N-CSR 1 tmx.txt T. ROWE PRICE TOTAL EQUITY MARKET INDEX FUND Item 1. Report to Shareholders T. Rowe Price Total Equity Market Index Fund -------------------------------------------------------------------------------- December 31, 2003 Certified Annual Report This report is certified under the Sarbanes-Oxley Act of 2002, which requires that public companies, including mutual funds, affirm that the information provided in their annual and semiannual shareholder reports fully and fairly represents their financial position. T. Rowe Price Total Equity Market Index Fund -------------------------------------------------------------------------------- Certified Annual Report Performance Comparison -------------------------------------------------------------------------------- This chart shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with benchmarks, which may include a broad-based market index and a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes. [Graphic Omitted} Total Equity Market Index Fund -------------------------------------------------------------------------------- As of 12/31/03 Total Equity Market Index Fund $12,488 Wilshire 5000 Total Market Index $12,536 Wilshire 5000 Total Equity Total Market Market Index Index Fund 1/30/98 $10,000 $10,000 12/98 12,276 12,320 12/99 15,169 15,184 12/00 13,516 13,615 12/01 12,033 12,090 12/02 9,523 9,531 12/03 12,536 12,488 AVERAGE ANNUAL COMPOUND TOTAL RETURN -------------------------------------------------------------------------------- Since Inception Periods Ended 12/31/03 1 Year 5 Years 1/30/98 -------------------------------------------------------------------------------- Total Equity Market Index Fund 31.02% 0.27% 3.83% Wilshire 5000 Total Market Index 31.64 0.42 3.89* *Benchmark since-inception data are for the time period 1/30/98 - 12/31/03. Wilshire returns calculated as of 1/9/04. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. Past performance cannot guarantee future results. T. Rowe Price Total Equity Market Index Fund -------------------------------------------------------------------------------- Certified Annual Report We are pleased to report that your fund returned 31.02% in 2003. The fund closely tracked but slightly lagged its benchmark, the Wilshire 5000 Total Market Index, as shown in the Performance Comparison table on the preceding page. The shortfall was due to expenses. As you know, the fund seeks to match the performance of the entire U.S. stock market, as measured by the Wilshire 5000 Total Market Index. Because the largest stocks in the index carry the most weight, large-capitalization stocks make up a substantial majority of the index's value. The fund does not attempt to fully replicate the index by owning each of the stocks in it. Rather, 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 index. In an attempt to recreate the index, we select stocks in terms of industry, size, and other characteristics. For example, if technology stocks made up 15% of the index, the fund would invest about 15% of its assets in technology stocks with similar characteristics. [Graphic Omitted] Major Index Returns -------------------------------------------------------------------------------- S&P 500 Stock Index 29% S&P MidCap 400 Index 36% Russell 2000 Index 47% Nasdaq Composite Index 50% The Major Index Returns chart shows how various domestic market indexes performed over the fund's fiscal year. As you can see, the small-cap Russell 2000 Index and the Nasdaq Composite Index, which is heavily weighted with technology stocks, produced very strong returns in 2003. Large-cap stocks, as measured by the S&P 500 Index, were less robust. The Top 5 Sectors table on the next page shows how the fund's largest sector allocations changed in 2003. As you can see, exposure to information technology, consumer discretionary, and industrials and business services companies increased over the last year, while allocations to financial and health care stocks decreased. Top 5 Sectors -------------------------------------------------------------------------------- Percent of Equities Periods Ended 12/31/02 12/31/03 -------------------------------------------------------------------------------- Financials 22.1% 21.8% Information Technology 15.1 17.6 Health Care 14.4 13.3 Consumer Discretionary 12.1 13.0 Industrials and Business Services 10.1 10.3 For comparison purposes, we have restated the historical weightings to incorporate changes to the sector and industry classification system. Finally, I'm sure you are aware that mutual fund companies have recently come under scrutiny for their trading policies. The investigations have led to allegations that executives of several mutual fund companies permitted or engaged in improper mutual fund trading. In addition, certain intermediaries that process fund transactions are alleged to have assisted some investors in executing improper mutual fund trades. I want T. Rowe Price shareholders to know that we emphatically condemn the abuses that have been revealed or alleged against other firms in our industry. Our firm has not entered and will not enter into any agreements with any investors or intermediaries that authorize after-hours trading or excessive short-term trading in any of our funds. T. Rowe Price investors can be assured that our firm unequivocally opposes illegal or inappropriate trading of any nature and has policies and procedures in place designed to protect the best interests of our long-term shareholders. No T. Rowe Price executives or portfolio managers or investment personnel of the T. Rowe Price mutual funds have engaged in any inappropriate trading of T. Rowe Price mutual funds. You may find out more about our trading policies and the steps we take to protect your interests by visiting our Web site (troweprice.com). These policies are also spelled out in your fund's prospectus. Thank you for your continued support. Respectfully submitted, James S. Riepe Chairman January 20, 2004 T. Rowe Price Total Equity Market Index Fund -------------------------------------------------------------------------------- Certified Annual Report Financial Highlights For a share outstanding throughout each period -------------------------------------------------------------------------------- Year Ended 12/31/03 12/31/02 12/31/01 12/31/00 12/31/99 NET ASSET VALUE Beginning of period $ 8.91 $ 11.44 $ 13.02 $ 14.77 $ 12.19 Investment activities Net investment income (loss) 0.12 0.11 0.11 0.12 0.12 Net realized and unrealized gain (loss) 2.64 (2.53) (1.57) (1.64) 2.69 Total from investment activities 2.76 (2.42) (1.46) (1.52) 2.81 Distributions Net investment income (0.12) (0.11) (0.11) (0.11) (0.11) Net realized gain -- -- (0.01) (0.12) (0.12) Total distributions (0.12) (0.11) (0.12) (0.23) (0.23) NET ASSET VALUE End of period $ 11.55 $ 8.91 $ 11.44 $ 13.02 $ 14.77 --------------------------------------------------------- Ratios/ Supplemental Data Total return^ 31.02% (21.16)% (11.20)% (10.33)% 23.25% Ratio of total expenses to average net assets 0.40% 0.40% 0.40% 0.40% 0.40% Ratio of net investment income (loss) to average net assets 1.28% 1.13% 0.98% 0.85% 0.98% Portfolio turnover rate 2.3% 5.6% 8.6% 7.6% 3.2% Net assets, end of period (in thousands) $ 293,967 $ 167,680 $ 197,775 $ 206,058 $ 199,427 ^Total return reflects the rate that an investor would have earned on an investment in the fund during the period, assuming reinvestment of all distributions and payment of no redemption or account fees. The accompanying notes are an integral part of these financial statements. T. Rowe Price Total Equity Market Index Fund -------------------------------------------------------------------------------- Certified Annual Report December 31, 2003 Portfolio of Investments ss. Shares/Par Value -------------------------------------------------------------------------------- ($ 000s) COMMON STOCKS & WARRANTS 97.3% CONSUMER DISCRETIONARY 12.6% Auto Components 0.3% Johnson Controls 1,900 220 Delphi 13,014 133 Gentex 2,100 93 Lear * 1,500 92 Dana 4,000 73 Borg-Warner 700 60 Visteon 5,386 56 American Axle & Manufacturing Holdings * 1,200 49 Cooper Tire 2,200 47 Modine Manufacturing 1,700 46 Arvinmeritor 1,700 41 Goodyear Tire & Rubber * 4,600 36 Bandag Inc. 800 33 Standard Motor Products 2,000 24 Tower Automotive * 2,800 19 Rockford Corporation * 2,900 15 1,037 Automobiles 0.6% GM 12,052 643 Ford Motor 39,361 630 Harley-Davidson 6,600 314 Winnebago 900 62 Fleetwood * 2,900 30 Thor Industries 500 28 1,707 Distributors 0.0% Genuine Parts 3,800 126 Handleman 1,700 35 Noland 400 17 178 Hotels, Restaurants & Leisure 1.6% McDonald's 27,500 683 Carnival 13,600 540 Starbucks * 8,700 288 International Game Technology 7,500 268 Marriott, Class A 5,100 236 Yum! Brands * 6,800 234 Starwood Hotels & Resorts Worldwide, REIT 4,400 158 Royal Caribbean Cruises 4,200 146 Hilton 8,172 140 MGM Mirage * 3,300 124 Harrah's Entertainment 2,400 119 Wendy's 2,600 102 Darden Restaurants 3,800 80 Mandalay Resort Group 1,700 76 Park Place Entertainment * 6,700 73 Brinker * 2,150 71 Outback Steakhouse 1,600 71 GTECH 1,400 69 Station Casinos 1,900 58 International Speedway 1,200 54 Choice Hotels International * 1,500 53 Applebee's 1,325 52 Ruby Tuesday 1,800 51 Krispy Kreme * 1,400 51 The Cheesecake Factory * 1,100 48 Cedar Fair L.P. 1,500 46 PF Chang's China Bistro * 900 46 Gaylord Entertainment * 1,500 45 Bob Evans Farms 1,300 42 Multimedia Games * 1,000 41 WMS Industries * 1,500 39 Cracker Barrel 1,000 38 Speedway Motorsports 1,300 38 Ryan's Family Steak Houses * 2,300 35 Extended Stay America 2,200 32 Papa John's International * 900 30 Jack In The Box * 1,400 30 Prime Hospitality * 2,900 30 CEC Entertainment * 600 28 Landry's Seafood Restaurant 1,100 28 MTR Gaming Group * 2,700 28 Boca Resorts * 1,700 25 John Q. Hammons Hotels * 3,500 25 triarc, Class B, Series 1 2,200 24 Lone Star Steakhouse & Saloon 1,000 23 Vail Resorts * 1,200 20 Panera Bread * 500 20 Six Flags * 2,500 19 Triarc Companies 900 11 4,588 Household Durables 0.9% Fortune Brands 3,100 222 Lennar, Class A 1,700 163 Centex 1,500 161 D. R. Horton 3,380 146 Newell Rubbermaid 6,076 138 Pulte 1,400 131 Harman International 1,600 118 Whirlpool 1,500 109 Mohawk Industries * 1,531 108 Leggett & Platt 4,100 89 NVR * 190 89 KB Home 1,200 87 Black & Decker 1,700 84 Stanley Works 2,100 80 Hovnanian Enterprises * 800 70 Toll Brothers * 1,600 64 Maytag 2,100 59 Ryland Group 600 53 Snap-On 1,600 52 Meritage * 700 46 Furniture Brands International 1,500 44 MDC Holdings 640 41 Tupperware 2,300 40 Helen of Troy Limited * 1,600 37 Blyth Industries 1,100 35 Standard Pacific 700 34 Russ Berrie 1,000 34 Ethan Allen Interiors 800 34 American Greetings * 1,500 33 La-Z Boy 1,500 31 Stanley Furniture 900 28 Kimball International 1,800 28 Skyline 800 28 Knape & Vogt Manufacturing 1,600 19 Champion Enterprises * 2,300 16 Cavco Industries * 270 6 2,557 Internet & Catalog Retail 0.5% eBay * 13,900 898 Amazon.com * 8,700 458 ValueVision International * 1,600 27 Insight Enterprises * 1,350 25 priceline.com * 950 17 J. Jill Group * 1,300 16 1,441 Leisure Equipment & Products 0.3% Mattel 9,600 185 Eastman Kodak 6,200 159 Hasbro 4,000 85 Brunswick 2,100 67 SCP Pool * 1,637 53 K2 * 3,034 46 Polaris Industries 500 44 Arctic Cat 1,200 30 Callaway Golf 1,600 27 Nautilus Group 1,675 24 Boyds Collection * 5,300 23 Oakley 1,600 22 Action Performance 800 16 781 Media 4.5% Time Warner * 96,720 1,740 Viacom, Class B 37,358 1,658 Comcast, Class A * 48,094 1,581 Disney 44,100 1,029 Liberty Media, Class A * 58,100 691 Clear Channel Communications 13,101 613 Gannett 5,700 508 Cox Communications * 12,900 444 Omnicom 4,100 358 Tribune 6,422 331 Hughes Electronics * 19,750 327 Univision Communications, Class A * 7,440 295 McGraw-Hill 3,900 273 Fox Entertainment Group * 7,600 222 EchoStar Communications, Class A * 5,300 180 New York Times, Class A 3,700 177 Scripps, Class A 1,700 160 Washington Post 170 135 Knight-Ridder 1,700 132 Interpublic Group * 8,412 131 Cablevision Systems * 4,700 110 Metro Goldwyn Mayer * 5,300 91 Dow Jones 1,700 85 XM Satellite Radio Holdings * 3,200 84 Pixar * 1,100 76 Westwood One * 2,200 75 Lamar Advertising * 1,900 71 Belo Corporation 2,500 71 Sirius Satellite Radio * 22,200 70 McClatchy 1,000 69 News Corporation ADR, (1 ADR Represents 4 Preferred Limited Voting Ordinary Shares) 2,209 67 Getty Images * 1,300 65 Radio One * 3,300 64 Meredith 1,300 63 PanAmSat * 2,900 62 Entercom Communications * 1,100 58 Hollinger International 3,400 53 Cox Radio, Class A * 1,900 48 Hearst-Argyle Television * 1,700 47 Media General 700 46 Lee Enterprises 1,000 44 Gemstar TV Guide * 8,500 43 Cumulus Media * 1,906 42 Harte-Hanks 1,900 41 Gray Communications System 2,500 38 Information Holdings * 1,700 38 Journal Register * 1,800 37 Charter Communications * 9,200 37 ADVO 1,150 37 ProQuest * 1,200 35 John Wiley & Sons 1,300 34 Interactive Data * 2,000 33 Liberty 700 32 Spanish Broadcasting, Class A * 3,000 31 Reader's Digest, Class A 2,100 31 Scholastic * 900 31 Emmis Communications * 1,100 30 R.H. Donnelley * 740 29 Grey Global Group 40 27 Catalina Marketing * 1,200 24 TiVo * 3,200 24 Regent Communications * 3,600 23 Mediacom Communications * 2,600 23 AMC Entertainment * 1,400 21 4Kids Entertainment * 800 21 Insight Communications * 2,000 21 Regal Entertainment Group 1,000 20 Entravision Communications * 1,800 20 Paxson Communications * 3,100 12 13,239 Multiline Retail 0.9% Target 19,600 753 Kohl's * 7,300 328 Sears 5,500 250 Federated Department Stores 4,000 188 May Department Stores 6,250 182 J.C. Penney 5,800 152 Dollar General 7,250 152 Family Dollar Stores 3,800 136 Nordstrom 3,200 110 Dollar Tree Stores * 2,500 75 Neiman Marcus, Class A * 1,000 54 99 Cents Only Stores * 1,900 52 Kmart * 2,000 48 Saks * 3,175 48 Tuesday Morning * 1,500 45 Big Lots * 2,600 37 Dillards 2,100 35 Shopko Stores * 1,200 18 2,663 Specialty Retail 2.6% Home Depot 49,750 1,766 Lowe's 16,800 931 GAP 19,350 449 Best Buy 7,000 366 Staples * 10,750 293 Bed Bath & Beyond * 6,500 282 TJX 11,200 247 The Limited 11,155 201 AutoZone * 2,100 179 Tiffany 3,300 149 RadioShack 3,900 120 Office Depot * 7,100 119 Sherwin-Williams 3,200 111 Autonation * 6,000 110 Ross Stores 3,600 95 Weight Watchers * 2,300 88 Williams-Sonoma * 2,500 87 CarMax * 2,729 84 PETsMART 3,400 81 Boise Cascade 2,322 76 Foot Locker 3,100 73 Chico's * 1,900 70 Toys "R" Us * 5,500 69 Advanced Auto Parts * 800 65 Michaels Stores 1,400 62 AnnTaylor Stores * 1,550 60 Rent-A-Center * 2,000 60 Abercrombie & Fitch * 2,116 52 O'Reilly Automotive * 1,300 50 Claire's Stores 2,600 49 Pier 1 Imports 2,200 48 Circuit City Stores 4,600 47 Borders Group * 2,100 46 Barnes & Noble * 1,400 46 Pep Boys 2,000 46 Zale * 800 43 Cost Plus * 1,000 41 Talbots 1,300 40 Group One Automotive * 1,100 40 Pacific Sunwear * 1,725 36 West Marine * 1,300 36 Linens 'n Things * 1,200 36 Regis 900 36 bebe stores * 1,300 34 Hibbett Sporting Goods * 1,050 31 Hot Topic * 1,050 31 Deb Shops 1,400 30 Men's Wearhouse * 1,200 30 Burlington Coat Factory 1,300 27 American Eagle Outfitters * 1,650 27 Hollywood Entertainment * 1,900 26 Guitar Center * 800 26 PC Connection * 2,950 25 Electronics Boutique Holdings * 1,000 23 The Sports Authority * 592 23 Gymboree * 1,300 22 The Children's Place * 800 21 Payless Shoesource * 1,506 20 Urban Outfitters * 500 19 Blockbuster 1,000 18 Christopher & Banks 900 18 Genesco * 1,100 17 Too * 957 16 Tweeter Home Entertainment Group * 1,600 15 Movie Gallery * 800 15 Charming Shoppes * 2,400 13 United Retail Group * 4,100 12 Ultimate Electronics * 1,000 8 Gadzooks * 4,700 7 7,539 Textiles, Apparel & Luxury Goods 0.4% Nike, Class B 5,800 397 Coach * 4,000 151 Jones Apparel Group 3,100 109 V.F. 2,400 104 Liz Claiborne 2,500 89 Columbia Sportswear * 1,100 60 Reebok 1,400 55 K-Swiss 2,200 53 Timberland * 1,000 52 Polo Ralph Lauren 1,500 43 Kellwood 1,000 41 Russell 1,800 32 Movado Group 1,100 31 Unifi * 4,100 26 Quiksilver * 1,400 25 Tarrant Apparel * 5,000 18 Culp * 1,300 14 Superior Uniform Group 200 3 Rocky Shoes & Boots * 100 2 1,305 Total Consumer Discretionary 37,035 CONSUMER STAPLES 9.1% Beverages 2.1% Coca-Cola 53,100 2,695 PepsiCo 37,570 1,751 Anheuser-Busch 17,700 932 Coca-Cola Enterprises 10,100 221 Pepsi Bottling Group 5,700 138 Brown-Forman 1,200 112 Constellation Brands * 2,300 76 PepsiAmericas 3,100 53 Coors 800 45 Robert Mondavi * 700 27 Todhunter International * 1,400 16 6,066 Food & Staples Retailing 2.8% Wal-Mart 94,700 5,024 Walgreen 22,000 800 Sysco 13,800 514 Costco Wholesale * 9,800 364 CVS 8,500 307 Kroger * 16,200 300 Safeway * 9,600 210 Albertson's 8,190 186 Whole Foods Market * 1,500 101 Supervalu 2,700 77 Rite Aid * 11,300 68 BJ's Wholesale Club * 2,000 46 Performance Food Group * 1,100 40 United Natural Foods * 1,100 39 Winn-Dixie 3,700 37 Weis Markets 900 33 Ruddick 1,700 30 Longs Drug Stores 1,200 30 Great Atlantic & Pacific Tea Company * 3,300 28 Topps 2,400 25 Duane Reade * 1,300 22 Pantry, Inc. * 700 16 Marsh Supermarkets 500 5 8,302 Food Products 1.3% Sara Lee 16,800 365 General Mills 7,700 349 Kellogg 8,800 335 ConAgra 11,308 298 Wrigley 4,900 275 Heinz 7,200 262 Campbell Soup 8,900 239 Hershey Foods 2,800 216 Archer-Daniels-Midland 12,972 197 Kraft Foods 5,600 180 Dean Foods * 3,279 108 Tyson Foods 7,554 100 McCormick 3,100 93 Bunge Limited 2,500 82 Hormel Foods 2,900 75 Flowers Foods 1,985 51 Smithfield Foods * 2,400 50 Del Monte Foods * 4,611 48 Tootsie Roll Industries 1,158 42 J.M. Smucker Company 906 41 Lancaster Colony 900 41 Alico 1,100 38 Pilgrim's Pride 2,200 36 Fresh Del Monte Produce 1,500 36 Delta Pine & Land 1,400 36 Lance 2,300 35 Hain Celestial Group * 1,400 33 Corn Products International 900 31 Horizon Organic * 1,100 26 Interstate Bakeries 1,800 26 Sensient Technologies Corporation 1,200 24 Dreyer's Grand Ice Cream 300 23 Tasty Baking 2,200 22 American Italian Pasta, Class A * 500 21 International Multifoods * 800 14 Galaxy Nutritional Foods * 4,500 11 3,859 Household Products 1.5% Procter & Gamble 28,000 2,797 Kimberly-Clark 11,000 650 Colgate-Palmolive 11,700 585 Clorox 4,800 233 Energizer * 1,800 68 Dial Corp 2,100 60 4,393 Personal Products 0.5% Gillette 22,100 812 Avon Products 5,300 358 Estee Lauder, Class A 2,900 114 Alberto Culver 1,300 82 NBTY * 1,800 48 Del Laboratories 1,557 39 Elizabeth Arden * 1,800 36 Playtex Products * 3,400 26 Chattem * 1,200 21 1,536 Tobacco 0.9% Altria Group 43,700 2,378 UST 3,600 128 R.J. Reynolds Tobacco 1,833 107 Vector Group 2,525 41 Universal Corporation 500 22 DiMon 2,000 14 2,690 Total Consumer Staples 26,846 ENERGY 5.5% Energy Equipment & Services 1.0% Schlumberger 12,472 682 Halliburton 9,500 247 Baker Hughes 7,200 232 Transocean * 7,025 169 BJ Services * 3,900 140 Nabors Industries * 3,130 130 GlobalSantaFe 5,096 126 Noble Drilling * 2,900 104 Weatherford International * 2,600 94 Smith International * 2,200 91 ENSCO International 2,800 76 Patterson-UTI Energy * 1,900 62 Rowan * 2,600 60 Diamond Offshore Drilling 2,700 55 Pride International * 2,900 54 Varco International * 2,553 53 Cooper Cameron * 1,000 47 Grant Prideco * 3,200 42 National Oilwell * 1,800 40 Tidewater 1,200 36 FMC Technologies * 1,487 35 Key Energy Services * 2,900 30 Superior Energy * 2,900 27 Oceaneering International * 900 25 Unit Corp. * 900 21 Hanover Compressor * 1,900 21 TETRA Technologies * 850 21 Newpark Resources * 4,300 21 Carbo Ceramics 400 20 Helmerich & Payne 700 20 Universal Compression Holdings * 700 18 Veritas DGC * 1,700 18 W-H Energy Services * 1,000 16 Global Industries * 3,100 16 Atwood Oceanics * 400 13 Offshore Logistics * 400 10 Parker Drilling * 3,200 8 Input/Output * 1,100 5 2,885 Oil & Gas 4.5% Exxon Mobil 143,462 5,882 ChevronTexaco 22,914 1,980 ConocoPhillips 14,734 966 Occidental Petroleum 8,300 351 Devon Energy 5,066 290 Apache 3,493 283 Anadarko Petroleum 5,429 277 Burlington Resources 4,400 244 Marathon Oil 6,900 228 Unocal 5,614 207 Murphy Oil 2,100 137 XTO Energy 4,266 121 EOG Resources 2,600 120 Valero Energy 2,500 116 Enterprise Products Partners * 4,600 113 Amerada Hess 2,100 112 Kerr-McGee 2,361 110 Sunoco 1,900 97 Pioneer Natural Resources * 2,600 83 Ultra Petroleum * 2,900 71 Ashland 1,600 70 Pogo Producing 1,400 68 Petroleum Development * 2,800 66 Chesapeake Energy 4,808 65 Newfield Exploration * 1,300 58 Noble Energy 1,300 58 Teppco Partners * 1,400 56 Westport Resources * 1,790 53 General Maritime * 3,000 53 Hugoton Royalty Trust 2,400 53 Western Gas Resources 1,100 52 Plains All American Pipeline * 1,500 49 Patina Oil & Gas 993 49 BP Prudhoe Bay Royalty Trust 1,700 48 Tesoro Petroleum * 3,000 44 Buckeye Partners * 800 36 Spinnaker Exploration * 1,100 35 Forest Oil * 1,200 34 Stone Energy * 800 34 World Fuel Services 1,000 34 Houston Exploration * 900 33 Tom Brown * 1,000 32 Premcor * 1,200 31 Cabot Oil & Gas 1,000 29 Quicksilver Resources * 900 29 Penn Virginia 500 28 Plains Resources * 1,700 27 Cimarex Energy * 1,018 27 Vintage Petroleum 2,200 26 Denbury Resources * 1,800 25 Magnum Hunter Resources * 2,600 25 Remington Oil & Gas * 1,200 24 Syntroleum * 4,100 18 Encore Aquisition * 700 17 Energy Partners * 1,200 17 Magellan Midstream Partners 300 15 Plains Exploration & Production * 900 14 Cross Timbers Royalty Trust 428 12 Callon Petroleum * 300 3 13,235 Total Energy 16,120 FINANCIALS 21.2% Capital Markets 3.1% J.P. Morgan Chase 43,810 1,609 Morgan Stanley 23,600 1,366 Merrill Lynch 20,200 1,185 Goldman Sachs Group 10,400 1,027 Bank of New York 16,400 543 Lehman Brothers 5,934 458 State Street 7,200 375 Charles Schwab 29,206 346 Mellon Financial 9,400 302 Franklin Resources 5,500 286 Northern Trust 4,800 223 Bear Stearns 2,227 178 AmeriTrade * 9,200 129 Legg Mason 1,500 116 E*TRADE Group * 8,000 101 Janus Capital Group 5,600 92 Allied Capital 2,800 78 Federated Investors, Class B 2,650 78 SEI 2,500 