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)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: June 30, 2025

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Semi-Annual Shareholder Report

June 30, 2025

Equity Index 500 Fund

Investor Class (PREIX)

This semi-annual shareholder report contains important information about Equity Index 500 Fund (the "fund") for the period of January 1, 2025 to June 30, 2025. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Equity Index 500 Fund - Investor Class	$10	0.19%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)	$35,052,454
Number of Portfolio Holdings	507


Portfolio Turnover Rate	1.4%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Information Technology	32.9%
Financials	14.0
Consumer Discretionary	10.4
Communication Services	9.8
Health Care	9.3
Industrials & Business Services	8.7
Consumer Staples	5.5
Energy	3.0
Utilities	2.3
Other	4.1

Top Ten Holdings (as a % of Net Assets)

NVIDIA	7.3%
Microsoft	7.0
Apple	5.8
Amazon.com	3.9
Alphabet	3.5
Meta Platforms	3.1
Broadcom	2.5
Berkshire Hathaway	1.7
Tesla	1.7
JPMorgan Chase	1.5

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F50-053 8/25

Equity Index 500 Fund

Investor Class (PREIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

June 30, 2025

Equity Index 500 Fund

I Class (PRUIX)

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Equity Index 500 Fund - I Class	$3	0.05%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)	$35,052,454
Number of Portfolio Holdings	507


Portfolio Turnover Rate	1.4%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Information Technology	32.9%
Financials	14.0
Consumer Discretionary	10.4
Communication Services	9.8
Health Care	9.3
Industrials & Business Services	8.7
Consumer Staples	5.5
Energy	3.0
Utilities	2.3
Other	4.1

Top Ten Holdings (as a % of Net Assets)

NVIDIA	7.3%
Microsoft	7.0
Apple	5.8
Amazon.com	3.9
Alphabet	3.5
Meta Platforms	3.1
Broadcom	2.5
Berkshire Hathaway	1.7
Tesla	1.7
JPMorgan Chase	1.5

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F528-053 8/25

Equity Index 500 Fund

I Class (PRUIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

June 30, 2025

Equity Index 500 Fund

Z Class (TRHZX)

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Equity Index 500 Fund - Z Class	$0	0.00%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)	$35,052,454
Number of Portfolio Holdings	507


Portfolio Turnover Rate	1.4%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Information Technology	32.9%
Financials	14.0
Consumer Discretionary	10.4
Communication Services	9.8
Health Care	9.3
Industrials & Business Services	8.7
Consumer Staples	5.5
Energy	3.0
Utilities	2.3
Other	4.1

Top Ten Holdings (as a % of Net Assets)

NVIDIA	7.3%
Microsoft	7.0
Apple	5.8
Amazon.com	3.9
Alphabet	3.5
Meta Platforms	3.1
Broadcom	2.5
Berkshire Hathaway	1.7
Tesla	1.7
JPMorgan Chase	1.5

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F1251-053 8/25

Equity Index 500 Fund

Z Class (TRHZX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

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

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a – b) Report pursuant to Regulation S-X.

Financial

Highlights

Portfolio

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

June

30,

2025

Financial

Statements

and

Other

Information

For

insights

from

Rowe

Price

investment

professionals,

troweprice.com

ROWE

PRICE

PREIX

Equity

Index

500

Fund

PRUIX

Equity

Index

500

Fund–

I Class

TRHZX

Equity

Index

500

Fund–

Z Class

ROWE

PRICE

Equity

Index

500

Fund

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

Investor

Class

Months

Ended

6/30/25

Year

Ended

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

NET

ASSET

VALUE

Beginning

period

154.60‌

125.41‌

100.94‌

125.31‌

99.17‌

85.83‌

Investment

activities

Net

investment

income

(1)(2)

0.85‌

1.69‌

1.65‌

1.50‌

1.36‌

1.52‌

Net

realized

and

unrealized

gain/

loss

8.53‌

29.30‌

24.48‌

(24.35‌)

26.74‌

13.77‌

Total

from

investment

activities

9.38‌

30.99‌

26.13‌

(22.85‌)

28.10‌

15.29‌

Distributions

Net

investment

income

(0.83‌)

(1.74‌)

(1.66‌)

(1.52‌)

(1.44‌)

(1.55‌)

Net

realized

gain

—‌

(0.06‌)

—‌

(0.52‌)

(0.40‌)

Total

distributions

(0.83‌)

(1.80‌)

(1.66‌)

(1.52‌)

(1.96‌)

(1.95‌)

NET

ASSET

VALUE

End

period

163.15‌

154.60‌

125.41‌

100.94‌

125.31‌

99.17‌

ROWE

PRICE

Equity

Index

500

Fund

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

these

financial

statements.

Investor

Class

Months

Ended

6/30/25

Year

Ended

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

Ratios/Supplemental

Data

Total

return

(2)(3)

6.09‌%

24.78‌%

26.06‌%

(18.28‌)%

28.50‌%

18.19‌%

Ratios

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

Price

Associates

0.19‌%

(4)

0.18‌%

0.19‌%

0.20‌%

0.16‌%

0.19‌%

Net

expenses

after

waivers/

payments

Price

Associates

0.19‌%

(4)

0.18‌%

0.19‌%

0.20‌%

0.16‌%

0.19‌%

Net

investment

income

1.12‌%

(4)

1.19‌%

1.46‌%

1.38‌%

1.21‌%

1.82‌%

Portfolio

turnover

rate

1.4‌%

3.6‌%

5.8‌%

3.1‌%

13.6‌%

Net

assets,

end

period

(in

millions)

$8,303

$8,258

$7,218

$5,704

$11,145

$9,002

0‌%

(1)

Per

amounts

calculated

using

average

outstanding

method.

(2)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

Total

return

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

ROWE

PRICE

Equity

Index

500

Fund

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

Class

Months

Ended

6/30/25

Year

Ended

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

NET

ASSET

VALUE

Beginning

period

154.62‌

125.41‌

100.93‌

125.32‌

99.16‌

85.84‌

Investment

activities

Net

investment

income

(1)(2)

0.96‌

1.89‌

1.80‌

1.68‌

1.47‌

1.54‌

Net

realized

and

unrealized

gain/

loss

8.53‌

29.30‌

24.49‌

(24.36‌)

26.75‌

13.85‌

Total

from

investment

activities

9.49‌

31.19‌

26.29‌

(22.68‌)

28.22‌

15.39‌

Distributions

Net

investment

income

(0.94‌)

(1.92‌)

(1.81‌)

(1.71‌)

(1.54‌)

(1.67‌)

Net

realized

gain

—‌

(0.06‌)

—‌

(0.52‌)

(0.40‌)

Total

distributions

(0.94‌)

(1.98‌)

(1.81‌)

(1.71‌)

(2.06‌)

(2.07‌)

NET

ASSET

VALUE

End

period

163.17‌

154.62‌

125.41‌

100.93‌

125.32‌

99.16‌

ROWE

PRICE

Equity

Index

500

Fund

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

these

financial

statements.

Class

Months

Ended

6/30/25

Year

Ended

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

Ratios/Supplemental

Data

Total

return

(2)(3)

6.17‌%

24.95‌%

26.23‌%

(18.15‌)%

28.63‌%

18.34‌%

Ratios

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

Price

Associates

0.08‌%

(4)

0.08‌%

0.10‌%

0.07‌%

Net

expenses

after

waivers/

payments

Price

Associates

0.05‌%

(4)

0.05‌%

0.06‌%

Net

investment

income

1.26‌%

(4)

1.32‌%

1.60‌%

1.57‌%

1.31‌%

1.88‌%

Portfolio

turnover

rate

1.4‌%

3.6‌%

5.8‌%

3.1‌%

13.6‌%

Net

assets,

end

period

(in

millions)

$11,565

$10,824

$7,970

$6,020

$3,507

$3,232

0‌%

(1)

Per

amounts

calculated

using

average

outstanding

method.

(2)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

Total

return

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

ROWE

PRICE

Equity

Index

500

Fund

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

Class

Months

Ended

6/30/25

Year

Ended

3/16/20

(1)

Through

12/31/20

12/31/24

12/31/23

12/31/22

12/31/21

NET

ASSET

VALUE

Beginning

period

154.58‌

125.38‌

100.90‌

125.27‌

99.13‌

63.64‌

Investment

activities

Net

investment

income

(2)(3)

0.99‌

1.96‌

1.86‌

1.71‌

1.54‌

1.40‌

Net

realized

and

unrealized

gain/

loss

8.54‌

29.29‌

24.48‌

(24.34‌)

26.73‌

36.19‌

Total

from

investment

activities

9.53‌

31.2

5‌

26.34‌

(22.63‌)

28.27‌

37.59‌

Distributions

Net

investment

income

(0.98‌)

(1.99‌)

(1.86‌)

(1.74‌)

(1.61‌)

(1.70‌)

Net

realized

gain

—‌

(0.06‌)

—‌

(0.52‌)

(0.40‌)

Total

distributions

(0.98‌)

(2.05‌)

(1.86‌)

(1.74‌)

(2.13‌)

(2.10‌)

NET

ASSET

VALUE

End

period

163.13‌

154.58‌

125.38‌

100.90‌

125.27‌

99.13‌

ROWE

PRICE

Equity

Index

500

Fund

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

these

financial

statements.

Class

Months

Ended

6/30/25

Year

Ended

3/16/20

(1)

Through

12/31/20

12/31/24

12/31/23

12/31/22

12/31/21

Ratios/Supplemental

Data

Total

return

(3)(4)

6.19‌%

25.01‌%

26.30‌%

(18.11‌)%

28.70‌%

59.62‌%

Ratios

average

net

assets:

(3)

Gross

expenses

before

waivers/

payments

Price

Associates

0.05‌%

(5)

0.05‌%

0.06‌%

(5)

Net

expenses

after

waivers/

payments

Price

Associates

0.00‌%

(5)

0.00‌%

(5)

Net

investment

income

1.31‌%

(5)

1.37‌%

1.65‌%

1.57‌%

1.37‌%

2.03‌%

(5)

Portfolio

turnover

rate

1.4‌%

3.6‌%

5.8‌%

3.1‌%

13.6‌%

Net

assets,

end

period

(in

millions)

$15,184

$14,975

$13,269

$11,283

$19,852

$21,289

0‌%

(1)

Inception

date

(2)

Per

amounts

calculated

using

average

outstanding

method.

(3)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(4)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

Total

return

not

annualized

for

periods

less

than

one

year.

