UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-05986
T. Rowe Price Index Trust, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: December 31
Date of reporting period: December 31, 2023
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Highlights
and
Market
Commentary
Management’s
Discussion
of
Fund
Performance
Performance
and
Expenses
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
Equity
Market
Index
Funds
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
Equity
Market
Index
Funds
HIGHLIGHTS
Each
of
the
three
Equity
Market
Index
Funds
produced
positive
returns
in
2023
and
closely
tracked
their
respective
benchmarks.
Most
sectors
of
the
U.S.
stock
market
produced
positive
returns
during
the
12-month
period.
Led
by
a
relatively
small
group
of
high-growth,
technology-
oriented
mega-cap
companies,
U.S.
stocks
surged
in
2023.
Using
full
replication
and
sampling
strategies,
we
kept
the
composition
and
other
attributes
of
the
index
funds
similar
to
those
of
their
benchmarks.
The
trajectories
of
the
economy,
corporate
earnings,
and
interest
rates
are
unpredictable,
and
investor
sentiment
toward
the
broad
market
and
various
market
segments
could
change
without
warning.
Our
main
task,
however,
is
to
use
full
replication
or
sampling
strategies
so
that
the
Equity
Market
Index
Funds
are
structured
like
major
U.S.
equity
indexes
and
closely
track
their
performance.
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
An
account
service
fee
will
be
charged
annually
for
each
T.
Rowe
Price
mutual
fund
account
unless
you
meet
criteria
for
a
fee
waiver.
Go
to
troweprice.com/personal-investing/help/fees-and-
minimums.html
to
learn
more
about
this
account
service
fee,
including
other
ways
to
waive
it.
T.
ROWE
PRICE
Equity
Market
Index
Funds
Market
Commentary
Dear
Shareholder
Global
stock
and
bond
indexes
were
broadly
positive
during
2023
as
most
economies
managed
to
avoid
the
recession
that
was
widely
predicted
at
the
start
of
the
year.
Technology
companies
benefited
from
investor
enthusiasm
for
artificial
intelligence
developments
and
led
the
equity
rally,
while
fixed
income
benchmarks
rebounded
late
in
the
year
amid
falling
interest
rates.
For
the
12-month
period,
the
technology-oriented
Nasdaq
Composite
Index
rose
about
43%,
reaching
a
record
high
and
producing
the
strongest
result
of
the
major
benchmarks.
Growth
stocks
outperformed
value
shares,
and
developed
market
stocks
generally
outpaced
their
emerging
markets
counterparts.
Currency
movements
were
mixed
over
the
period,
although
a
weaker
dollar
versus
major
European
currencies
was
beneficial
for
U.S.
investors
in
European
securities.
Within
the
S&P
500
Index,
which
finished
the
year
just
short
of
the
record
level
it
reached
in
early
2022,
the
information
technology,
communication
services,
and
consumer
discretionary
sectors
were
all
lifted
by
the
tech
rally
and
recorded
significant
gains.
A
small
group
of
tech-oriented
mega-cap
companies
helped
drive
much
of
the
market’s
advance.
Conversely,
the
defensive
utilities
sector
had
the
weakest
returns
in
the
growth-focused
environment,
and
the
energy
sector
also
lost
ground
amid
declining
oil
prices.
The
financials
sector
bounced
back
from
the
failure
of
three
large
regional
banks
in
the
spring
and
was
one
of
the
top-performing
segments
in
the
second
half
of
the
year.
The
U.S.
economy
was
the
strongest
among
the
major
markets
during
the
period,
with
gross
domestic
product
growth
coming
in
at
4.9%
in
the
third
quarter,
the
highest
since
the
end
of
2021.
Corporate
fundamentals
were
also
broadly
supportive.
Year-over-year
earnings
growth
contracted
in
the
first
and
second
quarters
of
2023,
but
results
were
better
than
expected,
and
earnings
growth
turned
positive
again
in
the
third
quarter.
Markets
remained
resilient
despite
a
debt
ceiling
standoff
in
the
U.S.,
the
outbreak
of
war
in
the
Middle
East,
the
continuing
conflict
between
Russia
and
Ukraine,
and
a
sluggish
economic
recovery
in
China.
Inflation
remained
a
concern,
but
investors
were
encouraged
by
the
slowing
pace
of
price
increases
as
well
as
the
possibility
that
the
Federal
Reserve
was
nearing
the
end
of
its
rate-hiking
cycle.
The
Fed
held
rates
steady
after
raising
its
short-term
lending
benchmark
rate
to
a
target
range
of
5.25%
to
5.50%
in
July,
the
highest
level
since
March
2001,
and
at
its
final
meeting
of
the
year
in
December,
the
central
bank
indicated
that
there
could
be
three
25-basis-point
rate
cuts
in
2024.
T.
ROWE
PRICE
Equity
Market
Index
Funds
The
yield
of
the
benchmark
10-year
U.S.
Treasury
note
briefly
reached
5.00%
in
October
for
the
first
time
since
late
2007
before
falling
back
to
3.88%
by
period-end,
the
same
level
where
it
started
the
year,
amid
cooler-than-expected
inflation
readings
and
less-hawkish
Fed
rhetoric.
Fixed
income
benchmarks
were
lifted
late
in
the
year
by
falling
yields.
Investment-grade
and
high
yield
corporate
bonds
produced
solid
returns,
supported
by
the
higher
coupons
that
have
become
available
over
the
past
year,
as
well
as
increasing
hopes
that
the
economy
might
be
able
to
avoid
a
recession.
Global
economies
and
markets
showed
surprising
resilience
in
2023,
but
considerable
uncertainty
remains
as
we
look
ahead.
Geopolitical
events,
the
path
of
monetary
policy,
and
the
impact
of
the
Fed’s
rate
hikes
on
the
economy
all
raise
the
potential
for
additional
volatility.
We
believe
this
environment
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
help
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely,
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
Equity
Market
Index
Funds
Management’s
Discussion
of
Fund
Performance
EQUITY
INDEX
500 FUND
INVESTMENT
OBJECTIVE
The
fund
seeks
to
track
the
performance
of
a
benchmark
index
that
measures
the
investment
return
of
large-capitalization
U.S.
stocks.
FUND
COMMENTARY
How
did
the
fund
perform
in
the
past 12
months?
The
Equity
Index
500
Fund
returned
26.06%
versus
26.29%
for
its
benchmark,
the
S&P
500
Index.
The
fund’s
performance
tends
to
slightly
lag
that
of
the
index
due
to
operating
and
management
expenses.
(Performance
for
the
fund’s
I
Class
and
Z
Class
shares
will
vary
due
to
different
fee
structures.
Past
performance
cannot
guarantee
future
results
.)
What
factors
influenced
the
fund’s
performance?
Most
sectors
in
the
S&P
500
Index
produced
positive
returns
in
2023.
Led
by
a
relatively
small
group
of
high-growth,
technology-oriented
mega-
cap
companies,
large-cap
U.S.
stocks
surged
in
2023.
Generally
favorable
corporate
earnings,
a
resilient
economy,
and
increased
investor
interest
in
artificial
intelligence
(AI)
also
provided
a
favorable
backdrop
for
U.S.
equities.
Within
our
portfolio,
information
technology
stocks
contributed
the
most
in
absolute
terms.
Semiconductors,
software,
and
hardware
companies
were
among
the
best
performers
in
the
portfolio,
with
bellwethers
NVIDIA,
Microsoft,
and
Apple,
respectively,
performing
particularly
well.
Shares
of
these
giants
soared
with
other
technology
names,
as
the
sector
was
driven
by
demand
for
companies
expected
to
benefit
from
AI.
Also,
the
prospects
for
lower
interest
rates
in
2024
gave
growth
stocks
an
additional
boost
at
the
end
of
the
year.
Falling
interest
rates
help
high-growth
companies
by
increasing
the
present
value
of
their
future
profits.
(Please
refer
to
the
portfolio
of
investments
for
a
complete
list
of
holdings
and
the
amount
each
represents
in
the
portfolio.)
PERFORMANCE
COMPARISON
Total
Return
Periods
Ended
12/31/23
6
Months
12
Months
Equity
Index
500
Fund
–
.
7.93%
26.06%
Equity
Index
500
Fund–
.
I Class
8.01
26.23
Equity
Index
500
Fund–
.
Z Class
8.04
26.30
S&P
500
Index
8.04
26.29
T.
ROWE
PRICE
Equity
Market
Index
Funds
The
communication
services
sector
also
exhibited
positive
returns.
The
interactive
media
and
services
segment
contributed
the
most
to
absolute
results,
as
Facebook
parent
company
Meta
Platforms
generated
robust
returns
during
the
year.
The
stock
surged
with
other
mega-cap
tech
names
as
investors
were
bullish
on
broader
economic
growth
as
well
as
the
profit
potential
of
AI
adoption
and
advancements.
The
entertainment
segment
also
performed
well.
Shares
of
streaming
service
provider
Netflix
rose
for
much
of
the
year,
buoyed
by
solid
corporate
earnings.
Near
the
end
of
the
year,
shares
benefited
from
the
announcement
of
large
price
increases
for
the
company’s
Basic
and
Premium
subscription
plans.
Conversely,
utilities
shares
declined
for
the
12-month
period.
Rising
interest
rates
for
most
of
the
year
pressured
the
utilities
sector,
as
the
relatively
high
dividend
payments
that
utilities
companies
typically
offer
become
less
attractive
to
investors
as
bond
yields
climb.
Within
our
portfolio,
electric
utilities
companies
performed
worst;
NextEra
Energy,
the
largest
utility
company
by
market
value
in
the
U.S.,
was
particularly
weak.
Shares
sold
off
meaningfully
during
the
year
as
yield-seeking
investors
rotated
out
of
the
stock
and
rising
rates
led
to
increased
borrowing
costs
for
providers
of
clean
energy.
The
energy
sector
also
declined
during
the
12-month
period;
oil,
gas,
and
consumable
fuels
companies
were
weakest.
Energy
giants
Chevron
and
ExxonMobil
were
the
worst
performers
in
the
sector
as
both
companies
faced
headwinds
throughout
the
year.
Generally
lower
oil
prices
in
2023
weighed
on
shares,
as
did
the
large
acquisitions
of
smaller
energy
sector
firms—Chevron
acquired
Hess,
while
ExxonMobil
bought
Pioneer
Natural
Resources—later
in
the
year.
SECTOR
DIVERSIFICATION
Periods
Ended
6/30/23
12/31/23
Information
Technology
28.0%
28.6%
Financials
12.4
12.9
Health
Care
13.4
12.5
Consumer
Discretionary
10.6
10.8
Industrials
and
Business
Services
8.6
9.0
Communication
Services
8.4
8.6
Consumer
Staples
6.6
6.1
Energy
4.1
3.9
Real
Estate
2.5
2.5
Materials
2.5
2.4
Utilities
2.6
2.3
Other
and
Reserves
0.3
0.4
Total
100.0%
100.0%
Historical
weightings
reflect
current
industry/sector
classifications.
T.
ROWE
PRICE
Equity
Market
Index
Funds
TOTAL
EQUITY
MARKET
INDEX FUND
INVESTMENT
OBJECTIVE
The
fund
seeks
to
match the
performance
of
the
entire
U.S.
stock
market.
FUND
COMMENTARY
How
did
the
fund
perform
in
the
past 12
months?
The
Total
Equity
Market
Index
Fund
returned
26.38%
versus
26.06%
for
its
benchmark,
the
S&P
Total
Market
Index.
The
fund
usually
lags
the
benchmark
slightly
due
to
operating
and
management
expenses.
(
Past
performance
cannot
guarantee
future
results
.)
What
factors
influenced
the
fund’s
performance?
Within
our
portfolio,
information
technology
stocks
contributed
the
most
in
absolute
terms.
Software,
semiconductors,
and
hardware
companies
were
among
the
best
performers
in
the
portfolio,
with
bellwethers
Microsoft,
NVIDIA,
and
Apple,
respectively,
performing
particularly
well.
Shares
of
these
giants
soared
with
other
technology
names,
as
the
sector
was
driven
by
demand
for
companies
expected
to
benefit
from
AI.
Also,
the
prospects
for
lower
interest
rates
in
2024
gave
growth
stocks
an
additional
boost
at
the
end
of
the
year.
Falling
interest
rates
help
high-growth
companies
by
increasing
the
present
value
of
their
future
profits.
(Please
refer
to
the
portfolio
of
investments
for
a
complete
list
of
holdings
and
the
amount
each
represents
in
the
portfolio.)
The
consumer
discretionary
sector
also
exhibited
positive
returns.
The
broadline
retail
segment
contributed
the
most
to
absolute
results.
Shares
of
Amazon.com
surged
over
the
period
as
the
firm’s
expansive
plan
to
cut
costs
had
a
positive
impact
on
margins
and
offset
topline
growth
weakness
in
retail
and
cloud.