76 Knight/Trimark Group * 4,700 69 A.G. Edwards 1,800 65 Jeffries Group 1,900 63 Eaton Vance 1,700 62 Investor's Financial Services 1,500 58 John Nuveen 2,100 56 Raymond James Financial 1,200 45 Affiliated Managers Group * 600 42 Waddell & Reed Financial, Class A 1,751 41 American Capital Strategies 1,200 36 Stifel Financial * 1,500 29 Investment Technology Group * 1,800 29 PMC Capital 4,300 24 LaBranche & Co. 1,900 22 Soundview Technology Group * 1,100 17 Westwood Holdings Group 500 9 9,235 Commercial Banks 6.3% Bank of America 32,129 2,584 Wells Fargo 36,152 2,129 Wachovia 28,548 1,330 U.S. Bancorp 41,555 1,238 Bank One 24,236 1,105 FleetBoston Financial 22,438 979 Fifth Third Bancorp 12,336 729 BB&T 12,720 492 National City 13,240 449 SunTrust 6,068 434 PNC Financial Services Group 6,200 339 KeyCorp 9,000 264 M & T Bank 2,600 256 SouthTrust 7,200 236 Comerica 3,800 213 AmSouth Bancorporation 7,867 193 Synovus Financial 6,500 188 Marshall & Ilsley 4,878 187 UnionBancal 3,200 184 Regions Financial 4,800 179 Charter One Financial 5,132 177 Union Planters 4,500 142 North Fork Bancorporation 3,500 142 First Tennessee National 3,100 137 Popular 3,000 135 Zions Bancorp 2,000 123 National Commerce Financial 4,350 119 Huntington Bancshares 5,266 118 Banknorth Group 3,154 103 Compass Bancshares 2,600 102 Commerce Bancorp 1,600 84 Mercantile Bankshares 1,700 77 TCF Financial 1,500 77 Hibernia Corp. 3,200 75 Associated Banc-Corp 1,710 73 Commerce Bancshares 1,439 71 City National 1,100 68 Bank of Hawaii 1,600 68 Valley National Bancorp 2,303 67 FirstMerit 2,200 59 UCBH Holdings 1,500 58 Wilmington Trust 1,500 54 East West Bancorp 1,000 54 F.N.B. 1,492 53 Sky Financial 1,933 50 Fulton Financial 2,276 50 Santander Bancorp 2,030 49 International Bancshares 975 46 WestAmerica 900 45 Colonial BancGroup 2,500 43 Wintrust Financial 950 43 BOK Financial 1,074 42 South Financial Group 1,465 41 Cullen/Frost Bankers 1,000 41 Bank of the Ozarks 1,800 41 Unity Bancorp 3,465 40 Whitney Holding 950 39 Texas Regional Bancshares 1,045 39 Mid-State Bancshares 1,500 38 Trustmark 1,300 38 Pacific Capital Bancorp 1,033 38 UMB Financial 798 38 Community Banks 919 36 Citizens Banking 1,100 36 Hudson United Bancorp 970 36 Southwest Bancorp 2,000 36 Capital Corp of the West 900 36 FirstBank Puerto Rico 900 36 Capitol Bancorp Limited 1,247 35 IBERIABANK 600 35 CVB Financial 1,834 35 Gold Banc 2,500 35 Provident Financial Group 1,100 35 Community First Bankshares 1,200 35 Peoples Holding 1,050 35 United Bankshares 1,100 34 First Midwest Bancorp 1,050 34 Park National 300 34 Peoples Bancorp 1,145 34 Frontier Financial 1,000 33 Republic Bancorp 2,416 33 Silicon Valley Bancshares * 900 32 Amcore Financial 1,200 32 Provident Bankshares 1,099 32 Boston Private Financial 1,300 32 Old National Bancorp 1,372 31 Greater Bay Bancorp 1,100 31 Community Bankshares of Indiana 1,400 31 Southwest Bancorp 800 31 U.S.B. Holding Company 1,564 30 First M & F Corporation 800 30 NBT Bancorp 1,400 30 Hancock Holding 550 30 Sandy Spring Bancorp 800 30 Community Capital 1,500 30 Chittenden 875 29 BWC Financial 1,214 29 BanCorpSouth 1,200 28 First Financial Bancorp 1,770 28 Integra Bank 1,271 28 Susquehanna Bancshares 1,100 28 First Charter 1,400 27 Prosperity Bancshares 1,200 27 Midwest Banc Holdings 1,200 27 Fidelity Southern 2,000 26 Sterling Bancshares 1,950 26 Peoples Financial 1,500 25 First City Bank 1,300 24 The Savannah Bancorp 800 23 Omega Financial 600 23 Metrocorp Bancshares 1,500 22 1st Source 1,030 22 German American Bancorp 1,174 21 Oriental Financial Group 770 20 WesBanco 700 19 Merrill Merchants Bancorp 879 19 First Merchants 730 19 S&T Bancorp 600 18 Main Street Banks 600 16 Bay View Capital 4,200 9 18,383 Consumer Finance 1.0% American Express 27,600 1,331 MBNA 27,575 685 SLM Corporation 9,700 366 Capital One Financial 4,900 301 Providian Financial * 7,700 90 Student Loan Corporation 500 73 AmeriCredit * 3,700 59 World Acceptance * 2,000 40 Credit Acceptance Corporation * 2,500 38 WFS Financial * 900 38 Advanta 2,555 33 CompuCredit * 1,000 21 Metris Companies 4,300 19 3,094 Diversified Financial Services 2.1% Citigroup 111,614 5,418 Principal Financial Group 7,000 231 Moody's 3,200 194 CIT Group 5,200 187 Leucadia National 1,621 74 Alliance Capital 2,100 71 Chicago Merchantile Exchange Holdings 800 58 GATX 1,500 42 eSpeed * 1,400 33 Instinet Group * 2,800 14 6,322 Insurance 4.8% American International Group 56,518 3,746 Berkshire Hathaway * 24 2,022 Allstate 15,100 650 Marsh & McLennan 11,500 551 MetLife 16,300 549 Prudential 11,900 497 Progressive Corporation 4,850 405 AFLAC 11,200 405 Travelers Property Casualty 21,698 368 Hartford Financial Services 6,000 354 Chubb 4,000 272 John Hancock Financial Services 6,200 233 Loews 4,000 198 St. Paul Companies 4,900 194 MBIA 3,100 184 Aon 6,850 164 Ambac 2,350 163 Jefferson Pilot 3,100 157 Lincoln National 3,600 145 Cincinnati Financial 3,400 142 Fidelity National Financial 3,150 122 White Mountains Insurance Group 260 120 SAFECO 3,000 117 CNA Financial * 4,800 116 Torchmark 2,400 109 UnumProvident 6,476 102 Old Republic International 3,750 95 Transatlantic Holdings 1,050 85 W. R. Berkley 1,950 68 Arthur J. Gallagher 2,000 65 Unitrin 1,500 62 Erie Indemnity 1,400 59 FPIC Insurance Group * 2,300 58 Wesco Financial 160 56 Mercury General 1,200 56 Brown and Brown 1,700 55 Markel * 210 53 Protective Life 1,500 51 First American Financial 1,685 50 Conseco * 2,300 50 HCC Insurance Holdings 1,400 45 American National Insurance 500 42 Arch Capital Group * 1,000 40 American Financial Group 1,500 40 Reinsurance Group of America 1,000 39 Alfa 3,000 39 Delphi Financial 1,050 38 StanCorp Financial Group 600 38 LandAmerica Financial Group 700 37 Nationwide Financial Services 1,100 36 Zenith National 1,100 36 Commerce Group 900 36 Hilb Rogal and Hamilton 1,100 35 Triad Guaranty * 700 35 FBL Financial Group 1,332 34 Allmerica Financial * 1,100 34 ProAssurance * 1,024 33 Odyssey Re Holdings 1,400 32 AmerUs Life 900 31 Phoenix Companies 2,600 31 Great American Financial Resources 1,900 31 UICI * 2,300 31 Penn-America Group 2,200 29 Midland 1,200 28 MONY Group * 900 28 RLI 700 26 21st Century Insurance Group 1,800 25 Ohio Casualty * 1,400 24 United Fire & Casualty 600 24 Presidential Life 1,700 22 Financial Industries Corporation 1,390 20 Vesta Insurance 4,600 18 Navigators Group * 500 15 Horace Mann Educators 1,000 14 Citizens Financial * 600 5 14,019 Real Estate 1.8% Equity Office Properties 8,661 248 Simon Property Group, REIT 4,300 199 Equity Residential, REIT 6,200 183 Vornado Realty Trust, REIT 2,600 142 General Growth Properties 4,800 133 ProLogis Trust 4,076 131 Public Storage 2,800 121 Archstone-Smith Trust, REIT 4,300 120 Plum Creek Timber 3,944 120 Boston Properties 2,400 116 Kimco Realty 2,450 110 Rouse 2,100 99 IStar Financial 2,517 98 Duke Realty, REIT 3,100 96 Friedman, Billings, Ramsey Group 3,900 90 Host Marriott * 6,900 85 Apartment Investment & Management 2,400 83 Developers Diversified Realty 2,300 77 Avalonbay Communities 1,607 77 Health Care Property Investors 1,500 76 Hospitality Properties Trust 1,800 74 AMB Property 2,200 72 Liberty Property Trust 1,800 70 Macerich Company 1,500 67 Vencor 3,000 66 Regency Centers 1,600 64 St. Joe 1,700 63 CBL & Associates Properties 1,100 62 Weingarten Realty, REIT 1,350 60 Trizec Properties 3,800 59 Pan Pacific Retail Properties 1,200 57 Chelsea GCA 1,000 55 Mack-Cali Realty 1,300 54 Federal Realty Investment Trust, REIT 1,400 54 Camden Property Trust 1,200 53 Mills 1,200 53 Catellus Development 2,178 53 Centerpoint Properties 700 52 Forest City Enterprises 1,100 52 United Dominion Realty Trust, REIT 2,700 52 New Plan Excel Realty 2,100 52 Crescent Real Estate Equities 3,000 51 Arden Realty, REIT 1,600 49 CarrAmerica Realty, REIT 1,600 48 BRE Properties 1,400 47 Annaly Mortgage Management 2,500 46 Mission West Properties 3,500 45 Shurgard Storage Centers 1,200 45 Cousins Properties, REIT 1,450 44 First Industrial Realty 1,300 44 Thornburg Mortgage 1,600 44 Highwoods Properties 1,700 43 Kilroy Realty 1,300 43 Felcor Lodging Trust 3,748 42 Home Properties 1,000 40 Heritage Property Investment Trust 1,400 40 Nationwide Health Properties 2,000 39 Post Properties 1,400 39 One Liberty Properties 1,900 38 Manufactured Home Communities, REIT 1,000 38 Brandywine Realty Trust 1,400 37 Taubman Centers 1,800 37 Agree Realty 1,300 37 Getty Realty 1,400 37 Realty Income 900 36 Koger Equity 1,700 36 Corrections Corp of America * 1,223 35 AmeriVest Properties 4,900 35 NovaStar Financial 800 34 Mid-America Apartment Communities 1,000 34 Consolidated-Tomoka Land 1,000 33 Pennsylvania Real Estate Investment 830 30 Great Lakes, REIT 1,800 28 WP Carey & Co 900 27 Monmouth Real Estate Investment 3,100 27 Maguire Properties, REIT 1,100 27 Reckson Associates Realty, REIT 1,100 27 Trammell Crow * 2,000 26 American Mortgage Acceptance 1,600 26 Wellsford Real Properties * 1,400 26 Innkeepers USA 3,100 26 Bedford Property Investors 900 26 Parkway Properties, REIT 600 25 Newhall Land & Farming 500 20 MeriStar Hospitality * 3,100 20 5,225 Thrifts & Mortgage Finance 2.1% Fannie Mae 21,000 1,576 Freddie Mac 15,000 875 Washington Mutual 20,006 803 Golden West Financial 3,400 351 Countrywide Financial 3,866 293 New York Community Bancorp 5,340 203 Hudson City Bancorp 4,200 160 Sovereign Bancorp 6,620 157 MGIC Investment 2,200 125 Greenpoint Financial 3,300 117 Radian Group 2,000 97 Doral Financial 2,550 82 Astoria Financial 2,150 80 PMI Group 1,900 71 Capitol Federal Financial 1,900 69 MAF Bancorp 1,611 67 Fremont General 3,700 63 People's Bank 1,900 62 Webster Financial 1,300 60 Washington Federal 2,070 59 IndyMac Mortgage Holdings 1,800 54 BankAtlantic 2,700 51 Staten Island Bancorp 2,200 49 Independence Community Bank 1,200 43 Brookline Bancorp 2,693 41 FirstFed Financial * 900 39 Berkshire Hills Bancorp 1,000 36 Waypoint Financial 1,630 35 Abington Bancorp 900 35 Commercial Federal 1,300 35 First Niagara Financial 2,328 35 Downey Financial 700 35 FSF Financial 1,000 30 Anchor Bancorp Wisconsin 1,200 30 Troy Financial 820 29 Net Bank 2,021 27 Flushing Financial 1,350 25 First Busey Corporation 900 24 Northwest Bancorp 1,100 23 Alliance Bank 800 22 Horizon Financial 1,200 21 CORUS Bankshares 600 19 First Federal Cap Corp. 700 16 Hudson River Bancorp 400 16 6,140 Total Financials 62,418 HEALTH CARE 13.0% Biotechnology 1.8% Amgen * 27,984 1,729 Genentech * 4,800 449 Biogen Idec * 7,110 262 Gilead Sciences * 4,340 252 Genzyme * 5,000 247 Chiron * 4,200 239 MedImmune * 5,452 138 Millennium Pharmaceuticals * 6,385 119 Celgene * 1,800 81 Imclone Systems * 1,607 64 Cephalon * 1,200 58 ICOS * 1,400 58 Gen Probe Inc * 1,400 51 BioReliance * 1,000 48 Amylin Pharmaceuticals * 2,000 44 Neurocrine Biosciences * 800 44 Martek Biosciences * 600 39 Human Genome Sciences * 2,900 38 Protein Design Labs * 2,100 38 IDEXX Laboratories * 800 37 Digene * 900 36 