UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-05986

T. Rowe Price Index Trust, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Highlights

and

Market

Commentary

Management’s

Discussion

of

Fund

Performance

Performance

and

Expenses

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

December

31,

2022

Annual

Report

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

TRSYX

Small-Cap

Index

Fund

–

.

TRCSX

Small-Cap

Index

Fund–

.

I  Class

TRZIX

Small-Cap

Index

Fund–

.

Z Class

T.

ROWE

PRICE

Small-Cap

Index

Fund

HIGHLIGHTS

Small-cap

U.S.

stocks

plunged

as

Russia’s

assault

on

Ukraine,

surging

commodity

prices,

elevated

inflation,

and

rising

interest

rates

weighed

heavily

on

the

economy

and

the

financial

markets

during

the

year.

The

Small-Cap

Index

Fund

closely

tracked

but

slightly

trailed

the

Russell

2000

Index

due

to

operating

and

management

expenses.

Most

small-cap

sectors

produced

negative

returns.

Information

technology,

health

care,

consumer

discretionary,

and

industrials

and

business

services

stocks

were

among

the

most

significant

absolute

detractors.

Energy

companies

added

to

absolute

returns,

while

utilities

were

flat.

The

fund

seeks

to

employ

a

full

replication

strategy,

which

involves

investing

substantially

all

of

its

assets

in

all

of

the

stocks

in

the

index

and

seeking

to

maintain

holdings

of

each

stock

in

proportion

to

its

weight

in

the

index.

As

of

December

31,

2022,

financials,

health

care,

industrials

and

business

services,

and

information

technology

were

the

fund’s

largest

sector

allocations.

The

trajectories

of

the

economy,

and

interest

rates

are

unpredictable,

and

investor

sentiment

toward

the

broad

market

and

various

market

segments

could

change

without

warning.

Our

job,

however,

is

to

replicate

the

structure

of

the

Russell

2000

Index

and

attempt

to

track

the

index’s

performance.

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

Certain

mutual

fund

accounts

that

are

assessed

an

annual

account

service

fee

can

also

save

money

by

switching

to

e-delivery.

T.

ROWE

PRICE

Small-Cap

Index

Fund

Market

Commentary

1

Dear

Shareholder

Nearly

all

major

global

stock

and

bond

indexes

fell

sharply

in

2022,

as

investors

contended

with

persistently

high

inflation,

tightening

financial

conditions,

and

slowing

economic

and

corporate

earnings

growth.

Double-digit

losses

were

common

in

equity

markets

around

the

world,

and

bond

investors

also

faced

a

historically

tough

environment

amid

a

sharp

rise

in

interest

rates.

Value

shares

declined

but

outperformed

growth

stocks

by

a

considerable

margin

as

equity

investors

turned

risk

averse

and

as

rising

rates

put

downward

pressure

on

growth

stock

valuations.

Emerging

markets

stocks

generally

underperformed

shares

in

developed

markets.

Meanwhile,

the

U.S.

dollar

strengthened

versus

most

currencies

during

the

period,

which

weighed

on

returns

for

U.S.

investors

in

international

securities.

Within

the

S&P

500

Index,

energy

was

a

rare

bright

spot,

gaining

more

than

60%

as

oil

prices

jumped

in

response

to

Russia’s

invasion

of

Ukraine

and

concerns

over

commodity

supply

shortages.

Defensive

shares,

such

as

utilities,

consumer

staples,

and

health

care,

held

up

relatively

well

and

finished

the

year

with

roughly

flat

returns.

Conversely,

communication

services,

consumer

discretionary,

and

information

technology

shares

suffered

the

largest

declines.

Elevated

inflation

remained

a

leading

concern

for

investors

throughout

the

period,

although

there

were

signs

that

price

increases

were

moderating

by

year-

end.

November’s

consumer

price

index

data

showed

headline

inflation

rising

7.1%

on

a

12-month

basis,

the

lowest

level

since

December

2021

but

still

well

above

the

Federal

Reserve’s

2%

long-term

target.

In

response

to

the

high

inflation

readings,

global

central

banks

tightened

monetary

policy,

and

investors

focused

on

communications

from

central

bank

officials

on

how

high

rates

would

have

to

go.

The

Fed,

which

at

the

end

of

2021

had

forecast

that

it

would

only

need

to

raise

interest

rates

0.75

percentage

point

in

all

of

2022,

raised

its

short-term

lending

benchmark

from

near

zero

in

March

to

a

target

range

of

4.25%

to

4.50%

by

December

and

indicated

that

additional

hikes

are

likely.

Bond

yields

increased

considerably

across

the

U.S.

Treasury

yield

curve

as

the

Fed

tightened

monetary

policy,

with

the

yield

on

the

benchmark

10-year

U.S.

Treasury

note

climbing

from

1.52%

at

the

start

of

the

period

to

3.88%

at

the

end

of

the

year.

Significant

inversions

in

the

yield

curve,

which

are

often

considered

a

warning

sign

of

a

coming

recession,

occurred

during

the

period

as

shorter-maturity

Treasuries

experienced

the

largest

yield

increases.

The

T.

ROWE

PRICE

Small-Cap

Index

Fund

2

sharp

increase

in

yields

led

to

historically

weak

results

across

the

fixed

income

market,

with

the

Bloomberg

U.S.

Aggregate

Bond

Index

delivering

its

worst

year

on

record.

(Bond

prices

and

yields

move

in

opposite

directions.)

As

the

period

came

to

an

end,

the

economic

backdrop

appeared

mixed.

Although

manufacturing

gauges

have

drifted

toward

contraction

levels,

the

U.S.

jobs

market

remained

resilient,

and

corporate

and

household

balance

sheets

appeared

strong.

Meanwhile,

the

housing

market

has

weakened

amid

rising

mortgage

rates.

The

past

year

has

been

a

trying

time

for

investors

as

few

sectors

remained

untouched

by

the

broad

headwinds

that

markets

faced,

and

volatility

may

continue

in

the

near

term

as

central

banks

tighten

policy

amid

slowing

economic

growth.

However,

in

our

view,

there

continue

to

be

opportunities

for

selective

investors

focused

on

fundamentals.

Valuations

in

most

global

equity

markets

have

improved

markedly,

although

U.S.

equities

still

appear

relatively

expensive

by

historical

standards,

while

bond

yields

have

reached

some

of

the

most

attractive

levels

since

the

2008

global

financial

crisis.

We

believe

this

environment

makes

skilled

active

management

a

critical

tool

for

identifying

risks

and

opportunities,

and

our

investment

teams

will

continue

to

use

fundamental

research

to

identify

securities

that

can

add

value

to

your

portfolio

over

the

long

term.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely, 

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Small-Cap

Index

Fund

Management’s

Discussion

of

Fund

Performance

3

INVESTMENT

OBJECTIVE 

The

fund

seeks

to

track

the

performance

of

a

benchmark

index

that

measures

the

investment

return

of

small-capitalization

U.S.

stocks.

FUND

COMMENTARY

How

did

the

fund

perform

in

the

past 12

months?

The

Small-Cap

Index

Fund

returned

-20.58%

versus

-20.44%

for

its

benchmark,

the

Russell

2000

Index.

Fund

performance

can

lag

that

of

the

index

due

to

operating

and

management

expenses.

(Performance

for

the

I

and

Z

Class

shares

will

vary

due

to

their

different

fee

structures.

Past

performance

cannot

guarantee

future

results

.)

As

a

reminder,

the

fund

is

not

available

for

direct

purchase

by

members

of

the

public.

All

investments

in

the

fund

must

be

made

by

T.

Rowe

Price

or

one

of

its

affiliated

investment

advisers

on

behalf

of

mutual

funds,

529

plans,

or

other

institutional

client

accounts

for

which

T.

Rowe

Price

or

its

affiliate

has

discretionary

investment

authority.

The

Z

Class

is

only

available

to

funds

managed

by

T.

Rowe

Price

and

other

advisory

clients

of

T.

Rowe

Price

or

its

affiliates

that

are

subject

to

a

contractual

fee

for

investment

management

services.

What

factors

influenced

the

fund’s

performance?

Most

sectors

of

the

Russell

2000

Index

produced

negative

returns

during

the

12-month

period.

Small-cap

U.S.

stocks

plunged

in

2022,

as

Russia’s

assault

on

Ukraine,

surging

commodity

prices,

elevated

inflation,

and

rising

interest

rates

weighed

heavily

on

the

economy

and

the

financial

markets.

Within

our

portfolio,

information

technology

stocks

detracted

the

most

from

absolute

returns.

Software

and

semiconductor

companies

were

among

the

worst

performers

in

the

portfolio,

with

Rapid7

and

Synaptics

being

especially

weak.

Shares

of

these

companies

trended

down,

along

with

other

technology

names,

as

the

sector

was

hit

by

fears

that

supply

chain

issues

and

inflationary

pressures

would

slow

demand.

(Please

refer

to

the

portfolio

of

investments

for

a

complete

list

of

holdings

and

the

amount

each

represents

in

the

portfolio.)

PERFORMANCE

COMPARISON

Total

Return

Periods

Ended

12/31/22

6

Months

12

Months

Small-Cap

Index

Fund

–

.

3.79‌%

-20.58‌%

Small-Cap

Index

Fund–

.

I  Class

3.92‌

-20.48‌

Small-Cap

Index

Fund–

.

Z  Class

3.97‌

-20.35‌

Russell

2000

Index

3.91‌

-20.44‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

4

Health

care

stocks

were

also

significant

detractors

from

fund

performance.

The

biotechnology

segment

was

particularly

weak

with

Intellia

Therapeutics

and

Fate

Therapeutics

among

the

worst

performers.

Biotech

names

were

challenged

by

sell-offs

due

to

higher

inflation

and

discount

rates,

a

rotation

away

from

growth,

a

series

of

negative

data

readouts,

and

limited

mergers

and

acquisitions.

Health

care

equipment

company

Omnicell

also

weighed

on

results

during

the

period.

The

utilities

sector,

one

of

the

smallest

in

the

index

and

the

portfolio,

exhibited

flat

returns

during

the

year.

Utilities

stocks,

which

tend

to

have

above-average

dividend

yields,

often

behave

like

bonds

in

response

to

interest

rate

movements.

However,

during

times

of

economic

uncertainty,

investors

often

favor

utilities

because

their

businesses

tend

to

be

stable.

Within

the

sector,

independent

power

and

renewable

electricity

producers

were

the

weakest

performers,

with

Sunnova

Energy

International

being

the

primary

laggard.

On

the

other

hand,

multi-utilities

companies

very

mildly

contributed

to

results,

with

NorthWestern

performing

best.

Conversely,

energy

shares

advanced

for

the

12-month

period.

Energy

companies

were

the

top

performers

in

our

portfolio,

led

by

Antero

Resources

and

PBF

Energy.

Many

oil

companies

reported

strong

profits

during

the

first

quarter

of

2022,

as

several

countries

were

forced

to

find

alternatives

to

Russian

energy

exports,

resulting

in

higher

oil,

gasoline,

and

natural

gas

prices.

How

is

the

fund

positioned?

The

Small-Cap

Index

Fund

seeks

to

replicate

the

structure

and

performance

of

its

benchmark,

the

Russell

2000

Index.

The

index,

which

is

constructed

by

the

Russell

Investment

Group,

consists

of

approximately

2,000

small-cap

securities,

some

of

which

could

be

considered

micro-caps.

T.

ROWE

PRICE

Small-Cap

Index

Fund

5

The

fund

seeks

to

employ

a

full

replication

strategy,

which

involves

investing

substantially

all

of

its

assets

in

all

of

the

stocks

in

the

index

and

seeking

to

maintain

holdings

of

each

stock

in

proportion

to

its

weight

in

the

index.

Since

the

portfolio

is

designed

to

track

its

index,

it

does

not

have

the

flexibility

to

shift

assets

toward

stocks

or

sectors

that

are

rising

or

away

from

those

that

are

declining.

At

the

end

of

our

reporting

period,

financials,

health

care,

industrials

and

business

services,

and

information

technology

were

the

fund’s

largest

sector

allocations,

as

shown

in

the

Sector

Diversification

table

on

this

page.

The

portfolio

had

very

little

exposure

to

communication

services,

utilities,

and

consumer

staples

investments.

What

is

portfolio

management’s

outlook?

Slowing

growth,

volatile

geopolitics,

tightening

global

monetary

policies,

and

elevated

inflation

have

created

a

challenging

market

environment

for

investors

throughout

2022.

Continued

aggressive

action

by

the

U.S.

Federal

Reserve

has

dampened

hopes

of

softening

monetary

tightening

and

accelerated

market

fears

of

a

U.S.

recession.

Overseas

economic

conditions

remain

challenging,

too.

Recession

risks

in

Europe

have

increased

as

the

war

in

Ukraine

has

waged

on,

and

there

are

concerns

about

China’s

growth

outlook,

even

though

the

country

has

been

taking

steps

to

roll

back

its

zero-COVID

policies

and

reopen

its

economy.

SECTOR

DIVERSIFICATION

Percent

of

Net

Assets

6/30/22

12/31/22

Financials

16.9‌%

17.1‌%

Health

Care

16.7‌ 

16.7‌ 

Industrials

and

Business

Services

14.7‌ 

15.4‌ 

Information

Technology

13.6‌ 

12.5‌ 

Consumer

Discretionary

9.9‌ 

10.4‌ 

Energy

5.5‌ 

6.8‌ 

Real

Estate

7.3‌ 

6.4‌ 

Materials

4.1‌ 

4.3‌ 

Consumer

Staples

3.7‌ 

3.6‌ 

Utilities

3.5‌ 

3.5‌ 

Communication

Services

2.8‌ 

2.6‌ 

Other

and

Reserves

1.3‌ 

0.7‌ 

Total

100.0‌%

100.0‌%

Historical

weightings

reflect

current

industry/sector

classifications.

T.

ROWE

PRICE

Small-Cap

Index

Fund

6

The

trajectories

of

the

economy,

corporate

earnings,

and

interest

rates

are

unpredictable,

and

investor

sentiment

toward

the

broad

market

and

various

market

segments

could

change

without

warning.

Our

job

is

not

to

determine

which

stocks

or

sectors

are

likely

to

perform

best,

but,

rather,

to

replicate

the

structure

of

the

Russell

2000

Index

to

provide

broad

exposure

to

small-cap

stocks

and

to

attempt

to

track

the

index’s

performance.

The

views

expressed

reflect

the

opinions

of

T.

Rowe

Price

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic,

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

T.

ROWE

PRICE

Small-Cap

Index

Fund

7

Risks

of

Investing

in

the

Small-Cap

Index

Fund

Stocks

generally

fluctuate

in

value

more

than

bonds

and

may

decline

significantly

over

short

time

periods.

There

is

a

chance

that

stock

prices

overall

will

decline

because

stock

markets

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

The

value

of

stocks

held

by

the

fund

may

decline

due

to

general

weakness

or

volatility

in

the

stock

markets

in

which

the

fund

invests

or

because

of

factors

that

affect

a

particular

company

or

industry.

Investments

in

securities

issued

by

small-cap

and

micro-cap

companies

are

likely

to

be

more

volatile

than

investments

in

securities

issued

by

larger

companies.

Small-cap

companies

often

have

less

experienced

management,

narrower

product

lines,

more

limited

financial

resources,

and

less

publicly

available

information

than

larger

companies.

In

addition,

smaller

companies

are

typically

more

sensitive

to

changes

in

overall

economic

conditions,

and

their

securities

may

be

difficult

to

trade.

The

risks

of

small-cap

investing

are

heightened

for

investments

in

micro-cap

companies.

Because

the

fund

is

passively

managed

and

seeks

to

match

the

performance

of

its

benchmark

index,

holdings

are

generally

not

reallocated

based

on

changes

in

market

conditions

or

an

outlook

for

a

specific

security,

industry,

or

market

sector.

As

a

result,

the

fund’s

performance

may

lag

the

performance

of

actively

managed

funds.

The

returns

of

the

fund

may

deviate

from

the

returns

of

its

benchmark

index

(referred

to

as

“tracking

error”)

because

the

fund

incurs

fees

and

transaction

expenses

while

the

index

has

no

fees

or

expenses.

The

risk

of

tracking

error

is

increased

to

the

extent

the

fund

is

unable

to

fully

replicate

its

benchmark

index,

which

could

result

from

changes

in

the

composition

of

the

index

or

the

timing

of

purchases

and

redemptions

of

fund

shares.

T.

ROWE

PRICE

Small-Cap

Index

Fund

8

BENCHMARK

INFORMATION

Note:

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2023.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.  “Russell

®

” is/are

a

trademark(s)

of

the

relevant

LSE

Group

companies

and

is/are

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

rely

on

any

indexes

or

data

contained

in

this

communication.

No

further

distribution

of

data

from

the

LSE

Group

is

permitted

without

the

relevant

LSE

Group

company’s

express

written

consent.

The

LSE

Group

does

not

promote,

sponsor

or

endorse

the

content

of

this

communication.

The

LSE

Group

is

not

responsible

for

the

formatting

or

configuration

of

this

material

or

for

any

inaccuracy

in

T.

Rowe

Price’s

presentation

thereof.

T.

ROWE

PRICE

Small-Cap

Index

Fund

9

PORTFOLIO

HIGHLIGHTS

TWENTY-FIVE

LARGEST

HOLDINGS

Percent

of

Net

Assets

12/31/22

Halozyme

Therapeutics

0.3‌%

Shockwave

Medical

0.3‌ 

Inspire

Medical

Systems

0.3‌ 

EMCOR

Group

0.3‌ 

Crocs

0.3‌ 

Matador

Resources

0.3‌ 

Iridium

Communications

0.3‌ 

Murphy

Oil

0.3‌ 

Agree

Realty

0.3‌ 

Texas

Roadhouse

0.3‌ 

RBC

Bearings

0.3‌ 

Karuna

Therapeutics

0.3‌ 

Murphy

USA

0.3‌ 

STAG

Industrial

0.3‌ 

ChampionX

0.3‌ 

Celsius

Holdings

0.3‌ 

SouthState

0.3‌ 

Chord

Energy

0.2‌ 

Kinsale

Capital

Group

0.2‌ 

Commercial

Metals

0.2‌ 

Saia

0.2‌ 

Light

&

Wonder

0.2‌ 

Glacier

Bancorp

0.2‌ 

ExlService

Holdings

0.2‌ 

Medpace

Holdings

0.2‌ 

Total

6.7‌%

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.

T.

ROWE

PRICE

Small-Cap

Index

Fund

10

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

include

a

broad-based

market

index

and

may

also

include

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.

SMALL-CAP

INDEX

FUND 

Note:

Performance

for

the I

and

Z Class

shares

will

vary

due

to

their

differing

fee

structures.

See

the

Average

Annual

Compound

Total

Return

table. 

T.

ROWE

PRICE

Small-Cap

Index

Fund

11

AVERAGE

ANNUAL

COMPOUND

TOTAL

RETURN

Periods

Ended

12/31/22

1

Year

5

Years

Since

Inception

Inception

Date

Small-Cap

Index

Fund

–

.

-20.58‌%

3.89‌%

7.49‌%

12/9/15

Small-Cap

Index

Fund–

.

I  Class

-20.48‌

4.08‌

7.66‌

12/9/15

Small-Cap

Index

Fund–

.

Z  Class

-20.35‌

–‌

22.55‌

3/16/20

The

fund’s

performance

information

represents

only

past

performance

and

is

not

necessarily

an

indication

of

future

results.

Current

performance

may

be

lower

or

higher

than

the

performance

data

cited.

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

contact

a

T.

Rowe

Price

representative

at

1

-

800

-

225

-

5132

or,

for

0.02

I

and

0.03

Z

Class

shares,

1-800-638-8790.

This

table

shows

how

the

fund

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

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.

T.

ROWE

PRICE

Small-Cap

Index

Fund

12

EXPENSE

RATIO

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.

Please

note

that

the

fund

has

three

share

classes:

The

Investor

Class

charges

no

distribution

and

service

(12b-1)

fee,

and the

I

Class

shares

are

also

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment,

and

Z

Class

shares

are

offered

only

to

funds

advised

by

T.

Rowe

Price

and

other

advisory

clients

of

T.

Rowe

Price

or

its

affiliates

that

are

subject

to

a

contractual

fee

for

investment

management

services

and

impose

no

12b-1

fee

or

administrative

fee

payment.

Each

share

class

is

presented

separately

in

the

table.

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.

Small-Cap

Index

Fund

1.82‌%

Small-Cap

Index

Fund–I

Class

0.62‌ 

Small-Cap

Index

Fund–Z

Class

0.71‌ 

The

expense

ratio

shown

is

as

of

the

fund’s

most

recent

prospectus.

This

number

may

vary

from

the

expense

ratio

shown

elsewhere

in

this

report

because

it

is

based

on

a

different

time

period

and,

if

applicable,

includes

acquired

fund

fees

and

expenses

but

does

not

include

fee

or

expense

waivers.

T.

ROWE

PRICE

Small-Cap

Index

Fund

13

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

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.

