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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

Image

Semi-Annual Shareholder Report

June 30, 2025

Total Equity Market Index Fund

(POMIX)

This semi-annual shareholder report contains important information about Total Equity Market Index 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
Total Equity Market Index Fund
$10
0.19%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$2,817,543
Number of Portfolio Holdings
1,196
Portfolio Turnover Rate
1.4%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Information Technology
31.1%
Financials
14.6
Consumer Discretionary
10.4
Industrials & Business Services
9.7
Health Care
9.6
Communication Services
9.0
Consumer Staples
5.2
Energy
3.1
Real Estate
2.4
Other
4.9

Top Ten Holdings (as a % of Net Assets)

NVIDIA
6.5%
Microsoft
6.2
Apple
5.1
Amazon.com
3.5
Alphabet
3.1
Meta Platforms
2.7
Broadcom
2.1
Tesla
1.5
Berkshire Hathaway
1.5
JPMorgan Chase
1.3

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

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

202505-4461501

F123-053 8/25

Total Equity Market Index Fund 

 (POMIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Image


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

Not applicable.

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

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

 


Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
June
30,
2025
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
POMIX
Total
Equity
Market
Index
Fund
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
(Unaudited)
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
6
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
of
period
$
62.04‌
$
51.10‌
$
41.03‌
$
51.79‌
$
41.94‌
$
35.56‌
Investment
activities
Net
investment
income
(1)(2)
0.33‌
0.68‌
0.67‌
0.59‌
0.49‌
0.54‌
Net
realized
and
unrealized
gain/
loss
3.12‌
11.35‌
10.14‌
(10.74‌)
10.15‌
6.49‌
Total
from
investment
activities
3.45‌
12.03‌
10.81‌
(10.15‌)
10.64‌
7.03‌
Distributions
Net
investment
income
—‌
(0.66‌)
(0.61‌)
(0.60‌)
(0.53‌)
(0.49‌)
Net
realized
gain
—‌
(0.43‌)
(0.13‌)
(0.01‌)
(0.26‌)
(0.16‌)
Total
distributions
—‌
(1.09‌)
(0.74‌)
(0.61‌)
(0.79‌)
(0.65‌)
NET
ASSET
VALUE
End
of
period
$
65.49‌
$
62.04‌
$
51.10‌
$
41.03‌
$
51.79‌
$
41.94‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
(Unaudited)
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
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)
5.56‌%
23.47‌%
26.38‌%
(19.61‌)%
25.41‌%
19.82‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.19‌%
(4)
0.18‌%
0.19‌%
0.21‌%
0.26‌%
0.30‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.19‌%
(4)
0.18‌%
0.19‌%
0.21‌%
0.26‌%
0.30‌%
Net
investment
income
1.08‌%
(4)
1.17‌%
1.45‌%
1.34‌%
1.03‌%
1.52‌%
Portfolio
turnover
rate
1.4‌%
6.1‌%
5.8‌%
4.8‌%
20.0‌%
10.1‌%
Net
assets,
end
of
period
(in
millions)
$2,818
$2,905
$2,278
$1,870
$2,661
$2,431
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
June
30,
2025
(Unaudited)
4
Portfolio
of
Investments
Shares/Par
$
Value
(Cost
and
value
in
$000s)
COMMON
STOCKS
 99.6%
COMMUNICATION
SERVICES
 9.0%
Diversified
Telecommunication
Services
 0.6%
AT&T 
308,440‌
8,926‌
ATN
International 
7,578‌
123‌
GCI
Liberty,
Class
A,
EC (1)(2)
6,211‌
—‌
Globalstar (1)
8,350‌
197‌
Iridium
Communications 
20,819‌
628‌
Liberty
Global,
Class
A (1)
9,159‌
92‌
Liberty
Global,
Class
C (1)
9,946‌
102‌
Lumen
Technologies (1)
77,164‌
338‌
Verizon
Communications 
178,455‌
7,722‌
18,128‌
Entertainment
 1.7%
AMC
Entertainment
Holdings,
Class
A (1)
1,788‌
6‌
Electronic
Arts 
9,928‌
1,586‌
Liberty
Media
Corp-Liberty
Formula
One,
Class
A (1)
5,476‌
520‌
Liberty
Media
Corp-Liberty
Formula
One,
Class
C (1)
14,803‌
1,547‌
Live
Nation
Entertainment (1)
6,546‌
990‌
Madison
Square
Garden
Sports (1)
1,016‌
212‌
Netflix (1)
20,551‌
27,520‌
Playtika
Holding 
33,657‌
159‌
ROBLOX,
Class
A (1)
21,648‌
2,277‌
Roku (1)
7,008‌
616‌
Sphere
Entertainment (1)(3)
6,429‌
269‌
Take-Two
Interactive
Software (1)
5,060‌
1,229‌
TKO
Group
Holdings 
3,742‌
681‌
Walt
Disney 
77,881‌
9,658‌
Warner
Bros
Discovery (1)
98,795‌
1,132‌
Warner
Music
Group,
Class
10,493‌
286‌
48,688‌
Interactive
Media
&
Services
 6.0%
Alphabet,
Class
276,517‌
48,731‌
Alphabet,
Class
223,635‌
39,671‌
Angi (1)
2,228‌
34‌
IAC (1)
4,243‌
158‌
Match
Group 
15,066‌
465‌
Meta
Platforms,
Class
102,980‌
76,009‌
Pinterest,
Class
A (1)
44,275‌
1,588‌
Reddit,
Class
A (1)
5,049‌
760‌
Snap,
Class
A (1)
52,962‌
460‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Vimeo (1)
41,439‌
167‌
Ziff
Davis (1)
4,822‌
146‌
ZoomInfo
Technologies (1)
19,190‌
194‌
168,383‌
Media
 0.5%
AMC
Networks,
Class
A (1)
22,462‌
141‌
Charter
Communications,
Class
A (1)
5,264‌
2,152‌
Comcast,
Class
157,928‌
5,636‌
EchoStar,
Class
A (1)
11,441‌
317‌
Entravision
Communications,
Class
31,885‌
74‌
Fox,
Class
10,287‌
577‌
Gray
Media 
45,171‌
205‌
Ibotta,
Class
A (1)(3)
4,604‌
169‌
Interpublic
Group 
13,816‌
338‌
Liberty
Broadband,
Class
C (1)
9,531‌
938‌
New
York
Times,
Class
7,655‌
429‌
News,
Class
12,834‌
381‌
News,
Class
5,575‌
191‌
Nexstar
Media
Group 
1,390‌
240‌
Omnicom
Group 
7,538‌
542‌
Paramount
Global,
Class
41,118‌
530‌
Scholastic 
10,333‌
217‌
TEGNA 
21,060‌
353‌
Trade
Desk,
Class
A (1)
20,397‌
1,468‌
14,898‌
Wireless
Telecommunication
Services
 0.2%
Telephone
&
Data
Systems 
8,379‌
298‌
T-Mobile
U.S. 
20,464‌
4,876‌
United
States
Cellular (1)
3,145‌
201‌
5,375‌
Total
Communication
Services
255,472‌
CONSUMER
DISCRETIONARY
 10.4%
Automobile
Components
 0.1%
Aptiv (1)
6,793‌
463‌
Autoliv 
6,738‌
754‌
BorgWarner 
16,172‌
541‌
Fox
Factory
Holding (1)
2,558‌
66‌
Lear 
1,377‌
131‌
Mobileye
Global,
Class
A (1)(3)
7,243‌
130‌
Modine
Manufacturing (1)
6,543‌
645‌
Phinia 
5,710‌
254‌
QuantumScape (1)(3)
18,597‌
125‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Standard
Motor
Products 
5,609‌
172‌
Stoneridge (1)
25,193‌
177‌
Visteon (1)
3,542‌
331‌
XPEL (1)
3,050‌
110‌
3,899‌
Automobiles
 1.6%
Ford
Motor 
154,468‌
1,676‌
General
Motors 
36,775‌
1,810‌
Rivian
Automotive,
Class
A (1)
17,303‌
238‌
Tesla (1)
133,342‌
42,357‌
Winnebago
Industries 
4,427‌
128‌
46,209‌
Broadline
Retail
 3.6%
Amazon.com (1)
447,633‌
98,206‌
eBay 
19,453‌
1,449‌
Etsy (1)
5,132‌
257‌
Kohl's 
18,359‌
156‌
Ollie's
Bargain
Outlet
Holdings (1)
4,599‌
606‌
100,674‌
Distributors
 0.1%
Genuine
Parts 
5,678‌
689‌
LKQ 
9,152‌
338‌
Pool 
1,482‌
432‌
1,459‌
Diversified
Consumer
Services
 0.1%
Adtalem
Global
Education (1)
2,952‌
375‌
Bright
Horizons
Family
Solutions (1)
3,576‌
442‌
Duolingo (1)
2,944‌
1,207‌
Frontdoor (1)
8,273‌
488‌
H&R
Block 
3,986‌
219‌
Service
Corp.
International 
10,807‌
880‌
Strategic
Education 
4,459‌
379‌
3,990‌
Hotels,
Restaurants
&
Leisure
 2.2%
Airbnb,
Class
A (1)
18,837‌
2,493‌
Aramark 
8,857‌
371‌
Bloomin'
Brands 
9,349‌
80‌
Booking
Holdings 
1,682‌
9,737‌
Boyd
Gaming 
3,739‌
292‌
Brinker
International (1)
3,863‌
697‌
Caesars
Entertainment (1)
5,692‌
162‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Carnival (1)
39,591‌
1,113‌
Cava
Group (1)
4,375‌
368‌
Chipotle
Mexican
Grill (1)
74,517‌
4,184‌
Cracker
Barrel
Old
Country
Store (3)
3,369‌
206‌
Darden
Restaurants 
3,721‌
811‌
Domino's
Pizza 
2,533‌
1,141‌
DoorDash,
Class
A (1)
15,495‌
3,820‌
DraftKings,
Class
A (1)
31,555‌
1,353‌
Expedia
Group 
4,035‌
681‌
Flutter
Entertainment (1)
7,046‌
2,013‌
Hilton
Grand
Vacations (1)
4,960‌
206‌
Hilton
Worldwide
Holdings 
9,411‌
2,506‌
Jack
in
the
Box (3)
1,493‌
26‌
Las
Vegas
Sands 
27,505‌
1,197‌
Light
&
Wonder (1)
2,657‌
256‌
Marriott
International,
Class
8,936‌
2,441‌
Marriott
Vacations
Worldwide (3)
2,348‌
170‌
McDonald's 
35,891‌
10,486‌
MGM
Resorts
International (1)
10,251‌
352‌
Norwegian
Cruise
Line
Holdings (1)
20,968‌
425‌
Papa
John's
International 
3,444‌
169‌
Penn
Entertainment (1)
9,333‌
167‌
Planet
Fitness,
Class
A (1)
4,502‌
491‌
Royal
Caribbean
Cruises 
10,758‌
3,369‌
Six
Flags
Entertainment 
3,896‌
119‌
Starbucks 
50,951‌
4,669‌
Sweetgreen,
Class
A (1)
9,753‌
145‌
Texas
Roadhouse 
1,657‌
311‌
Travel
+
Leisure 
8,175‌
422‌
United
Parks
&
Resorts (1)(3)
4,723‌
223‌
Vail
Resorts (3)
2,097‌
329‌
Wendy's 
17,394‌
199‌
Wingstop 
3,349‌
1,128‌
Wyndham
Hotels
&
Resorts 
5,106‌
415‌
Wynn
Resorts 
7,004‌
656‌
Yum!
Brands 
11,994‌
1,777‌
62,176‌
Household
Durables
 0.4%
DR
Horton 
13,566‌
1,749‌
Ethan
Allen
Interiors 
10,936‌
305‌
Garmin 
5,048‌
1,054‌
Helen
of
Troy (1)
1,771‌
50‌
Hovnanian
Enterprises,
Class
A (1)
1,912‌
200‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
iRobot (1)
20,568‌
64‌
La-Z-Boy 
9,127‌
339‌
Leggett
&
Platt 
12,596‌
112‌
Lennar,
Class
12,134‌
1,342‌
Mohawk
Industries (1)
2,079‌
218‌
Newell
Brands 
17,275‌
93‌
NVR (1)
187‌
1,381‌
PulteGroup 
11,983‌
1,264‌
Taylor
Morrison
Home (1)
9,433‌
579‌
Toll
