N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-05986

T. Rowe Price Index Trust, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2023

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Highlights

and

Market

Commentary

Management’s

Discussion

of

Fund

Performance

Performance

and

Expenses

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

December

31,

2023

Annual

Report

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

TRSYX

Small-Cap

Index

Fund

–

.

TRCSX

Small-Cap

Index

Fund–

.

I  Class

TRZIX

Small-Cap

Index

Fund–

.

Z Class

T.

ROWE

PRICE

Small-Cap

Index

Fund

HIGHLIGHTS

The

Small-Cap

Index

Fund

produced

positive

returns

in

2023

and

closely

tracked

its

benchmark,

the

Russell

2000

Index.

Sector

performance

within

the

Russell

index

was

mostly

positive

during

the

period.

Information

technology,

consumer

discretionary,

and

industrials

and

business

services

performed

best,

while

utilities

exhibited

losses.

The

fund

seeks

to

employ

a

full

replication

strategy,

which

involves

investing

substantially

all

of

its

assets

in

all

of

the

stocks

in

the

index

and

seeking

to

maintain

holdings

of

each

stock

in

proportion

to

its

weight

in

the

index.

As

of

December

31,

financials,

industrials

and

business

services,

health

care,

and

information

technology

were

the

fund’s

largest

sector

allocations.

The

trajectories

of

the

economy,

corporate

earnings,

and

interest

rates

are

unpredictable,

and

investor

sentiment

toward

the

broad

market

and

various

market

segments

could

change

without

warning.

Our

job,

however,

is

to

replicate

the

structure

of

the

Russell

2000

and

attempt

to

track

the

index’s

performance.

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

An

account

service

fee

will

be

charged

annually

for

each

T.

Rowe

Price

mutual

fund

account

unless

you

meet

criteria

for

a

fee

waiver.

Go

to

troweprice.com/personal-investing/help/fees-and-

minimums.html

to

learn

more

about

this

account

service

fee,

including

other

ways

to

waive

it.

T.

ROWE

PRICE

Small-Cap

Index

Fund

Market

Commentary

1

Dear

Shareholder

Global

stock

and

bond

indexes

were

broadly

positive

during

2023

as

most

economies

managed

to

avoid

the

recession

that

was

widely

predicted

at

the

start

of

the

year.

Technology

companies

benefited

from

investor

enthusiasm

for

artificial

intelligence

developments

and

led

the

equity

rally,

while

fixed

income

benchmarks

rebounded

late

in

the

year

amid

falling

interest

rates.

For

the

12-month

period,

the

technology-oriented

Nasdaq

Composite

Index

rose

about

43%,

reaching

a

record

high

and

producing

the

strongest

result

of

the

major

benchmarks.

Growth

stocks

outperformed

value

shares,

and

developed

market

stocks

generally

outpaced

their

emerging

markets

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,

which

finished

the

year

just

short

of

the

record

level

it

reached

in

early

2022,

the

information

technology,

communication

services,

and

consumer

discretionary

sectors

were

all

lifted

by

the

tech

rally

and

recorded

significant

gains.

A

small

group

of

tech-oriented

mega-cap

companies

helped

drive

much

of

the

market’s

advance.

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

bounced

back

from

the

failure

of

three

large

regional

banks

in

the

spring

and

was

one

of

the

top-performing

segments

in

the

second

half

of

the

year.

The

U.S.

economy

was

the

strongest

among

the

major

markets

during

the

period,

with

gross

domestic

product

growth

coming

in

at

4.9%

in

the

third

quarter,

the

highest

since

the

end

of

2021.

Corporate

fundamentals

were

also

broadly

supportive.

Year-over-year

earnings

growth

contracted

in

the

first

and

second

quarters

of

2023,

but

results

were

better

than

expected,

and

earnings

growth

turned

positive

again

in

the

third

quarter.

Markets

remained

resilient

despite

a

debt

ceiling

standoff

in

the

U.S.,

the

outbreak

of

war

in

the

Middle

East,

the

continuing

conflict

between

Russia

and

Ukraine,

and

a

sluggish

economic

recovery

in

China.

Inflation

remained

a

concern,

but

investors

were

encouraged

by

the

slowing

pace

of

price

increases

as

well

as

the

possibility

that

the

Federal

Reserve

was

nearing

the

end

of

its

rate-hiking

cycle.

The

Fed

held

rates

steady

after

raising

its

short-term

lending

benchmark

rate

to

a

target

range

of

5.25%

to

5.50%

in

July,

the

highest

level

since

March

2001,

and

at

its

final

meeting

of

the

year

in

December,

the

central

bank

indicated

that

there

could

be

three

25-basis-point

rate

cuts

in

2024.

T.

ROWE

PRICE

Small-Cap

Index

Fund

2

The

yield

of

the

benchmark

10-year

U.S.

Treasury

note

briefly

reached

5.00%

in

October

for

the

first

time

since

late

2007

before

falling

back

to

3.88%

by

period-end,

the

same

level

where

it

started

the

year,

amid

cooler-than-expected

inflation

readings

and

less-hawkish

Fed

rhetoric.

Fixed

income

benchmarks

were

lifted

late

in

the

year

by

falling

yields.

Investment-grade

and

high

yield

corporate

bonds

produced

solid

returns,

supported

by

the

higher

coupons

that

have

become

available

over

the

past

year,

as

well

as

increasing

hopes

that

the

economy

might

be

able

to

avoid

a

recession.

Global

economies

and

markets

showed

surprising

resilience

in

2023,

but

considerable

uncertainty

remains

as

we

look

ahead.

Geopolitical

events,

the

path

of

monetary

policy,

and

the

impact

of

the

Fed’s

rate

hikes

on

the

economy

all

raise

the

potential

for

additional

volatility.

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

help

identify

securities

that

can

add

value

to

your

portfolio

over

the

long

term.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely, 

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Small-Cap

Index

Fund

Management’s

Discussion

of

Fund

Performance

3

INVESTMENT

OBJECTIVE 

The

fund

seeks

to

track

the

performance

of

a

benchmark

index

that

measures

the

investment

return

of

small-capitalization

U.S.

stocks.

FUND

COMMENTARY

How

did

the

fund

perform

in

the

past

12

months?

The

Small-Cap

Index

Fund

returned

16.75%

versus

16.93%

for

its

benchmark,

the

Russell

2000

Index.

Fund

performance

tends

to

slightly

lag

that

of

the

index

due

to

operating

and

management

expenses.

(Performance

for

the

I

Class

and

Z

Class

shares

will

vary

due

to

their

different

fee

structures.

Past

performance

cannot

guarantee

future

results.

)

As

a

reminder,

the

fund

is

not

available

for

direct

purchase

by

members

of

the

public.

All

investments

in

the

fund

must

be

made

by

T.

Rowe

Price

or

one

of

its

affiliated

investment

advisers

on

behalf

of

mutual

funds,

529

plans,

or

other

institutional

client

accounts

for

which

T.

Rowe

Price

or

its

affiliate

has

discretionary

investment

authority.

The

Z

Class

is

only

available

to

funds

managed

by

T.

Rowe

Price

and

other

advisory

clients

of

T.

Rowe

Price

or

its

affiliates

that

are

subject

to

a

contractual

fee

for

investment

management

services.

What

factors

influenced

the

fund’s

performance?

Most

sectors

of

the

Russell

2000

Index

produced

positive

returns

during

the

12-month

period.

U.S.

small-cap

stocks

advanced

in

2023,

despite

spending

most

of

the

year

out

of

favor,

with

a

late-period

rally

primarily

influenced

by

expectations

that

the

Federal

Reserve

was

nearing

the

conclusion

of

its

rate-

hike

campaign

and

may

initiate

rate

cuts

in

2024.

Within

our

portfolio,

industrials

and

business

services

stocks

contributed

the

most

to

absolute

returns.

Building

products

companies

were

among

the

best

performers

in

the

portfolio,

with

Simpson

Manufacturing

and

UFP

Industries

being

particularly

strong.

Simpson

Manufacturing

is

a

maker

of

structural

connectors

and

fasteners

used

in

homebuilding,

house

repairs,

and

nonresidential

construction.

Shares

advanced

during

the

year

on

the

heels

of

PERFORMANCE

COMPARISON

Total

Return

Periods

Ended

12/31/23

6

Months

12

Months

Small-Cap

Index

Fund

–

.

8.09‌%

16.75‌%

Small-Cap

Index

Fund–

.

I  Class

8.20‌

16.92‌

Small-Cap

Index

Fund–

.

Z  Class

8.25‌

17.07‌

Russell

2000

Index

8.18‌

16.93‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

4

a

series

of

earnings

beats.

Additionally,

the

company

continued

to

generate

good

cash

flows

and

consistently

returns

capital

to

shareholders

through

dividends

and

buybacks.

UFP

Industries

is

a

supplier

of

wood

products

to

retail,

construction,

and

industrial

markets.

Shares

surged

in

the

final

two

months

of

the

year,

as

several

of

the

company’s

end

markets

could

benefit

from

declining

interest

rates

in

2024.

(Please

refer

to

the

portfolio

of

investments

for

a

complete

list

of

holdings

and

the

amount

each

represents

in

the

portfolio.)

Information

technology

stocks

(IT)

were

also

significant

contributors

to

fund

performance.

The

software

segment

was

the

best

performer,

by

a

wide

margin,

with

MicroStrategy

and

Qualys

generating

strong

returns.

MicroStrategy

is

an

analytics

and

business

intelligence

company

with

two

stated

corporate

strategies:

to

acquire

and

hold

bitcoin,

and

to

grow

its

enterprise

analytics

software

business.

Shares

surged

at

the

end

of

the

year

as

falling

longer-term

interest

rates

supported

a

rally

in

high-growth

and

high-risk

assets,

including

cryptocurrencies.

Qualys

is

a

provider

of

cloud-based

security,

compliance,

and

IT

solutions.

Shares

also

benefited

from

the

end-of-year

rally

in

software

names

and

small-cap

companies.

The

consumer

discretionary

sector

also

contributed

to

absolute

returns,

with

the

household

durables

segment

particularly

strong.

Homebuilders

Meritage

Homes

and

KB

Home

soared

late

in

the

year,

as

expectations

for

lower

mortgage

interest

rates

in

2024

augured

well

for

greater

housing

affordability.

Conversely,

the

utilities

sector,

one

of

the

smallest

in

the

index

and

the

portfolio,

was

the

only

sector

to

display

negative

returns

during

the

year.

Utilities

fell

during

the

period

given

the

backdrop

of

high

interest

rates.

Within

our

portfolio,

multi-utilities

companies

performed

worst

as

Black

Hills

Corporation

detracted

from

returns.

How

is

the

fund

positioned?

The

Small-Cap

Index

Fund

seeks

to

replicate

the

structure

and

performance

of

its

benchmark,

the

Russell

2000

Index.

The

index,

which

is

constructed

by

the

Russell

Investment

Group,

consists

of

approximately

2,000

small-cap

securities,

some

of

which

could

be

considered

micro-caps.

T.

ROWE

PRICE

Small-Cap

Index

Fund

5

The

fund

seeks

to

employ

a

full

replication

strategy,

which

involves

investing

substantially

all

of

its

assets

in

all

of

the

stocks

in

the

index

and

seeking

to

maintain

holdings

of

each

stock

in

proportion

to

its

weight

in

the

index.

Since

the

portfolio

is

designed

to

track

its

index,

it

does

not

have

the

flexibility

to

shift

assets

toward

stocks

or

sectors

that

are

rising

or

away

from

those

that

are

declining.

At

the

end

of

our

reporting

period,

financials,

industrials

and

business

services,

health

care,

and

information

technology

were

the

fund’s

largest

sector

allocations,

as

shown

in

the

Sector

Diversification

table.

The

portfolio

had

very

little

exposure

to

communication

services,

utilities,

and

consumer

staples

investments.

What

is

portfolio

management’s

outlook?

Continued

trends

in

disinflation,

alongside

a

handful

of

benign

jobs

reports,

have

lengthened

the

runway

for

an

economic

soft

landing.

The

Federal

Reserve’s

dovish

pivot—and

implied

rate

cut

cadence—has

encouraged

risk-on

behavior

as

the

probability

of

a

recession

continues

to

decline.

We

believe

equity

returns

are

likely

to

be

more

subdued

in

2024;

an

additional

move

higher

will

likely

hinge

on

the

ability

of

companies

to

demonstrate

meaningful

earnings

and

free

cash

flow

growth

following

the

significant

move

up

in

the

last

12

months,

which

was

aided

in

large

part

by

multiple

expansion.

SECTOR

DIVERSIFICATION

Percent

of

Net

Assets

6/30/23

12/31/23

Financials

14.9‌%

16.8‌%

Industrials

and

Business

Services

17.1‌

16.7‌

Health

Care

16.7‌

15.2‌

Information

Technology

13.6‌

13.5‌

Consumer

Discretionary

10.6‌

10.9‌

Energy

6.7‌

6.8‌

Real

Estate

6.0‌

6.1‌

Materials

4.6‌

4.4‌

Consumer

Staples

3.4‌

3.4‌

Utilities

3.0‌

2.7‌

Communication

Services

2.5‌

2.3‌

Other

and

Reserves

0.9‌

1.2‌

Total

100.0‌%

100.0‌%

Historical

weightings

reflect

current

industry/sector

classifications.

T.

ROWE

PRICE

Small-Cap

Index

Fund

6

The

trajectories

of

the

economy,

corporate

earnings,

and

interest

rates

are

unpredictable,

and

investor

sentiment

toward

the

broad

market

and

various

market

segments

could

change

without

warning.

Our

job

is

not

to

determine

which

stocks

or

sectors

are

likely

to

perform

best

but,

rather,

to

replicate

the

structure

of

the

Russell

2000

Index

to

provide

broad

exposure

to

small-cap

stocks

and

to

attempt

to

track

the

index’s

performance.

The

views

expressed

reflect

the

opinions

of

T.

Rowe

Price

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic,

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

T.

ROWE

PRICE

Small-Cap

Index

Fund

7

Risks

of

Investing

in

the

Small-Cap

Index

Fund

Stocks

generally

fluctuate

in

value

more

than

bonds

and

may

decline

significantly

over

short

time

periods.

There

is

a

chance

that

stock

prices

overall

will

decline

because

stock

markets

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

The

value

of

stocks

held

by

the

fund

may

decline

due

to

general

weakness

or

volatility

in

the

stock

markets

in

which

the

fund

invests

or

because

of

factors

that

affect

a

particular

company

or

industry.

Investments

in

securities

issued

by

small-cap

and

micro-cap

companies

are

likely

to

be

more

volatile

than

investments

in

securities

issued

by

larger

companies.

Small-cap

companies

often

have

less

experienced

management,

narrower

product

lines,

more

limited

financial

resources,

and

less

publicly

available

information

than

larger

companies.

In

addition,

smaller

companies

are

typically

more

sensitive

to

changes

in

overall

economic

conditions,

and

their

securities

may

be

difficult

to

trade.

The

risks

of

small-cap

investing

are

heightened

for

investments

in

micro-cap

companies.

Because

the

fund

is

passively

managed

and

seeks

to

match

the

performance

of

its

benchmark

index,

holdings

are

generally

not

reallocated

based

on

changes

in

market

conditions

or

outlook

for

a

specific

security,

industry,

or

market

sector.

As

a

result,

the

fund’s

performance

may

lag

the

performance

of

actively

managed

funds.

The

returns

of

the

fund

may

deviate

from

the

returns

of

its

benchmark

index

(referred

to

as

“tracking

error”)

because

the

fund

incurs

fees

and

transaction

expenses

while

the

index

has

no

fees

or

expenses.

The

risk

of

tracking

error

is

increased

to

the

extent

the

fund

is

unable

to

fully

replicate

its

benchmark

index,

which

could

result

from

changes

in

the

composition

of

the

index

or

the

timing

of

purchases

and

redemptions

of

fund

shares.

T.

ROWE

PRICE

Small-Cap

Index

Fund

8

BENCHMARK

INFORMATION

Note:

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2024.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.  “Russell

®

” is/are

a

trademark(s)

of

the

relevant

LSE

Group

companies

and

is/are

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

rely

on

any

indexes

or

data

contained

in

this

communication.

No

further

distribution

of

data

from

the

LSE

Group

is

permitted

without

the

relevant

LSE

Group

company’s

express

written

consent.

The

LSE

Group

does

not

promote,

sponsor

or

endorse

the

content

of

this

communication.

The

LSE

Group

is

not

responsible

for

the

formatting

or

configuration

of

this

material

or

for

any

inaccuracy

in

T.

Rowe

Price’s

presentation

thereof.

T.

ROWE

PRICE

Small-Cap

Index

Fund

9

PORTFOLIO

HIGHLIGHTS

TWENTY-FIVE

LARGEST

HOLDINGS

Percent

of

Net

Assets

12/31/23

Super

Micro

Computer

0.5‌%

Simpson

Manufacturing

0.3‌ 

e.l.f.

Beauty

0.3‌ 

MicroStrategy

0.3‌ 

Cytokinetics

0.3‌ 

UFP

Industries

0.3‌ 

Light

&

Wonder

0.3‌ 

Onto

Innovation

0.3‌ 

Rambus

0.3‌ 

BellRing

Brands

0.3‌ 

Qualys

0.3‌ 

Comfort

Systems

USA

0.3‌ 

Api

0.3‌ 

SPS

Commerce

0.3‌ 

ImmunoGen

0.3‌ 

Fabrinet

0.3‌ 

Weatherford

International

0.3‌ 

Chord

Energy

0.3‌ 

Intra-Cellular

Therapies

0.3‌ 

Applied

Industrial

Technologies

0.3‌ 

Duolingo

0.3‌ 

Matador

Resources

0.3‌ 

SouthState

0.3‌ 

Ryman

Hospitality

Properties

0.3‌ 

Meritage

0.2‌ 

Total

7.6‌%

Note:

The

information

shown

does

not

reflect

any

exchange-traded

funds

(ETFs),

cash

reserves,

or

collateral

for

securities

lending

that

may

be

held

in

the

portfolio.

T.

ROWE

PRICE

Small-Cap

Index

Fund

10

GROWTH

OF

$10,000 

This

chart

shows

the

value

of

a

hypothetical

$10,000

investment

in

the

fund

over

the

past

10

fiscal

year

periods

or

since

inception

(for funds

lacking

10-year

records).

The

result

is

compared

with

benchmarks,

which

include

a

broad-based

market

index

and

may

also

include

a

peer

group

average

or

index.

Market

indexes

do

not

include

expenses,

which

are

deducted

from

fund returns

as

well

as

mutual fund

averages

and

indexes.

SMALL-CAP

INDEX

FUND 

Note:

Performance

for

the I

and

Z

Class

shares

will

vary

due

to

their

differing

fee

structures.

See

the

Average

Annual

Compound

Total

Return

table

on

the

next

page. 

T.

ROWE

PRICE

Small-Cap

Index

Fund

11

AVERAGE

ANNUAL

COMPOUND

TOTAL

RETURN

EXPENSE

RATIO

FUND

EXPENSE

EXAMPLE

As

a

mutual

fund

shareholder,

you

may

incur

two

types

of

costs:

(1)

transaction

costs,

such

as

redemption

fees

or

sales

loads,

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

fund

expenses.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

most

recent

six-month

period

and

held

for

the

entire

period.

Periods

Ended

12/31/23

1

Year

5

Years

Since

Inception

Inception

Date

Small-Cap

Index

Fund

–

.

16.75‌%

9.75‌%

8.60‌%

12/9/15

Small-Cap

Index

Fund–

.

I  Class

16.92‌

9.94‌

8.77‌

12/9/15

Small-Cap

Index

Fund–

.

Z  Class

17.07‌

–‌

21.08‌

3/16/20

The

fund’s

performance

information

represents

only

past

performance

and

is

not

necessarily

an

indication

of

future

results.

Current

performance

may

be

lower

or

higher

than

the

performance

data

cited.

Share

price,

principal

value,

and

return

will

vary,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

For

the

most

recent

month-end

performance,

please

visit

our

website

(troweprice.com)

or

contact

a

T.

Rowe

Price

representative

at

1

-

800

-

225

-

5132

or,

for

2

I

and

Z

Class

shares,

1-800-638-8790.

This

table

shows

how

the

fund

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

had

been

earned

at

a

constant

rate.

Average

annual

total

return

figures

include

changes

in

principal

value,

reinvested

dividends,

and

capital

gain

distributions.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

When

assessing

performance,

investors

should

consider

both

short-

and

long-term

returns.

Small-Cap

Index

Fund

4.94‌%

Small-Cap

Index

Fund–I

Class

0.42‌ 

Small-Cap

Index

Fund–Z

Class

0.38‌ 

The

expense

ratio

shown

is

as

of

the

fund’s

most

recent

prospectus.

This

number

may

vary

from

the

expense

ratio

shown

elsewhere

in

this

report

because

it

is

based

on

a

different

time

period

and,

if

applicable,

includes

acquired

fund

fees

and

expenses

but

does

not

include

fee

or

expense

waivers.

T.

ROWE

PRICE

Small-Cap

Index

Fund

12

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.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Small-Cap

Index

Fund

13

SMALL-CAP

INDEX

FUND

Beginning

Account

Value

7/1/23

Ending

Account

Value

12/31/23

Expenses

Paid

During

Period*

7/1/23

to

12/31/23

Investor

Class

Actual

$1,000.00

$1,080.90

$1.52

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,023.74

  1.48

I

Class

Actual

  1,000.00

  1,082.00

  0.73

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,024.50

  0.71

Z

Class

Actual

  1,000.00

  1,082.50

  0.00

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,025.21

  0.00

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(184),

and

divided

by

the

days

in

the

year

(365)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.29%,

the

2

I Class

was

0.14%,

and

the

3

Z Class

was

0.00%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Small-Cap

Index

Fund

Financial

Highlights

14

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

..

Year

..

..

Ended

.

