T. Rowe Price Equity Index 500 Fund (PREIX) N-CSR Certified annual shareholder report (management investment company)

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: December 31, 2022

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

December

31,

2022

Annual

Report

T.

ROWE

PRICE

Equity

Market

Index

Funds

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

Equity

Market

Index

Funds

HIGHLIGHTS

Each

of

the

three

Equity

Market

Index

Funds

produced

negative

returns

in

2022

but

closely

tracked

their

respective

benchmarks.

Most

sectors

of

the

U.S.

stock

market

produced

negative

returns

during

the

12-month

period.

Equities

plunged

as

Russia’s

assault

on

Ukraine,

surging

commodity

prices,

elevated

inflation,

and

rising

interest

rates

weighed

heavily

on

the

economy

and

financial

markets.

Using

full

replication

and

sampling

strategies,

we

kept

the

composition

and

other

attributes

of

the

index

funds

similar

to

those

of

their

benchmarks.

The

trajectories

of

the

economy,

corporate

earnings,

and

interest

rates

are

unpredictable,

and

investor

sentiment

toward

the

broad

market

and

various

market

segments

could

change

without

warning.

Our

main

task,

however,

is

to

use

full

replication

or

sampling

strategies

so

that

the

Equity

Market

Index

Funds

are

structured

like

major

U.S.

equity

indexes

and

closely

track

their

performance.

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

1

Dear

Shareholder

Nearly

all

major

global

stock

and

bond

indexes

fell

sharply

in

2022,

as

investors

contended

with

persistently

high

inflation,

tightening

financial

conditions,

and

slowing

economic

and

corporate

earnings

growth.

Double-digit

losses

were

common

in

equity

markets

around

the

world,

and

bond

investors

also

faced

a

historically

tough

environment

amid

a

sharp

rise

in

interest

rates.

Value

shares

declined

but

outperformed

growth

stocks

by

a

considerable

margin

as

equity

investors

turned

risk

averse

and

as

rising

rates

put

downward

pressure

on

growth

stock

valuations.

Emerging

markets

stocks

generally

underperformed

shares

in

developed

markets.

Meanwhile,

the

U.S.

dollar

strengthened

versus

most

currencies

during

the

period,

which

weighed

on

returns

for

U.S.

investors

in

international

securities.

Within

the

S&P

500

Index,

energy

was

a

rare

bright

spot,

gaining

more

than

60%

as

oil

prices

jumped

in

response

to

Russia’s

invasion

of

Ukraine

and

concerns

over

commodity

supply

shortages.

Defensive

shares,

such

as

utilities,

consumer

staples,

and

health

care,

held

up

relatively

well

and

finished

the

year

with

roughly

flat

returns.

Conversely,

communication

services,

consumer

discretionary,

and

information

technology

shares

suffered

the

largest

declines.

Elevated

inflation

remained

a

leading

concern

for

investors

throughout

the

period,

although

there

were

signs

that

price

increases

were

moderating

by

year-

end.

November’s

consumer

price

index

data

showed

headline

inflation

rising

7.1%

on

a

12-month

basis,

the

lowest

level

since

December

2021

but

still

well

above

the

Federal

Reserve’s

2%

long-term

target.

In

response

to

the

high

inflation

readings,

global

central

banks

tightened

monetary

policy,

and

investors

focused

on

communications

from

central

bank

officials

on

how

high

rates

would

have

to

go.

The

Fed,

which

at

the

end

of

2021

had

forecast

that

it

would

only

need

to

raise

interest

rates

0.75

percentage

point

in

all

of

2022,

raised

its

short-term

lending

benchmark

from

near

zero

in

March

to

a

target

range

of

4.25%

to

4.50%

by

December

and

indicated

that

additional

hikes

are

likely.

Bond

yields

increased

considerably

across

the

U.S.

Treasury

yield

curve

as

the

Fed

tightened

monetary

policy,

with

the

yield

on

the

benchmark

10-year

U.S.

Treasury

note

climbing

from

1.52%

at

the

start

of

the

period

to

3.88%

at

the

end

of

the

year.

Significant

inversions

in

the

yield

curve,

which

are

often

considered

a

warning

sign

of

a

coming

recession,

occurred

during

the

period

as

shorter-maturity

Treasuries

experienced

the

largest

yield

increases.

The

T.

ROWE

PRICE

Equity

Market

Index

Funds

2

sharp

increase

in

yields

led

to

historically

weak

results

across

the

fixed

income

market,

with

the

Bloomberg

U.S.

Aggregate

Bond

Index

delivering

its

worst

year

on

record.

(Bond

prices

and

yields

move

in

opposite

directions.)

As

the

period

came

to

an

end,

the

economic

backdrop

appeared

mixed.

Although

manufacturing

gauges

have

drifted

toward

contraction

levels,

the

U.S.

jobs

market

remained

resilient,

and

corporate

and

household

balance

sheets

appeared

strong.

Meanwhile,

the

housing

market

has

weakened

amid

rising

mortgage

rates.

The

past

year

has

been

a

trying

time

for

investors

as

few

sectors

remained

untouched

by

the

broad

headwinds

that

markets

faced,

and

volatility

may

continue

in

the

near

term

as

central

banks

tighten

policy

amid

slowing

economic

growth.

However,

in

our

view,

there

continue

to

be

opportunities

for

selective

investors

focused

on

fundamentals.

Valuations

in

most

global

equity

markets

have

improved

markedly,

although

U.S.

equities

still

appear

relatively

expensive

by

historical

standards,

while

bond

yields

have

reached

some

of

the

most

attractive

levels

since

the

2008

global

financial

crisis.

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.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely, 

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Equity

Market

Index

Funds

Management’s

Discussion

of

Fund

Performance

3

EQUITY

INDEX

500 FUND 

INVESTMENT

OBJECTIVE 

The

fund

seeks

to

track

the

performance

of

a

benchmark

index

that

measures

the

investment

return

of

large-capitalization

U.S.

stocks.

FUND

COMMENTARY

How

did

the

fund

perform

in

the

past 12

months?

The

Equity

Index

500

Fund

returned

-18.28%

versus

-18.11%

for

its

benchmark,

the

S&P

500

Index.

The

fund’s

performance

tends

to

slightly

lag

that

of

the

index

due

to

operating

and

management

expenses.

(Performance

for

the

fund’s

I

Class

and

Z

Class

shares

will

vary

due

to

different

fee

structures.

Past

performance

cannot

guarantee

future

results

.)

What

factors

influenced

the

fund’s

performance?

Most

sectors

in

the

S&P

500

Index

produced

negative

returns

in

2022.

Large-

cap

U.S.

stocks

plunged

as

Russia’s

assault

on

Ukraine,

surging

commodity

prices,

elevated

inflation,

and

rising

interest

rates

weighed

heavily

on

the

economy

and

financial

markets.

By

the

summer

of

2022,

the

S&P

500

Index

and

several

other

equity

indexes

entered

“bear

market”

territory,

meaning

that

they

had

fallen

at

least

20%

from

their

recent

highs.

Within

our

portfolio,

information

technology

stocks

detracted

the

most

in

absolute

terms.

Software,

semiconductors,

and

hardware

companies

were

among

the

worst

performers

in

the

portfolio,

with

bellwethers

Microsoft,

NVIDIA,

and

Apple

being

particularly

weak.

Shares

of

these

tech

giants

fell

with

other

technology

names,

as

the

sector

was

hit

by

fears

that

supply

chain

issues

and

inflationary

pressures

would

slow

demand.

Also,

rising

interest

rates

tend

to

hurt

growth

stocks

by

reducing

the

present

value

of

their

future

profits.

(Please

refer

to

the

portfolio

of

investments

for

a

complete

list

of

holdings

and

the

amount

each

represents

in

the

portfolio.)

PERFORMANCE

COMPARISON

Total

Return

Periods

Ended

12/31/22

6

Months

12

Months

Equity

Index

500

Fund

–

.

2.20‌%

-18.28‌%

Equity

Index

500

Fund–

.

I  Class

2.29‌

-18.15‌

Equity

Index

500

Fund–

.

Z  Class

2.31‌

-18.11‌

S&P

500

Index

2.31‌

-18.11‌

T.

ROWE

PRICE

Equity

Market

Index

Funds

4

The

consumer

discretionary

sector

also

exhibited

negative

returns.

The

automobiles

segment

detracted

the

most

from

absolute

results,

as

leading

electric

automobile

maker

Tesla

tumbled

during

the

year.

The

stock

sank

amid

a

number

of

negative

data

points,

including

continued

controversy

surrounding

Chief

Executive

Officer

Elon

Musk’s

acquisition

of

Twitter,

reports

of

fatal

crashes

involving

the

company’s

Model

3

autopilot

feature,

and

concerns

that

macro

pressures

from

higher

financing

rates

and

a

weaker

consumer

could

hamper

demand

in

the

near

term.

The

internet

and

direct

marketing

segment

also

lagged.

Shares

of

Amazon.com

fell

sharply

on

a

series

of

disappointing

earnings

results,

with

the

firm

struggling

to

combat

slowing

growth

and

over-staffing

as

pandemic-driven

demand

receded.

Near

the

end

of

the

year,

the

company

projected

that

fourth-quarter

sales

would

be

well

below

analysts’

expectations.

Conversely,

energy

shares

surged

for

the

12-month

period.

Energy

companies

were

by

far

the

top

contributors

in

our

portfolio,

led

by

ExxonMobil

and

Chevron.

Many

large

oil

companies

reported

record

profits

during

the

first

quarter

of

2022,

as

many

countries

decided

to

find

alternatives

to

Russian

energy

exports,

resulting

in

higher

oil,

gasoline,

and

natural

gas

prices.

Oil

companies

ConocoPhillips,

Marathon

Petroleum,

and

Occidental

Petroleum

also

contributed

to

our

results,

while

energy

equipment

and

services

company

Schlumberger

added

value

to

a

lesser

extent.

The

health

care

sector

exhibited

mostly

flat

returns

during

the

12-month

period.

The

pharmaceuticals

segment

performed

best,

with

Merck

and

Eli

Lilly

being

the

top

performers.

Biotechnology

names

also

contributed

to

results,

with

our

position

in

AbbVie

being

particularly

strong.

Conversely,

health

care

equipment

and

supplies

companies

weighed

on

results,

with

Abbott

Laboratories

and

Medtronic

being

especially

weak.

SECTOR

DIVERSIFICATION

Periods

Ended

6/30/22

12/31/22

Information

Technology

26.6‌%

25.5‌%

Health

Care

15.1‌ 

15.8‌ 

Financials

10.8‌ 

11.5‌ 

Consumer

Discretionary

10.5‌ 

9.7‌ 

Industrials

and

Business

Services

7.9‌ 

8.9‌ 

Communication

Services

8.8‌ 

7.3‌ 

Consumer

Staples

7.0‌ 

7.1‌ 

Energy

4.3‌ 

5.2‌ 

Utilities

3.1‌ 

3.2‌ 

Materials

2.6‌ 

2.7‌ 

Real

Estate

2.9‌ 

2.7‌ 

Other

and

Reserves

0.4‌ 

0.4‌ 

Total

100.0‌%

100.0‌%

Historical

weightings

reflect

current

industry/sector

classifications.

T.

ROWE

PRICE

Equity

Market

Index

Funds

5

TOTAL

EQUITY

MARKET

INDEX FUND 

INVESTMENT

OBJECTIVE 

The

fund

seeks

to

match the

performance

of

the

entire

U.S.

stock

market.

FUND

COMMENTARY

How

did

the

fund

perform

in

the

past 12

months?

The

Total

Equity

Market

Index

Fund

returned

-19.61%

versus

-19.53%

for

its

benchmark,

the

S&P

Total

Market

Index.

Fund

performance

tends

to

slightly

lag

that

of

the

index

due

to

operating

and

management

expenses.

(

Past

performance

cannot

guarantee

future

results

.)

What

factors

influenced

the

fund’s

performance?

Within

our

portfolio,

information

technology

stocks

detracted

the

most

in

absolute

terms.

Software,

semiconductors,

and

hardware

companies

were

among

the

worst

performers

in

the

portfolio,

with

bellwethers

Microsoft,

NVIDIA,

and

Apple

being

particularly

weak.

Shares

of

these

tech

giants

fell

with

other

technology

names,

as

the

sector

was

hit

by

fears

that

supply

chain

issues

and

inflationary

pressures

would

slow

demand.

Also,

rising

interest

rates

tend

to

hurt

growth

stocks

by

reducing

the

present

value

of

their

future

profits.

(Please

refer

to

the

portfolio

of

investments

for

a

complete

list

of

holdings

and

the

amount

each

represents

in

the

portfolio.)

The

consumer

discretionary

sector

also

exhibited

negative

returns.

The

automobiles

segment

detracted

the

most

from

absolute

results,

as

leading

electric

automobile

maker

Tesla

tumbled

during

the

year.

The

stock

sank

amid

a

number

of

negative

data

points,

including

continued

controversy

surrounding

Chief

Executive

Officer

Elon

Musk’s

acquisition

of

Twitter,

reports

of

fatal

crashes

involving

the

company’s

Model

3

autopilot

feature,

and

concerns

that

macro

pressures

from

higher

financing

rates

and

a

weaker

consumer

could

hamper

demand

in

the

near

term.

The

internet

and

direct

marketing

segment

also

lagged.

Shares

of

Amazon.com

fell

sharply

on

a

series

of

disappointing

earnings

results,

with

the

firm

struggling

to

combat

slowing

growth

and

over-staffing

as

pandemic-driven

demand

receded.

Near

the

end

of

the

year,

the

company

projected

that

fourth-quarter

sales

would

be

well

below

analysts’

expectations.

PERFORMANCE

COMPARISON

Total

Return

Periods

Ended

12/31/22

6

Months

12

Months

Total

Equity

Market

Index

Fund

–

.

2.22‌%

-19.61‌%

S&P

Total

Market

Index

2.29‌

-19.53‌

T.

ROWE

PRICE

Equity

Market

Index

Funds

6

The

utilities

sector,

one

of

the

smallest

in

the

index

and

the

portfolio,

exhibited

flat

returns

during

the

12-month

period.

Utilities

stocks,

which

tend

to

have

above-average

dividend

yields,

often

behave

like

bonds

in

response

to

interest

rate

movements.

However,

during

times

of

economic

uncertainty,

investors

often

favor

utilities

because

their

businesses

tend

to

be

stable.

