If this is a retail product, one never thinks about having to trigger gains from owning an S&P 500 fund. This could suck for the owners. I am surprised TRP is willing to take a risk of coming across as insensitive to investors by not pursuing alternate means of not triggering gains.
How much AUM is in it?

I now see Yogi’s post - I take too long to draft my posts. While I was drafting mine, 2 more posts came in. I am going to file the liquidation in the “no news” category until someone tells us how the liquidation adversely effects retail clients of TRP.

This looks like Price Equity Index 500 PORTFOLIO that is offered via insurance products. AUM is $26.8 million only and ER is 39 bps.
https://markets.ft.com/data/funds/tearsheet/summary?s=0P00003DWI
https://www.troweprice.com/financial-intermediary/us/en/investments/mutual-funds/us-products/equity-index-500-portfolio.html
Unless I am mistaken, NOT affected are regular Price Equity Index FUNDs (AUM $25.3 billion) in classes PREIX (20 bps), PRUIX (5 bps), TRHZX (5 bps). Now, if Price liquidated those, that would be market moving news.
There are many low-cost SP500 ETFs now, SPLG (2 bps; newer), IVV (3 bps), VOO (3 bps), another from S&P SPY (9 bps; older).

Some may not have wanted to open an account elsewhere for a cheaper S&P 500 fund. And until recently (2021) one couldn't invest in an S&P 500 ETF commission free using TRP's brokerage.

Not until 2021? Sheesh, that's incredible. But then again, they make their $$$ from fees, so it's understandable, if not necessarily helpful.
I wonder if that Rydex S&P500 passive index mutual fund is still available -- the one with like a 1.5% ER. *shakes head* Wouldn't surprise me to see it is, and that there are people likely still being put into it by advisors or managers.

Not too surprising. Given its relatively high ER (currently 0.20%), the only raison d'être I could ever see for this fund was as a convenience for T. Rowe Price investors.
Some may not have wanted to open an account elsewhere for a cheaper S&P 500 fund. And until recently (2021) one couldn't invest in an S&P 500 ETF commission free using TRP's brokerage.

https://www.sec.gov/Archives/edgar/data/918294/000174177323003563/c497.htm
497 1 c497.htm
FOR EXP STAT AND SUMMARY STICKER 10-26-23
T. Rowe Price Equity Index 500 Portfolio
Supplement to Prospectus and Summary Prospectus dated May 1, 2023
At a Board meeting held on October 23, 2023, the fund’s Board of Directors approved the liquidation and termination of the fund. The liquidation is expected to occur on April 26, 2024 (“Liquidation Date”). Prior to the Liquidation Date, the assets of the fund will be liquidated at the discretion of the fund’s portfolio management and the fund will cease to pursue its investment objective. In anticipation of the liquidation, effective April 12, 2024, the fund will be closed to new insurance providers or existing shareholders to purchase fund shares. After the fund is liquidated, the fund will no longer be offered to shareholders for purchase.
The date of this supplement is October 26, 2023.
E308-041 10/26/23

DODEX was discussed in the following MFO thread.

+1
D&C is a fine house. Low fees for actively managed funds. I was there (no longer am) about 20 years. Always felt like they were a bit more aggressive on their equity investments than some, which paid off handsomely if you had the patience to hang in there. Just an unscientific impression. Privately held (I like) and a history dating back to the 1930s.

I also like D&C for many of the reasons you state.
1) Privately held
2) Low expense ratios for active funds (right out of the gate)
3) Team-managed
4) Managers and analysts are long-tenured
5) Never created mutual funds to take advantage of latest investments fads - manage only 7 distinct funds

AAII Sentiment Survey, 10/25/23
BEARISH remained the top sentiment (43.2%; high) & neutral remained the bottom sentiment (27.5%; below average); bullish remained the middle sentiment (29.3%; below average); Bull-Bear Spread was -13.9% (below average). Investor concerns: Budget; inflation; economy; the Fed; dollar; crypto regulations; market volatility (VIX, VXN, MOVE); Russia-Ukraine (87+ weeks, 2/24/22-now); Israel-Hamas; geopolitical. For the Survey week (Th-Wed), stocks were down, bonds flat, oil down, gold up, dollar flat. Bond vigilantes are keeping long-term rates high. UAW & Ford settled. DC has House Speaker. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/post/1221/thread

"Then i fumbled in the closet, through my clothes, and found my cleanest dirty shirt..."
---K.K.
That's what the US has become: the cleanest dirty shirt. MAYBE. But the economy is not so very tied to politics, anymore than politics is tied to Ethics. Check out the fabulous new, shiny House Speaker yet? More of the same from out of there, only worse.
Meanwhile, I've geared myself to hold back expectations until at least 2025. In between now and then, there's stuff on sale to be obtained.

