T.
ROWE
PRICE
Equity
Index
500
Fund
March
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.5%
COMMUNICATION
SERVICES
8.1%
Diversified
Telecommunication
Services
0.9%
AT&T
5,125,445
98,665
Verizon
Communications
3,020,027
117,449
216,114
Entertainment
1.4%
Activision
Blizzard
513,717
43,969
Electronic
Arts
187,241
22,553
Live
Nation
Entertainment (1)
103,538
7,248
Netflix (1)
320,234
110,634
Take-Two
Interactive
Software (1)
114,357
13,643
Walt
Disney (1)
1,313,621
131,533
Warner
Bros
Discovery (1)
1,586,289
23,953
353,533
Interactive
Media
&
Services
4.8%
Alphabet,
Class
A (1)
4,283,163
444,293
Alphabet,
Class
C (1)
3,733,843
388,320
Match
Group (1)
200,741
7,706
Meta
Platforms,
Class
A (1)
1,600,604
339,232
1,179,551
Media
0.8%
Charter
Communications,
Class
A (1)
75,982
27,172
Comcast,
Class
A
3,024,848
114,672
DISH
Network,
Class
A (1)
177,981
1,660
Fox,
Class
A
211,976
7,218
Fox,
Class
B
103,515
3,241
Interpublic
Group
279,528
10,410
News,
Class
A
277,082
4,785
News,
Class
B
87,711
1,529
Omnicom
Group
145,945
13,768
Paramount
Global,
Class
B
369,075
8,234
192,689
Wireless
Telecommunication
Services
0.2%
T-Mobile
U.S. (1)
425,865
61,682
61,682
Total
Communication
Services
2,003,569
CONSUMER
DISCRETIONARY
10.1%
Automobile
Components
0.1%
Aptiv (1)
194,733
21,847
T.
ROWE
PRICE
Equity
Index
500
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
BorgWarner
170,233
8,360
30,207
Automobiles
1.9%
Ford
Motor
2,824,427
35,588
General
Motors
1,006,058
36,902
Tesla (1)
1,934,092
401,247
473,737
Broadline
Retail
2.8%
Amazon.com (1)
6,411,223
662,215
eBay
389,872
17,299
Etsy (1)
90,276
10,050
689,564
Distributors
0.2%
Genuine
Parts
101,325
16,953
LKQ
184,603
10,478
Pool
28,271
9,681
37,112
Hotels,
Restaurants
&
Leisure
2.1%
Booking
Holdings (1)
27,890
73,976
Caesars
Entertainment (1)
150,377
7,340
Carnival (1)
707,134
7,177
Chipotle
Mexican
Grill (1)
19,856
33,920
Darden
Restaurants
87,439
13,567
Domino's
Pizza
25,562
8,432
Expedia
Group (1)
106,637
10,347
Hilton
Worldwide
Holdings
192,211
27,077
Las
Vegas
Sands (1)
236,908
13,610
Marriott
International,
Class
A
194,175
32,241
McDonald's
526,679
147,265
MGM
Resorts
International
225,964
10,037
Norwegian
Cruise
Line
Holdings (1)(2)
297,263
3,998
Royal
Caribbean
Cruises (1)
158,745
10,366
Starbucks
827,664
86,184
Wynn
Resorts (1)
75,102
8,405
Yum!
Brands
201,733
26,645
520,587
Household
Durables
0.3%
DR
Horton
224,554
21,937
Garmin
109,449
11,046
Lennar,
Class
A
183,227
19,259
Mohawk
Industries (1)
36,681
3,676
Newell
Brands
262,077
3,260
NVR (1)
2,174
12,114
T.