Telik * 1,500 35 Charles River Laboratories International * 1,000 34 Techne * 900 34 OSI Pharmaceuticals * 1,000 32 Progenics Pharmaceuticals * 1,700 32 Affymetrix * 1,300 32 ILEX Oncology * 1,400 30 Serologicals * 1,550 29 Encysive Pharmaceuticals * 3,100 28 Tularik * 1,700 27 Alkermes * 1,900 26 XOMA * 3,800 25 Celera Genomics * 1,800 25 Ligand Pharmaceuticals * 1,700 25 Abgenix * 2,000 25 NPS Pharmaceuticals * 800 25 VaxGen * 3,100 25 Genta * 2,300 24 Luminex * 2,500 23 Cell Genesys * 1,800 23 Vertex Pharmaceuticals * 2,248 23 CuraGen * 3,100 23 Vicuron Pharmaceuticals * 1,200 22 Genencor International * 1,400 22 NeoPharm 1,105 20 Enzo Biochem 1,124 20 Incyte * 2,900 20 Isis Pharmaceuticals * 3,000 20 Transkaryotic Therapies * 1,200 19 InterMune * 800 19 Pharmacopeia * 1,300 18 Cell Therapeutics * 2,100 18 Myriad Genetics * 1,400 18 Tanox * 1,200 18 Regeneron Pharmaceuticals * 1,200 18 Diversa * 1,900 18 Ariad Pharmaceuticals * 2,200 16 Arena Pharmaceuticals * 2,500 16 Albany Molecular Research * 1,000 15 Array BioPharma * 2,600 15 Caliper Technologies * 2,200 14 OraSure Technologies * 1,800 14 Novavax * 2,300 14 Sangamo BioSciences * 2,400 13 Enzon Pharmaceuticals * 1,100 13 CV Therapeutics * 900 13 Neose Technologies * 1,400 13 Trimeris * 600 13 BioMarin Pharmaceutical * 1,600 12 AVI BioPharma * 3,000 12 Cubist Pharmaceuticals * 1,000 12 Exelixis * 1,700 12 Alexion Pharmaceutical * 700 12 Immunomedics * 2,600 12 Avigen * 2,000 12 ImmunoGen * 2,200 11 Sequenom * 3,400 11 Medarex * 1,600 10 La Jolla Pharmaceutical * 2,300 10 Gene Logic * 1,500 8 Biopure * 2,600 6 Aphton * 700 4 5,259 Health Care Equipment & Supplies 2.2% Medtronic 26,320 1,279 Boston Scientific * 17,800 654 Guidant 6,800 409 Baxter International 13,300 406 Stryker 4,300 366 Zimmer Holdings * 4,960 349 Becton, Dickinson 5,800 239 St. Jude Medical * 3,800 233 Biomet 5,800 211 C. R. Bard 1,300 106 Varian Medical Systems * 1,500 104 Waters Corporation * 3,000 99 Applied Biosystems Group - Applera 4,300 89 Hillenbrand Industries 1,400 87 Invitrogen * 1,100 77 Dentsply International 1,700 77 Align Technology * 4,100 68 Beckman Coulter 1,300 66 Fisher Scientific * 1,400 58 Millipore * 1,300 56 Bausch & Lomb 1,000 52 Sybron Dental Specialties * 1,666 47 Cytyc * 3,300 45 Arrow International 1,800 45 Edwards Lifesciences * 1,460 44 Apogent Technologies * 1,900 44 ResMed * 1,000 42 Matthews International, Class A 1,400 41 IGEN * 700 41 VISX * 1,700 39 Medical Action Industries * 2,100 39 Steris * 1,600 36 Respironics * 800 36 Bio-Rad Laboratories * 600 35 TheraSense * 1,700 35 Viasys Healthcare * 1,657 34 ALARIS Medical * 2,200 33 Invacare 800 32 Ventana Medical Systems * 800 32 Exactech * 2,100 31 EPIX Medical * 1,900 31 Regeneration Technologies * 2,600 29 Molecular Devices * 1,500 28 Zoll Medical * 800 28 American Medical Systems * 1,300 28 Diagnostic Products 600 28 ICU Medical * 800 27 Thoratec * 2,100 27 West Pharmaceutical Services 700 24 Haemonetics * 900 22 ArthroCare * 800 20 Nektar Therapeutics * 1,400 19 CTI Molecular Imaging * 1,100 19 Biosite Diagnostics * 600 17 Aspect Medical Systems * 1,500 17 Advanced Medical Optics * 844 17 Analogic 400 16 Vital Signs 500 16 Lifecore Biomedical * 2,700 16 Cantel Medical * 1,000 16 Inverness Medical Innovations * 680 15 NMT Medical * 2,800 13 SurModics * 500 12 Bruker Biosciences * 2,200 10 Cerus * 1,800 8 6,319 Health Care Providers & Services 2.3% UnitedHealth Group 13,000 756 Cardinal Health 9,305 569 HCA 11,200 481 WellPoint Health Networks * 3,300 320 Anthem * 3,031 227 Aetna 3,300 223 McKesson HBOC 6,351 204 Medco * 5,846 199 Quest Diagnostics * 2,400 175 CIGNA 3,000 173 Tenet Healthcare * 10,050 161 Caremark RX * 5,800 147 AmerisourceBergen 2,466 138 IMS Health 5,500 137 Health Management 5,600 134 Laboratory Corporation of America * 3,400 126 Express Scripts * 1,700 113 Advance PCS * 2,000 105 Patterson Dental * 1,600 103 Coventry Health Care * 1,500 97 Humana * 4,100 94 Manor Care 2,600 90 Omnicare 2,200 89 Health Net * 2,600 85 Oxford Health Plans * 1,800 78 Henry Schein * 1,100 74 Lincare Holdings * 2,400 72 Mid Atlantic Medical Services * 1,100 71 Universal Health Services 1,300 70 PacifiCare Health Systems * 1,000 68 Select Medical 4,000 65 WebMD * 6,810 61 Community Health System * 2,300 61 Davita * 1,433 56 Triad Hospitals * 1,631 54 PDI * 1,900 51 First Health Group * 2,600 51 Covance * 1,700 46 Renal Care Group * 1,100 45 Apria Healthcare * 1,500 43 PSS World Medical * 3,400 41 Specialty Laboratories * 2,200 37 Service Corp. International * 6,700 36 Inveresk Research Group * 1,400 35 Dendrite International * 2,200 34 Cerner * 900 34 Accredo Health * 1,067 34 Beverly Enterprises * 3,900 34 Omnicell * 2,000 32 Pharmaceutical Product Dev * 1,200 32 CorVel * 850 32 Sunrise Senior Living * 800 31 NDC Health 1,200 31 Gentiva Health Services * 2,375 30 IDX Systems * 1,100 30 U.S. Oncology * 2,700 29 Province Healthcare * 1,800 29 LifePoint Hospitals * 931 27 Priority Healthcare * 1,000 24 Stewart Enterprises * 4,100 23 Psychemedics 2,375 22 Sierra Health Services * 800 22 Q Med * 1,800 20 Hooper Holmes 3,100 19 AmSurg * 500 19 Orthodontic Centers of America * 2,300 19 WellChoice * 500 17 AMN Healthcare Services * 952 16 Cross Country Healthcare * 1,000 15 MIM Corporation * 2,100 15 Eclipsys * 1,100 13 Prime Medical Services * 2,300 11 Bioanalytical Systems * 1,000 4 6,759 Pharmaceuticals 6.7% Pfizer 166,805 5,893 Johnson & Johnson 64,275 3,320 Merck 48,394 2,236 Eli Lilly 24,200 1,702 Abbott Laboratories 34,100 1,589 Wyeth 28,800 1,223 Bristol-Myers Squibb 41,800 1,196 Schering-Plough 31,900 555 Forest Laboratories * 7,900 488 Allergan 2,800 215 Mylan Laboratories 6,275 159 Barr Laboratories * 1,434 110 Watson Pharmaceuticals * 2,300 106 IVAX * 4,150 99 King Pharmaceuticals * 5,089 78 Sicor * 2,500 68 Endo Pharmaceutical * 2,800 54 Pharmaceutical Resources * 800 52 Eon Labs * 1,000 51 Valeant Pharmaceuticals International 1,900 48 K-V Pharmaceutical * 1,800 46 Sepracor * 1,900 45 Medicis Pharmaceutical 600 43 Andrx * 1,500 36 Medicines Company * 1,100 32 Noven Pharmaceuticals * 2,100 32 aaiPharma * 1,250 31 Perrigo 1,900 30 Discovery Partners * 4,700 29 MGI Pharma * 700 29 Kos Pharmaceuticals * 600 26 Alpharma 1,200 24 Atrix Laboratory * 900 22 Inspire Phamaceuticals * 1,500 21 CIMA Labs * 600 20 Antigenics * 1,600 18 Orphan Medical * 1,700 17 Adolor * 800 16 Emisphere Technologies * 2,700 15 First Horizon Pharmaceutical * 1,200 13 19,787 Total Health Care 38,124 INDUSTRIALS & BUSINESS SERVICES 10.0% Aerospace & Defense 1.6% United Technologies 10,002 948 Boeing 18,100 763 Honeywell International 18,625 623 Lockheed Martin 9,800 504 General Dynamics 4,200 380 Northrop Grumman 3,951 378 Raytheon 9,000 270 Rockwell Collins 3,800 114 L-3 Communications Holdings * 2,000 103 Goodrich 2,840 84 Precision Castparts 1,484 67 Engineered Support System 1,050 58 Alliant Techsystems * 825 48 Pemco Aviation Group * 1,100 38 Curtiss-Wright Corporation 800 36 Hexcel * 4,800 35 Teledyne Technologies * 1,500 28 United Industrial 1,500 27 Invision Technologies * 800 27 Herley Industries * 1,200 25 Aviall * 1,600 25 GenCorp 2,200 24 Mercury Computer Systems * 800 20 DRS Technologies * 700 19 Ladish Company 2,300 19 Esterline Technologies * 500 13 BE Aerospace * 2,100 11 4,687 Air Freight & Logistics 0.9% UPS, Class B 24,400 1,819 Fedex 6,500 439 Expeditors International of Washington 2,300 87 C.H. Robinson Worldwide 2,200 83 JB Hunt Transport Services * 2,300 62 Ryder System 1,400 48 CNF 1,100 37 EGL * 1,750 31 Forward Air * 1,100 30 Atlas Air Worldwide Holdings * 2,700 1 2,637 Airlines 0.2% Southwest Airlines 17,037 275 JetBlue Airways * 2,175 58 AMR * 3,300 43 Continental Airlines * 2,500 41 Delta 3,400 40 Northwest Airlines * 2,900 36 SkyWest 1,400 25 Atlantic Coast Airlines * 2,500 25 Airtran Holdings * 1,900 22 Alaska Air Group * 800 22 587 Building Products 0.2% Masco 10,200 280 American Standard * 1,600 161 York International 1,100 41 Water Pik Technologies * 2,405 30 AAON Inc * 1,350 26 Lennox International 1,500 25 Jacuzzi Brands * 3,300 23 Universal Forest Products 500 16 602 Commercial Services & Supplies 1.5% Cendant * 22,554 502 Waste Management 13,060 387 Apollo Group, Class A * 3,825 260 H&R Block 3,800 210 Pitney Bowes 5,100 207 Cintas 3,700 185 Avery Dennison 2,500 140 Robert Half International * 4,000 93 Republic Services 3,600 92 Dun & Bradstreet * 1,800 91 R.R. Donnelley 2,800 84 Career Education * 2,100 84 Equifax 3,400 83 Manpower 1,700 80 Allied Waste Industries * 5,560 77 ServiceMaster 6,100 71 ChoicePoint * 1,666 63 HON Industries 1,300 56 Deluxe Corporation 1,300 54 ITT Educational Services * 1,100 52 Education Management * 1,600 50 ARAMARK 1,800 49 Herman Miller 2,000 49 Viad 1,800 45 Labor Ready * 3,400 45 Corinthian Colleges * 800 44 Corporate Executive Board * 900 42 CoStar Group * 1,000 42 Waste Connections * 1,100 42 Valassis Communications * 1,400 41 Copart * 2,350 39 Ikon Office Solutions 3,200 38 Tetra Tech * 1,525 38 Consolidated Graphics * 1,200 38 Devry * 1,500 38 Sylvan Learning Systems * 1,268 37 Wackenhut Corrections * 1,600 36 NCO Group * 1,600 36 West Corporation * 1,500 35 Imagistics International * 912 34 Bright Horizons Family Solutions * 800 34 TeleTech Holdings * 2,900 33 United Stationers * 800 33 Strayer Education 300 33 Rollins 1,400 32 United Rentals * 1,600 31 Sotheby's * 2,200 30 New England Business Service 1,000 30 Brinks 1,300 29 Team, Inc. * 2,800 29 Arbitron * 680 28 SOURCECORP * 1,100 28 Stericycle * 600 28 G&K Services, Class A 700 26 John H. Harland 900 25 Banta 600 24 Ag Services of America * 2,800 24 Exult * 3,300 24 Administaff * 1,300 23 Ionics * 700 22 Korn/Ferry * 1,600 21 School Specialty * 600 20 DiamondCluster International * 2,000 20 Brady 500 20 Spherion * 2,000 20 Learning Tree International * 1,100 19 Hudson Highland Group * 757 18 Interpool 1,000 15 RemedyTemp * 1,300 14 ICT Group * 1,200 14 Central Parking 800 12 PRG-Schultz International * 2,300 11 Franklin Covey * 2,500 7 SITEL * 1,500 4 4,470 Construction & Engineering 0.2% Fluor 2,000 79 Jacobs Engineering Group * 1,300 62 Mastec * 3,450 51 McDermott International * 3,400 41 Granite Construction 1,550 36 Quanta Services * 4,550 33 Dycom Industries * 1,200 32 Intergrated Electrical Services * 3,400 32 EMCOR Group * 500 22 Shaw Group * 1,400 19 Insituform Technologies, Class A * 1,000 17 424 Electrical Equipment 0.5% Emerson Electric 8,700 563 Rockwell Automation 4,300 153 Cooper Industries 1,900 110 American Power Conversion 4,200 103 Hubbell 1,200 53 Thomas & Betts 2,200 50 Genlyte Group * 800 47 Acuity Brands 1,500 39 American Superconductor * 2,500 35 AMETEK 700 34 Power-One * 3,000 32 LSI Industries 2,112 28 Fuelcell Energy * 1,700 22 Regal-Beloit 900 20 General Cable * 2,400 20 Baldor Electric 800 18 Woodward Governor 300 17 Energy Conversion Devices * 1,700 15 C&D Technologies 800 15 AZZ * 1,100 15 UQM Technologies * 