Download - T. Rowe Price

ANNual 

REPORT 

December 31, 2014 

T. Rowe Price 

Equity Market Index Funds 

The funds invest to match the performance of their respective 

indexes.

T. Rowe Price Equity Market Index Funds 

HIGHLIGHTS 

• U.S. stocks advanced to a sixth consecutive year of gains in 2014—with 

the S&P 500 Index rising to a record level. 

• The Equity Market Index Funds each performed in line with their 

unmanaged benchmarks for the 12 months ended December 31, 2014. 

• Using full replication and sampling strategies, we kept the 

composition and other attributes of the portfolios similar to those of 

their benchmarks. 

• The U.S. economy appears capable of sustaining an annual growth rate 

in the 2.75% to 3.00% range. With stock valuations at or near historical 

averages, investors should expect more moderate returns than in 

previous years. 

The views and opinions in this report were current as of December 31, 2014. 

They are not guarantees of performance or investment results and 

should not be taken as investment advice. Investment decisions reflect 

a variety of factors, and the managers reserve the right to change their 

views about individual stocks, sectors, and the markets at any time. 

As a result, the views expressed should not be relied upon as a forecast 

of the fund’s future investment intent. The report is certified under 

the Sarbanes-Oxley Act, which requires mutual funds and other public 

companies to affirm that, to the best of their knowledge, the information 

in their financial reports is fairly and accurately stated in all material 

respects. 

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Manager’s Letter 

Fellow Shareholders 

U.S. stocks advanced to a sixth consecutive year of gains in 2014, with the S&P 500 

Index rising to a record level as the economy strengthened, employment improved, 

and energy costs declined in the second half of the year. For the 12 months ended 

December 31, 2014, the Equity Index 500, Total Equity Market Index, and Extended 

Equity Market Index Funds each posted solid gains, broadly tracking the returns of 

their respective benchmarks. 

Market Environment 

The U.S. economy recovered strongly from a first-quarter weatherrelated 

contraction in 2014, supported by an accommodative Federal 

Reserve, falling long-term interest rates, solid employment growth, 

favorable corporate earnings, and expanded stimulus measures by 

global central banks. Nevertheless, stagnant global growth, heightened 

geopolitical tensions due to U.S. and European Union sanctions 

against Russia for its actions in Ukraine, and unrest in the Middle 

East periodically weighed on stock prices. The prospect that the 

Federal Reserve would soon start raising short-term interest rates on 

the heels of ending its asset purchase program in October 2014 was 

also of concern. However, interest rate reductions in the eurozone 

and expectations that the European Central Bank could start buying 

sovereign debt, as well as aggressive monetary easing in Japan, 

boosted investor sentiment. Sharply falling oil prices were another 

positive factor for U.S. consumers and oil-importing nations, but 

they contributed to steep declines in currencies and assets of major 

oil-producing and -exporting countries. 

Against this backdrop, the S&P 500 Index reached about 53 new highs 

and significantly outpaced small- and mid-caps for the year. Nearly 

all sectors of the index produced positive results, led by utilities, while 

energy was the only sector to decline. Other sectors generating strong 

returns included health care, information technology, consumer 

staples, and financials. Remaining sectors produced solid results 

although they underperformed the benchmark. 

1

Summary of Investment Strategies 

T. Rowe Price’s Equity Market Index Funds are designed for investors 

who want to harness the potential for long-term capital appreciation 

from broad exposure to large-cap stocks (Equity Index 500 Fund), 

small- and mid-cap stocks (Extended Equity Market Index Fund), 

Portfolio Characteristics 

Extended 

Equity Total Equity Equity 

As of 12/31/14 Index 500 Market Index Market Index 

Investment- 

Weighted Median 

Market Cap (billions) $78.2 $48.4 $4.0 

Earnings Growth 

Rate Estimated 

Next 5 Years* 9.8% 10.2% 12.5% 

or the entire U.S. stock 

market (Total Equity 

Market Index Fund). 

These funds could serve 

as core holdings in an 

investor’s portfolio as 

they offer attributes 

that many investors will 

find appealing. 

• They are well diversified, 

which can reduce 

the potentially negative 

impact of a given stock 

on an entire portfolio. 

The Equity Index 500 

Fund invested in all 

S&P 500 Index stocks, 

while the Total Equity 

Market Index Fund and the Extended Equity Market Index 

Fund invested in 1,456 and 1,658 stocks, respectively, as of 

December 31, 2014. (Diversification cannot assure a profit or 

protect against loss in a declining market.) 

P/E Ratio (based 

on next 12 months’ 

estimated earnings)* 16.8X 17.4X 19.8X 

*Source for data: IBES. Forecasts are in no way indicative of 

future investment returns. 

• The funds tend to closely track their benchmarks. The 

Equity Index 500 Fund uses a full replication strategy so 

that the weightings of our holdings match those of the S&P 

500 Index. The Total Equity Market Index Fund and the 

Extended Equity Market Index Fund use a sampling strategy 

to approximate the sector allocations, price-to-earnings ratio, 

and other attributes of their benchmarks. We occasionally 

invest in securities such as futures and exchange-traded funds 

so that the index funds can accommodate cash flows and 

remain fully invested. 

2

• They offer instant, broad exposure to different sectors of 

the stock market, and each fund’s sector allocations are 

consistent with its benchmark’s sector breakdown. As such, 

changes in the funds’ sector diversification and other overall 

characteristics reflect changes in the composition of the 

indexes, rather than strategic shifts that are typical of an 

actively managed fund. Since the funds are designed to track 

their respective indexes, they do not have the flexibility to 

shift assets toward stocks or sectors that are rising or away 

from those that are declining. 

• Their expenses are generally low, which allows investors to 

retain more of their returns. 

Equity Index 500 Fund 

The Equity Index 500 Fund returned 5.99% and 13.40%, respectively, 

for the 6- and 12-month periods ended December 31, 2014, versus 

Performance Comparison 

Total Return 

Periods Ended 12/31/14 6 Months 12 Months 

Equity Index 500 Fund 5.99% 13.40% 

S&P 500 Index 6.12 13.69 

S&P 500 Index Returns by Sector 


Consumer Discretionary 9.03% 9.68% 

Consumer Staples 10.26 15.98 

Energy -18.38 -7.78 

Financials 9.75 15.20 

Health Care 13.34 25.34 

Industrials and 

Business Services 5.60 9.83 

Information Technology 10.26 20.12 

Materials -1.58 6.91 

Telecommunication Services -1.22 2.99 

Utilities 8.71 28.98 

6.12% and 13.69%, 

respectively, for the S&P 

500 Index. Performance 

tends to slightly lag 

that of the benchmark 

due to operating and 

management expenses. 

Every sector in the 

S&P 500 rose over the 

one-year reporting period, 

except energy, which 

declined with falling oil 

prices. The utilities sector 

was the top performer, 

gaining nearly 29%. 

The health care and 

information technology 

sectors each advanced 

more than 20%. The 

consumer staples and 

financials sectors each 

outperformed the broader 

index. The industrials 

and business services, 

3

consumer discretionary, and materials sectors produced solid returns 

but lagged the benchmark. Telecommunication services trailed, posting 

a 3% gain. 

The utilities sector led the S&P 500 as energy costs plummeted and 

interest rates fell. Duke Energy was among the stronger contributors 

despite some challenges, including plant closings and a major ash 

spill at its shuttered Dan River Steam Plant. Its regulated utilities, 

which account for most of its income, benefited from increased rates 

during the third quarter. NextEra Energy and Exelon were also top 

contributors, while AES and NRG Energy detracted. (Please refer to 

our portfolio of investments for a complete list of holdings and the 

amount each represents in the portfolio.) 

Health care stocks logged strong returns in both halves of the year. 

Johnson & Johnson generated strong third-quarter earnings on 

revenues from diabetes drug Invokana, blood thinner Xarelto, and 

S&P 500 Index Sector Allocations 

Periods Ended 6/30/14 12/31/14 

Information Technology 18.8% 19.6% 



Consumer Discretionary 11.8 12.1 




Energy 10.9 8.4 


psoriasis treatment 

Stelara. Biotechnology 

company Amgen reported 

good earnings and solid 

growth for its key drugs, 

including cancer therapy 

Kyprolis and osteoporosis 

treatment Prolia. Agilent 

Technologies, which has 

been refocusing itself on 

biological and chemical 

measuring tools and 

spun off its electronic 

measurement business in 

November, detracted. 

Materials 3.5 3.2 

Information technology, 

Telecommunication Services 2.4 2.3 

the fund’s largest sector, 

Historical weightings reflect current industry/sector was its third-best 

classifications. 

performer. Apple was 

a particularly robust 

contributor due to strong demand for its devices, particularly for the 

latest iPhone. Microsoft and Intel were also solid contributors, while 

IBM was the biggest detractor in the sector. 

Energy was the only sector to decline during the period as falling 

oil prices in the second half of the year weighed on energy-related 

companies. The decline in oil prices was due primarily to strong 

4

North American production adding to global supplies; the sell-off 

accelerated following OPEC’s late-November decision not to curtail 

production. ExxonMobil, the largest detractor among energy stocks in 

the portfolio and the second-largest company, tracked oil prices lower 

from mid-summer. Other oil-related companies, including Chevron, 

followed suit. 

Standard & Poor’s authorized 16 additions and 14 deletions to the 

composition of the S&P 500 Index during the period. During the 

period, S&P added share classes to represent Google and Discovery 

Communications—bringing the total index constituents to 502, 

with the total companies remaining 500. This accounts for the 

uneven change. Please see the table on page 13 for a complete list 

of index changes. 


Total Return 


Total Equity Market 

Index Fund 5.06% 12.29% 

S&P Total Market Index 5.15 12.46 

S&P Total Market Index 

Returns by Sector 




Energy -21.30 -10.46 







Telecommunication Services -1.85 2.48 


Total Equity Market 

Index Fund 

The Total Equity Market 

Index Fund returned 

5.06% and 12.29%, 

respectively, for the 

6- and 12-month periods 

ended December 31, 

2014, versus 5.15% and 

12.46%, respectively, 

for its benchmark, the 

S&P Total Market Index. 

Fund performance 

often slightly trails 



management expenses. 

The S&P Total Market 

Index represents the 

entire U.S. stock market. 

It combines the S&P 500 

and the S&P Completion 

Indexes, offering broad 

exposure to large-, mid-, 

small-, and micro-cap 

companies. Stocks in 

5

S&P Total Market Index 

Sector Allocations 

Periods Ended 6/30/14 12/31/14 

Information Technology 18.1% 19.0% 







Energy 10.0 7.6 

the S&P 500 represent 

more than 75% of the 

S&P Total Market Index’s 

market value. As with 

the S&P 500, the largest 

holdings of the S&P 

Total Market Index have 

the greatest influence 

on the fund’s performance. 

Overall, the sector 

weightings are broadly 

similar between the 

two benchmarks. 

Materials 3.9 3.5 The S&P Total Market 

Utilities 3.2 3.3 Index sector performance 

mirrored that 


of the S&P 500 Index. 

Historical weightings reflect current industry/sector Utilities performed best 


with a 27% return, 

while energy declined 

more than 10% as oil prices tumbled, which weighed particularly on 

small-cap energy shares. Health care stocks returned over 25%. The 

information technology, consumer staples, and financials sectors all 

produced double-digit returns and outperformed the wider benchmark. 

The remaining sectors generated positive returns but trailed the 

broad market. 

Extended Equity Market Index Fund 

The Extended Equity Market Index Fund returned 1.36% and 7.59%, 

respectively, for the 6- and 12-month periods ended December 31, 

2014, versus 1.27% and 7.50%, respectively, for its benchmark, the 

S&P Completion Index. 


Total Return 


Extended Equity 

Market Index Fund 1.36% 7.59% 

S&P Completion Index 1.27 7.50 

While performance 

tends to slightly lag 



management expenses, 

this year the fund’s 

sample of stocks slightly 

outperformed in 

both periods. 

6

S&P Completion Index 

Returns by Sector 




Energy -39.26 -27.61 




Business Services -0.16 4.37 



Telecommunication Services -5.56 -0.95 



Sector Allocations 

Periods Ended 6/30/14 12/31/14 

Financials 22.5% 23.4% 






Materials 5.5 5.1 

Energy 6.6 4.3 




Historical weightings reflect current industry/sector 


The S&P Completion 

Index, a subindex of 

the S&P Total Market 

Index, excludes all 

S&P 500 stocks. The 

index covers about 

3,400 companies and 

provides exposure 

to mid-, small-, and 

micro-cap companies. 

Most of the sectors in the 


generated positive returns 

for the year. The health 

care sector performed 

best, advancing more 

than 24%, followed by 

utilities, which returned 

about 20%. The consumer 

staples and financials 

sectors outperformed 

the benchmark, posting 

double-digit returns. The 

consumer discretionary, 

information technology, 

industrials and business 

services, and materials 

sectors generated positive 

returns but lagged the 

benchmark. The telecommunication 

services sector 

declined about 1%. The 

energy sector fell more 

than 27% as small-cap 

energy-related stocks 

were hurt by declining 

oil prices. 

7

Outlook 

The U.S. economy appears capable of sustaining an annual growth rate 

in the 2.75% to 3.00% range, despite a very sluggish euro area and a 

decelerating growth trend in China. The key drivers of U.S. growth 

include easing of fiscal headwinds, increased government spending, 

and a strengthening labor market. At the same time, inflation remains 

contained, and the recent drop in oil and especially gasoline prices 

amounts to a tax cut that will boost the spending power of most 

consumers. Simultaneously, corporate capital investment has been 

rising. Meanwhile, the Fed is on course to begin measured rate hikes 

sometime in mid- to late-2015, which we view as an indicator of its 

growing confidence in the durability of the economic recovery. After 

six consecutive years of gains for the S&P 500, stock valuations appear 

at or above historical averages, so we caution investors to expect more 

moderate returns than in previous years. 

We remain focused on our role of replicating the structure and 

performance of the S&P indexes to provide our investors with broad 

exposure to large-cap stocks, small- and mid-cap stocks, and the entire 

U.S. stock market. 

Thank you for investing with T. Rowe Price. 

Respectfully submitted, 

E. Frederick Bair 

Cochairman of the Investment Advisory Committee of the Equity Index 

500 Fund, Extended Equity Market Index Fund, and Total Equity Market 

Index Fund 

Ken D. Uematsu 

Cochairman of the Investment Advisory Committee of the Equity Index 

500 Fund, Extended Equity Market Index Fund, and Total Equity Market 

Index Fund 

January 13, 2015 

The committee chairmen have day-to-day responsibility for managing the 

portfolios and work with committee members in developing and executing 

the funds’ investment programs. 

8


Risks of Investing 

As with all stock mutual funds, the fund’s share price can fall because of weakness in 

the stock market, a particular industry, or specific holdings. Stock markets can decline 

for many reasons, including adverse political or economic developments, changes 

in investor psychology, or heavy institutional selling. The prospects for an industry 

or company may deteriorate because of a variety of factors, including disappointing 

earnings or changes in the competitive environment. 

Glossary 

Investment-weighted median market capitalization: The investment weighted midpoint 

market capitalization (shares outstanding multiplied by current price) representing a 

typical security in a portfolio. An investment-weighted median represents the breakpoint 

where 50% of the values are above and 50% of the values are below based on 

portfolio weight. 

Price-to-earnings (P/E) ratio: A valuation measure calculated by dividing the price of a 

stock by its reported earnings per share. The ratio is a measure of how much investors 

are willing to pay for the company’s earnings. 

Projected earnings growth rate (IBES): A company’s expected earnings per share 

growth rate for a given time period based on the forecast from the Institutional Brokers’ 

Estimate System, which is commonly referred to as IBES. 

S&P 500 Index: An unmanaged index that tracks the stocks of 500 primarily large-cap 

U.S. companies. 

S&P Completion Index: Tracks the performance of the U.S. stocks not included in the 

S&P 500, which are primarily small- and mid-capitalization stocks. The index includes 

approximately 3,400 stocks. 

S&P Total Market Index: Tracks the performance of a broad spectrum of small-, mid-, 

and large-capitalization U.S. stocks. Because the largest stocks in the index carry the 

most weight, large-capitalization stocks make up a substantial majority of the S&P Total 

Market’s value. The index includes approximately 3,800 stocks. 

9


Portfolio Highlights 

TWENTY-FIVE LARGEST HOLDINGS 

Percent of 

Net Assets 

Equity Index 500 Fund 12/31/14 

Apple 3.5% 

ExxonMobil 2.1 

Microsoft 2.1 

Google 1.6 

Johnson & Johnson 1.6 

Berkshire Hathaway 1.5 

Wells Fargo 1.4 

GE 1.4 

Procter & Gamble 1.3 

J.P. Morgan Chase 1.3 

Chevron 1.2 

Pfizer 1.1 

Verizon Communications 1.1 

Bank of America 1.0 

AT&T 1.0 

Intel 1.0 

Coca-Cola 0.9 

Citigroup 0.9 

Facebook 0.9 

Merck 0.9 

Comcast 0.8 

IBM 0.8 

Walt Disney 0.8 

Oracle 0.8 

Gilead Sciences 0.8 

Total 31.8% 

Note: The information shown does not reflect any exchange-traded funds (ETFs), cash 

reserves, or collateral for securities lending that may be held in the portfolio. 

(continued on next page) 

10




Percent of 

Net Assets 

Total Equity Market Index Fund 12/31/14 

Apple 2.8% 

ExxonMobil 1.7 

Microsoft 1.6 

Google 1.3 

Johnson & Johnson 1.3 

Berkshire Hathaway 1.2 

Wells Fargo 1.1 

GE 1.1 

Procter & Gamble 1.1 

J.P. Morgan Chase 1.0 

Chevron 0.9 

Pfizer 0.8 

Verizon Communications 0.8 

Bank of America 0.8 

Intel 0.8 

AT&T 0.7 

Coca-Cola 0.7 

Citigroup 0.7 

Merck 0.7 

Facebook 0.7 

IBM 0.6 

Oracle 0.6 

Home Depot 0.6 

Walt Disney 0.6 

Gilead Sciences 0.6 

Total 24.8% 



(continued on next page) 

11




Percent of 

Net Assets 

Extended Equity Market Index Fund 12/31/14 

Liberty Global 1.0% 

American Airlines 0.9 

United Continental 0.6 

Illumina 0.6 

LinkedIn 0.6 

Las Vegas Sands 0.5 

Tesla Motors 0.5 

HCA Holdings 0.5 

Twitter 0.4 

DISH Network 0.4 

Bunge Limited 0.4 

Cheniere Energy 0.4 

BioMarin Pharmaceutical 0.3 

Equinix 0.3 

Skyworks Solutions 0.3 

Incyte 0.3 

Charter Communications 0.3 

Concho Resources 0.3 

Hanesbrands 0.3 

Federal Realty Investment Trust 0.3 

FleetCor Technologies 0.3 

Hertz Global 0.3 

SBA Communications 0.3 

Sirius XM 0.3 

TD Ameritrade Holding 0.2 

Total 10.6% 



12


The Evolving S&P 500 Index 

Changes in the index in 2014* 

Additions 

Affiliated Managers 

Avago Technologies 

Cimarex Energy 

Discovery Communications 

Essex Property Trust 

Google 

Keurig Green Mountain 

Level 3 Communications 

Mallinckrodt 

Martin Marietta Materials 

Navient 

Royal Caribbean Cruises 

Tractor Supply Co. 

Under Armour 

United Rentals 

Universal Health Services 

Deletions 

Beam 

Bemis 

Cliffs Natural Resources 

Forest Laboratories 

Graham Holdings 

International Game Technology 

Jabil Circuit 

Life Technologies 

LSI Corporation 

Peabody Energy 

Rowan 

SLM 

United States Steel 

WPX Energy 

*During the period, S&P added share classes to represent Google and Discovery 

Communications—bringing the total index constituents to 502, with the total companies 

remaining 500. This accounts for the uneven change. 