ROWE
PRICE
Equity
Index
500
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
PulteGroup
160,593
9,359
Whirlpool
39,956
5,275
85,926
Leisure
Products
0.0%
Hasbro
91,763
4,927
4,927
Specialty
Retail
2.2%
Advance
Auto
Parts
43,379
5,275
AutoZone (1)
13,537
33,276
Bath
&
Body
Works
165,067
6,038
Best
Buy
141,440
11,070
CarMax (1)
113,042
7,266
Home
Depot
732,907
216,296
Lowe's
434,806
86,948
O'Reilly
Automotive (1)
44,826
38,056
Ross
Stores
248,720
26,397
TJX
830,814
65,103
Tractor
Supply
79,219
18,620
Ulta
Beauty (1)
36,649
19,998
534,343
Textiles,
Apparel
&
Luxury
Goods
0.5%
NIKE,
Class
B
895,716
109,850
Ralph
Lauren (2)
27,874
3,252
Tapestry
168,908
7,282
VF
235,472
5,395
125,779
Total
Consumer
Discretionary
2,502,182
CONSUMER
STAPLES
7.3%
Beverages
1.8%
Brown-Forman,
Class
B
130,444
8,384
Coca-Cola
2,798,785
173,609
Constellation
Brands,
Class
A
116,701
26,362
Keurig
Dr
Pepper
610,727
21,546
Molson
Coors
Beverage,
Class
B
133,760
6,913
Monster
Beverage (1)
548,424
29,620
PepsiCo
990,386
180,547
446,981
Consumer
Staples
Distribution
&
Retail
2.0%
Costco
Wholesale
319,083
158,543
Dollar
General
161,281
33,943
Dollar
Tree (1)
149,426
21,450
Kroger
470,845
23,246
Sysco
365,946
28,262
T.
ROWE
PRICE
Equity
Index
500
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Target
331,769
54,951
Walgreens
Boots
Alliance
515,522
17,827
Walmart
1,008,407
148,689
486,911
Food
Products
1.2%
Archer-Daniels-Midland
393,259
31,327
Bunge
107,947
10,311
Campbell
Soup
141,100
7,758
Conagra
Brands
345,338
12,971
General
Mills
423,867
36,224
Hershey
105,641
26,876
Hormel
Foods
206,555
8,237
J
M
Smucker
76,062
11,970
Kellogg
184,554
12,358
Kraft
Heinz
572,256
22,129
Lamb
Weston
Holdings
102,051
10,666
McCormick
178,968
14,892
Mondelez
International,
Class
A
981,706
68,444
Tyson
Foods,
Class
A
206,352
12,241
286,404
Household
Products
1.4%
Church
&
Dwight
175,519
15,518
Clorox
89,427
14,151
Colgate-Palmolive
601,035
45,168
Kimberly-Clark
243,617
32,698
Procter
&
Gamble
1,696,503
252,253
359,788
Personal
Care
Products
0.2%
Estee
Lauder,
Class
A
166,557
41,050
41,050
Tobacco
0.7%
Altria
Group
1,286,991
57,426
Philip
Morris
International
1,114,720
108,406
165,832
Total
Consumer
Staples
1,786,966
ENERGY
4.6%
Energy
Equipment
&
Services
0.4%
Baker
Hughes
722,547
20,853
Halliburton
648,491
20,518
Schlumberger
1,022,083
50,184
91,555
T.
ROWE
PRICE
Equity
Index
500
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Oil,
Gas
&
Consumable
Fuels
4.2%
APA
232,182
8,372
Chevron
1,279,258
208,724
ConocoPhillips
880,009
87,306
Coterra
Energy
570,597
14,002
Devon
Energy
469,840
23,779
Diamondback
Energy
132,063
17,851
EOG
Resources
423,459
48,541
EQT
262,355
8,372
Exxon
Mobil
2,961,361
324,743
Hess
198,701
26,296
Kinder
Morgan
1,416,955
24,811
Marathon
Oil
457,630
10,965
Marathon
Petroleum
327,504
44,157
Occidental
Petroleum
524,836
32,765
ONEOK
320,759
20,381
Phillips
66
336,161
34,080
Pioneer
Natural
Resources
171,430
35,013
Targa
Resources
164,139
11,974
Valero
Energy
278,106
38,823
Williams
875,477
26,142
1,047,097
Total
Energy
1,138,652
FINANCIALS
12.8%
Banks
3.1%
Bank
of
America
5,018,892
143,540
Citigroup
1,392,604
65,299
Citizens
Financial
Group
351,798
10,684
Comerica
93,340
4,053
Fifth
Third
Bancorp
490,432
13,065
First
Republic
Bank (2)
130,707
1,829
Huntington
Bancshares
1,043,295
11,685
JPMorgan
Chase
2,109,330
274,867
KeyCorp
666,215
8,341
M&T
Bank
122,118
14,602
PNC
Financial
Services
Group
288,277
36,640
Regions
Financial
667,531
12,389
Truist
Financial
956,824
32,628
U.S.
Bancorp
1,001,565
36,106
Wells
Fargo
2,743,907
102,567
Zions
Bancorp
107,540
3,219
771,514
Capital
Markets
2.8%
Ameriprise
Financial
75,960
23,282
T.
