-----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, IelKJbxLWdCRA5MY9fftvyBM4Aj93hGdUf0eOM877xSu0pgUCdYE9rXEzcjUS1we JAjuJXSmDJLJx0I4jEl7GA== 0001089355-05-000048.txt : 20050331 0001089355-05-000048.hdr.sgml : 20050331 20050331173204 ACCESSION NUMBER: 0001089355-05-000048 CONFORMED SUBMISSION TYPE: N-14 PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20050331 DATE AS OF CHANGE: 20050331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T ROWE PRICE US BOND INDEX FUND INC CENTRAL INDEX KEY: 0001120924 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-14 SEC ACT: 1933 Act SEC FILE NUMBER: 333-123729 FILM NUMBER: 05722140 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT ST. CITY: BALTIMORE STATE: MD ZIP: 21202 MAIL ADDRESS: STREET 1: 100 EAST PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE INDEX TRUST INC CENTRAL INDEX KEY: 0000858581 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-14 SEC ACT: 1933 Act SEC FILE NUMBER: 333-123728 FILM NUMBER: 05722139 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 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T ROWE PRICE INTERNATIONAL INDEX FUND INC CENTRAL INDEX KEY: 0001120925 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-14 SEC ACT: 1933 Act SEC FILE NUMBER: 333-123730 FILM NUMBER: 05722141 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT ST. CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4103454598 MAIL ADDRESS: STREET 1: 100 EAST PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 N-14 1 n-14.htm FORM N-14

As filed on March 31, 2005

U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-14

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 /X/
Pre-Effective Amendment No. o
Post-Effective Amendment No. o
(Check appropriate box or boxes)

T. ROWE PRICE INDEX TRUST, INC.
(Exact Name of Registrant as Specified in Charter)

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 x
Pre-Effective Amendment No.o
Post-Effective Amendment No. o
(Check appropriate box or boxes)

T. ROWE PRICE U.S. BOND INDEX FUND, INC.
(Exact Name of Registrant as Specified in Charter)

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933/X/
Pre-Effective Amendment No. o
Post-Effective Amendment No. o
(Check appropriate box or boxes)

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
(Exact Name of Registrant as Specified in Charter)

410-345-2000
(Area Code and Telephone Number)

100 East Pratt Street
Baltimore, MD 21202
Address of Principal Executive Offices:
(Number, Street, City, State, Zip Code)

Henry H. Hopkins, Esq.
Vice President, T. Rowe Price Index Trust, Inc.
Vice President, T. Rowe Price U.S. Bond Index, Inc.
Vice President, T. Rowe Price International Index Fund, Inc.
100 East Pratt Street, Baltimore, MD 21202
Name and Address of Agent for Service:
(Number and Street) (City) (State) (Zip Code)

Copies to:
Michele R. Teichner
TD Waterhouse Asset Management, Inc.
100 Wall Street
New York, NY 10005

Approximate Date of Proposed Public Offering: June 17, 2005

Title of the securities being registered: Shares of common stock, par value $0.01 per share of the T. Rowe Price Equity Index 500 Fund and T. Rowe Price Extended Equity Market Index Fund of T. Rowe Price Index Trust, Inc., par value $0.0001 per share of T. Rowe Price U.S. Bond Index Fund, Inc., and par value $0.0001 per share of theT. Rowe Price International Equity Index Fund of T. Rowe Price International Index Fund, Inc. Registrants have registered an indefinite amount of securities pursuant to Rule 24f-2 under the Investment Company Act of 1940, as amended; accordingly, no filing fee is payable herewith in reliance upon Section 24(f).

It is proposed that this filing will become effective on April 30, 2005 pursuant to Rule 488.

TD WATERHOUSE TRUST

Bond Index Fund
Dow 30 Fund
500 Index Fund
Extended Market Index Fund
Asian Pacific Index Fund
European Index Fund

Dear Shareholder:

Each of your Funds will hold a Joint Special Meeting of Shareholders on June 7, 2005 at 10:00 a.m., Eastern Time, at the offices of TD Waterhouse Trust, 100 Wall Street, 25^th Floor, New York, New York 10005. If you are a shareholder of record as of the close of business on April 15, 2005, you are entitled to vote at the Meeting on a proposal affecting your Fund. At the Meeting, shareholders will be asked to vote on the following:

1. For each Fund, the approval or disapproval of an Agreement and Plan of Reorganization that would reorganize your Fund with a mutual fund advised by T. Rowe Price Associates, Inc. or T. Rowe Price International, Inc. (“T. Rowe Price”). In connection with each reorganization, you will receive shares of a T. Rowe Price fund in exchange for shares of your Fund. These shares will have the same aggregate net asset value as the shares of your Fund immediately prior to the reorganization. This means that you may end up with a different number of shares compared to what you originally held, but the total dollar value of your shares will be the same.

2. For the TD Waterhouse Dow 30 Fund (“Dow 30 Fund”) only, the approval or disapproval of a change in the fundamental investment objective of the Dow 30 Fund, from seeking to match the total return of the Dow Jones Industrial Average^SM (before Fund expenses) to seeking to match the performance of the Standard & Poor’s 500 Composite Stock Price Index. If approved, this change will be implemented approximately two weeks prior to the consummation of the reorganization of the Dow 30 Fund with a T. Rowe Price fund. However, this proposal is specifically contingent on Dow 30 Fund shareholders approving the reorganization of the Dow 30 Fund described in No. 1 above. Therefore, if the reorganization of the Dow 30 Fund is not approved by shareholders, then the change in investment objective of the Dow 30 Fund will not take effect even if it is approved by shareholders.

3. Any other business properly brought before the meeting, including any adjournments or postponements of the meeting.

The accompanying proxy statement and prospectus includes a detailed description of each proposal. Please read the enclosed materials carefully and cast your vote. Remember, your vote is extremely important, no matter how large or small your holdings. By voting now, you can help avoid additional costs that would be incurred with follow-up letters and calls.

	Very truly yours,


	Marc Schuman
	Secretary, TD Waterhouse Trust

TD WATERHOUSE TRUST

Bond Index Fund
Dow 30 Fund
500 Index Fund
Extended Market Index Fund
Asian Pacific Index Fund
European Index Fund

IMPORTANT NEWS FOR SHAREHOLDERS

While we encourage you to read the full text of the enclosed Proxy Statement and Prospectus, here is a brief overview of some matters affecting your Fund that require a shareholder vote.

Q&A: QUESTIONS AND ANSWERS

Q. WHAT IS HAPPENING?

Due in large part to a refocusing by the TD Waterhouse organization on its core business, the management and Trustees of TD Waterhouse Trust have decided to reorganize each of the six portfolios (“TDW Funds”) of TD Waterhouse Trust with an index fund advised by T. Rowe Price Associates, Inc. (“T. Rowe Price”) or T. Rowe Price International, Inc. (“T. Rowe Price International”). You are being asked to vote on this proposal for each TDW Fund of which you are a shareholder. We refer to each fund advised by T. Rowe Price or T. Rowe Price International as a “Price Fund,” and each proposed transaction between a TDW Fund and a Price Fund as a “Reorganization.”

Q. WHAT ARE THE REORGANIZATIONS?

A.	Pursuant to each Reorganization, your TDW Fund will be combined with a Price Fund, and you will automatically become a shareholder of the Price Fund. The Board of Trustees of TD Waterhouse Trust (the “TDW Board”) unanimously approved each Reorganization.

	Shareholders of each TDW Fund are being asked to approve the Reorganization relating to that TDW Fund. The attached Proxy Statement and Prospectus describes each proposed Reorganization. Specifically, you will find information relating to the following Reorganizations:

TDW Fund:	Price Fund:

TD Waterhouse Bond Index Fund	T. Rowe Price U.S. Bond Index Fund
TD Waterhouse Dow 30 Fund	T. Rowe Price Equity Index 500 Fund
TD Waterhouse 500 Index Fund	T. Rowe Price Equity Index 500 Fund
TD Waterhouse Extended Market Index Fund	T. Rowe Price Extended Equity Market Index Fund
TD Waterhouse Asian Pacific Index Fund	T. Rowe Price International Equity Index Fund
TD Waterhouse European Index Fund	T. Rowe Price International Equity Index Fund


	The Board of Trustees of TD Waterhouse Trust, including all of the Independent Trustees, unanimously recommends that you vote FOR the Reorganization.

Q. DOES THE PRICE FUND SEEK TO TRACK THE SAME INDEX AS THE RESPECTIVE TDW FUND?

A.	It is proposed that the TD Waterhouse Bond Index Fund, TD Waterhouse 500 Index Fund and TD Waterhouse Extended Market Index Fund reorganize with a Price Fund that seeks to track the same index. It is proposed that the other three TDW Funds reorganize with a Price Fund that seeks to track a different index, as listed below.


TDW FUND	CURRENT INDEX	INDEX OF PRICE FUND

TD Waterhouse Dow 30 Fund	Dow Jones Industrial Average^SM	Standard & Poor’s 500 Composite Stock Price Index

TD Waterhouse Asian Pacific Index Fund	Morgan Stanley Capital International Pacific Index	FTSE™ Developed ex North America Index

TD Waterhouse European Index Fund	Morgan Stanley Capital International Europe Index	FTSE™ Developed ex North America Index


	The TDW Board considered the proposed change in the index for these TDW Funds, and concluded that the Reorganization with the respective Price Fund was in the best interests of each TDW Fund and its shareholders. Approximately two weeks prior to consummation of the Reorganization of each of the TD Waterhouse Dow 30 Fund and TD Waterhouse Asian Pacific Index Fund, the TDW Fund’s portfolio will be realigned to correspond with the new index. No such changes will be made to the TD Waterhouse European Index Fund’s portfolio prior to the consummation of the Reorganization.

Q.	WHY ARE SHAREHOLDERS OF THE TD WATERHOUSE DOW 30 FUND BEING ASKED TO VOTE ON A CHANGE IN THE FUND’S INVESTMENT OBJECTIVE?

A.	The investment objective of the TD Waterhouse Dow 30 Fund has been designated as a fundamental policy of the Fund. Under the Investment Company Act of 1940, a fundamental policy may be changed only with approval from both the Trustees and the shareholders. As indicated above, this change is necessary so that the TD Waterhouse Dow 30 Fund can realign its portfolio in anticipation of a reorganization with a Price Fund that seeks to match the performance of the Standard & Poor’s 500 Composite Stock Price Index.

Q. HOW WILL THE REORGANIZATION AFFECT MY ACCOUNT?

If shareholders of a TDW Fund approve the Reorganization affecting the Fund, TDW Fund shares will be exchanged, on a tax-free basis, for an equal aggregate dollar value of shares of a Price Fund. This means that you may end up with a different number of shares compared to what you originally held, but the total dollar value of your shares will be the same. However, for the purpose of calculating the dollar value of your shares with respect to the Reorganization, the net asset value of a TDW Fund share will be determined in accordance with the procedures described in the Price Funds Prospectus and Statement of Additional Information and in accordance with the Price Funds valuation procedures.

Q. WHY DOES THE TDW BOARD RECOMMEND APPROVAL OF THE REORGANIZATIONS?

Your Board has based this recommendation on its consideration of a number of factors, including the following: after each Reorganization, shareholders of each TDW Fund would remain invested in an index fund that seeks to track the same or a comparable index; the fees and expenses of each Price Fund are the same or lower in the aggregate than those of the respective TDW Fund; potential benefits to shareholders, such as the services available to shareholders of Price Funds; and the fact that the interests of TDW Fund shareholders will not be diluted as a result of a Reorganization. After each Reorganization, shareholders of each TDW Fund will hold shares of the same aggregate net asset value in a Price Fund.

Q. WHO WILL MANAGE MY FUND AFTER THE REORGANIZATION?

TD Waterhouse Asset Management, Inc. (“TDWAM”) currently manages the assets of each TDW Fund. TDWAM has delegated responsibility for providing investment advice to each TDW Fund other than the TD Waterhouse Dow 30 Fund to an affiliated sub-adviser, TD Investment Management Inc. After completion of the Reorganizations, T. Rowe Price will manage the assets of each TDW Fund, except for the TD Waterhouse Asian Pacific Index Fund and TD Waterhouse European Index Fund which will be managed by T. Rowe Price International, in each case as part of the respective Price Fund.

Q. WILL THE REORGANIZATIONS BE TAX-FREE?

The Reorganizations will be accomplished, in the opinion of counsel, on a tax-free basis. This means that you should not recognize any capital gains (or losses), for federal income tax purposes, when your TDW Fund shares are exchanged for Price Fund shares. It should be noted, however, that there may be tax consequences to shareholders from the realignment of the portfolios of the TDW Funds prior to the consummation of the Reorganization.

Q. HOW DOES THE TDW BOARD RECOMMEND THAT I VOTE?

After careful consideration, based upon their evaluation of all relevant information, and after meeting with counsel to the Independent Trustees regarding the legal issues involved, the TDW Board, including the Independent Trustees, recommends that you vote FOR all of the proposals on the enclosed proxy card.

Q. WHAT HAPPENS IF ANY OF THE PROPOSALS ARE NOT APPROVED BY SHAREHOLDERS?

Each Reorganization is a separate transaction and is not dependent on any other Reorganization being approved. The Reorganization of the TD Waterhouse Dow 30 Fund is, however, dependent on Proposal 2 being approved by shareholders of that Fund. If a Reorganization is not approved by shareholders, the TDW Board will determine what, if any, additional action should be taken.

Q. WHO GETS TO VOTE?

A.	If you owned shares of a TDW Fund at the close of business on April 15, 2005, you are entitled to vote with respect to your Fund, even if you later sold the shares. Each share of a TDW Fund is entitled to one vote, with fractional shares voting proportionally.

Q. WHY ARE MULTIPLE PROXY CARDS ENCLOSED?

A.	If you are a shareholder of more than one of the TDW Funds, you will receive a proxy card for each TDW Fund in which you own shares.

Q. I’M A SMALL INVESTOR. WHY SHOULD I VOTE?

A.	Your vote makes a difference. If many small shareholders just like you fail to vote their proxies, your Fund may not receive enough votes to go forward with the Joint Special Meeting of Shareholders and additional costs will be incurred through further proxy solicitations.

Q. HOW DO I VOTE?

A.	You have several different ways to vote. They include mail, speaking with a representative on the telephone, and voting on-line over the Internet. If you need more information or have any questions on how to vote, call [ _______ ]. If you have any questions on a proposal, please call TD Waterhouse Trust’s information agent, [ _______ ], at [ _______ ].

	Your vote is important. Please vote promptly to avoid the additional expense of another solicitation.

TD WATERHOUSE TRUST

Bond Index Fund
Dow 30 Fund
500 Index Fund
Extended Market Index Fund
Asian Pacific Index Fund
European Index Fund
100 Wall Street
New York, New York 10005

NOTICE OF JOINT SPECIAL MEETING OF SHAREHOLDERS

TO BE HELD ON JUNE 7, 2005

To our Shareholders:

NOTICE IS HEREBY GIVEN that a Joint Special Meeting of Shareholders (the “Meeting”) of TD Waterhouse Bond Index Fund, TD Waterhouse Dow 30 Fund, TD Waterhouse 500 Index Fund, TD Waterhouse Extended Market Index Fund, TD Waterhouse Asian Pacific Index Fund and TD Waterhouse European Index Fund (the “TDW Funds” or the “Acquired Funds”) of TD Waterhouse Trust will be held at the offices of TD Waterhouse Trust, 100 Wall Street, 25^th Floor, New York, New York 10005 on June 7, 2005 at 10:00 a.m. Eastern Time, for the following purposes:

	(1)(a) TD Waterhouse Bond Index Fund (“TDW Bond Index Fund”): to approve or disapprove an Agreement and Plan of Reorganization (the “Agreement and Plan”) providing for the acquisition of substantially all of the assets of the TDW Bond Index Fund by the T. Rowe Price U.S. Bond Index Fund (the “Price Bond Index Fund”), solely in exchange for an equal aggregate value of newly issued shares of the Price Bond Index Fund, as described in the accompanying proxy statement and prospectus. The Agreement and Plan also provides for distribution of the shares of the Price Bond Index Fund to shareholders of the TDW Bond Index Fund. A vote in favor of this proposal will constitute a vote in favor of the termination of the TDW Bond Index Fund as a separate investment portfolio of TD Waterhouse Trust;

	(b) TD Waterhouse Dow 30 Fund (“TDW Dow 30 Fund”): to approve or disapprove the Agreement and Plan providing for the acquisition of substantially all of the assets of the TDW Dow 30 Fund by the T. Rowe Price Equity Index 500 Fund (the “Price Equity Index 500 Fund”), solely in exchange for an equal aggregate value of newly issued shares of the Price Equity Index 500 Fund, as described in the accompanying proxy statement and prospectus. The Agreement and Plan also provides for distribution of the shares of the Price Equity Index 500 Fund to shareholders of the TDW Dow 30 Fund. Approval of Proposal 2 below by shareholders of the TDW Dow 30 Fund is a condition to the consummation of the Agreement and Plan for the TDW Dow 30 Fund. A vote in favor of this proposal will constitute a vote in favor of the termination of the TDW Dow 30 Fund as a separate investment portfolio of TD Waterhouse Trust;

	(c) TD Waterhouse 500 Index Fund (“TDW 500 Index Fund”): to approve or disapprove the Agreement and Plan providing for the acquisition of substantially all of the assets of the TDW 500 Index Fund by the Price Equity Index 500 Fund, solely in exchange for an equal aggregate value of newly issued shares of the Price Equity Index 500 Fund, as described in the accompanying proxy statement and prospectus. The Agreement and Plan also provides for distribution of the shares of the Price Equity Index 500 Fund to shareholders of the TDW 500 Index Fund. A vote in favor of this proposal will constitute a vote in favor of the termination of the TDW 500 Index Fund as a separate investment portfolio of TD Waterhouse Trust;

                (d)           TD Waterhouse Extended Market Index Fund (“TDW Extended Market Index Fund”): to approve or disapprove the Agreement and Plan providing for the acquisition of substantially all of the assets of the TDW Extended Market Index Fund by the T. Rowe Price Extended Equity Market Index Fund (the “Price Extended Market Index Fund”), solely in exchange for an equal aggregate value of newly issued shares of the Price Extended Market Index Fund, as described in the accompanying proxy statement and prospectus. The Agreement and Plan also provides for distribution of the shares of the Price Extended Market Index Fund to shareholders of the TDW Extended Market Index Fund. A vote in favor of this proposal will constitute a vote in favor of the termination of the TDW Extended Market Index Fund as a separate investment portfolio of TD Waterhouse Trust;

                (e)           TD Waterhouse Asian Pacific Index Fund (“TDW Asian Pacific Index Fund”): to approve or disapprove the Agreement and Plan providing for the acquisition of substantially all of the assets of the TDW Asian Pacific Index Fund by the T. Rowe Price International Equity Index Fund (the “Price International Index Fund”), solely in exchange for an equal aggregate value of newly issued shares of the Price International Index Fund, as described in the accompanying proxy statement and prospectus. The Agreement and Plan also provides for distribution of the shares of the Price International Index Fund to shareholders of the TDW Asian Pacific Index Fund. A vote in favor of this proposal will constitute a vote in favor of the termination of the TDW Asian Pacific Index Fund as a separate investment portfolio of TD Waterhouse Trust; and

                (f)            TD Waterhouse European Index Fund (“TDW European Index Fund”): to approve or disapprove the Agreement and Plan providing for the acquisition of substantially all of the assets of the TDW European Index Fund by the Price International Index Fund, solely in exchange for an equal aggregate value of newly issued shares of the Price International Index Fund, as described in the accompanying proxy statement and prospectus. The Agreement and Plan also provides for distribution of the shares of the Price International Index Fund to shareholders of the TDW European Index Fund. A vote in favor of this proposal will constitute a vote in favor of the termination of the TDW European Index Fund as a separate investment portfolio of TD Waterhouse Trust.

                (2)           TDW Dow 30 Fund: to approve or disapprove a change of the fundamental investment objective of the TDW Dow 30 Fund from one that seeks to track closely the total return of the Dow Jones Industrial Average^SM to one that seeks to match the performance of the Standard & Poor’s 500 Composite Stock Price Index. Approval of this proposal is a condition to consummation of the reorganization described in Proposal 1(b). However, this proposal is specifically contingent on approval of Proposal 1(b) regarding the reorganization of the TDW Dow 30 Fund. Therefore, if Proposal 1(b) is not approved by TDW Dow 30 Fund shareholders, then a change in the investment objective of the TDW Dow 30 Fund will not take effect even if it is approved by TDW Dow 30 Fund shareholders.

                (3)           To transact such other business as properly may come before the Meeting or any adjournment or postponements thereof.

The Board of Trustees of TD Waterhouse Trust has fixed the close of business on April 15, 2005 as the record date for the determination of shareholders entitled to notice of, and to vote at, the Meeting or any adjournment thereof.

You are cordially invited to attend the Meeting. Shareholders who do not expect to attend the Meeting in person are requested to complete, date and sign the enclosed respective form of proxy and return it promptly in the postage-paid envelope provided for that purpose. Alternatively, to vote via telephone or the Internet, please refer to the enclosed respective form of proxy.

Each of the enclosed proxies is being solicited on behalf of the Board of Trustees of TD Waterhouse Trust.

The Board of Trustees of TD Waterhouse Trust unanimously recommends that the shareholders of each Acquired Fund approve the Agreement and Plan of Reorganization.

	By Order of the Board of Trustees of TD Waterhouse Trust,

	Marc Schuman
	Secretary, TD Waterhouse Trust

New York, New York
Dated: [ ________ ___ ], 2005

COMBINED PROXY STATEMENT AND PROSPECTUS

T. ROWE PRICE INDEX FUNDS
T. ROWE PRICE EQUITY INDEX 500 FUND
T. ROWE PRICE EXTENDED EQUITY MARKET INDEX FUND
T. ROWE PRICE INTERNATIONAL EQUITY INDEX FUND
T. ROWE PRICE U.S. BOND INDEX FUND

TD WATERHOUSE TRUST

JOINT SPECIAL MEETING OF SHAREHOLDERS OF
BOND INDEX FUND
DOW 30 FUND
500 INDEX FUND
EXTENDED MARKET INDEX FUND
ASIAN PACIFIC INDEX FUND
AND
EUROPEAN INDEX FUND
OF
TD WATERHOUSE TRUST

[ ], 2005

This Proxy Statement and Prospectus is furnished to you because you are a shareholder of one or more of the TD Waterhouse Funds referenced above. TD Waterhouse Trust is holding a Joint Special Meeting of Shareholders (the “Meeting”) on June 7, 2005 to consider the proposals described in this Proxy Statement and Prospectus.

Your Board of Trustees is seeking your approval of a transaction involving your Fund. Under the proposal, your Fund would reorganize with a comparable T. Rowe Price Fund, as set out in the chart below. If a reorganization is approved by shareholders, you will become a shareholder of the fund listed opposite your Fund’s name.

Your Fund (“TDW Funds”)	T. Rowe Price Fund (“Price Funds”)

TD Waterhouse Bond Index Fund	T. Rowe Price U.S. Bond Index Fund
TD Waterhouse Dow 30 Fund	T. Rowe Price Equity Index 500 Fund
TD Waterhouse 500 Index Fund	T. Rowe Price Equity Index 500 Fund
TD Waterhouse Extended Market Index Fund	T. Rowe Price Extended Equity Market Index Fund
TD Waterhouse Asian Pacific Index Fund	T. Rowe Price International Equity Index Fund
TD Waterhouse European Index Fund	T. Rowe Price International Equity Index Fund

This Proxy Statement and Prospectus serves as a prospectus of each Price Fund under the Securities Act of 1933, as amended (the “Securities Act”), in connection with the issuance of shares to you pursuant to the terms of the reorganizations.

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION, NOR HAS THE SECURITIES AND EXCHANGE COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROXY STATEMENT AND PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

The Date of this Proxy Statement and Prospectus is [ ], 2005.

TABLE OF CONTENTS

	PAGE
INTRODUCTION	4
SUMMARY	5
THE REORGANIZATIONS	5
What Shareholders of an Acquired Fund Will Receive in a Reorganization	5
Reasons for the Reorganizations	5
FEE TABLES AND EXAMPLES	7
THE FUNDS	18
Business of the Acquired Funds	18
Business of the Acquiring Funds	18
Comparison of the Funds	18
PRINCIPAL RISK FACTORS AND SPECIAL CONSIDERATIONS	24
All Funds	24
Bond Index Funds	24
Equity Index Funds	25
Extended Index Funds	25
International Index Funds	25
PROPOSAL NO. 1: APPROVAL OF THE PLANS	26
THE REORGANIZATIONS	26
General	26
Terms of the Plans	26
TDW Board Considerations: Potential Benefits to Shareholders as a Result of the Reorganizations	28
Federal Income Tax Consequences of the Reorganizations	29
Capitalization	31
COMPARISON OF THE FUNDS	32
Investment Policies	32
Directors and Officers	32
Management and Administrative Arrangements	33
Distribution and Shareholder Servicing Arrangements	35
Other Service Agreements with Affiliates	35
Purchase, Exchange and Redemption of Shares	35
Performance	37
Tax Information	42
Portfolio Transactions	42
Additional Information	43
PROPOSAL NO. 2: APPROVAL OF A CHANGE IN THE FUNDAMENTAL INVESTMENT OBJECTIVE
OF THE TDW DOW 30 FUND	44
Comparison of Current and Amended Investment Objectives	44
TDW Board Considerations in Approving Change in Investment Objective	44
GENERAL	45
INFORMATION CONCERNING THE MEETING	45
Date, Time and Place of Meeting	45
Solicitation, Revocation and Use of Proxies	45
Record Date and Outstanding Shares	45
Security Ownership of Certain Beneficial Owners and Management of the Funds	45
Voting Rights and Required Vote	46
ADDITIONAL INFORMATION	47
LEGAL PROCEEDINGS	47
LEGAL OPINIONS	48
EXPERTS	48
SHAREHOLDER PROPOSALS	48

EXHIBIT I 49

TD Waterhouse Trust and each of T. Rowe Price Index Trust, Inc., T. Rowe Price International Index Fund, Inc. and T. Rowe Price U.S. Bond Index Fund, Inc. (the “Price Corporations”) are open-end series management investment companies. TD Waterhouse Trust is organized as a Delaware statutory trust. Each TDW Fund is a series of TD Waterhouse Trust. The Price Corporations are each organized as a Maryland corporation. Each Price Fund is a series of a Price Corporation.

This Proxy Statement and Prospectus sets forth concisely the information about the Price Funds that you should know before considering a reorganization and should be retained for future reference. TD Waterhouse Trust has authorized the solicitation of proxies solely on the basis of this Proxy Statement and Prospectus and the accompanying documents.

The following documents are included in the package of documents that you received with this Proxy Statement and Prospectus:

	•	The prospectus relating to the Price Funds, dated March 1, 2005 (T. Rowe Price U.S. Bond Index Fund and T. Rowe Price International Equity Index Fund, or the “Price Bond and International Index Funds”) and [May 1, 2005] (T. Rowe Price Equity Index 500 Fund and T. Rowe Price Extended Equity Market Index Fund, or the “Price U.S. Equity Index Funds”), as supplemented (the “Acquiring Funds Prospectus”). These documents are incorporated herein by reference (legally considered to be a part of this Proxy Statement and Prospectus).

	•	The Annual Reports to Shareholders of the Price Funds for the year ended October 31, 2004 (Price Bond and International Index Funds) and December 31, 2004 (Price U.S. Equity Index Funds). These documents are incorporated herein by reference (legally considered to be a part of this Proxy Statement and Prospectus).

Additional information about the proposed transactions is contained in a statement of additional information relating to this Proxy Statement and Prospectus (the “Statement of Additional Information”), including pro forma financial statements giving effect to the consummation of the respective reorganization of each of the TDW Bond Index Fund, TDW Extended Market Index Fund, TDW Asian Pacific Index Fund and TDW European Index Fund, and is on file with the Securities and Exchange Commission (the “Commission”). The Statement of Additional Information is available without charge, upon request by calling one of the toll free numbers set forth below or by writing TDW Funds or Price Funds at the addresses set forth below. The Statement of Additional Information, dated [ ____________ ], is incorporated by reference into this Proxy Statement and Prospectus.

Other documents containing information about the Funds have been filed with the Commission. These other documents are available without charge by writing to the address or calling the toll free number set forth below:

If they relate to TDW Funds:	If they relate to Price Funds:

TD Waterhouse Investor Services, Inc	T. Rowe Price Associates, Inc.
Mutual Fund Services	100 East Pratt Street
P.O. Box 2630	Baltimore, Maryland 21202
Jersey City, New Jersey 07308-2630	1-800-225-5132
1-800-934-4448

These documents are:

	•	A statement of additional information relating to the Price Funds, dated March 1, 2005, as supplemented (the “Acquiring Funds Statement”).

	•	The current prospectus relating to the TDW Funds, dated May 28, 2004, as supplemented (the “Acquired Funds Prospectus”).

• A statement of additional information relating to the TDW Funds, dated May 28, 2004, as supplemented (the “Acquired Funds Statement”).

• The Annual Report to Shareholders of the TDW Funds for the year ended January 31, 2005.

The Commission maintains a web site (http://www.sec.gov) that contains the Acquiring Funds Prospectus, the Acquired Funds Prospectus, the Acquiring Funds Statement, the Acquired Funds Statement, other material incorporated by reference and other information regarding the Funds.

The address of the principal executive offices of the Price Corporations is 100 East Pratt Street, Baltimore, Maryland 21202, the telephone number is 1-800-225-5132 and the web address is http://www.troweprice.com. The address of the principal executive offices of the TDW Funds is 100 Wall Street, New York, New York 10005, the telephone number is 1-800-934-4448 and the web address is http://www.tdwaterhouse.com.

The shareholders solicited and entitled to vote on Proposals 1(a), 1(b), 1(c), 1(d), 1(e), 1(f) and 2 of this Proxy Statement and Prospectus are outlined in the following table:

		Proposal	Fund
1.	(a)	Approval of Agreement and Plan of Reorganization relating to the TD Waterhouse Bond Index Fund (“TDW Bond Index Fund”)	TDW Bond Index Fund

	(b)	Approval of Agreement and Plan of Reorganization relating to TD Waterhouse Dow 30 Fund (“TDW Dow 30 Fund”)	TDW Dow 30 Fund

	(c)	Approval of Agreement and Plan of Reorganization relating to TD Waterhouse 500 Index Fund (“TDW 500 Index Fund”)	TDW 500 Index Fund

	(d)	Approval of Agreement and Plan of Reorganization relating to TD Waterhouse Extended Market Index Fund (“TDW Extended Market Index Fund”)	TDW Extended Market Index Fund

	(e)	Approval of Agreement and Plan of Reorganization relating to TD Waterhouse Asian Pacific Index Fund (“TDW Asian Pacific Index Fund”)	TDW Asian Pacific Index Fund

	(f)	Approval of Agreement and Plan of Reorganization relating to TD Waterhouse European Index Fund (“TDW European Index Fund”)	TDW European Index Fund

2.		Approval of change in fundamental investment objective of TDW Dow 30 Fund	TDW Dow 30 Fund

INTRODUCTION

This Proxy Statement and Prospectus is furnished in connection with the solicitation of proxies on behalf of the Board of Trustees of TD Waterhouse Trust (the “TDW Board”) for use at the Meeting to be held at the offices of TD Waterhouse Trust, 100 Wall Street, 25^th Floor, New York, New York 10005 on June 7, 2005, at 10:00 a.m., Eastern Time. The mailing address for TD Waterhouse Trust is 100 Wall Street, New York, New York 10005. The approximate mailing date of this Proxy Statement and Prospectus is [ ________ ], 2005.

Before we describe the proposals any further, we need to define certain words or phrases that are used in this Proxy Statement and Prospectus:

Acquired Fund: Your Fund, which is a portfolio of TD Waterhouse Trust.

Acquiring Fund: The portfolio of either the T. Rowe Price Index Trust, Inc., T. Rowe Price International Index Fund, Inc. or T. Rowe Price U.S. Bond Index Fund, Inc. that is acquiring the assets of an Acquired Fund.

Bond Index Combined Fund: The T. Rowe Price U.S. Bond Index Fund after the Reorganization.

Bond Index Funds: The TD Waterhouse Bond Index Fund and the T. Rowe Price U.S. Bond Index Fund.

Combined Fund: The Acquiring Fund after completion of the Reorganization.

Equity Index Funds: The TD Waterhouse 500 Index Fund, the TD Waterhouse Dow 30 Fund and the T. Rowe Price Equity Index 500 Fund.

Equity Index Combined Fund: The T. Rowe Price Equity Index 500 Fund after the Reorganization.

Extended Equity Market Index Combined Fund: The T. Rowe Price Extended Equity Market Index Fund after the Reorganization.

Extended Index Funds: The TD Waterhouse Extended Market Index Fund and the T. Rowe Price Extended Equity Market Index Fund.

Fund: Either the Acquired Fund or Acquiring Fund, depending on the context.

International Equity Index Combined Fund: The T. Rowe Price International Equity Index Fund after the Reorganization.

International Index Funds: The TD Waterhouse Asian Pacific Index Fund, the TD Waterhouse European Index Fund and the T. Rowe Price International Equity Index Fund.

Investment Company Act: The Investment Company Act of 1940, as amended.

“Majority Shareholder Vote” shall mean the lesser of (i) more than 50% of the outstanding shares of the respective Acquired Fund or (ii) 67% or more of the shares of the respective Acquired Fund present at the Meeting, if more than 50% of such shares are present or represented by proxy.

Plan: The Agreement and Plans of Reorganization, which sets forth the terms of each Reorganization and is being submitted for shareholder approval.

Reorganization: The transaction through which the assets of an Acquired Fund will be acquired by an Acquiring Fund and shareholders of an Acquired Fund will become shareholders of an Acquiring Fund.

TDW Board: The Board of Trustees of TD Waterhouse Trust.

SUMMARY

The following is a summary of certain information contained elsewhere in this Proxy Statement and Prospectus (including documents incorporated by reference) and is qualified in its entirety by reference to the more complete information contained in this Proxy Statement and Prospectus and in the Plan, attached hereto as Exhibit I.

THE REORGANIZATIONS

What Shareholders of an Acquired Fund Will Receive in a Reorganization

If shareholders approve their Fund’s Reorganization and the Reorganization takes place:

	•	The Acquiring Fund will acquire substantially all of the assets of the Acquired Fund (net of accrued liabilities);

	•	Shareholders of the Acquired Fund will become shareholders of the Acquiring Fund;

	•	Shareholders holding shares of the Acquired Fund will receive shares of the Acquiring Fund (the “Corresponding Shares”); and

	•	Corresponding Shares received by shareholders of the Acquired Fund will have the same aggregate net asset value as the shares of the Acquired Fund held immediately prior to the Reorganization.

No sales charges will be imposed on the Corresponding Shares issued in connection with the Reorganizations. Each Reorganization has been structured with the intention that it qualify for Federal income tax purposes as a tax-free reorganization under the Internal Revenue Code of 1986, as amended (the “Code”). This means that, in the opinion of counsel, no gain or loss will be recognized by a shareholder of an Acquired Fund for Federal income tax purposes as a result of a Reorganization.

Reasons for the Reorganizations

On March 22, 2005, the TDW Board unanimously approved each Reorganization, subject to shareholder approval. The TDW Board, including all of the TDW Independent Trustees (as defined below), has determined that each Reorganization is in the best interests of the respective Acquired Fund and its shareholders. In addition, the TDW Board, including all of the TDW Independent Trustees, has determined that the interests of existing shareholders of each Acquired Fund will not be diluted as a result of effecting the respective Reorganization because each such shareholder will receive Corresponding Shares of the Acquiring Fund having an aggregate net asset value equal to the aggregate net asset value of his or her shares of the Acquired Fund outstanding as of the Valuation Time (as defined in the Plan). Although, as a result of the Reorganization, a shareholder of an Acquired Fund may receive Corresponding Shares which represent a smaller percentage of ownership in the respective Acquiring Fund than he or she held in that Acquired Fund prior to the respective Reorganization, the total dollar value of the shares will be the same. The “TDW Independent Trustees” are the Trustees who are not “interested persons” of TD Waterhouse Trust (within the meaning of the Investment Company Act).

The Board of Trustees of TD Waterhouse Trust unanimously recommends that you vote FOR the Plan relating to the Reorganization involving your Fund. Your Board of Trustees has based this recommendation on its consideration of a number of factors, including the following:

	•	following each Reorganization, shareholders of each Acquired Fund will remain invested in an index fund that seeks to track the same or a comparable index;

	•	that the fees and expenses of each Acquiring Fund are the same or lower in the aggregate than those of the respective Acquired Fund;

• potential benefits to shareholders from each Reorganization, such as services available to shareholders of the Acquiring Funds; and

• the fact that the interests of Acquired Fund shareholders will not be diluted as a result of a Reorganization.

For a more detailed discussion of the factors considered by your Board in approving the Reorganizations, see “Proposal No. 1: Approval of the Plans: The Reorganizations” below.

If all of the requisite approvals are obtained and certain conditions are either met or waived, it is anticipated that (i) TD Waterhouse Asset Management, Inc. (“TDWAM”) will continue to serve as the investment adviser of the Acquired Funds until the closing of the Reorganizations (which is currently anticipated to occur prior to the end of the second calendar quarter of 2005), (ii) the Reorganizations will occur as soon as practicable after the Meeting, provided that the Funds have obtained prior to that time an opinion of counsel concerning the tax consequences of the Reorganizations as set out in the Plan, and (iii) after the consummation of the Reorganizations, T. Rowe Price Associates, Inc. (“T. Rowe Price”) will manage the assets of all of the Combined Funds (with the exception of the International Equity Index Combined Fund which will be managed by T. Rowe Price International, Inc. (“T. Rowe Price International”)). The Plan may be terminated, and the Reorganizations abandoned, whether before or after the requisite approval by the shareholders of the Acquired Funds, at any time prior to the Closing Date (as defined herein), (i) by mutual agreement of the TDW Board and the respective Board of Directors of the Price Corporations, as applicable (the “Price Boards”); (ii) by an Acquired Fund if any condition to such Acquired Fund’s obligations has not been fulfilled or waived; or (iii) by an Acquiring Fund if any condition to such Acquiring Fund’s obligations has not been fulfilled or waived.

FEE TABLES AND EXAMPLES

Actual Fee Table for Shareholders of each of the TDW Bond Index Fund and Price Bond Index Fund † (as of October 31, 2004) and Pro Forma Fee Table for Bond Index Combined Fund (as of October 31, 2004)^*

	Actual						Pro Forma

	TD Waterhouse Bond Index Fund			T. Rowe Price U.S. Bond Index Fund			Bond Index Combined Fund


Shareholder Fees (fees paid directly from your investment):

Maximum Sales Charge (Load) Imposed on Purchases (as a
percentage of offering price)		None			None			None
Maximum Deferred Sales Charge (Load) (as a percentage of
original purchase price or redemption price, whichever is
lower)		None			None			None
Maximum Sales Charge (Load) Imposed on Reinvested
Dividends		None			None			None
Redemption Fee (1)		1.00	%		0.50	%		0.50	%
Account Maintenance Fee (2)		None			$ 10			$ 10
Annual Fund Operating Expenses (as a percentage of
average net assets) (expenses that are deducted from Fund
assets):
Management Fees (3)		0.30	%		0.30	%		0.30	%
Distribution and/or Service (12b-1) Fees		None			None			None
Shareholder Service Fees		0.25	%		None			None
Other Expenses		0.99	%		None			None

Total Annual Fund Operating Expenses Before Expense
Reimbursement		1.54	%		0.30	%		0.30	%
Expense Reimbursement (4)		(1.19	%)		—			—
Net Expenses		0.35	%		0.30	%		0.30	%

† As reflected in the Acquiring Funds Prospectus.

^* “Other Expenses,” “Total Annual Fund Operating Expenses Before Expense Reimbursement” and “Expense Reimbursement” are estimated for each of the Combined Funds.

(1) The redemption fee for the Acquired Funds (expressed as a percentage of the amount being redeemed) will be assessed if shares are redeemed within 5 days after investing in the Fund. Redemption fees on shares of the Acquired Funds redeemed after March 22, 2005 (announcement of Reorganizations) have been waived. The redemption fee for the Acquiring Funds and, hence for the Combined Funds, will only be assessed on shares purchased and held for less than 90 days. No redemption fee will be assessed on Corresponding Shares received in a Reorganization; however, if such Corresponding Shares are held in a TD Waterhouse brokerage account, they will be subject to any applicable transaction charges upon redemption or exchange. Alternatively, a shareholder may avoid any transaction charges by TD Waterhouse by electing to have his or her shares held directly with the Price Fund’s transfer agent.

(2) With respect to each Acquiring Fund, a $2.50 quarterly fee is charged for accounts with balances less than $10,000.

(3) With respect to each Acquiring Fund, other than the T. Rowe Price Equity Index 500 Fund, the Management Fee includes operating expenses.

These examples are intended to help you compare the cost of investing in the Bond Index Funds with the cost of investing in other mutual funds.

Examples:

An investor would pay the following expenses on a $10,000 investment, assuming (1) the Total Annual Fund Operating Expenses set forth in the table on the preceeding page for the relevant Fund and (2) a 5% annual return throughout the period:

	Cumulative Expenses Paid for the Period of:

	1 Year		3 Years		5 Year		10 Years

Expenses if you redeem your shares at the end of the period:
TD Waterhouse Bond Index Fund	$	157	$	486	$	839	$	1,834
T. Rowe Price U.S. Bond Index Fund		31		97		169		381
Pro Forma Bond Index Combined Fund		31		97		169		381

Actual Fee Table for Shareholders of each of the TDW Dow 30 Fund and the T. Rowe Price Equity Index 500 Fund † (as of December 31, 2004) and Pro Forma Fee Table for the Equity Index Combined Fund (as of December 31, 2004)*

	Actual						Pro Forma

	TD Waterhouse Dow 30 Fund			T. Rowe Price Equity Index 500 Fund			Equity Index Combined Fund^a

Shareholder Fees (fees paid directly from your investment):

Maximum Sales Charge (Load) Imposed on Purchases (as
a percentage of offering price)		None			None			None
Maximum Deferred Sales Charge (Load) (as a percentage
of original purchase price or redemption price,
whichever is lower)		None			None			None
Maximum Sales Charge (Load) Imposed on Reinvested
Dividends		None			None			None
Redemption Fee (1)		2.00	%		0.50	%		0.50	%
Account Maintenance Fee (2)		None			$10			$10
Annual Fund Operating Expenses (as a percentage of
average net assets) (expenses that are deducted
from Fund assets):
Management Fees (3)		0.20	%		0.15	%		0.15	%
Distribution and/or Service (12b-1) Fees		None			None			None
Shareholder Service Fees		0.25	%		None			None
Other Expenses		0.22	%		0.21	%		0.21	%

Total Annual Fund Operating Expenses Before Expense
Reimbursement		0.67	%		0.36	%		0.36	%
Expense Reimbursement (4)		(0.22	%)		(0.01	%)		(0.01	%)
Net Expenses		0.45	%		0.35	%		0.35	%

^a Equity Index Combined Fund also includes the TDW 500 Index Fund.

† As reflected in the Acquiring Funds Prospectus.

* “Other Expenses,” “Total Annual Fund Operating Expenses Before Expense Reimbursement” and “Expense Reimbursement” are estimated for each of the Combined Funds.

(2) With respect to each Acquiring Fund, a $2.50 quarterly fee is charged for accounts with balances less than $10,000.

(3) With respect to each Acquiring Fund, other than the T. Rowe Price Equity Index 500 Fund, the Management Fee includes operating expenses.

(4) With respect to each Acquired Fund, amounts reflect the agreement by TDWAM and its affiliates voluntarily to reduce total expenses by waiving fees and/or reimbursing expenses. If shareholders do not approve the Reorganizations, there is no assurance TDWAM and its affiliates would continue to provide such fee reductions and expense reimbursements. The expense examples on page 11 do not reflect any fee waivers or expense reimbursements for the Acquired Funds. Effective January 1, 2004, T. Rowe Price contractually obligated itself to waive its fees and bear any expenses through April 30, 2006, to the extent such fees or expenses would cause the T. Rowe Price Equity Index 500 Fund’s ratio of expenses to average net assets to exceed 0.35%. Fees waived or expenses paid or assumed under this agreement are subject to reimbursement to T. Rowe Price by the T. Rowe Price Equity Index 500 Fund whenever the Fund’s expense ratio is below 0.35%; however, no reimbursement will be made after April 30, 2008, or if it would result in the expense ratio exceeding 0.35%. Any amounts reimbursed will have the effect of increasing fees otherwise paid by the Fund. The T. Rowe Price Equity Index 500 Fund operated under a previous expense limitation for which T. Rowe Price may be reimbursed. With respect to the T. Rowe Price Equity Index 500 Fund expense example on page 11, the fee waiver is reflected in the 1-Year period, as well as the first year of the 3-, 5-and 10-Year periods.

Actual Fee Table for Shareholders of each of the TDW 500 Index Fund and the T. Rowe Price Equity Index 500 Fund † (as of December 31, 2004) and Pro Forma Fee Table for the Equity Index Combined Fund
(as of December 31, 2004)*

	Actual				Pro Forma

	TD Waterhouse 500 Index Fund		T. Rowe Price Equity Index 500 Fund		Equity Index Combined Fund^a


Shareholder Fees (fees paid directly from your investment):

Maximum Sales Charge (Load) Imposed on Purchases (as
a percentage of offering price)	None		None		None
Maximum Deferred Sales Charge (Load) (as a percentage
of original purchase price or redemption price,
whichever is lower)	None		None		None
Maximum Sales Charge (Load) Imposed on Reinvested
Dividends	None		None		None
Redemption Fee (1)	2.00	%	0.50	%	0.50	%
Account Maintenance Fee (2)	None		$10		$10
Annual Fund Operating Expenses (as a percentage of
average net assets) (expenses that are deducted
from Fund assets):
Management Fees (3)	0.30	%	0.15	%	0.15	%
Distribution and/or Service (12b-1) Fees	None		None		None
Shareholder Service Fees	0.25	%	None		None
Other Expenses	0.32	%	0.21	%	0.21	%

Total Annual Fund Operating Expenses Before Expense
Reimbursement	0.87	%	0.36	%	0.36	%
Expense Reimbursement (4)	(0.52	%)	(0.01	%)	(0.01	%)
Net Expenses	0.35	%	0.35	%	0.35	%

^b Equity Index Combined Fund also includes the TDW Dow 30 Fund.

† As reflected in the Acquiring Funds Prospectus.

* “Other Expenses,” “Total Annual Fund Operating Expenses Before Expense Reimbursement” and “Expense Reimbursement” are estimated for each of the Combined Funds.

(2) With respect to each Acquiring Fund, a $2.50 quarterly fee is charged for accounts with balances less than $10,000.

(3) With respect to each Acquiring Fund, other than the T. Rowe Price Equity Index 500 Fund, the Management Fee includes operating expenses.

(4) With respect to each Acquired Fund, amounts reflect the agreement by TDWAM and its affiliates voluntarily to reduce total expenses by waiving fees and/or reimbursing expenses. If shareholders do not approve the Reorganizations, there is no assurance TDWAM and its affiliates would continue to provide such fee reductions and expense reimbursements. The expense examples on the following page do not reflect any fee waivers or expense reimbursements for the Acquired Funds. Effective January 1, 2004, T. Rowe Price contractually obligated itself to waive its fees and bear any expenses through April 30, 2006, to the extent such fees or expenses would cause the T. Rowe Price Equity Index 500 Fund’s ratio of expenses to average net assets to exceed 0.35%. Fees waived or expenses paid or assumed under this agreement are subject to reimbursement to T. Rowe Price by the T. Rowe Price Equity Index 500 Fund whenever the Fund’s expense ratio is below 0.35%; however, no reimbursement will be made after April 30, 2008, or if it would result in the expense ratio exceeding 0.35%. Any amounts reimbursed will have the effect of increasing fees otherwise paid by the Fund. The T. Rowe Price Equity Index 500 Fund operated under a previous expense limitation for which T. Rowe Price may be reimbursed. With respect to the T. Rowe Equity Index 500 Fund expense example on the following page, the fee waiver is reflected in the 1-Year period, as well as the first year of the 3-, 5- and 10-Year periods.

These examples are intended to help you compare the cost of investing in the Equity 500 Index Funds with the cost of investing in other mutual funds.

Examples:

An investor would pay the following expenses on a $10,000 investment, assuming (1) the Total Annual Fund Operating Expenses set forth in the table on pages 10 and 11 for the relevant Fund and (2) a 5% annual return throughout the period:

	Cumulative Expenses Paid for the Period of:

	1 Year		3 Years		5 Years		10 Years

Expenses if you redeem your shares at the end of the period:
TD Waterhouse Dow 30 Fund	$	68	$	214	$	373	$	835
TD Waterhouse 500 Index Fund		89		278		482		1,073
T. Rowe Price Equity Index 500 Fund		36		115		201		455
Pro Forma Equity 500 Index Combined Fund		36		115		201		455

Actual Fee Table for Shareholders of each of the TDW Extended Market Index Fund and the T. Rowe Price Extended Equity Market Index Fund † (as of December 31, 2004) and Pro Forma Fee Table for the Extended Equity Market Index Combined Fund (as of December 31, 2004)^*

	Actual					Pro Forma

	TD Waterhouse Extended Market Index Fund			T. Rowe Price Extended Equity Market Index Fund		Extended Equity Market Index Combined Fund

Shareholder Fees (fees paid directly from your investment):

Maximum Sales Charge (Load) Imposed on Purchases (as
a percentage of offering price)		None			None		None
Maximum Deferred Sales Charge (Load) (as a percentage
of original purchase price or redemption price,
whichever is lower)		None			None		None
Maximum Sales Charge (Load) Imposed on Reinvested
Dividends		None			None		None
Redemption Fee (1)		2.00	%		0.50%		0.50	%
Account Maintenance Fee (2)		None			$10		$10
Annual Fund Operating Expenses (as a percentage of
average net assets) (expenses that are deducted
from Fund assets):
Management Fees (3)		0.30	%		0.40%		0.40	%
Distribution and/or Service (12b-1) Fees		None			None		None
Shareholder Service Fees		0.25	%		None		None
Other Expenses		0.49	%		—		—

Total Annual Fund Operating Expenses Before Expense
Reimbursement		1.04	%		0.40%		0.40	%
Expense Reimbursement (4)		(0.64	%)		—		—
Net Expenses		0.40	%		0.40%		0.40%

† As reflected in the Acquiring Funds Prospectus.

* “Other Expenses,” “Total Annual Fund Operating Expenses Before Expense Reimbursement” and “Expense Reimbursement” are estimated for each of the Combined Funds.

(2) With respect to each Acquiring Fund, a $2.50 quarterly fee is charged for accounts with balances less than $10,000.

(3) With respect to each Acquiring Fund, other than the T. Rowe Price Equity Index 500 Fund, the Management Fee includes operating expenses.

These examples are intended to help you compare the cost of investing in the Extended Index Funds with the cost of investing in other mutual funds.

Examples:

	Cumulative Expenses Paid for the Period of:

	1 Year		3 Years		5 Years		10 Years

Expenses if you redeem your shares at the end of the period:
TD Waterhouse Extended Market Index Fund	$	106	$	331	$	574	$	1,271
T. Rowe Price Extended Equity Market Index Fund		41		128		224		505
Pro Forma Extended Equity Market Index Combined Fund		41		128		224		505

Actual Fee Table for Shareholders of each of the TDW Asian Pacific Index Fund and the T. Rowe Price International Equity Index Fund † (as of October 31, 2004) and Pro Forma Fee Table for the International Equity Index Combined Fund (as of October 31, 2004)*

	Actual						Pro Forma

	TD Waterhouse Asian Pacific Index Fund			T. Rowe Price International Equity Index Fund			International Equity Index Combined Fund^c


Shareholder Fees (fees paid directly from your investment):
Maximum Sales Charge (Load) Imposed on Purchases (as
a percentage of offering price)		None			None			None
Maximum Deferred Sales Charge (Load) (as a percentage
of original purchase price or redemption price,
whichever is lower)		None			None			None
Maximum Sales Charge (Load) Imposed on Reinvested
Dividends		None			None			None
Redemption Fee (1)		2.00	%		2.00	%		2.00	%
Account Maintenance Fee (2)		None			$10			$10
Annual Fund Operating Expenses (as a percentage of
average net assets) (expenses that are deducted
from Fund assets):
Management Fees (3)		0.40	%		0.50	%		0.50	%
Distribution and/or Service (12b-1) Fees		None			None			None
Shareholder Service Fees		0.25	%		None			None
Other Expenses		1.44	%		—			—

Total Annual Fund Operating Expenses Before Expense
Reimbursement		2.09	%		0.50	%		0.50	%
Expense Reimbursement (4)		(1.51	%)		—			—
Net Expenses		0.58	%		0.50	%		0.50	%

^c International Equity Index Combined Fund also includes the TDW European Index Fund.

† As reflected in the Acquiring Funds Prospectus.

* “Other Expenses,” “Total Annual Fund Operating Expenses Before Expense Reimbursement” and “Expense Reimbursement” are estimated for each of the Combined Funds.

(2) With respect to each Acquiring Fund, a $2.50 quarterly fee is charged for accounts with balances less than $10,000.

(3) With respect to each Acquiring Fund, other than the T. Rowe Price Equity Index 500 Fund, the Management Fee includes operating expenses.

Actual Fee Table for Shareholders of each of the TDW European Index Fund and the T. Rowe Price International Equity Index Fund † (as of October 31, 2004) and Pro Forma Fee Table for the International Equity Index Combined Fund (as of October 31, 2004)*

	Actual						Pro Forma

	TD Waterhouse European Index Fund			T. Rowe Price International Equity Index Fund			International Equity Index Combined Fund^d

Shareholder Fees (fees paid directly from your investment):
Maximum Sales Charge (Load) Imposed on Purchases (as
a percentage of offering price)		None			None			None
Maximum Deferred Sales Charge (Load) (as a percentage
of original purchase price or redemption price,
whichever is lower)		None			None			None
Maximum Sales Charge (Load) Imposed on Reinvested
Dividends		None			None			None
Redemption Fee (1)		2.00	%		2.00	%		2.00	%
Account Maintenance Fee (2)		None			$10			$10
Annual Fund Operating Expenses (as a percentage of
average net assets) (expenses that are deducted
from Fund assets):
Management Fees (3)		0.40	%		0.50	%		0.50	%
Distribution and/or Service (12b-1) Fees		None			None			None
Shareholder Service Fees		0.25	%		None			None
Other Expenses		2.10	%		—			—

Total Annual Fund Operating Expenses Before Expense
Reimbursement		2.75	%		0.50	%		0.50	%
Expense Reimbursement (4)		(2.17	%)		—			—
Net Expenses		0.58	%		0.50	%		0.50	%

^d International Equity Index Combined Fund also includes the TDW Asian Pacific Index Fund

† As reflected in the Acquiring Funds Prospectus.

* “Other Expenses,” “Total Annual Fund Operating Expenses Before Expense Reimbursement” and “Expense Reimbursement” are estimated for each of the Combined Funds.

(2) With respect to each Acquiring Fund, a $2.50 quarterly fee is charged for accounts with balances less than $10,000.

(3) With respect to each Acquiring Fund, other than the T. Rowe Price Equity Index 500 Fund, the Management Fee includes operating expenses.

These examples are intended to help you compare the cost of investing in the International Index Funds with the cost of investing in other mutual funds.

Examples:

An investor would pay the following expenses on a $10,000 investment, assuming (1) the Total Annual Fund Operating Expenses set forth in the table on pages 14 and 15 for the relevant Fund and (2) a 5% annual return throughout the period:

	Cumulative Expenses Paid for the Period of:

	1 Year	3 Years	5 Years	10 Years

Expenses if you redeem your shares at the end of the period:
TD Waterhouse Asian Pacific Index Fund	$ 212	$ 655	$ 1,124	$ 2,421
TD Waterhouse European Index Fund	278	853	1,454	3,080
T. Rowe Price International Equity Index Fund	51	160	280	628
Pro Forma International Equity Index Combined Fund	51	160	280	628

The foregoing Fee Tables are intended to assist investors in understanding the costs and expenses that a shareholder bears directly or indirectly as compared to the costs and expenses that would be borne by such investors on a pro forma basis taking into account the consummation of the Reorganizations. All pro forma amounts are based on what the estimated expenses of the Pro Forma Combined Funds would be assuming the Reorganizations were completed on October 31, 2004 in connection with the Reorganizations involving the TDW Bond Index Fund, the TDW Asian Pacific Index Fund and the TDW European Index Fund, and December 31, 2004 in connection with the Reorganizations involving the TDW Dow 30 Fund, the TDW 500 Index Fund and the TDW Extended Market Index Fund.

The Examples set forth above assume reinvestment of all dividends and distributions and utilize a 5% annual rate of return as mandated by Commission regulations. The Examples should not be considered a representation of past or future expenses or annual rates of return, and actual expenses or annual rates of return may be more or less than those assumed for purposes of the Examples. See “Proposal No. 1: Approval of the Plans.”

THE FUNDS

Business of the Acquired Funds

Each Acquired Fund is organized as a separate investment portfolio or series of TD Waterhouse Trust, a Delaware statutory trust, which was established on August 6, 1999 pursuant to its Agreement and Declaration of Trust.

Business of the Acquiring Funds

The T. Rowe Price Equity Index 500 Fund (“Price Equity Index 500 Fund”) and the T. Rowe Price Extended Equity Market Index Fund (“Price Extended Equity Market Index Fund”) are each a separate series of T. Rowe Price Index Trust, Inc., a Maryland corporation, which was incorporated on December 20, 1989. The T. Rowe Price International Equity Index Fund (“Price International Equity Index Fund”) is an investment series of T. Rowe Price International Index Fund, Inc., a Maryland corporation, which was incorporated on August 10, 2000. The T. Rowe Price U.S. Bond Index Fund (“Price U.S. Bond Index Fund”) is an investment portfolio of T. Rowe Price U.S. Bond Index Fund, Inc., a Maryland corporation, which was incorporated on July 14, 2000.

Comparison of the Funds

A discussion of the investment objectives and principal investment policies of the Funds is set forth below. Those objectives and policies that are identified as fundamental may not be changed without shareholder approval.

The main differences between the Funds, each of which is discussed in more detail below, are as follows:

With respect to the Equity Index Funds,

	•	the TDW Dow 30 Fund seeks to track the Dow Jones Industrial Average^SM (“DJIA^SM”), which consists of the 30 most widely held and actively traded stocks in the U.S. stock market, while the Price Equity Index 500 Fund seeks to track the Standard & Poor’s 500 Stock Index (“S&P 500® Index”), which consists primarily of large-capitalization companies that represent a broad spectrum of the U.S. economy and a substantial part of the U.S. stock market’s total capitalization. As a condition to the Reorganization of the TDW Dow 30 Fund with the Price Equity Index 500 Fund, shareholders of the TDW Dow 30 Fund are being asked to approve a change in the fundamental investment objective of the TDW Dow 30 Fund. See “Proposal No. 2: Approval of a Change in the Fundamental Investment Objective of the TDW Dow 30 Fund” below. Subject to shareholder approval of Proposal 2, if the Reorganization is approved by shareholders, approximately two weeks prior to the consummation of the Reorganization of the TDW Dow 30 Fund, the portfolio of the TDW Dow 30 Fund will be realigned to correspond more closely with that of the Price Equity Index 500 Fund. Shareholders of the TDW Dow 30 Fund will bear the transaction, tax and any other costs of such realignment (except to the extent assumed voluntarily by TDWAM or its affiliate).

	With respect to the International Index Funds,

	•	the TDW Asian Pacific Index Fund seeks to track the Morgan Stanley Capital International Pacific Index (“MSCI® Pacific Index), which contains approximately 465 common stocks of Pacific Basin companies.

	•	the TDW European Index Fund seeks to track the Morgan Stanley Capital International Europe Index (“MSCI® Europe Index”) which consists of more than 530 companies located in 16 European countries.

• The Price International Equity Index Fund uses the FTSE™ International Limited Developed ex North America Index (“FTSE™ Developed ex North America Index”) which is not limited to Pacific Basin or European companies, but rather is based on the market capitalization of over 1,000 predominantly large companies listed in 21 countries, including Japan, the U.K., and developed countries in Continental Europe and the Pacific Rim. If the Reorganization is approved by its shareholders, approximately two weeks prior to the consummation of the Reorganization of the TDW Asian Pacific Index Fund, the portfolio of the TDW Asian Pacific Index Fund will be realigned to correspond more closely with that of the Price International Equity Index Fund. Shareholders of TDW Asian Pacific Index Fund will bear the transaction, tax and any other costs of such realignment. A similar realignment of the portfolio of the TDW European Index Fund will not be required because of its relatively small asset size.

The principal investment objectives and strategies of the TDW Bond Index Fund, the TDW 500 Index Fund and the TDW Extended Market Index Fund are substantially similar to the principal investment objectives and strategies of the Price Bond Index Fund, the Price Equity Index 500 Fund and the Price Extended Equity Market Index Fund, respectively.

Bond Index Funds

Investment Objectives

The TDW Bond Index Fund seeks to track closely the total return of a broad, market-weighted bond index, before the deduction of Fund expenses. The Price Bond Index Fund seeks to match the total return performance of the U.S. investment-grade bond market. Both Funds’ investment objectives are substantially the same.

Investment Policies

Strategies. Both Bond Index Funds pursue their investment objective by investing in a mix of investment-grade bonds consistent with those included in the Lehman Brothers U.S. Aggregate Index (the “Lehman Index”). However, because of the TDW Bond Index Fund’s low asset level (i.e., less than $25 million), it is overweighted in U.S. government securities that are consistent with the investment and risk characteristics of such securities in the Lehman Index. Due to this fact, it cannot track the Lehman Index to the same degree of accuracy as if it were invested more broadly in bonds consistent with the Lehman Index.

Equity Index Funds

Investment Objectives

The TDW 500 Index Fund seeks to track closely the total return of a benchmark index that measures the investment return of large-cap stocks, before the deduction of Fund expenses. The Price Equity Index 500 Fund seeks to match the performance of the S&P 500® Index. Both Funds’ investment objectives are substantially the same, since the TDW 500 Index Fund has identified the S&P 500® Index as its benchmark index.

The TDW Dow 30 Fund seeks to track closely the total return of the DJIA^SM, before Fund expenses. This differs from the investment objective of the Price Equity Index 500 Fund.

Investment Policies

Strategies. Both the TDW 500 Index Fund and the Price Equity Index 500 Fund pursue their investment objectives through investing primarily in the stocks included in the S&P 500® Index, in attempting to match the performance of that index.

The TDW Dow 30 Fund invests primarily in the equity securities of the 30 companies comprising the DJIA^SM in the same proportions that they are represented in the DJIA^SM.

Extended Index Funds

Investment Objectives

The TDW Extended Market Index Fund seeks to track closely the total return of a benchmark index that measures the investment return of mid- and small-cap stocks, before the deduction of Fund expenses. The Price Extended Equity Market Index Fund seeks to match the performance of the U.S. stocks not included in the S&P 500® Index, which are primarily small- and mid-cap stocks. The Funds’ investment objectives are substantially the same.

Investment Policies

Strategies. Both Extended Index Funds pursue their investment objectives by investing primarily in stocks included in the Dow Jones Wilshire 4500 Completion Index (“DJW 4500”), in attempting to match the performance of that index.

International Index Funds

Investment Objectives

The investment objective of the TDW Asian Pacific Index Fund is to seek to track closely the total return of a benchmark index that measures the investment return of stocks of Pacific Basin companies, before the deduction of Fund expenses. The investment objective of the TDW European Index Fund is to seek to track closely the total return of a benchmark index that measures the investment return of stocks of European companies, before the deduction of Fund expenses. The investment objective of the Price International Equity Index Fund is to seek to provide long-term growth of capital. The Price Fund uses the FTSE™ Developed ex North America Index, an equity market based on the market capitalization of over 1,000 predominantly large companies listed in 21 countries, including Japan, the U.K., and developed countries in Continental Europe and the Pacific Rim. While the investment objective of each International Index Fund differs, each seeks to track an international equity index.

Investment Policies

Strategies. The TDW Asian Pacific Index Fund, the TDW European Index Fund and the Price International Equity Index Fund pursue their respective investment objectives by investing primarily in stocks that comprise the MSCI® Pacific Index, the MSCI® Europe Index and the FTSE™ Developed ex North America Index, respectively, in attempting to match the performance of those indices. While the TDW Asian Pacific Index Fund invests primarily in Pacific Basin companies and the TDW European Index Fund invests primarily in European companies, companies included in the benchmark index for each of the TDW Asian Pacific Index Fund and the TDW European Index Fund are included in the benchmark index for the Price International Equity Index Fund.

All Funds

Principal Risk Factors

For a discussion of the principal risks of investing in each Fund, see “Principal Risk Factors and Special Considerations.”

Trustees/Directors and Officers

Each of the TDW Funds and the Price Funds is governed by a Board of Trustees/Directors that meets regularly to review its respective Funds’ investments, performance, expenses, and other business affairs. Each Board of Trustees/Directors elects its respective Funds’ officers.

Management Arrangements

Comparison of Management Arrangements and Fees. TDWAM serves as the investment adviser for the Acquired Funds. TD Investment Management Inc. (“TDIM”), an affiliate of TDWAM, serves as investment sub-adviser to each of the Acquired Funds except the TDW Dow 30 Fund. T. Rowe Price serves as the investment adviser for the Acquiring Funds, except the Price International Equity Index Fund for which T. Rowe Price International serves as the investment adviser. Each of TDWAM, T. Rowe Price and T. Rowe Price International is responsible for the management of the investment portfolio of each Acquired Fund and Acquiring Fund, as applicable; provided, that TDWAM has delegated investment discretion to TDIM with respect to each of the Acquired Funds except the TDW Dow 30 Fund. See “Proposal No. 1: Approval of the Plans” for more detailed information regarding the advisory arrangements of the Funds.

The table below sets forth the fees, as a percentage of average daily net assets, payable by each Acquired Fund and Acquiring Fund to TDWAM and T. Rowe Price or T. Rowe Price International, as applicable, for their management services:

Fund:	Advisory Fee Rate:

TDW Bond Index Fund	0.30%
Price U.S. Bond Index Fund	0.30%*

TDW Dow 30 Fund	0.20%
TDW 500 Index Fund	0.30%
Price Equity Index 500 Fund	0.15%

TDW Extended Market Index Fund	0.30%
Price Extended Equity Market Index Fund	0.40%*

TDW Asian Pacific Index Fund	0.40%
TDW European Index Fund	0.40%
Price International Equity Index Fund	0.50%*

*The advisory fee includes operating expenses.

The advisory fee rate payable by each Combined Fund after consummation of the Reorganizations will be the same as the advisory fee rates payable by the Acquiring Funds.

Combined Fund:	Pro Forma Effective Advisory Fee Rate:
Bond Index Combined Fund	0.30%*
Equity Index 500 Combined Fund	0.15%
Extended Equity Market Index Combined Fund	0.40%*
International Equity Index Combined Fund	0.50%*

*The advisory fee includes operating expenses.

Investment Management Agreements. The investment management agreements between the Price Corporations, on behalf of the Acquiring Funds, as applicable, and T. Rowe Price or T. Rowe Price International, as applicable (the “T. Rowe Price Investment Management Agreements”) are similar to the Investment Management Agreements applicable to the Acquired Funds (the “TDW Investment Management Agreements”), except for certain matters including the advisory fees and the identity of the adviser. See “Proposal No. 1: Approval of the Plans” for further discussion regarding these agreements. If shareholders approve the Reorganizations, the portfolios of the Acquired Funds will be managed by T. Rowe Price or T. Rowe Price International, as applicable, as part of the Combined Funds following completion of the Reorganizations.

Sub-advisory Arrangements. TDIM serves as the investment sub-adviser to each of the TDW Funds, except for the TDW Dow 30 Fund. The sub-advisory fees are paid out of TDWAM’s advisory fee at no additional cost to the Acquired Funds or their shareholders. See “Proposal No. 1: Approval of the Plans” for additional information regarding the Acquired Funds’ sub-advisory arrangements. The Price Funds do not have a sub-adviser.

Administrative Arrangements

T. Rowe Price or T. Rowe Price International provides administrative services to the Price Funds pursuant to the T. Rowe Price Investment Management Agreements. TD Waterhouse Investor Services, Inc. (“TD Waterhouse”), an affiliate of TDWAM, provides certain administrative services to the TDW Funds. Each TDW Fund other than the TDW Dow 30 Fund pays a fee to TD Waterhouse for these services. TDWAM pays TD Waterhouse for administrative services provided to the TDW Dow 30 Fund. See “Proposal No. 1: Approval of the Plans” for additional information regarding the Funds’ administrative arrangements.

Distribution and Shareholder Servicing Arrangements

Distributor. FDI (or the “TDW Funds’ Distributor”) acts as the distributor of the shares of the Acquired Funds. FDI is not affiliated with TDWAM. T. Rowe Price Investment Services, Inc. (“Price Investment Services” or the “Price Distributor”), an affiliate of T. Rowe Price, acts as the distributor of the shares of the Acquiring Funds. See “Proposal No. 1: Approval of the Plans” for additional information regarding the Funds’ distribution arrangements.

Sales Charges. Both the Acquired Funds and the Acquiring Funds are “no-load” funds. This means that investors can purchase and redeem shares of the Funds without being subject to any sales charges. In addition, neither the Acquired Funds nor the Acquiring Funds have adopted a plan of distribution pursuant to Rule 12b-1 under the Investment Company Act.

Shareholder Servicing Plans. Each TDW Fund has adopted a Shareholder Servicing Plan which permits each TDW Fund to pay banks, broker-dealers or other financial institutions (including TD Waterhouse and its affiliates) for shareholder support services they provide to their clients who are shareholders of the Fund, at a rate of 0.25% of the average daily net assets of the Fund. These services may include, among other services, providing general shareholder liaison services (including responding to shareholder inquiries), providing information on shareholder investments, and establishing and maintaining shareholder accounts and records. At present, TD Waterhouse is the only financial institution that may be paid for its services under the Shareholder Servicing Plan. The Acquiring Funds do not have a similar plan. See “Proposal No. 1: Approval of the Plans” for additional information regarding these services.

Other Service Agreements with Affiliates

National Investor Services Corp. acts as transfer and dividend disbursing agent to the Acquired Funds. T. Rowe Price Services, Inc., (“Price Services”), a wholly owned subsidiary of T. Rowe Price, acts as transfer and dividend disbursing agent to the Acquiring Funds, and will continue to act as such for the Combined Funds. See “Proposal No. 1: Approval of the Plans” for additional information regarding these service agreements.

Other

Shares. As with all mutual funds, investors purchase shares when they invest in the Funds. Share certificates are not generally issued.

Each full share and fractional share entitles the shareholder to receive a proportional interest in the respective Fund’s dividends and capital gain distributions and to cast one vote per share, with fractional shares voting proportionally, on certain Fund matters, including the election of trustees or directors, as the case may be, changes in fundamental policies, or approval of changes in investment advisory agreements.

Purchase of Shares. The procedures for purchasing shares are similar, but not identical, for all Funds. See “Proposal No. 1: Approval of the Plans” below, “How To Buy Shares” in the Acquired Funds Prospectus and “Purchasing Additional Shares” in the Acquiring Funds Prospectus.

Redemption of Shares. The procedures for redeeming shares are similar, but not identical, for all Funds. See “Proposal No. 1: Approval of the Plans” below, “How To Sell Shares” in the Acquired Funds Prospectus and “Exchanging And Redeeming Shares” in the Acquiring Funds Prospectus.

Exchanges of Shares. The procedures for exchanging shares are similar, but not identical, for all Funds. See “Proposal No. 1: Approval of the Plans” below, “How To Buy Shares” in the Acquired Funds’ Prospectus and “Exchanging And Redeeming Shares” in the Acquiring Funds’ Prospectus.

Dividends. The Funds currently have the same or similar policies with respect to dividends. See “Proposal No. 1: Approval of the Plans” below, “Dividends and Distributions” in the Acquired Funds Prospectus and “Useful Information On Distributions and Taxes” in the Acquiring Funds Prospectus.

Net Asset Value. The price at which each Fund’s shares are purchased or redeemed is the Fund’s next determined net asset value per share after receipt of the purchase or redemption order. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange (“NYSE”) (currently 4:00 p.m., Eastern Time). For further discussion on net asset value and how it is determined, see “Proposal No. 1: Approval of the Plans” below, “Pricing Your Shares” in the Acquired Funds Prospectus and “Pricing Shares and Receiving Sale Proceeds” in the Acquiring Funds Prospectus.

Tax Considerations. The tax consequences associated with an investment in shares of an Acquired Fund are substantially the same as the tax consequences associated with an investment in shares of the respective Acquiring Fund. See “Taxes” in the Acquired Funds Prospectus and “Useful Information On Distributions and Taxes” in the Acquiring Funds Prospectus.

Each Reorganization has been structured with the intention that it qualify for Federal income tax purposes as a tax-free reorganization under the Code. This means that in the opinion of counsel no gain or loss will be recognized by a shareholder of an Acquired Fund for Federal income tax purposes as a result of a Reorganization. For a more detailed discussion regarding potential tax consequences of the Reorganizations, see “Proposal No. 1: Approval of the Plans.”

PRINCIPAL RISK FACTORS AND SPECIAL CONSIDERATIONS

Many of the investment risks associated with an investment in an Acquired Fund are substantially the same as those associated with an investment in the respective Acquiring Fund. A discussion of the principal risks of investing in the Funds is set forth below. See the Acquired Funds Prospectus, the Acquiring Funds Prospectus, the Acquired Funds Statement and the Acquiring Funds Statement for more detailed discussions of investment risks associated with an investment in the Funds. There is no guarantee that the investment objective of a Fund will be achieved or that the value of a shareholder’s investment in the Fund will not decrease. Additionally, the principal risks of the Funds are substantially similar.

All Funds

Because the Funds are managed to seek to match the performance of benchmark indices, they generally will not keep a substantial portion of their assets in cash or use other techniques, such as currency or interest rate hedging or temporary defensive investments, designed to reduce the risk of loss. Thus, the Funds’ portfolios may decrease in value more than an actively managed fund in the event of a general market decline. A Fund’s investments, which may not fully replicate the benchmark index, may perform differently from the securities in the index. In addition, unlike an index, each Fund bears certain fees and expenses.

Market Risk

Market risk is the risk that the market value of a Fund’s investments will fluctuate as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry or section of the economy or it may affect the market as a whole. The market value of equity securities is based largely upon the market’s perception of the issuing company’s value. Normally, the value of fixed income securities varies inversely with changes in prevailing interest rates.

Derivatives Risk

To the extent that a Fund invests in derivatives, such as futures and options, it is exposed to additional volatility and potential losses.

Non-Diversified Risk

Each of the TDW Funds’ “non-diversified” status allows it to invest a greater percentage of its assets in the securities of a single company than a diversified fund. To the extent a TDW Fund invests a greater percentage of its assets in a single company, the Fund has greater exposure to the performance and risks of that company.

Bond Index Funds

Interest Rate Risk

Both Bond Index Funds are subject to interest rate risk. Interest rate risk is the risk that bond prices overall will decline over short- or even long-term periods due to rising interest rates. Interest rate risk is generally higher for long-term bonds, and lower for short-term bonds. Investors should be concerned primarily with this risk because the Lehman Index has typically had an intermediate to long weighted average maturity.

Credit Risk

Both Bond Index Funds are subject to credit risk, which is the risk that a bond issuer will have its credit ratings downgraded or will fail to pay interest and principal in a timely manner, reducing the Fund’s return.

Prepayment Risk

Both Bond Index Funds are subject to prepayment risk, which is the risk that during periods of falling interest rates, a mortgage-backed bond issuer will repay a higher-yielding bond before its maturity date. Forced to invest the unanticipated proceeds at lower rates, a Fund would experience a decline in income and lose the opportunity for additional price appreciation associated with falling rates.

Equity Index Funds

While there is no guarantee, the Equity Index Funds could be less volatile than other stock funds because of their focus on U.S., larger-cap stocks. However, large-cap stocks may, at times, lag the performance of shares of smaller, faster-growing companies.

Extended Index Funds

The Extended Index Funds will be subject to the greater risks associated with small- and mid-cap stocks. Investments in smaller companies may be more volatile than investments in larger companies, as smaller companies generally experience higher growth and failure rates. Small companies also tend to have limited product lines, markets or financial resources. The trading volume of smaller company securities is normally lower than that of larger companies. Changes in the demand for the securities of smaller companies generally has a disproportionate effect on their market price, tending to make prices rise more in response to buying demand and fall more in response to selling pressure.

International Index Funds

The International Index Funds, because they invest overseas, generally carry more risk than funds that invest strictly in U.S. assets. Even investments in countries with highly developed economies are subject to significant risks. Some particular risks affecting the International Index Funds include the following:

Currency Risk

The International Index Funds are subject to currency risk which refers to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency.

Other Risks of Foreign Investing

Foreign companies may not be subject to the same accounting, auditing and financial reporting standards and practices as U.S. companies. In addition, some foreign stock exchanges, brokers and companies have less government supervision and regulation than their U.S. counterparts.

Investments in foreign securities involve country risk, which is the risk that the economy of a country will be damaged by political instability, financial problems or natural disasters. To the extent any investments are in developing companies, these risks would be heightened.

Because of its emphasis on the Pacific Basin or European countries, respectively, the TDW Asian Pacific Index Fund or the TDW European Index Fund may involve a higher degree of foreign risk than a more geographically diversified international fund such as the Price International Equity Index Fund.

PROPOSAL NO. 1: APPROVAL OF THE PLANS

THE REORGANIZATIONS

General

Under the Plan, the applicable Acquiring Fund will acquire substantially all of the assets of the respective Acquired Fund (net of accrued liabilities) solely in exchange for an equal aggregate value of Corresponding Shares of such Acquiring Fund. Upon receipt by an Acquired Fund of Corresponding Shares, such Acquired Fund will distribute such Corresponding Shares to its shareholders, as described below. All issued and outstanding shares of the Acquired Funds will be cancelled, and each Acquired Fund’s existence as a separate investment portfolio of TD Waterhouse Trust will be terminated as soon as practicable following consummation of the respective Reorganization.

Generally, the assets transferred by an Acquired Fund to the respective Acquiring Fund will include all investments of such Acquired Fund held in its portfolio as of the Valuation Time (as defined in the Plan) and all other assets of such Acquired Fund as of such time, net of any accrued but unpaid liabilities of the Acquired Fund.

In the course of each Reorganization, each holder of shares of an Acquired Fund will receive Corresponding Shares of the respective Acquiring Fund. No sales charges will be imposed on the Corresponding Shares issued in connection with the Reorganizations.

Each Acquired Fund will distribute the Corresponding Shares received by it in connection with its Reorganization pro rata to its shareholders in exchange for such shareholders’ proportional interests in such Acquired Fund. The Corresponding Shares received by an Acquired Fund’s shareholders will have the same aggregate net asset value as each such shareholder’s interest in such Acquired Fund as of the Valuation Time. See “—Terms of the Plans” below for information concerning the calculation of net asset value.

Since the Corresponding Shares will be issued at net asset value in exchange for the net assets of an Acquired Fund having a value equal to the aggregate net asset value of the shares of such Acquired Fund as of the Valuation Time, the net asset value per share of the respective Acquiring Fund should remain virtually unchanged solely as a result of a Reorganization. Thus, the Reorganizations should not result in dilution of the net asset value of the Acquired Funds or the Acquiring Funds immediately following consummation of the Reorganizations. However, as a result of a Reorganization, a shareholder of an Acquired Fund may hold a smaller percentage of ownership in the respective Combined Fund than he or she did in the Acquired Fund prior to the Reorganization. In addition, a shareholder of an Acquired Fund may end up with a different number of shares compared to what he or she originally held, but the total dollar value of shares held will remain the same.

