July 1, 2000
 FUND PROFILE
T. ROWE PRICE
Total Equity Market Index Fund

 A fund that seeks to match the performance of the Wilshire 5000 Equity Index, a
 broad index of common stocks.
This profile summarizes key information about the fund that is included in the
fund's prospectus. The fund's prospectus includes additional information about
the fund, including a more detailed description of the risks associated with
investing in the fund that you may want to consider before you invest. You may
obtain the prospectus and other information about the fund at no cost by calling
1-800-638-5660, or by visiting our Web site at www.troweprice.com.
TROWEPRICELOGO







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FUND PROFILE
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 What is the fund's objective?

   To match the performance of the entire U.S. stock market. We use the Wilshire
   5000 Equity Index to represent the market as a whole. Because the largest
   stocks in the index carry the most weight, large-capitalization stocks make
   up a substantial majority of the Wilshire 5000's value.

   The inclusion of a stock in the Wilshire index is in no way an endorsement by
   Wilshire Associates of the stock as an investment, nor is Wilshire a sponsor
   of the fund or in any way affiliated with it.


 What is the fund's principal investment strategy?

   The fund uses a sampling strategy, investing substantially all of its assets
   in a broad spectrum of small-, mid-, and large-capitalization stocks
   representative of the Wilshire 5000 Index. The fund does not attempt to fully
   replicate the index by owning each of the stocks in it. Despite its name, the
   Wilshire 5000 includes more than 7,000 stocks.

   In an attempt to recreate the Wilshire index, we select stocks in terms of
   industry, size, and other characteristics. For example, if technology stocks
   made up 15% of the Wilshire index, the fund would invest about 15% of its
   assets in technology stocks with similar characteristics. Several factors are
   considered in selecting representative stocks, including historical price
   movement, market capitalization, transaction costs, and others.

   T. Rowe Price continually compares the composition of the fund to that of the
   index. If a misweighting develops, the portfolio is rebalanced in an effort
   to bring it into line with the index. When investing cash flow, the fund may
   purchase stocks, stock index futures, or stock options. This approach is
   intended to minimize any deviations in performance between the fund and
   index.

   The fund intends to remain fully invested during all market conditions. The
   fund may sell securities primarily to rebalance its portfolio or satisfy
   redemption requests.

   Further information about the fund's investments, including a review of
   market conditions and fund strategies and their impact on performance, is
   available in the annual and semiannual shareholder reports. To obtain free
   copies of either of these documents, call 1-800-638-5660.


 What are the main risks of investing in the fund?

   The fund is designed to track broad segments of the stock market--whether
   they are rising or falling. Markets as a whole can decline for many reasons,
   including adverse political or economic developments here or abroad, changes
   in investor psychology, or heavy institutional selling.



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FUND PROFILE
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   Since the fund is passively managed and seeks to remain fully invested at all
   times, assets cannot be shifted from one stock or group of stocks to another
   based on their prospects, or from stocks into bonds or cash equivalents in an
   attempt to cushion the impact of a market decline. Therefore, actively
   managed funds may outperform this fund. In addition, fund returns are likely
   to be slightly below those of the index because the fund has fees and
   transaction expenses while indices have none. The timing of cash flows and a
   fund's size can also influence returns. Further, the use of sampling will
   likely result in some deviation from the fund's index. While there is no
   guarantee, the investment manager expects the correlation between the fund
   and the index to be at least .95. A correlation of 1.00 means the return of a
   fund can be completely explained by the return of an index.

   Investments in futures and options, if any, are subject to additional
   volatility and potential losses.

   As with any mutual fund, there can be no guarantee the fund will achieve its
   objective.

  . The fund's share price may decline, so when you sell your shares, you may
   lose money. An investment in the fund is not a deposit of a bank and is not
   insured or guaranteed by the Federal Deposit Insurance Corporation or any
   other government agency.


 How can I tell if the fund is appropriate for me?

   Consider your investment goals, your time horizon for achieving them, and
   your tolerance for risk. If you seek a relatively low-cost way of
   participating in the U.S. equity markets through a passively managed
   portfolio and you would like to participate in the entire U.S. stock market,
   you may want to consider the fund. The fund should not represent your
   complete investment program or be used for short-term trading purposes.

   The fund can be used in both regular and tax-deferred accounts, such as IRAs.

  . Equity investors should have a long-term investment horizon and be willing
   to wait out bear markets.


 How has the fund performed in the past?

   The bar chart showing calendar year returns and the average annual total
   return table indicate risk by illustrating how much returns can differ from
   one year to the next and over time. Fund past performance is no guarantee of
   future returns.

   The fund can also experience short-term performance swings, as shown by the
   best and worst calendar quarter returns during the year depicted in the
   chart.




