Total Equity Market Index Fund_TMX_F123-051
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
POMIX
Total
Equity
Market
Index
Fund
–
.
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
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
$
41
.03
$
51
.79
$
41
.94
$
35
.56
$
27
.69
$
30
.13
Investment
activities
Net
investment
income
(1)(2)
0
.31
0
.59
0
.49
0
.54
0
.52
0
.52
Net
realized
and
unrealized
gain/loss
6
.39
(
10
.74
)
10
.15
6
.49
7
.96
(
2
.16
)
Total
from
investment
activities
6
.70
(
10
.15
)
10
.64
7
.03
8
.48
(
1
.64
)
Distributions
Net
investment
income
—
(
0
.60
)
(
0
.53
)
(
0
.49
)
(
0
.54
)
(
0
.49
)
Net
realized
gain
—
(
0
.01
)
(
0
.26
)
(
0
.16
)
(
0
.07
)
(
0
.31
)
Total
distributions
—
(
0
.61
)
(
0
.79
)
(
0
.65
)
(
0
.61
)
(
0
.80
)
NET
ASSET
VALUE
End
of
period
$
47
.73
$
41
.03
$
51
.79
$
41
.94
$
35
.56
$
27
.69
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
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
.33
%
(
19
.61
)
%
25
.41
%
19
.82
%
30
.67
%
(
5
.59
)
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.20
%
(4)
0
.21
%
0
.26
%
0
.30
%
0
.30
%
0
.30
%
Net
expenses
after
waivers/payments
by
Price
Associates
0
.20
%
(4)
0
.21
%
0
.26
%
0
.30
%
0
.30
%
0
.30
%
Net
investment
income
1
.40
%
(4)
1
.34
%
1
.03
%
1
.52
%
1
.60
%
1
.69
%
Portfolio
turnover
rate
2
.0
%
4
.8
%
20
.0
%
10
.1
%
4
.7
%
6
.5
%
Net
assets,
end
of
period
(in
millions)
$2,117
$1,870
$2,661
$2,431
$2,116
$1,630
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
Total
Equity
Market
Index
Fund
June
30,
2023
(Unaudited)
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.5%
COMMUNICATION
SERVICES
7.7%
Diversified
Telecommunication
Services
0.7%
AT&T
324,945
5,183
ATN
International
7,701
282
GCI
Liberty,
Class
A,
EC
(1)(2)
6,211
—
Globalstar
(2)
187,300
202
Iridium
Communications
10,017
622
Liberty
Global,
Class
A
(2)
9,307
157
Liberty
Global,
Class
C
(2)
6,207
111
Lumen
Technologies
(3)
110,680
250
Verizon
Communications
199,924
7,435
14,242
Entertainment
1.3%
Activision
Blizzard
(2)
31,662
2,669
AMC
Entertainment
Holdings,
Class
A
(2)(3)
16,045
71
Electronic
Arts
11,800
1,530
Liberty
Media-Liberty
Formula
One,
Class
A
(2)
5,400
365
Liberty
Media-Liberty
Formula
One,
Class
C
(2)
14,600
1,099
Live
Nation
Entertainment
(2)
9,072
826
Madison
Square
Garden
Sports
533
100
Netflix
(2)
21,973
9,679
Playtika
Holding
(2)
34,200
397
ROBLOX,
Class
A
(2)
17,768
716
Roku
(2)
7,141
457
Take-Two
Interactive
Software
(2)
7,167
1,055
Walt
Disney
(2)
91,524
8,171
Warner
Bros
Discovery
(2)
79,824
1,001
Warner
Music
Group,
Class
A
(3)
9,761
255
28,391
Interactive
Media
&
Services
4.7%
Alphabet,
Class
A
(2)
289,826
34,692
Alphabet,
Class
C
(2)
249,534
30,186
IAC
(2)
8,300
521
Match
Group
(2)
19,023
796
Meta
Platforms,
Class
A
(2)
108,267
31,071
Pinterest,
Class
A
(2)
33,221
908
Snap,
Class
A
(2)
44,822
531
Vimeo
(2)
25,908
107
Ziff
Davis
(2)
2,400
168
ZoomInfo
Technologies,
Class
A
(2)
12,000
305
99,285
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Media
0.8%
AMC
Networks,
Class
A
(2)
15,225
182
Charter
Communications,
Class
A
(2)
4,006
1,472
Comcast,
Class
A
202,219
8,402
DISH
Network,
Class
A
(2)(3)
40,830
269
Entravision
Communications,
Class
A
15,000
66
Fox,
Class
A
10,361
352
Gray
Television
34,500
272
Interpublic
Group
8,939
345
Liberty
Broadband,
Class
C
(2)
2,000
160
New
York
Times,
Class
A
7,800
307
News,
Class
A
32,096
626
News,
Class
B
23,655
467
Nexstar
Media
Group,
Class
A
913
152
Omnicom
Group
6,900
657
Paramount
Global,
Class
B
41,994
668
Scholastic
10,500
408
TEGNA
10,400
169
Trade
Desk,
Class
A
(2)
28,700
2,216
17,190
Wireless
Telecommunication
Services
0.2%
Shenandoah
Telecommunications
16,502
321
Telephone
&
Data
Systems
21,900
180
T-Mobile
U.S.
(2)
31,500
4,375
4,876
Total
Communication
Services
163,984
CONSUMER
DISCRETIONARY
10.8%
Automobile
Components
0.2%
Aptiv (2)
9,400
960
Autoliv
9,000
765
BorgWarner
16,517
808
Fox
Factory
Holding
(2)
1,500
163
Lear
1,400
201
Mobileye
Global,
Class
A
(2)
2,060
79
Modine
Manufacturing
(2)
22,150
731
QuantumScape
(2)(3)
31,500
252
Standard
Motor
Products
1,600
60
Stoneridge
(2)
6,900
130
Visteon
(2)
3,600
517
XPEL
(2)
3,100
261
4,927
Automobiles
1.9%
Ford
Motor
157,752
2,387
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
General
Motors
59,820
2,307
Rivian
Automotive,
Class
A
(2)(3)
17,611
293
Tesla
(2)
130,298
34,108
Thor
Industries
(3)
4,800
497
Winnebago
Industries
4,499
300
39,892
Broadline
Retail
2.8%
Amazon.com (2)
436,257
56,870
eBay
20,800
930
Etsy
(2)
5,142
435
Kohl's
18,400
424
Ollie's
Bargain
Outlet
Holdings
(2)
4,699
272
58,931
Distributors
0.1%
Genuine
Parts
4,800
812
LKQ
9,900
577
Pool
1,205
452
1,841
Diversified
Consumer
Services
0.1%
Adtalem
Global
Education
(2)
8,500
292
Bright
Horizons
Family
Solutions
(2)
9,096
841
Frontdoor
(2)
8,450
269
H&R
Block
11,652
371
Service
Corp
International
2,800
181
Strategic
Education
6,453
438
2,392
Hotels,
Restaurants
&
Leisure
2.3%
Airbnb,
Class
A
(2)
20,002
2,563
Aramark
9,000
387
Booking
Holdings
(2)
2,046
5,525
Boyd
Gaming
6,500
451
Caesars
Entertainment
(2)
5,784
295
Carnival
(2)
36,330
684
Chipotle
Mexican
Grill
(2)
1,470
3,144
Chuy's
Holdings
(2)
11,200
457
Cracker
Barrel
Old
Country
Store
(3)
1,524
142
Darden
Restaurants
3,800
635
Domino's
Pizza
2,700
910
DoorDash,
Class
A
(2)
13,800
1,055
DraftKings,
Class
A
(2)
37,700
1,002
Expedia
Group
(2)
5,790
633
Hilton
Grand
Vacations
(2)
5,040
229
Hilton
Worldwide
Holdings
14,999
2,183
Jack
in
the
Box
1,518
148
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Las
Vegas
Sands
(2)
20,172
1,170
Light
&
Wonder
(2)
2,700
186
Marriott
International,
Class
A
11,756
2,159
Marriott
Vacations
Worldwide
2,386
293
McDonald's
35,403
10,565
MGM
Resorts
International
25,900
1,138
Norwegian
Cruise
Line
Holdings
(2)
19,254
419
Papa
John's
International
1,800
133
Penn
Entertainment
(2)
9,484
228
Planet
Fitness,
Class
A
(2)
4,261
287
Royal
Caribbean
Cruises
(2)
10,000
1,037
SeaWorld
Entertainment
(2)
6,300
353
Six
Flags
Entertainment
(2)
6,826
177
Starbucks
55,538
5,502
Travel
+
Leisure
8,330
336
Vail
Resorts
2,100
529
Wendy's
17,675
384
Wingstop
1,900
380
Wyndham
Hotels
&
Resorts
5,130
352
Wynn
Resorts
6,906
729
Yum!
