------------- Affiliated Computer Services American Greetings Archstone-Smith Trust AT&T Wireless Caremark RX Bank One Corp. CIT Group Charter One Financial Coach Concord EFS Compass Bancshares Crance E*TRADE Financial Deluxe Fisher Scientific FleetBoston Financial Freescale Semiconductor John Hancock Financial Services Gilead Sciences PeopleSoft Hospira Regions Financial Corporation L-3 Communication South Trust Laboratory Corporation of America Sprint PCS M&T Bank Thomas & Betts Mylan Laboratories Travelers Property Casualty News Corp. Tupperware Regions Financial Union Planters Sovereign Bancorp WellPoint Health Networks Valero Energy Winn-Dixie XTO Energy Worthington Industries T. Rowe Price Equity Market Index Funds -------------------------------------------------------------------------------- Portfolio Highlights -------------------------------------------------------------------------------- Twenty-Five Largest Holdings Percent of Net Assets 12/31/04 Equity Index 500 Fund -------------------------------------------------------------------------------- GE 3.3% ExxonMobil 2.8 Microsoft 2.5 Citigroup 2.1 Wal-Mart 1.9 -------------------------------------------------------------------------------- Pfizer 1.7 Bank of America 1.6 Johnson & Johnson 1.6 American International Group 1.5 IBM 1.4 -------------------------------------------------------------------------------- Intel 1.3 Procter & Gamble 1.2 J.P. Morgan Chase 1.2 Cisco Systems 1.1 Altria Group 1.1 -------------------------------------------------------------------------------- Verizon Communications 1.0 ChevronTexaco 1.0 Wells Fargo 0.9 Dell 0.9 Coca-Cola 0.9 -------------------------------------------------------------------------------- UPS 0.8 Home Depot 0.8 Time Warner 0.8 PepsiCo 0.8 SBC Communications 0.7 -------------------------------------------------------------------------------- Total 34.9% T. Rowe Price Equity Market Index Funds -------------------------------------------------------------------------------- Portfolio Highlights -------------------------------------------------------------------------------- Twenty-Five Largest Holdings Percent of Net Assets 12/31/04 Total Equity Market Index Fund -------------------------------------------------------------------------------- GE 2.5% ExxonMobil 2.2 Microsoft 1.9 Citigroup 1.6 Wal-Mart 1.5 -------------------------------------------------------------------------------- Pfizer 1.3 Bank of America 1.3 Johnson & Johnson 1.2 American International Group 1.1 IBM 1.1 -------------------------------------------------------------------------------- Intel 1.0 Procter & Gamble 0.9 J.P. Morgan Chase 0.9 Berkshire Hathaway 0.9 Cisco Systems 0.9 -------------------------------------------------------------------------------- Altria Group 0.8 ChevronTexaco 0.7 Verizon Communications 0.7 Dell 0.7 Wells Fargo 0.7 -------------------------------------------------------------------------------- Coca-Cola 0.7 Home Depot 0.6 UPS 0.6 PepsiCo 0.6 Time Warner 0.6 -------------------------------------------------------------------------------- Total 27.0% T. Rowe Price Equity Market Index Funds -------------------------------------------------------------------------------- Portfolio Highlights -------------------------------------------------------------------------------- Twenty-Five Largest Holdings Percent of Net Assets 12/31/04 Extended Equity Market Index Fund -------------------------------------------------------------------------------- Berkshire Hathaway 3.5% Kraft Foods 1.6 Genentech 1.5 Google 1.4 Liberty Media 0.9 -------------------------------------------------------------------------------- DIRECTV 0.6 IAC/InterActiveCorp 0.5 Amazon.com 0.5 Las Vegas Sands 0.4 Juniper Networks 0.4 -------------------------------------------------------------------------------- Fox Entertainment Group 0.4 Genworth Financial 0.4 MGM Mirage 0.3 Royal Caribbean Cruises 0.3 UnionBancal 0.3 -------------------------------------------------------------------------------- Vornado Realty Trust 0.3 D. R. Horton 0.3 Sirius Satellite Radio 0.2 Enterprise Products Partners 0.2 Washington Post 0.2 -------------------------------------------------------------------------------- XTO Energy 0.2 Kmart Corporation 0.2 Lennar 0.2 Harman International 0.2 Liberty Media International 0.2 -------------------------------------------------------------------------------- Total 15.2% T. Rowe Price Equity Market Index Funds -------------------------------------------------------------------------------- Growth of $10,000 -------------------------------------------------------------------------------- This chart shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with benchmarks, which may include a broad-based market index and a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes. [Graphic Omitted] Equity Index 500 Fund -------------------------------------------------------------------------------- As of 12/31/04 Equity Index 500 Fund $ 30,401 S&P 500 Stock Index $ 31,258 Equity Index S&P 500 500 Fund Stock Index 12/94 $ 10,000 $ 10,000 12/95 13,716 13,758 12/96 16,824 16,917 12/97 22,354 22,561 12/98 28,683 29,008 12/99 34,602 35,112 12/00 31,383 31,915 12/01 27,564 28,122 12/02 21,441 21,907 12/03 27,510 28,190 12/04 30,401 31,258 Average Annual Compound Total Return -------------------------------------------------------------------------------- This table shows how the fund and its benchmark would have performed if their actual (or cumulative) returns for the periods shown had been earned at a constant rate. Periods Ended 12/31/04 1 Year 5 Years 10 Years -------------------------------------------------------------------------------- Equity Index 500 Fund 10.51% -2.56% 11.76% S&P 500 Stock Index 10.88 -2.30 12.07 Current performance may be higher or lower than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. For the most recent month-end performance information, please visit our Web site (troweprice.com) or contact a T. Rowe Price representative at 1-800-225-5132. The fund charges a redemption fee of 0.5% on shares held for 90 days or less. The performance information shown does not reflect the deduction of the redemption fee. If it did, the performance would be lower. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. When assessing performance, investors should consider both short- and long-term returns. T. Rowe Price Equity Market Index Funds -------------------------------------------------------------------------------- Growth of $10,000 -------------------------------------------------------------------------------- This chart shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with benchmarks, which may include a broad-based market index and a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes. [Graphic Omitted] Total Equity Market Index Fund -------------------------------------------------------------------------------- As of 12/31/04 Total Equity Market Index Fund $ 14,014 Dow Jones Wilshire 5000 Composite Index $ 14,118 Total Equity Dow Jones Market Wilshire 5000 Index Fund Composite Index 1/30/98 $ 10,000 $ 10,000 12/98 12,320 12,276 12/99 15,184 15,169 12/00 13,615 13,516 12/01 12,090 12,033 12/02 9,531 9,523 12/03 12,488 12,536 12/04 14,014 14,118 Average Annual Compound Total Return -------------------------------------------------------------------------------- This table shows how the fund and its benchmark would have performed if their actual (or cumulative) returns for the periods shown had been earned at a constant rate. Since Inception Periods Ended 12/31/04 1 Year 5 Years (1/30/98) -------------------------------------------------------------------------------- Total Equity Market Index Fund 12.22% -1.59% 5.00% Dow Jones Wilshire 5000 Composite Index 12.62 -1.42 5.11 Dow Jones Wilshire 5000 returns through 12/31/04, calculated as of 1/10/05. Current performance may be higher or lower than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. For the most recent month-end performance information, please visit our Web site (troweprice.com) or contact a T. Rowe Price representative at 1-800-225-5132. The fund charges a redemption fee of 0.5% on shares held for 90 days or less. The performance information shown does not reflect the deduction of the redemption fee. If it did, the performance would be lower. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. When assessing performance, investors should consider both short- and long-term returns. T. Rowe Price Equity Market Index Funds -------------------------------------------------------------------------------- Growth of $10,000 -------------------------------------------------------------------------------- This chart shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with benchmarks, which may include a broad-based market index and a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes. [Graphic Omitted] Extended Equity Market Index Fund -------------------------------------------------------------------------------- As of 12/31/04 Extended Equity Market Index Fund $ 15,878 Dow Jones Wilshire 4500 Completion Index $ 15,988 Extended Dow Jones Equity Market Wilshire 4500 Index Fund Completion Index 1/30/98 $ 10,000 $ 10,000 12/98 11,229 11,021 12/99 15,016 14,932 12/00 12,677 12,577 12/01 11,467 11,404 12/02 9,389 9,375 12/03 13,412 13,492 12/04 15,878 15,988 Average Annual Compound Total Return -------------------------------------------------------------------------------- This table shows how the fund and its benchmark would have performed if their actual (or cumulative) returns for the periods shown had been earned at a constant rate. Since Inception Periods Ended 12/31/04 1 Year 5 Years (1/30/98) -------------------------------------------------------------------------------- Extended Equity Market Index Fund 18.38% 1.12% 6.91% Dow Jones Wilshire 4500 Completion Index 18.57 1.38 7.02 Dow Jones Wilshire 4500 returns through 12/31/04, calculated as of 1/10/05. Current performance may be higher or lower than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. For the most recent month-end performance information, please visit our Web site (troweprice.com) or contact a T. Rowe Price representative at 1-800-225-5132. The fund charges a redemption fee of 0.5% on shares held for 90 days or less. The performance information shown does not reflect the deduction of the redemption fee. If it did, the performance would be lower. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. When assessing performance, investors should consider both short- and long-term returns. T. Rowe Price Equity Market Index Funds -------------------------------------------------------------------------------- Fund Expense Example -------------------------------------------------------------------------------- As a mutual fund shareholder, you may incur two types of costs: (1) transaction costs such as redemption fees or sales loads and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the most recent six-month period and held for the entire period. Actual Expenses The first line of each of the following tables ("Actual") provides information about actual account values and actual expenses. You may use the information in this line, together with your account balance, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Hypothetical Example for Comparison Purposes The information on the second line of each table ("Hypothetical") is based on hypothetical account values and expenses derived from the fund's actual expense ratio and an assumed 5% per year rate of return before expenses (not the fund's actual return). You may compare the ongoing costs of investing in the fund with other funds by contrasting this 5% hypothetical example and the 5% hypothetical examples that appear in the shareholder reports of the other funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. Note: T. Rowe Price charges an account maintenance fee that is not included in the accompanying tables. The account maintenance fee is charged on a quarterly basis, usually during the last week of a calendar quarter, and applies to accounts with balances below $10,000 on the day of the assessment. The fee is charged to accounts that fall below $10,000 for any reason, including market fluctuations, redemptions, or exchanges. When an account with less than $10,000 is closed either through redemption or exchange, the fee is charged and deducted from the proceeds. The fee applies to IRA accounts, but not to retirement plans directly registered with T. Rowe Price Services, or accounts maintained by intermediaries through NSCC(RT) Networking. If you are subject to the fee, keep it in mind when you are estimating the ongoing expenses of investing in the fund and when comparing the expenses of this fund with other funds. You should also be aware that the expenses shown in the tables highlight only your ongoing costs and do not reflect any transaction costs, such as redemption fees or sales loads. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. To the extent a fund charges transaction costs, however, the total cost of owning that fund is higher. T. Rowe Price Equity Index 500 Fund -------------------------------------------------------------------------------- Beginning Ending Expenses Paid Account Value Account Value During Period* 7/1/04 12/31/04 7/1/04 to 12/31/04 -------------------------------------------------------------------------------- Actual $1,000 $1,070.30 $1.82 Hypothetical (assumes 5% return before expenses) 1,000 1,023.38 1.78 * Expenses are equal to the fund's annualized expense ratio for the six-month period (0.35%), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (184) divided by the days in the year (366) to reflect the half-year period. T. Rowe Price Total Equity Market Index Fund -------------------------------------------------------------------------------- Beginning Ending Expenses Paid Account Value Account Value During Period* 7/1/04 12/31/04 7/1/04 to 12/31/04 -------------------------------------------------------------------------------- Actual $1,000 $1,082.00 $2.09 Hypothetical (assumes 5% return before expenses) 1,000 1,023.13 2.03 * Expenses are equal to the fund's annualized expense ratio for the six-month period (0.40%), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (184) divided by the days in the year (366) to reflect the half-year period. T. Rowe Price Extended Equity Market Index Fund -------------------------------------------------------------------------------- Beginning Ending Expenses Paid Account Value Account Value During Period* 7/1/04 12/31/04 7/1/04 to 12/31/04 -------------------------------------------------------------------------------- Actual $1,000 $1,117.40 $2.13 Hypothetical (assumes 5% return before expenses) 1,000 1,023.13 2.03 * Expenses are equal to the fund's annualized expense ratio for the six-month period (0.40%), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (184) divided by the days in the year (366) to reflect the half-year period. DECEMBER 31, 2004 EXTENDED EQUITY MARKET INDEX FUND Annual Report -- Financial Statements T. ROWE PRICE T. Rowe Price Extended Equity Market Index Fund -------------------------------------------------------------------------------- Financial Highlights For a share outstanding throughout each period -------------------------------------------------------------------------------- Year Ended 12/31/04 12/31/03 12/31/02 12/31/01 12/31/00 NET ASSET VALUE Beginning of period $ 11.27 $ 7.94 $ 9.77 $ 11.12 $ 14.05 Investment activities Net investment income (loss) 0.09 0.07 0.06 0.10 0.09 Net realized and unrealized gain (loss) 1.98 3.33 (1.83) (1.17) (2.26) Total from investment activities 2.07 3.40 (1.77) (1.07) (2.17) Distributions Net investment income (0.09) (0.07) (0.06) (0.10) (0.09) Net realized gain -- -- -- (0.18) (0.67) Total distributions (0.09) (0.07) (0.06) (0.28) (0.76) NET ASSET VALUE End of period $ 13.25 $ 11.27 $ 7.94 $ 9.77 $ 11.12 ------------------------------------------------ Ratios/Supplemental Data Total return^ 18.38% 42.85% (18.12)% (9.55)% (15.58)% Ratio of total expenses to average net assets 0.40% 0.40% 0.40% 0.40% 0.40% Ratio of net investment income (loss) to average net assets 0.83% 0.89% 0.74% 0.96% 0.78% Portfolio turnover rate 11.2% 8.5% 21.0% 31.3% 30.5% Net assets, end of period (in thousands) $161,118 $118,880 $ 66,658 $ 77,331 $ 86,322 ^ 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. The accompanying notes are an integral part of these financial statements. T. Rowe Price Extended Equity Market Index Fund -------------------------------------------------------------------------------- December 31, 2004 Portfolio of Investments (1) Shares Value -------------------------------------------------------------------------------- (Cost and value in $ 000s) COMMON STOCKS AND WARRANTS 97.7% CONSUMER DISCRETIONARY 18.4% Auto Components 0.6% Aftermarket Technology * 1,800 29 Amcast Industrial * 2,200 0 American Axle & Manufacturing Holdings 2,200 68 Arvinmeritor 3,225 72 Bandag (ss.) 700 35 Borg-Warner 2,200 119 Collins & Aikman *(ss.) 4,300 19 Drew Industries *(ss.) 1,200 43 Dura Automotive Systems * 1,300 14 Gentex (ss.) 3,000 111 IMPCO Technologies *(ss.) 2,900 22 Keystone Automotive * 1,200 28 Lear 2,900 177 Modine Manufacturing 1,300 44 Noble International 1,000 20 Rockford Corporation *(ss.) 2,600 5 Sauer-Danfoss 1,800 39 Sports Resorts International *(ss.) 4,000 12 Standard Motor Products (ss.) 1,500 24 Superior Industries International (ss.) 1,000 29 Tower Automotive *(ss.) 3,300 8 TRW Automotive * 4,100 85 Universal Automotive * 3,200 2 1,005 Automobiles 0.2% Coachmen Industries (ss.) 1,300 22 Fleetwood *(ss.) 2,500 34 Monaco Coach (ss.) 1,500 31 National RV Holdings * 1,600 15 Thor Industries 2,600 96 Winnebago (ss.) 1,500 59 257 Distributors 0.1% ACR Group *(ss.) 1,400 4 Advanced Marketing Services (ss.) 2,000 20 Educational Development 300 3 Handleman (ss.) 1,600 35 Source Information Management * 1,900 25 Transnet 2,200 3 WESCO International * 2,300 68 158 Hotels, Restaurants & Leisure 3.5% Ameristar Casinos 1,000 43 Applebee's 3,175 84 Archon Corporation * 1,100 22 Argosy Gaming * 1,600 75 Aztar * 1,700 59 Bally Total Fitness Holdings *(ss.) 1,500 6 Bob Evans Farms 1,500 39 Bowl America, Class A 300 4 Boyd Gaming 3,600 150 Brinker * 3,850 135 BUCA *(ss.) 2,400 17 Caesars Entertainment * 13,200 266 California Pizza Kitchen * 1,200 28 CEC Entertainment * 1,650 66 Cedar Fair (ss.) 2,000 66 Choice Hotels International 1,500 87 Churchill Downs 500 22 CKR Restaurants *(ss.) 2,450 36 Cracker Barrel 2,400 100 Dave & Buster's *(ss.) 1,200 24 Diamondhead Casino * 10,500 6 Domino's Pizza (ss.) 2,900 52 Dover Downs Gaming and Entertainment 388 5 Dover Motorsports 3,100 18 Famous Dave's of America * 3,000 38 Frisch's Restaurants 800 19 Gaming Partners *(ss.) 600 12 Gaylord Entertainment *(ss.) 1,700 71 Golf Trust of America, REIT * 1,900 4 GTECH 4,800 125 IHOP 900 38 International Speedway, Class A 2,100 111 Isle of Capris Casinos *(ss.) 1,100 28 Jack In The Box * 1,500 55 Krispy Kreme *(ss.) 2,400 30 La Quinta Properties * 8,100 74 Landry's Seafood Restaurant 1,300 38 Las Vegas Sands * 15,000 720 Lone Star Steakhouse & Saloon 900 25 Mandalay Resort Group 2,900 204 Marcus 1,300 33 MGM Mirage * 6,296 458 MTR Gaming Group * 2,800 30 Multimedia Games *(ss.) 1,500 24 O'Charley's * 1,600 31 Outback Steakhouse 3,000 137 Panera Bread, Class A *(ss.) 1,300 52 Papa John's International *(ss.) 1,100 38 Penn National Gaming * 1,800 109 PF Chang's China Bistro *(ss.) 1,200 68 Pinnacle Entertainment * 2,300 45 Rare Hospitality International * 1,650 53 Red Robin Gourmet Burgers * 800 43 Royal Caribbean Cruises (ss.) 8,210 447 Ruby Tuesday 2,800 73 Ryan's Restaurant Group * 1,700 26 Schlotzsky's *(ss.) 2,100 0 Scientific Games * 3,000 71 Shuffle Master *(ss.) 1,499 71 Six Flags * 4,400 24 Sonic * 2,362 72 Speedway Motorsports 1,800 70 Station Casinos 2,750 150 Steak 'N Shake * 1,200 24 Texas Roadhouse, Class A * 1,500 44 The Cheesecake Factory * 3,075 100 Triarc, Class B (ss.) 2,900 36 Vail Resorts * 1,500 34 WMS Industries *(ss.) 1,300 44 Wyndham International, Class A * 4,400 5 Wynn Resorts * 3,500 234 5,648 Household Durables 2.2% American Greetings, Class A 3,000 76 Applica * 1,300 8 Beazer Homes (ss.) 500 73 Blyth Industries 2,000 59 Brillian Corp *(ss.) 237 1 Brookfield Homes 1,200 41 Champion Enterprises * 4,800 57 D. R. Horton 10,013 404 Department 56 * 1,400 23 Emerson Radio Corporation * 2,700 10 Enesco Group * 1,800 14 Ethan Allen Interiors 1,500 60 Flexsteel Industries 900 16 Foamex International *(ss.) 1,700 6 Furniture Brands International 2,300 58 Harman International 2,740 348 Helen of Troy Limited *(ss.) 900 30 Hovnanian Enterprises * 2,440 121 Jarden *(ss.) 1,250 54 Kimball International 2,600 38 Knape & Vogt Manufacturing 1,400 18 La-Z-Boy (ss.) 2,600 40 Lennar, Class A 6,628 376 Levitt, Class A 1,275 39 Libbey 900 20 MDC Holdings 1,504 130 Meritage *(ss.) 700 79 Mohawk Industries * 2,954 269 NVR * 280 215 Oneida *(ss.) 500 1 Palm Harbor Homes *(ss.) 1,400 24 Rayovac * 1,400 43 Russ Berrie 1,100 25 Ryland Group 1,860 107 Skyline 400 16 Standard Pacific 1,400 90 Stanley Furniture 600 27 Technical Olympic USA 2,150 55 Tempur-Pedic * 4,100 87 Toll Brothers *(ss.) 3,100 213 Tupperware 2,400 50 Universal Electronics * 1,400 25 WCI Communities *(ss.) 2,100 62 Yankee Candle Company * 2,200 73 3,581 Internet & Catalog Retail 0.8% 1-800-Flowers.com * 3,700 31 Alloy Online *(ss.) 3,200 26 Amazon.com *(ss.) 17,300 766 Blue Nile *(ss.) 1,100 30 Bluefly *(ss.) 700 2 Coldwater Creek * 1,712 53 Drugstore.com *(ss.) 5,500 19 Global Sports *(ss.) 3,700 66 Hollywood Media *(ss.) 1,300 6 Insight Enterprises * 1,900 39 J. Jill Group *(ss.) 1,150 17 Mediabay *(ss.) 3,800 6 Netflix *(ss.) 2,900 36 Overstock.com *(ss.) 900 62 PC Mall *(ss.) 800 18 priceline.com *(ss.) 2,033 48 Sportsman's Guide * 200 4 ValueVision International *(ss.) 1,600 22 1,251 Leisure Equipment & Products 0.4% Action Performance Cos (ss.) 1,800 20 Alliance Gaming *(ss.) 3,000 42 Arctic Cat 1,057 28 Callaway Golf (ss.) 3,800 51 JAKKS Pacific *(ss.) 1,600 35 Johnson Outdoors * 700 14 K2 * 1,800 29 Leapfrog Enterprises *(ss.) 2,100 29 MarineMax * 800 24 Marvel Enterprises *(ss.) 4,199 86 Nautilus Group (ss.) 1,337 32 Oakley 3,400 43 Polaris Industries (ss.) 2,000 136 RC2 Corporation * 900 29 SCP Pool 1,612 52 Steinway Musical Instruments * 600 17 The Boyds Collection * 2,700 12 679 Media 5.9% 4Kids Entertainment *(ss.) 1,100 23 Acme Communications *(ss.) 1,700 12 ADVO 1,550 55 Arbitron * 1,600 63 Beasley Broadcast Group * 1,200 21 Belo Corporation, Class A 5,000 131 Cablevision Systems, Class A * 12,960 323 Cadmus Communications 1,500 19 Catalina Marketing (ss.) 2,250 67 Charter Communications, Class A *(ss.) 13,400 30 Citadel Broadcasting * 5,500 89 Cox Radio, Class A * 1,400 23 Crown Media *(ss.) 2,700 23 Cumulus Media, Class A *(ss.) 2,005 30 Daily Journal * 600 22 Dex Media 6,200 155 Digital Generation Systems * 5,200 7 Directv * 58,979 987 DreamWorks Animation SKG, Class A * 4,600 173 EchoStar Communications, Class A 9,600 319 EMAK Worldwide * 800 8 Emmis Communications * 2,600 50 Entercom Communications * 2,300 83 Entravision Communications, Class A * 3,844 32 Fisher Communications * 500 24 Fox Entertainment Group, Class A * 18,100 566 Gemstar TV Guide * 19,800 117 Getty Images * 2,400 165 Grey Global Group (ss.) 70 77 Harris Interactive * 4,300 34 Harte-Hanks 3,550 92 Hearst-Argyle Television 3,191 84 Hollinger International (ss.) 4,000 63 Insight Communications *(ss.) 2,900 27 Insignia Systems *(ss.) 700 2 Interactive Data *(ss.) 3,700 80 John Wiley & Sons 2,300 80 Journal Communications 3,600 65 Journal Register * 2,600 50 Lamar Advertising * 3,800 163 Lee Enterprises 2,100 97 Liberty 800 35 Liberty Media, Class A * 124,775 1,370 Liberty Media International, Series A * 7,483 346 LIN TV * 1,500 29 LodgeNet Entertainment * 1,700 30 Martha Stewart Living, Class A *(ss.) 2,100 61 McClatchy 1,900 136 Media General, Class A 1,000 65 Mediacom Communications *(ss.) 4,600 29 Metro Goldwyn Mayer *(ss.) 10,000 119 Navarre *(ss.) 1,500 26 Paxson Communications * 6,000 8 Pegasus Communications, Class A *(ss.) 400 4 Penton Media * 1,700 0 Pixar *(ss.) 2,400 205 Playboy Enterprises, Class B * 2,000 25 Primedia * 9,236 35 ProQuest * 1,300 39 Pulitzer 500 32 R.H. Donnelley * 1,600 94 Radio One * 4,400 71 Reader's Digest 3,900 54 Regal Entertainment Group, Class A (ss.) 6,000 125 Regent Communications * 3,100 16 Rentrak * 1,000 13 Saga Communications * 1,150 19 Salem Communications, Class A * 1,400 35 Scholastic * 1,600 59 Scripps, Class A 6,640 321 Sinclair Broadcasting, Class A 2,700 25 Sirius Satellite Radio *(ss.) 52,500 402 Spanish Broadcasting, Class A * 2,500 26 TiVo *(ss.) 4,800 28 Unitedglobalcom, Class A *(ss.) 16,100 156 Valassis Communications * 2,300 81 Value Line 800 31 Washington Post, Class B 400 393 Westwood One * 4,100 110 XM Satellite Radio Holdings, Class A *(ss.) 8,600 324 Young Broadcasting, Class A *(ss.) 1,400 15 9,523 Multiline Retail 0.6% 99 Cents Only Stores *(ss.) 3,065 49 Bon-Ton Stores 1,200 19 Dollar Tree Stores * 5,225 150 Fred's (ss.) 1,525 27 Kmart Corporation *(ss.) 3,900 386 Neiman Marcus, Class A 2,300 165 Saks 5,675 82 Shopko Stores * 2,000 37 Tuesday Morning *(ss.) 1,600 49 964 Specialty Retail 3.3% Aaron Rents, Class A 1,575 36 Aaron Rents, Class B 1,875 47 Abercrombie & Fitch 4,000 188 AC Moore Arts & Crafts * 1,000 29 Advance Auto Parts * 3,112 136 Aeropostale * 2,550 75 American Eagle Outfitters 2,700 127 AnnTaylor Stores * 3,000 65 Asbury Automotive Group * 2,200 30 Barnes & Noble * 3,000 97 bebe stores 2,250 61 Big 5 Sporting Goods 1,500 44 Blockbuster, Class A (ss.) 7,700 73 Borders Group 3,000 76 Buckle 1,000 30 Building Material Holding 900 34 Burlington Coat Factory 2,100 48 Cabela's *(ss.) 2,700 61 CarMax *(ss.) 4,600 143 Cato Corporation 1,500 43 Charlotte Russe Holding *(ss.) 1,200 12 Charming Shoppes * 5,200 49 Chico's * 3,700 168 Christopher & Banks 1,812 33 Claire's Stores 3,500 74 Cost Plus * 800 26 CSK Auto * 2,100 35 Dick's Sporting Goods *(ss.) 1,400 49 Dress Barn * 2,000 35 E Com *(ss.) 2,500 30 Electronics Boutique Holdings * 900 39 Finlay Enterprises * 700 14 Foot Locker 6,400 172 GameStop, Class B * 1,274 29 Genesco * 1,400 44 Group One Automotive * 800 25 Guess ? * 2,100 26 Guitar Center * 1,000 53 Gymboree * 1,100 14 Hancock Fabrics (ss.) 1,100 11 Haverty Furniture 1,700 31 Hibbett Sporting Goods * 1,312 35 Hollywood Entertainment * 2,900 38 Hot Topic * 2,450 42 Linens 'n Things * 1,900 47 Lithia Motors 1,400 38 Men's Wearhouse * 1,600 51 Michaels Stores 5,800 174 Mothers Work *(ss.) 700 10 Movie Gallery (ss.) 1,000 19 New York & Company * 2,200 36 O'Reilly Automotive *(ss.) 2,200 99 Pacific Sunwear * 3,325 74 Pantry *(ss.) 900 27 Party City * 1,900 25 Payless Shoesource * 2,715 33 Pep Boys (ss.) 2,400 41 Petco * 2,700 107 PETsMART 6,200 220 Pier 1 Imports 4,000 79 Pomeroy Computer Resources * 1,400 21 Regis 2,000 92 Rent Way * 2,000 16 Rent-A-Center * 3,150 84 Restoration Hardware *(ss.) 4,100 24 Rex Stores * 750 11 Ross Stores 6,100 176 Select Comfort *(ss.) 2,000 36 Sharper Image *(ss.) 800 15 Shoe Carnival * 900 12 Sonic Automotive 1,300 32 Stage Stores * 1,000 42 Stein Mart * 2,700 46 Syms * 1,400 17 Talbots 2,400 65 TBC Corp * 1,100 31 The Children's Place * 1,100 41 The Finish Line, Class A 1,900 35 The Sports Authority *(ss.) 1,196 31 Too * 1,600 39 Trans World Entertainment *(ss.) 4,200 52 TSC * 1,800 67 Tweeter Home Entertainment Group *(ss.) 2,600 18 Ultimate Electronics *(ss.) 1,000 1 United Auto Group 1,600 47 United Retail Group * 1,000 4 Urban Outfitters * 3,500 155 Weight Watchers *(ss.) 4,500 185 West Marine *(ss.) 1,400 35 Wet Seal *(ss.) 1,875 4 Whitehall Jewellers * 1,200 10 Williams-Sonoma * 4,900 172 Wilsons Leather *(ss.) 1,900 7 Winmark * 1,200 32 Zale * 2,400 72 5,334 Textiles, Apparel, & Luxury Goods 0.8% Brown Shoe 1,100 33 Burke Mills * 3,800 5 Charles & Colvard *(ss.) 700 7 Cherokee 900 32 Columbia Sportswear * 1,650 98 Culp * 1,600 11 Cutter & Buck 1,500 22 Forward Industries * 2,300 10 Fossil * 3,087 79 Giant * 1,800 3 Haggar 1,000 23 K-Swiss, Class A 