UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-05986
T. Rowe Price Index Trust, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: December 31
Date of reporting period: June 30, 2024
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Semi-Annual Shareholder Report
June 30, 2024
This semi-annual shareholder report contains important information about Equity Index 500 Fund (the "fund") for the period of January 1, 2024 to June 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Equity Index 500 Fund - Investor Class | $10 | 0.18% |
What are some fund statistics?
| Total Net Assets (000s) | $32,214,185 |
| Number of Portfolio Holdings | 507 |
| |
| Portfolio Turnover Rate | 1.8% |
What did the fund invest in?
Sector Allocation (as a % of Net Assets)
| Information Technology | 32.2% |
| Financials | 12.3 |
| Health Care | 11.7 |
| Consumer Discretionary | 10.0 |
| Communication Services | 9.3 |
| Industrials & Business Services | 8.4 |
| Consumer Staples | 5.7 |
| Energy | 3.7 |
| Utilities | 2.3 |
| Other | 4.4 |
Top Ten Holdings (as a % of Net Assets)
| Microsoft | 7.2% |
| NVIDIA | 6.6 |
| Apple | 6.6 |
| Alphabet | 4.3 |
| Amazon.com | 3.9 |
| Meta Platforms | 2.4 |
| Berkshire Hathaway | 1.6 |
| Eli Lilly | 1.6 |
| Broadcom | 1.5 |
| JPMorgan Chase | 1.3 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Equity Index 500 Fund
Investor Class (PREIX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
June 30, 2024
This semi-annual shareholder report contains important information about Equity Index 500 Fund (the "fund") for the period of January 1, 2024 to June 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Equity Index 500 Fund - I Class | $3 | 0.05% |
What are some fund statistics?
| Total Net Assets (000s) | $32,214,185 |
| Number of Portfolio Holdings | 507 |
| |
| Portfolio Turnover Rate | 1.8% |
What did the fund invest in?
Sector Allocation (as a % of Net Assets)
| Information Technology | 32.2% |
| Financials | 12.3 |
| Health Care | 11.7 |
| Consumer Discretionary | 10.0 |
| Communication Services | 9.3 |
| Industrials & Business Services | 8.4 |
| Consumer Staples | 5.7 |
| Energy | 3.7 |
| Utilities | 2.3 |
| Other | 4.4 |
Top Ten Holdings (as a % of Net Assets)
| Microsoft | 7.2% |
| NVIDIA | 6.6 |
| Apple | 6.6 |
| Alphabet | 4.3 |
| Amazon.com | 3.9 |
| Meta Platforms | 2.4 |
| Berkshire Hathaway | 1.6 |
| Eli Lilly | 1.6 |
| Broadcom | 1.5 |
| JPMorgan Chase | 1.3 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Equity Index 500 Fund
I Class (PRUIX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
June 30, 2024
This semi-annual shareholder report contains important information about Equity Index 500 Fund (the "fund") for the period of January 1, 2024 to June 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Equity Index 500 Fund - Z Class | $0 | 0.00% |
What are some fund statistics?
| Total Net Assets (000s) | $32,214,185 |
| Number of Portfolio Holdings | 507 |
| |
| Portfolio Turnover Rate | 1.8% |
What did the fund invest in?
Sector Allocation (as a % of Net Assets)
| Information Technology | 32.2% |
| Financials | 12.3 |
| Health Care | 11.7 |
| Consumer Discretionary | 10.0 |
| Communication Services | 9.3 |
| Industrials & Business Services | 8.4 |
| Consumer Staples | 5.7 |
| Energy | 3.7 |
| Utilities | 2.3 |
| Other | 4.4 |
Top Ten Holdings (as a % of Net Assets)
| Microsoft | 7.2% |
| NVIDIA | 6.6 |
| Apple | 6.6 |
| Alphabet | 4.3 |
| Amazon.com | 3.9 |
| Meta Platforms | 2.4 |
| Berkshire Hathaway | 1.6 |
| Eli Lilly | 1.6 |
| Broadcom | 1.5 |
| JPMorgan Chase | 1.3 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Equity Index 500 Fund
Z Class (TRHZX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant’s annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant’s annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PREIX
Equity
Index
500
Fund
–
.
PRUIX
Equity
Index
500
Fund–
.
I Class
TRHZX
Equity
Index
500
Fund–
.
Z Class
T.
ROWE
PRICE
Equity
Index
500
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
6/30/24
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
125.41
$
100.94
$
125.31
$
99.17
$
85.83
$
66.80
Investment
activities
Net
investment
income
(1)(2)
0.81
1.65
1.50
1.36
1.52
1.44
Net
realized
and
unrealized
gain/
loss
18.22
24.48
(24.35)
26.74
13.77
19.27
Total
from
investment
activities
19.03
26.13
(22.85)
28.10
15.29
20.71
Distributions
Net
investment
income
(0.83)
(1.66)
(1.52)
(1.44)
(1.55)
(1.53)
Net
realized
gain
—
—
—
(0.52)
(0.40)
(0.15)
Total
distributions
(0.83)
(1.66)
(1.52)
(1.96)
(1.95)
(1.68)
NET
ASSET
VALUE
End
of
period
$
143.61
$
125.41
$
100.94
$
125.31
$
99.17
$
85.83
T.
ROWE
PRICE
Equity
Index
500
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
6/30/24
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
Ratios/Supplemental
Data
Total
return
(2)(3)
15.19%
26.06%
(18.28)%
28.50%
18.19%
31.23%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.18%
(4)
0.19%
0.20%
0.16%
0.19%
0.20%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.18%
(4)
0.19%
0.20%
0.16%
0.19%
0.20%
Net
investment
income
1.21%
(4)
1.46%
1.38%
1.21%
1.82%
1.85%
Portfolio
turnover
rate
1.8%
5.8%
3.1%
3.1%
13.6%
9.3%
Net
assets,
end
of
period
(in
millions)
$7,995
$7,218
$5,704
$11,145
$9,002
$25,507
0%
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Equity
Index
500
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
6/30/24
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
125.41
$
100.93
$
125.32
$
99.16
$
85.84
$
66.81
Investment
activities
Net
investment
income
(1)(2)
0.90
1.80
1.68
1.47
1.54
1.55
Net
realized
and
unrealized
gain/
loss
18.22
24.49
(24.36)
26.75
13.85
19.26
Total
from
investment
activities
19.12
26.29
(22.68)
28.22
15.39
20.81
Distributions
Net
investment
income
(0.92)
(1.81)
(1.71)
(1.54)
(1.67)
(1.63)
Net
realized
gain
—
—
—
(0.52)
(0.40)
(0.15)
Total
distributions
(0.92)
(1.81)
(1.71)
(2.06)
(2.07)
(1.78)
NET
ASSET
VALUE
End
of
period
$
143.61
$
125.41
$
100.93
$
125.32
$
99.16
$
85.84
T.
ROWE
PRICE
Equity
Index
500
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
6/30/24
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
Ratios/Supplemental
Data
Total
return
(2)(3)
15.26%
26.23%
(18.15)%
28.63%
18.34%
31.39%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.08%
(4)
0.08%
0.08%
0.10%
0.07%
0.06%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.05%
(4)
0.05%
0.05%
0.06%
0.06%
0.06%
Net
investment
income
1.35%
(4)
1.60%
1.57%
1.31%
1.88%
1.99%
Portfolio
turnover
rate
1.8%
5.8%
3.1%
3.1%
13.6%
9.3%
Net
assets,
end
of
period
(in
millions)
$9,625
$7,970
$6,020
$3,507
$3,232
$5,905
0%
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Equity
Index
500
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Z
Class
(1)
6
Months
.