If the shareholders of the Acquired Funds approve the Reorganizations at the Meeting, all required regulatory approvals are obtained, and certain conditions are either met or waived, it is expected that the Reorganizations will take place prior to the end of the second calendar quarter of 2005. A Reorganization is not dependent on the consummation of any other Reorganization; however, the Reorganization involving the TDW Dow 30 Fund is dependent on the approval of Proposal 2 by shareholders of the TDW Dow 30 Fund. If an Acquired Fund’s shareholders do not approve their respective Reorganization, the TDW Board will consider other possible courses of action which may be in the best interests of shareholders, including liquidating the particular Fund(s).

Terms of the Plans

The following is a summary of the significant terms of the Plans. This summary is qualified in its entirety by reference to the Plans, a form of which is attached hereto as Exhibit I.

Valuation of Assets and Liabilities

The respective assets and liabilities of the Acquired Funds and the Acquiring Funds will be valued as of the Valuation Time. The assets in each Fund will be valued according to the procedures set forth under “Pricing Shares and Receiving Sale Proceeds” and “ Net Asset Value per Share” in the Acquiring Funds Prospectus and the Acquiring Funds Statement, respectively, and in accordance with the Acquiring Funds valuation procedures. Purchase orders for an Acquired Fund’s shares which have not been confirmed as of the Valuation Time will be treated as assets of such Acquired Fund for purposes of the respective Reorganization; redemption requests with respect to an Acquired Fund’s shares which have not settled as of the Valuation Time will be treated as accrued, but unpaid, liabilities of such Acquired Fund for purposes of the respective Reorganization and accordingly, will not be transferred to the Acquiring Fund.

Issuance and Distribution of Corresponding Shares

On the Closing Date (as defined in the Plan), each Acquiring Fund will issue to the respective Acquired Fund a number of full and fractional Corresponding Shares the aggregate net asset value of which will equal the aggregate net asset value of shares of such Acquired Fund as of the Valuation Time. Such Acquired Fund will then distribute the Corresponding Shares received by it pro rata to its shareholders of record as of the Valuation Time in exchange for such shareholders’ proportional interests in such Acquired Fund. The Corresponding Shares received by an Acquired Fund’s shareholder will have the same aggregate net asset value as such shareholder’s interest in such Acquired Fund as of the Valuation Time.

Expenses

All costs of the Reorganizations incurred by TD Waterhouse Trust or the Acquired Funds will be borne by TDWAM or an affiliate thereof (“TDW”), regardless of whether the Reorganizations are consummated. All costs of the Reorganizations incurred by the Price Corporations and the Acquiring Funds will be borne by them unless assumed by T. Rowe Price or T. Rowe Price International, regardless of whether the Reorganizations are consummated. No portion of the expenses of the Reorganizations will be borne directly or indirectly by the Acquired Funds or their shareholders.

Required Approvals

The Agreement and Declaration of Trust of TD Waterhouse Trust (as amended to date) requires approval of each Reorganization by Majority Shareholder Vote.

Amendments and Conditions

The Plan may be amended at any time prior to the Closing Date with respect to any of the terms therein. The obligations of each Acquired Fund and Acquiring Fund pursuant to the Plan, as it relates to each particular Fund, are subject to various conditions, including the requisite approval of the respective Reorganization by such Acquired Fund’s shareholders, the receipt of an opinion of counsel as to tax matters and the confirmation by the respective Acquired Fund and Acquiring Fund of the continuing accuracy of their respective representations and warranties contained in such Plan.

Termination, Postponement and Waivers

Each Plan may be terminated, and the respective Reorganization abandoned at any time, whether before or after adoption thereof by the respective Acquired Fund’s shareholders, prior to the Closing Date, or the Closing Date may be postponed: (i) by mutual agreement of the TDW Board and the Price Boards; (ii) by an Acquired Fund if any condition to such Acquired Fund’s obligations has not been fulfilled or waived; or (iii) by an Acquiring Fund if any condition to such Acquiring Fund’s obligations has not been fulfilled or waived.

TDW Board Considerations: Potential Benefits to Shareholders as a Result of the Reorganizations

In approving the Reorganizations, based upon their evaluation of all relevant information, and after meeting with counsel to the TDW Independent Trustees regarding the legal issues involved, the TDW Board considered that, following each Reorganization, shareholders of an Acquired Fund will remain invested in an index fund that seeks to track the same or a comparable index. In addition, the TDW Board considered the following, among other things:

	•	The terms and conditions of the Reorganizations.

	•	The historical performance records of the Acquired Funds and Acquiring Funds in relation to each other and their benchmark indices.

	•	The similarities and differences between the investment objectives and strategies of each Acquired and respective Acquiring Fund. In particular, the TDW Board took into account the comparability of the Bond Index Funds, the Extended Index Funds, and the TDW 500 Index Fund and Price Equity Index 500 Fund, respectively. The TDW Board considered the differences between the TDW Dow 30 Fund and the Price Equity Index 500 Fund, and determined that, on balance, it would be in the best interests of TDW Dow 30 Fund shareholders to reorganize with another large capitalization equity index fund, albeit one with a broader benchmark index. With respect to the Reorganizations involving the International Index Funds, the TDW Board determined that it would be in the best interests of shareholders of the TDW Asian Pacific Index Fund and TDW European Index Fund to obtain exposure to a more geographically diversified international equity index. The TDW Board also considered the potential tax consequences and other costs to shareholders of the realignment of the portfolios of the TDW Dow 30 Fund and the TDW Asian Pacific Index Fund prior to the consummation of the respective Reorganization. It is anticipated that the securities held by these Funds may be sold, and new securities may be purchased, in significant amounts, in order to comply with the objectives and investment policies of the respective Acquiring Funds in connection with the applicable Reorganization; however, these Funds will not dispose of assets to an extent or in a manner that would jeopardize the tax-free nature of the Reorganizations under the Code. The disposition of assets by these Funds or any Acquired Fund may result in the realization of taxable gains or losses by the respective Acquired Fund shareholders. The TDW Board concluded that the impact of such transactions would not be significant in relation to the potential benefits to shareholders from the respective Reorganization.

	•	The gross and net expense ratios of the Acquired Funds and the Acquiring Funds before the Reorganizations and the estimated expense ratios of the Combined Funds on a pro forma basis after the Reorganizations. In particular, the TDW Board considered that the management fee for each of the Acquiring Funds other than the Price Equity Index 500 Fund includes operating expenses, with the result that each such Acquiring Fund is subject to aggregate contractual fees and expenses at a rate lower than the respective Acquired Fund. The TDW Board considered that the net expense ratios for each Acquiring Fund are lower than for the respective Acquired Fund, except in the case of the TDW 500 Index Fund and TDW Extended Market Index Fund where the net expense ratios are the same as those of the Acquiring Fund. The TDW Board also considered the voluntary nature of the agreement by TDWAM and its affiliates to waive fees and reimburse expenses, and noted that there was no assurance that these subsidizations would continue in the future.

	•	The relative annual rates of advisory fees payable by the Acquired Funds and the Acquiring Funds. The TDW Board considered that the contractual advisory fee rates of the Acquired and Acquiring Funds were different, but that in cases where the Acquiring Funds’ advisory fee rate is higher, it includes the Funds’ operating expenses as well.

	•	The investment experience, expertise and resources of T. Rowe Price, T. Rowe Price International and other service providers to the Acquiring Funds in the areas of distribution, investment, and shareholder services. In particular, the TDW Board took into account T. Rowe Price’s reputation as a high quality service provider and the large array of other funds with which shareholders of the Combined Funds would have exchange privileges.

• The fact that each Reorganization has been structured with the intention that it qualify for Federal income tax purposes as a tax-free reorganization under the Code.

• The fact that TDWAM or an affiliate thereof will bear all expenses of the Acquired Funds relating to the Reorganizations. The Board also took into account the fact that T. Rowe Price had agreed to pay TDWAM or its affiliates an amount equal to 5 basis points of the value of the aggregate net assets of the Acquired Funds on the Closing Date if the Reorganizations are consummated, and that TDWAM had indicated that this amount was unlikely to cover its expenses of the transactions.

• Alternatives available to the Acquired Funds, including their potential liquidation. The TDW Board took into account that TDW had indicated that it desired to refocus on its core business, which does not include proprietary index funds. The TDW Board considered that the relatively small size of the Acquired Funds individually and in the aggregate made them undesirable as acquisition candidates by other mutual fund organizations. As a result, the TDW Board considered that the only viable alternative to the Reorganizations was liquidation of the Acquired Funds. The TDW Board determined that the Reorganizations presented a more desirable option for Acquired Fund shareholders than liquidation. This determination was based on, among other factors, the tax-free nature of each Reorganization and the ability of Acquired Fund shareholders to redeem shares at any time before or after the Reorganization without the imposition of any sales charge or redemption fee (although redemptions after the Closing Date would be subject to routine transaction charges).

In approving the Reorganizations, the TDW Board, including all of the TDW Independent Trustees, determined that each Reorganization is in the best interests of the respective Acquired Fund and its shareholders. In addition, the TDW Board, including all of the TDW Independent Trustees, also determined that the interests of the shareholders of each Acquired Fund would not be diluted as a result of effecting the respective Reorganization because each such shareholder will receive Corresponding Shares of the Acquiring Fund having an aggregate net asset value equal to the aggregate net asset value of his or her shares of the Acquired Fund outstanding as of the Valuation Time. Consequently, the TDW Board approved the Plans and directed that the Plans be submitted to the shareholders of each respective Acquired Fund for approval of its respective Reorganization.

The Board of Trustees of TD Waterhouse Trust unanimously recommends that the shareholders of each Acquired Fund approve the Plan that relates to their Fund. Approval of a Plan by one Acquired Fund is not contingent upon the approval of a Plan by any other Acquired Fund.

The Price Boards have also approved the Plans on behalf of the Acquiring Funds.

Federal Income Tax Consequences of the Reorganizations

General

Each Reorganization has been structured with the intention that it qualify for Federal income tax purposes as a tax-free reorganization under Section 368(a) of the Code. This means that, in the opinion of counsel, no gain or loss will be recognized by a shareholder of an Acquired Fund for Federal income tax purposes as a result of a Reorganization.

As a condition to the closing of each Reorganization, each of the Acquired Funds and Acquiring Funds will receive an opinion of Shearman & Sterling LLP (“Shearman & Sterling”), counsel to the Acquired Funds, substantially to the effect that, among other things, for Federal income tax purposes, upon consummation of each Reorganization (i) no gain or loss will be recognized by an Acquired Fund or an Acquiring Fund as a result of its respective Reorganization, (ii) no gain or loss will be recognized by a shareholder of an Acquired Fund upon his or her receipt of Corresponding Shares in the respective Reorganization solely in exchange for his or her shares of such Acquired Fund, (iii) an Acquired Fund and an Acquiring Fund each will be a “party to a reorganization” under Section 368(b) of the Code, (iv) the holding period of the assets of an Acquired Fund acquired by the respective Acquiring Fund will include the period during which such assets were held by such Acquired Fund, (v) the holding period for Corresponding Shares of an Acquiring Fund received by each shareholder of the respective Acquired Fund in exchange for his or her shares of such Acquired Fund will include the period during which such shareholder held shares of such Acquired Fund (provided such Acquired Fund shares were held as capital assets on the date of the exchange), and (vi) immediately after a Reorganization, the tax basis of the Corresponding Shares received by shareholders of the respective Acquired Fund in such Reorganization will be equal, in the aggregate, to the tax basis of the shares of such Acquired Fund surrendered in exchange therefor. Shearman & Sterling’s opinion will be based upon certain representations made by the parties to the Reorganizations.

An opinion of counsel does not have the effect of a private letter ruling from the Internal Revenue Service (“IRS”) and is not binding on the IRS or any court. If a Reorganization is consummated but fails to qualify as a reorganization within the meaning of Section 368 of the Code, the Reorganization would be treated as a taxable sale of assets followed by a taxable liquidation of the respective Acquired Fund, and Acquired Fund shareholders would recognize a taxable gain or loss equal to the difference between their basis in the Acquired Fund shares and the fair market value of the Corresponding Shares received.

To the extent an Acquiring Fund has unrealized capital gains at the time of the respective Reorganization, the respective Acquired Fund’s shareholders may incur taxable gains in the year that such Acquiring Fund realizes and distributes those gains. This will be true notwithstanding that the unrealized gains were reflected in the price of such Acquiring Fund’s shares at the time they were exchanged for assets of such Acquired Fund in the respective Reorganization. Conversely, shareholders of an Acquiring Fund would share in unrealized capital gains of the respective Acquired Fund after the respective Reorganization and bear a tax consequence on the subsequent realization of such gains.

To the extent that an Acquired Fund has loss carryforwards at the time of the respective Reorganization, Acquired Fund shareholders may not be able to benefit from such loss carryforwards after the Reorganizations.

Shareholders should consult their tax advisers regarding the effect of the Reorganizations in light of their individual circumstances. As the foregoing relates only to Federal income tax consequences, shareholders also should consult their tax advisers as to the non-United States, state, local and other tax consequences of the Reorganizations.

Status as a Regulated Investment Company

All Funds have elected and qualified to be taxed as regulated investment companies under Sections 851-855 of the Code, and after the Reorganizations, the Acquiring Funds intend to continue to qualify as regulated investment companies. An Acquired Fund’s existence as a separate investment portfolio of TD Waterhouse Trust will be terminated as soon as practicable following the consummation of the applicable Reorganization.

Capitalization

The following table sets forth the capitalization of each Acquired Fund and each Acquiring Fund as of February 28, 2005, and the capitalization of each Combined Fund, on a pro forma basis, as if the Reorganizations had occurred on that date.

	TDW Bond Index Fund	Price Bond Index Fund	Pro Forma Bond Index Combined Fund

Total Net
Assets	$18,714,144	$144,984,853	$163,698,997
Shares Outstanding	1,772,675	13,592.939	15,346,842
Net Asset Value Per Share	$10.56	$10.67	$10.67
	TDW Dow 30 Fund	Price Equity Index 500 fund	Pro Forma Equity Index Combined Fund ⁺

Total Net
Assets	$173,819,335	$4,917,841,205	$5,237,155,883
Shares Outstanding	16,052,353	151,682,843	161,532,155
Net Asset Value Per Share	$10.83	$32.42	$32.42
	TDW 500 Index Fund	Price Equity Index 500 Fund	Pro Forma Equity Index Combined Fund⁺

Total Net
Assets	$145,495,343	$4,917,841,205	$5,237,155,883
Shares Outstanding	18,212,365	151,682,843	161,532,155
Net Asset Value Per Share	$7.99	$32.42	$32.42
	TDW Extended Market Index Fund	Price Extended Equity Market Index Fund	Pro Forma Extended Equity Market Index Combined Fund

Total Net
Assets	$55,890,180	$168,150,799	$224,040,979
Shares Outstanding	6,673,826	12,885,299	17,168,071
Net Asset Value Per Share	$8.37	$13.05	$13.05
	TDW Asian Pacific Index Fund	Price International Equity Index Fund	Pro Forma International Equity Index Combined Fund⁺⁺

Total Net
Assets	$14,263,305	$77,729,735	$107,837,011
Shares Outstanding	1,770,575	7,153,098	9,922,857
Net Asset Value Per Share	$8.06	$10.87	$10.87
	TDW European Index Fund	Price International Equity Index Fund	Pro Forma International Equity Index Combined Fund⁺⁺

Total Net
Assets	$15,843,971	$77,729,735	$107,837,011
Shares Outstanding	1,649,192	7,153,098	9,922,857
Net Asset Value Per Share	$9.61	$10.87	$10.87

⁺ Includes TDW Dow 30 Fund, TDW 500 Index Fund and Price Equity Index 500 Fund.

⁺⁺ Includes TDW Asian Pacific Index Fund, TDW European Index Fund and Price International Equity Index Fund.

The table set forth above should not be relied upon to reflect the number of shares to be received in the Reorganizations; the actual number of shares to be received will depend upon the net asset value and number of shares outstanding of each Fund at the Valuation Time.

COMPARISON OF THE FUNDS

Investment Policies

The principal investment objectives and investment strategies of each Fund were set forth above under “Summary.” The Funds’ investment strategies are further described below.

Bond Index Funds

In seeking to track the Lehman Index, both Bond Index Funds use a strategy known as “sampling.” This strategy involves dividing the Lehman Index into components and sub-components and then selecting representative bonds whose characteristics closely match those of the components or sub-components of the index. Some examples of these sub-components are interest rate sensitivity, credit quality and sector weightings. Sampling offers an effective approach to index management.

As stated above, the TDW Bond Index Fund anticipates being overweighted in U.S. government securities until it reaches an asset level of approximately $25 million. Due to this fact, the Fund is not expected to track the index with the same degree of accuracy as if it were invested more broadly in bonds consistent with the index.

Equity Index Funds

In seeking to track their respective indices, each of the Equity Index Funds uses a strategy known as “replication” or “full replication.” Under this strategy, a Fund attempts to maintain holdings of each stock in proportion to its weight in the index.

While the TDW Dow 30 Fund and the Price Equity Index 500 Fund both use a replication strategy, they have different investment objectives and strategies in that they seek to track different indices.

Extended Index Funds

In seeking to track the Wilshire 4500, both Extended Index Funds use a sampling strategy. See “---Bond Index Funds” above for an explanation of sampling.

International Index Funds

The TDW Asian Pacific Index Fund and the TDW European Index Fund both use a sampling strategy to track their respective indices. The Price International Equity Index Fund uses a full replication strategy, to track the FTSE™ Developed ex North America Index.

In addition, as stated above, the International Index Funds differ in their investment strategies in that they seek to track different indices.

Directors and Officers

The Price Funds are governed by the Price Boards. The Board of Directors of T. Rowe Price Index Trust, Inc. currently consists of eight individuals, six of whom are independent of T. Rowe Price and T. Rowe Price International (“Price Independent Directors”). The Board of Directors of T. Rowe Price International Index Fund, Inc. currently consists of seven individuals, six of whom are Price Independent Directors. The Board of Directors of T. Rowe Price U.S. Bond Index Fund, Inc. currently consists of eight individuals, six of whom are Price Independent Directors.

The Price Boards are responsible for the overall supervision of the Price Funds and perform various duties imposed on directors of investment companies by the Investment Company Act. Directors and officers of the Price Funds are also directors/trustees and officers of some or all of the other investment companies managed, administered or advised by T. Rowe Price or T. Rowe Price International, and distributed by Price Investment Services and other affiliates. The Price Boards elect the Acquiring Funds’ officers. For additional information regarding the Price Boards see “Management of the Funds” in the Acquiring Funds Statement.

Management and Administrative Arrangements

Overview

TDWAM, a Delaware corporation, is located at 100 Wall Street, New York, New York 10005. T. Rowe Price and T. Rowe Price International, each Maryland corporations, are located at 100 East Pratt Street, Baltimore, Maryland 21202. TDWAM currently serves as the investment adviser for the Acquired Funds and T. Rowe Price or T. Rowe Price International currently serve as the investment adviser for the Acquiring Funds. Each of TDWAM, T. Rowe Price and T. Rowe Price International is responsible for the management of the investment portfolio of each Acquired Fund and Acquiring Fund, as applicable; however, TDWAM has delegated investment discretion over each TDW Fund other than the TDW Dow 30 Fund to TDIM as sub-adviser. TDIM’s address is 161 Bay Street, Canada Trust Tower, 35^th Floor, Toronto, Ontario, Canada M5J 2T2. After the Reorganization, T. Rowe Price will serve as the investment adviser to all of the Combined Funds, except for the International Equity Index Combined Fund, for which T. Rowe Price International will continue to serve as the investment adviser.

T. Rowe Price and T. Rowe Price International

T. Rowe Price, T. Rowe Price International and their respective affiliates have over $235 billion in assets under management as of December 31, 2004.

Each of the Price Funds has an Investment Advisory Committee. The chairman of each Committee has day-to-day responsibility for managing the portfolio and works with the committee in developing and executing the Fund’s investment program.

Edmund M. Notzon, III, is the Investment Advisory Committee chairman for the Price Bond Index Fund. Mr. Notzon has been chairman since the Fund’s inception. He has been managing investments since joining T. Rowe Price in 1989. The other members of the Committee are Connice Bavely, Patrick S. Cassidy, Peter D. Leiser, Jr., Mary J. Miller, Vernon A. Reid, Jr., and Charles M. Shriver.

Eugene F. Bair is the Investment Advisory Committee chairman for the Price Equity Index 500 Fund and Price Extended Equity Market Index Fund. Mr. Bair has been chairman of each of these Fund’s Committee since 2002. He joined T. Rowe Price in 1998 and has been managing investments since 2000. The other members of each of these Funds’ Committees are Jeanne M. Aldave, Ann M. Holcomb, Sudhir Nanda, and Richard T. Whitney.

Richard T. Whitney is Investment Advisory Committee chairman for the Price International Index Fund. He has been chairman since 2004. he joined T. Rowe Price in 1985 and has been managing investments since 1986. The other members of the Committee are Jeanne M. Aldave, Eugene F. Bair, and Neil Smith.

After the Reorganizations, these portfolio managers will continue to manage the Combined Funds.

Comparison of the Investment Management Agreements

The TDW Investment Management Agreements and the T. Rowe Price Investment Management Agreements are similar, except for certain matters, including the advisory fees and the identity of the adviser.

The advisory fees payable by the Acquired Funds to TDWAM are set out above under “Fee Tables and Examples.” The advisory fees payable by the Acquiring Funds to T. Rowe Price or T. Rowe Price International, as the case may be, are set out above under “Fee Tables and Examples.”

The advisory fees payable by each of the Bond Index Funds are at the same annual rate under both Investment Management Agreements. The advisory fees payable by each of the Equity Index Funds and the Extended Index Funds are at a lower annual rate under the T. Rowe Price Investment Management Agreement. The advisory fees payable by the Price International Equity Index Fund is at a higher annual rate under the T. Rowe Price Investment Management Agreement than the fees payable by the other International Index Funds. The advisory fees payable by each of the Acquiring Funds other than the Price Equity Index 500 Fund also includes the respective Fund’s operating expenses. In the case of the Acquired Funds, their operating expenses are borne separately. The T. Rowe Price Investment Management Agreements provide for the provision of administrative services to each Acquiring Fund by T. Rowe Price or T. Rowe Price International for no additional fee. TD Waterhouse provides administrative services to each Acquired Fund. Each of the Acquired Funds other than the TDW Dow 30 Fund pays a separate fee for administrative services. See “Administrative Arrangements” below for more information on regarding the Funds’ administrative arrangements.

With respect to each Acquired Fund, TDWAM and its affiliates have agreed voluntarily to reduce total expenses by waiving fees and/or reimbursing expenses. As of January 31, 2004, each of the Acquired Fund’s net total annual expense ratios were capped at 0.35% (TDW Bond Index Fund), 0.45% (TDW Dow 30 Fund), 0.35% (TDW 500 Index Fund), 0.40% (TDW Extended Market Index Fund), 0.58% (TDW Asian Pacific Index Fund) and 0.58% (TDW European Index Fund). With respect to the Price Equity Index 500 Fund, effective January 1, 2004, T. Rowe Price contractually obligated itself to waive its fees and bear any expenses through April 30, 2006, to the extent such fees or expenses would cause the Price Equity Index 500 Fund’s ratio of expenses to net assets to exceed 0.35%. Fees waived or expenses paid under this agreement are subject to reimbursement to T. Rowe Price by the Price Equity Index 500 Fund whenever the Fund’s expense ratio is below 0.35%; however, no reimbursement will be made after April 30, 2008, or if it would result in the expense ratio exceeding 0.35%. Any amounts reimbursed will have the effect of increasing fees otherwise paid by the Price Equity Index 500 Fund. The Price Equity Index 500 Fund operated under a previous expense limitation for which T. Rowe Price may be reimbursed.

If shareholders approve the Reorganizations, following consummation of the Reorganizations, the portfolios of the Acquired Funds will be managed by T. Rowe Price or T. Rowe Price International as part of the Combined Funds. The advisory fee rate payable by each Combined Fund after consummation of the Reorganizations will be the same as the advisory fee rates payable by the Acquiring Funds.

Subadvisory Arrangements. TDWAM has retained TDIM as sub-adviser for each of the Acquired Funds, other than the TDW Dow 30 Fund. Under the terms of each of the subadvisory agreements between TDWAM and TDIM, TDIM manages the investment and reinvestment of the assets of such Acquired Fund, subject to the supervision of the TDW Board. As of the date hereof, T. Rowe Price and T. Rowe Price International have not appointed any sub-advisers for any of the Acquiring Funds.

As compensation for its services, TDIM receive fees from TDWAM computed separately for each Acquired Fund. Such fees are paid out of TDWAM’s advisory fee at no additional cost to the Acquired Funds or their shareholders.

Administrative Arrangements

T. Rowe Price or T. Rowe Price International provides administrative services to the Price Funds pursuant to the T. Rowe Price Investment Management Agreements. As stated above, the advisory fees for each Acquiring Fund, other than the Price Equity Index 500 Fund, include administrative services rendered by T. Rowe Price or T. Rowe Price International, as applicable.

TD Waterhouse, an affiliate of TDWAM, provides certain administrative services to the TDW Funds. For its services, as administrator, TD Waterhouse is entitled to receive from each TDW Fund (other than the TDW Dow 30 Fund), an annual fee of 0.10% of the average net assets of the TDW Fund. For providing administrative services to the TDW Dow 30 Fund, TDWAM (and not the Fund) compensates TD Waterhouse. TD Waterhouse has entered into a sub-administration agreement with Funds Distributor, Inc. (“FDI”) pursuant to which FDI performs certain administrative services for the TDW Funds. TD Waterhouse pays FDI’s fees for providing these services.

In the event the Reorganizations are approved by shareholders, T. Rowe Price or T. Rowe Price International will provide administrative services to the Combined Funds.

Distribution and Shareholder Servicing Arrangements

Distributor

FDI acts as the principal distributor of the shares of the Acquired Funds. FDI is not affiliated with TDWAM. Price Investment Services, an affiliate of T. Rowe Price, acts as the distributor of the shares of the Acquiring Funds. FDI also acts as sub-administrator for TD Waterhouse Trust. All of the Funds are no-load and their shares are sold and redeemed at net asset value without the imposition of any sales charges. In addition, none of the Funds has adopted a plan of distribution pursuant to Rule 12b-1 under the Investment Company Act. The address of FDI is 100 Summer Street, Suite 1500, Boston, Massachusetts 02110. The address of Price Investment Services is 100 East Pratt Street, Baltimore, Maryland 21202. After consummation of the Reorganizations, Price Investment Services will continue to provide distribution services to each Combined Fund.

Shareholder Servicing

The TDW Funds’ Shareholder Servicing Plan permits each TDW Fund to pay banks, broker-dealers or other financial institutions (including TD Waterhouse and its affiliates) for shareholder support services they provide to their clients who are shareholders of a TDW Fund. The Acquired Funds have entered into a Services Agreement (the “TDW Services Agreement”) with TD Waterhouse for the provision of general shareholder liaison services, providing information on shareholder investments, establishing and maintaining shareholder accounts and records, and providing such other similar services as may reasonably be requested. Under the TDW Services Agreement, as compensation for services rendered, TD Waterhouse is entitled to receive a monthly fee calculated daily at an annual rate of 0.25% of the average daily net assets of the applicable Fund. At present, TD Waterhouse is the only financial institution that may be paid for its services under the Shareholder Servicing Plan. The Acquiring Funds do not have a similar plan. Price Services provides shareholder services for the Acquiring Funds. Only the Price Equity Index 500 Fund pays a separate fee for these services.

Other Service Agreements with Affiliates

National Investor Services Corp. acts as transfer and dividend disbursing agent to the Acquired Funds. The address for National Investor Services Corp. is 55 Water Street, New York, New York 10041. Price Services, a wholly owned subsidiary of T. Rowe Price, acts as the Acquiring Funds transfer and dividend disbursing agent and provides shareholder and administrative services. The address for Price Services is 100 East Pratt Street, Baltimore, Maryland 21202.

Purchase, Exchange and Redemption of Shares

The following chart highlights the purchase, redemption and exchange features of the Acquired Funds as compared to such features of the Acquiring Funds.

Purchase, Redemption and Exchange Features	Acquired Funds	Acquiring Funds

Minimum initial investment	• non-retirement accounts: $1,000	• non-retirement accounts: $2,500
	• retirement accounts: no minimum	• retirement accounts: $1,000
	• automatic investment programs:	• gifts or transfers to minors: $1,000
	$100 per month or $300 per quarter

Minimum subsequent
investments	$ 100	• non-retirement account: $100
		• retirement account: $50
		• gifts or transfers to minors: $50

Purchases	By mail (check), telephone, electronically, or through periodic investment	By ACH Transfer, mail (check), wire or through Automatic Asset Builder

Purchase, Redemption
and Exchange Features Acquired Funds Acquiring Funds

Redemption By mail, telephone or By mail or telephone

    electronically

Exchanges Shares of an Acquired Fund may be Shares of an Acquiring Fund may

     exchanged for shares of any other be exchanged for shares of any

      Acquired Fund, subject to any other Acquiring Fund or other T.

     applicable redemption fee. Rowe Price mutual fund.

Redemption Fees •     1% for TDW Bond Index Fund* •     2% for Price International Equity

      •     2% for all TDW Funds except      IndexFund**

          the TDW Bond Index Fund* •     0.50% for all Price Funds except

           the Price InternationalEquity

     Index Fund**

^* Shareholders of TDW Funds will be assessed a redemption fee of up to the amount specified (expressed as a percentage of the amount the shareholder is redeeming) if the shareholder redeems TDW Fund shares within 5 days after investing in the TDW Fund. Please see the section entitled “How to Sell Shares – Redemption Fees” in the Acquired Funds Prospectus for additional information regarding redemption fees. Redemption fees have been waived for any redemptions occurring on or after March 22, 2005. Shares of Price Funds received in the Reorganizations will not be subject to redemption fees; however, if such shares are held in a TD Waterhouse brokerage account they will be subject to any applicable transaction charges upon redemption or exchange. Alternatively, a shareholder may avoid any transaction charges by TD Waterhouse by electing to have his or her shares held directly with the Price Fund’s transfer agent.

^**On shares purchased and held for less than 90 days (see the section entitled “Pricing Shares and Receiving Sale Proceeds” in the Acquiring Funds Prospectus for additional information).

Dividend Distribution and Account Policies

The following is a summary of the dividend distribution and account policies of each of the Funds and is qualified in its entirety by the more complete information contained in the Acquired Funds Prospectus, Acquiring Funds Prospectus, Acquired Funds Statement and Acquiring Funds Statement.

Valuation of Fund Shares. The net asset value per share for each Fund and class is determined once daily as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time) by dividing the net assets (the value of all assets less liabilities) of each class by the number of its shares outstanding. See “Pricing Your Shares” in the Acquired Funds Statement and “Pricing Shares and Receiving Sale Proceeds” in the Acquiring Funds Statement.

Buy and Sell Prices. When you buy shares of a Fund, you pay the net asset value. When you sell shares of a Fund, you receive the net asset value minus any applicable redemption fees.

Dividends. Each of the Acquired Funds, other than the TDW Bond Index Fund, declares and pays dividends, if any, annually. The TDW Bond Index Fund declares dividends, if any, daily and pays monthly. Each of the Acquired Funds distributes capital gains, if any, at least annually. Dividends, if any, are declared daily and paid monthly by the Price Bond Index Fund, declared quarterly by the Price Equity Index 500 Fund, and declared annually by all of the other Acquiring Funds. Capital gains distributions, if any, are paid at least annually by the Acquiring Funds. See “Dividends and Distributions” in the Acquired Funds Prospectus and “Dividends and Other Distributions” and “Capital Gain Payments” in the Acquiring Funds Prospectus.

Dividend Reinvestments. The policy relating to dividend reinvestments is substantially the same for all Funds. Unless cash payment is requested all dividends and distributions, if any, will be reinvested. See “Dividends and Distributions” in the Acquired Funds Prospectus and “Dividends and Other Distributions” in the Acquiring Funds Prospectus.

Payment Following Redemption. Each Fund will normally send the proceeds from a redemption on the next business day, but may delay payment for up to seven days. Payment may be delayed if the shares to be redeemed were purchased by a check that has not cleared. See “How to Sell Shares” in the Acquired Funds Prospectus and “Pricing Shares and Receiving Sale Proceeds” in the Acquiring Funds Prospectus.

Performance

General

The following tables provide performance information for shares of the Funds for the periods indicated. Past performance is not indicative of future performance.

Important information about the Acquiring Funds is also contained in management’s discussion of each Acquiring Fund’s performance contained in the Annual Reports to Shareholders of the Acquiring Funds for the year ended October 31, 2004 (Price Bond Index Fund and Price International Equity Index Fund) and December 31, 2004 (Price Equity Index 500 Fund and Price Extended Equity Market Index Fund), which accompany this Proxy Statement and Prospectus.

Average annual total return is determined in accordance with a formula specified by the Commission. Average annual total return is computed by finding the average annual compounded rates of return for the 1-, 3-, 5-, and 10-year periods or for the lesser included periods of effectiveness. The calculation assumes that:

	(a) All dividends and distributions are reinvested at net asset value; and

	(b) Complete redemption occurs at the end of the 1-, 3-, 5-, or 10-year periods or fractional portion thereof with all nonrecurring charges deducted accordingly.

Average Annual Total Returns as of 12/31/04

TDW Bond Index Fund	Year to Date (3/31/05)	1 Year		5 Years	10 Years	Since Inception (8/31/00)

Return Before Taxes	TBD	3.50	%	N/A	N/A	6.76	%

Return After Taxes on Distributions	TBD	2.13	%	N/A	N/A	4.83	%

Return After Taxes on Distributions and Sale of Fund Shares	TBD	2.26	%	N/A	N/A	4.63	%

Lehman Brothers U.S. Aggregate Index (reflects no deduction for fees, expense or taxes)	TBD	4.34	%	N/A	N/A	7.39	%

TDW Dow 30 Fund Year to Date
(3/31/05) 1 Year
5 Years
10 Years Since
Inception
(3/31/98)

Return Before Taxes TBD 4.97 % 0.39 % N/A 4.79 %

Return After Taxes on
Distributions TBD 4.71 % -0.8 2% N/A 3.59 %

Return After Taxes on
Distributions and Sale of
Fund Shares TBD 3.57 % 0.33 % N/A 3.44 %

Dow Jones Industrial
Average (reflects no
deduction for fees, expense
or taxes) TBD 5.30 % 0.68 % N/A 5.02 %

TDW 500 Index Fund Year to Date
(3/31/05) 1 Year 5 Years 10 Years Since
Inception
(8/31/00)

Return Before Taxes TBD 10.48 % N/A N/A -3.92 %

Return After Taxes on
Distributions
TBD 10.21 % N/A N/A -4.17 %

Return After Taxes on
Distributions and Sale of
Fund Shares TBD 7.17 % N/A N/A -3.41 %

Standard & Poor’s 500
Composite Stock Price
Index (reflects no
deduction forfees, expense
or taxes) TBD 10.88 % N/A N/A -3.55 %

TDW Extended Market Index Fund Year to Date
(3/31/05) 1 Year 5 Years 10 Years Since
Inception
(8/31/00)

Return Before Taxes TBD 18.27 % N/A N/A -2.72 %

Return After Taxes on
Distributions TBD 17.93 % N/A N/A -3.00 %

Return After Taxes on
Distributions and Sale of
Fund Shares
TBD 12.12 % N/A N/A -2.44 %

Dow Jones Wilshire 4500
Completion Index (reflects no
deduction for fees, expense
or taxes) TBD 18.57 % N/A N/A -0.28 %

TDW Asian Pacific Index Fund Year to Date
(3/31/05) 1 Year 5 Years 10 Years
Since
Inception
(8/31/00)

Return Before Taxes TBD 17.38 % N/A N/A -4.13 %

Return After Taxes on
Distributions
TBD 17.30 % N/A N/A -4.34 %

Return After Taxes on
Distributions and Sale of
Fund Shares TBD 11.47 % N/A N/A -3.56 %

MSCI® Pacific Index
(reflects no deduction for
fees, expense or taxes) TBD 18.98 % N/A N/A -1.83 %

TDW European Index Fund Year to Date
(3/31/05) 1 Year 5 Years 10 Years Since
Inception
(8/31/00)

Return Before Taxes TBD 20.21 % N/A N/A -0.03 %

Return After Taxes on
Distributions TBD 20.21 % N/A N/A -0.23 %

Return After Taxes on
Distributions and Sale of
Fund Shares TBD 13.81 % N/A N/A -0.03 %

MSCI® Europe Index
(reflects no deduction for
fees, expense or taxes) TBD 20.88 % N/A N/A 1.45 %

Price Bond Index Fund Year to Date
(3/31/05) 1 Year 5 Years 10 Years Since
Inception
(11/30/00)

Return Before Taxes TBD 3.86 % N/A N/A 6.74 %

Return After Taxes on
Distributions TBD 2.39 % N/A N/A 4.86 %

Return After Taxes on
Distributions and Sale of
Fund Shares TBD 2.49 % N/A N/A 4.62 %

Lehman Brothers
U.S. Aggregate Index (reflects
no deduction for fees,
expense or taxes) TBD 4.34 % N/A N/A 7.09 %

Price Equity Index 500 Fund Year to Date
(3/31/05) 1 Year 5 Years 10 Years Since
Inception
(3/30/90)

Return Before Taxes TBD 10.51 % -2.56% 11.76 % 11.01 %

Return After Taxes on
Distributions TBD 10.24 % -2.90% 11.03 % 10.12 %

Return After Taxes on
Distributions and Sale of
Fund Shares TBD 7.16 % -2.32% 10.08 % 9.38 %

Standard & Poor’s 500
Composite Stock Price
Index (reflects no deduction for fees, expense
or taxes) TBD 10.88 % -2.30% 12.07 % 11.36 %

Price Extended Equity Market
Index 500 Fund
Year to Date
(3/31/05)
1 Year
5 Years
10 Years
Since
Inception
(1/30/98)

Return Before Taxes TBD 18.38 % 1.12 % N/A 6.91 %

Return After Taxes on
Distributions TBD 18.21 % 0.47 % N/A 6.06 %

Return After Taxes on
Distributions and Sale of
Fund Shares TBD 12.05 % 0.60 % N/A 5.51 %

Dow Jones Wilshire 4500
Completion Index (reflects
no deduction for fees
expense or taxes) TBD 18.57 % 1.38 % N/A 7.02 %

Price International
Equity Index Fund Year to Date
(3/31/05)
1 Year
5 Years
10 Years
Since
Inception
(11/30/00)

Return Before Taxes TBD 19.18 % N/A N/A 2.87 %

Return After Taxes on
Distributions TBD 19.02 % N/A N/A 2.68 %

Return After Taxes on
Distributions and Sale of
Fund Shares TBD 12.93 % N/A N/A 2.43 %

FTSE ^TM Developed ex
North America Index
(reflects no deduction for
fees, expense or taxes) TBD 20.76 % N/A N/A 3.83 %

Shareholder Rights

Shareholder rights are substantially the same in all of the Funds. Each full share and fractional share of a Fund entitles the shareholder to receive a proportional interest in the respective Fund’s capital gain distributions and to cast one vote per share, with fractional shares voting proportionally, on certain Fund matters, including the election of directors or trustees, changes in fundamental policies, or approval of changes in the Fund’s investment advisory agreement. Corresponding Shares issued in the Reorganizations will be fully paid and nonassessable and will have no preemptive rights. In the event of the liquidation of a Fund, shareholders of such Fund are entitled to share pro rata in the net assets of such Fund available for distribution to shareholders.

The Funds are not required to hold annual meetings and do not intend to do so unless the Investment Company Act requires an election of directors by shareholders. Under the TD Waterhouse Trust’s By-Laws, shareholders representing at least 10% of the outstanding shares entitled to vote may order a special meeting if they wish on any matter on which they are entitled to vote. Under each Price Corporation’s By-Laws, special meetings of shareholders may be ordered on the written request of shareholders entitled to cast (i) in the case of a meeting for the purpose of removing a director, at least 10% and (ii) in the case of a meeting for any other purpose, at least 25%, in each case of all the votes entitled to be cast at such a meeting.

TD Waterhouse Trust is a Delaware statutory trust. Delaware law provides that shareholders shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit. The securities regulators of some states, however, have indicated that they and the courts in their states may decline to apply Delaware law on this point. To guard against this risk, the Trust’s Agreement and Declaration of Trust contains an express disclaimer of shareholder liability for acts or obligations of the Trust and provides for indemnification out of Trust property of any shareholder held personally liable for obligations of the Trust. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which Delaware law does not apply (or no contractual limitation of liability was in effect) and the portfolio is unable to meet its obligation. In light of Delaware law and the nature of the Trust’s business, the TD Waterhouse Trust believes that the risk of personal liability to shareholders is extremely remote.

Each of the Price Corporations is a Maryland corporation. A shareholder of a corporation generally has no personal liability for the acts or obligations of a corporation.

Additionally, a shareholder vote is required by Maryland law to amend the charter of a Maryland corporation, whereas the TD Waterhouse Trust Declaration of Trust only requires a shareholder vote for certain types of amendments. A shareholder vote is also required to dissolve a corporation under Maryland law, however one is not required to terminate TD Waterhouse Trust under the TD Waterhouse Trust Declaration of Trust.

Tax Information

The tax consequences associated with an investment in shares of an Acquired Fund are substantially the same as the tax consequences associated with an investment in shares of the respective Acquiring Fund. See “Taxes” in the Acquired Funds Prospectuses and “Useful Information on Distributions and Taxes” in the Acquiring Funds Prospectus.

Portfolio Transactions

The procedures for engaging in portfolio transactions are generally the same for the Acquired Funds and the Acquiring Funds. Each of TDWAM, TDIM, T. Rowe Price and T. Rowe Price International may consider the nature and extent of research services provided when brokers are selected and may cause a Fund to pay such broker-dealer commissions that exceed those that other broker-dealers may have charged, if in their view the commissions are reasonable in relation to the value of the brokerage and/or research services provided. For further discussion of these procedures, see “Brokerage Allocation” in the Acquired Funds Statement and “Portfolio Transactions” in the Acquiring Funds Statement.

Additional Information

Independent Registered Public Accounting Firms

Currently Ernst & Young LLP serves as the independent registered public accounting firm of the Acquired Funds and PricewaterhouseCoopers LLP serves as the independent registered public accounting firm of the Acquiring Funds. If the Reorganizations are completed, it is currently anticipated that PricewaterhouseCoopers LLP will serve as the independent registered public accounting firm of the Combined Funds. The principal business address of PricewaterhouseCoopers LLP is 250 West Pratt Street, 21^st Floor, Baltimore, Maryland 21201. The principal business address of Ernst & Young LLP is 5 Times Square, New York, New York 10036.

Custodian

The Bank of New York acts as the custodian of the assets of the Acquired Funds. State Street Bank and Trust Company (“State Street”) acts as the custodian of the Acquiring Funds, except the Price International Equity Index Fund for which JPMorgan Chase Bank, London (“JPMorgan”) serves as the custodian. If the Reorganizations are completed, it is currently anticipated that State Street or JPMorgan, as applicable, will continue to serve as the custodians of the Combined Funds. The principal business address of State Street is 225 Franklin Street, Boston, Massachusetts 02110. The principal business address of JPMorgan is Woolgate House, Coleman Street, London, EC2P 2HD, England.

Transfer Agent

National Investor Services Corp., 55 Water Street, New York, New York 10041, an affiliate of TDWAM, serves as the transfer agent with respect to each Acquired Fund. Price Services, 100 East Pratt Street, Baltimore, Maryland 21202, serves as the transfer agent with respect to each Acquiring Fund. Each transfer agent is responsible for the issuance, transfer and redemption of shares and the opening, maintenance and servicing of shareholder accounts for the respective Fund. If the Reorganizations are completed, it is currently anticipated that Price Services will continue to serve as the transfer agent of the Combined Funds.

Capital Stock

Each Acquired Fund is authorized to issue an unlimited number of full and fractional shares of beneficial interest. The Price Equity Index 500 Fund and Price Extended Equity Market Index Fund are authorized to issue shares according to the following: an aggregate of one billion (1,000,000,000) shares, par value $0.01 per share, divided and classified into the following series: (i) Price Equity Index 500 Fund, (ii) Price Extended Equity Market Fund, and (iii) T. Rowe Price Total Equity Market Index Fund. Each such series shall consist of the lesser of (x) 1,000,000,000 shares or (y) the number of shares that could be issued by issuing all of the shares of any series currently or hereafter classified less the total number of shares then issued and outstanding in all of such series. The Price International Equity Index Fund and the Price Bond Index Fund are each authorized to issue up to one billion (1,000,000,000) shares, par value $0.0001 per share. See “Shareholder Information” in the Acquired Funds Statement and “Capital Stock (Maryland Corporations)” in the Acquiring Funds Statement for further discussion of the rights and preferences attributable to shares of each Acquired Fund and each Acquiring Fund, respectively.

Shareholder Inquiries

Shareholder inquiries with respect to the Acquired Funds may be addressed to TD Waterhouse Investor Services, Inc., Mutual Fund Services, P.O. Box 2630, Jersey City, New Jersey 07308-2630, or by calling toll free 1-800-934-4448. Shareholder inquiries with respect to the Acquiring Funds may be addressed to T. Rowe Price Associates, Inc., 100 East Pratt Street, Baltimore, Maryland 21202 or by calling toll free 1-800-638-5660.

PROPOSAL NO. 2: APPROVAL OF A CHANGE IN THE FUNDAMENTAL INVESTMENT OBJECTIVE OF THE TDW DOW 30 FUND

The TDW Dow 30 Fund’s investment objective is “fundamental,” meaning that as a matter of law it cannot be changed without shareholder approval. Shareholders of the TDW Dow 30 Fund are being asked to approve a change in their Fund’s investment objective. This proposal must be approved by a Majority Shareholder Vote of TDW Dow 30 Fund shareholders. This proposal is being submitted to facilitate the realignment of the TDW Dow 30 Fund’s portfolio to effectuate its reorganization with the Price Equity Index 500 Fund. Approval of this proposal is specifically contingent on the approval of Proposal 1(b) regarding the Reorganization of the TDW Dow 30 Fund. Therefore, if Proposal 1(b) is not approved by TDW Dow 30 Fund shareholders then Proposal 2 will not take effect even if it is approved by TDW Dow 30 Fund shareholders. For more information on the proposed Reorganization see “Proposal No. 1: Approval of the Plans.”

Comparison of Current and Amended Investment Objectives

The current investment objective of the TDW Dow 30 Fund is to seek to track closely the total return of the DJIA^SM, before fund expenses. If approved by shareholders, the new investment objective of the TDW Dow 30 Fund would be to seek to match the performance of the S&P 500® Index. The new investment objective is the same as the investment objective of the Price Equity Index 500 Fund with which the TDW Dow 30 Fund is proposed to reorganize.

Although the current and proposed investment objectives are different, each seeks to track a benchmark index that consists of large-capitalization companies. All of the securities included in the DJIA^SM are also included in the S&P 500® Index. The DJIA^SM currently consists of 30 of the most widely held and actively traded stocks in the U.S. stock market. The stocks in the DJIA^SM represent large-capitalization companies that typically are dominant firms in their respective industries. The DJIA^SM is price-weighted, which means that, essentially, it includes one share of each of its component stocks. The S&P 500® Index is a market-weighted index composed of 500 common stocks issued by large-capitalization companies representing the top industries in the U.S. The stocks included in the S&P 500® Index collectively represent a substantial portion of all common stocks publicly traded in the U.S.

TDW Board Considerations in Approving Change in Investment Objective

The TDW Board considered the similarities and differences between the current and revised investment objectives, as set out above, and determined that, on balance, it would be in the best interests of TDW Dow 30 Fund shareholders to reorganize with another large capitalization equity index fund, albeit one with a broader benchmark index. As a condition the Reorganization, however, the change in the TDW Dow 30 Fund’s investment objective would need to be approved. Therefore, the TDW Board has approved, and recommends that TDW Dow 30 Fund shareholders approve, the change in the fundamental investment objective of the TDW Dow 30 Fund.

The TDW Board, including the TDW Independent Trustees, unanimously recommends that you vote FOR Proposal 2.

GENERAL

INFORMATION CONCERNING THE MEETING

Date, Time and Place of Meeting

The Meeting will be held on June 7, 2005 at the offices of TD Waterhouse Trust, 100 Wall Street, 25^th Floor, New York, New York 10005, at 10:00 a.m., Eastern Time.

Solicitation, Revocation and Use of Proxies

A shareholder executing and returning a proxy has the power to revoke it at any time prior to its exercise by executing a superseding proxy (i.e., later-dated and signed), by submitting a notice of revocation to the Secretary of TDW Funds or by subsequently registering his or her vote by telephone or via the Internet. In addition, although mere attendance at the Meeting will not revoke a proxy, a shareholder present at the Meeting may withdraw his or her proxy and vote in person.

All shares represented by properly executed proxies received at or prior to the Meeting, unless such proxies previously have been revoked, will be voted at the Meeting in accordance with the directions on the proxies; if no direction is indicated on a properly executed proxy, such shares will be voted “FOR” approval of the Plan and the change in the fundamental investment objective of the TDW Dow 30 Fund.

It is not anticipated that any matters other than the approval of the Plan and the change in the fundamental investment objective of the TDW Dow 30 Fund will be brought before the Meeting. If, however, any other business properly is brought before the Meeting, proxies will be voted in accordance with the judgment of the persons designated on such proxies.

Record Date and Outstanding Shares

Only holders of record of shares of the Acquired Funds at the close of business on April 15, 2005 (the “Record Date”) are entitled to vote at the Meeting or any adjournment thereof. The following chart sets forth the shares of each class of the Acquired Funds issued and outstanding and entitled to vote at the close of business on the Record Date.

[Insert Table]

Security Ownership of Certain Beneficial Owners and Management of the Funds

To the knowledge of each Fund, as of February 28, 2005, the following shareholders, if any, owned beneficially or of record more than 5% of the outstanding voting securities of such Fund:

Name of Fund	Name and Address of Shareholder	Percentage of Shares wned		Percentage of Class ofShares of Combined Fund After the Reorganization on a Pro Forma Basis^*

Price Equity Index 500 Fund	T. Rowe Price Retirement Portfolio Attn: Fund Accounting Dept 100 East Pratt Street Baltimore, MD 21202	8.76	%	8.21	%

	T. Rowe Price Trust Co., Inc. Attn: RPS Control Dept 10090 Red Run Blvd Owings Mills, MD 21117	29.43	%	27.60	%

Name of Fund    Name and Address of Shareholder    Percentage of
Shares wned    Percentage of
Class ofShares
of Combined
Fund After the
Reorganization
on a Pro
Forma Basis^*

Price Extended Equity
Market Index Fund T. Rowe Price Trust Co., Inc.
Attn: TRPS Inst Control Dept.
P.O. Box 17215
Baltimore, MD 21297 22.87 % 17.16 %

Price Bond Index Fund T. Rowe Price RPS Inc.
Omnibus Plan #
New Business-Conv Assts #134 UBX
P.O. Box 17215
Baltimore, MD 21297 39.82 % 35.32 %

TRP Finance Inc.
802 West Street, Suite 301
Wilmington, DE 19801 6.01 % 5.33 %

Alaska College Savings Trust Account Portfolio
c/o T. Rowe Price Associates
Attn: Kimberly Vanscoy, Fixed Income
100   East Pratt Street, Floor 7
Baltimore, MD 21202 7.85 % 6.96 %

Price International Equity
Index Fund T. Rowe Price RPS Inc.
Omnibus Plan #
New Business-Conv Assts #135 IXF
P.O. Box 17215
Baltimore, MD 21297 9.24 % 6.65 %

———————

*Assuming that the value of the shareholder’s interest in the Fund on the date of the consummation of the applicable Reorganization was the same as on February 28, 2005.

At April 30, 2005, the Trustees and officers of the TDW Funds as a group (10 persons) owned an aggregate of less than 1% of the outstanding shares of each Acquired Fund and owned an aggregate of less than 1% of the outstanding shares of TD Waterhouse Trust.

At March 22, 2005, the Directors and Executive Officers of the Price Funds as a group (12 persons) owned an aggregate of less than 1% of the outstanding shares of each Acquiring Fund.

Voting Rights and Required Vote

Each share of an Acquired Fund is entitled to one vote, with fractional shares voting proportionally. Shareholders of each Acquired Fund vote separately on whether to approve the Plan. Approval of the Plan with respect to one Acquired Fund is not dependent on approval of the Plan with respect to any other Acquired Fund. Approval of a Plan by an Acquired Fund requires a Majority Shareholder Vote. Approval of Proposal 2 with respect to the TDW Dow 30 Fund also requires a Majority Shareholder Vote.

Broker-dealer firms holding shares of any of the Acquired Funds in “street name” for the benefit of their customers and clients will request the instructions of such customers and clients on how to vote their shares before the Meeting. Broker-dealer firms will not be permitted to grant voting authority without instructions with respect to the approval of the Plans or Proposal 2. Properly executed proxies that are returned but that are marked “abstain” or with respect to which a broker-dealer has declined to vote on any proposal (“broker non-votes”) will be counted as present for the purposes of determining presence at the Meeting. Assuming the presence required by a Majority Shareholder Vote, abstentions and broker non-votes (if applicable) will have the same effect as a vote against approval of the applicable Plan or Proposal 2.

If, by the time scheduled for the Meeting, sufficient votes in favor of approval of a Plan or Proposal 2 are not received from the shareholders of the applicable Acquired Fund, the persons named as proxies may propose one or more adjournments of such Meeting to permit further solicitation of proxies from shareholders. An affirmative vote of a majority of the shares of the applicable Acquired Fund present in person or by proxy and entitled to vote at the Meeting will suffice for any such adjournment. The persons named as proxies will vote in favor of any such adjournment if they determine that adjournment and additional solicitation are reasonable and in the interests of the shareholders of such Acquired Fund.

The votes of shareholders of the Acquiring Funds are not being solicited by this Proxy Statement and Prospectus and are not required to carry out the respective Reorganizations.

ADDITIONAL INFORMATION

The expenses of preparation, printing and mailing of the enclosed form of proxy, the accompanying Notice and this Proxy Statement and Prospectus (“proxy expenses”) will be borne by TDWAM or an affiliate thereof. The proxy expenses are currently estimated to be approximately $ in the aggregate.

TDWAM or an affiliate thereof will reimburse banks, brokers and others for their reasonable expenses in forwarding proxy solicitation materials to beneficial owners of the Acquired Funds and will reimburse certain officers or employees that it may employ for their reasonable expenses in assisting in the solicitation of proxies from such beneficial owners.

In order to obtain the necessary quorums at the Meetings, supplementary solicitation may be made by mail, telephone, telegraph or personal interview by officers of the Acquired Funds. TD Waterhouse Trust has retained ComputerShare Fund Services to aid in the solicitation of proxies at a cost estimated not to exceed $60,000, plus out-of-pocket expenses. The cost of soliciting proxies will be borne by TDWAM or an affiliate thereof.

This Proxy Statement and Prospectus does not contain all of the information set forth in the registration statements and the exhibits relating thereto which TDW Funds and Price Funds have filed on their behalf with the Commission under the Securities Act and the Investment Company Act, to which reference is hereby made.

The Funds are subject to the informational requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act, and in accordance therewith file reports and other information with the Commission. Proxy material, reports and other information filed by the Funds (or by TD Waterhouse Trust on behalf of the Acquired Funds or the applicable Price Corporation on behalf of the Acquiring Funds) can be inspected and copied at the public reference facilities maintained by the Commission at 450 Fifth Street, N.W., Washington, D.C. 20549. Copies of such materials also can be obtained by mail from the Public Reference Branch, Office of Consumer Affairs and Information Services, Securities and Exchange Commission, Washington, D.C. 20549, at prescribed rates. The Commission maintains a web site (http://www.sec.gov) that contains the Statements of Additional Information and Prospectuses of the Acquired Funds and Acquiring Funds, as well as other material incorporated by reference and other information regarding the Funds.

LEGAL PROCEEDINGS

There are no material legal proceedings to which any of the Funds is a party.

LEGAL OPINIONS

Certain legal matters in connection with the issuance of Corresponding Shares have been passed upon for the Acquiring Funds by Henry H. Hopkins, Esq.. Certain tax matters in connection with the Reorganizations will be passed upon for the Funds by Shearman & Sterling LLP, 599 Lexington Avenue, New York, New York 10022, counsel for the Acquired Funds.

EXPERTS

The financial highlights of the Acquired Funds and Acquiring Funds incorporated by reference into this Proxy Statement and Prospectus have been so included in reliance on the reports of Ernst & Young LLP and PricewaterhouseCoopers LLP, respectively, independent registered public accounting firms, given on their authority as experts in auditing and accounting. The principal business address of Ernst & Young LLP is 5 Times Square, New York, New York 10036. The principal business address of PricewaterhouseCoopers LLP is 250 West Pratt Street, 21^st Floor, Baltimore, Maryland 21201.

SHAREHOLDER PROPOSALS

A shareholder proposal intended to be presented at any subsequent meeting of shareholders of an Acquired Fund must be received by such Acquired Fund in a reasonable time before the solicitation by the Board of Trustees of TD Waterhouse Trust relating to such meeting is to be made in order to be considered in such Acquired Fund’s proxy statement and form of proxy relating to the meeting. If proposals Nos. 1(a)-(f) and 2 are approved at the Meeting, there will likely not be any future shareholder meetings of the Acquired Funds.

	By Order of the Board of Trustees of TD Waterhouse Trust,


	Marc Schuman
	Secretary, TD Waterhouse Trust

EXHIBIT I

AGREEMENT AND PLAN OF REORGANIZATION

DATED AS OF [ ]

I-i

TABLE OF CONTENTS

Page No.

1. Defined Terms; Sections and Exhibits; Miscellaneous Terms I-2

     a. Definitions I-2

     b. Use of Defined Terms I-6

     c. Sections and Exhibits I-6

     d. Miscellaneous Terms I-6

2. The Reorganization(s) I-6

     a. Transfer of Assets I-6

     b. Issuance and Valuation of Shares in the Reorganization I-6

     c. Distribution of Shares to the Acquired Fund Shareholders I-6

     d. Interest; Proceeds I-7

     e. Valuation Time I-7

     f. Evidence of Transfer I-7

     g. Termination I-7

     h. Separate Agreements; Reorganizations Not Conditioned on One Another I-7

3. Representations and Warranties of the Acquired Fund I-8

     a. Formation and Qualification I-8

     b. Licenses I-8

     c. Authority I-8

     d. Audited Financial Statements I-8

     e. Unaudited Financial Statements I-8

     f. Prospectus and Statement of Additional Information I-9

     g. Litigation I-9

     h. Material Contracts I-9

     i. No Conflict I-9

     j. Undisclosed Liabilities I-9

     k. Taxes I-9

     l. Assets I-10

     m. Consents I-10

     n. N-14 Registration Statement I-10

     o. Capitalization I-10

     p. Books and Records I-10

4. Representations and Warranties of the Acquiring Fund I-10

     a. Formation and Qualification I-10

     b. Licenses I-11

     c. Authority I-11

     d. Audited Financial Statements I-11

     e. Unaudited Financial Statements I-11

     f. Prospectus and Statement of Additional Information I-12

     g. Litigation I-12

     h. Material Contracts I-12

     i. No Conflict I-12

     j. Undisclosed Liabilities I-12

     k. Taxes I-12

     l. Consents I-12

     m. N-14 Registration Statement I-13

     n. Capitalization I-13

     o. Shares I-13

5. Covenants of the Acquired Fund and the Acquiring Fund I-13

     a. Special Shareholders’; Meeting I-13

     b. Unaudited Financial Statements I-13

     c. Share Ledger Records of the Acquiring Fund I-14

     d. Conduct of Business I-14

I-ii

     e. Termination of the Acquired Fund I-14

     f. Filing of N-14 Registration Statement I-14

     g. Shares I-15

     h. Tax Returns I-15

     i. Combined Proxy Statement and Prospectus Mailing I-15

     j. Confirmation of Tax Basis I-15

     k. Shareholder List I-15

     l. Redemption Fees I-15

6. Closing Date I-16

7. Conditions of the Acquired Fund I-16

     a. Representations and Warranties I-16

     b. Performance I-16

     c. Shareholder Approval I-16

     d. Approval of Board of Directors I-16

     e. Deliveries by the Acquiring Fund I-16

     f. No Material Adverse Change I-17

     g. Absence of Litigation I-17

     h. Proceedings and Documents I-17

     i. N-14 Registration Statement I-17

     j. Compliance with Laws; No Adverse Action or Decision I-18

8. Conditions of the Acquiring Fund I-18

     a. Representations and Warranties I-18

     b. Performance I-18

     c. Shareholder Approval I-18

     d. Approval of Board of Trustees I-18

     e. Deliveries by the Acquired Fund I-18

     f. No Material Adverse Change I-19

     g. Absence of Litigation I-19

     h. Proceedings and Documents I-19

     i. N-14 Registration Statement I-19

     j. Compliance with Laws; No Adverse Action or Decision I-19

     k. Dividends I-19

9. Termination, Postponement and Waivers I-20

     a. Termination of Agreement I-20

     b. Commission Order I-20

     c. Effect of Termination I-20

     d. Waivers; Non-Material Changes I-20

10. Survival of Representations and Warranties I-21

11. Other Matters I-21

     a. Obligations I-21

     b. Further Assurances I-21

     c. Notices I-21

     d. Entire Agreement I-21

     e. Amendment I-22

     f. Governing Law I-22

     g. Assignment I-22

     h. Costs of the Reorganization I-22

     i. Severability I-22

     j. Headings I-22

     k. Counterparts I-22

I-iii

AGREEMENT AND PLANS OF REORGANIZATION

THIS AGREEMENT AND PLANS OF REORGANIZATION (this “Agreement”) is made as of the day of 2005, by and between TD WATERHOUSE TRUST, a Delaware statutory trust, on behalf of each Acquired Fund (as defined herein), each a separate series and investment portfolio of TD Waterhouse Trust, and (i) T. ROWE PRICE INDEX TRUST, INC., a Maryland corporation, on behalf of T. Rowe Price Equity Index 500 Fund and T. Rowe Price Extended Equity Market Index Fund, (ii) T. ROWE PRICE INTERNATIONAL INDEX FUND, INC., a Maryland corporation, on behalf of T. Rowe Price International Equity Index Fund, and (iii) T. ROWE PRICE U.S. BOND INDEX FUND, INC., a Maryland corporation, (together with T. Rowe Price Index Trust, Inc. and T. Rowe Price International Index Fund, Inc., the “Price Corporations” and each, a “Price Corporation”) on behalf of T. Rowe Price U.S. Bond Index Fund.

PLANS OF REORGANIZATION

WHEREAS, this Agreement constitutes a separate agreement and plan of reorganization between TD Waterhouse Trust on behalf of each of its separate series and investment portfolios referenced below (each an “Acquired Fund,” and collectively, the “Acquired Funds”) and the respective Price Corporations on behalf of their respective separate investment portfolios (each an “Acquiring Fund” and collectively, the “Acquiring Funds”) as set forth below:

Acquired Fund:		Acquiring Fund:

TD Waterhouse Bond Index Fund (the “TDW Bond Index Fund”)		T. Rowe Price U.S. Bond Index Fund (the “Price Bond Index Fund”)

TD Waterhouse Dow 30 Fund (the “TDW Dow 30 Fund”)		T. Rowe Price Equity Index 500 Fund (the “Price Equity Index 500 Fund”)

TD Waterhouse 500 Index Fund Fund (the “TDW 500 Index Fund”)		Price Equity Index 500 Fund

TD Waterhouse Extended Market Index Fund (the “TDW Extended Market Index Fund”)		T. Rowe Price Extended Equity Market Index Fund (the “Price Extended Equity Market Index Fund”)

TD Waterhouse Asian Pacific Index Fund (the “TDW Asian Pacific Index Fund”)		T. Rowe Price International Equity Index Fund (the “Price International Equity Index Fund”)

TD Waterhouse European Index Fund (the “TDW European Index Fund”)		Price International Equity Index Fund

WHEREAS, each Acquired Fund owns securities that generally are assets of the character in which the respective Acquiring Fund is permitted to invest;

WHEREAS, each reorganization will consist of (i) the acquisition of an Acquired Fund’s Assets (as defined herein), by the respective Acquiring Fund solely in exchange for an aggregate value of newly issued shares of common stock, par value $.0001 (in the case of the Price International Equity Index Fund and Price Bond Index Fund) or $.01 (in the case of the Price Equity Index 500 Fund and Price Extended Equity Market Index Fund) per share, of such Acquiring Fund (the “Shares”), equal to the net asset value of such Acquired Fund’s Assets determined in accordance with Section 2(b) hereof, and (ii) the subsequent distribution by that Acquired Fund of the Shares to its shareholders in liquidation of the Acquired Fund, all upon and subject to the terms hereinafter set forth (each a “Reorganization” and collectively the “Reorganizations”);

WHEREAS, the aggregate net asset value of the Shares to be received by each shareholder of an Acquired Fund will equal the aggregate net asset value of the respective Acquired Fund shares owned by such shareholder as of the Valuation Time (as defined herein);

I-1

WHEREAS, it is intended that each Reorganization described herein shall be a reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”), and any successor provision and the parties intend, by executing this Agreement, to adopt a plan of reorganization within the meaning of Section 368(a) of the Code; and

WHEREAS, the consummation of one Reorganization is not conditioned upon the consummation of any other Reorganization.

AGREEMENT

NOW, THEREFORE, in order to consummate each Reorganization and in consideration of the premises and the covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and intending to be legally bound, each Acquired Fund and Acquiring Fund hereby agree as follows:

1. Defined Terms; Sections and Exhibits; Miscellaneous Terms

	a. Definitions

	As used herein the following terms have the following respective meanings:

	“Acquired Fund” has the meaning ascribed thereto under the heading “Plans of Reorganization.” For purposes of this Agreement, the term “Acquired Fund” shall refer to the TDW Bond Index Fund in respect of the Bond Index Funds Reorganization, the TDW Dow 30 Fund in respect of the Dow/Equity 500 Index Funds Reorganization, the TDW 500 Index Fund in respect of the Equity 500 Index Funds Reorganization, the TDW Extended Market Index Fund in respect of the Extended Index Funds Reorganization, the TDW Asian Pacific Index Fund in respect of the Asian/International Index Funds Reorganization and TDW European Index Fund in respect of the European/ International Index Funds Reorganization.

	“Acquired Funds Prospectus” shall mean the prospectus relating to the Acquired Funds dated May 28, 2004, as amended or supplemented.

	“Acquired Funds Statement of Additional Information” shall mean the statement of additional information relating to the Acquired Funds, dated May 28, 2004, as amended or supplemented.

	“Acquiring Fund” has the meaning ascribed thereto under the heading “Plans of Reorganization.” For purposes of this Agreement, the term “Acquiring Fund” shall refer to the Price Bond Index Fund in respect of the Bond Index Funds Reorganization, the Price Equity Index 500 Fund in respect of each of the Dow/Equity 500 Index Funds, Reorganization and the Equity 500 Index Funds Reorganization, the Price Extended Equity Market Index Fund in respect of the Extended Index Funds Reorganization, and the Price International Equity Index Fund in respect of each of the Asian/ International Index Funds Reorganization and the European/ International Index Funds Reorganization.

	“Acquiring Funds Prospectus” shall mean the prospectus relating to the Acquiring Funds, dated March 1, 2005 in the case of the Price Bond Index Fund and Price International Equity Index Fund, and May 1, 2004 in the case of the Price Equity Index 500 Fund and Price Extended Equity Market Index Fund, in each case as amended or supplemented.

	“Acquiring Funds Statements of Additional Information” shall mean the statement of additional information relating to the Acquiring Funds, dated March 1, 2005, as amended or supplemented.

	“Agreement” has the meaning ascribed thereto in the introduction hereof.

I-2

                “Asian/International Index Funds Reorganization” consists of (i) the acquisition of the TDW Asian Pacific Index Fund’s Assets by the Price International Equity Index Fund solely in exchange for an aggregate value of Shares of the Price International Equity Index Fund, equal to the net asset value of the TDW Asian Pacific Index Fund’s Assets, determined in accordance with Section 2(b) hereof, and (ii) the subsequent distribution by the TDW Asian Pacific Index Fund, of such Shares to its shareholders in proportion to such shareholders’ interest in the TDW Asian Pacific Index Fund, in liquidation of the TDW Asian Pacific Index Fund.

                “Assets” has the meaning ascribed thereto in Section 2(a) hereof. For purposes of this Agreement, the term “Assets” shall refer to Assets of (i) the TDW Bond Index Fund in the case of the Bond Index Funds Reorganization, (ii) the TDW Dow 30 Fund in the case of the Dow/Equity 500 Index Funds Reorganization, (iii) the TDW 500 Index Fund in the case of the Equity 500 Index Funds Reorganization, (iv) the TDW Extended Market Index Fund in the case of the Extended Index Funds Reorganization, (v) the TDW Asian Pacific Index Fund in the case of the Asian/International Index Funds Reorganization and (vi) the TDW European Index Fund in the case of the European/International Index Funds Reorganization.

                “Bond Index  Funds Reorganization” consists of (i) the acquisition of the TDW Bond Index Fund’s Assets by the Price Bond Index Fund solely in exchange for an aggregate value of Shares of the Price Bond Index Fund, equal to the net asset value of the TDW Bond Index Fund’s Assets determined in accordance with Section 2(b) hereof, and (ii) the subsequent distribution by the TDW Bond Index Fund of such Shares to its shareholders in proportion to such shareholders’ interest in the TDW Bond Index Fund in liquidation of the TDW Bond Index Fund.

                “Closing Date” has the meaning ascribed thereto in Section 6 hereof.

                “Code” has the meaning ascribed thereto under the heading “Plans of Reorganization.”

                “Commission” shall mean the Securities and Exchange Commission.

                “Dow/Equity Index 500 Funds Reorganization” consists of (i) the acquisition of the TDW Dow 30 Fund’s Assets by the Price Equity Index 500 Fund solely in exchange for an aggregate value of Shares of the Price Equity Index 500 Fund, equal to the net asset value of the TDW Dow 30 Fund’s Assets, determined in accordance with Section 2(b) hereof, and (ii) the subsequent distribution by the TDW Dow 30 Fund of such Shares to its shareholders in proportion to such shareholders’ interest in the TDW Dow 30 Fund, in liquidation of the TDW Dow 30 Fund.

                “Equity Index 500 Funds Reorganization” consists of (i) the acquisition of the TDW 500 Index Fund’s Assets by the Price Equity Index 500 Fund solely in exchange for an aggregate value of Shares of the Price Equity Index 500 Fund, equal to the net asset value of the TDW 500 Index Fund’s Assets, determined in accordance with Section 2(b) hereof, and (ii) the subsequent distribution by the TDW 500 Index Fund, of such Shares to its shareholders in proportion to such shareholders’ interest in the TDW 500 Index Fund, in liquidation of the TDW 500 Index Fund.

                “European/International Index Funds Reorganization” consists of (i) the acquisition of the TDW European Index Fund’s Assets by the Price International Equity Index Fund solely in exchange for an aggregate value of Shares of the Price International Equity Index Fund, equal to the net asset value of the TDW European Index Fund’s Assets, determined in accordance with Section 2(b) hereof, and (ii) the subsequent distribution by the TDW European Index Fund of such Shares to its shareholders in proportion to such shareholders’ interest in the TDW European Index Fund, in liquidation of the TDW European Index Fund.

                “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

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                “Extended Index Funds Reorganization” consists of (i) the acquisition of the TDW Extended Market Index Fund’s Assets by the Price Extended Equity Market Index Fund solely in exchange for an aggregate value of Shares of the Price Extended Equity Market Index Fund, equal to the net asset value of the TDW Extended Market Index Fund’s Assets determined in accordance with Section 2(b) hereof, and (ii) the subsequent distribution by the TDW Extended Market Index Fund of such Shares to its shareholders in proportion to such shareholders’ interest in the TDW Extended Market Index Fund in liquidation of the TDW Extended Market Index Fund.

                “Governmental Authority” shall mean any governmental or quasi-governmental authority, including, without limitation, any Federal, state, territorial, county, municipal or other governmental or quasi-governmental agency, board, branch, bureau, commission, court, arbitral body, department or other instrumentality or political unit or subdivision, whether domestic or foreign.

                “Investment Company Act” shall mean the Investment Company Act of 1940, as amended.

                “Investments” shall mean, with respect to any Person, (i) the investments of such Person shown on the schedule of its investments as of the date set forth therein, with such additions thereto and deletions therefrom as may have arisen in the course of such Person’s business up to such date; and (ii) all other assets owned by such Person or liabilities incurred as of such date.

                “Licenses” has the meaning ascribed thereto in Section 3(b) hereof.

                “Lien” shall mean any security agreement, financing statement (whether or not filed), mortgage, lien (statutory or otherwise), charge, pledge, hypothecation, conditional sales agreement, adverse claim, title retention agreement or other security interest, encumbrance, restriction, deed of trust, indenture, option, limitation, exception to or other title defect in or on any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale, lease, consignment or bailment given for security purposes, trust receipt or other title retention agreement with respect to any property or asset of such Person, whether direct, indirect, accrued or contingent.

                “Majority Shareholder Vote” shall mean the lesser of (i) more than 50% of the outstanding shares of the Acquired Fund or (ii) 67% or more of the shares of the Acquired Fund present at the special shareholders’ meeting referenced in Section 5(a) hereof if more than 50% of such shares are present or represented by proxy.

                “Material Adverse Effect” shall mean, with respect to any Person, any event, circumstance or condition that, individually or when aggregated with all other similar events, circumstances or conditions could reasonably be expected to have, or has had, a material adverse effect on: (i) the business, property, operations, condition (financial or otherwise), results of operations or prospects of such Person or (ii) the ability of such Person to consummate the transactions contemplated hereunder in the manner contemplated hereby, other than, in each case, any change relating to the economy or securities markets in general.

                “N-14 Registration Statement” has the meaning ascribed thereto in Section 3(n) hereof.

                “Permitted Liens” shall mean, with respect to any Person, any Lien arising by reason of (i) taxes, assessments, governmental charges or claims that are either not yet delinquent, or being contested in good faith for which adequate reserves have been recorded, (ii) the Federal or state securities laws, and (iii) imperfections of title or encumbrances as do not materially detract from the value or use of the Assets or materially affect title thereto.

                “Person” shall mean any individual, corporation, limited liability company, limited or general partnership, joint venture, association, joint stock company, trust, unincorporated organization, or government or any agency or political subdivision thereof.

                “Price Bond Index Fund” has the meaning ascribed thereto under the heading “Plans of Reorganization.”

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                “Price Corporation” has the meaning ascribed thereto in the preamble.

                “Price Corporation Articles of Incorporation” shall mean the respective Articles of Incorporation of T. Rowe Price Index Trust, Inc., dated as of December 20, 1989, T. Rowe Price International Index Fund, Inc., dated as of August 10, 2000, and T. Rowe Price U.S. Bond Index Fund, Inc., dated as of July 14, 2004, as amended or supplemented from time to time.

                “Price Equity Index 500 Fund” has the meaning ascribed thereto under the heading “Plans of Reorganization.”

                “Price Extended Equity Market Index Fund” has the meaning ascribed thereto under the heading “Plans of Reorganization.”

                “Price International Equity Index Fund” has the meaning ascribed thereto under the heading “Plans of Reorganization.”

                “Reorganization” has the meaning ascribed thereto in the second paragraph under the heading “Plans of Reorganization” hereof. For purposes of this Agreement, the term “Reorganization” shall refer to the Asian/International Index Funds Reorganization, the Bond Index Funds Reorganization, the Dow/Equity Index 500 Funds Reorganization, the Equity 500 Index Funds Reorganization, the European/International Index Funds Reorganization, or the Extended Index Funds Reorganization, as the context requires.

                “RICs” has the meaning ascribed thereto in Section 3(b) hereof.

                “S&S” shall mean Shearman & Sterling LLP, counsel to TD Waterhouse Trust and the Acquired Funds.

                “Securities Act” shall mean the Securities Act of 1933, as amended.

                “Shares” has the meaning ascribed thereto under the heading “Plans of Reorganization.” For purposes of this Agreement, the term “Shares” shall refer to the Shares of (i) the Price Bond Index Fund in the case of the Bond Index Funds Reorganization, (ii) the Price Equity Index 500 Fund in the case of both the Dow/Equity Index 500 Funds Reorganization and the Equity Index 500 Funds Reorganization, (iii) the Price Extended Equity Market Index Fund in the case of the Extended Index Funds Reorganization, and (iv) the Price International Equity Index Fund in the case of both the Asian/International Index Funds Reorganization and the European/ International Index Funds Reorganization.

                “TDW 500 Index Fund” has the meaning ascribed thereto under the heading “Plans of Reorganization.”

                “TDW Asian Pacific Index Fund” has the meaning ascribed thereto under the heading “Plans of Reorganization.”

                “TDW Bond Index Fund” has the meaning ascribed thereto under the heading “Plans of Reorganization.”

                “TDW Dow 30 Fund” has the meaning ascribed thereto under the heading “Plans of Reorganization.”

                “TDW European Index Fund” has the meaning ascribed thereto under the heading “Plans of Reorganization.”

                “TDW Extended Market Index Fund” has the meaning ascribed thereto under the heading “Plans of Reorganization.”

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“TD Waterhouse Trust Declaration of Trust” shall mean the Agreement and Declaration of Trust of TD Waterhouse Trust dated as of August 6, 1999, as amended or supplemented from time to time.

“Valuation Time” has the meaning ascribed thereto in Section 2(e) hereof.

b. Use of Defined Terms

Any defined term used in the plural shall refer to all members of the relevant class, and any defined term used in the singular shall refer to any one or more of the members of the relevant class. The use of any gender shall be applicable to all genders.

c. Sections and Exhibits

References in this Agreement to Sections, Exhibits and Schedules are to Sections, Exhibits and Schedules of and to this Agreement. The Exhibits and Schedules to this Agreement are hereby incorporated herein by this reference as if fully set forth herein.

d. Miscellaneous Terms

The term “or” shall not be exclusive. The terms “herein,” “hereof,” “hereto,” “hereunder” and other terms similar to such terms shall refer to this Agreement as a whole and not merely to the specific article, section, paragraph or clause where such terms may appear. The term “including” shall mean “including, but not limited to.”