13


Performance and Expenses 

Growth of $10,000 

This chart shows the value of a hypothetical $10,000 investment in the fund over the past 

10 fiscal year periods or since inception (for funds lacking 10-year records). The result is 

compared with benchmarks, which may include a broad-based market index and a peer 

group average or index. Market indexes do not include expenses, which are deducted from 

fund returns as well as mutual fund averages and indexes. 

EQUITY INDEX 500 FUND 

$30,000 

26,000 

22,000 

18,000 

14,000 

10,000 

As of 12/31/14 

Equity Index 500 Fund $20,435 

S&P 500 Index $20,947 

12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 

Average Annual Compound Total Return 

Periods Ended 12/31/14 1 Year 5 Years 10 Years 

Equity Index 500 Fund 13.40% 15.14% 7.41% 

Current performance may be higher or lower than the quoted past performance, which 

cannot guarantee future results. Share price, principal value, and return will vary, and you 

may have a gain or loss when you sell your shares. For the most recent month-end 

performance, please visit our website (troweprice.com) or contact a T. Rowe Price 

representative at 1-800-225-5132. The performance information shown does not reflect 

the deduction of a 0.5% redemption fee on shares held for 90 days or less; if it did, the 

performance would be lower. 

This table shows how the fund would have performed each year if its actual (or cumulative) 

returns for the periods shown had been earned at a constant rate. Average annual total 

return figures include changes in principal value, reinvested dividends, and capital gain 

distributions. Returns do not reflect taxes that the shareholder may pay on fund distributions 

or the redemption of fund shares. When assessing performance, investors should 

consider both short- and long-term returns. 

14








TOTAL EQUITY MARKET INDEX FUND 

$30,000 

26,000 

22,000 

18,000 

14,000 

10,000 

As of 12/31/14 

Total Equity Market Index Fund $21,441 

Linked Performance Benchmark* $21,590 

12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 

*The linked performance benchmark reflects the performance of the Dow Jones Wilshire 5000 

Composite Index to 3/31/07 and the performance of the S&P Total Market Index from 

4/1/07 forward. 



Total Equity Market Index Fund 12.29% 15.46% 7.93% 














15








EXTENDED EQUITY MARKET INDEX FUND 

$30,000 

26,000 

22,000 

18,000 

14,000 

10,000 

As of 12/31/14 

Extended Equity Market Index Fund $24,228 

Linked Performance Benchmark* $24,210 

12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 

*The linked performance benchmark reflects the performance of the Dow Jones Wilshire 4500 

Completion Index to 3/31/07 and the performance of the S&P Completion Index from 

4/1/07 forward. 



Extended Equity Market Index Fund 7.59% 16.82% 9.25% 














16


Expense Ratio 

Equity Index 500 Fund 0.28% 

Total Equity Market Index Fund 0.35 

Extended Equity Market Index Fund 0.45 

The expense ratios shown are as of the funds’ fiscal year ended 12/31/13. These 

numbers may vary from the expense ratios shown elsewhere in this report because they 

are based on a different time period and, if applicable, include acquired fund fees and 

expenses but do not include fee or expense waivers. 

Fund Expense Example 

As a mutual fund shareholder, you may incur two types of costs: (1) transaction costs, such 

as redemption fees or sales loads, and (2) ongoing costs, including management fees, distribution 

and service (12b-1) fees, and other fund expenses. The following example is intended 

to help you understand your ongoing costs (in dollars) of investing in the fund and to compare 

these costs with the ongoing costs of investing in other mutual funds. The example is based 

on an investment of $1,000 invested at the beginning of the most recent six-month period 

and held for the entire period. 

Actual Expenses 

The first line of the following table (Actual) provides information about actual account values 

and actual expenses. You may use the information on this line, together with your account 

balance, to estimate the expenses that you paid over the period. Simply divide your account 

value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then 

multiply the result by the number on the first line under the heading “Expenses Paid During 

Period” to estimate the expenses you paid on your account during this period. 

Hypothetical Example for Comparison Purposes 

The information on the second line of the table (Hypothetical) is based on hypothetical 

account values and expenses derived from the fund’s actual expense ratio and an assumed 

5% per year rate of return before expenses (not the fund’s actual return). You may compare 

the ongoing costs of investing in the fund with other funds by contrasting this 5% hypothetical 

example and the 5% hypothetical examples that appear in the shareholder reports of the 

other funds. The hypothetical account values and expenses may not be used to estimate the 

actual ending account balance or expenses you paid for the period. 

Note: T. Rowe Price charges an account service fee that is not included in the accompanying 

table. The account service fee is charged on a quarterly basis, usually during the last week of 

a calendar quarter, and applies to accounts with balances below $10,000 on the day of the 

assessment. The fee is charged to accounts that fall below $10,000 for any reason, including 

market fluctuations, redemptions, or exchanges. When an account with less than $10,000 is 

closed either through redemption or exchange, the fee is charged and deducted from the 

17


Fund Expense Example (continued) 

proceeds. The fee applies to IRAs but not to retirement plans directly registered with T. Rowe 

Price Services or accounts maintained by intermediaries through NSCC ® Networking. If you 

are subject to the fee, keep it in mind when you are estimating the ongoing expenses of 

investing in the fund and when comparing the expenses of this fund with other funds. 

You should also be aware that the expenses shown in the table highlight only your ongoing 

costs and do not reflect any transaction costs, such as redemption fees or sales loads. 

Therefore, the second line of the table is useful in comparing ongoing costs only and will not 

help you determine the relative total costs of owning different funds. To the extent a fund 

charges transaction costs, however, the total cost of owning that fund is higher. 

Equity Index 500 Fund 

Beginning Ending Expenses Paid 

Account Value Account Value During Period* 

7/1/14 12/31/14 7/1/14 to 12/31/14 

Actual $1,000.00 $1,059.90 $1.40 

Hypothetical (assumes 5% 

return before expenses) 1,000.00 1,023.84 1.38 

*Expenses are equal to the fund’s annualized expense ratio for the 6-month period 

(0.27%), multiplied by the average account value over the period, multiplied by the 

number of days in the most recent fiscal half year (184), and divided by the days in the 

year (365) to reflect the half-year period. 

Total Equity Market Index Fund 



7/1/14 12/31/14 7/1/14 to 12/31/14 

Actual $1,000.00 $1,050.60 $1.81 







18


Extended Equity Market Index Fund 



7/1/14 12/31/14 7/1/14 to 12/31/14 

Actual $1,000.00 $1,013.60 $2.03 







19

T. Rowe Price Investment Services and Information 

This page contains supplementary information that is not part of the shareholder report. 

Investment Services and Information 

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By Phone at 1-800-225-5132. Available Monday through Friday from 8 a.m. until 

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In Person at a T. Rowe Price Investor Center. Please visit the website at 

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Shareholder Reports. Manager reviews of their strategies and results. 

T. Rowe Price Report. Quarterly investment newsletter. 

T. Rowe Price Investor. Quarterly publication of insightful financial articles. 

Investment Guides. International Investing Guide and Guide to Bond Funds. 

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By Phone at 1-877-804-2315. Contact us Monday through Friday from 8:30 a.m. 

until 6 p.m. ET. 

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MD 21289-4232. 

CUSTOMERS WHO TRADE THROUGH A FINANCIAL INTERMEDIARY 

Please contact your intermediary or financial professional for assistance. 

‡ Options trading involves additional risk and is not suitable for all investors. Brokerage 

services offered by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. 

20

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21

T. Rowe Price Mutual Funds 


STOCK FUNDS 

BOND FUNDS 

Money MArket FUNDS (cont.) 

Domestic 

Blue Chip Growth 

Capital Appreciation ‡ 

Capital Opportunity 

Diversified Mid-Cap Growth 

Diversified Small-Cap Growth 

Dividend Growth 

Equity Income 

Equity Index 500 

Extended Equity Market Index 

Financial Services 

Growth & Income 

Growth Stock 

Health Sciences 

Media & Telecommunications 

Mid-Cap Growth ‡ 

Mid-Cap Value ‡ 

New America Growth 

New Era 

New Horizons ‡ 

Real Estate 

Science & Technology 

Small-Cap Stock ‡ 

Small-Cap Value 

Tax-Efficient Equity 

Total Equity Market Index 

U.S. Large-Cap Core 

Value 

ASSET ALLOCATION FUNDS 

Balanced 

Global Allocation 

Personal Strategy Balanced 

Personal Strategy Growth 

Personal Strategy Income 

Real Assets 

Spectrum Growth 

Spectrum Income 

Spectrum International 

Target Date Fundsˆ 

Domestic Taxable 

Corporate Income 

Credit Opportunities 

Floating Rate 

GNMA 

High Yield ‡ 

Inflation Protected Bond 

New Income 

Short-Term Bond 

Strategic Income 

Ultra Short-Term Bond 

U.S. Bond Enhanced Index 

U.S. Treasury Intermediate 

U.S. Treasury Long-Term 

Domestic Tax-Free 

California Tax-Free Bond 

Georgia Tax-Free Bond 

Intermediate Tax-Free High Yield 

Maryland Short-Term 

Tax-Free Bond 

Maryland Tax-Free Bond 

New Jersey Tax-Free Bond 

New York Tax-Free Bond 

Summit Municipal Income 

Summit Municipal Intermediate 

Tax-Free High Yield 

Tax-Free Income 

Tax-Free Short-Intermediate 

Virginia Tax-Free Bond 

MONEY MARKET FUNDS 

Taxable 

Prime Reserve 

Summit Cash Reserves 

U.S. Treasury Money 

Tax-Free 

California Tax-Free Money 

Maryland Tax-Free Money 

New York Tax-Free Money 

Summit Municipal Money Market 

Tax-Exempt Money 

INTERNATIONAL/GLOBAL 

FUNDS 

Stock 

Africa & Middle East 

Asia Opportunities 

Emerging Europe 

Emerging Markets Stock 

European Stock 

Global Growth Stock 

Global Industrials 

Global Real Estate 

Global Stock 

Global Technology 

International Concentrated Equity 

International Discovery 

International Equity Index 

International Growth & Income 

International Stock 

Japan 

Latin America 

New Asia 

Overseas Stock 

Bond 

Emerging Markets Bond 

Emerging Markets Corporate Bond 

Emerging Markets Local 

Currency Bond 

Global High Income Bond 

Global Unconstrained Bond 

International Bond 

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. 

Investments in the money market funds are not insured or guaranteed by the FDIC or any other 

government agency. Although the funds seek to preserve the value of your investment at $1.00 per 

share, it is possible to lose money by investing in the funds. 

‡ Closed to new investors except for a direct rollover from a retirement plan into a T. Rowe Price IRA 

invested in this fund. 

ˆ The Target Date Funds are inclusive of the Retirement Funds, the Target Retirement Funds, and the 

Retirement Income Fund. Effective December 29, 2014, the T. Rowe Price Retirement Income Fund will 

change its name to the T. Rowe Price Retirement Balanced Fund. 

T. Rowe Price Investment Services, Inc. 

100 East Pratt Street 

Baltimore, MD 21202 

2015-US-7585 C50-050 2/15

ANNual 

REPORT 

Financial Statements 


PEXMX 

T. Rowe Price 

Extended Equity Market 

Index Fund

T. Rowe Price Extended Equity Market Index Fund 

Financial Highlights 

For a share outstanding throughout each period 

Year 

Ended 

12/31/14 12/31/13 12/31/12 12/31/11 12/31/10 

NET ASSET VALUE 

Beginning of period $ 24.41 $ 18.21 $ 15.53 $ 16.23 $ 12.83 

Investment activities 

Net investment income (1) 0.27 0.20 0.22 0.12 0.13 

Net realized and unrealized 

gain / loss 1.55 6.75 2.72 (0.71) 3.39 

Total from investment activities 1.82 6.95 2.94 (0.59) 3.52 

Distributions 

Net investment income (0.27) (0.18) (0.23) (0.11) (0.12) 

Net realized gain (0.95) (0.57) (0.03) – – 

Total distributions (1.22) (0.75) (0.26) (0.11) (0.12) 

NET ASSET VALUE 

End of period $ 25.01 $ 24.41 $ 18.21 $ 15.53 $ 16.23 

Ratios/Supplemental Data 

Total return (2) 7.59% 38.37% 18.97% (3.61)% 27.45% 

Ratio of total expenses to 

average net assets 0.40% 0.40% 0.40% 0.40% 0.40% 

Ratio of net investment income to 

average net assets 1.06% 0.94% 1.27% 0.71% 0.90% 

Portfolio turnover rate 17.1% 21.7% 17.6% 18.9% 14.2% 

Net assets, end of period 

(in thousands) $ 733,982 $ 706,238 $ 426,187 $ 352,789 $ 362,566 

(1) Per share amounts calculated using average shares outstanding method. 

(2) 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. 

The accompanying notes are an integral part of these financial statements. 

2



Portfolio of Investments ‡ Shares/Par $ Value 

(Cost and value in $000s) 