(5)

Annualized

ROWE

PRICE

Equity

Index

500

Fund

June

30,

2025

(Unaudited)

Portfolio

Investments

‡

Value

(Cost

and

value

$000s)

‡

COMMON

STOCKS

99.8%

COMMUNICATION

SERVICES

9.8%

Diversified

Telecommunication

Services

0.7%

AT&T

4,791,821‌

138,675‌

Verizon

Communications

2,807,592‌

121,485‌

260,160‌

Entertainment

1.8%

Electronic

Arts

151,964‌

24,269‌

Live

Nation

Entertainment (1)

104,884‌

15,867‌

Netflix (1)

283,403‌

379,514‌

Take-Two

Interactive

Software (1)

112,462‌

27,311‌

TKO

Group

Holdings

44,088‌

8,022‌

Walt

Disney

1,199,533‌

148,754‌

Warner

Bros

Discovery (1)

1,494,180‌

17,123‌

620,860‌

Interactive

Media

Services

6.6%

Alphabet,

Class

3,875,756‌

683,024‌

Alphabet,

Class

3,126,403‌

554,593‌

Match

Group

163,556‌

5,052‌

Meta

Platforms,

Class

1,445,848‌

1,067,166‌

2,309,835‌

Media

0.5%

Charter

Communications,

Class

A (1)

64,334‌

26,300‌

Comcast,

Class

2,480,124‌

88,516‌

Fox,

Class

146,618‌

8,216‌

Fox,

Class

87,136‌

4,499‌

Interpublic

Group

244,495‌

5,985‌

News,

Class

250,266‌

7,438‌

News,

Class

B (2)

74,676‌

2,562‌

Omnicom

Group (2)

130,220‌

9,368‌

Paramount

Global,

Class

393,144‌

5,072‌

157,956‌

Wireless

Telecommunication

Services

0.2%

T-Mobile

U.S.

318,001‌

75,767‌

Total

Communication

Services

3,424,578‌

ROWE

PRICE

Equity

Index

500

Fund

Value

(Cost

and

value

$000s)

‡

CONSUMER

DISCRETIONARY

10.4%

Automobile

Components

0.0%

Aptiv (1)

144,994‌

9,891‌

Automobiles

1.9%

Ford

Motor

2,576,186‌

27,951‌

General

Motors

640,255‌

31,507‌

Tesla (1)

1,866,111‌

592,789‌

652,247‌

Broadline

Retail

4.0%

Amazon.com (1)

6,292,145‌

1,380,434‌

eBay

306,997‌

22,859‌

1,403,293‌

Distributors

0.1%

Genuine

Parts

92,175‌

11,182‌

LKQ

174,880‌

6,472‌

Pool

25,125‌

7,323‌

24,977‌

Hotels,

Restaurants

Leisure

2.1%

Airbnb,

Class

A (1)

287,069‌

37,991‌

Booking

Holdings

21,669‌

125,447‌

Caesars

Entertainment (1)

140,173‌

3,980‌

Carnival (1)

692,609‌

19,476‌

Chipotle

Mexican

Grill (1)

900,052‌

50,538‌

Darden

Restaurants

77,444‌

16,880‌

Domino's

Pizza

23,133‌

10,424‌

DoorDash,

Class

A (1)

228,327‌

56,285‌

Expedia

Group

81,802‌

13,798‌

Hilton

Worldwide

Holdings

158,293‌

42,160‌

Las

Vegas

Sands

226,045‌

9,835‌

Marriott

International,

Class

151,947‌

41,513‌

McDonald's

475,507‌

138,929‌

MGM

Resorts

International (1)

137,738‌

4,737‌

Norwegian

Cruise

Line

Holdings (1)

298,093‌

6,045‌

Royal

Caribbean

Cruises

166,374‌

52,098‌

Starbucks

754,432‌

69,129‌

Wynn

Resorts

58,627‌

5,492‌

Yum!

Brands

184,673‌

27,365‌

732,122‌

Household

Durables

0.3%

Horton

184,107‌

23,735‌

ROWE

PRICE

Equity

Index

500

Fund

Value

(Cost

and

value

$000s)

‡

Garmin

101,680‌

21,223‌

Lennar,

Class

155,642‌

17,215‌

Mohawk

Industries (1)

35,522‌

3,724‌

NVR (1)

1,947‌

14,380‌

PulteGroup

134,714‌

14,207‌

94,484‌

Leisure

Products

0.0%

Hasbro

85,784‌

6,333‌

Specialty

Retail

1.7%

AutoZone (1)

11,144‌

41,369‌

Best

Buy

129,641‌

8,703‌

CarMax (1)

103,480‌

6,955‌

Home

Depot

661,893‌

242,677‌

Lowe's

372,729‌

82,697‌

O'Reilly

Automotive (1)

571,980‌

51,553‌

Ross

Stores

218,749‌

27,908‌

TJX

743,513‌

91,816‌

Tractor

Supply

353,215‌

18,639‌

Ulta

Beauty (1)

30,065‌

14,065‌

Williams-Sonoma

81,801‌

13,364‌

599,746‌

Textiles,

Apparel

Luxury

Goods

0.3%

Deckers

Outdoor (1)

101,882‌

10,501‌

Lululemon

Athletica (1)

74,651‌

17,735‌

NIKE,

Class

784,463‌

55,728‌

Ralph

Lauren

26,344‌

7,226‌

Tapestry

136,371‌

11,975‌

103,165‌

Total

Consumer

Discretionary

3,626,258‌

CONSUMER

STAPLES

5.5%

Beverages

1.1%

Brown-Forman,

Class

124,384‌

3,347‌

Coca-Cola

2,579,575‌

182,505‌

Constellation

Brands,

Class

103,455‌

16,830‌

Keurig

Pepper

900,349‌

29,766‌

Molson

Coors

Beverage,

Class

113,531‌

5,460‌

Monster

Beverage (1)

464,850‌

29,118‌

PepsiCo

911,590‌

120,366‌

387,392‌

ROWE

PRICE

Equity

Index

500

Fund

Value

(Cost

and

value

$000s)

‡

Consumer

Staples

Distribution

Retail

2.0%

Costco

Wholesale

295,465‌

292,493‌

Dollar

General

145,364‌

16,627‌

Dollar

Tree (1)

133,375‌

13,209‌

Kroger

407,943‌

29,262‌

Sysco

326,222‌

24,708‌

Target

303,721‌

29,962‌

Walgreens

Boots

Alliance

471,556‌

5,413‌

Walmart

2,879,304‌

281,538‌

693,212‌

Food

Products

0.6%

Archer-Daniels-Midland

320,254‌

16,903‌

Bunge

Global

88,269‌

7,086‌

Conagra

Brands

315,997‌

6,468‌

General

Mills

367,868‌

19,059‌

Hershey

98,422‌

16,333‌

Hormel

Foods

197,279‌

5,968‌

Smucker

71,655‌

7,037‌

Kellanova

177,569‌

14,122‌

Kraft

Heinz

576,371‌

14,882‌

Lamb

Weston

Holdings

94,312‌

4,890‌

McCormick

169,164‌

12,826‌

Mondelez

International,

Class

858,946‌

57,927‌

The

Campbell's

Company

133,796‌

4,101‌

Tyson

Foods,

Class

191,467‌

10,711‌

198,313‌

Household

Products

1.0%

Church

Dwight

163,782‌

15,741‌

Clorox

82,280‌

9,879‌

Colgate-Palmolive

538,716‌

48,969‌

Kimberly-Clark

220,195‌

28,388‌

Procter

Gamble

1,561,318‌

248,749‌

351,726‌

Personal

Care

Products

0.1%

Estee

Lauder,

Class

155,209‌

12,541‌

Kenvue

1,270,661‌

26,595‌

39,136‌

Tobacco

0.7%

Altria

Group

1,125,725‌

66,001‌

ROWE

PRICE

Equity

Index

500

Fund

Value

(Cost

and

value

$000s)

‡

Philip

Morris

International

1,036,543‌

188,786‌

254,787‌

Total

Consumer

Staples

1,924,566‌

ENERGY

3.0%

Energy

Equipment

Services

0.2%

Baker

Hughes

659,737‌

25,294‌

Halliburton

576,171‌

11,742‌

Schlumberger

905,782‌

30,616‌

67,652‌

Oil,

Gas

Consumable

Fuels

2.8%

APA

251,018‌

4,591‌

Chevron

1,081,579‌

154,871‌

ConocoPhillips

840,686‌

75,443‌

Coterra

Energy

508,284‌

12,900‌

Devon

Energy

427,598‌

13,602‌

Diamondback

Energy

124,534‌

17,111‌

EOG

Resources

363,460‌

43,473‌

EQT

397,416‌

23,177‌

Expand

Energy

144,216‌

16,865‌

Exxon

Mobil

2,870,190‌

309,407‌

Hess

183,088‌

25,365‌

Kinder

Morgan

1,282,298‌

37,700‌

Marathon

Petroleum

204,585‌

33,984‌

Occidental

Petroleum

471,867‌

19,823‌

ONEOK

415,965‌

33,955‌

Phillips

273,828‌

32,668‌

Targa

Resources

145,268‌

25,288‌

Texas

Pacific

Land (2)

12,534‌

13,241‌

Valero

Energy

209,530‌

28,165‌

Williams

809,537‌

50,847‌

972,476‌

Total

Energy

1,040,128‌

FINANCIALS

14.0%

Banks

3.6%

Bank

America

4,363,709‌

206,491‌

Citigroup

1,246,912‌

106,137‌

Citizens

Financial

Group

289,829‌

12,970‌

Fifth

Third

Bancorp

445,633‌

18,329‌

Huntington

Bancshares

960,460‌

16,097‌

JPMorgan

Chase

1,850,702‌

536,537‌

KeyCorp

656,049‌

11,428‌

ROWE

PRICE

Equity

Index

500

Fund

Value

(Cost

and

value

$000s)

‡

M&T

Bank

106,893‌

20,736‌

PNC

Financial

Services

Group

262,936‌

49,017‌

Regions

Financial

608,502‌

14,312‌

Truist

Financial

872,262‌

37,499‌

U.S.

