Equity Market Index Funds

SEMIANNual REPORT June 30, 2015 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 generated mixed results in the first six months of 2015, with small- and mid-cap shares returning decent gains, while large-caps were mostly flat. The Equity Market Index Funds each tracked their unmanaged benchmarks for the six months ended June 30, 2015. Using full replication and sampling strategies, we kept the composition and other attributes of the portfolios similar to those of their benchmarks. While we don t believe that investors should expect a repeat of last year s strong stock market performance, we believe that corporate earnings growth will expand at a moderate pace. The views and opinions in this report were current as of June 30, 2015. 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. REPORTS ON THE WEB Sign up for our E-mail Program, and you can begin to receive updated fund reports and prospectuses online rather than through the mail. Log in to your account at troweprice.com for more information.

T. Rowe Price Equity Market Index Funds Manager s Letter Fellow Shareholders U.S. stocks generated mixed results in the first six months of 2015, with small- and mid-cap shares returning decent gains, while large-caps were mostly flat. Many U.S. indexes retreated late in the period amid renewed turmoil over the Greek debt crisis, increasing concerns about China s stock market and its ability to generate growth, and indications from the Federal Reserve that it would raise short-term interest rates sometime this year. Market Environment The U.S. economy gained traction after an early-year slowdown. Gross domestic product contracted slightly in the first quarter of 2015, but subsequent readings have led most analysts to forecast modestly positive economic growth this year. The unemployment rate declined to 5.3% in June, a seven-year low, from the 5.7% jobless rate in January. Inflation firmed since early this year but stayed below the Fed s 2% target. The rate remained subdued thanks to low energy prices and a stronger U.S. dollar, which has made imported goods cheaper for consumers. The housing market picked up after a shaky start this year, with various gauges of new and existing home sales reaching their highest levels since the 2008 to 2009 recession. Meanwhile, the Fed continued to prepare markets for its first shortterm rate hike since 2006. The central bank is widely expected to start raising its benchmark rate from near 0% sometime this year, though Fed Chair Janet Yellen has assured markets that any rate increases will be small and gradual. T. Rowe Price forecasts that the U.S. economy will show moderate growth in 2015 and that the Fed will likely raise rates at least once by year-end. 1

The S&P 500 Index gained 1.23% for the period. The health care sector posted the best gains in the S&P 500, driven by the stellar performance of the biotechnology industry, followed by the consumer discretionary sector. The utilities sector weighed most on results, followed by the energy sector and the industrials and business services sector. 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), or the entire U.S. stock market (Total Equity Market Index Fund). Portfolio Characteristics Extended Equity Total Equity Equity As of 6/30/15 Index 500 Market Index Market Index Investment- Weighted Median Market Cap (billions) $82.4 $50.4 $4.1 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 the entire portfolio. The Equity Index 500 Fund invests in all S&P 500 Index stocks, while the Total Equity Market Index Fund and the Extended Equity Market Index Fund owned 1,441 and 1,649 holdings, respectively, as of June 30, 2015. (Diversification cannot assure a profit or protect against loss in a declining market.) Earnings Growth Rate Estimated Next 5 Years* 9.6% 9.8% 12.0% P/E Ratio (based on next 12 months estimated earnings)* 17.2X 17.9X 21.4X * Source for data: IBES. Forecasts are in no way indicative of future investment returns. They 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 2

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. 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 1.11% in the six months ended June 30, 2015, versus 1.23% for the S&P 500 Index. Fund performance tends to slightly Performance Comparison Six-Month Period Ended 6/30/15 Total Return lag that of the benchmark due to operating and management expenses. Equity Index 500 Fund 1.11% The health care sector S&P 500 Index 1.23 posted strong gains, returning nearly 10% due to the extraordinary performance of the biotechnology industry. It was followed by the consumer discretionary sector, which added about 7%. The utilities sector declined the most, falling nearly 11%, followed by a 5% loss in the energy sector and a 3% drop in industrials and business services. 3

S&P 500 Index Returns by Sector Six-Month Period Ended 6/30/15 Consumer Discretionary 6.81% Consumer Staples -0.77 Energy -4.68 Financials -0.37 Health Care 9.56 Industrials and Business Services -3.06 Information Technology 0.76 Materials 0.50 Telecommunication Services 3.15 Utilities -10.67 S&P 500 Index Sector Allocations Periods Ended 12/31/14 6/30/15 Information Technology 19.6% 19.6% Financials 16.7 16.6 Health Care 14.2 15.4 Consumer Discretionary 12.1 12.8 Industrials and Business Services 10.5 10.1 Consumer Staples 9.8 9.4 Energy 8.4 7.9 Materials 3.2 3.1 Utilities 3.2 2.8 In health care, biotechnology company Gilead Sciences boosted performance. Its stock has been driven by increasingly favorable clinical data for several therapies that appear to eradicate hepatitis C. In consumer discretionary, Amazon.com was a strong performer amid positive investor reaction to its cloud computing and Amazon Web Services online storage businesses. Walt Disney also produced strong gains. (Please refer to the fund s portfolio of investments for a complete list of holdings and the amount each represents in the portfolio.) Lower energy prices pressured results for ExxonMobil and Chevron. Other companies that lost ground included Procter & Gamble, Intel, and Berkshire Hathaway. Telecommunication Services 2.3 2.3 Standard & Poor s Historical weightings reflect current industry/sector classifications. authorized several additions and deletions to the composition of the S&P 500 Index during the period. Please see the Evolving S&P 500 Index table on page 17 for a complete list of index changes. 4

Performance Comparison Six-Month Period Ended 6/30/15 Total Return Total Equity Market Index Fund 1.71% S&P Total Market Index 1.93 S&P Total Market Index Returns by Sector Six-Month Period Ended 6/30/15 Consumer Discretionary 6.37% Consumer Staples -0.42 Energy -4.27 Financials 0.34 Health Care 11.53 Industrials and Business Services -2.09 Information Technology 1.68 Materials -0.14 Telecommunication Services 3.67 Utilities -10.59 S&P Total Market Index Sector Allocations Periods Ended 12/31/14 6/30/15 Information Technology 19.0% 18.8% Financials 18.0 18.0 Health Care 14.0 15.1 Consumer Discretionary 12.8 13.4 Industrials and Business Services 11.3 10.9 Consumer Staples 8.5 8.2 Energy 7.6 7.2 Materials 3.5 3.5 Utilities 3.3 2.9 Telecommunication Services 2.0 2.0 Historical weightings reflect current industry/sector classifications. Total Equity Market Index Fund The Total Equity Market Index Fund returned 1.71% for the six months ended June 30, 2015, versus 1.93% for its benchmark, the S&P Total Market Index. Fund performance often slightly trails that of the benchmark due to operating and 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 the S&P 500 represent over 75% of the S&P Total Market Index s overall 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. In addition, the percentage weightings of the major sectors are somewhat similar between the two benchmarks. The S&P Total Market Index sector performance was mixed. Health care was the top performing sector, gaining nearly 12%. Consumer 5

discretionary and telecommunication services posted solid results and outperformed the benchmark. Utilities declined the most, followed by energy and industrials and business services. Extended Equity Market Index Fund The Extended Equity Market Index Fund returned 4.84% for the six months ended June 30, 2015, identical to its benchmark, the S&P Completion Index. Fund performance tends to slightly lag that of the benchmark because of Performance Comparison the fund s operating and Six-Month Period Ended 6/30/15 Extended Equity Market Index Fund S&P Completion Index Total Return 4.84% 4.84 management expenses; however, the fund s sample of stocks was on par with the index in our reporting period. S&P Completion Index Returns by Sector Six-Month Period Ended 6/30/15 Consumer Discretionary 5.00% Consumer Staples 3.99 Energy -0.82 Financials 2.37 The S&P Completion Index, a subset of the S&P Total Market Index, excludes all S&P 500 stocks. The index covers more than 3,400 companies and provides exposure to mid-, small-, and micro-cap companies. Health Care 21.12 Industrials and Business Services 0.77 Health care was the bestperforming sector with Information Technology 6.31 a gain of over 21%, as Materials -1.75 many of the biotechnology Telecommunication Services Utilities 9.08-10.23 companies that performed extraordinary well were small-caps. Other sectors that performed well albeit below the gains of health care, included telecommunication services, information technology, and consumer discretionary. Utilities declined by more than 10%, far worse than other sectors that lost ground, including materials and energy. In health care, Pharmacyclics was a top contributor. The company, which is being acquired by AbbVie, is a rapidly growing biotechnology firm with a drug that is 6

S&P Completion Index Sector Allocations Periods Ended 12/31/14 6/30/15 Financials 23.4% 23.6% Consumer Discretionary 15.8 16.1 Information Technology 16.2 16.0 Health Care 13.0 13.9 Industrials and Business Services 14.9 13.7 Materials 5.1 4.8 Energy 4.3 4.5 Consumer Staples 3.1 3.3 Utilities 3.3 3.0 Telecommunication Services 0.9 1.1 Historical weightings reflect current industry/sector classifications. very effective against many forms of cancer; the drug is growing on a strong trajectory. On the downside, holdings of United Continental hurt results given the growing fear among investors that airlines are becoming less disciplined about limiting capacity additions and maintaining strong pricing. (Please refer to the fund s portfolio of investments for a complete list of holdings and the amount each represents in the portfolio.) Outlook The U.S. economy continues to gradually improve as shown by moderate job growth, steadily falling unemployment, improving household income and spending, and expanding business investment. While we don t believe that investors should expect a repeat of last year s strong stock market performance, we believe that corporate earnings growth will expand at a moderate pace. 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 largecap stocks; small-, mid-, and micro-cap stocks; and the entire U.S. stock market. 7

Thank you for investing with T. Rowe Price. Respectfully submitted, E. Frederick Bair Cochairman of the Investment Advisory Committee, Equity Index 500 Fund, Extended Equity Market Index Fund, and Total Equity Market Index Fund Ken D. Uematsu Cochairman of the Investment Advisory Committee, Equity Index 500 Fund, Extended Equity Market Index Fund, and Total Equity Market Index Fund July 18, 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

T. Rowe Price Total Equity Market Index Fund Supplement to Prospectus Dated May 1, 2015 To reflect the lowering of the fund s management fee from 0.35% to 0.30% effective August 1, 2015, the fee table and expense example on page 1 are revised as follows: Fees and Expenses of the Fund Shareholder fees (fees paid directly from your investment) Maximum sales charge (load) imposed on purchases NONE Maximum deferred sales charge (load) NONE Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) 0.50% Maximum account fee Management fees Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) $20 a 0.30% b Distribution and service (12b-1) fees 0.00% Other expenses 0.00% Total annual fund operating expenses 0.30% b a Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. b Restated to reflect current fees. Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 year 3 years 5 years 10 years $31 $97 $169 $381 9

On page 25, the first paragraph under The Management Fee is revised as follows: The fund pays the investment adviser an annual all-inclusive management fee of 0.30% based on the fund s average daily net assets. The management fee is calculated and accrued daily and it includes investment management services and ordinary, recurring operating expenses, but does not cover interest, expenses related to borrowing, taxes, and brokerage, or nonrecurring extraordinary expenses. Effective August 1, 2015, the annual all-inclusive management fee was lowered from 0.35% to 0.30%. The date of this supplement is July 29, 2015. F123-041 7/29/15 10

Supplement to Prospectus Dated May 1, 2015 To reflect the lowering of the fund s management fee from 0.40% to 0.35% effective August 1, 2015, the fee table and expense example on page 1 are revised as follows: Fees and Expenses of the Fund Shareholder fees (fees paid directly from your investment) Maximum sales charge (load) imposed on purchases NONE Maximum deferred sales charge (load) NONE Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) 0.50% Maximum account fee Management fees Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) $20 a 0.35% b Distribution and service (12b-1) fees 0.00% Other expenses 0.00% Acquired fund fees and expenses 0.02% Total annual fund operating expenses 0.37% bc a Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. b Restated to reflect current fees. c The figure shown in the fee table does not match the Ratio of expenses to average net assets shown in the Financial Highlights table, as that figure does not include acquired fund fees and expenses or reflect the lowering of the fund s management fee. Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 year 3 years 5 years 10 years $38 $118 $206 $464 11

On page 26, the first paragraph under The Management Fee is revised as follows: The fund pays the investment adviser an annual all-inclusive management fee of 0.35% based on the fund s average daily net assets. The management fee is calculated and accrued daily and it includes investment management services and ordinary, recurring operating expenses, but does not cover interest, expenses related to borrowing, taxes, and brokerage, or nonrecurring extraordinary expenses. Effective August 1, 2015, the annual all-inclusive management fee was lowered from 0.40% to 0.35%. The date of this supplement is July 29, 2015. F124-041 7/29/15 12

T. Rowe Price Equity Market Index Funds 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 Gross domestic product: The total market value of all goods and services produced in a country in a given year. Price-to-cash flow ratio: A valuation measure calculated by dividing the price of a stock by its current cash flow per share. This ratio gives investors an idea of the market s expectation of a firm s future financial health by removing the effects of depreciation and other noncash factors. 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. 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 3,300 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 Index s value. The index includes approximately 3,800 stocks. 13

T. Rowe Price Equity Market Index Funds Portfolio Highlights TWENTY-FIVE LARGEST HOLDINGS Percent of Net Assets Equity Index 500 Fund 6/30/15 Apple 3.9% Microsoft 2.0 ExxonMobil 1.9 Google 1.7 Johnson & Johnson 1.5 General Electric 1.5 Wells Fargo 1.4 JPMorgan Chase 1.4 Berkshire Hathaway 1.4 Procter & Gamble 1.2 Pfizer 1.1 Verizon Communications 1.0 AT&T 1.0 Chevron 1.0 Facebook 1.0 Walt Disney 1.0 Bank of America 1.0 Gilead Sciences 0.9 Citigroup 0.9 Amazon.com 0.9 Merck 0.9 Coca-Cola 0.8 Comcast 0.8 IBM 0.8 Intel 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. 14