Ended
6/30/24
..
Year
..
..
Ended
.
3/16/20
(1)
Through
12/31/20
12/31/23
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
125.38
$
100.90
$
125.27
$
99.13
$
63.64
Investment
activities
Net
investment
income
(2)(3)
0.93
1.86
1.71
1.54
1.40
Net
realized
and
unrealized
gain/loss
18.21
24.48
(24.34)
26.73
36.19
Total
from
investment
activities
19.14
26.34
(22.63)
28.27
37.59
Distributions
Net
investment
income
(0.95)
(1.86)
(1.74)
(1.61)
(1.70)
Net
realized
gain
—
—
—
(0.52)
(0.40)
Total
distributions
(0.95)
(1.86)
(1.74)
(2.13)
(2.10)
NET
ASSET
VALUE
End
of
period
$
143.57
$
125.38
$
100.90
$
125.27
$
99.13
T.
ROWE
PRICE
Equity
Index
500
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Z
Class
(1)
6
Months
.
Ended
6/30/24
..
Year
..
..
Ended
.
3/16/20
(1)
Through
12/31/20
12/31/23
12/31/22
12/31/21
Ratios/Supplemental
Data
Total
return
(3)(4)
15.28%
26.30%
(18.11)%
28.70%
59.62%
Ratios
to
average
net
assets:
(3)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.05%
(5)
0.05%
0.05%
0.06%
0.06%
(5)
Net
expenses
after
waivers/
payments
by
Price
Associates
0.00%
(5)
0.00%
0.00%
0.00%
0.00%
(5)
Net
investment
income
1.39%
(5)
1.65%
1.57%
1.37%
2.03%
(5)
Portfolio
turnover
rate
1.8%
5.8%
3.1%
3.1%
13.6%
Net
assets,
end
of
period
(in
millions)
$14,594
$13,269
$11,283
$19,852
$21,289
0%
0%
0%
0%
0%
(1)
Inception
date
(2)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(3)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Annualized
T.
ROWE
PRICE
Equity
Index
500
Fund
June
30,
2024
(Unaudited)
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.9%
COMMUNICATION
SERVICES
9.3%
Diversified
Telecommunication
Services
0.7%
AT&T
5,027,774
96,081
Verizon
Communications
2,950,267
121,669
217,750
Entertainment
1.2%
Electronic
Arts
169,918
23,675
Live
Nation
Entertainment (1)
98,376
9,222
Netflix (1)
302,345
204,046
Take-Two
Interactive
Software (1)
110,546
17,189
Walt
Disney
1,278,963
126,988
Warner
Bros
Discovery (1)
1,540,025
11,458
392,578
Interactive
Media
&
Services
6.7%
Alphabet,
Class
A
4,122,258
750,869
Alphabet,
Class
C
3,429,407
629,022
Match
Group (1)
189,889
5,769
Meta
Platforms,
Class
A
1,537,921
775,450
2,161,110
Media
0.5%
Charter
Communications,
Class
A (1)
69,835
20,878
Comcast,
Class
A
2,745,734
107,523
Fox,
Class
A
171,194
5,884
Fox,
Class
B
91,475
2,929
Interpublic
Group
265,537
7,725
News,
Class
A
266,306
7,342
News,
Class
B
79,055
2,244
Omnicom
Group
137,315
12,317
Paramount
Global,
Class
B
334,947
3,480
170,322
Wireless
Telecommunication
Services
0.2%
T-Mobile
U.S.
361,584
63,704
63,704
Total
Communication
Services
3,005,464
CONSUMER
DISCRETIONARY
10.0%
Automobile
Components
0.1%
Aptiv (1)
190,863
13,441
BorgWarner
167,558
5,402
18,843
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Automobiles
1.4%
Ford
Motor
2,744,897
34,421
General
Motors
799,684
37,153
Tesla (1)
1,945,426
384,961
456,535
Broadline
Retail
3.9%
Amazon.com (1)
6,424,634
1,241,560
eBay
354,981
19,070
Etsy (1)
83,583
4,930
1,265,560
Distributors
0.1%
Genuine
Parts
97,276
13,455
LKQ
185,543
7,717
Pool
27,061
8,317
29,489
Hotels,
Restaurants
&
Leisure
1.9%
Airbnb,
Class
A (1)
309,858
46,984
Booking
Holdings
23,799
94,280
Caesars
Entertainment (1)
150,892
5,996
Carnival (1)
701,578
13,133
Chipotle
Mexican
Grill (1)
964,550
60,429
Darden
Restaurants
83,478
12,632
Domino's
Pizza
24,191
12,490
Expedia
Group (1)
88,686
11,174
Hilton
Worldwide
Holdings
175,254
38,240
Las
Vegas
Sands
256,103
11,333
Marriott
International,
Class
A
168,175
40,660
McDonald's
505,595
128,846
MGM
Resorts
International (1)
174,890
7,772
Norwegian
Cruise
Line
Holdings (1)(2)
300,787
5,652
Royal
Caribbean
Cruises (1)
165,804
26,434
Starbucks
794,528
61,854
Wynn
Resorts
66,507
5,952
Yum!