COMMON STOCKS 96.6% 

CONSUMER DISCRETIONARY 15.2% 

Auto Components 1.3% 

American Axle & Manufacturing Holdings (1) 13,530 306 

Autoliv (2) 13,900 1,475 

Cooper Tire 9,600 333 

Dana Holding 22,600 491 

Dorman Products (1)(2) 2,600 126 

Drew Industries (1) 3,200 163 

Fuel Systems Solutions (1) 15,800 173 

Gentex 24,360 880 

Gentherm (1) 9,600 352 

Lear 11,600 1,138 

Motorcar Parts of America (1) 7,800 243 

Remy International (2) 1,600 33 

Shiloh Industries (1) 6,700 105 

Spartan Motors 10,600 56 

Standard Motor Products 7,250 276 

Stoneridge (1) 10,000 129 

Sypris Solutions (2) 15,700 41 

Tenneco (1) 9,250 524 

TRW Automotive Holdings (1) 17,310 1,780 

Visteon (1) 6,600 705 

9,329 

Automobiles 0.6% 

Tesla Motors (1)(2) 16,900 3,759 

Thor Industries 5,200 290 

Winnebago (2) 4,320 94 

4,143 

Distributors 0.3% 

Core-Mark Holding 4,600 285 

LKQ (1) 48,400 1,361 

Pool 7,277 462 

3



Shares/Par 

$ Value 

Voxx International (1) 8,964 78 

Weyco Group 3,500 104 

2,290 

Diversified Consumer Services 0.7% 

American Public Education (1) 5,440 201 

Apollo Education, Class A (1) 15,800 539 

Ascent Capital Group, Class A (1) 2,793 148 

Bright Horizons Family Solutions (1) 6,400 301 

Carriage Services 7,200 151 

Devry Education 8,100 384 

Graham Holdings 540 466 

Grand Canyon Education (1) 7,900 369 

Houghton Mifflin Harcourt (1) 9,000 186 

ITT Educational Services (1)(2) 13,540 130 

Learning Tree International (1) 9,050 16 

LifeLock (1) 10,800 200 

Regis (1) 2,900 49 

Service Corporation International 35,231 800 

Sotheby's 15,813 683 

Strayer Education (1)(2) 3,750 278 

Weight Watchers (1)(2) 5,000 124 

5,025 

Hotels, Restaurants & Leisure 3.1% 

Biglari Holdings (1) 409 163 

BJ's Restaurants (1) 5,433 273 

Bloomin Brands (1) 22,700 562 

Bob Evans Farms (2) 4,000 205 

Boyd Gaming (1) 27,900 357 

Brinker 10,679 627 

Buffalo Wild Wings (1) 2,800 505 

Caesars Entertainment (1)(2) 17,800 279 

Choice Hotels International 8,300 465 

4



Shares/Par 

$ Value 

Churchill Downs 2,100 200 

Cracker Barrel Old Country Store (2) 4,600 648 

Del Frisco's Restaurant Group (1) 11,900 283 

Denny's (1) 6,000 62 

DineEquity 3,400 352 

Domino's Pizza 9,764 919 

Dunkin Brands 17,600 751 

Fiesta Restaurant (1) 4,500 274 

Frisch's Restaurants (2) 350 9 

Hilton Worldwide Holdings (1) 45,100 1,177 

Hyatt Hotels, Class A (1) 11,600 698 

International Game Technology 39,100 674 

International Speedway, Class A 2,675 85 

Interval Leisure 6,500 136 

Jack In the Box 6,200 496 

Krispy Kreme (1) 9,100 180 

Las Vegas Sands 68,200 3,967 

Life Time Fitness (1) 5,600 317 

Marriott Vacations Worldwide 3,800 283 

MGM Resorts International (1) 63,497 1,358 

Norwegian Cruise Line Holdings (1) 17,400 814 

Panera Bread, Class A (1)(2) 3,360 587 

Papa John's International 6,740 376 

Penn National Gaming (1) 12,200 168 

Pinnacle Entertainment (1)(2) 11,400 254 

Popeyes Louisiana Kitchen (1) 1,700 96 

Red Robin Gourmet Burgers (1) 4,250 327 

Restaurant Brands International (CAD) (1) 15,700 592 

Ruby Tuesday (1) 9,100 62 

Scientific Games, Class A (1) 17,530 223 

SeaWorld Entertainment 2,200 39 

Six Flags Entertainment 13,400 578 

Sonic 12,650 344 

Speedway Motorsports 3,820 84 

5



Shares/Par 

$ Value 

Texas Roadhouse 8,900 300 

The Cheesecake Factory 7,540 379 

Vail Resorts 5,500 501 

Wendy's 45,340 409 

22,438 

Household Durables 1.1% 

Blyth 10,974 100 

CSS Industries 3,300 91 

Dixie Group (1)(2) 18,700 171 

Ethan Allen Interiors 3,600 112 

Helen of Troy Limited (1) 5,100 332 

Hovnanian Enterprises (1)(2) 50,330 208 

iRobot (1)(2) 13,300 462 

Jarden (1) 27,628 1,323 

KB Home (2) 12,400 205 

La-Z-Boy 8,650 232 

M/I Homes (1) 9,370 215 

MDC Holdings (2) 5,491 145 

Meritage (1) 6,800 245 

NVR (1) 643 820 

Ryland Group 9,246 357 

Standard Pacific (1) 29,500 215 

Taylor Morrison Home (1) 12,800 242 

Tempur Sealy International (1) 9,350 513 

Toll Brothers (1) 23,220 796 

TRI Pointe Homes (1) 37,700 575 

Tupperware Brands 7,420 467 

Universal Electronics (1) 4,000 260 

8,086 

Internet & Catalog Retail 0.3% 

1-800-Flowers.com (1) 13,868 114 

Blue Nile (1) 8,400 302 

6



Shares/Par 

$ Value 

FTD (1) 5,935 207 

Groupon (1)(2) 72,100 596 

HSN 5,000 380 

Lands' End (1)(2) 3,162 171 

Nutri/System 8,200 160 

Orbitz Worldwide (1) 24,400 201 

Overstock.com (1)(2) 4,400 107 

Shutterfly (1) 6,000 250 

2,488 

Leisure Products 0.4% 

Arctic Cat 5,095 181 

Brunswick 17,500 897 

Marine Products 7,600 64 

Polaris Industries 10,040 1,518 

Sturm Ruger & Company (2) 4,100 142 

2,802 

Media 3.2% 

A.H. Belo, Class A 10,376 108 

AMC Networks (1) 7,900 504 

Beasley Broadcast Group, Class A 6,500 33 

Charter Communications, Class A (1) 12,400 2,066 

Cinedigm (1) 56,200 91 

Cinemark Holdings 14,800 527 

Clear Channel Outdoor, Class A 14,400 153 

Cumulus Media, Class A (1) 38,200 162 

DISH Network (1) 38,020 2,771 

DreamWorks Animation, Class A (1)(2) 12,600 281 

Harte-Hanks 9,650 75 

John Wiley & Sons 8,470 502 

Journal Communications, Class A (1) 12,200 139 

Liberty Broadband, Class A (1) 4,375 219 

Liberty Broadband, Class C (1) 10,150 506 

7



Shares/Par 

$ Value 

Liberty Global, Series A (1) 48,234 2,422 

Liberty Global, Series C (1) 98,234 4,746 

Liberty Media (1) 14,700 519 

Liberty Media, Class C (1) 31,000 1,086 

Lions Gate Entertainment (2) 10,500 336 

Live Nation Entertainment (1) 23,800 621 

Loral Space & Communications (1) 900 71 

Madison Square Garden, Class A (1) 9,664 727 

Martha Stewart Living, Class A (1) 22,519 97 

McClatchy (1) 28,600 95 

Meredith 3,600 196 

Morningstar 5,800 375 

New York Times, Class A 23,800 315 

Nexstar Broadcasting (2) 5,800 300 

Regal Entertainment Group, Class A (2) 9,290 198 

Rentrak (1) 2,600 189 

Salem Communications, Class A 18,850 147 

Scholastic 7,420 270 

Sinclair Broadcasting, Class A (2) 11,510 315 

Sirius XM Holdings (1) 525,800 1,840 

Starz (1) 9,500 282 

Time 9,300 229 

World Wrestling Entertainment (2) 8,700 107 

23,620 

Multiline Retail 0.3% 

Big Lots 7,500 300 

Bon-Ton Stores (2) 8,700 64 

Burlington Stores (1) 13,400 633 

Dillards, Class A 3,900 488 

Fred's 5,915 103 

JCPenney (1)(2) 54,300 352 

Sears Holdings (1)(2) 3,200 106 

8



Shares/Par 

$ Value 

Tuesday Morning (1)(2) 9,700 211 

2,257 

Specialty Retail 2.9% 

Aaron's, Class A 8,935 273 

Abercrombie & Fitch 9,000 258 

Advance Auto Parts 11,385 1,813 

Aeropostale (1)(2) 63,660 148 

American Eagle Outfitters (2) 32,180 447 

ANN (1) 6,575 240 

Asbury Automotive Group (1) 4,740 360 

Ascena Retail Group (1) 18,434 231 

Barnes & Noble (1) 7,784 181 

bebe stores (2) 26,000 57 

Big 5 Sporting Goods 4,900 72 

Brown Shoe 7,430 239 

Buckle (2) 1,762 92 

Cabela's, Class A (1)(2) 6,541 345 

Cato, Class A 5,850 247 

Chico's 22,300 361 

Children's Place (2) 1,950 111 

Christopher & Banks (1) 32,892 188 

CST Brands 9,300 406 

Dick's Sporting Goods 20,000 993 

DSW, Class A 11,600 433 

Five Below (1)(2) 9,200 376 

Foot Locker 24,617 1,383 

Francesca's Holdings (1) 7,000 117 

Genesco (1) 3,500 268 

GNC Holdings 13,900 653 

Group One Automotive 6,900 618 

Guess 6,320 133 

Lithia Motors, Class A 3,500 303 

Lumber Liquidators (1)(2) 4,400 292 

9



Shares/Par 

$ Value 

Men's Wearhouse 5,750 254 

Monro Muffler Brake (2) 9,400 543 

Murphy USA (1) 4,200 289 

Office Depot (1) 85,830 736 

Outerwall (1)(2) 3,150 237 

Penske Auto 5,816 285 

Pep Boys (1) 9,570 94 

Pier 1 Imports 25,400 391 

Rent-A-Center 7,400 269 

Restoration Hardware Holdings (1)(2) 8,900 854 

Sally Beauty Supply (1) 23,800 732 

Select Comfort (1) 9,900 268 

Signet Jewelers 12,600 1,658 

Sonic Automotive 3,620 98 

Stage Stores 5,870 121 

Stein Mart 11,330 166 

The Finish Line, Class A 8,753 213 

Ulta Salon Cosmetics & Fragrance (1) 10,000 1,278 

Vitamin Shoppe (1) 2,500 121 

West Marine (1) 6,200 80 

Williams-Sonoma 12,700 961 

Zumiez (1) 3,300 127 

21,413 

Textiles, Apparel & Luxury Goods 1.0% 

Carters 8,100 707 

Charles & Colvard (1)(2) 2,868 5 

Cherokee 8,300 161 

Columbia Sportswear 2,762 123 

Crocs (1) 13,700 171 

Deckers Outdoor (1) 4,400 401 

Hanesbrands 17,900 1,998 

Iconix Brand Group (1) 6,849 231 

Kate Spade (1) 28,600 916 

10



Shares/Par 

$ Value 

lululemon athletica (1)(2) 10,200 569 

Movado Group 3,600 102 

Oxford Industries 1,870 103 

Quiksilver (1)(2) 64,700 143 

Skechers U.S.A., Class A (1) 6,900 381 

Steven Madden (1) 8,700 277 

Tumi Holdings (1) 18,100 430 

Wolverine World Wide (2) 28,700 846 

7,564 

Total Consumer Discretionary 111,455 

CONSUMER STAPLES 3.0% 

Beverages 0.1% 

Coca-Cola Bottling 2,150 189 

National Beverage (1) 5,948 135 

Willamette Valley Vineyards (1)(2) 10,850 63 

387 

Food & Staples Retailing 0.7% 

Andersons 4,550 242 

Casey's General Stores 6,800 614 

Fresh Market (1)(2) 7,100 292 

PriceSmart 4,300 392 

Rite Aid (1) 226,150 1,701 

SpartanNash 8,900 233 

Sprouts Farmers Market (1)(2) 24,300 826 

SUPERVALU (1) 33,700 327 

The Pantry (1) 4,700 174 

United Natural Foods (1) 7,200 557 

5,358 

Food Products 1.5% 

Alico 3,700 185 

11



Shares/Par 

$ Value 

B&G Foods 6,900 206 

Bunge Limited 28,602 2,600 

Chiquita (1) 12,219 177 

Darling Ingredients (1) 25,100 456 

Dean Foods (2) 22,350 433 

Farmer Bros. (1) 7,600 224 

Flowers Foods 46,883 900 

Fresh Del Monte Produce 6,500 218 

Hain Celestial Group (1)(2) 16,200 944 

Ingredion 10,500 891 

J & J Snack Foods 2,240 244 

Lancaster Colony 1,700 159 

Lifeway Foods (1)(2) 9,400 174 

Pinnacle Foods 15,700 554 

Post Holdings (1) 7,185 301 

Rocky Mountain Chocolate Factory 14,062 186 

Sanderson Farms (2) 4,040 339 

Seaboard (1) 44 185 

Snyders-Lance 10,710 327 

TreeHouse Foods (1) 7,143 611 

Whitewave Foods, Class A (1) 20,600 721 

11,035 

Household Products 0.5% 

Central Garden & Pet, Class A (1) 9,600 92 

Church & Dwight 21,650 1,706 

Energizer 10,450 1,343 

Spectrum Brands Holdings 3,500 335 

WD-40 3,750 319 

3,795 

Personal Products 0.1% 

Elizabeth Arden (1)(2) 3,050 65 

Herbalife (2) 14,000 528 

12



Shares/Par 

$ Value 

Inter Parfums 3,900 107 

Nu Skin Enterprises, Class A (2) 10,300 450 

1,150 

Tobacco 0.1% 

Universal (2) 4,240 186 

Vector Group (2) 18,247 389 

575 

Total Consumer Staples 22,300 

ENERGY 4.2% 

Energy Equipment & Services 1.7% 

Amec Foster Wheeler, ADR (2) 13,707 177 

Atwood Oceanics (1) 7,700 218 

Basic Energy Services (1) 13,800 97 

Bristow Group 7,180 472 

C&J Energy Services (1) 5,800 77 

CARBO Ceramics (2) 4,475 179 

Core Laboratories 6,700 806 

Dawson Geophysical 4,300 53 

Dresser-Rand Group (1) 12,000 982 

Dril-Quip (1) 6,100 468 

Exterran Holdings 15,767 514 

Forum Energy Technologies (1) 9,900 205 

Geospace Technologies (1)(2) 2,000 53 

Gulf Island Fabrication 12,500 242 

Gulfmark Offshore (2) 3,400 83 

Helix Energy Solutions Group (1) 21,707 471 

Hercules Offshore (1)(2) 107,331 107 

Hornbeck Offshore Services (1) 2,600 65 

ION Geophysical (1) 78,000 214 

Matrix Service (1) 7,300 163 

McDermott International (1)(2) 37,550 109 

13



Shares/Par 

$ Value 

Newpark Resources (1) 17,200 164 

Oceaneering International 15,100 888 

Oil States International (1) 11,530 564 

Parker Drilling (1) 30,800 95 

Patterson-UTI Energy 22,337 371 

Pioneer Energy Services (1) 20,700 115 

Rowan 15,500 361 

RPC 9,975 130 

SEACOR Holdings (1) 6,950 513 

Superior Energy 27,956 563 

Tesco 22,600 290 

TETRA Technologies (1) 11,800 79 

Tidewater (2) 6,074 197 

Unit (1) 10,000 341 

US Silica Holdings (2) 12,400 319 

Weatherford International (1) 123,600 1,415 

12,160 

Oil, Gas & Consumable Fuels 2.5% 

Adams Resources & Energy 2,300 115 

Alon USA Energy 5,600 71 

Antero Resources (1) 6,900 280 

Bill Barrett (1)(2) 17,032 194 

Bonanza Creek Energy (1) 10,300 247 

Callon Petroleum (1) 25,450 139 

Carrizo Oil & Gas (1) 6,500 270 

Cheniere Energy (1) 36,600 2,577 

Cloud Peak Energy (1) 25,700 236 

Cobalt International Energy (1) 23,000 204 

Comstock Resources (2) 10,140 69 

Concho Resources (1) 20,300 2,025 

Contango Oil & Gas (1) 1,600 47 

Continental Resources (1)(2) 18,600 714 

CVR Energy (2) 2,100 81 

14



Shares/Par 

$ Value 

Diamondback Energy (1) 10,700 640 

Energen 11,120 709 

Energy XXI (2) 32,590 106 

Exco Resources (2) 25,600 56 

Fieldpoint Petroleum (1)(2) 17,100 31 

Fieldpoint Petroleum, Warrants, 3/23/18 (1) 12,600 3 

Gulfport Energy (1) 13,700 572 

Halcon Resources (1)(2) 35,256 63 

Harvest Natural Resource (1)(2) 51,116 93 

HollyFrontier 31,290 1,173 

Kosmos Energy (1) 26,100 219 

Magnum Hunter Resources (1)(2) 62,700 197 

Matador Resources (1)(2) 19,300 390 

Midstates Petroleum (1)(2) 49,300 74 

Northern Oil & Gas (1)(2) 25,900 146 

Oasis Petroleum (1)(2) 20,700 342 

Parsley Energy (1) 9,400 150 

PDC Energy (1) 7,200 297 

Rex Energy (1)(2) 24,200 123 

Rex Stores Resources (1) 2,550 158 

Rosetta Resources (1) 9,700 216 

RSP Permian (1)(2) 5,400 136 

SandRidge Energy (1)(2) 34,007 62 

SemGroup 8,400 575 

SM Energy 15,400 594 

Stone Energy (1) 10,212 172 

Targa Resources 4,100 435 

Triangle Petroleum (1)(2) 32,400 155 

Ultra Petroleum (1)(2) 29,560 389 

W&T Offshore (2) 13,000 95 

Western Refining 12,100 457 

Westmoreland Coal (1) 6,300 209 

Whiting Petroleum (1) 35,311 1,165 

World Fuel Services 13,200 620 

15



Shares/Par 

$ Value 

WPX Energy (1) 36,400 423 

18,514 

Total Energy 30,674 

FINANCIALS 22.5% 

Banks 4.8% 

1st Source 2,866 98 

Ameriana Bancorp (2) 4,460 77 

Arrow Financial (2) 6,839 188 

Associated Banc-Corp 27,075 504 

Banc First 2,800 178 

Bancorp (1) 12,500 136 

Bancorp South 28,875 650 

Bank of Hawaii 2,366 140 

Bank of Kentucky Financial 6,300 304 

Bank of the Ozarks 11,600 440 

BankUnited 22,300 646 

Banner 3,973 171 

BBCN Bancorp 20,300 292 

BOK Financial 1,137 68 

Boston Private Financial 12,999 175 

Camden National 3,200 127 

Capital Bank Financial, Class A (1) 11,200 300 

Cathay Bancorp 10,756 275 

CB Financial Services 388 8 

Central Pacific Financial 7,800 168 

Century Bancorp, Class A 5,850 234 

Chemical Financial 4,861 149 

CIT Group 29,500 1,411 

Citizens & Northern 2,222 46 

City Holding Company (2) 5,150 240 

City National 6,450 521 

Cobiz Financial 15,937 209 

16



Shares/Par 

$ Value 

Columbia Banking System 15,050 416 

Commerce Bancshares 10,905 474 

Community Bank System 6,020 230 

Community Trust Bancorp 4,372 160 

ConnectOne Bancorp 12,383 235 

Cullen/Frost Bankers 8,450 597 

CVB Financial 13,106 210 

East West Bancorp 30,600 1,185 

Farmers Capital Bank (1)(2) 11,147 260 

First Bancorp North Carolina 8,075 149 

First Busey 23,575 153 

First Citizens BancShares 1,470 372 

First Commonwealth Financial 23,000 212 

First Community 5,200 86 

First Financial 4,550 162 

First Financial Bancorp 13,272 247 

First Financial Bankshares (2) 8,988 269 

First Horizon National 37,300 507 

First Merchants 12,383 282 

First Midwest Bancorp 17,893 306 

First Niagara Financial 82,563 696 

First Republic Bank 19,600 1,022 

First United (1) 4,211 36 

FirstMerit 21,384 404 

Flushing Financial 9,825 199 

FNB 18,135 242 

Fulton Financial 19,102 236 

German American Bancorp 4,489 137 

Glacier Bancorp 15,812 439 

Hancock Holding 13,735 422 

Hilltop Holdings (1) 12,499 249 

Home Bancshares 15,438 496 

IBERIABANK 4,955 321 

Independent Bank (2) 5,350 229 

17



Shares/Par 

$ Value 

International Bancshares 7,802 207 

Investors Bancorp 31,835 357 

Macatawa Bank (2) 22,000 120 

MB Financial 7,667 252 

Merchants Bancshares 600 18 

National Bank Holdings, Class A 16,500 320 

National Penn Bancshares 15,535 164 

NBT Bancorp 9,480 249 

NewBridge Bancorp (1) 15,900 139 

Northrim Bank 7,425 195 

OFG Bancorp (2) 9,768 163 

Old Line Bancshares (2) 3,800 60 

Old National Bancorp 16,031 239 

PacWest Bancorp 15,955 725 

Park National (2) 3,540 313 

Peapack-Gladstone Financial 7,057 131 

Peoples Bancorp 3,550 92 

Popular (1) 16,330 556 

Preferred Bank 7,395 206 

Premier Financial Bancorp 7,464 116 

PrivateBancorp 10,260 343 

Prosperity Bancshares 10,960 607 

Renasant 5,852 169 

Republic Bancorp, Class A 2,066 51 

