-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MaxzeZKPRHHfQ/dtPYmlDeNjkZ3i40fZDwIArsy7cazZ9DfDYnFR1+wBnlutqAos 9L/kBT7CyMdE4G/ZN9dA/A== 0000950109-98-004228.txt : 19980814 0000950109-98-004228.hdr.sgml : 19980814 ACCESSION NUMBER: 0000950109-98-004228 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980813 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE INDEX TRUST INC CENTRAL INDEX KEY: 0000858581 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-05986 FILM NUMBER: 98685356 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 3015472000 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE INSTITUTIONAL EQUITY FUNDS INC DATE OF NAME CHANGE: 19900227 N-30D 1 TOTAL EQUITY MARKET INDEX FUND SEMIANNUAL RPT - -------------------------------------------------------------------------------- Semiannual Report - Financial Statements - -------------------------------------------------------------------------------- T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND ------------- JUNE 30, 1998 ------------- T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Unaudited - -------------------- FINANCIAL HIGHLIGHTS For a share outstanding throughout each period - -------------------------------------------------------------------------------- 1/30/98 Through 6/30/98 NET ASSET VALUE Beginning of period $ 10.00 ......... Investment activities Net investment income 0.05 Net realized and unrealized gain (loss) 1.47 ......... Total from investment activities 1.52 ......... Distributions Net investment income (0.05) ......... NET ASSET VALUE End of period $ 11.47 --------- Ratios/Supplemental Data Total return* 15.21% .............................................................................. Ratio of expenses to average net assets 0.40%+ .............................................................................. Ratio of net investment income to average net assets 1.26%+ .............................................................................. Portfolio turnover rate 1.9% .............................................................................. Net assets, end of period (in thousands) $ 28,389 .............................................................................. * 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. + Annualized. The accompanying notes are an integral part of these financial statements. 2 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Unaudited June 30, 1998 - ----------------------- STATEMENT OF NET ASSETS Shares/Par Value - -------------------------------------------------------------------------------- In thousands COMMON STOCKS 94.2% BASIC MATERIALS 0.7% Aluminum 0.2% Alcoa 500 $ 33 .......................................................................... Reynolds Metals 300 17 .......................................................................... 50 ........... Iron & Steel 0.2% Carpenter Technology 400 20 .......................................................................... USX-U.S. Steel 600 20 .......................................................................... Worthington Industries 1,000 15 .......................................................................... Titan International 400 7 .......................................................................... 62 ........... Miscellaneous Mining, Metals 0.2% General Cable 600 17 .......................................................................... Titanium Metals 500 11 .......................................................................... Cyprus Amax Minerals 800 11 .......................................................................... Brush Wellman 500 10 .......................................................................... ASARCO 400 9 .......................................................................... 58 ........... Precious Metals 0.1% Newmont Mining 600 14 .......................................................................... Homestake Mining 1,300 14 .......................................................................... Coeur d'Alene Mines * 500 3 .......................................................................... 31 ........... Total Basic Materials 201 ........... BUSINESS SERVICES AND TRANSPORTATION 4.1% Advertising 0.2% Omnicom 600 30 .......................................................................... Harte-Hanks 600 15 .......................................................................... True North Communications 400 12 .......................................................................... 57 ........... Airlines 0.6% Delta 300 39 .......................................................................... AMR * 400 33 .......................................................................... 3 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands FDX * 500 $ 32 .......................................................................... Southwest Airlines 900 27 .......................................................................... Mesaba Holdings * 750 17 .......................................................................... Alaska Air Group * 300 16 .......................................................................... TWA * 500 5 .......................................................................... 169 ........... Engineering Services 0.1% EG&G 500 15 .......................................................................... 15 ........... Pollution Control 0.4% Waste Management 1,400 49 .......................................................................... USA Waste Services * 500 25 .......................................................................... American Disposal Services * 400 19 .......................................................................... Browning-Ferris 500 17 .......................................................................... Newpark Resources * 400 4 .......................................................................... 114 ........... Railroads 0.5% Union Pacific 900 40 .......................................................................... Burlington Northern Santa Fe 400 39 .......................................................................... Norfolk Southern 1,000 30 .......................................................................... CSX 600 27 .......................................................................... MotivePower * 300 7 .......................................................................... Wisconsin Central Transport * 200 5 .......................................................................... 148 ........... Service 2.0% Cendant * 2,300 48 .......................................................................... Marsh & McLennan 750 45 .......................................................................... Service Corp. International 900 39 .......................................................................... Cognizant 600 38 .......................................................................... ServiceMaster 800 31 .......................................................................... Republic Industries * 1,100 28 .......................................................................... Paychex 650 26 .......................................................................... Dun & Bradstreet * 700 25 .......................................................................... Express Scripts * 300 24 .......................................................................... First Health Group * 800 23 .......................................................................... Central Parking 400 19 .......................................................................... Rollins Inc 800 16 .......................................................................... UICI * 600 16 .......................................................................... 4 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands RemedyTemp (Class A) * 500 $ 15 .......................................................................... Erie Indemnity 500 14 .......................................................................... Manpower 500 14 .......................................................................... NOVA * 400 14 .......................................................................... Corrections Corp of America * 600 14 .......................................................................... Gartner Group (Class A) * 400 14 .......................................................................... Dollar Thrifty Auto Group * 1,000 13 .......................................................................... Ryder System 400 13 .......................................................................... ProBusiness Services * 200 9 .......................................................................... Wackenhut Corrections * 400 9 .......................................................................... Startek * 700 9 .......................................................................... Assisted Living Concepts * 500 9 .......................................................................... Coast Dental Services * 600 9 .......................................................................... Policy Management Systems * 200 8 .......................................................................... Miami Computer Supply * 450 7 .......................................................................... Olsten 600 7 .......................................................................... Energy Research * 300 6 .......................................................................... Staff Leasing * 200 6 .......................................................................... Group Maintenance America * 300 5 .......................................................................... 573 ........... Transport by Water 0.2% Royal Caribbean Cruises 300 24 .......................................................................... Overseas Shipholding Group 800 16 .......................................................................... Avondale Industries * 400 11 .......................................................................... C. H. Robinson Worldwide 300 8 .......................................................................... 59 ........... Trucking, Freight 0.1% Werner Enterprises 925 18 .......................................................................... USA Truck * 900 14 .......................................................................... 32 ........... Total Business Services and Transportation 1,167 ........... CAPITAL EQUIPMENT 5.4% Industrial Manufacturing 4.2% GE 7,100 646 .......................................................................... 3M 900 74 .......................................................................... AlliedSignal 1,500 67 .......................................................................... 5 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands United Technologies 600 $ 55 .......................................................................... Illinois Tool Works 600 40 .......................................................................... Textron 400 29 .......................................................................... Corning 800 28 .......................................................................... Dover 700 24 .......................................................................... Cooper Industries 400 22 .......................................................................... TRW 400 22 .......................................................................... Commercial Metals 600 18 .......................................................................... Carlisle Companies 400 17 .......................................................................... Stanley Works 400 17 .......................................................................... Trinity Industries 400 17 .......................................................................... Precision Castparts 300 16 .......................................................................... Walter Industries * 800 15 .......................................................................... Tokheim Corp * 700 14 .......................................................................... Coltec Industries * 700 14 .......................................................................... Briggs & Stratton 300 11 .......................................................................... Commercial Intertech 600 11 .......................................................................... Tecumseh Products 200 11 .......................................................................... Easco 900 9 .......................................................................... Wolverine Tube * 200 8 .......................................................................... U.S. Industries * 300 7 .......................................................................... Watts Industries (Class A) 300 6 .......................................................................... Zoltek * 300 6 .......................................................................... 