12/31/23

12/31/22

12/31/21

12/31/20

12/31/19

NET

ASSET

VALUE

Beginning

of

period

$

12.48‌

$

15.93‌

$

14.16‌

$

12.20‌

$

10.19‌

Investment

activities

Net

investment

income

(1)(2)

0.18‌

0.17‌

0.11‌

0.11‌

0.15‌

Net

realized

and

unrealized

gain/

loss

1.90‌

(3.44‌)

1.91‌

2.30‌

2.42‌

Total

from

investment

activities

2.08‌

(3.27‌)

2.02‌

2.41‌

2.57‌

Distributions

Net

investment

income

(0.16‌)

(0.16‌)

(0.11‌)

(0.12‌)

(0.15‌)

Net

realized

gain

—‌

(0.02‌)

(0.14‌)

(0.33‌)

(0.41‌)

Total

distributions

(0.16‌)

(0.18‌)

(0.25‌)

(0.45‌)

(0.56‌)

NET

ASSET

VALUE

End

of

period

$

14.40‌

$

12.48‌

$

15.93‌

$

14.16‌

$

12.20‌

Ratios/Supplemental

Data

Total

return

(2)(3)

16.75‌%

(20.58‌)%

14.32‌%

19.88‌%

25.31‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.35‌%

4.93‌%

1.87‌%

4.10‌%

3.93‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.29‌%

0.29‌%

0.34‌%

0.35‌%

0.34‌%

Net

investment

income

1.39‌%

1.26‌%

0.70‌%

1.00‌%

1.25‌%

Portfolio

turnover

rate

27.2‌%

22.0‌%

29.0‌%

21.1‌%

17.3‌%

Net

assets,

end

of

period

(in

thousands)

$177

$154

$197

$6,726

$5,794

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

Small-Cap

Index

Fund

Financial

Highlights

15

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

..

Year

..

..

Ended

.

12/31/23

12/31/22

12/31/21

12/31/20

12/31/19

NET

ASSET

VALUE

Beginning

of

period

$

12.54‌

$

16.01‌

$

14.21‌

$

12.23‌

$

10.19‌

Investment

activities

Net

investment

income

(1)(2)

0.20‌

0.19‌

0.18‌

0.13‌

0.16‌

Net

realized

and

unrealized

gain/

loss

1.91‌

(3.46‌)

1.89‌

2.30‌

2.44‌

Total

from

investment

activities

2.11‌

(3.27‌)

2.07‌

2.43‌

2.60‌

Distributions

Net

investment

income

(0.18‌)

(0.18‌)

(0.13‌)

(0.12‌)

(0.15‌)

Net

realized

gain

—‌

(0.02‌)

(0.14‌)

(0.33‌)

(0.41‌)

Total

distributions

(0.18‌)

(0.20‌)

(0.27‌)

(0.45‌)

(0.56‌)

NET

ASSET

VALUE

End

of

period

$

14.47‌

$

12.54‌

$

16.01‌

$

14.21‌

$

12.23‌

Ratios/Supplemental

Data

Total

return

(2)(3)

16.92‌%

(20.48‌)%

14.63‌%

20.00‌%

25.60‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.40‌%

0.42‌%

0.65‌%

3.93‌%

3.71‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.14‌%

0.14‌%

0.17‌%

0.20‌%

0.19‌%

Net

investment

income

1.55‌%

1.43‌%

1.12‌%

1.15‌%

1.40‌%

Portfolio

turnover

rate

27.2‌%

22.0‌%

29.0‌%

21.1‌%

17.3‌%

Net

assets,

end

of

period

(in

thousands)

$112,086

$85,393

$90,212

$355

$306

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

Small-Cap

Index

Fund

Financial

Highlights

16

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Z

Class

(1)

..

Year

..

..

Ended

.

3/16/20

(1)

Through

12/31/20

12/31/23

12/31/22

12/31/21

NET

ASSET

VALUE

Beginning

of

period

$

12.53‌

$

15.99‌

$

14.20‌

$

7.59‌

Investment

activities

Net

investment

income

(2)(3)

0.23‌

0.22‌

0.23‌

0.11‌

Net

realized

and

unrealized

gain/loss

1.90‌

(3.47‌)

1.85‌

6.95‌

Total

from

investment

activities

2.13‌

(3.25‌)

2.08‌

7.06‌

Distributions

Net

investment

income

(0.20‌)

(0.19‌)

(0.15‌)

(0.12‌)

Net

realized

gain

—‌

(0.02‌)

(0.14‌)

(0.33‌)

Total

distributions

(0.20‌)

(0.21‌)

(0.29‌)

(0.45‌)

NET

ASSET

VALUE

End

of

period

$

14.46‌

$

12.53‌

$

15.99‌

$

14.20‌

Ratios/Supplemental

Data

Total

return

(3)(4)

17.07‌%

(20.35‌)%

14.71‌%

93.22‌%

Ratios

to

average

net

assets:

(3)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.32‌%

0.38‌%

0.72‌%

3.86‌%

(5)

Net

expenses

after

waivers/payments

by

Price

Associates

0.00‌%

0.00‌%

0.01‌%

0.01‌%

(5)

Net

investment

income

1.75‌%

1.67‌%

1.40‌%

1.30‌%

(5)

Portfolio

turnover

rate

27.2‌%

22.0‌%

29.0‌%

21.1‌%

Net

assets,

end

of

period

(in

thousands)

$36,196

$11,833

$1,104

$187

0‌%

0‌%

0‌%

0‌%

(1)

Inception

date

(2)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(4)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5)

Annualized

T.

ROWE

PRICE

Small-Cap

Index

Fund

December

31,

2023

17

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

99.5%

COMMUNICATION

SERVICES

2.3%

Diversified

Telecommunication

Services

0.5%

Anterix (1)

766‌

25‌

AST

SpaceMobile  (1)(2)

4,839‌

29‌

ATN

International 

607‌

24‌

Bandwidth,

Class

A  (1)

1,388‌

20‌

Charge

Enterprises  (1)

6,885‌

1‌

Cogent

Communications

Holdings 

2,521‌

192‌

Consolidated

Communications

Holdings  (1)

4,137‌

18‌

EchoStar,

Class

A  (1)(2)

7,134‌

118‌

Globalstar  (1)(2)

39,970‌

78‌

IDT,

Class

B  (1)

873‌

30‌

Liberty

Latin

America,

Class

A  (1)

1,948‌

14‌

Liberty

Latin

America,

Class

C  (1)

8,308‌

61‌

Lumen

Technologies  (1)(2)

58,046‌

106‌

Ooma  (1)

1,364‌

15‌

Shenandoah

Telecommunications 

2,796‌

60‌

791‌

Entertainment

0.4%

Atlanta

Braves

Holdings,

Class

A  (1)

550‌

24‌

Atlanta

Braves

Holdings,

Class

C  (1)

2,608‌

103‌

Cinemark

Holdings  (1)

6,284‌

89‌

IMAX  (1)

2,606‌

39‌

Lions

Gate

Entertainment,

Class

A  (1)

3,387‌

37‌

Lions

Gate

Entertainment,

Class

B  (1)

7,096‌

72‌

Loop

Media  (1)

1,798‌

2‌

Madison

Square

Garden

Entertainment  (1)

2,278‌

72‌

Marcus  (2)

1,317‌

19‌

Playstudios  (1)

5,194‌

14‌

Reservoir

Media  (1)(2)

1,089‌

8‌

Sphere

Entertainment  (1)(2)

1,509‌

51‌

Vivid

Seats,

Class

A  (1)

1,347‌

9‌

539‌

Interactive

Media

&

Services

0.7%

Bumble,

Class

A  (1)

5,813‌

86‌

Cargurus  (1)

5,714‌

138‌

Cars.com  (1)

3,841‌

73‌

DHI

Group  (1)

2,329‌

6‌

Eventbrite,

Class

A  (1)

4,304‌

36‌

EverQuote,

Class

A  (1)

1,137‌

14‌

fuboTV  (1)(2)

16,513‌

53‌

Grindr  (1)

2,342‌

21‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

MediaAlpha,

Class

A  (1)(2)

1,364‌

15‌

Nextdoor

Holdings  (1)

7,951‌

15‌

Outbrain  (1)

2,325‌

10‌

QuinStreet  (1)

3,086‌

40‌

Shutterstock 

1,426‌

69‌

System1  (1)(2)

2,295‌

5‌

TrueCar  (1)

5,232‌

18‌

Vimeo  (1)

8,943‌

35‌

Yelp  (1)

3,832‌

181‌

Ziff

Davis  (1)

2,680‌

180‌

ZipRecruiter,

Class

A  (1)

3,986‌

55‌

1,050‌

Media

0.6%

Advantage

Solutions  (1)(2)

4,976‌

18‌

AMC

Networks,

Class

A  (1)

1,737‌

33‌

Boston

Omaha,

Class

A  (1)

1,271‌

20‌

Cardlytics  (1)

1,994‌

18‌

Clear

Channel

Outdoor

Holdings  (1)

21,739‌

40‌

Daily

Journal  (1)

82‌

28‌

Emerald

Holding  (1)

766‌

5‌

Entravision

Communications,

Class

A 

3,627‌

15‌

EW

Scripps,

Class

A  (1)

3,306‌

27‌

Gambling.com

Group  (1)

956‌

9‌

Gannett  (1)

8,159‌

19‌

Gray

Television 

4,846‌

44‌

iHeartMedia,

Class

A  (1)

5,650‌

15‌

Integral

Ad

Science

Holding  (1)

2,797‌

40‌

John

Wiley

&

Sons,

Class

A 

2,090‌

66‌

Magnite  (1)

7,748‌

72‌

PubMatic,

Class

A  (1)

2,517‌

41‌

Scholastic 

1,544‌

58‌

Sinclair  (2)

1,941‌

25‌

Stagwell  (1)

4,631‌

31‌

TechTarget  (1)

1,525‌

53‌

TEGNA 

11,658‌

178‌

Thryv

Holdings  (1)

1,815‌

37‌

Townsquare

Media,

Class

A 

575‌

6‌

Urban

One  (1)

626‌

3‌

Urban

One,

Class

D  (1)

625‌

2‌

WideOpenWest  (1)

2,816‌

11‌

914‌

Wireless

Telecommunication

Services

0.1%

Gogo (1)

3,871‌

39‌

Spok

Holdings 

1,014‌

16‌

Telephone

&

Data

Systems 

5,656‌

104‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Tingo

Group  (1)(3)

6,016‌

1‌

160‌

Total

Communication

Services

3,454‌

CONSUMER

DISCRETIONARY

10.9%

Automobile

Components

1.3%

Adient (1)

5,435‌

198‌

American

Axle

&

Manufacturing

Holdings  (1)

6,587‌

58‌

Atmus

Filtration

Technologies  (1)

976‌

23‌

Cooper-Standard

Holdings  (1)

966‌

19‌

Dana 

7,476‌

109‌

Dorman

Products  (1)

1,540‌

128‌

Fox

Factory

Holding  (1)

2,465‌

166‌

Gentherm  (1)

1,902‌

99‌

Goodyear

Tire

&

Rubber  (1)

16,391‌

235‌

Holley  (1)

2,778‌

13‌

LCI

Industries 

1,426‌

179‌

Luminar

Technologies  (1)(2)

15,774‌

53‌

Modine

Manufacturing  (1)

3,000‌

179‌

Patrick

Industries 

1,222‌

123‌

Solid

Power  (1)(2)

8,726‌

13‌

Standard

Motor

Products 

1,222‌

49‌

Stoneridge  (1)

1,567‌

31‌

Visteon  (1)

1,599‌

200‌

XPEL  (1)

1,305‌

70‌

1,945‌

Automobiles

0.1%

Fisker (1)(2)

12,457‌

22‌

Livewire

Group  (1)

1,171‌

13‌

Winnebago

Industries 

1,677‌

122‌

Workhorse

Group  (1)(2)

8,260‌

3‌

160‌

Broadline

Retail

0.1%

Big

Lots 

1,511‌

12‌

ContextLogic,

Class

A  (1)

1,193‌

7‌

Dillard's,

Class

A  (2)

201‌

81‌

Qurate

Retail,

Class

B  (1)

65‌

—‌

Savers

Value

Village  (1)

1,536‌

27‌

127‌

Distributors

0.0%

Weyco

Group 

366‌

11‌

11‌

Diversified

Consumer

Services

1.3%

2U (1)(2)

4,075‌

5‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Adtalem

Global

Education  (1)

2,280‌

134‌

Carriage

Services 

726‌

18‌

Chegg  (1)

6,529‌

74‌

Clear

Secure,

Class

A  (2)

4,782‌

99‌

Coursera  (1)

7,600‌

147‌

Duolingo  (1)

1,700‌

386‌

European

Wax

Center,

Class

A  (1)

1,906‌

26‌

Frontdoor  (1)

4,687‌

165‌

Graham

Holdings,

Class

B 

210‌

146‌

Laureate

Education 

7,487‌

103‌

Lincoln

Educational

Services  (1)

1,342‌

14‌

Nerdy  (1)

3,345‌

12‌

OneSpaWorld

Holdings  (1)

4,911‌

69‌

Perdoceo

Education 

3,862‌

68‌

Rover

Group  (1)

5,403‌

59‌

Strategic

Education 

1,323‌

122‌

Stride  (1)

2,476‌

147‌

Udemy  (1)(2)

5,086‌

75‌

Universal

Technical

Institute  (1)

1,941‌

24‌

WW

International  (1)(2)

3,236‌

28‌

1,921‌

Hotels,

Restaurants

&

Leisure

2.2%

Accel

Entertainment  (1)

3,161‌

33‌

Bally's  (1)

1,753‌

25‌

Biglari

Holdings,

Class

B  (1)

42‌

7‌

BJ's

Restaurants  (1)

1,333‌

48‌

Bloomin'

Brands 

5,119‌

144‌

Bluegreen

Vacations

Holding 

627‌

47‌

Bowlero,

Class

A  (1)(2)

967‌

14‌

Brinker

International  (1)

2,514‌

109‌

Carrols

Restaurant

Group 

2,069‌

16‌

Century

Casinos  (1)

1,369‌

7‌

Cheesecake

Factory 

2,781‌

97‌

Chuy's

Holdings  (1)

1,008‌

39‌

Cracker

Barrel

Old

Country

Store 

1,266‌

98‌

Dave

&

Buster's

Entertainment  (1)

2,079‌

112‌

Denny's  (1)

3,221‌

35‌

Dine

Brands

Global 

912‌

45‌

El

Pollo

Loco

Holdings  (1)

1,584‌

14‌

Empire

Resorts,

Escrow,

EC  (1)(3)

9‌

—‌

Everi

Holdings  (1)

4,882‌

55‌

First

Watch

Restaurant

Group  (1)

1,314‌

26‌

Full

House

Resorts  (1)

2,029‌

11‌

Global

Business

Travel

Group

I  (1)(2)

1,907‌

12‌

Golden

Entertainment 

1,178‌

47‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Hilton

Grand

Vacations  (1)

4,633‌

186‌

Inspired

Entertainment  (1)

1,212‌

12‌

International

Game

Technology 

6,271‌

172‌

Jack

in

the

Box 

1,180‌

96‌

Krispy

Kreme  (2)

5,029‌

76‌

Kura

Sushi

USA,

Class

A  (1)

341‌

26‌

Life

Time

Group

Holdings  (1)(2)

2,614‌

39‌

Light

&

Wonder  (1)

5,305‌

436‌

Lindblad

Expeditions

Holdings  (1)

1,957‌

22‌

Monarch

Casino

&

Resort 

777‌

54‌

Mondee

Holdings  (1)(2)

2,480‌

7‌

Nathan's

Famous 

159‌

12‌

Noodles  (1)

1,999‌

6‌

ONE

Group

Hospitality  (1)

1,075‌

7‌

Papa

John's

International  (2)

1,919‌

146‌

PlayAGS  (1)

2,110‌

18‌

Portillo's,

Class

A  (1)

2,641‌

42‌

Potbelly  (1)

1,478‌

15‌

RCI

Hospitality

Holdings 

509‌

34‌

Red

Robin

Gourmet

Burgers  (1)

954‌

12‌

Red

Rock

Resorts,

Class

A 

2,779‌

148‌

Rush

Street

Interactive  (1)(2)

3,429‌

15‌

Sabre  (1)

19,123‌

84‌

SeaWorld

Entertainment  (1)

2,083‌

110‌

Shake

Shack,

Class

A  (1)

2,202‌

163‌

Six

Flags

Entertainment  (1)

4,139‌

104‌

Super

Group

SGHC  (1)

8,024‌

25‌

Sweetgreen,

Class

A  (1)

5,575‌

63‌

Target

Hospitality  (1)(2)

1,859‌

18‌

Xponential

Fitness,

Class

A  (1)(2)

1,404‌

18‌

3,207‌

Household

Durables

2.4%

Beazer

Homes

USA  (1)

1,741‌

59‌

Cavco

Industries  (1)

511‌

177‌

Century

Communities 

1,661‌

152‌

Cricut,

Class

A 

2,848‌

19‌

Dream

Finders

Homes,

Class

A  (1)(2)

1,423‌

51‌

Ethan

Allen

Interiors 

1,359‌

43‌

GoPro,

Class

A  (1)

7,111‌

25‌

Green

Brick

Partners  (1)

1,503‌

78‌

Helen

of

Troy  (1)(2)

1,374‌

166‌

Hooker

Furnishings 

613‌

16‌

Hovnanian

Enterprises,

Class

A  (1)

284‌

44‌

Installed

Building

Products 

1,379‌

252‌

iRobot  (1)

1,551‌

60‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

KB

Home 

4,147‌

259‌

Landsea

Homes  (1)

1,217‌

16‌

La-Z-Boy 

2,494‌

92‌

Legacy

Housing  (1)

517‌

13‌

LGI

Homes  (1)

1,214‌

162‌

Lovesac  (1)

782‌

20‌

M/I

Homes  (1)

1,554‌

214‌

MDC

Holdings 

3,453‌

191‌

Meritage

Homes 

2,117‌

369‌

Purple

Innovation  (2)

3,083‌

3‌

Skyline

Champion  (1)

3,119‌

232‌

Snap

One

Holdings  (1)(2)

906‌

8‌

Sonos  (1)

7,291‌

125‌

Taylor

Morrison

Home  (1)

6,024‌

321‌

Traeger  (1)

1,896‌

5‌

Tri

Pointe

Homes  (1)

5,604‌

198‌

United

Homes

Group  (1)(2)

302‌

3‌

Vizio

Holding,

Class

A  (1)

4,449‌

34‌

VOXX

International  (1)

684‌

7‌

Worthington

Enterprises 

1,759‌

101‌

3,515‌

Leisure

Products

0.4%

Acushnet

Holdings 

1,789‌

113‌

AMMO  (1)(2)

4,778‌

10‌

Clarus 

1,705‌

12‌

Escalade 

586‌

12‌

Funko,

Class

A  (1)

1,988‌

15‌

JAKKS

Pacific  (1)

435‌

15‌

Johnson

Outdoors,

Class

A 

306‌

16‌

Latham

Group  (1)

2,282‌

6‌

Malibu

Boats,

Class

A  (1)

1,150‌

63‌

Marine

Products 

418‌

5‌

MasterCraft

Boat

Holdings  (1)

951‌

22‌

Smith

&

Wesson

Brands 

2,672‌

36‌

Solo

Brands,

Class

A  (1)(2)

1,131‌

7‌

Sturm

Ruger 

1,010‌

46‌

Topgolf

Callaway

Brands  (1)

8,234‌

118‌

Vista

Outdoor  (1)

3,312‌

98‌

594‌

Specialty

Retail

2.6%

1-800-Flowers.com,

Class

A  (1)

1,518‌

16‌

Aaron's 

1,639‌

18‌

Abercrombie

&

Fitch,

Class

A  (1)

2,841‌

251‌

Academy

Sports

&

Outdoors 

4,209‌

278‌

American

Eagle

Outfitters 

10,517‌

223‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

America's

Car-Mart  (1)

332‌

25‌

Arko 

4,822‌

40‌

Asbury

Automotive

Group  (1)

1,205‌

271‌

BARK  (1)(2)

7,401‌

6‌

Beyond  (1)

2,605‌

72‌

Big

5

Sporting

Goods 

1,138‌

7‌

Boot

Barn

Holdings  (1)

1,739‌

134‌

Buckle 

1,763‌

84‌

Build-A-Bear

Workshop 

730‌

17‌

Caleres 

2,010‌

62‌

Camping

World

Holdings,

Class

A 

2,428‌

64‌

CarParts.com  (1)

3,003‌

10‌

Carvana  (1)(2)

5,580‌

295‌

Cato,

Class

A 

939‌

7‌

Chico's

FAS  (1)

6,975‌

53‌

Children's

Place  (1)

635‌

15‌

Designer

Brands,

Class

A 

2,735‌

24‌

Destination

XL

Group  (1)

3,112‌

14‌

Duluth

Holdings,

Class

B  (1)

769‌

4‌

Envela  (1)

372‌

2‌

EVgo  (1)(2)

6,174‌

22‌

Foot

Locker 

4,795‌

149‌

Genesco  (1)

684‌

24‌

Group

1

Automotive 

795‌

242‌

GrowGeneration  (1)(2)

3,062‌

8‌

Guess? 

