T.
ROWE
PRICE
Equity
Index
500
Fund
March
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.6%
COMMUNICATION
SERVICES
9.3%
Diversified
Telecommunication
Services
1.0%
AT&T
5,699,970
134,690
Lumen
Technologies (1)
733,100
8,262
Verizon
Communications
3,347,656
170,530
313,482
Entertainment
1.4%
Activision
Blizzard
623,838
49,976
Electronic
Arts
224,309
28,377
Live
Nation
Entertainment (2)
108,193
12,728
Netflix (2)
354,390
132,751
Take-Two
Interactive
Software (2)
91,957
14,137
Walt
Disney (2)
1,451,888
199,141
437,110
Interactive
Media
&
Services
5.7%
Alphabet,
Class
A (2)
239,550
666,272
Alphabet,
Class
C (2)
222,435
621,259
Match
Group (2)
225,305
24,500
Meta
Platforms,
Class
A (2)
1,841,459
409,467
Twitter (2)
635,538
24,589
1,746,087
Media
1.0%
Charter
Communications,
Class
A (2)
94,985
51,816
Comcast,
Class
A
3,625,905
169,765
Discovery,
Class
A (2)
134,168
3,343
Discovery,
Class
C (2)
236,617
5,908
DISH
Network,
Class
A (2)
199,121
6,302
Fox,
Class
A
255,629
10,085
Fox,
Class
B
118,600
4,303
Interpublic
Group
314,440
11,147
News,
Class
A
315,133
6,980
News,
Class
B
99,269
2,236
Omnicom
Group
167,312
14,201
Paramount
Global,
Class
B (1)
480,659
18,174
304,260
Wireless
Telecommunication
Services
0.2%
T-Mobile
U.S. (2)
466,841
59,919
59,919
Total
Communication
Services
2,860,858
T.
ROWE
PRICE
Equity
Index
500
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CONSUMER
DISCRETIONARY
12.1%
Auto
Components
0.1%
Aptiv (2)
215,178
25,759
BorgWarner
190,544
7,412
33,171
Automobiles
2.7%
Ford
Motor
3,128,721
52,906
General
Motors (2)
1,153,081
50,436
Tesla (2)
668,207
720,060
823,402
Distributors
0.1%
Genuine
Parts
113,666
14,324
LKQ
212,571
9,653
Pool
31,638
13,378
37,355
Hotels,
Restaurants
&
Leisure
1.9%
Booking
Holdings (2)
32,667
76,717
Caesars
Entertainment (2)
169,355
13,101
Carnival (2)
632,534
12,790
Chipotle
Mexican
Grill (2)
22,474
35,555
Darden
Restaurants
104,152
13,847
Domino's
Pizza
29,055
11,826
Expedia
Group (2)
119,890
23,459
Hilton
Worldwide
Holdings (2)
221,168
33,560
Las
Vegas
Sands (2)
272,751
10,602
Marriott
International,
Class
A (2)
218,754
38,446
McDonald's
596,325
147,459
MGM
Resorts
International
309,649
12,987
Norwegian
Cruise
Line
Holdings (1)(2)
332,672
7,279
Penn
National
Gaming (1)(2)
131,692
5,586
Royal
Caribbean
Cruises (1)(2)
177,768
14,893
Starbucks
917,333
83,450
Wynn
Resorts (2)
83,942
6,693
Yum!
Brands
233,352
27,659
575,909
Household
Durables
0.3%
DR
Horton
260,389
19,401
Garmin
120,600
14,304
Lennar,
Class
A
216,246
17,553
Mohawk
Industries (2)
44,298
5,502
Newell
Brands
300,180
6,427
NVR (2)
2,602
11,624
PulteGroup
202,889
8,501
T.
