N-CSR 1 xmx.txt T. ROWE PRICE EXTENDED EQUITY MARKET INDEX FUND Item 1. Report to Shareholders T. Rowe Price Extended 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 Extended 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. EXTENDED EQUITY MARKET INDEX FUND -------------------------------------------------------------------------------- [Graphic Omitted] As of 12/31/03 Extended Equity Market Index Fund $ 13,412 Wilshire 4500 Completion Index $ 13,492 Extended Wilshire Equity 4500 Market Completion Index Index Fund -------------------------------------------------------------------------------- 1/30/98 $ 10,000 $ 10,000 12/31/98 11,021 11,229 12/31/99 14,932 15,016 12/31/00 12,577 12,677 12/31/01 11,404 11,467 12/31/02 9,375 9,389 12/31/03 13,492 13,412 Average Annual Compound Total Return -------------------------------------------------------------------------------- Since Inception Periods Ended 12/31/03 1 Year 5 Years 1/30/98 -------------------------------------------------------------------------------- Extended Equity Market Index Fund 42.85% 3.62% 5.09% Wilshire 4500 Completion Index 43.84 4.12 5.19* *Benchmark since-inception return is from 1/30/98 to 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 Extended Equity Market Index Fund -------------------------------------------------------------------------------- Certified Annual Report We are pleased to report that your fund returned 42.85% in 2003. The fund generally tracked but lagged its benchmark, the Wilshire 4500 Completion Index, as shown in the table on the preceding page. The shortfall was primarily due to expenses. As you know, the fund seeks to match the performance of the Wilshire 4500 Completion Index of primarily small- and mid-capitalization stocks not included in the S&P 500 Stock Index. 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 group of small- and mid-cap 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. 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. Major Index Returns -------------------------------------------------------------------------------- S&P 500 Stock Index 29% S&P MidCap 400 Index 36% Russell 2000 Index 47% Nasdaq Composite Index 50% The Top 5 Sectors table shows how the fund's largest sector allocations changed in 2003. As you can see, exposure to consumer discretionary, information technology, and health care companies increased over the last year, while allocations to financial and industrials and business services stocks decreased. Top 5 Sectors -------------------------------------------------------------------------------- Percent of Equities 12/31/02 12/31/03 -------------------------------------------------------------------------------- Financials 28.9% 26.2% Consumer Discretionary 18.3 18.5 Information Technology 13.8 16.4 Health Care 11.4 12.7 Industrials and Business Services 10.0 9.8 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 Extended 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 $ 7.94 $ 9.77 $ 11.12 $ 14.05 $ 11.02 Investment activities Net investment income (loss) 0.07 0.06 0.10 0.09 0.10 Net realized and unrealized gain (loss) 3.33 (1.83) (1.17) (2.26) 3.56 Total from investment activities 3.40 (1.77) (1.07) (2.17) 3.66 Distributions Net investment income (0.07) (0.06) (0.10) (0.09) (0.10) Net realized gain -- -- (0.18) (0.67) (0.53) Total distributions (0.07) (0.06) (0.28) (0.76) (0.63) NET ASSET VALUE End of period $ 11.27 $ 7.94 $ 9.77 $ 11.12 $ 14.05 ---------------------------------------------------------- Ratios/Supplemental Data Total return^ 42.85% (18.12)% (9.55)% (15.58)% 33.72% Ratio of total expenses to average net assets 0.40% 0.40% 0.40% 0.40% 0.40% Ratio of net investment income (loss) to average net assets 0.89% 0.74% 0.96% 0.78% 1.04% Portfolio turnover rate 8.5% 21.0% 31.3% 30.5% 23.4% Net assets, end of period (in thousands) $ 118,880 $ 66,658 $ 77,331 $ 86,322 $ 54,219 ^ Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions and payment of no redemption or account fees. The accompanying notes are an integral part of these financial statements. T. Rowe Price Extended Equity Market Index Fund -------------------------------------------------------------------------------- Certified Annual Report December 31, 2003 Portfolio of Investments (ss.) Shares/Par Value -------------------------------------------------------------------------------- ($ 000s) COMMON STOCKS 96.1% CONSUMER DISCRETIONARY 17.7% Auto Components 0.7% Lear * 2,600 159 Gentex 2,900 128 Borg-Warner 900 77 Arvinmeritor 2,725 66 American Axle & Manufacturing Holdings * 1,600 65 Noble International 2,200 50 Drew Industries * 1,200 33 IMPCO Technologies * 3,500 30 Superior Industries International 700 30 Modine Manufacturing 1,100 30 Sauer-Danfoss 1,800 29 Bandag Inc. 700 29 Keystone Automotive * 900 23 Aftermarket Technology * 1,500 21 Tower Automotive * 2,600 18 Sports Resorts International * 2,900 15 Rockford Corporation * 2,600 13 Standard Motor Products, Class A 1,100 13 Finishmaster * 1,400 13 Collins & Aikman * 2,900 13 Dura Automotive Systems, Class A * 500 6 Amcast Industrial * 2,200 6 Edelbrock Corp. 100 1 QUANTUM Fuel Systems Technologies Worldwide* 100 1 869 Automobiles 0.2% Thor Industries 1,000 56 Winnebago 600 41 Monaco Coach * 1,100 26 Fleetwood * 2,500 26 National RV Holdings * 2,500 25 Coachmen Industries 700 13 187 Distributors 0.1% Handleman 1,300 27 WESCO International * 2,300 21 Source Interlink * 1,900 20 Advanced Marketing Services * 900 10 Educational Development 300 3 81 Hotels, Restaurants & Leisure 2.6% Royal Caribbean Cruises 7,410 258 MGM Mirage * 5,696 214 Outback Steakhouse 2,900 128 Park Place Entertainment * 11,800 128 Brinker * 3,450 114 GTECH 2,200 109 Mandalay Resort Group 2,300 103 International Speedway, Class A 2,000 89 Applebee's 2,250 88 The Cheesecake Factory * 1,950 86 Krispy Kreme * 2,200 81 Cracker Barrel 2,000 77 Station Casinos 2,350 72 Cedar Fair L. P. 2,100 65 Ruby Tuesday 2,200 63 PF Chang's China Bistro * 1,200 61 Alliance Gaming * 2,400 59 Choice Hotels International * 1,600 56 Extended Stay America 3,500 51 Bob Evans Farms 1,500 49 Speedway Motorsports 1,600 46 Wynn Resorts * 1,600 45 CEC Entertainment * 900 43 IHOP 1,100 42 Sonic * 1,375 42 Rare Hospitality International * 1,650 40 Scientific Games, Class A * 2,300 39 Boyd Gaming 2,400 39 La Quinta Properties * 5,900 38 Penn National Gaming * 1,600 37 Panera Bread, Class A * 900 36 Shuffle Master * 1,000 35 WMS Industries * 1,300 34 Aztar * 1,500 34 Landry's Seafood Restaurant 1,300 33 Gaylord Entertainment * 1,100 33 Papa John's International * 900 30 Jack In The Box * 1,300 28 Triarc, Class B 2,400 26 Six Flags * 3,300 25 Multimedia Games * 600 25 Ameristar Casinos * 1,000 24 Garden Fresh Restaurant * 1,500 24 Boca Resorts, Class A * 1,600 24 Isle of Capri Casinos * 1,100 24 Frisch's Restaurants 800 23 Marcus 1,300 21 Ryan's Family Steak Houses * 1,400 21 Lone Star Steakhouse & Saloon 900 21 Prime Hospitality * 2,000 20 Vail Resorts * 1,200 20 MTR Gaming Group * 1,900 20 California Pizza Kitchen * 900 18 Churchill Downs 500 18 Pinnacle Entertainment * 1,900 18 BUCA * 2,400 16 O' Charley's * 900 16 CKE Restaurants * 2,450 16 Dave & Buster * 1,200 15 Famous Dave's of America * 3,000 14 Dover Motorsports 3,100 11 Bally Total Fitness Holdings * 1,500 10 Triarc Companies, Class A 700 8 Steak 'N Shake * 300 5 Dover Downs Gaming & Entertainment 490 5 Schlotzsky's * 2,100 4 Bowl America, Class A 300 4 Paul-Son Gaming * 600 3 3,124 Household Durables 1.9% Lennar, Class A 3,014 289 D. R. Horton 5,942 257 Mohawk Industries * 2,654 187 Harman International 2,440 181 NVR * 280 131 Toll Brothers * 2,800 111 Hovnanian Enterprises, Class A * 1,020 89 Ryland Group 930 82 MDC Holdings 1,168 75 Furniture Brands International 2,300 67 Standard Pacific 1,300 63 Ethan Allen Interiors 1,400 59 Blyth Industries 1,800 58 Yankee Candle Company * 2,100 57 La-Z Boy 2,400 50 Beazer Homes 500 49 Meritage * 600 40 Champion Enterprises * 4,800 34 WCI Communities, REIT * 1,600 33 Technical Olympic USA * 1,100 30 Rayovac * 1,400 29 Jarden Corporation * 1,050 29 Russ Berrie 800 27 Helen of Troy Limited * 1,100 26 Kimball International, Class B 1,600 25 Flexsteel Industries 900 20 Lennar, Class B 208 19 Enesco Group * 1,800 19 Department 56 * 1,400 18 Libbey 600 17 Knape & Vogt Manufacturing 1,400 17 Universal Electronics * 1,200 15 Palm Harbor Homes * 800 14 Skyline 400 14 Stanley Furniture 400 13 Emerson Radio Corporation * 2,700 10 Applica * 1,300 10 Foamex International * 1,700 9 Bush Industries, Class A * 900 4 Oneida 500 3 2,280 Internet & Catalog Retail 0.9% Amazon.com * 15,400 811 Netflix * 1,200 65 GSI Commerce * 3,700 36 Insight Enterprises * 1,900 36 Priceline.com * 1,833 33 1-800-Flowers.com * 2,500 28 ValueVision International, Class A * 1,300 22 Alloy Online * 3,200 17 J. Jill Group * 1,050 13 Coldwater Creek * 975 11 PC Mall * 500 8 Hollywood Media * 1,300 3 Sportsmans Guide * 200 3 1,086 Leisure Equipment & Products 0.4% Marvel Enterprises * 2,800 81 Polaris Industries 800 71 Callaway Golf 2,900 49 Oakley 3,100 43 SCP Pool * 1,075 35 Leapfrog Enterprises * 800 21 Arctic Cat 857 21 Nautilus Group 1,337 19 MarineMax * 800 16 Steinway Musical Instruments * 600 15 RC2 Corporation * 700 15 Action Performance 700 14 JAKKS Pacific * 1,000 13 Boyds Collection * 2,700 11 Johnson Outdoors, Class A * 700 10 434 Media 6.2% Liberty Media, Class A * 103,175 1,227 Cox Communications, Class A * 22,745 784 Hughes Electronics * 33,979 562 Fox Entertainment Group, Class A * 12,700 370 EchoStar Communications, Class A * 9,400 320 Scripps, Class A 3,120 294 Washington Post, Class B 340 269 Cablevision Systems, Class A * 8,260 193 Metro Goldwyn Mayer * 9,400 161 Pixar * 2,100 145 XM Satellite Radio Holdings, Class A * 5,200 137 Westwood One * 3,900 133 McClatchy, Class A 1,800 124 Sirius Satellite Radio * 