Equity Index 500 Fund_EXF_F50-051
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-05986
T. Rowe Price Index Trust, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive
offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: December 31
Date of reporting
period: June 30, 2023
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Market
Commentary
Portfolio
Summary
Fund
Expense
Example
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
Equity
Market
Index
Funds
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
Equity
Market
Index
Funds
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
Certain
mutual
fund
accounts
that
are
assessed
an
annual
account
service
fee
can
also
save
money
by
switching
to
e-delivery.
T.
ROWE
PRICE
Equity
Market
Index
Funds
Market
Commentary
Dear
Shareholder
Most
major
global
stock
and
bond
indexes
produced
positive
returns
during
the
first
half
of
your
fund’s
fiscal
year,
the
six-month
period
ended
June
30,
2023.
Despite
turmoil
in
the
banking
sector
and
a
protracted
debt
ceiling
standoff,
markets
were
resilient
as
growth
remained
positive
in
the
major
economies
and
corporate
earnings
results
came
in
stronger
than
expected.
For
the
six-month
period,
the
technology-oriented
Nasdaq
Composite
Index
gained
more
than
30%,
the
strongest
result
of
the
major
benchmarks,
as
tech
companies
benefited
from
investor
enthusiasm
for
artificial
intelligence
applications.
Growth
stocks
outperformed
value
shares,
and
developed
market
stocks
generally
outpaced
their
emerging
market
counterparts.
Currency
movements
were
mixed
over
the
period,
although
a
weaker
dollar
versus
major
European
currencies
was
beneficial
for
U.S.
investors
in
European
securities.
Within
the
S&P
500
Index,
the
information
technology,
communication
services,
and
consumer
discretionary
sectors
were
all
lifted
by
the
tech
rally
and
recorded
significant
gains.
Conversely,
the
defensive
utilities
sector
had
the
weakest
returns
in
the
growth-focused
environment,
and
the
energy
sector
also
lost
ground
amid
declining
oil
prices.
The
financials
sector
partly
recovered
from
the
failure
of
three
large
regional
banks
during
the
period
but
still
finished
with
modest
losses.
Cheaper
oil
contributed
to
slowing
inflation,
although
core
inflation
readings—
which
exclude
volatile
food
and
energy
prices—remained
stubbornly
high.
In
response,
the
Federal
Reserve
raised
its
short-term
lending
benchmark
rate
to
a
target
range
of
5.00%
to
5.25%
by
early
May,
the
highest
level
since
2007.
The
Fed
held
rates
steady
at
its
June
meeting,
but
policymakers
indicated
that
two
more
rate
hikes
could
come
by
the
end
of
the
year.
In
the
fixed
income
market,
returns
were
generally
positive
across
most
sectors
as
investors
benefited
from
the
higher
interest
rates
that
have
become
available
over
the
past
year.
Investment-grade
corporate
bonds
were
supported
by
generally
solid
balance
sheets
and
were
among
the
strongest
performers.
Global
economies
and
markets
showed
surprising
resilience
in
recent
months,
but,
moving
into
the
second
half
of
2023,
we
believe
investors
could
face
potential
challenges.
The
impact
of
the
Fed’s
rate
hikes
has
yet
to
be
fully
felt
in
the
economy,
and
while
the
regional
banking
turmoil
appears
to
have
been
contained
by
the
swift
actions
of
regulators,
it
could
weigh
on
credit
conditions.
Moreover,
market
consensus
still
seems
to
point
to
a
coming
recession,
although
hopes
have
emerged
that
such
a
downturn
could
be
more
modest.
T.
ROWE
PRICE
Equity
Market
Index
Funds
We
believe
this
environment
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
You
may
notice
that
this
report
no
longer
contains
the
commentary
on
your
fund’s
performance
and
positioning
that
we
previously
included
in
the
semiannual
shareholder
letters.
The
Securities
and
Exchange
Commission
(SEC)
adopted
new
rules
in
January
that
will
require
fund
reports
to
transition
to
a
new
format
known
as
a
Tailored
Shareholder
Report.
This
change
will
require
a
much
more
concise
summary
of
performance
rather
than
the
level
of
detail
we
have
provided
historically
while
also
aiming
to
be
more
visually
engaging.
As
we
prepare
to
make
changes
to
the
annual
reports
to
meet
the
new
report
regulatory
requirements
by
mid-2024,
we
felt
the
time
was
right
to
discontinue
the
optional
six-month
semiannual
fund
letter
to
focus
on
the
changes
to
come.
While
semiannual
fund
letters
will
no
longer
be
produced,
you
may
continue
to
access
current
fund
information
as
well
as
insights
and
perspectives
from
our
investment
team
on
our
personal
investing
website.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely,
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
Equity
Market
Index
Funds
Portfolio
Summary
EQUITY
INDEX
500
FUND
SECTOR
DIVERSIFICATION
Periods
Ended
12/31/22
6/30/23
Information
Technology
25.5%
28.1%
Health
Care
15.7
13.4
Financials
11.6
12.4
Consumer
Discretionary
9.8
10.6
Industrials
and
Business
Services
8.8
8.7
Communication
Services
7.2
8.3
Consumer
Staples
7.2
6.6
Energy
5.2
4.1
Utilities
3.2
2.5
Materials
2.7
2.5
Real
Estate
2.7
2.5
Other
and
Reserves
0.4
0.3
Total
100.0%
100.0%
Historical
weightings
reflect
current
industry/sector
classifications.
T.
ROWE
PRICE
Equity
Market
Index
Funds
TOTAL
EQUITY
MARKET
INDEX
FUND
SECTOR
DIVERSIFICATION
Periods
Ended
12/31/22
6/30/23
Information
Technology
24.3%
26.4%
Health
Care
15.5
13.4
Financials
12.2
12.9
Consumer
Discretionary
9.9
10.8
Industrials
and
Business
Services
9.8
10.0
Communication
Services
6.7
7.7
Consumer
Staples
6.6
6.1
Energy
5.2
4.1
Real
Estate
3.3
2.9
Materials
3.0
2.7
Utilities
3.0
2.5
Other
and
Reserves
0.5
0.5
Total
100.0%
100.0%
Historical
weightings
reflect
current
industry/sector
classifications.
T.
ROWE
PRICE
Equity
Market
Index
Funds
EXTENDED
EQUITY
MARKET
INDEX
FUND
SECTOR
DIVERSIFICATION
Periods
Ended
12/31/22
6/30/23
Industrials
and
Business
Services
15.8%
18.1%
Information
Technology
18.0
17.7
Financials
16.0
15.6
Health
Care
13.8
12.9
Consumer
Discretionary
11.3
12.1
Real
Estate
6.4
5.9
Energy
4.9
4.3
Materials
4.3
4.0
Communication
Services
3.7
4.1
Consumer
Staples
3.0
2.8
Utilities
2.2
1.9
Other
and
Reserves
0.6
0.6
Total
100.0%
100.0%
Historical
weightings
reflect
current
industry/sector
classifications.
T.
ROWE
PRICE
Equity
Market
Index
Funds
PORTFOLIO
HIGHLIGHTS
TWENTY-FIVE
LARGEST
HOLDINGS
Equity
Index
500
Fund
Percent
of
Net
Assets
6/30/23
Apple
7.7%
Microsoft
6.8
Alphabet
3.6
Amazon.com
3.1
NVIDIA
2.8
Tesla
1.9
Meta
Platforms
1.7
Berkshire
Hathaway
1.6
UnitedHealth
Group
1.2
Exxon
Mobil
1.2
Johnson
&
Johnson
1.2
JPMorgan
Chase
1.1
Visa
1.0
Eli
Lilly
1.0
Broadcom
1.0
Procter
&
Gamble
1.0
Mastercard
0.9
Home
Depot
0.8
Merck
0.8
Chevron
0.7
PepsiCo
0.7
Costco
Wholesale
0.6
AbbVie
0.6
Coca-Cola
0.6
Adobe
0.6
Total
44.2%
Note:
The
information
shown
does
not
reflect
any
exchange-traded
funds
(ETFs),
cash
reserves,
or
collateral
for
securities
lending
that
may
be
held
in
the
portfolio.
T.
ROWE
PRICE
Equity
Market
Index
Funds
PORTFOLIO
HIGHLIGHTS
TWENTY-FIVE
LARGEST
HOLDINGS
Total
Equity
Market
Index
Fund
Percent
of
Net
Assets
6/30/23
Apple
6.6%
Microsoft
5.8
Alphabet
3.1
Amazon.com
2.7
NVIDIA
2.4
Tesla
1.6
Meta
Platforms
1.5
Berkshire
Hathaway
1.4
UnitedHealth
Group
1.0
Exxon
Mobil
1.0
JPMorgan
Chase
1.0
Johnson
&
Johnson
1.0
Visa
0.9
Eli
Lilly
0.9
Broadcom
0.8
Procter
&
Gamble
0.8
Mastercard
0.8
Home
Depot
0.7
Merck
0.7
Chevron
0.6
PepsiCo
0.6
Costco
Wholesale
0.6
AbbVie
0.6
Coca-Cola
0.6
Walmart
0.5
Total
38.2%
Note:
The
information
shown
does
not
reflect
any
exchange-traded
funds
(ETFs),
cash
reserves,
or
collateral
for
securities
lending
that
may
be
held
in
the
portfolio.
T.