ROWE
PRICE
Equity
Index
500
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Whirlpool (1)
48,465
8,374
91,686
Internet
&
Direct
Marketing
Retail
3.9%
Amazon.com (2)
349,216
1,138,427
eBay
498,318
28,534
Etsy (1)(2)
101,507
12,615
1,179,576
Leisure
Products
0.0%
Hasbro (1)
102,678
8,411
8,411
Multiline
Retail
0.5%
Dollar
General
185,511
41,300
Dollar
Tree (2)
179,656
28,772
Target
388,171
82,378
152,450
Specialty
Retail
2.0%
Advance
Auto
Parts
49,636
10,273
AutoZone (2)
16,544
33,826
Bath
&
Body
Works
209,650
10,021
Best
Buy
176,884
16,079
CarMax (1)(2)
130,008
12,543
Home
Depot
832,776
249,275
Lowe's
537,269
108,630
O'Reilly
Automotive (2)
53,746
36,814
Ross
Stores
282,670
25,570
TJX
955,074
57,858
Tractor
Supply
90,658
21,157
Ulta
Beauty (2)
43,472
17,311
599,357
Textiles,
Apparel
&
Luxury
Goods
0.6%
NIKE,
Class
B
1,016,153
136,734
PVH
57,226
4,384
Ralph
Lauren
39,467
4,477
Tapestry
220,062
8,175
Under
Armour,
Class
A (2)
155,763
2,651
Under
Armour,
Class
C (2)
176,639
2,748
VF
258,892
14,721
173,890
Total
Consumer
Discretionary
3,675,207
CONSUMER
STAPLES
6.1%
Beverages
1.5%
Brown-Forman,
Class
B
143,314
9,605
T.
ROWE
PRICE
Equity
Index
500
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Coca-Cola
3,102,129
192,332
Constellation
Brands,
Class
A
130,991
30,170
Molson
Coors
Beverage,
Class
B (1)
151,068
8,064
Monster
Beverage (2)
297,750
23,790
PepsiCo
1,104,263
184,832
448,793
Food
&
Staples
Retailing
1.5%
Costco
Wholesale
353,653
203,651
Kroger
539,068
30,926
Sysco
406,554
33,195
Walgreens
Boots
Alliance
572,620
25,636
Walmart
1,131,887
168,561
461,969
Food
Products
1.0%
Archer-Daniels-Midland
444,934
40,160
Campbell
Soup (1)
162,916
7,261
Conagra
Brands
377,064
12,658
General
Mills
481,355
32,597
Hershey
115,236
24,964
Hormel
Foods
225,658
11,630
J
M
Smucker
85,118
11,526
Kellogg
203,044
13,094
Kraft
Heinz
567,213
22,343
Lamb
Weston
Holdings
114,237
6,844
McCormick
198,713
19,832
Mondelez
International,
Class
A
1,109,704
69,667
Tyson
Foods,
Class
A
234,870
21,051
293,627
Household
Products
1.3%
Church
&
Dwight
195,049
19,384
Clorox
98,141
13,645
Colgate-Palmolive
670,206
50,822
Kimberly-Clark
267,372
32,929
Procter
&
Gamble
1,911,512
292,079
408,859
Personal
Products
0.2%
Estee
Lauder,
Class
A
184,016
50,111
50,111
Tobacco
0.6%
Altria
Group
1,461,397
76,358
Philip
Morris
International
1,239,231
116,413
192,771
Total
Consumer
Staples
1,856,130
T.