39,000 123 Lamar Advertising, Class A * 3,300 123 PanAmSat * 5,700 123 Belo Corporation 4,200 119 Getty Images * 2,200 110 Entercom Communications * 2,000 106 Hearst-Argyle Television * 3,191 88 Radio One * 4,200 82 Gemstar TV Guide * 16,100 81 Lee Enterprises 1,800 79 Harte-Hanks 3,550 77 Interactive Data * 3,700 61 John Wiley & Sons, Class A 2,300 60 Media General, Class A 900 59 Unitedglobalcom, Class A * 6,800 58 Emmis Communications, Class A * 2,100 57 R.H. Donnelley * 1,400 56 Reader's Digest 3,600 53 Hollinger International, Class A 3,300 51 Scholastic * 1,400 48 Journal Register * 2,300 48 Charter Communications, Class A * 11,500 46 Cumulus Media, Class A * 2,005 44 Regal Entertainment Group, Class A 2,100 43 ADVO 1,350 43 Grey Global Group 60 41 Catalina Marketing * 1,950 39 LIN TV * 1,500 39 Cox Radio, Class A * 1,500 38 Liberty 800 36 Entravision Communications, Class A * 3,100 34 ProQuest * 1,100 32 Harris Interactive * 3,600 30 Mediacom Communications * 3,300 29 Salem Communications, Class A * 1,000 27 TiVo * 3,600 27 Information Holdings * 1,200 26 Primedia * 9,236 26 Insight Communications, Class A * 2,400 25 Playboy Enterprises, Class B * 1,400 23 Crown Media, Class A * 2,700 22 Young Broadcasting, Class A * 1,100 22 Pulitzer 400 22 AMC Entertainment * 1,400 21 Sinclair Broadcast Group, Class A * 1,400 21 4Kids Entertainment * 800 21 Fisher Companies * 400 20 Value Line 400 20 Spanish Broadcasting, Class A * 1,900 20 Beasley Broadcast Group, Class A * 1,200 20 Cadmus Communications 1,500 19 Regent Communications * 3,000 19 Daily Journal * 600 19 Paxson Communications * 4,500 17 Saga Communications, Class A * 850 16 Acme Communications * 1,700 15 LodgeNet Entertainment * 800 15 APAC TeleServices * 5,100 13 Equity Marketing * 800 11 Rentrak * 500 5 Penton Media * 1,700 2 Championship Auto Racing Team * 500 0 7,389 Multiline Retail 0.5% Dollar Tree Stores * 4,125 124 Neiman Marcus, Class A * 2,000 107 Kmart * 3,600 86 99 Cents Only Stores * 2,665 73 Saks * 4,775 72 Tuesday Morning * 1,600 49 Fred's, Class A 1,525 47 Shopko Stores * 1,600 25 Bon-Ton Stores 2,000 22 Factory 2-U Stores * 1,700 2 607 Specialty Retail 3.3% Weight Watchers * 4,200 161 Williams-Sonoma * 4,500 156 Ross Stores 5,800 153 Foot Locker 5,500 129 PETsMART 5,400 129 Chico's * 3,400 126 CarMax * 3,800 118 Michaels Stores 2,600 115 Advanced Auto Parts * 1,406 114 Rent-A-Center * 3,150 94 Abercrombie & Fitch * 3,800 94 Barnes & Noble * 2,500 82 O'Reilly Automotive * 2,100 81 Pier 1 Imports 3,500 77 Regis 1,800 71 Claire's Stores 3,600 68 Talbots 2,200 68 AnnTaylor Stores * 1,700 66 Borders Group * 3,000 66 Tractor Supply Corp * 1,600 62 Pacific Sunwear * 2,925 62 Zale * 1,100 59 Hot Topic * 1,850 55 Linens 'n Things * 1,700 51 United Auto Group 1,600 50 Pep Boys 2,000 46 Men's Wearhouse * 1,800 45 Urban Outfitters * 1,200 44 American Eagle Outfitters * 2,700 44 E Com * 2,900 44 Aeropostale * 1,500 41 Asbury Automotive Group * 2,200 39 West Marine * 1,400 39 Burlington Coat Factory 1,800 38 The Children's Place * 1,400 37 Boise Cascade 1,106 36 Guitar Center * 1,000 33 Payless Shoesource * 2,415 32 Hollywood Entertainment * 2,300 32 Big 5 Sporting Goods * 1,500 31 The Sports Authority * 796 31 Select Comfort * 1,200 30 Christopher & Banks 1,512 30 Dicks Sporting Goods * 600 29 Group One Automotive * 800 29 Cost Plus * 700 29 CSK Auto * 1,500 28 Trans World Entertainment * 3,700 26 Sharper Image * 800 26 Hibbett Sporting Goods * 875 26 bebe stores * 1,000 26 Sonic Automotive 1,100 25 Electronics Boutique Holdings * 1,100 25 Aaron Rents, Class B 1,250 25 Blockbuster, Class A 1,400 25 PC Connection * 3,000 25 Movie Gallery * 1,300 24 Too * 1,400 24 TBC * 900 23 Stein Mart * 2,700 22 Buckle 1,000 22 Winmark * 1,200 22 Dress Barn * 1,400 21 The Finish Line, Class A * 700 21 Charming Shoppes * 3,800 21 Guess ? * 1,700 21 Lithia Motors, Class A 800 20 Stage Stores * 700 20 Restoration Hardware * 4,100 20 Aaron Rents, Class A 1,050 19 Gymboree * 1,100 19 Cato Corporation 900 18 Genesco * 1,200 18 Hancock Fabrics 1,200 17 Tweeter Home Entertainment Group * 1,800 17 Rex Stores * 1,150 16 Shoe Carnival * 900 16 Haverty Furniture 800 16 Party City * 1,200 15 PETCO Animal Supplies * 500 15 Pomeroy Computer Resources 900 13 Syms * 1,900 13 Wet Seal, Class A * 1,275 13 Mothers Work * 500 12 Cole National * 600 12 Whitehall Jewellers * 1,200 12 Rent Way * 1,400 12 Charlotte Russe Holding * 800 11 Finlay Enterprises * 700 10 Building Materials Holdings 600 9 Ultimate Electronics * 1,000 8 Wilsons Leather * 1,900 7 Friedman's, Class A 700 5 United Retail Group * 1,000 3 3,930 Textiles, Apparel, & Luxury Goods 0.9% Coach * 6,700 253 Columbia Sportswear * 1,450 79 Timberland, Class A * 1,500 78 Polo Ralph Lauren 1,900 55 Fossil * 1,725 48 K-Swiss, Class A 1,800 43 Brown Shoe 1,100 42 Quiksilver * 2,200 39 Wolverine World Wide 1,300 27 Culp * 2,400 26 Cherokee 1,100 25 Kellwood 600 25 Saucony, Class B 1,400 24 Kenneth Cole Productions 800 24 Movado Group 800 23 UniFirst 900 21 Tandy Brands 1,400 21 Stride Rite 1,800 20 Maxwell Shoe, Class A * 1,200 20 Weyco Group 600 20 Superior Uniform Group 1,200 20 Haggar 1,000 20 Russell 1,100 19 Cutter & Buck * 1,900 18 Phillips-Van Heusen 1,000 18 Unifi * 2,400 15 Oshkosh B'Gosh, Class A 700 15 Mossimo * 3,300 14 Quaker Fabric 1,300 12 Madden Steven * 600 12 Tarrant Apparel * 2,400 9 Lazare Kaplan International * 1,100 8 Charles & Colvard Ltd. * 700 3 1,096 Total Consumer Discretionary 21,083 CONSUMER STAPLES 3.4% Beverages 0.3% Constellation Brands, Class A * 4,000 132 PepsiAmericas 5,600 96 MGP Ingredients 2,200 34 Coca-Cola Bottling 500 27 Robert Mondavi, Class A * 400 15 Chalone Wine Group * 1,500 13 National Beverage * 600 10 327 Food & Staples Retailing 0.7% Whole Foods Market * 2,300 154 Rite Aid * 19,800 120 7-Eleven * 4,200 67 Performance Food Group * 1,700 62 BJ's Wholesale Club * 2,600 60 Nash Finch 2,200 49 Longs Drug Stores 1,600 40 Weis Markets 1,000 36 Casey's General Stores 1,900 34 Ruddick 1,700 30 United Natural Foods * 700 25 Great Atlantic & Pacific Tea Company * 2,400 20 Duane Reade * 1,100 19 Smart & Final * 1,800 18 Wild Oats Markets * 1,400 18 Marsh Supermarkets, Class B 1,500 16 Arden Group, Class A 200 16 Pathmark Stores * 1,500 11 PriceSmart * 1,500 9 Fresh Brands 800 9 813 Food Products 1.7% Kraft Foods, Class A 10,700 345 Dean Foods * 5,658 186 Tyson Foods, Class A 12,319 163 Bunge Limited 3,900 128 Hormel Foods 4,900 127 Smithfield Foods * 4,300 89 J.M. Smucker Company 1,867 85 Del Monte Foods * 7,800 81 Lancaster Colony 1,400 63 Tootsie Roll Industries 1,735 62 Fresh Del Monte Produce 2,100 50 Chiquita Brands * 2,100 47 Corn Products International 1,300 45 Flowers Foods 1,710 44 Delta Pine & Land 1,700 43 Ralcorp Holdings * 1,200 38 Sensient Technologies Corporation 1,900 38 Zapata Corporation * 500 29 Hain Celestial Group * 1,100 26 Central Garden & Pet * 900 25 American Italian Pasta, Class A * 600 25 Interstate Bakeries 1,600 23 Riviana Foods 800 22 Farmer Bros. 70 22 Pilgrim's Pride 1,300 21 Maui Land & Pineapple * 600 21 Sanderson Farms 500 20 Rocky Mountain Chocolate Factory 1,468 18 Green Mountain Coffee Roasters * 800 18 Lance 1,100 17 International Multifoods * 900 16 Peet's Coffee & Tea * 900 16 Lifeway Foods * 1,100 15 Horizon Organic * 600 14 Seaboard 50 14 Alico 400 14 J & J Snack Foods * 300 11 Bridgford Foods 1,000 8 2,029 Household Products 0.3% Energizer * 3,200 120 Dial Corp 3,700 105 Church & Dwight 1,700 67 Oil-Dri 1,800 29 Katy Industries * 1,700 10 331 Personal Products 0.3% Estee Lauder, Class A 4,600 180 NTY * 2,600 70 Nu Skin Asia Pacific, Class A 2,700 46 Inter Parfums 1,800 41 Elizabeth Arden * 1,600 32 Playtex Products * 3,600 28 Chattem * 1,300 23 Del Laboratories 551 14 Revlon, Class A * 1,300 3 437 Tobacco 0.1% Universal Corporation 1,100 49 Vector Group 1,610 26 DiMon 1,900 13 Standard Commercial 600 12 100 Total Consumer Staples 4,037 ENERGY 4.8% Energy Equipment & Services 1.9% GlobalSantaFe 8,959 222 Weatherford International * 5,090 183 Smith International * 3,800 158 ENSCO International 5,500 149 Patterson-UTI Energy * 3,300 109 Cooper Cameron * 2,200 103 Pride International * 5,200 97 Diamond Offshore Drilling 4,200 86 Varco International * 4,011 83 Tidewater 2,400 72 National Oilwell * 3,200 72 Grant Prideco * 4,790 62 FMC Technologies * 2,400 56 Helmerich & Payne 1,900 53 Key Energy Services * 5,100 53 Unit Corp. * 2,100 49 Matrix Service * 2,200 40 Maverick Tube * 1,900 37 Seacor Smit * 800 34 Hanover Compressor * 2,900 32 Oil States International * 2,300 32 Cal Dive International * 1,300 31 Carbo Ceramics 600 31 Universal Compression Holdings * 1,100 29 Oceaneering International * 1,000 28 Superior Energy * 2,700 25 W-H Energy Services * 1,400 23 Offshore Logistics * 900 22 Dawson Geophysical * 2,900 22 Lone Star Technologies * 1,310 21 Global Industries * 4,000 21 NS Group * 2,000 19 Gulf Island Fabrication * 1,100 19 Dril-Quip * 1,100 18 Veritas DGC * 1,700 18 Grey Wolf * 4,600 17 Hydril * 700 17 Newpark Resources * 3,000 14 Petroleum Helicopters * 500 13 Torch Offshore * 2,500 13 Input/Output * 2,900 13 Gulfmark Offshore * 800 11 Parker Drilling * 3,600 9 NATCO Group, Class A * 1,200 9 TETRA Technologies * 350 8 Atwood Oceanics * 200 6 Horizon Offshore * 1,300 6 Trico Marine Services * 1,500 3 2,248 Oil & Gas 2.9% Murphy Oil 3,560 233 Valero Energy 4,700 218 XTO Energy 7,166 203 Enterprise Products Partners * 8,200 201 Pioneer Natural Resources * 4,700 150 Pogo Producing 2,500 121 Chesapeake Energy 8,700 118 Teppco Partners * 2,600 105 Noble Energy 2,200 98 Ultra Petroleum * 3,800 94 Westport Resources * 2,830 85 Newfield Exploration * 1,800 80 Plains All American Pipeline * 2,200 71 Patina Oil & Gas 1,287 63 Western Gas Resources 1,300 61 Forest Oil * 2,100 60 Buckeye Partners * 1,300 59 Tom Brown * 1,800 58 Evergreen Resources * 1,700 55 