-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, R7oBVg1GrVgGgpNdYlSUpI/qBvH+y8UrogreLvbo+u6sSWV4cnxYH4v1bEPjA0NE /koi+DbaiwBJVMLOMEtPCQ== 0000950109-99-002821.txt : 19990812 0000950109-99-002821.hdr.sgml : 19990812 ACCESSION NUMBER: 0000950109-99-002821 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990630 FILED AS OF DATE: 19990811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE INDEX TRUST INC CENTRAL INDEX KEY: 0000858581 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-05986 FILM NUMBER: 99683655 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 3015472000 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE INSTITUTIONAL EQUITY FUNDS INC DATE OF NAME CHANGE: 19900227 N-30D 1 T. ROWE PRICE INDEX TRUST, INC. S-A/R Semiannual Report - Financial Statements T. ROWE PRICE EQUITY INDEX 500 FUND June 30, 1999 T. ROWE PRICE EQUITY INDEX 500 FUND - -------------------------------------------------------------------------------- Unaudited
Financial Highlights For a share outstanding throughout each period - ------------------------------------------------------------------------------------------------------------------------------------ 6 Months Year Ended Ended 6/30/99 12/31/98 12/31/97 12/31/96 12/31/95 12/31/94 NET ASSET VALUE Beginning of period $ 33.38 $ 26.38 $ 20.34 $ 17.21 $ 13.09 $ 13.48 Investment activities Net investment income 0.17* 0.33* 0.35* 0.38* 0.39* 0.36* Net realized and unrealized gain (loss) 3.88 7.10 6.28 3.47 4.43 (0.23) Total from investment activities 4.05 7.43 6.63 3.85 4.82 0.13 Distributions Net investment income (0.16) (0.34) (0.34) (0.38) (0.40) (0.36) Net realized gain (0.12) (0.09) (0.25) (0.34) (0.30) (0.09) In excess of net realized gain - - - - - (0.07) Total distributions (0.28) (0.43) (0.59) (0.72) (0.70) (0.52) NET ASSET VALUE End of period $ 37.15 $ 33.38 $ 26.38 $ 20.34 $ 17.21 $ 13.09 Ratios/Supplemental Data Total return++ 12.17%* 28.31%* 32.87%* 22.65%* 37.16%* 1.01%* Ratio of total expenses to average net assets 0.40%*+ 0.40%* 0.40%* 0.40%* 0.45%* 0.45%* Ratio of net investment income to average net assets 1.03%*+ 1.17%* 1.49%* 2.05%* 2.54%* 2.73%* Portfolio turnover rate 6.4%+ 4.7% 0.7% 1.3% 1.3% 1.3% Net assets, end of period (in millions) $ 4,531 $ 3,347 $ 1,908 $ 808 $ 457 $ 270
++ 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. * Excludes expenses in excess of a 0.45% voluntary expense limitation in effect through 12/31/95 and a 0.40% voluntary expense limitation in effect through 12/31/99. + Annualized The accompanying notes are an integral part of these financial statements. 2 T. ROWE PRICE EQUITY INDEX 500 FUND - -------------------------------------------------------------------------------- Unaudited June 30, 1999 STATEMENT OF NET ASSETS Shares/Par Value - -------------------------------------------------------------------------------- In thousands COMMON STOCKS 98.5% BASIC MATERIALS 3.9% Chemicals 2.3% DuPont 444,452 $ 30,362 3M 158,164 13,750 Dow Chemical 87,469 11,098 Illinois Tool Works 97,983 8,035 PPG Industries 68,698 4,057 Air Products and Chemicals 90,002 3,622 Rohm & Haas 83,028 3,560 Praxair 61,447 3,007 Occidental Petroleum 135,895 2,871 Avery Dennison 46,124 2,785 Union Carbide 52,222 2,546 Ecolab 51,207 2,234 Sealed Air * 32,249 2,092 Sherwin-Williams 67,130 1,863 Eastman Chemical 31,231 1,616 Tenneco 67,481 1,611 Hercules 39,586 1,556 Nalco Chemical 27,413 1,422 Engelhard 55,676 1,260 Ashland 30,242 1,213 Vulcan Materials 22,100 1,066 Great Lakes Chemical 22,831 1,052 FMC * 13,154 899 W. R. Grace * 28,734 528 104,105 ------------- Forest Products and Paper 0.9% Kimberly-Clark 213,138 12,149 International Paper 160,952 8,128 Weyerhaeuser 77,988 5,362 Georgia-Pacific 69,092 3,273 Fort James 85,656 3,244 Willamette Industries 43,355 1,997 Champion International 37,538 1,797 3 T. ROWE PRICE EQUITY INDEX 500 FUND - ------------------------------------------------------------------------------- June 30, 1999 Shares/Par Value - ------------------------------------------------------------------------------- In thousands Mead 39,817 $ 1,663 Westvaco 39,332 1,141 Louisiana Pacific 41,725 991 Boise Cascade 22,631 970 Bemis 21,325 848 Potlatch 12,547 551 42,114 ------------- Gold 0.2% Barrick Gold 148,483 2,877 Placer Dome 127,239 1,503 Newmont Mining 64,905 1,290 Freeport McMoRan Copper & Gold (Class B) 64,977 1,165 Homestake Mining 91,816 752 Battle Mountain Gold 91,204 222 7,809 ------------- Mining and Metals 0.5% Alcoa 145,143 8,981 Alcan Aluminum 89,983 2,874 Owens-Illinois * 60,641 1,982 Allegheny Teledyne 77,922 1,763 Nucor 34,401 1,632 Reynolds Metals 25,382 1,497 Crown Cork & Seal 48,029 1,369 Inco 70,067 1,261 USX-U.S. Steel 34,543 932 Worthington Industries 36,572 600 Cyprus Amax Minerals 38,395 583 Ball 12,515 529 Bethlehem Steel * 54,896 422 ASARCO 14,980 282 24,707 ------------- Total Basic Materials 178,735 ------------- BUSINESS SERVICES 0.8% Advertising 0.2% Omnicom 70,687 5,655 Interpublic Group 55,032 4,767 10,422 ------------- 4 T. ROWE PRICE EQUITY INDEX 500 FUND - -------------------------------------------------------------------------------- Unaudited June 30, 1999 Shares/Par Value - -------------------------------------------------------------------------------- In thousands Business Services 0.2% IMS Health 126,033 $ 3,938 Paychex 95,170 3,028 Dun & Bradstreet 64,141 2,273 Ceridian * 56,132 1,835 11,074 ------------- Environmental Services 0.4% Waste Management 240,702 12,938 Browning-Ferris 62,098 2,670 15,608 ------------- Industrial Services 0.0% Ryder System 27,778 