ROWE
PRICE
Equity
Index
500
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Bank
of
New
York
Mellon
530,099
24,088
BlackRock
107,896
72,195
Cboe
Global
Markets
75,368
10,117
Charles
Schwab
1,096,689
57,445
CME
Group
259,367
49,674
FactSet
Research
Systems
27,200
11,290
Franklin
Resources
206,797
5,571
Goldman
Sachs
Group
243,489
79,648
Intercontinental
Exchange
402,859
42,014
Invesco
323,990
5,313
MarketAxess
Holdings
26,816
10,493
Moody's
113,704
34,796
Morgan
Stanley
939,422
82,481
MSCI
57,374
32,112
Nasdaq
242,906
13,280
Northern
Trust
148,860
13,119
Raymond
James
Financial
139,243
12,987
S&P
Global
236,707
81,610
State
Street
251,777
19,057
T.
Rowe
Price
Group (3)
160,232
18,090
698,662
Consumer
Finance
0.5%
American
Express
428,070
70,610
Capital
One
Financial
274,183
26,366
Discover
Financial
Services
192,607
19,037
Synchrony
Financial
315,266
9,168
125,181
Financial
Services
4.3%
Berkshire
Hathaway,
Class
B (1)
1,295,674
400,065
Fidelity
National
Information
Services
426,469
23,170
Fiserv (1)
457,760
51,741
FleetCor
Technologies (1)
53,252
11,228
Global
Payments
189,781
19,973
Jack
Henry
&
Associates
52,051
7,845
Mastercard,
Class
A
606,729
220,491
PayPal
Holdings (1)
813,452
61,774
Visa,
Class
A
1,168,536
263,458
1,059,745
Insurance
2.1%
Aflac
403,886
26,059
Allstate
189,369
20,984
American
International
Group
536,247
27,005
Aon,
Class
A
147,671
46,559
Arch
Capital
Group (1)
264,258
17,935
T.
ROWE
PRICE
Equity
Index
500
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Arthur
J
Gallagher
152,236
29,124
Assurant
37,680
4,524
Brown
&
Brown
167,756
9,633
Chubb
298,390
57,941
Cincinnati
Financial
112,918
12,656
Everest
Re
Group
28,025
10,034
Globe
Life
64,458
7,092
Hartford
Financial
Services
Group
226,409
15,778
Lincoln
National
115,033
2,585
Loews
139,878
8,116
Marsh
&
McLennan
355,900
59,275
MetLife
475,636
27,558
Principal
Financial
Group
164,616
12,234
Progressive
420,660
60,180
Prudential
Financial
264,484
21,883
Travelers
166,710
28,576
W
R
Berkley
147,001
9,152
Willis
Towers
Watson
76,717
17,828
532,711
Total
Financials
3,187,813
HEALTH
CARE
14.0%
Biotechnology
2.3%
AbbVie
1,271,729
202,675
Amgen
384,348
92,916
Biogen (1)
103,457
28,764
Gilead
Sciences
896,623
74,393
Incyte (1)
133,513
9,649
Moderna (1)
238,416
36,616
Regeneron
Pharmaceuticals (1)
77,299
63,514
Vertex
Pharmaceuticals (1)
185,040
58,301
566,828
Health
Care
Equipment
&
Supplies
2.8%
Abbott
Laboratories
1,253,766
126,956
Align
Technology (1)
51,932
17,353
Baxter
International
364,451
14,782
Becton
Dickinson
&
Company
204,115
50,527
Boston
Scientific (1)
1,032,659
51,664
Cooper
35,794
13,364
DENTSPLY
SIRONA
153,337
6,023
Dexcom (1)
277,072
32,190
Edwards
Lifesciences (1)
446,092
36,905
GE
HealthCare
Technologies (1)
260,950
21,406
Hologic (1)
177,145
14,296
IDEXX
Laboratories (1)
59,436
29,723
T.