Premcor * 2,100 55 Petroleum Development * 2,000 47 Stone Energy * 1,100 47 KCS Energy * 4,300 45 Quicksilver Resources * 1,400 45 Houston Exploration * 1,200 44 Cimarex Energy * 1,640 44 Spinnaker Exploration * 1,300 42 Cabot Oil & Gas 1,400 41 Magellan Midstream Partners 800 40 Hugoton Royalty Trust 1,800 39 BP Prudhoe Bay Royalty Trust 1,300 37 Tesoro Petroleum * 2,300 34 OMI * 3,600 32 Swift Energy * 1,900 32 St. Mary Land Exploration 1,100 31 Adams Resources & Energy 2,300 31 Vintage Petroleum 2,600 31 Markwest Hydrocarbon 2,750 31 Magnum Hunter Resources * 3,200 31 Giant Industries * 2,400 29 Prima Energy * 800 28 Denbury Resources * 2,000 28 Cross Timbers Royalty Trust 953 27 World Fuel Services 800 27 Encore Aquisition * 1,100 27 General Maritime * 1,500 26 Range Resources * 2,600 25 Edge Petroleum * 2,400 24 Remington Oil & Gas * 1,200 24 Keneb Services * 700 22 Nuevo Energy * 900 22 Syntroleum * 4,900 21 Plains Exploration & Production * 1,365 21 Carrizo Oil & Gas * 2,900 21 Plains Resources * 1,300 21 Energy Partners * 1,500 21 Berry Petroleum, Class A 1,000 20 TransMontaigne * 2,900 19 Maritrans 1,100 18 Frontier Oil 1,000 17 Penn Virginia 300 17 Callon Petroleum * 1,200 13 Castle Energy 1,400 10 Meridian Resource * 1,700 10 Panhandle Royalty, Class A 200 6 Beta Oil & Gas * 2,700 5 3,461 Total Energy 5,709 FINANCIALS 25.2% Capital Markets 1.7% AmeriTrade * 16,300 229 Legg Mason 2,500 193 E*TRADE Group * 13,930 176 SEI 4,700 143 Allied Capital 5,000 140 A.G. Edwards 3,100 112 Eaton Vance 2,700 99 Waddell & Reed Financial, Class A 4,150 97 Investor's Financial Services 2,500 96 John Nuveen, Class A 3,600 96 American Capital Strategies 2,500 74 Raymond James Financial 1,900 72 Jeffries Group 2,100 69 Knight/Trimark Group * 4,600 67 Affiliated Managers Group * 800 56 Blackrock, Class A 800 43 Sanders Morris Harris Group 2,600 32 Investment Technology Group * 1,950 32 MCG Capital 1,600 31 LaBranche & Co. 2,600 30 Harris & Harris Group * 2,500 29 SWS Group 1,283 23 Gabelli Asset Management, Class A 400 16 Soundview Technology Group * 880 14 PMC Capital 2,400 13 Westwood Holdings Group 620 11 1,993 Commercial Banks 6.2% M & T Bank 4,584 451 UnionBancal 5,700 328 Popular 5,200 234 National Commerce Financial 7,750 211 Banknorth Group 6,095 198 Compass Bancshares 4,750 187 Commerce Bancorp 2,950 155 Hibernia Corp., Class A 6,200 146 TCF Financial 2,800 144 Mercantile Bankshares 3,000 137 Commerce Bancshares 2,763 135 Associated Banc-Corp 3,003 128 City National 1,900 118 Valley National Bancorp 3,539 103 Fulton Financial 4,341 95 Sky Financial 3,632 94 Wilmington Trust 2,600 94 Bank of Hawaii 2,200 93 BOK Financial 2,363 91 FirstMerit 3,300 89 Colonial BancGroup 5,000 87 Cullen/Frost Bankers 2,100 85 FirstBank Puerto Rico 2,000 79 UCBH Holdings 1,900 74 International Bancshares 1,563 74 Westcorp 2,000 73 BanCorpSouth 2,925 69 Trustmark 2,300 67 F.N.B. (Pennsylvania) 1,836 65 Hudson United Bancorp 1,756 65 WestAmerica 1,300 65 Provident Financial Group 2,000 64 Whitney Holding 1,500 61 Pacific Capital Bancorp 1,666 61 Park National 535 61 First Midwest Bancorp 1,856 60 South Financial Group 2,154 60 East West Bancorp 1,100 59 Citizens Banking 1,800 59 Greater Bay Bancorp 2,006 57 First Citizens Bancshares 450 55 Silicon Valley Bancshares * 1,500 54 Old National Bancorp 2,361 54 United Bankshares 1,700 53 Cathay Bancorp 937 52 Community First Bankshares 1,800 52 Southwest Bancorp, (Texas) 1,300 51 Chittenden 1,450 49 MB Financial 1,200 44 Texas Regional Bancshares, Class A 1,161 43 Glacier Bancorp 1,290 42 Santander Bancorp 1,705 42 Hancock Holding 750 41 Trustco Bank 3,100 41 UMB Financial 856 41 Republic Bancorp 2,896 39 S&T Bancorp 1,300 39 Susquehanna Bancshares 1,450 36 Sterling Financial, (Pennsylvania) 1,275 35 CVB Financial 1,796 35 Irwin Financial 1,100 35 First Commonwealth Financial 2,400 34 Frontier Financial 1,000 33 Chemical Financial 873 32 Trust Company of New Jersey 800 32 National Penn Bancshares 987 32 Wintrust Financial 700 32 Midsouth Bancorp 990 31 Capital Corp of the West 771 31 First Republic Bank 850 30 Interchange Financial Services 1,200 30 United Community Banks 900 30 NBT Bancorp 1,380 30 Prosperity Bancshares 1,300 29 Oriental Financial Group 1,127 29 First Financial Bancorp 1,802 29 U.S.B. Holding Company 1,462 28 Gold Banc 2,000 28 Provident Bankshares 951 28 WesBanco 1,000 28 Franklin Financial 900 28 Center Bancorp 1,400 28 Camden National 900 27 PrivateBancorp 600 27 Amcore Financial 1,000 27 Midwest Banc Holdings 1,200 27 Harleysville National 887 27 Boston Private Financial 1,059 26 Alabama National Bancorp 500 26 Sandy Spring Bancorp 700 26 Community Banks 663 26 Sterling Bancshares 1,850 25 Wells Fargo 417 25 City Holding Company 700 25 BWC Financial 1,025 24 Banner 960 24 Farmers Capital Bank 700 24 Franklin Bank 1,100 24 CB Bancshares 376 24 IBERIABANK 400 24 First Charter 1,200 23 Arrow Financial 840 23 Southwest Bancorp, (Oklahoma) 1,300 23 Guaranty Financial 900 23 Mid-State Bancshares 900 23 Umpqua Holdings Corporation 1,100 23 First Merchants 883 23 1st Source 1,041 22 Republic Bancshares 700 22 West Coast Bancorp 1,020 22 First Community Bancorp 600 22 The Savannah Bancorp 740 21 First Financial Bankshares 512 21 Century Bancorp, Class A 600 21 Main Street Banks 800 21 State Bancorp 873 21 CoBiz 1,100 20 Northern States Financial 700 20 First Indiana 1,075 20 Community Bankshares of Indiana 900 20 FloridaFirst Bancorp 600 20 Riggs 1,200 20 Peoples Holding 600 20 Summit Bancshares 700 20 First United 800 20 First of Long Island 450 19 MidWestOne Financial 1,000 19 First M & F Corporation 500 19 Union Bankshares 600 18 Greater Community Bancorp 1,025 17 Suffolk Bancorp 500 17 SY Bancorp 800 16 Unizan Financial 776 16 German American Bancorp 889 16 Omega Financial 400 15 Westbank 840 15 F.N.B. (North Carolina) 700 15 Independent Bank 500 14 Integra Bank 600 13 Redwood Empire Bancorp 450 12 Northrim Bank 500 11 Second Bancorp 300 8 BancTrust Financial Group 400 6 Bay View Capital 2,800 6 BNC Corp Inc. * 300 5 Codorus VY Bancorp 200 4 Abigail Adams 200 4 7,418 Consumer Finance 0.5% Student Loan Corporation 790 115 AmeriCredit * 6,600 105 WFS Financial * 1,600 68 CompuCredit * 2,400 51 Credit Acceptance Corporation * 2,300 35 World Acceptance * 1,700 34 First Cash * 1,200 31 Cash America Investments 1,400 30 Asta Funding 600 21 Advanta, Class A 1,466 19 Metris Companies 4,050 18 527 Diversified Financial Services 0.6% CIT Group 8,200 295 Leucadia National 2,836 131 Alliance Capital 3,000 101 Chicago Merchantile Exchange Holdings 1,300 94 GATX 1,600 45 Encore Capital * 2,100 31 eSpeed, Class A * 1,300 30 Financial Federal * 700 21 California First National Bancorp 600 9 Instinet Group * 1,000 5 762 Insurance 6.5% Berkshire Hathaway, Class A * 45 3,791 Fidelity National Financial 6,137 238 CNA Financial * 8,300 200 Old Republic International 6,825 173 Transatlantic Holdings 2,105 170 White Mountains Insurance Group 330 152 W. R. Berkley 3,375 118 Markel * 460 117 Arthur J. Gallagher 3,500 114 Erie Indemnity, Class A 2,600 110 Unitrin 2,600 108 Mercury General 2,100 98 Protective Life 2,800 95 Wesco Financial 260 92 First American Financial 3,000 89 American National Insurance 1,050 89 Brown and Brown 2,700 88 Reinsurance Group of America 2,250 87 Conseco * 3,800 83 HCC Insurance Holdings 2,400 76 Nationwide Financial Services, Class A 2,200 73 StanCorp Financial Group 1,100 69 American Financial Group 2,500 66 Allmerica Financial * 2,000 62 Odyssey Re Holdings 2,500 56 MONY Group * 1,800 56 AmerUs Life 1,500 52 21st Century Insurance Group 3,300 45 Stewart Information Services 1,100 45 Arch Capital Group * 1,100 44 Alfa 3,400 44 Commerce Group 1,100 43 Delphi Financial, Class A 1,206 43 Phoenix Companies 3,600 43 Hilb Rogal and Hamilton 1,300 42 Cotton States Life Insurance 2,100 41 Ohio Casualty * 2,300 40 Philadelphia Consolidated * 800 39 RLI 1,000 37 State Auto Financial 1,600 37 LandAmerica Financial Group 700 37 Selective Insurance 1,100 36 FBL Financial Group, Class A 1,332 34 Triad Guaranty * 600 30 Horace Mann Educators 2,100 29 Great American Financial Resources 1,800 29 Midland 1,200 28 UICI * 2,100 28 Universal American Financial * 2,800 28 ProAssurance * 820 26 Penn-America Group 1,950 26 Clark * 1,300 25 U.S.I. Holdings * 1,900 25 Baldwin & Lyons, Class B 875 25 Zenith National 700 23 Harleysville Group 1,100 22 Navigators Group * 700 22 Argonaut Group * 1,300 20 United Fire & Casualty 500 20 American Medical Security * 900 20 Kansas City Life Insurance 400 19 BancInsurance * 2,310 18 Citizens, Class A 1,877 18 CNA Surety * 1,600 15 Merchants Group 600 14 Presidential Life 900 12 Financial Industries Corporation 800 11 FPIC Insurance Group * 400 10 PMA Capital, Class A 1,200 6 Standard Management * 1,400 5 Vesta Insurance 900 4 7,730 Real Estate 6.4% Vornado Realty Trust, REIT 4,400 241 General Growth Properties, REIT 8,400 233 Public Storage, REIT 4,700 204 Archstone-Smith Trust, REIT 7,187 201 Kimco Realty, REIT 4,250 190 Boston Properties, REIT 3,700 178 Rouse, REIT 3,500 164 Duke Realty, REIT 5,090 158 IStar Financial, REIT 3,973 155 Host Marriott, REIT * 11,774 145 Avalonbay Communities, REIT 2,784 133 Friedman, Billings, Ramsey Group, Class A, REIT 5,425 125 Liberty Property Trust, REIT 3,100 121 Health Care Property Investors, REIT 2,200 112 Developers Diversified Realty, REIT 3,238 109 St. Joe 2,800 104 AMB Property, REIT 3,100 102 Hospitality Properties Trust, REIT 2,400 99 Chelsea GCA, REIT 1,800 99 Mack-Cali Realty, REIT 2,300 96 Regency Centers, REIT 2,400 96 New Plan Excel Realty, REIT 3,800 94 Weingarten Realty, REIT 2,100 93 Trizec Properties, REIT 6,000 92 United Dominion Realty Trust, REIT 4,700 90 Macerich Company, REIT 2,000 89 Catellus Development, REIT 3,603 87 Forest City Enterprises, Class A 1,800 85 Mills, REIT 1,900 84 NovaStar Financial, REIT 