Brothers 
7,870‌
898‌
TopBuild (1)
2,192‌
710‌
Tri
Pointe
Homes (1)
8,685‌
278‌
Whirlpool (3)
2,777‌
282‌
10,918‌
Leisure
Products
 0.1%
Brunswick 
7,085‌
392‌
Hasbro 
6,575‌
485‌
Mattel (1)
23,850‌
470‌
Polaris 
2,460‌
100‌
YETI
Holdings (1)
4,526‌
143‌
1,590‌
Specialty
Retail
 1.9%
Advance
Auto
Parts (3)
7,267‌
338‌
American
Eagle
Outfitters 
8,804‌
85‌
AutoZone (1)
921‌
3,419‌
Bath
&
Body
Works 
25,839‌
774‌
Best
Buy 
7,681‌
516‌
Burlington
Stores (1)
4,062‌
945‌
Carvana (1)
6,384‌
2,151‌
Dick's
Sporting
Goods 
2,143‌
424‌
Five
Below (1)
3,697‌
485‌
Floor
&
Decor
Holdings,
Class
A (1)
7,635‌
580‌
GameStop,
Class
A (1)
8,660‌
211‌
Group
1
Automotive 
689‌
301‌
Home
Depot 
48,563‌
17,805‌
Lithia
Motors 
1,280‌
432‌
Lowe's 
26,897‌
5,968‌
Murphy
USA 
730‌
297‌
O'Reilly
Automotive (1)
45,540‌
4,105‌
PetMed
Express (1)(3)
48,911‌
162‌
RH (1)
1,100‌
208‌
Ross
Stores 
19,742‌
2,519‌
Sleep
Number (1)(3)
9,103‌
61‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
TJX 
54,679‌
6,752‌
Tractor
Supply 
21,340‌
1,126‌
Ulta
Beauty (1)
2,681‌
1,254‌
Upbound
Group 
8,908‌
224‌
Valvoline (1)
5,848‌
221‌
Wayfair,
Class
A (1)(3)
6,166‌
315‌
Williams-Sonoma 
3,229‌
528‌
52,206‌
Textiles,
Apparel
&
Luxury
Goods
 0.3%
Carter's 
3,247‌
98‌
Columbia
Sportswear 
3,542‌
216‌
Crocs (1)
3,631‌
368‌
Deckers
Outdoor (1)
8,208‌
846‌
Lululemon
Athletica (1)
6,848‌
1,627‌
Movado
Group 
12,793‌
195‌
NIKE,
Class
47,632‌
3,384‌
Ralph
Lauren 
2,225‌
610‌
Skechers
USA,
Class
A (1)
4,906‌
310‌
Tapestry 
6,514‌
572‌
Unifi (1)
21,091‌
110‌
VF 
14,768‌
173‌
8,509‌
Total
Consumer
Discretionary
291,630‌
CONSUMER
STAPLES
 5.2%
Beverages
 1.0%
Boston
Beer,
Class
A (1)
701‌
134‌
Brown-Forman,
Class
4,654‌
125‌
Celsius
Holdings (1)
9,896‌
459‌
Coca-Cola 
192,271‌
13,603‌
Coca-Cola
Consolidated 
3,430‌
383‌
Constellation
Brands,
Class
7,655‌
1,246‌
Keurig
Dr
Pepper 
70,112‌
2,318‌
Monster
Beverage (1)
29,283‌
1,834‌
PepsiCo 
58,481‌
7,722‌
27,824‌
Consumer
Staples
Distribution
&
Retail
 1.9%
BJ's
Wholesale
Club
Holdings (1)
7,440‌
802‌
Casey's
General
Stores 
1,653‌
844‌
Chefs'
Warehouse (1)
6,259‌
399‌
Costco
Wholesale 
20,041‌
19,839‌
Dollar
General 
14,559‌
1,665‌
Dollar
Tree (1)
13,257‌
1,313‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Kroger 
24,614‌
1,766‌
Performance
Food
Group (1)
3,709‌
325‌
PriceSmart 
4,464‌
469‌
Sprouts
Farmers
Market (1)
4,914‌
809‌
Sysco 
22,654‌
1,716‌
Target 
22,890‌
2,258‌
U.S.
Foods
Holding (1)
12,269‌
945‌
United
Natural
Foods (1)
9,742‌
227‌
Walgreens
Boots
Alliance 
32,352‌
371‌
Walmart 
210,013‌
20,535‌
54,283‌
Food
Products
 0.6%
Archer-Daniels-Midland 
20,926‌
1,104‌
Bunge
Global 
5,649‌
453‌
Conagra
Brands 
36,988‌
757‌
Darling
Ingredients (1)
13,561‌
514‌
Flowers
Foods 
26,704‌
427‌
Fresh
Del
Monte
Produce 
15,078‌
489‌
General
Mills 
20,533‌
1,064‌
Hershey 
2,396‌
398‌
Hormel
Foods 
22,618‌
684‌
Ingredion 
2,265‌
307‌
J
M
Smucker 
3,887‌
382‌
John
B.
Sanfilippo
&
Son 
5,117‌
324‌
Kellanova 
2,408‌
192‌
Kraft
Heinz 
42,646‌
1,101‌
Lamb
Weston
Holdings 
12,211‌
633‌
McCormick 
12,564‌
953‌
Mondelez
International,
Class
61,741‌
4,164‌
Post
Holdings (1)
2,283‌
249‌
Simply
Good
Foods (1)
6,906‌
218‌
Tootsie
Roll
Industries (3)
10,868‌
364‌
TreeHouse
Foods (1)
3,373‌
65‌
Tyson
Foods,
Class
12,705‌
711‌
Vital
Farms (1)
8,319‌
320‌
15,873‌
Household
Products
 0.9%
Church
&
Dwight 
3,865‌
372‌
Clorox 
7,143‌
858‌
Colgate-Palmolive 
43,833‌
3,984‌
Energizer
Holdings 
4,229‌
85‌
Kimberly-Clark 
19,744‌
2,545‌
Procter
&
Gamble 
115,359‌
18,379‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Spectrum
Brands
Holdings 
885‌
47‌
26,270‌
Personal
Care
Products
 0.2%
BellRing
Brands (1)
5,549‌
321‌
Edgewell
Personal
Care 
4,377‌
102‌
elf
Beauty (1)
4,969‌
618‌
Estee
Lauder,
Class
11,011‌
890‌
Herbalife (1)
20,273‌
175‌
Kenvue 
115,606‌
2,420‌
4,526‌
Tobacco
 0.6%
Altria
Group 
67,854‌
3,978‌
Philip
Morris
International 
76,553‌
13,943‌
17,921‌
Total
Consumer
Staples
146,697‌
ENERGY
 3.1%
Energy
Equipment
&
Services
 0.3%
Baker
Hughes 
59,176‌
2,269‌
Expro
Group
Holdings (1)
26,219‌
225‌
Halliburton 
11,251‌
229‌
Helmerich
&
Payne 
8,432‌
128‌
Kodiak
Gas
Services 
13,618‌
467‌
NOV 
9,234‌
115‌
Oceaneering
International (1)
6,055‌
125‌
Schlumberger 
82,321‌
2,782‌
TechnipFMC 
42,464‌
1,463‌
Tidewater (1)
3,464‌
160‌
Weatherford
International 
7,858‌
395‌
8,358‌
Oil,
Gas
&
Consumable
Fuels
 2.8%
Cheniere
Energy 
7,082‌
1,725‌
Chevron 
79,945‌
11,447‌
Chord
Energy 
429‌
42‌
Civitas
Resources 
5,335‌
147‌
CNX
Resources (1)
10,431‌
351‌
ConocoPhillips 
66,550‌
5,972‌
Coterra
Energy 
5,737‌
146‌
Devon
Energy 
35,333‌
1,124‌
Diamondback
Energy 
10,819‌
1,487‌
Dorian
LPG 
7,902‌
193‌
EOG
Resources 
29,890‌
3,575‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
EQT 
33,356‌
1,945‌
Expand
Energy 
15,005‌
1,755‌
Exxon
Mobil 
208,436‌
22,469‌
Hess 
6,862‌
951‌
International
Seaways 
1,377‌
50‌
Kinder
Morgan 
104,173‌
3,063‌
Magnolia
Oil
&
Gas,
Class
14,590‌
328‌
Marathon
Petroleum 
18,696‌
3,106‌
Matador
Resources 
5,373‌
256‌
Murphy
Oil 
13,328‌
300‌
Occidental
Petroleum 
18,649‌
783‌
ONEOK 
23,519‌
1,920‌
Ovintiv 
12,607‌
480‌
Par
Pacific
Holdings (1)
13,469‌
357‌
PBF
Energy,
Class
4,723‌
102‌
Peabody
Energy (3)
4,034‌
54‌
Permian
Resources 
50,096‌
682‌
Phillips
66 
20,872‌
2,490‌
Range
Resources 
19,946‌
811‌
SM
Energy 
7,038‌
174‌
Targa
Resources 
13,244‌
2,305‌
Texas
Pacific
Land 
750‌
792‌
Valero
Energy 
17,735‌
2,384‌
Viper
Energy 
10,325‌
394‌
Williams 
64,032‌
4,022‌
World
Kinect 
7,577‌
215‌
78,397‌
Total
Energy
86,755‌
FINANCIALS
 14.6%
Banks
 3.9%
1st
Source 
6,446‌
400‌
Ameris
Bancorp 
5,661‌
366‌
Bank
of
America 
326,319‌
15,441‌
Bank
of
Hawaii (3)
6,171‌
417‌
Bank
OZK 
6,101‌
287‌
BankUnited 
13,151‌
468‌
Berkshire
Hills
Bancorp 
11,514‌
288‌
Cadence
Bank 
8,758‌
280‌
Capitol
Federal
Financial 
33,165‌
202‌
Citigroup 
98,545‌
8,388‌
Citizens
Financial
Group 
23,030‌
1,031‌
Comerica 
9,316‌
556‌
Cullen/Frost
Bankers 
2,073‌
267‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Customers
Bancorp (1)
5,314‌
312‌
CVB
Financial 
15,489‌
307‌
East
West
Bancorp 
7,982‌
806‌
Fifth
Third
Bancorp 
46,869‌
1,928‌
First
BanCorp
Puerto
Rico 
38,184‌
795‌
First
Citizens
BancShares,
Class
509‌
996‌
First
Financial
Bancorp 
13,157‌
319‌
First
Merchants 
10,138‌
388‌
Flagstar
Financial 
17,770‌
188‌
Flushing
Financial 
23,569‌
280‌
Fulton
Financial 
19,460‌
351‌
Glacier
Bancorp 
7,577‌
326‌
Hancock
Whitney 
4,410‌
253‌
Home
BancShares 
16,058‌
457‌
Huntington
Bancshares 
105,852‌
1,774‌
JPMorgan
Chase 
128,116‌
37,142‌
KeyCorp 
64,015‌
1,115‌
M&T
Bank 
4,885‌
948‌
Metropolitan
Bank
Holding (1)
7,519‌
526‌
National
Bank
Holdings,
Class
10,010‌
377‌
NBT
Bancorp 
9,226‌
383‌
Northfield
Bancorp 
26,866‌
308‌
OFG
Bancorp 
5,686‌
243‌
Old
National
Bancorp 
18,922‌
404‌
Pacific
Premier
Bancorp 
17,961‌
379‌
Park
National 
3,637‌
608‌
Peoples
Bancorp 
12,952‌
396‌
Pinnacle
Financial
Partners 
3,247‌
359‌
PNC
Financial
Services
Group 
15,929‌
2,970‌
Popular 
8,702‌
959‌
Prosperity
Bancshares 
3,346‌
235‌
Regions
Financial 
49,394‌
1,162‌
Renasant 
5,092‌
183‌
Seacoast
Banking 
12,695‌
351‌
SouthState 
3,826‌
352‌
Synovus
Financial 
5,735‌
297‌
Towne
Bank 
14,098‌
482‌
Truist
Financial 
51,854‌
2,229‌
U.S.
Bancorp 
66,385‌
3,004‌
UMB
Financial 
2,850‌
300‌
United
Bankshares 
9,841‌
359‌
WaFd 
4,273‌
125‌
Webster
Financial 
14,696‌
802‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Wells
Fargo 
158,450‌
12,695‌
WesBanco 
4,678‌
148‌
Western
Alliance
Bancorp 
14,141‌
1,103‌
WSFS
Financial 
6,870‌
378‌
Zions
Bancorp 
8,343‌
433‌
109,626‌
Capital
Markets
 3.5%
Affiliated
Managers
Group 
1,279‌
252‌
Ameriprise
Financial 
3,167‌
1,690‌
Ares
Management,
Class
11,996‌
2,078‌
Artisan
Partners
Asset
Management,
Class
6,495‌
288‌
Bank
of
New
York
Mellon 
38,766‌
3,532‌
BGC
Group,
Class
33,456‌
342‌
Blackrock 
5,970‌
6,264‌
Blackstone 
31,342‌
4,688‌
Blue
Owl
Capital 
16,648‌
320‌
Cboe
Global
Markets 
7,350‌
1,714‌
Charles
Schwab 
89,605‌
8,176‌
CME
Group 
19,051‌
5,251‌
Coinbase
Global,
Class
A (1)
10,055‌
3,524‌
Donnelley
Financial
Solutions (1)
7,777‌
479‌
Evercore,
Class
2,524‌
681‌
FactSet
Research
Systems 
1,685‌
754‌
Franklin
Resources 
7,873‌
188‌
Goldman
Sachs
Group 
13,354‌
9,451‌
Interactive
Brokers
Group,
Class
21,372‌
1,184‌
Intercontinental
Exchange 
29,448‌
5,403‌
Invesco 
23,815‌
376‌
Janus
Henderson
Group 
9,783‌
380‌
Jefferies
Financial
Group 
10,770‌
589‌
KKR 
36,389‌
4,841‌
Lazard 
19,532‌
937‌
LPL
Financial
Holdings 
2,882‌
1,081‌
MarketAxess
Holdings 
2,099‌
469‌
Moody's 
7,159‌
3,591‌
Morgan
Stanley 
51,816‌
7,299‌
Morningstar 
1,415‌
444‌
MSCI 
3,243‌
1,870‌
Nasdaq 
11,915‌
1,065‌
Northern
Trust 
8,263‌
1,048‌
Raymond
James
Financial 
7,100‌
1,089‌
Robinhood
Markets,
Class
A (1)
33,354‌
3,123‌
S&P