T. Rowe Price Equity Market Index Funds Portfolio Highlights TWENTY-FIVE LARGEST HOLDINGS Percent of Net Assets Total Equity Market Index Fund 6/30/15 Apple 3.1% Microsoft 1.6 ExxonMobil 1.5 Google 1.3 Johnson & Johnson 1.2 General Electric 1.1 Wells Fargo 1.1 JPMorgan Chase 1.1 Berkshire Hathaway 1.1 Procter & Gamble 0.9 Pfizer 0.9 Verizon Communications 0.8 AT&T 0.8 Gilead Sciences 0.8 Walt Disney 0.8 Facebook 0.8 Bank of America 0.8 Chevron 0.7 Amazon.com 0.7 Citigroup 0.7 Merck 0.7 Coca-Cola 0.7 Comcast 0.7 IBM 0.6 Home Depot 0.6 Total 25.1% 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. 15

T. Rowe Price Equity Market Index Funds Portfolio Highlights TWENTY-FIVE LARGEST HOLDINGS Percent of Net Assets Extended Equity Market Index Fund 6/30/15 Liberty Global 1.0% Illumina 0.6 Tesla Motors 0.6 BioMarin Pharmaceutical 0.5 LinkedIn 0.5 United Continental 0.5 Las Vegas Sands 0.5 Twitter 0.4 Incyte 0.4 Cheniere Energy 0.3 Bunge Limited 0.3 SBA Communications 0.3 Concho Resources 0.3 DISH Network 0.3 T-Mobile US 0.3 Palo Alto Networks 0.3 Charter Communications 0.3 Celanese 0.3 Verisk Analytics 0.3 Liberty Media 0.3 Alkermes 0.2 Hilton Worldwide Holdings 0.2 Alnylam Pharmaceuticals 0.2 Federal Realty Investment Trust 0.2 TD Ameritrade Holding 0.2 Total 9.3% 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. 16

T. Rowe Price Equity Market Index Funds The Evolving S&P 500 Index Changes in the index in 2015 Additions American Airlines Endo International Equinix Hanesbrands HCA Holdings Henry Schein Qorvo Realty Income Skyworks Solutions SL Green Realty Deletions Allergan Avon Products CareFusion Covidien Denbury Resources Lorillard Nabors Industries PetSmart Safeway Windstream Holdings 17

T. Rowe Price Equity Market Index Funds 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 6/30/15 Equity Index 500 Fund $20,860 S&P 500 Index $21,377 6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15 Average Annual Compound Total Return Periods Ended 6/30/15 1 Year 5 Years 10 Years Equity Index 500 Fund 7.17% 17.03% 7.63% 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. 18

T. Rowe Price Equity Market Index Funds Growth of $10,000 This chart shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with benchmarks, which 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. TOTAL EQUITY MARKET INDEX FUND $30,000 26,000 22,000 18,000 14,000 10,000 As of 6/30/15 Total Equity Market Index Fund $21,824 Linked Performance Benchmark* $22,002 6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 *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. 6/15 Average Annual Compound Total Return Periods Ended 6/30/15 1 Year 5 Years 10 Years Total Equity Market Index Fund 6.85% 17.30% 8.12% 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. 19

T. Rowe Price Equity Market Index Funds Growth of $10,000 This chart shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with benchmarks, which 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. EXTENDED EQUITY MARKET INDEX FUND $30,000 26,000 22,000 18,000 14,000 10,000 As of 6/30/15 Extended Equity Market Index Fund $24,875 Linked Performance Benchmark* $24,837 6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15 *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. Average Annual Compound Total Return Periods Ended 6/30/15 1 Year 5 Years 10 Years Extended Equity Market Index Fund 6.26% 18.38% 9.54% 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. 20

T. Rowe Price Equity Market Index Funds Expense Ratio Equity Index 500 Fund 0.27% Total Equity Market Index Fund 0.35 Extended Equity Market Index Fund 0.42 The expense ratios shown are as of each fund s fiscal year ended 12/31/14. 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 21

T. Rowe Price Equity Market Index Funds 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* 1/1/15 6/30/15 1/1/15 to 6/30/15 Actual $1,000.00 $1,011.10 $1.35 Hypothetical (assumes 5% return before expenses) 1,000.00 1,023.46 1.35 * 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 (181), and divided by the days in the year (365) to reflect the half-year period. Total Equity Market Index Fund Beginning Ending Expenses Paid Account Value Account Value During Period* 1/1/15 6/30/15 1/1/15 to 6/30/15 Actual $1,000.00 $1,017.10 $1.75 Hypothetical (assumes 5% return before expenses) 1,000.00 1,023.06 1.76 * Expenses are equal to the fund s annualized expense ratio for the 6-month period (0.35%), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (181), and divided by the days in the year (365) to reflect the half-year period. 22

T. Rowe Price Equity Market Index Funds Extended Equity Market Index Fund Beginning Ending Expenses Paid Account Value Account Value During Period* 1/1/15 6/30/15 1/1/15 to 6/30/15 Actual $1,000.00 $1,048.40 $2.03 Hypothetical (assumes 5% return before expenses) 1,000.00 1,022.81 2.01 * Expenses are equal to the fund s annualized expense ratio for the 6-month period (0.40%), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (181), and divided by the days in the year (365) to reflect the half-year period. 23

T. Rowe Price Investment Services and Information This page contains supplementary information that is not part of the shareholder report. 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. 24

T. Rowe Price Web Services This page contains supplementary information that is not part of the shareholder report. 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. 25

T. Rowe Price Planning Tools and Services This page contains supplementary information that is not part of the shareholder report. 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. 26

T. Rowe Price College Planning This page contains supplementary information that is not part of the shareholder report. 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. 27

T. Rowe Price Advisory Planning Services This page contains supplementary information that is not part of the shareholder report. Advisory Planning Services If you are looking for professional investment advisory services with a personal touch, T. Rowe Price can help you make informed investing decisions and take control of your financial future. You will work one-on-one with an experienced advisory counselor who, after discussing your situation with you and analyzing the financial infor mation you provide, will recommend a strategy that meets your individual goals and preferences.* * Services offered by T. Rowe Price Advisory Services, Inc., a federally registered investment adviser. There may be costs associated with these services. 28

T. Rowe Price Brokerage Services This page contains supplementary information that is not part of the shareholder report. Brokerage Services T. Rowe Price Brokerage is a division of T. Rowe Price Investment Services, Inc., member FINRA/SIPC. A convenient place to trade stocks, mutual funds, ETFs, bonds, options, CDs, precious metals, and more. 1 T. Rowe Price Brokerage makes it easy to increase your investment choices beyond T. Rowe Price funds. Whether you are an active or casual trader, you can rely on our Brokerage services to provide the flexibility to enable you to trade the way you prefer: go online, use our automated Tele-Trader phone system, or speak with our registered phone representatives. Low, competitive commissions. Our commitment to providing value at low cost extends to both commissions and account fees. We offer commissions as low as $9.95 for online stock and ETF trades. 2 Enjoy the high standard of service we re known for. Since 1937, T. Rowe Price has built a reputation for putting clients first. Our commitment to our clients continues to be our priority, and you will see that principle reflected in T. Rowe Price s approach to serving its clients. Services you expect from T. Rowe Price Brokerage: Independent research and news available 24 hours a day from Interactive Data 3 Consolidated online account access that includes your T. Rowe Price mutual fund and Brokerage holdings and lets you place trades, create personal watch lists, and get real-time quotes over the Internet Secure line of credit 4 Free dividend reinvestment Free cost basis for Brokerage nonretirement and retirement accounts 1 Options trading involves additional risk and is not suitable for all investors. 2 $9.95 flat rate for online stock and ETF trades for customers who make more than 30 trades in the previous 12-month period or who qualify for Preferred, Personal, or Enhanced Personal Services. If you don t qualify for the $9.95 rate, you can still save with our com petitive commission of $19.95 for online stock trades. 3 The information provided through this service is prepared by independent investment research companies that are not affiliated with T. Rowe Price. While the information provided is deemed reliable, neither T. Rowe Price Brokerage nor the information providers guarantee the accuracy or completeness of the information or make any warranties with regard to the results obtained from its use. 4 Applies to customers who have been approved for a margin account. Margin trading involves greater risks and is not suitable for all investors. 29

T. Rowe Price Mutual Funds This page contains supplementary information that is not part of the shareholder report. 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 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 Multi-Sector 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 Balanced Fund. T. Rowe Price Investment Services, Inc. 100 East Pratt Street Baltimore, MD 21202 2015-US-12639 C50-051 8/15

SEMIANNual REPORT Financial Statements June 30, 2015 PEXMX T. Rowe Price Extended Equity Market Index Fund

Unaudited Financial Highlights For a share outstanding throughout each period 6 Months Ended 6/30/15 Year Ended 12/31/14 12/31/13 12/31/12 12/31/11 12/31/10 NET ASSET VALUE Beginning of period $ 25.01 $ 24.41 $ 18.21 $ 15.53 $ 16.23 $ 12.83 Investment activities Net investment income (1) 0.09 0.27 0.20 0.22 0.12 0.13 Net realized and unrealized gain / loss 1.12 1.55 6.75 2.72 (0.71) 3.39 Total from investment activities 1.21 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 $ 26.22 $ 25.01 $ 24.41 $ 18.21 $ 15.53 $ 16.23 Ratios/Supplemental Data Total return (2) 4.84% 7.59% 38.37% 18.97% (3.61)% 27.45% Ratio of total expenses to average net assets 0.40% (3) 0.40% 0.40% 0.40% 0.40% 0.40% Ratio of net investment income to average net assets 0.66% (3) 1.06% 0.94% 1.27% 0.71% 0.90% Portfolio turnover rate 8.8% 17.1% 21.7% 17.6% 18.9% 14.2% Net assets, end of period (in thousands) $ 788,311 $ 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. Total return is not annualized for periods less than one year. (3) Annualized The accompanying notes are an integral part of these financial statements. 2

Unaudited June 30, 2015 Portfolio of Investments Shares/Par $ Value COMMON STOCKS 95.3% CONSUMER DISCRETIONARY 15.4% Auto Components 1.0% American Axle & Manufacturing Holdings (1) 30 1 Autoliv (2) 14,500 1,693 Cooper Tire 9,600 325 Dana Holding 22,600 465 Dorman Products (1)(2) 4,900 233 Drew Industries 5,700 331 Fuel Systems Solutions (1) 12,800 96 Gentex 48,720 800 Gentherm (1) 9,600 527 Lear 12,400 1,392 Motorcar Parts of America (1) 7,800 235 Remy International 1,600 35 Shiloh Industries (1)(2) 6,700 87 Spartan Motors (2) 27,300 125 Standard Motor Products 7,250 254 Stoneridge (1) 10,000 117 Sypris Solutions (2) 15,700 23 Tenneco (1) 9,250 531 Visteon (1) 6,600 693 7,963 Automobiles 0.7% Tesla Motors (1)(2) 17,100 4,587 Thor Industries 7,800 439 Winnebago (2) 7,820 185 5,211 Distributors 0.3% Core-Mark Holding 4,600 273 LKQ (1) 48,400 1,464 Pool 7,277 511 Voxx International (1) 8,964 74 3

Shares/Par $ Value Weyco Group (2) 3,500 104 2,426 Diversified Consumer Services 0.7% American Public Education (1) 5,440 140 Apollo Education (1) 15,800 203 Ascent Capital Group (1) 2,293 98 Bright Horizons Family Solutions (1) 6,400 370 Carriage Services 7,200 172 Devry Education 8,100 243 Graham Holdings 690 742 Grand Canyon Education (1) 7,900 335 Houghton Mifflin Harcourt (1) 26,900 678 ITT Educational Services (1)(2) 6,140 24 Learning Tree International (1)(2) 9,050 12 LifeLock (1)(2) 15,400 252 Regis (1) 5,900 93 Service Corporation International 35,231 1,037 ServiceMaster Global Holdings (1) 12,500 452 Sotheby's 15,813 715 Strayer Education (1) 3,750 162 5,728 Hotels, Restaurants & Leisure 3.2% Aramark 32,800 1,016 Biglari Holdings (1) 409 169 BJ's Restaurants (1) 5,433 263 Bloomin Brands 22,700 485 Bob Evans Farms (2) 4,000 204 Boyd Gaming (1) 24,100 360 Brinker 10,679 616 Buffalo Wild Wings (1) 2,800 439 Caesars Entertainment (1)(2) 25,300 155 Choice Hotels International 9,600 521 4

Shares/Par $ Value Churchill Downs 3,200 400 Cracker Barrel Old Country Store (2) 4,600 686 Del Frisco's Restaurant (1) 14,200 264 Denny's (1) 19,400 225 DineEquity 3,400 337 Domino's Pizza 9,764 1,107 Dunkin Brands (2) 17,600 968 Fiesta Restaurant (1) 4,500 225 Frisch's Restaurants 350 12 Hilton Worldwide Holdings (1) 69,400 1,912 Hyatt Hotels, Class A (1) 11,600 658 International Speedway, Class A 5,275 193 Interval Leisure 6,500 148 Jack in the Box 7,000 617 Krispy Kreme (1) 12,700 245 La Quinta Holdings (1) 3,100 71 Las Vegas Sands 68,200 3,585 Marriott Vacations Worldwide 6,700 615 MGM Resorts International (1) 78,397 1,431 Norwegian Cruise Line Holdings (1) 23,300 1,306 Panera Bread, Class A (1) 4,060 710 Papa John's International 6,740 510 Penn National Gaming (1)(2) 12,200 224 Pinnacle Entertainment (1) 17,300 645 Popeyes Louisiana Kitchen (1) 5,500 330 Red Robin Gourmet Burgers (1) 4,250 365 Ruby Tuesday (1) 19,000 119 Scientific Games, Class A (1)(2) 17,530 272 SeaWorld Entertainment (2) 2,200 41 Six Flags Entertainment 15,000 673 Sonic (2) 12,650 364 Speedway Motorsports 3,820 86 Texas Roadhouse 8,900 333 5