4,600 14 Plug Power * 1,900 14 Vicor * 1,200 14 Artesyn Technologies * 1,600 14 Channell Commercial * 1,700 7 AstroPower * 450 0 1,452 Industrial Conglomerates 2.9% General Electric 217,306 6,732 3M 16,800 1,429 Textron 2,900 165 Allete 2,000 61 Carlisle Companies 800 49 Alleghany 200 45 Teleflex 900 44 Roper Industries 800 39 Walter Industries 2,700 36 Tredegar 1,300 20 8,620 Machinery 1.5% Caterpillar 7,600 631 Illinois Tool Works 6,650 558 Deere 5,200 338 Danaher 3,400 312 Ingersoll-Rand 3,800 258 PACCAR 2,600 221 Dover 4,400 175 Eaton 1,600 173 ITT Industries 2,100 156 Parker Hannifin 2,519 150 SPX * 1,604 94 Navistar * 1,700 81 Pall 2,700 72 Donaldson 1,100 65 Harsco 1,300 57 Trinity Industries 1,700 52 Pentair 1,100 50 Crane 1,600 49 Graco 1,125 45 Actuant, Class A * 1,240 45 Cummins Engine 900 44 Terex * 1,500 43 EnPro Industries * 2,768 39 Lincoln Electric Holdings 1,500 37 AGCO * 1,700 34 Timken 1,700 34 Tecumseh Products 700 34 Briggs & Stratton 500 34 Ampco Pittsburgh 2,400 33 Kennametal 800 32 Cascade 1,400 31 Thomas Industries 900 31 Nordson 900 31 Valmont Industries 1,200 28 Wabtec 1,625 28 Dionex * 600 28 NACCO Industries 300 27 Flowserve * 1,200 25 Watts Water Technologies, Class A 1,100 24 Manitowoc 700 22 Robbins & Myers 1,100 21 Wolverine Tube * 3,100 20 ESCO Electronics * 400 17 JLG Industries 1,100 17 Stewart & Stevenson 1,000 14 4,310 Marine 0.0% Overseas Shipholding Group 1,300 44 Alexander & Baldwin 900 30 International Shipholding * 1,900 28 Kirby Corporation * 700 25 127 Road & Rail 0.4% Union Pacific 5,300 368 Burlington Northern Santa Fe 7,700 249 Norfolk Southern 8,100 191 CSX 4,500 162 Werner Enterprises 2,575 50 Swift Transportation * 2,370 50 Florida East Coast Industries 1,300 43 U.S. Xpress Enterprises * 2,500 31 USA Truck * 2,700 27 Dollar Thrifty Auto Group * 1,000 26 Kansas City Southern Industries * 1,600 23 Knight Transportation * 800 20 1,240 Trading Companies & Distributors 0.1% W. W. Grainger 2,000 95 Fastenal 1,600 80 Applied Industrial Technologies 1,100 26 Huttig Building Products * 7,044 21 222 Total Industrials & Business Services 29,378 INFORMATION TECHNOLOGY 17.1% Communications Equipment 2.7% Cisco Systems * 151,168 3,672 QUALCOMM 17,200 928 Motorola 50,340 708 Corning * 28,710 299 Lucent Technologies * 86,285 245 Juniper Networks * 8,250 154 Avaya * 8,857 115 JDS Uniphase * 30,758 112 QLogic * 2,111 109 Scientific-Atlanta 3,400 93 Comverse Technology * 4,600 81 Tellabs * 9,400 79 Foundry Networks * 2,800 77 CIENA * 10,247 68 3Com * 7,900 64 ADTRAN 1,900 59 Plantronics * 1,800 59 Polycom * 3,000 59 Harris 1,500 57 ditech Communications * 2,900 55 ADC Telecommunications * 17,152 51 Emulex * 1,800 48 Advanced Fibre Communications * 2,100 42 Avocent * 1,136 41 Sonus Networks * 5,400 41 Andrew * 3,400 39 Packeteer * 2,300 39 Sycamore Networks * 6,600 35 C-Cor.net * 3,000 33 Brocade Communications Systems * 5,660 33 InterDigital Communication * 1,500 31 Adaptec * 3,500 31 SeaChange International * 2,000 31 F5 Networks * 1,200 30 Computer Network Technology * 3,100 30 Tekelec * 1,800 28 Black Box 600 28 Inter-Tel 1,100 27 Ixia * 2,100 25 Bel Fuse 800 24 REMEC * 2,800 23 Cable Design Technologies * 2,600 23 McDATA * 2,325 22 Stratex Networks * 5,200 22 Commscope * 1,300 21 Powerwave Technologies * 2,700 21 Extreme Networks * 2,800 20 Harmonic * 2,559 18 Echelon * 1,400 16 Terayon Communication Systems * 2,900 13 Norstan * 4,000 13 Cognitronics * 3,800 13 MRV Communications * 3,160 12 Paradyne Networks * 3,300 11 Anaren * 700 10 Centillium Communications * 1,600 9 Tollgrade Communications * 400 7 Digital Lightwave * 4,400 4 Optical Cable, Warrants *@ 168 0 8,058 Computer & Peripherals 3.2% IBM 37,200 3,448 Dell * 55,500 1,885 Hewlett-Packard 66,118 1,519 EMC * 53,076 686 Sun Microsystems * 69,700 313 Lexmark International * 2,800 220 Apple Computer * 8,000 171 Network Appliance * 7,600 156 Sandisk * 1,700 104 NCR * 2,400 93 Diebold 1,700 91 Maxtor * 5,504 61 UNOVA * 2,600 60 Storage Technology * 2,300 59 Electronics for Imaging * 2,000 52 Western Digital * 4,300 51 Seagate Technology 2,500 47 Avid Technology * 900 43 Gateway * 9,000 41 In Focus Systems * 3,800 37 Rimage * 2,200 35 Intergraph * 1,400 33 Presstek * 3,500 25 Advanced Digital Info * 1,800 25 Imation 600 21 Concurrent Computer * 4,500 20 Drexler Technology * 1,100 15 Dot Hill * 900 14 Quantum DLT & Storage Systems Group * 4,100 13 Rainbow Technologies * 1,100 12 Iomega 1,800 11 9,361 Electronic Equipment & Instruments 0.8% Agilent Technologies * 10,187 298 Molex 4,050 141 Sanmina-SCI * 11,012 139 Jabil Circuit * 4,300 122 Solectron * 18,240 108 CDW 1,800 104 Thermo Electron * 3,650 92 Symbol Technologies 4,900 83 Vishay Intertechnology * 3,468 79 Tektronix 2,100 66 Avnet * 2,948 64 AVX 3,800 63 Amphenol * 900 58 PerkinElmer 2,835 48 Ingram Micro * 3,000 48 Tech Data * 1,200 48 National Instruments 1,000 45 Arrow Electronics * 1,700 39 Trimble Navigation * 1,000 37 Benchmark Electronics * 1,050 37 Varian * 800 33 Lexar Media * 1,700 30 Aeroflex * 2,400 28 KEMET * 2,000 27 Zygo * 1,500 25 Merix * 1,000 24 Landauer 600 24 Electro Scientific Industries * 1,000 24 TTM Technologies * 1,400 24 Anixter International * 900 23 Technitrol * 1,100 23 X-Rite 2,000 23 Veeco * 800 23 Napco Security Systems * 2,400 21 Nu Horizons Electronics * 2,050 20 Zomax * 4,000 20 Coherent * 800 19 Newport * 1,100 18 Maxwell Technologies * 2,500 18 OYO Geospace * 1,100 17 Photon Dynamics * 400 16 Park Electrochemical 600 16 Plexus * 900 15 CTS 1,100 13 Research Frontiers * 1,300 12 Brightpoint * 700 12 Sirenza Microdevices * 2,200 11 Somera Communications * 3,600 6 2,284 Internet Software & Services 0.7% Yahoo! * 14,116 638 InterActiveCorp * 14,242 483 VeriSign * 5,340 87 Monster Worldwide * 2,700 59 Tumbleweed Communications * 6,300 53 Earthlink * 4,430 44 Interwoven * 3,389 43 DoubleClick * 3,830 39 TippingPoint Technologies * 1,300 39 Akamai Technologies * 2,600 28 CNET Networks * 3,975 27 MatrixOne * 4,100 25 MarketWatch.com * 2,900 25 Sonicwall * 3,200 25 Digitas * 2,669 25 S1 * 3,000 24 RealNetworks * 4,100 23 Retek * 2,472 23 United Online * 1,350 23 Webex Communications * 1,100 22 NetRatings * 1,900 22 webMethods * 2,310 21 Netegrity * 2,050 21 Websense * 700 21 Ariba * 6,700 20 FreeMarkets * 3,000 20 ITXC * 4,400 19 Internet Security Systems * 1,000 19 Allscripts Heathcare * 3,500 19 Ask Jeeves * 1,000 18 SeeBeyond Technology Corporation * 4,200 18 Modem Media * 2,200 18 Entrust Technologies * 3,900 16 aQuantive * 1,400 14 eCollege.com * 700 13 Kana Software * 2,900 10 Register.com * 1,296 7 2,051 IT Services 1.4% First Data 16,000 657 Automatic Data Processing 13,000 515 Paychex 8,187 305 Electronic Data Systems 10,400 255 Computer Sciences * 4,100 181 SunGard Data Systems * 6,100 169 Fiserv * 4,175 165 Concord EFS * 11,100 165 Affiliated Computer Services, Class A * 2,900 158 Total Systems Services 4,300 134 Unisys * 7,800 116 DST Systems * 2,400 100 Iron Mountain * 1,850 73 Sabre Holdings 3,200 69 Ceridian * 3,100 65 Cognizant Technology Solutions * 1,400 64 Convergys * 3,300 58 Checkfree Holdings * 1,800 50 Certegy 1,400 46 Titan * 2,100 46 National Processing * 1,900 45 Intrado * 1,900 42 Global Payments 880 41 BearingPoint * 4,000 40 BISYS Group * 2,700 40 Syntel 1,600 40 Maximus * 1,000 39 CACl International, Class A * 800 39 Igate Capital * 4,600 36 Perot Systems * 2,500 34 MPS Group * 3,600 34 Acxiom * 1,800 33 Keane * 2,056 30 EFunds * 1,706 30 Startek 600 24 InterCept Group * 1,800 20 Inforte * 2,400 20 Pegasus Solutions * 1,650 17 American Management Systems * 1,100 17 Safeguard Scientifics * 4,100 17 Sykes Enterprises * 1,800 15 Lightbridge * 1,678 15 CSG Systems International * 1,200 15 Sapient * 2,600 15 Medquist * 900 14 Forrester Research * 800 14 Indus International * 4,700 14 AnswerThink * 2,520 14 CIBER * 1,500 13 Analysts International * 2,700 9 Management Network Group * 500 2 4,169 Office Electronics 0.1% Xerox * 16,900 233 Zebra Technologies * 1,000 67 300 Semiconductor & Semiconductor Equipment 4.0% Intel 140,790 4,533 Texas Instruments 37,700 1,108 Applied Materials * 35,378 794 Analog Devices 8,200 374 Maxim Integrated Products 6,821 340 Linear Technology 6,700 282 Xilinx * 7,100 275 KLA-Tencor * 4,500 264 Broadcom, Class A * 6,300 215 Altera * 8,600 195 Micron Technology * 13,400 181 National Semiconductor * 4,000 158 Microchip Technology 4,464 149 Novellus Systems * 3,200 135 Advanced Micro Devices * 7,500 112 Agere Systems * 33,789 103 Teradyne * 4,000 102 Lam Research * 2,900 94 NVIDIA * 3,700 86 LSI Logic * 8,106 72 Intersil Holding, Class A 2,796 69 International Rectifier * 1,400 69 Amkor Technology * 3,700 67 Omnivision Technologies * 1,200 66 Cypress Semiconductor * 2,900 62 Fairchild Semiconductor * 2,400 60 Rambus * 1,900 58 Atmel * 9,100 55 Diodes * 2,850 54 Varian Semiconductor Equipment * 1,200 52 Silicon Laboratories * 1,100 48 Integrated Device Technology * 2,600 45 Mattson Technology * 3,500 43 Applied Micro Circuits * 6,642 40 RF Micro Devices * 3,800 38 Micrel * 2,400 37 Integrated Circuit Systems * 1,300 37 Cymer * 800 37 Cognex 1,300 37 ESS Technology * 2,100 36 DSP Group * 1,400 35 Kulicke & Soffa * 2,400 35 Semtech * 1,500 34 MKS Instruments * 1,113 32 Siliconix * 700 32 Advanced Energy Industries * 1,200 31 Axcelis Technologies * 3,014 31 ON Semiconductor * 4,700 30 Microsemi * 1,200 30 Zoran * 1,614 28 CEVA * 2,666 28 Cabot Microelectronics * 564 28 TriQuint Semiconductor * 3,890 28 Vitesse Semiconductor * 4,600 27 Entegris * 2,100 27 Silicon Storage Technology * 2,400 26 Skyworks Solutions * 2,879 25 Mykrolis * 1,541 25 Monolithic Systems Technology * 2,800 24 Pericom Semiconductor * 2,200 23 Power Integrations * 700 23 Cohu 1,200 23 FEI * 1,000 23 Rudolph Technologies * 900 22 Virage Logic * 2,100 21 GlobeSpan * 3,520 21 Conexant Systems * 4,100 20 LTX * 1,300 20 Silicon Image * 2,700 20 Transmeta * 5,700 19 Sipex * 2,400 19 Semitool * 1,700 18 Chippac * 2,400 18 Lattice Semiconductor * 1,800 17 Credence Systems * 1,300 17 Actel * 700 17 Helix Technology 800 16 Pixelworks * 1,400 15 Integrated Silicon Solution * 900 14 Cirrus Logic * 1,800 14 QuickLogic * 2,700 13 MIPS Technologies * 2,400 13 ANADIGICS * 2,100 13 DuPont Photomasks * 500 12 Kopin * 1,400 9 ATMI * 400 9 Nanometrics * 600 9 Three-Five Systems * 1,500 8 Brillian Corp * 750 6 Microtune * 900 2 11,632 Software 4.2% Microsoft 234,250 6,451 Oracle * 113,000 1,492 Computer Associates 12,657 346 VERITAS Software * 9,175 341 Electronic Arts * 6,200 296 Intuit * 4,400 233 Symantec * 6,600 229 Adobe Systems 5,000 196 PeopleSoft * 7,791 178 Siebel Systems * 10,600 147 Synopsys * 3,370 114 BEA Systems * 8,800 108 Cadence Design Systems * 5,900 106 BMC Software * 5,000 93 Mercury Interactive * 1,900 92 Novell * 8,134 86 Citrix Systems * 4,000 85 Red Hat * 4,400 83 Autodesk 2,800 69 Compuware * 10,100 61 Network Associates * 3,337 50 Fair Isaac 1,015 50 Sybase * 2,110 