1,681‌

39‌

Haverty

Furniture 

811‌

29‌

Hibbett 

738‌

53‌

J

Jill  (1)

225‌

6‌

Lands'

End  (1)

747‌

7‌

Lazydays

Holdings  (1)(2)

794‌

6‌

Leslie's  (1)

10,455‌

72‌

MarineMax  (1)

1,268‌

49‌

Monro 

1,810‌

53‌

National

Vision

Holdings  (1)

4,471‌

94‌

ODP  (1)

1,887‌

106‌

OneWater

Marine,

Class

A  (1)(2)

652‌

22‌

PetMed

Express 

1,064‌

8‌

Rent

the

Runway,

Class

A  (1)(2)

2,348‌

1‌

Revolve

Group  (1)(2)

2,441‌

40‌

Sally

Beauty

Holdings  (1)

6,177‌

82‌

Shoe

Carnival 

1,075‌

32‌

Signet

Jewelers 

2,593‌

278‌

Sleep

Number  (1)

1,149‌

17‌

Sonic

Automotive,

Class

A 

840‌

47‌

Sportsman's

Warehouse

Holdings  (1)

2,205‌

9‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Stitch

Fix,

Class

A  (1)

4,879‌

17‌

ThredUp,

Class

A  (1)

3,827‌

9‌

Tile

Shop

Holdings  (1)

1,664‌

12‌

Tilly's,

Class

A  (1)

1,310‌

10‌

Torrid

Holdings  (1)

655‌

4‌

Upbound

Group 

3,160‌

107‌

Urban

Outfitters  (1)

3,728‌

133‌

Warby

Parker,

Class

A  (1)

4,886‌

69‌

Winmark 

164‌

68‌

Zumiez  (1)

942‌

19‌

3,935‌

Textiles,

Apparel

&

Luxury

Goods

0.5%

Allbirds,

Class

A  (1)(2)

5,360‌

7‌

Figs,

Class

A  (1)(2)

7,453‌

52‌

Fossil

Group  (1)(2)

2,213‌

3‌

G-III

Apparel

Group  (1)

2,385‌

81‌

Hanesbrands  (1)

20,183‌

90‌

Kontoor

Brands 

3,243‌

202‌

Movado

Group 

841‌

25‌

Oxford

Industries 

860‌

86‌

Rocky

Brands 

427‌

13‌

Steven

Madden 

4,345‌

183‌

Vera

Bradley  (1)

1,545‌

12‌

Wolverine

World

Wide 

4,622‌

41‌

795‌

Total

Consumer

Discretionary

16,210‌

CONSUMER

STAPLES

3.3%

Beverages

0.4%

Coca-Cola

Consolidated 

278‌

258‌

Duckhorn

Portfolio  (1)

2,588‌

25‌

MGP

Ingredients 

909‌

90‌

National

Beverage  (1)

1,367‌

68‌

Primo

Water 

9,141‌

138‌

Vita

Coco  (1)(2)

1,658‌

43‌

Zevia

PBC,

Class

A  (1)

1,229‌

2‌

624‌

Consumer

Staples

Distribution

&

Retail

0.6%

Andersons 

1,843‌

106‌

Chefs'

Warehouse  (1)

2,046‌

60‌

HF

Foods

Group  (1)

2,318‌

13‌

Ingles

Markets,

Class

A 

812‌

70‌

Natural

Grocers

by

Vitamin

Cottage 

559‌

9‌

PriceSmart 

1,480‌

112‌

SpartanNash 

2,009‌

46‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Sprouts

Farmers

Market  (1)

5,927‌

285‌

United

Natural

Foods  (1)

3,395‌

55‌

Village

Super

Market,

Class

A 

535‌

14‌

Weis

Markets 

949‌

61‌

831‌

Food

Products

1.0%

Alico 

407‌

12‌

B&G

Foods 

4,223‌

44‌

Benson

Hill  (1)(2)

8,931‌

2‌

Beyond

Meat  (1)(2)

3,468‌

31‌

BRC,

Class

A  (1)(2)

2,237‌

8‌

Calavo

Growers 

1,024‌

30‌

Cal-Maine

Foods 

2,368‌

136‌

Dole 

4,150‌

51‌

Forafric

Global  (1)

256‌

3‌

Fresh

Del

Monte

Produce 

1,981‌

52‌

Hain

Celestial

Group  (1)

5,168‌

57‌

J

&

J

Snack

Foods 

879‌

147‌

John

B.

Sanfilippo

&

Son 

519‌

54‌

Lancaster

Colony 

1,138‌

189‌

Limoneira 

987‌

20‌

Mission

Produce  (1)

2,712‌

27‌

Seneca

Foods,

Class

A  (1)

292‌

15‌

Simply

Good

Foods  (1)

5,288‌

209‌

Sovos

Brands  (1)

3,202‌

71‌

SunOpta  (1)(2)

5,355‌

29‌

TreeHouse

Foods  (1)

3,012‌

125‌

Utz

Brands 

4,146‌

67‌

Vital

Farms  (1)

1,843‌

29‌

Westrock

Coffee  (1)(2)

1,554‌

16‌

1,424‌

Household

Products

0.3%

Central

Garden

&

Pet  (1)

552‌

28‌

Central

Garden

&

Pet,

Class

A  (1)

2,256‌

99‌

Energizer

Holdings 

4,187‌

133‌

Oil-Dri 

272‌

18‌

WD-40 

783‌

187‌

465‌

Personal

Care

Products

0.9%

Beauty

Health  (1)(2)

4,295‌

13‌

BellRing

Brands  (1)

7,665‌

425‌

Edgewell

Personal

Care 

2,930‌

107‌

elf

Beauty  (1)

3,135‌

453‌

Herbalife  (1)

5,672‌

87‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Inter

Parfums 

1,071‌

154‌

Medifast 

625‌

42‌

Nature's

Sunshine

Products  (1)

709‌

12‌

Nu

Skin

Enterprises,

Class

A 

2,882‌

56‌

USANA

Health

Sciences  (1)

668‌

36‌

Waldencast,

Class

A  (1)(2)

1,986‌

22‌

1,407‌

Tobacco

0.1%

Ispire

Technology  (1)

1,101‌

13‌

Turning

Point

Brands 

936‌

25‌

Universal 

1,389‌

94‌

Vector

Group 

8,332‌

94‌

226‌

Total

Consumer

Staples

4,977‌

ENERGY

6.8%

Energy

Equipment

&

Services

2.4%

Archrock 

8,128‌

125‌

Atlas

Energy

Solutions 

1,062‌

18‌

Borr

Drilling  (1)(2)

12,614‌

93‌

Bristow

Group  (1)

1,381‌

39‌

Cactus,

Class

A 

3,734‌

170‌

ChampionX 

11,383‌

333‌

Core

Laboratories 

2,702‌

48‌

Diamond

Offshore

Drilling  (1)

5,845‌

76‌

DMC

Global  (1)

1,166‌

22‌

Dril-Quip  (1)

1,977‌

46‌

Expro

Group

Holdings  (1)

5,196‌

83‌

Forum

Energy

Technologies  (1)

544‌

12‌

Helix

Energy

Solutions

Group  (1)

8,254‌

85‌

Helmerich

&

Payne 

5,672‌

205‌

KLX

Energy

Services

Holdings  (1)(2)

625‌

7‌

Kodiak

Gas

Services 

903‌

18‌

Liberty

Energy 

9,521‌

173‌

Mammoth

Energy

Services  (1)

1,149‌

5‌

Nabors

Industries  (1)

530‌

43‌

Newpark

Resources  (1)

4,396‌

29‌

Noble 

6,548‌

315‌

Oceaneering

International  (1)

5,873‌

125‌

Oil

States

International  (1)

3,733‌

25‌

Patterson-UTI

Energy 

20,589‌

222‌

ProFrac

Holding,

Class

A  (1)

1,417‌

12‌

ProPetro

Holding  (1)

5,687‌

48‌

Ranger

Energy

Services 

765‌

8‌

RPC 

4,955‌

36‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SEACOR

Marine

Holdings  (1)

1,374‌

17‌

Seadrill  (1)

2,951‌

140‌

Select

Water

Solutions,

Class

A 

4,760‌

36‌

Solaris

Oilfield

Infrastructure,

Class

A 

1,729‌

14‌

TETRA

Technologies  (1)

7,336‌

33‌

Tidewater  (1)

2,701‌

195‌

U.S.

Silica

Holdings  (1)

4,361‌

49‌

Valaris  (1)

3,516‌

241‌

Weatherford

International  (1)

4,136‌

405‌

3,551‌

Oil,

Gas

&

Consumable

Fuels

4.4%

Amplify

Energy  (1)

1,988‌

12‌

Ardmore

Shipping 

2,455‌

35‌

Berry 

4,479‌

31‌

California

Resources 

4,058‌

222‌

Callon

Petroleum  (1)

3,583‌

116‌

Centrus

Energy,

Class

A  (1)

732‌

40‌

Chord

Energy 

2,432‌

404‌

Civitas

Resources  (2)

4,702‌

322‌

Clean

Energy

Fuels  (1)

9,921‌

38‌

CNX

Resources  (1)

9,131‌

183‌

Comstock

Resources  (2)

5,310‌

47‌

CONSOL

Energy 

1,782‌

179‌

Crescent

Energy,

Class

A 

4,483‌

59‌

CVR

Energy 

1,707‌

52‌

Delek

U.S.

Holdings 

3,733‌

96‌

DHT

Holdings 

7,856‌

77‌

Dorian

LPG 

1,996‌

88‌

Empire

Petroleum  (1)(2)

738‌

8‌

Encore

Energy  (1)

8,592‌

34‌

Energy

Fuels  (1)(2)

9,028‌

65‌

Enviva 

1,774‌

2‌

Equitrans

Midstream 

25,420‌

259‌

Evolution

Petroleum 

1,804‌

10‌

Excelerate

Energy,

Class

A 

986‌

15‌

FLEX

LNG 

1,723‌

50‌

FutureFuel 

1,368‌

8‌

Gevo  (1)(2)

12,982‌

15‌

Golar

LNG 

5,778‌

133‌

Granite

Ridge

Resources 

2,073‌

12‌

Green

Plains  (1)

3,330‌

84‌

Gulfport

Energy  (1)

648‌

86‌

Hallador

Energy  (1)

1,252‌

11‌

HighPeak

Energy 

671‌

10‌

International

Seaways 

2,377‌

108‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Kinetik

Holdings 

1,065‌

36‌

Kosmos

Energy  (1)

26,358‌

177‌

Magnolia

Oil

&

Gas,

Class

A 

10,446‌

222‌

Matador

Resources 

6,584‌

374‌

Murphy

Oil 

8,637‌

368‌

NACCO

Industries,

Class

A 

225‌

8‌

NextDecade  (1)

4,625‌

22‌

Nordic

American

Tankers 

11,825‌

50‌

Northern

Oil

&

Gas 

5,068‌

188‌

Overseas

Shipholding

Group,

Class

A 

3,472‌

18‌

Par

Pacific

Holdings  (1)

3,233‌

118‌

PBF

Energy,

Class

A 

6,490‌

285‌

Peabody

Energy 

6,671‌

162‌

Permian

Resources 

22,703‌

309‌

PrimeEnergy

Resources  (1)

36‌

4‌

REX

American

Resources  (1)

909‌

43‌

Riley

Exploration

Permian 

484‌

13‌

Ring

Energy  (1)(2)

6,949‌

10‌

SandRidge

Energy 

1,880‌

26‌

Scorpio

Tankers 

2,785‌

169‌

SFL 

6,615‌

75‌

SilverBow

Resources  (1)

1,234‌

36‌

Sitio

Royalties,

Class

A 

4,746‌

112‌

SM

Energy 

6,877‌

266‌

Talos

Energy  (1)

6,304‌

90‌

Teekay  (1)

3,935‌

28‌

Teekay

Tankers,

Class

A 

1,378‌

69‌

Tellurian  (1)(2)

31,341‌

24‌

Uranium

Energy  (1)(2)

21,793‌

139‌

VAALCO

Energy 

6,334‌

28‌

Verde

Clean

Fuels  (1)

210‌

1‌

Vertex

Energy  (1)(2)

3,865‌

13‌

Vital

Energy  (1)

1,355‌

62‌

Vitesse

Energy 

1,393‌

30‌

W&T

Offshore 

5,375‌

18‌

World

Kinect 

3,555‌

81‌

6,585‌

Total

Energy

10,136‌

FINANCIALS

16.9%

Banks

9.4%

1st

Source 

971‌

53‌

ACNB 

497‌

22‌

Amalgamated

Financial 

988‌

27‌

Amerant

Bancorp 

1,521‌

37‌

American

National

Bankshares 

611‌

30‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Ameris

Bancorp 

3,820‌

203‌

Ames

National 

535‌

11‌

Arrow

Financial 

837‌

23‌

Associated

Banc-Corp 

8,739‌

187‌

Atlantic

Union

Bankshares 

4,383‌

160‌

Axos

Financial  (1)

3,246‌

177‌

Banc

of

California 

7,641‌

103‌

BancFirst 

1,289‌

125‌

Bancorp  (1)

3,020‌

116‌

Bank

First  (2)

543‌

47‌

Bank

of

Hawaii 

2,288‌

166‌

Bank

of

Marin

Bancorp 

943‌

21‌

Bank

of

NT

Butterfield

&

Son 

2,881‌

92‌

Bank7 

185‌

5‌

BankUnited 

4,345‌

141‌

Bankwell

Financial

Group 

316‌

10‌

Banner 

1,964‌

105‌

Bar

Harbor

Bankshares 

824‌

24‌

BayCom 

662‌

16‌

BCB

Bancorp 

803‌

10‌

Berkshire

Hills

Bancorp 

2,539‌

63‌

Blue

Foundry

Bancorp  (1)

1,068‌

10‌

Blue

Ridge

Bankshares  (2)

938‌

3‌

Bridgewater

Bancshares  (1)

1,245‌

17‌

Brookline

Bancorp 

4,932‌

54‌

Burke

&

Herbert

Financial

Services  (2)

358‌

23‌

Business

First

Bancshares 

1,412‌

35‌

Byline

Bancorp 

1,438‌

34‌

C&F

Financial 

191‌

13‌

Cadence

Bank 

10,597‌

314‌

Cambridge

Bancorp 

449‌

31‌

Camden

National 

802‌

30‌

Capital

Bancorp 

559‌

14‌

Capital

City

Bank

Group 

744‌

22‌

Capitol

Federal

Financial 

7,455‌

48‌

Capstar

Financial

Holdings 

1,066‌

20‌

Carter

Bankshares  (1)

1,397‌

21‌

Cathay

General

Bancorp 

4,015‌

179‌

Central

Pacific

Financial 

1,473‌

29‌

Central

Valley

Community

Bancorp 

591‌

13‌

Chemung

Financial 

218‌

11‌

ChoiceOne

Financial

Services  (2)

432‌

13‌

Citizens

&

Northern 

894‌

20‌

Citizens

Financial

Services 

214‌

14‌

City

Holding 

854‌

94‌

Civista

Bancshares 

867‌

16‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CNB

Financial 

1,224‌

28‌

Coastal

Financial  (1)

639‌

28‌

Codorus

Valley

Bancorp 

555‌

14‌

Colony

Bankcorp 

879‌

12‌

Columbia

Financial  (1)

1,721‌

33‌

Community

Bank

System 

3,107‌

162‌

Community

Trust

Bancorp 

926‌

41‌

ConnectOne

Bancorp 

2,068‌

47‌

CrossFirst

Bankshares  (1)

2,648‌

36‌

Customers

Bancorp  (1)

1,650‌

95‌

CVB

Financial 

7,765‌

157‌

Dime

Community

Bancshares 

2,068‌

56‌

Eagle

Bancorp 

1,705‌

51‌

Eastern

Bankshares 

9,058‌

129‌

Enterprise

Bancorp 

519‌

17‌

Enterprise

Financial

Services 

2,086‌

93‌

Equity

Bancshares,

Class

A 

857‌

29‌

Esquire

Financial

Holdings 

393‌

20‌

ESSA

Bancorp 

541‌

11‌

Evans

Bancorp 

259‌

8‌

Farmers

&

Merchants

Bancorp 

682‌

17‌

Farmers

National

Banc 

2,147‌

31‌

FB

Financial 

2,049‌

82‌

Fidelity

D&D

Bancorp 

264‌

15‌

Financial

Institutions 

850‌

18‌

First

Bancorp 

551‌

16‌

First

Bancorp

North

Carolina 

2,295‌

85‌

First

BanCorp

Puerto

Rico 

10,034‌

165‌

First

Bancshares 

1,784‌

52‌

First

Bank

New

Jersey 

1,138‌

17‌

First

Busey 

2,997‌

74‌

First

Business

Financial

Services 

424‌

17‌

First

Commonwealth

Financial 

5,884‌

91‌

First

Community 

364‌

8‌

First

Community

Bankshares 

1,034‌

38‌

First

Financial 

698‌

30‌

First

Financial

Bancorp 

5,506‌

131‌

First

Financial

Bankshares 

7,590‌

230‌

First

Foundation 

3,033‌

29‌

First

Interstate

BancSystem,

Class

A 

4,823‌

148‌

First

Merchants 

3,456‌

128‌

First

Mid

Bancshares 

1,299‌

45‌

First

of

Long

Island 

1,193‌

16‌

First

Western

Financial  (1)

480‌

10‌

Five

Star

Bancorp 

730‌

19‌

Flushing

Financial 

1,606‌

26‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

FS

Bancorp 

377‌

14‌

Fulton

Financial 

9,287‌

153‌

FVCBankcorp  (1)

856‌

12‌

German

American

Bancorp 

1,632‌

53‌

Glacier

Bancorp 

6,490‌

268‌

Great

Southern

Bancorp 

535‌

32‌

Greene

County

Bancorp 

367‌

10‌

Guaranty

Bancshares 

469‌

16‌

Hancock

Whitney 

5,051‌

245‌

Hanmi

Financial 

1,796‌

35‌

HarborOne

Bancorp 

2,448‌

29‌

HBT

Financial 

772‌

16‌

Heartland

Financial

USA 

2,438‌

92‌

Heritage

Commerce 

3,446‌

34‌

Heritage

Financial 

2,032‌

43‌

Hilltop

Holdings 

2,682‌

94‌

Hingham

Institution

For

Savings 

82‌

16‌

Home

Bancorp 

412‌

17‌

Home

BancShares 

11,098‌

281‌

HomeStreet 

1,016‌

10‌

HomeTrust

Bancshares 

882‌

24‌

Hope

Bancorp 

6,664‌

80‌

Horizon

Bancorp 

2,540‌

36‌

Independent

Bank,

(MA) 

2,577‌

170‌

Independent

Bank,

(MI) 

1,145‌

30‌

Independent

Bank

Group 

2,079‌

106‌

International

Bancshares 

3,133‌

170‌

John

Marshall

Bancorp 

718‌

16‌

Kearny

Financial 

2,373‌

21‌

Lakeland

Bancorp 

3,632‌

54‌

Lakeland

Financial 

1,427‌

93‌

LCNB 

657‌

10‌

Live

Oak

Bancshares 

1,805‌

82‌

Luther

Burbank  (1)

531‌

6‌

Macatawa

Bank 

1,478‌

17‌

MainStreet

Bancshares 

419‌

10‌

Mercantile

Bank 

910‌

37‌

Metrocity

Bankshares 

1,089‌

26‌

Metropolitan

Bank

Holding  (1)

596‌

33‌

Mid

Penn

Bancorp 

850‌

21‌

Middlefield

Banc  (2)

445‌

14‌

Midland

States

Bancorp 

1,252‌

35‌

MidWestOne

Financial

Group 

835‌

22‌

MVB

Financial 

650‌

15‌

National

Bank

Holdings,

Class

A 

2,124‌

79‌

National

Bankshares 

346‌

11‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

NBT

Bancorp 

2,625‌

110‌

Nicolet

Bankshares 

745‌

60‌

Northeast

Bank 

393‌

22‌

Northeast

Community

Bancorp 

758‌

13‌

Northfield

Bancorp 

2,452‌

31‌

Northrim

BanCorp 

311‌

18‌

Northwest

Bancshares 

7,319‌

91‌

Norwood

Financial 

419‌

14‌

Oak

Valley

Bancorp 

396‌

12‌

OceanFirst

Financial 

3,389‌

59‌

OFG

Bancorp 

2,674‌

100‌

Old

National

Bancorp 

17,044‌

288‌

Old

Second

Bancorp 

2,540‌

39‌

Orange

County

Bancorp 

293‌

18‌

Origin

Bancorp 

1,650‌

59‌

Orrstown

Financial

Services 

615‌

18‌

Pacific

Premier

Bancorp 

5,536‌

161‌

Park

National 

821‌

109‌

Parke

Bancorp 

557‌

11‌

Pathward

Financial 

1,541‌

82‌

PCB

Bancorp 

607‌

11‌

Peapack-Gladstone

Financial 

945‌

28‌

Penns

Woods

Bancorp 

337‌

8‌

Peoples

Bancorp 

2,023‌

68‌

Peoples

Financial

Services 

417‌

20‌

Pioneer

Bancorp  (1)

581‌

6‌

Plumas

Bancorp 

311‌

13‌

Preferred

Bank 

747‌

55‌

Premier

Financial 

2,066‌

50‌

Primis

Financial 

1,202‌

15‌

Princeton

Bancorp 

314‌

11‌

Provident

Financial

Services 

4,235‌

76‌

QCR

Holdings 

958‌

56‌

RBB

Bancorp 

987‌

19‌

Red

River

Bancshares 

265‌

15‌

Renasant 

3,169‌

107‌

Republic

Bancorp,

Class

A 

501‌

28‌

S&T

Bancorp 

2,244‌

75‌

Sandy

Spring

Bancorp 

2,536‌

69‌

Seacoast

Banking 

4,920‌

140‌

ServisFirst

Bancshares 

2,940‌

196‌

Shore

Bancshares 

1,750‌

25‌

Sierra

Bancorp 

772‌

17‌

Simmons

First

National,

Class

A 

7,219‌

143‌

SmartFinancial 

887‌

22‌

South

Plains

Financial 

677‌

20‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Southern

First

Bancshares  (1)

410‌

15‌

Southern

Missouri

Bancorp 

558‌

30‌

Southern

States

Bancshares 

440‌

13‌

Southside

Bancshares 

1,708‌

53‌

SouthState 

4,424‌

374‌

Stellar

Bancorp 

2,811‌

78‌

Sterling

Bancorp  (1)

1,239‌

7‌

Stock

Yards

Bancorp 

1,565‌

81‌

Summit

Financial

Group 

625‌

19‌

Texas

Capital

Bancshares  (1)

2,765‌

179‌

Third

Coast

Bancshares  (1)

684‌

14‌

Timberland

Bancorp 

427‌

13‌

Tompkins

Financial 

779‌

47‌

Towne

Bank 

4,103‌

122‌

TriCo

Bancshares 

1,794‌

77‌

Triumph

Financial  (1)

1,275‌

102‌

TrustCo

Bank 

1,095‌

34‌

Trustmark 

3,504‌

98‌

UMB

Financial 

2,555‌

213‌

United

Bankshares 

7,612‌

286‌

United

Community

Banks 

6,671‌

195‌

Unity

Bancorp 

390‌

12‌

Univest

Financial 

1,707‌

38‌

USCB

Financial

Holdings  (1)

573‌

7‌

Valley

National

Bancorp 

25,117‌

273‌

Veritex

Holdings 

3,035‌

71‌

Virginia

National

Bankshares 

292‌

10‌

WaFd 

3,751‌

124‌

Washington

Trust

Bancorp 

997‌

32‌

WesBanco 

3,309‌

104‌

West

BanCorp 

920‌

19‌

Westamerica

BanCorp 

1,489‌

84‌

WSFS

Financial 

3,571‌

164‌

13,941‌

Capital

Markets

1.4%

AlTi

Global  (1)(2)

1,297‌

11‌

Artisan

Partners

Asset

Management,

Class

A 

3,585‌

158‌

AssetMark

Financial

Holdings  (1)

1,232‌

37‌

B.