2. The Reorganization(s)

a. Transfer of Assets

Subject to receiving the requisite approval of the shareholders of the Acquired Fund, and to the other terms and conditions contained herein and on the basis of the representations and warranties contained herein, on the Closing Date, the Acquired Fund shall convey, transfer and deliver to the Acquiring Fund, and the Acquiring Fund shall purchase, acquire and accept from the Acquired Fund, free and clear of all Liens (other than Permitted Liens), in such form and condition as to constitute good delivery, all of the property and assets (including cash, securities, commodities, interests in futures, forwards, options and dividends, any interest accrued on debt instruments, in each case as of the Valuation Time) owned by the Acquired Fund, (as to each Acquired Fund, such assets are collectively referred to herein as the “Assets”). There shall be excluded from the Assets transferred the following items: (i) any asset that was not purchased in accordance with the Acquired Fund’s Prospectus and Acquired Fund’s Statement of Additional Information; (ii) accrued operating expenses; (iii) cash in an amount sufficient to pay all liabilities relating to Fund operating expenses; and (iv) any other Asset that in the Acquiring Fund’s sole discretion it elects not to approve for transfer, provided that such approval shall not be unreasonably withheld.

b. Issuance and Valuation of Shares in the Reorganization

Full Shares, and to the extent necessary, a fractional Share, of an aggregate net asset value equal to the net asset value of the Assets acquired by the Acquiring Fund hereunder, determined as hereinafter provided shall be issued by the Acquiring Fund to the Acquired Fund in exchange for such Assets. The net asset value of the Acquired Fund and the Acquiring Fund shall be determined in accordance with the procedures described in the Acquiring Funds Prospectus and the Acquiring Funds Statements of Additional Information as of the Valuation Time and in accordance with the Acquiring Fund’s valuation procedures. Such valuation and determination shall be made by the Acquiring Fund in cooperation with the Acquired Fund.

c. Distribution of Shares to the Acquired Fund Shareholders

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Pursuant to this Agreement, as soon as practicable after the Valuation Time, the Acquired Fund will distribute all Shares received by it from the Acquiring Fund in connection with the Reorganization to its shareholders in proportion to such shareholders’ interest in the Acquired Fund. Such distribution shall be accomplished by the opening of shareholder accounts on the share ledger records of the Acquiring Fund (or of a designated agent of the Acquiring Fund) in the amounts due the shareholders of the Acquired Fund based on their respective holdings in the Acquired Fund as of the Valuation Time. The Acquiring Fund shall have no obligation to inquire as to the validity or correctness of the holdings of shareholders in the Acquired Fund and may rely exclusively on information provided by the Acquired Fund. The stock transfer books of the Acquired Fund will be permanently closed as of the close of business on the Closing Date and only requests for the redemption of shares of the Acquired Fund received in proper form prior to the close of trading on the New York Stock Exchange on the Closing Date shall be accepted by the Acquired Fund. Redemption requests thereafter received by the Acquired Fund shall be deemed to be redemption requests for Shares of the Acquiring Fund that will have acquired substantially all of the Assets of the Acquired Fund’s portfolio to which such redemption request relates (assuming that the Reorganizations contemplated by the Agreement have been consummated) to be distributed to shareholders of the Acquired Fund under this Agreement.

d. Interest; Proceeds

The Acquired Fund will pay or cause to be paid to the Acquiring Fund any interest, dividends or proceeds it receives on or after the Closing Date with respect to its Assets.

e. Valuation Time

	i. The Valuation Time shall be the close of the New York Stock Exchange (generally 4:00 P.M., New York time) on June 17, 2005, or such earlier or later day and time as may be mutually agreed upon in writing between the parties hereto (the “Valuation Time”).

	ii. In the event that at the Valuation Time (a) the New York Stock Exchange or another primary trading market for portfolio securities of the Acquiring Fund or the Acquired Fund shall be closed to trading or trading thereon shall be restricted; or (b) trading or the reporting of trading on said Exchange or elsewhere shall be disrupted so that accurate appraisal of the value of the net assets of the Acquiring Fund or the Acquired Fund is impracticable, the Valuation Time shall be postponed until the close of the New York Stock Exchange on the first business day after the day when trading shall have been fully resumed and reporting shall have been restored; provided that the closing of a primary non-U.S. trading market on which portfolio securities of the Acquired Fund or Acquiring Fund trade at the Valuation Time shall not generally be a grounds for postponing the Valuation Time.

f. Evidence of Transfer

The Acquiring Fund and the Acquired Fund will jointly file any instrument as may be required by the State of Maryland and/or Delaware to effect the transfer of the Assets to the Acquiring Fund.

g. Termination

The Acquired Fund’s existence as a separate investment portfolio of TD Waterhouse Trust will be terminated as soon as practicable following the consummation of the applicable Reorganization by making any required filings with the State of Delaware, as provided in Section 5(e) hereof.

h. Separate Agreements; Reorganizations Not Conditioned on One Another

Each of the respective parties hereto hereby agrees that this Agreement shall constitute a separate agreement and plan of reorganization as to each of (i) the Asian/International Index Funds Reorganization, (ii) the Bond Index Funds Reorganization, (iii) the Dow/Equity Index 500 Funds Reorganization (iv) the Equity Index 500 Funds Reorganization, (v) the European/International Index Funds Reorganization, and (vi) the Extended Index Funds Reorganization. The parties further agree that the consummation of one Reorganization shall not be conditioned on the consummation of any other Reorganization.

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3. Representations and Warranties of the Acquired Fund

TD Waterhouse Trust represents and warrants on behalf of itself and the Acquired Fund to the respective Acquiring Fund as follows:

a. Formation and Qualification

The Acquired Fund is a separate investment portfolio of TD Waterhouse Trust, a statutory trust duly organized, validly existing and in good standing under the laws of the State of Delaware, and the Acquired Fund has all requisite power and authority to own all of its properties or assets and carry on its business as presently conducted. TD Waterhouse Trust is duly qualified, registered or licensed to do business and is in good standing in each jurisdiction in which the ownership of its properties or assets or the character of its present operations makes such qualification, registration or licensing necessary, except where the failure to so qualify or be in good standing would not have a Material Adverse Effect on the Acquired Fund.

b. Licenses

The Acquired Fund (or TD Waterhouse Trust on behalf of the Acquired Fund) holds all permits, consents, registrations, certificates, authorizations and other approvals (collectively, “Licenses”) required for the conduct of its business as now being conducted; all such Licenses are in full force and effect and no suspension or cancellation of any of them is pending or threatened; and none of such Licenses will be affected by the consummation of the transactions contemplated by this Agreement in a manner that would have a Material Adverse Effect on the Acquired Fund. TD Waterhouse Trust is duly registered under the Investment Company Act as an open-end management investment company (File No. 811-9519), and such registration has not been suspended, revoked or rescinded and is in full force and effect. The Acquired Fund has elected and qualified for the special tax treatment afforded regulated investment companies (“RICs”) under Sections 851-855 of the Code at all times since its inception and intends to continue to so qualify for its current taxable year.

c. Authority

TD Waterhouse Trust, on behalf of the Acquired Fund, has full power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary action on the part of the Acquired Fund and no other proceedings on the part of TD Waterhouse Trust or the Acquired Fund are necessary to authorize this Agreement or the consummation of the transactions contemplated hereby, except for the approval of the Acquired Fund shareholders as provided in Section 7(c) hereof. This Agreement has been duly and validly executed by TD Waterhouse Trust, on behalf of the Acquired Fund, and, subject to receipt of the requisite shareholder approval, and assuming due authorization, execution and delivery of this Agreement by the Price Corporation on behalf of the Acquiring Fund, this Agreement constitutes a legal, valid and binding obligation of the Acquired Fund enforceable against the Acquired Fund in accordance with its terms, subject to the effects of bankruptcy, insolvency, moratorium, fraudulent conveyance and similar laws relating to or affecting creditors’ rights generally and court decisions with respect thereto and the remedy of specific performance and injunctive and other forms of equitable relief.

d. Audited Financial Statements

The Acquiring Fund has been furnished with an accurate, correct and complete statement of assets and liabilities and a schedule of Investments of the Acquired Fund, each as of January 31, 2005, said financial statements having been audited by Ernst & Young LLP, an independent registered public accounting firm. Such audited financial statements fairly present in all material respects the financial position of the Acquired Fund as of the dates and for the periods referred to therein and in conformity with U.S. generally accepted accounting principles applied on a consistent basis.

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e. Unaudited Financial Statements

Prior to the Closing Date, the Acquiring Fund will be furnished with unaudited financial statements of the Acquired Fund in accordance with Section 5(b)(i) hereof. Such unaudited financial statements will fairly present in all material respects the financial position of the Acquired Fund as of the dates and for the periods referred to therein and in conformity with generally accepted accounting principles applied on a consistent basis. In addition, the Chief Financial Officer of the Acquired Fund shall certify the accuracy of such unaudited financial statements.

f. Prospectus and Statement of Additional Information

The Acquiring Fund has been furnished with the Acquired Funds Prospectus and the Acquired Funds Statement of Additional Information, and insofar as they relate to the Acquired Fund, said Prospectus and Statement of Additional Information do not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

g. Litigation

There are no claims, actions, suits or legal, administrative or other proceedings pending or, to the knowledge of TD Waterhouse Trust on behalf of the Acquired Fund, threatened against the Acquired Fund that could reasonably be expected to have a Material Adverse Effect on the Acquired Fund. The Acquired Fund is not charged with or, to the knowledge of TD Waterhouse Trust, threatened with any violation, or investigation of any possible violation, of any provisions of any Federal, state or local law or regulation or administrative ruling relating to any aspect of its business that could reasonably be expected to have a Material Adverse Effect on the Acquired Fund.

h. Material Contracts

There are no material contracts outstanding to which TD Waterhouse Trust on behalf of the Acquired Fund is a party that have not been disclosed in the N-14 Registration Statement, the Acquired Funds Prospectus or the Acquired Funds Statement of Additional Information.

i. No Conflict

The execution and delivery of this Agreement by TD Waterhouse Trust on behalf of the Acquired Fund and the consummation of the transactions contemplated hereby will not contravene or constitute a default under or violation of (i) the TD Waterhouse Trust Declaration of Trust or by-laws, each as amended, supplemented and in effect as of the date hereof, (ii) any agreement or contract (or require the consent of any Person under any agreement or contract that has not been obtained) to which TD Waterhouse Trust on behalf of the Acquired Fund is a party or to which its assets or properties are subject, or (iii) any judgment, injunction, order or decree, or other instrument binding upon the Acquired Fund or any of its assets or properties, except where such contravention, default or violation would not have a Material Adverse Effect on the Acquired Fund.

j. Undisclosed Liabilities

The Acquired Fund has no material liabilities, contingent or otherwise, other than those shown on its statements of assets and liabilities referred to herein, those incurred in the ordinary course of its business since January 31, 2005, and those incurred in connection with the Reorganization.

k. Taxes

The Acquired Fund has filed (or caused to be filed) all Federal, state and local tax returns which are required to be filed by it, and has paid (or caused to be paid) or has obtained extensions to pay, all taxes shown on said returns to be due and owing and all assessments received by it, up to and including the taxable year in which the Closing Date occurs. All tax liabilities of the Acquired Fund have been adequately provided for on its books, and no tax deficiency or liability of the Acquired Fund has been asserted and no question with respect thereto has been raised by the Internal Revenue Service or by any state or local tax authority for taxes in excess of those already paid, up to and including the taxable year in which the Closing Date occurs. The Acquired Fund has no non-RIC undistributed earnings and profits within the meaning of section 852(a)(2)(B) of the Code.

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l. Assets

The Acquired Fund has good and marketable title to the Assets, free and clear of all Liens, except for Permitted Liens. The Acquired Fund is the direct sole and exclusive owner of the Assets. At the Closing Date, upon consummation of the transactions contemplated hereby, the Acquiring Fund will have good and marketable title to the Assets, free and clear of all Liens, except for Permitted Liens.

m. Consents

No filing or registration with, or consent, approval, authorization or order of, any Person is required for the consummation by the Acquired Fund of the Reorganization, except for (i) such as may be required under the Securities Act, the Exchange Act, the Investment Company Act or state securities laws (which term as used herein shall include the laws of the District of Columbia and Puerto Rico), (ii) a Majority Shareholder Vote, and (iii) in the case of the Dow/Equity 500 Index Funds Reorganization, a Majority Shareholder Vote in connection with the change in the investment objective of the TDW Dow 30 Fund.

n. N-14 Registration Statement

The registration statement filed, or to be filed, by the Price Corporations on Form N-14 relating to the Shares to be issued pursuant to this Agreement, which includes the proxy statement of the Acquired Fund and the prospectus of the Acquiring Fund with respect to the transactions contemplated hereby, and any supplement or amendment thereto or to the documents therein (as amended and supplemented, the “N-14 Registration Statement”), on the effective date of the N-14 Registration Statement, at the time of the shareholders’ meeting referred to in Section 5(a) hereof and on the Closing Date, insofar as it describes the Acquired Fund with information provided by the Acquired Fund (i) complied, or will comply, as the case may be, in all material respects, with the applicable provisions of the Securities Act, the Exchange Act and the Investment Company Act and the rules and regulations promulgated thereunder, and (ii) did not, or will not, as the case may be, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

o. Capitalization

Under the TD Waterhouse Trust Declaration of Trust, the Acquired Fund is authorized to issue an unlimited number of full and fractional shares of beneficial interest, with or without par value. All issued and outstanding shares of the Acquired Fund are duly authorized, validly issued, fully paid and non-assessable and free of preemptive rights. Except in connection with any automatic dividend reinvestment plan available to the Acquired Fund shareholders, there are no options, warrants, subscriptions, calls or other rights, agreements or commitments obligating the Acquired Fund to issue any of its shares or securities convertible into its shares.

p. Books and Records

The books and records of the Acquired Fund made available to the Acquiring Fund and/or its counsel are substantially true and correct and contain no material misstatements or omissions with respect to the operations of the Acquired Fund.

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4. Representations and Warranties of the Acquiring Fund

The Price Corporation represents and warrants on behalf of itself and the Acquiring Fund to the respective Acquired Fund as follows:

a. Formation and Qualification

The Acquiring Fund is a separate investment portfolio of the applicable Price Corporation, each a corporation duly organized, validly existing and in good standing under the laws of the State of Maryland, and the Acquiring Fund has all requisite power and authority to own all of its properties or assets and carry on its business as presently conducted. The Price Corporation is duly qualified, registered or licensed as a foreign corporation to do business and is in good standing in each jurisdiction in which the ownership of its properties or assets or the character of its present operations makes such qualification, registration or licensing necessary, except where the failure to so qualify or be in good standing would not have a Material Adverse Effect on the Acquiring Fund.

b. Licenses

The Acquiring Fund (or the Price Corporation on behalf of the Acquiring Fund) holds all Licenses required for the conduct of its business as now being conducted; all such Licenses are in full force and effect and no suspension or cancellation of any of them is pending or threatened; and none of such Licenses will be affected by the consummation of the transactions contemplated by this Agreement in a manner that would have a Material Adverse Effect on the Acquiring Fund. The Price Corporation is duly registered under the Investment Company Act as an open-end management investment company (File Nos. 811-5986, T. Rowe Price Index Trust, Inc., 811-10063, T. Rowe Price International Index Fund, Inc., and 811-10093, T. Rowe Price U.S. Bond Index Fund, Inc.), and such registration has not been revoked or rescinded and is in full force and effect. The Acquiring Fund has elected and qualified for the special tax treatment afforded to RICs under Sections 851-855 of the Code at all times since its inception and intends to continue to so qualify both until consummation of the Reorganization and thereafter.

c. Authority

The Price Corporation, on behalf of the Acquiring Fund, has full power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary action on the part of the Acquiring Fund and no other proceedings on the part of the Acquiring Fund are necessary to authorize this Agreement or the consummation of the transactions contemplated hereby. This Agreement has been duly and validly executed by the Price Corporation, on behalf of the Acquiring Fund, and assuming due authorization, execution and delivery of this Agreement by TD Waterhouse Trust on behalf of the Acquired Fund, this Agreement constitutes a legal, valid and binding obligation of the Acquiring Fund enforceable against the Acquiring Fund in accordance with its terms, subject to the effects of bankruptcy, insolvency, moratorium, fraudulent conveyance and similar laws relating to or affecting creditors’ rights generally and court decisions with respect thereto and the remedy of specific performance and injunctive and other forms of equitable relief.

d. Audited Financial Statements

The Acquired Fund has been furnished with an accurate, correct and complete statement of assets and liabilities and a schedule of Investments of the Acquiring Fund, as of October 31, 2004 in the case of the Price International Equity Index Fund and the Price Bond Index Fund, and December 31, 2004 in the case of the Price Equity Index 500 Fund and the Price Extended Equity Market Index Fund, said financial statements having been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm. Such audited financial statements fairly present in all material respects the financial position of the Acquiring Fund as of the dates and for the periods referred to therein and in conformity with U.S. generally accepted accounting principles applied on a consistent basis.

e. Unaudited Financial Statements

Prior to the Closing Date, the Acquired Fund will be furnished with unaudited financial statements in accordance with Section 5(b)(ii) hereof. Such unaudited financial statements will fairly present in all material respects the financial position of the Acquiring Fund as of the dates and for the periods referred to therein and in conformity with generally accepted accounting principles applied on a consistent basis. In addition, the Treasurer of the Acquiring Fund shall certify the accuracy of such unaudited financial statements.

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f. Prospectus and Statement of Additional Information

The Acquired Fund has been furnished with the Acquiring Funds Prospectus and the Acquiring Funds Statements of Additional Information, and insofar as they relate to the Acquiring Fund, said Prospectus and Statement of Additional Information do not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

g. Litigation

There are no claims, actions, suits or legal, administrative or other proceedings pending or, to the knowledge of the Price Corporation on behalf of the Acquiring Fund, threatened against the Acquiring Fund that could reasonably be expected to have a Material Adverse Effect on the Acquiring Fund. The Acquiring Fund is not charged with or, to the knowledge of the Price Corporation, threatened with any violation, or investigation of any possible violation, of any provisions of any Federal, state or local law or regulation or administrative ruling relating to any aspect of its business that could reasonably be expected to have a Material Adverse Effect on the Acquiring Fund.

h. Material Contracts

There are no material contracts outstanding to which the Price Corporation on behalf of the Acquiring Fund is a party that have not been disclosed in the N-14 Registration Statement, the Acquiring Funds Prospectus, or the Acquiring Funds Statement of Additional Information.

i. No Conflict

The execution and delivery of this Agreement by the Price Corporation on behalf of the Acquiring Fund and the consummation of the transactions contemplated hereby will not contravene or constitute a default under or violation of (i) the Price Corporation’s Articles of Incorporation or by-laws, each as amended, supplemented and in effect as of the date hereof, (ii) any agreement or contract (or require the consent of any Person under any agreement or contract that has not been obtained) to which the Price Corporation on behalf of the Acquiring Fund is a party or to which its assets or properties are subject, or (iii) any judgment, injunction, order or decree, or other instrument binding upon the Acquiring Fund or any of its assets or properties, except where such contravention, default or violation would not have a Material Adverse Effect on the Acquiring Fund.

j. Undisclosed Liabilities

The Acquiring Fund has no material liabilities, contingent or otherwise, other than those shown on its statements of assets and liabilities referred to herein, those incurred in the ordinary course of its business as an investment company since October 31, 2004 in the case of the Price International Index Fund or the Price Bond Index Fund, or December 31, 2004 in the case of the Price Equity Index 500 Fund or the Price Extended Equity Market Index Fund, as the case may be, and those incurred in connection with the Reorganization.

k. Taxes

The Acquiring Fund has filed (or caused to be filed), or has obtained extensions to file, all Federal, state and local tax returns which are required to be filed by it, and has paid (or caused to be paid) or has obtained extensions to pay, all taxes shown on said returns to be due and owing, and all assessments received by it, up to and including the taxable year in which the Closing Date occurs. All tax liabilities of the Acquiring Fund have been adequately provided for on its books, and no tax deficiency or liability of the Acquiring Fund has been asserted and no question with respect thereto has been raised by the Internal Revenue Service or by any state or local tax authority for taxes in excess of those already paid, up to and including the taxable year in which the Closing Date occurs.

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l. Consents

No filing or registration with, or consent, approval, authorization or order of, any Person is required for the consummation by the Acquiring Fund of the Reorganization, except for such as may be required under the Securities Act, the Exchange Act, the Investment Company Act, or state securities laws (which term as used herein shall include the laws of the District of Columbia and Puerto Rico).

m. N-14 Registration Statement

The N-14 Registration Statement, on its effective date, at the time of the shareholders’ meeting referred to in Section 5(a) hereof and on the Closing Date, insofar as it describes the Acquiring Fund with information provided by the Acquiring Fund (i) complied, or will comply, as the case may be, in all material respects, with the applicable provisions of the Securities Act, the Exchange Act and the Investment Company Act and the rules and regulations promulgated thereunder, and (ii) did not, or will not, as the case may be, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

n. Capitalization

Under the Price Corporation’s Articles of Incorporation, the Price Corporation is authorized to issue a sufficient number of full and fractional shares of common stock of the Acquiring Fund to consummate the Reorganization.

All issued and outstanding shares of the Acquiring Fund are duly authorized, validly issued, fully paid and non-assessable and free of preemptive rights. Except in connection with any automatic dividend reinvestment plan available to the Acquiring Fund shareholders, there are no options, warrants, subscriptions, calls or other rights, agreements or commitments obligating the Acquiring Fund to issue any of its shares or securities convertible into its shares.

o. Shares

	i. The Shares to be issued by the Acquiring Fund to the Acquired Fund and subsequently distributed by the Acquired Fund to its shareholders as provided in this Agreement have been duly and validly authorized and, when issued and delivered pursuant to this Agreement, will be legally and validly issued and will be fully paid and nonassessable and will have full voting rights, and no shareholder of the Acquiring Fund will have any preemptive right of subscription or purchase in respect thereof.

	ii. At or prior to the Closing Date, the Shares to be issued by the Acquiring Fund to the Acquired Fund on the Closing Date will be duly qualified for offering to the public in all states of the United States in which the sale of shares of the Acquiring Fund presently are qualified, and there are a sufficient number of such shares registered under the Securities Act, the Investment Company Act and with each pertinent state securities commission to permit the Reorganization to be consummated.

5. Covenants of the Acquired Fund and the Acquiring Fun

a. Special Shareholders’ Meeting

TD Waterhouse Trust on behalf of the Acquired Fund agrees to call a special meeting of its shareholders to be held as soon as practicable after the effective date of the N-14 Registration Statement for the purpose of considering the Reorganization as described in this Agreement and to take all other action necessary to obtain shareholder approval of the transactions contemplated herein. Without limiting the generality of the foregoing, at the special shareholders’ meeting for the TDW Dow 30 Fund, shareholders will be asked to vote in favor of a change in the fundamental investment objective of the TDW Dow 30 Fund so that it is consistent with the investment objective of the Price Equity Index 500 Fund.

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b. Unaudited Financial Statements

	i. The Acquired Fund hereby agrees to furnish or cause its agents to furnish to the Acquiring Fund, at or prior to the Closing Date, for the purpose of determining the number of Shares to be issued by the Acquiring Fund to the Acquired Fund pursuant to Section 2(c) hereof, an accurate, correct and complete unaudited statement of assets and liabilities of the Acquired Fund with values determined in accordance with Section 2(b) hereof and an unaudited schedule of Investments of the Acquired Fund (including the respective dates and costs of acquisition thereof), each as of the Valuation Time.

	ii. The Acquiring Fund hereby agrees to furnish or cause its agents to furnish to the Acquired Fund, at or prior to the Closing Date, for the purpose of determining the number of Shares to be issued by the Acquiring Fund to the Acquired Fund pursuant to Section 2(c) hereof, an accurate, correct and complete unaudited statement of assets and liabilities of the Acquiring Fund with values determined in accordance with Section 2(b) hereof and an unaudited schedule of Investments of the Acquiring Fund (including the respective dates and costs of acquisition thereof), each as of the Valuation Time.

c. Share Ledger Records of the Acquiring Fund

The Acquiring Fund agrees, as soon as practicable after the Valuation Time, to open shareholder accounts on its share ledger records, or to cause its duly authorized agent to open such accounts, for the shareholders of the Acquired Fund in connection with the distribution of Shares by the Acquired Fund to such shareholders in accordance with Section 2(c) hereof.

d. Conduct of Business

	i. The Acquired Fund and the Acquiring Fund each covenants and agrees to operate its respective business in the ordinary course as presently conducted between the date hereof and the Closing Date, it being understood that such ordinary course of business will include customary dividends and distributions. Nothwithstanding the foregoing, it is understood that following receipt of shareholder approval of the Reorganization and, in the case of the TDW Dow 30 Fund, of a change in fundamental investment objective, and prior to the Closing Date, the TDW Asian Pacific Index Fund and the TDW Dow 30 Fund shall each engage in such portfolio transactions as shall be necessary to align the portfolio of the Acquired Fund with that of the Acquiring Fund, provided that in no event shall the Acquired Fund sell, or be required to sell, more than 50% of its Assets as measured from March 22, 2005. The Acquired Fund has no actual knowledge of an intention by its shareholders of redeeming or otherwise disposing of any of its shares other than in the ordinary course of business.

	ii. It is expressly understood that the Acquired Fund may hereafter sell any securities owned by it in the ordinary course of its business as a series of a diversified, open-end, management investment company. In the event that the Acquiring Fund determines, solely at its own discretion that any securities owned by the Acquired Fund substantially all of the Assets of which the Acquiring Fund agrees hereunder to acquire, are securities that the Acquiring Fund does not desire to hold, the Acquiring Fund will so instruct the Acquired Fund at least thirty (30) days prior to the Closing Date and the Acquired Fund will dispose of such securities prior to the Closing Date or advise the Acquiring Fund that it elects not to transfer such securities as otherwise provided herein; provided however that the Acquired Fund shall not be required to dispose of assets to the extent that such dispositions would, in the aggregate, cause fifty percent (50%) or more of the net asset value of the Acquired Fund on the Closing Date to consist of assets (including cash) acquired at the request of the Acquiring Fund.

e. Termination of the Acquired Fund

TD Waterhouse Trust agrees that as soon as practicable following the consummation of the Reorganization, it will terminate the existence of the Acquired Fund in accordance with the laws of the State of Delaware and any other applicable law.

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f. Filing of N-14 Registration Statement

The Price Corporation will file or cause its agents to file the N-14 Registration Statement with the Commission and will use its best efforts to cause the N-14 Registration Statement to become effective as promptly as practicable after the filing thereof. The Acquired Fund and the Acquiring Fund agree to cooperate fully with each other, and each will furnish to the other the information relating to itself to be set forth in the N-14 Registration Statement as required by the Securities Act, the Exchange Act, the Investment Company Act, and the rules and regulations thereunder and the state securities or blue sky laws (if applicable).

g. Shares

The Acquired Fund will not sell or otherwise dispose of any of the Shares to be received by it from the Acquiring Fund in connection with the Reorganization, except in distribution to the shareholders of the Acquired Fund in accordance with the terms hereof.

h. Tax Returns

The Acquired Fund and the Acquiring Fund each agrees that by the Closing Date all of its Federal and other tax returns and reports required to be filed on or before such date shall have been filed and all taxes shown as due on said returns either shall have been paid or adequate liability reserves shall have been provided for the payment of such taxes, provided that each Acquiring Fund may file extensions of its federal income and excise tax returns. In connection with this provision, the Acquiring Fund and the Acquired Fund agree to cooperate with each other in filing any tax return, amended return or claim for refund, determining a liability for taxes or a right to a refund of taxes or participating in or conducting any audit or other proceeding in respect of taxes.

i. Combined Proxy Statement and Prospectus Mailing

The Acquired Fund agrees to mail to its shareholders of record entitled to vote at the special meeting of shareholders at which action is to be considered regarding this Agreement, in sufficient time to comply with requirements as to notice thereof, a combined Proxy Statement and Prospectus which complies in all material respects (except as to information therein relating to the Acquiring Fund) with the applicable provisions of Section 14(a) of the Exchange Act and Section 20(a) of the Investment Company Act, and the rules and regulations promulgated thereunder.

j. Confirmation of Tax Basis

The Acquired Fund will deliver to the Acquiring Fund on the Closing Date confirmations or other adequate evidence, setting forth the tax basis of each of the Assets delivered to the Acquiring Fund hereunder computed in accordance with applicable sections of the Code and with respect to securities showing a breakdown by purchase lot.

k. Shareholder List

As soon as practicable after the close of business on the Closing Date, the Acquired Fund shall deliver to the Acquiring Fund (or its duly authorized agent which may include National Investors Services Corp., in the event the Shares will be held in an omnibus account) a list of the names, addresses and TINs of all of the shareholders of record of the Acquired Fund on the Closing Date and the number of shares of the Acquired Fund owned by each such shareholder as of such date, certified to the best of its knowledge and belief by the transfer agent or by TD Waterhouse Trust on behalf of the Acquired Fund.

l. Redemption Fees

Each Acquired Fund will waive any redemption fees that would otherwise apply from and after March 22, 2005. The Price Corporation on behalf of the Acquiring Fund agrees that the Shares distributed to shareholders of the Acquired Fund in the Reorganization fall within the exception to redemption fees set forth in paragraph 13, page 21, of the March 1, 2005 prospectus of the Acquiring Funds.

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6. Closing Date

The closing of the transactions contemplated by this Agreement shall be at the offices of TD Waterhouse Asset Management, Inc., 100 Wall Street, New York, New York 10005 after the close of the New York Stock Exchange on June 17, 2005, or at such other place, time and date agreed to by the Acquired Fund and the Acquiring Fund. The date and time upon which such closing is to take place shall be referred to herein as the “Closing Date.” To the extent that any Assets, for any reason, are not transferable on the Closing Date, the Acquired Fund shall cause such Assets to be transferred to the Acquiring Fund’s custody account with State Street Bank and Trust Company or JPMorgan Chase Bank, as the case may be, at the earliest practicable date thereafter.

7. Conditions of the Acquired Fun

The obligations of the Acquired Fund hereunder shall be subject to the satisfaction, at or before the Closing Date (or such other date specified herein), of the conditions set forth below. The benefit of these conditions is for the Acquired Fund only and, other than with respect to the condition set forth in Section 7(c) hereof, may be waived, in whole or in part, by the Acquired Fund at any time in its sole discretion.

a. Representations and Warranties

The representations and warranties of the Acquiring Fund made in this Agreement shall be true and correct in all material respects when made, as of the Valuation Time and as of the Closing Date all with the same effect as if made at and as of such dates, except that any representations and warranties that relate to a particular date or period shall be true and correct in all material respects as of such date or period.

b. Performance

The Acquiring Fund shall have performed, satisfied and complied with all covenants, agreements and conditions required to be performed, satisfied or complied with by it under this Agreement at or prior to the Closing Date.

c. Shareholder Approval

This Agreement shall have been adopted, and the Reorganization shall have been approved, by the Majority Shareholder Vote. In the case of the TDW Dow 30 Fund, the change in fundamental investment objective shall have been approved by a Majority Shareholder Vote.

d. Approval of Board of Directors

This Agreement shall have been adopted and the Reorganization shall have been approved by the Board of Directors of the Price Corporation, on behalf of the Acquiring Fund.

e. Deliveries by the Acquiring Fund

At or prior to the Closing Date, the Acquiring Fund shall deliver to the Acquired Fund the following:

	i. a certificate, in form and substance reasonably satisfactory to the Acquired Fund, executed by the President (or a Vice President) of the Price Corporation on behalf of the Acquiring Fund, dated as of the Closing Date, certifying that the conditions specified in Sections 7(a), (b), (d) and (f) have been fulfilled;

	ii. the unaudited financial statements of the Acquiring Fund required by Section 5(b)(ii) hereof;

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iii. an opinion of S&S, in form and substance reasonably satisfactory to the Acquired Fund, substantially to the effect that, for Federal income tax purposes, (i) the transfer of the Assets to the Acquiring Fund in return solely for the Shares as provided for in the Agreement will constitute a reorganization within the meaning of Section 368(a) of the Code, and assuming that such transfer, issuance and assumption qualifies as a reorganization within the meaning of Section 368(a) of the Code, the Acquired Fund and the Acquiring Fund will each be deemed to be a “party to the reorganization” within the meaning of Section 368(b) of the Code; (ii) in accordance with Sections 357 and 361 of the Code, no gain or loss will be recognized by the Acquired Fund as a result of the Asset transfer solely in return for the Shares or on the distribution (whether actual or constructive) of the Shares to the Acquired Fund shareholders as provided for in the Agreement; (iii) under Section 1032 of the Code, no gain or loss will be recognized by the Acquiring Fund upon the receipt of the Assets in return for the Shares as provided for in the Agreement; (iv) in accordance with Section 354(a)(1) of the Code, no gain or loss will be recognized by the shareholders of the Acquired Fund on the receipt (whether actual or constructive) of Shares in return for their shares of the Acquired Fund; (v) in accordance with Section 362(b) of the Code, the tax basis of the Assets in the hands of the Acquiring Fund will be the same as the tax basis of such Assets in the hands of the Acquired Fund immediately prior to the consummation of the Reorganization; (vi) in accordance with Section 358 of the Code, immediately after the Reorganization, the tax basis of the Shares received (whether actually or constructively) by the shareholders of the Acquired Fund in the Reorganization will be equal, in the aggregate, to the tax basis of the shares of the Acquired Fund surrendered in return therefor; (vii) in accordance with Section 1223 of the Code, a shareholder’s holding period for the Corresponding Shares will be determined by including the period for which such shareholder held the shares of the Acquired Fund exchanged therefor, provided, that the Acquired Fund shares were held as a capital asset at the time of the exchange; (viii) in accordance with Section 1223 of the Code, the Acquiring Fund’s holding period with respect to the Assets acquired by it will include the period for which such Assets were held by the Acquired Fund; and (ix) in accordance with Section 381(a) of the Code and regulations thereunder, the Acquiring Fund will succeed to and take into account, subject to certain limitations, certain tax attributes of the Acquired Fund, such as earnings and profits, capital loss carryovers and method of accounting; and

iv. a written opinion of Henry H. Hopkins, Esq., counsel to the Acquiring Fund, in form and substance, reasonably satisfactory to the Acquired Fund.

f. No Material Adverse Change

There shall have occurred no material adverse change in the financial position of the Acquiring Fund since October 31, 2004 in the case of the Price International Equity Index Fund and the Price Bond Index Fund, or December 31, 2004 in the case of the Price Equity Index 500 Fund or the Price Extended Market Index Fund, other than changes in its portfolio securities since that date, changes in the market value of its portfolio securities or changes in connection with the payment of the Acquiring Fund’s customary operating expenses, each in the ordinary course of business.

g. Absence of Litigation

There shall not be pending before any Governmental Authority any material litigation with respect to the matters contemplated by this Agreement.

h. Proceedings and Documents

All proceedings contemplated by this Agreement, the Reorganization, and all of the other documents incident thereto, shall be reasonably satisfactory to the Acquired Fund and its counsel, and the Acquired Fund and its counsel shall have received all such counterpart originals or certified or other copies of such documents as the Acquired Fund or its counsel may reasonably request.

i. N-14 Registration Statement

The N-14 Registration Statement shall have become effective under the Securities Act, and no stop order suspending such effectiveness shall have been instituted or, to the knowledge of the Acquiring Fund or the Acquired Fund, contemplated by the Commission.

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j. Compliance with Laws; No Adverse Action or Decision

Since the date hereof, (i) no law, statute, ordinance, code, rule or regulation shall have been promulgated, enacted or entered that restrains, enjoins, prevents, materially delays, prohibits or otherwise makes illegal the performance of this Agreement, the Reorganization or the consummation of any of the transactions contemplated hereby and thereby; (ii) the Commission shall not have issued an unfavorable advisory report under Section 25(b) of the Investment Company Act, nor instituted or threatened to institute any proceeding seeking to enjoin consummation of the Reorganization under Section 25(c) of the Investment Company Act, and (iii) no other legal, administrative or other proceeding shall be instituted or threatened by any Governmental Authority which would materially affect the financial condition of the Acquiring Fund or that seeks to restrain, enjoin, prevent, materially delay, prohibit or otherwise make illegal the performance of this Agreement, the Reorganization or the consummation of any of the transactions contemplated hereby or thereby.

8. Conditions of the Acquiring Fund

The obligations of the Acquiring Fund hereunder shall be subject to the satisfaction, at or before the Closing Date (or such other date specified herein), of the conditions set forth below. The benefit of these conditions is for the Acquiring Fund only and, other than with respect to the condition set forth in Section 8(c) hereof, may be waived, in whole or in part, by the Acquiring Fund at any time in its sole discretion.

a. Representations and Warranties

The representations and warranties of the Acquired Fund made in this Agreement shall be true and correct in all material respects when made, as of the Valuation Time and as of the Closing Date all with the same effect as if made at and as of such dates, except that any representations and warranties that relate to a particular date or period shall be true and correct in all material respects as of such date or period.

b. Performance

The Acquired Fund shall have performed, satisfied and complied with all covenants, agreements and conditions required to be performed, satisfied or complied with by it under this Agreement at or prior to the Closing Date.

c. Shareholder Approval

This Agreement shall have been adopted, and the Reorganization shall have been approved, by a Majority Shareholder Vote. In the case of the TDW Dow 30 Fund, the change in fundamental investment objective shall have been approved by a Majority Shareholder Vote.

d. Approval of Board of Trustees

This Agreement shall have been adopted and the Reorganization and related matters shall have been approved by the Board of Trustees of TD Waterhouse Trust, on behalf of the Acquired Fund.

e. Deliveries by the Acquired Fund

At or prior to the Closing Date, the Acquired Fund shall deliver to the Acquiring Fund the following:

	i. a certificate, in form and substance reasonably satisfactory to the Acquiring Fund, executed by the President (or a Vice President) of TD Waterhouse Trust on behalf of the Acquired Fund, dated as of the Closing Date, certifying that the conditions specified in Sections 8(a), (b), (c), (d) and (f) have been fulfilled;

	ii. the unaudited financial statements of the Acquired Fund required by Section 5(b)(i) hereof;

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iii. an opinion of S&S, in form and substance reasonably satisfactory to the Acquiring Fund, with respect to the matters specified in Section 7(e)(iii) hereof; and

iv. a written opinion of S&S, counsel to the Acquired Fund, (including opinions as to certain federal income tax matters), in form and substance, reasonably satisfactory to the Acquiring Fund; provided that any opinions as to matters of Delaware law shall be provided by Delaware counsel.

f. No Material Adverse Change

There shall have occurred no material adverse change in the financial position of the Acquired Fund since January 31, 2005 other than changes in its portfolio securities since that date, changes in the market value of its portfolio securities or changes in connection with the payment of the Acquired Fund’s customary operating expenses, each in the ordinary course of business. The Acquired Fund reserves the right to sell any of its portfolio securities in the ordinary course of business, but will not, without the prior written consent of the Acquiring Fund, acquire any additional securities other than securities of the type in which the Acquiring Fund is permitted to invest, subject to Section 5(d) hereof.

g. Absence of Litigation

There shall not be pending before any Governmental Authority any material litigation with respect to the matters contemplated by this Agreement.

h. Proceedings and Documents

All proceedings contemplated by this Agreement, the Reorganization, and all of the other documents incident thereto, shall be reasonably satisfactory to the Acquiring Fund and its counsel, and the Acquiring Fund and its counsel shall have received all such counterpart originals or certified or other copies of such documents as the Acquiring Fund or its counsel may reasonably request.

i. N-14 Registration Statement

The N-14 Registration Statement shall have become effective under the Securities Act, and no stop order suspending such effectiveness shall have been instituted or, to the knowledge of the Acquired Fund or the Acquiring Fund, contemplated by the Commission.

j. Compliance with Laws; No Adverse Action or Decision

Since the date hereof, (i) no law, statute, ordinance, code, rule or regulation shall have been promulgated, enacted or entered that restrains, enjoins, prevents, materially delays, prohibits or otherwise makes illegal the performance of this Agreement, the Reorganization or the consummation of any of the transactions contemplated hereby and thereby; (ii) the Commission shall not have issued an unfavorable advisory report under Section 25(b) of the Investment Company Act, nor instituted or threatened to institute any proceeding seeking to enjoin consummation of the Reorganization under Section 25(c) of the Investment Company Act, and (iii) no other legal, administrative or other proceeding shall be instituted or threatened by any Governmental Authority which would materially affect the financial condition of the Acquired Fund or that seeks to restrain, enjoin, prevent, materially delay, prohibit or otherwise make illegal the performance of this Agreement, the Reorganization or the consummation of any of the transactions contemplated hereby or thereby.

k. Dividends

Prior to the Closing Date, the Acquired Fund shall have declared a dividend or dividends which, together with all such previous dividends, shall have the effect of distributing to its shareholders all of its investment company taxable income as of the Closing Date, if any (computed without regard to any deduction for dividends paid), and all of its net capital gain, if any, and all of its non-RIC earnings and profits as set forth in section 852(a)(2)(B) of the Code, if any, realized as of the Closing Date.

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9. Termination, Postponement and Waivers

a. Termination of Agreement

Notwithstanding anything contained in this Agreement to the contrary, subject to Section 10 hereof, this Agreement may be terminated and the Reorganization abandoned at any time (whether before or after approval thereof by the shareholders of the Acquired Fund) prior to the Closing Date, or the Closing Date may be postponed, by notice in writing prior to the Closing Date:

	i. by the Acquired Fund or the Acquiring Fund if:

	(1) the Board of Trustees of TD Waterhouse Trust and the Board of Directors of the Price Corporation so mutually agree in writing; or

	(2) any Governmental Authority of competent jurisdiction shall have issued any judgment, injunction, order, ruling or decree or taken any other action restraining, enjoining or otherwise prohibiting this Agreement, the Reorganization or the consummation of any of the transactions contemplated hereby or thereby and such judgment, injunction, order, ruling, decree or other action becomes final and non-appealable; provided that the party seeking to terminate this Agreement pursuant to this Section 9(a)(i)(2) shall have used its reasonable best efforts to have such judgment, injunction, order, ruling, decree or other action lifted, vacated or denied.

	ii. by the Acquired Fund if any condition of the Acquired Fund’s obligations set forth in Section 7 of this Agreement has not been fulfilled or waived by it; or

	iii. by the Acquiring Fund if any condition of the Acquiring Fund’s obligations set forth in Section 8 of this Agreement has not been fulfilled or waived by it.

b. Commission Order

If any order or orders of the Commission with respect to this Agreement, the Reorganization or any of the transactions contemplated hereby or thereby shall be issued prior to the Closing Date and shall impose any terms or conditions which are determined by action of the Board of Trustees of TD Waterhouse Trust and the Board of Directors of the Price Corporation to be acceptable, such terms and conditions shall be binding as if a part of this Agreement without further vote or approval of the shareholders of the Acquired Fund, unless such terms and conditions shall result in a change in the method of computing the number of Shares to be issued by the Acquiring Fund to the Acquired Fund in which event, unless such terms and conditions shall have been included in the proxy solicitation materials furnished to the shareholders of the Acquired Fund prior to the meeting at which the Reorganization shall have been approved, this Agreement shall not be consummated and shall terminate unless the Acquired Fund promptly shall call a special meeting of shareholders at which such conditions so imposed shall be submitted for approval and the requisite approval of such conditions shall be obtained.

c. Effect of Termination

In the event of termination of this Agreement pursuant to the provisions hereof, the same shall become null and void and have no further force or effect, and there shall not be any liability on the part of either the Acquired Fund or the Acquiring Fund, TD Waterhouse Trust or the Price Corporations, or Persons who are their directors, trustees, officers, agents or shareholders in respect of this Agreement.

d. Waivers; Non-Material Changes

At any time prior to the Closing Date, any of the terms or conditions of this Agreement may be waived by the party that is entitled to the benefit thereof if such action or waiver will not have a material adverse effect on the benefits intended under this Agreement to the shareholders of such party on behalf of which such action is taken. In addition, each party has delegated to its investment adviser the ability to make non-material changes to this Agreement if such investment adviser deems it to be in the best interests of the Acquired Fund or Acquiring Fund for which it serves as investment adviser to do so.

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10. Survival of Representations and Warranties

The respective representations and warranties contained in Sections 3 and 4 hereof shall expire with, and be terminated by, the consummation of the Reorganization, and none of TD Waterhouse Trust, the Acquired Fund, the Price Corporation, the Acquiring Fund, or any of their officers, trustees, directors, agents or shareholders shall have any liability with respect to such representations or warranties after the Closing Date. This provision shall not protect any officer, trustee, director or agent of the Acquired Fund or the Acquiring Fund, or of TD Waterhouse Trust or the Price Corporations, against any liability to the entity for which such Person serves in such capacity, or to its shareholders, to which such Person would be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties in the conduct of such office.

11. Other Matters

a. Obligations

This instrument is executed on behalf of the Trustees of TD Waterhouse Trust on behalf of the Acquired Fund, as trustees and not individually, and that the obligations of or arising out of this instrument are not binding upon any of the trustees, officers, agents or shareholders of TD Waterhouse Trust individually, but are binding solely upon the assets and property of the Acquired Fund.

b. Further Assurances

Each party hereto covenants and agrees to provide the other party hereto and its agents and counsel with any and all documentation, information, assistance and cooperation that may become necessary from time to time with respect to the transactions contemplated by this Agreement.

c. Notices

Any notice, report or other communication hereunder shall be in writing and shall be given to the Person entitled thereto by hand delivery, prepaid certified mail or overnight service, addressed to the Acquired Fund or the Acquiring Fund, as applicable, at the address set forth below. If the notice is sent by certified mail, it shall be deemed to have been given to the Person entitled thereto upon receipt and if the notice is sent by overnight service, it shall be deemed to have been given to the Person entitled thereto one (1) business day after it was deposited with the courier service for delivery to that Person. Notice of any change in any address listed below also shall be given in the manner set forth above. Whenever the giving of notice is required, the giving of such notice may be waived by the party entitled to receive such notice.

If to the Acquired Fund, to:	TD Waterhouse Trust
	100 Wall Street
	New York, NY 10005
	Attention: Michele R. Teichner

If to the Acquiring Fund, to:	T. Rowe Price Associates, Inc.
	100 East Pratt Street
	Baltimore, MD 21202
	Attention: Forrest R. Foss

d. Entire Agreement

This Agreement contains the entire agreement between the parties hereto with respect to the matters contemplated herein and supersedes all previous agreements or understandings between the parties related to such matters.

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e. Amendment

Except as set forth in Section 9(d) hereof, this Agreement may be amended, modified, superseded, canceled, renewed or extended, and the terms or covenants hereof may be waived, only by a written instrument executed by the parties hereto or, in the case of a waiver, by the party waiving compliance; provided that only the consent of the parties to a specific Reorganization shall be required to amend, modify, supersede, cancel, renew, extend or waive any provisions relating solely to such Reorganization; provided further that, following the meeting of shareholders of the Acquired Fund pursuant to Section 5(a) hereof, no such amendment may have the effect of changing the provisions for determining the number of Shares to be issued to the Acquired Fund shareholders under this Agreement to the detriment of such shareholders without their further approval. Except as otherwise specifically provided in this Agreement, no waiver by either party hereto of any breach by the other party hereto of any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of a similar or dissimilar provision or condition at the same or at any prior or subsequent time.

f. Governing Law

This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of New York applicable to agreements made and to be performed in said state, without giving effect to the principles of conflict of laws thereof.

g. Assignment

This Agreement shall not be assigned by any of the parties hereto, in whole or in part, whether by operation of law or otherwise, without the prior written consent of the other party hereto. Any purported assignment contrary to the terms hereof shall be null, void and of no effect. Nothing herein expressed or implied is intended or shall be construed to confer upon or give any person, firm, or corporation, other than the parties hereto and their respective successors and assigns, any rights or remedies under or by reason of this Agreement.

h. Costs of the Reorganization

All costs of the Reorganization incurred by the TD Waterhouse Trust or an Acquired Fund shall be borne by TD Waterhouse Asset Management, Inc. or an affiliate thereof (“TD Waterhouse”), regardless of whether the Reorganization is consummated. All costs of the Reorganization incurred by the Price Corporation or the Acquiring Fund shall be borne by such party unless assumed by its investment adviser or an affiliate, regardless of whether the Reorganization is consummated.

i. Severability

Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms and provisions of this Agreement in any other jurisdiction.

j. Headings

Headings to sections in this Agreement are intended solely for convenience and no provision of this Agreement is to be construed by reference to the heading of any section.

k. Counterparts

This Agreement may be executed in any number of counterparts, each of which, when executed and delivered, shall be deemed to be an original but all such counterparts together shall constitute but one instrument.

I-22

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set forth above.

ATTEST:		TD WATERHOUSE TRUST ON BEHALF OF TD WATERHOUSE BOND INDEX FUND TD WATERHOUSE DOW 30 FUND TD WATERHOUSE 500 INDEX FUND TD WATERHOUSE EXTENDED MARKET INDEX FUND TD WATERHOUSE ASIAN PACIFIC INDEX FUND TD WATERHOUSE EUROPEAN INDEX FUND

By: __________________________________		By: ______________________________________
	Name: Title:		Name: Title:

ATTEST:		T. ROWE PRICE INDEX TRUST, INC. ON BEHALF OF T. ROWE PRICE EQUITY INDEX 500 FUND T. ROWE PRICE EXTENDED EQUITY INDEX FUND

By: ____________________________________		By: ______________________________________
	Name: Title:		Name: Title:

ATTEST:		T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. ON BEHALF OF T. ROWE PRICE INTERNATIONAL EQUITY INDEX FUND

By: ____________________________________		By: ______________________________________
	Name: Title:		Name: Title:

ATTEST:		T. ROWE PRICE U.S. BOND INDEX FUND, INC. ON BEHALF OF T. ROWE PRICE U.S. BOND INDEX FUND

By: ____________________________________		By: ______________________________________
	Name: Title:		Name: Title:

I-23

T. ROWE PRICE INDEX TRUST, INC.
T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. ROWE PRICE U.S. BOND INDEX FUND, INC.

FORM N-14

PART B

STATEMENT OF ADDITIONAL INFORMATION

[ ], 2005

This Statement of Additional Information (the “SAI”) relates to the proposed reorganization (each a “Reorganization”) of each of the TD Waterhouse funds (the “TDW Funds”) referenced below, into the T. Rowe Price funds referenced below (the “Price Funds”), as set out in the following table:

TDW Funds Price Funds

TD Waterhouse Bond Index Fund T. Rowe Price U.S. Bond Index Fund

TD Waterhouse Dow 30 Fund T. Rowe Price Equity Index 500 Fund

TD Waterhouse 500 Index Fund T. Rowe Price Equity Index 500 Fund

TD Waterhouse Extended Market Index Fund T. Rowe Price Extended Equity Market Index Fund

TD Waterhouse Asian Pacific Index Fund T. Rowe Price International Equity Index Fund

TD Waterhouse European Index Fund T. Rowe Price International Equity Index Fund

This SAI contains information which may be of interest to shareholders relating to each Reorganization, but which is not included in the Combined Proxy Statement and Prospectus dated [ ], 2005 (the “Combined Proxy Statement/Prospectus”) of the Price Funds and TDW Funds. As described in the Combined Proxy Statement/Prospectus, a Reorganization would involve the transfer of substantially all the assets of the TDW Fund in exchange for shares of the Price Fund. The TDW Fund would distribute the Price Fund shares it receives to its shareholders in complete liquidation of the TDW Fund.

This SAI is not a prospectus, and should be read in conjunction with the Combined Proxy Statement/Prospectus. This SAI and the Combined Proxy Statement/Prospectus have been filed with the Securities and Exchange Commission. Copies of the Combined Proxy Statement/Prospectus are available upon request and without charge by writing to TD Waterhouse Investor Services, Inc., Mutual Fund Services, P.O. Box 2630, Jersey City, New Jersey 07308-2630, or by calling 1-800-934-4448.

The Securities and Exchange Commission maintains a website (http://www.sec.gov) that contains the prospectuses and statements of additional information of the TDW Funds and Price Funds, other material incorporated by reference and other information regarding the TDW Funds and Price Funds.

Page B-1

TABLE OF CONTENTS

I. Additional Information about the Price Funds and the TDW Funds FILL IN

II. Financial Statements of the Price Funds and the TDW Funds FILL IN

III. Pro Forma Combined Portfolio of Investments (Unaudited)

a. Pro Forma Combined Portfolio of Investments (Unaudited) for the TD Waterhouse Extended Market Index Fund and T. Rowe
Price Extended Equity Market Index Fund as of December 31, 2004 FILL IN

b. Pro Forma Combined Portfolio of Investments (Unaudited) for the TD Waterhouse Asian Pacific Index Fund, TD Waterhouse
European Index Fund and T. Rowe Price International Equity Index Fund as of October 31, 2004 FILL IN

c. Pro Forma Combined Portfolio of Investments (Unaudited) for the TD Waterhouse Bond Index Fund and T. Rowe Price U.S. Bond
Index Fund as of October 31, 2004 FILL IN

IV. Pro Forma Combined Statement of Assets and Liabilities (Unaudited)

a. Pro Forma Combined Statement of Assets and Liabilities (Unaudited) for the TD Waterhouse Extended Market Index Fund and
T. Rowe Price Extended Equity Market Index Fund as of December
31, 2004 FILL IN

b. Pro Forma Combined Statement of
Assets and Liabilities (Unaudited) for the TD Waterhouse Asian Pacific Index
Fund, TD
Waterhouse European Index Fund and T. Rowe Price International Equity Index Fund as of October 31, 2004 FILL IN

c. Pro Forma Combined Statement of Assets and Liabilities (Unaudited) for the TD Waterhouse Bond Index Fund and T. Rowe
Price U.S. Bond Index Fund as of October 31, 2004 FILL IN

V. Pro Forma Combined Statement of Operations (Unaudited)

a. Pro Forma Combined Statement of Operations (Unaudited) for the TD Waterhouse Extended Market Index Fund and T. Rowe Price
Extended Equity Market Index Fund as of December 31, 2004 FILL IN

b. Pro Forma Combined Statement of Operations (Unaudited) for the TD Waterhouse Asian Pacific Index Fund, TD Waterhouse
European Index Fund and T. Rowe Price International Equity Index Fund as of October 31, 2004 FILL IN

c. Pro Forma Combined Statement of Operations (Unaudited) for the TD Waterhouse Bond Index Fund and T. Rowe Price U.S. Bond
Index Fund as of October 31, 2004 FILL IN

VI. Notes to Pro Forma Combined Financial Statements* (Unaudited)

a. TD Waterhouse Extended Market Index Fund and T. Rowe Price Extended Equity Market Index Fund FILL IN

b. TD Waterhouse Asian Pacific Index Fund, TD Waterhouse European Index Fund and T. Rowe Price International Equity Index
Fund FILL IN

c. TD Waterhouse Bond Index Fund and T. Rowe Price U.S. Bond Index Fund FILL IN

* The accompanying notes are an integral part of the pro forma financial statements.

Page B-2

ADDITIONAL INFORMATION ABOUT THE PRICE FUNDS AND THE TDW FUNDS

FOR THE PRICE FUNDS: Incorporates by reference the Statement of Additional Information for the Price Funds dated March 1, 2005, as supplemented, as filed with the Securities and Exchange Commission.

FOR THE TDW FUNDS: Incorporates by reference the Statement of Additional Information for the TDW Funds dated May 28, 2004, as supplemented, as filed with the Securities and Exchange Commission.

FINANCIAL STATEMENTS

This SAI incorporates by reference (i) the Annual Report of the T. Rowe Price Equity Index 500 Fund and T. Rowe Price Extended Equity Market Index Fund for the year ended December 31, 2004, (ii) the Annual Report of the T. Rowe Price International Equity Index Fund for the year ended October 31, 2004, (iii) the Annual Report of the T. Rowe Price U.S. Bond Index Fund for the year ended October 31, 2004, and (iv) the Annual Report of the TDW Funds for the year ended January 31, 2005. Each of these reports contains historical financial information regarding the Funds and has been filed with the Securities and Exchange Commission. The financial statements therein, and, in the case of the Annual Reports, the report of the independent registered public accounting firm therein, are incorporated herein by reference.

Pro forma financial statements of the TDW Funds and Price Funds are provided on the following pages.

Page B-3

TD Waterhouse Extended Market Index Fund T. Rowe Price Extended Equity Market Index Fund Pro Forma Combined Portfolio of Investments December 31, 2004 UNAUDITED
	Par/Shares						Market Value (000’s)
	TD Waterhouse Extended Index Fund		TRP Extended Equity Market Index Fund		Pro Forma Combined ¹		TD Waterhouse Extended Index Fund		TRP Extended Equity Market Index Fund		Pro Forma Combined
1ST SOURCE		510		1,341		1,851	$	13	$	34	$	47
21ST CENTURY INS GROUP		1,150		2,900		4,050		16		39		55
24 / 7 REAL MEDIA		—		2,520		2,520		—		11		11
3COM		10,880		15,500		26,380		45		65		110
4 KIDS ENTERTAINMENT		350		1,100		1,450		8		23		31
7 ELEVEN		1,150		4,800		5,950		28		115		143
99 CENTS ONLY STORES		500		3,065		3,565		8		50		58
A C MOORE ARTS + CRAFTS		460		1,000		1,460		13		29		42
A S V		250		800		1,050		12		38		50
AAIPHARMA		525		—		525		2		—		2
AAON		832		950		1,782		13		15		28
AAR		—		1,500		1,500		—		21		21
AARON RENTS CL A		—		1,575		1,575		—		36		36
AARON RENTS CL B		915		1,875		2,790		23		47		70
ABAXIS		400		—		400		6		—		6
ABERCROMBIE AND FITCH CO CL A		1,382		4,000		5,382		65		188		253
ABGENIX		1,070		4,300		5,370		11		44		55
ABIGAIL ADAMS NATL BANCORP		—		220		220		—		4		4
ABIOMED		—		3,400		3,400		—		53		53
ABLE LABORATORIES		400		—		400		9		—		9
ABLEST		—		1,700		1,700		—		13		13
ABM INDS		1,550		1,900		3,450		31		37		68
ACADIA REALTY TRUST		1,658		—		1,658		27		—		27
ACCELRYS		610		2,000		2,610		5		16		21
ACCERIS COMMUNICATIONS		—		900		900		—		1		1
ACCLAIM ENTMT		—		3,100		3,100		—		—		—
ACCREDITED HOME LENDERS		430		—		430		21		—		21
ACCREDO HEALTH		535		2,191		2,726		15		61		76
ACE CASH EXPRESS		300		—		300		9		—		9
ACME COMMUNICATIONS		—		1,700		1,700		—		12		12
ACR GROUP		—		1,400		1,400		—		4		4
ACTEL		350		1,600		1,950		6		28		34
ACTION PERFORMANCE COS		—		1,800		1,800		—		20		20
ACTIVISION		2,175		5,250		7,425		44		106		150
ACTRADE FIN’L TECH		350		—		350		—		—		—
ACTUANT CL A		300		1,210		1,510		16		63		79
ACTUATE		500		2,700		3,200		1		7		8
ACUITY BRANDS		750		1,800		2,550		24		57		81
ACXIOM		800		4,100		4,900		21		108		129