2,000 58 Kellwood 1,200 41 Kenneth Cole Productions 1,400 43 Lazare Kaplan International * 1,600 15 Madden Steven * 1,200 23 Marisa Christina *(ss.) 2,700 3 Mossimo *(ss.) 3,300 12 Movado Group 1,600 30 Movie Star * 2,500 3 Oshkosh B'Gosh (ss.) 1,100 24 Phillips-Van Heusen 1,300 35 Polo Ralph Lauren 4,000 170 Quaker Fabric (ss.) 1,900 11 Quiksilver * 2,700 80 Russell 1,400 27 Saucony (ss.) 1,200 33 Stride Rite 2,800 31 Superior Uniform Group 1,200 18 Tandy Brands 1,400 21 Tarrant Apparel * 2,400 6 Timberland, Class A * 1,600 100 Unifi * 6,200 24 UniFirst 900 25 Weyco Group 500 22 Wolverine World Wide 1,800 57 1,235 Total Consumer Discretionary 29,635 CONSUMER STAPLES 4.5% Beverages 0.3% Chalone Wine Group * 1,500 21 Coca-Cola Bottling 500 28 Constellation Brands, Class A * 4,600 214 Midwest Grain Products 1,800 16 National Beverage * 2,600 22 PepsiAmericas 6,400 136 Willamette Valley Vineyards *(ss.) 2,700 8 445 Food & Staples Retailing 0.6% 7-Eleven * 4,800 115 Arden Group 200 20 BJ's Wholesale Club * 3,100 90 Casey's General Stores 1,900 35 Fresh Brands *(ss.) 800 6 Great Atlantic & Pacific Tea *(ss.) 3,600 37 Longs Drug Stores (ss.) 1,600 44 Marsh Supermarkets (ss.) 1,500 19 Nash Finch (ss.) 700 26 Pathmark Stores * 1,100 6 Performance Food Group * 1,900 51 PriceSmart *(ss.) 1,500 11 PriceSmart, Rights, 12/21/05 *(ss.) 1,500 2 Rite Aid * 21,900 80 Ruddick 2,200 48 Smart & Final * 1,800 26 United Natural Foods * 1,800 56 Weis Markets 1,000 39 Whole Foods Market 2,700 257 Wild Oats Markets *(ss.) 2,000 18 986 Food Products 3.0% Alico *(ss.) 600 35 American Italian Pasta, Class A (ss.) 900 21 Bridgford Foods 1,000 9 Bunge Limited 4,600 262 Chiquita 1,700 38 Corn Products International 1,500 80 Cuisine Solutions * 4,500 16 Dean Foods * 6,758 223 Del Monte Foods * 8,600 95 Delta & Pine Land 1,700 46 Farmer Bros. (ss.) 1,200 29 Flowers Foods 1,710 54 Fresh Del Monte Produce (ss.) 2,500 74 Green Mountain Coffee *(ss.) 800 20 Hain Celestial Group * 1,800 37 Hormel Foods 5,500 172 Interstate Bakeries (ss.) 1,900 12 J & J Snack Foods 700 34 J.M. Smucker 2,236 105 Kraft Foods, Class A 72,600 2,585 Lancaster Colony 1,600 69 Lance 1,100 21 Lifeway Foods *(ss.) 1,800 16 Maui Land & Pineapple *(ss.) 600 24 Peet's Coffee & Tea * 1,100 29 Pilgrim's Pride 2,700 83 Ralcorp Holdings 1,000 42 Rocky Mountain Chocolate Factory 2,422 36 Sanderson Farms (ss.) 750 33 Seaboard 50 50 Smithfield Foods * 4,700 139 Tootsie Roll Industries 1,993 69 Tyson Foods, Class A 14,719 271 Zapata Corporation * 400 24 4,853 Household Products 0.2% Central Garden & Pet * 900 37 Church & Dwight 2,550 86 Energizer * 3,400 169 Katy Industries * 1,700 9 Oil-Dri 1,800 33 334 Personal Products 0.3% Chattem * 1,300 43 Del Laboratories *(ss.) 551 19 Elizabeth Arden * 1,600 38 Estee Lauder, Class A 5,200 238 Inter Parfums (ss.) 1,400 22 NBTY * 2,800 67 Nu Skin Asia Pacific, Class A 2,900 74 Playtex Products * 3,800 31 Revlon * 15,600 36 568 Tobacco 0.1% DiMon (ss.) 1,900 13 Standard Commercial 600 12 Star Scientific *(ss.) 3,400 17 Universal Corporation 1,100 52 Vector Group (ss.) 2,110 35 129 Total Consumer Staples 7,315 ENERGY 5.4% Energy Equipment & Services 2.2% Atwood Oceanics * 700 36 Cal Dive International * 1,700 69 Carbo Ceramics 600 41 Cooper Cameron * 2,300 124 Dawson Geophysical * 200 4 Diamond Offshore Drilling (ss.) 5,600 224 Dril-Quip * 1,400 34 ENSCO International 5,900 187 FMC Technologies * 2,800 90 Global Industries * 4,800 40 GlobalSantaFe 10,159 336 Grant Prideco * 5,090 102 Grey Wolf * 8,200 43 Gulf Island Fabrication 1,100 24 Gulfmark Offshore *(ss.) 1,600 36 Hanover Compressor * 3,800 54 Helmerich & Payne 2,300 78 Horizon Offshore *(ss.) 1,300 2 Hydril * 900 41 Input/Output *(ss.) 2,900 26 Key Energy Services * 4,700 55 Lone Star Technologies * 1,310 44 Matrix Service *(ss.) 2,200 18 Maverick Tube * 1,900 58 NATCO Group * 600 5 National Oilwell * 3,400 120 Newpark Resources * 3,900 20 NS Group * 2,000 56 Oceaneering International * 1,000 37 Offshore Logistics * 900 29 Oil States International * 2,300 44 Omni Energy Services *(ss.) 1,900 4 Parker Drilling * 6,500 26 Patterson-UTI Energy 7,200 140 Petroleum Helicopters * 300 8 Pride International * 5,500 113 Seacor Holdings * 900 48 Smith International * 4,500 245 Superior Energy * 3,600 56 TETRA Technologies * 950 27 Tidewater (ss.) 2,400 85 Todco * 2,800 52 Torch Offshore *(ss.) 2,500 4 Trico Marine Services * 3,100 1 Unit * 2,100 80 Universal Compression Holdings * 1,300 45 Varco International * 4,311 126 Veritas DGC * 1,700 38 W-H Energy Services * 1,400 31 Weatherford International * 5,490 282 3,488 Oil & Gas 3.2% Adams Resources & Energy 2,300 41 Berry Petroleum 1,000 48 Bill Barrett * 1,700 54 BP Prudhoe Bay Royalty Trust (ss.) 1,300 63 Buckeye Partners *(ss.) 1,400 59 Cabot Oil & Gas 1,600 71 Callon Petroleum * 1,600 23 Carrizo Oil & Gas *(ss.) 2,300 26 Castle Energy 1,400 17 Chesapeake Energy 9,800 162 Cimarex Energy * 2,040 77 Comstock Resources * 1,400 31 Cross Timbers Royalty Trust (ss.) 953 38 Denbury Resources * 2,000 55 Edge Petroleum *(ss.) 2,000 29 Encore Acquisition * 1,100 38 Energy Partners *(ss.) 1,800 36 Enterprise Products Partners *(ss.) 15,300 396 Forest Oil * 2,500 79 Frontier Oil 1,600 43 General Maritime *(ss.) 1,700 68 Georesources *(ss.) 3,100 9 Giant Industries * 1,900 50 GMX Resources *(ss.) 2,300 16 Harken Energy * 8,500 4 Houston Exploration * 1,200 68 Hugoton Royalty Trust (ss.) 2,000 52 Kaneb Services *(ss.) 900 39 KCS Energy * 4,300 63 Kinder Morgan Management 2,030 83 Magellan Midstream Partners *(ss.) 1,000 59 Magellan Petroleum * 5,100 7 Magnum Hunter Resources * 3,200 41 Maritrans 1,100 20 Markwest Hydrocarbon (ss.) 2,585 45 Meridian Resource *(ss.) 5,300 32 Murphy Oil 4,060 327 Newfield Exploration * 2,400 142 Noble Energy 2,400 148 OMI 3,600 61 Patina Oil & Gas 3,474 130 Penn Virginia 800 32 Petrohawk Energy *(ss.) 1,350 12 Petroleum Development * 1,400 54 Pioneer Natural Resources 6,200 218 Plains All American Pipeline *(ss.) 2,400 91 Plains Exploration & Production * 3,806 99 Pogo Producing 2,600 126 Premcor 3,700 156 Pyr Energy *(ss.) 7,400 8 Quicksilver Resources *(ss.) 2,800 103 Range Resources (ss.) 2,600 53 Remington Oil & Gas * 1,500 41 Southwestern Energy * 1,500 76 Spinnaker Exploration * 1,300 46 St. Mary Land Exploration (ss.) 1,300 54 Stone Energy * 1,100 50 Swift Energy * 1,900 55 Syntroleum *(ss.) 4,900 39 TC Pipelines *(ss.) 1,000 38 Teppco Partners *(ss.) 2,600 102 Tesoro Petroleum * 2,900 92 TransMontaigne * 3,600 22 Ultra Petroleum * 3,600 173 Vintage Petroleum 2,600 59 Western Gas Resources 3,000 88 Whiting Petroleum * 800 24 World Fuel Services 800 40 XTO Energy 11,057 391 5,192 Total Energy 8,680 FINANCIALS 24.6% Capital Markets 1.4% A.G. Edwards 3,400 147 Affiliated Managers Group *(ss.) 1,500 102 AmeriTrade * 18,200 259 Apollo Investment 2,600 39 Blackrock 800 62 Eaton Vance 3,100 162 Gabelli Asset Management (ss.) 1,300 63 Greenhill (ss.) 1,600 46 International Assets Holding *(ss.) 1,800 14 Investment Technology Group * 2,350 47 Investors Financial Services 2,700 135 Jefferies Group 2,700 109 John Nuveen 4,200 166 Kirlin Holding * 800 2 Knight/Trimark Group *(ss.) 4,600 50 LaBranche & Co. *(ss.) 2,600 23 Legg Mason 4,200 308 National Financial Partners 1,700 66 Piper Jaffray Cos * 800 38 Raymond James Financial 3,050 94 Sanders Morris Harris Group (ss.) 2,600 46 SEI Investments 4,700 197 Southwest Securities 1,283 28 Waddell & Reed Financial, Class A 4,150 99 Westwood Holdings Group 620 12 2,314 Commercial Banks 5.2% 1st Source 1,341 34 Abigail Adams (ss.) 220 4 Alabama National Bancorp 700 45 Amcore Financial 1,200 39 Arrow Financial (ss.) 859 27 Associated Banc Corp 4,854 161 BanCorpSouth (ss.) 3,325 81 BancTrust Financial Group (ss.) 700 17 Bank of Hawaii 2,400 122 Banknorth Group 7,195 263 Banner (ss.) 960 30 Bay View Capital 480 7 BNCCORP *(ss.) 300 5 BOK Financial 2,536 124 Boston Private Financial (ss.) 1,459 41 BWC Financial (ss.) 1,127 26 Camden National 900 35 Capital Corp of the West 671 32 Cathay Bancorp 2,474 93 Center Bancorp (ss.) 970 13 Central Pacific Financial 1,273 46 Century Bancorp (ss.) 600 18 Chemical Financial 873 38 Chittenden 2,112 61 Citizens Banking 2,000 69 City Holding Company 500 18 City National 2,200 155 CoBiz (ss.) 1,650 34 Codorus VY Bancorp 420 8 Colonial BancGroup 5,600 119 Commerce Bancorp (ss.) 3,250 209 Commerce Bancshares 3,111 156 Community Banks (ss.) 1,044 29 Community Bankshares of Indiana 1,210 26 Cullen/Frost Bankers 2,200 107 CVB Financial 2,196 58 East West Bancorp 2,200 92 Farmers Capital Bank 700 29 First Charter 1,400 37 First Citizens Bancshares 400 59 First Commonwealth Financial (ss.) 3,200 49 First Community Bancorp 600 26 First Financial Bancorp 2,402 42 First Financial Bankshares (ss.) 712 32 First Indiana (ss.) 808 18 First M & F Corporation (ss.) 500 17 First Merchants 1,283 36 First Midwest Bancorp 2,056 75 First National Bankshares 1,891 45 First of Long Island (ss.) 450 23 First Republic Bank 850 45 First United 800 17 FirstBank Puerto Rico 2,000 127 FirstMerit 3,900 111 FNB (ss.) 1,836 37 FNB Corp. of North Carolina 700 14 Frontier Financial 1,200 46 Fulton Financial (ss.) 5,468 127 German American Bancorp (ss.) 1,189 19 Glacier Bancorp 1,612 55 Gold Banc 2,000 29 Greater Bay Bancorp (ss.) 2,206 62 Greater Community Bancorp 1,050 17 Hancock Holding 1,500 50 Harleysville National 1,141 30 Hibernia 6,800 201 Hudson United Bancorp 2,056 81 IBERIABANK 500 33 Independent Bank 1,100 37 Integra Bank 1,300 30 Interchange Financial Services 1,200 31 International Bancshares 2,078 82 Irwin Financial (ss.) 1,500 43 Main Street Banks 1,000 35 MB Financial 1,400 59 Mercantile Bankshares 3,500 183 Mid-State Bancshares (ss.) 900 26 Midsouth Bancorp (ss.) 1,237 33 Midwest Banc Holdings (ss.) 1,400 31 MidWestOne Financial (ss.) 1,000 21 National Penn Bancshares (ss.) 1,483 41 NBT Bancorp 1,780 46 Northern States Financial (ss.) 700 22 Northrim Bank 700 16 Old National Bancorp (ss.) 2,879 74 Omega Financial 800 27 Oriental Financial Group (ss.) 1,239 35 Pacific Capital Bancorp 2,488 85 Park National (ss.) 656 89 Peoples Holding (ss.) 600 20 Popular 11,600 334 PrivateBancorp (ss.) 1,200 39 Prosperity Bancshares (ss.) 1,300 38 Provident Bankshares 1,551 56 Redwood Empire Bancorp 450 13 Republic Bancorp 3,955 60 S&T Bancorp (ss.) 1,300 49 Sandy Spring Bancorp 900 35 Santander Bancorp 1,875 57 Signature Bank * 1,000 32 Silicon Valley Bancshares * 1,500 67 Sky Financial 4,714 135 South Financial Group 3,054 99 Southwest Bancorp of Oklahoma 1,300 32 Southwest Bancorp of Texas 3,100 72 State Bancorp 1,126 31 Sterling Bancshares 2,450 35 Sterling Financial, (Pennsylvania) (ss.) 1,593 46 Suffolk Bancorp (ss.) 800 28 Summit Bancshares (ss.) 700 26 Susquehanna Bancshares 2,050 51 SY Bancorp 1,100 27 TCF Financial 6,400 206 Texas Regional Bancshares, Class A 1,891 62 The Savannah Bancorp (ss.) 925 25 Trustco Bank (ss.) 3,700 51 Trustmark 2,300 71 U.S.B. Holding Company (ss.) 1,535 38 UCBH Holdings 2,200 101 UMB Financial 756 43 Umpqua Holdings Corporation 1,900 48 Union Bankshares 753 29 UnionBancal 6,400 413 United Bankshares 2,000 76 United Community Banks (ss.) 1,650 44 Unizan Financial (ss.) 776 20 Valley National Bancorp (ss.) 4,325 120 WesBanco 1,300 42 West Coast Bancorp 1,220 31 WestAmerica 1,400 82 Westbank 882 16 Westcorp (ss.) 2,200 101 Whitney Holding 1,600 72 Wilmington Trust 2,800 101 Wintrust Financial 900 51 8,302 Consumer Finance 0.6% Advanta, Class A 1,466 33 AmeriCredit * 6,600 161 Asta Funding (ss.) 1,200 32 Cash America Investments 1,400 42 CompuCredit * 2,400 66 First Cash * 1,800 48 First Marblehead *(ss.) 2,700 152 Metris Companies *(ss.) 4,050 52 Moneygram International 3,900 83 Nelnet, Class A * 2,200 59 Student Loan 1,020 188 WFS Financial 1,800 91 World Acceptance * 1,500 41 1,048 Diversified Financial Services 0.7% Alliance Capital 3,200 134 California First National Bancorp 500 6 CapitalSource *(ss.) 4,900 126 Chicago Mercantile Exchange Holdings (ss.) 1,450 332 Encore Capital *(ss.) 2,100 50 eSpeed, Class A * 2,200 27 Financial Federal * 700 27 GATX 1,600 47 Instinet Group * 14,400 87 Leucadia National (ss.) 3,036 211 Transnational Financial Network * 3,400 2 1,049 Insurance 7.2% 21st Century Insurance Group 2,900 39 Alfa 3,700 56 Allmerica Financial * 2,300 76 American Financial Group 2,700 85 American National Insurance 950 99 AmerUs Life (ss.) 1,700 77 Arch Capital Group * 1,500 58 Argonaut Group * 1,600 34 Arthur J. Gallagher 4,100 133 Assurant 5,900 180 Baldwin & Lyons 1,175 31 BancInsurance * 2,310 17 Berkshire Hathaway, Class A * 65 5,713 Bristol West Holdings 1,700 34 Brown & Brown 2,700 118 Citizens (ss.) 4,050 26 Clark * 1,300 20 CNA Financial *(ss.) 9,900 264 CNA Surety * 2,400 32 Commerce Group 1,100 67 Conseco *(ss.) 6,100 122 Cotton States Life Insurance 2,100 42 Danielson *(ss.) 3,300 28 Delphi Financial 1,406 65 Erie Indemnity, Class A (ss.) 2,700 142 FBL Financial Group, Class A 1,532 44 Fidelity National Financial 7,250 331 Financial Industries Corporation * 800 6 First American Financial 3,600 127 FPIC Insurance Group *(ss.) 900 32 Genworth Financial, Class A 20,900 564 Great American Financial Resources 2,600 45 Harleysville Group 1,100 26 HCC Insurance Holdings 2,500 83 Hilb Rogal and Hobbs (ss.) 1,300 47 Horace Mann Educators 2,100 40 Infinity Property & Casualty 1,100 39 Kansas City Life Insurance 500 24 LandAmerica Financial Group 800 43 Markel *(ss.) 460 167 Merchants Group 600 14 Mercury General 2,400 144 Midland 1,200 38 Nationwide Financial Services, Class A 2,400 92 Navigators Group * 1,000 30 Odyssey Re Holdings (ss.) 3,000 76 Ohio Casualty * 2,800 65 Old Republic International 7,225 183 Penn-America Group 1,950 29 Philadelphia Consolidated * 900 60 Phoenix Companies (ss.) 4,000 50 PMA Capital *(ss.) 1,200 12 Presidential Life 2,200 37 ProAssurance * 1,320 52 Protective Life 3,000 128 Reinsurance Group of America 2,550 124 RLI 800 33 Selective Insurance 1,300 58 StanCorp Financial Group 1,300 107 Standard Management * 1,400 5 State Auto Financial 1,800 47 Stewart Information Services 900 37 Transatlantic Holdings 2,681 166 U.S.I. Holdings *(ss.) 1,900 22 UICI 2,100 71 United Fire & Casualty (ss.) 1,200 40 Unitrin 2,900 132 Universal American Financial * 2,800 43 Vesta Insurance 1,600 6 W. R. Berkley 3,275 154 Wesco Financial 310 122 White Mountains Insurance Group (ss.) 450 291 Zenith National 700 35 11,679 Real Estate 6.8% Agree Realty, REIT 800 25 Alexanders, REIT *(ss.) 250 54 Alexandria Real Estate, REIT 800 60 AMB Property, REIT 3,600 145 American Financial Realty, REIT 4,700 76 American Home Mortgage Holdings 2,195 75 American Mortgage Acceptance, REIT 1,500 26 American Real Estate * 1,800 51 AmeriVest Properties, REIT (ss.) 3,000 19 Amli Residential Properties, REIT 1,100 35 Annaly Mortgage Management, REIT (ss.) 5,100 100 Anthracite Capital, REIT 1,800 22 Arden Realty, REIT 2,700 102 Avalonbay Communities, REIT 2,984 225 Bedford Property Investors, REIT 1,100 31 BNP Residential Properties, REIT 700 11 Boston Properties, REIT 4,700 304 Brandywine Realty Trust, REIT 1,800 53 BRE Properties, REIT, Class A 2,100 85 Camden Property Trust, REIT 1,600 82 Capital Automotive, REIT 1,500 53 Capital Properties, Class A (ss.) 1,200 22 Capital Properties, Class B @* 120 0 CarrAmerica Realty, REIT 2,200 73 Catellus Development, REIT 4,203 129 CB Richard Ellis Group * 3,100 104 CBL & Associates Properties, REIT 1,500 115 Centerpoint Properties, REIT 2,000 96 Colonial Properties Trust, REIT 1,000 39 Commercial Net Lease Realty, REIT 2,200 45 Cornerstone Realty Income Trust, REIT 3,300 33 Corporate Office Properties Trust, REIT 1,900 56 Cousins Properties, REIT 2,450 74 Crescent Real Estate Equities, REIT 4,200 77 CRT Properties, REIT 1,600 38 Developers Diversified Realty, REIT 4,338 192 Duke Realty, REIT 6,190 211 Eagle Hospitality Properties * 2,000 21 EastGroup Properties, REIT 1,000 38 Entertainment Properties, REIT 1,300 58 Equity Inns, REIT 3,500 41 Equity Lifestyle Properties, REIT 1,100 39 Equity One, REIT 3,500 83 Essex Property Trust, REIT 1,100 92 Federal Realty Investment Trust, REIT 2,300 119 Felcor Lodging Trust, REIT *(ss.) 2,400 35 First Industrial Realty, REIT 1,900 77 Forest City Enterprises, Class A 2,200 127 Friedman, Billings, Ramsey Group, REIT, Class A 6,125 119 Gables Residential Trust, REIT (ss.) 1,300 47 General Growth Properties, REIT 8,400 304 Getty Realty, REIT 1,200 34 Glenborough Realty Trust, REIT 1,500 32 Glimcher Realty Trust, REIT (ss.) 1,300 36 Global Signal 2,300 63 Health & Retirement Properties, REIT 7,700 99 Health Care, REIT 2,200 84 Health Care Property Investors, REIT 5,600 155 Healthcare Realty Trust, REIT 2,100 85 Heritage Property Investment Trust, REIT 2,000 64 Hersha Hospitality Trust, REIT 2,000 23 Highwoods Properties, REIT 2,300 64 Home Properties of New York, REIT 1,500 65 Hospital Properties Trust, REIT 3,000 138 Host Marriott, REIT 14,274 247 Impac Mortgage Holdings, REIT 3,000 68 Innkeepers USA, REIT 2,600 37 Investors Real Estate Trust, REIT 3,000 31 IStar Financial, REIT 4,773 216 Jones Lang Lasalle * 1,500 56 Kilroy Realty, REIT 1,400 60 Kimco Realty, REIT 4,650 270 Kramont Realty Trust, REIT 1,600 37 LaSalle Hotel Properties, REIT 1,400 45 Lexington Corporate Properties, REIT 2,000 45 Liberty Property Trust, REIT (ss.) 3,500 151 LNR Property (ss.) 800 50 LTC Properties, REIT 2,400 48 Macerich Company, REIT 2,500 157 Mack-Cali Realty, REIT 2,500 115 Maguire Properties, REIT 1,800 49 MeriStar Hospitality, REIT * 5,000 42 Mid-America Apartment Communities, REIT (ss.) 800 33 Mills, REIT 2,300 147 Monmouth Real Estate Investment, REIT, Class A (ss.) 1,800 16 National Health Investors, REIT 1,600 47 National Health Realty, REIT 1,100 22 Nationwide Health Properties, REIT 3,300 78 New Century Financial 1,600 102 New Plan Excel Realty, REIT 4,300 116 Newcastle Investment, REIT 1,400 45 NovaStar Financial, REIT (ss.) 1,800 89 Pan Pacific Retail Properties, REIT 1,800 113 Parkway Properties, REIT 500 25 Pennsylvania, REIT 1,581 68 Pittsburgh & West Virginia Railroad, REIT (ss.) 1,500 14 PMC Commercial Trust, REIT 1,688 26 Post Properties, REIT 2,000 70 Prentiss Properties Trust, REIT 1,800 69 PS Business Parks, REIT 800 36 Public Storage, REIT 5,500 307 Ramco-Gershenson Properties, REIT 1,200 39 Rayonier, REIT 2,371 116 Realty Income, REIT (ss.) 1,800 91 Reckson Associates Realty, REIT 2,700 89 Redwood Trust, REIT 900 56 Regency Centers, REIT 2,800 155 Resource Asset Investment Trust, REIT 1,400 39 Saul Centers, REIT 1,400 54 Saxon Capital 2,100 50 Senior Housing Properties, REIT 2,460 47 Shelbourne Properties II, REIT @* 200 1 Shelbourne Properties III, REIT @* 1,200 1 Shurgard Storage Centers, REIT 2,100 92 Simon Property Group, REIT 587 38 Sizeler Property Investors, REIT (ss.) 1,100 13 SL Green Realty, REIT 1,700 103 St. Joe 3,300 212 Strategic Hotel Capital, REIT 2,300 38 Summit Properties, REIT 1,400 46 Sun Communities, REIT 1,100 44 Tanger Factory Outlet Centers, REIT 1,600 42 Taubman Centers, REIT 2,000 60 Thornburg Mortgage, REIT (ss.) 3,500 101 Trammell Crow * 1,400 25 Trizec Properties, REIT 6,300 119 United Dominion Realty Trust, REIT 5,600 139 Universal Health Realty Income Trust, REIT 1,000 32 Urstadt Biddle Properties, Class A, REIT (ss.) 1,800 31 Urstadt Biddle Properties, REIT 1,500 24 Vencor, REIT 4,100 112 Vornado Realty Trust, REIT 5,400 411 Washington SBI, REIT 2,100 71 Weingarten Realty Investors, REIT 3,650 146 Wellsford Real Properties * 900 13 WP Carey & Co (ss.) 1,500 53 10,930 Thrifts & Mortgage Finance 2.7% Ameriana Bancorp 960 15 Anchor Bancorp Wisconsin 1,000 29 Astoria Financial 3,500 140 Bank Mutual 4,234 52 BankAtlantic, Class A 2,700 54 BankUnited Financial * 1,700 54 BostonFed Bancorp (ss.) 600 27 Brookline Bancorp (ss.) 2,249 37 Camco 700 11 Capital Crossing Bank * 1,000 31 Capitol Federal Financial (ss.) 3,200 115 Charter Financial (ss.) 800 35 Charter Municipal Mortgage Acceptance 1,700 42 Commercial Capital Bancorp 2,300 53 Commercial Federal 2,000 59 Cooperative Bankshares (ss.) 1,100 30 CORUS Bankshares 1,600 77 Delta Financial 3,100 32 Dime Community Bancshares 2,100 38 Doral Financial 4,600 227 Downey Financial 1,200 68 Federal Agricultural Mortgage Corporation 700 12 First Busey 1,500 31 First Federal Bancorp of Ohio 1,300 17 First Federal Bancshares of Arkansas 1,500 33 First Niagra Financial 3,871 54 First Place Financial (ss.) 1,749 39 FirstFed Financial * 800 42 Flagstar Bancorp (ss.) 2,750 62 Flushing Financial 1,575 32 Fremont General (ss.) 3,500 88 Harbor Florida Bancshares 1,400 48 Hingham Institution for Savings (ss.) 400 18 Home Federal Savings Bank 400 10 Horizon Financial 1,025 21 Hudson City Bancorp (ss.) 8,400 309 Independence Community Bank 3,954 168 IndyMac Mortgage Holdings 2,600 90 Logansport Financial 800 14 MAF Bancorp 1,853 83 Matrix Bancorp * 1,300 16 Net Bank (ss.) 2,969 31 New Hampshire Thrift 400 13 New York Community Bancorp (ss.) 11,714 241 Newalliance Bancshares 4,900 75 NewMil Bancorp (ss.) 700 22 Northwest Bancorp 2,500 63 Ocwen Financial *(ss.) 2,400 23 People's Bank 4,050 158 Peoples Community Bancorp 600 14 PFF Bancorp 980 45 PMI Group 4,100 171 Pocahontas Bancorp 1,000 16 Provident Bancorp 3,102 41 Provident Financial Services 3,400 66 R&G Financial 1,600 62 Radian 4,008 213 Riverview Bancorp 200 5 Sound Federal Bancorp (ss.) 1,390 23 Sovereign Bancorp 643 15 Sterling Financial, (Washington) 1,412 55 Triad Guaranty * 600 36 Union Community Bancorp 900 17 W Holdings Company 4,915 113 Washington Federal 3,817 101 Washington Savings Bank 1,300 21 Waypoint Financial 1,995 57 Webster Financial 2,156 109 Woronoco Bancorp 600 22 WSFS Financial 700 42 4,283 Total Financials 39,605 HEALTH CARE 11.3% Biotechnology 3.9% Abgenix *(ss.) 4,300 44 Affymetrix *(ss.) 2,660 97 Albany Molecular Research *(ss.) 2,300 26 Alexion Pharmaceutical *(ss.) 1,200 30 Alkermes *(ss.) 4,400 62 Allos Therapeutics * 300 1 Amylin Pharmaceuticals *(ss.) 4,100 96 Aphton *(ss.) 3,600 11 Arena Pharmaceuticals *(ss.) 2,500 17 Ariad Pharmaceuticals *(ss.) 2,900 22 Arqule * 3,000 17 Array BioPharma * 3,200 30 AVI BioPharma *(ss.) 3,100 7 Avigen *(ss.) 200 1 BioCryst Pharmaceuticals * 1,800 10 BioMarin Pharmaceutical *(ss.) 3,800 24 Biopure *(ss.) 4,700 3 BioSource International *(ss.) 2,400 17 BioSphere Medical *(ss.) 2,100 8 Celera Genomics * 2,493 34 Celgene *(ss.) 7,000 186 Cell Genesys *(ss.) 2,800 23 Cell Therapeutics *(ss.) 3,400 28 Cephalon *(ss.) 2,300 117 Cepheid *(ss.) 2,900 29 Charles River Laboratories International * 2,716 125 Ciphergen Biosystems *(ss.) 3,000 13 Corixa*(ss.) 4,501 16 Cubist Pharmaceuticals *(ss.) 2,300 27 CuraGen *(ss.) 3,100 22 CV Therapeutics *(ss.) 1,900 44 Digene *(ss.) 1,200 31 Diversa * 3,450 30 Dyax *(ss.) 1,700 12 Encysive Pharmaceuticals * 4,000 40 EntreMed *(ss.) 1,600 5 Enzo Biochem (ss.) 2,119 41 Enzon Pharmaceuticals * 2,070 28 EXACT Sciences * 4,000 15 Exelixis * 2,600 25 Eyetech Pharmaceuticals *(ss.) 2,000 91 Gen-Probe * 2,200 99 Genaera Pharmaceuticals *(ss.) 5,200 18 Gene Logic *(ss.) 3,160 12 Genencor International * 2,600 43 Genentech * 44,540 2,425 Genzyme * 936 54 Harvard Bioscience * 2,600 12 Human Genome Sciences * 5,080 61 ICOS *(ss.) 2,700 76 Idenix Pharmaceuticals *(ss.) 2,400 41 ImClone Systems * 3,343 154 Immune Response *(ss.) 2,900 5 ImmunoGen * 3,300 29 Immunomedics *(ss.) 4,800 15 Incyte Genomics * 4,400 44 Indevus Pharmaceuticals *(ss.) 3,400 20 InterMune *(ss.) 1,700 23 Introgen Therapeutics *(ss.) 2,600 22 Kosan Biosciences *(ss.) 2,100 15 La Jolla Pharmaceutical *(ss.) 4,600 8 Lexicon Genetics *(ss.) 4,800 37 Ligand Pharmaceuticals, Class B * 3,000 35 Lipid Sciences *(ss.) 2,800 10 Luminex * 2,000 18 Martek Biosciences *(ss.) 1,200 61 Matritech *(ss.) 2,600 3 Maxygen * 2,500 32 Medarex *(ss.) 5,700 61 Millennium Pharmaceuticals * 12,559 152 Myriad Genetics *(ss.) 1,400 31 NeoPharm *(ss.) 1,182 15 NeoRx *(ss.) 2,500 5 Neose Technologies * 2,100 14 Neurocrine Biosciences * 1,600 79 Neurogen * 2,300 22 Novavax *(ss.) 4,000 13 NPS Pharmaceuticals *(ss.) 1,900 35 ONYX Pharmaceuticals *(ss.) 1,400 45 OraSure Technologies * 2,800 19 Orchid Biosciences *(ss.) 3,860 44 Oscient Pharmaceuticals *(ss.) 4,800 17 OSI Pharmaceuticals * 1,600 120 Pharmacopeia Drug Discovery * 2,100 13 Pharmacyclics *(ss.) 2,600 27 Pharmion *(ss.) 1,300 55 Progenics Pharmaceuticals * 1,400 24 Protein Design Labs * 3,900 81 QLT * 1,100 18 Regeneron Pharmaceuticals *(ss.) 3,300 30 Rigel Pharmaceuticals *(ss.) 900 22 Sangamo BioSciences *(ss.) 3,100 19 Savient Pharmaceuticals * 4,700 13 Seattle Genetics * 3,000 20 Sequenom * 3,100 4 Seracare Life Sciences * 900 13 Serologicals *(ss.) 1,200 27 Sirna Therapeutics *(ss.) 3,300 10 Tanox *(ss.) 1,700 26 Techne * 1,800 70 Telik *(ss.) 1,700 33 Third Wave Technologies * 5,600 48 Titan Pharmaceuticals * 3,900 13 Transkaryotic Therapies *(ss.) 2,100 53 Trimeris *(ss.) 1,300 18 United Therapeutics *(ss.) 700 32 VaxGen *(ss.) 1,600 27 Vertex Pharmaceuticals *(ss.) 3,710 39 Vicuron Pharmaceuticals * 2,200 38 XOMA *(ss.) 6,900 18 6,340 Health Care Equipment & Supplies 2.8% ABIOMED *(ss.) 3,400 53 Advanced Medical Optics * 1,500 62 Advanced Neuromodulation Systems *(ss.) 950 38 AeroGen *(ss.) 3,900 8 Align Technology *(ss.) 3,300 35 American Bio Medica *(ss.) 3,000 3 American Medical Systems * 1,400 59 Analogic 700 31 Arrhythmia Research (ss.) 700 15 Arrow International 1,900 59 ArthroCare *(ss.) 1,600 51 Beckman Coulter 2,700 181 Bio-Rad Laboratories, Class A * 1,000 57 Biosite Diagnostics *(ss.) 800 49 Bioveris * 2,100 15 Bruker Biosciences * 4,600 19 Candela Laser *(ss.) 3,200 36 Cerus *(ss.) 1,970 6 Closure Medical * 1,100 21 Conceptus *(ss.) 2,500 20 CONMED * 1,450 41 Cooper Companies (ss.) 1,600 113 CTI Molecular Imaging * 2,900 41 Cyberonics *(ss.) 1,300 27 Cytyc * 5,000 138 Dade Behring Holdings * 1,700 95 Datascope 900 36 Dentsply International 3,500 197 Diagnostic Products 1,000 55 DJ Orthopedics * 1,600 34 Edwards Lifesciences * 2,800 116 EPIX Pharmaceuticals * 1,500 27 Exactech * 900 16 Haemonetics * 1,000 36 Hillenbrand Industries 2,600 144 ICU Medical *(ss.) 1,000 27 IDEXX Laboratories * 1,400 76 Immucor * 4,050 95 INAMED * 1,650 104 Integra LifeSciences * 1,200 44 Intermagnetics General *(ss.) 1,212 31 Intuitive Surgical * 1,500 60 Invacare (ss.) 1,500 69 Inverness Medical Innovations *(ss.) 1,200 30 Invitrogen * 2,275 153 Kensey Nash *(ss.) 900 31 Kinetic Concepts * 2,800 214 Kyphon *(ss.) 1,500 39 Lifecore Biomedical * 1,700 19 Matthews International, Class A 1,500 55 Medical Action Industries * 1,100 22 Medwave *(ss.) 1,300 6 Mentor (ss.) 1,800 61 Meridian Bioscience (ss.) 1,500 26 Merit Medical Systems * 1,565 24 Microhelix * 3,300 1 Mine Safety Appliances 1,800 91 Molecular Devices * 1,150 23 North American Scientific *(ss.) 1,800 10 Novoste * 900 2 Ocular Sciences * 1,100 54 PolyMedica 1,200 45 Possis * 1,300 18 ResMed *(ss.) 1,700 87 Respironics * 1,600 87 Rita Medical Systems *(ss.) 1,010 4 Rochester Medical * 800 8 Sola * 1,100 30 Sonic Innovations * 1,900 8 SonoSite *(ss.) 1,200 41 Steris * 2,800 66 SurModics *(ss.) 1,200 39 Sybron Dental Specialties * 1,900 67 Synovis Life Technologies *(ss.) 700 8 Theragenics * 1,200 5 Thoratec * 2,202 23 Trestle Holdings * 2,300 5 Trimedyne *(ss.) 3,000 2 Urologix *(ss.) 1,900 12 Varian * 1,400 57 Varian Medical Systems * 6,000 259 Ventana Medical Systems *(ss.) 1,000 64 Viasys Healthcare * 1,400 27 VISX * 2,700 70 Vital Signs 1,000 39 West Pharmaceutical Services 1,400 35 Wilson Greatbatch Technologies * 1,200 27 Wright Medical Group * 1,100 31 Zoll Medical * 800 28 4,493 Health Care Providers & Services 3.2% Accredo Health * 2,191 61 Advisory Board * 1,200 44 Alliance Imaging * 3,400 38 Allscripts Healthcare *(ss.) 3,200 34 AMERIGROUP *(ss.) 1,100 83 AMN Healthcare Services *(ss.) 1,205 19 AmSurg, Class A * 1,450 43 Apria Healthcare * 2,300 76 Beverly Enterprises *(ss.) 4,800 44 Capital Senior Living * 2,400 14 Carriage Services *(ss.) 1,600 8 Cerner *(ss.) 1,600 85 Chemed 400 27 Community Health System * 4,400 123 Comprehensive Care * 3,500 4 Computer Programs and Systems (ss.) 500 12 CorVel * 700 19 Covance * 2,800 108 Coventry Health Care * 3,750 199 Cross Country Healthcare *(ss.) 1,100 20 CryoLife *(ss.) 2,800 20 D&K Healthcare 1,200 10 Davita * 