Item 1. Report to Shareholders
T. Rowe Price International Equity Index Fund
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Certified Financials
T. Rowe Price International Equity Index Fund
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Certified Financials
Financial Highlights
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For a share outstanding throughout each period
6 Months Year 11/30/00
Ended Ended Through
4/30/03 10/31/02 10/31/01
- --------------------------------------------------------------------------------
NET ASSET VALUE
Beginning
of period $ 6.68 $ 7.78 $ 10.00
Investment activities
Net investment
income (loss) 0.07 0.09 0.10
Net realized and
unrealized gain (loss) 0.09 (1.12) (2.32)
Total from
investment activities 0.16 (1.03) (2.22)
Distributions
Net investment
income (0.10) (0.07) --
NET ASSET VALUE
End of period $ 6.74 $ 6.68 $ 7.78
---------------------------------------------------
Ratios/Supplemental Data
Total return^ 2.45% (13.38)% (22.20)%
Ratio of total
expenses to
average net
assets 0.50%! 0.50% 0.50%!
Ratio of net
investment
income (loss)
to average
net assets 2.21%! 1.59% 1.51%!
Portfolio
turnover rate 47.5%! 49.0% 63.1%!
Net assets,
end of
period
(in thousands) $ 13,754 $ 12,031 $ 7,502
^ 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.
! Annualized
The accompanying notes are an integral part of these financial statements.
T. Rowe Price International Equity Index Fund
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Certified Financials (Unaudited) April 30, 2003
Statement of Net Assets Shares Value
- --------------------------------------------------------------------------------
In thousands
EUROPE/FAR EAST 1.0%
Common Stocks 1.0%
iShares MSCI EAFE (USD) 1,400 $ 140
Total Europe/Far East (Cost $135) 140
FOREIGN/EUROPE 0.2%
Common Stocks 0.2%
iShares MSCI EMU (USD) 700 32
Total Foreign/Europe (Cost $28) 32
AUSTRALIA 5.0%
Common Stocks 4.8%
Alumina 2,613 7
Amcor 2,215 11
AMP 2,787 15
AMP Diversified Property 345 1
Ansell Limited * 518 2
Australia & New Zealand Banking 3,424 40
Australian Foundation Investment 1,202 3
Australian Gas Light 954 7
AXA Asia Pacific 2,595 4
Bank of Western Australia 5 0
BHP Billiton 8,773 50
BHP Steel 1,371 3
Boral 1,319 4
Brambles Industries 2,420 8
Caltex Australia * 119 0
CFS Gandel Retail Trust 2,722 2
Coca Cola Amatil 1,019 4
Cochlear Limited 74 2
Coles Myer 1,994 9
Commonwealth Bank of Australia 2,883 49
Computershare 1,158 1
CSL 452 4
CSR 2,259 2
Foodland Associated 646 8
Foster's Group 4,530 $ 13
General Property Trust 4,766 9
Harvey Norman 2,608 4
Iluka Resources 547 1
Insurance Australia Group Limited 3,233 6
iShares MSCI Australia (USD) 1,600 16
James Hardie Industries 470 2
John Fairfax 156 0
Lend Lease 773 5
Lion Nathan 914 3
Macquarie Bank 433 7
Macquarie Infrastructure Group 4,365 9
Mayne Group 3,154 6
MIM 3,915 4
Mirvac 1,426 4
National Australia Bank 3,473 71
National Foods 1,643 3
Newcrest Mining 980 4
News Corporation 3,563 25
Orica 1,230 8
Origin Energy 2,350 7
Patrick Corporation 376 3
Publishing & Broadcasting 71 0
Qantas Airways 1,613 3
QBE Insurance 1,248 7
Rinker Group * 2,259 7
Rio Tinto 895 18
Santos 1,210 4
Seven Network 80 0
Southcorp 1,509 4
St. George Bank 1,133 14
Stockland 1,927 6
Suncorp Metway 1,171 8
Tabcorp (misc. symbol) 840 6
Telstra 5,793 15
Transurban 1,098 3
Wesfarmers 883 13
Westfield Holdings 1,300 $ 12
Westfield Trust 4,829 10
Westpac Banking 4,110 41
WMC Resources Limited * 2,651 7
Woodside Petroleum 937 7
Woolworths 2,194 18
649
Preferred Stocks 0.2%
News Corporation 5,621 33
33
Total Australia (Cost $620) 682
AUSTRIA 0.3%
Common Stocks 0.3%
Andritz 55 1
Austrian Airlines * 9 0
BBAG 8 1
Bohler-Uddeholm 31 2
Brau-Union 8 1
BWT 108 2
CA Immobilien Anlagen * 67 1
Erste Bank 138 11
EVN 7 0
Immofinanz Immobilien Anlagen * 887 6
Lenzing 1 0
Mayr-Melnhof Karton 26 2