Brands
198,437
26,285
610,146
Household
Durables
0.4%
DR
Horton
209,607
29,540
Garmin
108,268
17,639
Lennar,
Class
A
171,783
25,745
Mohawk
Industries (1)
37,629
4,274
NVR (1)
2,224
16,877
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
PulteGroup
147,564
16,247
110,322
Leisure
Products
0.0%
Hasbro
92,422
5,407
5,407
Specialty
Retail
1.8%
AutoZone (1)
12,197
36,153
Bath
&
Body
Works
157,541
6,152
Best
Buy
134,327
11,323
CarMax (1)
111,241
8,158
Home
Depot
695,391
239,381
Lowe's
401,356
88,483
O'Reilly
Automotive (1)
41,554
43,884
Ross
Stores
236,381
34,351
TJX
794,360
87,459
Tractor
Supply
76,482
20,650
Ulta
Beauty (1)
34,166
13,184
589,178
Textiles,
Apparel
&
Luxury
Goods
0.4%
Deckers
Outdoor (1)
17,862
17,289
Lululemon
Athletica (1)
80,379
24,009
NIKE,
Class
B
849,895
64,057
Ralph
Lauren
27,491
4,813
Tapestry
158,754
6,793
116,961
Total
Consumer
Discretionary
3,202,441
CONSUMER
STAPLES
5.7%
Beverages
1.3%
Brown-Forman,
Class
B
128,364
5,544
Coca-Cola
2,720,282
173,146
Constellation
Brands,
Class
A
112,849
29,034
Keurig
Dr
Pepper
734,029
24,517
Molson
Coors
Beverage,
Class
B
128,360
6,524
Monster
Beverage (1)
495,138
24,732
PepsiCo
965,652
159,265
422,762
Consumer
Staples
Distribution
&
Retail
1.9%
Costco
Wholesale
311,349
264,643
Dollar
General
153,628
20,314
Dollar
Tree (1)
145,070
15,489
Kroger
464,503
23,193
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Sysco
352,034
25,132
Target
324,064
47,974
Walgreens
Boots
Alliance
497,380
6,016
Walmart
2,997,248
202,944
605,705
Food
Products
0.7%
Archer-Daniels-Midland
346,170
20,926
Bunge
Global
102,178
10,910
Campbell
Soup
139,158
6,289
Conagra
Brands
331,460
9,420
General
Mills
400,694
25,348
Hershey
103,559
19,037
Hormel
Foods
203,263
6,197
J
M
Smucker
73,599
8,025
Kellanova
185,091
10,676
Kraft
Heinz
562,261
18,116
Lamb
Weston
Holdings
100,525
8,452
McCormick
174,315
12,366
Mondelez
International,
Class
A
944,863
61,832
Tyson
Foods,
Class
A
203,766
11,643
229,237
Household
Products
1.2%
Church
&
Dwight
174,371
18,079
Clorox
86,026
11,740
Colgate-Palmolive
579,043
56,190
Kimberly-Clark
235,949
32,608
Procter
&
Gamble
1,656,414
273,176
391,793
Personal
Care
Products
0.1%
Estee
Lauder,
Class
A
163,093
17,353
Kenvue
1,344,497
24,443
41,796
Tobacco
0.5%
Altria
Group
1,204,351
54,858
Philip
Morris
International
1,089,831
110,433
165,291
Total
Consumer
Staples
1,856,584
ENERGY
3.7%
Energy
Equipment
&
Services
0.3%
Baker
Hughes
698,482
24,566
Halliburton
621,352
20,989
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Schlumberger
1,004,403
47,388
92,943
Oil,
Gas
&
Consumable
Fuels
3.4%
APA
253,287
7,457
Chevron
1,202,579
188,107
ConocoPhillips
820,353
93,832
Coterra
Energy
526,612
14,045
Devon
Energy
450,230
21,341
Diamondback
Energy
125,702
25,164
EOG
Resources
402,928
50,717
EQT
309,923
11,461
Exxon
Mobil
3,147,900
362,386
Hess
193,009
28,473
Kinder
Morgan
1,357,822
26,980
Marathon
Oil
395,696
11,345
Marathon
Petroleum
246,981
42,846
Occidental
Petroleum
461,010
29,057
ONEOK
410,704
33,493
Phillips
66
297,171
41,952
Targa
Resources
157,835
20,326
Valero
Energy
229,159
35,923
Williams
857,844
36,458
1,081,363
Total
Energy
1,174,306
FINANCIALS
12.3%
Banks
3.2%
Bank
of
America
4,773,774
189,853
Citigroup
1,335,307
84,739
Citizens
Financial
Group
327,289
11,792
Fifth
Third
Bancorp
476,128
17,374
Huntington
Bancshares
1,004,651
13,241
JPMorgan
Chase
2,015,165
407,587
KeyCorp
655,599
9,316
M&T
Bank
116,032
17,563
PNC
Financial
Services
Group
280,418
43,599
Regions
Financial
645,222
12,930
Truist
Financial
940,358
36,533
U.S.
Bancorp
1,095,285
43,483
Wells
Fargo
2,445,932
145,264
1,033,274
Capital
Markets
2.8%
Ameriprise
Financial
69,680
29,767
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Bank
of
New
York
Mellon
523,967
31,380
BlackRock
98,347
77,431
Blackstone
501,356
62,068
Cboe
Global
Markets
73,240
12,455
Charles
Schwab
1,042,397
76,814
CME
Group
253,120
49,763
FactSet
Research
Systems
26,355
10,760
Franklin
Resources
216,518
4,839
Goldman
Sachs
Group
226,203
102,316
Intercontinental
Exchange
402,133
55,048
Invesco
318,826
4,770
KKR
467,104
49,158
MarketAxess
Holdings
26,388
5,292
Moody's
110,766
46,625
Morgan
Stanley
878,765
85,407
MSCI
55,215
26,600
Nasdaq
263,965
15,907
Northern
Trust
143,619
12,061
Raymond
James
Financial
133,171
16,461
S&P
Global
224,539
100,144
State
Street
215,982
15,983
T.
Rowe
Price
Group (3)
157,542
18,166
909,215
Consumer
Finance
0.5%
American
Express
398,591
92,294
Capital
One
Financial
265,842
36,806
Discover
Financial
Services
176,529
23,092
Synchrony
Financial
281,701
13,293
165,485
Financial
Services
3.8%
Berkshire
Hathaway,
Class
B (1)
1,270,441
516,815
Corpay (1)
49,296
13,133
Fidelity
National
Information
Services
389,723
29,370
Fiserv (1)
410,300
61,151
Global
Payments
179,069
17,316
Jack
Henry
&
Associates
51,220
8,504
Mastercard,
Class
A
576,089
254,147
PayPal
Holdings (1)
733,289
42,553
Visa,
Class
A
1,104,602
289,925
1,232,914
Insurance
2.0%
Aflac
362,330
32,360
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Allstate
184,677
29,486
American
International
Group
465,096
34,529
Aon,
Class
A
152,599
44,800
Arch
Capital
Group (1)
262,061
26,439
Arthur
J
Gallagher
151,891
39,387
Assurant
37,080
6,165
Brown
&
Brown
165,673
14,813
Chubb
284,654
72,610
Cincinnati
Financial
108,851
12,855
Everest
Group
30,104
11,470
Globe
Life
59,358
4,884
Hartford
Financial
Services
Group
210,216
21,135
Loews
126,939
9,487
Marsh
&
McLennan
345,796
72,866
MetLife
418,509
29,375
Principal
Financial
Group
153,977
12,079
Progressive
411,581
85,489
Prudential
Financial
252,061
29,539
Travelers
159,431
32,419
W
R
Berkley
141,302
11,104
Willis
Towers
Watson
72,161
18,916
652,207
Total
Financials
3,993,095
HEALTH
CARE
11.7%
Biotechnology
1.9%
AbbVie
1,238,992
212,512
Amgen
375,535
117,336
Biogen (1)
102,466
23,754
Gilead
Sciences
874,474
59,997
Incyte (1)
112,157
6,799
Moderna (1)
232,834
27,649
Regeneron
Pharmaceuticals (1)
74,135
77,918
Vertex
Pharmaceuticals (1)
181,219
84,941
610,906
Health
Care
Equipment
&
Supplies
2.4%
Abbott
Laboratories
1,218,076
126,570
Align
Technology (1)
49,417
11,931
Baxter
International
351,994
11,774
Becton
Dickinson
&
Company
202,455
47,316
Boston
Scientific (1)
1,026,247
79,031
Cooper
141,252
12,331
Dexcom (1)
279,107
31,645
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Edwards
Lifesciences (1)
422,751
39,050
GE
HealthCare
Technologies
296,301
23,088
Hologic (1)
163,724
12,157
IDEXX
Laboratories (1)
58,011
28,263
Insulet (1)
49,120
9,912
Intuitive
Surgical (1)
248,943
110,742
Medtronic
932,808
73,421
ResMed
102,824
19,683
Solventum (1)
96,384
5,097
STERIS
69,985
15,364
Stryker
237,827
80,921
Teleflex
33,019
6,945
Zimmer
Biomet
Holdings
146,257
15,873
761,114
Health
Care
Providers
&
Services
2.4%
Cardinal
Health
172,349
16,945
Cencora
116,400
26,225
Centene (1)
372,956
24,727
Cigna
Group
199,220
65,856
CVS
Health
883,096
52,156
DaVita (1)
38,727
5,366
Elevance
Health
163,021
88,334
HCA
Healthcare
135,875
43,654
Henry
Schein (1)
90,482
5,800
Humana
84,536
31,587
Labcorp
Holdings
59,514
12,112
McKesson
91,144
53,232
Molina
Healthcare (1)
40,456
12,028
Quest
Diagnostics
78,238
10,709
UnitedHealth
Group
645,849
328,905
Universal
Health
Services,
Class
B
42,270
7,817
785,453
Life
Sciences
Tools
&
Services
1.2%
Agilent
Technologies
205,171
26,596
Bio-Rad
Laboratories,
Class
A (1)
14,508
3,962
Bio-Techne
110,799
7,939
Charles
River
Laboratories
International (1)
35,456
7,325
Danaher
461,617
115,335
IQVIA
Holdings (1)
127,839
27,030
Mettler-Toledo
International (1)
15,191
21,231
Revvity
85,570
8,973
Thermo
Fisher
Scientific
267,808
148,098
Waters (1)
41,023
11,902
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
West
Pharmaceutical
Services
51,102
16,832
395,223
Pharmaceuticals
3.8%
Bristol-Myers
Squibb
1,425,262
59,191
Catalent (1)
127,257
7,156
Eli
Lilly
559,836
506,864
Johnson
&
Johnson
1,688,394
246,776
Merck
1,778,113
220,130
Pfizer
3,963,581
110,901
Viatris
832,492
8,849
Zoetis
320,111
55,495
1,215,362
Total
Health
Care
3,768,058
INDUSTRIALS
&
BUSINESS
SERVICES
8.4%
Aerospace
&
Defense
1.8%
Axon
Enterprise (1)
48,867
14,379
Boeing (1)
404,991
73,712
General
Dynamics
159,010
46,135
General
Electric
768,228
122,125
Howmet
Aerospace
276,210
21,442
Huntington
Ingalls
Industries
28,007
6,899
L3Harris
Technologies
132,335
29,720
Lockheed
Martin
149,763
69,954
Northrop
Grumman
97,515
42,512
RTX
932,788
93,643
Textron
135,968
11,674
TransDigm
Group
39,009
49,838
582,033
Air
Freight
&
Logistics
0.4%
CH
Robinson
Worldwide
82,467
7,267
Expeditors
International
of
Washington
99,094
12,366
FedEx
158,687
47,581
United
Parcel
Service,
Class
B
511,914
70,055
137,269
Building
Products
0.5%
A.O.