4,700 186 Dendrite International * 2,000 39 E Research Technology *(ss.) 2,250 36 Eclipsys * 1,800 37 First Health Group * 3,800 71 Five Star Quality Care *(ss.) 2,300 19 Genesis Healthcare * 750 26 Gentiva Health Services * 1,650 28 Hanger Orthopedic Group *(ss.) 2,600 21 Health Net * 5,100 147 Henry Schein * 2,000 139 HMS Holdings * 2,000 18 Hooper Holmes 4,800 28 IDX Systems * 1,400 48 Kindred Healthcare *(ss.) 1,414 42 LabOne * 1,200 38 LCA-Vision 1,800 42 Lifeline Systems * 1,100 28 LifePoint Hospitals * 1,600 56 Lincare Holdings * 4,200 179 Magellan Health Services * 1,600 55 Matria Healthcare *(ss.) 1,100 43 Medical Staffing Network * 1,300 11 Merge Technologies *(ss.) 700 16 MIM Corporation *(ss.) 2,600 16 National Data 1,600 30 National Healthcare 900 32 National Wireless Holdings 900 13 NeighborCare * 1,700 52 OCA *(ss.) 3,500 22 Odyssey Healthcare *(ss.) 2,500 34 Omnicare 4,200 145 Omnicell *(ss.) 1,600 18 OPTION CARE (ss.) 1,650 28 Owens & Minor 1,700 48 PacifiCare Health Systems * 3,700 209 Parexel International * 1,800 37 Patterson Companies *(ss.) 5,800 252 PDI * 1,150 26 Pediatrix Medical Group * 1,000 64 Per-Se Technologies *(ss.) 1,700 27 Pharmaceutical Product Development * 2,600 107 Phc, Class A *(ss.) 3,100 4 Priority Healthcare, Class B * 2,094 46 Province Healthcare * 2,000 45 ProxyMed *(ss.) 306 3 PSS World Medical * 2,500 31 Q-Med *(ss.) 1,900 21 Radiologix * 2,200 10 RehabCare Group * 1,300 36 Renal Care Group * 3,300 119 Res-Care * 1,900 29 Select Medical 4,200 74 Service Corp. International * 12,600 94 SFBC International * 1,200 47 Sierra Health Services *(ss.) 1,300 72 Specialty Laboratories * 2,300 25 Stewart Enterprises, Class A * 4,000 28 Sunrise Senior Living *(ss.) 900 42 Symbion * 1,600 35 Triad Hospitals * 3,316 123 Tripos * 2,500 13 TriZetto Group * 3,300 31 U.S. Physical Therapy * 1,600 25 United Surgical Partners International * 1,200 50 Universal Health Services 2,500 111 VCA Antech * 3,400 67 VitalWorks * 3,000 13 WebMD *(ss.) 13,837 113 Wellcare Health Plans * 1,600 52 WellChoice * 3,500 187 5,150 Pharmaceuticals 1.4% Adolor *(ss.) 1,500 15 Alpharma, Class A 2,600 44 American Pharmaceutical *(ss.) 3,000 112 Andrx * 3,100 68 Antigenics *(ss.) 2,400 24 Atherogenics *(ss.) 1,800 42 Barr Pharmaceuticals * 4,325 197 Bone Care International * 1,100 31 Bradley Pharmaceuticals, Class A *(ss.) 1,100 21 Cellegy Pharmaceuticals *(ss.) 2,400 7 Columbia Laboratories *(ss.) 3,400 9 Connetics *(ss.) 1,700 41 Discovery Partners * 2,300 11 Emisphere Technologies *(ss.) 1,900 8 Endo Pharmaceutical * 5,700 120 Eon Labs * 4,000 108 First Horizon Pharmaceutical *(ss.) 1,800 41 Impax Laboratories *(ss.) 2,300 36 InKine Pharmaceutical *(ss.) 4,400 24 Inspire Pharmaceuticals * 1,600 27 IVAX * 10,796 171 K-V Pharmaceutical, Class A *(ss.) 2,150 47 Kos Pharmaceuticals *(ss.) 1,700 64 Medicines Company * 1,900 55 Medicis Pharmaceutical, Class A 2,400 84 MGI Pharma * 3,000 84 Nektar Therapeutics *(ss.) 3,300 67 Noven Pharmaceuticals * 1,600 27 Orphan Medical * 1,100 10 Pain Therapeutics *(ss.) 2,900 21 Par Pharmaceutical * 1,700 70 Penwest Pharmaceuticals *(ss.) 1,300 16 Perrigo 3,000 52 Point Therapeutics *(ss.) 3,300 18 Salix Pharmaceuticals *(ss.) 1,950 34 Sepracor * 3,800 226 Theravance *(ss.) 2,200 39 Valeant Pharmaceuticals (ss.) 3,600 95 VIVUS *(ss.) 3,100 14 2,180 Total Health Care 18,163 INDUSTRIALS & BUSINESS SERVICES 9.7% Aerospace & Defense 0.8% AAR * 1,500 20 Alliant Techsystems * 1,675 109 Allied Research * 600 13 Armor Holdings * 800 38 Aviall * 1,400 32 BE Aerospace * 3,300 38 Cubic Corp (ss.) 1,300 33 Curtiss-Wright 1,000 57 DRS Technologies * 701 30 Ducommun *(ss.) 700 15 Edac Technologies * 4,500 8 EDO 1,200 38 Engineered Support System 1,075 64 Environmental Tectonics *(ss.) 400 2 Esterline Technologies * 900 29 GenCorp 2,800 52 HEICO, Class A 1,320 23 Hexcel * 3,000 43 Innovative Solutions and Support *(ss.) 1,400 47 Kaman 1,200 15 KVH Industries *(ss.) 1,200 12 Ladish Company * 2,400 28 Mercury Computer Systems * 1,000 30 MTC Technologies * 1,100 37 Orbital Sciences *(ss.) 2,500 30 Pemco Aviation Group *(ss.) 300 8 Precision Castparts 2,554 168 Sequa *(ss.) 600 37 SPACEHAB *(ss.) 5,700 12 Sypris Solutions 700 11 Teledyne Technologies * 900 26 Triumph Group * 600 24 United Defense Industries * 2,300 109 United Industrial (ss.) 1,300 50 1,288 Air Freight & Logistics 0.5% C.H. Robinson Worldwide 3,500 194 CNF 2,300 115 EGL * 2,200 66 Expeditors International of Washington 4,400 246 Forward Air * 1,200 54 Pacer International * 1,700 36 Park Ohio Holdings *(ss.) 1,900 49 760 Airlines 0.3% AirTran *(ss.) 4,000 43 Alaska Air Group * 1,200 40 America West Holdings *(ss.) 3,800 25 AMR *(ss.) 6,700 73 Continental Airlines, Class B *(ss.) 3,000 41 ExpressJet Holdings * 3,000 39 FLYi *(ss.) 4,100 7 Frontier Airlines * 2,450 28 JetBlue Airways * 4,375 102 Midwest Express Holdings *(ss.) 1,700 5 Northwest Airlines *(ss.) 4,700 51 SkyWest 2,600 52 506 Building Products 0.3% AAON * 950 15 Advanced Envir Recycle, Class A *(ss.) 4,000 5 American Woodmark 1,000 44 Ameron International 700 27 Apogee Enterprises 1,300 17 ElkCorp 1,000 34 Griffon * 1,100 30 Jacuzzi Brands * 3,200 28 Lennox International 2,700 55 NCI Building Systems * 700 26 Simpson Manufacturing 1,600 56 Trex *(ss.) 700 37 Universal Forest Products 800 35 USG *(ss.) 1,700 68 York International 1,800 62 539 Commercial Services & Supplies 3.1% A. T. Cross * 2,800 14 Ablest *(ss.) 1,700 13 ABM Industries 1,900 37 Adesa 5,000 106 Administaff * 1,100 14 American Locker Group * 1,300 19 APAC TeleServices * 5,100 9 ARAMARK, Class B 7,600 201 Avalon Correctional Services * 2,300 6 Banta 1,000 45 Bowne 2,200 36 Brady, Class A 1,000 63 Bright Horizons Family Solutions * 600 39 Brinks 2,449 97 Career Education * 4,400 176 Casella Waste Systems, Class A * 1,300 19 CDI 700 15 Central Parking (ss.) 1,400 21 Cenveo * 3,500 11 ChoicePoint * 3,524 162 Consolidated Graphics * 800 37 Copart * 3,850 101 Corinthian Colleges *(ss.) 3,800 72 Cornell Companies * 400 6 Corporate Executive Board 1,700 114 Corrections Corp of America * 1,767 71 CoStar Group * 900 42 Deluxe 2,100 78 Devry * 3,200 56 DiamondCluster International * 3,650 52 Dun & Bradstreet * 3,200 191 Duratek * 1,600 40 Ecology and Environment 1,900 15 Education Management * 3,100 102 Electro Rent 1,700 24 Electronic Clearing House * 1,200 11 Ennis Business Forms 1,400 27 EVCI Career Colleges * 1,600 15 Find/SVP *(ss.) 3,000 5 First Consulting Group * 2,700 17 Food Technology Service * 3,700 5 Franklin Covey * 2,900 7 FTI Consulting *(ss.) 1,450 31 G & K Services, Class A 800 35 General Binding * 1,300 17 GEO * 1,100 29 Greg Manning Auctions *(ss.) 2,300 28 Heidrick & Struggles International *(ss.) 800 27 Herman Miller 3,400 94 HNI Corporation 2,400 103 Hudson Technologies *(ss.) 3,800 3 ICT Group *(ss.) 1,900 18 Ikon Office Solutions 6,200 72 Imagistics International * 900 30 Innotrac * 2,300 20 Insurance Auto Auctions * 300 7 Ionics *(ss.) 700 30 ITT Educational Services * 1,900 90 Jackson Hewitt Tax Service 7,000 177 John H. Harland 900 33 Kelly Services 1,500 45 KForce * 3,056 34 Korn/Ferry *(ss.) 2,100 44 Labor Ready *(ss.) 2,200 37 Laureate * 1,834 81 Learning Tree International *(ss.) 1,100 15 Manpower 3,664 177 McGrath RentCorp 400 17 Mobile Mini *(ss.) 600 20 Multi-Color *(ss.) 875 16 NCO Group *(ss.) 1,708 44 On Assignment * 3,200 17 PICO Holdings * 1,100 23 Prepaid Legal Services (ss.) 1,100 41 PRG-Schultz International *(ss.) 4,850 24 Republic Services 6,700 225 Resources Connection * 1,200 65 Rollins 1,950 51 School Specialty * 576 22 ServiceMaster 12,350 170 Sotheby's, Class A * 2,300 42 SOURCECORP * 1,200 23 Spherion * 2,700 23 Standard Register 800 11 Steelcase (ss.) 5,800 80 Stericycle * 1,600 74 Strategic Distribution * 1,400 19 Strayer Education 450 49 TeleTech Holdings *(ss.) 4,640 45 Tetra Tech * 2,400 40 The Princeton Review * 2,800 17 TRC * 1,000 17 TRM Copy Centers *(ss.) 800 19 United Stationers * 1,200 55 Universal Technical Institute *(ss.) 1,200 46 Viad 1,475 42 Volt Information Sciences * 1,000 29 Waste Connections * 1,950 67 Watson Wyatt 1,600 43 West Corporation * 3,200 106 5,050 Construction & Engineering 0.4% Dycom Industries * 2,233 68 EMCOR Group * 800 36 Englobal *(ss.) 2,000 6 Granite Construction 2,225 59 Insituform Technologies * 900 20 Integrated Electrical Services *(ss.) 2,700 13 Jacobs Engineering Group * 2,500 120 Mastec *(ss.) 4,050 41 McDermott International * 2,800 51 Michael Baker * 1,100 22 Quanta Services *(ss.) 5,200 42 Shaw Group *(ss.) 2,400 43 URS Corporation * 1,900 61 Xanser * 5,700 16 598 Electrical Equipment 0.7% A.O. Smith 1,100 33 Acuity Brands 1,800 57 American Superconductor *(ss.) 2,100 31 AMETEK 2,900 103 Arotech *(ss.) 5,100 8 Artesyn Technologies *(ss.) 2,600 29 Baldor Electric 1,300 36 Beacon Power * 9,300 9 BTU International * 2,400 7 C&D Technologies 1,000 17 Capstone Turbine * 5,800 11 Channell Commercial * 1,700 14 Chase 1,000 16 Encore Wire *(ss.) 2,200 29 Energy Conversion Devices *(ss.) 1,800 35 Exx, Class A * 1,400 2 Franklin Electric 800 34 Fuelcell Energy *(ss.) 3,000 30 General Cable *(ss.) 3,500 48 Genlyte Group * 600 51 Global Power Equipment * 2,800 28 Hubbell, Class B 2,700 141 II-VI * 1,000 43 LSI Industries 1,625 19 MagneTek * 2,900 20 Medis Technologies *(ss.) 2,000 37 Orbit International * 1,000 11 Oryx Technology * 2,100 5 Plug Power *(ss.) 4,700 29 Powell Industries * 600 11 Regal-Beloit 1,200 34 Thomas & Betts * 2,500 77 Vicor 1,800 24 Woodward Governor 600 43 1,122 Industrial Conglomerates 0.3% Alleghany 333 95 Carlisle Companies 1,500 97 Roper Industries 1,600 97 Teleflex 1,700 88 Tredegar 1,900 39 Walter Industries (ss.) 2,400 81 497 Machinery 1.9% A.S.V. * 800 38 Actuant, Class A * 1,210 63 AGCO * 3,600 79 Albany International 1,710 60 American Science Engineering * 700 29 Astec Industries * 1,800 31 Barnes Group 1,000 27 Briggs & Stratton 1,600 67 CLARCOR 900 49 Columbus McKinnon * 1,200 10 Crane 2,500 72 Cuno * 700 42 Donaldson (ss.) 3,600 117 EnPro Industries * 1,800 53 ESCO Electronics * 700 54 Federal Signal (ss.) 2,200 39 Flowserve * 2,500 69 Global Payment Technologies * 1,500 9 Graco 3,387 127 Graham 900 13 Greenbrier Companies 1,200 41 Harsco 1,900 106 Hurco Companies *(ss.) 2,300 38 IDEX 2,200 89 JLG Industries 1,800 35 Joy Global 2,000 87 Kaydon 1,300 43 Kennametal 1,400 70 Lincoln Electric Holdings 2,000 69 Lindsay Manufacturing 950 25 Manitowoc 1,300 49 Met-Pro 933 12 Milacron * 4,600 16 Mueller Industries 1,500 48 NACCO Industries 400 42 Nordson 1,600 64 Oshkosh Truck 1,600 109 Pentair 4,200 183 Reliance Steel & Aluminum 1,300 51 Robbins & Myers (ss.) 900 21 SPX 3,336 134 Stewart & Stevenson 1,100 22 Tecumseh Products, Class A 800 38 Tennant 700 28 Terex * 1,800 86 Thomas Industries 1,000 40 Timken 3,500 91 Titan International (ss.) 1,600 24 Toro 1,100 90 Trinity Industries (ss.) 1,800 61 Turbochef Technologies *(ss.) 1,200 27 Twin Disc 900 23 Valmont Industries 1,400 35 Wabash National * 1,800 49 Wabtec 2,300 49 Watts Industries, Class A 1,100 35 Wolverine Tube *(ss.) 1,700 22 3,100 Marine 0.1% Alexander & Baldwin 2,000 85 Kirby Corporation * 1,200 53 Overseas Shipholding Group 1,500 83 221 Road & Rail 0.9% Allied Holdings *(ss.) 3,500 10 Amerco *(ss.) 1,700 78 Arkansas Best 1,300 58 Dollar Thrifty Auto Group * 600 18 Florida East Coast Industries (ss.) 1,400 63 Genesee & Wyoming, Class A * 1,512 43 Heartland Express 3,268 73 J.B. Hunt Transport Services 3,400 152 Kansas City Southern Industries *(ss.) 2,600 46 Knight Transportation 2,650 66 Laidlaw International * 4,200 90 Landstar Systems * 1,400 103 Old Dominion Freight Line * 1,575 55 Overnite 1,100 41 Patriot Transportation Holdings *(ss.) 500 23 Pioneer Railcorp (ss.) 2,700 8 RailAmerica * 1,600 21 Sirva * 2,900 56 Swift Transportation * 3,490 75 Transport Corp of America * 2,100 18 U.S. Xpress Enterprises *(ss.) 600 18 USA Truck * 1,600 27 USF Corporation 1,300 49 Werner Enterprises 3,466 78 Yellow Roadway * 2,097 117 1,386 Trading Companies & Distributors 0.4% Applied Industrial Technologies 1,200 33 Fastenal 3,100 191 Hughes Supply 2,200 71 Lawson Products 700 35 MSC Industrial Direct, Class A 2,300 83 NuCo2 *(ss.) 1,000 22 United Rentals *(ss.) 3,000 57 Valley National Gases 3,400 61 Watsco 1,400 49 602 Total Industrials & Business Services 15,669 INFORMATION TECHNOLOGY 15.0% Communications Equipment 1.8% 3 Com * 15,500 65 ADTRAN 3,200 61 American Access Technologies * 2,400 5 Anaren * 1,400 18 Arris Group * 3,800 27 Aspect Telecommunications * 3,000 33 Avanex * 5,800 19 Avocent * 2,045 83 Aware * 1,300 6 Bel Fuse, Class A 1,100 32 Belden CDT 2,875 67 Black Box 970 47 C-Cor.net * 3,400 32 Carrier Access *(ss.) 1,900 20 Centillium Communications * 4,400 11 Commscope * 2,500 47 Computer Network Technology *(ss.) 1,900 14 Comtech Telecommunications *(ss.) 925 35 Copper Mountain *(ss.) 400 1 Digi International * 1,660 29 Digital Lightwave *(ss.) 3,250 4 ditech Communications * 2,400 36 Echelon *(ss.) 2,800 24 Endwave Corporation *(ss.) 600 10 Enterasys Networks * 11,500 21 Extreme Networks * 5,950 39 F5 Networks * 1,700 83 Finisar *(ss.) 11,900 27 Foundry Networks * 5,550 73 Harmonic * 3,884 32 Harris 2,700 167 Inter-Tel 1,400 38 InterDigital Communication *(ss.) 3,000 66 Ixia * 3,100 52 Juniper Networks * 22,530 613 MRV Communications *(ss.) 5,120 19 NMS Communications * 2,200 14 Norstan * 1,300 7 Oplink Communications * 10,800 21 Optical Cable, Warrants, 10/24/07 @* 212 0 Packeteer * 2,500 36 Paradyne Networks * 2,700 10 PC-Tel * 2,300 18 Performance Technologies *(ss.) 1,200 11 Plantronics 1,900 79 Polycom * 4,100 96 Powerwave Technologies *(ss.) 5,600 47 Proxim Corporation, Class A *(ss.) 170 1 Redback Networks *(ss.) 2,774 15 Redback Networks, Warrants, 1/1/10 * 160 0 REMEC *(ss.) 3,600 26 Safenet * 823 30 SeaChange International *(ss.) 1,000 17 Sirf Technology Holdings *(ss.) 2,900 37 Sonus Networks *(ss.) 9,490 54 SpectraLink 1,600 23 Stratex Networks * 4,110 9 Stratos Lightwave *(ss.) 726 3 Sunrise Telecom 5,900 17 Sycamore Networks * 11,950 49 Symmetricom *(ss.) 3,400 33 Tekelec * 2,600 53 Tellabs * 1,814 16 Terayon Communication Systems * 5,100 14 Tollgrade Communications * 650 8 UTStarcom *(ss.) 4,700 104 Verso Technology *(ss.) 8,496 6 ViaSat * 1,800 44 Westell Technologies * 5,000 34 WJ Communications * 3,200 11 Zhone Technologies * 5,775 15 2,914 Computers & Peripherals 1.3% Adaptec * 4,400 33 Advanced Digital Info * 2,900 29 Avid Technology * 1,500 93 Brocade Communications Systems *(ss.) 10,940 84 Concurrent Computer *(ss.) 1,600 5 Cray *(ss.) 4,400 20 Datalink * 1,600 5 Dataram * 1,150 7 Diebold 2,800 156 Electronics for Imaging * 2,300 40 Emulex * 3,420 58 Exabyte *(ss.) 3,900 2 Hutchinson Technology * 1,200 41 Hypercom *(ss.) 4,400 26 Imation 1,400 45 Immersion *(ss.) 1,500 11 InFocus * 3,800 35 Intergraph *(ss.) 1,800 48 Interphase * 2,400 20 Iomega *(ss.) 4,560 25 Maxtor * 9,404 50 McDATA, Class A * 4,700 28 Mobility Electronics *(ss.) 2,300 20 Overland Storage * 1,000 17 palmOne *(ss.) 2,050 65 Pinnacle * 3,300 20 Presstek *(ss.) 2,700 26 Quantum DLT & Storage Systems Group *(ss.) 8,600 22 Rimage * 1,100 18 Sandisk *(ss.) 6,700 167 SBS Technologies * 1,300 18 Seagate Technology *(ss.) 19,800 342 Silicon Graphics *(ss.) 17,800 31 Simpletech * 5,100 23 Socket Communications * 1,200 2 Steelcloud *(ss.) 1,800 3 Storage Technology * 4,900 155 Synaptics * 1,600 49 UNOVA *(ss.) 3,000 76 Video Display (ss.) 1,680 21 Western Digital * 9,300 101 Zoom Telephonics *(ss.) 1,100 4 2,041 Electronic Equipment & Instruments 1.9% Aeroflex * 3,400 41 Agilysys 2,100 36 Amphenol, Class A * 4,000 147 Anixter International 1,400 50 Arrow Electronics * 4,900 119 Avnet * 4,996 91 AVX (ss.) 7,100 89 BEI Technologies 1,100 34 Bell Microproducts *(ss.) 2,400 23 Benchmark Electronics * 2,000 68 Brightpoint * 1,600 31 CalAmp *(ss.) 2,500 22 CDW 3,600 239 Cogent * 3,500 116 Coherent * 1,150 35 CTS (ss.) 1,800 24 Cyberoptics * 1,150 17 Daktronics *(ss.) 1,300 32 Digital Theater Systems *(ss.) 1,800 36 Digital Video Systems * 5,500 4 Dionex * 900 51 Electro Scientific Industries * 1,300 26 Excel Technology * 900 23 FLIR Systems * 1,400 89 Gerber Scientific * 2,900 22 Global Imaging Systems * 1,000 40 Identix *(ss.) 3,074 23 Ingram Micro, Class A * 6,300 131 Interlink Electronics *(ss.) 700 7 Itron *(ss.) 1,500 36 Keithley Instruments 800 16 KEMET *(ss.) 3,500 31 Landauer 600 27 LeCroy * 500 12 Lexar Media *(ss.) 4,500 35 Littelfuse * 1,300 44 Lo-Jack * 1,500 18 Maxwell Technologies * 800 8 Merix *(ss.) 1,000 12 Methode Electronics 1,800 23 Metrologic Instruments *(ss.) 1,400 30 MTS Systems 1,500 51 National Instruments (ss.) 3,200 87 Newport * 1,550 22 Nu Horizons Electronics *(ss.) 1,400 11 OSI Systems *(ss.) 1,100 25 OYO Geospace * 800 15 Panavision * 1,700 11 Park Electrochemical 1,200 26 Paxar * 1,800 40 PC Connection * 3,000 29 Pemstar *(ss.) 1,500 3 Planar Systems *(ss.) 900 10 Plexus * 1,860 24 Radisys * 1,600 31 Research Frontiers *(ss.) 1,900 12 Rogers * 800 35 SatCon Technology *(ss.) 3,200 6 Scansource *(ss.) 700 44 Sigmatron International *(ss.) 900 12 Sirenza Microdevices *(ss.) 3,000 20 Somera Communications *(ss.) 2,800 4 Superconductor Technologies *(ss.) 800 1 Taser International *(ss.) 2,400 76 Tech Data * 2,700 123 Technitrol * 1,600 29 Tektronix 460 14 Trans-Lux 1,300 10 Trimble Navigation * 2,350 78 TTM Technologies * 2,700 32 Veeco *(ss.) 1,129 24 Vishay Intertechnology * 6,931 104 X-Rite 1,700 27 Zomax * 800 3 Zygo * 1,800 21 3,018 Internet Software & Services 3.2% 24/7 Media *(ss.) 2,520 11 Akamai Technologies * 5,878 77 America Online Latin America *(ss.) 10,600 8 aQuantive *(ss.) 4,300 38 Ariba *(ss.) 2,747 46 Ask Jeeves *(ss.) 2,700 72 Autobytel * 2,900 17 Broadvision *(ss.) 4,288 12 Chordiant Software * 6,020 14 CMGI *(ss.) 17,668 45 CNET Networks *(ss.) 7,471 84 Corillian * 3,000 15 Digital Insight * 1,431 26 Digital River * 1,300 54 Digitas * 5,292 50 DoubleClick *(ss.) 6,192 48 Earthlink * 7,720 89 Entrust Technologies * 2,500 9 Google, Class A * 11,500 2,221 HomeStore.com * 8,600 26 I-many * 7,500 11 IAC/InterActiveCorp *(ss.) 29,911 826 Infospace.com *(ss.) 1,485 71 Interland *(ss.) 2,970 10 Internap Network Services *(ss.) 16,900 16 Interwoven * 3,066 33 Ivillage *(ss.) 5,200 32 J2 Global Communications *(ss.) 1,200 41 Kana Software *(ss.) 4,567 9 LookSmart * 11,500 25 MarketWatch.com * 2,200 40 MatrixOne * 4,200 27 Neoforma.com *(ss.) 1,200 9 Net2Phone *(ss.) 4,300 15 NetRatings *(ss.) 2,300 44 Niku * 1,000 20 Openwave Systems *(ss.) 2,887 45 PEC Solutions * 1,700 24 RealNetworks *(ss.) 7,900 52 Register.com * 1,645 10 Retek * 4,045 25 S1 * 3,500 32 SeeBeyond Technology *(ss.) 4,000 14 Sonicwall * 4,800 30 Stellent *(ss.) 2,000 18 Support.com * 2,800 19 TippingPoint Technologies *(ss.) 900 42 Tumbleweed Communications * 3,800 13 United Online * 3,500 40 Valueclick * 3,200 43 VeriSign * 10,188 341 Vignette * 16,248 23 Vitria Technology *(ss.) 2,950 12 Webex Communications *(ss.) 2,000 48 webMethods *(ss.) 3,208 23 Websense * 900 46 Zixit *(ss.) 900 5 5,096 IT Services 1.9% Acxiom 4,100 108 Alliance Data Systems * 3,400 161 AnswerThink * 3,400 16 Anteon International * 1,600 67 BearingPoint * 8,700 70 BISYS Group * 5,600 92 CACI International, Class A * 1,400 95 Ceridian * 6,500 119 Certegy 3,100 110 Checkfree * 3,800 145 CIBER * 2,900 28 Cognizant Technology Solutions * 5,600 237 Computer Horizons * 3,300 13 CSG Systems International * 2,600 49 DST Systems * 3,540 184 Edgewater Technology * 3,967 19 EFunds * 1,800 43 Forrester Research * 1,900 34 Gartner Group * 4,700 58 Global Payments (ss.) 1,780 104 Hewitt Associates, Class A * 4,940 158 Igate Capital * 4,500 18 Indus International *(ss.) 2,900 6 Inforte *(ss.) 2,200 17 InfoUSA * 3,100 35 Integral Systems 400 8 Intrado *(ss.) 1,800 22 Iron Mountain * 5,470 167 Keane * 2,460 36 Lightbridge * 1,638 10 Man Tech *(ss.) 1,400 33 Management Network Group * 100 0 Maximus * 1,200 37 Medquist * 1,482 22 MPS Group * 3,600 44 Pegasus Solutions *(ss.) 1,600 20 Perot Systems, Class A * 5,400 87 Rainmaker Systems *(ss.) 7,200 9 RightNow Technologies *(ss.) 2,100 34 Safeguard Scientifics * 9,900 21 Sapient * 5,000 39 SRA International, Class A * 1,100 71 Startek (ss.) 1,100 31 Sykes Enterprises * 3,400 24 Syntel (ss.) 2,100 37 Technology Solutions * 5,200 6 Tier Technologies, Class B * 600 6 Titan * 3,449 56 TNS * 1,800 39 Total System Services (ss.) 8,300 202 3,047 Office Electronics 0.1% Intelli-Check, Inc. *(ss.) 400 2 Zebra Technologies * 3,150 177 179 Semiconductor & Semiconductor Equipment 2.3% Actel * 1,600 28 Advanced Energy Industries * 2,900 27 Aehr Test Systems * 1,600 7 Agere Systems, Class A * 67,700 93 Alliance Semiconductor * 3,100 11 AMIS Holdings * 3,400 56 Amkor Technology *(ss.) 7,800 52 Amtech Systems * 1,600 7 ANADIGICS *(ss.) 2,595 10 Asyst Technology * 2,900 15 Atheros Communications *(ss.) 2,000 21 Atmel * 20,900 82 ATMI *(ss.) 1,200 27 Axcelis Technologies * 3,000 24 Brooks-Pri Automation * 1,764 30 Cabot Microelectronics *(ss.) 1,032 41 California Micro Devices * 2,300 16 Catalyst Semiconductor * 1,600 9 Celeritek 1,100 2 CEVA *(ss.) 1,600 15 Cirrus Logic *(ss.) 4,800 26 Cognex 2,100 59 Cohu 1,800 33 Conexant Systems * 19,381 39 Credence Systems *(ss.) 3,100 28 Cree *(ss.) 3,200 128 Cymer * 1,400 41 Cypress Semiconductor *(ss.) 5,700 67 DSP Group * 1,500 34 DuPont Photomasks * 1,100 29 Electroglas *(ss.) 2,400 11 EMCORE * 3,200 11 Entegris * 3,300 33 ESS Technology * 2,300 16 Exar * 1,800 26 Fairchild Semiconductor, Class A * 5,310 86 FEI *(ss.) 1,400 29 Freescale Semiconductor, Class A *(ss.) 4,400 78 FSI International * 2,200 10 Genesis Microchip * 1,500 24 Helix Technology (ss.) 1,400 24 hi/fn *(ss.) 409 4 Integrated Circuit Systems * 3,300 69 Integrated Device Technology * 4,700 54 Integrated Silicon Solution *(ss.) 2,900 24 International Rectifier * 2,900 129 Intersil Holding, Class A 6,120 102 Kopin * 5,000 19 Kulicke & Soffa *(ss.) 3,100 27 Lam Research * 5,650 163 Lattice Semiconductor * 5,640 32 LTX * 3,100 24 Mattson Technology * 2,913 33 MEMC Electronic Materials * 6,700 89 Micrel * 3,680 41 Micro Component Technology * 3,100 2 Microchip Technology 9,049 241 Microsemi * 3,400 59 Mindspeed Technologies *(ss.) 5,700 16 MKS Instruments * 2,000 37 Monolithic System Technology *(ss.) 2,600 16 Mykrolis * 2,400 34 Nanometrics *(ss.) 1,100 18 NVE *(ss.) 300 8 Omnivision Technologies *(ss.) 2,600 48 ON Semiconductor * 10,900 50 PDF Solutions * 1,600 26 Pericom Semiconductor * 2,600 25 Photronics * 1,310 22 Pixelworks *(ss.) 2,700 31 PLX Technology *(ss.) 2,400 25 Power Integrations * 1,600 32 Rambus *(ss.) 4,380 101 RF Micro Devices *(ss.) 8,200 56 Rudolph Technologies * 1,400 24 Semitool * 2,600 24 Semtech * 3,400 74 Sigma Designs *(ss.) 1,600 16 Silicon Laboratories *(ss.) 2,300 81 Silicon Storage Technology * 4,700 28 Siliconix * 1,500 55 Sipex *(ss.) 3,100 15 Skyworks Solutions *(ss.) 6,200 58 SRS Labs * 2,700 17 STATS ChipPAC ADR *(ss.) 4,437 27 Tessera Technologies * 1,700 63 Therma-Wave *(ss.) 3,500 12 Three-Five Systems * 950 2 Transmeta *(ss.) 9,700 16 TranSwitch *(ss.) 7,400 11 TriQuint Semiconductor * 7,380 33 Ultratech Stepper * 800 15 Varian Semiconductor Equipment * 1,600 59 Virage Logic * 1,500 28 Vitesse Semiconductor *(ss.) 10,031 35 Zoran * 1,948 23 3,778 Software 2.5% Accelrys * 2,000 16 Acclaim Entertainment * 3,100 0 Activision * 5,250 106 Actuate * 2,700 7 Advent Software * 1,400 29 Agile Software * 2,100 17 Altiris *(ss.) 1,000 35 Ansoft * 1,400 28 Ansys * 1,400 45 ARI Network Services * 3,100 7 Ascential Software * 2,675 44 Aspen Technology *(ss.) 3,400 21 Atari *(ss.) 4,700 14 AuthentiDate Holding *(ss.) 3,900 24 BEA Systems * 16,900 150 Borland Software * 3,200 37 Bottomline Technologies * 1,500 22 Cadence Design Systems * 11,477 159 Captaris * 2,600 13 Captiva Software * 500 5 Catapult Communications * 800 19 CCC Information Services * 1,307 29 Concord Communications * 1,400 16 Datastream * 1,500 10 Digimarc *(ss.) 1,100 10 DocuCorp International *(ss.) 2,200 21 E.piphany * 5,640 27 ebix.com * 800 12 Embarcadero *(ss.) 2,600 24 Epicor Software * 4,000 56 EPIQ Systems *(ss.) 1,000 15 EPlus * 300 4 Evans & Sutherland Computer * 600 4 Evolving Systems *(ss.) 1,300 6 FactSet Research Systems 1,300 76 Fair Isaac (ss.) 3,005 110 FileNet * 1,700 44 Guardian Technologies *(ss.) 1,500 7 Hyperion Solutions * 1,800 84 Informatica * 4,400 36 Internet Security Systems * 2,250 52 Jack Henry & Associates 3,600 72 JDA Software Group * 1,400 19 Kronos * 1,450 74 Lawson Software * 4,400 30 Macromedia * 2,710 84 Macrovision * 1,800 46 Magma Design Automation *(ss.) 2,300 29 Manhattan Associates * 1,200 29 Manugistics Group * 5,100 15 MAPICS * 1,500 16 MapInfo * 1,575 19 McAfee * 6,672 193 Mentor Graphics * 2,700 41 Micromuse * 3,460 19 MICROS Systems * 700 55 MicroStrategy *(ss.) 600 36 Midway Games *(ss.) 2,879 30 Moldflow * 1,200 19 MRO Software * 900 12 MSC.Software *(ss.) 1,900 20 Napster *(ss.) 2,400 23 NAVTEQ * 4,100 190 NEON Systems * 1,200 4 netGuru *(ss.) 2,400 3 NetIQ * 2,358 29 NetScout Systems *(ss.) 1,300 9 Nuance Communications * 3,200 13 NYFIX *(ss.) 850 5 ONYX Software * 625 2 OPNET Technologies * 1,300 11 Opsware *(ss.) 5,400 40 Palmsource *(ss.) 902 12 Pegasystems * 2,200 19 Phoenix Technologies * 1,200 10 PLATO Learning *(ss.) 1,466 11 Portal Software * 4,160 11 Progress Software * 1,500 35 Quality Systems *(ss.) 500 30 Quest Software * 3,900 62 Radiant Systems *(ss.) 1,150 8 Red Hat *(ss.) 8,000 107 Renaissance Learning (ss.) 1,500 28 Reynolds & Reynolds 3,100 82 RSA Security * 2,950 59 Salesforce.com *(ss.) 4,600 78 ScanSoft *(ss.) 4,800 20 SCO Group *(ss.) 1,200 5 Secure Computing * 2,400 24 SERENA Software *(ss.) 1,700 37 Sonic Solutions *(ss.) 1,300 29 SPSS * 1,600 25 Sybase * 3,972 79 Synopsys * 6,566 129 Take-Two Interactive Software *(ss.) 1,800 63 TALX Corporation 940 24 Telecommunication Systems, Class A *(ss.) 600 2 THQ *(ss.) 1,625 37 TIBCO Software * 8,550 114 Transaction Systems Architects * 2,100 42 Ulticom *(ss.) 1,800 29 Ultimate Software Group * 3,500 44 VA Linux Systems *(ss.) 2,600 7 Vastera * 2,300 6 Verint Systems * 1,300 47 Verisity * 1,100 9 Verity * 2,600 34 Viewpoint Corporation *(ss.) 4,300 13 WatchGuard Technologies * 2,100 9 Wind River Systems * 3,776 51 Witness Systems * 1,200 21 4,080 Total Information Technology 24,153 MATERIALS 4.4% Chemicals 1.7% A. Schulman 1,300 28 Airgas 3,300 87 Albermarle 1,800 70 Arch Chemicals 950 27 Cabot 2,900 112 Calgon Carbon (ss.) 3,500 32 Cambrex 1,200 33 CFC International * 1,600 25 Crompton 4,124 49 Cytec Industries 1,600 82 Ferro 1,800 42 FMC * 1,500 72 Georgia Gulf 1,700 85 H.B. Fuller 1,120 32 Headwaters *(ss.) 1,600 46 ICO * 5,500 17 Kronos Worldwide (ss.) 2,299 94 Lesco * 1,200 15 Lubrizol 2,200 81 Lyondell Chemical 10,645 308 Macdermid 1,400 51 Minerals Technologies 800 53 Mosaic * 15,600 255 Nalco Holding * 6,000 117 Nanophase Technologies *(ss.) 2,300 20 NL Industries 2,300 51 Olin 3,100 68 OM Group * 1,100 36 OMNOVA Solutions * 4,300 24 PolyOne * 4,400 40 RPM 4,700 92 Scotts, Class A * 1,200 88 Sensient Technologies (ss.) 2,100 50 Spartech 1,200 33 Symyx Technologies *(ss.) 1,350 41 Terra Nitrogen * 2,800 62 Valhi (ss.) 5,000 80 Valspar 2,200 110 W. R. Grace *(ss.) 5,400 73 Wellman (ss.) 2,400 26 Westlake Chemical 2,700 90 2,797 Construction Materials 0.3% Devcon International * 2,100 32 Eagle Materials (ss.) 800 69 Florida Rock Industries 1,825 109 Lafarge 2,900 149 Martin Marietta Materials 2,000 107 Texas Industries 800 50 US Concrete * 1,900 15 531 Containers & Packaging 0.7% Aptargroup 1,500 79 Caraustar * 1,300 22 Chesapeake Corp. 600 16 Crown Cork & Seal * 8,200 113 Graphic Packaging *(ss.) 8,400 60 Greif Brothers 1,100 62 Longview Fibre 2,100 38 Myers Industries 2,710 35 Owens-Illinois * 6,200 140 Packaging Corp. of America 4,700 111 Packaging Dynamics 1,180 17 Rock-Tenn, Class A 1,800 27 Silgan Holdings 1,100 67 Smurfit-Stone Container * 10,800 202 Sonoco Products 4,360 129 1,118 Metals & Mining 1.4% AK Steel *(ss.) 5,844 85 Arch Coal 2,400 85 Carpenter Technology 1,000 58 Century Aluminum * 2,200 58 Cleveland-Cliffs (ss.) 600 62 Coeur d'Alene Mines *(ss.) 8,600 34 Commercial Metals 1,100 56 CONSOL Energy 4,200 172 Gibraltar Industries 1,950 46 Glamis Gold *(ss.) 5,300 