OMV 34 4
Palfinger 1 0
Semperit Holdings 22 0
Sparkassen Immobilien * 40 0
Telekom Austria * 431 5
Uniqa Versicherungen 68 1
VA Technologie * 8 0
Voest-Alpine 33 1
Wienerberger 205 4
Total Austria (Cost $31) 42
T. Rowe Price International Equity Index Fund
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Certified Financials (Unaudited)
BELGIUM 1.1%
Common Stocks 1.1%
Ackermans & Van Haaren 21 $ 0
Agfa Gevaert (misc. symbol) 485 10
Almanij 192 7
Bekaert 40 2
CNP 17 2
Colruyt 32 2
D'Ieteren 15 2
Delhaize Group 175 4
Dexia 2,120 24
Electrabel 97 23
Fortis 1,660 28
Groupe Bruxelles Lambert 141 6
Interbrew 507 11
KBC Bank 195 7
Mobistar * 58 2
Solvay 99 7
Tessenderlo Chemie 83 3
UCB 234 6
Umicore 17 1
Total Belgium (Cost $162) 147
BERMUDA 0.1%
Common Stocks 0.1%
Kowloon Motor Bus Holdings (HKD) 800 4
Yue Yuen Industrial (HKD) 4,000 8
Total Bermuda (Cost $7) 12
CAYMAN ISLAND 0.0%
Common Stocks 0.0%
Tingyi Holding (HKD) 6,000 1
Total Cayman Island (Cost $1) 1
T. Rowe Price International Equity Index Fund
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Certified Financials (Unaudited)
DENMARK 0.7%
Common Stocks 0.7%
Carlsberg, Series B (misc. symbol) 54 $ 2
Codan * 12 0
Coloplast 45 3
Copenhagen Airports 17 1
Danisco 176 6
Danske Bank 1,759 34
FLS Industries, Series B * 1 0
GN Great Nordic * 603 2
Group 4 Falck 120 2
H. Lundbeck 275 6
ISS 92 3
Jyske Bank * 168 6
NEG Micon 53 1
Novo Nordisk 502 18
Novozymes, Series B 122 3
TDC A/S 361 9
Topdanmark * 54 2
Vestas Wind Systems 186 2
William Demant * 84 2
Total Denmark (Cost $109) 102
T. Rowe Price International Equity Index Fund
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Certified Financials (Unaudited)
FINLAND 1.8%
Common Stocks 1.8%
Elisa * 408 3
Fortum 874 6
Metso 322 3
Nokia 11,267 191
Sampo, Series A 633 5
Stora Enso 1,586 17
TietoEnator 212 3
UPM- Kymmene 1,205 18
Total Finland (Cost $325) 246
T. Rowe Price International Equity Index Fund
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Certified Financials (Unaudited)
FRANCE 9.9%
Common Stocks 9.9%
Accor 497 $ 16
Alcatel *(misc. symbol) 3,130 26
Assurances Generales de France 169 6
Aventis (misc. symbol) 1,862 95
AXA 4,128 63
BNP Paribas 2,061 97
Bouygues 590 14
Canal Plus 69 0
Cap Gemini * 289 9
Carrefour 1,634 71
Casino Guichard-Perrachon 51 4
Christian Dior 200 7
Compagnie de Saint-Gobain 805 28
Credit Agricole (misc. symbol) 625 12
Credit Lyonnais * 597 37
Essilor International 234 10
France Telecom * 1,586 37
Groupe Danone 323 46
L'Air Liquide 235 36
L'Oreal 827 59
Lafarge 284 19
Lagardere S.C.A. 324 12
LVMH 877 38
Michelin 244 9
Orange * 1,613 13
Pechiney 191 6
Pernod-Ricard 153 13
Peugeot 424 20
Pinault Printemps Redoute 210 15
Renault 306 13
Rexel 44 1
Sanofi-Synthelabo 848 51
Schneider Electric * 555 26
Societe Generale 979 60
Societe Television
Francaise 1 (misc. symbol) 346 10
Sodexho Alliance (misc. symbol) 283 $ 6
STMicroelectronics 1,612 33
Suez 2,602 42
Thales 201 5
Thomson * 434 6
TotalFinaElf, Series B (misc. symbol) 1,602 211
Valeo 137 4
Vinci 162 11
Vivendi Environment 891 19
Vivendi Universal 2,433 40
Total France (Cost $1,610) 1,356
GERMANY 6.6%
Common Stocks 6.5%
Adidas-Salomon 98 8
Allianz 650 46
Altana 144 7
AMB 39 2
BASF (misc. symbol) 1,426 64
Bayer (misc. symbol) 1,670 31
Bayerische Hypo-und Vereinsbank 813 11
Beiersdorf, Series A 91 11
BMW 668 22
Commerzbank 849 8
Continental * 322 6
DaimlerChrysler (misc. symbol) 2,294 74
Degussa 69 2
Deutsche Bank 1,425 74
Deutsche Lufthansa *(misc. symbol) 449 5
Deutsche Post 789 9
Deutsche Telekom 7,315 98
E.On 1,609 77
Fresenius Medical Care 95 5
Gehe 74 3
HeidelbergCement 41 1
Henkel 126 7
HVB Group 84 1
Infineon Technologies * 1,749 $ 13
Karstadt (misc. symbol) 179 3
Linde 216 8
MAN 214 4
Metro 360 10
MLP (misc. symbol) 285 3
Munich Re 295 30
RWE 1,018 27
SAP 605 62
Schering 447 20
Siemens 2,072 104