Global 
16,056‌
8,466‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
SEI
Investments 
4,612‌
414‌
State
Street 
19,682‌
2,093‌
StepStone
Group,
Class
13,763‌
764‌
StoneX
Group (1)
6,591‌
601‌
TPG 
15,089‌
791‌
Tradeweb
Markets,
Class
11,009‌
1,612‌
Virtus
Investment
Partners 
2,919‌
529‌
99,731‌
Consumer
Finance
 0.7%
Ally
Financial 
15,389‌
599‌
American
Express 
24,870‌
7,933‌
Bread
Financial
Holdings 
4,137‌
236‌
Capital
One
Financial 
26,046‌
5,542‌
LendingClub (1)
13,580‌
163‌
Navient 
15,647‌
221‌
OneMain
Holdings 
12,399‌
707‌
SLM 
18,213‌
597‌
SoFi
Technologies (1)
51,112‌
931‌
Synchrony
Financial 
22,687‌
1,514‌
18,443‌
Financial
Services
 4.2%
Affirm
Holdings (1)
16,583‌
1,147‌
Apollo
Global
Management 
18,554‌
2,632‌
Berkshire
Hathaway,
Class
B (1)
84,486‌
41,041‌
Block (1)
32,060‌
2,178‌
Corebridge
Financial 
21,137‌
750‌
Corpay (1)
5,590‌
1,855‌
Equitable
Holdings 
26,566‌
1,490‌
Euronet
Worldwide (1)
2,237‌
227‌
Fidelity
National
Information
Services 
22,652‌
1,844‌
Fiserv (1)
26,942‌
4,645‌
Global
Payments 
16,637‌
1,332‌
Jack
Henry
&
Associates 
3,377‌
608‌
Mastercard,
Class
39,304‌
22,086‌
Mr.
Cooper
Group (1)
5,458‌
814‌
Payoneer
Global (1)
93,122‌
638‌
PayPal
Holdings (1)
42,764‌
3,178‌
PennyMac
Financial
Services 
2,890‌
288‌
Remitly
Global (1)
22,470‌
422‌
Toast,
Class
A (1)
7,115‌
315‌
Visa,
Class
82,283‌
29,215‌
Voya
Financial 
11,661‌
828‌
Western
Union 
36,401‌
307‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
WEX (1)
1,013‌
149‌
117,989‌
Insurance
 2.2%
Aflac 
22,865‌
2,411‌
Allstate 
16,444‌
3,310‌
American
Financial
Group 
6,216‌
785‌
American
International
Group 
18,455‌
1,580‌
Aon,
Class
8,704‌
3,105‌
Arch
Capital
Group 
14,131‌
1,287‌
Arthur
J
Gallagher 
12,287‌
3,933‌
Assurant 
3,427‌
677‌
Axis
Capital
Holdings 
9,100‌
945‌
Brown
&
Brown 
7,772‌
862‌
Chubb 
20,335‌
5,891‌
Cincinnati
Financial 
6,820‌
1,016‌
Erie
Indemnity,
Class
1,764‌
612‌
Everest
Group 
1,960‌
666‌
Fidelity
National
Financial 
15,270‌
856‌
First
American
Financial 
8,112‌
498‌
Genworth
Financial (1)
69,814‌
543‌
Globe
Life 
3,506‌
436‌
Hanover
Insurance
Group 
4,064‌
690‌
Hartford
Insurance
Group 
18,125‌
2,300‌
Horace
Mann
Educators 
9,819‌
422‌
Kemper 
5,412‌
349‌
Markel
Group (1)
412‌
823‌
Marsh
&
McLennan 
24,618‌
5,382‌
MBIA (1)(3)
32,082‌
139‌
MetLife 
34,908‌
2,807‌
Old
Republic
International 
12,910‌
496‌
Palomar
Holdings (1)
2,853‌
440‌
Principal
Financial
Group 
9,067‌
720‌
Progressive 
24,757‌
6,607‌
Prudential
Financial 
11,192‌
1,202‌
Reinsurance
Group
of
America 
3,120‌
619‌
RenaissanceRe
Holdings 
4,919‌
1,195‌
Skyward
Specialty
Insurance
Group (1)
5,326‌
308‌
Travelers 
10,266‌
2,747‌
TWFG (1)(3)
10,875‌
381‌
United
Fire
Group 
18,603‌
534‌
Unum
Group 
7,209‌
582‌
W
R
Berkley 
12,490‌
918‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Willis
Towers
Watson 
4,677‌
1,433‌
60,507‌
Mortgage
Real
Estate
Investment
Trusts
 0.1%
AG
Mortgage
Investment
Trust,
REIT 
33,952‌
256‌
Annaly
Capital
Management,
REIT 
18,944‌
357‌
Ares
Commercial
Real
Estate,
REIT (3)
29,425‌
140‌
Chimera
Investment,
REIT 
14,925‌
207‌
Franklin
BSP
Realty
Trust,
REIT (3)
18,540‌
198‌
Granite
Point
Mortgage
Trust,
REIT 
25,390‌
63‌
New
York
Mortgage
Trust,
REIT 
22,905‌
153‌
Redwood
Trust,
REIT 
25,292‌
149‌
Rithm
Capital,
REIT 
47,960‌
541‌
Starwood
Property
Trust,
REIT 
9,644‌
194‌
TPG
RE
Finance
Trust,
REIT 
28,441‌
220‌
Two
Harbors
Investment,
REIT (3)
16,311‌
176‌
2,654‌
Total
Financials
408,950‌
HEALTH
CARE
 9.6%
Biotechnology
 2.0%
AbbVie 
84,251‌
15,639‌
ACADIA
Pharmaceuticals (1)
27,331‌
590‌
Akero
Therapeutics (1)
15,107‌
806‌
Alkermes (1)
23,166‌
663‌
Alnylam
Pharmaceuticals (1)
5,920‌
1,930‌
Amgen 
22,177‌
6,192‌
Apellis
Pharmaceuticals (1)
5,707‌
99‌
Apogee
Therapeutics (1)
7,761‌
337‌
Arcturus
Therapeutics
Holdings (1)(3)
5,434‌
71‌
Avidity
Biosciences (1)
23,700‌
673‌
Beam
Therapeutics (1)(3)
9,672‌
165‌
Biogen (1)
5,385‌
676‌
Biohaven (1)
8,296‌
117‌
BioMarin
Pharmaceutical (1)
4,496‌
247‌
Blueprint
Medicines (1)
6,733‌
863‌
Celldex
Therapeutics (1)
7,984‌
162‌
Crinetics
Pharmaceuticals (1)
6,543‌
188‌
Dynavax
Technologies (1)
11,514‌
114‌
Exact
Sciences (1)
10,849‌
577‌
Gilead
Sciences 
64,441‌
7,145‌
GRAIL (1)(3)
2,891‌
149‌
Ideaya
Biosciences (1)
11,897‌
250‌
Incyte (1)
3,969‌
270‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Insmed (1)
15,970‌
1,607‌
Ionis
Pharmaceuticals (1)
15,856‌
626‌
Kymera
Therapeutics (1)
5,336‌
233‌
Madrigal
Pharmaceuticals (1)
1,522‌
461‌
Natera (1)
10,319‌
1,743‌
Neurocrine
Biosciences (1)
8,720‌
1,096‌
Nurix
Therapeutics (1)
22,814‌
260‌
Nuvalent,
Class
A (1)
3,743‌
286‌
Praxis
Precision
Medicines (1)
5,333‌
224‌
Prothena (1)
13,736‌
83‌
Regeneron
Pharmaceuticals 
5,580‌
2,930‌
Replimune
Group (1)
23,321‌
217‌
Revolution
Medicines (1)
21,828‌
803‌
Sarepta
Therapeutics (1)
4,460‌
76‌
Scholar
Rock
Holding (1)
10,142‌
359‌
Soleno
Therapeutics (1)
6,408‌
537‌
SpringWorks
Therapeutics (1)
6,195‌
291‌
Spyre
Therapeutics (1)
6,023‌
90‌
Stoke
Therapeutics (1)(3)
14,171‌
161‌
Tenaya
Therapeutics (1)(3)
31,453‌
19‌
Ultragenyx
Pharmaceutical (1)
9,700‌
353‌
United
Therapeutics (1)
1,792‌
515‌
Vaxcyte (1)
9,766‌
317‌
Vera
Therapeutics (1)
6,314‌
149‌
Vertex
Pharmaceuticals (1)
12,498‌
5,564‌
Xencor (1)
24,029‌
189‌
57,112‌
Health
Care
Equipment
&
Supplies
 2.2%
Abbott
Laboratories 
75,110‌
10,216‌
Align
Technology (1)
3,038‌
575‌
Baxter
International 
28,609‌
866‌
Becton
Dickinson
&
Company 
11,445‌
1,971‌
Boston
Scientific (1)
74,534‌
8,006‌
Cooper (1)
11,638‌
828‌
DENTSPLY
SIRONA 
20,882‌
332‌
Dexcom (1)
18,559‌
1,620‌
Edwards
Lifesciences (1)
23,520‌
1,839‌
Embecta 
13,384‌
130‌
Envista
Holdings (1)
12,672‌
248‌
GE
HealthCare
Technologies 
16,357‌
1,212‌
Globus
Medical,
Class
A (1)
5,290‌
312‌
Haemonetics (1)
4,810‌
359‌
Hologic (1)
4,671‌
304‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
ICU
Medical (1)
1,996‌
264‌
IDEXX
Laboratories (1)
3,574‌
1,917‌
Inspire
Medical
Systems (1)
2,199‌
285‌
Insulet (1)
3,387‌
1,064‌
Intuitive
Surgical (1)
18,304‌
9,947‌
Lantheus
Holdings (1)
5,061‌
414‌
Masimo (1)
2,482‌
417‌
Medtronic 
51,873‌
4,522‌
Merit
Medical
Systems (1)
3,388‌
317‌
Novocure (1)
13,974‌
249‌
Omnicell (1)
8,365‌
246‌
Penumbra (1)
3,753‌
963‌
QuidelOrtho (1)
3,382‌
97‌
ResMed 
8,316‌
2,146‌
Solventum (1)
6,024‌
457‌
STERIS 
4,204‌
1,010‌
Stryker 
17,770‌
7,030‌
Teleflex 
3,971‌
470‌
Zimmer
Biomet
Holdings 
12,087‌
1,102‌
61,735‌
Health
Care
Providers
&
Services
 1.8%
Acadia
Healthcare (1)
6,277‌
142‌
agilon
health (1)
41,780‌
96‌
Alignment
Healthcare (1)
15,773‌
221‌
AMN
Healthcare
Services (1)
4,578‌
95‌
BrightSpring
Health
Services (1)
10,348‌
244‌
Cardinal
Health 
8,561‌
1,438‌
Cencora 
9,529‌
2,857‌
Centene (1)
19,002‌
1,032‌
Cigna
Group 
14,500‌
4,793‌
Concentra
Group
Holdings
Parent 
17,057‌
351‌
CorVel (1)
2,706‌
278‌
CVS
Health 
57,670‌
3,978‌
DaVita (1)
1,572‌
224‌
Elevance
Health 
12,355‌
4,806‌
Encompass
Health 
8,097‌
993‌
Ensign
Group 
3,834‌
592‌
Guardant
Health (1)
8,845‌
460‌
HCA
Healthcare 
8,129‌
3,114‌
Henry
Schein (1)
5,888‌
430‌
Humana 
4,279‌
1,046‌
Labcorp
Holdings 
2,188‌
574‌
McKesson 
6,530‌
4,785‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Molina
Healthcare (1)
3,743‌
1,115‌
OPKO
Health (1)
122,720‌
162‌
Option
Care
Health (1)
8,656‌
281‌
Oscar
Health,
Class
A (1)(3)
16,968‌
364‌
Quest
Diagnostics 
7,602‌
1,366‌
Select
Medical
Holdings 
21,138‌
321‌
Surgery
Partners (1)
12,137‌
270‌
Tenet
Healthcare (1)
6,872‌
1,210‌
UnitedHealth
Group 
44,659‌
13,932‌
Universal
Health
Services,
Class
1,298‌
235‌
51,805‌
Health
Care
Technology
 0.1%
Phreesia (1)
8,492‌
242‌
Teladoc
Health (1)
25,831‌
225‌
Veeva
Systems,
Class
A (1)
6,984‌
2,011‌
2,478‌
Life
Sciences
Tools
&
Services
 0.9%
10X
Genomics,
Class
A (1)
20,891‌
242‌
Agilent
Technologies 
13,380‌
1,579‌
Avantor (1)
34,684‌
467‌
Bio-Rad
Laboratories,
Class
A (1)
1,083‌
261‌
Bio-Techne 
6,756‌
348‌
Charles
River
Laboratories
International (1)
2,887‌
438‌
CryoPort (1)
24,898‌
186‌
Danaher 
34,503‌
6,816‌
Fortrea
Holdings (1)
5,309‌
26‌
Illumina (1)
7,874‌
751‌
IQVIA
Holdings (1)
6,317‌
996‌
Mettler-Toledo
International (1)
1,260‌
1,480‌
Omniab,
Earn
Out
Shares
$12.50 (1)
722‌
—‌
Omniab,
Earn
Out
Shares
$15.00 (1)
722‌
—‌
Repligen (1)
5,465‌
680‌
Revvity 
7,354‌
711‌
Thermo
Fisher
Scientific 
18,922‌
7,672‌
Waters (1)
829‌
289‌
West
Pharmaceutical
Services 
4,069‌
890‌
23,832‌
Pharmaceuticals
 2.6%
Amneal
Pharmaceuticals (1)
25,193‌
204‌
Arvinas (1)
10,234‌
75‌
Axsome
Therapeutics (1)
2,952‌
308‌
Bristol-Myers
Squibb 
91,802‌
4,249‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Elanco
Animal
Health (1)
37,477‌
535‌
Eli
Lilly 
38,002‌
29,624‌
Jazz
Pharmaceuticals (1)
2,798‌
297‌
Johnson
&
Johnson 
108,174‌
16,524‌
Ligand
Pharmaceuticals (1)
1,873‌
213‌
Merck 
107,991‌