Brands
9,300
1,289
48,089
Household
Durables
0.5%
DR
Horton
15,100
1,837
Ethan
Allen
Interiors
18,600
526
Garmin
7,417
773
Helen
of
Troy
(2)(3)
1,800
194
Hovnanian
Enterprises,
Class
A
(2)
3,343
332
iRobot
(2)
2,200
100
La-Z-Boy
9,300
266
Leggett
&
Platt
3,300
98
Lennar,
Class
A
11,393
1,428
MDC
Holdings
10,345
484
Meritage
Homes
5,082
723
Mohawk
Industries
(2)
2,113
218
Newell
Brands
17,554
153
NVR
(2)
210
1,334
PulteGroup
2,839
220
Taylor
Morrison
Home
(2)
14,879
726
TopBuild
(2)
3,033
807
Tri
Pointe
Homes
(2)
20,885
686
Whirlpool
2,822
420
11,325
Leisure
Products
0.1%
Brunswick
7,200
624
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Hasbro
6,700
434
Mattel
(2)
37,900
740
Peloton
Interactive,
Class
A
(2)
31,681
244
Polaris
2,500
302
YETI
Holdings
(2)
4,600
179
2,523
Specialty
Retail
2.2%
Advance
Auto
Parts
1,150
81
American
Eagle
Outfitters
18,850
222
AutoZone
(2)
1,010
2,518
Bath
&
Body
Works
18,200
682
Best
Buy
10,000
819
Burlington
Stores
(2)
7,337
1,155
CarMax
(2)
3,491
292
Container
Store
Group
(2)
42,756
134
Dick's
Sporting
Goods
3,600
476
Five
Below
(2)
3,704
728
Floor
&
Decor
Holdings,
Class
A
(2)
7,691
800
Foot
Locker
(3)
3,003
81
GameStop,
Class
A
(2)
8,800
213
Group
1
Automotive
1,200
310
Home
Depot
51,113
15,878
Lithia
Motors
1,300
395
LL
Flooring
Holdings
(2)
61,800
237
Lowe's
27,800
6,274
Murphy
USA
1,200
373
O'Reilly
Automotive
(2)
3,582
3,422
Petco
Health
&
Wellness
(2)(3)
12,000
107
PetMed
Express
(3)
15,900
219
RH
(2)(3)
1,100
363
Ross
Stores
21,900
2,456
Sleep
Number
(2)
3,650
100
TJX
60,490
5,129
Tractor
Supply
3,500
774
Ulta
Beauty
(2)
2,160
1,016
Upbound
Group
9,052
282
Valvoline
11,587
435
Victoria's
Secret
(2)
6,080
106
Wayfair,
Class
A
(2)
5,318
346
Williams-Sonoma
(3)
2,266
284
46,707
Textiles,
Apparel
&
Luxury
Goods
0.6%
Carter's
3,300
239
Columbia
Sportswear
3,600
278
Crocs
(2)
4,500
506
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Deckers
Outdoor
(2)
1,468
775
Lululemon
Athletica
(2)
4,618
1,748
Movado
Group
6,600
177
NIKE,
Class
B
64,400
7,108
Ralph
Lauren
(3)
4,600
567
Skechers
USA,
Class
A
(2)
11,600
611
Tapestry
15,446
661
Unifi
(2)
21,432
173
VF
10,200
195
13,038
Total
Consumer
Discretionary
229,665
CONSUMER
STAPLES
6.1%
Beverages
1.5%
Boston
Beer,
Class
A
(2)
700
216
Brown-Forman,
Class
B
5,900
394
Celsius
Holdings
(2)
1,467
219
Coca-Cola
196,266
11,819
Coca-Cola
Consolidated
350
222
Constellation
Brands,
Class
A
9,781
2,407
Keurig
Dr
Pepper
50,654
1,584
Molson
Coors
Beverage,
Class
B
4,202
277
Monster
Beverage
(2)
41,400
2,378
PepsiCo
67,394
12,483
31,999
Consumer
Staples
Distribution
&
Retail
1.7%
BJ's
Wholesale
Club
Holdings
(2)
7,600
479
Casey's
General
Stores
2,181
532
Chefs'
Warehouse
(2)
7,700
275
Costco
Wholesale
22,203
11,954
Dollar
General
12,408
2,107
Dollar
Tree
(2)
13,293
1,907
Fresh
Market,
EC
(1)(2)
3,800
—
Kroger
32,200
1,513
Performance
Food
Group
(2)
8,746
527
Sysco
20,526
1,523
Target
20,100
2,651
United
Natural
Foods
(2)
4,400
86
Walgreens
Boots
Alliance
21,374
609
Walmart
69,347
10,900
35,063
Food
Products
1.0%
Archer-Daniels-Midland
20,072
1,517
Bunge
3,671
346
Campbell
Soup
5,580
255
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Conagra
Brands
40,325
1,360
Darling
Ingredients
(2)
16,200
1,033
Flowers
Foods
17,835
444
Fresh
Del
Monte
Produce
9,900
255
Freshpet
(2)
3,934
259
General
Mills
32,788
2,515
Hershey
7,638
1,907
Hormel
Foods
11,000
442
Ingredion
3,302
350
J
M
Smucker
1,716
253
John
B.
Sanfilippo
&
Son
3,400
399
Kellogg
8,607
580
Kraft
Heinz
42,959
1,525
Lamb
Weston
Holdings
3,062
352
McCormick
10,556
921
Mondelez
International,
Class
A
71,976
5,250
Post
Holdings
(2)
3,120
270
Simply
Good
Foods
(2)
7,018
257
Tootsie
Roll
Industries
2,706
96
TreeHouse
Foods
(2)
3,428
173
Tyson
Foods,
Class
A
15,309
781
21,540
Household
Products
1.2%
Church
&
Dwight
8,195
821
Clorox
4,186
666
Colgate-Palmolive
39,896
3,074
Energizer
Holdings
4,298
144
Kimberly-Clark
20,200
2,789
Procter
&
Gamble
116,864
17,733
Spectrum
Brands
Holdings
900
70
25,297
Personal
Care
Products
0.2%
BellRing
Brands
(2)
9,955
364
Edgewell
Personal
Care
4,448
184
Estee
Lauder,
Class
A
12,400
2,435
Herbalife
(2)
20,600
273
3,256
Tobacco
0.5%
Altria
Group
77,000
3,488
Philip
Morris
International
80,200
7,829
Vector
Group
10,255
132
11,449
Total
Consumer
Staples
128,604
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ENERGY
4.1%
Energy
Equipment
&
Services
0.4%
Baker
Hughes
36,900
1,166
ChampionX
15,100
469
Halliburton
47,729
1,575
Helmerich
&
Payne
14,774
524
NOV
35,554
570
Oceaneering
International
(2)
23,453
439
Schlumberger
65,911
3,237
TechnipFMC
(2)
61,202
1,017
Weatherford
International
(2)
1,200
80
9,077
Oil,
Gas
&
Consumable
Fuels
3.7%
APA
25,986
888
Callon
Petroleum
(2)
6,246
219
Cheniere
Energy
11,400
1,737
Chesapeake
Energy
10,200
854
Chevron
82,150
12,926
Chord
Energy
2,136
328
Civitas
Resources
5,422
376
CNX
Resources
(2)
19,300
342
ConocoPhillips
59,633
6,179
Coterra
Energy
33,408
845
Devon
Energy
34,863
1,685
Diamondback
Energy
8,000
1,051
Dorian
LPG
8,030
206
DT
Midstream
14,491
718
EOG
Resources
29,481
3,374
EQT
15,300
629
Exxon
Mobil
196,986
21,127
Hess
14,800
2,012
International
Seaways
1,400
54
Kinder
Morgan
92,377
1,591
Kosmos
Energy
(2)
51,000
305
Magnolia
Oil
&
Gas,
Class
A
29,052
607
Marathon
Oil
38,702
891
Marathon
Petroleum
23,920
2,789
Murphy
Oil
17,543
672
Occidental
Petroleum
32,666
1,921
ONEOK
21,000
1,296
Ovintiv
3,131
119
Par
Pacific
Holdings
(2)
13,687
364
PBF
Energy,
Class
A
2,000
82
Peabody
Energy
4,100
89
Phillips
66
19,174
1,829
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Pioneer
Natural
Resources
11,700
2,424
Range
Resources
22,846
672
SM
Energy
18,563
587
Southwestern
Energy
(2)
77,181
464
Targa
Resources
17,000
1,294
Texas
Pacific
Land
155
204
Valero
Energy
17,735
2,080
Williams
62,085
2,026
World
Kinect
14,500
300
78,156
Total
Energy
87,233
FINANCIALS
12.9%
Banks
3.3%
1st
Source
5,268
221
Ameris
Bancorp
5,753
197
Bank
of
America
349,153
10,017
Bank
of
Hawaii
(3)
4,000
165
Bank
OZK
6,200
249
BankUnited
13,400
289
Berkshire
Hills
Bancorp
8,800
182
Cadence
Bank
8,900
175
Capitol
Federal
Financial
20,700
128
Central
Pacific
Financial
10,800
170
Citigroup
95,526
4,398
Citizens
Financial
Group
23,200
605
Comerica
9,516
403
Cullen/Frost
Bankers
4,200
452
Customers
Bancorp
(2)
5,400
163
CVB
Financial
12,039
160
East
West
Bancorp
9,692
512
Fifth
Third
Bancorp
41,090
1,077
First
BanCorp
Puerto
Rico
47,600
582
First
Business
Financial
Services
10,000
295
First
Citizens
BancShares,
Class
A
519
666
First
Financial
Bancorp
13,370
273
First
Merchants
8,330
235
Flushing
Financial
9,350
115
Fulton
Financial
19,774
236
Glacier
Bancorp
2,900
90
Hancock
Whitney
10,100
388
Home
BancShares
16,400
374
Huntington
Bancshares
113,909
1,228
JPMorgan
Chase
143,688
20,898
KeyCorp
29,913
276
M&T
Bank
9,334
1,155
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
National
Bank
Holdings,
Class
A
10,200
296
NBT
Bancorp
9,400
299
New
York
Community
Bancorp
26,787
301
Northfield
Bancorp
20,200
222
Old
National
Bancorp
19,280
269
Pacific
Premier
Bancorp
15,200
314
Park
National
3,215
329
Peoples
Bancorp
6,097
162
Pinnacle
Financial
Partners
4,100
232
PNC
Financial
Services
Group
20,449
2,576
Popular
11,796
714
Prosperity
Bancshares
3,400
192
Regions
Financial
49,756
887
Renasant
5,175
135
S&T
Bancorp
12,700
345
Seacoast
Banking
12,900
285
SouthState
4,788
315
Synovus
Financial
5,828
176
Towne
Bank
14,400
335
Truist
Financial
50,658
1,538
U.S.