Riley

Financial 

1,207‌

25‌

Bakkt

Holdings  (1)

3,910‌

9‌

BGC

Group,

Class

A 

20,653‌

149‌

Brightsphere

Investment

Group 

1,835‌

35‌

Cohen

&

Steers 

1,493‌

113‌

Diamond

Hill

Investment

Group 

159‌

26‌

Donnelley

Financial

Solutions  (1)

1,421‌

89‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Forge

Global

Holdings  (1)

6,206‌

21‌

GCM

Grosvenor,

Class

A 

2,298‌

21‌

Hamilton

Lane,

Class

A 

2,126‌

241‌

MarketWise 

1,695‌

5‌

Moelis,

Class

A 

3,890‌

218‌

Open

Lending,

Class

A  (1)

5,829‌

50‌

P10,

Class

A 

2,550‌

26‌

Patria

Investments,

Class

A 

3,166‌

49‌

Perella

Weinberg

Partners 

2,473‌

30‌

Piper

Sandler 

1,001‌

175‌

PJT

Partners,

Class

A  (2)

1,385‌

141‌

Silvercrest

Asset

Management

Group,

Class

A 

501‌

9‌

StepStone

Group,

Class

A 

3,091‌

99‌

StoneX

Group  (1)

1,533‌

113‌

Value

Line 

33‌

2‌

Victory

Capital

Holdings,

Class

A 

1,580‌

55‌

Virtus

Investment

Partners 

398‌

96‌

WisdomTree 

7,992‌

55‌

2,058‌

Consumer

Finance

0.8%

Atlanticus

Holdings  (1)

279‌

11‌

Bread

Financial

Holdings 

2,897‌

95‌

Consumer

Portfolio

Services  (1)

441‌

4‌

Encore

Capital

Group  (1)

1,346‌

68‌

Enova

International  (1)

1,669‌

92‌

FirstCash

Holdings 

2,194‌

238‌

Green

Dot,

Class

A  (1)

2,600‌

26‌

LendingClub  (1)

6,313‌

55‌

LendingTree  (1)

649‌

20‌

Navient 

4,934‌

92‌

Nelnet,

Class

A 

739‌

65‌

NerdWallet,

Class

A  (1)

1,905‌

28‌

OppFi  (1)

515‌

3‌

PRA

Group  (1)

2,253‌

59‌

PROG

Holdings  (1)

2,541‌

79‌

Regional

Management 

507‌

13‌

Upstart

Holdings  (1)(2)

4,214‌

172‌

World

Acceptance  (1)(2)

239‌

31‌

1,151‌

Financial

Services

2.4%

Acacia

Research  (1)(2)

1,872‌

7‌

Alerus

Financial 

1,006‌

23‌

A-Mark

Precious

Metals  (2)

1,059‌

32‌

AvidXchange

Holdings  (1)

8,582‌

106‌

Banco

Latinoamericano

de

Comercio

Exterior,

Class

E 

1,607‌

40‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Cannae

Holdings  (1)

3,937‌

77‌

Cantaloupe  (1)

3,165‌

23‌

Cass

Information

Systems 

793‌

36‌

Compass

Diversified

Holdings  (2)

3,640‌

82‌

Enact

Holdings 

1,745‌

50‌

Essent

Group 

6,073‌

320‌

EVERTEC 

3,814‌

156‌

Federal

Agricultural

Mortgage,

Class

C 

524‌

100‌

Finance

of

America,

Class

A  (1)

2,796‌

3‌

Flywire  (1)

6,127‌

142‌

I3

Verticals,

Class

A  (1)

1,271‌

27‌

International

Money

Express  (1)

1,928‌

43‌

Jackson

Financial,

Class

A 

4,821‌

247‌

Marqeta,

Class

A  (1)

27,924‌

195‌

Merchants

Bancorp 

892‌

38‌

Mr

Cooper

Group  (1)

3,754‌

244‌

NewtekOne  (2)

1,365‌

19‌

NMI

Holdings,

Class

A  (1)

4,681‌

139‌

Ocwen

Financial  (1)

380‌

12‌

Pagseguro

Digital,

Class

A  (1)

11,389‌

142‌

Payoneer

Global  (1)

15,182‌

79‌

Paysafe  (1)

1,971‌

25‌

Paysign  (1)(2)

1,613‌

5‌

PennyMac

Financial

Services 

1,491‌

132‌

Priority

Technology

Holdings  (1)

793‌

3‌

Radian

Group 

9,157‌

261‌

Remitly

Global  (1)

7,672‌

149‌

Repay

Holdings  (1)

4,752‌

41‌

Security

National

Financial,

Class

A  (1)

616‌

6‌

StoneCo,

Class

A  (1)

16,926‌

305‌

SWK

Holdings  (1)

187‌

3‌

Velocity

Financial  (1)

436‌

7‌

Walker

&

Dunlop 

1,853‌

206‌

Waterstone

Financial 

994‌

14‌

3,539‌

Insurance

1.7%

Ambac

Financial

Group  (1)

2,633‌

43‌

American

Coastal

Insurance,

Class

C  (1)

1,215‌

12‌

American

Equity

Investment

Life

Holding  (1)

4,576‌

255‌

AMERISAFE 

1,102‌

52‌

BRP

Group,

Class

A  (1)

3,461‌

83‌

CNO

Financial

Group 

6,483‌

181‌

Crawford,

Class

A 

819‌

11‌

Donegal

Group,

Class

A 

934‌

13‌

eHealth  (1)

1,678‌

15‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Employers

Holdings 

1,546‌

61‌

Enstar

Group  (1)

689‌

203‌

F&G

Annuities

&

Life  (2)

1,082‌

50‌

Fidelis

Insurance

Holdings  (1)

801‌

10‌

Genworth

Financial,

Class

A  (1)

26,944‌

180‌

GoHealth,

Class

A  (1)(2)

194‌

3‌

Goosehead

Insurance,

Class

A  (1)

1,237‌

94‌

Greenlight

Capital

Re,

Class

A  (1)

1,517‌

17‌

HCI

Group 

374‌

33‌

Hippo

Holdings  (1)(2)

516‌

5‌

Horace

Mann

Educators 

2,361‌

77‌

Investors

Title 

67‌

11‌

James

River

Group

Holdings 

2,038‌

19‌

Kingsway

Financial

Services  (1)

526‌

4‌

Lemonade  (1)(2)

2,924‌

47‌

Maiden

Holdings  (1)

5,630‌

13‌

MBIA 

2,620‌

16‌

Mercury

General 

1,551‌

58‌

National

Western

Life

Group,

Class

A 

131‌

63‌

NI

Holdings  (1)

411‌

5‌

Oscar

Health,

Class

A  (1)

9,159‌

84‌

Palomar

Holdings  (1)

1,401‌

78‌

ProAssurance 

3,122‌

43‌

Safety

Insurance

Group 

829‌

63‌

Selective

Insurance

Group 

3,500‌

348‌

Selectquote  (1)

7,985‌

11‌

SiriusPoint  (1)

4,007‌

46‌

Skyward

Specialty

Insurance

Group  (1)

1,391‌

47‌

Stewart

Information

Services 

1,539‌

90‌

Tiptree 

1,353‌

26‌

Trupanion  (1)(2)

2,276‌

69‌

United

Fire

Group 

1,150‌

23‌

Universal

Insurance

Holdings 

1,493‌

24‌

2,586‌

Mortgage

Real

Estate

Investment

Trusts

1.2%

AFC

Gamma,

REIT 

977‌

12‌

Angel

Oak

Mortgage

REIT,

REIT 

590‌

6‌

Apollo

Commercial

Real

Estate

Finance,

REIT 

8,143‌

96‌

Arbor

Realty

Trust,

REIT 

10,606‌

161‌

Ares

Commercial

Real

Estate,

REIT  (2)

3,023‌

31‌

ARMOUR

Residential

REIT,

REIT 

2,857‌

55‌

Blackstone

Mortgage

Trust,

Class

A,

REIT 

10,034‌

213‌

BrightSpire

Capital,

REIT 

7,490‌

56‌

Chicago

Atlantic

Real

Estate

Finance,

REIT  (2)

938‌

15‌

Chimera

Investment,

REIT 

13,440‌

67‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Claros

Mortgage

Trust  (2)

5,255‌

72‌

Dynex

Capital,

REIT  (2)

3,165‌

40‌

Ellington

Financial,

REIT 

4,360‌

55‌

Franklin

BSP

Realty

Trust,

REIT  (2)

4,802‌

65‌

Granite

Point

Mortgage

Trust,

REIT 

3,042‌

18‌

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

REIT  (2)

6,095‌

168‌

Invesco

Mortgage

Capital,

REIT  (2)

2,658‌

24‌

KKR

Real

Estate

Finance

Trust,

REIT 

3,444‌

46‌

Ladder

Capital,

REIT 

6,533‌

75‌

MFA

Financial,

REIT 

5,883‌

66‌

New

York

Mortgage

Trust,

REIT 

5,402‌

46‌

Nexpoint

Real

Estate

Finance,

REIT 

401‌

6‌

Orchid

Island

Capital,

REIT  (2)

3,103‌

26‌

PennyMac

Mortgage

Investment

Trust,

REIT 

5,096‌

76‌

Ready

Capital,

REIT 

9,178‌

94‌

Redwood

Trust,

REIT 

5,343‌

40‌

TPG

RE

Finance

Trust,

REIT 

4,092‌

27‌

Two

Harbors

Investment,

REIT 

5,603‌

78‌

1,734‌

Total

Financials

25,009‌

HEALTH

CARE

15.3%

Biotechnology

7.5%

2seventy

bio  (1)(2)

3,122‌

13‌

4D

Molecular

Therapeutics  (1)

2,339‌

47‌

89bio  (1)(2)

3,639‌

41‌

Aadi

Bioscience  (1)

902‌

2‌

ACADIA

Pharmaceuticals  (1)

6,988‌

219‌

ACELYRIN  (1)(2)

1,985‌

15‌

Acrivon

Therapeutics  (1)

389‌

2‌

Actinium

Pharmaceuticals  (1)(2)

1,535‌

8‌

Adicet

Bio  (1)

1,559‌

3‌

ADMA

Biologics  (1)

12,244‌

55‌

Aduro

Biotech,

CVR  (1)(3)

35‌

—‌

Aerovate

Therapeutics  (1)

649‌

15‌

Agenus  (1)

20,641‌

17‌

Agios

Pharmaceuticals  (1)

3,198‌

71‌

Akero

Therapeutics  (1)

2,982‌

70‌

Aldeyra

Therapeutics  (1)

2,571‌

9‌

Alector  (1)

3,744‌

30‌

Alkermes  (1)

9,649‌

268‌

Allakos  (1)

4,042‌

11‌

Allogene

Therapeutics  (1)(2)

5,685‌

18‌

Allovir  (1)

2,887‌

2‌

Alpine

Immune

Sciences  (1)

1,913‌

36‌

Altimmune  (1)(2)

2,965‌

33‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ALX

Oncology

Holdings  (1)

1,601‌

24‌

Amicus

Therapeutics  (1)

16,347‌

232‌

AnaptysBio  (1)

1,035‌

22‌

Anavex

Life

Sciences  (1)(2)

4,199‌

39‌

Anika

Therapeutics  (1)

821‌

19‌

Annexon  (1)(2)

2,902‌

13‌

Apogee

Therapeutics  (1)

1,162‌

32‌

Arbutus

Biopharma  (1)(2)

7,006‌

18‌

Arcellx  (1)

2,220‌

123‌

Arcturus

Therapeutics

Holdings  (1)

1,306‌

41‌

Arcus

Biosciences  (1)

3,072‌

59‌

Arcutis

Biotherapeutics  (1)(2)

4,820‌

16‌

Ardelyx  (1)

13,341‌

83‌

Arrowhead

Pharmaceuticals  (1)

5,841‌

179‌

ARS

Pharmaceuticals  (1)(2)

1,195‌

7‌

Astria

Therapeutics  (1)

2,015‌

15‌

Atara

Biotherapeutics  (1)(2)

4,755‌

2‌

Aura

Biosciences  (1)

1,669‌

15‌

Aurinia

Pharmaceuticals  (1)(2)

7,814‌

70‌

Avid

Bioservices  (1)

3,713‌

24‌

Avidity

Biosciences  (1)

4,196‌

38‌

Avita

Medical  (1)

1,539‌

21‌

Beam

Therapeutics  (1)(2)

4,179‌

114‌

BioAtla  (1)(2)

2,179‌

5‌

BioCryst

Pharmaceuticals  (1)(2)

10,932‌

65‌

Biohaven  (1)

3,941‌

169‌

Biomea

Fusion  (1)(2)

1,102‌

16‌

BioVie  (1)

162‌

—‌

Bioxcel

Therapeutics  (1)(2)

955‌

3‌

Bluebird

Bio  (1)

6,322‌

9‌

Blueprint

Medicines  (1)

3,534‌

326‌

Bridgebio

Pharma  (1)

6,659‌

269‌

Cabaletta

Bio  (1)

1,992‌

45‌

CareDx  (1)

3,021‌

36‌

Caribou

Biosciences  (1)

4,811‌

28‌

Carisma

Therapeutics 

1,312‌

4‌

Cartesian

Therapeutics  (1)(2)

5,723‌

4‌

Cartesian

Therapeutics,

CVR  (1)(2)(3)

5,723‌

—‌

Catalyst

Pharmaceuticals  (1)

5,768‌

97‌

Celcuity  (1)

1,000‌

15‌

Celldex

Therapeutics  (1)

2,674‌

106‌

Century

Therapeutics  (1)

1,338‌

4‌

Cerevel

Therapeutics

Holdings  (1)(2)

4,025‌

171‌

Chinook

Therapeutics,

CVR  (1)(3)

2,945‌

—‌

Cogent

Biosciences  (1)

4,730‌

28‌

Coherus

Biosciences  (1)(2)

5,387‌

18‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Compass

Therapeutics  (1)

5,220‌

8‌

Crinetics

Pharmaceuticals  (1)

3,764‌

134‌

Cue

Biopharma  (1)(2)

1,704‌

4‌

Cullinan

Oncology  (1)

1,373‌

14‌

Cymabay

Therapeutics  (1)

6,523‌

154‌

Cytokinetics  (1)(2)

5,359‌

447‌

Day

One

Biopharmaceuticals  (1)

3,642‌

53‌

Deciphera

Pharmaceuticals  (1)

3,031‌

49‌

Denali

Therapeutics  (1)

6,892‌

148‌

Design

Therapeutics  (1)

1,785‌

5‌

Disc

Medicine  (1)

520‌

30‌

Dynavax

Technologies  (1)

7,405‌

104‌

Dyne

Therapeutics  (1)

2,479‌

33‌

Eagle

Pharmaceuticals  (1)

506‌

3‌

Editas

Medicine  (1)

4,788‌

48‌

Emergent

BioSolutions  (1)

2,517‌

6‌

Enanta

Pharmaceuticals  (1)

1,188‌

11‌

Entrada

Therapeutics  (1)

1,180‌

18‌

Erasca  (1)

4,087‌

9‌

Fate

Therapeutics  (1)

5,189‌

19‌

Fennec

Pharmaceuticals  (1)

1,089‌

12‌

FibroGen  (1)(2)

4,480‌

4‌

Foghorn

Therapeutics  (1)

1,084‌

7‌

Genelux  (1)

1,005‌

14‌

Generation

Bio  (1)

2,312‌

4‌

Geron  (1)

29,794‌

63‌

Graphite

Bio  (1)

1,386‌

4‌

Gritstone

bio  (1)

5,167‌

11‌

GTx,

CVR  (1)(3)

1‌

—‌

Halozyme

Therapeutics  (1)

7,550‌

279‌

Heron

Therapeutics  (1)(2)

6,545‌

11‌

HilleVax  (1)

1,551‌

25‌

Humacyte  (1)(2)

3,559‌

10‌

Icosavax  (1)

1,551‌

24‌

Ideaya

Biosciences  (1)

3,470‌

123‌

IGM

Biosciences  (1)(2)

662‌

5‌

Immuneering,

Class

A  (1)(2)

1,186‌

9‌

ImmunityBio  (1)(2)

7,778‌

39‌

ImmunoGen  (1)

13,916‌

413‌

Immunovant  (1)(2)

3,149‌

133‌

Inhibrx  (1)(2)

2,002‌

76‌

Inozyme

Pharma  (1)

2,916‌

12‌

Insmed  (1)

8,039‌

249‌

Intellia

Therapeutics  (1)

5,143‌

157‌

Iovance

Biotherapeutics  (1)

13,151‌

107‌

Ironwood

Pharmaceuticals  (1)

7,962‌

91‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

iTeos

Therapeutics  (1)

1,379‌

15‌

Janux

Therapeutics  (1)(2)

1,066‌

11‌

KalVista

Pharmaceuticals  (1)(2)

1,843‌

23‌

Karyopharm

Therapeutics  (1)(2)

5,572‌

5‌

Keros

Therapeutics  (1)

1,313‌

52‌

Kezar

Life

Sciences  (1)(2)

3,636‌

3‌

Kiniksa

Pharmaceuticals,

Class

A  (1)

1,764‌

31‌

Kodiak

Sciences  (1)

1,676‌

5‌

Krystal

Biotech  (1)

1,260‌

156‌

Kura

Oncology  (1)

4,120‌

59‌

Kymera

Therapeutics  (1)(2)

2,213‌

56‌

Larimar

Therapeutics  (1)

1,266‌

6‌

Lexicon

Pharmaceuticals  (1)(2)

4,609‌

7‌

Lineage

Cell

Therapeutics  (1)

8,374‌

9‌

Lyell

Immunopharma  (1)(2)

9,510‌

18‌

MacroGenics  (1)

3,453‌

33‌

Madrigal

Pharmaceuticals  (1)

851‌

197‌

MannKind  (1)

14,902‌

54‌

MeiraGTx

Holdings  (1)

2,017‌

14‌

Merrimack

Pharmaceuticals  (1)

516‌

7‌

Mersana

Therapeutics  (1)(2)

6,528‌

15‌

MiMedx

Group  (1)

6,695‌

59‌

Mineralys

Therapeutics  (1)(2)

1,201‌

10‌

Mirum

Pharmaceuticals  (1)

1,439‌

42‌

Monte

Rosa

Therapeutics  (1)

1,517‌

9‌

Morphic

Holding  (1)

2,130‌

62‌

Mural

Oncology  (1)

941‌

6‌

Myriad

Genetics  (1)

4,639‌

89‌

Nkarta  (1)(2)

1,725‌

11‌

Novavax  (1)(2)

5,586‌

27‌

Nurix

Therapeutics  (1)

2,809‌

29‌

Nuvalent,

Class

A  (1)

1,532‌

113‌

Nuvectis

Pharma  (1)(2)

447‌

4‌

Ocean

Biomedical  (1)

425‌

—‌

Olema

Pharmaceuticals  (1)

1,462‌

20‌

Omega

Therapeutics  (1)

1,199‌

4‌

Organogenesis

Holdings  (1)

3,770‌

15‌

ORIC

Pharmaceuticals  (1)

2,152‌

20‌

Outlook

Therapeutics  (1)

8,024‌

3‌

Ovid

therapeutics  (1)

3,366‌

11‌

PDS

Biotechnology  (1)

1,731‌

9‌

PepGen  (1)

515‌

3‌

PMV

Pharmaceuticals  (1)

2,018‌

6‌

Poseida

Therapeutics  (1)

4,172‌

14‌

Precigen  (1)(2)

7,440‌

10‌

Prelude

Therapeutics  (1)

1,020‌

4‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

41

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Prime

Medicine  (1)(2)

2,361‌

21‌

ProKidney  (1)(2)

2,365‌

4‌

Protagonist

Therapeutics  (1)

3,356‌

77‌

Protalix

BioTherapeutics  (1)

3,813‌

7‌

Prothena  (1)

2,437‌

89‌

PTC

Therapeutics  (1)

4,156‌

115‌

Rallybio  (1)

1,503‌

4‌

RAPT

Therapeutics  (1)

1,743‌

43‌

RayzeBio  (1)

1,151‌

72‌

Recursion

Pharmaceuticals,

Class

A  (1)(2)

7,921‌

78‌

REGENXBIO  (1)

2,370‌

43‌

Relay

Therapeutics  (1)

5,278‌

58‌

Reneo

Pharmaceuticals  (1)

759‌

1‌

Replimune

Group  (1)

2,927‌

25‌

REVOLUTION

Medicines  (1)

8,366‌

240‌

Rhythm

Pharmaceuticals  (1)

2,954‌

136‌

Rigel

Pharmaceuticals  (1)

9,422‌

14‌

Rocket

Pharmaceuticals  (1)

3,621‌

109‌

Sage

Therapeutics  (1)

3,047‌

66‌

Sagimet

Biosciences,

Class

A  (1)(2)

283‌

2‌

Sana

Biotechnology  (1)

5,723‌

23‌

Sangamo

Therapeutics  (1)

7,676‌

4‌

Savara  (1)

4,919‌

23‌

Scholar

Rock

Holding  (1)(2)

3,218‌

60‌

Seres

Therapeutics  (1)(2)

5,366‌

7‌

SpringWorks

Therapeutics  (1)

3,850‌

141‌

Stoke

Therapeutics  (1)(2)

1,376‌

7‌

Summit

Therapeutics  (1)

6,755‌

18‌

Sutro

Biopharma  (1)

3,752‌

16‌

Syndax

Pharmaceuticals  (1)

3,808‌

82‌

Tango

Therapeutics  (1)(2)