Page B-4

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

ADAMS RESOURCES + ENERGY — 2,300 2,300 — 41 41

ADAPTEC 3,250 4,400 7,650 25 33 58

ADELPHIA BUSINESS SOLUTIONS 199 — 199 — — —

ADELPHIA MUN 400 — 400 — — —

ADESA 848 5,000 5,848 18 106 124

ADMINISTAFF 450 1,100 1,550 6 14 20

ADOLOR 800 1,500 2,300 8 15 23

ADTRAN 710 3,200 3,910 14 61 75

ADVANCE AUTO PARTS 1,078 3,112 4,190 47 136 183

ADVANCED DIGITAL INFORMATION 650 2,900 3,550 7 29 36

ADVANCED ENERGY INDS 350 2,900 3,250 3 26 29

ADVANCED ENVIRONMENTAL RECYCLICL A — 4,000 4,000 — 5 5

ADVANCED MARKETING SVCS — 2,000 2,000 — 20 20

ADVANCED MED OPTICS 620 1,500 2,120 26 62 88

ADVANCED NEUROMODULATION SYS 300 950 1,250 12 37 49

ADVANTA CL A 450 1,466 1,916 10 33 43

ADVENT SOFTWARE 700 1,400 2,100 14 29 43

ADVISORY BRD CO 340 1,200 1,540 13 44 57

ADVO 450 1,550 2,000 16 55 71

AEHR TEST SYS — 1,600 1,600 — 7 7

AEROFLEX 650 3,400 4,050 8 41 49

AEROGEN — 3,900 3,900 — 8 8

AEROPOSTALE 555 2,550 3,105 16 75 91

AETHER SYSTEMS 150 5,700 5,850 1 19 20

AFFILIATED MANAGERS GROUP 375 1,500 1,875 25 102 127

AFFORDABLE RESIDENTIAL 500 — 500 7 — 7

AFFYMETRIX OC CAP STK 780 2,660 3,440 29 97 126

AFTERMARKET TECHNOLOGY 500 1,800 2,300 8 29 37

AGCO 1,450 3,600 5,050 32 79 111

AGERE SYS CL A 15,370 67,700 83,070 21 93 114

AGILE SOFTWARE 900 2,100 3,000 7 17 24

AGILYSYS 2,052 2,100 4,152 35 36 71

AGL RES 1,550 2,900 4,450 52 96 148

AGREE RLTY — 800 800 — 25 25

AIRGAS 1,350 3,300 4,650 36 87 123

AIRTRAN HOLDINGS 630 4,000 4,630 7 43 50

AK STL HLDG 2,240 5,844 8,084 32 85 117

AKAMAI TECHNOLOGIES 1,800 5,878 7,678 23 77 100

ALABAMA NATL BANCORPORATION 200 700 900 13 45 58

ALAMOSA HOLDINGS 2,300 5,300 7,600 29 66 95

ALASKA AIR GROUP 350 1,200 1,550 12 40 52

ALASKA COMMUNICATIONS SYS 1,100 2,700 3,800 9 23 32

Page B-5

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

ALBANY INTL CLASS A 340 1,710 2,050 12 60 72

ALBANY MOLECULAR RESH 810 2,300 3,110 9 26 35

ALBEMARLE 700 1,800 2,500 27 70 97

ALDERWOODS GROUP 600 — 600 7 — 7

ALEXANDER + BALDWIN 450 2,000 2,450 19 85 104

ALEXANDERS 90 250 340 19 54 73

ALEXANDRIA REAL ESTATE EQUIT 220 800 1,020 16 60 76

ALEXION PHARMACEUTICALS 550 1,200 1,750 14 30 44

ALFA 1,270 3,700 4,970 20 56 76

ALICO — 600 600 — 35 35

ALIGN TECHNOLOGY 730 3,300 4,030 8 35 43

ALKERMES 1,210 4,400 5,610 17 62 79

ALLEGHANY 211 333 544 60 95 155

ALLETE 282 1,100 1,382 10 40 50

ALLIANCE CAP MGMT HLDG LP UNIT LTD PARTNERSHIP INT 1,163 3,200 4,363 49 134 183

ALLIANCE DATA SYSTEMS 1,800 3,400 5,200 85 161 246

ALLIANCE GAMING 650 3,000 3,650 9 41 50

ALLIANCE IMAGING — 3,400 3,400 — 38 38

ALLIANCE RESOURCE PARTNER 320 — 320 24 — 24

ALLIANCE SEMICONDUCTOR — 3,100 3,100 — 11 11

ALLIANT ENERGY 1,648 4,700 6,348 47 134 181

ALLIANT TECHSYSTEMS 725 1,675 2,400 47 110 157

ALLIED DEFENSE GROUP — 600 600 — 13 13

ALLIED HLDGS — 3,500 3,500 — 10 10

ALLMERICA FINL 520 2,300 2,820 17 76 93

ALLOS THERAPEUTICS — 300 300 — 1 1

ALLOY — 3,200 3,200 — 26 26

ALLSCRIPTS HEATHCARE SOLUTIONS 900 3,200 4,100 10 34 44

ALPHARMA CL A 700 2,600 3,300 12 44 56

ALTIRIS 350 1,000 1,350 12 35 47

AMAZON 5,924 17,300 23,224 262 766 1,028

AMB PPTY 1,204 3,600 4,804 49 145 194

AMCAST INDL — 2,200 2,200 — — —

AMCOL INTERNATIONAL 450 — 450 9 — 9

AMCORE FINL 490 1,200 1,690 16 39 55

AMER HEALTHWAYS 400 — 400 13 — 13

AMERCO 300 1,700 2,000 14 78 92

AMERIANA BANCORP — 960 960 — 15 15

AMERICA ONLINE LATIN AMER CL A — 10,600 10,600 — 8 8

AMERICA WEST HLDG CL B 700 3,800 4,500 5 25 30

AMERICAN ACCESS TECHNOLOGIES — 2,400 2,400 — 5 5

AMERICAN AXLE + MFG HLDGS 500 2,200 2,700 15 67 82

Page B-6

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

AMERICAN BIO MEDIA — 3,000 3,000 — 3 3

AMERICAN EAGLE OUTFITTERS 960 2,700 3,660 45 127 172

AMERICAN FINL GROUP OHIO 1,340 2,700 4,040 42 85 127

AMERICAN FINL RLTY TR 2,850 4,700 7,550 46 76 122

AMERICAN GREETINGS CL A 750 3,000 3,750 19 76 95

AMERICAN HOME MTG INVT 560 2,195 2,755 19 75 94

AMERICAN ITALIAN PASTA CO CL A 400 900 1,300 9 21 30

AMERICAN LOCKER GROUP — 1,300 1,300 — 19 19

AMERICAN MED SYS HLDGS 500 1,400 1,900 21 59 80

AMERICAN MTG ACCEP CO SH BEN INT — 1,500 1,500 — 26 26

AMERICAN NATL INS CO 390 950 1,340 41 99 140

AMERICAN PHARMACEUTICAL PART 1,550 3,000 4,550 58 112 170

AMERICAN REAL ESTATE PART LIMITED PARTNERSHIP 770 1,800 2,570 22 51 73

AMERICAN SCIENCE + ENGR — 700 700 — 29 29

AMERICAN SUPERCONDUCTOR — 2,100 2,100 — 31 31

AMERICAN TOWER CL A 3,267 9,600 12,867 60 177 237

AMERICAN VANGUARD 200 — 200 7 — 7

AMERICAN WOODMARK 380 1,000 1,380 17 44 61

AMERICREDIT 2,210 6,600 8,810 54 161 215

AMERIGROUP 790 1,100 1,890 60 83 143

AMERISTAR CASINOS 400 1,000 1,400 17 43 60

AMERITRADE HLDG 6,133 18,200 24,333 87 259 346

AMERIVEST PPTYS — 3,000 3,000 — 19 19

AMERON INTL — 700 700 — 27 27

AMERUS GROUP CO 750 1,700 2,450 34 77 111

AMETEK 1,000 2,900 3,900 36 103 139

AMIS HLDGS 400 3,400 3,800 7 56 63

AMKOR TECHNOLOGY 1,620 7,800 9,420 11 52 63

AMLI RESIDENTIAL PPTYS TR SH BEN INT 430 1,100 1,530 14 35 49

AMN HEALTHCARE SVCS 400 1,205 1,605 6 19 25

AMPHENOL CL A 950 4,000 4,950 35 147 182

AMR 2,610 6,700 9,310 29 73 102

AMSURG 450 1,450 1,900 13 43 56

AMTECH SYS — 1,600 1,600 — 7 7

AMYLIN PHARMACEUTICALS 2,163 4,100 6,263 51 96 147

ANADIGICS — 2,595 2,595 — 10 10

ANALOGIC 280 700 980 13 31 44

ANAREN — 1,400 1,400 — 18 18

ANCHOR BANCORP WIS 480 1,000 1,480 14 29 43

ANDRX ANDRX GROUP 690 3,100 3,790 15 68 83

ANIXTER INTL 600 1,400 2,000 22 50 72

ANNALY MTG MGMT 2,150 5,100 7,250 42 100 142

Page B-7

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

ANNTAYLOR STORES 675 3,000 3,675 15 65 80

ANSOFT — 1,400 1,400 — 28 28

ANSWERTHINK CDT — 3,400 3,400 — 16 16

ANSYS 620 1,400 2,020 20 45 65

ANTEON INTERNATIONAL 600 1,600 2,200 25 67 92

ANTHRACITE CAP 950 1,800 2,750 12 22 34

ANTIGENICS 900 2,400 3,300 9 24 33

ANWORTH MORTGAG 600 — 600 6 — 6

APAC CUSTOMER SVCS — 5,100 5,100 — 9 9

APCO ARGENTINA 616 — 616 23 — 23

APHTON — 3,600 3,600 — 11 11

APOGEE ENTERPRISES — 1,300 1,300 — 17 17

APOLLO INVT — 2,600 2,600 — 39 39

APPLEBEES INTL 1,500 3,175 4,675 40 84 124

APPLERA CELERA GENOMICS 1,140 2,493 3,633 16 34 50

APPLICA — 1,300 1,300 — 8 8

APPLIED FILMS 440 — 440 9 — 9

APPLIED INDL TECHNOLOGIES 375 1,200 1,575 10 33 43

APPLIED SIGNAL TECH 250 — 250 9 — 9

APRIA HEALTHCARE GROUP 1,040 2,300 3,340 34 76 110

APTARGROUP 680 1,500 2,180 36 79 115

AQUA AMER 2,375 3,951 6,326 58 97 155

AQUANTIVE 800 4,300 5,100 7 38 45

AQUILA 3,275 6,788 10,063 12 25 37

ARAMARK CL B 2,718 7,600 10,318 72 201 273

ARBITRON 420 1,600 2,020 16 63 79

ARBOR REALTY TRUST 400 — 400 10 — 10

ARCH CAP GROUP LTD SHS 410 1,500 1,910 16 58 74

ARCH CHEMICALS 440 950 1,390 13 27 40

ARCH COAL 1,400 2,400 3,800 50 85 135

ARCHON — 1,100 1,100 — 22 22

ARCTIC CAT 380 1,057 1,437 10 28 38

ARDEN GROUP CL A — 200 200 — 20 20

ARDEN RLTY 650 2,700 3,350 25 102 127

ARENA PHARMACEUTICALS — 2,500 2,500 — 17 17

ARGONAUT GROUP 400 1,600 2,000 8 34 42

ARGOSY GAMING 300 1,600 1,900 14 75 89

ARI NETWORK SVCS — 3,100 3,100 — 7 7

ARIAD PHARMACEUTICALS 900 2,900 3,800 7 22 29

ARIBA 568 2,747 3,315 9 46 55

ARKANSAS BEST 510 1,300 1,810 23 58 81

ARMOR HLDGS 550 800 1,350 26 38 64

Page B-8

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

AROTECH —
5,100
5,100
—
8
8

ARQULE — 3,000 3,000 — 17 17

ARRAY BIOPHARMA — 3,200 3,200 — 30 30

ARRHYTHMIA RESH TECHNOLOGY — 700 700 — 15 15

ARRIS GROUP 1,450 3,800 5,250 10 27 37

ARROW ELECTRS 1,675 4,900 6,575 41 119 160

ARROW FINL 257 859 1,116 8 27 35

ARROW INTERNATIONAL 410 1,900 2,310 13 59 72

ART TECHNOLOGY 800 — 800 1 — 1

ARTESYN TECHNOLOGIES 750 2,600 3,350 8 29 37

ARTHROCARE 520 1,600 2,120 17 51 68

ARVINMERITOR 930 3,225 4,155 21 72 93

ASBURY AUTOMOTIVE GROUP 740 2,200 2,940 10 30 40

ASCENTIAL SOFTWARE 520 2,675 3,195 8 44 52

ASK JEEVES OC 530 2,700 3,230 14 72 86

ASPECT COMMUNICATIONS 650 3,000 3,650 7 33 40

ASPECT MEDICAL SYSTEMS 450 — 450 11 — 11

ASPEN TECHNOLOGY — 3,400 3,400 — 21 21

ASSOCIATED BANC 1,621 4,854 6,475 54 161 215

ASSURANT 3,400 5,900 9,300 104 180 284

ASTA FDG — 1,200 1,200 — 32 32

ASTEC INDS 600 1,800 2,400 10 31 41

ASTORIA FINL 1,114 3,500 4,614 45 140 185

ASYST TECHNOLOGIES 550 2,900 3,450 3 15 18

AT RD 650 4,900 5,550 4 34 38

ATARI — 4,700 4,700 — 14 14

ATHEROGENICS 1,000 1,800 2,800 24 42 66

ATHEROS COMMUNICATIONS 550 2,000 2,550 6 21 27

ATMEL 13,090 20,900 33,990 51 82 133

ATMI 1,150 1,200 2,350 26 27 53

ATMOS ENERGY 1,860 2,300 4,160 51 63 114

ATP OIL & GAS 2,000 — 2,000 37 — 37

ATWOOD OCEANICS 250 700 950 13 36 49

AUDIOVOX . 1,464 — 1,464 23 — 23

AUTHENTIDATE HLDG 550 3,900 4,450 3 24 27

AUTOBYTEL 960 2,900 3,860 6 18 24

AVALON CORRECTIONAL SVCS — 2,300 2,300 — 6 6

AVALONBAY CMNTYS 1,000 2,984 3,984 75 225 300

AVANEX 1,600 5,800 7,400 5 19 24

AVANT IMMUNOTHERAPEUTICS 1,900 — 1,900 4 — 4

AVATAR HOLDINGS 200 — 200 10 — 10

AVI BIOPHARMA — 3,100 3,100 — 7 7

Page B-9

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

AVIALL 400
1,400
1,800
9
32
41

AVID TECHNOLOGY 310 1,500 1,810 19 93 112

AVIGEN — 200 200 — 1 1

AVISTA 790 2,300 3,090 14 41 55

AVNET 1,754 4,996 6,750 32 91 123

AVOCENT 1,255 2,045 3,300 51 83 134

AVX 1,552 7,100 8,652 20 89 109

AWARE MASS — 1,300 1,300 — 6 6

AXCELIS TECHNOLOGIES 1,130 3,000 4,130 9 24 33

AZTAR 540 1,700 2,240 19 59 78

BADGER PAPER MLS — 1,900 1,900 — 8 8

BAKER MICHAEL — 1,100 1,100 — 22 22

BALDOR ELEC CO 740 1,300 2,040 20 36 56

BALDWIN + LYONS CL B 300 1,175 1,475 8 31 39

BALLY TOTAL FITNESS HLDG — 1,500 1,500 — 6 6

BANCFIRST 150 — 150 12 — 12

BANCINSURANCE — 2,310 2,310 — 17 17

BANCORPSOUTH 1,350 3,325 4,675 33 81 114

BANCTRUST FINL GROUP — 700 700 — 17 17

BANDAG 350 700 1,050 17 35 52

BANK GRANITE FALLS 872 — 872 18 — 18

BANK HAWAII 766 2,400 3,166 39 122 161

BANK MUTUAL 1,927 4,234 6,161 23 52 75

BANK OF THE OZARKS 300 — 300 10 — 10

BANKATLANTIC BANCORP CL A 950 2,700 3,650 19 54 73

BANKNORTH GROUP 2,270 7,195 9,465 83 263 346

BANKUNITED FINL 770 1,700 2,470 25 54 79

BANNER 754 960 1,714 24 30 54

BANTA 300 1,000 1,300 13 45 58

BARNES + NOBLE 650 3,000 3,650 21 97 118

BARNES GROUP 300 1,000 1,300 8 27 35

BARR PHARMACEUTICALS 1,519 4,325 5,844 69 197 266

BARRETT BILL — 1,700 1,700 — 54 54

BAY VIEW CAP — 480 480 — 7 7

BAYCORP HLDGS LTD — 662 662 — 8 8

BE AEROSPACE 1,250 3,300 4,550 15 38 53

BEA SYS 5,972 16,900 22,872 53 150 203

BEACON PWR — 9,300 9,300 — 9 9

BEARINGPOINT 3,792 8,700 12,492 30 70 100

BEASLEY BROADCAST GROUP CL A 500 1,200 1,700 9 21 30

BEAZER HOMES USA 190 500 690 28 73 101

BEBE STORES 900 2,250 3,150 24 61 85

Page B-10

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

BECKMAN COULTER 892 2,700 3,592 60 181 241

BEDFORD PPTY INVS 250 1,100 1,350 7 31 38

BEI TECHNOLOGIES 250 1,100 1,350 8 34 42

BEL FUSE CL A — 1,100 1,100 — 32 32

BELDEN CDT 400 2,875 3,275 9 67 76

BELL MICROPRODUCTS — 2,400 2,400 — 23 23

BELO SER A 1,280 5,000 6,280 34 131 165

BENCHMARK ELECTRS 600 2,000 2,600 20 68 88

BENTLEY PHARMACEUTICALS 1,172 — 1,172 13 — 13

BERKLEY W R 1,224 3,275 4,499 58 154 212

BERKSHIRE HATHAWAY CL A 22 65 87 1,934 5,714 7,648

BERRY PETE CO CL A 490 1,000 1,490 23 48 71

BEVERLY ENTERPRISES 1,850 4,800 6,650 17 44 61

BIG 5 SPORTING GOODS 300 1,500 1,800 9 44 53

BIO RAD LABORATORIES CLASS A 800 1,000 1,800 46 57 103

BIOCRYST PHARMACEUTICALS — 1,800 1,800 — 10 10

BIOLASE TECHNOLOGY 500 — 500 5 — 5

BIOMARIN PHARMACEUTICAL 1,590 3,800 5,390 10 24 34

BIOPURE CL A — 4,700 4,700 — 3 3

BIOSITE 400 800 1,200 25 49 74

BIOSOURCE INTL — 2,400 2,400 — 17 17

BIOSPHERE MED — 2,100 2,100 — 8 8

BIOVERIS 780 2,100 2,880 6 15 21

BISYS GROUP — 5,600 5,600 — 92 92

BJ’S RESTAURANTS 1,533 — 1,533 21 — 21

BJS WHSL CLUB 1,900 3,100 5,000 55 90 145

BLACK BOX 600 970 1,570 29 47 76

BLACK HILLS 840 1,300 2,140 26 40 66

BLACKROCK CL A 210 800 1,010 16 62 78

BLOCKBUSTER CL A 800 7,700 8,500 8 73 81

BLOUNT INTL 2,277 — 2,277 40 — 40

BLUE COAT SYSTEMS 20 — 20 — — —

BLUE NILE — 1,100 1,100 — 30 30

BLUEFLY — 700 700 — 2 2

BLUEGREEN CORPORATION 600 — 600 12 — 12

BLYTH 850 2,000 2,850 25 59 84

BNC — 300 300 — 5 5

BNP RESIDENTIAL PPTYS — 700 700 — 11 11

BOB EVANS FARMS 300 1,500 1,800 8 39 47

BOK FINL 801 2,536 3,337 39 124 163

BON TON STORES — 1,200 1,200 — 19 19

BONE CARE INTL 350 1,100 1,450 10 31 41

Page B-11

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

BORDERS GROUP 1,000 3,000 4,000 25 76 101

BORG WARNER 1,070 2,200 3,270 58 119 177

BORLAND SOFTWARE 1,810 3,200 5,010 21 37 58

BOSTON COMMUNICATIONS GROUP — 2,400 2,400 — 22 22

BOSTON PPTYS 1,410 4,700 6,110 91 304 395

BOSTON PRIVATE FINL HLDGS 540 1,459 1,999 15 41 56

BOSTONFED BANCORP — 600 600 — 27 27

BOTTOMLINE TECHNOLOGIES — 1,500 1,500 — 22 22

BOWATER 550 2,300 2,850 24 101 125

BOWL AMER CL A — 300 300 — 4 4

BOWNE + CO 750 2,200 2,950 12 36 48

BOYD GAMING 1,269 3,600 4,869 53 150 203

BOYDS COLLECTION LTD — 2,700 2,700 — 12 12

BP PRUDHOE BAY RTY TR UNIT BEN INT 420 1,300 1,720 20 63 83

BRADLEY PHARMACEUTICALS — 1,100 1,100 — 21 21

BRADY CL A 350 1,000 1,350 22 63 85

BRANDYWINE RLTY TR SH BEN INT 580 1,800 2,380 17 53 70

BRE PPTYS 650 2,100 2,750 26 85 111

BRIDGFORD FOODS — 1,000 1,000 — 9 9

BRIGGS + STRATTON 800 1,600 2,400 33 67 100

BRIGHT HORIZONS FAMILY SOLUT 260 600 860 17 39 56

BRIGHTPOINT — 1,600 1,600 — 31 31

BRILLIAN 25 237 262 — 1 1

BRINKER INTL 1,403 3,850 5,253 49 135 184

BRINKS CO 1,650 2,449 4,099 65 97 162

BRISTOL WEST HLDGS 350 1,700 2,050 7 34 41

BROADVISION — 4,288 4,288 — 12 12

BROADWING 564 2,490 3,054 5 23 28

BROCADE COMMUNICATIONS SYS 8,772 10,940 19,712 67 84 151

BROOKFIELD HOMES 800 1,200 2,000 27 41 68

BROOKLINE BANCORP 680 2,249 2,929 11 37 48

BROOKS AUTOMATION 1,410 1,764 3,174 24 30 54

BROOKSTONE 400 — 400 8 — 8

BROWN + BROWN 1,003 2,700 3,703 44 118 162

BROWN SHOE 280 1,100 1,380 8 33 41

BRUKER BIOSCIENCES 1,450 4,600 6,050 6 19 25

BTU INTL — 2,400 2,400 — 7 7

BUCA OC — 2,400 2,400 — 17 17

BUCKEYE PARTNERS L P LIMITED PARTNERSHIP 300 1,400 1,700 13 59 72

BUCKEYE TECHNOLOGIES 700 2,600 3,300 9 34 43

BUCKLE 250 1,000 1,250 7 30 37

BUILDING MATLS HLDG — 900 900 — 34 34

Page B-12

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

BUNGE LIMITED SHS 1,602 4,600 6,202 91 262 353

BURKE MLS — 3,800 3,800 — 5 5

BURLINGTON COAT FACTORY WHSE 760 2,100 2,860 17 48 65

BURNHAM PACIFIC PROP REIT 2,050 — 2,050 — — —

BWC FINL CDT — 1,127 1,127 — 25 25

CCOR NET CORPORATION 900 3,400 4,300 8 32 40

CDI 400 700 1,100 9 15 24

CH ROBINSON WORLDWIDE 1,200 3,500 4,700 67 194 261

C+D TECHNOLOGIES 300 1,000 1,300 5 17 22

CABELAS — 2,700 2,700 — 61 61

CABLEVISION NY GROUP CLASS A CL A 4,499 12,960 17,459 112 323 435

CABOT 650 2,900 3,550 25 112 137

CABOT MICROELECTRONICS 250 1,032 1,282 10 41 51

CABOT OIL + GAS 500 1,600 2,100 22 71 93

CACI INTL CL A 300 1,400 1,700 20 95 115

CADENCE DESIGN SYS 3,840 11,477 15,317 53 158 211

CADMUS COMMUNICATIONS RTS — 1,500 1,500 — 19 19

CAESARS ENTMT 4,290 13,200 17,490 86 266 352

CAL DIVE INTL 550 1,700 2,250 22 69 91

CALAMP — 2,500 2,500 — 22 22

CALGON CARBON STK — 3,500 3,500 — 32 32

CALIFORNIA FIRST NATL BANCORP — 500 500 — 6 6

CALIFORNIA MICRO DEVICES — 2,300 2,300 — 16 16

CALIFORNIA PIZZA KITCHEN 400 1,200 1,600 9 28 37

CALIFORNIA WATER SERVICE GRP — 1,200 1,200 — 45 45

CALIPER LIFE SCIENCES 250 — 250 2 — 2

CALLAWAY GOLF CO 1,550 3,800 5,350 21 51 72

CALLON PETE CO 1,050 1,600 2,650 15 23 38

CAMBREX 510 1,200 1,710 14 33 47

CAMCO FINL — 700 700 — 11 11

CAMDEN NATL — 900 900 — 35 35

CAMDEN PPTY TR 700 1,600 2,300 36 82 118

CANDELA — 3,200 3,200 — 36 36

CAPITAL AUTOMOTIVE REIT 350 1,500 1,850 12 53 65

CAPITAL CITY BANK GROUP 290 — 290 12 — 12

CAPITAL CORP OF THE WEST — 671 671 — 32 32

CAPITAL CROSSING BK — 1,000 1,000 — 31 31

CAPITAL PPTYS R I — 1,200 1,200 — 22 22

CAPITAL PPTYS R I CL B — 120 120 — — —

CAPITAL SR LIVING — 2,400 2,400 — 14 14

CAPITALSOURCE 1,712 4,900 6,612 44 126 170

CAPITOL FED FINL 719 3,200 3,919 26 115 141

Page B-13

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

CAPSTONE TURBINE 200 5,800 6,000 — 11 11

CAPTARIS — 2,600 2,600 — 13 13

CAPTIVA SOFTWARE — 500 500 — 5 5

CARAUSTAR INDS 550 1,300 1,850 9 22 31

CARBO CERAMICS 250 600 850 17 41 58

CAREER ED 1,491 4,400 5,891 60 176 236

CARLISLE COS 310 1,500 1,810 20 97 117

CARMAX 1,514 4,600 6,114 47 143 190

CARMIKE CINEMAS 200 — 200 7 — 7

CARPENTER TECHNOLOGY 400 1,000 1,400 23 58 81

CARRAMERICA RLTY 700 2,200 2,900 23 73 96

CARRIAGE SVCS CL A — 1,600 1,600 — 8 8

CARRIER ACCESS — 1,900 1,900 — 20 20

CARRIZO OIL + GAS — 2,300 2,300 — 26 26

CARTER’S 500 — 500 17 — 17

CASCADE 250 — 250 10 — 10

CASCADE BANCORP 400 — 400 8 — 8

CASCADE NAT GAS — 1,100 1,100 — 23 23

CASELLA WASTE SYS CL A 75 1,300 1,375 1 19 20

CASEYS GEN STORES 1,200 1,900 3,100 22 34 56

CASH AMER INTL 560 1,400 1,960 17 42 59

CASTLE ENERGY — 1,400 1,400 — 17 17

CATALINA MARKETING 1,150 2,250 3,400 34 67 101

CATALYST SEMICONDUCTOR — 1,600 1,600 — 9 9

CATAPULT COMMUNICATIONS — 800 800 — 19 19

CATELLUS DEV 1,447 4,203 5,650 44 129 173

CATHAY GENERAL BANCORP 682 2,474 3,156 26 93 119

CATO CL A — 1,500 1,500 — 43 43

CB RICHARD ELLIS GROUP CL A 1,650 3,100 4,750 55 104 159

CBL + ASSOC PPTYS 330 1,500 1,830 25 115 140

CBRL GROUP 500 2,400 2,900 21 100 121

CCC INFORMATION SVCS GROUP — 1,307 1,307 — 29 29

CDW 1,090 3,600 4,690 72 239 311

CEC ENTMT 375 1,650 2,025 15 66 81

CEDAR FAIR L P LIMITED PARTNERSHIP 1,450 2,000 3,450 48 66 114

CELERITEK — 1,100 1,100 — 2 2

CELGENE 2,240 7,000 9,240 59 186 245

CELL GENESYS 700 2,800 3,500 6 23 29

CELL THERAPEUTICS CDT 1,000 3,400 4,400 8 28 36

CELLEGY PHARMACEUTICALS — 2,400 2,400 — 7 7

CENTENE 800 — 800 23 — 23

CENTENNIAL COMMUNICATIONS CL A 1,790 6,500 8,290 14 52 66

Page B-14

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

CENTER BANCORP — 970 970 — 13 13

CENTERPOINT PPTYS TR 1,120 2,000 3,120 54 96 150

CENTILLIUM COMMUNICATIONS — 4,400 4,400 — 11 11

CENTRAL EURO DISTRIBUTION 300 — 300 9 — 9

CENTRAL GARDEN + PET CO 350 900 1,250 15 38 53

CENTRAL PAC FINL — 1,273 1,273 — 46 46

CENTRAL PKG 660 1,400 2,060 10 21 31

CENTRAL VT PUBLIC SERVICE — 1,100 1,100 — 26 26

CENTURY ALUM CO 430 2,200 2,630 11 58 69

CENTURY BANCORP MASS CL A — 600 600 — 18 18

CENTURY BUSINESS SERVICES 1,650 — 1,650 7 — 7

CENVEO 2,200 3,500 5,700 7 11 18

CEPHALON 610 2,300 2,910 31 117 148

CEPHEID 800 2,900 3,700 8 29 37

CERADYNE 200 — 200 11 — 11

CERES GROUP 2,000 — 2,000 10 — 10

CERIDIAN 1,650 6,500 8,150 30 119 149

CERNER 430 1,600 2,030 23 85 108

CERTEGY 900 3,100 4,000 32 110 142

CERUS — 1,970 1,970 — 6 6

CEVA — 1,600 1,600 — 15 15

CFC INTL — 1,600 1,600 — 25 25

CH ENERGY GROUP 150 800 950 7 38 45

CHALONE WINE GROUP LTD — 1,500 1,500 — 21 21

CHAMPION ENTERPRISES 1,709 4,800 6,509 20 57 77

CHANNELL L — 1,700 1,700 — 14 14

CHARLES + COLVARD LTD — 700 700 — 7 7

CHARLES RIV LABORATORIES INTL 650 2,716 3,366 30 125 155

CHARLES RIVER ASSOCIATES 150 — 150 7 — 7

CHARLOTTE RUSSE HLDG 400 1,200 1,600 4 12 16

CHARMING SHOPPES 2,320 5,200 7,520 22 49 71

CHARTER COMMUNICATIONS CL A 2,810 13,400 16,210 6 30 36

CHARTER FINL WEST PT GA 360 800 1,160 16 35 51

CHARTERMAC SH BEN INT 500 1,700 2,200 12 42 54

CHASE — 1,000 1,000 — 16 16

CHATTEM 500 1,300 1,800 17 43 60

CHECKFREE 1,012 3,800 4,812 39 145 184

CHECKPOINT SYSTEMS 660 — 660 12 — 12

CHEESECAKE FACTORY 1,695 3,075 4,770 55 100 155

CHEMED 300 400 700 20 27 47

CHEMICAL FINL 900 873 1,773 39 37 76

CHEROKEE — 900 900 — 32 32

Page B-15

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

CHESAPEAKE 460 600 1,060 12 16 28

CHESAPEAKE ENERGY 4,748 9,800 14,548 78 162 240

CHESAPEAKE UTILS — 800 800 — 21 21

CHICAGO MERCHANTILE EXCHANGE 450 1,450 1,900 103 332 435

CHICOS FAS 1,250 3,700 4,950 57 168 225

CHILDRENS PL RETAIL STORES 350 1,100 1,450 13 41 54

CHIQUITA BRANDS INTL 550 1,700 2,250 12 38 50

CHITTENDEN 512 2,112 2,624 15 61 76

CHOICE HOTELS 500 1,500 2,000 29 87 116

CHOICEPOINT 1,233 3,524 4,757 57 162 219

CHORDIANT SOFTWARE — 6,020 6,020 — 14 14

CHRISTOPHER + BANKS 380 1,812 2,192 7 33 40

CHURCH + DWIGHT 675 2,550 3,225 23 86 109

CHURCHILL DOWNS 200 500 700 9 22 31

CIBER 1,140 2,900 4,040 11 28 39

CIMAREX ENERGY CO 1,446 2,040 3,486 55 77 132

CINCINNATI BELL 8,900 9,448 18,348 37 39 76

CIPHERGEN BIOSYSTEMS — 3,000 3,000 — 13 13

CIRRUS LOGIC 1,640 4,800 6,440 9 26 35

CITADEL BROADCASTING 2,750 5,500 8,250 44 89 133

CITIZENS AMER CL A — 4,050 4,050 — 26 26

CITIZENS BKG MICH 610 2,000 2,610 21 69 90

CITIZENS FIRST BANCORP 703 — 703 17 — 17

CITY BANK LYNNWOOD, WA 250 — 250 9 — 9

CITY HLDG CO 350 500 850 13 18 31

CITY NATL 550 2,200 2,750 39 155 194

CKE RESTAURANTS 700 2,450 3,150 10 36 46

CLAIRE S STORES 1,050 3,500 4,550 22 74 96

CLARCOR 370 900 1,270 20 49 69

CLARK 550 1,300 1,850 9 20 29

CLECO 500 1,900 2,400 10 38 48

CLEVELAND CLIFFS 200 600 800 21 62 83

CLIFTON SAVINGS BANCORP 600 — 600 7 — 7

CLOSURE MED 300 1,100 1,400 6 21 27

CMG INFORMATION SVCS 12,250 17,668 29,918 31 45 76

CNA FINL 3,380 9,900 13,280 90 264 354

CNA SURETY 700 2,400 3,100 9 32 41

CNET NETWORKS 4,720 7,471 12,191 53 84 137

CNF 800 2,300 3,100 40 115 155

COACHMEN INDS — 1,300 1,300 — 23 23

COASTAL FINL 72 — 72 1 — 1

COBIZ 787 1,650 2,437 16 33 49

Page B-16

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

COCA COLA BOTTLING CO CONS 150 500 650 9 29 38

CODORUS VY BANCORP — 420 420 — 8 8

COEUR D ALENE MINES IDAHO 2,800 8,600 11,400 11 34 45

COGENT 1,136 3,500 4,636 37 116 153

COGNEX 850 2,100 2,950 24 59 83

COGNIZANT TECHNOLOGY SOLUTIONS CL A 1,936 5,600 7,536 82 237 319

COHERENT 700 1,150 1,850 21 35 56

COHU 400 1,800 2,200 7 33 40

COINSTAR 450 — 450 12 — 12

COLDWATER CREEK 450 1,712 2,162 14 53 67

COLE KENNETH PRODTNS CL A 250 1,400 1,650 8 43 51

COLLINS + AIKMAN 2,800 4,300 7,100 12 19 31

COLONIAL BANCGROUP 1,945 5,600 7,545 41 119 160

COLONIAL PPTYS TR SH BEN INT 290 1,000 1,290 11 39 50

COLUMBIA BKG SYS 350 — 350 9 — 9

COLUMBIA LABS STK — 3,400 3,400 — 9 9

COLUMBIA SPORTSWEAR CO 731 1,650 2,381 44 98 142

COLUMBUS MCKINNON NY — 1,200 1,200 — 10 10

COMMERCE BANCORP N J 1,100 3,250 4,350 71 209 280

COMMERCE BANCSHARES 976 3,111 4,087 49 156 205

COMMERCE GROUP MASS 350 1,100 1,450 21 67 88

COMMERCE ONE 75 — 75 — — —

COMMERCIAL CAP BANCORP 1,180 2,300 3,480 27 53 80

COMMERCIAL FED 450 2,000 2,450 13 59 72

COMMERCIAL METALS CO 400 1,100 1,500 20 56 76

COMMERCIAL NET LEASE RLTY 930 2,200 3,130 19 45 64

COMMONWEALTH TEL ENTERPRISES 500 1,100 1,600 25 55 80

COMMSCOPE 700 2,500 3,200 13 47 60

COMMUNITY BANK SYSTEM 620 — 620 18 — 18

COMMUNITY BK SHS IND — 1,210 1,210 — 26 26

COMMUNITY BKS MILLERSBURG — 1,044 1,044 — 29 29

COMMUNITY HEALTH SYS 922 4,400 5,322 26 123 149

COMMUNITY TRUST BANKCORP 275 — 275 9 — 9

COMPREHENSIVE CARE — 3,500 3,500 — 4 4

COMPUCREDIT 500 2,400 2,900 14 66 80

COMPUTER HORIZONS — 3,300 3,300 — 13 13

COMPUTER NETWORK TECHNOLOGY — 1,900 1,900 — 13 13

COMPUTER PROGRAMS + SYS — 500 500 — 12 12

COMSTOCK RES 640 1,400 2,040 14 31 45

COMTECH TELECOMCOMMUNICATIONS 382 925 1,307 14 35 49

CONCEPTUS — 2,500 2,500 — 20 20

CONCORD COMMUNICATIONS — 1,400 1,400 — 16 16

Page B-17

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

CONCURRENT PUTER — 1,600 1,600 — 5 5

CONEXANT SYS 4,266 19,381 23,647 8 39 47

CONMED 400 1,450 1,850 11 41 52

CONNECTICUT WTR SVC — 850 850 — 23 23

CONNETICS 550 1,700 2,250 13 41 54

CONSECO 1,600 6,100 7,700 32 122 154

CONSOL ENERGY 1,308 4,200 5,508 54 172 226

CONSOLIDATED GRAPHICS 200 800 1,000 9 37 46

CONSTELLATION BRANDS CL A 1,490 4,600 6,090 69 214 283

CONTINENTAL AIRLS CL B 840 3,000 3,840 11 41 52

COOPER CAMERON 770 2,300 3,070 41 124 165

COOPER COS 500 1,600 2,100 35 113 148

COOPERATIVE BANKSHARES — 1,100 1,100 — 30 30

COPART 1,550 3,850 5,400 41 101 142

COPPER MTN NETWORKS — 400 400 — 1 1

CORILLIAN — 3,000 3,000 — 15 15

CORINTHIAN COLLEGES 800 3,800 4,600 15 72 87

CORIXA — 4,501 4,501 — 16 16

CORN PRODUCTS INTL 650 1,500 2,150 35 80 115

CORNELL COMPANIES — 400 400 — 6 6

CORNERSTONE RLTY 850 3,300 4,150 8 33 41

CORPORATE EXECUTIVE BRD CO 600 1,700 2,300 40 114 154

CORPORATE OFFICE PPTYS TR 500 1,900 2,400 15 56 71

CORRECTIONAL PROP (REIT) 561 — 561 16 — 16

CORRECTIONS AMER 400 1,767 2,167 16 71 87

CORUS BANKSHARES 500 1,600 2,100 24 77 101

CORVEL 350 700 1,050 9 19 28

COST PLUS CALIF 400 800 1,200 13 26 39

COSTAR GROUP 340 900 1,240 16 42 58

COTTON STS LIFE INS CO — 2,100 2,100 — 42 42

COURIER 200 — 200 10 — 10

COUSINS PPTYS 610 2,450 3,060 18 74 92

COVAD COMMUNICATIONS GROUP 1,900 13,362 15,262 4 29 33

COVANCE 912 2,800 3,712 35 109 144

COVENTRY HEALTH CARE 1,304 3,750 5,054 69 199 268

COX RADIO CL A 650 1,400 2,050 11 23 34

CRANE CO 941 2,500 3,441 27 72 99

CRAWFORD & CO CLASS B 750 — 750 6 — 6

CRAY 1,910 4,400 6,310 9 21 30

CREDENCE SYSTEMS 2,200 3,100 5,300 20 28 48

CREDIT ACCEPTANCE 830 — 830 21 — 21

CREE 930 3,200 4,130 37 128 165

Page B-18

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

CRESCENT REAL ESTATE EQUITIES 1,400 4,200 5,600 26 77 103

CROMPTON 2,900 4,124 7,024 34 49 83

CROSS A T CO CL A — 2,800 2,800 — 14 14

CROSS CTRY HEALTHCARE 380 1,100 1,480 7 20 27

CROSS TIMBERS RLTY TR 5 953 958 — 38 38

CROWN CASTLE INTL 3,281 9,200 12,481 55 153 208

CROWN HLDGS 2,650 8,200 10,850 36 113 149

CROWN MEDIA HLDGS CL A 1,870 2,700 4,570 16 23 39

CRT PPTYS 530 1,600 2,130 13 38 51

CRYOLIFE 50 2,800 2,850 — 20 20

CSG SYS INTL 900 2,600 3,500 17 49 66

CSK AUTO 900 2,100 3,000 15 35 50

CSS INDUSTRIES 200 — 200 6 — 6

CT COMMUNICATIONS — 1,900 1,900 — 23 23

CTI MOLECULAR IMAGING 650 2,900 3,550 9 41 50

CTS 650 1,800 2,450 9 24 33

CUBIC 400 1,300 1,700 10 33 43

CUBIST PHARMACEUTICALS 700 2,300 3,000 8 27 35

CUISINE SOLUTIONS — 4,500 4,500 — 16 16

CULLEN FROST BANKERS 850 2,200 3,050 41 107 148

CULP — 1,600 1,600 — 11 11

CUMULUS MEDIA CL A 600 2,005 2,605 9 30 39

CUNO 290 700 990 17 42 59

CURAGEN 100 3,100 3,200 1 22 23

CURTISS WRIGHT 300 1,000 1,300 17 57 74

CUTTER + BUCK — 1,500 1,500 — 22 22

CV THERAPEUTICS 500 1,900 2,400 12 44 56

CVB FINL 715 2,196 2,911 19 58 77

CYBERONICS 400 1,300 1,700 8 27 35

CYBEROPTICS — 1,150 1,150 — 17 17

CYMER 700 1,400 2,100 21 41 62

CYOTGEN 175 — 175 2 — 2

CYPRESS SEMICONDUCTOR 3,850 5,700 9,550 45 67 112

CYTEC INDS 360 1,600 1,960 19 82 101

CYTYC 1,587 5,000 6,587 44 138 182

D + E COMMUNICATIONS — 2,009 2,009 — 24 24

D + K HEALTHCARE RES — 1,200 1,200 — 10 10

D R HORTON 3,072 10,013 13,085 124 404 528

DADE BEHRING HLDGS 400 1,700 2,100 22 95 117

DAILY JOURNAL — 600 600 — 22 22

DAKTRONICS 300 1,300 1,600 7 32 39

DANIELSON HLDG — 3,300 3,300 — 28 28

Page B-19

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

DATALINK — 1,600 1,600 — 5 5

DATARAM — 1,150 1,150 — 7 7

DATASCOPE 380 900 1,280 15 36 51

DATASTREAM SYS — 1,500 1,500 — 10 10

DAVE + BUSTERS — 1,200 1,200 — 24 24

DAVITA 1,375 4,700 6,075 54 186 240

DAWSON GEOPHYSICAL CO — 200 200 — 4 4

DEAN FOODS CO 2,060 6,758 8,818 68 223 291

DEB SHOPS 350 — 350 9 — 9

DECKERS OUTDOOR 300 — 300 14 — 14

DEEP WELL OIL & GAS 762 — 762 1 — 1

DEL LABS 57 551 608 2 19 21

DEL MONTE FOODS CO 1,850 8,600 10,450 20 95 115

DELPHI FINL GROUP 1,080 1,406 2,486 50 65 115

DELTA + PINE LD CO 800 1,700 2,500 22 46 68

DELTA FINL — 3,100 3,100 — 32 32

DELTIC TIMBER 200 700 900 8 30 38

DELUXE 728 2,100 2,828 27 78 105

DENBURY RES 1,000 2,000 3,000 27 55 82

DENDREON 1,060 — 1,060 11 — 11

DENDRITE INTL 790 2,000 2,790 15 39 54

DENTSPLY INTL 1,100 3,500 4,600 62 197 259

DEPARTMENT 56 1,045 1,400 2,445 17 23 40

DEVCON INTL — 2,100 2,100 — 32 32

DEVELOPERS DIVERSIFIED RLTY 1,489 4,338 5,827 66 192 258

DEVRY 1,700 3,200 4,900 30 56 86

DEX MEDIA 2,100 6,200 8,300 52 155 207

DIAGNOSTIC PRODS STK 250 1,000 1,250 14 55 69

DIAMOND OFFSHORE DRILLING 1,800 5,600 7,400 72 224 296

DIAMONDCLUSTER INTL — 3,650 3,650 — 52 52

DIAMONDHEAD CASINO — 10,500 10,500 — 6 6

DICKS SPORTING GOODS OC 400 1,400 1,800 14 49 63

DIEBOLD 990 2,800 3,790 55 156 211

DIGENE 300 1,200 1,500 8 31 39

DIGI INTL — 1,660 1,660 — 29 29

DIGIMARC — 1,100 1,100 — 10 10

DIGITAL GENERATION SYS — 5,200 5,200 — 7 7

DIGITAL INSIGHT 400 1,431 1,831 7 26 33

DIGITAL LIGHTWAVE — 3,250 3,250 — 4 4

DIGITAL RIV 350 1,300 1,650 15 54 69

DIGITAL THEATER SYS OC 300 1,800 2,100 6 36 42

DIGITAL VIDEO SYS — 5,500 5,500 — 4 4

Page B-20

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

DIGITAS 850 5,292 6,142 8 51 59

DIME CMNTY BANCORP — 2,100 2,100 — 38 38

DIMON — 1,900 1,900 — 13 13

DIONEX 600 900 1,500 34 51 85

DIRECTV GROUP 20,157 58,979 79,136 337 987 1,324

DISCOVERY LABS 1,020 — 1,020 8 — 8

DISCOVERY PARTNERS INTL — 2,300 2,300 — 11 11

DITECH COMMUNICATIONS 450 2,400 2,850 7 36 43

DIVERSA 750 3,450 4,200 7 30 37

DJ ORTHOPEDICS 490 1,600 2,090 10 34 44

DOBSON COMMUNICATIONS CL A 3,000 9,600 12,600 5 17 22

DOLLAR THRIFTY AUTOMOTIVE GRP 440 600 1,040 13 18 31

DOLLAR TREE STORES 1,250 5,225 6,475 36 150 186

DOMINOS PIZZA — 2,900 2,900 — 52 52

DONALDSON CO 800 3,600 4,400 26 117 143

DORAL FINL 1,520 4,600 6,120 75 227 302

DORCHESTER MINERALS LP 400 — 400 10 — 10

DOUBLECLICK 1,310 6,192 7,502 10 48 58

DOVER DOWNS GAMING + ENTMT 490 388 878 6 5 11

DOVER MOTORSPORTS 700 3,100 3,800 4 18 22

DOWNEY FINL 350 1,200 1,550 20 68 88

DPL 1,842 5,900 7,742 46 148 194

DREAMWORKS ANIMATION SKG CL A 1,531 4,600 6,131 57 173 230

DRESS BARN 400 2,000 2,400 7 35 42

DREW INDS 200 1,200 1,400 7 43 50

DRIL QUIP — 1,400 1,400 — 34 34

DRS TECHNOLOGIES 550 701 1,251 23 30 53

DRUGSTORE 1,750 5,500 7,250 6 19 25

DSP GROUP 490 1,500 1,990 11 33 44

DST SYS 1,223 3,540 4,763 64 185 249

DUCO — 2,200 2,200 — 21 21

DUCOMMUN — 700 700 — 15 15

DUKE RLTY 2,071 6,190 8,261 71 211 282

DUN + BRADSTREET 1,000 3,200 4,200 60 191 251

DUPONT PHOTOMASKS 450 1,100 1,550 12 29 41

DUQUESNE LT HLDGS 1,500 3,000 4,500 28 57 85

DURA AUTOMOTIVE SYS — 1,300 1,300 — 14 14

DURATEK — 1,600 1,600 — 40 40

DYAX 550 1,700 2,250 4 12 16

DYCOM INDS 500 2,233 2,733 15 68 83

E VENTURES — 2,500 2,500 — 30 30

E PIPHANY 1,100 5,640 6,740 5 27 32

Page B-21

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

EAGLE HOSPITALITY PPTYS TR — 2,000 2,000 — 21 21

EAGLE MATLS 500 800 1,300 43 69 112

EARTHLINK 4,020 7,720 11,740 46 89 135

EAST WEST BANCORP 700 2,200 2,900 29 92 121

EASTGROUP PPTYS 350 1,000 1,350 13 38 51

EATON VANCE 983 3,100 4,083 51 162 213

EBIX — 800 800 — 12 12

ECHELON OC 400 2,800 3,200 3 24 27

ECHOSTAR COMMUNICATIONS NCL A 3,120 9,600 12,720 104 319 423

ECLIPSYS 600 1,800 2,400 12 37 49

ECOLOGY + ENVIRONMENT CL A — 1,900 1,900 — 15 15

EDAC TECHNOLOGIES — 4,500 4,500 — 8 8

EDEN BIOSCIENCE . 50 — 50 — — —

EDGE PETE — 2,000 2,000 — 29 29

EDGEWATER TECHNOLOGY — 3,967 3,967 — 19 19

EDO 510 1,200 1,710 16 38 54

EDUCATION MGMT 1,062 3,100 4,162 35 102 137

EDUCATIONAL DEV — 300 300 — 3 3

EDWARDS A G 880 3,400 4,280 38 147 185

EDWARDS LIFESCIENCES 1,350 2,800 4,150 56 116 172

EFUNDS 650 1,800 2,450 16 43 59

EGL 1,330 2,200 3,530 40 66 106

EL PASO ELEC CO 900 2,200 3,100 17 42 59

ELECTRO RENT — 1,700 1,700 — 24 24

ELECTRO SCIENTIFIC INDS 600 1,300 1,900 12 26 38

ELECTROGLAS — 2,400 2,400 — 11 11

ELECTRONIC CLEARING HOUSE — 1,200 1,200 — 11 11

ELECTRONICS BOUTIQUE HLDGS 460 900 1,360 20 39 59

ELETRONICS FOR IMAGING 1,100 2,300 3,400 19 40 59

ELIZABETH ARDEN 350 1,600 1,950 8 38 46

ELKCORP 280 1,000 1,280 10 34 44

EMAK WORLDWIDE — 800 800 — 8 8

EMBARCADERO TECH — 2,600 2,600 — 24 24

EMC INS GROUP 803 — 803 17 — 17

EMCOR GROUP 440 800 1,240 20 36 56

EMCORE — 3,200 3,200 — 11 11

EMERSON RADIO — 2,700 2,700 — 10 10

EMISPHERE TECHNOLOGIES — 1,900 1,900 — 8 8

EMMIS COMMUNICATIONS CL A 760 2,600 3,360 15 50 65

EMPIRE DIST ELEC CO 360 1,600 1,960 8 36 44

EMPIRE RESORTS 550 — 550 6 — 6

EMS TECHNOLOGIES — 400 400 — 7 7

Page B-22

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

EMULEX 2,220 3,420 5,640 37 58 95

ENBRIDGE ENERGY MGMT 156 — 156 8 — 8

ENCOMPASS SERVICES 1,000 — 1,000 — — —

ENCORE AQUISITION CO 850 1,100 1,950 30 38 68

ENCORE CAP GROUP 500 2,100 2,600 12 50 62

ENCORE WIRE 375 2,200 2,575 5 29 34

ENCYSIVE PHARMACEUTICALS — 4,000 4,000 — 40 40

ENDO PHARMACEUTICALS HLDGS 1,919 5,700 7,619 40 120 160

ENDWAVE — 600 600 — 10 10

ENERGEN 410 1,300 1,710 24 77 101

ENERGIZER HLDGS 1,150 3,400 4,550 57 169 226

ENERGY CONVERSION DEVICES — 1,800 1,800 — 35 35

ENERGY EAST 2,050 6,100 8,150 55 163 218

ENERGY PARTNERS LTD OC 550 1,800 2,350 11 36 47

ENERGYSOUTH — 850 850 — 24 24

ENESCO GROUP — 1,800 1,800 — 15 15

ENGINEERED SUPPORT SYS 255 1,075 1,330 15 64 79

ENGLOBAL — 2,000 2,000 — 6 6

ENNIS 1,057 1,400 2,457 20 27 47

ENPRO INDS 350 1,800 2,150 10 53 63

ENSCO INTL 2,090 5,900 7,990 66 187 253

ENTEGRIS 1,290 3,300 4,590 13 33 46

ENTERASYS NETWORKS 5,920 11,500 17,420 11 21 32

ENTERCOM COMMUNICATIONS 450 2,300 2,750 16 83 99

ENTERPRISE PRODS PARTNERS L P UNIT 5,266 15,300 20,566 136 396 532

ENTERTAINMENT PPTYS TR SH BEN INT 380 1,300 1,680 17 58 75

ENTRAVISION 1,000 3,844 4,844 8 32 40

ENTREMED — 1,600 1,600 — 5 5

ENTRUST — 2,500 2,500 — 9 9

ENVIROMENTAL TECTONICS — 400 400 — 2 2

ENZO BIOCHEM 766 2,119 2,885 15 41 56

ENZON PHARMACEUTICALS 1,290 2,070 3,360 18 28 46

EON LABS 1,292 4,000 5,292 35 108 143

EPICOR SOFTWARE 600 4,000 4,600 8 56 64

EPIQ SYS — 1,000 1,000 — 15 15

EPIX PHARMACEUTICALS 300 1,500 1,800 5 27 32

EPLUS — 300 300 — 4 4

EQUINIX 360 — 360 15 — 15

EQUITABLE RES 880 2,600 3,480 53 158 211

EQUITY INNS 850 3,500 4,350 10 41 51

EQUITY LIFESTYLE PPTYS 370 1,100 1,470 13 39 52

EQUITY ONE 2,440 3,500 5,940 58 83 141

Page B-23

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

ERESEARCHTECHNOLOGY 630 2,250 2,880 10 36 46

ERIE INDTY CO CL A 900 2,700 3,600 47 142 189

ESCO TECHNOLOGIES 220 700 920 17 54 71

ESPEED CL A 600 2,200 2,800 7 27 34

ESS TECHNOLOGY 650 2,300 2,950 5 16 21

ESSEX PROPERTY TRUST 650 1,100 1,750 54 92 146

ESTERLINE TECHNOLOGIES 290 900 1,190 9 29 38

ETHAN ALLEN INTERIORS 700 1,500 2,200 28 60 88

EURONET WORLDWIDE 350 — 350 9 — 9

EVANS + SUTHERLAND PUTER — 600 600 — 4 4

EVCI CAREER COLLEGES — 1,600 1,600 — 15 15

EVOLVING SYS — 1,300 1,300 — 6 6

EXABYTE — 3,900 3,900 — 2 2

EXACT SCIENCES — 4,000 4,000 — 15 15

EXACTECH — 900 900 — 16 16

EXAR 1,550 1,800 3,350 22 26 48

EXCEL TECHNOLOGY — 900 900 — 23 23

EXELIXIS 1,490 2,600 4,090 14 25 39

EXODUS M 550 — 550 — — —

EXPEDITORS INTL WA 1,400 4,400 5,800 78 246 324

EXPRESSJET HOLDINGS 960 3,000 3,960 12 39 51

EXTREME NETWORKS 3,800 5,950 9,750 25 39 64

EXX CL A — 1,400 1,400 — 2 2

EYETECH PHARMACEUTICALS 606 2,000 2,606 28 91 119

F N B N C — 700 700 — 14 14

F N B PA 1,441 1,836 3,277 29 37 66

F5 NETWORKS 350 1,700 2,050 17 83 100

FACTSET RESH SYS 1,100 1,300 2,400 64 76 140

FAIR ISAAC CORPORATION 1,480 3,005 4,485 54 110 164

FAIRCHILD SEMICONDUCTOR INTL CL A 3,400 5,310 8,710 55 86 141

FAMOUS DAVES AMER — 3,000 3,000 — 38 38

FARMER BROS CO 500 1,200 1,700 12 29 41

FARMERS CAP BK — 700 700 — 29 29

FASTENAL CO 1,050 3,100 4,150 65 191 256

FBL FINL GROUP CL A 510 1,532 2,042 15 44 59

FEDERAL AGRIC MTG CL A 400 700 1,100 7 12 19

FEDERAL RLTY INVT TR SH BEN INT 500 2,300 2,800 26 119 145

FEDERAL SIGNAL 800 2,200 3,000 14 39 53

FEI CO 850 1,400 2,250 18 29 47

FELCOR LODGING TR 1,100 2,400 3,500 16 35 51

FERRO 660 1,800 2,460 15 42 57

FIBERMARK — 1,800 1,800 — — —

Page B-24

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

FIDELITY BANKSHARES 330 — 330 14 — 14

FIDELITY NATL FINL 2,261 7,250 9,511 103 331 434

FILENET 450 1,700 2,150 12 44 56

FINANCIAL FED 410 700 1,110 16 27 43

FINANCIAL INDS — 800 800 — 6 6

FIND SVP — 3,000 3,000 — 5 5

FINDWHAT.COM 350 — 350 6 — 6

FINISAR 7,280 11,900 19,180 17 27 44

FINISH LINE CL A 840 1,900 2,740 15 35 50

FINLAY ENTERPRISES — 700 700 — 14 14

FIRST AMERICAN 1,810 3,600 5,410 64 127 191

FIRST BANCORP NC 375 — 375 10 — 10

FIRST BANCORP P R 700 2,000 2,700 44 127 171

FIRST BUSE CL A 375 1,500 1,875 8 31 39

FIRST CASH FINANCIAL SERVICES 350 1,800 2,150 9 48 57

FIRST CHARTER 600 1,400 2,000 16 37 53

FIRST CMNTY BANCORP CALIF 350 600 950 15 26 41

FIRST CONSULTING GROUP — 2,700 2,700 — 16 16

FIRST CTZNS BANCSHARES N C 100 400 500 15 59 74

FIRST FED BANCORP OHIO — 1,300 1,300 — 17 17

FIRST FED BANCSHARES ARK — 1,500 1,500 — 33 33

FIRST FIN CORP/INDIANA 250 — 250 9 — 9

FIRST FINANCIAL HLDG 250 — 250 8 — 8

FIRST FINL BANCORP 1,070 2,402 3,472 19 42 61

FIRST FINL BANKSHARES 360 712 1,072 16 32 48

FIRST HEALTH GROUP 2,190 3,800 5,990 41 71 112

FIRST HORIZON PHARMACEUTICAL 810 1,800 2,610 19 41 60

FIRST IND — 808 808 — 18 18

FIRST INDL RLTY TR 1,200 1,900 3,100 49 77 126

FIRST LONG IS 300 450 750 15 23 38

FIRST M+F — 500 500 — 17 17

FIRST MARBLEHEAD 750 2,700 3,450 42 152 194

FIRST MERCHANTS 300 1,283 1,583 8 36 44

FIRST MIDWEST BANCORP 1,337 2,056 3,393 49 75 124

FIRST NATL BANKSHARES FL 1,072 1,891 2,963 26 45 71

FIRST NIAGARA FINL GROUP 1,130 3,871 5,001 16 54 70

FIRST OAK BROOK BANCSHRS 250 — 250 8 — 8

FIRST PL FINL — 1,749 1,749 — 39 39

FIRST REP BK SAN FRANCISCO CA 320 850 1,170 17 45 62

FIRST UNITED — 800 800 — 17 17

FIRST WLTH FINL CORP PA 1,000 3,200 4,200 15 49 64

FIRSTFED FINL 320 800 1,120 17 41 58

Page B-25

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

FIRSTMERIT 1,235 3,900 5,135 35 111 146

FISHER COMMUNICATIONS 250 500 750 12 24 36

FIVE STAR QUALITY CARE — 2,300 2,300 — 19 19

FLAGSTAR BANCORP 1,250 2,750 4,000 28 62 90

FLEETWOOD ENTERPRISES 1,003 2,500 3,503 14 34 48

FLEXSTEEL INDS — 900 900 — 16 16

FLIR SYS 650 1,400 2,050 41 89 130

FLORIDA EAST COAST IND 350 1,400 1,750 16 63 79

FLORIDA PUB UTILS CO — 1,033 1,033 — 20 20

FLORIDA ROCK INDS 450 1,825 2,275 27 109 136

FLOWERS CL A 1,868 3,700 5,568 16 31 47

FLOWERS FOODS 1,150 1,710 2,860 36 54 90

FLOWSERVE 960 2,500 3,460 26 69 95

FLUSHING FINL 450 1,575 2,025 9 32 41

FLYI — 4,100 4,100 — 7 7

FMC 400 1,500 1,900 19 72 91

FMC TECHNOLOGIES 950 2,800 3,750 31 90 121

FOAMEX INTL — 1,700 1,700 — 6 6

FOOD TECHNOLOGY SVC — 3,700 3,700 — 5 5

FOOT LOCKER 2,117 6,400 8,517 57 172 229

FOREST CITY ENTERPRISES 535 2,200 2,735 31 127 158

FOREST OIL 1,600 2,500 4,100 51 79 130

FORMFACTOR 400 — 400 11 — 11

FORRESTER RESH 400 1,900 2,300 7 34 41

FORWARD AIR 390 1,200 1,590 17 54 71

FORWARD INDS NY — 2,300 2,300 — 10 10

FOSSIL 1,050 3,087 4,137 27 79 106

FOUNDRY NETWORKS 3,860 5,550 9,410 51 73 124

FOX ENTMT GROUP CL A 6,216 18,100 24,316 194 566 760

FPIC INS GROUP — 900 900 — 32 32

FRANKLIN BANK CORP/HOUSTO 450 — 450 8 — 8

FRANKLIN COVEY CO — 2,900 2,900 — 7 7

FRANKLIN ELEC 400 800 1,200 17 34 51

FREDS CL A 490 1,525 2,015 9 27 36

FREESCALE SEMICONDUCTOR CL A — 4,400 4,400 — 78 78

FREMONT GEN 1,600 3,500 5,100 40 88 128

FRESH BRANDS — 800 800 — 6 6

FRESH DEL MONTE PRODUCE 1,800 2,500 4,300 53 74 127

FRIEDMAN BILLINGS RAMSEY GROUP CL A 2,078 6,125 8,203 40 119 159

FRISCHS RESTAURANTS — 800 800 — 19 19

FRONTIER AIRLS 750 2,450 3,200 9 28 37

FRONTIER FINL WA CDT 400 1,200 1,600 15 46 61

Page B-26

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

FRONTIER OIL 400 1,600 2,000 11 43 54

FSI INTL — 2,200 2,200 — 10 10

FTI CONSULTING 1,045 1,450 2,495 22 31 53

FUELCELL ENERGY 650 3,000 3,650 6 30 36

FULLER H B CO 400 1,120 1,520 11 32 43

FULTON FINL PA 2,029 5,468 7,497 47 127 174

FURNITURE BRANDS INTL 630 2,300 2,930 16 58 74

G + K SERVICES CL A 1,570 800 2,370 68 35 103

GABELLI ASSET MGMT CL A 150 1,300 1,450 7 63 70

GABLES RESIDENTIAL TR SH BEN INT 750 1,300 2,050 27 47 74

GALLAGHER ARTHUR J + CO 1,260 4,100 5,360 41 133 174

GAMESTOP 450 — 450 10 — 10

GAMESTOP CL B — 1,274 1,274 — 29 29

GAMING PARTNERS INTL — 600 600 — 12 12

GANDER MOUNTAIN CO 300 — 300 4 — 4

GARDNER DENVER MACHINERY 300 — 300 11 — 11

GARTNER GROUP CL B — 4,700 4,700 — 58 58

GARTNER GROUP CLASS A 2,650 — 2,650 33 — 33

GATX 1,700 1,600 3,300 50 47 97

GAYLORD ENTMT CO 400 1,700 2,100 17 71 88

GEMSTAR TV GUIDE INTL 6,165 19,800 25,965 36 117 153

GEN PROBE 1,320 2,200 3,520 60 99 159

GENAERA — 5,200 5,200 — 18 18

GENCORP 1,110 2,800 3,910 21 52 73

GENE LOGIC — 3,160 3,160 — 12 12

GENENCOR INTL 710 2,600 3,310 12 43 55

GENENTECH 15,282 44,540 59,822 832 2,425 3,257

GENERAL BINDING — 1,300 1,300 — 17 17

GENERAL COMMUNICATION CL A 2,270 2,300 4,570 25 25 50

GENERAL GROWTH PPTYS 2,900 8,400 11,300 105 304 409

GENERAL MARITIME SHS 590 1,700 2,290 24 68 92

GENERALE CABLE 600 3,500 4,100 8 48 56

GENESCO 300 1,400 1,700 9 44 53

GENESEE + WYO CL A — 1,512 1,512 — 43 43

GENESIS HEALTHCARE 720 750 1,470 25 26 51

GENESIS MICROCHIP 500 1,500 2,000 8 24 32

GENLYTE GROUP 200 600 800 17 51 68

GENTA 770 — 770 1 — 1

GENTEX 1,080 3,000 4,080 40 111 151

GENTIVA HEALTH SVCS 400 1,650 2,050 7 28 35

GENWORTH FINL CL A 7,127 20,900 28,027 192 564 756

GENZYME GEN DIV 257 936 1,193 15 54 69

Page B-27

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

GEO GROUP — 1,100 1,100 — 29 29

GEORESOURCES — 3,100 3,100 — 9 9

GEORGIA GULF 550 1,700 2,250 27 85 112

GERBER SCIENTIFIC — 2,900 2,900 — 22 22

GERMAN AMERN BANCORP — 1,189 1,189 — 19 19

GERON 850 — 850 7 — 7

GETTY IMAGES 800 2,400 3,200 55 165 220

GETTY RLTY 460 1,200 1,660 13 34 47

GEVITY HR 660 — 660 14 — 14

GIANT GROUP LTD — 1,800 1,800 — 3 3

GIANT INDS — 1,900 1,900 — 50 50

GIBRALTAR INDS 375 1,950 2,325 9 46 55

GLACIER BANCORP 475 1,612 2,087 16 55 71

GLAMIS GOLD LTD 1,903 5,300 7,203 33 91 124

GLATFELTER 800 1,800 2,600 12 28 40

GLENBOROUGH RLTY TR 540 1,500 2,040 11 32 43

GLIMCHER RLTY TR 760 1,300 2,060 21 36 57

GLOBAL CROSSING LTD 500 — 500 9 — 9

GLOBAL IMAGING SYS 350 1,000 1,350 14 40 54

GLOBAL INDUSTRIES 2,470 4,800 7,270 20 40 60

GLOBAL PMT TECHNOLOGIES — 1,500 1,500 — 9 9

GLOBAL PMTS 1,100 1,780 2,880 64 104 168

GLOBAL PWR EQUIP GROUP — 2,800 2,800 — 28 28

GLOBAL SIGNAL — 2,300 2,300 — 63 63

GLOBALSANTAFE CORPORATION SHS 3,102 10,159 13,261 103 336 439

GMX RES — 2,300 2,300 — 16 16

GOLD BANC 750 2,000 2,750 11 29 40

GOLF TR AMER — 1,900 1,900 — 4 4

GOODYS FAMILY CLOTHING 600 — 600 5 — 5

GOOGLE CL A 3,981 11,500 15,481 769 2,2 21 2,990

GRACE W R + CO — 5,400 5,400 — 73 73

GRACO 1,388 3,387 4,775 52 127 179

GRAFTECH INTL LTD 750 4,300 5,050 7 41 48

GRAHAM — 900 900 — 13 13

GRANITE CONSTR 575 2,225 2,800 15 59 74

GRANT PRIDECO 1,787 5,090 6,877 36 102 138

GRAPHIC PACKAGING 2,050 8,400 10,450 15 60 75

GREAT AMERICAN FINL RES 840 2,600 3,440 15 45 60

GREAT ATLANTIC + PAC TEA — 3,600 3,600 — 37 37

GREAT PLAINS ENERGY 650 3,200 3,850 20 97 117

GREAT SOUTHN BANCORP 250 — 250 9 — 9

GREATER BAY BANCORP 730 2,206 2,936 20 62 82

Page B-28

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

GREATER CMNTY BANCORP — 1,050 1,050 — 17 17

GREEN MTN COFFEE ROASTERS — 800 800 — 20 20

GREENBRIER COS — 1,200 1,200 — 41 41

GREENHILL + CO — 1,600 1,600 — 46 46

GREIF CL A 350 1,100 1,450 20 62 82

GREY GLOBAL GROUP 60 70 130 66 77 143

GREY WOLF 5,000 8,200 13,200 26 43 69

GRIFFON 700 1,100 1,800 19 30 49

GROUP 1 AUTOMOTIVE 300 800 1,100 9 25 34

GSI COMM 900 3,700 4,600 16 66 82

GTECH HLDGS 1,320 4,800 6,120 34 125 159

GUARDIAN TECHNOLOGIES INTL — 1,500 1,500 — 7 7

GUESS 860 2,100 2,960 11 26 37

GUITAR CTR 410 1,000 1,410 22 53 75

GULF IS FABRICATION — 1,100 1,100 — 24 24

GULFMARK OFFSHORE — 1,600 1,600 — 36 36

GYMBOREE 620 1,100 1,720 8 14 22

HAEMONETICS MASS 700 1,000 1,700 25 36 61

HAGGAR — 1,000 1,000 — 23 23

HAIN CELESTIAL GROUP 500 1,800 2,300 10 37 47

HANCOCK FABRICS — 1,100 1,100 — 11 11

HANCOCK HLDG CO 400 1,500 1,900 13 50 63

HANDLEMAN CO 400 1,600 2,000 9 34 43

HANGER ORTHOPEDIC GROUP 450 2,600 3,050 4 21 25

HANMI FINANCIAL 300 — 300 11 — 11

HANOVER PRESSOR CO 1,100 3,800 4,900 16 54 70

HARBOR FL BANCSHARES 600 1,400 2,000 21 48 69

HARKEN ENERGY — 8,500 8,500 — 4 4

HARLAND JOHN H CO 630 900 1,530 23 32 55

HARLEYSVILLE GROUP 810 1,100 1,910 19 26 45

HARLEYSVILLE NATL PA 367 1,141 1,508 10 30 40

HARMAN INTL INDS 959 2,740 3,699 122 348 470

HARMONIC 1,270 3,884 5,154 11 32 43

HARRIS 969 2,700 3,669 60 167 227

HARRIS INTERACTIVE 1,000 4,300 5,300 8 34 42

HARSCO 530 1,900 2,430 30 106 136

HARTE HANKS 900 3,550 4,450 23 92 115

HARVARD BIOSCIENCE — 2,600 2,600 — 12 12

HARVEST NATURAL RESOURCES 2,416 — 2,416 42 — 42

HAVERTY FURNITURE COS 450 1,700 2,150 8 31 39

HAWAIIAN ELEC INDS 1,200 3,000 4,200 35 87 122

HAYEZ LEMMEREZ INTERN’L 870 — 870 8 — 8

Page B-29

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

HCC INS HLDGS 600 2,500 3,100 20 83 103

HEADWATERS 900 1,600 2,500 26 46 72

HEALTH CARE PPTY INVS 1,850 5,600 7,450 51 155 206

HEALTH CARE REIT 650 2,200 2,850 25 84 109

HEALTH NET 1,630 5,100 6,730 47 147 194

HEALTHCARE RLTY TR 1,200 2,100 3,300 49 85 134

HEALTHEXTRAS 500 — 500 8 — 8

HEARST ARGYLE TELEVISION 1,500 3,191 4,691 40 84 124

HEARTLAND EXPRESS 975 3,268 4,243 22 73 95

HECLA MNG CO 1,250 6,500 7,750 7 38 45

HEICO CL A — 1,320 1,320 — 23 23

HEIDRICK + STRUGGLES INTL 558 800 1,358 19 27 46

HELEN OF TROY LTD 650 900 1,550 22 30 52

HELIX TECHNOLOGY 400 1,400 1,800 7 24 31

HELMERICH AND PAYNE 610 2,300 2,910 21 78 99

HENRY JACK + ASSOC 1,050 3,600 4,650 21 72 93

HERITAGE PPTY INVT TR 1,540 2,000 3,540 49 64 113

HERSHA HOSPITALITY TR PRIORITY CL A SHS BEN INT L A — 2,000 2,000 — 23 23

HEWITT ASSOCS CLASS A 1,550 4,940 6,490 50 158 208

HEXCEL 700 3,000 3,700 10 44 54

HI / FN — 409 409 — 4 4

HIBBETT SPORTING GOODS 300 1,312 1,612 8 35 43

HIBERNIA CL A 2,170 6,800 8,970 64 201 265

HICKORY TECH — 1,200 1,200 — 13 13

HIGHLAND HOSPITALITY 700 — 700 8 — 8

HIGHWOODS PPTYS 1,940 2,300 4,240 54 64 118

HILB ROGAL + HOBBS CO 960 1,300 2,260 35 47 82

HILLENBRAND INDS 850 2,600 3,450 47 144 191

HINGHAM INSTN SVGS MASS — 400 400 — 18 18

HMS HLDGS — 2,000 2,000 — 18 18

HNI 580 2,400 2,980 25 103 128

HOLLINGER INTERNATIONAL CL A 1,000 4,000 5,000 16 63 79

HOLLY 400 — 400 11 — 11

HOLLYWOOD ENTMT 970 2,900 3,870 13 38 51

HOLLYWOOD MEDIA — 1,300 1,300 — 6 6

HOLOGIC ORPORATED 350 — 350 10 — 10

HOME FED BANCORP — 400 400 — 10 10

HOME PROPERTIES 390 1,500 1,890 17 65 82

HOMESTORE 1,650 8,600 10,250 5 26 31

HOOPER HOLMES 1,350 4,800 6,150 8 28 36

HORACE MANN EDUCATORS NEW 810 2,100 2,910 15 40 55

HORIZON FINL WASH — 1,025 1,025 — 21 21

Page B-30

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

HORIZON OFFSHORE — 1,300 1,300 — 2 2

HORMEL FOODS 2,019 5,500 7,519 63 172 235

HOSPITALITY PPTYS TR SH BEN INT 950 3,000 3,950 44 138 182

HOST MARRIOTT 5,051 14,274 19,325 87 247 334

HOT TOPIC 750 2,450 3,200 13 42 55

HOUSTON EXPL CO 410 1,200 1,610 23 68 91

HOVNANIAN ENTERPRISES CL A 1,390 2,440 3,830 69 121 190

HRPT PPTYS TR SH BEN INT 4,200 7,700 11,900 54 99 153

HUBBELL CLB 650 2,700 3,350 34 141 175

HUDSON CITY BANCORP 2,520 8,400 10,920 93 309 402

HUDSON RIVER BANCORP . 610 — 610 12 — 12

HUDSON TECHNOLOGIES — 3,800 3,800 — 3 3

HUDSON UTD BANCORP 1,250 2,056 3,306 49 81 130

HUGHES SUPPLY 1,600 2,200 3,800 52 71 123

HUGOTON RTY TR TX UNIT BEN INT 500 2,000 2,500 13 52 65

HUMAN GENOME SCIENCES 2,900 5,080 7,980 35 61 96

HUNT J B TRANS SVCS 1,176 3,400 4,576 53 152 205

HURCO CO — 2,300 2,300 — 38 38

HUTCHINSON TECHNOLOGY 320 1,200 1,520 11 41 52

HYDRIL COMPANY 480 900 1,380 22 41 63

HYPERCOM 920 4,400 5,320 5 26 31

HYPERION SOLUTIONS 950 1,800 2,750 44 84 128

I MANY 600 7,500 8,100 1 11 12

I2 TECHNOLOGIES 900 — 900 1 — 1

IAC / INTERACTIVE CORP 10,212 29,911 40,123 282 826 1,108

IBERIABANK 150 500 650 10 33 43

ICO — 5,500 5,500 — 17 17

ICOS 1,909 2,700 4,609 54 76 130

ICT GROUP — 1,900 1,900 — 18 18

ICU MEDICAL 200 1,000 1,200 5 27 32

IDACORP 610 1,500 2,110 19 46 65

IDENIX PHARMACEUTICALS — 2,400 2,400 — 41 41

IDENTIX — 3,074 3,074 — 23 23

IDEX 570 2,200 2,770 23 89 112

IDEXX LABS 500 1,400 1,900 27 76 103

IDT — 3,800 3,800 — 56 56

IDX SYS 750 1,400 2,150 26 48 74

IGATE — 4,500 4,500 — 18 18

IHOP 300 900 1,200 13 38 51

II VI 300 1,000 1,300 13 42 55

IKON OFFICE SOLUTIONS 1,970 6,200 8,170 23 72 95

IMAGISTICS INTL 170 900 1,070 6 30 36

Page B-31

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

IMATION 430 1,400 1,830 14 45 59

IMCLONE SYS 1,200 3,343 4,543 55 154 209

IMMERSION — 1,500 1,500 — 11 11

IMMUCOR 562 4,050 4,612 13 95 108

IMMUNE RESPONSE — 2,900 2,900 — 5 5

IMMUNOGEN 700 3,300 4,000 6 29 35

IMMUNOMEDICS — 4,800 4,800 — 15 15

IMPAC MORT HOLDINGS 2,000 3,000 5,000 45 68 113

IMPAX LABORATORIES 600 2,300 2,900 10 37 47

IMPCO TECHNOLOGIES — 2,900 2,900 — 22 22

INAMED 450 1,650 2,100 28 104 132

INCYTE 1,760 4,400 6,160 18 44 62

INDEPENDENCE CMNTY BK CORP 1,883 3,954 5,837 80 168 248

INDEPENDENT BK 440 — 440 13 — 13

INDEPENDENT BK MASS 250 1,100 1,350 8 37 45

INDEVUS PHARMACEUTICALS — 3,400 3,400 — 20 20

INDUS INTL — 2,900 2,900 — 6 6

INDYMAC BANCORP 660 2,600 3,260 23 90 113

INFINITY PPTY + CAS 400 1,100 1,500 14 39 53

INFOCUS — 3,800 3,800 — 35 35

INFONET SVCS CL B 7,740 13,600 21,340 16 27 43

INFORMATICA 1,250 4,400 5,650 10 36 46

INFORTE — 2,200 2,200 — 17 17

INFOSPACE 865 1,485 2,350 41 71 112

INFOUSA 1,200 3,100 4,300 13 35 48

INGRAM MICRO CL A 2,262 6,300 8,562 47 131 178

INKINE PHARMACEUTICAL — 4,400 4,400 — 24 24

INNKEEPERS USA TR 750 2,600 3,350 11 37 48

INNOTRAC — 2,300 2,300 — 20 20

INNOVATIVE SOLUTIONS + SUPPORT — 1,400 1,400 — 47 47

INPUT/OUTPUT 900 2,900 3,800 8 26 34

INSIGHT COMMUNICATIONS CL A 450 2,900 3,350 4 27 31

INSIGHT ENTERPRISES 1,450 1,900 3,350 30 39 69

INSIGNIA SYS — 700 700 — 2 2

INSITUFORM TECHNOLOGIES CL A 450 900 1,350 10 20 30

INSPIRE PHAMACEUTICAL 450 1,600 2,050 8 27 35

INSTINET GROUP 6,350 14,400 20,750 38 87 125

INSURANCE AUTO AUCTIONS — 300 300 — 7 7

INTEGRA BK 350 1,300 1,650 8 30 38

INTEGRA LIFESCIENCES 500 1,200 1,700 18 44 62

INTEGRAL SYS MD — 400 400 — 8 8

INTEGRATED CIRCUIT SYS 2,050 3,300 5,350 43 69 112

Page B-32

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

INTEGRATED DEVICE TECHNOLOGY 733 4,700 5,433 8 54 62

INTEGRATED SILICON SOLUTION 500 2,900 3,400 4 24 28

INTELLI CHECK — 400 400 — 2 2

INTER PARFUMS 300 1,400 1,700 5 22 27

INTER TEL 470 1,400 1,870 13 38 51

INTERACTIVE DATA 2,200 3,700 5,900 48 80 128

INTERACTIVE INTELLIGENCE 350 — 350 2 — 2

INTERCHANGE FINL SVCS 300 1,200 1,500 8 31 39

INTERDIGITAL M 960 3,000 3,960 21 66 87

INTERFACE . CL A 2,300 — 2,300 23 — 23

INTERGRAPH 900 1,800 2,700 24 48 72

INTERGRATED ELECTRICAL SVCS — 2,700 2,700 — 13 13

INTERLAND MINN 115 2,970 3,085 — 10 10

INTERLINK ELECTRS — 700 700 — 7 7

INTERMAGNETICS GEN 375 1,212 1,587 10 31 41

INTERMUNE 770 1,700 2,470 10 23 33

INTERNAP NETWORK SVCS 500 16,900 17,400 — 16 16

INTERNATIONAL ASSETS HLDG — 1,800 1,800 — 14 14

INTERNATIONAL BANCSHARES 717 2,078 2,795 28 82 110

INTERNATIONAL RECTIFIER 720 2,900 3,620 32 129 161

INTERNATIONAL SPEEDWAY CL A 775 2,100 2,875 41 111 152

INTERNATIONAL STL GROUP 1,370 4,000 5,370 56 162 218

INTERNET SEC SYS 1,850 2,250 4,100 43 52 95

INTERPHASE — 2,400 2,400 — 20 20

INTERSIL CL A 1,556 6,120 7,676 26 102 128

INTERSTATE BAKERIES 700 1,900 2,600 4 12 16

INTERVOICE-BRITE 500 — 500 7 — 7

INTERWOVEN 100 3,066 3,166 1 33 34

INTRADO — 1,800 1,800 — 22 22

INTROGEN THERAPEUTICS — 2,600 2,600 — 22 22

INTUITIVE SURGICAL 810 1,500 2,310 32 60 92

INVACARE 300 1,500 1,800 14 69 83

INVERNESS MED INNOVATIONS 460 1,200 1,660 12 30 42

INVESTMENT TECHNOLOGY GROUP 750 2,350 3,100 15 47 62

INVESTORS FINL SERVICES 965 2,700 3,665 48 135 183

INVESTORS REAL ESTATE TR SH BEN INT 750 3,000 3,750 8 31 39

INVITROGEN 767 2,275 3,042 51 153 204

IOMEGA — 4,560 4,560 — 25 25

IONICS 300 700 1,000 13 30 43

IPAYMENT 390 — 390 19 — 19

IRON MTN PA 1,882 5,470 7,352 57 167 224

IRWIN FINL 400 1,500 1,900 11 43 54

Page B-33

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

ISIS PHARMACEUTICALS 1,980 — 1,980 12 — 12

ISLE CAPRI CASINOS 480 1,100 1,580 12 28 40

ISTAR FINL 1,619 4,773 6,392 73 216 289

ITLA CAPITAL 384 — 384 23 — 23

ITRON 500 1,500 2,000 12 36 48

ITT EDL SVCS 1,240 1,900 3,140 59 90 149

IVAX 3,456 10,796 14,252 55 171 226

IVILLAGE — 5,200 5,200 — 32 32

IXIA 1,200 3,100 4,300 20 52 72

J + J SNACK FOODS 270 700 970 13 34 47

J JILL GROUP 350 1,150 1,500 5 17 22

J2 GLOBAL COMMUNICATIONS 250 1,200 1,450 9 41 50

JACK IN THE BOX 400 1,500 1,900 15 55 70

JACKSON HEWITT TAX SVC — 7,000 7,000 — 177 177

JACOBS ENGR GROUP 819 2,500 3,319 39 119 158

JACUZZI BRANDS 900 3,200 4,100 8 28 36

JAKKS PAC 400 1,600 2,000 9 35 44

JARDEN 440 1,250 1,690 19 54 73

JDA SOFTWARE GROUP — 1,400 1,400 — 19 19

JEFFRIES GROUP 1,600 2,700 4,300 64 109 173

JETBLUE AWYS 1,000 4,375 5,375 23 102 125

JLG INDS 550 1,800 2,350 11 35 46

JO-ANN STORES 460 — 460 13 — 13

JOHNSON OUTDOORS CL A — 700 700 — 14 14

JONES LANG LASALLE 610 1,500 2,110 23 56 79

JOS A BANK CLOT 250 — 250 7 — 7

JOURNAL COMMUNICATIONS 2,100 3,600 5,700 38 65 103

JOURNAL REGISTER CO 1,000 2,600 3,600 19 50 69

JOY GLOBAL 550 2,000 2,550 24 87 111

JUNIPER NETWORKS 7,716 22,530 30,246 210 613 823

K SWISS A CL A 400 2,000 2,400 12 58 70

K V PHARMACEUTICAL COMPANY CL 480 2,150 2,630 11 47 58

K2 770 1,800 2,570 12 29 41

KAMAN CL A 1,461 1,200 2,661 18 15 33

KANA SOFTWARE — 4,567 4,567 — 9 9

KANSAS CITY LIFE INS CO 180 500 680 9 24 33

KANSAS CITY SOUTHERN 1,300 2,600 3,900 23 46 69

KATY INDS — 1,700 1,700 — 9 9

KAYDON 470 1,300 1,770 16 43 59

KCS ENERGY 650 4,300 4,950 10 64 74

KEANE 1,570 2,460 4,030 23 36 59

KEITHLEY INSTRS — 800 800 — 16 16

Page B-34

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

KELLWOOD CO 650 1,200 1,850 22 41 63

KELLY SVCS CL A 320 1,500 1,820 10 45 55

KEMET 1,800 3,500 5,300 16 31 47

KENEB SERVICES LLC — 900 900 — 39 39

KENNAMETAL 900 1,400 2,300 45 70 115

KENSEY NASH 200 900 1,100 7 31 38

KEY ENERGY SVCS 3,290 4,700 7,990 39 55 94

KEYNOTE 1,473 — 1,473 21 — 21

KEYSTONE AUTOMOTIVE INDS 250 1,200 1,450 6 28 34

KFORCE — 3,056 3,056 — 34 34

KFX ORPORATED 3,598 — 3,598 52 — 52

KILROY RLTY 620 1,400 2,020 27 60 87

KIMBALL INTL CL B 1,290 2,600 3,890 19 39 58

KIMCO RLTY 1,455 4,650 6,105 84 270 354

KINDER MORGAN MGMT LLC SHS 1,035 2,030 3,065 42 83 125

KINDRED HEALTHCARE 500 1,414 1,914 15 42 57

KINETIC CONCEPTS 950 2,800 3,750 72 214 286

KIRBY 450 1,200 1,650 20 53 73

KIRLIN HOLDING — 800 800 — 2 2

KMART HLDG CORPORATON 1,305 3,900 5,205 129 386 515

KNAPE + VOGT MFG CO — 1,400 1,400 — 18 18

KNBT BANCORP 700 — 700 12 — 12

KNIGHT TRADING GROUP 1,650 4,600 6,250 18 50 68

KNIGHT TRANSN 945 2,650 3,595 23 66 89

KOMAG 450 — 450 8 — 8

KOPIN — 5,000 5,000 — 19 19

KORN / FERRY INTL 700 2,100 2,800 15 44 59

KOS PHARMACEUTICALS 850 1,700 2,550 32 64 96

KOSAN BIOSCIENCES — 2,100 2,100 — 15 15

KRAFT FOODS CL A 24,896 72,600 97,496 887 2,585 3,472

KRAMONT RLTY TR 450 1,600 2,050 11 37 48

KRISPY KREME DOUGHNUTS 610 2,400 3,010 8 30 38

KRONOS 550 1,450 2,000 28 74 102

KRONOS WORLDWIDE 1,403 2,299 3,702 57 94 151

KULICKE + SOFFA INDS 1,060 3,100 4,160 9 27 36

KVH INDS — 1,200 1,200 — 12 12

KYPHON 400 1,500 1,900 10 39 49

LA JOLLA PHARMACEUTICAL CO — 4,600 4,600 — 8 8

LA QUINTA CORP PAIRED CTF 1 B LA QUINTA 4,320 8,100 12,420 39 74 113

LA Z BOY 650 2,600 3,250 10 40 50

LABONE 715 1,200 1,915 23 38 61

LABOR READY 500 2,200 2,700 8 37 45

Page B-35

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

LABRANCHE + CO 830 2,600 3,430 7 23 30

LACLEDE GROUP 410 700 1,110 13 22 35

ADISH COMPANY — 2,400 2,400 — 28 28

LAFARGE NORTH AMERICA 1,000 2,900 3,900 51 149 200

LAIDLAW INTERNATIONAL W I 3,190 4,200 7,390 68 90 158

LAKES ENTERTAINMENT 450 — 450 7 — 7

LAM RESH 1,870 5,650 7,520 54 163 217

LAMAR ADVERTISING CO CL A 2,250 3,800 6,050 96 163 259

LANCASTER COLONY 700 1,600 2,300 30 69 99

LANCE 710 1,100 1,810 14 21 35

LANDAMERICA FINL GROUP 200 800 1,000 11 43 54

LANDAUER — 600 600 — 27 27

LANDRYS RESTAURANTS 400 1,300 1,700 12 38 50

LANDSTAR SYS 600 1,400 2,000 44 103 147

LAS VEGAS SANDS — 15,000 15,000 — 720 720

LASALLE HOTEL PPTYS SH BEN INT 300 1,400 1,700 10 45 55

LASERCARD CORPORATION 650 — 650 7 — 7

LASERSCOPE 250 — 250 9 — 9

LATTICE SEMICONDUCTOR 1,600 5,640 7,240 9 32 41

LAUDER ESTEE COS CL A 1,600 5,200 6,800 73 238 311

LAUREATE ED 1,250 1,834 3,084 55 81 136

LAWSON PRODS 200 700 900 10 35 45

LAWSON SOFTWARE 1,500 4,400 5,900 10 30 40

LAZARE KAPLAN INTL — 1,600 1,600 — 15 15

LCA VISION 450 1,800 2,250 11 42 53

LEAPFROG ENTERPRISES 790 2,100 2,890 11 29 40