S&T Bancorp (2) 8,200 244 

Sandy Spring Bancorp 4,830 126 

Signature Bank (1) 7,900 995 

South State 3,704 248 

Southside Bancshares 7,566 219 

Southwest Bancorp of Oklahoma 11,800 205 

State Bank Financial 7,600 152 

Sterling Bancorp 20,840 300 

Stock Yards Bancorp 5,521 184 

Sun Bancorp (1) 4,312 84 

18



Shares/Par 

$ Value 

Susquehanna Bancshares 27,747 373 

SVB Financial Group (1) 8,550 992 

Synovus Financial 12,157 329 

Talmer Bancorp, Class A 2,000 28 

TCF Financial 23,000 365 

Texas Capital Bancshares (1) 13,800 750 

Tompkins Financial 4,217 233 

TowneBank Portsmouth (2) 2,400 36 

Trico Bancshares 4,900 121 

Trustmark 10,900 267 

UMB Financial 4,312 245 

Umpqua Bank 23,164 394 

Union Bankshares 5,729 138 

United Bankshares 9,000 337 

United Community Banks 9,796 186 

Univest (2) 4,700 95 

Valley National Bancorp (2) 22,994 223 

Webster Financial 15,510 505 

WesBanco 6,875 239 

West Bancorporation 13,100 223 

WestAmerica Bank (2) 3,746 184 

Western Alliance Bancorp (1) 27,200 756 

Wintrust Financial 7,050 330 

35,293 

Capital Markets 1.8% 

Artisan Partners Asset Management 2,300 116 

Ashford (1) 349 33 

BGC Partners 34,500 316 

Calamos, Class A 15,300 204 

CIFC (2) 5,200 43 

Cohen & Steers (2) 2,000 84 

Cowen (1) 20,000 96 

Eaton Vance 16,966 694 

19



Shares/Par 

$ Value 

Evercore Partners 5,500 288 

Federated Investors, Class B (2) 6,400 211 

Financial Engines (2) 17,000 621 

FXCM (2) 12,100 201 

GAMCO Investors 900 80 

GFI Group 34,400 187 

Greenhill (2) 2,800 122 

Interactive Brokers, Class A 10,300 300 

INTL FCStone (1) 9,681 199 

Investment Technology Group (1) 7,700 160 

Janus Capital Group (2) 41,200 665 

Lazard, Class A, Partnership 24,300 1,216 

LPL Financial Holdings 19,900 887 

NorthStar Asset Management 27,500 621 

Piper Jaffray (1) 3,650 212 

Raymond James Financial 16,275 932 

Safeguard Scientifics (1) 5,300 105 

SEI Investments 18,956 759 

Stifel Financial (1) 3,186 163 

TD Ameritrade Holding 50,768 1,816 

Teton Advisors (2) 40 2 

Virtus Investment Partners 1,434 245 

Waddell & Reed Financial, Class A 18,340 914 

Walter Investment Management (1)(2) 5,900 97 

WisdomTree Investments (2) 24,500 384 

12,973 

Consumer Finance 0.4% 

Ally Financial (1) 16,400 387 

Asta Funding (1) 7,700 67 

Atlanticus Holdings (1) 4,445 11 

Cash America International 5,560 126 

Credit Acceptance (1) 1,700 232 

Encore Capital (1)(2) 4,500 200 

20



Shares/Par 

$ Value 

Enova International (1) 5,087 113 

EZCorp., Class A (1) 9,000 106 

First Cash (1) 4,800 267 

Nelnet, Class A 3,922 182 

PRA Group (1) 8,550 495 

SLM 66,800 681 

Synchrony Financial (1) 8,600 256 

World Acceptance (1)(2) 2,300 183 

3,306 

Diversified Financial Services 0.5% 

CBOE Holdings 18,400 1,167 

MarketAxess Holdings 5,700 409 

MSCI, Class A 21,336 1,012 

Newstar Financial (1) 4,900 63 

PHH (1)(2) 9,579 230 

PICO Holdings (1) 6,600 124 

Voya Financial 20,200 856 

3,861 

Insurance 4.0% 

Alleghany (1) 2,518 1,167 

Allied World Assurance Holdings 16,500 626 

American Equity Investment Life 14,600 426 

American Financial Group 10,010 608 

AmTrust Financial Services (2) 5,356 301 

Arch Capital Group (1) 17,900 1,058 

Argo Group International Holdings 4,400 244 

Arthur J. Gallagher 24,160 1,137 

Aspen Insurance Holdings 8,500 372 

Assured Guaranty 21,000 546 

Axis Capital Holdings 15,000 766 

Baldwin & Lyons, Class B 3,575 92 

Citizens (1)(2) 13,733 104 

21



Shares/Par 

$ Value 

CNA Financial 9,400 364 

CNO Financial Group 26,900 463 

Crawford, Class B 15,550 160 

E-Health (1) 6,300 157 

EMC Insurance Group 1,903 68 

Endurance Specialty Holdings (2) 6,700 401 

Enstar (1) 1,800 275 

Erie Indemnity, Class A 4,500 408 

Everest Reinsurance Holdings 5,800 988 

FBL Financial, Class A 2,342 136 

First American Financial 28,830 977 

FNF 52,131 1,796 

Hanover Insurance Group 6,420 458 

HCC Insurance Holdings 16,130 863 

Horace Mann Educators 9,210 306 

Infinity Property & Casualty 3,200 247 

Kemper 7,650 276 

Maiden Holdings 15,100 193 

Markel (1) 2,024 1,382 

MBIA (1) 20,100 192 

Meadowbrook Insurance Group 45,482 385 

Mercury General 4,793 272 

Montpelier Re Holdings (2) 7,600 272 

National Interstate 7,100 212 

National Western Life 1,210 326 

Navigators Group (1) 3,350 246 

Old Republic International 38,093 557 

OneBeacon Insurance Group, Class A 8,800 143 

PartnerRe 7,000 799 

Platinum Underwriters Holdings 3,700 272 

Primerica 4,500 244 

ProAssurance 4,040 182 

Protective Life 13,000 905 

Reinsurance Group of America 11,520 1,009 

22



Shares/Par 

$ Value 

RenaissanceRe Holdings 5,200 506 

Safety Insurance Group 3,615 231 

Selective Insurance 7,400 201 

StanCorp Financial Group 6,100 426 

State Auto Financial 11,370 253 

Stewart Information Services 5,280 196 

Symetra Financial 18,300 422 

United Fire Group 3,600 107 

Validus Holdings 11,800 490 

W. R. Berkley 14,272 732 

White Mountains Insurance Group 1,287 811 

Willis Group Holdings 30,500 1,367 

29,123 

Real Estate Investment Trusts 9.3% 

Acadia Realty Trust, REIT 9,950 319 

AG Mortgage Investment Trust, REIT 24,700 459 

Agree Realty, REIT 8,700 270 

Alexanders, REIT 600 262 

Alexandria Real Estate, REIT 10,920 969 

Altisource Residential 12,133 235 

American Assets Trust, REIT 7,200 287 

American Campus Communities, REIT 13,826 572 

American Capital Agency, REIT 57,800 1,262 

American Capital Mortgage Investment, REIT 30,800 580 

American Homes 4 Rent, REIT 13,900 237 

American Realty Capital Properties, REIT 129,140 1,169 

Annaly Capital Management, REIT 118,500 1,281 

Ares Commercial Real Estate, REIT 20,500 235 

ARMOUR Residential REIT 116,200 428 

Ashford Hospitality Prime, REIT 13,080 224 

Ashford Hospitality Trust, REIT 30,400 319 

BioMed Realty Trust, REIT 31,600 681 

Brandywine Realty Trust, REIT 18,343 293 

23



Shares/Par 

$ Value 

Brixmor Property, REIT 7,000 174 

Camden Property Trust, REIT 12,600 930 

CBL & Associates Properties, REIT 21,200 412 

Cedar Realty Trust, REIT 22,400 164 

Chambers Street Properties, REIT 33,200 268 

Chesapeake Lodging Trust, REIT 12,700 473 

Chimera Investment, REIT 148,100 471 

CIM Commercial Trust, REIT (2) 317 5 

Colony Financial, REIT 20,800 495 

Columbia Property Trust, REIT 16,000 406 

CorEnergy Infrastructure Trust, REIT (2) 18,700 121 

Corporate Office Properties Trust, REIT 8,200 233 

Corrections Corporation of America, REIT 16,004 582 

CubeSmart, REIT 19,500 430 

CYS Investments, REIT 37,500 327 

DCT Industrial Trust, REIT 10,000 357 

DDR, REIT 44,600 819 

DiamondRock Hospitality, REIT 32,351 481 

Digital Realty Trust, REIT (2) 22,000 1,459 

Douglas Emmett, REIT 19,100 542 

Duke Realty, REIT 50,261 1,015 

DuPont Fabros Technology, REIT 12,300 409 

EastGroup Properties, REIT 9,750 617 

Education Realty Trust, REIT 10,500 384 

Empire State Realty Trust, REIT 13,300 234 

EPR Properties, REIT 7,280 420 

Equity Commonwealth, REIT 18,175 467 

Equity LifeStyle Properties, REIT 15,940 822 

Equity One, REIT 17,576 446 

Extra Space Storage, REIT 18,700 1,097 

Federal Realty Investment Trust, REIT 14,090 1,880 

First Industrial Realty, REIT 12,200 251 

First Potomac Realty Trust, REIT 19,800 245 

Franklin Street Properties, REIT 20,900 256 

24



Shares/Par 

$ Value 

Gaming & Leisure Properties, REIT 14,588 428 

Getty Realty, REIT 9,260 169 

Glimcher Realty Trust, REIT 29,960 412 

Government Properties Income Trust, REIT 11,700 269 

Hatteras Financial, REIT 16,300 300 

Healthcare Realty Trust, REIT 18,580 508 

Healthcare Trust of America, REIT 14,750 397 

Hersha Hospitality Trust, Class A, REIT 49,200 346 

Highwoods Properties, REIT 10,713 474 

Home Properties of New York, REIT 9,190 603 

Hospitality Properties Trust, REIT 22,350 693 

Hudson Pacific Properties, REIT 2,500 75 

Independence Realty Trust, REIT 10,300 96 

Inland Real Estate, REIT 24,300 266 

Invesco Mortgage Capital, REIT 29,700 459 

Investors Real Estate Trust, REIT 33,450 273 

Kilroy Realty, REIT 12,920 892 

Lamar Advertising, REIT 11,992 643 

LaSalle Hotel Properties, REIT 19,000 769 

Lexington Realty Trust, REIT (2) 39,629 435 

Liberty Property Trust, REIT 21,633 814 

LTC Properties, REIT 5,750 248 

Mack-Cali Realty, REIT 9,134 174 

Medical Properties Trust, REIT 25,600 353 

MFA Financial, REIT 62,000 495 

Mid-America Apartment Communities, REIT 12,976 969 

Monmouth REIT, Class A 22,100 245 

National Health Investors, REIT 4,020 281 

National Retail Properties, REIT (2) 17,530 690 

New Residential Investment, REIT 32,550 416 

NorthStar Realty Finance, REIT 46,500 817 

Omega Healthcare Investors, REIT (2) 20,150 787 

Outfront Media, REIT 21,423 575 

Parkway Properties, REIT 14,672 270 

25



Shares/Par 

$ Value 

Pebblebrook Hotel Trust, REIT 13,800 630 

Pennsylvania REIT 15,731 369 

PennyMac Mortgage Investment Trust, REIT 18,300 386 

Physicians Realty Trust, REIT 20,500 340 

Piedmont Office Realty Trust, REIT 24,300 458 

Post Properties, REIT 8,400 494 

Power REIT (1) 9,738 80 

PS Business Parks, REIT 5,800 461 

QTS Realty Trust, REIT 4,200 142 

Ramco-Gershenson Properties, REIT 17,500 328 

Rayonier, REIT 18,951 529 

Realty Income, REIT (2) 34,536 1,648 

Redwood Trust, REIT 27,300 538 

Regency Centers, REIT 19,786 1,262 

Resource Capital, REIT (2) 55,800 281 

Retail Opportunity Investments, REIT 23,400 393 

Retail Properties of America, REIT 31,100 519 

RLJ Lodging Trust, REIT 18,400 617 

Ryman Hospitality Properties, REIT (2) 9,126 481 

Sabra Health Care REIT 11,600 352 

Saul Centers, REIT 7,550 432 

Senior Housing Properties, REIT 27,214 602 

Silver Bay Realty Trust, REIT 13,699 227 

SL Green Realty, REIT 14,281 1,700 

Sotherly Hotels, REIT 14,600 109 

Sovran Self Storage, REIT 6,700 584 

Spirit Realty Capital, REIT 65,600 780 

Starwood Property Trust, REIT 49,800 1,157 

Starwood Waypoint Residential Trust, REIT (2) 8,580 226 

Strategic Hotels & Resorts, REIT (1) 33,000 437 

Sun Communities, REIT 6,750 408 

Sunstone Hotel Investors, REIT 28,194 465 

Tanger Factory Outlet Centers, REIT 17,980 665 

Taubman Centers, REIT 9,700 741 

26



Shares/Par 

$ Value 

Terreno Realty, REIT 20,400 421 

The GEO Group, REIT 11,511 465 

Two Harbors Investment, REIT 67,100 672 

UDR, REIT 38,581 1,189 

UMH Properties, REIT 23,600 225 

Universal Health Realty Income Trust, REIT 4,250 205 

Urstadt Biddle Properties, Class A, REIT 12,700 278 

Washington Prime, REIT 15,200 262 

Washington REIT 15,400 426 

Weingarten Realty Investors, REIT 16,540 578 

Western Asset Mortgage Capital, REIT (2) 17,222 253 

WP Carey, REIT 14,300 1,002 

ZAIS Financial, REIT (2) 13,300 229 

68,461 

Real Estate Management & Development 0.7% 

Alexander & Baldwin 12,250 481 

Altisource Portfolio Solutions (1)(2) 4,000 135 

AV Homes (1) 3,200 47 

Forest City Enterprises, Class A (1) 26,530 565 

Forestar Group (1) 8,200 126 

Gladstone Land, REIT (2) 6,700 72 

Howard Hughes (1) 6,100 795 

Jones Lang LaSalle 7,510 1,126 

Kennedy-Wilson Holdings 17,100 433 

Realogy Holdings (1) 16,200 721 

St. Joe (1)(2) 15,670 288 

Tejon Ranch (1) 6,770 199 

Tejon Ranch, Warrants, 8/31/16 (1) 999 2 

4,990 

Thrifts & Mortgage Finance 1.0% 

Astoria Financial 22,821 305 

Bank Mutual 19,961 137 

27



Shares/Par 

$ Value 

Bear State Financial (2) 12,510 138 

BofI Holding (1)(2) 2,200 171 

Brookline Bancorp 24,129 242 

Capitol Federal Financial 37,944 485 

Clifton Bancorp 9,888 134 

Dime Community Bancshares 10,400 169 

Doral Financial (1)(2) 19,800 78 

EverBank Financial 14,100 269 

Federal Agricultural Mortgage 5,500 167 

Home Loan Servicing Solutions (2) 20,000 390 

HomeStreet 4,200 73 

Kearny Financial (1)(2) 11,600 159 

MGIC Investment (1) 53,600 500 

NASB Financial (2) 3,556 86 

Nationstar Mortgage Holdings (1)(2) 11,000 310 

New Hampshire Thrift 2,980 46 

New York Community Bancorp (2) 54,837 877 

Northwest Bancshares 20,579 258 

OceanFirst Financial 7,650 131 

Ocwen Financial (1)(2) 19,530 295 

PennyMac Financial Services (1) 4,665 81 

Provident Financial Services 10,118 183 

Radian (2) 32,458 543 

TFS Financial 14,100 210 

Trustco Bank 25,450 185 

Walker & Dunlop (1) 7,500 132 

Washington Federal 17,968 398 

Westfield Financial 12,700 93 

WSFS Financial 3,250 250 

7,495 

Total Financials 165,502 

28



HEALTH CARE 12.5% 

Shares/Par 

$ Value 

Biotechnology 4.0% 

ACADIA Pharmaceuticals (1)(2) 23,500 746 

Acceleron Pharma (1)(2) 7,900 308 

Acorda Therapeutics (1) 8,700 356 

Aegerion Pharmaceuticals (1)(2) 7,700 161 

Alkermes (1) 30,600 1,792 

Alnylam Pharmaceuticals (1) 13,400 1,300 

Arena Pharmaceuticals (1)(2) 53,000 184 

ARIAD Pharmaceuticals (1)(2) 17,500 120 

Array BioPharma (1)(2) 31,700 150 

BioMarin Pharmaceutical (1) 28,290 2,557 

Biotime, Warrants, 10/1/18 (1)(2) 819 1 

Celldex Therapeutics (1)(2) 20,900 381 

Celsion (1)(2) 7,300 17 

Cepheid (1) 11,700 633 

Chimerix (1)(2) 13,900 560 

Clovis Oncology (1) 6,200 347 

Cubist Pharmaceuticals (1)(2) 12,400 1,248 

CytRx (1)(2) 71,400 196 

Dyax (1) 30,400 427 

Dynavax Technologies (1)(2) 17,210 290 

Exact Sciences (1)(2) 16,700 458 

Exelixis (1)(2) 51,390 74 

Forest Laboratories (1)(2)(3) 203 — 

Forest Laboratories (1)(3) 2,488 — 

Genomic Health (1)(2) 1,900 61 

Geron (1) 64,800 211 

Halozyme Therapeutics (1)(2) 20,100 194 

Harvard Apparatus Regenerative Tech (1) 26,250 83 

ImmunoGen (1)(2) 21,300 130 

Incyte (1) 29,960 2,190 

Infinity Pharmaceuticals (1) 5,100 86 

29



Shares/Par 

$ Value 

Intercept Pharmaceuticals (1)(2) 1,500 234 

Ironwood Pharmaceuticals (1) 21,000 322 

Isis Pharmaceuticals (1)(2) 25,380 1,567 

Keryx Biopharmaceuticals (1)(2) 23,700 335 

Lexicon Pharmaceuticals (1)(2) 73,600 67 

Ligand Pharmaceuticals (1)(2) 4,086 217 

MannKind (1)(2) 46,700 244 

Medivation (1) 12,800 1,275 

Merrimack Pharmaceuticals (1)(2) 40,800 461 

Momenta Pharmaceuticals (1) 7,300 88 

Myriad Genetics (1)(2) 9,680 330 

Navidea Biopharmaceuticals (1)(2) 40,000 76 

Neurocrine Biosciences (1) 29,800 666 

Novavax (1)(2) 70,800 420 

NPS Pharmaceuticals (1) 15,700 562 

OKPO Health (1)(2) 42,100 421 

OncoGenex Pharmaceutical (1)(2) 24,500 56 

Orexigen Therapeutics (1)(2) 45,600 276 

Pharmacyclics (1)(2) 11,300 1,382 

Progenics Pharmaceuticals (1)(2) 33,500 253 

Puma Biotechnology (1) 3,200 606 

Raptor Pharmaceutical (1)(2) 16,300 171 

Sangamo BioSciences (1)(2) 22,500 342 

Sarepta Therapeutics (1)(2) 9,016 130 

Seattle Genetics (1)(2) 19,320 621 

Synageva BioPharma (1)(2) 3,800 353 

Synergy Pharmaceuticals (1)(2) 47,000 143 

Ultragenyx Pharmaceutical (1)(2) 6,300 276 

United Therapeutics (1) 10,100 1,308 

Vanda Pharmaceuticals (1)(2) 18,500 265 

ZIOPHARM Oncology (1)(2) 43,200 219 

28,947 

30



Shares/Par 

$ Value 

Health Care Equipment & Supplies 2.5% 

Abaxis 4,500 256 

Abiomed (1)(2) 6,100 232 

Accuray (1)(2) 20,100 152 

Alere (1) 12,860 489 

Align Technology (1) 14,430 807 

Analogic 4,080 345 

Angiodynamics (1) 8,132 155 

Biolase (2) 17,433 46 

Cantel Medical 2,100 91 

Cerus (1)(2) 20,070 125 

ConMed 6,050 272 

Cooper Companies 7,061 1,144 

CryoLife 10,350 117 

Cyberonics (1) 4,700 262 

Cynosure (1) 4,263 117 

Dexcom (1) 12,900 710 

Digirad 40,300 176 

Endologix (1) 15,300 234 

EnteroMedics (1)(2) 75,300 107 

Exactech (1) 1,700 40 

GenMark Diagnostics (1)(2) 13,500 184 

Globus Medical (1) 10,200 242 

Greatbatch (1) 5,050 249 

Haemonetics (1) 8,600 322 

HeartWare International (1)(2) 1,600 117 

Hill-Rom Holdings 7,750 354 

Hologic (1) 45,554 1,218 

ICU Medical (1) 1,300 106 

IDEXX Laboratories (1) 7,300 1,082 

Insulet (1) 10,800 497 

Integra LifeSciences (1) 2,800 152 

Invacare 6,700 112 

31



Shares/Par 

$ Value 

LeMaitre Vascular 1,900 15 

Masimo (1) 9,300 245 

Meridian Bioscience 4,375 72 

Merit Medical Systems (1) 9,606 166 

Neogen (1) 6,650 330 

NuVasive (1) 7,500 354 

OraSure Technologies (1) 19,775 201 

Quidel (1)(2) 16,500 477 

ResMed (2) 20,700 1,160 

RTI Surgical (1) 35,800 186 

Sirona Dental Systems (1) 12,600 1,101 

Spectranetics (1)(2) 9,200 318 

Steris 8,591 557 

SurModics (1) 3,050 67 

Symmetry Surgical (1) 5,000 39 

Teleflex 6,830 784 