The
strong
margin
improvement
in
retail
showed
that
Amazon’s
decision
to
regionalize
its
logistics
network
has
led
to
faster
deliveries
at
lower
costs.
The
automobiles
segment
also
helped.
Shares
of
Tesla
rose
sharply
in
the
first
half
of
the
year
on
the
back
of
multiple
positive
developments,
including
news
that
all
versions
of
the
firm’s
cheapest
Model
3
would
be
eligible
for
the
full
$7,500
electric
vehicle
tax
credit,
as
well
as
the
announcements
that
Ford,
General
Motors,
and
Rivian
would
each
adopt
Tesla’s
North
American
charging
plug
standard
for
their
electric
vehicles.
PERFORMANCE
COMPARISON
Total
Return
Periods
Ended
12/31/23
6
Months
12
Months
Total
Equity
Market
Index
Fund
–
.
8.64%
26.38%
S&P
Total
Market
Index
8.44
26.06
T.
ROWE
PRICE
Equity
Market
Index
Funds
Conversely,
utilities
shares
declined
for
the
12-month
period.
Rising
interest
rates
for
most
of
the
year
pressured
the
utilities
sector,
as
the
relatively
high
dividend
payments
that
utilities
companies
typically
offer
become
less
attractive
to
investors
as
bond
yields
climb.
Within
our
portfolio,
electric
utilities
companies
performed
worst;
NextEra
Energy,
the
largest
utility
company
by
market
value
in
the
U.S.,
was
particularly
weak.
Shares
sold
off
meaningfully
during
the
year
as
yield-seeking
investors
rotated
out
of
the
stock
and
rising
rates
led
to
increased
borrowing
costs
for
providers
of
clean
energy.
The
energy
sector
also
declined
during
the
12-month
period;
oil,
gas,
and
consumable
fuels
companies
were
weakest.
Energy
giants
Chevron
and
ExxonMobil
were
the
worst
performers
in
the
sector
as
both
companies
faced
headwinds
throughout
the
year.
Generally
lower
oil
prices
in
2023
weighed
on
shares,
as
did
the
large
acquisitions
of
smaller
energy
sector
firms—Chevron
acquired
Hess,
while
ExxonMobil
bought
Pioneer
Natural
Resources—later
in
the
year.
SECTOR
DIVERSIFICATION
Periods
Ended
6/30/23
12/31/23
Information
Technology
26.4%
27.4%
Financials
12.9
13.4
Health
Care
13.3
12.6
Consumer
Discretionary
10.9
10.8
Industrials
and
Business
Services
10.0
10.1
Communication
Services
7.7
7.8
Consumer
Staples
6.1
5.7
Energy
4.1
3.9
Real
Estate
3.0
3.0
Materials
2.7
2.6
Utilities
2.4
2.2
Other
and
Reserves
0.5
0.5
Total
100.0%
100.0%
Historical
weightings
reflect
current
industry/sector
classifications.
T.
ROWE
PRICE
Equity
Market
Index
Funds
EXTENDED
EQUITY
MARKET
INDEX FUND
INVESTMENT
OBJECTIVE
The
fund
seeks
to
track
the
performance
of
a
benchmark
index
that
measures
the
investment
return
of
small-
and
mid-capitalization
U.S.
stocks.
FUND
COMMENTARY
How
did
the
fund
perform
in
the
past 12
months?
Small-
and
mid-cap
U.S.
stocks
produced
positive
returns
in
2023.
The
Extended
Equity
Market
Index
Fund
returned
25.35%
versus
24.97%
for
its
benchmark,
the
S&P
Completion
Index.
The
fund
usually
lags
the
benchmark
slightly
due
to
operating
and
management
expenses.
(
Past
performance
cannot
guarantee
future
results
.)
What
factors
influenced
the
fund’s
performance?
Within
our
portfolio,
information
technology
stocks
contributed
the
most
in
absolute
terms.
Software,
IT
services,
and
semiconductor
companies
were
among
the
best
performers
in
the
portfolio,
with
Palo
Alto
Networks,
Snowflake,
and
Marvell
Technology,
respectively,
being
particularly
strong.
Shares
of
these
companies
soared
with
other
technology
names,
as
the
sector
was
driven
by
demand
for
companies
expected
to
benefit
from
AI.
Also,
the
prospects
for
lower
interest
rates
in
2024
gave
growth
stocks
an
additional
boost
at
the
end
of
the
year.
Falling
interest
rates
help
high-growth
companies
by
increasing
the
present
value
of
their
future
profits.
(Please
refer
to
the
portfolio
of
investments
for
a
complete
list
of
holdings
and
the
amount
each
represents
in
the
portfolio.)
The
industrials
and
business
services
sector
also
exhibited
positive
returns;
the
ground
transportation
segment
performed
best.
Shares
of
leading
ride
share
brand
Uber
Technologies
surged
for
most
of
the
year,
as
strong
corporate
earnings
provided
a
favorable
backdrop.
Bookings
accelerated
across
the
company’s
mobility
and
delivery
segments
as
demand
in
the
U.S.
strengthened,
most
notably
in
the
third
quarter.
Shares
rallied
even
further
at
the
end
of
the
year
in
anticipation
of
Uber
Technologies
being
added
to
the
large-cap
S&P
500
Index.
The
building
products
segment
also
advanced
during
the
year,
led
by
Builders
FirstSource.
The
company
is
a
maker
of
assorted
building
products
used
in
new
home
construction,
as
well
as
remodeling,
repairs,
and
PERFORMANCE
COMPARISON
Total
Return
Periods
Ended
12/31/23
6
Months
12
Months
Extended
Equity
Market
Index
Fund
–
.
11.40%
25.35%
S&P
Completion
Index
11.01
24.97
T.
ROWE
PRICE
Equity
Market
Index
Funds
renovations.
Shares
surged
as
the
company
reported
better-than-expected
third-quarter
earnings
and
as
a
sharp
drop
in
mortgage
interest
rates
boosted
sentiment
toward
homebuilding-related
industries.
The
stock
was
also
added
to
the
S&P
500
late
in
the
year.
The
financials
sector
also
generated
strong
returns
during
the
year,
with
capital
markets
and
financial
services
companies
performing
best.
Shares
of
alternative
asset
managers
Blackstone
and
Apollo
Global
Management
surged
during
the
year.
Both
companies
benefited
from
investors
who,
following
a
difficult
2022
for
stocks
and
bonds,
sought
alternative
investments
that
could
provide
higher
returns
and
possibly
other
benefits,
such
as
broader
diversification
or
lower
volatility.
Investors
also
anticipate
that
these
nonbank
institutions
could
win
additional
business
that
might
otherwise
go
to
large,
heavily
regulated
banks,
particularly
if
new
rules
take
effect
requiring
banks
to
hold
substantially
more
capital
reserves.
Conversely,
utilities
shares
declined
for
the
12-month
period.
Rising
interest
rates
pressured
the
utilities
sector
throughout
the
year
as
the
high
dividend
payments
that
utilities
companies
typically
offer
become
less
attractive
to
investors
as
bond
yields
climb
higher.
Within
our
portfolio,
gas
utilities
companies
performed
worst
as
UGI
Corporation
and
National
Fuel
Gas
Company
detracted
from
absolute
returns.
How
are
the
Equity
Market
Index
Funds
positioned?
The
Equity
Market
Index
Funds,
which
tend
to
closely
track
their
benchmarks,
offer
broad
exposure
to
different
sectors
of
the
U.S.
stock
market,
and
each
fund’s
sector
allocations
are
consistent
with
those
of
its
benchmark.
As
such,
changes
in
each
portfolio’s
sector
diversification
and
other
overall
characteristics
reflect
changes
in
the
composition
of
the
indexes,
rather
than
strategic
shifts
that
are
typical
of
an
SECTOR
DIVERSIFICATION
Periods
Ended
6/30/23
12/31/23
Information
Technology
17.7%
19.0%
Financials
15.6
17.1
Industrials
and
Business
Services
18.1
16.7
Health
Care
13.0
11.9
Consumer
Discretionary
12.0
11.3
Real
Estate
6.0
6.1
Energy
4.2
4.4
Materials
4.1
4.2
Communication
Services
4.0
4.1
Consumer
Staples
2.8
2.9
Utilities
1.9
1.7
Other
and
Reserves
0.6
0.6
Total
100.0%
100.0%
Historical
weightings
reflect
current
industry/sector
classifications.
T.
ROWE
PRICE
Equity
Market
Index
Funds
actively
managed
fund.
Since
the
portfolios
are
designed
to
track
their
indexes,
they
do
not
have
the
flexibility
to
shift
assets
toward
stocks
or
sectors
that
are
rising
or
away
from
those
that
are
declining.
The
funds’
expenses
are
generally
low,
which
allows
investors
to
retain
more
of
their
returns.
As
a
reminder,
the
Equity
Market
Index
Funds
are
designed
for
investors
who
want
to
harness
the
potential
for
long-term
capital
appreciation
from
broad
exposure
to
large-cap
U.S.
stocks,
the
entire
U.S.
stock
market,
or
small-
and
mid-cap
U.S.
stocks.
The
portfolios
could
serve
as
core
holdings
in
an
investor’s
portfolio,
as
they
offer
attributes
that
many
investors
will
find
appealing.
The
portfolios
intend
to
be
diversified
in
approximately
the
same
proportion
as
the
indexes
they
track
are
diversified.
(Diversification
cannot
assure
a
profit
or
protect
against
loss
in
a
declining
market.)
The
Equity
Index
500
Fund
uses
a
full
replication
strategy,
which
involves
investing
substantially
all
of
its
assets
in
all
of
the
stocks
in
the
S&P 500
Index.
The
fund
seeks
to
maintain
holdings
of
each
stock
in
proportion
to
its
weight
in
the
index.
The
Total
Equity
Market
Index
Fund
and
the
Extended
Equity
Market
Index
Fund
use
a
sampling
strategy,
which
involves
investing
substantially
all
of
their
assets
in
a
group
of
stocks
representative
of
the
sector
allocations,
financial
characteristics,
and
other
attributes
of
the
S&P
Total
Market
Index
and
S&P
Completion
Index,
respectively.
These
two
funds
do
not
attempt
to
fully
replicate
their
indexes
by
owning
each
of
the
stocks
in
them.
All
three
index
funds
may
occasionally
invest
in
securities
such
as
futures
and
exchange-traded
funds
so
that
they
can
accommodate
cash
flows
and
remain
fully
invested.
What
is
portfolio
management’s
outlook?
Continued
trends
in
disinflation,
alongside
a
handful
of
benign
jobs
reports,
have
lengthened
the
runway
for
an
economic
soft
landing.
The
Federal
Reserve’s
dovish
pivot—and
implied
rate
cut
cadence—has
encouraged
risk-on
behavior
as
the
probability
of
a
recession
continues
to
decline.
We
believe
equity
returns
are
likely
to
be
more
subdued
in
2024;
an
additional
move
higher
will
likely
hinge
on
the
ability
of
companies
to
demonstrate
meaningful
earnings
and
free
cash
flow
growth
following
the
significant
move
up
in
the
last
12
months,
which
was
aided
in
large
part
by
multiple
expansion.
T.
ROWE
PRICE
Equity
Market
Index
Funds
The
trajectories
of
the
economy,
corporate
earnings,
and
interest
rates
are
unpredictable,
and
investor
sentiment
toward
the
broad
market
and
various
market
segments
could
change
without
warning.
Our
main
task
is
not
to
determine
which
stocks
or
sectors
may
perform
best
in
the
period
ahead
but,
rather,
to
use
full
replication
or
sampling
strategies
so
that
the
Equity
Market
Index
Funds
are
structured
like
major
U.S.
equity
indexes
and
closely
track
their
performance.
The
views
expressed
reflect
the
opinions
of
T.
Rowe
Price
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic,
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
T.
ROWE
PRICE
Equity
Market
Index
Funds
RISKS
OF
INVESTING
IN
THE
EQUITY
MARKET
INDEX
FUNDS
Common
stocks
generally
fluctuate
in
value
more
than
bonds
and
may
decline
significantly
over
short
time
periods.
There
is
a
chance
that
stock
prices
overall
will
decline
because
stock
markets
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
The
value
of
a
stock
in
which
the
funds
invest
may
decline
due
to
general
weakness
in
the
U.S.
stock
market,
such
as
when
the
U.S.
financial
markets
decline,
or
because
of
factors
that
affect
a
particular
company
or
industry.
Although
stocks
issued
by
larger
companies
tend
to
have
less
overall
volatility
than
stocks
issued
by
smaller
companies,
larger
companies
may
not
be
able
to
attain
the
high
growth
rates
of
successful
smaller
companies,
especially
during
strong
economic
periods.
In
addition,
larger
companies
may
be
less
capable
of
responding
quickly
to
competitive
challenges
and
industry
changes
and
may
suffer
sharper
price
declines
as
a
result
of
earnings
disappointments.
Funds
that
invest
in
small
and
medium-sized
companies
could
be
more
volatile
than
funds
that
are
exposed
to
only
large
companies.