Bancorp

1,035,392‌

46,851‌

Wells

Fargo

2,167,081‌

173,627‌

1,250,031‌

Capital

Markets

3.4%

Ameriprise

Financial

63,790‌

34,047‌

Bank

New

York

Mellon

476,576‌

43,421‌

Blackrock

96,708‌

101,471‌

Blackstone

486,154‌

72,719‌

Cboe

Global

Markets

69,173‌

16,132‌

Charles

Schwab

1,137,389‌

103,775‌

CME

Group

239,350‌

65,970‌

Coinbase

Global,

Class

A (1)

140,783‌

49,343‌

FactSet

Research

Systems

25,511‌

11,411‌

Franklin

Resources

208,394‌

4,970‌

Goldman

Sachs

Group

204,336‌

144,619‌

Intercontinental

Exchange

381,641‌

70,020‌

Invesco

305,034‌

4,810‌

KKR

450,765‌

59,965‌

MarketAxess

Holdings

24,936‌

5,569‌

Moody's

102,765‌

51,546‌

Morgan

Stanley

822,358‌

115,837‌

MSCI

51,471‌

29,685‌

Nasdaq

274,034‌

24,504‌

Northern

Trust

130,213‌

16,510‌

Raymond

James

Financial

121,960‌

18,705‌

S&P

Global

209,349‌

110,388‌

State

Street

191,987‌

20,416‌

Rowe

Price

Group (3)

148,086‌

14,290‌

1,190,123‌

Consumer

Finance

0.6%

American

Express

368,858‌

117,658‌

Capital

One

Financial

425,948‌

90,625‌

Synchrony

Financial

257,867‌

17,210‌

225,493‌

Financial

Services

4.3%

Apollo

Global

Management

300,657‌

42,654‌

Berkshire

Hathaway,

Class

B (1)

1,221,152‌

593,199‌

Corpay (1)

46,358‌

15,382‌

ROWE

PRICE

Equity

Index

500

Fund

Value

(Cost

and

value

$000s)

‡

Fidelity

National

Information

Services

351,057‌

28,580‌

Fiserv (1)

369,218‌

63,657‌

Global

Payments

164,466‌

13,164‌

Jack

Henry

Associates

48,255‌

8,694‌

Mastercard,

Class

540,570‌

303,768‌

PayPal

Holdings (1)

647,646‌

48,133‌

Visa,

Class

1,139,409‌

404,547‌

1,521,778‌

Insurance

2.1%

Aflac

324,032‌

34,172‌

Allstate

175,949‌

35,420‌

American

International

Group

383,799‌

32,849‌

Aon,

Class

143,624‌

51,239‌

Arch

Capital

Group

247,908‌

22,572‌

Arthur

Gallagher

170,546‌

54,595‌

Assurant

33,766‌

6,668‌

Brown

186,168‌

20,640‌

Chubb

248,178‌

71,902‌

Cincinnati

Financial

103,345‌

15,390‌

Erie

Indemnity,

Class

16,656‌

5,776‌

Everest

Group

28,289‌

9,614‌

Globe

Life

55,632‌

6,915‌

Hartford

Insurance

Group

191,840‌

24,339‌

Loews

117,101‌

10,734‌

Marsh

McLennan

328,126‌

71,742‌

MetLife

375,515‌

30,199‌

Principal

Financial

Group

139,604‌

11,089‌

Progressive

389,345‌

103,901‌

Prudential

Financial

234,485‌

25,193‌

Travelers

150,448‌

40,251‌

Berkley

198,326‌

14,571‌

Willis

Towers

Watson

66,455‌

20,369‌

720,140‌

Total

Financials

4,907,565‌

HEALTH

CARE

9.3%

Biotechnology

1.6%

AbbVie

1,176,313‌

218,347‌

Amgen

358,078‌

99,979‌

Biogen (1)

97,238‌

12,212‌

Gilead

Sciences

827,853‌

91,784‌

Incyte (1)

106,350‌

7,242‌

Moderna (1)

224,065‌

6,182‌

ROWE

PRICE

Equity

Index

500

Fund

Value

(Cost

and

value

$000s)

‡

Regeneron

Pharmaceuticals

69,156‌

36,307‌

Vertex

Pharmaceuticals (1)

171,010‌

76,134‌

548,187‌

Health

Care

Equipment

Supplies

2.3%

Abbott

Laboratories

1,158,622‌

157,584‌

Align

Technology (1)

46,303‌

8,767‌

Baxter

International

338,402‌

10,247‌

Becton

Dickinson

Company

190,400‌

32,797‌

Boston

Scientific (1)

985,218‌

105,822‌

Cooper (1)

132,254‌

9,411‌

Dexcom (1)

259,301‌

22,634‌

Edwards

Lifesciences (1)

391,002‌

30,580‌

HealthCare

Technologies

302,734‌

22,424‌

Hologic (1)

147,594‌

9,617‌

IDEXX

Laboratories (1)

53,556‌

28,724‌

Insulet (1)

46,864‌

14,724‌

Intuitive

Surgical (1)

238,683‌

129,703‌

Medtronic

854,094‌

74,451‌

ResMed

97,275‌

25,097‌

Solventum (1)

91,485‌

6,938‌

STERIS

64,927‌

15,597‌

Stryker

229,048‌

90,618‌

Zimmer

Biomet

Holdings

131,996‌

12,039‌

807,774‌

Health

Care

Providers

Services

1.8%

Cardinal

Health

160,962‌

27,042‌

Cencora

114,344‌

34,286‌

Centene (1)

327,987‌

17,803‌

Cigna

Group

177,900‌

58,810‌

CVS

Health

842,423‌

58,110‌

DaVita (1)

29,522‌

4,206‌

Elevance

Health

150,458‌

58,522‌

HCA

Healthcare

115,349‌

44,190‌

Henry

Schein (1)

81,687‌

5,967‌

Humana

80,523‌

19,686‌

Labcorp

Holdings

55,481‌

14,564‌

McKesson

83,327‌

61,060‌

Molina

Healthcare (1)

36,790‌

10,960‌

Quest

Diagnostics

73,238‌

13,156‌

UnitedHealth

Group

604,098‌

188,461‌

Universal

Health

Services,

Class

39,508‌

7,157‌

623,980‌

ROWE

PRICE

Equity

Index

500

Fund

Value

(Cost

and

value

$000s)

‡

Life

Sciences

Tools

Services

0.8%

Agilent

Technologies

189,986‌

22,420‌

Bio-Techne

107,217‌

5,516‌

Charles

River

Laboratories

International (1)

33,797‌

5,128‌

Danaher

425,117‌

83,978‌

IQVIA

Holdings (1)

111,505‌

17,572‌

Mettler-Toledo

International (1)

13,902‌

16,331‌

Revvity

79,876‌

7,726‌

Thermo

Fisher

Scientific

251,387‌

101,927‌

Waters (1)

39,745‌

13,872‌

West

Pharmaceutical

Services

48,006‌

10,504‌

284,974‌

Pharmaceuticals

2.8%

Bristol-Myers

Squibb

1,355,236‌

62,734‌

Eli

Lilly

523,840‌

408,349‌

Johnson

1,602,294‌

244,750‌

Merck

1,672,189‌

132,370‌

Pfizer

3,786,098‌

91,775‌

Viatris

790,105‌

7,056‌

Zoetis

297,274‌

46,360‌

993,394‌

Total

Health

Care

3,258,309‌

INDUSTRIALS

BUSINESS

SERVICES

8.7%

Aerospace

Defense

2.2%

Axon

Enterprise (1)

49,251‌

40,777‌

Boeing (1)

502,120‌

105,209‌

General

Dynamics

168,510‌

49,148‌

General

Electric

710,147‌

182,785‌

Howmet

Aerospace

268,838‌

50,039‌

Huntington

Ingalls

Industries

25,885‌

6,250‌

L3Harris

Technologies

125,020‌

31,360‌

Lockheed

Martin

139,146‌

64,444‌

Northrop

Grumman

90,360‌

45,178‌

RTX

889,661‌

129,908‌

Textron

121,258‌

9,736‌

TransDigm

Group

37,248‌

56,641‌

771,475‌

Air

Freight

Logistics

0.3%

Robinson

Worldwide

79,842‌

7,661‌

Expeditors

International

Washington

92,170‌

10,530‌

FedEx

146,926‌

33,398‌

ROWE

PRICE

Equity

Index

500

Fund

Value

(Cost

and

value

$000s)

‡

United

Parcel

Service,

Class

485,696‌

49,026‌

100,615‌

Building

Products

0.6%

A.O.

Smith

77,353‌

5,072‌

Allegion

57,344‌

8,264‌

Builders

FirstSource (1)

76,235‌

8,896‌

Carrier

Global

530,950‌

38,860‌

Johnson

Controls

International

438,381‌

46,302‌

Lennox

International

21,397‌

12,266‌

Masco

141,216‌

9,089‌

Trane

Technologies

148,966‌

65,159‌

193,908‌

Commercial

Services

Supplies

0.6%

Cintas

227,725‌

50,753‌

Copart (1)

580,388‌

28,480‌

Republic

Services

134,502‌

33,169‌

Rollins

187,361‌

10,571‌

Veralto

163,300‌

16,485‌

Waste

Management

243,860‌

55,800‌

195,258‌

Construction

Engineering

0.1%

Quanta

Services

98,691‌

37,313‌

Electrical

Equipment

0.9%

AMETEK

153,281‌

27,738‌

Eaton

260,581‌

93,025‌

Emerson

Electric

374,474‌

49,929‌

Vernova

181,757‌

96,177‌

Generac

Holdings (1)

39,406‌

5,643‌

Hubbell

35,868‌

14,649‌

Rockwell

Automation

74,891‌

24,876‌

312,037‌

Ground

Transportation

0.9%

CSX

1,250,994‌

40,820‌

Hunt

Transport

Services

52,597‌

7,553‌

Norfolk

Southern

150,210‌

38,449‌

Old

Dominion

Freight

Line

124,329‌

20,179‌

Uber

Technologies (1)

1,392,587‌

129,928‌

Union

Pacific

397,881‌

91,545‌

328,474‌

ROWE

PRICE

Equity

Index

500

Fund

Value

(Cost

and

value

$000s)

‡

Industrial

Conglomerates

0.6%

360,451‌

54,875‌

Honeywell

International

427,986‌

99,670‌

Roper

Technologies

71,149‌

40,330‌

194,875‌

Machinery

1.5%

Caterpillar

313,200‌

121,587‌

Cummins

91,666‌

30,021‌

Deere

168,247‌

85,552‌

Dover

91,036‌

16,681‌

Fortive

226,852‌

11,826‌

IDEX

50,039‌

8,785‌

Illinois

Tool

Works

177,360‌

43,852‌

Ingersoll

Rand

267,382‌

22,241‌

Nordson

35,824‌

7,680‌

Otis

Worldwide

262,669‌

26,010‌

PACCAR

347,728‌

33,055‌

Parker-Hannifin

85,520‌

59,733‌

Pentair

110,248‌

11,318‌

Snap-on

34,733‌

10,808‌

Stanley

Black

Decker

102,054‌

6,914‌

Westinghouse

Air

Brake

Technologies

113,395‌

23,739‌

Xylem

160,787‌

20,799‌

540,601‌

Passenger

Airlines

0.1%

Delta

Air

Lines

434,825‌

21,385‌

Southwest

Airlines (2)

379,495‌

12,311‌

United

Airlines

Holdings (1)

218,779‌

17,421‌

51,117‌

Professional

Services

0.6%

Automatic

Data

Processing

270,266‌

83,350‌

Broadridge

Financial

Solutions

78,028‌

18,963‌

Dayforce (1)

107,140‌

5,935‌

Equifax

82,787‌

21,472‌

Jacobs

Solutions

81,222‌

10,677‌

Leidos

Holdings

86,526‌

13,650‌

Paychex

212,516‌

30,913‌

Paycom

Software

31,765‌

7,350‌

Verisk

Analytics

93,747‌

29,202‌

221,512‌

ROWE

PRICE

Equity

Index

500

Fund

Value

(Cost

and

value

$000s)

‡

Trading

Companies

Distributors

0.3%

Fastenal

759,356‌

31,893‌

United

Rentals

43,357‌

32,665‌

Grainger

29,385‌

30,568‌

95,126‌

Total

Industrials

Business

Services

3,042,311‌

INFORMATION

TECHNOLOGY

32.9%

Communications

Equipment

0.9%

Arista

Networks (1)