Shares/Par $ Value The Cheesecake Factory 7,540 411 Vail Resorts 6,200 677 Wendy's (2) 45,340 511 25,504 Household Durables 1.2% Blyth (1) 10,974 70 CSS Industries 3,300 100 Dixie Group (1)(2) 18,700 196 Ethan Allen Interiors (2) 3,600 95 Helen of Troy Limited (1) 5,100 497 Hovnanian Enterprises (1)(2) 50,330 134 irobot (1) 13,300 424 Jarden (1) 29,028 1,502 KB Home (2) 19,200 319 La-Z-Boy 8,650 228 M/I Homes (1) 6,270 155 MDC Holdings (2) 5,491 164 Meritage (1) 11,600 546 NVR (1) 643 862 Ryland Group 9,246 429 Standard Pacific (1) 29,500 263 Taylor Morrison Home, Class A (1) 12,800 260 Tempur Sealy International (1) 9,350 616 Toll Brothers (1) 25,320 967 Tri Pointe (1) 37,700 577 Tupperware Brands (2) 7,420 479 Universal Electronics (1) 4,000 199 9,082 Internet & Catalog Retail 0.5% 1-800-Flowers.com (1) 19,668 206 Blue Nile (1) 8,400 255 FTD (1) 12,535 353 6

Shares/Par $ Value Groupon (1)(2) 95,400 480 HSN 5,000 351 Lands End (1)(2) 3,162 79 Liberty TripAdvisor Holdings, Class A (1) 13,200 425 Nutri/System 8,200 204 Orbitz Worldwide (1)(2) 55,100 629 Overstock.com (1) 8,100 183 Shutterfly (1) 6,000 287 3,452 Leisure Products 0.4% Arctic Cat 5,095 169 Brunswick 17,500 890 Marine Products (2) 8,600 54 Polaris Industries 10,040 1,487 Sturm Ruger & Company 4,100 236 Vista Outdoor (1) 9,400 422 3,258 Media 3.3% A.H. Belo, Class A 14,276 80 AMC Networks, Class A (1) 9,500 778 Beasley Broadcast Group, Class A 6,895 32 Charter Communications, Class A (1) 12,400 2,123 Cinedigm (1)(2) 56,200 40 Cinemark Holdings 14,800 594 Clear Channel Outdoor, Class A 14,400 146 Cumulus Media, Class A (1) 56,700 115 DISH Network (1) 33,920 2,297 DreamWorks Animation, Class A (1)(2) 12,600 332 EW Scripps, Class A 9,314 213 Harte-Hanks 12,650 75 John Wiley & Sons 8,470 460 Journal Media 21,179 176 7

Shares/Par $ Value Liberty Broadband, A Shares (1) 4,375 223 Liberty Broadband, C Shares (1) 12,150 622 Liberty Global, Class A (1) 49,534 2,678 Liberty Global, Class C (1) 98,234 4,974 Liberty Media (1) 14,700 530 Liberty Media, C Shares (1) 40,800 1,465 Lions Gate Entertainment (2) 18,500 685 Live Nation Entertainment (1) 23,800 654 Loral Space & Communications (1) 3,000 189 Madison Square Garden (1) 9,664 807 Martha Stewart Living, Class A (1) 22,519 140 McClatchy (1) 28,600 31 Meredith 7,100 370 Morningstar 5,800 461 New York Times, Class A 23,800 325 Nexstar Broadcasting 5,800 325 Regal Entertainment Group, Class A (2) 14,090 295 Rentrak (1)(2) 2,600 181 Salem Media (2) 19,250 122 Scholastic 9,420 416 Sinclair Broadcasting, Class A (2) 14,210 397 Sirius XM Holdings (1) 392,300 1,463 Starz (1) 9,500 425 Time 16,600 382 Tribune Media 9,600 512 World Wrestling Entertainment (2) 8,700 144 26,277 Multiline Retail 0.3% Big Lots (2) 9,100 410 Bon-Ton Stores (2) 11,700 54 Burlington Stores (1) 13,400 686 Dillards, Class A 3,900 410 Fred's 5,915 114 8

Shares/Par $ Value JC Penney (1)(2) 54,300 460 Sears Holdings (1)(2) 3,200 86 Seritage Growth Properties, Rights, 8/14/15 (1)(2) 3,200 10 Tuesday Morning (1)(2) 9,700 109 2,339 Specialty Retail 2.9% Aaron's 8,935 324 Abercrombie & Fitch (2) 14,600 314 Advance Auto Parts 11,585 1,845 Aeropostale (1)(2) 33,360 54 American Eagle Outfitters (2) 32,180 554 ANN (1) 6,575 318 Asbury Automotive Group (1) 6,140 556 Ascena Retail Group (1) 18,434 307 Barnes & Noble (1) 7,784 202 bebe stores (2) 42,000 84 Big 5 Sporting Goods 8,400 119 Buckle (2) 3,362 154 Cabela's, Class A (1)(2) 6,541 327 Caleres 7,430 236 Cato, Class A 5,850 227 Chico's 22,300 371 Children s Place 3,150 206 Christopher & Banks (1) 20,792 83 CST Brands 11,100 434 Dick's Sporting Goods 20,000 1,035 DSW, Class A 11,600 387 Foot Locker 24,617 1,650 Francesca's Holdings (1) 7,000 94 Genesco (1) 3,500 231 GNC Holdings 13,900 618 Group One Automotive 6,900 627 Guess 11,620 223 9

Shares/Par $ Value Lithia Motors, Class A 3,500 396 Lumber Liquidators (1)(2) 7,000 145 Men's Wearhouse 5,750 368 Michaels (1) 7,700 207 Monro Muffler Brake (2) 9,400 584 Murphy USA (1) 5,200 290 Office Depot (1) 99,030 858 Outerwall (2) 3,150 240 Penske Auto 5,816 303 Pep Boys (1) 9,570 117 Pier 1 Imports (2) 25,400 321 Rent-A-Center 7,400 210 Restoration Hardware Holdings (1) 8,200 801 Sally Beauty Supply (1) 23,800 752 Select Comfort (1) 9,900 298 Signet Jewelers 12,600 1,616 Sonic Automotive 3,620 86 Stage Stores 5,870 103 Stein Mart 11,330 119 The Finish Line, Class A 8,753 244 Ulta Salon Cosmetics & Fragrance (1) 12,000 1,853 Vitamin Shoppe (1) 4,400 164 West Marine (1) 6,200 60 Williams-Sonoma 14,700 1,209 Zumiez (1) 5,200 138 23,062 Textiles, Apparel & Luxury Goods 0.9% Carters 8,100 861 Charles & Colvard (1)(2) 2,868 4 Cherokee 8,300 234 Columbia Sportswear (2) 2,762 167 Crocs (1) 13,700 201 Deckers Outdoor (1) 4,400 317 10

Shares/Par $ Value G-III Apparel (1) 5,600 394 Hanesbrands 10,900 363 Iconix Brand Group (1) 6,849 171 Kate Spade (1) 28,600 616 lululemon athletica (1)(2) 11,200 731 Movado Group (2) 3,600 98 Oxford Industries 1,870 164 Quiksilver (1)(2) 94,700 63 Skechers U.S.A., Class A (1) 6,900 758 Steven Madden (1) 8,700 372 Tumi Holdings (1) 18,100 371 Wolverine World Wide 31,500 897 6,782 Total Consumer Discretionary 121,084 CONSUMER STAPLES 3.1% Beverages 0.1% Boston Beer, Class A (1) 1,500 348 Coca-Cola Bottling 2,150 325 National Beverage (1) 5,948 134 Willamette Valley Vineyards (1)(2) 10,850 75 882 Food & Staples Retailing 0.6% Andersons 4,550 177 Casey's General Stores 6,800 651 Fresh Market (1)(2) 7,100 228 PriceSmart (2) 4,300 392 Rite Aid (1) 214,450 1,791 Spartannash 8,900 290 Sprouts Farmers Market (1)(2) 24,300 656 SUPERVALU (1) 59,600 482 11

Shares/Par $ Value United Natural Foods (1) 7,200 458 5,125 Food Products 1.5% Alico (2) 3,700 168 B&G Foods, Class A 9,400 268 Bunge Limited 28,602 2,511 Darling Ingredients (1) 25,100 368 Dean Foods 22,350 362 Farmer Bros. (1) 7,000 165 Flowers Foods 46,883 992 Fresh Del Monte Produce 6,500 251 Hain Celestial Group (1) 22,200 1,462 Ingredion 10,500 838 J & J Snack Foods 2,240 248 Lancaster Colony 3,600 327 Lifeway Foods (1)(2) 9,400 180 Pinnacle Foods 22,800 1,038 Post Holdings (1)(2) 8,685 468 Rocky Mountain Chocolate Factory 14,062 185 Sanderson Farms (2) 4,040 304 Seaboard (1) 44 158 Snyders-Lance 10,710 346 TreeHouse Foods (1) 7,143 579 Whitewave Foods, Class A (1) 20,600 1,007 12,225 Household Products 0.5% Central Garden & Pet, Class A (1)(2) 9,600 110 Church & Dwight 21,650 1,756 Energizer 10,450 1,375 Spectrum Brands Holdings 5,100 520 3,761 12

Shares/Par $ Value Personal Products 0.3% Avon (2) 69,500 435 Elizabeth Arden (1)(2) 8,050 115 Herbalife (1)(2) 14,700 810 Inter Parfums 3,900 132 Nu Skin Enterprises, Class A (2) 10,300 485 1,977 Tobacco 0.1% Universal (2) 4,240 243 Vector Group (2) 18,247 428 671 Total Consumer Staples 24,641 ENERGY 4.2% Energy Equipment & Services 1.5% Atwood Oceanics (2) 7,700 204 Basic Energy Services (1)(2) 13,800 104 Bristow Group 7,180 383 C&J Energy Services (1) 15,500 205 CARBO Ceramics (2) 4,475 186 Core Laboratories (2) 7,300 833 Dawson Geophysical (1) 10,208 48 Dril-Quip (1) 5,200 391 Exterran Holdings 15,767 515 Forum Energy Technologies (1) 6,500 132 Geospace Technologies (1)(2) 2,000 46 Gulf Island Fabrication (2) 12,500 140 Gulfmark Offshore (2) 8,700 101 Helix Energy Solutions Group (1) 21,707 274 Hercules Offshore (1)(2) 107,331 25 Hornbeck Offshore Services (1)(2) 5,400 111 ION Geophysical (1)(2) 78,000 84 13

Shares/Par $ Value Matrix Service (1) 7,300 133 McDermott International (1)(2) 67,850 362 Nabors Industries 46,800 675 Newpark Resources (1) 24,700 201 Oceaneering International 15,100 704 Oil States International (1) 11,530 429 Parker Drilling (1) 53,800 179 Patterson-UTI Energy 22,337 420 Pioneer Energy Services (1) 38,800 246 Rowan 28,200 595 RPC (2) 19,975 276 SEACOR Holdings (1)(2) 6,950 493 Superior Energy 27,956 588 Tesco 22,600 246 TETRA Technologies (1) 22,400 143 Tidewater (2) 13,174 299 Unit (1) 10,000 271 US Silica Holdings (2) 9,600 282 Weatherford International (1) 133,800 1,642 11,966 Oil, Gas & Consumable Fuels 2.7% Adams Resources & Energy (2) 2,300 103 Alon USA Energy 18,800 355 Bill Barrett (1)(2) 17,032 146 Bonanza Creek Energy (1) 10,300 188 California Resources 45,600 275 Callon Petroleum (1) 25,450 212 Carrizo Oil & Gas (1) 8,200 404 Cheniere Energy (1) 36,600 2,535 Cobalt International Energy (1) 23,000 223 Comstock Resources (2) 39,240 131 Concho Resources (1) 20,300 2,311 Contango Oil & Gas (1) 1,600 20 14

Shares/Par $ Value Continental Resources (1)(2) 18,600 788 CVR Energy (2) 4,000 151 Denbury Resources (2) 70,600 449 Diamondback Energy (1) 10,700 807 Energen 11,120 759 Energy XXI (2) 32,590 86 Exco Resources (2) 25,600 30 Fieldpoint Petroleum (1)(2) 17,100 19 Fieldpoint Petroleum, Warrants, 3/23/18 (1) 12,600 4 Gulfport Energy (1) 16,700 672 Halcon Resources (1)(2) 35,256 41 Harvest Natural Resource (1)(2) 21,616 38 HollyFrontier 31,290 1,336 Kosmos Energy (1) 26,100 220 Magnum Hunter Resources (1)(2) 62,700 117 Matador Resources (1)(2) 22,900 573 Midstates Petroleum (1)(2) 49,300 46 Northern Oil & Gas (1)(2) 25,900 175 Oasis Petroleum (1)(2) 24,900 395 Parsley Energy (1) 13,800 240 PDC Energy (1) 8,800 472 Rex Energy (1)(2) 24,200 135 Rex Stores Resources (1) 2,550 162 Rice Energy (1) 15,700 327 Rosetta Resources (1) 14,000 324 RSP Permian (1) 14,600 410 SandRidge Energy (1)(2) 34,007 30 SemGroup 8,400 668 SM Energy 13,300 613 Stone Energy (1) 10,212 129 Targa Resources 6,700 598 Triangle Petroleum (1)(2) 32,400 163 Ultra Petroleum (1)(2) 29,560 370 15

Shares/Par $ Value W&T Offshore (2) 13,000 71 Western Refining 14,400 628 Westmoreland Coal (1)(2) 6,300 131 Whiting Petroleum (1) 35,311 1,186 World Fuel Services 13,200 633 WPX Energy (1) 36,400 447 21,346 Total Energy 33,312 FINANCIALS 22.4% Banks 5.3% 1st Source 2,866 98 Ameriana Bancorp 4,460 95 Arrow Financial 6,839 185 Associated Banc-Corp 27,075 549 Banc First 2,800 183 Bancorp (1) 15,700 146 Bancorp South 32,675 842 Bank of Hawaii (2) 5,566 371 Bank of the Ozarks 11,600 531 BankUnited 22,600 812 Banner 3,973 190 BB&T 6,682 269 BBCN Bancorp 20,300 300 BOK Financial (2) 1,137 79 Boston Private Financial 12,999 174 Camden National 3,200 124 Capital Bank Financial, Class A (1) 11,200 326 Cathay Bancorp 10,756 349 CB Financial Services 1,438 29 Central Pacific Financial 7,800 185 Century Bancorp, Class A 5,700 232 Chemical Financial 8,561 283 16