Small
and
medium-sized
companies
often
have
less
experienced
management,
narrower
product
lines,
more
limited
financial
resources,
and
less
publicly
available
information
than
larger
companies.
Smaller
companies
may
have
limited
trading
markets
and
tend
to
be
more
sensitive
to
changes
in
overall
economic
conditions.
Because
the
funds
are
passively
managed,
holdings
are
generally
not
reallocated
based
on
changes
in
market
conditions
or
the
outlook
for
a
specific
security,
industry,
or
market
sector.
As
a
result,
the
funds’
performance
may
lag
the
performance
of
actively
managed
funds.
Funds
that
use
a
sampling
strategy
(and
thus
do
not
attempt
to
fully
replicate
their
benchmark
indexes)
have
a
greater
potential
for
their
performance
to
deviate
from
that
of
their
benchmarks.
BENCHMARK
INFORMATION
Note:
The S&P
500
Index,
S&P
Total
Market
Index,
and
S&P
Completion
Index are
products of
S&P
Dow
Jones
Indices
LLC,
a
division
of
S&P
Global,
or
its
affiliates
(“SPDJI”)
and
has
been
licensed
for
use
by
T.
Rowe
Price.
Standard
& Poor’s
®
and
S&P
®
are
registered
trademarks of
Standard
&
Poor’s
Financial
Services
LLC,
a
division
of
S&P
Global (“S&P”);
Dow
Jones
®
is
a
registered
trademark
of
Dow
Jones
Trademark
Holdings
LLC
(“Dow
Jones”);
T.
Rowe
Price
is
not
sponsored,
endorsed,
sold
or
promoted
by
SPDJI,
Dow
Jones,
S&P,
T.
ROWE
PRICE
Equity
Market
Index
Funds
or
their
respective
affiliates,
and
none
of
such
parties
make
any
representation
regarding
the
advisability
of
investing
in
such
product(s)
nor
do
they
have
any
liability
for
any
errors,
omissions,
or
interruptions
of
the
S&P
500
Index,
S&P
Total
Market
Index,
and
S&P
Completion
Index.
PORTFOLIO
HIGHLIGHTS
TWENTY-FIVE
LARGEST
HOLDINGS
Equity
Index
500
Fund
Percent
of
Net
Assets
12/31/23
Apple
7.0%
Microsoft
6.9
Alphabet
3.8
Amazon.com
3.4
NVIDIA
3.0
Meta
Platforms
2.0
Tesla
1.7
Berkshire
Hathaway
1.6
JPMorgan
Chase
1.2
Broadcom
1.2
UnitedHealth
Group
1.2
Eli
Lilly
1.2
Visa
1.0
Exxon
Mobil
1.0
Johnson
&
Johnson
0.9
Mastercard
0.9
Home
Depot
0.9
Procter
&
Gamble
0.9
Costco
Wholesale
0.7
Merck
0.7
AbbVie
0.7
Adobe
0.7
Chevron
0.7
Salesforce
0.6
Advanced
Micro
Devices
0.6
Total
44.5%
Note:
The
information
shown
does
not
reflect
any
exchange-traded
funds
(ETFs),
cash
reserves,
or
collateral
for
securities
lending
that
may
be
held
in
the
portfolio.
BENCHMARK
INFORMATION
(continued)
T.
ROWE
PRICE
Equity
Market
Index
Funds
PORTFOLIO
HIGHLIGHTS
TWENTY-FIVE
LARGEST
HOLDINGS
Total
Equity
Market
Index
Fund
Percent
of
Net
Assets
12/31/23
Apple
6.0%
Microsoft
6.0
Alphabet
3.3
Amazon.com
3.0
NVIDIA
2.6
Meta
Platforms
1.7
Tesla
1.5
Berkshire
Hathaway
1.4
JPMorgan
Chase
1.1
UnitedHealth
Group
1.0
Broadcom
1.0
Eli
Lilly
1.0
Visa
0.9
Exxon
Mobil
0.9
Johnson
&
Johnson
0.8
Mastercard
0.8
Home
Depot
0.8
Procter
&
Gamble
0.7
Costco
Wholesale
0.6
Merck
0.6
Adobe
0.6
AbbVie
0.6
Salesforce
0.6
Chevron
0.5
Advanced
Micro
Devices
0.5
Total
38.5%
Note:
The
information
shown
does
not
reflect
any
exchange-traded
funds
(ETFs),
cash
reserves,
or
collateral
for
securities
lending
that
may
be
held
in
the
portfolio.
T.
ROWE
PRICE
Equity
Market
Index
Funds
PORTFOLIO
HIGHLIGHTS
TWENTY-FIVE
LARGEST
HOLDINGS
Extended
Equity
Market
Index
Fund
Percent
of
Net
Assets
12/31/23
Snowflake
1.0%
Workday
0.9
Crowdstrike
Holdings
0.9
KKR
0.8
Marvell
Technology
0.8
Block
0.6
Apollo
Global
Management
0.6
Cheniere
Energy
0.6
Ferguson
0.6
Datadog
0.6
Atlassian
0.6
Palantir
Technologies
0.5
DoorDash
0.5
Trade
Desk
0.5
HubSpot
0.5
Coinbase
Global
0.5
MongoDB
0.4
Veeva
Systems
0.4
Alnylam
Pharmaceuticals
0.4
Cloudflare
0.4
Pinterest
0.3
Splunk
0.3
ROBLOX
0.3
Ares
Management
0.3
Zscaler
0.3
Total
13.6%
Note:
The
information
shown
does
not
reflect
any
exchange-traded
funds
(ETFs),
cash
reserves,
or
collateral
for
securities
lending
that
may
be
held
in
the
portfolio.
T.
ROWE
PRICE
Equity
Market
Index
Funds
GROWTH
OF
$10,000
This
chart
shows
the
value
of
a
hypothetical
$10,000
investment
in
the
fund
over
the
past
10
fiscal
year
periods
or
since
inception
(for funds
lacking
10-year
records).
The
result
is
compared
with
benchmarks,
which
include
a
broad-based
market
index
and
may
also
include
a
peer
group
average
or
index.
Market
indexes
do
not
include
expenses,
which
are
deducted
from
fund
returns
as
well
as
mutual fund
averages
and
indexes.
EQUITY
INDEX
500
FUND
Note:
Performance
for
the I
and
Z
Class
shares
will
vary
due
to
their
differing
fee
structures.
See
the
Average
Annual
Compound
Total
Return
table
on
the
next
page.
T.
ROWE
PRICE
Equity
Market
Index
Funds
AVERAGE
ANNUAL
COMPOUND
TOTAL
RETURN
Periods
Ended
12/31/23
1
Year
5
Years
10
Years
Since
Inception
Inception
Date
Equity
Index
500
Fund
–
.
26.06%
15.47%
11.80%
–
–
Equity
Index
500
Fund–
.
I Class
26.23
15.62
–
13.05%
8/28/15
Equity
Index
500
Fund–
.
Z Class
26.30
–
–
21.97
3/16/20
The
fund’s
performance
information
represents
only
past
performance
and
is
not
necessarily
an
indication
of
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
cited.
Share
price,
principal
value,
and
return
will
vary,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
For
the
most
recent
month-end
perfor
mance,
please
visit
our
website
(troweprice.
com)
or
contact
a
T.
Rowe
Price
representative
at
1
-
800
-
225
-
5132
or,
for
0.02
I
and
0.03
Z
Class
shares,
1-800-638-8790.
This
table
shows
how
the
fund
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
had
been
earned
at
a
constant
rate.
Average
annual
total
return
figures
include
changes
in
principal
value,
reinvested
dividends,
and
capital
gain
distributions.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
When
assessing
performance,
investors
should
consider
both
short-
and
long-term
returns.
T.
ROWE
PRICE
Equity
Market
Index
Funds
GROWTH
OF
$10,000
This
chart
shows
the
value
of
a
hypothetical
$10,000
investment
in
the
fund
over
the
past
10
fiscal
year
periods
or
since
inception
(for funds
lacking
10-year
records).
The
result
is
compared
with
benchmarks,
which
include
a
broad-based
market
index
and
may
also
include
a
peer
group
average
or
index.
Market
indexes
do
not
include
expenses,
which
are
deducted
from
fund
returns
as
well
as
mutual fund
averages
and
indexes.
TOTAL
EQUITY
MARKET
INDEX
FUND
AVERAGE
ANNUAL
COMPOUND
TOTAL
RETURN
Periods
Ended
12/31/23
1
Year
5
Years
10
Years
Total
Equity
Market
Index
Fund
–
.
26.38%
14.81%
11.19%
The
fund’s
performance
information
represents
only
past
performance
and
is
not
necessarily
an
indication
of
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
cited.
Share
price,
principal
value,
and
return
will
vary,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
For
the
most
recent
month-end
performance,
please
visit
our
website
(troweprice.com)
or
contact
a
T.
Rowe
Price
representative
at
1-800-225-5132.
This
table
shows
how
the
fund
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
for
the
periods
shown
had
been
earned
at
a
constant
rate.
Average
annual
total
return
figures
include
changes
in
principal
value,
reinvested
dividends,
and
capital
gain
distributions.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
When
assessing
performance,
investors
should
consider
both
short-
and
long-term
returns.
T.
ROWE
PRICE
Equity
Market
Index
Funds
GROWTH
OF
$10,000
This
chart
shows
the
value
of
a
hypothetical
$10,000
investment
in
the
fund
over
the
past
10
fiscal
year
periods
or
since
inception
(for funds
lacking
10-year
records).
The
result
is
compared
with
benchmarks,
which
include
a
broad-based
market
index
and
may
also
include
a
peer
group
average
or
index.
Market
indexes
do
not
include
expenses,
which
are
deducted
from
fund
returns
as
well
as
mutual fund
averages
and
indexes.
EXTENDED
EQUITY
MARKET
INDEX
FUND
AVERAGE
ANNUAL
COMPOUND
TOTAL
RETURN
Periods
Ended
12/31/23
1
Year
5
Years
10
Years
Extended
Equity
Market
Index
Fund
–
.
25.35%
11.72%
8.39%
The
fund’s
performance
information
represents
only
past
performance
and
is
not
necessarily
an
indication
of
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
cited.
Share
price,
principal
value,
and
return
will
vary,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
For
the
most
recent
month-end
performance,
please
visit
our
website
(troweprice.com)
or
contact
a
T.
Rowe
Price
representative
at
1-800-225-5132.
This
table
shows
how
the
fund
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
for
the
periods
shown
had
been
earned
at
a
constant
rate.
Average
annual
total
return
figures
include
changes
in
principal
value,
reinvested
dividends,
and
capital
gain
distributions.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
When
assessing
performance,
investors
should
consider
both
short-
and
long-term
returns.
T.
ROWE
PRICE
Equity
Market
Index
Funds
EXPENSE
RATIOS
FUND
EXPENSE
EXAMPLE
As
a
mutual
fund
shareholder,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,
such
as
redemption
fees
or
sales
loads,
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
fund
expenses.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
most
recent
six-month
period
and
held
for
the
entire
period.
Please note
that
the
Equity
Index
500
Fund
has
three
share
classes:
The
original
share
class
(Investor
Class)
charges
no
distribution
and
service
(12b-1)
fee,
I
Class
shares
are
also
available
to
institutionally
oriented
clients
and
impose
no
12b-1
or
administrative
fee
payment,
and
Z
Class
shares
are
offered
only
to
funds
advised
by
T.
Rowe
Price
and
other
advisory
clients
of
T.
Rowe
Price
or
its
affiliates
that
are
subject
to
a
contractual
fee
for
investment
management
services
and
impose
no
12b-1
fee
or
administrative
fee
payment.
Each
share
class
is
presented
separately
in
the
table.
Actual
Expenses
The
first
line
of
the
following
table
(Actual)
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
on
this
line,
together
with
your
account
balance,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
on
the
first
line
under
the
heading
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
on
the
second
line
of
the
table
(Hypothetical)
is
based
on
hypothetical
account
values
and
expenses
derived
from
the
fund’s
actual
expense
ratio
and
an
assumed
5%
per
year
rate
of
return
before
expenses
(not
the
fund’s
actual
return).
You
may
compare
the
ongoing
costs
of
investing
in
the
fund
with
other
funds
by
contrasting
this
5%
hypothetical
example
and
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
Equity
Index
500
Fund
0.20%
Equity
Index
500
Fund–I
Class
0.08
Equity
Index
500
Fund–Z
Class
0.05
Total
Equity
Market
Index
Fund
0.21
Extended
Equity
Market
Index
Fund
0.26
The
expense
ratios
shown
are
as
of
the
funds’
most
recent
prospectus.
These
numbers
may
vary
from
the
expense
ratios
shown
elsewhere
in
this
report
because
they
are
based
on
a
different
time
period
and,
if
applicable,
include
acquired
fund
fees
and
expenses
but
do
not
include
fee
or
expense
waivers.
T.
