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

Mid-Cap Index Fund

Investor Class (TRMNX)

This annual shareholder report contains important information about Mid-Cap Index 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
Mid-Cap Index Fund - Investor Class	$30	0.27%

What drove fund performance during the past 12 months?

• Mid-cap U.S. stocks produced strong gains in 2024, as equity investors generally welcomed not only looser monetary policy starting in September, but also reduced political uncertainty following U.S. election results.

• Financials names produced robust results during the period, thanks in part to lower short-term interest rates and strong equity market gains. Capital markets companies performed very well during the year, as KKR and Robinhood Markets advanced strongly. The information technology sector also generated strong gains during the period, as the software segment performed particularly well.

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

• The fund, which is not available for direct purchase by members of the public, employs a full replication strategy, which involves investing substantially all of its assets in all of the stocks in the index and seeking to maintain holdings of each stock in proportion to its weight in the index. By replicating the structure of the Russell Select Mid Cap Index, our intention is to 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 Benchmark	Strategy Benchmark
12/9/15	10,000	10,000	10,000
12/31/15	10,000	9,989	10,006
3/31/16	10,010	10,085	9,995
6/30/16	10,341	10,351	10,323
9/30/16	10,942	10,806	10,937
12/31/16	11,333	11,261	11,322
3/31/17	11,993	11,907	11,995
6/30/17	12,364	12,267	12,377
9/30/17	12,910	12,827	12,921
12/31/17	13,700	13,640	13,718
3/31/18	13,743	13,552	13,775
6/30/18	14,311	14,079	14,345
9/30/18	14,987	15,082	15,042
12/31/18	12,570	12,925	12,598
3/31/19	14,707	14,740	14,736
6/30/19	15,267	15,344	15,318
9/30/19	15,061	15,522	15,117
12/31/19	16,279	16,934	16,364
3/31/20	12,049	13,395	12,111
6/30/20	16,158	16,346	16,261
9/30/20	18,382	17,851	18,522
12/31/20	23,000	20,472	23,180
3/31/21	23,877	21,771	24,098
6/30/21	25,893	23,565	26,160
9/30/21	25,267	23,541	25,537
12/31/21	25,459	25,725	25,748
3/31/22	22,906	24,367	23,173
6/30/22	17,932	20,298	18,157
9/30/22	17,489	19,391	17,707
12/31/22	18,169	20,784	18,410
3/31/23	19,599	22,276	19,878
6/30/23	21,003	24,145	21,301
9/30/23	20,499	23,359	20,801
12/31/23	23,555	26,179	23,923
3/31/24	25,517	28,802	25,927
6/30/24	24,649	29,728	25,053
9/30/24	26,518	31,580	26,976
12/31/24	28,228	32,411	28,744

202501-4140694, 202502-4108663

F32-052 2/25

Average Annual Total Returns

	1 Year	5 Years	Since Inception 12/9/15
Mid-Cap Index Fund (Investor Class)	19.84%	11.64%	12.14%
Russell 3000 Index (Regulatory Benchmark)	23.81	13.86	13.86
Russell Select Mid Cap Index (Strategy Benchmark)	20.15	11.93	12.36

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)$234,941
• Number of Portfolio Holdings509

• Investment Advisory Fees Paid (000s)$(190)
• Portfolio Turnover Rate31.7%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Information Technology	19.9%
Financials	18.2
Industrials & Business Services	16.9
Consumer Discretionary	12.7
Health Care	8.2
Communication Services	5.9
Materials	5.2
Real Estate	4.9
Energy	3.8
Other	4.3

Top Ten Holdings (as a % of Net Assets)

Marvell Technology	2.0%
AppLovin	1.8
Spotify Technology	1.4
CRH	1.4
DoorDash	1.3
Trade Desk	1.1
Coinbase Global	1.1
Snowflake	1.1
Cheniere Energy	1.0
MicroStrategy	1.0

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.

Frank Russell Company "LSE" 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.

Mid-Cap Index Fund 

Investor Class (TRMNX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

December 31, 2024

Mid-Cap Index Fund

I Class (TRMSX)

This annual shareholder report contains important information about Mid-Cap Index 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
Mid-Cap Index Fund - I Class	$15	0.14%

What drove fund performance during the past 12 months?

• Mid-cap U.S. stocks produced strong gains in 2024, as equity investors generally welcomed not only looser monetary policy starting in September, but also reduced political uncertainty following U.S. election results.

• Financials names produced robust results during the period, thanks in part to lower short-term interest rates and strong equity market gains. Capital markets companies performed very well during the year, as KKR and Robinhood Markets advanced strongly. The information technology sector also generated strong gains during the period, as the software segment performed particularly well.

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

• The fund, which is not available for direct purchase by members of the public, employs a full replication strategy, which involves investing substantially all of its assets in all of the stocks in the index and seeking to maintain holdings of each stock in proportion to its weight in the index. By replicating the structure of the Russell Select Mid Cap Index, our intention is to closely track its performance.

How has the fund performed?

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

	I Class	Regulatory Benchmark	Strategy Benchmark
12/9/15	10,000	10,000	10,000
12/31/15	10,000	9,989	10,006
3/31/16	10,010	10,085	9,995
6/30/16	10,341	10,351	10,323
9/30/16	10,952	10,806	10,937
12/31/16	11,343	11,261	11,322
3/31/17	12,014	11,907	11,995
6/30/17	12,396	12,267	12,377
9/30/17	12,932	12,827	12,921
12/31/17	13,735	13,640	13,718
3/31/18	13,778	13,552	13,775
6/30/18	14,348	14,079	14,345
9/30/18	15,036	15,082	15,042
12/31/18	12,612	12,925	12,598
3/31/19	14,756	14,740	14,736
6/30/19	15,329	15,344	15,318
9/30/19	15,123	15,522	15,117
12/31/19	16,356	16,934	16,364
3/31/20	12,100	13,395	12,111
6/30/20	16,235	16,346	16,261
9/30/20	18,490	17,851	18,522
12/31/20	23,136	20,472	23,180
3/31/21	24,015	21,771	24,098
6/30/21	26,062	23,565	26,160
9/30/21	25,434	23,541	25,537
12/31/21	25,628	25,725	25,748
3/31/22	23,065	24,367	23,173
6/30/22	18,070	20,298	18,157
9/30/22	17,626	19,391	17,707
12/31/22	18,306	20,784	18,410
3/31/23	19,758	22,276	19,878
6/30/23	21,182	24,145	21,301
9/30/23	20,676	23,359	20,801
12/31/23	23,775	26,179	23,923
3/31/24	25,763	28,802	25,927
6/30/24	24,889	29,728	25,053
9/30/24	26,783	31,580	26,976
12/31/24	28,528	32,411	28,744

202501-4140694, 202502-4108663

F534-052 2/25

Average Annual Total Returns

	1 Year	5 Years	Since Inception 12/9/15
Mid-Cap Index Fund (I Class)	19.99%	11.77%	12.27%
Russell 3000 Index (Regulatory Benchmark)	23.81	13.86	13.86
Russell Select Mid Cap Index (Strategy Benchmark)	20.15	11.93	12.36

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)$234,941
• Number of Portfolio Holdings509

• Investment Advisory Fees Paid (000s)$(190)
• Portfolio Turnover Rate31.7%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Information Technology	19.9%
Financials	18.2
Industrials & Business Services	16.9
Consumer Discretionary	12.7
Health Care	8.2
Communication Services	5.9
Materials	5.2
Real Estate	4.9
Energy	3.8
Other	4.3

Top Ten Holdings (as a % of Net Assets)

Marvell Technology	2.0%
AppLovin	1.8
Spotify Technology	1.4
CRH	1.4
DoorDash	1.3
Trade Desk	1.1
Coinbase Global	1.1
Snowflake	1.1
Cheniere Energy	1.0
MicroStrategy	1.0

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.