722 722 ------------- Total Business Services 37,826 ------------- CONSUMER DISCRETIONARY 4.8% Entertainment 0.3% Carnival (Class A) 242,158 11,745 King World Productions * 28,789 1,002 12,747 ------------- Hotels 0.1% Hilton 100,015 1,419 Mirage Resorts * 77,192 1,293 Harrah's Entertainment * 48,904 1,076 3,788 ------------- Leisure 0.4% Eastman Kodak 127,779 8,657 Mattel 165,717 4,381 Hasbro 76,816 2,146 Brunswick 35,517 990 Polaroid 19,119 528 16,702 ------------- Media 2.8% Time Warner 483,553 35,541 Disney 815,176 25,118 Media One Group * 239,230 17,793 CBS * 281,706 12,237 5 T. ROWE PRICE EQUITY INDEX 500 FUND - -------------------------------------------------------------------------------- Unaudited June 30, 1999 Shares/Par Value - -------------------------------------------------------------------------------- In thousand Viacom (Class B) * 274,872 $ 12,094 Comcast (Class A Special) 291,446 11,202 Clear Channel Communications * 131,207 9,045 Tribune 46,456 4,047 Meredith 20,186 699 127,776 ------------- Publishing 0.5% Gannett 110,525 7,889 McGraw-Hill 77,662 4,189 New York Times (Class A) 71,248 2,623 R.R. Donnelley 52,777 1,956 Dow Jones 36,328 1,928 Knight-Ridder 31,315 1,720 Times Mirror (Class A) 28,582 1,693 Harcourt General 28,292 1,459 Deluxe Corp. 30,862 1,202 American Greetings (Class A) 26,907 810 Jostens 13,473 284 25,753 ------------- Restaurants 0.7% McDonald's 537,529 22,207 Marriott (Class A) 96,357 3,601 Tricon Global Restaurants * 59,247 3,207 Wendys 48,044 1,360 Darden Restaurants 52,703 1,150 31,525 ------------- Total Consumer Discretionary 218,291 ------------- CONSUMER NONDURABLES 7.8% Beverages 1.8% Coca-Cola 976,862 61,054 PepsiCo 583,990 22,593 83,647 ------------- Food 2.0% Unilever NV 225,412 15,723 Campbell 175,359 8,132 Sara Lee 357,241 8,105 6 T. ROWE PRICE EQUITY INDEX 500 FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Heinz 141,610 $ 7,098 Bestfoods 113,388 5,613 Kellogg 159,399 5,260 ConAgra 192,723 5,131 Coca-Cola Enterprises 165,898 4,936 General Mills 60,639 4,874 Wrigley 45,785 4,121 Sysco 131,336 3,915 Pioneer Hi-Bred 94,891 3,695 Archer Daniels Midland 233,225 3,600 Quaker Oats 53,879 3,576 Hershey Foods 56,898 3,378 RJR Nabisco 128,182 2,508 Supervalu 47,570 1,222 90,887 ------------- Home Products 2.3% Procter & Gamble 525,235 46,877 Gillette 435,845 17,870 Colgate-Palmolive 115,195 11,375 Avon 103,238 5,730 Newell Rubbermaid 111,079 5,165 Clorox 46,354 4,951 Ralston Purina 129,972 3,956 Fortune Brands 67,436 2,790 International Flavors & Fragrances 42,257 1,875 Alberto Culver (Class B) 23,801 634 National Service Industries 16,214 584 Tupperware 22,178 566 102,373 ------------- Liquor 0.5% Anheuser-Busch 188,728 13,388 Seagram 168,182 8,472 Brown-Forman (Class B) 27,164 1,771 Coors (Class B) 13,774 682 24,313 ------------- Textiles and Apparel 0.3% NIKE (Class B) 110,808 7,015 V. F. 47,382 2,026 7 T. ROWE PRICE EQUITY INDEX 500 FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Liz Claiborne 25,894 $ 945 Reebok * 24,087 449 Springs Industries 6,567 286 Fruit of the Loom (Class A) * 27,425 267 Russell 12,398 242 11,230 ------------- Tobacco 0.9% Philip Morris 958,861 38,534 UST 74,192 2,170 40,704 ------------- Total Consumer Nondurables 353,154 ------------- DURABLE GOODS 1.7% Construction & Real Property 0.2% Masco 133,354 3,851 Fluor 30,426 1,232 Armstrong World 15,926 921 Centex 23,528 884 Owens Corning 21,470 738 Kaufman & Broad 18,757 466 Pulte 16,909 390 8,482 ------------- Consumer Durables 0.1% Maytag 34,876 2,430 Black & Decker 34,690 2,190 Whirlpool 29,347 2,172 6,792 ------------- Motor Vehicles and Parts 1.4% Ford Motor 479,337 27,053 GM 258,113 17,035 Delphi Automotive Systems 224,425 4,166 Goodyear Tire & Rubber 61,838 3,637 Dana 65,949 3,038 TRW 47,071 2,583 Genuine Parts 69,862 2,445 PACCAR 30,806 1,645 Navistar * 26,314 1,316 8 T. ROWE PRICE EQUITY INDEX 500 FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Cooper Tire 29,017 $ 685 Fleetwood 13,502 357 63,960 ------------- Total Durable Goods 79,234 ------------- ENERGY 6.2% Energy Reserves & Production 5.0% Exxon 965,258 74,446 Royal Dutch Petroleum ADR 848,878 51,145 Mobil 309,355 30,626 Chevron 259,034 24,657 Texaco 210,270 13,142 Atlantic Richfield 128,743 10,758 Phillips Petroleum 100,540 5,058 Unocal 95,153 3,770 Burlington Resources 69,561 3,009 Amerada Hess 35,974 2,141 Anadarko Petroleum 49,198 1,811 Kerr-McGee 34,676 1,740 Apache 43,231 1,686 Union Pacific Resources 98,157 1,601 225,590 ------------- Oil Refining 0.6% Enron 138,301 11,306 Williams Companies 169,191 7,201 USX-Marathon 119,950 3,906 Coastal 82,998 3,320 Sonat 43,652 1,446 Sunoco 36,795 1,111 28,290 ------------- Oil Services 0.6% Schlumberger 215,258 13,709 Halliburton 173,249 7,840 Baker Hughes 129,177 4,327 Rowan * 33,096 610 Helmerich & Payne 21,827 520 27,006 ------------- Total Energy 280,886 ------------- 9 T. ROWE PRICE EQUITY INDEX 500 FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands FINANCIAL 16.0% Banks 8.1% Citigroup 1,337,647 $ 63,538 Bank of America 690,720 50,638 Chase Manhattan 334,732 28,996 Wells Fargo 652,780 27,906 Bank One 467,475 27,844 First Union 390,435 18,350 Bank of New York 299,237 10,978 Fleet Financial Group 224,802 9,976 J. P. Morgan 70,212 9,865 U.S. Bancorp 288,192 9,799 SunTrust 126,750 8,801 National City 127,935 8,380 Firstar 270,485 7,574 Mellon Bank 206,268 7,503 Fifth Third Bancorp 105,332 7,015 Wachovia 79,771 6,825 PNC Bank 118,154 6,809 BankBoston 116,020 5,932 KeyCorp 179,172 5,756 State Street 63,275 5,402 BB&T 122,663 4,500 