1,204 ........... Producers Goods 1.2% Caterpillar 800 42 .......................................................................... Deere 600 32 .......................................................................... Eaton 400 31 .......................................................................... ITT Industries 600 22 .......................................................................... Ingersoll-Rand 500 22 .......................................................................... Genuine Parts 600 21 .......................................................................... W. W. Grainger 400 20 .......................................................................... Premark International 600 19 .......................................................................... Baldor Electric 700 17 .......................................................................... American Power Conversion * 500 15 .......................................................................... UCAR International * 500 15 .......................................................................... Zebra Technologies * 300 13 .......................................................................... Thomas Industries 400 10 .......................................................................... 6 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands WICOR 400 $ 9 .......................................................................... Howmet International * 600 9 .......................................................................... Aviation Sales * 200 8 .......................................................................... Bridgeport Machines * 700 8 .......................................................................... AAON * 600 6 .......................................................................... Unique Mobility * 500 4 .......................................................................... Waterlink * 300 2 .......................................................................... 325 ........... Total Capital Equipment 1,529 ........... CONSUMER CYCLICALS 3.8% Consumer Durables 0.4% HON Industries 600 20 .......................................................................... Shaw Industries 1,100 20 .......................................................................... Mohawk Industries * 600 19 .......................................................................... Interface (Class A) 800 16 .......................................................................... WestPoint Stevens * 400 13 .......................................................................... Linens `n Things * 400 12 .......................................................................... O'Sullivan Industries * 700 10 .......................................................................... Rival 400 5 .......................................................................... 115 ........... Construction 0.6% Masco 600 36 .......................................................................... Jacobs Engineering Group * 600 19 .......................................................................... Sherwin-Williams 500 17 .......................................................................... USG 300 16 .......................................................................... Genlyte Group * 600 16 .......................................................................... Centex 400 15 .......................................................................... Armstrong World 200 14 .......................................................................... Baltek Corp * 1,100 10 .......................................................................... Lennar 300 9 .......................................................................... TJ International 200 6 .......................................................................... 158 ........... Motor Vehicles 1.3% Ford Motor 2,600 153 .......................................................................... Chrysler 1,400 79 .......................................................................... General Motors (Class H) 500 24 .......................................................................... 7 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Harley-Davidson 600 $ 23 .......................................................................... Lear * 400 21 .......................................................................... Modine Manufacturing 500 17 .......................................................................... Shiloh Industries * 600 12 .......................................................................... Arctic Cat 1,200 12 .......................................................................... Navistar * 400 12 .......................................................................... Polaris Industries 300 11 .......................................................................... OEA 500 8 .......................................................................... 372 .............. Real Estate 1.3% Starwood Hotels & Resorts, REIT 700 34 .......................................................................... Patriot American Hospitality, REIT 968 23 .......................................................................... Vornado Realty Trust, REIT 500 20 .......................................................................... Equity Residential Properties Trust, REIT 400 19 .......................................................................... Pulte 600 18 .......................................................................... Security Capital Industrial Trust, REIT 700 18 .......................................................................... Equity Office Properties, REIT 600 17 .......................................................................... Nationwide Health Properties, REIT 700 17 .......................................................................... Catellus Development * 900 16 .......................................................................... Developers Diversified Realty, REIT 400 16 .......................................................................... D.R. Horton 700 15 .......................................................................... Crescent Real Estate Equities, REIT 400 13 .......................................................................... Simon DeBartolo Group, REIT 400 13 .......................................................................... AMB Property 500 12 .......................................................................... Apartment Investment & Management, REIT 300 12 .......................................................................... Avalon Bay Communities, REIT 307 12 .......................................................................... Boston Properties, REIT 300 10 .......................................................................... Trammell Crow * 300 10 .......................................................................... JP Realty, REIT 400 9 .......................................................................... Brandywine Reality Trust 400 9 .......................................................................... Camden Property Trust, REIT 300 9 .......................................................................... Chateau Communities, REIT 300 9 .......................................................................... Meditrust 300 8 .......................................................................... CBL & Associates Properties, REIT 300 7 .......................................................................... Manufactured Home Communities, REIT 300 7 .......................................................................... Duke Realty Investments, REIT 300 7 .......................................................................... FelCor Suites Hotels, REIT 200 6 .......................................................................... Parkway Properties, REIT 200 6 .......................................................................... 8 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Federal Realty Investment Trust, REIT 200 $ 5 .......................................................................... CCA Prison Reality Trust, REIT 100 3 .......................................................................... 380 ............. Tire & Rubber 0.2% Goodyear Tire & Rubber 600 38 .......................................................................... Bandag 200 8 .......................................................................... 46 ............. Total Consumer Cyclicals 1,071 ............. CONSUMER NONDURABLES 9.7% Agriculture 1.9% Heinz 1,100 62 .......................................................................... Sara Lee 1,000 56 .......................................................................... Bestfoods 900 52 .......................................................................... Campbell 900 48 .......................................................................... Kellogg 1,100 41 .......................................................................... Hershey Foods 500 35 .......................................................................... Pioneer Hi-Bred 800 33 .......................................................................... Archer Daniels Midland 1,700 33 .......................................................................... ConAgra 1,000 32 .......................................................................... Wrigley 300 29 .......................................................................... RJR Nabisco 1,200 29 .......................................................................... General Mills 400 27 .......................................................................... Nabisco Holdings (Class A) 500 18 .......................................................................... Hormel Foods 500 17 .......................................................................... Goodmark Foods 500 15 .......................................................................... Vlasic Foods * 560 11 .......................................................................... International Home Foods * 400 9 .......................................................................... 547 ............. Beverages 2.5% Coca-Cola 5,400 462 .......................................................................... PepsiCo 3,600 148 .......................................................................... Coca-Cola Enterprises 1,200 47 .......................................................................... Whitman 700 16 .......................................................................... Pure World * 800 13 .......................................................................... TRIARC COMPANIES * 500 11 .......................................................................... 697 ............. 