Bancorp
72,779
2,405
UMB
Financial
2,896
176
United
Bankshares
7,400
220
Washington
Federal
4,342
115
Webster
Financial
14,495
547
Wells
Fargo
193,660
8,265
WesBanco
8,200
210
Western
Alliance
Bancorp
8,500
310
WSFS
Financial
4,200
158
Zions
Bancorp
8,501
228
68,930
Capital
Markets
2.8%
Affiliated
Managers
Group
3,000
450
Ameriprise
Financial
4,300
1,428
Ares
Management,
Class
A
13,616
1,312
Artisan
Partners
Asset
Management,
Class
A
6,600
259
Bank
of
New
York
Mellon
36,160
1,610
BGC
Partners,
Class
A
81,696
362
BlackRock
6,513
4,501
Blackstone
30,468
2,833
Blue
Owl
Capital
43,317
505
Cboe
Global
Markets
3,900
538
Charles
Schwab
78,446
4,446
CME
Group
17,304
3,206
Coinbase
Global,
Class
A
(2)
8,600
615
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Donnelley
Financial
Solutions
(2)
7,925
361
FactSet
Research
Systems
1,550
621
Franklin
Resources
(3)
8,000
214
Goldman
Sachs
Group
15,233
4,913
Intercontinental
Exchange
27,564
3,117
Invesco
30,900
519
Janus
Henderson
Group
9,941
271
Jefferies
Financial
Group
12,300
408
KKR
21,413
1,199
Lazard,
Class
A
10,067
322
LPL
Financial
Holdings
4,300
935
MarketAxess
Holdings
2,500
654
Moody's
5,914
2,056
Morgan
Stanley
71,059
6,068
MSCI
4,117
1,932
Nasdaq
15,000
748
Northern
Trust
12,000
890
Open
Lending,
Class
A
(2)
20,600
217
Raymond
James
Financial
12,787
1,327
S&P
Global
16,186
6,489
SEI
Investments
4,700
280
State
Street
19,854
1,453
Tradeweb
Markets,
Class
A
10,857
744
Virtus
Investment
Partners
2,975
587
58,390
Consumer
Finance
0.6%
Ally
Financial
10,650
288
American
Express
25,700
4,477
Bread
Financial
Holdings
4,204
132
Capital
One
Financial
18,555
2,029
Discover
Financial
Services
14,500
1,694
LendingClub
(2)
13,800
135
Navient
15,900
295
OneMain
Holdings
17,500
765
SLM
32,600
532
SoFi
Technologies,
Class
A
(2)
34,700
289
Synchrony
Financial
27,785
943
11,579
Financial
Services
4.0%
Affirm
Holdings
(2)
8,200
126
Apollo
Global
Management
24,266
1,864
Berkshire
Hathaway,
Class
B
(2)
85,120
29,026
Block,
Class
A
(2)
22,694
1,511
Equitable
Holdings
26,203
712
Euronet
Worldwide
(2)
5,000
587
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Fidelity
National
Information
Services
34,091
1,865
Fiserv
(2)
36,096
4,553
FleetCor
Technologies
(2)
6,100
1,531
Global
Payments
18,439
1,817
Jack
Henry
&
Associates
3,400
569
Mastercard,
Class
A
41,699
16,400
MGIC
Investment
22,400
354
PayPal
Holdings
(2)
49,812
3,324
PennyMac
Financial
Services
2,895
203
Radian
Group
11,700
296
Visa,
Class
A
80,355
19,083
Voya
Financial
11,500
825
Western
Union
10,592
124
WEX
(2)
2,700
491
85,261
Insurance
2.1%
Aflac
20,000
1,396
Allstate
10,800
1,178
American
Financial
Group
5,750
683
American
International
Group
47,312
2,722
Aon,
Class
A
9,258
3,196
Arch
Capital
Group
(2)
15,600
1,168
Arthur
J
Gallagher
8,500
1,866
Assurant
3,500
440
Axis
Capital
Holdings
9,100
490
Brown
&
Brown
2,266
156
BRP
Group,
Class
A
(2)
9,900
245
Chubb
22,033
4,243
Cincinnati
Financial
6,869
668
CNA
Financial
10,300
398
Erie
Indemnity,
Class
A
2,000
420
Everest
Re
Group
2,200
752
Fidelity
National
Financial
16,896
608
First
American
Financial
8,285
472
Genworth
Financial,
Class
A
(2)
83,400
417
Globe
Life
3,522
386
Hanover
Insurance
Group
4,700
531
Hartford
Financial
Services
Group
24,300
1,750
Kemper
5,500
265
Loews
9,500
564
Markel
Group
(2)
420
581
Marsh
&
McLennan
27,199
5,116
MBIA
(2)
15,000
130
MetLife
38,874
2,198
Old
Republic
International
10,987
276
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Principal
Financial
Group
11,100
842
Progressive
25,485
3,373
Prudential
Financial
14,700
1,297
RenaissanceRe
Holdings
3,592
670
Safety
Insurance
Group
4,900
351
Selective
Insurance
Group
3,487
335
Travelers
12,523
2,175
United
Fire
Group
15,300
347
Unum
Group
19,238
918
W
R
Berkley
2,788
166
Willis
Towers
Watson
5,106
1,202
44,991
Mortgage
Real
Estate
Investment
Trusts
0.1%
AG
Mortgage
Investment
Trust,
REIT
(3)
34,500
211
AGNC
Investment,
REIT
(3)
23,200
235
Annaly
Capital
Management,
REIT
18,175
364
Ares
Commercial
Real
Estate,
REIT
(3)
13,200
134
Chimera
Investment,
REIT
(3)
45,500
262
Franklin
BSP
Realty
Trust,
REIT
18,840
267
Granite
Point
Mortgage
Trust,
REIT
25,800
137
New
York
Mortgage
Trust,
REIT
23,275
231
Redwood
Trust,
REIT
25,700
164
Starwood
Property
Trust,
REIT
(3)
23,400
454
TPG
RE
Finance
Trust,
REIT
28,900
214
Two
Harbors
Investment,
REIT
16,575
230
2,903
Total
Financials
272,054
HEALTH
CARE
13.4%
Biotechnology
2.5%
AbbVie
88,439
11,915
ACADIA
Pharmaceuticals
(2)
26,956
646
Akero
Therapeutics
(2)
4,122
193
Alkermes
(2)
16,100
504
Alnylam
Pharmaceuticals
(2)
6,950
1,320
Amgen
23,987
5,326
Apellis
Pharmaceuticals
(2)
11,200
1,020
Aptevo
Therapeutics
(2)
46,200
68
Arcturus
Therapeutics
Holdings
(2)
5,522
158
Avidity
Biosciences
(2)
8,708
97
Biogen
(2)
8,520
2,427
BioMarin
Pharmaceutical
(2)
8,800
763
Blueprint
Medicines
(2)
9,700
613
BrainStorm
Cell
Therapeutics
(2)(3)
41,700
86
Celldex
Therapeutics
(2)
8,000
271
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Dynavax
Technologies
(2)
11,700
151
Exact
Sciences
(2)
10,700
1,005
Gilead
Sciences
57,320
4,418
Horizon
Therapeutics
(2)
9,300
957
IGM
Biosciences
(2)(3)
12,500
115
Incyte
(2)
4,600
286
Insmed
(2)
32,980
696
Intellia
Therapeutics
(2)
7,000
286
Ionis
Pharmaceuticals
(2)
20,894
857
IVERIC
bio
(2)
11,000
433
Karuna
Therapeutics
(2)
1,600
347
Ligand
Pharmaceuticals