Northern Trust 43,467 4,218 Comerica 61,751 3,670 Mercantile Bancorporation 63,086 3,604 Regions Financial 87,028 3,329 Huntington Bancshares 83,289 2,915 Summit Bancorp 68,686 2,872 Republic New York 42,022 2,865 SouthTrust 64,671 2,480 Union Planters 53,224 2,378 Synovus Financial 103,879 2,065 AmSouth 69,916 1,621 364,404 ------------- Financial Services 3.1% Fannie Mae 407,687 27,876 10 T. ROWE PRICE EQUITY INDEX 500 FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands American Express 178,306 $ 23,202 Freddie Mac 274,537 15,923 Associates First Capital (Class A) 287,448 12,738 MBNA 315,107 9,650 Household International 190,942 9,046 Marsh & McLennan 104,134 7,862 Cendant * 311,949 6,395 Providian Financial 56,158 5,251 Capital One Financial 76,989 4,287 Aon 100,869 4,161 SLM Holding 65,071 2,981 Kansas City Southern Industries 42,500 2,712 Equifax 57,290 2,044 H&R Block 38,716 1,936 Countrywide Credit 44,225 1,891 Temple-Inland 21,530 1,469 139,424 ---------- Life & Health Insurance 1.0% American General 98,947 7,458 CIGNA 81,367 7,242 Aetna 55,868 4,997 AFLAC 104,000 4,979 Lincoln National 79,702 4,169 Conseco 126,844 3,861 Transamerica 49,139 3,685 UNUM 54,258 2,971 Jefferson Pilot 41,856 2,770 Provident 52,849 2,114 Torchmark 54,925 1,874 46,120 ---------- Property & Casualty Insurance 2.2% American International Group 490,457 57,414 Allstate 323,182 11,594 Hartford Financial Services Group 91,764 5,351 Chubb 64,060 4,452 Progressive 28,545 4,139 Loews 45,003 3,561 St. Paul Companies 92,331 2,937 11 T. ROWE PRICE EQUITY INDEX 500 FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands MBIA 39,414 $ 2,552 Cincinnati Financial 65,535 2,458 SAFECO 53,245 2,349 MGIC Investment 43,488 2,115 98,922 ---------- Securities & Asset Management 1.4% Morgan Stanley Dean Witter 227,322 23,300 Charles Schwab 161,403 17,734 Merrill Lynch 145,402 11,623 Franklin Resources 99,878 4,058 Lehman Brothers 46,966 2,924 Paine Webber 56,300 2,632 Bear Stearns 44,150 2,064 64,335 ---------- Thrifts 0.2% Washington Mutual 233,879 8,273 Golden West Financial 22,518 2,207 10,480 ---------- Total Financial 723,685 ---------- HEALTH CARE 11.6% Drugs 7.6% Merck 937,938 69,407 Pfizer 512,367 56,232 Bristol-Myers Squibb 785,876 55,355 Eli Lilly 435,701 31,207 Schering-Plough 582,710 30,884 American Home Products 519,153 29,851 Warner-Lambert 336,714 23,360 Amgen * 200,143 12,178 Pharmacia & Upjohn 199,378 11,327 Monsanto 249,907 9,856 Cardinal Health 106,686 6,841 McKesson HBOC 109,678 3,523 Allergan 25,964 2,882 ALZA * 39,776 2,024 Sigma Aldrich 40,205 1,386 Watson Pharmaceuticals * 36,600 1,283 347,596 ---------- 12 T. ROWE PRICE EQUITY INDEX 500 FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Medical Products 3.5% Johnson & Johnson 534,790 $ 52,409 Tyco International 324,222 30,720 Abbott Laboratories 601,835 27,384 Medtronic 230,579 17,956 Baxter International 115,311 6,991 Boston Scientific * 154,363 6,782 Guidant 118,281 6,084 Becton, Dickinson 97,145 2,914 Biomet 43,692 1,734 Bausch & Lomb 22,359 1,710 St. Jude Medical * 33,867 1,207 Mallinkrodt 27,368 996 C. R. Bard 20,426 977 157,864 ---------- Medical Providers & Services 0.5% Columbia/HCA Healthcare 255,838 5,836 United HealthCare 72,942 4,568 HealthSouth * 167,479 2,502 Wellpoint Health Networks * 26,600 2,258 Tenet Healthcare * 120,989 2,246 Service Corp. International * 106,069 2,042 HCR Manor Care * 43,457 1,051 Humana * 64,715 837 21,340 ---------- Total Health Care 526,800 ---------- INDUSTRIAL 6.0% Defense and Aerospace 1.3% Boeing 384,230 16,978 AlliedSignal 219,110 13,804 Raytheon (Class B) 132,948 9,356 Lockheed Martin 154,175 5,743 Textron 62,279 5,126 General Dynamics 50,079 3,431 Northrop 27,313 1,811 B. F. Goodrich 28,884 1,228 57,477 ---------- 13 T. ROWE PRICE EQUITY INDEX 500 FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Heavy Electrical Equipment 3.8% GE 1,300,772 $ 146,987 Emerson Electric 172,059 10,818 Rockwell International 74,625 4,534 W. W. Grainger 37,429 2,014 Cooper Industries 37,420 1,946 Phelps Dodge 22,830 1,414 Thomas & Betts 21,891 1,034 Cummins Engine 16,169 924 Foster Wheeler 16,097 227 169,898 ---------- Heavy Machinery 0.3% Caterpillar 140,589 8,435 Deere 92,840 3,679 Case 29,336 1,412 NACCO Industries (Class A) 3,774 277 13,803 ---------- Industrial Parts 0.6% United Technologies 190,324 13,644 Ingersoll-Rand 65,379 4,225 Dover 87,543 3,064 Parker Hannifin 42,351 1,938 Pall 52,307 1,161 Stanley Works 34,441 1,109 Snap-On 25,789 933 Crane 27,032 850 McDermott International 24,111 681 Briggs & Stratton 9,207 532 Timken 24,067 469 Milacron 16,997 314 28,920 ---------- Total Industrial 270,098 ---------- RETAIL 6.4% Clothing Stores 0.6% The Gap 340,164 17,136 TJX 128,082 4,267 14 T. ROWE PRICE EQUITY INDEX 500 FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands The Limited 85,021 $ 3,858 Nordstrom 56,434 1,890 27,151 Department Stores 3.0% Wal-Mart 1,769,250 85,366 Dayton Hudson 173,808 11,298 Costco Companies * 85,622 6,853 Sears 151,685 6,760 May Department Stores 137,281 5,611 J.C. Penney 103,728 5,037 Kohl's * 64,411 4,972 Federated Department Stores * 82,217 4,352 Kmart * 195,056 3,206 Dillards 41,943 1,473 134,928 ---------- Grocery Stores 0.7% Safeway * 196,315 9,718 Kroger * 323,278 9,031 Albertson's 164,979 8,507 Winn-Dixie 58,600 2,164 A & P 15,930 539 29,959 ---------- Specialty Retailers 2.1% Home Depot 585,617 37,736 Walgreen 394,589 11,591 Lowes 145,697 8,259 CVS 153,161 7,773 Staples * 181,553 5,611 Tandy 77,520 3,789 Circuit City Stores 39,801 3,702 Best Buy * 53,900 3,638 