ThyssenKrupp (misc. symbol) 826 9
TUI 312 5
Volkswagen 718 25
895
Preferred Stocks 0.1%
Henkel (Non-voting shares) 153 10
10
Total Germany (Cost $1,194) 905
GREECE 0.5%
Common Stocks 0.5%
Agriculture Bank of Greece * 80 1
Alpha Bank * 437 6
Alpha Investment * 301 1
Altec Information &
Communications Systems * 1,614 1
Aluminium of Greece 50 1
Aspis Pronia General Insurance * 265 0
Athens Water Supply & Sewage 24 0
Attica Enterprises 184 0
Babis Vovos 10 0
Bank of Greece 8 1
Bank of Piraeus 132 1
Chipita International 50 0
Coca-Cola Hellenic Bottling 239 4
Commercial Bank of Greece 77 $ 1
Corinth Pipeworks 30 0
Cosmote 220 2
Delta 193 1
EFG Eurobank Ergasias * 397 5
Egnatia Bank 229 1
Elais Oleaginous Products 6 0
ETBA 192 0
Ethniki General Insurance * 10 0
General Construction 190 1
Goody's 2 0
Greek Organization
of Football Prognostics 400 4
Hellenic Duty Free Shops 97 1
Hellenic Petroleum 92 1
Hellenic Sugar 10 0
Hellenic Telecommunications
Organization 803 9
Heracles General Cement 40 0
Hyatt Regency Hotels
and Tourism 35 0
Iaso 254 2
Info-Quest * 215 0
Inform P. Lykos 110 1
Intracom 164 1
J&P-Avax 40 0
Lambrakis Press * 59 0
M.J. Maillis 290 1
Minoan Lines * 379 1
N.B.G. Real Estate Development 50 0
Naoussa Spinning Mills * 27 0
National Bank of Greece * 448 6
Pouliades Associates 221 0
Public Power * 200 3
Sarantis * 400 1
Singular 105 0
Technical Olympic 759 2
Tiletipos 21 0
Titan Cement 30 1
Unisystems 23 $ 0
Viohalco 250 1
Vodafone Panafon 741 5
67
Preferred Stocks 0.0%
Delta 345 2
Motor Oil Hellas 30 0
2
Total Greece (Cost $91) 69
HONG KONG 2.1%
Common Stocks 2.1%
Bank of East Asia 2,400 4
BOC Hong Kong 6,000 6
Cathay Pacific Airways 4,000 5
Cheung Kong Holdings 4,000 22
Cheung Kong Infrastructure Holdings 2,000 4
China Mobile (Hong Kong) 14,500 29
China Overseas Land 2,000 0
China Resources Enterprise (misc. symbol) 4,000 3
China Unicom * 6,000 3
Citic Pacific 2,000 3
CLP 3,700 15
CNOOC 10,000 13
Cosco Pacific 4,000 3
Dairy Farm International (USD) 4,500 5
Denway Motors 6,000 2
Esprit 1,500 3
Hang Lung Development 1,000 1
Hang Lung Properties Limited 3,000 3
Hang Seng Bank 1,800 18
Henderson Investor 2,000 2
Henderson Land Development 1,000 2
Hong Kong & China Gas 11,930 14
Hong Kong & Shanghai Hotels * 5,000 2
Hong Kong Electric 3,000 12
Hong Kong Land (USD) 5,000 6
Hutchison Whampoa 7,000 $ 39
Hysan Development 1,000 1
Shares MSCI Hong Kong (USD) 400 3
Jardine Matheson (USD) 800 5
Johnson Electric 4,500 5
Kerry Properties 1,500 2
Legend 16,000 4
Li & Fung 4,000 4
MTR 4,500 5
New World Development 2,000 1
PCCW Limited * 3,200 2
Shanghai Industrial Holdings 2,000 2
Shangri-La Asia 2,000 1
Sino Land 4,000 1
South China Morning Post 6,000 2
Sun Hung Kai Properties 4,000 19
Swire Pacific, Series A 1,500 6
Swire Pacific, Series B 5,000 3
Wharf 2,000 4
Wheelock 1,000 1
Total Hong Kong (Cost $410) 290
IRELAND 0.8%
Common Stocks 0.8%
Allied Irish Banks 2,131 33
Bank of Ireland 2,355 29
CRH 1,144 17
DCC 179 2
Elan * 1,140 4
Independent News & Media 1,359 2
Independent News & Media, Rights * 362 0
Irish Life & Permanent 771 9
Kerry 523 8
Ryanair * 726 5
Total Ireland (Cost $105) 109
ITALY 4.3%
Common Stocks 4.3%
Alleanza
Assicurazioni (misc. symbol) 1,080 $ 10
Assicurazioni
Generali (misc. symbol) 3,053 70
Banca Antonveneta 502 9
Banca Fideuram 761 4
Banca Intesa 10,102 26
Banca Lombarda * 691 8
Banca Monte dei
Paschi di Siena 2,341 7
Banca Popolare
di Bergamo (misc. symbol) 256 5
Banco Popolare di
Verona e Novara (misc. symbol) 861 12
Benetton 254 2
BNL * 2,761 5
Bulgari 228 1
Capitalia (misc. symbol) 4,217 7
Enel (misc. symbol) 5,685 34
ENI 7,034 100
Fiat (misc. symbol) 681 5
Fineco *(misc. symbol) 3,285 2
Finmeccanica 18,517 11
Fondiaria-Sai 151 2
Gruppo Editoriale L'Espresso 521 2
HDP * 1,491 4
Ifil (Ordinary shares) (misc. symbol) 365 1
Ifil (Savings shares) 65 0
Italcementi (misc. symbol) 187 2