Shares/Par $ Value CIT Group 29,500 1,371 Citizens & Northern 2,222 46 Citizens Financial 28,800 787 City Holding Company (2) 5,150 254 City National 6,450 583 Cobiz Financial 15,937 208 Columbia Banking System 15,050 490 Commerce Bancshares (2) 10,905 510 Community Bank System (2) 6,020 227 Community Trust Bancorp 4,372 152 ConnectOnc Bancorp 12,383 267 Cullen/Frost Bankers 8,450 664 CVB Financial (2) 13,106 231 East West Bancorp 22,300 1,000 Farmers Capital Bank (1) 11,547 328 First Bancorp North Carolina 8,075 135 First Busey (2) 23,575 155 First Citizens BancShares 1,470 387 First Commonwealth Financial 23,000 221 First Community 5,200 95 First Financial 4,550 163 First Financial Bancorp 13,272 238 First Financial Bankshares (2) 8,988 311 First Horizon National (2) 37,300 585 First Merchants 12,383 306 First Midwest Bancorp 17,893 339 First Niagara Financial 93,563 883 First Republic Bank 22,500 1,418 First United (1) 4,211 36 FirstMerit 21,384 445 Flushing Financial 9,825 206 FNB 18,135 260 Fulton Financial 19,102 249 17

Shares/Par $ Value German American Bancorp 4,489 132 Glacier Bancorp 15,812 465 Hancock Holding 13,735 438 Hilltop Holdings (1) 12,498 301 Home Bancshares 18,238 667 IBERIABANK 4,955 338 Independent Bank 5,350 251 International Bancshares 7,802 210 Investors Bancorp 59,435 731 Macatawa Bank (2) 22,000 117 MB Financial 7,667 264 Merchants Bancshares 600 20 National Bank Holdings, Class A 16,500 344 National Penn Bancshares 15,535 175 NBT Bancorp 9,480 248 NewBridge Bancorp 15,900 142 Northrim Bank (2) 7,125 183 OFG Bancorp 9,768 104 Old Line Bancshares (2) 4,600 73 Old National Bancorp 16,031 232 PacWest Bancorp 15,955 746 Park National (2) 4,040 353 Peapack-Gladstone Financial 7,057 157 Peoples Bancorp 3,550 83 Popular (1) 16,330 471 Preferred Bank 7,395 222 Premier Financial Bancorp 7,464 115 PrivateBancorp 10,260 409 Prosperity Bancshares 13,460 777 Renasant (2) 8,352 272 Republic Bancorp, Class A 2,066 53 S&T Bancorp 8,200 243 Sandy Spring Bancorp (2) 4,830 135 18

Shares/Par $ Value Signature Bank (1) 7,900 1,156 South State 3,704 281 Southside Bancshares (2) 7,944 232 Southwest Bancorp of Oklahoma 11,800 220 State Bank Financial 7,600 165 Sterling Bancorp 20,840 306 Stock Yards Bancorp 5,521 209 Sun Bancorp (1) 4,912 95 Susquehanna Bancshares 27,747 392 SVB Financial Group (1) 8,550 1,231 Synovus Financial 19,757 609 Talmer Bancorp, Class A 37,800 633 TCF Financial 28,200 468 Texas Capital Bancshares (1) 15,500 965 Tompkins Financial 4,217 227 TowneBank (2) 2,400 39 TriCo Bancshares 4,900 118 Trustmark 10,900 272 UMB Financial 4,312 246 Umpqua Bank 36,764 661 Union Bankshares 7,729 180 United Bankshares (2) 9,000 362 United Community Banks 9,796 204 Univest 4,700 96 Valley National Bancorp 22,994 237 Webster Financial 15,510 613 WesBanco 6,875 234 West Bancorporation (2) 12,700 252 WestAmerica Bank (2) 3,746 190 Western Alliance Bancorp (1) 27,200 918 Wintrust Financial 7,050 376 41,560 19

Shares/Par $ Value Capital Markets 1.8% Artisan Partners Asset Management 2,300 107 Ashford (1) 1,149 100 BGC Partners 34,500 302 Calamos, Class A 15,300 187 CIFC (2) 5,200 41 Cohen & Steers (2) 2,000 68 Cowen (1) 29,700 190 Eaton Vance 16,966 664 Evercore Partners 5,500 297 Federated Investors, Class B 6,400 214 Financial Engines (2) 17,300 735 GAMCO Investors 900 62 GFI Group (1) 34,400 203 Greenhill 2,800 116 Interactive Brokers, Class A 10,300 428 INTL FCStone (1) 8,181 272 Investment Technology Group 13,600 337 Janus Capital Group 41,200 705 Lazard, Class A, Partnership 24,300 1,367 LPL Financial Holdings (2) 22,000 1,023 Northstar Asset Management 31,100 575 Piper Jaffray (1) 3,650 159 Raymond James Financial 16,275 970 Safeguard Scientifics (1) 5,300 103 SEI Investments 18,956 929 Stifel Financial (1) 5,186 300 TD Ameritrade Holding 50,768 1,869 Teton Advisors (2) 40 2 Virtus Investment Partners 1,434 190 Waddell & Reed Financial, Class A 19,140 906 Walter Investment Management (1)(2) 11,600 265 20

Shares/Par $ Value WisdomTree Investments (2) 32,000 703 14,389 Consumer Finance 0.7% Ally Financial (1) 69,600 1,561 Asta Funding (1) 8,330 70 Atlanticus Holdings (1)(2) 4,145 15 Cash America International 5,560 146 Credit Acceptance (1)(2) 1,700 418 Encore Capital (1)(2) 6,200 265 Enova International (1) 9,687 181 EZCORP, Class A (1) 14,700 109 First Cash (1) 4,800 219 Nelnet, Class A 3,922 170 PRA (1)(2) 8,550 533 Santander Consumer USA Holdings (1) 9,600 245 SLM Corporation (1) 66,800 659 Springleaf Holdings (1) 7,100 326 Synchrony Financial (1) 13,900 458 World Acceptance (1)(2) 2,300 141 5,516 Diversified Financial Services 0.6% CBOE Holdings 18,400 1,053 MarketAxess Holdings 6,800 631 MSCI, Class A 22,036 1,356 Newstar Financial (1) 4,900 54 PHH (1) 9,579 249 PICO Holdings (1) 6,600 97 Voya Financial 29,800 1,385 4,825 Insurance 3.9% Alleghany (1) 2,518 1,180 Allied World Assurance Holdings 16,500 713 21

Shares/Par $ Value American Equity Investment Life 14,600 394 American Financial Group 10,010 651 AmTrust Financial Services (2) 5,356 351 Arch Capital Group (1) 19,100 1,279 Argo Group International Holdings 4,840 270 Arthur J. Gallagher 29,760 1,408 Aspen Insurance Holdings 10,100 484 Assured Guaranty 21,000 504 Axis Capital Holdings 15,000 801 Baldwin & Lyons, Class B 3,875 89 Citizens (1)(2) 13,733 102 CNA Financial 9,400 359 CNO Financial Group 26,900 494 Crawford, Class B 17,550 148 E-Health (1) 6,300 80 EMC Insurance Group 2,854 71 Endurance Specialty Holdings (2) 6,700 440 Enstar (1) 1,800 279 Erie Indemnity, Class A 4,500 369 Everest Reinsurance Holdings 5,800 1,056 FBL Financial, Class A 2,342 135 First American Financial 28,830 1,073 FNF 41,831 1,547 Hanover Insurance Group 6,420 475 HCC Insurance Holdings 16,130 1,240 Horace Mann Educators 9,210 335 Infinity Property & Casualty 3,200 243 Kemper 7,650 295 Maiden Holdings 15,100 238 Markel (1) 2,124 1,701 MBIA (1) 20,100 121 Meadowbrook Insurance Group 45,482 391 Mercury General 4,793 267 22

Shares/Par $ Value Montpelier Re Holdings 7,600 300 National Interstate 7,100 194 National Western Life 1,110 266 Navigators Group (1) 3,350 260 Old Republic International 38,093 595 OneBeacon Insurance Group, Class A 8,800 128 PartnerRe 8,800 1,131 Primerica 4,500 206 ProAssurance 7,540 348 Reinsurance Group of America 11,520 1,093 RenaissanceRe Holdings 6,095 619 Safety Insurance Group 3,615 209 Selective Insurance 7,400 208 StanCorp Financial Group 6,100 461 State Auto Financial 11,370 272 Stewart Information Services 5,280 210 Symetra Financial 18,300 442 United Fire Group 3,600 118 Validus Holdings 11,800 519 W. R. Berkley 14,272 741 White Mountains Insurance Group (2) 1,387 908 Willis Group Holdings 36,500 1,712 30,523 Real Estate Investment Trusts 8.4% Acadia Realty Trust, REIT 9,950 290 AG Mortgage Investment Trust, REIT 24,700 427 Agree Realty, REIT 9,200 268 Alexanders, REIT 600 246 Alexandria Real Estate, REIT 10,920 955 Altisource Residential, Class B 12,133 204 American Assets Trust, REIT 7,200 282 American Campus Communities, REIT 13,826 521 American Capital Agency, REIT 64,100 1,178 23

Shares/Par $ Value American Capital Mortgage Investment, REIT 24,300 389 American Homes 4 Rent, REIT 30,000 481 American Realty Capital Properties, REIT 129,140 1,050 Annaly Capital Management, REIT 137,200 1,261 Ares Commercial Real Estate, REIT 32,500 370 ARMOUR Residential REIT, REIT 71,400 201 Ashford Hospitality Prime, REIT 13,080 196 Ashford Hospitality Trust, REIT 23,100 195 BioMed Realty Trust, REIT 31,600 611 Brandywine Realty Trust, REIT 18,343 244 Brixmor Property, REIT 24,700 571 Camden Property Trust, REIT 12,600 936 CBL & Associates Properties, REIT 12,600 204 Cedar Realty Trust, REIT 23,200 148 Chambers Street Properties, REIT 33,200 264 Chesapeake Lodging Trust, REIT 12,700 387 Chimera Investment, REIT 29,620 406 CIM Commercial Trust, REIT 317 6 Colony Capital, REIT (2) 22,300 505 Columbia Property Trust, REIT 16,000 393 Communications Sales & Leasing, REIT (1)(2) 13,000 321 CorEnergy Infrastructure Trust, REIT (2) 18,700 118 Corporate Office Properties Trust, REIT 8,200 193 Corrections Corporation of America, REIT 16,004 529 CubeSmart, REIT 24,400 565 CYS Investments, REIT (2) 28,700 222 DCT Industrial Trust, REIT 15,300 481 DDR, REIT 44,600 690 DiamondRock Hospitality, REIT 32,351 414 Digital Realty Trust, REIT 22,000 1,467 Douglas Emmett, REIT 19,100 515 Duke Realty, REIT 50,261 933 DuPont Fabros Technology, REIT 12,300 362 24

Shares/Par $ Value EastGroup Properties, REIT 9,750 548 Education Realty Trust, REIT 10,500 329 Empire State Realty Trust, REIT (2) 17,400 297 EPR Properties, REIT (2) 7,280 399 Equity Commonwealth, REIT (1) 18,175 467 Equity LifeStyle Properties, REIT 14,940 786 Equity One, REIT 17,576 410 Extra Space Storage, REIT 18,700 1,220 Federal Realty Investment Trust, REIT 14,690 1,882 First Industrial Realty, REIT 12,200 228 First Potomac Realty Trust, REIT 19,800 204 Franklin Street Properties, REIT 34,700 392 Gaming & Leisure Properties, REIT 18,888 692 Getty Realty, REIT 11,160 183 Government Properties Income Trust, REIT (2) 21,100 391 Hatteras Financial, REIT 16,300 266 Healthcare Realty Trust, REIT 18,580 432 Healthcare Trust of America, REIT 14,750 353 Hersha Hospitality Trust, REIT 15,550 399 Highwoods Properties, REIT 10,713 428 Home Properties of New York, REIT 9,190 671 Hospitality Properties Trust, REIT 22,350 644 Hudson Pacific Properties, REIT 2,500 71 Independence Realty Trust, REIT 10,300 78 Inland Real Estate, REIT 29,300 276 Invesco Mortgage Capital, REIT 35,400 507 Investors Real Estate Trust, REIT 33,450 239 Kilroy Realty, REIT 14,020 941 Kite Realty Group Trust, REIT 17,900 438 Lamar Advertising, REIT 16,192 931 LaSalle Hotel Properties, REIT 19,000 674 Lexington Realty Trust, REIT (2) 39,629 336 Liberty Property Trust, H Shares, REIT 21,633 697 25

Shares/Par $ Value LTC Properties, REIT 7,550 314 Mack-Cali Realty, REIT 9,134 168 Medical Properties Trust, REIT 30,700 402 MFA Financial, REIT 56,000 414 Mid-America Apartment Communities, REIT 12,976 945 Monmouth REIT, Class A 28,600 278 National Health Investors, REIT 4,020 250 National Retail Properties, REIT 17,530 614 New Residential Investment, REIT 52,450 799 NorthStar Realty Finance, REIT 53,200 846 Omega Healthcare Investors, REIT 20,150 692 Outfront Media, REIT 24,023 606 Paramount, REIT 11,600 199 Parkway Properties, REIT 14,672 256 Pebblebrook Hotel Trust, REIT 13,800 592 Pennsylvania REIT 15,731 336 PennyMac Mortgage Investment Trust, REIT 18,300 319 Physicians Realty Trust, REIT 28,800 442 Piedmont Office Realty Trust, Class A, REIT 24,300 427 Post Properties, REIT 8,400 457 Power REIT (1)(2) 9,738 56 PS Business Parks, REIT 5,800 418 QTS Realty Trust, Class A, REIT 11,400 416 Ramco-Gershenson Properties, REIT 17,500 286 Rayonier, REIT 36,551 934 Redwood Trust, REIT 27,300 429 Regency Centers, REIT 19,786 1,167 Resource Capital, REIT (2) 65,800 255 Retail Opportunity Investments, REIT 23,400 366 Retail Properties of America, Class A, REIT 31,100 433 RLJ Lodging Trust, REIT 18,400 548 Ryman Hospitality Properties, REIT 9,126 485 Sabra Health Care REIT 11,600 299 26