9 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Container 0.3% Crown Cork & Seal 400 $ 19 .......................................................................... Sealed Air * 500 19 .......................................................................... Tenneco 400 15 .......................................................................... Sonoco Products 400 12 .......................................................................... Ball 300 12 .......................................................................... US Can * 400 6 .......................................................................... 83 .............. Cosmetics 1.2% Procter & Gamble 2,800 255 .......................................................................... Avon 300 23 .......................................................................... Revlon (Class A) * 400 21 .......................................................................... Alberto Culver (Class B) 500 14 .......................................................................... Block Drug 200 8 .......................................................................... Carson * 300 2 .......................................................................... 323 .............. Leisure, Luxury 0.6% Carnival (Class A) 1,600 63 .......................................................................... Mattel 1,100 46 .......................................................................... Hilton 800 23 .......................................................................... Cedar Fair 500 14 .......................................................................... Callaway Golf 700 14 .......................................................................... Action Performance * 300 10 .......................................................................... Rio Hotel & Casino * 400 7 .......................................................................... WMS Industries 200 1 .......................................................................... 178 .............. Liquor 0.3% Anheuser-Busch 1,300 61 .......................................................................... Fortune Brands 700 27 .......................................................................... Todhunter Intl * 700 7 .......................................................................... 95 .............. Photographic, Optical 0.2% Eastman Kodak 800 59 .......................................................................... X-Rite 600 8 .......................................................................... 67 .............. Soaps, Housewares 1.4% Gillette 2,500 142 .......................................................................... Colgate-Palmolive 700 62 .......................................................................... 10 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Kimberly-Clark 1,000 $ 46 .......................................................................... Ralston Purina 300 35 .......................................................................... Clorox 300 29 .......................................................................... Rubbermaid 800 26 .......................................................................... Newell 400 20 .......................................................................... Tupperware 600 17 .......................................................................... Dial Corp 400 10 .......................................................................... Dixon Ticonderoga Company * 700 9 .......................................................................... 396 ............. Textiles and Apparel 0.5% NIKE (Class B) 700 34 .......................................................................... V.F. 600 31 .......................................................................... Worldtex * 3,100 18 .......................................................................... Jones Apparel Group * 400 15 .......................................................................... K-Swiss 700 14 .......................................................................... Kellwood 300 11 .......................................................................... Rocky Shoes & Boots * 500 7 .......................................................................... Gymboree * 400 6 .......................................................................... Polo Ralph Lauren * 200 5 .......................................................................... 141 ............. Tobacco 0.8% Philip Morris 5,500 217 .......................................................................... Brooke Group 1,000 11 .......................................................................... 228 ............. Total Consumer Nondurables 2,755 ............. CONSUMER SERVICES 10.1% Hotels & Restaurant 0.9% McDonald's 1,700 117 .......................................................................... Marriott (Class A) 1,400 45 .......................................................................... Bob Evans Farms 800 17 .......................................................................... Wendys 700 17 .......................................................................... Bristol Hotel * 500 12 .......................................................................... John Q. Hammons Hotels (Class A) * 1,600 11 .......................................................................... Brinker * 500 10 .......................................................................... La Quinta Inns 400 8 .......................................................................... Sodexho Marriott Services * 250 7 .......................................................................... 11 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Applebee's 300 $ 7 .......................................................................... 251 ............. Media 2.8% Disney 1,600 168 .......................................................................... Time Warner 1,200 103 .......................................................................... MediaOne Group * 1,400 61 .......................................................................... Tele-Communications (Class A) * 1,300 50 .......................................................................... Cox Communications (Class A) * 1,000 48 .......................................................................... Viacom (Class B) * 800 47 .......................................................................... CBS 1,400 44 .......................................................................... Comcast (Class A Special) 900 37 .......................................................................... Tribune 500 34 .......................................................................... Clear Channel Communications * 300 33 .......................................................................... Chancellor Media * 500 25 .......................................................................... Price Communications * 1,562 24 .......................................................................... Tele-Communications TCI Ventures * 900 18 .......................................................................... Electromagnetic Sciences * 900 17 .......................................................................... A.H. Belo (Class A) 600 15 .......................................................................... BHC Communications (Class A) 100 14 .......................................................................... Jacor Communications * 200 12 .......................................................................... Univision Communications * 300 11 .......................................................................... GC Companies * 200 10 .......................................................................... Granite Broadcasting * 400 5 .......................................................................... SFX Entertainment (Class A) * 100 5 .......................................................................... Metro Goldwyn Mayer * 200 4 .......................................................................... 785 ............. Publishing 0.7% Gannett 800 57 .......................................................................... McGraw-Hill 400 33 .......................................................................... R.R. Donnelley 600 27 .......................................................................... PRIMEDIA * 1,200 16 .......................................................................... Valassis Communications * 400 15 .......................................................................... Central Newspapers (Class A) 200 14 .......................................................................... Hollinger International 800 14 .......................................................................... Scholastic * 200 8 .......................................................................... Franklin Covey * 300 6 .......................................................................... TST/Impreso * 300 1 .......................................................................... 191 ............. 12 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Retail-All other 1.6% Home Depot 1,700 $ 141 .......................................................................... Walgreen 1,400 58 .......................................................................... Lowes 1,200 49 .......................................................................... CVS 1,200 47 .......................................................................... Rite Aid 900 34 .......................................................................... Toys "R" Us * 1,000 23 .......................................................................... AutoZone * 500 16 .......................................................................... Bed Bath & Beyond * 300 15 .......................................................................... Fabri-Centers of America * 500 14 .......................................................................... Office Depot * 400 13 .......................................................................... Corporate Express * 800 10 .......................................................................... CDW Computer Centers * 200 10 .......................................................................... OfficeMax * 600 10 .......................................................................... Vitalink Pharmacy Services * 400 9 .......................................................................... Lands' End * 200 6 .......................................................................... 455 .............. Retail-Clothing 0.7% The Gap 1,000 62 .......................................................................... TJX 1,200 29 .......................................................................... The Limited 600 20 .......................................................................... Intimate Brands 600 17 .......................................................................... Goody's Family Clothing * 300 16 .......................................................................... Nordstrom 200 15 .......................................................................... Venator Group * 800 15 .......................................................................... Abercrombie & Fitch * 208 9 .......................................................................... Gadzooks * 300 8 .......................................................................... 191 .............. Retail-Computer/Electric 0.2% Ingram Micro * 400 18 .......................................................................... Safeguard Scientifics * 400 17 .......................................................................... Tech Data * 300 13 .......................................................................... CHS Electronics * 200 3 .......................................................................... 