686,087‌

70,194‌

Cisco

Systems

2,649,293‌

183,808‌

F5 (1)

38,226‌

11,251‌

Juniper

Networks

219,270‌

8,755‌

Motorola

Solutions

110,982‌

46,663‌

320,671‌

Electronic

Equipment,

Instruments

Components

0.7%

Amphenol,

Class

804,529‌

79,447‌

CDW

88,062‌

15,727‌

Corning

511,722‌

26,912‌

Jabil

72,978‌

15,917‌

Keysight

Technologies (1)

115,070‌

18,855‌

Ralliant (1)

75,617‌

3,667‌

Connectivity

197,831‌

33,368‌

Teledyne

Technologies (1)

30,976‌

15,869‌

Trimble (1)

163,104‌

12,393‌

Zebra

Technologies,

Class

A (1)

34,052‌

10,500‌

232,655‌

Services

1.1%

Accenture,

Class

416,894‌

124,606‌

Akamai

Technologies (1)

101,151‌

8,068‌

Cognizant

Technology

Solutions,

Class

327,297‌

25,539‌

EPAM

Systems (1)

37,125‌

6,564‌

Gartner (1)

50,980‌

20,607‌

GoDaddy,

Class

A (1)

93,356‌

16,810‌

International

Business

Machines

618,920‌

182,445‌

VeriSign

54,177‌

15,646‌

400,285‌

Semiconductors

Semiconductor

Equipment

12.7%

Advanced

Micro

Devices (1)

1,079,753‌

153,217‌

Analog

Devices

329,553‌

78,440‌

Applied

Materials

539,848‌

98,830‌

Broadcom

3,131,204‌

863,116‌

ROWE

PRICE

Equity

Index

500

Fund

Value

(Cost

and

value

$000s)

‡

Enphase

Energy (1)

88,881‌

3,524‌

First

Solar (1)

71,057‌

11,763‌

Intel

2,904,819‌

65,068‌

KLA

88,268‌

79,065‌

Lam

Research

852,701‌

83,002‌

Microchip

Technology

358,166‌

25,204‌

Micron

Technology

744,233‌

91,727‌

Monolithic

Power

Systems

31,915‌

23,342‌

NVIDIA

16,240,588‌

2,565,851‌

NXP

Semiconductors

168,561‌

36,829‌

Semiconductor (1)

278,114‌

14,576‌

QUALCOMM

730,659‌

116,365‌

Skyworks

Solutions

99,976‌

7,450‌

Teradyne

107,795‌

9,693‌

Texas

Instruments

605,050‌

125,620‌

4,452,682‌

Software

11.3%

Adobe (1)

283,822‌

109,805‌

ANSYS (1)

58,336‌

20,489‌

Autodesk (1)

142,676‌

44,168‌

Cadence

Design

Systems (1)

182,147‌

56,129‌

Crowdstrike

Holdings,

Class

A (1)

165,867‌

84,478‌

Fair

Isaac (1)

16,209‌

29,629‌

Fortinet (1)

422,447‌

44,661‌

Gen

Digital

362,804‌

10,666‌

Intuit

186,170‌

146,633‌

Microsoft

4,949,609‌

2,461,985‌

Oracle

1,083,117‌

236,802‌

Palantir

Technologies,

Class

A (1)

1,416,536‌

193,102‌

Palo

Alto

Networks (1)

439,803‌

90,001‌

PTC (1)

80,448‌

13,864‌

Salesforce

638,949‌

174,235‌

ServiceNow (1)

137,849‌

141,720‌

Synopsys (1)

102,607‌

52,605‌

Tyler

Technologies (1)

28,288‌

16,770‌

Workday,

Class

A (1)

144,265‌

34,624‌

3,962,366‌

Technology

Hardware,

Storage

Peripherals

6.2%

Apple

9,946,326‌

2,040,688‌

Dell

Technologies,

Class

199,502‌

24,459‌

Hewlett

Packard

Enterprise

867,757‌

17,746‌

623,764‌

15,257‌

NetApp

134,227‌

14,302‌

ROWE

PRICE

Equity

Index

500

Fund

Value

(Cost

and

value

$000s)

‡

Seagate

Technology

Holdings

140,768‌

20,317‌

Super

Micro

Computer (1)(2)

341,801‌

16,752‌

Western

Digital

229,419‌

14,680‌

2,164,201‌

Total

Information

Technology

11,532,860‌

MATERIALS

1.8%

Chemicals

1.2%

Air

Products

Chemicals

147,731‌

41,669‌

Albemarle (2)

77,687‌

4,869‌

Industries

Holdings

107,888‌

9,926‌

Corteva

455,156‌

33,923‌

Dow

464,411‌

12,297‌

DuPont

Nemours

278,803‌

19,123‌

Eastman

Chemical

77,436‌

5,781‌

Ecolab

167,353‌

45,091‌

International

Flavors

Fragrances

170,970‌

12,575‌

Linde

313,472‌

147,075‌

LyondellBasell

Industries,

Class

173,375‌

10,031‌

Mosaic

208,434‌

7,604‌

PPG

Industries

153,923‌

17,509‌

Sherwin-Williams

153,885‌

52,838‌

420,311‌

Construction

Materials

0.1%

Martin

Marietta

Materials

40,564‌

22,268‌

Vulcan

Materials

88,077‌

22,972‌

45,240‌

Containers

Packaging

0.2%

Amcor

1,528,276‌

14,045‌

Avery

Dennison

53,886‌

9,455‌

Ball

184,743‌

10,362‌

International

Paper

350,776‌

16,427‌

Packaging

Corp.

America

59,542‌

11,221‌

Smurfit

WestRock

328,211‌

14,162‌

75,672‌

Metals

Mining

0.3%

Freeport-McMoRan

954,253‌

41,367‌

Newmont

741,186‌

43,181‌

Nucor

156,246‌

20,240‌

Steel

Dynamics

94,013‌

12,035‌

116,823‌

Total

Materials

658,046‌

ROWE

PRICE

Equity

Index

500

Fund

Value

(Cost

and

value

$000s)

‡

REAL

ESTATE

2.1%

Health

Care

Real

Estate

Investment

Trusts

0.3%

Alexandria

Real

Estate

Equities,

REIT

101,673‌

7,384‌

Healthpeak

Properties,

REIT

471,086‌

8,249‌

Ventas,

REIT

300,536‌

18,979‌

Welltower,

REIT

413,716‌

63,601‌

98,213‌

Hotel

Resort

Real

Estate

Investment

Trusts

0.0%

Host

Hotels

Resorts,

REIT

467,079‌

7,174‌

Industrial

Real

Estate

Investment

Trusts

0.2%

Prologis,

REIT

615,625‌

64,714‌

Office

Real

Estate

Investment

Trusts

0.0%

BXP,

REIT

96,341‌

6,500‌

Real

Estate

Management

Development

0.1%

CBRE

Group,

Class

A (1)

196,963‌

27,599‌

CoStar

Group (1)

281,373‌

22,622‌

50,221‌

Residential

Real

Estate

Investment

Trusts

0.3%

AvalonBay

Communities,

REIT

94,571‌

19,245‌

Camden

Property

Trust,

REIT

70,576‌

7,953‌

Equity

Residential,

REIT

225,617‌

15,227‌

Essex

Property

Trust,

REIT

42,956‌

12,174‌

Invitation

Homes,

REIT

375,841‌

12,328‌

Mid-America

Apartment

Communities,

REIT

78,402‌

11,604‌

UDR,

REIT

197,715‌

8,073‌

86,604‌

Retail

Real

Estate

Investment

Trusts

0.3%

Federal

Realty

Investment

Trust,

REIT

50,865‌

4,832‌

Kimco

Realty,

REIT

456,865‌

9,603‌

Realty

Income,

REIT

601,394‌

34,647‌

Regency

Centers,

REIT

107,106‌

7,629‌

Simon

Property

Group,

REIT

203,622‌

32,734‌

89,445‌

Specialized

Real

Estate

Investment

Trusts

0.9%

American

Tower,

REIT

310,369‌

68,598‌

Crown

Castle,

REIT

288,056‌

29,592‌

Digital

Realty

Trust,

REIT

209,758‌

36,567‌

ROWE

PRICE

Equity

Index

500

Fund

Value

(Cost

and

value

$000s)

‡

Equinix,

REIT

65,141‌

51,818‌

Extra

Space

Storage,

REIT

141,503‌

20,863‌

Iron

Mountain,

REIT

195,918‌

20,095‌

Public

Storage,

REIT

104,492‌

30,660‌

SBA

Communications,

REIT

71,673‌

16,832‌

VICI

Properties,

REIT

703,906‌

22,947‌

Weyerhaeuser,

REIT

485,589‌

12,475‌

310,447‌

Total

Real

Estate

713,318‌

UTILITIES

2.3%

Electric

Utilities

1.5%

Alliant

Energy

170,166‌

10,290‌

American

Electric

Power

354,037‌

36,735‌

Constellation

Energy

207,770‌

67,060‌

Duke

Energy

515,976‌

60,885‌

Edison

International

257,615‌

13,293‌

Entergy

297,231‌

24,706‌

Evergy

152,540‌

10,515‌

Eversource

Energy

245,394‌

15,612‌

Exelon

667,308‌

28,974‌

FirstEnergy

338,651‌

13,634‌

NextEra

Energy

1,370,919‌

95,169‌

NRG

Energy

130,197‌

20,907‌

PG&E

1,463,406‌

20,400‌

Pinnacle

West

Capital

79,512‌

7,114‌

PPL

491,135‌

16,645‌

Southern

731,901‌

67,210‌

Xcel

Energy

379,972‌

25,876‌

535,025‌

Gas

Utilities

0.0%

Atmos

Energy

104,901‌

16,166‌

Independent

Power

Renewable

Electricity

Producers

0.1%

AES

464,500‌

4,886‌

Vistra

225,735‌

43,750‌

48,636‌

Multi-Utilities

0.6%

Ameren

178,464‌

17,140‌

CenterPoint

Energy

432,328‌

15,884‌

CMS

Energy

199,914‌

13,850‌

ROWE

PRICE

Equity

Index

500

Fund

Value

(Cost

and

value

$000s)

‡

Consolidated

Edison

239,934‌

24,077‌

Dominion

Energy

567,905‌

32,098‌

DTE

Energy

138,229‌

18,310‌

NiSource

309,945‌

12,503‌

Public

Service

Enterprise

Group

330,159‌

27,793‌

Sempra

434,304‌

32,907‌

WEC

Energy

Group

210,839‌

21,969‌

216,531‌

Water

Utilities

0.1%

American

Water

Works

130,006‌

18,085‌

Total

Utilities

834,443‌

Total

Common

Stocks

(Cost

$9,119,480)

34,962,382‌

SHORT-TERM

INVESTMENTS

0.2%

Money

Market

Funds

0.2%

Rowe

Price

Government

Reserve

Fund,

4.37% (3)(4)

69,361,527‌

69,362‌

Total

Short-Term

Investments

(Cost

$69,362)

69,362‌

SECURITIES

LENDING

COLLATERAL

0.0%

INVESTMENTS

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY 0.0%

Money

Market

Funds 0.0%

Rowe

Price

Government

Reserve

Fund,

4.37% (3)(4)

3,307,520‌

3,308‌

Total

Investments

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

And

Trust

Company

3,308‌

Total

Securities

Lending

Collateral

(Cost

$3,308)

3,308‌

Total

Investments

Securities

100.0%

Net

Assets

(Cost

$9,192,150)

35,035,052‌

‡

and

Notional

Amount

are

denominated

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

See

Note

All

portion

this

security

loan

June

30,

2025.