Frank Russell Company "LSE" 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.

Mid-Cap Index Fund 

I Class (TRMSX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

December 31, 2024

Mid-Cap Index Fund

Z Class (TRSZX)

This annual shareholder report contains important information about Mid-Cap Index 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
Mid-Cap Index Fund - Z Class	$0	0.00%

What drove fund performance during the past 12 months?

• Mid-cap U.S. stocks produced strong gains in 2024, as equity investors generally welcomed not only looser monetary policy starting in September, but also reduced political uncertainty following U.S. election results.

• Financials names produced robust results during the period, thanks in part to lower short-term interest rates and strong equity market gains. Capital markets companies performed very well during the year, as KKR and Robinhood Markets advanced strongly. The information technology sector also generated strong gains during the period, as the software segment performed particularly well.

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

• The fund, which is not available for direct purchase by members of the public, employs a full replication strategy, which involves investing substantially all of its assets in all of the stocks in the index and seeking to maintain holdings of each stock in proportion to its weight in the index. By replicating the structure of the Russell Select Mid Cap Index, our intention is to 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 Benchmark	Strategy Benchmark
3/16/20	10,000	10,000	10,000
3/31/20	11,017	10,865	11,008
6/30/20	14,785	13,259	14,781
9/30/20	16,840	14,480	16,836
12/31/20	21,074	16,606	21,071
3/31/21	21,898	17,659	21,905
6/30/21	23,764	19,115	23,779
9/30/21	23,203	19,095	23,212
12/31/21	23,391	20,867	23,404
3/31/22	21,064	19,765	21,064
6/30/22	16,505	16,464	16,505
9/30/22	16,099	15,729	16,095
12/31/22	16,731	16,859	16,734
3/31/23	18,069	18,069	18,069
6/30/23	19,371	19,585	19,362
9/30/23	18,921	18,948	18,908
12/31/23	21,765	21,235	21,746
3/31/24	23,584	23,362	23,567
6/30/24	22,798	24,114	22,773
9/30/24	24,543	25,616	24,521
12/31/24	26,144	26,290	26,128

202501-4140694, 202502-4108663

F1261-052 2/25

Average Annual Total Returns

	1 Year	Since Inception 3/16/20
Mid-Cap Index Fund (Z Class)	20.12%	22.19%
Russell 3000 Index (Regulatory Benchmark)	23.81	22.33
Russell Select Mid Cap Index (Strategy Benchmark)	20.15	22.18

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)$234,941
• Number of Portfolio Holdings509

• Investment Advisory Fees Paid (000s)$(190)
• Portfolio Turnover Rate31.7%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Information Technology	19.9%
Financials	18.2
Industrials & Business Services	16.9
Consumer Discretionary	12.7
Health Care	8.2
Communication Services	5.9
Materials	5.2
Real Estate	4.9
Energy	3.8
Other	4.3

Top Ten Holdings (as a % of Net Assets)

Marvell Technology	2.0%
AppLovin	1.8
Spotify Technology	1.4
CRH	1.4
DoorDash	1.3
Trade Desk	1.1
Coinbase Global	1.1
Snowflake	1.1
Cheniere Energy	1.0
MicroStrategy	1.0

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.

Frank Russell Company "LSE" 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.

Mid-Cap Index Fund 

Z Class (TRSZX)

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

TRMNX

Mid-Cap

Index

Fund

TRMSX

Mid-Cap

Index

Fund–

.

I Class

TRSZX

Mid-Cap

Index

Fund–

.

Z Class

T.

ROWE

PRICE

Mid-Cap

Index

Fund

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

$

17.65‌

$

13.72‌

$

19.55‌

$

18.37‌

$

13.47‌

Investment

activities

Net

investment

income

(1)(2)

0.15‌

0.15‌

0.16‌

0.13‌

0.11‌

Net

realized

and

unrealized

gain/loss

3.37‌

3.91‌

(5.74‌)

1.82‌

5.43‌

Total

from

investment

activities

3.52‌

4.06‌

(5.58‌)

1.95‌

5.54‌

Distributions

Net

investment

income

(0.10‌)

(0.13‌)

(0.14‌)

(0.11‌)

(0.11‌)

Net

realized

gain

(0.23‌)

—‌

(0.11‌)

(0.66‌)

(0.53‌)

Total

distributions

(0.33‌)

(0.13‌)

(0.25‌)

(0.77‌)

(0.64‌)

NET

ASSET

VALUE

End

of

period

$

20.84‌

$

17.65‌

$

13.72‌

$

19.55‌

$

18.37‌

Ratios/Supplemental

Data

Total

return

(2)(3)

19.84‌%

29.65‌%

(28.63‌)%

10.69‌%

41.29‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.30‌%

0.35‌%

2.54‌%

1.46‌%

3.14‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.27‌%

0.27‌%

0.27‌%

0.30‌%

0.31‌%

Net

investment

income

0.82‌%

0.99‌%

1.00‌%

0.69‌%

0.75‌%

Portfolio

turnover

rate

31.7‌%

29.5‌%

23.4‌%

34.7‌%

38.3‌%

Net

assets,

end

of

period

(in

thousands)

$103

$214

$166

$237

$8,724

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

Mid-Cap

Index

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

$

17.70‌

$

13.75‌

$

19.60‌

$

18.42‌

$

13.49‌

Investment

activities

Net

investment

income

(1)(2)

0.19‌

0.17‌

0.18‌

0.18‌

0.12‌

Net

realized

and

unrealized

gain/loss

3.37‌

3.93‌

(5.76‌)

1.79‌

5.45‌

Total

from

investment

activities

3.56‌

4.10‌

(5.58‌)

1.97‌

5.57‌

Distributions

Net

investment

income

(0.18‌)

(0.15‌)

(0.16‌)

(0.13‌)

(0.11‌)

Net

realized

gain

(0.23‌)

—‌

(0.11‌)

(0.66‌)

(0.53‌)

Total

distributions

(0.41‌)

(0.15‌)

(0.27‌)

(0.79‌)

(0.64‌)

NET

ASSET

VALUE

End

of

period

$

20.85‌

$

17.70‌

$

13.75‌

$

19.60‌

$

18.42‌

Ratios/Supplemental

Data

Total

return

(2)(3)

19.99‌%

29.87‌%

(28.57‌)%

10.77‌%

41.45‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.30‌%

0.40‌%

0.44‌%

0.56‌%

3.06‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.14‌%

0.14‌%

0.14‌%

0.16‌%

0.18‌%

Net

investment

income

0.98‌%

1.12‌%

1.15‌%

0.86‌%

0.88‌%

Portfolio

turnover

rate

31.7‌%

29.5‌%

23.4‌%

34.7‌%

38.3‌%

Net

assets,

end

of

period

(in

thousands)

$138,433

$114,837

$80,256

$90,604

$460

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

Mid-Cap

Index

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

$

17.71‌

$

13.75‌

$

19.60‌

$

18.41‌

$

9.05‌

Investment

activities

Net

investment

income

(2)(3)

0.22‌

0.20‌

0.21‌

0.22‌

0.11‌

Net

realized

and

unrealized

gain/loss

3.37‌

3.93‌

(5.77‌)

1.79‌

9.89‌

Total

from

investment

activities

3.59‌

4.13‌

(5.56‌)

2.01‌

10.00‌

Distributions

Net

investment

income

(0.21‌)

(0.17‌)

(0.18‌)

(0.16‌)

(0.11‌)

Net

realized

gain

(0.23‌)

—‌

(0.11‌)

(0.66‌)

(0.53‌)

Total

distributions

(0.44‌)

(0.17‌)

(0.29‌)

(0.82‌)

(0.64‌)

NET

ASSET

VALUE

End

of

period

$

20.86‌

$

17.71‌

$

13.75‌

$

19.60‌

$

18.41‌

Ratios/Supplemental

Data

Total

return

(3)(4)