ROWE
PRICE
Equity
Index
500
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ENERGY
3.8%
Energy
Equipment
&
Services
0.3%
Baker
Hughes
722,316
26,300
Halliburton
712,266
26,973
Schlumberger
1,116,780
46,134
99,407
Oil,
Gas
&
Consumable
Fuels
3.5%
APA
288,980
11,944
Chevron
1,538,662
250,540
ConocoPhillips
1,048,883
104,888
Coterra
Energy
645,985
17,422
Devon
Energy
499,313
29,524
Diamondback
Energy
134,764
18,473
EOG
Resources
465,577
55,511
Exxon
Mobil
3,378,350
279,018
Hess
218,653
23,405
Kinder
Morgan
1,544,703
29,210
Marathon
Oil
625,454
15,705
Marathon
Petroleum
461,741
39,479
Occidental
Petroleum
703,349
39,908
ONEOK
355,258
25,092
Phillips
66
373,093
32,232
Pioneer
Natural
Resources
181,450
45,368
Valero
Energy
326,226
33,125
Williams
969,449
32,389
1,083,233
Total
Energy
1,182,640
FINANCIALS
11.1%
Banks
3.8%
Bank
of
America
5,668,615
233,660
Citigroup
1,577,942
84,262
Citizens
Financial
Group
339,589
15,394
Comerica
101,089
9,141
Fifth
Third
Bancorp
545,742
23,489
First
Republic
Bank
142,721
23,135
Huntington
Bancshares
1,130,855
16,533
JPMorgan
Chase
2,356,702
321,266
KeyCorp
743,791
16,646
M&T
Bank (1)
101,797
17,255
People's
United
Financial
342,341
6,843
PNC
Financial
Services
Group
336,203
62,013
Regions
Financial
759,528
16,907
Signature
Bank
50,104
14,705
T.
ROWE
PRICE
Equity
Index
500
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SVB
Financial
Group (2)
46,853
26,212
Truist
Financial
1,060,316
60,120
U.S.
Bancorp
1,071,749
56,963
Wells
Fargo
3,098,717
150,164
Zions
Bancorp
125,807
8,248
1,162,956
Capital
Markets
2.9%
Ameriprise
Financial
89,037
26,743
Bank
of
New
York
Mellon
604,665
30,010
BlackRock
113,622
86,827
Cboe
Global
Markets
84,414
9,659
Charles
Schwab
1,195,519
100,794
CME
Group
286,262
68,090
FactSet
Research
Systems
29,953
13,004
Franklin
Resources (1)
219,454
6,127
Goldman
Sachs
Group
270,000
89,127
Intercontinental
Exchange
447,337
59,102
Invesco
270,656
6,241
MarketAxess
Holdings
30,323
10,316
Moody's
128,406
43,326
Morgan
Stanley
1,141,650
99,780
MSCI
65,589
32,983
Nasdaq
92,867
16,549
Northern
Trust
165,416
19,263
Raymond
James
Financial
148,140
16,282
S&P
Global
282,669
115,945
State
Street
291,075
25,358
T.
Rowe
Price
Group (3)
184,615
27,912
903,438
Consumer
Finance
0.6%
American
Express
490,491
91,722
Capital
One
Financial
338,756
44,475
Discover
Financial
Services
233,884
25,772
Synchrony
Financial
435,420
15,157
177,126
Diversified
Financial
Services
1.7%
Berkshire
Hathaway,
Class
B (2)
1,461,817
515,890
515,890
Insurance
2.1%
Aflac
484,946
31,226
Allstate
228,814
31,693
American
International
Group
660,821
41,480
Aon,
Class
A
175,303
57,084
Arthur
J
Gallagher
164,173
28,665
T.
