T. Rowe Price Equity Index 500 Fund (PREIX) N-CSR Certified annual shareholder report (management investment company)

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, 2024

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Annual Shareholder Report

December 31, 2024

Equity Index 500 Fund

Investor Class (PREIX)

This annual shareholder report contains important information about Equity Index 500 Fund (the "fund") for the period of January 1, 2024 to December 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Equity Index 500 Fund - Investor Class	$21	0.18%

What drove fund performance during the past 12 months?

• U.S. stocks produced strong gains for the second consecutive year in 2024, and various equity indexes reached all-time highs during the year. In the final months of the period, equity investors generally welcomed not only looser monetary policy but also the U.S. election results. Former President Donald Trump defeated Vice President Kamala Harris in the presidential election, and Republican victories in the House of Representatives and Senate races gave them majorities in both chambers of Congress.

• Information technology names produced robust results during the period as the sector benefited from strong investor interest in companies expected to benefit from artificial intelligence developments. Semiconductors and semiconductor equipment and hardware companies performed very well during the year, as NVIDIA and Apple were two of the top-performing companies in the portfolio.

• No sectors detracted from absolute returns during the reporting period.

• 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 main task is not to determine which stocks or sectors may perform best but, rather, to replicate the structure of the S&P 500 Index and closely track its performance.

How has the fund performed?

Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2024

	Investor Class	Regulatory/Strategy Benchmark
2014	10,000	10,000
2015	10,090	10,095
2015	10,111	10,123
2015	9,453	9,471
2015	10,111	10,138
2016	10,240	10,275
2016	10,486	10,527
2016	10,885	10,933
2016	11,294	11,351
2017	11,973	12,039
2017	12,332	12,411
2017	12,878	12,967
2017	13,728	13,829
2018	13,616	13,724
2018	14,077	14,195
2018	15,155	15,290
2018	13,099	13,223
2019	14,880	15,027
2019	15,514	15,674
2019	15,767	15,940
2019	17,190	17,386
2020	13,814	13,979
2020	16,644	16,850
2020	18,122	18,355
2020	20,317	20,585
2021	21,563	21,856
2021	23,396	23,724
2021	23,523	23,863
2021	26,108	26,494
2022	24,896	25,276
2022	20,876	21,206
2022	19,846	20,170
2022	21,336	21,696
2023	22,926	23,322
2023	24,918	25,361
2023	24,090	24,531
2023	26,895	27,399
2024	29,721	30,291
2024	30,980	31,589
2024	32,785	33,448
2024	33,560	34,254

202501-4140694, 202502-4108467

F50-052 2/25

Average Annual Total Returns

	1 Year	5 Years	10 Years
Equity Index 500 Fund (Investor Class)	24.78%	14.32%	12.87%
S&P 500 Index (Regulatory/Strategy Benchmark)	25.02	14.53	13.10

The preceding line graph 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 fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include expenses, which are deducted from fund returns. The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund’s past performance is not a good predictor of the fund’s future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

• Total Net Assets (000s)$34,057,034
• Number of Portfolio Holdings506

• Investment Advisory Fees Paid (000s)$5,627
• Portfolio Turnover Rate3.6%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Information Technology	32.2%
Financials	13.6
Consumer Discretionary	11.2
Health Care	10.1
Communication Services	9.4
Industrials & Business Services	8.2
Consumer Staples	5.6
Energy	3.1
Utilities	2.3
Other	4.3

Top Ten Holdings (as a % of Net Assets)

Apple	7.6%
NVIDIA	6.6
Microsoft	6.3
Amazon.com	4.1
Alphabet	4.0
Meta Platforms	2.6
Tesla	2.3
Broadcom	2.2
Berkshire Hathaway	1.7
JPMorgan Chase	1.4

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

S&P does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Equity Index 500 Fund 

Investor Class (PREIX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

December 31, 2024

Equity Index 500 Fund

I Class (PRUIX)

This annual shareholder report contains important information about Equity Index 500 Fund (the "fund") for the period of January 1, 2024 to December 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Equity Index 500 Fund - I Class	$6	0.05%

What drove fund performance during the past 12 months?

• U.S. stocks produced strong gains for the second consecutive year in 2024, and various equity indexes reached all-time highs during the year. In the final months of the period, equity investors generally welcomed not only looser monetary policy but also the U.S. election results. Former President Donald Trump defeated Vice President Kamala Harris in the presidential election, and Republican victories in the House of Representatives and Senate races gave them majorities in both chambers of Congress.

• Information technology names produced robust results during the period as the sector benefited from strong investor interest in companies expected to benefit from artificial intelligence developments. Semiconductors and semiconductor equipment and hardware companies performed very well during the year, as NVIDIA and Apple were two of the top-performing companies in the portfolio.

• No sectors detracted from absolute returns during the reporting period.

• 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 main task is not to determine which stocks or sectors may perform best but, rather, to replicate the structure of the S&P 500 Index and closely track its performance.

How has the fund performed?

Cumulative Returns of a Hypothetical $500,000 Investment as of December 31, 2024

	I Class	Regulatory/Strategy Benchmark
8/28/15	500,000	500,000
9/30/15	483,488	483,593
12/31/15	517,329	517,650
3/31/16	524,208	524,627
6/30/16	536,965	537,508
9/30/16	557,497	558,213
12/31/16	578,742	579,561
3/31/17	613,693	614,718
6/30/17	632,423	633,701
9/30/17	660,710	662,093
12/31/17	704,478	706,088
3/31/18	699,009	700,728
6/30/18	722,906	724,790
9/30/18	778,517	780,677
12/31/18	673,213	675,131
3/31/19	764,954	767,272
6/30/19	797,823	800,294
9/30/19	811,162	813,886
12/31/19	884,545	887,705
3/31/20	711,182	713,733
6/30/20	857,045	860,357
9/30/20	933,469	937,182
12/31/20	1,046,756	1,051,032
3/31/21	1,111,256	1,115,933
6/30/21	1,206,039	1,211,332
9/30/21	1,212,903	1,218,383
12/31/21	1,346,492	1,352,735
3/31/22	1,284,516	1,290,529
6/30/22	1,077,427	1,082,740
9/30/22	1,024,736	1,029,874
12/31/22	1,102,135	1,107,743
3/31/23	1,184,709	1,190,792
6/30/23	1,288,050	1,294,892
9/30/23	1,245,710	1,252,505
12/31/23	1,391,223	1,398,942
3/31/24	1,537,861	1,546,614
6/30/24	1,603,519	1,612,867
9/30/24	1,697,572	1,707,810
12/31/24	1,738,358	1,748,954

202501-4140694, 202502-4108467

F528-052 2/25

Average Annual Total Returns

	1 Year	5 Years	Since Inception 8/28/15
Equity Index 500 Fund (I Class)	24.95%	14.47%	14.27%
S&P 500 Index (Regulatory/Strategy Benchmark)	25.02	14.53	14.34

The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include expenses, which are deducted from fund returns. The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund’s past performance is not a good predictor of the fund’s future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

• Total Net Assets (000s)$34,057,034
• Number of Portfolio Holdings506

• Investment Advisory Fees Paid (000s)$5,627
• Portfolio Turnover Rate3.6%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Information Technology	32.2%
Financials	13.6
Consumer Discretionary	11.2
Health Care	10.1
Communication Services	9.4
Industrials & Business Services	8.2
Consumer Staples	5.6
Energy	3.1
Utilities	2.3
Other	4.3

Top Ten Holdings (as a % of Net Assets)

Apple	7.6%
NVIDIA	6.6
Microsoft	6.3
Amazon.com	4.1
Alphabet	4.0
Meta Platforms	2.6
Tesla	2.3
Broadcom	2.2
Berkshire Hathaway	1.7
JPMorgan Chase	1.4

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

S&P does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Equity Index 500 Fund 

I Class (PRUIX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

December 31, 2024

Equity Index 500 Fund

Z Class (TRHZX)

This annual shareholder report contains important information about Equity Index 500 Fund (the "fund") for the period of January 1, 2024 to December 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Equity Index 500 Fund - Z Class	$0	0.00%

What drove fund performance during the past 12 months?

• U.S. stocks produced strong gains for the second consecutive year in 2024, and various equity indexes reached all-time highs during the year. In the final months of the period, equity investors generally welcomed not only looser monetary policy but also the U.S. election results. Former President Donald Trump defeated Vice President Kamala Harris in the presidential election, and Republican victories in the House of Representatives and Senate races gave them majorities in both chambers of Congress.