51 .............. Retail-Food 0.8% Safeway * 1,100 45 .......................................................................... Albertson's 700 36 .......................................................................... Kroger * 800 34 .......................................................................... 13 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Sysco 1,300 $ 33 .......................................................................... Winn-Dixie 500 26 .......................................................................... Starbucks * 400 22 .......................................................................... Giant Food (Class A) 400 17 .......................................................................... American Stores 700 17 .......................................................................... DiMon 900 10 .......................................................................... Western Beef * 500 4 .......................................................................... 244 ............. Retail-General Department 2.4% Wal-Mart 4,700 286 .......................................................................... Dayton Hudson 1,200 58 .......................................................................... J.C. Penney 600 43 .......................................................................... Sears 700 43 .......................................................................... Costco Companies * 600 38 .......................................................................... May Department Stores 500 33 .......................................................................... Kohl's * 600 31 .......................................................................... Federated Department Stores * 500 27 .......................................................................... Kmart * 1,200 23 .......................................................................... Fred Meyer * 400 17 .......................................................................... Dillards 400 17 .......................................................................... BJ's Wholesale Club * 400 16 .......................................................................... Proffitt's * 275 11 .......................................................................... Family Dollar Stores 600 11 .......................................................................... Consolidated Stores * 300 11 .......................................................................... ShopKo Stores * 300 10 .......................................................................... Value City Dept Stores * 400 8 .......................................................................... Ames Department Stores * 300 8 .......................................................................... 691 ............. Total Consumer Services 2,859 ............. ENERGY 5.9% Coal & Uranium 0.0% Arch Coal 200 5 .......................................................................... 5 ............. Domestic Petroleum Reserve 0.8% Atlantic Richfield 800 62 .......................................................................... Phillips Petroleum 700 34 .......................................................................... 14 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Burlington Resources 600 $ 26 .......................................................................... Anadarko Petroleum 300 20 .......................................................................... Pennzoil 300 15 .......................................................................... Devon Energy 400 14 .......................................................................... Union Pacific Resources 600 11 .......................................................................... Forcenergy * 500 9 .......................................................................... Harken Energy * 1,800 9 .......................................................................... EEX * 800 8 .......................................................................... Southwestern Energy 800 7 .......................................................................... Belco Oil & Gas * 600 5 .......................................................................... Chesapeake Energy 308 1 .......................................................................... 221 ............. Gas Utilities 0.8% Williams Companies 1,100 37 .......................................................................... Sempra Energy * 1,251 35 .......................................................................... Enron 500 27 .......................................................................... Columbia Gas System 450 25 .......................................................................... LG&E Energy 901 24 .......................................................................... Consolidated Natural Gas 400 24 .......................................................................... Southern Union * 500 16 .......................................................................... Western Gas Resources 900 13 .......................................................................... Laclede Gas 500 12 .......................................................................... 213 ............. International Oil 2.6% Exxon 5,400 385 .......................................................................... Mobil 1,700 130 .......................................................................... Chevron 1,400 117 .......................................................................... Texaco 1,200 72 .......................................................................... Unocal 700 25 .......................................................................... Oryx Energy * 600 13 .......................................................................... 742 ............. Oil Refining Distribution 0.8% Amoco 2,500 104 .......................................................................... USX-Marathon 900 31 .......................................................................... Coastal 300 21 .......................................................................... Amerada Hess 300 16 .......................................................................... Sun Company 400 15 .......................................................................... Murphy Oil 300 15 .......................................................................... 15 - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Tosco 400 $ 12 .......................................................................... MCN 400 10 .......................................................................... Aquila Gas Pipeline 800 10 .......................................................................... 234 .............. Oil Service 0.9% Schlumberger 1,100 75 .......................................................................... Camco International 400 31 .......................................................................... Halliburton 600 27 .......................................................................... Diamond Offshore Drilling 600 24 .......................................................................... Dresser Industries 500 22 .......................................................................... Baker Hughes 500 17 .......................................................................... Teppco Partners 300 16 .......................................................................... Tidewater 400 13 .......................................................................... ENSCO International 600 11 .......................................................................... Varco International * 500 10 .......................................................................... Santa Fe International 300 9 .......................................................................... EVI * 200 8 .......................................................................... Superior Energy * 600 3 .......................................................................... 266 .............. Total Energy 1,681 .............. FINANCIAL 17.8% Bank and Trust 7.9% NationsBank 2,100 161 .......................................................................... Chase Manhattan 2,100 159 .......................................................................... Citicorp 1,000 149 .......................................................................... BankAmerica 1,600 138 .......................................................................... First Union 2,148 125 .......................................................................... BANC ONE 1,530 85 .......................................................................... U.S. Bancorp 1,900 82 .......................................................................... Fleet Financial Group 900 75 .......................................................................... Wells Fargo 200 74 .......................................................................... Norwest 1,800 67 .......................................................................... Fifth Third Bancorp 1,051 66 .......................................................................... National City 920 65 .......................................................................... SunTrust 700 57 .......................................................................... Bank of New York 900 55 .......................................................................... 16 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands First Chicago NBD 600 $ 53 .......................................................................... BankBoston 900 50 .......................................................................... Mellon Bank 700 49 .......................................................................... J. P. Morgan 400 47 .......................................................................... KeyCorp 1,300 46 .......................................................................... Wachovia 500 42 .......................................................................... State Street 600 42 .......................................................................... BB&T 600 41 .......................................................................... PNC Bank 700 38 .......................................................................... Bankers Trust New York 300 35 .......................................................................... Summit Bancorp 700 33 .......................................................................... SouthTrust 700 31 .......................................................................... Comerica 450 30 .......................................................................... Regions Financial 700 29 .......................................................................... Crestar Financial 500 27 .......................................................................... Republic New York 400 25 .......................................................................... CCB Financial 200 21 .......................................................................... Marshall & Ilsley 400 21 .......................................................................... Charter One Financial 600 20 .......................................................................... Mercantile Bancorporation 400 20 .......................................................................... Old National Bancorp 400 19 .......................................................................... BOK Financial * 400 19 .......................................................................... National Commerce Bancorporation 400 17 .......................................................................... National City Bancshares 400 16 .......................................................................... UMB Financial 300 15 .......................................................................... One Valley Bancorp 400 15 .......................................................................... First American 300 14 .......................................................................... Silicon Valley Bancshares * 400 14 .......................................................................... WestAmerica 400 13 .......................................................................... Long Island Bancorp 200 12 .......................................................................... Imperial Bancorp * 400 12 .......................................................................... Cullen/Frost Bankers 200 11 .......................................................................... First Virginia Banks 200 10 .......................................................................... Community Bankshares of Indiana 200 4 .......................................................................... 