ROWE
PRICE
Equity
Index
500
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Assurant
45,805
8,329
Brown
&
Brown
185,216
13,386
Chubb
342,139
73,183
Cincinnati
Financial
119,804
16,288
Everest
Re
Group
31,643
9,537
Globe
Life
72,122
7,255
Hartford
Financial
Services
Group
272,081
19,538
Lincoln
National
133,244
8,709
Loews
161,126
10,444
Marsh
&
McLennan
401,720
68,461
MetLife
568,483
39,953
Principal
Financial
Group
196,485
14,424
Progressive
464,221
52,916
Prudential
Financial
301,417
35,618
Travelers
196,200
35,852
W
R
Berkley
164,529
10,956
Willis
Towers
Watson
99,577
23,522
638,519
Total
Financials
3,397,929
HEALTH
CARE
13.6%
Biotechnology
1.9%
AbbVie
1,408,387
228,314
Amgen
447,979
108,330
Biogen (2)
117,167
24,675
Gilead
Sciences
999,433
59,416
Incyte (2)
149,756
11,894
Moderna (2)
280,616
48,339
Regeneron
Pharmaceuticals (2)
85,104
59,438
Vertex
Pharmaceuticals (2)
203,828
53,193
593,599
Health
Care
Equipment
&
Supplies
2.9%
Abbott
Laboratories
1,411,415
167,055
ABIOMED (2)
36,023
11,932
Align
Technology (2)
58,217
25,383
Baxter
International
399,205
30,954
Becton
Dickinson
&
Company
228,740
60,845
Boston
Scientific (2)
1,132,003
50,136
Cooper
38,970
16,274
DENTSPLY
SIRONA
175,838
8,655
Dexcom (2)
77,328
39,561
Edwards
Lifesciences (2)
496,203
58,413
Hologic (2)
202,107
15,526
IDEXX
Laboratories (2)
67,445
36,896
Intuitive
Surgical (2)
284,422
85,804
T.
ROWE
PRICE
Equity
Index
500
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Medtronic
1,070,173
118,736
ResMed
115,939
28,116
STERIS
79,162
19,139
Stryker
267,144
71,421
Teleflex
37,020
13,136
Zimmer
Biomet
Holdings
165,798
21,206
879,188
Health
Care
Providers
&
Services
3.0%
AmerisourceBergen
118,149
18,279
Anthem
193,050
94,830
Cardinal
Health
225,754
12,800
Centene (2)
464,678
39,121
Cigna
263,393
63,112
CVS
Health
1,049,798
106,250
DaVita (2)
51,388
5,813
HCA
Healthcare
190,565
47,759
Henry
Schein (2)
110,890
9,669
Humana
102,267
44,504
Laboratory
Corp.
of
America
Holdings (2)
76,382
20,139
McKesson
121,819
37,292
Molina
Healthcare (2)
46,644
15,560
Quest
Diagnostics
97,063
13,284
UnitedHealth
Group
751,047
383,011
Universal
Health
Services,
Class
B
57,220
8,294
919,717
Health
Care
Technology
0.1%
Cerner
232,606
21,763
21,763
Life
Sciences
Tools
&
Services
1.8%
Agilent
Technologies
241,104
31,905
Bio-Rad
Laboratories,
Class
A (2)
17,063
9,610
Bio-Techne
31,076
13,457
Charles
River
Laboratories
International (2)
39,967
11,349
Danaher
507,738
148,935
Illumina (2)
124,408
43,468
IQVIA
Holdings (2)
152,172
35,184
Mettler-Toledo
International (2)
18,257
25,070
PerkinElmer
100,496
17,533
Thermo
Fisher
Scientific
314,954
186,028
Waters (2)
48,970
15,200
West
Pharmaceutical
Services
59,044
24,250
561,989
Pharmaceuticals
3.9%
Bristol-Myers
Squibb
1,738,184
126,940
T.
ROWE
PRICE
Equity
Index
500
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Catalent (2)
142,989
15,857
Eli
Lilly
633,791
181,499
Johnson
&
Johnson
2,099,330
372,064
Merck
2,015,672
165,386
Organon
205,024
7,162
Pfizer
4,475,951
231,720
Viatris
960,880
10,454
Zoetis
376,310
70,968
1,182,050
Total
Health
Care
4,158,306
INDUSTRIALS
&
BUSINESS
SERVICES
7.8%
Aerospace
&
Defense
1.6%
Boeing (2)
439,338
84,133
General
Dynamics
183,916
44,357
Howmet
Aerospace
302,562
10,874
Huntington
Ingalls
Industries
31,042
6,191
L3Harris
Technologies
156,337
38,845
Lockheed
Martin
195,233
86,176
Northrop
Grumman
118,545
53,016
Raytheon
Technologies
1,190,215
117,914
Textron
175,595
13,061
TransDigm
Group (2)
41,649
27,136
481,703
Air
Freight
&
Logistics
0.6%
CH
Robinson
Worldwide
102,931
11,087
Expeditors
International
of
Washington
133,648
13,787
FedEx
194,593
45,027
United
Parcel
Service,
Class
B
582,037
124,823
194,724
Airlines
0.2%
Alaska
Air
Group (2)
98,649
5,723
American
Airlines
Group (1)(2)
513,494
9,371
Delta
Air
Lines (2)
507,400
20,078
Southwest
Airlines (2)
471,016
21,572
United
Airlines
Holdings (2)
262,377
12,164
68,908
Building
Products
0.4%
A.O.