ROWE
PRICE
Equity
Market
Index
Funds
PORTFOLIO
HIGHLIGHTS
TWENTY-FIVE
LARGEST
HOLDINGS
Extended
Equity
Market
Index
Fund
Percent
of
Net
Assets
6/30/23
Uber
Technologies
1.4%
Blackstone
1.0
Marvell
Technology
0.8
Airbnb
0.8
Snowflake
0.8
Workday
0.8
Lululemon
Athletica
0.7
Cheniere
Energy
0.6
Trade
Desk
0.6
Apollo
Global
Management
0.6
Block
0.5
Ferguson
0.5
Crowdstrike
Holdings
0.5
KKR
0.5
Veeva
Systems
0.5
MongoDB
0.5
VMware
0.5
Seagen
0.4
HubSpot
0.4
Atlassian
0.4
Palantir
Technologies
0.4
Datadog
0.4
Alnylam
Pharmaceuticals
0.4
Horizon
Therapeutics
0.4
DoorDash
0.3
Total
14.7%
Note:
The
information
shown
does
not
reflect
any
exchange-traded
funds
(ETFs),
cash
reserves,
or
collateral
for
securities
lending
that
may
be
held
in
the
portfolio.
T.
ROWE
PRICE
Equity
Market
Index
Funds
FUND
EXPENSE
EXAMPLE
As
a
mutual
fund
shareholder,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,
such
as
redemption
fees
or
sales
loads,
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
fund
expenses.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
most
recent
six-month
period
and
held
for
the
entire
period.
Please note
that
the
Equity
Index
500
Fund
has
three
share
classes:
The
original
share
class
(Investor
Class)
charges
no
distribution
and
service
(12b-1)
fee,
I
Class
shares
are
also
available
to
institutionally
oriented
clients
and
impose
no
12b-1
or
administrative
fee
payment,
and
Z
Class
shares
are
offered
only
to
funds
advised
by
T.
Rowe
Price
and
other
advisory
clients
of
T.
Rowe
Price
or
its
affiliates
that
are
subject
to
a
contractual
fee
for
investment
management
services
and
impose
no
12b-1
fee
or
administrative
fee
payment.
Each
share
class
is
presented
separately
in
the
table.
Actual
Expenses
The
first
line
of
the
following
table
(Actual)
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
on
this
line,
together
with
your
account
balance,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
on
the
first
line
under
the
heading
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
on
the
second
line
of
the
table
(Hypothetical)
is
based
on
hypothetical
account
values
and
expenses
derived
from
the
fund’s
actual
expense
ratio
and
an
assumed
5%
per
year
rate
of
return
before
expenses
(not
the
fund’s
actual
return).
You
may
compare
the
ongoing
costs
of
investing
in
the
fund
with
other
funds
by
contrasting
this
5%
hypothetical
example
and
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
Note:
T.
Rowe
Price
charges
an
account
service
fee
that
is
not
included
in
the
accompanying
table.
The
account
service
fee
is
charged
on
a
quarterly
basis,
usually
during
the
last
week
of
a
calendar
quarter,
and
applies
to
accounts
with
balances
below
$10,000
on
the
day
of
the
assessment.
The
fee
is
charged
to
accounts
that
fall
below
$10,000
for
any
reason,
including
market
fluctuations,
redemptions,
or
exchanges.
When
an
account
with
less
than
$10,000
is
closed
either
through
redemption
or
exchange,
the
fee
is
charged
and
deducted
from
the
proceeds.
The
fee
applies
to
IRAs
but
not
to
retirement
plans
directly
registered
with
T.
Rowe
Price
Services
or
accounts
maintained
by
intermediaries
through
NSCC
®
Networking.
If
you
are
subject
to
the
fee,
keep
it
in
mind
when
you
are
estimating
the
ongoing
expenses
of
investing
in
the
fund
and
when
comparing
the
expenses
of
this
fund
with
other
funds.
You
should
also
be
aware
that
the
expenses
shown
in
the
table
highlight
only
your
ongoing
costs
and
do
not
reflect
any
transaction
costs,
such
as
redemption
fees
or
sales
loads.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
To
the
extent
a
fund
charges
transaction
costs,
however,
the
total
cost
of
owning
that
fund
is
higher.
T.
ROWE
PRICE
Equity
Market
Index
Funds
EQUITY
INDEX
500
FUND
Beginning
Account
Value
1/1/23
Ending
Account
Value
6/30/23
Expenses
Paid
During
Period*
1/1/23
to
6/30/23
Investor
Class
Actual
$1,000.00
$1,167.90
$1.02
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,023.85
0.95
I
Class
Actual
1,000.00
1,168.70
0.27
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,024.55
0.25
Z
Class
Actual
1,000.00
1,169.00
0.00
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,024.79
0.00
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(181),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.19%,
the
2
I Class
was
0.05%,
and
the
3
Z Class
was
0.00%.
TOTAL
EQUITY
MARKET
INDEX
FUND
Beginning
Account
Value
1/1/23
Ending
Account
Value
6/30/23
Expenses
Paid
During
Period*
1/1/23
to
6/30/23
Actual
$1,000.00
$1,163.30
$1.07
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,023.80
1.00
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period
(0.20%),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(181),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
T.
ROWE
PRICE
Equity
Market
Index
Funds
EXTENDED
EQUITY
MARKET
INDEX
FUND
Beginning
Account
Value
1/1/23
Ending
Account
Value
6/30/23
Expenses
Paid
During
Period*
1/1/23
to
6/30/23
Actual
$1,000.00
$1,125.20
$1.32
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,023.55
1.25
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period
(0.25%),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(181),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
C50-051
8/23
Market
Commentary
Portfolio
Summary
Fund
Expense
Example
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PREIX
Equity
Index
500
Fund
–
.
PRUIX
Equity
Index
500
Fund–
.
I
Class
TRHZX
Equity
Index
500
Fund–
.
Z Class
T.
ROWE
PRICE
Equity
Index
500
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
6/30/23
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
NET
ASSET
VALUE
Beginning
of
period
$
100
.94
$
125
.31
$
99
.17
$
85
.83
$
66
.80
$
71
.71
Investment
activities
Net
investment
income
(1)(2)
0
.78
1
.50
1
.36
1
.52
1
.44
1
.36
Net
realized
and
unrealized
gain/loss
16
.12
(
24
.35
)
26
.74
13
.77
19
.27
(
4
.53
)
Total
from
investment
activities
16
.90
(
22
.85
)
28
.10
15
.29
20
.71
(
3
.17
)
Distributions
Net
investment
income
(
0
.80
)
(
1
.52
)
(
1
.44
)
(
1
.55
)
(
1
.53
)
(
1
.30
)
Net
realized
gain
—
—
(
0
.52
)
(
0
.40
)
(
0
.15
)
(
0
.44
)
Total
distributions
(
0
.80
)
(
1
.52
)
(
1
.96
)
(
1
.95
)
(
1
.68
)
(
1
.74
)
NET
ASSET
VALUE
End
of
period
$
117
.04
$
100
.94
$
125
.31
$
99
.17
$
85
.83
$
66
.80
T.
ROWE
PRICE
Equity
Index
500
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
6/30/23
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
Ratios/Supplemental
Data
Total
return
(2)(3)
16
.79
%
(
18
.28
)
%
28
.50
%
18
.19
%
31
.23
%
(
4
.58
)
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.19
%
(4)
0
.20
%
0
.16
%
0
.19
%
0
.20
%
0
.21
%
Net
expenses
after
waivers/payments
by
Price
Associates
0
.19
%
(4)
0
.20
%
0
.16
%
0
.19
%
0
.20
%
0
.21
%
Net
investment
income
1
.46
%
(4)
1
.38
%
1
.21
%
1
.82
%
1
.85
%
1
.85
%
Portfolio
turnover
rate
2
.7
%
3
.1
%
3
.1
%
13
.6
%
9
.3
%
7
.3
%
Net
assets,
end
of
period
(in
millions)
$6,618
$5,704
$11,145
$9,002
$25,507
$21,237
0
%
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
7
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
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,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Equity
Index
500
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
6/30/23
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
NET
ASSET
VALUE
Beginning
of
period
$
100
.93
$
125
.32
$
99
.16
$
85
.84
$
66
.81
$
71
.72
Investment
activities
Net
investment
income
(1)(2)
0
.86
1
.68
1
.47
1
.54
1
.55
1
.50
Net
realized
and
unrealized
gain/loss
16
.11
(
24
.36
)
26
.75
13
.85
19
.26
(
4
.56
)
Total
from
investment
activities
16
.97
(
22
.68
)
28
.22
15
.39
20
.81
(
3
.06
)
Distributions
Net
investment
income
(
0
.87
)
(
1
.71
)
(
1
.54
)
(
1
.67
)
(
1
.63
)
(
1
.41
)
Net
realized
gain
—
—
(
0
.52
)
(
0
.40
)
(
0
.15
)
(
0
.44
)
Total
distributions
(
0
.87
)
(
1
.71
)
(
2
.06
)
(
2
.07
)
(
1
.78
)
(
1
.85
)
NET
ASSET
VALUE
End
of
period
$
117
.03
$
100
.93
$
125
.32
$
99
.16
$
85
.84
$
66
.81
T.
ROWE
PRICE
Equity
Index
500
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
6/30/23
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
Ratios/Supplemental
Data
Total
return
(2)(3)
16
.87
%
(
18
.15
)
%
28
.63
%
18
.34
%
31
.39
%
(
4
.44
)
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.08
%
(4)
0
.08
%
0
.10
%
0
.07
%
0
.06
%
0
.06
%
Net
expenses
after
waivers/payments
by
Price
Associates
0
.05
%
(4)
0
.05
%
0
.06
%
0
.06
%
0
.06
%
0
.06
%
Net
investment
income
1
.60
%
(4)
1
.57
%
1
.31
%
1
.88
%
1
.99
%
2
.03
%
Portfolio
turnover
rate
2
.7
%
3
.1
%
3
.1
%
13
.6
%
9
.3
%
7
.3
%
Net
assets,
end
of
period
(in
millions)
$7,131
$6,020
$3,507
$3,232
$5,905
$3,653
0
%
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
7
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
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,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Equity
Index
500
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Z
Class
(1)
6
Months
.