LEAR 950 2,900 3,850 58 177 235

LEARNING TREE INTL 250 1,100 1,350 3 15 18

LECG 450 — 450 8 — 8

LECROY — 500 500 — 12 12

LEE ENTERPRISES 450 2,100 2,550 21 97 118

LEGG MASON 1,350 4,200 5,550 99 308 407

LENNAR CL A 2,030 6,628 8,658 115 376 491

LENNOX INTL 990 2,700 3,690 20 55 75

LESCO OHIO — 1,200 1,200 — 15 15

LEUCADIA NATL 980 3,036 4,016 68 211 279

LEVEL 3 COMMUNICATIONS 6,230 30,900 37,130 21 105 126

LEVITT FLA CL A 237 1,275 1,512 7 39 46

LEXAR MEDIA 590 4,500 5,090 5 35 40

LEXICON GENETICS 1,000 4,800 5,800 8 37 45

LEXINGTON CORPORATE PPTY TR 650 2,000 2,650 15 45 60

LIBBEY 300 900 1,200 7 20 27

Page B-36

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

LIBERTY SC 250 800 1,050 11 35 46

LIBERTY MEDIA SER A 42,506 124,775 167,281 467 1,370 1,837

LIBERTY MEDIA INTL SER A 2,554 7,483 10,037 118 346 464

LIBERTY PROPERTY SH BEN INT SUPP 1,233 3,500 4,733 53 151 204

LIFECORE BIOMEDICAL — 1,700 1,700 — 19 19

LIFELINE SYS — 1,100 1,100 — 28 28

LIFEPOINT HOSPS 350 1,600 1,950 12 56 68

LIFEWAY FOODS — 1,800 1,800 — 16 16

LIGAND PHARMACEUTICALS CL B 1,150 3,000 4,150 13 35 48

LIGHTBRIDGE — 1,638 1,638 — 10 10

LIN TV CL A 640 1,500 2,140 12 29 41

LINCARE HLDGS 1,455 4,200 5,655 62 179 241

LINCOLN ELEC HLDGS 790 2,000 2,790 27 69 96

LINDSAY MFG CO — 950 950 — 25 25

LINENS N THINGS 400 1,900 2,300 10 47 57

LIPID SCIENCES — 2,800 2,800 — 10 10

LIQUIDMETAL TECHNOLOGIES 2,655 — 2,655 6 — 6

LITHIA MTRS CL A 300 1,400 1,700 8 38 46

LITTELFUSE 340 1,300 1,640 12 44 56

LKQ 400 — 400 8 — 8

LNR PPTY 500 800 1,300 31 50 81

LO JACK — 1,500 1,500 — 18 18

LODGENET ENTMT — 1,700 1,700 — 30 30

LOGANSPORT FINL — 800 800 — 14 14

LONE STAR STEAKHOUSE + SALOON 430 900 1,330 12 25 37

LONE STAR TECHNOLOGIES 350 1,310 1,660 12 44 56

LONGS DRUG STORES 1,200 1,600 2,800 33 44 77

LONGVIEW FIBRE CO WASHINGTON 1,350 2,100 3,450 24 38 62

LOOKSMART LTD — 11,500 11,500 — 25 25

LSI INDS — 1,625 1,625 — 19 19

LTC PROPERTIES 450 2,400 2,850 9 48 57

LTX 1,350 3,100 4,450 10 24 34

LUBRIZOL 1,300 2,200 3,500 48 81 129

LUMINEX 700 2,000 2,700 6 18 24

LYNCH INTERACTIVE — 700 700 — 22 22

LYONDELL CHEMICAL CO 3,534 10,645 14,179 102 308 410

M.D.C. HOLDINGS 720 1,504 2,224 62 130 192

M/I SCHOTTENSTEIN HOMES 270 — 270 15 — 15

MACDERMID 360 1,400 1,760 13 51 64

MACERICH CO 861 2,500 3,361 54 157 211

MACK CA RLTY 1,034 2,500 3,534 48 115 163

MACROMEDIA 2,030 2,710 4,740 63 84 147

Page B-37

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

MACROVISION 610 1,800 2,410 16 46 62

MADDEN STEVEN LTD — 1,200 1,200 — 23 23

MAF BANCORP 910 1,853 2,763 41 83 124

MAGELLAN HEALTH SVCS 800 1,600 2,400 27 55 82

MAGELLAN MIDSTREAM PARTNERS LP UNIT 250 1,000 1,250 15 59 74

MAGELLAN PETE — 5,100 5,100 — 7 7

MAGMA DESIGN AUTOMATION 450 2,300 2,750 6 29 35

MAGNETEK — 2,900 2,900 — 20 20

MAGNUM HUNTER RESOURCES 1,270 3,200 4,470 16 41 57

MAGUIRE PPTYS 1,180 1,800 2,980 32 49 81

MAIN STR BKS 460 1,000 1,460 16 35 51

MAINE + MARITIMES — 100 100 — 3 3

MANAGEMENT NETWORK GROUP — 100 100 — — —

MANDALAY RESORT GROUP 983 2,900 3,883 69 204 273

MANHATTAN ASSOCS 960 1,200 2,160 23 29 52

MANITOWOC 430 1,300 1,730 16 49 65

MANNING GREG AUCTIONS — 2,300 2,300 — 28 28

MANPOWER WIS 1,312 3,664 4,976 63 177 240

MANTECH INTL CL A 400 1,400 1,800 9 33 42

MANUGISTICS GROUP — 5,100 5,100 — 15 15

MAPICS — 1,500 1,500 — 16 16

MAPINFO — 1,575 1,575 — 19 19

MARCUS 450 1,300 1,750 11 33 44

MARINE PRODUCTS 400 — 400 10 — 10

MARINEMAX 460 800 1,260 14 24 38

MARISA CHRISTINA — 2,700 2,700 — 3 3

MARITRANS — 1,100 1,100 — 20 20

MARKEL 143 460 603 52 167 219

MARKETWATCH — 2,200 2,200 — 40 40

MARKWEST HYDROCARBON — 2,585 2,585 — 45 45

MARSH SUPERMARKETS CL B — 1,500 1,500 — 18 18

MARTEK BIOSCIENCES 500 1,200 1,700 26 61 87

MARTHA STEWART LIVING CL A — 2,100 2,100 — 61 61

MARTIN MARIETTA MATLS 500 2,000 2,500 27 107 134

MARVEL ENTERPRISES 2,615 4,199 6,814 54 86 140

MASSEY ENERGY 1,105 3,700 4,805 39 129 168

MASTEC — 4,050 4,050 — 41 41

MATRIA HEALTHCARE — 1,100 1,100 — 43 43

MATRITECH — 2,600 2,600 — 3 3

MATRIX BANCORP — 1,300 1,300 — 16 16

MATRIX SVC CO — 2,200 2,200 — 18 18

MATRIXONE 400 4,200 4,600 3 28 31

Page B-38

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

MATTHEWS INTL CL A 400 1,500 1,900 15 55 70

MATTSON TECHNOLOGY 1,030 2,913 3,943 12 33 45

MAUI LD + PINEAPPLE — 600 600 — 24 24

MAVERICK TUBE 540 1,900 2,440 16 58 74

MAXIM PHARMACEUTICAL 300 — 300 1 — 1

MAXIMUS 300 1,200 1,500 9 37 46

MAXTOR 7,475 9,404 16,879 40 50 90

MAXWELL TECHNOLOGIES — 800 800 — 8 8

MAXXAM RTS — 1,500 1,500 — 49 49

MAXYGEN 600 2,500 3,100 8 32 40

MB FINL 300 1,400 1,700 13 59 72

MCAFEE 2,320 6,672 8,992 67 193 260

MCCLATCHY CO CL A 640 1,900 2,540 46 136 182

MCDATA CORPORATION CL A 1,320 4,700 6,020 8 28 36

MCDERMOTT INTL 850 2,800 3,650 16 51 67

MCGRATH RENT 200 400 600 9 17 26

MCI 4,150 12,800 16,950 84 258 342

MCLEOD ESCROW — 16,412 16,412 — — —

MCLEODUSA CL A — 3,461 3,461 — 2 2

MDU RES GROUP 1,711 4,750 6,461 46 127 173

MEDAREX 1,400 5,700 7,100 15 61 76

MEDCATH CORPORATION 350 — 350 9 — 9

MEDIA GEN CL A 350 1,000 1,350 23 65 88

MEDIABAY — 3,800 3,800 — 6 6

MEDIACOM COMMUNICATIONS CL A 2,700 4,600 7,300 17 29 46

MEDICAL ACTION IND — 1,100 1,100 — 22 22

MEDICAL STAFFING NETWORK HLDGS — 1,300 1,300 — 11 11

MEDICINES CO 1,190 1,900 3,090 34 55 89

MEDICIS PHARMACEUTICAL CL A 1,200 2,400 3,600 42 84 126

MEDIS TECHNOLOGIES LTD 500 2,000 2,500 9 37 46

MEDQUIST 600 1,482 2,082 9 22 31

MEDWAVE — 1,300 1,300 — 6 6

MEMC ELECTR MATLS 4,525 6,700 11,225 60 89 149

MENS WEARHOUSE 500 1,600 2,100 16 51 67

MENTOR MINN 460 1,800 2,260 16 61 77

MENTOR GRAPHICS 2,380 2,700 5,080 36 41 77

MERCANTILE BANKSHARES 1,120 3,500 4,620 58 183 241

MERCHANTS GROUP — 600 600 — 14 14

MERCURY GEN 793 2,400 3,193 48 144 192

MERCURY PUTER SYS 300 1,000 1,300 9 30 39

MERGE TECHNOLOGIES — 700 700 — 16 16

MERIDIAN BIOSCIENCE — 1,500 1,500 — 26 26

Page B-39

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

MERIDIAN GOLD 1,444 4,200 5,644 27 80 107

MERIDIAN RESOURCE 1,050 5,300 6,350 6 32 38

MERISTAR HOSPITALITY 2,913 5,000 7,913 24 42 66

MERIT MED SYS 560 1,565 2,125 9 24 33

MERITAGE HOME 200 700 900 23 79 102

MERIX — 1,000 1,000 — 12 12

MESA AIR GROUP 1,021 — 1,021 8 — 8

MET PRO — 933 933 — 12 12

METHODE ELECTRS 650 1,800 2,450 8 23 31

METRIS COS 900 4,050 4,950 11 52 63

METRO GOLDWYN MAYER 2,700 10,000 12,700 32 119 151

METRO ONE TELECOMM — 1,050 1,050 — 2 2

METROLOGIC INSTRS — 1,400 1,400 — 30 30

METROMEDIA FIBER NETWORK 600 — 600 — — —

MFA MORTGAGE INVESTMENTS 1,180 — 1,180 10 — 10

MGE ENERGY 400 700 1,100 14 25 39

MGI PHARMA 1,840 3,000 4,840 52 84 136

MGM MIRAGE 1,900 6,296 8,196 138 458 596

MGP INGREDIENTS — 1,800 1,800 — 16 16

MICHAELS STORES 1,958 5,800 7,758 59 174 233

MICREL 1,120 3,680 4,800 12 41 53

MICRO PONENT TECHNOLOGY — 3,100 3,100 — 2 2

MICROCHIP TECHNOLOGY 2,722 9,049 11,771 73 241 314

MICROHELIX — 3,300 3,300 — 1 1

MICROMUSE 1,690 3,460 5,150 9 19 28

MICROS SYS 310 700 1,010 24 55 79

MICROSEMI 1,500 3,400 4,900 26 59 85

MICROSTRATEGY CL A 200 600 800 12 36 48

MID AMER APT CMNTYS 330 800 1,130 14 33 47

MID STATE BANCSHARES 350 900 1,250 10 26 36

MIDAS ORPORATED 400 — 400 8 — 8

MIDDLEBY 100 — 100 5 — 5

MIDLAND CO 300 1,200 1,500 9 38 47

MIDSOUTH BANCORP — 1,237 1,237 — 33 33

MIDWAY GAMES 800 2,879 3,679 8 30 38

MIDWEST AIR GROUP — 1,700 1,700 — 5 5

MIDWEST BANC HLDGS 350 1,400 1,750 8 31 39

MIDWESTONE FINL GROUP — 1,000 1,000 — 21 21

MILACRON — 4,600 4,600 — 16 16

MILLENNIUM PHARMACEUTICALS 4,442 12,559 17,001 54 152 206

MILLER HERMAN 1,450 3,400 4,850 40 94 134

MILLS 781 2,300 3,081 50 147 197

Page B-40

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

MIM — 2,600 2,600 — 17 17

MINDSPEED TECHNOLOGIES 3,250 5,700 8,950 9 16 25

MINE SAFETY APPLIANCES CO 900 1,800 2,700 46 91 137

MINERALS TECHNOLOGIES 210 800 1,010 14 53 67

MISSION WEST PROPERTIES 1,340 — 1,340 14 — 14

MKS INSTRS 900 2,000 2,900 17 37 54

MOBILE MINI — 600 600 — 20 20

MOBILITY ELECTRONICS — 2,300 2,300 — 20 20

MODINE MFG CO 600 1,300 1,900 20 44 64

MOHAWK INDS 900 2,954 3,854 82 270 352

MOLDFLOW — 1,200 1,200 — 19 19

MOLECULAR DEVICES — 1,150 1,150 — 23 23

MONACO COACH 450 1,500 1,950 9 31 40

MONEYGRAM INTL 1,609 3,900 5,509 34 82 116

MONMOUTH REAL ESTATE INVT CL A — 1,800 1,800 — 15 15

MONOLITHIC SYS TECHNOLOGY — 2,600 2,600 — 16 16

MONRO MUFFLER BRAKE 300 — 300 8 — 8

MOOG 300 — 300 14 — 14

MOSAIC CO 5,484 15,600 21,084 89 255 344

MOSSIMO — 3,300 3,300 — 11 11

MOTHERS WK 250 700 950 3 10 13

MOVADO GROUP 500 1,600 2,100 9 30 39

MOVIE GALLERY 350 1,000 1,350 7 19 26

MOVIE STAR — 2,500 2,500 — 3 3

MPS GROUP 3,440 3,600 7,040 42 44 86

MRO SOFTWARE — 900 900 — 12 12

MRV COMMUNICATIONS — 5,120 5,120 — 19 19

MSC INDL DIRECT CL A 1,000 2,300 3,300 36 83 119

MSC SOFTWARE — 1,900 1,900 — 20 20

MTC TECHNOLOGIES 300 1,100 1,400 10 37 47

MTR GAMING GROUP 800 2,800 3,600 8 30 38

MTS SYS 350 1,500 1,850 12 51 63

MUELLER INDS 500 1,500 2,000 16 48 64

MULTI COLOR — 875 875 — 16 16

MULTIMEDIA GAMES 500 1,500 2,000 8 24 32

MURPHY OIL 1,230 4,060 5,290 99 327 426

MYERS IND 605 2,710 3,315 8 35 43

MYKROLIS 900 2,400 3,300 13 34 47

MYRIAD GENETICS 390 1,400 1,790 9 32 41

NABI BIOPHARMACEUTICALS 750 — 750 11 — 11

NACCO INDS CL A 100 400 500 11 42 53

NALCO HLDG CO 2,063 6,000 8,063 40 117 157

Page B-41

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

NANOMETRICS — 1,100 1,100 — 18 18

NANOPHASE TECHNOLOGIES — 2,300 2,300 — 20 20

NAPSTER — 2,400 2,400 — 23 23

NARA BANCORP 700 — 700 15 — 15

NASB FINANCIAL 556 — 556 22 — 22

NASH FINCH CO — 700 700 — 26 26

NATCO GROUP CL A — 600 600 — 5 5

NATIONAL BEVERAGE 1,340 2,600 3,940 11 22 33

NATIONAL FINL PARTNERS 350 1,700 2,050 14 66 80

NATIONAL FUEL GAS CO N J 1,630 3,800 5,430 46 108 154

NATIONAL HEALTH INVS 520 1,600 2,120 15 47 62

NATIONAL HEALTH RLTY — 1,100 1,100 — 22 22

NATIONAL HEALTHCARE 777 900 1,677 27 32 59

NATIONAL INSTRS 750 3,200 3,950 20 87 107

NATIONAL OILWELL 950 3,400 4,350 34 120 154

NATIONAL PENN BANCSHARES 437 1,483 1,920 12 41 53

NATIONAL PRESTO INDS 200 — 200 9 — 9

NATIONAL R V HLDGS — 1,600 1,600 — 15 15

NATIONAL WESTERN LIFE 130 — 130 22 — 22

NATIONWIDE FINL SVCS CL A 1,300 2,400 3,700 50 92 142

NATIONWIDE HEALTH PPTYS 860 3,300 4,160 20 78 98

NATURAL RESOURCE PART. LP 200 — 200 12 — 12

NAUTILUS GROUP 500 1,337 1,837 12 32 44

NAVARRE 550 1,500 2,050 10 26 36

NAVIGANT CONSULTING CO 600 — 600 16 — 16

NAVIGATORS GROUP 250 1,000 1,250 8 30 38

NAVTEQ 1,200 4,100 5,300 56 190 246

NBT BANCORP 500 1,780 2,280 13 46 59

NBTY 660 2,800 3,460 16 67 83

NCI BLDG SYS 250 700 950 9 26 35

NCO GROUP 1,118 1,708 2,826 29 44 73

NDCHEALTH 460 1,600 2,060 9 30 39

NEIGHBORCARE 1,390 1,700 3,090 43 52 95

NEIMAN MARCUS GROUP CL A 717 2,300 3,017 51 165 216

NEKTAR THERAPEUTICS 2,500 3,300 5,800 51 67 118

NELNET CL A — 2,200 2,200 — 59 59

NEOFORMA — 1,200 1,200 — 9 9

NEON SYS — 1,200 1,200 — 4 4

NEOPHARM — 1,182 1,182 — 15 15

NEORX — 2,500 2,500 — 5 5

NEOSE TECHNOLOGIES — 2,100 2,100 — 14 14

NET2PHONE — 4,300 4,300 — 15 15

Page B-42

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

NETBANK 750 2,969 3,719 8 31 39

NETFLIX 500 2,900 3,400 6 36 42

NETGURU — 2,400 2,400 — 3 3

NETIQ 950 2,358 3,308 12 29 41

NETRATINGS 500 2,300 2,800 10 44 54

NETSCOUT SYS — 1,300 1,300 — 9 9

NEUROCRINE BIOSCIENCES 590 1,600 2,190 29 79 108

NEUROGEN — 2,300 2,300 — 22 22

NEW CENTY FINL MD 675 1,600 2,275 43 102 145

NEW HAMPSHIRE THRIFT — 400 400 — 13 13

NEW JERSEY RES 950 1,100 2,050 41 48 89

NEW PLAN EXCEL RLTY TR 1,758 4,300 6,058 48 116 164

NEW YORK + CO — 2,200 2,200 — 36 36

NEW YORK CMNTY BANCORP 3,523 11,714 15,237 72 241 313

NEWALLIANCE BANCSHARES 1,350 4,900 6,250 21 75 96

NEWCASTLE INVT 1,200 1,400 2,600 38 44 82

NEWFIELD EXPL CO 800 2,400 3,200 47 142 189

NEWMIL BANCORP — 700 700 — 22 22

NEWPARK RES 1,300 3,900 5,200 7 20 27

NEWPORT 600 1,550 2,150 8 22 30

NEWPOWER HOLDINGS . 1,050 — 1,050 — — —

NEXTEL PARTNERS CL A 2,689 8,100 10,789 53 158 211

NIKU — 1,000 1,000 — 20 20

NL INDS 1,190 2,300 3,490 26 51 77

NMS COMMUNICATIONS — 2,200 2,200 — 14 14

NN — 1,600 1,600 — 21 21

NOBLE ENERGY 845 2,400 3,245 52 148 200

NOBLE INTL LTD — 1,000 1,000 — 20 20

NORDSON 410 1,600 2,010 16 64 80

NORSTAN RTS — 1,300 1,300 — 7 7

NORTH AMERN SCIENTIFIC — 1,800 1,800 — 10 10

NORTH PITTSBURGH SYS 982 — 982 24 — 24

NORTHEAST UTILS 1,300 5,400 6,700 25 102 127

NORTHERN STS FINL — 700 700 — 22 22

NORTHRIM BANCORP — 700 700 — 16 16

NORTHWEST AIRLS CLASS A 800 4,700 5,500 9 51 60

NORTHWEST BANCORP PA 580 2,500 3,080 15 63 78

NORTHWEST NAT GAS CO 290 900 1,190 10 30 40

NORTHWEST PIPE CO — 1,400 1,400 — 35 35

NOVASTAR FINL 250 1,800 2,050 12 89 101

NOVATEL WIRELESS 350 — 350 7 — 7

NOVAVAX — 4,000 4,000 — 13 13

Page B-43

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

NOVEN PHARMACEUTICALS 1,453 1,600 3,053 25 27 52

NOVOSTE — 900 900 — 2 2

NPS PHARMACEUTICALS 950 1,900 2,850 17 35 52

NRG ENERGY 1,300 4,600 5,900 47 166 213

NS GROUP — 2,000 2,000 — 56 56

NSTAR 772 2,115 2,887 42 115 157

NTL 1,274 3,600 4,874 93 263 356

NTL SERIES A WARRANT 3 — 3 — — —

NU HORIZONS ELECTRS — 1,400 1,400 — 11 11

NU SKIN ENTERPRISES CL A 1,000 2,900 3,900 25 74 99

NUANCE COMMUNICATIONS 150 3,200 3,350 1 13 14

NUCO2 — 1,000 1,000 — 22 22

NUVEEN INVTS CL A 1,300 4,200 5,500 51 166 217

NUVELO 700 — 700 7 — 7

NVE MON — 300 300 — 8 8

NVR 93 280 373 72 215 287

NWH — 900 900 — 13 13

NYFIX 850 850 1,700 5 5 10

O CHARLEYS 400 1,600 2,000 8 31 39

O REILLY AUTOMOTIVE 950 2,200 3,150 43 99 142

OAKLEY 1,500 3,400 4,900 19 43 62

OCA 900 3,500 4,400 6 22 28

OCEANEERING INTL 400 1,000 1,400 15 37 52

OCEANFIRST FINANCIAL 350 — 350 9 — 9

OCULAR SCIENCES 350 1,100 1,450 17 54 71

OCWEN FINL 1,430 2,400 3,830 14 23 37

ODYSSEY HEALTHCARE 387 2,500 2,887 5 34 39

ODYSSEY RE HLDGS 1,900 3,000 4,900 48 76 124

OFFSHORE LOGISTICS 280 900 1,180 9 29 38

OGE ENERGY 850 3,800 4,650 23 101 124

OHIO CAS 600 2,800 3,400 14 65 79

OIL DRI AMER — 1,800 1,800 — 33 33

OIL STATES INTL 1,030 2,300 3,330 20 44 64

OLD DOMINION FGHT LINES 300 1,575 1,875 10 55 65

OLD NATL BANCORP IND RTS 1,050 2,879 3,929 27 74 101

OLD REP INTL 2,550 7,225 9,775 65 183 248

OLD SECOND BANCORP I 300 — 300 10 — 10

OLIN 590 3,100 3,690 13 68 81

OM GROUP 950 1,100 2,050 31 36 67

OMEGA FINL 200 800 1,000 7 27 34

OMEGA HEALTHCARE (REIT) 750 — 750 9 — 9

OMI CORPORATION SHS 690 3,600 4,290 12 61 73

Page B-44

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

OMNI ENERGY SVCS — 1,900 1,900 — 4 4

OMNICARE 1,516 4,200 5,716 52 145 197

OMNICELL 620 1,600 2,220 7 18 25

OMNIVISION TECHNOLOGIES 1,530 2,600 4,130 28 48 76

OMNOVA SOLUTIONS — 4,300 4,300 — 24 24

ON ASSIGNMENT 550 3,200 3,750 3 17 20

ON SEMICONDUCTOR 2,250 10,900 13,150 10 49 59

ONEIDA LTD — 500 500 — 2 2

ONEOK 1,050 3,700 4,750 30 105 135

ONYX PHARMACEUTICALS 550 1,400 1,950 18 45 63

ONYX SOFTWARE — 625 625 — 2 2

OPENWAVE SYS 1,780 2,887 4,667 28 45 73

OPLINK COMMUNICATIONS OC 950 10,800 11,750 2 21 23

OPNET TECHNOLOGIES — 1,300 1,300 — 11 11

OPSWARE 1,150 5,400 6,550 8 40 48

OPTICAL CABLE 84 — 84 — — —

OPTICAL CABLE WT EXP 24OCT07 — 212 212 — — —

OPTION CARE 1,319 1,650 2,969 23 28 51

ORASURE TECHNOLOGIES 1,175 2,800 3,975 8 19 27

ORBIT INTL — 1,000 1,000 — 11 11

ORBITAL SCIENCES A 1,070 2,500 3,570 13 30 43

ORCHID BIOSCIENCES — 3,860 3,860 — 44 44

OREGON STL MLS — 2,000 2,000 — 41 41

ORIENTAL FINL GROUP 429 1,239 1,668 12 35 47

ORLEANS HOMEBUILDERS 400 — 400 8 — 8

ORPHAN MED — 1,100 1,100 — 10 10

ORYX TECHNOLOGY — 2,100 2,100 — 5 5

OSCIENT PHARMACEUTICALS 1,500 4,800 6,300 5 18 23

OSHKOSH B GOSH CL A 300 1,100 1,400 6 24 30

OSHKOSH TRUCK 750 1,600 2,350 51 109 160

OSI PHARMACEUTICALS 722 1,600 2,322 54 120 174

OSI SYS 938 1,100 2,038 21 25 46

OTTER TAIL 450 1,000 1,450 11 26 37

OUTBACK STEAKHOUSE 840 3,000 3,840 38 137 175

OVERLAND STORAGE 732 1,000 1,732 12 17 29

OVERNITE 350 1,100 1,450 13 41 54

OVERSEAS SHIPHOLDING GROUP 440 1,500 1,940 24 83 107

OVERSTOCK 200 900 1,100 14 62 76

OWENS + MINOR 900 1,700 2,600 25 48 73

OWENS ILL 2,172 6,200 8,372 49 140 189

OXFORD INDUSTRIES 270 — 270 11 — 11

OYO GEOSPACE — 800 800 — 15 15

Page B-45

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

P F CHANGS CHINA BISTRO 340 1,200 1,540 19 68 87

PACER INTL TN 580 1,700 2,280 12 36 48

PACIFIC CAP BANCORP 1,000 2,488 3,488 34 85 119

PACIFIC ENERGY PARTNERS 300 — 300 9 — 9

PACIFIC SUNWEAR OF CALIF 2,200 3,325 5,525 49 74 123

PACIFICARE HEALTH SYSTEMS 1,252 3,700 4,952 71 209 280

PACKAGING AMER 1,555 4,700 6,255 37 111 148

PACKAGING DYNAMICS 1 — 1,180 1,180 — 17 17

PACKETEER 350 2,500 2,850 5 36 41

PAIN THERAPEUTICS — 2,900 2,900 — 21 21

PALM HBR HOMES 400 1,400 1,800 7 24 31

PALMONE 670 2,050 2,720 21 65 86

PALMSOURCE — 902 902 — 11 11

PAN PAC RETAIL PPTYS 400 1,800 2,200 25 113 138

PANAVISION — 1,700 1,700 — 11 11

PANERA BREAD CO CL A 600 1,300 1,900 24 52 76

PANTRY — 900 900 — 27 27

PAPA JOHNS INTL 360 1,100 1,460 12 38 50

PAR PHARMACEUTICAL COS 350 1,700 2,050 14 70 84

PARADYNE NETWORKS — 2,700 2,700 — 10 10

PAREXEL INTL 690 1,800 2,490 14 37 51

PARK ELECTROCHEMICAL 300 1,200 1,500 7 26 33

PARK NATL 304 656 960 41 89 130

PARK OH HLDGS — 1,900 1,900 — 49 49

PARKER DRILLING CO — 6,500 6,500 — 26 26

PARKWAY PPTYS 200 500 700 10 25 35

PARTNERS TRUST FIN’L GRP 2,888 — 2,888 34 — 34

PARTY CITY — 1,900 1,900 — 25 25

PATHMARK STORES — 1,100 1,100 — 6 6

PATINA OIL + GAS 700 3,474 4,174 26 130 156

PATRIOT TRANSN HLDG — 500 500 — 22 22

PATTERSON COS 1,840 5,800 7,640 80 252 332

PATTERSON UTI ENERGY 1,800 7,200 9,000 35 140 175

PAXAR 860 1,800 2,660 19 40 59

PAXSON COMMUNICATIONS — 6,000 6,000 — 8 8

PAYLESS SHOESOURCE 1,800 2,715 4,515 22 33 55

PC CONNECTION — 3,000 3,000 — 29 29

PC MALL — 800 800 — 18 18

PC TEL — 2,300 2,300 — 18 18

PDF SOLUTIONS 201 1,600 1,801 3 26 29

PDI 250 1,150 1,400 6 26 32

PEABODY ENERGY 894 2,700 3,594 72 218 290

Page B-46

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

PEAPACK GLADSTONE FIN 550 — 550 17 — 17

PEC SOLUTIONS — 1,700 1,700 — 24 24

PEDIATRIX MED GROUP 300 1,000 1,300 19 64 83

PEETS COFFEE AND TEA — 1,100 1,100 — 29 29

PEGASUS COMMUNICATIONS CL A — 400 400 — 4 4

PEGASUS SOLUTIONS — 1,600 1,600 — 20 20

PEGASYSTEMS — 2,200 2,200 — 19 19

PEMCO AVIATION — 300 300 — 8 8

PEMSTAR — 1,500 1,500 — 3 3

PENN AMERICA GROUP — 1,950 1,950 — 29 29

PENN NATL GAMING 650 1,800 2,450 39 109 148

PENN VA 420 800 1,220 17 32 49

PENN VIRGINIA RESOURCE 500 — 500 26 — 26

PENNICHUCK — 200 200 — 5 5

PENNSYLVANIA REAL ESTATE INVT SH BEN INT 450 1,581 2,031 19 68 87

PENTAIR 1,460 4,200 5,660 64 183 247

PENTON MEDIA — 1,700 1,700 — — —

PENWEST PHARMACEUTICALS CO — 1,300 1,300 — 16 16

PEOPLES BANCORP 250 — 250 7 — 7

PEOPLES BK BRIDGEPORT CONN 1,365 4,050 5,415 53 158 211

PEOPLES CMNTY BANCORP — 600 600 — 14 14

PEOPLES HLDG CO 535 600 1,135 18 20 38

PEP BOYS MANNY MOE + JACK 1,970 2,400 4,370 34 41 75

PEPCO HLDGS 2,703 6,700 9,403 58 143 201

PEPSIAMERICAS 1,999 6,400 8,399 42 136 178

PER SE TECHNOLOGIES 550 1,700 2,250 9 27 36

PEREGRINE SYSTEMS 10 — 10 — — —

PERFORMANCE FOOD GROUP CO 350 1,900 2,250 9 51 60

PERFORMANCE TECHNOLOGIES — 1,200 1,200 — 11 11

PERICOM SEMICONDUCTOR 700 2,600 3,300 7 25 32

PEROT SYS CDT CL A 1,570 5,400 6,970 25 87 112

PERRIGO CO 650 3,000 3,650 11 52 63

PETCO ANIMAL SUPPLIES 1,250 2,700 3,950 49 107 156

PETROHAWK ENERGY — 1,350 1,350 — 12 12

PETROLEUM DEV — 1,400 1,400 — 54 54

PETROLEUM HELICOPTERS — 300 300 — 8 8

PETSMART 2,020 6,200 8,220 72 220 292

PFF BANCORP 330 980 1,310 15 45 60

PHARMACEUTICAL PROD DEV 1,500 2,600 4,100 62 107 169

PHARMACOPEIA DRUG DISCOVERY 305 2,100 2,405 2 13 15

PHARMACYCLICS — 2,600 2,600 — 27 27

PHARMION 300 1,300 1,600 13 55 68

Page B-47

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

PHARMOS 1,950 — 1,950 3 — 3

PHC MASS CL A — 3,100 3,100 — 4 4

HILADELPHIA CONS HLDG 300 900 1,200 20 60 80

PHILLIPS VAN HEUSEN 400 1,300 1,700 11 35 46

PHOENIX COS 960 4,000 4,960 12 50 62

PHOENIX TECHNOLOGIES LTD — 1,200 1,200 — 10 10

PHOTON DYNAMICS 250 — 250 6 — 6

PHOTRONICS 550 1,310 1,860 9 22 31

PICO HLDGS — 1,100 1,100 — 23 23

PIEDMONT NAT GAS 1,900 3,200 5,100 44 74 118

PIER 1 IMPORTS 2,650 4,000 6,650 52 79 131

PILGRIMS PRIDE 600 2,700 3,300 18 83 101

PINNACLE ENTMT 600 2,300 2,900 12 45 57

PINNACLE SYS 1,340 3,300 4,640 8 20 28

PIONEER NAT RES CO 2,114 6,200 8,314 74 218 292

PIONEER RAIL — 2,700 2,700 — 8 8

PIPER JAFFRAY COS 250 800 1,050 12 38 50

PITTSBURGH + W VA RR SH BEN INT — 1,500 1,500 — 14 14

PIXAR 1,390 2,400 3,790 119 205 324

PIXELWORKS 830 2,700 3,530 9 31 40

PLAINS ALL AMERN PIPELINE L P UNIT LTD PARTNERSHIP INT 950 2,400 3,350 36 91 127

PLAINS EXPL + PRODTN CO 1,596 3,806 5,402 41 99 140

PLANAR SYS — 900 900 — 10 10

PLANTRONICS 750 1,900 2,650 31 79 110

PLATO LEARNING — 1,466 1,466 — 11 11

PLAYBOY ENTERPRISES CL B 600 2,000 2,600 7 25 32

PLAYTEX PRODS 1,520 3,800 5,320 12 30 42

PLEXUS 1,500 1,860 3,360 20 24 44

PLUG PWR 1,000 4,700 5,700 6 29 35

PLX TECHNOLOGY — 2,400 2,400 — 25 25

PMA CAP CL A — 1,200 1,200 — 12 12

PMC L TR SH BEN INT — 1,688 1,688 — 26 26

PMI GROUP 1,320 4,100 5,420 55 171 226

PNM RES 2,075 3,000 5,075 52 76 128

POCAHONTAS BANCORP — 1,000 1,000 — 16 16

POGO PRODUCING CO 700 2,600 3,300 34 126 160

POINT THERAPEUTICS — 3,300 3,300 — 18 18

POLARIS INDS 870 2,000 2,870 59 136 195

POLO RALPH LAUREN CL A 1,400 4,000 5,400 60 170 230

POLYCOM 1,150 4,100 5,250 27 96 123

POLYMEDICA 350 1,200 1,550 13 45 58

POLYONE 1,930 4,400 6,330 17 40 57

Page B-48

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

POMEROY IT SOLUTIONS — 1,400 1,400 — 21 21

POPE + TALBOT — 1,100 1,100 — 19 19

POPULAR 3,540 11,600 15,140 102 334 436

PORTAL SOFTWARE 390 4,160 4,550 1 11 12

PORTFOLIO RECOVERY ASSOCI 250 — 250 10 — 10

POSSIS MED 250 1,300 1,550 3 18 21

POST PPTYS 600 2,000 2,600 21 70 91

POTLATCH 380 1,300 1,680 19 66 85

POWELL INDS — 600 600 — 11 11

POWER INTEGRATIONS 600 1,600 2,200 12 32 44

POWERWAVE TECHNOLOGIES 250 5,600 5,850 2 47 49

PRAECIS PHARM 1,675 — 1,675 3 — 3

PRE PAID LEGAL SVCS 400 1,100 1,500 15 41 56

PRECISION CASTPARTS 900 2,554 3,454 59 168 227

PREMCOR 1,240 3,700 4,940 52 156 208

PRENTISS PPTYS TR SH BEN INT 700 1,800 2,500 27 69 96

PRESIDENTIAL LIFE 500 2,200 2,700 8 37 45

PRESSTEK 2,522 2,700 5,222 24 26 50

PRG SHULTZ INTL — 4,850 4,850 — 24 24

PRICE COMMUNICATIONS 1,050 2,450 3,500 20 46 66

PRICELINE 421 2,033 2,454 10 48 58

PRICESMART — 1,500 1,500 — 11 11

PRICESMART RT PUR — 1,500 1,500 — 2 2

PRIDE INTERNATIONAL 1,980 5,500 7,480 41 113 154

PRIMEDIA 3,700 9,236 12,936 14 35 49

PRIMUS TELECOMM GROUP 2,500 6,500 9,000 8 21 29

PRINCETON REVIEW — 2,800 2,800 — 17 17

PRIORITY HEALTHCARE CL B 450 2,094 2,544 10 46 56

PRIVATEBANK 460 1,200 1,660 15 39 54

PROASSURANCE 350 1,320 1,670 14 52 66

PROGENICS PHAARMACEUTICALS — 1,400 1,400 — 24 24

PROGRESS SOFTWARE 650 1,500 2,150 15 35 50

PROQUEST COMPANY 350 1,300 1,650 10 39 49

PROSPERITY BANCSHARES 260 1,300 1,560 8 38 46

PROTECTIVE LIFE 1,011 3,000 4,011 43 128 171

PROTEIN DESIGN LABS 2,760 3,900 6,660 57 81 138

PROVIDENT BANCORP 700 3,102 3,802 9 41 50

PROVIDENT BANKSHARES 450 1,551 2,001 16 56 72

PROVIDENT FINACIAL SERVICES 633 3,400 4,033 12 66 78

PROVINCE HEALTHCARE CO 1,750 2,000 3,750 39 45 84

PROXIM CL A — 170 170 — 1 1

PROXYMED — 306 306 — 3 3

Page B-49

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

PS BUSINESS PKS CA 500 800 1,300 23 36 59

PSS WORLD MED 2,650 2,500 5,150 33 31 64

PSYCHIATRIC SOLUTIONS 300 — 300 11 — 11

PTEK HLDGS 1,340 2,700 4,040 14 29 43

PUBLIC STORAGE 1,710 5,500 7,210 95 307 402

PUGET ENERGY 1,448 4,600 6,048 36 114 150

PULITZER 180 500 680 12 32 44

PYR ENERGY — 7,400 7,400 — 8 8

QLT — 1,100 1,100 — 18 18

QMED — 1,900 1,900 — 21 21

QUAKER FABRIC — 1,900 1,900 — 11 11

QUALITY SYSTEMS — 500 500 — 30 30

QUANEX 340 900 1,240 23 62 85

QUANTA SERVICES 3,750 5,200 8,950 30 42 72

QUANTUM DSSG 4,540 8,600 13,140 12 23 35

QUEST SOFTWARE 1,070 3,900 4,970 17 62 79

QUESTAR 1,150 3,600 4,750 59 183 242

QUICKSILVER RES 700 2,800 3,500 26 103 129

QUIKSILVER 1,200 2,700 3,900 36 80 116

R + G FINANCIAL CL B 380 1,600 1,980 15 62 77

RADIAN GROUP 1,300 4,008 5,308 69 213 282

RADIANT SYS — 1,150 1,150 — 7 7

RADIO ONE CL A 1,750 4,400 6,150 28 71 99

RADIOLOGIX — 2,200 2,200 — 10 10

RADISYS — 1,600 1,600 — 31 31

RAILAMERICA — 1,600 1,600 — 21 21

RAINMAKER SYS — 7,200 7,200 — 9 9

RAIT INVT TR 420 1,400 1,820 12 39 51

RALCORP HLDGS 370 1,000 1,370 16 42 58

RAMBUS 3,050 4,380 7,430 70 101 171

RAMCO GERSHENSON PPTYS TR SH BEN INT 300 1,200 1,500 10 39 49

RANGE RES 1,030 2,600 3,630 21 53 74

RARE HOSPITALITY INTL 550 1,650 2,200 18 53 71

RAYMOND JAMES FINANCIAL 900 3,050 3,950 28 94 122

RAYONIER 552 2,371 2,923 27 116 143

RAYOVAC 500 1,400 1,900 15 43 58

RC2 200 900 1,100 7 29 36

RCN CORPORTION 1,600 — 1,600 — — —

READERS DIGEST ASSN 1,100 3,900 5,000 15 54 69

REALNETWORKS 5,900 7,900 13,800 39 52 91

REALTY OME 700 1,800 2,500 35 91 126

RECKSON ASSOCS RLTY 1,600 2,700 4,300 52 89 141

Page B-50

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

RED HAT 1,950 8,000 9,950 26 107 133

RED ROBIN GOURMET BURGERS 250 800 1,050 13 43 56

REDBACK NETWORKS 3 2,774 2,777 — 15 15

REDBACK NETWORKS WT 3 78 81 — — —

REDWOOD EMPIRE BANCORP — 450 450 — 13 13

REDWOOD TR . 200 900 1,100 12 56 68

REGAL BELOIT 400 1,200 1,600 11 34 45

REGAL ENTMT GROUP CL A 2,090 6,000 8,090 43 125 168

REGENCY CTRS 886 2,800 3,686 49 155 204

REGENERATION TECHNOLOGIES 200 — 200 2 — 2

REGENERON PHARMACEUTICALS 1,450 3,300 4,750 13 30 43

REGENT COMMUNICATIONS 1,250 3,100 4,350 7 16 23

REGIS CORP MINNESOTA 400 2,000 2,400 18 92 110

REGISTER — 1,645 1,645 — 10 10

REHABCARE GROUP 300 1,300 1,600 8 36 44

REINSURANCE GROUP AMER 870 2,550 3,420 42 124 166

RELIANCE STL + ALUM CO 350 1,300 1,650 14 51 65

RELIANT ENERGY 4,344 12,500 16,844 59 171 230

REMEC 1,050 3,600 4,650 8 26 34

REMINGTON OIL GAS 610 1,500 2,110 17 41 58

RENAISSANCE LEARNING 450 1,500 1,950 8 28 36

RENAL CARE GROUP 977 3,300 4,277 35 119 154

RENT A CTR 1,650 3,150 4,800 44 83 127

RENT WAY 600 2,000 2,600 5 16 21

RENTRAK — 1,000 1,000 — 13 13

REPUBLIC BANCORP 1,188 3,955 5,143 18 60 78

REPUBLIC BANCORP -CL.A 400 — 400 10 — 10

REPUBLIC SVCS 2,150 6,700 8,850 72 225 297

RES CARE 600 1,900 2,500 9 29 38

RESEARCH FRONTIERS — 1,900 1,900 — 12 12

RESMED 950 1,700 2,650 49 87 136

RESOURCES CONNECTION 450 1,200 1,650 24 65 89

RESPIRONICS 350 1,600 1,950 19 87 106

RESTORATION HARDWARE — 4,100 4,100 — 24 24

RETAIL VENTURES 900 — 900 6 — 6

RETEK — 4,045 4,045 — 25 25

REVLON CL A — 15,600 15,600 — 36 36

REX STORES — 750 750 — 11 11

REYNOLDS + REYNOLDS CO CL A 2,100 3,100 5,200 56 82 138

RF MICRO DEVICES 4,730 8,200 12,930 32 56 88

RGC RES — 700 700 — 18 18

RH DONNELLEY 370 1,600 1,970 22 94 116

Page B-51

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

RIGEL PHARMACEUTICALS 300 900 1,200 7 22 29

RIGGS NATL 350 — 350 7 — 7

RIGHTNOW TECHNOLOGIES — 2,100 2,100 — 34 34

RIMAGE — 1,100 1,100 — 18 18

RITA MED SYS — 1,010 1,010 — 4 4

RITE AID 4,750 21,900 26,650 17 80 97

RIVERVIEW BANCORP — 200 200 — 4 4

RLI 300 800 1,100 12 33 45

ROBBINS + MYERS — 900 900 — 21 21

ROCHESTER MED — 800 800 — 8 8

ROCK TENN CO CL A 890 1,800 2,690 13 27 40

ROCKFORD — 2,600 2,600 — 5 5

ROCKY MTN CHOCOLATE FACTORY — 2,422 2,422 — 35 35

ROGERS 250 800 1,050 11 34 45

ROLLINS 500 1,950 2,450 13 51 64

ROPER INDS 613 1,600 2,213 37 97 134

ROSS STORES 2,202 6,100 8,302 64 176 240

ROYAL CARIBBEAN CRUISES LTD SHS 2,811 8,210 11,021 153 447 600

ROYAL GOLD 350 1,700 2,050 6 31 37

RPM INTL 2,300 4,700 7,000 45 92 137

RSA SEC 1,850 2,950 4,800 37 59 96

RUBY TUESDAY 600 2,800 3,400 16 73 89

RUDDICK 1,100 2,200 3,300 24 48 72

RUDOLPH TECHNOLOGIES 300 1,400 1,700 5 24 29

RURAL CELLUAR CL A — 1,700 1,700 — 11 11

RUSS BERRIE + CO 300 1,100 1,400 7 25 32

RUSSELL 600 1,400 2,000 12 27 39

RYANS RESTAURANT GROUP 850 1,700 2,550 13 26 39

RYERSON TULL 500 1,900 2,400 8 30 38

RYLAND GROUP 1,186 1,860 3,046 68 107 175

S + T BANCORP 500 1,300 1,800 19 49 68

S S & C TECHNOLOGIES 350 — 350 7 — 7

S Y BANCORP 350 1,100 1,450 8 27 35

S1 1,100 3,500 4,600 10 32 42

SABA SOFTWARE 187 — 187 1 — 1

SAFEGUARD SCIENTIFICS — 9,900 9,900 — 21 21

SAFENET 1,133 823 1,956 42 30 72

SAFETY INSURANCE GRP 1,015 — 1,015 32 — 32

SAGA COMMUNICATIONS CL A 400 1,150 1,550 7 19 26

SAKS 1,500 5,675 7,175 22 82 104

SALEM COMMUNICATIONS CL A 250 1,400 1,650 6 35 41

SALESFORCE 1,540 4,600 6,140 26 78 104

Page B-52

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

SALIX PHARMACEUTICALS LTD 825 1,950 2,775 15 34 49

SAMSONITE CORPORATION 5,900 — 5,900 5 — 5

SANDERS MORRIS HARIS GROUP — 2,600 2,600 — 46 46

SANDERSON FARMS 390 750 1,140 17 32 49

SANDISK 2,270 6,700 8,970 57 167 224

SANDY SPRING BANCORP CMT 330 900 1,230 13 34 47

SANGAMO BIOSCIENCES — 3,100 3,100 — 19 19

SANTANDER BANCORP 440 1,875 2,315 13 57 70

SANTARUS 500 — 500 5 — 5

SAPIENT 1,450 5,000 6,450 11 40 51

SATCON TECHNOLOGY — 3,200 3,200 — 6 6

SAUCONY CL B — 1,200 1,200 — 33 33

SAUER DANFOSS 550 1,800 2,350 12 39 51

SAUL CTRS 250 1,400 1,650 10 54 64

SAVANNAH BANCORP — 925 925 — 25 25

SAVIENT PHARMACEUTICALS — 4,700 4,700 — 13 13

SAXON CAP 520 2,100 2,620 12 50 62

SBS TECHNOLOGIES — 1,300 1,300 — 18 18

SCANA 1,530 4,610 6,140 60 182 242

SCANSOFT 1,400 4,800 6,200 6 20 26

SCANSOURCE 400 700 1,100 25 44 69

SCHEIN HENRY 600 2,000 2,600 42 139 181

SCHLOTZSKYS — 2,100 2,100 — — —

SCHNITZER STEEL INDS CL A 375 — 375 13 — 13

SCHOLASTIC 250 1,600 1,850 9 59 68

SCHOOL SPECIALTY 350 576 926 13 22 35

SCHULMAN A 350 1,300 1,650 7 28 35

SCHWEITZER MAUDUIT INTL 230 1,100 1,330 8 37 45

SCIENTIFIC GAMES CL A 700 3,000 3,700 17 72 89

SCO GROUP — 1,200 1,200 — 5 5

SCOTTS CO CL A 750 1,200 1,950 55 88 143

SCP POOL 765 1,612 2,377 24 51 75

SCRIPPS E W CO OH CL A 2,160 6,640 8,800 104 321 425

SCS TRANSPORTATION 300 — 300 7 — 7

SEABORD — 50 50 — 50 50

SEABULK INTERNATIONAL 1,727 — 1,727 21 — 21

SEACHANGE INTL 450 1,000 1,450 8 17 25

SEACOAST BANKING . 350 — 350 8 — 8

SEACOR HLDGS 250 900 1,150 13 48 61

SEAGATE TECHNOLOGY SHS 6,742 19,800 26,542 116 342 458

SEATTLE GENETICS 1,420 3,000 4,420 9 20 29

SECURE PUTING 790 2,400 3,190 8 24 32

Page B-53

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

SEEBEYOND TECHNOLOGY 800 4,000 4,800 3 14 17

SEI INVESTMENTS CO 2,950 4,700 7,650 124 197 321

SELECT FORT OC CAP STK 900 2,000 2,900 16 36 52

SELECT MED OC 3,225 4,200 7,425 57 74 131

SELECTIVE INS GROUP 600 1,300 1,900 27 58 85

SEMCO ENERGY — 3,000 3,000 — 16 16

SEMITOOL — 2,600 2,600 — 24 24

SEMTECH 1,000 3,400 4,400 22 74 96

SENIOR HSG PPTSY TR SH BEN INT 700 2,460 3,160 13 47 60

SENSIENT TECHNOLOGIES 680 2,100 2,780 16 50 66

SEPRACOR 1,275 3,800 5,075 76 226 302

SEQUA CL A 200 600 800 12 37 49

SEQUENOM — 3,100 3,100 — 4 4

SERACARE LIFE SCIENCES — 900 900 — 13 13

SERENA SOFTWARE 600 1,700 2,300 13 37 50

SEROLOGICALS 610 1,200 1,810 13 27 40

SERVICE INTL 3,300 12,600 15,900 25 94 119

SERVICE MASTER COMPANY 8,000 12,350 20,350 110 170 280

SFBC INTL 300 1,200 1,500 12 47 59

SHARPER IMAGE 370 800 1,170 7 15 22

SHAW GROUP 750 2,400 3,150 13 43 56

SHELBOURNE II LIQ TRUST 200 — 200 3 — 3

SHELBOURNE PPTYS II — 200 200 — 1 1

SHELBOURNE PPTYS III — 1,200 1,200 — 1 1

SHENANDOAH TELECOMM CO 400 — 400 12 — 12

SHOE CARNIVAL — 900 900 — 12 12

SHOPKO STORES 550 2,000 2,550 10 37 47

SHUFFLE MASTER 390 1,499 1,889 18 71 89

SHURGARD STORAGE CTRS CL A 1,200 2,100 3,300 53 92 145

SIERRA HEALTH SVCS 550 1,300 1,850 30 72 102

SIERRA PAC RES 1,800 5,300 7,100 19 56 75

SIGMA DESIGNS — 1,600 1,600 — 16 16

SIGMATRON INTL — 900 900 — 12 12

SIGNATURE BK YORK NY 300 1,000 1,300 10 32 42

SILGAN HLDGS 230 1,100 1,330 14 67 81

SILICON GRAPHICS 13,514 17,800 31,314 23 31 54

SILICON IMAGE 1,220 — 1,220 20 — 20

SILICON LABORATORIES OC 1,450 2,300 3,750 51 81 132

SILICON STORAGE TECHNOLOGY 990 4,700 5,690 6 28 34

SILICON VY BANCSHARES 650 1,500 2,150 29 67 96

SILICONIX 450 1,500 1,950 16 55 71

SIMON PPTY GROUP — 587 587 — 38 38

Page B-54

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

SIMPLETECH — 5,100 5,100 — 23 23

SIMPSON MFG 800 1,600 2,400 28 56 84

SINCLAIR BROADCAST GROUP CL A 1,510 2,700 4,210 14 25 39

SIPEX — 3,100 3,100 — 15 15

SIRENZA MICRODEVICES 950 3,000 3,950 6 20 26

SIRF TECHNOLOGY HLDGS 550 2,900 3,450 7 37 44

SIRIUS SATELLITE RADIO 22,710 52,500 75,210 174 402 576

SIRNA THERAPEUTICS 1,806 3,300 5,106 6 10 16

SIRVA 1,600 2,900 4,500 31 56 87

SIX FLAGS 1,250 4,400 5,650 7 24 31

SIZELER PPTY INVS — 1,100 1,100 — 13 13

SKECHERS FOOT WEAR 600 — 600 8 — 8

SKY FINL GROUP 1,393 4,714 6,107 40 135 175

SKYLINE 200 400 600 8 16 24

SKYTERRA COMMUNICATIONS — 2,000 2,000 — 54 54

SKYWEST 830 2,600 3,430 17 52 69

SKYWORKS SOLUTIONS 1,510 6,200 7,710 14 58 72

SL GREEN RLTY 390 1,700 2,090 24 103 127

SMART + FINAL 500 1,800 2,300 7 26 33

SMITH A O 960 1,100 2,060 29 33 62

SMITH INTL 1,400 4,500 5,900 76 245 321

SMITHFIELD FOODS 1,233 4,700 5,933 36 139 175

SMUCKER J M CO 601 2,236 2,837 28 105 133

SMURFIT STONE CONTAINER 3,693 10,800 14,493 69 202 271

SOCKET COMMUNICATIONS — 1,200 1,200 — 2 2

SOLA INTL 610 1,100 1,710 17 30 47

SOMERA COMMUNICATIONS 1,150 2,800 3,950 1 4 5

SONIC 505 2,362 2,867 15 72 87

SONIC AUTOMOTIVE CL A 620 1,300 1,920 15 32 47

SONIC INNOVATIONS — 1,900 1,900 — 8 8

SONIC SOLUTIONS 300 1,300 1,600 7 29 36

SONICWALL 1,800 4,800 6,600 11 30 41

SONOCO PRODS CO 1,427 4,360 5,787 42 129 171

SONOSITE 350 1,200 1,550 12 41 53

SONUS NETWORKS 4,761 9,490 14,251 27 54 81

SOTHEBYS HLDGS CL A 700 2,300 3,000 13 42 55

SOUND FED BANCORP — 1,390 1,390 — 23 23

SOURCE — 1,200 1,200 — 23 23

SOURCE INTERLINK COS — 1,900 1,900 — 25 25

SOUTH FINL GROUP 610 3,054 3,664 20 99 119

SOUTH JERSEY INDS 310 600 910 16 32 48

SOUTHERN PERU COPPER 1,100 3,300 4,400 52 156 208

Page B-55

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

SOUTHERN UN CO 2,181 3,121 5,302 52 75 127

SOUTHWEST BANCORP OKLA — 1,300 1,300 — 32 32

SOUTHWEST BANCORPORATION TEX 1,200 3,100 4,300 28 72 100

SOUTHWEST GAS 680 1,000 1,680 17 25 42

SOUTHWESTERN ENERGY CO 550 1,500 2,050 28 76 104

SOVEREIGN BANCORP — 643 643 — 14 14

SOVRAN SELF STORAGE REIT 200 — 200 8 — 8

SPACEHAB — 5,700 5,700 — 12 12

SPANISH BROADCASTING SYS CL A 750 2,500 3,250 8 26 34

SPARTECH 740 1,200 1,940 20 33 53

SPECIALTY LABORATORIES — 2,300 2,300 — 25 25

SPECTRALINK — 1,600 1,600 — 23 23

SPECTRASITE 713 2,200 2,913 41 127 168

SPEEDWAY MOTORSPORTS 620 1,800 2,420 24 71 95

SPHERION 1,280 2,700 3,980 11 23 34

SPINNAKER EXPL CO 800 1,300 2,100 28 46 74

SPORTS AUTH 250 1,196 1,446 6 31 37

SPORTS RESORTS INTL 3,847 4,000 7,847 11 12 23

SPORTSMANS GUIDE — 200 200 — 5 5

SPSS — 1,600 1,600 — 25 25

SPX 834 3,336 4,170 33 134 167

SRA INTL CL A 330 1,100 1,430 21 71 92

SRS LABS — 2,700 2,700 — 17 17

ST JOE CO 1,070 3,300 4,370 69 212 281

ST MARY LD + EXPL CO 400 1,300 1,700 17 54 71

STAGE STORES 320 1,000 1,320 13 42 55

STAMPS.COM 1,494 — 1,494 24 — 24

STANCORP FINL GROUP 300 1,300 1,600 25 107 132

STANDARD L 878 600 1,478 17 12 29

STANDARD MGMT — 1,400 1,400 — 5 5

STANDARD MICROSYSTEMS COR 300 — 300 5 — 5

STANDARD MTR PRODS 550 1,500 2,050 9 24 33

STANDARD PAC 350 1,400 1,750 22 90 112

STANDARD REGISTER — 800 800 — 11 11

STANLEY FURNITURE — 600 600 — 27 27

STAR SCIENTIFIC — 3,400 3,400 — 17 17

STARTEK 200 1,100 1,300 6 31 37

STATE AUTO FINL 870 1,800 2,670 22 47 69

STATE BANCORP N Y — 1,126 1,126 — 31 31

STATION CASINOS 870 2,750 3,620 48 150 198

STATS CHIPPAC LTD SPONSORED ADR — 4,437 4,437 — 27 27

STEEL DYNAMICS 532 2,200 2,732 20 83 103

Page B-56

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

STEEL TECHNOLOGIES — 1,100 1,100 — 30 30

STEELCASE CL A 2,159 5,800 7,959 30 80 110

STEELCLOUD — 1,800 1,800 — 3 3

STEIN MART 930 2,700 3,630 16 46 62

STEINWAY MUSICAL INSTRS 200 600 800 6 17 23

STELLENT — 2,000 2,000 — 18 18

STERICYCLE 450 1,600 2,050 21 74 95

STERIS 1,691 2,800 4,491 40 66 106

STERLING BANCORP/NY 300 — 300 8 — 8

STERLING BANCSHARES 700 2,450 3,150 10 35 45

STERLING FINL 500 1,593 2,093 14 46 60

STERLING FINL WASH 440 1,412 1,852 17 55 72

STEWART + STEVENSON SVCS 400 1,100 1,500 8 22 30

STEWART ENTERPRISES CL A 1,660 4,000 5,660 12 28 40

STEWART INFORMATION SVCS 380 900 1,280 16 37 53

STILLWATER MNG CO 1,399 4,717 6,116 16 53 69

STONE ENERGY 410 1,100 1,510 19 50 69

STONERIDGE 500 — 500 8 — 8

STORAGE TECHNOLOGY 1,550 4,900 6,450 49 155 204

STRATEGIC DISTR — 1,400 1,400 — 19 19

STRATEGIC HOTEL CAP — 2,300 2,300 — 38 38

STRATEX NETWORKS — 4,110 4,110 — 9 9

STRATOS INTERNATIONAL 210 726 936 1 3 4

STRAYER ED 200 450 650 22 49 71

STRIDE RITE 1,250 2,800 4,050 14 31 45

STUDENT LN 291 1,020 1,311 54 188 242

STURM RUGER & CO 600 — 600 6 — 6

SUFFOLK BANCORP 250 800 1,050 9 28 37

SUMMIT BANKSHARES FT WORTH — 700 700 — 26 26

SUMMIT PPTYS 520 1,400 1,920 17 46 63

SUN BANCORP 350 — 350 9 — 9

SUN CMNTYS 450 1,100 1,550 18 44 62

SUNRISE SENIOR LIVING 300 900 1,200 14 42 56

SUNRISE TELECOM — 5,900 5,900 — 17 17

SUPERCONDUCTOR TECHNOLOGIES — 800 800 — 1 1

SUPERIOR ENERGY SVCS 1,550 3,600 5,150 24 55 79

SUPERIOR INDS INTL 300 1,000 1,300 9 29 38

SUPERIOR UNIFORM GROUP — 1,200 1,200 — 18 18

SUPPORTSOFT — 2,800 2,800 — 19 19

SUREWEST COMMUNICATIONS 250 700 950 7 20 27

SURMODICS 350 1,200 1,550 11 39 50

SUSQUEHANNA BANCSHARES PA 610 2,050 2,660 15 51 66

Page B-57

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

SWIFT ENERGY CO 350 1,900 2,250 10 55 65

SWIFT TRANSN 1,527 3,490 5,017 33 75 108

SWS GROUP 450 1,283 1,733 10 28 38

SYBASE 2,650 3,972 6,622 53 79 132

SYBRON DENTAL SPECIALTIES 650 1,900 2,550 23 67 90

SYCAMORE NETWORKS 2,550 11,950 14,500 10 49 59

SYKES ENTERPRISES — 3,400 3,400 — 24 24

SYMBION DE — 1,600 1,600 — 35 35

SYMMETRICOM — 3,400 3,400 — 33 33

SYMS — 1,400 1,400 — 17 17

SYMYX TECHNOLOGIES 400 1,350 1,750 12 41 53

SYNALLOY — 1,500 1,500 — 15 15

SYNAPTICS 350 1,600 1,950 11 49 60

SYNOPSYS 1,720 6,566 8,286 34 129 163

SYNOVIS LIFE TECHNOLOGIES — 700 700 — 8 8

SYNTEL 610 2,100 2,710 11 37 48

SYNTROLEUM — 4,900 4,900 — 39 39

SYPRIS SOLUTIONS — 700 700 — 11 11

T HQ 550 1,625 2,175 13 37 50

TAKE TWO INTERACTIVE SOFTWARE CDT 1,030 1,800 2,830 36 63 99

TALBOTS 950 2,400 3,350 26 65 91

TALX — 940 940 — 24 24

TANDY BRANDS ACCESSORIES — 1,400 1,400 — 21 21

TANGER FACTORY OUTLET CTRS 540 1,600 2,140 14 42 56

TANOX 550 1,700 2,250 8 26 34

TARRANT APPAREL GROUP — 2,400 2,400 — 6 6

TASER INTL 760 2,400 3,160 24 76 100

TAUBMAN CENTERS REIT 1,200 2,000 3,200 36 60 96

TBC 230 1,100 1,330 6 31 37

TC PIPELINES LP UNIT LTD PARNERSHIP INT 330 1,000 1,330 13 38 51

TCF FINANCIAL 2,000 6,400 8,400 64 206 270

TECH DATA 1,180 2,700 3,880 54 123 177

TECHNE 1,100 1,800 2,900 43 70 113

TECHNICAL OLYMPIC USA 570 2,150 2,720 15 55 70

TECHNITROL 450 1,600 2,050 8 29 37

TECHNOLOGY SOLUTIONS CO — 5,200 5,200 — 6 6

TECUMSEH PRODS CO CL A 1,470 800 2,270 70 38 108

TEJON RANCH CO 370 — 370 15 — 15

TEKELEC 550 2,600 3,150 11 53 64

TEKTRONIX — 460 460 — 14 14

TELECOMCOMMUNICATION SYS CL A — 600 600 — 2 2

TELEDYNE TECHNOLOGIES 500 900 1,400 15 26 41

Page B-58

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

TELEFLEX 1,030 1,700 2,730 54 88 142

TELEPHONE + DATA SYS 790 2,500 3,290 61 192 253

TELETECH HLDGS 950 4,640 5,590 9 45 54

TELIK 700 1,700 2,400 13 33 46

TELLABS — 1,814 1,814 — 16 16

TEMPUR PEDIC INTL 2,750 4,100 6,850 58 87 145

TENNANT CO 200 700 900 8 28 36

TENNECO AUTOMOTIVE 550 — 550 10 — 10

TEPPCO PARTNERS L P 860 2,600 3,460 34 102 136

TERAYON COMMUNICATION SYS — 5,100 5,100 — 14 14

TEREX 530 1,800 2,330 25 86 111

TERRA INDUSTRIES 2,060 — 2,060 18 — 18

TERRA NITROGEN CO L P UNIT — 2,800 2,800 — 62 62

TESORO 800 2,900 3,700 26 92 118

TESSERA TECHNOLOGIES 660 1,700 2,360 25 63 88

TETRA TECH 950 2,400 3,350 16 40 56

TETRA TECHNOLOGIES 675 950 1,625 19 27 46

TEXAS INDS 380 800 1,180 24 50 74

TEXAS REGL BANCSHARES CL A VTG 975 1,891 2,866 32 62 94

TEXAS ROADHOUSE CL A — 1,500 1,500 — 44 44

THE STEAK AND SHAKE COMPANY 400 1,200 1,600 8 24 32

THERAGENICS — 1,200 1,200 — 5 5

THERAVANCE — 2,200 2,200 — 39 39

THERMA WAVE — 3,500 3,500 — 12 12

THIRD WAVE TECHNOLOGIES — 5,600 5,600 — 48 48

THOMAS + BETTS 876 2,500 3,376 27 77 104

THOMAS INDS 200 1,000 1,200 8 40 48

THOMAS NELSON . 350 — 350 8 — 8

THOR INDS 1,000 2,600 3,600 37 96 133

THORATEC 950 2,202 3,152 10 23 33

THORNBURG MTG 1,209 3,500 4,709 35 101 136

THREE FIVE SYS 100 950 1,050 — 2 2

TIBCO SOFTWARE 2,930 8,550 11,480 39 114 153

TIDEWATER 1,464 2,400 3,864 52 85 137

TIER TECHNOLOGIES CL B — 600 600 — 6 6

TIMBERLAND CO CL A 350 1,600 1,950 22 100 122

TIME WARNER TELECOM CL A 150 7,260 7,410 1 32 33

TIMKEN CO 1,000 3,500 4,500 26 91 117

TIPPINGPOINT TECHNOLOGIES — 900 900 — 42 42

TITAN 680 3,449 4,129 11 56 67

TITAN INTL ILL — 1,600 1,600 — 24 24

TITAN PHARMACEUTICALS — 3,900 3,900 — 13 13

Page B-59

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

TIVO 1,500 4,800 6,300 9 28 37

TNS — 1,800 1,800 — 39 39

TODCO CL A — 2,800 2,800 — 52 52

TOLL BROS 1,060 3,100 4,160 73 213 286

TOLLGRADE COMMUNICATIONS — 650 650 — 8 8

TOMPKINS COUNTY TRUST 150 — 150 8 — 8

TOO 620 1,600 2,220 15 39 54

TOOTSIE ROLL INDS 1,350 1,993 3,343 47 69 116

TOPPS . 550 — 550 5 — 5

TORCH OFFSHORE — 2,500 2,500 — 4 4

TORO CO 240 1,100 1,340 20 89 109

TOTAL SYS SVCS 2,866 8,300 11,166 70 202 272

TOUCH AMERICA HLDGS 450 — 450 — — —

TOWER AUTOMOTIVE 800 3,300 4,100 2 8 10

TOWN & COUNTRY TRUST 300 — 300 8 — 8

TRACTOR SUPPLY CO 1,110 1,800 2,910 41 67 108

TRADESTATION GROUP 1,100 — 1,100 8 — 8

TRAMMELL CROW CO 550 1,400 1,950 10 25 35

TRANS LUX — 1,300 1,300 — 10 10

TRANS WORLD ENTMT 850 4,200 5,050 11 52 63

TRANSACTION SYS ARCHITECTS CL A 500 2,100 2,600 10 42 52

TRANSATLANTIC HLDGS 957 2,681 3,638 59 166 225

TRANSKARYOTIC THERAPIES 500 2,100 2,600 13 53 66

TRANSMETA 500 9,700 10,200 1 16 17

TRANSMONTAIGNE 2,965 3,600 6,565 18 22 40

TRANSNATIONAL FINL NETWORK — 3,400 3,400 — 2 2

TRANSNET — 2,200 2,200 — 3 3

TRANSPORT CORP OF AMERICA — 2,100 2,100 — 18 18

TRANSWITCH 300 7,400 7,700 1 11 12

TRC COS — 1,000 1,000 — 17 17

TREDEGAR INDS 500 1,900 2,400 10 38 48

TRESTLE HLDGS — 2,300 2,300 — 5 5

TREX 200 700 900 11 37 48

TRIAD GTY 250 600 850 15 36 51

TRIAD HOSPS 1,118 3,316 4,434 42 123 165

TRIARC COS CL B SER 1 640 2,900 3,540 8 36 44

TRICO BANCSHARES 400 — 400 9 — 9

TRICO MARINE SVCS — 3,100 3,100 — 1 1

TRIMBLE NAVIGATION LTD 466 2,350 2,816 15 78 93

TRIMEDYNE — 3,000 3,000 — 2 2

TRIMERIS 250 1,300 1,550 4 18 22

TRINITY INDS 400 1,800 2,200 14 61 75

Page B-60

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

TRIPATH IMAGING 750 — 750 7 — 7

TRIPOS — 2,500 2,500 — 13 13

TRIQUINT SEMICONDUCTOR 1,900 7,380 9,280 9 33 42

TRITON PCS HLDGS CL A 1,050 5,800 6,850 4 20 24

TRIUMPH GROUP 250 600 850 10 24 34

TRIZEC PPTYS 2,212 6,300 8,512 42 119 161

TRIZETTO GROUP 1,100 3,300 4,400 11 31 42

TRM — 800 800 — 19 19

TRUSTCO BK N Y 1,150 3,700 4,850 16 51 67

TRUSTMARK 800 2,300 3,100 25 71 96

TRW AUTOMOTIVE HLDGS 2,110 4,100 6,210 44 85 129

TTM TECHNOLOGIES 650 2,700 3,350 8 32 40

TUESDAY MORNING 700 1,600 2,300 22 49 71

TUMBLEWEED COMMUNICATIONS — 3,800 3,800 — 13 13

TUPPERWARE 720 2,400 3,120 15 50 65

TURBOCHEF TECHNOLOGIES — 1,200 1,200 — 27 27

TWEETER HOME ENTMT GROUP — 2,600 2,600 — 18 18

TWIN DISC — 900 900 — 23 23

TYSON FOODS CLS A 4,652 14,719 19,371 86 271 357

U S B HLDG 367 1,535 1,902 9 38 47

U S CONCRETE — 1,900 1,900 — 15 15

U S GOLD — 4,300 4,300 — 2 2

U S I HLDGS 820 1,900 2,720 10 22 32

U S XPRESS ENTERPRISES CL A — 600 600 — 18 18

UBIQUITEL 1,700 — 1,700 12 — 12

UCBH HLDGS 500 2,200 2,700 23 101 124

UGI 630 1,950 2,580 26 80 106

UICI 840 2,100 2,940 29 71 100

UIL HLDG 300 600 900 15 31 46

ULTICOM 700 1,800 2,500 11 29 40

ULTIMATE ELECTRS 400 1,000 1,400 — 1 1

ULTIMATE SOFTWARE GROUP — 3,500 3,500 — 44 44

ULTRA PETE 930 3,600 4,530 45 173 218

ULTRATECH — 800 800 — 15 15

UMB FINL 250 756 1,006 14 43 57

UMPQUA HLDGS 620 1,900 2,520 16 48 64

UNIFI — 6,200 6,200 — 24 24

UNIFIRST — 900 900 — 25 25

UNION BANKSHARES — 753 753 — 29 29

UNION CMNTY BANCORP — 900 900 — 17 17

UNIONBANCAL 2,177 6,400 8,577 140 413 553

UNISOURCE ENERGY 550 1,500 2,050 13 36 49

Page B-61

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

UNIT 900 2,100 3,000 34 80 114

UNITED AUTO GROUP 420 1,600 2,020 13 47 60

UNITED BANKSHARES W VA 700 2,000 2,700 27 76 103

UNITED CMNTY BKS BLAIRSVILCDT CAP STK 450 1,650 2,100 12 44 56

UNITED DEFENSE INDS 1,300 2,300 3,600 62 109 171

UNITED DOMINION RLTY TR 1,788 5,600 7,388 44 139 183

UNITED FIRE CAS CO 300 1,200 1,500 10 40 50

UNITED INDL — 1,300 1,300 — 50 50

UNITED MUNITY FIN 600 — 600 7 — 7

UNITED NAT FOODS 1,500 1,800 3,300 47 56 103

UNITED ONLINE 1,775 3,500 5,275 21 40 61

UNITED PANAM FINANCIAL 1,080 — 1,080 21 — 21

UNITED RENTALS 1,150 3,000 4,150 22 57 79

UNITED RETAIL GROUP — 1,000 1,000 — 4 4

UNITED STATES CELLULAR 1,193 3,700 4,893 53 166 219

UNITED STATIONERS 300 1,200 1,500 14 55 69

UNITED SURGICAL PARTNERS 500 1,200 1,700 21 50 71

UNITED THERAPEUTICS 300 700 1,000 14 32 46

UNITEDGLOBALCOM CL A 5,649 16,100 21,749 55 156 211

UNITIL — 800 800 — 23 23

UNITRIN 950 2,900 3,850 43 132 175

UNIVERSAL VA 340 1,100 1,440 16 53 69

UNIVERSAL AMERN FINL 1,040 2,800 3,840 16 43 59

UNIVERSAL AUTOMOTIVE INDS — 3,200 3,200 — 2 2

UNIVERSAL ELECTRS — 1,400 1,400 — 25 25

UNIVERSAL FST PRODS 290 800 1,090 13 35 48

UNIVERSAL HEALTH RLTY OME SH BEN INT 250 1,000 1,250 8 32 40

UNIVERSAL HEALTH SVCS CL B 847 2,500 3,347 38 111 149

UNIVERSAL PRESSION HLDGS 600 1,300 1,900 21 45 66

UNIVERSAL STAINLESS + ALLOY PR — 2,900 2,900 — 43 43

UNIVERSAL TECHNICAL INST — 1,200 1,200 — 46 46

UNIZAN FINL 490 776 1,266 13 20 33

UNOVA 1,310 3,000 4,310 33 76 109

URBAN OUTFITTERS 1,780 3,500 5,280 79 155 234

UROLOGIX — 1,900 1,900 — 12 12

URS 500 1,900 2,400 16 61 77

URSTADT BIDDLE PPTYS — 1,500 1,500 — 24 24

URSTADT BIDDLE PPTYS CL A — 1,800 1,800 — 31 31

US LEC CL A — 1,800 1,800 — 6 6

US PHYSICAL THERAPY — 1,600 1,600 — 25 25

US RESTAURANT PROPERTIES 500 — 500 9 — 9

US UNWIRED 2,350 — 2,350 11 — 11

Page B-62

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

USA TRUCK — 1,600 1,600 — 27 27

USANA HEALTH SCIENCES 250 — 250 9 — 9

USEC 1,750 4,200 5,950 17 41 58

USF 600 1,300 1,900 23 49 72

USG 550 1,700 2,250 22 68 90

UTSTARCOM 1,400 4,700 6,100 31 104 135

VA SOFTWARE — 2,600 2,600 — 7 7

VAIL RESORTS 500 1,500 2,000 11 34 45

VALASSIS COMMUNICATIONS 1,600 2,300 3,900 56 81 137

VALEANT PHARMACEUTICALS INTL 910 3,600 4,510 24 95 119

VALENCE TECH 4,688 — 4,688 15 — 15

VALERO LP 280 — 280 17 — 17

VALHI 1,050 5,000 6,050 17 80 97

VALLEY NATL BANCORP 1,355 4,325 5,680 38 120 158

VALLEY NATL GASES PA — 3,400 3,400 — 61 61

VALMONT INDS — 1,400 1,400 — 35 35

VALSPAR 700 2,200 2,900 35 110 145

VALUE LINE 100 800 900 4 31 35

VALUECLICK 900 3,200 4,100 12 43 55

VALUEVISION MEDIA CL A 820 1,600 2,420 12 22 34

VARCO INTL 1,950 4,311 6,261 57 126 183

VARIAN 1,000 1,400 2,400 41 57 98

VARIAN MED SYS 1,991 6,000 7,991 86 259 345

VARIAN SEMI EQUIP ASSOC 300 1,600 1,900 11 59 70

VASTERA 2,650 2,300 4,950 7 6 13

VAXGEN — 1,600 1,600 — 27 27

VCA ANTECH 1,000 3,400 4,400 20 67 87

VECTOR GROUP LTD 682 2,110 2,792 11 35 46

VECTREN 850 3,399 4,249 23 91 114

VEECO INSTRS 400 1,129 1,529 9 24 33

VENTANA MED SYS 250 1,000 1,250 16 64 80

VENTAS 1,900 4,100 6,000 52 112 164

VENTIV HEALTH 400 — 400 8 — 8

VERINT SYS 560 1,300 1,860 20 47 67

VERISIGN 3,460 10,188 13,648 116 342 458

VERISITY LTD SHS — 1,100 1,100 — 9 9

VERITAS DGC 660 1,700 2,360 15 38 53

VERITY 600 2,600 3,200 8 34 42

VERSO TECHNOLOGIES — 8,496 8,496 — 6 6

VERTEX PHARMACEUTICALS 1,145 3,710 4,855 12 39 51

VESTA INS GROUP — 1,600 1,600 — 6 6

VIAD 402 1,475 1,877 12 42 54

Page B-63

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

VIASAT 500 1,800 2,300 12 44 56

VIASYS HEALTHCARE 450 1,400 1,850 9 27 36

VICOR 400 1,800 2,200 5 24 29

VICURON PHAMACEUTICALS 650 2,200 2,850 11 38 49

VIDEO DISPLAY — 1,680 1,680 — 21 21

VIEWPOINT — 4,300 4,300 — 13 13

VIGNETTE 4,150 16,248 20,398 6 23 29

VINTAGE PETE 2,400 2,600 5,000 55 59 114

VIRAGE LOGIC — 1,500 1,500 — 28 28

VISHAY INTERTECHNOLOGY 2,337 6,931 9,268 35 104 139

VISTACARE , CL A 350 — 350 6 — 6

VISX 780 2,700 3,480 20 70 90

VITAL SIGNS 250 1,000 1,250 10 39 49

VITALWORKS — 3,000 3,000 — 13 13

VITESSE SEMICONDUCTOR 1,570 10,031 11,601 6 35 41

VITRIA TECHNOLOGY 87 2,950 3,037 — 12 12

VIVUS — 3,100 3,100 — 14 14

VOLT INFORMATION SCIENCES 300 1,000 1,300 9 29 38

VORNADO RLTY TR 1,830 5,400 7,230 139 411 550

W H ENERGY SVCS — 1,400 1,400 — 31 31

W HLDG CO 1,405 4,915 6,320 32 113 145

W P CAREY + CO LLC 440 1,500 1,940 16 53 69

WABASH NATL 490 1,800 2,290 13 48 61

WABTEC 430 2,300 2,730 9 49 58

WADDELL + REED FINL CL A 2,090 4,150 6,240 50 99 149

WALTER INDS 800 2,400 3,200 27 81 108

WARNACO GROUP 600 — 600 13 — 13

WARWICK VALLEY TELEPHONE 600 — 600 14 — 14

WASHINGTON FED 1,955 3,817 5,772 52 101 153

WASHINGTON POST CO CL B 145 400 545 143 393 536

WASHINGTON REAL ESTATE INVT TRSH BEN INT 700 2,100 2,800 24 71 95

WASHINGTON SVGS BK F S B — 1,300 1,300 — 21 21

WASHINGTON TRUST BANCORP 300 — 300 9 — 9

WASTE CONNECTIONS 900 1,950 2,850 31 67 98

WATCHGUARD TECHNOLOGIES — 2,100 2,100 — 9 9

WATSCO 400 1,400 1,800 14 49 63

WATSON WYATT + CO HLDGS CL A 650 1,600 2,250 18 43 61

WATTS WATER TECHNOLOGIES CL A 550 1,100 1,650 18 35 53

WAUSAU MOSINEE PAPER 900 2,300 3,200 16 41 57

WAYPOINT FINL 400 1,995 2,395 11 57 68

WCI CMNTYS 500 2,100 2,600 15 62 77

W-D 40 COMPANY 350 — 350 10 — 10

Page B-64

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

WEATHERFORD INTL LTD 1,740 5,490 7,230 89 282 371

WEB MD 4,544 13,837 18,381 37 113 150

WEBEX COMMUNICATIONS 500 2,000 2,500 12 48 60

WEBMETHODS 1,100 3,208 4,308 8 23 31

WEBSENSE 350 900 1,250 18 46 64

WEBSTER FINL WATERBURY 621 2,156 2,777 32 109 141

WEIGHT WATCHERS INTL 1,500 4,500 6,000 62 185 247

WEINGARTEN RLTY INVS SH BEN INT 1,190 3,650 4,840 48 146 194

WEIS MKTS 550 1,000 1,550 21 39 60

WELLCARE HEALTH PLANS — 1,600 1,600 — 52 52

WELLCHOICE 1,150 3,500 4,650 62 187 249

WELLMAN — 2,400 2,400 — 26 26

WELLSFORD REAL PPTYS — 900 900 — 13 13

WERNER ENTERPRISES 2,287 3,466 5,753 52 78 130

WESBANCO 340 1,300 1,640 11 42 53

WESCO FINL 104 310 414 41 122 163

WESCO INTL 1,431 2,300 3,731 43 68 111

WEST 967 3,200 4,167 32 106 138

WEST BANK — 882 882 — 16 16

WEST COAST BANCORP ORE 350 1,220 1,570 9 31 40

WEST MARINE 400 1,400 1,800 10 35 45

WEST PHARMACEUTICAL SVCS 680 1,400 2,080 17 35 52

WESTAMERICA BANCORPORATION 600 1,400 2,000 35 82 117

WESTCORP 900 2,200 3,100 41 101 142

WESTELL TECHNOLOGIES CL A — 5,000 5,000 — 34 34

WESTERN DIGITAL 5,800 9,300 15,100 63 101 164

WESTERN GAS RES 1,074 3,000 4,074 32 88 120

WESTERN WIRELESS CL A 1,356 4,100 5,456 40 120 160

WESTLAKE CHEM 921 2,700 3,621 31 90 121

WESTMORELAND COAL CO — 1,200 1,200 — 37 37

WESTSTAR ENERGY 1,150 3,500 4,650 26 80 106

WESTWOOD HLDGS GROUP — 620 620 — 12 12

WESTWOOD ONE 2,080 4,100 6,180 56 110 166

WET SEAL CL A — 1,875 1,875 — 4 4

WEYCO GROUP — 500 500 — 22 22

WFS FINL 450 1,800 2,250 23 91 114

WGL HLDGS 1,630 2,400 4,030 50 74 124

WHITE MOUNTAINS INS GROUP LTD SHS 157 450 607 102 291 393

WHITEHALL JEWELLERS — 1,200 1,200 — 10 10

WHITING PETE 300 800 1,100 9 24 33

WHITNEY HLDG 375 1,600 1,975 17 72 89

WHOLE FOODS MKT 830 2,700 3,530 79 258 337

Page B-65

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

WILD OATS MKTS 490 2,000 2,490 4 18 22

WILEY JOHN + SON CLASS A 1,170 2,300 3,470 41 80 121

WILLAMETTE VY VINEYARD — 2,700 2,700 — 8 8

WILLIAM LYON HOMES 90 — 90 6 — 6

WILLIAMS SONOMA 1,600 4,900 6,500 56 172 228

WILLOW GROVE BANCORP 892 — 892 17 — 17

WILMINGTON TR 600 2,800 3,400 22 101 123

WILSON GREAT BATCH TECH 350 1,200 1,550 8 27 35

WILSONS LEATHER EXPERTS — 1,900 1,900 — 8 8

WIND RIV SYS 2,170 3,776 5,946 30 51 81

WINMARK — 1,200 1,200 — 32 32

WINNEBAGO IND 420 1,500 1,920 17 59 76

WINTRUST FINL 250 900 1,150 14 51 65

WIRELESS FACS 750 2,800 3,550 7 27 34

WISCONSIN ENERGY 1,670 4,900 6,570 56 165 221

WITNESS SYS — 1,200 1,200 — 21 21

WJ COMMUNICATION — 3,200 3,200 — 11 11

WMS INDUSTRIES 530 1,300 1,830 18 44 62

WOLVERINE TUBE — 1,700 1,700 — 22 22

WOLVERINE WORLD WIDE 700 1,800 2,500 22 57 79

WOODWARD GOVERNOR CO 200 600 800 14 43 57

WORLD ACCEPTANCE 400 1,500 1,900 11 41 52

WORLD FUEL SERVICES 150 800 950 7 40 47

WORONOCO BANCORP — 600 600 — 22 22

WORTHINGTON INDS IN — 3,700 3,700 — 73 73

WPS RES 500 1,600 2,100 25 80 105

WRIGHT MED GROUP 400 1,100 1,500 12 31 43

WSFS FINL 150 700 850 9 42 51

WTS REDBACK NETWORKS WT 3 82 85 — — —

WYNDHAM INTL CL A — 4,400 4,400 — 5 5

WYNN RESORTS LTD 1,199 3,500 4,699 80 234 314

X RITE — 1,700 1,700 — 27 27

XANSER — 5,700 5,700 — 16 16

XETA TECHNOLOGIES — 2,400 2,400 — 9 9

XM SATELLITE RADIO HLDGS CL A 2,977 8,600 11,577 112 324 436

XOMA LTD 1,800 6,900 8,700 5 18 23

XTO ENERGY 3,789 11,057 14,846 134 391 525

YANKEE CANDLE 1,600 2,200 3,800 53 73 126

YELLOW ROADWAY 490 2,097 2,587 27 117 144

YORK INTL 800 1,800 2,600 28 62 90

YOUNG BROADCASTING CL A — 1,400 1,400 — 15 15

ZALE 700 2,400 3,100 21 72 93

Page B-66

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

ZAPATA — 400 400 — 24 24

ZEBRA TECHNOLOGIES CL A 875 3,150 4,025 49 177 226

ZENITH NATL INS 390 700 1,090 20 35 55

ZHONE TECHNOLOGIES — 5,775 5,775 — 15 15

ZIXIT — 900 900 — 5 5

ZOLL MED 200 800 1,000 7 28 35

ZOMAX — 800 800 — 3 3

ZOOM TECHNOLOGIES — 1,100 1,100 — 4 4

ZORAN 639 1,948 2,587 7 23 30

ZYGO 420 1,800 2,220 5 21 26

ZYMOGENETICS 1,700 — 1,700 39 — 39

Total Common Stock and Warrants (Cost $175,970) 211,274

CONVERTIBLE PREFERRED STOCKS 0.0%

SIMON PPTY GROUP — 600 600 — 36 36

Total Convertible Preferred Stocks (Cost $32) 36

CORPORATE BONDS 0.0%

MUELLER INDUSTRIES, 6.00%, 11/01/14 4,250 — 4,250 4 — 4

Total Corporate Bonds (Cost $4) 4

U.S. GOVERNMENT OBLIGATIONS 0.2%

UNITED STATES TREAS BILLS, 1.70%, 1/27/05 ++ — 330,000 330,000 — 330 330

Total U.S. Government Obligations (Cost $330) 330

MONEY MARKET FUNDS 1.4%

T. ROWE PRICE RESERVE INVESTMENT FUND, 2.28% # — 3,132,173 3,132,173 — 3,132 3,132

Total Money Market Funds (Cost $3,132) 3,132

FUTURES CONTRACTS 0.0%

Variation margin receivable (payable) on open futures contracts ² — — — — 4 4

Total Futures Contracts 4

SECURITIES LENDING COLLATERAL 13.6%

STATE STREET BANK AND TRUST COMPANY OF NH N.A

SECURITIES LENDING QUALITY TRUST UNITS, 2.276% — 29,484,993 29,484,993 — 29,485 29,485

Page B-67

TD Waterhouse Extended Market Index Fund
T. Rowe Price Extended Equity Market Index Fund
Pro Forma Combined Portfolio of Investments
December 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Extended Index
Fund TRP Extended
Equity Market
Index Fund Pro Forma
Combined

Total Securities Lending Collateral (Cost $29,485) 29,485

Total Investments in Securities

112.9% of Net Assets (Cost $47,239, $161,714 and $208,953, respectively) $ 53,942 $ 190,323 $ 244,265

¹ All securities conform to the investment program of the T. Rowe Price Extended Equity Market Index Fund.

++ - All or a portion of this security is pledged to cover margin requirements on futures contracts at December 31, 2004

# - Seven-day yield

ADR - American Depository Receipts

REIT - Real Estate Investment Trust

(2) Open Futures Contracts at December 31, 2004 were as follows:

($ 000s)

Expiration Contract Value Unrealized Gain
(Loss)

Long, 18 S & P Midcap Mini 400 contracts,

$54 par of 1.70% U.S. Treasury Bills pledged as initial margin 3/05 $ 1,198 $ 39

Long, 26 Russell Mini 2000 Index contracts,

$77 par of 1.70% U.S. Treasury Bills pledged as initial margin 3/05 1,700 34

Long, 10 S & P Mini 500 Index contracts,

$34 par of 1.70% U.S. Treasury Bills pledged as initial margin 3/05 607 15

Net payments (receipts) of variation margin to date (84 )

Variation margin receivable (payable) on open futures contracts 4

The accompanying notes are an integral part of these pro forma combined financial statements.