ROWE
PRICE
Equity
Index
500
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Insulet (1)
50,043
15,962
Intuitive
Surgical (1)
251,932
64,361
Medtronic
956,440
77,108
ResMed
105,589
23,123
STERIS
71,303
13,639
Stryker
242,423
69,204
Teleflex
33,074
8,378
Zimmer
Biomet
Holdings
151,792
19,611
706,575
Health
Care
Providers
&
Services
3.0%
AmerisourceBergen
115,731
18,530
Cardinal
Health
185,100
13,975
Centene (1)
397,300
25,114
Cigna
Group
214,743
54,873
CVS
Health
923,298
68,610
DaVita (1)
39,354
3,192
Elevance
Health
171,725
78,961
HCA
Healthcare
152,970
40,335
Henry
Schein (1)
98,031
7,994
Humana
90,154
43,766
Laboratory
Corp.
of
America
Holdings
63,726
14,620
McKesson
98,784
35,172
Molina
Healthcare (1)
41,474
11,094
Quest
Diagnostics
80,607
11,404
UnitedHealth
Group
671,915
317,540
Universal
Health
Services,
Class
B
46,509
5,911
751,091
Life
Sciences
Tools
&
Services
1.8%
Agilent
Technologies
212,271
29,366
Bio-Rad
Laboratories,
Class
A (1)
15,310
7,334
Bio-Techne
111,271
8,255
Charles
River
Laboratories
International (1)
36,298
7,326
Danaher
471,332
118,794
Illumina (1)
113,062
26,293
IQVIA
Holdings (1)
133,259
26,504
Mettler-Toledo
International (1)
15,889
24,313
PerkinElmer
91,595
12,206
Thermo
Fisher
Scientific
282,027
162,552
Waters (1)
42,662
13,209
West
Pharmaceutical
Services
53,304
18,468
454,620
Pharmaceuticals
4.1%
Bristol-Myers
Squibb
1,528,848
105,965
Catalent (1)
129,317
8,497
T.
ROWE
PRICE
Equity
Index
500
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Eli
Lilly
567,121
194,761
Johnson
&
Johnson
1,880,135
291,421
Merck
1,823,220
193,972
Organon
180,332
4,241
Pfizer
4,036,522
164,690
Viatris
858,601
8,260
Zoetis
335,937
55,913
1,027,720
Total
Health
Care
3,506,834
INDUSTRIALS
&
BUSINESS
SERVICES
8.9%
Aerospace
&
Defense
1.7%
Boeing (1)
404,348
85,896
General
Dynamics
162,419
37,066
Howmet
Aerospace
266,947
11,310
Huntington
Ingalls
Industries
27,833
5,762
L3Harris
Technologies
136,861
26,857
Lockheed
Martin
163,374
77,232
Northrop
Grumman
103,437
47,759
Raytheon
Technologies
1,053,396
103,159
Textron
149,949
10,591
TransDigm
Group
37,297
27,490
433,122
Air
Freight
&
Logistics
0.7%
CH
Robinson
Worldwide
85,242
8,471
Expeditors
International
of
Washington
114,805
12,642
FedEx
167,507
38,274
United
Parcel
Service,
Class
B
524,785
101,803
161,190
Building
Products
0.4%
A.O.
Smith
92,600
6,403
Allegion
62,185
6,637
Carrier
Global
600,138
27,456
Johnson
Controls
International
494,001
29,749
Masco
163,412
8,125
Trane
Technologies
164,669
30,296
108,666
Commercial
Services
&
Supplies
0.5%
Cintas
62,333
28,840
Copart (1)
307,739
23,145
Republic
Services
147,615
19,960
Rollins
166,099
6,234
Waste
Management
267,022
43,570
121,749
T.
ROWE
PRICE
Equity
Index
500
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Construction
&
Engineering
0.1%
Quanta
Services
102,080
17,011
17,011
Electrical
Equipment
0.6%
AMETEK
165,631
24,071
Eaton
286,720
49,127
Emerson
Electric
412,194
35,918
Generac
Holdings (1)
44,757
4,834
Rockwell
Automation
82,191
24,119
138,069
Ground
Transportation
0.8%
CSX
1,515,920
45,387
JB
Hunt
Transport
Services
59,462
10,433
Norfolk
Southern
164,316
34,835
Old
Dominion
Freight
Line
65,001
22,155
Union
Pacific
439,966
88,547
201,357
Industrial
Conglomerates
1.0%
3M
395,764
41,599
General
Electric
783,225
74,876
Honeywell
International
480,427
91,819
Roper
Technologies
76,116
33,544
241,838
Machinery
1.8%
Caterpillar
374,842
85,779
Cummins
101,143
24,161
Deere
194,435
80,278
Dover
99,807
15,165
Fortive
253,887
17,307
IDEX
53,906
12,454
Illinois
Tool
Works
199,589
48,590
Ingersoll
Rand
293,028
17,048
Nordson
38,262
8,504
Otis
Worldwide
299,150
25,248
PACCAR
373,988
27,376
Parker-Hannifin
92,204
30,991
Pentair
117,727
6,507
Snap-on
38,644
9,541
Stanley
Black
&
Decker
107,018
8,624
Westinghouse
Air
Brake
Technologies
129,486
13,086
Xylem
130,644
13,678
444,337
T.