Office Depot * 147,900 3,263 Dollar General 86,309 2,503 Rite Aid 101,196 2,492 Toys "R" Us * 97,550 2,018 AutoZone * 58,125 1,751 Consolidated Stores * 42,135 1,138 15 T. ROWE PRICE EQUITY INDEX 500 FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Longs Drug Stores 15,199 $ 525 Pep Boys 22,023 476 96,265 ---------- Total Retail 288,303 ---------- TECHNOLOGY 21.5% Communications Equipment 3.2% Lucent Technologies 1,208,551 81,502 Nortel Networks 262,753 22,810 Motorola 238,303 22,579 Tellabs * 153,642 10,385 General Instrument * 65,820 2,798 Harris 30,821 1,208 Scientific-Atlanta 30,611 1,102 142,384 ---------- Computer Communications Equipment 1.9% Cisco Systems * 1,269,998 81,796 3Com * 140,896 3,756 Cabletron Systems * 66,252 861 86,413 ---------- Computer Makers 4.8% IBM 726,964 93,960 Hewlett-Packard 401,790 40,380 Dell Computer * 1,002,597 37,065 Sun Microsystems * 306,322 21,108 COMPAQ Computer 672,997 15,942 Gateway 2000 * 61,296 3,616 Apple Computer * 62,415 2,894 Silicon Graphics * 73,684 1,207 Data General * 18,686 272 216,444 ---------- Computer Software 5.3% Microsoft * 2,029,054 182,868 Oracle * 569,716 21,151 Computer Associates 213,036 11,717 BMC Software * 92,881 5,013 Compuware * 145,570 4,626 16 T. ROWE PRICE EQUITY INDEX 500 FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Unisys * 106,762 $ 4,157 Novell * 132,846 3,520 Adobe Systems 24,173 1,986 PeopleSoft * 90,027 1,556 Parametric Technology * 103,488 1,439 Autodesk 23,208 687 238,720 ---------- Electronic Equipment 0.8% Corning 95,732 6,713 Solectron * 98,613 6,576 Honeywell 49,778 5,768 Danaher 52,939 3,077 Eaton 28,027 2,578 Perkin-Elmer 19,921 2,286 Johnson Controls 32,964 2,285 KLA-Tencor * 34,701 2,250 ITT Industries 35,948 1,371 Thermo Electron * 62,788 1,260 Raychem 30,199 1,117 Millipore 17,327 703 Andrew * 32,352 614 Tektronix 17,639 532 37,130 ---------- Information Services 1.8% America Online * 430,090 47,525 Electronic Data Systems 194,159 10,982 Automatic Data Processing 243,526 10,715 First Data 173,498 8,491 Computer Sciences * 62,819 4,346 Shared Medical Systems 10,408 679 82,738 ---------- Miscellaneous Computer Hardware 1.1% EMC * 400,114 22,006 Xerox 261,499 15,445 Pitney Bowes 107,385 6,899 Seagate Technology * 95,728 2,453 Network Appliance * 28,400 1,588 Ikon Office Solutions 56,683 850 49,241 ---------- 17 T. ROWE PRICE EQUITY INDEX 500 FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Semiconductors 2.4% Intel 1,319,166 $ 78,449 Texas Instruments 154,921 22,464 Micron Technology * 96,582 3,894 LSI Logic * 54,677 2,522 National Semiconductor * 64,911 1,643 Advanced Micro Devices * 56,095 1,013 EG&G 17,492 623 110,608 ---------- Semiconductor Capital Equipment 0.2% Applied Materials * 147,519 10,893 10,893 ---------- Total Technology 974,571 ---------- TELECOMMUNICATIONS 8.6% Telephones 7.8% AT&T 1,265,133 70,610 MCI WorldCom * 739,783 63,644 SBC Communications 776,195 45,019 Bell Atlantic 614,498 40,173 BellSouth 768,117 36,006 Ameritech 435,124 31,982 GTE 384,121 29,097 Sprint 351,996 18,590 U S West * 197,050 11,577 Frontier 67,749 3,997 Century Telephone Enterprises 54,150 2,152 352,847 ---------- Wireless Telecommunications 0.8% Vodafone ADR 61,411 12,098 Sprint PCS 172,406 9,849 ALLTEL 111,227 7,953 Nextel Communications * 117,013 5,876 35,776 ---------- Total Telecommunications 388,623 ---------- 18 T. ROWE PRICE EQUITY INDEX 500 FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands TRANSPORTATION 0.9% Air Transport 0.3% AMR * 71,397 $ 4,873 Southwest Airlines 131,320 4,087 Delta 55,639 3,206 USAir * 33,619 1,465 13,631 ---------- Railroads 0.4% Burlington Northern Santa Fe 183,905 5,701 Union Pacific 97,484 5,685 Norfolk Southern 149,001 4,489 CSX 86,278 3,909 19,784 ---------- Trucking, Shipping and Air Freight 0.2% FDX * 116,086 6,297 Laidlaw 129,475 955 7,252 ---------- Total Transportation 40,667 ---------- Utilities 2.2% Electric Utilities 2.0% Duke Energy 141,762 7,708 Southern 274,722 7,280 PG&E 150,264 4,884 Texas Utilities 111,761 4,610 AES * 74,751 4,345 Consolidated Edison 92,200 4,172 FPL Group 71,936 3,930 PECO Energy 88,388 3,701 Edison International 138,168 3,696 Public Service Enterprise 88,132 3,602 Dominion Resources 76,648 3,320 Unicom 85,460 3,296 Entergy 97,561 3,049 FirstEnergy 93,180 2,889 American Electric Power 75,780 2,847 19 T. ROWE PRICE EQUITY INDEX 500 FUND - -------------------------------------------------------------------------------- Shares/Par Value - -------------------------------------------------------------------------------- In thousands Carolina Power & Light 59,498 $ 2,547 DTE Energy 56,288 2,252 PacifiCorp 116,381 2,139 GPU 50,567 2,133 Ameren 52,952 2,032 CINergy 62,853 2,011 Central and South West 82,929 1,938 CMS Energy 46,000 1,926 PP&L Resources 60,809 1,870 Constellation Energy Group 58,545 1,734 New Century Energies 43,993 1,707 Florida Progress 38,300 1,582 Northern States Power 61,099 1,478 Niagara Mohawk * 71,933 1,155 89,833 ---------- Gas Utilities 0.2% Consolidated Natural Gas 37,313 2,267 Sempra Energy 93,180 2,108 Columbia Gas System 33,399 2,094 NICOR 19,455 740 Peoples Energy 15,023 566 Eastern Enterprises 10,076 401 ONEOK 12,075 383 8,559 ---------- Total Utilities 98,392 ---------- MISCELLANEOUS 0.1% Reliant Energy 117,243 3,239 Total Miscellaneous 3,239 ---------- Total Common Stocks (Cost $2,976,141) 4,462,504 ---------- SHORT-TERM INVESTMENTS 1.6% U.S. Government Obligations 0.1% U.S. Treasury Bills, 4.10 - 4.36%, 7/22/99 $5,500,000 5,486 5,486 ---------- 20