1,800 77 Ventas 3,500 77 Pan Pacific Retail Properties, REIT 1,600 76 CBL & Associates Properties, REIT 1,300 73 Thornburg Mortgage, REIT 2,700 73 Federal Realty Investment Trust, REIT 1,900 73 Arden Realty, REIT 2,300 70 Health Care, REIT 1,900 68 Centerpoint Properties, REIT 900 67 Crescent Real Estate Equities, REIT 3,900 67 Camden Property Trust, REIT 1,500 66 Annaly Mortgage Management, REIT 3,600 66 CarrAmerica Realty, REIT 2,200 65 Shurgard Storage Centers, Class A, REIT 1,700 64 BRE Properties, Class A, REIT 1,900 63 Realty Income, REIT 1,500 60 Essex Property Trust, REIT 900 58 SL Green Realty, REIT 1,400 57 Pennsylvania Real Estate Investment, REIT 1,581 57 Cousins Properties, REIT 1,850 57 HRPT Properties, REIT 5,400 54 Healthcare Realty Trust, REIT 1,500 54 Prentiss Properties Trust, REIT 1,600 53 Reckson Associates Realty, REIT 2,100 51 First Industrial Realty, REIT 1,500 51 Equity One, REIT 2,900 49 Kilroy Realty, REIT 1,400 46 WP Carey & Co 1,500 46 Heritage Property Investment Trust, REIT 1,600 46 Nationwide Health Properties, REIT 2,300 45 Home Properties, REIT 1,100 44 Newhall Land & Farming 1,100 44 Washington, REIT 1,500 44 Impac Mortgage Holdings, REIT 2,400 44 Highwoods Properties, REIT 1,700 43 Brandywine Realty Trust, REIT 1,600 43 American Financial Reality, REIT 2,500 43 Post Properties, REIT 1,500 42 Taubman Centers, REIT 2,000 41 Alexandria Real Estate, REIT 700 41 Saul Centers, REIT 1,400 40 Corrections Corp of America * 1,367 39 Maguire Properties, REIT 1,600 39 Gables Residential Trust, REIT 1,100 38 Senior Housing Properties, REIT 2,160 37 Lexington Corporate Properties, REIT 1,800 36 Corporate Office Properties Trust, REIT 1,700 36 Colonial Properties Trust, REIT 900 36 Redwood Trust, REIT 700 36 LTC Properties, REIT 2,400 35 Entertainment Properties, REIT 1,000 35 Manufactured Home Communities, REIT 900 34 Commercial Net Lease Realty, REIT 1,900 34 PS Business Parks, REIT 800 33 Tanger Factory Outlet Centers, REIT 800 33 EastGroup Properties, REIT 1,000 32 Capital Automotive, REIT 1,000 32 Sun Communities, REIT 800 31 Resource Asset Investment Trust, REIT 1,200 31 American Real Estate, REIT * 1,800 31 Glenborough Realty Trust, REIT 1,500 30 National Health Investors, REIT 1,200 30 LNR Property 600 30 Amli Residential Properties, REIT 1,100 29 Koger Equity, REIT 1,400 29 Glimcher Realty Trust, REIT 1,300 29 Summit Properties, REIT 1,200 29 Ramco-Gershenson Properties, REIT 1,000 28 Mid-America Apartment Communities, REIT 800 27 Felcor Lodging Trust, REIT 2,400 27 Getty Realty, REIT 1,000 26 LaSalle Hotel Properties, REIT 1,400 26 Bedford Property Investors, REIT 900 26 Jones Lang Lasalle * 1,200 25 American Mortgage Acceptance, REIT 1,500 24 Universal Health Realty Income, REIT 800 24 Innkeepers USA, REIT 2,600 22 AmeriVest Properties, REIT 3,000 22 Urstadt Biddle Properties, Class A, REIT 1,500 21 Investors Real Estate Trust, REIT 2,100 21 Urstadt Biddle Properties, REIT 1,500 20 Hersha Hospitality Trust, Class A, REIT 2,000 20 Anthracite Capital, REIT 1,800 20 Trammell Crow * 1,400 19 MeriStar Hospitality, REIT * 2,800 18 Equity Inns, REIT 2,000 18 Kramont Realty Trust, REIT 1,000 18 National Health Realty, REIT 900 18 Great Lakes, REIT 1,100 17 Agree Realty, REIT 600 17 Wellsford Real Properties * 900 17 Parkway Properties, REIT 400 17 Cornerstone Realty Income Trust, REIT 1,800 16 American Home Mortgage Holdings, REIT 695 16 Monmouth Real Estate Investment, Class A, REIT 1,800 16 Capital Properties, Class A 1,200 15 PMC Commercial Trust, REIT 800 12 Sizeler Property Investors, REIT 1,100 12 Pittsburgh & West Virginia Railroad, REIT 1,000 9 Shelbourne Properties, REIT 200 4 BNP Residential Properties, REIT 300 3 Capital Properties, Class B *@ 120 0 7,582 Thrifts & Mortgage Finance 3.3% New York Community Bancorp 7,486 285 Hudson City Bancorp 7,400 282 Sovereign Bancorp 11,600 275 Greenpoint Financial 5,350 189 Radian Group 3,508 171 Doral Financial 4,200 136 PMI Group 3,600 134 Astoria Financial 3,400 126 Capitol Federal Financial 3,000 108 W Holdings Company 4,819 90 People's Bank 2,600 85 Webster Financial 1,756 80 MAF Bancorp 1,853 78 Washington Federal 2,725 77 Independence Community Bank 2,100 75 IndyMac Mortgage Holdings 2,100 63 New Century Financial 1,400 55 Flagstar Bancorp 2,550 55 Downey Financial 1,100 54 Staten Island Bancorp 2,400 54 BankAtlantic, Class A 2,700 51 Fremont General 2,900 49 Commercial Federal 1,800 48 CORUS Bankshares 1,400 44 BankUnited Financial * 1,700 44 Waypoint Financial 1,995 43 First Niagara Financial 2,786 42 Northwest Bancorp 1,900 41 Seacoast Financial Services 1,400 38 CharterMac 1,700 36 Harbor Florida Bancshares 1,200 36 PFF Bancorp 980 36 Brookline Bancorp 2,249 34 Bank Mutual 2,934 33 Provident Bancorp 700 33 R & G Financial, Class B 800 32 WSFS Financial 700 31 Connecticut Bancshares 600 31 Dime Community Bancorp 1,000 31 FirstFed Financial * 700 30 Charter Financial 800 30 Sterling Financial, (Washington) 822 28 Western Ohio Financial 800 26 First Place Financial 1,300 25 Net Bank 1,869 25 Anchor Bancorp Wisconsin 1,000 25 First Federal Bancshares of Arkansas 600 25 Capital Crossing Bank * 500 24 Flushing Financial 1,275 23 Cooperative Bankshares 900 23 Delta Financial * 3,100 22 Woronoco Bancorp 600 22 Troy Financial 620 22 Sound Federal Bancorp 1,390 22 Ocwen Financial * 2,400 21 BostonFed Bancorp 600 21 Thistle Group Holdings 800 21 Coastal Bancorp 500 21 NewMil Bancorp 700 20 Horizon Financial 1,025 18 Riverview Bancorp 800 17 Hingham Institution for Savings 400 17 Logansport Financial 800 17 Pocahontas Bancorp 1,000 16 Klamath First Bancorp 600 16 Union Community Bancorp 900 16 Matrix Bancorp * 1,700 16 Federal Agricultural Mortgage Corporation * 700 16 Abington Bancorp 400 15 Ameriana Bancorp 960 14 New Hampshire Thrift 400 14 First Busey Corporation 500 13 Camco 700 12 Washington Savings Bank, F.S.B. 1,300 12 First Federal Bancorp 1,300 12 Home Federal Savings Bank 400 11 Peoples Community Bancorp * 400 9 3,942 Total Financials 29,954 HEALTH CARE 12.2% Biotechnology 3.8% Genentech * 8,520 797 Gilead Sciences * 7,760 451 Millennium Pharmaceuticals * 11,559 216 Celgene * 3,100 140 Imclone Systems * 2,843 113 Cephalon * 2,100 102 ICOS * 2,400 99 Amylin Pharmaceuticals * 3,600 80 Martek Biosciences * 1,200 78 Neurocrine Biosciences * 1,400 76 Gen Probe Inc * 2,000 73 Techne * 1,800 68 Human Genome Sciences * 5,080 67 IDEXX Laboratories * 1,400 65 Protein Design Labs * 3,500 63 Charles River Laboratories International * 1,800 62 Affymetrix * 2,260 56 Abgenix * 4,000 50 OSI Pharmaceuticals * 1,500 48 Applied Molecular Evolution * 2,600 46 Alkermes * 3,400 46 Ligand Pharmaceuticals, Class B * 3,000 44 NPS Pharmaceuticals * 1,400 43 Tularik * 2,600 42 Applera Corp Celera Genomics * 2,993 42 Vicuron * 2,200 41 Digene * 1,000 40 Telik * 1,700 39 ILEX Oncology * 1,800 38 Regeneron Pharmaceuticals * 2,600 38 Medarex * 5,700 36 Genencor International * 2,200 35 ONYX Pharmaceuticals * 1,200 34 Vertex Pharmaceuticals * 3,310 34 Transkaryotic Therapies * 2,100 33 Incyte * 4,400 30 Cell Genesys * 2,200 29 Pharmacopeia * 2,000 29 Encysive Pharmaceuticals * 3,100 28 Progenics Pharmaceuticals * 1,400 26 InterMune * 1,100 26 Diversa * 2,750 26 Enzo Biochem 1,419 25 Tanox * 1,700 25 XOMA * 3,700 25 Lexicon Genetics * 4,100 24 NeoPharm 1,282 24 CuraGen * 3,100 23 BioMarin Pharmaceutical * 2,900 23 Albany Molecular Research * 1,500 23 Serologicals * 1,200 22 OraSure Technologies * 2,800 22 Cepheid * 2,300 22 Introgen Therapeutics * 2,600 22 CV Therapeutics * 1,500 22 Connetics * 1,200 22 Aphton * 3,600 22 Maxygen * 2,000 21 Enzon Pharmaceuticals * 1,770 21 Trimeris * 1,000 21 Indevus Pharmaceuticals * 3,400 20 Cell Therapeutics * 2,300 20 Corixa * 3,301 20 Ariad Pharmaceuticals * 2,600 19 Neurogen * 2,300 19 Neose Technologies * 2,100 19 Pharmacyclics * 2,600 19 Novavax * 3,100 19 Exelixis * 2,600 18 Array BioPharma * 3,200 18 EXACT Sciences * 1,700 17 Sirna Therapeutics * 3,300 17 Immunomedics * 3,600 16 Gene Logic * 3,160 16 BioSource International * 2,400 16 Alexion Pharmaceutical * 900 15 VaxGen * 1,900 15 Cubist Pharmaceuticals * 1,200 15 Savient Pharmaceuticals * 3,100 14 Myriad Genetics * 1,100 14 Luminex * 1,500 14 Kosan Biosciences * 1,400 14 Arena Pharmaceuticals * 2,200 14 Seracare Life Sciences * 1,300 13 ImmunoGen * 2,600 13 AVI BioPharma * 3,100 13 Allos Therapeutics * 3,400 12 Titan Pharmaceuticals * 3,900 11 Ciphergen Biosystems * 1,000 11 Biopure, Class A * 4,700 11 Arqule * 2,100 10 Sequenom * 3,100 10 La Jolla Pharmaceutical * 2,200 10 Avigen * 1,600 9 EntreMed * 2,700 9 BioSphere Medical * 2,100 8 BioCryst Pharmaceuticals * 1,200 8 Harvard Bioscience * 900 8 Third Wave Technologies * 1,600 7 Genome Therapeutics * 1,600 5 Sangamo BioSciences * 900 5 4,499 Health Care Equipment & Supplies 2.8% Varian Medical Systems * 2,700 187 Hillenbrand Industries 2,400 149 Invitrogen * 2,075 145 Dentsply International 3,200 145 Beckman Coulter 2,400 122 Fisher Scientific * 2,400 99 Apogent Technologies * 3,700 85 Edwards Lifesciences * 2,600 78 Mentor 2,900 70 INAMED * 1,350 65 IGEN * 1,100 65 Steris * 2,800 63 Cooper Companies 1,300 61 Cytyc * 4,400 61 Respironics * 1,300 59 Bio-Rad Laboratories, Class A * 1,000 58 Dade Behring Holdings * 1,600 57 Align Technology * 3,300 55 ResMed * 1,300 54 Diagnostic Products 1,100 51 Invacare 1,200 48 ALARIS Medical * 3,100 47 VISX * 2,000 46 ArthroCare * 1,800 44 Arrow International 1,700 42 Nektar Therapeutics * 3,100 42 Sybron Dental Specialties * 1,500 42 Mine Safety Appliances 500 40 Wright Medical Group * 1,300 40 Ventana Medical Systems * 1,000 39 Advanced Neuromodulation Systems * 850 39 Matthews International, Class A 1,300 38 Wilson Greatbatch Technologies * 900 38 Kyphon * 1,500 37 Merit Medical Systems * 1,665 37 Immucor * 1,800 37 TheraSense * 1,700 35 Integra LifeServices Holdings * 1,200 