Luxottica Group 443 5
Mediaset 1,456 12
Mediobanca 808 8
Mediolanum 395 2
Olivetti * 14,781 17
Pharmalat Finanz (misc. symbol) 1,126 3
Pirelli (misc. symbol) 4,418 4
RAS 790 11
Saipem (misc. symbol) 1,109 8
San Paolo IMI (misc. symbol) 2,345 19
Seat Pagine Gialle * (misc. symbol) 13,052 9
Snam Rete Gas 2,197 $ 8
Telecom Italia
(Ordinary shares) (misc. symbol) 6,314 52
Telecom Italia (Savings shares) 3,207 16
Telecom Italia Mobile 9,793 46
UniCredito Italiano (misc. symbol) 11,012 48
Total Italy (Cost $684) 597
JAPAN 18.0%
Common Stocks 18.0%
77 Bank 1,000 4
ACOM 200 6
Advantest 100 3
AEON 600 14
Aiful 50 2
Aioi Insurance 1,000 2
Ajinomoto 2,000 20
All Nippon Airways *(misc. symbol) 5,000 8
Asahi Breweries 2,000 12
Asahi Glass 2,000 11
Asahi Kasei 2,000 5
Ashikaga Financial Group * 7,000 9
Bank of Yokohama 1,000 4
Benesse 300 4
Bridgestone 1,000 11
Canon 1,000 40
Central Japan Railway 2 13
Chubu Electric 1,500 30
Chugai Pharmaceutical 1,900 20
Chugoku Electric Power 800 13
Citizen Watch 1,000 5
Credit Saison 300 6
CSK (misc. symbol) 100 2
Dai Nippon Printing 2,000 19
Daido Steel 1,000 1
Daiel * (misc. symbol) 13,000 14
Dainippon Ink & Chemicals 9,000 14
Daito Trust Construction 6000 11
Daiwa House Industry 1,000 $ 6
Daiwa Securities 3,000 12
Denso 1,200 17
East Japan Railway 7 32
Eisai 400 7
FamilyMart 200 4
Fanuc 300 12
Fast Retailing 200 6
Fuji Electric 5,000 9
Fuji Heavy Industries 1,000 4
Fujisawa Pharmaceutical 1,000 17
Fujitsu 3,000 8
Furukawa Electric 1,000 2
Gunma Bank 1,000 5
Hachijuni Bank 1,000 3
Hankyu * 2,000 5
Hanshin Electric Railway 1,000 3
Heiwa 700 11
Hitachi 6,000 20
Hitachi Capital 100 1
Hitachi Chemical 300 3
Hokkaido Electric Power 500 7
Hokuriku Bank * 15,000 19
Hokuriku Electric Power 500 8
Honda Motor 1,700 56
Hoya 300 18
iShares MSCI Japan (USD) * 9,400 60
Ishikawajima Harima Heavy Industries 6,000 5
Isuzu Motors *(misc. symbol) 10,000 8
Ito-Yokado 1,000 24
Itochu 2,000 4
Itochu Techno-Science 100 2
Japan Airlines System 1,000 2
Japan Telecom Holdings 2 5
Japan Tobacco 2 12
JFE Holdings 900 11
Joyo Bank 1,000 3
Kajima (misc. symbol) 2,000 $ 4
Kanebo * 1,000 1
Kansai Electric Power 1,800 30
Kao 1,000 18
Kawasaki Heavy Industries 6,000 5
Kawasaki Kisen Kaisha (misc. symbol) 5,000 11
KDDI 7 21
Keihin Electric Express Railway 1,000 5
Keio Electric Railway 1,000 5
Keyence 100 16
Keyence (Bonus shares) * 10 2
Kinki Nippon
Railways *(misc. symbol) 3,000 7
Kirin Brewery 2,000 15
Kobe Steel * 4,000 2
Komatsu 1,000 4
Konami 200 3
Konica 1,000 9
Kubota 2,000 5
Kuraray 1,000 6
Kyocera 400 20
Kyowa Hakko Kogyo 1,000 4
Kyushu Electric Power 1,000 16
Lawson 200 6
Makita 1,000 8
Marubeni 6,000 6
Marui 2,000 17
Matsushita Electric Industrial 4,000 32
Matsushita Electric Works 1,000 5
Mazda Motor (misc. symbol) 2,000 4
Millea Holdings 3 19
Minolta 2,000 11
Mitsubishi 3,000 18
Mitsubishi Chemical 4,000 7
Mitsubishi Electric 5,000 13
Mitsubishi Estate 2,000 12
Mitsubishi Heavy Industries 8,000 18
Mitsubishi Materials * 2,000 2
Mitsubishi Tokyo Financial 7 $ 24
Mitsui 3,000 14
Mitsui Chemical 1,000 4
Mitsui Engineering
& Shipbuilding 3,000 3
Mitsui Fudosan 2,000 11
Mitsui Mining & Smelting 1,000 3
Mitsui O.S.K. Lines 2,000 5
Mitsui Sumitomo Insurance 3,000 14
Mitsukoshi (misc. symbol) 1,000 2
Mitsumi Electric 400 3
Mizuho Financial Group * 18 10
Mizuho Trust &
Banking *(misc. symbol) 14,000 10
Murata Manufacturing 600 21
Nagoya Railroad * 1,000 3
NEC 3,000 9
Nikko Securities 3,000 8
Nintendo 200 16
Nippon Express 2,000 7
Nippon Mining
Holdings (misc. symbol) 3,500 6
Nippon Oil 2,000 8
Nippon Sheet Glass 1,000 2
Nippon Steel 16,000 18
Nippon Telegraph & Telephone 7 25
Nippon Unipac 2 6
Nippon Yusen 2,000 7
Nipponkoa Insurance 1,000 3
Nissan Motor 5,000 38
Nissin Food Products 400 9
Nitto Denko 400 12
Nomura Securities 4,000 40
NTT Data 3 7
NTT DoCoMo 47 97
Obayashi 1,000 3
Odakyu Electric Railway 2,000 9