Ended
6/30/23
..
Year
..
..
Ended
.
3/16/20
(1)
Through
12/31/20
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
100
.90
$
125
.27
$
99
.13
$
63
.64
Investment
activities
Net
investment
income
(2)(3)
0
.88
1
.71
1
.54
1
.40
Net
realized
and
unrealized
gain/loss
16
.12
(
24
.34
)
26
.73
36
.19
Total
from
investment
activities
17
.00
(
22
.63
)
28
.27
37
.59
Distributions
Net
investment
income
(
0
.90
)
(
1
.74
)
(
1
.61
)
(
1
.70
)
Net
realized
gain
—
—
(
0
.52
)
(
0
.40
)
Total
distributions
(
0
.90
)
(
1
.74
)
(
2
.13
)
(
2
.10
)
NET
ASSET
VALUE
End
of
period
$
117
.00
$
100
.90
$
125
.27
$
99
.13
Ratios/Supplemental
Data
Total
return
(3)(4)
16
.90
%
(
18
.11
)
%
28
.70
%
59
.62
%
Ratios
to
average
net
assets:
(3)
Gross
expenses
before
waivers/payments
by
Price
Associates
0
.05
%
(5)
0
.05
%
0
.06
%
0
.06
%
(5)
Net
expenses
after
waivers/payments
by
Price
Associates
0
.00
%
(5)
0
.00
%
0
.00
%
0
.00
%
(5)
Net
investment
income
1
.65
%
(5)
1
.57
%
1
.37
%
2
.03
%
(5)
Portfolio
turnover
rate
2
.7
%
3
.1
%
3
.1
%
13
.6
%
Net
assets,
end
of
period
(in
millions)
$12,906
$11,283
$19,852
$21,289
0
%
0
%
0
%
0
%
(1)
Inception
date
(2)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(3)
See
Note
7
for
details
of
expense-related
arrangements
with
Price
Associates.
(4)
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,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Annualized
T.
ROWE
PRICE
Equity
Index
500
Fund
June
30,
2023
(Unaudited)
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.7%
COMMUNICATION
SERVICES
8.3%
Diversified
Telecommunication
Services
0.7%
AT&T
5,112,176
81,539
Verizon
Communications
3,007,822
111,861
193,400
Entertainment
1.4%
Activision
Blizzard
(1)
510,545
43,039
Electronic
Arts
186,924
24,244
Live
Nation
Entertainment
(1)
100,269
9,136
Netflix
(1)
318,036
140,092
Take-Two
Interactive
Software
(1)
112,463
16,550
Walt
Disney
(1)
1,307,347
116,720
Warner
Bros
Discovery
(1)
1,583,606
19,858
369,639
Interactive
Media
&
Services
5.3%
Alphabet,
Class
A
(1)
4,249,534
508,669
Alphabet,
Class
C
(1)
3,655,439
442,199
Match
Group
(1)
200,401
8,387
Meta
Platforms,
Class
A
(1)
1,582,345
454,101
1,413,356
Media
0.7%
Charter
Communications,
Class
A
(1)
74,415
27,338
Comcast,
Class
A
2,975,802
123,645
Fox,
Class
A
192,994
6,562
Fox,
Class
B
99,980
3,188
Interpublic
Group
276,995
10,686
News,
Class
A
276,613
5,394
News,
Class
B
87,563
1,727
Omnicom
Group
143,068
13,613
Paramount
Global,
Class
B
351,980
5,600
197,753
Wireless
Telecommunication
Services
0.2%
T-Mobile
U.S.
(1)
412,196
57,254
57,254
Total
Communication
Services
2,231,402
CONSUMER
DISCRETIONARY
10.6%
Automobile
Components
0.1%
Aptiv (1)
194,404
19,846
BorgWarner
164,439
8,043
27,889
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Automobiles
2.2%
Ford
Motor
2,793,496
42,266
General
Motors
994,911
38,364
Tesla
(1)
1,927,055
504,445
585,075
Broadline
Retail
3.2%
Amazon.com (1)
6,384,869
832,331
eBay
383,253
17,128
Etsy
(1)(2)
88,627
7,499
856,958
Distributors
0.1%
Genuine
Parts
100,713
17,044
LKQ
182,707
10,646
Pool
(2)
27,518
10,309
37,999
Hotels,
Restaurants
&
Leisure
2.1%
Booking
Holdings
(1)
26,429
71,367
Caesars
Entertainment
(1)
153,076
7,802
Carnival
(1)(2)
715,766
13,478
Chipotle
Mexican
Grill
(1)
19,750
42,245
Darden
Restaurants
(2)
86,705
14,487
Domino's
Pizza
25,519
8,600
Expedia
Group
(1)
102,320
11,193
Hilton
Worldwide
Holdings
189,843
27,632
Las
Vegas
Sands
(1)
236,508
13,717
Marriott
International,
Class
A
184,956
33,975
McDonald's
522,312
155,863
MGM
Resorts
International
216,785
9,521
Norwegian
Cruise
Line
Holdings
(1)
305,142
6,643
Royal
Caribbean
Cruises
(1)(2)
155,567
16,138
Starbucks
820,300
81,259
Wynn
Resorts
72,367
7,643
Yum!
Brands
199,462
27,635
549,198
Household
Durables
0.4%
DR
Horton
222,276
27,049
Garmin
109,664
11,437
Lennar,
Class
A
182,192
22,830
Mohawk
Industries
(1)
38,175
3,938
Newell
Brands
273,877
2,383
NVR
(1)
2,170
13,781
PulteGroup
160,101
12,437
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Whirlpool
(2)
37,915
5,641
99,496
Leisure
Products
0.0%
Hasbro
93,760
6,073
6,073
Specialty
Retail
2.1%
Advance
Auto
Parts
43,306
3,044
AutoZone
(1)
13,196
32,902
Bath
&
Body
Works
164,788
6,180
Best
Buy
139,618
11,442
CarMax
(1)(2)
112,851
9,446
Home
Depot
724,414
225,032
Lowe's
426,697
96,305
O'Reilly
Automotive
(1)
43,580
41,632
Ross
Stores
244,966
27,468
TJX
824,012
69,868
Tractor
Supply
78,524
17,362
Ulta
Beauty
(1)
35,902
16,895
557,576
Textiles,
Apparel
&
Luxury
Goods
0.4%
NIKE,
Class
B
881,549
97,297
Ralph
Lauren
(2)
29,160
3,595
Tapestry
166,588
7,130
VF
235,074
4,487
112,509
Total
Consumer
Discretionary
2,832,773
CONSUMER
STAPLES
6.6%
Beverages
1.7%
Brown-Forman,
Class
B
130,223
8,696
Coca-Cola
2,784,364
167,674
Constellation
Brands,
Class
A
115,470
28,421
Keurig
Dr
Pepper
603,522
18,872
Molson
Coors
Beverage,
Class
B
134,807
8,876
Monster
Beverage
(1)
543,122
31,197
PepsiCo
985,568
182,547
446,283
Consumer
Staples
Distribution
&
Retail
1.8%
Costco
Wholesale
317,262
170,808
Dollar
General
156,918
26,642
Dollar
Tree
(1)
149,174
21,406
Kroger
468,046
21,998
Sysco
361,586
26,830
Target
330,012
43,529
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Walgreens
Boots
Alliance
(2)
514,650
14,662
Walmart
1,003,432
157,719
483,594
Food
Products
1.0%
Archer-Daniels-Midland
390,013
29,469
Bunge
107,764
10,167
Campbell
Soup
(2)
143,247
6,548
Conagra
Brands
336,941
11,362
General
Mills
420,519
32,254
Hershey
105,309
26,296
Hormel
Foods
206,205
8,293
J
M
Smucker
76,264
11,262
Kellogg
184,242
12,418
Kraft
Heinz
571,288
20,281
Lamb
Weston
Holdings
102,893
11,827
McCormick
179,466
15,655
Mondelez
International,
Class
A
974,524
71,082
Tyson
Foods,
Class
A
206,003
10,514
277,428
Household
Products
1.4%
Church
&
Dwight
175,223
17,563
Clorox
87,527
13,920
Colgate-Palmolive
593,785
45,745
Kimberly-Clark
241,899
33,397
Procter
&
Gamble
1,686,031
255,838
366,463
Personal
Care
Products
0.1%
Estee
Lauder,
Class
A
166,043
32,608
32,608
Tobacco
0.6%
Altria
Group
1,277,517
57,872
Philip
Morris
International
1,110,874
108,443
166,315
Total
Consumer
Staples
1,772,691
ENERGY
4.1%
Energy
Equipment
&
Services
0.4%
Baker
Hughes
721,325
22,801
Halliburton
647,476
21,360
Schlumberger
1,018,195
50,014
94,175
Oil,
Gas
&
Consumable
Fuels
3.7%
APA
221,750
7,577
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Chevron
1,246,655
196,161
ConocoPhillips
865,820
89,708
Coterra
Energy
543,173
13,742
Devon
Energy
459,680
22,221
Diamondback
Energy
129,797
17,050
EOG
Resources
418,626
47,907
EQT
259,505
10,673
Exxon
Mobil
2,892,045
310,172
Hess
197,908
26,906
Kinder
Morgan
1,412,717
24,327
Marathon
Oil
443,293
10,205
Marathon
Petroleum
303,767
35,419
Occidental
Petroleum
(2)
514,505
30,253
ONEOK
320,217
19,764
Phillips
66
329,141
31,393
Pioneer
Natural
Resources
167,350
34,672
Targa
Resources
160,012
12,177
Valero
Energy
259,315
30,418
Williams
873,997
28,518
999,263
Total
Energy
1,093,438
FINANCIALS
12.4%
Banks
3.0%
Bank
of
America
4,960,095
142,305
Citigroup
1,388,914
63,946
Citizens
Financial
Group
347,509
9,063
Comerica
93,182
3,947
Fifth
Third
Bancorp
489,602
12,833
Huntington
Bancshares
1,020,253
10,998
JPMorgan
Chase
2,090,387
304,026
KeyCorp
665,089
6,145
M&T
Bank
118,925
14,718
PNC
Financial
Services
Group
285,733
35,988
Regions
Financial
676,398
12,053
Truist
Financial
946,028
28,712
U.S.