Smith
105,283
6,726
Allegion
69,511
7,631
Carrier
Global
687,745
31,547
Fortune
Brands
Home
&
Security
106,337
7,899
Johnson
Controls
International
565,154
37,057
Masco
194,527
9,921
T.
ROWE
PRICE
Equity
Index
500
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Trane
Technologies
189,288
28,904
129,685
Commercial
Services
&
Supplies
0.4%
Cintas
70,039
29,794
Copart (2)
169,721
21,295
Republic
Services
167,023
22,131
Rollins (1)
178,151
6,244
Waste
Management
306,792
48,626
128,090
Construction
&
Engineering
0.1%
Quanta
Services
113,922
14,993
14,993
Electrical
Equipment
0.5%
AMETEK
183,345
24,418
Eaton
317,208
48,140
Emerson
Electric
475,685
46,641
Generac
Holdings (2)
50,097
14,892
Rockwell
Automation
91,949
25,748
159,839
Industrial
Conglomerates
1.0%
3M
458,465
68,256
General
Electric
874,740
80,039
Honeywell
International
547,497
106,532
Roper
Technologies
83,877
39,609
294,436
Machinery
1.5%
Caterpillar
430,179
95,852
Cummins
113,656
23,312
Deere
224,483
93,264
Dover
114,278
17,930
Fortive
284,080
17,309
IDEX
60,769
11,651
Illinois
Tool
Works
227,362
47,610
Ingersoll
Rand
320,182
16,121
Nordson
43,223
9,815
Otis
Worldwide
338,212
26,025
PACCAR
276,087
24,315
Parker-Hannifin
102,290
29,026
Pentair
132,995
7,210
Snap-on
43,217
8,880
Stanley
Black
&
Decker
129,411
18,090
Westinghouse
Air
Brake
Technologies
149,931
14,419
T.
ROWE
PRICE
Equity
Index
500
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Xylem
143,919
12,271
473,100
Professional
Services
0.3%
Equifax
97,509
23,119
Jacobs
Engineering
Group
103,768
14,300
Leidos
Holdings
112,089
12,108
Nielsen
Holdings
288,270
7,853
Robert
Half
International
87,399
9,979
Verisk
Analytics
128,136
27,502
94,861
Road
&
Rail
1.0%
CSX
1,761,716
65,976
JB
Hunt
Transport
Services
67,326
13,518
Norfolk
Southern
193,289
55,130
Old
Dominion
Freight
Line
74,409
22,225
Union
Pacific
511,243
139,677
296,526
Trading
Companies
&
Distributors
0.2%
Fastenal
457,701
27,188
United
Rentals (2)
57,651
20,478
WW
Grainger
34,731
17,914
65,580
Total
Industrials
&
Business
Services
2,402,445
INFORMATION
TECHNOLOGY
27.9%
Communications
Equipment
0.9%
Arista
Networks (2)
177,492
24,668
Cisco
Systems
3,366,519
187,717
F5 (2)
47,444
9,914
Juniper
Networks
260,472
9,679
Motorola
Solutions
134,509
32,578
264,556
Electronic
Equipment,
Instruments
&
Components
0.6%
Amphenol,
Class
A
475,086
35,798
CDW
108,654
19,437
Corning
612,288
22,600
IPG
Photonics (2)
29,013
3,184
Keysight
Technologies (2)
146,529
23,147
TE
Connectivity
260,414
34,109
Teledyne
Technologies (2)
37,535
17,740
Trimble (2)
200,674
14,477
Zebra
Technologies,
Class
A (2)
42,543
17,600
188,092
T.