(3)

Affiliated

Companies

(4)

Seven-day

yield

ROWE

PRICE

Equity

Index

500

Fund

REIT

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

the

shareholder

ROWE

PRICE

Equity

Index

500

Fund

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

272

S&P

500

E-Mini

Index

contracts

9/25

85,051

2,614‌

Net

payments

(receipts)

variation

margin

date

(2,206‌)

Variation

margin

receivable

(payable)

open

futures

contracts

408‌

ROWE

PRICE

Equity

Index

500

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

1940

Act,

affiliated

company

one

which

the

fund

owns

the

outstanding

voting

securities,

company

that

under

common

ownership

control.

The

following

securities

were

considered

affiliated

companies

for

all

some

portion

the

six

months

ended

June

30,

2025.

Net

realized

gain

(loss),

investment

income,

change

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

Net

Unrealized

Gain/Loss

Investment

Income

Rowe

Price

Group

159‌

(2,695‌)

381‌

Rowe

Price

Government

Reserve

Fund,

4.37%

—‌

1,040‌++

Totals

159‌#

(2,695‌)

1,421‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/24

Purchase

Cost

Sales

Cost

Value

6/30/25

Rowe

Price

Group

17,184‌

—‌

199‌

14,290‌

Rowe

Price

Government

Reserve

Fund,

4.37%

116,950‌

72,670‌

Total

86,960‌^

Capital

gain

distributions

from

underlying

Price

funds

represented

the

net

realized

gain

(loss).

Excludes

earnings

securities

lending

collateral,

which

are

subject

rebates

and

fees

described

Note

Investment

income

comprised

$1,421

dividend

income

and

interest

income.

Purchase

and

sale

information

not

shown

for

cash

management

funds.

The

cost

basis

investments

affiliated

companies

was

$79,179.

ROWE

PRICE

Equity

Index

500

Fund

June

30,

2025

(Unaudited)

Statement

Assets

and

Liabilities

($000s,

except

and

per

amounts)

Assets

Investments

securities,

value

(cost

$9,192,150)

35,035,052‌

Receivable

for

sold

39,612‌

Dividends

receivable

17,619‌

Cash

deposits

futures

contracts

5,859‌

Cash

420‌

Variation

margin

receivable

futures

contracts

408‌

Due

from

affiliates

273‌

Other

assets

149‌

Total

assets

35,099,392‌

Liabilities

Payable

for

redeemed

41,344‌

Obligation

return

securities

lending

collateral

3,308‌

Investment

management

fees

payable

1,399‌

Payable

directors

26‌

Other

liabilities

861‌

Total

liabilities

46,938‌

Commitments

and

Contingent

Liabilities

(note

)

NET

ASSETS

35,052,454‌

ROWE

PRICE

Equity

Index

500

Fund

June

30,

2025

(Unaudited)

Statement

Assets

and

Liabilities

($000s,

except

and

per

amounts)

The

accompanying

notes

are

integral

part

these

financial

statements.

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

26,275,212‌

Paid-in

capital

applicable

214,850,560

$0.01

par

value

capital

stock

outstanding;

2,000,000,000

the

Corporation

authorized

8,777,242‌

NET

ASSETS

35,052,454‌

NET

ASSET

VALUE

PER

Investor

Class

(Net

assets:

$8,303,007;

outstanding:

50,891,796)

163.15‌

Class

(Net

assets:

$11,564,874;

outstanding:

70,878,322)

163.17‌

Class

(Net

assets:

$15,184,573;

outstanding:

93,080,442)

163.13‌

ROWE

PRICE

Equity

Index

500

Fund

(Unaudited)

Statement

Operations

($000s)

Months

Ended

6/30/25

Investment

Income

(Loss)

Income

Dividend

(net

foreign

taxes

$52)

216,713‌

Securities

lending

17‌

Other

109‌

Total

income

216,839‌

Expenses

Investment

management

8,277‌

Shareholder

servicing

Investor

Class

5,434‌

Class

1,319‌

6,753‌

Prospectus

and

shareholder

reports

Investor

Class

50‌

Class

11‌

Class

2‌

63‌

Custody

and

accounting

383‌

Registration

95‌

Directors

54‌

Legal

and

audit

18‌

Miscellaneous

49‌

Waived

paid

Price

Associates

(5,420‌)

Total

expenses

10,272‌

Net

investment

income

206,567‌

ROWE

PRICE

Equity

Index

500

Fund

(Unaudited)

Statement

Operations

($000s)

The

accompanying

notes

are

integral

part

these

financial

statements.

Months

Ended

6/30/25

Realized

and

Unrealized

Gain

Loss

–

Net

realized

gain

(loss)

Securities

520,300‌

Futures

(1,991‌)

Net

realized

gain

518,309‌

Change

net

unrealized

gain

loss

Securities

1,301,672‌

Futures

4,887‌

Change

net

unrealized

gain

loss

1,306,559‌

Net

realized

and

unrealized

gain

loss

1,824,868‌

INCREASE

NET

ASSETS

FROM

OPERATIONS

2,031,435‌

ROWE

PRICE

Equity

Index

500

Fund

(Unaudited)

Statement

Changes

Net

Assets

($000s)

Months

Ended

6/30/25

Year

Ended

12/31/24

Increase

(Decrease)

Net

Assets

Operations

Net

investment

income

206,567‌

418,521‌

Net

realized

gain

518,309‌

776,523‌

Change

net

unrealized

gain

loss

1,306,559‌

5,770,942‌

Increase

net

assets

from

operations

2,031,435‌

6,965,986‌

Distributions

shareholders

Net

earnings

Investor

Class

(42,371‌)

(98,418‌)

Class

(66,382‌)

(134,132‌)

Class

(92,300‌)

(205,466‌)

Decrease

net

assets

from

distributions

(201,053‌)

(438,016‌)

Capital

transactions

sold

Investor

Class

716,193‌

1,449,435‌

Class

801,956‌

1,875,658‌

Class

819,315‌

1,694,234‌

Distributions

reinvested

Investor

Class

40,104‌

93,564‌

Class

61,743‌

124,990‌

Class

92,300‌

205,466‌

redeemed

Investor

Class

(1,140,248‌)

(2,116,744‌)

Class

(725,637‌)

(1,085,103‌)

Class

(1,500,688‌)

(3,168,940‌)

Decrease

net

assets

from

capital

transactions

(834,962‌)

(927,440‌)

ROWE

PRICE

Equity

Index

500

Fund

(Unaudited)

Statement

Changes

Net

Assets

($000s)

The

accompanying

notes

are

integral

part

these

financial

statements.

Months

Ended

6/30/25

Year

Ended

12/31/24

Net

Assets

Increase

during

period

995,420‌

5,600,530‌

Beginning

period

34,057,034‌

28,456,504‌

End

period

35,052,454‌

34,057,034‌

*Share

information

(000s)

sold

Investor

Class

4,695‌

10,205‌

Class

5,245‌

13,170‌

Class

5,414‌

12,363‌

Distributions

reinvested

Investor

Class

258‌

632‌

Class

397‌

843‌

Class

594‌

1,389‌

redeemed

Investor

Class

(7,476‌)

(14,976‌)

Class

(4,765‌)

(7,566‌)

Class

(9,803‌)

(22,705‌)

Decrease

outstanding

(5,441‌)

(6,645‌)

ROWE

PRICE

Equity

Index

500

Fund

Unaudited

NOTES

FINANCIAL

STATEMENTS

Rowe

Price

Index

Trust,

Inc. (the

corporation)

registered

under

the

Investment

Company

Act

1940

(the

1940

Act).

The

Equity

Index

500

Fund

(the

fund)

open-end

management

investment

company

established

the

corporation

and

intends

diversified

approximately

the

same

proportion

the

index

tracks

diversified.

The

fund

may

become

nondiversified

for

periods

time

solely

result

changes

the

composition

the

index

(for

example,

changes

the

relative

market

capitalization

index

weighting

one

securities

represented

the

index). The

fund

seeks to

track

the

performance

benchmark

index

that

measures

the

investment

return

large-capitalization

U.S.

stocks.

The

fund

has three classes

the

Equity

Index

500

Fund

(Investor

Class),

the

Equity

Index

500

Fund–I

Class

Class)

and

the

Equity

Index

500

Fund–Z

Class

Class).

Class

require

$500,000

initial

investment

minimum,

although

the

minimum

generally

waived

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Class

only

available

funds

advised

Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

contractual

fee

for

investment

management

services. Each

class

has

exclusive

voting

rights

matters

solely

that

class;

separate

voting

rights

matters

that

relate

all

classes;

and,

all

other

respects,

the

same

rights

and

obligations

the

other

classes.

NOTE

SIGNIFICANT

ACCOUNTING

POLICIES

Basis

Preparation

The fund

investment

company

and

follows

accounting

and

reporting

guidance

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

accordance

with

accounting

principles

generally

accepted

the

United

States

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

estimates

made

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

Investment

transactions

are

accounted

for

the

trade

date

basis.

Income

and

expenses

are

recorded

the

accrual

basis.

Realized

gains

and

losses

are

reported

the

identified

cost

basis. Income

tax-related

interest

and

penalties,

incurred,

ROWE

PRICE

Equity

Index

500

Fund

are

recorded

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

dividend income;

capital

gain

distributions

are

reflected

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

the

ex-dividend

date. Distributions

from

REITs

are

initially

recorded

dividend

income

and,

the

extent

such

represent

return

capital

gain

for

tax

purposes,

are

reclassified

when

such

information

becomes

available. Non-cash

dividends,

any,

are

recorded

the

fair

market

value

the

asset

received. Proceeds

from

litigation

payments,

any,

are

included

either

net

realized

gain

(loss)

change

net

unrealized

gain/loss

from

securities. Distributions

shareholders

are

recorded

the

ex-dividend

date. Income

distributions,

any,

are

declared

and

paid

each

class quarterly. A

capital

gain

distribution,

any, may

also

declared

and

paid

the

fund

annually.

Class

Accounting

Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

each

class

are

charged

directly

the

class

which

they

relate.

Expenses

common

all

classes,

investment

income,

and

realized

and

unrealized

gains

and

losses

are

allocated

the

classes

based

upon

the

relative

daily

net

assets

each

class.