Smith
85,113
6,961
Allegion
61,790
7,300
Builders
FirstSource (1)
85,626
11,852
Carrier
Global
585,747
36,949
Johnson
Controls
International
472,053
31,377
Masco
155,707
10,381
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Trane
Technologies
159,400
52,431
157,251
Commercial
Services
&
Supplies
0.6%
Cintas
60,430
42,317
Copart (1)
616,043
33,365
Republic
Services
142,805
27,753
Rollins
194,642
9,497
Veralto
155,350
14,831
Waste
Management
256,053
54,626
182,389
Construction
&
Engineering
0.1%
Quanta
Services
102,003
25,918
25,918
Electrical
Equipment
0.7%
AMETEK
161,141
26,864
Eaton
280,736
88,025
Emerson
Electric
400,395
44,107
GE
Vernova (1)
190,330
32,643
Generac
Holdings (1)
42,527
5,623
Hubbell
37,206
13,598
Rockwell
Automation
80,985
22,294
233,154
Ground
Transportation
1.0%
CSX
1,370,486
45,843
JB
Hunt
Transport
Services
56,523
9,044
Norfolk
Southern
157,831
33,885
Old
Dominion
Freight
Line
124,946
22,065
Uber
Technologies (1)
1,466,488
106,584
Union
Pacific
428,087
96,859
314,280
Industrial
Conglomerates
0.6%
3M
389,081
39,760
Honeywell
International
456,783
97,541
Roper
Technologies
75,217
42,397
179,698
Machinery
1.6%
Caterpillar
343,076
114,279
Cummins
95,104
26,337
Deere
181,611
67,855
Dover
96,413
17,398
Fortive
243,917
18,074
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
IDEX
53,047
10,673
Illinois
Tool
Works
191,076
45,277
Ingersoll
Rand
282,664
25,677
Nordson
38,093
8,835
Otis
Worldwide
285,766
27,508
PACCAR
368,718
37,956
Parker-Hannifin
90,310
45,680
Pentair
115,851
8,882
Snap-on
36,607
9,569
Stanley
Black
&
Decker
107,691
8,604
Westinghouse
Air
Brake
Technologies
123,742
19,557
Xylem
169,957
23,051
515,212
Passenger
Airlines
0.2%
American
Airlines
Group (1)(2)
457,641
5,185
Delta
Air
Lines
446,576
21,185
Southwest
Airlines
419,109
11,991
United
Airlines
Holdings (1)
228,176
11,103
49,464
Professional
Services
0.6%
Automatic
Data
Processing
288,544
68,873
Broadridge
Financial
Solutions
83,423
16,434
Dayforce (1)(2)
108,108
5,362
Equifax
85,957
20,841
Jacobs
Solutions
87,348
12,203
Leidos
Holdings
95,698
13,961
Paychex
224,472
26,613
Paycom
Software
34,829
4,982
Verisk
Analytics
100,092
26,980
196,249
Trading
Companies
&
Distributors
0.3%
Fastenal
403,844
25,378
United
Rentals
46,715
30,212
WW
Grainger
30,841
27,826
83,416
Total
Industrials
&
Business
Services
2,656,333
INFORMATION
TECHNOLOGY
32.2%
Communications
Equipment
0.8%
Arista
Networks (1)
177,257
62,125
Cisco
Systems
2,840,688
134,961
F5 (1)
42,266
7,279
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Juniper
Networks
221,054
8,060
Motorola
Solutions
116,839
45,106
257,531
Electronic
Equipment,
Instruments
&
Components
0.6%
Amphenol,
Class
A
842,346
56,749
CDW
94,081
21,059
Corning
536,998
20,862
Jabil
84,179
9,158
Keysight
Technologies (1)
123,256
16,855
TE
Connectivity
216,969
32,639
Teledyne
Technologies (1)
32,740
12,702
Trimble (1)
174,541
9,760
Zebra
Technologies,
Class
A (1)
35,612
11,002
190,786
IT
Services
1.0%
Accenture,
Class
A
439,780
133,434
Akamai
Technologies (1)
105,578
9,510
Cognizant
Technology
Solutions,
Class
A
350,092
23,806
EPAM
Systems (1)
40,027
7,530
Gartner (1)
54,436
24,445
GoDaddy,
Class
A (1)
98,916
13,820
International
Business
Machines
642,604
111,138
VeriSign (1)
61,626
10,957
334,640
Semiconductors
&
Semiconductor
Equipment
12.0%
Advanced
Micro
Devices (1)
1,134,993
184,107
Analog
Devices
347,691
79,364
Applied
Materials
583,556
137,713
Broadcom
305,698
490,807
Enphase
Energy (1)
94,707
9,443
First
Solar (1)
75,792
17,088
Intel
2,987,691
92,529
KLA
94,846
78,202
Lam
Research
91,945
97,908
Microchip
Technology
377,712
34,561
Micron
Technology
776,064
102,076
Monolithic
Power
Systems
33,932
27,881
NVIDIA
17,256,852
2,131,912
NXP
Semiconductors
179,253
48,235
ON
Semiconductor (1)
302,365
20,727
Qorvo (1)
67,466
7,829
QUALCOMM
783,025
155,963
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Skyworks
Solutions
112,097
11,947
Teradyne
108,320
16,063
Texas
Instruments
638,454
124,198
3,868,553
Software
10.8%
Adobe (1)
314,321
174,618
ANSYS (1)
61,114
19,648
Autodesk (1)
150,905
37,341
Cadence
Design
Systems (1)
190,952
58,766
Crowdstrike
Holdings,
Class
A (1)
161,891
62,035
Fair
Isaac (1)
17,516
26,075
Fortinet (1)
444,982
26,819
Gen
Digital
397,853
9,938
Intuit
196,432
129,097
Microsoft
5,214,100
2,330,442
Oracle
1,118,620
157,949
Palo
Alto
Networks (1)
226,761
76,874
PTC (1)
83,991
15,259
Salesforce
679,941
174,813
ServiceNow (1)
143,917
113,215
Synopsys (1)
106,772
63,536
Tyler
Technologies (1)
29,857
15,012
3,491,437
Technology
Hardware,
Storage
&
Peripherals
7.0%
Apple
10,112,101
2,129,811
Hewlett
Packard
Enterprise
919,274
19,461
HP
612,218
21,440
NetApp
144,855
18,657
Seagate
Technology
Holdings
135,691
14,013
Super
Micro
Computer (1)
35,528
29,110