Oji Paper 2,000 8
Oki Electric Industry * 3,000 6
Oracle Japan 1000 3
Oriental Land 100 $ 4
Orix 200 9
Osaka Gas 3,000 9
Pioneer 300 6
Promise 100 3
Resona Holdings *(misc. symbol) 9,000 4
Ricoh 2,000 31
Rohm 300 31
Sankyo 1,000 14
Sanrio 500 2
Sanyo Electric 3,000 9
Secom 500 12
Sega * 400 2
Sekisui House 1,000 7
Seven-Eleven Japan 1,000 24
Sharp 2,000 21
Shikoku Electric Power 500 8
Shimano 1,500 24
Shimizu 1,000 3
Shin-Etsu Chemical 700 21
Shionogi & Co. 1,000 12
Shiseido 1,000 9
Shizuoka Bank 1,000 7
Shohkoh Fund (misc. symbol) 30 2
Showa Denko * 5,000 8
SMC 100 8
Softbank (misc. symbol) 500 6
Sompo Japan Insurance 1,000 5
Sony 2,100 51
Sumitomo 2,000 8
Sumitomo Chemicals 3,000 8
Sumitomo Electric Industries 1,000 6
Sumitomo Metal Industries * 8,000 4
Sumitomo Metal Mining 1,000 3
Sumitomo Mitsui Financial
Group (misc. symbol) 10 16
Sumitomo Osaka Cement 3,000 4
Sumitomo Realty &
Development (misc. symbol) 1,000 3
Sumitomo Trust & Banking 1,000 3
Suzuki Motor 1,000 12
Taiheiyo Cement (misc. symbol) 5,000 $ 7
Taisei 1,000 2
Takeda Chemical Industries 1,500 55
Takefuji 160 8
TDK 200 7
Teijin 1,000 2
Terumo 700 12
The Bank of Fukuoka 1,000 4
Tobu Railway 1,000 3
Toho 600 5
Tohoku Electric Power 1,000 16
Tokyo Electric Power 2,300 47
Tokyo Electron 300 11
Tokyo Gas 5,000 16
Tokyu 2,000 5
Toppan Printing 1,000 6
Toray Industries 2,000 5
Toshiba 6,000 16
Tosoh 1,000 2
Toto 1,000 5
Toyobo 3,000 4
Toyoda Gosei 1,100 20
Toyota Industries 500 7
Toyota Motor 6,300 143
Ube Industries 3,000 4
UFJ Holdings *(misc. symbol) 6 5
West Japan Railway 3 9
Yamanouchi Pharmaceutical 1,000 25
Yamato Transport 1,000 11
YASKAWA Electric * 1,000 2
Total Japan (Cost $3,439) 2,478
LUXEMBOURG 0.1%
Common Stocks 0.1%
Arcelor * 858 10
SES Global (1 FDR Represents 1 A share) 431 2
Total Luxembourg (Cost $13) 12
NETHERLANDS 5.1%
Common Stocks 5.1%
ABN Amro Holdings (misc. symbol) 3,712 $ 63
Aegon 3,440 35
Akzo Nobel 686 15
ASML Holding * 1,241 11
DSM 172 8
European Aeronautic
Defense & Space 754 7
Fortis (misc. symbol) 1,530 25
Heineken 486 18
ING Groep 4,521 74
Koninklijke Numico 338 3
Philips Electronics 3,162 59
Reed Elsevier (misc. symbol) 1,831 21
Royal Ahold 2,071 9
Royal Dutch Petroleum 4,940 202
Royal KPN * 4,059 27
TNT Post 826 13
Unilever 1,360 86
VNU 622 18
Wolters Kluwer 668 9
Total Netherlands (Cost $961) 703
NEW ZEALAND 0.2%
Common Stocks 0.2%
Air New Zealand * 1,979 1
Auckland International Airport 120 0
Briscoe Group 95 0
Carter Holt Harvey 3,239 3
Contact Energy 255 1
Fisher & Paykel Appliances 34 0
Fisher & Paykel Healthcare 197 1
Fletcher Building 520 1
Independent Newspapers 137 0
Infratil Limited 263 0
Kiwi Income Property Trust 2,924 2
Natural Gas Corporation 6 $ 0
Port of Tauranga Limited 94 0
Ports of Auckland 30 0
Sanford 434 2
Sky City 630 3
Sky Network Television * 136 0
Telecom Corp. of New Zealand 4,958 13
Tower 950 1
Tranz Rail Holdings * 1,329 0
Warehouse Group 1,391 5
Westpac Trust Investments 74 1
34
Preferred Stocks 0.0%
Fletcher Challenge Forests * 1,754 1
1
Total New Zealand (Cost $30) 35
NORWAY 0.5%
Common Stocks 0.5%
Bergesen, Series A 73 2
Bergesen, Series B 15 0
DnB Holding 702 3
EDB Business Partner * 229 1
Gjensidige NOR ASA (misc. symbol) 169 6
Hafslund, Series B 31 0
Kongsberg Gruppen * 360 4
Kvaerner, Series A * 1,155 1
Leif Hoegh 16 0
Norsk Hydro 427 18
Norske Skogsindustrier 376 5
Odfjell, Series A * 5 0
Opticom * 126 2
Orkla, Series A 411 7
Rieber & Son, Series A * 90 1
Schibsted 131 1
Smedvig, Series B 245 1
Statoil 1,103 9
Storebrand ASA * 673 $ 3
Tanderg * 386 1
Telenor 1,202 5
Tomra Systems 321 2
Wilhelm Wilhelmsen, Series A 11 0
Total Norway (Cost $81) 72
PORTUGAL 0.4%
Common Stocks 0.4%
Banco BPI 1,201 3
Banco Comercial Portugues 4,532 6
Banco Espirito Santo 187 3
Brisa-Auto Estradas
de Portugal 950 5
CIMPOR 255 1
Electricidade de Portugal 4,815 9
Jeronimo Martins * 76 1