ROWE
PRICE
Equity
Index
500
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
IT
Services
4.2%
Accenture,
Class
A
504,279
170,058
Akamai
Technologies (2)
129,313
15,439
Automatic
Data
Processing
335,310
76,296
Broadridge
Financial
Solutions
93,527
14,563
Cognizant
Technology
Solutions,
Class
A
418,546
37,531
DXC
Technology (2)
197,219
6,435
EPAM
Systems (2)
45,230
13,416
Fidelity
National
Information
Services
484,614
48,665
Fiserv (2)
472,346
47,896
FleetCor
Technologies (2)
64,844
16,150
Gartner (2)
65,420
19,460
Global
Payments
230,845
31,589
International
Business
Machines
714,314
92,875
Jack
Henry
&
Associates
58,640
11,555
Mastercard,
Class
A
689,846
246,537
Paychex
255,717
34,898
PayPal
Holdings (2)
934,349
108,057
VeriSign (2)
76,822
17,090
Visa,
Class
A (1)
1,322,531
293,298
1,301,808
Semiconductors
&
Semiconductor
Equipment
6.0%
Advanced
Micro
Devices (2)
1,303,618
142,538
Analog
Devices
418,886
69,192
Applied
Materials
718,087
94,644
Broadcom
329,254
207,325
Enphase
Energy (2)
106,675
21,525
Intel
3,249,407
161,041
KLA
120,790
44,216
Lam
Research
111,942
60,181
Microchip
Technology
441,658
33,186
Micron
Technology
889,920
69,316
Monolithic
Power
Systems
34,239
16,629
NVIDIA
1,995,494
544,490
NXP
Semiconductors
211,588
39,161
Qorvo (2)
86,620
10,749
QUALCOMM
898,720
137,342
Skyworks
Solutions
130,582
17,404
SolarEdge
Technologies (2)
41,861
13,495
Teradyne
128,396
15,180
Texas
Instruments
737,138
135,250
1,832,864
Software
8.9%
Adobe (2)
378,727
172,556
T.
ROWE
PRICE
Equity
Index
500
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ANSYS (2)
68,515
21,764
Autodesk (2)
175,588
37,637
Cadence
Design
Systems (2)
221,189
36,377
Ceridian
HCM
Holding (2)
106,801
7,301
Citrix
Systems
98,966
9,986
Fortinet (2)
108,309
37,013
Intuit
225,151
108,262
Microsoft
5,984,077
1,844,951
NortonLifeLock (1)
461,148
12,230
Oracle
1,256,504
103,950
Paycom
Software (2)
38,722
13,412
PTC (2)
83,010
8,942
Salesforce (2)
785,528
166,783
ServiceNow (2)
159,198
88,656
Synopsys (2)
121,479
40,485
Tyler
Technologies (2)
32,537
14,475
2,724,780
Technology
Hardware,
Storage
&
Peripherals
7.3%
Apple
12,374,892
2,160,780
Hewlett
Packard
Enterprise
1,034,565
17,288
HP
863,410
31,342
NetApp
177,777
14,755
Seagate
Technology
Holdings
164,105
14,753
Western
Digital (2)
245,298
12,179
2,251,097
Total
Information
Technology
8,563,197
MATERIALS
2.6%
Chemicals
1.7%
Air
Products
&
Chemicals
176,442
44,095
Albemarle
92,606
20,480
Celanese
87,155
12,452
CF
Industries
Holdings
170,913
17,614
Corteva
581,384
33,418
Dow
589,132
37,539
DuPont
de
Nemours
413,317
30,412
Eastman
Chemical
105,654
11,840
Ecolab
199,053
35,145
FMC
99,406
13,079
International
Flavors
&
Fragrances
202,509
26,596
Linde
409,089
130,675
LyondellBasell
Industries,
Class
A
209,575
21,548
Mosaic
295,820
19,672
PPG
Industries
189,036
24,777
T.