T. ROWE PRICE EQUITY INDEX 500 FUND - ----------------------------------------------------------------------------------------------- Value - -------------------------------------------------------------------------------------------------- In thousands Money Market Funds 1.5% Reserve Investment Fund, 5.05% # 69,569,733 69,570 69,570 -------------- Total Short-Term Investments (Cost $75,056) 75,056 -------------- Total Investments in Securities 100.1% of Net Assets (Cost $3,051,197) $ 4,537,560 Futures Contracts In thousands Contract Unrealized Expiration Value Gain (Loss) ---------- -------- ------------ Long, 205 Standard & Poor's 500 Stock Index contracts, $5,500,000 of U.S. Treasury Bills pledged as initial margin 9/99 $ 68,110 $ 2,703 Net payments (receipts) of variation margin to date (1,347) --------- Variation margin receivable (payable) on open futures contracts 1,356 Other Assets Less Liabilities (7,484) -------------- NET ASSETS $ 4,531,432 -------------- Net Assets Consist of: Accumulated net investment income - net of distributions $ 1,080 Accumulated net realized gain/loss - net of distributions 29,628 Net unrealized gain (loss) 1,489,066 Paid-in-capital applicable to 121,985,513 shares of $0.01 par value capital stock outstanding; 1,000,000,000 shares of the Corporation authorized 3,011,658 NET ASSETS $ 4,531,432 -------------- NET ASSET VALUE PER SHARE $ 37.15 --------------
# Seven-day yield * Non-income producing of net assets ADR American Depository Receipt The accompanying notes are an integral part of these financial statements. 21 T. ROWE PRICE EQUITY INDEX 500 FUND - ------------------------------------------------------------------------------ Unaudited - ----------------------- STATEMENT OF OPERATIONS - ------------------------------------------------------------------------------ In thousand 6 Months Ended 6/30/99 Investment Income Income Dividend $ 26,580 Interest 1,813 ------------ Total income 28,393 ------------ Expenses Shareholder servicing 3,831 Investment management 3,420 Prospectus and shareholder reports 291 Custody and accounting 145 Registration 138 Legal and audit 8 Directors 8 Miscellaneous 98 ------------ Total expenses 7,939 Expenses paid indirectly (5) ------------ Net expenses 7,934 ------------ Net investment income 20,459 ------------ Realized and Unrealized Gain (Loss) Net realized gain (loss) Securities 26,073 Futures 5,280 ------------ Net realized gain (loss) 31,353 ------------ Change in net unrealized gain or loss Securities 407,843 Futures 122 ------------ Change in net unrealized gain or loss 407,965 ------------ Net realized and unrealized gain (loss) 439,318 ------------ INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS $ 459,777 ------------ The accompanying notes are an integral part of these financial statements. 22 T. ROWE PRICE EQUITY INDEX 500 FUND - -------------------------------------------------------------------------------- Unaudited - ---------------------------------- STATEMENT OF CHANGES IN NET ASSETS - -------------------------------------------------------------------------------- In thousands 6 Months Year Ended Ended 6/30/99 12/31/98 Increase (Decrease) in Net Assets Operations Net investment income $ 20,459 $ 29,963 Net realized gain (loss) 31,353 63,528 Change in net unrealized gain or loss 407,965 548,331 ---------------------------- Increase (decrease) in net assets from operations 459,777 641,822 ---------------------------- Distributions to shareholders Net investment income (19,017) (30,728) Net realized gain (13,801) (8,434) ---------------------------- Decrease in net assets from distributions (32,818) (39,162) ---------------------------- Capital share transactions* Shares sold 1,399,450 1,652,651 Distributions reinvested 32,107 38,253 Shares redeemed (674,733) (854,675) Redemption fees received 156 283 ---------------------------- Increase (decrease) in net assets from capital share transactions 756,980 836,512 ---------------------------- Net Assets Increase (decrease) during period 1,183,939 1,439,172 Beginning of period 3,347,493 1,908,321 ---------------------------- End of period $ 4,531,432 $ 3,347,493 ---------------------------- *Share information Shares sold 40,032 55,811 Distributions reinvested 901 1,237 Shares redeemed (19,224) (29,114) ---------------------------- Increase (decrease) in shares outstanding 21,709 27,934 The accompanying notes are an integral part of these financial statements. 23 T. ROWE PRICE EQUITY INDEX 500 FUND - -------------------------------------------------------------------------------- Unaudited June 30, 1999 - ----------------------------- NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES T. Rowe Price Index Trust, Inc. (the corporation) is registered under the Investment Company Act of 1940. The Equity Index 500 Fund (the fund), a diversified, open-end management investment company, is one of the portfolios established by the corporation and commenced operations on March 30, 1990. The accompanying financial statements are prepared in accordance with generally accepted accounting principles for the investment company industry; these principles may require the use of estimates by fund management. Valuation Equity securities listed or regularly traded on a securities exchange are valued at the last quoted sales price on the day the valuations are made. A security which is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for such security. Listed securities not traded on a particular day and securities regularly traded in the over-the-counter market are valued at the mean of the latest bid