20.12‌%

30.09‌%

(28.47‌)%

11.00‌%

110.74‌%

Ratios

to

average

net

assets:

(3)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.25‌%

0.32‌%

0.40‌%

0.60‌%

3.07‌%

(5)

Net

expenses

after

waivers/

payments

by

Price

Associates

0.00‌%

0.00‌%

0.00‌%

0.01‌%

0.00‌%

(5)

Net

investment

income

1.15‌%

1.31‌%

1.37‌%

1.09‌%

1.00‌%

(5)

Portfolio

turnover

rate

31.7‌%

29.5‌%

23.4‌%

34.7‌%

38.3‌%

Net

assets,

end

of

period

(in

thousands)

$96,405

$37,136

$11,404

$1,132

$204

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

Mid-Cap

Index

Fund

December

31,

2024

5

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

 99.7%

COMMUNICATION

SERVICES

 5.9%

Diversified

Telecommunication

Services

 0.4%

Frontier

Communications

Parent (1)

12,458‌

432‌

GCI

Liberty,

Class

A,

EC (1)(2)

203‌

—‌

Iridium

Communications 

5,699‌

166‌

Liberty

Global,

Class

A (1)

8,488‌

108‌

Liberty

Global,

Class

C (1)

7,823‌

103‌

809‌

Entertainment

 3.2%

Liberty

Media

Corp-Liberty

Formula

One,

Class

A (1)

1,187‌

100‌

Liberty

Media

Corp-Liberty

Formula

One,

Class

C (1)

10,608‌

983‌

Liberty

Media

Corp-Liberty

Live,

Class

A (1)

1,013‌

67‌

Liberty

Media

Corp-Liberty

Live,

Class

C (1)

2,328‌

158‌

Madison

Square

Garden

Sports (1)

932‌

210‌

Playtika

Holding 

3,816‌

27‌

ROBLOX,

Class

A (1)

26,545‌

1,536‌

Roku (1)

6,356‌

473‌

Spotify

Technology (1)

7,423‌

3,321‌

TKO

Group

Holdings (1)

3,968‌

564‌

7,439‌

Interactive

Media

&

Services

 0.6%

IAC (1)

3,726‌

161‌

Pinterest,

Class

A (1)

30,405‌

882‌

TripAdvisor (1)

5,405‌

80‌

Trump

Media

&

Technology

Group (1)

3,737‌

127‌

ZoomInfo

Technologies (1)

15,222‌

160‌

1,410‌

Media

 1.7%

Liberty

Broadband,

Class

A (1)

855‌

64‌

Liberty

Broadband,

Class

C (1)

5,550‌

415‌

New

York

Times,

Class

A 

8,086‌

421‌

Nexstar

Media

Group 

1,544‌

244‌

Sirius

XM

Holdings 

10,791‌

246‌

Trade

Desk,

Class

A (1)

22,551‌

2,650‌

4,040‌

Total

Communication

Services

13,698‌

CONSUMER

DISCRETIONARY

 12.7%

Automobile

Components

 0.3%

Gentex 

11,725‌

337‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Lear 

2,743‌

259‌

QuantumScape (1)(3)

18,069‌

94‌

690‌

Automobiles

 0.5%

Harley-Davidson 

6,011‌

181‌

Lucid

Group (1)

49,528‌

150‌

Rivian

Automotive,

Class

A (1)(3)

41,936‌

558‌

Thor

Industries (3)

2,551‌

244‌

1,133‌

Broadline

Retail

 1.0%

Coupang (1)

58,558‌

1,287‌

Dillard's,

Class

A (3)

159‌

69‌

Etsy (1)

5,643‌

298‌

Kohl's (3)

5,533‌

78‌

Macy's 

13,736‌

233‌

Nordstrom 

5,104‌

123‌

Ollie's

Bargain

Outlet

Holdings (1)

3,098‌

340‌

2,428‌

Diversified

Consumer

Services

 1.0%

ADT 

16,568‌

115‌

Bright

Horizons

Family

Solutions (1)

2,891‌

320‌

Duolingo (1)

1,875‌

608‌

Grand

Canyon

Education (1)

1,448‌

237‌

H&R

Block 

7,050‌

373‌

Service

Corp.

International 

7,071‌

564‌

2,217‌

Hotels,

Restaurants

&

Leisure

 4.0%

Aramark 

13,172‌

491‌

Boyd

Gaming 

3,179‌

231‌

Cava

Group (1)

3,829‌

432‌

Choice

Hotels

International 

1,388‌

197‌

Churchill

Downs 

3,505‌

468‌

DoorDash,

Class

A (1)

17,855‌

2,995‌

DraftKings,

Class

A (1)

22,894‌

852‌

Dutch

Bros,

Class

A (1)

5,481‌

287‌

Hyatt

Hotels,

Class

A 

2,085‌

327‌

Light

&

Wonder (1)

4,455‌

385‌

Marriott

Vacations

Worldwide 

1,743‌

156‌

Penn

Entertainment (1)

7,547‌

150‌

Planet

Fitness,

Class

A (1)

4,288‌

424‌

Texas

Roadhouse 

3,377‌

609‌

Travel

+

Leisure 

3,339‌

168‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Vail

Resorts 

1,903‌

357‌

Wendy's 

8,642‌

141‌

Wingstop 

1,488‌

423‌

Wyndham

Hotels

&

Resorts 

3,809‌

384‌

9,477‌

Household

Durables

 1.1%

Leggett

&

Platt 

6,876‌

66‌

Newell

Brands 

20,808‌

207‌

SharkNinja (1)

3,319‌

323‌

Tempur

Sealy

International 

8,439‌

479‌

Toll

Brothers 

5,092‌

641‌

TopBuild (1)

1,514‌

471‌

Whirlpool (3)

2,653‌

304‌

2,491‌

Leisure

Products

 0.4%

Brunswick 

3,282‌

212‌

Mattel (1)

16,974‌

301‌

Polaris 

2,580‌

149‌

YETI

Holdings (1)

4,267‌

164‌

826‌

Specialty

Retail

 3.5%

Advance

Auto

Parts 

3,035‌

144‌

AutoNation (1)

1,275‌

217‌

Bath

&

Body

Works 

11,064‌

429‌

Burlington

Stores (1)

3,206‌

914‌

Carvana (1)

5,472‌

1,113‌

Dick's

Sporting

Goods 

2,832‌

648‌

Five

Below (1)

2,727‌

286‌

Floor

&

Decor

Holdings,

Class

A (1)

5,281‌

527‌

GameStop,

Class

A (1)

19,854‌

622‌

Gap 

10,178‌

240‌

Lithia

Motors 

1,320‌

472‌

Murphy

USA 

921‌

462‌

Penske

Automotive

Group 

924‌

141‌

RH (1)

757‌

298‌

Valvoline (1)

6,478‌

234‌

Wayfair,

Class

A (1)(3)

4,778‌

212‌

Williams-Sonoma 

6,326‌

1,171‌

8,130‌

Textiles,

Apparel

&

Luxury

Goods

 0.9%

Amer

Sports (1)

2,915‌

81‌

Birkenstock

Holding (1)

2,005‌

114‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

8

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Capri

Holdings (1)

5,743‌

121‌

Carter's (3)

1,819‌

99‌

Columbia

Sportswear (3)

1,667‌

140‌

Crocs (1)

2,899‌

318‌

PVH 

2,782‌

294‌

Skechers

USA,

Class

A (1)

6,628‌

446‌

Under

Armour,

Class

A (1)

9,705‌

80‌

Under

Armour,

Class

C (1)

9,829‌

73‌

VF 

17,769‌

381‌

2,147‌

Total

Consumer

Discretionary

29,539‌

CONSUMER

STAPLES

 3.0%

Beverages

 0.3%

Boston

Beer,

Class

A (1)

442‌

132‌

Celsius

Holdings (1)

8,834‌

233‌

Coca-Cola

Consolidated 

307‌

387‌

752‌

Consumer

Staples

Distribution

&

Retail

 1.5%

Albertsons,

Class

A 

21,212‌

417‌

BJ's

Wholesale

Club

Holdings (1)

6,636‌

593‌

Casey's

General

Stores 

1,866‌

739‌

Grocery

Outlet

Holding (1)

4,737‌

74‌

Maplebear (1)

8,385‌

347‌

Performance

Food

Group (1)

7,705‌

651‌

U.S.