Shares/Par $ Value Saul Centers, REIT (2) 7,600 374 Senior Housing Properties, REIT 27,214 478 Silver Bay Realty Trust, REIT 13,699 223 Sotherly Hotels, REIT 14,600 103 Sovran Self Storage, REIT 6,700 582 Spirit Realty Capital, REIT 83,700 809 Starwood Property Trust, REIT 48,500 1,046 Starwood Waypoint Residential Trust, REIT (2) 11,680 278 Strategic Hotels & Resorts, REIT (1) 46,400 562 Sun Communities, REIT 13,450 832 Sunstone Hotel Investors, REIT 38,651 580 Tanger Factory Outlet Centers, REIT 17,980 570 Taubman Centers, REIT 9,700 674 Terreno Realty, REIT 18,800 370 The GEO Group, REIT 13,611 465 Two Harbors Investment, REIT 64,000 623 UDR, REIT 38,581 1,236 UMH Properties, REIT (2) 30,700 301 Universal Health Realty Income Trust, REIT 6,150 286 Urban Edge Properties, REIT 12,800 266 Urstadt Biddle Properties, Class A, REIT 15,200 284 Washington REIT (2) 15,400 400 Weingarten Realty Investors, REIT 16,540 541 Western Asset Mortgage Capital, REIT (2) 29,922 442 WP Carey, REIT 17,000 1,002 WP GLIMCHER, REIT 21,159 286 ZAIS Financial, REIT (2) 12,700 205 66,074 Real Estate Management & Development 0.7% Alexander & Baldwin 12,250 483 Altisource Portfolio Solutions (1)(2) 4,000 123 AV Homes (1)(2) 5,400 78 Forest City Enterprises, Class A (1) 26,530 586 27

Shares/Par $ Value Forestar Group (1) 8,200 108 FRP Holdings (1) 2,300 75 Gladstone Land, REIT 7,700 80 Howard Hughes (1) 5,500 789 Jones Lang LaSalle 7,510 1,284 Kennedy-Wilson Holdings 17,100 420 Realogy Holdings (1) 20,500 958 St. Joe (1)(2) 15,670 243 Tejon Ranch (1) 5,570 143 Tejon Ranch, Warrants, 8/31/16 (1) 999 1 5,371 Thrifts & Mortgage Finance 1.0% Astoria Financial 22,821 315 Bank Mutual 19,961 153 Bear State Financial (2) 12,510 117 BofI Holding (1)(2) 2,200 233 Brookline Bancorp 24,129 272 Capitol Federal Financial 37,944 457 Clifton Bancorp 14,388 201 Dime Community Bancshares 10,400 176 EverBank Financial 14,100 277 Federal Agricultural Mortgage 5,500 160 HomeStreet (1) 5,200 119 Kearny Financial (1) 16,012 179 Lake Sunapee Bank 2,980 43 MGIC Investment (1)(2) 95,300 1,084 Nationstar Mortgage Holdings (1)(2) 16,300 274 New York Community Bancorp (2) 54,837 1,008 Northwest Bancshares 20,579 264 OceanFirst Financial (2) 7,650 143 Ocwen Financial (1)(2) 28,230 288 PennyMac Financial Services (1) 4,665 84 Provident Financial Services 10,118 192 28

Shares/Par $ Value Radian (2) 32,458 609 TFS Financial 14,100 237 Trustco Bank 25,450 179 United Financial Bancorp 2,000 27 Walker & Dunlop (1) 11,800 315 Washington Federal 17,968 419 Westfield Financial 12,700 93 WSFS Financial 9,750 267 8,185 Total Financials 176,443 HEALTH CARE 13.4% Biotechnology 5.2% ACADIA Pharmaceuticals (1)(2) 23,500 984 Acceleron Pharma (1)(2) 7,900 250 Acorda Therapeutics (1)(2) 8,700 290 Advaxis (1)(2) 25,400 516 Aegerion Pharmaceuticals (1)(2) 10,700 203 Alexion Pharmaceuticals (1) 3,422 619 Alkermes (1) 30,600 1,969 Alnylam Pharmaceuticals (1) 15,900 1,906 Anacor Pharmaceuticals (1) 13,200 1,022 Arena Pharmaceuticals (1)(2) 69,300 322 ARIAD Pharmaceuticals (1)(2) 17,500 145 Array BioPharma (1)(2) 46,000 332 BioMarin Pharmaceutical (1) 28,290 3,870 Biotime, Warrants, 10/1/18 (1)(2) 819 1 Bluebird Bio (1) 5,900 993 Celldex Therapeutics (1)(2) 23,900 603 Celsion (1)(2) 74,800 176 Cepheid (1) 11,700 715 Chimerix (1) 16,000 739 Clovis Oncology (1) 9,200 808 29

Shares/Par $ Value CytRx (1)(2) 56,400 210 Dyax (1) 30,400 806 Dynavax Technologies (1)(2) 13,810 323 Exact Sciences (1)(2) 29,400 874 Exelixis (1)(2) 51,390 193 Forest Laboratories (1)(3) 203 Forest Laboratories (1)(3) 2,488 Genomic Health (1)(2) 5,600 156 Geron (1)(2) 46,600 199 Halozyme Therapeutics (1)(2) 27,600 623 Harvard Apparatus Regenerative Tech (1) 28,250 40 ImmunoGen (1)(2) 23,500 338 Incyte (1) 29,960 3,122 Infinity Pharmaceuticals (1) 5,100 56 Intercept Pharmaceuticals (1)(2) 1,500 362 Ironwood Pharmaceuticals (1)(2) 25,700 310 Isis Pharmaceuticals (1)(2) 25,380 1,461 Keryx Biopharmaceuticals (1)(2) 29,800 297 Lexicon Pharmaceuticals (1)(2) 15,342 123 Ligand Pharmaceuticals, Class B (1)(2) 4,086 412 MannKind (1)(2) 60,300 343 Medivation (1) 12,800 1,462 Merrimack Pharmaceuticals (1)(2) 43,300 535 Momenta Pharmaceuticals (1) 21,000 479 Myriad Genetics (1)(2) 9,680 329 Navidea Biopharmaceuticals (1)(2) 70,000 113 Neurocrine Biosciences (1) 25,200 1,204 Novavax (1) 70,800 789 OncoGenex Pharmaceutical (1)(2) 36,100 84 OPKO Health (1)(2) 65,900 1,060 Orexigen Therapeutics (1)(2) 34,200 169 Progenics Pharmaceuticals (1)(2) 33,500 250 Puma Biotechnology (1)(2) 3,200 374 30

Shares/Par $ Value Raptor Pharmaceutical (1)(2) 23,100 365 Receptos (1) 6,900 1,311 Sangamo BioSciences (1) 22,900 254 Sarepta Therapeutics (1)(2) 21,416 652 Seattle Genetics (1)(2) 19,320 935 Synergy Pharmaceuticals (1)(2) 47,000 390 Ultragenyx Pharmaceutical (1) 7,300 747 United Therapeutics (1) 10,100 1,757 ZIOPHARM Oncology (1)(2) 54,300 652 40,622 Health Care Equipment & Supplies 2.7% Abaxis 4,500 232 Abiomed (1) 9,400 618 Accuray (1)(2) 20,100 135 Alere (1) 12,860 678 Align Technology (1) 15,430 968 Angiodynamics (1) 8,132 133 Biolase (1)(2) 17,433 30 Cantel Medical 5,300 284 Cerus (1)(2) 53,770 279 ConMed 6,050 353 Cooper Companies 8,561 1,524 CryoLife 10,350 117 Cyberonics (1) 4,700 279 Cynosure, Class A (1) 6,863 265 Dexcom (1) 12,900 1,032 Endologix (1)(2) 15,300 235 EnteroMedics (1)(2) 37,000 23 Exactech (1) 1,700 35 GenMark Diagnostics (1)(2) 12,000 109 Globus Medical, Class A (1) 10,200 262 Greatbatch (1) 5,050 272 Haemonetics (1) 8,600 356 31

Shares/Par $ Value Halyard Health (1)(2) 7,600 308 HeartWare International (1)(2) 1,600 116 Hill-Rom Holdings 9,250 503 Hologic (1) 45,554 1,734 ICU Medical (1) 3,400 325 IDEXX Laboratories (1) 15,800 1,013 Insulet (1) 10,800 335 Integra LifeSciences (1) 4,200 283 Invacare 6,700 145 LeMaitre Vascular 8,300 100 Masimo (1) 9,300 360 Meridian Bioscience 8,075 151 Merit Medical Systems (1) 9,606 207 Neogen (1) 6,650 315 NuVasive (1) 7,500 355 OraSure Technologies (1) 19,775 107 Quidel (1)(2) 21,500 493 ResMed (2) 20,700 1,167 RTI Surgical (1) 35,800 231 Sirona Dental Systems (1) 12,600 1,265 Spectranetics (1)(2) 9,200 212 Steris 8,591 554 SurModics (1) 3,750 88 Symmetry Surgical (1)(2) 10,600 92 Teleflex (2) 6,830 925 Thoratec (1) 19,252 858 Tornier (1) 8,000 200 Unilife (1)(2) 44,100 95 West Pharmaceutical Services 9,560 555 Wright Medical Group (1) 10,600 278 21,589 Health Care Providers & Services 2.7% Acadia Healthcare (1)(2) 9,000 705 32

Shares/Par $ Value Air Methods (1) 6,600 273 AMN Healthcare Services (1) 15,505 490 AmSurg, Class A (1) 7,400 518 Anthem 500 82 Bioscrip (1)(2) 32,200 117 Bioscrip, Rights, 8/3/15 (1) 93 BioTelemetry (1) 2,600 24 Brookdale Senior Living (1) 33,200 1,152 Capital Senior Living (1) 13,400 328 Centene (1) 19,900 1,600 Chemed (2) 3,200 419 Community Health Systems (1) 19,568 1,232 Community Health Systems, Rights, 1/2/24 (1) 41,000 1 CorVel (1) 6,050 194 Digirad 39,600 172 Diplomat Pharmacy (1)(2) 11,500 515 Envision Healthcare Holdings (1) 28,600 1,129 Five Star Quality Care (1) 23,000 110 Hanger (1) 4,850 114 HCA Holdings (1) 7,300 662 Health Net (1) 12,630 810 HealthSouth 15,700 723 IPC Healthcare (1) 3,100 172 Kindred Healthcare 15,677 318 Laboratory Corporation of America (1) 1,540 187 Landauer 3,500 125 LHC Group (1) 3,500 134 LifePoint Health (1) 7,330 637 Magellan Health (1) 6,400 448 MEDNAX (1) 16,000 1,186 Molina Healthcare (1) 3,750 264 National HealthCare 3,377 219 Omnicare 15,316 1,443 33

Shares/Par $ Value Owens & Minor 10,400 354 PDI (1)(2) 30,900 44 PharMerica (1) 9,659 322 Premier (1) 7,500 288 RadNet (1) 42,900 287 Select Medical Holdings 7,900 128 Team Health Holdings (1) 16,600 1,084 Universal American (1) 9,540 97 VCA (1) 14,100 767 WellCare Health Plans (1) 11,100 942 20,816 Health Care Technology 0.4% Allscripts Healthcare Solutions (1) 9,400 129 athenahealth (1)(2) 6,600 756 HealthStream (1) 4,700 143 HMS Holdings (1)(2) 15,300 263 IMS Health Holdings (1) 7,900 242 MedAssets (1) 10,100 223 Medidata Solutions (1) 11,200 608 Omnicell (1) 7,820 295 Quality Systems 8,000 132 Veeva Systems, Class A (1)(2) 13,400 376 3,167 Life Sciences Tools & Services 1.5% Affymetrix (1)(2) 17,900 195 Bio-Rad Laboratories, Class A (1) 2,900 437 Bio-Techne 6,300 620 Bruker (1) 30,050 613 Cambrex (1) 11,010 484 Charles River Laboratories International (1) 8,700 612 Furiex Pharmaceuticals (1)(3) 2,710 20 Harvard Bioscience (1) 28,200 161 34

Shares/Par $ Value Illumina (1) 22,800 4,979 Luminex (1) 10,000 173 Mettler-Toledo International (1) 4,500 1,536 Pacific Biosciences of California (1)(2) 23,600 136 Parexel International (1) 9,680 622 Quintiles Transnational Holdings (1) 12,600 915 Sequenom (1)(2) 37,100 113 11,616 Pharmaceuticals 0.9% Akorn (1)(2) 22,200 969 Catalent (1) 15,200 446 DURECT (1)(2) 98,600 236 Endo International (1) 2,180 174 Horizon Pharma (1)(2) 18,400 639 Impax Laboratories (1) 11,800 542 Jazz Pharmaceuticals (1) 10,500 1,849 Medicines Company (1)(2) 17,590 503 Nektar Therapeutics (1)(2) 25,500 319 NuPathe, Rights, 1/2/24 (1)(3) 81,200 85 Pacira Pharmaceuticals (1)(2) 7,300 516 Prestige Brands (1) 8,600 398 Theravance (2) 18,000 325 Theravance Biopharma (1)(2) 9,642 125 VIVUS (1)(2) 50,000 118 XenoPort (1) 25,100 154 7,398 Total Health Care 105,208 INDUSTRIALS & BUSINESS SERVICES 12.8% Aerospace & Defense 1.6% AAR 7,300 233 Aerojet Rocketdyne Holdings (1)(2) 12,210 252 35

Shares/Par $ Value Aerovironment (1) 5,100 133 B/E Aerospace 15,850 870 Cubic 2,700 128 Curtiss-Wright 8,500 616 DigitalGlobe (1) 15,293 425 Ducommun (1) 3,600 92 Esterline Technologies (1) 5,490 523 Harris 3,218 248 HEICO (2) 8,500 496 Hexcel 15,500 771 Huntington Ingalls Industries 7,900 889 KLX (1) 7,400 327 Moog, Class A (1) 6,830 483 National Presto (2) 2,100 169 Orbital ATK 9,221 676 Spirit AeroSystems Holdings, Class A (1) 17,400 959 TASER International (1)(2) 17,860 595 Teledyne Technologies (1) 8,700 918 Transdigm Group (1) 7,800 1,752 Triumph Group 8,200 541 Vectrus (1) 5,444 135 12,231 Air Freight & Logistics 0.2% Atlas Air Worldwide (1) 3,600 198 Forward Air 4,885 255 Hub Group, Class A (1) 4,500 182 Park Ohio Holdings 3,600 174 UTi Worldwide (1) 30,700 307 XPO Logistics (1)(2) 17,000 768 1,884 Airlines 1.0% Alaska Air Group 25,000 1,611 36