ROWE
PRICE
Equity
Index
500
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Passenger
Airlines
0.2%
Alaska
Air
Group (1)
88,192
3,700
American
Airlines
Group (1)
458,817
6,768
Delta
Air
Lines (1)
458,137
15,998
Southwest
Airlines
424,121
13,801
United
Airlines
Holdings (1)
235,934
10,440
50,707
Professional
Services
0.8%
Automatic
Data
Processing
297,922
66,327
Broadridge
Financial
Solutions
84,016
12,314
CoStar
Group (1)
293,994
20,242
Equifax
87,937
17,837
Jacobs
Solutions
91,169
10,713
Leidos
Holdings
96,929
8,923
Paychex
229,951
26,350
Robert
Half
International
78,109
6,293
Verisk
Analytics
112,397
21,565
190,564
Trading
Companies
&
Distributors
0.3%
Fastenal
410,267
22,130
United
Rentals
50,137
19,842
WW
Grainger
32,322
22,264
64,236
Total
Industrials
&
Business
Services
2,172,846
INFORMATION
TECHNOLOGY
25.7%
Communications
Equipment
0.9%
Arista
Networks (1)
177,920
29,866
Cisco
Systems
2,954,105
154,426
F5 (1)
42,346
6,169
Juniper
Networks
229,626
7,904
Motorola
Solutions
120,198
34,392
232,757
Electronic
Equipment,
Instruments
&
Components
0.6%
Amphenol,
Class
A
428,003
34,976
CDW
96,747
18,855
Corning
543,957
19,191
Keysight
Technologies (1)
127,861
20,647
TE
Connectivity
227,863
29,884
Teledyne
Technologies (1)
33,677
15,066
Trimble (1)
177,367
9,298
Zebra
Technologies,
Class
A (1)
37,224
11,837
159,754
T.
ROWE
PRICE
Equity
Index
500
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
IT
Services
1.2%
Accenture,
Class
A
452,833
129,424
Akamai
Technologies (1)
113,655
8,899
Cognizant
Technology
Solutions,
Class
A
365,827
22,290
DXC
Technology (1)
157,881
4,035
EPAM
Systems (1)
41,609
12,441
Gartner (1)
56,520
18,413
International
Business
Machines
650,105
85,222
VeriSign (1)
65,446
13,831
294,555
Semiconductors
&
Semiconductor
Equipment
6.4%
Advanced
Micro
Devices (1)
1,159,394
113,632
Analog
Devices
364,436
71,874
Applied
Materials
606,191
74,459
Broadcom
300,504
192,785
Enphase
Energy (1)
97,681
20,540
First
Solar (1)
71,237
15,494
Intel
2,974,697
97,183
KLA
99,896
39,876
Lam
Research
97,012
51,428
Microchip
Technology
393,781
32,991
Micron
Technology
784,503
47,337
Monolithic
Power
Systems
32,156
16,095
NVIDIA
1,769,074
491,396
NXP
Semiconductors
186,282
34,737
ON
Semiconductor (1)
311,553
25,647
Qorvo (1)
71,020
7,214
QUALCOMM
801,750
102,287
Skyworks
Solutions
113,912
13,439
SolarEdge
Technologies (1)
40,290
12,246
Teradyne
111,888
12,029
Texas
Instruments
651,629
121,210
1,593,899
Software
9.3%
Adobe (1)
329,194
126,862
ANSYS (1)
62,952
20,951
Autodesk (1)
155,259
32,319
Cadence
Design
Systems (1)
197,888
41,574
Ceridian
HCM
Holding (1)
109,538
8,020
Fair
Isaac (1)
18,146
12,751
Fortinet (1)
466,238
30,986
Gen
Digital
412,142
7,072
Intuit
201,997
90,056
Microsoft
5,353,210
1,543,331
T.