ROWE
PRICE
Equity
Market
Index
Funds
Note:
T.
Rowe
Price
charges
an
account
service
fee
that
is
not
included
in
the
accompanying
table.
The
account
service
fee
is
charged
on
a
quarterly
basis,
usually
during
the
last
week
of
a
calendar
quarter,
and
applies
to
accounts
with
balances
below
$10,000
on
the
day
of
the
assessment.
The
fee
is
charged
to
accounts
that
fall
below
$10,000
for
any
reason,
including
market
fluctuations,
redemptions,
or
exchanges.
When
an
account
with
less
than
$10,000
is
closed
either
through
redemption
or
exchange,
the
fee
is
charged
and
deducted
from
the
proceeds.
The
fee
applies
to
IRAs
but
not
to
retirement
plans
directly
registered
with
T.
Rowe
Price
Services
or
accounts
maintained
by
intermediaries
through
NSCC
®
Networking.
If
you
are
subject
to
the
fee,
keep
it
in
mind
when
you
are
estimating
the
ongoing
expenses
of
investing
in
the
fund
and
when
comparing
the
expenses
of
this
fund
with
other
funds.
You
should
also
be
aware
that
the
expenses
shown
in
the
table
highlight
only
your
ongoing
costs
and
do
not
reflect
any
transaction
costs,
such
as
redemption
fees
or
sales
loads.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
To
the
extent
a
fund
charges
transaction
costs,
however,
the
total
cost
of
owning
that
fund
is
higher.
EQUITY
INDEX
500
FUND
Beginning
Account
Value
7/1/23
Ending
Account
Value
12/31/23
Expenses
Paid
During
Period*
7/1/23
to
12/31/23
Investor
Class
Actual
$1,000.00
$1,079.30
$1.00
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,024.25
0.97
I
Class
Actual
1,000.00
1,080.10
0.26
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,024.95
0.26
Z
Class
Actual
1,000.00
1,080.40
0.00
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,025.21
0.00
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(184),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.19%,
the
2
I Class
was
0.05%,
and
the
3
Z Class
was
0.00%.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
T.
ROWE
PRICE
Equity
Market
Index
Funds
TOTAL
EQUITY
MARKET
INDEX
FUND
Beginning
Account
Value
7/1/23
Ending
Account
Value
12/31/23
Expenses
Paid
During
Period*
7/1/23
to
12/31/23
Actual
$1,000.00
$1,086.40
$0.89
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,024.35
0.87
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period
(0.17%),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(184),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
EXTENDED
EQUITY
MARKET
INDEX
FUND
Beginning
Account
Value
7/1/23
Ending
Account
Value
12/31/23
Expenses
Paid
During
Period*
7/1/23
to
12/31/23
Actual
$1,000.00
$1,114.00
$1.33
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,023.95
1.28
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period
(0.25%),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(184),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
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.
202402-3281647
C50-050
2/24
Annual
Report
I
Financial
Statements
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
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
100.94
$
125.31
$
99.17
$
85.83
$
66.80
Investment
activities
Net
investment
income
(1)(2)
1.65
1.50
1.36
1.52
1.44
Net
realized
and
unrealized
gain/
loss
24.48
(24.35)
26.74
13.77
19.27
Total
from
investment
activities
26.13
(22.85)
28.10
15.29
20.71
Distributions
Net
investment
income
(1.66)
(1.52)
(1.44)
(1.55)
(1.53)
Net
realized
gain
—
—
(0.52)
(0.40)
(0.15)
Total
distributions
(1.66)
(1.52)
(1.96)
(1.95)
(1.68)
NET
ASSET
VALUE
End
of
period
$
125.41
$
100.94
$
125.31
$
99.17
$
85.83
Ratios/Supplemental
Data
Total
return
(2)(3)
26.06%
(18.28)%
28.50%
18.19%
31.23%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.19%
0.20%
0.16%
0.19%
0.20%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.19%
0.20%
0.16%
0.19%
0.20%
Net
investment
income
1.46%
1.38%
1.21%
1.82%
1.85%
Portfolio
turnover
rate
5.8%
3.1%
3.1%
13.6%
9.3%
Net
assets,
end
of
period
(in
millions)
$7,218
$5,704
$11,145
$9,002
$25,507
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
7
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Equity
Index
500
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
100.93
$
125.32
$
99.16
$
85.84
$
66.81
Investment
activities
Net
investment
income
(1)(2)
1.80
1.68
1.47
1.54
1.55
Net
realized
and
unrealized
gain/
loss
24.49
(24.36)
26.75
13.85
19.26
Total
from
investment
activities
26.29
(22.68)
28.22
15.39
20.81
Distributions
Net
investment
income
(1.81)
(1.71)
(1.54)
(1.67)
(1.63)
Net
realized
gain
—
—
(0.52)
(0.40)
(0.15)
Total
distributions
(1.81)
(1.71)
(2.06)
(2.07)
(1.78)
NET
ASSET
VALUE
End
of
period
$
125.41
$
100.93
$
125.32
$
99.16
$
85.84
Ratios/Supplemental
Data
Total
return
(2)(3)
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%
0.08%
0.10%
0.07%
0.06%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.05%
0.05%
0.06%
0.06%
0.06%
Net
investment
income
1.60%
1.57%
1.31%
1.88%
1.99%
Portfolio
turnover
rate
5.8%
3.1%
3.1%
13.6%
9.3%
Net
assets,
end
of
period
(in
millions)
$7,970
$6,020
$3,507
$3,232
$5,905
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
7
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Equity
Index
500
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Z
Class
(1)
..
Year
..
..
Ended
.
3/16/20
(1)
Through
12/31/20
12/31/23
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
100.90
$
125.27
$
99.13
$
63.64
Investment
activities
Net
investment
income
(2)(3)
1.86
1.71
1.54
1.40
Net
realized
and
unrealized
gain/loss
24.48
(24.34)
26.73
36.19
Total
from
investment
activities
26.34
(22.63)
28.27
37.59
Distributions
Net
investment
income
(1.86)
(1.74)
(1.61)
(1.70)
Net
realized
gain
—
—
(0.52)
(0.40)
Total
distributions
(1.86)
(1.74)
(2.13)
(2.10)
NET
ASSET
VALUE
End
of
period
$
125.38
$
100.90
$
125.27
$
99.13
Ratios/Supplemental
Data
Total
return
(3)(4)
26.30%
(18.11)%
28.70%
59.62%
Ratios
to
average
net
assets:
(3)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.05%
0.05%
0.06%
0.06%
(5)
Net
expenses
after
waivers/payments
by
Price
Associates
0.00%
0.00%
0.00%
0.00%
(5)
Net
investment
income
1.65%
1.57%
1.37%
2.03%
(5)
Portfolio
turnover
rate
5.8%
3.1%
3.1%
13.6%
Net
assets,
end
of
period
(in
millions)
$13,269
$11,283
$19,852
$21,289
0%
0%
0%
0%
(1)
Inception
date
(2)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(3)
See
Note
7
for
details
of
expense-related
arrangements
with
Price
Associates.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Annualized
T.
ROWE
PRICE
Equity
Index
500
Fund
December
31,
2023
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.6%
COMMUNICATION
SERVICES
8.6%
Diversified
Telecommunication
Services
0.7%
AT&T
5,075,784
85,172
Verizon
Communications
2,983,503
112,478
197,650
Entertainment
1.2%
Electronic
Arts
175,318
23,985
Live
Nation
Entertainment (1)
101,712
9,520
Netflix (1)
309,104
150,497
Take-Two
Interactive
Software (1)(2)
111,443
17,937
Walt
Disney
1,298,608
117,251
Warner
Bros
Discovery (1)
1,578,322
17,961
337,151
Interactive
Media
&
Services
5.8%
Alphabet,
Class
A (1)
4,185,930
584,733
Alphabet,
Class
C (1)
3,522,596
496,439
Match
Group (1)
199,693
7,289
Meta
Platforms,
Class
A (1)
1,569,940
555,696
1,644,157
Media
0.7%
Charter
Communications,
Class
A (1)
72,094
28,021
Comcast,
Class
A
2,835,043
124,316
Fox,
Class
A
178,193
5,287
Fox,
Class
B
92,219
2,550
Interpublic
Group
276,184
9,015
News,
Class
A
268,468
6,591
News,
Class
B (2)
87,014
2,238
Omnicom
Group
141,508
12,242
Paramount
Global,
Class
B
337,666
4,994
195,254
Wireless
Telecommunication
Services
0.2%
T-Mobile
U.S.
358,178
57,427
57,427
Total
Communication
Services
2,431,639
CONSUMER
DISCRETIONARY
10.8%
Automobile
Components
0.1%
Aptiv (1)
201,201
18,052
BorgWarner
168,917
6,055
24,107
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Automobiles
2.0%
Ford
Motor
2,784,412
33,942
General
Motors (2)
974,255
34,995
Tesla (1)
1,956,107
486,054
554,991
Broadline
Retail
3.5%
Amazon.com (1)
6,433,890
977,565
eBay
360,221
15,713
Etsy (1)
88,072
7,138
1,000,416
Distributors
0.1%
Genuine
Parts
100,502
13,919
LKQ
191,865
9,169
Pool (2)
27,997
11,163
34,251
Hotels,
Restaurants
&
Leisure
2.2%
Airbnb,
Class
A (1)
308,200
41,958
Booking
Holdings (1)
24,604
87,276
Caesars
Entertainment (1)
152,117
7,131
Carnival (1)
707,273
13,113
Chipotle
Mexican
Grill (1)
19,566
44,747
Darden
Restaurants
86,508
14,213
Domino's
Pizza
24,926
10,275
Expedia
Group (1)
92,299
14,010
Hilton
Worldwide
Holdings
179,773
32,735
Las
Vegas
Sands
264,232
13,003
Marriott
International,
Class
A
173,234
39,066
McDonald's
512,277
151,895
MGM
Resorts
International
186,488
8,332
Norwegian
Cruise
Line
Holdings (1)
303,229
6,077
Royal
Caribbean
Cruises (1)(2)
167,748
21,722
Starbucks
805,530
77,339
Wynn
Resorts
69,056
6,292
Yum!
Brands
197,684
25,829
615,013
Household
Durables
0.4%
DR
Horton
211,309
32,115
Garmin
109,088
14,022
Lennar,
Class
A
175,086
26,095
Mohawk
Industries (1)
37,935
3,926
NVR (1)
2,207
15,450
PulteGroup
149,702
15,452
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Whirlpool (2)
39,079
4,759
111,819
Leisure
Products
0.0%
Hasbro
93,172
4,757
4,757
Specialty
Retail
2.0%
AutoZone (1)
12,363
31,966
Bath
&
Body
Works
163,755
7,068
Best
Buy
138,420
10,835
CarMax (1)(2)
112,144
8,606
Home
Depot
706,897
244,975
Lowe's
407,085
90,597
O'Reilly
Automotive (1)
41,547
39,473
Ross
Stores
241,312
33,395
TJX
806,277
75,637
Tractor
Supply (2)
77,436
16,651
Ulta
Beauty (1)
35,450
17,370
576,573
Textiles,
Apparel
&
Luxury
Goods
0.5%
Lululemon
Athletica (1)
81,861
41,855
NIKE,
Class
B
863,771
93,779
Ralph
Lauren (2)
28,977
4,178
Tapestry
165,543
6,094
VF (2)
233,601
4,392
150,298
Total
Consumer
Discretionary
3,072,225
CONSUMER
STAPLES
6.1%
Beverages
1.5%
Brown-Forman,
Class
B (2)
129,407
7,389
Coca-Cola
2,748,650
161,978
Constellation
Brands,
Class
A
114,215
27,612
Keurig
Dr
Pepper
715,437
23,838
Molson
Coors
Beverage,
Class
B
133,182
8,152
Monster
Beverage (1)
526,785
30,348
PepsiCo
971,207
164,950
424,267
Consumer
Staples
Distribution
&
Retail
1.8%
Costco
Wholesale
312,871
206,520
Dollar
General
154,875
21,055
Dollar
Tree (1)
148,967
21,161
Kroger
469,607
21,466
Sysco
359,161
26,265
Target
327,486
46,641
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Walgreens
Boots
Alliance (2)
513,106
13,397
Walmart
1,007,587
158,846
515,351
Food
Products
0.9%
Archer-Daniels-Midland
379,640
27,418
Bunge
Global (2)
99,954
10,090
Campbell
Soup (2)
140,288
6,065
Conagra
Brands
342,471
9,815
General
Mills
414,312
26,988
Hershey
106,581
19,871
Hormel
Foods
204,913
6,580
J
M
Smucker
76,076
9,615
Kellanova
186,594
10,432
Kraft
Heinz
563,844
20,851
Lamb
Weston
Holdings
104,489
11,294
McCormick (2)
178,815
12,235
Mondelez
International,
Class
A
966,001
69,967
Tyson
Foods,
Class
A
203,615
10,944
252,165
Household
Products
1.2%
Church
&
Dwight
175,069
16,554
Clorox
88,690
12,646
Colgate-Palmolive
586,421
46,744
Kimberly-Clark
239,524
29,105
Procter
&
Gamble
1,665,894
244,120
349,169
Personal
Care
Products
0.2%
Estee
Lauder,
Class
A
164,888
24,115
Kenvue
1,225,499
26,385
50,500
Tobacco
0.5%
Altria
Group
1,259,292
50,800
Philip
Morris
International
1,101,447
103,624
154,424
Total
Consumer
Staples
1,745,876
ENERGY
3.9%
Energy
Equipment
&
Services
0.4%
Baker
Hughes
714,543
24,423
Halliburton
633,548
22,903
Schlumberger
1,008,663
52,491
99,817
Oil,
Gas
&
Consumable
Fuels
3.5%
APA
220,269
7,903
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Chevron
1,240,418
185,021
ConocoPhillips
837,691
97,231
Coterra
Energy
541,762
13,826
Devon
Energy
455,645
20,641
Diamondback
Energy
127,179
19,723
EOG
Resources
413,195
49,976
EQT
291,648
11,275
Exxon
Mobil
2,831,824
283,126
Hess
195,702
28,212
Kinder
Morgan
1,378,421
24,315
Marathon
Oil
401,833
9,708
Marathon
Petroleum
266,650
39,560
Occidental
Petroleum
469,125
28,011
ONEOK
412,412
28,960
Phillips
66
309,010
41,142
Pioneer
Natural
Resources
165,316
37,176
Targa
Resources
159,238
13,833
Valero
Energy
238,571
31,014
Williams
860,492
29,971
1,000,624
Total
Energy
1,100,441
FINANCIALS
12.9%
Banks
3.2%
Bank
of
America
4,863,644
163,759
Citigroup
1,348,400
69,362
Citizens
Financial
Group
338,843
11,229
Comerica
92,598
5,168
Fifth
Third
Bancorp (2)
479,994
16,555
Huntington
Bancshares
1,031,616
13,122
JPMorgan
Chase
2,044,157
347,711
KeyCorp
660,921
9,517
M&T
Bank
116,974
16,035
PNC
Financial
Services
Group
281,941
43,659
Regions
Financial
669,122
12,968
Truist
Financial
943,417
34,831
U.S.