Thoratec (1) 19,252 625 

Tornier (1)(2) 5,100 130 

Unilife (1)(2) 24,100 81 

Volcano (1) 12,300 220 

West Pharmaceutical Services 9,560 509 

Wright Medical Group (1)(2) 7,500 202 

18,351 

Health Care Providers & Services 2.9% 

Acadia Healthcare (1)(2) 7,900 484 

Air Methods (1)(2) 6,600 291 

AMN Healthcare Services (1) 7,805 153 

AmSurg, Class A (1) 7,400 405 

Bioscrip (1)(2) 19,100 133 

BioTelemetry (1) 2,600 26 

Brookdale Senior Living (1) 25,600 939 

Capital Senior Living (1) 13,400 334 

Centene (1) 8,600 893 

32



Shares/Par 

$ Value 

Chemed (2) 3,200 338 

Community Health Systems (1) 17,268 931 

Community Health Systems, Rights, 1/2/24 (1) 41,000 1 

CorVel (1) 5,450 203 

Envision Healthcare Holdings (1) 19,300 669 

Five Star Quality Care (1) 20,500 85 

Gentiva Health Services (1) 10,750 205 

Hanger (1) 8,050 176 

HCA Holdings (1) 51,200 3,758 

Health Net (1) 12,630 676 

HealthSouth 15,700 604 

Henry Schein (1) 13,200 1,797 

IPC Healthcare (1) 4,700 216 

Kindred Healthcare 12,915 235 

Landauer 3,500 119 

LHC Group (1) 3,500 109 

LifePoint Hospitals (1) 7,330 527 

Magellan Health (1) 6,400 384 

MEDNAX (1) 16,000 1,058 

Molina Healthcare (1) 3,750 201 

MWI Veterinary Supply (1) 2,300 391 

National Healthcare (2) 3,277 206 

Omnicare 15,316 1,117 

Owens & Minor 8,200 288 

PDI (1)(2) 30,900 55 

PharMerica (1) 9,659 200 

Premier (1) 4,900 164 

RadNet (1) 24,100 206 

Select Medical Holdings 7,900 114 

Team Health Holdings (1) 16,600 955 

Universal American (1) 9,540 88 

VCA (1) 14,100 688 

33



Shares/Par 

$ Value 

WellCare Health Plans (1) 9,700 796 

21,218 

Health Care Technology 0.4% 

Allscripts Healthcare Solutions (1) 9,400 120 

athenahealth (1)(2) 6,000 874 

HealthStream (1) 4,700 139 

HMS Holdings (1) 15,300 323 

MedAssets (1) 6,300 124 

Medidata Solutions (1) 9,800 468 

Omnicell (1) 11,320 375 

Quality Systems 8,000 125 

Veeva Systems, Class A (1)(2) 10,300 272 

2,820 

Life Sciences Tools & Services 1.4% 

Affymetrix (1)(2) 17,900 177 

Bio-Rad Laboratories, Class A (1) 2,400 289 

Bio-Techne 5,400 499 

Bruker (1) 30,050 590 

Cambrex (1) 9,710 210 

Charles River Laboratories International (1) 7,500 477 

Covance (1) 8,712 905 

Furiex Pharmaceuticals (1)(3) 2,710 20 

Harvard Bioscience (1) 14,300 81 

Illumina (1) 23,300 4,301 

Luminex (1) 4,700 88 

Mettler-Toledo International (1) 4,500 1,361 

Pacific Biosciences of California (1) 23,600 185 

Parexel International (1) 9,680 538 

Quintiles Transnational Holdings (1) 8,000 471 

Sequenom (1)(2) 37,100 137 

10,329 

34



Shares/Par 

$ Value 

Pharmaceuticals 1.3% 

Akorn (1) 12,400 449 

Auxilium Pharmaceuticals (1)(2) 11,400 392 

Avanir Pharmaceuticals (1) 1,600 27 

Catalent (1) 2,500 70 

DURECT (1)(2) 89,600 71 

Endo International (1)(2) 25,019 1,804 

Horizon Pharma (1)(2) 18,400 237 

Impax Laboratories (1) 9,900 314 

Jazz Pharmaceuticals (1)(2) 10,100 1,654 

Mallinckrodt (1) 8,152 807 

Medicines Company (1) 17,590 487 

Nektar Therapeutics (1) 25,500 395 

NuPathe, Rights, 1/2/24 (1)(2)(3) 81,200 85 

Pacira Pharmaceuticals (1)(2) 8,900 789 

Prestige Brands (1) 8,600 298 

Salix Pharmaceuticals (1)(2) 9,673 1,112 

Theravance (2) 18,000 255 

Theravance Biopharma (1)(2) 9,642 144 

VIVUS (1)(2) 50,000 144 

XenoPort (1) 35,000 307 

9,841 

Total Health Care 91,506 

INDUSTRIALS & BUSINESS SERVICES 14.5% 

Aerospace & Defense 1.6% 

AAR 7,300 203 

Aerovironment (1) 7,700 210 

Alliant Techsystems 4,700 546 

American Science Engineering 1,600 83 

B/E Aerospace (1) 15,850 920 

Cubic 2,700 142 

35



Shares/Par 

$ Value 

Curtiss-Wright 8,500 600 

DigitalGlobe (1) 19,693 610 

Ducommun (1) 3,600 91 

Esterline Technologies (1) 5,490 602 

Exelis 31,400 550 

GenCorp (1)(2) 12,210 223 

HEICO 5,400 326 

Hexcel (1) 15,500 643 

Huntington Ingalls Industries 7,900 888 

Moog, Class A (1) 6,830 506 

National Presto (2) 2,100 122 

Orbital Sciences (1) 10,070 271 

Spirit AeroSystems Holdings, Class A (1) 12,100 521 

TASER International (1)(2) 14,760 391 

Teledyne Technologies (1) 8,700 894 

Transdigm Group 7,800 1,532 

Triumph Group 8,200 551 

Vectrus (1) 6,744 185 

11,610 

Air Freight & Logistics 0.3% 

Atlas Air Worldwide (1) 3,600 177 

Forward Air 4,885 246 

Hub Group, Class A (1) 4,500 171 

Park Ohio Holdings 3,600 227 

UTi Worldwide (1)(2) 30,700 371 

XPO Logistics (1)(2) 17,000 695 

1,887 

Airlines 2.0% 

Alaska Air Group 25,000 1,494 

Allegiant Travel 4,400 661 

American Airlines 129,656 6,953 

JetBlue Airways (1)(2) 24,000 381 

36



Shares/Par 

$ Value 

SkyWest 2,530 33 

Spirit Airlines (1) 7,300 552 

United Continental (1) 68,226 4,564 

14,638 

Building Products 0.8% 

A.O. Smith 12,780 721 

AAON 11,590 260 

Apogee Enterprises 5,500 233 

Armstrong Worldwide Industries (1) 4,900 250 

Fortune Brands Home & Security 23,000 1,041 

Gibraltar Industries (1) 6,225 101 

Griffon 10,500 140 

Lennox International 6,690 636 

Nortek (1) 1,900 155 

Owens Corning 17,100 612 

Quanex Building Products 11,540 217 

Simpson Manufacturing 6,200 215 

Trex (1) 8,600 366 

Universal Forest Products 3,290 175 

USG (1)(2) 12,450 348 

5,470 

Commercial Services & Supplies 1.7% 

ABM Industries 9,350 268 

Acco Brands (1) 5,000 45 

Brady, Class A 7,300 200 

Brinks Company 6,949 170 

Casella Waste Systems, Class A (1) 18,075 73 

Ceco Environmental (2) 4,841 75 

Clean Harbors (1)(2) 13,300 639 

Copart (1) 17,300 631 

Courier 9,200 137 

Covanta Holding 16,904 372 

37



Shares/Par 

$ Value 

Deluxe 6,928 431 

Ecology & Environment, Class A (2) 205 2 

Ennis Business Forms 6,757 91 

Fuel Tech (1)(2) 13,700 52 

G & K Services, Class A 4,070 288 

Healthcare Services 16,650 515 

Herman Miller 9,950 293 

HNI 7,080 362 

IHS (1) 12,700 1,446 

InnerWorkings (1) 8,800 69 

Interface 8,600 142 

KAR Auction Services 20,600 714 

Kimball International, Class B 8,690 79 

Knoll 18,000 381 

Matthews International, Class A 7,600 370 

McGrath RentCorp 9,300 333 

Mobile Mini 13,500 547 

MSA Safety 4,900 260 

Multi-Color 6,512 361 

Performant Financial (1) 35,700 237 

R.R. Donnelley 30,616 515 

Rollins 8,867 293 

Steelcase, Class A 12,059 216 

Tetra Tech 10,050 268 

TRC (1) 14,000 89 

UniFirst 2,700 328 

United Stationers 6,346 268 

US Ecology (2) 4,900 197 

Viad 5,277 141 

Waste Connections 17,587 774 

12,672 

Construction & Engineering 0.6% 

AECOM (1) 23,022 699 

38



Shares/Par 

$ Value 

Aegion (1) 10,050 187 

Chicago Bridge & Iron, ADR (2) 17,576 738 

Comfort Systems USA 7,100 122 

Dycom Industries (1) 7,963 279 

EMCOR Group 9,860 439 

Furmanite (1) 16,500 129 

Granite Construction 8,200 312 

KBR 23,100 391 

Layne Christensen (1)(2) 26,100 249 

Mastec (1) 11,550 261 

MYR Group (1) 5,900 162 

Northwest Pipe (1) 3,600 108 

Sterling Construction (1) 15,200 97 

Tutor Perini (1) 7,600 183 

4,356 

Electrical Equipment 1.1% 

Acuity Brands 6,850 959 

AZZ 10,300 483 

Babcock & Wilcox 24,275 736 

Encore Wire 2,375 89 

EnerSys 5,900 364 

Franklin Electric 7,400 278 

FuelCell Energy (1)(2) 106,650 164 

Generac Holdings (1)(2) 10,100 472 

General Cable 11,500 171 

GrafTech International (1) 50,250 254 

Hubbell, Class B 8,333 890 

LSI Industries 9,825 67 

Polypore International (1) 8,400 395 

Powell Industries 2,300 113 

Regal-Beloit 6,200 466 

Sensata Technologies Holding (1)(2) 25,600 1,342 

Solarcity (1)(2) 5,200 278 

39



Shares/Par 

$ Value 

Thermon Group Holdings (1) 14,200 344 

Vicor (1)(2) 5,600 68 

7,933 

Industrial Conglomerates 0.1% 

Carlisle Companies 10,620 958 

958 

Machinery 3.4% 

Accuride (1) 19,500 85 

Actuant, Class A 7,020 191 

AGCO (2) 11,250 509 

Albany International 5,303 201 

Allison Transmission Holdings 17,100 580 

Astec Industries (2) 5,400 212 

Barnes Group 6,200 229 

Blount International (1) 9,177 161 

Briggs & Stratton (2) 6,400 131 

Chart Industries (1) 5,200 178 

CIRCOR International 3,800 229 

Clarcor 8,640 576 

Colfax (1)(2) 19,400 1,000 

Commercial Vehicle Group (1) 11,200 75 

Crane 6,641 390 

Donaldson 18,842 728 

Dynamic Materials 5,500 88 

EnPro Industries (1) 6,950 436 

ESCO Technologies 10,640 393 

Federal Signal 12,600 195 

Graco 9,775 784 

Graham 4,250 122 

Greenbrier Companies (2) 5,200 279 

Harsco 13,460 254 

Hillenbrand 13,850 478 

40



Shares/Par 

$ Value 

Hurco Companies 6,000 205 

Hyster-Yale Materials Handling 2,600 190 

IDEX 12,955 1,008 

ITT 12,000 486 

John Bean Technologies 11,472 377 

Kennametal 10,200 365 

Lincoln Electric Holdings 12,280 848 

Lindsay (2) 3,150 270 

Manitowoc 34,600 765 

Middleby (1) 8,793 871 

Mueller Industries 9,900 338 

Mueller Water Products 51,643 529 

NN 8,000 164 

Nordson 9,520 742 

Oshkosh 13,100 637 

RBC Bearings 6,900 445 

Rexnord (1) 16,300 460 

SPX 6,005 516 

Sun Hydraulics 4,200 165 

Tennant 3,100 224 

Terex 25,800 719 

Timken 11,200 478 

Titan International (2) 10,950 116 

Toro 9,060 578 

TriMas (1) 9,800 307 

Trinity Industries 26,158 733 

Valmont Industries (2) 4,200 533 

Wabash National (1) 25,900 320 

WABCO Holdings (1) 8,500 891 

Wabtec 15,060 1,309 

Watts Water Technologies, Class A 3,950 251 

Woodward 9,700 478 

24,822 

41



Shares/Par 

$ Value 

Marine 0.1% 

Baltic Trading (2) 33,300 83 

International Shipholding 1,400 21 

Kirby (1) 7,600 614 

Matson 5,550 192 

910 

Professional Services 0.9% 

Advisory Board (1) 6,480 317 

CBIZ (1) 13,650 117 

CDI 4,100 73 

Corporate Executive Board 4,700 341 

CRA International (1) 5,050 153 

Franklin Covey (1) 5,100 99 

FTI Consulting (1) 5,495 212 

Heidrick & Struggles International 2,758 64 

Insperity 4,950 168 

Kelly Services, Class A (2) 3,732 63 

Kforce 7,756 187 

Korn/Ferry (1) 7,400 213 

ManpowerGroup 11,542 787 

Mastech Holdings (1) 10,891 116 

Navigant Consulting (1) 5,700 88 

On Assignment (1) 7,850 260 

RPX (1) 11,400 157 

Towers Watson 10,850 1,228 

TrueBlue (1) 7,800 174 

Verisk Analytics, Class A (1) 28,000 1,793 

WageWorks (1) 4,700 303 

6,913 

Road & Rail 1.3% 

AMERCO 900 256 

ArcBest 4,500 209 

42



Shares/Par 

$ Value 

Avis Budget Group (1) 18,000 1,194 

Con-Way 7,200 354 

FRP Holdings (1)(2) 2,100 82 

Genesee & Wyoming, Class A (1) 7,618 685 

Heartland Express 5,823 157 

Hertz Global Holdings (1) 74,700 1,863 

J.B. Hunt Transport Services 17,952 1,512 

Knight Transportation 8,692 293 

Landstar System 7,400 537 

Old Dominion Freight Line (1) 9,727 755 

Quality Distribution (1) 15,400 164 

Saia (1) 5,100 282 

Swift Transportation (1) 9,600 275 

USA Truck (1)(2) 12,200 347 

Werner Enterprises 5,753 179 

YRC Worldwide (1) 9,500 214 

9,358 

Trading Companies & Distributors 0.6% 

Air Lease 13,200 453 

Applied Industrial Technologies 6,962 317 

Beacon Roofing Supply (1) 7,800 217 

GATX 5,750 331 

H&E Equipment Services 5,900 166 

HD Supply Holdings (1) 9,300 274 

Kaman 4,961 199 

Lawson Products (1) 5,000 133 

MRC Global (1) 14,000 212 

MSC Industrial Direct 7,300 593 

NOW (1)(2) 7,200 185 

Rush Enterprises, Class A (1) 5,800 186 

Tal International (2) 3,700 161 

Titan Machinery (1)(2) 5,900 82 

Watsco 4,100 439 

43



Shares/Par 

$ Value 

WESCO International (1)(2) 6,651 507 

Willis Lease Finance (1) 6,900 151 

4,606 

Total Industrials & Business Services 106,133 

INFORMATION TECHNOLOGY 15.9% 

Communications Equipment 1.3% 

ADTRAN 15,873 346 

Arris (1) 22,253 672 

Aruba Networks (1) 20,500 373 

Black Box 3,070 73 

Brocade Communications Systems 71,539 847 

CalAmp (1)(2) 11,700 214 

Ciena (1) 17,400 338 

CommScope Holding (1) 9,500 217 

Comtech Telecommunications 6,060 191 

Digi International (1) 7,460 69 

Echostar (1) 6,844 359 

Finisar (1)(2) 18,725 364 

Harmonic (1) 25,554 179 

Infinera (1)(2) 23,100 340 

InterDigital 6,360 336 

Ixia (1) 10,300 116 

JDS Uniphase (1) 38,800 532 

KVH Industries (1) 7,400 94 

Netgear (1) 5,200 185 

Palo Alto Networks (1) 10,000 1,226 

PC-Tel 15,900 138 

Plantronics 7,150 379 

Polycom (1) 28,700 387 

Riverbed Technology (1) 28,631 584 

Ruckus Wireless (1) 4,900 59 

Sonus Networks (1) 75,200 299 

44



Shares/Par 

$ Value 

Ubiquiti Networks (2) 6,900 205 

ViaSat (1)(2) 8,300 523 

9,645 

Electronic Equipment, Instruments & Components 2.3% 

Agilysys (1)(2) 7,052 89 

Anixter International (1) 4,000 354 

Arrow Electronics (1) 14,075 815 

Avnet 20,350 875 

AVX 4,202 59 

Belden 6,663 525 

Benchmark Electronics (1) 7,900 201 

CDW 16,000 563 

Cognex (1) 14,200 587 

Coherent (1) 2,800 170 

CTS 5,250 94 

Daktronics 7,600 95 

Dolby Laboratories, Class A 8,640 372 

DTS (1) 3,722 114 

Electro Rent 11,300 159 

Electro Scientific Industries 9,700 75 

Fabrinet (1) 7,400 131 

FARO Technologies (1) 4,100 257 

FEI 10,750 971 

Gerber Scientific, EC (1)(2)(3) 5,300 — 

I.D. Systems (1)(2) 10,700 72 

II-VI (1) 9,000 123 

Ingram Micro, Class A (1) 29,262 809 

Insight Enterprises (1) 6,650 172 

InvenSense (1)(2) 14,600 237 

IPG Photonics (1)(2) 5,300 397 

Itron (1) 5,600 237 

Jabil Circuit 14,600 319 

Keysight Technologies (1) 23,700 800 

45



Shares/Par 

$ Value 

Kimball Electronics (1) 6,517 78 

Littelfuse 2,100 203 

Lo-Jack (1) 14,800 37 

Maxwell Technologies (1)(2) 19,200 175 

Methode Electronics 7,050 257 

National Instruments 17,125 532 

Newport (1) 7,050 135 

OSI Systems (1) 2,538 180 

Park Electrochemical 4,100 102 

PC Connection 5,200 128 

Plexus (1) 5,560 229 

RadiSys (1) 24,700 58 

RealD (1)(2) 19,300 228 

Research Frontiers (1)(2) 33,100 169 

Rofin-Sinar Technology (1) 6,800 196 

Rogers (1) 3,250 265 

Sanmina (1) 11,800 278 

ScanSource (1) 4,500 181 

SigmaTron International (1) 1,000 7 

Synnex 4,400 344 

Tech Data (1) 7,480 473 

Trimble Navigation (1) 52,124 1,383 

TTM Technologies (1) 7,950 60 

Universal Display (1)(2) 8,100 225 

Vishay Intertechnology 17,178 243 

Vishay Precision (1) 12,383 212 

Zebra Technologies (1) 7,625 590 

16,640 

Internet Software & Services 3.0% 

Actua (1) 12,700 235 

Angie's List (1)(2) 38,100 237 

AOL (1) 14,800 683 

Bazaarvoice (1)(2) 45,000 362 

46



Shares/Par 

$ Value 

Blucora (1) 8,750 121 

Constant Contact (1) 7,300 268 

Cornerstone OnDemand (1)(2) 9,000 317 

CoStar Group (1) 5,202 955 

Dealertrack Technologies (1) 6,500 288 

Demandware (1) 5,900 340 

Digital River (1) 9,600 237 

EarthLink Holdings 16,940 74 

Envestnet (1) 3,500 172 

Equinix 10,297 2,335 

HomeAway (1) 14,900 444 

IAC/InterActiveCorp 12,100 736 

Internap (1) 9,800 78 

j2 Global 8,000 496 

LinkedIn (1) 18,500 4,250 

LivePerson (1) 31,600 446 

LogMeIn (1) 6,000 296 

Marketo (1)(2) 13,800 452 

Monster Worldwide (1) 25,300 117 

Pandora Media (1)(2) 36,400 649 

Perficient (1) 10,500 196 

Rackspace Hosting (1) 28,400 1,329 

Reis 8,100 212 

Shutterstock (1)(2) 2,900 200 

Spark Networks (1)(2) 1,000 4 

SPS Commerce (1) 7,100 402 

support.com (1) 58,000 122 

Textura (1)(2) 5,900 168 

Travelzoo (1) 4,600 58 

Trulia (1) 7,300 336 

Twitter (1) 87,300 3,131 

United Online (1) 17,739 258 

WebMD Health (1)(2) 6,356 251 

XO Group (1) 2,300 42 

47



Shares/Par 

$ Value 

Yelp (1)(2) 5,000 274 

Zillow (1)(2) 5,000 529 

22,100 

IT Services 2.1% 

Acxiom (1) 10,300 209 

Alliance Data Systems (1) 759 217 

Blackhawk Network Holdings (1) 5,900 222 

Broadridge Financial Solutions 17,400 804 

CACI International, Class A (1) 3,900 336 

Cardtronics (1) 6,200 239 

Ciber (1) 21,840 78 

Convergys 16,600 338 

CoreLogic (1) 24,030 759 

CSG Systems International 8,100 203 

Datalink (1) 9,100 117 

DST Systems 4,663 439 

Edgewater Technology (1) 9,767 73 

Euronet Worldwide (1) 7,450 409 

EVERTEC 3,000 66 

FleetCor Technologies (1) 12,600 1,874 

Forrester Research 5,200 205 

Gartner (1) 14,750 1,242 

Genpact (1) 8,900 169 

Global Cash Access (1) 14,300 102 

Global Payments 14,812 1,196 

Heartland Payment Systems 7,000 378 

iGate (1) 7,200 284 

Jack Henry & Associates 13,750 854 

Kratos Defense & Security Solutions (1) 2,342 12 

Leidos Holdings 8,700 379 

Maximus 9,600 527 

PRGX Global (1) 15,100 86 

SAIC 7,071 350 

48



Shares/Par 

$ Value 

Sykes Enterprises (1) 7,640 179 

Syntel (1) 4,020 181 

TeleTech Holdings (1) 3,490 83 

Unisys (1) 9,400 277 

