UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-05986
T. Rowe Price Index Trust, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: December 31
Date of reporting period: December 31, 2023
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Highlights
and
Market
Commentary
Management’s
Discussion
of
Fund
Performance
Performance
and
Expenses
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
TRSYX
Small-Cap
Index
Fund
–
.
TRCSX
Small-Cap
Index
Fund–
.
I Class
TRZIX
Small-Cap
Index
Fund–
.
Z Class
T.
ROWE
PRICE
Small-Cap
Index
Fund
HIGHLIGHTS
The
Small-Cap
Index
Fund
produced
positive
returns
in
2023
and
closely
tracked
its
benchmark,
the
Russell
2000
Index.
Sector
performance
within
the
Russell
index
was
mostly
positive
during
the
period.
Information
technology,
consumer
discretionary,
and
industrials
and
business
services
performed
best,
while
utilities
exhibited
losses.
The
fund
seeks
to
employ
a
full
replication
strategy,
which
involves
investing
substantially
all
of
its
assets
in
all
of
the
stocks
in
the
index
and
seeking
to
maintain
holdings
of
each
stock
in
proportion
to
its
weight
in
the
index.
As
of
December
31,
financials,
industrials
and
business
services,
health
care,
and
information
technology
were
the
fund’s
largest
sector
allocations.
The
trajectories
of
the
economy,
corporate
earnings,
and
interest
rates
are
unpredictable,
and
investor
sentiment
toward
the
broad
market
and
various
market
segments
could
change
without
warning.
Our
job,
however,
is
to
replicate
the
structure
of
the
Russell
2000
and
attempt
to
track
the
index’s
performance.
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
An
account
service
fee
will
be
charged
annually
for
each
T.
Rowe
Price
mutual
fund
account
unless
you
meet
criteria
for
a
fee
waiver.
Go
to
troweprice.com/personal-investing/help/fees-and-
minimums.html
to
learn
more
about
this
account
service
fee,
including
other
ways
to
waive
it.
T.
ROWE
PRICE
Small-Cap
Index
Fund
Market
Commentary
Dear
Shareholder
Global
stock
and
bond
indexes
were
broadly
positive
during
2023
as
most
economies
managed
to
avoid
the
recession
that
was
widely
predicted
at
the
start
of
the
year.
Technology
companies
benefited
from
investor
enthusiasm
for
artificial
intelligence
developments
and
led
the
equity
rally,
while
fixed
income
benchmarks
rebounded
late
in
the
year
amid
falling
interest
rates.
For
the
12-month
period,
the
technology-oriented
Nasdaq
Composite
Index
rose
about
43%,
reaching
a
record
high
and
producing
the
strongest
result
of
the
major
benchmarks.
Growth
stocks
outperformed
value
shares,
and
developed
market
stocks
generally
outpaced
their
emerging
markets
counterparts.
Currency
movements
were
mixed
over
the
period,
although
a
weaker
dollar
versus
major
European
currencies
was
beneficial
for
U.S.
investors
in
European
securities.
Within
the
S&P
500
Index,
which
finished
the
year
just
short
of
the
record
level
it
reached
in
early
2022,
the
information
technology,
communication
services,
and
consumer
discretionary
sectors
were
all
lifted
by
the
tech
rally
and
recorded
significant
gains.
A
small
group
of
tech-oriented
mega-cap
companies
helped
drive
much
of
the
market’s
advance.
Conversely,
the
defensive
utilities
sector
had
the
weakest
returns
in
the
growth-focused
environment,
and
the
energy
sector
also
lost
ground
amid
declining
oil
prices.
The
financials
sector
bounced
back
from
the
failure
of
three
large
regional
banks
in
the
spring
and
was
one
of
the
top-performing
segments
in
the
second
half
of
the
year.
The
U.S.
economy
was
the
strongest
among
the
major
markets
during
the
period,
with
gross
domestic
product
growth
coming
in
at
4.9%
in
the
third
quarter,
the
highest
since
the
end
of
2021.
Corporate
fundamentals
were
also
broadly
supportive.
Year-over-year
earnings
growth
contracted
in
the
first
and
second
quarters
of
2023,
but
results
were
better
than
expected,
and
earnings
growth
turned
positive
again
in
the
third
quarter.
Markets
remained
resilient
despite
a
debt
ceiling
standoff
in
the
U.S.,
the
outbreak
of
war
in
the
Middle
East,
the
continuing
conflict
between
Russia
and
Ukraine,
and
a
sluggish
economic
recovery
in
China.
Inflation
remained
a
concern,
but
investors
were
encouraged
by
the
slowing
pace
of
price
increases
as
well
as
the
possibility
that
the
Federal
Reserve
was
nearing
the
end
of
its
rate-hiking
cycle.
The
Fed
held
rates
steady
after
raising
its
short-term
lending
benchmark
rate
to
a
target
range
of
5.25%
to
5.50%
in
July,
the
highest
level
since
March
2001,
and
at
its
final
meeting
of
the
year
in
December,
the
central
bank
indicated
that
there
could
be
three
25-basis-point
rate
cuts
in
2024.
T.
ROWE
PRICE
Small-Cap
Index
Fund
The
yield
of
the
benchmark
10-year
U.S.
Treasury
note
briefly
reached
5.00%
in
October
for
the
first
time
since
late
2007
before
falling
back
to
3.88%
by
period-end,
the
same
level
where
it
started
the
year,
amid
cooler-than-expected
inflation
readings
and
less-hawkish
Fed
rhetoric.
Fixed
income
benchmarks
were
lifted
late
in
the
year
by
falling
yields.
Investment-grade
and
high
yield
corporate
bonds
produced
solid
returns,
supported
by
the
higher
coupons
that
have
become
available
over
the
past
year,
as
well
as
increasing
hopes
that
the
economy
might
be
able
to
avoid
a
recession.
Global
economies
and
markets
showed
surprising
resilience
in
2023,
but
considerable
uncertainty
remains
as
we
look
ahead.
Geopolitical
events,
the
path
of
monetary
policy,
and
the
impact
of
the
Fed’s
rate
hikes
on
the
economy
all
raise
the
potential
for
additional
volatility.
We
believe
this
environment
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
help
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely,
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
Small-Cap
Index
Fund
Management’s
Discussion
of
Fund
Performance
INVESTMENT
OBJECTIVE
The
fund
seeks
to
track
the
performance
of
a
benchmark
index
that
measures
the
investment
return
of
small-capitalization
U.S.
stocks.
FUND
COMMENTARY
How
did
the
fund
perform
in
the
past
12
months?
The
Small-Cap
Index
Fund
returned
16.75%
versus
16.93%
for
its
benchmark,
the
Russell
2000
Index.
Fund
performance
tends
to
slightly
lag
that
of
the
index
due
to
operating
and
management
expenses.
(Performance
for
the
I
Class
and
Z
Class
shares
will
vary
due
to
their
different
fee
structures.
Past
performance
cannot
guarantee
future
results.
)
As
a
reminder,
the
fund
is
not
available
for
direct
purchase
by
members
of
the
public.
All
investments
in
the
fund
must
be
made
by
T.
Rowe
Price
or
one
of
its
affiliated
investment
advisers
on
behalf
of
mutual
funds,
529
plans,
or
other
institutional
client
accounts
for
which
T.
Rowe
Price
or
its
affiliate
has
discretionary
investment
authority.
The
Z
Class
is
only
available
to
funds
managed
by
T.
Rowe
Price
and
other
advisory
clients
of
T.
Rowe
Price
or
its
affiliates
that
are
subject
to
a
contractual
fee
for
investment
management
services.
What
factors
influenced
the
fund’s
performance?
Most
sectors
of
the
Russell
2000
Index
produced
positive
returns
during
the
12-month
period.
U.S.
small-cap
stocks
advanced
in
2023,
despite
spending
most
of
the
year
out
of
favor,
with
a
late-period
rally
primarily
influenced
by
expectations
that
the
Federal
Reserve
was
nearing
the
conclusion
of
its
rate-
hike
campaign
and
may
initiate
rate
cuts
in
2024.
Within
our
portfolio,
industrials
and
business
services
stocks
contributed
the
most
to
absolute
returns.
Building
products
companies
were
among
the
best
performers
in
the
portfolio,
with
Simpson
Manufacturing
and
UFP
Industries
being
particularly
strong.
Simpson
Manufacturing
is
a
maker
of
structural
connectors
and
fasteners
used
in
homebuilding,
house
repairs,
and
nonresidential
construction.
Shares
advanced
during
the
year
on
the
heels
of
PERFORMANCE
COMPARISON
Total
Return
Periods
Ended
12/31/23
6
Months
12
Months
Small-Cap
Index
Fund
–
.
8.09%
16.75%
Small-Cap
Index
Fund–
.
I Class
8.20
16.92
Small-Cap
Index
Fund–
.
Z Class
8.25
17.07
Russell
2000
Index
8.18
16.93
T.
ROWE
PRICE
Small-Cap
Index
Fund
a
series
of
earnings
beats.
Additionally,
the
company
continued
to
generate
good
cash
flows
and
consistently
returns
capital
to
shareholders
through
dividends
and
buybacks.
UFP
Industries
is
a
supplier
of
wood
products
to
retail,
construction,
and
industrial
markets.
Shares
surged
in
the
final
two
months
of
the
year,
as
several
of
the
company’s
end
markets
could
benefit
from
declining
interest
rates
in
2024.
(Please
refer
to
the
portfolio
of
investments
for
a
complete
list
of
holdings
and
the
amount
each
represents
in
the
portfolio.)
Information
technology
stocks
(IT)
were
also
significant
contributors
to
fund
performance.
The
software
segment
was
the
best
performer,
by
a
wide
margin,
with
MicroStrategy
and
Qualys
generating
strong
returns.
MicroStrategy
is
an
analytics
and
business
intelligence
company
with
two
stated
corporate
strategies:
to
acquire
and
hold
bitcoin,
and
to
grow
its
enterprise
analytics
software
business.
Shares
surged
at
the
end
of
the
year
as
falling
longer-term
interest
rates
supported
a
rally
in
high-growth
and
high-risk
assets,
including
cryptocurrencies.
Qualys
is
a
provider
of
cloud-based
security,
compliance,
and
IT
solutions.
Shares
also
benefited
from
the
end-of-year
rally
in
software
names
and
small-cap
companies.
The
consumer
discretionary
sector
also
contributed
to
absolute
returns,
with
the
household
durables
segment
particularly
strong.
Homebuilders
Meritage
Homes
and
KB
Home
soared
late
in
the
year,
as
expectations
for
lower
mortgage
interest
rates
in
2024
augured
well
for
greater
housing
affordability.
Conversely,
the
utilities
sector,
one
of
the
smallest
in
the
index
and
the
portfolio,
was
the
only
sector
to
display
negative
returns
during
the
year.
Utilities
fell
during
the
period
given
the
backdrop
of
high
interest
rates.
Within
our
portfolio,
multi-utilities
companies
performed
worst
as
Black
Hills
Corporation
detracted
from
returns.
How
is
the
fund
positioned?
The
Small-Cap
Index
Fund
seeks
to
replicate
the
structure
and
performance
of
its
benchmark,
the
Russell
2000
Index.
The
index,
which
is
constructed
by
the
Russell
Investment
Group,
consists
of
approximately
2,000
small-cap
securities,
some
of
which
could
be
considered
micro-caps.
T.
ROWE
PRICE
Small-Cap
Index
Fund
The
fund
seeks
to
employ
a
full
replication
strategy,
which
involves
investing
substantially
all
of
its
assets
in
all
of
the
stocks
in
the
index
and
seeking
to
maintain
holdings
of
each
stock
in
proportion
to
its
weight
in
the
index.
Since
the
portfolio
is
designed
to
track
its
index,
it
does
not
have
the
flexibility
to
shift
assets
toward
stocks
or
sectors
that
are
rising
or
away
from
those
that
are
declining.
At
the
end
of
our
reporting
period,
financials,
industrials
and
business
services,
health
care,
and
information
technology
were
the
fund’s
largest
sector
allocations,
as
shown
in
the
Sector
Diversification
table.
The
portfolio
had
very
little
exposure
to
communication
services,
utilities,
and
consumer
staples
investments.
What
is
portfolio
management’s
outlook?
Continued
trends
in
disinflation,
alongside
a
handful
of
benign
jobs
reports,
have
lengthened
the
runway
for
an
economic
soft
landing.
The
Federal
Reserve’s
dovish
pivot—and
implied
rate
cut
cadence—has
encouraged
risk-on
behavior
as
the
probability
of
a
recession
continues
to
decline.
We
believe
equity
returns
are
likely
to
be
more
subdued
in
2024;
an
additional
move
higher
will
likely
hinge
on
the
ability
of
companies
to
demonstrate
meaningful
earnings
and
free
cash
flow
growth
following
the
significant
move
up
in
the
last
12
months,
which
was
aided
in
large
part
by
multiple
expansion.
SECTOR
DIVERSIFICATION
Percent
of
Net
Assets
6/30/23
12/31/23
Financials
14.9%
16.8%
Industrials
and
Business
Services
17.1
16.7
Health
Care
16.7
15.2
Information
Technology
13.6
13.5
Consumer
Discretionary
10.6
10.9
Energy
6.7
6.8
Real
Estate
6.0
6.1
Materials
4.6
4.4
Consumer
Staples
3.4
3.4
Utilities
3.0
2.7
Communication
Services
2.5
2.3
Other
and
Reserves
0.9
1.2
Total
100.0%
100.0%
Historical
weightings
reflect
current
industry/sector
classifications.
T.
ROWE
PRICE
Small-Cap
Index
Fund
The
trajectories
of
the
economy,
corporate
earnings,
and
interest
rates
are
unpredictable,
and
investor
sentiment
toward
the
broad
market
and
various
market
segments
could
change
without
warning.
Our
job
is
not
to
determine
which
stocks
or
sectors
are
likely
to
perform
best
but,
rather,
to
replicate
the
structure
of
the
Russell
2000
Index
to
provide
broad
exposure
to
small-cap
stocks
and
to
attempt
to
track
the
index’s
performance.
The
views
expressed
reflect
the
opinions
of
T.
Rowe
Price
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic,
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
T.
ROWE
PRICE
Small-Cap
Index
Fund
Risks
of
Investing
in
the
Small-Cap
Index
Fund
Stocks
generally
fluctuate
in
value
more
than
bonds
and
may
decline
significantly
over
short
time
periods.
There
is
a
chance
that
stock
prices
overall
will
decline
because
stock
markets
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
The
value
of
stocks
held
by
the
fund
may
decline
due
to
general
weakness
or
volatility
in
the
stock
markets
in
which
the
fund
invests
or
because
of
factors
that
affect
a
particular
company
or
industry.
Investments
in
securities
issued
by
small-cap
and
micro-cap
companies
are
likely
to
be
more
volatile
than
investments
in
securities
issued
by
larger
companies.
Small-cap
companies
often
have
less
experienced
management,
narrower
product
lines,
more
limited
financial
resources,
and
less
publicly
available
information
than
larger
companies.
In
addition,
smaller
companies
are
typically
more
sensitive
to
changes
in
overall
economic
conditions,
and
their
securities
may
be
difficult
to
trade.
The
risks
of
small-cap
investing
are
heightened
for
investments
in
micro-cap
companies.
Because
the
fund
is
passively
managed
and
seeks
to
match
the
performance
of
its
benchmark
index,
holdings
are
generally
not
reallocated
based
on
changes
in
market
conditions
or
outlook
for
a
specific
security,
industry,
or
market
sector.
As
a
result,
the
fund’s
performance
may
lag
the
performance
of
actively
managed
funds.
The
returns
of
the
fund
may
deviate
from
the
returns
of
its
benchmark
index
(referred
to
as
“tracking
error”)
because
the
fund
incurs
fees
and
transaction
expenses
while
the
index
has
no
fees
or
expenses.
The
risk
of
tracking
error
is
increased
to
the
extent
the
fund
is
unable
to
fully
replicate
its
benchmark
index,
which
could
result
from
changes
in
the
composition
of
the
index
or
the
timing
of
purchases
and
redemptions
of
fund
shares.
T.
ROWE
PRICE
Small-Cap
Index
Fund
BENCHMARK
INFORMATION
Note:
London
Stock
Exchange
Group
plc
and
its
group
undertakings
(collectively,
the
“LSE
Group”).
©
LSE
Group
2024.
FTSE
Russell
is
a
trading
name
of
certain
of
the
LSE
Group
companies. “Russell
®
” is/are
a
trademark(s)
of
the
relevant
LSE
Group
companies
and
is/are
used
by
any
other
LSE
Group
company
under
license.
All
rights
in
the
FTSE
Russell
indexes
or
data
vest
in
the
relevant
LSE
Group
company
which
owns
the
index
or
the
data.
Neither
LSE
Group
nor
its
licensors
accept
any
liability
for
any
errors
or
omissions
in
the
indexes
or
data
and
no
party
may
rely
on
any
indexes
or
data
contained
in
this
communication.
No
further
distribution
of
data
from
the
LSE
Group
is
permitted
without
the
relevant
LSE
Group
company’s
express
written
consent.
The
LSE
Group
does
not
promote,
sponsor
or
endorse
the
content
of
this
communication.
The
LSE
Group
is
not
responsible
for
the
formatting
or
configuration
of
this
material
or
for
any
inaccuracy
in
T.
Rowe
Price’s
presentation
thereof.
T.
ROWE
PRICE
Small-Cap
Index
Fund
PORTFOLIO
HIGHLIGHTS
TWENTY-FIVE
LARGEST
HOLDINGS
Percent
of
Net
Assets
12/31/23
Super
Micro
Computer
0.5%
Simpson
Manufacturing
0.3
e.l.f.
Beauty
0.3
MicroStrategy
0.3
Cytokinetics
0.3
UFP
Industries
0.3
Light
&
Wonder
0.3
Onto
Innovation
0.3
Rambus
0.3
BellRing
Brands
0.3
Qualys
0.3
Comfort
Systems
USA
0.3
Api
0.3
SPS
Commerce
0.3
ImmunoGen
0.3
Fabrinet
0.3
Weatherford
International
0.3
Chord
Energy
0.3
Intra-Cellular
Therapies
0.3
Applied
Industrial
Technologies
0.3
Duolingo
0.3
Matador
Resources
0.3
SouthState
0.3
Ryman
Hospitality
Properties
0.3
Meritage
0.2
Total
7.6%
Note:
The
information
shown
does
not
reflect
any
exchange-traded
funds
(ETFs),
cash
reserves,
or
collateral
for
securities
lending
that
may
be
held
in
the
portfolio.
T.
ROWE
PRICE
Small-Cap
Index
Fund
GROWTH
OF
$10,000
This
chart
shows
the
value
of
a
hypothetical
$10,000
investment
in
the
fund
over
the
past
10
fiscal
year
periods
or
since
inception
(for funds
lacking
10-year
records).
The
result
is
compared
with
benchmarks,
which
include
a
broad-based
market
index
and
may
also
include
a
peer
group
average
or
index.
Market
indexes
do
not
include
expenses,
which
are
deducted
from
fund returns
as
well
as
mutual fund
averages
and
indexes.
SMALL-CAP
INDEX
FUND
Note:
Performance
for
the I
and
Z
Class
shares
will
vary
due
to
their
differing
fee
structures.
See
the
Average
Annual
Compound
Total
Return
table
on
the
next
page.
T.
ROWE
PRICE
Small-Cap
Index
Fund
AVERAGE
ANNUAL
COMPOUND
TOTAL
RETURN
EXPENSE
RATIO
FUND
EXPENSE
EXAMPLE
As
a
mutual
fund
shareholder,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,
such
as
redemption
fees
or
sales
loads,
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
fund
expenses.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
most
recent
six-month
period
and
held
for
the
entire
period.
Periods
Ended
12/31/23
1
Year
5
Years
Since
Inception
Inception
Date
Small-Cap
Index
Fund
–
.
16.75%
9.75%
8.60%
12/9/15
Small-Cap
Index
Fund–
.
I Class
16.92
9.94
8.77
12/9/15
Small-Cap
Index
Fund–
.
Z Class
17.07
–
21.08
3/16/20
The
fund’s
performance
information
represents
only
past
performance
and
is
not
necessarily
an
indication
of
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
cited.
Share
price,
principal
value,
and
return
will
vary,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
For
the
most
recent
month-end
performance,
please
visit
our
website
(troweprice.com)
or
contact
a
T.
Rowe
Price
representative
at
1
-
800
-
225
-
5132
or,
for
2
I
and
Z
Class
shares,
1-800-638-8790.
This
table
shows
how
the
fund
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
had
been
earned
at
a
constant
rate.
Average
annual
total
return
figures
include
changes
in
principal
value,
reinvested
dividends,
and
capital
gain
distributions.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
When
assessing
performance,
investors
should
consider
both
short-
and
long-term
returns.
Small-Cap
Index
Fund
4.94%
Small-Cap
Index
Fund–I
Class
0.42
Small-Cap
Index
Fund–Z
Class
0.38
The
expense
ratio
shown
is
as
of
the
fund’s
most
recent
prospectus.
This
number
may
vary
from
the
expense
ratio
shown
elsewhere
in
this
report
because
it
is
based
on
a
different
time
period
and,
if
applicable,
includes
acquired
fund
fees
and
expenses
but
does
not
include
fee
or
expense
waivers.
T.
ROWE
PRICE
Small-Cap
Index
Fund
Please
note
that
the
fund
has
three
share
classes:
The
Investor
Class
charges
no
distribution
and
service
(12b-1)
fee, the
I
Class
shares
are
also
available
to
institutionally
oriented
clients
and
impose
no
12b-1
or
administrative
fee
payment,
and
Z
Class
shares
are
offered
only
to
funds
advised
by
T.
Rowe
Price
and
other
advisory
clients
of
T.
Rowe
Price
or
its
affiliates
that
are
subject
to
a
contractual
fee
for
investment
management
services
and
impose
no
12b-1
fee
or
administrative
fee
payment.
Each
share
class
is
presented
separately
in
the
table.
Actual
Expenses
The
first
line
of
the
following
table
(Actual)
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
on
this
line,
together
with
your
account
balance,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
on
the
first
line
under
the
heading
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
on
the
second
line
of
the
table
(Hypothetical)
is
based
on
hypothetical
account
values
and
expenses
derived
from
the
fund’s
actual
expense
ratio
and
an
assumed
5%
per
year
rate
of
return
before
expenses
(not
the
fund’s
actual
return).
You
may
compare
the
ongoing
costs
of
investing
in
the
fund
with
other
funds
by
contrasting
this
5%
hypothetical
example
and
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
Note:
T.
Rowe
Price
charges
an
account
service
fee
that
is
not
included
in
the
accompanying
table.
The
account
service
fee
is
charged
on
a
quarterly
basis,
usually
during
the
last
week
of
a
calendar
quarter,
and
applies
to
accounts
with
balances
below
$10,000
on
the
day
of
the
assessment.
The
fee
is
charged
to
accounts
that
fall
below
$10,000
for
any
reason,
including
market
fluctuations,
redemptions,
or
exchanges.
When
an
account
with
less
than
$10,000
is
closed
either
through
redemption
or
exchange,
the
fee
is
charged
and
deducted
from
the
proceeds.
The
fee
applies
to
IRAs
but
not
to
retirement
plans
directly
registered
with
T.
Rowe
Price
Services
or
accounts
maintained
by
intermediaries
through
NSCC
®
Networking.
If
you
are
subject
to
the
fee,
keep
it
in
mind
when
you
are
estimating
the
ongoing
expenses
of
investing
in
the
fund
and
when
comparing
the
expenses
of
this
fund
with
other
funds.
You
should
also
be
aware
that
the
expenses
shown
in
the
table
highlight
only
your
ongoing
costs
and
do
not
reflect
any
transaction
costs,
such
as
redemption
fees
or
sales
loads.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
To
the
extent
a
fund
charges
transaction
costs,
however,
the
total
cost
of
owning
that
fund
is
higher.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
T.
ROWE
PRICE
Small-Cap
Index
Fund
SMALL-CAP
INDEX
FUND
Beginning
Account
Value
7/1/23
Ending
Account
Value
12/31/23
Expenses
Paid
During
Period*
7/1/23
to
12/31/23
Investor
Class
Actual
$1,000.00
$1,080.90
$1.52
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,023.74
1.48
I
Class
Actual
1,000.00
1,082.00
0.73
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,024.50
0.71
Z
Class
Actual
1,000.00
1,082.50
0.00
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,025.21
0.00
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(184),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.29%,
the
2
I Class
was
0.14%,
and
the
3
Z Class
was
0.00%.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
T.
ROWE
PRICE
Small-Cap
Index
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
12.48
$
15.93
$
14.16
$
12.20
$
10.19
Investment
activities
Net
investment
income
(1)(2)
0.18
0.17
0.11
0.11
0.15
Net
realized
and
unrealized
gain/
loss
1.90
(3.44)
1.91
2.30
2.42
Total
from
investment
activities
2.08
(3.27)
2.02
2.41
2.57
Distributions
Net
investment
income
(0.16)
(0.16)
(0.11)
(0.12)
(0.15)
Net
realized
gain
—
(0.02)
(0.14)
(0.33)
(0.41)
Total
distributions
(0.16)
(0.18)
(0.25)
(0.45)
(0.56)
NET
ASSET
VALUE
End
of
period
$
14.40
$
12.48
$
15.93
$
14.16
$
12.20
Ratios/Supplemental
Data
Total
return
(2)(3)
16.75%
(20.58)%
14.32%
19.88%
25.31%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.35%
4.93%
1.87%
4.10%
3.93%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.29%
0.29%
0.34%
0.35%
0.34%
Net
investment
income
1.39%
1.26%
0.70%
1.00%
1.25%
Portfolio
turnover
rate
27.2%
22.0%
29.0%
21.1%
17.3%
Net
assets,
end
of
period
(in
thousands)
$177
$154
$197
$6,726
$5,794
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
7
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Small-Cap
Index
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
12.54
$
16.01
$
14.21
$
12.23
$
10.19
Investment
activities
Net
investment
income
(1)(2)
0.20
0.19
0.18
0.13
0.16
Net
realized
and
unrealized
gain/
loss
1.91
(3.46)
1.89
2.30
2.44
Total
from
investment
activities
2.11
(3.27)
2.07
2.43
2.60
Distributions
Net
investment
income
(0.18)
(0.18)
(0.13)
(0.12)
(0.15)
Net
realized
gain
—
(0.02)
(0.14)
(0.33)
(0.41)
Total
distributions
(0.18)
(0.20)
(0.27)
(0.45)
(0.56)
NET
ASSET
VALUE
End
of
period
$
14.47
$
12.54
$
16.01
$
14.21
$
12.23
Ratios/Supplemental
Data
Total
return
(2)(3)
16.92%
(20.48)%
14.63%
20.00%
25.60%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.40%
0.42%
0.65%
3.93%
3.71%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.14%
0.14%
0.17%
0.20%
0.19%
Net
investment
income
1.55%
1.43%
1.12%
1.15%
1.40%
Portfolio
turnover
rate
27.2%
22.0%
29.0%
21.1%
17.3%
Net
assets,
end
of
period
(in
thousands)
$112,086
$85,393
$90,212
$355
$306
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
7
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Small-Cap
Index
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Z
Class
(1)
..
Year
..
..
Ended
.
3/16/20
(1)
Through
12/31/20
12/31/23
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
12.53
$
15.99
$
14.20
$
7.59
Investment
activities
Net
investment
income
(2)(3)
0.23
0.22
0.23
0.11
Net
realized
and
unrealized
gain/loss
1.90
(3.47)
1.85
6.95
Total
from
investment
activities
2.13
(3.25)
2.08
7.06
Distributions
Net
investment
income
(0.20)
(0.19)
(0.15)
(0.12)
Net
realized
gain
—
(0.02)
(0.14)
(0.33)
Total
distributions
(0.20)
(0.21)
(0.29)
(0.45)
NET
ASSET
VALUE
End
of
period
$
14.46
$
12.53
$
15.99
$
14.20
Ratios/Supplemental
Data
Total
return
(3)(4)
17.07%
(20.35)%
14.71%
93.22%
Ratios
to
average
net
assets:
(3)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.32%
0.38%
0.72%
3.86%
(5)
Net
expenses
after
waivers/payments
by
Price
Associates
0.00%
0.00%
0.01%
0.01%
(5)
Net
investment
income
1.75%
1.67%
1.40%
1.30%
(5)
Portfolio
turnover
rate
27.2%
22.0%
29.0%
21.1%
Net
assets,
end
of
period
(in
thousands)
$36,196
$11,833
$1,104
$187
0%
0%
0%
0%
(1)
Inception
date
(2)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(3)
See
Note
7
for
details
of
expense-related
arrangements
with
Price
Associates.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Annualized
T.
ROWE
PRICE
Small-Cap
Index
Fund
December
31,
2023
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.5%
COMMUNICATION
SERVICES
2.3%
Diversified
Telecommunication
Services
0.5%
Anterix (1)
766
25
AST
SpaceMobile (1)(2)
4,839
29
ATN
International
607
24
Bandwidth,
Class
A (1)
1,388
20
Charge
Enterprises (1)
6,885
1
Cogent
Communications
Holdings
2,521
192
Consolidated
Communications
Holdings (1)
4,137
18
EchoStar,
Class
A (1)(2)
7,134
118
Globalstar (1)(2)
39,970
78
IDT,
Class
B (1)
873
30
Liberty
Latin
America,
Class
A (1)
1,948
14
Liberty
Latin
America,
Class
C (1)
8,308
61
Lumen
Technologies (1)(2)
58,046
106
Ooma (1)
1,364
15
Shenandoah
Telecommunications
2,796
60
791
Entertainment
0.4%
Atlanta
Braves
Holdings,
Class
A (1)
550
24
Atlanta
Braves
Holdings,
Class
C (1)
2,608
103
Cinemark
Holdings (1)
6,284
89
IMAX (1)
2,606
39
Lions
Gate
Entertainment,
Class
A (1)
3,387
37
Lions
Gate
Entertainment,
Class
B (1)
7,096
72
Loop
Media (1)
1,798
2
Madison
Square
Garden
Entertainment (1)
2,278
72
Marcus (2)
1,317
19
Playstudios (1)
5,194
14
Reservoir
Media (1)(2)
1,089
8
Sphere
Entertainment (1)(2)
1,509
51
Vivid
Seats,
Class
A (1)
1,347
9
539
Interactive
Media
&
Services
0.7%
Bumble,
Class
A (1)
5,813
86
Cargurus (1)
5,714
138
Cars.com (1)
3,841
73
DHI
Group (1)
2,329
6
Eventbrite,
Class
A (1)
4,304
36
EverQuote,
Class
A (1)
1,137
14
fuboTV (1)(2)
16,513
53
Grindr (1)
2,342
21
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
MediaAlpha,
Class
A (1)(2)
1,364
15
Nextdoor
Holdings (1)
7,951
15
Outbrain (1)
2,325
10
QuinStreet (1)
3,086
40
Shutterstock
1,426
69
System1 (1)(2)
2,295
5
TrueCar (1)
5,232
18
Vimeo (1)
8,943
35
Yelp (1)
3,832
181
Ziff
Davis (1)
2,680
180
ZipRecruiter,
Class
A (1)
3,986
55
1,050
Media
0.6%
Advantage
Solutions (1)(2)
4,976
18
AMC
Networks,
Class
A (1)
1,737
33
Boston
Omaha,
Class
A (1)
1,271
20
Cardlytics (1)
1,994
18
Clear
Channel
Outdoor
Holdings (1)
21,739
40
Daily
Journal (1)
82
28
Emerald
Holding (1)
766
5
Entravision
Communications,
Class
A
3,627
15
EW
Scripps,
Class
A (1)
3,306
27
Gambling.com
Group (1)
956
9
Gannett (1)
8,159
19
Gray
Television
4,846
44
iHeartMedia,
Class
A (1)
5,650
15
Integral
Ad
Science
Holding (1)
2,797
40
John
Wiley
&
Sons,
Class
A
2,090
66
Magnite (1)
7,748
72
PubMatic,
Class
A (1)
2,517
41
Scholastic
1,544
58
Sinclair (2)
1,941
25
Stagwell (1)
4,631
31
TechTarget (1)
1,525
53
TEGNA
11,658
178
Thryv
Holdings (1)
1,815
37
Townsquare
Media,
Class
A
575
6
Urban
One (1)
626
3
Urban
One,
Class
D (1)
625
2
WideOpenWest (1)
2,816
11
914
Wireless
Telecommunication
Services
0.1%
Gogo (1)
3,871
39
Spok
Holdings
1,014
16
Telephone
&
Data
Systems
5,656
104
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Tingo
Group (1)(3)
6,016
1
160
Total
Communication
Services
3,454
CONSUMER
DISCRETIONARY
10.9%
Automobile
Components
1.3%
Adient (1)
5,435
198
American
Axle
&
Manufacturing
Holdings (1)
6,587
58
Atmus
Filtration
Technologies (1)
976
23
Cooper-Standard
Holdings (1)
966
19
Dana
7,476
109
Dorman
Products (1)
1,540
128
Fox
Factory
Holding (1)
2,465
166
Gentherm (1)
1,902
99
Goodyear
Tire
&
Rubber (1)
16,391
235
Holley (1)
2,778
13
LCI
Industries
1,426
179
Luminar
Technologies (1)(2)
15,774
53
Modine
Manufacturing (1)
3,000
179
Patrick
Industries
1,222
123
Solid
Power (1)(2)
8,726
13
Standard
Motor
Products
1,222
49
Stoneridge (1)
1,567
31
Visteon (1)
1,599
200
XPEL (1)
1,305
70
1,945
Automobiles
0.1%
Fisker (1)(2)
12,457
22
Livewire
Group (1)
1,171
13
Winnebago
Industries
1,677
122
Workhorse
Group (1)(2)
8,260
3
160
Broadline
Retail
0.1%
Big
Lots
1,511
12
ContextLogic,
Class
A (1)
1,193
7
Dillard's,
Class
A (2)
201
81
Qurate
Retail,
Class
B (1)
65
—
Savers
Value
Village (1)
1,536
27
127
Distributors
0.0%
Weyco
Group
366
11
11
Diversified
Consumer
Services
1.3%
2U (1)(2)
4,075
5
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Adtalem
Global
Education (1)
2,280
134
Carriage
Services
726
18
Chegg (1)
6,529
74
Clear
Secure,
Class
A (2)
4,782
99
Coursera (1)
7,600
147
Duolingo (1)
1,700
386
European
Wax
Center,
Class
A (1)
1,906
26
Frontdoor (1)
4,687
165
Graham
Holdings,
Class
B
210
146
Laureate
Education
7,487
103
Lincoln
Educational
Services (1)
1,342
14
Nerdy (1)
3,345
12
OneSpaWorld
Holdings (1)
4,911
69
Perdoceo
Education
3,862
68
Rover
Group (1)
5,403
59
Strategic
Education
1,323
122
Stride (1)
2,476
147
Udemy (1)(2)
5,086
75
Universal
Technical
Institute (1)
1,941
24
WW
International (1)(2)
3,236
28
1,921
Hotels,
Restaurants
&
Leisure
2.2%
Accel
Entertainment (1)
3,161
33
Bally's (1)
1,753
25
Biglari
Holdings,
Class
B (1)
42
7
BJ's
Restaurants (1)
1,333
48
Bloomin'
Brands
5,119
144
Bluegreen
Vacations
Holding
627
47
Bowlero,
Class
A (1)(2)
967
14
Brinker
International (1)
2,514
109
Carrols
Restaurant
Group
2,069
16
Century
Casinos (1)
1,369
7
Cheesecake
Factory
2,781
97
Chuy's
Holdings (1)
1,008
39
Cracker
Barrel
Old
Country
Store
1,266
98
Dave
&
Buster's
Entertainment (1)
2,079
112
Denny's (1)
3,221
35
Dine
Brands
Global
912
45
El
Pollo
Loco
Holdings (1)
1,584
14
Empire
Resorts,
Escrow,
EC (1)(3)
9
—
Everi
Holdings (1)
4,882
55
First
Watch
Restaurant
Group (1)
1,314
26
Full
House
Resorts (1)
2,029
11
Global
Business
Travel
Group
I (1)(2)
1,907
12
Golden
Entertainment
1,178
47
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Hilton
Grand
Vacations (1)
4,633
186
Inspired
Entertainment (1)
1,212
12
International
Game
Technology
6,271
172
Jack
in
the
Box
1,180
96
Krispy
Kreme (2)
5,029
76
Kura
Sushi
USA,
Class
A (1)
341
26
Life
Time
Group
Holdings (1)(2)
2,614
39
Light
&
Wonder (1)
5,305
436
Lindblad
Expeditions
Holdings (1)
1,957
22
Monarch
Casino
&
Resort
777
54
Mondee
Holdings (1)(2)
2,480
7
Nathan's
Famous
159
12
Noodles (1)
1,999
6
ONE
Group
Hospitality (1)
1,075
7
Papa
John's
International (2)
1,919
146
PlayAGS (1)
2,110
18
Portillo's,
Class
A (1)
2,641
42
Potbelly (1)
1,478
15
RCI
Hospitality
Holdings
509
34
Red
Robin
Gourmet
Burgers (1)
954
12
Red
Rock
Resorts,
Class
A
2,779
148
Rush
Street
Interactive (1)(2)
3,429
15
Sabre (1)
19,123
84
SeaWorld
Entertainment (1)
2,083
110
Shake
Shack,
Class
A (1)
2,202
163
Six
Flags
Entertainment (1)
4,139
104
Super
Group
SGHC (1)
8,024
25
Sweetgreen,
Class
A (1)
5,575
63
Target
Hospitality (1)(2)
1,859
18
Xponential
Fitness,
Class
A (1)(2)
1,404
18
3,207
Household
Durables
2.4%
Beazer
Homes
USA (1)
1,741
59
Cavco
Industries (1)
511
177
Century
Communities
1,661
152
Cricut,
Class
A
2,848
19
Dream
Finders
Homes,
Class
A (1)(2)
1,423
51
Ethan
Allen
Interiors
1,359
43
GoPro,
Class
A (1)
7,111
25
Green
Brick
Partners (1)
1,503
78
Helen
of
Troy (1)(2)
1,374
166
Hooker
Furnishings
613
16
Hovnanian
Enterprises,
Class
A (1)
284
44
Installed
Building
Products
1,379
252
iRobot (1)
1,551
60
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
KB
Home
4,147
259
Landsea
Homes (1)
1,217
16
La-Z-Boy
2,494
92
Legacy
Housing (1)
517
13
LGI
Homes (1)
1,214
162
Lovesac (1)
782
20
M/I
Homes (1)
1,554
214
MDC
Holdings
3,453
191
Meritage
Homes
2,117
369
Purple
Innovation (2)
3,083
3
Skyline
Champion (1)
3,119
232
Snap
One
Holdings (1)(2)
906
8
Sonos (1)
7,291
125
Taylor
Morrison
Home (1)
6,024
321
Traeger (1)
1,896
5
Tri
Pointe
Homes (1)
5,604
198
United
Homes
Group (1)(2)
302
3
Vizio
Holding,
Class
A (1)
4,449
34
VOXX
International (1)
684
7
Worthington
Enterprises
1,759
101
3,515
Leisure
Products
0.4%
Acushnet
Holdings
1,789
113
AMMO (1)(2)
4,778
10
Clarus
1,705
12
Escalade
586
12
Funko,
Class
A (1)
1,988
15
JAKKS
Pacific (1)
435
15
Johnson
Outdoors,
Class
A
306
16
Latham
Group (1)
2,282
6
Malibu
Boats,
Class
A (1)
1,150
63
Marine
Products
418
5
MasterCraft
Boat
Holdings (1)
951
22
Smith
&
Wesson
Brands
2,672
36
Solo
Brands,
Class
A (1)(2)
1,131
7
Sturm
Ruger
1,010
46
Topgolf
Callaway
Brands (1)
8,234
118
Vista
Outdoor (1)
3,312
98
594
Specialty
Retail
2.6%
1-800-Flowers.com,
Class
A (1)
1,518
16
Aaron's
1,639
18
Abercrombie
&
Fitch,
Class
A (1)
2,841
251
Academy
Sports
&
Outdoors
4,209
278
American
Eagle
Outfitters
10,517
223
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
America's
Car-Mart (1)
332
25
Arko
4,822
40
Asbury
Automotive
Group (1)
1,205
271
BARK (1)(2)
7,401
6
Beyond (1)
2,605
72
Big
5
Sporting
Goods
1,138
7
Boot
Barn
Holdings (1)
1,739
134
Buckle
1,763
84
Build-A-Bear
Workshop
730
17
Caleres
2,010
62
Camping
World
Holdings,
Class
A
2,428
64
CarParts.com (1)
3,003
10
Carvana (1)(2)
5,580
295
Cato,
Class
A
939
7
Chico's
FAS (1)
6,975
53
Children's
Place (1)
635
15
Designer
Brands,
Class
A
2,735
24
Destination
XL
Group (1)
3,112
14
Duluth
Holdings,
Class
B (1)
769
4
Envela (1)
372
2
EVgo (1)(2)
6,174
22
Foot
Locker
4,795
149
Genesco (1)
684
24
Group
1
Automotive
795
242
GrowGeneration (1)(2)
3,062
8
Guess?
1,681
39
Haverty
Furniture
811
29
Hibbett
738
53
J
Jill (1)
225
6
Lands'
End (1)
747
7
Lazydays
Holdings (1)(2)
794
6
Leslie's (1)
10,455
72
MarineMax (1)
1,268
49
Monro
1,810
53
National
Vision
Holdings (1)
4,471
94
ODP (1)
1,887
106
OneWater
Marine,
Class
A (1)(2)
652
22
PetMed
Express
1,064
8
Rent
the
Runway,
Class
A (1)(2)
2,348
1
Revolve
Group (1)(2)
2,441
40
Sally
Beauty
Holdings (1)
6,177
82
Shoe
Carnival
1,075
32
Signet
Jewelers
2,593
278
Sleep
Number (1)
1,149
17
Sonic
Automotive,
Class
A
840
47
Sportsman's
Warehouse
Holdings (1)
2,205
9
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Stitch
Fix,
Class
A (1)
4,879
17
ThredUp,
Class
A (1)
3,827
9
Tile
Shop
Holdings (1)
1,664
12
Tilly's,
Class
A (1)
1,310
10
Torrid
Holdings (1)
655
4
Upbound
Group
3,160
107
Urban
Outfitters (1)
3,728
133
Warby
Parker,
Class
A (1)
4,886
69
Winmark
164
68
Zumiez (1)
942
19
3,935
Textiles,
Apparel
&
Luxury
Goods
0.5%
Allbirds,
Class
A (1)(2)
5,360
7
Figs,
Class
A (1)(2)
7,453
52
Fossil
Group (1)(2)
2,213
3
G-III
Apparel
Group (1)
2,385
81
Hanesbrands (1)
20,183
90
Kontoor
Brands
3,243
202
Movado
Group
841
25
Oxford
Industries
860
86
Rocky
Brands
427
13
Steven
Madden
4,345
183
Vera
Bradley (1)
1,545
12
Wolverine
World
Wide
4,622
41
795
Total
Consumer
Discretionary
16,210
CONSUMER
STAPLES
3.3%
Beverages
0.4%
Coca-Cola
Consolidated
278
258
Duckhorn
Portfolio (1)
2,588
25
MGP
Ingredients
909
90
National
Beverage (1)
1,367
68
Primo
Water
9,141
138
Vita
Coco (1)(2)
1,658
43
Zevia
PBC,
Class
A (1)
1,229
2
624
Consumer
Staples
Distribution
&
Retail
0.6%
Andersons
1,843
106
Chefs'
Warehouse (1)
2,046
60
HF
Foods
Group (1)
2,318
13
Ingles
Markets,
Class
A
812
70
Natural
Grocers
by
Vitamin
Cottage
559
9
PriceSmart
1,480
112
SpartanNash
2,009
46
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Sprouts
Farmers
Market (1)
5,927
285
United
Natural
Foods (1)
3,395
55
Village
Super
Market,
Class
A
535
14
Weis
Markets
949
61
831
Food
Products
1.0%
Alico
407
12
B&G
Foods
4,223
44
Benson
Hill (1)(2)
8,931
2
Beyond
Meat (1)(2)
3,468
31
BRC,
Class
A (1)(2)
2,237
8
Calavo
Growers
1,024
30
Cal-Maine
Foods
2,368
136
Dole
4,150
51
Forafric
Global (1)
256
3
Fresh
Del
Monte
Produce
1,981
52
Hain
Celestial
Group (1)
5,168
57
J
&
J
Snack
Foods
879
147
John
B.
Sanfilippo
&
Son
519
54
Lancaster
Colony
1,138
189
Limoneira
987
20
Mission
Produce (1)
2,712
27
Seneca
Foods,
Class
A (1)
292
15
Simply
Good
Foods (1)
5,288
209
Sovos
Brands (1)
3,202
71
SunOpta (1)(2)
5,355
29
TreeHouse
Foods (1)
3,012
125
Utz
Brands
4,146
67
Vital
Farms (1)
1,843
29
Westrock
Coffee (1)(2)
1,554
16
1,424
Household
Products
0.3%
Central
Garden
&
Pet (1)
552
28
Central
Garden
&
Pet,
Class
A (1)
2,256
99
Energizer
Holdings
4,187
133
Oil-Dri
272
18
WD-40
783
187
465
Personal
Care
Products
0.9%
Beauty
Health (1)(2)
4,295
13
BellRing
Brands (1)
7,665
425
Edgewell
Personal
Care
2,930
107
elf
Beauty (1)
3,135
453
Herbalife (1)
5,672
87
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Inter
Parfums
1,071
154
Medifast
625
42
Nature's
Sunshine
Products (1)
709
12
Nu
Skin
Enterprises,
Class
A
2,882
56
USANA
Health
Sciences (1)
668
36
Waldencast,
Class
A (1)(2)
1,986
22
1,407
Tobacco
0.1%
Ispire
Technology (1)
1,101
13
Turning
Point
Brands
936
25
Universal
1,389
94
Vector
Group
8,332
94
226
Total
Consumer
Staples
4,977
ENERGY
6.8%
Energy
Equipment
&
Services
2.4%
Archrock
8,128
125
Atlas
Energy
Solutions
1,062
18
Borr
Drilling (1)(2)
12,614
93
Bristow
Group (1)
1,381
39
Cactus,
Class
A
3,734
170
ChampionX
11,383
333
Core
Laboratories
2,702
48
Diamond
Offshore
Drilling (1)
5,845
76
DMC
Global (1)
1,166
22
Dril-Quip (1)
1,977
46
Expro
Group
Holdings (1)
5,196
83
Forum
Energy
Technologies (1)
544
12
Helix
Energy
Solutions
Group (1)
8,254
85
Helmerich
&
Payne
5,672
205
KLX
Energy
Services
Holdings (1)(2)
625
7
Kodiak
Gas
Services
903
18
Liberty
Energy
9,521
173
Mammoth
Energy
Services (1)
1,149
5
Nabors
Industries (1)
530
43
Newpark
Resources (1)
4,396
29
Noble
6,548
315
Oceaneering
International (1)
5,873
125
Oil
States
International (1)
3,733
25
Patterson-UTI
Energy
20,589
222
ProFrac
Holding,
Class
A (1)
1,417
12
ProPetro
Holding (1)
5,687
48
Ranger
Energy
Services
765
8
RPC
4,955
36
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SEACOR
Marine
Holdings (1)
1,374
17
Seadrill (1)
2,951
140
Select
Water
Solutions,
Class
A
4,760
36
Solaris
Oilfield
Infrastructure,
Class
A
1,729
14
TETRA
Technologies (1)
7,336
33
Tidewater (1)
2,701
195
U.S.
Silica
Holdings (1)
4,361
49
Valaris (1)
3,516
241
Weatherford
International (1)
4,136
405
3,551
Oil,
Gas
&
Consumable
Fuels
4.4%
Amplify
Energy (1)
1,988
12
Ardmore
Shipping
2,455
35
Berry
4,479
31
California
Resources
4,058
222
Callon
Petroleum (1)
3,583
116
Centrus
Energy,
Class
A (1)
732
40
Chord
Energy
2,432
404
Civitas
Resources (2)
4,702
322
Clean
Energy
Fuels (1)
9,921
38
CNX
Resources (1)
9,131
183
Comstock
Resources (2)
5,310
47
CONSOL
Energy
1,782
179
Crescent
Energy,
Class
A
4,483
59
CVR
Energy
1,707
52
Delek
U.S.
Holdings
3,733
96
DHT
Holdings
7,856
77
Dorian
LPG
1,996
88
Empire
Petroleum (1)(2)
738
8
Encore
Energy (1)
8,592
34
Energy
Fuels (1)(2)
9,028
65
Enviva
1,774
2
Equitrans
Midstream
25,420
259
Evolution
Petroleum
1,804
10
Excelerate
Energy,
Class
A
986
15
FLEX
LNG
1,723
50
FutureFuel
1,368
8
Gevo (1)(2)
12,982
15
Golar
LNG
5,778
133
Granite
Ridge
Resources
2,073
12
Green
Plains (1)
3,330
84
Gulfport
Energy (1)
648
86
Hallador
Energy (1)
1,252
11
HighPeak
Energy
671
10
International
Seaways
2,377
108
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Kinetik
Holdings
1,065
36
Kosmos
Energy (1)
26,358
177
Magnolia
Oil
&
Gas,
Class
A
10,446
222
Matador
Resources
6,584
374
Murphy
Oil
8,637
368
NACCO
Industries,
Class
A
225
8
NextDecade (1)
4,625
22
Nordic
American
Tankers
11,825
50
Northern
Oil
&
Gas
5,068
188
Overseas
Shipholding
Group,
Class
A
3,472
18
Par
Pacific
Holdings (1)
3,233
118
PBF
Energy,
Class
A
6,490
285
Peabody
Energy
6,671
162
Permian
Resources
22,703
309
PrimeEnergy
Resources (1)
36
4
REX
American
Resources (1)
909
43
Riley
Exploration
Permian
484
13
Ring
Energy (1)(2)
6,949
10
SandRidge
Energy
1,880
26
Scorpio
Tankers
2,785
169
SFL
6,615
75
SilverBow
Resources (1)
1,234
36
Sitio
Royalties,
Class
A
4,746
112
SM
Energy
6,877
266
Talos
Energy (1)
6,304
90
Teekay (1)
3,935
28
Teekay
Tankers,
Class
A
1,378
69
Tellurian (1)(2)
31,341
24
Uranium
Energy (1)(2)
21,793
139
VAALCO
Energy
6,334
28
Verde
Clean
Fuels (1)
210
1
Vertex
Energy (1)(2)
3,865
13
Vital
Energy (1)
1,355
62
Vitesse
Energy
1,393
30
W&T
Offshore
5,375
18
World
Kinect
3,555
81
6,585
Total
Energy
10,136
FINANCIALS
16.9%
Banks
9.4%
1st
Source
971
53
ACNB
497
22
Amalgamated
Financial
988
27
Amerant
Bancorp
1,521
37
American
National
Bankshares
611
30
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Ameris
Bancorp
3,820
203
Ames
National
535
11
Arrow
Financial
837
23
Associated
Banc-Corp
8,739
187
Atlantic
Union
Bankshares
4,383
160
Axos
Financial (1)
3,246
177
Banc
of
California
7,641
103
BancFirst
1,289
125
Bancorp (1)
3,020
116
Bank
First (2)
543
47
Bank
of
Hawaii
2,288
166
Bank
of
Marin
Bancorp
943
21
Bank
of
NT
Butterfield
&
Son
2,881
92
Bank7
185
5
BankUnited
4,345
141
Bankwell
Financial
Group
316
10
Banner
1,964
105
Bar
Harbor
Bankshares
824
24
BayCom
662
16
BCB
Bancorp
803
10
Berkshire
Hills
Bancorp
2,539
63
Blue
Foundry
Bancorp (1)
1,068
10
Blue
Ridge
Bankshares (2)
938
3
Bridgewater
Bancshares (1)
1,245
17
Brookline
Bancorp
4,932
54
Burke
&
Herbert
Financial
Services (2)
358
23
Business
First
Bancshares
1,412
35
Byline
Bancorp
1,438
34
C&F
Financial
191
13
Cadence
Bank
10,597
314
Cambridge
Bancorp
449
31
Camden
National
802
30
Capital
Bancorp
559
14
Capital
City
Bank
Group
744
22
Capitol
Federal
Financial
7,455
48
Capstar
Financial
Holdings
1,066
20
Carter
Bankshares (1)
1,397
21
Cathay
General
Bancorp
4,015
179
Central
Pacific
Financial
1,473
29
Central
Valley
Community
Bancorp
591
13
Chemung
Financial
218
11
ChoiceOne
Financial
Services (2)
432
13
Citizens
&
Northern
894
20
Citizens
Financial
Services
214
14
City
Holding
854
94
Civista
Bancshares
867
16
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CNB
Financial
1,224
28
Coastal
Financial (1)
639
28
Codorus
Valley
Bancorp
555
14
Colony
Bankcorp
879
12
Columbia
Financial (1)
1,721
33
Community
Bank
System
3,107
162
Community
Trust
Bancorp
926
41
ConnectOne
Bancorp
2,068
47
CrossFirst
Bankshares (1)
2,648
36
Customers
Bancorp (1)
1,650
95
CVB
Financial
7,765
157
Dime
Community
Bancshares
2,068
56
Eagle
Bancorp
1,705
51
Eastern
Bankshares
9,058
129
Enterprise
Bancorp
519
17
Enterprise
Financial
Services
2,086
93
Equity
Bancshares,
Class
A
857
29
Esquire
Financial
Holdings
393
20
ESSA
Bancorp
541
11
Evans
Bancorp
259
8
Farmers
&
Merchants
Bancorp
682
17
Farmers
National
Banc
2,147
31
FB
Financial
2,049
82
Fidelity
D&D
Bancorp
264
15
Financial
Institutions
850
18
First
Bancorp
551
16
First
Bancorp
North
Carolina
2,295
85
First
BanCorp
Puerto
Rico
10,034
165
First
Bancshares
1,784
52
First
Bank
New
Jersey
1,138
17
First
Busey
2,997
74
First
Business
Financial
Services
424
17
First
Commonwealth
Financial
5,884
91
First
Community
364
8
First
Community
Bankshares
1,034
38
First
Financial
698
30
First
Financial
Bancorp
5,506
131
First
Financial
Bankshares
7,590
230
First
Foundation
3,033
29
First
Interstate
BancSystem,
Class
A
4,823
148
First
Merchants
3,456
128
First
Mid
Bancshares
1,299
45
First
of
Long
Island
1,193
16
First
Western
Financial (1)
480
10
Five
Star
Bancorp
730
19
Flushing
Financial
1,606
26
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
FS
Bancorp
377
14
Fulton
Financial
9,287
153
FVCBankcorp (1)
856
12
German
American
Bancorp
1,632
53
Glacier
Bancorp
6,490
268
Great
Southern
Bancorp
535
32
Greene
County
Bancorp
367
10
Guaranty
Bancshares
469
16
Hancock
Whitney
5,051
245
Hanmi
Financial
1,796
35
HarborOne
Bancorp
2,448
29
HBT
Financial
772
16
Heartland
Financial
USA
2,438
92
Heritage
Commerce
3,446
34
Heritage
Financial
2,032
43
Hilltop
Holdings
2,682
94
Hingham
Institution
For
Savings
82
16
Home
Bancorp
412
17
Home
BancShares
11,098
281
HomeStreet
1,016
10
HomeTrust
Bancshares
882
24
Hope
Bancorp
6,664
80
Horizon
Bancorp
2,540
36
Independent
Bank,
(MA)
2,577
170
Independent
Bank,
(MI)
1,145
30
Independent
Bank
Group
2,079
106
International
Bancshares
3,133
170
John
Marshall
Bancorp
718
16
Kearny
Financial
2,373
21
Lakeland
Bancorp
3,632
54
Lakeland
Financial
1,427
93
LCNB
657
10
Live
Oak
Bancshares
1,805
82
Luther
Burbank (1)
531
6
Macatawa
Bank
1,478
17
MainStreet
Bancshares
419
10
Mercantile
Bank
910
37
Metrocity
Bankshares
1,089
26
Metropolitan
Bank
Holding (1)
596
33
Mid
Penn
Bancorp
850
21
Middlefield
Banc (2)
445
14
Midland
States
Bancorp
1,252
35
MidWestOne
Financial
Group
835
22
MVB
Financial
650
15
National
Bank
Holdings,
Class
A
2,124
79
National
Bankshares
346
11
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
NBT
Bancorp
2,625
110
Nicolet
Bankshares
745
60
Northeast
Bank
393
22
Northeast
Community
Bancorp
758
13
Northfield
Bancorp
2,452
31
Northrim
BanCorp
311
18
Northwest
Bancshares
7,319
91
Norwood
Financial
419
14
Oak
Valley
Bancorp
396
12
OceanFirst
Financial
3,389
59
OFG
Bancorp
2,674
100
Old
National
Bancorp
17,044
288
Old
Second
Bancorp
2,540
39
Orange
County
Bancorp
293
18
Origin
Bancorp
1,650
59
Orrstown
Financial
Services
615
18
Pacific
Premier
Bancorp
5,536
161
Park
National
821
109
Parke
Bancorp
557
11
Pathward
Financial
1,541
82
PCB
Bancorp
607
11
Peapack-Gladstone
Financial
945
28
Penns
Woods
Bancorp
337
8
Peoples
Bancorp
2,023
68
Peoples
Financial
Services
417
20
Pioneer
Bancorp (1)
581
6
Plumas
Bancorp
311
13
Preferred
Bank
747
55
Premier
Financial
2,066
50
Primis
Financial
1,202
15
Princeton
Bancorp
314
11
Provident
Financial
Services
4,235
76
QCR
Holdings
958
56
RBB
Bancorp
987
19
Red
River
Bancshares
265
15
Renasant
3,169
107
Republic
Bancorp,
Class
A
501
28
S&T
Bancorp
2,244
75
Sandy
Spring
Bancorp
2,536
69
Seacoast
Banking
4,920
140
ServisFirst
Bancshares
2,940
196
Shore
Bancshares
1,750
25
Sierra
Bancorp
772
17
Simmons
First
National,
Class
A
7,219
143
SmartFinancial
887
22
South
Plains
Financial
677
20
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Southern
First
Bancshares (1)
410
15
Southern
Missouri
Bancorp
558
30
Southern
States
Bancshares
440
13
Southside
Bancshares
1,708
53
SouthState
4,424
374
Stellar
Bancorp
2,811
78
Sterling
Bancorp (1)
1,239
7
Stock
Yards
Bancorp
1,565
81
Summit
Financial
Group
625
19
Texas
Capital
Bancshares (1)
2,765
179
Third
Coast
Bancshares (1)
684
14
Timberland
Bancorp
427
13
Tompkins
Financial
779
47
Towne
Bank
4,103
122
TriCo
Bancshares
1,794
77
Triumph
Financial (1)
1,275
102
TrustCo
Bank
1,095
34
Trustmark
3,504
98
UMB
Financial
2,555
213
United
Bankshares
7,612
286
United
Community
Banks
6,671
195
Unity
Bancorp
390
12
Univest
Financial
1,707
38
USCB
Financial
Holdings (1)
573
7
Valley
National
Bancorp
25,117
273
Veritex
Holdings
3,035
71
Virginia
National
Bankshares
292
10
WaFd
3,751
124
Washington
Trust
Bancorp
997
32
WesBanco
3,309
104
West
BanCorp
920
19
Westamerica
BanCorp
1,489
84
WSFS
Financial
3,571
164
13,941
Capital
Markets
1.4%
AlTi
Global (1)(2)
1,297
11
Artisan
Partners
Asset
Management,
Class
A
3,585
158
AssetMark
Financial
Holdings (1)
1,232
37
B.
Riley
Financial
1,207
25
Bakkt
Holdings (1)
3,910
9
BGC
Group,
Class
A
20,653
149
Brightsphere
Investment
Group
1,835
35
Cohen
&
Steers
1,493
113
Diamond
Hill
Investment
Group
159
26
Donnelley
Financial
Solutions (1)
1,421
89
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Forge
Global
Holdings (1)
6,206
21
GCM
Grosvenor,
Class
A
2,298
21
Hamilton
Lane,
Class
A
2,126
241
MarketWise
1,695
5
Moelis,
Class
A
3,890
218
Open
Lending,
Class
A (1)
5,829
50
P10,
Class
A
2,550
26
Patria
Investments,
Class
A
3,166
49
Perella
Weinberg
Partners
2,473
30
Piper
Sandler
1,001
175
PJT
Partners,
Class
A (2)
1,385
141
Silvercrest
Asset
Management
Group,
Class
A
501
9
StepStone
Group,
Class
A
3,091
99
StoneX
Group (1)
1,533
113
Value
Line
33
2
Victory
Capital
Holdings,
Class
A
1,580
55
Virtus
Investment
Partners
398
96
WisdomTree
7,992
55
2,058
Consumer
Finance
0.8%
Atlanticus
Holdings (1)
279
11
Bread
Financial
Holdings
2,897
95
Consumer
Portfolio
Services (1)
441
4
Encore
Capital
Group (1)
1,346
68
Enova
International (1)
1,669
92
FirstCash
Holdings
2,194
238
Green
Dot,
Class
A (1)
2,600
26
LendingClub (1)
6,313
55
LendingTree (1)
649
20
Navient
4,934
92
Nelnet,
Class
A
739
65
NerdWallet,
Class
A (1)
1,905
28
OppFi (1)
515
3
PRA
Group (1)
2,253
59
PROG
Holdings (1)
2,541
79
Regional
Management
507
13
Upstart
Holdings (1)(2)
4,214
172
World
Acceptance (1)(2)
239
31
1,151
Financial
Services
2.4%
Acacia
Research (1)(2)
1,872
7
Alerus
Financial
1,006
23
A-Mark
Precious
Metals (2)
1,059
32
AvidXchange
Holdings (1)
8,582
106
Banco
Latinoamericano
de
Comercio
Exterior,
Class
E
1,607
40
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Cannae
Holdings (1)
3,937
77
Cantaloupe (1)
3,165
23
Cass
Information
Systems
793
36
Compass
Diversified
Holdings (2)
3,640
82
Enact
Holdings
1,745
50
Essent
Group
6,073
320
EVERTEC
3,814
156
Federal
Agricultural
Mortgage,
Class
C
524
100
Finance
of
America,
Class
A (1)
2,796
3
Flywire (1)
6,127
142
I3
Verticals,
Class
A (1)
1,271
27
International
Money
Express (1)
1,928
43
Jackson
Financial,
Class
A
4,821
247
Marqeta,
Class
A (1)
27,924
195
Merchants
Bancorp
892
38
Mr
Cooper
Group (1)
3,754
244
NewtekOne (2)
1,365
19
NMI
Holdings,
Class
A (1)
4,681
139
Ocwen
Financial (1)
380
12
Pagseguro
Digital,
Class
A (1)
11,389
142
Payoneer
Global (1)
15,182
79
Paysafe (1)
1,971
25
Paysign (1)(2)
1,613
5
PennyMac
Financial
Services
1,491
132
Priority
Technology
Holdings (1)
793
3
Radian
Group
9,157
261
Remitly
Global (1)
7,672
149
Repay
Holdings (1)
4,752
41
Security
National
Financial,
Class
A (1)
616
6
StoneCo,
Class
A (1)
16,926
305
SWK
Holdings (1)
187
3
Velocity
Financial (1)
436
7
Walker
&
Dunlop
1,853
206
Waterstone
Financial
994
14
3,539
Insurance
1.7%
Ambac
Financial
Group (1)
2,633
43
American
Coastal
Insurance,
Class
C (1)
1,215
12
American
Equity
Investment
Life
Holding (1)
4,576
255
AMERISAFE
1,102
52
BRP
Group,
Class
A (1)
3,461
83
CNO
Financial
Group
6,483
181
Crawford,
Class
A
819
11
Donegal
Group,
Class
A
934
13
eHealth (1)
1,678
15
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Employers
Holdings
1,546
61
Enstar
Group (1)
689
203
F&G
Annuities
&
Life (2)
1,082
50
Fidelis
Insurance
Holdings (1)
801
10
Genworth
Financial,
Class
A (1)
26,944
180
GoHealth,
Class
A (1)(2)
194
3
Goosehead
Insurance,
Class
A (1)
1,237
94
Greenlight
Capital
Re,
Class
A (1)
1,517
17
HCI
Group
374
33
Hippo
Holdings (1)(2)
516
5
Horace
Mann
Educators
2,361
77
Investors
Title
67
11
James
River
Group
Holdings
2,038
19
Kingsway
Financial
Services (1)
526
4
Lemonade (1)(2)
2,924
47
Maiden
Holdings (1)
5,630
13
MBIA
2,620
16
Mercury
General
1,551
58
National
Western
Life