Shares/Par $ Value Allegiant Travel 4,800 854 JetBlue Airways (1) 45,000 934 SkyWest 2,530 38 Spirit Airlines (1) 11,200 696 United Continental (1) 68,826 3,648 7,781 Building Products 0.8% A.O. Smith 12,780 920 AAON 11,590 261 Apogee Enterprises 7,500 395 Armstrong Worldwide Industries (1) 4,900 261 Fortune Brands Home & Security 23,000 1,054 Gibraltar Industries (1) 6,225 127 Griffon 10,500 167 Lennox International 6,690 721 Nortek (1) 1,900 158 Owens Corning 17,100 705 Quanex Building Products 11,540 247 Simpson Manufacturing 6,200 211 Trex (1) 8,600 425 Universal Forest Products 3,290 171 USG (1)(2) 12,450 346 6,169 Commercial Services & Supplies 1.7% ABM Industries 9,350 307 Acco Brands (1) 5,000 39 Brady, Class A 7,300 181 Brinks Company 6,949 204 Casella Waste Systems, Class A (1)(2) 18,075 101 CECO Environmental 6,441 73 Clean Harbors (1) 13,300 715 Copart (1) 17,300 614 37

Shares/Par $ Value Covanta Holding 23,404 496 Deluxe 6,928 429 Ecology & Environment, Class A (2) 205 2 Ennis Business Forms 6,757 126 Essendant 6,346 249 Fuel Tech (1)(2) 13,700 30 G & K Services, Class A 4,070 281 Healthcare Services 16,650 550 Herman Miller 9,950 288 HNI 7,080 362 IHS (1) 12,700 1,634 InnerWorkings (1) 13,300 89 Interface 8,600 215 KAR Auction Services 22,600 845 Kimball International, Class B 8,690 106 Knoll 18,000 451 Matthews International, Class A 7,600 404 McGrath RentCorp 9,300 283 Mobile Mini 13,500 568 MSA Safety 4,900 238 Multi-Color 6,212 397 Performant Financial (1)(2) 35,700 116 R.R. Donnelley 37,869 660 Rollins 13,300 379 Steelcase, Class A 12,059 228 Team (1) 1,800 72 Tetra Tech 10,050 258 TRC (1) 14,000 142 UniFirst 2,700 302 US Ecology 4,900 239 Viad 5,277 143 Waste Connections 19,187 904 13,720 38

Shares/Par $ Value Construction & Engineering 0.6% AECOM (1) 23,022 762 Aegion (1) 10,050 190 Chicago Bridge & Iron (2) 17,576 880 Comfort Systems USA 7,100 163 Dycom Industries (1) 9,463 557 EMCOR Group 9,860 471 Furmanite (1) 16,500 134 Granite Construction 8,200 291 KBR 23,100 450 Layne Christensen (1)(2) 19,100 171 Mastec (1) 11,550 229 MYR Group (1) 5,900 183 Northwest Pipe (1) 3,600 73 Sterling Construction (1)(2) 15,200 61 Tutor Perini (1) 7,600 164 4,779 Electrical Equipment 1.1% Acuity Brands 6,850 1,233 AZZ 10,300 534 BWX Technologies 21,575 708 Encore Wire 9,975 442 EnerSys 5,900 415 Franklin Electric 7,400 239 FuelCell Energy (1)(2) 106,650 104 Generac Holdings (1)(2) 10,100 401 GrafTech International (1) 53,450 265 Hubbell, Class B 8,333 902 LSI Industries 10,325 96 Polypore International (1) 8,400 503 Powell Industries 800 28 Regal Beloit 6,200 450 Sensata Technologies Holding (1) 28,400 1,498 39

Shares/Par $ Value Solarcity (1)(2) 5,200 278 Thermon Group Holdings (1) 14,200 342 Vicor (1)(2) 7,100 87 8,525 Industrial Conglomerates 0.1% Carlisle Companies 10,620 1,063 1,063 Machinery 3.1% Accuride (1) 24,500 94 Actuant, Class A 7,020 162 AGCO (2) 11,250 639 Albany International 5,303 211 Allison Transmission Holdings 26,400 772 Astec Industries 5,400 226 Barnes Group 6,200 242 Blount International (1) 5,177 57 Briggs & Stratton 6,400 123 Chart Industries (1) 10,200 365 CIRCOR International 3,800 207 Clarcor 8,640 538 Colfax (1)(2) 20,300 937 Commercial Vehicle Group (1) 12,500 90 Crane 6,641 390 Donaldson 18,842 675 Dynamic Materials 5,500 60 EnPro Industries 6,950 398 ESCO Technologies 10,640 398 Federal Signal 12,600 188 Graco 9,775 694 Graham (2) 4,250 87 Greenbrier Companies (2) 6,500 304 Harsco 13,460 222 40

Shares/Par $ Value Hillenbrand 13,850 425 Hurco Companies 5,600 194 Hyster-Yale Materials Handling 2,600 180 IDEX 14,055 1,104 ITT 12,000 502 John Bean Technologies 11,472 431 Kennametal 10,200 348 Lincoln Electric Holdings 12,280 748 Lindsay (2) 3,150 277 Manitowoc 30,600 600 Middleby (1) 8,793 987 Mueller Industries 9,900 344 Mueller Water Products 51,643 470 NN 8,000 204 Nordson 9,520 741 Oshkosh 13,100 555 RBC Bearings (1) 6,900 495 Rexnord (1) 16,300 390 SPX 3,405 246 Sun Hydraulics 4,200 160 Tennant 3,100 203 Terex 25,800 600 Timken 11,200 410 Titan International (2) 2,850 31 Toro 9,060 614 TriMas (1) 9,800 290 Trinity Industries 26,158 691 Valmont Industries (2) 4,200 499 Wabash National (1) 19,900 250 WABCO Holdings (1) 8,500 1,052 Wabtec 15,060 1,419 Watts Water Technologies, Class A 3,950 205 41

Shares/Par $ Value Woodward 9,700 533 24,277 Marine 0.1% Baltic Trading (2) 83,300 133 International Shipholding (2) 1,400 9 Kirby (1) 7,600 583 Matson 5,550 233 958 Professional Services 1.0% Advisory Board (1) 7,880 431 CBIZ (1) 13,650 132 CDI 4,100 53 CEB 6,500 566 CRA International (1) 5,050 141 Franklin Covey (1) 5,100 103 FTI Consulting (1) 5,495 227 Heidrick & Struggles International 2,758 72 Insperity 6,150 313 Kelly Services, Class A 3,732 57 Kforce 7,756 177 Korn/Ferry 7,400 257 ManpowerGroup 11,542 1,032 Mastech Holdings (1) 10,891 97 Navigant Consulting (1) 13,300 198 On Assignment (1) 7,850 308 RPX (1) 11,400 193 Towers Watson 10,850 1,365 TrueBlue (1) 7,800 233 Verisk Analytics, Class A (1) 28,000 2,037 WageWorks (1) 5,900 239 8,231 42

Shares/Par $ Value Road & Rail 0.8% AMERCO 900 294 ArcBest 4,500 143 Avis Budget Group (1) 18,000 794 Con-Way 7,200 276 Genesee & Wyoming, Class A (1) 8,418 641 Heartland Express (2) 5,823 118 Hertz Global Holdings (1) 74,700 1,354 Knight Transportation 8,692 233 Landstar System 7,400 495 Old Dominion Freight Line (1) 9,727 667 Patriot Transportation Holding (1)(2) 1,550 38 Quality Distribution (1) 15,400 238 Saia (1) 5,100 200 Swift Transportation (1) 15,800 358 USA Truck (1) 7,000 149 Werner Enterprises 5,753 151 YRC Worldwide (1) 9,500 123 6,272 Trading Companies & Distributors 0.7% Air Lease 13,200 447 Applied Industrial Technologies 6,962 276 Beacon Roofing Supply (1) 7,800 259 GATX 5,750 306 H&E Equipment Services 5,900 118 HD Supply Holdings (1) 17,300 609 Kaman 4,961 208 Lawson Products (1) 5,000 117 MRC Global (1) 15,000 232 MSC Industrial Direct 13,300 928 NOW (1)(2) 7,200 143 Rush Enterprises, Class A (1) 5,800 152 Tal International (2) 3,700 117 43

Shares/Par $ Value Titan Machinery (1)(2) 5,900 87 Watsco 4,100 507 WESCO International (1)(2) 6,651 457 Willis Lease Finance (1) 6,500 119 5,082 Total Industrials & Business Services 100,972 INFORMATION TECHNOLOGY 15.4% Communications Equipment 1.3% ADTRAN 15,873 258 Arris (1) 22,253 681 Black Box 4,070 81 Brocade Communications Systems 71,539 850 CalAmp (1)(2) 11,700 214 Ciena (1) 34,000 805 CommScope Holding (1) 16,100 491 Comtech Telecommunications 6,060 176 Digi International (1) 9,060 87 Echostar (1) 6,844 333 Finisar (1)(2) 18,725 335 Harmonic (1) 29,554 202 Infinera (1) 42,000 881 InterDigital 6,360 362 Ixia (1) 10,300 128 JDS Uniphase (1) 38,800 449 KVH Industries (1) 7,400 100 Netgear (1) 9,100 273 Palo Alto Networks (1) 12,400 2,166 PC-Tel 15,900 114 Plantronics 7,150 403 Polycom (1) 28,700 328 Ruckus Wireless (1) 20,500 212 Sonus Networks (1)(2) 15,040 104 44

Shares/Par $ Value Ubiquiti Networks (2) 6,900 220 ViaSat (1) 8,300 500 10,753 Electronic Equipment, Instruments & Components 2.2% Agilysys (1)(2) 7,052 65 Anixter International (1) 4,000 261 Arrow Electronics (1) 14,075 785 Avnet 20,350 837 AVX 4,202 57 Badger Meter 300 19 Belden 6,663 541 Benchmark Electronics (1) 7,900 172 CDW 18,800 644 Cognex 14,200 683 Coherent (1) 2,800 178 CTS 5,250 101 Daktronics 7,600 90 Dolby Laboratories, Class A 8,640 343 DTS (1) 3,722 113 Electro Rent 11,300 123 Electro Scientific Industries (2) 36,700 193 Fabrinet (1) 7,400 139 FARO Technologies (1) 4,100 191 FEI 10,750 891 Gerber Scientific, EC (1)(3) 5,300 I.D. Systems (1)(2) 11,700 71 II-VI (1) 3,800 72 Ingram Micro, Class A (1) 29,262 732 Insight Enterprises (1) 6,650 199 InvenSense (1)(2) 19,000 287 IPG Photonics (1) 5,300 451 Itron (1) 5,600 193 Jabil Circuit 24,900 530 45

Shares/Par $ Value Keysight Technologies (1) 33,000 1,029 Kimball Electronics (1) 6,517 95 Littelfuse 2,900 275 Lo-Jack (1) 16,300 56 Maxwell Technologies (1)(2) 19,200 115 Methode Electronics 7,050 194 National Instruments 17,125 504 Newport (1) 7,050 134 OSI Systems (1) 2,538 180 Park Electrochemical 4,100 79 PC Connection 5,200 129 Plexus (1) 5,560 244 RadiSys (1) 29,900 77 RealD (1) 19,300 238 Research Frontiers (1)(2) 31,600 169 Rofin-Sinar Technology (1) 6,800 188 Rogers (1) 3,250 215 Sanmina (1) 14,800 298 ScanSource (1) 4,500 171 SigmaTron International (1)(2) 1,000 9 Synnex 4,400 322 Tech Data (1) 7,480 431 Trimble Navigation (1) 52,124 1,223 TTM Technologies (1) 7,950 79 Universal Display (1)(2) 9,700 502 Vishay Intertechnology (2) 17,178 201 Vishay Precision (1) 11,383 171 Zebra Technologies (1) 8,425 936 17,225 Internet Software & Services 2.5% Actua (1) 12,700 181 Angie's List (1) 38,100 235 Bazaarvoice (1)(2) 45,000 265 46

Shares/Par $ Value Blucora (1) 8,750 141 Constant Contact (1) 7,300 210 Cornerstone OnDemand (1) 14,500 505 CoStar Group (1) 5,602 1,127 Dealertrack Technologies (1) 8,400 527 Demandware (1)(2) 5,900 419 EarthLink Holdings 49,440 370 Envestnet (1) 6,200 251 Five9 (1) 38,000 199 GrubHub (1) 2,900 99 HomeAway (1) 14,900 464 IAC/InterActiveCorp 12,100 964 Internap (1) 17,600 163 j2 Global 9,100 618 LinkedIn (1) 18,500 3,823 LogMeIn (1) 6,000 387 Marketo (1)(2) 16,800 471 Monster Worldwide (1)(2) 38,100 249 Pandora Media (1) 36,400 566 Qumu (1) 15,350 126 Rackspace Hosting (1) 28,400 1,056 Reis 8,100 180 Shutterstock (1)(2) 2,900 170 Spark Networks (1) 1,000 3 SPS Commerce (1) 8,500 559 support.com (1) 58,000 82 Textura (1)(2) 5,900 164 Travelzoo (1) 9,900 112 Twitter (1) 89,000 3,224 United Online (1)(2) 14,239 223 WebMD Health (1)(2) 7,956 352 XO Group (1) 2,300 38 Yelp (1) 5,000 215 47

Shares/Par $ Value Zillow (1)(2) 8,241 715 19,453 IT Services 2.2% Acxiom (1) 18,500 325 Blackhawk Network Holdings (1) 8,000 330 Booz Allen Hamilton 10,800 273 Broadridge Financial Solutions 19,000 950 CACI International, Class A (1) 3,900 315 Cardtronics (1) 6,200 230 Ciber (1) 21,840 75 Convergys 16,600 423 CoreLogic (1) 24,030 954 CSG Systems International (2) 8,100 256 Datalink (1) 9,100 81 DST Systems 4,663 587 Edgewater Technology (1) 9,767 71 Euronet Worldwide (1) 7,450 460 EVERTEC 3,000 64 FleetCor Technologies (1) 11,300 1,764 Forrester Research 5,200 187 Gartner (1) 14,750 1,265 Genpact (1) 25,400 542 Global Cash Access (1) 22,300 173 Global Payments 14,812 1,532 Heartland Payment Systems 7,000 378 IGATE (1) 7,200 343 Jack Henry & Associates 13,750 890 Leidos Holdings 10,700 432 Maximus 9,600 631 Perficient (1) 10,500 202 PRGX Global (1) 18,100 79 SAIC 7,071 374 Sykes Enterprises (1) 7,640 185 48