Page B-68

TD Waterhouse Asian Pacific Index Fund TD Waterhouse European Index Fund T. Rowe Price International Equity Index Fund Pro Forma Combined Portfolio of Investments October 31, 2004 UNAUDITED
	Par/Shares				Market Value (000’s)

	TD Waterhouse Asian Pacific Index Fund	TD Waterhouse European Index Fund	TRP International Equity Index Fund	Pro Forma Combined ¹	TD Waterhouse Asian Pacific Index Fund		TD Waterhouse European Index Fund		TRP International Equity Index Fund		Pro Forma Combined

COMMON STOCK AND PREFERRED STOCK 97.7%
AUSTRALIA
Common Stock
ADELAIDE BANK NPV	—	—	482	482	$	—	$	—	$	3	$	3
ADELAIDE BRIGHTON LIMITED NPV	—	—	521	521		—		—		1		1
ALINTA LTD NPV	—	—	1,708	1,708		—		—		10		10
ALUMINA LIMITED NPV	3,806	—	6,484	10,290		16		—		27		43
AMCOR LIMITED NPV	3,578	—	4,755	8,333		20		—		27		47
AMP LIMITED NPV	6,508	—	9,474	15,982		31		—		45		76
ANSELL LTD NPV	903	—	1,118	2,021		6		—		7		13
APN NEWS + MEDIA NPV	—	—	664	664		—		—		2		2
ARISTOCRAT LEISURE NPV(POST RECONSTRUCTION)	1,367	—	2,446	3,813		9		—		16		25
AUST + NZ BANK GRP NPV	7,814	—	9,553	17,367		120		—		146		266
AUST FOUNDATN INV NPV	—	—	4,818	4,818		—		—		12		12
AUST GAS + LIGHT NPV	1,517	—	2,414	3,931		15		—		24		39
AUST PHARM INDS NPV	—	—	883	883		—		—		2		2
AUSTEREO GROUP NPV	—	—	1,422	1,422		—		—		2		2
AUSTRALAND PROPERTY GROUP NPV	—	—	3,157	3,157		—		—		4		4
AUSTRALIAN LEISURE NPV	—	—	1,367	1,367		—		—		4		4
AUSTRALIAN STOCK EXCHANGE NPV	384	—	544	928		5		—		8		13
AWB NPV (B)	—	—	1,817	1,817		—		—		6		6
AXA ASIA PAC HLDGS NPV	6,600	—	7,189	13,789		19		—		21		40
BANK OF QUEENSLAND NPV	—	—	353	353		—		—		3		3
BENDIGO BANK LTD NPV	—	—	742	742		—		—		6		6
BHP BILLITON LTD NPV	16,215	—	19,910	36,125		168		—		206		374
BILLABONG INTERNATL NPV	—	—	664	664		—		—		5		5
BLUESCOPE STEEL LTD NPV	3,200	—	3,926	7,126		19		—		23		42

Page B-69

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Share Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined

BORAL LIMITED NEW NPV 2,466 — 3,012 5,478 12 — 15 27

BRAMBLES INDS LTD NPV 3,259 — 5,038 8,297 17 — 27 44

BRICKWORKS NPV — — 406 406 — — 3 3

BURNS PHILP + CO NPV — — 5,903 5,903 — — 4 4

CALTEX AUSTRALIA NPV — — 618 618 — — 4 4

CENTRO PROPERTIES GROUP 2,000 — — 2,000 7 — 5 12

CFS GANDEL RETAIL NPV 6,191 — 7,589 13,780 7 — 9 16

CHALLENGER FIN SER NPV — — 7,175 7,175 — — 3 3

CMNWLTH BK OF AUST NPV 5,034 — 6,688 11,722 121 — 160 281

COCA COLA AMATIL NPV(POST RECONSTRUCTION) 1,800 — 2,691 4,491 10 — 15 25

COCHLEAR LTD NPV 277 — 278 555 5 — 5 10

COLES MYER LIMITED NPV 3,734 — 6,542 10,276 27 — 47 74

COMMONWEALTH PROPERTY 6,041 — — 6,041 6 — — 6

COMPUTERSHARE REG NPV(POST REC) 2,073 — 2,861 4,934 8 — 11 19

CORP EXPRESS AUST NPV — — 886 886 — — 4 4

CSL ORD NPV 716 — 1,005 1,721 16 — 22 38

CSR LIMITED NPV 4,044 — 4,729 8,773 8 — 10 18

DB PREEF TRUST 5,379 — — 5,379 5 — — 5

DOWNER GROUP NPV — — 1,133 1,133 — — 4 4

ENVESTRA NPV (STAPLED) — — 2,638 2,638 — — 2 2

FAIRFAX(JOHN) NPV 6,339 — 1,397 7,736 21 — 4 25

FLIGHT CENTRE LTD NPV — — 467 467 — — 7 7

FOODLAND ASSOC NPV — — 777 777 — — 11 11

FOSTERS GROUP NPV 6,523 — 10,318 16,841 25 — 39 64

FUTURIS CORP LTD NPV 4,062 — 3,462 7,524 6 — 5 11

GEN PROPERTY TST UNITS NPV 9,176 — 10,724 19,900 26 — 30 56

GUNNS LTD NPV — — 1,353 1,353 — — 4 4

GWA INTERNATIONAL NPV — — 1,182 1,182 — — 3 3

Page B-70

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Share Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined

HARVEY NORMAN HLDG NPV COM 7,800 — 4,066 11,866 18 — 9 27

HILLS MOTORWAY GRP NPV COMB UTS(A1+1UT F/P) — — 1,043 1,043 — — 6 6

ILUKA RESOURCES NPV 1,570 — 1,120 2,690 6 — 4 10

INCITEC PIVOT NPV — — 68 68 — — 1 1

ING INDUSTRIAL FUND 3,740 — — 3,740 6 — 2 8

INSURANCE AUST GRP NPV 6,017 — 8,394 14,411 24 — 34 58

INVESTA PROPERTY GROUP 6,333 — — 6,333 10 — — 10

LEIGHTON HOLDINGS NPV 588 — 696 1,284 5 — 6 11

LEND LEASE CORP NPV 1,336 — 2,061 3,397 12 — 18 30

LION NATHAN LTD NPV(AUST LIST) 2,000 — 2,059 4,059 12 — 12 24

MACQUARIE AIRPORTS NPV STAPLED FULLY PAID — — 2,548 2,548 — — 5 5

MACQUARIE BANK LTD NPV 726 — 1,128 1,854 22 — 33 55

MACQUARIE GOOD MGM NPV — — 527 527 — — 1 1

MACQUARIE GOODMAN IND. 5,000 — — 5,000 8 — — 8

MACQUARIE INFRASTRUCTURE GRP NPV (STAPLED) 9,443 — 9,892 19,335 26 — 27 53

MAYNE GROUP LTD NPV AUST LIST) 2,827 — 3,986 6,813 9 — 13 22

METCASH TRADING NPV — — 1,101 1,101 — — 2 2

MINARA RESOURCES NPV — — 1,346 1,346 — — 2 2

MIRVAC GROUP STAPLED SECS 2,904 — 3,681 6,585 10 — 12 22

NATIONAL FOODS LTD NPV — — 1,928 1,928 — — 8 8

NATL AUSTRALIA BK NPV 6,504 — 8,049 14,553 138 — 170 308

NEWCREST MINING NPV 1,246 — 1,674 2,920 16 — 21 37

NEWS CORPORATION NPV 4,949 — 6,536 11,485 40 — 53 93

NOVOGEN LTD NPV — — 374 374 — — 1 1

ONESTEEL NPV 3,079 — 2,950 6,029 6 — 6 12

ORICA LTD NPV 1,120 — 1,451 2,571 14 — 18 32

ORIGIN ENERGY NPV 2,430 — 3,750 6,180 12 — 19 31

OXIANA LIMITED NPV — — 4,625 4,625 — — 3 3

Page B-71

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Share Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined

PACIFIC BRANDS 2,543 — — 2,543 6 — — 6

PACIFICA GROUP LTD NPV — — 329 329 — — 1 1

PAPERLINX NPV 1,671 — 2,360 4,031 6 — 8 14

PATRICK CORPORATION LTD NPV 2,000 — 3,565 5,565 8 — 15 23

PERPETUAL TST AUST NPV 169 — 196 365 7 — 9 16

PROMINA GROUP NPV — — 5,427 5,427 — — 19 19

PUBLISHING + BROADCASTING LTD NPV 1,000 — 699 1,699 11 — 8 19

QANTAS AIRWAYS NPV — — 4,642 4,642 — — 12 12

QBE INS GROUP NPV 2,500 — 3,541 6,041 26 — 36 62

RINKER GROUP NPV 3,900 — 4,976 8,876 25 — 32 57

RIO TINTO LIMITED NPV 1,343 — 1,979 3,322 37 — 54 91

RURAL PRESS NPV — — 140 140 — — 1 1

SANTOS LTD NPV 1,992 — 4,453 6,445 12 — 28 40

SFE CORPORATION NPV — — 514 514 — — 3 3

SIGMA COMPANY LTD NPV — — 529 529 — — 3 3

SIMS GROUP LTD NPV — — 486 486 — — 6 6

SMORGON STEEL GROUP NPV — — 2,081 2,081 — — 2 2

SONIC HEALTHCARE LTD NPV 902 — 1,669 2,571 7 — 13 20

SOUL PATTINSON(WH) NPV — — 503 503 — — 3 3

SOUTHCORP LTD NPV 85 — 3,821 3,906 — — 10 10

SPOTLESS GROUP NPV — — 1,074 1,074 — — 4 4

ST GEORGE BANK LTD NPV — — 2,685 2,685 — — 47 47

STHERN CROSS BROAD NPV — — 318 318 — — 3 3

STOCKLAND NPV 4,300 — 6,654 10,954 19 — 29 48

SUNCORP METWAY NPV 2,183 — 2,738 4,921 28 — 35 63

TABCORP HLDGS LTD NPV 2,736 — 2,734 5,470 31 — 31 62

TELSTRA CORP NPV 9,218 — 11,258 20,476 32 — 39 71

TEN NETWORK HLDGS NPV — — 2,623 2,623 — — 8 8

Page B-72

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Share Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined

TOLL HLDGS LIMITED NPV 1,000 — 1,703 2,703 9 — 15 24

TRANSURBAN GROUP STAPLED UNITS NPV 1,768 — 2,735 4,503 8 — 13 21

UNITAB LTD AUD0.2 — — 527 527 — — 4 4

VIRGIN BLUE HLDGS NPV — — 1,194 1,194 — — 2 2

WESFARMERS NPV 1,657 — 1,995 3,652 43 — 52 95

WEST AUST NEWS HDG NPV — — 151 151 — — 1 1

WESTFIELD GROUP NPV DFD STAPLED SECURITIES 2,000 — 8,929 10,929 22 — 100 122

WESTPAC BKG CORP NPV 7,603 — 9,478 17,081 108 — 134 242

WMC RESORCES LTD NPV 4,076 — 5,768 9,844 21 — 29 50

WOODSIDE PETROLEUM NPV 1,700 — 2,672 4,372 25 — 39 64

WOOLWORTHS LTD NPV 3,802 — 5,512 9,314 38 — 55 93

4,130

PREFERRED STOCK

NEWS CORPORATION PREF LTD SHS AUD0.5 11,684 — 16,504 28,188 92 — 130 222

RURAL PRESS PREF AUD0.20 — — 297 297 — — 2 2

224

AUSTRIA

COMMON STOCK

BK AUSTRIA CREDIT NPV (BR) — 268 227 495 — 20 17 37

ERSTE BANK DER OST NPV — 416 946 1,362 — 19 42 61

EVN AG NPV — — 58 58 — — 3 3

FLUGHAFEN WIEN AG — 241 — 241 — 16 — 16

IMMOFINANZ IMMOBIL NPV NPV — 631 1,321 1,952 — 5 11 16

MAYR—MELNHOF KARTON AG — 100 — 100 — 14 — 14

OEST ELEKTRIZITATS CLASS A NPV — 5 23 28 — 1 5 6

OMV AG ATS100(VAR) — 87 71 158 — 21 17 38

Page B-73

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Share Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined

RHI — 224 — 224 — 5 — 5

TELEKOM AUSTRIA NPV — 988 1,981 2,969 — 15 30 45

VA TECHNOLOGIE AG — 120 — 120 — 8 — 8

VOEST—ALPINE AG — 22 — 22 — 1 — 1

WIENERBERGER AG NPV — 41 407 448 — 2 16 18

268

BELGIUM

COMMON STOCK

AGFA GEVAERT NV ORD NPV — 111 520 631 — 4 16 20

ALMANCORA NPV — — 52 52 — — 3 3

ALMANIJ(ALGEM MAA) NPV — — 285 285 — — 21 21

BARCO NV — 127 — 127 — 11 — 11

BEKAERT — 18 — 18 — 1 — 1

BELGACOM SA NPV — 550 1,024 1,574 — 20 38 58

CMB CIE MARITIME BELGE — 46 — 46 — 10 — 10

COFINIMMO (BEL) — 85 — 85 — 12 — 12

COLRUYT SA NPV(POST SPLIT) — 44 62 106 — 6 9 15

COLRUYT SA RTS EXP 31MAR05 — — 62 62 — — — —

DELHAIZE GROUP NPV — 260 487 747 — 17 31 48

DEXIA NPV — 1,299 4,402 5,701 — 26 88 114

DOLMEN COMPUTER APP — 5 — 5 — — — —

ELECTRABEL NPV — 57 214 271 — 21 80 101

FORTIS UNIT(FORTIS SA/NV NPV/0.42) — 2,390 3,727 6,117 — 61 95 156

FORTIS UNIT(FORTIS SA/NV NPV/0.42) — — 2,916 2,916 — — 74 74

GPE BRUXELLES LAM NPV (NEW) — 62 340 402 — 5 26 31

INBEV NPV — 679 899 1,578 — 24 32 56

KBC BANKVERZEKERIN NPV NPV — 335 465 800 — 25 34 59

Page B-74

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Share Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined

MOBISTAR NPV — 74 170 244 — 6 13 19

NATL PORTEFEUILLE CAP NPV — — 17 17 — — 3 3

OMEGA PHARMA SA — 26 — 26 — 1 — 1

SA D’IETEREN — 50 — 50 — 9 — 9

SOLVAY NPV — 72 194 266 — 7 20 27

UCB NPV — 109 562 671 — 6 30 36

UMICORE NPV — 156 122 278 — 12 9 21

906

BERMUDA

COMMON STOCK

ASIA ALUMINUN HLDG HKD0.10 — — 8,000 8,000 — — 1 1

BIL INTERNATIONAL USD0.20 SING REG — — 9,500 9,500 — — 6 6

BRILLIANCE CHINA USD0.01 — — 6,000 6,000 — — 1 1

CAFE DE CORAL HLDG HKD 0.10 — — 2,000 2,000 — — 2 2

CHEUNG KONG INFRAS HKD1 2,000 — 4,000 6,000 6 — 11 17

CNPC (HONG KONG) LTD HKD0.01 — — 10,000 10,000 — — 2 2

COFCO INTERNATIONAL LTD HKD0.10 — — 2,000 2,000 — — 1 1

COSCO PACIFIC LTD HKD0.10 — — 6,000 6,000 — — 10 10

DAIRY FARM INTL USD0.055555(SING) — — 4,500 4,500 — — 11 11

ESPRIT HOLDINGS HKD0.10 3,500 — 4,500 8,000 19 — 24 43

FIRST PACIFIC CO USD0.01 — — 12,000 12,000 — — 3 3

FRONTLINE LTD — 479 — 479 — 24 — 24

GIORDANO INTL LTD HKD0.05 10,000 — 8,000 18,000 6 — 4 10

GREAT EAGLE HLDGS HKD 0.5 — — 1,000 1,000 — — 2 2

GUOCO GROUP USD0.50 — — 1,000 1,000 — — 8 8

HONG KONG LAND HLD USD 0.10(SING QUOTE) — — 10,000 10,000 — — 21 21

HUTCHISON HARBOUR HKD0.10 — — 6,000 6,000 — — 1 1

Page B-75

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Share Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined

JARDINE MATHESON USD0.25(SING QUOTE) — — 2,000 2,000 — — 30 30

JARDINE STRATEGIC US 0.05(SING QUOTE) — — 1,500 1,500 — — 10 10

JCG HDGS HKD0.10 — — 2,000 2,000 — — 2 2

JOHNSON ELEC HLDGS HKD0.0125 4,000 — 10,500 14,500 4 — 10 14

KERRY PROPERTIES HKD1 3,000 — 1,500 4,500 6 — 3 9

LI + FUNG HKD0.025 4,000 — 10,000 14,000 6 — 15 21

MANDARIN ORIENTAL USD 0.05 SING QUOTE — — 6,000 6,000 — — 4 4

NOBLE GROUP HKD0.25 — — 4,000 4,000 — — 3 3

NWS HOLDINGS LTD HKD1 — — 5,000 5,000 — — 7 7

PEOPLES FOOD HLDGS COM STK HKD0.5 — — 2,000 2,000 — — 1 1

SCMP GROUP HKD0.10 — — 6,000 6,000 — — 2 2

SHANGRI LA ASIA LTD HKD1 6,000 — 6,000 12,000 7 — 7 14

SKYWORTH DIGITAL HKD0.10 — — 6,000 6,000 — — 2 2

SMARTONE TELECOM HKD0.10 — — 1,000 1,000 — — 1 1

TEXWINCA HLDGS HKD0.05 — — 2,000 2,000 — — 2 2

TPV TECHNOLOGY USD0.01 — — 2,000 2,000 — — 1 1

YUE YUEN INDL HLDG HKD0.25 2,500 — 5,500 8,000 5 — 14 19

305

CAYMAN ISLANDS

COMMON STOCK

ASM PACIFIC TECH HKD0.10 — — 1,500 1,500 — — 5 5

GLOBAL BIO CHEM TECH HKD0.10 — — 6,000 6,000 — — 5 5

HENGAN INTERNATION HKD10 — — 4,000 4,000 — — 2 2

HOPEWELL HIGHWAY NPV — — 3,500 3,500 — — 2 2

HUTCHISON TELECOM 120 — — 120 19 — — 19

KINGBOARD CHEMICAL HKD0.10 — — 2,000 2,000 — — 4 4

KINGBOARD CHEMICAL WTS WTS EXP 31DEC06 — — 200 200 — — — —

Page B-76

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Share Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined

LEE + MAN PAPER HKD0.10 — — 2,000 2,000 — — 1 1

SEMICONDUCTOR MFG USD0.0004 — — 21,000 21,000 — — 4 4

TCL INTERNATIONAL HKD0.10 — — 4,000 4,000 — — 1 1

TINGYI(CAYMAN ISLA USD 0.005 — — 6,000 6,000 — — 1 1

44

DENMARK

COMMON STOCK

A P MOLLER MAERSK SER A DKK1000 — — 5 5 — — 36 36

A P MOLLER MAERSK SER B DKK1000 — 2 7 9 — 15 52 67

CARLSBERG B DKK20 — — 203 203 — — 9 9

COLOPLAST DKK10 B(REGD) — — 58 58 — — 6 6

DANISCO DKK20 — 100 267 367 — 6 15 21

DANSKE BANK DKK10 — 632 3,470 4,102 — 18 97 115

FALCK A/S DKK1 — — 187 187 — — 2 2

FLS INDUSTRIES B — 465 — 465 — 6 — 6

GN STORE NORD — 684 — 684 — 7 — 7

H LUNDBECK A S DKK5 — 536 553 1,089 — 10 10 20

ISS INTERNATIONAL DKK20 ORD — 92 209 301 — 5 11 16

JYSKE BANK A/S DKK10 — — 406 406 — — 13 13

KOBENHAVNS LUFTHAVNE — 90 — 90 — 15 — 15

NKT HOLDINGS — 227 — 227 — 5 — 5

NOVO NORDISK AS DKK2 SER B — 519 1,183 1,702 — 26 59 85

NOVOZYMES AS B SHS SER B DKK10 — 74 320 394 — 3 14 17

TDC A/S DKK5 — 625 1,120 1,745 — 23 41 64

VESTAS WIND SYSTEMS DKK1 — 263 973 1,236 — 3 12 15

WILLIAM DEMANT HOL DKK1 — 37 113 150 — 2 5 7

526

Page B-77

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Share Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined

FINLAND

COMMON STOCK

ELISA CORPORATION — 292 — 292 — 4 — 4

FORTUM OYJ EUR3.40 — 422 2,018 2,440 — 6 31 37

KCI KONECRANES INT’L — 141 — 141 — 6 — 6

KESKO — 74 — 74 — 2 — 2

KONE CORP SER B EUR1.00 — 85 208 293 — 5 13 18

METSO OYJ FIM50 — — 490 490 — — 7 7

NOKIA OYJ EUR0.06 — 9,720 24,456 34,176 — 150 377 527

OUTOKUMPU OYJ NPV — — 717 717 — — 12 12

POHJOLA GROUP SERIES D — 1,233 — 1,233 — 13 — 13

RAUTARUUKKI OYJ — 1,397 — 1,397 — 15 — 15

SAMPO OYJ SER A NPV — 1,915 2,195 4,110 — 23 26 49

SANOMA WSOY OYJ NPV SER B — — 183 183 — — 4 4

STORA ENSO OYJ NPV SER R — 808 3,459 4,267 — 12 49 61

TIETOENATOR OYJ ORD NPV — 151 429 580 — 4 12 16

UPM KYMMENE OY NPV — 1,424 2,739 4,163 — 28 54 82

UPONOR OYJ — 38 — 38 — 1 — 1

WARTSILA B SHARES — 544 — 544 — 15 — 15

869

FRANCE

COMMON STOCK

ACCOR EUR3 — 236 1,045 1,281 — 10 43 53

AIR FRANCE KLM EUR8.50 — 610 709 1,319 — 11 12 23

AIR LIQUIDE(L ) EUR11 — 248 576 824 — 40 93 133

ALCATEL EUR2 — 1,989 6,596 8,585 — 29 96 125

Page B-78

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Share Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined

ALSTOM — 304 — 304 — — — —

ASS GEN DE FRANCE NPV(BR) — — 298 298 — — 20 20

ATOS ORIGIN EUR1 — 73 176 249 — 5 11 16

AUTOROUTES SUD FRA NPV — 360 364 724 — 17 17 34

AVENTIS (FRANCE) — 1,414 — 1,414 — 121 — 121

AXA EUR2.29 — 2,946 9,911 12,857 — 64 213 277

BIC EUR3.82 — — 214 214 — — 10 10

BNP PARIBAS EUR2 — 1,575 4,603 6,178 — 108 313 421

BOUYGUES EUR1 — 257 1,320 1,577 — 10 52 62

BUSINESS OBJECTS — 163 — 163 — 4 — 4

CAP GEMINI EUR8 — 98 688 786 — 2 17 19

CARREFOUR EUR2.50 — 1,252 3,747 4,999 — 55 164 219

CASINO GUICH PERR EUR1.53 — 128 197 325 — 9 14 23

CHRISTIAN DIOR EUR2 — — 384 384 — — 23 23

CIE DE ST GOBAIN EUR4 — 733 1,828 2,561 — 40 100 140

CIMENTS FRANCAIS EUR4 — — 64 64 — — 6 6

CNP ASSURANCES EUR4 — 252 218 470 — 17 15 32

CREDIT AGRICOLE SA EUR3 — 1,185 3,101 4,286 — 35 91 126

DASSAULT SYSTEMES EUR1 — 366 298 664 — 19 15 34

ESSILOR INTL EUR0.35 — 122 542 664 — 8 37 45

EURAZEO NPV — — 123 123 — — 9 9

FRANCE TELECOM EUR4 — 2,297 9,728 12,025 — 66 278 344

GECINA EUR7.5 — 66 182 248 — 6 16 22

GROUPE DANONE EUR0.50 — 440 1,410 1,850 — 37 118 155

HERMES INTERNATIONAL — 65 — 65 — 13 — 13

IMERYS EUR2 — 92 168 260 — 6 12 18

JC DECAUX SA NPV — — 350 350 — — 9 9

KLEPIERRE EUR4 — 72 108 180 — 6 8 14

Page B-79

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Share Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined

LAFARGE EUR4(BR) — 405 898 1,303 — 37 82 119

LAGARDERE S.C.A. EUR6.10(REGD) — 320 739 1,059 — 21 48 69

LOREAL EUR0.2 — 556 1,771 2,327 — 38 121 159

LVMH MOET HENNESSY EUR0.30 — 399 1,933 2,332 — 27 132 159

MICHELIN(CGDE) EUR2(REGD) — 168 560 728 — 9 30 39

NATEXIS BQE POPULAIRE EUR16 — — 51 51 — — 6 6

PERNOD RICARD NPV — 127 381 508 — 18 53 71

PEUGEOT SA EUR1 — 226 960 1,186 — 14 59 73

PIN PRINTEMPS REDO EUR4 — 260 483 743 — 25 45 70

PUBLICIS GROUPE SA EUR0.40 — 494 775 1,269 — 15 23 38

RENAULT (REGIE NATIONALE) EUR3.81 — 435 1,125 1,560 — 37 94 131

REXEL EUR1 — — 107 107 — — 5 5

SAGEM SA EUR1 — 44 86 130 — 4 8 12

SANOFI AVENTIS EUR2 — 606 5,403 6,009 — 44 395 439

SCHNEIDER ELECTRIC EUR8 — 505 1,238 1,743 — 34 82 116

SNECMA EUR1 — 1,437 570 2,007 — 27 12 39

SOC GENERALE EUR1.25 — 733 2,339 3,072 — 68 217 285

SODEXHO ALLIANCE EUR4 — 119 628 747 — 3 16 19

SUEZ EUR 2 — 1,801 5,284 7,085 — 42 123 165

TECHNIP NPV — 35 104 139 — 6 16 22

TF1 TV FRANCAISE EUR0.20 — — 848 848 — — 26 26

THALES EUR3 — 101 416 517 — 4 15 19

THOMSON SA EUR3.75 — 227 1,476 1,703 — 5 33 38

TOTAL SA EUR10 — 1,221 3,435 4,656 — 255 714 969

UNIBAIL EUR5 — 121 237 358 — 16 31 47

VALEO EUR3 — 79 437 516 — 3 16 19

VEOLIA ENVIRONNEMENT EUR5.00 — 303 1,597 1,900 — 9 48 57

VINCI EUR10 — 83 455 538 — 10 54 64

Page B-80

VIVENDI UNIVERSAL EUR5.5 — 2,237 5,593 7,830 — 61 153 214

6,036

GERMANY

COMMON STOCK

ADIDAS SALOMON AG DEM5 — 57 239 296 — 8 33 41

ALLIANZ AG NPV(REGD)(VINKULIERT) — 585 1,971 2,556 — 62 210 272

ALTANA AG NPV — 389 398 787 — 20 20 40

AMB GENERALI HOLDING AG NPV — — 53 53 — — 4 4

BASF AG NPV — 1,093 3,076 4,169 — 68 192 260

BAYER AG ORD NPV — 1,072 3,803 4,875 — 30 108 138

BAYER HYPO VEREINS ORD NPV — 1,373 2,851 4,224 — 27 56 83

BAYERISCHE MOTOREN WERKE AG EUR1 — — 1,553 1,553 — — 66 66

BEIERSDORF AG SER A B C NPV(VAR) — 166 89 255 — 16 8 24

CELESIO AG NPV — 254 208 462 — 18 15 33

COMMERZBANK AG NPV — 541 2,361 2,902 — 10 43 53

CONTINENTAL AG ORD NPV — 376 695 1,071 — 21 38 59

DAIMLERCHRYSLER AG ORD NPV(REGD) — 1,693 5,285 6,978 — 70 218 288

DEGUSSA AG NPV — — 182 182 — — 7 7

DEUTSCHE BANK AG ORD NPV (REGD) — 1,006 2,987 3,993 — 77 227 304

DEUTSCHE BOERSE AG NPV — 118 606 724 — 6 30 36

DEUTSCHE LUFTHANSA ORD NPV (REGD)(VINK) — 238 1,417 1,655 — 3 19 22

DEUTSCHE POST AG NPV REGD — 925 2,348 3,273 — 18 46 64

DEUTSCHE TELEKOM NPV(REGD) — 5,057 16,589 21,646 — 97 318 415

DOUGLAS HOLDING AG — 391 — 391 — 12 — 12

DT POSTBANK AG NPV — — 346 346 — — 14 14

E ON AG NPV — 1,295 3,654 4,949 — 106 297 403

EPCOS — 61 — 61 — 1 — 1

Page B-81

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined

FRESENIUS AG DEM5 — — 38 38 — — 4 4

FRESENIUS MEDICAL DEM5 — 198 180 378 — 15 14 29

HANNOVER RUECKVERS ORD NPV(REGD) — — 291 291 — — 9 9

HEIDELBERGCEMENT NPV — 277 245 522 — 14 12 26

HEIDELBERGER DRUCK ORD NPV — — 446 446 — — 13 13

HENKEL KGAA NPV (BR) — — 213 213 — — 15 15

HYPO REAL ESTATE NPV — 105 669 774 — 4 25 29

INFINEON TECHNOLOGIES AG ORD NPV — 967 3,940 4,907 — 11 43 54

KARSTADT QUELLE AG NPV — 357 344 701 — 4 4 8

LINDE AG NPV — 104 471 575 — 6 28 34

MAN AG ORD NPV — — 543 543 — — 19 19

MERCK KGAA ORD NPV — 115 70 185 — 6 4 10

METRO AG ORD NPV — 182 854 1,036 — 9 41 50

MLP AG NPV — — 436 436 — — 7 7

MUENCHENER RUCKVERS AG NPV(REGD) — 380 1,198 1,578 — 37 117 154

PUMA AG NPV — 29 64 93 — 7 16 23

RWE AG (NEU) NPV A — 683 2,102 2,785 — 36 111 147

SAP AG NPV — 422 1,216 1,638 — 72 207 279

SCHERING AG ORD NPV — 210 1,056 1,266 — 14 68 82

SIEMENS AG NPV (REGD) NPV (REGD) — 1,557 4,701 6,258 — 116 350 466

SUEDZUCKER AG NPV — 629 435 1,064 — 12 8 20

T ONLINE NPV — — 1,443 1,443 — — 17 17

THYSSENKRUPP AG NPV — 332 1,982 2,314 — 6 37 43

TUI AG NPV — 549 703 1,252 — 11 15 26

VOLKSWAGEN AG ORD NPV — 279 1,262 1,541 — 12 56 68

4,273

Page B-82

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined

PREFERRED STOCK

FRESENIUS AG NON VTG PRF NPV — — 114 114 — — 10 10

FRESENIUS MEDICAL NON VTG PRF NPV — — 122 122 — — 7 7

HENKEL KGAA NON VTG PRF NPV — 74 327 401 — 6 24 30

PORSCHE AG NON VTG PRF NPV — 20 46 66 — 13 29 42

PROSIEBEN SAT1 MEDIA — 237 — 237 — 4 — 4

RWE AG- NON VTG PFD — 133 — 133 — 6 — 6

VOLKSWAGEN AG — 293 — 293 — 9 — 9

WELLA AG NON VTG PRF NPV — — 82 82 — — 8 8

116

GREECE

COMMON STOCK

ALPHA BANK EUR5.42 (REGD) — 607 1,204 1,811 — 17 34 51

BK OF PIRAEUS EUR4.15(REGD) — 406 1,292 1,698 — 5 17 22

COCA COLA HELL BOT EUR0.50(CB) — 533 419 952 — 12 9 21

COSMOTE MOBILE TEL EUR0.47 — 100 680 780 — 2 12 14

EFG EUROBANK ERGAS EUR2.95(CR) — 732 1,203 1,935 — 20 33 53

EMPORIKI BANK OF GREECE SA EUR5 (REGD) — 192 367 559 — 5 10 15

HELLENIC PETROLEUM EUR2.18 — 114 522 636 — 1 5 6

HELLENIC TECHNODOMIKI — 1,111 — 1,111 — 4 — 4

INTRACOM COMMON — 904 — 904 — 4 — 4

NATL BK OF GREECE EUR4.50 (REGD) — 309 1,406 1,715 — 9 39 48

OPAP (ORG OF FOOTB) EUR0.30 (CR) — 148 820 968 — 3 17 20

OTE (HELLENIC TLCM) EUR2.39(CR) — 314 1,943 2,257 — 5 30 35

PUBLIC POWER CORP EUR4.60 — 534 560 1,094 — 13 14 27

TECHNICAL OLYMPIC S.A. — 1,340 — 1,340 — 6 — 6

TITAN CEMENT CO EUR2 — — 300 300 — — 8 8

VIOHALCO — 1,894 — 1,894 — 15 — 15

350

Page B-83

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined

HONG KONG

COMMON STOCK

ASIA SATELLITE TEL HKD0.10 — — 500 500 — — 1 1

BANK OF EAST ASIA HKD 2.50 3,600 — 7,600 11,20 0 10 — 22 32

BEIJING ENTERPRISE ORD HKD0.10 H SHS — — 2,000 2,000 — — 2 2

BOC HONG KONG HOLDINGS LTD HKD5 14,000 — 22,50 0 36,50 0 25 — 41 66

CATHAY PACIFIC AIR HKD0.20 4,000 — 7,000 11,00 0 7 — 12 19

CHAODA MODERN AGRICULTURE HKD0.10 — — 2,100 2,100 — — 1 1

CHEUNG KONG(HLDGS) HKD0.50 6,000 — 9,000 15,00 0 50 — 75 125

CHINA EVERBRIGHT HKD1 — — 2,000 2,000 — — 1 1

CHINA INSURANCE IN HKD0.05 — — 2,000 2,000 — — 1 1

CHINA MERCHANTS HLDGS INTL HKD0 — — 6,000 6,000 — — 9 9

CHINA MOBILE (HK) HKD0.10 — — 28,00 0 28,00 0 — — 81 81

CHINA NAT AVIATION HKD0.10 — — 4,000 4,000 — — 1 1

CHINA O/SEAS LAND HKD0.10 — — 6,000 6,000 — — 1 1

CHINA RES PWR HLDG HKD1 — — 4,000 4,000 — — 2 2

CHINA RESOURCES EN HKD1 — — 10,00 0 10,00 0 — — 14 14

CHINA TRAVEL INTL HKD0.10 — — 10,00 0 10,00 0 — — 3 3

CHINA UNICOM HKD0.1 — — 12,00 0 12,00 0 — — 9 9

CITIC INTERNATIONAL FINANCIA HKD — — 12,00 0 12,00 0 — — 5 5

CITIC PACIFIC LTD HKD0.40 — — 4,000 4,000 — — 10 10

CLP HOLDINGS HKD5 7,200 — 9,700 16,90 0 41 — 56 97

CNOOC LTD HKD0.02 — — 50,00 0 50,00 0 — — 26 26

DAH SING FINANCIAL HKD2 — — 400 400 — — 3 3

DENWAY MOTORS LTD HKD0.10 — — 22,00 0 22,00 0 — — 7 7

FOUNTAIN SET HLDGS HKD0.20 — — 2,000 2,000 — — 2 2

Page B-84

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined

GUANGDONG INVEST HKD0.50 — — 4,000 4,000 — — 1 1

GUANGZHOU INVMNT HKD0.10 — — 10,000 10,000 — — 1 1

HANG LUNG GROUP LTD HKD1 — — 5,000 5,000 — — 8 8

HANG LUNG PROP HKD1 7,000 — 7,000 14,000 11 — 10 21

HANG SENG BANK HKD5 3,200 — 4,000 7,200 43 — 53 96

HENDERSON INV HKD0.20 — — 5,000 5,000 — — 7 7

HENDERSON LAND DEV HKD2 3,000 — 4,000 7,000 14 — 19 33

HONG KONG AIRCRAFT HKD1 — — 400 400 — — 2 2

HONG KONG ELECTRIC HKD1 6,500 — 8,500 15,000 29 — 38 67

HONG KONG EXCHANGE HKD1 4,000 — 6,000 10,000 9 — 14 23

HONGKONG+CHINA GAS HKD0.25 16,900 — 21,930 38,830 33 — 42 75

HONGKONG+SHANG HOT HKD0.50 — — 5,000 5,000 — — 4 4

HOPEWELL HLDGS HKD2.50 3,000 — 4,000 7,000 6 — 9 15

HUNG HING PRINTING HKD0.10 — — 2,000 2,000 — — 2 2

HUTCHISON WHAMPOA HKD0.25 9,000 — 17,000 26,000 69 — 131 200

HYSAN DEVELOPMENT HKD5 3,000 — 4,000 7,000 5 — 7 12

I CABLE COMMUNICATION HKD1 — — 2,200 2,200 — — 1 1

INDUS + COMMER BK HKD2.00 — — 3,000 3,000 — — 4 4

INTERCHINA CO HLDG HKD0.10 — — 10,000 10,000 — — — —

INTL BANK OF ASIA HKD1 — — 2,000 2,000 — — 1 1

KOWLOON MOTOR BUS HKD1 — — 2,000 2,000 — — 9 9

LENOVO GROUP LTD HKD0.025 — — 16,000 16,000 — — 6 6

LIU CHONG HING BNK HKD0.50 — — 1,000 1,000 — — 1 1

MTR CORP HKD1 6,000 — 9,000 15,000 9 — 13 22

NEW WORLD DEVEL CO HKD1 9,000 — 12,000 21,000 8 — 10 18

NEXT MEDIA HKD1 — — 2,000 2,000 — — 1 1

ORIENTAL PRESS GRP HKD 0.25 — — 2,000 2,000 — — 1 1

PCCW LIMITED HKD0.25 14,000 — 21,200 35,200 8 — 13 21

Page B-85

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined

S/INDUSTRIAL HLDG HKD0.10 — — 14,000 14,000 — — 27 27

SHENZHEN INVESTMEN HKD0.05 — — 2,000 2,000 — — — —

SHN INTL HLDGS HKD0.10 — — 22,500 22,500 — — 1 1

SHUN TAK HLDGS HKD0.25 — — 8,000 8,000 — — 5 5

SINO LAND CO HKD1.00 8,000 — 12,000 20,000 7 — 10 17

SUN HUNG KAI PROPS HKD0.50 6,000 — 10,000 16,000 56 — 93 149

SWIRE PACIFIC A HKD0.60 4,500 — 4,500 9,000 32 — 32 64

SWIRE PACIFIC B HKD0.12 — — 7,500 7,500 — — 9 9

TCL COMMUNICATION HKD0.10 — — 1,600 1,600 — — — —

TECHTRONIC INDUSTR ORD HKD0.1 4,000 — 6,000 10,000 8 — 12 20

TELEVISION BROADCT HKD0.05 2,000 — 2,000 4,000 9 — 9 18

WHARF(HLDGS) HKD1 6,000 — 6,000 12,000 20 — 20 40

WHEELOCK + CO HKD0.50 — — 4,000 4,000 — — 6 6

WING HANG BANK LTD — — 1,500 1,500 — — 10 10

WING LUNG BANK HKD5 — — 600 600 — — 5 5

1,541

IRELAND

COMMON STOCK

ALLIED IRISH BANK - EURO — 872 — 872 — 15 — 15

ALLIED IRISH BANKS EUR0.32 (DUBLIN LISTING) — 1,382 4,755 6,137 — 24 83 107

ANGLO IRISH BK CP ORD EUR0.32(DUBLIN LISTING) — — 1,783 1,783 — — 34 34

BANK OF IRELAND (EUR) — 975 — 975 — 13 — 13

BK OF IRELAND ORD STK EUR0.64 — 1,593 5,289 6,882 — 22 72 94

CRH ORD IEP0.32(DUBLIN LISTING) — 858 2,826 3,684 — 21 68 89

DEPFA BANK PLC ORD EUR0.30 — 1,100 1,815 2,915 — 17 28 45

ELAN CORP ORD EUR0.05 — 695 2,026 2,721 — 18 52 70

GRAFTON GROUP UTS (1 ORD — 643 — 643 — 6 — 6

Page B-86

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined

GREENCORE GROUP — 200 — 200 — 1 — 1

INDEPENDENT NEWS & MEDIA — 1,951 — 1,951 — 6 — 6

IRISH LIFE + PERM ORD EUR0.32 — 704 1,441 2,145 — 12 24 36

KERRY GROUP A ORD I0.10(DUBLIN LIST) — 142 811 953 — 3 18 21

RYANAIR HOLDINGS - EURO — 1,409 — 1,409 — 7 — 7

544

ITALY

COMMON STOCK

AEM SPA EUR0.52 — — 3,698 3,698 — — 8 8

ALLEANZA ASSICURAZ EUR0.5 — 580 2,303 2,883 — 7 27 34

ASSIC GENERALI EUR1.00 — 1,990 6,723 8,713 — 59 199 258

AUTOGRILL SPA EUR0.52 — 1,008 653 1,661 — 15 10 25

AUTOSTRADE EUR1 — 817 1,510 2,327 — 18 33 51

BANCA INTESA SPA EUR0.52 — 4,724 23,390 28,114 — 19 96 115

BANCA POPOLARE MILANO — 790 — 790 — 6 — 6

BCA ANTONVENETA EUR3 — 400 1,486 1,886 — 8 31 39

BCA CARIGE SPA EUR 1 — — 2,465 2,465 — — 10 10

BCA FIDEURAM SPA EUR0.26 — 1,668 1,594 3,262 — 8 8 16

BCA INTESA SPA - RNC — 1,759 — 1,759 — 6 — 6

BCA LOMBARDA ITL1000 — — 1,670 1,670 — — 21 21

BCA NAZ DEL LAVORO EUR0.50 — 1,908 8,289 10,197 — 4 19 23

BCA POP DI LODI EUR3 — — 1,476 1,476 — — 16 16

BCA POP EMILIA ROM ITL500 — — 389 389 — — 17 17

BCE POP UNITE ORD EUR2.50 — 350 1,766 2,116 — 6 31 37

BCP POP VERON NOV EUR3.6 — 461 1,954 2,415 — 8 35 43

BENETTON GROUP SPA EUR1.30 — 803 429 1,232 — 9 5 14

BULGARI SPA EUR0.07 — — 760 760 — — 8 8

Page B-87

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined

CAPITALIA SPA EUR1 — 5,544 8,460 14,004 — 21 32 53

EDISON EUR1 — 8,700 6,357 15,057 — 17 13 30

ENEL EUR1 — 5,042 23,845 28,887 — 46 216 262

ENI EUR1 — 5,410 15,826 21,236 — 123 359 482

FIAT SPA EUR 5 — 452 3,089 3,541 — 3 22 25

FINECOGROUP EUR1 — 177 1,548 1,725 — 1 11 12

FINMECCANICA SA EUR0.22 — 7,355 33,135 40,490 — 6 26 32

FONDIARIA SAI SPA EUR1 — — 509 509 — — 12 12

GR ED L ESPRESSO EUR0.15 — 215 1,134 1,349 — 1 6 7

IFIL INVESTMENTS SPA EUR1 — — 2,665 2,665 — — 10 10

ITALCEMENTI DI RISP EUR1 — — 382 382 — — 4 4

ITALCEMENTI EUR1 — — 561 561 — — 9 9

LUXOTTICA GROUP EUR0.06 — 663 698 1,361 — 12 13 25

MEDIASET EUR0.52 — 2,307 3,113 5,420 — 26 35 61

MEDIOBANCA SPA EUR0.5 — 582 2,153 2,735 — 8 30 38

MEDIOLANUM EUR0.1 — 1,530 1,145 2,675 — 10 7 17

MONTE PASCHI SIENA EUR0.64 — 3,703 6,414 10,117 — 11 19 30

PIRELLI + CO SPA EURO 0.52 — 1,592 13,151 14,743 — 2 15 17

RAS EUR0.6 — 1,292 1,768 3,060 — 27 37 64

RCS MEDIAGROUP EUR1 — — 2,890 2,890 — — 14 14

SAIPEM EUR1 — — 2,550 2,550 — — 29 29

SAN PAOLO IMI SPA EUR2.80 — 1,264 5,535 6,799 — 16 70 86

SEAT PAGINE GIALLE EUR0.03 — 17,602 21,372 38,974 — 6 7 13

SNAM RETE GAS EUR1 — 436 5,020 5,456 — 2 25 27

T.E.R.N.A ORD EUR0.22 — — 5,290 5,290 — — 13 13

TELECOM ITALIA DI RISP EUR.55 — 13,836 25,539 39,375 — 35 63 98

TELECOM ITALIA EUR.55 — 17,146 56,997 74,143 — 57 190 247

TELECOM ITALIA MEDIA RTS — — — — — — — —

Page B-89

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined

TELECOM ITALIA MEDIA SPA — 1,725 — 1,725 — 1 — 1

TIM SPA EUR0.06 — 7,891 21,702 29,593 — 47 128 175

TISCALI SPA — 226 — 226 — 1 — 1

UNICREDITO ITALIAN EUR0.50 — 9,405 24,028 33,433 — 51 129 180

UNIPOL ITL1000 — — 811 811 — — 3 3

2,827

JAPAN

COMMON STOCK

77TH BANK JPY50 1,000 — 1,000 2,000 6 — 6 12

ABC MART INC NPV — — 100 100 — — 2 2

ACOM CO JPY50 220 — 400 620 14 — 25 39

ADVANTEST JPY50 300 — 400 700 21 — 28 49

AEON CO LTD JPY50 2,500 — 2,600 5,100 40 — 42 82

AEON CREDIT SERV JPY50 100 — 100 200 7 — 7 14

AIFUL CORP JPY50 200 — 200 400 20 — 20 40

AIOI INSURANCE CO NPV — — 2,000 2,000 — — 8 8

AISIN SEIKI CO JPY50 600 — 1,000 1,600 14 — 22 36

AJINOMOTO CO INC JPY50 2,000 — 4,000 6,000 22 — 44 66

ALFRESA HOLDINGS C NPV — — 100 100 — — 4 4

ALL NIPPON AIRWAYS JPY50 2,000 — 9,000 11,000 6 — 28 34

ALPS ELECTRIC CO JPY50 1,000 — 1,000 2,000 12 — 12 24

AMADA CO JPY50 2,000 — 1,000 3,000 11 — 5 16

AOYAMA TRADING CO JPY50 300 — 200 500 7 — 4 11

ARISAWA MFG CO JPY50 — — 100 100 — — 4 4

ASAHI BREWERIES JPY50 1,000 — 2,000 3,000 10 — 21 31

ASAHI GLASS CO JPY50 3,000 — 5,000 8,000 28 — 46 74

ASAHI KASEI CORP JPY50 5,000 — 6,000 11,000 21 — 26 47

Page B-90

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse
Asian Pacific
Index Fund TD Waterhouse
European Index
Fund TRP
International
Equity Index
Fund Pro Forma
Combined

ASATSU DK JPY50 200 — 100 300 6 — 3 9

AUTOBAC SEVEN 200 — — 200 5 — — 5

AWA BANK JPY50 — — 2,000 2,000 — — 12 12

BANDAI CO JPY50 300 — 400 700 7 — 9 16

BANK OF KYOTO JPY50 — — 1,000 1,000 — — 7 7

BANK OF NAGOYA JPY50 — — 2,000 2,000 — — 10 10

BANK OF YOKOHAMA JPY50 4,000 — 5,000 9,000 24 — 30 54

BENESSE CORP JPY50 200 — 300 500 6 — 8 14

BOSCH AUTOMATIVES — — 1,000 1,000 — — 5 5

BRIDGESTONE CORP JPY50 3,000 — 3,000 6,000 55 — 54 109

BROTHER INDUSTRIES JPY50 — — 1,000 1,000 — — 9 9

CANON INC JPY50 3,600 — 5,000 8,600 178 — 247 425

CASIO COMPUTER CO JPY50 1,000 — 1,000 2,000 12 — 12 24

CENTRAL GLASS CO JPY50 1,000 — 1,000 2,000 7 — 7 14

CENTRAL JPAN RLWY JPY50000 4 — 5 9 33 — 40 73

CHIBA BANK JPY50 2,000 — 3,000 5,000 13 — 19 32

CHIYODA CORP JPY50 — — 1,000 1,000 — — 8 8

CHUBU ELEC POWER JPY500 2,600 — 2,900 5,500 57 — 63 120

CHUGAI PHARM CO JPY50 800 — 1,900 2,700 13 — 30 43

CHUGOKU BANK JPY50 — — 1,000 1,000 — — 10 10

CHUGOKU ELEC POWER JPY500 — — 1,500 1,500 — — 26 26

CIRCLE K SUNKUS CO NPV — — 100 100 — — 2 2

CITIZEN WATCH CO JPY50 1,000 — 1,000 2,000 10 — 9 19

COCA COLA WEST JAPAN JPY50 300 — 100 400 7 — 2 9

COSMO OIL COMPANY JPY50 — — 2,000 2,000 — — 6 6

CREDIT SAISON CO JPY50 700 — 800 1,500 23 — 26 49

CSK CORPORATION JPY50 300 — 300 600 12 — 12 24

DAI NIPPON PRINTNG JPY50 3,000 — 3,000 6,000 41 — 41 82

Page B-91

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TDWaterhouse Asian Pacific
Index Fund TD Waterhouse European Index Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse Asian Pacific
Index Fund TD Waterhouse European Index Fund TRP
International
Equity Index
Fund Pro Forma
Combined

DAICEL CHEM INDS JPY50 2,000 — 1,000 3,000 10 — 5 15

DAIDO STEEL CO JPY50 — — 1,000 1,000 — — 3 3

DAIEI INC JPY50 — — 1,500 1,500 — — 3 3

DAIHATSU MOTOR CO JPY50 — — 1,000 1,000 — — 7 7

DAIICHI PHARM CO JPY50 1,000 — 1,200 2,200 20 — 23 43

DAIKIN INDUSTRIES JPY50 1,000 — 1,000 2,000 25 — 24 49

DAIMARU INC JPY50 1,000 — 1,000 2,000 7 — 7 14

DAINIPPON INK+CHEM JPY50 3,000 — 9,000 12,000 7 — 20 27

DAINIPPON PHARM JPY50 — — 1,000 1,000 — — 9 9

DAINIPPON SCREEN JPY50 1,000 — 1,000 2,000 5 — 5 10

DAISHI BANK JPY50 — — 1,000 1,000 — — 3 3

DAITO TRUST CONST JPY50 400 — 600 1,000 17 — 25 42

DAIWA HOUSE INDS JPY50 2,000 — 2,000 4,000 20 — 20 40

DAIWA SECURITIES GROUP INC JPY50 4,000 — 7,000 11,000 25 — 43 68

DENKI KAGAKU KOGYO JPY50 2,000 — 3,000 5,000 6 — 9 15

DENSO CORP JPY50 2,300 — 2,300 4,600 55 — 55 110

DENTSU INC NPV 6 — 7 13 16 — 19 35

DON QUIJOTE NPV — — 100 100 — — 6 6

DOWA MINING CO JPY50 1,000 — 1,000 2,000 6 — 6 12

EAST JAPAN RAILWAY JPY50000 15 — 16 31 79 — 84 163

EBARA CORP JPY50 2,000 — 1,000 3,000 9 — 5 14

EISAI CO JPY50 1,000 — 1,200 2,200 29 — 35 64

FAMILYMART CO JPY50 200 — 400 600 5 — 11 16

FANUC JPY50 600 — 900 1,500 36 — 54 90

FAST RETAILING CO JPY50 200 — 300 500 13 — 19 32

FUJI ELECTRIC HLDG NPV 1,000 — 5,000 6,000 2 — 13 15

FUJI HEAVY INDS JPY50 — — 4,000 4,000 — — 19 19

FUJI PHOTO FILM CO JPY50 2,000 — 2,000 4,000 68 — 68 136

Page B-92

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TDWaterhouse Asian Pacific
Index Fund TD Waterhouse European Index Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse Asian Pacific
Index Fund TD Waterhouse European Index Fund TRP
International
Equity Index
Fund Pro Forma
Combined

FUJI SOFT ABC INC JPY50 200 — 200 400 6 — 6 12

FUJI TELEVISION NETWORK INC JPY5000 3 — 2 5 7 — 5 12

FUJIKURA JPY50 2,000 — 2,000 4,000 9 — 9 18

FUJISAWA PHARM CO JPY50 1,000 — 1,000 2,000 26 — 26 52

FUJITSU JPY50 7,000 — 8,000 15,000 42 — 48 90

FUKUOKA BANK OF JPY50 2,000 — 2,000 4,000 11 — 11 22

FUKUYAMA TRANSPORT JPY50 — — 1,000 1,000 — — 4 4

FUNAI ELECTRIC CO JPY50 — — 100 100 — — 13 13

FURUKAWA ELECTRIC JPY50 3,000 — 2,000 5,000 13 — 8 21

FUTABA CORP JPY50 — — 100 100 — — 2 2

GLOBAL MEDIA ONLINE JPY50 — — 100 100 — — 2 2

GOODWILL GROUP JPY5000 — — 2 2 — — 4 4

GUNMA BANK JPY50 2,000 — 2,000 4,000 10 — 10 20

GUNZE LIMITED — — 1,000 1,000 — — 5 5

HACHIJUNI BANK JPY50 — — 2,000 2,000 — — 12 12

HAMAMATSU PHOTONIC NPV — — 100 100 — — 2 2

HANKYU CORP JPY50 — — 4,000 4,000 — — 14 14

HANKYU DEPT STORES JPY50 1,000 — 1,000 2,000 7 — 7 14

HANSHIN ELEC RLWY JPY50 — — 1,000 1,000 — — 3 3

HEIWA CORP NPV — — 700 700 — — 11 11

HIGO BANK JPY50 — — 1,000 1,000 — — 6 6

HIKARI TSUSHIN INC JPY50 — — 100 100 — — 6 6

HINO MOTORS JPY50 1,000 — 1,000 2,000 7 — 7 14

HIROSE ELECTRIC JPY50 100 — 200 300 10 — 20 30

HIROSHIMA BANK JPY50 — — 2,000 2,000 — — 9 9

HITACHI CABLE JPY50 — — 1,000 1,000 — — 4 4

HITACHI CAP CORP JPY50 400 — 100 500 7 — 2 9

HITACHI CHEMICAL JPY50 500 — 300 800 8 — 5 13

Page B-93

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TDWaterhouse Asian Pacific
Index Fund TD Waterhouse European Index Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse Asian Pacific
Index Fund TD Waterhouse European Index Fund TRP
International
Equity Index
Fund Pro Forma
Combined

HITACHI CONST MACH JPY50 — — 400 400 — — 5 5

HITACHI JPY50 14,000 — 13,000 27,000 88 — 82 170

HOKKAIDO ELEC PWR JPY500 700 — 800 1,500 13 — 15 28

HOKKOKU BANK JPY50 — — 1,000 1,000 — — 4 4

HOKUHOKU FINANCIAL GROUP INC NPV 4,000 — 15,000 19,000 9 — 34 43

HOKURIKU ELEC PWR JPY500 — — 800 800 — — 14 14

HONDA MOTOR CO JPY50 3,400 — 3,700 7,100 165 — 179 344

HOUSE FOOD INDL 400 — — 400 5 — — 5

HOYA CORP JPY50 400 — 400 800 41 — 41 82

HYAKUGO BANK(105TH JPY50 — — 2,000 2,000 — — 11 11

HYAKUJUSHI BANK JPY50 — — 1,000 1,000 — — 6 6

IBIDEN CO JPY50 — — 500 500 — — 8 8

INVOICE INC NPV — — 19 19 — — 3 3

INVOICE INC WTS EXP 30SEP05 — — 19 19 — — — —

ISETAN CO JPY50 900 — 700 1,600 9 — 7 16

ISHIKAWAJIMA HAR JPY50 7,000 — 6,000 13,000 9 — 8 17

ISUZU MOTORS JPY50 — — 4,000 4,000 — — 11 11

ITO EN JPY50 200 — 100 300 9 — 5 14

ITO YOKADO CO JPY50 1,000 — 2,000 3,000 36 — 72 108

ITOCHU CORP JPY50 6,000 — 6,000 12,000 26 — 26 52

ITOCHU TECHNO SCIE JPY50 200 — 100 300 8 — 4 12

IYO BANK JPY50 — — 1,000 1,000 — — 7 7

IZUMI CO JPY50 — — 100 100 — — 2 2

JAFCO JPY50 100 — 200 300 5 — 10 15

JAPAN AIRLINES CORP NPV 2,000 — 4,000 6,000 5 — 11 16

JAPAN PETROLEUM EX NPV — — 100 100 — — 4 4

JAPAN REAL ESTATE INVEST 1 — — 1 8 — — 8

JAPAN RETAIL FUND 1 — — 1 8 — — 8

Page B-94

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TDWaterhouse Asian Pacific
Index Fund TD Waterhouse European Index Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse Asian Pacific
Index Fund TD Waterhouse European Index Fund TRP
International
Equity Index
Fund Pro Forma
Combined

JAPAN TOBACCO INC JPY50000 3 — 5 8 26 — 44 70

JFE HOLDING INC NPV 2,275 — 2,200 4,475 61 — 59 120

JGC CORP JPY50 1,000 — 1,000 2,000 11 — 11 22

JOYO BANK JPY50 2,000 — 3,000 5,000 9 — 13 22

JS GROUP CORP NPV 1,000 — 1,000 2,000 18 — 18 36

JSAT CORP JPY50000 JPY50 — — 1 1 — — 3 3

JSR CORP JPY50 500 — 1,000 1,500 9 — 18 27

JUROKU BANK JPY50 — — 1,000 1,000 — — 4 4

KAGOSHIMA BANK JPY50 — — 1,000 1,000 — — 6 6

KAJIMA CORP JPY50 3,000 — 11,000 14,000 11 — 42 53

KAMIGUMI CO JPY50 1,000 — 1,000 2,000 7 — 7 14

KANEKA CORP JPY50 1,000 — 1,000 2,000 10 — 10 20

KANSAI ELEC POWER JPY500 3,100 — 3,800 6,900 58 — 71 129

KANSAI PAINT CO JPY50 1,000 — 1,000 2,000 6 — 6 12

KAO CORP JPY50 2,000 — 3,000 5,000 46 — 69 115

KATOKICHI CO JPY50 300 — 100 400 6 — 2 8

KAWASAKI HEAVY IND JPY50 8,000 — 6,000 14,000 13 — 10 23

KAWASAKI KISEN JPY50 3,000 — 5,000 8,000 20 — 33 53

KDDI CORP JPY5000 — — 17 17 — — 82 82

KEIHIN ELEC EXP RL JPY50 2,000 — 2,000 4,000 12 — 12 24

KEIO DENTETSU RY JPY50 2,000 — 2,000 4,000 11 — 11 22

KEYENCE CORP JPY50 100 — 200 300 23 — 45 68

KIKKOMAN CORP JPY50 1,000 — 1,000 2,000 9 — 9 18

KINDEN CORPORATION JPY50 1,000 — 1,000 2,000 7 — 7 14

KINTETSU CORP JPY50 7,000 — 7,000 14,000 22 — 22 44

KIRIN BEVERAGE JPY50 — — 100 100 — — 2 2

KIRIN BREWERY CO JPY50 3,000 — 4,000 7,000 27 — 36 63

KOBE STEEL JPY50 9,000 — 10,000 19,000 13 — 14 27

Page B-95

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TDWaterhouse Asian Pacific
Index Fund TD Waterhouse European
Index Fund TRP
International
Equity Index Fund Pro Forma
Combined ¹ TD Waterhouse Asian Pacific
Index Fund TD Waterhouse European Index Fund TRP
International
Equity Index
Fund Pro Forma
Combined

KOEI CO JPY50 — — 1,300 1,300 — — 30 30

KOKUYO CO JPY50 500 — 500 1,000 5 — 5 10

KOMATSU JPY50 4,000 — 5,000 9,000 27 — 33 60

KOMERI CO JPY50 — — 100 100 — — 2 2

KONAMI CORP JPY50 300 — 500 800 7 — 11 18

KONICA MINOLTA HOLDINGS INC JPY50 2,000 — 2,000 4,000 27 — 27 54

KOSE CORP — — 100 100 — — 4 4

KUBOTA CORP JPY50 5,000 — 3,000 8,000 23 — 14 37

KURARAY CO JPY50 2,000 — 2,000 4,000 16 — 16 32

KURITA WATER INDS JPY50 500 — 500 1,000 7 — 7 14

KYOCERA CORP JPY50 700 — 1,000 1,700 51 — 73 124

KYOWA HAKKO KOGYO JPY50 2,000 — 2,000 4,000 14 — 14 28

KYUSHU ELEC POWER JPY500 1,700 — 1,700 3,400 34 — 34 68

LAWSON JPY50 300 — 400 700 10 — 13 23

LEOPALACE21 JPY50 400 — 500 900 7 — 9 16

LION CORP JPY50 — — 1,000 1,000 — — 5 5

MABUCHI MOTOR CO JPY50 200 — 200 400 15 — 15 30

MAKITA CORP JPY50 — — 1,000 1,000 — — 14 14

MARUBENI CORP JPY50 6,000 — 6,000 12,000 16 — 16 32

MARUI CO JPY50 900 — 2,000 2,900 11 — 25 36

MARUICHI STL TUBE JPY50 — — 2,000 2,000 — — 32 32

MATSUI SECURITIES NPV — — 200 200 — — 5 5

MATSUMOTOKIYOSHI JPY50 200 — 200 400 5 — 5 10

MATSUSHITA ELC IND JPY50 9,865 — 13,000 22,865 143 — 188 331

MATSUSHITA ELC WKS JPY50 1,000 — 671 1,671 8 — 6 14

MAZDA MOTOR CORP JPY50 — — 3,000 3,000 — — 9 9

MEDICEO HOLDINGS CO LTD NPV 500 — 500 1,000 5 — 5 10

MEIJI DAIRIES CORP JPY50 1,000 — 1,000 2,000 6 — 6 12

Page B-96

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TDWaterhouse Asian Pacific
Index Fund TD Waterhouse European Index Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse Asian Pacific
Index Fund TD Waterhouse European Index Fund TRP
International
Equity Index
Fund Pro Forma
Combined

MEIJI SEIKA KAISHA JPY50 2,000 — 1,000 3,000 8 — 4 12

MEITEC CORPORATION JPY50 200 — 200 400 8 — 8 16

MILLEA HOLDINGS INC NPV 6 — 7 13 79 — 92 171

MINEBEA CO JPY50 2,000 — 2,000 4,000 9 — 8 17

MISUMI CORP JPY50 — — 100 100 — — 3 3

MITSUBISHI CHEMICAL JPY50 5,000 — 9,000 14,000 15 — 26 41

MITSUBISHI CORP JPY50 5,000 — 6,000 11,000 55 — 66 121

MITSUBISHI ELEC CP JPY50 6,000 — 8,000 14,000 28 — 37 65

MITSUBISHI ESTATE JPY50 4,000 — 5,000 9,000 42 — 53 95

MITSUBISHI GAS CHM JPY50 2,000 — 1,000 3,000 9 — 4 13

MITSUBISHI HVY IND JPY50 12,000 — 17,000 29,000 34 — 48 82

MITSUBISHI LOGISTC JPY50 — — 1,000 1,000 — — 9 9

MITSUBISHI MATERL JPY50 5,000 — 4,000 9,000 10 — 8 18

MITSUBISHI RAYON JPY50 3,000 — 2,000 5,000 10 — 6 16

MITSUBISHI UFJ HOLDINGS INC JPY50000 20 — 17 37 170 — 144 314

MITSUBISHI UFJ SECURITIES CO JPY50 — — 1,000 1,000 — — 9 9

MITSUI + CO JPY50 5,000 — 6,000 11,000 42 — 50 92

MITSUI CHEMICALS I JPY50 1,000 — 3,000 4,000 5 — 15 20

MITSUI ENG+SHIPBG JPY50 4,000 — 3,000 7,000 7 — 5 12

MITSUI FUDOSAN CO JPY50 3,000 — 4,000 7,000 32 — 42 74

MITSUI MINING + SM JPY50 3,000 — 4,000 7,000 12 — 16 28

MITSUI OSK LINES JPY50 4,000 — 5,000 9,000 24 — 30 54

MITSUI SUMITOMO INSURANCE CO JPY50 6,000 — 8,000 14,000 49 — 66 115

MITSUI TRUST HLDGS NPV 2,000 — 3,000 5,000 14 — 21 35

MITSUKOSHI LTD NPV 2,000 — 2,000 4,000 9 — 9 18

MITSUMI ELECTRIC JPY50 500 — 400 900 6 — 5 11

MIZUHO FINL GB NPV 33 — 46 79 128 — 177 305

MIZUHO INVEST SECS JPY50 — — 2,000 2,000 — — 4 4

Page B-97

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TDWaterhouse Asian Pacific
Index Fund TD Waterhouse European Index Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse Asian Pacific
Index Fund TD Waterhouse European Index Fund TRP
International
Equity Index
Fund Pro Forma
Combined

MIZUHO TRUST + BANKING CO. LTDJPY50 — — 14,000 14,000 — — 23 23

MURATA MFG CO JPY50 1,000 — 1,200 2,200 48 — 57 105

MUSASHINO BANK JPY500 — — 100 100 — — 4 4

NAGOYA RAILROAD CO JPY50 — — 3,000 3,000 — — 10 10

NAMCO JPY50 300 — 200 500 3 — 2 5

NAMCO LIMITED NPV DFD SETTLEMENT — — 200 200 — — 2 2

NEC CORP JPY50 6,000 — 7,000 13,000 33 — 39 72

NEC ELECTRONICS CP NPV 200 — 100 300 10 — 5 15

NET ONE SYSTEMS CO JPY5000 2 — 2 4 8 — 8 16

NGK INSULATORS JPY50 1,000 — 1,000 2,000 8 — 8 16

NGK SPARK PLUG CO JPY50 1,000 — 1,000 2,000 10 — 10 20

NHK SPRING CO JPY50 — — 1,000 1,000 — — 7 7

NICHICON CORP JPY50 — — 200 200 — — 2 2

NICHIREI 2,000 — 1,000 3,000 7 — 3 10

NIDEC CORPORATION JPY50 200 — 100 300 22 — 11 33

NIKKO CORDIAL CORP JPY50 6,000 — 8,000 14,000 27 — 36 63

NIKON CORP JPY50 1,000 — 1,000 2,000 10 — 10 20

NINTENDO CO JPY50 400 — 500 900 45 — 56 101

NIPPON BROADCASTING JPY50 — — 30 30 — — 1 1

NIPPON BUILDING FUND INC 1 — — 1 8 — — 8

NIPPON EXPRESS CO JPY50 3,000 — 4,000 7,000 14 — 19 33

NIPPON KAYAKU CO LTD 1,000 — — 1,000 5 — — 5

NIPPON LIGHT METAL JPY50 3,000 — 2,000 5,000 7 — 5 12

NIPPON MEAT PACKER JPY50 1,000 — 1,000 2,000 12 — 12 24

NIPPON MINING HLDG NPV 2,000 — 3,500 5,500 10 — 17 27

NIPPON OIL CORP JPY50 6,000 — 6,000 12,000 38 — 38 76

NIPPON PAINT — — 1,000 1,000 — — 4 4

NIPPON PAPER GROUP INC NPV 4 — 4 8 18 — 18 36

Page B-98

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TDWaterhouse Asian Pacific
Index Fund TD Waterhouse European Index Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse Asian Pacific
Index Fund TD Waterhouse European Index Fund TRP
International
Equity Index
Fund Pro Forma
Combined

NIPPON SHEET GLASS JPY50 1,000 — 1,000 2,000 1 — 3 4

NIPPON SHOKUBAI CO JPY50 1,000 — 1,000 2,000 7 — 7 14

NIPPON STEEL CORP JPY50 23,000 — 27,000 50,000 54 — 63 117

NIPPON TEL+TEL CP JPY50000 21 — 27 48 89 — 115 204

NIPPON TV NETWORK JPY500 — — 10 10 — — 1 1

NIPPON YUSEN KK JPY50 4,000 — 4,000 8,000 20 — 20 40

NIPPON ZEON CO JPY50 1,000 — 1,000 2,000 8 — 8 16

NIPPONKOA INSURAN JPY50 — — 3,000 3,000 — — 17 17

NISHI NIPPON CITY JPY50 — — 3,000 3,000 — — 13 13

NISHI NIPPON RLRD JPY50 — — 1,000 1,000 — — 3 3

NISHIMATSU CONSTRUCTION 1,000 — — 1,000 1 — — 1

NISSAN CHEM INDS JPY50 1,000 — 1,000 2,000 8 — 8 16

NISSAN MOTOR CO JPY50 10,700 — 11,700 22,400 121 — 132 253

NISSAY DOWA GENERA JPY50 — — 1,000 1,000 — — 5 5

NISSHIN SEIFUN GRP JPY50 1,000 — 1,000 2,000 10 — 10 20

NISSHIN STEEL CO JPY50 3,000 — 5,000 8,000 7 — 11 18

NISSHINBO IND INC JPY50 1,000 — 1,000 2,000 7 — 7 14

NISSIN FOOD PRODS JPY50 500 — 400 900 12 — 10 22

NITORI CO JPY50 100 — 50 150 5 — 3 8

NITTO DENKO CORP JPY50 700 — 700 1,400 33 — 33 66

NOK CORP JPY50 400 — 1,000 1,400 12 — 30 42

NOMURA HOLDINGS JPY50 8,000 — 10,000 18,000 98 — 123 221

NOMURA RESEARCH INC NPV 100 — 200 300 9 — 17 26

NSK JPY50 2,000 — 2,000 4,000 9 — 9 18

NTN CORP JPY50 2,000 — 2,000 4,000 11 — 11 22

NTT DATA CORP JPY5000 5 — 6 11 14 — 16 30

NTT DOCOMO NPV 87 — 104 191 154 — 183 337

OBAYASHI CORP JPY50 3,000 — 3,000 6,000 16 — 16 32

Page B-99

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TDWaterhouse Asian Pacific
Index Fund TD Waterhouse European Index Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse Asian Pacific
Index Fund TD Waterhouse European Index Fund TRP
International
Equity Index
Fund Pro Forma
Combined

ODAKYU ELEC RLWY JPY50 3,000 — 3,000 6,000 16 — 16 32

OGAKI KYORITSU BK JPY50 — — 1,000 1,000 — — 5 5

OJI PAPER CO JPY50 3,000 — 5,000 8,000 17 — 29 46

OKI ELECTRIC IND JPY50 3,000 — 3,000 6,000 10 — 10 20

OLYMPUS CORP NPV 1,000 — 1,000 2,000 19 — 19 38

OMRON CORP JPY50 1,000 — 1,000 2,000 23 — 23 46

ONO PHARMACEUTICAL JPY50 — — 300 300 — — 14 14

ONWARD KASHIYAMA JPY50 1,000 — 1,000 2,000 13 — 13 26

ORACLE CORP JAPAN JPY50 200 — 100 300 10 — 5 15

ORIENT CORP JPY50 — — 2,000 2,000 — — 5 5

ORIENTAL LAND CO LTD JPY50 200 — 300 500 12 — 18 30

ORIX CORP JPY50 300 — 400 700 35 — 47 82

OSAKA GAS CO JPY50 9,000 — 9,000 18,000 26 — 26 52

OTSUKA CORPORATION JPY50 — — 100 100 — — 5 5

PARK 24 CO JPY50 — — 100 100 — — 2 2

PARK 24 CO LTD NPV DFD STLMENT (22DEC04) — — 100 100 — — 2 2

PASONA INC NPV — — 1 1 — — 3 3

PIONEER CORP JPY50 500 — 700 1,200 9 — 13 22

PROMISE CO JPY50 400 — 550 950 25 — 35 60

QP CORP JPY50 700 — 300 1,000 6 — 3 9

RAKUTEN 2 — — 2 15 — — 15

RESONA HOLDINGS INC NPV 18,000 — 22,000 40,000 30 — 36 66

RICOH CO JPY50 3,000 — 3,000 6,000 56 — 56 112

RINNAI CORP JPY50 200 — 100 300 5 — 3 8

ROHM CO JPY50 400 — 600 1,000 41 — 62 103

RYOHIN KEIKAKU CO JPY50 200 — 100 300 9 — 4 13

SAGAMI RAILWAY CO JPY50 — — 1,000 1,000 — — 3 3

SAN IN GODO BANK JPY50 — — 1,000 1,000 — — 7 7

Page B-100

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TDWaterhouse Asian Pacific
Index Fund TD Waterhouse European Index Fund TRP
International
Equity Index
Fund Pro Forma
Combined ¹ TD Waterhouse Asian Pacific
Index Fund TD Waterhouse European Index Fund TRP
International
Equity Index
Fund Pro Forma
Combined