2,640‌

26‌

Tenaya

Therapeutics  (1)

2,240‌

7‌

TG

Therapeutics  (1)(2)

8,008‌

137‌

Tobira

Therapeutics,

CVR  (1)(3)

25‌

—‌

Travere

Therapeutics  (1)(2)

4,283‌

38‌

Turnstone

Biologics  (1)

338‌

1‌

Twist

Bioscience  (1)

3,262‌

120‌

Tyra

Biosciences  (1)

706‌

10‌

UroGen

Pharma  (1)

1,606‌

24‌

Vanda

Pharmaceuticals  (1)

3,240‌

14‌

Vaxcyte  (1)

5,449‌

342‌

Vaxxinity,

Class

A  (1)

2,104‌

2‌

Vera

Therapeutics  (1)

1,964‌

30‌

Veracyte  (1)

4,168‌

115‌

Vericel  (1)

2,724‌

97‌

Verve

Therapeutics  (1)

3,043‌

42‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

42

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Vigil

Neuroscience  (1)

791‌

3‌

Viking

Therapeutics  (1)

5,526‌

103‌

Vir

Biotechnology  (1)

4,879‌

49‌

Viridian

Therapeutics  (1)(2)

2,467‌

54‌

Vor

BioPharma  (1)

1,854‌

4‌

Voyager

Therapeutics  (1)

1,763‌

15‌

X4

Pharmaceuticals  (1)

6,056‌

5‌

Xencor  (1)

3,348‌

71‌

XOMA  (1)

360‌

7‌

Y-mAbs

Therapeutics  (1)

2,244‌

15‌

Zentalis

Pharmaceuticals  (1)

3,370‌

51‌

Zura

Bio  (1)

704‌

3‌

Zymeworks  (1)

3,247‌

34‌

11,148‌

Health

Care

Equipment

&

Supplies

2.8%

Accuray (1)

5,333‌

15‌

Alphatec

Holdings  (1)

5,339‌

81‌

AngioDynamics  (1)

2,172‌

17‌

Artivion  (1)

2,288‌

41‌

AtriCure  (1)

2,666‌

95‌

Atrion 

77‌

29‌

Avanos

Medical  (1)

2,672‌

60‌

Axogen  (1)

2,294‌

16‌

Axonics  (1)

2,865‌

178‌

Beyond

Air  (1)(2)

1,263‌

2‌

Butterfly

Network  (1)(2)

6,939‌

7‌

Cerus  (1)

10,178‌

22‌

ClearPoint

Neuro  (1)(2)

1,130‌

8‌

CONMED 

1,765‌

193‌

Cutera  (1)(2)

1,023‌

4‌

CVRx  (1)

671‌

21‌

Embecta 

3,407‌

64‌

Glaukos  (1)

2,730‌

217‌

Haemonetics  (1)

2,918‌

250‌

Inari

Medical  (1)

3,078‌

200‌

Inmode  (1)(2)

4,439‌

99‌

Inogen  (1)

1,210‌

7‌

Integer

Holdings  (1)

1,917‌

190‌

iRadimed 

416‌

20‌

iRhythm

Technologies  (1)

1,771‌

190‌

KORU

Medical

Systems  (1)

1,723‌

4‌

Lantheus

Holdings  (1)

3,959‌

245‌

LeMaitre

Vascular 

1,143‌

65‌

LivaNova  (1)

3,132‌

162‌

Merit

Medical

Systems  (1)

3,308‌

251‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

43

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Nano-X

Imaging  (1)(2)

2,741‌

17‌

Neogen  (1)

12,676‌

255‌

Nevro  (1)

2,089‌

45‌

Omnicell  (1)

2,572‌

97‌

OraSure

Technologies  (1)

4,177‌

34‌

Orchestra

BioMed

Holdings  (1)

863‌

8‌

Orthofix

Medical  (1)

2,084‌

28‌

OrthoPediatrics  (1)

892‌

29‌

Outset

Medical  (1)

2,654‌

14‌

Paragon

28  (1)

2,629‌

33‌

PROCEPT

BioRobotics  (1)

2,330‌

98‌

Pulmonx  (1)

2,136‌

27‌

Pulse

Biosciences  (1)(2)

1,025‌

13‌

RxSight  (1)

1,647‌

66‌

Sanara

Medtech  (1)

186‌

8‌

Semler

Scientific  (1)

275‌

12‌

SI-BONE  (1)

2,316‌

49‌

Sight

Sciences  (1)(2)

1,171‌

6‌

Silk

Road

Medical  (1)

2,285‌

28‌

STAAR

Surgical  (1)

2,773‌

87‌

Surmodics  (1)

778‌

28‌

Tactile

Systems

Technology  (1)

1,385‌

20‌

Tela

Bio  (1)

781‌

5‌

TransMedics

Group  (1)(2)

1,851‌

146‌

Treace

Medical

Concepts  (1)

2,547‌

32‌

UFP

Technologies  (1)

410‌

71‌

Utah

Medical

Products 

184‌

16‌

Varex

Imaging  (1)

2,259‌

46‌

Vicarious

Surgical  (1)

3,603‌

1‌

Zimvie  (1)

1,447‌

26‌

Zynex  (1)(2)

1,133‌

12‌

4,110‌

Health

Care

Providers

&

Services

2.5%

23andMe

Holding,

Class

A  (1)

18,862‌

17‌

Accolade  (1)

3,999‌

48‌

AdaptHealth  (1)

5,577‌

41‌

Addus

HomeCare  (1)

900‌

83‌

Agiliti  (1)

1,780‌

14‌

AirSculpt

Technologies  (1)(2)

759‌

6‌

Alignment

Healthcare  (1)

5,004‌

43‌

AMN

Healthcare

Services  (1)

2,223‌

166‌

Apollo

Medical

Holdings  (1)

2,460‌

94‌

Aveanna

Healthcare

Holdings  (1)(2)

2,822‌

7‌

Brookdale

Senior

Living  (1)

10,843‌

63‌

Cano

Health  (1)

117‌

1‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

44

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CareMax  (1)

4,462‌

2‌

Castle

Biosciences  (1)

1,491‌

32‌

Community

Health

Systems  (1)

6,936‌

22‌

CorVel  (1)

510‌

126‌

Cross

Country

Healthcare  (1)

2,007‌

45‌

DocGo  (1)(2)

4,356‌

24‌

Enhabit  (1)

2,955‌

31‌

Ensign

Group 

3,170‌

356‌

Fulgent

Genetics  (1)

1,199‌

35‌

Guardant

Health  (1)

6,518‌

176‌

HealthEquity  (1)

4,886‌

324‌

Hims

&

Hers

Health  (1)

7,035‌

63‌

InfuSystem

Holdings  (1)

1,037‌

11‌

Innovage

Holding  (1)

1,006‌

6‌

Invitae  (1)(2)

13,196‌

8‌

Joint  (1)

709‌

7‌

LifeStance

Health

Group  (1)

6,196‌

48‌

ModivCare  (1)

748‌

33‌

National

HealthCare 

724‌

67‌

National

Research,

Class

A 

802‌

32‌

NeoGenomics  (1)

7,433‌

120‌

OPKO

Health  (1)

23,690‌

36‌

Option

Care

Health  (1)

9,743‌

328‌

Owens

&

Minor  (1)

4,269‌

82‌

P3

Health

Partners  (1)

1,963‌

3‌

Patterson 

5,015‌

143‌

Pediatrix

Medical

Group  (1)

4,902‌

46‌

Pennant

Group  (1)

1,577‌

22‌

PetIQ  (1)

1,604‌

32‌

Privia

Health

Group  (1)

6,486‌

149‌

Progyny  (1)

4,576‌

170‌

Quipt

Home

Medical  (1)

2,283‌

12‌

RadNet  (1)

3,473‌

121‌

Select

Medical

Holdings 

6,067‌

143‌

Surgery

Partners  (1)

4,333‌

139‌

U.S.

Physical

Therapy 

873‌

81‌

Viemed

Healthcare  (1)

1,954‌

15‌

3,673‌

Health

Care

Technology

0.5%

American

Well,

Class

A  (1)

15,169‌

23‌

Computer

Programs

&

Systems  (1)

734‌

8‌

Definitive

Healthcare  (1)

2,679‌

27‌

Evolent

Health,

Class

A  (1)

6,354‌

210‌

Health

Catalyst  (1)

3,132‌

29‌

HealthStream 

1,428‌

39‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

45

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Multiplan  (1)(2)

23,013‌

33‌

OptimizeRx  (1)

997‌

14‌

Phreesia  (1)

3,118‌

72‌

Schrodinger  (1)

3,130‌

112‌

Sharecare  (1)

16,831‌

18‌

Simulations

Plus 

943‌

42‌

Veradigm  (1)

6,185‌

65‌

692‌

Life

Sciences

Tools

&

Services

0.4%

Adaptive

Biotechnologies  (1)

6,371‌

31‌

Akoya

Biosciences  (1)

1,305‌

7‌

BioLife

Solutions  (1)

1,965‌

32‌

Codexis  (1)

4,265‌

13‌

CryoPort  (1)

2,525‌

39‌

Cytek

Biosciences  (1)

7,120‌

65‌

Harvard

Bioscience  (1)

2,307‌

12‌

MaxCyte  (1)

5,128‌

24‌

Mesa

Laboratories 

305‌

32‌

NanoString

Technologies  (1)(2)

2,233‌

2‌

Nautilus

Biotechnology  (1)

2,651‌

8‌

Omniab  (1)

5,525‌

34‌

Omniab,

Earn

Out

Shares

$12.50  (1)

233‌

—‌

Omniab,

Earn

Out

Shares

$15.00  (1)

233‌

—‌

Pacific

Biosciences

of

California  (1)(2)

14,704‌

144‌

Quanterix  (1)

2,046‌

56‌

Quantum-Si  (1)(2)

5,610‌

11‌

Seer  (1)

3,435‌

7‌

SomaLogic  (1)

8,220‌

21‌

538‌

Pharmaceuticals

1.6%

Aclaris

Therapeutics  (1)

3,690‌

4‌

Amneal

Pharmaceuticals  (1)

7,151‌

43‌

Amphastar

Pharmaceuticals  (1)

2,221‌

137‌

Amylyx

Pharmaceuticals  (1)

2,936‌

43‌

ANI

Pharmaceuticals  (1)

846‌

47‌

Arvinas  (1)

2,835‌

117‌

Assertio

Holdings  (1)(2)

4,993‌

5‌

Atea

Pharmaceuticals  (1)

4,532‌

14‌

Axsome

Therapeutics  (1)(2)

2,054‌

163‌

Biote,

Class

A  (1)

692‌

3‌

Bright

Green  (1)

2,960‌

1‌

Cara

Therapeutics  (1)(2)

2,330‌

2‌

Cassava

Sciences  (1)(2)

2,303‌

52‌

Cassava

Sciences,

Warrants,

11/15/24  (1)

921‌

—‌

Citius

Pharmaceuticals  (1)

6,053‌

5‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

46

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Collegium

Pharmaceutical  (1)

1,998‌

62‌

Corcept

Therapeutics  (1)

4,682‌

152‌

CorMedix  (1)(2)

2,890‌

11‌

Edgewise

Therapeutics  (1)(2)

2,573‌

28‌

Enliven

Therapeutics  (1)(2)

1,249‌

17‌

Evolus  (1)

2,413‌

25‌

Eyenovia  (1)(2)

1,365‌

3‌

EyePoint

Pharmaceuticals  (1)(2)

1,567‌

36‌

Harmony

Biosciences

Holdings  (1)

1,913‌

62‌

Harrow  (1)(2)

1,822‌

20‌

Ikena

Oncology  (1)

1,439‌

3‌

Innoviva  (1)

3,467‌

56‌

Intra-Cellular

Therapies  (1)

5,440‌

390‌

Ligand

Pharmaceuticals  (1)

959‌

68‌

Liquidia  (1)

2,845‌

34‌

Longboard

Pharmaceuticals  (1)

767‌

5‌

Marinus

Pharmaceuticals  (1)(2)

3,023‌

33‌

Neumora

Therapeutics  (1)

852‌

15‌

NGM

Biopharmaceuticals  (1)

2,170‌

2‌

Nuvation

Bio  (1)

8,945‌

14‌

Ocular

Therapeutix  (1)(2)

4,887‌

22‌

Omeros  (1)(2)

3,482‌

11‌

Optinose  (1)

3,601‌

5‌

Pacira

BioSciences  (1)

2,615‌

88‌

Phathom

Pharmaceuticals  (1)(2)

1,939‌

18‌

Phibro

Animal

Health,

Class

A 

1,141‌

13‌

Pliant

Therapeutics  (1)(2)

3,273‌

59‌

Prestige

Consumer

Healthcare  (1)

2,876‌

176‌

Rain

Oncology  (1)

833‌

1‌

Revance

Therapeutics  (1)(2)

5,195‌

46‌

Scilex

Holding  (1)

2,710‌

5‌

scPharmaceuticals  (1)(2)

1,637‌

10‌

SIGA

Technologies 

2,473‌

14‌

Supernus

Pharmaceuticals  (1)

2,833‌

82‌

Taro

Pharmaceutical

Industries  (1)

453‌

19‌

Tarsus

Pharmaceuticals  (1)(2)

1,682‌

34‌

Terns

Pharmaceuticals  (1)(2)

2,416‌

16‌

Theravance

Biopharma  (1)(2)

3,141‌

35‌

Theseus

Pharmaceuticals  (1)

1,029‌

4‌

Third

Harmonic

Bio  (1)

1,021‌

11‌

Trevi

Therapeutics  (1)

2,053‌

3‌

Ventyx

Biosciences  (1)

2,598‌

6‌

Verrica

Pharmaceuticals  (1)(2)

1,029‌

8‌

WaVe

Life

Sciences  (1)

3,227‌

16‌

Xeris

Biopharma

Holdings  (1)

7,417‌

17‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

47

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Zevra

Therapeutics  (1)

2,235‌

15‌

2,406‌

Total

Health

Care

22,567‌

INDUSTRIALS

&

BUSINESS

SERVICES

16.6%

Aerospace

&

Defense

0.8%

AAR (1)

1,970‌

123‌

AeroVironment  (1)

1,502‌

189‌

AerSale  (1)

1,407‌

18‌

Archer

Aviation,

Class

A  (1)(2)

8,855‌

54‌

Astronics  (1)

1,443‌

25‌

Cadre

Holdings 

1,141‌

37‌

Ducommun  (1)

766‌

40‌

Eve

Holding  (1)(2)

891‌

6‌

Kaman 

1,654‌

40‌

Leonardo

DRS  (1)

3,943‌

79‌

Moog,

Class

A 

1,652‌

239‌

National

Presto

Industries 

283‌

23‌

Park

Aerospace 

1,115‌

16‌

Redwire  (1)(2)

392‌

1‌

Rocket

Lab

USA  (1)

16,063‌

89‌

Terran

Orbital  (1)(2)

6,744‌

8‌

Triumph

Group  (1)

3,779‌

63‌

V2X  (1)

641‌

30‌

Virgin

Galactic

Holdings  (1)

19,104‌

47‌

1,127‌

Air

Freight

&

Logistics

0.2%

Air

Transport

Services

Group  (1)

3,273‌

58‌

Forward

Air 

1,498‌

94‌

Hub

Group,

Class

A  (1)

1,833‌

168‌

Radiant

Logistics  (1)

1,958‌

13‌

333‌

Building

Products

2.0%

AAON 

3,941‌

291‌

American

Woodmark  (1)

946‌

88‌

Apogee

Enterprises 

1,272‌

68‌

AZZ 

1,432‌

83‌

CSW

Industrials 

890‌

185‌

Gibraltar

Industries  (1)

1,786‌

141‌

Griffon 

2,446‌

149‌

Insteel

Industries 

1,101‌

42‌

Janus

International

Group  (1)

4,930‌

64‌

JELD-WEN

Holding  (1)

4,915‌

93‌

Masonite

International  (1)

1,270‌

108‌

Masterbrand  (1)

7,435‌

111‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

48

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

PGT

Innovations  (1)

3,314‌

135‌

Quanex

Building

Products 

1,909‌

58‌

Resideo

Technologies  (1)

8,545‌

161‌

Simpson

Manufacturing 

2,492‌

493‌

UFP

Industries 

3,489‌

438‌

Zurn

Elkay

Water

Solutions 

8,611‌

253‌

2,961‌

Commercial

Services

&

Supplies

1.5%

ABM

Industries 

3,826‌

172‌

ACCO

Brands 

5,471‌

33‌

ACV

Auctions,

Class

A  (1)

7,270‌

110‌

Aris

Water

Solution,

Class

A 

1,629‌

14‌

BrightView

Holdings  (1)

2,471‌

21‌

Brink's 

2,687‌

236‌

Casella

Waste

Systems,

Class

A  (1)

3,285‌

281‌

CECO

Environmental  (1)

1,744‌

35‌

Cimpress  (1)

1,030‌

83‌

CompX

International 

61‌

2‌

CoreCivic  (1)

6,519‌

95‌

Deluxe 

2,536‌

54‌

Ennis 

1,498‌

33‌

Enviri  (1)

4,649‌

42‌

GEO

Group  (1)(2)

6,953‌

75‌

Healthcare

Services

Group  (1)

4,336‌

45‌

HNI 

2,643‌

111‌

Interface 

3,409‌

43‌

LanzaTech

Global  (1)(2)

1,016‌

5‌

Li-Cycle

Holdings  (1)

7,514‌

4‌

Liquidity

Services  (1)

1,295‌

22‌

Matthews

International,

Class

A 

1,717‌

63‌

MillerKnoll 

4,342‌

116‌

Montrose

Environmental

Group  (1)

1,626‌

52‌

NL

Industries 

419‌

2‌

OPENLANE  (1)

6,189‌

92‌

Performant

Financial  (1)

3,981‌

13‌

Pitney

Bowes 

10,228‌

45‌

Quad/Graphics  (1)

1,871‌

10‌

SP

Plus  (1)

1,134‌

58‌

Steelcase,

Class

A 

5,356‌

72‌

UniFirst 

875‌

160‌

Viad  (1)

1,199‌

43‌

VSE 

745‌

48‌

2,290‌

Construction

&

Engineering

1.7%

Ameresco,

Class

A  (1)(2)

1,818‌

58‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

49

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

API

Group  (1)

12,154‌

420‌

Arcosa 

2,825‌

233‌

Argan 

744‌

35‌

Bowman

Consulting

Group  (1)

644‌

23‌

Comfort

Systems

USA 

2,057‌

423‌

Concrete

Pumping

Holdings  (1)

1,543‌

13‌

Construction

Partners,

Class

A  (1)

2,301‌

100‌

Dycom

Industries  (1)

1,655‌

190‌

Fluor  (1)

8,293‌

325‌

Granite

Construction 

2,578‌

131‌

Great

Lakes

Dredge

&

Dock  (1)

3,541‌

27‌

IES

Holdings  (1)

474‌

38‌

INNOVATE  (1)(2)

3,402‌

4‌

Limbach

Holdings  (1)

509‌

23‌

MYR

Group  (1)

960‌

139‌

Northwest

Pipe  (1)

592‌

18‌

Primoris

Services 

3,040‌

101‌

Southland

Holdings  (1)

184‌

1‌

Sterling

Infrastructure  (1)

1,748‌

154‌

Tutor

Perini  (1)

2,310‌

21‌

2,477‌

Electrical

Equipment

1.3%

Allient 

703‌

21‌

Amprius

Technologies  (1)

263‌

1‌

Array

Technologies  (1)

8,748‌

147‌

Atkore  (1)

2,203‌

352‌

Babcock

&

Wilcox

Enterprises  (1)

3,074‌

4‌

Blink

Charging  (1)(2)

3,006‌

10‌

Bloom

Energy,

Class

A  (1)(2)

11,236‌

166‌

Dragonfly

Energy

Holdings  (1)(2)

1,778‌

1‌

Encore

Wire 

877‌

187‌

Energy

Vault

Holdings  (1)

5,804‌

14‌

EnerSys 

2,402‌

243‌

Enovix  (1)(2)

8,022‌

100‌

Eos

Energy

Enterprises  (1)(2)

6,033‌

7‌

ESS

Tech  (1)(2)

4,482‌

5‌

Fluence

Energy  (1)

3,441‌

82‌

FTC

Solar  (1)(2)

3,249‌

2‌

FuelCell

Energy  (1)

26,546‌

42‌

GrafTech

International 

11,402‌

25‌

LSI

Industries 

1,554‌

22‌

NEXTracker,

Class

A  (1)

2,897‌

136‌

NuScale

Power  (1)(2)

2,976‌

10‌

Powell

Industries 

533‌

47‌

Preformed

Line

Products 

137‌

18‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

50

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SES

AI  (1)(2)

6,843‌

13‌

Shoals

Technologies

Group,

Class

A  (1)(2)

10,006‌

156‌

SKYX

Platforms  (1)(2)

3,928‌

6‌

Stem  (1)(2)

8,393‌

33‌

SunPower  (1)(2)

5,100‌

25‌

Thermon

Group

Holdings  (1)

1,933‌

63‌

TPI

Composites  (1)(2)

2,089‌

9‌

Vicor  (1)

1,289‌

58‌

2,005‌

Ground

Transportation

0.4%

ArcBest 

1,374‌

165‌

Covenant

Logistics

Group,

Class

A 

456‌

21‌

Daseke  (1)

2,341‌

19‌

FTAI

Infrastructure 

5,476‌

21‌

Heartland

Express 

2,792‌

40‌

Marten

Transport 

3,358‌

70‌

PAM

Transportation

Services  (1)

339‌

7‌

RXO  (1)

6,780‌

158‌

TuSimple

Holdings,

Class

A  (1)

8,537‌

8‌

Universal

Logistics

Holdings 

360‌

10‌

Werner

Enterprises 

3,695‌

157‌

676‌

Industrial

Conglomerates

0.0%

Brookfield

Business,

Class

A 

1,519‌

35‌

35‌

Machinery

3.5%

374Water (1)(2)

2,918‌

4‌

3D

Systems  (1)

7,604‌

48‌

Alamo

Group 

591‌

124‌

Albany

International,

Class

A 

1,807‌

177‌

Astec

Industries 

1,325‌

49‌

Barnes

Group 

2,828‌

92‌

Blue

Bird  (1)