(2)
1,904
137
Moderna
(2)
14,982
1,820
Natera
(2)
7,200
350
Neurocrine
Biosciences
(2)
8,600
811
Nurix
Therapeutics
(2)
11,600
116
Olema
Pharmaceuticals
(2)
40,000
361
Prothena
(2)
5,946
406
RAPT
Therapeutics
(2)
7,400
138
Regeneron
Pharmaceuticals
(2)
5,787
4,158
Replimune
Group
(2)
14,100
327
Sangamo
Therapeutics
(2)
67,782
88
Sarepta
Therapeutics
(2)
5,432
622
Scholar
Rock
Holding
(2)
10,000
75
Seagen
(2)
7,272
1,400
Stoke
Therapeutics
(2)(3)
14,400
153
Tenaya
Therapeutics
(2)(3)
31,015
182
Ultragenyx
Pharmaceutical
(2)
9,700
448
United
Therapeutics
(2)
2,300
508
Vertex
Pharmaceuticals
(2)
13,638
4,799
Vir
Biotechnology
(2)
6,936
170
Xencor
(2)
23,700
592
52,619
Health
Care
Equipment
&
Supplies
2.9%
Abbott
Laboratories
78,749
8,585
Align
Technology
(2)
3,550
1,255
Baxter
International
31,774
1,448
Becton
Dickinson
&
Company
15,502
4,093
Boston
Scientific
(2)
58,806
3,181
Cooper
2,200
843
DENTSPLY
SIRONA
13,533
542
Dexcom
(2)
21,881
2,812
Edwards
Lifesciences
(2)
25,220
2,379
Embecta
8,400
181
Envista
Holdings
(2)
9,300
315
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
GE
HealthCare
Technologies
19,830
1,611
Globus
Medical,
Class
A
(2)
7,291
434
Haemonetics
(2)
4,888
416
Hologic
(2)
14,544
1,178
ICU
Medical
(2)
2,000
356
IDEXX
Laboratories
(2)
2,900
1,456
Inari
Medical
(2)
9,549
555
Inspire
Medical
Systems
(2)
2,235
726
Insulet
(2)
4,100
1,182
Intuitive
Surgical
(2)
19,100
6,531
iRhythm
Technologies
(2)
3,066
320
Lantheus
Holdings
(2)
5,170
434
Medtronic
59,344
5,228
Merit
Medical
Systems
(2)
5,443
455
Nevro
(2)
5,900
150
Novocure
(2)
4,600
191
Omnicell
(2)
3,200
236
Penumbra
(2)
2,100
722
QuidelOrtho
(2)
3,437
285
ResMed
8,200
1,792
Shockwave
Medical
(2)
3,000
856
STERIS
6,495
1,461
Stryker
17,954
5,478
Teleflex
4,000
968
Zimmer
Biomet
Holdings
11,920
1,736
60,391
Health
Care
Providers
&
Services
2.8%
Acadia
Healthcare
(2)
6,290
501
Amedisys
(2)
4,900
448
AmerisourceBergen
6,964
1,340
AMN
Healthcare
Services
(2)
4,652
508
Brookdale
Senior
Living
(2)
43,700
184
Cardinal
Health
11,315
1,070
Centene
(2)
20,888
1,409
Cigna
Group
15,338
4,304
CorVel
(2)
1,750
339
CVS
Health
59,983
4,147
DaVita
(2)
3,598
361
Elevance
Health
12,904
5,733
Encompass
Health
6,689
453
Ensign
Group
6,917
660
Guardant
Health
(2)
7,800
279
HCA
Healthcare
9,962
3,023
Henry
Schein
(2)
7,100
576
Humana
6,969
3,116
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Laboratory
Corp.
of
America
Holdings
2,195
530
McKesson
7,751
3,312
Molina
Healthcare
(2)
3,694
1,113
OPKO
Health
(2)(3)
124,700
271
Option
Care
Health
(2)
16,466
535
Pennant
Group
(2)
10,350
127
Psychemedics
2,375
11
Quest
Diagnostics
4,500
632
Select
Medical
Holdings
23,430
746
Surgery
Partners
(2)
12,333
555
UnitedHealth
Group
46,059
22,138
Universal
Health
Services,
Class
B
1,300
205
58,626
Health
Care
Technology
0.1%
Doximity,
Class
A
(2)
8,600
293
Multiplan
(2)(3)
114,100
241
NextGen
Healthcare
(2)
14,600
237
Phreesia
(2)
9,200
285
Teladoc
Health
(2)
5,848
148
Veeva
Systems,
Class
A
(2)
7,400
1,463
2,667
Life
Sciences
Tools
&
Services
1.4%
10X
Genomics,
Class
A
(2)
7,628
426
Adaptive
Biotechnologies
(2)
46,380
311
Agilent
Technologies
17,987
2,163
Avantor
(2)
28,382
583
Bio-Rad
Laboratories,
Class
A
(2)
700
265
Bio-Techne
7,600
621
Bruker
2,778
205
Charles
River
Laboratories
International
(2)
2,935
617
CryoPort
(2)(3)
7,000
121
Danaher
32,789
7,869
Illumina
(2)
7,400
1,388
IQVIA
Holdings
(2)
6,025
1,354
Mettler-Toledo
International
(2)
1,110
1,456
Omniab,
Earn
Out
Shares
$12.50
(2)
722
1
Omniab,
Earn
Out
Shares
$15.00
(2)
722
—
Repligen
(2)
2,956
418
Revvity
3,635
432
Thermo
Fisher
Scientific
18,992
9,909
Waters
(2)
1,332
355
West
Pharmaceutical
Services
4,400
1,683
30,177
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Pharmaceuticals
3.7%
Amneal
Pharmaceuticals
(2)
46,400
144
Arvinas
(2)
5,800
144
Axsome
Therapeutics
(2)(3)
3,700
266
Bristol-Myers
Squibb
95,784
6,125
Cassava
Sciences
(2)(3)
5,900
145
Catalent
(2)
4,941
214
Elanco
Animal
Health
(2)
54,449
548
Eli
Lilly
39,364
18,461
Intra-Cellular
Therapies
(2)
3,600
228
Jazz
Pharmaceuticals
(2)
2,804
348
Johnson
&
Johnson
124,939
20,680
Merck
121,134
13,978
Organon
19,423
404
Perrigo
7,998
271
Pfizer
258,702
9,489
Prestige
Consumer
Healthcare
(2)
4,483
266
Royalty
Pharma,
Class
A
4,419
136
Theravance
Biopharma
(2)(3)
16,371
169
Viatris
95,187
950
Zoetis
26,200
4,512
77,478
Total
Health
Care
281,958
INDUSTRIALS
&
BUSINESS
SERVICES
10.0%
Aerospace
&
Defense
1.6%
Aerojet
Rocketdyne
Holdings
(2)
10,500
576
Axon
Enterprise
(2)
3,600
702
Boeing
(2)
27,200
5,744
BWX
Technologies
5,038
361
General
Dynamics
11,610
2,498
HEICO,
Class
A
3,909
550
Hexcel
7,400
562
Howmet
Aerospace
24,600
1,219
Huntington
Ingalls
Industries
2,000
455
L3Harris
Technologies
11,601
2,271
Lockheed
Martin
9,700
4,466
Northrop
Grumman
7,095
3,234
Parsons
(2)
4,800
231
Raytheon
Technologies
65,599
6,426
Spirit
AeroSystems
Holdings,
Class
A
(3)
8,566
250
Textron
18,700
1,265
TransDigm
Group
2,700
2,414
Triumph
Group
(2)
27,400
339
Virgin
Galactic
Holdings
(2)
24,600
95
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Woodward
2,800
333
33,991
Air
Freight
&
Logistics
0.5%
CH
Robinson
Worldwide
7,047
665
Expeditors
International
of
Washington
2,636
319
FedEx
14,100
3,496
GXO
Logistics
(2)
6,500
408
United
Parcel
Service,
Class
B
35,622
6,385
11,273
Building
Products
0.7%
A.O.