ROWE
PRICE
Equity
Index
500
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Oracle
1,105,100
102,686
Paycom
Software (1)
34,700
10,549
PTC (1)
75,453
9,675
Salesforce (1)
719,088
143,659
ServiceNow (1)
145,958
67,830
Synopsys (1)
109,576
42,324
Tyler
Technologies (1)
29,907
10,606
2,301,251
Technology
Hardware,
Storage
&
Peripherals
7.3%
Apple
10,695,658
1,763,714
Hewlett
Packard
Enterprise
917,855
14,622
HP
623,477
18,299
NetApp
156,222
9,975
Seagate
Technology
Holdings
137,888
9,117
Western
Digital (1)
229,260
8,636
1,824,363
Total
Information
Technology
6,406,579
MATERIALS
2.7%
Chemicals
1.8%
Air
Products
&
Chemicals
159,931
45,934
Albemarle
84,093
18,588
Celanese
70,044
7,627
CF
Industries
Holdings
142,723
10,346
Corteva
511,514
30,849
Dow
508,071
27,853
DuPont
de
Nemours
330,479
23,719
Eastman
Chemical
85,558
7,216
Ecolab
178,912
29,615
FMC
89,937
10,984
International
Flavors
&
Fragrances
182,208
16,756
Linde
354,170
125,886
LyondellBasell
Industries,
Class
A
183,307
17,211
Mosaic
241,263
11,069
PPG
Industries
169,389
22,627
Sherwin-Williams
170,113
38,236
444,516
Construction
Materials
0.1%
Martin
Marietta
Materials
44,948
15,959
Vulcan
Materials
94,959
16,291
32,250
Containers
&
Packaging
0.3%
Amcor
1,064,512
12,114
Avery
Dennison
57,963
10,371
T.
ROWE
PRICE
Equity
Index
500
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Ball
226,433
12,479
International
Paper
250,792
9,044
Packaging
Corp.
of
America
66,491
9,231
Sealed
Air
103,183
4,737
Westrock
181,025
5,516
63,492
Metals
&
Mining
0.5%
Freeport-McMoRan
1,030,705
42,166
Newmont
570,549
27,968
Nucor
182,508
28,192
Steel
Dynamics
119,104
13,466
111,792
Total
Materials
652,050
REAL
ESTATE
2.5%
Health
Care
Real
Estate
Investment
Trusts
0.2%
Healthpeak
Properties,
REIT
392,589
8,625
Ventas,
REIT
287,866
12,479
Welltower,
REIT
340,630
24,420
45,524
Hotel
&
Resort
Real
Estate
Investment
Trusts
0.0%
Host
Hotels
&
Resorts,
REIT
507,323
8,366
8,366
Industrial
Real
Estate
Investment
Trusts
0.3%
Prologis,
REIT
663,726
82,813
82,813
Office
Real
Estate
Investment
Trusts
0.1%
Alexandria
Real
Estate
Equities,
REIT
113,161
14,212
Boston
Properties,
REIT
100,858
5,458
19,670
Real
Estate
Management
&
Development
0.1%
CBRE
Group,
Class
A (1)
226,853
16,517
16,517
Residential
Real
Estate
Investment
Trusts
0.3%
AvalonBay
Communities,
REIT
100,924
16,961
Camden
Property
Trust,
REIT
79,072
8,290
Equity
Residential,
REIT
246,317
14,779
Essex
Property
Trust,
REIT
46,076
9,636
Invitation
Homes,
REIT
414,807
12,955
Mid-America
Apartment
Communities,
REIT
82,431
12,450
UDR,
REIT
222,060
9,118
84,189
T.