Bancorp
998,461
32,989
Wells
Fargo
2,684,584
114,578
Zions
Bancorp
107,358
2,884
795,185
Capital
Markets
2.6%
Ameriprise
Financial
74,619
24,785
Bank
of
New
York
Mellon
514,413
22,902
BlackRock
107,166
74,067
Cboe
Global
Markets
75,835
10,466
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Charles
Schwab
1,063,544
60,282
CME
Group
257,470
47,707
FactSet
Research
Systems
27,350
10,958
Franklin
Resources
(2)
206,447
5,514
Goldman
Sachs
Group
237,889
76,729
Intercontinental
Exchange
399,012
45,120
Invesco
323,442
5,437
MarketAxess
Holdings
26,770
6,998
Moody's
112,930
39,268
Morgan
Stanley
932,145
79,605
MSCI
57,296
26,888
Nasdaq
242,495
12,088
Northern
Trust
149,495
11,084
Raymond
James
Financial
136,759
14,191
S&P
Global
234,687
94,084
State
Street
239,763
17,546
T.
Rowe
Price
Group
(3)
160,595
17,990
703,709
Consumer
Finance
0.5%
American
Express
425,480
74,118
Capital
One
Financial
273,720
29,937
Discover
Financial
Services
182,155
21,285
Synchrony
Financial
307,577
10,433
135,773
Financial
Services
4.2%
Berkshire
Hathaway,
Class
B
(1)
1,275,583
434,974
Fidelity
National
Information
Services
424,382
23,213
Fiserv
(1)
441,808
55,734
FleetCor
Technologies
(1)
52,191
13,104
Global
Payments
186,987
18,422
Jack
Henry
&
Associates
51,963
8,695
Mastercard,
Class
A
598,576
235,420
PayPal
Holdings
(1)
798,515
53,285
Visa,
Class
A
1,157,570
274,900
1,117,747
Insurance
2.1%
Aflac
393,780
27,486
Allstate
188,320
20,534
American
International
Group
519,147
29,872
Aon,
Class
A
146,188
50,464
Arch
Capital
Group
(1)
264,872
19,826
Arthur
J
Gallagher
152,001
33,375
Assurant
37,616
4,729
Brown
&
Brown
168,070
11,570
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Chubb
296,413
57,077
Cincinnati
Financial
112,727
10,971
Everest
Re
Group
30,704
10,496
Globe
Life
64,349
7,054
Hartford
Financial
Services
Group
222,379
16,016
Lincoln
National
103,613
2,669
Loews
135,882
8,069
Marsh
&
McLennan
354,031
66,586
MetLife
460,738
26,045
Principal
Financial
Group
160,825
12,197
Progressive
418,937
55,455
Prudential
Financial
261,471
23,067
Travelers
165,401
28,723
W
R
Berkley
144,205
8,589
Willis
Towers
Watson
76,258
17,959
548,829
Total
Financials
3,301,243
HEALTH
CARE
13.4%
Biotechnology
1.9%
AbbVie
1,262,145
170,049
Amgen
381,920
84,794
Biogen
(1)
103,200
29,396
Gilead
Sciences
892,605
68,793
Incyte
(1)
133,288
8,297
Moderna
(1)
234,768
28,524
Regeneron
Pharmaceuticals
(1)
77,088
55,391
Vertex
Pharmaceuticals
(1)
184,356
64,877
510,121
Health
Care
Equipment
&
Supplies
2.9%
Abbott
Laboratories
1,244,079
135,629
Align
Technology
(1)
51,001
18,036
Baxter
International
357,907
16,306
Becton
Dickinson
&
Company
203,272
53,666
Boston
Scientific
(1)
1,027,002
55,551
Cooper
35,500
13,612
DENTSPLY
SIRONA
153,078
6,126
Dexcom
(1)
276,941
35,590
Edwards
Lifesciences
(1)
433,970
40,936
GE
HealthCare
Technologies
280,137
22,758
Hologic
(1)
176,845
14,319
IDEXX
Laboratories
(1)
59,346
29,805
Insulet
(1)
49,958
14,405
Intuitive
Surgical
(1)
250,724
85,733
Medtronic
951,969
83,868
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ResMed
105,410
23,032
STERIS
71,182
16,015
Stryker
241,787
73,767
Teleflex
33,497
8,107
Zimmer
Biomet
Holdings
149,416
21,755
769,016
Health
Care
Providers
&
Services
2.9%
AmerisourceBergen
115,879
22,299
Cardinal
Health
182,470
17,256
Centene
(1)
392,307
26,461
Cigna
Group
211,742
59,415
CVS
Health
917,442
63,423
DaVita
(1)
39,287
3,947
Elevance
Health
169,627
75,364
HCA
Healthcare
147,682
44,818
Henry
Schein
(1)
94,132
7,634
Humana
89,443
39,993
Laboratory
Corp.
of
America
Holdings
63,618
15,353
McKesson
97,071
41,479
Molina
Healthcare
(1)
41,767
12,582
Quest
Diagnostics
79,880
11,228
UnitedHealth
Group
665,984
320,098
Universal
Health
Services,
Class
B
45,236
7,137
768,487
Life
Sciences
Tools
&
Services
1.6%
Agilent
Technologies
211,977
25,490
Bio-Rad
Laboratories,
Class
A
(1)
15,285
5,795
Bio-Techne
112,402
9,175
Charles
River
Laboratories
International
(1)
36,237
7,619
Danaher
475,140
114,034
Illumina
(1)(2)
112,871
21,162
IQVIA
Holdings
(1)
133,060
29,908
Mettler-Toledo
International
(1)
15,777
20,694
Revvity
89,148
10,590
Thermo
Fisher
Scientific
275,949
143,976
Waters
(1)
42,356
11,289
West
Pharmaceutical
Services
53,214
20,353
420,085
Pharmaceuticals
4.1%
Bristol-Myers
Squibb
1,503,139
96,126
Catalent
(1)
129,098
5,598
Eli
Lilly
563,611
264,322
Johnson
&
Johnson
1,858,930
307,690
Merck
1,815,181
209,454
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Organon
180,027
3,746
Pfizer
4,038,683
148,139
Viatris
866,061
8,643
Zoetis
330,727
56,955
1,100,673
Total
Health
Care
3,568,382
INDUSTRIALS
&
BUSINESS
SERVICES
8.7%
Aerospace
&
Defense
1.7%
Axon
Enterprise
(1)(2)
50,347
9,824
Boeing
(1)
404,633
85,442
General
Dynamics
161,286
34,701
Howmet
Aerospace
260,388
12,905
Huntington
Ingalls
Industries
28,413
6,467
L3Harris
Technologies
135,683
26,563
Lockheed
Martin
161,288
74,254
Northrop
Grumman
102,175
46,571
Raytheon
Technologies
1,045,421
102,409
Textron
144,774
9,791
TransDigm
Group
37,171
33,237
442,164
Air
Freight
&
Logistics
0.6%
CH
Robinson
Worldwide
83,659
7,893
Expeditors
International
of
Washington
(2)
109,597
13,276
FedEx
165,539
41,037
United
Parcel
Service,
Class
B
518,591
92,957
155,163
Building
Products
0.4%
A.O.