Shares/Par $ Value Syntel (1) 4,020 191 TeleTech Holdings 3,490 95 Unisys (1) 9,400 188 Vantiv, Class A (1) 23,300 890 VeriFone Systems (1) 19,484 662 Virtusa (1) 3,800 195 WEX (1) 9,200 1,049 17,641 Semiconductor & Semiconductor Equipment 2.4% Advanced Energy Industries (1) 11,250 309 Amkor Technology (1) 14,120 84 Atmel 62,900 620 Cabot Microelectronics (1) 5,082 239 Cavium (1) 9,200 633 Cirrus Logic (1) 15,640 532 Cohu 14,100 187 Cree (1)(2) 20,800 541 Cypress Semiconductor (1) 45,250 532 Diodes (1) 7,050 170 DSP Group (1) 15,190 157 Entegris (1) 25,977 378 Exar (1) 19,650 192 Fairchild Semiconductor, Class A (1) 15,210 264 Freescale Semiconductor (1) 12,100 484 Integrated Device Technology (1) 35,600 773 Integrated Silicon Solution 18,244 404 Intersil Holding, Class A 30,376 380 IXYS 13,900 213 Kopin (1) 61,100 211 Kulicke & Soffa (1) 22,360 262 Lattice Semiconductor (1) 32,000 188 Marvell Technology Group 54,100 713 Mattson Technology (1) 37,043 124 49

Shares/Par $ Value Maxim Integrated Products 44,000 1,521 MaxLinear, Class A (1) 12,870 156 Microsemi (1) 21,700 758 MKS Instruments 7,200 273 MoSys (1)(2) 31,400 60 Nanometrics (1) 10,000 161 Omnivision Technologies (1) 13,730 360 ON Semiconductor (1) 76,260 891 PDF Solutions (1) 9,701 155 Pericom Semiconductor 21,800 287 Photronics (1) 17,660 168 PMC-Sierra (1) 49,600 425 Power Integrations 2,400 108 Rambus (1) 26,400 383 Rubicon Technology (1)(2) 43,500 106 Rudolph Technologies (1) 11,000 132 Semtech (1) 12,200 242 Sigma Designs (1) 28,000 334 Silicon Laboratories (1) 6,750 365 SunEdison (1) 48,000 1,436 Synaptics (1) 6,275 544 Teradyne 31,900 615 Tessera Technologies 15,260 580 Ultratech (1) 5,900 110 Veeco (1) 6,629 191 18,951 Software 4.4% ACI Worldwide (1) 19,200 472 Activision Blizzard 72,566 1,757 Advent Software 8,200 363 Ansys (1) 15,531 1,417 Aspen Technology (1) 15,500 706 Aware (2) 29,000 117 50

Shares/Par $ Value Blackbaud 9,100 518 Bottomline Technologies (1) 11,900 331 BroadSoft (1) 8,000 277 Cadence Design Systems (1)(2) 47,917 942 CDK Global 28,400 1,533 Commvault Systems (1) 7,200 305 Comverse (1) 7,500 151 Covisint (1)(2) 11,572 38 EnerNOC (1)(2) 9,000 87 Epiq Systems 10,700 181 FactSet Research Systems 6,500 1,056 Fair Isaac 4,585 416 Fortinet (1) 25,600 1,058 Guidewire Software (1) 12,500 662 Imperva (1) 5,500 372 Infoblox (1) 5,600 147 Informatica (1) 17,750 860 Interactive Intelligence (1) 7,754 345 Manhattan Associates (1) 14,040 838 Mentor Graphics 15,080 399 MicroStrategy (1) 1,906 324 Monotype Imaging Holdings 9,500 229 NetScout Systems (1)(2) 5,600 205 NetSol Technologies (1) 21,200 109 NetSuite (1)(2) 8,100 743 Nuance Communications (1) 42,411 743 Pegasystems 7,800 179 Progress Software (1) 9,100 250 Proofpoint (1)(2) 12,100 770 Pros Holdings (1) 10,900 230 PTC (1) 19,900 816 Qlik Technologies (1) 14,900 521 Qualys (1)(2) 2,600 105 51

Shares/Par $ Value RealPage (1) 8,000 153 Rovi (1)(2) 16,292 260 SeaChange International (1) 14,850 104 ServiceNow (1) 24,000 1,783 SolarWinds (1) 11,000 507 Solera Holdings 11,200 499 Splunk (1) 20,900 1,455 SS&C Technologies Holdings 11,600 725 Synchronoss Tech (1) 7,000 320 Synopsys (1) 25,186 1,276 Tableau Software (1) 8,000 922 Take-Two Interactive Software (1) 15,245 420 Tangoe (1) 24,900 313 TeleCommunication Systems (1) 42,400 140 TiVo (1) 20,700 210 Tyler Technologies (1) 5,700 737 Ultimate Software Group (1) 4,900 805 Vasco Data Security International (1)(2) 11,300 341 Verint Systems (1) 12,100 735 VMware, Class A (1) 10,900 935 Workday (1) 17,000 1,299 Zynga (1) 87,600 251 34,762 Technology Hardware, Storage & Peripherals 0.4% 3D Systems (1)(2) 13,250 259 Concurrent Computer 7,300 45 Cray (1)(2) 8,077 238 Diebold 10,690 374 Electronics For Imaging (1) 10,300 448 Hutchinson Technology (1)(2) 3,200 5 Immersion (1) 10,300 131 Intevac (1)(2) 17,700 104 Lexmark International 8,500 376 52

Shares/Par $ Value NCR (1) 28,800 867 Silicon Graphics International (1)(2) 14,800 96 2,943 Total Information Technology 121,728 MATERIALS 4.9% Chemicals 2.4% A. Schulman 6,713 293 Albemarle 21,600 1,194 American Vanguard (2) 8,366 115 Ashland 13,000 1,585 Axalta Coating Systems (1) 4,500 149 Axiall 11,600 418 Balchem 5,400 301 Cabot 8,950 334 Calgon Carbon 9,800 190 Celanese, Series A 28,521 2,050 Chase 1,800 72 Chemtura (1) 12,900 365 Cytec Industries 12,120 734 Ferro (1) 24,260 407 Flotek Industries (1)(2) 23,700 297 H.B. Fuller 7,540 306 Huntsman 30,700 678 Koppers 13,000 321 Minerals Technologies 5,910 403 NewMarket 1,900 843 Olin (2) 12,190 329 OM Group 7,550 254 OMNOVA Solutions (1) 14,900 112 Platform Specialty Products (1) 28,700 734 PolyOne 14,930 585 Rayonier Advanced Materials (2) 6,317 103 53

Shares/Par $ Value Rentech (1) 93,500 100 RPM 29,000 1,420 Scotts Miracle Gro 7,100 420 Senomyx (1)(2) 41,700 224 Sensient Technologies 7,380 504 Stepan 5,000 271 Tredegar (2) 4,100 91 Tronox 12,600 184 Valspar 12,900 1,055 W. R. Grace (1) 11,700 1,173 Westlake Chemical 6,142 421 19,035 Construction Materials 0.2% Eagle Materials 11,570 883 Headwaters (1) 22,600 412 1,295 Containers & Packaging 0.9% AptarGroup 10,260 654 Bemis 16,100 725 Berry Plastics (1) 20,900 677 Crown Holdings (1) 19,150 1,013 Graphic Packaging Holding 42,413 591 Greif 4,900 176 Myers Industries 5,315 101 Packaging Corporation of America 15,755 984 Rock-Tenn, Class A 22,580 1,359 Silgan Holdings 9,020 476 Sonoco Products 15,887 681 7,437 Metals & Mining 1.0% AM Castle (1)(2) 15,300 94 Carpenter Technology 10,100 391 54

Shares/Par $ Value Century Aluminum (1)(2) 11,943 125 Coeur Mining (1)(2) 18,700 107 Commercial Metals 31,200 502 Compass Minerals 5,800 476 Globe Specialty Metals 12,200 216 Gold Resource (2) 51,100 141 Haynes International 3,300 163 Horsehead Holding (1)(2) 11,900 139 Kaiser Aluminum 3,500 291 Materion 4,900 173 Noranda Aluminum Holding (2) 40,800 35 Reliance Steel & Aluminum 13,900 841 Royal Gold 14,650 902 RTI International Metals (1) 7,500 236 Steel Dynamics 45,228 937 Stillwater Mining (1)(2) 37,416 434 SunCoke Energy 9,700 126 Synalloy 7,100 97 TimkenSteel 5,600 151 U.S. Steel (2) 32,400 668 Universal Stainless & Alloy Products (1)(2) 2,700 53 Worthington Industries 8,563 257 7,555 Paper & Forest Products 0.4% Boise Cascade (1) 6,600 242 Clearwater Paper (1) 4,588 263 Deltic Timber 1,700 115 Domtar 15,816 655 Glatfelter 7,100 156 Kapstone Paper & Packaging 13,800 319 Louisiana Pacific (1)(2) 47,800 814 Resolute Forest Products (1) 5,600 63 Schweitzer-Mauduit International 5,460 218 55

Shares/Par $ Value Wausau Paper (2) 9,000 82 2,927 Total Materials 38,249 TELECOMMUNICATION SERVICES 0.9% Diversified Telecommunication Services 0.2% Alteva (1)(2) 11,097 80 Cogent Communications Holdings 9,500 321 Consolidated Communications (2) 18,525 389 General Communication, Class A (1) 9,670 165 IDT, Class B 10,442 189 Premiere Global Services (1) 4,200 43 1,187 Wireless Telecommunication Services 0.7% SBA Communications (1) 20,900 2,403 Shenandoah Telecomm 8,200 280 Sprint (1)(2) 26,500 121 T-Mobile US (1) 57,000 2,210 Telephone & Data Systems 18,885 555 U.S. Cellular (1) 1,993 75 5,644 Total Telecommunication Services 6,831 UTILITIES 2.8% Electric Utilities 0.9% ALLETE 5,082 236 Cleco 10,300 555 El Paso Electric 8,300 288 Genie Energy (2) 22,942 240 Great Plains Energy 22,933 554 Hawaiian Electric Industries 17,800 529 56

Shares/Par $ Value IdaCorp 8,110 455 ITC Holdings 25,100 808 MGE Energy 10,250 397 OGE Energy 30,500 871 Otter Tail 7,250 193 PNM Resources 20,719 510 Portland General Electric 14,800 491 United Illuminating 11,933 547 Unitil 4,100 135 Westar Energy 18,450 631 7,440 Gas Utilities 0.8% Atmos Energy 13,360 685 Chesapeake Utilities 5,800 312 Laclede Gas 9,310 485 National Fuel Gas Company (2) 14,430 850 New Jersey Resources 18,150 500 Northwest Natural Gas 7,490 316 ONE Gas 12,100 515 Piedmont Natural Gas (2) 10,200 360 Questar 24,900 520 RGC Resources (2) 8,586 172 South Jersey Industries 11,640 288 Southwest Gas 8,080 430 UGI 24,990 861 Washington Gas Light 9,500 516 6,810 Independent Power & Renewable Electricity Producers 0.3% Calpine (1) 56,900 1,024 Dynegy (1) 17,300 506 NRG Yield, Class A (2) 12,100 266 NRG Yield, Class C (2) 12,100 265 57

Shares/Par $ Value Ormat Technologies (2) 6,800 256 2,317 Multi-Utilities 0.4% Alliant Energy 18,248 1,053 Avista 8,490 260 Black Hills 8,240 360 MDU Resources 21,391 418 NorthWestern 6,600 322 Vectren 13,349 513 2,926 Water Utilities 0.4% American States Water Company 10,200 381 American Water Works 29,200 1,420 Aqua America 27,232 667 California Water Service Group 7,200 165 Connecticut Water Service 7,150 244 2,877 Total Utilities 22,370 Total Common Stocks (Cost $476,710) 750,838 CONVERTIBLE PREFERRED STOCKS 0.0% HEALTH CARE 0.0% Health Care Providers & Services 0.0% National Healthcare, Series A (2) 3,400 52 Total Convertible Preferred Stocks (Cost $44) 52 58

SHORT-TERM INVESTMENTS 4.5% Money Market Funds 4.3% Shares/Par $ Value T. Rowe Price Reserve Investment Fund, 0.07% (4)(5) 34,173,481 34,173 34,173 U.S. Treasury Obligations 0.2% U.S. Treasury Bills, 0.06%, 7/9/15 (6) 200,000 200 U.S. Treasury Bills, 0.063%, 11/12/15 (6) 1,100,000 1,100 U.S. Treasury Bills, 0.069%, 8/27/15 (6) 350,000 350 1,650 Total Short-Term Investments (Cost $35,823) 35,823 SECURITIES LENDING COLLATERAL 9.6% Investments in a Pooled Account through Securities Lending Program with State Street Bank and Trust Company 9.6% Short-Term Funds 9.6% T. Rowe Price Short-Term Reserve Fund, 0.06% (4)(5) 7,575,289 75,753 Total Investments through Securities Lending Program with State Street Bank and Trust Company 75,753 Total Securities Lending Collateral (Cost $75,753) 75,753 Total Investments in Securities 109.4% of Net Assets (Cost $588,330) $ 862,466 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 June 30, 2015 -- total value of such securities at period-end amounts to $74,627. See Note 4. (3) Level 3 in fair value hierarchy. See Note 2. (4) Seven-day yield (5) Affiliated Companies (6) At June 30,2015, all or a portion of this security is pledged as collateral and/or margin deposit to cover future funding obligations. 59

EC REIT Escrow CUSIP; represents a beneficial interest in a residual pool of bankruptcy assets; the amount and timing of future distributions, if any, is uncertain. A domestic Real Estate Investment Trust whose distributions pass-through with original tax character to the shareholder 60