• Information technology names produced robust results during the period as the sector benefited from strong investor interest in companies expected to benefit from artificial intelligence developments. Semiconductors and semiconductor equipment and hardware companies performed very well during the year, as NVIDIA and Apple were two of the top-performing companies in the portfolio.

• No sectors detracted from absolute returns during the reporting period.

• 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 main task is not to determine which stocks or sectors may perform best but, rather, to replicate the structure of the S&P 500 Index and closely track its performance.

How has the fund performed?

Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2024

	Z Class	Regulatory/Strategy Benchmark
3/16/20	10,000	10,000
3/31/20	10,840	10,839
6/30/20	13,066	13,066
9/30/20	14,233	14,233
12/31/20	15,962	15,962
3/31/21	16,948	16,947
6/30/21	18,397	18,396
9/30/21	18,503	18,503
12/31/21	20,544	20,544
3/31/22	19,599	19,599
6/30/22	16,443	16,443
9/30/22	15,640	15,640
12/31/22	16,824	16,823
3/31/23	18,087	18,084
6/30/23	19,667	19,665
9/30/23	19,023	19,021
12/31/23	21,248	21,245
3/31/24	23,488	23,488
6/30/24	24,494	24,494
9/30/24	25,936	25,936
12/31/24	26,561	26,561

202501-4140694, 202502-4108467

F1251-052 2/25

Average Annual Total Returns

	1 Year	Since Inception 3/16/20
Equity Index 500 Fund (Z Class)	25.01%	22.60%
S&P 500 Index (Regulatory/Strategy Benchmark)	25.02	22.60

The preceding line graph 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 fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include expenses, which are deducted from fund returns. The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund’s past performance is not a good predictor of the fund’s future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

• Total Net Assets (000s)$34,057,034
• Number of Portfolio Holdings506

• Investment Advisory Fees Paid (000s)$5,627
• Portfolio Turnover Rate3.6%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Information Technology	32.2%
Financials	13.6
Consumer Discretionary	11.2
Health Care	10.1
Communication Services	9.4
Industrials & Business Services	8.2
Consumer Staples	5.6
Energy	3.1
Utilities	2.3
Other	4.3

Top Ten Holdings (as a % of Net Assets)

Apple	7.6%
NVIDIA	6.6
Microsoft	6.3
Amazon.com	4.1
Alphabet	4.0
Meta Platforms	2.6
Tesla	2.3
Broadcom	2.2
Berkshire Hathaway	1.7
JPMorgan Chase	1.4

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

S&P does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Equity Index 500 Fund 

Z Class (TRHZX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

 

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:

	2024		2023
Audit Fees	$	23,525	$	23,064
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 $1,262,000 and $1,524,000, 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.

(i)  Not applicable.

(j)  Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a – b) Report pursuant to Regulation S-X.

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

December

31,

2024

Financial

Statements

and

Other

Information

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

PREIX

Equity

Index

500

Fund

PRUIX

Equity

Index

500

Fund–

.

I Class

TRHZX

Equity

Index

500

Fund–

.

Z Class

T.

ROWE

PRICE

Equity

Index

500

Fund

Financial

Highlights

2

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

NET

ASSET

VALUE

Beginning

of

period

$

125.41‌

$

100.94‌

$

125.31‌

$

99.17‌

$

85.83‌

Investment

activities

Net

investment

income

(1)(2)

1.69‌

1.65‌

1.50‌

1.36‌

1.52‌

Net

realized

and

unrealized

gain/loss

29.30‌

24.48‌

(24.35‌)

26.74‌

13.77‌

Total

from

investment

activities

30.99‌

26.13‌

(22.85‌)

28.10‌

15.29‌

Distributions

Net

investment

income

(1.74‌)

(1.66‌)

(1.52‌)

(1.44‌)

(1.55‌)

Net

realized

gain

(0.06‌)

—‌

—‌

(0.52‌)

(0.40‌)

Total

distributions

(1.80‌)

(1.66‌)

(1.52‌)

(1.96‌)

(1.95‌)

NET

ASSET

VALUE

End

of

period

$

154.60‌

$

125.41‌

$

100.94‌

$

125.31‌

$

99.17‌

Ratios/Supplemental

Data

Total

return

(2)(3)

24.78‌%

26.06‌%

(18.28‌)%

28.50‌%

18.19‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.18‌%

0.19‌%

0.20‌%

0.16‌%

0.19‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.18‌%

0.19‌%

0.20‌%

0.16‌%

0.19‌%

Net

investment

income

1.19‌%

1.46‌%

1.38‌%

1.21‌%

1.82‌%

Portfolio

turnover

rate

3.6‌%

5.8‌%

3.1‌%

3.1‌%

13.6‌%

Net

assets,

end

of

period

(in

millions)

$8,258

$7,218

$5,704

$11,145

$9,002

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

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

Equity

Index

500

Fund

Financial

Highlights

3

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

NET

ASSET

VALUE

Beginning

of

period

$

125.41‌

$

100.93‌

$

125.32‌

$

99.16‌

$

85.84‌

Investment

activities

Net

investment

income

(1)(2)

1.89‌

1.80‌

1.68‌

1.47‌

1.54‌

Net

realized

and

unrealized

gain/loss

29.30‌

24.49‌

(24.36‌)

26.75‌

13.85‌

Total

from

investment

activities

31.19‌

26.29‌

(22.68‌)

28.22‌

15.39‌

Distributions

Net

investment

income

(1.92‌)

(1.81‌)

(1.71‌)

(1.54‌)

(1.67‌)

Net

realized

gain

(0.06‌)

—‌

—‌

(0.52‌)

(0.40‌)

Total

distributions

(1.98‌)

(1.81‌)

(1.71‌)

(2.06‌)

(2.07‌)

NET

ASSET

VALUE

End

of

period

$

154.62‌

$

125.41‌

$

100.93‌

$

125.32‌

$

99.16‌

Ratios/Supplemental

Data

Total

return

(2)(3)

24.95‌%

26.23‌%

(18.15‌)%

28.63‌%

18.34‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.08‌%

0.08‌%

0.08‌%

0.10‌%

0.07‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.05‌%

0.05‌%

0.05‌%

0.06‌%

0.06‌%

Net

investment

income

1.32‌%

1.60‌%

1.57‌%

1.31‌%

1.88‌%

Portfolio

turnover

rate

3.6‌%

5.8‌%

3.1‌%

3.1‌%

13.6‌%

Net

assets,

end

of

period

(in

millions)

$10,824

$7,970

$6,020

$3,507

$3,232

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

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

Equity

Index

500

Fund

Financial

Highlights

4

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

12/31/24

12/31/23

12/31/22

12/31/21

NET

ASSET

VALUE

Beginning

of

period

$

125.38‌

$

100.90‌

$

125.27‌

$

99.13‌

$

63.64‌

Investment

activities

Net

investment

income

(2)(3)

1.96‌

1.86‌

1.71‌

1.54‌

1.40‌

Net

realized

and

unrealized

gain/loss

29.29‌

24.48‌

(24.34‌)

26.73‌

36.19‌

Total

from

investment

activities

31.25‌

26.34‌

(22.63‌)

28.27‌

37.59‌

Distributions

Net

investment

income

(1.99‌)

(1.86‌)

(1.74‌)

(1.61‌)

(1.70‌)

Net

realized

gain

(0.06‌)

—‌

—‌

(0.52‌)

(0.40‌)

Total

distributions

(2.05‌)

(1.86‌)

(1.74‌)

(2.13‌)

(2.10‌)

NET

ASSET

VALUE

End

of

period

$

154.58‌

$

125.38‌

$

100.90‌

$

125.27‌

$

99.13‌

Ratios/Supplemental

Data

Total

return

(3)(4)

25.01‌%

26.30‌%

(18.11‌)%

28.70‌%

59.62‌%

Ratios

to

average

net

assets:

(3)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.05‌%

0.05‌%

0.05‌%

0.06‌%

0.06‌%

(5)

Net

expenses

after

waivers/

payments

by

Price

Associates

0.00‌%

0.00‌%

0.00‌%

0.00‌%

0.00‌%

(5)

Net

investment

income

1.37‌%

1.65‌%

1.57‌%

1.37‌%

2.03‌%

(5)

Portfolio

turnover

rate

3.6‌%

5.8‌%

3.1‌%

3.1‌%

13.6‌%

Net

assets,

end

of

period

(in

millions)

$14,975

$13,269

$11,283

$19,852

$21,289

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Inception

date

(2)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3)