SMALL-CAP

INDEX

FUND

Beginning

Account

Value

7/1/22

Ending

Account

Value

12/31/22

Expenses

Paid

During

Period*

7/1/22

to

12/31/22

Investor

Class

Actual

$1,000.00

$1,037.90

$1.49

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,023.74

  1.48

I

Class

Actual

  1,000.00

  1,039.20

  0.72

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,024.50

  0.71

Z

Class

Actual

  1,000.00

  1,039.70

  0.00

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,025.21

  0.00

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(184),

and

divided

by

the

days

in

the

year

(365)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.29%,

the

2

I Class

was

0.14%,

and

the

3

Z Class

was

0.00%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Small-Cap

Index

Fund

Financial

Highlights

14

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

15.93‌

$

14.16‌

$

12.20‌

$

10.19‌

$

12.48‌

Investment

activities

Net

investment

income

(1)(2)

0.17‌

0.11‌

0.11‌

0.15‌

0.16‌

Net

realized

and

unrealized

gain/

loss

(3.44‌)

1.91‌

2.30‌

2.42‌

(1.49‌)

Total

from

investment

activities

(3.27‌)

2.02‌

2.41‌

2.57‌

(1.33‌)

Distributions

Net

investment

income

(0.16‌)

(0.11‌)

(0.12‌)

(0.15‌)

(0.16‌)

Net

realized

gain

(0.02‌)

(0.14‌)

(0.33‌)

(0.41‌)

(0.80‌)

Total

distributions

(0.18‌)

(0.25‌)

(0.45‌)

(0.56‌)

(0.96‌)

NET

ASSET

VALUE

End

of

period

$

12.48‌

$

15.93‌

$

14.16‌

$

12.20‌

$

10.19‌

Ratios/Supplemental

Data

Total

return

(2)(3)

(20.58‌)%

14.32‌%

19.88‌%

25.31‌%

(11.25‌)%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

4.93‌%

1.87‌%

4.10‌%

3.93‌%

3.67‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.29‌%

0.34‌%

0.35‌%

0.34‌%

0.34‌%

Net

investment

income

1.26‌%

0.70‌%

1.00‌%

1.25‌%

1.26‌%

Portfolio

turnover

rate

22.0‌%

29.0‌%

21.1‌%

17.3‌%

25.9‌%

Net

assets,

end

of

period

(in

thousands)

$154

$197

$6,726

$5,794

$4,839

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

Small-Cap

Index

Fund

Financial

Highlights

15

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

16.01‌

$

14.21‌

$

12.23‌

$

10.19‌

$

12.48‌

Investment

activities

Net

investment

income

(1)(2)

0.19‌

0.18‌

0.13‌

0.16‌

0.18‌

Net

realized

and

unrealized

gain/

loss

(3.46‌)

1.89‌

2.30‌

2.44‌

(1.49‌)

Total

from

investment

activities

(3.27‌)

2.07‌

2.43‌

2.60‌

(1.31‌)

Distributions

Net

investment

income

(0.18‌)

(0.13‌)

(0.12‌)

(0.15‌)

(0.18‌)

Net

realized

gain

(0.02‌)

(0.14‌)

(0.33‌)

(0.41‌)

(0.80‌)

Total

distributions

(0.20‌)

(0.27‌)

(0.45‌)

(0.56‌)

(0.98‌)

NET

ASSET

VALUE

End

of

period

$

12.54‌

$

16.01‌

$

14.21‌

$

12.23‌

$

10.19‌

Ratios/Supplemental

Data

Total

return

(2)(3)

(20.48‌)%

14.63‌%

20.00‌%

25.60‌%

(11.11‌)%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.42‌%

0.65‌%

3.93‌%

3.71‌%

3.51‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.14‌%

0.17‌%

0.20‌%

0.19‌%

0.19‌%

Net

investment

income

1.43‌%

1.12‌%

1.15‌%

1.40‌%

1.41‌%

Portfolio

turnover

rate

22.0‌%

29.0‌%

21.1‌%

17.3‌%

25.9‌%

Net

assets,

end

of

period

(in

thousands)

$85,393

$90,212

$355

$306

$255

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

Small-Cap

Index

Fund

Financial

Highlights

16

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Z

Class

(1)

..

Year

..

..

Ended

.

3/16/20

(1)

Through

12/31/20

12/31/22

12/31/21

NET

ASSET

VALUE

Beginning

of

period

$

15.99‌

$

14.20‌

$

7.59‌

Investment

activities

Net

investment

income

(2)(3)

0.22‌

0.23‌

0.11‌

Net

realized

and

unrealized

gain/loss

(3.47‌)

1.85‌

6.95‌

Total

from

investment

activities

(3.25‌)

2.08‌

7.06‌

Distributions

Net

investment

income

(0.19‌)

(0.15‌)

(0.12‌)

Net

realized

gain

(0.02‌)

(0.14‌)

(0.33‌)

Total

distributions

(0.21‌)

(0.29‌)

(0.45‌)

NET

ASSET

VALUE

End

of

period

$

12.53‌

$

15.99‌

$

14.20‌

Ratios/Supplemental

Data

Total

return

(3)(4)

(20.35‌)%

14.71‌%

93.22‌%

Ratios

to

average

net

assets:

(3)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.38‌%

0.72‌%

3.86‌%

(5)

Net

expenses

after

waivers/payments

by

Price

Associates

0.00‌%

0.01‌%

0.01‌%

(5)

Net

investment

income

1.67‌%

1.40‌%

1.30‌%

(5)

Portfolio

turnover

rate

22.0‌%

29.0‌%

21.1‌%

Net

assets,

end

of

period

(in

thousands)

$11,833

$1,104

$187

0‌%

0‌%

0‌%

(1)

Inception

date

(2)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(4)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5)

Annualized

T.

ROWE

PRICE

Small-Cap

Index

Fund

December

31,

2022

17

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

99.6%

COMMUNICATION

SERVICES

2.6%

Diversified

Telecommunication

Services

0.7%

Anterix (1)

801‌

26‌

ATN

International 

456‌

21‌

Bandwidth,

Class

A  (1)

964‌

22‌

Charge

Enterprises  (1)

5,375‌

7‌

Cogent

Communications

Holdings 

1,864‌

106‌

Consolidated

Communications

Holdings  (1)

3,121‌

11‌

EchoStar,

Class

A  (1)

1,362‌

23‌

Globalstar  (1)

28,815‌

38‌

IDT,

Class

B  (1)

647‌

18‌

Iridium

Communications  (1)

5,343‌

275‌

Liberty

Latin

America,

Class

A  (1)

1,588‌

12‌

Liberty

Latin

America,

Class

C  (1)

6,016‌

46‌

Ooma  (1)

968‌

13‌

Radius

Global

Infrastructure,

Class

A  (1)

3,243‌

38‌

656‌

Entertainment

0.3%

Cinemark

Holdings  (1)

4,579‌

40‌

IMAX  (1)

1,932‌

28‌

Liberty

Braves,

Class

A  (1)

425‌

14‌

Liberty

Braves,

Class

C  (1)

1,587‌

51‌

Lions

Gate

Entertainment,

Class

A  (1)

2,389‌

14‌

Lions

Gate

Entertainment,

Class

B  (1)

4,993‌

27‌

Madison

Square

Garden

Entertainment  (1)

1,085‌

49‌

Marcus 

1,001‌

14‌

Playstudios  (1)

3,369‌

13‌

Reservoir

Media  (1)

782‌

5‌

Skillz  (1)

12,813‌

6‌

261‌

Interactive

Media

&

Services

0.7%

Arena

Group

Holdings  (1)

434‌

5‌

Bumble,

Class

A  (1)

3,619‌

76‌

Cargurus  (1)

4,298‌

60‌

Cars.com  (1)

2,723‌

38‌

DHI

Group  (1)

1,834‌

10‌

Eventbrite,

Class

A  (1)

3,152‌

19‌

EverQuote,

Class

A  (1)

886‌

13‌

fuboTV  (1)(2)

7,831‌

14‌

Leafly

Holdings  (1)

1,624‌

1‌

MediaAlpha,

Class

A  (1)

1,008‌

10‌

Outbrain  (1)

1,528‌

6‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

QuinStreet  (1)

2,230‌

32‌

Shutterstock 

1,021‌

54‌

TrueCar  (1)

3,654‌

9‌

Vimeo  (1)

6,245‌

21‌

Vinco

Ventures  (1)(2)

9,480‌

4‌

Wejo

Group  (1)

878‌

—‌

Yelp  (1)

2,884‌

79‌

Ziff

Davis  (1)

1,926‌

152‌

ZipRecruiter,

Class

A  (1)

3,012‌

49‌

652‌

Media

0.8%

AdTheorent

Holding  (1)

1,666‌

3‌

Advantage

Solutions  (1)

3,253‌

7‌

AMC

Networks,

Class

A  (1)

1,233‌

19‌

Audacy  (1)

4,558‌

1‌

Boston

Omaha,

Class

A  (1)

885‌

23‌

Cardlytics  (1)

1,321‌

8‌

Clear

Channel

Outdoor

Holdings  (1)

15,255‌

16‌

Cumulus

Media,

Class

A  (1)

708‌

4‌

Daily

Journal  (1)

52‌

13‌

Entravision

Communications,

Class

A 

2,661‌

13‌

EW

Scripps,

Class

A  (1)

2,543‌

34‌

Gambling.com

Group  (1)

332‌

3‌

Gannett  (1)

6,440‌

13‌

Gray

Television 

3,385‌

38‌

iHeartMedia,

Class

A  (1)

5,096‌

31‌

Innovid  (1)(2)

3,221‌

5‌

Integral

Ad

Science

Holding  (1)

1,623‌

14‌

John

Wiley

&

Sons,

Class

A 

1,815‌

73‌

Loyalty

Ventures  (1)(2)

767‌

2‌

Magnite  (1)

5,569‌

59‌

PubMatic,

Class

A  (1)

1,803‌

23‌

Scholastic 

1,284‌

51‌

Sinclair

Broadcast

Group,

Class

A 

1,737‌

27‌

Stagwell  (1)

3,406‌

21‌

TechTarget  (1)

1,155‌

51‌

TEGNA 

9,391‌

199‌

Thryv

Holdings  (1)

1,036‌

20‌

Urban

One  (1)

316‌

1‌

Urban

One,

Class

D  (1)

458‌

2‌

WideOpenWest  (1)

2,352‌

21‌

795‌

Wireless

Telecommunication

Services

0.1%

Gogo (1)

2,158‌

32‌

KORE

Group

Holdings  (1)(2)

1,342‌

2‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Shenandoah

Telecommunications 

2,098‌

33‌

Telephone

&

Data

Systems 

4,317‌

45‌

United

States

Cellular  (1)

595‌

13‌

125‌

Total

Communication

Services

2,489‌

CONSUMER

DISCRETIONARY

10.4%

Auto

Components

1.3%

Adient (1)

4,007‌

139‌

American

Axle

&

Manufacturing

Holdings  (1)

4,894‌

38‌

Dana 

5,396‌

82‌

Dorman

Products  (1)

1,105‌

89‌

Fox

Factory

Holding  (1)

1,789‌

163‌

Gentherm  (1)

1,384‌

90‌

Goodyear

Tire

&

Rubber  (1)

12,123‌

123‌

Holley  (1)(2)

2,219‌

5‌

LCI

Industries 

1,077‌

100‌

Luminar

Technologies  (1)(2)

10,391‌

51‌

Modine

Manufacturing  (1)

2,101‌

42‌

Motorcar

Parts

of

America  (1)

773‌

9‌

Patrick

Industries 

907‌

55‌

Solid

Power  (1)

5,250‌

13‌

Standard

Motor

Products 

884‌

31‌

Stoneridge  (1)

1,095‌

24‌

Visteon  (1)

1,173‌

154‌

XPEL  (1)

917‌

55‌

1,263‌

Automobiles

0.2%

Canoo (1)(2)

6,195‌

7‌

Cenntro

Electric

Group  (1)

7,046‌

3‌

Faraday

Future

Intelligent

Electric  (1)

5,949‌

2‌

Fisker  (1)(2)

7,413‌

54‌

Lordstown

Motors,

Class

A  (1)(2)

6,854‌

8‌

Mullen

Automotive  (1)(2)

14,071‌

4‌

Winnebago

Industries 

1,307‌

69‌

Workhorse

Group  (1)(2)

6,182‌

9‌

156‌

Distributors

0.0%

Funko,

Class

A  (1)(2)

1,297‌

14‌

Weyco

Group 

225‌

5‌

19‌

Diversified

Consumer

Services

1.0%

2U (1)(2)

3,058‌

19‌

Adtalem

Global

Education  (1)

1,894‌

67‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

American

Public

Education  (1)

764‌

9‌

Beachbody  (1)

4,006‌

2‌

Carriage

Services 

537‌

15‌

Chegg  (1)

5,363‌

136‌

Clear

Secure,

Class

A  (2)

2,611‌

72‌

Coursera  (1)

4,785‌

57‌

Duolingo  (1)

990‌

70‌

European

Wax

Center,

Class

A  (2)

990‌

12‌

Frontdoor  (1)

3,496‌

73‌

Graham

Holdings,

Class

B 

155‌

94‌

Laureate

Education,

Class

A 

5,722‌

55‌

Nerdy  (1)(2)

2,073‌

5‌

OneSpaWorld

Holdings  (1)

2,711‌

25‌

Perdoceo

Education  (1)

2,764‌

38‌

Rover

Group  (1)

3,905‌

14‌

Strategic

Education 

950‌

74‌

Stride  (1)

1,709‌

54‌

Udemy  (1)

3,047‌

32‌

Universal

Technical

Institute  (1)

1,447‌

10‌

Vivint

Smart

Home  (1)(2)

4,017‌

48‌

WW

International  (1)

2,337‌

9‌

990‌

Hotels,

Restaurants

&

Leisure

2.4%

Accel

Entertainment  (1)

2,318‌

18‌

Bally's  (1)

1,538‌

30‌

Biglari

Holdings,

Class

B  (1)

31‌

4‌

BJ's

Restaurants  (1)

983‌

26‌

Bloomin'

Brands 

3,690‌

74‌

Bluegreen

Vacations

Holding 

507‌

13‌

Bowlero  (1)

1,185‌

16‌

Brinker

International  (1)

1,828‌

58‌

Century

Casinos  (1)

1,060‌

7‌

Cheesecake

Factory  (2)

2,062‌

65‌

Chuy's

Holdings  (1)

728‌

21‌

Cracker

Barrel

Old

Country

Store 

928‌

88‌

Dave

&

Buster's

Entertainment  (1)

1,800‌

64‌

Denny's  (1)

2,361‌

22‌

Dine

Brands

Global 

634‌

41‌

El

Pollo

Loco

Holdings 

858‌

8‌

Everi

Holdings  (1)

3,631‌

52‌

F45

Training

Holdings  (1)(2)

1,480‌

4‌

First

Watch

Restaurant

Group  (1)

628‌

8‌

Full

House

Resorts  (1)

1,270‌

10‌

Golden

Entertainment  (1)

827‌

31‌

Hilton

Grand

Vacations  (1)

3,701‌

143‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Inspirato  (1)

995‌

1‌

Inspired

Entertainment  (1)

848‌

11‌

International

Game

Technology  (2)

4,118‌

93‌

Jack

in

the

Box 

902‌

61‌

Krispy

Kreme  (2)

3,104‌

32‌

Kura

Sushi

USA,

Class

A  (1)

191‌

9‌

Life

Time

Group

Holdings  (1)(2)

1,754‌

21‌

Light

&

Wonder  (1)

4,040‌

237‌

Lindblad

Expeditions

Holdings  (1)(2)

1,444‌

11‌

Monarch

Casino

&

Resort  (1)

561‌

43‌

NEOGAMES  (1)

531‌

6‌

Noodles  (1)

1,660‌

9‌

ONE

Group

Hospitality  (1)

851‌

5‌

Papa

John's

International 

1,365‌

112‌

Portillo's,

Class

A  (1)

1,161‌

19‌

RCI

Hospitality

Holdings 

371‌

35‌

Red

Rock

Resorts,

Class

A 

2,133‌

85‌

Rush

Street

Interactive  (1)

2,403‌

9‌

Ruth's

Hospitality

Group 

1,298‌

20‌

SeaWorld

Entertainment  (1)

1,728‌

92‌

Shake

Shack,

Class

A  (1)

1,579‌

66‌

Sonder

Holdings  (1)

7,741‌

10‌

Sweetgreen,

Class

A  (1)(2)

3,700‌

32‌

Target

Hospitality  (1)(2)

1,235‌

19‌

Texas

Roadhouse 

2,865‌

261‌

Vacasa,

Class

A  (1)(2)

4,552‌

6‌

Wingstop 

1,286‌

177‌

Xponential

Fitness,

Class

A  (1)(2)

738‌

17‌

2,302‌

Household

Durables

1.6%

Aterian (1)(2)

2,331‌

2‌

Beazer

Homes

USA  (1)

1,191‌

15‌

Cavco

Industries  (1)

374‌

85‌

Century

Communities 

1,207‌

60‌

Dream

Finders

Homes,

Class

A  (1)(2)

903‌

8‌

Ethan

Allen

Interiors 

985‌

26‌

GoPro,

Class

A  (1)

5,319‌

27‌

Green

Brick

Partners  (1)

1,105‌

27‌

Helen

of

Troy  (1)

1,029‌

114‌

Hovnanian

Enterprises,

Class

A  (1)

217‌

9‌

Installed

Building

Products 

999‌

86‌

iRobot  (1)

1,130‌

54‌

KB

Home 

3,289‌

105‌

Landsea

Homes  (1)

453‌

2‌

La-Z-Boy 

1,841‌

42‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Legacy

Housing  (1)

365‌

7‌

LGI

Homes  (1)

860‌

80‌

Lifetime

Brands 

498‌

4‌

Lovesac  (1)

546‌

12‌

M/I

Homes  (1)

1,136‌

52‌

MDC

Holdings 

2,417‌

76‌

Meritage

Homes  (1)

1,564‌

144‌

Purple

Innovation  (1)(2)

2,216‌

11‌

Skyline

Champion  (1)

2,305‌

119‌

Snap

One

Holdings  (1)(2)

731‌

5‌

Sonos  (1)

5,335‌

90‌

Taylor

Morrison

Home  (1)

4,510‌

137‌

Traeger  (1)

1,215‌

3‌

Tri

Pointe

Homes  (1)

4,224‌

79‌

Tupperware

Brands  (1)

1,804‌

8‌

Universal

Electronics  (1)

480‌

10‌

Vizio

Holding,

Class

A  (1)

2,878‌

21‌

Vuzix  (1)(2)

2,493‌

9‌

Weber,

Class

A  (2)

1,034‌

8‌

1,537‌

Internet

&

Direct

Marketing

Retail

0.3%

1-800-Flowers.com,

Class

A  (1)

1,185‌

11‌

1stdibs.com  (1)

960‌

5‌

aka

Brands

Holding  (1)

385‌

1‌

BARK  (1)

4,980‌

7‌

Boxed  (1)

2,728‌

1‌

CarParts.com  (1)

2,033‌

13‌

ContextLogic,

Class

A  (1)(2)

23,106‌

11‌

Duluth

Holdings,

Class

B  (1)(2)

498‌

3‌

Groupon  (1)(2)

853‌

7‌

Lands'

End  (1)

565‌

4‌

Liquidity

Services  (1)

1,020‌

14‌

Lulu's

Fashion

Lounge

Holdings  (1)

741‌

2‌

Overstock.com  (1)

1,828‌

35‌

PetMed

Express  (2)

800‌

14‌

Porch

Group  (1)(2)

3,523‌

7‌

Poshmark,

Class

A  (1)

2,001‌

36‌

Quotient

Technology  (1)

3,918‌

13‌

Qurate

Retail,

Series

A  (1)

14,268‌

23‌

RealReal  (1)(2)

3,834‌

5‌

Rent

the

Runway,

Class

A  (1)(2)

1,788‌

6‌

Revolve

Group  (1)(2)

1,722‌

38‌

RumbleON,

Class

B  (1)(2)

396‌

3‌

Stitch

Fix,

Class

A  (1)

3,431‌

11‌

ThredUp,

Class

A  (1)(2)

2,246‌

3‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Vivid

Seats,

Class

A  (1)

1,113‌

8‌

Xometry,

Class

A  (1)

1,428‌

46‌

327‌

Leisure

Products

0.4%

Acushnet

Holdings 

1,417‌

60‌

AMMO  (1)(2)

3,459‌

6‌

Clarus 

1,208‌

10‌

Johnson

Outdoors,

Class

A 

227‌

15‌

Latham

Group  (1)

1,668‌

5‌

Malibu

Boats,

Class

A  (1)

839‌

45‌

Marine

Products 

364‌

4‌

MasterCraft

Boat

Holdings  (1)

730‌

19‌

Smith

&

Wesson

Brands  (2)

1,860‌

16‌

Solo

Brands,

Class

A  (1)

929‌

4‌

Sturm

Ruger 

745‌

38‌

Topgolf

Callaway

Brands  (1)

6,048‌

119‌

Vista

Outdoor  (1)

2,349‌

57‌

398‌

Multiline

Retail

0.1%

Big

Lots  (2)

1,247‌

18‌

Dillard's,

Class

A  (2)

172‌

56‌

Franchise

Group  (2)

1,066‌

25‌

99‌

Specialty

Retail

2.4%

Aaron's 

1,231‌

15‌

Abercrombie

&

Fitch,

Class

A  (1)

2,094‌

48‌

Academy

Sports

&

Outdoors 

3,331‌

175‌

American

Eagle

Outfitters 

6,455‌

90‌

America's

Car-Mart  (1)

249‌

18‌

Arko 

3,402‌

29‌

Asbury

Automotive

Group  (1)

935‌

168‌

Bed

Bath

&

Beyond  (1)(2)

3,264‌

8‌

Big

5

Sporting

Goods  (2)

837‌

7‌

Boot

Barn

Holdings  (1)

1,239‌

77‌

Buckle 

1,272‌

58‌

Build-A-Bear

Workshop  (1)

616‌

15‌

Caleres 

1,493‌

33‌

Camping

World

Holdings,

Class

A 

1,653‌

37‌

Cato,

Class

A 

744‌

7‌

Chico's

FAS  (1)

5,311‌

26‌

Children's

Place  (1)

513‌

19‌

Citi

Trends  (1)

312‌

8‌

Conn's  (1)

500‌

3‌

Container

Store

Group  (1)

1,455‌

6‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Designer

Brands,

Class

A 

2,274‌

22‌

Destination

XL

Group  (1)

2,589‌

17‌

EVgo  (1)(2)

2,776‌

12‌

Express  (1)(2)

2,459‌

3‌

Foot

Locker 

3,412‌

129‌

Genesco  (1)

536‌

25‌

Group

1

Automotive 

592‌

107‌

GrowGeneration  (1)

2,485‌

10‌

Guess? 

1,266‌

26‌

Haverty

Furniture 

595‌

18‌

Hibbett 

553‌

38‌

JOANN 

419‌

1‌

LL

Flooring

Holdings  (1)

1,249‌

7‌

MarineMax  (1)

862‌

27‌

Monro 

1,344‌

61‌

Murphy

USA 

894‌

250‌

National

Vision

Holdings  (1)

3,384‌

131‌

ODP  (1)

1,747‌

80‌

OneWater

Marine,

Class

A  (1)

474‌

14‌

Party

City

Holdco  (1)(2)

4,195‌

2‌

Rent-A-Center 

2,064‌

47‌

Sally

Beauty

Holdings  (1)

4,512‌

56‌

Shoe

Carnival 

693‌

17‌

Signet

Jewelers 

1,974‌

134‌

Sleep

Number  (1)

875‌

23‌

Sonic

Automotive,

Class

A 

740‌

36‌

Sportsman's

Warehouse

Holdings  (1)

1,736‌

16‌

Tile

Shop

Holdings  (1)(2)

1,392‌

6‌

Tilly's,

Class

A  (1)

870‌

8‌

Torrid

Holdings  (1)

655‌

2‌

TravelCenters

of

America  (1)

518‌

23‌

Urban

Outfitters  (1)

2,678‌

64‌

Volta  (1)(2)

4,676‌

2‌

Warby

Parker,

Class

A  (1)

3,559‌

48‌

Winmark 

115‌

27‌

Zumiez  (1)

658‌

14‌

2,350‌

Textiles,

Apparel

&

Luxury

Goods

0.7%

Allbirds,

Class

A  (1)

3,870‌

9‌

Crocs  (1)

2,592‌

281‌

Ermenegildo

Zegna 

2,504‌

26‌

Fossil

Group  (1)

1,791‌

8‌

G-III

Apparel

Group  (1)

1,846‌

25‌

Kontoor

Brands  (2)

2,321‌

93‌

Movado

Group 

643‌

21‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Oxford

Industries 

665‌

62‌

PLBY

Group  (1)(2)

1,412‌

4‌

PLBY

Group,

Rights,

1/18/23  (1)(2)

1,412‌

—‌

Rocky

Brands 

269‌

6‌

Steven

Madden 

3,273‌

105‌

Superior

Group 

443‌

5‌

Unifi  (1)

540‌

5‌

Wolverine

World

Wide 

3,334‌

36‌

686‌

Total

Consumer

Discretionary

10,127‌

CONSUMER

STAPLES

3.6%

Beverages

0.6%

Celsius

Holdings  (1)

2,376‌

247‌

Coca-Cola

Consolidated 

197‌

101‌

Duckhorn

Portfolio  (1)

1,756‌

29‌

MGP

Ingredients 

589‌

63‌

National

Beverage  (1)

995‌

46‌

Primo

Water 

6,610‌

103‌

Vintage

Wine

Estates  (1)(2)

1,239‌

4‌

Vita

Coco  (1)

1,175‌

16‌

609‌

Food

&

Staples

Retailing

0.6%

Andersons 

1,423‌

50‌

Chefs'

Warehouse  (1)

1,436‌

48‌

Fresh

Market,

EC  (1)(3)

110‌

—‌

HF

Foods

Group  (1)

1,388‌

6‌

Ingles

Markets,

Class

A 

599‌

58‌

Natural

Grocers

by

Vitamin

Cottage 

381‌

3‌

PriceSmart 

1,030‌

63‌

Rite

Aid  (1)(2)

2,141‌

7‌

SpartanNash 

1,506‌

45‌

Sprouts

Farmers

Market  (1)

4,560‌

148‌

United

Natural

Foods  (1)

2,436‌

94‌

Village

Super

Market,

Class

A 

325‌

7‌

Weis

Markets  (2)

691‌

57‌

586‌

Food

Products

1.2%

Alico 

240‌

6‌

AppHarvest  (1)(2)

2,837‌

2‌

B&G

Foods 

2,915‌

32‌

Benson

Hill  (1)(2)

7,008‌

18‌

Beyond

Meat  (1)(2)

2,599‌

32‌

BRC,

Class

A  (1)(2)

1,132‌

7‌

Calavo

Growers 

705‌

21‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Cal-Maine

Foods 

1,590‌

86‌

Fresh

Del

Monte

Produce 

1,316‌

34‌

Hain

Celestial

Group  (1)

3,752‌

61‌

Hostess

Brands  (1)

5,760‌

129‌

J

&

J

Snack

Foods 

639‌

96‌

John

B.

Sanfilippo

&

Son 

385‌

31‌

Lancaster

Colony 

820‌

162‌

Landec  (1)

1,125‌

7‌

Local

Bounti  (1)

2,643‌

4‌

Mission

Produce  (1)

1,635‌

19‌

Seneca

Foods,

Class

A  (1)

228‌

14‌

Simply

Good

Foods  (1)

3,753‌

143‌

Sovos

Brands  (1)

1,545‌

22‌

SunOpta  (1)

4,212‌

35‌

Tattooed

Chef  (1)(2)

1,897‌

2‌

Tootsie

Roll

Industries 

638‌

27‌

TreeHouse

Foods  (1)

2,128‌

105‌

Utz

Brands  (2)

2,768‌

44‌

Vital

Farms  (1)

1,314‌

20‌

Whole

Earth

Brands  (1)

1,616‌

7‌

1,166‌

Household

Products

0.3%

Central

Garden

&

Pet  (1)

394‌

15‌

Central

Garden

&

Pet,

Class

A  (1)

1,682‌

60‌

Energizer

Holdings 

2,789‌

93‌

WD-40 

593‌

96‌

264‌

Personal

Products

0.7%

Beauty

Health  (1)(2)

3,903‌

35‌

BellRing

Brands  (1)

5,680‌

146‌

Edgewell

Personal

Care 

2,168‌

83‌

elf

Beauty  (1)

2,061‌

114‌

Herbalife

Nutrition  (1)

4,115‌

61‌

Honest  (1)

2,789‌

8‌

Inter

Parfums 

752‌

73‌

Medifast 

457‌

53‌

Nature's

Sunshine

Products  (1)

554‌

5‌

Nu

Skin

Enterprises,

Class

A 

2,137‌

90‌

Thorne

HealthTech  (1)

604‌

2‌

USANA

Health

Sciences  (1)

488‌

26‌

Veru  (1)

2,640‌

14‌

710‌

Tobacco

0.2%

22nd

Century

Group  (1)(2)

6,286‌

6‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Turning

Point

Brands 

633‌

14‌

Universal 

1,017‌

54‌

Vector

Group 

6,043‌

71‌

145‌

Total

Consumer

Staples

3,480‌

ENERGY

6.8%

Energy

Equipment

&

Services

2.2%

Archrock 

6,009‌

54‌

Borr

Drilling  (1)

8,433‌

42‌

Bristow

Group  (1)

1,017‌

28‌

Cactus,

Class

A 

2,547‌

128‌

ChampionX 

8,566‌

248‌

Diamond

Offshore

Drilling  (1)

4,278‌

44‌

DMC

Global  (1)

742‌

14‌

Dril-Quip  (1)

1,472‌

40‌

Expro

Group  (1)

3,096‌

56‌

Helix

Energy

Solutions

Group  (1)

5,904‌

44‌

Helmerich

&

Payne 

4,331‌

215‌

Liberty

Energy,

Class

A 

6,046‌

97‌

Nabors

Industries  (1)

381‌

59‌

National

Energy

Services

Reunited  (1)

1,478‌

10‌

Newpark

Resources  (1)

3,512‌

15‌

NexTier

Oilfield

Solutions  (1)

7,397‌

68‌

Noble  (1)

3,636‌

137‌

Oceaneering

International  (1)

4,206‌

74‌

Oil

States

International  (1)

2,590‌

19‌

Patterson-UTI

Energy 

9,051‌

152‌

ProFrac

Holding,

Class

A  (1)

977‌

25‌

ProPetro

Holding  (1)

3,608‌

37‌

RPC 

3,036‌

27‌

Select

Energy

Services,

Class

A 

2,919‌

27‌

Solaris

Oilfield

Infrastructure,

Class

A 

1,334‌

13‌

TETRA

Technologies  (1)

5,023‌

17‌

Tidewater  (1)

1,950‌

72‌

U.S.

Silica

Holdings  (1)

3,184‌

40‌

Valaris  (1)

2,569‌

174‌

Weatherford

International  (1)

3,040‌

155‌

2,131‌

Oil,

Gas

&

Consumable

Fuels

4.6%

Aemetis (1)

1,289‌

5‌

Alto

Ingredients  (1)

2,899‌

8‌

Amplify

Energy  (1)

1,520‌

13‌

Arch

Resources 

623‌

89‌

Ardmore

Shipping  (1)

1,709‌

25‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Battalion

Oil  (1)

96‌

1‌

Berry 

3,398‌

27‌

California

Resources 

3,193‌

139‌

Callon

Petroleum  (1)

2,065‌

77‌

Centrus

Energy,

Class

A  (1)

422‌

14‌

Chord

Energy 

1,777‌

243‌

Civitas

Resources 

3,109‌

180‌

Clean

Energy

Fuels  (1)

7,151‌

37‌

CNX

Resources  (1)

7,698‌

130‌

Comstock

Resources 

3,843‌

53‌

CONSOL

Energy 

1,438‌

93‌

Crescent

Energy,

Class

A  (2)

1,636‌

20‌

CVR

Energy 

1,249‌

39‌

Delek

U.S.

Holdings 

2,945‌

79‌

Denbury  (1)

2,150‌

187‌

DHT

Holdings 

5,862‌

52‌

Dorian

LPG 

1,261‌

24‌

Earthstone

Energy,

Class

A  (1)

1,951‌

28‌

Empire

Petroleum  (1)(2)

439‌

5‌

Energy

Fuels  (1)

6,696‌

42‌

Equitrans

Midstream 

17,766‌

119‌

Excelerate

Energy,

Class

A 

812‌

20‌

FLEX

LNG 

1,204‌

39‌

Frontline  (1)(2)

5,224‌

63‌

Gevo  (1)(2)

8,176‌

16‌

Golar

LNG  (1)

4,381‌

100‌

Green

Plains  (1)

2,255‌

69‌

Gulfport

Energy  (1)

483‌

36‌

HighPeak

Energy  (2)

275‌

6‌

International

Seaways 

2,067‌

77‌

Kinetik

Holdings 

675‌

22‌

Kosmos

Energy  (1)

19,497‌

124‌

Laredo

Petroleum  (1)

724‌

37‌

Magnolia

Oil

&

Gas,

Class

A 

7,490‌

176‌

Matador

Resources 

4,810‌

275‌

Murphy

Oil 

6,296‌

271‌

NACCO

Industries,

Class

A 

155‌

6‌

NextDecade  (1)

1,498‌

7‌

Nordic

American

Tankers 

8,422‌

26‌

Northern

Oil

&

Gas 

2,795‌

86‌

Par

Pacific

Holdings  (1)

2,062‌

48‌

PBF

Energy,

Class

A 

4,217‌

172‌

Peabody

Energy  (1)

5,067‌

134‌

Permian

Resources 

9,055‌

85‌

Ranger

Oil,

Class

A 

829‌

33‌

REX

American

Resources  (1)

649‌

21‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Riley

Exploration

Permian 

428‌

13‌

Ring

Energy  (1)

3,725‌

9‌

SandRidge

Energy  (1)

1,297‌

22‌

Scorpio

Tankers 

2,035‌

109‌

SFL 

4,740‌

44‌

SilverBow

Resources  (1)

493‌

14‌

Sitio

Royalties,

Class

A  (2)

2,946‌

85‌

SM

Energy 

5,105‌

178‌

Talos

Energy  (1)

2,786‌

53‌

Teekay  (1)

2,983‌

14‌

Teekay

Tankers,

Class

A  (1)

969‌

30‌

Tellurian  (1)(2)

21,436‌

36‌

Uranium

Energy  (1)(2)

14,777‌

57‌

Ur-Energy  (1)(2)

8,366‌

10‌

VAALCO

Energy  (2)

4,446‌

20‌

Vertex

Energy  (1)(2)

2,227‌

14‌

W&T

Offshore  (1)

3,827‌

21‌

World

Fuel

Services 

2,569‌

70‌

4,477‌

Total

Energy

6,608‌

FINANCIALS

17.1%

Banks

9.9%

1st

Source 

704‌

37‌

ACNB 

345‌

14‌

Amalgamated

Financial 

737‌

17‌

Amerant

Bancorp 

1,141‌

31‌

American

National

Bankshares 

461‌

17‌

Ameris

Bancorp 

2,853‌

135‌

Arrow

Financial 

582‌

20‌

Associated

Banc-Corp 

6,300‌

145‌

Atlantic

Union

Bankshares 

3,241‌

114‌

Banc

of

California 

2,269‌

36‌

BancFirst 

823‌

73‌

Bancorp  (1)

2,312‌

66‌

Bank

First  (2)

324‌

30‌

Bank

of

Marin

Bancorp 

632‌

21‌

Bank

of

NT

Butterfield

&

Son 

2,098‌

63‌

BankUnited 

3,368‌

114‌

Bankwell

Financial

Group 

216‌

6‌

Banner 

1,429‌

90‌

Bar

Harbor

Bankshares 

593‌

19‌

BayCom 

492‌

9‌

BCB

Bancorp 

615‌

11‌

Berkshire

Hills

Bancorp 

1,854‌

55‌

Blue

Ridge

Bankshares 

679‌

8‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Brookline

Bancorp 

3,173‌

45‌

Business

First

Bancshares 

984‌

22‌

Byline

Bancorp 

1,071‌

25‌

Cadence

Bank 

7,645‌

189‌

Cambridge

Bancorp 

279‌

23‌

Camden

National 

587‌

24‌

Capital

Bancorp 

362‌

9‌

Capital

City

Bank

Group 

544‌

18‌

Capstar

Financial

Holdings 

904‌

16‌

Carter

Bankshares  (1)

980‌

16‌

Cathay

General

Bancorp 

3,108‌

127‌

Central

Pacific

Financial 

1,105‌

22‌

Citizens

&

Northern 

622‌

14‌

City

Holding 

628‌

58‌

Civista

Bancshares 

606‌

13‌

CNB

Financial 

843‌

20‌

Coastal

Financial  (1)

436‌

21‌

Colony

Bankcorp 

707‌

9‌

Columbia

Banking

System 

3,299‌

99‌

Community

Bank

System 

2,300‌

145‌

Community

Trust

Bancorp 

678‌

31‌

ConnectOne

Bancorp 

1,607‌

39‌

CrossFirst

Bankshares  (1)

1,859‌

23‌

Customers

Bancorp  (1)

1,312‌

37‌

CVB

Financial 

5,627‌

145‌

Dime

Community

Bancshares 

1,346‌

43‌

Eagle

Bancorp 

1,332‌

59‌

Eastern

Bankshares 

6,748‌

116‌

Enterprise

Bancorp 

397‌

14‌

Enterprise

Financial

Services 

1,478‌

72‌

Equity

Bancshares,

Class

A 

612‌

20‌

Esquire

Financial

Holdings 

296‌

13‌

Farmers

&

Merchants

Bancorp 

511‌

14‌

Farmers

National

Banc 

1,439‌

20‌

FB

Financial 

1,505‌

54‌

Financial

Institutions 

605‌

15‌

First

Bancorp 

414‌

12‌

First

Bancorp

North

Carolina 

1,480‌

63‌

First

BanCorp

Puerto

Rico 

7,742‌

98‌

First

Bancshares 

875‌

28‌

First

Bank

New

Jersey 

624‌

9‌

First

Busey 

2,174‌

54‌

First

Business

Financial

Services 

342‌

13‌

First

Commonwealth

Financial 

3,931‌

55‌

First

Community

Bankshares 

695‌

24‌

First

Financial 

453‌

21‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

First

Financial

Bancorp 

3,909‌

95‌

First

Financial

Bankshares 

5,477‌

188‌

First

Foundation 

2,110‌

30‌

First

Guaranty

Bancshares 

233‌

5‌

First

Internet

Bancorp 

359‌

9‌

First

Interstate

BancSystem,

Class

A 

3,848‌

149‌

First

Merchants 

2,396‌

99‌

First

Mid

Bancshares 

760‌

24‌

First

of

Long

Island 

903‌

16‌

First

Western

Financial  (1)

303‌

9‌

Five

Star

Bancorp 

504‌

14‌

Flushing

Financial 

1,176‌

23‌

Fulton

Financial 

7,011‌

118‌

FVCBankcorp  (1)(2)

515‌

10‌

German

American

Bancorp 

1,142‌

43‌

Glacier

Bancorp 

4,757‌

235‌

Great

Southern

Bancorp 

407‌

24‌

Guaranty

Bancshares 

346‌

12‌

Hancock

Whitney 

3,700‌

179‌

Hanmi

Financial 

1,307‌

32‌

HarborOne

Bancorp 

1,841‌

26‌

HBT

Financial 

412‌

8‌

Heartland

Financial

USA 

1,724‌

80‌

Heritage

Commerce 

2,458‌

32‌

Heritage

Financial 

1,428‌

44‌

Hilltop

Holdings 

2,092‌

63‌

Home

BancShares 

8,069‌

184‌

HomeStreet 

734‌

20‌

HomeTrust

Bancshares 

568‌

14‌

Hope

Bancorp 

4,873‌

62‌

Horizon

Bancorp 

1,640‌

25‌

Independent

Bank,

(MA) 

1,932‌

163‌

Independent

Bank,

(MI) 

842‌

20‌

Independent

Bank

Group 

1,499‌

90‌

International

Bancshares 

2,323‌

106‌

John

Marshall

Bancorp 

478‌

14‌

Lakeland

Bancorp 

2,624‌

46‌

Lakeland

Financial 

1,033‌

75‌

Live

Oak

Bancshares 

1,346‌

41‌

Macatawa

Bank 

1,124‌

12‌

Mercantile

Bank 

639‌

21‌

Metrocity

Bankshares 

825‌

18‌

Metropolitan

Bank

Holding  (1)

418‌

25‌

Mid

Penn

Bancorp 

575‌

17‌

Midland

States

Bancorp 

877‌

23‌

MidWestOne

Financial

Group 

591‌

19‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

MVB

Financial 

434‌

10‌

National

Bank

Holdings,

Class

A 

1,247‌

52‌

NBT

Bancorp 

1,762‌

77‌

Nicolet

Bankshares  (1)

527‌

42‌

Northeast

Bank 

257‌

11‌

Northwest

Bancshares 

5,127‌

72‌

OceanFirst

Financial 

2,443‌

52‌

OFG

Bancorp 

1,988‌

55‌

Old

National

Bancorp 

12,352‌

222‌

Old

Second

Bancorp 

1,729‌

28‌

Origin

Bancorp 

931‌

34‌

Orrstown

Financial

Services 

407‌

9‌

Pacific

Premier

Bancorp 

4,047‌

128‌

Park

National 

603‌

85‌

Parke

Bancorp 

437‌

9‌

Pathward

Financial 

1,209‌

52‌

PCB

Bancorp 

502‌

9‌

PCSB

Financial 

538‌

10‌

Peapack-Gladstone

Financial 

717‌

27‌

Peoples

Bancorp 

1,144‌

32‌

Peoples

Financial

Services 

310‌

16‌

Preferred

Bank 

570‌

43‌

Premier

Financial 

1,519‌

41‌

Primis

Financial 

880‌

10‌

Professional

Holding,

Class

A  (1)

543‌

15‌

QCR

Holdings 

690‌

34‌

RBB

Bancorp 

618‌

13‌

Red

River

Bancshares 

187‌

10‌

Renasant 

2,304‌

87‌

Republic

Bancorp,

Class

A 

348‌

14‌

Republic

First

Bancorp  (1)

1,946‌

4‌

S&T

Bancorp 

1,643‌

56‌

Sandy

Spring

Bancorp 

1,858‌

65‌

Seacoast

Banking 

2,546‌

79‌

ServisFirst

Bancshares 

2,117‌

146‌

Shore

Bancshares 

752‌

13‌

Sierra

Bancorp 

548‌

12‌

Silvergate

Capital,

Class

A  (1)(2)

1,278‌

22‌

Simmons

First

National,

Class

A 

5,126‌

111‌

SmartFinancial 

637‌

18‌

South

Plains

Financial 

403‌

11‌

Southern

First

Bancshares  (1)

303‌

14‌

Southside

Bancshares 

1,261‌

45‌

SouthState 

3,206‌

245‌

Stellar

Bancorp 

1,902‌

56‌

Stock

Yards

Bancorp 

1,202‌

78‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Summit

Financial

Group 

470‌

12‌

Texas

Capital

Bancshares  (1)

2,158‌

130‌

Third

Coast

Bancshares  (1)

550‌

10‌

Tompkins

Financial 

595‌

46‌

Towne

Bank 

2,831‌

87‌

TriCo

Bancshares 

1,307‌

67‌

Triumph

Bancorp  (1)

984‌

48‌

Trustmark 

2,572‌

90‌

UMB

Financial 

1,858‌

155‌

United

Bankshares 

5,498‌

223‌

United

Community

Banks 

4,485‌

152‌

Unity

Bancorp 

269‌

7‌

Univest

Financial 

1,199‌

31‌

USCB

Financial

Holdings  (1)

412‌

5‌

Valley

National

Bancorp 

18,147‌

205‌

Veritex

Holdings 

2,206‌

62‌

Washington

Federal 

2,712‌

91‌

Washington

Trust

Bancorp 

735‌

35‌

WesBanco 

2,490‌

92‌

West

BanCorp 

681‌

17‌

Westamerica

BanCorp 

1,144‌

68‌

9,607‌

Capital

Markets

1.6%

Artisan

Partners

Asset

Management,

Class

A 

2,522‌

75‌

AssetMark

Financial

Holdings  (1)

886‌

20‌

Associated

Capital

Group,

Class

A 

61‌

3‌

B.

Riley

Financial  (2)

847‌

29‌

Bakkt

Holdings  (1)(2)

2,594‌

3‌

BGC

Partners,

Class

A 

13,452‌

51‌

Blucora  (1)

2,008‌

51‌

Brightsphere

Investment

Group 

1,323‌

27‌

Cohen

&

Steers 

1,078‌

70‌

Cowen,

Class

A 

1,110‌

43‌

Diamond

Hill

Investment

Group 

127‌

23‌

Donnelley

Financial

Solutions  (1)

1,110‌

43‌

Federated

Hermes,

Class

B 

3,683‌

134‌

Focus

Financial

Partners,

Class

A  (1)

2,443‌

91‌

GCM

Grosvenor,

Class

A 

1,713‌

13‌

Hamilton

Lane,

Class

A 

1,506‌

96‌

Houlihan

Lokey 

2,146‌

187‌

MarketWise  (1)

651‌

1‌

Moelis,

Class

A 

2,668‌

102‌

Open

Lending,

Class

A  (1)

4,557‌

31‌

Oppenheimer

Holdings,

Class

A 

353‌

15‌

Perella

Weinberg

Partners 

1,480‌

15‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Piper

Sandler 

728‌

95‌

PJT

Partners,

Class

A 

988‌

73‌

Sculptor

Capital

Management  (2)

1,046‌

9‌

Silvercrest

Asset

Management

Group,

Class

A 

379‌

7‌

StepStone

Group,

Class

A 

2,277‌

57‌

StoneX

Group  (1)

722‌

69‌

Value

Line 

33‌

2‌

Victory

Capital

Holdings,

Class

A 

725‌

19‌

Virtus

Investment

Partners 

293‌

56‌

WisdomTree

Investments 

5,549‌

30‌

1,540‌

Consumer

Finance

0.7%

Atlanticus

Holdings  (1)

189‌

5‌

Bread

Financial

Holdings 

2,122‌

80‌

Consumer

Portfolio

Services  (1)

548‌

5‌

Curo

Group

Holdings 

842‌

3‌

Encore

Capital

Group  (1)

998‌

48‌

Enova

International  (1)

1,294‌

50‌

EZCORP,

Class

A  (1)

2,090‌

17‌

FirstCash

Holdings 

1,623‌

141‌

Green

Dot,

Class

A  (1)

2,033‌

32‌

LendingClub  (1)

4,354‌

38‌

LendingTree  (1)

448‌

9‌

Moneylion  (1)

5,531‌

3‌

Navient 

4,655‌

77‌

Nelnet,

Class

A 

621‌

56‌

NerdWallet,

Class

A  (1)

1,100‌

11‌

Oportun

Financial  (1)

1,065‌

6‌

OppFi  (1)

515‌

1‌

PRA

Group  (1)

1,622‌

55‌

PROG

Holdings  (1)

2,113‌

36‌

Regional

Management 

311‌

9‌

Sunlight

Financial

Holdings  (1)(2)

929‌

1‌

World

Acceptance  (1)

160‌

10‌

693‌

Diversified

Financial

Services

0.3%

Alerus

Financial 

626‌

15‌

A-Mark

Precious

Metals 

768‌

27‌

Banco

Latinoamericano

de

Comercio

Exterior,

Class

E 

1,132‌

18‌

Cannae

Holdings  (1)

2,988‌

62‌

Compass

Diversified

Holdings  (2)

2,754‌

50‌

Jackson

Financial,

Class

A 

3,134‌

109‌

SWK

Holdings  (1)

136‌

2‌

283‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Insurance

2.1%

Ambac

Financial

Group  (1)

1,881‌

33‌

American

Equity

Investment

Life

Holding 

3,051‌

139‌

AMERISAFE 

807‌

42‌

Argo

Group

International

Holdings 

1,307‌

34‌

Bright

Health

Group  (1)

8,339‌

5‌

BRP

Group,

Class

A  (1)

2,546‌

64‌

CNO

Financial

Group 

4,913‌

112‌

Crawford,

Class

A 

615‌

3‌

Donegal

Group,

Class

A 

653‌

9‌

eHealth  (1)

916‌

4‌

Employers

Holdings 

1,162‌

50‌

Enstar

Group  (1)

487‌

113‌

Genworth

Financial,

Class

A  (1)

21,063‌

111‌

Goosehead

Insurance,

Class

A  (1)

822‌

28‌

Greenlight

Capital

Re,

Class

A  (1)

1,058‌

9‌

HCI

Group 

277‌

11‌

Hippo

Holdings  (1)(2)

647‌

9‌

Horace

Mann

Educators 

1,729‌

65‌

Investors

Title 

55‌

8‌

James

River

Group

Holdings 

1,506‌

31‌

Kinsale

Capital

Group 

925‌

242‌

Lemonade  (1)(2)

2,000‌

27‌

MBIA  (1)

1,968‌

25‌

Mercury

General 

1,131‌

39‌

National

Western

Life

Group,

Class

A 

94‌

26‌

NI

Holdings  (1)

350‌

5‌

Oscar

Health,

Class

A  (1)

4,820‌

12‌

Palomar

Holdings  (1)

1,036‌

47‌

ProAssurance 

2,221‌

39‌

RLI 

1,644‌

216‌

Root,

Class

A  (1)(2)

296‌

1‌

Safety

Insurance

Group 

599‌

50‌

Selective

Insurance

Group 

2,513‌

223‌

Selectquote  (1)

5,276‌

4‌

SiriusPoint  (1)

3,827‌

23‌

Stewart

Information

Services 

1,131‌

48‌

Tiptree 

996‌

14‌

Trean

Insurance

Group  (1)

923‌

6‌

Trupanion  (1)(2)

1,638‌

78‌

United

Fire

Group 

870‌

24‌

Universal

Insurance

Holdings 

1,060‌

11‌

2,040‌

Mortgage

Real

Estate

Investment

Trusts

1.2%

AFC

Gamma,

REIT  (2)

636‌

10‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Angel

Oak

Mortgage,

REIT  (2)

499‌

2‌

Apollo

Commercial

Real

Estate

Finance,

REIT 

5,901‌

64‌

Arbor

Realty

Trust,

REIT 

6,938‌

92‌

Ares

Commercial

Real

Estate,

REIT  (2)

2,232‌

23‌

ARMOUR

Residential

REIT,

REIT  (2)

5,502‌

31‌

Blackstone

Mortgage

Trust,

Class

A,

REIT 

7,181‌

152‌

BrightSpire

Capital,

REIT 

3,866‌

24‌

Broadmark

Realty

Capital,

REIT 

5,269‌

19‌

Chicago

Atlantic

Real

Estate

Finance 

263‌

4‌

Chimera

Investment,

REIT  (2)

9,759‌

54‌

Claros

Mortgage

Trust  (2)

3,857‌

57‌

Dynex

Capital,

REIT 

1,907‌

24‌

Ellington

Financial,

REIT 

2,452‌

30‌

Franklin

BSP

Realty

Trust,

REIT 

3,474‌

45‌

Granite

Point

Mortgage

Trust,

REIT 

2,055‌

11‌

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

REIT 

3,651‌

106‌

Invesco

Mortgage

Capital,

REIT  (2)

1,485‌

19‌

KKR

Real

Estate

Finance

Trust,

REIT 

2,462‌

34‌

Ladder

Capital,

REIT 

4,786‌

48‌

MFA

Financial,

REIT 

4,386‌

43‌

New

York

Mortgage

Trust,

REIT 

15,694‌

40‌

Nexpoint

Real

Estate

Finance,

REIT 

300‌

5‌

Orchid

Island

Capital,

REIT  (2)

1,508‌

16‌

PennyMac

Mortgage

Investment

Trust,

REIT  (2)

3,813‌

47‌

Ready

Capital,

REIT  (2)

3,129‌

35‌

Redwood

Trust,

REIT  (2)

4,936‌

33‌

TPG

RE

Finance

Trust,

REIT 

2,819‌

19‌

Two

Harbors

Investment,

REIT 

3,634‌

57‌

1,144‌

Thrifts

&

Mortgage

Finance

1.3%

Axos

Financial  (1)

2,403‌

92‌

Blue

Foundry

Bancorp  (1)

1,068‌

14‌

Bridgewater

Bancshares  (1)

816‌

15‌

Capitol

Federal

Financial 

5,366‌

46‌

Columbia

Financial  (1)

1,399‌

30‌

Enact

Holdings 

1,299‌

31‌

Essent

Group 

4,444‌

173‌

Federal

Agricultural

Mortgage,

Class

C 

390‌

44‌

Finance

of

America,

Class

A  (1)(2)

1,703‌

2‌

Greene

County

Bancorp 

155‌

9‌

Hingham

Institution

For

Savings 

64‌

18‌

Home

Bancorp 

310‌

12‌

Home

Point

Capital 

258‌

—‌

Kearny

Financial 

2,373‌

24‌

Luther

Burbank 

601‌

7‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Merchants

Bancorp 

659‌

16‌

Mr

Cooper

Group  (1)

2,935‌

118‌

NMI

Holdings,

Class

A  (1)

3,512‌

73‌

Northfield

Bancorp 

1,839‌

29‌

PennyMac

Financial

Services 

1,177‌

67‌

Pioneer

Bancorp  (1)

489‌

6‌

Provident

Bancorp 

579‌

4‌

Provident

Financial

Services 

3,065‌

65‌

Radian

Group 

6,794‌

130‌

Southern

Missouri

Bancorp 

317‌

15‌

Sterling

Bancorp  (1)

655‌

4‌

TrustCo

Bank 

773‌

29‌

Velocity

Financial  (1)

369‌

4‌

Walker

&

Dunlop 

1,330‌

104‌

Waterstone

Financial 

771‌

13‌

WSFS

Financial 

2,568‌

116‌

1,310‌

Total

Financials

16,617‌

HEALTH

CARE

16.7%

Biotechnology

7.3%

2seventy

bio  (1)

1,528‌

14‌

4D

Molecular

Therapeutics  (1)

1,276‌

28‌

Aadi

Bioscience  (1)

628‌

8‌

Absci  (1)

2,059‌

4‌

ACADIA

Pharmaceuticals  (1)

5,048‌

80‌

Adicet

Bio  (1)

1,181‌

11‌

ADMA

Biologics  (1)

7,616‌

30‌

Aduro

Biotech,

CVR  (1)(3)

35‌

—‌

Aerovate

Therapeutics  (1)(2)

370‌

11‌

Affimed  (1)

6,019‌

7‌

Agenus  (1)(2)

12,736‌

31‌

Agios

Pharmaceuticals  (1)

2,315‌

65‌

Akero

Therapeutics  (1)

1,461‌

80‌

Albireo

Pharma  (1)(2)

759‌

16‌

Alector  (1)

2,537‌

23‌

Alkermes  (1)

6,874‌

180‌

Allogene

Therapeutics  (1)(2)

3,255‌

20‌

Allovir  (1)(2)

1,333‌

7‌

Alpine

Immune

Sciences  (1)

935‌

7‌

ALX

Oncology

Holdings  (1)

867‌

10‌

Amicus

Therapeutics  (1)

11,886‌

145‌

AnaptysBio  (1)(2)

840‌

26‌

Anavex

Life

Sciences  (1)(2)

2,813‌

26‌

Anika

Therapeutics  (1)

642‌

19‌

Apellis

Pharmaceuticals  (1)

3,950‌

204‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Arbutus

Biopharma  (1)(2)

4,726‌

11‌

Arcellx  (1)

1,218‌

38‌

Arcturus

Therapeutics

Holdings  (1)

960‌

16‌

Arcus

Biosciences  (1)

2,157‌

45‌

Arcutis

Biotherapeutics  (1)

1,769‌

26‌

Arrowhead

Pharmaceuticals  (1)

4,422‌

179‌

Atara

Biotherapeutics  (1)

3,821‌

13‌

Aura

Biosciences  (1)

781‌

8‌

Aurinia

Pharmaceuticals  (1)

5,531‌

24‌

Avid

Bioservices  (1)

2,626‌

36‌

Avidity

Biosciences  (1)

2,240‌

50‌

Beam

Therapeutics  (1)

2,755‌

108‌

BioCryst

Pharmaceuticals  (1)(2)

7,748‌

89‌

Biohaven  (1)

2,645‌

37‌

Bioxcel

Therapeutics  (1)(2)

798‌

17‌

Bluebird

Bio  (1)(2)

3,353‌

23‌

Blueprint

Medicines  (1)

2,588‌

113‌

Bridgebio

Pharma  (1)

4,487‌

34‌

C4

Therapeutics  (1)

1,676‌

10‌

CareDx  (1)

2,067‌

24‌

Caribou

Biosciences  (1)

2,257‌

14‌

Catalyst

Pharmaceuticals  (1)

4,238‌

79‌

Celldex

Therapeutics  (1)

1,926‌

86‌

Celularity  (1)

2,857‌

4‌

Century

Therapeutics  (1)

814‌

4‌

Cerevel

Therapeutics

Holdings  (1)(2)

2,400‌

76‌

Chimerix  (1)

3,226‌

6‌

Chinook

Therapeutics  (1)

2,146‌

56‌

Cogent

Biosciences  (1)

2,763‌

32‌

Coherus

Biosciences  (1)

2,976‌

24‌

Crinetics

Pharmaceuticals  (1)

2,265‌

41‌

CTI

BioPharma  (1)

4,355‌

26‌

Cullinan

Oncology  (1)

1,217‌

13‌

Cytokinetics  (1)(2)

3,529‌

162‌

Day

One

Biopharmaceuticals  (1)

1,118‌

24‌

Deciphera

Pharmaceuticals  (1)

1,923‌

31‌

Denali

Therapeutics  (1)

4,561‌

127‌

Design

Therapeutics  (1)

1,383‌

14‌

Dynavax

Technologies  (1)(2)

5,041‌

54‌

Dyne

Therapeutics  (1)

1,265‌

15‌

Eagle

Pharmaceuticals  (1)

443‌

13‌

Editas

Medicine  (1)

2,817‌

25‌

Eiger

BioPharmaceuticals  (1)

1,628‌

2‌

Emergent

BioSolutions  (1)

2,054‌

24‌

Enanta

Pharmaceuticals  (1)

843‌

39‌

Enochian

Biosciences  (1)(2)

756‌

1‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

EQRx  (1)

8,167‌

20‌

Erasca  (1)

2,652‌

11‌

Fate

Therapeutics  (1)

3,483‌

35‌

FibroGen  (1)

3,685‌

59‌

Foghorn

Therapeutics  (1)

798‌

5‌

Gelesis

Holdings  (1)

377‌

—‌

Generation

Bio  (1)

1,990‌

8‌

Geron  (1)

15,605‌

38‌

Gossamer

Bio  (1)(2)

2,562‌

6‌

GreenLight

Biosciences

Holdings

PBC  (1)

3,111‌

4‌

GTx,

CVR  (1)(3)

1‌

—‌

Halozyme

Therapeutics  (1)

5,682‌

323‌

Heron

Therapeutics  (1)(2)

4,220‌

11‌

HilleVax  (1)

726‌

12‌

Humacyte  (1)(2)

2,043‌

4‌

Icosavax  (1)

952‌

8‌

Ideaya

Biosciences  (1)

1,851‌

34‌

IGM

Biosciences  (1)

453‌

8‌

Imago

Biosciences  (1)

1,082‌

39‌

ImmunityBio  (1)(2)

3,360‌

17‌

ImmunoGen  (1)

9,185‌

46‌

Immunovant  (1)

1,858‌

33‌

Inhibrx  (1)

1,362‌

34‌

Inovio

Pharmaceuticals  (1)

10,015‌

16‌

Insmed  (1)

5,664‌

113‌

Instil

Bio  (1)

2,930‌

2‌

Intellia

Therapeutics  (1)

3,561‌

124‌

Intercept

Pharmaceuticals  (1)

973‌

12‌

Invivyd  (1)

2,094‌

3‌

Iovance

Biotherapeutics  (1)

6,457‌

41‌

Ironwood

Pharmaceuticals  (1)

5,734‌

71‌

iTeos

Therapeutics  (1)

980‌

19‌

IVERIC

bio  (1)

5,638‌

121‌

Janux

Therapeutics  (1)

691‌

9‌

Jounce

Therapeutics  (1)

1,615‌

2‌

KalVista

Pharmaceuticals  (1)

974‌

7‌

Karuna

Therapeutics  (1)

1,292‌

254‌

Karyopharm

Therapeutics  (1)

2,996‌

10‌

Keros

Therapeutics  (1)

804‌

39‌

Kezar

Life

Sciences  (1)

2,133‌

15‌

Kiniksa

Pharmaceuticals,

Class

A  (1)

1,365‌

20‌

Kinnate

Biopharma  (1)(2)

1,148‌

7‌

Kodiak

Sciences  (1)

1,361‌

10‌

Kronos

Bio  (1)(2)

1,656‌

3‌

Krystal

Biotech  (1)

896‌

71‌

Kura

Oncology  (1)

2,680‌

33‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Kymera

Therapeutics  (1)(2)

1,699‌

42‌

Lexicon

Pharmaceuticals  (1)

3,479‌

7‌

Ligand

Pharmaceuticals  (1)

638‌

43‌

Lyell

Immunopharma  (1)

7,406‌

26‌

MacroGenics  (1)

2,608‌

17‌

Madrigal

Pharmaceuticals  (1)

548‌

159‌

MannKind  (1)(2)

10,657‌

56‌

MeiraGTx

Holdings  (1)

1,290‌

8‌

Mersana

Therapeutics  (1)

3,912‌

23‌

MiMedx

Group  (1)

4,507‌

12‌

Mirum

Pharmaceuticals  (1)

735‌

14‌

Monte

Rosa

Therapeutics  (1)(2)

1,118‌

8‌

Morphic

Holding  (1)

1,113‌

30‌

Myriad

Genetics  (1)

3,335‌

48‌

Nkarta  (1)

1,329‌

8‌

Nurix

Therapeutics  (1)

2,022‌

22‌

Nuvalent,

Class

A  (1)

840‌

25‌

Ocugen  (1)

8,964‌

12‌

Organogenesis

Holdings  (1)

3,050‌

8‌

Outlook

Therapeutics  (1)(2)

4,576‌

5‌

Pardes

Biosciences  (1)

1,747‌

3‌

PepGen  (1)

624‌

8‌

PMV

Pharmaceuticals  (1)

1,467‌

13‌

Point

Biopharma

Global  (1)

3,571‌

26‌

Praxis

Precision

Medicines  (1)

1,359‌

3‌

Precigen  (1)

3,995‌

6‌

Prime

Medicine  (1)

433‌

8‌

Prometheus

Biosciences  (1)

1,495‌

164‌

Protagonist

Therapeutics  (1)

1,924‌

21‌

Prothena  (1)

1,536‌

93‌

PTC

Therapeutics  (1)

3,042‌

116‌

Rallybio  (1)

697‌

5‌

RAPT

Therapeutics  (1)

1,059‌

21‌

Recursion

Pharmaceuticals,

Class

A  (1)

5,762‌

44‌

REGENXBIO  (1)

1,657‌

38‌

Relay

Therapeutics  (1)

3,563‌

53‌

Replimune

Group  (1)

1,675‌

46‌

REVOLUTION

Medicines  (1)

3,301‌

79‌

Rigel

Pharmaceuticals  (1)

6,619‌

10‌

Rocket

Pharmaceuticals  (1)

2,248‌

44‌

Sage

Therapeutics  (1)

2,184‌

83‌

Sana

Biotechnology  (1)(2)

3,637‌

14‌

Sangamo

Therapeutics  (1)

5,578‌

17‌

Seres

Therapeutics  (1)(2)

2,890‌

16‌

Sorrento

Therapeutics  (1)

19,221‌

17‌

SpringWorks

Therapeutics  (1)

1,494‌

39‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

41

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Stoke

Therapeutics  (1)

886‌

8‌

Sutro

Biopharma  (1)

2,247‌

18‌

Syndax

Pharmaceuticals  (1)

2,268‌

58‌

Talaris

Therapeutics  (1)(2)

1,793‌

2‌

Tango

Therapeutics  (1)

1,861‌

13‌

Tenaya

Therapeutics  (1)

1,108‌

2‌

TG

Therapeutics  (1)

5,688‌

67‌

Tobira

Therapeutics,

CVR  (1)(3)

25‌

—‌

Travere

Therapeutics  (1)

2,602‌

55‌

Twist

Bioscience  (1)

2,360‌

56‌

Tyra

Biosciences  (1)

519‌

4‌

Vanda

Pharmaceuticals  (1)

2,266‌

17‌

Vaxart  (1)

5,277‌

5‌

Vaxcyte  (1)

3,089‌

148‌

VBI

Vaccines  (1)(2)

7,579‌

3‌

Vera

Therapeutics  (1)(2)

563‌

11‌

Veracyte  (1)

3,035‌

72‌

Vericel  (1)

1,947‌

51‌

Verve

Therapeutics  (1)

1,949‌

38‌

Vir

Biotechnology  (1)

3,072‌

78‌

Viridian

Therapeutics  (1)

1,582‌

46‌

VistaGen

Therapeutics  (1)

7,317‌

1‌

Xencor  (1)

2,405‌

63‌

Y-mAbs

Therapeutics  (1)

1,523‌

7‌

Zentalis

Pharmaceuticals  (1)

2,014‌

41‌

7,126‌

Health

Care

Equipment

&

Supplies

3.8%

Alphatec

Holdings  (1)

3,129‌

39‌

AngioDynamics  (1)

1,512‌

21‌

Artivion  (1)

1,702‌

21‌

AtriCure  (1)

1,927‌

86‌

Atrion 

60‌

34‌

Avanos

Medical  (1)

1,951‌

53‌

Axogen  (1)

1,660‌

17‌

Axonics  (1)

2,115‌

132‌

Bioventus,

Class

A  (1)(2)

1,263‌

3‌

Butterfly

Network  (1)(2)

5,421‌

13‌

Cardiovascular

Systems  (1)

1,704‌

23‌

Cerus  (1)

7,031‌

26‌

CONMED 

1,261‌

112‌

Cue

Health  (1)

4,496‌

9‌

Cutera  (1)(2)

681‌

30‌

Embecta 

2,458‌

62‌

Figs,

Class

A  (1)

5,481‌

37‌

Glaukos  (1)

1,914‌

84‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

42

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Haemonetics  (1)

2,142‌

168‌

Heska  (1)

397‌

25‌

Inari

Medical  (1)(2)

2,036‌

129‌

Inogen  (1)

939‌

19‌

Inspire

Medical

Systems  (1)

1,205‌

304‌

Integer

Holdings  (1)

1,431‌

98‌

iRadimed 

284‌

8‌

iRhythm

Technologies  (1)

1,264‌

118‌

Lantheus

Holdings  (1)

2,882‌

147‌

LeMaitre

Vascular 

836‌

38‌

LivaNova  (1)

2,317‌

129‌

Meridian

Bioscience  (1)

1,809‌

60‌

Merit

Medical

Systems  (1)

2,356‌

166‌

Mesa

Laboratories 

213‌

35‌

Nano-X

Imaging  (1)(2)

1,845‌

14‌

Neogen  (1)

9,351‌

142‌

Nevro  (1)

1,463‌

58‌

NuVasive  (1)

2,195‌

91‌

Omnicell  (1)

1,859‌

94‌

OraSure

Technologies  (1)

3,045‌

15‌

Orthofix

Medical  (1)

770‌

16‌

OrthoPediatrics  (1)

633‌

25‌

Outset

Medical  (1)

2,028‌

52‌

Owlet  (1)

630‌

—‌

Paragon

28  (1)

1,949‌

37‌

PROCEPT

BioRobotics  (1)

1,084‌

45‌

Pulmonx  (1)

1,395‌

12‌

RxSight  (1)

881‌

11‌

SeaSpine

Holdings  (1)

1,421‌

12‌

Senseonics

Holdings  (1)

18,897‌

19‌

Shockwave

Medical  (1)

1,519‌

312‌

SI-BONE  (1)

1,367‌

19‌

Sight

Sciences  (1)

856‌

10‌

Silk

Road

Medical  (1)

1,571‌

83‌

STAAR

Surgical  (1)

2,080‌

101‌

Surmodics  (1)

559‌

19‌

Tactile

Systems

Technology  (1)

779‌

9‌

Tenon

Medical  (1)

123‌

—‌

TransMedics

Group  (1)

1,278‌

79‌

Treace

Medical

Concepts  (1)

1,437‌

33‌

UFP

Technologies  (1)

281‌

33‌

Utah

Medical

Products 

145‌

15‌

Varex

Imaging  (1)

1,666‌

34‌

Vicarious

Surgical  (1)

2,084‌

4‌

ViewRay  (1)

6,120‌

27‌

Zimvie  (1)

899‌

8‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

43

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Zynex  (2)

878‌

12‌

3,687‌

Health

Care

Providers

&

Services

2.7%

1Life

Healthcare  (1)

7,782‌

130‌

23andMe

Holding,

Class

A  (1)

10,620‌

23‌

Accolade  (1)

2,832‌

22‌

AdaptHealth  (1)

3,037‌

58‌

Addus

HomeCare  (1)

651‌

65‌

Agiliti  (1)(2)

1,160‌

19‌

AirSculpt

Technologies  (2)

534‌

2‌

Alignment

Healthcare  (1)

4,117‌

48‌

AMN

Healthcare

Services  (1)

1,824‌

188‌

Apollo

Medical

Holdings  (1)

1,608‌

48‌

ATI

Physical

Therapy  (1)(2)

2,863‌

1‌

Aveanna

Healthcare

Holdings  (1)

1,861‌

1‌

Brookdale

Senior

Living  (1)

8,066‌

22‌

Cano

Health  (1)(2)

6,575‌

9‌

CareMax  (1)(2)

2,452‌

9‌

Castle

Biosciences  (1)

1,068‌

25‌

Clover

Health

Investments  (1)(2)

15,728‌

15‌

Community

Health

Systems  (1)

5,318‌

23‌

CorVel  (1)

373‌

54‌

Cross

Country

Healthcare  (1)

1,542‌

41‌

DocGo  (1)

3,447‌

24‌

Ensign

Group 

2,307‌

218‌

Fulgent

Genetics  (1)(2)

932‌

28‌

HealthEquity  (1)

3,554‌

219‌

Hims

&

Hers

Health  (1)

5,216‌

33‌

Innovage

Holding  (1)

745‌

5‌

Invitae  (1)(2)

10,173‌

19‌

Joint  (1)

606‌

8‌

LHC

Group  (1)

1,277‌

206‌

LifeStance

Health

Group  (1)

2,954‌

15‌

ModivCare  (1)

523‌

47‌

National

HealthCare 

543‌

32‌

National

Research,

Class

A 

581‌

22‌

Oncology

Institute  (1)(2)

1,478‌

2‌

OPKO

Health  (1)

16,410‌

21‌

Option

Care

Health  (1)

6,697‌

202‌

Owens

&

Minor 

3,098‌

61‌

P3

Health

Partners  (1)(2)

973‌

2‌

Patterson 

3,650‌

102‌

Pediatrix

Medical

Group  (1)

3,497‌

52‌

Pennant

Group  (1)

1,095‌

12‌

PetIQ  (1)

1,068‌

10‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

44

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Privia

Health

Group  (1)

2,043‌

46‌

Progyny  (1)

3,166‌

99‌

R1

RCM  (1)

6,386‌

70‌

RadNet  (1)

2,153‌

41‌

Select

Medical

Holdings 

4,357‌

108‌

Sema4

Holdings  (1)

6,051‌

2‌

Surgery

Partners  (1)

2,134‌

59‌

U.S.

Physical

Therapy 

549‌

45‌

2,613‌

Health

Care

Technology

0.5%

Allscripts

Healthcare

Solutions  (1)

4,572‌

81‌

American

Well,

Class

A  (1)

9,396‌

26‌

Babylon

Holdings,

Class

A  (1)(2)

166‌

1‌

Computer

Programs

&

Systems  (1)

586‌

16‌

Evolent

Health,

Class

A  (1)

3,437‌

96‌

Health

Catalyst  (1)

2,246‌

24‌

HealthStream  (1)

1,001‌

25‌

Multiplan  (1)

15,306‌

18‌

NextGen

Healthcare  (1)

2,433‌

46‌

Nutex

Health  (1)

10,460‌

20‌

OptimizeRx  (1)

697‌

12‌

Pear

Therapeutics  (1)

3,005‌

3‌

Phreesia  (1)

2,067‌

67‌

Schrodinger  (1)

2,281‌

43‌

Sharecare  (1)(2)

12,777‌

20‌

Simulations

Plus 

678‌

25‌

523‌

Life

Sciences

Tools

&

Services

0.8%

AbCellera

Biologics  (1)

8,637‌

88‌

Adaptive

Biotechnologies  (1)

4,624‌

35‌

Akoya

Biosciences  (1)

632‌

6‌

Alpha

Teknova  (1)

290‌

2‌

Berkeley

Lights  (1)

2,208‌

6‌

BioLife

Solutions  (1)

1,371‌

25‌

Bionano

Genomics  (1)(2)

11,932‌

17‌

Codexis  (1)(2)

2,440‌

11‌

CryoPort  (1)

1,887‌

33‌

Cytek

Biosciences  (1)

4,825‌

49‌

Inotiv  (1)(2)

706‌

4‌

MaxCyte  (1)

3,548‌

19‌

Medpace

Holdings  (1)

1,086‌

231‌

NanoString

Technologies  (1)

1,894‌

15‌

Nautilus

Biotechnology  (1)(2)

2,938‌

5‌

NeoGenomics  (1)

5,297‌

49‌

Omniab  (1)

3,013‌

11‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

45

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Omniab,

Earn

Out

Shares

$12.50  (1)

233‌

—‌

Omniab,

Earn

Out

Shares

$15.00  (1)

233‌

—‌

Pacific

Biosciences

of

California  (1)(2)

9,434‌

77‌

Quanterix  (1)

1,421‌

20‌

Quantum-Si  (1)(2)

3,905‌

7‌

Science

37

Holdings  (1)

2,382‌

1‌

Seer  (1)

2,053‌

12‌

Singular

Genomics

Systems  (1)(2)

2,227‌

5‌

SomaLogic  (1)(2)

6,131‌

15‌

743‌

Pharmaceuticals

1.6%

Aclaris

Therapeutics  (1)

2,776‌

44‌

Amneal

Pharmaceuticals  (1)

4,451‌

9‌

Amphastar

Pharmaceuticals  (1)

1,581‌

44‌

Amylyx

Pharmaceuticals  (1)

2,113‌

78‌

AN2

Therapeutics  (1)

457‌

4‌

ANI

Pharmaceuticals  (1)

518‌

21‌

Arvinas  (1)

2,039‌

70‌

Atea

Pharmaceuticals  (1)

3,130‌

15‌

Athira

Pharma  (1)

1,579‌

5‌

Axsome

Therapeutics  (1)(2)

1,343‌

104‌

Cara

Therapeutics  (1)

1,842‌

20‌

Cassava

Sciences  (1)(2)

1,621‌

48‌

CinCor

Pharma  (1)

1,034‌

13‌

Collegium

Pharmaceutical  (1)

1,405‌

33‌

Corcept

Therapeutics  (1)

3,619‌

74‌

DICE

Therapeutics  (1)

1,482‌

46‌

Edgewise

Therapeutics  (1)

1,579‌

14‌

Esperion

Therapeutics  (1)

3,078‌

19‌

Evolus  (1)

1,500‌

11‌

EyePoint

Pharmaceuticals  (1)(2)

1,140‌

4‌

Fulcrum

Therapeutics  (1)

1,812‌

13‌

Harmony

Biosciences

Holdings  (1)

1,103‌

61‌

Innoviva  (1)

2,723‌

36‌

Intra-Cellular

Therapies  (1)

3,928‌

208‌

Liquidia  (1)(2)

2,035‌

13‌

Nektar

Therapeutics  (1)

7,407‌

17‌

NGM

Biopharmaceuticals  (1)

1,586‌

8‌

Nuvation

Bio  (1)

4,946‌

9‌

Ocular

Therapeutix  (1)

3,069‌

9‌

Pacira

BioSciences  (1)

1,880‌

73‌

Phathom

Pharmaceuticals  (1)(2)

941‌

11‌

Phibro

Animal

Health,

Class

A 

824‌

11‌

Prestige

Consumer

Healthcare  (1)

2,147‌

134‌

Provention

Bio  (1)(2)

2,570‌

27‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

46

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Reata

Pharmaceuticals,

Class

A  (1)(2)

1,166‌

44‌

Relmada

Therapeutics  (1)

1,110‌

4‌

Revance

Therapeutics  (1)

3,380‌

62‌

SIGA

Technologies 

1,956‌

14‌

Supernus

Pharmaceuticals  (1)

2,070‌

74‌

Tarsus

Pharmaceuticals  (1)

759‌

11‌

Theravance

Biopharma  (1)(2)

2,785‌

31‌

Theseus

Pharmaceuticals  (1)

651‌

3‌

Third

Harmonic

Bio  (1)

528‌

2‌

Tricida  (1)

1,370‌

—‌

Ventyx

Biosciences  (1)

1,042‌

34‌

Xeris

Biopharma

Holdings  (1)

5,737‌

8‌

Zogenix,

CVR  (1)(3)

1,960‌

1‌

1,594‌

Total

Health

Care

16,286‌

INDUSTRIALS

&

BUSINESS

SERVICES

15.4%

Aerospace

&

Defense

1.0%

AAR (1)

1,420‌

64‌

Aerojet

Rocketdyne

Holdings  (1)

3,346‌

187‌

AeroVironment  (1)

1,038‌

89‌

AerSale  (1)

867‌

14‌

Archer

Aviation,

Class

A  (1)

5,776‌

11‌

Astra

Space  (1)(2)

5,509‌

2‌

Astronics  (1)

1,095‌

11‌

Cadre

Holdings 

771‌

16‌

Ducommun  (1)

454‌

23‌

Kaman 

1,149‌

26‌

Maxar

Technologies 

3,161‌

164‌

Momentus  (1)

2,085‌

2‌

Moog,

Class

A 

1,199‌

105‌

National

Presto

Industries 

203‌

14‌

Park

Aerospace 

755‌

10‌

Parsons  (1)

1,413‌

65‌

Redwire  (1)

739‌

1‌

Rocket

Lab

USA  (1)(2)

8,881‌

33‌

Terran

Orbital  (1)(2)

1,661‌

3‌

Triumph

Group  (1)

2,632‌

28‌

Triumph

Group,

Warrants,

12/19/23  (1)

774‌

—‌

V2X  (1)

486‌

20‌

Virgin

Galactic

Holdings  (1)(2)

10,136‌

35‌

923‌

Air

Freight

&

Logistics

0.4%

Air

Transport

Services

Group  (1)

2,477‌

64‌

Atlas

Air

Worldwide

Holdings  (1)

1,210‌

122‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

47

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Forward

Air 

1,162‌

122‌

Hub

Group,

Class

A  (1)

1,352‌

107‌

Radiant

Logistics  (1)

1,480‌

8‌

423‌

Airlines

0.3%

Allegiant

Travel  (1)

653‌

44‌

Blade

Air

Mobility  (1)

2,412‌

9‌

Frontier

Group

Holdings  (1)

1,550‌

16‌

Hawaiian

Holdings  (1)

2,063‌

21‌

Joby

Aviation  (1)(2)

10,785‌

36‌

SkyWest  (1)

2,056‌

34‌

Spirit

Airlines  (1)

4,577‌

89‌

Sun

Country

Airlines

Holdings  (1)

1,376‌

22‌

Wheels

Up

Experience  (1)

6,092‌

6‌

277‌

Building

Products

1.3%

AAON 

1,890‌

142‌

American

Woodmark  (1)

710‌

35‌

Apogee

Enterprises 

938‌

42‌

Caesarstone 

913‌

5‌

CSW

Industrials 

615‌

71‌

Gibraltar

Industries  (1)

1,332‌

61‌

Griffon 

1,932‌

69‌

Insteel

Industries 

819‌

23‌

Janus

International

Group  (1)

3,513‌

33‌

JELD-WEN

Holding  (1)

3,415‌

33‌

Masonite

International  (1)

935‌

75‌

PGT

Innovations  (1)

2,436‌

44‌

Quanex

Building

Products 

1,426‌

34‌

Resideo

Technologies  (1)

6,271‌

103‌

Simpson

Manufacturing 

1,838‌

163‌

UFP

Industries 

2,519‌

200‌

View  (1)(2)

4,490‌

4‌

Zurn

Elkay

Water

Solutions 

5,370‌

114‌

1,251‌

Commercial

Services

&

Supplies

1.5%

ABM

Industries 

2,798‌

124‌

ACCO

Brands 

4,025‌

23‌

ACV

Auctions,

Class

A  (1)

4,932‌

41‌

Aris

Water

Solution,

Class

A  (2)

866‌

13‌

Brady,

Class

A 

1,920‌

90‌

BrightView

Holdings  (1)

1,865‌

13‌

Brink's 

1,900‌

102‌

Casella

Waste

Systems,

Class

A  (1)

2,105‌

167‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

48

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Cimpress  (1)

773‌

21‌

CompX

International 

61‌

1‌

CoreCivic  (1)

4,910‌

57‌

Deluxe 

1,869‌

32‌

Ennis 

1,040‌

23‌

GEO

Group  (1)(2)

5,050‌

55‌

Harsco  (1)

3,215‌

20‌

Healthcare

Services

Group 

3,060‌

37‌

Heritage-Crystal

Clean  (1)

643‌

21‌

HNI 

1,737‌

49‌

Interface 

2,391‌

24‌

KAR

Auction

Services  (1)

4,763‌

62‌

Kimball

International,

Class

B 

1,409‌

9‌

Li-Cycle

Holdings  (1)(2)

5,903‌

28‌

Matthews

International,

Class

A 

1,263‌

38‌

MillerKnoll 

3,185‌

67‌

Montrose

Environmental

Group  (1)

1,157‌

51‌

NL

Industries 

295‌

2‌

Pitney

Bowes 

7,214‌

27‌

Quad/Graphics  (1)

1,332‌

5‌

SP

Plus  (1)

824‌

29‌

Steelcase,

Class

A 

3,786‌

27‌

UniFirst 

646‌

125‌

Viad  (1)

827‌

20‌

VSE 

425‌

20‌

1,423‌

Construction

&

Engineering

1.5%

Ameresco,

Class

A  (1)

1,335‌

76‌

API

Group  (1)

8,726‌

164‌

Arcosa 

2,095‌

114‌

Argan 

559‌

21‌

Comfort

Systems

USA 

1,495‌

172‌

Concrete

Pumping

Holdings  (1)

1,077‌

6‌

Construction

Partners,

Class

A  (1)

1,708‌

45‌

Dycom

Industries  (1)

1,249‌

117‌

EMCOR

Group 

2,017‌

299‌

Fluor  (1)

6,097‌

211‌

Granite

Construction 

1,856‌

65‌

Great

Lakes

Dredge

&

Dock  (1)

2,673‌

16‌

IES

Holdings  (1)

354‌

13‌

MYR

Group  (1)

697‌

64‌

Northwest

Pipe  (1)

386‌

13‌

Primoris

Services 

2,188‌

48‌

Sterling

Infrastructure  (1)

1,257‌

41‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

49

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Tutor

Perini  (1)

1,803‌

14‌

1,499‌

Electrical

Equipment

1.4%

Allied

Motion

Technologies 

550‌

19‌

Array

Technologies  (1)(2)

6,512‌

126‌

Atkore  (1)

1,736‌

197‌

AZZ 

1,017‌

41‌

Babcock

&

Wilcox

Enterprises  (1)

2,539‌

15‌

Blink

Charging  (1)(2)

1,465‌

16‌

Bloom

Energy,

Class

A  (1)

7,754‌

148‌

Encore

Wire 

742‌

102‌

Energy

Vault

Holdings  (1)(2)

3,404‌

11‌

EnerSys 

1,761‌

130‌

Enovix  (1)(2)

4,578‌

57‌

ESS

Tech  (1)(2)

3,389‌

8‌

Fluence

Energy  (1)(2)

1,467‌

25‌

FTC

Solar  (1)(2)

1,689‌

4‌

FuelCell

Energy  (1)(2)

17,103‌

48‌

GrafTech

International 

8,307‌

39‌

Heliogen  (1)

3,827‌

3‌

NuScale

Power  (1)

1,272‌

13‌

Powell

Industries 

368‌

13‌

Preformed

Line

Products 

103‌

9‌

Shoals

Technologies

Group,

Class

A  (1)

5,949‌

147‌

Stem  (1)(2)

6,075‌

54‌

SunPower  (1)(2)

3,425‌

62‌

Thermon

Group

Holdings  (1)

1,370‌

27‌

TPI

Composites  (1)

1,454‌

15‌

Vicor  (1)

928‌

50‌

1,379‌

Industrial

Conglomerates

0.0%

Brookfield

Business,

Class

A 

1,049‌

20‌

20‌

Machinery

3.8%

3D

Systems  (1)

5,339‌

39‌

Alamo

Group 

424‌

60‌

Albany

International,

Class

A 

1,345‌

133‌

Altra

Industrial

Motion 

2,794‌

167‌

Astec

Industries 

942‌

38‌

Barnes

Group 

2,050‌

84‌

Berkshire

Grey  (1)

1,868‌

1‌

Blue

Bird  (1)

709‌

8‌

Chart

Industries  (1)

1,829‌

211‌

CIRCOR

International  (1)

778‌

19‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

50

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Columbus

McKinnon 

1,186‌

38‌

Desktop

Metal,

Class

A  (1)(2)

11,668‌

16‌

Douglas

Dynamics 

952‌

34‌

Energy

Recovery  (1)

2,350‌

48‌

Enerpac

Tool

Group 

2,460‌

63‌

EnPro

Industries 

873‌

95‌

ESCO

Technologies 

1,084‌

95‌

Evoqua

Water

Technologies  (1)

5,042‌

200‌

Fathom

Digital

Manufacturing  (1)(2)

386‌

—‌

Federal

Signal 

2,582‌

120‌

Franklin

Electric 

1,945‌

155‌

Gorman-Rupp 

989‌

25‌

Greenbrier 

1,342‌

45‌

Helios

Technologies 

1,363‌

74‌

Hillenbrand 

2,992‌

128‌

Hillman

Solutions  (1)

5,764‌

42‌

Hydrofarm

Holdings

Group  (1)

1,782‌

3‌

Hyliion

Holdings  (1)(2)

5,458‌

13‌

Hyster-Yale

Materials

Handling 

426‌

11‌

Hyzon

Motors  (1)

3,361‌

5‌

John

Bean

Technologies 

1,367‌

125‌

Kadant 

487‌

86‌

Kennametal 

3,423‌

82‌

Lightning

eMotors  (1)

1,498‌

1‌

Lindsay 

465‌

76‌

Luxfer

Holdings 

1,089‌

15‌

Manitowoc  (1)

1,389‌

13‌

Markforged

Holding  (1)

4,763‌

6‌

Microvast

Holdings  (1)(2)

7,066‌

11‌

Miller

Industries 

454‌

12‌

Mueller

Industries 

2,360‌

139‌

Mueller

Water

Products,

Class

A 

6,585‌

71‌

Nikola  (1)(2)

14,173‌

31‌

Omega

Flex  (2)

137‌

13‌

Proterra  (1)(2)

9,351‌

35‌

Proto

Labs  (1)

1,123‌

29‌

RBC

Bearings  (1)

1,219‌

255‌

REV

Group 

1,355‌

17‌

Sarcos

Technology

&

Robotics  (1)

4,492‌

2‌

Shyft

Group 

1,485‌

37‌

SPX

Technologies  (1)

1,890‌

124‌

Standex

International 

493‌

50‌

Tennant 

765‌

47‌

Terex 

2,817‌

120‌

Titan

International  (1)

2,213‌

34‌

Trinity

Industries 

3,456‌

102‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

51

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Velo3D  (1)(2)

2,425‌

4‌

Wabash

National 

2,010‌

45‌

Watts

Water

Technologies,

Class

A 

1,153‌

169‌

Xos  (1)

2,093‌

1‌

3,722‌

Marine

0.2%

Costamare 

2,193‌

20‌

Eagle

Bulk

Shipping 

548‌

27‌

Eneti 

1,039‌

11‌

Genco

Shipping

&

Trading 

1,601‌

25‌

Golden

Ocean

Group 

5,061‌

44‌

Matson 

1,565‌

98‌

Safe

Bulkers  (2)

2,805‌

8‌

233‌

Professional

Services

1.7%

Alight,

Class

A  (1)

14,674‌

123‌

ASGN  (1)

2,069‌

169‌

Atlas

Technical

Consultants  (1)

756‌

4‌

Barrett

Business

Services 

303‌

28‌

CBIZ  (1)

2,025‌

95‌

CRA

International 

295‌

36‌

Exponent 

2,178‌

216‌

First

Advantage  (1)

2,408‌

31‌

Forrester

Research  (1)

465‌

17‌

Franklin

Covey  (1)

495‌

23‌

Heidrick

&

Struggles

International 

799‌

22‌

HireRight

Holdings  (1)

841‌

10‌

Huron

Consulting

Group  (1)

869‌

63‌

ICF

International 

775‌

77‌

Insperity 

1,529‌

174‌

Kelly

Services,

Class

A 

1,471‌

25‌

Kforce 

860‌

47‌

Korn

Ferry 

2,223‌

112‌

Legalzoom.com  (1)

4,175‌

32‌

NV5

Global  (1)

570‌

75‌

Planet

Labs

PBC  (1)

6,413‌

28‌

Red

Violet  (1)(2)

421‌

10‌

Resources

Connection 

1,314‌

24‌

Skillsoft  (1)(2)

3,107‌

4‌

Spire

Global  (1)

4,786‌

5‌

Sterling

Check  (1)

942‌

15‌

TriNet

Group  (1)

1,621‌

110‌

TrueBlue  (1)

1,325‌

26‌

Upwork  (1)

5,025‌

52‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

52

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Willdan

Group  (1)

509‌

9‌

1,662‌

Road

&

Rail

0.6%

ArcBest 

1,024‌

72‌

Bird

Global,

Class

A  (1)(2)

6,559‌

1‌

Covenant

Logistics

Group,

Class

A 

440‌

15‌

Daseke  (1)

1,748‌

10‌

Heartland

Express 

1,922‌

30‌

Marten

Transport 

2,457‌

49‌

PAM

Transportation

Services  (1)

268‌

7‌

Saia  (1)

1,136‌

238‌

TuSimple

Holdings,

Class

A  (1)

5,702‌

9‌

Universal

Logistics

Holdings 

295‌

10‌

Werner

Enterprises 

2,741‌

110‌

551‌

Trading

Companies

&

Distributors

1.7%

Alta

Equipment

Group 

804‌

11‌

Applied

Industrial

Technologies 

1,640‌

207‌

Beacon

Roofing

Supply  (1)

2,221‌

117‌

BlueLinx

Holdings  (1)

373‌

27‌

Boise

Cascade 

1,707‌

117‌

Custom

Truck

One

Source  (1)(2)

2,383‌

15‌

Distribution

Solutions

Group  (1)

200‌

7‌

DXP

Enterprises  (1)

627‌

17‌

GATX 

1,510‌

161‌

Global

Industrial 

521‌

12‌

GMS  (1)

1,786‌

89‌

H&E

Equipment

Services 

1,344‌

61‌

Herc

Holdings 

1,083‌

143‌

Hudson

Technologies  (1)

1,819‌

18‌

Karat

Packaging 

224‌

3‌

McGrath

RentCorp 

1,017‌

100‌

MRC

Global  (1)

3,559‌

41‌

NOW  (1)

4,642‌

59‌

Rush

Enterprises,

Class

A 

1,809‌

95‌

Rush

Enterprises,

Class

B 

268‌

15‌

Textainer

Group

Holdings 

1,917‌

59‌

Titan

Machinery  (1)

872‌

35‌

Transcat  (1)

287‌

20‌

Triton

International 

2,503‌

172‌

Veritiv 

572‌

70‌

1,671‌

Total

Industrials

&

Business

Services

15,034‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

53

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

INFORMATION

TECHNOLOGY

12.5%

Communications

Equipment

0.9%

ADTRAN

Holdings 

3,213‌

60‌

Aviat

Networks  (1)

467‌

15‌

Calix  (1)

2,471‌

169‌

Cambium

Networks  (1)

455‌

10‌

Casa

Systems  (1)

1,624‌

4‌

Clearfield  (1)

487‌

46‌

CommScope

Holding  (1)

8,613‌

63‌

Comtech

Telecommunications 

1,034‌

12‌

Digi

International  (1)

1,438‌

53‌

DZS  (1)

767‌

10‌

Extreme

Networks  (1)

5,372‌

98‌

Harmonic  (1)

3,875‌

51‌

Infinera  (1)(2)

8,068‌

54‌

Inseego  (1)(2)

3,778‌

3‌

NETGEAR  (1)

1,169‌

21‌

NetScout

Systems  (1)

2,893‌

94‌

Ondas

Holdings  (1)

1,608‌

3‌

Ribbon

Communications  (1)

2,753‌

8‌

Viavi

Solutions  (1)

9,871‌

104‌

878‌

Electronic

Equipment,

Instruments

&

Components

2.3%

908

Devices  (1)

859‌

7‌

Advanced

Energy

Industries 

1,620‌

139‌

Aeva

Technologies  (1)

3,830‌

5‌

AEye  (1)(2)

2,511‌

1‌

Akoustis

Technologies  (1)(2)

2,302‌

6‌

Arlo

Technologies  (1)

3,625‌

13‌

Badger

Meter 

1,262‌

138‌

Belden 

1,832‌

132‌

Benchmark

Electronics 

1,476‌

39‌

Cepton  (1)

2,129‌

3‌

CTS 

1,333‌

53‌

ePlus  (1)

1,117‌

49‌

Evolv

Technologies

Holdings  (1)

3,280‌

8‌

Fabrinet  (1)

1,556‌

200‌

FARO

Technologies  (1)

786‌

23‌

Focus

Universal  (1)

678‌

4‌

Identiv  (1)

885‌

6‌

Insight

Enterprises  (1)

1,354‌

136‌

Itron  (1)

1,892‌

96‌

Kimball

Electronics  (1)

1,000‌

23‌

Knowles  (1)

3,770‌

62‌

Lightwave

Logic  (1)

4,731‌

20‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

54

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Methode

Electronics 

1,523‌

68‌

MicroVision  (1)(2)

6,754‌

16‌

Mirion

Technologies  (1)(2)

5,900‌

39‌

Napco

Security

Technologies  (1)

1,202‌

33‌

nLight  (1)

1,946‌

20‌

Novanta  (1)

1,495‌

203‌

OSI

Systems  (1)

681‌

54‌

Ouster  (1)(2)

5,808‌

5‌

PAR

Technology  (1)(2)

1,085‌

28‌

PC

Connection 

459‌

22‌

Plexus  (1)

1,186‌

122‌

Rogers  (1)

787‌

94‌

Sanmina  (1)

2,406‌

138‌

ScanSource  (1)

1,038‌

30‌

SmartRent  (1)

4,869‌

12‌

TTM

Technologies  (1)

4,259‌

64‌

Velodyne

Lidar  (1)

8,632‌

6‌

Vishay

Intertechnology 

5,515‌

119‌

Vishay

Precision

Group  (1)

520‌

20‌

2,256‌

IT

Services

2.0%

AvidXchange

Holdings  (1)

6,177‌

61‌

BigCommerce

Holdings,

Series

1  (1)

2,620‌

23‌

Brightcove  (1)

1,755‌

9‌

Cantaloupe  (1)

2,340‌

10‌

Cass

Information

Systems 

559‌

26‌

Cerberus

Cyber

Sentinel  (1)

1,749‌

4‌

Conduent  (1)

6,929‌

28‌

CSG

Systems

International 

1,303‌

75‌

Cyxtera

Technologies  (1)

1,630‌

3‌

DigitalOcean

Holdings  (1)(2)

2,926‌

75‌

Edgio  (1)

5,424‌

6‌

EVERTEC 

2,560‌

83‌

Evo

Payments,

Class

A  (1)

1,984‌

67‌

ExlService

Holdings  (1)

1,386‌

235‌

Fastly,

Class

A  (1)

4,776‌

39‌

Flywire  (1)

2,357‌

58‌

Grid

Dynamics

Holdings  (1)

2,241‌

25‌

Hackett

Group 

1,119‌

23‌

I3

Verticals,

Class

A  (1)

904‌

22‌

IBEX  (1)

371‌

9‌

Information

Services

Group 

1,361‌

6‌

International

Money

Express  (1)

1,314‌

32‌

Kratos

Defense

&

Security

Solutions  (1)

5,281‌

55‌

Marqeta,

Class

A  (1)

18,798‌

115‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

55

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Maximus 

2,552‌

187‌

MoneyGram

International  (1)

3,868‌

42‌

Paya

Holdings  (1)

3,575‌

28‌

Payoneer

Global  (1)

9,128‌

50‌

Paysafe  (1)(2)

1,154‌

16‌

Perficient  (1)

1,432‌

100‌

PFSweb 

748‌

5‌

Priority

Technology

Holdings  (1)

793‌

4‌

Rackspace

Technology  (1)(2)

2,473‌

7‌

Remitly

Global  (1)

4,192‌

48‌

Repay

Holdings  (1)

3,570‌

29‌

Sabre  (1)

13,731‌

85‌

Squarespace,

Class

A  (1)

1,275‌

28‌

StoneCo,

Class

A  (1)

11,999‌

113‌

TTEC

Holdings 

820‌

36‌

Tucows,

Class

A  (1)(2)

414‌

14‌

Unisys  (1)

2,706‌

14‌

Verra

Mobility  (1)

6,117‌

85‌

1,980‌

Semiconductors

&

Semiconductor

Equipment

2.5%

ACM

Research,

Class

A  (1)

1,955‌

15‌

Alpha

&

Omega

Semiconductor  (1)

905‌

26‌

Ambarella  (1)

1,573‌

129‌

Amkor

Technology 

4,277‌

103‌

Atomera  (1)(2)

823‌

5‌

Axcelis

Technologies  (1)

1,369‌

109‌

AXT  (1)

1,724‌

8‌

CEVA  (1)

942‌

24‌

Cohu  (1)

2,013‌

64‌

Credo

Technology

Group

Holding  (1)

4,106‌

55‌

Diodes  (1)

1,878‌

143‌

FormFactor  (1)

3,238‌

72‌

Ichor

Holdings  (1)

1,206‌

32‌

Impinj  (1)

899‌

98‌

indie

Semiconductor,

Class

A  (1)(2)

4,409‌

26‌

Kulicke

&

Soffa

Industries 

2,396‌

106‌

MACOM

Technology

Solutions

Holdings  (1)

2,133‌

134‌

MaxLinear  (1)

3,152‌

107‌

Onto

Innovation  (1)

2,091‌

142‌

PDF

Solutions  (1)

1,257‌

36‌

Photronics  (1)

2,472‌

42‌

Power

Integrations 

2,390‌

171‌

Rambus  (1)

4,593‌

164‌

Rigetti

Computing  (1)

2,130‌

2‌

Rockley

Photonics

Holdings  (1)

3,901‌

—‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

56

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Semtech  (1)

2,674‌

77‌

Silicon

Laboratories  (1)

1,416‌

192‌

SiTime  (1)

679‌

69‌

SkyWater

Technology  (1)

445‌

3‌

SMART

Global

Holdings  (1)(2)

2,021‌

30‌

Synaptics  (1)

1,672‌

159‌

Transphorm  (1)

1,042‌

6‌

Ultra

Clean

Holdings  (1)

1,895‌

63‌

Veeco

Instruments  (1)

2,143‌

40‌

2,452‌

Software

4.5%

8x8 (1)

4,833‌

21‌

A10

Networks 

2,629‌

44‌

ACI

Worldwide  (1)

4,699‌

108‌

Adeia 

4,302‌

41‌

Agilysys  (1)

852‌

67‌

Alarm.com

Holdings  (1)

2,088‌

103‌

Alkami

Technology  (1)

1,465‌

21‌

Altair

Engineering,

Class

A  (1)

2,177‌

99‌

American

Software,

Class

A 

1,449‌

21‌

Amplitude,

Class

A  (1)(2)

2,417‌

29‌

Appfolio,

Class

A  (1)

813‌

86‌

Appian,

Class

A  (1)

1,684‌

55‌

Applied

Blockchain  (1)

2,784‌

5‌

Arteris  (1)

648‌

3‌

Asana,

Class

A  (1)(2)

3,090‌

43‌

Avaya

Holdings  (1)(2)

3,849‌

1‌

AvePoint  (1)

5,267‌

22‌

Benefitfocus  (1)

1,136‌

12‌

Blackbaud  (1)

2,009‌

118‌

Blackline  (1)

2,330‌

157‌

Blend

Labs,

Class

A  (1)

7,595‌

11‌

Box,

Class

A  (1)

5,894‌

183‌

C3.ai,

Class

A  (1)

2,399‌

27‌

Cerence  (1)

1,602‌

30‌

Cipher

Mining  (1)(2)

1,495‌

1‌

Cleanspark  (1)(2)

1,935‌

4‌

CommVault

Systems  (1)

1,924‌

121‌

Consensus

Cloud

Solutions  (1)

787‌

42‌

Couchbase  (1)(2)

1,180‌

16‌

CS

Disco  (1)

958‌

6‌

Cvent

Holding  (1)

1,853‌

10‌

Digimarc  (1)(2)

552‌

10‌

Digital

Turbine  (1)

3,945‌

60‌

Domo,

Class

B  (1)

1,333‌

19‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

57

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Duck

Creek

Technologies  (1)

3,188‌

38‌

E2open

Parent

Holdings  (1)(2)

8,401‌

49‌

Ebix  (2)

1,149‌

23‌

eGain  (1)

932‌

8‌

Enfusion,

Class

A  (1)

1,102‌

11‌

EngageSmart  (1)

1,484‌

26‌

Envestnet  (1)

2,368‌

146‌

Everbridge  (1)

1,668‌

49‌

EverCommerce  (1)

1,030‌

8‌

ForgeRock,

Class

A  (1)

1,594‌

36‌

Greenidge

Generation

Holdings  (1)(2)

489‌

—‌

Instructure

Holdings  (1)

712‌

17‌

Intapp  (1)

635‌

16‌

InterDigital 

1,250‌

62‌

IronNet  (1)(2)

2,480‌

1‌

Kaleyra  (1)

1,127‌

1‌

KnowBe4,

Class

A  (1)

3,072‌

76‌

Latch  (1)(2)

4,687‌

3‌

LivePerson  (1)

2,884‌

29‌

LiveRamp

Holdings  (1)

2,809‌

66‌

LiveVox

Holdings  (1)

851‌

3‌

Marathon

Digital

Holdings  (1)(2)

4,630‌

16‌

Matterport  (1)(2)

9,605‌

27‌

MeridianLink  (1)

961‌

13‌

MicroStrategy,

Class

A  (1)(2)

394‌

56‌

Mitek

Systems  (1)

1,762‌

17‌

Model

N  (1)

1,560‌

63‌

Momentive

Global  (1)

5,586‌

39‌

N-Able  (1)

2,942‌

30‌

NextNav  (1)(2)

2,814‌

8‌

Olo,

Class

A  (1)

3,682‌

23‌

ON24  (1)

1,712‌

15‌

OneSpan  (1)

1,665‌

19‌

PagerDuty  (1)

3,623‌

96‌

PowerSchool

Holdings,

Class

A  (1)

1,879‌

43‌

Progress

Software 

1,866‌

94‌

PROS

Holdings  (1)

1,754‌

43‌

Q2

Holdings  (1)

2,360‌

63‌

Qualys  (1)

1,625‌

182‌

Rapid7  (1)

2,473‌

84‌

Rimini

Street  (1)

2,085‌

8‌

Riot

Blockchain  (1)(2)

6,622‌

22‌

Sapiens

International 

1,339‌

25‌

SecureWorks,

Class

A  (1)

485‌

3‌

ShotSpotter  (1)

360‌

12‌

SolarWinds  (1)

1,985‌

19‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

58

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Sprout

Social,

Class

A  (1)

1,960‌

111‌

SPS

Commerce  (1)

1,554‌

200‌

Sumo

Logic  (1)

4,859‌

39‌

Telos  (1)

2,149‌

11‌

Tenable

Holdings  (1)

4,803‌

183‌

Terawulf  (1)(2)

818‌

1‌

Upland

Software  (1)

1,248‌

9‌

UserTesting  (1)(2)

1,973‌

15‌

Varonis

Systems  (1)

4,719‌

113‌

Verint

Systems  (1)

2,761‌

100‌

Veritone  (1)

1,367‌

7‌

Viant

Technology,

Class

A  (1)

608‌

2‌

Weave

Communications  (1)

1,318‌

6‌

WM

Technology  (1)

3,361‌

3‌

Workiva  (1)

2,010‌

169‌

Xperi  (1)

1,682‌

15‌

Yext  (1)

4,681‌

31‌

Zeta

Global

Holdings,

Class

A  (1)(2)

4,647‌

38‌

Zuora,

Class

A  (1)

5,245‌

33‌

4,370‌

Technology

Hardware,

Storage

&

Peripherals

0.3%

Avid

Technology  (1)

1,513‌

40‌

CompoSecure  (1)

297‌

2‌

Corsair

Gaming  (1)

1,571‌

21‌

Diebold

Nixdorf  (1)

2,861‌

4‌

Eastman

Kodak  (1)

2,436‌

7‌

IonQ  (1)(2)

4,797‌

17‌

Super

Micro

Computer  (1)

1,990‌

163‌

Turtle

Beach  (1)(2)

574‌

4‌

Xerox

Holdings 

4,826‌

71‌

329‌

Total

Information

Technology

12,265‌

MATERIALS

4.3%

Chemicals

2.1%

AdvanSix 

1,124‌

43‌

American

Vanguard 

1,192‌

26‌

Amyris  (1)(2)

8,350‌

13‌

Aspen

Aerogels  (1)

1,254‌

15‌

Avient 

3,927‌

133‌

Balchem 

1,344‌

164‌

Cabot 

2,346‌

157‌

Chase 

308‌

26‌

Danimer

Scientific  (1)(2)

3,621‌

6‌

Diversey

Holdings  (1)

3,113‌

13‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

59

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Ecovyst  (1)

3,231‌

29‌

FutureFuel 

1,052‌

8‌

Hawkins 

846‌

33‌

HB

Fuller 

2,238‌

160‌

Ingevity  (1)

1,572‌

111‌

Innospec 

1,038‌

107‌

Intrepid

Potash  (1)

443‌

13‌

Koppers

Holdings 

833‌

23‌

Kronos

Worldwide 

885‌

8‌

Livent  (1)

6,835‌

136‌

LSB

Industries  (1)

3,092‌

41‌

Mativ

Holdings 

2,295‌

48‌

Minerals

Technologies 

1,366‌

83‌

Origin

Materials  (1)(2)

4,342‌

20‌

Orion

Engineered

Carbons 

2,551‌

45‌

Perimeter

Solutions  (1)

4,839‌

44‌

PureCycle

Technologies  (1)(2)

4,383‌

30‌

Quaker

Chemical  (2)

569‌

95‌

Rayonier

Advanced

Materials  (1)

2,680‌

26‌

Sensient

Technologies 

1,809‌

132‌

Stepan 

892‌

95‌

Tredegar 

1,083‌

11‌

Trinseo 

1,481‌

34‌

Tronox

Holdings,

Class

A 

4,916‌

67‌

Valhi 

85‌

2‌

1,997‌

Construction

Materials

0.2%

Summit

Materials,

Class

A  (1)

5,118‌

145‌

United

States

Lime

&

Minerals 

83‌

12‌

157‌

Containers

&

Packaging

0.3%

Cryptyde (1)

702‌

—‌

Greif,

Class

A 

1,042‌

70‌

Greif,

Class

B 

239‌

19‌

Myers

Industries 

1,560‌

35‌

O-I

Glass  (1)

6,733‌

111‌

Pactiv

Evergreen 

1,808‌

20‌

Ranpak

Holdings  (1)

1,663‌

10‌

TriMas 

1,766‌

49‌

314‌

Metals

&

Mining

1.6%

5E

Advanced

Materials  (1)

1,602‌

13‌

Alpha

Metallurgical

Resources 

639‌

94‌

Arconic  (1)

4,315‌

91‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

60

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ATI  (1)

5,237‌

156‌

Carpenter

Technology 

2,001‌

74‌

Century

Aluminum  (1)

2,073‌

17‌

Coeur

Mining  (1)

11,962‌

40‌

Commercial

Metals 

4,999‌

241‌

Compass

Minerals

International 

1,443‌

59‌

Constellium  (1)

5,555‌

66‌

Dakota

Gold  (1)

2,267‌

7‌

Haynes

International 

533‌

24‌

Hecla

Mining 

23,856‌

133‌

Hycroft

Mining

Holding  (1)

5,778‌

3‌

Ivanhoe

Electric  (1)

628‌

8‌

Kaiser

Aluminum 

675‌

51‌

Materion 

863‌

76‌

Novagold

Resources  (1)

10,066‌

60‌

Olympic

Steel 

430‌

14‌

Piedmont

Lithium  (1)

744‌

33‌

PolyMet

Mining  (1)

1,084‌

3‌

Ramaco

Resources 

968‌

9‌

Ryerson

Holding 

845‌

26‌

Schnitzer

Steel

Industries,

Class

A 

1,067‌

33‌

SunCoke

Energy 

3,407‌

29‌

TimkenSteel  (1)

1,815‌

33‌

Warrior

Met

Coal 

2,171‌

75‌

Worthington

Industries 

1,317‌

65‌

1,533‌

Paper

&

Forest

Products

0.1%

Clearwater

Paper  (1)

686‌

26‌

Glatfelter 

1,665‌

5‌

Resolute

Forest

Products  (1)

1,904‌

41‌

Sylvamo 

1,487‌

72‌

144‌

Total

Materials

4,145‌

REAL

ESTATE

6.4%

Equity

Real

Estate

Investment

Trusts

5.8%

Acadia

Realty

Trust,

REIT 

3,921‌

56‌

Agree

Realty,

REIT 

3,741‌

265‌

Alexander

&

Baldwin,

REIT 

3,048‌

57‌

Alexander's,

REIT 

88‌

19‌

American

Assets

Trust,

REIT 

2,078‌

55‌

Apartment

Investment

&

Management,

Class

A,

REIT 

6,151‌

44‌

Apple

Hospitality

REIT,

REIT 

9,078‌

143‌

Armada

Hoffler

Properties,

REIT 

2,892‌

33‌

Ashford

Hospitality

Trust,

REIT  (1)

1,475‌

7‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

61

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Bluerock

Homes

Trust  (1)

145‌

3‌

Braemar

Hotels

&

Resorts,

REIT 

2,898‌

12‌

Brandywine

Realty

Trust,

REIT 

7,158‌

44‌

Broadstone

Net

Lease,

REIT 

7,254‌

118‌

BRT

Apartments,

REIT 

466‌

9‌

CareTrust

REIT,

REIT 

4,045‌

75‌

CBL

&

Associates

Properties,

REIT 

1,085‌

25‌

Centerspace,

REIT 

659‌

39‌

Chatham

Lodging

Trust,

REIT 

1,990‌

24‌

City

Office

REIT,

REIT 

1,685‌

14‌

Clipper

Realty,

REIT 

433‌

3‌

Community

Healthcare

Trust,

REIT 

973‌

35‌

Corporate

Office

Properties

Trust,

REIT 

4,864‌

126‌

CTO

Realty

Growth,

REIT 

756‌

14‌

DiamondRock

Hospitality,

REIT 

8,837‌

72‌

Diversified

Healthcare

Trust,

REIT 

9,523‌

6‌

Easterly

Government

Properties,

REIT 

3,837‌

55‌

Elme

Communities,

REIT 

3,702‌

66‌

Empire

State

Realty

Trust,

Class

A,

REIT 

5,840‌

39‌

Equity

Commonwealth,

REIT 

4,447‌

111‌

Essential

Properties

Realty

Trust,

REIT 

6,056‌

142‌

Farmland

Partners,

REIT 

2,087‌

26‌

Four

Corners

Property

Trust,

REIT 

3,506‌

91‌

Franklin

Street

Properties,

REIT 

3,917‌

11‌

Getty

Realty,

REIT  (2)

1,776‌

60‌

Gladstone

Commercial,

REIT 

1,663‌

31‌

Gladstone

Land,

REIT 

1,316‌

24‌

Global

Medical

REIT,

REIT 

2,495‌

24‌

Global

Net

Lease,

REIT 

4,386‌

55‌

Hersha

Hospitality

Trust,

Class

A,

REIT 

1,234‌

10‌

Independence

Realty

Trust,

REIT 

9,654‌

163‌

Indus

Realty

Trust,

REIT  (2)

212‌

13‌

Industrial

Logistics

Properties

Trust,

REIT 

2,727‌

9‌

Innovative

Industrial

Properties,

REIT 

1,200‌

122‌

InvenTrust

Properties,

REIT 

2,870‌

68‌

iStar,

REIT 

2,896‌

22‌

Kite

Realty

Group

Trust,

REIT 

9,340‌

197‌

LTC

Properties,

REIT 

1,678‌

60‌

LXP

Industrial

Trust,

REIT 

11,526‌

115‌

Macerich,

REIT 

9,050‌

102‌

National

Health

Investors,

REIT 

1,813‌

95‌

Necessity

Retail

REIT,

REIT 

5,503‌

33‌

NETSTREIT,

REIT 

2,273‌

42‌

NexPoint

Residential

Trust,

REIT 

969‌

42‌

Office

Properties

Income

Trust,

REIT 

1,951‌

26‌

One

Liberty

Properties,

REIT 

651‌

14‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

62

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Orion

Office

REIT,

REIT 

2,334‌

20‌

Outfront

Media,

REIT 

6,124‌

102‌

Paramount

Group,

REIT 

7,735‌

46‌

Pebblebrook

Hotel

Trust,

REIT 

5,434‌

73‌

Phillips

Edison,

REIT 

4,941‌

157‌

Physicians

Realty

Trust,

REIT 

9,817‌

142‌

Piedmont

Office

Realty

Trust,

Class

A,

REIT 

5,178‌

47‌

Plymouth

Industrial

REIT,

REIT 

1,626‌

31‌

Postal

Realty

Trust,

Class

A,

REIT 

702‌

10‌

PotlatchDeltic,

REIT 

3,356‌

148‌

Retail

Opportunity

Investments,

REIT 

5,050‌

76‌

RLJ

Lodging

Trust,

REIT 

6,760‌

72‌

RPT

Realty,

REIT 

3,477‌

35‌

Ryman

Hospitality

Properties,

REIT 

2,308‌

189‌

Sabra

Health

Care

REIT,

REIT 

9,965‌

124‌

Safehold,

REIT  (2)

1,106‌

32‌

Saul

Centers,

REIT 

491‌

20‌

Service

Properties

Trust,

REIT 

6,918‌

50‌

SITE

Centers,

REIT 

8,165‌

112‌

STAG

Industrial,

REIT 

7,712‌

249‌

Summit

Hotel

Properties,

REIT 

4,508‌

33‌

Sunstone

Hotel

Investors,

REIT 

8,894‌

86‌

Tanger

Factory

Outlet

Centers,

REIT 

4,242‌

76‌

Terreno

Realty,

REIT 

3,133‌

178‌

UMH

Properties,

REIT 

2,130‌

34‌

Uniti

Group,

REIT 

10,008‌

55‌

Universal

Health

Realty

Income

Trust,

REIT 

529‌

25‌

Urban

Edge

Properties,

REIT 

4,844‌

68‌

Urstadt

Biddle

Properties,

Class

A,

REIT 

1,296‌

25‌

Veris

Residential,

REIT  (1)

3,625‌

58‌

Whitestone

REIT,

REIT 

1,921‌

18‌

Xenia

Hotels

&

Resorts,

REIT 

4,794‌

63‌

5,620‌

Real

Estate

Management

&

Development

0.6%

American

Realty

Investors  (1)

57‌

1‌

Anywhere

Real

Estate  (1)

4,406‌

28‌

Compass,

Class

A  (1)(2)

11,123‌

26‌

Cushman

&

Wakefield  (1)(2)

6,658‌

83‌

DigitalBridge

Group 

6,914‌

76‌

Doma

Holdings  (1)

5,241‌

2‌

Douglas

Elliman 

2,967‌

12‌

eXp

World

Holdings  (2)

2,948‌

33‌

Forestar

Group  (1)

708‌

11‌

FRP

Holdings  (1)

269‌

15‌

Kennedy-Wilson

Holdings 

4,975‌

78‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

63

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Marcus

&

Millichap 

1,053‌

36‌

Newmark

Group,

Class

A 

5,576‌

44‌

Offerpad

Solutions  (1)(2)

2,612‌

1‌

RE/MAX

Holdings,

Class

A 

749‌

14‌

Redfin  (1)(2)

4,380‌

19‌

RMR

Group,

Class

A 

630‌

18‌

St.

Joe 

1,451‌

56‌

Stratus

Properties 

225‌

4‌

Tejon

Ranch  (1)

828‌

16‌

Transcontinental

Realty

Investors  (1)

47‌

2‌

575‌

Total

Real

Estate

6,195‌

TRUSTS

&

FUNDS

0.3%

Trusts

&

Mutual

Funds

0.3%

iShares

Russell

2000

ETF  (2)

1,863‌

325‌

Total

Trusts

&

Funds

325‌

UTILITIES

3.5%

Electric

Utilities

0.8%

ALLETE 

2,419‌

156‌

MGE

Energy 

1,574‌

111‌

Otter

Tail 

1,782‌

104‌

PNM

Resources 

3,603‌

176‌

Portland

General

Electric 

3,771‌

185‌

Via

Renewables  (2)

588‌

3‌

735‌

Gas

Utilities

1.2%

Brookfield

Infrastructure,

Class

A 

4,129‌

161‌

Chesapeake

Utilities 

729‌

86‌

New

Jersey

Resources 

4,056‌

201‌

Northwest

Natural

Holding 

1,453‌

69‌

ONE

Gas 

2,267‌

172‌

South

Jersey

Industries 

5,177‌

184‌

Southwest

Gas

Holdings 

2,875‌

178‌

Spire 

2,152‌

148‌

1,199‌

Independent

Power

&

Renewable

Electricity

Producers

0.5%

Altus

Power  (1)

1,802‌

12‌

Clearway

Energy,

Class

A 

1,438‌

43‌

Clearway

Energy,

Class

C 

3,549‌

113‌

Montauk

Renewables  (1)(2)

2,761‌

30‌

Ormat

Technologies 

2,071‌

179‌

Sunnova

Energy

International  (1)(2)

4,148‌

75‌

452‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

64

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Multi-Utilities

0.5%

Avista 

3,180‌

141‌

Black

Hills 

2,740‌

193‌

NorthWestern 

2,497‌

148‌

Unitil 

684‌

35‌

517‌

Water

Utilities

0.5%

American

States

Water 

1,558‌

144‌

Artesian

Resources,

Class

A 

338‌

20‌

California

Water

Service

Group 

2,291‌

139‌

Global

Water

Resources 

601‌

8‌

Middlesex

Water 

729‌

57‌

Pure

Cycle  (1)

861‌

9‌

SJW

Group 

1,130‌

92‌

York

Water 

614‌

28‌

497‌

Total

Utilities

3,400‌

Total

Common

Stocks

(Cost

$114,893)

96,971‌

SHORT-TERM

INVESTMENTS

0.4%

Money

Market

Funds

0.4%

T.

Rowe

Price

Government

Reserve

Fund,

4.30%  (4)(5)

373,686‌

374‌

374‌

U.S.

Treasury

Obligations

0.0%

U.S.

Treasury

Bills,

3.279%,

2/16/23  (6)

40,000‌

40‌

40‌

Total

Short-Term

Investments

(Cost

$414)

414‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

65

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SECURITIES

LENDING

COLLATERAL

5.0%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

5.0%

Money

Market

Funds

5.0%

T.

Rowe

Price

Government

Reserve

Fund,

4.30%  (4)(5)

4,855,312‌

4,855‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

4,855‌

Total

Securities

Lending

Collateral

(Cost

$4,855)

4,855‌

Total

Investments

in

Securities

105.0%

of

Net

Assets

(Cost

$120,162)

$

102,240‌

‡

Shares/Par

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

See

Note

4

.

All

or

a

portion

of

this

security

is

on

loan

at

December

31,

2022.

(3)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(4)

Seven-day

yield

(5)

Affiliated

Companies

(6)

At

December

31,

2022,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

CVR

Contingent

Value

Rights

EC

Escrow

CUSIP;

represents

a

beneficial

interest

in

a

residual

pool

of

assets;

the

amount

and

timing

of

future

distributions,

if

any,

is

uncertain;

when

presented,

interest

rate

and

maturity

date

are

those

of

the

original

security.

ETF

Exchange-Traded

Fund

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

T.

ROWE

PRICE

Small-Cap

Index

Fund

66

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

4

Russell

2000

E-Mini

Index

contracts

3/23

354

$

(8‌)

Net

payments

(receipts)

of

variation

margin

to

date

7‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(1‌)

T.

ROWE

PRICE

Small-Cap

Index

Fund

67

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

year

ended

December

31,

2022.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

4.30%

$

—‌

$

—‌

$

6‌++

Totals

$

—‌#

$

—‌

$

6‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/21

Purchase

Cost

Sales

Cost

Value

12/31/22

T.

Rowe

Price

Government

Reserve

Fund,

4.30%

$

3,572‌

 ¤

  ¤

$

5,229‌

Total

$

5,229‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

4

.

+

Investment

income

comprised

$6

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$5,229.

T.

ROWE

PRICE

Small-Cap

Index

Fund

December

31,

2022

Statement

of

Assets

and

Liabilities

68

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$120,162)

$

102,240‌

Dividends

receivable

115‌

Receivable

for

shares

sold

48‌

Due

from

affiliates

41‌

Cash

1‌

Other

assets

57‌

Total

assets

102,502‌

Liabilities

Obligation

to

return

securities

lending

collateral

4,891‌

Payable

for

investment

securities

purchased

133‌

Investment

management

fees

payable

8‌

Payable

for

shares

redeemed

7‌

Variation

margin

payable

on

futures

contracts

1‌

Other

liabilities

82‌

Total

liabilities

5,122‌

NET

ASSETS

$

97,380‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

December

31,

2022

Statement

of

Assets

and

Liabilities

69

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

$

(20,691‌)

Paid-in

capital

applicable

to

7,766,253

shares

of

$0.0001

par

value

capital

stock

outstanding;

2,000,000,000

shares

of

the

Corporation

authorized

118,071‌

NET

ASSETS

$

97,380‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

($153,814

/

12,323

shares

outstanding)

$

12.48‌

I

Class

($85,393,072

/

6,809,643

shares

outstanding)

$

12.54‌

Z

Class

($11,832,813

/

944,287

shares

outstanding)

$

12.53‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

Statement

of

Operations

70

($000s)

Year

Ended

12/31/22

Investment

Income

(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$2)

$

1,379‌

Securities

lending

110‌

    Interest

1‌

Total

income

1,490‌

Expenses

Investment

management

85‌

Shareholder

servicing

I

Class

42‌

Prospectus

and

shareholder

reports

Investor

Class

$

8‌

I

Class

4‌

12‌

Custody

and

accounting

222‌

Legal

and

audit

26‌

Registration

2‌

Miscellaneous

14‌

Waived

/

paid

by

Price

Associates

(284‌)

Total

expenses

119‌

Net

investment

income

1,371‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

Statement

of

Operations

71

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

12/31/22

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(2,062‌)

Futures

(97‌)

Net

realized

loss

(2,159‌)

Change

in

net

unrealized

gain

/

loss

Securities

(20,544‌)

Futures

(20‌)

Change

in

net

unrealized

gain

/

loss

(20,564‌)

Net

realized

and

unrealized

gain

/

loss

(22,723‌)

DECREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

(21,352‌)

T.

ROWE

PRICE

Small-Cap

Index

Fund

Statement

of

Changes

in

Net

Assets

72

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/22

12/31/21

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

1,371‌

$

746‌

Net

realized

gain

(loss)

(2,159‌)

265‌

Change

in

net

unrealized

gain

/

loss

(20,564‌)

485‌

Increase

(decrease)

in

net

assets

from

operations

(21,352‌)

1,496‌

Distributions

to

shareholders

Net

earnings

Investor

Class

(2‌)

(3‌)

I

Class

(1,319‌)

(1,475‌)

Z

Class

(191‌)

(17‌)

Decrease

in

net

assets

from

distributions

(1,512‌)

(1,495‌)

Capital

share

transactions

*

Shares

sold

I

Class

18,848‌

92,701‌

Z

Class

14,793‌

1,157‌

Distributions

reinvested

I

Class

1,319‌

1,475‌

Z

Class

191‌

14‌

Shares

redeemed

Investor

Class

–‌

(7,500‌)

I

Class

(3,831‌)

(3,342‌)

Z

Class

(2,589‌)

(261‌)

Increase

in

net

assets

from

capital

share

transactions

28,731‌

84,244‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

Statement

of

Changes

in

Net

Assets

73

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/22

12/31/21

Net

Assets

Increase

during

period

5,867‌

84,245‌

Beginning

of

period

91,513‌

7,268‌

End

of

period

$

97,380‌

$

91,513‌

*Share

information

(000s)

Shares

sold

I

Class

1,358‌

5,722‌

Z

Class

1,058‌

71‌

Distributions

reinvested

I

Class

101‌

95‌

Z

Class

15‌

1‌

Shares

redeemed

Investor

Class

–‌

(463‌)

I

Class

(285‌)

(206‌)

Z

Class

(198‌)

(16‌)

Increase

in

shares

outstanding

2,049‌

5,204‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

NOTES

TO

FINANCIAL

STATEMENTS

74

T.

Rowe

Price

Index

Trust,

Inc.

(the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Small-Cap

Index

Fund

(the

fund)

is

an

open-

end

management

investment

company

established

by

the

corporation

and

intends

to

be

diversified

in

approximately

the

same

proportion

as

the

index

it

tracks

is

diversified.

The

fund

may

become

nondiversified

for

periods

of

time

solely

as

a

result

of

changes

in

the

composition

of

the

index

(for

example,

changes

in

the

relative

market

capitalization

or

index

weighting

of

one

or

more

securities

represented

in

the

index). The

fund

seeks

to

track

the

performance

of

a

benchmark

index

that

measures

the

investment

return

of

small-capitalization

U.S.

stocks.

The

fund

is

available

for

investment

only

by

mutual

funds,

college

savings

plans,

and

other

institutional

client

accounts

managed

by

T.

Rowe

Price

Associates,

Inc.,

or

its

affiliates

and

is

not

available

for

direct

purchase

by

members

of

the

public.

The

fund

has

three classes

of

shares:

the

Small-Cap

Index

Fund

(Investor

Class),

the

Small-Cap

Index

Fund–I

Class

(I

Class)

and

the

Small-Cap

Index

Fund–Z

Class

(Z

Class).

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

Prior

to

November

15,

2021,

the

initial

investment

minimum

was

$1

million

and

was

generally

waived

for

financial

intermediaries,

eligible

retirement

plans,

and

other

certain

accounts.

As

a

result

of

the

reduction

in

the

I

Class

minimum,

certain

assets

transferred

from

the

Investor

Class

to

the

I

Class.

This

transfer

of

shares

from

Investor

Class

to

I

Class

is

reflected

in

the

Statement

of

Changes

in

Net

Assets

within

the

Capital

shares

transactions

as

Shares

redeemed

and

Shares

sold,

respectively.

The

Z

Class

is

only

available

to

funds

advised

by

T.

Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

to

a

contractual

fee

for

investment

management

services. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

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

T.

ROWE

PRICE

Small-Cap

Index

Fund

75

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis.

Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes.

Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense.

Dividends

received

from

mutual

fund

investments

are

reflected

as

dividend

income;

capital

gain

distributions

are

reflected

as

realized

gain/loss.

Dividend

income

and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date.

Distributions

from

REITs

are

initially

recorded

as

dividend

income

and,

to

the

extent

such

represent

a

return

of

capital

or

capital

gain

for

tax

purposes,

are

reclassified

when

such

information

becomes

available.

Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received.

Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Income

distributions,

if

any,

are

declared

and

paid

by

each

class annually.

A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Class

Accounting

 Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to all classes,

investment

income,

and

realized

and

unrealized

gains

and

losses

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

New

Accounting

Guidance

 In

June

2022,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2022-03,

Fair

Value

Measurement

(Topic

820)

–

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions,

which

clarifies

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

is

not

considered

in

measuring

fair

value.

The

amendments

under

this

ASU

are

effective

for

fiscal

T.

ROWE

PRICE

Small-Cap

Index

Fund

76

years

beginning

after

December

15,

2023;

however,

the

fund

opted

to

early

adopt,

as

permitted,

effective

December

1,

2022. Adoption

of

the

guidance

did not

have

a

material

impact

on

the fund's

financial  statements.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

T.

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77

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities.

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Futures

contracts

are

valued

at

closing

settlement

prices.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

T.

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78

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

December

31,

2022

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

year ended

December

31,

2022,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

96,970‌

$

—‌

$

1‌

$

96,971‌

Short-Term

Investments

374‌

40‌

—‌

414‌

Securities

Lending

Collateral

4,855‌

—‌

—‌

4,855‌

Total

$

102,199‌

$

40‌

$

1‌

$

102,240‌

Liabilities

Futures

Contracts*

$

8‌

$

—‌

$

—‌

$

8‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

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for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

December

31,

2022,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

*

Liabilities

Equity

derivatives

Futures

$

8

Total

$

8

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

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Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

December

31,

2022,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

Counterparty

Risk

and

Collateral

 The

fund

invests

in

exchange-traded

and/or

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps.

Counterparty

risk

on

such

derivatives

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Collateral may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund’s

assets.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

December

31,

2022,

securities

valued

at $24,000

had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives. 

($000s)                                               

Location

of

Gain

(Loss)

on

Statement

of

Operations

Futures

Realized

Gain

(Loss)

Equity

derivatives

$

(97

)

Total

$

(97

)

Change

in

Unrealized

Gain

(Loss)

Equity

derivatives

$

(20

)

Total

$

(20

)

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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

year ended

December

31,

2022,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

less

than

1%

of

net

assets.

NOTE

4

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective,

the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of

the

fund

are

described

more

fully

in

the

fund’s

prospectus

and

Statement

of

Additional

Information.

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

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Fund

82

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

December

31,

2022,

the

value

of

loaned

securities

was

$4,679,000,

including

securities

sold

but

not

yet

settled,

which

are

not

reflected

in

the

accompanying

Portfolio

of

Investments;

the

value

of

cash

collateral

and

related

investments

was

$4,891,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

short-term securities

aggregated $49,651,000 and

$20,812,000,

respectively,

for

the

year ended

December

31,

2022.

NOTE

5

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its

taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required. The

fund’s

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

T.

ROWE

PRICE

Small-Cap

Index

Fund

83

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

At

December

31,

2022,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were

as

follows:

At

December

31,

2022,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales.

The

loss

carryforwards

and

deferrals

primarily

relate

to

capital

loss

carryforwards.

Capital

loss

carryforwards

are

available

indefinitely

to

offset

future

realized

capital

gains.

($000s)

December

31,

2022

December

31,

2021

Ordinary

income

(including

short-term

capital

gains,

if

any)

$

1,490‌

$

1,052‌

Long-term

capital

gain

22‌

443‌

Total

distributions

$

1,512‌

$

1,495‌

($000s)

Cost

of

investments

$

121,487‌

Unrealized

appreciation

$

9,109‌

Unrealized

depreciation

(28,356‌)

Net

unrealized

appreciation

(depreciation)

$

(19,247‌)

($000s)

Undistributed

ordinary

income

$

54‌

Net

unrealized

appreciation

(depreciation)

(19,247‌)

Loss

carryforwards

and

deferrals

(1,498‌)

Total

distributable

earnings

(loss)

$

(20,691‌)

T.

ROWE

PRICE

Small-Cap

Index

Fund

84

NOTE

6

-

FOREIGN  TAXES

The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

NOTE

7

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group). 

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee

equal

to 0.09%

of

the

fund’s

average

daily

net

assets.

The

fee

is

computed

daily

and

paid

monthly.

The Investor Class

is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

During

the

limitation

period,

Price

Associates

is

required

to

waive

its

management

fee

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary expenses;

and

acquired

fund

fees

and

expenses) that

would

otherwise

cause

the

class’s

ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

The

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the

class’s

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

T.

ROWE

PRICE

Small-Cap

Index

Fund

85

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

Z

Class

is

also

subject

to

a

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

to

waive

and/or

bear

all

of

the

Z

Class’

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

in

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

is

expected

to

remain

in

place

indefinitely,

and

the

agreement

may

only

be

amended

or

terminated

with

approval

by

the

fund’s

Board.

Expenses

of

the

fund

waived/paid

by

the

manager

are

not

subject

to

later

repayment

by

the

fund.

Pursuant

to

these

agreements,

expenses

were

waived/paid

by

and/or

repaid

to

Price

Associates

during

the

year ended December

31,

2022

as

indicated

in

the

table

below.

Including these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $782,000 remain

subject

to

repayment

by

the

fund

at

December

31,

2022.

Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

a

wholly

owned

subsidiary

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

For

the

year ended

December

31,

2022,

expenses

incurred

pursuant

to

these

service

agreements

were

Investor

Class

I

Class

Z

Class

Expense

limitation/I

Class

Limit

0.29%

0.05%

0.00%

Expense

limitation

date

04/30/24

04/30/24

N/A

(Waived)/repaid

during

the

period

($000s)

$(8)

$(246)

$(30)

T.

ROWE

PRICE

Small-Cap

Index

Fund

86

$102,000 for

Price

Associates

and less

than

$1,000

for

T.

Rowe

Price

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

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

borne

by

the

fund

in

proportion

to

the

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Price

has

agreed

to waive/reimburse

shareholder

servicing

costs in

excess

of

0.05%

of

the

fund’s

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Any

amounts

waived/paid

by

Price

under

this

voluntary

agreement

are

not

subject

to

repayment

by

the

fund.

Price

may

amend

or

terminate

this

voluntary

arrangement

at

any

time

without

prior

notice.

For

the

year ended

December

31,

2022,

the

fund

was

charged $41,000 for

shareholder

servicing

costs

related

to

the

college

savings

plans, of

which

$4,000

was

for

services

provided

by

Price.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities. At

December

31,

2022,

approximately 95%

of

the

outstanding

shares

of

the

I

Class

were

held

by

college

savings

plans.

Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

or

control

over

the

fund.

At

December

31,

2022,

approximately

100%

of

the

Z

Class’s

outstanding

shares

were

held

by

Price

Funds

and

accounts.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

As

of

December

31,

2022,

T.

Rowe

Price

Group,

Inc.,

or

its

wholly

owned

subsidiaries,

owned

12,323

shares

of

the

Investor

Class,

representing

100%

of

the

Investor

Class's

net

assets. 

T.

ROWE

PRICE

Small-Cap

Index

Fund

87

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

year ended

December

31,

2022,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

NOTE

8

-

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

T.

ROWE

PRICE

Small-Cap

Index

Fund

88

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Directors

of

T.

Rowe

Price

Index

Trust,

Inc.

and

Shareholders

of

T.

Rowe

Price

Small-Cap

Index

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T.

Rowe

Price

Small-Cap

Index

Fund

(one

of

the

funds

constituting

T.

Rowe

Price

Index

Trust,

Inc.,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2022,

the

related

statement

of

operations

for

the

year

ended

December

31,

2022,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2022,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2022

and

the

financial

highlights

for

each

of

the

periods

indicated

therein,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T.

ROWE

PRICE

Small-Cap

Index

Fund

89

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2022

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.   

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

February

21,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T.

Rowe

Price

group

of

investment

companies

since

1973.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

(continued)

T.

ROWE

PRICE

Small-Cap

Index

Fund

90

TAX

INFORMATION

(UNAUDITED)

FOR

THE

TAX

YEAR

ENDED 12/31/22

We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

The

fund’s

distributions

to

shareholders

included:

$150,000 from

short-term

capital

gains 

$22,000 from

long-term

capital

gains,

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%

For

taxable

non-corporate

shareholders,

$1,001,000 of

the

fund's

income

represents

qualified

dividend

income

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

corporate

shareholders,

$929,000

of

the

fund's

income

qualifies

for

the

dividends-

received

deduction.  

For

individuals

and

certain

trusts

and

estates

which

are

entitled

to

claim

a

deduction

of

up

to

20%

of

their

combined

qualified

real

estate

investment

trust

(REIT)

dividends,

$90,000 of

the

fund's

income

qualifies

as

qualified

real

estate

investment

trust

(REIT)

dividends.

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

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

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

https://www.troweprice.com/corporate/us/en/utility/policies.html

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

T.

ROWE

PRICE

Small-Cap

Index

Fund

91

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.com

.

T.

ROWE

PRICE

Small-Cap

Index

Fund

92

Liquidity

Risk

Management

Program

In

accordance

with

Rule

22e-4

(Liquidity

Rule)

under

the

Investment

Company

Act

of

1940,

as

amended,

the

fund

has

established

a

liquidity

risk

management

program

(Liquidity

Program)

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk,

which

generally

represents

the

risk

that

the

fund

would

not

be

able

to

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

fund’s

Board

of

Directors

(Board)

has

appointed

the

fund’s

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

the

administrator

of

the

Liquidity

Program.

As

administrator,

the

Adviser

is

responsible

for

overseeing

the

day-to-day

operations

of

the

Liquidity

Program

and,

among

other

things,

is

responsible

for

assessing,

managing,

and

reviewing

with

the

Board

at

least

annually

the

liquidity

risk

of

each

T.

Rowe

Price

fund.

The

Adviser

has

delegated

oversight

of

the

Liquidity

Program

to

a

Liquidity

Risk

Committee

(LRC),

which

is

a

cross-functional

committee

composed

of

personnel

from

multiple

departments

within

the

Adviser.

The

Liquidity Program’s principal

objectives

include

supporting

the T.

Rowe

Price

funds’ compliance

with

limits

on

investments

in

illiquid

assets

and

mitigating

the

risk

that

the

fund

will

be

unable to timely

meet

its

redemption

obligations. The

Liquidity

Program

also

includes

a

number

of

elements

that

support

the

management

and

assessment

of

liquidity

risk,

including

an

annual

assessment

of

factors

that

influence

the fund’s liquidity

and

the

periodic

classification

and

reclassification

of

a

fund’s

investments

into

categories

that

reflect

the

LRC’s

assessment

of

their

relative

liquidity

under

current

market

conditions.

Under

the

Liquidity

Program,

every

investment

held

by

the

fund

is

classified

at

least

monthly

into

one

of

four

liquidity

categories

based

on

estimations

of

the

investment’s

ability

to

be

sold

during

designated

time

frames

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

As

required

by

the

Liquidity

Rule,

at

a

meeting

held

on

July

25,

2022,

the

Board

was

presented

with

an

annual

assessment

prepared

by

the

LRC,

on

behalf

of

the

Adviser,

that

addressed

the

operation

of

the

Liquidity

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

any

material

changes

to

the

Liquidity

Program

and

the

determination

of

each

fund’s

Highly

Liquid

Investment

Minimum

(HLIM).

The

annual

assessment

included

consideration

of

the

following

factors,

as

applicable:

the

fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions,

including

whether

the

investment

strategy

is

appropriate

for

an

open-end

fund,

the

extent

to

which

the

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers,

and

the

use

of

borrowings

for

investment

purposes

and

derivatives;

short-term

and

long-term

cash

flow

projections

covering

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

holdings

of

cash

and

cash

equivalents,

as

well

as

available

borrowing

arrangements.

T.

ROWE

PRICE

Small-Cap

Index

Fund

93

For

the

fund

and

other

T.

Rowe

Price

funds,

the

annual

assessment

incorporated

a

report

related

to

a

fund’s

holdings,

shareholder

and

portfolio

concentration,

any

borrowings

during

the

period,

cash

flow

projections,

and

other

relevant

data

for

the

period

of

April

1,

2021,

through

March

31,

2022.

The

report

described

the

methodology

for

classifying

a

fund’s

investments

(including

any

derivative

transactions)

into

one

of

four

liquidity

categories,

as

well

as

the

percentage

of

a

fund’s

investments

assigned

to

each

category.

It

also

explained

the

methodology

for

establishing

a

fund’s

HLIM

and

noted

that

the

LRC

reviews

the

HLIM

assigned

to

each

fund

no

less

frequently

than

annually.

During

the

period

covered

by

the

annual

assessment,

the

LRC

has

concluded,

and

reported

to

the

Board,

that

the

Liquidity

Program

continues

to

operate

adequately

and

effectively

and

is

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk.

T.

ROWE

PRICE

Small-Cap

Index

Fund

94

ABOUT

THE

FUND'S

DIRECTORS

AND

OFFICERS

Your

fund

is

overseen

by

a

Board

of

Directors

(Board)

that

meets

regularly

to

review

a

wide

variety

of

matters

affecting

or

potentially

affecting

the

fund,

including

performance,

investment

programs,

compliance

matters,

advisory

fees

and

expenses,

service

providers,

and

business

and

regulatory

affairs.

The

Board

elects

the

fund’s

officers,

who

are

listed

in

the

final

table.

The

directors

who

are

also

employees

or

officers

of

T.

Rowe

Price

are

considered

to

be

“interested”

directors

as

defined

in

Section

2(a)(19)

of

the

1940

Act

because

of

their

relationships

with

T.

Rowe

Price

and

its

affiliates.

The

business

address

of

each

director

and

officer

is

100

East

Pratt

Street,

Baltimore,

Maryland

21202.

The

Statement

of

Additional

Information

includes

additional

information

about

the

fund

directors

and

is

available

without

charge

by

calling

a

T.

Rowe

Price

representative

at

1-800-638-5660.

INDEPENDENT

DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Teresa

Bryce

Bazemore

(1959)

2018

[205]

President

and

Chief

Executive

Officer,

Federal

Home

Loan

Bank

of

San

Francisco

(2021

to

present);

President,

Radian

Guaranty

(2008

to

2017);

Chief

Executive

Officer,

Bazemore

Consulting

LLC

(2018

to

2021);

Director,

Chimera

Investment

Corporation

(2017

to

2021);

Director,

First

Industrial

Realty

Trust

(2020

to

present);

Director,

Federal

Home

Loan

Bank

of

Pittsburgh

(2017

to

2019)

Ronald

J.

Daniels

(b)

(1959)

2018

[0]

President,

The

Johns

Hopkins

University

and

Professor,

Political

Science

Department,

The

Johns

Hopkins

University

(2009

to

present);

Director,

Lyndhurst

Holdings

(2015

to

present);

Director,

BridgeBio

Pharma,

Inc.

(2020

to

present)

Bruce

W.

Duncan

(1951)

2013

[205]

President,

Chief

Executive

Officer,

and

Director,

CyrusOne,

Inc.

(2020

to

2021);

Chief

Executive

Officer

and

Director

(2009

to

2016),

Chair

of

the

Board

(2016

to

2020),

and

President

(2009

to

2016),

First

Industrial

Realty

Trust,

owner

and

operator

of

industrial

properties;

Chair

of

the

Board

(2005

to

2016)

and

Director

(1999

to

2016),

Starwood

Hotels

&

Resorts,

a

hotel

and

leisure

company;

Member,

Investment

Company

Institute

Board

of

Governors

(2017

to

2019);

Member,

Independent

Directors

Council

Governing

Board

(2017

to

2019);

Senior

Advisor,

KKR

(2018

to

present);

Director,

Boston

Properties

(2016

to

present);

Director,

Marriott

International,

Inc.

(2016

to

2020)

Robert

J.

Gerrard,

Jr.

(1952)

2012

[205]

Advisory

Board

Member,

Pipeline

Crisis/Winning

Strategies,

a

collaborative

working

to

improve

opportunities

for

young

African

Americans

(1997

to

2016);

Chair

of

the

Board,

all

funds

(July

2018

to

present)

T.

ROWE

PRICE

Small-Cap

Index

Fund

95

INTERESTED  DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Paul

F.

McBride

(1956)

2013

[205]

Advisory

Board

Member,

Vizzia

Technologies

(2015

to

present);

Board

Member,

Dunbar

Armored

(2012

to

2018)

Kellye

L.

Walker

(c)

(1966)

2021

[205]

Executive

Vice

President

and

Chief

Legal

Officer,

Eastman

Chemical

Company

(April

2020

to

present);

Executive

Vice

President

and

Chief

Legal

Officer,

Huntington

Ingalls

Industries,

Inc.

(January

2015

to

March

2020);

Director,

Lincoln

Electric

Company

(October

2020

to

present)

(a)

All

information

about

the

independent

directors

was

current

as

of

December

31,

2021,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

(b)

Effective

April

27,

2022,

Mr.

Daniels

resigned

from

his

role

as

an

independent

director

of

the

Price

Funds.

(c)

Effective

November

8,

2021,

Ms.

Walker

was

appointed

as

an

independent

director

of

the

Price

Funds.

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

David

Oestreicher

(1967)

2018

[205]

Director,

Vice

President,

and

Secretary,

T.

Rowe

Price,

T.

Rowe

Price

Investment

Services,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

and

T.

Rowe

Price

Services,

Inc.;

Director

and

Secretary,

T.

Rowe

Price

Investment

Management,

Inc.

(Price

Investment

Management);

Vice

President

and

Secretary,

T.

Rowe

Price

International

(Price

International);

Vice

President,

T.

Rowe

Price

Hong

Kong

(Price

Hong

Kong),

T. Rowe

Price

Japan

(Price

Japan),

and

T.

Rowe

Price

Singapore

(Price

Singapore);

General

Counsel,

Vice

President,

and

Secretary,

T.

Rowe

Price

Group,

Inc.;

Chair

of

the

Board,

Chief

Executive

Officer,

President,

and

Secretary,

T.

Rowe

Price

Trust

Company;

Principal

Executive

Officer

and

Executive

Vice

President,

all

funds

Robert

W.

Sharps,

CFA,

CPA

(b)

(1971)

2017

[0]

Director

and

Vice

President,

T.

Rowe

Price;

Director,

Price

Investment

Management;

Chief

Executive

Officer

and

President,

T.

Rowe

Price

Group,

Inc.;

Vice

President,

T.

Rowe

Price

Trust

Company

INDEPENDENT

DIRECTORS

(a)

(CONTINUED)

T.

ROWE

PRICE

Small-Cap

Index

Fund

96

OFFICERS

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Eric

L.

Veiel,

CFA

(1972)

2022

[205]

Director

and

Vice

President,

T.

Rowe

Price;

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

(a)

All

information

about

the

interested

directors

was

current

as

of

January

1,

2022,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

(b)

Effective

February

3,

2022,

Mr.

Sharps

resigned

from

his

role

as

an

interested

director

of

the

Price

Funds.

Name

(Year

of

Birth)

Position

Held

With

Index

Trust

Principal

Occupation(s) 

Armando

(Dino)

Capasso

(1974)

Chief

Compliance

Officer

Chief

Compliance

Officer

and

Vice

President,

T.

Rowe

Price

and

Price

Investment

Management;

Vice

President,

T.

Rowe

Price

Group,

Inc.;

formerly,

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

AST

Investment

Services,

Inc.

(ASTIS)

(to

2022);

Chief

Compliance

Officer,

PGIM

Retail

Funds

complex

and

Prudential

Insurance

Funds

(to

2022);

Vice

President

and

Deputy

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

ASTIS

(to

2019);

Senior

Vice

President

and

Senior

Counsel,

Pacific

Investment

Management

Company

LLC

(to

2017) 

Alan

S.

Dupski,

CPA

(1982)

Principal

Financial

Officer,

Vice

President,

and

Treasurer

Vice

President,

Price

Investment

Management,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Gary

J.

Greb

(1961)

Vice

President

Vice

President,

Price

Investment

Management,

T.

Rowe

Price,

Price

International,

and

T.

Rowe

Price

Trust

Company

Cheryl

Hampton,

CPA

(1969)

Vice

President

Vice

President,

T.

Rowe

Price;

formerly,

Tax

Director,

Invesco

Ltd.

(to

2021);

Vice

President,

Oppenheimer

Funds,

Inc.

(to

2019)

Benjamin

Kersse,

CPA

(1989)

Vice

President

Vice

President,

T.

Rowe

Price

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

INTERESTED  DIRECTORS

(a)

(CONTINUED)

T.

ROWE

PRICE

Small-Cap

Index

Fund

97

Name

(Year

of

Birth)

Position

Held

With

Index

Trust

Principal

Occupation(s) 

Paul

J.

Krug,

CPA

(1964)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Fran

M.

Pollack-Matz

(1961)

Vice

President

and

Secretary 

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

T.

Rowe

Price

Investment

Services,

Inc.,

and

T.

Rowe

Price

Services,

Inc.

Shannon

H.

Rauser

(1987)

Assistant

Secretary 

Assistant

Vice

President,

T.

Rowe

Price

Michael

K.

Sewell

(1982)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Neil

Smith

(1972)

President

Vice

President,

Price

Hong

Kong,

Price

Japan,

Price

Singapore,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Megan

Warren

(1968)

Vice

President

OFAC

Sanctions

Compliance

Officer

and

Vice

President,

Price

Investment

Management;

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

T.

Rowe

Price

Services,

Inc.,

and

T.

Rowe

Price

Trust

Company

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

Rowe

Price

Investment

Services,

Inc.

|

100

East

Pratt

Street

|

Baltimore,

MD

21202-1009

You

have

many

investment

goals.

Explore

products

and

services

that

can

help

you

achieve

them.

Whether

you

want

to

put

away

more

money

for

retirement,

for

a

child’s

education,

or

for

other

priorities,

we

have

solutions

for

you.

See

how

we

can

help

you

accomplish

the

investment

goals

that

are

important

to

you.

RETIREMENT

IRAs:

Traditional,

Roth,

Rollover/Transfer,

or

Brokerage

Small

Business

Plans

help

minimize

taxes,

maximize

savings

T.

Rowe

Price

®

ActivePlus

Portfolios

1

for

online

investing

powered

by

experts

GENERAL

INVESTING

Individual

or

Joint

Tenant

Brokerage

2

offers

access

to

stocks,

ETFs,

bonds,

and

more

Gifts

and

transfers

to

a

child

(UGMA/UTMAs)

Trust

Transfer

on

Death

COLLEGE

SAVINGS

T.

Rowe

Price-managed

529

plans

offer

tax-

advantaged

solutions

for

families

saving

money

for

college

tuition

and

education-

related

expenses

Visit

troweprice.com/broadrange

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.

All

mutual

funds

are

subject

to

market

risk,

including

possible

loss

of

principal.

Investing

internationally

involves

special

risks

including

economic

and

political

uncertainty

and

currency

fluctuation.

1

The

T.

Rowe

Price

®

ActivePlus

Portfolios

is

a

discretionary

investment

management

program

provided

by

T.

Rowe

Price

Advisory

Services,

Inc.,

a

registered

investment

adviser

under

the

Investment

Advisers

Act

of

1940.

Brokerage

services

are

provided

by

T.

Rowe

Price

Investment

Services,

Inc.,

member

FINRA/SIPC.

Brokerage

accounts

are

carried

by

Pershing

LLC,

a

BNY

Mellon

Company,

member

NYSE/FINRA/SIPC.

T.

Rowe

Price

Advisory

Services,

Inc.,

and

T.

Rowe

Price

Investment

Services,

Inc.,

are

affiliated

companies.

2

Brokerage

services

are

provided

by

T.

Rowe

Price

Investment

Services,

Inc.,

member

FINRA/SIPC.

Brokerage

accounts

are

carried

by

Pershing

LLC,

a

BNY

Mellon

Company,

member

NYSE/FINRA/SIPC.

202302-2582836

F33-050

2/23

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

Not applicable.

Item 2.  Code of Ethics.

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

Item 3.  Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that Ms. Teresa Bryce Bazemore qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered independent for purposes of Item 3 of Form N-CSR.

Item 4.  Principal Accountant Fees and Services.

(a) – (d)  Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:

	2022		2021
Audit Fees	$	21,734	$	21,172
Audit-Related Fees		-		-
Tax Fees		-		1,540
All Other Fees		-		-

Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.

(e)(1)  The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

    (2)  No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)  Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g)  The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.

(h)  All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.

Item 5.  Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)  Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b)  Not applicable.

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.  Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11.  Controls and Procedures.

(a)  The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b)  The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.   Exhibits.

(a)(1) The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.

    (2) Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

    (3) Written solicitation to repurchase securities issued by closed-end companies: not applicable.

(b) A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section  906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Index Trust, Inc.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	February 21, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	February 21, 2023

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	February 21, 2023