43 Activision * 2,250 41 Quest Software * 2,800 40 Jack Henry & Associates 1,900 39 FileNet * 1,400 38 Reynolds & Reynolds 1,300 38 RSA Security * 2,600 37 Embarcadero * 2,300 37 Ansys * 900 36 Quality Systems * 800 36 Hyperion Solutions * 1,170 35 Mentor Graphics * 2,400 35 Macrovision * 1,500 34 Macromedia * 1,880 34 Ansoft * 2,600 33 Ascential Software * 1,275 33 Secure Computing * 1,800 32 TIBCO Software * 4,700 32 Wind River Systems * 3,572 31 SERENA Software * 1,700 31 FactSet Research Systems 800 31 Informatica * 2,900 30 EPlus * 2,300 28 Magma Design Automation * 1,200 28 Kronos * 700 28 Progress Software * 1,300 27 Aspen Technology * 2,500 26 Manhattan Associates * 900 25 THQ * 1,450 25 Nuance Communications * 3,200 24 Micromuse * 3,500 24 E.piphany * 3,225 23 Agile Software * 2,300 23 Borland Software * 2,300 22 Renaissance Learning * 900 22 Parametric Technology * 5,500 22 Advent Software * 1,200 21 JDA Software Group * 1,200 20 Verity * 1,100 18 Ulticom * 1,900 18 NetScout Systems * 2,400 18 OPNET Technologies * 1,100 18 Barra * 500 18 WatchGuard Technologies * 3,000 17 Evans & Sutherland Computer * 3,800 17 Concord Communications * 800 16 Sanchez Computer Associates * 3,800 16 NetIQ * 1,168 15 QRS * 1,900 15 Witness Systems * 1,600 15 KFX Inc. * 1,900 14 Midway Games * 3,339 13 Roxio * 2,613 12 Infogrames * 2,700 11 MapInfo * 1,100 11 Manugistics Group * 1,600 10 Vastera * 1,800 7 Moldflow * 500 6 Viewpoint Corporation * 5,900 4 ONYX Software * 250 1 12,360 Total Information Technology 50,215 MATERIALS 3.1% Chemicals 1.5% DuPont 21,209 973 Dow Chemical 19,499 811 Praxair 7,000 267 Air Products and Chemicals 4,900 259 PPG Industries 3,700 237 Rohm & Haas 5,000 214 Ecolab 6,100 167 Monsanto 5,680 164 Sigma Aldrich 1,500 86 Engelhard 2,800 84 Eastman Chemical 2,000 79 International Flavors & Fragrances 2,200 77 Lyondell Chemical 3,900 66 Valspar 1,200 59 Scotts, Class A * 700 41 RPM 2,500 41 Valhi 2,700 40 Cabot 1,200 38 Hawkins Chemical 2,500 35 Cytec Industries * 900 35 Airgas 1,600 34 MacDermid 1,000 34 H.B. Fuller 1,100 33 FMC * 900 31 NL Industries 2,600 30 Ferro 1,100 30 Great Lakes Chemical 1,100 30 Lubrizol 900 29 Georgia Gulf 1,000 29 Hercules * 2,300 28 Calgon Carbon 4,000 25 IMC Global 2,400 24 Spartech 900 22 Headwaters Incorporated * 1,100 22 Terra Nitrogen Com L.P. 4,100 20 Millennium Chemicals 1,600 20 American Pacific * 2,100 20 Crompton 2,500 18 Kronos Worldwide * 800 18 OMNOVA Solutions * 2,900 14 A. Schulman 600 13 W. R. Grace * 4,300 11 Arch Chemicals 400 10 Solutia * 4,700 2 4,320 Construction Materials 0.1% Vulcan Materials 2,500 119 Lafarge 1,400 57 Martin Marietta Materials 1,100 52 Ameron International 700 24 252 Containers & Packaging 0.3% Sealed Air * 2,000 108 Smurfit-Stone Container * 4,990 93 Ball 1,500 89 Pactiv * 3,400 81 Temple-Inland 1,200 75 Bemis 1,400 70 Sonoco Products 1,900 47 Packaging Corp of America * 2,000 44 Crown Cork & Seal * 4,800 43 Owens-Illinois * 3,300 39 Chesapeake Corp 1,200 32 Aptargroup 800 31 Myers Industries 1,782 22 Caraustar * 1,400 19 Rock-Tenn 800 14 Longview Fibre 1,100 14 821 Metals & Mining 0.8% Alcoa 18,320 696 Newmont Mining 9,300 452 Freeport McMoRan Copper Gold 4,000 169 Phelps Dodge * 1,928 147 USX-U.S. Steel Group 2,800 98 Nucor 1,700 95 Glamis Gold * 4,100 70 Commercial Metals 1,700 52 Peabody Energy 1,200 50 Allegheny Technologies 3,650 48 CONSOL Energy 1,800 47 Arch Coal 1,446 45 Worthington Industries 2,400 43 Carpenter Technology 1,200 36 Massey 1,700 35 Alliance Resource Partners * 1,000 34 Hecla Mining * 3,900 32 Ryerson Tull 2,500 29 Quanex 600 28 GrafTech International * 2,000 27 Coeur d'Alene Mines * 4,500 26 Stillwater Mining * 2,505 24 AK Steel * 3,600 18 Royal Gold 700 15 2,316 Paper & Forest Products 0.4% International Paper 10,084 435 Weyerhaeuser 4,600 294 Georgia-Pacific 5,140 158 MeadWestvaco 4,052 120 Bowater 1,200 56 Louisiana Pacific * 2,700 48 Rayonier 996 41 P.H. Glatfelter 1,800 22 Potlatch 600 21 Schweitzer Mauduit 600 18 Pope & Talbot 900 16 Wausau-Mosinee Paper 1,100 15 Buckeye Technologies * 1,300 13 Badger Paper Mills * 2,300 13 FiberMark * 2,400 4 1,274 Total Materials 8,983 TELECOMMUNICATION SERVICES 2.9% Diversified Telecommunication Services 2.3% Verizon Communications 59,060 2,072 SBC Communications 70,797 1,846 BellSouth 39,000 1,104 AT&T 16,723 339 Alltel 6,800 317 Sprint 19,200 315 Qwest Communications International * 36,725 159 NTL * 1,900 132 Centurytel 2,575 84 Level 3 Communications * 13,900 79 Citizens Communications * 6,340 79 Atlantic Tele Network 1,600 45 Time Warner Telecom * 3,300 33 Commonwealth Telephone Enterprises * 800 30 Cincinnati Bell * 5,248 26 IDT * 1,100 24 US LEC * 2,900 23 D&E Communications 1,549 22 General Communications * 2,500 22 CT Communications 1,600 22 Covista Communications * 4,000 11 6,784 Wireless Telecommunication Services 0.6% Nextel Communications, Class A * 23,300 654 AT&T Wireless * 58,666 469 Sprint PCS * 22,700 127 Telephone and Data Systems 1,200 75 U. S. Cellular * 1,800 64 Wireless Facilities * 3,700 55 Crown Castle International * 4,800 53 Nextel Partners * 3,800 51 American Tower Systems * 4,400 48 Price Communications * 2,462 34 EMS Technologies * 1,100 23 Aether Systems * 4,450 21 Triton PCS Holdings * 3,600 20 Centennial Communication * 3,700 19 Boston Communications Group * 1,900 18 @Road * 1,200 16 Metro One Telecommunications * 2,350 6 1,753 Total Telecommunication Services 8,537 UTILITIES 2.8% Electric Utilities 1.8% Exelon 7,062 469 Southern Company 15,300 463 Dominion Resources 6,820 435 Entergy 4,800 274 FPL Group 4,000 262 American Electric Power 8,240 251 PG&E * 8,600 239 Progress Energy 5,130 232 FirstEnergy 6,560 231 Consolidated Edison 4,300 185 PPL 3,900 171 Ameren 3,500 161 Edison International * 6,800 149 XCEL Energy 8,730 148 CINergy 3,800 147 TXU 6,000 142 DTE Energy 3,549 140 Pinnacle West Capital 1,900 76 Wisconsin Energy 2,100 70 PEPCO Holdings 3,500 68 CenterPoint Energy 6,700 65 Northeast Utilities 2,900 59 Teco Energy 4,000 58 Alliant 2,200 55 DPL 2,600 54 NSTAR 1,100 53 OGE Energy 1,900 46 Puget Energy 1,900 45 Allegheny Energy * 3,500 45 Great Plains Energy 1,400 45 Public Service of New Mexico 1,500 42 WPS Resources 900 42 Central Vermont Public Service 1,700 40 Unisource Energy 1,600 39 Hawaiian Electric Industries 800 38 CH Energy Group 800 38 CMS Energy * 4,400 37 Madison Gas & Electric 1,100 35 IdaCorp 1,100 33 Otter Tail 1,100 29 DQE 1,600 29 Empire District Electronics 1,300 29 United Illuminating 600 27 Cleco 1,500 27 El Paso Electric * 1,700 23 Texas Genco Holdings 260 8 5,354 Gas Utilities 0.3% Kinder Morgan 2,800 165 Sempra Energy 4,851 146 KeySpan 3,500 129 NiSource 5,608 123 Southwestern Energy * 2,000 48 Piedmont Natural Gas Company 1,000 43 Peoples Energy 1,000 42 NICOR 1,200 41 Washington Gas & Light 1,400 39 Southern Union 1,877 35 UGI 1,000 34 Cascade Natural Gas 1,500 32 Laclede Gas 1,100 31 Atmos Energy 1,100 27 NUI 1,500 24 959 Multi-Utilities & Unregulated Power 0.6% Duke Energy 19,500 399 Public Service Enterprise 4,900 215 AES * 14,955 141 Constellation Energy Group 3,500 137 Williams Companies 11,285 111 El Paso Energy 12,844 105 SCANA 2,368 81 Questar 1,900 67 Equitable Resources 1,500 64 MDU Resources Group 2,400 57 Energy East 2,500 56 Calpine * 11,200 54 National Fuel Gas Company 2,200 54 ONEOK 2,100 46 Western Resources 2,200 44 Vectren 1,700 42 Avista 2,300 42 Reliant Resources * 5,337 39 Dynegy * 8,436 36 Sierra Pacific Resources * 4,200 31 Aquila * 4,800 16 NorthWestern * 7,000 1 1,838 Water Utilities 0.1% Philadelphia Suburban 2,343 52 California Water Service Group 1,100 30 82 Total Utilities 8,233 Total Common Stocks (Cost $268,417) 285,889 T. Rowe Price Total Equity Market Index Fund -------------------------------------------------------------------------------- Certified Annual Report Shares/Par Value -------------------------------------------------------------------------------- ($ 000s) SHORT-TERM INVESTMENTS 2.7% U.S. Treasury Obligations 0.3% U.S. Treasury Bills, 0.88%, 1/22/04 ++ 1,000,000 999 999 Money Market Fund 2.4% T. Rowe Price Reserve Investment Fund, 1.13% # 6,967,954 6,968 6,968 Total Short-Term Investments (Cost $7,967) 7,967 SECURITIES LENDING COLLATERAL 4.8% Money Market Pooled Account 4.8% State Street Bank and Trust Company of New Hampshire N.A. Securities Lending Quality Trust units, 1.20% # 14,204,304 14,204 Total Securities Lending Collateral (Cost $14,204) 14,204 Total Investments in Securities 104.8% of Net Assets (Cost $290,588) $ 308,060 -------- -------------------------------------------------------------------------------- Futures Contracts ($ 000s) Contract Unrealized Expiration Value Gain (Loss) ---------- -------- ---------- Long, 21 S&P 500 Index contracts,$358 par of 0.88% U.S. Treasury Bills pledged as initial margin 3/04 $ 5,831 $ 225 Long, 2 S&P Mid-Cap 400 Index contracts,$29 par of 0.88% U.S. Treasury Bills pledged as initial margin 3/04 576 20 Long, 2 Nasdaq 100 Index contracts,$29 par of 0.88% U.S. Treasury Bills pledged as initial margin 3/04 294 16 Long, 1 Russell 2000 Index contracts,$15 par of 0.88% U.S. Treasury Bills pledged as initial margin 3/04 279 - Long, 17 S&P Mini 500 Index contracts, $59 par of 0.88% U.S. Treasury Bills pledged as initial margin 3/04 944 32 Net payments (receipts) of variation margin to date (283) Variation margin receivable (payable) on open futures contracts $ 10 ss. Denominated in U.S. dollar unless otherwise noted # Seven-day yield * Non-income producing ++ All or a portion of this security is pledged to cover margin requirements on futures contracts at December 31, 2003. @ Security valued by the Fund's Board of Directors ADR American Depository Receipts REIT Real Estate Investment Trust The accompanying notes are an integral part of these financial statements T. Rowe Price Total Equity Market Index Fund -------------------------------------------------------------------------------- Certified Annual Report December 31, 2003 Statement of Assets and Liabilities -------------------------------------------------------------------------------- ($ 000s) Assets Investments in securities, at value (cost $290,588) $ 308,060 Other assets 1,167 Total assets 309,227 Liabilities Total liabilities 15,260 NET ASSETS $ 293,967 -------------------- Net Assets Consist of: Undistributed net realized gain (loss) $ (19,647) Net unrealized gain (loss) 17,765 Paid-in-capital applicable to 25,453,405 shares of $0.0001 par value capital stock outstanding; 1,000,000,000 shares of the Corporation authorized 295,849 NET ASSETS $ 293,967 -------------------- NET ASSET VALUE PER SHARE $ 11.55 -------------------- The accompanying notes are an integral part of these financial statements. T. Rowe Price Total Equity Market Index Fund -------------------------------------------------------------------------------- Certified Annual Report Statement of Operations -------------------------------------------------------------------------------- ($ 000s) Year Ended 12/31/03 Investment Income (Loss) Income Dividend $ 3,793 Securities lending 32 Interest 9 Total income 3,834 Investment management and administrative expense 912 Net investment income (loss) 2,922 Realized and Unrealized Gain (Loss) Net realized gain (loss) Securities (1,651) Futures 1,815 Net realized gain (loss) 164 Change in net unrealized gain (loss) Securities 62,817 Futures 336 Change in net unrealized gain (loss) 63,153 Net realized and unrealized gain (loss) 63,317 INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS $ 66,239 -------------------- The accompanying notes are an integral part of these financial statements. T. Rowe Price Total Equity Market Index Fund -------------------------------------------------------------------------------- Certified Annual Report Statement of Changes in Net Assets -------------------------------------------------------------------------------- ($ 000s) Year Ended 12/31/03 12/31/02 Increase (Decrease) in Net Assets Operations Net investment income (loss) $ 2,922 $ 2,078 Net realized gain (loss) 164 (13,329) Change in net unrealized gain (loss) 63,153 (32,949) Increase (decrease) in net assets from operations 66,239 (44,200) Distributions to shareholders Net investment income (3,015) (2,043) Capital share transactions * Shares sold 94,263 59,944 Distributions reinvested 2,844 1,940 Shares redeemed (34,056) (45,738) Redemption fees received 12 2 Increase (decrease) in net assets from capital share transactions 63,063 16,148 Net Assets Increase (decrease) during period 126,287 (30,095) Beginning of period 167,680 197,775 End of period $ 293,967 $ 167,680 ------------------------------------ *Share information Shares sold 9,798 5,897 Distributions reinvested 255 215 Shares redeemed (3,416) (4,581) Increase (decrease) in shares outstanding 6,637 1,531 The accompanying notes are an integral part of these financial statements. T. Rowe Price Total Equity Market Index Fund -------------------------------------------------------------------------------- Certified Annual Report December 31, 2003 NOTES TO FINANCIAL STATEMENTS -------------------------------------------------------------------------------- NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES T. Rowe Price Index Trust, Inc. (the trust) is registered under the Investment Company Act of 1940 (the 1940 Act). The Total Equity Market Index Fund (the fund), a diversified, open-end management investment company, is one portfolio established by the trust and commenced operations on January 30, 1998. The fund seeks to match the performance of the entire U.S. stock market, as represented by the Wilshire 5000 Total Market Index. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America, which require the use of estimates made by fund management. Valuation The fund values its investments and computes its net asset value per share at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET, each day that the NYSE is open for business. Equity securities listed or regularly traded on a securities exchange or in the over-the-counter market are valued at the last quoted sale price at the time the valuations are made. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for such security. Listed securities not traded on a particular day are valued at the mean of the latest bid and ask prices. Short-term debt securities are valued at amortized cost in local currency, which approximates fair value when combined with accrued interest. Investments in mutual funds are valued at the mutual fund's closing net asset value per share on the day of valuation. Financial futures contracts are valued at closing settlement prices. Other investments and those for which the above valuation procedures are inappropriate or are deemed not to reflect fair value are stated at fair value as determined in good faith by the T. Rowe Price Valuation Committee, established by the fund's Board of Trustees. Redemption Fees A 0.5% fee is assessed on redemptions of fund shares held less than 6 months. Such fees are withheld from redemption proceeds and retained by the fund, and have the primary effect of increasing paid-in capital. Investment Transactions, Investment Income, and Distributions Income and expenses are recorded on the accrual basis. Premiums and discounts on debt securities are amortized for financial reporting purposes. Dividends received from mutual fund investments are reflected as dividend income; capital gain distributions are reflected as realized gain/loss. Dividend income and capital gain distributions are recorded on the ex-dividend date. Investment transactions are accounted for on the trade date. Realized gains and losses are reported on the identified cost basis. Payments ("variation margin") made or received to settle the daily fluctuations in the value of futures contracts are recorded as unrealized gains or losses until the contracts are closed. Unrealized gains and losses on futures contracts are included in other assets and other liabilities, respectively, and in the change in net unrealized gain or loss in the accompanying financial statements. Distributions to shareholders are recorded on the ex-dividend date. Income distributions are declared and paid on an annual basis. Capital gain distributions, if any, are typically declared and paid on an annual basis. Other In the normal course of business, the fund enters into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is dependent on claims that may be made against the fund in the future and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote. NOTE 2 - INVESTMENT TRANSACTIONS Consistent with its investment objective, the fund engages in the following practices to manage exposure to certain risks or enhance performance. The investment objective, policies, program, and risk factors of the fund are described more fully in the fund's prospectus and Statement of Additional Information. Futures Contracts During the year ended December 31, 2003, the fund was a party to futures contracts, which provide for the future sale by one party and purchase by another of a specified amount of a specific financial instrument at an agreed upon price, date, time, and place. Risks arise from possible illiquidity of the futures market and from movements in security values. Securities Lending The fund lends its securities to approved brokers to earn additional income. It receives as collateral cash and U.S. government securities valued at 102% to 105% of the value of the securities on loan. Cash collateral is invested in a money market pooled trust managed by the fund's lending agent in accordance with investment guidelines approved by fund management. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the fund the next business day. Although risk is mitigated by the collateral, the fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities. Securities lending revenue recognized by the fund consists of earnings on invested collateral and borrowing fees, net of any rebates to the borrower and compensation to the lending agent. At December 31, 2003, the value of loaned securities was $13,710,000; aggregate collateral consisted of $14,204,000 in the money market pooled trust and U.S. government securities valued at $29,000. Other Purchases and sales of portfolio securities, other than short-term securities, aggregated $64,743,000 and $5,032,000, respectively, for the year ended December 31, 2003. NOTE 3 - FEDERAL INCOME TAXES No provision for federal income taxes is required since the fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute to shareholders all of its taxable income and gains. Federal income tax regulations differ from generally accepted accounting principles; therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. Distributions during the year ended December 31, 2003 totaled $3,015,000 and were characterized as ordinary income for tax purposes. At December 31, 2003, the tax-basis components of net assets were as follows: -------------------------------------------------------------------------------- Unrealized appreciation $ 48,371,000 Unrealized depreciation (30,928,000) Net unrealized appreciation (depreciation) 17,443,000 Capital loss carryforwards (19,325,000) Paid-in capital 295,849,000 Net assets $ 293,967,000 -------------------- Federal income tax regulations require the fund to treat the gain/loss on certain open futures contracts as realized on the last day of the tax year; accordingly, $293,000 of unrealized gains reflected in the accompanying financial statements were realized for tax purposes as of December 31, 2003. The fund intends to retain realized gains to the extent of available capital loss carryforwards for federal income tax purposes. In 2003, the fund utilized $13,000 of capital loss carryforwards. As of December 31, 2003, the fund had $6,266,000 of capital loss carryforwards that expire in 2009, and $13,059,000 that expire in 2010. For the year ended December 31, 2003, the fund recorded the following permanent reclassifications to reflect tax character. Reclassifications to paid-in capital relate primarily to per-share rounding of distributions. Results of operations and net assets were not affected by these reclassifications. -------------------------------------------------------------------------------- Undistributed net investment income $ 58,000 Paid-in-capital (58,000) At December 31, 2003, the cost of investments for federal income tax purposes was $290,910,000. NOTE 4 - RELATED PARTY TRANSACTIONS The fund is managed by T. Rowe Price Associates, Inc. (the manager or Price Associates), a wholly owned subsidiary of T. Rowe Price Group, Inc. The investment management and administrative agreement between the fund and the manager provides for an all-inclusive annual fee equal to 0.40% of the fund's average daily net assets. The fee is computed daily and paid monthly. The agreement provides that investment management, shareholder servicing, transfer agency, accounting, and custody services are provided to the fund, and interest, taxes, brokerage commissions, directors' fees and expenses, and extraordinary expenses are paid directly by the fund. At December 31, 2003, $170,000 was payable under the agreement. The fund may invest in the T. Rowe Price Reserve Investment Fund and the T. Rowe Price Government Reserve Investment Fund (collectively, the Reserve Funds), open-end management investment companies managed by Price Associates. The Reserve Funds are offered as cash management options only to mutual funds, trusts, and other accounts managed by Price Associates and/or its affiliates, and are not available to the public. The Reserve Funds pay no investment management fees. During the year ended December 31, 2003, dividend income from the Reserve Funds totaled $73,000. T. Rowe Price Total Equity Market Index Fund -------------------------------------------------------------------------------- Certified Annual Report REPORT OF INDEPENDENT AUDITORS -------------------------------------------------------------------------------- To the Board of Directors of T. Rowe Price Index Trust, Inc. and Shareholders of T. Rowe Price Total Equity Market Index Fund In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of T. Rowe Price Total Equity Market Index Fund (one of the portfolios comprising T. Rowe Price Index Trust, Inc., hereafter referred to as the "Fund") at December 31, 2003, and the results of its operations, the changes in its net assets and the financial highlights for each of the fiscal periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2003 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. PricewaterhouseCoopers LLP Baltimore, Maryland January 26, 2004 T. Rowe Price Total Equity Market Index Fund -------------------------------------------------------------------------------- Certified Annual Report TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/03 -------------------------------------------------------------------------------- We are providing this information as required by the Internal Revenue Code. The amounts shown may differ from those elsewhere in this report because of differences between tax and financial reporting requirements. For taxable non-corporate shareholders, $2,980,000 of the fund's income and short-term capital gains represents qualified dividend income subject to the 15% rate category. For corporate shareholders, $2,980,000 of the fund's income and short-term capital gains qualified for the dividends-received deduction. INFORMATION ON PROXY VOTING -------------------------------------------------------------------------------- A description of the policies and procedures that the T. Rowe Price Total Equity Market Index Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request by calling 1-800-225-5132. It also appears in the fund's Statement of Additional Information (Form 485B), which can be found on the SEC's Web site, www.sec.gov. T. Rowe Price Total Equity Market Index Fund -------------------------------------------------------------------------------- Certified Annual Report ABOUT THE FUND'S TRUSTEES AND OFFICERS -------------------------------------------------------------------------------- Your fund is governed by a Board of Trustees that meets regularly to review investments, performance, expenses, and other business matters, and is responsible for protecting the interests of shareholders. The majority of the fund's trustees are independent of T. Rowe Price Associates, Inc. (T. Rowe Price); "inside" trustees are officers of T. Rowe Price. The Board of Trustees elects the fund's officers, who are listed in the final table. The business address of each trustee and officer is 100 East Pratt Street, Baltimore, MD 21202. The Statement of Additional Information includes additional information about the fund trustees and is available without charge by calling a T. Rowe Price representative at 1-800-225-5132. Independent Trustees Name (Date of Birth) Year Elected* Principal Occupation(s) During Past 5 Years and Directorships of Other Public Companies Anthony W. Deering (1/28/45) 2001 Director, Chairman of the Board, President, and Chief Executive Officer, The Rouse Company, real estate developers; Director, Mercantile Bank (4/03 to present) Donald W. Dick, Jr. (1/27/43) 1994 Principal, EuroCapital Advisors, LLC, an acquisition and management advisory firm David K. Fagin (4/9/38) 1994 Director, Golden Star Resources Ltd., Canyon Resources Corp. (5/00 to present), and Pacific Rim Mining Corp. (2/02 to present); Chairman and President, Nye Corp. Karen N. Horn (9/21/43) 2003 Managing Director and President, Global Private Client Services, Marsh Inc.; Managing Director and Head of International Private Banking, Bankers Trust; Director, Eli Lilly and Company F. Pierce Linaweaver (8/22/34) 2001 President, F. Pierce Linaweaver & Associates, Inc., consulting environmental and civil engineers John G. Schreiber (10/21/46) 2001 Owner/President, Centaur Capital Partners, Inc., a real estate investment company; Senior Advisor and Partner, Blackstone Real Estate Advisors, L.P.; Director, AMLI Residential Properties Trust, Host Marriott Corp., and The Rouse Company Hubert D. Vos** (8/2/33) 1994 Owner/President, Stonington Capital Corp., a private investment company Paul M. Wythes** (6/23/33) 1990 Founding Partner, Sutter Hill Ventures, a venture capital limited partnership, providing equity capital to young high-technology companies throughout the United States; Director, Teltone Corp. * Each independent trustee oversees 107 T. Rowe Price portfolios and serves until retirement, resignation, or election of a successor. ** Retired from Board of Trustees effective December 31, 2003. T. Rowe Price Total Equity Market Index Fund -------------------------------------------------------------------------------- Certified Annual Report Inside Trustees Name (Date of Birth) Year Elected* [Number of T. Rowe Price Portfolios Overseen] Principal Occupation(s) During Past 5 Years and Directorships of Other Public Companies James A.C. Kennedy, CFA (8/15/53) 1997 [39] Director and Vice President, T. Rowe Price and T. Rowe Price Group, Inc. James S. Riepe (6/25/43) 1990 [107] Director and Vice President, T. Rowe Price; Vice Chairman of the Board, Director, and Vice President, T. Rowe Price Group, Inc.; Chairman of the Board and Director, T. Rowe Price Global Asset Management Limited, T. Rowe Price Global Investment Services Limited, T. Rowe Price Investment Services, Inc., T. Rowe Price Retirement Plan Services, Inc., and T. Rowe Price Services, Inc.; Chairman of the Board, Director, President, and Trust Officer, T. Rowe Price Trust Company; Director, T. Rowe Price International, Inc.; Chairman of the Board, Index Trust M. David Testa, CFA, CIC (4/22/44) 1994 [107] Chief Investment Officer, Director, and Vice President, T. Rowe Price; Vice Chairman of the Board, Chief Investment Officer, Director, and Vice President, T. Rowe Price Group, Inc.; Chairman of the Board and Director, T. Rowe Price International, Inc; Director, T. Rowe Price Global Asset Management Limited and T. Rowe Price Global Investment Services Limited; Director and Vice President, T. Rowe Price Trust Company *Each inside trustee serves until retirement, resignation, or election of a successor. T. Rowe Price Total Equity Market Index Fund -------------------------------------------------------------------------------- Certified Annual Report Officers Name (Date of Birth) Title and Fund(s) Served Principal Occupation(s) E. Frederick Bair, CFA, CPA (12/11/69) Executive Vice President, Index Trust Vice President, T. Rowe Price and T. Rowe Price Trust Company Stephen V. Booth (6/21/61) Vice President, Index Trust Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company Joseph A. Carrier (12/30/60) Treasurer, Index Trust Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Investment Services, Inc. Wendy R. Diffenbaugh (10/2/53) Vice President, Index Trust Assistant Vice President, T. Rowe Price Roger L. Fiery III, CPA (2/10/59) Vice President, Index Trust Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, Inc., and T. Rowe Price Trust Company Ann M. Holcomb, CFA (1/16/72) Executive Vice President, Index Trust Vice President, T. Rowe Price Henry H. Hopkins (12/23/42) Vice President, Index Trust Director and Vice President, T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Trust Company; Vice President, T. Rowe Price, T. Rowe Price International, Inc., and T. Rowe Price Retirement Plan Services, Inc. Patricia B. Lippert (1/12/53) Secretary, Index Trust Assistant Vice President, T. Rowe Price and T. Rowe Price Investment Services, Inc. Raymond A. Mills, PhD, CFA (12/3/60) Vice President, Index Trust Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International, Inc. Sudhir Nanda, PhD, CFA (12/7/59) Vice President, Index Trust Vice President, T. Rowe Price and T. Rowe Price Group, Inc. Julie L. Waples (5/12/70) Vice President, Index Trust Vice President, T. Rowe Price Richard T. Whitney, CFA (5/7/58) President, Index Trust Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Trust Company, and T. Rowe Price International, Inc. Mary C. Wojciechowski, CFA (12/2/62) Vice President, Index Trust Vice President, T. Rowe Price Unless otherwise noted, officers have been employees of T. Rowe Price or T. Rowe Price International for at least five years. Item 2. Code of Ethics. As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report. Item 3. Audit Committee Financial Expert. The registrant's Board of Directors/Trustees has determined that Mr. David K. Fagin qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Fagin is considered independent for purposes of Item 3 of Form N-CSR. Item 4. Principal Accountant Fees and Services. (a) - (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant's principal accountant were as follows: 2003 2002 Audit Fees $8,153 $8,718 Audit-Related Fees 472 -- Tax Fees 2,117 2,111 All Other Fees 124 134 Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements, specifically the issuance of a report on internal controls. Tax fees include amounts related to tax compliance, tax planning, and tax advice. Other fees include the registrant's pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees. (e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted. (2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. (f) Not applicable. (g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $719,000 and $671,000, respectively, and were less than the aggregate fees billed for those same periods by the registrant's principal accountant for audit services rendered to the T. Rowe Price Funds. (h) All non-audit services rendered in (g) above were pre-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in maintaining the principal accountant's independence. Item 5. Audit Committee of Listed Registrants. Not applicable. Item 6. [Reserved] Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable. Item 8. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not applicable. Item 9. Controls and Procedures. (a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely. (b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 10. Exhibits. (a)(1) The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached. (a)(2) Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached. (b) A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. T. Rowe Price Index Trust, Inc. By /s/ James S. Riepe James S. Riepe Principal Executive Officer Date February 13, 2004 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By /s/ James S. Riepe James S. Riepe Principal Executive Officer Date February 13, 2004 By /s/ Joseph A. Carrier Joseph A. Carrier Principal Financial Officer Date February 13, 2004