ROWE
PRICE
Equity
Index
500
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Sherwin-Williams
191,688
47,849
527,191
Construction
Materials
0.1%
Martin
Marietta
Materials
49,713
19,134
Vulcan
Materials
105,318
19,347
38,481
Containers
&
Packaging
0.3%
Amcor
1,209,831
13,707
Avery
Dennison
65,957
11,475
Ball
257,199
23,148
International
Paper
309,876
14,301
Packaging
Corp.
of
America
76,090
11,878
Sealed
Air
115,488
7,733
Westrock
211,297
9,937
92,179
Metals
&
Mining
0.5%
Freeport-McMoRan
1,165,247
57,959
Newmont
634,407
50,404
Nucor
227,452
33,811
142,174
Total
Materials
800,025
REAL
ESTATE
2.7%
Equity
Real
Estate
Investment
Trusts
2.6%
Alexandria
Real
Estate
Equities,
REIT
116,149
23,375
American
Tower,
REIT
362,422
91,048
AvalonBay
Communities,
REIT
111,268
27,636
Boston
Properties,
REIT
112,851
14,535
Crown
Castle
International,
REIT
343,211
63,357
Digital
Realty
Trust,
REIT
226,056
32,055
Duke
Realty,
REIT
303,019
17,593
Equinix,
REIT
71,601
53,101
Equity
Residential,
REIT
270,361
24,311
Essex
Property
Trust,
REIT
51,765
17,884
Extra
Space
Storage,
REIT
105,917
21,776
Federal
Realty
Investment
Trust,
REIT
55,442
6,768
Healthpeak
Properties,
REIT
424,162
14,561
Host
Hotels
&
Resorts,
REIT
568,642
11,049
Iron
Mountain,
REIT
232,051
12,858
Kimco
Realty,
REIT
492,349
12,161
Mid-America
Apartment
Communities,
REIT
91,939
19,257
Prologis,
REIT
590,699
95,386
Public
Storage,
REIT
122,094
47,651
Realty
Income,
REIT
450,363
31,210
T.
ROWE
PRICE
Equity
Index
500
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Regency
Centers,
REIT (1)
123,298
8,796
SBA
Communications,
REIT
86,934
29,914
Simon
Property
Group,
REIT
260,793
34,310
UDR,
REIT
231,354
13,273
Ventas,
REIT
318,204
19,652
Vornado
Realty
Trust,
REIT
126,175
5,718
Welltower,
REIT
346,402
33,303
Weyerhaeuser,
REIT
594,917
22,547
805,085
Real
Estate
Management
&
Development
0.1%
CBRE
Group,
Class
A (2)
266,925
24,429
24,429
Total
Real
Estate
829,514
UTILITIES
2.6%
Electric
Utilities
1.7%
Alliant
Energy
199,897
12,490
American
Electric
Power
400,683
39,976
Constellation
Energy
258,172
14,522
Duke
Energy
611,736
68,306
Edison
International
300,027
21,032
Entergy
159,447
18,615
Evergy
182,611
12,480
Eversource
Energy
273,558
24,125
Exelon
781,418
37,219
FirstEnergy
454,675
20,851
NextEra
Energy
1,573,785
133,315
NRG
Energy
193,018
7,404
Pinnacle
West
Capital
90,520
7,070
PPL
597,258
17,058
Southern
842,655
61,101
Xcel
Energy
428,359
30,915
526,479
Gas
Utilities
0.0%
Atmos
Energy (1)
108,935
13,017
13,017
Independent
Power
&
Renewable
Electricity
Producers
0.0%
AES
524,788
13,503
13,503
Multi-Utilities
0.8%
Ameren
203,319
19,063
CenterPoint
Energy
500,563
15,337
CMS
Energy
230,370
16,112
T.
