N-CSRS

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:  June 30, 2023

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Market

Commentary

Portfolio

Summary

Fund

Expense

Example

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

June

30,

2023

SemiAnnual

Report

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

TRMNX

Mid-Cap

Index

Fund

–

.

TRMSX

Mid-Cap

Index

Fund–

.

I  Class

TRSZX

Mid-Cap

Index

Fund–

.

Z Class

T.

ROWE

PRICE

Mid-Cap

Index

Fund

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

Mid-Cap

Index

Fund

Market

Commentary

1

Dear

Shareholder

Most

major

global

stock

and

bond

indexes

produced

positive

returns

during

the

first

half

of

your

fund’s

fiscal

year,

the

six-month

period

ended

June

30,

2023.

Despite

turmoil

in

the

banking

sector

and

a

protracted

debt

ceiling

standoff,

markets

were

resilient

as

growth

remained

positive

in

the

major

economies

and

corporate

earnings

results

came

in

stronger

than

expected.

For

the

six-month

period,

the

technology-oriented

Nasdaq

Composite

Index

gained

more

than

30%,

the

strongest

result

of

the

major

benchmarks,

as

tech

companies

benefited

from

investor

enthusiasm

for

artificial

intelligence

applications.

Growth

stocks

outperformed

value

shares,

and

developed

market

stocks

generally

outpaced

their

emerging

market

counterparts.

Currency

movements

were

mixed

over

the

period,

although

a

weaker

dollar

versus

major

European

currencies

was

beneficial

for

U.S.

investors

in

European

securities.

Within

the

S&P

500

Index,

the

information

technology,

communication

services,

and

consumer

discretionary

sectors

were

all

lifted

by

the

tech

rally

and

recorded

significant

gains.

Conversely,

the

defensive

utilities

sector

had

the

weakest

returns

in

the

growth-focused

environment,

and

the

energy

sector

also

lost

ground

amid

declining

oil

prices.

The

financials

sector

partly

recovered

from

the

failure

of

three

large

regional

banks

during

the

period

but

still

finished

with

modest

losses.

Cheaper

oil

contributed

to

slowing

inflation,

although

core

inflation

readings—

which

exclude

volatile

food

and

energy

prices—remained

stubbornly

high.

In

response,

the

Federal

Reserve

raised

its

short-term

lending

benchmark

rate

to

a

target

range

of

5.00%

to

5.25%

by

early

May,

the

highest

level

since

2007.

The

Fed

held

rates

steady

at

its

June

meeting,

but

policymakers

indicated

that

two

more

rate

hikes

could

come

by

the

end

of

the

year.

In

the

fixed

income

market,

returns

were

generally

positive

across

most

sectors

as

investors

benefited

from

the

higher

interest

rates

that

have

become

available

over

the

past

year.

Investment-grade

corporate

bonds

were

supported

by

generally

solid

balance

sheets

and

were

among

the

strongest

performers.

Global

economies

and

markets

showed

surprising

resilience

in

recent

months,

but,

moving

into

the

second

half

of

2023,

we

believe

investors

could

face

potential

challenges.

The

impact

of

the

Fed’s

rate

hikes

has

yet

to

be

fully

felt

in

the

economy,

and

while

the

regional

banking

turmoil

appears

to

have

been

contained

by

the

swift

actions

of

regulators,

it

could

weigh

on

credit

conditions.

Moreover,

market

consensus

still

seems

to

point

to

a

coming

recession,

although

hopes

have

emerged

that

such

a

downturn

could

be

more

modest.

T.

ROWE

PRICE

Mid-Cap

Index

Fund

2

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.

You

may

notice

that

this

report

no

longer

contains

the

commentary

on

your

fund’s

performance

and

positioning

that

we

previously

included

in

the

semiannual

shareholder

letters.

The

Securities

and

Exchange

Commission

(SEC)

adopted

new

rules

in

January

that

will

require

fund

reports

to

transition

to

a

new

format

known

as

a

Tailored

Shareholder

Report.

This

change

will

require

a

much

more

concise

summary

of

performance

rather

than

the

level

of

detail

we

have

provided

historically

while

also

aiming

to

be

more

visually

engaging.

As

we

prepare

to

make

changes

to

the

annual

reports

to

meet

the

new

report

regulatory

requirements

by

mid-2024,

we

felt

the

time

was

right

to

discontinue

the

optional

six-month

semiannual

fund

letter

to

focus

on

the

changes

to

come.

While

semiannual

fund

letters

will

no

longer

be

produced,

you

may

continue

to

access

current

fund

information

as

well

as

insights

and

perspectives

from

our

investment

team

on

our

personal

investing

website.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely, 

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Mid-Cap

Index

Fund

Portfolio

Summary

3

SECTOR

DIVERSIFICATION

Percent

of

Net

Assets

12/31/22

6/30/23

Information

Technology

22.5‌%

19.9‌%

Industrials

and

Business

Services

15.4‌

18.3‌

Financials

15.1‌

16.4‌

Consumer

Discretionary

11.5‌

12.5‌

Health

Care

11.5‌

10.9‌

Real

Estate

6.7‌

5.8‌

Communication

Services

4.2‌

4.7‌

Materials

4.7‌

4.1‌

Energy

3.8‌

3.0‌

Consumer

Staples

2.8‌

2.5‌

Utilities

1.7‌

1.4‌

Other

and

Reserves

0.1‌

0.5‌

Total

100.0‌%

100.0‌%

Historical

weightings

reflect

current

industry/sector

classifications.

T.

ROWE

PRICE

Mid-Cap

Index

Fund

4

PORTFOLIO

HIGHLIGHTS

TWENTY-FIVE

LARGEST

HOLDINGS

Percent

of

Net

Assets

6/30/23

Uber

Technologies

2.1‌%

Blackstone

1.6‌ 

Snowflake

1.3‌ 

Airbnb

1.3‌ 

Marvell

Technology

1.3‌ 

Workday

1.1‌

Lululemon

Athletica

1.0‌

Apollo

Global

Management

1.0‌

Cheniere

Energy

0.9‌

KKR

0.9‌

Block

0.9‌

Trade

Desk

0.8‌

Ferguson

0.8‌

Crowdstrike

Holdings

0.8‌

VMware

0.8‌

Palantir

Technologies

0.7‌

Veeva

Systems

0.7‌

MongoDB

0.7‌

Seagen

0.7‌

Datadog

0.7‌

Atlassian

0.6‌

HubSpot

0.6‌

Alnylam

Pharmaceuticals

0.6‌

DoorDash

0.6‌

Horizon

Therapeutics

0.6‌

Total

23.1‌%

Note:

The

information

shown

does

not

reflect

any

exchange-traded

funds

(ETFs),

cash

reserves,

or

collateral

for

securities

lending

that

may

be

held

in

the

portfolio.

T.

ROWE

PRICE

Mid-Cap

Index

Fund

5

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, 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.

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.

T.

ROWE

PRICE

Mid-Cap

Index

Fund

6

MID-CAP

INDEX

FUND

Beginning

Account

Value

1/1/23

Ending

Account

Value

6/30/23

Expenses

Paid

During

Period*

1/1/23

to

6/30/23

Investor

Class

Actual

$1,000.00

$1,156.00

$1.44

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,023.46

  1.35

I

Class

Actual

  1,000.00

  1,157.10

  0.75

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,024.10

  0.70

Z

Class

Actual

  1,000.00

  1,157.80

  0.00

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,024.79

  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

(181),

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

0.27%,

the

2

I Class

was

0.14%,

and

the

3

Z Class

was

0.00%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Mid-Cap

Index

Fund

(Unaudited)

Financial

Highlights

7

For

a

share

outstanding

throughout

each

period

Investor

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

13.72‌

$

19.55‌

$

18.37‌

$

13.47‌

$

11.00‌

$

12.77‌

Investment

activities

Net

investment

income

(1)(2)

0.07‌

0.16‌

0.13‌

0.11‌

0.14‌

0.18‌

Net

realized

and

unrealized

gain/loss

2.07‌

(5.74‌)

1.82‌

5.43‌

3.09‌

(1.19‌)