In-Kind

Redemptions

accordance

with

guidelines

described

the

fund’s

prospectus,

and

when

considered

the

best

interest

all

shareholders,

the

fund

may

distribute

portfolio

securities

rather

than

cash

payment

for

redemption

fund

(in-kind

redemption).

Gains

and

losses

realized

in-kind

redemptions

are

not

recognized

for

tax

purposes

and

are

reclassified

from

undistributed

realized

gain

(loss)

paid-in

capital.

During

the

six

months ended

June

30,

2025,

the

fund

realized

$109,318,000 of

net

gain

$139,211,000

in-kind

redemptions.

Capital

Transactions

Each

investor’s

interest

the

net

assets

of the

fund

represented

fund

shares. The

fund’s

net

asset

value

(NAV)

per

computed

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

Eastern

time,

each

day

the

NYSE

open

for

business.

However,

the

NAV

per

may

calculated

time

other

than

the

normal

the

NYSE

trading

the

NYSE

restricted,

the

NYSE

closes

earlier,

may

permitted

the

SEC.

Purchases

and

redemptions

fund

are

transacted

the

next-computed

NAV

per

share,

after

receipt

the

transaction

order

Rowe

Price

Associates,

Inc.,

its

agents.

New

Accounting

Guidance

In December

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

Income

Taxes

Disclosures,

which

enhances

the

transparency

ROWE

PRICE

Equity

Index

500

Fund

income

tax

disclosures.

The

ASU

requires

public

entities,

annual

basis,

provide

disclosure

specific

categories

the

rate

reconciliation,

well

disclosure

income

taxes

paid

disaggregated

jurisdiction.

The

amendments

under

this

ASU

are

required

applied

prospectively

and

are

effective

for

fiscal

years

beginning

after

December

15,

2024.

Management

expects

that

adoption

the

guidance

will

not

have

material

impact

the

fund’s

financial

statements.

Indemnification

the

normal

course

business, the

fund

may

provide

indemnification

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

unknown;

however,

the

risk

material

loss

currently

considered

remote.

NOTE

VALUATION

Fair

Value

The

fund’s

financial

instruments

are

valued

the

NYSE

and

are

reported

fair

value,

which

GAAP

defines

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date. The fund’s

Board

Directors

(the

Board)

has

designated

Rowe

Price

Associates,

Inc.

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

oversight

the

Board,

the

Valuation

Designee

performs

the

following

functions

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

the

Valuation

Designee

are

performed

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

the

Board

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

determine

the

fair

value

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

measure

fair

value:

Level

–

quoted

prices

(unadjusted)

active

markets

for

identical

financial

instruments

that

the

fund

can

access

the

reporting

date

ROWE

PRICE

Equity

Index

500

Fund

Level

–

inputs

other

than

Level

quoted

prices

that

are

observable,

either

directly

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

active

markets,

quoted

prices

for

identical

similar

financial

instruments

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

publicly

available

information

about

actual

events

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

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

price

the

financial

instrument.

GAAP

requires

valuation

techniques

maximize

the

use

relevant

observable

inputs

and

minimize

the

use

unobservable

inputs.

When

multiple

inputs

are

used

derive

fair

value,

the

financial

instrument

assigned

the

level

within

the

fair

value

hierarchy

based

the

lowest-level

input

that

significant

the

fair

value

the

financial

instrument.

Input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level

but

rather

the

degree

judgment

used

determining

those

values.

Valuation

Techniques

Equity

securities,

including

exchange-traded

funds, listed

regularly

traded

securities

exchange

the

over-the-

counter

(OTC)

market

are

valued

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

the

mean

the

closing

bid

and

asked

prices.

security

that

listed

traded

than

one

exchange

valued

the

quotation

the

exchange

determined

the

primary

market

for

such

security.

Listed

securities

not

traded

particular

day

are

valued

the

mean

the

closing

bid

and

asked

prices

for

domestic

securities.

Investments

mutual

funds

are

valued

the

mutual

fund’s

closing

NAV

per

the

day

valuation.

Futures

contracts

are

valued

closing

settlement

prices.

Assets

and

liabilities

other

than

financial

instruments,

including

short-

term

receivables

and

payables,

are

carried

cost,

estimated

realizable

value,

less,

which

approximates

fair

value.

Investments

for

which

market

quotations are

not

readily

available

deemed

unreliable

are

valued

fair

value

determined

good

faith

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

ROWE

PRICE

Equity

Index

500

Fund

for

determining

the

fair

value

investments

for

which

market

quotations

are

not

readily

available

deemed

unreliable,

including

the

use

other

pricing

sources.

Factors

used

determining

fair

value

vary

type

investment

and

may

include

market

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

actual

prices

arm’s

length

transactions,

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

reliably

obtained,

and

prices

are

deemed

representative

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

market-based

valuation

multiples;

discount

premium

from

market

value

similar,

freely

traded

security

the

same

issuer;

discounted

cash

flows;

yield

maturity;

some

combination.

Fair

value

determinations

are

reviewed

regular

basis.

Because

any

fair

value

determination

involves

significant

amount

judgment,

there

degree

subjectivity

inherent

such

pricing

decisions. Fair

value

prices

determined

the

Valuation

Designee could

differ

from

those

other

market

participants,

and

possible

that

the

fair

value

determined

for

security

may

materially

different

from

the

value

that

could

realized

upon

the

sale

that

security.

Valuation

Inputs

June

30,

2025

all

the

fund’s

financial

instruments

were

classified

Level

based

the

inputs

used

determine

their

fair

values.

NOTE

DERIVATIVE

INSTRUMENTS

During

the

six

months ended

June

30,

2025,

the

fund

invested

derivative

instruments.

defined

GAAP,

derivative

financial

instrument

whose

value

derived

from

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

prices

rates,

other

variable;

requires

little

initial

investment

and

permits

requires

net

settlement

delivery

cash

other

assets.

The

fund

invests

derivatives

only

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

described

its

prospectus

and

Statement

Additional

Information.

The

fund

may

use

derivatives

for

variety

purposes

and

may

use

them

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

hedge

against

declines

principal

value,

increase

yield,

invest

asset

with

greater

efficiency

and

lower

cost

than

possible

through

direct

investment,

enhance

return,

adjust

credit

exposure.

The

risks

associated

with

the

use

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

the

instruments

which

the

derivatives

are

based.

ROWE

PRICE

Equity

Index

500

Fund

The

fund

values

its

derivatives

fair

value

and

recognizes

changes

fair

value

currently

its

results

operations.

Accordingly,

the

fund

does

not

hedge

accounting,

even

for

derivatives

employed

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

gross

basis.

does

not

offset

the

fair

value

derivative

liabilities

against

the

fair

value

derivative

assets

its

financial

statements,

nor

does

offset

the

fair

value

derivative

instruments

against

the

right

reclaim

obligation

return

collateral.

The

following

table

summarizes

the

fair

value

the

fund’s

derivative

instruments

held

June

30,

2025,

and

the

location

the

accompanying

Statement

Assets

and

Liabilities,

presented

primary

underlying

risk

exposure:

Additionally,

the

amount

gains

and

losses

derivative

instruments

recognized

fund

earnings

during

the

six

months ended

June

30,

2025,

and

the

location

the

accompanying

Statement

Operations

summarized

the

following

table

primary

underlying

risk

exposure:

($000s)

Location

Statement

Assets

and

Liabilities

Fair

Value*

Assets

Equity

derivatives

Futures

2,614‌

Total

2,614‌

The

fair

value

presented

includes

cumulative

gain

(loss)

open

futures

contracts;

however,

the

value

reflected

the

accompanying

Statement

Assets

and

Liabilities

only

the

unsettled

variation

margin

receivable

(payable)

that

date.

($000s)

Location

Gain

(Loss)

Statement

Operations

Futures

Realized

Gain

(Loss)

Equity

derivatives

(1,991‌)

Total

(1,991‌)

Change

Unrealized

Gain

(Loss)

Equity

derivatives

4,887‌

Total

4,887‌

ROWE

PRICE

Equity

Index

500

Fund

Counterparty

Risk

and

Collateral

The

fund

invests

exchange-traded

and/or

centrally

cleared

derivative

contracts,

such

futures,

exchange-traded

options,

and

centrally

cleared

swaps.

Counterparty

risk

such

derivatives

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

required

deposit

collateral

amount

specified

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

maintained

over

the

life

the

contract.

Each

clearinghouse

and

clearing

firm,

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

the

fund.

Collateral may

the

form

cash

debt

securities

issued

the

U.S.

government

agencies.

Cash

posted

the

fund

reflected

cash

deposits

the

accompanying

financial

statements

and

generally

restricted

from

withdrawal

the

fund;

securities

posted

the

fund

are

noted

the

accompanying

Portfolio

Investments;

both

remain

the

fund’s

assets.

While

typically

not

sold

the

same

manner

equity

fixed

income

securities,

exchange-traded

centrally

cleared

derivatives

may

closed

out

only

the

exchange

clearinghouse

where

the

contracts

were

cleared.

This

ability

subject

the

liquidity

underlying

positions. As

June

30,

2025,

cash

of $5,859,000 had

been

posted

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

Futures

Contracts

The

fund

subject

to equity

price

risk in

the

normal

course

pursuing

its

investment

objectives

and

uses

futures

contracts

help

manage

such

risk.

The

fund

may

enter

into

futures

contracts

efficient

means

maintaining

liquidity

while

being

invested

the

market,

facilitate

trading,

reduce

transaction

costs. A

futures

contract

provides

for

the

future

sale

one

party

and

purchase

another

specified

amount

specific

underlying

financial

instrument

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

exchange-traded

futures,

which

generally

are

standardized

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

received

the

fund

each

day

settle

daily

fluctuations

the

value

the

contract

(variation

margin),

which

reflect

changes

the

value

the

underlying

financial

instrument.

Variation

margin

recorded

unrealized

gain

loss

until

the

contract

closed.

The

value

futures

contract

included

net

assets

the

amount

unsettled

variation

margin;

net

variation

margin

receivable

reflected

asset

and

net

variation

margin

payable

reflected

liability

the

accompanying

Statement

Assets

and

Liabilities.

When

contract

closed,

realized

gain

loss

recorded

the

accompanying

Statement

Operations.

Risks

the

use

futures

contracts

include

possible

illiquidity

the

futures

ROWE

PRICE

Equity

Index

500

Fund

markets,

contract

prices

that

can

highly

volatile

and

imperfectly

correlated

movements

hedged

security

values,

and

potential

losses

excess

the

fund’s

initial

investment.

During

the

six

months ended

June

30,

2025,

the

volume

the

fund’s

activity

futures,

based

underlying

notional

amounts,

was

generally

less

than

net

assets.

NOTE

OTHER

INVESTMENT

TRANSACTIONS

Consistent

with

its

investment

objective, the

fund

engages

the

following

practices

manage

exposure

certain

risks

and/or

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

fully

in the

fund’s prospectus

and

Statement

Additional

Information.

Securities

Lending

The fund

may

lend

its

securities

approved

borrowers

earn

additional

income.

Its

securities

lending

activities

are

administered

lending

agent

accordance

with

securities

lending

agreement.

Security

loans

generally

not

have

stated

maturity

dates,

and

the

fund

may

recall

security

any

time.

The

fund

receives

collateral

the

form

cash

U.S.

government

securities.

Collateral

maintained

over

the

life

the

loan

amount

not

less

than

the

value

loaned

securities;

any

additional

collateral

required

due

changes

security

values

delivered

the

fund

the

business

day.

Cash

collateral

invested

accordance

with

investment

guidelines

approved

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

mitigated

the

collateral

and

indemnification,

the

fund

could

experience

delay

recovering

its

securities

and

possible

loss

income

value

the

borrower

fails

return

the

securities,

collateral

investments

decline

value,

and

the

lending

agent

fails

perform.

Securities

lending

revenue

consists

earnings

invested

collateral

and

borrowing

fees,

net

any

rebates

the

borrower,

compensation

the

lending

agent,

and

other

administrative

costs.

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

the

accompanying

financial

statements,

but

collateral

received

the

form

securities

not.

June

30,

2025,

the

value

loaned

securities

was

$3,241,000;

the

value

cash

collateral

and

investments

was

$3,308,000.

Other

Purchases

and

sales

portfolio

securities

other

than

in-kind

transactions,

any,

and short-term securities

aggregated $458,588,000 and

$1,132,653,000,

respectively,

for

the

six

months ended

June

30,

2025.

ROWE

PRICE

Equity

Index

500

Fund

NOTE

FEDERAL

INCOME

TAXES

Generally,

provision

for

federal

income

taxes

required

since

the

fund

intends

to continue

qualify

regulated

investment

company

under

Subchapter

the

Internal

Revenue

Code

and

distribute

shareholders

all

its taxable

income

and

gains.

Distributions

determined

accordance

with

federal

income

tax

regulations

may

differ

amount

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

tax-basis

distributions

and

composition

net

assets

are

finalized

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

the

date

this

report.

June

30,

2025,

the

cost

investments

(including

derivatives,

any)

for

federal

income

tax

purposes

was

$9,336,078,000.

Net

unrealized

gain

aggregated

$25,701,588,000

period-end,

which

$26,266,370,000

appreciated

investments

and

$564,782,000

depreciated

investments.

NOTE

FOREIGN TAXES

The

fund

subject

foreign

income

taxes

imposed

certain

countries

which

invests.

Additionally,

capital

gains

realized

upon

disposition

securities

issued

certain

foreign

countries

are

subject

capital

gains

tax

imposed

those

countries.

All

taxes

are

computed

accordance

with

the

applicable

foreign

tax

law,

and,

the

extent

permitted,

capital

losses

are

used

offset

capital

gains.

Taxes

attributable

income

are

accrued

the

fund

reduction

income.

Current

and

deferred

tax

expense

attributable

capital

gains

reflected

component

realized

change

unrealized

gain/

loss

securities

the

accompanying

financial

statements.

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

the

fund

included

either

Other

liabilities

Deferred

tax

liability

the

accompanying

Statement

Assets

and

Liabilities.

ROWE

PRICE

Equity

Index

500

Fund

NOTE

PARTY

TRANSACTIONS

The

fund

managed

Rowe

Price

Associates,

Inc.

(Price

Associates),

wholly

owned

subsidiary

Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

sub-advisory

agreement(s)

with

one

its

wholly

owned

subsidiaries,

provide

investment

advisory

services

the

fund. The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

annual

investment

management

fee

equal

to 0.05%

the

fund’s

average

daily

net

assets.

The

fee

computed

daily

and

paid

monthly.

The

Investor

Class

subject

contractual

expense

limitation

through

the

expense

limitation

date

indicated

the

table

below.

This

agreement

will

continue

through

the

expense

limitation

date

indicated

the

table

below,

and

may

renewed,

revised,

revoked

only

with

approval

the

fund’s

Board.

During

the

limitation

period,

Price

Associates

is required

waive

pay

any

expenses

(excluding

interest;

expenses

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the class’s ratio

annualized

total

expenses

average

net

assets

(net

expense

ratio)

exceed

its

expense

limitation.

The

class

required

repay

Price

Associates

for

expenses

previously

waived/paid

the

extent

the

class’s net

assets

grow

expenses

decline

sufficiently

allow

repayment

without

causing

the class’s net

expense

ratio

(after

the

repayment

taken

into

account)

exceed

the

lesser

of:

(1)

the

expense

limitation

place

the

time

such

amounts

were

waived;

(2)

the class’s

current

expense

limitation.

However,

repayment

will

made

than

three

years

after

the

date

payment

waiver.

The

Class

also

subject

operating

expense

limitation

Class

Limit)

pursuant

which

Price

Associates

contractually

required

pay

all

operating

expenses

the

Class,

excluding

management

fees;

interest;

expenses

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

annualized

basis,

exceed

the

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

the

table

below,

and

may

renewed,

revised,

revoked

only

with

approval

the

fund’s

Board.

The

Class

required

repay

Price

Associates

for

expenses

previously

paid

the

extent

the

class’s

net

assets

grow

expenses

decline

sufficiently

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

taken

into

account)

exceed

the

lesser

of:

(1)

the

Class

Limit

place

ROWE

PRICE

Equity

Index

500

Fund

the

time

such

amounts

were

paid;

(2)

the

current

Class

Limit.

However,

repayment

will

made

than

three

years

after

the

date

payment

waiver.

The

Class

also

subject

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

waive

and/or

bear

all

the

Class’

expenses

(excluding

interest;

expenses

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

expected

remain

place

indefinitely,

and

the

agreement

may

only

amended

terminated

with

approval

the

fund’s

Board.

Expenses

the

fund

waived/paid

the

manager

are

not

subject

later

repayment

the

fund.

Pursuant

these

agreements,

expenses

were waived/paid

and/or

repaid

Price

Associates

during

the six

months

ended June

30,

2025 as

indicated

the

table

below.

Including

these

amounts,

expenses

previously

waived/

paid

Price

Associates

the

amount

of $6,868,000 remain

subject

repayment

the

fund

June

30,

2025. Any

repayment

expenses

previously

waived/paid

Price

Associates

during

the

period

would

included

the

net

investment

income

and

expense

ratios

presented

the

accompanying

Financial

Highlights.

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

Price

Associates,

each

affiliate

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

the

fund.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

its

capacity

the

fund’s

transfer

and

dividend-disbursing

agent.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

the

Investor

Class.

For

the

six

months

ended

June

30,

2025,

expenses

incurred

pursuant

these

service

agreements

were

$63,000

for

Price

Associates;

$3,152,000

for

Rowe

Price

Services,

Inc.;

and

$962,000

Investor

Class

Expense

limitation/I

Class

Limit

0.21%

0.00%

Expense

limitation

date

02/29/28

N/A

(Waived)/repaid

during

the

period

($000s)

$—

$(1,520)

$(3,900)

ROWE

PRICE

Equity

Index

500

Fund

for

Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

and

due

from

Price,

exclusive

investment

management

fees

payable,

are

presented

net

the

accompanying

Statement

Assets

and

Liabilities.

Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

distributor

the

fund.

Pursuant

underwriting

agreement,

compensation

for

any

distribution

services

provided

paid

Investment

Services

the

fund

(except

for

12b-1

fees

under

Board-approved

Rule

12b-1

plan).

Additionally,

the

fund

one

several

mutual

funds

which

certain

college

savings

plans

managed

Price

Associates invests.

approved

the

fund’s

Board

Directors,

shareholder

servicing

costs

associated

with

each

college

savings

plan

are

borne

the

fund

proportion

the

average

daily

value

its

owned

the

college

savings

plan.

Price

has

agreed

to waive/reimburse

shareholder

servicing

costs in

excess

0.05%

the

fund’s

average

daily

value

its

owned

the

college

savings

plan.

Any

amounts

waived/

paid

Price

under

this

voluntary

agreement

are

not

subject

repayment

the

fund.

Price

may

amend

terminate

this

voluntary

arrangement

any

time

without

prior

notice.

For

the

six

months ended

June

30,

2025,

the

fund

was

charged $436,000 for

shareholder

servicing

costs

the

college

savings

plans, of

which

$165,000

was

for

services

provided

Price.

All

amounts

due

and

due

from

Price,

exclusive

investment

management

fees

payable,

are

presented

net

the

accompanying

Statement

Assets

and

Liabilities. At

June

30,

2025,

approximately

21%

the

outstanding

the

Class

were

held

college

savings

plans.

Mutual

funds,

trusts,

and

other

accounts

managed

Price

Associates

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

the

fund.

Price

fund

account

may

invest

for

the

purpose

exercising

management

control

over

the

fund.

June

30,

2025, 100%

the

Class's

outstanding

were

held

Price

Funds

and

accounts.

Consistent

with

its

investment

objective,

the

fund

may

invest

Rowe

Price

Group,

Inc.

Additionally,

the fund

may

invest

its

cash

reserves

certain

open-

end

management

investment

companies

managed

Price

Associates

and

considered

affiliates

the

fund:

the

Rowe

Price

Government

Reserve

Fund

the

Rowe

Price

Treasury

Reserve

Fund,

organized

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

short-term

investment

options

mutual

funds,

trusts,

and

other

accounts

managed

Price

Associates

its

affiliates

and

are

not

available

ROWE

PRICE

Equity

Index

500

Fund

for

direct

purchase

members

the

public.

Cash

collateral

from

securities

lending,

any,

invested

the

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

investment

management

fees.

The fund may

participate

securities

purchase

and

sale

transactions

with

other

funds

accounts

advised

Price

Associates

(cross

trades),

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

effected

the

independent

current

market

price

the

security.

During

the

six

months

ended

June

30,

2025,

the

fund

had

purchases

sales

cross

trades

with

other

funds

accounts

advised

Price

Associates.

NOTE

SEGMENT

REPORTING

Operating segments

are

defined

components

company

that

engage

business

activities

and

for

which

discrete

financial

information

available

and

regularly

reviewed

the

chief

operating

decision

maker

(CODM)

deciding

how

allocate

resources

and

assess

performance.

The

Management

Committee

Price

Associates

acts

the

fund’s

CODM.

The

fund

makes

investments

accordance

with

its

investment

objective

outlined

the

Prospectus

and

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

the

fund

the

whole.

The

fund’s

revenue

derived

from

investments

portfolio

securities.

The

CODM

allocates

resources

and

assesses

performance

based

the

operating

results

the

fund,

which

consistent

with

the

results

presented

the

statement

operations,

statement

changes

net

assets

and

financial

highlights.

The

CODM

compares

the

fund’s

performance

its

benchmark

index

and

evaluates

the

positioning

the

fund

relation

its

investment

objective.

The

measure

segment

assets

net

assets

the

fund

which

disclosed

the

statement

assets

and

liabilities.

The accounting

policies

the

segment

are

the

same

those

described

the

summary

significant

accounting

policies.