Smith
9,300
677
AAON
5,603
531
Allegion
6,066
728
Armstrong
World
Industries
3,647
268
AZZ
9,900
430
Builders
FirstSource
(2)
1,718
234
Carlisle
2,600
667
Carrier
Global
43,239
2,149
Fortune
Brands
Innovations
7,600
547
Gibraltar
Industries
(2)
5,500
346
Johnson
Controls
International
26,442
1,802
Lennox
International
2,400
782
Masco
16,900
970
Owens
Corning
5,600
731
PGT
Innovations
(2)
17,007
496
Trane
Technologies
12,900
2,467
Trex
(2)
9,100
596
Zurn
Elkay
Water
Solutions
15,500
417
14,838
Commercial
Services
&
Supplies
0.5%
ACCO
Brands
61,567
321
Aris
Water
Solution,
Class
A
(3)
13,200
136
Brady,
Class
A
6,500
309
BrightView
Holdings
(2)
15,000
108
Cintas
2,957
1,470
Copart
(2)
17,000
1,550
CoreCivic
(2)
28,898
272
Ennis
2,800
57
Enviri
(2)
47,600
470
HNI
16,200
456
MillerKnoll
16,400
242
MSA
Safety
1,400
243
Pitney
Bowes
59,800
212
Republic
Services
9,797
1,501
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Rollins
7,425
318
Steelcase,
Class
A
30,300
234
Tetra
Tech
825
135
UniFirst
1,400
217
VSE
2,500
137
Waste
Management
14,560
2,525
10,913
Construction
&
Engineering
0.3%
Arcosa
5,500
417
Bowman
Consulting
Group
(2)
2,300
73
Dycom
Industries
(2)
4,600
523
Fluor
(2)
15,158
449
Granite
Construction
12,950
515
MasTec
(2)
7,350
867
Quanta
Services
8,064
1,584
WillScot
Mobile
Mini
Holdings
(2)
17,968
859
5,287
Electrical
Equipment
0.7%
AMETEK
14,037
2,272
Beam
Global
(2)(3)
11,900
123
Eaton
16,026
3,223
Emerson
Electric
24,300
2,196
GrafTech
International
76,200
384
Hubbell
4,362
1,446
nVent
Electric
11,046
571
Plug
Power
(2)(3)
39,000
405
Regal
Rexnord
4,755
732
Rockwell
Automation
6,715
2,212
Sensata
Technologies
Holding
2,800
126
Shoals
Technologies
Group,
Class
A
(2)
16,300
417
Sunrun
(2)
12,766
228
Thermon
Group
Holdings
(2)
10,400
277
Vicor
(2)
2,700
146
14,758
Ground
Transportation
1.1%
Avis
Budget
Group
(2)
979
224
CSX
117,900
4,020
JB
Hunt
Transport
Services
4,300
778
Knight-Swift
Transportation
Holdings
8,950
497
Landstar
System
1,977
381
Lyft,
Class
A
(2)
20,642
198
Norfolk
Southern
12,570
2,850
Old
Dominion
Freight
Line
4,750
1,756
Ryder
System
3,300
280
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Saia
(2)
2,551
874
Uber
Technologies
(2)
103,780
4,480
Union
Pacific
28,155
5,761
Universal
Logistics
Holdings
2,100
61
Werner
Enterprises
4,275
189
22,349
Industrial
Conglomerates
0.9%
3M
26,200
2,622
General
Electric
57,554
6,322
Honeywell
International
34,423
7,143
Roper
Technologies
5,800
2,789
18,876
Machinery
2.0%
AGCO
5,100
670
Alamo
Group
2,700
497
Caterpillar
24,052
5,918
Chart
Industries
(2)
2,400
384
Cummins
8,500
2,084
Deere
11,947
4,841
Dover
5,000
738
EnPro
Industries
2,768
370
Esab
4,003
266
ESCO
Technologies
3,357
348
Flowserve
9,400
349
Fortive
20,450
1,529
Graco
6,061
523
Helios
Technologies
3,200
212
IDEX
4,627
996
Illinois
Tool
Works
13,660
3,417
Ingersoll
Rand
23,959
1,566
ITT
5,400
503
John
Bean
Technologies
5,509
668
Lincoln
Electric
Holdings
3,300
656
Middleby
(2)
3,312
490
Mueller
Water
Products,
Class
A
27,004
438
Nordson
2,800
695
Otis
Worldwide
27,369
2,436
PACCAR
29,007
2,426
Parker-Hannifin
7,213
2,813
RBC
Bearings
(2)
2,600
565
Snap-on
2,600
749
Stanley
Black
&
Decker
10,580
992
Terex
6,100
365
Timken
5,100
467
Toro
6,284
639
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Watts
Water
Technologies,
Class
A
3,200
588
Westinghouse
Air
Brake
Technologies
8,088
887
Xylem
7,400
833
41,918
Marine
Transportation
0.0%
Matson
4,400
342
Pangaea
Logistics
Solutions
10,100
68
410
Passenger
Airlines
0.2%
Alaska
Air
Group
(2)
7,700
410
Allegiant
Travel
(2)
5,500
695
American
Airlines
Group
(2)
17,046
306
Delta
Air
Lines
(2)
21,500
1,022
JetBlue
Airways
(2)
42,800
379
Southwest
Airlines
32,485
1,176
United
Airlines
Holdings
(2)
9,315
511
4,499
Professional
Services
1.0%
Automatic
Data
Processing
18,000
3,956
Barrett
Business
Services
2,600
227
Booz
Allen
Hamilton
Holding
11,566
1,291
Broadridge
Financial
Solutions
8,525
1,412
CACI
International,
Class
A
(2)
1,800
613
Ceridian
HCM
Holding
(2)
12,591
843
Clarivate
(2)(3)
19,900
190
Equifax
6,300
1,482
Forrester
Research
(2)
4,081
119
Franklin
Covey
(2)
3,600
157
FTI
Consulting
(2)
2,523
480
Genpact
7,500
282
Huron
Consulting
Group
(2)
6,221
528
Insperity
4,400
523
Jacobs
Solutions
3,700
440
Korn
Ferry
7,000
347
Leidos
Holdings
8,599
761
ManpowerGroup
2,900
230
Mastech
Digital
(2)
18,002
178
Maximus
3,800
321
Paychex
11,823
1,323
Paycom
Software
2,465
792
Paylocity
Holding
(2)
2,700
498
Robert
Half
International
4,000
301
Science
Applications
International
2,300
259
SS&C
Technologies
Holdings
7,370
447
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
TransUnion
14,500
1,136
TrueBlue
(2)
5,400
96
Upwork
(2)
18,800
175
Verisk
Analytics
7,727
1,746
21,153
Trading
Companies
&
Distributors
0.5%
Air
Lease
10,687
447
Beacon
Roofing
Supply
(2)
6,100
506
Fastenal
17,900
1,056
Ferguson
8,732
1,374
GATX
2,700
348
GMS
(2)
7,143
494
McGrath
RentCorp
3,600
333
MSC
Industrial
Direct,
Class
A
5,100
486
NOW
(2)
22,030
228
SiteOne
Landscape
Supply
(2)
3,300
552
United
Rentals
3,800
1,693
Univar
Solutions
(2)
8,200
294
Veritiv
3,000
377
Watsco
(3)
2,000
763
WW
Grainger
2,000
1,577
Xometry,
Class
A
(2)(3)
2,000
42
10,570
Total
Industrials
&
Business
Services
210,835
INFORMATION
TECHNOLOGY
26.4%
Communications
Equipment
0.8%
ADTRAN
Holdings
18,600
196
Arista
Networks
(2)
12,900
2,090
Ciena
(2)
9,699
412
Cisco
Systems
189,612
9,810
Extreme
Networks
(2)
23,733
618
F5
(2)
900
132
Juniper
Networks
22,280
698
Lumentum
Holdings
(2)(3)
5,248
298
Motorola
Solutions
8,414
2,468
Ubiquiti
(3)
600
105
Viasat
(2)
8,500
351
17,178
Electronic
Equipment,
Instruments
&
Components
0.8%
Amphenol,
Class
A
31,600
2,684
Arrow
Electronics