Within

the

sector,

multi-utility

companies

performed

worst,

with

Dominion

Energy

being

the

primary

laggard.

On

the

other

hand,

electric

utilities

companies

mildly

contributed

to

portfolio

results,

with

Constellation

Energy

being

the

top

contributor.

Conversely,

energy

shares

surged

for

the

12-month

period.

Energy

companies

were

by

far

the

top

contributors

in

our

portfolio,

led

by

ExxonMobil

and

Chevron.

Many

large

oil

companies

reported

record

profits

during

the

first

quarter

of

2022,

as

many

countries

decided

to

find

alternatives

to

Russian

energy

exports,

resulting

in

higher

oil,

gasoline,

and

natural

gas

prices.

Oil

companies

ConocoPhillips,

Marathon

Petroleum,

and

Occidental

Petroleum

also

contributed

to

our

results,

while

energy

equipment

and

services

company

Schlumberger

added

value

to

a

lesser

extent.

SECTOR

DIVERSIFICATION

Periods

Ended

6/30/22

12/31/22

Information

Technology

25.5‌%

24.3‌%

Health

Care

14.8‌ 

15.5‌ 

Financials

11.5‌ 

12.3‌ 

Consumer

Discretionary

10.5‌ 

9.8‌ 

Industrials

and

Business

Services

8.9‌ 

9.8‌ 

Communication

Services

8.1‌ 

6.8‌ 

Consumer

Staples

6.3‌ 

6.6‌ 

Energy

4.3‌ 

5.1‌ 

Real

Estate

3.6‌ 

3.2‌ 

Utilities

3.0‌ 

3.0‌ 

Materials

2.9‌ 

3.1‌ 

Other

and

Reserves

0.6‌ 

0.5‌ 

Total

100.0‌%

100.0‌%

Historical

weightings

reflect

current

industry/sector

classifications.

T.

ROWE

PRICE

Equity

Market

Index

Funds

7

EXTENDED

EQUITY

MARKET

INDEX FUND 

INVESTMENT

OBJECTIVE 

The

fund

seeks

to

track

the

performance

of

a

benchmark

index

that

measures

the

investment

return

of

small-

and

mid-capitalization

U.S.

stocks.

FUND

COMMENTARY

How

did

the

fund

perform

in

the

past 12

months?

Small-

and

mid-cap

U.S.

stocks

produced

negative

returns

in

2022.

The

Extended

Equity

Market

Index

Fund

returned

-26.00%

versus

-26.54%

for

its

benchmark,

the

S&P

Completion

Index.

It

is

unusual

for

the

fund

to

outperform

the

index;

the

fund

usually

lags

the

benchmark

slightly

due

to

operating

and

management

expenses.

(

Past

performance

cannot

guarantee

future

results

.)

What

factors

influenced

the

fund’s

performance?

Within

our

portfolio,

information

technology

(IT)

stocks

detracted

the

most

in

absolute

terms.

Software,

IT

services,

and

semiconductor

companies

were

among

the

worst

performers

in

the

portfolio,

with

Datadog,

Snowflake,

and

Marvell

Technology

being

particularly

weak.

Shares

of

these

companies

fell

with

other

technology

names,

as

the

sector

was

hit

by

fears

that

supply

chain

issues

and

inflationary

pressures

would

slow

demand.

Also,

rising

interest

rates

tend

to

hurt

growth

stocks

by

reducing

the

present

value

of

their

future

profits.

(Please

refer

to

the

portfolio

of

investments

for

a

complete

list

of

holdings

and

the

amount

each

represents

in

the

portfolio.)

The

consumer

discretionary

sector

also

exhibited

negative

returns,

as

the

specialty

retail

segment

performed

worst.

Shares

of

Carvana,

which

operates

an

online

retail

platform

for

used

cars,

declined

following

an

earnings

report

that

fell

significantly

short

of

expectations.

The

company

is

experiencing

various

headwinds,

including

pandemic-related

labor

shortages

and

severe

weather

on

the

supply

side

as

well

as

slowing

demand

amid

elevated

used

car

prices

and

rising

interest

rates.

Investors

were

also

discouraged

by

Carvana’s

withdrawal

of

forward

guidance

for

the

remainder

of

the

year.

The

hotel,

restaurant,

and

leisure

segment

also

lagged,

as

Airbnb

struggled.

PERFORMANCE

COMPARISON

Total

Return

Periods

Ended

12/31/22

6

Months

12

Months

Extended

Equity

Market

Index

Fund

–

.

2.42‌%

-26.00‌%

S&P

Completion

Index

2.16‌

-26.54‌

T.

ROWE

PRICE

Equity

Market

Index

Funds

8

The

utilities

sector,

one

of

the

smallest

in

the

index

and

the

portfolio,

exhibited

flat

returns

during

the

12-month

period.

Utilities

stocks,

which

tend

to

have

above-average

dividend

yields,

often

behave

like

bonds

in

response

to

interest

rate

movements.

However,

during

times

of

economic

uncertainty,

investors

often

favor

utilities

because

their

businesses

tend

to

be

stable.

Within

the

sector,

independent

power

and

renewable

electricity

producers

were

the

weakest

performers,

with

Sunnova

Energy

International

being

the

primary

laggard.

On

the

other

hand,

multi-utilities

companies

contributed

to

portfolio

performance,

with

Unitil

performing

best.

Conversely,

energy

shares

advanced

for

the

12-month

period.

Energy

companies

were

the

top

performers

in

our

portfolio,

led

by

Cheniere

Energy

and

Texas

Pacific

Land,

which

receives

royalties

from

oil

extracted

and

water

resources

used

by

exploration

and

production

companies

on

its

land

in

the

Permian

Basin.

Many

oil

companies

reported

strong

profits

during

the

first

quarter

of

2022,

as

many

countries

decided

to

find

alternatives

to

Russian

energy

exports,

resulting

in

higher

oil,

gasoline,

and

natural

gas

prices.

Oil

companies

EQT

and

Murphy

Oil

also

contributed

to

our

results,

while

energy

equipment

and

services

companies

TechnipFMC—a

provider

of

subsea

oil

services—and

NOV

added

value

to

a

lesser

extent. 

How

are

the

Equity

Market

Index

Funds

positioned?

The

Equity

Market

Index

Funds,

which

tend

to

closely

track

their

benchmarks,

offer

broad

exposure

to

different

sectors

of

the

U.S.

stock

market,

and

each

fund’s

sector

allocations

are

consistent

with

those

of

its

benchmark.

As

such,

changes

in

each

portfolio’s

sector

diversification

and

other

overall

characteristics

reflect

changes

in

the

composition

of

the

indexes,

rather

than

strategic

shifts

that

are

typical

of

an

actively

managed

fund.

Since

the

portfolios

SECTOR

DIVERSIFICATION

Periods

Ended

6/30/22

12/31/22

Information

Technology

19.7‌%

18.0‌%

Financials

15.9‌ 

15.8‌ 

Industrials

and

Business

Services

14.3‌ 

15.8‌ 

Health

Care

13.3‌ 

13.8‌ 

Consumer

Discretionary

10.5‌ 

11.2‌ 

Real

Estate

7.6‌ 

6.5‌ 

Energy

4.5‌ 

4.9‌ 

Materials

4.3‌ 

4.3‌ 

Communication

Services

3.8‌ 

3.8‌ 

Consumer

Staples

3.0‌ 

3.1‌ 

Utilities

2.6‌ 

2.2‌ 

Other

and

Reserves

0.5‌ 

0.6‌ 

Total

100.0‌%

100.0‌%

Historical

weightings

reflect

current

industry/sector

classifications.

T.

ROWE

PRICE

Equity

Market

Index

Funds

9

are

designed

to

track

their

indexes,

they

do

not

have

the

flexibility

to

shift

assets

toward

stocks

or

sectors

that

are

rising

or

away

from

those

that

are

declining.

The

funds’

expenses

are

generally

low,

which

allows

investors

to

retain

more

of

their

returns.

As

a

reminder,

the

Equity

Market

Index

Funds

are

designed

for

investors

who

want

to

harness

the

potential

for

long-term

capital

appreciation

from

broad

exposure

to

large-cap

U.S.

stocks,

the

entire

U.S.

stock

market,

or

small-

and

mid-cap

U.S.

stocks.

The

portfolios

could

serve

as

core

holdings

in

an

investor’s

portfolio,

as

they

offer

attributes

that

many

investors

will

find

appealing.

The

portfolios

intend

to

be

diversified

in

approximately

the

same

proportion

as

the

indexes

they

track

are

diversified.

(Diversification

cannot

assure

a

profit

or

protect

against

loss

in

a

declining

market.)

The

Equity

Index

500

Fund

uses

a

full

replication

strategy,

which

involves

investing

substantially

all

of

its

assets

in

all

of

the

stocks

in

the

S&P 500

Index.

The

fund

seeks

to

maintain

holdings

of

each

stock

in

proportion

to

its

weight

in

the

index.

The

Total

Equity

Market

Index

Fund

and

the

Extended

Equity

Market

Index

Fund

use

a

sampling

strategy,

which

involves

investing

substantially

all

of

their

assets

in

a

group

of

stocks

representative

of

the

sector

allocations,

financial

characteristics,

and

other

attributes

of

the

S&P

Total

Market

Index

and

S&P

Completion

Index,

respectively.

These

two

funds

do

not

attempt

to

fully

replicate

their

indexes

by

owning

each

of

the

stocks

in

them.

All

three

index

funds

may

occasionally

invest

in

securities

such

as

futures

and

exchange-traded

funds

so

that

they

can

accommodate

cash

flows

and

remain

fully

invested.

What

is

portfolio

management’s

outlook?

Slowing

growth,

volatile

geopolitics,

tightening

global

monetary

policies,

and

elevated

inflation

created

a

challenging

market

environment

for

investors

throughout

2022.

Continued

aggressive

action

by

the

U.S.

Federal

Reserve

has

dampened

hopes

of

softening

monetary

tightening

and

accelerated

market

fears

of

a

U.S.

recession.

Overseas

economic

conditions

remain

challenging,

too.

Recession

risks

in

Europe

have

increased

as

the

war

in

Ukraine

has

waged

on,

and

there

are

concerns

about

China’s

growth

outlook,

even

though

the

country

has

been

taking

steps

to

roll

back

its

zero-COVID

policies

and

reopen

its

economy.

T.

ROWE

PRICE

Equity

Market

Index

Funds

10

The

trajectories

of

the

economy,

corporate

earnings,

and

interest

rates

are

unpredictable,

and

investor

sentiment

toward

the

broad

market

and

various

market

segments

could

change

without

warning.

Our

main

task,

however,

is

not

to

determine

which

stocks

or

sectors

may

perform

best

in

the

period

ahead.

As

always,

our

intention

is

to

use

full

replication

or

sampling

strategies

so

that

the

Equity

Market

Index

Funds

are

structured

like

major

U.S.

equity

indexes

and

closely

track

their

performance.

The

views

expressed

reflect

the

opinions

of

T.

Rowe

Price

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic,

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

T.

ROWE

PRICE

Equity

Market

Index

Funds

11

RISKS

OF

INVESTING

IN

THE

EQUITY

MARKET

INDEX

FUNDS

Common

stocks

generally

fluctuate

in

value

more

than

bonds

and

may

decline

significantly

over

short

time

periods.

There

is

a

chance

that

stock

prices

overall

will

decline

because

stock

markets

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

The

value

of

a

stock

in

which

the

funds

invest

may

decline

due

to

general

weakness

in

the

U.S.

stock

market,

such

as

when

the

U.S.

financial

markets

decline,

or

because

of

factors

that

affect

a

particular

company

or

industry.

Although

stocks

issued

by

larger

companies

tend

to

have

less

overall

volatility

than

stocks

issued

by

smaller

companies,

larger

companies

may

not

be

able

to

attain

the

high

growth

rates

of

successful

smaller

companies,

especially

during

strong

economic

periods.

In

addition,

larger

companies

may

be

less

capable

of

responding

quickly

to

competitive

challenges

and

industry

changes

and

may

suffer

sharper

price

declines

as

a

result

of

earnings

disappointments.

Funds

that

invest

in

small

and

medium-sized

companies

could

be

more

volatile

than

funds

that

are

exposed

to

only

large

companies.

Small

and

medium-sized

companies

often

have

less

experienced

management,

narrower

product

lines,

more

limited

financial

resources,

and

less

publicly

available

information

than

larger

companies.

Smaller

companies

may

have

limited

trading

markets

and

tend

to

be

more

sensitive

to

changes

in

overall

economic

conditions.

Because

the

funds

are

passively

managed,

holdings

are

generally

not

reallocated

based

on

changes

in

market

conditions

or

the

outlook

for

a

specific

security,

industry,

or

market

sector.

As

a

result,

the

funds’

performance

may

lag

the

performance

of

actively

managed

funds.

Funds

that

use

a

sampling

strategy

(and

thus

do

not

attempt

to

fully

replicate

their

benchmark

indexes)

have

a

greater

potential

for

their

performance

to

deviate

from

that

of

their

benchmarks.)

BENCHMARK

INFORMATION

Note:

The S&P

500

Index,

S&P

Total

Market

Index,

and

S&P

Completion

Index are

products of

S&P

Dow

Jones

Indices

LLC,

a

division

of

S&P

Global,

or

its

affiliates

(“SPDJI”)

and

have

been

licensed

for

use

by

T.

Rowe

Price.

Standard

&  Poor’s

®

and

S&P

®

 are

registered

trademarks of

Standard

&

Poor’s

Financial

Services

LLC,

a

division

of

S&P

Global (“S&P”);

Dow

Jones

®

is

a

registered

trademark

of

Dow

Jones

Trademark

Holdings

LLC

(“Dow

Jones”);

T.

Rowe

Price

is

not

sponsored,

endorsed,

sold

or

promoted

by

SPDJI,

Dow

T.

ROWE

PRICE

Equity

Market

Index

Funds

12

Jones,

S&P,

or

their

respective

affiliates,

and

none

of

such

parties

make

any

representation

regarding

the

advisability

of

investing

in

such

product(s)

nor

do

they

have

any

liability

for

any

errors,

omissions,

or

interruptions

of

the

S&P

500

Index,

S&P

Total

Market

Index,

and

S&P

Completion

Index.