Portugal Telecom 2,930 21
PT Multimedia-Servicos de
Telecomunicacoes e Multimedia * 192 3
Sonae * 2,546 1
Total Portugal (Cost $64) 53
SINGAPORE 0.8%
Common Stocks 0.8%
BIL International * 7,500 2
CapitaLand 1,000 1
Chartered Semiconductor Manufacturing * 3,000 1
City Developments 1,000 2
ComfortDelGro Corporation * 5,012 2
Creative Technology 350 2
Datacraft Asia (USD) * 2,000 1
DBS 2,000 10
Elec & Eltek (USD) 1,400 3
Haw Par 103 0
Jardine Strategic (USD) 500 1
Keppel 1,000 3
MobileOne Limited 2,000 2
NatSteel 4,000 $ 5
Neptune Orient Lines * 4,000 3
Overseas Chinese Banking 2,000 11
Pacific Century Regional Developments * 7,000 1
Sembcorp Industries 2,000 1
Sembcorp Logistics 2,000 2
Sembcorp Marine 5,000 3
Singapore Airlines 1,000 5
Singapore Press 1,000 9
Singapore Technologies Engineering 4,000 4
Singapore Telecommunications 11,000 9
Singapore Telecommunications CUFS
(1 CDR represents 1 ordinary share)
(AUD) 1,333 1
ST Assembly Test Services * 4,000 3
United Industrial 1,000 0
United Overseas Bank 2,520 15
Venture Manufacturing 1,000 8
Want Want Holdings (USD) 8,000 5
Total Singapore (Cost $143) 115
SPAIN 3.9%
Common Stocks 3.9%
Acciona 78 4
Acerinox 157 6
Acesa Infraestructuras 202 3
ACS 115 4
Alba 134 3
Altadis, Series A 717 19
Amadeus Global Travel Distribution 920 5
Banco Bilbao Vizcaya Argentaria 7,528 76
Banco Popular Espanol 490 24
Banco Santander Central Hispano 10,800 85
Bankinter 179 5
Cia Espanola de Petroleos 262 6
Endesa 2,416 34
FCC 198 5
Gas Natural 558 $ 11
Grupo Dragados 387 7
Iberdrola 2,048 33
Inditex 721 14
NH Hoteles * 247 2
Repsol 2,745 40
Telefonica 11,871 132
Terra Networks * 991 5
Union Electrica Fenosa 576 8
Total Spain (Cost $536) 531
SWEDEN 2.5%
Common Stocks 2.5%
Assa Abloy 671 6
Atlas Copco, Series A 247 6
Atlas Copco, Series B 177 4
Electrolux, Series B (misc. symbol) 851 16
Eniro 347 3
ForeningsSparbanken, Series A 857 12
Gambro, Series A (misc. symbol) 479 3
Gambro, Series B 194 1
Hennes & Mauritz, Series B 1,372 31
Holmen, Series B 153 4
Industrivarden, Series A 382 5
Industrivarden, Series C 107 1
Investor, Series A (misc. symbol) 628 4
Investor, Series B 971 6
iShares MSCI Sweden (USD) 1,200 13
LM Ericsson, Series B * 37,036 34
Modern Times * 129 1
Nordea (misc. symbol) 6,743 36
Sandvik 620 16
SAS * 263 1
SAS (DKK) * 14 0
Scania, Series B 83 2
SEB, Series A 1,445 15
Securitas, Series B 673 8
Skandia Forsakrings 2,105 $ 6
Skanska * 843 5
SKF, Series A 65 2
SKF, Series B 180 5
SSAB Svenskt Stal, Series A 146 2
SSAB Svenskt Stal, Series B 138 2
Svenska Cellulosa 445 15
Svenska Handelsbanken, Series A 1,599 25
Swedish Match (misc. symbol) 1,088 8
Tele2, Series B * 227 8
TeliaSonera * 1,731 6
TeliaSonera (EUR) * 1,303 5
Volvo, Series A 389 7
Volvo, Series B 787 16
Total Sweden (Cost $410) 340
SWITZERLAND 7.3%
Common Stocks 7.3%
ABB * 2,649 8
Adecco 334 13
Baloise 167 5
Ciba Specialty Chemicals * 145 10
Clariant 316 3
Compagnie Financiere Richemont 1,262 19
Credit Suisse Group * 2,845 68
Givaudan 20 8
Holcim 50 9
iShares MSCI Switzerland (USD) 500 6
Lonza Group 124 8
Nestle (misc. symbol) 925 189
Nobel Biocare Holding 65 4
Novartis 6,591 260
Pargesa 3 6
Roche (Bearer shares) (misc. symbol) 77 8
Roche (Participation certificates) 1,641 104
Swatch (Bearer shares) 81 7
Swatch (Registered shares) 331 6
Swiss Life Holding * 71 $ 4
Swiss Re 753 49
Swisscom 64 20
Syngenta * 259 13
UBS (misc. symbol) 2,934 139
Zurich Financial Services 333 35
Total Switzerland (Cost $1,160) 1,001
UNITED KINGDOM 26.7%
Common Stocks 26.7%
3i Group 1,298 10
Abbey National 3,405 24
Aegis 2,116 2
Alliance & Leicester 1,081 14
Alliance Trust 165 6
Allied Domecq 2,631 15
Amvescap 1,786 10
Anglo American 3,432 49
Arm * 2,383 2
Associated British Foods 955 8
AstraZeneca 4,052 159
Aviva 5,261 37
AWG * 670 6
Barclays 15,361 106
BBA 1,736 5
BG Group 8,109 32
BHP Billiton 5,693 29
BOC 1,159 15