Futures Contracts ($000s) Contract Unrealized Expiration Value Gain (Loss) Long, 235 Russell 2000 Mini Index contracts 9/15 $ 29,384 $ (235) Long, 54 S&P Mid 400 E-Mini Index contracts 9/15 8,090 (172) Net payments (receipts) of variation margin to date 529 Variation margin receivable (payable) on open futures contracts $ 122 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 six months ended June 30, 2015. Purchase and sales cost and investment income reflect all activity for the period then ended. Affiliate Purchase Cost Sales Cost Investment Income Value 6/30/15 Value 12/31/14 T. Rowe Price Reserve Investment Fund, 0.07% $ 9 $ 34,173 $ 26,414 T. Rowe Price Short-Term Reserve Fund, 0.06% ^ 75,753 73,993 Totals $ 9 $ 109,926 $ 100,407 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 $ 109,926 Dividend income 9 Interest income Investment income $ 9 Realized gain (loss) on securities $ Capital gain distributions from mutual funds $ The accompanying notes are an integral part of these financial statements. 62

Unaudited June 30, 2015 Statement of Assets and Liabilities ($000s, except shares and per share amounts) Assets Investments in securities, at value (cost $588,330) $ 862,466 Receivable for investment securities sold 1,486 Dividends receivable 842 Receivable for shares sold 679 Variation margin receivable on futures contracts 122 Other assets 45 Total assets 865,640 Liabilities Obligation to return securities lending collateral 75,753 Payable for investment securities purchased 841 Payable for shares redeemed 427 Investment management and administrative fees payable 308 Total liabilities 77,329 NET ASSETS $ 788,311 Net Assets Consist of: Undistributed net investment income $ 2,748 Accumulated undistributed net realized gain 41,642 Net unrealized gain 273,728 Paid-in capital applicable to 30,068,634 shares of $0.0001 par value capital stock outstanding; 1,000,000,000 shares of the Corporation authorized 470,193 NET ASSETS $ 788,311 NET ASSET VALUE PER SHARE $ 26.22 The accompanying notes are an integral part of these financial statements. 63

Unaudited Statement of Operations ($000s) Investment Income (Loss) 6 Months Ended 6/30/15 Income Dividend $ 3,631 Securities lending 415 Total income 4,046 Investment management and administrative expense 1,527 Net investment income 2,519 Realized and Unrealized Gain / Loss Net realized gain (loss) Securities 29,659 Futures 2,207 Foreign currency transactions 1 Net realized gain 31,867 Change in net unrealized gain / loss Securities 1,941 Futures (1,193) Change in net unrealized gain / loss 748 Net realized and unrealized gain / loss 32,615 INCREASE IN NET ASSETS FROM OPERATIONS $ 35,134 The accompanying notes are an integral part of these financial statements. 64

Unaudited Statement of Changes in Net Assets ($000s) Increase (Decrease) in Net Assets 6 Months Ended 6/30/15 Year Ended 12/31/14 Operations Net investment income $ 2,519 $ 7,894 Net realized gain 31,867 35,727 Change in net unrealized gain / loss 748 10,617 Increase in net assets from operations 35,134 54,238 Distributions to shareholders Net investment income (7,973) Net realized gain (28,053) Decrease in net assets from distributions (36,026) Capital share transactions* Shares sold 80,206 158,682 Distributions reinvested 34,033 Shares redeemed (61,015) (183,227) Redemption fees received 4 44 Increase in net assets from capital share transactions 19,195 9,532 Net Assets Increase during period 54,329 27,744 Beginning of period 733,982 706,238 End of period $ 788,311 $ 733,982 Undistributed net investment income 2,748 229 *Share information Shares sold 3,087 6,377 Distributions reinvested 1,397 Shares redeemed (2,365) (7,353) Increase in shares outstanding 722 421 The accompanying notes are an integral part of these financial statements. 65

Unaudited June 30, 2015 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, repurchase-tomaturity 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. In May 2015, FASB issued ASU No. 2015-07, Fair Value Measurement (Topic 820), Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). The ASU removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient and amends certain disclosure requirements for such investments. The ASU is effective for interim and annual reporting periods beginning after December 15, 2015. Adoption will have no effect on the fund s net assets or results of operations. 67

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 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. Unob servable inputs are those for which market data are not available and are developed 68

using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values. Valuation Techniques Equity securities 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. Actively traded domestic equity securities generally are categorized in Level 1 of the fair value hierarchy. 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 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. 69

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 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. 70

Valuation Inputs The following table summarizes the fund s financial instruments, based on the inputs used to determine their fair values on June 30, 2015: ($000s) Level 1 Level 2 Level 3 Total Value Quoted Prices Significant Observable Inputs Significant Unobservable Inputs Investments in Securities, except: $ 75,753 $ $ $ 75,753 Common Stocks 750,731 2 105 750,838 Convertible Preferred Stocks 52 52 Short-Term Investments 34,173 1,650 35,823 Total 860,657 1,704 105 862,466 Futures Contracts 122 122 Total $ 860,779 $ 1,704 $ 105 $ 862,588 There were no material transfers between Levels 1 and 2 during the six months ended June 30, 2015. Following is a reconciliation of the fund s Level 3 holdings for the six months ended June 30, 2015. 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 June 30, 2015, totaled $0 for the six months ended June 30, 2015. ($000s) Investments in Securities Beginning Balance 1/1/15 Gain (Loss) During Period Ending Balance 6/30/15 Common Stocks $ 105 $ $ 105 Note 3 - derivative instruments During the six months ended June 30, 2015, 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 71

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 to return collateral. As of June 30, 2015, the fund held equity futures with cumulative unrealized loss of $407,000; the value reflected on the accompanying Statement of Assets and Liabilities is the related unsettled variation margin. Additionally, during the six months ended June 30, 2015, the fund recognized $2,207,000 of realized gain on Futures and a $(1,193,000) 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. 72

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 June 30, 2015, securities valued at $1,540,000 had been posted by the fund for exchange-traded and/or centrally cleared derivatives. Futures Contracts The fund is subject to equity price risk in the normal course of pursuing its investment objectives and uses futures contracts to help manage such risk. The fund may enter into futures contracts as an efficient means of maintaining liquidity while being invested in the market, to facilitate trading, or to reduce transaction costs. A futures contract provides for the future sale by one party and purchase by another of a specified amount of a specific underlying financial instrument at an agreed-upon price, date, time, and place. The fund currently invests only in exchange-traded futures, which generally are standardized as to maturity date, underlying financial instrument, and other contract terms. Payments are made or received by the fund each day to settle daily fluctuations in the value of the contract (variation margin), which reflect changes in the value of the underlying financial instrument. Variation margin is recorded as unrealized gain or loss until the contract is closed. The value of a futures contract included in net assets is the amount of unsettled variation margin; net variation margin receivable is reflected as an asset and net variation margin payable is reflected as a liability on the accompanying Statement of Assets and Liabilities. 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 six months ended June 30, 2015, the volume of the fund s activity in futures, based on underlying notional amounts, was generally between 3% and 5% 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. 73

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 financial statements, but collateral received in the form of securities is not. At June 30, 2015, the value of loaned securities was $74,627,000; the value of cash collateral and related investments was $75,753,000. Other Purchases and sales of portfolio securities other than short-term securities aggregated $76,774,000 and $64,842,000, respectively, for the six months ended June 30, 2015. 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 amount and character of tax-basis distributions and composition of net assets are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of the date of this report. 74

At June 30, 2015, the cost of investments for federal income tax purposes was $589,562,000. Net unrealized gain aggregated $272,497,000 at period-end, of which $299,662,000 related to appreciated investments and $27,165,000 related to depreciated investments. 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. 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 June 30, 2015, 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. 75

NOTE 7 - BORROWING To provide temporary liquidity, the fund may borrow from other T. Rowe Pricesponsored mutual funds under an interfund borrowing program developed and managed by Price Associates. The program permits the borrowing and lending of cash at rates beneficial to both the borrowing and lending funds. Pursuant to program guidelines, loans totaling 10% or more of a borrowing fund s total assets require collateralization at 102% of the value of the loan; loans of less than 10% are unsecured. During the six months ended June 30, 2015, the fund incurred $1,000 in interest expense related to outstanding borrowings on four days in the average amount of $10,400,000 and at an average annual rate of 1.21%. At June 30, 2015, there were no borrowings outstanding. NOTE 8 - SUBSEQUENT EVENTS The Board has approved reduction of the fund s management fee rate from 0.40% to 0.35%, effective August 1, 2015. 76

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. 77

Approval of Investment Management Agreement On March 13, 2015, the fund s Board of Directors (Board), including a majority of the fund s independent directors, approved the continuation of the investment management agreement (Advisory Contract) between the fund and its investment advisor, T. Rowe Price Associates, Inc. (Advisor). In connection with its deliberations, the Board requested, and the Advisor provided, such information as the Board (with advice from independent legal counsel) deemed reasonably necessary. The Board considered a variety of factors in connection with its review of the Advisory Contract, also taking into account information provided by the Advisor during the course of the year, as discussed below: Services Provided by the Advisor The Board considered the nature, quality, and extent of the services provided to the fund by the Advisor. These services included, but were not limited to, directing the fund s investments in accordance with its investment program and the overall management of the fund s portfolio, as well as a variety of related activities such as financial, investment operations, and administrative services; compliance; maintaining the fund s records and registrations; and shareholder communications. The Board also reviewed the background and experience of the Advisor s senior management team and investment personnel involved in the management of the fund, as well as the Advisor s compliance record. The Board concluded that it was satisfied with the nature, quality, and extent of the services provided by the Advisor. Investment Performance of the Fund The Board reviewed the fund s three-month, one-year, and year-by-year returns, as well as the fund s average annualized total returns over the 3-, 5-, and 10-year periods, and compared these returns with a wide variety of previously agreed-upon comparable performance measures and market data, including those supplied by Lipper and Morningstar, which are independent providers of mutual fund data. On the basis of this evaluation and the Board s ongoing review of investment results, and factoring in the relative market conditions during certain of the performance periods, the Board concluded that the fund s performance was satisfactory. Costs, Benefits, Profits, and Economies of Scale The Board reviewed detailed information regarding the revenues received by the Advisor under the Advisory Contract and other benefits that the Advisor (and its affiliates) may have realized from its relationship with the fund, including any research received under soft dollar agreements and commission-sharing arrangements with broker-dealers. The Board considered that the Advisor may receive some benefit from soft-dollar arrangements pursuant to which research is received from broker-dealers that execute the applicable fund s portfolio transactions. The Board received information on the estimated costs incurred and profits realized by the Advisor from managing T. Rowe Price mutual funds. The Board also reviewed estimates of the profits realized from managing the fund in particular, and the Board concluded that the Advisor s profits were reasonable in light of the services provided to the fund. 78

Approval of Investment Management Agreement (continued) The Board also considered whether the fund benefits under the fee levels set forth in the Advisory Contract from any economies of scale realized by the Advisor. The Board noted that, under the Advisory Contract, the fund pays the Advisor a single fee based on the fund s average daily net assets that includes investment management services and provides for the Advisor to pay all expenses of the fund s operations except for interest, taxes, portfolio transaction fees, and any nonrecurring extraordinary expenses that may arise. The Board concluded that, based on the profitability data it reviewed and consistent with this single-fee structure, the Advisory Contract provided for a reasonable sharing of any benefits from economies of scale with the fund. Fees The Board was provided with information regarding industry trends in management fees and expenses, and the Board reviewed the fund s single-fee structure in comparison with fees and expenses of other comparable funds based on information and data supplied by Lipper. For these purposes, the Board assumed that the fund s management fee rate was equal to the single fee less the fund s operating expenses. The information provided to the Board indicated that the fund s management fee rate and total expense ratio were above the median for certain groups of comparable funds and at or below the median for other groups of comparable funds. The Board also reviewed the fee schedules for institutional accounts and private accounts with similar mandates that are advised or subadvised by the Advisor and its affiliates. Management provided the Board with information about the Advisor s responsibilities and services provided to institutional account clients, including information about how the requirements and economics of the institutional business are fundamentally different from those of the mutual fund business. The Board considered information showing that the mutual fund business is generally more complex from a business and compliance perspective than the institutional business and that the Advisor generally performs significant additional services and assumes greater risk in managing the fund and other T. Rowe Price mutual funds than it does for institutional account clients. On the basis of the information provided and the factors considered, the Board concluded that the fees paid by the fund under the Advisory Contract are reasonable. Approval of the Advisory Contract As noted, the Board approved the continuation of the Advisory Contract. No single factor was considered in isolation or to be determinative to the decision. Rather, the Board concluded, in light of a weighting and balancing of all factors considered, that it was in the best interests of the fund and its shareholders for the Board to approve the continuation of the Advisory Contract (including the fees to be charged for services thereunder). The independent directors were advised throughout the process by independent legal counsel. 79

T. Rowe Price Mutual Funds This page contains supplementary information that is not part of the shareholder report. 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 Ultra Short-Term Bond Stock Financial Services U.S. Bond Enhanced Index Africa & Middle East Growth & Income U.S. Treasury Intermediate Asia Opportunities Growth Stock U.S. Treasury Long-Term Emerging Europe Health Sciences Media & Telecommunications Domestic Tax-Free Emerging Markets Stock Mid-Cap Growth California Tax-Free Bond European Stock Mid-Cap Value Georgia Tax-Free Bond Global Growth Stock New America Growth Intermediate Tax-Free High Yield Global Industrials New Era Maryland Short-Term Global Real Estate New Horizons Tax-Free Bond Global Stock Real Estate Maryland Tax-Free Bond Global Technology Science & Technology New Jersey Tax-Free Bond International Concentrated Equity Small-Cap Stock New York Tax-Free Bond International Discovery Small-Cap Value Summit Municipal Income International Equity Index Tax-Efficient Equity Summit Municipal Intermediate International Growth & Income Total Equity Market Index Tax-Free High Yield International Stock U.S. Large-Cap Core Tax-Free Income Japan Value Tax-Free Short-Intermediate Latin America Virginia Tax-Free Bond New Asia ASSET ALLOCATION FUNDS Overseas Stock MONEY MARKET FUNDS Balanced Bond Global Allocation Taxable Emerging Markets Bond Personal Strategy Balanced Prime Reserve Emerging Markets Corporate Bond Personal Strategy Growth Summit Cash Reserves Emerging Markets Local Personal Strategy Income U.S. Treasury Money Currency Bond Real Assets Spectrum Growth Spectrum Income Spectrum International Global High Income Bond Global Multi-Sector Bond Global Unconstrained Bond International Bond 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 Balanced Fund. T. Rowe Price Investment Services, Inc. 100 East Pratt Street Baltimore, MD 21202 F124-051 8/15