Includes

the

impact

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

Equity

Index

500

Fund

December

31,

2024

5

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

 99.7%

COMMUNICATION

SERVICES

 9.4%

Diversified

Telecommunication

Services

 0.7%

AT&T 

4,878,266‌

111,078‌

Verizon

Communications 

2,871,864‌

114,846‌

225,924‌

Entertainment

 1.4%

Electronic

Arts 

164,530‌

24,071‌

Live

Nation

Entertainment (1)

105,758‌

13,696‌

Netflix (1)

291,117‌

259,478‌

Take-Two

Interactive

Software (1)

111,521‌

20,529‌

Walt

Disney 

1,236,691‌

137,705‌

Warner

Bros

Discovery (1)

1,532,515‌

16,199‌

471,678‌

Interactive

Media

&

Services

 6.6%

Alphabet,

Class

A 

3,982,609‌

753,908‌

Alphabet,

Class

C 

3,243,602‌

617,711‌

Match

Group (1)

173,486‌

5,675‌

Meta

Platforms,

Class

A 

1,485,980‌

870,056‌

2,247,350‌

Media

 0.5%

Charter

Communications,

Class

A (1)

66,648‌

22,845‌

Comcast,

Class

A 

2,603,437‌

97,707‌

Fox,

Class

A 

153,177‌

7,441‌

Fox,

Class

B 

91,029‌

4,164‌

Interpublic

Group 

256,582‌

7,189‌

News,

Class

A 

258,087‌

7,108‌

News,

Class

B (2)

74,984‌

2,282‌

Omnicom

Group 

134,106‌

11,539‌

Paramount

Global,

Class

B 

409,689‌

4,285‌

164,560‌

Wireless

Telecommunication

Services

 0.2%

T-Mobile

U.S. 

333,507‌

73,615‌

73,615‌

Total

Communication

Services

3,183,127‌

CONSUMER

DISCRETIONARY

 11.2%

Automobile

Components

 0.0%

Aptiv (1)

157,807‌

9,544‌

BorgWarner 

152,503‌

4,848‌

14,392‌

T.

ROWE

PRICE

Equity

Index

500

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Automobiles

 2.5%

Ford

Motor 

2,675,613‌

26,489‌

General

Motors 

748,063‌

39,849‌

Tesla (1)

1,903,581‌

768,742‌

835,080‌

Broadline

Retail

 4.2%

Amazon.com (1)

6,379,954‌

1,399,698‌

eBay 

324,769‌

20,120‌

1,419,818‌

Distributors

 0.1%

Genuine

Parts 

95,472‌

11,147‌

LKQ 

179,648‌

6,602‌

Pool (2)

26,172‌

8,923‌

26,672‌

Hotels,

Restaurants

&

Leisure

 1.9%

Airbnb,

Class

A (1)

294,503‌

38,701‌

Booking

Holdings 

22,578‌

112,177‌

Caesars

Entertainment (1)

147,518‌

4,930‌

Carnival (1)

709,618‌

17,684‌

Chipotle

Mexican

Grill (1)

928,306‌

55,977‌

Darden

Restaurants 

81,183‌

15,156‌

Domino's

Pizza 

24,074‌

10,105‌

Expedia

Group (1)

84,795‌

15,800‌

Hilton

Worldwide

Holdings 

165,898‌

41,003‌

Las

Vegas

Sands 

239,855‌

12,319‌

Marriott

International,

Class

A 

157,006‌

43,795‌

McDonald's 

489,168‌

141,805‌

MGM

Resorts

International (1)(2)

154,967‌

5,370‌

Norwegian

Cruise

Line

Holdings (1)

299,320‌

7,701‌

Royal

Caribbean

Cruises 

168,986‌

38,983‌

Starbucks 

769,300‌

70,199‌

Wynn

Resorts 

63,792‌

5,496‌

Yum!

Brands 

187,836‌

25,200‌

662,401‌

Household

Durables

 0.3%

DR

Horton 

198,077‌

27,695‌

Garmin 

105,510‌

21,762‌

Lennar,

Class

A 

162,005‌

22,093‌

Mohawk

Industries (1)

35,668‌

4,249‌

NVR (1)

2,105‌

17,217‌

T.

ROWE

PRICE

Equity

Index

500

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

‡

PulteGroup 

141,901‌

15,453‌

108,469‌

Leisure

Products

 0.0%

Hasbro 

89,366‌

4,996‌

4,996‌

Specialty

Retail

 1.8%

AutoZone (1)

11,499‌

36,820‌

Best

Buy 

133,672‌

11,469‌

CarMax (1)

106,605‌

8,716‌

Home

Depot 

676,480‌

263,144‌

Lowe's 

386,903‌

95,488‌

O'Reilly

Automotive (1)

39,310‌

46,614‌

Ross

Stores 

225,580‌

34,123‌

TJX 

769,207‌

92,928‌

Tractor

Supply 

368,960‌

19,577‌

Ulta

Beauty (1)

32,490‌

14,131‌

623,010‌

Textiles,

Apparel

&

Luxury

Goods

 0.4%

Deckers

Outdoor (1)

104,600‌

21,243‌

Lululemon

Athletica (1)

76,745‌

29,348‌

NIKE,

Class

B 

811,316‌

61,392‌

Ralph

Lauren 

27,357‌

6,319‌

Tapestry 

157,980‌

10,321‌

128,623‌

Total

Consumer

Discretionary

3,823,461‌

CONSUMER

STAPLES

 5.6%

Beverages

 1.2%

Brown-Forman,

Class

B 

124,896‌

4,744‌

Coca-Cola 

2,645,914‌

164,735‌

Constellation

Brands,

Class

A 

107,318‌

23,717‌

Keurig

Dr

Pepper 

773,115‌

24,832‌

Molson

Coors

Beverage,

Class

B 

118,250‌

6,778‌

Monster

Beverage (1)

471,214‌

24,767‌

PepsiCo 

936,732‌

142,439‌

392,012‌

Consumer

Staples

Distribution

&

Retail

 2.0%

Costco

Wholesale 

301,771‌

276,504‌

Dollar

General 

150,671‌

11,424‌

Dollar

Tree (1)

137,106‌

10,275‌

Kroger 

451,409‌

27,604‌

Sysco 

336,693‌

25,743‌

T.

ROWE

PRICE

Equity

Index

500

Fund

8

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Target 

313,504‌

42,379‌

Walgreens

Boots

Alliance 

494,955‌

4,618‌

Walmart 

2,956,251‌

267,097‌

665,644‌

Food

Products

 0.6%

Archer-Daniels-Midland (1)

326,923‌

16,516‌

Bunge

Global 

97,025‌

7,545‌

Conagra

Brands 

329,844‌

9,153‌

General

Mills 

381,396‌

24,322‌

Hershey 

101,358‌

17,165‌

Hormel

Foods 

198,092‌

6,214‌

J

M

Smucker 

73,240‌

8,065‌

Kellanova 

184,189‌

14,914‌

Kraft

Heinz 

603,717‌

18,540‌

Lamb

Weston

Holdings 

98,022‌

6,551‌

McCormick 

169,861‌

12,950‌

Mondelez

International,

Class

A 

916,136‌

54,721‌

The

Campbell's

Company (2)

134,348‌

5,627‌

Tyson

Foods,

Class

A 

195,221‌

11,213‌

213,496‌

Household

Products

 1.1%

Church

&

Dwight 

167,453‌

17,534‌

Clorox 

84,903‌

13,789‌

Colgate-Palmolive 

559,535‌

50,867‌

Kimberly-Clark 

226,624‌

29,697‌

Procter

&

Gamble 

1,603,931‌

268,899‌

380,786‌

Personal

Care

Products

 0.1%

Estee

Lauder,

Class

A 

159,811‌

11,983‌

Kenvue 

1,312,622‌

28,024‌

40,007‌

Tobacco

 0.6%

Altria

Group 

1,154,841‌

60,387‌

Philip

Morris

International 

1,057,510‌

127,271‌

187,658‌

Total

Consumer

Staples

1,879,603‌

ENERGY

 3.1%

Energy

Equipment

&

Services

 0.2%

Baker

Hughes 

680,129‌

27,899‌

Halliburton 

605,856‌

16,473‌

T.