2,249 .............. Life Insurance 1.2% Equitable Companies 600 45 .......................................................................... American General 600 43 .......................................................................... 17 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands CIGNA 600 $ 41 .......................................................................... Lincoln National 400 37 .......................................................................... Aetna 400 30 .......................................................................... Jefferson Pilot 500 29 .......................................................................... Torchmark 600 27 .......................................................................... Conseco 400 19 .......................................................................... Sunamerica 300 17 .......................................................................... ReliaStar Financial 300 14 .......................................................................... American Annuity Group 500 12 .......................................................................... Presidential Life 400 9 .......................................................................... Guarantee Life 300 7 .......................................................................... InterContinental Life * 200 5 .......................................................................... 335 .............. Miscellaneous Finance 3.3% Travelers Group 2,500 152 .......................................................................... Morgan Stanley Dean Witter Discover 1,400 128 .......................................................................... American Express 1,000 114 .......................................................................... Merrill Lynch 900 83 .......................................................................... Associates First Capital (Class A) 771 59 .......................................................................... MBNA 1,400 46 .......................................................................... Household International 800 40 .......................................................................... Capital One Financial 300 37 .......................................................................... Franklin Resources 600 32 .......................................................................... Lehman Brothers 400 31 .......................................................................... Beneficial 200 31 .......................................................................... Paine Webber 700 30 .......................................................................... Bear Stearns 500 28 .......................................................................... SLM Holding 500 25 .......................................................................... Charles Schwab 700 23 .......................................................................... The CIT Group (Class A) 600 23 .......................................................................... Alliance Capital 600 15 .......................................................................... B & L Financial 700 11 .......................................................................... Eaton Vance 200 9 .......................................................................... Pioneer Group 300 8 .......................................................................... FIRSTPLUS Financial * 200 7 .......................................................................... Swisher International * 1,100 3 .......................................................................... ADVANTA 55 1 .......................................................................... 936 .............. 18 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Mortgage Financing 0.9% Fannie Mae 2,000 $ 121 .......................................................................... Freddie Mac 1,800 85 .......................................................................... Fund American Enterprises 200 30 .......................................................................... Countrywide Credit 400 20 .......................................................................... AMRESCO * 300 9 .......................................................................... 265 .............. Other Insurance 3.8% Berkshire Hathaway (Class A) * 3 235 .......................................................................... American International Group 1,600 234 .......................................................................... Allstate 900 82 .......................................................................... General Re 200 51 .......................................................................... Aon 600 42 .......................................................................... Chubb 500 40 .......................................................................... Loews 400 35 .......................................................................... Hartford Financial Services 300 34 .......................................................................... St. Paul Companies 800 34 .......................................................................... MBIA 400 30 .......................................................................... AMBAC 500 29 .......................................................................... Progressive 200 28 .......................................................................... CNA Financial * 600 28 .......................................................................... Cincinnati Financial 600 23 .......................................................................... Unitrin 300 21 .......................................................................... Horace Mann Educators 600 21 .......................................................................... AFLAC 600 18 .......................................................................... Travelers Property Casualty (Class A) 400 17 .......................................................................... MGIC Investment 300 17 .......................................................................... Medallion Financial 500 14 .......................................................................... SAFECO 300 14 .......................................................................... American National Insurance 100 10 .......................................................................... Acceptance Insurance * 300 7 .......................................................................... Medical Assurance * 200 5 .......................................................................... Baldwin & Lyons (Class B) 200 5 .......................................................................... 1,074 .............. Thrift Institutions 0.7% Washington Mutual 1,050 46 .......................................................................... H. F. Ahmanson 400 28 .......................................................................... Dime Bancorp 700 21 .......................................................................... 19 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Sovereign Bancorp 1,020 $ 17 .......................................................................... Washington Federal 600 17 .......................................................................... Staten Island Bancorp 700 16 .......................................................................... Harris Financial 600 13 .......................................................................... ISB Financial 500 13 .......................................................................... FSF Financial 700 13 .......................................................................... Abington Bancorp 600 11 .......................................................................... 195 .............. Total Financial 5,054 .............. HEALTH CARE 10.1% Drugs 8.0% Merck 2,700 361 .......................................................................... Pfizer 3,000 326 .......................................................................... Bristol-Myers Squibb 2,200 253 .......................................................................... Johnson & Johnson 3,200 236 .......................................................................... Eli Lilly 2,400 159 .......................................................................... Schering-Plough 1,700 156 .......................................................................... Abbott Laboratories 3,800 155 .......................................................................... American Home Products 2,900 150 .......................................................................... Warner-Lambert 1,900 132 .......................................................................... Monsanto 1,300 73 .......................................................................... Amgen * 600 39 .......................................................................... Genentech * 500 34 .......................................................................... Cardinal Health 300 28 .......................................................................... McKesson 300 24 .......................................................................... Forest Laboratories * 600 21 .......................................................................... MedImmune * 300 19 .......................................................................... Rexall Sundown * 500 18 .......................................................................... Serologicals * 500 16 .......................................................................... Techne * 800 15 .......................................................................... Mallinkrodt 400 12 .......................................................................... Patterson Dental * 300 11 .......................................................................... Transkaryotic Therapies * 400 10 .......................................................................... ICOS * 500 10 .......................................................................... Nutramax Products * 1,000 10 .......................................................................... Allou Health & Beauty * 800 8 .......................................................................... 20 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Creative Biomolecules * 1,300 $ 6 .......................................................................... 