(2)
2,700
387
Belden
4,100
392
CDW
5,100
936
Cognex
8,700
487
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Coherent
(2)
8,004
408
Corning
35,810
1,255
FARO
Technologies
(2)
9,800
159
Insight
Enterprises
(2)
3,650
534
IPG
Photonics
(2)
2,600
353
Keysight
Technologies
(2)
10,790
1,807
Knowles
(2)
19,600
354
Littelfuse
1,900
554
MicroVision
(2)(3)
42,800
196
Napco
Security
Technologies
(3)
12,214
423
Novanta
(2)
2,964
546
Plexus
(2)
4,700
462
Sanmina
(2)
3,602
217
TE
Connectivity
15,838
2,220
Teledyne
Technologies
(2)
3,679
1,512
Trimble
(2)
12,900
683
TTM
Technologies
(2)
9,200
128
Vishay
Intertechnology
13,620
400
Vontier
8,300
267
Zebra
Technologies,
Class
A
(2)
1,250
370
17,734
IT
Services
1.3%
Accenture,
Class
A
32,593
10,058
Akamai
Technologies
(2)
5,400
485
Cloudflare,
Class
A
(2)
15,100
987
Cognizant
Technology
Solutions,
Class
A
26,300
1,717
DXC
Technology
(2)
13,700
366
EPAM
Systems
(2)
3,300
742
Fastly,
Class
A
(2)
12,076
190
Gartner
(2)
2,256
790
GoDaddy,
Class
A
(2)
7,086
532
International
Business
Machines
40,132
5,370
Kratos
Defense
&
Security
Solutions
(2)
18,817
270
Kyndryl
Holdings
(2)
10,005
133
MongoDB
(2)
3,793
1,559
Okta
(2)
7,552
524
Perficient
(2)
4,460
372
Snowflake,
Class
A
(2)
12,800
2,253
Twilio,
Class
A
(2)
8,386
533
VeriSign
(2)
4,200
949
27,830
Semiconductors
&
Semiconductor
Equipment
6.7%
Advanced
Micro
Devices
(2)
83,298
9,489
Analog
Devices
22,060
4,298
Applied
Materials
39,778
5,750
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Broadcom
20,458
17,746
Cirrus
Logic
(2)
4,187
339
Diodes
(2)
4,440
411
Enphase
Energy
(2)
7,143
1,196
Entegris
11,554
1,280
First
Solar
(2)
4,900
931
Intel
186,126
6,224
KLA
7,340
3,560
Lam
Research
6,966
4,478
Lattice
Semiconductor
(2)
7,100
682
Marvell
Technology
52,016
3,110
Microchip
Technology
25,888
2,319
Micron
Technology
59,980
3,785
MKS
Instruments
4,680
506
Monolithic
Power
Systems
2,751
1,486
NVIDIA
120,949
51,164
NXP
Semiconductors
9,387
1,921
ON
Semiconductor
(2)
23,430
2,216
Onto
Innovation
(2)
3,500
408
Power
Integrations
3,800
360
Qorvo
(2)
1,652
169
QUALCOMM
55,900
6,654
Semtech
(2)
8,300
211
SiTime
(2)
1,800
212
Skyworks
Solutions
6,779
750
SolarEdge
Technologies
(2)
2,600
700
Teradyne
7,973
888
Texas
Instruments
45,116
8,122
Wolfspeed
(2)(3)
2,704
150
141,515
Software
9.9%
Adobe (2)
21,923
10,720
ANSYS
(2)
3,341
1,103
Appian,
Class
A
(2)
3,772
180
AppLovin,
Class
A
(2)
13,400
345
Asana,
Class
A
(2)
7,900
174
Aspen
Technology
(2)
2,296
385
Atlassian,
Class
A
(2)
8,692
1,459
Autodesk
(2)
10,721
2,194
BILL
Holdings
(2)
5,700
666
Black
Knight
(2)
10,363
619
Cadence
Design
Systems
(2)
16,549
3,881
Cerence
(2)
6,437
188
CommVault
Systems
(2)
3,700
269
Confluent,
Class
A
(2)
15,208
537
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Consensus
Cloud
Solutions
(2)
3,100
96
Crowdstrike
Holdings,
Class
A
(2)
9,430
1,385
Datadog,
Class
A
(2)
13,300
1,308
Digital
Turbine
(2)
21,500
200
DocuSign
(2)
14,149
723
Dolby
Laboratories,
Class
A
5,000
418
Dynatrace
(2)
12,300
633
Fair
Isaac
(2)
1,105
894
Five9
(2)
4,800
396
Fortinet
(2)
28,600
2,162
Gen
Digital
33,164
615
Guidewire
Software
(2)
3,100
236
HubSpot
(2)
3,117
1,659
InterDigital
3,600
348
Intuit
14,605
6,692
Manhattan
Associates
(2)
5,093
1,018
Microsoft
361,912
123,245
MicroStrategy,
Class
A
(2)(3)
800
274
New
Relic
(2)
4,800
314
Nutanix,
Class
A
(2)
3,700
104
Oracle
69,535
8,281
PagerDuty
(2)
10,400
234
Palantir
Technologies,
Class
A
(2)
88,646
1,359
Palo
Alto
Networks
(2)
15,200
3,884
Pegasystems
11,438
564
Procore
Technologies
(2)
7,700
501
PTC
(2)
4,380
623
RingCentral,
Class
A
(2)
5,108
167
Salesforce
(2)
51,159
10,808
ServiceNow
(2)
9,834
5,526
Smartsheet,
Class
A
(2)
13,200
505
Splunk
(2)
4,925
522
Sprout
Social,
Class
A
(2)(3)
2,800
129
Synopsys
(2)
9,035
3,934
Tyler
Technologies
(2)
950
396
UiPath,
Class
A
(2)
23,075
382
Unity
Software
(2)
4,000
174
Upland
Software
(2)
23,900
86
VMware,
Class
A
(2)
10,195
1,465
Workday,
Class
A
(2)
11,400
2,575
Workiva
(2)
4,500
457
Zoom
Video
Communications,
Class
A
(2)
12,256
832
Zscaler
(2)
5,675
830
209,674
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Technology
Hardware,
Storage
&
Peripherals
6.9%
Apple
717,094
139,095
Dell
Technologies,
Class
C
7,073
383
Hewlett
Packard
Enterprise
78,499
1,319
HP
46,318
1,422
NetApp
6,942
530
Pure
Storage,
Class
A
(2)
25,000
920
Seagate
Technology
Holdings
6,739
417
Super
Micro
Computer
(2)
2,500
623
Turtle
Beach
(2)
24,700
288
Western
Digital
(2)
26,603
1,009
146,006
Total
Information
Technology
559,937
MATERIALS
2.7%
Chemicals
1.7%
Air
Products
&
Chemicals
12,200
3,654
Albemarle
3,800
848
Axalta
Coating
Systems
(2)
11,200
368
Cabot
5,120
343
Celanese
6,340
734
CF
Industries
Holdings
13,240
919
Chemours
11,980
442
Corteva
34,645
1,985
Dow
29,867
1,591
DuPont
de
Nemours
16,861
1,205
Eastman
Chemical
3,840
322
Ecolab
9,311
1,738
FMC
8,200
856
HB
Fuller
4,200
300
Huntsman
20,279
548
Ingevity
(2)
1,912
111
International
Flavors
&
Fragrances
11,175
889
Kronos
Worldwide
12,600
110
Linde
25,204
9,605
LyondellBasell
Industries,
Class
A
8,582
788
Minerals
Technologies
8,400
485
Mosaic
16,582
580
PPG
Industries
14,467
2,145
Quaker
Chemical
1,100
214
RPM
International
10,900
978
Scotts
Miracle-Gro
3,636
228
Sherwin-Williams
13,800
3,664
35,650
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Construction
Materials
0.2%
Eagle
Materials
1,240
231
Martin
Marietta
Materials
3,800
1,754
Vulcan
Materials
7,566
1,706
3,691
Containers
&
Packaging
0.3%
Amcor
79,300
791
AptarGroup
1,790
207
Avery
Dennison
4,800
825
Ball
18,000
1,048
Berry
Global
Group
6,200
399
Crown
Holdings
2,596
226
International
Paper
21,444
682
Myers
Industries
17,660
343
O-I
Glass
(2)
5,487
117
Packaging
Corp.