ROWE

PRICE

Equity

Index

500

Fund

9

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Schlumberger 

960,451‌

36,824‌

81,196‌

Oil,

Gas

&

Consumable

Fuels

 2.9%

APA 

252,051‌

5,820‌

Chevron 

1,140,627‌

165,208‌

ConocoPhillips 

882,037‌

87,472‌

Coterra

Energy 

502,752‌

12,840‌

Devon

Energy 

448,759‌

14,688‌

Diamondback

Energy 

128,236‌

21,009‌

EOG

Resources 

382,906‌

46,937‌

EQT 

407,366‌

18,784‌

Exxon

Mobil 

2,993,936‌

322,058‌

Hess 

187,937‌

24,997‌

Kinder

Morgan 

1,321,952‌

36,221‌

Marathon

Petroleum 

218,363‌

30,462‌

Occidental

Petroleum 

457,211‌

22,591‌

ONEOK 

400,581‌

40,218‌

Phillips

66 

280,709‌

31,981‌

Targa

Resources 

149,912‌

26,759‌

Texas

Pacific

Land (2)

12,784‌

14,139‌

Valero

Energy 

214,953‌

26,351‌

Williams 

835,990‌

45,244‌

993,779‌

Total

Energy

1,074,975‌

FINANCIALS

 13.6%

Banks

 3.4%

Bank

of

America 

4,556,663‌

200,265‌

Citigroup 

1,289,715‌

90,783‌

Citizens

Financial

Group 

292,962‌

12,820‌

Fifth

Third

Bancorp 

454,360‌

19,210‌

Huntington

Bancshares 

983,252‌

15,998‌

JPMorgan

Chase 

1,918,403‌

459,860‌

KeyCorp 

677,170‌

11,607‌

M&T

Bank 

111,408‌

20,946‌

PNC

Financial

Services

Group 

268,858‌

51,849‌

Regions

Financial 

627,425‌

14,757‌

Truist

Financial 

903,199‌

39,181‌

U.S.

Bancorp 

1,056,966‌

50,555‌

Wells

Fargo 

2,272,251‌

159,603‌

1,147,434‌

Capital

Markets

 3.1%

Ameriprise

Financial 

65,976‌

35,128‌

T.

ROWE

PRICE

Equity

Index

500

Fund

10

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Bank

of

New

York

Mellon 

494,644‌

38,003‌

Blackrock 

99,456‌

101,953‌

Blackstone 

492,411‌

84,901‌

Cboe

Global

Markets 

71,749‌

14,020‌

Charles

Schwab 

1,014,933‌

75,115‌

CME

Group 

244,309‌

56,736‌

FactSet

Research

Systems 

25,615‌

12,302‌

Franklin

Resources (2)

209,252‌

4,246‌

Goldman

Sachs

Group 

214,163‌

122,634‌

Intercontinental

Exchange 

389,328‌

58,014‌

Invesco 

306,290‌

5,354‌

KKR 

458,102‌

67,758‌

MarketAxess

Holdings 

25,765‌

5,824‌

Moody's 

106,117‌

50,233‌

Morgan

Stanley 

846,139‌

106,377‌

MSCI 

52,896‌

31,738‌

Nasdaq 

284,081‌

21,962‌

Northern

Trust 

137,246‌

14,068‌

Raymond

James

Financial 

123,954‌

19,254‌

S&P

Global 

216,577‌

107,862‌

State

Street 

198,619‌

19,494‌

T.

Rowe

Price

Group (3)

151,955‌

17,184‌

1,070,160‌

Consumer

Finance

 0.6%

American

Express 

379,643‌

112,674‌

Capital

One

Financial 

261,474‌

46,626‌

Discover

Financial

Services 

171,891‌

29,777‌

Synchrony

Financial 

269,253‌

17,501‌

206,578‌

Financial

Services

 4.4%

Apollo

Global

Management 

305,363‌

50,434‌

Berkshire

Hathaway,

Class

B (1)

1,249,158‌

566,218‌

Corpay (1)

47,339‌

16,021‌

Fidelity

National

Information

Services 

365,813‌

29,547‌

Fiserv (1)

387,878‌

79,678‌

Global

Payments 

174,580‌

19,563‌

Jack

Henry

&

Associates 

49,849‌

8,739‌

Mastercard,

Class

A 

558,323‌

293,996‌

PayPal

Holdings (1)

683,071‌

58,300‌

Visa,

Class

A 

1,177,352‌

372,090‌

1,494,586‌

T.

ROWE

PRICE

Equity

Index

500

Fund

11

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Insurance

 2.1%

Aflac 

340,004‌

35,170‌

Allstate 

181,087‌

34,912‌

American

International

Group 

423,915‌

30,861‌

Aon,

Class

A 

147,297‌

52,903‌

Arch

Capital

Group 

254,470‌

23,500‌

Arthur

J

Gallagher 

170,811‌

48,485‌

Assurant 

35,327‌

7,532‌

Brown

&

Brown 

162,429‌

16,571‌

Chubb 

255,523‌

70,601‌

Cincinnati

Financial 

107,117‌

15,393‌

Erie

Indemnity,

Class

A (2)

17,181‌

7,082‌

Everest

Group 

29,630‌

10,740‌

Globe

Life 

55,862‌

6,230‌

Hartford

Financial

Services

Group 

196,570‌

21,505‌

Loews 

124,642‌

10,556‌

Marsh

&

McLennan 

334,762‌

71,107‌

MetLife 

395,379‌

32,373‌

Principal

Financial

Group 

143,433‌

11,103‌

Progressive 

398,092‌

95,387‌

Prudential

Financial 

244,671‌

29,001‌

Travelers 

154,427‌

37,200‌

W

R

Berkley 

205,911‌

12,050‌

Willis

Towers

Watson 

68,305‌

21,396‌

701,658‌

Total

Financials

4,620,416‌

HEALTH

CARE

 10.1%

Biotechnology

 1.6%

AbbVie 

1,203,150‌

213,800‌

Amgen 

365,278‌

95,206‌

Biogen (1)

99,963‌

15,286‌

Gilead

Sciences 

851,383‌

78,642‌

Incyte (1)

109,120‌

7,537‌

Moderna (1)

231,699‌

9,634‌

Regeneron

Pharmaceuticals (1)

71,695‌

51,071‌

Vertex

Pharmaceuticals (1)

175,655‌

70,736‌

541,912‌

Health

Care

Equipment

&

Supplies

 2.3%

Abbott

Laboratories 

1,179,823‌

133,450‌

Align

Technology (1)

48,083‌

10,026‌

Baxter

International 

350,278‌

10,214‌

Becton

Dickinson

&

Company 

198,235‌

44,974‌

T.

ROWE

PRICE

Equity

Index

500

Fund

12

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Boston

Scientific (1)

1,006,836‌

89,931‌

Cooper (1)

135,786‌

12,483‌

Dexcom (1)

264,760‌

20,590‌

Edwards

Lifesciences (1)

400,794‌

29,671‌

GE

HealthCare

Technologies 

313,778‌

24,531‌

Hologic (1)

159,163‌

11,474‌

IDEXX

Laboratories (1)

56,402‌

23,319‌

Insulet (1)

48,007‌

12,533‌

Intuitive

Surgical (1)

243,322‌

127,004‌

Medtronic 

874,150‌

69,827‌

ResMed 

100,913‌

23,078‌

Solventum (1)

94,194‌

6,222‌

STERIS 

67,295‌

13,833‌

Stryker 

234,415‌

84,401‌

Teleflex 

32,175‌

5,727‌

Zimmer

Biomet

Holdings 

134,512‌

14,208‌

767,496‌

Health

Care

Providers

&

Services

 2.0%

Cardinal

Health 

166,955‌

19,746‌

Cencora 

119,399‌

26,826‌

Centene (1)

342,264‌

20,734‌

Cigna

Group 

189,447‌

52,314‌

CVS

Health 

862,765‌

38,729‌

DaVita (1)

30,844‌

4,613‌

Elevance

Health 

157,262‌

58,014‌

HCA

Healthcare 

124,059‌

37,236‌

Henry

Schein (1)

86,342‌

5,975‌

Humana 

82,450‌

20,918‌

Labcorp

Holdings 

57,521‌

13,191‌

McKesson 

86,448‌

49,268‌

Molina

Healthcare (1)

38,541‌

11,217‌

Quest

Diagnostics 

76,228‌

11,500‌

UnitedHealth

Group 

626,890‌

317,119‌

Universal

Health

Services,

Class

B 

40,651‌

7,294‌

694,694‌

Life

Sciences

Tools

&

Services

 1.1%

Agilent

Technologies 

195,107‌

26,211‌

Bio-Techne 

107,658‌

7,755‌

Charles

River

Laboratories

International (1)

35,283‌

6,513‌

Danaher 

436,907‌

100,292‌

IQVIA

Holdings (1)

118,676‌

23,321‌

Mettler-Toledo

International (1)

14,569‌

17,828‌

Revvity 

82,597‌

9,219‌

T.