2,282 .............. Health Care (non-drug) 1.2% Medtronic 1,100 70 .......................................................................... Boston Scientific * 700 50 .......................................................................... Baxter International 900 48 .......................................................................... Guidant 500 36 .......................................................................... Becton, Dickinson 400 31 .......................................................................... Biomet 600 20 .......................................................................... C. R. Bard 500 19 .......................................................................... Steris * 200 13 .......................................................................... ThermoSpectra Corp * 900 11 .......................................................................... Arterial Vascular Engineering * 200 7 .......................................................................... Arrow International 200 6 .......................................................................... Nitinol Medical Technologies * 700 5 .......................................................................... Affymetrix * 200 5 .......................................................................... Circon Corp * 300 5 .......................................................................... Cardima * 800 2 .......................................................................... 328 .............. HMO/Hospital Management 0.9% Columbia/HCA Healthcare 1,600 47 .......................................................................... United HealthCare 600 38 .......................................................................... Tenet Healthcare * 1,000 31 .......................................................................... HealthSouth * 1,100 29 .......................................................................... Wellpoint Health Networks * 300 22 .......................................................................... PacifiCare Health Systems (Class B) * 200 18 .......................................................................... Universal Health Services * 300 17 .......................................................................... PhyCor * 800 13 .......................................................................... National Surgery Centers * 400 12 .......................................................................... Total Renal Care Holdings * 333 11 .......................................................................... Apria Healthcare * 1,400 9 .......................................................................... Curative Technologies * 300 9 .......................................................................... Ventas 400 6 .......................................................................... American HomePatient * 200 4 .......................................................................... Vencor * 400 3 .......................................................................... 269 .............. Total Health Care 2,879 .............. 21 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands PROCESS INDUSTRIES 2.8% Chemicals 2.1% DuPont 2,400 $ 179 .......................................................................... Dow Chemical 500 48 .......................................................................... PPG Industries 600 42 .......................................................................... Union Carbide 700 37 .......................................................................... Air Products and Chemicals 800 32 .......................................................................... Occidental Petroleum 1,100 30 .......................................................................... Hercules 600 25 .......................................................................... Praxair 500 24 .......................................................................... ARCO 400 23 .......................................................................... Sybron International * 900 23 .......................................................................... Millennium Chemicals 600 20 .......................................................................... Cabot 500 16 .......................................................................... RPM 900 15 .......................................................................... TETRA Technologies * 800 13 .......................................................................... Crompton & Knowles 500 13 .......................................................................... Airgas * 800 12 .......................................................................... NL Industries 500 10 .......................................................................... International Specialty Products * 500 9 .......................................................................... A. Schulman 400 8 .......................................................................... Hawkins Chemical 600 7 .......................................................................... Terra Nitrogen 200 5 .......................................................................... 591 .............. Forest Products 0.1% Playtex Products * 900 14 .......................................................................... Louisiana Pacific 600 11 .......................................................................... Universal Forest Products 300 5 .......................................................................... 30 .............. Paper 0.6% International Paper 800 35 .......................................................................... Fort James 700 31 .......................................................................... Weyerhaeuser 600 28 .......................................................................... Westvaco 600 17 .......................................................................... Boise Cascade 500 16 .......................................................................... Chesapeake Corp 300 12 .......................................................................... Schweitzer Mauduit 400 12 .......................................................................... 22 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Ivex Packaging * 400 $ 9 .......................................................................... FiberMark * 400 6 .......................................................................... Stone Container * 400 6 .......................................................................... Badger Paper Mills * 500 4 .......................................................................... 176 .............. Total Process Industries 797 .............. TECHNOLOGY 15.7% Aerospace 0.7% Boeing 2,200 98 .......................................................................... Lockheed Martin 500 53 .......................................................................... Sundstrand 400 23 .......................................................................... Gulfstream Aerospace * 300 14 .......................................................................... United Industrial 900 12 .......................................................................... 200 .............. Analytical Equipment 0.9% Emerson Electric 1,100 66 .......................................................................... Raytheon (Class B) 900 53 .......................................................................... Honeywell 400 33 .......................................................................... Northrop 200 21 .......................................................................... Thermo Electron * 600 21 .......................................................................... Stimsonite * 2,200 17 .......................................................................... Perkin-Elmer 200 12 .......................................................................... Bioanalytical systems * 1,400 10 .......................................................................... KLA-Tencor * 300 8 .......................................................................... Cognex * 400 8 .......................................................................... Meade Instruments * 600 6 .......................................................................... Robotic Vision Systems * 400 2 .......................................................................... 257 .............. Business Machines 3.0% IBM 2,100 241 .......................................................................... Dell Computer * 1,500 139 .......................................................................... Hewlett-Packard 2,100 126 .......................................................................... COMPAQ Computer 3,678 104 .......................................................................... Xerox 800 81 .......................................................................... Sun Microsystems * 1,100 48 .......................................................................... Pitney Bowes 900 43 .......................................................................... 23 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Gateway 2000 * 500 $ 25 .......................................................................... Sequent Computer Systems * 800 10 .......................................................................... NCR * 300 10 .......................................................................... Ikon Office Solutions 600 9 .......................................................................... Silicon Graphics * 700 9 .......................................................................... 845 .............. Communication Equipment 1.6% Lucent Technologies 2,900 241 .......................................................................... Motorola 1,500 79 .......................................................................... Tellabs * 600 43 .......................................................................... Plantronics * 400 21 .......................................................................... Sensormatic Electronics 1,000 14 .......................................................................... Aspect Telecommunications * 500 14 .......................................................................... General Instrument * 400 11 .......................................................................... Napco Security Systems * 1,800 9 .......................................................................... PairGain Technologies * 400 7 .......................................................................... P-COM * 700 6 .......................................................................... CMC Industries * 600 4 .......................................................................... 449 .............. Computer Communications 1.1% Cisco Systems * 2,300 212 .......................................................................... 3Com * 1,100 34 .......................................................................... Ascend Communications * 500 25 .......................................................................... Bay Networks * 600 19 .......................................................................... Intermedia Communications * 300 12 .......................................................................... Adaptec * 700 10 .......................................................................... Digital Link * 600 5 .......................................................................... Emulux * 400 2 .......................................................................... 319 .............. Computer Peripherals 0.4% EMC * 1,200 54 .......................................................................... Symbol Technologies 500 19 .......................................................................... Bell & Howell * 600 15 .......................................................................... Advanced Digital Info * 800 11 .......................................................................... Security Dynamics Technologies * 600 11 .......................................................................... Western Digital * 600 7 .......................................................................... C-Cube Microsystems * 300 6 .......................................................................... 123 .............. 