ROWE
PRICE
Equity
Index
500
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Retail
Real
Estate
Investment
Trusts
0.3%
Federal
Realty
Investment
Trust,
REIT
52,097
5,149
Kimco
Realty,
REIT
447,013
8,730
Realty
Income,
REIT
452,801
28,671
Regency
Centers,
REIT
107,778
6,594
Simon
Property
Group,
REIT
236,051
26,431
75,575
Specialized
Real
Estate
Investment
Trusts
1.2%
American
Tower,
REIT
335,519
68,560
Crown
Castle,
REIT
312,345
41,804
Digital
Realty
Trust,
REIT
205,559
20,208
Equinix,
REIT
66,726
48,112
Extra
Space
Storage,
REIT
96,926
15,792
Iron
Mountain,
REIT
211,055
11,167
Public
Storage,
REIT
114,064
34,463
SBA
Communications,
REIT
77,361
20,197
VICI
Properties,
REIT
721,391
23,532
Weyerhaeuser,
REIT
523,726
15,780
299,615
Total
Real
Estate
632,269
UTILITIES
2.8%
Electric
Utilities
1.9%
Alliant
Energy
177,870
9,498
American
Electric
Power
370,867
33,745
Constellation
Energy
235,544
18,490
Duke
Energy
555,140
53,555
Edison
International
272,874
19,262
Entergy
147,160
15,855
Evergy
162,691
9,944
Eversource
Energy
251,405
19,675
Exelon
713,844
29,903
FirstEnergy
390,767
15,654
NextEra
Energy
1,428,909
110,140
NRG
Energy
168,678
5,784
PG&E (1)
1,150,397
18,602
Pinnacle
West
Capital
80,507
6,380
PPL
525,988
14,617
Southern
784,866
54,611
Xcel
Energy
393,356
26,528
462,243
Gas
Utilities
0.0%
Atmos
Energy
102,837
11,555
11,555
T.
ROWE
PRICE
Equity
Index
500
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Independent
Power
&
Renewable
Electricity
Producers
0.0%
AES
483,726
11,648
11,648
Multi-Utilities
0.8%
Ameren
186,972
16,152
CenterPoint
Energy
456,512
13,449
CMS
Energy
210,510
12,921
Consolidated
Edison
255,062
24,402
Dominion
Energy
601,345
33,621
DTE
Energy
138,408
15,161
NiSource
289,651
8,099
Public
Service
Enterprise
Group
358,601
22,395
Sempra
Energy
226,838
34,289
WEC
Energy
Group
225,434
21,369
201,858
Water
Utilities
0.1%
American
Water
Works
137,970
20,211
20,211
Total
Utilities
707,515
Total
Common
Stocks
(Cost
$9,468,127)
24,697,275
SHORT-TERM
INVESTMENTS
0.3%
Money
Market
Funds
0.3%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (3)(4)
69,307,427
69,307
69,307
U.S.
Treasury
Obligations
0.0%
U.S.
Treasury
Bills,
4.64%,
5/23/23
400,000
398
U.S.
Treasury
Bills,
4.719%,
6/22/23 (5)
6,881,000
6,810
7,208
Total
Short-Term
Investments
(Cost
$76,513)
76,515
T.
ROWE
PRICE
Equity
Index
500
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SECURITIES
LENDING
COLLATERAL
0.0%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.0%
Money
Market
Funds
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (3)(4)
4,569,039
4,569
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
And
Trust
Company
4,569
Total
Securities
Lending
Collateral
(Cost
$4,569)
4,569
Total
Investments
in
Securities
99.8%
(Cost
$9,549,209)
$
24,778,359
Other
Assets
Less
Liabilities
0.2%
57,102
Net
Assets
100.0%
$
24,835,461
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2023.
(3)
Affiliated
Companies
(4)
Seven-day
yield
(5)
At
March
31,
2023,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
Equity
Index
500
Fund
18
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
447
S&P
500
E-Mini
Index
contracts
6/23
92,479
$
4,575
Net
payments
(receipts)
of
variation
margin
to
date
(3,284)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
1,291
T.
ROWE
PRICE
Equity
Index
500
Fund
19
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
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
three
months
ended
March
31,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Group
$
57
$
564
$
195
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
—
—
706++
Totals
$
57#
$
564
$
901+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
03/31/23
T.
Rowe
Price
Group
$
17,546
$
—
$
20
$
18,090
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
82,615
¤
¤
73,876
Total
$
91,966^
#
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.
+
Investment
income
comprised
$901
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
$80,964.
T.
ROWE
PRICE
Equity
Index
500
Fund
Unaudited
Notes
to
Portfolio
of
Investments
20
T.
Rowe
Price
Equity
Index
500
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Equity
Index
500
Fund
21
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
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.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
T.
ROWE
PRICE
Equity
Index
500
Fund
22
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
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.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
24,697,275
$
—
$
—
$
24,697,275
Short-Term
Investments
69,307
7,208
—
76,515
Securities
Lending
Collateral
4,569
—
—
4,569
Total
Securities
24,771,151
7,208
—
24,778,359
Futures
Contracts*
4,575
—
—
4,575
Total
$
24,775,726
$
7,208
$
—
$
24,782,934
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Equity
Index
500
Fund
23
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.
F50-054Q1
03/23