34 Datascope 900 32 Cyberonics * 1,000 32 Ocular Sciences * 1,100 32 American Medical Systems * 1,400 31 CTI Molecular Imaging * 1,800 30 CONMED * 1,250 30 Candela Laser * 1,600 29 Thoratec * 2,202 29 ICU Medical * 800 27 Closure Medical * 800 27 PolyMedica 1,000 26 Possis * 1,300 26 Intuitive Surgical * 1,500 26 EPIX Medical * 1,500 24 Haemonetics * 1,000 24 West Pharmaceutical Services 700 24 ABIOMED * 3,400 23 Biosite Diagnostics * 800 23 Viasys Healthcare * 1,100 23 Sola * 1,200 23 SonoSite * 1,000 21 Zoll Medical * 600 21 Kensey Nash * 900 21 Medical Action Industries * 1,100 21 Analogic 500 20 Interpore International * 1,500 19 North American Scientific * 1,800 19 Molecular Devices * 950 18 Conceptus * 1,600 17 SurModics * 700 17 Bruker Biosciences * 3,600 16 Vital Signs 500 16 Meridian Bioscience 1,500 16 Inverness Medical Innovations * 700 15 Lifecore Biomedical * 2,500 15 Synovis Life Technologies * 700 14 Sonic Innovations * 1,900 12 Urologix * 1,500 10 Cerus * 1,970 9 Exactech * 600 9 Theragenics * 1,200 7 Novoste * 900 4 Medwave * 500 3 Rochester Medical * 300 3 AeroGen * 1,200 3 3,341 Health Care Providers & Services 3.8% Caremark RX * 10,200 258 Laboratory Corporation of America * 5,520 204 Advance PCS * 3,500 184 Patterson Dental * 2,600 167 Omnicare 4,000 162 Coventry Health Care * 2,300 148 Health Net * 4,500 147 Oxford Health Plans * 3,200 139 Mid Atlantic Medical Services * 1,900 123 Universal Health Services, Class B 2,200 118 Henry Schein * 1,700 115 Lincare Holdings * 3,800 114 Davita * 2,800 109 PacifiCare Health Systems * 1,600 108 WebMD * 11,637 105 Community Health System * 3,800 101 Triad Hospitals * 2,816 94 Renal Care Group * 2,100 87 First Health Group * 3,800 74 Apria Healthcare * 2,300 66 Covance * 2,400 64 Select Medical 3,800 62 Service Corp. International * 11,200 60 Accredo Health * 1,891 60 Pharmaceutical Product Dev * 2,200 59 Cerner * 1,400 53 LifePoint Hospitals * 1,600 47 VCA Antech * 1,500 47 Pediatrix Medical Group * 800 44 Beverly Enterprises * 4,800 41 Odyssey Healthcare * 1,400 41 Priority Healthcare, Class B * 1,694 41 AMERIGROUP * 900 38 E Research Technology * 1,500 38 Inveresk Research Group * 1,500 37 Kindred Healthcare * 707 37 NDC Health 1,400 36 Sunrise Senior Living * 900 35 U.S. Oncology * 3,158 34 United Surgical Partners International * 1,000 34 Province Healthcare * 2,000 32 PDI * 1,150 31 Sierra Health Services * 1,100 30 PSS World Medical * 2,500 30 NeighborCare * 1,500 30 Owens & Minor 1,300 29 Advisory Board * 800 28 WellChoice * 800 28 IDX Systems * 1,000 27 AmSurg * 700 27 LabOne * 800 26 Per-Se Technologies * 1,700 26 LCA-Vision * 1,200 25 Dendrite International * 1,600 25 Omnicell * 1,500 24 RehabCare Group * 1,100 23 Matria Healthcare * 1,100 23 Stewart Enterprises, Class A * 4,000 23 Q Med * 1,900 21 TriZetto Group * 3,300 21 SFBC International * 800 21 Eclipsys * 1,800 21 AMN Healthcare Services * 1,205 21 WellPoint Health Networks * 209 20 CorVel * 500 19 Hooper Holmes 3,000 19 NWH 900 19 MIM Corporation * 2,600 18 Capital Senior Living * 3,000 18 Lifeline Systems * 900 17 Genesis Healthcare * 750 17 Gentiva Health Services * 1,350 17 Tripos * 2,500 17 Cross Country Healthcare * 1,100 16 Parexel International * 1,000 16 U.S. Physical Therapy * 1,000 16 Res-Care * 1,900 15 Specialty Laboratories * 900 15 Orthodontic Centers of America * 1,800 15 OPTION CARE * 1,350 14 Medical Staffing Network Holdings * 1,300 14 VitalWorks * 3,000 13 Radiologix * 3,300 11 Hanger Orthopedic Group * 700 11 Computer Programs and Systems 500 10 National Healthcare * 500 10 Alliance Imaging * 2,400 9 HMS Holdings * 2,000 8 Dynacq International * 1,000 8 Carriage Services, Class A * 1,600 6 CryoLife * 900 5 Trover Solutions * 500 3 Women First Healthcare * 1,600 2 IMPATH * 600 2 PlanVista * 1,300 2 4,525 Pharmaceuticals 1.8% Mylan Laboratories 10,350 261 Barr Laboratories * 2,817 217 IVAX * 7,637 182 Sicor * 4,600 125 Endo Pharmaceutical * 5,300 102 Pharmaceutical Resources * 1,400 91 Eon Labs * 1,700 87 Medicis Pharmaceutical, Class A 1,200 86 Valeant Pharmaceuticals International 3,400 86 Sepracor * 3,300 79 Andrx * 2,700 65 MGI Pharma * 1,400 58 Medicines Company * 1,900 56 Esperion Therapeutics * 1,400 48 First Horizon Pharmaceutical * 4,000 45 K-V Pharmaceutical, Class A * 1,750 45 Alpharma, Class A 2,200 44 Perrigo 2,800 44 Kos Pharmaceuticals * 1,000 43 aaiPharma * 1,500 38 Impax Laboratories * 2,300 33 Adolor * 1,500 30 Atherogenics * 1,800 27 Atrix Laboratory * 1,100 26 Noven Pharmaceuticals * 1,600 24 Bradley Pharmaceuticals, Class A * 900 23 American Pharmaceutical Participating * 600 20 Pain Therapeutics * 2,900 20 Antigenics * 1,700 19 CIMA Labs * 550 18 Discovery Partners * 2,300 14 Penwest Pharmaceuticals * 800 14 Columbia Laboratories * 2,100 13 InKine Pharmaceutical * 2,600 13 Bone Care International * 900 12 Orphan Medical * 1,100 11 Cellegy Pharmaceuticals * 2,400 8 VIVUS * 1,800 7 AVANIR Pharmaceuticals, Class A * 2,300 3 Emisphere Technologies * 600 3 2,140 Total Health Care 14,505 INDUSTRIALS & BUSINESS SERVICES 9.4% Aerospace & Defense 0.8% L-3 Communications Holdings * 3,680 189 Precision Castparts 2,354 107 Alliant Techsystems * 1,175 68 Engineered Support System 675 37 Curtiss-Wright Corporation 800 36 Invision Technologies * 900 30 MTC Technologies * 900 29 GenCorp 2,400 26 United Defense Industries * 800 25 Orbital Sciences * 2,100 25 KVH Industries * 900 25 EDO 1,000 25 Esterline Technologies * 900 24 Ladish Company 2,900 24 United Industrial 1,300 23 Innovative Solutions and Support * 1,400 23 AAR * 1,500 22 HEICO 1,200 22 Armor Holdings * 800 21 Cubic Corp 900 21 Mercury Computer Systems * 800 20 Sequa, Class A * 400 20 Triumph Group * 500 18 Hexcel * 2,400 18 Pemco Aviation Group * 500 17 Aviall * 1,100 17 Teledyne Technologies * 900 17 Ducommun * 700 16 Allied Defense Group * 600 14 DRS Technologies * 501 14 Kaman, Class A 800 10 BE Aerospace * 1,700 9 SPACEHAB * 5,700 9 Enviromental Tectonics * 400 3 1,004 Air Freight & Logistics 0.4% Expeditors International of Washington 3,500 132 C.H. Robinson Worldwide 3,200 121 JB Hunt Transport Services * 3,000 81 CNF 1,900 64 EGL * 1,700 30 Pacer International * 1,400 28 Forward Air * 1,000 28 Park Ohio Holdings * 2,400 18 Atlas Air Worldwide Holdings * 1,200 1 503 Airlines 0.4% JetBlue Airways * 3,475 92 AMR * 5,400 70 Continental Airlines, Class B * 2,600 43 SkyWest 2,300 42 Northwest Airlines, Class A * 3,300 42 Airtran Holdings * 3,200 38 ExpressJet Holdings * 2,200 33 America West Holdings, Class B * 2,600 32 ATA Holdings * 2,200 21 Frontier Airlines * 1,350 19 Alaska Air Group * 700 19 Atlantic Coast Airlines * 1,800 18 Midwest Express Holdings * 1,700 7 476 Building Products 0.3% York International 1,600 59 Simpson Manufacturing * 800 41 Lennox International 2,100 35 USG * 1,700 28 American Woodmark 500 27 Trex * 600 23 Jacuzzi Brands * 3,200 23 Griffon Corporation * 1,100 22 Elkcorp 800 21 Universal Forest Products 600 19 NCI Building Systems * 700 17 AAON Inc * 650 13 Apogee Enterprises 900 10 338 Commercial Services & Supplies 3.3% Republic Services 5,800 149 Career Education * 3,600 144 Dun & Bradstreet * 2,800 142 Manpower 3,000 141 ServiceMaster 11,150 130 ChoicePoint * 3,324 127 HON Industries 2,300 100 ARAMARK, Class B 3,500 96 Corinthian Colleges * 1,700 94 Viad 3,400 85 Education Management * 2,600 81 ITT Educational Services * 1,700 80 Stericycle * 1,600 75 Corporate Executive Board * 1,600 75 Herman Miller 2,900 70 Devry * 2,800 70 Valassis Communications * 2,300 68 Ikon Office Solutions 5,500 65 West Corporation * 2,600 60 Arbitron * 1,400 58 TeleTech Holdings * 4,640 52 Tetra Tech * 2,100 52 Copart * 3,150 52 Brinks 2,249 51 Strayer Education 450 49 United Rentals * 2,500 48 Sylvan Learning Systems * 1,634 47 Waste Connections * 1,200 45 United Stationers * 1,100 45 Kroll * 1,599 42 Brady, Class A 1,000 41 Banta 1,000 41 Exult * 5,400 38 CoStar Group * 900 38 DiamondCluster International, Class A * 3,650 37 Rollins 1,650 37 FTI Consulting * 1,450 34 Watson Wyatt, Class A * 1,400 34 Sotheby's, Class A * 2,300 31 SOURCECORP * 1,200 31 John H. Harland 1,100 30 NCO Group * 1,300 30 G&K Services, Class A 800 29 Labor Ready * 2,200 29 Prepaid Legal Services * 1,100 29 KForce.com * 3,056 29 Innotrac * 2,700 28 Korn/Ferry * 2,100 28 ABM Industries 1,600 28 Multi-Color * 1,575 27 Steelcase, Class A 1,900 27 Greg Manning Autions * 2,300 27 School Specialty * 776 26 Imagistics International * 700 26 Consolidated Graphics * 800 25 Wackenhut Corrections * 1,100 25 Resources Connection * 900 25 Bowne 1,800 24 Interpool 1,600 23 CDI 700 23 Volt Information Sciences * 1,000 23 Ionics * 700 22 Princeton Review * 2,200 21 Ennis Business Forms 1,400 21 Bright Horizons Family Solutions * 500 21 Central Parking 1,400 21 Duratek * 1,600 21 Kelly Services, Class A 700 20 Administaff * 1,100 19 ICT Group * 1,600 19 A. T. Cross * 2,800 19 Ecology and Environment, Class A 1,900 19 Roto-Rooter 400 18 General Binding * 1,000 18 Electro Rent * 1,300 17 Strategic Distribution 1,200 17 Right Management Consultants * 900 17 Spherion * 1,700 17 Workflow Management * 2,792 16 New England Business Service 500 15 TRC * 700 15 American Locker Group * 1,300 15 Learning Tree International * 800 14 Standard Register 800 13 PICO Holdings * 800 13 Casella Waste Systems, Class A * 900 12 PRG-Schultz International * 2,450 12 Mobile Mini * 600 12 McGrath RentCorp 400 11 First Consulting Group * 1,900 11 Mail-Well * 2,300 11 RMH Teleservices * 1,900 10 Insurance Auto Auctions * 700 9 Ablest * 1,700 9 Cornell Companies * 600 8 On Assignment * 1,400 7 Franklin Covey * 1,400 4 3,860 Construction & Engineering 0.4% Jacobs Engineering Group * 2,100 101 Mastec * 4,750 70 Dycom Industries * 2,033 55 Granite Construction 2,025 48 Quanta Services * 5,200 38 EMCOR Group * 800 35 URS * 1,300 33 Shaw Group * 2,000 27 Intergrated