Bancorp
1,104,163
47,788
Wells
Fargo
2,564,171
126,208
Zions
Bancorp (2)
106,684
4,680
922,592
Capital
Markets
3.0%
Ameriprise
Financial
70,823
26,901
Bank
of
New
York
Mellon
549,706
28,612
BlackRock
98,584
80,031
Blackstone
503,677
65,941
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Cboe
Global
Markets
75,525
13,486
Charles
Schwab
1,055,596
72,625
CME
Group
255,320
53,770
FactSet
Research
Systems
27,164
12,959
Franklin
Resources (2)
199,212
5,935
Goldman
Sachs
Group
230,003
88,728
Intercontinental
Exchange
406,016
52,145
Invesco
321,415
5,734
MarketAxess
Holdings
26,602
7,790
Moody's
111,903
43,705
Morgan
Stanley
891,112
83,096
MSCI
56,017
31,686
Nasdaq
241,390
14,034
Northern
Trust
148,343
12,517
Raymond
James
Financial (2)
133,808
14,920
S&P
Global
228,603
100,704
State
Street
214,541
16,618
T.
Rowe
Price
Group (3)
159,622
17,190
849,127
Consumer
Finance
0.5%
American
Express
405,744
76,012
Capital
One
Financial
270,154
35,423
Discover
Financial
Services
177,891
19,995
Synchrony
Financial
299,867
11,452
142,882
Financial
Services
4.1%
Berkshire
Hathaway,
Class
B (1)
1,286,794
458,948
Fidelity
National
Information
Services
421,371
25,312
Fiserv (1)
422,488
56,123
FleetCor
Technologies (1)
49,989
14,127
Global
Payments
184,929
23,486
Jack
Henry
&
Associates
51,637
8,438
Mastercard,
Class
A
585,324
249,647
PayPal
Holdings (1)
758,121
46,556
Visa,
Class
A
1,126,905
293,390
1,176,027
Insurance
2.1%
Aflac
372,588
30,738
Allstate
185,999
26,036
American
International
Group
492,294
33,353
Aon,
Class
A
140,745
40,960
Arch
Capital
Group (1)
265,221
19,698
Arthur
J
Gallagher
152,786
34,358
Assurant
37,380
6,298
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Brown
&
Brown
167,017
11,877
Chubb
287,352
64,942
Cincinnati
Financial
112,324
11,621
Everest
Group
31,069
10,985
Globe
Life
62,429
7,599
Hartford
Financial
Services
Group
209,091
16,807
Loews
132,607
9,228
Marsh
&
McLennan
350,757
66,458
MetLife
435,469
28,798
Principal
Financial
Group
159,254
12,528
Progressive
414,816
66,072
Prudential
Financial
258,115
26,769
Travelers
162,111
30,880
W
R
Berkley
145,783
10,310
Willis
Towers
Watson
71,811
17,321
583,636
Total
Financials
3,674,264
HEALTH
CARE
12.5%
Biotechnology
2.0%
AbbVie
1,247,538
193,331
Amgen
379,535
109,314
Biogen (1)
102,972
26,646
Gilead
Sciences
884,725
71,672
Incyte (1)
132,453
8,317
Moderna (1)
235,547
23,425
Regeneron
Pharmaceuticals (1)
75,777
66,554
Vertex
Pharmaceuticals (1)
181,613
73,896
573,155
Health
Care
Equipment
&
Supplies
2.6%
Abbott
Laboratories
1,225,329
134,872
Align
Technology (1)
50,753
13,906
Baxter
International
362,551
14,016
Becton
Dickinson
&
Company
205,838
50,189
Boston
Scientific (1)
1,039,308
60,082
Cooper
35,454
13,417
DENTSPLY
SIRONA (2)
152,119
5,414
Dexcom (1)
274,684
34,086
Edwards
Lifesciences (1)
430,525
32,828
GE
HealthCare
Technologies
276,137
21,351
Hologic (1)
173,738
12,414
IDEXX
Laboratories (1)
58,643
32,550
Insulet (1)
49,518
10,744
Intuitive
Surgical (1)
249,443
84,152
Medtronic
945,022
77,851
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ResMed
103,658
17,831
STERIS
70,207
15,435
Stryker
239,942
71,853
Teleflex
33,287
8,300
Zimmer
Biomet
Holdings
147,443
17,944
729,235
Health
Care
Providers
&
Services
2.8%
Cardinal
Health
171,376
17,275
Cencora
118,548
24,347
Centene (1)
373,966
27,752
Cigna
Group
206,050
61,702
CVS
Health
911,874
72,002
DaVita (1)
39,042
4,090
Elevance
Health
165,637
78,108
HCA
Healthcare
139,066
37,642
Henry
Schein (1)
93,839
7,105
Humana
86,471
39,587
Laboratory
Corp.
of
America
Holdings
58,729
13,348
McKesson
93,476
43,277
Molina
Healthcare (1)
41,493
14,992
Quest
Diagnostics
78,874
10,875
UnitedHealth
Group
654,006
344,315
Universal
Health
Services,
Class
B
44,310
6,755
803,172
Life
Sciences
Tools
&
Services
1.4%
Agilent
Technologies
204,882
28,485
Bio-Rad
Laboratories,
Class
A (1)
14,627
4,723
Bio-Techne
111,697
8,619
Charles
River
Laboratories
International (1)
35,744
8,450
Danaher
466,262
107,865
Illumina (1)
112,707
15,693
IQVIA
Holdings (1)
129,649
29,998
Mettler-Toledo
International (1)
15,559
18,873
Revvity
88,997
9,728
Thermo
Fisher
Scientific
274,094
145,486
Waters (1)
42,340
13,940
West
Pharmaceutical
Services
52,548
18,503
410,363
Pharmaceuticals
3.7%
Bristol-Myers
Squibb
1,434,102
73,584
Catalent (1)
128,290
5,764
Eli
Lilly
563,816
328,660
Johnson
&
Johnson
1,701,709
266,726
Merck
1,790,500
195,200
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Pfizer
3,984,820
114,723
Viatris
839,250
9,089
Zoetis
323,389
63,827
1,057,573
Total
Health
Care
3,573,498
INDUSTRIALS
&
BUSINESS
SERVICES
9.0%
Aerospace
&
Defense
1.6%
Axon
Enterprise (1)
50,343
13,005
Boeing (1)
402,605
104,943
General
Dynamics
160,701
41,729
Howmet
Aerospace
278,831
15,090
Huntington
Ingalls
Industries
28,235
7,331
L3Harris
Technologies
134,489
28,326
Lockheed
Martin
155,580
70,515
Northrop
Grumman
100,903
47,237
RTX
1,013,918
85,311
Textron
140,382
11,290
TransDigm
Group
39,064
39,517
464,294
Air
Freight
&
Logistics
0.5%
CH
Robinson
Worldwide
83,136
7,182
Expeditors
International
of
Washington
100,450
12,777
FedEx
164,117
41,517
United
Parcel
Service,
Class
B
513,498
80,737
142,213
Building
Products
0.5%
A.O.
Smith
88,075
7,261
Allegion
62,291
7,892
Builders
FirstSource (1)
87,624
14,628
Carrier
Global
593,453
34,094
Johnson
Controls
International
480,154
27,676
Masco
161,309
10,804
Trane
Technologies
161,671
39,431
141,786
Commercial
Services
&
Supplies
0.6%
Cintas
61,195
36,880
Copart (1)
615,578
30,163
Republic
Services
145,304
23,962
Rollins
201,524
8,801
Veralto
156,873
12,904
Waste
Management
257,668
46,148
158,858
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Construction
&
Engineering
0.1%
Quanta
Services
103,297
22,291
22,291
Electrical
Equipment
0.6%
AMETEK
164,055
27,051
Eaton
283,294
68,223
Emerson
Electric
405,366
39,454
Generac
Holdings (1)
44,466
5,747
Hubbell
38,200
12,565
Rockwell
Automation
81,682
25,361
178,401
Ground
Transportation
1.1%
CSX
1,389,602
48,177
JB
Hunt
Transport
Services
58,492
11,683
Norfolk
Southern
160,664
37,978
Old
Dominion
Freight
Line
63,218
25,624
Uber
Technologies (1)
1,461,261
89,970
Union
Pacific
432,418
106,211
319,643
Industrial
Conglomerates
1.0%
3M
391,362
42,784
General
Electric
772,787
98,631
Honeywell
International
465,076
97,531
Roper
Technologies
75,670
41,253
280,199
Machinery
1.8%
Caterpillar
362,219
107,097
Cummins
100,092
23,979
Deere
188,764
75,481
Dover
99,577
15,316
Fortive
250,467
18,442
IDEX
53,477
11,611
Illinois
Tool
Works
192,614
50,453
Ingersoll
Rand
285,631
22,091
Nordson (2)
38,402
10,144
Otis
Worldwide
292,799
26,197
PACCAR
369,996
36,130
Parker-Hannifin
90,827
41,844
Pentair
116,790
8,492
Snap-on (2)
37,917
10,952
Stanley
Black
&
Decker
108,566
10,650
Westinghouse
Air
Brake
Technologies
127,511
16,181
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Xylem
171,378
19,599
504,659
Passenger
Airlines
0.2%
American
Airlines
Group (1)(2)
461,356
6,339
Delta
Air
Lines
457,922
18,422
Southwest
Airlines (2)
422,510
12,202
United
Airlines
Holdings (1)
230,027
9,491
46,454
Professional
Services
0.7%
Automatic
Data
Processing
292,542
68,154
Broadridge
Financial
Solutions
84,068
17,297
Ceridian
HCM
Holding (1)(2)
111,722
7,499
Equifax
86,654
21,429
Jacobs
Solutions
89,661
11,638
Leidos
Holdings
96,475
10,442
Paychex
227,170
27,058
Paycom
Software
35,112
7,258
Robert
Half (2)
77,012
6,771
Verisk
Analytics
103,123
24,632
202,178
Trading
Companies
&
Distributors
0.3%
Fastenal
406,255
26,313
United
Rentals
48,566
27,849
WW
Grainger
31,644
26,223
80,385
Total
Industrials
&
Business
Services
2,541,361
INFORMATION
TECHNOLOGY
28.6%
Communications
Equipment
0.8%
Arista
Networks (1)
177,525
41,809
Cisco
Systems
2,860,490
144,512
F5 (1)
42,608
7,626
Juniper
Networks
229,709
6,772
Motorola
Solutions
118,230
37,016
237,735
Electronic
Equipment,
Instruments
&
Components
0.6%
Amphenol,
Class
A
422,245
41,857
CDW
95,350
21,675
Corning
541,357
16,484
Jabil
90,852
11,575
Keysight
Technologies (1)
125,890
20,028
TE
Connectivity
222,352
31,241
Teledyne
Technologies (1)
33,515
14,957
Trimble (1)
175,957
9,361
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Zebra
Technologies,
Class
A (1)
36,835
10,068
177,246
IT
Services
1.2%
Accenture,
Class
A
443,291
155,555
Akamai
Technologies (1)
108,841
12,881
Cognizant
Technology
Solutions,
Class
A
359,128
27,125
EPAM
Systems (1)
41,553
12,355
Gartner (1)
54,500
24,586
International
Business
Machines
646,419
105,722
VeriSign (1)
63,874
13,156
351,380
Semiconductors
&
Semiconductor
Equipment
8.1%
Advanced
Micro
Devices (1)
1,141,264
168,234
Analog
Devices
351,163
69,727
Applied
Materials
590,176
95,650
Broadcom
310,382
346,464
Enphase
Energy (1)
97,839
12,928
First
Solar (1)
76,501
13,180
Intel
2,988,751
150,185
KLA
95,682
55,620
Lam
Research
92,881
72,750
Microchip
Technology
385,691
34,782
Micron
Technology
777,554
66,356
Monolithic
Power
Systems
34,007
21,451
NVIDIA
1,747,435
865,365
NXP
Semiconductors
182,505
41,918
ON
Semiconductor (1)
306,806
25,627
Qorvo (1)
70,368
7,924
QUALCOMM
785,573
113,617
Skyworks
Solutions
113,008
12,704
Teradyne
109,423
11,874
Texas
Instruments
644,225
109,815
2,296,171
Software
10.6%
Adobe (1)
321,705
191,929
ANSYS (1)
61,244
22,224
Autodesk (1)
151,239
36,824
Cadence
Design
Systems (1)
192,873
52,533
Fair
Isaac (1)
17,689
20,590
Fortinet (1)
445,809
26,093
Gen
Digital
401,083
9,153
Intuit
198,748
124,223
Microsoft
5,259,089
1,977,628
Oracle
1,126,343
118,750
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Palo
Alto
Networks (1)(2)
220,342
64,974
PTC (1)
84,622
14,806
Salesforce (1)
687,448
180,895
ServiceNow (1)
144,738
102,256
Synopsys (1)
108,007
55,614
Tyler
Technologies (1)
30,130
12,598
3,011,090
Technology
Hardware,
Storage
&
Peripherals
7.3%
Apple
10,344,835
1,991,691
Hewlett
Packard
Enterprise
910,361
15,458
HP
617,348
18,576
NetApp
150,160
13,238
Seagate
Technology
Holdings
136,793
11,678
Western
Digital (1)
227,438
11,911
2,062,552
Total
Information
Technology
8,136,174
MATERIALS
2.4%
Chemicals
1.6%
Air
Products
&
Chemicals
157,569
43,142
Albemarle (2)
84,020
12,139
Celanese (2)
70,784
10,998
CF
Industries
Holdings
137,427
10,925
Corteva
504,648
24,183
Dow
496,114
27,207
DuPont
de
Nemours
300,207
23,095
Eastman
Chemical
84,879
7,624
Ecolab
179,769
35,657
FMC (2)
89,193
5,624
International
Flavors
&
Fragrances
181,743
14,716
Linde
342,419
140,635
LyondellBasell
Industries,
Class
A
182,236
17,327
Mosaic
238,364
8,517
PPG
Industries
166,448
24,892
Sherwin-Williams
165,679
51,675
458,356
Construction
Materials
0.2%
Martin
Marietta
Materials
43,967
21,936
Vulcan
Materials
94,513
21,455
43,391
Containers
&
Packaging
0.2%
Amcor
1,054,645
10,167
Avery
Dennison
57,733
11,671
Ball
221,837
12,760
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
International
Paper
248,141
8,970
Packaging
Corp.