Boots Group 1,815 17
BP 52,606 334
BPB 819 4
Brambles 1,673 5
British Aerospace 7,142 15
British Airport Authorities 2,445 19
British Airways * 824 2
British America Tobacco 3,789 36
British Land 1,123 7
British Sky Broadcast * 3,430 $ 36
BT Group 19,899 57
Bunzl 1,351 10
Cable & Wireless 6,199 7
Cadbury Schweppes 4,875 27
Capita 1,552 6
Carlton Communications 1,100 2
Carnival 483 12
Centrica 9,726 26
Chubb 1,700 2
Compass 5,308 24
Corus * 5,396 1
Daily Mail & General Trust 635 6
Diageo 7,393 82
Dixons 4,398 8
Edinburgh Investment Trust 1,446 6
Electrocomponents 1,089 5
EMAP 561 7
EMI 1,419 3
Exel 807 8
FKI 2,503 3
Foreign and Colonial Investment Trust 2,732 7
Gallaher 1,559 15
GKN 1,795 6
GlaxoSmithKline 14,184 285
Granada 6,673 7
GUS 2,550 24
Hammerson 696 5
Hanson 1,551 9
Hays 3,578 5
HBOS 8,845 104
Hilton Group 3,695 9
HSBC Holdings 25,574 280
Imperial Chemical 2,398 5
Imperial Tobacco Group 1,710 29
InterContinental Hotels * 1,895 12
International Power * 2,252 4
Investec 141 $ 2
Invesys 6,467 2
iShares MSCI United Kingdom (USD) 2,700 33
J. Sainsbury 3,212 12
Johnson Matthey 524 7
Kingfisher 6,118 24
Land Securities Group 1,086 13
Legal & General Group 14,624 18
Lloyds TSB 13,081 86
LogicaCMG 2,100 4
Lonmin 305 3
Marks & Spencer Group 5,143 24
Matalan 423 1
Misys 2,049 6
Mitchells & Butler * 1,895 6
mm02 * 18,465 16
National Grid Group 7,143 47
Next 681 10
Northern Rock 937 11
Nycomed Amersham 1,663 12
Old Mutual 8,098 12
Pearson 1,780 15
Peninsular & Oriental Steam Navigation 2,273 7
Premier Farnell 1,283 4
Provident Financial 439 4
Prudential 4,553 28
Rank 1,222 5
Reckitt Benckiser 1,639 29
Reed Elsevier 2,894 23
Rentokil Initial 4,408 13
Reuters 3,010 7
Rexam 1,648 10
Rio Tinto 2,520 48
RMC 624 4
Rolls Royce 3,960 6
Royal & Sun Alliance 3,446 6
Royal Bank of Scotland 6,793 178
SABM 2,172 $ 15
Safeway 2,517 11
Sage Group 3,116 7
Schroders 323 3
Schroders (Non-Voting Shares) 88 1
Scottish & Newcastle 1,829 10
Scottish & Southern Energy 1,854 19
Scottish Mortgage & Trust 610 3
Scottish Power 4,082 25
Severn Trent 879 10
Shell Transport & Trading 22,792 137
Shire Pharmaceuticals * 1,227 8
Slough Estates 1,151 6
Smith & Nephew 2,034 14
Smiths 1,304 14
Spirent 2,990 1
Standard Chartered 2,715 30
Tate & Lyle 957 5
Tesco 16,433 52
TI Automotive * 270 0
Tomkins 1,906 6
Unilever 6,808 67
United Business Media 1,909 8
United Utilities 1,562 15
Vodafone 152,091 300
Vodafone ADR (USD) 700 14
WH Smith 482 2
Whitbread 611 6
Witan Investment Trust 1,452 6
Wolseley 1,423 14
WPP Group 2,551 18
Total United Kingdom (Cost $4,292) 3,675
UNITED STATES 0.0%
Money Market Funds 0.0%
T. Rowe Price Reserve
Investment Fund, 1.30% # 1,000 $ 1
Total United States (Cost $1) 1
SECURITIES LENDING COLLATERAL 9.2%
Money Market Pooled Account 9.2%
Investments in money market pooled account managed by
JPMorgan Chase Bank, London 1,268,882 $ 1,269
Total Securities Lending
Collateral (Cost $1,269) 1,269
Total Investments in Securities
109.1% of Net Assets (Cost $17,911) $ 15,015
Other Assets Less Liabilities
Including $1,269 obligation to return
securities lending collateral (1,261)
NET ASSETS $ 13,754
---------------
Net Assets Consist of:
Undistributed net
investment income (loss) $ 125
Undistributed net
realized gain (loss) (689)
Net unrealized gain (loss) (2,894)
Paid-in-capital applicable to
2,041,640 shares of $0.01
par value capital stock
outstanding; 1,000,000,000
shares of the Corporation authorized 17,212
NET ASSETS $ 13,754
---------------
NET ASSET VALUE PER SHARE $ 6.74
---------------
# Seven-day yield
* Non-income producing
(misc. symbol) All or a portion of this security is on loan at April 30,
2003 - See Note 2
ADR American Depository Receipts
AUD Australian dollar
DKK Danish krone
EUR Euro
HKD Hong Kong dollar
USD United States dollar
The accompanying notes are an integral part of these financial statements.