and asked prices. Other equity securities are valued at a price within the limits of the latest bid and asked prices deemed by the Board of Directors, or by persons delegated by the Board, best to reflect fair value. Short-term debt securities are valued at amortized cost which, when combined with accrued interest, approximates fair value. Investments in mutual funds are valued at the closing net asset value per share of the mutual fund on the day of valuations. Financial futures contracts are valued at closing settlement prices. Assets and liabilities for which the above valuation procedures are inappropriate or are deemed not to reflect fair value are stated at fair value as determined in good faith by or under the supervision of the officers of the fund, as authorized by the Board of Directors. Premiums and Discounts Premiums and discounts on debt securities are amortized for both financial reporting and tax purposes. Other Income and expenses are recorded on the accrual basis. Investment transactions are accounted for on the trade date. Realized gains and losses are reported on the identified cost basis. Dividend income and distributions to shareholders are recorded by the fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with federal income tax 24 T. ROWE PRICE EQUITY INDEX 500 FUND - -------------------------------------------------------------------------------- regulations and may differ from those determined in accordance with generally accepted accounting principles. Payments ("variation margin") made or received by the fund to settle the daily fluctuations in the value of futures contracts are recorded as unrealized gains or losses until the contracts are closed. Unrealized gains and losses on futures contracts are included in Change in net unrealized gain or loss in the accompanying financial statements. Expenses paid indirectly reflect credits earned on daily, uninvested cash balances at the custodian, used to reduce the fund's custody charges. NOTE 2 - INVESTMENT TRANSACTIONS Consistent with its investment objective, the fund engages in the following practices to manage exposure to certain risks or enhance performance. The investment objective, policies, program, and risk factors of the fund are described more fully in the fund's prospectus and Statement of Additional Information. Futures Contracts At June 30, 1999, 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 and receives cash and U.S. government securities as collateral against the loans. Cash collateral received is invested in a money market pooled account by the fund's lending agent. Collateral is maintained over the life of the loan in an amount not less than 100% of the value of loaned securities. 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 them. At June 30, 1999, the value of loaned securities was $67,472,000; aggregate collateral consisted of $70,971,000 in the securities lending collateral pool. Other Purchases and sales of portfolio securities, other than short-term securities, aggregated $830,150,000 and $124,534,000, respectively, for the six months ended June 30, 1999. 25 T. ROWE PRICE EQUITY INDEX 500 FUND - -------------------------------------------------------------------------------- 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 and distribute all of its taxable income. At June 30, 1999, the cost of investments for federal income tax purposes was substantially the same as for financial reporting and totaled $3,051,197,000. Net unrealized gain aggregated $1,486,363,000 at period end, of which $1,528,052,000 related to appreciated investments and $41,689,000 to depreciated investments. NOTE 4 - RELATED PARTY TRANSACTIONS The investment management agreement between the fund and T. Rowe Price Associates, Inc. (the manager) provides for an annual investment management fee, of which $545,000 was payable at June 30, 1999. The fee, computed daily and paid monthly, is equal to 0.20% of the fund's average daily net assets. Under the terms of the investment management agreement, the manager is required to bear any expenses through December 31, 1999, which would cause the fund's ratio of total expenses to average net assets to exceed 0.40%. Thereafter, through December 31, 2001, the fund is required to reimburse the manager for these expenses, provided that average net assets have grown or expenses have declined sufficiently to allow reimbursement without causing the fund's ratio of total expenses to average net assets to exceed 0.40%. Pursuant to this agreement, $543,000 of management fees were not accrued by the fund for the six months ended June 30, 1999, and $955,000 remains unaccrued from prior periods. Additionally, $653,000 of unaccrued management fees related to a previous expense limitation are subject to reimbursement through December 31, 1999. In addition, the fund has entered into agreements with the manager and two wholly owned subsidiaries of the manager, pursuant to which the fund receives certain other services. The manager computes the daily share price and maintains the financial records of the fund. T. Rowe Price Services, Inc. is the fund's transfer and dividend disbursing agent and provides shareholder and administrative services to the fund. T. Rowe Price Retirement Plan Services, Inc. provides subaccounting and recordkeeping services for certain retirement accounts invested in the fund. The fund incurred expenses pursuant to these related 26 T. ROWE PRICE EQUITY INDEX 500 FUND - -------------------------------------------------------------------------------- party agreements totaling approximately $3,423,000 for the six months ended June 30, 1999, of which $699,000 was payable at period-end. The fund may invest in the Reserve Investment Fund and Government Reserve Investment Fund (collectively, the Reserve Funds), open-end management investment companies managed by T. Rowe Price Associates, Inc. The Reserve Funds are offered as cash management options only to mutual funds and other accounts managed by T. Rowe Price and its affiliates and are not available to the public. The Reserve Funds pay no investment management fees. Distributions from the Reserve Funds to the fund for the six months ended June 30, 1999, totaled $1,720,000 and are reflected as interest income in the accompanying Statement of Operations. 