Electrical Services * 2,700 25 Insituform Technologies, Class A * 900 15 Baker Michael Corporation * 1,400 14 Xanser * 5,700 13 Butler Manufacturing 500 11 485 Electrical Equipment 0.6% Hubbell, Class B 2,300 101 AMETEK 1,100 53 Acuity Brands 1,600 41 A.O. Smith 1,100 39 Genlyte Group * 600 35 Woodward Governor 600 34 Franklin Electric 500 30 Baldor Electric 1,300 30 Belden 1,400 30 General Cable * 3,500 29 Plug Power * 3,900 28 II-VI * 1,000 26 Regal-Beloit 1,000 22 Medis Technologies * 2,000 21 Encore Wire * 1,200 21 Vicor * 1,800 21 Fuelcell Energy * 1,500 20 C&D Technologies 1,000 19 Intermagnetics General * 808 18 American Superconductor * 1,100 15 LSI Industries 1,125 15 Chase 1,100 15 Artesyn Technologies * 1,600 14 Energy Conversion Devices * 1,400 13 Powell Industries * 600 11 MagneTek * 1,400 9 BTU International * 2,400 8 Channell Commercial * 1,700 7 Capstone Turbine * 3,800 7 Global Power Equipment Group * 900 6 Orbit International 600 5 AstroPower * 600 0 743 Industrial Conglomerates 0.4% Allete 3,500 107 Carlisle Companies 1,500 91 Roper Industries 1,500 74 Teleflex 1,500 72 Alleghany 273 61 Walter Industries 2,400 32 Tredegar 1,600 25 462 Machinery 1.8% SPX * 2,836 167 Donaldson 1,800 107 Pentair 2,000 91 Harsco 1,800 79 Graco 1,825 73 Oshkosh Truck 1,400 71 Timken 3,300 66 IDEX 1,400 58 Wabash National * 1,800 53 AGCO * 2,600 52 Joy Global * 2,000 52 Terex * 1,800 51 Trinity Industries 1,600 49 Kennametal 1,200 48 Briggs & Stratton 700 47 Toro 1,000 46 Nordson 1,300 45 Mueller Industries * 1,300 45 Albany International, Class A 1,310 44 Flowserve * 2,100 44 Actuant, Class A * 1,210 44 Reliance Steel & Aluminum 1,300 43 Lincoln Electric Holdings 1,600 40 Tecumseh Products, Class A 800 39 Dionex * 800 37 CLARCOR 800 35 Wabtec 2,000 34 Barnes Group 1,000 32 Cuno * 700 32 Manitowoc 1,000 31 ESCO Electronics * 700 31 A.S.V. * 800 30 Federal Signal 1,600 28 EnPro Industries * 2,000 28 Valmont Industries 1,200 28 JLG Industries 1,800 27 NACCO Industries, Class A 300 27 Tennant 600 26 Watts Water Technologies, Class A 1,100 24 Kaydon 900 23 Thomas Industries 600 21 Lindsay Manufacturing 750 19 Twin Disc 900 17 Greenbrier Companies * 1,000 17 Stewart & Stevenson 1,100 16 BHA Group, Class A 600 15 Met-Pro 933 15 Astec Industries * 1,100 14 Robbins & Myers 700 13 Wolverine Tube * 1,700 11 Graham 900 9 Milacron 1,500 6 Global Payment Technologies * 1,500 5 Columbus Mckinnon * 500 4 American Science Engineering * 300 4 2,113 Marine 0.1% Alexander & Baldwin 1,600 54 Overseas Shipholding Group 1,300 44 Kirby Corporation * 1,000 35 Danielson * 1,500 4 137 Road & Rail 0.6% Swift Transportation * 3,090 65 Werner Enterprises 2,866 56 Yellow Roadway * 1,497 54 Heartland Express 2,179 53 Florida East Coast Industries 1,400 46 Landstar Systems * 1,200 46 Amerco * 1,900 41 Knight Transportation * 1,500 38 Kansas City Southern Industries * 2,600 37 Old Dominion Freight Line * 1,050 36 USF Corporation 1,000 34 Arkansas Best 900 28 Genesee & Wyoming, Class A * 875 27 Dollar Thrifty Auto Group * 1,000 26 Overnite * 1,100 25 Patriot Transportation Holdings * 700 23 Transport Corp of America * 2,700 20 Allied Holdings * 3,500 17 USA Truck * 1,600 16 RailAmerica * 1,200 14 U.S. Xpress Enterprises * 900 11 713 Trading Companies & Distributors 0.3% Fastenal 2,900 145 Hughes Supply 800 40 MSC Industrial Direct, Class A 1,300 36 Watsco 1,200 27 Valley National Gases * 3,800 26 Lawson Products 700 23 Applied Industrial Technologies 800 19 NuCo2 * 700 9 325 Total Industrials & Business Services 11,159 INFORMATION TECHNOLOGY 15.8% Communications Equipment 2.1% Juniper Networks * 14,830 277 Foundry Networks * 5,250 144 3Com * 12,700 104 Harris 2,600 99 ADTRAN 3,000 93 Emulex * 3,420 91 Polycom * 3,900 76 Advanced Fibre Communications * 3,600 73 Sonus Networks * 9,490 72 Avocent * 1,845 67 InterDigital Communication * 3,000 62 Brocade Communications Systems * 9,740 56 Plantronics * 1,700 56 ditech Communications * 2,400 46 Netopia * 3,000 44 Extreme Networks * 5,950 43 Sycamore Networks * 8,050 42 McDATA, Class A * 4,300 41 Tekelec * 2,600 40 C-Cor.net * 3,400 38 Ixia * 3,100 36 Commscope * 2,200 36 Black Box 770 35 ViaSat * 1,800 34 Adaptec * 3,900 34 Arris Group * 4,700 34 Packeteer * 2,000 34 Bel Fuse, Class A 1,100 33 F5 Networks * 1,300 33 Westell Technologies, Class A * 5,000 32 Corvis * 16,900 29 Enterasys Networks * 7,600 29 Powerwave Technologies * 3,700 28 Finisar * 8,900 28 Verso Technology * 8,496 27 Comtech Telecommunications * 925 27 Inter-Tel 1,000 25 Cable Design Technologies * 2,550 23 Echelon * 2,000 22 Harmonic * 2,784 20 REMEC * 2,400 20 Anaren * 1,400 20 Symmetricom * 2,700 20 Avanex * 3,800 19 Computer Network Technology * 1,900 18 Performance Technologies * 1,200 17 Terayon Communication Systems * 3,800 17 SeaChange International * 1,000 15 SpectraLink 800 15 Sunrise Telecom 4,200 15 MRV Communications * 3,820 14 Stratex Networks * 3,210 14 Centillium Communications * 2,400 14 PC-Tel * 1,100 12 Tollgrade Communications * 650 11 Oplink Communications * 4,500 11 Paradyne Networks * 2,700 9 Endwave Corporation * 600 4 Digi International * 460 4 Zhone Technologies *!! 875 4 Copper Mountain * 400 4 Norstan * 1,300 4 Aware * 1,300 4 Digital Lightwave * 3,250 3 Stratos International * 226 2 Redback Networks * 5,520 1 Optical Cable *@ 212 0 2,454 Computer & Peripherals 1.3% Sandisk * 3,000 183 Diebold 2,900 156 Storage Technology * 4,400 113 Maxtor * 9,504 105 Western Digital * 7,900 93 EMC * 6,292 81 UNOVA * 3,300 76 Seagate Technology 2,900 55 Imation 1,400 49 Electronics for Imaging * 1,700 44 In Focus Systems * 4,500 44 Avid Technology * 900 43 Intergraph * 1,800 43 Advanced Digital Info * 2,900 41 Interphase * 2,700 35 Hutchinson Technology * 1,000 31 Synaptics * 1,600 24 Cray * 2,300 23 Iomega 3,560 21 Palm * 1,750 21 Pinnacle Systems * 2,400 20 Quantum DLT & Storage Systems Group * 5,700 18 Video Display * 1,440 18 Rimage * 1,100 17 Hypercom * 3,500 17 Sigma Designs * 2,100 16 Rainbow Technologies * 1,400 16 Presstek * 2,100 15 Overland Data * 800 15 SBS Technologies * 1,000 15 Immersion * 2,100 13 Silicon Graphics * 8,700 12 Datalink * 2,500 9 Steelcloud * 1,800 8 Concurrent Computer * 1,600 7 Dataram * 1,150 5 1,502 Electronic Equipment & Instruments 2.0% CDW 3,200 185 Vishay Intertechnology * 6,431 147 AVX 6,800 113 Amphenol, Class A * 1,600 102 Avnet * 4,696 102 Ingram Micro, Class A * 6,000 95 Arrow Electronics * 3,900 90 Tech Data * 2,200 87 National Instruments 1,900 86 Lexar Media * 3,700 65 Varian * 1,400 58 Benchmark Electronics * 1,400 49 KEMET * 3,500 48 FLIR Systems * 1,200 44 Trimble Navigation * 1,100 41 Littelfuse * 1,300 38 TTM Technologies * 2,200 37 Anixter International * 1,400 36 Technitrol * 1,600 33 Taser International * 400 33 Photon Dynamics * 800 32 Plexus * 1,860 32 Scansource * 700 32 Veeco * 1,129 32 Park Electrochemical 1,200 32 Electro Scientific Industries * 1,300 31 Rogers * 700 31 Aeroflex * 2,600 30 MTS Systems 1,500 29 Coherent * 1,150 27 Radisys * 1,600 27 Newport * 1,550 26 Global Imaging Systems * 800 25 California Amplifier * 1,800 25 BEI Technologies 1,100 22 Planar Systems * 900 22 Bell Microproducts * 2,400 22 Metrologic Instruments * 800 22 Lo-Jack * 2,600 21 CTS 1,800 21 Landauer 500 20 Paxar * 1,500 20 Agilysys 1,800 20 Merix * 800 20 X-Rite 1,700 19 Methode Electronics, Class A 1,500 18 OYO Geospace * 1,100 18 OSI Systems * 900 17 Isco 1,800 17 Itron * 900 17 Excel Technology * 500 16 Identix * 3,674 16 LeCroy * 900 16 Manufacturers' Services * 2,500 15 Zygo * 900 15 Nu Horizons Electronics * 1,400 14 Cyberoptics * 1,150 12 Research Frontiers * 1,200 11 Keithley Instruments 600 11 Panavision * 1,700 9 Sirenza Microdevices * 1,800 9 Maxwell Technologies * 1,200 9 Zomax * 1,700 9 Sypris Solutions 500 8 Trans-Lux Corporation 1,300 8 Sigmatron International * 200 5 Pemstar * 1,500 5 Somera Communications * 1,900 3 2,407 Internet Software & Services 2.0% InterActiveCorp * 24,811 842 VeriSign * 9,588 156 Earthlink * 6,320 63 Akamai Technologies * 5,878 63 DoubleClick * 5,492 56 United Online * 3,000 50 CNET Networks * 6,871 47 RealNetworks * 7,000 40 Opsware * 5,400 40 Internet Security Systems * 1,950 37 Webex Communications * 1,800 36 Digital Insight * 1,431 36 Infospace.com * 1,485 34 TippingPoint Technologies * 1,100 33 Ask Jeeves * 1,800 33 Netegrity * 3,150 33 aQuantive * 3,100 32 Interwoven * 2,466 31 Ariba * 10,300 31 Digital River * 1,300 29 CMGI * 15,968 29 S1 * 3,500 28 Openwave Systems * 2,487 27 Sonicwall * 3,400 27 Websense * 900 26 NetRatings * 2,300 26 MatrixOne * 4,200 26 webMethods * 2,708 25 Vignette * 10,148 23 J2 Global Communications * 900 22 Digitas * 2,282 21 Vitria Technology * 2,950 21 Retek * 2,145 20 Stellent * 2,000 20 Modem Media, Class A * 2,400 20 MarketWatch.com * 2,200 19 PEC Solutions * 1,100 19 FreeMarkets * 2,750 18 Broadvision * 4,288 18 OneSource Information Services * 1,900 18 Support.com * 1,300 17 Chordiant Software * 2,920 16 Kana Software * 4,567 15 Allscripts Heathcare * 2,700 14 Tumbleweed Communications * 1,700 14 Neoforma.com * 1,200 13 SeeBeyond Technology Corporation * 2,900 13 Register.com * 2,345 12 Interland * 1,870 12 Entrust Technologies * 2,500 10 America Online Latin America, Class A * 6,600 9 ITXC * 1,800 8 Niku * 500 4 I-many * 4,100 4 Commerce One * 492 1 2,337 IT Services 2.1% Affiliated Computer Services, Class A * 5,100 278 Total Systems Services 7,600 237 DST Systems * 4,040 169 Iron Mountain * 3,280 130 Ceridian * 5,400 113 Cognizant Technology Solutions, Class A * 2,400 109 Certegy 3,300 108 Checkfree Holdings * 3,100 86 BearingPoint * 8,300 84 Global Payments 1,680 79 BISYS Group * 4,600 68 Perot Systems, Class A * 4,800 65 Titan * 2,749 60 Acxiom * 3,100 58 Gartner Group, Class B * 5,100 55 Anteon International * 1,500 54 CACl International, Class A * 1,100 53 National Processing * 2,200 52 Syntel 1,600 39 