ROWE
PRICE
Equity
Index
500
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Consolidated
Edison
280,284
26,537
Dominion
Energy
643,663
54,692
DTE
Energy
154,507
20,428
NiSource
314,967
10,016
Public
Service
Enterprise
Group
400,011
28,001
Sempra
Energy
254,165
42,730
WEC
Energy
Group
251,331
25,086
258,002
Water
Utilities
0.1%
American
Water
Works
146,981
24,330
24,330
Total
Utilities
835,331
Total
Common
Stocks
(Cost
$10,216,266)
30,561,582
SHORT-TERM
INVESTMENTS
0.4%
Money
Market
Funds
0.3%
T.
Rowe
Price
Government
Reserve
Fund,
0.29% (3)(4)
96,288,532
96,289
96,289
U.S.
Treasury
Obligations
0.1%
U.S.
Treasury
Bills,
0.17%,
6/23/22 (5)
8,480,000
8,471
8,471
Total
Short-Term
Investments
(Cost
$104,766)
104,760
SECURITIES
LENDING
COLLATERAL
0.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.2%
Money
Market
Funds
0.2%
T.
Rowe
Price
Government
Reserve
Fund,
0.29% (3)(4)
62,832,437
62,832
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
And
Trust
Company
62,832
Total
Securities
Lending
Collateral
(Cost
$62,832)
62,832
Total
Investments
in
Securities
100.2%
(Cost
$10,383,864)
$
30,729,174
Other
Assets
Less
Liabilities
(0.2)%
(52,507)
Net
Assets
100.0%
$
30,676,667
T.
ROWE
PRICE
Equity
Index
500
Fund
17
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2022.
(2)
Non-income
producing
(3)
Affiliated
Companies
(4)
Seven-day
yield
(5)
At
March
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
18
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
508
S&P
500
E-Mini
Index
contracts
6/22
115,081
$
7,459
Net
payments
(receipts)
of
variation
margin
to
date
(9,116)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(1,657)
T.
ROWE
PRICE
Equity
Index
500
Fund
19
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
March
31,
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
$
821
$
(9,523)
$
222
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
—
—
20++
Totals
$
821#
$
(9,523)
$
242+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
03/31/22
T.
Rowe
Price
Group
$
37,915
$
—
$
480
$
27,912
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
153,134
¤
¤
159,121
Total
$
187,033^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$242
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
$167,554.
T.
ROWE
PRICE
Equity
Index
500
Fund
Unaudited
Notes
to
Portfolio
of
Investments
20
T.
Rowe
Price
Equity
Index
500
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
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
21
Level
3
–
unobservable
inputs
(including
the fund’s
own
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
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Investments
for
which
market
quotations
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Committee
typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
T.
ROWE
PRICE
Equity
Index
500
Fund
22
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Committee
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
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
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.
Economic
sanctions
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
30,561,582
$
—
$
—
$
30,561,582
Short-Term
Investments
96,289
8,471
—
104,760
Securities
Lending
Collateral
62,832
—
—
62,832
Total
Securities
30,720,703
8,471
—
30,729,174
Futures
Contracts*
7,459
—
—
7,459
Total
$
30,728,162
$
8,471
$
—
$
30,736,633
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Equity
Index
500
Fund
23
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result, Russian-related
stocks
and
debt
have
since
suffered
significant
declines
in
value.
The
duration
of
the
coronavirus
outbreak
and
the
Russian-Ukraine
conflict,
and
their
effects
on
the
financial
markets,
cannot
be
determined
with
certainty.
The fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
these
events.
F50-054Q1
03/22