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FUND PROFILE
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LOGO



  Calendar Year Total Returns*
  "99"
 ----------------------------------------------------
                     
                        23.25
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          Quarter ended              Total return

 Best quarter                           12/31/99 17.85%

 Worst quarter                           9/30/99 -6.49%

 * Does not include account maintenance fee which, if reflected, would reduce
   the returns shown.


 Table 1 Average Annual Total Returns

                                     Periods ended 06/30/2000
                                                  Since inception
                                     1 year        (01/30/1998)
 ---------------------------------
                                          
  Total Equity Market Index Fund     9.45%            18.57%

  Wilshire 5000 Index                9.71             18.55
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 These figures include changes in principal value, reinvested dividends, and
 capital gain distributions, if any.

 The fund's returns do not include the account maintenance fee which, if
 reflected, would reduce the returns shown.


 What fees or expenses will I pay?

   The fund is 100% no load. However, the fund charges a redemption fee of
   0.50%, payable to the fund, for shares held less than six months, and a
   quarterly maintenance fee of $2.50 for accounts of less than $10,000. There
   are no fees or charges to buy or sell fund shares, reinvest dividends, or
   exchange



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FUND PROFILE
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   into other T. Rowe Price funds. There are no 12b-1 fees. The fund has a
   single, all-inclusive fee covering investment management and operating
   expenses. This will not fluctuate.



 Table 2 Fees and Expenses of the Fund

                              Shareholder fees (fees
                              paid directly from your           Annual fund operating expenses
                                    investment)         (expenses that are deducted from fund assets)
                                            Account                                     Total annual
                              Redemption  maintenance    Management       Other        fund operating
                                 fee        fee/a/          fee          expenses         expenses
                                                                                       

  Total Equity Market Index     0.50%         $10         0.40%/b/          --            0.40%/b/
  Fund
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 /a/A $2.50 quarterly fee is charged for accounts with balances less than
   $10,000.

 /b/       The management fee includes operating expenses.

   Example.  The following table gives you a rough idea of how expense ratios
   may translate into dollars and helps you to compare the cost of investing in
   this fund with that of other funds. Although your actual costs may be higher
   or lower, the table shows how much you would pay if operating expenses remain
   the same, you invest $10,000, earn a 5% annual return, and hold the
   investment for the following periods:



  1 year*     3 years*     5 years*      10 years*
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    $41         $128         $224           $505
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 * Does not include account maintenance fee for accounts of less than $10,000.


 Who manages the fund?

   The fund is managed by T. Rowe Price Associates, Inc. Founded in 1937, T.
   Rowe Price and its affiliates manage investments for individual and
   institutional accounts. The company offers a comprehensive array of stock,
   bond, and money market funds directly to the investing public.

   Kristen F. Culp manages the fund day-to-day and became chairperson of its
   Investment Advisory Committee in 2000. Ms. Culp has been a member of the
   Total Equity Market Index Fund's committee since its inception. She joined T.
   Rowe Price in 1990 and has been managing investments since 1995.


 Note: The following questions and answers about buying and selling shares and
 services do not apply to employer-sponsored retirement plans. If you are a
 participant in one of these plans, please call your plan's toll-free number for
 additional information.




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FUND PROFILE
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 How can I purchase shares?

   Fill out the New Account Form and return it with your check in the postpaid
   envelope. The minimum initial purchase is $2,500 ($1,000 for IRAs and gifts
   or transfers to minors). The minimum subsequent investment is $100 ($50 for
   IRAs, gifts or transfers to minors, or Automatic Asset Builder). You can also
   open an account by bank wire, by exchanging from another T. Rowe Price fund,
   or by transferring assets from another financial institution.


 How can I sell shares?

   You may redeem or sell any portion of your account on any business day.
   Simply write to us or call. You can also access your account at any time via
   Tele*Access /(R)/ or our Web site. We offer convenient exchange among our
   entire family of domestic and international funds. Restrictions may apply in
   special circumstances, and some redemption requests need a signature
   guarantee. A $5 fee is charged for wire redemptions under $5,000.


 When will I receive income and capital gain distributions?

   The fund distributes income and net capital gains, if any, at year-end. For
   regular accounts, income and short-term gains are taxable at ordinary income
   rates, and long-term gains are taxable at the capital gains rate.
   Distributions are reinvested automatically in additional shares unless you
   choose another option, such as receiving a check. Distributions paid to IRAs
   and employer-sponsored retirement plans are automatically reinvested.


 What services are available?

   A wide range, including but not limited to:

  . retirement plans for individuals and large and small businesses;

  . automated information and transaction services by telephone or computer;

  . electronic transfers between fund and bank accounts;

  . automatic investing and automatic exchange;

  . brokerage services; and

  . asset manager accounts.


FUND PROFILE
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T. Rowe Price Associates, Inc.
100 East Pratt Street
Baltimore, MD 21202
www.troweprice.com
LOGO
 RPS F23-035
 T. Rowe Price Investment Services, Inc., Distributor