Total

from

investment

activities

2.14‌

(5.58‌)

1.95‌

5.54‌

3.23‌

(1.01‌)

Distributions

Net

investment

income

—‌

(0.14‌)

(0.11‌)

(0.11‌)

(0.16‌)

(0.17‌)

Net

realized

gain

—‌

(0.11‌)

(0.66‌)

(0.53‌)

(0.60‌)

(0.59‌)

Total

distributions

—‌

(0.25‌)

(0.77‌)

(0.64‌)

(0.76‌)

(0.76‌)

NET

ASSET

VALUE

End

of

period

$

15.86‌

$

13.72‌

$

19.55‌

$

18.37‌

$

13.47‌

$

11.00‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

(Unaudited)

Financial

Highlights

8

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

Ratios/Supplemental

Data

Total

return

(2)(3)

15.60‌%

(28.63‌)%

10.69‌%

41.29‌%

29.50‌%

(8.25‌)%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.36‌%

(4)

2.54‌%

1.46‌%

3.14‌%

3.21‌%

3.40‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.27‌%

(4)

0.27‌%

0.30‌%

0.31‌%

0.30‌%

0.25‌%

Net

investment

income

0.90‌%

(4)

1.00‌%

0.69‌%

0.75‌%

1.09‌%

1.38‌%

Portfolio

turnover

rate

14.5‌%

23.4‌%

34.7‌%

38.3‌%

26.6‌%

32.3‌%

Net

assets,

end

of

period

(in

thousands)

$192

$166

$237

$8,724

$6,400

$5,227

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

6

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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Mid-Cap

Index

Fund

(Unaudited)

Financial

Highlights

9

For

a

share

outstanding

throughout

each

period

I

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

13.75‌

$

19.60‌

$

18.42‌

$

13.49‌

$

11.00‌

$

12.77‌

Investment

activities

Net

investment

income

(1)(2)

0.08‌

0.18‌

0.18‌

0.12‌

0.16‌

0.19‌

Net

realized

and

unrealized

gain/loss

2.08‌

(5.76‌)

1.79‌

5.45‌

3.09‌

(1.19‌)

Total

from

investment

activities

2.16‌

(5.58‌)

1.97‌

5.57‌

3.25‌

(1.00‌)

Distributions

Net

investment

income

—‌

(0.16‌)

(0.13‌)

(0.11‌)

(0.16‌)

(0.18‌)

Net

realized

gain

—‌

(0.11‌)

(0.66‌)

(0.53‌)

(0.60‌)

(0.59‌)

Total

distributions

—‌

(0.27‌)

(0.79‌)

(0.64‌)

(0.76‌)

(0.77‌)

NET

ASSET

VALUE

End

of

period

$

15.91‌

$

13.75‌

$

19.60‌

$

18.42‌

$

13.49‌

$

11.00‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

(Unaudited)

Financial

Highlights

10

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

Ratios/Supplemental

Data

Total

return

(2)(3)

15.71‌%

(28.57‌)%

10.77‌%

41.45‌%

29.69‌%

(8.17‌)%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.38‌%

(4)

0.44‌%

0.56‌%

3.06‌%

3.10‌%

3.34‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.14‌%

(4)

0.14‌%

0.16‌%

0.18‌%

0.17‌%

0.17‌%

Net

investment

income

1.03‌%

(4)

1.15‌%

0.86‌%

0.88‌%

1.22‌%

1.45‌%

Portfolio

turnover

rate

14.5‌%

23.4‌%

34.7‌%

38.3‌%

26.6‌%

32.3‌%

Net

assets,

end

of

period

(in

thousands)

$99,565

$80,256

$90,604

$460

$337

$275

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

6

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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Mid-Cap

Index

Fund

(Unaudited)

Financial

Highlights

11

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Z

Class

(1)

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

3/16/20

(1)

Through

12/31/20

12/31/22

12/31/21

NET

ASSET

VALUE

Beginning

of

period

$

13.75‌

$

19.60‌

$

18.41‌

$

9.05‌

Investment

activities

Net

investment

income

(2)(3)

0.09‌

0.21‌

0.22‌

0.11‌

Net

realized

and

unrealized

gain/loss

2.08‌

(5.77‌)

1.79‌

9.89‌

Total

from

investment

activities

2.17‌

(5.56‌)

2.01‌

10.00‌

Distributions

Net

investment

income

—‌

(0.18‌)

(0.16‌)

(0.11‌)

Net

realized

gain

—‌

(0.11‌)

(0.66‌)

(0.53‌)

Total

distributions

—‌

(0.29‌)

(0.82‌)

(0.64‌)

NET

ASSET

VALUE

End

of

period

$

15.92‌

$

13.75‌

$

19.60‌

$

18.41‌

Ratios/Supplemental

Data

Total

return

(3)(4)

15.78‌%

(28.47‌)%

11.00‌%

110.74‌%

Ratios

to

average

net

assets:

(3)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.34‌%

(5)

0.40‌%

0.60‌%

3.07‌%

(5)

Net

expenses

after

waivers/payments

by

Price

Associates

0.00‌%

(5)

0.00‌%

0.01‌%

0.00‌%

(5)

Net

investment

income

1.21‌%

(5)

1.37‌%

1.09‌%

1.00‌%

(5)

Portfolio

turnover

rate

14.5‌%

23.4‌%

34.7‌%

38.3‌%

Net

assets,

end

of

period

(in

thousands)

$23,445

$11,404

$1,132

$204

0‌%

0‌%

0‌%

0‌%

(1)

Inception

date

(2)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3)

See

Note

6

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

Mid-Cap

Index

Fund

June

30,

2023

(Unaudited)

12

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

99.6%

COMMUNICATION

SERVICES

4.8%

Diversified

Telecommunication

Services

0.3%

Frontier

Communications

Parent  (1)

7,441‌

139‌

GCI

Liberty,

Class

A,

EC  (2)

203‌

—‌

Iridium

Communications 

3,800‌

236‌

375‌

Entertainment

1.9%

AMC

Entertainment

Holdings,

Class

A  (1)(3)

15,772‌

69‌

Liberty

Media-Liberty

Formula

One,

Class

A  (1)

723‌

49‌

Liberty

Media-Liberty

Formula

One,

Class

C  (1)

5,925‌

446‌

Madison

Square

Garden

Sports 

565‌

106‌

Playtika

Holding  (1)

739‌

9‌

ROBLOX,

Class

A  (1)

14,017‌

565‌

Roku  (1)

3,755‌

240‌

Spotify

Technology  (1)

4,279‌

687‌

World

Wrestling

Entertainment,

Class

A 

1,311‌

142‌

2,313‌

Interactive

Media

&

Services

0.8%

IAC (1)

2,336‌

147‌

Pinterest,

Class

A  (1)

18,120‌

495‌

TripAdvisor  (1)

3,375‌

56‌

ZoomInfo

Technologies  (1)

9,506‌

241‌

939‌

Media

1.8%

Cable

One 

171‌

112‌

DISH

Network,

Class

A  (1)(3)

7,523‌

50‌

Liberty

Broadband,

Class

A  (1)

517‌

41‌

Liberty

Broadband,

Class

C  (1)

3,549‌

284‌

Liberty

Media-Liberty

SiriusXM,

Class

A  (1)

2,257‌

74‌

Liberty

Media-Liberty

SiriusXM,

Class

C  (1)

4,668‌

153‌

New

York

Times,

Class

A 

4,909‌

193‌

Nexstar

Media

Group,

Class

A 

1,041‌

174‌

Sirius

XM

Holdings  (3)

19,583‌

89‌

Trade

Desk,

Class

A  (1)

13,443‌

1,038‌

2,208‌

Total

Communication

Services

5,835‌

CONSUMER

DISCRETIONARY

12.5%

Automobile

Components

0.4%

Gentex 

7,141‌

209‌

Lear 

1,789‌

257‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

13

Shares

$

Value

(Cost

and

value

in

$000s)

‡

QuantumScape  (1)(3)

8,941‌

71‌

537‌

Automobiles

0.6%

Harley-Davidson 

3,981‌

140‌

Lucid

Group  (1)(3)