8,549‌
Organon 
19,114‌
185‌
Perrigo 
7,871‌
210‌
Pfizer 
259,078‌
6,280‌
Prestige
Consumer
Healthcare (1)
4,411‌
352‌
Royalty
Pharma,
Class
13,563‌
489‌
Theravance
Biopharma (1)
23,688‌
261‌
Viatris 
96,505‌
862‌
Zoetis 
20,398‌
3,181‌
72,398‌
Total
Health
Care
269,360‌
INDUSTRIALS
&
BUSINESS
SERVICES
 9.7%
Aerospace
&
Defense
 2.2%
Axon
Enterprise (1)
3,233‌
2,677‌
Boeing (1)
38,609‌
8,090‌
BWX
Technologies 
4,932‌
711‌
General
Dynamics 
10,452‌
3,048‌
General
Electric 
53,165‌
13,684‌
HEICO,
Class
3,795‌
982‌
Hexcel 
7,504‌
424‌
Howmet
Aerospace 
23,021‌
4,285‌
Huntington
Ingalls
Industries 
2,773‌
670‌
Kratos
Defense
&
Security
Solutions (1)
10,572‌
491‌
L3Harris
Technologies 
10,789‌
2,706‌
Lockheed
Martin 
9,460‌
4,381‌
Northrop
Grumman 
7,588‌
3,794‌
RTX 
60,262‌
8,799‌
Spirit
AeroSystems
Holdings,
Class
A (1)
13,752‌
525‌
Textron 
14,458‌
1,161‌
TransDigm
Group 
2,928‌
4,452‌
Triumph
Group (1)
11,120‌
286‌
Woodward 
2,741‌
672‌
61,838‌
Air
Freight
&
Logistics
 0.2%
CH
Robinson
Worldwide 
6,997‌
671‌
Expeditors
International
of
Washington 
4,105‌
469‌
FedEx 
10,302‌
2,342‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
22
Shares/Par
$
Value
(Cost
and
value
in
$000s)
GXO
Logistics (1)
6,396‌
311‌
United
Parcel
Service,
Class
29,578‌
2,986‌
6,779‌
Building
Products
 0.6%
A.O.
Smith 
9,232‌
605‌
AAON 
4,518‌
333‌
Allegion 
4,146‌
598‌
AZZ 
5,349‌
505‌
Builders
FirstSource (1)
5,206‌
608‌
Carlisle 
2,547‌
951‌
Carrier
Global 
43,839‌
3,209‌
Fortune
Brands
Innovations 
7,458‌
384‌
Gibraltar
Industries (1)
5,412‌
319‌
Johnson
Controls
International 
30,469‌
3,218‌
Lennox
International 
1,115‌
639‌
Masco 
12,647‌
814‌
Owens
Corning 
6,427‌
884‌
Trane
Technologies 
10,195‌
4,459‌
Trex (1)
9,228‌
502‌
18,028‌
Commercial
Services
&
Supplies
 0.6%
ACCO
Brands 
60,589‌
217‌
Brady,
Class
6,363‌
433‌
BrightView
Holdings (1)
14,761‌
246‌
Cintas 
12,101‌
2,697‌
Clean
Harbors (1)
3,140‌
726‌
Copart (1)
50,294‌
2,468‌
CoreCivic (1)
16,921‌
357‌
Ennis 
18,600‌
337‌
Enviri (1)
35,844‌
311‌
MillerKnoll 
16,139‌
313‌
MSA
Safety 
1,399‌
234‌
Pitney
Bowes 
26,669‌
291‌
RB
Global 
6,363‌
676‌
Republic
Services 
6,886‌
1,698‌
Rollins 
11,382‌
642‌
Steelcase,
Class
29,819‌
311‌
Tetra
Tech 
9,570‌
344‌
UniFirst 
1,399‌
263‌
Veralto 
10,049‌
1,014‌
Vestis 
4,493‌
26‌
VSE 
2,460‌
322‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Waste
Management 
14,045‌
3,214‌
17,140‌
Construction
&
Engineering
 0.4%
AECOM 
6,512‌
735‌
API
Group (1)
17,449‌
891‌
Arcosa 
5,385‌
467‌
Bowman
Consulting
Group (1)
8,561‌
246‌
Comfort
Systems
USA 
1,981‌
1,062‌
Dycom
Industries (1)
3,129‌
765‌
EMCOR
Group 
2,632‌
1,408‌
Fluor (1)
12,619‌
647‌
Granite
Construction (3)
5,080‌
475‌
MasTec (1)
3,376‌
575‌
Quanta
Services 
7,220‌
2,730‌
WillScot
Holdings 
17,558‌
481‌
10,482‌
Electrical
Equipment
 1.0%
AMETEK 
14,232‌
2,575‌
Atkore 
3,276‌
231‌
Beam
Global (1)
19,288‌
28‌
Eaton 
17,155‌
6,124‌
Emerson
Electric 
23,147‌
3,086‌
GE
Vernova 
11,871‌
6,282‌
GrafTech
International (1)
94,082‌
92‌
Hubbell 
4,299‌
1,756‌
nVent
Electric 
10,814‌
792‌
Regal
Rexnord 
3,969‌
575‌
Rockwell
Automation 
6,987‌
2,321‌
Sensata
Technologies
Holding 
14,832‌
447‌
Sunrun (1)
17,680‌
145‌
Thermon
Group
Holdings (1)
10,234‌
287‌
Vertiv
Holdings,
Class
14,221‌
1,826‌
Vicor (1)
4,428‌
201‌
26,768‌
Ground
Transportation
 0.9%
Avis
Budget
Group (1)(3)
2,046‌
346‌
CSX 
112,349‌
3,666‌
JB
Hunt
Transport
Services 
4,864‌
699‌
Landstar
System 
3,117‌
433‌
Lyft,
Class
A (1)
20,598‌
325‌
Norfolk
Southern 
13,279‌
3,399‌
Old
Dominion
Freight
Line 
10,776‌
1,749‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Saia (1)
2,584‌
708‌
Uber
Technologies (1)
96,916‌
9,042‌
Union
Pacific 
25,623‌
5,895‌
Werner
Enterprises (3)
6,175‌
169‌
26,431‌
Industrial
Conglomerates
 0.5%
3M 
25,202‌
3,837‌
Honeywell
International 
28,187‌
6,564‌
Roper
Technologies 
5,696‌
3,229‌
13,630‌
Machinery
 1.7%
AGCO 
6,255‌
645‌
Alamo
Group 
2,688‌
587‌
Atmus
Filtration
Technologies 
8,225‌
300‌
Caterpillar 
21,182‌
8,223‌
Chart
Industries (1)
1,805‌
297‌
Cummins 
8,315‌
2,723‌
Deere 
12,044‌
6,124‌
Dover 
7,692‌
1,409‌
Enpro 
2,716‌
520‌
Esab 
5,920‌
714‌
ESCO
Technologies 
3,286‌
630‌
Flowserve 
9,354‌
490‌
Fortive 
20,735‌
1,081‌
Graco 
5,933‌
510‌
Helios
Technologies 
4,822‌
161‌
IDEX 
5,706‌
1,002‌
Illinois
Tool
Works 
9,400‌
2,324‌
Ingersoll
Rand 
24,293‌
2,021‌
ITT 
4,786‌
751‌
JBT
Marel 
5,509‌
663‌
Lincoln
Electric
Holdings 
2,839‌
589‌
Middleby (1)
5,155‌
742‌
Mueller
Water
Products,
Class
26,809‌
644‌
Nordson 
2,741‌
588‌
Otis
Worldwide 
13,337‌
1,321‌
PACCAR 
19,464‌
1,850‌
Parker-Hannifin 
5,510‌
3,849‌
RBC
Bearings (1)
3,451‌
1,328‌
Snap-on 
2,583‌
804‌
Stanley
Black
&
Decker 
16,903‌
1,145‌
Terex 
6,003‌
280‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
25
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Timken 
5,019‌
364‌
Toro 
8,811‌
623‌
Watts
Water
Technologies,
Class
3,134‌
771‌
Westinghouse
Air
Brake
Technologies 
5,863‌
1,227‌
Xylem 
10,934‌
1,414‌
48,714‌
Marine
Transportation
 0.0%
Matson 
4,318‌
481‌
Pangaea
Logistics
Solutions (3)
17,222‌
81‌
562‌
Passenger
Airlines
 0.2%
Alaska
Air
Group (1)
7,557‌
374‌
Allegiant
Travel 
4,625‌
254‌
American
Airlines
Group (1)
17,011‌
191‌
Delta
Air
Lines 
22,714‌
1,117‌
JetBlue
Airways (1)
42,120‌
178‌
Southwest
Airlines 
38,604‌
1,253‌
United
Airlines
Holdings (1)
13,263‌
1,056‌
4,423‌
Professional
Services
 0.9%
Amentum
Holdings (1)
3,861‌
91‌
Automatic
Data
Processing 
18,975‌
5,852‌
Barrett
Business
Services 
10,207‌
426‌
Booz
Allen
Hamilton
Holding 
8,179‌
852‌
Broadridge
Financial
Solutions 
7,923‌
1,925‌
CACI
International,
Class
A (1)
1,294‌
617‌
Clarivate (1)
43,572‌
187‌
Dayforce (1)
12,670‌
702‌
Equifax 
7,158‌
1,857‌
First
Advantage (1)
18,281‌
304‌
Forrester
Research (1)
16,219‌
161‌
Franklin
Covey (1)
7,085‌
162‌
FTI
Consulting (1)
2,512‌
406‌
Genpact 
4,920‌
216‌
Huron
Consulting
Group (1)
3,692‌
508‌
Insperity 
4,330‌
260‌
Jacobs
Solutions 
3,631‌
477‌
Korn
Ferry 
6,853‌
503‌
Leidos
Holdings 
8,719‌
1,375‌
ManpowerGroup 
2,853‌
115‌
Mastech
Digital (1)
17,716‌
127‌
Maximus 
3,739‌
262‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
26
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Parsons (1)
2,558‌
184‌
Paychex 
12,163‌
1,769‌
Paycom
Software 
1,596‌
369‌
Paylocity
Holding (1)
2,700‌
489‌
Science
Applications
International 
2,296‌
259‌
SS&C
Technologies
Holdings 
14,472‌
1,198‌
TransUnion 
9,457‌
832‌
TrueBlue (1)
17,320‌
112‌
Upwork (1)
15,905‌
214‌
Verisk
Analytics 
7,668‌
2,389‌
Verra
Mobility (1)
18,476‌
469‌
25,669‌
Trading
Companies
&
Distributors
 0.5%
Air
Lease 
6,580‌
385‌
Boise
Cascade 
2,928‌
254‌
Core
&
Main,
Class
A (1)
7,548‌
455‌
DNOW (1)
16,759‌
249‌
Fastenal 
57,878‌
2,431‌
Ferguson
Enterprises 
12,552‌
2,733‌
FTAI
Aviation 
6,340‌
729‌
GATX 
2,649‌
407‌
GMS (1)
6,994‌
761‌
McGrath
RentCorp 
3,533‌
410‌
MSC
Industrial
Direct,
Class
6,070‌
516‌
SiteOne
Landscape
Supply (1)
6,576‌
795‌
United
Rentals 
2,556‌
1,926‌
Watsco 
1,985‌
877‌
WW
Grainger 
1,477‌
1,536‌
Xometry,
Class
A (1)
6,298‌
213‌
14,677‌
Total
Industrials
&
Business
Services
275,141‌
INFORMATION
TECHNOLOGY
 31.1%
Communications
Equipment
 0.8%
ADTRAN
Holdings (1)
38,085‌
342‌
Arista
Networks (1)
46,748‌
4,783‌
Ciena (1)
12,692‌
1,032‌
Cisco
Systems 
173,831‌
12,060‌
Extreme
Networks (1)
14,794‌
266‌
F5 (1)
1,670‌
492‌
Juniper
Networks 
13,295‌
531‌
Lumentum
Holdings (1)
5,164‌
491‌
Motorola
Solutions 
7,366‌
3,097‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
27
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Ubiquiti 
489‌
201‌
Viasat (1)
18,107‌
264‌
23,559‌
Electronic
Equipment,
Instruments
&
Components
 0.9%
Amphenol,
Class
64,074‌
6,327‌
Arrow
Electronics (1)
2,657‌
339‌
Belden 
4,158‌
482‌
CDW 
5,500‌
982‌
Cognex 
15,422‌
489‌
Coherent (1)
7,836‌
699‌
Corning 
33,276‌
1,750‌
FARO
Technologies (1)
5,848‌
257‌
Flex (1)
18,548‌
926‌
Insight
Enterprises (1)
2,115‌
292‌
IPG
Photonics (1)
3,641‌
250‌
Jabil 
4,720‌
1,029‌
Keysight
Technologies (1)
11,187‌
1,833‌
Knowles (1)
23,751‌
419‌
Littelfuse 
1,869‌
424‌
MicroVision (1)(3)
99,200‌
113‌
Napco
Security
Technologies 
5,328‌
158‌
Novanta (1)
2,916‌
376‌
Ralliant (1)
6,912‌
335‌
Sanmina (1)
4,614‌
451‌
TE
Connectivity 
15,998‌
2,698‌
Teledyne
Technologies (1)
3,728‌
1,910‌
Trimble (1)
11,044‌
839‌
TTM
Technologies (1)
9,053‌
370‌
Vishay
Intertechnology 
13,403‌
213‌
Vontier 
8,168‌
301‌
Zebra
Technologies,
Class
A (1)
2,883‌
889‌
25,151‌
IT
Services
 1.3%
Accenture,
Class
32,055‌
9,581‌
Akamai
Technologies (1)
4,514‌
360‌
Cloudflare,
Class
A (1)
14,784‌
2,895‌
Cognizant
Technology
Solutions,
Class
14,827‌
1,157‌
DXC
Technology (1)
13,482‌
206‌
EPAM
Systems (1)
2,785‌
492‌
Fastly,
Class
A (1)
23,497‌
166‌
Gartner (1)
2,486‌
1,005‌
GoDaddy,
Class
A (1)