Smith
88,630
6,451
Allegion
62,684
7,523
Carrier
Global
597,821
29,718
Johnson
Controls
International
491,252
33,474
Masco
158,424
9,090
Trane
Technologies
163,296
31,232
117,488
Commercial
Services
&
Supplies
0.5%
Cintas
61,900
30,769
Copart
(1)
307,160
28,016
Republic
Services
147,365
22,572
Rollins
165,818
7,102
Waste
Management
264,991
45,955
134,414
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Construction
&
Engineering
0.1%
Quanta
Services
(2)
102,323
20,101
20,101
Electrical
Equipment
0.6%
AMETEK
163,526
26,472
Eaton
285,157
57,345
Emerson
Electric
407,551
36,838
Generac
Holdings
(1)
44,747
6,673
Rockwell
Automation
82,230
27,091
154,419
Ground
Transportation
0.8%
CSX
1,455,151
49,621
JB
Hunt
Transport
Services
59,362
10,746
Norfolk
Southern
162,499
36,848
Old
Dominion
Freight
Line
64,413
23,817
Union
Pacific
436,249
89,265
210,297
Industrial
Conglomerates
1.0%
3M
394,616
39,497
General
Electric
779,195
85,595
Honeywell
International
476,115
98,794
Roper
Technologies
76,014
36,547
260,433
Machinery
1.8%
Caterpillar
368,749
90,731
Cummins
101,212
24,813
Deere
192,951
78,182
Dover
99,977
14,761
Fortive
253,458
18,951
IDEX
53,815
11,584
Illinois
Tool
Works
197,943
49,517
Ingersoll
Rand
289,866
18,946
Nordson
38,644
9,591
Otis
Worldwide
295,453
26,298
PACCAR
374,031
31,288
Parker-Hannifin
91,923
35,854
Pentair
117,528
7,592
Snap-on
37,984
10,947
Stanley
Black
&
Decker
106,837
10,012
Westinghouse
Air
Brake
Technologies
128,982
14,145
Xylem
169,723
19,114
472,326
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Passenger
Airlines
0.2%
Alaska
Air
Group
(1)(2)
90,684
4,823
American
Airlines
Group
(1)
464,265
8,329
Delta
Air
Lines
(1)
459,073
21,824
Southwest
Airlines
425,174
15,395
United
Airlines
Holdings
(1)
235,535
12,924
63,295
Professional
Services
0.7%
Automatic
Data
Processing
295,640
64,979
Broadridge
Financial
Solutions
84,196
13,945
Ceridian
HCM
Holding
(1)
112,096
7,507
Equifax
87,789
20,657
Jacobs
Solutions
91,015
10,821
Leidos
Holdings
97,617
8,637
Paychex
229,852
25,714
Paycom
Software
34,641
11,128
Robert
Half
International
77,977
5,865
Verisk
Analytics
103,858
23,475
192,728
Trading
Companies
&
Distributors
0.3%
Fastenal
409,573
24,161
United
Rentals
49,292
21,953
WW
Grainger
31,981
25,220
71,334
Total
Industrials
&
Business
Services
2,294,162
INFORMATION
TECHNOLOGY
28.1%
Communications
Equipment
0.9%
Arista
Networks
(1)
177,619
28,785
Cisco
Systems
2,930,175
151,607
F5
(1)
42,887
6,273
Juniper
Networks
231,158
7,242
Motorola
Solutions
119,844
35,148
229,055
Electronic
Equipment,
Instruments
&
Components
0.6%
Amphenol,
Class
A
424,075
36,025
CDW
96,597
17,726
Corning
545,027
19,098
Keysight
Technologies
(1)
127,738
21,390
TE
Connectivity
225,529
31,610
Teledyne
Technologies
(1)
33,620
13,821
Trimble
(1)
177,067
9,374
Zebra
Technologies,
Class
A
(1)
36,910
10,919
159,963
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
IT
Services
1.2%
Accenture,
Class
A
451,811
139,420
Akamai
Technologies
(1)
109,246
9,818
Cognizant
Technology
Solutions,
Class
A
363,515
23,730
DXC
Technology
(1)
161,867
4,325
EPAM
Systems
(1)
41,538
9,336
Gartner
(1)
56,593
19,825
International
Business
Machines
647,852
86,689
VeriSign
(1)
64,930
14,672
307,815
Semiconductors
&
Semiconductor
Equipment
7.4%
Advanced
Micro
Devices
(1)
1,152,111
131,237
Analog
Devices
361,989
70,519
Applied
Materials
604,663
87,398
Broadcom
298,242
258,704
Enphase
Energy
(1)
97,516
16,332
First
Solar
(1)
71,116
13,518
Intel
2,984,300
99,795
KLA
98,205
47,631
Lam
Research
96,140
61,805
Microchip
Technology
392,582
35,171
Micron
Technology
782,442
49,380
Monolithic
Power
Systems
32,102
17,343
NVIDIA
1,768,967
748,308
NXP
Semiconductors
185,735
38,016
ON
Semiconductor
(1)
307,766
29,109
Qorvo
(1)
71,796
7,325
QUALCOMM
797,072
94,884
Skyworks
Solutions
113,720
12,588
SolarEdge
Technologies
(1)(2)
40,222
10,822
Teradyne
111,699
12,435
Texas
Instruments
649,388
116,903
1,959,223
Software
10.1%
Adobe (1)
328,151
160,463
ANSYS
(1)
62,091
20,507
Autodesk
(1)
153,340
31,375
Cadence
Design
Systems
(1)
195,185
45,775
Fair
Isaac
(1)
17,920
14,501
Fortinet
(1)
464,720
35,128
Gen
Digital
411,445
7,632
Intuit
200,734
91,974
Microsoft
5,318,269
1,811,083
Oracle
1,100,963
131,114
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Palo
Alto
Networks
(1)(2)
216,578
55,338
PTC
(1)
76,088
10,827
Salesforce
(1)
700,402
147,967
ServiceNow
(1)
145,592
81,818
Synopsys
(1)
109,014
47,466
Tyler
Technologies
(1)
29,857
12,435
2,705,403
Technology
Hardware,
Storage
&
Peripherals
7.9%
Apple
10,575,005
2,051,234
Hewlett
Packard
Enterprise
916,302
15,394
HP
614,044
18,857
NetApp
152,240
11,631
Seagate
Technology
Holdings
137,655
8,517
Western
Digital
(1)
228,872
8,681
2,114,314
Total
Information
Technology
7,475,773
MATERIALS
2.5%
Chemicals
1.7%
Air
Products
&
Chemicals
158,990
47,622
Albemarle
(2)
83,951
18,729
Celanese
(2)
71,230
8,248
CF
Industries
Holdings
139,901
9,712
Corteva
509,042
29,168
Dow
502,118
26,743
DuPont
de
Nemours
326,074
23,295
Eastman
Chemical
85,414
7,151
Ecolab
177,360
33,111
FMC
89,756
9,365
International
Flavors
&
Fragrances
182,469
14,523
Linde
350,273
133,482
LyondellBasell
Industries,
Class
A
180,288
16,556
Mosaic
238,537
8,349
PPG
Industries
167,289
24,809
Sherwin-Williams
167,991
44,605
455,468
Construction
Materials
0.2%
Martin
Marietta
Materials
44,400
20,499
Vulcan
Materials
95,174
21,456
41,955
Containers
&
Packaging
0.2%
Amcor
1,055,897
10,538
Avery
Dennison
57,865
9,941
Ball
226,050
13,158
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
International
Paper
249,339
7,931
Packaging
Corp.
of
America
64,586
8,536
Sealed
Air
103,008
4,120
Westrock
180,719
5,254
59,478
Metals
&
Mining
0.4%
Freeport-McMoRan
1,020,070
40,803
Newmont
569,584
24,298
Nucor
180,202
29,550
Steel
Dynamics
115,185
12,547
107,198
Total
Materials
664,099
REAL
ESTATE
2.5%
Health
Care
Real
Estate
Investment
Trusts
0.2%
Healthpeak
Properties,
REIT
391,989
7,879
Ventas,
REIT
287,366
13,584
Welltower,
REIT
356,519
28,839
50,302
Hotel
&
Resort
Real
Estate
Investment
Trusts
0.0%
Host
Hotels
&
Resorts,
REIT
510,855
8,598
8,598
Industrial
Real
Estate
Investment
Trusts
0.3%
Prologis,
REIT
660,258
80,967
80,967
Office
Real
Estate
Investment
Trusts
0.1%
Alexandria
Real
Estate
Equities,
REIT
112,961
12,820
Boston
Properties,
REIT
(2)
102,742
5,917
18,737
Real
Estate
Management
&
Development
0.2%
CBRE
Group,
Class
A
(1)
222,773
17,980
CoStar
Group
(1)
292,174
26,003
43,983
Residential
Real
Estate
Investment
Trusts
0.3%
AvalonBay
Communities,
REIT
99,384
18,810
Camden
Property
Trust,
REIT
76,679
8,348
Equity
Residential,
REIT
241,631
15,940
Essex
Property
Trust,
REIT
46,060
10,792
Invitation
Homes,
REIT
415,696
14,300
Mid-America
Apartment
Communities,
REIT
82,574
12,540
UDR,
REIT
221,660
9,523
90,253
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Retail
Real
Estate
Investment
Trusts
0.3%
Federal
Realty
Investment
Trust,
REIT
52,097
5,041
Kimco
Realty,
REIT
446,213
8,799
Realty
Income,
REIT
482,901
28,873
Regency
Centers,
REIT
109,835
6,785
Simon
Property
Group,
REIT
234,190
27,044
76,542
Specialized
Real
Estate
Investment
Trusts
1.1%
American
Tower,
REIT
333,516
64,682
Crown
Castle,
REIT
308,853
35,191
Digital
Realty
Trust,
REIT
205,897
23,445
Equinix,
REIT
66,937
52,475
Extra
Space
Storage,
REIT
(2)
94,849
14,118
Iron
Mountain,
REIT
209,132
11,883
Public
Storage,
REIT
112,724
32,902
SBA
Communications,
REIT
77,266
17,907
VICI
Properties,
REIT
720,191
22,636
Weyerhaeuser,
REIT
524,514
17,576
292,815
Total
Real
Estate
662,197
UTILITIES
2.5%
Electric
Utilities
1.7%
Alliant
Energy
179,386
9,414
American
Electric
Power
369,060
31,075
Constellation
Energy
232,600
21,295
Duke
Energy
552,079
49,544
Edison
International
273,441
18,990
Entergy
151,670
14,768
Evergy
164,054
9,584
Eversource
Energy
247,350
17,542
Exelon
712,097
29,011
FirstEnergy
390,106
15,167
NextEra
Energy
1,447,693
107,419
NRG
Energy
160,337
5,995
PG&E
(1)
1,153,069
19,925
Pinnacle
West
Capital
80,371
6,547
PPL
526,903
13,942
Southern
780,625
54,839
Xcel
Energy
392,090
24,376
449,433
Gas
Utilities
0.0%
Atmos
Energy
102,664
11,944
11,944
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Independent
Power
&
Renewable
Electricity
Producers
0.0%
AES
471,006
9,764
9,764
Multi-Utilities
0.7%
Ameren
183,370
14,976
CenterPoint
Energy
452,797
13,199
CMS
Energy
206,071
12,107
Consolidated
Edison
248,572
22,471
Dominion
Energy
598,477
30,995
DTE
Energy
147,841
16,265
NiSource
289,161
7,909
Public
Service
Enterprise
Group
357,994
22,414
Sempra
Energy
224,179
32,638
WEC
Energy
Group
225,907
19,934
192,908
Water
Utilities
0.1%
American
Water
Works
138,201
19,728
19,728
Total
Utilities
683,777
Total
Common
Stocks
(Cost
$9,419,214)
26,579,937
SHORT-TERM
INVESTMENTS
0.5%
Money
Market
Funds
0.4%
T.