24 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Computer Services 1.6% America Online 500 $ 53 ......................................................................... Electronic Data Systems 1,300 52 ......................................................................... HBO 1,400 49 ......................................................................... Automatic Data Processing 600 44 ......................................................................... First Data 1,000 33 ......................................................................... Computer Sciences 500 32 ......................................................................... CIBER * 600 23 ......................................................................... THINK New Ideas * 600 16 ......................................................................... Yahoo! * 100 16 ......................................................................... Affiliated Computer Services (Class A) * 400 15 ......................................................................... Lycos Inc * 200 15 ......................................................................... Cerner * 500 14 ......................................................................... At Home * 300 14 ......................................................................... Galileo International 300 14 ......................................................................... GTECH * 400 14 ......................................................................... Mentor Graphics 1,000 11 ......................................................................... Sykes Enterprises * 500 10 ......................................................................... Network Solutions (Class A) * 200 9 ......................................................................... H.T.E. * 600 8 ......................................................................... Telescan * 700 5 ......................................................................... Data Dimensions * 300 5 ......................................................................... 452 ............. Computer Software 3.7% Microsoft * 5,500 596 ......................................................................... Computer Associates 1,300 72 ......................................................................... Oracle * 2,500 61 ......................................................................... BMC Software * 800 41 ......................................................................... PeopleSoft * 800 38 ......................................................................... Compuware * 600 31 ......................................................................... Intuit * 400 24 ......................................................................... Sterling Commerce * 500 24 ......................................................................... Synopsys * 500 23 ......................................................................... Cadence Design Systems * 700 22 ......................................................................... Electronic Arts * 400 22 ......................................................................... Parametric Technology * 700 19 ......................................................................... Legato Systems * 400 16 ......................................................................... Midway Games * 939 15 ......................................................................... 25 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Network Associates * 300 $ 14 ......................................................................... PLATINUM technology * 500 14 ......................................................................... Ardent Software * 1,000 14 ......................................................................... Orcad * 700 7 ......................................................................... Ansoft * 400 5 ......................................................................... 1,058 .......... Electronic Manufacturing Equipment 0.2% Applied Materials * 900 27 ......................................................................... Varian Associates 400 16 ......................................................................... Quipp * 400 8 ......................................................................... Novellus Systems * 200 7 ......................................................................... 58 .......... Electronics 2.5% Intel 3,800 281 ......................................................................... GM 1,600 107 ......................................................................... Texas Instruments 900 52 ......................................................................... AMP 900 31 ......................................................................... Rockwell International 600 29 ......................................................................... Vishay Intertechnology * 930 17 ......................................................................... LSI Logic * 700 16 ......................................................................... Thomas & Betts 300 15 ......................................................................... Analog Devices * 600 15 ......................................................................... Maxim Integrated Products * 400 13 ......................................................................... Micron Technology * 500 12 ......................................................................... Andrew * 600 11 ......................................................................... Kimball International 600 11 ......................................................................... Level One * 450 11 ......................................................................... KEMET * 800 10 ......................................................................... Arrow Electronics * 400 9 ......................................................................... International Rectifier * 1,000 8 ......................................................................... Amphenol * 200 8 ......................................................................... SMART Modular Technologies * 500 7 ......................................................................... Xilinx * 200 7 ......................................................................... Jabil Circuit * 200 7 ......................................................................... Integrated Silicon Solution * 900 6 ......................................................................... Supertex * 400 5 ......................................................................... DuPont Photomasks * 100 3 ......................................................................... 26 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Micro Linear * 600 $ 3 .......................................................................... 694 ........... Total Technology 4,455 ........... UTILITIES 8.0% .......................................................................... Electric Utilities 2.6% Duke Energy 800 47 .......................................................................... Edison International 1,300 38 .......................................................................... American Electric Power 800 36 .......................................................................... Southern Company 1,300 36 .......................................................................... PG&E 1,100 35 .......................................................................... Dominion Resources 800 33 .......................................................................... PacifiCorp 1,400 32 .......................................................................... AES * 600 32 .......................................................................... Northern States Power 1,000 29 .......................................................................... Consolidated Edison 600 28 .......................................................................... CMS Energy 600 26 .......................................................................... NIPSCO 900 25 .......................................................................... Texas Utilities 600 25 .......................................................................... DTE Energy 600 24 .......................................................................... PP&L Resources 1,000 23 .......................................................................... IPALCO Enterprises 500 22 .......................................................................... Central and South West 800 21 .......................................................................... Entergy 700 20 .......................................................................... FPL Group 300 19 .......................................................................... Niagara Mohawk * 1,200 18 .......................................................................... Carolina Power & Light 400 17 .......................................................................... UNITIL Corp 700 16 .......................................................................... WPS Resources 500 16 .......................................................................... BGE 500 16 .......................................................................... Western Resources 400 16 .......................................................................... Northeast Utilities * 900 15 .......................................................................... Unicom 400 14 .......................................................................... CalEnergy * 400 12 .......................................................................... Illinova 400 12 .......................................................................... DQE 300 11 .......................................................................... Rochester Gas & Electric 300 10 .......................................................................... 27 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Unisource Energy * 500 $ 8 .......................................................................... 732 .......... Telephone and Telegraph 5.4% AT&T 3,500 200 .......................................................................... Bell Atlantic 3,600 164 .......................................................................... SBC Communications 3,700 148 .......................................................................... BellSouth 2,000 134 .......................................................................... GTE 2,000 111 .......................................................................... WorldCom * 2,300 111 .......................................................................... Ameritech 2,300 103 .......................................................................... MCI 1,600 93 .......................................................................... AirTouch Communications * 1,400 82 .......................................................................... Sprint 1,000 71 .......................................................................... U S WEST Communications 1,238 58 .......................................................................... ALLTEL 800 37 .......................................................................... Level 3 Communications * 500 37 .......................................................................... Frontier 800 25 .......................................................................... Teleport Communications Group (Class A) * 400 22 .......................................................................... U. S. Cellular * 700 22 .......................................................................... Century Telephone Enterprises 450 21 .......................................................................... Citizens Utilities * 1,904 18 .......................................................................... NEXTEL Communications * 700 17 .......................................................................... Winstar Communications * 300 13 .......................................................................... EXCEL Communications * 500 11 .......................................................................... Tel-Save Holdings * 700 10 .......................................................................... USCI * 2,300 9 .......................................................................... Telephone and Data Systems 200 8 .......................................................................... Omnipoint * 300 7 .......................................................................... American Communications * 300 7 .......................................................................... General Communication * 1,000 6 .......................................................................... 