ROWE

PRICE

Equity

Index

500

Fund

13

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Thermo

Fisher

Scientific 

261,303‌

135,938‌

Waters (1)

40,823‌

15,144‌

West

Pharmaceutical

Services 

49,736‌

16,291‌

358,512‌

Pharmaceuticals

 3.1%

Bristol-Myers

Squibb 

1,377,188‌

77,894‌

Eli

Lilly 

536,862‌

414,457‌

Johnson

&

Johnson 

1,639,472‌

237,100‌

Merck 

1,721,610‌

171,266‌

Pfizer 

3,851,953‌

102,192‌

Viatris 

816,320‌

10,163‌

Zoetis 

307,252‌

50,061‌

1,063,133‌

Total

Health

Care

3,425,747‌

INDUSTRIALS

&

BUSINESS

SERVICES

 8.2%

Aerospace

&

Defense

 1.8%

Axon

Enterprise (1)

49,142‌

29,206‌

Boeing (1)

510,704‌

90,395‌

General

Dynamics 

176,860‌

46,601‌

General

Electric 

739,171‌

123,286‌

Howmet

Aerospace 

274,054‌

29,973‌

Huntington

Ingalls

Industries 

26,758‌

5,056‌

L3Harris

Technologies 

129,855‌

27,306‌

Lockheed

Martin 

143,790‌

69,873‌

Northrop

Grumman 

93,223‌

43,749‌

RTX 

904,763‌

104,699‌

Textron 

127,343‌

9,741‌

TransDigm

Group 

38,483‌

48,769‌

628,654‌

Air

Freight

&

Logistics

 0.4%

CH

Robinson

Worldwide 

80,172‌

8,283‌

Expeditors

International

of

Washington 

96,659‌

10,707‌

FedEx 

152,108‌

42,793‌

United

Parcel

Service,

Class

B 

496,106‌

62,559‌

124,342‌

Building

Products

 0.5%

A.O.

Smith 

81,888‌

5,586‌

Allegion 

59,566‌

7,784‌

Builders

FirstSource (1)

79,461‌

11,357‌

Carrier

Global 

572,542‌

39,082‌

Johnson

Controls

International 

458,115‌

36,159‌

T.

ROWE

PRICE

Equity

Index

500

Fund

14

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Lennox

International 

21,902‌

13,345‌

Masco 

148,502‌

10,777‌

Trane

Technologies 

153,308‌

56,624‌

180,714‌

Commercial

Services

&

Supplies

 0.5%

Cintas 

234,617‌

42,865‌

Copart (1)

599,457‌

34,403‌

Republic

Services 

138,897‌

27,943‌

Rollins 

188,133‌

8,720‌

Veralto 

169,006‌

17,213‌

Waste

Management 

247,433‌

49,929‌

181,073‌

Construction

&

Engineering

 0.1%

Quanta

Services 

101,045‌

31,935‌

31,935‌

Electrical

Equipment

 0.8%

AMETEK 

157,566‌

28,403‌

Eaton 

269,511‌

89,443‌

Emerson

Electric 

390,817‌

48,434‌

GE

Vernova 

188,204‌

61,906‌

Generac

Holdings (1)

41,059‌

6,366‌

Hubbell 

36,710‌

15,377‌

Rockwell

Automation 

77,903‌

22,264‌

272,193‌

Ground

Transportation

 0.9%

CSX 

1,312,417‌

42,351‌

JB

Hunt

Transport

Services 

55,102‌

9,404‌

Norfolk

Southern 

154,801‌

36,332‌

Old

Dominion

Freight

Line 

129,069‌

22,768‌

Uber

Technologies (1)

1,436,920‌

86,675‌

Union

Pacific 

413,459‌

94,285‌

291,815‌

Industrial

Conglomerates

 0.5%

3M 

370,777‌

47,864‌

Honeywell

International 

441,950‌

99,832‌

Roper

Technologies 

73,521‌

38,220‌

185,916‌

Machinery

 1.6%

Caterpillar 

329,388‌

119,489‌

Cummins 

93,817‌

32,705‌

Deere 

173,457‌

73,494‌

T.

ROWE

PRICE

Equity

Index

500

Fund

15

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Dover 

94,321‌

17,695‌

Fortive 

232,208‌

17,416‌

IDEX 

51,828‌

10,847‌

Illinois

Tool

Works 

182,968‌

46,393‌

Ingersoll

Rand 

274,444‌

24,826‌

Nordson 

37,216‌

7,787‌

Otis

Worldwide 

274,342‌

25,407‌

PACCAR 

359,532‌

37,398‌

Parker-Hannifin 

88,158‌

56,071‌

Pentair 

113,309‌

11,403‌

Snap-on 

36,059‌

12,241‌

Stanley

Black

&

Decker 

105,434‌

8,465‌

Westinghouse

Air

Brake

Technologies 

116,598‌

22,106‌

Xylem 

166,797‌

19,352‌

543,095‌

Passenger

Airlines

 0.2%

Delta

Air

Lines 

435,999‌

26,378‌

Southwest

Airlines 

410,568‌

13,803‌

United

Airlines

Holdings (1)

225,409‌

21,887‌

62,068‌

Professional

Services

 0.6%

Automatic

Data

Processing 

276,721‌

81,005‌

Broadridge

Financial

Solutions 

79,663‌

18,011‌

Dayforce (1)(2)

107,581‌

7,815‌

Equifax 

84,989‌

21,660‌

Jacobs

Solutions 

85,767‌

11,460‌

Leidos

Holdings 

91,818‌

13,227‌

Paychex 

219,643‌

30,798‌

Paycom

Software 

33,124‌

6,789‌

Verisk

Analytics 

95,898‌

26,413‌

217,178‌

Trading

Companies

&

Distributors

 0.3%

Fastenal 

391,987‌

28,188‌

United

Rentals 

44,609‌

31,424‌

WW

Grainger 

29,909‌

31,526‌

91,138‌

Total

Industrials

&

Business

Services

2,810,121‌

INFORMATION

TECHNOLOGY

 32.2%

Communications

Equipment

 0.9%

Arista

Networks (1)

706,700‌

78,112‌

Cisco

Systems 

2,720,311‌

161,042‌

T.

ROWE

PRICE

Equity

Index

500

Fund

16

Shares

$

Value

(Cost

and

value

in

$000s)

‡

F5 (1)

39,443‌

9,919‌

Juniper

Networks 

225,042‌

8,428‌

Motorola

Solutions 

114,426‌

52,891‌

310,392‌

Electronic

Equipment,

Instruments

&

Components

 0.6%

Amphenol,

Class

A 

817,368‌

56,766‌

CDW 

91,345‌

15,898‌

Corning 

523,316‌

24,868‌

Jabil 

76,764‌

11,046‌

Keysight

Technologies (1)

119,248‌

19,155‌

TE

Connectivity 

203,280‌

29,063‌

Teledyne

Technologies (1)

32,075‌

14,887‌

Trimble (1)

167,144‌

11,810‌

Zebra

Technologies,

Class

A (1)

35,438‌

13,687‌

197,180‌

IT

Services

 1.1%

Accenture,

Class

A 

425,158‌

149,566‌

Akamai

Technologies (1)

103,721‌

9,921‌

Cognizant

Technology

Solutions,

Class

A 

339,944‌

26,142‌

EPAM

Systems (1)

38,879‌

9,091‌

Gartner (1)

52,786‌

25,573‌

GoDaddy,

Class

A (1)

96,675‌

19,081‌

International

Business

Machines 

631,669‌

138,860‌

VeriSign (1)

56,979‌

11,792‌

390,026‌

Semiconductors

&

Semiconductor

Equipment

 11.4%

Advanced

Micro

Devices (1)

1,108,616‌

133,910‌

Analog

Devices 

337,010‌

71,601‌

Applied

Materials 

562,215‌

91,433‌

Broadcom 

3,183,453‌

738,052‌

Enphase

Energy (1)

92,662‌

6,364‌

First

Solar (1)

73,103‌

12,884‌

Intel 

2,946,415‌

59,076‌

KLA 

91,126‌

57,420‌

Lam

Research 

876,789‌

63,330‌

Microchip

Technology 

367,642‌

21,084‌

Micron

Technology 

755,631‌

63,594‌

Monolithic

Power

Systems 

33,049‌

19,555‌

NVIDIA 

16,724,531‌

2,245,937‌

NXP

Semiconductors 

174,401‌

36,249‌

ON

Semiconductor (1)

292,993‌

18,473‌

QUALCOMM 

757,932‌

116,434‌

T.