27 T. ROWE PRICE SHAREHOLDER SERVICES - -------------------------------------------------------------------------------- INVESTMENT SERVICES AND INFORMATION KNOWLEDGEABLE SERVICE REPRESENTATIVES By Phone 1-800-225-5132 Available Monday through Friday from 8 a.m. to 10 p.m. ET and weekends from 8:30 a.m. to 5 p.m. ET. In Person Available in T. Rowe Price Investor Centers. ACCOUNT SERVICES Checking Available on most fixed income funds ($500 minimum). Automatic Investing From your bank account or paycheck. Automatic Withdrawal Scheduled, automatic redemptions. Distribution Options Reinvest all, some, or none of your distributions. Automated 24-Hour Services Including Tele*Access(R) and the T. Rowe Price Web site on the Internet. Address: www.troweprice.com BROKERAGE SERVICES* Individual Investments Stocks, bonds, options, precious metals, and other securities at a savings over full-service commission rates.** INVESTMENT INFORMATION Combined Statement Overview of all your accounts with T. Rowe Price. Shareholder Reports Fund managers' reviews of their strategies and results. T. Rowe Price Report Quarterly investment newsletter discussing markets and financial strategies. Performance Update Quarterly review of all T. Rowe Price fund results. Insights Educational reports on investment strategies and financial markets. Investment Guides Asset Mix Worksheet, College Planning Kit, Diversifying Overseas: A Guide to International Investing, Personal Strategy Planner, Retirees Financial Guide, and Retirement Planning Kit. * T. Rowe Price Brokerage is a division of T. Rowe Price Investment Services, Inc., Member NASD/SIPC. ** Based on a January 1999 survey for representative-assisted stock trades. Services vary by firm, and commissions may vary depending on size of order. 28 T. ROWE PRICE MUTUAL FUNDS - -------------------------------------------------------------------------------- STOCK FUNDS Domestic Blue Chip Growth Capital Appreciation Capital Opportunity Diversified Small-Cap Growth Dividend Growth Equity Income Equity Index 500 Extended Equity Market Index Financial Services Growth & Income Growth Stock Health Sciences Media & Telecommunications Mid-Cap Growth Mid-Cap Value New America Growth New Era New Horizons* Real Estate Science & Technology Small-Cap Stock Small-Cap Value Spectrum Growth Total Equity Market Index Value International/Global Emerging Markets Stock European Stock Global Stock International Discovery International Growth & Income International Stock Japan Latin America New Asia Spectrum International BOND FUNDS Domestic Taxable Corporate Income GNMA High Yield New Income Short-Term Bond Short-Term U.S. Government Spectrum Income Summit GNMA Summit Limited-Term Bond U.S. Treasury Intermediate U.S. Treasury Long-Term Domestic Tax-Free California Tax-Free Bond Florida Intermediate Tax-Free** Georgia Tax-Free Bond Maryland Short-Term Tax-Free Bond Maryland Tax-Free Bond New Jersey Tax-Free Bond New York Tax-Free Bond Summit Municipal Income Summit Municipal Intermediate Tax-Free High Yield Tax-Free Income Tax-Free Intermediate Bond*** Tax-Free Short-Intermediate Virginia Short-Term Tax-Free Bond Virginia Tax-Free Bond International/Global Emerging Markets Bond Global Bond International Bond MONEY MARKET FUNDS+ Taxable Prime Reserve Summit Cash Reserves U.S. Treasury Money Tax-Free California Tax-Free Money New York Tax-Free Money Summit Municipal Money Market Tax-Exempt Money BLENDED ASSET FUNDS Balanced Personal Strategy Balanced Personal Strategy Growth Personal Strategy Income Tax-Efficient Balanced T. ROWE PRICE NO-LOAD VARIABLE ANNUITY Equity Income Portfolio International Stock Portfolio Limited-Term Bond Portfolio Mid-Cap Growth Portfolio New America Growth Portfolio Personal Strategy Balanced Portfolio Prime Reserve Portfolio * Closed to new investors. ** Formerly named Florida Insured Intermediate Tax- Free. *** Formerly named Tax-Free Insured Intermediate Bond. + Investments in the funds are not insured or guaranteed by the FDIC or any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds. Please call for a prospectus. Read it carefully before investing. The T. Rowe Price No-Load Variable Annuity [#V6021] is issued by Security Benefit Life Insurance Company. In New York, it [#FSB201(11-96)] is issued by First Security Benefit Life Insurance Company of New York, White Plains, NY. T. Rowe Price refers to the underlying portfolios' investment managers and the distributors, T. Rowe Price Investment Services, Inc.; T. Rowe Price Insurance Agency, Inc.; and T. Rowe Price Insurance Agency of Texas, Inc. The Security Benefit Group of Companies and the T. Rowe Price companies are not affiliated. The variable annuity may not be available in all states. The contract has limitations. Call a representative for costs and complete details of the coverage. 