1,480‌

40‌

Chart

Industries  (1)(2)

2,499‌

341‌

Columbus

McKinnon 

1,634‌

64‌

Commercial

Vehicle

Group  (1)

1,839‌

13‌

Desktop

Metal,

Class

A  (1)(2)

15,439‌

12‌

Douglas

Dynamics 

1,324‌

39‌

Energy

Recovery  (1)

3,196‌

60‌

Enerpac

Tool

Group 

3,228‌

100‌

Enpro 

1,210‌

190‌

ESCO

Technologies 

1,479‌

173‌

Federal

Signal 

3,488‌

268‌

Franklin

Electric 

2,688‌

260‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

51

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Gencor

Industries  (1)

656‌

11‌

Gorman-Rupp 

1,335‌

47‌

Greenbrier 

1,760‌

78‌

Helios

Technologies 

1,924‌

87‌

Hillenbrand 

4,036‌

193‌

Hillman

Solutions  (1)

11,218‌

103‌

Hyliion

Holdings  (1)

7,253‌

6‌

Hyster-Yale

Materials

Handling 

654‌

41‌

John

Bean

Technologies 

1,856‌

185‌

Kadant 

674‌

189‌

Kennametal 

4,716‌

122‌

Lindsay 

634‌

82‌

Luxfer

Holdings 

1,515‌

14‌

Manitowoc  (1)

2,056‌

34‌

Mayville

Engineering  (1)

701‌

10‌

Microvast

Holdings  (1)(2)

12,895‌

18‌

Miller

Industries 

623‌

26‌

Mueller

Industries 

6,518‌

307‌

Mueller

Water

Products,

Class

A 

9,069‌

131‌

Nikola  (1)

36,288‌

32‌

Omega

Flex 

188‌

13‌

Park-Ohio

Holdings 

489‌

13‌

Proto

Labs  (1)

1,528‌

60‌

REV

Group 

1,870‌

34‌

Shyft

Group 

2,016‌

25‌

SPX

Technologies  (1)

2,568‌

259‌

Standex

International 

674‌

107‌

Tennant 

1,061‌

98‌

Terex 

3,872‌

222‌

Titan

International  (1)

3,062‌

46‌

Trinity

Industries 

4,747‌

126‌

Velo3D  (1)(2)

4,382‌

2‌

Wabash

National 

2,745‌

70‌

Watts

Water

Technologies,

Class

A 

1,590‌

331‌

5,176‌

Marine

Transportation

0.3%

Costamare 

2,684‌

28‌

Eagle

Bulk

Shipping 

552‌

30‌

Genco

Shipping

&

Trading 

2,509‌

42‌

Golden

Ocean

Group 

7,126‌

69‌

Himalaya

Shipping  (1)

1,734‌

12‌

Matson 

2,009‌

220‌

Pangaea

Logistics

Solutions 

2,063‌

17‌

Safe

Bulkers  (2)

3,972‌

16‌

434‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

52

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Passenger

Airlines

0.4%

Allegiant

Travel 

908‌

75‌

Blade

Air

Mobility  (1)

3,088‌

11‌

Frontier

Group

Holdings  (1)(2)

1,957‌

11‌

Hawaiian

Holdings  (1)(2)

2,974‌

42‌

JetBlue

Airways  (1)

19,459‌

108‌

Joby

Aviation  (1)(2)

15,973‌

106‌

SkyWest  (1)

2,323‌

121‌

Spirit

Airlines  (2)

6,308‌

103‌

Sun

Country

Airlines

Holdings  (1)

2,208‌

35‌

612‌

Professional

Services

2.5%

Alight,

Class

A  (1)

23,851‌

203‌

ASGN  (1)

2,752‌

265‌

Asure

Software  (1)

1,410‌

13‌

Barrett

Business

Services 

372‌

43‌

BlackSky

Technology  (1)

7,134‌

10‌

CBIZ  (1)

2,768‌

173‌

Conduent  (1)

9,681‌

35‌

CRA

International 

405‌

40‌

CSG

Systems

International 

1,813‌

96‌

ExlService

Holdings  (1)

9,405‌

290‌

Exponent 

2,947‌

259‌

First

Advantage 

3,183‌

53‌

FiscalNote

Holdings  (1)

3,065‌

3‌

Forrester

Research  (1)

631‌

17‌

Franklin

Covey  (1)

651‌

28‌

Heidrick

&

Struggles

International 

1,153‌

34‌

HireQuest 

264‌

4‌

HireRight

Holdings  (1)

895‌

12‌

Huron

Consulting

Group  (1)

1,088‌

112‌

IBEX  (1)

669‌

13‌

ICF

International 

1,093‌

147‌

Innodata  (1)(2)

1,411‌

11‌

Insperity 

2,069‌

243‌

Kelly

Services,

Class

A 

1,872‌

40‌

Kforce 

1,118‌

76‌

Korn

Ferry 

3,012‌

179‌

Legalzoom.com  (1)

6,858‌

77‌

Maximus 

3,537‌

297‌

Mistras

Group  (1)

1,025‌

8‌

NV5

Global  (1)

815‌

91‌

Parsons  (1)

2,409‌

151‌

Planet

Labs

PBC  (1)(2)

10,014‌

25‌

Resources

Connection 

1,919‌

27‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

53

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Skillsoft  (1)

199‌

3‌

Sterling

Check  (1)(2)

1,828‌

25‌

TriNet

Group  (1)

1,864‌

222‌

TrueBlue  (1)

1,795‌

28‌

TTEC

Holdings 

1,059‌

23‌

Upwork  (1)

7,318‌

109‌

Verra

Mobility  (1)

8,058‌

186‌

Willdan

Group  (1)

697‌

15‌

3,686‌

Trading

Companies

&

Distributors

2.0%

Alta

Equipment

Group 

1,260‌

16‌

Applied

Industrial

Technologies 

2,243‌

387‌

Beacon

Roofing

Supply  (1)

3,372‌

293‌

BlueLinx

Holdings  (1)

509‌

58‌

Boise

Cascade 

2,311‌

299‌

Custom

Truck

One

Source  (1)

3,387‌

21‌

Distribution

Solutions

Group  (1)

600‌

19‌

DXP

Enterprises  (1)

771‌

26‌

EVI

Industries 

234‌

6‌

FTAI

Aviation 

5,792‌

269‌

GATX 

2,067‌

248‌

Global

Industrial 

789‌

31‌

GMS  (1)

2,369‌

195‌

H&E

Equipment

Services 

1,847‌

97‌

Herc

Holdings 

1,645‌

245‌

Hudson

Technologies  (1)

2,544‌

34‌

Karat

Packaging 

420‌

10‌

McGrath

RentCorp 

1,426‌

171‌

MRC

Global  (1)

4,853‌

53‌

NOW  (1)

6,126‌

69‌

Rush

Enterprises,

Class

A 

3,551‌

179‌

Rush

Enterprises,

Class

B 

511‌

27‌

Textainer

Group

Holdings 

2,318‌

114‌

Titan

Machinery  (1)

1,148‌

33‌

Transcat  (1)

477‌

52‌

Willis

Lease

Finance  (1)

179‌

9‌

Xometry,

Class

A  (1)

1,988‌

71‌

3,032‌

Total

Industrials

&

Business

Services

24,844‌

INFORMATION

TECHNOLOGY

13.5%

Communications

Equipment

0.6%

ADTRAN

Holdings 

4,611‌

34‌

Aviat

Networks  (1)

679‌

22‌

Calix  (1)

3,443‌

150‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

54

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Cambium

Networks  (1)

645‌

4‌

Clearfield  (1)(2)

779‌

23‌

CommScope

Holding  (1)

12,361‌

35‌

Comtech

Telecommunications 

1,535‌

13‌

Digi

International  (1)

2,042‌

53‌

DZS  (1)

992‌

2‌

Extreme

Networks  (1)

7,375‌

130‌

Harmonic  (1)(2)

6,350‌

83‌

Infinera  (1)

11,503‌

55‌

KVH

Industries  (1)

923‌

5‌

NETGEAR  (1)

1,715‌

25‌

NetScout

Systems  (1)

4,020‌

88‌

Ribbon

Communications  (1)

4,987‌

14‌

Viavi

Solutions  (1)

12,933‌

130‌

866‌

Electronic

Equipment,

Instruments

&

Components

2.7%

908

Devices  (1)

1,198‌

13‌

Advanced

Energy

Industries 

2,190‌

239‌

Aeva

Technologies  (1)

5,003‌

4‌

Akoustis

Technologies  (1)(2)

3,228‌

3‌

Arlo

Technologies  (1)

5,083‌

48‌

Badger

Meter 

1,712‌

264‌

Bel

Fuse,

Class

B 

608‌

41‌

Belden 

2,455‌

190‌

Benchmark

Electronics 

2,054‌

57‌

Climb

Global

Solutions 

238‌

13‌

CTS 

1,808‌

79‌

Daktronics  (1)

2,198‌

19‌

ePlus  (1)

1,554‌

124‌

Evolv

Technologies

Holdings  (1)

6,838‌

32‌

Fabrinet  (1)

2,139‌

407‌

FARO

Technologies  (1)

1,108‌

25‌

Insight

Enterprises  (1)

1,669‌

296‌

Iteris  (1)

2,492‌

13‌

Itron  (1)

2,630‌

199‌

Kimball

Electronics  (1)

1,429‌

38‌

Knowles  (1)

5,172‌

93‌

Lightwave

Logic  (1)(2)

6,740‌

34‌

Luna

Innovations  (1)

1,827‌

12‌

Methode

Electronics 

2,052‌

47‌

MicroVision  (1)(2)

11,341‌

30‌

Mirion

Technologies  (1)

11,500‌

118‌

Napco

Security

Technologies 

1,925‌

66‌

nLight  (1)

2,559‌

35‌

Novanta  (1)

2,081‌

350‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

55

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

OSI

Systems  (1)

929‌

120‌

PAR

Technology  (1)

1,568‌

68‌

PC

Connection 

669‌

45‌

Plexus  (1)

1,584‌

171‌

Presto

Automation  (1)

156‌

—‌

Richardson

Electronics 

755‌

10‌

Rogers  (1)

1,011‌

133‌

Sanmina  (1)

3,281‌

169‌

ScanSource  (1)

1,435‌

57‌

SmartRent  (1)

10,773‌

34‌

TTM

Technologies  (1)

6,071‌

96‌

Vishay

Intertechnology 

7,446‌

178‌

Vishay

Precision

Group  (1)

679‌

23‌

Vuzix  (1)(2)

2,977‌

6‌

3,999‌

IT

Services

0.6%

Applied

Digital  (1)(2)

4,812‌

32‌

BigBear.ai

Holdings  (1)

1,319‌

3‌

BigCommerce

Holdings,

Series

1  (1)

3,745‌

36‌

Brightcove  (1)

2,274‌

6‌

Couchbase  (1)

1,996‌

45‌

DigitalOcean

Holdings  (1)(2)

3,644‌

134‌

Fastly,

Class

A  (1)

6,967‌

124‌

Grid

Dynamics

Holdings  (1)

3,241‌

43‌

Hackett

Group 

1,392‌

32‌

Information

Services

Group 

1,847‌

9‌

Kratos

Defense

&

Security

Solutions  (1)

7,348‌

149‌

Perficient  (1)

2,005‌

132‌

Rackspace

Technology  (1)(2)

4,030‌

8‌

Squarespace,

Class

A  (1)

2,920‌

96‌

Thoughtworks

Holding  (1)

5,514‌

27‌

Tucows,

Class

A  (1)(2)

604‌

16‌

Unisys  (1)

3,756‌

21‌

913‌

Semiconductors

&

Semiconductor

Equipment

3.1%

ACM

Research,

Class

A  (1)

2,796‌

55‌

Aehr

Test

Systems  (1)(2)

1,609‌

43‌

Alpha

&

Omega

Semiconductor  (1)

1,295‌

34‌

Ambarella  (1)

2,215‌

136‌

Amkor

Technology 

6,478‌

215‌

Atomera  (1)

1,131‌

8‌

Axcelis

Technologies  (1)

1,897‌

246‌

CEVA  (1)

1,353‌

31‌

Cohu  (1)

2,679‌

95‌

Credo

Technology

Group

Holding  (1)

6,617‌

129‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

56

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Diodes  (1)

2,607‌

210‌

FormFactor  (1)

4,455‌

186‌

Ichor

Holdings  (1)

1,667‌

56‌

Impinj  (1)(2)

1,346‌

121‌

indie

Semiconductor,

Class

A  (1)

8,724‌

71‌

inTEST  (1)

730‌

10‌

Kulicke

&

Soffa

Industries 

3,204‌

175‌

MACOM

Technology

Solutions

Holdings  (1)

3,162‌

294‌

Maxeon

Solar

Technologies  (1)(2)

1,592‌

11‌

MaxLinear  (1)

4,406‌

105‌

Navitas

Semiconductor  (1)

6,386‌

52‌

NVE 

278‌

22‌

Onto

Innovation  (1)

2,844‌

435‌

PDF

Solutions  (1)

1,731‌

56‌

Photronics  (1)

3,520‌

110‌

Power

Integrations 

3,304‌

271‌

Rambus  (1)

6,334‌

432‌

Semtech  (1)

3,702‌

81‌

Silicon

Laboratories  (1)

1,848‌

244‌

SiTime  (1)

1,002‌

122‌

SkyWater

Technology  (1)

1,178‌

11‌

SMART

Global

Holdings  (1)

2,812‌

53‌

Synaptics  (1)

2,296‌

262‌

Transphorm  (1)

1,347‌

5‌

Ultra

Clean

Holdings  (1)

2,563‌

87‌

Veeco

Instruments  (1)

2,923‌

91‌

4,565‌

Software

5.8%

8x8 (1)

7,081‌

27‌

A10

Networks 

4,106‌

54‌

ACI

Worldwide  (1)

6,262‌

192‌

Adeia 

6,191‌

77‌

Agilysys  (1)

1,147‌

97‌

Alarm.com

Holdings  (1)

2,767‌

179‌

Alkami

Technology  (1)

2,294‌

56‌

Altair

Engineering,

Class

A  (1)

3,161‌

266‌

American

Software,

Class

A 

1,756‌

20‌

Amplitude,

Class

A  (1)

3,950‌

50‌

Appfolio,

Class

A  (1)

1,120‌

194‌

Appian,

Class

A  (1)

2,350‌

89‌

Asana,

Class

A  (1)(2)

4,697‌

89‌

Aurora

Innovation  (1)(2)

19,489‌

85‌

AvePoint  (1)

8,842‌

73‌

Bit

Digital  (1)(2)

5,272‌

22‌

Blackbaud  (1)

2,507‌

217‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

57

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

BlackLine  (1)

3,278‌

205‌

Box,

Class

A  (1)

8,212‌

210‌

Braze,

Class

A  (1)

3,057‌

162‌

C3.ai,

Class

A  (1)(2)

4,690‌

135‌

Cerence  (1)

2,362‌

46‌

Cipher

Mining  (1)(2)

2,271‌

9‌

Cleanspark  (1)(2)

8,653‌

95‌

CommVault

Systems  (1)

2,543‌

203‌

Consensus

Cloud

Solutions  (1)

1,145‌

30‌

CoreCard  (1)

357‌

5‌

CS

Disco  (1)

1,241‌

9‌

CXApp  (1)

95‌

—‌

Digimarc  (1)(2)

837‌

30‌

Digital

Turbine  (1)

5,633‌

39‌

Domo,

Class

B  (1)

1,863‌

19‌

E2open

Parent

Holdings  (1)

10,090‌

44‌

eGain  (1)

1,280‌

11‌

Enfusion,

Class

A  (1)(2)

2,058‌

20‌

EngageSmart  (1)

2,806‌

64‌

Envestnet  (1)

2,926‌

145‌

Everbridge  (1)

2,365‌

57‌

EverCommerce  (1)

1,348‌

15‌

Expensify,

Class

A  (1)

3,155‌

8‌

Freshworks,

Class

A  (1)

9,435‌

222‌

Instructure

Holdings  (1)

1,151‌

31‌

Intapp  (1)

1,608‌

61‌

InterDigital  (2)

1,528‌

166‌

Jamf

Holding  (1)

4,026‌

73‌

Kaltura  (1)

5,271‌

10‌

LivePerson  (1)

4,712‌

18‌

LiveRamp

Holdings  (1)

3,841‌

146‌

Marathon

Digital

Holdings  (1)

12,376‌

291‌

Matterport  (1)

14,516‌

39‌

MeridianLink  (1)

1,549‌

38‌

MicroStrategy,

Class

A  (1)(2)

709‌

448‌

Mitek

Systems  (1)

2,525‌

33‌

Model

N  (1)

2,158‌

58‌

N-Able  (1)

4,045‌

54‌

NextNav  (1)

2,880‌

13‌

Olo,

Class

A  (1)

6,062‌

35‌

ON24 

1,858‌

15‌

OneSpan  (1)

2,371‌

25‌

PagerDuty  (1)

5,228‌

121‌

PowerSchool

Holdings,

Class

A  (1)

3,230‌

76‌

Progress

Software 

2,542‌

138‌

PROS

Holdings  (1)(2)

2,561‌

99‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

58

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Q2

Holdings  (1)

3,323‌

144‌

Qualys  (1)

2,160‌

424‌

Rapid7  (1)

3,490‌

199‌

Red

Violet  (1)

628‌

13‌

Rimini

Street  (1)

3,240‌

11‌

Riot

Platforms  (1)

10,955‌

169‌

Sapiens

International 

1,782‌

52‌

SEMrush

Holdings,

Class

A  (1)(2)

1,764‌

24‌

SolarWinds  (1)

2,986‌

37‌

SoundHound

AI,

Class

A  (1)

7,836‌

17‌

SoundThinking  (1)

528‌

13‌

Sprinklr,

Class

A  (1)

6,120‌

74‌

Sprout

Social,

Class

A  (1)(2)

2,785‌

171‌

SPS

Commerce  (1)

2,132‌

413‌

Tenable

Holdings  (1)

6,639‌

306‌

Terawulf  (1)

8,894‌

21‌

Varonis

Systems  (1)

6,323‌

286‌

Verint

Systems  (1)

3,594‌

97‌

Veritone  (1)(2)

1,367‌

2‌

Viant

Technology,

Class

A  (1)

903‌

6‌

Weave

Communications  (1)

1,838‌

21‌

Workiva  (1)

2,891‌

294‌

Xperi  (1)

2,510‌

28‌

Yext  (1)

6,246‌

37‌

Zeta

Global

Holdings,

Class

A  (1)

7,935‌

70‌

Zuora,

Class

A  (1)

7,826‌

74‌

8,561‌

Technology

Hardware,

Storage

&

Peripherals

0.7%

CompoSecure (1)(2)

811‌

4‌

Corsair

Gaming  (1)

2,182‌

31‌

CPI

Card

Group  (1)

211‌

4‌

Eastman

Kodak  (1)

3,026‌

12‌

Immersion 

1,772‌

13‌

Intevac  (1)

1,261‌

5‌

IonQ  (1)(2)

9,395‌

116‌

Super

Micro

Computer  (1)

2,691‌

765‌

Turtle

Beach  (1)

844‌

9‌

Xerox

Holdings 

6,751‌

124‌

1,083‌

Total

Information

Technology

19,987‌

MATERIALS

4.4%

Chemicals

1.9%

AdvanSix 

1,545‌

46‌

American

Vanguard 

1,592‌

17‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

59

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Aspen

Aerogels  (1)(2)

2,875‌

45‌

Avient 

5,219‌

217‌

Balchem 

1,862‌

277‌

Cabot 

3,223‌

269‌

Core

Molding

Technologies  (1)

440‌

8‌

Danimer

Scientific  (1)(2)

4,634‌

5‌

Ecovyst  (1)

5,527‌

54‌

Hawkins 

1,117‌

79‌

HB

Fuller 

3,149‌

256‌

Ingevity  (1)

2,097‌

99‌

Innospec 

1,441‌

178‌

Intrepid

Potash  (1)

577‌

14‌

Koppers

Holdings 

1,172‌

60‌

Kronos

Worldwide 

1,161‌

12‌

Livent  (1)(2)

10,421‌

187‌

LSB

Industries  (1)

3,068‌

29‌

Mativ

Holdings 

3,181‌

49‌

Minerals

Technologies 

1,901‌

136‌

Origin

Materials  (1)

6,532‌

5‌

Orion 

3,234‌

90‌

Perimeter

Solutions  (1)

8,956‌

41‌

PureCycle

Technologies  (1)(2)

6,840‌

28‌

Quaker

Chemical 

809‌

173‌

Rayonier

Advanced

Materials  (1)

3,872‌

16‌

Sensient

Technologies 

2,456‌

162‌

Stepan 

1,220‌

115‌

Trinseo 

1,945‌

16‌

Tronox

Holdings 

6,731‌

95‌

Valhi 

85‌

1‌

2,779‌

Construction

Materials

0.3%

Knife

River  (1)

3,257‌

216‌

Summit

Materials,

Class

A  (1)

6,950‌

267‌

United

States

Lime

&

Minerals 

121‌

28‌

511‌

Containers

&

Packaging

0.3%

Greif,

Class

A 

1,394‌

91‌

Greif,

Class

B 

293‌

19‌

Myers

Industries 

2,174‌

43‌

O-I

Glass  (1)

9,067‌

149‌

Pactiv

Evergreen 

2,357‌

32‌

Ranpak

Holdings  (1)

2,356‌

14‌

TriMas 

2,395‌

61‌

409‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

60

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Metals

&

Mining

1.8%

5E

Advanced

Materials  (1)(2)

1,895‌

3‌

Alpha

Metallurgical

Resources 

673‌

228‌

Arch

Resources 

1,042‌

173‌

ATI  (1)

7,498‌

341‌

Caledonia

Mining 

961‌

12‌

Carpenter

Technology 

2,818‌

200‌

Century

Aluminum  (1)

3,101‌

38‌

Coeur

Mining  (1)

19,207‌

63‌

Commercial

Metals 

6,811‌

341‌

Compass

Minerals

International 

1,989‌

50‌

Constellium  (1)

7,429‌

148‌

Contango

ORE  (1)