of
America
7,400
978
Sealed
Air
10,577
423
Westrock
16,376
476
6,515
Metals
&
Mining
0.5%
Arconic (2)
7,497
222
Carpenter
Technology
3,459
194
Cleveland-Cliffs
(2)
38,200
640
Coeur
Mining
(2)
80,190
228
Commercial
Metals
11,800
622
Compass
Minerals
International
7,000
238
Freeport-McMoRan
56,278
2,251
Hecla
Mining
87,800
452
McEwen
Mining
(2)(3)
27,000
194
Newmont
28,409
1,212
Nucor
11,662
1,912
Reliance
Steel
&
Aluminum
3,300
896
Royal
Gold
4,100
471
Steel
Dynamics
10,600
1,155
TimkenSteel
(2)
21,900
472
11,159
Paper
&
Forest
Products
0.0%
Clearwater
Paper
(2)
3,264
102
Louisiana-Pacific
10,400
780
882
Total
Materials
57,897
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
REAL
ESTATE
2.9%
Diversified
Real
Estate
Investment
Trusts
0.0%
One
Liberty
Properties,
REIT
6,399
130
WP
Carey,
REIT
4,802
324
454
Health
Care
Real
Estate
Investment
Trusts
0.2%
Healthpeak
Properties,
REIT
18,100
364
Universal
Health
Realty
Income
Trust,
REIT
1,200
57
Ventas,
REIT
23,018
1,088
Welltower,
REIT
26,190
2,118
3,627
Hotel
&
Resort
Real
Estate
Investment
Trusts
0.1%
Apple
Hospitality
REIT,
REIT
14,800
224
Chatham
Lodging
Trust,
REIT
24,900
233
Hersha
Hospitality
Trust,
Class
A,
REIT
27,600
168
Host
Hotels
&
Resorts,
REIT
40,419
680
Ryman
Hospitality
Properties,
REIT
4,368
406
1,711
Industrial
Real
Estate
Investment
Trusts
0.4%
EastGroup
Properties,
REIT
2,600
451
First
Industrial
Realty
Trust,
REIT
11,000
579
Innovative
Industrial
Properties,
REIT
(3)
2,700
197
Prologis,
REIT
43,850
5,377
Rexford
Industrial
Realty,
REIT
15,177
793
STAG
Industrial,
REIT
16,900
607
Terreno
Realty,
REIT
9,500
571
8,575
Office
Real
Estate
Investment
Trusts
0.1%
Alexandria
Real
Estate
Equities,
REIT
7,800
885
Boston
Properties,
REIT
4,900
282
City
Office
REIT,
REIT
24,700
138
Cousins
Properties,
REIT
5,931
135
Douglas
Emmett,
REIT
(3)
12,900
162
Highwoods
Properties,
REIT
8,900
213
JBG
SMITH
Properties,
REIT
13,782
208
Kilroy
Realty,
REIT
11,938
359
SL
Green
Realty,
REIT
(3)
8,644
260
Vornado
Realty
Trust,
REIT
21,456
389
3,031
Real
Estate
Management
&
Development
0.2%
CBRE
Group,
Class
A
(2)
7,679
620
CoStar
Group
(2)
19,990
1,779
Douglas
Elliman
43,708
97
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
eXp
World
Holdings
(3)
13,900
282
Jones
Lang
LaSalle
(2)
1,300
202
Newmark
Group,
Class
A
19,318
120
Opendoor
Technologies,
Class
A
(2)(3)
86,500
348
Redfin
(2)(3)
21,700
269
RMR
Group,
Class
A
3,631
84
Seritage
Growth
Properties,
Class
A,
REIT
(2)
15,650
140
St.
Joe
8,500
411
Zillow
Group,
Class
A
(2)
6,600
325
Zillow
Group,
Class
C
(2)
7,500
377
5,054
Residential
Real
Estate
Investment
Trusts
0.4%
American
Homes
4
Rent,
Class
A,
REIT
16,408
582
Apartment
Income
REIT,
REIT
13,462
486
AvalonBay
Communities,
REIT
8,386
1,587
Camden
Property
Trust,
REIT
2,738
298
Elme
Communities,
REIT
9,602
158
Equity
LifeStyle
Properties,
REIT
13,200
883
Equity
Residential,
REIT
20,000
1,319
Essex
Property
Trust,
REIT
4,594
1,076
Invitation
Homes,
REIT
21,183
729
Mid-America
Apartment
Communities,
REIT
3,288
499
Sun
Communities,
REIT
7,586
990
UDR,
REIT
5,979
257
8,864
Retail
Real
Estate
Investment
Trusts
0.4%
Acadia
Realty
Trust,
REIT
27,391
394
Agree
Realty,
REIT
6,060
396
Federal
Realty
Investment
Trust,
REIT
2,900
281
Getty
Realty,
REIT
7,958
269
Kimco
Realty,
REIT
39,909
787
Kite
Realty
Group
Trust,
REIT
15,600
349
Macerich,
REIT
23,200
261
NNN
REIT,
REIT
5,100
218
Realty
Income,
REIT
26,253
1,570
Regency
Centers,
REIT
5,100
315
Retail
Opportunity
Investments,
REIT
26,500
358
Simon
Property
Group,
REIT
14,838
1,713
SITE
Centers,
REIT
13,809
183
Urban
Edge
Properties,
REIT
17,417
269
Whitestone
REIT,
REIT
28,900
280
7,643
Specialized
Real
Estate
Investment
Trusts
1.1%
American
Tower,
REIT
21,045
4,082
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Crown
Castle,
REIT
19,237
2,192
CubeSmart,
REIT
21,218
948
Digital
Realty
Trust,
REIT
15,493
1,764
EPR
Properties,
REIT
7,971
373
Equinix,
REIT
4,256
3,337
Extra
Space
Storage,
REIT
8,600
1,280
Four
Corners
Property
Trust,
REIT
11,452
291
Gaming
&
Leisure
Properties,
REIT
8,060
391
Iron
Mountain,
REIT
14,891
846
Lamar
Advertising,
Class
A,
REIT
5,000
496
National
Storage
Affiliates
Trust,
REIT
9,800
341
Public
Storage,
REIT
8,352
2,438
Rayonier,
REIT
9,440
296
Safehold,
REIT
(3)
10,000
237
SBA
Communications,
REIT
7,000
1,622
Uniti
Group,
REIT
140,900
651
VICI
Properties,
REIT
29,915
940
Weyerhaeuser,
REIT
38,825
1,301
23,826
Total
Real
Estate
62,785
UTILITIES
2.5%
Electric
Utilities
1.5%
Alliant
Energy
12,300
646
American
Electric
Power
21,350
1,798
Constellation
Energy
14,740
1,350
Duke
Energy
32,606
2,926
Edison
International
19,000
1,320
Entergy
8,500
828
Evergy
10,665
623
Eversource
Energy
19,224
1,363
Exelon
49,804
2,029
FirstEnergy
23,673
920
Hawaiian
Electric
Industries
11,358
411
IDACORP
4,685
481
MGE
Energy
4,929
390
NextEra
Energy
96,797
7,182
OGE
Energy
13,600
488
Otter
Tail
(3)
3,399
268
PG&E
(2)
92,200
1,593
Pinnacle
West
Capital
6,200
505
PPL
31,700
839
Southern
61,000
4,285
Xcel
Energy
25,730
1,600
31,845
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Gas
Utilities
0.1%
Atmos
Energy
5,305
617
National
Fuel
Gas
10,300
529
ONE
Gas
6,700
515
Spire
4,113
261
UGI
5,100
137
2,059
Independent
Power
&
Renewable
Electricity
Producers
0.1%
AES
31,155
646
Vistra
13,184
346
992
Multi-Utilities
0.7%
Ameren
15,000
1,225
Avista
7,210
283
Black
Hills
6,400
386
CenterPoint
Energy
24,400
711
CMS
Energy
22,600
1,328
Consolidated
Edison
11,576
1,046
Dominion
Energy
48,827
2,529
DTE
Energy
10,352
1,139
NiSource
25,408
695
Public
Service
Enterprise
Group
22,200
1,390
Sempra
Energy
17,051
2,482
WEC
Energy
Group
15,185
1,340
14,554
Water
Utilities
0.1%
American
States
Water
6,400
557
American
Water
Works
6,700
956
Cadiz
(2)(3)
42,400
172
California
Water
Service
Group
8,125
420
Essential
Utilities
5,446
217
2,322
Total
Utilities
51,772
Total
Common
Stocks
(Cost
$857,953)
2,106,724
SHORT-TERM
INVESTMENTS
0.5%
Money
Market
Funds
0.5%
T.