Western
Digital (1)
225,605
17,094
2,249,586
Total
Information
Technology
10,392,533
MATERIALS
2.2%
Chemicals
1.4%
Air
Products
&
Chemicals
156,481
40,380
Albemarle
81,385
7,774
Celanese
70,214
9,471
CF
Industries
Holdings
132,502
9,821
Corteva
492,073
26,542
Dow
495,782
26,301
DuPont
de
Nemours
292,794
23,567
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Eastman
Chemical
82,165
8,050
Ecolab
178,676
42,525
FMC
88,475
5,092
International
Flavors
&
Fragrances
180,909
17,224
Linde
337,265
147,995
LyondellBasell
Industries,
Class
A
177,875
17,016
Mosaic
228,395
6,601
PPG
Industries
166,394
20,947
Sherwin-Williams
163,543
48,806
458,112
Construction
Materials
0.2%
Martin
Marietta
Materials
43,374
23,500
Vulcan
Materials
93,277
23,196
46,696
Containers
&
Packaging
0.2%
Amcor
1,014,639
9,923
Avery
Dennison
55,859
12,214
Ball
220,051
13,207
International
Paper
239,906
10,352
Packaging
Corp.
of
America
62,160
11,348
Westrock
177,698
8,931
65,975
Metals
&
Mining
0.4%
Freeport-McMoRan
1,008,350
49,006
Newmont
812,461
34,017
Nucor
167,945
26,549
Steel
Dynamics
103,621
13,419
122,991
Total
Materials
693,774
REAL
ESTATE
2.1%
Health
Care
Real
Estate
Investment
Trusts
0.3%
Alexandria
Real
Estate
Equities,
REIT
111,735
13,070
Healthpeak
Properties,
REIT
498,481
9,770
Ventas,
REIT
279,222
14,313
Welltower,
REIT
419,677
43,751
80,904
Hotel
&
Resort
Real
Estate
Investment
Trusts
0.0%
Host
Hotels
&
Resorts,
REIT
489,191
8,796
8,796
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Industrial
Real
Estate
Investment
Trusts
0.2%
Prologis,
REIT
650,027
73,005
73,005
Office
Real
Estate
Investment
Trusts
0.0%
Boston
Properties,
REIT
101,142
6,226
6,226
Real
Estate
Management
&
Development
0.1%
CBRE
Group,
Class
A (1)
213,178
18,996
CoStar
Group (1)
286,685
21,255
40,251
Residential
Real
Estate
Investment
Trusts
0.3%
AvalonBay
Communities,
REIT
100,271
20,745
Camden
Property
Trust,
REIT
74,012
8,076
Equity
Residential,
REIT
241,177
16,723
Essex
Property
Trust,
REIT
44,626
12,147
Invitation
Homes,
REIT
399,193
14,327
Mid-America
Apartment
Communities,
REIT
80,901
11,537
UDR,
REIT
209,723
8,630
92,185
Retail
Real
Estate
Investment
Trusts
0.3%
Federal
Realty
Investment
Trust,
REIT
51,297
5,179
Kimco
Realty,
REIT
461,039
8,972
Realty
Income,
REIT
611,133
32,280
Regency
Centers,
REIT
115,528
7,186
Simon
Property
Group,
REIT
227,815
34,582
88,199
Specialized
Real
Estate
Investment
Trusts
0.9%
American
Tower,
REIT
327,216
63,604
Crown
Castle,
REIT
302,976
29,601
Digital
Realty
Trust,
REIT
225,606
34,303
Equinix,
REIT
65,966
49,910
Extra
Space
Storage,
REIT
149,198
23,187
Iron
Mountain,
REIT
207,003
18,552
Public
Storage,
REIT
110,444
31,769
SBA
Communications,
REIT
74,899
14,703
VICI
Properties,
REIT
720,953
20,648
Weyerhaeuser,
REIT
506,652
14,384
300,661
Total
Real
Estate
690,227
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
UTILITIES
2.3%
Electric
Utilities
1.5%
Alliant
Energy
178,752
9,098
American
Electric
Power
370,743
32,529
Constellation
Energy
221,010
44,262
Duke
Energy
541,322
54,257
Edison
International
271,663
19,508
Entergy
147,879
15,823
Evergy
161,714
8,566
Eversource
Energy
244,072
13,841
Exelon
698,681
24,181
FirstEnergy
358,297
13,712
NextEra
Energy
1,440,869
102,028
NRG
Energy
145,679
11,343
PG&E
1,488,123
25,983
Pinnacle
West
Capital
79,224
6,051
PPL
511,422
14,141
Southern
766,855
59,485
Xcel
Energy
389,138
20,784
475,592
Gas
Utilities
0.0%
Atmos
Energy
106,994
12,481
12,481
Independent
Power
&
Renewable
Electricity
Producers
0.1%
AES
498,767
8,763
Vistra
228,645
19,659
28,422
Multi-Utilities
0.6%
Ameren
182,419
12,972
CenterPoint
Energy
437,887
13,566
CMS
Energy
207,145
12,331
Consolidated
Edison
243,719
21,793
Dominion
Energy
584,279
28,630
DTE
Energy
144,224
16,010
NiSource
314,634
9,065
Public
Service
Enterprise
Group
351,615
25,914
Sempra
443,642
33,743
WEC
Energy
Group
220,874
17,330
191,354
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Water
Utilities
0.1%
American
Water
Works
136,284
17,602
17,602
Total
Utilities
725,451
Total
Common
Stocks
(Cost
$9,595,666)
32,158,266
SHORT-TERM
INVESTMENTS
0.1%
Money
Market
Funds
0.1%
T.
Rowe
Price
Government
Reserve
Fund,
5.38% (3)(4)
24,687,402
24,687
24,687
U.S.
Treasury
Obligations
0.0%
U.S.
Treasury
Bills,
5.313%,
8/6/24 (5)
7,770,000
7,729
7,729
Total
Short-Term
Investments
(Cost
$32,416)
32,416
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,
5.38% (3)(4)
9,143,666
9,144
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
And
Trust
Company
9,144
Total
Securities
Lending
Collateral
(Cost
$9,144)
9,144
Total
Investments
in
Securities
100.0%
of
Net
Assets
(Cost
$9,637,226)
$
32,199,826
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
See
Note
4.
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2024.
(3)
Affiliated
Companies
(4)
Seven-day
yield
(5)
At
June
30,
2024,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/
or
margin
deposit
to
cover
future
funding
obligations.
T.
ROWE
PRICE
Equity
Index
500
Fund
.
.
.
.
.
.
.
.
.
.
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
Equity
Index
500
Fund
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
130
S&P
500
E-Mini
Index
contracts
9/24
35,890
$
(36)
Net
payments
(receipts)
of
variation
margin
to
date
(123)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(159)
T.
ROWE
PRICE
Equity
Index
500
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
six
months
ended
June
30,
2024.
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
$
169
$
1,012
$
389
T.
Rowe
Price
Government
Reserve
Fund,
5.38%
—
—
2,098++
Totals
$
169#
$
1,012
$
2,487+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
06/30/24
T.
Rowe
Price
Group
$
17,190
$
296
$
332
$
18,166
T.
Rowe
Price
Government
Reserve
Fund,
5.38%
218,349
¤
¤
33,831
Total
$
51,997^
#
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
$2,487
o
f
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
$40,991.
T.
ROWE
PRICE
Equity
Index
500
Fund
June
30,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$9,637,226)
$
32,199,826
Dividends
receivable
16,498
Receivable
for
shares
sold
14,012
Receivable
for
investment
securities
sold
1,166
Due
from
affiliates
120
Other
assets
246
Total
assets
32,231,868
Liabilities
Obligation
to
return
securities
lending
collateral
9,144
Payable
for
shares
redeemed
6,309
Investment
management
fees
payable
1,311
Variation
margin
payable
on
futures
contracts
159
Payable
to
directors
25
Other
liabilities
735
Total
liabilities
17,683
Commitments
and
Contingent
Liabilities
(note
7
)
NET
ASSETS
$
32,214,185
T.
ROWE
PRICE
Equity
Index
500
Fund
June
30,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
22,633,125
Paid-in
capital
applicable
to
224,343,742
shares
of
$0.01
par
value
capital
stock
outstanding;
2,000,000,000
shares
of
the
Corporation
authorized
9,581,060
NET
ASSETS
$
32,214,185
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$7,995,093;
Shares
outstanding:
55,673,372)
$
143.61
I
Class
(Net
assets:
$9,625,202;
Shares
outstanding:
67,023,851)
$
143.61
Z
Class
(Net
assets:
$14,593,890;
Shares
outstanding:
101,646,519)
$
143.57
T.
ROWE
PRICE
Equity
Index
500
Fund
(Unaudited)
6
Months
Ended
6/30/24
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$31)
$
210,111
Interest
226
Securities
lending
102
Other
30
Total
income
210,469
Expenses
Investment
management
7,542
Shareholder
servicing
Investor
Class
$
4,821
I
Class
1,085
5,906
Prospectus
and
shareholder
reports
Investor
Class
33
I
Class
3
Z
Class
2
38
Custody
and
accounting
331
Registration
68
Directors
50
Legal
and
audit
16
Miscellaneous
1
Waived
/
paid
by
Price
Associates
(4,909)
Total
expenses
9,043
Net
investment
income
201,426
T.
ROWE
PRICE
Equity
Index
500
Fund
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/24
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
281,272
Futures
13,602
Net
realized
gain
294,874
Change
in
net
unrealized
gain
/
loss
Securities
3,796,425
Futures
(1,876)
Change
in
net
unrealized
gain
/
loss
3,794,549
Net
realized
and
unrealized
gain
/
loss
4,089,423
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
4,290,849
T.
ROWE
PRICE
Equity
Index
500
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
6
Months
Ended
6/30/24
Year
Ended
12/31/23
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
201,426
$
407,362
Net
realized
gain
294,874
502,371
Change
in
net
unrealized
gain
/
loss
3,794,549
5,109,051
Increase
in
net
assets
from
operations
4,290,849
6,018,784
Distributions
to
shareholders
Net
earnings
Investor
Class
(46,436)
(93,863)
I
Class
(60,537)
(111,081)
Z
Class
(96,647)
(202,479)
Decrease
in
net
assets
from
distributions
(203,620)
(407,423)
Capital
share
transactions
*
Shares
sold
Investor
Class
675,872
1,203,054
I
Class
909,279
929,324
Z
Class
1,212,291
1,659,719
Distributions
reinvested
Investor
Class
44,237
89,367
I
Class
56,381
103,409
Z
Class
96,647
202,479
Shares
redeemed
Investor
Class
(973,542)
(1,163,721)
I
Class
(497,778)
(583,631)
Z
Class
(1,852,935)
(2,602,069)
Decrease
in
net
assets
from
capital
share
transactions
(329,548)
(162,069)
T.
ROWE
PRICE
Equity
Index
500
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/24
Year
Ended
12/31/23
Net
Assets
Increase
during
period
3,757,681
5,449,292
Beginning
of
period
28,456,504
23,007,212
End
of
period
$
32,214,185
$
28,456,504
*Share
information
(000s)
Shares
sold
Investor
Class
5,031
10,630
I
Class
6,740
8,167
Z
Class
9,168
14,918
Distributions
reinvested
Investor
Class
315
781
I
Class
401
904
Z
Class
688
1,774
Shares
redeemed
Investor
Class
(7,227)
(10,364)
I
Class
(3,671)
(5,162)
Z
Class
(14,037)
(22,687)
Decrease
in
shares
outstanding
(2,592)
(1,039)
T.
ROWE
PRICE
Equity
Index
500
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Index
Trust,
Inc. (the
corporation) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Equity
Index
500
Fund
(the
fund)
is
an
open-end
management
investment
company
established
by
the
corporation
and
intends
to
be
diversified
in
approximately
the
same
proportion
as
the
index
it
tracks
is
diversified.
The
fund
may
become
nondiversified
for
periods
of
time
solely
as
a
result
of
changes
in
the
composition
of
the
index
(for
example,
changes
in
the
relative
market
capitalization
or
index
weighting
of
one
or
more
securities
represented
in
the
index). The
fund
seeks
to
track
the
performance
of
a
benchmark
index
that
measures
the
investment
return
of
large-capitalization
U.S.
stocks.
The
fund
has three classes
of
shares:
the
Equity
Index
500
Fund
(Investor
Class),
the
Equity
Index
500
Fund–I
Class
(I
Class)
and
the
Equity
Index
500
Fund–Z
Class
(Z
Class).
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Z
Class
is
only
available
to
funds
advised
by
T.
Rowe
Price
Associates,
Inc.
and
its
affiliates
and
other
clients
that
are
subject
to
a
contractual
fee
for
investment
management
services. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
T.
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PRICE
Equity
Index
500
Fund
amortized
for
financial
reporting
purposes. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Distributions
from
REITs
are
initially
recorded
as
dividend
income
and,
to
the
extent
such
represent
a
return
of
capital
or
capital
gain
for
tax
purposes,
are
reclassified
when
such
information
becomes
available. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any,
are
declared
and
paid
by
each
class quarterly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes,
investment
income,
and
realized
and
unrealized
gains
and
losses
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class.
In-Kind
Redemptions
In
accordance
with
guidelines
described
in
the
fund’s
prospectus,
and
when
considered
to
be
in
the
best
interest
of
all
shareholders,
the
fund
may
distribute
portfolio
securities
rather
than
cash
as
payment
for
a
redemption
of
fund
shares
(in-kind
redemption).
Gains
and
losses
realized
on
in-kind
redemptions
are
not
recognized
for
tax
purposes
and
are
reclassified
from
undistributed
realized
gain
(loss)
to
paid-in
capital.