1,545 .......... Water Utilities 0.0% American Water Works 300 9 .......................................................................... 9 .......... Total Utilities 2,286 .......... 28 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands MISCELLANEOUS 0.1% Peekskill Financial 600 $ 11 .......................................................................... Bayard Drilling * 682 5 .......................................................................... BioReliance * 200 3 .......................................................................... Gulfport Energy * 664 1 .......................................................................... Total Miscellaneous 20 .......... Total Common Stocks (Cost $25,292) 26,754 .......... SHORT-TERM INVESTMENTS 7.3% U.S. GOVERNMENT OBLIGATIONS 0.3% U.S. Treasury Bills, 4.935 - 5.12%, 7/9 - 11/27/98 $ 75,000 74 .......................................................................... 74 .......... MONEY MARKET FUNDS 7.0% Reserve Investment Fund, 5.69% # 1,990,773 1,991 .......................................................................... 1,991 .......... Total Short-Term Investments (Cost $2,065) 2,065 .......... 29 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND
- -------------------------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------------------------- In thousands Total Investments in Securities 101.5% of Net Assets (Cost $27,357) $ 28,819 Futures Contracts In thousands Contract Unrealized Expiration Value Gain (Loss) .......... ........ ........... Long, 4 Standard & Poor's 500 Stock Index contracts, $50,000 of U.S. Treasury Bills pledged as initial margin 9/98 $ 1,143 $ 15 Long, 1 Midcap 400 Stock Index contract, $15,000 of U.S. Treasury Bills pledged as initial margin 9/98 182 6 Long, 1 Russell 2000 Stock Index contract, $10,000 of U.S. Treasury Bills pledged as initial margin 9/98 231 2 Net payments (receipts) of variation margin to date (31) ........... Variation margin receivable (payable) on open futures contracts $ (8) Other Assets Less Liabilities (422) ............. NET ASSETS $ 28,389 ------------- Net Assets Consist of: Accumulated net investment income - net of distributions $ 9 Accumulated net realized gain/loss - net of distributions 77 Net unrealized gain (loss) 1,485 Paid-in-capital applicable to 2,474,520 shares of $0.0001 par value capital stock outstanding; 1,000,000,000 shares authorized 26,818 ............. NET ASSETS $ 28,389 ------------- NET ASSET VALUE PER SHARE $ 11.47 -------------
# Seven-day yield * Non-income producing REIT Real Estate Investment Trust 30 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Unaudited - -------------------------- STATEMENT OF OPERATIONS - ------------------------------------------------------------------------- In thousands 1/30/98 Through 6/30/98 Investment Income Income Dividend $ 104 Interest 36 ............. Total income 140 ............. Expenses Custody and accounting 61 Shareholder servicing 19 Registration 5 Legal and audit 3 Directors 2 Prospectus and shareholder reports 2 Reimbursed by manager (63) ............. Total expenses 29 ............. Net investment income 111 ............. Realized and Unrealized Gain (Loss) Net realized gain (loss) Securities 66 Futures 11 ............. Net realized gain (loss) 77 ............. Change in net unrealized gain or loss Securities 1,462 Futures 23 ............. Change in net unrealized gain or loss 1,485 ............. Net realized and unrealized gain (loss) 1,562 ............. INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS $ 1,673 ------------- The accompanying notes are an integral part of these financial statements. 31 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Unaudited ------------------------------------ STATEMENT OF CHANGES IN NET ASSETS ------------------------------------------------------------------------------ In thousands 1/30/98 Through 6/30/98 Increase (Decrease) in Net Assets Operations Net investment income $ 111 Net realized gain (loss) 77 Change in net unrealized gain or loss 1,485 ............ Increase (decrease) in net assets from operations 1,673 ............ Distributions to shareholders Net investment income (102) ............ Capital share transactions * Shares sold 27,810 Distributions reinvested 99 Shares redeemed (1,093) Redemption fees received 2 ............ Increase (decrease) in net assets from capital share transactions 26,818 ............ Net Assets Increase (decrease) during period 28,389 Beginning of period - ............ End of period $ 28,389 ------------ * Share information Shares sold 2,563 Distributions reinvested 9 Shares redeemed (97) ............ Increase (decrease) in shares outstanding 2,475 The accompanying notes are an integral part of these financial statements. 32 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- Unaudited June 30, 1998 ------------------------------- NOTES TO FINANCIAL STATEMENTS ------------------------------------------------------------------------------- NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES T. Rowe Price Equity Market Index Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940. The Total Equity Market Index Fund (the fund), a diversified, open-end management investment company, is one of the portfolios established by the corporation and commenced operations on January 30, 1998. The accompanying financial statements are prepared in accordance with generally accepted accounting principles for the investment company industry; these principles may require the use of estimates by fund management. Valuation Equity securities listed or regularly traded on a securities exchange are valued at the last quoted sales price on the day the valuations are made. A security which is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for such security. Listed securities not traded on a particular day and securities regularly traded in the over-the-counter market are valued at the mean of the latest bid and asked prices. Other equity securities are valued at a price within the limits of the latest bid and asked prices deemed by the Board of Directors, or by persons delegated by the Board, best to reflect fair value. Short-term debt securities are valued at amortized cost which, when combined with accrued interest, approximates fair value. Investments in mutual funds are valued at the closing net asset value per share of the mutual fund on the day of valuation. Financial futures contracts are valued at closing settlement prices. Assets and liabilities for which the above valuation procedures are inappropriate or are deemed not to reflect fair value are stated at fair value as determined in good faith by or under the supervision of the officers of the fund, as authorized by the Board of Directors. Premiums and Discounts Premiums and discounts on debt securities are amortized for both financial reporting and tax purposes. Other Income and expenses are recorded on the accrual basis. Investment transactions are accounted for on the trade date. Realized gains and losses are reported on the identified cost basis. Dividend income and distributions to 33 T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND - -------------------------------------------------------------------------------- shareholders are recorded by the fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with federal income tax regulations and may differ from those determined in accordance with generally accepted accounting principles. Payments ("variation margin") made or received by the fund to settle the daily fluctuations in the value of futures contracts are recorded as unrealized gains or losses until the contracts are closed. Unrealized gains and losses on contracts are included in Change in net unrealized gain or loss in the accompanying financial statements. NOTE 2 - INVESTMENT TRANSACTIONS Consistent with its investment objective, the fund engages in the following practices to manage exposure to certain risks or enhance performance. The investment objective, policies, program, and risk factors of the fund are described more fully in the fund's prospectus and Statement of Additional Information. Futures Contracts At June 30, 1998, 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. Other Purchases and sales of portfolio securities, other than short-term securities, aggregated $25,530,000 and $313,000, respectively, for the six months ended June 30, 1998. NOTE 3 - FEDERAL INCOME TAXES No provision for federal income taxes is required since the fund intends to qualify as a regulated investment company and distribute all of its taxable income. At June 30, 1998, the aggregate cost of investments for federal income tax and financial reporting purposes was $27,357,000, and net unrealized gain aggregated $1,462,000, of which $2,246,000 related to appreciated investments and $784,000 to depreciated investments. 34 T. ROWE PRICE TOTAL EQUITY MARKET INDEX Fund - -------------------------------------------------------------------------------- NOTE 4 - RELATED PARTY TRANSACTIONS The investment management and administrative agreement between the fund and T. Rowe Price Associates, Inc. (the manager) provides for an all-inclusive annual fee. The fee, computed daily and paid monthly, is equal to 0.40% of the fund's average daily net assets. Pursuant to the agreement, investment management, shareholder servicing, transfer agency, accounting, and custody services are provided to the fund, and interest, taxes, brokerage commissions, and extraordinary expenses are paid directly by the fund. The fund may invest in the Reserve Investment Fund and Government Reserve Investment Fund (collectively, the Reserve Funds), open-end management investment companies managed by T. Rowe Price Associates, Inc. The Reserve Funds are offered as cash management options only to mutual funds and other accounts managed by T. Rowe Price and its affiliates and are not available to the public. The Reserve Funds pay no investment management fees. Distributions from the Reserve Funds to the fund for the six months ended June 30, 1998, totaled $35,000 and are reflected as interest income in the accompanying Statement of Operations. 35 For yield, price, last transaction, Investor Centers: current balance, or to conduct 101 East Lombard St. transactions, 24 hours, 7 days Baltimore, MD 21202 a week, call Tele*Access(R): 1-800-638-2587 toll free T. Rowe Price Financial Center For assistance 10090 Red Run Blvd. with your existing Owings Mills, MD 21117 fund account, call: Shareholder Service Center Farragut Square 1-800-225-5132 toll free 900 17th Street, N.W. 410-625-6500 Baltimore area Washington, D.C. 20006 To open a Discount Brokerage ARCO Tower account or obtain information, 31st Floor call: 1-800-638-5660 toll free 515 South Flower St. Los Angeles, CA 90071 Internet address: www.troweprice.com 4200 West Cypress St. 10th Floor T. Rowe Price Associates Tampa, FL 33607 100 East Pratt Street Baltimore, Maryland 21202 This report is authorized for distribution only to shareholders and to others who have received a copy of the prospectus of the T. Rowe Price Equity Market Index Funds. [LOGO OF T. ROWE PRICE INVESTMENT SERVICES, INC., APPEARS HERE] T. Rowe Price Investment Services, Inc., Distributor. F23-051 6/30/98 -----END PRIVACY-ENHANCED MESSAGE-----