ROWE

PRICE

Equity

Index

500

Fund

17

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Skyworks

Solutions 

109,325‌

9,695‌

Teradyne 

109,783‌

13,824‌

Texas

Instruments 

622,327‌

116,693‌

3,895,608‌

Software

 10.3%

Adobe (1)

300,362‌

133,565‌

ANSYS (1)

59,976‌

20,232‌

Autodesk (1)

145,504‌

43,007‌

Cadence

Design

Systems (1)

187,795‌

56,425‌

Crowdstrike

Holdings,

Class

A (1)

158,347‌

54,180‌

Fair

Isaac (1)

16,556‌

32,962‌

Fortinet (1)

435,324‌

41,129‌

Gen

Digital 

370,703‌

10,150‌

Intuit 

191,504‌

120,360‌

Microsoft 

5,069,052‌

2,136,605‌

Oracle 

1,093,980‌

182,301‌

Palantir

Technologies,

Class

A (1)

1,400,326‌

105,907‌

Palo

Alto

Networks (1)

447,121‌

81,358‌

PTC (1)

82,374‌

15,146‌

Salesforce 

652,622‌

218,191‌

ServiceNow (1)

140,161‌

148,588‌

Synopsys (1)

104,929‌

50,928‌

Tyler

Technologies (1)

29,280‌

16,884‌

Workday,

Class

A (1)

145,510‌

37,546‌

3,505,464‌

Technology

Hardware,

Storage

&

Peripherals

 7.9%

Apple 

10,306,136‌

2,580,863‌

Dell

Technologies,

Class

C 

209,838‌

24,182‌

Hewlett

Packard

Enterprise 

887,171‌

18,941‌

HP 

653,519‌

21,324‌

NetApp 

141,052‌

16,373‌

Seagate

Technology

Holdings 

141,692‌

12,229‌

Super

Micro

Computer (1)

345,471‌

10,530‌

Western

Digital (1)

236,169‌

14,083‌

2,698,525‌

Total

Information

Technology

10,997,195‌

MATERIALS

 1.9%

Chemicals

 1.3%

Air

Products

&

Chemicals 

152,471‌

44,223‌

Albemarle 

80,988‌

6,971‌

Celanese 

75,271‌

5,210‌

CF

Industries

Holdings 

117,006‌

9,983‌

T.

ROWE

PRICE

Equity

Index

500

Fund

18

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Corteva 

470,829‌

26,818‌

Dow 

480,723‌

19,291‌

DuPont

de

Nemours 

286,772‌

21,866‌

Eastman

Chemical 

79,922‌

7,298‌

Ecolab 

171,495‌

40,185‌

FMC (2)

84,953‌

4,130‌

International

Flavors

&

Fragrances 

174,971‌

14,794‌

Linde 

324,912‌

136,031‌

LyondellBasell

Industries,

Class

A 

177,006‌

13,146‌

Mosaic 

216,949‌

5,333‌

PPG

Industries 

160,171‌

19,132‌

Sherwin-Williams 

157,032‌

53,380‌

427,791‌

Construction

Materials

 0.1%

Martin

Marietta

Materials 

41,824‌

21,602‌

Vulcan

Materials 

90,370‌

23,246‌

44,848‌

Containers

&

Packaging

 0.2%

Amcor 

989,629‌

9,312‌

Avery

Dennison 

54,108‌

10,125‌

Ball 

206,830‌

11,403‌

International

Paper (2)

238,737‌

12,849‌

Packaging

Corp.

of

America 

61,108‌

13,757‌

Smurfit

WestRock 

336,754‌

18,138‌

75,584‌

Metals

&

Mining

 0.3%

Freeport-McMoRan 

985,448‌

37,526‌

Newmont 

773,484‌

28,789‌

Nucor 

157,280‌

18,356‌

Steel

Dynamics 

97,577‌

11,131‌

95,802‌

Total

Materials

644,025‌

REAL

ESTATE

 2.1%

Health

Care

Real

Estate

Investment

Trusts

 0.3%

Alexandria

Real

Estate

Equities,

REIT 

105,990‌

10,339‌

Healthpeak

Properties,

REIT 

481,778‌

9,766‌

Ventas,

REIT 

282,580‌

16,641‌

Welltower,

REIT 

404,119‌

50,931‌

87,677‌

T.

ROWE

PRICE

Equity

Index

500

Fund

19

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Hotel

&

Resort

Real

Estate

Investment

Trusts

 0.0%

Host

Hotels

&

Resorts,

REIT 

480,107‌

8,411‌

8,411‌

Industrial

Real

Estate

Investment

Trusts

 0.2%

Prologis,

REIT 

628,450‌

66,427‌

66,427‌

Office

Real

Estate

Investment

Trusts

 0.0%

BXP,

REIT 

99,267‌

7,382‌

7,382‌

Real

Estate

Management

&

Development

 0.1%

CBRE

Group,

Class

A (1)

206,142‌

27,064‌

CoStar

Group (1)

281,381‌

20,144‌

47,208‌

Residential

Real

Estate

Investment

Trusts

 0.3%

AvalonBay

Communities,

REIT 

97,472‌

21,441‌

Camden

Property

Trust,

REIT 

71,275‌

8,271‌

Equity

Residential,

REIT 

233,038‌

16,723‌

Essex

Property

Trust,

REIT 

43,997‌

12,559‌

Invitation

Homes,

REIT 

390,469‌

12,483‌

Mid-America

Apartment

Communities,

REIT 

78,724‌

12,168‌

UDR,

REIT 

205,258‌

8,910‌

92,555‌

Retail

Real

Estate

Investment

Trusts

 0.3%

Federal

Realty

Investment

Trust,

REIT 

51,074‌

5,718‌

Kimco

Realty,

REIT 

458,747‌

10,748‌

Realty

Income,

REIT 

597,277‌

31,901‌

Regency

Centers,

REIT 

111,586‌

8,249‌

Simon

Property

Group,

REIT 

210,206‌

36,200‌

92,816‌

Specialized

Real

Estate

Investment

Trusts

 0.9%

American

Tower,

REIT 

316,843‌

58,112‌

Crown

Castle,

REIT 

297,455‌

26,997‌

Digital

Realty

Trust,

REIT 

213,012‌

37,774‌

Equinix,

REIT 

65,915‌

62,151‌

Extra

Space

Storage,

REIT 

145,487‌

21,765‌

Iron

Mountain,

REIT 

201,216‌

21,150‌

Public

Storage,

REIT 

108,082‌

32,364‌

SBA

Communications,

REIT 

73,745‌

15,029‌

VICI

Properties,

REIT 

716,574‌

20,931‌

T.

ROWE

PRICE

Equity

Index

500

Fund

20

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Weyerhaeuser,

REIT 

498,947‌

14,045‌

310,318‌

Total

Real

Estate

712,794‌

UTILITIES

 2.3%

Electric

Utilities

 1.5%

Alliant

Energy 

175,569‌

10,383‌

American

Electric

Power 

364,949‌

33,659‌

Constellation

Energy 

214,128‌

47,903‌

Duke

Energy 

523,700‌

56,423‌

Edison

International 

264,214‌

21,095‌

Entergy 

292,574‌

22,183‌

Evergy 

157,305‌

9,682‌

Eversource

Energy 

250,306‌

14,375‌

Exelon 

679,654‌

25,582‌

FirstEnergy 

351,509‌

13,983‌

NextEra

Energy 

1,397,672‌

100,199‌

NRG

Energy 

136,622‌

12,326‌

PG&E 

1,487,802‌

30,024‌

Pinnacle

West

Capital (2)

77,475‌

6,568‌

PPL 

504,553‌

16,378‌

Southern 

749,909‌

61,732‌

Xcel

Energy 

392,292‌

26,488‌

508,983‌

Gas

Utilities

 0.0%

Atmos

Energy 

106,473‌

14,829‌

14,829‌

Independent

Power

&

Renewable

Electricity

Producers

 0.1%

AES 

486,111‌

6,256‌

Vistra 

231,279‌

31,887‌

38,143‌

Multi-Utilities

 0.6%

Ameren 

182,414‌

16,260‌

CenterPoint

Energy 

439,793‌

13,955‌

CMS

Energy 

204,209‌

13,611‌

Consolidated

Edison 

234,771‌

20,949‌

Dominion

Energy 

574,288‌

30,931‌

DTE

Energy 

142,061‌

17,154‌

NiSource 

318,878‌

11,722‌

Public

Service

Enterprise

Group 

340,991‌

28,810‌

Sempra 

434,304‌

38,097‌

T.