488‌

9‌

Dakota

Gold  (1)

2,860‌

7‌

Haynes

International 

734‌

42‌

Hecla

Mining 

35,285‌

170‌

i-80

Gold  (1)

10,607‌

19‌

Ivanhoe

Electric  (1)

3,688‌

37‌

Kaiser

Aluminum 

925‌

66‌

Materion 

1,198‌

156‌

NioCorp

Developments  (1)

95‌

—‌

Novagold

Resources  (1)

14,014‌

52‌

Olympic

Steel 

572‌

38‌

Perpetua

Resources  (1)(2)

1,860‌

6‌

Piedmont

Lithium  (1)(2)

1,001‌

28‌

Ramaco

Resources,

Class

A 

1,334‌

23‌

Ramaco

Resources,

Class

B 

240‌

3‌

Ryerson

Holding 

1,636‌

57‌

Schnitzer

Steel

Industries,

Class

A 

1,513‌

46‌

SunCoke

Energy 

4,866‌

52‌

TimkenSteel  (1)

2,524‌

59‌

Tredegar 

1,358‌

7‌

Warrior

Met

Coal 

2,987‌

182‌

Worthington

Steel  (1)

1,759‌

49‌

2,705‌

Paper

&

Forest

Products

0.1%

Clearwater

Paper  (1)

933‌

34‌

Glatfelter  (1)

2,204‌

4‌

Sylvamo 

2,084‌

102‌

140‌

Total

Materials

6,544‌

REAL

ESTATE

6.2%

Diversified

Real

Estate

Investment

Trusts

0.6%

Alexander

&

Baldwin,

REIT 

4,175‌

79‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

61

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Alpine

Income

Property

Trust,

REIT 

737‌

12‌

American

Assets

Trust,

REIT 

2,827‌

64‌

Armada

Hoffler

Properties,

REIT 

3,935‌

49‌

Broadstone

Net

Lease,

REIT 

10,853‌

187‌

CTO

Realty

Growth,

REIT 

1,249‌

22‌

Empire

State

Realty

Trust,

Class

A,

REIT 

7,612‌

74‌

Essential

Properties

Realty

Trust,

REIT 

9,082‌

232‌

Gladstone

Commercial,

REIT 

2,373‌

31‌

Global

Net

Lease,

REIT 

11,148‌

111‌

NexPoint

Diversified

Real

Estate

Trust,

REIT  (2)

1,739‌

14‌

One

Liberty

Properties,

REIT 

923‌

20‌

895‌

Health

Care

Real

Estate

Investment

Trusts

0.6%

CareTrust

REIT,

REIT 

5,854‌

131‌

Community

Healthcare

Trust,

REIT 

1,588‌

42‌

Diversified

Healthcare

Trust,

REIT 

14,145‌

53‌

Global

Medical

REIT,

REIT 

3,437‌

38‌

LTC

Properties,

REIT 

2,355‌

76‌

National

Health

Investors,

REIT 

2,438‌

136‌

Physicians

Realty

Trust,

REIT 

13,741‌

183‌

Sabra

Health

Care

REIT,

REIT 

13,328‌

190‌

Universal

Health

Realty

Income

Trust,

REIT 

745‌

32‌

881‌

Hotel

&

Resort

Real

Estate

Investment

Trusts

0.9%

Apple

Hospitality

REIT,

REIT 

12,561‌

209‌

Braemar

Hotels

&

Resorts,

REIT 

3,327‌

8‌

Chatham

Lodging

Trust,

REIT 

2,837‌

31‌

DiamondRock

Hospitality,

REIT 

12,039‌

113‌

Pebblebrook

Hotel

Trust,

REIT 

6,966‌

111‌

RLJ

Lodging

Trust,

REIT 

8,978‌

105‌

Ryman

Hospitality

Properties,

REIT 

3,391‌

373‌

Service

Properties

Trust,

REIT 

9,506‌

81‌

Summit

Hotel

Properties,

REIT 

6,238‌

42‌

Sunstone

Hotel

Investors,

REIT 

12,174‌

131‌

Xenia

Hotels

&

Resorts,

REIT 

6,328‌

86‌

1,290‌

Industrial

Real

Estate

Investment

Trusts

0.5%

Innovative

Industrial

Properties,

REIT 

1,628‌

164‌

LXP

Industrial

Trust,

REIT 

16,903‌

168‌

Plymouth

Industrial

REIT,

REIT 

2,604‌

63‌

Terreno

Realty,

REIT 

4,820‌

302‌

697‌

Office

Real

Estate

Investment

Trusts

0.7%

Brandywine

Realty

Trust,

REIT 

9,933‌

54‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

62

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

City

Office

REIT,

REIT 

2,108‌

13‌

COPT

Defense

Properties,

REIT 

6,514‌

167‌

Douglas

Emmett,

REIT  (2)

9,387‌

136‌

Easterly

Government

Properties,

REIT 

5,637‌

76‌

Equity

Commonwealth,

REIT 

5,994‌

115‌

Hudson

Pacific

Properties,

REIT 

8,078‌

75‌

JBG

SMITH

Properties,

REIT 

5,818‌

99‌

Office

Properties

Income

Trust,

REIT 

2,902‌

21‌

Orion

Office

REIT,

REIT 

3,172‌

18‌

Paramount

Group,

REIT 

10,741‌

55‌

Peakstone

Realty

Trust,

REIT  (2)

2,097‌

42‌

Piedmont

Office

Realty

Trust,

Class

A,

REIT 

7,192‌

51‌

Postal

Realty

Trust,

Class

A,

REIT 

1,219‌

18‌

SL

Green

Realty,

REIT 

3,778‌

171‌

1,111‌

Real

Estate

Management

&

Development

0.8%

American

Realty

Investors  (1)

57‌

1‌

Anywhere

Real

Estate  (1)

6,335‌

51‌

Compass,

Class

A  (1)

16,325‌

61‌

Cushman

&

Wakefield  (1)

9,563‌

103‌

DigitalBridge

Group  (2)

9,346‌

164‌

Douglas

Elliman 

4,966‌

15‌

eXp

World

Holdings  (2)

4,105‌

64‌

Forestar

Group  (1)

1,062‌

35‌

FRP

Holdings  (1)

391‌

25‌

Kennedy-Wilson

Holdings 

6,856‌

85‌

Marcus

&

Millichap 

1,400‌

61‌

Maui

Land

&

Pineapple  (1)

371‌

6‌

Newmark

Group,

Class

A 

7,944‌

87‌

Opendoor

Technologies,

Class

A  (1)

32,027‌

143‌

RE/MAX

Holdings,

Class

A 

999‌

13‌

Redfin  (1)

6,216‌

64‌

RMR

Group,

Class

A 

846‌

24‌

St.

Joe 

1,971‌

119‌

Star

Holdings  (1)

776‌

12‌

Stratus

Properties  (1)

316‌

9‌

Tejon

Ranch  (1)

1,194‌

21‌

Transcontinental

Realty

Investors  (1)

92‌

3‌

1,166‌

Residential

Real

Estate

Investment

Trusts

0.4%

Apartment

Investment

&

Management,

Class

A,

REIT  (1)

6,996‌

55‌

BRT

Apartments,

REIT 

726‌

14‌

Centerspace,

REIT 

880‌

51‌

Clipper

Realty,

REIT 

737‌

4‌

Elme

Communities,

REIT 

5,072‌

74‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

63

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Independence

Realty

Trust,

REIT 

13,022‌

199‌

NexPoint

Residential

Trust,

REIT 

1,316‌

45‌

UMH

Properties,

REIT 

3,479‌

53‌

Veris

Residential,

REIT 

4,567‌

72‌

567‌

Retail

Real

Estate

Investment

Trusts

1.2%

Acadia

Realty

Trust,

REIT 

5,364‌

91‌

Alexander's,

REIT 

120‌

26‌

CBL

&

Associates

Properties,

REIT 

1,605‌

39‌

Getty

Realty,

REIT 

2,763‌

81‌

InvenTrust

Properties,

REIT 

3,889‌

98‌

Kite

Realty

Group

Trust,

REIT 

12,664‌

289‌

Macerich,

REIT 

12,473‌

192‌

NETSTREIT,

REIT 

4,070‌

73‌

Phillips

Edison,

REIT 

6,866‌

250‌

Retail

Opportunity

Investments,

REIT 

7,058‌

99‌

Saul

Centers,

REIT 

658‌

26‌

SITE

Centers,

REIT 

11,127‌

152‌

Tanger,

REIT 

5,902‌

164‌

Urban

Edge

Properties,

REIT 

6,718‌

123‌

Whitestone

REIT,

REIT 

2,736‌

34‌

1,737‌

Specialized

Real

Estate

Investment

Trusts

0.5%

Farmland

Partners,

REIT  (2)

2,687‌

34‌

Four

Corners

Property

Trust,

REIT 

5,219‌

132‌

Gladstone

Land,

REIT 

1,953‌

28‌

Outfront

Media,

REIT 

8,463‌

118‌

PotlatchDeltic,

REIT 

4,607‌

226‌

Safehold,

REIT  (2)

2,821‌

66‌

Uniti

Group,

REIT 

13,749‌

80‌

684‌

Total

Real

Estate

9,028‌

TRUSTS

&

FUNDS

0.6%

Trusts

&

Mutual

Funds

0.6%

iShares

Russell

2000

ETF 

4,789‌

961‌

Total

Trusts

&

Funds

961‌

UTILITIES

2.7%

Electric

Utilities

0.7%

ALLETE 

3,328‌

204‌

Genie

Energy,

Class

B 

1,148‌

32‌

MGE

Energy 

2,108‌

152‌

Otter

Tail 

2,383‌

203‌

PNM

Resources 

4,994‌

208‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

64

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Portland

General

Electric 

5,917‌

256‌

1,055‌

Gas

Utilities

0.9%

Brookfield

Infrastructure,

Class

A 

6,978‌

246‌

Chesapeake

Utilities 

1,244‌

131‌

New

Jersey

Resources 

5,657‌

252‌

Northwest

Natural

Holding 

2,061‌

80‌

ONE

Gas 

3,216‌

205‌

RGC

Resources 

497‌

10‌

Southwest

Gas

Holdings 

3,597‌

228‌

Spire 

2,975‌

186‌

1,338‌

Independent

Power

&

Renewable

Electricity

Producers

0.3%

Altus

Power  (1)(2)

3,775‌

26‌

Montauk

Renewables  (1)

3,900‌

34‌

Ormat

Technologies 

3,113‌

236‌

Sunnova

Energy

International  (1)(2)

6,148‌

94‌

390‌

Multi-Utilities

0.4%

Avista 

4,420‌

158‌

Black

Hills 

3,885‌

209‌

Northwestern

Energy

Group 

3,550‌

181‌

Unitil 

945‌

50‌

598‌

Water

Utilities

0.4%

American

States

Water 

2,140‌

172‌

Artesian

Resources,

Class

A 

505‌

21‌

Cadiz  (1)

1,998‌

6‌

California

Water

Service

Group 

3,338‌

173‌

Consolidated

Water 

872‌

31‌

Global

Water

Resources 

601‌

8‌

Middlesex

Water 

1,011‌

66‌

Pure

Cycle  (1)

1,023‌

11‌

SJW

Group 

1,866‌

122‌

York

Water 

838‌

32‌

642‌

Total

Utilities

4,023‌

Total

Common

Stocks

(Cost

$147,263)

147,740‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

65

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SHORT-TERM

INVESTMENTS

0.3%

Money

Market

Funds

0.3%

T.

Rowe

Price

Government

Reserve

Fund,

5.42%  (4)(5)

486,922‌

487‌

487‌

U.S.

Treasury

Obligations

0.0%

U.S.

Treasury

Bills,

5.229%,

5/9/24  (6)

75,000‌

73‌

73‌

Total

Short-Term

Investments

(Cost

$560)

560‌

SECURITIES

LENDING

COLLATERAL

7.0%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

7.0%

Money

Market

Funds

7.0%

T.

Rowe

Price

Government

Reserve

Fund,

5.42%  (4)(5)

10,327,807‌

10,328‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

10,328‌

Total

Securities

Lending

Collateral

(Cost

$10,328)

10,328‌

Total

Investments

in

Securities

106.8%

of

Net

Assets

(Cost

$158,151)

$

158,628‌

‡

Shares/Par

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

See

Note

4

.

All

or

a

portion

of

this

security

is

on

loan

at

December

31,

2023.

(3)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(4)

Seven-day

yield

(5)

Affiliated

Companies

(6)

At

December

31,

2023,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

CVR

Contingent

Value

Rights

EC

Escrow

CUSIP;

represents

a

beneficial

interest

in

a

residual

pool

of

assets;

the

amount

and

timing

of

future

distributions,

if

any,

is

uncertain;

when

presented,

interest

rate

and

maturity

date

are

those

of

the

original

security.

ETF

Exchange-Traded

Fund

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

T.

ROWE

PRICE

Small-Cap

Index

Fund

66

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

4

Russell

2000

E-Mini

Index

contracts

3/24

410

$

24‌

Net

payments

(receipts)

of

variation

margin

to

date

(30‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(6‌)

T.

ROWE

PRICE

Small-Cap

Index

Fund

67

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

year

ended

December

31,

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,

5.42%

$

—‌

$

—‌

$

24‌++

Totals

$

—‌#

$

—‌

$

24‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

12/31/23

T.

Rowe

Price

Government

Reserve

Fund,

5.42%

$

5,229‌

 ¤

  ¤

$

10,815‌

Total

$

10,815‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

4

.

+

Investment

income

comprised

$24

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

$10,815.

T.

ROWE

PRICE

Small-Cap

Index

Fund

December

31,

2023

Statement

of

Assets

and

Liabilities

68

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$158,151)

$

158,628‌

Receivable

for

shares

sold

328‌

Dividends

receivable

156‌

Receivable

for

investment

securities

sold

64‌

Due

from

affiliates

16‌

Cash

2‌

Other

assets

21‌

Total

assets

159,215‌

Liabilities

Obligation

to

return

securities

lending

collateral

10,328‌

Payable

for

investment

securities

purchased

329‌

Payable

for

shares

redeemed

19‌

Investment

management

fees

payable

11‌

Variation

margin

payable

on

futures

contracts

6‌

Other

liabilities

63‌

Total

liabilities

10,756‌

NET

ASSETS

$

148,459‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

December

31,

2023

Statement

of

Assets

and

Liabilities

69

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

$

(2,436‌)

Paid-in

capital

applicable

to

10,262,983

shares

of

$0.0001

par

value

capital

stock

outstanding;

2,000,000,000

shares

of

the

Corporation

authorized

150,895‌

NET

ASSETS

$

148,459‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$177;

Shares

outstanding:

12,323)

$

14.40‌

I

Class

(Net

assets:

$112,086;

Shares

outstanding:

7,747,626)

$

14.47‌

Z

Class

(Net

assets:

$36,196;

Shares

outstanding:

2,503,034)

$

14.46‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

Statement

of

Operations

70

($000s)

Year

Ended

12/31/23

Investment

Income

(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$3)

$

1,847‌

Securities

lending

141‌

    Interest

3‌

Other

1‌

Total

income

1,992‌

Expenses

Investment

management

105‌

Shareholder

servicing

I

Class

72‌

Prospectus

and

shareholder

reports

I

Class

$

5‌

Z

Class

1‌

6‌

Custody

and

accounting

220‌

Legal

and

audit

30‌

Miscellaneous

15‌

Waived

/

paid

by

Price

Associates

(315‌)

Total

expenses

133‌

Net

investment

income

1,859‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

Statement

of

Operations

71

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

12/31/23

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(161‌)

Futures

(3‌)

Net

realized

loss

(164‌)

Change

in

net

unrealized

gain

/

loss

Securities

18,399‌

Futures

32‌

Change

in

net

unrealized

gain

/

loss

18,431‌

Net

realized

and

unrealized

gain

/

loss

18,267‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

20,126‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

Statement

of

Changes

in

Net

Assets

72

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/23

12/31/22

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

1,859‌

$

1,371‌

Net

realized

loss

(164‌)

(2,159‌)

Change

in

net

unrealized

gain

/

loss

18,431‌

(20,564‌)

Increase

(decrease)

in

net

assets

from

operations

20,126‌

(21,352‌)

Distributions

to

shareholders

Net

earnings

Investor

Class

(2‌)

(2‌)

I

Class

(1,381‌)

(1,319‌)

Z

Class

(488‌)

(191‌)

Decrease

in

net

assets

from

distributions

(1,871‌)

(1,512‌)

Capital

share

transactions

*

Shares

sold

I

Class

15,759‌

18,848‌

Z

Class

23,412‌

14,793‌

Distributions

reinvested

I

Class

1,381‌

1,319‌

Z

Class

488‌

191‌

Shares

redeemed

I

Class

(5,002‌)

(3,831‌)

Z

Class

(3,214‌)

(2,589‌)

Increase

in

net

assets

from

capital

share

transactions

32,824‌

28,731‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

Statement

of

Changes

in

Net

Assets

73

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/23

12/31/22

Net

Assets

Increase

during

period

51,079‌

5,867‌

Beginning

of

period

97,380‌

91,513‌

End

of

period

$

148,459‌

$

97,380‌

*Share

information

(000s)

Shares

sold

I

Class

1,215‌

1,358‌

Z

Class

1,770‌

1,058‌

Distributions

reinvested

I

Class

100‌

101‌

Z

Class

35‌

15‌

Shares

redeemed

I

Class

(377‌)

(285‌)

Z

Class

(246‌)

(198‌)

Increase

in

shares

outstanding

2,497‌

2,049‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

NOTES

TO

FINANCIAL

STATEMENTS

74

T.

Rowe

Price

Index

Trust,

Inc.

(the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Small-Cap

Index

Fund

(the

fund)

is

an

open-

end

management

investment

company

established

by

the

corporation

and

intends

to

be

diversified

in

approximately

the

same

proportion

as

the

index

it

tracks

is

diversified.

The

fund

may

become

nondiversified

for

periods

of

time

solely

as

a

result

of

changes

in

the

composition

of

the

index

(for

example,

changes

in

the

relative

market

capitalization

or

index

weighting

of

one

or

more

securities

represented

in

the

index). The

fund

seeks

to

track

the

performance

of

a

benchmark

index

that

measures

the

investment

return

of

small-capitalization

U.S.

stocks.

 The

fund

is

available

for

investment

only

by

mutual

funds,

college

savings

plans,

and

other

institutional

client

accounts

managed

by

T.

Rowe

Price

Associates,

Inc.,

or

its

affiliates

and

is

not

available

for

direct

purchase

by

members

of

the

public.

The

fund

has three classes

of

shares:

the

Small-Cap

Index

Fund

(Investor

Class),

the

Small-Cap

Index

Fund–I

Class

(I

Class)

and

the

Small-Cap

Index

Fund–Z

Class

(Z

Class).

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

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

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

T.

ROWE

PRICE

Small-Cap

Index

Fund

75

reporting

purposes. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

as 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

Small-Cap

Index

Fund

76

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

Small-Cap

Index

Fund

77

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities.

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Futures

contracts

are

valued

at

closing

settlement

prices.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

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

Small-Cap

Index

Fund

78

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

December

31,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

year ended

December

31,

2023,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

147,739‌

$

—‌

$

1‌

$

147,740‌

Short-Term

Investments

487‌

73‌

—‌

560‌

Securities

Lending

Collateral

10,328‌

—‌

—‌

10,328‌

Total

Securities

158,554‌

73‌

1‌

158,628‌

Futures

Contracts*

24‌

—‌

—‌

24‌

Total

$

158,578‌

$

73‌

$

1‌

$

158,652‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

ROWE

PRICE

Small-Cap

Index

Fund

79

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

December

31,

2023,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

December

31,

2023,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

Counterparty

Risk

and

Collateral

 The

fund

invests

in

exchange-traded

and/or

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps.

Counterparty

risk

on

such

derivatives

is

minimal

because

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

Assets

Equity

derivatives

Futures

$

24

*

Total

$

24

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

($000s)                                              

Location

of

Gain

(Loss)

on

Statement

of

Operations

Futures

Realized

Gain

(Loss)

Equity

derivative

$

(3

)

Total

$

(3

)

Change

in

Unrealized

Gain

(Loss)

Equity

derivative

$

32

Total

$

32

T.

ROWE

PRICE

Small-Cap

Index

Fund

80

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Collateral may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund’s

assets.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

December

31,

2023,

securities

valued

at $27,000

had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives. 

Futures

Contracts

 The

fund

is

subject

to equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risk.

The

fund

may

enter

into

futures

contracts

as

an

efficient

means

of

maintaining

liquidity

while

being

invested

in

the

market,

to

facilitate

trading,

or

to

reduce

transaction

costs. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

year ended

December

31,

2023,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

less

than

1%

of

net

assets.

T.

ROWE

PRICE

Small-Cap

Index

Fund

81

NOTE

4

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective,

the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of

the

fund

are

described

more

fully

in

the

fund's

prospectus

and

Statement

of

Additional

Information.

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

December

31,

2023,

the

value

of

loaned

securities

was

$9,491,000,

including

securities

sold

but

not

yet

settled,

which

are

not

reflected

in

the

accompanying

Portfolio

of

Investments;

the

value

of

cash

collateral

and

related

investments

was

$10,328,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term securities

aggregated $64,531,000 and

$31,844,000,

respectively,

for

the

year ended

December

31,

2023.

NOTE

5

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

T.

ROWE

PRICE

Small-Cap

Index

Fund

82

The

fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required.

The

fund’s

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

At

December

31,

2023,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were as

follows:

At

December

31,

2023,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

($000s)

December

31,

2023

December

31,

2022

Ordinary

income

(including

short-term

capital

gains,

if

any)

$

1,871‌

$

1,490‌

Long-term

capital

gain

—‌

22‌

Total

distributions

$

1,871‌

$

1,512‌

($000s)

Cost

of

investments

$

159,669‌

Unrealized

appreciation

$

24,495‌

Unrealized

depreciation

(25,536‌)

Net

unrealized

appreciation

(depreciation)

$

(1,041‌)

($000s)

Undistributed

ordinary

income

$

157‌

Net

unrealized

appreciation

(depreciation)

(1,041‌)

Loss

carryforwards

and

deferrals

(1,552‌)

Total

distributable

earnings

(loss)

$

(2,436‌)

T.