Vantiv, Class A (1) 23,300 790 

VeriFone Systems (1) 19,484 725 

Virtusa (1) 2,000 83 

WEX (1) 9,200 910 

15,395 

Semiconductor & Semiconductor Equipment 2.8% 

Advanced Energy Industries (1) 11,250 267 

Amkor Technology (1) 14,120 100 

Atmel (1) 71,600 601 

BTU International (1) 3,700 12 

Cabot Microelectronics (1) 3,582 170 

Cavium (1) 7,100 439 

Cirrus Logic (1) 13,040 307 

Cohu 7,500 89 

Cree (1)(2) 20,800 670 

Cypress Semiconductor (1)(2) 20,150 288 

Diodes (1) 9,750 269 

DSP Group (1) 19,990 217 

Entegris (1) 20,477 271 

Entropic Communications (1) 58,500 148 

Exar (1) 16,850 172 

Fairchild Semiconductor, Class A (1) 21,610 365 

Freescale Semiconductor (1)(2) 18,800 474 

Integrated Device Technology (1) 26,900 527 

Integrated Silicon Solution 11,244 186 

International Rectifier (1) 10,920 436 

Intersil Holding, Class A 19,076 276 

IXYS 7,800 98 

Kopin (1) 58,900 213 

49



Shares/Par 

$ Value 

Kulicke & Soffa (1) 11,660 169 

Lattice Semiconductor (1) 32,000 221 

Marvell Technology Group 54,100 784 

Mattson Technology (1) 37,043 126 

Maxim Integrated Products 44,000 1,402 

Microsemi (1) 17,300 491 

MKS Instruments 7,200 264 

MoSys (1)(2) 29,900 56 

Nanometrics (1) 10,000 168 

Omnivision Technologies (1) 10,630 276 

ON Semiconductor (1) 76,260 773 

PDF Solutions (1) 5,701 85 

Pericom Semiconductor (1) 14,000 190 

Photronics (1) 26,160 217 

PMC-Sierra (1) 34,000 311 

Power Integrations 2,400 124 

Rambus (1) 19,800 220 

RF Micro Devices (1)(2) 48,339 802 

Rubicon Technology (1)(2) 37,500 171 

Rudolph Technologies (1) 11,000 113 

Semtech (1) 12,200 336 

Sigma Designs (1) 22,600 167 

Silicon Image (1) 22,400 124 

Silicon Laboratories (1) 6,750 321 

Skyworks Solutions 31,516 2,292 

SunEdison (1)(2) 47,400 925 

Synaptics (1) 6,275 432 

Teradyne 31,900 631 

Tessera Technologies 9,060 324 

TriQuint Semiconductor (1) 30,900 851 

Ultratech (1) 5,900 110 

Veeco (1) 6,629 231 

20,302 

50



Shares/Par 

$ Value 

Software 4.0% 

ACI Worldwide (1) 19,200 387 

Activision Blizzard 57,966 1,168 

Actuate (1) 25,200 166 

Advent Software 6,600 202 

Ansys (1) 14,531 1,192 

Aspen Technology (1) 15,500 543 

Aware (2) 21,000 95 

Blackbaud 9,100 394 

Bottomline Technologies (1) 11,900 301 

BroadSoft (1) 8,000 232 

Cadence Design Systems (1) 47,917 909 

CDK Global 25,700 1,048 

Commvault Systems (1) 7,200 372 

Comverse (1) 5,500 103 

Covisint (1) 26,572 70 

EnerNOC (1)(2) 9,000 139 

Epiq Systems 13,200 226 

FactSet Research Systems (2) 6,500 915 

Fair Isaac 4,585 332 

Fortinet (1) 21,200 650 

Guidewire Software (1) 12,500 633 

Imperva (1) 5,500 272 

Infoblox (1) 5,600 113 

Informatica (1) 16,150 616 

Interactive Intelligence (1)(2) 7,754 371 

Manhattan Associates (1) 12,640 515 

Mentor Graphics 15,080 331 

MicroStrategy (1) 1,906 310 

Monotype Imaging Holdings 9,500 274 

NetScout Systems (1) 2,200 80 

NetSol Technologies (1)(2) 24,200 101 

NetSuite (1)(2) 6,900 753 

51



Shares/Par 

$ Value 

Nuance Communications (1) 42,411 605 

Pegasystems 7,800 162 

Progress Software (1) 9,100 246 

Proofpoint (1)(2) 14,400 695 

Pros Holdings (1) 9,500 261 

PTC (1) 19,900 729 

Qlik Technologies (1) 9,400 290 

Qualys (1) 2,600 98 

RealPage (1)(2) 8,000 176 

Rovi (1) 16,292 368 

SeaChange International (1) 10,850 69 

ServiceNow (1) 21,100 1,432 

SolarWinds (1) 9,200 458 

Solera Holdings 9,700 496 

Splunk (1) 20,900 1,232 

SS&C Technologies Holdings 7,800 456 

Synchronoss Tech (1) 5,200 218 

Synopsys (1) 25,186 1,095 

Tableau Software (1) 7,400 627 

Take-Two Interactive Software (1) 15,245 427 

Tangoe (1) 22,700 296 

TeleCommunication Systems (1) 42,400 132 

TiVo (1) 20,700 245 

Tyler Technologies (1) 4,700 514 

Ultimate Software Group (1) 4,900 719 

Vasco Data Security International (1)(2) 4,900 138 

Verint Systems (1) 8,400 490 

VMware, Class A (1) 15,000 1,238 

Workday (1) 15,200 1,241 

Zynga (1) 87,600 233 

29,199 

Technology Hardware, Storage & Peripherals 0.4% 

3D Systems (1)(2) 13,250 436 

52



Shares/Par 

$ Value 

Concurrent Computer 5,700 40 

Cray (1) 8,077 278 

Diebold 10,690 370 

Electronics For Imaging (1) 10,300 441 

Hutchinson Technology (1)(2) 3,200 11 

Immersion (1) 10,300 98 

Intevac (1) 17,700 138 

Lexmark International 8,500 351 

NCR (1) 28,800 839 

Qumu (1) 15,700 215 

Silicon Graphics International (1) 8,800 100 

Video Display (1)(2) 8,080 23 

3,340 

Total Information Technology 116,621 

MATERIALS 4.9% 

Chemicals 2.4% 

A. Schulman (2) 6,713 272 

Albemarle (2) 20,200 1,215 

American Vanguard (2) 8,366 97 

Ashland 13,000 1,557 

Axiall 11,600 493 

Balchem 3,200 213 

Cabot 8,950 393 

Calgon Carbon (1) 9,800 204 

Celanese, Series A 28,521 1,710 

Chase 6,650 239 

Chemtura (1) 12,900 319 

Cytec Industries 11,520 532 

Ferro (1) 24,260 314 

Flotek Industries (1)(2) 18,600 348 

H.B. Fuller 7,540 336 

Huntsman 30,700 699 

53



Shares/Par 

$ Value 

Koppers 5,100 133 

Minerals Technologies 5,910 410 

NewMarket 1,900 767 

Olin 12,190 278 

OM Group 7,550 225 

OMNOVA Solutions (1) 14,900 121 

Platform Specialty Products (1) 14,700 341 

PolyOne 14,930 566 

Rayonier Advanced Materials (2) 6,317 141 

Rentech (1) 93,500 118 

RPM 29,000 1,471 

Scotts Miracle Gro 7,100 442 

Senomyx (1)(2) 41,700 251 

Sensient Technologies 7,380 445 

Stepan 5,000 200 

Tredegar 4,100 92 

Tronox 12,600 301 

Valspar 12,900 1,116 

W. R. Grace (1) 11,700 1,116 

Westlake Chemical 6,142 375 

Zep 4,775 72 

17,922 

Construction Materials 0.2% 

Eagle Materials 10,570 804 

Headwaters (1) 22,600 339 

Martin Marietta Materials (2) 2,435 268 

1,411 

Containers & Packaging 0.9% 

AptarGroup 10,260 686 

Berry Plastics (1) 18,400 581 

Crown Holdings (1) 19,150 975 

Graphic Packaging Holding (1) 24,613 335 

54



Shares/Par 

$ Value 

Greif 4,900 231 

Myers Industries 5,315 94 

Packaging Corporation of America 14,755 1,152 

Rock-Tenn, Class A 22,580 1,377 

Silgan Holdings 9,020 483 

Sonoco Products 15,887 694 

6,608 

Metals & Mining 1.0% 

AM Castle (1)(2) 12,300 98 

Carpenter Technology 8,100 399 

Century Aluminum (1) 8,743 213 

Coeur Mining (1)(2) 18,700 95 

Commercial Metals 18,300 298 

Compass Minerals 5,800 504 

Globe Specialty Metals 12,200 210 

Gold Resource (2) 35,100 119 

Haynes International 4,100 199 

Horsehead Holding (1)(2) 11,900 188 

Kaiser Aluminum 3,500 250 

Materion 4,900 173 

Noranda Aluminum Holding 40,800 144 

Reliance Steel & Aluminum 11,200 686 

Royal Gold (2) 12,650 793 

RTI International Metals (1) 6,000 152 

Steel Dynamics 36,928 729 

Stillwater Mining (1) 27,616 407 

SunCoke Energy 9,700 188 

Synalloy 7,100 125 

TimkenSteel 5,600 207 

U.S. Steel (2) 32,400 866 

Universal Stainless & Alloy Products (1) 2,700 68 

Worthington Industries 8,563 258 

7,369 

55



Shares/Par 

$ Value 

Paper & Forest Products 0.4% 

Boise Cascade (1) 2,600 97 

Clearwater Paper (1) 4,588 315 

Deltic Timber 1,700 116 

Domtar 15,816 636 

Glatfelter 7,100 182 

Kapstone Paper & Packaging 13,800 404 

Louisiana Pacific (1)(2) 42,900 710 

Resolute Forest Products (1) 5,600 99 

Schweitzer-Mauduit International 5,460 231 

Wausau Paper 9,000 102 

2,892 

Total Materials 36,202 

TELECOMMUNICATION SERVICES 0.7% 

Diversified Telecommunication Services 0.1% 

Alteva (1) 11,097 78 

Cogent Communications Group 9,500 336 

Consolidated Communications (2) 12,125 338 

General Communication, Class A (1) 9,670 133 

IDT, Class B 3,942 80 

Premiere Global Services (1) 5,100 54 

1,019 

Wireless Telecommunication Services 0.6% 

SBA Communications (1) 16,800 1,861 

Shenandoah Telecomm 8,200 256 

Sprint (1)(2) 43,600 181 

T-Mobile US (1) 57,000 1,536 

Telephone & Data Systems 15,985 404 

56



Shares/Par 

$ Value 

U.S. Cellular (1)(2) 1,993 79 

4,317 

Total Telecommunication Services 5,336 

UTILITIES 3.2% 

Electric Utilities 1.2% 

ALLETE 5,082 280 

Cleco 10,300 562 

El Paso Electric 8,300 332 

Genie Energy 22,942 142 

Great Plains Energy 22,933 651 

Hawaiian Electric Industries 17,800 596 

IdaCorp 8,110 537 

ITC Holdings 25,100 1,015 

MGE Energy 9,250 422 

NRG Yield, Class A (2) 4,900 231 

OGE Energy 30,500 1,082 

Otter Tail 7,250 224 

PNM Resources 20,719 614 

Portland General Electric 10,200 386 

United Illuminating 11,933 520 

Unitil 4,100 150 

Westar Energy 18,450 761 

8,505 

Gas Utilities 0.9% 

Atmos Energy 13,360 745 

Chesapeake Utilities 5,800 288 

Laclede Gas 4,310 229 

National Fuel Gas Company 12,330 857 

New Jersey Resources 9,075 555 

Northwest Natural Gas 8,490 424 

ONE Gas 6,700 276 

57



Shares/Par 

$ Value 

Piedmont Natural Gas (2) 10,200 402 

Questar 24,900 630 

RGC Resources 8,586 189 

South Jersey Industries 5,820 343 

Southwest Gas 8,080 499 

UGI 24,990 949 

Washington Gas Light 9,500 519 

6,905 

Independent Power & Renewable Electricity Producers 0.3% 

Calpine (1) 48,700 1,078 

Dynegy (1) 17,300 525 

Ormat Technologies 6,800 185 

1,788 

Multi-Utilities 0.4% 

Alliant Energy 18,248 1,212 

Avista 8,490 300 

Black Hills 8,240 437 

MDU Resources 17,491 411 

NorthWestern 6,600 374 

Vectren 11,149 515 

3,249 

Water Utilities 0.4% 

American States Water Company 10,200 384 

American Water Works 29,200 1,557 

Aqua America 27,232 727 

California Water Service Group 7,200 177 

58



Shares/Par 

$ Value 

Connecticut Water Service 7,550 274 

3,119 

Total Utilities 23,566 

Total Common Stocks (Cost $437,108) 709,295 

CONVERTIBLE PREFERRED STOCKS 0.0% 

HEALTH CARE 0.0% 

Health Care Providers & Services 0.0% 

National Healthcare, Series A 3,400 53 

Total Convertible Preferred Stocks (Cost $45) 53 

SHORT-TERM INVESTMENTS 3.9% 

Money Market Funds 3.6% 

T. Rowe Price Reserve Investment Fund, 0.07% (4)(5) 26,414,458 26,414 

26,414 

U.S. Treasury Obligations 0.3% 

U.S. Treasury Bills, 0.013%, 1/22/15 (6) 250,000 250 

U.S. Treasury Bills, 0.035%, 1/22/15 (6) 500,000 500 

U.S. Treasury Bills, 0.058%, 5/7/15 (6) 1,000,000 1,000 

1,750 

Total Short-Term Investments (Cost $28,164) 28,164 

59



SECURITIES LENDING COLLATERAL 10.1% 

Investments in a Pooled Account through Securities Lending 

Program with State Street Bank and Trust Company 10.1% 

Short-Term Funds 10.1% 

Shares/Par 

$ Value 

T. Rowe Price Short-Term Reserve Fund, 0.05% (4)(5) 7,399,318 73,993 

Total Investments through Securities Lending Program with 

State Street Bank and Trust Company 73,993 

Total Securities Lending Collateral (Cost $73,993) 73,993 

Total Investments in Securities 

110.6% of Net Assets (Cost $539,310) $ 811,505 

‡ Shares/Par are denominated in U.S. dollars unless otherwise noted. 

(1) Non-income producing 

(2) All or a portion of this security is on loan at December 31, 2014 -- total value of 

such securities at period-end amounts to $71,886. See Note 4. 

(3) Level 3 in fair value hierarchy. See Note 2. 

(4) Seven-day yield 

(5) Affiliated Companies 

(6) At December 31,2014, all or a portion of this security is pledged as collateral 

and/or margin deposit to cover future funding obligations. 

ADR American Depository Receipts 

CAD Canadian Dollar 

EC Escrow CUSIP; represents a beneficial interest in a residual pool of bankruptcy 

assets; the amount and timing of future distributions, if any, is uncertain. 

REIT A domestic Real Estate Investment Trust whose distributions pass-through with 

original tax character to the shareholder. 

60


Futures Contracts 

($000s) 

Contract 

Value 

Unrealized 

Gain (Loss) 

Expiration 

Long, 146 Russell 2000 Mini 

Index contracts 3/15 $ 17,530 $ 431 

Long, 59 S&P Mid 400 E-Mini 

Index contracts 3/15 8,547 355 

Net payments (receipts) of variation 

margin to date (1,077) 

Variation margin receivable (payable) 

on open futures contracts $ (291) 

61


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 which is under common ownership or control. Based on the fund’s relative 

ownership, the following securities were considered affiliated companies for all or some portion of 

the year ended December 31, 2014. Purchase and sales cost and investment income reflect all 

activity for the period then ended. 

Affiliate 

Purchase 

Cost 

Sales 

Cost 

Investment 

Income 

Value 

12/31/14 

Value 

12/31/13 

T. Rowe Price Reserve 

Investment Fund, 0.07% ¤ ¤ $ 19 $ 26,414 $ 39,873 

T. Rowe Price Short-Term 

Reserve Fund, 0.05% ¤ ¤ — ^ 73,993 55,684 

Totals $ 19 $ 100,407 $ 95,557 

¤ Purchase and sale information not shown for cash management funds. 

^ Excludes earnings on securities lending collateral, which are subject to rebates and fees as 

described in Note 4. 

Amounts reflected on the accompanying financial statements include the following amounts related 

to affiliated companies: 

Investment in securities, at cost $ 100,407 

Dividend income 19 

Interest income — 

Investment income $ 19 

Realized gain (loss) on securities $ — 

Capital gain distributions from 

mutual funds $ — 


62



Statement of Assets and Liabilities 

($000s, except shares and per share amounts) 

Assets 

Investments in securities, at value (cost $539,310) $ 811,505 

Receivable for investment securities sold 32,559 

Receivable for shares sold 1,743 

Dividends receivable 894 

Cash 26 

Other assets 156 

Total assets 846,883 

Liabilities 

Obligation to return securities lending collateral 73,993 

Payable for shares redeemed 38,078 

Investment management and administrative fees payable 303 

Variation margin payable on futures contracts 291 

Payable for investment securities purchased 157 

Other liabilities 79 

Total liabilities 112,901 

NET ASSETS $ 733,982 

Net Assets Consist of: 

Undistributed net investment income $ 229 

Accumulated undistributed net realized gain 9,775 

Net unrealized gain 272,980 

Paid-in capital applicable to 29,347,267 shares of $0.0001 par 

value capital stock outstanding; 1,000,000,000 shares of the 

Corporation authorized 450,998 

NET ASSETS $ 733,982 

NET ASSET VALUE PER SHARE $ 25.01 


63


Statement of Operations 

($000s) 

Investment Income (Loss) 

Year 

Ended 

12/31/14 

Income 

Dividend $ 10,028 

Securities lending 847 

Interest 1 

Total income 10,876 

Investment management and administrative expense 2,982 

Net investment income 7,894 

Realized and Unrealized Gain / Loss 

Net realized gain (loss) 

Securities 33,111 

Futures 2,618 

Foreign currency transactions (2) 

Net realized gain 35,727 

Change in net unrealized gain / loss 

Securities 11,285 

Futures (668) 

Change in net unrealized gain / loss 10,617 

Net realized and unrealized gain / loss 46,344 

INCREASE IN NET ASSETS FROM OPERATIONS $ 54,238 


64


Statement of Changes in Net Assets 

($000s) 

Increase (Decrease) in Net Assets 

Year 

Ended 

12/31/14 12/31/13 

Operations 

Net investment income $ 7,894 $ 5,316 

Net realized gain 35,727 26,249 

Change in net unrealized gain / loss 10,617 148,906 

Increase in net assets from operations 54,238 180,471 

Distributions to shareholders 

Net investment income (7,973) (5,008) 

Net realized gain (28,053) (15,940) 

Decrease in net assets from distributions (36,026) (20,948) 

Capital share transactions* 

Shares sold 158,682 203,782 

Distributions reinvested 34,033 19,785 

Shares redeemed (183,227) (103,076) 

Redemption fees received 44 37 

Increase in net assets from capital share 

transactions 9,532 120,528 

Net Assets 

Increase during period 27,744 280,051 

Beginning of period 706,238 426,187 

End of period $ 733,982 $ 706,238 

Undistributed net investment income 229 308 

*Share information 

Shares sold 6,377 9,434 

Distributions reinvested 1,397 851 

Shares redeemed (7,353) (4,758) 

Increase in shares outstanding 421 5,527 


65



Notes to Financial Statements 

T. Rowe Price Index Trust, Inc. (the corporation), is registered under the 

Investment Company Act of 1940 (the 1940 Act). The Extended Equity Market 

Index Fund (the fund) is a diversified, open-end management investment 

company established by the corporation. The fund commenced operations on 

January 30, 1998. The fund seeks to track the performance of a benchmark 

index that measures the investment return of small- and mid-capitalization in 

U.S. stocks. 