Foods

Holding (1)

11,544‌

779‌

3,600‌

Food

Products

 0.7%

Darling

Ingredients (1)

7,953‌

268‌

Flowers

Foods 

9,401‌

194‌

Freshpet (1)

2,365‌

350‌

Ingredion 

3,296‌

454‌

Pilgrim's

Pride (1)

2,113‌

96‌

Post

Holdings (1)

2,397‌

274‌

Seaboard 

12‌

29‌

1,665‌

Household

Products

 0.1%

Reynolds

Consumer

Products 

2,801‌

75‌

Spectrum

Brands

Holdings 

1,359‌

115‌

190‌

Personal

Care

Products

 0.4%

BellRing

Brands (1)

6,468‌

487‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

9

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Coty,

Class

A (1)

19,108‌

133‌

elf

Beauty (1)

2,697‌

339‌

959‌

Total

Consumer

Staples

7,166‌

ENERGY

 3.8%

Energy

Equipment

&

Services

 0.5%

NOV 

19,715‌

288‌

TechnipFMC 

21,417‌

620‌

Weatherford

International 

3,619‌

259‌

1,167‌

Oil,

Gas

&

Consumable

Fuels

 3.3%

Antero

Midstream 

17,003‌

257‌

Antero

Resources (1)

14,592‌

512‌

Cheniere

Energy 

11,285‌

2,425‌

Chord

Energy 

3,123‌

365‌

Civitas

Resources 

4,978‌

228‌

DT

Midstream 

4,885‌

486‌

Expand

Energy 

11,666‌

1,161‌

HF

Sinclair 

7,824‌

274‌

Matador

Resources 

5,975‌

336‌

New

Fortress

Energy 

4,006‌

61‌

Ovintiv 

13,245‌

536‌

Permian

Resources 

32,916‌

473‌

Range

Resources 

12,030‌

433‌

Viper

Energy 

5,158‌

253‌

7,800‌

Total

Energy

8,967‌

FINANCIALS

 18.2%

Banks

 4.1%

Bank

OZK 

5,331‌

237‌

BOK

Financial 

1,158‌

123‌

Columbia

Banking

System 

10,459‌

282‌

Comerica 

6,730‌

416‌

Commerce

Bancshares 

6,263‌

390‌

Cullen/Frost

Bankers 

2,986‌

401‌

East

West

Bancorp 

6,957‌

666‌

First

Citizens

BancShares,

Class

A 

606‌

1,280‌

First

Hawaiian 

6,381‌

166‌

First

Horizon 

26,864‌

541‌

FNB 

17,842‌

264‌

NU

Holdings,

Class

A (1)

160,822‌

1,666‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

10

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Pinnacle

Financial

Partners 

3,845‌

440‌

Popular 

3,624‌

341‌

Prosperity

Bancshares 

4,559‌

344‌

Synovus

Financial 

7,297‌

374‌

TFS

Financial 

2,540‌

32‌

Webster

Financial 

8,584‌

474‌

Western

Alliance

Bancorp 

5,446‌

455‌

Wintrust

Financial 

3,293‌

411‌

Zions

Bancorp 

7,341‌

398‌

9,701‌

Capital

Markets

 6.0%

Affiliated

Managers

Group 

1,489‌

275‌

Ares

Management,

Class

A 

9,351‌

1,655‌

Blue

Owl

Capital 

26,180‌

609‌

Carlyle

Group 

11,013‌

556‌

Coinbase

Global,

Class

A (1)

10,235‌

2,541‌

Evercore,

Class

A 

1,819‌

504‌

Houlihan

Lokey 

2,637‌

458‌

Interactive

Brokers

Group,

Class

A 

5,339‌

943‌

Janus

Henderson

Group 

6,465‌

275‌

Jefferies

Financial

Group 

8,801‌

690‌

Lazard 

5,490‌

283‌

LPL

Financial

Holdings 

3,763‌

1,229‌

Morningstar 

1,342‌

452‌

Robinhood

Markets,

Class

A (1)

33,970‌

1,266‌

SEI

Investments 

5,071‌

418‌

Stifel

Financial 

4,993‌

530‌

TPG 

4,214‌

265‌

Tradeweb

Markets,

Class

A 

5,850‌

766‌

Virtu

Financial,

Class

A 

4,074‌

145‌

XP,

Class

A 

20,465‌

243‌

14,103‌

Consumer

Finance

 0.9%

Ally

Financial 

13,807‌

497‌

Credit

Acceptance (1)(3)

311‌

146‌

OneMain

Holdings 

5,661‌

295‌

SLM 

10,661‌

294‌

SoFi

Technologies (1)

53,279‌

821‌

2,053‌

Financial

Services

 3.0%

Affirm

Holdings (1)

13,063‌

795‌

Block (1)

28,062‌

2,385‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

11

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Corebridge

Financial 

14,870‌

445‌

Equitable

Holdings 

16,000‌

755‌

Euronet

Worldwide (1)

2,145‌

221‌

MGIC

Investment 

12,903‌

306‌

Rocket,

Class

A (1)(3)

7,121‌

80‌

Shift4

Payments,

Class

A (1)

3,115‌

323‌

Toast,

Class

A (1)

22,907‌

835‌

UWM

Holdings (3)

4,551‌

27‌

Voya

Financial 

4,943‌

340‌

Western

Union 

16,939‌

180‌

WEX (1)

2,014‌

353‌

7,045‌

Insurance

 3.6%

American

Financial

Group 

3,611‌

494‌

Assured

Guaranty 

2,527‌

228‌

Axis

Capital

Holdings 

3,898‌

345‌

Brighthouse

Financial (1)

3,006‌

144‌

CNA

Financial 

1,143‌

55‌

Fidelity

National

Financial 

13,082‌

734‌

First

American

Financial 

5,012‌

313‌

Hanover

Insurance

Group 

1,791‌

277‌

Kemper 

3,038‌

202‌

Kinsale

Capital

Group 

1,110‌

516‌

Lincoln

National 

8,533‌

271‌

Markel

Group (1)

640‌

1,105‌

Old

Republic

International 

11,888‌

430‌

Primerica 

1,699‌

461‌

Reinsurance

Group

of

America 

3,311‌

707‌

RenaissanceRe

Holdings 

2,587‌

644‌

RLI 

2,104‌

347‌

Ryan

Specialty

Holdings 

5,186‌

333‌

Unum

Group 

9,155‌

669‌

White

Mountains

Insurance

Group 

125‌

243‌

8,518‌

Mortgage

Real

Estate

Investment

Trusts

 0.6%

AGNC

Investment,

REIT (3)

41,317‌

381‌

Annaly

Capital

Management,

REIT 

28,195‌

516‌

Rithm

Capital,

REIT 

26,009‌

282‌

Starwood

Property

Trust,

REIT (3)

15,694‌

297‌

1,476‌

Total

Financials

42,896‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

12

Shares

$

Value

(Cost

and

value

in

$000s)

‡

HEALTH

CARE

 8.2%

Biotechnology

 3.1%

Alnylam

Pharmaceuticals (1)

6,511‌

1,532‌

Apellis

Pharmaceuticals (1)(3)