11,023‌
1,985‌
International
Business
Machines 
40,449‌
11,923‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
28
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Kyndryl
Holdings (1)
12,959‌
544‌
MongoDB (1)
722‌
152‌
Okta (1)
10,620‌
1,062‌
Snowflake,
Class
A (1)
14,598‌
3,266‌
Twilio,
Class
A (1)
7,510‌
934‌
VeriSign 
1,939‌
560‌
36,288‌
Semiconductors
&
Semiconductor
Equipment
 11.5%
Advanced
Micro
Devices (1)
81,557‌
11,573‌
Analog
Devices 
26,322‌
6,265‌
Applied
Materials 
41,835‌
7,659‌
Broadcom 
217,641‌
59,993‌
Diodes (1)
2,204‌
116‌
Enphase
Energy (1)
6,022‌
239‌
Entegris 
11,716‌
945‌
First
Solar (1)
5,394‌
893‌
Intel 
193,835‌
4,342‌
KLA 
5,168‌
4,629‌
Kulicke
&
Soffa
Industries 
5,114‌
177‌
Lam
Research 
50,387‌
4,905‌
Lattice
Semiconductor (1)
10,200‌
500‌
MACOM
Technology
Solutions
Holdings (1)
5,127‌
735‌
Marvell
Technology 
49,876‌
3,860‌
Microchip
Technology 
18,284‌
1,287‌
Micron
Technology 
59,319‌
7,311‌
MKS 
8,672‌
862‌
Monolithic
Power
Systems 
3,117‌
2,280‌
NVIDIA 
1,151,083‌
181,859‌
NXP
Semiconductors 
14,488‌
3,165‌
ON
Semiconductor (1)
27,236‌
1,427‌
Onto
Innovation (1)
2,378‌
240‌
Qorvo (1)
1,625‌
138‌
QUALCOMM 
56,479‌
8,995‌
Rambus (1)
16,120‌
1,032‌
Skyworks
Solutions 
1,652‌
123‌
Teradyne 
8,447‌
759‌
Texas
Instruments 
42,663‌
8,858‌
325,167‌
Software
 11.1%
A10
Networks 
13,346‌
258‌
Adobe (1)
18,534‌
7,170‌
ANSYS (1)
2,469‌
867‌
Appfolio,
Class
A (1)
1,895‌
436‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
AppLovin,
Class
A (1)
12,142‌
4,251‌
Asana,
Class
A (1)
10,963‌
148‌
Atlassian,
Class
A (1)
7,492‌
1,522‌
Aurora
Innovation (1)(3)
50,428‌
264‌
Autodesk (1)
7,730‌
2,393‌
BILL
Holdings (1)
5,700‌
264‌
Braze,
Class
A (1)
12,104‌
340‌
Cadence
Design
Systems (1)
14,987‌
4,618‌
CCC
Intelligent
Solutions
Holdings (1)
46,225‌
435‌
Cerence (1)
15,880‌
162‌
Clearwater
Analytics
Holdings,
Class
A (1)
23,806‌
522‌
Commvault
Systems (1)
2,444‌
426‌
Confluent,
Class
A (1)
17,869‌
445‌
Consensus
Cloud
Solutions (1)
11,809‌
272‌
Crowdstrike
Holdings,
Class
A (1)
11,021‌
5,613‌
Datadog,
Class
A (1)
13,919‌
1,870‌
Digital
Turbine (1)
14,668‌
87‌
Docusign (1)
9,448‌
736‌
Dolby
Laboratories,
Class
3,906‌
290‌
Dynatrace (1)
12,795‌
706‌
Fair
Isaac (1)
1,480‌
2,705‌
Five9 (1)
7,547‌
200‌
Fortinet (1)
34,953‌
3,695‌
Gen
Digital 
25,922‌
762‌
Guidewire
Software (1)
3,524‌
830‌
HubSpot (1)
3,564‌
1,984‌
Informatica,
Class
A (1)
5,686‌
138‌
InterDigital 
1,500‌
336‌
Intuit 
13,532‌
10,658‌
Manhattan
Associates (1)
2,824‌
558‌
Microsoft 
350,627‌
174,405‌
MicroStrategy,
Class
A (1)
11,922‌
4,819‌
Nutanix,
Class
A (1)
21,755‌
1,663‌
Oracle 
76,416‌
16,707‌
PagerDuty (1)
14,905‌
228‌
Palantir
Technologies,
Class
A (1)
99,938‌
13,624‌
Palo
Alto
Networks (1)
34,419‌
7,044‌
Procore
Technologies (1)
5,387‌
369‌
PTC (1)
8,904‌
1,535‌
RingCentral,
Class
A (1)
5,098‌
145‌
Riot
Platforms (1)
19,577‌
221‌
Salesforce 
47,622‌
12,986‌
Samsara,
Class
A (1)
25,064‌
997‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
ServiceNow (1)
10,112‌
10,396‌
Sprout
Social,
Class
A (1)
7,774‌
163‌
Synopsys (1)
8,734‌
4,478‌
Tyler
Technologies (1)
1,962‌
1,163‌
UiPath,
Class
A (1)
29,324‌
375‌
Unity
Software (1)(3)
18,044‌
437‌
Upland
Software (1)
23,520‌
46‌
Workday,
Class
A (1)
11,559‌
2,774‌
Workiva (1)
4,428‌
303‌
Zoom
Communications (1)
10,964‌
855‌
Zscaler (1)
3,981‌
1,250‌
312,944‌
Technology
Hardware,
Storage
&
Peripherals
 5.5%
Apple 
701,722‌
143,972‌
Dell
Technologies,
Class
14,314‌
1,755‌
Hewlett
Packard
Enterprise 
54,324‌
1,111‌
HP 
38,404‌
939‌
NetApp 
8,363‌
891‌
Pure
Storage,
Class
A (1)
15,204‌
876‌
Sandisk (1)
15,683‌
711‌
Seagate
Technology
Holdings 
12,050‌
1,739‌
Super
Micro
Computer (1)
9,634‌
472‌
Turtle
Beach (1)(3)
14,565‌
202‌
Western
Digital 
18,827‌
1,205‌
153,873‌
Total
Information
Technology
876,982‌
MATERIALS
 2.2%
Chemicals
 1.2%
Air
Products
&
Chemicals 
8,996‌
2,537‌
Axalta
Coating
Systems (1)
11,022‌
327‌
Cabot 
5,024‌
377‌
Celanese 
3,878‌
215‌
CF
Industries
Holdings 
10,984‌
1,011‌
Chemours 
11,789‌
135‌
Corteva 
30,635‌
2,283‌
Dow 
29,629‌
785‌
DuPont
de
Nemours 
26,621‌
1,826‌
Eastman
Chemical 
3,779‌
282‌
Ecolab 
11,011‌
2,967‌
FMC 
12,316‌
514‌
HB
Fuller 
4,133‌
249‌
Huntsman 
19,957‌
208‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
31
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Ingevity (1)
5,326‌
229‌
International
Flavors
&
Fragrances 
10,941‌
805‌
Kronos
Worldwide 
12,400‌
77‌
Linde 
23,591‌
11,068‌
LyondellBasell
Industries,
Class
8,402‌
486‌
Minerals
Technologies 
7,361‌
405‌
Mosaic 
23,514‌
858‌
PPG
Industries 
8,377‌
953‌
Quaker
Chemical 
2,263‌
253‌
RPM
International 
11,044‌
1,213‌
Scotts
Miracle-Gro 
6,749‌
445‌
Sherwin-Williams 
12,185‌
4,184‌
34,692‌
Construction
Materials
 0.2%
CRH 
28,055‌
2,575‌
Eagle
Materials 
1,220‌
247‌
Martin
Marietta
Materials 
3,079‌
1,690‌
Vulcan
Materials 
4,360‌
1,137‌
5,649‌
Containers
&
Packaging
 0.3%
Amcor 
107,128‌
984‌
Avery
Dennison 
2,900‌
509‌
Ball 
17,624‌
989‌
Crown
Holdings 
4,412‌
454‌
International
Paper 
21,444‌
1,004‌
Myers
Industries 
22,890‌
332‌
O-I
Glass (1)
11,796‌
174‌
Packaging
Corp.
of
America 
6,221‌
1,172‌
Sealed
Air 
10,409‌
323‌
Smurfit
WestRock 
22,412‌
967‌
6,908‌
Metals
&
Mining
 0.5%
Carpenter
Technology 
2,009‌
555‌
Cleveland-Cliffs (1)
34,050‌
259‌
Coeur
Mining (1)
41,145‌
365‌
Commercial
Metals 
7,678‌
376‌
Compass
Minerals
International (1)
6,888‌
138‌
Freeport-McMoRan 
72,530‌
3,144‌
Hecla
Mining 
70,430‌
422‌
McEwen
Mining (1)(3)
17,615‌
169‌
Metallus (1)
17,812‌
274‌
Newmont 
39,842‌
2,321‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Nucor 
7,230‌
937‌
Reliance 
4,388‌
1,377‌
Royal
Gold 
2,649‌
471‌
Steel
Dynamics 
10,740‌
1,375‌
Warrior
Met
Coal 
7,263‌
333‌
12,516‌
Paper
&
Forest
Products
 0.0%
Clearwater
Paper (1)
3,212‌
87‌
Louisiana-Pacific 
6,148‌
529‌
616‌
Total
Materials
60,381‌
REAL
ESTATE
 2.4%
Diversified
Real
Estate
Investment
Trusts
 0.0%
One
Liberty
Properties,
REIT 
6,297‌
150‌
WP
Carey,
REIT 
7,345‌
458‌
608‌
Health
Care
Real
Estate
Investment
Trusts
 0.2%
Alexandria
Real
Estate
Equities,
REIT 
7,903‌
574‌
Healthpeak
Properties,
REIT 
22,177‌
388‌
Universal
Health
Realty
Income
Trust,
REIT 
4,072‌
163‌
Ventas,
REIT 
26,768‌
1,690‌
Welltower,
REIT 
26,264‌
4,038‌
6,853‌
Hotel
&
Resort
Real
Estate
Investment
Trusts
 0.1%
Apple
Hospitality
REIT,
REIT 
14,768‌
173‌
Chatham
Lodging
Trust,
REIT 
41,923‌
292‌
Host
Hotels
&
Resorts,
REIT 
40,126‌
616‌
Ryman
Hospitality
Properties,
REIT 
4,347‌
429‌
1,510‌
Industrial
Real
Estate
Investment
Trusts
 0.3%
EastGroup
Properties,
REIT 
2,587‌
432‌
First
Industrial
Realty
Trust,
REIT 
10,779‌
519‌
Innovative
Industrial
Properties,
REIT 
2,657‌
147‌
Lineage,
REIT (3)
5,748‌
250‌
Prologis,
REIT 
41,251‌
4,336‌
Rexford
Industrial
Realty,
REIT 
19,249‌
685‌
Terreno
Realty,
REIT 
9,432‌
529‌
6,898‌
Office
Real
Estate
Investment
Trusts
 0.1%
BXP,
REIT 
4,891‌
330‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Cousins
Properties,
REIT 
5,836‌
175‌
Douglas
Emmett,
REIT 
12,695‌
191‌
Highwoods
Properties,
REIT 
8,880‌
276‌
JBG
SMITH
Properties,
REIT (3)
13,753‌
238‌
Kilroy
Realty,
REIT 
11,880‌
408‌
NET
Lease
Office
Properties,
REIT (1)
5,885‌
191‌
SL
Green
Realty,
REIT 
8,581‌
531‌
Vornado
Realty
Trust,
REIT 
12,291‌
470‌
2,810‌
Real
Estate
Management
&
Development
 0.2%
CBRE
Group,
Class
A (1)
11,827‌
1,657‌
CoStar
Group (1)
19,674‌
1,582‌
Douglas
Elliman (1)
43,014‌
100‌
eXp
World
Holdings (3)
13,872‌
126‌
Jones
Lang
LaSalle (1)
1,700‌
435‌
Newmark
Group,
Class
19,011‌
231‌
Opendoor
Technologies (1)
86,317‌
46‌
Redfin (1)
21,355‌
239‌
RMR
Group,
Class
14,300‌
234‌
Seritage
Growth
Properties,
Class
A (1)(3)
30,557‌
94‌
St.
Joe 
8,342‌
398‌
Zillow
Group,
Class
A (1)
4,322‌
296‌
Zillow
Group,
Class
C (1)
7,343‌
514‌
5,952‌
Residential
Real
Estate
Investment
Trusts
 0.3%
American
Homes
4
Rent,
Class
A,
REIT 
16,288‌
588‌
AvalonBay
Communities,
REIT 
9,493‌
1,932‌
Camden
Property
Trust,
REIT 
2,733‌
308‌
Elme
Communities,
REIT 
13,779‌
219‌
Equity
LifeStyle
Properties,
REIT 
13,103‌
808‌
Equity
Residential,
REIT 
23,698‌
1,599‌
Essex
Property
Trust,
REIT 
4,895‌
1,387‌
Invitation
Homes,
REIT 
15,012‌
493‌
Mid-America
Apartment
Communities,
REIT 
3,468‌
513‌
Sun
Communities,
REIT 
9,339‌
1,181‌
UDR,
REIT 
5,966‌
244‌
9,272‌
Retail
Real
Estate
Investment
Trusts
 0.3%
Acadia
Realty
Trust,
REIT 
22,548‌
419‌
Agree
Realty,
REIT 
5,932‌
433‌
Curbline
Properties,
REIT 
10,337‌
236‌
Federal
Realty
Investment
Trust,
REIT 
2,895‌
275‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
34
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Getty
Realty,
REIT (3)
7,831‌
216‌
Kimco
Realty,
REIT 
39,618‌
833‌
Kite
Realty
Group
Trust,
REIT 
15,352‌
348‌
Macerich,
REIT 
22,831‌
369‌
NNN
REIT,
REIT 
5,019‌
217‌