of
America
64,425
10,496
Westrock
184,084
7,643
61,707
Metals
&
Mining
0.4%
Freeport-McMoRan
1,016,325
43,265
Newmont
820,343
33,954
Nucor
172,218
29,973
Steel
Dynamics
105,237
12,428
119,620
Total
Materials
683,074
REAL
ESTATE
2.5%
Health
Care
Real
Estate
Investment
Trusts
0.2%
Healthpeak
Properties,
REIT
389,489
7,712
Ventas,
REIT
286,479
14,278
Welltower,
REIT
391,622
35,313
57,303
Hotel
&
Resort
Real
Estate
Investment
Trusts
0.0%
Host
Hotels
&
Resorts,
REIT
507,555
9,882
9,882
Industrial
Real
Estate
Investment
Trusts
0.3%
Prologis,
REIT
656,113
87,460
87,460
Office
Real
Estate
Investment
Trusts
0.1%
Alexandria
Real
Estate
Equities,
REIT
109,654
13,901
Boston
Properties,
REIT
102,042
7,160
21,061
Real
Estate
Management
&
Development
0.2%
CBRE
Group,
Class
A (1)
212,412
19,773
CoStar
Group (1)
290,416
25,380
45,153
Residential
Real
Estate
Investment
Trusts
0.3%
AvalonBay
Communities,
REIT
100,990
18,907
Camden
Property
Trust,
REIT
76,743
7,620
Equity
Residential,
REIT
243,077
14,867
Essex
Property
Trust,
REIT
45,993
11,403
Invitation
Homes,
REIT
409,625
13,972
Mid-America
Apartment
Communities,
REIT
83,665
11,250
UDR,
REIT
217,617
8,333
86,352
Retail
Real
Estate
Investment
Trusts
0.3%
Federal
Realty
Investment
Trust,
REIT
51,697
5,327
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Kimco
Realty,
REIT
473,407
10,088
Realty
Income,
REIT (2)
501,789
28,813
Regency
Centers,
REIT
116,428
7,801
Simon
Property
Group,
REIT
231,724
33,053
85,082
Specialized
Real
Estate
Investment
Trusts
1.1%
American
Tower,
REIT
330,824
71,418
Crown
Castle,
REIT
307,336
35,402
Digital
Realty
Trust,
REIT
214,340
28,846
Equinix,
REIT
66,395
53,474
Extra
Space
Storage,
REIT
149,169
23,916
Iron
Mountain,
REIT
208,924
14,621
Public
Storage,
REIT
112,083
34,185
SBA
Communications,
REIT
77,161
19,575
VICI
Properties,
REIT
720,793
22,979
Weyerhaeuser,
REIT
519,947
18,079
322,495
Total
Real
Estate
714,788
UTILITIES
2.3%
Electric
Utilities
1.5%
Alliant
Energy
180,204
9,244
American
Electric
Power
364,834
29,632
Constellation
Energy
227,725
26,619
Duke
Energy
546,864
53,068
Edison
International
272,680
19,494
Entergy
149,079
15,085
Evergy
163,027
8,510
Eversource
Energy
246,053
15,186
Exelon
704,748
25,300
FirstEnergy
367,365
13,468
NextEra
Energy
1,454,486
88,346
NRG
Energy
160,246
8,285
PG&E
1,475,567
26,604
Pinnacle
West
Capital
79,867
5,738
PPL
524,728
14,220
Southern
773,970
54,271
Xcel
Energy
392,171
24,279
437,349
Gas
Utilities
0.0%
Atmos
Energy
105,729
12,254
12,254
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Independent
Power
&
Renewable
Electricity
Producers
0.0%
AES (2)
480,698
9,253
9,253
Multi-Utilities
0.7%
Ameren
187,003
13,528
CenterPoint
Energy
451,778
12,907
CMS
Energy
208,881
12,130
Consolidated
Edison
245,287
22,314
Dominion
Energy
592,552
27,850
DTE
Energy
145,394
16,031
NiSource
289,019
7,674
Public
Service
Enterprise
Group
352,615
21,562
Sempra
445,246
33,273
WEC
Energy
Group
222,667
18,742
186,011
Water
Utilities
0.1%
American
Water
Works
137,390
18,134
18,134
Total
Utilities
663,001
Total
Common
Stocks
(Cost
$9,570,166)
28,336,341
SHORT-TERM
INVESTMENTS
0.5%
Money
Market
Funds
0.4%
T.
Rowe
Price
Government
Reserve
Fund,
5.42% (3)(4)
121,765,608
121,766
121,766
U.S.
Treasury
Obligations
0.1%
U.S.
Treasury
Bills,
5.228%,
5/9/24 (5)
7,160,000
7,029
U.S.
Treasury
Bills,
5.414%,
1/18/24 (5)
420,000
419
7,448
Total
Short-Term
Investments
(Cost
$129,214)
129,214
T.
ROWE
PRICE
Equity
Index
500
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SECURITIES
LENDING
COLLATERAL
0.3%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.3%
Money
Market
Funds
0.3%
T.
Rowe
Price
Government
Reserve
Fund,
5.42% (3)(4)
96,582,985
96,583
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
And
Trust
Company
96,583
Total
Securities
Lending
Collateral
(Cost
$96,583)
96,583
Total
Investments
in
Securities
100.4%
of
Net
Assets
(Cost
$9,795,963)
$
28,562,138
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
See
Note
4
.
All
or
a
portion
of
this
security
is
on
loan
at
December
31,
2023.
(3)
Affiliated
Companies
(4)
Seven-day
yield
(5)
At
December
31,
2023,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
Equity
Index
500
Fund
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
476
S&P
500
E-Mini
Index
contracts
3/24
114,716
$
1,840
Net
payments
(receipts)
of
variation
margin
to
date
(2,227)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(387)
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
year
ended
December
31,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Group
$
291
$
(444)
$
779
T.
Rowe
Price
Government
Reserve
Fund,
5.42%
—
—
3,322++
Totals
$
291#
$
(444)
$
4,101+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
12/31/23
T.
Rowe
Price
Group
$
17,546
$
521
$
433
$
17,190
T.
Rowe
Price
Government
Reserve
Fund,
5.42%
82,615
¤
¤
218,349
Total
$
235,539^
#
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
$4,101
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
$225,545.
T.
ROWE
PRICE
Equity
Index
500
Fund
December
31,
2023
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$9,795,963)
$
28,562,138
Dividends
and
interest
receivable
26,407
Receivable
for
shares
sold
16,721
Cash
818
Due
from
affiliates
162
Other
assets
117
Total
assets
28,606,363
Liabilities
Obligation
to
return
securities
lending
collateral
96,583
Payable
for
shares
redeemed
50,144
Investment
management
fees
payable
1,189
Payable
for
investment
securities
purchased
670
Variation
margin
payable
on
futures
contracts
387
Payable
to
directors
22
Other
liabilities
864
Total
liabilities
149,859
NET
ASSETS
$
28,456,504
T.
ROWE
PRICE
Equity
Index
500
Fund
December
31,
2023
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)
$
18,545,896
Paid-in
capital
applicable
to
226,936,698
shares
of
$0.01
par
value
capital
stock
outstanding;
2,000,000,000
shares
of
the
Corporation
authorized
9,910,608
NET
ASSETS
$
28,456,504
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$7,217,946;
Shares
outstanding:
57,554,279)
$
125.41
I
Class
(Net
assets:
$7,970,254;
Shares
outstanding:
63,554,431)
$
125.41
Z
Class
(Net
assets:
$13,268,304;
Shares
outstanding:
105,827,988)
$
125.38
T.
ROWE
PRICE
Equity
Index
500
Fund
Year
Ended
12/31/23
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$123)
$
422,019
Securities
lending
352
Interest
335
Other
33
Total
income
422,739
Expenses
Investment
management
12,830
Shareholder
servicing
Investor
Class
$
8,355
I
Class
1,600
9,955
Prospectus
and
shareholder
reports
Investor
Class
146
I
Class
12
Z
Class
3
161
Custody
and
accounting
511
Registration
104
Directors
89
Proxy
and
annual
meeting
85
Legal
and
audit
27
Miscellaneous
67
Waived
/
paid
by
Price
Associates
(8,452)
Total
expenses
15,377
Net
investment
income
407,362
T.
ROWE
PRICE
Equity
Index
500
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
12/31/23
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
492,650
Futures
9,721
Net
realized
gain
502,371
Change
in
net
unrealized
gain
/
loss
Securities
5,104,826
Futures
4,225
Change
in
net
unrealized
gain
/
loss
5,109,051
Net
realized
and
unrealized
gain
/
loss
5,611,422
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
6,018,784
T.
ROWE
PRICE
Equity
Index
500
Fund
Statement
of
Changes
in
Net
Assets
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/23
12/31/22
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
407,362
$
399,440
Net
realized
gain
502,371
3,877,633
Change
in
net
unrealized
gain
/
loss
5,109,051
(10,090,010)
Increase
(decrease)
in
net
assets
from
operations
6,018,784
(5,812,937)
Distributions
to
shareholders
Net
earnings
Investor
Class
(93,863)
(85,930)
I
Class
(111,081)
(100,147)
Z
Class
(202,479)
(208,089)
Decrease
in
net
assets
from
distributions
(407,423)
(394,166)
Capital
share
transactions
*
Shares
sold
Investor
Class
1,203,054
1,241,836
I
Class
929,324
4,297,726
Z
Class
1,659,719
2,316,535
Distributions
reinvested
Investor
Class
89,367
81,839
I
Class
103,409
93,348
Z
Class
202,479
208,089
Shares
redeemed
Investor
Class
(1,163,721)
(4,920,343)
I
Class
(583,631)
(892,234)
Z
Class
(2,602,069)
(7,716,336)
Decrease
in
net
assets
from
capital
share
transactions
(162,069)
(5,289,540)
T.