22,646‌

156‌

Rivian

Automotive,

Class

A  (1)

15,727‌

262‌

Thor

Industries  (3)

1,558‌

161‌

719‌

Broadline

Retail

0.8%

Coupang (1)

33,456‌

582‌

Kohl's 

3,358‌

77‌

Macy's 

8,224‌

132‌

Nordstrom 

3,469‌

71‌

Ollie's

Bargain

Outlet

Holdings  (1)

1,874‌

109‌

971‌

Diversified

Consumer

Services

0.6%

ADT 

6,387‌

38‌

Bright

Horizons

Family

Solutions  (1)

1,745‌

161‌

Grand

Canyon

Education  (1)

918‌

95‌

H&R

Block 

4,615‌

147‌

Mister

Car

Wash  (1)(3)

2,348‌

23‌

Service

Corp

International 

4,534‌

293‌

757‌

Hotels,

Restaurants

&

Leisure

4.2%

Airbnb,

Class

A  (1)

12,365‌

1,585‌

Aramark 

7,137‌

307‌

Boyd

Gaming 

2,233‌

155‌

Choice

Hotels

International  (3)

923‌

108‌

Churchill

Downs 

2,167‌

302‌

DoorDash,

Class

A  (1)

9,209‌

704‌

DraftKings,

Class

A  (1)

12,743‌

339‌

Hyatt

Hotels,

Class

A 

1,413‌

162‌

Marriott

Vacations

Worldwide 

1,111‌

136‌

Penn

Entertainment  (1)

4,659‌

112‌

Planet

Fitness,

Class

A  (1)

2,591‌

175‌

Texas

Roadhouse 

2,033‌

228‌

Travel

+

Leisure 

2,257‌

91‌

Vail

Resorts 

1,218‌

307‌

Wendy's 

5,258‌

114‌

Wingstop 

911‌

182‌

Wyndham

Hotels

&

Resorts 

2,556‌

175‌

5,182‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

14

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Household

Durables

0.7%

Leggett

&

Platt 

4,027‌

119‌

Tempur

Sealy

International 

5,072‌

203‌

Toll

Brothers 

3,364‌

266‌

TopBuild  (1)

965‌

257‌

845‌

Leisure

Products

0.6%

Brunswick 

2,155‌

187‌

Mattel  (1)

10,727‌

210‌

Peloton

Interactive,

Class

A  (1)

9,370‌

72‌

Polaris 

1,639‌

198‌

YETI

Holdings  (1)

2,634‌

102‌

769‌

Specialty

Retail

2.4%

AutoNation (1)

928‌

153‌

Burlington

Stores  (1)

1,977‌

311‌

Dick's

Sporting

Goods 

1,832‌

242‌

Five

Below  (1)

1,676‌

329‌

Floor

&

Decor

Holdings,

Class

A  (1)(3)

3,183‌

331‌

GameStop,

Class

A  (1)

8,161‌

198‌

Gap 

5,907‌

53‌

Lithia

Motors 

823‌

250‌

Murphy

USA 

601‌

187‌

Penske

Automotive

Group 

611‌

102‌

Petco

Health

&

Wellness  (1)(3)

2,586‌

23‌

RH  (1)(3)

495‌

163‌

Valvoline 

5,217‌

196‌

Victoria's

Secret  (1)

2,453‌

43‌

Wayfair,

Class

A  (1)

2,501‌

163‌

Williams-Sonoma 

1,986‌

248‌

2,992‌

Textiles,

Apparel

&

Luxury

Goods

2.2%

Capri

Holdings  (1)

3,718‌

133‌

Carter's 

1,118‌

81‌

Columbia

Sportswear 

1,086‌

84‌

Crocs  (1)

1,854‌

209‌

Deckers

Outdoor  (1)

801‌

423‌

Lululemon

Athletica  (1)

3,393‌

1,284‌

PVH 

1,896‌

161‌

Skechers

USA,

Class

A  (1)

4,177‌

220‌

Under

Armour,

Class

A  (1)

5,729‌

41‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

15

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Under

Armour,

Class

C  (1)

5,633‌

38‌

2,674‌

Total

Consumer

Discretionary

15,446‌

CONSUMER

STAPLES

2.5%

Beverages

0.3%

Boston

Beer,

Class

A  (1)

291‌

90‌

Celsius

Holdings  (1)

1,665‌

248‌

338‌

Consumer

Staples

Distribution

&

Retail

1.2%

Albertsons,

Class

A 

12,698‌

277‌

BJ's

Wholesale

Club

Holdings  (1)

4,055‌

256‌

Casey's

General

Stores 

1,136‌

277‌

Grocery

Outlet

Holding  (1)

2,884‌

88‌

Performance

Food

Group  (1)

4,669‌

281‌

U.S.

Foods

Holding  (1)

6,905‌

304‌

1,483‌

Food

Products

0.8%

Darling

Ingredients  (1)

4,830‌

308‌

Flowers

Foods 

5,711‌

142‌

Freshpet  (1)

1,387‌

91‌

Ingredion 

2,011‌

213‌

Pilgrim's

Pride  (1)

1,288‌

28‌

Post

Holdings  (1)

1,627‌

141‌

Seaboard 

8‌

29‌

952‌

Household

Products

0.1%

Reynolds

Consumer

Products 

1,651‌

47‌

Spectrum

Brands

Holdings 

1,221‌

95‌

142‌

Personal

Care

Products

0.1%

Coty,

Class

A  (1)

10,950‌

135‌

Olaplex

Holdings  (1)(3)

3,917‌

14‌

149‌

Total

Consumer

Staples

3,064‌

ENERGY

3.0%

Energy

Equipment

&

Services

0.3%

NOV 

11,924‌

191‌

TechnipFMC  (1)

13,377‌

223‌

414‌

Oil,

Gas

&

Consumable

Fuels

2.7%

Antero

Midstream 

10,304‌

120‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

16

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Antero

Resources  (1)

8,617‌

198‌

Cheniere

Energy 

7,398‌

1,127‌

Chesapeake

Energy 

3,881‌

325‌

DT

Midstream 

2,949‌

146‌

HF

Sinclair 

4,291‌

191‌

New

Fortress

Energy 

1,968‌

53‌

Ovintiv 

7,393‌

281‌

PDC

Energy 

2,635‌

188‌

Range

Resources 

7,134‌

210‌

Southwestern

Energy  (1)

33,344‌

200‌

Texas

Pacific

Land 

176‌

232‌

3,271‌

Total

Energy

3,685‌

FINANCIALS

16.5%

Banks

2.9%

Bank

OZK 

3,349‌

134‌

BOK

Financial 

861‌

70‌

Columbia

Banking

System 

6,318‌

128‌

Commerce

Bancshares 

3,473‌

169‌

Cullen/Frost

Bankers 

1,799‌

193‌

East

West

Bancorp 

4,279‌

226‌

First

Citizens

BancShares,

Class

A 

332‌

426‌

First

Hawaiian 

3,865‌

70‌

First

Horizon 

16,242‌

183‌

FNB 

10,866‌

124‌

New

York

Community

Bancorp 

21,701‌

244‌

NU

Holdings,

Class

A  (1)

70,450‌

556‌

Pinnacle

Financial

Partners 

2,287‌

130‌

Popular 

2,139‌

129‌

Prosperity

Bancshares 

2,648‌

150‌

Synovus

Financial 

4,395‌

133‌

Webster

Financial 

5,277‌

199‌

Western

Alliance

Bancorp 

3,286‌

120‌

Wintrust

Financial 

1,849‌

134‌

3,518‌

Capital

Markets

5.9%

Affiliated

Managers

Group 

1,083‌

162‌

Ares

Management,

Class

A 

4,897‌

472‌

Blackstone 

21,517‌

2,001‌

Blue

Owl

Capital 

13,581‌

158‌

Carlyle

Group  (3)

6,429‌

205‌

Coinbase

Global,

Class

A  (1)