91 GrafTech International * 4,300 41 Hecla Mining *(ss.) 6,500 38 International Steel Group *(ss.) 4,000 162 Massey 3,700 129 Meridian Gold * 4,200 80 NN 1,600 21 Northwest Pipe * 1,400 35 Oregon Steel Mills * 2,000 41 Peabody Energy 2,700 218 Quanex 900 62 Royal Gold (ss.) 1,700 31 Ryerson Tull (ss.) 1,900 30 Southern Peru Copper (ss.) 3,300 156 Steel Dynamics (ss.) 2,200 83 Steel Technologies 1,100 30 Stillwater Mining * 4,717 53 Synalloy * 1,500 15 U.S. Gold * 4,300 2 Universal Stainless & Alloy Products * 2,900 43 USEC 4,200 41 Westmoreland Coal *(ss.) 1,200 37 Worthington Industries 3,700 72 2,167 Paper & Forest Products 0.3% Badger Paper Mills * 1,900 8 Bowater 2,300 101 Buckeye Technologies * 2,600 34 Deltic Timber 700 30 FiberMark * 1,800 0 MAXXAM * 1,500 49 P. H. Glatfelter 1,800 28 Pope & Talbot 1,100 19 Potlatch 1,300 66 Schweitzer Mauduit 1,100 37 Wausau-Mosinee Paper 2,300 41 413 Total Materials 7,026 TELECOMMUNICATION SERVICES 1.6% Diversified Telecommunication Services 0.7% Acceris Communications *(ss.) 900 0 Alaska Communications Systems Group (ss.) 2,700 23 Broadwing *(ss.) 2,490 23 Cincinnati Bell * 9,448 39 Commonwealth Telephone Enterprises * 1,100 54 Covad Communications Group *(ss.) 13,362 29 CT Communications 1,900 23 D&E Communications 2,009 24 General Communications, Class A * 2,300 25 Hickory Technology (ss.) 1,200 13 IDT * 3,800 56 Infonet Services *(ss.) 13,600 27 Level 3 Communications *(ss.) 30,900 105 Lynch Interactive *(ss.) 700 22 MCI * 12,800 258 McLeodUSA, Class A * 3,461 3 McLeodUSA, Class A (Escrowed stock) @*(ss.) 16,412 0 NTL * 3,600 263 Primus Telecommunications *(ss.) 6,500 21 PTEK Holdings * 2,700 29 Surewest Communications (ss.) 700 20 Time Warner Telecom, Class A * 7,260 32 US LEC, Class A *(ss.) 1,800 6 XETA Technologies * 2,400 9 1,104 Wireless Telecommunication Services 0.9% @Road * 4,900 34 Aether Systems * 5,700 19 Alamosa Holdings *(ss.) 5,300 66 American Tower Systems, Class A * 9,600 177 Boston Communications Group *(ss.) 2,400 22 Centennial Communications *(ss.) 6,500 51 Crown Castle International * 9,200 153 Dobson Communications, Class A * 9,600 16 EMS Technologies * 400 7 Metro One Telecommunications *(ss.) 1,050 2 Nextel Partners, Class A *(ss.) 8,100 158 Price Communications 2,450 46 Rural Cellular, Class A *(ss.) 1,700 11 Skyterra Communications * 2,000 54 Spectrasite * 2,200 127 Telephone and Data Systems 2,500 192 Triton PCS, Class A * 5,800 20 U. S. Cellular * 3,700 166 Western Wireless, Class A * 4,100 120 Wireless Facilities * 2,800 26 1,467 Total Telecommunication Services 2,571 UTILITIES 2.8% Electric Utilities 1.2% ALLETE 1,100 40 Alliant 4,700 134 Baycorp Holdings * 662 8 Black Hills 1,300 40 Central Vermont Public Service 1,100 26 CH Energy Group (ss.) 800 38 Cleco 1,900 38 DPL (ss.) 5,900 148 DQE (ss.) 3,000 57 El Paso Electric * 2,200 42 Empire District Electronics 1,600 36 Great Plains Energy 3,200 97 Hawaiian Electric Industries (ss.) 3,000 87 IdaCorp 1,500 46 Madison Gas and Electric 700 25 Maine Maritimes 100 3 Northeast Utilities 5,400 102 NSTAR 2,115 115 OGE Energy 3,800 101 Otter Tail 1,000 25 Potomac Electric Power 6,700 143 Public Service of New Mexico 3,000 76 Puget Energy 4,600 114 Unisource Energy (ss.) 1,500 36 United Illuminating (ss.) 600 31 Unitil 800 23 Westar Energy 3,500 80 Wisconsin Energy 4,900 165 WPS Resources 1,600 80 1,956 Gas Utilities 0.5% AGL Resources 2,900 96 Atmos Energy 2,300 63 Cascade Natural Gas (ss.) 1,100 23 Chesapeake Utilities 800 21 EnergySouth 850 24 Laclede Gas 700 22 New Jersey Resources 1,100 48 Northwest Natural Gas (ss.) 900 30 Piedmont Natural Gas (ss.) 3,200 74 RGC Resources 700 18 SEMCO Energy 3,000 16 South Jersey Industries 600 32 Southern Union (ss.) 3,121 75 Southwest Gas 1,000 26 UGI 1,950 80 Washington Gas Light 2,400 74 722 Multi-Utilities & Unregulated Power 1.0% Aquila *(ss.) 6,788 25 Avista 2,300 41 Energen 1,300 77 Energy East 6,100 163 Equitable Resources 2,600 158 Florida Public Utilities 1,033 20 MDU Resources Group 4,750 127 National Fuel Gas Company 3,800 108 NRG Energy * 4,600 166 ONEOK 3,700 105 Questar 3,600 183 Reliant Resources * 12,500 170 SCANA 4,610 181 Sierra Pacific Resources *(ss.) 5,300 56 Vectren 3,399 91 1,671 Water Utilities 0.1% Aqua America 3,951 97 California Water Service Group 1,200 45 Connecticut Water Service (ss.) 850 23 Pennichuck 200 5 170 Total Utilities 4,519 Total Common Stocks and Warrants (Cost $128,735) 157,336 CONVERTIBLE PREFERRED STOCKS 0.0% Simon Property Group * 600 35 Total Convertible Preferred Stocks (Cost $32) 35 SHORT-TERM INVESTMENTS 2.1% Money Market Fund 1.9% T. Rowe Price Reserve Investment Fund, 2.28% #! 3,132,173 3,132 3,132 U.S. Treasury Obligations 0.2% U.S. Treasury Bills, 1.70%, 1/27/05 ++ 330,000 330 330 Total Short-Term Investments (Cost $3,462) 3,462 FUTURES CONTRACTS 0.0% Variation margin receivable (payable) on open futures contracts2 4 Total Futures Contracts 4 SECURITIES LENDING COLLATERAL 18.3% Money Market Pooled Account 18.3% State Street Bank and Trust Company of New Hampshire N.A. Securities Lending Quality Trust units, 2.276% # 29,484,993 29,485 Total Securities Lending Collateral (Cost $29,485) 29,485 Total Investments in Securities 118.1% of Net Assets (Cost $161,714) $ 190,322 ------------ (1) Denominated in U.S. dollars unless otherwise noted # Seven-day yield * Non-income producing (ss.) All or a portion of this security is on loan at December 31, 2004 -- See Note 2 ++ All or a portion of this security is pledged to cover margin requirements on futures contracts at December 31, 2004 ! Affiliated company -- See Note 4 @ Valued by the T. Rowe Price Valuation Committee, established by the fund's Board of Directors ADR American Depository Receipts REIT Real Estate Investment Trust -------------------------------------------------------------------------------- (2) Open Futures Contracts at December 31, 2004 were as follows: ($ 000s) Contract Unrealized Expiration Value Gain (Loss) ---------- -------- ----------- Long, 18 S & P Midcap Mini 400 contracts, $54 par of 1.70% U.S. Treasury Bills pledged as initial margin 3/05 $ 1,198 $ 39 Long, 26 Russell Mini 2000 Index contracts, $77 par of 1.70% U.S. Treasury Bills pledged as initial margin 3/05 1,700 34 Long, 10 S & P Mini 500 Index contracts, $34 par of 1.70% U.S. Treasury Bills pledged as initial margin 3/05 607 15 Net payments (receipts) of variation margin to date (84) Variation margin receivable (payable) on open futures contracts $ 4 ------------ The accompanying notes are an integral part of these financial statements. T. Rowe Price Extended Equity Market Index Fund -------------------------------------------------------------------------------- December 31, 2004 Statement of Assets and Liabilities -------------------------------------------------------------------------------- (In thousands except shares and per share amounts) Assets Investments in securities, at value Affiliated companies (cost $3,132) $ 3,132 Non-affiliated companies (cost $158,582) 187,190 Total investments in securities 190,322 Other assets 793 Total assets 191,115 Liabilities Obligation to return securities lending collateral 29,485 Other liabilities 512 Total liabilities 29,997 NET ASSETS $ 161,118 -------------- Net Assets Consist of: Undistributed net investment income (loss) $ 108 Undistributed net realized gain (loss) (13,774) Net unrealized gain (loss) 28,694 Paid-in-capital applicable to 12,157,299 shares of $0.0001 par value capital stock outstanding; 1,000,000,000 shares of the Corporation authorized 146,090 NET ASSETS $ 161,118 -------------- NET ASSET VALUE PER SHARE $ 13.25 -------------- The accompanying notes are an integral part of these financial statements. T. Rowe Price Extended Equity Market Index Fund -------------------------------------------------------------------------------- Statement of Operations -------------------------------------------------------------------------------- ($ 000s) Year Ended 12/31/04 Investment Income (Loss) Income Dividend $ 1,594 Securities lending 72 Interest 8 Total income 1,674 Investment management and administrative expense 546 Net investment income (loss) 1,128 Realized and Unrealized Gain (Loss) Net realized gain (loss) Securities 3,198 Futures 514 Net realized gain (loss) 3,712 Change in net unrealized gain (loss) Securities 19,338 Futures (35) Change in net unrealized gain (loss) 19,303 Net realized and unrealized gain (loss) 23,015 INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS $ 24,143 -------------- The accompanying notes are an integral part of these financial statements. T. Rowe Price Extended Equity Market Index Fund -------------------------------------------------------------------------------- Statement of Changes in Net Assets -------------------------------------------------------------------------------- ($ 000s) Year Ended 12/31/04 12/31/03 Increase (Decrease) in Net Assets Operations Net investment income (loss) $ 1,128 $ 776 Net realized gain (loss) 3,712 (76) Change in net unrealized gain (loss) 19,303 31,681 Increase (decrease) in net assets from operations 24,143 32,381 Distributions to shareholders Net investment income (1,093) (733) Capital share transactions * Shares sold 54,554 42,770 Distributions reinvested 1,060 709 Shares redeemed (36,433) (22,910) Redemption fees received 7 5 Increase (decrease) in net assets from capital share transactions 19,188 20,574 Net Assets Increase (decrease) during period 42,238 52,222 Beginning of period 118,880 66,658 End of period $ 161,118 $ 118,880 --------- --------- (Including undistributed net investment income of $108 at 12/31/04 and $73 at 12/31/03) *Share information Shares sold 4,604 4,525 Distributions reinvested 81 65 Shares redeemed (3,077) (2,437) Increase (decrease) in shares outstanding 1,608 2,153 The accompanying notes are an integral part of these financial statements. T. Rowe Price Extended Equity Market Index Fund -------------------------------------------------------------------------------- December 31, 2004 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 Extended Equity Market Index Fund (the fund), a diversified, open-end management investment company, is one portfolio established by the trust. The fund commenced operations on January 30, 1998. The fund seeks to match the performance of the U.S. stocks not included in the Standard & Poor's 500 Stock Index(RT), as represented by the Dow Jones Wilshire 4500 Completion Index. 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 The fund values its investments and computes its net asset value per share 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, except for OTC Bulletin Board securities, which are valued at the mean of the latest bid and asked prices. 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 asked prices. Debt securities with original maturities of less than one year are valued at amortized cost in local currency, which approximates fair value when combined with accured interest. Investments in mutual funds are valued at the mutual fund's closing net asset value per share on the day of valuation. Financial futures contracts are valued at closing settlement prices. Other investments, including restricted securities, 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 the T. Rowe Price Valuation Committee, established by the fund's Board of Directors. Redemption Fees A 0.5% fee is assessed on redemptions of fund shares held less than 90 days to deter short-term trading and protect the interests of long-term shareholders. Redemption fees are withheld from proceeds that shareholders receive from the sale or exchange of fund shares. The fees are paid to the fund, and have the primary effect of increasing paid-in capital. The fees may cause the redemption price per share to differ from the net asset value per share. Investment Transactions, Investment Income, and Distributions Income and expenses are recorded on the accrual basis. Dividends received from mutual fund investments are reflected as dividend income; capital gain distributions are reflected as realized gain/loss. Dividend income and capital gain distributions are recorded on the ex-dividend date. Investment transactions are accounted for on the trade date. Realized gains and losses are reported on the identified cost basis. Payments ("variation margin") made or received to settle the daily fluctuations in the value of futures contracts are recorded as unrealized gains or losses until the contracts are closed. Unsettled variation margin on futures contracts is included in investments in securities, and unrealized gains and losses on futures contracts are included in the change in net unrealized gain or loss in the accompanying financial statements. Distributions to shareholders are recorded on the ex-dividend date. Income distributions are declared and paid on an annual basis. Capital gain distributions, if any, are declared and paid by the fund, typically on an annual basis. Other In the normal course of business, the fund enters into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is dependent on claims that may be made against the fund in the future and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote. 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 year ended December 31, 2004, 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 December 31, 2004, the value of loaned securities was $28,663,000; aggregate collateral consisted of $29,485,000 in the money market pooled trust and U.S. government securities valued at $33,000. Other Purchases and sales of portfolio securities, other than short-term securities, aggregated $35,545,000 and $14,691,000, respectively, for the year ended December 31, 2004. 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 under Subchapter M of the Internal Revenue Code 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 significantly 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. Financial records are not adjusted for temporary differences. Distributions during the year ended December 31, 2004 totaled $1,093,000 and were characterized as ordinary income for tax purposes. At December 31, 2004, the tax-basis components of net assets were as follows: -------------------------------------------------------------------------------- Unrealized appreciation $ 48,963,000 Unrealized depreciation (20,358,000) ----------- Net unrealized appreciation (depreciation) 28,605,000 Undistributed ordinary income 127,000 Capital loss carryforwards (13,704,000) Paid-in capital 146,090,000 Net assets $ 161,118,000 ----------------- The fund intends to retain realized gains to the extent of available capital loss carryforwards for federal income tax purposes. During the year ended December 31, 2004, the fund utilized $3,676,000 of capital loss carryforwards. As of December 31, 2004, the fund had $4,777,000 of capital loss carryforwards that expire in 2009, $8,759,000 that expire in 2010, and $168,000 that expire in 2011. At December 31, 2004, the cost of investments for federal income tax purposes was $161,803,000. 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 and administrative agreement between the fund and the manager provides for an all-inclusive annual fee equal to 0.40% of the fund's average daily net assets. The fee is computed daily and paid monthly. The agreement provides that investment management, shareholder servicing, transfer agency, accounting, and custody services are provided to the fund, and interest, taxes, brokerage commissions, directors' fees and expenses, and extraordinary expenses are paid directly by the fund. At December 31, 2004, $83,000 was payable under the agreement. The fund may invest in the T. Rowe Price Reserve Investment Fund and the T. Rowe Price Government Reserve Investment Fund (collectively, the Reserve Funds), open-end management investment companies managed by Price Associates and affiliates of the fund. The Reserve Funds are offered as cash management options to mutual funds, trusts, and other accounts managed by Price Associates and/or its affiliates, and are not available for direct purchase by members of the public. The Reserve Funds pay no investment management fees. During the year ended December 31, 2004, dividend income from the Reserve Funds totaled $74,000, and the value of shares of the Reserve Funds held at December 31, 2004 and December 31, 2003 was $3,132,000 and $4,449,000, respectively. T. Rowe Price Extended Equity Market Index Fund -------------------------------------------------------------------------------- Report of Independent Registered Public Accounting Firm -------------------------------------------------------------------------------- To the Board of Directors of T. Rowe Price Index Trust, Inc. and Shareholders of T. Rowe Price Extended Equity Market Index Fund In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, 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 Extended Equity Market Index Fund (one of the portfolios comprising T. Rowe Price Index Trust, Inc., hereafter referred to as the "Fund") at December 31, 2004, 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 of America. 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 the auditing standards of the Public Company Accounting Oversight Board (United States). Those standards 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, 2004 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. PricewaterhouseCoopers LLP Baltimore, Maryland February 11, 2005 T. Rowe Price Extended Equity Market Index Fund -------------------------------------------------------------------------------- Tax Information (Unaudited) for the Tax Year Ended 12/31/04 -------------------------------------------------------------------------------- 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. For taxable non-corporate shareholders, $657,000 of the fund's income represents qualified dividend income subject to the 15% rate category. For corporate shareholders, $643,000 of the fund's income qualifies for the dividends-received deduction. Information on Proxy Voting Policies, Procedures, and Records -------------------------------------------------------------------------------- A description of the policies and procedures used by T. Rowe Price funds and portfolios to determine how to vote proxies relating to portfolio securities is available in each fund's Statement of Additional Information, which you may request by calling 1-800-225-5132 or by accessing the SEC's Web site, www.sec.gov. The description of our proxy voting policies and procedures is also available on our Web site, www.troweprice.com. To access it, click on the words "Company Info" at the top of our homepage for individual investors. Then, in the window that appears, click on the "Proxy Voting Policy" navigation button in the top left corner. Each fund's most recent annual proxy voting record is available on our Web site and through the SEC's Web site. To access it through our Web site, follow the directions above, then click on the words "Proxy Voting Record" at the bottom of the Proxy Voting Policy page. How to Obtain Quarterly Portfolio Holdings -------------------------------------------------------------------------------- The fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The fund's Form N-Q is available electronically on the SEC's Web site (www.sec.gov); hard copies may be reviewed and copied at the SEC's Public Reference Room, 450 Fifth St. N.W., Washington, DC 20549. For more information on the Public Reference Room, call 1-800-SEC-0330. T. Rowe Price Extended Equity Market Index Fund -------------------------------------------------------------------------------- About the Fund's Directors and Officers -------------------------------------------------------------------------------- Your fund is governed by a Board of Directors that meets regularly to review investments, performance, compliance matters, advisory fees, expenses, and other business affairs, and is responsible for protecting the interests of shareholders. The majority of the fund's directors are independent of T. Rowe Price Associates, Inc. (T. Rowe Price); "inside" directors are officers of T. Rowe Price. The Board of Directors elects the fund's officers, who are listed in the final table. The business address of each director and officer is 100 East Pratt Street, Baltimore, MD 21202. The Statement of Additional Information includes additional information about the fund directors and is available without charge by calling a T. Rowe Price representative at 1-800-225-5132. Independent Directors Name (Year of Birth) Principal Occupation(s) During Past 5 Years and Year Elected * Directorships of Other Public Companies Anthony W. Deering Director, Chairman of the Board, President, and (1945) Chief Executive Officer, The Rouse Company, real 2001 estate developers; Director, Mercantile Bank (4/03 to present) Donald W. Dick, Jr. Principal, EuroCapital Advisors, LLC, an (1943) acquisition and management advisory firm 1994 David K. Fagin Director, Golden Star Resources Ltd., Canyon (1938) Resources Corp. (5/00 to present), and Pacific 1994 Rim Mining Corp. (2/02 to present); Chairman and President, Nye Corp. Karen N. Horn Managing Director and President, Global Private (1943) Client Services, Marsh Inc. (1999-2003); Managing 2003 Director and Head of International Private Banking, Bankers Trust (1996-1999); Director, Eli Lilly and Company and Georgia Pacific (5/04 to present) F. Pierce Linaweaver President, F. Pierce Linaweaver & Associates, (1934) Inc., consulting environmental and civil engineers 2001 John G. Schreiber Owner/President, Centaur Capital Partners, Inc., (1946) a real estate investment company; Partner, 2001 Blackstone Real Estate Advisors, L.P.; Director, AMLI Residential Properties Trust and The Rouse Company, real estate developers * Each independent director oversees 112 T. Rowe Price portfolios and serves until retirement, resignation, or election of a successor. Inside Directors Name (Year of Birth) Year Elected * [Number of T. Rowe Price Principal Occupation(s) During Past 5 Years and Portfolios Overseen] Directorships of Other Public Companies James A.C. Kennedy, CFA Director and Vice President, T. Rowe Price and (1953) T. Rowe Price Group, Inc.; Director, T. Rowe Price 1997 Global Investment Services Limited and T. Rowe [43] Price International,Inc. James S. Riepe Director and Vice President, T. Rowe Price; Vice (1943) Chairman of the Board, Director, and Vice 1990 President, T. Rowe Price Group, Inc.; Chairman of [112] the Board and Director, T. Rowe Price Global Asset Management Limited, T. Rowe Price Global Investment Services Limited, T. Rowe Price Investment Services, Inc., T. Rowe Price Retirement Plan Services, Inc., and T. Rowe Price Services, Inc.; Chairman of the Board, Director, President, and Trust Officer, T. Rowe Price Trust Company; Director, T. Rowe Price International, Inc.; Chairman of the Board, Index Trust * Each inside director serves until retirement, resignation, or election of a successor. Officers Name (Year of Birth) Title and Fund(s) Served Principal Occupation(s) Jeanne M. Aldave (1971) Assistant Vice President, T. Rowe Price Vice President, Index Trust E. Frederick Bair, CFA, CPA (1969) Vice President, T. Rowe Price and T. Rowe Executive Vice President, Price Trust Company Index Trust Stephen V. Booth, CPA (1961) Vice President, T. Rowe Price, T. Rowe Price Vice President, Index Trust Group, Inc., and T. Rowe Price Trust Company Joseph A. Carrier (1960) Vice President, T. Rowe Price, T. Rowe Price Treasurer, Index Trust Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Trust Company Wendy R. Diffenbaugh (1953) Vice President, T. Rowe Price Vice President, Index Trust Unless otherwise noted, officers have been employees of T. Rowe Price or T. Rowe Price International for at least five years. Roger L. Fiery III, CPA (1959) Vice President, T. Rowe Price, T. Rowe Price Vice President, Index Trust Group, Inc., T. Rowe Price International, Inc., and T. Rowe Price Trust Company John R. Gilner (1961) Chief Compliance Officer and Vice President, Chief Compliance Officer, T. Rowe Price; Vice President, T. Rowe Price Index Trust Investment Services, Inc., and T. Rowe Price Group, Inc. Gregory S. Golczewski (1966) Vice President, T. Rowe Price and T. Rowe Vice President, Index Trust Price Trust Company Ann M. Holcomb, CFA (1972) Vice President, T. Rowe Price Vice President, Index Trust Henry H. Hopkins (1942) Director and Vice President, T. Rowe Price Vice President, Index Trust Investment Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Trust Company; Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, Inc., and T. Rowe Price Retirement Plan Services, Inc. Patricia B. Lippert (1953) Assistant Vice President, T. Rowe Price Secretary, Index Trust and T. Rowe Price Investment Services, Inc. Sudhir Nanda, PhD, CFA (1959) Vice President, T. Rowe Price and T. Rowe Vice President, Index Trust Price Group, Inc. Ken D. Uematsu, CFA (1966) Employee, T. Rowe Price Assistant Vice President, Index Trust Julie L. Waples (1970) Vice President, T. Rowe Price Vice President, Index Trust Richard T. Whitney, CFA (1958) Vice President, T. Rowe Price, T. Rowe Price President, Index Trust Group, Inc., T. Rowe Price International, Inc., and T. Rowe Price Trust Company Mary C. Wojciechowski, CFA (1962) Vice President, T. Rowe Price and T. Rowe Vice President, Index Trust Price Trust Company Unless otherwise noted, officers have been employees of T. Rowe Price or T. Rowe Price International for at least five years. Item 2. Code of Ethics. The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report. Item 3. Audit Committee Financial Expert. The registrant's Board of Directors/Trustees has determined that Mr. David K. Fagin qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Fagin is considered independent for purposes of Item 3 of Form N-CSR. Item 4. Principal Accountant Fees and Services. (a) - (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant's principal accountant were as follows: 2004 2003 Audit Fees $7,127 $7,926 Audit-Related Fees 1,005 454 Tax Fees 1,933 2,058 All Other Fees - 124 Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements, specifically the issuance of a report on internal controls. Tax fees include amounts related to tax compliance, tax planning, and tax advice. Other fees include the registrant's pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees. (e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted. (2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. (f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees. (g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $903,000 and $821,000, respectively, and were less than the aggregate fees billed for those same periods by the registrant's principal accountant for audit services rendered to the T. Rowe Price Funds. (h) All non-audit services rendered in (g) above were pre-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in maintaining the principal accountant's independence. Item 5. Audit Committee of Listed Registrants. Not applicable. Item 6. Schedule of Investments. Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR. Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable. Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable. Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not applicable. Item 10. Submission of Matters to a Vote of Security Holders. Not applicable. Item 11. 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 change in the registrant's internal control over financial reporting that occurred during the registrant's second fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 12. Exhibits. (a)(1) The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached. (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. (3) Written solicitation to repurchase securities issued by closed-end companies: not applicable. (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 February 18, 2005 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 February 18, 2005 By /s/ Joseph A. Carrier ----------------------------------- Joseph A. Carrier Principal Financial Officer Date February 18, 2005