Bought 5 year note.

Good move. Have my eyes on the next 5y auction, after three holdings mature and there's plenty o' cash for other opportunities.

Bought 5 year note.

Just checked CD and MM rates at Schwab. Lots of CDs in the 5.5 range, and for the first time in awhile, all CDs from 3 month to 5 years, are paying at least 5%. That seems to project a lot of confidence by banks that CD rates are going to stay high for a long time. For those more interested in liquidity, MMs are paying as high as 5.23% to 5.38% in their Prime MM Funds.

Adding to TS in baby-sized bites. M* says the SP500 is 4.18% in energy.
I'm at 17.63%.
PRNEX. 10%
ET. 4.41%. pipelines, midstream. Finalizing acquisition of Crestwood right now.
TS 0.48% manufactures drilling pipes.

I checked NY 529. There isn't anything beyond VG Accumulation Portfolio (SV) for liquid cash. There is no brokerage window to access T-Bills.
https://www.nysaves.org/home/which-investments/individual-portfolios.html

Thank you @ybb.
Any users here who use NY State Vanguard 529 and what would you recommend to be the best way to capture Money Market rates/short-term TBills within the Vanguard 529s?

VG Interest Accumulation Portfolio looks like a stable-value (SV) fund within 529. It owns a combo of insurance contracts, institutional CDs and a big chunk in VMFXX. Its 2.63% yield is nothing to write home about even for the SV funds. But if you go back to the years of ZIRP, it probably did better than m-mkt funds and T-Bills. Vanguard probably designed this "camel by committee" to meet the requirements of state 529s.
Good to know that 529 material at the YBB site was helpful.
https://www.bogleheads.org/forum/viewtopic.php?t=396160
https://investor.vanguard.com/accounts-plans/529-plans/profile/4528

“Some say 'government' some say 'clown car' others say 'insane asylum.' I say: 'Time for another scotch.' :)”
Just priced coffee online. Anything good’s selling for $1 - $2 per ounce. Actually, you could buy a half decent bottle of scotch for what a pound of coffee costs now.
Been playing around moving the deck chairs - well, bits and pieces of ‘em anyway. Sell @ $1.05 and buy something else for 97 cents. I think it’s called rotation. :)

I don't expect to reinvest the proceeds until after there is something like funding for the government going forward.
What government?

Some say 'government' some say 'clown car' others say 'insane asylum.' I say: 'Time for another scotch.' :)
B/S/W-wise, BUI and BME continue to look interesting on the decline. Might add to unlevered BUI below 18.50 and continue to waffle about starting a position in BME for the unlevered healthcare exposure at some point. ASGI is another unlevered infrastructure play but I'm iffy on 'abdrn' for some reason.
I continue to stalk preferreds to buy (or add to) on declines. For tax purposes, I find their QDI much more attractive in my taxable account than 5% treasuries.

Q for the community. Vanguard's Interest Accumulation Portfolio (a choice I'm considering for the 529 plan) is in Nevada Short Term Reserves fund. That has a benchmark of 90% in 3 month Tbills. However, its YTD return is 1.83% Why? Why is it so hard to just stuff some Tbills in ? Appreciate if anyone can help. @ybb I've looked through your website on 529s and it was very helpful. ALso bogleheads has a similar question about why this Nevada plan is a stinker?
https://investor.vanguard.com/accounts-plans/529-plans/profile/4528

Starting to think when and at what point do folks throw in the towel and say no mas? Boomers have most of the shekels...why fart around when you can lock in 5% plus for the next year or two or three ..markets way overvalued, especially you look at apple at 30x with no growth for two years or something....when the giant flow machine reverses when folks start losing their jobs, whoosh look out below...
I'm looking at funds like MRFOX, PVCMX, LOGOX. That don't hold a ton of the widely held index funds top stocks...truth be told, very small portion of portfolio likely just doing it out of habit. Mostly in tbills and CDs
Wondering if we'll go back to the 60s savings, no screwing around in the casino with your life savings... how are companies going to roll over debt when they need to refinance at higher rates?

“How is the market hanging in there under the current circumstances?”
“… strings and ceiling wax and other fancy stuff”
But I’m not certain your original premise is fully accurate. A check of Bloomberg shows all 3 major indexes well below their 52 week highs. Until yesterday the Dow was actually in negative territory for the year. And if you compare the Dow to where it was 2 years ago, it’s substantially lower.
DJI close on October 29, 2021 35,816
DJI close on October 24, 2023 33,141
(*Quotation from ”Puff the Magic Dragon”)