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 Income and 

expenses are recorded on the accrual basis. Premiums and discounts on debt 

securities are amortized for financial reporting purposes. Dividends received 

from mutual fund investments are reflected as dividend income; capital gain 

distributions are reflected as realized gain/loss. Earnings on investments 

recognized as partnerships for federal income tax purposes reflect the tax 

character of such earnings. Dividend income and capital gain distributions are 

recorded on the ex-dividend date. Income tax-related interest and penalties, if 

incurred, would be recorded as income tax expense. Investment transactions 

are accounted for on the trade date. Realized gains and losses are reported 

on the identified cost basis. Distributions to shareholders 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. Income 

distributions are declared and paid annually. Capital gain distributions, if any, 

are generally declared and paid by the fund annually. 

66


Currency Translation Assets, including investments, and liabilities denominated 

in foreign currencies are translated into U.S. dollar values each day at the 

prevailing exchange rate, using the mean of the bid and asked prices of such 

currencies against U.S. dollars as quoted by a major bank. Purchases and 

sales of securities, income, and expenses are translated into U.S. dollars at the 

prevailing exchange rate on the date of the transaction. The effect of changes in 

foreign currency exchange rates on realized and unrealized security gains and 

losses is reflected as a component of security gains and losses. 

Rebates Subject to best execution, the fund may direct certain security trades 

to brokers who have agreed to rebate a portion of the related brokerage 

commission to the fund in cash. Commission rebates are reflected as realized 

gain on securities in the accompanying financial statements. 

Redemption Fees A 0.5% fee is assessed on redemptions of fund shares held 

for 90 days or less to deter short-term trading and to protect the interests of 

long-term shareholders. Redemption fees are withheld from proceeds that 

shareholders receive from the sale or exchange of fund shares. The fees are 

paid to the fund and are recorded as an increase to paid-in capital. The fees 

may cause the redemption price per share to differ from the net asset value 

per share. 

New Accounting Guidance In June 2014, FASB issued Accounting Standards 

Update (ASU) No. 2014-11, Transfers and Servicing (Topic 860), Repurchase-to- 

Maturity Transactions, Repurchase Financings, and Disclosures. The ASU changes 

the accounting for certain repurchase agreements and expands disclosure 

requirements related to repurchase agreements, securities lending, repurchaseto-maturity 

and similar transactions. The ASU is effective for interim and 

annual reporting periods beginning after December 15, 2014. Adoption will 

have no effect on the fund’s net assets or results of operations. 

Note 2 - VALUATION 

The fund’s financial instruments are valued and its net asset value (NAV) 

per share is computed at the close of the New York Stock Exchange (NYSE), 

normally 4 p.m. ET, each day the NYSE is open for business. 

Fair Value The fund’s financial instruments 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 

67


measurement date. The T. Rowe Price Valuation Committee (the Valuation 

Committee) has been established by the fund’s Board of Directors (the Board) 

to ensure that financial instruments are appropriately priced at fair value in 

accordance with GAAP and the 1940 Act. Subject to oversight by the Board, 

the Valuation Committee develops and oversees pricing-related policies 

and procedures and approves all fair value determinations. Specifically, the 

Valuation Committee establishes procedures to value securities; determines 

pricing techniques, sources, and persons eligible to effect fair value pricing 

actions; oversees the selection, services, and performance of pricing vendors; 

oversees valuation-related business continuity practices; and provides guidance 

on internal controls and valuation-related matters. The Valuation Committee 

reports to the Board; is chaired by the fund’s treasurer; and has representation 

from legal, portfolio management and trading, operations, and risk management. 

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 

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. 

68


Valuation Techniques Equity securities listed or regularly traded on a securities 

exchange or in the over-the-counter (OTC) market are valued at the last 

quoted sale price or, for certain markets, the official closing price at the time 

the valuations are made. OTC Bulletin Board securities are valued at the mean 

of the closing bid and asked prices. A security that is listed or traded on more 

than one exchange is valued at the quotation on the exchange determined to be 

the primary market for such security. Listed securities not traded on a particular 

day are valued at the mean of the closing bid and asked prices for domestic 

securities and the last quoted sale or closing price for international securities. 

For valuation purposes, the last quoted prices of non-U.S. equity securities may 

be adjusted to reflect the fair value of such securities at the close of the NYSE. 

If the fund determines that developments between the close of a foreign market 

and the close of the NYSE will, in its judgment, materially affect the value of 

some or all of its portfolio securities, the fund will adjust the previous quoted 

prices to reflect what it believes to be the fair value of the securities as of the 

close of the NYSE. In deciding whether it is necessary to adjust quoted prices 

to reflect fair value, the fund reviews a variety of factors, including developments 

in foreign markets, the performance of U.S. securities markets, and the performance 

of instruments trading in U.S. markets that represent foreign securities 

and baskets of foreign securities. The fund may also fair value securities in 

other situations, such as when a particular foreign market is closed but the fund 

is open. The fund uses outside pricing services to provide it with quoted prices 

and information to evaluate or adjust those prices. The fund cannot predict 

how often it will use quoted prices and how often it will determine it necessary 

to adjust those prices to reflect fair value. As a means of evaluating its security 

valuation process, the fund routinely compares quoted prices, the next day’s 

opening prices in the same markets, and adjusted prices. 

Actively traded domestic equity securities generally are categorized in Level 1 

of the fair value hierarchy. Non-U.S. equity securities generally are categorized 

in Level 2 of the fair value hierarchy despite the availability of quoted prices 

because, as described above, the fund evaluates and determines whether those 

quoted prices reflect fair value at the close of the NYSE or require adjustment. 

OTC Bulletin Board securities, certain preferred securities, and equity securities 

traded in inactive markets generally are categorized in Level 2 of the fair 

value hierarchy. 

Debt securities generally are traded in the OTC market. Debt securities with 

remaining maturities of less than one year at the time of acquisition generally 

use amortized cost in local currency to approximate fair value. However, if 

69


amortized cost is deemed not to reflect fair value or the fund holds a significant 

amount of such securities with remaining maturities of more than 60 days, 

the securities are valued at prices furnished by dealers who make markets in 

such securities or by an independent pricing service. Generally, debt securities 

are categorized in Level 2 of the fair value hierarchy; however, to the extent 

the valuations include significant unobservable inputs, the securities would be 

categorized in Level 3. 

Investments in mutual funds are valued at the mutual fund’s closing NAV per 

share on the day of valuation and are categorized in Level 1 of the fair value 

hierarchy. Financial futures contracts are valued at closing settlement prices 

and are categorized in Level 1 of the fair value hierarchy. 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. 

Thinly traded financial instruments and those for which the above valuation 

procedures are inappropriate or are deemed not to reflect fair value are stated 

at fair value as determined in good faith by the Valuation Committee. The 

objective of any fair value pricing determination is to arrive at a price that 

could reasonably be expected from a current sale. Financial instruments fair 

valued by the Valuation Committee are primarily private placements, restricted 

securities, warrants, rights, and other securities that are not publicly traded. 

Subject to oversight by the Board, the Valuation Committee regularly 

makes good faith judgments to establish and adjust the fair valuations of 

certain securities as events occur and circumstances warrant. For instance, 

in determining the fair value of an equity investment with limited market 

activity, such as a private placement or a thinly traded public company stock, 

the Valuation Committee considers a variety of factors, which may include, 

but are not limited to, the issuer’s business prospects, its financial standing 

and performance, recent investment transactions in the issuer, new rounds of 

financing, negotiated transactions of significant size between other investors in 

the company, relevant market valuations of peer companies, strategic events 

affecting the company, market liquidity for the issuer, and general economic 

conditions and events. In consultation with the investment and pricing teams, 

the Valuation Committee will determine an appropriate valuation technique 

based on available information, which may include both observable and 

unobservable inputs. The Valuation Committee typically will afford greatest 

weight to actual prices in arm’s length transactions, to the extent they represent 

70


orderly transactions between market participants; transaction information 

can be reliably obtained; and prices are deemed representative of fair value. 

However, the Valuation Committee may also consider other valuation methods 

such as market-based valuation multiples; a discount or premium from 

market value of a similar, freely traded security of the same issuer; or some 

combination. Fair value determinations are reviewed on a regular basis and 

updated as information becomes available, including actual purchase and 

sale transactions of the issue. Because any fair value determination involves 

a significant amount of judgment, there is a degree of subjectivity inherent 

in such pricing decisions, and fair value prices determined by the Valuation 

Committee could differ from those of other market participants. Depending 

on the relative significance of unobservable inputs, including the valuation 

technique(s) used, fair valued securities may be categorized in Level 2 or 3 of 

the fair value hierarchy. 

Valuation Inputs The following table summarizes the fund’s financial 

instruments, based on the inputs used to determine their fair values on 

December 31, 2014: 

($000s) Level 1 Level 2 Level 3 Total Value 

Assets 

Quoted 

Prices 

Significant 

Observable 

Inputs 

Significant 

Unobservable 

Inputs 

Investments in Securities, 

except: $ 73,993 $ — $ — $ 73,993 

Common Stocks 708,519 671 105 709,295 

Convertible Preferred Stocks — 53 — 53 

Short-Term Investments 26,414 1,750 — 28,164 

Total $ 808,926 $ 2,474 $ 105 $ 811,505 

Liabilities 

Futures Contracts $ 291 $ — $ — $ 291 

There were no material transfers between Levels 1 and 2 during the year ended 

December 31, 2014. 

71


Following is a reconciliation of the fund’s Level 3 holdings for the year ended 

December 31, 2014. Gain (loss) reflects both realized and change in unrealized 

gain/loss on Level 3 holdings during the period, if any, and is included on the 

accompanying Statement of Operations. The change in unrealized gain/loss on 

Level 3 instruments held at December 31, 2014, totaled $79,000 for the year 

ended December 31, 2014. 

($000s) 

Investments in Securities 

Beginning 

Balance 

1/1/14 

Gain (Loss) 

During 

Period 

Total 

Purchases 

Ending 

Balance 

12/31/14 

Common Stocks $ — $ 79 $ 26 $ 105 

Note 3 - derivative instruments 

During the year ended December 31, 2014, the fund invested in derivative 

instruments. As defined by GAAP, a derivative is a financial instrument 

whose value is derived from an underlying security price, foreign exchange 

rate, interest rate, index of prices or rates, or other variable; it requires little 

or no initial investment and permits or requires net settlement. The fund 

invests in derivatives only if the expected risks and rewards are consistent 

with its investment objectives, policies, and overall risk profile, as described 

in its prospectus and Statement of Additional Information. The fund may use 

derivatives for a variety of purposes, such as seeking 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, or to adjust credit 

exposure. The risks associated with the use of derivatives are different from, 

and potentially much greater than, the risks associated with investing directly 

in the instruments on which the derivatives are based. The fund at all times 

maintains sufficient cash reserves, liquid assets, or other SEC-permitted asset 

types to cover its settlement obligations under open derivative contracts. 

The fund values its derivatives at fair value, as described in Note 2, 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 

72


to return collateral. As of December 31, 2014, the fund held equity futures 

with cumulative unrealized gain of $786,000; the value reflected on the 

accompanying Statement of Assets and Liabilities is the related unsettled 

variation margin. 

Additionally, during the year ended December 31, 2014, the fund recognized 

$2,618,000 of realized gain on Futures and a $(668,000) change in unrealized 

gain/loss on Futures related to its investments in equity derivatives; such 

amounts are included on the accompanying Statement of Operations. 

Counterparty Risk and Collateral The fund invests in exchange-traded 

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 equal to a certain percentage of the contract value 

(margin requirement), and the margin requirement must be maintained over 

the life of the contract. Each clearing broker, 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 and currencies posted by the fund are 

reflected as cash deposits in the accompanying financial statements and generally 

are 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. As of December 31, 2014, securities valued at $1,400,000 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 

73


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. Risks related to the use of futures contracts include 

possible illiquidity of the futures markets, contract prices that can be highly 

volatile and imperfectly correlated to movements in hedged security values, 

and potential losses in excess of the fund’s initial investment. During the year 

ended December 31, 2014, the volume of the fund’s activity in futures, based on 

underlying notional amounts, was generally between 3% and 6% 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 brokers 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, 

valued at 102% to 105% of the value of the securities on loan. 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 

by the lending agent(s) 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 

74


financial statements, but collateral received in the form of securities is not. At 

December 31, 2014, the value of loaned securities was $71,886,000, including 

securities sold but not yet settled, which are not reflected in the accompanying 

Portfolio of Investments; the value of cash collateral and related investments 

was $73,993,000. 

Other Purchases and sales of portfolio securities other than short-term securities 

aggregated $121,160,000 and $121,152,000, respectively, for the year ended 

December 31, 2014. 

Note 5 - Federal Income Taxes 

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 fund files U.S. federal, state, and local tax returns as required. The fund’s 

tax returns are subject to examination by the relevant tax authorities until 

expiration of the applicable statute of limitations, which is generally three 

years after the filing of the tax return but which can be extended to six years 

in certain circumstances. Tax returns for open years have incorporated no 

uncertain tax positions that require a provision for income taxes. 

Reclassifications to paid-in capital relate primarily to a tax practice that treats a 

portion of the proceeds from each redemption of capital shares as a distribution 

of taxable net investment income or realized capital gain. For the year ended 

December 31, 2014, the following reclassifications were recorded to reflect tax 

character (there was no impact on results of operations or net assets): 

($000s) 

Undistributed net realized gain $ (4,127) 

Paid-in capital 4,127 

75


Distributions during the years ended December 31, 2014 and December 31, 

2013, were characterized for tax purposes as follows: 

($000s) 

December 31 

2014 2013 

Ordinary income $ 10,040 $ 10,042 

Long-term capital gain 25,986 10,906 

Total distributions $ 36,026 $ 20,948 

At December 31, 2014, the tax-basis cost of investments and components of net 

assets were as follows: 

($000s) 

Cost of investments $ 540,515 

Unrealized appreciation $ 292,174 

Unrealized depreciation (21,184) 

Net unrealized appreciation (depreciation) 270,990 

Undistributed ordinary income 1,826 

Undistributed long-term capital gain 10,168 

Paid-in capital 450,998 

Net assets $ 733,982 

The difference between book-basis and tax-basis net unrealized appreciation 

(depreciation) is attributable to the deferral of losses from wash sales and the 

realization of gains/losses on passive foreign investment companies and/or 

certain open derivative contracts for tax purposes. 

Note 6 - 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). The 

investment management and administrative agreement between the fund and 

Price Associates provides for an all-inclusive annual fee equal to 0.40% of the 

fund’s average daily net assets. The fee is computed daily and paid monthly. 

76


The all-inclusive fee covers investment management, shareholder servicing, 

transfer agency, accounting, and custody services provided to the fund, as well 

as fund directors’ fees and expenses. Interest, taxes, brokerage commissions, 

and extraordinary expenses are paid directly by the fund. 

Additionally, the fund is one of several mutual funds in which certain college 

savings plans managed by Price Associates may invest. As approved by the 

fund’s Board of Directors, shareholder servicing costs associated with each 

college savings plan are allocated to the fund in proportion to the average daily 

value of its shares owned by the college savings plan. Shareholder servicing 

costs allocated to the fund are borne by Price Associates, pursuant to the fund’s 

all-inclusive fee agreement. At December 31, 2014, approximately 1% of the 

outstanding shares of the fund were held by college savings plans. 

The fund may invest in the T. Rowe Price Reserve Investment Fund, the 

T. Rowe Price Government Reserve Investment Fund, or the T. Rowe Price 

Short-Term Reserve Fund (collectively, the Price Reserve Investment Funds), 

open-end management investment companies managed by Price Associates 

and considered affiliates of the fund. The Price Reserve Investment 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. The Price Reserve Investment Funds 

pay no investment management fees. 

77


Report of Independent Registered Public Accounting Firm 

To the Board of Directors of T. Rowe Price Index Trust, Inc. and 

Shareholders of T. Rowe Price Extended Equity Market Index Fund 

In our opinion, the accompanying statement of assets and liabilities, including 

the portfolio of investments, and the related statements of operations and of 

changes in net assets and the financial highlights present fairly, in all material 

respects, the financial position of T. Rowe Price Extended Equity Market 

Index Fund (one of the portfolios comprising T. Rowe Price Index Trust, Inc., 

hereafter referred to as the “Fund”) at December 31, 2014, the results of its 

operations, the changes in its net assets and the financial highlights for each 

of the periods indicated therein, in conformity with accounting principles 

generally accepted in the United States of America. These financial statements 

and financial highlights (hereafter referred to as “financial statements”) are the 

responsibility of the Fund’s management. Our responsibility is to express an 

opinion on these financial statements based on our audits. We conducted our 

audits of these financial statements in accordance with the standards of the 

Public Company Accounting Oversight Board (United States). Those standards 

require that we plan and perform the audit to obtain reasonable assurance 

about whether the financial statements are free of material misstatement. An 

audit includes examining, on a test basis, evidence supporting the amounts 

and disclosures in the financial statements, assessing the accounting principles 

used and significant estimates made by management, and evaluating the 

overall financial statement presentation. We believe that our audits, which 

included confirmation of securities at December 31, 2014 by correspondence 

with the custodian and brokers, and confirmation of the underlying funds 

by correspondence with the transfer agent, provide a reasonable basis for 

our opinion. 

PricewaterhouseCoopers LLP 

Baltimore, Maryland 

February 13, 2015 

78


Tax Information (Unaudited) for the Tax Year Ended 12/31/14 

We are providing this information as required by the Internal Revenue Code. The amounts 

shown may differ from those elsewhere in this report because of differences between tax 

and financial reporting requirements. 

The fund’s distributions to shareholders included: 

• $3,006,000 from short-term capital gains 

• $29,175,000 from long-term capital gains, of which $29,091,000 was subject to a longterm 

capital gains tax rate of not greater than 20%, and $84,000 to a long-term capital 

gains tax rate of not greater than 25%. 

For taxable non-corporate shareholders, $5,749,000 of the fund’s income represents qualified 

dividend income subject to a long-term capital gains tax rate of not greater than 20%. 

For corporate shareholders, $5,394,000 of the fund’s income qualifies for the dividendsreceived 

deduction. 

Information on Proxy Voting Policies, Procedures, and Records 

A description of the policies and procedures used by T. Rowe Price funds and portfolios 

to determine how to vote proxies relating to portfolio securities is available in each 

fund’s Statement of Additional Information. You may request this document by calling 

1-800-225-5132 or by accessing the SEC’s website, sec.gov. 

The description of our proxy voting policies and procedures is also available on our website, 

troweprice.com. To access it, click on the words “Social Responsibility” at the top of our 

corporate homepage. Next, click on the words “Conducting Business Responsibly” on the 

left side of the page that appears. Finally, click on the words “Proxy Voting Policies” on the 

left side of the page that appears. 

Each fund’s most recent annual proxy voting record is available on our website and 

through the SEC’s website. To access it through our website, follow the above directions 

to reach the “Conducting Business Responsibly” page. Click on the words “Proxy Voting 

Records” on the left side of that page, and then click on the “View Proxy Voting Records” 

link at the bottom of the page that appears. 

How to Obtain Quarterly Portfolio Holdings 

The fund files a complete schedule of portfolio holdings with the Securities and Exchange 

Commission for the first and third quarters of each fiscal year on Form N-Q. The fund’s 

Form N-Q is available electronically on the SEC’s website (sec.gov); hard copies 

may be reviewed and copied at the SEC’s Public Reference Room, 100 F St. N.E., 

Washington, DC 20549. For more information on the Public Reference Room, call 

1-800-SEC-0330. 