Realty
Income,
REIT 
32,174‌
1,854‌
Regency
Centers,
REIT 
12,328‌
878‌
Simon
Property
Group,
REIT 
12,674‌
2,038‌
SITE
Centers,
REIT 
3,397‌
38‌
Urban
Edge
Properties,
REIT 
17,378‌
324‌
Whitestone
REIT,
REIT 
28,441‌
355‌
8,833‌
Specialized
Real
Estate
Investment
Trusts
 0.9%
American
Tower,
REIT 
21,810‌
4,820‌
Crown
Castle,
REIT 
17,949‌
1,844‌
CubeSmart,
REIT 
21,513‌
914‌
Digital
Realty
Trust,
REIT 
13,986‌
2,438‌
EPR
Properties,
REIT 
7,822‌
456‌
Equinix,
REIT 
4,098‌
3,260‌
Extra
Space
Storage,
REIT 
9,596‌
1,415‌
Four
Corners
Property
Trust,
REIT (3)
11,270‌
303‌
Gaming
&
Leisure
Properties,
REIT 
7,910‌
369‌
Iron
Mountain,
REIT 
14,525‌
1,490‌
Lamar
Advertising,
Class
A,
REIT 
6,434‌
781‌
Millrose
Properties,
REIT (1)
6,097‌
174‌
National
Storage
Affiliates
Trust,
REIT 
9,617‌
308‌
PotlatchDeltic,
REIT 
7,971‌
306‌
Public
Storage,
REIT 
8,073‌
2,369‌
Rayonier,
REIT 
16,081‌
357‌
Safehold,
REIT 
9,841‌
153‌
SBA
Communications,
REIT 
5,485‌
1,288‌
VICI
Properties,
REIT 
40,059‌
1,306‌
Weyerhaeuser,
REIT 
34,037‌
874‌
25,225‌
Total
Real
Estate
67,961‌
UTILITIES
 2.3%
Electric
Utilities
 1.4%
Alliant
Energy 
6,205‌
375‌
American
Electric
Power 
17,812‌
1,848‌
Constellation
Energy 
16,892‌
5,452‌
Duke
Energy 
30,008‌
3,541‌
Edison
International 
8,319‌
429‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
35
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Entergy 
25,864‌
2,150‌
Evergy 
16,609‌
1,145‌
Eversource
Energy 
7,757‌
493‌
Exelon 
61,855‌
2,686‌
FirstEnergy 
17,126‌
689‌
Hawaiian
Electric
Industries (1)
17,476‌
186‌
IDACORP 
6,348‌
733‌
MGE
Energy 
6,206‌
549‌
NextEra
Energy 
106,020‌
7,360‌
NRG
Energy 
9,504‌
1,526‌
OGE
Energy 
13,315‌
591‌
Otter
Tail 
3,345‌
258‌
PG&E 
134,026‌
1,868‌
PPL 
38,582‌
1,308‌
Southern 
42,800‌
3,930‌
Xcel
Energy 
36,721‌
2,501‌
39,618‌
Gas
Utilities
 0.1%
Atmos
Energy 
8,183‌
1,261‌
National
Fuel
Gas 
5,678‌
481‌
ONE
Gas 
6,560‌
471‌
Spire 
5,509‌
402‌
UGI 
12,563‌
458‌
3,073‌
Independent
Power
&
Renewable
Electricity
Producers
 0.1%
AES 
30,660‌
322‌
Vistra 
18,910‌
3,665‌
3,987‌
Multi-Utilities
 0.6%
Ameren 
17,883‌
1,717‌
Avista 
11,171‌
424‌
Black
Hills 
7,026‌
394‌
CenterPoint
Energy 
14,099‌
518‌
CMS
Energy 
19,552‌
1,355‌
Consolidated
Edison 
19,908‌
1,998‌
Dominion
Energy 
39,490‌
2,232‌
DTE
Energy 
10,497‌
1,390‌
NiSource 
22,970‌
927‌
Public
Service
Enterprise
Group 
18,669‌
1,572‌
Sempra 
23,801‌
1,803‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
36
Shares/Par
$
Value
(Cost
and
value
in
$000s)
WEC
Energy
Group 
10,730‌
1,118‌
15,448‌
Water
Utilities
 0.1%
American
States
Water 
8,125‌
623‌
American
Water
Works 
8,321‌
1,158‌
Cadiz (1)
41,726‌
125‌
California
Water
Service
Group 
9,618‌
437‌
Essential
Utilities 
15,319‌
569‌
2,912‌
Total
Utilities
65,038‌
Total
Common
Stocks
(Cost
$850,870)
2,804,367‌
SHORT-TERM
INVESTMENTS
 0.4%
Money
Market
Funds
 0.4%
T.
Rowe
Price
Government
Reserve
Fund,
4.37% (4)(5)
10,832,509‌
10,833‌
10,833‌
U.S.
Treasury
Obligations
 0.0%
U.S.
Treasury
Bills,
4.211%,
7/10/25 (6)
830,000‌
829‌
U.S.
Treasury
Bills,
4.314%,
8/12/25 (6)
10,000‌
10‌
839‌
Total
Short-Term
Investments
(Cost
$11,672)
11,672‌
SECURITIES
LENDING
COLLATERAL
 0.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY 0.2%
Money
Market
Funds 0.2%
T.
Rowe
Price
Government
Reserve
Fund,
4.37% (4)(5)
6,159,466‌
6,159‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
6,159‌
Total
Securities
Lending
Collateral
(Cost
$6,159)
6,159‌
Total
Investments
in
Securities
100.2%
of
Net
Assets
(Cost
$868,701)
$
2,822,198‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
37
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(3)
See
Note
4.
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2025.
(4)
Seven-day
yield
(5)
Affiliated
Companies
(6)
At
June
30,
2025,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/
or
margin
deposit
to
cover
future
funding
obligations.
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
38
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
11
Russell
2000
E-Mini
Index
contracts
9/25
1,205
$
33‌
Long,
33
S&P
500
E-Mini
Index
contracts
9/25
10,319
316‌
Net
payments
(receipts)
of
variation
margin
to
date
(298‌)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
51‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
39
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
six
months
ended
June
30,
2025.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
4.37%
$
—‌
$
—‌
$
148‌++
Totals
$
—‌#
$
—‌
$
148‌+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/24
Purchase
Cost
Sales
Cost
Value
6/30/25
T.
Rowe
Price
Government
Reserve
Fund,
4.37%
$
20,995‌
 ¤
 ¤
$
16,992‌
Total
$
16,992‌^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees
as
described
in
Note
4.
+
Investment
income
comprised
$148
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$16,992.
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
June
30,
2025
(Unaudited)
Statement
of
Assets
and
Liabilities
40
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$868,701)
$
2,822,198‌
Receivable
for
shares
sold
2,741‌
Dividends
receivable
1,545‌
Receivable
for
investment
securities
sold
552‌
Variation
margin
receivable
on
futures
contracts
51‌
Other
assets
42‌
Total
assets
2,827,129‌
Liabilities
Obligation
to
return
securities
lending
collateral
6,159‌
Payable
for
shares
redeemed
2,951‌
Investment
management
fees
payable
203‌
Due
to
affiliates
92‌
Payable
to
directors
2‌
Other
liabilities
179‌
Total
liabilities
9,586‌
NET
ASSETS
$
2,817,543‌
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
2,017,460‌
Paid-in
capital
applicable
to
43,021,536
shares
of
$0.0001
par
value
capital
stock
outstanding;
2,000,000,000
shares
of
the
Corporation
authorized
800,083‌
NET
ASSETS
$
2,817,543‌
NET
ASSET
VALUE
PER
SHARE
$
65.49‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
(Unaudited)
Statement
of
Operations
41
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/25
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$8)
$
17,577‌
Securities
lending
29‌
.
  Interest
16‌
Total
income
17,622‌
Expenses
Investment
management
1,243‌
Shareholder
servicing
1,205‌
Prospectus
and
shareholder
reports
14‌
Custody
and
accounting
140‌
Registration
29‌
Legal
and
audit
22‌
Directors
5‌
Miscellaneous
9‌
Total
expenses
2,667‌
Net
investment
income
14,955‌
Realized
and
Unrealized
Gain
/
Loss
Net
realized
gain
(loss)
Securities
46,758‌
Futures
(454‌)
Net
realized
gain
46,304‌
Change
in
net
unrealized
gain
/
loss
Securities
76,793‌
Futures
755‌
Change
in
net
unrealized
gain
/
loss
77,548‌
Net
realized
and
unrealized
gain
/
loss
123,852‌
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
138,807‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
42
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/25
Year
Ended
12/31/24
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
14,955‌
$
30,628‌
Net
realized
gain
46,304‌
29,678‌
Change
in
net
unrealized
gain
/
loss
77,548‌
483,410‌
Increase
in
net
assets
from
operations
138,807‌
543,716‌
Distributions
to
shareholders
Net
earnings
–‌
(50,379‌)
Capital
share
transactions
*
Shares
sold
140,806‌
430,610‌
Distributions
reinvested
–‌
45,700‌
Shares
redeemed
(367,375‌)
(341,866‌)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
(226,569‌)
134,444‌
Net
Assets
Increase
(decrease)
during
period
(87,762‌)
627,781‌
Beginning
of
period
2,905,305‌
2,277,524‌
End
of
period
$
2,817,543‌
$
2,905,305‌
*Share
information
(000s)
Shares
sold
2,288‌
7,484‌
Distributions
reinvested
–‌
711‌
Shares
redeemed
(6,095‌)
(5,938‌)
Increase
(decrease)
in
shares
outstanding
(3,807‌)
2,257‌
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
43
T.
Rowe
Price
Index
Trust,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Total
Equity
Market
Index
Fund
(the
fund)
is
an
open-end
management
investment
company
established
by
the
corporation
and
intends
to
be
diversified
in
approximately
the
same
proportion
as
the
index
it
tracks
is
diversified.
The
fund
may
become
nondiversified
for
periods
of
time
solely
as
a
result
of
changes
in
the
composition
of
the
index
(for
example,
changes
in
the
relative
market
capitalization
or
index
weighting
of
one
or
more
securities
represented
in
the
index). The
fund
seeks to
match
the
performance
of
the
entire
U.S.
stock
market. 
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES 
Basis
of
Preparation
 The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
 Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Distributions
from
REITs
are
initially
recorded
as
dividend
income
and,
to
the
extent
such
represent
a
return
of
capital
or
capital
gain
for
tax
purposes,
are
reclassified
when
such
information
becomes
available. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
44
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any,