SANKEN ELECTRIC CO JPY50 — — 1,000 1,000 — — 12 12

SANKYO CO JPY50 1,600 — 1,600 3,200 33 — 33 66

SANKYO CO NPV 200 — 300 500 8 — 12 20

SANKYO SEIKI — — 1,000 1,000 — — 10 10

SANTEN PHARM CO JPY50 — — 300 300 — — 5 5

SANYO ELECTRIC CO JPY50 6,000 — 7,000 13,000 19 — 22 41

SANYO SHIPAN — — 100 100 — — 6 6

SAPPORO HOKUYO HLD JPY50000 — — 1 1 — — 7 7

SAPPORO HOLDINGS NPV 2,000 — 1,000 3,000 8 — 4 12

SECOM CO JPY50 1,000 — 1,000 2,000 36 — 36 72

SEGA SAMMY HOLDINGS INC ORD SHS 340 — 312 652 16 — 14 30

SEIBU RAILWAY CO JPY50 — — 1,000 1,000 — — 5 5

SEIKO EPSON CORP NPV 400 — 800 1,200 17 — 33 50

SEINO TRANSPORTN JPY50 1,000 — 1,000 2,000 9 — 9 18

SEIYU JPY50 — — 1,000 1,000 — — 2 2

SEKISUI CHEMICAL JPY50 2,000 — 2,000 4,000 13 — 13 26

SEKISUI HOUSE JPY50 2,000 — 3,000 5,000 21 — 31 52

SEVEN ELEVEN JAPAN NPV 2,000 — 2,000 4,000 58 — 58 116

SFCG CO. LTD JPY50 — — 30 30 — — 6 6

SHARP CORP JPY50 4,000 — 4,000 8,000 55 — 55 110

SHIGA BANK JPY50 — — 1,000 1,000 — — 5 5

SHIKOKU BANK JPY50 — — 1,000 1,000 — — 6 6

SHIKOKU ELEC POWER JPY500 — — 1,000 1,000 — — 18 18

SHIMA SEIKI MFG JPY50 — — 100 100 — — 3 3

SHIMACHU CO JPY50 200 — 100 300 5 — 2 7

SHIMADZU CORP JPY50 — — 1,000 1,000 — — 6 6

SHIMAMURA CO JPY50 100 — 100 200 7 — 7 14

SHIMANO INC JPY50 500 — 1,500 2,000 12 — 37 49

Page B-101

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

SHIMIZU CORP JPY50 3,000 — 3,000 6,000 13 — 13 26

SHIN ETSU CHEM CO JPY50 1,600 — 1,800 3,400 61 — 68 129

SHINKO ELEC INDS JPY50 — — 100 100 — — 3 3

SHINKO SECURITIES JPY50 — — 4,000 4,000 — — 11 11

SHINSEI BANK NPV 2,000 — 4,000 6,000 13 — 26 39

SHIONOGI + CO JPY50 1,000 — 1,000 2,000 16 — 16 32

SHISEIDO CO JPY50 1,000 — 2,000 3,000 13 — 26 39

SHIZUOKA BANK JPY50 2,000 — 3,000 5,000 17 — 25 42

SHOWA DENKO KK JPY50 5,000 — 5,000 10,000 12 — 12 24

SHOWA SHELL SEKIYU JPY50 500 — 600 1,100 3 — 5 8

SKY PERFECT COMMUN JPY50000 — — 2 2 — — 2 2

SKYLARK CO JPY50 300 — 400 700 5 — 7 12

SMBS FRIEND SECS NPV — — 500 500 — — 3 3

SMC CORP JPY50 200 — 300 500 21 — 32 53

SOFTBANK CORPORATION JPY50 1,000 — 900 1,900 45 — 41 86

SOFTBANK INVESTMENT CORP NPV — — 9 9 — — 3 3

SOHGO SECURITY SER NPV — — 2,100 2,100 — — 29 29

SOJITZ HOLDINGS CORP 1,400 — — 1,400 6 — — 6

SOMPO JAPAN INS JPY50 3,000 — 4,000 7,000 26 — 35 61

SONY CORP JPY50 4,000 — 4,800 8,800 140 — 167 307

SQUARE ENIX CO LTD NPV — — 100 100 — — 3 3

STANLEY ELECTRIC JPY50 300 — 300 600 4 — 5 9

SUMISHO COMP SYS JPY50 — — 1,100 1,100 — — 23 23

SUMISHO LEASE CO JPY50 — — 100 100 — — 4 4

SUMITOMO BAKELITE JPY50 1,000 — 2,000 3,000 6 — 12 18

SUMITOMO CHEMICAL JPY50 6,000 — 6,000 12,000 29 — 29 58

SUMITOMO CORP JPY50 4,000 — 5,000 9,000 30 — 37 67

SUMITOMO ELEC INDS JPY50 3,000 — 3,000 6,000 28 — 28 56

Page B-102

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

SUMITOMO FORESTRY JPY50 — — 1,000 1,000 — — 9 9

SUMITOMO HEAVY IND JPY50 3,000 — 2,000 5,000 9 — 6 15

SUMITOMO METAL IND JPY50 11,000 — 18,000 29,000 13 — 22 35

SUMITOMO METAL MNG JPY50 2,000 — 3,000 5,000 14 — 20 34

SUMITOMO MITSUI GR NPV 18 — 23 41 117 — 149 266

SUMITOMO OSAKA CEM JPY50 3,000 — 3,000 6,000 7 — 7 14

SUMITOMO RLTY+DEV JPY50 1,000 — 2,000 3,000 11 — 22 33

SUMITOMO RUBBER JPY50 — — 2,000 2,000 — — 17 17

SUMITOMO TRUST+BKG JPY50 5,000 — 6,000 11,000 29 — 35 64

SURUGA BANK JPY50 1,000 — 1,000 2,000 8 — 8 16

SUZUKEN CO LTD JPY50 200 — 100 300 3 — 2 5

SUZUKI MOTOR CORP JPY50 — — 2,000 2,000 — — 35 35

T+D HOLDINGS INC NPV 600 — 950 1,550 27 — 42 69

TAIHEIYO CEMENT JPY50 4,000 — 6,000 10,000 9 — 14 23

TAISEI CORP JPY50 4,000 — 3,000 7,000 14 — 11 25

TAISHO PHARM CO JPY50 1,000 — 1,000 2,000 18 — 18 36

TAIYO NIPPON SANSO NPV 1,000 — 1,000 2,000 4 — 5 9

TAIYO YUDEN CO JPY50 — — 1,000 1,000 — — 10 10

TAKARA HOLDINGS JPY50 1,000 — 1,000 2,000 6 — 6 12

TAKASHIMAYA CO JPY50 1,000 — 1,000 2,000 9 — 9 18

TAKEDA PHARMACEUTICAL CO LTD JPY50 3,800 — 3,500 7,300 184 — 169 353

TAKEFUJI CORP JPY50 330 — 300 630 21 — 19 40

TANABE SEIYAKU CO JPY50 — — 1,000 1,000 — — 9 9

TDK CORP JPY50 500 — 500 1,000 35 — 35 70

TEIJIN JPY50 2,000 — 3,000 5,000 8 — 12 20

TEIKOKU OIL CO JPY50 1,000 — 1,000 2,000 6 — 5 11

TERUMO CORP JPY50 500 — 700 1,200 12 — 17 29

THK CO JPY50 500 — 600 1,100 9 — 10 19

Page B-103

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

TIS INC JPY50 200 — 200 400 7 — 7 14

TOBU RAILWAY CO JPY50 3,000 — 3,000 6,000 11 — 11 22

TODA CORPORATION JPY50 — — 1,000 1,000 — — 4 4

TOHO CO JPY500 800 — 600 1,400 11 — 9 20

TOHO GAS CO JPY50 — — 2,000 2,000 — — 6 6

TOHOKU ELEC POWER JPY500 1,500 — 1,900 3,400 26 — 32 58

TOKUYAMA CORP JPY50 — — 1,000 1,000 — — 5 5

TOKYO ELEC POWER JPY500 5,000 — 5,400 10,400 114 — 122 236

TOKYO ELECTRON JPY50 700 — 700 1,400 38 — 38 76

TOKYO GAS CO JPY50 11,000 — 11,000 22,000 41 — 41 82

TOKYO STEEL MFG JPY50 — — 500 500 — — 8 8

TOKYO STYLE CO JPY50 — — 1,000 1,000 — — 11 11

TOKYO TATEMONO CO JPY50 — — 1,000 1,000 — — 6 6

TOKYU CORP JPY50 3,000 — 4,000 7,000 14 — 18 32

TOKYU LAND CORP JPY50 2,000 — 1,000 3,000 6 — 3 9

TOMEN CORPORATION JPY50 — — 3,000 3,000 — — 4 4

TONEN GEN SEKIYU JPY50 1,000 — 2,000 3,000 9 — 17 26

TOPPAN FORMS JPY50 — — 100 100 — — 1 1

TOPPAN PRINTING CO JPY50 2,000 — 3,000 5,000 19 — 29 48

TORAY INDS INC JPY50 5,000 — 5,000 10,000 23 — 23 46

TOSHIBA CORP JPY50 12,000 — 12,000 24,000 49 — 48 97

TOSOH CORP JPY50 3,000 — 2,000 5,000 13 — 8 21

TOTO JPY50 1,000 — 1,000 2,000 9 — 9 18

TOYO SEIKAN KAISHA JPY50 1,000 — 1,000 2,000 16 — 16 32

TOYOBO CO JPY50 3,000 — 3,000 6,000 6 — 7 13

TOYODA GOSEI JPY50 100 — 1,100 1,200 1 — 21 22

TOYOTA INDUSTRIES JPY50 600 — 600 1,200 13 — 14 27

TOYOTA MOTOR CORP JPY50 12,500 — 14,200 26,700 488 — 553 1,041

Page B-104

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

TOYOTA TSUSHO CORP JPY50 — — 1,000 1,000 — — 13 13

TREND MICRO INC JPY50 500 — 500 1,000 24 — 24 48

TV ASAHI CORP NPV — — 1 1 — — 2 2

UBE INDUSTRIES JPY50 4,000 — 3,000 7,000 6 — 4 10

UFJ HLDGS JPY50000 15 — 20 35 70 — 93 163

UFJ TSUBASA SECS JPY50 — — 2,000 2,000 — — 7 7

ULVACINC NPV — — 100 100 — — 2 2

UNI CHARM CORP JPY50 200 — 200 400 10 — 10 20

UNY CO JPY50 1,000 — 1,000 2,000 10 — 10 20

USHIO INC JPY50 — — 1,000 1,000 — — 17 17

USS JPY50 100 — 120 220 7 — 10 17

WACOAL CORP JPY50 — — 1,000 1,000 — — 11 11

WEST JAPAN RAILWAY JPY50000 7 — 8 15 28 — 32 60

WORLD CO JPY50 200 — 100 300 6 — 3 9

YAHOO JAPAN CORP JPY50000 4 — 7 11 18 — 32 50

YAHOO JAPAN CORP NPV DFD SETTLEMENT — — 5 5 — — 22 22

YAKULT HONSHA CO JPY50 1,000 — 1,000 2,000 16 — 16 32

YAMADA DENKI CO JPY50 300 — 400 700 10 — 14 24

YAMAGUCHI BANK JPY50 — — 1,000 1,000 — — 10 10

YAMAHA CORP JPY50 600 — 700 1,300 9 — 11 20

YAMAHA MOTOR CO JPY50 1,000 — 1,000 2,000 14 — 15 29

YAMANOUCHI PHARM JPY50 1,200 — 1,900 3,100 44 — 70 114

YAMATO TRANSPORT JPY50 2,000 — 2,000 4,000 27 — 27 54

YAMAZAKI BAKING CO JPY50 1,000 — 2,000 3,000 8 — 18 26

YASKAWA ELEC CORP JPY50 — — 1,000 1,000 — — 5 5

YOKOGAWA ELECTRIC JPY50 1,000 — 1,000 2,000 12 — 13 25

YOKOHAMA RUBBER CO JPY50 — — 1,000 1,000 — — 4 4

YOSHINOYA D+C CO JPY5000 — — 1 1 — — 2 2

17,432

Page B-105

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

LUXEMBOURG

COMMON STOCK

ARCELOR NPV — 998 2,501 3,499 — 19 47 66

RTL GROUP NPV — — 161 161 — — 11 11

SES GLOBAL FDR EACH REP 1 A NPV — — 893 893 — — 9 9

86

NETHERLANDS

COMMON STOCK

ABN AMRO HLDGS NV EUR0.56 — 3,100 8,641 11,741 — 74 207 281

AEGON NV EUR0.12 — 2,203 8,021 10,224 — 24 88 112

AHOLD (KON )NV EUR0.25 — 3,821 8,369 12,190 — 27 58 85

AKZO NOBEL NV EUR2 — 339 1,508 1,847 — 13 57 70

ASML HOLDING NV EUR0.02 — 1,763 2,547 4,310 — 25 36 61

CORIO NV EUR10 — 121 274 395 — 6 14 20

DSM NV EUR3 — 101 429 530 — 6 23 29

EADS(EURO AERO DEF EUR1 — 354 1,704 2,058 — 10 49 59

EURONEXT EUR1 — 186 657 843 — 5 19 24

HEINEKEN HOLDING EUR1.6 A — — 513 513 — — 14 14

HEINEKEN NV EUR1.60 — 377 1,440 1,817 — 12 45 57

IHC CALAND NV NTFL2 — 103 — 103 — 6 — 6

ING GROEP NV CVA EUR0.24 — 3,557 11,406 14,963 — 94 302 396

JAMES HARDIE INDS NPV (CHESS FOREIGN UNITS) 2,015 — 2,570 4,585 10 — 12 22

KON KPN NV EUR0.24 — 3,452 13,393 16,845 — 28 107 135

NUMICO (KON) NV EUR0.25 — 186 877 1,063 — 6 30 36

OCE NV — 98 — 98 — 1 — 1

Page B-106

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

PHILIPS ELEC(KON) EUR0.20 — 2,608 6,911 9,519 — 62 163 225

QIAGEN NV — 353 — 353 — 4 — 4

RANDSTAD HLDGS NV EUR0.10 — — 470 470 — — 16 16

REED ELSEVIER NV EUR0.06 — 1,745 3,935 5,680 — 23 52 75

RODAMCO EUROPE EUR8 — 204 396 600 — 14 27 41

ROYAL DUTCH PETROL EUR0.56(BR) — 4,332 11,075 15,407 — 236 601 837

STMICROELECTRONICS EUR1.04 — — 3,625 3,625 — — 67 67

TPG NV EUR0.48 — 419 2,450 2,869 — 10 59 69

UNILEVER NV CVA NLG1.12 — 1,131 3,015 4,146 — 66 175 241

VEDIOR CVA — 111 — 111 — 2 — 2

VNU NV EUR0.20 — 278 1,332 1,610 — 8 36 44

WERELDHAVE NV — 61 — 61 — 5 — 5

WOLTERS KLUWER CVA EUR0.12 — 338 1,579 1,917 — 6 29 35

3,069

NEW ZEALAND

COMMON STOCK

AIR NEW ZEALAND NPV — — 395 395 — — — —

AUCKLAND INTL AIRPORT LTD NPV 1,077 — 892 1,969 5 — 4 9

BRISCOE GROUP NPV — — 95 95 — — — —

CARTER HOLT HARVEY NPV 7,805 — 3,779 11,584 11 — 6 17

CONTACT ENERGY NPV 3,649 — 1,048 4,697 15 — 4 19

FISHER + PAYKEL AP NPV 1,850 — 1,226 3,076 5 — 3 8

FISHER + PAYKEL HEALTHCARE CORNPV 2,940 — 985 3,925 6 — 2 8

FLETCHER BUILDING NPV 1,911 — 1,900 3,811 7 — 7 14

INDEPENDENT NEWS NPV — — 3,598 3,598 — — 12 12

INFRATIL LTD NPV — — 1,016 1,016 — — 2 2

INFRATIL LTD WTS EXP 10JUL09 — — 203 203 — — — —

Page B-107

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

KIWI INC PROP TST ORD UNITS NPV — — 6,039 6,039 — — 5 5

NGC HOLDINGS NPV — — 1,302 1,302 — — 3 3

NUFARM NPV(AUST LISTING) — — 890 890 — — 5 5

PORT OF TAURANGA NPV — — 94 94 — — — —

PORTS OF AUCKLAND NPV — — 30 30 — — — —

SANFORD NPV — — 733 733 — — 2 2

SKY CITY ENTERTAINMENT LTD NPV 1,706 — 2,054 3,760 5 — 6 11

SKY NETWORK TELE L NPV — — 136 136 — — 1 1

TELECOM CORP OF NZ NPV (NZ LISTING) 6,954 — 9,865 16,819 28 — 39 67

TOWER LIMITED — — 2,200 2,200 — — 4 4

WAREHOUSE GROUP NPV — — 1,391 1,391 — — 4 4

WESTPAC TRUST INV NPV — — 165 165 — — 2 2

193

PREFERRED STOCK

TENON LIMITED PRF NPV — — 877 877 — — 1 1

1

NORWAY

COMMON STOCK

DNB NOR ASA NOK10 — 2,172 5,147 7,319 — 18 43 61

NORSK HYDRO AS NOK20 — 183 1,050 1,233 — 14 77 91

NORSKE SKOGSINDUST ORD A NOK10 — 244 684 928 — 4 12 16

ORKLA ASA NOK6.25 — 256 1,095 1,351 — 7 31 38

SCHIBSTED AS — 584 — 584 — 13 — 13

STATOIL ASA NOK2.50 — 546 2,297 2,843 — 8 33 41

STOREBRAND ASA A NOK5 — 190 1,817 2,007 — 1 14 15

TANDBERG ASA — 153 — 153 — 1 — 1

Page B-108

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

TELENOR AS ORD NOK6 — 2,290 4,601 6,891 — 18 37 55

YARA INTERNATIONAL NOK1.70 — 183 1,152 1,335 — 2 12 14

347

PORTUGAL

COMMON STOCK

BANCO BPI SA EUR1 REGD — 1,252 2,741 3,993 — 5 11 16

BCO COM PORTUGUES EUR1(REGD) — 2,393 12,766 15,159 — 6 30 36

BCO ESPIR SANTO PTES1000(REGD) — 842 374 1,216 — 14 6 20

BRISA AUTO ESTRADA EUR1 PRIV — 337 2,239 2,576 — 3 18 21

CIMPOR CIMENTOS DE EUR1(REGD) — 2,790 907 3,697 — 15 5 20

EDP ENERGIAS PORTUGAL EUR1 (REGD) — 2,244 11,555 13,799 — 7 34 41

JERONIMO MARTINS — 36 — 36 5 — — 5

PORTUGAL TCOM SGPS EUR1(REGD) — 1,173 6,621 7,794 — 13 75 88

PT MULTIMEDIA SGPS EUR0.5(REGD) — — 255 255 — — 6 6

SONAE INVESTIMENTOS — 1,246 — 1,246 — 2 — 2

254

SINGAPORE

COMMON STOCK

ALLGREEN PROPERTIE SGD0.50 — — 1,000 1,000 — — 1 1

CAPITACOMMERCIAL NPV (REIT) — — 400 400 — — — —

CAPITALAND SGD1 3,000 — 4,000 7,000 3 — 4 7

CAPITAMALL TRUST SGD1 UNITS — — 4,000 4,000 — — 4 4

CHARTERED SEMI CONDUCTORS SGD0.26 22,000 — 3,000 25,000 14 — 2 16

CHINA AVIATION OIL (SINGAPORE)SGD0.05 — — 1,400 1,400 — — 1 1

CITY DEVELOPMENT WARRANTS 400 — — 400 — — — —

CITY DEVELOPMENTS SGD 0.50 4,000 — 3,000 7,000 15 — 11 26

Page B-109

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

COMFORTDELGRO CORP SGD0.25 8,000 — 10,012 18,012 7 — 9 16

CREATIVE TECHNOLOGY ORD SGD0.25 — — 350 350 — — 4 4

DATACRAFT ASIA SGD0.10 — — 3,000 3,000 — — 2 2

DBS GROUP HLDGS SGD1 4,000 — 6,000 10,000 38 — 56 94

ELEC + ELTEK INTL SGD0.80 — — 1,400 1,400 — — 4 4

FORTUNE R/EST INV NPV (REIT) — — 2,000 2,000 — — 2 2

FRASER AND NEAVE LTD SGD1 (POST RECONST) 1,000 — 1,000 2,000 8 — 8 16

HAW PAR CORP LTD SGD1 204 — 1,103 1,307 — — 3 3

HONG LEONG SINGAPORE SGD1 — — 1,000 1,000 — — 2 2

JARDINE CYCLE + CARRIAGE LTD SGD1 — — 1,000 1,000 — — 5 5

KEPPEL CORP SGD0.50 4,000 — 4,000 8,000 20 — 19 39

MOBILEONE ORD SGD0.20 — — 5,000 5,000 — — 5 5

NATSTEEL LTD SGD0.50 — — 4,000 4,000 — — 5 5

NEPTUNE ORIENT LNS SGD1 — — 3,000 3,000 — — 5 5

O/SEAS CHINESE BK SGD1 4,000 — 5,000 9,000 33 — 41 74

PACIFIC CENTURY SDG0.10 — — 3,600 3,600 — — 1 1

PARKWAY HLDGS SGD0.50 — — 2,000 2,000 — — 2 2

SEMBCORP INDUSTRIE SGD0.25 6,000 — 3,000 9,000 6 — 3 9

SEMBCORP LOGISTICS SGD0.25 1,000 — 2,000 3,000 — — 3 3

SEMBCORP MARINE SGD0.10 — — 7,000 7,000 — — 4 4

SINGAPORE AIRLINES SGD0.50(1000 BOARD LOT) 2,000 — 3,000 5,000 13 — 19 32

SINGAPORE EXCHANGE SGD0.01 5,000 — 4,000 9,000 5 — 4 9

SINGAPORE LAND SGD1 — — 1,000 1,000 — — 3 3

SINGAPORE POST SGD0.05 11,000 — 6,000 17,000 6 — 3 9

SINGAPORE PRESS HD SGD0.20 4,250 — 8,500 12,750 12 — 24 36

SINGAPORE TECH ENG SGD0.10 5,000 — 6,000 11,000 7 — 8 15

SINGAPORE TELECOM SGD0.15 (CHESS UNIT FOR) — — 1,237 1,237 — — 2 2

SINGAPORE TELECOMM SGD0.15 21,358 — 33,642 55,000 31 — 49 80

Page B-110

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

SMRT CORPORATION ORD SGD0.10 — — 2,000 2,000 — — 1 1

STATS CHIPPAC LTD SGD0.25 15,000 — 4,000 19,000 9 — 2 11

UNITED O/SEAS BANK SGD1 5,000 — 6,520 11,520 41 — 53 94

UTD INDUSTRIAL CP SGD1 — — 5,000 5,000 — — 3 3

UTD O/S LAND — — 2,000 2,000 — — 3 3

VENTURE CORP LTD SGD0.25 1,000 — 1,000 2,000 9 — 10 19

WANT WANT HOLDINGS USD0.10 — — 8,000 8,000 — — 8 8

WING TAI HOLDINGS SGD 0.25 — — 1,000 1,000 — — 1 1

676

SPAIN

COMMON STOCK

ABERTIS INFRAESTRUCTURAS SA EUR3 — 1,119 1,951 3,070 — 21 36 57

ABERTIS INFRAESTRUCTURAS SA SHS A — — 85 85 — — 2 2

ACCIONA S A UER1 — 193 136 329 — 14 10 24

ACERINOX S.A. ORD SHS EUR.25 — 944 1,387 2,331 — 13 19 32

ACS ACTIVIDADES CO EURO.5 — 708 1,876 2,584 — 14 36 50

AGUAS DE BARCELONA — 970 — 970 — 17 — 17

ALTADIS SA EUR0.6 (REGD) — 362 1,533 1,895 — 13 56 69

AMADEUS GLOBAL TRAVEL SER A EUR0.01 — 1,387 1,866 3,253 — 11 15 26

ANTENA 3 TV EUR3 — 20 104 124 — 1 7 8

BANKINTER SA EUR1.5(REGD) — — 397 397 — — 18 18

BBVA (BILB VIZ ARG) EUR0.49 — 6,698 17,806 24,504 — 105 279 384

BCC DE SABADELL EUR0.5 — — 1,617 1,617 — — 35 35

BCO POPULAR ESP EUR0.5 — 300 1,062 1,362 — 17 60 77

BCO SANT CENT HISP EURO.50(REGD) — 8,923 24,657 33,580 — 100 275 375

CIA ESP PETROLEOS EUR1 — — 347 347 — — 13 13

CORP FINANC ALBA EUR1 — — 159 159 — — 5 5

Page B-111

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

CORP MAPFRE SA EUR0.5 — — 560 560 — — 7 7

ENDESA S.A. EUR1.2 — 1,981 5,572 7,553 — 40 113 153

FOM CONST Y CONTRA EUR1 — 337 281 618 — 13 11 24

GAMESA CORP TECNO EUR0.17 — — 570 570 — — 8 8

GAS NATURAL SDG EUR1 — 169 1,168 1,337 — 5 32 37

GESTEVIS TELECINO EUR0.5 — — 520 520 — — 10 10

GRUPO FERROVIAL SA ORD NPV — — 360 360 — — 16 16

IBERDROLA SA EUR3 — 1,755 4,756 6,511 — 39 104 143

IBERIA — 1,446 — 1,446 — 4 — 4

INDITEX EUR0.15 — 960 1,280 2,240 — 24 33 57

INDRA SISTEMAS SA — 360 — 360 — 5 — 5

PROMOTORA DE INFOR EUR0.10 — 95 410 505 — 2 8 10

REPSOL YPF SA EUR1 — 1,904 6,436 8,340 — 41 139 180

SACYR VALLEHERMOSO SA EUR1 — 298 703 1,001 — 5 11 16

SOGECABLE ORD SHS EUR2 — — 497 497 — — 20 20

TELEFONICA PUBLIC INFO — 207 — 207 — 2 — 2

TELEFONICA SA EUR 1 — 9,077 26,022 35,099 — 150 429 579

TERRA NETWORKS SA EUR2 — — 1,811 1,811 — — 7 7

UNION FENOSA EUR3 — 247 1,608 1,855 — 6 39 45

ZARDOYA OTIS EUR0.1 — — 460 460 — — 10 10

2,526

SWEDEN

COMMON STOCK

AINAX AB SEK10 — 84 122 206 — 1 4 5

ASSA ABLOY SEK1 SER B — 367 1,788 2,155 — 5 24 29

ATLAS COPCO AB SER A SEK5.0 — 140 671 811 — 6 28 34

ATLAS COPCO AB SER B SEK5 — 151 244 395 — 6 9 15

Page B-112

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

AXFOOD AB — 30 — 30 — 1 — 1

CASTELLUM AB — 51 — 51 — 1 — 1

ELECTROLUX AB SERVB SEK5 — 369 1,493 1,862 — 7 28 35

ENIRO AB — 568 — 568 — 5 — 5

ERICSSON (LM) TEL SEK1 SER B — 29,820 81,005 110,825 — 87 235 322

FABEGE AB — 269 — 269 — 4 — 4

FORENINGSSPARBK SEK20 SER A — — 2,088 2,088 — — 44 44

GAMBRO SER A SEK2 — 585 1,314 1,899 — 7 15 22

GAMBRO SER B SEK2 — — 455 455 — — 5 5

GETINGE AB — 445 — 445 — 5 — 5

HENNES + MAURITZ SEK0.25 SER B — 992 1,539 2,531 — 29 45 74

HOLMEN AB SEK50 SER B — 144 302 446 — 4 9 13

INDUSTRIVARDEN AB SER A SEK5 — — 834 834 — — 18 18

INDUSTRIVARDEN AB SER C SEK5 — — 174 174 — — 3 3

INVESTOR AB SEK6.25 B — — 3,103 3,103 — — 34 34

INVESTOR AB SER 6.25 A — — 915 915 — — 10 10

NORDEA BANK AB ORD EUR0.39632 — 5,227 15,369 20,596 — 45 133 178

OMHEX AB — 972 — 972 — 12 — 12

SANDVIK AB SEK6 — 274 1,388 1,662 — 10 52 62

SAS AB — 92 — 92 — 1 — 1

SCANIA AB SEK10 SER B — — 527 527 — — 19 19

SECURITAS SER B SEK1 — 369 1,787 2,156 — 5 24 29

SKAND ENSKILDA BKN SER A SEK10 — 1,673 3,556 5,229 — 28 59 87

SKANDIA FORSAKRING SEK1 — 824 5,377 6,201 — 3 20 23

SKANSKA AB SER B SEK3 — 477 2,045 2,522 — 5 22 27

SKF AB SER A SEK12.50 FREE — — 101 101 — — 4 4

SKF AB SER B SEK 12.50 — 166 496 662 — 6 19 25

SSAB(SVENSKT STAL) SEK25 SER A — — 292 292 — — 6 6

Page B-113

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

SSAB(SVENSKT STAL) SEK25 SER B — 282 203 485 — 5 4 9

SVENSKA CELLULOSA SER B SEK10 FREE — 237 1,027 1,264 — 9 38 47

SVENSKA HANDELSBANKEN SERIES APV SEK4.15 — 1,189 3,427 4,616 — 26 74 100

SWEDISH MATCH SEK2.4 — 601 1,791 2,392 — 7 20 27

TELE2 AB SEK5 SER B — 117 710 827 — 4 24 28

TELIASONERA AB SEK3.2 — 4,040 6,066 10,106 — 22 32 54

TELIASONERA AB SEK3.2 — — 1,303 1,303 — — 7 7

TRELLEBORG AB B SHARES — 266 — 266 — 4 — 4

VOLVO AB SEK6 SER A — 416 645 1,061 — 15 24 39

VOLVO(AB) SEK6 SER B — 283 1,676 1,959 — 11 63 74

1,541

SWITZERLAND

COMMON STOCK

ABB LTD CHF2.50(REGD) — 2,827 10,745 13,572 — 16 62 78

ADECCO SA CHF1(REGD) — 506 731 1,237 — 24 35 59

BALOISE HLDGS CHF0.1 REGD — — 291 291 — — 12 12

CIBA SPECIALTY CHE CHF6 (REGD) — 82 380 462 — 6 26 32

CLARIANT CHF5(REGD) — 1,322 1,209 2,531 — 18 16 34

CONVERIUM HLDGS CHF5 — — 751 751 — — 6 6

CREDIT SUISSE GRP CHF3 (REGD) — 2,249 6,154 8,403 — 77 210 287

GEBERIT, REGISTERED — 10 — 10 — 7 — 7

GIVAUDAN AG CHF10 — 25 44 69 — 16 27 43

HOLCIM CHF2(REGD) — 382 909 1,291 — 20 49 69

JULIUS BAER HLDG CHF0.5 — — 41 41 — — 11 11

KUDELSKI SA—BEARER — 41 — 41 — 1 — 1

KUEHNE + NAGEL AG CHF5(REGD) — — 34 34 — — 6 6

LOGITECH INTERNATIONAL — 54 — 54 — 3 — 3

Page B-114

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

LONZA GROUP AG CHF1 REGD — 99 250 349 — 5 12 17

NESTLE SA CHF1 (REGD) — 821 2,078 2,899 — 195 491 686

NOBEL BIOCARE AG CHF2.00 (BR) — — 133 133 — — 22 22

NOVARTIS AG CHF0.50 REGD — 4,951 14,883 19,834 — 237 709 946

PARGESA HLDGS SA CHF1000 (BR) — — 11 11 — — 35 35

RICHEMONT (CIE FIN) A CHF1 (BR) EQUITY UNIT — 1,251 2,747 3,998 — 36 78 114

ROCHE HLDGS AG CHF1 — 134 115 249 — 16 14 30

ROCHE HOLDINGS AG GENUSSCHEINE NPV — 1,296 3,668 4,964 — 133 375 508

SCHINDLER HLDG AG CHF1.00 REGD POST SUBD — 18 16 34 — 6 6 12

SERONO SA B CHF25 BR — 26 30 56 — 16 19 35

SGS SA CHF20(REGD) — 21 31 52 — 13 20 33

STRAUMANN HLDG CHF0.10(REGD) — — 36 36 — — 7 7

SULZER AG — 42 — 42 — 14 — 14

SWATCH GROUP CHF 0.45 (REGD) — 496 455 951 — 14 13 27

SWATCH GROUP CHF2.25(BR) — 38 194 232 — 5 26 31

SWISS LIFE HOLDING CHF50 — — 141 141 — — 18 18

SWISS REINSURANCE CHF0.1 — 561 1,692 2,253 — 35 104 139

SWISSCOM AG CHF1 (REGD) — 56 136 192 — 20 49 69

SYNGENTA AG CHF8.30(REGD) — 133 578 711 — 13 55 68

UBS AG CHF.80 (REGD) — 2,109 6,606 8,715 — 152 476 628

UNAXIS HOLDING AG CH — 12 — 12 — 1 — 1

ZURICH FIN SVS GRP CHF6.50 — 256 755 1,011 — 37 107 144

4,232

PREFERRED STOCK

SCHINDLER HLDG AG CHF1.00 PTG CERTS — — 20 20 — — 6 6

6

Page B-115

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

THAILAND

COMMON STOCK

TOTAL ACCESS COMMU THB10(SING QUOTE) — — 400 400 — — 1 1

1

UNITED KINGDOM

COMMON STOCK

3I GROUP ORD GBP0.50 — 741 3,226 3,967 — 8 34 42

ABBEY NATIONAL ORD GBP0.10 — — 7,787 7,787 — — 90 90

AEGIS GROUP ORD GBP0.05 — 2,466 6,766 9,232 — 5 13 18

ALLIANCE AND LEI PLC ORD GBP0.50 — — 2,412 2,412 — — 38 38

ALLIANCE TRUST ORD GBP0.25 — — 186 186 — — 9 9

ALLIANCE UNICHEM ORD GBP0.10 — 1,206 1,408 2,614 — 15 17 32

ALLIED DOMECQ ORD GBP0.25 — — 5,830 5,830 — — 52 52

AMEC PLC — 938 — 938 — 5 — 5

AMVESCAP ORD GBP0.25 — 842 4,254 5,096 — 5 23 28

ANGLO AMERICAN PLC USD0.50 — — 7,614 7,614 — — 167 167

ANTOFAGASTA HLDGS ORD GBP0.05 — — 442 442 — — 8 8

ARM HOLDINGS PLC — 1,271 — 1,271 — 2 — 2

ASSOC BRIT PORTS ORD GBP0.25 — 591 1,742 2,333 — 5 15 20

ASSOCIATED BRITISH FOODS PLC ORD GBP — — 2,097 2,097 — — 27 27

ASTRAZENECA ORD USD0.25 — 3,389 8,755 12,144 — 139 359 498

AVIVA PLC ORD GBP0.25 — 4,693 11,550 16,243 — 47 115 162

AWG ORD GBP0.1990049 — — 776 776 — — 10 10

BAA ORD GBP 1 — 2,227 5,593 7,820 — 23 59 82

BAE SYSTEMS ORD GBP0.025 — 7,864 16,008 23,872 — 34 70 104

BARCLAYS ORD GBP0.25 — 12,583 34,074 46,657 — 123 333 456

BARRATT DEVELOPMENT PLC — 476 — 476 — 4 — 4

Page B-116

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

BBA GROUP ORD GBP0.25 — 973 2,423 3,396 — 5 12 17

BERKELEY GROUP HOLDINGS — 284 — 284 — 6 — 6

BG GROUP ORD GBP0.10 — 7,346 18,001 25,347 — 48 117 165

BHP BILLITON PLC ORD USD0.5 — 5,132 12,997 18,129 — 52 132 184

BICC PLC — 1,042 — 1,042 — 5 — 5

BOC GROUP ORD GBP0.25 — 620 2,619 3,239 — 10 42 52

BOOTS GROUP ORD GBP0.25 — 1,030 4,018 5,048 — 12 49 61

BP PLC ORD USDO.25 — 45,396 114,587 159,983 — 440 1,109 1,549

BPB ORD GBP0.50 — 887 2,610 3,497 — 7 20 27

BRADFORD + BINGLEY ORD GBP0.25 — — 3,409 3,409 — — 17 17

BRAMBLES INDUSTRIE ORD GBP0.05 — 908 3,817 4,725 — 4 18 22

BRIT AMER TOBACCO ORD GBP0.25 — 3,187 8,547 11,734 — 48 129 177

BRITISH AIRWAYS ORD GBP0.25 — — 2,898 2,898 — — 11 11

BRITISH LAND CO ORD GBP0.25 — 617 2,592 3,209 — 8 35 43

BRITISH SKY BROADCAST ORD GBP0.50 — 2,919 7,651 10,570 — 27 71 98

BT GROUP ORD GBP0.05 — 18,674 45,155 63,829 — 64 154 218

BUNZL ORD GBP0.25 — 582 2,398 2,980 — 4 18 22

BURBERRY GROUP ORD GBP.0005 — — 810 810 — — 6 6

CABLE + WIRELESS ORD GBP0.25 — 2,734 12,528 15,262 — 5 24 29

CADBURY SCHWEPPES ORD GBP0.125 — 4,414 10,851 15,265 — 37 90 127

CAIRN ENERGY PLC ORD GBP0.10 — — 841 841 — — 23 23

CAPITA GROUP ORD GBP0.02 — 592 3,510 4,102 — 4 23 27

CARNIVAL PLC ORD USD1.66 — 208 1,108 1,316 — 11 59 70

CATTLES PLC — 767 — 767 — 5 — 5

CENTRICA ORD GBP0.0617284 — 8,280 20,303 28,583 — 37 90 127

CENTRO PROPS GROUP NPV — — 3,690 3,690 — — 13 13

CLOSE BROTHERS GROUP PLC — 302 — 302 — 4 — 4

COBHAM PLC ORD GBP0.25 — 217 586 803 — 6 15 21

Page B-117

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

COMPASS GROUP ORD GBP0.10 — 5,227 11,334 16,561 — 22 47 69

CORUS GROUP ORD GBP0.10 — 6,800 23,353 30,153 — 6 21 27

DAILY MAIL + GEN TST A NON VTG GBP0.125 — 380 1,511 1,891 — 5 20 25

DAVIS SERVICE GROUP PLC — 673 — 673 — 4 — 4

DE LA RUE — 2,236 — 2,236 — 13 — 13

DIAGEO ORD GBX28.935185 — 5,930 15,732 21,662 — 79 210 289

DIXONS GROUP ORD GBP0.025 — 2,426 10,223 12,649 — 8 32 40

ELECTROCOMPONENTS ORD GBP0.10 — 783 2,335 3,118 — 4 12 16

EMAP ORD GBP0.25 — 319 1,352 1,671 — 5 20 25

EMI GROUP ORD GBP0.14 — 1,419 4,207 5,626 — 6 16 22

ENTERPRISE INNS ORD GBP0.05 — 611 1,844 2,455 — 7 21 28

EXEL ORD GBX27.777777 — 371 1,690 2,061 — 5 22 27

Firstgroup Plc — 1,032 — 1,032 — 5 — 5

FOR+COL INV TST ORD GBP0.25 — — 5,403 5,403 — — 18 18

FRIENDS PROVIDENT ORD GBP0.10 — 2,039 10,301 12,340 — 5 26 31

GALLAHER GROUP ORD GBP0.10 — — 3,435 3,435 — — 43 43

GKN ORD GBP0.50 — 908 3,961 4,869 — 4 16 20

GLAXOSMITHKLINE ORD GBP0.25 — 12,291 31,027 43,318 — 259 653 912

GREAT PORTLAND ESTATES — 162 — 162 — 1 — 1

GROUP 4 SECURICOR ORD GBP0.25 — — 7,533 7,533 — — 16 16

GUS PLC ORD GBP0.25 — 2,305 5,297 7,602 — 38 87 125

HAMMERSON PLC ORD GBP0.25 — 497 1,534 2,031 — 7 21 28

HANSON ORD GBP0.10 — 919 3,876 4,795 — 7 29 36

HAYS ORD GBP0.01 — 2,078 9,577 11,655 — 5 23 28

HBOS ORD GBP0.25 — 7,459 20,474 27,933 — 100 274 374

HHG ORD GBP0.10 — — 14,619 14,619 — — 12 12

HILL (WILLIAM) ORD GBP0.10 — 759 2,144 2,903 — 7 19 26

HILTON GROUP ORD GBP0.10 — 4,976 8,305 13,281 — 24 39 63

Page B-118

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

HSBC HLDGS ORD USD0.50(UK REG) — 22,909 58,634 81,543 — 370 946 1,316

ICAP ORD GBP0.10 — — 2,429 2,429 — — 10 10

IMI — 758 — 758 — 5 — 5

IMPERIAL CHEM INDS ORD GBP1 — 1,485 6,262 7,747 — 6 24 30

IMPERIAL TOBACCO ORD GBP0.10 — 1,609 3,844 5,453 — 38 90 128

INTERCONTINENTAL H ORD GBP1 — 915 3,726 4,641 — 11 46 57

INTERNATIONAL POWER ORD GBP0.50 — 4,356 7,830 12,186 — 13 23 36

INVENSYS ORD GBP0.01 — 4,362 33,576 37,938 — 1 9 10

ITV CNV ORD ORD GBP0.10 — — 370 370 — — — —

ITV ORD GBP0.10 — 7,766 21,450 29,216 — 15 42 57

JARDINE LLOYD THOM ORD GBP0.05 — — 813 813 — — 7 7

JOHNSON MATTHEY ORD GBP1.00 — 273 1,157 1,430 — 5 20 25

JOHNSTON PRESS ORD GBP0.10 — — 1,500 1,500 — — 15 15

KELDA GROUP ORD GBX15.55555 — 1,551 1,996 3,547 — 16 20 36

KESA ELECTRICALS ORD GBP0.25 — 651 2,920 3,571 — 3 15 18

KIDDE PLC — 2,744 — 2,744 — 8 — 8

KINGFISHER ORD GBP0.157142857 — 5,849 12,192 18,041 — 32 68 100

LAND SECS GP ORD GBP.10 — 969 2,448 3,417 — 21 54 75

LEGAL + GENERAL GP ORD GBP0.025 — 13,522 34,136 47,658 — 25 62 87

LIBERTY INTERNATIONAL ORD GBP0.50 — 450 1,700 2,150 — 7 27 34

LLOYDS TSB GROUP ORD GBP0.25 — 11,634 29,324 40,958 — 92 232 324

LOGICA CMG PLC ORD GBP0.10 — 934 4,189 5,123 — 3 14 17

LONMIN ORD USD1 — — 746 746 — — 14 14

MAN GROUP ORD USD0.18 — 345 1,621 1,966 — 8 39 47

MARKS + SPENCER GP ORD GBP0.25 — 5,693 10,094 15,787 — 38 66 104

MATALAN ORD GBP0.10 — — 1,523 1,523 — — 6 6

MFI FURNITURE PLC — 1,817 — 1,817 — 3 — 3

MISYS ORD GBP0.01 — 1,193 2,863 4,056 — 5 11 16

Page B-119

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

MITCHELLS + BUTLER ORD GBP0.070833 — 645 2,797 3,442 — 3 15 18

MMO2 ORD GBP0.001 — — 45,658 45,658 — — 88 88

MORRISON(W)SUPRMKT ORD GBP0.10 — — 13,993 13,993 — — 58 58

NATIONAL GRID TRANSCO PLC ORD GBP0.10 — 6,401 15,876 22,277 — 56 138 194

NEXT GROUP ORD GBP0.10 — 351 1,392 1,743 — 11 43 54

NORTHERN ROCK ORD GBP0.25 — — 2,219 2,219 — — 30 30

OLD MUTUAL GBP0.10 — — 20,203 20,203 — — 43 43

P + O DFD ORD GBP1.00 — 1,326 3,889 5,215 — 7 19 26

PEARSON ORD GBP0.25 — 999 4,197 5,196 — 11 46 57

PERSIMMON ORD GBP0.10 — 1,095 1,516 2,611 — 12 17 29

PILKINGTON PLC — 2,730 — 2,730 — 4 — 4

PREMIER FARNELL ORD GBP0.05 — — 1,971 1,971 — — 7 7

PROVIDENT FINL ORD GBX10.363636 — 458 1,412 1,870 — 5 15 20

PRUDENTIAL PLC NEW ORD GBP0.05 NIL PAID — — 1,613 1,613 — — 3 3

PRUDENTIAL PLC ORD GBP0.05 — 3,272 12,073 15,345 — 24 89 113

RANK GROUP ORD GBP0.10 — 2,251 3,206 5,457 — 12 17 29

RECKITT BENCKISER PLC ORD GBP0.105263 — 1,347 3,667 5,014 — 37 101 138

REED ELSEVIER PLC ORD GBP0.125 — 3,172 6,648 9,820 — 28 59 87

RENTOKIL INITIAL ORD GBP0.01 — 2,320 9,549 11,869 — 7 27 34

REUTERS GROUP ORD GBP0.25 — 1,786 7,509 9,295 — 12 51 63

REXAM ORD — 1,506 2,884 4,390 — 12 23 35

RIO TINTO ORD GBP0.10(REGD) — 2,219 5,466 7,685 — 58 143 201

RMC GROUP ORD GBP0.25 — 477 1,407 1,884 — 7 22 29

ROLLS ROYCE GROUP B SHS — 148,385 273,193 421,578 — 0 1 1

ROLLS ROYCE GROUP ORD GBP0.20 — 1,814 8,879 10,693 — 9 42 51

ROYAL BK SCOT GRP ORD GBP0.25 — 6,197 16,464 22,661 — 183 485 668

ROYAL+SUN ALLIANCE ORD GBP0.275 — 1,424 15,987 17,411 — 2 22 24

SABMILLER PLC ORD USD0.10 — 1,664 5,268 6,932 — 24 76 100

Page B-120

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

SAGE GROUP ORD GBP0.01 — 1,510 6,749 8,259 — 5 23 28

SAINSBURY(J) ORD GBP0.28571428 (POST REC — 1,584 6,689 8,273 — 8 32 40

SCHRODERS NEW NON VTG ORD GBP1.0 — — 434 434 — — 5 5

SCHRODERS NEW ORD GBP1.0 — 388 868 1,256 — 5 10 15

SCOT + NEWCASTLE ORD GBP0.20 — 1,000 4,692 5,692 — 7 35 42

SCOT + SOUTHERN EN ORD GBP0.50 — 1,783 4,507 6,290 — 27 69 96

SCOTTISH MORTGAGE INV TRUST ORD GBP0.25 — — 2,117 2,117 — — 12 12—

SCOTTISH POWER ORD GBP0.50 — 4,461 9,748 14,209 — 36 79 115

SERCO GROUP PLC — 1,299 — 1,299 — 5 — 5

SEVERN TRENT ORD 65 5/19 GBP — 429 1,805 2,234 — 7 30 37

SHELL TRNSPT+TRDG ORD GBP0.25(REGD) — 20,081 50,773 70,854 — 158 399 557

SHIRE PHARMA GROUP ORD GBP0.05 — — 2,510 2,510 — — 24 24

SIGNET GROUP ORD GBP0.005 — 5,727 9,213 14,940 — 11 18 29

SLOUGH ESTATES ORD GBP0.25 — 754 2,200 2,954 — 6 18 24

SMITH + NEPHEW ORD GBP0.1222 — 1,158 4,881 6,039 — 10 41 51

SMITH WH ORD GBP0.021605 — — 1,003 1,003 — — 6 6

SMITHS GROUP ORD GBP0.25 — 696 2,958 3,654 — 10 40 50

STAGECOACH HLDGS — 2,514 — 2,514 — 4 — 4

STANDARD CHARTERED ORD USD0.50 — — 6,160 6,160 — — 110 110

TATE + LYLE GBP 0.25 — 1,765 2,542 4,307 — 14 20 34

TAYLOR WOODROW — 1,069 — 1,069 — 5 — 5

TESCO ORD GBP0.05 — 14,816 40,484 55,300 — 78 213 291

TI AUTOMOTIVE A SHS GBP0.0001 — — 270 270 — — — —

TOMKINS ORD GBP0.05 — 2,334 4,127 6,461 — 11 19 30

TRAVIS PERKINS ORD GBP0.10 — — 680 680 — — 17 17

TRINITY MIRROR ORD GBP0.10 — — 1,547 1,547 — — 18 18

UNILEVER ORD GBP0.014 — 5,751 14,637 20,388 — 49 123 172

UNITED UTILITIES ORD GBP1 — 580 3,382 3,962 — 6 36 42

Page B-121

TD Waterhouse Asian Pacific Index Fund
TD Waterhouse European Index Fund
T. Rowe Price International Equity Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

Par/Shares Market Value (000’s)

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

UTD BUSINESS MEDIA NEW ORD GBP0.25 — 604 2,023 2,627 — 5 18 23

UTD UTILITIES A SHS GBP0.50 — 836 984 1,820 — 6 7 13

VODAFONE GROUP ORD USD0.10 — 139,584 352,165 491,749 — 358 901 1,259

WHITBREAD ORD GBP0.50 — 369 1,558 1,927 — 6 23 29

WIMPEY(GEORGE) — 689 — 689 — 4 — 4

WITAN INVESTMENT TRUST ORD GBP0.25 — — 1,844 1,844 — — 10 10

WOLSELEY ORD GBP0.25 — 720 3,060 3,780 — 13 53 66

WPP GROUP ORD GBP0.10 — 1,468 6,214 7,682 — 15 62 77

XSTRATA COM STK USD0.5 — — 2,497 2,497 — — 39 39

YELL GROUP ORD GBP0.01 — 1,967 3,657 5,624 — 13 25 38

15,510

UNITED STATES

COMMON STOCK

ISHARES INC MSCI AUSTRALIA INDEX FD — — 2,900 2,900 — — 44 44

ISHARES INC MSCI EMU INDEX FD — — 3,800 3,800 — — 250 250

ISHARES INC MSCI HONG KONG INDEX FD — — 2,100 2,100 — — 23 23

ISHARES INC MSCI JAPAN INDEX FD — — 16,800 16,800 — — 166 166

ISHARES INC MSCI SINGAPORE INDEX FD — — 1,100 1,100 — — 7 7

ISHARES INC MSCI SWEDEN INDEX FD — — 800 800 — — 14 14

ISHARES INC MSCI SWITZERLAND INDEXFD — — 3,900 3,900 — — 60 60

ISHARES INC MSCI UNITED KINGDOM INDEX FD — — 11,300 11,300 — — 189 189

ISHARES TR MSCI EAFE INDEX FD — — 4,756 4,756 — — 696 696

SYNTHES INC CHF0.001(POST SUBD) — 120 220 340 — 13 23 36

1,485

70,317

Total Common Stock and Preferred Stock (Cost $63,391)

MONEY MARKET FUNDS 1.8%

Page B-122

Page B-123

Page B-124

Page B-125

TD Waterhouse Bond Index Fund

T. Rowe Price U.S. Bond Index Fund

Pro Forma Combined Portfolio of Investments

October 31, 2004

UNAUDITED

Par/Shares (000’s) Market Value (000’s)

TD Waterhouse
Bond Index Fund TRP U.S. Bond
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Bond Index Fund TRP U.S. Bond
Index Fund Pro Forma
Combined

BellSouth, 6.88%, 10/15/31

21

21

23

23

BellSouth Telecommunications

6.38%, 6/1/28

5

5

5

5

6.75%, 10/15/33

14

14

15

15

Belo, 7.125%, 6/1/07

150

150

163

163

Best Foods, MTN, Series F, 6.63%, 4/15/28

5

5

6

6

Black Hills, 6.50%, 5/15/13

50

50

52

52

Boeing Capital, 6.10%, 3/1/11

50

50

55

55

Boeing, 6.125%, 2/15/33

50

50

53

53

Boston Edison, 4.875%, 4/15/14

100

100

102

102

Bottling Group, 4.625%, 11/15/12

100

100

102

102

BP Co. North America, 6.50%, 8/1/07

4

4

4

4

Bristol-Myers Squibb

4.75%, 10/1/06

9

9

9

9

5.75%, 10/1/11

100

100

108

108

6.80%, 11/15/26

6

6

7

7

British Telecommunications, STEP

7.875%, 12/15/05

50

50

53

53

8.875%, 12/15/30

100

100

133

133

Buckeye Partners, 5.30%, 10/15/14

200

200

204

204

Bunge Limited Finance, 4.375%, 12/15/08

200

200

202

202

Canadian National Railways, 6.25%, 8/1/34

95

95

102

102

Canadian Natural Resources, 6.45%, 6/30/33

200

200

216

216

Celulosa Arauco Y Constitucion, 8.625%, 8/15/10

150

150

180

180

CenterPoint Energy Houston Electric, 6.95%, 3/15/33

100

100

116

116

Chase Manhattan, 7.88%, 6/15/10

65

65

77

77

Chevron Phillips Chemical, 5.375%, 6/15/07

100

100

105

105

ChevronTexaco Capital, 3.375%, 2/15/08

200

200

201

201

ChevronTexaco

5.70%, 12/1/08

5

5

5

5

5.50%, 1/15/09

5

5

5

5

8.63%, 4/1/32

5

5

7

7

CIT Group, 7.75%, 4/2/12

80

80

95

95

Citicorp

6.38%, 1/15/06

4

4

4

4

7.25%, 9/1/08

4

4

5

5

Citicorp, MTN, Series C, 7.00%, 7/1/07

8

8

9

9

Page B-126

Page B-127

Page B-128

Page B-129

Page B-130

Page B-131

Page B-132

TD Waterhouse Bond Index Fund

T. Rowe Price U.S. Bond Index Fund

Pro Forma Combined Portfolio of Investments

October 31, 2004

UNAUDITED

Par/Shares (000’s) Market Value (000’s)

TD Waterhouse
Bond Index Fund TRP U.S. Bond
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Bond Index Fund TRP U.S. Bond
Index Fund Pro Forma
Combined

Pinnacle West Capital, 6.40%, 4/1/06 200 200 209 209

Pioneer Natural Resource, 5.875%, 7/15/16 100 100 106 106

Placer Dome, 6.375%, 3/1/33 100 100 106 106

PNC Funding, 5.75%, 8/1/06 125 125 131 131

PPL Electric Utilities, 5.875%, 8/15/07 30 30 32 32

PPL Energy Supply, 6.40%, 11/1/11 50 50 55 55

Praxair

6.375%, 4/1/12 4 100 104 5 112 117

6.50%, 3/1/08 5 5 5 5

Principal Life Global Funding I, 144A, 5.25%, 1/15/13 100 100 103 103

Procter & Gamble, 6.60%, 12/15/04 17 17 17 17

Progress Energy, 7.10%, 3/1/11 100 100 113 113

PSEG Power, 8.625%, 4/15/31 200 200 258 258

Public Service Company of Colorado, 7.875%, 10/1/12 150 150 184 184

Pulte, 7.875%, 8/1/11 200 200 233 233

Reed Elsevier, 6.125%, 8/1/06 200 200 211 211

Regions Financial, 6.375%, 5/15/12 100 100 111 111

Republic of Finland, 5.88%, 2/27/06 3 3 3 3

Republic of Italy

2.75%, 12/15/06 12 12 12 12

5.63%, 6/15/12 8 8 9 9

6.00%, 2/22/11 6 6 7 7

Royal Bank of Canada, 3.875%, 5/4/09 150 150 151 151

Royal Bank of Scotland Group, 5.00%, 10/1/14 125 125 128 128

Sempra Energy, 6.00%, 2/1/13 120 120 129 129

Simon Debartolo, 6.875%, 11/15/06 100 100 107 107

Simon Property, 7.375%, 1/20/06 100 100 106 106

Southern California Edison, 4.65%, 4/1/15 200 200 197 197

Southwest Airlines, 6.50%, 3/1/12 85 85 93 93

Southwestern Bell Telephone, 6.63%, 7/15/07 15 15 16 16

Sprint Capital

6.875%, 11/15/28 200 200 215 215

7.625%, 1/30/11 150 150 175 175

St. Paul Companies, 5.75%, 3/15/07 50 50 53 53

Page B-133

Page B-134

Page B-135

TD Waterhouse Bond Index Fund

T. Rowe Price U.S. Bond Index Fund

Pro Forma Combined Portfolio of Investments

October 31, 2004

UNAUDITED

Par/Shares (000’s) Market Value (000’s)

TD Waterhouse
Bond Index Fund TRP U.S. Bond
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Bond Index Fund TRP U.S. Bond
Index Fund Pro Forma
Combined

Total Corporate Bonds and Notes (Cost $32,124) 33,574

ASSET-BACKED SECURITIES 1.3%

American Express Credit Card Master Trust Series 2000-1, Class A, 7.20%, 9/17/07 100 100 101 101

Bank One Issuance Trust Series 2002-A4, Class A4, 2.94%, 6/16/08 250 250 251 251

Chemical Master Credit Card Trust Series 1996-2, Class A, 5.98%, 9/15/08 100 100 105 105

Citibank Credit Card Master Trust Series 1998-2, Class A, 6.05%, 1/15/10 100 100 108 108

Harley Davidson Motorcycle Trust Series 2003-2, Class A-2, 2.07%, 2/15/11 350 350 345 345

MBNA Credit Card Master Note Trust Series 2001, Class AA, 5.75%, 10/15/08 100 100 105 105

MBNA Master Credit Card Trust II Series 2000-D, Class C, 144A, 8.40%, 9/15/09 100 100 111 111

Reliant Energy Transition Series 2001-1, Class A2, 4.76%, 9/15/09 250 250 258 258

Whole Auto Loan Trust, Series 2004-1, Class A4, 3.26%, 3/15/11 675 675 675 675

Total Asset-Backed Securities (Cost $2,045) 2,059

NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES 1.9%

Banc of America Commercial Mortgage Series 2003-1, Class A2, CMO, 4.648%, 9/11/36 500 500 504 504

Bear Stearns Commercial Mortgage Securities

Series 2004-T14, Class A2, CMO, 4.17%, 1/12/41 575 575 583 583

Series 2002-TOP8, Class A2, CMO, 4.83%, 8/15/38 350 350 358 358

DLJ Commercial Mortgage Series 1999-CG2, Class A1B, CMO, 7.30%, 6/10/32 250 250 284 284

GE Capital Commercial Mortgage

Series 2001-1, Class A2, CMO, 6.531%, 3/15/11 400 400 448 448

Series 2001-1, Series A1, CMO, 6.079%, 5/15/33 78 78 83 83

JP Morgan Chase Commercial Mortgage

Series 2000-C10, Class A2, CMO, 7.371%, 8/15/32 125 125 143 143

Series 2001-CIBC, Class A3, CMO, 6.26%, 3/15/33 285 285 317 317

Morgan Stanley Dean Witter Capital Series 2002-TOP7, Class A2, CMO, 5.98%, 1/15/39 200 200 220 220

Total Non-U.S. Government Mortgage-Backed Securities (Cost $2,849) 2,940

U.S. GOVERNMENT & AGENCY MORTGAGE-BACKED SECURITIES 33.6%

Federal Home Loan Mortgage

4.50%, 11/1/18 - 5/1/19 1,922 1,922 1,930 1,930

5.00%, 10/1/18 - 4/1/34 471 4,232 4,703 471 4,259 4,730

5.50%, 3/1/31 - 2/1/34 456 2,023 2,479 465 2,064 2,529

Page B-136

TD Waterhouse Bond Index Fund

T. Rowe Price U.S. Bond Index Fund

Pro Forma Combined Portfolio of Investments

October 31, 2004

UNAUDITED

Par/Shares (000’s) Market Value (000’s)

TD Waterhouse
Bond Index Fund TRP U.S. Bond
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Bond Index Fund TRP U.S. Bond
Index Fund Pro Forma
Combined

6.00%, 12/1/13 - 12/1/33 1,404 1,404 1,460 1,460

6.50%, 4/1/16 - 1/1/34 343 2,427 2,770 361 2,556 2,917

7.00%, 11/1/30 - 6/1/32 141 141 149 149

7.50%, 4/1/15 12 12 13 13

TBA, 6.00%, 1/1/19 149 149 157 157

Federal National Mortgage Assn.

4.50%, 5/1/18 - 1/1/19 2,305 2,305 2,316 2,316

5.00%, 10/1/18 - 4/1/34 4,551 4,551 4,580 4,580

5.50%, 3/1/31 - 6/1/34 415 10,298 10,713 423 10,598 11,021

6.00%, 6/1/16 - 3/1/33 1,370 444 1,814 1,423 467 1,890

6.50%, 4/1/15 - 12/1/32 2,410 2,410 2,546 2,546

7.00%, 11/1/30 - 7/1/32 689 689 732 732

7.50%, 10/1/25 - 4/1/31 135 135 145 145

8.00%, 3/1/31 119 119 129 129

TBA, 6.00%, 1/1/33 7,103 7,103 7,365 7,365

Government National Mortgage Assn.

4.50%, 3/20/34 490 490 480 480

5.00%, 7/15 - 9/15/33 2,314 2,314 2,325 2,325

5.50%, 2/20/34 839 839 859 859

6.00%, 7/15/16 - 8/20/34 2,262 2,262 2,361 2,361

6.50%, 5/15/16 - 9/20/34 296 296 314 314

7.00%, 3/15/13 - 6/15/31 299 299 319 319

7.50%, 11/15/12 - 1/15/32 437 437 470 470

8.00%, 1/15/26 55 55 60 60

Total U.S. Government & Agency Mortgage-Backed Securities (Cost $51,023) 51,797

FOREIGN GOVERNMENT OBLIGATIONS & AGENCY OBLIGATIONS 2.2%

BP Canada Energy, 6.75%, 2/15/05 4 4 4 4

British Columbia

4.63%, 10/3/06 4 4 4 4

5.38%, 10/29/08 4 4 4 4

Canadian Government, 5.25%, 11/5/08 12 12 13 13

Canada Mortgage & Housing, 2.95%, 6/2/08 100 100 99 99

Deutsche Telekom, 8.50%, 6/15/10 3 3 3 3

Page B-137

Page B-138

Page B-139

Page B-140

Page B-141

TD Waterhouse Bond Index Fund

T. Rowe Price U.S. Bond Index Fund

Pro Forma Combined Portfolio of Investments

October 31, 2004

UNAUDITED

Par/Shares (000’s) Market Value (000’s)

TD Waterhouse
Bond Index Fund TRP U.S. Bond
Index Fund Pro Forma
Combined ¹ TD Waterhouse
Bond Index Fund TRP U.S. Bond
Index Fund Pro Forma
Combined

6.25%, 2/15/07 109 400 509 118 432 550

6.50%, 10/15/06 - 2/15/10 372 650 1,022 416 748 1,164

6.625%, 5/15/07 74 610 684 81 668 749

6.88%, 5/15/06 181 181 193 193

7.00%, 7/15/06 137 137 147 147

Total U.S. Government & Agency Obligations (excluding Mortgage-Backed) (Cost $56,609) 57,833

COMMON STOCKS 0.8%

iShares Goldman Sachs Corp. Bond Fund 6 6 692 692

iShares Lehman Brothers Aggregate Bond Fund 6 6 619 619

Total Common Stock (Cost $1,278) 1,311

MONEY MARKET FUNDS 5.0%

T. Rowe Price Reserve Investment Fund, 1.81% # 7,785 7,785 7,785 7,785

Total Money Market Funds (Cost $7,785)

Total Investments in Securities

104.1% of Net Assets (Cost $16,642, $140,225 and $156,867 respectively) $16,973 $143,662 $160,635

¹ All securities conform to the investment program of the T. Rowe Price U.S. Bond Index Fund.

# Seven-day yield

144A Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers — total value of such securities at period-end amounts to $854 and represents 0.5% of net assets

CMO Collateralized Mortgage Obligation

MTN Medium Term Note

STEP Stepped coupon bond for which the coupon rate of interest will adjust on specified future date(s)

TBA To Be Announced security was purchased on a forward commitment basis

The accompanying notes are an integral part of these pro forma combined financial statements.

Page B-142

T. ROWE PRICE INDEX TRUST, INC.
T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. ROWE PRICE U.S. BOND INDEX FUND, INC.

FORM N-14

PART B

STATEMENT OF ADDITIONAL INFORMATION

[ ], 2005

This Statement of Additional Information (the “SAI”) relates to the proposed reorganization (each a “Reorganization”) of each of the TD Waterhouse funds (the “TDW Funds”) referenced below, into the T. Rowe Price funds referenced below (the “Price Funds”), as set out in the following table:

	TDW Funds		Price Funds

	TD Waterhouse Bond Index Fund		T. Rowe Price U.S. Bond Index Fund
	TD Waterhouse Dow 30 Fund		T. Rowe Price Equity Index 500 Fund
	TD Waterhouse 500 Index Fund		T. Rowe Price Equity Index 500 Fund
	TD Waterhouse Extended Market Index Fund		T. Rowe Price Extended Equity Market Index Fund
	TD Waterhouse Asian Pacific Index Fund		T. Rowe Price International Equity Index Fund
	TD Waterhouse European Index Fund		T. Rowe Price International Equity Index Fund

Page B-143

TABLE OF CONTENTS

I.	Additional Information about the Price Funds and the TDW Funds		FILL IN
II.	Financial Statements of the Price Funds and the TDW Funds		FILL IN
III.	Pro Forma Combined Portfolio of Investments (Unaudited)
	a.	Pro Forma Combined Portfolio of Investments (Unaudited) for the TD Waterhouse Extended Market Index Fund and T. Rowe Price Extended Equity Market Index Fund as of December 31, 2004	FILL IN
	b.	Pro Forma Combined Portfolio of Investments (Unaudited) for the TD Waterhouse Asian Pacific Index Fund, TD Waterhouse European Index Fund and T. Rowe Price International Equity Index Fund as of October 31, 2004	FILL IN
	c.	Pro Forma Combined Portfolio of Investments (Unaudited) for the TD Waterhouse Bond Index Fund and T. Rowe Price U.S. Bond Index Fund as of October 31, 2004	FILL IN
IV.	Pro Forma Combined Statement of Assets and Liabilities (Unaudited)
	a.	Pro Forma Combined Statement of Assets and Liabilities (Unaudited) for the TD Waterhouse Extended Market Index Fund and T. Rowe Price Extended Equity Market Index Fund as of December 31, 2004	FILL IN
	b.	Pro Forma Combined Statement of Assets and Liabilities (Unaudited) for the TD Waterhouse Asian Pacific Index Fund, TD Waterhouse European Index Fund and T. Rowe Price International Equity Index Fund as of October 31, 2004	FILL IN
	c.	Pro Forma Combined Statement of Assets and Liabilities (Unaudited) for the TD Waterhouse Bond Index Fund and T. Rowe Price U.S. Bond Index Fund as of October 31, 2004	FILL IN
V.	Pro Forma Combined Statement of Operations (Unaudited)
	a.	Pro Forma Combined Statement of Operations (Unaudited) for the TD Waterhouse Extended Market Index Fund and T. Rowe Price Extended Equity Market Index Fund as of December 31, 2004	FILL IN
	b.	Pro Forma Combined Statement of Operations (Unaudited) for the TD Waterhouse Asian Pacific Index Fund, TD Waterhouse European Index Fund and T. Rowe Price International Equity Index Fund as of October 31, 2004	FILL IN
	c.	Pro Forma Combined Statement of Operations (Unaudited) for the TD Waterhouse Bond Index Fund and T. Rowe Price U.S. Bond Index Fund as of October 31, 2004	FILL IN
VI.	Notes to Pro Forma Combined Financial Statements* (Unaudited)
	a.	TD Waterhouse Extended Market Index Fund and T. Rowe Price Extended Equity Market Index Fund	FILL IN
	b.	TD Waterhouse Asian Pacific Index Fund, TD Waterhouse European Index Fund and T. Rowe Price International Equity Index Fund	FILL IN
	c.	TD Waterhouse Bond Index Fund and T. Rowe Price U.S. Bond Index Fund	FILL IN

* The accompanying notes are an integral part of the pro forma financial statements.

Page B-144

ADDITIONAL INFORMATION ABOUT THE PRICE FUNDS AND THE TDW FUNDS

FOR THE PRICE FUNDS: Incorporates by reference the Statement of Additional Information for the Price Funds dated March 1, 2005, as supplemented, as filed with the Securities and Exchange Commission.

FOR THE TDW FUNDS: Incorporates by reference the Statement of Additional Information for the TDW Funds dated May 28, 2004, as supplemented, as filed with the Securities and Exchange Commission.

FINANCIAL STATEMENTS

Pro forma financial statements of the TDW Funds and Price Funds are provided on the following pages.

Page B-145

TD WATERHOUSE EXTENDED MARKET INDEX FUND
T. ROWE PRICE EXTENDED EQUITY MARKET INDEX FUND
PRO FORMA COMBINED STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2004
UNAUDITED

Dollar amounts in thousands (except Net Asset Value per share)

	TD Waterhouse Extended Market Index Fund			T. Rowe Price Extended Equity Market Index Fund			Pro Forma Adjustments (D)			Pro Forma Combined

Assets
Investments in securities, at cost	$	47,239		$	161,714					$	208,953
Net unrealized gain (loss) on securities		6,704			28,608						35,312

Investments in securities, at value		53,943			190,322						244,265
Other assets		1,303			793						2,096

Total assets		55,246			191,115						246,361

Liabilities
Other liabilities		76			29,997						30,073

Total liabilities		76			29,997						30,073

NET ASSETS	$	55,170		$	161,118					$	216,288

Net Assets Consist of:
Accumulated net investment income – net of distributions	$	(186	)	$	108					$	(78	)
Accumulated net realized gain (loss) – net of distributions		701			(13,774	)					(13,073	)
Net unrealized gain (loss)		6,734			28,694						35,428
Paid-in-capital applicable to $0.00001 par value per share capital stock outstanding; 1,000,000,000 shares authorized					146,090						146,090
Paid-in-capital applicable to no par value per share of beneficial interest; unlimited shares authorized		47,921									47,921

NET ASSETS	$	55,170		$	161,118					$	216,288

FUND SHARES OUTSTANDING		6,487,315			12,157,299			(2,323,572	)		16,321,042

NET ASSET VALUE PER SHARE	$	8.50		$	13.25					$	13.25

The accompanying notes are an integral part of these pro forma combined financial statements.

Page B-146

TD WATERHOUSE ASIAN PACIFIC INDEX FUND
TD WATERHOUSE EUROPEAN INDEX FUND
T. ROWE PRICE INTERNATIONAL EQUITY INDEX FUND
PRO FORMA COMBINED STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 2004
UNAUDITED

Dollar amounts in thousands (except Net Asset Value per share)

	TD Waterhouse Asian Pacific Index Fund			TD Waterhouse European Index Fund			T. Rowe Price International Equity Index Fund			Pro Forma Adjustments (F)			Pro Forma Combined

Assets
Investments in securities, at cost	$	9,473		$	9,915		$	49,258					$	68,646
Net unrealized gain (loss) on securities		787			1,773			4,366						6,926

Investments in securities, at value		10,260			11,688			53,624						75,572
Other assets		1,273			457			3,029						4,759

Total assets		11,533			12,145			56,653						80,331

Liabilities
Other liabilities		22			8			8,313						8,343

Total liabilities		22			8			8,313						8,343

NET ASSETS	$	11,511		$	12,137		$	48,340					$	71,988

Net Assets Consist of:
Accumulated net investment income - net of distributions	$	24		$	(18	)	$	630					$	636
Accumulated net realized gain/loss - net of distributions		(2,358	)		(1,901	)		(479	)					(4,738	)
Net unrealized gain (loss)		807			1,788			4,367						6,962
Paid-in-capital applicable to $0.00001 par value per share capital stock outstanding; 1,000,000,000 shares authorized								43,822						43,822
Paid-in-capital applicable to no par value per share of beneficial interest; unlimited shares authorized		13,038			12,268									25,306

NET ASSETS	$	11,511		$	12,137		$	48,340					$	71,988

FUND SHARES OUTSTANDING		1,574,374			1,419,159			4,972,493			(560,583	)		7,405,443

NET ASSET VALUE PER SHARE	$	7.31		$	8.55		$	9.72					$	9.72

The accompanying notes are an integral part of these pro forma combined financial statements.

Page B-147

TD WATERHOUSE BOND INDEX FUND
T. ROWE PRICE U.S. BOND INDEX FUND
PRO FORMA COMBINED STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 2004
UNAUDITED

Dollar amounts in thousands (except Net Asset Value per share)

	TD Waterhouse Bond Index Fund			T. Rowe Price U.S. Bond Index Fund			Pro Forma Adjustments (C)			Pro Forma Combined

Assets
Investments in securities, at cost	$	16,642		$	140,225					$	156,867
Net unrealized gain (loss) on securities		331			3,437						3,768

Investments in securities, at value		16,973			143,662						160,635
Other assets		266			2,184						2,450

Total assets		17,239			145,846						163,085

Liabilities
Other liabilities		106			8,698						8,804

Total liabilities		106			8,698						8,804

NET ASSETS	$	17,133		$	137,148					$	154,281

Net Assets Consist of:
Accumulated net investment income – net of distributions	$	—		$	(62	)				$	(62	)
Accumulated net realized gain (loss) – net of distributions		(9	)		(11	)					(20	)
Net unrealized gain (loss)		331			3,437						3,768
Paid-in-capital applicable to $0.00001 par value per share capital stock outstanding; 2,000,000,000 shares authorized					133,784						133,784
Paid-in-capital applicable to no par value per share of beneficial interest; unlimited shares authorized		16,811									16,811

NET ASSETS	$	17,133		$	137,148					$	154,281

FUND SHARES OUTSTANDING		1,596,398			12,684,940			(11,449	)		14,269,889

NET ASSET VALUE PER SHARE	$	10.73		$	10.81					$	10.81

The accompanying notes are an integral part of these pro forma combined financial statements.

Page B-148

TD WATERHOUSE EXTENDED MARKET INDEX FUND
T. ROWE PRICE EXTENDED EQUITY MARKET INDEX FUND
PRO FORMA COMBINED STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2004
UNAUDITED

Amounts in thousands

	TD Waterhouse Extended Market Index Fund			T. Rowe Price Extended Equity Market Index Fund			Pro Forma Adjustments			Pro Forma Combined

Investment Income
Income
Dividend	$	467		$	1,594					$	2,061
Security Lending		—			72						72
Interest		1			8						9

Total income		468			1,674						2,142

Expenses
Investment management and administrative		155			546		$	66	Note 2A		767
Shareholder servicing		116						(116)	Note 2B		—
Custody		1						(1)	Note 2B		—
Prospectus and shareholder reports		22						(22)	Note 2B		—
Legal and audit		63						(63)	Note 2B		—
Registration		23						(23)	Note 2B		—
Trustees		10						(10)	Note 2B		—
Miscellaneous		14						(14)	Note 2B		—
Reduction of fees and expenses reimbursed by the manager and its affiliates		(249	)					249	Note 2C		—

Total expenses		155			546			66			767

Net investment income		313			1,128			(66)			1,375

Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Securities		941			3,198						4,139
Futures		—			514						514

Net realized gain (loss)		941			3,712						4,653

Change in net unrealized gain (loss)
Securities		6,389			19,338						25,727
Futures		—			(35	)					(35	)

Change in net unrealized gain (loss)		6,389			19,303						25,692

Net realized and unrealized gain (loss)		7,330			23,015						30,345

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	7,643		$	24,143		$	(66)		$	31,720

The accompanying notes are an integral part of these pro forma combined financial statements.

Page B-149

TD WATERHOUSE ASIAN PACIFIC INDEX FUND
TD WATERHOUSE EUROPEAN INDEX FUND
T. ROWE PRICE INTERNATIONAL EQUITY INDEX FUND
PRO FORMA COMBINED STATEMENT OF OPERATIONS
YEAR ENDED OCTOBER 31, 2004
UNAUDITED

Amounts in thousands

	TD Waterhouse Asian Pacific Index Fund			TD Waterhouse European Index Fund			T. Rowe Price International Equity Index Fund			Pro Forma Adjustments			Pro Forma Combined

Investment Income
Income
Dividend	$	140		$	274		$	829					$	1,243
Security lending		—			—			16						16

Total income		140			274			845						1,259

Expenses
Investment management and administrative		45			50			171		$	24	Note 2A, 2B		290
Shareholder servicing		26			30						(56)	Note 2C		—
Custody		27			93						(120)	Note 2C		—
Prospectus and shareholder reports		7			11						(18)	Note 2C		—
Legal and audit		37			38						(75)	Note 2C		—
Registration		18			20						(38)	Note 2C		—
Trustees		9			8						(17)	Note 2C		—
Miscellaneous		17			23						(40)	Note 2C		—
Reduction of fees and expenses reimbursed by the manager and its affiliates		(134	)		(215	)					349	Note 2D, 2E		—

Total expenses		52			58			171			9			290

Net investment income		88			216			674			(9)			969

Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Securities		71			108			57						236
Foreign currency transactions		(45	)		(8	)		(15	)					(68	)

Net realized gain (loss)		26			100			42						168

Change in net unrealized gain (loss)
Securities		576			1,454			4,063						6,093
Other assets and liabilities denominated in foreign currencies		51			13			(1	)					63

Change in net unrealized gain (loss)		627			1,467			4,062						6,156

Net realized and unrealized gain (loss)		653			1,567			4,104						6,324

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	741		$	1,783		$	4,778		$	(9)		$	7,293

The accompanying notes are an integral part of these pro forma combined financial statements.

Page B-150

TD WATERHOUSE BOND INDEX FUND
T. ROWE PRICE U.S. BOND INDEX FUND
PRO FORMA COMBINED STATEMENT OF OPERATIONS
YEAR ENDED OCTOBER 31, 2004
UNAUDITED

Amounts in thousands

	TD Waterhouse Bond Index Fund			T. Rowe Price U.S. Bond Index Fund		Pro Forma Adjustments			Pro Forma Combined

Investment Income
Income
Interest	$	614		$	4,161				$	4,775
Dividend		51			125					176

Total income		665			4,286					4,951

Expenses
Investment management and administrative		64			311	$	(16)	Note 2A		359
Shareholder servicing		48					(48)	Note 2A		—
Custody		13					(13)	Note 2A		—
Prospectus and shareholder reports		16					(16)	Note 2A		—
Legal and audit		44					(44)	Note 2A		—
Registration		18					(18)	Note 2A		—
Trustees		9					(9)	Note 2A		—
Miscellaneous		34					(34)	Note 2A		—
Reduction of fees and expenses reimbursed by the manager and its affiliates		(190	)				190	Note 2B		—

Total expenses		56			311		(8)			359

Net investment income		609			3,975		8			4,592

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on securities		12			242					254
Change in net unrealized gain or loss on securities		122			687					809

Net realized and unrealized gain (loss)		134			929					1,063

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	743		$	4,904	$	8		$	5,655

The accompanying notes are an integral part of these pro forma combined financial statements.

Page B-151

TD WATERHOUSE EXTENDED MARKET INDEX FUND
T. ROWE PRICE EXTENDED EQUITY MARKET INDEX FUND
NOTES TO PRO FORMA COMBINED FINANCIAL STATEMENTS
December 31, 2004

Unaudited

Note 1 - Basis of Presentation

Subject to approval of the Agreement and Plan of Reorganization (“Agreement”) by the shareholders of TD Waterhouse Extended Market Index Fund (TDX), T. Rowe Price Extended Equity Market Index Fund (XMX), a series of T. Rowe Price Index Trust, Inc., would acquire substantially all of the assets of TDX in exchange for shares of XMX at the net asset value as of the Valuation Date as defined in the Agreement. Shares of XMX would then be distributed such that shareholders of TDX will receive XMX shares having an aggregate net asset value equal to the aggregate net asset value of their TDX shares. TDX will be liquidated thereafter. The proposed merger is intended to qualify as a tax-free reorganization for federal income tax purposes, with no gain or loss recognized by the funds or their shareholders.

The pro forma information is intended to provide the shareholders of TDX and XMX with information about the impact of the proposed merger by showing how it might have affected historical financial statements if the transactions had been consummated at an earlier date. The pro forma combined Portfolio of Investments and Statement of Assets and Liabilities as of December 31, 2004 have been presented as if the proposed merger had taken place on December 31, 2004, and the pro forma combined Statement of Operations for the year ended December 31, 2004 has been presented as if the proposed merger had taken place on January 1, 2004. This information is based upon historical financial statement data giving effect to the pro forma adjustments described below. The pro forma financial statements should be read in conjunction with the separate financial statements of TDX and XMX, which are incorporated by reference into this Statement of Additional Information.

Note 2 - Pro Forma Adjustments

The pro forma combined Statement of Operations reflects the following adjustments:

	A)	An increase in management and administrative expense reflecting the difference between the TDX management fee rate of 0.30% and the XMX all-inclusive fee rate of 0.40%.

	B)	A decrease in expense reflecting the all-inclusive nature of the management and administrative fee paid by XMX, in lieu of operating expenses.

	C)	A decrease in the amount of expense reimbursed by the respective manager reflecting the all-inclusive fee arrangement of XMX.

	D)	A decrease in the amount of shares outstanding as a result of the change in net asset value per share between TDX and XMX.

Page B-152

TD WATERHOUSE ASIAN PACIFIC INDEX FUND
TD WATERHOUSE EUROPEAN INDEX FUND
T. ROWE PRICE INTERNATIONAL EQUITY INDEX FUND
NOTES TO PRO FORMA COMBINED FINANCIAL STATEMENTS
OCTOBER 31, 2004

Unaudited

Note 1 - Basis of Presentation

Subject to approval of the Agreement and Plan of Reorganization (“Agreement”) by the shareholders of TD Waterhouse Asian Pacific Index Fund (TDA) and TD Waterhouse European Index Fund (TDE), T. Rowe Price International Equity Index Fund (IXF), a series of T. Rowe Price International Index Fund, Inc., would acquire substantially all of the assets of TDA and TDE in exchange for shares of IXF at the net asset value as of the Valuation Date as defined in the Agreement. Shares of IXF would then be distributed such that shareholders of TDA and TDE will receive IXF shares having an aggregate net asset value equal to the aggregate net asset value of their respective TDA and TDE shares. TDA and TDE will be liquidated thereafter. The proposed mergers are intended to qualify as tax-free reorganizations for federal income tax purposes, with no gain or loss recognized by the funds or their shareholders. The proposed mergers of TDA and TDE with IXF are not contingent upon approval by the other fund.

The pro forma information is intended to provide the shareholders of TDA, TDE, and IXF with information about the impact of the proposed mergers by showing how the mergers might have affected historical financial statements if the transactions had been consummated at an earlier date. The pro forma combined Portfolios of Investments and Statements of Assets and Liabilities as of October 31, 2004 have been presented as if the proposed mergers had taken place on October 31, 2004, and the pro forma combined Statements of Operations for the year ended October 31, 2004 have been presented as if the proposed mergers had taken place on November 1, 2003. This information is based upon historical financial statement data giving effect to the pro forma adjustments described below. The pro forma financial statements should be read in conjunction with the separate financial statements of TDA, TDE, and IXF, which are incorporated by reference into this Statement of Additional Information.

Note 2 - Pro Forma Adjustments

The pro forma combined Statements of Operations reflect the following adjustments:
	A)	An increase in management and administrative expense reflecting the difference between the TDA management fee rate of 0.40% and the IXF all-inclusive fee rate of 0.50%.

	B)	An increase in management and administrative expense reflecting the difference between the TDE management fee rate of 0.40% and the IXF all-inclusive fee rate of 0.50%.

	C)	A decrease in expense reflecting the all-inclusive nature of the management and administrative fee paid by IXF, in lieu of operating expenses.

	D)	A decrease in the amount of expense reimbursed by the respective manager reflecting:
		(i) the all-inclusive fee arrangement of IXF; and
		(ii) the difference between the IXF all-inclusive fee rate of 0.50% and the TDA expense limitation of 0.58%.

	E)	A decrease in the amount of expense reimbursed by the respective manager reflecting:
		(i) the all-inclusive fee arrangement of IXF; and
		(ii) the difference between the IXF all-inclusive fee rate of 0.50% and the TDE expense limitation of 0.58%.

	F)	A decrease in the amount of shares outstanding as a result of the change in net asset value per share between TDA, TDE and IXF.

Page B-153

TD WATERHOUSE BOND INDEX FUND
T. ROWE PRICE U.S. BOND INDEX FUND
NOTES TO PRO FORMA COMBINED FINANCIAL STATEMENTS
OCTOBER 31, 2004

Unaudited

Note 1 - Basis of Presentation

Subject to approval of the Agreement and Plan of Reorganization (“Agreement”) by the shareholders of TD Waterhouse Bond Index Fund (TDB), T. Rowe Price U.S. Bond Index Fund, Inc. (UBX) would acquire substantially all of the assets of TDB in exchange for shares of UBX at the net asset value as of the Valuation Date as defined in the Agreement. Shares of UBX would then be distributed such that shareholders of TDB will receive UBX shares having an aggregate net asset value equal to the aggregate net asset value of their TDB shares. TDB will be liquidated thereafter. The proposed merger is intended to qualify as a tax-free reorganization for federal income tax purposes, with no gain or loss recognized by the funds or their shareholders.

The pro forma information is intended to provide the shareholders of TDB and UBX with information about the impact of the proposed merger by showing how it might have affected historical financial statements if the transaction had been consummated at an earlier date. The pro forma combined Portfolio of Investments and Statement of Assets and Liabilities as of October 31, 2004 have been presented as if the proposed merger had taken place on October 31, 2004, and the pro forma combined Statement of Operations for the year ended October 31, 2004 has been presented as if the proposed merger had taken place on November 1, 2003. This information is based upon historical financial statement data giving effect to the pro forma adjustments described below. The pro forma financial statements should be read in conjunction with the separate financial statements of TDB and UBX, which are incorporated by reference into this Statement of Additional Information.

Note 2 - Pro Forma Adjustments

The pro forma combined Statement of Operations reflects the following adjustments:

	A)	A decrease in expense reflecting the all-inclusive nature of the management and administrative fee paid by UBX, in lieu of operating expenses.

	B)	A decrease in the amount of expense reimbursed by the respective manager reflecting:
		(i) the all-inclusive fee arrangement of UBX; and
		(ii) the difference between the UBX all-inclusive fee rate of 0.30% and the TDB expense limitation of 0.35%.

	C)	A decrease in the amount of shares outstanding as a result of the change in net asset value per share between TDB and UBX.

Page B-154

PART C

OTHER INFORMATION

ITEM 15. INDEMNIFICATION

Each of the Registrants maintains comprehensive Errors and Omissions and Officers and Directors insurance policies written by ICI Mutual. These policies provide coverage for T. Rowe Price Associates, Inc. (“Manager”), and its subsidiaries and affiliates (with the exception of the T. Rowe Price Associates Foundation, Inc.), and all other investment companies in the T. Rowe Price family of mutual funds. In addition to the corporate insureds, the policies also cover the officers, directors, and employees of the Manager, its subsidiaries, and affiliates. The premium is allocated among the named corporate insureds in accordance with the provisions of Rule 17d-1(d)(7) under the Investment Company Act of 1940.

General. The Charter of each Registrant provides that to the fullest extent permitted by Maryland or federal law, no director or officer of the Corporation shall be personally liable to the Corporation or the holders of Shares for money damages and each director and officer shall be indemnified by the Corporation; provided, however, that nothing therein shall be deemed to protect any director or officer of the Corporation against any liability to the Corporation of the holders of Shares to which such director or officer would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

Article X, Section 10.01 of each Registrant’s By-Laws provides as follows:

Section 10.01. Indemnification and Payment of Expenses in Advance: The Corporation shall indemnify any individual (“Indemnitee”) who is a present or former director, officer, employee, or agent of the Corporation, or who is or has been serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, who, by reason of his position was, is, or is threatened to be made a party to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative (hereinafter collectively referred to as a “Proceeding”) against any judgments, penalties, fines, settlements, and reasonable expenses (including attorneys’ fees) incurred by such Indemnitee in connection with any Proceeding, to the fullest extent that such indemnification may be lawful under Maryland law. The Corporation shall pay any reasonable expenses so incurred by such Indemnitee in defending a Proceeding in advance of the final disposition thereof to the fullest extent that such advance payment may be lawful under Maryland law. Subject to any applicable limitations and requirements set forth in the Corporation’s Articles of Incorporation and in these By-Laws, any payment of indemnification or advance of expenses shall be made in accordance with the procedures set forth in Maryland law.

Notwithstanding the foregoing, nothing herein shall protect or purport to protect any Indemnitee against any liability to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his office (“Disabling Conduct”).

Anything in this Article X to the contrary notwithstanding, no indemnification shall be made by the Corporation to any Indemnitee unless:

(a) there is a final decision on the merits by a court or other body before whom the Proceeding was brought that the Indemnitee was not liable by reason of Disabling Conduct; or

(b) in the absence of such a decision, there is a reasonable determination, based upon a review of the facts, that the Indemnitee was not liable by reason of Disabling Conduct, which determination shall be made by:

                                          (i)         the vote of a majority of a quorum of directors who are neither “interested persons” of the Corporation as defined in Section 2(a)(19) of the Investment Company Act, nor parties to the Proceeding; or

                                          (ii)        an independent legal counsel in a written opinion.

                             Anything in this Article X to the contrary notwithstanding, any advance of expenses by the Corporation to any Indemnitee shall be made only upon the undertaking by such Indemnitee to repay the advance unless it is ultimately determined that such Indemnitee is entitled to indemnification as above provided, and only if one of the following conditions is met:

                             (a)         the Indemnitee provides a security for his undertaking; or

                             (b)         the Corporation shall be insured against losses arising by reason of any lawful advances; or

                             (c)         there is a determination, based on a review of readily available facts, that there is reason to believe that the Indemnitee will ultimately be found entitled to indemnification, which determination shall be made by:

                                          (i)         a majority of a quorum of directors who are neither “interested persons” of the Corporation as defined in Section 2(a)(19) of the Investment Company Act, nor parties to the Proceeding; or

                                          (ii)         an independent legal counsel in a written opinion.