79


About the Fund’s Directors and Officers 

Your fund is overseen by a Board of Directors (Board) that meets regularly to review a wide variety of 

matters affecting or potentially affecting the fund, including performance, investment programs, compliance 

matters, advisory fees and expenses, service providers, and business and regulatory affairs. 

The Board elects the fund’s officers, who are listed in the final table. At least 75% of the Board’s 

members are independent of T. Rowe Price Associates, Inc. (T. Rowe Price), and its affiliates; “inside” 

or “interested” directors are employees or officers of T. Rowe Price. The business address of each 

director and officer is 100 East Pratt Street, Baltimore, Maryland 21202. The Statement of Additional 

Information includes additional information about the fund directors and is available without charge 

by calling a T. Rowe Price representative at 1-800-638-5660. 

Independent Directors 

Name 

(Year of Birth) 

Year Elected* 

[Number of T. Rowe Price 

Portfolios Overseen] 

William R. Brody, M.D., 

Ph.D. 

(1944) 

2009 

[165] 

Anthony W. Deering 

(1945) 

2001 

[165] 

Donald W. Dick, Jr. 

(1943) 

1994 

[165] 

Bruce W. Duncan 

(1951) 

2013 

[165] 

Robert J. Gerrard, Jr. 

(1952) 

2012 

[165] 

Principal Occupation(s) and Directorships of Public Companies and 

Other Investment Companies During the Past Five Years 

President and Trustee, Salk Institute for Biological Studies (2009 to 

present); Director, BioMed Realty Trust (2013 to present); Director, 

Novartis, Inc. (2009 to present); Director, IBM (2007 to present) 

Chairman, Exeter Capital, LLC, a private investment firm (2004 to 

present); Director, Brixmor Real Estate Investment Trust (2012 to 

present); Director and Member of the Advisory Board, Deutsche 

Bank North America (2004 to present); Director, Under Armour 

(2008 to present); Director, Vornado Real Estate Investment Trust 

(2004 to 2012) 

Principal, EuroCapital Partners, LLC, an acquisition and management 

advisory firm (1995 to present) 

President, Chief Executive Officer, and Director, First Industrial Realty 

Trust, owner and operator of industrial properties (2009 to present); 

Chairman of the Board (2005 to present), Interim Chief Executive 

Officer (2007), and Director, Starwood Hotels & Resorts, hotel and 

leisure company (1999 to present) 

Advisory Board Member, Pipeline Crisis/Winning Strategies, a 

collaborative working to improve opportunities for young African 

Americans (1997 to present); Chairman of Compensation Committee 

and Director, Syniverse Holdings, Inc., a provider of wireless voice 

and data services for telecommunications companies (2008 to 2011) 

*Each independent director serves until retirement, resignation, or election of a successor. 

80


Independent Directors (continued) 

Name 


Year Elected* 



Karen N. Horn 

(1943) 

2003 

[165] 

Paul F. McBride 

(1956) 

2013 

[165] 

Cecilia E. Rouse, Ph.D. 

(1963) 

2012 

[165] 

John G. Schreiber 

(1946) 

2001 

[165] 

Mark R. Tercek 

(1957) 

2009 

[165] 



Limited Partner and Senior Managing Director, Brock Capital Group, 

an advisory and investment banking firm (2004 to present); Director, 

Eli Lilly and Company (1987 to present); Director, Simon Property 

Group (2004 to present); Director, Norfolk Southern (2008 to present) 

Former Company Officer and Senior Vice President, Human 

Resources and Corporate Initiatives, Black & Decker Corporation 

(2004 to 2010) 

Dean, Woodrow Wilson School (2012 to present); Professor and 

Researcher, Princeton University (1992 to present); Director, MDRC, a 

nonprofit education and social policy research organization (2011 to 

present); Member, National Academy of Education (2010 to present); 

Research Associate, National Bureau of Economic Research’s Labor 

Studies Program (2011 to present); Member, President’s Council of 

Economic Advisors (2009 to 2011); Chair of Committee on the Status 

of Minority Groups in the Economic Profession, American Economic 

Association (2012 to present) 

Owner/President, Centaur Capital Partners, Inc., a real estate 

investment company (1991 to present); Cofounder and Partner, 

Blackstone Real Estate Advisors, L.P. (1992 to present); Director, 

General Growth Properties, Inc. (2010 to 2013); Director, BXMT 

(formerly Capital Trust, Inc.), a real estate investment company 

(2012 to present); Director and Chairman of the Board, Brixmor 

Property Group, Inc. (2013 to present); Director, Hilton Worldwide 

(2013 to present) 

President and Chief Executive Officer, The Nature Conservancy (2008 

to present); Managing Director, The Goldman Sachs Group, Inc. 

(1984 to 2008) 

*Each independent director serves until retirement, resignation, or election of a successor. 

81


Inside Directors 

Name 


Year Elected* 



Edward C. Bernard 

(1956) 

2006 

[165] 

Brian C. Rogers, CFA, CIC 

(1955) 

2006 

[111] 



Director and Vice President, T. Rowe Price; Vice Chairman of the 

Board, Director, and Vice President, T. Rowe Price Group, Inc.; 

Chairman of the Board, Director, and President, T. Rowe Price 

Investment Services, Inc.; Chairman of the Board and Director, 

T. Rowe Price Retirement Plan Services, Inc., and T. Rowe Price 

Services, Inc.; Chairman of the Board, Chief Executive Officer, 

and Director, T. Rowe Price International; Chairman of the Board, 

Chief Executive Officer, Director, and President, T. Rowe Price Trust 

Company; Chairman of the Board, all funds 

Chief Investment Officer, Director, and Vice President, T. Rowe Price; 

Chairman of the Board, Chief Investment Officer, Director, and Vice 

President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price 

Trust Company 

*Each inside director serves until retirement, resignation, or election of a successor. 

Officers 

Name (Year of Birth) 

Position Held With Index Trust 

E. Frederick Bair, CFA, CPA (1969) 

President 

Darrell N. Braman (1963) 

Vice President 

Roger L. Fiery III, CPA (1959) 


John R. Gilner (1961) 

Chief Compliance Officer 

Principal Occupation(s) 

Vice President, T. Rowe Price, T. Rowe Price 

Group, Inc., and T. Rowe Price Trust Company 

Vice President, Price Hong Kong, Price 

Singapore, T. Rowe Price, T. Rowe Price Group, 

Inc., T. Rowe Price International, T. Rowe Price 

Investment Services, Inc., and T. Rowe Price 

Services, Inc. 


Singapore, T. Rowe Price, T. Rowe Price Group, 

Inc., T. Rowe Price International, and T. Rowe 

Price Trust Company 

Chief Compliance Officer and Vice President, 

T. Rowe Price; Vice President, T. Rowe Price 

Group, Inc., and T. Rowe Price Investment 

Services, Inc. 

Unless otherwise noted, officers have been employees of T. Rowe Price or T. Rowe Price International 

for at least 5 years. 

82


Officers (continued) 

Name (Year of Birth) 

Position Held With Index Trust 

Gregory S. Golczewski (1966) 


Gregory K. Hinkle, CPA (1958) 

Treasurer 

Patricia B. Lippert (1953) 

Secretary 

R. Scott Livingston (1979) 


David Oestreicher (1967) 


Deborah D. Seidel (1962) 


Neil Smith (1972) 


Craig A. Thiese (1975) 


Ken D. Uematsu, CFA (1969) 

Executive Vice President 

Julie L. Waples (1970) 


J. Zachary Wood, CFA (1972) 


Principal Occupation(s) 

Vice President, T. Rowe Price and T. Rowe Price 

Trust Company 


Group, Inc., and T. Rowe Price Trust Company 

Assistant Vice President, T. Rowe Price and 


Assistant Vice President, T. Rowe Price 

Director, Vice President, and Secretary, T. Rowe 

Price Investment Services, Inc., T. Rowe 

Price Retirement Plan Services, Inc., T. Rowe 

Price Services, Inc., and T. Rowe Price Trust 

Company; Chief Legal Officer, Vice President, 

and Secretary, T. Rowe Price Group, Inc.; Vice 

President and Secretary, T. Rowe Price and 

T. Rowe Price International; Vice President, 

Price Hong Kong and Price Singapore 


Group, Inc., T. Rowe Price Investment Services, 

Inc., and T. Rowe Price Services, Inc. 


Singapore, T. Rowe Price Group, Inc., and 

T. Rowe Price International 


Group, Inc. 


Trust Company 

Vice President, T. Rowe Price 


Group, Inc. 

Unless otherwise noted, officers have been employees of T. Rowe Price or T. Rowe Price International 

for at least 5 years. 

83

T. Rowe Price Investment Services and Information 


Investment Services and Information 

KNOWLEDGEABLE CUSTOMER SERVICE 

On the Web at troweprice.com. 

By Phone at 1-800-225-5132. Available Monday through Friday from 8 a.m. until 

10 p.m. ET and Saturday from 8:30 a.m. until 5 p.m. ET. 

In Person at a T. Rowe Price Investor Center. Please visit the website at 

troweprice.com/investorcenter or call 1-800-225-5132 to locate a center near you. 

ACCOUNT SERVICES 

Account Access. Through the T. Rowe Price website at troweprice.com and via 

phone through Tele*Access ® . 

Automatic Investing. From your bank account or paycheck. 

Automatic Withdrawal. Scheduled, periodic redemptions. 

IRA Rebalancing. Automatically rebalance to ensure that your accounts reflect 

your desired asset allocations. 

BROKERAGE SERVICES‡ 

Trade stocks, mutual funds, ETFs, bonds, options, CDs, precious metals, 

and more at competitive commissions. 

INVESTMENT INFORMATION 

Consolidated Statement. Overview of all of your T. Rowe Price mutual fund and 

Brokerage accounts. 

Shareholder Reports. Manager reviews of their strategies and results. 

T. Rowe Price Report. Quarterly investment newsletter. 

T. Rowe Price Investor. Quarterly publication of insightful financial articles. 

Investment Guides. International Investing Guide and Guide to Bond Funds. 

FINANCIAL INTERMEDIARIES AND ADVISORS 

By Phone at 1-877-804-2315. Contact us Monday through Friday from 8:30 a.m. 

until 6 p.m. ET. 

By Mail: T. Rowe Price, Financial Institution Services, P.O. Box 89000, Baltimore, 

MD 21289-4232. 

CUSTOMERS WHO TRADE THROUGH A FINANCIAL INTERMEDIARY 

Please contact your intermediary or financial professional for assistance. 

‡ Options trading involves additional risk and is not suitable for all investors. Brokerage 

services offered by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. 

84

T. Rowe Price Web Services 


troweprice.com 

LOG IN AND MANAGE YOUR INVESTMENTS ONLINE 

troweprice.com/access 

Manage your account by checking balances with up-to-date statements, tracking 

and analyzing your portfolio, and/or granting View Access to others as you see fit. 

Perform transactions at your convenience. Buy, sell, or exchange shares quickly 

and securely. You can also set up automatic investing and add a bank account to 

move money easily. 

Update your preferences by confirming your contact information and verifying 

your beneficiaries so that your assets can be distributed as you wish. 

ONLINE SERVICING 

troweprice.com/paperless 

Enroll to receive your transaction confirmations, investor statements, prospectuses, 

and shareholder reports online instead of by U.S. mail. 1 You will receive 

an e-mail with a link to our website informing you that your document is available 

to view online, print, or download. 

Join our E-mail Program to receive market and fund information by e-mail. 

Receive timely market reports, performance of T. Rowe Price mutual funds, investment 

and market insights from T. Rowe Price managers, and more. 

INVESTMENT GUIDANCE AND TOOLS 

troweprice.com/planningtools 

FuturePath ® helps you define your path to retirement, connecting where you are 

today to where you want to be tomorrow. 

Personal Rate of Return aids in tracking the historical performance of your 

mutual funds over time. 

Portfolio Growth Tracker allows you to track the historical growth of your 

mutual fund investments over time. The analysis consists of three components: 

Activity Summary, Asset Allocation, and Net Investment versus Market Value. 

Retirement Income Calculator can help you see if your retirement goals are 

on track. 

Social Security Benefits Evaluator can help you decide how and when to claim 

Social Security benefits. 

FINANCIAL INTERMEDIARIES AND ADVISORS troweprice.com/financialintermediaries 

This secure site is designed for professional financial intermediaries and advisors. 

Financial professionals may access daily prices and historical performance of 

mutual funds; view market research, manager commentary, and sales ideas; and 

access literature and forms. For U.S. technical assistance, call 1-888-358-8490 

or e-mail us at onlinehelp@troweprice.com. For non-U.S. technical assistance, 

call +1 (410) 345 4400 or contact us via e-mail. 

1 

By signing up for paperless services, you may qualify for the account service fee waiver. Visit us 

at troweprice.com/feesandminimums to find out more. 

85

T. Rowe Price Planning Tools and Services 


T. Rowe Price Retirement Services 

T. Rowe Price offers unique retirement services that can help you meet a broad 

variety of planning challenges. Our retirement tools are suitable for individuals, 

the self-employed, small businesses, cor porations, and nonprofit organizations. 

For more information, call 1-800-IRA-5000 or visit our website at 

troweprice.com/retirement. 

INVESTMENT ACCOUNTS 

Rollover IRAs. If you’ve changed jobs, experienced a job loss, or retired and are 

considering moving your assets into an IRA, call toll-free 1-800-IRA-5000. Our 

rollover specialists can explain your options, answer your questions, and help determine 

which option is right for you. 

Roth IRAs. A Roth IRA offers tax-free withdrawals and a flexible distribution schedule. 

Open your account at troweprice.com/ira or call 1-800-IRA-5000. 

Traditional IRAs. Traditional IRA contributions may be tax-deductible, with 

no taxes due until withdrawal. Open your account at troweprice.com/ira or call 

1-800-IRA-5000. 

Small Business Retirement Plans. If you’re self-employed or run a small business 

or professional practice, T. Rowe Price can help you establish a cost-effective retirement 

plan that’s easy to set up and maintain. Call 1-800-638-3804, and our small 

business specialists can answer your questions, set up a plan, or open an account. 

INVESTMENT ADVICE 

T. Rowe Price Advisory Planning Services offers a wide range of services that 

provide expert advice based on your individual needs and financial goals, including 

consultations with an advisory counselor. Please contact one of our specialists at 

1-888-744-0270 to determine the most appropriate service to fit your needs.* 

*Services offered by T. Rowe Price Advisory Services, Inc., a federally registered investment 

adviser. There may be costs associated with these services. 

86

T. Rowe Price College Planning 


College Planning 

One of the most important things to do when it comes to saving for college is to 

just get started. Every dollar saved today is one less dollar you may have to borrow 

later. Our college planning information and college savings products can help you 

meet your educational investment goals. For more information, visit our website at 

troweprice.com/college, where you will find the College Savings Planner, an 

interactive tool that can help you determine how much you should save, estimate 

future tuition costs, and review college savings options. In a few easy steps, the 

calculator provides you with information and a plan of action. To speak with a 

college planning specialist, please call 1-800-638-5660. 

College Savings Plans (529 Plans). To help families prepare for college education 

costs, T. Rowe Price manages three 529 plans that are open to all U.S. residents. 

Any earnings on contributions are tax-deferred, and distributions are exempt from 

federal income taxes when used for qualified educational expenses. Also, these 

plans offer high contribution limits and affordable systematic investing. 

T. Rowe Price manages the T. Rowe Price College Savings Plan, a national 529 

plan offered by the Education Trust of Alaska; the Maryland College Investment Plan; 

and the University of Alaska College Savings Plan. The Maryland College Investment 

Plan offers certain potential benefits for Maryland residents, and the University of 

Alaska College Savings Plan offers potential benefits for Alaska residents. 

Earnings on a distribution not used for qualified expenses may be subject to income taxes 

and a 10% federal penalty. Please note that the availability of tax or other benefits may 

be conditioned on meeting certain requirements, such as residency, purpose for or timing 

of distributions, or other factors, as applicable. 

Please visit our website or call 1-800-638-5660 to obtain the applicable plan disclosure 

document, which includes investment objectives, risks, fees, expenses, and other information 

that you should read and consider carefully before investing. Please consider, before investing, 

whether your or your beneficiary’s home state offers any state tax or other benefits 

that are only available for investments in that state’s plan. T. Rowe Price Investment 

Services, Inc., Distributor/Underwriter. 

87

T. Rowe Price Mutual Funds 


STOCK FUNDS 

Domestic 

Blue Chip Growth 

Capital Appreciation ‡ 

Capital Opportunity 

Diversified Mid-Cap Growth 

BOND FUNDS 

Domestic Taxable 

Corporate Income 

Credit Opportunities 

Floating Rate 

GNMA 

Money MArket FUNDS (cont.) 

Tax-Free 

California Tax-Free Money 

Maryland Tax-Free Money 

New York Tax-Free Money 

Summit Municipal Money Market 

Diversified Small-Cap Growth High Yield ‡ 

Tax-Exempt Money 

Dividend Growth 

Inflation Protected Bond 

Equity Income 

New Income 

INTERNATIONAL/GLOBAL 

Equity Index 500 

Short-Term Bond 

FUNDS 

Extended Equity Market Index Strategic Income 

Stock 

Financial Services 

Ultra Short-Term Bond 

Africa & Middle East 

Growth & Income 

U.S. Bond Enhanced Index 

Asia Opportunities 

Growth Stock 

U.S. Treasury Intermediate 

Emerging Europe 

Health Sciences 

U.S. Treasury Long-Term Emerging Markets Stock 

Media & Telecommunications 

Mid-Cap Growth ‡ 

Domestic Tax-Free 

European Stock 

Mid-Cap Value ‡ 

California Tax-Free Bond Global Growth Stock 

New America Growth 

Georgia Tax-Free Bond 

Global Industrials 

New Era 

Intermediate Tax-Free High Yield Global Real Estate 

New Horizons ‡ 

Maryland Short-Term 

Global Stock 

Real Estate 

Tax-Free Bond 

Global Technology 

Science & Technology 

Maryland Tax-Free Bond International Concentrated Equity 

Small-Cap Stock ‡ 

New Jersey Tax-Free Bond International Discovery 

Small-Cap Value 

New York Tax-Free Bond International Equity Index 

Tax-Efficient Equity 

Summit Municipal Income International Growth & Income 

Total Equity Market Index Summit Municipal Intermediate International Stock 

U.S. Large-Cap Core 

Tax-Free High Yield 

Japan 

Value 

Tax-Free Income 

Latin America 

Tax-Free Short-Intermediate New Asia 

ASSET ALLOCATION FUNDS Virginia Tax-Free Bond 

Overseas Stock 

Balanced 

MONEY MARKET FUNDS 

Bond 

Global Allocation 

Emerging Markets Bond 

Personal Strategy Balanced 

Taxable 

Emerging Markets Corporate Bond 

Personal Strategy Growth Prime Reserve 

Emerging Markets Local 

Personal Strategy Income Summit Cash Reserves 

Currency Bond 

Real Assets 

U.S. Treasury Money 

Global High Income Bond 

Spectrum Growth 

Spectrum Income 

Global Unconstrained Bond 

International Bond 

Spectrum International 

Target Date Fundsˆ 

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. 

Investments in the money market funds are not insured or guaranteed by the FDIC or any other 

government agency. Although the funds seek to preserve the value of your investment at $1.00 per 

share, it is possible to lose money by investing in the funds. 

‡ Closed to new investors except for a direct rollover from a retirement plan into a T. Rowe Price IRA 

invested in this fund. 

ˆ The Target Date Funds are inclusive of the Retirement Funds, the Target Retirement Funds, and the 

Retirement Income Fund. Effective December 29, 2014, the T. Rowe Price Retirement Income Fund will 

change its name to the T. Rowe Price Retirement Balanced Fund. 


100 East Pratt Street 

Baltimore, MD 21202 

F124-050 2/15

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