Rowe
Price
Government
Reserve
Fund,
5.13%
(4)(5)
9,742,212
9,742
9,742
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
U.S.
Treasury
Obligations
0.0%
U.S.
Treasury
Bills,
5.248%,
12/14/23
(6)
680,000
664
664
Total
Short-Term
Investments
(Cost
$10,406)
10,406
SECURITIES
LENDING
COLLATERAL
0.5%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.5%
Money
Market
Funds
0.5%
T.
Rowe
Price
Government
Reserve
Fund,
5.13%
(4)(5)
10,860,702
10,861
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
10,861
Total
Securities
Lending
Collateral
(Cost
$10,861)
10,861
Total
Investments
in
Securities
100.5%
of
Net
Assets
(Cost
$879,220)
$
2,127,991
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(2)
Non-income
producing
(3)
See
Note
4
.
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2023.
(4)
Seven-day
yield
(5)
Affiliated
Companies
(6)
At
June
30,
2023,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
18
Russell
2000
E-Mini
Index
contracts
9/23
1,713
$
7
Long,
47
S&P
500
E-Mini
Index
contracts
9/23
10,547
311
Net
payments
(receipts)
of
variation
margin
to
date
(190)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
128
T.
ROWE
PRICE
Total
Equity
Market
Index
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
Government
Reserve
Fund,
5.13%
$
—
$
—
$
194++
Totals
$
—#
$
—
$
194+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
06/30/23
T.
Rowe
Price
Government
Reserve
Fund,
5.13%
$
17,846
¤
¤
$
20,603
Total
$
20,603^
#
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
$194
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
$20,603.
T.
ROWE
PRICE
Total
Equity
Market
Index
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.
Assets
Investments
in
securities,
at
value
(cost
$879,220)
$
2,127,991
Dividends
and
interest
receivable
1,467
Receivable
for
shares
sold
605
Variation
margin
receivable
on
futures
contracts
128
Other
assets
50
Total
assets
2,130,241
Liabilities
Obligation
to
return
securities
lending
collateral
10,861
Payable
for
shares
redeemed
1,556
Due
to
affiliates
167
Investment
management
fees
payable
153
Payable
to
directors
2
Other
liabilities
238
Total
liabilities
12,977
NET
ASSETS
$
2,117,264
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
1,261,995
Paid-in
capital
applicable
to
44,358,643
shares
of
$0.0001
par
value
capital
stock
outstanding;
2,000,000,000
shares
of
the
Corporation
authorized
855,269
NET
ASSETS
$
2,117,264
NET
ASSET
VALUE
PER
SHARE
$
47.73
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/23
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$5)
$
15,539
Securities
lending
120
Interest
15
Total
income
15,674
Expenses
Investment
management
880
Shareholder
servicing
848
Prospectus
and
shareholder
reports
34
Custody
and
accounting
109
Registration
23
Proxy
and
annual
meeting
18
Legal
and
audit
18
Directors
3
Miscellaneous
11
Repaid
to
Price
Associates
3
Total
expenses
1,947
Net
investment
income
13,727
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
1,034
Futures
712
Net
realized
gain
1,746
Change
in
net
unrealized
gain
/
loss
Securities
284,246
Futures
669
Change
in
net
unrealized
gain
/
loss
284,915
Net
realized
and
unrealized
gain
/
loss
286,661
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
300,388
T.
ROWE
PRICE
Total
Equity
Market
Index
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
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
13,727
$
27,602
Net
realized
gain
1,746
52,026
Change
in
net
unrealized
gain
/
loss
284,915
(
567,737
)
Increase
(decrease)
in
net
assets
from
operations
300,388
(
488,109
)
Distributions
to
shareholders
Net
earnings
–
(
27,509
)
Capital
share
transactions
*
Shares
sold
81,479
204,448
Distributions
reinvested
–
24,940
Shares
redeemed
(
134,699
)
(
504,251
)
Decrease
in
net
assets
from
capital
share
transactions
(
53,220
)
(
274,863
)
Net
Assets
Increase
(decrease)
during
period
247,168
(
790,481
)
Beginning
of
period
1,870,096
2,660,577
End
of
period
$
2,117,264
$
1,870,096
*Share
information
(000s)
Shares
sold
1,853
4,587
Distributions
reinvested
–
600
Shares
redeemed
(
3,076
)
(
10,976
)
Decrease
in
shares
outstanding
(
1,223
)
(
5,789
)
T.
ROWE
PRICE
Total
Equity
Market
Index
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
Total
Equity
Market
Index
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
match
the
performance
of
the
entire
U.S.
stock
market.
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
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 annually.
A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
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
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.
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
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
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
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
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
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.
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
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
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
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
2,106,723
$
1
$
—
$
2,106,724
Short-Term
Investments
9,742
664
—
10,406
Securities
Lending
Collateral
10,861
—
—
10,861
Total
Securities
2,127,326
665
—
2,127,991
Futures
Contracts*
318
—
—
318
Total
$
2,127,644
$
665
$
—
$
2,128,309
*
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
Total
Equity
Market
Index
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:
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:
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Equity
derivatives
Futures
$
318
*
Total
$
318
*
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.
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Futures
Realized
Gain
(Loss)
Equity
derivatives
$
712
Total
$
712
Change
in
Unrealized
Gain
(Loss)
Equity
derivatives
$
669
Total
$
669
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
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 $662,000
had
been
posted
by
the
fund
for
exchange-
traded
and/or
centrally
cleared
derivatives.
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
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
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
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
$10,446,000;
the
value
of
cash
collateral
and
related
investments
was
$10,861,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
short-term securities
aggregated $38,962,000 and
$76,942,000,
respectively,
for
the
six
months ended
June
30,
2023.
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
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
$881,018,000.
Net
unrealized
gain
aggregated
$1,247,291,000
at
period-end,
of
which $1,319,067,000
related
to
appreciated
investments
and $71,776,000
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
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
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee
equal
to 0.09%
of
the
fund’s
average
daily
net
assets.
The
fee
is
computed
daily
and
paid
monthly.
The
fund 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
and
pay
the
fund
for
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
fund’s
ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
The
fund
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
its
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
fund’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
fund’s
current
expense
limitation. However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
Pursuant
to
this
agreement,
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.
At
June
30,
2023,
there
were
no
amounts
subject
to
repayment
by
the
fund.
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
is
subject
to
a
permanent
contractual
expense
limitation,
pursuant
to
which
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 0.30%.
The
agreement
may
only
be
terminated
with
approval
by
the
fund’s
shareholders.
The fund
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
fund’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
fund’s
current
expense
Expense
limitation
0.22%
Expense
limitation
date
04/30/24
(Waived)/repaid
during
the
period
($000s)
$3
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
No
management
fees
were
waived
or
any
expenses
paid
under
this
arrangement
during
the six
months
ended June
30,
2023.
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
fund.
For
the
six
months
ended
June
30,
2023,
expenses
incurred
pursuant
to
these
service
agreements
were
$58,000
for
Price
Associates;
$407,000
for
T.
Rowe
Price
Services,
Inc.;
and
$68,000
for
T.
Rowe
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.
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
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.
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
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
Total
Equity
Market
Index
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/us/en/utility/policies.html
Scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Guidelines.”
Click
on
the
links
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
Total
Equity
Market
Index
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
Total
Equity
Market
Index
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
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.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
(continued)
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
The
fund’s
shareholders
have
benefited
from
economies
of
scale
through
reductions
to
the
fund’s
management
fee
and
a
restructure
from
an
all-inclusive
management
fee
to
a
fee
structure
that
provides
for
potential
future
economies
of
scale
through
a
decline
in
operating
expenses
as
the
fund
grows
in
size.
The
fund
is
also
subject
to
a
contractual
expense
limitation
that
requires
the
Adviser
to
waive
its
fees
and/or
bear
any
expenses
that
would
otherwise
cause
the
total
expense
ratio
of
the
fund
to
exceed
a
certain
percentage.
The
expense
limitation
mitigates
the
potential
for
an
increase
in
operating
expenses
above
a
certain
level
that
could
impact
shareholders.
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
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Expense
Group)
and
(ii)
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
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
with
the
highest
relative
expenses.
The
information
provided
to
the
Board
indicated
that
the
fund’s
contractual
management
fee
ranked
in
the
third
quintile
(Expense
Group),
the
fund’s
actual
management
fee
rate
ranked
in
the
third
quintile
(Expense
Group)
and
second
quintile
(Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
the
third
quintile
(Expense
Group)
and
second
quintile
(Expense
Universe).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
(continued)
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
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).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
(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.
F123-051
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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