Rowe
Price
Government
Reserve
Fund,
5.13%
(3)(4)
117,852,640
117,853
117,853
U.S.
Treasury
Obligations
0.1%
U.S.
Treasury
Bills,
5.256%,
12/14/23
(5)
7,130,000
6,960
6,960
Total
Short-Term
Investments
(Cost
$124,815)
124,813
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SECURITIES
LENDING
COLLATERAL
0.3%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.3%
Money
Market
Funds
0.3%
T.
Rowe
Price
Government
Reserve
Fund,
5.13%
(3)(4)
74,192,835
74,193
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
And
Trust
Company
74,193
Total
Securities
Lending
Collateral
(Cost
$74,193)
74,193
Total
Investments
in
Securities
100.5%
of
Net
Assets
(Cost
$9,618,222)
$
26,778,943
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
See
Note
4
.
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2023.
(3)
Affiliated
Companies
(4)
Seven-day
yield
(5)
At
June
30,
2023,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
Equity
Index
500
Fund
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
301
S&P
500
E-Mini
Index
contracts
9/23
67,548
$
1,290
Net
payments
(receipts)
of
variation
margin
to
date
294
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
1,584
T.
ROWE
PRICE
Equity
Index
500
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
six
months
ended
June
30,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Group
$
71
$
400
$
391
T.
Rowe
Price
Government
Reserve
Fund,
5.13%
—
—
1,593
++
Totals
$
71
#
$
400
$
1,984
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
06/30/23
T.
Rowe
Price
Group
$
17,546
$
319
$
275
$
17,990
T.
Rowe
Price
Government
Reserve
Fund,
5.13%
82,615
¤
¤
192,046
Total
$
210,036
^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees
as
described
in
Note
4
.
+
Investment
income
comprised
$1,984
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$199,198.
T.
ROWE
PRICE
Equity
Index
500
Fund
June
30,
2023
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$9,618,222)
$
26,778,943
Dividends
and
interest
receivable
17,193
Receivable
for
shares
sold
12,808
Variation
margin
receivable
on
futures
contracts
1,584
Due
from
affiliates
107
Other
assets
72
Total
assets
26,810,707
Liabilities
Payable
for
shares
redeemed
79,380
Obligation
to
return
securities
lending
collateral
74,193
Investment
management
fees
payable
1,072
Payable
to
directors
21
Other
liabilities
1,185
Total
liabilities
155,851
NET
ASSETS
$
26,654,856
T.
ROWE
PRICE
Equity
Index
500
Fund
June
30,
2023
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
17,092,944
Paid-in
capital
applicable
to
227,783,456
shares
of
$0.01
par
value
capital
stock
outstanding;
2,000,000,000
shares
of
the
Corporation
authorized
9,561,912
NET
ASSETS
$
26,654,856
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$6,618,150;
Shares
outstanding:
56,545,762)
$
117.04
I
Class
(Net
assets:
$7,131,034;
Shares
outstanding:
60,932,309)
$
117.03
Z
Class
(Net
assets:
$12,905,672;
Shares
outstanding:
110,305,385)
$
117.00
T.
ROWE
PRICE
Equity
Index
500
Fund
(Unaudited)
6
Months
Ended
6/30/23
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$57)
$
202,099
Interest
145
Securities
lending
31
Other
15
Total
income
202,290
Expenses
Investment
management
6,128
Shareholder
servicing
Investor
Class
$
3,957
I
Class
902
4,859
Prospectus
and
shareholder
reports
Investor
Class
89
I
Class
6
Z
Class
1
96
Custody
and
accounting
265
Proxy
and
annual
meeting
92
Registration
53
Directors
42
Legal
and
audit
12
Miscellaneous
33
Waived
/
paid
by
Price
Associates
(
4,278
)
Total
expenses
7,302
Net
investment
income
194,988
T.
ROWE
PRICE
Equity
Index
500
Fund
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/23
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
170,238
Futures
10,319
Net
realized
gain
180,557
Change
in
net
unrealized
gain
/
loss
Securities
3,499,372
Futures
3,675
Change
in
net
unrealized
gain
/
loss
3,503,047
Net
realized
and
unrealized
gain
/
loss
3,683,604
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
3,878,592
T.
ROWE
PRICE
Equity
Index
500
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
6
Months
Ended
6/30/23
Year
Ended
12/31/22
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
194,988
$
399,440
Net
realized
gain
180,557
3,877,633
Change
in
net
unrealized
gain
/
loss
3,503,047
(
10,090,010
)
Increase
(decrease)
in
net
assets
from
operations
3,878,592
(
5,812,937
)
Distributions
to
shareholders
Net
earnings
Investor
Class
(
44,879
)
(
85,930
)
I
Class
(
52,693
)
(
100,147
)
Z
Class
(
100,004
)
(
208,089
)
Decrease
in
net
assets
from
distributions
(
197,576
)
(
394,166
)
Capital
share
transactions
*
Shares
sold
Investor
Class
543,228
1,241,836
I
Class
365,928
4,297,726
Z
Class
736,488
2,316,535
Distributions
reinvested
Investor
Class
42,722
81,839
I
Class
49,077
93,348
Z
Class
100,004
208,089
Shares
redeemed
Investor
Class
(
578,074
)
(
4,920,343
)
I
Class
(
274,371
)
(
892,234
)
Z
Class
(
1,018,374
)
(
7,716,336
)
Decrease
in
net
assets
from
capital
share
transactions
(
33,372
)
(
5,289,540
)
T.
ROWE
PRICE
Equity
Index
500
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/23
Year
Ended
12/31/22
Net
Assets
Increase
(decrease)
during
period
3,647,644
(
11,496,643
)
Beginning
of
period
23,007,212
34,503,855
End
of
period
$
26,654,856
$
23,007,212
*Share
information
(000s)
Shares
sold
Investor
Class
5,018
11,240
I
Class
3,377
38,773
Z
Class
6,882
21,212
Distributions
reinvested
Investor
Class
387
779
I
Class
444
888
Z
Class
906
1,968
Shares
redeemed
Investor
Class
(
5,366
)
(
44,457
)
I
Class
(
2,534
)
(
7,996
)
Z
Class
(
9,306
)
(
69,835
)
Decrease
in
shares
outstanding
(
192
)
(
47,428
)
T.
ROWE
PRICE
Equity
Index
500
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Index
Trust,
Inc.
(the
corporation) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Equity
Index
500
Fund
(the
fund)
is
an
open-
end
management
investment
company
established
by
the
corporation
and
intends
to
be
diversified
in
approximately
the
same
proportion
as
the
index
it
tracks
is
diversified.
The
fund
may
become
nondiversified
for
periods
of
time
solely
as
a
result
of
changes
in
the
composition
of
the
index
(for
example,
changes
in
the
relative
market
capitalization
or
index
weighting
of
one
or
more
securities
represented
in
the
index). The
fund
seeks
to
track
the
performance
of
a
benchmark
index
that
measures
the
investment
return
of
large-capitalization
U.S.
stocks.
The
fund
has
three classes
of
shares:
the
Equity
Index
500
Fund
(Investor
Class),
the
Equity
Index
500
Fund–I
Class
(I
Class)
and
the
Equity
Index
500
Fund–Z
Class
(Z
Class).
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Z
Class
is
only
available
to
funds
advised
by
T.
Rowe
Price
Associates,
Inc.
and
its
affiliates
and
other
clients
that
are
subject
to
a
contractual
fee
for
investment
management
services. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis.
Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes.
Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense.
Dividends
received
from other
investment
companies are
T.
ROWE
PRICE
Equity
Index
500
Fund
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.
Distributions
from
REITs
are
initially
recorded
as
dividend
income
and,
to
the
extent
such
represent
a
return
of
capital
or
capital
gain
for
tax
purposes,
are
reclassified
when
such
information
becomes
available.
Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received.
Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Income
distributions,
if
any,
are
declared
and
paid
by
each
class quarterly.
A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes,
investment
income,
and
realized
and
unrealized
gains
and
losses
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class.
In-Kind
Redemptions
In
accordance
with
guidelines
described
in
the
fund’s
prospectus,
and
when
considered
to
be
in
the
best
interest
of
all
shareholders,
the
fund
may
distribute
portfolio
securities
rather
than
cash
as
payment
for
a
redemption
of
fund
shares
(in-kind
redemption).
Gains
and
losses
realized
on
in-kind
redemptions
are
not
recognized
for
tax
purposes
and
are
reclassified
from
undistributed
realized
gain
(loss)
to
paid-in
capital.