29 T. ROWE PRICE RETIREMENT PLANS AND RESOURCES - -------------------------------------------------------------------------------- RETIREMENT PLANS AND RESOURCES We recognize that saving for retirement is the number one investment goal for most Americans. We can help you meet your retirement needs, whether you are starting an IRA or designing a retirement program for your employees. T. Rowe Price offers an assortment of retirement plans for individuals, the self-employed, small businesses, corporations, and nonprofit organizations. We provide recordkeeping, communications, and investment management services, as well as a variety of educational materials, self-help planning guides, and software tools to help you choose and implement a retirement plan appropriate for you. For information or to request literature, call us at 1-800-638-5660. IRAs AND QUALIFIED PLANS Traditional IRA Roth IRA Rollover IRA SEP-IRA SIMPLE IRA Profit Sharing Money Purchase Pension "Paired" Plans (Money Purchase Pension and Profit Sharing Plans) 401(k) 403(b) 457 Deferred Compensation RETIREMENT RESOURCES AT T. ROWE PRICE Planning and Informational Guides Minimum Required Distributions Guide Retirement Planning Kit Retirees Financial Guide Tax Considerations for Investors Investment Kits The IRA Investing Kit Roth IRA Conversion Kit Rollover IRA Kit The T. Rowe Price SIMPLE IRA Plan Kit The T. Rowe Price SEP-IRA Plan The Simplified Keogh Plan(R) From T. Rowe Price The T. Rowe Price 401(k) Century Plan(R)(for small businesses) Money Purchase Pension/Profit Sharing Plan Kit Investing for Retirement in Your 403(b) Account The T. Rowe Price No-Load Variable Annuity Information Kit Insights Reports The Challenge of Preparing for Retirement Financial Planning After Retirement The Roth IRA: A Review Software Packages T. Rowe Price Retirement Planning Analyzer(TM) CD-ROM or diskette $19.95. To order, please call 1-800-541-5760. Also available on the Internet for $9.95. T. Rowe Price Variable Annuity Analyzer(TM) CD-ROM or diskette, free. To order,please call 1-800-469-5304. Many of these resources are also available for viewing or ordering on the Internet at www.troweprice.com. 30 T. ROWE PRICE INSIGHTS REPORTS - -------------------------------------------------------------------------------- THE FUNDAMENTALS OF INVESTING Whether you are unsure how to get started or are saving for a specific goal, such as retirement or college, the T. Rowe Price Insights series can help you make informed investment decisions. These reports, written in plain English about fundamental investment topics, can be useful at every stage of your investment journey. They cover a range of topics, from the basic, such as getting started with mutual funds, to the more advanced, such as managing risk through diversification or buying individual securities through a broker. To request one or more Insights, call us at 1-800-638-5660. INSIGHTS REPORTS General Information The ABCs of Y2K The ABCs of Giving Back to Basics: The ABCs of Investing The Challenge of Preparing for Retirement Financial Planning After Retirement Getting Started: Investing With Mutual Funds The Roth IRA: A Review Tax Information for Mutual Fund Investors Investment Strategies Conservative Stock Investing Dollar Cost Averaging Equity Index Investing Growth Stock Investing Investing for Higher Yield Managing Risk Through Diversification The Power of Compounding Value Investing Types of Securities The Basics of International Stock Investing The Basics of Tax-Free Investing The Fundamentals of Fixed Income Investing Global Bond Investing Investing in Common Stocks Investing in Emerging Growth Stocks Investing in Financial Services Stocks Investing in Health Care Stocks Investing in High-Yield Municipal Bonds Investing in Money Market Securities Investing in Mortgage-Backed Securities Investing in Natural Resource Stocks Investing in Science and Technology Stocks Investing in Small-Company Stocks Understanding Derivatives Understanding High-Yield "Junk" Bonds Brokerage Insights Combining Individual Securities With Mutual Funds Getting Started: An Introduction to Individual Securities What You Should Know About Bonds What You Should Know About Margin and Short-Selling What You Should Know About Options What You Should Know About Stocks T.Rowe Price Insights are also available for reading or downloading on the Internet at www.troweprice.com. 31 For yield, price, last transaction, current balance, or to conduct transactions, 24 hours, 7 days a week, call Tele*Access(R): 1-800-638-2587 toll free For assistance with your existing fund account, call: Shareholder Service Center 1-800-225-5132 toll free 410-625-6500 Baltimore area To open a brokerage account or obtain information, call: 1-800-638-5660 toll free Internet address: www.troweprice.com T. Rowe Price Associates 100 East Pratt Street Baltimore, Maryland 21202 This report is authorized for distribution only to shareholders and to others who have received a copy of the prospectus appropriate to the fund or funds covered in this report. Investor Centers: 101 East Lombard St. Baltimore, MD 21202 T. Rowe Price Financial Center 10090 Red Run Blvd. Owings Mills, MD 21117 Farragut Square 900 17th Street, N.W. Washington, D.C. 20006 4200 West Cypress St. 10th Floor Tampa, FL 33607 4410 ArrowsWest Drive Colorado Springs, CO 80907 Warner Center 21800 Oxnard Street, Suite 270 Woodland Hills, CA 91367 [LOGO OF T. ROWE PRICE APPEARS HERE] T. Rowe Price Investment Services, Inc., Distributor. -----END PRIVACY-ENHANCED MESSAGE-----