Intrado * 1,800 39 Startek 900 37 Keane * 2,460 36 Sykes Enterprises * 4,200 36 Igate Capital * 4,500 35 American Management Systems * 2,100 32 Maximus * 800 31 EFunds * 1,800 31 SRA International, Class A * 700 30 MPS Group * 3,200 30 Alliance Data Systems * 1,000 28 Hewitt Associates, Class A * 900 27 CSG Systems International * 2,000 25 Medquist * 1,482 24 Inforte * 2,700 22 CIBER * 2,400 21 Safeguard Scientifics * 5,000 20 Edgewater Technology * 3,967 19 Forrester Research * 1,000 18 InfoUSA * 2,400 18 Lightbridge * 1,638 15 Computer Horizons * 3,300 13 Pegasus Solutions * 1,200 13 CompuCom Systems * 2,300 12 InterCept Group * 900 10 AnswerThink * 1,700 9 Integral Systems * 400 9 Management Network Group * 2,600 9 Technology Solutions * 5,200 6 Tier Technologies, Class B * 600 5 Indus International * 1,600 5 2,562 Office Electronics 0.1% Zebra Technologies * 1,900 126 Gerber Scientific * 1,700 14 Intelli-Check, Inc. * 400 3 143 Semiconductor & Semiconductor Equipment 3.4% Microchip Technology 8,049 269 Agere Systems, Class A * 65,700 200 Lam Research * 4,850 157 Intersil Holding, Class A 5,520 137 Rambus * 4,380 134 International Rectifier * 2,600 128 Amkor Technology * 6,900 126 Fairchild Semiconductor, Class A * 4,810 120 Atmel * 18,800 113 Cypress Semiconductor * 5,200 111 Silicon Laboratories * 2,300 99 Integrated Circuit Systems * 2,900 83 RF Micro Devices * 7,700 77 Integrated Device Technology * 4,200 72 Omnivision Technologies * 1,200 66 Semtech * 2,900 66 MKS Instruments * 2,000 58 Micrel * 3,680 57 Siliconix * 1,200 55 ON Semiconductor * 8,400 54 Power Integrations * 1,600 54 Varian Semiconductor Equipment * 1,200 52 Vitesse Semiconductor * 8,831 52 Conexant Systems * 10,300 51 Cymer * 1,100 51 Cabot Microelectronics * 1,032 51 Skyworks Solutions * 5,700 50 Silicon Storage Technology * 4,200 46 Integrated Silicon Solution * 2,900 45 Kulicke & Soffa * 3,100 45 Mattson Technology * 3,513 43 Cognex 1,500 42 Microsemi * 1,700 42 Lattice Semiconductor * 4,240 41 TriQuint Semiconductor * 5,580 39 Chippac, Class A * 5,100 39 Brooks-Pri Automation * 1,564 38 LTX * 2,500 38 Credence Systems * 2,700 36 Entegris * 2,700 35 GlobeSpan * 5,828 34 Zoran * 1,948 34 Advanced Energy Industries * 1,300 34 Mykrolis * 2,000 32 FEI * 1,400 32 DSP Group * 1,200 30 PDF Solutions * 2,000 30 Asyst Technology * 1,700 30 Actel * 1,200 29 ESS Technology * 1,700 29 Tessera Technologies * 1,500 28 ATMI * 1,200 28 Axcelis Technologies * 2,600 27 Photronics * 1,310 26 Mindspeed Technologies * 3,800 26 Cirrus Logic * 3,300 25 Ultratech Stepper * 800 24 Helix Technology 1,100 23 Monolithic Systems Technology * 2,600 22 DuPont Photomasks * 900 22 Genesis Microchip * 1,200 22 Semitool * 2,000 21 Cohu 1,100 21 Pixelworks * 1,900 21 Silicon Image * 2,900 21 Transmeta * 6,000 20 Virage Logic * 1,800 18 Pericom Semiconductor * 1,700 18 Kopin * 2,600 17 Alliance Semiconductor * 2,400 17 Xicor * 1,500 17 PLX Technology * 1,900 17 CEVA * 1,600 17 Nanometrics * 1,100 16 Celeritek * 2,100 16 Sipex * 2,000 15 NVE * 300 15 Rudolph Technologies * 600 15 TranSwitch * 5,700 13 ANADIGICS * 1,795 11 FSI International * 1,400 10 SRS Labs * 1,000 9 Amtech Systems * 1,600 9 Electroglas * 2,200 8 Catalyst Semiconductor * 1,000 7 Therma-Wave * 1,000 6 Three-Five Systems * 950 5 Aehr Test Systems * 1,600 5 hi/fn * 409 5 Microtune * 1,800 4 Brillian Corp * 237 2 4,055 Software 2.8% Synopsys * 5,666 191 BEA Systems * 15,400 189 Cadence Design Systems * 10,077 181 Red Hat * 6,700 126 Fair Isaac 1,870 92 Network Associates * 5,772 87 Jack Henry & Associates 3,600 74 Sybase * 3,572 74 Reynolds & Reynolds, Class A 2,500 73 Activision * 3,300 60 Ascential Software * 2,275 59 Epicor Software * 4,400 56 TIBCO Software * 8,050 55 Quest Software * 3,500 50 FactSet Research Systems 1,300 50 Kronos * 1,250 50 Transaction Systems Architects, Class A * 2,100 48 Take-Two Interactive Software * 1,600 46 Hyperion Solutions * 1,500 45 Macromedia * 2,510 45 Magma Design Automation * 1,900 44 Secure Computing * 2,400 43 RSA Security * 2,950 42 Macrovision * 1,800 41 Informatica * 3,900 40 Mentor Graphics * 2,700 39 Altiris * 1,000 36 FileNet * 1,300 35 AuthentiDate Holding * 2,800 33 MicroStrategy, Class A * 600 32 NetIQ * 2,358 31 Borland Software * 3,200 31 Ultimate Software Group * 3,500 31 CCC Information Services * 1,800 30 MICROS Systems * 700 30 Micromuse * 4,360 30 Verint Systems * 1,300 29 Barra * 800 28 Manhattan Associates * 1,000 28 SERENA Software * 1,500 28 THQ * 1,625 27 Progress Software * 1,300 27 E.piphany * 3,640 26 Aspen Technology * 2,400 25 Systems & Computer Technology * 1,500 25 Nuance Communications * 3,200 24 Advent Software * 1,400 24 Wind River Systems * 2,776 24 Renaissance Learning * 1,000 24 Ansys * 600 24 Verity * 1,400 23 DocuCorp International * 2,200 22 Embarcadero * 1,400 22 QRS * 2,700 22 SPSS * 1,200 21 OPNET Technologies * 1,300 21 Agile Software * 2,100 21 Captaris * 3,600 20 Concord Communications * 1,000 20 Atari * 4,700 20 MAPICS * 1,500 20 ScanSoft * 3,600 19 Moldflow * 1,600 18 Manugistics Group * 2,900 18 Inet Technologies * 1,500 18 Ansoft * 1,400 18 MSC Software * 1,900 18 Ulticom * 1,800 17 JDA Software Group * 1,000 17 Pegasystems * 1,800 16 Sonic Solutions * 1,000 15 Portal Software * 2,260 15 NYFIX * 1,850 15 Digimarc * 1,100 15 Verisity Ltd. * 1,100 14 Bottomline Technologies * 1,500 14 Quality Systems * 300 13 TALX Corporation 540 12 Merge Technologies * 700 12 MRO Software * 900 12 Datastream * 1,500 12 Witness Systems * 1,200 11 MapInfo * 1,075 11 EPIQ Systems * 600 10 NetScout Systems * 1,300 10 Phoenix Technologies * 1,200 10 Radiant Systems * 1,150 10 Evolving Systems, Inc. * 700 9 Vastera * 2,300 9 Palmsource * 402 9 WatchGuard Technologies * 1,500 9 Catapult Communications * 600 9 SCO Group * 500 9 Actuate * 2,700 8 Roxio * 1,500 7 Lawson Software * 800 7 Captiva Software * 500 6 Midway Games * 1,579 6 PLATO Learning * 566 6 Sanchez Computer Associates * 1,200 5 NEON Systems * 1,200 4 EPlus * 300 4 Novadigm * 900 4 Netguru * 2,400 3 Evans & Sutherland Computer * 600 3 ONYX Software * 625 2 Acclaim Entertainment * 3,100 2 Insignia Systems * 700 2 Viewpoint Corporation * 2,400 2 3,309 Total Information Technology 18,769 MATERIALS 3.4% Chemicals 1.3% Lyondell Chemical 6,700 114 Valspar 2,000 99 Cabot 2,400 76 Valhi 5,000 75 RPM 4,400 72 Scotts, Class A * 1,200 71 Lubrizol 2,000 65 Airgas 2,900 62 Cytec Industries * 1,400 54 Albemarle 1,600 48 FMC * 1,400 48 Minerals Technologies 800 47 Olin 2,300 46 IMC Global 4,500 45 Georgia Gulf 1,500 43 Macdermid 1,200 41 Ferro 1,300 35 H.B. Fuller 1,120 33 Millennium Chemicals 2,600 33 Spartech 1,200 30 Symyx Technologies * 1,350 28 A. Schulman 1,300 28 Headwaters Incorporated * 1,400 28 Crompton 3,524 25 Cambrex 1,000 25 Arch Chemicals 950 24 PolyOne * 3,800 24 Nanophase Technologies * 3,000 24 NL Industries 1,900 22 Kronos Worldwide * 950 21 Wellman 1,600 16 Calgon Carbon 2,600 16 Terra Nitrogen Com L.P. 3,200 16 Lesco * 1,200 16 W. R. Grace * 5,400 14 ICO * 7,400 10 OMNOVA Solutions * 1,800 9 CFC International * 1,600 9 Solutia * 4,100 2 1,494 Construction Materials 0.3% Lafarge 2,500 101 Martin Marietta Materials 1,900 89 Florida Rock Industries 1,150 63 Centex Construction Products 700 42 Texas Industries 800 30 Devcon International * 2,100 15 U.S. Concrete * 1,900 12 Ameron International 300 11 363 Containers & Packaging 0.6% Smurfit-Stone Container * 9,500 176 Packaging Corp of America * 4,400 96 Sonoco Products 3,560 88 Owens-Illinois * 5,900 70 Crown Cork & Seal * 7,300 66 Aptargroup 1,500 59 Silgan Holdings * 900 38 Greif Bros., Class A 900 32 Longview Fibre 2,100 26 Myers Industries 1,600 19 Rock-Tenn, Class A 1,100 19 Caraustar * 1,300 18 Chesapeake Corp 600 16 Packaging Dynamics * 1,180 12 735 Metals & Mining 0.9% CONSOL Energy 3,500 91 Peabody Energy 2,100 88 Glamis Gold * 5,000 86 Arch Coal 2,100 65 Massey 3,100 64 Meridian Gold * 3,800 55 Hecla Mining * 6,500 54 Steel Dynamics * 2,000 47 GrafTech International * 3,400 46 Century Aluminum * 2,200 42 Commercial Metals 1,100 33 Stillwater Mining * 3,317 32 Universal Stainless & Alloy Products * 2,900 31 Cleveland-Cliffs * 600 31 USEC 3,600 30 AK Steel * 5,844 30 Carpenter Technology 1,000 30 Gibraltar Steel 1,100 28 Quanex 600 28 Royal Gold 1,300 27 Westmoreland Coal * 1,200 21 Northwest Pipe * 1,400 19 Ryerson Tull 1,600 18 NN, Inc 1,200 15 Steel Technologies 800 14 Oregon Steel Mills * 2,400 14 Synalloy * 1,500 10 1,049 Paper & Forest Products 0.3% Bowater 2,100 97 Rayonier 1,771 74 Potlatch 1,000 35 MAXXAM * 1,700 32 P.H. Glatfelter 1,800 22 Wausau-Mosinee Paper 1,600 22 Schweitzer Mauduit 600 18 Deltic Timber 500 15 Buckeye Technologies * 1,500 15 Badger Paper Mills * 2,000 11 Pope & Talbot 400 7 FiberMark * 1,800 3 351 Total Materials 3,992 TELECOMMUNICATION SERVICES 1.3% Diversified Telecommunication Services 0.6% NTL * 3,300 230 Level 3 Communications * 21,300 121 Time Warner Telecom, Class A * 5,060 51 Cincinnati Bell * 9,448 48 Commonwealth Telephone Enterprises * 1,100 42 IDT * 1,400 31 Covad Communications Group * 8,000 29 General Communications, Class A * 2,800 24 Surewest Communications 600 24 PTEK Holdings * 2,700 24 US LEC, Class A * 3,000 24 D&E Communications 1,409 20 CT Communications 1,400 19 Infonet Services, Class B * 11,100 19 Hickory Technology 1,600 18 Lynch Interactive * 700 17 XETA Technologies * 1,300 8 McLeodUSA, Class A *@ 3,461 5 Alaska Communications Systems Group * 1,000 5 McLeodUSA Escrow * 16,412 0 759 Wireless Telecommunication Services 0.7% Telephone and Data Systems 2,300 144 U. S. Cellular * 3,400 121 Nextel Partners, Class A * 7,000 94 Crown Castle International * 8,500 94 American Tower Systems, Class A * 8,200 89 Western Wireless, Class A * 3,300 61 @Road * 3,200 42 Wireless Facilities * 2,400 36 Centennial Communication, Class A * 6,500 34 Dobson Communications, Class A * 4,800 31 