5,232‌

167‌

BioMarin

Pharmaceutical (1)

9,554‌

628‌

Exact

Sciences (1)

9,177‌

516‌

Exelixis (1)

14,156‌

471‌

GRAIL (1)(3)

1,437‌

26‌

Ionis

Pharmaceuticals (1)

7,848‌

274‌

Natera (1)

5,793‌

917‌

Neurocrine

Biosciences (1)

5,029‌

686‌

Roivant

Sciences (1)

21,338‌

252‌

Sarepta

Therapeutics (1)

4,555‌

554‌

Ultragenyx

Pharmaceutical (1)

4,504‌

189‌

United

Therapeutics (1)

2,201‌

777‌

Viking

Therapeutics (1)(3)

5,331‌

215‌

7,204‌

Health

Care

Equipment

&

Supplies

 0.9%

DENTSPLY

SIRONA 

10,137‌

192‌

Enovis (1)

2,774‌

122‌

Envista

Holdings (1)

8,609‌

166‌

Globus

Medical,

Class

A (1)

5,632‌

466‌

Inspire

Medical

Systems (1)

1,469‌

272‌

Masimo (1)

2,182‌

361‌

Penumbra (1)

1,854‌

440‌

QuidelOrtho (1)

3,115‌

139‌

2,158‌

Health

Care

Providers

&

Services

 0.8%

Acadia

Healthcare (1)

4,558‌

181‌

Amedisys (1)

1,605‌

146‌

Chemed 

754‌

399‌

Encompass

Health 

4,978‌

460‌

Premier,

Class

A 

5,085‌

108‌

Tenet

Healthcare (1)

4,811‌

607‌

1,901‌

Health

Care

Technology

 0.8%

Certara (1)

6,221‌

66‌

Doximity,

Class

A (1)

6,218‌

332‌

Veeva

Systems,

Class

A (1)

7,454‌

1,567‌

1,965‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

13

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Life

Sciences

Tools

&

Services

 1.8%

10X

Genomics,

Class

A (1)

5,280‌

76‌

Avantor (1)

34,195‌

720‌

Azenta (1)

2,411‌

121‌

Bio-Rad

Laboratories,

Class

A (1)

956‌

314‌

Bruker 

5,477‌

321‌

Fortrea

Holdings (1)

4,596‌

86‌

Illumina (1)

8,057‌

1,077‌

Medpace

Holdings (1)

1,278‌

425‌

QIAGEN 

11,239‌

500‌

Repligen (1)

2,828‌

407‌

Sotera

Health (1)

7,711‌

105‌

4,152‌

Pharmaceuticals

 0.8%

Elanco

Animal

Health (1)

24,694‌

299‌

Intra-Cellular

Therapies (1)

5,178‌

432‌

Jazz

Pharmaceuticals (1)

3,043‌

375‌

Organon 

12,904‌

192‌

Perrigo 

6,789‌

175‌

Royalty

Pharma,

Class

A 

19,686‌

502‌

1,975‌

Total

Health

Care

19,355‌

INDUSTRIALS

&

BUSINESS

SERVICES

 16.9%

Aerospace

&

Defense

 1.6%

BWX

Technologies 

4,586‌

511‌

Curtiss-Wright 

1,932‌

686‌

HEICO 

2,218‌

527‌

HEICO,

Class

A 

4,095‌

762‌

Hexcel 

4,082‌

256‌

Loar

Holdings (1)

1,510‌

111‌

Spirit

AeroSystems

Holdings,

Class

A (1)(3)

5,809‌

198‌

Standardaero (1)

3,467‌

86‌

Woodward 

2,968‌

494‌

3,631‌

Air

Freight

&

Logistics

 0.1%

GXO

Logistics (1)

5,888‌

256‌

256‌

Building

Products

 1.8%

AAON 

3,422‌

403‌

Advanced

Drainage

Systems 

3,559‌

411‌

Armstrong

World

Industries 

2,180‌

308‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

14

Shares

$

Value

(Cost

and

value

in

$000s)

‡

AZEK (1)

7,295‌

346‌

Carlisle 

2,274‌

839‌

Fortune

Brands

Innovations 

6,249‌

427‌

Hayward

Holdings (1)

7,286‌

111‌

Owens

Corning 

4,348‌

741‌

Simpson

Manufacturing 

2,153‌

357‌

Trex (1)

5,374‌

371‌

4,314‌

Commercial

Services

&

Supplies

 1.0%

Clean

Harbors (1)

2,562‌

590‌

MSA

Safety 

1,856‌

308‌

RB

Global 

9,227‌

832‌

Tetra

Tech 

13,403‌

534‌

Vestis 

6,725‌

102‌

2,366‌

Construction

&

Engineering

 1.8%

AECOM 

6,744‌

720‌

API

Group (1)

11,544‌

415‌

Comfort

Systems

USA 

1,771‌

751‌

EMCOR

Group 

2,302‌

1,045‌

Everus

Construction

Group (1)

2,579‌

170‌

MasTec (1)

3,151‌

429‌

Valmont

Industries 

998‌

306‌

WillScot

Holdings (1)

9,059‌

303‌

4,139‌

Electrical

Equipment

 1.6%

Acuity

Brands 

1,562‌

456‌

nVent

Electric 

8,309‌

566‌

Regal

Rexnord 

3,338‌

518‌

Sensata

Technologies

Holding 

7,495‌

206‌

Vertiv

Holdings,

Class

A 

18,087‌

2,055‌

3,801‌

Ground

Transportation

 1.3%

Avis

Budget

Group (1)(3)

888‌

72‌

Knight-Swift

Transportation

Holdings 

7,871‌

417‌

Landstar

System 

1,762‌

303‌

Lyft,

Class

A (1)

18,431‌

238‌

Ryder

System 

2,100‌

329‌

Saia (1)

1,332‌

607‌

Schneider

National,

Class

B 

2,395‌

70‌

U-Haul

Holding (1)(3)

414‌

29‌

U-Haul

Holding,

Non-Voting 

5,030‌

322‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

15

Shares

$

Value

(Cost

and

value

in

$000s)

‡

XPO (1)

5,761‌

755‌

3,142‌

Machinery

 2.8%

AGCO 

3,122‌

292‌

Allison

Transmission

Holdings 

4,347‌

470‌

CNH

Industrial 

43,913‌

498‌

Crane 

2,484‌

377‌

Donaldson 

6,095‌

411‌

Esab 

2,837‌

340‌

Flowserve 

6,669‌

384‌

Gates

Industrial (1)

11,870‌

244‌

Graco 

8,433‌

711‌

ITT 

4,156‌

594‌

Lincoln

Electric

Holdings 

2,776‌

520‌

Middleby (1)

2,704‌

366‌

Oshkosh 

3,271‌

311‌

RBC

Bearings (1)

1,442‌

431‌

Timken 

3,241‌

231‌

Toro 

5,184‌

415‌

6,595‌

Marine

Transportation

 0.1%

Kirby (1)

2,909‌

308‌

308‌

Passenger

Airlines

 0.4%

Alaska

Air

Group (1)

6,369‌

413‌

American

Airlines

Group (1)

33,121‌

577‌

990‌

Professional

Services

 2.6%

Amentum

Holdings (1)

6,512‌

137‌

Booz

Allen

Hamilton

Holding 

6,351‌

817‌

CACI

International,

Class

A (1)

1,120‌

453‌

Clarivate (1)

20,891‌

106‌

Concentrix 

2,408‌

104‌

Dun

&

Bradstreet

Holdings (3)

15,171‌

189‌

FTI

Consulting (1)

1,788‌

342‌

Genpact 

8,815‌

379‌

KBR 

6,758‌

392‌

ManpowerGroup 

2,361‌

136‌

Parsons (1)

2,294‌

212‌

Paycor

HCM (1)

4,103‌

76‌

Paylocity

Holding (1)