PORTFOLIO

HIGHLIGHTS

TWENTY-FIVE

LARGEST

HOLDINGS

Equity

Index

500

Fund

Percent

of

Net

Assets

12/31/22

Apple

6.0‌%

Microsoft

5.5‌ 

Alphabet

3.1‌ 

Amazon.com

2.3‌ 

Berkshire

Hathaway

1.7‌ 

UnitedHealth

Group

1.5‌

Johnson

&

Johnson

1.4‌

Exxon

Mobil

1.4‌

JPMorgan

Chase

1.2‌

NVIDIA

1.1‌

Procter

&

Gamble

1.1‌

Visa

1.1‌

Tesla

1.0‌

Home

Depot

1.0‌

Chevron

1.0‌

Mastercard

0.9‌

Eli

Lilly

0.9‌

Pfizer

0.9‌

AbbVie

0.9‌

Merck

0.9‌

Meta

Platforms

0.8‌

PepsiCo

0.8‌

Coca-Cola

0.8‌

Bank

of

America

0.7‌

Broadcom

0.7‌

Total

38.7‌%

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.

BENCHMARK

INFORMATION

(continued)

T.

ROWE

PRICE

Equity

Market

Index

Funds

13

PORTFOLIO

HIGHLIGHTS

TWENTY-FIVE

LARGEST

HOLDINGS

Total

Equity

Market

Index

Fund

Percent

of

Net

Assets

12/31/22

Apple

5.1‌%

Microsoft

4.7‌ 

Alphabet

2.7‌ 

Amazon.com

2.0‌ 

Berkshire

Hathaway

1.4‌ 

UnitedHealth

Group

1.3‌

Johnson

&

Johnson

1.2‌

Exxon

Mobil

1.2‌

JPMorgan

Chase

1.0‌

NVIDIA

1.0‌

Visa

0.9‌

Procter

&

Gamble

0.9‌

Home

Depot

0.9‌

Tesla

0.9‌

Chevron

0.9‌

Mastercard

0.8‌

AbbVie

0.8‌

Eli

Lilly

0.8‌

Meta

Platforms

0.7‌

Pfizer

0.7‌

Merck

0.7‌

Coca-Cola

0.7‌

PepsiCo

0.7‌

Bank

of

America

0.6‌

Broadcom

0.6‌

Total

33.2‌%

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

14

PORTFOLIO

HIGHLIGHTS

TWENTY-FIVE

LARGEST

HOLDINGS

Extended

Equity

Market

Index

Fund

Percent

of

Net

Assets

12/31/22

Blackstone

0.9‌%

Uber

Technologies

0.9‌ 

Palo

Alto

Networks

0.7‌ 

Snowflake

0.7‌ 

Lululemon

Athletica

0.7‌ 

Cheniere

Energy

0.6‌

Workday

0.6‌

Airbnb

0.6‌

Marvell

Technology

0.6‌

Block

0.6‌

Alnylam

Pharmaceuticals

0.5‌

Apollo

Global

Management

0.5‌

KKR

0.5‌

Horizon

Therapeutics

0.5‌

Ferguson

0.5‌

VMware

0.4‌

Crowdstrike

Holdings

0.4‌

Veeva

Systems

0.4‌

Insulet

0.4‌

Trade

Desk

0.4‌

Atlassian

0.3‌

Sun

Communities

0.3‌

BioMarin

Pharmaceutical

0.3‌

Datadog

0.3‌

Markel

0.3‌

Total

12.9‌%

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

15

GROWTH

OF

$10,000 

This

chart

shows

the

value

of

a

hypothetical

$10,000

investment

in

the

fund

over

the

past

10

fiscal

year

periods

or

since

inception

(for funds

lacking

10-year

records).

The

result

is

compared

with

benchmarks,

which

include

a

broad-based

market

index

and

may

also

include

a

peer

group

average

or

index.

Market

indexes

do

not

include

expenses,

which

are

deducted

from

fund

returns

as

well

as

mutual fund

averages

and

indexes. 

EQUITY

INDEX

500

FUND

Note:

Performance

for

the I

and

Z Class

shares

will

vary

due

to

their

differing

fee

structures.

See

the

Average

Annual

Compound

Total

Return

table. 

T.

ROWE

PRICE

Equity

Market

Index

Funds

16

AVERAGE

ANNUAL

COMPOUND

TOTAL

RETURN

Periods

Ended

12/31/22

1

Year

5

Years

10

Years

Since

Inception

Inception

Date

Equity

Index

500

Fund

–

.

-18.28‌%

9.22‌%

12.32‌%

–‌

–

Equity

Index

500

Fund–

.

I  Class

-18.15‌

9.36‌

–‌

11.37‌%

8/28/15

Equity

Index

500

Fund–

.

Z  Class

-18.11‌

–‌

–‌

20.46‌

3/16/20

The

fund’s

performance

information

represents

only

past

performance

and

is

not

necessarily

an

indication

of

future

results.

Current

performance

may

be

lower

or

higher

than

the

performance

data

cited.

Share

price,

principal

value,

and

return

will

vary,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

For

the

most

recent

month-end

performance,

please

visit

our

website

(troweprice.

com)

or

contact

a

T.

Rowe

Price

representative

at

1

-

800

-

225

-

5132

or,

for

0.02

I

and

0.03

Z

Class

shares,

1-800-638-8790.

This

table

shows

how

the

fund

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

had

been

earned

at

a

constant

rate.

Average

annual

total

return

figures

include

changes

in

principal

value,

reinvested

dividends,

and

capital

gain

distributions.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

When

assessing

performance,

investors

should

consider

both

short-

and

long-term

returns.

T.

ROWE

PRICE

Equity

Market

Index

Funds

17

GROWTH

OF

$10,000 

This

chart

shows

the

value

of

a

hypothetical

$10,000

investment

in

the

fund

over

the

past

10

fiscal

year

periods

or

since

inception

(for funds

lacking

10-year

records).

The

result

is

compared

with

benchmarks,

which

include

a

broad-based

market

index

and

may

also

include

a

peer

group

average

or

index.

Market

indexes

do

not

include

expenses,

which

are

deducted

from

fund

returns

as

well

as

mutual fund

averages

and

indexes. 

TOTAL

EQUITY

MARKET

INDEX

FUND

AVERAGE

ANNUAL

COMPOUND

TOTAL

RETURN

Periods

Ended

12/31/22

1

Year

5

Years

10

Years

Total

Equity

Market

Index

Fund

–

.

-19.61‌%

8.31‌%

11.82‌%

The

fund’s

performance

information

represents

only

past

performance

and

is

not

necessarily

an

indication

of

future

results.

Current

performance

may

be

lower

or

higher

than

the

performance

data

cited.

Share

price,

principal

value,

and

return

will

vary,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

For

the

most

recent

month-end

performance,

please

visit

our

website

(troweprice.com)

or

contact

a

T.

Rowe

Price

representative

at

1-800-225-5132.

This

table

shows

how

the

fund

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Average

annual

total

return

figures

include

changes

in

principal

value,

reinvested

dividends,

and

capital

gain

distributions.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

When

assessing

performance,

investors

should

consider

both

short-

and

long-term

returns.

T.

ROWE

PRICE

Equity

Market

Index

Funds

18

GROWTH

OF

$10,000 

This

chart

shows

the

value

of

a

hypothetical

$10,000

investment

in

the

fund

over

the

past

10

fiscal

year

periods

or

since

inception

(for funds

lacking

10-year

records).

The

result

is

compared

with

benchmarks,

which

include

a

broad-based

market

index

and

may

also

include

a

peer

group

average

or

index.

Market

indexes

do

not

include

expenses,

which

are

deducted

from

fund

returns

as

well

as

mutual fund

averages

and

indexes. 

EXTENDED

EQUITY

MARKET

INDEX

FUND

AVERAGE

ANNUAL

COMPOUND

TOTAL

RETURN

Periods

Ended

12/31/22

1

Year

5

Years

10

Years

Extended

Equity

Market

Index

Fund

–

.

-26.00‌%

4.63‌%

9.46‌%

The

fund’s

performance

information

represents

only

past

performance

and

is

not

necessarily

an

indication

of

future

results.

Current

performance

may

be

lower

or

higher

than

the

performance

data

cited.

Share

price,

principal

value,

and

return

will

vary,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

For

the

most

recent

month-end

performance,

please

visit

our

website

(troweprice.com)

or

contact

a

T.

Rowe

Price

representative

at

1-800-225-5132.

This

table

shows

how

the

fund

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Average

annual

total

return

figures

include

changes

in

principal

value,

reinvested

dividends,

and

capital

gain

distributions.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

When

assessing

performance,

investors

should

consider

both

short-

and

long-term

returns.

T.

ROWE

PRICE

Equity

Market

Index

Funds

19

EXPENSE

RATIOS

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.

Equity

Index

500

Fund

0.15‌%

Equity

Index

500

Fund–I

Class

0.09‌ 

Equity

Index

500

Fund–Z

Class

0.05‌ 

Total

Equity

Market

Index

Fund

0.20‌ 

Extended

Equity

Market

Index

Fund

0.23‌ 

The

expense

ratios

shown

are

as

of

the

funds’

most

recent

prospectus.

These

numbers

may

vary

from

the

expense

ratios

shown

elsewhere

in

this

report

because

they

are

based

on

a

different

time

period

and,

if

applicable,

include

acquired

fund

fees

and

expenses

but

do

not

include

fee

or

expense

waivers.

T.

ROWE

PRICE

Equity

Market

Index

Funds

20

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.

EQUITY

INDEX

500

FUND

Beginning

Account

Value

7/1/22

Ending

Account

Value

12/31/22

Expenses

Paid

During

Period*

7/1/22

to

12/31/22

Investor

Class

Actual

$1,000.00

$1,022.00

$1.07

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,024.15

  1.07

I

Class

Actual

  1,000.00

  1,022.90

  0.25

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,024.95

  0.26

Z

Class

Actual

  1,000.00

  1,023.10

  0.00

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,025.21

  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

(184),

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

0.21%,

the

2

I Class

was

0.05%,

and

the

3

Z Class

was

0.00%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Equity

Market

Index

Funds

21

TOTAL

EQUITY

MARKET

INDEX

FUND

Beginning

Account

Value

7/1/22

Ending

Account

Value

12/31/22

Expenses

Paid

During

Period*

7/1/22

to

12/31/22

Actual

$1,000.00

$1,022.20

$1.02

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,024.20

  1.02

*

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

(184),

and

divided

by

the

days

in

the

year

(365)

to

reflect

the

half-year

period.

EXTENDED

EQUITY

MARKET

INDEX

FUND

Beginning

Account

Value

7/1/22

Ending

Account

Value

12/31/22

Expenses

Paid

During

Period*

7/1/22

to

12/31/22

Actual

$1,000.00

$1,024.20

$1.28

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,023.95

  1.28

*

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

(184),

and

divided

by

the

days

in

the

year

(365)

to

reflect

the

half-year

period.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

Rowe

Price

Investment

Services,

Inc.

|

100

East

Pratt

Street

|

Baltimore,

MD

21202-1009

You

have

many

investment

goals.

Explore

products

and

services

that

can

help

you

achieve

them.

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you

want

to

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child’s

education,

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other

priorities,

we

have

solutions

for

you.

See

how

we

can

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you

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the

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goals

that

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you.

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Traditional,

Roth,

Rollover/Transfer,

or

Brokerage

Small

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Plans

help

minimize

taxes,

maximize

savings

T.

Rowe

Price

®

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Portfolios

1

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online

investing

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by

experts

GENERAL

INVESTING

Individual

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Tenant

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to

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bonds,

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more

Gifts

and

transfers

to

a

child

(UGMA/UTMAs)

Trust

Transfer

on

Death

COLLEGE

SAVINGS

T.

Rowe

Price-managed

529

plans

offer

tax-

advantaged

solutions

for

families

saving

money

for

college

tuition

and

education-

related

expenses

Visit

troweprice.com/broadrange

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.

All

mutual

funds

are

subject

to

market

risk,

including

possible

loss

of

principal.

Investing

internationally

involves

special

risks

including

economic

and

political

uncertainty

and

currency

fluctuation.

1

The

T.

Rowe

Price

®

ActivePlus

Portfolios

is

a

discretionary

investment

management

program

provided

by

T.

Rowe

Price

Advisory

Services,

Inc.,

a

registered

investment

adviser

under

the

Investment

Advisers

Act

of

1940.

Brokerage

services

are

provided

by

T.

Rowe

Price

Investment

Services,

Inc.,

member

FINRA/SIPC.

Brokerage

accounts

are

carried

by

Pershing

LLC,

a

BNY

Mellon

Company,

member

NYSE/FINRA/SIPC.

T.

Rowe

Price

Advisory

Services,

Inc.,

and

T.

Rowe

Price

Investment

Services,

Inc.,

are

affiliated

companies.

2

Brokerage

services

are

provided

by

T.

Rowe

Price

Investment

Services,

Inc.,

member

FINRA/SIPC.

Brokerage

accounts

are

carried

by

Pershing

LLC,

a

BNY

Mellon

Company,

member

NYSE/FINRA/SIPC.

202302-2582494

C50-050

02/23

Highlights

and

Market

Commentary

Management’s

Discussion

of

Fund

Performance

Performance

and

Expenses

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

December

31,

2022

Annual

Report

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

PREIX

Equity

Index

500

Fund

–

.

PRUIX

Equity

Index

500

Fund–

.

I  Class

TRHZX

Equity

Index

500

Fund–

.

Z Class

T.

ROWE

PRICE

Equity

Index

500

Fund

Financial

Highlights

24

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

125

.31‌

$

99

.17‌

$

85

.83‌

$

66

.80‌

$

71

.71‌

Investment

activities

Net

investment

income

(1)(2)

1

.50‌

1

.36‌

1

.52‌

1

.44‌

1

.36‌

Net

realized

and

unrealized

gain/

loss

(

24

.35‌

)

26

.74‌

13

.77‌

19

.27‌

(

4

.53‌

)

Total

from

investment

activities

(

22

.85‌

)

28

.10‌

15

.29‌

20

.71‌

(

3

.17‌

)

Distributions

Net

investment

income

(

1

.52‌

)

(

1

.44‌

)

(

1

.55‌

)

(

1

.53‌

)

(

1

.30‌

)

Net

realized

gain

—‌

(

0

.52‌

)

(

0

.40‌

)

(

0

.15‌

)

(

0

.44‌

)

Total

distributions

(

1

.52‌

)

(

1

.96‌

)

(

1

.95‌

)

(

1

.68‌

)

(

1

.74‌

)

NET

ASSET

VALUE

End

of

period

$

100

.94‌

$

125

.31‌

$

99

.17‌

$

85

.83‌

$

66

.80‌

Ratios/Supplemental

Data

Total

return

(2)(3)

(

18

.28‌

)

%

28

.50‌

%

18

.19‌

%

31

.23‌

%

(

4

.58‌

)

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0

.20‌

%

0

.16‌

%

0

.19‌

%

0

.20‌

%

0

.21‌

%

Net

expenses

after

waivers/

payments

by

Price

Associates

0

.20‌

%

0

.16‌

%

0

.19‌

%

0

.20‌

%

0

.21‌

%

Net

investment

income

1

.38‌

%

1

.21‌

%

1

.82‌

%

1

.85‌

%

1

.85‌

%

Portfolio

turnover

rate

3

.1‌

%

3

.1‌

%

13

.6‌

%

9

.3‌

%

7

.3‌

%

Net

assets,

end

of

period

(in

millions)

$5,704

$11,145

$9,002

$25,507

$21,237

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.

T.

ROWE

PRICE

Equity

Index

500

Fund

Financial

Highlights

25

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

125

.32‌

$

99

.16‌

$

85

.84‌

$

66

.81‌

$

71

.72‌

Investment

activities

Net

investment

income

(1)(2)

1

.68‌

1

.47‌

1

.54‌

1

.55‌

1

.50‌

Net

realized

and

unrealized

gain/

loss

(

24

.36‌

)

26

.75‌

13

.85‌

19

.26‌

(

4

.56‌

)

Total

from

investment

activities

(

22

.68‌

)

28

.22‌

15

.39‌

20

.81‌

(

3

.06‌

)

Distributions

Net

investment

income

(

1

.71‌

)

(

1

.54‌

)

(

1

.67‌

)

(

1

.63‌

)

(

1

.41‌

)

Net

realized

gain

—‌

(

0

.52‌

)

(

0

.40‌

)

(

0

.15‌

)

(

0

.44‌

)

Total

distributions

(

1

.71‌

)

(

2

.06‌

)

(

2

.07‌

)

(

1

.78‌

)

(

1

.85‌

)

NET

ASSET

VALUE

End

of

period

$

100

.93‌

$

125

.32‌

$

99

.16‌

$

85

.84‌

$

66

.81‌

Ratios/Supplemental

Data

Total

return

(2)(3)

(

18

.15‌

)

%

28

.63‌

%

18

.34‌

%

31

.39‌

%

(

4

.44‌

)

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0

.08‌

%

0

.10‌

%

0

.07‌

%

0

.06‌

%

0

.06‌

%

Net

expenses

after

waivers/

payments

by

Price

Associates

0

.05‌

%

0

.06‌

%

0

.06‌

%

0

.06‌

%

0

.06‌

%

Net

investment

income

1

.57‌

%

1

.31‌

%

1

.88‌

%

1

.99‌

%

2

.03‌

%

Portfolio

turnover

rate

3

.1‌

%

3

.1‌

%

13

.6‌

%

9

.3‌

%

7

.3‌

%

Net

assets,

end

of

period

(in

millions)

$6,020

$3,507

$3,232

$5,905

$3,653

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.

T.

ROWE

PRICE

Equity

Index

500

Fund

Financial

Highlights

26

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Z

Class

(1)

..

Year

..

..

Ended

.

3/16/20

(1)

Through

12/31/20

12/31/22

12/31/21

NET

ASSET

VALUE

Beginning

of

period

$

125

.27‌

$

99

.13‌

$

63

.64‌

Investment

activities

Net

investment

income

(2)(3)

1

.71‌

1

.54‌

1

.40‌

Net

realized

and

unrealized

gain/loss

(

24

.34‌

)

26

.73‌

36

.19‌

Total

from

investment

activities

(

22

.63‌

)

28

.27‌

37

.59‌

Distributions

Net

investment

income

(

1

.74‌

)

(

1

.61‌

)

(

1

.70‌

)

Net

realized

gain

—‌

(

0

.52‌

)

(

0

.40‌

)

Total

distributions

(

1

.74‌

)

(

2

.13‌

)

(

2

.10‌

)

NET

ASSET

VALUE

End

of

period

$

100

.90‌

$

125

.27‌

$

99

.13‌

Ratios/Supplemental

Data

Total

return

(3)(4)

(

18

.11‌

)

%

28

.70‌

%

59

.62‌

%

Ratios

to

average

net

assets:

(3)

Gross

expenses

before

waivers/payments

by

Price

Associates

0

.05‌

%

0

.06‌

%

0

.06‌

%

(5)

Net

expenses

after

waivers/payments

by

Price

Associates

0

.00‌

%

0

.00‌

%

0

.00‌

%

(5)

Net

investment

income

1

.57‌

%

1

.37‌

%

2

.03‌

%

(5)

Portfolio

turnover

rate

3

.1‌

%

3

.1‌

%

13

.6‌

%

Net

assets,

end

of

period

(in

millions)

$11,283

$19,852

$21,289

0‌

%

0‌

%

0‌

%

(1)

Inception

date

(2)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(4)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5)

Annualized

T.

ROWE

PRICE

Equity

Index

500

Fund

December

31,

2022

27

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

99.6%

COMMUNICATION

SERVICES

7.3%

Diversified

Telecommunication

Services

0.9%

AT&T 

5,093,268‌

93,767‌

Lumen

Technologies 

657,732‌

3,433‌

Verizon

Communications 

3,001,178‌

118,247‌

215,447‌

Entertainment

1.3%

Activision

Blizzard 

504,594‌

38,627‌

Electronic

Arts 

189,823‌

23,193‌

Live

Nation

Entertainment  (1)

99,756‌

6,957‌

Netflix  (1)

318,285‌

93,856‌

Take-Two

Interactive

Software  (1)

112,423‌

11,707‌

Walt

Disney  (1)

1,302,746‌

113,182‌

Warner

Bros

Discovery  (1)

1,568,938‌

14,873‌

302,395‌

Interactive

Media

&

Services

4.0%

Alphabet,

Class

A  (1)

4,257,666‌

375,654‌

Alphabet,

Class

C  (1)

3,774,072‌

334,873‌

Match

Group  (1)

201,553‌

8,363‌

Meta

Platforms,

Class

A  (1)

1,604,747‌

193,115‌

912,005‌

Media

0.8%

Charter

Communications,

Class

A  (1)

76,021‌

25,779‌

Comcast,

Class

A 

3,075,799‌

107,561‌

DISH

Network,

Class

A  (1)(2)

178,701‌

2,509‌

Fox,

Class

A 

222,367‌

6,753‌

Fox,

Class

B 

103,934‌

2,957‌

Interpublic

Group 

280,659‌

9,349‌

News,

Class

A 

278,203‌

5,063‌

News,

Class

B 

88,066‌

1,624‌

Omnicom

Group 

146,535‌

11,953‌

Paramount

Global,

Class

B 

370,568‌

6,255‌

179,803‌

Wireless

Telecommunication

Services

0.3%

T-Mobile

U.S.  (1)

427,134‌

59,799‌

59,799‌

Total

Communication

Services

1,669,449‌

CONSUMER

DISCRETIONARY

9.7%

Auto

Components

0.1%

Aptiv (1)

192,452‌

17,923‌

T.

ROWE

PRICE

Equity

Index

500

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

BorgWarner 

170,922‌

6,880‌

24,803‌

Automobiles

1.3%

Ford

Motor 

2,799,394‌

32,557‌

General

Motors 

1,008,892‌

33,939‌

Tesla  (1)

1,912,840‌

235,624‌

302,120‌

Distributors

0.2%

Genuine

Parts 

99,728‌

17,304‌

LKQ 

185,350‌

9,899‌

Pool 

28,385‌

8,582‌

35,785‌

Hotels,

Restaurants

&

Leisure

2.0%

Booking

Holdings  (1)

27,599‌

55,620‌

Caesars

Entertainment  (1)

151,969‌

6,322‌

Carnival  (1)

684,737‌

5,519‌

Chipotle

Mexican

Grill  (1)

19,857‌

27,551‌

Darden

Restaurants 

88,806‌

12,285‌

Domino's

Pizza 

25,665‌

8,890‌

Expedia

Group  (1)

107,054‌

9,378‌

Hilton

Worldwide

Holdings 

191,739‌

24,228‌

Las

Vegas

Sands  (1)

237,866‌

11,434‌

Marriott

International,

Class

A 

190,906‌

28,424‌

McDonald's 

521,747‌

137,496‌

MGM

Resorts

International 

223,043‌

7,479‌

Norwegian

Cruise

Line

Holdings  (1)

298,466‌

3,653‌

Royal

Caribbean

Cruises  (1)

159,388‌

7,879‌

Starbucks 

820,355‌

81,379‌

Wynn

Resorts  (1)

75,406‌

6,219‌

Yum!

Brands 

202,549‌

25,942‌

459,698‌

Household

Durables

0.3%

DR

Horton 

221,616‌

19,755‌

Garmin 

108,157‌

9,982‌

Lennar,

Class

A 

183,968‌

16,649‌

Mohawk

Industries  (1)

36,829‌

3,764‌

Newell

Brands 

263,137‌

3,442‌

NVR  (1)

2,201‌

10,152‌

PulteGroup 

169,554‌

7,720‌

Whirlpool 

40,118‌

5,675‌

77,139‌

Internet

&

Direct

Marketing

Retail

2.4%

Amazon.com (1)

6,327,280‌

531,492‌

T.

ROWE

PRICE

Equity

Index

500

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

eBay 

383,589‌

15,907‌

Etsy  (1)

90,642‌

10,857‌

558,256‌

Leisure

Products

0.0%

Hasbro 

92,135‌

5,621‌

5,621‌

Multiline

Retail

0.5%

Dollar

General 

161,876‌

39,862‌

Dollar

Tree  (1)

151,192‌

21,384‌

Target 

328,957‌

49,028‌

110,274‌

Specialty

Retail

2.4%

Advance

Auto

Parts 

43,554‌

6,404‌

AutoZone  (1)

13,465‌

33,207‌

Bath

&

Body

Works 

165,735‌

6,984‌

Best

Buy 

144,111‌

11,559‌

CarMax  (1)

113,499‌

6,911‌

Home

Depot 

729,559‌

230,439‌

Lowe's 

442,404‌

88,145‌

O'Reilly

Automotive  (1)

44,455‌

37,521‌

Ross

Stores 

249,726‌

28,986‌

TJX 

826,156‌

65,762‌

Tractor

Supply 

79,540‌

17,894‌

Ulta

Beauty  (1)

36,797‌

17,260‌

551,072‌

Textiles,

Apparel

&

Luxury

Goods

0.5%

NIKE,

Class

B 

897,012‌

104,960‌

Ralph

Lauren 

32,464‌

3,431‌

Tapestry 

179,894‌

6,850‌

VF 

231,232‌

6,384‌

121,625‌

Total

Consumer

Discretionary

2,246,393‌

CONSUMER

STAPLES

7.1%

Beverages

1.9%

Brown-Forman,

Class

B 

128,616‌

8,448‌

Coca-Cola 

2,773,168‌

176,401‌

Constellation

Brands,

Class

A 

114,963‌

26,643‌

Keurig

Dr

Pepper 

601,358‌

21,444‌

Molson

Coors

Beverage,

Class

B 

134,301‌

6,919‌

Monster

Beverage  (1)

272,302‌

27,647‌

PepsiCo 

981,655‌

177,346‌

444,848‌

T.

ROWE

PRICE

Equity

Index

500

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Food

&

Staples

Retailing

1.5%

Costco

Wholesale 

315,304‌

143,936‌

Kroger 

466,021‌

20,775‌

Sysco 

360,699‌

27,576‌

Walgreens

Boots

Alliance 

508,308‌

18,991‌

Walmart 

1,006,900‌

142,768‌

354,046‌

Food

Products

1.2%

Archer-Daniels-Midland 

390,208‌

36,231‌

Campbell

Soup 

141,361‌

8,022‌

Conagra

Brands 

338,264‌

13,091‌

General

Mills 

424,846‌

35,623‌

Hershey 

103,971‌

24,077‌

Hormel

Foods 

203,601‌

9,274‌

J

M

Smucker 

76,369‌

12,102‌

Kellogg 

180,253‌

12,841‌

Kraft

Heinz 

563,578‌

22,943‌

Lamb

Weston

Holdings 

102,464‌

9,156‌

McCormick 

177,840‌

14,741‌

Mondelez

International,

Class

A 

975,964‌

65,048‌

Tyson

Foods,

Class

A 

207,187‌

12,897‌

276,046‌

Household

Products

1.6%

Church

&

Dwight 

172,210‌

13,882‌

Clorox 

86,636‌

12,158‌

Colgate-Palmolive 

594,601‌

46,848‌

Kimberly-Clark 

239,184‌

32,469‌

Procter

&

Gamble 

1,691,678‌

256,391‌

361,748‌

Personal

Products

0.2%

Estee

Lauder,

Class

A 

164,510‌

40,817‌

40,817‌

Tobacco

0.7%

Altria

Group 

1,284,629‌

58,720‌

Philip

Morris

International 

1,107,771‌

112,118‌

170,838‌

Total

Consumer

Staples

1,648,343‌

ENERGY

5.2%

Energy

Equipment

&

Services

0.4%

Baker

Hughes 

715,454‌

21,128‌

Halliburton 

641,835‌

25,256‌

T.

ROWE

PRICE

Equity

Index

500

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Schlumberger 

1,013,474‌

54,180‌

100,564‌

Oil,

Gas

&

Consumable

Fuels

4.8%

APA 

226,028‌

10,551‌

Chevron 

1,269,753‌

227,908‌

ConocoPhillips 

888,309‌

104,821‌

Coterra

Energy 

572,905‌

14,076‌

Devon

Energy 

464,071‌

28,545‌

Diamondback

Energy 

125,705‌

17,194‌

EOG

Resources 

419,814‌

54,374‌

EQT 

263,417‌

8,911‌

Exxon

Mobil 

2,935,422‌

323,777‌

Hess 

197,348‌

27,988‌

Kinder

Morgan 

1,403,611‌

25,377‌

Marathon

Oil 

447,590‌

12,116‌

Marathon

Petroleum 

332,806‌

38,735‌

Occidental

Petroleum 

515,931‌

32,499‌

ONEOK 

317,238‌

20,843‌

Phillips

66 

335,674‌

34,937‌

Pioneer

Natural

Resources 

169,236‌

38,652‌

Targa

Resources 

161,325‌

11,857‌

Valero

Energy 

273,801‌

34,734‌

Williams 

863,030‌

28,394‌

1,096,289‌

Total

Energy

1,196,853‌

FINANCIALS

11.5%

Banks

3.8%

Bank

of

America 

4,979,215‌

164,912‌

Citigroup 

1,377,659‌

62,312‌

Citizens

Financial

Group 

348,925‌

13,737‌

Comerica 

91,485‌

6,116‌

Fifth

Third

Bancorp 

486,623‌

15,966‌

First

Republic

Bank 

129,042‌

15,729‌

Huntington

Bancshares 

1,014,556‌

14,305‌

JPMorgan

Chase 

2,090,584‌

280,347‌

KeyCorp 

662,074‌

11,533‌

M&T

Bank 

122,119‌

17,715‌

PNC

Financial

Services

Group 

286,709‌

45,283‌

Regions

Financial 

663,587‌

14,307‌

Signature

Bank 

44,775‌

5,159‌

SVB

Financial

Group  (1)

41,801‌

9,620‌

Truist

Financial 

944,817‌

40,655‌

U.S.

Bancorp 

958,609‌

41,805‌

Wells

Fargo 

2,722,968‌

112,431‌

T.

ROWE

PRICE

Equity

Index

500

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Zions

Bancorp 

107,975‌

5,308‌

877,240‌

Capital

Markets

3.1%

Ameriprise

Financial 

75,432‌

23,487‌

Bank

of

New

York

Mellon 

526,162‌

23,951‌

BlackRock 

107,002‌

75,825‌

Cboe

Global

Markets 

75,673‌

9,495‌

Charles

Schwab 

1,090,958‌

90,833‌

CME

Group 

255,022‌

42,885‌

FactSet

Research

Systems 

26,919‌

10,800‌

Franklin

Resources  (2)

196,909‌

5,194‌

Goldman

Sachs

Group 

242,312‌

83,205‌

Intercontinental

Exchange 

396,239‌

40,650‌

Invesco 

316,961‌

5,702‌

MarketAxess

Holdings 

26,924‌

7,509‌

Moody's 

113,064‌

31,502‌

Morgan

Stanley 

939,335‌

79,862‌

MSCI 

57,606‌

26,797‌

Nasdaq 

243,889‌

14,963‌

Northern

Trust 

147,940‌

13,091‌

Raymond

James

Financial 

138,289‌

14,776‌

S&P

Global 

237,272‌

79,472‌

State

Street 

260,492‌

20,206‌

T.

Rowe

Price

Group  (3)

160,881‌

17,546‌

717,751‌

Consumer

Finance

0.5%

American

Express 

427,791‌

63,206‌

Capital

One

Financial 

275,292‌

25,591‌

Discover

Financial

Services 

196,748‌

19,248‌

Synchrony

Financial 

316,979‌

10,416‌

118,461‌

Diversified

Financial

Services

1.7%

Berkshire

Hathaway,

Class

B  (1)

1,284,328‌

396,729‌

396,729‌

Insurance

2.4%

Aflac 

401,525‌

28,886‌

Allstate 

188,083‌

25,504‌

American

International

Group 

527,199‌

33,340‌

Aon,

Class

A 

147,047‌

44,135‌

Arch

Capital

Group  (1)

263,327‌

16,532‌

Arthur

J

Gallagher 

148,962‌

28,085‌

Assurant 

37,832‌

4,731‌

Brown

&

Brown 

166,152‌

9,466‌

Chubb 

297,385‌

65,603‌

T.

ROWE

PRICE

Equity

Index

500

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Cincinnati

Financial 

112,189‌

11,487‌

Everest

Re

Group 

28,138‌

9,321‌

Globe

Life 

64,719‌

7,802‌

Hartford

Financial

Services

Group 

224,974‌

17,060‌

Lincoln

National 

115,498‌

3,548‌

Loews 

140,444‌

8,192‌

Marsh

&

McLennan 

355,348‌

58,803‌

MetLife 

468,027‌

33,871‌

Principal

Financial

Group 

165,282‌

13,870‌

Progressive 

415,089‌

53,841‌

Prudential

Financial 

261,004‌

25,959‌

Travelers 

166,359‌

31,191‌

W

R

Berkley 

147,596‌

10,711‌

Willis

Towers

Watson 

76,608‌

18,737‌

560,675‌

Total

Financials

2,670,856‌

HEALTH

CARE

15.8%

Biotechnology

2.5%

AbbVie 

1,260,205‌

203,662‌

Amgen 

380,571‌

99,953‌

Biogen  (1)

103,876‌

28,765‌

Gilead

Sciences 

896,360‌

76,953‌

Incyte  (1)

134,054‌

10,767‌

Moderna  (1)

234,971‌

42,206‌

Regeneron

Pharmaceuticals  (1)

76,489‌

55,186‌

Vertex

Pharmaceuticals  (1)

183,663‌

53,038‌

570,530‌

Health

Care

Equipment

&

Supplies

2.8%

Abbott

Laboratories 

1,243,577‌

136,532‌

Align

Technology  (1)

52,142‌

10,997‌

Baxter

International 

355,683‌

18,129‌

Becton

Dickinson

&

Company 

204,071‌

51,895‌

Boston

Scientific  (1)

1,015,159‌

46,971‌

Cooper 

35,090‌

11,603‌

DENTSPLY

SIRONA 

153,958‌

4,902‌

Dexcom  (1)

278,193‌

31,503‌

Edwards

Lifesciences  (1)

441,240‌

32,921‌

Hologic  (1)

177,503‌

13,279‌

IDEXX

Laboratories  (1)

59,677‌

24,346‌

Intuitive

Surgical  (1)

251,459‌

66,725‌

Medtronic 

949,904‌

73,827‌

ResMed 

103,911‌

21,627‌

STERIS 

70,980‌

13,109‌

Stryker 

240,970‌

58,915‌

T.

ROWE

PRICE

Equity

Index

500

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Teleflex 

33,208‌

8,290‌

Zimmer

Biomet

Holdings 

148,849‌

18,978‌

644,549‌

Health

Care

Providers

&

Services

3.7%

AmerisourceBergen 

114,494‌

18,973‌

Cardinal

Health 

185,109‌

14,229‌

Centene  (1)

402,059‌

32,973‌

Cigna 

217,590‌

72,096‌

CVS

Health 

939,022‌

87,508‌

DaVita  (1)

41,785‌

3,120‌

Elevance

Health 

170,386‌

87,403‌

HCA

Healthcare 

150,614‌

36,141‌

Henry

Schein  (1)

98,427‌

7,861‌

Humana 

89,769‌

45,979‌

Laboratory

Corp.

of

America

Holdings 

62,581‌

14,737‌

McKesson 

100,735‌

37,788‌

Molina

Healthcare  (1)

41,642‌

13,751‌

Quest

Diagnostics 

83,520‌

13,066‌

UnitedHealth

Group 

666,006‌

353,103‌

Universal

Health

Services,

Class

B 

46,697‌

6,579‌

845,307‌

Life

Sciences

Tools

&

Services

1.9%

Agilent

Technologies 

213,130‌

31,895‌

Bio-Rad

Laboratories,

Class

A  (1)

15,372‌

6,464‌

Bio-Techne 

111,722‌

9,259‌

Charles

River

Laboratories

International  (1)

35,822‌

7,806‌

Danaher 

468,175‌

124,263‌

Illumina  (1)

111,143‌

22,473‌

IQVIA

Holdings  (1)

133,798‌

27,414‌

Mettler-Toledo

International  (1)

16,117‌

23,296‌

PerkinElmer 

89,735‌

12,583‌

Thermo

Fisher

Scientific 

280,253‌

154,333‌

Waters  (1)

42,835‌

14,674‌

West

Pharmaceutical

Services 

52,232‌

12,293‌

446,753‌

Pharmaceuticals

4.9%

Bristol-Myers

Squibb 

1,516,212‌

109,091‌

Catalent  (1)

126,500‌

5,694‌

Eli

Lilly 

561,988‌

205,598‌

Johnson

&

Johnson 

1,863,558‌

329,197‌

Merck 

1,806,691‌

200,452‌

Organon 

181,062‌

5,057‌

Pfizer 

4,000,034‌

204,962‌

Viatris 

862,074‌

9,595‌

T.

ROWE

PRICE

Equity

Index

500

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Zoetis 

333,906‌

48,934‌

1,118,580‌

Total

Health

Care

3,625,719‌

INDUSTRIALS

&

BUSINESS

SERVICES

8.9%

Aerospace

&

Defense

1.9%

Boeing (1)

400,360‌

76,264‌

General

Dynamics 

160,933‌

39,929‌

Howmet

Aerospace 

268,027‌

10,563‌

Huntington

Ingalls

Industries 

27,982‌

6,455‌

L3Harris

Technologies 

136,918‌

28,508‌

Lockheed

Martin 

166,036‌

80,775‌

Northrop

Grumman 

103,683‌

56,570‌

Raytheon

Technologies 

1,048,303‌

105,795‌

Textron 

153,216‌

10,848‌

TransDigm

Group 

36,846‌

23,200‌

438,907‌

Air

Freight

&

Logistics

0.6%

CH

Robinson

Worldwide 

82,407‌

7,545‌

Expeditors

International

of

Washington 

115,269‌

11,979‌

FedEx 

169,229‌

29,310‌

United

Parcel

Service,

Class

B 

519,528‌

90,315‌

139,149‌

Airlines

0.2%

Alaska

Air

Group  (1)

88,549‌

3,802‌

American

Airlines

Group  (1)

460,673‌

5,860‌

Delta

Air

Lines  (1)

451,464‌

14,835‌

Southwest

Airlines  (1)

421,606‌

14,196‌

United

Airlines

Holdings  (1)

229,822‌

8,664‌

47,357‌

Building

Products

0.5%

A.O.

Smith 

92,974‌

5,322‌

Allegion 

62,436‌

6,572‌

Carrier

Global 

602,565‌

24,856‌

Johnson

Controls

International 

492,569‌

31,524‌

Masco 

164,073‌

7,657‌

Trane

Technologies 

165,148‌

27,760‌

103,691‌

Commercial

Services

&

Supplies

0.5%

Cintas 

61,520‌

27,784‌

Copart  (1)

303,918‌

18,506‌

Republic

Services 

147,163‌

18,982‌

Rollins 

162,147‌

5,925‌

T.

ROWE

PRICE

Equity

Index

500

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Waste

Management 

266,694‌

41,839‌

113,036‌

Construction

&

Engineering

0.1%

Quanta

Services 

101,538‌

14,469‌

14,469‌

Electrical

Equipment

0.6%

AMETEK 

164,092‌

22,927‌

Eaton 

283,184‌

44,446‌

Emerson

Electric 

420,114‌

40,356‌

Generac

Holdings  (1)

44,938‌

4,523‌

Rockwell

Automation 

82,524‌

21,256‌

133,508‌

Industrial

Conglomerates

1.1%

3M 

392,861‌

47,112‌

General

Electric 

780,843‌

65,427‌

Honeywell

International 

478,899‌

102,628‌

Roper

Technologies 

74,978‌

32,397‌

247,564‌

Machinery

1.9%

Caterpillar 

370,851‌

88,841‌

Cummins 

100,255‌

24,291‌

Deere 

195,715‌

83,915‌

Dover 

102,505‌

13,880‌

Fortive 

254,914‌

16,378‌

IDEX 

54,125‌

12,359‌

Illinois

Tool

Works 

198,701‌

43,774‌

Ingersoll

Rand 

288,924‌

15,096‌

Nordson 

38,416‌

9,132‌

Otis

Worldwide 

300,360‌

23,521‌

PACCAR 

247,045‌

24,450‌

Parker-Hannifin 

91,004‌

26,482‌

Pentair 

118,203‌

5,317‌

Snap-on 

37,650‌

8,603‌

Stanley

Black

&

Decker 

107,451‌

8,072‌

Westinghouse

Air

Brake

Technologies 

130,010‌

12,976‌

Xylem 

128,229‌

14,178‌

431,265‌

Professional

Services

0.4%

CoStar

Group  (1)

290,752‌

22,469‌

Equifax 

86,853‌

16,881‌

Jacobs

Solutions 

91,538‌

10,991‌

Leidos

Holdings 

97,321‌

10,237‌

Robert

Half

International 

78,425‌

5,790‌

T.

ROWE

PRICE

Equity

Index

500

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Verisk

Analytics 

111,456‌

19,663‌

86,031‌

Road

&

Rail

0.9%

CSX 

1,495,017‌

46,316‌

JB

Hunt

Transport

Services 

59,703‌

10,410‌

Norfolk

Southern 

164,522‌

40,541‌

Old

Dominion

Freight

Line 

65,263‌

18,520‌

Union

Pacific 

438,210‌

90,740‌

206,527‌

Trading

Companies

&

Distributors

0.2%

Fastenal 

408,942‌

19,351‌

United

Rentals  (1)

50,340‌

17,892‌

WW

Grainger 

32,006‌

17,803‌

55,046‌

Total

Industrials

&

Business

Services

2,016,550‌

INFORMATION

TECHNOLOGY

25.5%

Communications

Equipment

0.9%

Arista

Networks  (1)

174,357‌

21,158‌

Cisco

Systems 

2,924,951‌

139,345‌

F5  (1)

42,517‌

6,102‌

Juniper

Networks 

230,555‌

7,368‌

Motorola

Solutions 

118,811‌

30,619‌

204,592‌

Electronic

Equipment,

Instruments

&

Components

0.6%

Amphenol,

Class

A 

424,016‌

32,284‌

CDW 

96,062‌

17,155‌

Corning 

536,180‌

17,126‌

Keysight

Technologies  (1)

128,378‌

21,962‌

TE

Connectivity 

228,863‌

26,273‌

Teledyne

Technologies  (1)

33,124‌

13,247‌

Trimble  (1)

178,085‌

9,004‌

Zebra

Technologies,

Class

A  (1)

37,375‌

9,583‌

146,634‌

IT

Services

4.4%

Accenture,

Class

A 

449,200‌

119,865‌

Akamai

Technologies  (1)

114,114‌

9,620‌

Automatic

Data

Processing 

294,892‌

70,438‌

Broadridge

Financial

Solutions 

83,250‌

11,166‌

Cognizant

Technology

Solutions,

Class

A 

370,116‌

21,167‌

DXC

Technology  (1)

153,326‌

4,063‌

EPAM

Systems  (1)

40,491‌

13,271‌

Fidelity

National

Information

Services 

421,053‌

28,568‌

Fiserv  (1)

453,593‌

45,845‌

T.

ROWE

PRICE

Equity

Index

500

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

FleetCor

Technologies  (1)

51,823‌

9,519‌

Gartner  (1)

56,748‌

19,075‌

Global

Payments 

191,389‌

19,009‌

International

Business

Machines 

646,129‌

91,033‌

Jack

Henry

&

Associates 

51,204‌

8,989‌

Mastercard,

Class

A 

604,923‌

210,350‌

Paychex 

228,165‌

26,367‌

PayPal

Holdings  (1)

810,942‌

57,755‌

VeriSign  (1)

67,330‌

13,832‌

Visa,

Class

A 

1,165,231‌

242,088‌

1,022,020‌

Semiconductors

&

Semiconductor

Equipment

5.1%

Advanced

Micro

Devices  (1)

1,153,329‌

74,701‌

Analog

Devices 

365,911‌

60,020‌

Applied

Materials 

612,024‌

59,599‌

Broadcom 

289,408‌

161,817‌

Enphase

Energy  (1)

96,067‌

25,454‌

First

Solar  (1)

70,921‌

10,623‌

Intel 

2,949,284‌

77,950‌

KLA 

101,536‌

38,282‌

Lam

Research 

97,957‌

41,171‌

Microchip

Technology 

394,904‌

27,742‌

Micron

Technology 

772,463‌

38,608‌

Monolithic

Power

Systems 

31,300‌

11,068‌

NVIDIA 

1,774,613‌

259,342‌

NXP

Semiconductors 

186,437‌

29,463‌

ON

Semiconductor  (1)

308,884‌

19,265‌

Qorvo  (1)

75,546‌

6,847‌

QUALCOMM 

801,766‌

88,146‌

Skyworks

Solutions 

114,549‌

10,439‌

SolarEdge

Technologies  (1)

39,423‌

11,167‌

Teradyne 

114,048‌

9,962‌

Texas

Instruments 

649,393‌

107,293‌

1,168,959‌

Software

8.2%

Adobe (1)

331,097‌

111,424‌

ANSYS  (1)

61,452‌

14,846‌

Autodesk  (1)

154,460‌

28,864‌

Cadence

Design

Systems  (1)

195,371‌

31,384‌

Ceridian

HCM

Holding  (1)

107,281‌

6,882‌

Fortinet  (1)

468,125‌

22,887‌

Gen

Digital 

413,809‌

8,868‌

Intuit 

201,619‌

78,474‌

Microsoft 

5,315,113‌

1,274,670‌

Oracle 

1,098,239‌

89,770‌

T.

ROWE

PRICE

Equity

Index

500

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Paycom

Software  (1)

34,290‌

10,641‌

PTC  (1)

74,486‌

8,941‌

Salesforce  (1)

714,614‌

94,751‌

ServiceNow  (1)

143,325‌

55,649‌

Synopsys  (1)

108,682‌

34,701‌

Tyler

Technologies  (1)

29,174‌

9,406‌

1,882,158‌

Technology

Hardware,

Storage

&

Peripherals

6.3%

Apple 

10,662,179‌

1,385,337‌

Hewlett

Packard

Enterprise 

921,568‌

14,708‌

HP 

637,165‌

17,120‌

NetApp 

156,854‌

9,421‌

Seagate

Technology

Holdings 

140,728‌

7,404‌

Western

Digital  (1)

220,064‌

6,943‌

1,440,933‌

Total

Information

Technology

5,865,296‌

MATERIALS

2.7%

Chemicals

1.9%

Air

Products

&

Chemicals 

158,712‌

48,925‌

Albemarle 

83,075‌

18,016‌

Celanese 

73,359‌

7,500‌

CF

Industries

Holdings 

143,300‌

12,209‌

Corteva 

513,858‌

30,205‌

Dow 

499,056‌

25,148‌

DuPont

de

Nemours 

358,752‌

24,621‌

Eastman

Chemical 

83,978‌

6,839‌

Ecolab 

176,469‌

25,687‌

FMC 

89,199‌

11,132‌

International

Flavors

&

Fragrances 

179,953‌

18,866‌

Linde 

352,103‌

114,849‌

LyondellBasell

Industries,

Class

A 

184,007‌

15,278‌

Mosaic 

250,355‌

10,983‌

PPG

Industries 

167,817‌

21,101‌

Sherwin-Williams 

168,753‌

40,050‌

431,409‌

Construction

Materials

0.1%

Martin

Marietta

Materials 

44,357‌

14,992‌

Vulcan

Materials 

94,445‌

16,538‌

31,530‌

Containers

&

Packaging

0.3%

Amcor 

1,068,819‌

12,730‌

Avery

Dennison 

58,197‌

10,534‌

Ball 

227,349‌

11,627‌

T.

ROWE

PRICE

Equity

Index

500

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

International

Paper 

260,643‌

9,026‌

Packaging

Corp.

of

America 

66,760‌

8,539‌

Sealed

Air 

103,601‌

5,167‌

Westrock 

181,757‌

6,390‌

64,013‌

Metals

&

Mining

0.4%

Freeport-McMoRan 

1,021,689‌

38,824‌

Newmont 

563,358‌

26,590‌

Nucor 

181,883‌

23,974‌

Steel

Dynamics 

119,586‌

11,684‌

101,072‌

Total

Materials

628,024‌

REAL

ESTATE

2.7%

Equity

Real

Estate

Investment

Trusts

2.6%

Alexandria

Real

Estate

Equities,

REIT 

105,554‌

15,376‌

American

Tower,

REIT 

332,757‌

70,498‌

AvalonBay

Communities,

REIT 

98,879‌

15,971‌

Boston

Properties,

REIT 

101,258‌

6,843‌

Camden

Property

Trust,

REIT 

74,897‌

8,379‌

Crown

Castle,

REIT 

307,065‌

41,650‌

Digital

Realty

Trust,

REIT 

203,257‌

20,381‌

Equinix,

REIT 

66,139‌

43,323‌

Equity

Residential,

REIT 

242,398‌

14,301‌

Essex

Property

Trust,

REIT 

46,276‌

9,807‌

Extra

Space

Storage,

REIT 

95,432‌

14,046‌

Federal

Realty

Investment

Trust,

REIT 

50,755‌

5,128‌

Healthpeak

Properties,

REIT 

379,139‌

9,505‌

Host

Hotels

&

Resorts,

REIT 

509,423‌

8,176‌

Invitation

Homes,

REIT 

411,866‌

12,208‌

Iron

Mountain,

REIT 

206,501‌

10,294‌

KRC

Interim,

REIT 

433,726‌

9,186‌

Mid-America

Apartment

Communities,

REIT 

82,068‌

12,884‌

Prologis,

REIT 

659,692‌

74,367‌

Public

Storage,

REIT 

111,965‌

31,371‌

Realty

Income,

REIT 

448,321‌

28,437‌

Regency

Centers,

REIT 

108,433‌

6,777‌

SBA

Communications,

REIT 

76,567‌

21,463‌

Simon

Property

Group,

REIT 

233,287‌

27,407‌

UDR,

REIT 

213,140‌

8,255‌

Ventas,

REIT 

281,722‌

12,692‌

VICI

Properties,

REIT 

684,149‌

22,166‌

Vornado

Realty

Trust,

REIT 

113,159‌

2,355‌

Welltower,

REIT 

337,826‌

22,144‌

T.

ROWE

PRICE

Equity

Index

500

Fund

41

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Weyerhaeuser,

REIT 

526,411‌

16,319‌

601,709‌

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Class

A  (1)

223,480‌

17,199‌

17,199‌

Total

Real

Estate

618,908‌

UTILITIES

3.2%

Electric

Utilities

2.1%

Alliant

Energy 

178,589‌

9,860‌

American

Electric

Power 

364,529‌

34,612‌

Constellation

Energy 

231,596‌

19,966‌

Duke

Energy 

550,973‌

56,745‌

Edison

International 

269,184‌

17,125‌

Entergy 

143,433‌

16,136‌

Evergy 

163,349‌

10,279‌

Eversource

Energy 

244,940‌

20,536‌

Exelon 

702,306‌

30,361‌

FirstEnergy 

392,348‌

16,455‌

NextEra

Energy 

1,420,011‌

118,713‌

NRG

Energy 

169,361‌

5,389‌

PG&E  (1)

1,146,468‌

18,642‌

Pinnacle

West

Capital 

80,833‌

6,146‌

PPL 

523,311‌

15,291‌

Southern 

778,057‌

55,561‌

Xcel

Energy 

387,244‌

27,150‌

478,967‌

Gas

Utilities

0.0%

Atmos

Energy 

98,505‌

11,039‌

11,039‌

Independent

Power

&

Renewable

Electricity

Producers

0.1%

AES 

470,841‌

13,541‌

13,541‌

Multi-Utilities

0.9%

Ameren 

182,354‌

16,215‌

CenterPoint

Energy 

448,037‌

13,437‌

CMS

Energy 

206,422‌

13,073‌

Consolidated

Edison 

251,460‌

23,967‌

Dominion

Energy 

590,261‌

36,195‌

DTE

Energy 

137,692‌

16,183‌

NiSource 

284,701‌

7,806‌

Public

Service

Enterprise

Group 

354,634‌

21,728‌

Sempra

Energy 

222,732‌

34,421‌

T.

ROWE

PRICE

Equity

Index

500

Fund

42

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

WEC

Energy

Group 

224,057‌

21,007‌

204,032‌

Water

Utilities

0.1%

American

Water

Works 

129,173‌

19,689‌

19,689‌

Total

Utilities

727,268‌

Total

Common

Stocks

(Cost

$9,252,306)

22,913,659‌

SHORT-TERM

INVESTMENTS

0.4%

Money

Market

Funds

0.3%

T.

Rowe

Price

Government

Reserve

Fund,

4.30%  (3)(4)

77,706,124‌

77,706‌

77,706‌

U.S.

Treasury

Obligations

0.1%

U.S.

Treasury

Bills,

3.302%,

2/16/23  (5)

5,490,000‌

5,463‌

5,463‌

Total

Short-Term

Investments

(Cost

$83,173)

83,169‌

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,

4.30%  (3)(4)

4,908,687‌

4,909‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

And

Trust

Company

4,909‌

Total

Securities

Lending

Collateral

(Cost

$4,909)

4,909‌

Total

Investments

in

Securities

100.0%

of

Net

Assets

(Cost

$9,340,388)

$

23,001,737‌

‡

Shares/Par

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

See

Note

4

.

All

or

a

portion

of

this

security

is

on

loan

at

December

31,

2022.

T.

ROWE

PRICE

Equity

Index

500

Fund

43

.

.

.

.

.

.

.

.

.

.

(3)

Affiliated

Companies

(4)

Seven-day

yield

(5)

At

December

31,

2022,

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

44

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

490

S&P

500

E-Mini

Index

contracts

3/23

94,595

$

(2,385‌)

Net

payments

(receipts)

of

variation

margin

to

date

3,696‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

1,311‌

T.

ROWE

PRICE

Equity

Index

500

Fund

45

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

year

ended

December

31,

2022.

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 

$

2,408‌

$

(18,564‌)

$

804‌

T.

Rowe

Price

Government

Reserve

Fund,

4.30%

—‌

—‌

982‌++

Totals

$

2,408‌#

$

(18,564‌)

$

1,786‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/21

Purchase

Cost

Sales

Cost

Value

12/31/22

T.

Rowe

Price

Group 

$

37,915‌

$

—‌

$

1,805‌

$

17,546‌

T.

Rowe

Price

Government

Reserve

Fund,

4.30%

153,134‌

  ¤

  ¤

82,615‌

Total

$

100,161‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

4

.

+

Investment

income

comprised

$1,786

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

$89,723.

T.

ROWE

PRICE

Equity

Index

500

Fund

December

31,

2022

Statement

of

Assets

and

Liabilities

46

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$9,340,388)

$

23,001,737‌

Receivable

for

investment

securities

sold

54,770‌

Dividends

and

interest

receivable

19,925‌

Receivable

for

shares

sold

13,186‌

Variation

margin

receivable

on

futures

contracts

1,311‌

Due

from

affiliates

1‌

Other

assets

72‌

Total

assets

23,091,002‌

Liabilities

Payable

for

shares

redeemed

75,146‌

Obligation

to

return

securities

lending

collateral

4,909‌

Investment

management

fees

payable

998‌

Payable

to

directors

15‌

Other

liabilities

2,722‌

Total

liabilities

83,790‌

NET

ASSETS

$

23,007,212‌

T.

ROWE

PRICE

Equity

Index

500

Fund

December

31,

2022

Statement

of

Assets

and

Liabilities

47

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

$

13,411,928‌

Paid-in

capital

applicable

to

227,975,101

shares

of

$0.01

par

value

capital

stock

outstanding;

2,000,000,000

shares

of

the

Corporation

authorized

9,595,284‌

NET

ASSETS

$

23,007,212‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

($5,703,905,976

/

56,506,573

shares

outstanding)

$

100.94‌

I

Class

($6,020,095,148

/

59,645,424

shares

outstanding)

$

100.93‌

Z

Class

($11,283,211,057

/

111,823,104

shares

outstanding)

$

100.90‌

T.

ROWE

PRICE

Equity

Index

500

Fund

Statement

of

Operations

48

($000s)

Year

Ended

12/31/22

Investment

Income

(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$99)

$

415,667‌

Securities

lending

174‌

    Interest

74‌

Other

6‌

Total

income

415,921‌

Expenses

Investment

management

13,138‌

Shareholder

servicing

Investor

Class

$

9,761‌

I

Class

1,657‌

11,418‌

Prospectus

and

shareholder

reports

Investor

Class

204‌

I

Class

8‌

Z

Class

2‌

214‌

Custody

and

accounting

679‌

Registration

150‌

Directors

69‌

Legal

and

audit

26‌

Miscellaneous

86‌

Waived

/

paid

by

Price

Associates

(

9,299‌

)

Total

expenses

16,481‌

Net

investment

income

399,440‌

T.

ROWE

PRICE

Equity

Index

500

Fund

Statement

of

Operations

49

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

12/31/22

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

3,889,810‌

Futures

(

12,177‌

)

Net

realized

gain

3,877,633‌

Change

in

net

unrealized

gain

/

loss

Securities

(

10,085,813‌

)

Futures

(

4,197‌

)

Change

in

net

unrealized

gain

/

loss

(

10,090,010‌

)

Net

realized

and

unrealized

gain

/

loss

(

6,212,377‌

)

DECREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

(

5,812,937‌

)

T.

ROWE

PRICE

Equity

Index

500

Fund

Statement

of

Changes

in

Net

Assets

50

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/22

12/31/21

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

399,440‌

$

442,229‌

Net

realized

gain

3,877,633‌

5,254,353‌

Change

in

net

unrealized

gain

/

loss

(

10,090,010‌

)

2,699,828‌

Increase

(decrease)

in

net

assets

from

operations

(

5,812,937‌

)

8,396,410‌

Distributions

to

shareholders

Net

earnings

Investor

Class

(

85,930‌

)

(

174,155‌

)

I

Class

(

100,147‌

)

(

59,018‌

)

Z

Class

(

208,089‌

)

(

356,447‌

)

Decrease

in

net

assets

from

distributions

(

394,166‌

)

(

589,620‌

)

Capital

share

transactions

*

Shares

sold

Investor

Class

1,241,836‌

1,351,514‌

I

Class

4,297,726‌

1,297,879‌

Z

Class

2,316,535‌

2,475,478‌

Distributions

reinvested

Investor

Class

81,839‌

165,458‌

I

Class

93,348‌

55,082‌

Z

Class

208,089‌

356,447‌

Shares

redeemed

Investor

Class

(

4,920,343‌

)

(

1,717,667‌

)

I

Class

(

892,234‌

)

(

1,840,099‌

)

Z

Class

(

7,716,336‌

)

(

8,969,751‌

)

Decrease

in

net

assets

from

capital

share

transactions

(

5,289,540‌

)

(

6,825,659‌

)

T.

ROWE

PRICE

Equity

Index

500

Fund

Statement

of

Changes

in

Net

Assets

51

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/22

12/31/21

Net

Assets

Increase

(decrease)

during

period

(

11,496,643‌

)

981,131‌

Beginning

of

period

34,503,855‌

33,522,724‌

End

of

period

$

23,007,212‌

$

34,503,855‌

*Share

information

(000s)

Shares

sold

Investor

Class

11,240‌

12,053‌

I

Class

38,773‌

11,658‌

Z

Class

21,212‌

21,689‌

Distributions

reinvested

Investor

Class

779‌

1,422‌

I

Class

888‌

474‌

Z

Class

1,968‌

3,081‌

Shares

redeemed

Investor

Class

(

44,457‌

)

(

15,311‌

)

I

Class

(

7,996‌

)

(

16,741‌

)

Z

Class

(

69,835‌

)

(

81,050‌

)

Decrease

in

shares

outstanding

(

47,428‌

)

(

62,725‌

)

T.

ROWE

PRICE

Equity

Index

500

Fund

NOTES

TO

FINANCIAL

STATEMENTS

52

T.

Rowe

Price

Index

Trust,

Inc.

(the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Equity

Index

500

Fund

(the

fund)

is

an

open-

end

management

investment

company

established

by

the

corporation

and

intends

to

be

diversified

in

approximately

the

same

proportion

as

the

index

it

tracks

is

diversified.

The

fund

may

become

nondiversified

for

periods

of

time

solely

as

a

result

of

changes

in

the

composition

of

the

index

(for

example,

changes

in

the

relative

market

capitalization

or

index

weighting

of

one

or

more

securities

represented

in

the

index). The

fund

seeks

to

track

the

performance

of

a

benchmark

index

that

measures

the

investment

return

of

large-capitalization

U.S.

stocks.

The

fund

has

three classes

of

shares:

the

Equity

Index

500

Fund

(Investor

Class),

the

Equity

Index

500

Fund–I

Class

(I

Class)

and

the

Equity

Index

500

Fund–Z

Class

(Z

Class).

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

Prior

to

November

15,

2021,

the

initial

investment

minimum

was

$1

million

and

was

generally

waived

for

financial

intermediaries,

eligible

retirement

plans,

and

other

certain

accounts.

As

a

result

of

the

reduction

in

the

I

Class

minimum,

certain

assets

transferred

from

the

Investor

Class

to

the

I

Class.

This

transfer

of

shares

from

Investor

Class

to

I

Class

is

reflected

in

the

Statement

of

Changes

in

Net

Assets

within

the

Capital

shares

transactions

as

Shares

redeemed

and

Shares

sold,

respectively.

The

Z

Class

is

only

available

to

funds

advised

by

T.

Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

to

a

contractual

fee

for

investment

management

services. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

T.

ROWE

PRICE

Equity

Index

500

Fund

53

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

mutual

fund

investments

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

by

each

class quarterly.

A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Class

Accounting

 Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to all classes,

investment

income,

and

realized

and

unrealized

gains

and

losses

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class.

In-Kind

Redemptions

 In

accordance

with

guidelines

described

in

the

fund’s

prospectus,

and

when

considered

to

be

in

the

best

interest

of

all

shareholders,

the

fund

may

distribute

portfolio

securities

rather

than

cash

as

payment

for

a

redemption

of

fund

shares

(in-kind

redemption).

Gains

and

losses

realized

on

in-kind

redemptions

are

not

recognized

for

tax

purposes

and

are

reclassified

from

undistributed

realized

gain

(loss)

to

paid-in

capital.

During

the

year ended

December

31,

2022,

the

fund

realized

$3,592,421,000 of

net

gain

on

$5,006,709,000

of

in-kind

redemptions.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

T.

ROWE

PRICE

Equity

Index

500

Fund

54

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.

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)

T.

ROWE

PRICE

Equity

Index

500

Fund

55

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

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,

T.

ROWE

PRICE

Equity

Index

500

Fund

56

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.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

December

31,

2022

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

22,913,659‌

$

—‌

$

—‌

$

22,913,659‌

Short-Term

Investments

77,706‌

5,463‌

—‌

83,169‌

Securities

Lending

Collateral

4,909‌

—‌

—‌

4,909‌

Total

$

22,996,274‌

$

5,463‌

$

—‌

$

23,001,737‌

Liabilities

Futures

Contracts*

$

2,385‌

$

—‌

$

—‌

$

2,385‌

*

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

57

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

year ended

December

31,

2022,

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

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

December

31,

2022,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

*

Liabilities

Equity

derivatives

Futures

$

2,385‌

Total

$

2,385‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

ROWE

PRICE

Equity

Index

500

Fund

58

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

December

31,

2022,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

Counterparty

Risk

and

Collateral

 The

fund

invests

in

exchange-traded

and/or

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps.

Counterparty

risk

on

such

derivatives

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Collateral may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund’s

assets.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

December

31,

2022,

securities

valued

at $5,259,000

had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives. 

($000s)                                               

Location

of

Gain

(Loss)

on

Statement

of

Operations

Futures

Realized

Gain

(Loss)

Equity

derivatives

$

(12,177‌)

Total

$

(12,177‌)

Change

in

Unrealized

Gain

(Loss)

Equity

derivatives

$

(4,197‌)

Total

$

(4,197‌)

T.

ROWE

PRICE

Equity

Index

500

Fund

59

Futures

Contracts

 The

fund

is

subject

to equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risk.

The

fund

may

enter

into

futures

contracts

as

an

efficient

means

of

maintaining

liquidity

while

being

invested

in

the

market,

to

facilitate

trading,

or

to

reduce

transaction

costs. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

year ended

December

31,

2022,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

less

than

1%

of

net

assets.

NOTE

4

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective,

the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of

the

fund

are

described

more

fully

in

the

fund’s

prospectus

and

Statement

of

Additional

Information.

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

T.

ROWE

PRICE

Equity

Index

500

Fund

60

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

December

31,

2022,

the

value

of

loaned

securities

was

$4,709,000;

the

value

of

cash

collateral

and

related

investments

was

$4,909,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

short-term securities

aggregated $824,760,000 and

$6,153,007,000,

respectively,

for

the

year ended

December

31,

2022.

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.

The fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required. The

fund’s

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/

tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

permanent

book/tax

adjustments

relate

primarily

to

redemptions

in

kind

and

deemed

distributions

on

shareholder

redemptions.

T.

ROWE

PRICE

Equity

Index

500

Fund

61

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

At

December

31,

2022,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were

as

follows:

At

December

31,

2022,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales.

The

loss

carryforwards

and

deferrals

primarily

relate

to

post-October

loss

deferrals. The

fund

has

elected

to

defer

certain

losses

to

the

first

day

of

the

following

fiscal

year

for

post-October

capital

loss

deferrals.

($000s)

December

31,

2022

December

31,

2021

Ordinary

income

(including

short-term

capital

gains,

if

any)

$

394,166‌

$

468,945‌

Long-term

capital

gain

—‌

120,675‌

Total

distributions

$

394,166‌

$

589,620‌

($000s)

Cost

of

investments

$

9,594,599‌

Unrealized

appreciation

$

14,373,210‌

Unrealized

depreciation

(966,072‌)

Net

unrealized

appreciation

(depreciation)

$

13,407,138‌

($000s)

Undistributed

ordinary

income

$

6,486‌

Net

unrealized

appreciation

(depreciation)

13,407,138‌

Loss

carryforwards

and

deferrals

(1,696‌)

Total

distributable

earnings

(loss)

$

13,411,928‌

T.

ROWE

PRICE

Equity

Index

500

Fund

62

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

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee

equal

to 0.05%

of

the

fund’s

average

daily

net

assets.

The

fee

is

computed

daily

and

paid

monthly.

The Investor Class

is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

During

the

limitation

period,

Price

Associates

is

required

to

waive

its

management

fee

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary expenses;

and

acquired

fund

fees

and

expenses) that

would

otherwise

cause

the

class’s

ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

The

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the

class’s

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

T.

ROWE

PRICE

Equity

Index

500

Fund

63

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

Z

Class

is

also

subject

to

a

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

to

waive

and/or

bear

all

of

the

Z

Class’

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

in

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

is

expected

to

remain

in

place

indefinitely,

and

the

agreement

may

only

be

amended

or

terminated

with

approval

by

the

fund’s

Board.

Expenses

of

the

fund

waived/paid

by

the

manager

are

not

subject

to

later

repayment

by

the

fund.

Pursuant

to

these

agreements,

expenses

were

waived/paid

by

and/or

repaid

to

Price

Associates

during

the

year ended December

31,

2022

as

indicated

in

the

table

below.

Including these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $3,423,000 remain

subject

to

repayment

by

the

fund

at

December

31,

2022.

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.

Investor

Class

I

Class

Z

Class

Expense

limitation/I

Class

Limit

0.21%

0.00%

0.00%

Expense

limitation

date

04/30/24

04/30/24

N/A

(Waived)/repaid

during

the

period

($000s)

$(11)

$(1,887)

$(7,401)

T.

ROWE

PRICE

Equity

Index

500

Fund

64

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class.

For

the

year ended

December

31,

2022,

expenses

incurred

pursuant

to

these

service

agreements

were

$102,000 for

Price

Associates;

$4,985,000 for

T.

Rowe

Price

Services,

Inc.;

and

$1,995,000 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.

Additionally,

the

fund

is

one

of

several

mutual

funds

in

which

certain

college

savings

plans

managed

by

Price

Associates may

invest.

As

approved

by

the

fund’s

Board

of

Directors,

shareholder

servicing

costs

associated

with

each

college

savings

plan

are

borne

by

the

fund

in

proportion

to

the

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Price

has

agreed

to waive/reimburse

shareholder

servicing

costs in

excess

of

0.05%

of

the

fund’s

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Any

amounts

waived/paid

by

Price

under

this

voluntary

agreement

are

not

subject

to

repayment

by

the

fund.

Price

may

amend

or

terminate

this

voluntary

arrangement

at

any

time

without

prior

notice.

For

the

year ended

December

31,

2022,

the

fund

was

charged $767,000 for

shareholder

servicing

costs

related

to

the

college

savings

plans, of

which

$232,000

was

for

services

provided

by

Price.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities. At

December

31,

2022,

approximately 23%

of

the

outstanding

shares

of

the

I

Class

were

held

by

college

savings

plans.

Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

or

control

over

the

fund.

At

December

31,

2022,

approximately

100%

of

the

Z

Class’s

outstanding

shares

were

held

by

Price

Funds

and

accounts.

Consistent

with

its

investment

objective,

the

fund

may

invest

in

T.

Rowe

Price

Group,

Inc.

Additionally,

the fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

T.

ROWE

PRICE

Equity

Index

500

Fund

65

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

year ended

December

31,

2022,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

NOTE

8

-

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

T.

ROWE

PRICE

Equity

Index

500

Fund

66

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Directors

of

T.

Rowe

Price

Index

Trust,

Inc.

and

Shareholders

of

T.

Rowe

Price

Equity

Index

500

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T.

Rowe

Price

Equity

Index

500

Fund

(one

of

the

funds

constituting

T.

Rowe

Price

Index

Trust,

Inc.,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2022,

the

related

statement

of

operations

for

the

year

ended

December

31,

2022,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2022,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2022

and

the

financial

highlights

for

each

of

the

periods

indicated

therein,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T.

ROWE

PRICE

Equity

Index

500

Fund

67

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2022

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

February

16,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T.

Rowe

Price

group

of

investment

companies

since

1973.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

(continued)

T.

ROWE

PRICE

Equity

Index

500

Fund

68

TAX

INFORMATION

(UNAUDITED)

FOR

THE

TAX

YEAR

ENDED 12/31/22

We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

The

fund’s

distributions

to

shareholders

included

$284,242,000 from

long-term

capital

gains,

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

taxable

non-corporate

shareholders,

$389,825,000 of

the

fund's

income

represents

qualified

dividend

income

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

corporate

shareholders,

$373,650,000

of

the

fund's

income

qualifies

for

the

dividends-received

deduction.  

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.

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

.

T.

ROWE

PRICE

Equity

Index

500

Fund

69

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

In

accordance

with

Rule

22e-4

(Liquidity

Rule)

under

the

Investment

Company

Act

of

1940,

as

amended,

the

fund

has

established

a

liquidity

risk

management

program

(Liquidity

Program)

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk,

which

generally

represents

the

risk

that

the

fund

would

not

be

able

to

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

fund’s

Board

of

Directors

(Board)

has

appointed

the

fund’s

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

the

administrator

of

the

Liquidity

Program.

As

administrator,

the

Adviser

is

responsible

for

overseeing

the

day-to-day

operations

of

the

Liquidity

Program

and,

among

other

things,

is

responsible

for

assessing,

managing,

and

reviewing

with

the

Board

at

least

annually

the

liquidity

risk

of

each

T.

Rowe

Price

fund.

The

Adviser

has

delegated

oversight

of

the

Liquidity

Program

to

a

Liquidity

Risk

Committee

(LRC),

which

is

a

cross-functional

committee

composed

of

personnel

from

multiple

departments

within

the

Adviser.

The

Liquidity

Program’s

principal

objectives

include

supporting

the

T.

Rowe

Price

funds’

compliance

with

limits

on

investments

in

illiquid

assets

and

mitigating

the

risk

that

the

fund

will

be

unable

to

timely

meet

its

redemption

obligations.

The

Liquidity

Program

also

includes

a

number

of

elements

that

support

the

management

and

assessment

of

liquidity

risk,

including

an

annual

assessment

of

factors

that

influence

the

fund’s

liquidity

and

the

periodic

classification

and

reclassification

of

a

fund’s

investments

into

categories

that

reflect

the

LRC’s

assessment

of

their

relative

liquidity

under

current

market

conditions.

Under

the

Liquidity

Program,

every

investment

held

by

the

fund

is

classified

at

least

monthly

into

one

of

four

liquidity

categories

based

on

estimations

of

the

investment’s

ability

to

be

sold

during

designated

time

frames

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

As

required

by

the

Liquidity

Rule,

at

a

meeting

held

on

July

25,

2022,

the

Board

was

presented

with

an

annual

assessment

prepared

by

the

LRC,

on

behalf

of

the

Adviser,

that

addressed

the

operation

of

the

Liquidity

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

any

material

changes

to

the

Liquidity

Program

and

the

determination

of

each

fund’s

Highly

Liquid

Investment

Minimum

(HLIM).

The

annual

assessment

included

consideration

of

the

following

factors,

as

applicable:

the

fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions,

including

whether

the

investment

strategy

is

appropriate

for

an

open-end

fund,

the

extent

to

which

the

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers,

and

the

use

of

borrowings

for

investment

purposes

and

derivatives;

short-term

and

long-term

cash

flow

projections

covering

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

holdings

of

cash

and

cash

equivalents,

as

well

as

available

borrowing

arrangements.

T.

ROWE

PRICE

Equity

Index

500

Fund

70

For

the

fund

and

other

T.

Rowe

Price

funds,

the

annual

assessment

incorporated

a

report

related

to

a

fund’s

holdings,

shareholder

and

portfolio

concentration,

any

borrowings

during

the

period,

cash

flow

projections,

and

other

relevant

data

for

the

period

of

April

1,

2021,

through

March

31,

2022.

The

report

described

the

methodology

for

classifying

a

fund’s

investments

(including

any

derivative

transactions)

into

one

of

four

liquidity

categories,

as

well

as

the

percentage

of

a

fund’s

investments

assigned

to

each

category.

It

also

explained

the

methodology

for

establishing

a

fund’s

HLIM

and

noted

that

the

LRC

reviews

the

HLIM

assigned

to

each

fund

no

less

frequently

than

annually.

During

the

period

covered

by

the

annual

assessment,

the

LRC

has

concluded,

and

reported

to

the

Board,

that

the

Liquidity

Program

continues

to

operate

adequately

and

effectively

and

is

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk.

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

(continued)

T.

ROWE

PRICE

Equity

Index

500

Fund

71

ABOUT

THE

FUND'S

DIRECTORS

AND

OFFICERS

Your

fund

is

overseen

by

a

Board

of

Directors

(Board)

that

meets

regularly

to

review

a

wide

variety

of

matters

affecting

or

potentially

affecting

the

fund,

including

performance,

investment

programs,

compliance

matters,

advisory

fees

and

expenses,

service

providers,

and

business

and

regulatory

affairs.

The

Board

elects

the

fund’s

officers,

who

are

listed

in

the

final

table.

The

directors

who

are

also

employees

or

officers

of

T.

Rowe

Price

are

considered

to

be

“interested”

directors

as

defined

in

Section

2(a)(19)

of

the

1940

Act

because

of

their

relationships

with

T.

Rowe

Price

and

its

affiliates.

The

business

address

of

each

director

and

officer

is

100

East

Pratt

Street,

Baltimore,

Maryland

21202.

The

Statement

of

Additional

Information

includes

additional

information

about

the

fund

directors

and

is

available

without

charge

by

calling

a

T.

Rowe

Price

representative

at

1-800-638-5660.

INDEPENDENT

DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Teresa

Bryce

Bazemore

(1959)

2018

[205]

President

and

Chief

Executive

Officer,

Federal

Home

Loan

Bank

of

San

Francisco

(2021

to

present);

President,

Radian

Guaranty

(2008

to

2017);

Chief

Executive

Officer,

Bazemore

Consulting

LLC

(2018

to

2021);

Director,

Chimera

Investment

Corporation

(2017

to

2021);

Director,

First

Industrial

Realty

Trust

(2020

to

present);

Director,

Federal

Home

Loan

Bank

of

Pittsburgh

(2017

to

2019)

Ronald

J.

Daniels

(b)

(1959)

2018

[0]

President,

The

Johns

Hopkins

University

and

Professor,

Political

Science

Department,

The

Johns

Hopkins

University

(2009

to

present);

Director,

Lyndhurst

Holdings

(2015

to

present);

Director,

BridgeBio

Pharma,

Inc.

(2020

to

present)

Bruce

W.

Duncan

(1951)

2013

[205]

President,

Chief

Executive

Officer,

and

Director,

CyrusOne,

Inc.

(2020

to

2021);

Chief

Executive

Officer

and

Director

(2009

to

2016),

Chair

of

the

Board

(2016

to

2020),

and

President

(2009

to

2016),

First

Industrial

Realty

Trust,

owner

and

operator

of

industrial

properties;

Chair

of

the

Board

(2005

to

2016)

and

Director

(1999

to

2016),

Starwood

Hotels

&

Resorts,

a

hotel

and

leisure

company;

Member,

Investment

Company

Institute

Board

of

Governors

(2017

to

2019);

Member,

Independent

Directors

Council

Governing

Board

(2017

to

2019);

Senior

Advisor,

KKR

(2018

to

present);

Director,

Boston

Properties

(2016

to

present);

Director,

Marriott

International,

Inc.

(2016

to

2020)

Robert

J.

Gerrard,

Jr.

(1952)

2012

[205]

Advisory

Board

Member,

Pipeline

Crisis/Winning

Strategies,

a

collaborative

working

to

improve

opportunities

for

young

African

Americans

(1997

to

2016);

Chair

of

the

Board,

all

funds

(July

2018

to

present)

T.

ROWE

PRICE

Equity

Index

500

Fund

72

INTERESTED  DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Paul

F.

McBride

(1956)

2013

[205]

Advisory

Board

Member,

Vizzia

Technologies

(2015

to

present);

Board

Member,

Dunbar

Armored

(2012

to

2018)

Kellye

L.

Walker

(c)

(1966)

2021

[205]

Executive

Vice

President

and

Chief

Legal

Officer,

Eastman

Chemical

Company

(April

2020

to

present);

Executive

Vice

President

and

Chief

Legal

Officer,

Huntington

Ingalls

Industries,

Inc.

(January

2015

to

March

2020);

Director,

Lincoln

Electric

Company

(October

2020

to

present)

(a)

All

information

about

the

independent

directors

was

current

as

of

December

31,

2021,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

(b)

Effective

April

27,

2022,

Mr.

Daniels

resigned

from

his

role

as

an

independent

director

of

the

Price

Funds.

(c)

Effective

November

8,

2021,

Ms.

Walker

was

appointed

as

an

independent

director

of

the

Price

Funds.

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

David

Oestreicher

(1967)

2018

[205]

Director,

Vice

President,

and

Secretary,

T.

Rowe

Price,

T.

Rowe

Price

Investment

Services,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

and

T.

Rowe

Price

Services,

Inc.;

Director

and

Secretary,

T.

Rowe

Price

Investment

Management,

Inc.

(Price

Investment

Management);

Vice

President

and

Secretary,

T.

Rowe

Price

International

(Price

International);

Vice

President,

T.

Rowe

Price

Hong

Kong

(Price

Hong

Kong),

T. Rowe

Price

Japan

(Price

Japan),

and

T.

Rowe

Price

Singapore

(Price

Singapore);

General

Counsel,

Vice

President,

and

Secretary,

T.

Rowe

Price

Group,

Inc.;

Chair

of

the

Board,

Chief

Executive

Officer,

President,

and

Secretary,

T.

Rowe

Price

Trust

Company;

Principal

Executive

Officer

and

Executive

Vice

President,

all

funds

Robert

W.

Sharps,

CFA,

CPA

(b)

(1971)

2017

[0]

Director

and

Vice

President,

T.

Rowe

Price;

Director,

Price

Investment

Management;

Chief

Executive

Officer

and

President,

T.

Rowe

Price

Group,

Inc.;

Vice

President,

T.

Rowe

Price

Trust

Company

INDEPENDENT

DIRECTORS

(a)

(CONTINUED)

T.

ROWE

PRICE

Equity

Index

500

Fund

73

OFFICERS

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Eric

L.

Veiel,

CFA

(1972)

2022

[205]

Director

and

Vice

President,

T.

Rowe

Price;

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

(a)

All

information

about

the

interested

directors

was

current

as

of

January

1,

2022,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

(b)

Effective

February

3,

2022,

Mr.

Sharps

resigned

from

his

role

as

an

interested

director

of

the

Price

Funds.

Name

(Year

of

Birth)

Position

Held

With

Index

Trust

Principal

Occupation(s) 

Armando

(Dino)

Capasso

(1974)

Chief

Compliance

Officer

Chief

Compliance

Officer

and

Vice

President,

T.

Rowe

Price

and

Price

Investment

Management;

Vice

President,

T.

Rowe

Price

Group,

Inc.;

formerly,

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

AST

Investment

Services,

Inc.

(ASTIS)

(to

2022);

Chief

Compliance

Officer,

PGIM

Retail

Funds

complex

and

Prudential

Insurance

Funds

(to

2022);

Vice

President

and

Deputy

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

ASTIS

(to

2019);

Senior

Vice

President

and

Senior

Counsel,

Pacific

Investment

Management

Company

LLC

(to

2017) 

Alan

S.

Dupski,

CPA

(1982)

Principal

Financial

Officer,

Vice

President,

and

Treasurer

Vice

President,

Price

Investment

Management,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Gary

J.

Greb

(1961)

Vice

President

Vice

President,

Price

Investment

Management,

T.

Rowe

Price,

Price

International,

and

T.

Rowe

Price

Trust

Company

Cheryl

Hampton,

CPA

(1969)

Vice

President

Vice

President,

T.

Rowe

Price;

formerly,

Tax

Director,

Invesco

Ltd.

(to

2021);

Vice

President,

Oppenheimer

Funds,

Inc.

(to

2019)

Benjamin

Kersse,

CPA

(1989)

Vice

President

Vice

President,

T.

Rowe

Price

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

INTERESTED  DIRECTORS

(a)

(CONTINUED)

T.

ROWE

PRICE

Equity

Index

500

Fund

74

Name

(Year

of

Birth)

Position

Held

With

Index

Trust

Principal

Occupation(s) 

Paul

J.

Krug,

CPA

(1964)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Fran

M.

Pollack-Matz

(1961)

Vice

President

and

Secretary 

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

T.

Rowe

Price

Investment

Services,

Inc.,

and

T.

Rowe

Price

Services,

Inc.

Shannon

H.

Rauser

(1987)

Assistant

Secretary 

Assistant

Vice

President,

T.

Rowe

Price

Michael

K.

Sewell

(1982)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Neil

Smith

(1972)

President

Vice

President,

Price

Hong

Kong,

Price

Japan,

Price

Singapore,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Megan

Warren

(1968)

Vice

President

OFAC

Sanctions

Compliance

Officer

and

Vice

President,

Price

Investment

Management;

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

T.

Rowe

Price

Services,

Inc.,

and

T.

Rowe

Price

Trust

Company

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

Rowe

Price

Investment

Services,

Inc.

|

100

East

Pratt

Street

|

Baltimore,

MD

21202-1009

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Advisory

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adviser

under

the

Investment

Advisers

Act

of

1940.

Brokerage

services

are

provided

by

T.

Rowe

Price

Investment

Services,

Inc.,

member

FINRA/SIPC.

Brokerage

accounts

are

carried

by

Pershing

LLC,

a

BNY

Mellon

Company,

member

NYSE/FINRA/SIPC.

T.

Rowe

Price

Advisory

Services,

Inc.,

and

T.

Rowe

Price

Investment

Services,

Inc.,

are

affiliated

companies.

2

Brokerage

services

are

provided

by

T.

Rowe

Price

Investment

Services,

Inc.,

member

FINRA/SIPC.

Brokerage

accounts

are

carried

by

Pershing

LLC,

a

BNY

Mellon

Company,

member

NYSE/FINRA/SIPC.

F50-050

2/23

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2.  Code of Ethics.

The registrant has adopted 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. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

Item 3.  Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that Ms. Teresa Bryce Bazemore qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered independent for purposes of Item 3 of Form N-CSR.

Item 4.  Principal Accountant Fees and Services.

(a) – (d)  Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:

	2022		2021
Audit Fees	$	21,734	$	21,172
Audit-Related Fees		-		-
Tax Fees		-		1,540
All Other Fees		-		-

Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.

(e)(1)  The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

(2)  No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)  Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g)  The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.

(h)  All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.

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.

(a)(1) The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.

    (2) Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

    (3) Written solicitation to repurchase securities issued by closed-end companies: not applicable.

(b) A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section  906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Index Trust, Inc.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	February 16, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	February 16, 2023

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	February 16, 2023