Mid Capitalization Equity Index Fund M - T. Rowe Price

Release Date: 09-30-2019

Mid Capitalization Equity Index Fund M

..........................................................................................................................................................................................................................................................................................................................................

Benchmark

Overall Morningstar RatingTM

Morningstar Return

Morningstar Risk

S&P MidCap 400 TR

QQQQ

Above Average

Above Average

Out of 369 Mid-Cap Blend investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a

weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.

Investment Information

Investment Objective & Strategy

The Fund is an "index fund" that seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of its Underlying Index (defined below).

The Fund is a collective investment trust maintained and managed by BlackRock Institutional Trust Company, N.A. ("BTC").

The Fund shall be invested and reinvested in a portfolio of equity securities with the objective of approximating as closely as practicable the capitalization weighted total rate of return of that segment of the U.S. market for publicly traded equity securities represented by the medium capitalized companies. The criterion for selection of investments shall be the S&P Mid Cap 400[rt] Index (the "Underlying Index"). BTC uses a "passive" or indexing approach to try to achieve the Fund's investment objective. Unlike many funds, the Fund does not try to outperform the index it seeks to track and does not seek temporary defensive positions when markets decline or appear overvalued.

Fees and Expenses as of 12-31-18

Expense Ratio Total Annual Operating Exp per $1000 Maximum Sales Charge 12b-1 Fee Redemption Fee/Term

0.03% $ 0.30

. . .

Performance as of 09-30-19

YTD

17.88 17.87 17.73

1 Year

-2.46 -2.49 -1.36

3 Year

9.42 9.38 8.47

5 Year

8.93 8.88 6.61

40 30 20 10 0 -10 -20 -30

10 Year

12.60 12.56 10.94

Since Inception

10.48 10.97 9.32

Total Return % as of 09-30-19

Investment Benchmark

Average annual, if greater than 1 year

Investment Return % Benchmark Return % Category Average %

The performance data quoted reflects past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower than the performance data quoted. For the most receYnTtDmonth end pYeTrDformance infoYTrmD ation, pleasYeTcDall 1-800-922Y-T9D945, or visit YrpTDs..

Portfolio Analysis

Composition as of 09-30-19

U.S. Stocks Non-U.S. Stocks Bonds Cash Other

% Assets

99.3 0.1 0.0 0.6 0.0

Large Mid Small

Morningstar Equity Style BoxTM as of 09-30-19

% Market Cap

.G..i.a..n..t.........................................0.....0..0.

Large

0.24

Medium

75.59

.S..m...a..l.l......................................2..4.....1..7.

Value Blend Growth

Micro

0.00

Portfolio Manager(s)

Management Team.

Operations and Management

Inception Date

03-21-12

Management Company BlackRock Institutional Trust

Company NA

Telephone

800-441-7762

Web Site



Issuer

BlackRock Institutional Trust

Company NA

Category Description: Mid-Cap Blend

The typical mid-cap blend portfolio invests in U.S. stocks of various sizes and styles, giving it a middle-of-the-road profile. Most shy away from high-priced growth stocks but aren't so price-conscious that they land in value territory. The U.S. midcap range for market capitalization typically falls between $1 billion and $8 billion and represents 20% of the total capitalization of the U.S. equity market. The blend style is assigned to portfolios where neither growth nor value characteristics predominate.

Volatility And Risk

Low

Moderate

Investment High

Top 10 Holdings as of 09-30-19

% Assets

iShares Core S&P Mid-Cap ETF

1.40

Steris PLC

0.69

Teledyne Technologies Inc

0.66

Alleghany Corp

0.65

Z...e..b..r.a...T..e..c..h..n..o..l.o..g..i.e..s...C..o..r.p..........................................................0....6..3.

Old Dominion Freight Lines Inc

0.62

Camden Property Trust

0.61

UGI Corp

0.60

West Pharmaceutical Services Inc

0.59

WR Berkley Corp

0.59

.......................................................................................................

Total Number of Stock Holdings

401

Total Number of Bond Holdings

0

Turnover Ratio %

19.26

Total Assets ($mil)

1,002.16

Morningstar Sectors as of 09-30-19

% Fund

h ........C...y.c..l.i.c..a..l...........................................................................4..8....4..2.

r Basic Materials

6.07

t Consumer Cyclical

14.31

y Financial Services

16.82

u Real Estate

11.22

j ........S...e..n..s..it..i.v.e..........................................................................3..4....6..9.

i Communication Services

0.60

o Energy

2.71

p Industrials

13.98

a Technology

17.40

.k.......D...e..f.e..n..s..i.v..e........................................................................1..6....8..9.

s Consumer Defensive

3.37

d Healthcare

9.15

f Utilities

4.37

Principal Risks For more information on the risks presented, please refer to

Underlying Fund Risk 1, Equity Investment Risk, Securities Lending Risk 1, Derivatives Risk 1, Mid-Capitalization Companies Risk, Large-Capitalization Companies Risk

Category

Best 3 Month Return

28.69% (Mar '09 - May '09)

Worst 3 Month Return

-36.55% (Sep '08 - Nov '08)

MDCPM

?2019 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at .

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