2,182‌

435‌

Robert

Half 

5,139‌

362‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

16

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Science

Applications

International 

2,482‌

277‌

SS&C

Technologies

Holdings 

10,830‌

821‌

TransUnion 

9,818‌

910‌

6,148‌

Trading

Companies

&

Distributors

 1.8%

Air

Lease 

5,232‌

252‌

Core

&

Main,

Class

A (1)

9,651‌

491‌

Ferguson

Enterprises 

10,224‌

1,775‌

MSC

Industrial

Direct,

Class

A 

2,298‌

172‌

SiteOne

Landscape

Supply (1)

2,236‌

295‌

Watsco 

1,741‌

825‌

WESCO

International 

2,125‌

384‌

4,194‌

Total

Industrials

&

Business

Services

39,884‌

INFORMATION

TECHNOLOGY

 19.9%

Communications

Equipment

 0.4%

Ciena (1)

7,282‌

618‌

Lumentum

Holdings (1)

3,408‌

286‌

Ubiquiti 

208‌

69‌

973‌

Electronic

Equipment,

Instruments

&

Components

 1.2%

Arrow

Electronics (1)

2,632‌

298‌

Avnet 

4,365‌

228‌

Cognex 

8,622‌

309‌

Coherent (1)

6,289‌

596‌

Crane

NXT 

2,455‌

143‌

Ingram

Micro

Holding (1)

888‌

17‌

IPG

Photonics (1)

1,349‌

98‌

Littelfuse 

1,224‌

289‌

TD

SYNNEX 

3,823‌

448‌

Vontier 

7,586‌

277‌

2,703‌

IT

Services

 3.4%

Amdocs 

5,663‌

482‌

Cloudflare,

Class

A (1)

15,156‌

1,632‌

DXC

Technology (1)

8,972‌

179‌

Globant (1)

2,116‌

454‌

Kyndryl

Holdings (1)

11,542‌

399‌

MongoDB (1)

3,620‌

843‌

Okta (1)

8,162‌

643‌

Snowflake,

Class

A (1)

15,971‌

2,466‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

17

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Twilio,

Class

A (1)

7,703‌

833‌

7,931‌

Semiconductors

&

Semiconductor

Equipment

 3.9%

Allegro

MicroSystems (1)

6,153‌

134‌

Amkor

Technology 

5,648‌

145‌

Astera

Labs (1)

5,451‌

722‌

Cirrus

Logic (1)

2,697‌

269‌

Entegris 

7,590‌

752‌

GLOBALFOUNDRIES (1)(3)

4,933‌

212‌

Lattice

Semiconductor (1)

6,914‌

392‌

MACOM

Technology

Solutions

Holdings (1)

2,833‌

368‌

Marvell

Technology 

43,273‌

4,779‌

MKS

Instruments 

3,396‌

355‌

Onto

Innovation (1)

2,463‌

410‌

Qorvo (1)

4,810‌

336‌

Universal

Display 

2,370‌

346‌

Wolfspeed (1)(3)

6,259‌

42‌

9,262‌

Software

 10.6%

Appfolio,

Class

A (1)

1,137‌

281‌

AppLovin,

Class

A (1)

13,243‌

4,289‌

Aspen

Technology (1)

1,364‌

341‌

Atlassian,

Class

A (1)

8,044‌

1,958‌

Bentley

Systems,

Class

B 

7,123‌

333‌

BILL

Holdings (1)

5,091‌

431‌

CCC

Intelligent

Solutions

Holdings (1)

22,680‌

266‌

Confluent,

Class

A (1)

12,580‌

352‌

Datadog,

Class

A (1)

15,102‌

2,158‌

DocuSign (1)

10,279‌

925‌

Dolby

Laboratories,

Class

A 

2,932‌

229‌

DoubleVerify

Holdings (1)

7,260‌

139‌

Dropbox,

Class

A (1)

12,021‌

361‌

Dynatrace (1)

14,861‌

808‌

Elastic (1)

4,380‌

434‌

Five9 (1)

3,721‌

151‌

Gitlab,

Class

A (1)

6,201‌

349‌

Guidewire

Software (1)

4,127‌

696‌

HashiCorp,

Class

A (1)

7,285‌

249‌

HubSpot (1)

2,470‌

1,721‌

Informatica,

Class

A (1)

4,128‌

107‌

Manhattan

Associates (1)

3,084‌

833‌

MicroStrategy,

Class

A (1)

8,316‌

2,408‌

nCino (1)

4,183‌

140‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

18

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Nutanix,

Class

A (1)

12,613‌

772‌

Pegasystems 

2,236‌

208‌

Procore

Technologies (1)

5,430‌

407‌

RingCentral,

Class

A (1)

4,121‌

144‌

SentinelOne,

Class

A (1)

13,994‌

311‌

Smartsheet,

Class

A (1)

6,882‌

386‌

Teradata (1)

4,855‌

151‌

UiPath,

Class

A (1)

21,743‌

276‌

Unity

Software (1)

15,351‌

345‌

Zoom

Communications (1)

13,335‌

1,088‌

Zscaler (1)

4,710‌

850‌

24,897‌

Technology

Hardware,

Storage

&

Peripherals

 0.4%

Pure

Storage,

Class

A (1)

15,527‌

954‌

954‌

Total

Information

Technology

46,720‌

MATERIALS

 5.2%

Chemicals

 1.1%

Ashland 

2,449‌

175‌

Axalta

Coating

Systems (1)

11,056‌

378‌

Chemours 

7,469‌

126‌

Element

Solutions 

11,226‌

286‌

Huntsman 

8,196‌

148‌

NewMarket 

338‌

179‌

Olin 

5,882‌

199‌

RPM

International 

6,406‌

788‌

Scotts

Miracle-Gro 

2,130‌

141‌

Westlake 

1,681‌

193‌

2,613‌

Construction

Materials

 1.6%

CRH 

34,703‌

3,210‌

Eagle

Materials 

1,689‌

417‌

3,627‌

Containers

&

Packaging

 1.1%

AptarGroup 

3,321‌

522‌

Berry

Global

Group 

5,817‌

376‌

Crown

Holdings 

5,882‌

486‌

Graphic

Packaging

Holding 

15,076‌

410‌

Sealed

Air 

7,296‌

247‌

Silgan

Holdings 

4,157‌

216‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

19

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Sonoco

Products 

4,912‌

240‌

2,497‌

Metals

&

Mining

 1.3%

Alcoa 

12,456‌

471‌

ATI (1)

6,254‌

344‌

Cleveland-Cliffs (1)

24,171‌

227‌

MP

Materials (1)(3)

6,697‌

104‌

Reliance 

2,712‌

730‌

Royal

Gold 

3,303‌

436‌

Southern

Copper 

4,427‌

403‌

United

States

Steel 

11,320‌

385‌

3,100‌

Paper

&

Forest

Products

 0.1%

Louisiana-Pacific 

3,182‌

329‌

329‌

Total

Materials

12,166‌

REAL

ESTATE

 4.9%

Diversified

Real

Estate

Investment

Trusts

 0.3%

WP

Carey,

REIT 

10,963‌

597‌

597‌

Health

Care

Real

Estate

Investment

Trusts

 0.4%

Healthcare

Realty

Trust,

REIT 

17,712‌

300‌

Medical

Properties

Trust,

REIT 

30,320‌

120‌

Omega

Healthcare

Investors,

REIT 

13,566‌

513‌

933‌

Hotel

&

Resort

Real

Estate

Investment

Trusts

 0.1%

Park

Hotels

&

Resorts,

REIT 

10,356‌

146‌

146‌

Industrial

Real

Estate

Investment

Trusts

 0.8%

Americold

Realty

Trust,

REIT 

14,253‌

305‌

EastGroup

Properties,

REIT 

2,494‌

400‌

First

Industrial

Realty

Trust,

REIT 

6,694‌

336‌

Lineage,

REIT 

3,087‌

181‌

Rexford

Industrial

Realty,

REIT 

11,074‌

428‌

STAG

Industrial,

REIT 

9,076‌

307‌

1,957‌

Office

Real

Estate

Investment

Trusts

 0.4%

Cousins

Properties,

REIT 

8,073‌

248‌

Highwoods

Properties,

REIT 

5,232‌

160‌

Kilroy

Realty,

REIT 

5,862‌

237‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

20

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Vornado

Realty

Trust,

REIT 

8,901‌

374‌

1,019‌

Real

Estate

Management

&

Development

 0.6%

Howard

Hughes

Holdings (1)