ROWE

PRICE

Equity

Index

500

Fund

21

Shares

$

Value

(Cost

and

value

in

$000s)

‡

WEC

Energy

Group (2)

216,996‌

20,406‌

211,895‌

Water

Utilities

 0.1%

American

Water

Works 

133,730‌

16,648‌

16,648‌

Total

Utilities

790,498‌

Total

Common

Stocks

(Cost

$9,420,732)

33,961,962‌

SHORT-TERM

INVESTMENTS

 0.3%

Money

Market

Funds

 0.3%

T.

Rowe

Price

Government

Reserve

Fund,

4.53% (3)(4)

85,245,137‌

85,245‌

Total

Short-Term

Investments

(Cost

$85,245)

85,245‌

SECURITIES

LENDING

COLLATERAL

 0.1%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY 0.1%

Money

Market

Funds 0.1%

T.

Rowe

Price

Government

Reserve

Fund,

4.53% (3)(4)

31,705,243‌

31,705‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

And

Trust

Company

31,705‌

Total

Securities

Lending

Collateral

(Cost

$31,705)

31,705‌

Total

Investments

in

Securities

100.1%

of

Net

Assets

(Cost

$9,537,682)

$

34,078,912‌

‡

Shares

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,

2024.

(3)

Affiliated

Companies

(4)

Seven-day

yield

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

T.

ROWE

PRICE

Equity

Index

500

Fund

22

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

356

S&P

500

E-Mini

Index

contracts

3/25

105,656

$

(2,273‌)

Net

payments

(receipts)

of

variation

margin

to

date

1,899‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(374‌)

T.

ROWE

PRICE

Equity

Index

500

Fund

23

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,

2024.

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

Group 

$

326‌

$

482‌

$

773‌

T.

Rowe

Price

Government

Reserve

Fund,

4.53%

—‌

—‌

3,464‌++

Totals

$

326‌#

$

482‌

$

4,237‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

12/31/24

T.

Rowe

Price

Group 

$

17,190‌

$

296‌

$

784‌

$

17,184‌

T.

Rowe

Price

Government

Reserve

Fund,

4.53%

218,349‌

 ¤

 ¤

116,950‌

Total

$

134,134‌^

#

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

$4,237

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

$123,658.

T.

ROWE

PRICE

Equity

Index

500

Fund

December

31,

2024

Statement

of

Assets

and

Liabilities

24

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$9,537,682)

$

34,078,912‌

Receivable

for

investment

securities

sold

75,693‌

Dividends

and

interest

receivable

20,869‌

Receivable

for

shares

sold

16,381‌

Cash

deposits

on

futures

contracts

4,376‌

Due

from

affiliates

231‌

Other

assets

629‌

Total

assets

34,197,091‌

Liabilities

Payable

for

shares

redeemed

105,650‌

Obligation

to

return

securities

lending

collateral

31,705‌

Investment

management

fees

payable

1,478‌

Variation

margin

payable

on

futures

contracts

374‌

Payable

to

directors

26‌

Other

liabilities

824‌

Total

liabilities

140,057‌

Commitments

and

Contingent

Liabilities

(note

7

)

NET

ASSETS

$

34,057,034‌

T.

ROWE

PRICE

Equity

Index

500

Fund

December

31,

2024

Statement

of

Assets

and

Liabilities

25

($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)

$

24,444,830‌

Paid-in

capital

applicable

to

220,291,284

shares

of

$0.01

par

value

capital

stock

outstanding;

2,000,000,000

shares

of

the

Corporation

authorized

9,612,204‌

NET

ASSETS

$

34,057,034‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$8,258,276;

Shares

outstanding:

53,415,479)

$

154.60‌

I

Class

(Net

assets:

$10,823,502;

Shares

outstanding:

70,000,685)

$

154.62‌

Z

Class

(Net

assets:

$14,975,256;

Shares

outstanding:

96,875,120)

$

154.58‌

T.

ROWE

PRICE

Equity

Index

500

Fund

Statement

of

Operations

26

($000s)

Year

Ended

12/31/24

Investment

Income

(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$84)

$

437,228‌

.

  Interest

324‌

Securities

lending

120‌

Other

61‌

Total

income

437,733‌

Expenses

Investment

management

15,959‌

Shareholder

servicing

Investor

Class

$

10,135‌

I

Class

2,335‌

12,470‌

Prospectus

and

shareholder

reports

Investor

Class

115‌

I

Class

9‌

Z

Class

3‌

127‌

Custody

and

accounting

678‌

Registration

141‌

Directors

104‌

Legal

and

audit

30‌

Miscellaneous

35‌

Waived

/

paid

by

Price

Associates

(10,332‌)

Total

expenses

19,212‌

Net

investment

income

418,521‌

T.

ROWE

PRICE

Equity

Index

500

Fund

Statement

of

Operations

27

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

12/31/24

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

756,769‌

Futures

19,754‌

Net

realized

gain

776,523‌

Change

in

net

unrealized

gain

/

loss

Securities

5,775,055‌

Futures

(4,113‌)

Change

in

net

unrealized

gain

/

loss

5,770,942‌

Net

realized

and

unrealized

gain

/

loss

6,547,465‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

6,965,986‌

T.

ROWE

PRICE

Equity

Index

500

Fund

Statement

of

Changes

in

Net

Assets

28

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/24

12/31/23

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

418,521‌

$

407,362‌

Net

realized

gain

776,523‌

502,371‌

Change

in

net

unrealized

gain

/

loss

5,770,942‌

5,109,051‌

Increase

in

net

assets

from

operations

6,965,986‌

6,018,784‌

Distributions

to

shareholders

Net

earnings

Investor

Class

(98,418‌)

(93,863‌)

I

Class

(134,132‌)

(111,081‌)

Z

Class

(205,466‌)

(202,479‌)

Decrease

in

net

assets

from

distributions

(438,016‌)

(407,423‌)

Capital

share

transactions

*

Shares

sold

Investor

Class

1,449,435‌

1,203,054‌

I

Class

1,875,658‌

929,324‌

Z

Class

1,694,234‌

1,659,719‌

Distributions

reinvested

Investor

Class

93,564‌

89,367‌

I

Class

124,990‌

103,409‌

Z

Class

205,466‌

202,479‌

Shares

redeemed

Investor

Class

(2,116,744‌)

(1,163,721‌)

I

Class

(1,085,103‌)

(583,631‌)

Z

Class

(3,168,940‌)

(2,602,069‌)

Decrease

in

net

assets

from

capital

share

transactions

(927,440‌)

(162,069‌)

T.

ROWE

PRICE

Equity

Index

500

Fund

Statement

of

Changes

in

Net

Assets

29

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/24

12/31/23

Net

Assets

Increase

during

period

5,600,530‌

5,449,292‌

Beginning

of

period

28,456,504‌

23,007,212‌

End

of

period

$

34,057,034‌

$

28,456,504‌

*Share

information

(000s)

Shares

sold

Investor

Class

10,205‌

10,630‌

I

Class

13,170‌

8,167‌

Z

Class

12,363‌

14,918‌

Distributions

reinvested

Investor

Class

632‌

781‌

I

Class

843‌

904‌

Z

Class

1,389‌

1,774‌

Shares

redeemed

Investor

Class

(14,976‌)

(10,364‌)

I

Class

(7,566‌)

(5,162‌)

Z

Class

(22,705‌)

(22,687‌)

Decrease

in

shares

outstanding

(6,645‌)

(1,039‌)

T.

ROWE

PRICE

Equity

Index

500

Fund

NOTES

TO

FINANCIAL

STATEMENTS

30

T.

Rowe

Price

Index

Trust,

Inc. (the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Equity

Index

500

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

large-capitalization

U.S.

stocks.

The

fund

has three classes

of

shares:

the

Equity

Index

500

Fund

(Investor

Class),

the

Equity

Index

500

Fund–I

Class

(I

Class)

and

the

Equity

Index

500

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

T.

ROWE

PRICE

Equity

Index

500

Fund

31

amortized

for

financial

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

dividend income;

capital

gain

distributions

are

reflected

as

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. Distributions

from

REITs

are

initially

recorded

as

dividend

income

and,

to

the

extent

such

represent

a

return

of

capital

or

capital

gain

for

tax

purposes,

are

reclassified

when

such

information

becomes

available. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any,

are

declared

and

paid

by

each

class quarterly. 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.