5,096‌

365‌

Evercore,

Class

A 

1,081‌

134‌

Houlihan

Lokey 

1,510‌

149‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

17

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Interactive

Brokers

Group,

Class

A 

3,041‌

253‌

Janus

Henderson

Group 

4,068‌

111‌

Jefferies

Financial

Group 

6,123‌

203‌

KKR 

19,703‌

1,103‌

Lazard,

Class

A 

3,326‌

106‌

LPL

Financial

Holdings 

2,382‌

518‌

Morningstar 

782‌

153‌

Robinhood

Markets,

Class

A  (1)

20,180‌

201‌

SEI

Investments 

3,093‌

184‌

Stifel

Financial 

3,120‌

186‌

TPG 

1,950‌

57‌

Tradeweb

Markets,

Class

A 

3,497‌

240‌

Virtu

Financial,

Class

A 

2,715‌

46‌

XP,

Class

A  (1)

10,123‌

238‌

7,245‌

Consumer

Finance

0.7%

Ally

Financial 

8,246‌

223‌

Credit

Acceptance  (1)(3)

195‌

99‌

OneMain

Holdings 

3,410‌

149‌

SLM 

7,329‌

120‌

SoFi

Technologies  (1)

27,955‌

233‌

824‌

Financial

Services

3.3%

Affirm

Holdings  (1)

6,612‌

101‌

Apollo

Global

Management 

15,914‌

1,222‌

Block,

Class

A  (1)

16,540‌

1,101‌

Corebridge

Financial 

4,484‌

79‌

Equitable

Holdings 

10,895‌

296‌

Euronet

Worldwide  (1)

1,437‌

169‌

MGIC

Investment 

8,756‌

138‌

Rocket,

Class

A  (1)

3,926‌

35‌

Shift4

Payments,

Class

A  (1)(3)

1,653‌

112‌

TFS

Financial  (3)

1,578‌

20‌

Toast,

Class

A  (1)(3)

10,796‌

244‌

UWM

Holdings  (3)

2,922‌

17‌

Voya

Financial 

2,985‌

214‌

Western

Union 

11,374‌

134‌

WEX  (1)

1,303‌

237‌

4,119‌

Insurance

3.1%

American

Financial

Group 

2,218‌

263‌

Assured

Guaranty 

1,727‌

96‌

Axis

Capital

Holdings 

2,362‌

127‌

Brighthouse

Financial  (1)

2,025‌

96‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

18

Shares

$

Value

(Cost

and

value

in

$000s)

‡

CNA

Financial 

816‌

32‌

Fidelity

National

Financial 

7,908‌

285‌

First

American

Financial 

3,045‌

174‌

Hanover

Insurance

Group 

1,078‌

122‌

Kemper 

1,829‌

88‌

Kinsale

Capital

Group 

668‌

250‌

Markel

Group  (1)

400‌

553‌

Old

Republic

International 

8,284‌

208‌

Primerica 

1,103‌

218‌

Reinsurance

Group

of

America 

2,026‌

281‌

RenaissanceRe

Holdings 

1,496‌

279‌

RLI 

1,223‌

167‌

Ryan

Specialty

Holdings  (1)

2,820‌

127‌

Unum

Group 

5,988‌

286‌

White

Mountains

Insurance

Group 

75‌

104‌

3,756‌

Mortgage

Real

Estate

Investment

Trusts

0.6%

AGNC

Investment,

REIT  (3)

17,429‌

176‌

Annaly

Capital

Management,

REIT 

15,048‌

301‌

Rithm

Capital,

REIT 

14,644‌

137‌

Starwood

Property

Trust,

REIT  (3)

8,956‌

174‌

788‌

Total

Financials

20,250‌

HEALTH

CARE

10.9%

Biotechnology

4.4%

Alnylam

Pharmaceuticals  (1)

3,779‌

718‌

Apellis

Pharmaceuticals  (1)

3,040‌

277‌

BioMarin

Pharmaceutical  (1)

5,715‌

495‌

Exact

Sciences  (1)

5,453‌

512‌

Exelixis  (1)

9,748‌

186‌

Horizon

Therapeutics  (1)

6,836‌

703‌

Ionis

Pharmaceuticals  (1)

4,327‌

178‌

Karuna

Therapeutics  (1)

1,089‌

236‌

Mirati

Therapeutics  (1)

1,387‌

50‌

Natera  (1)

3,147‌

153‌

Neurocrine

Biosciences  (1)

2,945‌

278‌

Roivant

Sciences  (1)

7,415‌

75‌

Sarepta

Therapeutics  (1)

2,725‌

312‌

Seagen  (1)

4,276‌

823‌

Ultragenyx

Pharmaceutical  (1)

2,056‌

95‌

United

Therapeutics  (1)

1,375‌

303‌

5,394‌

Health

Care

Equipment

&

Supplies

1.7%

Enovis (1)

1,593‌

102‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

19

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Envista

Holdings  (1)

4,976‌

169‌

Globus

Medical,

Class

A  (1)

2,408‌

143‌

ICU

Medical  (1)

614‌

110‌

Inspire

Medical

Systems  (1)

879‌

285‌

Integra

LifeSciences

Holdings  (1)

2,171‌

89‌

Masimo  (1)

1,445‌

238‌

Novocure  (1)

3,190‌

132‌

Penumbra  (1)

1,105‌

380‌

QuidelOrtho  (1)

1,624‌

135‌

Shockwave

Medical  (1)

1,105‌

315‌

Tandem

Diabetes

Care  (1)

1,959‌

48‌

2,146‌

Health

Care

Providers

&

Services

1.1%

Acadia

Healthcare  (1)

2,733‌

218‌

agilon

health  (1)(3)

8,393‌

145‌

Amedisys  (1)

973‌

89‌

Chemed 

447‌

242‌

Encompass

Health 

3,008‌

204‌

Premier,

Class

A 

3,605‌

100‌

R1

RCM  (1)(3)

4,647‌

86‌

Tenet

Healthcare  (1)

3,076‌

250‌

1,334‌

Health

Care

Technology

1.0%

Certara (1)

3,629‌

66‌

Doximity,

Class

A  (1)(3)

3,306‌

113‌

Teladoc

Health  (1)

4,953‌

125‌

Veeva

Systems,

Class

A  (1)

4,419‌

874‌

1,178‌

Life

Sciences

Tools

&

Services

2.0%

10X

Genomics,

Class

A  (1)

2,789‌

156‌

Avantor  (1)

20,622‌

424‌

Azenta  (1)

2,070‌

97‌

Bruker 

3,236‌

239‌

ICON  (1)

2,488‌

623‌

Maravai

LifeSciences

Holdings,

Class

A  (1)

3,338‌

41‌

Medpace

Holdings  (1)

709‌

170‌

QIAGEN  (1)

6,930‌

312‌

Repligen  (1)

1,692‌

239‌

Sotera

Health  (1)

3,002‌

57‌

Syneos

Health  (1)

3,136‌

132‌

2,490‌

Pharmaceuticals

0.7%

Elanco

Animal

Health  (1)

14,894‌

150‌

Jazz

Pharmaceuticals  (1)

1,861‌

231‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

20

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Perrigo 

4,101‌

139‌

Royalty

Pharma,

Class

A 

11,317‌

348‌

868‌

Total

Health

Care

13,410‌

INDUSTRIALS

&

BUSINESS

SERVICES

18.3%

Aerospace

&

Defense

1.3%

BWX

Technologies 

2,782‌

199‌

Curtiss-Wright 

1,163‌

214‌

HEICO 

1,376‌

243‌

HEICO,

Class

A 

2,443‌

344‌

Hexcel 

2,568‌

195‌

Mercury

Systems  (1)

1,507‌

52‌

Spirit

AeroSystems

Holdings,

Class

A  (3)

3,178‌

93‌

Woodward 

1,802‌

214‌

1,554‌

Air

Freight

&

Logistics

0.2%

GXO

Logistics  (1)

3,565‌

224‌

224‌

Building

Products

2.1%

Advanced

Drainage

Systems 

1,898‌

216‌

Armstrong

World

Industries 

1,360‌

100‌

AZEK  (1)

3,725‌

113‌

Builders

FirstSource  (1)

3,889‌

529‌

Carlisle 

1,549‌

397‌

Fortune

Brands

Innovations 

3,853‌

277‌

Hayward

Holdings  (1)(3)