1,581‌

122‌

Jones

Lang

LaSalle (1)

2,377‌

602‌

Seaport

Entertainment

Group (1)(3)

400‌

11‌

Zillow

Group,

Class

A (1)

2,348‌

166‌

Zillow

Group,

Class

C (1)

7,819‌

579‌

1,480‌

Residential

Real

Estate

Investment

Trusts

 0.9%

American

Homes

4

Rent,

Class

A,

REIT 

17,082‌

639‌

Equity

LifeStyle

Properties,

REIT 

9,550‌

636‌

Sun

Communities,

REIT 

6,216‌

765‌

2,040‌

Retail

Real

Estate

Investment

Trusts

 0.5%

Agree

Realty,

REIT (3)

5,428‌

382‌

Brixmor

Property

Group,

REIT 

15,209‌

424‌

NNN

REIT,

REIT 

9,473‌

387‌

1,193‌

Specialized

Real

Estate

Investment

Trusts

 0.9%

CubeSmart,

REIT 

11,255‌

482‌

EPR

Properties,

REIT 

3,743‌

166‌

Gaming

&

Leisure

Properties,

REIT 

13,177‌

635‌

Lamar

Advertising,

Class

A,

REIT 

4,381‌

533‌

National

Storage

Affiliates

Trust,

REIT 

3,506‌

133‌

Rayonier,

REIT 

7,732‌

202‌

2,151‌

Total

Real

Estate

11,516‌

UTILITIES

 1.0%

Electric

Utilities

 0.3%

IDACORP 

2,665‌

291‌

OGE

Energy 

10,145‌

419‌

710‌

Gas

Utilities

 0.3%

MDU

Resources 

10,187‌

184‌

National

Fuel

Gas 

4,569‌

277‌

UGI 

10,782‌

304‌

765‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

21

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Independent

Power

&

Renewable

Electricity

Producers

 0.2%

Brookfield

Renewable (3)

6,778‌

188‌

Clearway

Energy,

Class

A 

1,818‌

44‌

Clearway

Energy,

Class

C 

4,190‌

109‌

341‌

Water

Utilities

 0.2%

Essential

Utilities 

12,666‌

460‌

460‌

Total

Utilities

2,276‌

Total

Common

Stocks

(Cost

$198,669)

234,183‌

EQUITY

MUTUAL

FUNDS

 0.2%

SPDR

S&P

MidCap

400

ETF

Trust (3)

923‌

526‌

Total

Equity

Mutual

Funds

(Cost

$528)

526‌

SHORT-TERM

INVESTMENTS

 0.3%

Money

Market

Funds

 0.3%

T.

Rowe

Price

Government

Reserve

Fund,

4.53% (4)(5)

683,217‌

683‌

Total

Short-Term

Investments

(Cost

$683)

683‌

SECURITIES

LENDING

COLLATERAL

 1.6%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY 1.6%

Money

Market

Funds 1.6%

T.

Rowe

Price

Government

Reserve

Fund,

4.53% (4)(5)

3,831,216‌

3,831‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

3,831‌

Total

Securities

Lending

Collateral

(Cost

$3,831)

3,831‌

Total

Investments

in

Securities

101.8%

of

Net

Assets

(Cost

$203,711)

$

239,223‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

22

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(3)

See

Note

3.

All

or

a

portion

of

this

security

is

on

loan

at

December

31,

2024.

(4)

Seven-day

yield

(5)

Affiliated

Companies

EC

Escrow

CUSIP;

represents

a

beneficial

interest

in

a

residual

pool

of

assets;

the

amount

and

timing

of

future

distributions,

if

any,

is

uncertain;

when

presented,

interest

rate

and

maturity

date

are

those

of

the

original

security.

ETF

Exchange-Traded

Fund

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

T.

ROWE

PRICE

Mid-Cap

Index

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

Government

Reserve

Fund,

4.53%

$

—‌

$

—‌

$

17‌++

Totals

$

—‌#

$

—‌

$

17‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

12/31/24

T.

Rowe

Price

Government

Reserve

Fund,

4.53%

$

4,984‌

 ¤

 ¤

$

4,514‌

Total

$

4,514‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

3.

+

Investment

income

comprised

$17

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$4,514.

T.

ROWE

PRICE

Mid-Cap

Index

Fund

December

31,

2024

Statement

of

Assets

and

Liabilities

24

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$203,711)

$

239,223‌

Receivable

for

shares

sold

306‌

Dividends

receivable

176‌

Due

from

affiliates

16‌

Other

assets

12‌

Total

assets

239,733‌

Liabilities

Obligation

to

return

securities

lending

collateral

3,831‌

Payable

for

investment

securities

purchased

804‌

Payable

for

shares

redeemed

76‌

Investment

management

fees

payable

19‌

Other

liabilities

62‌

Total

liabilities

4,792‌

Commitments

and

Contingent

Liabilities

(note

6

)

NET

ASSETS

$

234,941‌

T.

ROWE

PRICE

Mid-Cap

Index

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)

$

33,261‌

Paid-in

capital

applicable

to

11,264,211

shares

of

$0.0001

par

value

capital

stock

outstanding;

2,000,000,000

shares

of

the

Corporation

authorized

201,680‌

NET

ASSETS

$

234,941‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$103;

Shares

outstanding:

4,922)

$

20.84‌

I

Class

(Net

assets:

$138,433;

Shares

outstanding:

6,638,791)

$

20.85‌

Z

Class

(Net

assets:

$96,405;

Shares

outstanding:

4,620,498)

$

20.86‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

Statement

of

Operations

26

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

12/31/24

Investment

Income

(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$4)

$

2,093‌

Securities

lending

60‌

Other

2‌

Total

income

2,155‌

Expenses

Investment

management

171‌

Shareholder

servicing

I

Class

52‌

Prospectus

and

shareholder

reports

I

Class

$

5‌

Z

Class

3‌

8‌

Custody

and

accounting

257‌

Legal

and

audit

34‌

Directors

1‌

Miscellaneous

15‌

Waived

/

paid

by

Price

Associates

(361‌)

Total

expenses

177‌

Net

investment

income

1,978‌

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

on

securities

5,868‌

Change

in

net

unrealized

gain

/

loss

on

securities

27,587‌

Net

realized

and

unrealized

gain

/

loss

33,455‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

35,433‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

Statement

of

Changes

in

Net

Assets

27

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/24

12/31/23

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

1,978‌

$

1,383‌

Net

realized

gain

(loss)

5,868‌

(566‌)

Change

in

net

unrealized

gain

/

loss

27,587‌

31,433‌

Increase

in

net

assets

from

operations

35,433‌

32,250‌

Distributions

to

shareholders

Net

earnings

Investor

Class

(1‌)

(2‌)

I

Class

(2,680‌)

(964‌)

Z

Class

(1,967‌)

(357‌)

Decrease

in

net

assets

from

distributions

(4,648‌)

(1,323‌)

Capital

share

transactions

*

Shares

sold

I

Class

15,317‌

14,270‌

Z

Class

59,186‌

23,014‌

Distributions

reinvested

I

Class

2,680‌

964‌

Z

Class

1,967‌

357‌

Shares

redeemed

Investor

Class

(148‌)

–‌

I

Class

(14,614‌)

(5,357‌)

Z

Class

(12,419‌)

(3,814‌)

Increase

in

net

assets

from

capital

share

transactions

51,969‌

29,434‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

Statement

of

Changes

in

Net

Assets

28

($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

82,754‌

60,361‌

Beginning

of

period

152,187‌

91,826‌

End

of

period

$

234,941‌

$

152,187‌

*Share

information

(000s)

Shares

sold

I

Class

790‌

939‌

Z

Class

3,033‌

1,493‌

Distributions

reinvested

I

Class

121‌

56‌

Z

Class

89‌

21‌

Shares

redeemed

Investor

Class

(7‌)

–‌

I

Class

(759‌)

(345‌)

Z

Class

(599‌)

(246‌)

Increase

in

shares

outstanding

2,668‌

1,918‌

T.