ROWE
PRICE
Equity
Index
500
Fund
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/23
12/31/22
Net
Assets
Increase
(decrease)
during
period
5,449,292
(11,496,643)
Beginning
of
period
23,007,212
34,503,855
End
of
period
$
28,456,504
$
23,007,212
*Share
information
(000s)
Shares
sold
Investor
Class
10,630
11,240
I
Class
8,167
38,773
Z
Class
14,918
21,212
Distributions
reinvested
Investor
Class
781
779
I
Class
904
888
Z
Class
1,774
1,968
Shares
redeemed
Investor
Class
(10,364)
(44,457)
I
Class
(5,162)
(7,996)
Z
Class
(22,687)
(69,835)
Decrease
in
shares
outstanding
(1,039)
(47,428)
T.
ROWE
PRICE
Equity
Index
500
Fund
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
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 income;
capital
gain
distributions
are
reflected
as
realized
gain/
T.
ROWE
PRICE
Equity
Index
500
Fund
loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Distributions
from
REITs
are
initially
recorded
as
dividend
income
and,
to
the
extent
such
represent
a
return
of
capital
or
capital
gain
for
tax
purposes,
are
reclassified
when
such
information
becomes
available. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any,
are
declared
and
paid
by
each
class quarterly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes,
investment
income,
and
realized
and
unrealized
gains
and
losses
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class.
In-Kind
Redemptions
In
accordance
with
guidelines
described
in
the
fund’s
prospectus,
and
when
considered
to
be
in
the
best
interest
of
all
shareholders,
the
fund
may
distribute
portfolio
securities
rather
than
cash
as
payment
for
a
redemption
of
fund
shares
(in-kind
redemption).
Gains
and
losses
realized
on
in-kind
redemptions
are
not
recognized
for
tax
purposes
and
are
reclassified
from
undistributed
realized
gain
(loss)
to
paid-in
capital.
During
the
year ended
December
31,
2023,
the
fund
realized
$224,521,000 of
net
gain
on
$310,250,000
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.
New
Accounting
Guidance
In
June
2022,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2022-03,
Fair
Value
Measurement
(Topic
820)
–
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions,
which
clarifies
that
a
contractual
restriction
on
the
sale
of
an
equity
security
is
not
considered
part
of
the
unit
of
account
of
the
equity
security
and,
therefore,
is
not
considered
in
measuring
fair
value.
The
amendments
under
this
ASU
are
effective
for
fiscal
years
beginning
after
December
15,
2023;
however,
the
fund
opted
to
early
adopt,
as
permitted,
effective
December
1,
2022. Adoption
of
the
guidance
did not
have
a
material
impact
on
the fund's
financial statements.
T.
ROWE
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
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
T.
ROWE
PRICE
Equity
Index
500
Fund
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
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
T.
ROWE
PRICE
Equity
Index
500
Fund
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
December
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
year ended
December
31,
2023,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund’s
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
credit
exposure.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
28,336,341
$
—
$
—
$
28,336,341
Short-Term
Investments
121,766
7,448
—
129,214
Securities
Lending
Collateral
96,583
—
—
96,583
Total
Securities
28,554,690
7,448
—
28,562,138
Futures
Contracts*
1,840
—
—
1,840
Total
$
28,556,530
$
7,448
$
—
$
28,563,978
*
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
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund’s
derivative
instruments
held
as
of
December
31,
2023,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
year ended
December
31,
2023,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Equity
derivatives
Futures
$
1,840
*
Total
$
1,840
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Futures
Realized
Gain
(Loss)
Equity
derivatives
$
9,721
Total
$
9,721
T.
ROWE
PRICE
Equity
Index
500
Fund
Counterparty
Risk
and
Collateral
The
fund
invests
in
exchange-traded
and/or
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps.
Counterparty
risk
on
such
derivatives
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Collateral may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund’s
assets.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
December
31,
2023,
securities
valued
at $7,390,000
had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives.
Futures
Contracts
The
fund
is
subject
to equity
price
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risk.
The
fund
may
enter
into
futures
contracts
as
an
efficient
means
of
maintaining
liquidity
while
being
invested
in
the
market,
to
facilitate
trading,
or
to
reduce
transaction
costs. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Futures
Change
in
Unrealized
Gain
(Loss)
Equity
derivatives
$
4,225
Total
$
4,225
T.
ROWE
PRICE
Equity
Index
500
Fund
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
year ended
December
31,
2023,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
less
than
1%
of
net
assets.
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective,
the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of
the
fund
are
described
more
fully
in
the
fund's
prospectus
and
Statement
of
Additional
Information.
Securities
Lending
The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
December
31,
2023,
the
value
of
loaned
securities
was
$93,173,000;
the
value
of
cash
collateral
and
related
investments
was
$96,583,000.
T.
ROWE
PRICE
Equity
Index
500
Fund
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $1,637,352,000 and
$1,493,678,000,
respectively,
for
the
year ended
December
31,
2023.
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
The
fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required.
The
fund’s
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/
tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
permanent
book/tax
adjustments
relate
primarily
to
redemptions
in
kind
and
deemed
distributions
on
shareholder
redemptions.
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
($000s)
December
31,
2023
December
31,
2022
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
407,423
$
394,166
T.
ROWE
PRICE
Equity
Index
500
Fund
At
December
31,
2023,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were as
follows:
At
December
31,
2023,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
Temporary
differences
between
book-basis
and
tax-basis
components
of
total
distributable
earnings
(loss)
arise
when
certain
items
of
income,
gain,
or
loss
are
recognized
in
different
periods
for
financial
statement
purposes
versus
for
tax
purposes;
these
differences
will
reverse
in
a
subsequent
reporting
period.
The
temporary
differences
relate
primarily
to
the
deferral
of
losses
from
wash
sales.
Other
temporary
differences
relate
primarily
to
differences
in
treatment
of
corporate
actions.
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
($000s)
Cost
of
investments
$
10,022,632
Unrealized
appreciation
$
19,181,783
Unrealized
depreciation
(642,277)
Net
unrealized
appreciation
(depreciation)
$
18,539,506
($000s)
Undistributed
ordinary
income
$
6,425
Net
unrealized
appreciation
(depreciation)
18,539,506
Other
temporary
differences
(35)
Total
distributable
earnings
(loss)
$
18,545,896
T.
ROWE
PRICE
Equity
Index
500
Fund
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
NOTE
7
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). Price
Associates
has
entered
into
a
sub-advisory
agreement(s)
with
one
or
more
of
its
wholly
owned
subsidiaries,
to
provide
investment
advisory
services
to
the
fund. The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee
equal
to 0.05%
of
the
fund’s
average
daily
net
assets.
The
fee
is
computed
daily
and
paid
monthly.
The Investor Class is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary expenses;
and
acquired
fund
fees
and
expenses) that
would
otherwise
cause
the
class’s
ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
The
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the
class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
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.
T.
ROWE
PRICE
Equity
Index
500
Fund
The
Z
Class
is
also
subject
to
a
contractual
expense
limitation
agreement
whereby
Price
Associates
has
agreed
to
waive
and/or
bear
all
of
the
Z
Class’
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
in
their
entirety.
This
fee
waiver
and/or
expense
reimbursement
arrangement
is
expected
to
remain
in
place
indefinitely,
and
the
agreement
may
only
be
amended
or
terminated
with
approval
by
the
fund’s
Board.
Expenses
of
the
fund
waived/paid
by
the
manager
are
not
subject
to
later
repayment
by
the
fund.
Pursuant
to
these
agreements,
expenses
were
waived/paid
by
and/or
repaid
to
Price
Associates
during
the
year ended December
31,
2023
as
indicated
in
the
table
below.
Including these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $4,987,000 remain
subject
to
repayment
by
the
fund
at
December
31,
2023.
Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class.
For
the
year
ended
December
31,
2023,
expenses
incurred
pursuant
to
these
service
agreements
were
$112,000
for
Price
Associates;
$4,368,000
for
T.
Rowe
Price
Services,
Inc.;
and
$1,797,000
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.
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)
$11
$(1,847)
$(6,616)
T.
ROWE
PRICE
Equity
Index
500
Fund
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
year ended
December
31,
2023,
the
fund
was
charged $574,000 for
shareholder
servicing
costs
related
to
the
college
savings
plans, of
which
$130,000
was
for
services
provided
by
Price.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities. At
December
31,
2023,
approximately
23%
of
the
outstanding
shares
of
the
I
Class
were
held
by
college
savings
plans.
Mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
(collectively,
Price
Funds
and
accounts)
may
invest
in
the
fund.
No
Price
fund
or
account
may
invest
for
the
purpose
of
exercising
management
or
control
over
the
fund.
At
December
31,
2023, 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
T.
ROWE
PRICE
Equity
Index
500
Fund
independent
current
market
price
of
the
security.
During
the
year
ended
December
31,
2023,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
8
-
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund's
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
T.
ROWE
PRICE
Equity
Index
500
Fund
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
of
T.
Rowe
Price
Index
Trust,
Inc.
and
Shareholders
of
T.
Rowe
Price
Equity
Index
500
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
Equity
Index
500
Fund
(one
of
the
funds
constituting
T.
Rowe
Price
Index
Trust,
Inc.,
referred
to
hereafter
as
the
"Fund")
as
of
December
31,
2023,
the
related
statement
of
operations
for
the
year
ended
December
31,
2023,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
periods
indicated
therein
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2023,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2023
and
the
financial
highlights
for
each
of
the
periods
indicated
therein,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
T.
ROWE
PRICE
Equity
Index
500
Fund
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2023
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
February
16,
2024
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
(continued)
T.
ROWE
PRICE
Equity
Index
500
Fund
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 12/31/23
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
The
fund’s
distributions
to
shareholders
included
$250,685,000 from
long-term
capital
gains,
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%.
For
taxable
non-corporate
shareholders,
$395,453,000 of
the
fund's
income
represents
qualified
dividend
income
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%.
For
corporate
shareholders,
$380,051,000
of
the
fund's
income
qualifies
for
the
dividends-received
deduction.
T.
ROWE
PRICE
Equity
Index
500
Fund
INFORMATION
ON
PROXY
VOTING
POLICIES,
PROCEDURES,
AND
RECORDS
A
description
of
the
policies
and
procedures
used
by
T.
Rowe
Price
funds
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
in
each
fund’s
Statement
of
Additional
Information.
You
may
request
this
document
by
calling
1-800-225-5132
or
by
accessing
the
SEC’s
website,
sec.gov.
The
description
of
our
proxy
voting
policies
and
procedures
is
also
available
on
our
corporate
website.
To
access
it,
please
visit
the
following
Web
page:
https://www.troweprice.com/corporate/us/en/utility/policies.html
Scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Guidelines.”
Click
on
the
links
in
the
shaded
box.
Each
fund’s
most
recent
annual
proxy
voting
record
is
available
on
our
website
and
through
the
SEC’s
website.
To
access
it
through
T.
Rowe
Price,
visit
the
website
location
shown
above,
and
scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Records.”
Click
on
the
Proxy
Voting
Records
link
in
the
shaded
box.
HOW
TO
OBTAIN
QUARTERLY
PORTFOLIO
HOLDINGS
The
fund
files
a
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
fund’s
reports
on
Form
N-PORT
are
available
electronically
on
the
SEC’s
website
(sec.gov).
In
addition,
most
T.
Rowe
Price
funds
disclose
their
first
and
third
fiscal
quarter-end
holdings
on
troweprice.com
.
TAILORED
SHAREHOLDER
REPORTS
FOR
MUTUAL
FUNDS
AND
EXCHANGE
TRADED
FUNDS
In
October
2022,
the
Securities
and
Exchange
Commission
(SEC)
adopted
rule
and
form
amendments
requiring
Mutual
Funds
and
Exchange-Traded
Funds
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
that
highlight
key
information
to
shareholders.
Other
information,
including
financial
statements,
will
no
longer
appear
in
the
funds’
shareholder
reports
but
will
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
T.
ROWE
PRICE
Equity
Index
500
Fund
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
In
accordance
with
Rule
22e-4
(Liquidity
Rule)
under
the
Investment
Company
Act
of
1940,
as
amended,
the
fund
has
established
a
liquidity
risk
management
program
(Liquidity
Program)
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk,
which
generally
represents
the
risk
that
the
fund
would
not
be
able
to
meet
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
fund.
The
fund’s
Board
of
Directors
(Board)
has
appointed
the
fund’s
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
the
administrator
of
the
Liquidity
Program.