During
the
six
months ended
June
30,
2023,
the
fund
realized
$98,582,000 of
net
gain
on
$139,693,000
of
in-kind
redemptions.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
In
June
2022,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2022-03,
Fair
Value
Measurement
(Topic
820)
–
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions,
which
clarifies
that
a
contractual
restriction
on
the
sale
of
an
equity
security
is
not
considered
part
of
the
unit
of
account
of
the
equity
security
and,
therefore,
is
not
considered
in
measuring
fair
value.
The
amendments
under
this
ASU
are
effective
for
fiscal
T.
ROWE
PRICE
Equity
Index
500
Fund
years
beginning
after
December
15,
2023;
however,
the
fund
opted
to
early
adopt,
as
permitted,
effective
December
1,
2022. Adoption
of
the
guidance
did not
have
a
material
impact
on
the fund's
financial
statements.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
T.
ROWE
PRICE
Equity
Index
500
Fund
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
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
closing
bid
and
asked
prices
for
domestic
securities.
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
T.
ROWE
PRICE
Equity
Index
500
Fund
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
June
30,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
six
months ended
June
30,
2023,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
26,579,937
$
—
$
—
$
26,579,937
Short-Term
Investments
117,853
6,960
—
124,813
Securities
Lending
Collateral
74,193
—
—
74,193
Total
Securities
26,771,983
6,960
—
26,778,943
Futures
Contracts*
1,290
—
—
1,290
Total
$
26,773,273
$
6,960
$
—
$
26,780,233
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Equity
Index
500
Fund
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund’s
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund’s
derivative
instruments
held
as
of
June
30,
2023,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Equity
derivatives
Futures
$
1,290
*
Total
$
1,290
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Equity
Index
500
Fund
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
June
30,
2023,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
Counterparty
Risk
and
Collateral
The
fund
invests
in
exchange-traded
and/or
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps.
Counterparty
risk
on
such
derivatives
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Collateral may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund’s
assets.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
June
30,
2023,
securities
valued
at $6,930,000
had
been
posted
by
the
fund
for
exchange-
traded
and/or
centrally
cleared
derivatives.
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Futures
Realized
Gain
(Loss)
Equity
derivatives
$
10,319
Total
$
10,319
Change
in
Unrealized
Gain
(Loss)
Equity
derivatives
$
3,675
Total
$
3,675
T.
ROWE
PRICE
Equity
Index
500
Fund
Futures
Contracts
The
fund
is
subject
to equity
price
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risk.
The
fund
may
enter
into
futures
contracts
as
an
efficient
means
of
maintaining
liquidity
while
being
invested
in
the
market,
to
facilitate
trading,
or
to
reduce
transaction
costs. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
June
30,
2023,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
less
than
1%
of
net
assets.
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective,
the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
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
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
T.
ROWE
PRICE
Equity
Index
500
Fund
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
June
30,
2023,
the
value
of
loaned
securities
was
$68,512,000;
the
value
of
cash
collateral
and
related
investments
was
$74,193,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
short-term securities
aggregated $679,181,000 and
$674,468,000,
respectively,
for
the
six
months ended
June
30,
2023.
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
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.
Distributions
determined
in
accordance
with
federal
income
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
but
are
not
adjusted
for
temporary
differences.
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
the
date
of
this
report.
At
June
30,
2023,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$9,882,406,000.
Net
unrealized
gain
aggregated
$16,897,827,000
at
period-end,
of
which $17,605,255,000
related
to
appreciated
investments
and $707,428,000
related
to
depreciated
investments.
NOTE
6
-
FOREIGN
TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
T.
ROWE
PRICE
Equity
Index
500
Fund
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/loss
on
securities
in
the
accompanying
financial
statements.
To
the
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
NOTE
7
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). Price
Associates
has
entered
into
a
sub-advisory
agreement(s)
with
one
or
more
of
its
wholly
owned
subsidiaries,
to
provide
investment
advisory
services
to
the
fund.
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee
equal
to 0.05%
of
the
fund’s
average
daily
net
assets.
The
fee
is
computed
daily
and
paid
monthly.
The Investor Class
is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
During
the
limitation
period,
Price
Associates
is
required
to
waive
its
management
fee
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary expenses;
and
acquired
fund
fees
and
expenses) that
would
otherwise
cause
the
class’s
ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
The
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the
class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
T.
ROWE
PRICE
Equity
Index
500
Fund
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
Z
Class
is
also
subject
to
a
contractual
expense
limitation
agreement
whereby
Price
Associates
has
agreed
to
waive
and/or
bear
all
of
the
Z
Class’
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
in
their
entirety.
This
fee
waiver
and/or
expense
reimbursement
arrangement
is
expected
to
remain
in
place
indefinitely,
and
the
agreement
may
only
be
amended
or
terminated
with
approval
by
the
fund’s
Board.
Expenses
of
the
fund
waived/paid
by
the
manager
are
not
subject
to
later
repayment
by
the
fund.
Pursuant
to
these
agreements,
expenses
were
waived/paid
by
and/or
repaid
to
Price
Associates
during
the
six
months ended June
30,
2023
as
indicated
in
the
table
below.
Including these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $4,439,000 remain
subject
to
repayment
by
the
fund
at
June
30,
2023.
Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class.
For
the
six
months
ended
June
30,
2023,
expenses
incurred
pursuant
to
these
service
agreements
were
$58,000
for
Price
Associates;
$2,159,000
for
T.
Rowe
Price
Services,
Inc.;
and
$780,000
for
T.
Rowe
Investor
Class
I
Class
Z
Class
Expense
limitation/I
Class
Limit
0.21%
0.00%
0.00%
Expense
limitation
date
04/30/24
04/30/24
N/A
(Waived)/repaid
during
the
period
($000s)
$11
$(1,038)
$(3,251)
T.
ROWE
PRICE
Equity
Index
500
Fund
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Additionally,
the
fund
is
one
of
several
mutual
funds
in
which
certain
college
savings
plans
managed
by
Price
Associates invests.
As
approved
by
the
fund’s
Board
of
Directors,
shareholder
servicing
costs
associated
with
each
college
savings
plan
are
borne
by
the
fund
in
proportion
to
the
average
daily
value
of
its
shares
owned
by
the
college
savings
plan.
Price
has
agreed
to waive/reimburse
shareholder
servicing
costs in
excess
of
0.05%
of
the
fund’s
average
daily
value
of
its
shares
owned
by
the
college
savings
plan.
Any
amounts
waived/paid
by
Price
under
this
voluntary
agreement
are
not
subject
to
repayment
by
the
fund.
Price
may
amend
or
terminate
this
voluntary
arrangement
at
any
time
without
prior
notice.
For
the
six
months ended
June
30,
2023,
the
fund
was
charged $370,000 for
shareholder
servicing
costs
related
to
the
college
savings
plans, which
is
net
of
a
reimbursement
by
Price
of
$11,000.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities. At
June
30,
2023,
approximately
23%
of
the
outstanding
shares
of
the
I
Class
were
held
by
college
savings
plans.
Mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
(collectively,
Price
Funds
and
accounts)
may
invest
in
the
fund.
No
Price
fund
or
account
may
invest
for
the
purpose
of
exercising
management
or
control
over
the
fund.
At
June
30,
2023,
approximately
100%
of
the
Z
Class's
outstanding
shares
were
held
by
Price
Funds
and
accounts.
Consistent
with
its
investment
objective,
the
fund
may
invest
in
T.
Rowe
Price
Group,
Inc.
Additionally,
the fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The
fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
T.
ROWE
PRICE
Equity
Index
500
Fund
independent
current
market
price
of
the
security.
During
the
six
months
ended
June
30,
2023,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
8
-
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
T.
ROWE
PRICE
Equity
Index
500
Fund
INFORMATION
ON
PROXY
VOTING
POLICIES,
PROCEDURES,
AND
RECORDS
A
description
of
the
policies
and
procedures
used
by
T.
Rowe
Price
funds
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
in
each
fund’s
Statement
of
Additional
Information.
You
may
request
this
document
by
calling
1-800-225-5132
or
by
accessing
the
SEC’s
website,
sec.gov.
The
description
of
our
proxy
voting
policies
and
procedures
is
also
available
on
our
corporate
website.
To
access
it,
please
visit
the
following
Web
page:
https://www.troweprice.com/corporate/en/utility/policies.html
Scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Policies.”
Click
on
the
Proxy
Voting
Policies
link
in
the
shaded
box.
Each
fund’s
most
recent
annual
proxy
voting
record
is
available
on
our
website
and
through
the
SEC’s
website.
To
access
it
through
T.
Rowe
Price,
visit
the
website
location
shown
above,
and
scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Records.”
Click
on
the
Proxy
Voting
Records
link
in
the
shaded
box.
RESULTS
OF
PROXY
VOTING
A
Special
Meeting
of
Shareholders
was
held
on
July
24,
2023
for
shareholders
of
record
on
April
7,
2023,
to
elect
the
following
director-nominees
to
serve
on
the
Board
of
all
Price
Funds.
The
newly
elected
Directors
took
office
effective
July
24,
2023.
The
results
of
the
voting
were
as
follows:
Teresa
Bryce
Bazemore,
Bruce
W.
Duncan,
Robert
J.
Gerrard,
Jr.,
Paul
F.
McBride
and
David
Oestreicher
continue
to
serve
as
Directors
on
the
Board
of
all
Price
Funds.
HOW
TO
OBTAIN
QUARTERLY
PORTFOLIO
HOLDINGS
The
fund
files
a
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
fund’s
reports
on
Form
N-PORT
are
available
electronically
on
the
SEC’s
website
(sec.gov).