T. Rowe Price International Equity Index Fund
- --------------------------------------------------------------------------------
Certified Financials (Unaudited)
Statement of Operations
- --------------------------------------------------------------------------------
In thousands
6 Months
Ended
4/30/03
- --------------------------------------------------------------------------------
Investment Income (Loss)
Income
Dividend (net of foreign taxes of $22) $ 165
Securities lending 2
Total income 167
Investment management and
administrative expense 31
Net investment income (loss) 136
Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Securities (273)
Foreign currency transactions (1)
Net realized gain (loss) (274)
Change in net unrealized gain (loss)
Securities 492
Other assets and liabilities
denominated in foreign currencies 1
Change in net unrealized gain (loss) 493
Net realized and unrealized gain (loss) 219
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ 355
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
T. Rowe Price International Equity Index Fund
- --------------------------------------------------------------------------------
Certified Financials (Unaudited)
Statement of Changes in Net Assets
- --------------------------------------------------------------------------------
In thousands
6 Months Year
Ended Ended
4/30/03 10/31/02
- --------------------------------------------------------------------------------
Increase (Decrease) in Net Assets
Operations
Net investment
income (loss) $ 136 $ 166
Net realized
gain (loss) (274) (286)
Change in net
unrealized gain (loss) 493 (1,672)
Increase (decrease) in net
assets from operations 355 (1,792)
Distributions to shareholders
Net investment income (173) (70)
Capital share transactions*
Shares sold 3,363 8,473
Distributions reinvested 133 39
Shares redeemed (1,955) (2,122)
Redemption fees -- 1
Increase (decrease) in net
assets from capital
share transactions 1,541 6,391
Net Assets
Increase (decrease) during period 1,723 4,529
Beginning of period 12,031 7,502
End of period $ 13,754 $ 12,031
--------------- ---------------
*Share information
Shares sold 515 1,113
Distributions reinvested 21 5
Shares redeemed (294) (282)
Increase (decrease) in
shares outstanding 242 836
The accompanying notes are an integral part of these financial statements.
T. Rowe Price International Equity Index Fund
- --------------------------------------------------------------------------------
Certified Financials (Unaudited) April 30, 2003
Notes to Financial Statements
- --------------------------------------------------------------------------------
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
T. Rowe Price International Equity Index Fund, Inc. (the corporation) is
registered under the Investment Company Act of 1940 (the 1940 Act). The
International Equity Index Fund (the fund), a diversified, open-end
management investment company, is one of the portfolios established by the
corporation and commenced operations on November 30, 2000. The fund seeks
to provide long-term capital growth, using the FTSE International Limited
Developed ex North America 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
Investments are valued 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, or
official closing price for certain markets, 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 for domestic securities
and the last quoted sale price for international securities.
Investments in mutual funds are valued at the closing net asset value per
share of the mutual fund on the day of valuation.
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 or under the supervision of the
officers of the fund, as authorized by the Board of Directors.
Most foreign markets close before the NYSE. Developments that could affect
the values of securities that occur between the close of a foreign market
and the close of the NYSE normally will not be reflected in security
valuations. However, if such developments are so significant that they
will, in the judgment of the officers of the fund, clearly and materially
affect the value of securities, the previous closing prices may be adjusted
to reflect the fair value of the securities as of the close of the NYSE, as
determined in good faith by or under the supervision of the officers of the
fund, as authorized by the Board of Directors.
Currency Translation
Assets, including investments, and liabilities denominated in foreign
currencies are translated into U.S. dollar values each day at the
prevailing exchange rate, using the mean of the bid and ask prices of such
currencies against U.S. dollars as quoted by a major bank. Purchases and
sales of securities, income, and expenses are translated into U.S. dollars
at the prevailing exchange rate on the date of the transaction. The effect
of changes in foreign currency exchange rates on realized and unrealized
security gains and losses is reflected as a component of such gains and
losses.
Redemption Fee
A 1% fee is assessed on redemptions of fund shares held less than 6 months.
Such fees are deducted from redemption proceeds and retained by the fund,
and have the primary effect of increasing paid-in capital.
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.
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.
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 account 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 April 30, 2003, the value of loaned securities was
$1,229,000; aggregate collateral consisted of $1,269,000 in the money
market pooled account and U.S. government securities valued at $14,000.
Other
Purchases and sales of portfolio securities, other than short-term
securities, aggregated $4,487,000 and $2,985,000, respectively, for the six
months ended April 30, 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 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 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. Temporary
differences are not adjusted. The amount and character of tax-basis
distributions and composition of net assets are finalized at fiscal
year-end; accordingly, tax-basis balances have not been determined as of
April 30, 2003.
The fund intends to retain realized gains to the extent of available
capital loss carryforwards. As of October 31, 2002, the fund had $414,000
of unused capital loss carryforwards, of which $125,000 expire in 2009, and
$289,000 expire in 2010.
At April 30, 2003, the cost of investments for federal income tax purposes
was substantially the same as for financial reporting and totaled
$17,911,000. Net unrealized loss aggregated $2,894,000 at period-end, of
which $524,000 related to appreciated investments and $3,418,000 related to
depreciated investments.
NOTE 4 - FOREIGN TAXES
The fund is subject to foreign income taxes imposed by certain countries in
which it invests. Foreign income taxes are accrued by the fund as a
reduction of income.
NOTE 5 - RELATED PARTY TRANSACTIONS
The fund is managed by T. Rowe Price International, Inc. (the manager), a
wholly owned subsidiary of T. Rowe Price Associates, Inc. (Price
Associates), which is wholly owned by T. Rowe Price Group, Inc. The
investment management and administrative agreement betwee the fund and the
manager provides for an all-inclusive annual fee equal to 0.50% 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
April 30, 2003, $13,000 was payable under the agreement.
The fund may invest in the T. Rowe Price Reserve Investment Fund and 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.
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) At the date of filing this Form N-CSR, the registrant's Principal Executive
Officer and Principal Financial Officer are aware of no significant changes in
the registrant's internal controls or in other factors that could significantly
affect these controls subsequent to the date of their evaluation, including any
corrective actions with regard to significant deficiencies and material
weaknesses.
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 International Index Fund, Inc.
By /s/ James S. Riepe
James S. Riepe
Principal Executive Officer
Date June 12, 2003
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 June 12, 2003
By /s/ Joseph A. Carrier
Joseph A. Carrier
Principal Financial Officer
Date June 12, 2003