In-Kind

Redemptions

 In

accordance

with

guidelines

described

in

the

fund’s

prospectus,

and

when

considered

to

be

in

the

best

interest

of

all

shareholders,

the

fund

may

distribute

portfolio

securities

rather

than

cash

as

payment

for

a

redemption

of

fund

shares

(in-kind

redemption).

Gains

and

losses

realized

on

in-kind

redemptions

are

not

recognized

for

tax

purposes

and

are

reclassified

from

undistributed

realized

gain

(loss)

to

paid-in

capital.

During

the

year ended

December

31,

2024,

the

fund

realized

$316,497,000 of

net

gain

on

$409,343,000

of

in-kind

redemptions.

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.

Eastern

time,

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.

T.

ROWE

PRICE

Equity

Index

500

Fund

32

New

Accounting

Guidance

 In December

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Taxes

Disclosures,

which

enhances

the

transparency

of

income

tax

disclosures.

The

ASU

requires

public

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

amendments

under

this

ASU

are

required

to

be

applied

prospectively

and

are

effective

for

fiscal

years

beginning

after

December

15,

2024.

Management

expects

that

adoption

of

the

guidance

will

not

have

a

material

impact

on

the

fund’s

financial

statements.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

T.

ROWE

PRICE

Equity

Index

500

Fund

33

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.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-

counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

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

T.

ROWE

PRICE

Equity

Index

500

Fund

34

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.

Valuation

Inputs

  On

December

31,

2024,

all

of

the

fund’s

financial

instruments

were

classified

as

Level

1,

based

on

the

inputs

used

to

determine

their

fair

values.

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

year ended

December

31,

2024,

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

or

delivery

of

cash

or

other

assets.

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.

T.

ROWE

PRICE

Equity

Index

500

Fund

35

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

December

31,

2024,

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,

2024,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

*

Liabilities

Equity

derivatives

Futures

$

2,273‌

Total

$

2,273‌

*

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

derivatives

$

19,754‌

Total

$

19,754‌

T.

ROWE

PRICE

Equity

Index

500

Fund

36

Counterparty

Risk

and

Collateral

 The

fund

invests

in

exchange-traded

and/or

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps.

Counterparty

risk

on

such

derivatives

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Collateral may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund’s

assets.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

December

31,

2024,

cash

of $4,376,000 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

($000s)                                              

Location

of

Gain

(Loss)

on

Statement

of

Operations

Futures

Change

in

Unrealized

Gain

(Loss)

Equity

derivatives

$

(4,113‌)

Total

$

(4,113‌)

T.

ROWE

PRICE

Equity

Index

500

Fund

37

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,

2024,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

less

than

1%

of

net

assets.

NOTE

4

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective, the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

more

fully

in the

fund’s prospectus

and

Statement

of

Additional

Information.

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

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,

T.

ROWE

PRICE

Equity

Index

500

Fund

38

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,

2024,

the

value

of

loaned

securities

was

$31,167,000;

the

value

of

cash

collateral

and

related

investments

was

$31,705,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term securities

aggregated $1,134,909,000 and

$1,624,342,000,

respectively,

for

the

year ended

December

31,

2024. 

NOTE

5

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The

fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required.

The

fund’s

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

permanent

book/tax

adjustments

relate

primarily

to

redemptions

in

kind

and

deemed

distributions

on

shareholder

redemptions.

T.

ROWE

PRICE

Equity

Index

500

Fund

39

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

At

December

31,

2024,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were as

follows:

At

December

31,

2024,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales.

Other

temporary

differences

relate

primarily

to

differences

in

treatment

of

corporate

actions.

($000s)

December

31,

2024

December

31,

2023

Ordinary

income

(including

short-term

capital

gains,

if

any)

$

437,444‌

$

407,423‌

Long-term

capital

gain

572‌

—‌

Total

distributions

$

438,016‌

$

407,423‌

($000s)

Cost

of

investments

$

9,679,208‌

Unrealized

appreciation

$

24,951,680‌

Unrealized

depreciation

(551,976‌)

Net

unrealized

appreciation

(depreciation)

$

24,399,704‌

($000s)

Undistributed

ordinary

income

$

310‌

Undistributed

long-term

capital

gain

44,854‌

Net

unrealized

appreciation

(depreciation)

24,399,704‌

Other

temporary

differences

(38‌)

Total

distributable

earnings

(loss)

$

24,444,830‌

T.

ROWE

PRICE

Equity

Index

500

Fund

40

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 0.05%

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.

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.

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

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

T.

ROWE

PRICE

Equity

Index

500

Fund

41

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,

2024 as

indicated

in

the

table

below.

Including

these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $6,302,000 remain

subject

to

repayment

by

the

fund

at

December

31,

2024. 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

Equity

Index

500

Fund

42

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

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.

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class.

For

the

year

ended

December

31,

2024,

expenses

incurred

pursuant

to

these

service

agreements

were

$116,000

for

Price

Associates;

$5,585,000

for

T.

Rowe

Price

Services,

Inc.;

and

$2,080,000

for

T.

Rowe

Price

Retirement

Plan

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,

2024,

the

fund

was

charged $953,000 for

shareholder

servicing

costs

related

to

the

college

savings

plans, of

which

$244,000

was

for

services

provided

by

Price.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

Investor

Class

I

Class

Z

Class

Expense

limitation/I

Class

Limit

0.21%

0.00%

0.00%

Expense

limitation

date

04/30/26

04/30/26

N/A

(Waived)/repaid

during

the

period

($000s)

$—

$(2,648)

$(7,684)

T.

ROWE

PRICE

Equity

Index

500

Fund

43

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities. At

December

31,

2024,

approximately

22%

of

the

outstanding

shares

of

the

I

Class

were

held

by

college

savings

plans.

Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

or

control

over

the

fund.

At

December

31,

2024, 100%

of

the

Z

Class's

outstanding

shares

were

held

by

Price

Funds

and

accounts.

Consistent

with

its

investment

objective,

the

fund

may

invest

in

T.

Rowe

Price

Group,

Inc.

Additionally,

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.

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,

2024,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

NOTE

8

-

SEGMENT

REPORTING

Operating

segments

are

defined

as

components

of

a

company

that

engage

in

business

activities

and

for

which

discrete

financial

information

is

available

and

regularly

reviewed

by

the

chief

operating

decision

maker

(CODM)

in

deciding

how

to

allocate

resources

and

assess

performance.

The

Management

Committee

of

Price

Associates

acts

as

the

fund’s

CODM.

The

fund

makes

investments

in

accordance

with

its

investment

objective

as

outlined

in

the

Prospectus

and

is

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

of

the

fund

on

the

whole.

T.

ROWE

PRICE

Equity

Index

500

Fund

44

The

fund’s

revenue

is

derived

from

investments

in

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

highlights.

The

CODM

compares

the

fund’s

performance

to

its

benchmark

index

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

The

accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

NOTE

9

-

OTHER

MATTERS

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia’s

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

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.

The

fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

T.

ROWE

PRICE

Equity

Index

500

Fund

45

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

Equity

Index

500

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

Equity

Index

500

Fund

(one

of

the

funds

constituting

T.

Rowe

Price

Index

Trust,

Inc.,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2024,

the

related

statement

of

operations

for

the

year

ended

December

31,

2024,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2024,

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,

2024,

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,

2024

and

the

financial

highlights

for

each

of

the

periods

indicated

therein,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T.

ROWE

PRICE

Equity

Index

500

Fund

46

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,

2024

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

18,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T.

Rowe

Price

group

of

investment

companies

since

1973.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

(continued)

T.

ROWE

PRICE

Equity

Index

500

Fund

47

TAX

INFORMATION

(UNAUDITED)

FOR

THE

TAX

YEAR

ENDED 12/31/24

We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

The

fund’s

distributions

to

shareholders

included:

$283,106,000

from

long-term

capital

gains,

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%

For

nonresident

alien

shareholders,

100%

of

short-term

capital

gain

dividends

distributed

by

the

fund

for

the

fiscal

year

are

qualified

short-term

capital

gains. 

For

taxable

non-corporate

shareholders,

$411,749,000

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,

$393,372,000

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,

$18,786,000

of

the

fund's

income

qualifies

as

qualified

real

estate

investment

trust

(REIT)

dividends.

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.

F50-050

2/25

 

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

If applicable, see Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

 

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

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

 (2) Listing standards relating to recovery of erroneously awarded compensation: not applicable.

 (3) 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.

(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 18, 2025

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 18, 2025

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	February 18, 2025