are
declared
and
paid annually. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Capital
Transactions
 Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
 In December
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-09,
Income
Taxes
(Topic
740)
Improvements
to
Income
Taxes
Disclosures,
which
enhances
the
transparency
of
income
tax
disclosures.
The
ASU
requires
public
entities,
on
an
annual
basis,
to
provide
disclosure
of
specific
categories
in
the
rate
reconciliation,
as
well
as
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
amendments
under
this
ASU
are
required
to
be
applied
prospectively
and
are
effective
for
fiscal
years
beginning
after
December
15,
2024.
Management
expects
that
adoption
of
the
guidance
will
not
have
a
material
impact
on
the
fund’s
financial
statements.
Indemnification
 In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION 
Fair
Value
  The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
45
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques 
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-
counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
T.
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46
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities.
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Assets
and
liabilities
other
than
financial
instruments,
including
short-
term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value. 
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
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Fund
47
Valuation
Inputs
  The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
June
30,
2025
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments): 
NOTE
3
-
DERIVATIVE
INSTRUMENTS 
During
the
six
months ended
June
30,
2025,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement
or
delivery
of
cash
or
other
assets.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund’s
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
2,804,367‌
$
—‌
$
—‌
$
2,804,367‌
Short-Term
Investments
10,833‌
839‌
—‌
11,672‌
Securities
Lending
Collateral
6,159‌
—‌
—‌
6,159‌
Total
Securities
2,821,359‌
839‌
—‌
2,822,198‌
Futures
Contracts*
349‌
—‌
—‌
349‌
Total
$
2,821,708‌
$
839‌
$
—‌
$
2,822,547‌
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
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PRICE
Total
Equity
Market
Index
Fund
48
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund’s
derivative
instruments
held
as
of
June
30,
2025,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure: 
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
June
30,
2025,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure: 
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Equity
derivatives
Futures
$
349‌
*
Total
$
349‌
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
($000s)                                              
Location
of
Gain
(Loss)
on
Statement
of
Operations
Futures
Realized
Gain
(Loss)
Equity
derivatives
$
(454‌)
Total
$
(454‌)
Change
in
Unrealized
Gain
(Loss)
Equity
derivatives
$
755‌
Total
$
755‌
T.
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PRICE
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Equity
Market
Index
Fund
49
Counterparty
Risk
and
Collateral
 The
fund
invests
in
exchange-traded
and/or
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps.
Counterparty
risk
on
such
derivatives
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Collateral may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund’s
assets.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
June
30,
2025,
securities
valued
at $834,000
had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives. 
Futures
Contracts
 The
fund
is
subject
to equity
price
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risk.
The
fund
may
enter
into
futures
contracts
as
an
efficient
means
of
maintaining
liquidity
while
being
invested
in
the
market,
to
facilitate
trading,
or
to
reduce
transaction
costs. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
50
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
June
30,
2025,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
less
than
1%
of
net
assets.
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS 
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund’s prospectus
and
Statement
of
Additional
Information.
Securities
Lending
 The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
June
30,
2025,
the
value
of
loaned
securities
was
$5,887,000;
the
value
of
cash
collateral
and
related
investments
was
$6,159,000.
Other 
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $40,536,000 and
$252,536,000,
respectively,
for
the
six
months ended
June
30,
2025. 
T.
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Market
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Fund
51
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report. 
At
June
30,
2025,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$870,039,000.
Net
unrealized
gain
aggregated
$1,952,508,000
at
period-end,
of
which
$2,007,004,000
related
to
appreciated
investments
and
$54,496,000
related
to
depreciated
investments.
NOTE
6
-
FOREIGN TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/
loss
on
securities
in
the
accompanying
financial
statements.
To
the
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
52
NOTE
7
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). Price
Associates
has
entered
into
a
sub-advisory
agreement(s)
with
one
or
more
of
its
wholly
owned
subsidiaries,
to
provide
investment
advisory
services
to
the
fund. The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee
equal
to 0.09%
of
the
fund’s
average
daily
net
assets.
The
fee
is
computed
daily
and
paid
monthly.
The
fund
is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the fund’s ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
The
fund
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
its net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the fund’s net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the fund’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
In
addition,
the
fund
is
subject
to
a
permanent
contractual
expense
limitation,
pursuant
to
which
Price
Associates
is
required
to
waive or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-
recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the fund’s
ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
0.30%.
The
agreement
may
only
be
terminated
with
approval
by
the
fund’s
shareholders.
The
fund is
required
Expense
limitation
0.22%
Expense
limitation
date
02/29/28
(Waived)/repaid
during
the
period
($000s)
$—
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53
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the fund’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the fund’s
net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the fund’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver. No
management
fees
were
waived
or
any
expenses
paid
under
this
arrangement
during the
six
months ended
June
30,
2025. 
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
fund.
For
the
six
months
ended
June
30,
2025,
expenses
incurred
pursuant
to
these
service
agreements
were
$63,000
for
Price
Associates;
$495,000
for
T.
Rowe
Price
Services,
Inc.;
and
$102,000
for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
T.
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54
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
June
30,
2025,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
8
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price
Associates
acts
as
the
fund’s
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund’s
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund’s
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
9
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
T.
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55
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-
existing
political,
social,
and
economic
risks.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
T.
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56
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
Each
year,
the
fund’s
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
well
as
the
investment
subadvisory
agreement
(Subadvisory
Contract)
that
the
Adviser
has
entered
into
with
T.
Rowe
Price
International
Ltd
(Subadviser)
on
behalf
of
the
fund.
In
that
regard,
at
a
meeting
held
on
March
12–13,
2025
(Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors
present
in
person
at
the
Meeting,
approved
the
continuation
of
the
fund’s
Advisory
Contract
and
Subadvisory
Contract.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