3,465‌

44‌

Lennox

International 

977‌

319‌

Owens

Corning 

2,736‌

357‌

Trex  (1)

3,309‌

217‌

2,569‌

Commercial

Services

&

Supplies

1.0%

Clean

Harbors  (1)

1,565‌

258‌

Driven

Brands

Holdings  (1)(3)

1,888‌

51‌

MSA

Safety 

1,120‌

195‌

RB

Global 

5,535‌

332‌

Stericycle  (1)

2,799‌

130‌

Tetra

Tech 

1,614‌

264‌

1,230‌

Construction

&

Engineering

1.2%

AECOM 

4,003‌

339‌

EMCOR

Group 

1,429‌

264‌

MasTec  (1)

1,890‌

223‌

MDU

Resources 

6,142‌

129‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

21

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Valmont

Industries 

631‌

184‌

WillScot

Mobile

Mini

Holdings  (1)

5,993‌

286‌

1,425‌

Electrical

Equipment

1.7%

Acuity

Brands 

967‌

158‌

ChargePoint

Holdings  (1)(3)

8,496‌

75‌

Hubbell 

1,635‌

542‌

nVent

Electric 

5,013‌

259‌

Plug

Power  (1)(3)

15,791‌

164‌

Regal

Rexnord 

2,015‌

310‌

Sensata

Technologies

Holding 

4,585‌

206‌

Sunrun  (1)

6,414‌

115‌

Vertiv

Holdings 

9,850‌

244‌

2,073‌

Ground

Transportation

3.3%

Avis

Budget

Group  (1)

621‌

142‌

Hertz

Global

Holdings  (1)

4,086‌

75‌

Knight-Swift

Transportation

Holdings 

4,759‌

265‌

Landstar

System 

1,089‌

210‌

Lyft,

Class

A  (1)

9,319‌

89‌

Ryder

System 

1,395‌

118‌

Saia  (1)

808‌

277‌

Schneider

National,

Class

B 

1,664‌

48‌

Uber

Technologies  (1)

59,166‌

2,554‌

U-Haul

Holding 

2,455‌

124‌

U-Haul

Holding  (3)

283‌

16‌

XPO  (1)

3,463‌

204‌

4,122‌

Machinery

3.0%

AGCO 

1,907‌

251‌

Allison

Transmission

Holdings 

2,760‌

156‌

CNH

Industrial 

29,866‌

430‌

Crane 

1,458‌

130‌

Crane

NXT 

1,462‌

82‌

Donaldson 

3,689‌

230‌

Esab 

1,714‌

114‌

Flowserve 

3,975‌

148‌

Gates

Industrial  (1)

3,599‌

48‌

Graco 

5,105‌

441‌

ITT 

2,518‌

235‌

Lincoln

Electric

Holdings 

1,700‌

338‌

Middleby  (1)

1,620‌

239‌

Oshkosh 

1,982‌

172‌

RBC

Bearings  (1)

860‌

187‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

22

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Timken 

1,900‌

174‌

Toro 

3,172‌

322‌

3,697‌

Marine

Transportation

0.1%

Kirby (1)

1,810‌

139‌

139‌

Professional

Services

2.5%

Booz

Allen

Hamilton

Holding 

3,974‌

443‌

CACI

International,

Class

A  (1)

692‌

236‌

Clarivate  (1)

14,304‌

136‌

Concentrix 

1,334‌

108‌

Dun

&

Bradstreet

Holdings 

8,279‌

96‌

FTI

Consulting  (1)

1,014‌

193‌

Genpact 

5,463‌

205‌

KBR 

4,121‌

268‌

ManpowerGroup 

1,531‌

122‌

Paycor

HCM  (1)(3)

1,733‌

41‌

Paylocity

Holding  (1)

1,279‌

236‌

Science

Applications

International 

1,634‌

184‌

SS&C

Technologies

Holdings 

6,641‌

402‌

TransUnion 

5,899‌

462‌

3,132‌

Trading

Companies

&

Distributors

1.9%

Air

Lease 

3,144‌

131‌

Core

&

Main,

Class

A  (1)

2,576‌

81‌

Ferguson 

6,296‌

990‌

MSC

Industrial

Direct,

Class

A 

1,396‌

133‌

SiteOne

Landscape

Supply  (1)

1,354‌

227‌

Univar

Solutions  (1)

4,715‌

169‌

Watsco  (3)

1,011‌

386‌

WESCO

International 

1,348‌

241‌

2,358‌

Total

Industrials

&

Business

Services

22,523‌

INFORMATION

TECHNOLOGY

19.8%

Communications

Equipment

0.3%

Ciena (1)

4,520‌

192‌

Lumentum

Holdings  (1)

2,077‌

118‌

Ubiquiti  (3)

132‌

23‌

Viasat  (1)

2,187‌

90‌

423‌

Electronic

Equipment,

Instruments

&

Components

1.7%

Arrow

Electronics  (1)

1,746‌

250‌

Avnet 

2,761‌

139‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

23

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Cognex 

5,265‌

295‌

Coherent  (1)

3,622‌

185‌

IPG

Photonics  (1)

911‌

124‌

Jabil 

3,951‌

427‌

Littelfuse 

736‌

214‌

National

Instruments 

3,992‌

229‌

TD

SYNNEX 

1,264‌

119‌

Vontier 

4,731‌

152‌

2,134‌

IT

Services

3.8%

Amdocs 

3,638‌

360‌

Cloudflare,

Class

A  (1)

8,783‌

574‌

Globant  (1)

1,257‌

226‌

GoDaddy,

Class

A  (1)

4,699‌

353‌

Kyndryl

Holdings  (1)

6,232‌

83‌

MongoDB  (1)

2,004‌

824‌

Okta  (1)

4,577‌

317‌

Snowflake,

Class

A  (1)

9,451‌

1,663‌

Twilio,

Class

A  (1)

5,159‌

328‌

4,728‌

Semiconductors

&

Semiconductor

Equipment

2.8%

Allegro

MicroSystems  (1)

2,031‌

92‌

Cirrus

Logic  (1)

1,677‌

136‌

Entegris 

4,561‌

505‌

GLOBALFOUNDRIES  (1)(3)

2,384‌

154‌

Lattice

Semiconductor  (1)

4,163‌

400‌

Marvell

Technology 

26,061‌

1,558‌

MKS

Instruments 

2,018‌

218‌

Universal

Display 

1,420‌

205‌

Wolfspeed  (1)(3)

3,770‌

209‌

3,477‌

Software

10.9%

Alteryx,

Class

A  (1)

1,861‌

84‌

AppLovin,

Class

A  (1)

6,924‌

178‌

Aspen

Technology  (1)

848‌

142‌

Atlassian,

Class

A  (1)

4,418‌

741‌

Bentley

Systems,

Class

B 

5,857‌

318‌

BILL

Holdings  (1)

3,136‌

366‌

Black

Knight  (1)

4,726‌

282‌

CCC

Intelligent

Solutions

Holdings  (1)

6,114‌

69‌

Confluent,

Class

A  (1)

5,625‌

199‌

Crowdstrike

Holdings,

Class

A  (1)

6,423‌

943‌

Datadog,

Class

A  (1)

8,334‌

820‌

DocuSign  (1)

6,165‌

315‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

24

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Dolby

Laboratories,

Class

A 

1,798‌

150‌

DoubleVerify

Holdings  (1)

3,417‌

133‌

Dropbox,

Class

A  (1)

7,979‌

213‌

Dynatrace  (1)

6,683‌

344‌

Elastic  (1)

2,363‌

152‌

Five9  (1)

2,161‌

178‌

Gitlab,

Class

A  (1)

1,485‌

76‌

Guidewire

Software  (1)

2,479‌

189‌

HashiCorp,

Class

A  (1)

2,822‌

74‌

HubSpot  (1)

1,393‌

741‌

Informatica,

Class

A  (1)

1,334‌

25‌

Manhattan

Associates  (1)

1,878‌

375‌

nCino  (1)

2,121‌

64‌

NCR  (1)

3,878‌

98‌

New

Relic  (1)