                             Section 10.02. Insurance of Officers, Directors, Employees, and Agents. To the fullest extent permitted by applicable Maryland law and by Section 17(h) of the Investment Company Act of 1940, as from time to time amended, the Corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee, or agent of the Corporation, or who is or was serving at the request of the Corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, against any liability asserted against him and incurred by him in or arising out of his position, whether or not the Corporation would have the power to indemnify him against such liability.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers, and controlling persons of each Registrant pursuant to the foregoing provisions, or otherwise, each Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by a Registrant of expenses incurred or paid by a director, officer, or controlling person of a Registrant in the successful defense of any action, suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

ITEM 16. EXHIBITS

T. Rowe Price Index Trust, Inc.

(1)(a)	Articles of Incorporation of Registrant, dated December 19, 1989 (electronically filed with Amendment No. 9 dated April 22, 1997)

(b)	Amended Articles of Incorporation of Registrant, dated February 20, 1990 (electronically filed with Amendment No. 8 dated February 28, 1994)

(c) Articles of Amendment dated May 1, 1991 (electronically filed with Amendment No. 9 dated April 22, 1997)

(d) Articles of Amendment dated January 30, 1998 (electronically filed with Amendment No. 14 dated February 22, 1999)

(e) Articles Supplementary, for T. Rowe Price Extended Equity Market Index Fund and T. Rowe Price Total Equity Market Index Fund dated December 3, 1997 (electronically filed with Amendment No. 14 dated February 22, 1999)

(2)
By-Laws of Registrant, amended to April 19, 1990, May 1, 1991, July 21, 1999,
February 5, 2003 and April 21, 2004 (to be filed by amendment)

(3) See “All Funds” below

(4) See “All Funds” below

(5) See Article FIFTH, Capital Stock, paragraphs (B)-(E) of the Articles of Incorporation and Article II, Shareholders, in its entirety, and Article VIII, Capital Stock, in its entirety, of the Bylaws (Articles of Incorporation: electronically filed with Amendment No. 9 dated April 22, 1997; By-Laws amended to April 19, 1990, May 1, 1991, July 21, 1999, February 5, 2003, and April 21, 2004, to be filed by amendment)

(6)(a) Investment Management Agreement between the Registrant on behalf of the Registrant and T. Rowe Price Associates, Inc., dated May 1, 1991 (electronically filed with Amendment No. 8 dated February 28, 1994)

(b) Investment Management Agreement between the Registrant on behalf of T. Rowe Price Extended Equity Market Index Fund and T. Rowe Price Associates, Inc., dated January 21, 1998 (electronically filed with Amendment No. 14 dated February 22, 1999)

(7)(a) Underwriting Agreement between the Registrant on behalf of T. Rowe Price Equity Index 500 Fund and T. Rowe Price Investment Services, Inc., dated March 6, 2002 (electronically filed with Amendment No. 17, dated April 18, 2002)

(b) Underwriting Agreement between the Registrant on behalf of T. Rowe Price Extended Equity Index Fund and T. Rowe Price Investment Services, Inc., dated March 6, 2002 (electronically filed with Amendment No. 17, dated April 18, 2002)

(8) See “All Funds” below

(9) Custodian Agreement between T. Rowe Price Funds and State Street Bank and Trust Company, dated January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, June 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, and February 4, 2004 (electronically filed with Amendment No. 19 on April 22, 2004)

(10) See “All Funds” below

(11) See “All Funds” below

(12) See “All Funds” below

(13)(a)
Transfer Agency and Service Agreement between T. Rowe Price Services, Inc. and T. Rowe Price Funds, dated January 1, 2004 (electronically filed with Amendment No. 19 on April 22, 2004)

(b)
Agreement between T. Rowe Price Associates, Inc. and T. Rowe Price Funds for Fund Accounting Services, dated January 1, 2004 (electronically filed with Amendment No. 19 on April 22, 2004)

(c)
Agreement between T. Rowe Price Retirement Plan Services, Inc. and the T. Rowe Price Funds, dated January 1, 2004 (electronically filed with Amendment No. 19 on April 22, 2004)

(14) See “All Funds” below

(15) See “All Funds” below

(16) Power of Attorney (electronically filed with Amendment No. 19 on April 22, 2004)

(17) See “All Funds” below

T. Rowe Price International Index Fund, Inc.

(1)(a)	Articles of Incorporation of Registrant, dated August 3, 2000 (electronically filed August 31, 2000)

(b)	Amended Articles of Incorporation of Registrant, dated August 14, 2000 (filed electronically with initial registration statement, August 31, 2000)

(c)	Articles Supplementary dated October 25, 2000(filed electronically with Amendment No. 1, October 27, 2000)

(2)	By-Laws of Registrant as amended February 5, 2003 and April 21, 2004 (electronically filed with Amendment No. 6 dated February 25, 2005)

(3)	See “All Funds” below

(4)	See “All Funds” below

(5)	See Article SIXTH, Capital Stock, subparagraphs (b)-(g) of the Articles of Incorporation and Article II, Shareholders, in its entirety, and Article VIII, Capital Stock, in its entirety, of the Bylaws (electronically filed with Amendment No. 6 dated February 25, 2005)

(6)	Investment Management Agreement between Registrant and T. Rowe Price Associates, Inc. (filed electronically with Amendment No. 1, October 27, 2000)

(7)	Underwriting Agreement between Registrant and T. Rowe Price Investment Services, Inc., dated March 6, 2002 (electronically filed with Amendment No. 4 dated February 27, 2003)

(8)	See “All Funds” below

(9)(a)	Custodian Agreement between T. Rowe Price Funds and State Street Bank and Trust Company, dated January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, June 7, 2001,July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, and September 20, 2004 (electronically filed with Amendment No. 6 on February 25, 2005)

(b) Global Custody Agreement between The Chase Manhattan Bank and T. Rowe Price Funds, dated January 3, 1994, as amended April 18, 1994, August 15, 1994, November 28, 1994, May 31, 1995, November 1, 1995, July 31, 1996, July 23, 1997, September 3, 1997, October 29, 1997, December 15, 1998, October 6, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, July 24, 2001, April 24, 2002, July 24, 2002, July 23, 2003, October 22, 2003, and September 20, 2004 (electronically filed with Amendment No. 6 on February 25, 2005)

(10) See “All Funds” below

(11) See “All Funds” below

(12) See “All Funds” below

(13)(a) Transfer Agency and Service Agreement between T. Rowe Price Services, Inc. and T. Rowe Price Funds, dated January 1, 2004, as amended February 4, 2004, September 20, 2004, and October 20, 2004 (electronically filed with Amendment No. 6 on February 25, 2005)

(b) Agreement between T. Rowe Price Associates, Inc. and T. Rowe Price Funds for Fund Accounting Services, dated January 1, 2004, as amended February 4, 2004, September 20, 2004, and October 20, 2004 (electronically filed with Amendment No. 6 on February 25, 2005)

(c) Agreement between T. Rowe Price Retirement Plan Services, Inc. and the T. Rowe Price Funds, dated January 1, 2004, as amended February 4, 2004, September 20, 2004, and October 20, 2004 (electronically filed with Amendment No. 6 on February 25, 2005)

(14) See “All Funds” below

(15) See “All Funds” below

(16) Power of Attorney (electronically filed with Amendment No. 6 on February 25, 2005)

(17) See “All Funds” below

T. Rowe Price U.S. Bond Index Fund, Inc.

(1)	Articles of Incorporation of Registrant, dated July 14, 2000 (electronically filed with Initial Registration Statement dated September 1, 2000)

(2)	By-Laws of Registrant as amended February 5, 2003 and April 21, 2004 (electronically filed with Amendment No. 5 dated February 25, 2005)

(3)	See “All Funds” below

(4)	See “All Funds” below

(5)	See Article SIXTH, Capital Stock, subparagraphs (b)-(g) of the Articles of Incorporation and Article II, Shareholders, in its entirety, and Article VIII, Capital Stock, in its entirety, of the Bylaws (electronically filed with Amendment No. 5 dated February 25, 2005)

(6)	Investment Management Agreement between Registrant and T. Rowe Price Associates, Inc. (electronically filed with Initial Registration Statement dated September 1, 2000)

(7)	Underwriting Agreement between Registrant and T. Rowe Price Investment Services, Inc., dated March 6, 2002 (electronically filed with Amendment No. 3 dated February 27, 2003)

(8) See “All Funds” below

(9)(a) Custodian Agreement between T. Rowe Price Funds and State Street Bank and Trust Company, dated January 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, February 7, 2001, June 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, and September 20, 2004 (electronically filed with Amendment No. 5 on February 25, 2005)

(b) Global Custody Agreement between The Chase Manhattan Bank and T. Rowe Price Funds, dated January 3, 1994, as amended April 18, 1994, August 15, 1994, November 28, 1994, May 31, 1995, November 1, 1995, July 31, 1996, July 23, 1997, September 3, 1997, October 29, 1997, December 15, 1998, October 6, 1999, February 9, 2000, April 19, 2000, July 18, 2000, October 25, 2000, July 24, 2001, April 24, 2002, July 24, 2002, July 23, 2003, October 22, 2003, and September 20, 2004 (electronically filed with Amendment No. 5 on February 25, 2005)

(10) See “All Funds” below

(11) See “All Funds” below

(12) See “All Funds” below

(13)(a)
Transfer Agency and Service Agreement between T. Rowe Price Services, Inc. and T. Rowe Price Funds, dated January 1, 2004, as amended February 4, 2004, September 20, 2004, and October 20, 2004 (electronically filed with Amendment No. 5 on February 25, 2005)

(b)
Agreement between T. Rowe Price Associates, Inc. and T. Rowe Price Funds for Fund Accounting Services, dated January 1, 2004, as amended February 4, 2004, September 20, 2004, and October 20, 2004 (electronically filed with Amendment No. 5 on February 25, 2005)

(c) Agreement between T. Rowe Price Retirement Plan Services, Inc. and the T. Rowe Price Funds, dated January 1, 2004, as amended February 4, 2004, September 20, 2004, and October 20, 2004 (electronically filed with Amendment No. 5 on February 25, 2005)

(14) See “All Funds” below

(15) See “All Funds” below

(16) Power of Attorney (electronically filed with Amendment No. 5 on February 25, 2005)

(17) See “All Funds” below

All Funds

(3)	Inapplicable

(4)	Form of Agreement and Plans of Reorganization filed herewith as Exhibit I to Combined Proxy Statement and Prospectus

(8)	Inapplicable

(10) Inapplicable

(11) Opinion and Consent of counsel- Henry H. Hopkins, Esq., filed herewith

(12) Opinion and Consent of counsel- Shearman & Sterling LLP, regarding certain tax matters, (to be filed by amendment)

(14) (a) Consent of Independent Registered Public Accounting Firm, Ernst Young LLP filed herewith

(b) Consent of Independent Registered Public Accounting Firm, PricewaterhouseCoppers LLP filed herewith

(15) None

(17) Forms of Proxy Ballot, filed herewith

ITEM 17. UNDERTAKINGS

(1) The undersigned registrants agree that prior to any public reoffering of the securities registered through the use of a prospectus which is part of this registration statement by any person or party who is deemed to be an underwriter with the meaning of Rule 145(c) of the Securities Act, the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

(2) The undersigned registrants agree that every prospectus that is filed under paragraph (1) above will be filed as part of an amendment to the registration statements and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

(3) The undersigned registrants agree that an Opinion and Consent of counsel- Shearman & Sterling LLP, regarding certain tax matters, will be filed as part of an amendment to the registration statement.

SIGNATURES

As required by the Securities Act of 1933, this registration statement has been signed on behalf of each registrant, in the City of Baltimore, State of [ ______ ] on the [ __ ] day of [ ___ ] 2005.

T. ROWE PRICE INDEX TRUST, INC.

By:	___________________________
	James S. Riepe
	Chairman of the Board

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.

By:	___________________________
	James S. Riepe
	Chairman of the Board

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

By: ___________________________

James S. Riepe

Chairman of the Board

As required by the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

___________________________	[Date]
James S. Riepe

___________________________	[Date]
Joseph A. Carrier

___________________________	[Date]
Anthony W. Deering*

___________________________	[Date]
Donald W. Dick, Jr.*

___________________________	[Date]
David K. Fagin*

___________________________	[Date]
Karen N. Horn*

___________________________	[Date]
James A.C. Kennedy

___________________________	[Date]
F. Pierce Linaweaver*

___________________________	[Date]
Mary J. Miller

___________________________	[Date]
John G. Schreiber*

___________________________	[Date]
* By Henry H. Hopkins, Attorney-in-fact

EX-11 2 exh-11.htm EXHIBIT 11 Untitled Document

EXHIBIT 11

T. ROWE PRICE ASSOCIATES, INC. WWW.TROWEPRICE.COM

LEGAL DEPARTMENT P.O. Box 89000
Baltimore, Maryland
21289-8220

100 East Pratt Street
Baltimore, Maryland
21202-1009

March 28, 2005

Toll Free          800-638-7890
Fax                   410-345-6575

T. Rowe Price Index Trust, Inc.

100 East Pratt Street Baltimore,

Maryland 21202

Dear Sirs:

In connection with the proposed registration of shares of Capital Stock of your Company designated as the T. Rowe Price Equity Index 500 and T. Rowe Price Extended Equity Market Index Funds, I have examined certified copies of your company’s current Articles of Incorporation and By-Laws of your Company as presently in effect.

I am of the opinion that:

(i)   your Company is a corporation duly organized and existing user the laws of Maryland; and

(ii)   each of such authorized shares of Capital Stock of your Company, upon payment in full of the price fixed by the Board of Directors of your Company, will be legally and validly issued and will be fully paid and non-assessable.

I hereby consent to the use of this opinion as an exhibit to the Company’s Registration Statement on form N-14 to be filed with the Securities and Exchange Commission for the registration under the Securities Act of 1933 of shares of Capital Stock of your Company designated as the T. Rowe Price Equity Index 500 and T. Rowe Price Extended Equity Market Index Funds.

Sincerely,

Henry H. Hopkins

T. ROWE PRICE ASSOCIATES, INC. WWW.TROWEPRICE.COM

LEGAL DEPARTMENT P.O. Box 89000
Baltimore, Maryland
21289-8220

100 East Pratt Street
Baltimore, Maryland
21202-1009

March 28, 2005

Toll Free          800-638-7890
Fax                   410-345-6575

T. Rowe Price U.S. Bond Index Fund, Inc.

100 East Pratt Street

Baltimore, Maryland 21202

Dear Sirs:

In connection with the proposed registration of shares of Capital Stock of your Company designated as the T. Rowe Price U.S. Bond Index Fund, Inc., I have examined certified copies of your company’s current Articles of Incorporation and By-Laws of your Company as presently in effect.

I am of the opinion that:

(i)   your Company is a corporation duly organized and existing user the laws of Maryland; and

(ii)   each of such authorized shares of Capital Stock of your Company, upon payment in full of the price fixed by the Board of Directors of your Company, will be legally and validly issued and will be fully paid and non-assessable.

I hereby consent to the use of this opinion as an exhibit to the Company’s Registration Statement on form N-14 to be filed with the Securities and Exchange Commission for the registration under the Securities Act of 1933 of shares of Capital Stock of your Company designated as the T. Rowe Price U.S. Bond Index Fund, Inc.

Sincerely,

Henry H. Hopkins

T. ROWE PRICE ASSOCIATES, INC. WWW.TROWEPRICE.COM

LEGAL DEPARTMENT P.O. Box 89000
Baltimore, Maryland
21289-8220

100 East Pratt Street
Baltimore, Maryland
21202-1009

March 28, 2005

Toll Free          800-638-7890
Fax                   410-345-6575

T. Rowe Price International Index Fund, Inc.

100 East Pratt Street

Baltimore, Maryland 21202

Dear Sirs:

In connection with the proposed registration of shares of Capital Stock of your Company designated as the T. Rowe Price International Equity Index Fund, I have examined certified copies of your company’s current Articles of Incorporation and By-Laws of your Company as presently in effect.

I am of the opinion that:

(i)   your Company is a corporation duly organized and existing user the laws of Maryland; and

(ii)   each of such authorized shares of Capital Stock of your Company, upon payment in full of the price fixed by the Board of Directors of your Company, will be legally and validly issued and will be fully paid and non-assessable.

I hereby consent to the use of this opinion as an exhibit to the Company’s Registration Statement on form N-14 to be filed with the Securities and Exchange Commission for the registration under the Securities Act of 1933 of shares of Capital Stock of your Company designated as the T. Rowe Price International Equity Index Fund.

Sincerely,

Henry H. Hopkins

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EXHIBIT 14.a

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the reference to our firm under the captions “Independent Registered Public Accounting Firms” and “Experts” in this Registration Statement on Form N-14 of T. Rowe Price Index Trust, Inc., T. Rowe Price U.S. Bond Index Fund, Inc. and T. Rowe Price International Index Fund, Inc. and to the incorporation by reference therein of our report dated March 11, 2005, with respect to the financial statements and financial highlights of TD Waterhouse Trust included in its Annual Report (Form N-CSR) for the year ended January 31, 2005, filed with the Securities and Exchange Commission.

ERNST & YOUNG LLP

New York, New York
March 29, 2005

EX-14.B 6 exh-14b.htm EXHIBIT 14B

EXHIBIT 14.b

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of our reports dated December 1, 2004 relating to the financial statements and financial highlights which appear in the October 31, 2004 Annual Reports to Shareholders of T. Rowe Price International Equity Index Fund and T. Rowe Price U.S. Bond Index Fund and our reports dated February 11, 2005 relating to the financial statements and financial highlights which appear in the December 31, 2004 Annual Reports to Shareholders of T. Rowe Price Extended Equity Market Index Fund and T. Rowe Price Equity Index 500 Fund, which are also incorporated by reference into the Registration Statement. We also consent to the references to us under the headings “Independent Registered Public Accounting Firm” and “Experts” in such Registration Statement.

PricewaterhouseCoopers LLP
Baltimore, Maryland
March 30, 2005

EX-17 7 exh-17.htm EXHIBIT 17

EXHIBIT 17

TD WATERHOUSE TRUST

TD WATERHOUSE BOND INDEX FUND
TD WATERHOUSE DOW 30 FUND
TD WATERHOUSE 500 INDEX FUND
TD WATERHOUSE EXTENDED MARKET INDEX FUND
TD WATERHOUSE ASIAN PACIFIC INDEX FUND
TD WATERHOUSE EUROPEAN INDEX FUND

100 Wall Street
New York, NY 10005

PROXY

Special Meeting of Shareholders (“Meeting”)
June 7, 2005, 10:00 a.m.

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES.

The undersigned hereby appoints Richard Neiman and Michele Teichner as Proxies, each with the power of substitution, and hereby authorizes each of them to represent and to vote, as designated below, the number of shares and fractional shares held of record by the undersigned on April 15, 2005, at the Meeting to be held on June 7, 2005 or any adjournment thereof.

THE SHARES REPRESENTED BY THIS PROXY, WHEN THIS PROXY IS PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. THE PROXY WILL BE VOTED FOR PROPOSAL NO. 1(c) IF YOU DO NOT SPECIFY OTHERWISE. PLEASE REFER TO THE PROXY STATEMENT AND PROSPECTUS DATED MAY __, 2005 FOR DISCUSSION OF THE PROPOSALS.

IF VOTING BY MAIL, PLEASE MARK, SIGN AND DATE THIS PROXY CARD WHERE INDICATED AND RETURN IT PROMPTLY USING THE ENCLOSED ENVELOPE WHICH REQUIRES NO POSTAGE IF MAILED IN THE UNITED STATES.

IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT THEREOF.

Note: Please sign exactly as name appears hereon. Joint owners should each sign. When signing as attorney, executor, administrator, trustee or guardian, please give full title as such. If a corporation, please sign in full corporate name by president or other authorized officer. If a partnership, please sign in partnership name by authorized person.

TO VOTE BY TELEPHONE

1) Read the Proxy Statement and have this Proxy card at hand.

2) Please call the toll free number provided on your Proxy card.

3) Enter the 12 digit control number set forth on your Proxy card and follow the simple instructions.

TO VOTE BY INTERNET

1) Read the Proxy Statement and have this Proxy card at hand.

2) Go to Web site www.ProxyVote.com.

3) Follow the instructions on the website and be prepared to enter your 12 digit control number set forth on your Proxy card to enter your vote.

TO VOTE BY MAIL

1) Read the Proxy Statement.

2) Check the appropriate boxes on the proxy card below.

3) Sign and date the proxy card.

4) Return the proxy card in the envelope provided.

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: X

KEEP THIS PORTION FOR YOUR RECORDS

DETACH AND RETURN THIS PORTION ONLY

THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.

TD WATERHOUSE TRUST
TD Waterhouse 500 Index Fund

The Board of Trustees recommends a vote FOR the proposal.

Vote on Proposals	For	Against	Abstain

1. (c) For TD Waterhouse 500 Index Fund shareholders: To approve a Plan of Reorganization between TD Waterhouse 500 Index Fund, a series of TD Waterhouse Trust, and T. Rowe Price Equity Index 500 Fund, a series of T. Rowe Price Index Trust, Inc.	/ /	/ /	/ /

For address changes, please check this box / /
and write them on the back.

Please be sure to sign and date this Proxy.

__________________________

__________________________	________________
Signature (PLEASE SIGN WITHIN THE BOX)	Date

__________________________

__________________________	________________
Signature (Joint Owners)	Date

TD WATERHOUSE TRUST

100 Wall Street
New York, NY 10005

PROXY

Special Meeting of Shareholders (“Meeting”)
June 7, 2005, 10:00 a.m.

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES.

THE SHARES REPRESENTED BY THIS PROXY, WHEN THIS PROXY IS PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. THE PROXY WILL BE VOTED FOR PROPOSAL NO. 1(e) IF YOU DO NOT SPECIFY OTHERWISE. PLEASE REFER TO THE PROXY STATEMENT AND PROSPECTUS DATED MAY __, 2005 FOR DISCUSSION OF THE PROPOSALS.

IF VOTING BY MAIL, PLEASE MARK, SIGN AND DATE THIS PROXY CARD WHERE INDICATED AND RETURN IT PROMPTLY USING THE ENCLOSED ENVELOPE WHICH REQUIRES NO POSTAGE IF MAILED IN THE UNITED STATES.

IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT THEREOF.

TO VOTE BY TELEPHONE

1) Read the Proxy Statement and have this Proxy card at hand.

2) Please call the toll free number provided on your Proxy card.

3) Enter the 12 digit control number set forth on your Proxy card and follow the simple instructions.

TO VOTE BY INTERNET

1) Read the Proxy Statement and have this Proxy card at hand.

2) Go to Web site www.ProxyVote.com.

3) Follow the instructions on the website and be prepared to enter your 12 digit control number set forth on your Proxy card to enter your vote.

TO VOTE BY MAIL

1) Read the Proxy Statement.

2) Check the appropriate boxes on the proxy card below.

3) Sign and date the proxy card.

4) Return the proxy card in the envelope provided.

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: X

KEEP THIS PORTION FOR YOUR RECORDS

DETACH AND RETURN THIS PORTION ONLY

THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.

TD WATERHOUSE TRUST
TD Waterhouse Asian Pacific Index Fund

The Board of Trustees recommends a vote FOR the proposal.

Vote on Proposals	For	Against	Abstain

1. (e) For TD Waterhouse Asian Pacific Index Fund shareholders: To approve a Plan of Reorganization between TD Waterhouse Asian Pacific Index Fund, a series of TD Waterhouse Trust, and T. Rowe Price International Equity Index Fund, a series of T. Rowe Price International Index, Inc.	/ /	/ /	/ /

For address changes, please check this box / /
and write them on the back.

Please be sure to sign and date this Proxy.

__________________________

__________________________	________________
Signature (PLEASE SIGN WITHIN THE BOX)	Date

__________________________

__________________________	________________
Signature (Joint Owners)	Date

TD WATERHOUSE TRUST

100 Wall Street
New York, NY 10005

PROXY

Special Meeting of Shareholders (“Meeting”)
June 7, 2005, 10:00 a.m.

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES.

THE SHARES REPRESENTED BY THIS PROXY, WHEN THIS PROXY IS PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. THE PROXY WILL BE VOTED FOR PROPOSAL NO. 1(a) IF YOU DO NOT SPECIFY OTHERWISE. PLEASE REFER TO THE PROXY STATEMENT AND PROSPECTUS DATED MAY __, 2005 FOR DISCUSSION OF THE PROPOSALS.

IF VOTING BY MAIL, PLEASE MARK, SIGN AND DATE THIS PROXY CARD WHERE INDICATED AND RETURN IT PROMPTLY USING THE ENCLOSED ENVELOPE WHICH REQUIRES NO POSTAGE IF MAILED IN THE UNITED STATES.

IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT THEREOF.

TO VOTE BY TELEPHONE

1) Read the Proxy Statement and have this Proxy card at hand.

2) Please call the toll free number provided on your Proxy card.

3) Enter the 12 digit control number set forth on your Proxy card and follow the simple instructions.

TO VOTE BY INTERNET

1) Read the Proxy Statement and have this Proxy card at hand.

2) Go to Web site www.ProxyVote.com.

3) Follow the instructions on the website and be prepared to enter your 12 digit control number set forth on your Proxy card to enter your vote.

TO VOTE BY MAIL

1) Read the Proxy Statement.

2) Check the appropriate boxes on the proxy card below.

3) Sign and date the proxy card.

4) Return the proxy card in the envelope provided.

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: X

KEEP THIS PORTION FOR YOUR RECORDS

DETACH AND RETURN THIS PORTION ONLY

THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.

TD WATERHOUSE TRUST
TD Waterhouse Bond Index Fund

The Board of Trustees recommends a vote FOR the proposal.

Vote on Proposals	For	Against	Abstain

1. (a) For TD Waterhouse Bond Index Fund shareholders: To approve a Plan of Reorganization between TD Waterhouse Bond Index Fund, a series of TD Waterhouse Trust, and T. Rowe Price U.S. Bond Index Fund, a series of T. Rowe Price U.S. Bond Index Fund, Inc.	/ /	/ /	/ /

For address changes, please check this box / /
and write them on the back.

Please be sure to sign and date this Proxy.

__________________________

__________________________	________________
Signature (PLEASE SIGN WITHIN THE BOX)	Date

__________________________

__________________________	________________
Signature (Joint Owners)	Date

TD WATERHOUSE TRUST

100 Wall Street
New York, NY 10005

PROXY

Special Meeting of Shareholders (“Meeting”)
June 7, 2005, 10:00 a.m.

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES.

THE SHARES REPRESENTED BY THIS PROXY, WHEN THIS PROXY IS PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. THE PROXY WILL BE VOTED FOR PROPOSAL NO. 1(b) IF YOU DO NOT SPECIFY OTHERWISE. PLEASE REFER TO THE PROXY STATEMENT AND PROSPECTUS DATED MAY __, 2005 FOR DISCUSSION OF THE PROPOSALS.

IF VOTING BY MAIL, PLEASE MARK, SIGN AND DATE THIS PROXY CARD WHERE INDICATED AND RETURN IT PROMPTLY USING THE ENCLOSED ENVELOPE WHICH REQUIRES NO POSTAGE IF MAILED IN THE UNITED STATES.

IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT THEREOF.

TO VOTE BY TELEPHONE

1) Read the Proxy Statement and have this Proxy card at hand.

2) Please call the toll free number provided on your Proxy card.

3) Enter the 12 digit control number set forth on your Proxy card and follow the simple instructions.

TO VOTE BY INTERNET

1) Read the Proxy Statement and have this Proxy card at hand.

2) Go to Web site www.ProxyVote.com.

3) Follow the instructions on the website and be prepared to enter your 12 digit control number set forth on your Proxy card to enter your vote.

TO VOTE BY MAIL

1) Read the Proxy Statement.

2) Check the appropriate boxes on the proxy card below.

3) Sign and date the proxy card.

4) Return the proxy card in the envelope provided.

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: X

KEEP THIS PORTION FOR YOUR RECORDS

DETACH AND RETURN THIS PORTION ONLY

THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.

TD WATERHOUSE TRUST
TD Waterhouse Dow 30 Fund

The Board of Trustees recommends a vote FOR the proposal.

Vote on Proposals	For	Against	Abstain

1. (b) For TD Waterhouse Dow 30 Fund shareholders: To approve a Plan of Reorganization between TD Waterhouse Dow 30 Fund, a series of TD Waterhouse Trust, and T. Rowe Price Equity Index 500 Fund, a series of T. Rowe Price Index Trust, Inc.	/ /	/ /	/ /

2. For TD Waterhouse Dow 30 Fund shareholders: To approve a change in the fundamental investment objective of the TD Waterhouse Dow 30 Fund.	/ /	/ /	/ /

For address changes, please check this box / /
and write them on the back.

Please be sure to sign and date this Proxy.

__________________________

__________________________	________________
Signature (PLEASE SIGN WITHIN THE BOX)	Date

__________________________

__________________________	________________
Signature (Joint Owners)	Date

TD WATERHOUSE TRUST

100 Wall Street
New York, NY 10005

PROXY

Special Meeting of Shareholders (“Meeting”)
June 7, 2005, 10:00 a.m.

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES.

THE SHARES REPRESENTED BY THIS PROXY, WHEN THIS PROXY IS PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. THE PROXY WILL BE VOTED FOR PROPOSAL NO. 1(f) IF YOU DO NOT SPECIFY OTHERWISE. PLEASE REFER TO THE PROXY STATEMENT AND PROSPECTUS DATED MAY __, 2005 FOR DISCUSSION OF THE PROPOSALS.

IF VOTING BY MAIL, PLEASE MARK, SIGN AND DATE THIS PROXY CARD WHERE INDICATED AND RETURN IT PROMPTLY USING THE ENCLOSED ENVELOPE WHICH REQUIRES NO POSTAGE IF MAILED IN THE UNITED STATES.

IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT THEREOF.

TO VOTE BY TELEPHONE

1) Read the Proxy Statement and have this Proxy card at hand.

2) Please call the toll free number provided on your Proxy card.

3) Enter the 12 digit control number set forth on your Proxy card and follow the simple instructions.

TO VOTE BY INTERNET

1) Read the Proxy Statement and have this Proxy card at hand.

2) Go to Web site www.ProxyVote.com.

3) Follow the instructions on the website and be prepared to enter your 12 digit control number set forth on your Proxy card to enter your vote.

TO VOTE BY MAIL

1) Read the Proxy Statement.

2) Check the appropriate boxes on the proxy card below.

3) Sign and date the proxy card.

4) Return the proxy card in the envelope provided.

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: X

KEEP THIS PORTION FOR YOUR RECORDS

DETACH AND RETURN THIS PORTION ONLY

THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.

TD WATERHOUSE TRUST
TD Waterhouse European Index Fund

The Board of Trustees recommends a vote FOR the proposal.

Vote on Proposals	For	Against	Abstain

1. (f) For TD Waterhouse European Index Fund shareholders: To approve a Plan of Reorganization between TD Waterhouse European Index Fund, a series of TD Waterhouse Trust, and T. Rowe Price International Equity Index Fund, a series of T. Rowe Price International Index Fund, Inc.	/ /	/ /	/ /

For address changes, please check this box / /
and write them on the back.

Please be sure to sign and date this Proxy.

__________________________

__________________________	________________
Signature (PLEASE SIGN WITHIN THE BOX)	Date

__________________________

__________________________	________________
Signature (Joint Owners)	Date

TD WATERHOUSE TRUST

100 Wall Street
New York, NY 10005

PROXY

Special Meeting of Shareholders (“Meeting”)
June 7, 2005, 10:00 a.m.

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES.

THE SHARES REPRESENTED BY THIS PROXY, WHEN THIS PROXY IS PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. THE PROXY WILL BE VOTED FOR PROPOSAL NO. 1(d) IF YOU DO NOT SPECIFY OTHERWISE. PLEASE REFER TO THE PROXY STATEMENT AND PROSPECTUS DATED MAY __, 2005 FOR DISCUSSION OF THE PROPOSALS.

IF VOTING BY MAIL, PLEASE MARK, SIGN AND DATE THIS PROXY CARD WHERE INDICATED AND RETURN IT PROMPTLY USING THE ENCLOSED ENVELOPE WHICH REQUIRES NO POSTAGE IF MAILED IN THE UNITED STATES.

IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT THEREOF.

TO VOTE BY TELEPHONE

1) Read the Proxy Statement and have this Proxy card at hand.

2) Please call the toll free number provided on your Proxy card.

3) Enter the 12 digit control number set forth on your Proxy card and follow the simple instructions.

TO VOTE BY INTERNET

1) Read the Proxy Statement and have this Proxy card at hand.

2) Go to Web site www.ProxyVote.com.

3) Follow the instructions on the website and be prepared to enter your 12 digit control number set forth on your Proxy card to enter your vote.

TO VOTE BY MAIL

1) Read the Proxy Statement.

2) Check the appropriate boxes on the proxy card below.

3) Sign and date the proxy card.

4) Return the proxy card in the envelope provided.

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: X

KEEP THIS PORTION FOR YOUR RECORDS

DETACH AND RETURN THIS PORTION ONLY

THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.

TD WATERHOUSE TRUST
TD Waterhouse Extended Market Index Fund

The Board of Trustees recommends a vote FOR the proposal.

Vote on Proposals	For	Against	Abstain

1. (d) For TD Waterhouse Extended Market Index Fund shareholders: To approve a Plan of Reorganization between TD Waterhouse Extended Market Index Fund, a series of TD Waterhouse Trust, and T. Rowe Price Extended Equity Market Index Fund, a series of T. Rowe Price Index Trust, Inc.	/ /	/ /	/ /

For address changes, please check this box / /
and write them on the back.

Please be sure to sign and date this Proxy.

__________________________

__________________________	________________
Signature (PLEASE SIGN WITHIN THE BOX)	Date

__________________________

__________________________	________________
Signature (Joint Owners)	Date

EX-99 8 transmit_let.htm TRANSMIT LETTER

March 31, 2005

Keith O’Connell
Securities & Exchange Commission
Division of Investment Management
450 Fifth Street, N.W.
Washington, D.C. 20549

Re:		T. Rowe Price Index Trust, Inc.
		consisting of the following series:
		T. Rowe Price Equity Index 500 Fund
		T. Rowe Price Extended Equity Market Index Fund
		File Nos.: 033-32859/811-5986

		T. Rowe Price International Index Fund, Inc.
		consisting of the following series:
		T. Rowe Price International Equity Index Fund
		File Nos.: 333-44964/811-10063

		T. Rowe Price U.S. Bond Index Fund, Inc.
		File Nos.: 333-45018/811-10093

Dear Mr. O’Connell:

On behalf of the above-referenced T. Rowe Price registrants (collectively “the Price Funds”), we are hereby filing a registration statement on Form N-14. The form is being filed under Rule 488(a) under the Securities Act of 1933 and we are requesting an effective date of April 29, 2005, 30 days after the date of this filing.

The registration statement describes the proposed tax-free reorganizations of six registered investment companies of the TD Waterhouse Trust into the Price Funds as follows:

TDW Funds	Price Funds

TD Waterhouse Bond Index Fund	T. Rowe Price U.S. Bond Index Fund

TD Waterhouse Dow 30 Fund	T. Rowe Price Equity Index 500 Fund

TD Waterhouse 500 Index Fund	T. Rowe Price Equity Index 500 Fund

TD Waterhouse Extended Market Index Fund	T. Rowe Price Extended Equity Market Index Fund

TD Waterhouse Asian Pacific Index Fund	T. Rowe Price International Equity Index Fund

TD Waterhouse European Index Fund	T. Rowe Price International Equity Index Fund

Under each reorganization, the assets of a TD Waterhouse Fund would be transferred to the corresponding Price Fund in exchange for shares of the Price Fund, the shares of the Price Fund would be distributed to shareholders of the TD Waterhouse Fund and the value of each TD Waterhouse Fund shareholder’s account immediately before and after the reorganization would be the same. None of the reorganizations is dependent on any of the other reorganizations and there will be a separate vote for each one. The reorganization of the TD Waterhouse Dow 30 Fund into the T. Rowe Price Equity Index 500 Fund requires a vote of the shareholders of the TD Waterhouse Dow 30 Fund to change its investment objective to conform to the objective of the T. Rowe Price Equity Index 500 Fund. The investment objective of the TD Waterhouse Asian Pacific Index Fund must also be changed, but this can be accomplished without a shareholder vote.

The TD Waterhouse Funds are planning to hold the shareholder meetings on or about June 7, 2005. An effective date of April 30, 2005, as requested, is necessary in order for the TD Waterhouse Funds to have sufficient time to solicit their shareholders and obtain the required vote.

Should you have any questions about this filing, please do not hesitate to call me at (410) 345-6601, or in my absence, Margery Neale, Shearman & Sterling LLP, at (212) 848-4868.

Sincerely,

/s/ Forrest R. Foss

-----END PRIVACY-ENHANCED MESSAGE-----

	(d) TD Waterhouse Extended Market Index Fund (“TDW Extended Market Index Fund”): to approve or disapprove the Agreement and Plan providing for the acquisition of substantially all of the assets of the TDW Extended Market Index Fund by the T. Rowe Price Extended Equity Market Index Fund (the “Price Extended Market Index Fund”), solely in exchange for an equal aggregate value of newly issued shares of the Price Extended Market Index Fund, as described in the accompanying proxy statement and prospectus. The Agreement and Plan also provides for distribution of the shares of the Price Extended Market Index Fund to shareholders of the TDW Extended Market Index Fund. A vote in favor of this proposal will constitute a vote in favor of the termination of the TDW Extended Market Index Fund as a separate investment portfolio of TD Waterhouse Trust;

	(e) TD Waterhouse Asian Pacific Index Fund (“TDW Asian Pacific Index Fund”): to approve or disapprove the Agreement and Plan providing for the acquisition of substantially all of the assets of the TDW Asian Pacific Index Fund by the T. Rowe Price International Equity Index Fund (the “Price International Index Fund”), solely in exchange for an equal aggregate value of newly issued shares of the Price International Index Fund, as described in the accompanying proxy statement and prospectus. The Agreement and Plan also provides for distribution of the shares of the Price International Index Fund to shareholders of the TDW Asian Pacific Index Fund. A vote in favor of this proposal will constitute a vote in favor of the termination of the TDW Asian Pacific Index Fund as a separate investment portfolio of TD Waterhouse Trust; and

	(f) TD Waterhouse European Index Fund (“TDW European Index Fund”): to approve or disapprove the Agreement and Plan providing for the acquisition of substantially all of the assets of the TDW European Index Fund by the Price International Index Fund, solely in exchange for an equal aggregate value of newly issued shares of the Price International Index Fund, as described in the accompanying proxy statement and prospectus. The Agreement and Plan also provides for distribution of the shares of the Price International Index Fund to shareholders of the TDW European Index Fund. A vote in favor of this proposal will constitute a vote in favor of the termination of the TDW European Index Fund as a separate investment portfolio of TD Waterhouse Trust.

	(2) TDW Dow 30 Fund: to approve or disapprove a change of the fundamental investment objective of the TDW Dow 30 Fund from one that seeks to track closely the total return of the Dow Jones Industrial Average^SM to one that seeks to match the performance of the Standard & Poor’s 500 Composite Stock Price Index. Approval of this proposal is a condition to consummation of the reorganization described in Proposal 1(b). However, this proposal is specifically contingent on approval of Proposal 1(b) regarding the reorganization of the TDW Dow 30 Fund. Therefore, if Proposal 1(b) is not approved by TDW Dow 30 Fund shareholders, then a change in the investment objective of the TDW Dow 30 Fund will not take effect even if it is approved by TDW Dow 30 Fund shareholders.

	(3) To transact such other business as properly may come before the Meeting or any adjournment or postponements thereof.

	•	A statement of additional information relating to the TDW Funds, dated May 28, 2004, as supplemented (the “Acquired Funds Statement”).

	•	The Annual Report to Shareholders of the TDW Funds for the year ended January 31, 2005.

	•	potential benefits to shareholders from each Reorganization, such as services available to shareholders of the Acquiring Funds; and

	•	the fact that the interests of Acquired Fund shareholders will not be diluted as a result of a Reorganization.

	•	The fact that each Reorganization has been structured with the intention that it qualify for Federal income tax purposes as a tax-free reorganization under the Code.

	•	The fact that TDWAM or an affiliate thereof will bear all expenses of the Acquired Funds relating to the Reorganizations. The Board also took into account the fact that T. Rowe Price had agreed to pay TDWAM or its affiliates an amount equal to 5 basis points of the value of the aggregate net assets of the Acquired Funds on the Closing Date if the Reorganizations are consummated, and that TDWAM had indicated that this amount was unlikely to cover its expenses of the transactions.

	•	Alternatives available to the Acquired Funds, including their potential liquidation. The TDW Board took into account that TDW had indicated that it desired to refocus on its core business, which does not include proprietary index funds. The TDW Board considered that the relatively small size of the Acquired Funds individually and in the aggregate made them undesirable as acquisition candidates by other mutual fund organizations. As a result, the TDW Board considered that the only viable alternative to the Reorganizations was liquidation of the Acquired Funds. The TDW Board determined that the Reorganizations presented a more desirable option for Acquired Fund shareholders than liquidation. This determination was based on, among other factors, the tax-free nature of each Reorganization and the ability of Acquired Fund shareholders to redeem shares at any time before or after the Reorganization without the imposition of any sales charge or redemption fee (although redemptions after the Closing Date would be subject to routine transaction charges).

Purchase, Redemption and Exchange Features	Acquired Funds	Acquiring Funds

Redemption	By mail, telephone or	By mail or telephone
	electronically

Exchanges	Shares of an Acquired Fund may be	Shares of an Acquiring Fund may
	exchanged for shares of any other	be exchanged for shares of any
	Acquired Fund, subject to any	other Acquiring Fund or other T.
	applicable redemption fee.	Rowe Price mutual fund.

Redemption Fees	• 1% for TDW Bond Index Fund*	• 2% for Price International Equity
	• 2% for all TDW Funds except	IndexFund**
	the TDW Bond Index Fund*	• 0.50% for all Price Funds except
		the Price InternationalEquity
		Index Fund**

TDW Dow 30 Fund	Year to Date (3/31/05)	1 Year		5 Years		10 Years	Since Inception (3/31/98)

Return Before Taxes	TBD	4.97	%	0.39	%	N/A	4.79	%

Return After Taxes on Distributions	TBD	4.71	%	-0.8	2%	N/A	3.59	%

Return After Taxes on Distributions and Sale of Fund Shares	TBD	3.57	%	0.33	%	N/A	3.44	%

Dow Jones Industrial Average (reflects no deduction for fees, expense or taxes)	TBD	5.30	%	0.68	%	N/A	5.02	%

TDW 500 Index Fund	Year to Date (3/31/05)	1 Year		5 Years	10 Years	Since Inception (8/31/00)

Return Before Taxes	TBD	10.48	%	N/A	N/A	-3.92	%

Return After Taxes on Distributions	TBD	10.21	%	N/A	N/A	-4.17	%

Return After Taxes on Distributions and Sale of Fund Shares	TBD	7.17	%	N/A	N/A	-3.41	%

Standard & Poor’s 500 Composite Stock Price Index (reflects no deduction forfees, expense or taxes)	TBD	10.88	%	N/A	N/A	-3.55	%

TDW Extended Market Index Fund	Year to Date (3/31/05)	1 Year		5 Years	10 Years	Since Inception (8/31/00)

Return Before Taxes	TBD	18.27	%	N/A	N/A	-2.72	%

Return After Taxes on Distributions	TBD	17.93	%	N/A	N/A	-3.00	%

Return After Taxes on Distributions and Sale of Fund Shares	TBD	12.12	%	N/A	N/A	-2.44	%

Dow Jones Wilshire 4500 Completion Index (reflects no deduction for fees, expense or taxes)	TBD	18.57	%	N/A	N/A	-0.28	%

TDW Asian Pacific Index Fund	Year to Date (3/31/05)	1 Year		5 Years	10 Years	Since Inception (8/31/00)

Return Before Taxes	TBD	17.38	%	N/A	N/A	-4.13	%

Return After Taxes on Distributions	TBD	17.30	%	N/A	N/A	-4.34	%

Return After Taxes on Distributions and Sale of Fund Shares	TBD	11.47	%	N/A	N/A	-3.56	%

MSCI® Pacific Index (reflects no deduction for fees, expense or taxes)	TBD	18.98	%	N/A	N/A	-1.83	%

TDW European Index Fund	Year to Date (3/31/05)	1 Year		5 Years	10 Years	Since Inception (8/31/00)

Return Before Taxes	TBD	20.21	%	N/A	N/A	-0.03	%

Return After Taxes on Distributions	TBD	20.21	%	N/A	N/A	-0.23	%

Return After Taxes on Distributions and Sale of Fund Shares	TBD	13.81	%	N/A	N/A	-0.03	%

MSCI® Europe Index (reflects no deduction for fees, expense or taxes)	TBD	20.88	%	N/A	N/A	1.45	%

Price Bond Index Fund	Year to Date (3/31/05)	1 Year		5 Years	10 Years	Since Inception (11/30/00)

Return Before Taxes	TBD	3.86	%	N/A	N/A	6.74	%

Return After Taxes on Distributions	TBD	2.39	%	N/A	N/A	4.86	%

Return After Taxes on Distributions and Sale of Fund Shares	TBD	2.49	%	N/A	N/A	4.62	%

Lehman Brothers U.S. Aggregate Index (reflects no deduction for fees, expense or taxes)	TBD	4.34	%	N/A	N/A	7.09	%

Price Equity Index 500 Fund	Year to Date (3/31/05)	1 Year		5 Years	10 Years		Since Inception (3/30/90)

Return Before Taxes	TBD	10.51	%	-2.56%	11.76	%	11.01	%

Return After Taxes on Distributions	TBD	10.24	%	-2.90%	11.03	%	10.12	%

Return After Taxes on Distributions and Sale of Fund Shares	TBD	7.16	%	-2.32%	10.08	%	9.38	%

Standard & Poor’s 500 Composite Stock Price Index (reflects no deduction for fees, expense or taxes)	TBD	10.88	%	-2.30%	12.07	%	11.36	%

Price Extended Equity Market Index 500 Fund	Year to Date (3/31/05)	1 Year		5 Years		10 Years	Since Inception (1/30/98)

Return Before Taxes	TBD	18.38	%	1.12	%	N/A	6.91	%

Return After Taxes on Distributions	TBD	18.21	%	0.47	%	N/A	6.06	%

Return After Taxes on Distributions and Sale of Fund Shares	TBD	12.05	%	0.60	%	N/A	5.51	%

Dow Jones Wilshire 4500 Completion Index (reflects no deduction for fees expense or taxes)	TBD	18.57	%	1.38	%	N/A	7.02	%

Price International Equity Index Fund	Year to Date (3/31/05)	1 Year		5 Years	10 Years	Since Inception (11/30/00)

Return Before Taxes	TBD	19.18	%	N/A	N/A	2.87	%

Return After Taxes on Distributions	TBD	19.02	%	N/A	N/A	2.68	%

Return After Taxes on Distributions and Sale of Fund Shares	TBD	12.93	%	N/A	N/A	2.43	%

FTSE ^TM Developed ex North America Index (reflects no deduction for fees, expense or taxes)	TBD	20.76	%	N/A	N/A	3.83	%

Name of Fund	Name and Address of Shareholder	Percentage of Shares wned		Percentage of Class ofShares of Combined Fund After the Reorganization on a Pro Forma Basis^*


Price Extended Equity Market Index Fund	T. Rowe Price Trust Co., Inc. Attn: TRPS Inst Control Dept. P.O. Box 17215 Baltimore, MD 21297	22.87	%	17.16	%

Price Bond Index Fund	T. Rowe Price RPS Inc. Omnibus Plan # New Business-Conv Assts #134 UBX P.O. Box 17215 Baltimore, MD 21297	39.82	%	35.32	%

	TRP Finance Inc. 802 West Street, Suite 301 Wilmington, DE 19801	6.01	%	5.33	%

	Alaska College Savings Trust Account Portfolio c/o T. Rowe Price Associates Attn: Kimberly Vanscoy, Fixed Income 100 East Pratt Street, Floor 7 Baltimore, MD 21202	7.85	%	6.96	%

Price International Equity Index Fund	T. Rowe Price RPS Inc. Omnibus Plan # New Business-Conv Assts #135 IXF P.O. Box 17215 Baltimore, MD 21297	9.24	%	6.65	%

TABLE OF CONTENTS

	Page No.


1. Defined Terms; Sections and Exhibits; Miscellaneous Terms	I-2
a. Definitions	I-2
b. Use of Defined Terms	I-6
c. Sections and Exhibits	I-6
d. Miscellaneous Terms	I-6
2. The Reorganization(s)	I-6
a. Transfer of Assets	I-6
b. Issuance and Valuation of Shares in the Reorganization	I-6
c. Distribution of Shares to the Acquired Fund Shareholders	I-6
d. Interest; Proceeds	I-7
e. Valuation Time	I-7
f. Evidence of Transfer	I-7
g. Termination	I-7
h. Separate Agreements; Reorganizations Not Conditioned on One Another	I-7
3. Representations and Warranties of the Acquired Fund	I-8
a. Formation and Qualification	I-8
b. Licenses	I-8
c. Authority	I-8
d. Audited Financial Statements	I-8
e. Unaudited Financial Statements	I-8
f. Prospectus and Statement of Additional Information	I-9
g. Litigation	I-9
h. Material Contracts	I-9
i. No Conflict	I-9
j. Undisclosed Liabilities	I-9
k. Taxes	I-9
l. Assets	I-10
m. Consents	I-10
n. N-14 Registration Statement	I-10
o. Capitalization	I-10
p. Books and Records	I-10
4. Representations and Warranties of the Acquiring Fund	I-10
a. Formation and Qualification	I-10
b. Licenses	I-11
c. Authority	I-11
d. Audited Financial Statements	I-11
e. Unaudited Financial Statements	I-11
f. Prospectus and Statement of Additional Information	I-12
g. Litigation	I-12
h. Material Contracts	I-12
i. No Conflict	I-12
j. Undisclosed Liabilities	I-12
k. Taxes	I-12
l. Consents	I-12
m. N-14 Registration Statement	I-13
n. Capitalization	I-13
o. Shares	I-13
5. Covenants of the Acquired Fund and the Acquiring Fund	I-13
a. Special Shareholders’; Meeting	I-13
b. Unaudited Financial Statements	I-13
c. Share Ledger Records of the Acquiring Fund	I-14
d. Conduct of Business	I-14

	“Asian/International Index Funds Reorganization” consists of (i) the acquisition of the TDW Asian Pacific Index Fund’s Assets by the Price International Equity Index Fund solely in exchange for an aggregate value of Shares of the Price International Equity Index Fund, equal to the net asset value of the TDW Asian Pacific Index Fund’s Assets, determined in accordance with Section 2(b) hereof, and (ii) the subsequent distribution by the TDW Asian Pacific Index Fund, of such Shares to its shareholders in proportion to such shareholders’ interest in the TDW Asian Pacific Index Fund, in liquidation of the TDW Asian Pacific Index Fund.

	“Assets” has the meaning ascribed thereto in Section 2(a) hereof. For purposes of this Agreement, the term “Assets” shall refer to Assets of (i) the TDW Bond Index Fund in the case of the Bond Index Funds Reorganization, (ii) the TDW Dow 30 Fund in the case of the Dow/Equity 500 Index Funds Reorganization, (iii) the TDW 500 Index Fund in the case of the Equity 500 Index Funds Reorganization, (iv) the TDW Extended Market Index Fund in the case of the Extended Index Funds Reorganization, (v) the TDW Asian Pacific Index Fund in the case of the Asian/International Index Funds Reorganization and (vi) the TDW European Index Fund in the case of the European/International Index Funds Reorganization.

	“Bond Index Funds Reorganization” consists of (i) the acquisition of the TDW Bond Index Fund’s Assets by the Price Bond Index Fund solely in exchange for an aggregate value of Shares of the Price Bond Index Fund, equal to the net asset value of the TDW Bond Index Fund’s Assets determined in accordance with Section 2(b) hereof, and (ii) the subsequent distribution by the TDW Bond Index Fund of such Shares to its shareholders in proportion to such shareholders’ interest in the TDW Bond Index Fund in liquidation of the TDW Bond Index Fund.

	“Closing Date” has the meaning ascribed thereto in Section 6 hereof.

	“Code” has the meaning ascribed thereto under the heading “Plans of Reorganization.”

	“Commission” shall mean the Securities and Exchange Commission.

	“Dow/Equity Index 500 Funds Reorganization” consists of (i) the acquisition of the TDW Dow 30 Fund’s Assets by the Price Equity Index 500 Fund solely in exchange for an aggregate value of Shares of the Price Equity Index 500 Fund, equal to the net asset value of the TDW Dow 30 Fund’s Assets, determined in accordance with Section 2(b) hereof, and (ii) the subsequent distribution by the TDW Dow 30 Fund of such Shares to its shareholders in proportion to such shareholders’ interest in the TDW Dow 30 Fund, in liquidation of the TDW Dow 30 Fund.

	“Equity Index 500 Funds Reorganization” consists of (i) the acquisition of the TDW 500 Index Fund’s Assets by the Price Equity Index 500 Fund solely in exchange for an aggregate value of Shares of the Price Equity Index 500 Fund, equal to the net asset value of the TDW 500 Index Fund’s Assets, determined in accordance with Section 2(b) hereof, and (ii) the subsequent distribution by the TDW 500 Index Fund, of such Shares to its shareholders in proportion to such shareholders’ interest in the TDW 500 Index Fund, in liquidation of the TDW 500 Index Fund.

	“European/International Index Funds Reorganization” consists of (i) the acquisition of the TDW European Index Fund’s Assets by the Price International Equity Index Fund solely in exchange for an aggregate value of Shares of the Price International Equity Index Fund, equal to the net asset value of the TDW European Index Fund’s Assets, determined in accordance with Section 2(b) hereof, and (ii) the subsequent distribution by the TDW European Index Fund of such Shares to its shareholders in proportion to such shareholders’ interest in the TDW European Index Fund, in liquidation of the TDW European Index Fund.

	“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

	“Extended Index Funds Reorganization” consists of (i) the acquisition of the TDW Extended Market Index Fund’s Assets by the Price Extended Equity Market Index Fund solely in exchange for an aggregate value of Shares of the Price Extended Equity Market Index Fund, equal to the net asset value of the TDW Extended Market Index Fund’s Assets determined in accordance with Section 2(b) hereof, and (ii) the subsequent distribution by the TDW Extended Market Index Fund of such Shares to its shareholders in proportion to such shareholders’ interest in the TDW Extended Market Index Fund in liquidation of the TDW Extended Market Index Fund.

	“Governmental Authority” shall mean any governmental or quasi-governmental authority, including, without limitation, any Federal, state, territorial, county, municipal or other governmental or quasi-governmental agency, board, branch, bureau, commission, court, arbitral body, department or other instrumentality or political unit or subdivision, whether domestic or foreign.

	“Investment Company Act” shall mean the Investment Company Act of 1940, as amended.

	“Investments” shall mean, with respect to any Person, (i) the investments of such Person shown on the schedule of its investments as of the date set forth therein, with such additions thereto and deletions therefrom as may have arisen in the course of such Person’s business up to such date; and (ii) all other assets owned by such Person or liabilities incurred as of such date.

	“Licenses” has the meaning ascribed thereto in Section 3(b) hereof.

	“Lien” shall mean any security agreement, financing statement (whether or not filed), mortgage, lien (statutory or otherwise), charge, pledge, hypothecation, conditional sales agreement, adverse claim, title retention agreement or other security interest, encumbrance, restriction, deed of trust, indenture, option, limitation, exception to or other title defect in or on any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale, lease, consignment or bailment given for security purposes, trust receipt or other title retention agreement with respect to any property or asset of such Person, whether direct, indirect, accrued or contingent.

	“Majority Shareholder Vote” shall mean the lesser of (i) more than 50% of the outstanding shares of the Acquired Fund or (ii) 67% or more of the shares of the Acquired Fund present at the special shareholders’ meeting referenced in Section 5(a) hereof if more than 50% of such shares are present or represented by proxy.

	“Material Adverse Effect” shall mean, with respect to any Person, any event, circumstance or condition that, individually or when aggregated with all other similar events, circumstances or conditions could reasonably be expected to have, or has had, a material adverse effect on: (i) the business, property, operations, condition (financial or otherwise), results of operations or prospects of such Person or (ii) the ability of such Person to consummate the transactions contemplated hereunder in the manner contemplated hereby, other than, in each case, any change relating to the economy or securities markets in general.

	“N-14 Registration Statement” has the meaning ascribed thereto in Section 3(n) hereof.

	“Permitted Liens” shall mean, with respect to any Person, any Lien arising by reason of (i) taxes, assessments, governmental charges or claims that are either not yet delinquent, or being contested in good faith for which adequate reserves have been recorded, (ii) the Federal or state securities laws, and (iii) imperfections of title or encumbrances as do not materially detract from the value or use of the Assets or materially affect title thereto.

	“Person” shall mean any individual, corporation, limited liability company, limited or general partnership, joint venture, association, joint stock company, trust, unincorporated organization, or government or any agency or political subdivision thereof.

	“Price Bond Index Fund” has the meaning ascribed thereto under the heading “Plans of Reorganization.”

	“Price Corporation” has the meaning ascribed thereto in the preamble.

	“Price Corporation Articles of Incorporation” shall mean the respective Articles of Incorporation of T. Rowe Price Index Trust, Inc., dated as of December 20, 1989, T. Rowe Price International Index Fund, Inc., dated as of August 10, 2000, and T. Rowe Price U.S. Bond Index Fund, Inc., dated as of July 14, 2004, as amended or supplemented from time to time.

	“Price Equity Index 500 Fund” has the meaning ascribed thereto under the heading “Plans of Reorganization.”

	“Price Extended Equity Market Index Fund” has the meaning ascribed thereto under the heading “Plans of Reorganization.”

	“Price International Equity Index Fund” has the meaning ascribed thereto under the heading “Plans of Reorganization.”

	“Reorganization” has the meaning ascribed thereto in the second paragraph under the heading “Plans of Reorganization” hereof. For purposes of this Agreement, the term “Reorganization” shall refer to the Asian/International Index Funds Reorganization, the Bond Index Funds Reorganization, the Dow/Equity Index 500 Funds Reorganization, the Equity 500 Index Funds Reorganization, the European/International Index Funds Reorganization, or the Extended Index Funds Reorganization, as the context requires.

	“RICs” has the meaning ascribed thereto in Section 3(b) hereof.

	“S&S” shall mean Shearman & Sterling LLP, counsel to TD Waterhouse Trust and the Acquired Funds.

	“Securities Act” shall mean the Securities Act of 1933, as amended.

	“Shares” has the meaning ascribed thereto under the heading “Plans of Reorganization.” For purposes of this Agreement, the term “Shares” shall refer to the Shares of (i) the Price Bond Index Fund in the case of the Bond Index Funds Reorganization, (ii) the Price Equity Index 500 Fund in the case of both the Dow/Equity Index 500 Funds Reorganization and the Equity Index 500 Funds Reorganization, (iii) the Price Extended Equity Market Index Fund in the case of the Extended Index Funds Reorganization, and (iv) the Price International Equity Index Fund in the case of both the Asian/International Index Funds Reorganization and the European/ International Index Funds Reorganization.

	“TDW 500 Index Fund” has the meaning ascribed thereto under the heading “Plans of Reorganization.”

	“TDW Asian Pacific Index Fund” has the meaning ascribed thereto under the heading “Plans of Reorganization.”

	“TDW Bond Index Fund” has the meaning ascribed thereto under the heading “Plans of Reorganization.”

	“TDW Dow 30 Fund” has the meaning ascribed thereto under the heading “Plans of Reorganization.”

	“TDW European Index Fund” has the meaning ascribed thereto under the heading “Plans of Reorganization.”

	“TDW Extended Market Index Fund” has the meaning ascribed thereto under the heading “Plans of Reorganization.”

	“TD Waterhouse Trust Declaration of Trust” shall mean the Agreement and Declaration of Trust of TD Waterhouse Trust dated as of August 6, 1999, as amended or supplemented from time to time.

	“Valuation Time” has the meaning ascribed thereto in Section 2(e) hereof.

TD WaterhouseAsian Pacific Index Fund

TD Waterhouse European Index Fund

TRP InternationalEquity Index Fund

Pro Forma Combined 1

TD Waterhouse Asian PacificIndex Fund

TD WaterhouseEuropean IndexFund

TRP International Equity Index Fund

Pro Forma Combined

TD WaterhouseAsian Pacific Index Fund

TD Waterhouse European Index Fund

TRP InternationalEquity Index Fund

Pro Forma Combined 1

TD Waterhouse Asian PacificIndex Fund

TD WaterhouseEuropean IndexFund

TRP International Equity Index Fund

Pro Forma Combined

TD WaterhouseAsian Pacific Index Fund

TD Waterhouse European Index Fund

TRP InternationalEquity Index Fund

Pro Forma Combined 1

TD Waterhouse Asian PacificIndex Fund

TD WaterhouseEuropean IndexFund

TRP International Equity Index Fund

Pro Forma Combined

TD WaterhouseAsian Pacific Index Fund

TD Waterhouse European Index Fund

TRP InternationalEquity Index Fund

Pro Forma Combined 1

TD Waterhouse Asian PacificIndex Fund

TD WaterhouseEuropean IndexFund

TRP International Equity Index Fund

Pro Forma Combined

TD WaterhouseAsian Pacific Index Fund

TD Waterhouse European Index Fund

TRP InternationalEquity Index Fund

Pro Forma Combined 1

TD Waterhouse Asian PacificIndex Fund

TD WaterhouseEuropean IndexFund

TRP International Equity Index Fund

Pro Forma Combined

TD WaterhouseAsian Pacific Index Fund

TD Waterhouse European Index Fund

TRP InternationalEquity Index Fund

Pro Forma Combined 1

TD Waterhouse Asian PacificIndex Fund

TD WaterhouseEuropean IndexFund

TRP International Equity Index Fund

Pro Forma Combined

TD WaterhouseAsian Pacific Index Fund

TD Waterhouse European Index Fund

TRP InternationalEquity Index Fund

Pro Forma Combined 1

TD Waterhouse Asian PacificIndex Fund

TD WaterhouseEuropean IndexFund

TRP International Equity Index Fund

Pro Forma Combined

TD WaterhouseAsian Pacific Index Fund

TD Waterhouse European Index Fund

TRP InternationalEquity Index Fund

Pro Forma Combined 1

TD Waterhouse Asian PacificIndex Fund

TD WaterhouseEuropean IndexFund

TRP International Equity Index Fund

Pro Forma Combined

TD WaterhouseAsian Pacific Index Fund

TD Waterhouse European Index Fund

TRP InternationalEquity Index Fund

Pro Forma Combined 1

TD Waterhouse Asian PacificIndex Fund

TD WaterhouseEuropean IndexFund

TRP International Equity Index Fund

Pro Forma Combined

TD WaterhouseAsian Pacific Index Fund

TD Waterhouse European Index Fund

TRP InternationalEquity Index Fund

Pro Forma Combined 1

TD Waterhouse Asian PacificIndex Fund

TD WaterhouseEuropean IndexFund

TRP International Equity Index Fund

Pro Forma Combined

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International
Equity Index
Fund

Pro Forma
Combined 1

TD Waterhouse
Asian Pacific
Index Fund

TD Waterhouse
European Index
Fund

TRP
International Equity
Index Fund

Pro Forma
Combined

	iii. an opinion of S&S, in form and substance reasonably satisfactory to the Acquired Fund, substantially to the effect that, for Federal income tax purposes, (i) the transfer of the Assets to the Acquiring Fund in return solely for the Shares as provided for in the Agreement will constitute a reorganization within the meaning of Section 368(a) of the Code, and assuming that such transfer, issuance and assumption qualifies as a reorganization within the meaning of Section 368(a) of the Code, the Acquired Fund and the Acquiring Fund will each be deemed to be a “party to the reorganization” within the meaning of Section 368(b) of the Code; (ii) in accordance with Sections 357 and 361 of the Code, no gain or loss will be recognized by the Acquired Fund as a result of the Asset transfer solely in return for the Shares or on the distribution (whether actual or constructive) of the Shares to the Acquired Fund shareholders as provided for in the Agreement; (iii) under Section 1032 of the Code, no gain or loss will be recognized by the Acquiring Fund upon the receipt of the Assets in return for the Shares as provided for in the Agreement; (iv) in accordance with Section 354(a)(1) of the Code, no gain or loss will be recognized by the shareholders of the Acquired Fund on the receipt (whether actual or constructive) of Shares in return for their shares of the Acquired Fund; (v) in accordance with Section 362(b) of the Code, the tax basis of the Assets in the hands of the Acquiring Fund will be the same as the tax basis of such Assets in the hands of the Acquired Fund immediately prior to the consummation of the Reorganization; (vi) in accordance with Section 358 of the Code, immediately after the Reorganization, the tax basis of the Shares received (whether actually or constructively) by the shareholders of the Acquired Fund in the Reorganization will be equal, in the aggregate, to the tax basis of the shares of the Acquired Fund surrendered in return therefor; (vii) in accordance with Section 1223 of the Code, a shareholder’s holding period for the Corresponding Shares will be determined by including the period for which such shareholder held the shares of the Acquired Fund exchanged therefor, provided, that the Acquired Fund shares were held as a capital asset at the time of the exchange; (viii) in accordance with Section 1223 of the Code, the Acquiring Fund’s holding period with respect to the Assets acquired by it will include the period for which such Assets were held by the Acquired Fund; and (ix) in accordance with Section 381(a) of the Code and regulations thereunder, the Acquiring Fund will succeed to and take into account, subject to certain limitations, certain tax attributes of the Acquired Fund, such as earnings and profits, capital loss carryovers and method of accounting; and

	iv. a written opinion of Henry H. Hopkins, Esq., counsel to the Acquiring Fund, in form and substance, reasonably satisfactory to the Acquired Fund.

	iii. an opinion of S&S, in form and substance reasonably satisfactory to the Acquiring Fund, with respect to the matters specified in Section 7(e)(iii) hereof; and

	iv. a written opinion of S&S, counsel to the Acquired Fund, (including opinions as to certain federal income tax matters), in form and substance, reasonably satisfactory to the Acquiring Fund; provided that any opinions as to matters of Delaware law shall be provided by Delaware counsel.


I.	Additional Information about the Price Funds and the TDW Funds		FILL IN
II.	Financial Statements of the Price Funds and the TDW Funds		FILL IN
III.	Pro Forma Combined Portfolio of Investments (Unaudited)
	a.	Pro Forma Combined Portfolio of Investments (Unaudited) for the TD Waterhouse Extended Market Index Fund and T. Rowe Price Extended Equity Market Index Fund as of December 31, 2004	FILL IN
	b.	Pro Forma Combined Portfolio of Investments (Unaudited) for the TD Waterhouse Asian Pacific Index Fund, TD Waterhouse European Index Fund and T. Rowe Price International Equity Index Fund as of October 31, 2004	FILL IN
	c.	Pro Forma Combined Portfolio of Investments (Unaudited) for the TD Waterhouse Bond Index Fund and T. Rowe Price U.S. Bond Index Fund as of October 31, 2004	FILL IN
IV.	Pro Forma Combined Statement of Assets and Liabilities (Unaudited)
	a.	Pro Forma Combined Statement of Assets and Liabilities (Unaudited) for the TD Waterhouse Extended Market Index Fund and T. Rowe Price Extended Equity Market Index Fund as of December 31, 2004	FILL IN
	b.	Pro Forma Combined Statement of Assets and Liabilities (Unaudited) for the TD Waterhouse Asian Pacific Index Fund, TD Waterhouse European Index Fund and T. Rowe Price International Equity Index Fund as of October 31, 2004	FILL IN
	c.	Pro Forma Combined Statement of Assets and Liabilities (Unaudited) for the TD Waterhouse Bond Index Fund and T. Rowe Price U.S. Bond Index Fund as of October 31, 2004	FILL IN
V.	Pro Forma Combined Statement of Operations (Unaudited)
	a.	Pro Forma Combined Statement of Operations (Unaudited) for the TD Waterhouse Extended Market Index Fund and T. Rowe Price Extended Equity Market Index Fund as of December 31, 2004	FILL IN
	b.	Pro Forma Combined Statement of Operations (Unaudited) for the TD Waterhouse Asian Pacific Index Fund, TD Waterhouse European Index Fund and T. Rowe Price International Equity Index Fund as of October 31, 2004	FILL IN
	c.	Pro Forma Combined Statement of Operations (Unaudited) for the TD Waterhouse Bond Index Fund and T. Rowe Price U.S. Bond Index Fund as of October 31, 2004	FILL IN
VI.	Notes to Pro Forma Combined Financial Statements* (Unaudited)
	a.	TD Waterhouse Extended Market Index Fund and T. Rowe Price Extended Equity Market Index Fund	FILL IN
	b.	TD Waterhouse Asian Pacific Index Fund, TD Waterhouse European Index Fund and T. Rowe Price International Equity Index Fund	FILL IN
	c.	TD Waterhouse Bond Index Fund and T. Rowe Price U.S. Bond Index Fund	FILL IN

	* The accompanying notes are an integral part of the pro forma financial statements.

		Contract Value		Unrealized Gain (Loss)

Long, 18 S & P Midcap Mini 400 contracts,
$54 par of 1.70% U.S. Treasury Bills pledged as initial margin	3/05	$	1,198	$	39

Long, 26 Russell Mini 2000 Index contracts,
$77 par of 1.70% U.S. Treasury Bills pledged as initial margin	3/05		1,700		34

Long, 10 S & P Mini 500 Index contracts,
$34 par of 1.70% U.S. Treasury Bills pledged as initial margin	3/05		607		15

Net payments (receipts) of variation margin to date					(84	)


Variation margin receivable (payable) on open futures contracts					4

TD Waterhouse Asian Pacific Index Fund TD Waterhouse European Index Fund T. Rowe Price International Equity Index Fund Pro Forma Combined Portfolio of Investments October 31, 2004 UNAUDITED
	Par/Share				Market Value (000’s)

	TD Waterhouse Asian Pacific Index Fund	TD Waterhouse European Index Fund	TRP International Equity Index Fund	Pro Forma Combined ¹	TD Waterhouse Asian Pacific Index Fund	TD Waterhouse European Index Fund	TRP International Equity Index Fund	Pro Forma Combined

BORAL LIMITED NEW NPV	2,466	—	3,012	5,478	12	—	15	27

BRAMBLES INDS LTD NPV	3,259	—	5,038	8,297	17	—	27	44

BRICKWORKS NPV	—	—	406	406	—	—	3	3

BURNS PHILP + CO NPV	—	—	5,903	5,903	—	—	4	4

CALTEX AUSTRALIA NPV	—	—	618	618	—	—	4	4

CENTRO PROPERTIES GROUP	2,000	—	—	2,000	7	—	5	12

CFS GANDEL RETAIL NPV	6,191	—	7,589	13,780	7	—	9	16

CHALLENGER FIN SER NPV	—	—	7,175	7,175	—	—	3	3

CMNWLTH BK OF AUST NPV	5,034	—	6,688	11,722	121	—	160	281

COCA COLA AMATIL NPV(POST RECONSTRUCTION)	1,800	—	2,691	4,491	10	—	15	25

COCHLEAR LTD NPV	277	—	278	555	5	—	5	10

COLES MYER LIMITED NPV	3,734	—	6,542	10,276	27	—	47	74

COMMONWEALTH PROPERTY	6,041	—	—	6,041	6	—	—	6

COMPUTERSHARE REG NPV(POST REC)	2,073	—	2,861	4,934	8	—	11	19

CORP EXPRESS AUST NPV	—	—	886	886	—	—	4	4

CSL ORD NPV	716	—	1,005	1,721	16	—	22	38

CSR LIMITED NPV	4,044	—	4,729	8,773	8	—	10	18

DB PREEF TRUST	5,379	—	—	5,379	5	—	—	5

DOWNER GROUP NPV	—	—	1,133	1,133	—	—	4	4

ENVESTRA NPV (STAPLED)	—	—	2,638	2,638	—	—	2	2

FAIRFAX(JOHN) NPV	6,339	—	1,397	7,736	21	—	4	25

FLIGHT CENTRE LTD NPV	—	—	467	467	—	—	7	7

FOODLAND ASSOC NPV	—	—	777	777	—	—	11	11

FOSTERS GROUP NPV	6,523	—	10,318	16,841	25	—	39	64

FUTURIS CORP LTD NPV	4,062	—	3,462	7,524	6	—	5	11

GEN PROPERTY TST UNITS NPV	9,176	—	10,724	19,900	26	—	30	56

GUNNS LTD NPV	—	—	1,353	1,353	—	—	4	4

GWA INTERNATIONAL NPV	—	—	1,182	1,182	—	—	3	3


VIVENDI UNIVERSAL EUR5.5	—	2,237	5,593	7,830	—	61	153	214

								6,036



GERMANY
COMMON STOCK

ADIDAS SALOMON AG DEM5	—	57	239	296	—	8	33	41

ALLIANZ AG NPV(REGD)(VINKULIERT)	—	585	1,971	2,556	—	62	210	272

ALTANA AG NPV	—	389	398	787	—	20	20	40

AMB GENERALI HOLDING AG NPV	—	—	53	53	—	—	4	4

BASF AG NPV	—	1,093	3,076	4,169	—	68	192	260

BAYER AG ORD NPV	—	1,072	3,803	4,875	—	30	108	138

BAYER HYPO VEREINS ORD NPV	—	1,373	2,851	4,224	—	27	56	83

BAYERISCHE MOTOREN WERKE AG EUR1	—	—	1,553	1,553	—	—	66	66

BEIERSDORF AG SER A B C NPV(VAR)	—	166	89	255	—	16	8	24

CELESIO AG NPV	—	254	208	462	—	18	15	33

COMMERZBANK AG NPV	—	541	2,361	2,902	—	10	43	53

CONTINENTAL AG ORD NPV	—	376	695	1,071	—	21	38	59

DAIMLERCHRYSLER AG ORD NPV(REGD)	—	1,693	5,285	6,978	—	70	218	288

DEGUSSA AG NPV	—	—	182	182	—	—	7	7

DEUTSCHE BANK AG ORD NPV (REGD)	—	1,006	2,987	3,993	—	77	227	304

DEUTSCHE BOERSE AG NPV	—	118	606	724	—	6	30	36

DEUTSCHE LUFTHANSA ORD NPV (REGD)(VINK)	—	238	1,417	1,655	—	3	19	22

DEUTSCHE POST AG NPV REGD	—	925	2,348	3,273	—	18	46	64

DEUTSCHE TELEKOM NPV(REGD)	—	5,057	16,589	21,646	—	97	318	415

DOUGLAS HOLDING AG	—	391	—	391	—	12	—	12

DT POSTBANK AG NPV	—	—	346	346	—	—	14	14

E ON AG NPV	—	1,295	3,654	4,949	—	106	297	403

EPCOS	—	61	—	61	—	1	—	1

TD Waterhouse Asian Pacific Index Fund TD Waterhouse European Index Fund T. Rowe Price International Equity Index Fund Pro Forma Combined Portfolio of Investments October 31, 2004 UNAUDITED
	Par/Shares				Market Value (000’s)

	TDWaterhouse Asian Pacific Index Fund	TD Waterhouse European Index Fund	TRP International Equity Index Fund	Pro Forma Combined ¹	TD Waterhouse Asian Pacific Index Fund	TD Waterhouse European Index Fund	TRP International Equity Index Fund	Pro Forma Combined

DAICEL CHEM INDS JPY50	2,000	—	1,000	3,000	10	—	5	15
DAIDO STEEL CO JPY50	—	—	1,000	1,000	—	—	3	3
DAIEI INC JPY50	—	—	1,500	1,500	—	—	3	3
DAIHATSU MOTOR CO JPY50	—	—	1,000	1,000	—	—	7	7
DAIICHI PHARM CO JPY50	1,000	—	1,200	2,200	20	—	23	43
DAIKIN INDUSTRIES JPY50	1,000	—	1,000	2,000	25	—	24	49
DAIMARU INC JPY50	1,000	—	1,000	2,000	7	—	7	14
DAINIPPON INK+CHEM JPY50	3,000	—	9,000	12,000	7	—	20	27
DAINIPPON PHARM JPY50	—	—	1,000	1,000	—	—	9	9
DAINIPPON SCREEN JPY50	1,000	—	1,000	2,000	5	—	5	10
DAISHI BANK JPY50	—	—	1,000	1,000	—	—	3	3
DAITO TRUST CONST JPY50	400	—	600	1,000	17	—	25	42
DAIWA HOUSE INDS JPY50	2,000	—	2,000	4,000	20	—	20	40
DAIWA SECURITIES GROUP INC JPY50	4,000	—	7,000	11,000	25	—	43	68
DENKI KAGAKU KOGYO JPY50	2,000	—	3,000	5,000	6	—	9	15
DENSO CORP JPY50	2,300	—	2,300	4,600	55	—	55	110
DENTSU INC NPV	6	—	7	13	16	—	19	35
DON QUIJOTE NPV	—	—	100	100	—	—	6	6
DOWA MINING CO JPY50	1,000	—	1,000	2,000	6	—	6	12
EAST JAPAN RAILWAY JPY50000	15	—	16	31	79	—	84	163
EBARA CORP JPY50	2,000	—	1,000	3,000	9	—	5	14
EISAI CO JPY50	1,000	—	1,200	2,200	29	—	35	64
FAMILYMART CO JPY50	200	—	400	600	5	—	11	16
FANUC JPY50	600	—	900	1,500	36	—	54	90
FAST RETAILING CO JPY50	200	—	300	500	13	—	19	32
FUJI ELECTRIC HLDG NPV	1,000	—	5,000	6,000	2	—	13	15
FUJI HEAVY INDS JPY50	—	—	4,000	4,000	—	—	19	19
FUJI PHOTO FILM CO JPY50	2,000	—	2,000	4,000	68	—	68	136


SANKEN ELECTRIC CO JPY50	—	—	1,000	1,000	—	—	12	12
SANKYO CO JPY50	1,600	—	1,600	3,200	33	—	33	66
SANKYO CO NPV	200	—	300	500	8	—	12	20
SANKYO SEIKI	—	—	1,000	1,000	—	—	10	10
SANTEN PHARM CO JPY50	—	—	300	300	—	—	5	5
SANYO ELECTRIC CO JPY50	6,000	—	7,000	13,000	19	—	22	41
SANYO SHIPAN	—	—	100	100	—	—	6	6
SAPPORO HOKUYO HLD JPY50000	—	—	1	1	—	—	7	7
SAPPORO HOLDINGS NPV	2,000	—	1,000	3,000	8	—	4	12
SECOM CO JPY50	1,000	—	1,000	2,000	36	—	36	72
SEGA SAMMY HOLDINGS INC ORD SHS	340	—	312	652	16	—	14	30
SEIBU RAILWAY CO JPY50	—	—	1,000	1,000	—	—	5	5
SEIKO EPSON CORP NPV	400	—	800	1,200	17	—	33	50
SEINO TRANSPORTN JPY50	1,000	—	1,000	2,000	9	—	9	18
SEIYU JPY50	—	—	1,000	1,000	—	—	2	2
SEKISUI CHEMICAL JPY50	2,000	—	2,000	4,000	13	—	13	26
SEKISUI HOUSE JPY50	2,000	—	3,000	5,000	21	—	31	52
SEVEN ELEVEN JAPAN NPV	2,000	—	2,000	4,000	58	—	58	116
SFCG CO. LTD JPY50	—	—	30	30	—	—	6	6
SHARP CORP JPY50	4,000	—	4,000	8,000	55	—	55	110
SHIGA BANK JPY50	—	—	1,000	1,000	—	—	5	5
SHIKOKU BANK JPY50	—	—	1,000	1,000	—	—	6	6
SHIKOKU ELEC POWER JPY500	—	—	1,000	1,000	—	—	18	18
SHIMA SEIKI MFG JPY50	—	—	100	100	—	—	3	3
SHIMACHU CO JPY50	200	—	100	300	5	—	2	7
SHIMADZU CORP JPY50	—	—	1,000	1,000	—	—	6	6
SHIMAMURA CO JPY50	100	—	100	200	7	—	7	14
SHIMANO INC JPY50	500	—	1,500	2,000	12	—	37	49

TD Waterhouse Bond Index Fund
T. Rowe Price U.S. Bond Index Fund
Pro Forma Combined Portfolio of Investments
October 31, 2004
UNAUDITED

		Par/Shares (000’s)			Market Value (000’s)

		TD Waterhouse Bond Index Fund	TRP U.S. Bond Index Fund	Pro Forma Combined ¹	TD Waterhouse Bond Index Fund	TRP U.S. Bond Index Fund	Pro Forma Combined

CORPORATE BONDS AND NOTES 21.8%
Abbott Laboratories, 5.63%, 7/1/06		5		5	5		5
Abitibi Consolidated Company of Canada, 6.95%, 12/15/06			100	100		104	104
Ace Ina Holdings, 8.30%, 8/15/06		3		3	3		3
AFLAC, 6.50%, 4/15/09			100	100		110	110
Alabama Power
	Series G, 5.38%, 10/1/08	6		6	6		6
	5.50%, 10/15/17		100	100		105	105
Albertson’s, Inc., MTN, Series C, 6.63%, 6/1/28		3		3	3		3
Alcan Aluminum, 4.875%, 9/15/12			100	100		102	102
Alcoa
	5.375%, 1/15/13		120	120		127	127
	6.50%, 6/1/11	12		12	14		14
Allstate
	6.125%, 12/15/32		150	150		157	157
	6.75%, 5/15/18	3		3	4		4
	7.20%, 12/1/09	10		10	12		12
	7.50%, 6/15/13	2		2	2		2
	7.88%, 5/1/05	5		5	5		5
Alltel
	6.50%, 11/1/13	5		5	6		6
	7.00%, 3/15/16	11		11	13		13
America Movil, 144A, 4.125%, 3/1/09			100	100		99	99
American Axle & Manufacturing, 5.25%, 2/11/14			150	150		144	144
American General Finance, 5.88%, 12/15/05		30		30	31		31
American General Finance, MTN, Series H, 5.38%, 10/1/12		3		3	3		3
American General, 7.50%, 8/11/10			100	100		117	117
Anadarko Petroleum, 5.38%, 3/1/07		3		3	3		3
Anheuser-Busch, 7.55%, 10/1/30			100	100		127	127
AOL Time Warner, 7.625%, 4/15/31			300	300		354	354
Appalachian Power, 3.60%, 5/15/08			200	200		199	199
Archer-Daniels-Midland, 8.88%, 4/15/11		5		5	6		6