In
addition,
most
T.
Rowe
Price
funds
disclose
their
first
and
third
fiscal
quarter-end
holdings
on
troweprice.com
.
Votes
For
Votes
Withheld
Melody
Bianchetto
410,062,298
1,655,973
Mark
J.
Parrell
409,937,671
1,709,010
Kellye
L.
Walker
410,159,459
1,646,826
Eric
L.
Veiel
407,150,354
4,595,210
T.
ROWE
PRICE
Equity
Index
500
Fund
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
Each
year,
the
fund’s
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
well
as
the
investment
subadvisory
agreement
(Subadvisory
Contract)
that
the
Adviser
has
entered
into
with
T.
Rowe
Price
International
Ltd
(Subadviser)
on
behalf
of
the
fund.
In
that
regard,
at
a
meeting
held
on
March
6–7,
2023
(Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors,
approved
the
continuation
of
the
fund’s
Advisory
Contract
and
Subadvisory
Contract.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
Subadviser
and
the
approval
of
the
Advisory
Contract
and
Subadvisory
Contract.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
and
Subadvisory
Contract
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
and
Subadviser
about
various
topics.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds’
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
and
Subadviser
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser
and
Subadviser.
These
services
included,
but
were
not
limited
to,
directing
the
fund’s
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund’s
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance;
maintaining
the
fund’s
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser’s
and
Subadviser’s
senior
management
teams
and
investment
personnel
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser’s
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser
and
Subadviser,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract.
T.
ROWE
PRICE
Equity
Index
500
Fund
Investment
Performance
of
the
Fund
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
In
connection
with
the
Meeting,
the
Board
reviewed
information
provided
by
the
Adviser
that
compared
the
fund’s
total
returns,
as
well
as
a
wide
variety
of
other
previously
agreed-upon
performance
measures
and
market
data,
against
relevant
benchmark
indexes
and
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2022. Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2022,
which
ranked
the
returns
of
the
Investor
Class
of
the
fund
for
various
periods
against
a
universe
of
funds
with
similar
investment
programs
selected
by
Broadridge,
an
independent
provider
of
mutual
fund
data.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund’s
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund’s
performance,
length
of
the
fund’s
performance
track
record,
and
how
closely
the
fund’s
strategies
align
with
its
benchmarks
and
peer
groups.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
fund’s
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract.
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
the
Adviser
under
the
Advisory
Contract
and
other
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates)
may
have
realized
from
its
relationship
with
the
fund.
In
considering
soft-
dollar
arrangements
pursuant
to
which
research
may
be
received
from
broker-dealers
that
execute
the
fund’s
portfolio
transactions,
the
Board
noted
that
the
Adviser
bears
the
cost
of
research
services
for
all
client
accounts
that
it
advises,
including
the
T.
Rowe
Price
funds.
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
The
Board
also
reviewed
estimates
of
the
profits
realized
from
managing
the
fund
in
particular,
and
the
Board
concluded
that
the
Adviser’s
profits
were
reasonable
in
light
of
the
services
provided
to
the
fund.
The
Board
also
considered
whether
the
fund
benefits
under
the
fee
levels
set
forth
in
the
Advisory
Contract
or
otherwise
from
any
economies
of
scale
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
a
fee
to
the
Adviser
for
investment
management
services
based
on
the
fund’s
average
daily
net
assets
and
the
fund
pays
its
own
expenses
of
operations.
Under
the
Subadvisory
Contract,
the
Adviser
may
pay
the
Subadviser
up
to
60%
of
the
advisory
fees
that
the
Adviser
receives
from
the
fund.
The
fund’s
shareholders
have
benefited
from
economies
of
scale
through
several
reductions
to
the
fund’s
management
fee
and
the
fund’s
shareholders
may
also
benefit
from
economies
of
scale
through
a
decline
in
certain
operating
expenses
as
the
fund
grows
in
T.
ROWE
PRICE
Equity
Index
500
Fund
size.
The
fund
is
also
subject
to
contractual
expense
limitations
that
require
the
Adviser
to
waive
its
fees
and/or
bear
any
expenses
that
would
otherwise
cause
the
expenses
of
a
share
class
of
the
fund
to
exceed
a
certain
percentage
based
on
the
class’s
net
assets.
The
expense
limitations
mitigate
the
potential
for
an
increase
in
operating
expenses
above
a
certain
level
that
could
impact
shareholders.
The
fund
also
offers
a
Z
Class,
which
serves
as
an
underlying
investment
within
certain
T.
Rowe
Price
fund
of
funds
arrangements.
The
Adviser
waives
its
advisory
fee
on
the
Z
Class
and
waives
or
bears
the
Z
Class’s
other
operating
expenses,
with
certain
exceptions.
The
Board
considered
whether
the
advisory
fee
and
operating
expense
waivers
on
the
Z
Class
may
present
a
means
for
cross-subsidization
of
the
Z
Class
by
other
share
classes
of
the
fund.
In
that
regard,
the
Board
noted
that
the
Z
Class
operating
expenses
are
largely
covered
by
the
all-inclusive
fees
charged
by
the
investing
T.
Rowe
Price
fund
of
funds
and
that
any
Z
Class
operating
expenses
not
covered
by
the
investing
T.
Rowe
Price
funds
of
funds’
fees
are
paid
by
the
Adviser
and
not
by
shareholders
of
any
other
share
class
of
the
fund.
In
addition,
the
Board
noted
that
the
fund
potentially
shares
in
indirect
economies
of
scale
through
the
Adviser’s
ongoing
investments
in
its
business
in
support
of
the
T.
Rowe
Price
funds,
including
investments
in
trading
systems,
technology,
and
regulatory
support
enhancements,
and
the
ability
to
possibly
negotiate
lower
fee
arrangements
with
third-
party
service
providers.
The
Board
concluded
that
the
advisory
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
any
economies
of
scale
with
the
fund’s
investors.
Fees
and
Expenses
The
Board
was
provided
with
information
regarding
industry
trends
in
management
fees
and
expenses.
Among
other
things,
the
Board
reviewed
data
for
peer
groups
that
were
compiled
by
Broadridge,
which
compared:
(i)
contractual
management
fees,
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Expense
Group)
and
(ii)
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
broader
set
of
funds
within
the
Lipper
investment
classification
(Expense
Universe).
The
Board
considered
the
fund’s
contractual
management
fee
rate,
actual
management
fee
rate
(which
reflects
the
management
fees
actually
received
from
the
fund
by
the
Adviser
after
any
applicable
waivers,
reductions,
or
reimbursements),
operating
expenses,
and
total
expenses
(which
reflect
the
net
total
expense
ratio
of
the
fund
after
any
waivers,
reductions,
or
reimbursements)
in
comparison
with
the
information
for
the
Broadridge
peer
groups.
Broadridge
generally
constructed
the
peer
groups
by
seeking
the
most
comparable
funds
based
on
similar
investment
classifications
and
objectives,
expense
structure,
asset
size,
and
operating
components
and
attributes
and
ranked
funds
into
quintiles,
with
the
first
quintile
representing
the
funds
with
the
lowest
relative
expenses
and
the
fifth
quintile
representing
the
funds
T.
ROWE
PRICE
Equity
Index
500
Fund
with
the
highest
relative
expenses.
The
information
provided
to
the
Board
indicated
that
the
fund’s
contractual
management
fee
ranked
in
the
first
quintile
(Expense
Group),
the
fund’s
actual
management
fee
rate
ranked
in
the
first
quintile
(Expense
Group
and
Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
the
third
quintile
(Expense
Group)
and
second
quintile
(Expense
Universe).
The
Board
also
reviewed
the
fee
schedules
for
other
investment
portfolios
with
similar
mandates
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
and
individual
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
Management
provided
the
Board
with
information
about
the
Adviser’s
responsibilities
and
services
provided
to
subadvisory
and
other
institutional
account
clients,
including
information
about
how
the
requirements
and
economics
of
the
institutional
business
are
fundamentally
different
from
those
of
the
proprietary
mutual
fund
business.
The
Board
considered
information
showing
that
the
Adviser’s
mutual
fund
business
is
generally
more
complex
from
a
business
and
compliance
perspective
than
its
institutional
account
business
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
greater
asset
flows,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser’s
proprietary
mutual
fund
business.
In
assessing
the
reasonableness
of
the
fund’s
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
Adviser
to
manage
its
mutual
fund
business
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution’s
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
fund
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
fund
under
the
Advisory
Contract
are
reasonable.
Approval
of
the
Advisory
Contract
and
Subadvisory
Contract
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract
(including
the
fees
to
be
charged
for
services
thereunder).
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F50-051
8/23
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
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 is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments
were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.
Item 3. Audit Committee
Financial Expert.
Disclosure required in registrant’s annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant’s annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not
applicable.
Item 6. Investments.
(a) Not
applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment
Companies.
Not applicable.
Item 8. Portfolio
Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of
Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the
registrant’s board of directors.
Item 11. 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 change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has
materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
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.
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| T. Rowe Price Index Trust, Inc. |
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| By |
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/s/ David Oestreicher |
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David Oestreicher |
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Principal Executive Officer |
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| Date |
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August 18, 2023 |
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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.
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| By |
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/s/ David Oestreicher |
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David Oestreicher |
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Principal Executive Officer |
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| Date |
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August 18, 2023 |
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| By |
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/s/ Alan S. Dupski |
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Alan S. Dupski |
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Principal Financial Officer |
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| Date |
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August 18, 2023 |
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