1,674‌

110‌

Nutanix,

Class

A  (1)

6,983‌

196‌

Palantir

Technologies,

Class

A  (1)

57,161‌

876‌

Pegasystems 

1,275‌

63‌

Procore

Technologies  (1)

2,386‌

155‌

RingCentral,

Class

A  (1)

2,594‌

85‌

SentinelOne,

Class

A  (1)

5,721‌

86‌

Smartsheet,

Class

A  (1)

3,814‌

146‌

Splunk  (1)

4,916‌

522‌

Teradata  (1)

3,092‌

165‌

UiPath,

Class

A  (1)(3)

11,419‌

189‌

Unity

Software  (1)

8,758‌

380‌

VMware,

Class

A  (1)

6,564‌

943‌

Workday,

Class

A  (1)

6,033‌

1,363‌

Zoom

Video

Communications,

Class

A  (1)

7,550‌

513‌

Zscaler  (1)

2,660‌

389‌

13,450‌

Technology

Hardware,

Storage

&

Peripherals

0.3%

Pure

Storage,

Class

A  (1)

8,570‌

316‌

316‌

Total

Information

Technology

24,528‌

MATERIALS

4.1%

Chemicals

1.4%

Ashland 

1,526‌

133‌

Axalta

Coating

Systems  (1)

6,742‌

221‌

Chemours 

4,518‌

167‌

Element

Solutions 

6,783‌

130‌

Ginkgo

Bioworks

Holdings  (1)(3)

46,663‌

87‌

Huntsman 

5,307‌

143‌

NewMarket 

189‌

76‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

25

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Olin 

3,935‌

202‌

RPM

International 

3,875‌

348‌

Scotts

Miracle-Gro 

1,255‌

79‌

Westlake 

984‌

117‌

1,703‌

Construction

Materials

0.2%

Eagle

Materials 

1,089‌

203‌

203‌

Containers

&

Packaging

1.0%

AptarGroup 

1,993‌

231‌

Ardagh

Metal

Packaging  (3)

4,700‌

18‌

Berry

Global

Group 

3,700‌

238‌

Crown

Holdings 

3,247‌

282‌

Graphic

Packaging

Holding 

9,279‌

223‌

Silgan

Holdings 

2,539‌

119‌

Sonoco

Products 

2,972‌

175‌

1,286‌

Metals

&

Mining

1.4%

Alcoa 

5,403‌

183‌

Cleveland-Cliffs  (1)

15,488‌

260‌

MP

Materials  (1)(3)

3,160‌

72‌

Reliance

Steel

&

Aluminum 

1,781‌

484‌

Royal

Gold 

1,998‌

229‌

Southern

Copper 

2,593‌

186‌

SSR

Mining 

6,270‌

89‌

United

States

Steel 

6,838‌

171‌

1,674‌

Paper

&

Forest

Products

0.1%

Louisiana-Pacific 

1,953‌

146‌

146‌

Total

Materials

5,012‌

REAL

ESTATE

5.8%

Diversified

Real

Estate

Investment

Trusts

0.4%

WP

Carey,

REIT 

6,477‌

438‌

438‌

Health

Care

Real

Estate

Investment

Trusts

0.5%

Healthcare

Realty

Trust,

REIT 

11,575‌

218‌

Medical

Properties

Trust,

REIT  (3)

18,042‌

167‌

Omega

Healthcare

Investors,

REIT 

7,137‌

219‌

604‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

26

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Hotel

&

Resort

Real

Estate

Investment

Trusts

0.1%

Park

Hotels

&

Resorts,

REIT 

6,677‌

86‌

86‌

Industrial

Real

Estate

Investment

Trusts

1.0%

Americold

Realty

Trust,

REIT 

8,229‌

266‌

EastGroup

Properties,

REIT 

1,344‌

233‌

First

Industrial

Realty

Trust,

REIT 

4,022‌

212‌

Rexford

Industrial

Realty,

REIT 

6,105‌

319‌

STAG

Industrial,

REIT 

5,458‌

196‌

1,226‌

Office

Real

Estate

Investment

Trusts

0.3%

Cousins

Properties,

REIT 

4,599‌

105‌

Highwoods

Properties,

REIT 

3,162‌

76‌

Kilroy

Realty,

REIT 

3,545‌

107‌

Vornado

Realty

Trust,

REIT 

5,373‌

97‌

385‌

Real

Estate

Management

&

Development

0.5%

Howard

Hughes  (1)

1,023‌

81‌

Jones

Lang

LaSalle  (1)

1,444‌

225‌

Zillow

Group,

Class

A  (1)

1,681‌

83‌

Zillow

Group,

Class

C  (1)

4,707‌

236‌

625‌

Residential

Real

Estate

Investment

Trusts

1.1%

American

Homes

4

Rent,

Class

A,

REIT 

10,183‌

361‌

Apartment

Income

REIT,

REIT 

4,522‌

163‌

Equity

LifeStyle

Properties,

REIT 

5,432‌

363‌

Sun

Communities,

REIT 

3,753‌

490‌

1,377‌

Retail

Real

Estate

Investment

Trusts

0.6%

Agree

Realty,

REIT 

2,704‌

177‌

Brixmor

Property

Group,

REIT 

9,122‌

201‌

NNN

REIT,

REIT 

5,528‌

236‌

Spirit

Realty

Capital,

REIT 

4,283‌

169‌

783‌

Specialized

Real

Estate

Investment

Trusts

1.3%

CubeSmart,

REIT 

6,817‌

304‌

EPR

Properties,

REIT 

2,255‌

106‌

Gaming

&

Leisure

Properties,

REIT 

7,693‌

373‌

Lamar

Advertising,

Class

A,

REIT 

2,648‌

263‌

Life

Storage,

REIT 

2,587‌

344‌

National

Storage

Affiliates

Trust,

REIT 

2,426‌

84‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

27

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Rayonier,

REIT 

4,462‌

140‌

1,614‌

Total

Real

Estate

7,138‌

UTILITIES

1.4%

Electric

Utilities

0.5%

Avangrid (3)

2,159‌

81‌

Hawaiian

Electric

Industries 

3,330‌

121‌

IDACORP 

1,534‌

157‌

OGE

Energy 

6,092‌

219‌

578‌

Gas

Utilities

0.3%

National

Fuel

Gas 

2,700‌

139‌

UGI 

6,351‌

171‌

310‌

Independent

Power

&

Renewable

Electricity

Producers

0.4%

Brookfield

Renewable,

Class

A 

3,882‌

123‌

Clearway

Energy,

Class

A 

1,087‌

29‌

Clearway

Energy,

Class

C 

2,489‌

71‌

Vistra 

11,441‌

300‌

523‌

Water

Utilities

0.2%

Essential

Utilities 

7,400‌

295‌

295‌

Total

Utilities

1,706‌

Total

Common

Stocks

(Cost

$126,090)

122,597‌

SHORT-TERM

INVESTMENTS

0.0%

Money

Market

Funds

0.0%

T.

Rowe

Price

Government

Reserve

Fund,

5.13%  (4)(5)

57,817‌

58‌

Total

Short-Term

Investments

(Cost

$58)

58‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

28

Shares

$

Value

(Cost

and

value

in

$000s)

‡

SECURITIES

LENDING

COLLATERAL

3.3%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

3.3%

Money

Market

Funds

3.3%

T.

Rowe

Price

Government

Reserve

Fund,

5.13%  (4)(5)

4,069,408‌

4,069‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

4,069‌

Total

Securities

Lending

Collateral

(Cost

$4,069)

4,069‌

Total

Investments

in

Securities

102.9%

of

Net

Assets

(Cost

$130,217)

$

126,724‌

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(3)

See

Note

3.

All

or

a

portion

of

this

security

is

on

loan

at

June

30,

2023.

(4)

Seven-day

yield

(5)

Affiliated

Companies

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.

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

T.

ROWE

PRICE

Mid-Cap

Index

Fund

29

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

six

months

ended

June

30,

2023.

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,

5.13%

$

—‌

$

—‌

$

4‌++

Totals

$

—‌#

$

—‌

$

4‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

06/30/23

T.