ROWE

PRICE

Mid-Cap

Index

Fund

NOTES

TO

FINANCIAL

STATEMENTS

29

T.

Rowe

Price

Index

Trust,

Inc. (the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Mid-Cap

Index

Fund

(the

fund)

is

an

open-end

management

investment

company

established

by

the

corporation

and

intends

to

be

diversified

in

approximately

the

same

proportion

as

the

index

it

tracks

is

diversified.

The

fund

may

become

nondiversified

for

periods

of

time

solely

as

a

result

of

changes

in

the

composition

of

the

index

(for

example,

changes

in

the

relative

market

capitalization

or

index

weighting

of

one

or

more

securities

represented

in

the

index). The

fund

seeks to

track

the

performance

of

a

benchmark

index

that

measures

the

investment

return

of

mid-

capitalization

U.S.

stocks. The

fund

is

available

for

investment

only

by

mutual

funds,

college

savings

plans,

and

other

institutional

client

accounts

managed

by

T.

Rowe

Price

Associates,

Inc.,

or

its

affiliates

and

is

not

available

for

direct

purchase

by

members

of

the

public.

The

fund

has three classes

of

shares:

the

Mid-Cap

Index

Fund

(Investor

Class),

the

Mid-Cap

Index

Fund–I

Class

(I

Class)

and

the

Mid-Cap

Index

Fund–Z

Class

(Z

Class).

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Z

Class

is

only

available

to

funds

advised

by

T.

Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

to

a

contractual

fee

for

investment

management

services. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

T.

ROWE

PRICE

Mid-Cap

Index

Fund

30

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. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

as

dividend income;

capital

gain

distributions

are

reflected

as

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. Distributions

from

REITs

are

initially

recorded

as

dividend

income

and,

to

the

extent

such

represent

a

return

of

capital

or

capital

gain

for

tax

purposes,

are

reclassified

when

such

information

becomes

available. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any,

are

declared

and

paid

by

each

class annually. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Class

Accounting

 Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes,

investment

income,

and

realized

and

unrealized

gains

and

losses

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

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.

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

T.

ROWE

PRICE

Mid-Cap

Index

Fund

31

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

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)

T.

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Mid-Cap

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32

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.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

T.

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PRICE

Mid-Cap

Index

Fund

33

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

December

31,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

NOTE

3

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective, the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

more

fully

in the

fund’s prospectus

and

Statement

of

Additional

Information.

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

234,183‌

$

—‌

$

—‌

$

234,183‌

Equity

Mutual

Funds

526‌

—‌

—‌

526‌

Short-Term

Investments

683‌

—‌

—‌

683‌

Securities

Lending

Collateral

3,831‌

—‌

—‌

3,831‌

Total

$

239,223‌

$

—‌

$

—‌

$

239,223‌

T.

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Mid-Cap

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Fund

34

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

December

31,

2024,

the

value

of

loaned

securities

was

$3,741,000;

the

value

of

cash

collateral

and

related

investments

was

$3,831,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term securities

aggregated $109,792,000 and

$60,241,000,

respectively,

for

the

year ended

December

31,

2024. 

NOTE

4

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The

fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required.

The

fund’s

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

T.

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PRICE

Mid-Cap

Index

Fund

35

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.

($000s)

December

31,

2024

December

31,

2023

Ordinary

income

(including

short-term

capital

gains,

if

any)

$

3,483‌

$

1,323‌

Long-term

capital

gain

1,165‌

—‌

Total

distributions

$

4,648‌

$

1,323‌

($000s)

Cost

of

investments

$

210,134‌

Unrealized

appreciation

$

51,631‌

Unrealized

depreciation

(22,542‌)

Net

unrealized

appreciation

(depreciation)

$

29,089‌

($000s)

Undistributed

ordinary

income

$

738‌

Undistributed

long-term

capital

gain

3,434‌

Net

unrealized

appreciation

(depreciation)

29,089‌

Total

distributable

earnings

(loss)

$

33,261‌

T.

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PRICE

Mid-Cap

Index

Fund

36

NOTE

5

-

FOREIGN TAXES

The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/

loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

NOTE

6

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group). The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee

equal

to 0.09%

of

the

fund’s

average

daily

net

assets.

The

fee

is

computed

daily

and

paid

monthly.

The Investor

Class is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

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

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

T.

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PRICE

Mid-Cap

Index

Fund

37

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 $678,000 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

Mid-Cap

Index

Fund

38

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

a

wholly

owned

subsidiary

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

For

the

year

ended

December

31,

2024,

expenses

incurred

pursuant

to

these

service

agreements

were

$116,000

for

Price

Associates

and

less

than

$1,000

for

T.

Rowe

Price

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T.

Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

Additionally,

the

fund

is

one

of

several

mutual

funds

in

which

certain

college

savings

plans

managed

by

Price

Associates invests.

As

approved

by

the

fund’s

Board

of

Directors,

shareholder

servicing

costs

associated

with

each

college

savings

plan

are

borne

by

the

fund

in

proportion

to

the

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Price

has

agreed

to waive/reimburse

shareholder

servicing

costs in

excess

of

0.05%

of

the

fund’s

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Any

amounts

waived/

paid

by

Price

under

this

voluntary

agreement

are

not

subject

to

repayment

by

the

fund.

Price

may

amend

or

terminate

this

voluntary

arrangement

at

any

time

without

prior

notice.

For

the

year ended

December

31,

2024,

the

fund

was

charged $52,000 for

shareholder

servicing

costs

related

to

the

college

savings

plans, of

which

$9,000

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

0.27%

0.05%

0.00%

Expense

limitation

date

04/30/26

04/30/26

N/A

(Waived)/repaid

during

the

period

($000s)

$—

(1)

$(197)

$(164)

(1)

Amount

rounds

to

less

than

$1,000

T.

ROWE

PRICE

Mid-Cap

Index

Fund

39

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities. At

December

31,

2024,

approximately

94%

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.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

As

of

December

31,

2024,

T.

Rowe

Price

Group,

Inc.,

or

its

wholly

owned

subsidiaries,

owned

4,922

shares

of

the

Investor

Class,

representing

100%

of

the

Investor

Class's

net

assets. 

The fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

year

ended

December

31,

2024,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

NOTE

7

-

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

T.

ROWE

PRICE

Mid-Cap

Index

Fund

40

Prospectus

and

is

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

of

the

fund

on

the

whole.

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

8

-

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

Mid-Cap

Index

Fund

41

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

Mid-Cap

Index

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T.

Rowe

Price

Mid-Cap

Index

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

Mid-Cap

Index

Fund

42

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

20,

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

Mid-Cap

Index

Fund

43

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:

$1,165,000

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,

$1,562,000

of

the

fund's

income

represents

qualified

dividend

income

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

corporate

shareholders,

$1,423,000

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,

$297,000

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.

F32-050

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 20, 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 20, 2025

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	February 20, 2025