As
administrator,
the
Adviser
is
responsible
for
overseeing
the
day-to-day
operations
of
the
Liquidity
Program
and,
among
other
things,
is
responsible
for
assessing,
managing,
and
reviewing
with
the
Board
at
least
annually
the
liquidity
risk
of
each
T.
Rowe
Price
fund.
The
Adviser
has
delegated
oversight
of
the
Liquidity
Program
to
a
Liquidity
Risk
Committee
(LRC),
which
is
a
cross-functional
committee
composed
of
personnel
from
multiple
departments
within
the
Adviser.
The Liquidity
Program’s
principal
objectives
include
supporting
the
T.
Rowe
Price
funds’
compliance
with
limits
on
investments
in
illiquid
assets
and
mitigating
the
risk
that
the
fund
will
be
unable
to
timely
meet
its
redemption
obligations.
The
Liquidity
Program
also
includes
a
number
of
elements
that
support
the
management
and
assessment
of
liquidity
risk,
including
an
annual
assessment
of
factors
that
influence
the
fund’s
liquidity
and
the
periodic
classification
and
reclassification
of
a
fund’s
investments
into
categories
that
reflect
the
LRC’s
assessment
of
their
relative
liquidity
under
current
market
conditions.
Under
the
Liquidity
Program,
every
investment
held
by
the
fund
is
classified
at
least
monthly
into
one
of
four
liquidity
categories
based
on
estimations
of
the
investment’s
ability
to
be
sold
during
designated
time
frames
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
As
required
by
the
Liquidity
Rule,
at
a
meeting
held
on
July
24,
2023,
the
Board
was
presented
with
an
annual
assessment
that
was
prepared
by
the
LRC
on
behalf
of
the
Adviser
and
addressed
the
operation
of
the
Liquidity
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
any
material
changes
to
the
Liquidity
Program
and
the
determination
of
each
fund’s
Highly
Liquid
Investment
Minimum
(HLIM).
The
annual
assessment
included
consideration
of
the
following
factors,
as
applicable:
the
fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
normal
and
reasonably
foreseeable
stressed
conditions,
including
whether
the
investment
strategy
is
appropriate
for
an
open-end
fund,
the
extent
to
which
the
strategy
involves
a
relatively
concentrated
portfolio
or
large
positions
in
particular
issuers,
and
the
use
of
borrowings
for
investment
purposes
and
derivatives;
short-term
and
long-term
cash
flow
projections
covering
both
normal
and
reasonably
foreseeable
stressed
conditions;
and
holdings
of
cash
and
cash
equivalents,
as
well
as
available
borrowing
arrangements.
T.
ROWE
PRICE
Equity
Index
500
Fund
For the
fund
and
other
T.
Rowe
Price
funds,
the
annual
assessment
incorporated
a
report
related
to
a
fund’s
holdings,
shareholder
and
portfolio
concentration,
any
borrowings
during
the
period,
cash
flow
projections,
and
other
relevant
data
for
the
period
of
April
1,
2022,
through
March
31,
2023.
The
report
described
the
methodology
for
classifying
a
fund’s
investments
(including
any
derivative
transactions)
into
one
of
four
liquidity
categories,
as
well
as
the
percentage
of
a
fund’s
investments
assigned
to
each
category.
It
also
explained
the
methodology
for
establishing
a
fund’s
HLIM
and
noted
that
the
LRC
reviews
the
HLIM
assigned
to
each
fund
no
less
frequently
than
annually.
During the
period
covered
by
the
annual
assessment,
the
LRC
has
concluded,
and
reported
to
the
Board,
that
the
Liquidity
Program
continues
to
operate
adequately
and
effectively
and
is
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk.
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
(continued)
T.
ROWE
PRICE
EQUITY
INDEX
500
FUND
ABOUT
THE
FUND'S
DIRECTORS
AND
OFFICERS
Your
fund
is
overseen
by
a
Board
of
Directors
(Board)
that
meets
regularly
to
review
a
wide
variety
of
matters
affecting
or
potentially
affecting
the
fund,
including
performance,
investment
programs,
compliance
matters,
advisory
fees
and
expenses,
service
providers,
and
business
and
regulatory
affairs.
The
Board
elects
the
fund’s
officers,
who
are
listed
in
the
final
table.
The
directors
who
are
also
employees
or
officers
of
T.
Rowe
Price
are
considered
to
be
“interested”
directors
as
defined
in
Section
2(a)(19)
of
the
1940
Act
because
of
their
relationships
with
T.
Rowe
Price
Associates,
Inc. (T.
Rowe
Price),
and
its
affiliates.
The
business
address
of
each
director
and
officer
is
100
East
Pratt
Street,
Baltimore,
Maryland
21202.
The
Statement
of
Additional
Information
includes
additional
information
about
the
fund
directors
and
is
available
without
charge
by
calling
a
T.
Rowe
Price
representative
at
1-800-638-5660.
INDEPENDENT
DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Teresa
Bryce
Bazemore
(1959)
2018
[209]
President
and
Chief
Executive
Officer,
Federal
Home
Loan
Bank
of
San
Francisco
(2021
to
present);
Chief
Executive
Officer,
Bazemore
Consulting
LLC
(2018
to
2021);
Director,
Chimera
Investment
Corporation
(2017
to
2021);
Director,
First
Industrial
Realty
Trust
(2020
to
present);
Director,
Federal
Home
Loan
Bank
of
Pittsburgh
(2017
to
2019)
Melody
Bianchetto
(1966)
2023
[209]
Vice
President
for
Finance,
University
of
Virginia
(2015
to
2023)
Bruce
W.
Duncan
(1951)
2013
[209]
President,
Chief
Executive
Officer,
and
Director,
CyrusOne,
Inc.
(2020
to
2021);
Chair
of
the
Board
(2016
to
2020)
and
President
(2009
to
2016),
First
Industrial
Realty
Trust,
owner
and
operator
of
industrial
properties;
Member,
Investment
Company
Institute
Board
of
Governors
(2017
to
2019);
Member,
Independent
Directors
Council
Governing
Board
(2017
to
2019);
Senior
Advisor,
KKR
(2018
to
2022);
Director,
Boston
Properties
(2016
to
present);
Director,
Marriott
International,
Inc.
(2016
to
2020)
Robert
J.
Gerrard,
Jr.
(1952)
2012
[209]
Chair
of
the
Board,
all
funds
(July
2018
to
present)
Paul
F.
McBride
(1956)
2013
[209]
Advisory
Board
Member,
Vizzia
Technologies
(2015
to
present);
Board
Member,
Dunbar
Armored
(2012
to
2018)
T.
ROWE
PRICE
EQUITY
INDEX
500
FUND
INTERESTED DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Mark
J.
Parrell
(1966)
2023
[209]
Board
of
Trustees
Member
and
Chief
Executive
Officer
(2019
to
present),
President
(2018
to
present),
Executive
Vice
President
and
Chief
Financial
Officer
(2007
to
2018),
and
Senior
Vice
President
and
Treasurer
(2005
to
2007),
EQR;
Member,
Nareit
Dividends
Through
Diversity,
Equity
&
Inclusion
CEO
Council
and
Chair,
Nareit
2021
Audit
and
Investment
Committee
(2021);
Advisory
Board,
Ross
Business
School
at
University
of
Michigan
(2015
to
2016);
Member,
National
Multifamily
Housing
Council
and
served
as
Chair
of
the
Finance
Committee
(2015
to
2016);
Member,
Economic
Club
of
Chicago;
Director,
Brookdale
Senior
Living,
Inc.
(2015
to
2017);
Director,
Aviv
REIT,
Inc.
(2013
to
2015);
Director,
Real
Estate
Roundtable
and
the
2022
Executive
Board
Nareit;
Board
of
Directors
and
Chair
of
the
Finance
Committee,
Greater
Chicago
Food
Depository
Kellye
L.
Walker
(1966)
2021
[209]
Executive
Vice
President
and
Chief
Legal
Officer,
Eastman
Chemical
Company
(April
2020
to
present);
Executive
Vice
President
and
Chief
Legal
Officer,
Huntington
Ingalls
Industries,
Inc.
(January
2015
to
March
2020);
Director,
Lincoln
Electric
Company
(October
2020
to
present)
(a)
All
information
about
the
independent
directors
was
current
as
of
December
31,
2022,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
David
Oestreicher
(1967)
2018
[209]
Director,
Vice
President,
and
Secretary,
T.
Rowe
Price,
T.
Rowe
Price
Investment
Services,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
and
T.
Rowe
Price
Services,
Inc.;
Director
and
Secretary,
T.
Rowe
Price
Investment
Management,
Inc.
(Price
Investment
Management);
Vice
President
and
Secretary,
T.
Rowe
Price
International
(Price
International);
Vice
President,
T.
Rowe
Price
Hong
Kong
(Price
Hong
Kong),
T. Rowe
Price
Japan
(Price
Japan),
and
T.
Rowe
Price
Singapore
(Price
Singapore);
General
Counsel,
Vice
President,
and
Secretary,
T.
Rowe
Price
Group,
Inc.;
Chair
of
the
Board,
Chief
Executive
Officer,
President,
and
Secretary,
T.
Rowe
Price
Trust
Company;
Principal
Executive
Officer
and
Executive
Vice
President,
all
funds
INDEPENDENT
DIRECTORS
(a)
(CONTINUED)
T.
ROWE
PRICE
EQUITY
INDEX
500
FUND
OFFICERS
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Eric
L.
Veiel,
CFA
(1972)
2022
[209]
Director
and
Vice
President,
T.
Rowe
Price;
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company;
Vice
President,
Global
Funds
(a)
All
information
about
the
interested
directors
was
current
as
of
December
31,
2022,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
Name
(Year
of
Birth)
Position
Held
With Index
Trust
Principal
Occupation(s)
Armando
(Dino)
Capasso
(1974)
Chief
Compliance
Officer
and
Vice
President
Chief
Compliance
Officer
and
Vice
President,
T.
Rowe
Price
and
Price
Investment
Management;
Vice
President,
T.
Rowe
Price
Group,
Inc.;
formerly,
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
AST
Investment
Services,
Inc.
(ASTIS)
(to
2022);
Chief
Compliance
Officer,
PGIM
Retail
Funds
complex
and
Prudential
Insurance
Funds
(to
2022);
Vice
President
and
Deputy
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
ASTIS
(to
2019)
Alan
S.
Dupski,
CPA
(1982)
Principal
Financial
Officer,
Vice
President,
and
Treasurer
Vice
President,
Price
Investment
Management,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Cheryl
Emory
(1963)
Assistant
Secretary
Assistant
Vice
President
and
Assistant
Secretary,
T.
Rowe
Price;
Assistant
Secretary,
T.
Rowe
Price
Group,
Inc.,
Price
Investment
Management,
Price
International,
Price
Hong
Kong,
Price
Singapore,
T.
Rowe
Price
Investment
Services,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Cheryl
Hampton,
CPA
(1969)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company;
formerly,
Tax
Director,
Invesco
Ltd.
(to
2021);
Vice
President,
Oppenheimer
Funds,
Inc.
(to
2019)
Benjamin
Kersse,
CPA
(1989)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Trust
Company
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
INTERESTED DIRECTORS
(a)
(CONTINUED)
T.
ROWE
PRICE
EQUITY
INDEX
500
FUND
Name
(Year
of
Birth)
Position
Held
With Index
Trust
Principal
Occupation(s)
Paul
J.
Krug,
CPA
(1964)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Robert
P.
McDavid
(1972)
Vice
President
Vice
President,
T.
Rowe
Price, Price
Investment
Management, T.
Rowe
Price
Investment
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Fran
M.
Pollack-Matz
(1961)
Vice
President
and
Secretary
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
T.
Rowe
Price
Investment
Services,
Inc., T.
Rowe
Price
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Richard
Sennett,
CPA
(1970)
Assistant
Treasurer
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Michael
K.
Sewell
(1982)
Executive
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Neil
Smith
(1972)
President
Vice
President,
Price
Hong
Kong,
Price
Japan,
Price
Singapore,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Ellen
York
(1988)
Vice
President
Vice
President,
Price
Investment
Management
and
T.
Rowe
Price
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
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.
F50-050
2/24
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:
| | | | | | | | | | |
| | | 2023 | | | 2022 | | | |
Audit Fees | | $ | 23,064 | | | $ | 21,734 | |
Audit-Related Fees | | | - | | | | - | |
Tax Fees | | | - | | | | - | |
All Other Fees | | | - | | | | - | |
Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.
(e)(1) The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.
(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,524,000 and $2,037,000, respectively.
(h) All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | |
| T. Rowe Price Index Trust, Inc. | | |
| | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | February 16, 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 | | February 16, 2024 | | |
| | | | |
| By | | /s/ Alan S. Dupski | | |
| | Alan S. Dupski | | |
| | Principal Financial Officer | | |
| | |
| Date | | February 16, 2024 | | |