Rowe

Price

Government

Reserve

Fund,

5.13%

$

2,015‌

 ¤

  ¤

$

4,127‌

Total

$

4,127‌^

#

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

3.

+

Investment

income

comprised

$4

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

$4,127.

T.

ROWE

PRICE

Mid-Cap

Index

Fund

June

30,

2023

(Unaudited)

Statement

of

Assets

and

Liabilities

30

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$130,217)

$

126,724‌

Receivable

for

shares

sold

586‌

Dividends

receivable

94‌

Due

from

affiliates

28‌

Cash

2‌

Other

assets

10‌

Total

assets

127,444‌

Liabilities

Obligation

to

return

securities

lending

collateral

4,069‌

Payable

for

investment

securities

purchased

94‌

Investment

management

fees

payable

9‌

Payable

for

shares

redeemed

1‌

Other

liabilities

69‌

Total

liabilities

4,242‌

NET

ASSETS

$

123,202‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

June

30,

2023

(Unaudited)

Statement

of

Assets

and

Liabilities

31

($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)

$

(12,599‌)

Paid-in

capital

applicable

to

7,742,470

shares

of

$0.0001

par

value

capital

stock

outstanding;

2,000,000,000

shares

of

the

Corporation

authorized

135,801‌

NET

ASSETS

$

123,202‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$192;

Shares

outstanding:

12,131)

$

15.86‌

I

Class

(Net

assets:

$99,565;

Shares

outstanding:

6,257,899)

$

15.91‌

Z

Class

(Net

assets:

$23,445;

Shares

outstanding:

1,472,440)

$

15.92‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

(Unaudited)

Statement

of

Operations

32

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

6/30/23

Investment

Income

(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$1)

$

563‌

Securities

lending

69‌

Total

income

632‌

Expenses

Investment

management

48‌

Shareholder

servicing

I

Class

21‌

Prospectus

and

shareholder

reports

I

Class

2‌

Custody

and

accounting

111‌

Legal

and

audit

14‌

Miscellaneous

6‌

Waived

/

paid

by

Price

Associates

(138‌)

Total

expenses

64‌

Net

investment

income

568‌

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

loss

on

securities

(4,731‌)

Change

in

net

unrealized

gain

/

loss

on

securities

20,015‌

Net

realized

and

unrealized

gain

/

loss

15,284‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

15,852‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

33

($000s)

6

Months

Ended

6/30/23

Year

Ended

12/31/22

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

568‌

$

1,075‌

Net

realized

loss

(4,731‌)

(4,253‌)

Change

in

net

unrealized

gain

/

loss

20,015‌

(27,806‌)

Increase

(decrease)

in

net

assets

from

operations

15,852‌

(30,984‌)

Distributions

to

shareholders

Net

earnings

Investor

Class

–‌

(3‌)

I

Class

–‌

(1,497‌)

Z

Class

–‌

(220‌)

Decrease

in

net

assets

from

distributions

–‌

(1,720‌)

Capital

share

transactions

*

Shares

sold

I

Class

8,061‌

21,828‌

Z

Class

10,876‌

15,122‌

Distributions

reinvested

I

Class

–‌

1,497‌

Z

Class

–‌

220‌

Shares

redeemed

I

Class

(2,041‌)

(3,471‌)

Z

Class

(1,372‌)

(2,639‌)

Increase

in

net

assets

from

capital

share

transactions

15,524‌

32,557‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

34

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

6/30/23

Year

Ended

12/31/22

Net

Assets

Increase

(decrease)

during

period

31,376‌

(147‌)

Beginning

of

period

91,826‌

91,973‌

End

of

period

$

123,202‌

$

91,826‌

*Share

information

(000s)

Shares

sold

I

Class

559‌

1,335‌

Z

Class

737‌

932‌

Distributions

reinvested

I

Class

–‌

104‌

Z

Class

–‌

15‌

Shares

redeemed

I

Class

(138‌)

(225‌)

Z

Class

(94‌)

(176‌)

Increase

in

shares

outstanding

1,064‌

1,985‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

Unaudited

NOTES

TO

FINANCIAL

STATEMENTS

35

T.

Rowe

Price

Index

Trust,

Inc.

(the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Mid-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

mid-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

Mid-Cap

Index

Fund

(Investor

Class),

the

Mid-Cap

Index

Fund–I

Class

(I

Class)

and

the

Mid-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.

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

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

T.

ROWE

PRICE

Mid-Cap

Index

Fund

36

cost

basis.

Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense.

Dividends

received

from other

investment

companies 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

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.

T.

ROWE

PRICE

Mid-Cap

Index

Fund

37

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

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.

T.

ROWE

PRICE

Mid-Cap

Index

Fund

38

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.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

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

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.

T.

ROWE

PRICE

Mid-Cap

Index

Fund

39

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

June

30,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

NOTE

3

-

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

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

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

122,597‌

$

—‌

$

—‌

$

122,597‌

Short-Term

Investments

58‌

—‌

—‌

58‌

Securities

Lending

Collateral

4,069‌

—‌

—‌

4,069‌

Total

$

126,724‌

$

—‌

$

—‌

$

126,724‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

40

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

June

30,

2023,

the

value

of

loaned

securities

was

$3,686,000;

the

value

of

cash

collateral

and

related

investments

was

$4,069,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

short-term securities

aggregated $31,355,000 and

$15,643,000,

respectively,

for

the

six

months ended

June

30,

2023.

NOTE

4

-

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.

Financial

reporting

records

are

adjusted

for

permanent

book/

tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report.

The

fund

intends

to

retain

realized

gains

to

the

extent

of

available

capital

loss

carryforwards.

Net

realized

capital

losses

may

be

carried

forward

indefinitely

to

offset

future

realized

capital

gains.

As

of

December

31,

2022,

the

fund

had

$2,085,000 of

available

capital

loss

carryforwards.

At

June

30,

2023,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$135,271,000.

Net

unrealized

loss

aggregated

$8,547,000

at

period-end,

of

which $13,042,000

related

to

appreciated

investments

and $21,589,000

related

to

depreciated

investments.

NOTE

5

-

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

T.

ROWE

PRICE

Mid-Cap

Index

Fund

41

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

6

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group). 

The

investment

management

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,

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

T.

ROWE

PRICE

Mid-Cap

Index

Fund

42

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

six

months ended June

30,

2023

as

indicated

in

the

table

below.

Including these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $742,000 remain

subject

to

repayment

by

the

fund

at

June

30,

2023.

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

six

months

ended

June

30,

2023,

expenses

incurred

pursuant

to

these

service

agreements

were

$58,000

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.

Investor

Class

I

Class

Z

Class

Expense

limitation/I

Class

Limit

0.27%

0.05%

0.00%

Expense

limitation

date

04/30/24

04/30/24

N/A

(Waived)/repaid

during

the

period

($000s)

$—

(1)

$(109)

$(29)

(1)

Amount

rounds

to

less

than

$1,000

T.

ROWE

PRICE

Mid-Cap

Index

Fund

43

Additionally,

the

fund

is

one

of

several

mutual

funds

in

which

certain

college

savings

plans

managed

by

Price

Associates invests.

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

six

months ended

June

30,

2023,

the

fund

was

charged $21,000 for

shareholder

servicing

costs

related

to

the

college

savings

plans, which

is

net

of

a

reimbursement

by

Price

of

$11,000.

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

June

30,

2023,

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

June

30,

2023,

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

June

30,

2023,

T.

Rowe

Price

Group,

Inc.,

or

its

wholly

owned

subsidiaries,

owned

12,131

shares

of

the

Investor

Class,

representing

100%

of

the

Investor

Class's

net

assets. 

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

six

months

ended

June

30,

2023,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

T.

ROWE

PRICE

Mid-Cap

Index

Fund

44

NOTE

7

-

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.

In

March

2023,

the

collapse

of

some

US

regional

and

global

banks

as

well

as

overall

concerns

around

the

soundness

and

stability

of

the

global

banking

sector

has

sparked

concerns

of

a

broader

financial

crisis

impacting

the

overall

global

banking

sector.