ROWE

PRICE

Small-Cap

Index

Fund

83

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales

and

the

realization

of

gains/losses

on

passive

foreign

investment

companies.

The

loss

carryforwards

and

deferrals

primarily

relate

to

capital

loss

carryforwards.

Capital

loss

carryforwards

are

available

indefinitely

to

offset

future

realized

capital

gains.

NOTE

6

-

FOREIGN  TAXES

The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

NOTE

7

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group).

Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

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

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

T.

ROWE

PRICE

Small-Cap

Index

Fund

84

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

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

Z

Class

is

also

subject

to

a

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

to

waive

and/or

bear

all

of

the

Z

Class’

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

in

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

is

expected

to

remain

in

place

indefinitely,

and

the

agreement

may

only

be

amended

or

terminated

with

approval

by

the

fund’s

Board.

Expenses

of

the

fund

waived/paid

by

the

manager

are

not

subject

to

later

repayment

by

the

fund.

Pursuant

to

these

agreements,

expenses

were

waived/paid

by

and/or

repaid

to

Price

Associates

during

the

year ended December

31,

2023

as

indicated

in

the

table

below.

Including these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $831,000 remain

subject

to

repayment

by

the

fund

at

December

31,

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.

T.

ROWE

PRICE

Small-Cap

Index

Fund

85

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

a

wholly

owned

subsidiary

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

For

the

year

ended

December

31,

2023,

expenses

incurred

pursuant

to

these

service

agreements

were

$112,000

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.

T.

Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

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

year ended

December

31,

2023,

the

fund

was

charged $71,000 for

shareholder

servicing

costs

related

to

the

college

savings

plans, of

which

$22,000

was

for

services

provided

by

Price.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities. At

December

31,

2023,

approximately

93%

of

the

outstanding

shares

of

the

I

Class

were

held

by

college

savings

plans.

Investor

Class

I

Class

Z

Class

Expense

limitation/I

Class

Limit

0.29%

0.05%

0.00%

Expense

limitation

date

04/30/26

04/30/26

N/A

(Waived)/repaid

during

the

period

($000s)

$—

(1)

$(242)

$(73)

(1)

Amount

rounds

to

less

than

$1,000

T.

ROWE

PRICE

Small-Cap

Index

Fund

86

Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

or

control

over

the

fund.

At

December

31,

2023, 100%

of

the

Z

Class's

outstanding

shares

were

held

by

Price

Funds

and

accounts.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

As

of

December

31,

2023,

T.

Rowe

Price

Group,

Inc.,

or

its

wholly

owned

subsidiaries,

owned

12,323

shares

of

the

Investor

Class,

representing

100%

of

the

Investor

Class's

net

assets. 

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

year

ended

December

31,

2023,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

NOTE

8

-

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

events,

and

public

health

epidemics 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.

T.

ROWE

PRICE

Small-Cap

Index

Fund

87

The

global

outbreak

of

COVID-19

and

the

related

governmental

and

public

responses

have

led

and

may

continue

to

lead

to

increased

market

volatility

and

the

potential

for

illiquidity

in

certain

classes

of

securities

and

sectors

of

the

market

either

in

specific

countries

or

worldwide.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict,

leading

to

economic

sanctions imposed

on

Russia

that

target certain

of

its

citizens

and

issuers

and

sectors

of

the

Russian

economy,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

banking

industry

experienced

heightened

volatility,

which

sparked

concerns

of

potential

broader

adverse

market

conditions.

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

Small-Cap

Index

Fund

88

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Directors

of

T.

Rowe

Price

Index

Trust,

Inc.

and

Shareholders

of

T.

Rowe

Price

Small-Cap

Index

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T.

Rowe

Price

Small-Cap

Index

Fund

(one

of

the

funds

constituting

T.

Rowe

Price

Index

Trust,

Inc.,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2023,

the

related

statement

of

operations

for

the

year

ended

December

31,

2023,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2023,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023

and

the

financial

highlights

for

each

of

the

periods

indicated

therein,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T.

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Small-Cap

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Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2023

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.   

/s/

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

February

21,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T.

Rowe

Price

group

of

investment

companies

since

1973.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

(continued)

T.

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90

TAX

INFORMATION

(UNAUDITED)

FOR

THE

TAX

YEAR

ENDED 12/31/23

We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

For

taxable

non-corporate

shareholders,

$1,317,000 of

the

fund's

income

represents

qualified

dividend

income

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

corporate

shareholders,

$1,183,000

of

the

fund's

income

qualifies

for

the

dividends-

received

deduction.  

For

individuals

and

certain

trusts

and

estates

which

are

entitled

to

claim

a

deduction

of

up

to

20%

of

their

combined

qualified

real

estate

investment

trust

(REIT)

dividends,

$217,000 of

the

fund's

income

qualifies

as

qualified

real

estate

investment

trust

(REIT)

dividends.

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

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

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.com

.

T.

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91

TAILORED

SHAREHOLDER

REPORTS

FOR

MUTUAL

FUNDS

AND

EXCHANGE

TRADED

FUNDS

In

October

2022,

the

Securities

and

Exchange

Commission

(SEC)

adopted

rule

and

form

amendments

requiring

Mutual

Funds

and

Exchange-Traded

Funds

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

that

highlight

key

information

to

shareholders.

Other

information,

including

financial

statements,

will

no

longer

appear

in

the

funds’

shareholder

reports

but

will

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

T.

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92

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

In

accordance

with

Rule

22e-4

(Liquidity

Rule)

under

the

Investment

Company

Act

of

1940,

as

amended,

the

fund

has

established

a

liquidity

risk

management

program

(Liquidity

Program)

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk,

which

generally

represents

the

risk

that

the

fund

would

not

be

able

to

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

fund’s

Board

of

Directors

(Board)

has

appointed

the

fund’s

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

the

administrator

of

the

Liquidity

Program.

As

administrator,

the

Adviser

is

responsible

for

overseeing

the

day-to-day

operations

of

the

Liquidity

Program

and,

among

other

things,

is

responsible

for

assessing,

managing,

and

reviewing

with

the

Board

at

least

annually

the

liquidity

risk

of

each

T.

Rowe

Price

fund.

The

Adviser

has

delegated

oversight

of

the

Liquidity

Program

to

a

Liquidity

Risk

Committee

(LRC),

which

is

a

cross-functional

committee

composed

of

personnel

from

multiple

departments

within

the

Adviser.

The Liquidity

Program’s

principal

objectives

include

supporting

the

T.

Rowe

Price

funds’

compliance

with

limits

on

investments

in

illiquid

assets

and

mitigating

the

risk

that

the

fund

will

be

unable

to

timely

meet

its

redemption

obligations.

The

Liquidity

Program

also

includes

a

number

of

elements

that

support

the

management

and

assessment

of

liquidity

risk,

including

an

annual

assessment

of

factors

that

influence

the

fund’s

liquidity

and

the

periodic

classification

and

reclassification

of

a

fund’s

investments

into

categories

that

reflect

the

LRC’s

assessment

of

their

relative

liquidity

under

current

market

conditions.

Under

the

Liquidity

Program,

every

investment

held

by

the

fund

is

classified

at

least

monthly

into

one

of

four

liquidity

categories

based

on

estimations

of

the

investment’s

ability

to

be

sold

during

designated

time

frames

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

As

required

by

the

Liquidity

Rule,

at

a

meeting

held

on

July

24,

2023,

the

Board

was

presented

with

an

annual

assessment

that

was

prepared

by

the

LRC

on

behalf

of

the

Adviser

and

addressed

the

operation

of

the

Liquidity

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

any

material

changes

to

the

Liquidity

Program

and

the

determination

of

each

fund’s

Highly

Liquid

Investment

Minimum

(HLIM).

The

annual

assessment

included

consideration

of

the

following

factors,

as

applicable:

the

fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions,

including

whether

the

investment

strategy

is

appropriate

for

an

open-end

fund,

the

extent

to

which

the

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers,

and

the

use

of

borrowings

for

investment

purposes

and

derivatives;

short-term

and

long-term

cash

flow

projections

covering

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

holdings

of

cash

and

cash

equivalents,

as

well

as

available

borrowing

arrangements.

T.

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Small-Cap

Index

Fund

93

For the

fund

and

other

T.

Rowe

Price

funds,

the

annual

assessment

incorporated

a

report

related

to

a

fund’s

holdings,

shareholder

and

portfolio

concentration,

any

borrowings

during

the

period,

cash

flow

projections,

and

other

relevant

data

for

the

period

of

April

1,

2022,

through

March

31,

2023.

The

report

described

the

methodology

for

classifying

a

fund’s

investments

(including

any

derivative

transactions)

into

one

of

four

liquidity

categories,

as

well

as

the

percentage

of

a

fund’s

investments

assigned

to

each

category.

It

also

explained

the

methodology

for

establishing

a

fund’s

HLIM

and

noted

that

the

LRC

reviews

the

HLIM

assigned

to

each

fund

no

less

frequently

than

annually.

During the

period

covered

by

the

annual

assessment,

the

LRC

has

concluded,

and

reported

to

the

Board,

that

the

Liquidity

Program

continues

to

operate

adequately

and

effectively

and

is

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk.

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

(continued)

T.

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Small-Cap

Index

Fund

94

ABOUT

THE

FUND'S

DIRECTORS

AND

OFFICERS

Your

fund

is

overseen

by

a

Board

of

Directors

(Board)

that

meets

regularly

to

review

a

wide

variety

of

matters

affecting

or

potentially

affecting

the

fund,

including

performance,

investment

programs,

compliance

matters,

advisory

fees

and

expenses,

service

providers,

and

business

and

regulatory

affairs.

The

Board

elects

the

fund’s

officers,

who

are

listed

in

the

final

table.

The

directors

who

are

also

employees

or

officers

of

T.

Rowe

Price

are

considered

to

be

“interested”

directors

as

defined

in

Section

2(a)(19)

of

the

1940

Act

because

of

their

relationships

with

T.

Rowe

Price

Associates,

Inc. (T.

Rowe

Price),

and

its

affiliates.

The

business

address

of

each

director

and

officer

is

100

East

Pratt

Street,

Baltimore,

Maryland

21202.

The

Statement

of

Additional

Information

includes

additional

information

about

the

fund

directors

and

is

available

without

charge

by

calling

a

T.

Rowe

Price

representative

at

1-800-638-5660.

INDEPENDENT

DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Teresa

Bryce

Bazemore

(1959)

2018

[209]

President

and

Chief

Executive

Officer,

Federal

Home

Loan

Bank

of

San

Francisco

(2021

to

present);

Chief

Executive

Officer,

Bazemore

Consulting

LLC

(2018

to

2021);

Director,

Chimera

Investment

Corporation

(2017

to

2021);

Director,

First

Industrial

Realty

Trust

(2020

to

present);

Director,

Federal

Home

Loan

Bank

of

Pittsburgh

(2017

to

2019)

Melody

Bianchetto

(1966)

2023

[209]

Vice

President

for

Finance,

University

of

Virginia

(2015

to

2023)

Bruce

W.

Duncan

(1951)

2013

[209]

President,

Chief

Executive

Officer,

and

Director,

CyrusOne,

Inc.

(2020

to

2021);

Chair

of

the

Board

(2016

to

2020)

and

President

(2009

to

2016),

First

Industrial

Realty

Trust,

owner

and

operator

of

industrial

properties;

Member,

Investment

Company

Institute

Board

of

Governors

(2017

to

2019);

Member,

Independent

Directors

Council

Governing

Board

(2017

to

2019);

Senior

Advisor,

KKR

(2018

to

2022);

Director,

Boston

Properties

(2016

to

present);

Director,

Marriott

International,

Inc.

(2016

to

2020)

Robert

J.

Gerrard,

Jr.

(1952)

2012

[209]

Chair

of

the

Board,

all

funds

(July

2018

to

present)

Paul

F.

McBride

(1956)

2013

[209]

Advisory

Board

Member,

Vizzia

Technologies

(2015

to

present);

Board

Member,

Dunbar

Armored

(2012

to

2018)

T.

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PRICE

Small-Cap

Index

Fund

95

INTERESTED  DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Mark

J.

Parrell

(1966)

2023

[209]

Board

of

Trustees

Member

and

Chief

Executive

Officer

(2019

to

present),

President

(2018

to

present),

Executive

Vice

President

and

Chief

Financial

Officer

(2007

to

2018),

and

Senior

Vice

President

and

Treasurer

(2005

to

2007),

EQR;

Member,

Nareit

Dividends

Through

Diversity,

Equity

&

Inclusion

CEO

Council

and

Chair,

Nareit

2021

Audit

and

Investment

Committee

(2021);

Advisory

Board,

Ross

Business

School

at

University

of

Michigan

(2015

to

2016);

Member,

National

Multifamily

Housing

Council

and

served

as

Chair

of

the

Finance

Committee

(2015

to

2016);

Member,

Economic

Club

of

Chicago;

Director,

Brookdale

Senior

Living,

Inc.

(2015

to

2017);

Director,

Aviv

REIT,

Inc.

(2013

to

2015);

Director,

Real

Estate

Roundtable

and

the

2022

Executive

Board

Nareit;

Board

of

Directors

and

Chair

of

the

Finance

Committee,

Greater

Chicago

Food

Depository

Kellye

L.

Walker

(1966)

2021

[209]

Executive

Vice

President

and

Chief

Legal

Officer,

Eastman

Chemical

Company

(April

2020

to

present);

Executive

Vice

President

and

Chief

Legal

Officer,

Huntington

Ingalls

Industries,

Inc.

(January

2015

to

March

2020);

Director,

Lincoln

Electric

Company

(October

2020

to

present)

(a)

All

information

about

the

independent

directors

was

current

as

of

December

31,

2022,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

David

Oestreicher

(1967)

2018

[209]

Director,

Vice

President,

and

Secretary,

T.

Rowe

Price,

T.

Rowe

Price

Investment

Services,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

and

T.

Rowe

Price

Services,

Inc.;

Director

and

Secretary,

T.

Rowe

Price

Investment

Management,

Inc.

(Price

Investment

Management);

Vice

President

and

Secretary,

T.

Rowe

Price

International

(Price

International);

Vice

President,

T.

Rowe

Price

Hong

Kong

(Price

Hong

Kong),

T. Rowe

Price

Japan

(Price

Japan),

and

T.

Rowe

Price

Singapore

(Price

Singapore);

General

Counsel,

Vice

President,

and

Secretary,

T.

Rowe

Price

Group,

Inc.;

Chair

of

the

Board,

Chief

Executive

Officer,

President,

and

Secretary,

T.

Rowe

Price

Trust

Company;

Principal

Executive

Officer

and

Executive

Vice

President,

all

funds

INDEPENDENT

DIRECTORS

(a)

(CONTINUED)

T.

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PRICE

Small-Cap

Index

Fund

96

OFFICERS

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Eric

L.

Veiel,

CFA

(1972)

2022

[209]

Director

and

Vice

President,

T.

Rowe

Price;

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company;

Vice

President,

Global

Funds

(a)

All

information

about

the

interested

directors

was

current

as

of

December

31,

2022,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

Name

(Year

of

Birth)

Position

Held

With Index

Trust 

Principal

Occupation(s) 

Armando

(Dino)

Capasso

(1974)

Chief

Compliance

Officer

and

Vice

President

Chief

Compliance

Officer

and

Vice

President,

T.

Rowe

Price

and

Price

Investment

Management;

Vice

President,

T.

Rowe

Price

Group,

Inc.;

formerly,

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

AST

Investment

Services,

Inc.

(ASTIS)

(to

2022);

Chief

Compliance

Officer,

PGIM

Retail

Funds

complex

and

Prudential

Insurance

Funds

(to

2022);

Vice

President

and

Deputy

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

ASTIS

(to

2019)

Alan

S.

Dupski,

CPA

(1982)

Principal

Financial

Officer,

Vice

President,

and

Treasurer

Vice

President,

Price

Investment

Management,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Cheryl

Emory

(1963)

Assistant

Secretary 

Assistant

Vice

President

and

Assistant

Secretary,

T.

Rowe

Price;

Assistant

Secretary,

T.

Rowe

Price

Group,

Inc.,

Price

Investment

Management,

Price

International,

Price

Hong

Kong,

Price

Singapore,

T.

Rowe

Price

Investment

Services,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

and

T.

Rowe

Price

Trust

Company

Cheryl

Hampton,

CPA

(1969)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company;

formerly,

Tax

Director,

Invesco

Ltd.

(to

2021);

Vice

President,

Oppenheimer

Funds,

Inc.

(to

2019)

Benjamin

Kersse,

CPA

(1989)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Trust

Company

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

INTERESTED  DIRECTORS

(a)

(CONTINUED)

T.

ROWE

PRICE

Small-Cap

Index

Fund

97

Name

(Year

of

Birth)

Position

Held

With Index

Trust 

Principal

Occupation(s) 

Paul

J.

Krug,

CPA

(1964)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Robert

P.

McDavid

(1972)

Vice

President

Vice

President,

T.

Rowe

Price, Price

Investment

Management, T.

Rowe

Price

Investment

Services,

Inc.,

and

T.

Rowe

Price

Trust

Company

Fran

M.

Pollack-Matz

(1961)

Vice

President

and

Secretary 

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

T.

Rowe

Price

Investment

Services,

Inc., T.

Rowe

Price

Services,

Inc.,

and

T.

Rowe

Price

Trust

Company

Richard

Sennett,

CPA

(1970)

Assistant

Treasurer

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Michael

K.

Sewell

(1982)

Executive

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Neil

Smith

(1972)

President

Vice

President,

Price

Hong

Kong,

Price

Japan,

Price

Singapore,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Ellen

York

(1988)

Vice

President

Vice

President,

Price

Investment

Management

and

T.

Rowe

Price

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(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.

202402-3282480

F33-050

2/24

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

Not applicable.

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

	2023		2022
Audit Fees	$	24,714	$	21,734
Audit-Related Fees		-		-
Tax Fees		-		-
All Other Fees		-		-

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

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

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

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

(g)  The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,524,000 and $2,037,000, respectively.

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

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b)  Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

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

Not applicable.

Item 13. Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.
(2)	Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
(3)	Written solicitation to repurchase securities issued by closed-end companies: not applicable.
(b)	A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

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

T. Rowe Price Index Trust, Inc.
By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	February 21, 2024

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

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	February 21, 2024

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	February 21, 2024

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 Small-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: February 21, 2024	/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 Small-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: February 21, 2024	/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 Small-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: February 21, 2024	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date: February 21, 2024	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer

EX-99.CODE ETH

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL

OFFICERS OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-

TRADED FUNDS

UNDER THE SARBANES-OXLEY ACT OF 2002

I. General Statement. This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the “Price ETFs” and, together with the Mutual Funds, the “Price Funds”) has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the “Act”) and rules promulgated by the Securities and Exchange Commission thereunder (“Regulations”). This Price Funds’ Code of Ethics (the “S-O Code”) applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) (“Covered Officers”). The “Price Funds” shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. (“Group”). The investment managers to the Price Funds will be referred to as the “Price Fund Advisers.” A list of Covered Officers is attached as Exhibit A.

The Price Fund Advisers have, along with their parent, T. Rowe Price Group, Inc. (“Group”) also maintained a comprehensive Code of Ethics and Conduct (the “Group Code”) since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code (the “Group S-O Code”), similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the “S-O Codes”.

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

II. Purpose of the Price Funds S-O Code. The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish standards that are reasonably designed to deter wrongdoing and to promote:

Ethical Conduct. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

Disclosure. Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

Compliance. Compliance with applicable governmental laws, rules and regulations.

Reporting of Violations. The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

Accountability. Accountability for adherence to the Price Funds S-O Code.

1

III. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.

Overview. Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 (“Investment Company Act”), the Investment Advisers Act of 1940 (“Investment Advisers Act”) and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as “affiliated persons” of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group’s Ethics Committee or another member of the Committee.

Handling of Specific Types of Conflicts. Each Covered Officer (and close family members) must not:

Entertainment. Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

2

Gifts. Accept any gifts, except as permitted by the Group Code.

Improper Personal Influence. Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

Taking Action at the Expense of a Price Fund. Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

Misuse of Price Funds’ Transaction Information. Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF’s proxy portfolio holdings for such purposes.

Outside Business Activities. Engage in any outside business activity that detracts from a Covered Officer’s ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

Service Providers. Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds’ service providers, except that an ownership interest in public companies is permitted

Receipt of Payments. Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer’s employment by Group or any of its affiliates.

Service as a Director or Trustee. Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

IV. Covered Officers’ Specific Obligations and Accountabilities.

A. Disclosure Requirements and Controls. Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

B. Compliance with Applicable Law. It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public

3

communications made by the Price Funds.

C.  Fair Disclosure. Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund’s directors and auditors, and to governmental regulators and self-regulatory organizations.

D. Initial and Annual Affirmations. Each Covered Officer must:

1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

2. Annually affirm that he or she has complied with the requirements of the Price Funds S-O Code.

E. Reporting of Material Violations of the Price Funds S-O Code. If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation (“Report”) to the Chief Compliance Officer of the Price Funds (“CCO”). Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached Exhibit B.

It is the Price Funds’ policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

F. Annual Disclosures. Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the “Annual Compliance Certification” for T. Rowe Price Group.

V. Administration of the Price Funds S-O Code. The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

A. Waivers and Interpretations. The Chairperson of the Ethics Committee has the authority to interpret the Price Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund’s failure to take action within a reasonable period of time regarding a material departure from a provision of the Price Funds S-O Code that has been made known to an “executive officer” (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

B. Violations/Investigations. The following procedures will be followed in

4

investigating and enforcing the Price Funds S-O Code:

1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported to him or her.

2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a recommendation to the appropriate Price Funds Board regarding the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code.

3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe Price Global Whistleblower Policy.

VI. Amendments to the Price Funds S-O Code. Except as to the contents of Exhibit A and Exhibit B, the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

VII. Confidentiality. All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

Adoption Date: 10/22/03

Last Revised:   05/11/2022 (Exhibit B revised)

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Exhibit A

Persons Covered by the Price Funds and

Price ETFs S-O Code of Ethics

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

Exhibit B

Dino Capasso, Chief Compliance Officer

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