The

financial

statements

include

all

details

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

the

segment.

ROWE

PRICE

Equity

Index

500

Fund

NOTE

OTHER

MATTERS

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

and

regulatory

developments

(including

trading

and

tariff

arrangements),

and

public

health

epidemics

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

which

fund

invests.

The

extent

and

duration

such

events

and

resulting

market

disruptions

cannot

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

significantly

than

others,

and

exacerbate

other

pre-

existing

political,

social,

and

economic

risks.

The

fund’s

performance

could

negatively

impacted

the

value

portfolio

holding

were

harmed

these

such

events.

ROWE

PRICE

Equity

Index

500

Fund

APPROVAL

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

Each

year,

the

fund’s

Board

Directors

(Board)

considers

the

continuation

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

Rowe

Price

Associates,

Inc.

(Adviser),

well

the

investment

subadvisory

agreement

(Subadvisory

Contract)

that

the

Adviser

has

entered

into

with

Rowe

Price

International

Ltd

(Subadviser)

behalf

the

fund.

that

regard,

meeting

held

March

12–13,

2025

(Meeting),

the

Board,

including

all

the

fund’s

independent

directors

present

person

the

Meeting,

approved

the

continuation

the

fund’s

Advisory

Contract

and

Subadvisory

Contract.

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

the

selection

the

Adviser

and

Subadviser

and

the

approval

the

Advisory

Contract

and

Subadvisory

Contract.

The

independent

directors

were

assisted

their

evaluation

the

Advisory

Contract

and

Subadvisory

Contract

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

providing

information

the

Board,

the

Adviser

was

guided

detailed

set

requests

for

information

submitted

independent

legal

counsel

behalf

the

independent

directors.

considering

and

approving

the

continuation

the

Advisory

Contract

and

Subadvisory

Contract,

the

Board

considered

the

information

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

connection

with

the

Meeting,

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

and

Subadviser

about

various

topics.

The

Board

meets

regularly

and,

each

its

meetings,

covers

extensive

agenda

topics

and

materials

and

considers

factors

that

are

relevant

its

annual

consideration

the

renewal

the

Rowe

Price

funds’

advisory

contracts,

including

performance

and

the

services

and

support

provided

the

funds

and

their

shareholders.

Services

Provided

the

Adviser

and

Subadviser

The

Board

considered

the

nature,

quality,

and

extent

the

services

provided

the

fund

the

Adviser

and

Subadviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund’s

investments

accordance

with

its

investment

program

and

the

overall

management

the

fund’s

portfolio,

well

variety

activities

such

financial,

investment

operations,

and

administrative

services;

compliance;

maintaining

the

fund’s

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

the

Adviser’s

and

Subadviser’s

senior

management

teams

and

investment

personnel

involved

the

management

the

fund,

well

the

Adviser’s

compliance

record.

The

Board

concluded

that

the

information

considered

with

respect

the

nature,

quality,

and

extent

the

services

provided

the

Adviser

and

Subadviser,

well

the

other

factors

considered

the

Meeting,

supported

the

Board’s

approval

the

continuation

the

Advisory

Contract

and

Subadvisory

Contract.

ROWE

PRICE

Equity

Index

500

Fund

Investment

Performance

the

Fund

The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

regularly

receives

throughout

the

year

relative

and

absolute

performance

for

the

Rowe

Price

funds.

connection

with

the

Meeting,

the

Board

reviewed

information

provided

the

Adviser

that

compared

the

fund’s

total

returns,

well

wide

variety

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2024.

Additionally,

the

Board

reviewed

the

fund’s

relative

performance

information

September

30,

2024,

which

ranked

the

returns

the

fund’s

Investor

Class

for

various

periods

against

universe

funds

with

similar

investment

programs

selected

Broadridge,

independent

provider

mutual

fund

data.

the

course

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

connection

with

the

Advisory

Contract

review

the

Meeting,

well

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

the

year

regarding

the

fund’s

performance.

The

Board

also

considered

relevant

factors,

such

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund’s

performance,

length

the

fund’s

performance

track

record,

and

how

closely

the

fund’s

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

considered

with

respect

the

fund’s

performance,

well

the

other

factors

considered

the

Meeting,

supported

the

Board’s

approval

the

continuation

the

Advisory

Contract.

Costs,

Benefits,

Profits,

and

Economies

Scale

The

Board

reviewed

detailed

information

regarding

the

revenues

received

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates,

including

the

Subadviser)

may

have

realized

from

its

relationship

with

the

fund.

considering

soft-dollar

arrangements,

the

Board

noted

that,

effective

January

2024,

the

Adviser

began

using

brokerage

commissions

connection

with

certain

Rowe

Price

funds’

securities

transactions

pay

for

research

when

permissible,

and

the

Board

considered

that

the

Adviser

may

receive

some

benefit

from

soft-dollar

arrangements

pursuant

which

research

received

from

broker-dealers

that

execute

the

applicable

fund’s

portfolio

transactions.

The

Board

received

information

the

estimated

costs

incurred

and

profits

realized

the

Adviser

from

managing

the

Rowe

Price

funds.

The

Board

also

reviewed

estimates

the

profits

realized

from

managing

the

fund

particular,

and

the

Board

concluded

that

the

Adviser’s

profits

were

reasonable

light

the

services

provided

the

fund.

ROWE

PRICE

Equity

Index

500

Fund

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

the

Advisory

Contract

otherwise

from

any

economies

scale

realized

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

fee

the

Adviser

for

investment

management

services

based

the

fund’s

average

daily

net

assets

and

the

fund

pays

its

own

expenses

operations.

Under

the

Subadvisory

Contract,

the

Adviser

may

pay

the

Subadviser

60%

the

advisory

fees

that

the

Adviser

receives

from

the

fund.

The

fund’s

shareholders

benefit

from

potential

economies

scale

through

decline

certain

operating

expenses

the

fund

grows

size.

However,

the

fund

also

subject

contractual

expense

limitations

that

require

the

Adviser

waive

its

fees

and/or

bear

any

expenses

that

would

otherwise

cause

the

expenses

class

the

fund

exceed

certain

percentage

based

the

class’s

net

assets.

The

expense

limitations

mitigate

the

potential

for

increase

operating

expenses

above

certain

level

that

could

impact

shareholders.

The

fund

also

offers

Class,

which

serves

underlying

investment

within

certain

Rowe

Price

fund

arrangements.

The

Adviser

waives

its

advisory

fee

the

Class

and

waives

bears

the

Class’s

other

operating

expenses,

with

certain

exceptions.

The

Board

considered

whether

the

advisory

fee

and

operating

expense

waivers

the

Class

may

present

means

for

cross-

subsidization

the

Class

other

classes

the

fund.

that

regard,

the

Board

noted

that

the

Class

operating

expenses

are

covered

the

all-inclusive

fees

charged

the

investing

Rowe

Price

fund

funds

and

that

any

Class

operating

expenses

not

covered

the

investing

Rowe

Price

funds

funds’

fees

are

paid

the

Adviser

and

not

shareholders

any

other

class

the

fund.

addition,

the

Board

noted

that

the

fund

potentially

indirect

economies

scale

through

the

Adviser’s

ongoing

investments

its

business

support

the

Rowe

Price

funds,

including

investments

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

possibly

negotiate

lower

fee

arrangements

with

third-party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

reasonable

sharing

benefits

from

any

economies

scale

with

the

fund’s

investors.

Fees

and

Expenses

The

Board

was

provided

with

information

regarding

industry

trends

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

Broadridge,

which

compared:

(i)

contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

the

Investor

Class

the

fund

with

group

competitor

funds

selected

Broadridge

(Expense

Group);

and

(ii)

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

the

Investor

Class

the

fund

with

broader

set

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund’s

contractual

management

fee

rate,

actual

management

fee

ROWE

PRICE

Equity

Index

500

Fund

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

the

Adviser

after

any

applicable

waivers,

reductions,

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

the

fund

after

any

waivers,

reductions,

reimbursements)

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

seeking

the

most

comparable

funds

based

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

information

provided

the

Board

indicated

that

the

fund’s

contractual

management

fee

ranked

the

first

quintile

(Expense

Group),

the

fund’s

actual

management

fee

rate

ranked

the

first

quintile

(Expense

Group

and

Expense

Universe),

and

the

fund’s

total

expenses

ranked

the

second

quintile

(Expense

Group

and

Expense

Universe).

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

subadvised

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

investors

outside

the

United

States.

The

fee

schedules,

which

are

subject

change,

may

negotiated

under

certain

circumstances

and

may

differ

across

regions.

Management

provided

the

Board

with

information

about

the

Adviser’s

responsibilities

and

services

provided

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

the

institutional

domestic

and

international

businesses

are

fundamentally

different

from

those

the

proprietary

mutual

fund

and

ETF

(“registered

fund”)

business. The

Board

considered

information

showing

that

the

Adviser’s

registered

fund

business

generally

complex

from

business

and

compliance

perspective

than

its

other

domestic

and

international

businesses

and

considered

various

relevant

factors,

such

the

broader

scope

operations

and

oversight,

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

applicable

laws

and

regulations

associated

with

the

Adviser’s

proprietary

registered

fund

business. In

assessing

the

reasonableness

the

fund’s

management

fee

rate,

the

Board

considered

the

differences

the

nature

the

services

required

for

the

Adviser

manage

its

registered

fund

business

versus

managing

discrete

pool

assets

subadviser

another

institution’s

mutual

fund

for

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

managing

the

fund

and

other

Rowe

Price

funds

than

does

for

institutional

account

clients,

including

subadvised

funds.

the

basis

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

the

fund

under

the

Advisory

Contract

are

reasonable.

ROWE

PRICE

Equity

Index

500

Fund

Approval

the

Advisory

Contract

and

Subadvisory

Contract

noted,

the

Board

approved

the

continuation

the

Advisory

Contract

and

Subadvisory

Contract.

single

factor

was

considered

isolation

determinative

the

decision.

Rather,

the

Board

concluded,

light

weighting

and

balancing

all

factors

considered,

that

was

the

best

interests

the

fund

and

its

shareholders

for

the

Board

approve

the

continuation

the

Advisory

Contract

and

Subadvisory

Contract

(including

the

fees

charged

for

services

thereunder).

1307

Point

Street

Baltimore,

Maryland

21231

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

request

prospectus

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

F50-051

8/25

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

If applicable, see Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 16. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.


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

(2)		Listing standards relating to recovery of erroneously awarded compensation: Not applicable.

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


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

SIGNATURES

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


T. Rowe Price Index Trust, Inc.

By		/s/ David Oestreicher
		David Oestreicher
		Principal Executive Officer

Date		August 19, 2025

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


By		/s/ David Oestreicher
		David Oestreicher
		Principal Executive Officer

Date		August 19, 2025


By		/s/ Alan S. Dupski
		Alan S. Dupski
		Principal Financial Officer

Date		August 19, 2025

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

302 CERTIFICATIONS

906 CERTIFICATIONS

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