Price Communications * 2,034 28 Triton PCS Holdings, Class A * 4,000 22 Alamosa Holdings * 3,600 14 Aether Systems * 2,900 14 Boston Communications Group * 1,200 11 EMS Technologies * 400 8 Rural Cellular, Class A * 700 6 Metro One Telecommunications * 1,050 3 852 Total Telecommunication Services 1,611 UTILITIES 2.9% Electric Utilities 1.3% Wisconsin Energy 4,200 140 PEPCO Holdings 6,600 129 Northeast Utilities 5,400 109 Alliant 4,200 105 DPL 4,700 98 NSTAR 2,015 98 Great Plains Energy 2,800 89 Puget Energy 3,600 86 OGE Energy 3,500 85 Hawaiian Electric Industries 1,500 71 WPS Resources 1,400 65 DQE 2,700 49 Public Service of New Mexico 1,600 45 IdaCorp 1,500 45 Black Hills 1,300 39 Unisource Energy 1,500 37 Cleco 1,900 34 CH Energy Group 700 33 United Illuminating 600 27 El Paso Electric * 1,900 25 Madison Gas & Electric 700 22 Otter Tail 800 21 Central Vermont Public Service 800 19 Empire District Electronics 800 18 UNITIL Corp 600 15 Baycorp Holdings * 662 9 Maine Maritimes 100 3 1,516 Gas Utilities 0.6% Kinder Morgan Management 1,797 77 AGL Resources 2,500 73 Piedmont Natural Gas Company 1,500 65 Washington Gas & Light 2,000 56 UGI 1,550 52 Atmos Energy 1,900 46 New Jersey Resources 1,100 42 Southern Union 2,173 40 Southwestern Energy * 1,500 36 TC Pipelines * 1,000 33 Northwest Natural Gas 900 28 Chesapeake Utilities 800 21 Laclede Gas 700 20 Cascade Natural Gas 900 19 Southwest Gas 800 18 RGC Resources 700 16 SEMCO Energy 3,000 15 South Jersey Industries 300 12 NUI 700 11 EnergySouth 300 10 690 Multi-Utilities & Unregulated Power 0.9% SCANA 4,210 144 Energy East 5,700 128 MDU Resources Group 4,350 104 Equitable Resources 2,400 103 Questar 2,800 98 National Fuel Gas Company 3,400 83 Reliant Resources * 10,900 80 ONEOK 3,300 73 Vectren 2,799 69 Energen 1,300 53 Westar Energy 2,600 53 Sierra Pacific Resources * 5,300 39 Avista 2,000 36 Aquila * 5,788 20 Florida Public Utilities 1,033 16 NorthWestern * 1,800 0 1,099 Water Utilities 0.1% Philadelphia Suburban 3,551 79 California Water Service Group 1,000 27 Connecticut Water Service 650 18 Pennichuck 200 6 130 Total Utilities 3,435 Total Common Stocks (Cost $104,986) 114,254 Shares/Par Value -------------------------------------------------------------------------------- ($ 000s) SHORT-TERM INVESTMENTS 4.0% U.S. Treasury Obligations 0.3% U.S. Treasury Bills, 1.00%, 3/18/04 ++ 300,000 299 Total U.S. Treasury Obligations 299 Money Market Funds 3.7% T. Rowe Price Reserve Investment Fund, 1.13% # 4,448,560 4,449 Total Money Market Fund 4,449 Total Short-Term Investments (Cost $4,748) 4,748 SECURITIES LENDING COLLATERAL 23.8% Money Market Trust 23.8% State Street Bank and Trust Company of New Hampshire N.A. Securities Lending Quality Trust units, 1.20% # 28,279,145 28,279 Total Securities Lending Collateral (Cost $28,279) 28,279 Total Investments in Securities 123.9% of Net Assets (Cost $138,013) $147,281 -------- Futures Contracts ($ 000s) Contract Unrealized Expiration Value Gain (Loss) ---------- -------- ----------- Long, 3 NASDAQ 100 Index contracts, $45 par of 1.00% U.S. Treasury Bills pledged as initial margin 3/04 $ 441 $ 7 Long, 7 Russell 2000 Index contracts, $98 par of 1.00% U.S. Treasury Bills pledged as initial margin 3/04 1,950 26 Long, 9 S&P Mid-Cap 400 Index contracts, $125 par of 1.00% U.S. Treasury Bills pledged as initial margin 3/04 2,592 90 Net payments (receipts) of variation margin to date (161) Variation margin receivable (payable) on open futures contracts $ (38) (ss.) Denominated in USD 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 contains restrictions as to public resale pursuant to the Securities Act of 1933 and related rules--total of such securities at period-end amounts to $4,000 and represents 0.0% of net assets @ Security valued by the Fund's Board of Directors REIT Real Estate Investment Trust The accompanying notes are an integral part of these financial statements. T. Rowe Price Extended Equity Market Index Fund -------------------------------------------------------------------------------- Certified Annual Report December 31, 2003 Statement of Assets and Liabilities -------------------------------------------------------------------------------- ($ 000s) Assets Investments in securities, at value (cost $138,013) $ 147,281 Other assets 514 Total assets 147,795 Liabilities Obligation to return securities lending collateral 28,279 Other liabilities 636 Total liabilities 28,915 NET ASSETS $ 118,880 -------------------- Net Assets Consist of: Undistributed net investment income (loss) $ 73 Undistributed net realized gain (loss) (17,486) Net unrealized gain (loss) 9,391 Paid-in-capital applicable to 10,548,805 shares of $0.0001 par value capital stock outstanding; 1,000,000,000 shares of the Corporation authorized 126,902 NET ASSETS $ 118,880 -------------------- NET ASSET VALUE PER SHARE $ 11.27 -------------------- The accompanying notes are an integral part of these financial statements. T. Rowe Price Extended Equity Market Index Fund -------------------------------------------------------------------------------- Certified Annual Report Statement of Operations -------------------------------------------------------------------------------- ($ 000s) Year Ended 12/31/03 Investment Income (Loss) Income Dividend $ 1,085 Securities lending 39 Interest 3 Total income 1,127 Investment management and administrative expense 351 Net investment income (loss) 776 Realized and Unrealized Gain (Loss) Net realized gain (loss) Securities (1,449) Futures 1,373 Net realized gain (loss) (76) Change in net unrealized gain (loss) Securities 31,509 Futures 172 Change in net unrealized gain (loss) 31,681 Net realized and unrealized gain (loss) 31,605 INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS $ 32,381 -------------------- The accompanying notes are an integral part of these financial statements. T. Rowe Price Extended 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 $ 776 $ 532 Net realized gain (loss) (76) (8,916) Change in net unrealized gain or loss 31,681 (6,084) Increase (decrease) in net assets from operations 32,381 (14,468) Distributions to shareholders Net investment income (733) (502) Capital share transactions * Shares sold 42,770 29,945 Distributions reinvested 709 483 Shares redeemed (22,910) (26,132) Redemption fees received 5 1 Increase (decrease) in net assets from capital share transactions 20,574 4,297 Net Assets Increase (decrease) during period 52,222 (10,673) Beginning of period 66,658 77,331 End of period $ 118,880 $ 66,658 --------------- --------------- *Share information Shares sold 4,525 3,370 Distributions reinvested 65 61 Shares redeemed (2,437) (2,953) Increase (decrease) in shares outstanding 2,153 478 The accompanying notes are an integral part of these financial statements. T. Rowe Price Extended 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 Extended 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 U.S. stocks not included in the Standard & Poor's 500 Stock Index (RT), as represented by the Wilshire 4500 Completion Index. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America, which require the use of estimates made by fund management. Valuation The fund values its investments and computes its net asset value per share at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET, each day that the NYSE is open for business. Equity securities listed or regularly traded on a securities exchange or in the over-the-counter market are valued at the last quoted sale price at the time the valuations are made. 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 Directors. 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 $27,325,000; aggregate collateral consisted of $28,279,000 in the money market pooled trust and U.S. government securities valued at $44,000. Other Purchases and sales of portfolio securities, other than short-term securities, aggregated $27,205,000 and $7,140,000, 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 $733,000 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 $ 29,611,000 Unrealized depreciation (20,343,000) Net unrealized appreciation (depreciation) 9,268,000 Undistributed ordinary income 92,000 Capital loss carryforwards (17,382,000) Paid-in capital 126,902,000 Net assets $ 118,880,000 -------------------- 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, $123,000 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. As of December 31, 2003, the fund had $8,452,000 of capital loss carryforwards that expire in 2009, $8,759,000 that expire in 2010, and $171,000 that expire 2011. At December 31, 2003, the cost of investments for federal income tax purposes was $138,136,000. 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, $87,000 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 $48,000. T. Rowe Price Extended 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 Extended Equity Market Index Fund In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of T. Rowe Price Extended Equity Market Index Fund (one of the portfolios comprising T. Rowe Price Index Trust, Inc., hereafter referred to as the "Fund") at December 31, 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 Extended 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, $586,000 of the fund's income and short-term capital gains represents qualified dividend income subject to the 15% rate category. For corporate shareholders, $565,000 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 Extended 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 Extended 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 Extended 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 Extended 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 $7,926 $8,618 Audit-Related Fees 454 -- Tax Fees 2,058 2,086 All Other Fees 124 131 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