In

certain

cases,

government

agencies

have

assumed

control

or

otherwise

intervened

in

the

operations

of

certain

banks

due

to

liquidity

and

solvency

concerns.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

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

Mid-Cap

Index

Fund

45

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.

RESULTS

OF

PROXY

VOTING

A

Special

Meeting

of

Shareholders

was

held

on

July

24,

2023

for

shareholders

of

record

on

April

7,

2023,

to

elect

the

following

director-nominees

to

serve

on

the

Board

of

all

Price

Funds.

The

newly

elected

Directors

took

office

effective

July

24,

2023.

The

results

of

the

voting

were

as

follows:

Teresa

Bryce

Bazemore,

Bruce

W.

Duncan,

Robert

J.

Gerrard,

Jr.,

Paul

F.

McBride

and

David

Oestreicher

continue

to

serve

as

Directors

on

the

Board

of

all

Price

Funds.

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

.

Votes

For

Votes

Withheld

Melody

Bianchetto

410,062,298

1,655,973

Mark

J.

Parrell

409,937,671

1,709,010

Kellye

L.

Walker

410,159,459

1,646,826

Eric

L.

Veiel

407,150,354

4,595,210

T.

ROWE

PRICE

Mid-Cap

Index

Fund

46

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

Each

year,

the

fund’s

Board

of

Directors

(Board)

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

well

as

the

investment

subadvisory

agreement

(Subadvisory

Contract)

that

the

Adviser

has

entered

into

with

T.

Rowe

Price

International

Ltd

(Subadviser)

on

behalf

of

the

fund.

In

that

regard,

at

a

meeting

held

on

March

6–7,

2023

(Meeting),

the

Board,

including

all

of

the

fund’s

independent

directors,

approved

the

continuation

of

the

fund’s

Advisory

Contract

and

Subadvisory

Contract.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

Subadviser

and

the

approval

of

the

Advisory

Contract

and

Subadvisory

Contract.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

and

Subadvisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

and

Subadviser

about

various

topics.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T.

Rowe

Price

funds’

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

Services

Provided

by

the

Adviser

and

Subadviser

The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser

and

Subadviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund’s

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund’s

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance;

maintaining

the

fund’s

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser’s

and

Subadviser’s

senior

management

teams

and

investment

personnel

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser’s

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser

and

Subadviser,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract.

T.

ROWE

PRICE

Mid-Cap

Index

Fund

47

Investment

Performance

of

the

Fund

The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T.

Rowe

Price

funds.

In

connection

with

the

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

the

fund’s

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2022.

Additionally,

the

Board

reviewed

the

fund’s

relative

performance

information

as

of

September

30,

2022,

which

ranked

the

returns

of

the

fund’s

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contract

review

at

the

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

fund’s

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund’s

performance,

length

of

the

fund’s

performance

track

record,

and

how

closely

the

fund’s

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

fund’s

performance,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract.

Costs,

Benefits,

Profits,

and

Economies

of

Scale

The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates)

may

have

realized

from

its

relationship

with

the

fund.

In

considering

soft-

dollar

arrangements

pursuant

to

which

research

may

be

received

from

broker-dealers

that

execute

the

fund’s

portfolio

transactions,

the

Board

noted

that

the

Adviser

bears

the

cost

of

research

services

for

all

client

accounts

that

it

advises,

including

the

T.

Rowe

Price

funds.

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T.

Rowe

Price

funds.

While

the

Board

did

not

review

information

regarding

profits

realized

from

managing

the

fund

in

particular

because

the

fund

had

either

not

achieved

sufficient

portfolio

asset

size

or

not

recognized

sufficient

revenues

to

produce

meaningful

profit

margin

percentages,

the

Board

concluded

that

the

Adviser’s

profits

were

reasonable

in

light

of

the

services

provided

to

the

T.

Rowe

Price

funds.

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

(continued)

T.

ROWE

PRICE

Mid-Cap

Index

Fund

48

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

based

on

the

fund’s

average

daily

net

assets,

and

the

fund

pays

its

own

expenses

of

operations.

Under

the

Subadvisory

Contract,

the

Adviser

may

pay

the

Subadviser

up

to

60%

of

the

advisory

fees

that

the

Adviser

receives

from

the

fund.

The

fund’s

shareholders

have

benefited

from

economies

of

scale

through

reductions

to

the

fund’s

management

fee,

and

the

fund

is

also

subject

to

contractual

expense

limitations

that

require

the

fund

to

waive

its

fees

and/or

bear

any

expenses

that

would

otherwise

cause

the

expenses

of

a

share

class

of

the

fund

to

exceed

a

certain

percentage

based

on

the

class’s

net

assets.

The

expense

limitations

mitigate

the

potential

for

relatively

higher

expenses

until

the

fund

achieves

greater

scale.

The

fund

also

offers

a

Z

Class,

which

serves

as

an

underlying

investment

within

certain

T.

Rowe

Price

fund

of

funds

arrangements.

The

Adviser

waives

its

advisory

fee

on

the

Z

Class

and

waives

or

bears

the

Z

Class’s

other

operating

expenses,

with

certain

exceptions.

The

Board

considered

whether

the

advisory

fee

and

operating

expense

waivers

on

the

Z

Class

may

present

a

means

for

cross-subsidization

of

the

Z

Class

by

other

share

classes

of

the

fund.

In

that

regard,

the

Board

noted

that

the

Z

Class

operating

expenses

are

largely

covered

by

the

all-inclusive

fees

charged

by

the

investing

T.

Rowe

Price

fund

of

funds

and

that

any

Z

Class

operating

expenses

not

covered

by

the

investing

T.

Rowe

Price

fund

of

funds’

fees

are

paid

by

the

Adviser

and

not

by

shareholders

of

any

other

share

class

of

the

fund.

In

addition,

the

Board

noted

that

the

fund

potentially

shares

in

indirect

economies

of

scale

through

the

Adviser’s

ongoing

investments

in

its

business

in

support

of

the

T.

Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-

party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

fund’s

investors.

Fees

and

Expenses

The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i)

contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Expense

Group)

and

(ii)

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

broader

set

of

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund’s

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

by

the

Adviser

after

any

applicable

waivers,

reductions,

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

(continued)

T.

ROWE

PRICE

Mid-Cap

Index

Fund

49

or

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

of

the

fund

after

any

waivers,

reductions,

or

reimbursements)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

information

provided

to

the

Board

indicated

that

the

fund’s

contractual

management

fee

ranked

in

the

fourth

quintile

(Expense

Group),

the

fund’s

actual

management

fee

rate

ranked

in

the

first

quintile

(Expense

Group

and

Expense

Universe),

and

the

fund’s

total

expenses

ranked

in

the

fifth

quintile

(Expense

Group)

and

fourth

quintile

(Expense

Universe).

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

to

investors

outside

the

United

States.

Management

provided

the

Board

with

information

about

the

Adviser’s

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

business

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

business.

The

Board

considered

information

showing

that

the

Adviser’s

mutual

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

institutional

account

business

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser’s

proprietary

mutual

fund

business.

In

assessing

the

reasonableness

of

the

fund’s

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

mutual

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution’s

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T.

Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

fund

under

the

Advisory

Contract

are

reasonable.

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

(continued)

T.

ROWE

PRICE

Mid-Cap

Index

Fund

50

Approval

of

the

Advisory

Contract

and

Subadvisory

Contract

As

noted,

the

Board

approved

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract

(including

the

fees

to

be

charged

for

services

thereunder).

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

(continued)

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

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.

F32-051

8/23

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

Not applicable.

Item 2. Code of Ethics.

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 is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

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 filed with the registrant’s annual Form N-CSR.
(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	August 18, 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	August 18, 2023
By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	August 18, 2023

EX-99.CERT

Item 13. (a)(2)

CERTIFICATIONS

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Mid-Cap Index Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any 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; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  August 18, 2023	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer

CERTIFICATIONS

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Mid-Cap Index Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any 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; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  August 18, 2023	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer

EX-99.906CE

Item 13. (b)

CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002

Name of Issuer: T. Rowe Price Mid-Cap Index Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

Date:  August 18, 2023	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date:  August 18, 2023	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer