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

Small-Cap Index Fund

Investor Class (TRSYX)

This annual shareholder report contains important information about Small-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
Small-Cap Index Fund - Investor Class	$31	0.29%

What drove fund performance during the past 12 months?

• Small-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.

• Information technology names produced robust results during the period as the sector benefited from strong investor interest in companies expected to benefit from artificial intelligence developments. Hardware and software companies performed very well during the year, as Super Micro Computer and MicroStrategy were two of the top-performing companies in the portfolio. Industrials and business services also contributed to returns, as construction and engineering companies performed particularly well.

• Energy was the only sector that detracted from absolute returns during the reporting period, albeit very modestly. Energy equipment and services names hurt the most, with Noble performing worst.

• 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 Russell 2000 Index. By replicating the structure of the 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	9,925	9,989	9,927
3/31/16	9,765	10,085	9,777
6/30/16	10,135	10,351	10,147
9/30/16	11,047	10,806	11,065
12/31/16	12,015	11,261	12,043
3/31/17	12,312	11,907	12,340
6/30/17	12,600	12,267	12,644
9/30/17	13,319	12,827	13,361
12/31/17	13,758	13,640	13,807
3/31/18	13,736	13,552	13,795
6/30/18	14,794	14,079	14,865
9/30/18	15,312	15,082	15,396
12/31/18	12,209	12,925	12,286
3/31/19	13,983	14,740	14,078
6/30/19	14,270	15,344	14,373
9/30/19	13,923	15,522	14,028
12/31/19	15,299	16,934	15,422
3/31/20	10,609	13,395	10,701
6/30/20	13,305	16,346	13,421
9/30/20	13,957	17,851	14,083
12/31/20	18,341	20,472	18,501
3/31/21	20,633	21,771	20,850
6/30/21	21,501	23,565	21,745
9/30/21	20,556	23,541	20,797
12/31/21	20,967	25,725	21,242
3/31/22	19,401	24,367	19,643
6/30/22	16,044	20,298	16,266
9/30/22	15,689	19,391	15,910
12/31/22	16,652	20,784	16,901
3/31/23	17,106	22,276	17,364
6/30/23	17,986	24,145	18,268
9/30/23	17,052	23,359	17,331
12/31/23	19,442	26,179	19,762
3/31/24	20,428	28,802	20,786
6/30/24	19,753	29,728	20,105
9/30/24	21,575	31,580	21,969
12/31/24	21,627	32,411	22,042

202501-4140694, 202502-4108875

F33-052 2/25

Average Annual Total Returns

	1 Year	5 Years	Since Inception 12/9/15
Small-Cap Index Fund (Investor Class)	11.24%	7.17%	8.89%
Russell 3000 Index (Regulatory Benchmark)	23.81	13.86	13.86
Russell 2000 Index (Strategy Benchmark)	11.54	7.40	9.12

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)$206,379
• Number of Portfolio Holdings1,983

• Investment Advisory Fees Paid (000s)$(189)
• Portfolio Turnover Rate24.7%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Financials	18.4%
Industrials & Business Services	17.6
Health Care	16.4
Information Technology	13.8
Consumer Discretionary	9.7
Real Estate	6.0
Energy	5.1
Materials	4.2
Consumer Staples	2.9
Other	5.9

Top Ten Holdings (as a % of Net Assets)

FTAI Aviation	0.5%
Sprouts Farmers Market	0.5
Insmed	0.4
Vaxcyte	0.4
Credo Technology Group Holding	0.4
Applied Industrial Technologies	0.3
Mueller Industries	0.3
Rocket Lab USA	0.3
Fluor	0.3
IonQ	0.3

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.

Small-Cap Index Fund 

Investor Class (TRSYX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

December 31, 2024

Small-Cap Index Fund

I Class (TRCSX)

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

What drove fund performance during the past 12 months?

• Small-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.

• Information technology names produced robust results during the period as the sector benefited from strong investor interest in companies expected to benefit from artificial intelligence developments. Hardware and software companies performed very well during the year, as Super Micro Computer and MicroStrategy were two of the top-performing companies in the portfolio. Industrials and business services also contributed to returns, as construction and engineering companies performed particularly well.

• Energy was the only sector that detracted from absolute returns during the reporting period, albeit very modestly. Energy equipment and services names hurt the most, with Noble performing worst.

• 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 Russell 2000 Index. By replicating the structure of the 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	9,925	9,989	9,927
3/31/16	9,775	10,085	9,777
6/30/16	10,145	10,351	10,147
9/30/16	11,057	10,806	11,065
12/31/16	12,035	11,261	12,043
3/31/17	12,333	11,907	12,340
6/30/17	12,631	12,267	12,644
9/30/17	13,350	12,827	13,361
12/31/17	13,789	13,640	13,807
3/31/18	13,778	13,552	13,795
6/30/18	14,850	14,079	14,865
9/30/18	15,380	15,082	15,396
12/31/18	12,258	12,925	12,286
3/31/19	14,050	14,740	14,078
6/30/19	14,339	15,344	14,373
9/30/19	14,002	15,522	14,028
12/31/19	15,396	16,934	15,422
3/31/20	10,675	13,395	10,701
6/30/20	13,394	16,346	13,421
9/30/20	14,061	17,851	14,083
12/31/20	18,474	20,472	18,501
3/31/21	20,801	21,771	20,850
6/30/21	21,685	23,565	21,745
9/30/21	20,736	23,541	20,797
12/31/21	21,176	25,725	21,242
3/31/22	19,589	24,367	19,643
6/30/22	16,203	20,298	16,266
9/30/22	15,859	19,391	15,910
12/31/22	16,839	20,784	16,901
3/31/23	17,295	22,276	17,364
6/30/23	18,195	24,145	18,268
9/30/23	17,268	23,359	17,331
12/31/23	19,687	26,179	19,762
3/31/24	20,694	28,802	20,786
6/30/24	20,014	29,728	20,105
9/30/24	21,864	31,580	21,969
12/31/24	21,932	32,411	22,042

202501-4140694, 202502-4108875

F541-052 2/25

Average Annual Total Returns

	1 Year	5 Years	Since Inception 12/9/15
Small-Cap Index Fund (I Class)	11.40%	7.33%	9.05%
Russell 3000 Index (Regulatory Benchmark)	23.81	13.86	13.86
Russell 2000 Index (Strategy Benchmark)	11.54	7.40	9.12

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)$206,379
• Number of Portfolio Holdings1,983

• Investment Advisory Fees Paid (000s)$(189)
• Portfolio Turnover Rate24.7%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Financials	18.4%
Industrials & Business Services	17.6
Health Care	16.4
Information Technology	13.8
Consumer Discretionary	9.7
Real Estate	6.0
Energy	5.1
Materials	4.2
Consumer Staples	2.9
Other	5.9

Top Ten Holdings (as a % of Net Assets)

FTAI Aviation	0.5%
Sprouts Farmers Market	0.5
Insmed	0.4
Vaxcyte	0.4
Credo Technology Group Holding	0.4
Applied Industrial Technologies	0.3
Mueller Industries	0.3
Rocket Lab USA	0.3
Fluor	0.3
IonQ	0.3

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.

Small-Cap Index Fund 

I Class (TRCSX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

December 31, 2024

Small-Cap Index Fund

Z Class (TRZIX)

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

What drove fund performance during the past 12 months?

• Small-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.

• Information technology names produced robust results during the period as the sector benefited from strong investor interest in companies expected to benefit from artificial intelligence developments. Hardware and software companies performed very well during the year, as Super Micro Computer and MicroStrategy were two of the top-performing companies in the portfolio. Industrials and business services also contributed to returns, as construction and engineering companies performed particularly well.

• Energy was the only sector that detracted from absolute returns during the reporting period, albeit very modestly. Energy equipment and services names hurt the most, with Noble performing worst.

• 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 Russell 2000 Index. By replicating the structure of the 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	11,146	10,865	11,127
6/30/20	13,992	13,259	13,955
9/30/20	14,690	14,480	14,643
12/31/20	19,322	16,606	19,237
3/31/21	21,758	17,659	21,680
6/30/21	22,683	19,115	22,610
9/30/21	21,703	19,095	21,624
12/31/21	22,164	20,867	22,088
3/31/22	20,515	19,765	20,425
6/30/22	16,980	16,464	16,913
9/30/22	16,620	15,729	16,543
12/31/22	17,655	16,859	17,574
3/31/23	18,148	18,069	18,055
6/30/23	19,092	19,585	18,995
9/30/23	18,120	18,948	18,020
12/31/23	20,668	21,235	20,549
3/31/24	21,740	23,362	21,613
6/30/24	21,025	24,114	20,905
9/30/24	22,983	25,616	22,843
12/31/24	23,067	26,290	22,919

202501-4140694, 202502-4108875

F1267-052 2/25

Average Annual Total Returns

	1 Year	Since Inception 3/16/20
Small-Cap Index Fund (Z Class)	11.61%	19.04%
Russell 3000 Index (Regulatory Benchmark)	23.81	22.33
Russell 2000 Index (Strategy Benchmark)	11.54	18.88

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)$206,379
• Number of Portfolio Holdings1,983

• Investment Advisory Fees Paid (000s)$(189)
• Portfolio Turnover Rate24.7%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Financials	18.4%
Industrials & Business Services	17.6
Health Care	16.4
Information Technology	13.8
Consumer Discretionary	9.7
Real Estate	6.0
Energy	5.1
Materials	4.2
Consumer Staples	2.9
Other	5.9

Top Ten Holdings (as a % of Net Assets)

FTAI Aviation	0.5%
Sprouts Farmers Market	0.5
Insmed	0.4
Vaxcyte	0.4
Credo Technology Group Holding	0.4
Applied Industrial Technologies	0.3
Mueller Industries	0.3
Rocket Lab USA	0.3
Fluor	0.3
IonQ	0.3

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.

Small-Cap Index Fund 

Z Class (TRZIX)

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	$	24,714
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

TRSYX

Small-Cap

Index

Fund

TRCSX

Small-Cap

Index

Fund–

.

I Class

TRZIX

Small-Cap

Index

Fund–

.

Z Class

T.

ROWE

PRICE

Small-Cap

Index

Fund

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

$

14.40‌

$

12.48‌

$

15.93‌

$

14.16‌

$

12.20‌

Investment

activities

Net

investment

income

(1)(2)

0.18‌

0

.18‌

0.17‌

0.11‌

0.11‌

Net

realized

and

unrealized

gain/loss

1.46‌

1.90‌

(3.44‌)

1.91‌

2.30‌

Total

from

investment

activities

1.64‌

2.08‌

(3.27‌)

2.02‌

2.41‌

Distributions

Net

investment

income

(0.18‌)

(0.16‌)

(0.16‌)

(0.11‌)

(0.12‌)

Net

realized

gain

(0.26‌)

—‌

(0.02‌)

(0.14‌)

(0.33‌)

Total

distributions

(0.44‌)

(0.16‌)

(0.18‌)

(0.25‌)

(0.45‌)

NET

ASSET

VALUE

End

of

period

$

15.60‌

$

14.40‌

$

12.48‌

$

15.93‌

$

14.16‌

Ratios/Supplemental

Data

Total

return

(2)(3)

11.24‌%

16.75‌%

(20.58‌)%

14.32‌%

19.88‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.34‌%

0.35‌%

4.93‌%

1.87‌%

4.10‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.29‌%

0.29‌%

0.29‌%

0.34‌%

0.35‌%

Net

investment

income

1.22‌%

1.39‌%

1.26‌%

0.70‌%

1.00‌%

Portfolio

turnover

rate

24.7‌%

27.2‌%

22.0‌%

29.0‌%

21.1‌%

Net

assets,

end

of

period

(in

thousands)

$98

$177

$154

$197

$6,726

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

Small-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

$

14.47‌

$

12.54‌

$

16.01‌

$

14.21‌

$

12.23‌

Investment

activities

Net

investment

income

(1)(2)

0.21‌

0.20‌

0.19‌

0.18‌

0.13‌

Net

realized

and

unrealized

gain/loss

1.47‌

1.91‌

(3.46‌)

1.89‌

2.30‌

Total

from

investment

activities

1.68‌

2.11‌

(3.27‌)

2.07‌

2.43‌

Distributions

Net

investment

income

(0.24‌)

(0.18‌)

(0.18‌)

(0.13‌)

(0.12‌)

Net

realized

gain

(0.26‌)

—‌

(0.02‌)

(0.14‌)

(0.33‌)

Total

distributions

(0.50‌)

(0.18‌)

(0.20‌)

(0.27‌)

(0.45‌)

NET

ASSET

VALUE

End

of

period

$

15.65‌

$

14.47‌

$

12.54‌

$

16.01‌

$

14.21‌

Ratios/Supplemental

Data

Total

return

(2)(3)

11.40‌%

16.92‌%

(20.48‌)%

14.63‌%

20.00‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.31‌%

0.40‌%

0.42‌%

0.65‌%

3.93‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.14‌%

0.14‌%

0.14‌%

0.17‌%

0.20‌%

Net

investment

income

1.38‌%

1.55‌%

1.43‌%

1.12‌%

1.15‌%

Portfolio

turnover

rate

24.7‌%

27.2‌%

22.0‌%

29.0‌%

21.1‌%

Net

assets,

end

of

period

(in

thousands)

$132,082

$112,086

$85,393

$90,212

$355

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

Small-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

$

14.46‌

$

12.53‌

$

15.99‌

$

14.20‌

$

7.59‌

Investment

activities

Net

investment

income

(2)(3)

0.24‌

0.23‌

0.22‌

0.23‌

0.11‌

Net

realized

and

unrealized

gain/loss

1.46‌

1.90‌

(3.47‌)

1.85‌

6.95‌

Total

from

investment

activities

1.70‌

2.13‌

(3.25‌)

2.08‌

7.06‌

Distributions

Net

investment

income

(0.25‌)

(0.20‌)

(0.19‌)

(0.15‌)

(0.12‌)

Net

realized

gain

(0.26‌)

—‌

(0.02‌)

(0.14‌)

(0.33‌)

Total

distributions

(0.51‌)

(0.20‌)

(0.21‌)

(0.29‌)

(0.45‌)

NET

ASSET

VALUE

End

of

period

$

15.65‌

$

14.46‌

$

12.53‌

$

15.99‌

$

14.20‌

Ratios/Supplemental

Data

Total

return

(3)(4)

11.61‌%

17.07‌%

(20.35‌)%

14.71‌%

93.22‌%

Ratios

to

average

net

assets:

(3)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.26‌%

0.32‌%

0.38‌%

0.72‌%

3.86‌%

(5)

Net

expenses

after

waivers/

payments

by

Price

Associates

0.00‌%

0.00‌%

0.00‌%

0.01‌%

0.01‌%

(5)

Net

investment

income

1.55‌%

1.75‌%

1.67‌%

1.40‌%

1.30‌%

(5)

Portfolio

turnover

rate

24.7‌%

27.2‌%

22.0‌%

29.0‌%

21.1‌%

Net

assets,

end

of

period

(in

thousands)

$74,199

$36,196

$11,833

$1,104

$187

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

Small-Cap

Index

Fund

December

31,

2024

5

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

 99.6%

COMMUNICATION

SERVICES

 2.7%

Diversified

Telecommunication

Services

 0.6%

Anterix (1)

763‌

24‌

AST

SpaceMobile (1)(2)

10,291‌

217‌

ATN

International 

760‌

13‌

Bandwidth,

Class

A (1)

1,838‌

31‌

Cogent

Communications

Holdings 

3,368‌

260‌

Globalstar (1)

56,417‌

117‌

IDT,

Class

B 

1,202‌

57‌

Liberty

Latin

America,

Class

A (1)

2,357‌

15‌

Liberty

Latin

America,

Class

C (1)

10,155‌

64‌

Lumen

Technologies (1)

77,424‌

411‌

Shenandoah

Telecommunications 

3,828‌

48‌

1,257‌

Entertainment

 0.5%

AMC

Entertainment

Holdings,

Class

A (1)

27,091‌

108‌

Atlanta

Braves

Holdings,

Class

A (1)

766‌

31‌

Atlanta

Braves

Holdings,

Class

C (1)

3,883‌

149‌

Cinemark

Holdings (1)

8,440‌

261‌

Eventbrite,

Class

A (1)

5,793‌

19‌

Golden

Matrix

Group (1)(2)

1,587‌

3‌

IMAX (1)

3,326‌

85‌

Lions

Gate

Entertainment,

Class

A (1)(2)

4,430‌

38‌

Lions

Gate

Entertainment,

Class

B (1)

9,475‌

72‌

LiveOne (1)

5,016‌

7‌

Madison

Square

Garden

Entertainment (1)

3,064‌

109‌

Marcus 

1,846‌

40‌

Playstudios (1)

7,880‌

15‌

Reservoir

Media (1)

1,458‌

13‌

Sphere

Entertainment (1)(2)

2,111‌

85‌

Vivid

Seats,

Class

A (1)(2)

6,265‌

29‌

1,064‌

Interactive

Media

&

Services

 0.6%

Bumble,

Class

A (1)

7,507‌

61‌

Cargurus (1)

6,664‌

243‌

Cars.com (1)

5,127‌

89‌

EverQuote,

Class

A (1)

1,869‌

37‌

fuboTV (1)(2)

24,153‌

30‌

Getty

Images

Holdings (1)

7,476‌

16‌

Grindr (1)

1,837‌

33‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

MediaAlpha,

Class

A (1)

2,409‌

27‌

Nextdoor

Holdings (1)

12,991‌

31‌

Outbrain (1)

3,077‌

22‌

QuinStreet (1)

4,087‌

94‌

Shutterstock 

1,863‌

57‌

System1 (1)

2,295‌

2‌

TrueCar (1)

6,696‌

25‌

Vimeo (1)

11,086‌

71‌

Webtoon

Entertainment (1)(2)

1,074‌

15‌

Yelp (1)

4,975‌

193‌

Ziff

Davis (1)

3,417‌

186‌

ZipRecruiter,

Class

A (1)

5,407‌

39‌

1,271‌

Media

 0.8%

Advantage

Solutions (1)

8,005‌

23‌

AMC

Networks,

Class

A (1)(2)

2,439‌

24‌

Boston

Omaha,

Class

A (1)(2)

1,983‌

28‌

Cable

One (2)

435‌

158‌

Cardlytics (1)(2)

2,821‌

10‌

Clear

Channel

Outdoor

Holdings (1)

26,208‌

36‌

EchoStar,

Class

A (1)(2)

9,359‌

214‌

Emerald

Holding (2)

1,038‌

5‌

Entravision

Communications,

Class

A 

4,222‌

10‌

EW

Scripps,

Class

A (1)

4,845‌

11‌

Gambling.com

Group (1)

1,326‌

19‌

Gannett (1)

10,593‌

54‌

Gray

Television 

6,638‌

21‌

Ibotta,

Class

A (1)(2)

1,195‌

78‌

iHeartMedia,

Class

A (1)

8,836‌

17‌

Innovid (1)

8,750‌

27‌

Integral

Ad

Science

Holding (1)

5,526‌

58‌

John

Wiley

&

Sons,

Class

A 

3,038‌

133‌

Magnite (1)

9,729‌

155‌

National

CineMedia (1)

5,266‌

35‌

PubMatic,

Class

A (1)

3,295‌

48‌

Scholastic 

1,735‌

37‌

Sinclair 

2,397‌

39‌

Stagwell (1)

6,594‌

43‌

TechTarget (1)

2,097‌

42‌

TEGNA 

12,719‌

233‌

Thryv

Holdings (1)

2,869‌

42‌

Townsquare

Media,

Class

A (2)

1,224‌

11‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

WideOpenWest (1)

3,828‌

19‌

1,630‌

Wireless

Telecommunication

Services

 0.2%

Gogo (1)(2)

4,810‌

39‌

Spok

Holdings 

1,331‌

22‌

Telephone

&

Data

Systems 

7,574‌

258‌

319‌

Total

Communication

Services

5,541‌

CONSUMER

DISCRETIONARY

 9.7%

Automobile

Components

 1.1%

Adient (1)

6,735‌

116‌

American

Axle

&

Manufacturing

Holdings (1)

8,620‌

50‌

Cooper-Standard

Holdings (1)

1,333‌

18‌

Dana 

10,122‌

117‌

Dorman

Products (1)

1,984‌

257‌

Fox

Factory

Holding (1)

3,284‌

99‌

Gentherm (1)

2,388‌

95‌

Goodyear

Tire

&

Rubber (1)

21,920‌

197‌

Holley (1)(2)

3,650‌

11‌

LCI

Industries 

1,907‌

197‌

Luminar

Technologies (1)

1,794‌

10‌

Modine

Manufacturing (1)

3,973‌

461‌

Patrick

Industries 

2,491‌

207‌

Phinia 

3,234‌

156‌

Solid

Power (1)(2)

12,488‌

24‌

Standard

Motor

Products 

1,588‌

49‌

Stoneridge (1)

1,949‌

12‌

Visteon (1)

2,114‌

188‌

XPEL (1)

1,902‌

76‌

2,340‌

Automobiles

 0.1%

Canoo (1)

217‌

—‌

Livewire

Group (1)

1,171‌

6‌

Winnebago

Industries 

2,186‌

104‌

110‌

Broadline

Retail

 0.0%

1stdibs.com (1)

1,865‌

7‌

Groupon (1)(2)

1,852‌

22‌

Qurate

Retail,

Class

B (1)

65‌

—‌

Savers

Value

Village (1)

1,733‌

18‌

47‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Distributors

 0.0%

A-Mark

Precious

Metals 

1,455‌

40‌

GigaCloud

Technology,

Class

A (1)(2)

1,740‌

32‌

Weyco

Group 

432‌

16‌

88‌

Diversified

Consumer

Services

 1.2%

Adtalem

Global

Education (1)

2,867‌

260‌

American

Public

Education (1)

1,228‌

26‌

Carriage

Services 

1,021‌

41‌

Chegg (1)

8,619‌

14‌

Clear

Secure,

Class

A 

6,803‌

181‌

Coursera (1)

10,685‌

91‌

European

Wax

Center,

Class

A (1)(2)

2,383‌

16‌

Frontdoor (1)

5,900‌

323‌

Graham

Holdings,

Class

B 

246‌

214‌

KinderCare

Learning (1)

2,112‌

38‌

Laureate

Education (1)

10,093‌

185‌

Lincoln

Educational

Services (1)

2,115‌

33‌

Mister

Car

Wash (1)(2)

7,449‌

54‌

Nerdy (1)(2)

6,995‌

11‌

OneSpaWorld

Holdings 

7,771‌

155‌

Perdoceo

Education 

5,057‌

134‌

Strategic

Education 

1,717‌

160‌

Stride (1)

3,260‌

339‌

Udemy (1)

6,894‌

57‌

Universal

Technical

Institute (1)

3,072‌

79‌

2,411‌

Hotels,

Restaurants

&

Leisure

 2.0%

Accel

Entertainment (1)

3,967‌

42‌

Bally's (1)

1,790‌

32‌

Biglari

Holdings,

Class

B (1)

59‌

15‌

BJ's

Restaurants (1)

1,518‌

53‌

Bloomin'

Brands 

6,018‌

73‌

Brinker

International (1)

3,372‌

446‌

Cheesecake

Factory (2)

3,743‌

178‌

Cracker

Barrel

Old

Country

Store (2)

1,717‌

91‌

Dave

&

Buster's

Entertainment (1)(2)

2,460‌

72‌

Denny's (1)

3,769‌

23‌

Despegar.com (1)

4,765‌

92‌

Dine

Brands

Global (2)

1,133‌

34‌

El

Pollo

Loco

Holdings (1)

1,885‌

22‌

Empire

Resorts,

EC (1)(3)

9‌

—‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Everi

Holdings (1)

6,146‌

83‌

First

Watch

Restaurant

Group (1)(2)

2,291‌

43‌

Full

House

Resorts (1)(2)

2,270‌

9‌

Global

Business

Travel

Group

I (1)

9,741‌

90‌

Golden

Entertainment 

1,536‌

49‌

Hilton

Grand

Vacations (1)

5,496‌

214‌

Inspired

Entertainment (1)

1,761‌

16‌

International

Game

Technology 

8,711‌

154‌

Jack

in

the

Box (2)

1,492‌

62‌

Krispy

Kreme 

6,498‌

64‌

Kura

Sushi

USA,

Class

A (1)

442‌

40‌

Life

Time

Group

Holdings (1)

4,790‌

106‌

Lindblad

Expeditions

Holdings (1)

2,862‌

34‌

Monarch

Casino

&

Resort 

996‌

79‌

Nathan's

Famous 

222‌

17‌

ONE

Group

Hospitality (1)

1,360‌

4‌

Papa

John's

International 

2,570‌

106‌

PlayAGS (1)

3,130‌

36‌

Portillo's,

Class

A (1)(2)

3,991‌

37‌

Potbelly (1)

1,951‌

18‌

RCI

Hospitality

Holdings 

659‌

38‌

Red

Rock

Resorts,

Class

A 

3,800‌

176‌

Rush

Street

Interactive (1)

5,803‌

80‌

Sabre (1)

29,548‌

108‌

Shake

Shack,

Class

A (1)

2,910‌

378‌

Six

Flags

Entertainment 

7,106‌

342‌

Super

Group

SGHC 

11,664‌

73‌

Sweetgreen,

Class

A (1)

7,683‌

246‌

Target

Hospitality (1)

2,395‌

23‌

United

Parks

&

Resorts (1)

2,529‌

142‌

Vacasa,

Class

A (1)(2)

762‌

4‌

Xponential

Fitness,

Class

A (1)(2)

1,972‌

26‌

4,070‌

Household

Durables

 1.9%

Beazer

Homes

USA (1)

2,260‌

62‌

Cavco

Industries (1)

635‌

283‌

Century

Communities 

2,139‌

157‌

Champion

Homes (1)

4,107‌

362‌

Cricut,

Class

A 

3,522‌

20‌

Dream

Finders

Homes,

Class

A (1)(2)

2,090‌

49‌

Ethan

Allen

Interiors 

1,800‌

51‌

Flexsteel

Industries 

334‌

18‌

GoPro,

Class

A (1)

10,250‌

11‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Green

Brick

Partners (1)

2,381‌

134‌

Hamilton

Beach

Brands

Holding,

Class

A 

617‌

10‌

Helen

of

Troy (1)

1,761‌

105‌

Hooker

Furnishings 

806‌

11‌

Hovnanian

Enterprises,

Class

A (1)

388‌

52‌

Installed

Building

Products 

1,835‌

322‌

iRobot (1)

2,490‌

19‌

KB

Home 

4,980‌

327‌

Landsea

Homes (1)

1,362‌

12‌

La-Z-Boy 

3,263‌

142‌

Legacy

Housing (1)

877‌

22‌

LGI

Homes (1)

1,608‌

144‌

Lifetime

Brands 

916‌

5‌

Lovesac (1)(2)

1,092‌

26‌

M/I

Homes (1)

2,037‌

271‌

Meritage

Homes 

2,748‌

423‌

Purple

Innovation (1)

3,083‌

2‌

Sonos (1)

9,323‌

140‌

Taylor

Morrison

Home (1)

7,870‌

482‌

Traeger (1)

2,404‌

6‌

Tri

Pointe

Homes (1)

7,051‌

256‌

United

Homes

Group (1)

302‌

1‌

Worthington

Enterprises 

2,392‌

96‌

4,021‌

Leisure

Products

 0.4%

Acushnet

Holdings (2)

2,190‌

156‌

AMMO (1)

5,813‌

6‌

Clarus 

2,343‌

11‌

Escalade 

722‌

10‌

Funko,

Class

A (1)

2,349‌

31‌

JAKKS

Pacific (1)

608‌

17‌

Johnson

Outdoors,

Class

A (2)

343‌

11‌

Latham

Group (1)

2,945‌

21‌

Malibu

Boats,

Class

A (1)

1,547‌

58‌

Marine

Products 

561‌

5‌

MasterCraft

Boat

Holdings (1)

1,218‌

23‌

Peloton

Interactive,

Class

A (1)

27,020‌

235‌

Revelyst (1)

4,412‌

85‌

Smith

&

Wesson

Brands 

3,429‌

35‌

Solo

Brands,

Class

A (1)(2)

2,408‌

3‌

Sturm

Ruger 

1,297‌

46‌

Topgolf

Callaway

Brands (1)

11,050‌

87‌

840‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Specialty

Retail

 2.4%

1-800-Flowers.com,

Class

A (1)(2)

2,043‌

17‌

Abercrombie

&

Fitch,

Class

A (1)

3,866‌

578‌

Academy

Sports

&

Outdoors 

5,279‌

304‌

aka

Brands

Holding (1)

83‌

2‌

American

Eagle

Outfitters 

13,653‌

228‌

America's

Car-Mart (1)

555‌

28‌

Arhaus (2)

3,892‌

37‌

Arko 

6,408‌

42‌

Asbury

Automotive

Group (1)

1,506‌

366‌

BARK (1)(2)

10,061‌

18‌

Beyond (1)

3,229‌

16‌

Boot

Barn

Holdings (1)

2,267‌

344‌

Buckle 

2,387‌

121‌

Build-A-Bear

Workshop 

967‌

44‌

Caleres (2)

2,656‌

61‌

Camping

World

Holdings,

Class

A 

4,266‌

90‌

Citi

Trends (1)(2)

443‌

12‌

Designer

Brands,

Class

A (2)

3,447‌

18‌

Destination

XL

Group (1)(2)

4,340‌

12‌

EVgo (1)(2)

7,557‌

31‌

Foot

Locker (1)

6,459‌

140‌

Genesco (1)

818‌

35‌

Group

1

Automotive 

1,014‌

427‌

GrowGeneration (1)

4,431‌

7‌

Haverty

Furniture 

1,080‌

24‌

J

Jill 

520‌

14‌

Lands'

End (1)

984‌

13‌

Leslie's (1)

13,343‌

30‌

MarineMax (1)

1,705‌

49‌

Monro 

2,340‌

58‌

National

Vision

Holdings (1)

6,102‌

64‌

ODP (1)

2,475‌

56‌

OneWater

Marine,

Class

A (1)(2)

842‌

15‌

Petco

Health

&

Wellness (1)

6,290‌

24‌

RealReal (1)(2)

7,791‌

85‌

Revolve

Group (1)

2,969‌

99‌

RumbleON,

Class

B (1)(2)

1,227‌

7‌

Sally

Beauty

Holdings (1)

7,827‌

82‌

Shoe

Carnival 

1,343‌

44‌

Signet

Jewelers 

3,246‌

262‌

Sleep

Number (1)

1,571‌

24‌

Sonic

Automotive,

Class

A 

1,130‌

72‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Stitch

Fix,

Class

A (1)

8,128‌

35‌

ThredUp,

Class

A (1)

7,307‌

10‌

Tile

Shop

Holdings (1)

2,171‌

15‌

Tilly's,

Class

A (1)(2)

1,310‌

6‌

Torrid

Holdings (1)(2)

1,869‌

10‌

Upbound

Group 

4,119‌

120‌

Urban

Outfitters (1)

4,864‌

267‌

Victoria's

Secret (1)

6,002‌

249‌

Warby

Parker,

Class

A (1)

6,846‌

166‌

Winmark 

221‌

87‌

Zumiez (1)

1,188‌

23‌

4,988‌

Textiles,

Apparel

&

Luxury

Goods

 0.6%

Figs,

Class

A (1)

10,177‌

63‌

G-III

Apparel

Group (1)

2,959‌

97‌

Hanesbrands (1)

27,154‌

221‌

Kontoor

Brands 

4,214‌

360‌

Movado

Group 

1,181‌

23‌

Oxford

Industries 

1,125‌

89‌

Rocky

Brands 

493‌

11‌

Steven

Madden 

5,569‌

237‌

Superior

Group 

918‌

15‌

Vera

Bradley (1)

1,839‌

7‌

Wolverine

World

Wide 

6,095‌

135‌

1,258‌

Total

Consumer

Discretionary

20,173‌

CONSUMER

STAPLES

 2.9%

Beverages

 0.3%

MGP

Ingredients 

1,057‌

42‌

National

Beverage 

1,824‌

78‌

Primo

Brands 

12,086‌

372‌

Vita

Coco (1)(2)

3,046‌

112‌

604‌

Consumer

Staples

Distribution

&

Retail

 0.9%

Andersons 

2,537‌

103‌

Chefs'

Warehouse (1)

2,712‌

134‌

Guardian

Pharmacy

Services,

Class

A (1)

652‌

13‌

HF

Foods

Group (1)

2,819‌

9‌

Ingles

Markets,

Class

A 

1,093‌

70‌

Natural

Grocers

by

Vitamin

Cottage 

748‌

30‌

PriceSmart 

1,937‌

179‌

SpartanNash 

2,588‌

47‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Sprouts

Farmers

Market (1)

7,736‌

983‌

United

Natural

Foods (1)

4,554‌

124‌

Village

Super

Market,

Class

A 

651‌

21‌

Weis

Markets 

1,252‌

85‌

1,798‌

Food

Products

 1.0%

Alico (2)

541‌

14‌

B&G

Foods (2)

5,758‌

40‌

Beyond

Meat (1)(2)

4,460‌

17‌

BRC,

Class

A (1)(2)

3,656‌

12‌

Calavo

Growers 

1,267‌

32‌

Cal-Maine

Foods 

3,142‌

323‌

Dole 

5,712‌

77‌

Forafric

Global (1)

365‌

4‌

Fresh

Del

Monte

Produce 

2,625‌

87‌

Hain

Celestial

Group (1)

7,074‌

44‌

J

&

J

Snack

Foods 

1,179‌

183‌

John

B.

Sanfilippo

&

Son 

685‌

60‌

Lancaster

Colony 

1,502‌

260‌

Lifeway

Foods (1)(2)

353‌

9‌

Limoneira 

1,259‌

31‌

Mama's

Creations (1)

2,726‌

22‌

Mission

Produce (1)

3,424‌

49‌

Seneca

Foods,

Class

A (1)(2)

375‌

30‌

Simply

Good

Foods (1)

6,981‌

272‌

SunOpta (1)

7,411‌

57‌

TreeHouse

Foods (1)

3,654‌

128‌

Utz

Brands 

5,052‌

79‌

Vital

Farms (1)

2,531‌

95‌

Westrock

Coffee (1)

2,711‌

17‌

WK

Kellogg (2)

4,993‌

90‌

2,032‌

Household

Products

 0.3%

Central

Garden

&

Pet (1)(2)

763‌

30‌

Central

Garden

&

Pet,

Class

A (1)

4,042‌

134‌

Energizer

Holdings 

5,491‌

191‌

Oil-Dri 

365‌

32‌

WD-40 

1,046‌

254‌

641‌

Personal

Care

Products

 0.3%

Beauty

Health (1)(2)

5,365‌

9‌

Edgewell

Personal

Care 

3,766‌

127‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Herbalife (1)

7,916‌

53‌

Honest (1)

6,528‌

45‌

Interparfums 

1,393‌

183‌

Medifast (1)

748‌

13‌

Nature's

Sunshine

Products (1)

982‌

14‌

Nu

Skin

Enterprises,

Class

A 

3,715‌

26‌

Olaplex

Holdings (1)(2)

9,831‌

17‌

USANA

Health

Sciences (1)

848‌

30‌

Veru (1)

9,733‌

6‌

Waldencast,

Class

A (1)

1,756‌

7‌

530‌

Tobacco

 0.1%

Ispire

Technology (1)(2)

1,380‌

7‌

Turning

Point

Brands 

1,299‌

78‌

Universal 

1,826‌

100‌

185‌

Total

Consumer

Staples

5,790‌

ENERGY

 5.1%

Energy

Equipment

&

Services

 2.1%

Archrock 

12,786‌

318‌

Atlas

Energy

Solutions (2)

5,250‌

116‌

Borr

Drilling (2)

18,426‌

72‌

Bristow

Group (1)

1,924‌

66‌

Cactus,

Class

A 

5,109‌

298‌

ChampionX 

14,605‌

397‌

Core

Laboratories (2)

3,581‌

62‌

DMC

Global (1)(2)

1,386‌

10‌

Drilling

Tools

International (1)

911‌

3‌

Expro

Group

Holdings (1)

7,371‌

92‌

Forum

Energy

Technologies (1)

841‌

13‌

Geospace

Technologies (1)

922‌

9‌

Helix

Energy

Solutions

Group (1)

10,941‌

102‌

Helmerich

&

Payne 

7,394‌

237‌

Innovex

International (1)

2,544‌

36‌

Kodiak

Gas

Services 

2,484‌

101‌

Liberty

Energy 

12,166‌

242‌

Mammoth

Energy

Services (1)

1,558‌

5‌

Nabors

Industries (1)

676‌

39‌

Natural

Gas

Services

Group (1)

871‌

23‌

Noble 

10,579‌

332‌

NPK

International (1)

6,623‌

51‌

Oceaneering

International (1)

7,775‌

203‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Oil

States

International (1)

4,590‌

23‌

Patterson-UTI

Energy 

29,904‌

247‌

ProFrac

Holding,

Class

A (1)(2)

1,652‌

13‌

ProPetro

Holding (1)

6,753‌

63‌

Ranger

Energy

Services,

Class

A 

1,326‌

21‌

RPC (2)

6,305‌

37‌

SEACOR

Marine

Holdings (1)(2)

1,760‌

12‌

Seadrill (1)

5,362‌

209‌

Select

Water

Solutions 

6,915‌

92‌

Solaris

Energy

Infrastructure 

1,882‌

54‌

TETRA

Technologies (1)

9,349‌

33‌

Tidewater (1)

3,778‌

207‌

Transocean (1)(2)

56,096‌

210‌

Valaris (1)

4,741‌

210‌

4,258‌

Oil,

Gas

&

Consumable

Fuels

 3.0%

Aemetis (1)

2,664‌

7‌

Amplify

Energy (1)(2)

2,772‌

17‌

Ardmore

Shipping 

3,078‌

37‌

Berry 

5,712‌

24‌

BKV (1)

1,090‌

26‌

California

Resources 

5,275‌

274‌

Centrus

Energy,

Class

A (1)

1,097‌

73‌

Clean

Energy

Fuels (1)

12,762‌

32‌

CNX

Resources (1)

11,168‌

409‌

Comstock

Resources (1)(2)

7,023‌

128‌

CONSOL

Energy 

2,238‌

239‌

Crescent

Energy,

Class

A 

12,557‌

183‌

CVR

Energy 

2,692‌

50‌

Delek

U.S.

Holdings 

4,920‌

91‌

DHT

Holdings 

10,453‌

97‌

Diversified

Energy 

3,561‌

60‌

Dorian

LPG 

2,830‌

69‌

Empire

Petroleum (1)(2)

1,272‌

10‌

Encore

Energy (1)

13,569‌

46‌

Energy

Fuels (1)(2)

14,620‌

75‌

Evolution

Petroleum 

2,342‌

12‌

Excelerate

Energy,

Class

A 

1,280‌

39‌

FLEX

LNG (2)

2,334‌

53‌

FutureFuel 

1,804‌

10‌

Golar

LNG 

7,583‌

321‌

Granite

Ridge

Resources (2)

3,938‌

25‌

Green

Plains (1)

4,768‌

45‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Gulfport

Energy (1)

1,004‌

185‌

Hallador

Energy (1)(2)

1,849‌

21‌

HighPeak

Energy (2)

1,040‌

15‌

International

Seaways (2)

3,166‌

114‌

Kinetik

Holdings 

2,958‌

168‌

Kosmos

Energy (1)

36,247‌

124‌

Magnolia

Oil

&

Gas,

Class

A 

13,270‌

310‌

Murphy

Oil 

10,990‌

333‌

NACCO

Industries,

Class

A 

275‌

8‌

NextDecade (1)

9,036‌

70‌

Nordic

American

Tankers (2)

15,282‌

38‌

Northern

Oil

&

Gas (2)

7,586‌

282‌

Par

Pacific

Holdings (1)

4,244‌

70‌

PBF

Energy,

Class

A 

7,717‌

205‌

Peabody

Energy 

9,728‌

204‌

PrimeEnergy

Resources (1)

49‌

11‌

REX

American

Resources (1)

1,213‌

51‌

Riley

Exploration

Permian 

925‌

29‌

Ring

Energy (1)

10,512‌

14‌

Sable

Offshore (1)

3,841‌

88‌

SandRidge

Energy 

2,495‌

29‌

Scorpio

Tankers 

3,445‌

171‌

SFL 

9,962‌

102‌

Sitio

Royalties,

Class

A 

6,229‌

119‌

SM

Energy 

8,764‌

340‌

Talos

Energy (1)

10,982‌

107‌

Teekay 

4,258‌

29‌

Teekay

Tankers,

Class

A 

1,867‌

74‌

Uranium

Energy (1)

30,658‌

205‌

Ur-Energy (1)(2)

26,192‌

30‌

VAALCO

Energy 

8,025‌

35‌

Verde

Clean

Fuels (1)

210‌

1‌

Vital

Energy (1)(2)

2,228‌

69‌

Vitesse

Energy (2)

1,879‌

47‌

W&T

Offshore (2)

7,003‌

12‌

World

Kinect 

4,326‌

119‌

6,281‌

Total

Energy

10,539‌

FINANCIALS

 18.4%

Banks

 10.2%

1st

Source 

1,399‌

82‌

ACNB 

601‌

24‌

Amalgamated

Financial 

1,413‌

47‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Amerant

Bancorp 

2,834‌

64‌

Ameris

Bancorp 

5,044‌

316‌

Ames

National 

629‌

10‌

Arrow

Financial 

1,222‌

35‌

Associated

Banc-Corp 

12,390‌

296‌

Atlantic

Union

Bankshares 

6,839‌

259‌

Axos

Financial (1)

4,188‌

293‌

Banc

of

California 

10,744‌

166‌

BancFirst 

1,545‌

181‌

Bancorp (1)

3,605‌

190‌

Bank

First 

734‌

73‌

Bank

of

Hawaii 

3,005‌

214‌

Bank

of

Marin

Bancorp 

1,249‌

30‌

Bank

of

NT

Butterfield

&

Son 

3,441‌

126‌

Bank7 

350‌

16‌

BankUnited 

5,732‌

219‌

Bankwell

Financial

Group 

463‌

14‌

Banner 

2,627‌

175‌

Bar

Harbor

Bankshares 

1,117‌

34‌

BayCom 

756‌

20‌

BCB

Bancorp 

1,137‌

13‌

Berkshire

Hills

Bancorp 

3,264‌

93‌

Blue

Foundry

Bancorp (1)

1,455‌

14‌

Bridgewater

Bancshares (1)

1,556‌

21‌

Brookline

Bancorp 

6,839‌

81‌

Burke

&

Herbert

Financial

Services 

1,034‌

64‌

Business

First

Bancshares 

1,811‌

47‌

Byline

Bancorp 

2,424‌

70‌

Cadence

Bank 

14,013‌

483‌

California

Bancorp (1)

1,883‌

31‌

Camden

National 

1,146‌

49‌

Capital

Bancorp 

694‌

20‌

Capital

City

Bank

Group 

1,025‌

38‌

Capitol

Federal

Financial 

9,474‌

56‌

Carter

Bankshares (1)

1,722‌

30‌

Cathay

General

Bancorp 

5,324‌

253‌

Central

Pacific

Financial 

2,038‌

59‌

Chemung

Financial 

245‌

12‌

ChoiceOne

Financial

Services 

634‌

23‌

Citizens

&

Northern 

1,145‌

21‌

Citizens

Financial

Services 

335‌

21‌

City

Holding 

1,107‌

131‌

Civista

Bancshares 

1,189‌

25‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CNB

Financial 

1,586‌

39‌

Coastal

Financial (1)

877‌

74‌

Colony

Bankcorp 

1,343‌

22‌

Columbia

Financial (1)

2,033‌

32‌

Community

Financial

System 

4,001‌

247‌

Community

Trust

Bancorp 

1,172‌

62‌

Community

West

Bancshares 

1,226‌

24‌

ConnectOne

Bancorp 

2,816‌

65‌

CrossFirst

Bankshares (1)

3,540‌

54‌

Customers

Bancorp (1)

2,247‌

109‌

CVB

Financial 

10,183‌

218‌

Dime

Community

Bancshares 

2,743‌

84‌

Eagle

Bancorp 

2,306‌

60‌

Eastern

Bankshares 

14,758‌

255‌

Enterprise

Bancorp 

785‌

31‌

Enterprise

Financial

Services 

2,863‌

161‌

Equity

Bancshares,

Class

A 

1,072‌

45‌

Esquire

Financial

Holdings 

529‌

42‌

ESSA

Bancorp 

641‌

13‌

Farmers

&

Merchants

Bancorp 

970‌

29‌

Farmers

National

Banc 

2,722‌

39‌

FB

Financial 

2,740‌

141‌

Fidelity

D&D

Bancorp 

371‌

18‌

Financial

Institutions 

1,207‌

33‌

First

Bancorp 

782‌

21‌

First

Bancorp

North

Carolina 

3,090‌

136‌

First

BanCorp

Puerto

Rico 

12,381‌

230‌

First

Bancshares 

2,357‌

83‌

First

Bank

New

Jersey 

1,532‌

22‌

First

Busey 

4,143‌

98‌

First

Business

Financial

Services 

641‌

30‌

First

Commonwealth

Financial 

7,804‌

132‌

First

Community

Bankshares 

1,330‌

55‌

First

Financial 

881‌

41‌

First

Financial

Bancorp 

7,263‌

195‌

First

Financial

Bankshares 

9,963‌

359‌

First

Financial

Northwest 

506‌

11‌

First

Foundation 

4,846‌

30‌

First

Internet

Bancorp 

633‌

23‌

First

Interstate

BancSystem,

Class

A 

6,103‌

198‌

First

Merchants 

4,456‌

178‌

First

Mid

Bancshares 

1,782‌

66‌

First

of

Long

Island 

1,563‌

18‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

First

Western

Financial (1)

552‌

11‌

Five

Star

Bancorp 

1,244‌

37‌

Flagstar

Financial 

19,495‌

182‌

Flushing

Financial 

2,053‌

29‌

FS

Bancorp 

512‌

21‌

Fulton

Financial 

13,886‌

268‌

FVCBankcorp (1)

1,175‌

15‌

German

American

Bancorp 

2,167‌

87‌

Glacier

Bancorp 

8,716‌

438‌

Great

Southern

Bancorp 

641‌

38‌

Greene

County

Bancorp 

498‌

14‌

Guaranty

Bancshares 

621‌

22‌

Hancock

Whitney 

6,644‌

364‌

Hanmi

Financial 

2,345‌

55‌

HarborOne

Bancorp 

2,787‌

33‌

HBT

Financial 

963‌

21‌

Heartland

Financial

USA 

3,261‌

200‌

Heritage

Commerce 

4,423‌

42‌

Heritage

Financial 

2,616‌

64‌

Hilltop

Holdings 

3,605‌

103‌

Hingham

Institution

For

Savings (2)

126‌

32‌

Home

Bancorp 

545‌

25‌

Home

BancShares 

14,261‌

404‌

HomeStreet (1)

1,331‌

15‌

HomeTrust

Bancshares 

1,136‌

38‌

Hope

Bancorp 

8,964‌

110‌

Horizon

Bancorp 

3,246‌

52‌

Independent

Bank,

(MA) 

3,263‌

209‌

Independent

Bank,

(MI) 

1,560‌

54‌

Independent

Bank

Group 

2,802‌

170‌

International

Bancshares 

4,135‌

261‌

Investar

Holding 

669‌

15‌

John

Marshall

Bancorp 

946‌

19‌

Kearny

Financial 

3,357‌

24‌

Lakeland

Financial 

1,920‌

132‌

LCNB 

970‌

15‌

LINKBANCORP (2)

1,607‌

12‌

Live

Oak

Bancshares 

2,692‌

106‌

Mercantile

Bank 

1,229‌

55‌

Metrocity

Bankshares 

1,369‌

44‌

Metropolitan

Bank

Holding (1)

831‌

49‌

Mid

Penn

Bancorp 

1,153‌

33‌

Middlefield

Banc 

509‌

14‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Midland

States

Bancorp 

1,581‌

39‌

MidWestOne

Financial

Group 

1,429‌

42‌

MVB

Financial 

904‌

19‌

National

Bank

Holdings,

Class

A 

2,849‌

123‌

National

Bankshares 

411‌

12‌

NB

Bancorp (1)

2,930‌

53‌

NBT

Bancorp 

3,557‌

170‌

Nicolet

Bankshares 

1,043‌

109‌

Northeast

Bank 

527‌

48‌

Northeast

Community

Bancorp 

957‌

23‌

Northfield

Bancorp 

2,934‌

34‌

Northrim

BanCorp 

420‌

33‌

Northwest

Bancshares 

9,833‌

130‌

Norwood

Financial 

518‌

14‌

Oak

Valley

Bancorp 

473‌

14‌

OceanFirst

Financial 

4,465‌

81‌

OFG

Bancorp 

3,558‌

151‌

Old

National

Bancorp 

24,192‌

525‌

Old

Second

Bancorp 

3,394‌

60‌

Orange

County

Bancorp 

392‌

22‌

Origin

Bancorp 

2,236‌

74‌

Orrstown

Financial

Services 

1,453‌

53‌

Pacific

Premier

Bancorp 

7,423‌

185‌

Park

National 

1,108‌

190‌

Parke

Bancorp 

831‌

17‌

Pathward

Financial 

1,945‌

143‌

PCB

Bancorp 

825‌

17‌

Peapack-Gladstone

Financial 

1,240‌

40‌

Peoples

Bancorp 

2,629‌

83‌

Peoples

Bancorp

of

North

Carolina 

330‌

10‌

Peoples

Financial

Services 

685‌

35‌

Pioneer

Bancorp (1)

898‌

10‌

Plumas

Bancorp 

432‌

20‌

Preferred

Bank 

967‌

84‌

Premier

Financial 

2,743‌

70‌

Primis

Financial 

1,593‌

19‌

Princeton

Bancorp 

464‌

16‌

Provident

Bancorp (1)

1,127‌

13‌

Provident

Financial

Services 

9,755‌

184‌

QCR

Holdings 

1,243‌

100‌

RBB

Bancorp 

1,230‌

25‌

Red

River

Bancshares 

336‌

18‌

Renasant 

4,828‌

173‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Republic

Bancorp,

Class

A 

614‌

43‌

S&T

Bancorp 

2,944‌

113‌

Sandy

Spring

Bancorp 

3,409‌

115‌

Seacoast

Banking 

6,456‌

178‌

ServisFirst

Bancshares 

3,885‌

329‌

Shore

Bancshares 

2,291‌

36‌

Sierra

Bancorp 

1,013‌

29‌

Simmons

First

National,

Class

A 

9,541‌

212‌

SmartFinancial 

1,180‌

37‌

South

Plains

Financial 

909‌

32‌

Southern

First

Bancshares (1)

601‌

24‌

Southern

Missouri

Bancorp 

723‌

41‌

Southern

States

Bancshares 

613‌

20‌

Southside

Bancshares 

2,188‌

70‌

SouthState 

5,846‌

582‌

Stellar

Bancorp 

3,730‌

106‌

Sterling

Bancorp (1)

1,460‌

7‌

Stock

Yards

Bancorp 

1,964‌

141‌

Texas

Capital

Bancshares (1)

3,546‌

277‌

Third

Coast

Bancshares (1)

865‌

29‌

Timberland

Bancorp 

594‌

18‌

Tompkins

Financial 

970‌

66‌

Towne

Bank 

5,370‌

183‌

TriCo

Bancshares 

2,474‌

108‌

Triumph

Financial (1)

1,702‌

155‌

TrustCo

Bank 

1,464‌

49‌

Trustmark 

4,704‌

166‌

UMB

Financial 

3,433‌

387‌

United

Bankshares 

10,120‌

380‌

United

Community

Banks 

9,168‌

296‌

Unity

Bancorp 

561‌

24‌

Univest

Financial 

2,253‌

66‌

USCB

Financial

Holdings 

798‌

14‌

Valley

National

Bancorp 

35,835‌

325‌

Veritex

Holdings 

4,076‌

111‌

Virginia

National

Bankshares 

324‌

12‌

WaFd 

5,162‌

166‌

Washington

Trust

Bancorp 

1,256‌

39‌

WesBanco 

4,455‌

145‌

West

BanCorp 

1,206‌

26‌

Westamerica

BanCorp 

1,987‌

104‌

WSFS

Financial 

4,523‌

240‌

21,076‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Capital

Markets

 1.8%

AlTi

Global (1)

2,438‌

11‌

Artisan

Partners

Asset

Management,

Class

A 

4,843‌

209‌

B.

Riley

Financial 

1,437‌

7‌

BGC

Group,

Class

A 

27,866‌

252‌

Brightsphere

Investment

Group 

2,069‌

55‌

Cohen

&

Steers 

2,116‌

195‌

Diamond

Hill

Investment

Group 

198‌

31‌

DigitalBridge

Group 

12,254‌

138‌

Donnelley

Financial

Solutions (1)

2,001‌

126‌

Forge

Global

Holdings (1)

9,470‌

9‌

GCM

Grosvenor,

Class

A 

3,177‌

39‌

Hamilton

Lane,

Class

A 

2,939‌

435‌

MarketWise 

1,695‌

1‌

Moelis,

Class

A 

5,408‌

400‌

Open

Lending (1)

8,065‌

48‌

P10,

Class

A 

3,047‌

38‌

Patria

Investments,

Class

A 

4,379‌

51‌

Perella

Weinberg

Partners 

3,968‌

95‌

Piper

Sandler 

1,328‌

398‌

PJT

Partners,

Class

A 

1,788‌

282‌

Silvercrest

Asset

Management

Group,

Class

A 

726‌

13‌

StepStone

Group,

Class

A 

5,036‌

291‌

StoneX

Group (1)

2,135‌

209‌

Value

Line 

68‌

4‌

Victory

Capital

Holdings,

Class

A 

3,162‌

207‌

Virtus

Investment

Partners 

522‌

115‌

WisdomTree 

10,785‌

113‌

3,772‌

Consumer

Finance

 1.0%

Atlanticus

Holdings (1)

417‌

23‌

Bread

Financial

Holdings 

3,821‌

233‌

Consumer

Portfolio

Services (1)

660‌

7‌

Dave (1)

615‌

53‌

Encore

Capital

Group (1)

1,783‌

85‌

Enova

International (1)

1,947‌

187‌

FirstCash

Holdings 

2,952‌

306‌

Green

Dot,

Class

A (1)

4,243‌

45‌

LendingClub (1)

8,438‌

137‌

LendingTree (1)

740‌

29‌

Medallion

Financial (2)

1,359‌

13‌

Moneylion (1)

676‌

58‌

Navient 

6,009‌

80‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Nelnet,

Class

A 

1,099‌

117‌

NerdWallet,

Class

A (1)

2,656‌

35‌

OppFi 

1,542‌

12‌

PRA

Group (1)

3,036‌

63‌

PROG

Holdings 

3,159‌

134‌

Regional

Management 

623‌

21‌

Upstart

Holdings (1)

6,008‌

370‌

World

Acceptance (1)

257‌

29‌

2,037‌

Financial

Services

 2.6%

Acacia

Research (1)

2,693‌

12‌

Alerus

Financial 

1,672‌

32‌

AvidXchange

Holdings (1)

13,459‌

139‌

Banco

Latinoamericano

de

Comercio

Exterior,

Class

E 

2,088‌

74‌

Burford

Capital 

15,332‌

195‌

Cannae

Holdings 

4,362‌

87‌

Cantaloupe (1)

4,366‌

41‌

Cass

Information

Systems 

1,041‌

43‌

Compass

Diversified

Holdings 

5,153‌

119‌

Enact

Holdings 

2,183‌

71‌

Essent

Group 

7,985‌

435‌

EVERTEC 

4,985‌

172‌

Federal

Agricultural

Mortgage,

Class

C 

700‌

138‌

Flywire (1)

9,355‌

193‌

HA

Sustainable

Infrastructure

Capital 

8,862‌

238‌

I3

Verticals,

Class

A (1)

1,725‌

40‌

International

Money

Express (1)

2,389‌

50‌

Jackson

Financial,

Class

A 

5,767‌

502‌

Marqeta,

Class

A (1)

36,570‌

139‌

Merchants

Bancorp 

1,354‌

49‌

Mr.

Cooper

Group (1)

4,826‌

463‌

NCR

Atleos (1)

5,588‌

189‌

NewtekOne 

1,986‌

25‌

NMI

Holdings,

Class

A (1)

6,029‌

222‌

Onity

Group (1)

468‌

14‌

Pagseguro

Digital,

Class

A (1)(2)

14,315‌

90‌

Payoneer

Global (1)

22,274‌

224‌

Paysafe (1)(2)

2,385‌

41‌

Paysign (1)

2,168‌

6‌

PennyMac

Financial

Services 

2,040‌

208‌

Priority

Technology

Holdings (1)

1,624‌

19‌

Radian

Group 

11,601‌

368‌

Remitly

Global (1)

11,448‌

258‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Repay

Holdings (1)

6,567‌

50‌

Sezzle (1)

175‌

45‌

StoneCo,

Class

A (1)

22,121‌

176‌

SWK

Holdings (1)(2)

287‌

5‌

Velocity

Financial (1)

749‌

15‌

Walker

&

Dunlop 

2,459‌

239‌

Waterstone

Financial 

1,266‌

17‌

5,443‌

Insurance

 1.9%

Ambac

Financial

Group (1)

3,599‌

46‌

American

Coastal

Insurance,

Class

C (1)(2)

1,763‌

24‌

AMERISAFE 

1,481‌

76‌

Baldwin

Insurance

Group (1)

5,147‌

199‌

Bowhead

Specialty

Holdings (1)

900‌

32‌

CNO

Financial

Group 

8,072‌

300‌

Crawford,

Class

A 

1,196‌

14‌

Donegal

Group,

Class

A 

1,219‌

19‌

Employers

Holdings 

1,878‌

96‌

Enstar

Group (1)

971‌

313‌

F&G

Annuities

&

Life 

1,456‌

60‌

Fidelis

Insurance

Holdings 

3,970‌

72‌

Genworth

Financial (1)

33,079‌

231‌

GoHealth,

Class

A (1)

368‌

5‌

Goosehead

Insurance,

Class

A (1)

1,730‌

185‌

Greenlight

Capital

Re,

Class

A (1)

2,060‌

29‌

Hamilton

Insurance

Group,

Class

B (1)

3,087‌

59‌

HCI

Group 

644‌

75‌

Heritage

Insurance

Holdings (1)

1,641‌

20‌

Hippo

Holdings (1)

1,595‌

43‌

Horace

Mann

Educators 

3,177‌

125‌

Investors

Title 

103‌

24‌

James

River

Group

Holdings 

2,136‌

10‌

Kingsway

Financial

Services (1)(2)

939‌

8‌

Lemonade (1)(2)

3,970‌

146‌

Maiden

Holdings (1)

6,747‌

11‌

MBIA 

3,396‌

22‌

Mercury

General 

2,064‌

137‌

NI

Holdings (1)

507‌

8‌

Palomar

Holdings (1)

1,985‌

210‌

ProAssurance (1)

3,888‌

62‌

Root,

Class

A (1)

648‌

47‌

Safety

Insurance

Group 

1,116‌

92‌

Selective

Insurance

Group 

4,654‌

435‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Selectquote (1)

10,761‌

40‌

SiriusPoint (1)

7,123‌

117‌

Skyward

Specialty

Insurance

Group (1)

2,863‌

145‌

Stewart

Information

Services 

2,086‌

141‌

Tiptree 

1,940‌

40‌

Trupanion (1)(2)

2,554‌

123‌

United

Fire

Group 

1,661‌

47‌

Universal

Insurance

Holdings 

1,781‌

38‌

3,926‌

Mortgage

Real

Estate

Investment

Trusts

 0.9%

Advanced

Flower

Capital,

REIT (2)

1,292‌

11‌

AG

Mortgage

Investment

Trust,

REIT 

2,051‌

14‌

Angel

Oak

Mortgage

REIT,

REIT 

792‌

7‌

Apollo

Commercial

Real

Estate

Finance,

REIT (2)

10,497‌

91‌

Arbor

Realty

Trust,

REIT (2)

14,092‌

195‌

Ares

Commercial

Real

Estate,

REIT (2)

4,362‌

26‌

ARMOUR

Residential

REIT,

REIT 

4,285‌

81‌

Blackstone

Mortgage

Trust,

Class

A,

REIT 

13,339‌

232‌

BrightSpire

Capital,

REIT 

10,117‌

57‌

Chicago

Atlantic

Real

Estate

Finance,

REIT 

1,423‌

22‌

Chimera

Investment,

REIT 

6,127‌

86‌

Claros

Mortgage

Trust (2)

6,439‌

29‌

Dynex

Capital,

REIT (2)

5,955‌

75‌

Ellington

Financial,

REIT (2)

6,564‌

80‌

Franklin

BSP

Realty

Trust,

REIT 

6,253‌

78‌

Granite

Point

Mortgage

Trust,

REIT 

3,857‌

11‌

Invesco

Mortgage

Capital,

REIT (2)

4,138‌

33‌

KKR

Real

Estate

Finance

Trust,

REIT 

4,407‌

44‌

Ladder

Capital,

REIT 

8,632‌

97‌

MFA

Financial,

REIT (2)

7,789‌

79‌

New

York

Mortgage

Trust,

REIT 

6,742‌

41‌

Nexpoint

Real

Estate

Finance,

REIT 

543‌

8‌

Orchid

Island

Capital,

REIT (2)

5,914‌

46‌

PennyMac

Mortgage

Investment

Trust,

REIT 

6,612‌

83‌

Ready

Capital,

REIT (2)

12,294‌

84‌

Redwood

Trust,

REIT 

10,041‌

66‌

Seven

Hills

Realty

Trust,

REIT 

900‌

12‌

Sunrise

Realty

Trust,

REIT (2)

371‌

5‌

TPG

RE

Finance

Trust,

REIT 

4,457‌

38‌

Two

Harbors

Investment,

REIT 

7,849‌

93‌

1,824‌

Total

Financials

38,078‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

HEALTH

CARE

 16.4%

Biotechnology

 8.3%

2seventy

bio (1)(2)

3,405‌

10‌

4D

Molecular

Therapeutics (1)

3,754‌

21‌

89bio (1)

6,419‌

50‌

Absci (1)(2)

5,644‌

15‌

ACADIA

Pharmaceuticals (1)

9,258‌

170‌

ACELYRIN (1)

5,437‌

17‌

Achieve

Life

Sciences (1)

2,475‌

9‌

Acrivon

Therapeutics (1)

832‌

5‌

Actinium

Pharmaceuticals (1)(2)

2,219‌

3‌

Acumen

Pharmaceuticals (1)

3,108‌

5‌

ADC

Therapeutics (1)

6,204‌

12‌

ADMA

Biologics (1)

17,259‌

296‌

Aduro

Biotech,

CVR (1)(3)

35‌

—‌

Adverum

Biotechnologies (1)(2)

1,503‌

7‌

Aerovate

Therapeutics (1)

719‌

2‌

Agenus (1)(2)

1,464‌

4‌

Agios

Pharmaceuticals (1)

4,375‌

144‌

Akebia

Therapeutics (1)(2)

15,556‌

30‌

Akero

Therapeutics (1)

5,247‌

146‌

Aldeyra

Therapeutics (1)

3,836‌

19‌

Alector (1)

6,019‌

11‌

Alkermes (1)

12,329‌

355‌

Allogene

Therapeutics (1)(2)

9,283‌

20‌

Altimmune (1)(2)

5,280‌

38‌

ALX

Oncology

Holdings (1)(2)

2,369‌

4‌

Amicus

Therapeutics (1)

22,550‌

212‌

AnaptysBio (1)(2)

1,759‌

23‌

Anavex

Life

Sciences (1)(2)

5,849‌

63‌

Anika

Therapeutics (1)

926‌

15‌

Annexon (1)

7,339‌

38‌

Apogee

Therapeutics (1)

2,936‌

133‌

Applied

Therapeutics (1)

7,342‌

6‌

Arbutus

Biopharma (1)

11,618‌

38‌

Arcellx (1)

3,296‌

253‌

Arcturus

Therapeutics

Holdings (1)(2)

1,687‌

29‌

Arcus

Biosciences (1)

4,156‌

62‌

Arcutis

Biotherapeutics (1)

8,296‌

116‌

Ardelyx (1)

18,294‌

93‌

ArriVent

Biopharma (1)(2)

2,203‌

59‌

Arrowhead

Pharmaceuticals (1)

9,254‌

174‌

ARS

Pharmaceuticals (1)

3,875‌

41‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Artiva

Biotherapeutics (1)

1,130‌

11‌

Astria

Therapeutics (1)

3,692‌

33‌

Atossa

Therapeutics (1)(2)

9,139‌

9‌

Aura

Biosciences (1)(2)

3,450‌

28‌

Aurinia

Pharmaceuticals (1)

10,419‌

94‌

Avid

Bioservices (1)

4,755‌

59‌

Avidity

Biosciences (1)

8,511‌

248‌

Avita

Medical (1)(2)

2,114‌

27‌

Beam

Therapeutics (1)

5,916‌

147‌

Bicara

Therapeutics (1)

1,463‌

26‌

BioCryst

Pharmaceuticals (1)

15,954‌

120‌

Biohaven (1)

6,624‌

247‌

Biomea

Fusion (1)(2)

2,035‌

8‌

Black

Diamond

Therapeutics (1)

2,659‌

6‌

Bluebird

Bio (1)(2)

615‌

5‌

Blueprint

Medicines (1)

4,865‌

424‌

Boundless

Bio (1)

1,891‌

5‌

Bridgebio

Pharma (1)

10,748‌

295‌

C4

Therapeutics (1)

4,982‌

18‌

Cabaletta

Bio (1)

3,025‌

7‌

CAMP4

Therapeutics (1)

522‌

3‌

Candel

Therapeutics (1)

1,831‌

16‌

Capricor

Therapeutics (1)

2,823‌

39‌

Cardiff

Oncology (1)(2)

2,920‌

13‌

CareDx (1)

3,850‌

82‌

Cargo

Therapeutics (1)

2,543‌

37‌

Caribou

Biosciences (1)(2)

5,667‌

9‌

Cartesian

Therapeutics (1)

760‌

14‌

Cartesian

Therapeutics,

CVR (1)(2)(3)

5,723‌

13‌

Catalyst

Pharmaceuticals (1)

8,548‌

178‌

Celcuity (1)

2,528‌

33‌

Celldex

Therapeutics (1)

4,990‌

126‌

Century

Therapeutics (1)

3,398‌

3‌

CervoMed (1)(2)

403‌

1‌

CG

oncology (1)

3,590‌

103‌

Chinook

Therapeutics,

CVR (1)(3)

2,945‌

—‌

Cibus (1)

1,082‌

3‌

Climb

Bio (1)

2,149‌

4‌

Cogent

Biosciences (1)

7,009‌

55‌

Coherus

Biosciences (1)(2)

9,190‌

13‌

Compass

Therapeutics (1)

9,153‌

13‌

Corbus

Pharmaceuticals

Holdings (1)

1,010‌

12‌

Crinetics

Pharmaceuticals (1)

6,714‌

343‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Cullinan

Therapeutics (1)

4,158‌

51‌

Cytokinetics (1)

8,745‌

411‌

Day

One

Biopharmaceuticals (1)

3,976‌

50‌

Denali

Therapeutics (1)

9,560‌

195‌

Design

Therapeutics (1)(2)

2,333‌

14‌

Dianthus

Therapeutics (1)(2)

1,767‌

39‌

Disc

Medicine (1)

1,502‌

95‌

Dynavax

Technologies (1)

10,177‌

130‌

Dyne

Therapeutics (1)

6,352‌

150‌

Editas

Medicine (1)(2)

6,357‌

8‌

Elevation

Oncology (1)

3,790‌

2‌

Enanta

Pharmaceuticals (1)

1,572‌

9‌

Entrada

Therapeutics (1)

1,838‌

32‌

Erasca (1)

14,628‌

37‌

Fate

Therapeutics (1)(2)

8,305‌

14‌

Fennec

Pharmaceuticals (1)(2)

1,710‌

11‌

Fibrobiologics (1)

1,861‌

4‌

Foghorn

Therapeutics (1)

1,920‌

9‌

Galectin

Therapeutics (1)(2)

1,650‌

2‌

Generation

Bio (1)

4,214‌

4‌

Geron (1)

45,542‌

161‌

Greenwich

Lifesciences (1)

442‌

5‌

GTx,

CVR (1)(3)

1‌

—‌

Gyre

Therapeutics (1)(2)

534‌

6‌

Halozyme

Therapeutics (1)

9,543‌

456‌

Heron

Therapeutics (1)(2)

8,205‌

13‌

HilleVax (1)

2,200‌

5‌

Humacyte (1)(2)

6,543‌

33‌

Ideaya

Biosciences (1)

6,501‌

167‌

IGM

Biosciences (1)(2)

1,067‌

7‌

ImmunityBio (1)(2)

11,076‌

28‌

Immunome (1)

4,055‌

43‌

Immunovant (1)

4,486‌

111‌

Inhibrx,

CVR (1)(3)

2,250‌

—‌

Inhibrx

Biosciences (1)

798‌

12‌

Inmune

Bio (1)

900‌

4‌

Inovio

Pharmaceuticals (1)

1,808‌

3‌

Inozyme

Pharma (1)(2)

3,607‌

10‌

Insmed (1)

13,242‌

914‌

Intellia

Therapeutics (1)

7,661‌

89‌

Invivyd (1)

5,891‌

3‌

Iovance

Biotherapeutics (1)

20,900‌

155‌

Ironwood

Pharmaceuticals (1)

11,131‌

49‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

iTeos

Therapeutics (1)

1,860‌

14‌

Janux

Therapeutics (1)

2,166‌

116‌

Jasper

Therapeutics (1)

800‌

17‌

KalVista

Pharmaceuticals (1)

2,576‌

22‌

Keros

Therapeutics (1)

2,273‌

36‌

Kiniksa

Pharmaceuticals

International (1)

3,008‌

60‌

Kodiak

Sciences (1)

2,495‌

25‌

Korro

Bio (1)

434‌

17‌

Krystal

Biotech (1)

1,900‌

298‌

Kura

Oncology (1)

5,516‌

48‌

Kymera

Therapeutics (1)

3,575‌

144‌

Kyverna

Therapeutics (1)(2)

2,366‌

9‌

Larimar

Therapeutics (1)

2,961‌

11‌

LENZ

Therapeutics (2)

939‌

27‌

Lexeo

Therapeutics (1)(2)

1,720‌

11‌

Lexicon

Pharmaceuticals (1)(2)

8,220‌

6‌

Lineage

Cell

Therapeutics (1)(2)

10,661‌

5‌

Lyell

Immunopharma (1)

11,054‌

7‌

MacroGenics (1)(2)

4,854‌

16‌

Madrigal

Pharmaceuticals (1)

1,375‌

424‌

MannKind (1)

20,470‌

132‌

MeiraGTx

Holdings (1)

3,462‌

21‌

Mersana

Therapeutics (1)

8,565‌

12‌

Metagenomi (1)

2,226‌

8‌

MiMedx

Group (1)

8,983‌

86‌

Mineralys

Therapeutics (1)(2)

2,130‌

26‌

Mirum

Pharmaceuticals (1)

3,065‌

127‌

Monte

Rosa

Therapeutics (1)(2)

3,010‌

21‌

Myriad

Genetics (1)

6,920‌

95‌

Neurogene (1)

763‌

17‌

Nkarta (1)

3,723‌

9‌

Novavax (1)(2)

11,753‌

95‌

Nurix

Therapeutics (1)

5,352‌

101‌

Nuvalent,

Class

A (1)

2,700‌

211‌

Ocugen (1)

23,842‌

19‌

Olema

Pharmaceuticals (1)

2,969‌

17‌

Organogenesis

Holdings (1)

6,061‌

19‌

ORIC

Pharmaceuticals (1)

4,632‌

37‌

Outlook

Therapeutics (1)(2)

1,299‌

2‌

Ovid

therapeutics (1)

3,876‌

4‌

PepGen (1)

1,100‌

4‌

Perspective

Therapeutics (1)(2)

4,194‌

13‌

Poseida

Therapeutics (1)

5,437‌

52‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Praxis

Precision

Medicines (1)

1,334‌

103‌

Precigen (1)(2)

11,755‌

13‌

Prelude

Therapeutics (1)(2)

1,020‌

1‌

Prime

Medicine (1)(2)

3,994‌

12‌

ProKidney (1)

7,581‌

13‌

Protagonist

Therapeutics (1)

4,516‌

174‌

Prothena (1)

3,178‌

44‌

PTC

Therapeutics (1)

5,825‌

263‌

Puma

Biotechnology (1)

3,003‌

9‌

Pyxis

Oncology (1)(2)

3,512‌

5‌

Q32

Bio (1)(2)

449‌

2‌

RAPT

Therapeutics (1)

1,901‌

3‌

Recursion

Pharmaceuticals,

Class

A (1)(2)

19,118‌

129‌

REGENXBIO (1)

3,432‌

27‌

Regulus

Therapeutics (1)

4,594‌

7‌

Relay

Therapeutics (1)

9,363‌

39‌

Renovaro (1)(2)

9,147‌

8‌

Replimune

Group (1)

4,766‌

58‌

REVOLUTION

Medicines (1)

12,866‌

563‌

Rhythm

Pharmaceuticals (1)

4,206‌

235‌

Rigel

Pharmaceuticals (1)(2)

1,407‌

24‌

Rocket

Pharmaceuticals (1)

5,134‌

65‌

Sage

Therapeutics (1)

4,292‌

23‌

Sana

Biotechnology (1)(2)

10,025‌

16‌

Savara (1)(2)

9,280‌

29‌

Scholar

Rock

Holding (1)

5,980‌

258‌

Sera

Prognostics,

Class

A (1)(2)

2,324‌

19‌

Shattuck

Labs (1)(2)

2,823‌

3‌

Skye

Bioscience (1)

1,254‌

4‌

Soleno

Therapeutics (1)

1,952‌

88‌

Solid

Biosciences (1)

1,637‌

7‌

SpringWorks

Therapeutics (1)

5,286‌

191‌

Spyre

Therapeutics (1)

2,713‌

63‌

Stoke

Therapeutics (1)

2,646‌

29‌

Summit

Therapeutics (1)(2)

7,126‌

127‌

Sutro

Biopharma (1)

5,814‌

11‌

Syndax

Pharmaceuticals (1)

6,363‌

84‌

Tango

Therapeutics (1)

3,332‌

10‌

Taysha

Gene

Therapies (1)

12,844‌

22‌

Tenaya

Therapeutics (1)(2)

4,112‌

6‌

Tevogen

Bio

Holdings (1)

2,273‌

2‌

TG

Therapeutics (1)

10,691‌

322‌

Tobira

Therapeutics,

CVR (1)(3)

25‌

—‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Tourmaline

Bio (1)

1,711‌

35‌

Travere

Therapeutics (1)

5,850‌

102‌

TScan

Therapeutics (1)(2)

2,713‌

8‌

Twist

Bioscience (1)

4,506‌

209‌

Tyra

Biosciences (1)(2)

1,519‌

21‌

Upstream

Bio (1)

1,320‌

22‌

UroGen

Pharma (1)(2)

2,926‌

31‌

Vanda

Pharmaceuticals (1)(2)

4,465‌

21‌

Vaxcyte (1)

9,539‌

781‌

Vera

Therapeutics (1)

3,375‌

143‌

Veracyte (1)

5,902‌

234‌

Verastem (1)(2)

3,372‌

17‌

Vericel (1)

3,771‌

207‌

Verve

Therapeutics (1)

5,288‌

30‌

Vir

Biotechnology (1)

6,998‌

51‌

Viridian

Therapeutics (1)

5,572‌

107‌

Voyager

Therapeutics (1)

3,623‌

21‌

Werewolf

Therapeutics (1)

2,308‌

3‌

X4

Pharmaceuticals (1)(2)

13,342‌

10‌

XBiotech (1)

1,387‌

5‌

Xencor (1)

5,129‌

118‌

XOMA

Royalty (1)

595‌

16‌

Y-mAbs

Therapeutics (1)

2,731‌

21‌

Zenas

Biopharma (1)

1,164‌

10‌

Zentalis

Pharmaceuticals (1)(2)

4,970‌

15‌

Zura

Bio (1)(2)

3,266‌

8‌

Zymeworks (1)

4,131‌

60‌

17,077‌

Health

Care

Equipment

&

Supplies

 3.0%

Accuray (1)

7,055‌

14‌

Alphatec

Holdings (1)(2)

7,988‌

73‌

AngioDynamics (1)

2,998‌

28‌

Artivion (1)

3,015‌

86‌

AtriCure (1)

3,657‌

112‌

Avanos

Medical (1)

3,453‌

55‌

Axogen (1)

3,170‌

52‌

Bioventus,

Class

A (1)

2,807‌

30‌

Ceribell (1)

933‌

24‌

Cerus (1)

14,104‌

22‌

CONMED 

2,386‌

163‌

CVRx (1)

1,005‌

13‌

Embecta 

4,500‌

93‌

Fractyl

Health (1)(2)

2,604‌

5‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Glaukos (1)

3,762‌

564‌

Haemonetics (1)

3,847‌

300‌

ICU

Medical (1)

1,639‌

254‌

Inari

Medical (1)

4,067‌

208‌

Inmode (1)

5,451‌

91‌

Inogen (1)

1,691‌

16‌

Integer

Holdings (1)

2,553‌

338‌

Integra

LifeSciences

Holdings (1)

5,226‌

119‌

iRadimed 

599‌

33‌

iRhythm

Technologies (1)

2,393‌

216‌

Lantheus

Holdings (1)

5,296‌

474‌

LeMaitre

Vascular 

1,570‌

145‌

LivaNova (1)

4,174‌

193‌

Merit

Medical

Systems (1)

4,378‌

423‌

Neogen (1)

16,776‌

204‌

NeuroPace (1)

1,013‌

11‌

Nevro (1)

2,740‌

10‌

Novocure (1)

8,179‌

244‌

Omnicell (1)

3,530‌

157‌

OraSure

Technologies (1)

5,394‌

20‌

Orchestra

BioMed

Holdings (1)(2)

1,670‌

7‌

Orthofix

Medical (1)

2,703‌

47‌

OrthoPediatrics (1)

1,217‌

28‌

Paragon

28 (1)(2)

3,633‌

38‌

PROCEPT

BioRobotics (1)

3,420‌

275‌

Pulmonx (1)

2,685‌

18‌

Pulse

Biosciences (1)

1,325‌

23‌

RxSight (1)

2,774‌

95‌

Sanara

Medtech (1)

275‌

9‌

Semler

Scientific (1)

397‌

21‌

SI-BONE (1)

3,258‌

46‌

Sight

Sciences (1)

2,499‌

9‌

STAAR

Surgical (1)

3,833‌

93‌

Stereotaxis (1)

4,067‌

9‌

Surmodics (1)

1,024‌

41‌

Tactile

Systems

Technology (1)

1,768‌

30‌

Tandem

Diabetes

Care (1)(2)

5,071‌

183‌

TransMedics

Group (1)(2)

2,498‌

156‌

Treace

Medical

Concepts (1)

3,961‌

30‌

UFP

Technologies (1)

559‌

137‌

Utah

Medical

Products 

251‌

15‌

Varex

Imaging (1)

2,907‌

42‌

Zimvie (1)

2,015‌

28‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Zynex (1)(2)

1,133‌

9‌

6,179‌

Health

Care

Providers

&

Services

 2.8%

Accolade (1)

5,988‌

21‌

AdaptHealth (1)

7,679‌

73‌

Addus

HomeCare (1)

1,342‌

168‌

agilon

health (1)

24,353‌

46‌

AirSculpt

Technologies (1)(2)

1,045‌

5‌

Alignment

Healthcare (1)

7,618‌

86‌

AMN

Healthcare

Services (1)

3,005‌

72‌

Ardent

Health

Partners (1)

859‌

15‌

Astrana

Health (1)

3,326‌

105‌

Aveanna

Healthcare

Holdings (1)(2)

3,820‌

17‌

BrightSpring

Health

Services (1)(2)

4,061‌

69‌

Brookdale

Senior

Living (1)(2)

14,867‌

75‌

Castle

Biosciences (1)

1,943‌

52‌

Community

Health

Systems (1)

9,385‌

28‌

Concentra

Group

Holdings

Parent 

8,508‌

168‌

CorVel (1)

2,043‌

227‌

Cross

Country

Healthcare (1)

2,561‌

47‌

DocGo (1)(2)

8,225‌

35‌

Enhabit (1)

3,762‌

29‌

Ensign

Group 

4,267‌

567‌

Fulgent

Genetics (1)(2)

1,514‌

28‌

GeneDx

Holdings (1)

993‌

76‌

Guardant

Health (1)

9,023‌

276‌

HealthEquity (1)

6,595‌

633‌

Hims

&

Hers

Health (1)

14,524‌

351‌

InfuSystem

Holdings (1)

1,766‌

15‌

Innovage

Holding (1)

1,322‌

5‌

Joint (1)

1,025‌

11‌

LifeStance

Health

Group (1)

10,630‌

78‌

ModivCare (1)

815‌

10‌

Nano-X

Imaging (1)(2)

4,056‌

29‌

National

HealthCare 

970‌

104‌

National

Research 

1,102‌

19‌

NeoGenomics (1)

9,857‌

162‌

OPKO

Health (1)(2)

24,266‌

36‌

Option

Care

Health (1)

13,147‌

305‌

Oscar

Health,

Class

A (1)

15,300‌

206‌

Owens

&

Minor (1)

5,863‌

77‌

PACS

Group (1)

2,899‌

38‌

Patterson 

6,102‌

188‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Pediatrix

Medical

Group (1)

6,682‌

88‌

Pennant

Group (1)

2,495‌

66‌

Performant

Healthcare (1)

5,148‌

16‌

Privia

Health

Group (1)

7,891‌

154‌

Progyny (1)

6,009‌

104‌

Quipt

Home

Medical (1)(2)

2,664‌

8‌

RadNet (1)

5,061‌

353‌

Select

Medical

Holdings 

8,372‌

158‌

Sonida

Senior

Living (1)(2)

424‌

10‌

Surgery

Partners (1)

5,929‌

126‌

Talkspace (1)(2)

9,173‌

28‌

U.S.

Physical

Therapy 

1,136‌

101‌

Viemed

Healthcare (1)

2,795‌

22‌

5,786‌

Health

Care

Technology

 0.3%

Definitive

Healthcare (1)

3,765‌

15‌

Evolent

Health,

Class

A (1)

8,943‌

101‌

Health

Catalyst (1)

4,515‌

32‌

HealthStream 

1,907‌

61‌

LifeMD (1)

3,033‌

15‌

OptimizeRx (1)

1,315‌

6‌

Phreesia (1)

4,214‌

106‌

Schrodinger (1)

4,302‌

83‌

Simulations

Plus 

1,182‌

33‌

Teladoc

Health (1)

13,288‌

121‌

Waystar

Holding (1)

3,280‌

120‌

693‌

Life

Sciences

Tools

&

Services

 0.3%

Adaptive

Biotechnologies (1)

9,033‌

54‌

Akoya

Biosciences (1)(2)

1,594‌

4‌

BioLife

Solutions (1)

2,808‌

73‌

ChromaDex (1)

3,559‌

19‌

Codexis (1)

6,438‌

31‌

Conduit

Pharmaceuticals (1)

2,132‌

—‌

CryoPort (1)

3,505‌

27‌

Cytek

Biosciences (1)

9,458‌

61‌

Harvard

Bioscience (1)

2,632‌

6‌

Lifecore

Biomedical (1)

1,566‌

12‌

Maravai

LifeSciences

Holdings,

Class

A (1)

8,238‌

45‌

MaxCyte (1)(2)

7,801‌

32‌

Mesa

Laboratories 

403‌

53‌

Nautilus

Biotechnology (1)

3,273‌

6‌

Omniab (1)

6,953‌

25‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Omniab,

Earn

Out

Shares

$12.50 (1)

233‌

—‌

Omniab,

Earn

Out

Shares

$15.00 (1)

233‌

—‌

Pacific

Biosciences

of

California (1)(2)

21,150‌

39‌

Quanterix (1)

2,669‌

28‌

Quantum-Si (1)(2)

8,603‌

23‌

Standard

BioTools (1)(2)

21,870‌

38‌

576‌

Pharmaceuticals

 1.7%

Alto

Neuroscience (1)

1,555‌

7‌

Alumis (1)(2)

940‌

7‌

Amneal

Pharmaceuticals (1)

12,373‌

98‌

Amphastar

Pharmaceuticals (1)

2,914‌

108‌

ANI

Pharmaceuticals (1)

1,439‌

80‌

Aquestive

Therapeutics (1)

5,779‌

21‌

Arvinas (1)

4,866‌

93‌

Atea

Pharmaceuticals (1)

5,622‌

19‌

Avadel

Pharmaceuticals (1)(2)

7,207‌

76‌

Axsome

Therapeutics (1)

2,824‌

239‌

BioAge

Labs (1)

919‌

5‌

Biote,

Class

A (1)

1,931‌

12‌

Cassava

Sciences (1)(2)

3,016‌

7‌

Collegium

Pharmaceutical (1)

2,429‌

70‌

Contineum

Therapeutics,

Class

A (1)

916‌

13‌

Corcept

Therapeutics (1)(2)

6,195‌

312‌

CorMedix (1)

4,548‌

37‌

Edgewise

Therapeutics (1)

5,616‌

150‌

Enliven

Therapeutics (1)(2)

2,687‌

60‌

Esperion

Therapeutics (1)

14,093‌

31‌

Evolus (1)

4,235‌

47‌

EyePoint

Pharmaceuticals (1)

5,039‌

38‌

Fulcrum

Therapeutics (1)

5,003‌

23‌

Harmony

Biosciences

Holdings (1)

2,907‌

100‌

Harrow (1)

2,324‌

78‌

Innoviva (1)

4,300‌

75‌

Ligand

Pharmaceuticals (1)

1,341‌

144‌

Liquidia (1)

4,862‌

57‌

Lyra

Therapeutics (1)

5,483‌

1‌

MBX

Biosciences (1)

852‌

16‌

MediWound (1)(2)

585‌

10‌

Mind

Medicine

MindMed (1)(2)

6,192‌

43‌

Nektar

Therapeutics (1)

12,692‌

12‌

Neumora

Therapeutics (1)

6,420‌

68‌

Nuvation

Bio (1)(2)

13,796‌

37‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Ocular

Therapeutix (1)(2)

12,039‌

103‌

Omeros (1)

4,431‌

44‌

Pacira

BioSciences (1)

3,471‌

65‌

Phathom

Pharmaceuticals (1)(2)

2,918‌

24‌

Phibro

Animal

Health,

Class

A 

1,526‌

32‌

Pliant

Therapeutics (1)

4,473‌

59‌

Prestige

Consumer

Healthcare (1)

3,796‌

296‌

Rapport

Therapeutics (1)

659‌

12‌

Revance

Therapeutics (1)

7,721‌

23‌

Scilex

Holding (1)

2,710‌

1‌

scPharmaceuticals (1)(2)

2,863‌

10‌

Septerna (1)

1,408‌

32‌

SIGA

Technologies 

3,626‌

22‌

Supernus

Pharmaceuticals (1)

3,874‌

140‌

Tarsus

Pharmaceuticals (1)

2,845‌

157‌

Telomir

Pharmaceuticals (1)

1,384‌

6‌

Terns

Pharmaceuticals (1)

5,426‌

30‌

Theravance

Biopharma (1)

2,753‌

26‌

Third

Harmonic

Bio (1)

1,493‌

15‌

Trevi

Therapeutics (1)

5,000‌

21‌

Ventyx

Biosciences (1)(2)

4,649‌

10‌

Verrica

Pharmaceuticals (1)(2)

1,287‌

1‌

WaVe

Life

Sciences (1)

7,031‌

87‌

Xeris

Biopharma

Holdings (1)

11,061‌

37‌

Zevra

Therapeutics (1)

4,078‌

34‌

3,481‌

Total

Health

Care

33,792‌

INDUSTRIALS

&

BUSINESS

SERVICES

 17.6%

Aerospace

&

Defense

 1.4%

AAR (1)

2,700‌

166‌

AeroVironment (1)

2,151‌

331‌

AerSale (1)

2,549‌

16‌

Archer

Aviation,

Class

A (1)(2)

17,874‌

174‌

Astronics (1)

2,167‌

35‌

Byrna

Technologies (1)(2)

1,365‌

39‌

Cadre

Holdings 

1,990‌

64‌

Ducommun (1)

1,078‌

69‌

Eve

Holding (1)(2)

4,001‌

22‌

Intuitive

Machines (1)(2)

2,430‌

44‌

Kratos

Defense

&

Security

Solutions (1)

11,339‌

299‌

Leonardo

DRS (1)

5,703‌

184‌

Mercury

Systems (1)

4,019‌

169‌

Moog,

Class

A 

2,173‌

428‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

National

Presto

Industries 

401‌

40‌

Park

Aerospace 

1,389‌

20‌

Redwire (1)(2)

1,830‌

30‌

Rocket

Lab

USA (1)

26,732‌

681‌

Triumph

Group (1)

5,574‌

104‌

V2X (1)

1,086‌

52‌

Virgin

Galactic

Holdings (1)(2)

2,276‌

13‌

VirTra (1)(2)

796‌

5‌

2,985‌

Air

Freight

&

Logistics

 0.2%

Air

Transport

Services

Group (1)

3,901‌

86‌

Forward

Air (1)

1,961‌

63‌

Hub

Group,

Class

A 

4,608‌

205‌

Radiant

Logistics (1)

2,795‌

19‌

373‌

Building

Products

 1.4%

American

Woodmark (1)

1,207‌

96‌

Apogee

Enterprises 

1,688‌

121‌

AZZ 

2,246‌

184‌

Caesarstone (1)

1,525‌

6‌

CSW

Industrials 

1,282‌

452‌

Gibraltar

Industries (1)

2,357‌

139‌

Griffon 

2,891‌

206‌

Insteel

Industries 

1,390‌

38‌

Janus

International

Group (1)

11,025‌

81‌

JELD-WEN

Holding (1)

6,396‌

52‌

Masterbrand (1)

9,761‌

143‌

Quanex

Building

Products 

3,510‌

85‌

Resideo

Technologies (1)

11,169‌

257‌

Tecnoglass (2)

1,739‌

138‌

UFP

Industries 

4,652‌

524‌

Zurn

Elkay

Water

Solutions 

11,022‌

411‌

2,933‌

Commercial

Services

&

Supplies

 1.8%

ABM

Industries 

4,835‌

247‌

ACCO

Brands 

6,990‌

37‌

ACV

Auctions,

Class

A (1)

11,319‌

244‌

Aris

Water

Solutions,

Class

A 

2,110‌

50‌

Bridger

Aerospace

Group

Holdings (1)

759‌

2‌

BrightView

Holdings (1)

4,436‌

71‌

Brink's 

3,398‌

315‌

Casella

Waste

Systems,

Class

A (1)

4,803‌

508‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CECO

Environmental (1)

2,287‌

69‌

Cimpress (1)

1,293‌

93‌

CompX

International 

107‌

3‌

CoreCivic (1)

8,445‌

184‌

Deluxe 

3,432‌

77‌

Driven

Brands

Holdings (1)

4,659‌

75‌

Ennis 

1,960‌

41‌

Enviri (1)

5,920‌

46‌

GEO

Group (1)

9,760‌

273‌

Healthcare

Services

Group (1)

5,842‌

68‌

HNI 

3,654‌

184‌

Interface 

4,355‌

106‌

LanzaTech

Global (1)(2)

8,002‌

11‌

Liquidity

Services (1)

1,604‌

52‌

Matthews

International,

Class

A 

2,322‌

64‌

MillerKnoll 

5,385‌

122‌

Montrose

Environmental

Group (1)

2,507‌

46‌

NL

Industries 

586‌

5‌

OPENLANE (1)

8,301‌

165‌

Perma-Fix

Environmental

Services (1)

1,140‌

13‌

Pitney

Bowes 

12,418‌

90‌

Quad/Graphics 

2,475‌

17‌

Quest

Resource

Holding (1)(2)

1,245‌

8‌

Steelcase,

Class

A 

7,038‌

83‌

UniFirst 

1,162‌

199‌

Viad (1)

1,598‌

68‌

Virco

Mfg. 

754‌

8‌

VSE 

1,340‌

127‌

3,771‌

Construction

&

Engineering

 1.7%

Ameresco,

Class

A (1)(2)

2,513‌

59‌

Arcosa 

3,716‌

359‌

Argan 

975‌

134‌

Bowman

Consulting

Group (1)

1,094‌

27‌

Centuri

Holdings (1)

1,270‌

25‌

Concrete

Pumping

Holdings (1)

1,947‌

13‌

Construction

Partners,

Class

A (1)

3,290‌

291‌

Dycom

Industries (1)

2,175‌

379‌

Fluor (1)

13,123‌

647‌

Granite

Construction 

3,375‌

296‌

Great

Lakes

Dredge

&

Dock (1)

5,164‌

58‌

IES

Holdings (1)

634‌

127‌

Limbach

Holdings (1)

799‌

68‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Matrix

Service (1)

1,977‌

24‌

MYR

Group (1)

1,236‌

184‌

Northwest

Pipe (1)

724‌

35‌

Orion

Group

Holdings (1)

2,697‌

20‌

Primoris

Services 

4,093‌

313‌

Southland

Holdings (1)

912‌

3‌

Sterling

Infrastructure (1)

2,283‌

385‌

Tutor

Perini (1)

3,278‌

79‌

3,526‌

Electrical

Equipment

 1.3%

Allient 

1,193‌

29‌

American

Superconductor (1)

2,662‌

66‌

Amprius

Technologies (1)

1,594‌

4‌

Array

Technologies (1)(2)

11,896‌

72‌

Atkore 

2,753‌

230‌

Blink

Charging (1)

6,804‌

9‌

Bloom

Energy,

Class

A (1)

15,389‌

342‌

ChargePoint

Holdings (1)(2)

29,381‌

31‌

Energy

Vault

Holdings (1)(2)

7,782‌

18‌

EnerSys 

3,059‌

283‌

Enovix (1)(2)

12,542‌

136‌

Fluence

Energy (1)(2)

4,818‌

76‌

Freyr

Battery (1)(2)

9,407‌

24‌

FuelCell

Energy (1)(2)

1,290‌

12‌

GrafTech

International (1)(2)

19,809‌

34‌

LSI

Industries 

2,153‌

42‌

NANO

Nuclear

Energy (1)(2)

387‌

10‌

Net

Power (1)(2)

1,768‌

19‌

NEXTracker,

Class

A (1)

11,039‌

403‌

NuScale

Power (1)

6,453‌

116‌

Plug

Power (1)(2)

60,711‌

129‌

Powell

Industries (2)

722‌

160‌

Preformed

Line

Products 

181‌

23‌

SES

AI (1)(2)

10,951‌

24‌

Shoals

Technologies

Group,

Class

A (1)

12,950‌

72‌

SolarMax

Technology (1)

3,527‌

6‌

Solidion

Technology (1)

5,452‌

4‌

Stem (1)(2)

10,858‌

7‌

Sunrun (1)

16,706‌

154‌

Thermon

Group

Holdings (1)

2,592‌

75‌

TPI

Composites (1)(2)

3,457‌

7‌

Ultralife (1)

742‌

5‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Vicor (1)

1,725‌

83‌

2,705‌

Ground

Transportation

 0.4%

ArcBest 

1,801‌

168‌

Covenant

Logistics

Group 

625‌

34‌

FTAI

Infrastructure 

7,691‌

56‌

Heartland

Express 

3,466‌

39‌

Hertz

Global

Holdings (1)(2)

9,169‌

33‌

Marten

Transport 

4,521‌

71‌

Pamt (1)

432‌

7‌

Proficient

Auto

Logistics (1)

1,073‌

9‌

RXO (1)

12,240‌

292‌

Universal

Logistics

Holdings (2)

509‌

23‌

Werner

Enterprises 

4,714‌

169‌

901‌

Industrial

Conglomerates

 0.0%

Brookfield

Business,

Class

A 

2,039‌

49‌

49‌

Machinery

 3.9%

374Water (1)(2)

4,150‌

3‌

3D

Systems (1)

9,685‌

32‌

Alamo

Group 

793‌

147‌

Albany

International,

Class

A 

2,388‌

191‌

Astec

Industries 

1,706‌

57‌

Atmus

Filtration

Technologies 

6,408‌

251‌

Barnes

Group 

3,590‌

170‌

Blue

Bird (1)

2,522‌

97‌

Chart

Industries (1)

3,304‌

631‌

Columbus

McKinnon 

2,144‌

80‌

Commercial

Vehicle

Group (1)

2,104‌

5‌

Douglas

Dynamics 

1,684‌

40‌

Eastern 

379‌

10‌

Energy

Recovery (1)

4,337‌

64‌

Enerpac

Tool

Group 

4,161‌

171‌

Enpro 

1,605‌

277‌

ESCO

Technologies 

1,979‌

264‌

Federal

Signal 

4,602‌

425‌

Franklin

Electric 

3,470‌

338‌

Gencor

Industries (1)

824‌

15‌

Gorman-Rupp 

1,636‌

62‌

Graham (1)

826‌

37‌

Greenbrier 

2,365‌

144‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

41

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Helios

Technologies 

2,568‌

115‌

Hillenbrand 

5,407‌

166‌

Hillman

Solutions (1)

15,140‌

147‌

Hyliion

Holdings (1)

10,655‌

28‌

Hyster-Yale 

905‌

46‌

John

Bean

Technologies 

3,596‌

457‌

Kadant 

899‌

310‌

Kennametal 

6,028‌

145‌

L

B

Foster,

Class

A (1)

646‌

17‌

Lindsay 

822‌

97‌

Luxfer

Holdings 

2,038‌

27‌

Manitowoc (1)

2,650‌

24‌

Mayville

Engineering (1)(2)

941‌

15‌

Miller

Industries 

867‌

57‌

Mueller

Industries 

8,587‌

681‌

Mueller

Water

Products,

Class

A 

11,882‌

267‌

NN (1)

3,332‌

11‌

Omega

Flex 

253‌

11‌

Park-Ohio

Holdings 

642‌

17‌

Proto

Labs (1)

1,954‌

76‌

REV

Group 

3,968‌

126‌

Shyft

Group 

2,514‌

29‌

SPX

Technologies (1)

3,461‌

504‌

Standex

International 

889‌

166‌

Taylor

Devices (1)

258‌

11‌

Tennant 

1,437‌

117‌

Terex 

5,097‌

236‌

Titan

International (1)

3,736‌

25‌

Trinity

Industries 

6,281‌

220‌

Twin

Disc 

811‌

10‌

Wabash

National 

3,255‌

56‌

Watts

Water

Technologies,

Class

A 

2,095‌

426‌

8,151‌

Marine

Transportation

 0.3%

Costamare 

3,239‌

42‌

Genco

Shipping

&

Trading 

3,166‌

44‌

Golden

Ocean

Group 

9,240‌

83‌

Himalaya

Shipping 

2,252‌

11‌

Matson 

2,507‌

338‌

Pangaea

Logistics

Solutions 

2,295‌

12‌

Safe

Bulkers 

4,741‌

17‌

547‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

42

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Passenger

Airlines

 0.5%

Allegiant

Travel 

1,202‌

113‌

Blade

Air

Mobility (1)

4,565‌

20‌

Frontier

Group

Holdings (1)(2)

3,127‌

22‌

JetBlue

Airways (1)

24,195‌

190‌

Joby

Aviation (1)

33,336‌

271‌

SkyWest (1)

3,035‌

304‌

Sun

Country

Airlines

Holdings (1)

3,033‌

44‌

Wheels

Up

Experience (1)(2)

6,435‌

11‌

975‌

Professional

Services

 2.2%

Alight,

Class

A 

32,260‌

223‌

Asure

Software (1)

1,758‌

17‌

Barrett

Business

Services 

1,986‌

86‌

BlackSky

Technology (1)(2)

1,960‌

21‌

CBIZ (1)

3,673‌

301‌

Conduent (1)

12,437‌

50‌

CRA

International 

513‌

96‌

CSG

Systems

International 

2,288‌

117‌

DLH

Holdings (1)

633‌

5‌

ExlService

Holdings (1)

12,085‌

536‌

Exponent 

3,871‌

345‌

First

Advantage (1)

4,646‌

87‌

FiscalNote

Holdings (1)(2)

3,954‌

4‌

Forrester

Research (1)

822‌

13‌

Franklin

Covey (1)

841‌

32‌

Heidrick

&

Struggles

International 

1,568‌

69‌

HireQuest (2)

364‌

5‌

Huron

Consulting

Group (1)

1,358‌

169‌

IBEX (1)

669‌

14‌

ICF

International 

1,427‌

170‌

Innodata (1)

2,106‌

83‌

Insperity 

2,760‌

214‌

Kelly

Services,

Class

A 

2,296‌

32‌

Kforce 

1,383‌

78‌

Korn

Ferry 

3,971‌

268‌

Legalzoom.com (1)

9,707‌

73‌

Maximus 

4,606‌

344‌

Mistras

Group (1)

1,521‌

14‌

NV5

Global (1)

4,346‌

82‌

Planet

Labs

PBC (1)

16,838‌

68‌

Resources

Connection 

2,539‌

22‌

Spire

Global (1)(2)

1,742‌

25‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

43

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

TriNet

Group 

2,456‌

223‌

TrueBlue (1)

2,161‌

18‌

TTEC

Holdings 

1,529‌

8‌

Upwork (1)

9,632‌

158‌

Verra

Mobility (1)

12,628‌

305‌

Willdan

Group (1)

940‌

36‌

WNS

Holdings (1)

3,322‌

157‌

4,568‌

Trading

Companies

&

Distributors

 2.5%

Alta

Equipment

Group (2)

1,906‌

12‌

Applied

Industrial

Technologies 

2,956‌

708‌

Beacon

Roofing

Supply (1)

4,770‌

484‌

BlueLinx

Holdings (1)

634‌

65‌

Boise

Cascade 

2,983‌

355‌

Custom

Truck

One

Source (1)

3,647‌

17‌

Distribution

Solutions

Group (1)(2)

774‌

27‌

DNOW (1)

8,152‌

106‌

DXP

Enterprises (1)

974‌

80‌

EVI

Industries 

423‌

7‌

FTAI

Aviation 

7,801‌

1,124‌

GATX 

2,731‌

423‌

Global

Industrial 

1,017‌

25‌

GMS (1)

3,028‌

257‌

H&E

Equipment

Services 

2,490‌

122‌

Herc

Holdings 

2,154‌

408‌

Hudson

Technologies (1)

3,382‌

19‌

Karat

Packaging 

487‌

15‌

McGrath

RentCorp 

1,876‌

210‌

MRC

Global (1)

6,394‌

82‌

Rush

Enterprises,

Class

A 

4,653‌

255‌

Rush

Enterprises,

Class

B 

682‌

37‌

Titan

Machinery (1)

1,593‌

22‌

Transcat (1)(2)

689‌

73‌

Willis

Lease

Finance (2)

225‌

47‌

Xometry,

Class

A (1)(2)

3,244‌

138‌

5,118‌

Transportation

Infrastructure

 0.0%

Sky

Harbour

Group (1)

837‌

10‌

10‌

Total

Industrials

&

Business

Services

36,612‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

44

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

INFORMATION

TECHNOLOGY

 13.8%

Communications

Equipment

 0.7%

ADTRAN

Holdings (1)

5,997‌

50‌

Applied

Optoelectronics (1)

3,107‌

114‌

Aviat

Networks (1)

802‌

15‌

Calix (1)

4,534‌

158‌

Clearfield (1)

969‌

30‌

CommScope

Holding (1)(2)

16,653‌

87‌

Digi

International (1)

2,773‌

84‌

Extreme

Networks (1)

9,919‌

166‌

Harmonic (1)

8,529‌

113‌

Infinera (1)(2)

15,380‌

101‌

NETGEAR (1)

2,119‌

59‌

NetScout

Systems (1)

5,350‌

116‌

Ribbon

Communications (1)

6,843‌

28‌

Viasat (1)(2)

9,593‌

82‌

Viavi

Solutions (1)

17,017‌

172‌

1,375‌

Electronic

Equipment,

Instruments

&

Components

 3.0%

908

Devices (1)

1,445‌

3‌

Advanced

Energy

Industries 

2,867‌

332‌

Aeva

Technologies (1)(2)

1,561‌

7‌

Arlo

Technologies (1)

7,384‌

83‌

Badger

Meter 

2,261‌

480‌

Bel

Fuse,

Class

A 

126‌

11‌

Bel

Fuse,

Class

B 

791‌

65‌

Belden 

3,105‌

350‌

Benchmark

Electronics 

2,756‌

125‌

Climb

Global

Solutions 

335‌

43‌

CTS 

2,326‌

123‌

Daktronics (1)

3,014‌

51‌

ePlus (1)

2,015‌

149‌

Evolv

Technologies

Holdings (1)(2)

10,449‌

41‌

Fabrinet (1)

2,804‌

617‌

FARO

Technologies (1)

1,539‌

39‌

Insight

Enterprises (1)

2,086‌

317‌

Itron (1)

3,458‌

376‌

Kimball

Electronics (1)

1,822‌

34‌

Knowles (1)

6,717‌

134‌

Lightwave

Logic (1)(2)

8,952‌

19‌

Methode

Electronics 

2,608‌

31‌

MicroVision (1)(2)

16,858‌

22‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

45

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Mirion

Technologies (1)

15,856‌

277‌

Napco

Security

Technologies 

2,676‌

95‌

nLight (1)

3,462‌

36‌

Novanta (1)

2,745‌

419‌

OSI

Systems (1)

1,219‌

204‌

Ouster (1)(2)

3,484‌

43‌

PAR

Technology (1)

2,586‌

188‌

PC

Connection 

884‌

61‌

Plexus (1)

2,053‌

321‌

Powerfleet (1)

7,414‌

49‌

Richardson

Electronics 

1,095‌

15‌

Rogers (1)

1,453‌

148‌

Sanmina (1)

4,115‌

311‌

ScanSource (1)

1,809‌

86‌

SmartRent (1)

14,987‌

26‌

TTM

Technologies (1)

7,727‌

191‌

Vishay

Intertechnology 

9,766‌

165‌

Vishay

Precision

Group (1)

952‌

22‌

6,109‌

IT

Services

 0.5%

Applied

Digital (1)

14,610‌

112‌

ASGN (1)

3,311‌

276‌

Backblaze,

Class

A (1)

2,821‌

17‌

BigBear.ai

Holdings (1)(2)

8,293‌

37‌

BigCommerce

Holdings,

Series

1 (1)

5,266‌

32‌

Couchbase (1)

3,041‌

47‌

DigitalOcean

Holdings (1)

5,022‌

171‌

Fastly,

Class

A (1)

10,165‌

96‌

Grid

Dynamics

Holdings (1)

4,358‌

97‌

Hackett

Group 

1,969‌

61‌

Information

Services

Group 

2,741‌

9‌

Rackspace

Technology (1)(2)

4,762‌

11‌

Tucows,

Class

A (1)(2)

604‌

10‌

Unisys (1)

4,927‌

31‌

1,007‌

Semiconductors

&

Semiconductor

Equipment

 2.6%

ACM

Research,

Class

A (1)(2)

3,885‌

59‌

Aehr

Test

Systems (1)(2)

2,273‌

38‌

Alpha

&

Omega

Semiconductor (1)

1,856‌

69‌

Ambarella (1)

2,895‌

211‌

Axcelis

Technologies (1)

2,493‌

174‌

CEVA (1)

1,775‌

56‌

Cohu (1)

3,522‌

94‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

46

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Credo

Technology

Group

Holding (1)

10,763‌

723‌

Diodes (1)

3,480‌

215‌

Everspin

Technologies (1)

1,426‌

9‌

FormFactor (1)

5,944‌

261‌

GCT

Semiconductor

Holding (1)

632‌

1‌

Ichor

Holdings (1)

2,567‌

83‌

Impinj (1)

1,753‌

255‌

indie

Semiconductor,

Class

A (1)(2)

12,835‌

52‌

Kulicke

&

Soffa

Industries 

4,082‌

190‌

MaxLinear (1)

6,083‌

120‌

Navitas

Semiconductor (1)(2)

10,386‌

37‌

NVE 

366‌

30‌

PDF

Solutions (1)

2,360‌

64‌

Penguin

Solutions (1)(2)

3,938‌

76‌

Photronics (1)

4,766‌

112‌

Power

Integrations 

4,329‌

267‌

QuickLogic (1)

997‌

11‌

Rambus (1)

8,174‌

432‌

Rigetti

Computing (1)(2)

12,028‌

184‌

Semtech (1)(2)

5,563‌

344‌

Silicon

Laboratories (1)

2,455‌

305‌

SiTime (1)

1,424‌

305‌

SkyWater

Technology (1)

2,171‌

30‌

Synaptics (1)

3,038‌

232‌

Ultra

Clean

Holdings (1)

3,416‌

123‌

Veeco

Instruments (1)

4,295‌

115‌

5,277‌

Software

 6.5%

8x8 (1)

9,715‌

26‌

A10

Networks 

5,554‌

102‌

ACI

Worldwide (1)

8,070‌

419‌

Adeia 

8,281‌

116‌

Agilysys (1)

1,723‌

227‌

Airship

AI

Holdings (1)(2)

810‌

5‌

Alarm.com

Holdings (1)

3,639‌

221‌

Alkami

Technology (1)

4,087‌

150‌

Altair

Engineering,

Class

A (1)

4,156‌

453‌

Amplitude,

Class

A (1)

6,098‌

64‌

Appian,

Class

A (1)

3,059‌

101‌

Arteris (1)

2,318‌

24‌

Asana,

Class

A (1)

6,177‌

125‌

AudioEye (1)

511‌

8‌

Aurora

Innovation (1)

73,848‌

465‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

47

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

AvePoint (1)

9,907‌

164‌

Bit

Digital (1)

8,940‌

26‌

Blackbaud (1)

3,115‌

230‌

BlackLine (1)

4,413‌

268‌

Blend

Labs,

Class

A (1)

17,894‌

75‌

Box,

Class

A (1)

10,785‌

341‌

Braze,

Class

A (1)

5,068‌

212‌

C3.ai,

Class

A (1)

8,490‌

292‌

Cerence (1)

3,176‌

25‌

Cipher

Mining (1)(2)

15,456‌

72‌

Cleanspark (1)(2)

19,224‌

177‌

Clearwater

Analytics

Holdings,

Class

A (1)

13,687‌

377‌

Commvault

Systems (1)

3,357‌

507‌

Consensus

Cloud

Solutions (1)

1,344‌

32‌

Core

Scientific (1)

13,719‌

193‌

CS

Disco (1)

2,123‌

11‌

Daily

Journal (1)

105‌

60‌

Digimarc (1)(2)

1,128‌

42‌

Digital

Turbine (1)(2)

6,949‌

12‌

Domo,

Class

B (1)

2,470‌

17‌

D-Wave

Quantum (1)(2)

7,436‌

62‌

E2open

Parent

Holdings (1)

15,560‌

41‌

eGain (1)

1,280‌

8‌

Enfusion,

Class

A (1)

3,717‌

38‌

EverCommerce (1)

1,508‌

17‌

Freshworks,

Class

A (1)

15,814‌

256‌

Hut

8 (1)

6,229‌

128‌

Intapp (1)

4,114‌

264‌

InterDigital 

1,936‌

375‌

Jamf

Holding (1)

6,229‌

88‌

Kaltura (1)

7,017‌

15‌

Life360 (1)

791‌

33‌

LiveRamp

Holdings (1)

5,061‌

154‌

Logility

Supply

Chain

Solutions,

Class

A 

2,384‌

26‌

MARA

Holdings (1)(2)

21,786‌

365‌

Matterport (1)

20,183‌

96‌

Meridianlink (1)

2,507‌

52‌

Mitek

Systems (1)

3,451‌

38‌

N-able (1)

5,338‌

50‌

NCR

Voyix (1)

11,254‌

156‌

NextNav (1)

6,000‌

93‌

Olo,

Class

A (1)

8,151‌

63‌

ON24 (1)

2,212‌

14‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

48

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

OneSpan (1)

2,954‌

55‌

Ooma (1)

1,921‌

27‌

Pagaya

Technologies,

Class

A (1)(2)

2,722‌

25‌

PagerDuty (1)

6,936‌

127‌

Porch

Group (1)(2)

6,327‌

31‌

Prairie

Operating (1)

336‌

2‌

Progress

Software 

3,267‌

213‌

PROS

Holdings (1)

3,464‌

76‌

Q2

Holdings (1)

4,500‌

453‌

Qualys (1)

2,841‌

398‌

Rapid7 (1)

4,794‌

193‌

Red

Violet (1)

843‌

30‌

Rekor

Systems (1)(2)

5,217‌

8‌

ReposiTrak (2)

838‌

19‌

Rimini

Street (1)

4,151‌

11‌

Riot

Platforms (1)

21,818‌

223‌

Roadzen (1)

2,691‌

6‌

Sapiens

International 

2,403‌

65‌

SEMrush

Holdings,

Class

A (1)

2,923‌

35‌

Silvaco

Group (1)

429‌

3‌

SolarWinds 

4,098‌

58‌

SoundHound

AI,

Class

A (1)(2)

23,720‌

471‌

SoundThinking (1)

865‌

11‌

Sprinklr,

Class

A (1)

8,837‌

75‌

Sprout

Social,

Class

A (1)

3,862‌

119‌

SPS

Commerce (1)

2,897‌

533‌

Telos (1)

3,984‌

14‌

Tenable

Holdings (1)

9,027‌

355‌

Terawulf (1)

20,376‌

115‌

Varonis

Systems (1)

8,439‌

375‌

Verint

Systems (1)

4,731‌

130‌

Vertex,

Class

A (1)

4,170‌

222‌

Viant

Technology,

Class

A (1)

1,114‌

21‌

Weave

Communications (1)

3,116‌

50‌

WM

Technology (1)

6,268‌

9‌

Workiva (1)

3,863‌

423‌

Xperi (1)

3,645‌

37‌

Yext (1)

8,357‌

53‌

Zeta

Global

Holdings,

Class

A (1)

13,669‌

246‌

Zuora,

Class

A (1)

10,602‌

105‌

13,493‌

Technology

Hardware,

Storage

&

Peripherals

 0.5%

CompoSecure,

Class

A 

1,962‌

30‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

49

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Corsair

Gaming (1)

3,697‌

24‌

CPI

Card

Group (1)

361‌

11‌

Diebold

Nixdorf (1)

1,926‌

83‌

Eastman

Kodak (1)

4,743‌

31‌

Immersion 

2,345‌

21‌

IonQ (1)

15,450‌

645‌

Turtle

Beach (1)

1,214‌

21‌

Xerox

Holdings (2)

8,776‌

74‌

940‌

Total

Information

Technology

28,201‌

MATERIALS

 4.2%

Chemicals

 1.8%

AdvanSix 

2,004‌

57‌

American

Vanguard 

1,718‌

8‌

Arcadium

Lithium (1)

82,932‌

425‌

Arq (1)

2,367‌

18‌

ASP

Isotopes (1)

4,238‌

19‌

Aspen

Aerogels (1)

4,647‌

55‌

Avient 

6,905‌

282‌

Balchem 

2,474‌

403‌

Cabot 

4,105‌

375‌

Core

Molding

Technologies (1)

714‌

12‌

Danimer

Scientific,

Warrants,

7/15/25 (1)

1,921‌

—‌

Ecovyst (1)

9,102‌

69‌

Hawkins 

1,489‌

183‌

HB

Fuller 

4,198‌

283‌

Ingevity (1)

2,812‌

115‌

Innospec 

1,916‌

211‌

Intrepid

Potash (1)(2)

818‌

18‌

Koppers

Holdings 

1,531‌

50‌

Kronos

Worldwide 

1,537‌

15‌

LSB

Industries (1)

3,985‌

30‌

Mativ

Holdings 

4,255‌

46‌

Minerals

Technologies 

2,449‌

187‌

Northern

Technologies

International 

572‌

8‌

Orion 

4,344‌

69‌

Perimeter

Solutions (1)

10,331‌

132‌

PureCycle

Technologies (1)

9,581‌

98‌

Quaker

Chemical 

1,069‌

150‌

Rayonier

Advanced

Materials (1)

4,781‌

39‌

Sensient

Technologies 

3,237‌

231‌

Stepan 

1,651‌

107‌

Tronox

Holdings 

9,195‌

93‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

50

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Valhi (2)

173‌

4‌

3,792‌

Construction

Materials

 0.5%

Knife

River (1)

4,346‌

442‌

Smith-Midland (1)

327‌

15‌

Summit

Materials,

Class

A (1)

9,314‌

471‌

United

States

Lime

&

Minerals 

799‌

106‌

1,034‌

Containers

&

Packaging

 0.2%

Ardagh

Metal

Packaging 

10,686‌

32‌

Greif,

Class

A 

1,947‌

119‌

Greif,

Class

B 

361‌

24‌

Myers

Industries 

2,843‌

31‌

O-I

Glass (1)

11,948‌

130‌

Pactiv

Evergreen 

3,179‌

56‌

Ranpak

Holdings (1)

3,121‌

21‌

TriMas 

3,156‌

78‌

491‌

Metals

&

Mining

 1.6%

Alpha

Metallurgical

Resources (1)

840‌

168‌

Arch

Resources 

1,362‌

192‌

Caledonia

Mining 

1,239‌

12‌

Carpenter

Technology 

3,658‌

621‌

Century

Aluminum (1)

4,094‌

74‌

Coeur

Mining (1)

30,231‌

173‌

Commercial

Metals 

8,717‌

432‌

Compass

Minerals

International 

2,573‌

29‌

Constellium (1)

10,011‌

103‌

Contango

ORE (1)

797‌

8‌

Dakota

Gold (1)

5,450‌

12‌

Hecla

Mining 

45,141‌

222‌

i-80

Gold (1)

22,908‌

11‌

Ivanhoe

Electric (1)(2)

6,246‌

47‌

Kaiser

Aluminum 

1,214‌

85‌

Lifezone

Metals (1)

2,990‌

21‌

MAC

Copper,

Class

A (1)

4,131‌

44‌

Materion 

1,585‌

157‌

Metallus (1)

3,379‌

48‌

Novagold

Resources (1)

18,618‌

62‌

Olympic

Steel (2)

739‌

24‌

Perpetua

Resources (1)

3,037‌

32‌

Piedmont

Lithium (1)(2)

1,363‌

12‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

51

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Radius

Recycling 

1,960‌

30‌

Ramaco

Resources,

Class

A 

1,984‌

20‌

Ramaco

Resources,

Class

B 

447‌

4‌

Ryerson

Holding 

2,151‌

40‌

SSR

Mining (1)

15,389‌

107‌

SunCoke

Energy 

6,549‌

70‌

Tredegar (1)

2,214‌

17‌

Universal

Stainless

&

Alloy

Products (1)

651‌

29‌

Warrior

Met

Coal 

3,984‌

216‌

Worthington

Steel 

2,471‌

79‌

3,201‌

Paper

&

Forest

Products

 0.1%

Clearwater

Paper (1)

1,283‌

38‌

Sylvamo 

2,673‌

211‌

249‌

Total

Materials

8,767‌

REAL

ESTATE

 6.0%

Diversified

Real

Estate

Investment

Trusts

 0.6%

Alexander

&

Baldwin,

REIT 

5,529‌

98‌

Alpine

Income

Property

Trust,

REIT 

946‌

16‌

American

Assets

Trust,

REIT 

3,723‌

98‌

Armada

Hoffler

Properties,

REIT 

6,036‌

62‌

Broadstone

Net

Lease,

REIT 

14,494‌

230‌

CTO

Realty

Growth,

REIT 

2,219‌

44‌

Empire

State

Realty

Trust,

Class

A,

REIT 

10,548‌

109‌

Essential

Properties

Realty

Trust,

REIT 

13,425‌

420‌

Gladstone

Commercial,

REIT 

3,181‌

51‌

Global

Net

Lease,

REIT 

15,584‌

114‌

NexPoint

Diversified

Real

Estate

Trust,

REIT (2)

2,543‌

15‌

One

Liberty

Properties,

REIT 

1,182‌

32‌

1,289‌

Health

Care

Real

Estate

Investment

Trusts

 0.7%

American

Healthcare

REIT,

REIT 

11,664‌

331‌

CareTrust

REIT,

REIT 

14,236‌

385‌

Community

Healthcare

Trust,

REIT 

2,021‌

39‌

Diversified

Healthcare

Trust,

REIT 

16,326‌

38‌

Global

Medical

REIT,

REIT 

4,542‌

35‌

LTC

Properties,

REIT 

3,407‌

118‌

National

Health

Investors,

REIT (2)

3,216‌

223‌

Sabra

Health

Care

REIT,

REIT 

18,122‌

314‌

Strawberry

Fields

REIT 

450‌

5‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

52

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Universal

Health

Realty

Income

Trust,

REIT 

954‌

35‌

1,523‌

Hotel

&

Resort

Real

Estate

Investment

Trusts

 0.8%

Apple

Hospitality

REIT,

REIT 

17,434‌

268‌

Braemar

Hotels

&

Resorts,

REIT 

4,625‌

14‌

Chatham

Lodging

Trust,

REIT 

3,595‌

32‌

DiamondRock

Hospitality,

REIT 

16,012‌

145‌

Pebblebrook

Hotel

Trust,

REIT 

9,309‌

126‌

RLJ

Lodging

Trust,

REIT 

11,778‌

120‌

Ryman

Hospitality

Properties,

REIT 

4,511‌

471‌

Service

Properties

Trust,

REIT 

12,267‌

31‌

Summit

Hotel

Properties,

REIT 

8,208‌

56‌

Sunstone

Hotel

Investors,

REIT 

15,754‌

186‌

Xenia

Hotels

&

Resorts,

REIT 

7,877‌

117‌

1,566‌

Industrial

Real

Estate

Investment

Trusts

 0.4%

Industrial

Logistics

Properties

Trust,

REIT 

4,620‌

17‌

Innovative

Industrial

Properties,

REIT 

2,182‌

145‌

LXP

Industrial

Trust,

REIT 

22,519‌

183‌

Plymouth

Industrial

REIT,

REIT 

3,125‌

56‌

Terreno

Realty,

REIT 

7,308‌

432‌

833‌

Office

Real

Estate

Investment

Trusts

 0.7%

Brandywine

Realty

Trust,

REIT 

12,934‌

72‌

City

Office

REIT,

REIT 

2,871‌

16‌

COPT

Defense

Properties,

REIT 

8,610‌

266‌

Douglas

Emmett,

REIT 

12,410‌

230‌

Easterly

Government

Properties,

REIT 

7,386‌

84‌

Franklin

Street

Properties,

REIT 

7,040‌

13‌

Hudson

Pacific

Properties,

REIT (2)

10,300‌

31‌

JBG

SMITH

Properties,

REIT 

6,276‌

96‌

NET

Lease

Office

Properties,

REIT (2)

1,105‌

35‌

Orion

Office

REIT,

REIT 

3,911‌

15‌

Paramount

Group,

REIT 

14,082‌

70‌

Peakstone

Realty

Trust,

REIT 

2,714‌

30‌

Piedmont

Office

Realty

Trust,

Class

A,

REIT 

9,393‌

86‌

Postal

Realty

Trust,

Class

A,

REIT 

1,786‌

23‌

SL

Green

Realty,

REIT 

5,396‌

367‌

1,434‌

Real

Estate

Management

&

Development

 0.6%

American

Realty

Investors (1)(2)

57‌

1‌

Anywhere

Real

Estate (1)

7,895‌

26‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

53

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Compass,

Class

A (1)

28,191‌

165‌

Cushman

&

Wakefield (1)

17,512‌

229‌

eXp

World

Holdings (2)

6,242‌

72‌

Forestar

Group (1)

1,411‌

37‌

FRP

Holdings (1)

1,032‌

32‌

Kennedy-Wilson

Holdings 

8,646‌

86‌

Marcus

&

Millichap 

1,823‌

70‌

Maui

Land

&

Pineapple (1)

611‌

13‌

Newmark

Group,

Class

A 

10,201‌

131‌

Offerpad

Solutions (1)

855‌

2‌

Opendoor

Technologies (1)

47,790‌

76‌

RE/MAX

Holdings,

Class

A (1)

1,531‌

16‌

Real

Brokerage (1)

7,992‌

37‌

Redfin (1)

9,102‌

72‌

RMR

Group,

Class

A 

1,156‌

24‌

St.

Joe 

2,783‌

125‌

Star

Holdings (1)

1,052‌

10‌

Stratus

Properties (1)

454‌

9‌

Tejon

Ranch (1)

1,565‌

25‌

Transcontinental

Realty

Investors (1)(2)

92‌

3‌

1,261‌

Residential

Real

Estate

Investment

Trusts

 0.4%

Apartment

Investment

&

Management,

Class

A,

REIT (1)

6,996‌

64‌

BRT

Apartments,

REIT 

896‌

16‌

Centerspace,

REIT 

1,264‌

84‌

Clipper

Realty,

REIT 

737‌

3‌

Elme

Communities,

REIT 

6,811‌

104‌

Independence

Realty

Trust,

REIT 

17,306‌

343‌

NexPoint

Residential

Trust,

REIT 

1,712‌

72‌

UMH

Properties,

REIT 

5,512‌

104‌

Veris

Residential,

REIT 

6,078‌

101‌

891‌

Retail

Real

Estate

Investment

Trusts

 1.4%

Acadia

Realty

Trust,

REIT 

9,042‌

219‌

Alexander's,

REIT 

159‌

32‌

CBL

&

Associates

Properties,

REIT 

1,685‌

50‌

Curbline

Properties,

REIT 

7,342‌

171‌

FrontView,

REIT 

1,093‌

20‌

Getty

Realty,

REIT (2)

3,897‌

117‌

InvenTrust

Properties,

REIT 

5,987‌

180‌

Kite

Realty

Group

Trust,

REIT 

16,615‌

419‌

Macerich,

REIT 

18,125‌

361‌

NETSTREIT,

REIT 

5,912‌

84‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

54

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Phillips

Edison,

REIT 

9,401‌

352‌

Retail

Opportunity

Investments,

REIT 

9,582‌

166‌

Saul

Centers,

REIT 

836‌

32‌

SITE

Centers,

REIT 

3,625‌

55‌

Tanger,

REIT 

8,161‌

279‌

Urban

Edge

Properties,

REIT 

9,673‌

208‌

Whitestone

REIT,

REIT 

3,812‌

54‌

2,799‌

Specialized

Real

Estate

Investment

Trusts

 0.4%

Farmland

Partners,

REIT (2)

3,267‌

38‌

Four

Corners

Property

Trust,

REIT 

7,448‌

202‌

Gladstone

Land,

REIT 

2,510‌

27‌

Outfront

Media,

REIT 

11,602‌

206‌

PotlatchDeltic,

REIT 

6,076‌

239‌

Safehold,

REIT 

4,020‌

74‌

Uniti

Group,

REIT 

18,474‌

102‌

888‌

Total

Real

Estate

12,484‌

TRUSTS

&

FUNDS

 0.0%

Trusts

&

Mutual

Funds

 0.0%

iShares

Russell

2000

ETF (2)

462‌

102‌

Total

Trusts

&

Funds

102‌

UTILITIES

 2.8%

Electric

Utilities

 0.8%

ALLETE 

4,452‌

288‌

Genie

Energy,

Class

B 

967‌

15‌

Hawaiian

Electric

Industries (1)

12,799‌

125‌

MGE

Energy 

2,789‌

262‌

Otter

Tail 

3,177‌

235‌

Portland

General

Electric 

7,978‌

348‌

TXNM

Energy 

6,896‌

339‌

1,612‌

Gas

Utilities

 1.0%

Brookfield

Infrastructure,

Class

A (2)

9,190‌

368‌

Chesapeake

Utilities 

1,675‌

203‌

New

Jersey

Resources 

7,523‌

351‌

Northwest

Natural

Holding 

2,979‌

118‌

ONE

Gas 

4,316‌

299‌

RGC

Resources 

591‌

12‌

Southwest

Gas

Holdings 

4,665‌

330‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

55

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Spire 

4,354‌

295‌

1,976‌

Independent

Power

&

Renewable

Electricity

Producers

 0.2%

Altus

Power (1)

5,940‌

24‌

Montauk

Renewables (1)(2)

5,182‌

21‌

Ormat

Technologies 

4,428‌

300‌

Sunnova

Energy

International (1)(2)

8,626‌

29‌

374‌

Multi-Utilities

 0.4%

Avista 

6,018‌

221‌

Black

Hills 

5,369‌

314‌

Northwestern

Energy

Group 

4,735‌

253‌

Unitil 

1,217‌

66‌

854‌

Water

Utilities

 0.4%

American

States

Water 

2,865‌

223‌

Cadiz (1)(2)

3,493‌

18‌

California

Water

Service

Group 

4,579‌

207‌

Consolidated

Water 

1,136‌

29‌

Global

Water

Resources 

887‌

10‌

Middlesex

Water 

1,343‌

71‌

Pure

Cycle (1)

1,731‌

22‌

SJW

Group 

2,580‌

127‌

York

Water 

1,063‌

35‌

742‌

Total

Utilities

5,558‌

Total

Common

Stocks

(Cost

$192,227)

205,637‌

SHORT-TERM

INVESTMENTS

 0.6%

Money

Market

Funds

 0.5%

T.

Rowe

Price

Government

Reserve

Fund,

4.53% (4)(5)

968,668‌

969‌

969‌

U.S.

Treasury

Obligations

 0.1%

U.S.

Treasury

Bills,

4.272%,

3/20/25 (6)

30,000‌

30‌

U.S.

Treasury

Bills,

4.441%,

2/25/25 

30,000‌

30‌

U.S.

Treasury

Bills,

4.497%,

3/13/25 (6)

60,000‌

59‌

119‌

Total

Short-Term

Investments

(Cost

$1,088)

1,088‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

56

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SECURITIES

LENDING

COLLATERAL

 6.0%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY 6.0%

Money

Market

Funds 6.0%

T.

Rowe

Price

Government

Reserve

Fund,

4.53% (4)(5)

12,367,861‌

12,368‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

12,368‌

Total

Securities

Lending

Collateral

(Cost

$12,368)

12,368‌

Total

Investments

in

Securities

106.2%

of

Net

Assets

(Cost

$205,683)

$

219,093‌

‡

Shares/Par

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

See

Note

4

.

All

or

a

portion

of

this

security

is

on

loan

at

December

31,

2024.

(3)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(4)

Seven-day

yield

(5)

Affiliated

Companies

(6)

At

December

31,

2024,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

CVR

Contingent

Value

Rights

EC

Escrow

CUSIP;

represents

a

beneficial

interest

in

a

residual

pool

of

assets;

the

amount

and

timing

of

future

distributions,

if

any,

is

uncertain;

when

presented,

interest

rate

and

maturity

date

are

those

of

the

original

security.

ETF

Exchange-Traded

Fund

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

T.

ROWE

PRICE

Small-Cap

Index

Fund

57

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

5

Russell

2000

E-Mini

Index

contracts

3/25

562

$

(

2‌

)

Net

payments

(receipts)

of

variation

margin

to

date

3‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

1‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

58

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%

$

—‌

$

—‌

$

44‌

++

Totals

$

—‌

#

$

—‌

$

44‌

+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

12/31/24

T.

Rowe

Price

Government

Reserve

Fund,

4.53%

$

10,815‌

¤

¤

$

13,337‌

Total

$

13,337‌

^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

4

.

+

Investment

income

comprised

$44

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

$13,337.

T.

ROWE

PRICE

Small-Cap

Index

Fund

December

31,

2024

Statement

of

Assets

and

Liabilities

59

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$205,683)

$

219,093‌

Receivable

for

shares

sold

250‌

Dividends

receivable

210‌

Due

from

affiliates

17‌

Variation

margin

receivable

on

futures

contracts

1‌

Other

assets

21‌

Total

assets

219,592‌

Liabilities

Obligation

to

return

securities

lending

collateral

12,368‌

Payable

for

investment

securities

purchased

697‌

Payable

for

shares

redeemed

70‌

Investment

management

fees

payable

16‌

Other

liabilities

62‌

Total

liabilities

13,213‌

Commitments

and

Contingent

Liabilities

(note

7

)

NET

ASSETS

$

206,379‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

December

31,

2024

Statement

of

Assets

and

Liabilities

60

($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)

$

10,294‌

Paid-in

capital

applicable

to

13,185,753

shares

of

$0.0001

par

value

capital

stock

outstanding;

2,000,000,000

shares

of

the

Corporation

authorized

196,085‌

NET

ASSETS

$

206,379‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$98;

Shares

outstanding:

6,307)

$

15.60‌

I

Class

(Net

assets:

$132,082;

Shares

outstanding:

8,438,169)

$

15.65‌

Z

Class

(Net

assets:

$74,199;

Shares

outstanding:

4,741,277)

$

15.65‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

Statement

of

Operations

61

($000s)

Year

Ended

12/31/24

Investment

Income

(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$6)

$

2,369‌

Securities

lending

176‌

Other,

non

cash

158‌

.

  Interest

6‌

Other

2‌

Total

income

2,711‌

Expenses

Investment

management

159‌

Shareholder

servicing

I

Class

52‌

Prospectus

and

shareholder

reports

I

Class

$

5‌

Z

Class

2‌

7‌

Custody

and

accounting

251‌

Legal

and

audit

36‌

Directors

1‌

Miscellaneous

14‌

Waived

/

paid

by

Price

Associates

(

348‌

)

Total

expenses

172‌

Net

investment

income

2,539‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

Statement

of

Operations

62

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

12/31/24

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

3,516‌

Futures

175‌

Net

realized

gain

3,691‌

Change

in

net

unrealized

gain

/

loss

Securities

12,933‌

Futures

(

26‌

)

Change

in

net

unrealized

gain

/

loss

12,907‌

Net

realized

and

unrealized

gain

/

loss

16,598‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

19,137‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

Statement

of

Changes

in

Net

Assets

63

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/24

12/31/23

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

2,539‌

$

1,859‌

Net

realized

gain

(loss)

3,691‌

(

164‌

)

Change

in

net

unrealized

gain

/

loss

12,907‌

18,431‌

Increase

in

net

assets

from

operations

19,137‌

20,126‌

Distributions

to

shareholders

Net

earnings

Investor

Class

(

3‌

)

(

2‌

)

I

Class

(

4,053‌

)

(

1,381‌

)

Z

Class

(

2,351‌

)

(

488‌

)

Decrease

in

net

assets

from

distributions

(

6,407‌

)

(

1,871‌

)

Capital

share

transactions

*

Shares

sold

I

Class

18,791‌

15,759‌

Z

Class

48,436‌

23,412‌

Distributions

reinvested

I

Class

4,053‌

1,381‌

Z

Class

2,351‌

488‌

Shares

redeemed

Investor

Class

(

99‌

)

–‌

I

Class

(

12,097‌

)

(

5,002‌

)

Z

Class

(

16,245‌

)

(

3,214‌

)

Increase

in

net

assets

from

capital

share

transactions

45,190‌

32,824‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

Statement

of

Changes

in

Net

Assets

64

($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

57,920‌

51,079‌

Beginning

of

period

148,459‌

97,380‌

End

of

period

$

206,379‌

$

148,459‌

*Share

information

(000s)

Shares

sold

I

Class

1,249‌

1,215‌

Z

Class

3,152‌

1,770‌

Distributions

reinvested

I

Class

245‌

100‌

Z

Class

142‌

35‌

Shares

redeemed

Investor

Class

(

6‌

)

–‌

I

Class

(

804‌

)

(

377‌

)

Z

Class

(

1,056‌

)

(

246‌

)

Increase

in

shares

outstanding

2,922‌

2,497‌

T.

ROWE

PRICE

Small-Cap

Index

Fund

NOTES

TO

FINANCIAL

STATEMENTS

65

T.

Rowe

Price

Index

Trust,

Inc. (the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Small-Cap

Index

Fund

(the

fund)

is

an

open-end

management

investment

company

established

by

the

corporation

and

intends

to

be

diversified

in

approximately

the

same

proportion

as

the

index

it

tracks

is

diversified.

The

fund

may

become

nondiversified

for

periods

of

time

solely

as

a

result

of

changes

in

the

composition

of

the

index

(for

example,

changes

in

the

relative

market

capitalization

or

index

weighting

of

one

or

more

securities

represented

in

the

index). The

fund

seeks to

track

the

performance

of

a

benchmark

index

that

measures

the

investment

return

of

small-capitalization

U.S.

stocks. The

fund

is

available

for

investment

only

by

mutual

funds,

college

savings

plans,

and

other

institutional

client

accounts

managed

by

T.

Rowe

Price

Associates,

Inc.,

or

its

affiliates

and

is

not

available

for

direct

purchase

by

members

of

the

public.

The

fund

has three classes

of

shares:

the

Small-Cap

Index

Fund

(Investor

Class),

the

Small-Cap

Index

Fund–I

Class

(I

Class)

and

the

Small-Cap

Index

Fund–Z

Class

(Z

Class).

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Z

Class

is

only

available

to

funds

advised

by

T.

Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

to

a

contractual

fee

for

investment

management

services. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

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Investment

Transactions,

Investment

Income,

and

Distributions

 Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from 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

T.

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Small-Cap

Index

Fund

67

under

this

ASU

are

required

to

be

applied

prospectively

and

are

effective

for

fiscal

years

beginning

after

December

15,

2024.

Management

expects

that

adoption

of

the

guidance

will

not

have

a

material

impact

on

the

fund’s

financial

statements.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

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)

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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.

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Futures

contracts

are

valued

at

closing

settlement

prices.

Assets

and

liabilities

other

than

financial

instruments,

including

short-

term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

T.

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Small-Cap

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Fund

69

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

Valuation

Inputs

  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):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

205,623‌

$

1‌

$

13‌

$

205,637‌

Short-Term

Investments

969‌

119‌

—‌

1,088‌

Securities

Lending

Collateral

12,368‌

—‌

—‌

12,368‌

Total

$

218,960‌

$

120‌

$

13‌

$

219,093‌

Liabilities

Futures

Contracts*

$

2‌

$

—‌

$

—‌

$

2‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

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NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

year ended

December

31,

2024,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement

or

delivery

of

cash

or

other

assets.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

December

31,

2024,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure: 

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

*

Liabilities

Equity

derivatives

Futures

$

2‌

Total

$

2‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

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71

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

December

31,

2024,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

Counterparty

Risk

and

Collateral

 The

fund

invests

in

exchange-traded

and/or

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps.

Counterparty

risk

on

such

derivatives

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Collateral may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund’s

assets.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

December

31,

2024,

securities

valued

at $46,000

had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives. 

($000s)                                              

Location

of

Gain

(Loss)

on

Statement

of

Operations

Futures

Realized

Gain

(Loss)

Equity

derivatives

$

175‌

Total

$

175‌

Change

in

Unrealized

Gain

(Loss)

Equity

derivatives

$

(26‌)

Total

$

(26‌)

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Futures

Contracts

 The

fund

is

subject

to equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risk.

The

fund

may

enter

into

futures

contracts

as

an

efficient

means

of

maintaining

liquidity

while

being

invested

in

the

market,

to

facilitate

trading,

or

to

reduce

transaction

costs. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

year ended

December

31,

2024,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

less

than

1%

of

net

assets.

NOTE

4

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective, the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

more

fully

in the

fund’s prospectus

and

Statement

of

Additional

Information.

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

T.

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Small-Cap

Index

Fund

73

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

$11,321,000;

the

value

of

cash

collateral

and

related

investments

was

$12,368,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term securities

aggregated $85,263,000 and

$43,595,000,

respectively,

for

the

year ended

December

31,

2024. 

NOTE

5

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The

fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required.

The

fund’s

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

T.

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Small-Cap

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Fund

74

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

and

the

realization

of

gains/losses

on

passive

foreign

investment

companies.

The

loss

carryforwards

and

deferrals

primarily

relate

to

post-

October

loss

deferrals.

The

fund

has

elected

to

defer

certain

losses

to

the

first

($000s)

December

31,

2024

December

31,

2023

Ordinary

income

(including

short-term

capital

gains,

if

any)

$

3,561‌

$

1,871‌

Long-term

capital

gain

2,846‌

—‌

Total

distributions

$

6,407‌

$

1,871‌

($000s)

Cost

of

investments

$

209,030‌

Unrealized

appreciation

$

41,946‌

Unrealized

depreciation

(31,883‌)

Net

unrealized

appreciation

(depreciation)

$

10,063‌

($000s)

Undistributed

ordinary

income

$

325‌

Net

unrealized

appreciation

(depreciation)

10,063‌

Loss

carryforwards

and

deferrals

(94‌)

Total

distributable

earnings

(loss)

$

10,294‌

T.

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Small-Cap

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75

day

of

the

following

fiscal

year

for

post-October

capital

loss

deferrals.

During

the

year

ended

December

31,

2024,

the

fund

utilized

$1,535,000

of

capital

loss

carryforwards.

NOTE

6

-

FOREIGN TAXES

The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/

loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

NOTE

7

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund. The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee

equal

to 0.09%

of

the

fund’s

average

daily

net

assets.

The

fee

is

computed

daily

and

paid

monthly.

The Investor

Class is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

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

T.

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PRICE

Small-Cap

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76

and

expenses)

that

would

otherwise

cause

the class’s ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

The

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class’s net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the class’s net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the class’s

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

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 $677,000 remain

subject

to

repayment

by

the

fund

at

December

31,

2024. Any

repayment

of

expenses

previously

T.

ROWE

PRICE

Small-Cap

Index

Fund

77

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

a

wholly

owned

subsidiary

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

For

the

year

ended

December

31,

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 $51,000 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

0.29%

0.05%

0.00%

Expense

limitation

date

04/30/26

04/30/26

N/A

(Waived)/repaid

during

the

period

($000s)

$—

(1)

$(205)

$(143)

(1)

Amount

rounds

to

less

than

$1,000

T.

ROWE

PRICE

Small-Cap

Index

Fund

78

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

6,307

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

8

-

SEGMENT

REPORTING

Operating

segments

are

defined

as

components

of

a

company

that

engage

in

business

activities

and

for

which

discrete

financial

information

is

available

and

regularly

reviewed

by

the

chief

operating

decision

maker

(CODM)

in

deciding

how

to

allocate

resources

and

assess

performance.

The

Management

Committee

of

Price

Associates

acts

as

the

fund’s

CODM.

The

fund

makes

investments

in

accordance

with

its

investment

objective

as

outlined

in

the

T.

ROWE

PRICE

Small-Cap

Index

Fund

79

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

9

-

OTHER

MATTERS

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia’s

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

T.

ROWE

PRICE

Small-Cap

Index

Fund

80

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Directors

of

T.

Rowe

Price

Index

Trust,

Inc.

and

Shareholders

of

T.

Rowe

Price

Small-Cap

Index

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T.

Rowe

Price

Small-Cap

Index

Fund

(one

of

the

funds

constituting

T.

Rowe

Price

Index

Trust,

Inc.,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

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

Small-Cap

Index

Fund

81

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

Small-Cap

Index

Fund

82

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:

$2,846,000

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,

$1,765,000

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,

$1,588,000

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,

$252,000

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.

F33-050

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