During
the
six
months ended
June
30,
2024,
the
fund
realized
$188,537,000 of
net
gain
on
$246,201,000
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.
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PRICE
Equity
Index
500
Fund
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
T.
ROWE
PRICE
Equity
Index
500
Fund
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-
counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities.
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Assets
and
liabilities
other
than
financial
instruments,
including
short-
term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
T.
ROWE
PRICE
Equity
Index
500
Fund
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
June
30,
2024
(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
$
32,158,266
$
—
$
—
$
32,158,266
Short-Term
Investments
24,687
7,729
—
32,416
Securities
Lending
Collateral
9,144
—
—
9,144
Total
$
32,192,097
$
7,729
$
—
$
32,199,826
Liabilities
Futures
Contracts*
$
36
$
—
$
—
$
36
*
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
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
six
months ended
June
30,
2024,
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
June
30,
2024,
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
$
36
Total
$
36
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Equity
Index
500
Fund
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
June
30,
2024,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
Counterparty
Risk
and
Collateral
The
fund
invests
in
exchange-traded
and/or
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps.
Counterparty
risk
on
such
derivatives
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Collateral may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund’s
assets.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
June
30,
2024,
securities
valued
at $1,571,000
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
$
13,602
Total
$
13,602
Change
in
Unrealized
Gain
(Loss)
Equity
derivatives
$
(1,876)
Total
$
(1,876)
T.
ROWE
PRICE
Equity
Index
500
Fund
Futures
Contracts
The
fund
is
subject
to equity
price
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risk.
The
fund
may
enter
into
futures
contracts
as
an
efficient
means
of
maintaining
liquidity
while
being
invested
in
the
market,
to
facilitate
trading,
or
to
reduce
transaction
costs. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
June
30,
2024,
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
T.
ROWE
PRICE
Equity
Index
500
Fund
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
June
30,
2024,
the
value
of
loaned
securities
was
$8,864,000;
the
value
of
cash
collateral
and
related
investments
was
$9,144,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $553,741,000 and
$556,253,000,
respectively,
for
the
six
months ended
June
30,
2024.
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
At
June
30,
2024,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$9,864,291,000.
Net
unrealized
gain
aggregated
$22,335,499,000
at
period-end,
of
which
$23,053,789,000
related
to
appreciated
investments
and
$718,290,000
related
to
depreciated
investments.
T.
ROWE
PRICE
Equity
Index
500
Fund
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.
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.
During
the
limitation
period,
Price
Associates
is required
to
waive
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
T.
ROWE
PRICE
Equity
Index
500
Fund
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class's
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
Z
Class
is
also
subject
to
a
contractual
expense
limitation
agreement
whereby
Price
Associates
has
agreed
to
waive
and/or
bear
all
of
the
Z
Class’
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
in
their
entirety.
This
fee
waiver
and/or
expense
reimbursement
arrangement
is
expected
to
remain
in
place
indefinitely,
and
the
agreement
may
only
be
amended
or
terminated
with
approval
by
the
fund’s
Board.
Expenses
of
the
fund
waived/paid
by
the
manager
are
not
subject
to
later
repayment
by
the
fund.
Pursuant
to
these
agreements,
expenses
were
waived/paid
by
and/or
repaid
to
Price
Associates
during
the
six
months ended June
30,
2024
as
indicated
in
the
table
below.
Including these
amounts,
expenses
previously
waived/
paid
by
Price
Associates
in
the
amount
of $5,475,000 remain
subject
to
repayment
by
the
fund
at
June
30,
2024.
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.
T.
ROWE
PRICE
Equity
Index
500
Fund
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class.
For
the
six
months
ended
June
30,
2024,
expenses
incurred
pursuant
to
these
service
agreements
were
$58,000
for
Price
Associates;
$2,801,000
for
T.
Rowe
Price
Services,
Inc.;
and
$949,000
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.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
Additionally,
the
fund
is
one
of
several
mutual
funds
in
which
certain
college
savings
plans
managed
by
Price
Associates invests.
As
approved
by
the
fund’s
Board
of
Directors,
shareholder
servicing
costs
associated
with
each
college
savings
plan
are
borne
by
the
fund
in
proportion
to
the
average
daily
value
of
its
shares
owned
by
the
college
savings
plan.
Price
has
agreed
to waive/reimburse
shareholder
servicing
costs in
excess
of
0.05%
of
the
fund’s
average
daily
value
of
its
shares
owned
by
the
college
savings
plan.
Any
amounts
waived/
paid
by
Price
under
this
voluntary
agreement
are
not
subject
to
repayment
by
the
fund.
Price
may
amend
or
terminate
this
voluntary
arrangement
at
any
time
without
prior
notice.
For
the
six
months ended
June
30,
2024,
the
fund
was
charged $418,000 for
shareholder
servicing
costs
related
to
the
college
savings
plans, of
which
$204,000
was
for
services
provided
by
Price.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
Investor
Class
I
Class
Z
Class
Expense
limitation/I
Class
Limit
0.21%
0.00%
0.00%
Expense
limitation
date
04/30/26
04/30/26
N/A
(Waived)/repaid
during
the
period
($000s)
$—
$(1,232)
$(3,677)
T.
ROWE
PRICE
Equity
Index
500
Fund
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities. At
June
30,
2024,
approximately
22%
of
the
outstanding
shares
of
the
I
Class
were
held
by
college
savings
plans.
Mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
(collectively,
Price
Funds
and
accounts)
may
invest
in
the
fund.
No
Price
fund
or
account
may
invest
for
the
purpose
of
exercising
management
or
control
over
the
fund.
At
June
30,
2024, 100%
of
the
Z
Class's
outstanding
shares
were
held
by
Price
Funds
and
accounts.
Consistent
with
its
investment
objective,
the
fund
may
invest
in
T.
Rowe
Price
Group,
Inc.
Additionally,
the fund
may
invest
its
cash
reserves
in
certain
open-
end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
June
30,
2024,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
8
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia’s
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
T.
ROWE
PRICE
Equity
Index
500
Fund
market
disruptions
cannot
be
predicted.
These
and
other
similar
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.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
T.
ROWE
PRICE
Equity
Index
500
Fund
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
Each
year,
the
fund’s
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
well
as
the
investment
subadvisory
agreement
(Subadvisory
Contract)
that
the
Adviser
has
entered
into
with
T.
Rowe
Price
International
Ltd
(Subadviser)
on
behalf
of
the
fund.
In
that
regard,
at
a
meeting
held
on
March
11–12,
2024
(Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors
present
in
person
at
the
Meeting,
approved
the
continuation
of
the
fund’s
Advisory
Contract
and
Subadvisory
Contract.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
Subadviser
and
the
approval
of
the
Advisory
Contract
and
Subadvisory
Contract.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
and
Subadvisory
Contract
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting,
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
and
Subadviser
about
various
topics.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds’
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
and
Subadviser
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser
and
Subadviser.
These
services
included,
but
were
not
limited
to,
directing
the
fund’s
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund’s
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance;
maintaining
the
fund’s
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser’s
and
Subadviser’s
senior
management
teams
and
investment
personnel
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser’s
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser
and
Subadviser,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract.
T.
ROWE
PRICE
Equity
Index
500
Fund
Investment
Performance
of
the
Fund
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
In
connection
with
the
Meeting,
the
Board
reviewed
information
provided
by
the
Adviser
that
compared
the
fund’s
total
returns,
as
well
as
a
wide
variety
of
other
previously
agreed-upon
performance
measures
and
market
data,
against
relevant
benchmark
indexes
and
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2023.
Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2023,
which
ranked
the
returns
of
the
fund’s
Investor
Class
for
various
periods
against
a
universe
of
funds
with
similar
investment
programs
selected
by
Broadridge,
an
independent
provider
of
mutual
fund
data.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund’s
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund’s
performance,
the
length
of
the
fund’s
performance
track
record,
and
how
closely
the
fund’s
strategies
align
with
its
benchmarks
and
peer
groups.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
fund’s
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract.
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
the
Adviser
under
the
Advisory
Contract
and
other
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates,
including
the
Subadviser)
may
have
realized
from
its
relationship
with
the
fund.
In
considering
soft-dollar
arrangements
pursuant
to
which
research
may
be
received
from
broker-dealers
that
execute
the
fund’s
portfolio
transactions,
the
Board
noted
that
during
2023
the
Adviser
paid
the
costs
of
research
services
for
all
client
accounts
that
it
advises,
including
the
T.
Rowe
Price
funds.
However,
effective
January
1,
2024,
the
Adviser
will
begin
using
brokerage
commissions
in
connection
with
certain
T.
Rowe
Price
funds’
securities
transactions
to
pay
for
research
when
permissible.
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
The
Board
also
reviewed
estimates
of
the
profits
realized
from
managing
the
fund
in
particular,
and
the
Board
concluded
that
the
Adviser’s
profits
were
reasonable
in
light
of
the
services
provided
to
the
fund.
T.
ROWE
PRICE
Equity
Index
500
Fund
The
Board
also
considered
whether
the
fund
benefits
under
the
fee
levels
set
forth
in
the
Advisory
Contract
or
otherwise
from
any
economies
of
scale
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
a
fee
to
the
Adviser
for
investment
management
services
based
on
the
fund’s
average
daily
net
assets
and
the
fund
pays
its
own
expenses
of
operations.
Under
the
Subadvisory
Contract,
the
Adviser
may
pay
the
Subadviser
up
to
60%
of
the
advisory
fees
that
the
Adviser
receives
from
the
fund.
The
fund’s
shareholders
benefit
from
potential
economies
of
scale
through
a
decline
in
certain
operating
expenses
as
the
fund
grows
in
size.
However,
the
fund
is
also
subject
to
contractual
expense
limitations
that
require
the
Adviser
to
waive
its
fees
and/or
bear
any
expenses
that
would
otherwise
cause
the
fund’s
expenses
to
exceed
a
certain
percentage
based
on
the
fund’s
net
assets.
The
expense
limitation
mitigates
the
potential
for
an
increase
in
total
operating
expenses
above
a
certain
level
that
could
impact
shareholders.
The
fund
also
offers
a
Z
Class,
which
serves
as
an
underlying
investment
within
certain
T.
Rowe
Price
fund
of
funds
arrangements.
The
Adviser
waives
its
advisory
fee
on
the
Z
Class
and
waives
or
bears
the
Z
Class’s
other
operating
expenses,
with
certain
exceptions.
The
Board
considered
whether
the
advisory
fee
and
operating
expense
waivers
on
the
Z
Class
may
present
a
means
for
cross-
subsidization
of
the
Z
Class
by
other
share
classes
of
the
fund.
In
that
regard,
the
Board
noted
that
the
Z
Class
operating
expenses
are
largely
covered
by
the
all-inclusive
fees
charged
by
the
investing
T.
Rowe
Price
fund
of
funds
and
that
any
Z
Class
operating
expenses
not
covered
by
the
investing
T.
Rowe
Price
fund
of
funds’
fees
are
paid
by
the
Adviser
and
not
by
shareholders
of
any
other
share
class
of
the
fund.
In
addition,
the
Board
noted
that
the
fund
potentially
shares
in
indirect
economies
of
scale
through
the
Adviser’s
and
Subadviser’s
ongoing
investments
in
their
business
in
support
of
the
T.
Rowe
Price
funds,
including
investments
in
trading
systems,
technology,
and
regulatory
support
enhancements,
and
the
ability
to
possibly
negotiate
lower
fee
arrangements
with
third-party
service
providers.
The
Board
concluded
that
the
advisory
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
any
economies
of
scale
with
the
fund’s
investors.
Fees
and
Expenses
The
Board
was
provided
with
information
regarding
industry
trends
in
management
fees
and
expenses.
Among
other
things,
the
Board
reviewed
data
for
peer
groups
that
were
compiled
by
Broadridge,
which
compared:
(i)
contractual
management
fees,
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Expense
Group)
and
(ii)
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
broader
set
of
funds
within
the
Lipper
investment
classification
(Expense
Universe).
The
Board
considered
the
fund’s
contractual
management
fee
rate,
actual
management
fee
rate
(which
reflects
the
management
fees
actually
received
from
the
fund
by
the
T.
ROWE
PRICE
Equity
Index
500
Fund
Adviser
after
any
applicable
waivers,
reductions,
or
reimbursements),
operating
expenses,
and
total
expenses
(which
reflect
the
net
total
expense
ratio
of
the
fund
after
any
waivers,
reductions,
or
reimbursements)
in
comparison
with
the
information
for
the
Broadridge
peer
groups.
Broadridge
generally
constructed
the
peer
groups
by
seeking
the
most
comparable
funds
based
on
similar
investment
classifications
and
objectives,
expense
structure,
asset
size,
and
operating
components
and
attributes
and
ranked
funds
into
quintiles,
with
the
first
quintile
representing
the
funds
with
the
lowest
relative
expenses
and
the
fifth
quintile
representing
the
funds
with
the
highest
relative
expenses.
The
information
provided
to
the
Board
indicated
that
the
fund’s
contractual
management
fee
ranked
in
the
first
quintile
(Expense
Group),
the
fund’s
actual
management
fee
rate
ranked
in
the
first
quintile
(Expense
Group
and
Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
the
third
quintile
(Expense
Group
and
Expense
Universe).
The
Board
also
reviewed
the
fee
schedules
for
other
investment
portfolios
with
similar
mandates
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
and
individual
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
Management
provided
the
Board
with
information
about
the
Adviser’s
responsibilities
and
services
provided
to
subadvisory
and
other
institutional
account
clients,
including
information
about
how
the
requirements
and
economics
of
the
institutional
business
are
fundamentally
different
from
those
of
the
proprietary
mutual
fund
business.
The
Board
considered
information
showing
that
the
Adviser’s
mutual
fund
business
is
generally
more
complex
from
a
business
and
compliance
perspective
than
its
institutional
account
business
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
greater
asset
flows,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser’s
proprietary
mutual
fund
business.
In
assessing
the
reasonableness
of
the
fund’s
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
Adviser
to
manage
its
mutual
fund
business
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution’s
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
fund
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
fund
under
the
Advisory
Contract
are
reasonable.
T.
ROWE
PRICE
Equity
Index
500
Fund
Approval
of
the
Advisory
Contract
and
Subadvisory
Contract
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract
(including
the
fees
to
be
charged
for
services
thereunder).
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F50-051
8/24
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR and/or the Statement of Additional Information.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | |
| T. Rowe Price Equity Index 500 Fund |
| | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | August 20, 2024 | | |
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 | | August 20, 2024 | | |
| | | | |
| By | | /s/ Alan S. Dupski | | |
| | Alan S. Dupski | | |
| | Principal Financial Officer | | |
| | |
| Date | | August 20, 2024 | | |