Subadviser
and
the
approval
of
the
Advisory
Contract
and
Subadvisory
Contract.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
and
Subadvisory
Contract
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting,
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
and
Subadviser
about
various
topics.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds’
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
and
Subadviser
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser
and
Subadviser.
These
services
included,
but
were
not
limited
to,
directing
the
fund’s
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund’s
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance;
maintaining
the
fund’s
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser’s
and
Subadviser’s
senior
management
teams
and
investment
personnel
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser’s
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser
and
Subadviser,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract.
T.
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Investment
Performance
of
the
Fund
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
In
connection
with
the
Meeting,
the
Board
reviewed
information
provided
by
the
Adviser
that
compared
the
fund’s
total
returns,
as
well
as
a
wide
variety
of
other
previously
agreed-upon
performance
measures
and
market
data,
against
relevant
benchmark
indexes
and
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2024.
Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2024,
which
ranked
the
returns
of
the
fund
for
various
periods
against
a
universe
of
funds
with
similar
investment
programs
selected
by
Broadridge,
an
independent
provider
of
mutual
fund
data.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund’s
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund’s
performance,
length
of
the
fund’s
performance
track
record,
and
how
closely
the
fund’s
strategies
align
with
its
benchmarks
and
peer
groups.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
fund’s
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract.
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
the
Adviser
under
the
Advisory
Contract
and
other
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates,
including
the
Subadviser)
may
have
realized
from
its
relationship
with
the
fund.
In
considering
soft-dollar
arrangements,
the
Board
noted
that,
effective
January
1,
2024,
the
Adviser
began
using
brokerage
commissions
in
connection
with
certain
T.
Rowe
Price
funds’
securities
transactions
to
pay
for
research
when
permissible,
and
the
Board
considered
that
the
Adviser
may
receive
some
benefit
from
soft-dollar
arrangements
pursuant
to
which
research
is
received
from
broker-dealers
that
execute
the
applicable
fund’s
portfolio
transactions.
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
The
Board
also
reviewed
estimates
of
the
profits
realized
from
managing
the
fund
in
particular,
and
the
Board
concluded
that
the
Adviser’s
profits
were
reasonable
in
light
of
the
services
provided
to
the
fund.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
(continued)
T.
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The
Board
also
considered
whether
the
fund
benefits
under
the
fee
levels
set
forth
in
the
Advisory
Contract
or
otherwise
from
any
economies
of
scale
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
a
fee
to
the
Adviser
for
investment
management
services
based
on
the
fund’s
average
daily
net
assets
and
the
fund
pays
its
own
expenses
of
operations.
Under
the
Subadvisory
Contract,
the
Adviser
may
pay
the
Subadviser
up
to
60%
of
the
advisory
fees
that
the
Adviser
receives
from
the
fund.
The
fund
is
subject
to
a
permanent
expense
limitation
under
which
the
Adviser
has
agreed
to
waive
a
portion
of
the
management
fee
it
is
entitled
to
receive
from
the
fund
in
order
to
limit
the
fund’s
overall
management
fee
rate
to
0.30%
of
the
fund’s
average
daily
net
assets.
The
fund’s
shareholders
benefit
from
potential
economies
of
scale
through
a
decline
in
certain
operating
expenses
as
the
fund
grows
in
size.
However,
the
fund
is
also
subject
to
a
contractual
expense
limitation
that
requires
the
Adviser
to
waive
its
fees
and/or
bear
any
expenses
that
would
otherwise
cause
the
expenses
of
the
fund
to
exceed
a
certain
percentage
based
on
the
fund’s
net
assets.
The
expense
limitation
mitigates
the
potential
for
an
increase
in
operating
expenses
above
a
certain
level
that
could
impact
shareholders.
In
addition,
the
Board
noted
that
the
fund
potentially
shares
in
indirect
economies
of
scale
through
the
Adviser’s
ongoing
investments
in
its
business
in
support
of
the
T.
Rowe
Price
funds,
including
investments
in
trading
systems,
technology,
and
regulatory
support
enhancements,
and
the
ability
to
possibly
negotiate
lower
fee
arrangements
with
third-party
service
providers.
The
Board
concluded
that
the
advisory
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
any
economies
of
scale
with
the
fund’s
investors.
Fees
and
Expenses
The
Board
was
provided
with
information
regarding
industry
trends
in
management
fees
and
expenses.
Among
other
things,
the
Board
reviewed
data
for
peer
groups
that
were
compiled
by
Broadridge,
which
compared:
(i)
contractual
management
fees,
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Expense
Group);
and
(ii)
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
fund
with
a
broader
set
of
funds
within
the
Lipper
investment
classification
(Expense
Universe).
The
Board
considered
the
fund’s
contractual
management
fee
rate,
actual
management
fee
rate
(which
reflects
the
management
fees
actually
received
from
the
fund
by
the
Adviser
after
any
applicable
waivers,
reductions,
or
reimbursements),
operating
expenses,
and
total
expenses
(which
reflect
the
net
total
expense
ratio
of
the
fund
after
any
waivers,
reductions,
or
reimbursements)
in
comparison
with
the
information
for
the
Broadridge
peer
groups.
Broadridge
generally
constructed
the
peer
groups
by
seeking
the
most
comparable
funds
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
(continued)
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
59
based
on
similar
investment
classifications
and
objectives,
expense
structure,
asset
size,
and
operating
components
and
attributes
and
ranked
funds
into
quintiles,
with
the
first
quintile
representing
the
funds
with
the
lowest
relative
expenses
and
the
fifth
quintile
representing
the
funds
with
the
highest
relative
expenses.
The
information
provided
to
the
Board
indicated
that
the
fund’s
contractual
management
fee
ranked
in
the
first
quintile
(Expense
Group),
the
fund’s
actual
management
fee
rate
ranked
in
the
first
quintile
(Expense
Group)
and
second
quintile
(Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
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
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
and
individual
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
The
fee
schedules,
which
are
subject
to
change,
may
be
negotiated
under
certain
circumstances
and
may
differ
across
regions.
Management
provided
the
Board
with
information
about
the
Adviser’s
responsibilities
and
services
provided
to
subadvisory
and
other
institutional
account
clients,
including
information
about
how
the
requirements
and
economics
of
the
institutional
domestic
and
international
businesses
are
fundamentally
different
from
those
of
the
proprietary
mutual
fund
and
ETF
(“registered
fund”)
business.
The
Board
considered
information
showing
that
the
Adviser’s
registered
fund
business
is
generally
more
complex
from
a
business
and
compliance
perspective
than
its
other
domestic
and
international
businesses
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
greater
asset
flows,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser’s
proprietary
registered
fund
business.
In
assessing
the
reasonableness
of
the
fund’s
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
Adviser
to
manage
its
registered
fund
business
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution’s
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
fund
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
fund
under
the
Advisory
Contract
are
reasonable.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
(continued)
T.
ROWE
PRICE
Total
Equity
Market
Index
Fund
60
Approval
of
the
Advisory
Contract
and
Subadvisory
Contract
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contract
(including
the
fees
to
be
charged
for
services
thereunder).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
(continued)
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F123-051
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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