Group,
Class
A
131
63
NI
Holdings (1)
411
5
Oscar
Health,
Class
A (1)
9,159
84
Palomar
Holdings (1)
1,401
78
ProAssurance
3,122
43
Safety
Insurance
Group
829
63
Selective
Insurance
Group
3,500
348
Selectquote (1)
7,985
11
SiriusPoint (1)
4,007
46
Skyward
Specialty
Insurance
Group (1)
1,391
47
Stewart
Information
Services
1,539
90
Tiptree
1,353
26
Trupanion (1)(2)
2,276
69
United
Fire
Group
1,150
23
Universal
Insurance
Holdings
1,493
24
2,586
Mortgage
Real
Estate
Investment
Trusts
1.2%
AFC
Gamma,
REIT
977
12
Angel
Oak
Mortgage
REIT,
REIT
590
6
Apollo
Commercial
Real
Estate
Finance,
REIT
8,143
96
Arbor
Realty
Trust,
REIT
10,606
161
Ares
Commercial
Real
Estate,
REIT (2)
3,023
31
ARMOUR
Residential
REIT,
REIT
2,857
55
Blackstone
Mortgage
Trust,
Class
A,
REIT
10,034
213
BrightSpire
Capital,
REIT
7,490
56
Chicago
Atlantic
Real
Estate
Finance,
REIT (2)
938
15
Chimera
Investment,
REIT
13,440
67
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Claros
Mortgage
Trust (2)
5,255
72
Dynex
Capital,
REIT (2)
3,165
40
Ellington
Financial,
REIT
4,360
55
Franklin
BSP
Realty
Trust,
REIT (2)
4,802
65
Granite
Point
Mortgage
Trust,
REIT
3,042
18
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
REIT (2)
6,095
168
Invesco
Mortgage
Capital,
REIT (2)
2,658
24
KKR
Real
Estate
Finance
Trust,
REIT
3,444
46
Ladder
Capital,
REIT
6,533
75
MFA
Financial,
REIT
5,883
66
New
York
Mortgage
Trust,
REIT
5,402
46
Nexpoint
Real
Estate
Finance,
REIT
401
6
Orchid
Island
Capital,
REIT (2)
3,103
26
PennyMac
Mortgage
Investment
Trust,
REIT
5,096
76
Ready
Capital,
REIT
9,178
94
Redwood
Trust,
REIT
5,343
40
TPG
RE
Finance
Trust,
REIT
4,092
27
Two
Harbors
Investment,
REIT
5,603
78
1,734
Total
Financials
25,009
HEALTH
CARE
15.3%
Biotechnology
7.5%
2seventy
bio (1)(2)
3,122
13
4D
Molecular
Therapeutics (1)
2,339
47
89bio (1)(2)
3,639
41
Aadi
Bioscience (1)
902
2
ACADIA
Pharmaceuticals (1)
6,988
219
ACELYRIN (1)(2)
1,985
15
Acrivon
Therapeutics (1)
389
2
Actinium
Pharmaceuticals (1)(2)
1,535
8
Adicet
Bio (1)
1,559
3
ADMA
Biologics (1)
12,244
55
Aduro
Biotech,
CVR (1)(3)
35
—
Aerovate
Therapeutics (1)
649
15
Agenus (1)
20,641
17
Agios
Pharmaceuticals (1)
3,198
71
Akero
Therapeutics (1)
2,982
70
Aldeyra
Therapeutics (1)
2,571
9
Alector (1)
3,744
30
Alkermes (1)
9,649
268
Allakos (1)
4,042
11
Allogene
Therapeutics (1)(2)
5,685
18
Allovir (1)
2,887
2
Alpine
Immune
Sciences (1)
1,913
36
Altimmune (1)(2)
2,965
33
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ALX
Oncology
Holdings (1)
1,601
24
Amicus
Therapeutics (1)
16,347
232
AnaptysBio (1)
1,035
22
Anavex
Life
Sciences (1)(2)
4,199
39
Anika
Therapeutics (1)
821
19
Annexon (1)(2)
2,902
13
Apogee
Therapeutics (1)
1,162
32
Arbutus
Biopharma (1)(2)
7,006
18
Arcellx (1)
2,220
123
Arcturus
Therapeutics
Holdings (1)
1,306
41
Arcus
Biosciences (1)
3,072
59
Arcutis
Biotherapeutics (1)(2)
4,820
16
Ardelyx (1)
13,341
83
Arrowhead
Pharmaceuticals (1)
5,841
179
ARS
Pharmaceuticals (1)(2)
1,195
7
Astria
Therapeutics (1)
2,015
15
Atara
Biotherapeutics (1)(2)
4,755
2
Aura
Biosciences (1)
1,669
15
Aurinia
Pharmaceuticals (1)(2)
7,814
70
Avid
Bioservices (1)
3,713
24
Avidity
Biosciences (1)
4,196
38
Avita
Medical (1)
1,539
21
Beam
Therapeutics (1)(2)
4,179
114
BioAtla (1)(2)
2,179
5
BioCryst
Pharmaceuticals (1)(2)
10,932
65
Biohaven (1)
3,941
169
Biomea
Fusion (1)(2)
1,102
16
BioVie (1)
162
—
Bioxcel
Therapeutics (1)(2)
955
3
Bluebird
Bio (1)
6,322
9
Blueprint
Medicines (1)
3,534
326
Bridgebio
Pharma (1)
6,659
269
Cabaletta
Bio (1)
1,992
45
CareDx (1)
3,021
36
Caribou
Biosciences (1)
4,811
28
Carisma
Therapeutics
1,312
4
Cartesian
Therapeutics (1)(2)
5,723
4
Cartesian
Therapeutics,
CVR (1)(2)(3)
5,723
—
Catalyst
Pharmaceuticals (1)
5,768
97
Celcuity (1)
1,000
15
Celldex
Therapeutics (1)
2,674
106
Century
Therapeutics (1)
1,338
4
Cerevel
Therapeutics
Holdings (1)(2)
4,025
171
Chinook
Therapeutics,
CVR (1)(3)
2,945
—
Cogent
Biosciences (1)
4,730
28
Coherus
Biosciences (1)(2)
5,387
18
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Compass
Therapeutics (1)
5,220
8
Crinetics
Pharmaceuticals (1)
3,764
134
Cue
Biopharma (1)(2)
1,704
4
Cullinan
Oncology (1)
1,373
14
Cymabay
Therapeutics (1)
6,523
154
Cytokinetics (1)(2)
5,359
447
Day
One
Biopharmaceuticals (1)
3,642
53
Deciphera
Pharmaceuticals (1)
3,031
49
Denali
Therapeutics (1)
6,892
148
Design
Therapeutics (1)
1,785
5
Disc
Medicine (1)
520
30
Dynavax
Technologies (1)
7,405
104
Dyne
Therapeutics (1)
2,479
33
Eagle
Pharmaceuticals (1)
506
3
Editas
Medicine (1)
4,788
48
Emergent
BioSolutions (1)
2,517
6
Enanta
Pharmaceuticals (1)
1,188
11
Entrada
Therapeutics (1)
1,180
18
Erasca (1)
4,087
9
Fate
Therapeutics (1)
5,189
19
Fennec
Pharmaceuticals (1)
1,089
12
FibroGen (1)(2)
4,480
4
Foghorn
Therapeutics (1)
1,084
7
Genelux (1)
1,005
14
Generation
Bio (1)
2,312
4
Geron (1)
29,794
63
Graphite
Bio (1)
1,386
4
Gritstone
bio (1)
5,167
11
GTx,
CVR (1)(3)
1
—
Halozyme
Therapeutics (1)
7,550
279
Heron
Therapeutics (1)(2)
6,545
11
HilleVax (1)
1,551
25
Humacyte (1)(2)
3,559
10
Icosavax (1)
1,551
24
Ideaya
Biosciences (1)
3,470
123
IGM
Biosciences (1)(2)
662
5
Immuneering,
Class
A (1)(2)
1,186
9
ImmunityBio (1)(2)
7,778
39
ImmunoGen (1)
13,916
413
Immunovant (1)(2)
3,149
133
Inhibrx (1)(2)
2,002
76
Inozyme
Pharma (1)
2,916
12
Insmed (1)
8,039
249
Intellia
Therapeutics (1)
5,143
157
Iovance
Biotherapeutics (1)
13,151
107
Ironwood
Pharmaceuticals (1)
7,962
91
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
iTeos
Therapeutics (1)
1,379
15
Janux
Therapeutics (1)(2)
1,066
11
KalVista
Pharmaceuticals (1)(2)
1,843
23
Karyopharm
Therapeutics (1)(2)
5,572
5
Keros
Therapeutics (1)
1,313
52
Kezar
Life
Sciences (1)(2)
3,636
3
Kiniksa
Pharmaceuticals,
Class
A (1)
1,764
31
Kodiak
Sciences (1)
1,676
5
Krystal
Biotech (1)
1,260
156
Kura
Oncology (1)
4,120
59
Kymera
Therapeutics (1)(2)
2,213
56
Larimar
Therapeutics (1)
1,266
6
Lexicon
Pharmaceuticals (1)(2)
4,609
7
Lineage
Cell
Therapeutics (1)
8,374
9
Lyell
Immunopharma (1)(2)
9,510
18
MacroGenics (1)
3,453
33
Madrigal
Pharmaceuticals (1)
851
197
MannKind (1)
14,902
54
MeiraGTx
Holdings (1)
2,017
14
Merrimack
Pharmaceuticals (1)
516
7
Mersana
Therapeutics (1)(2)
6,528
15
MiMedx
Group (1)
6,695
59
Mineralys
Therapeutics (1)(2)
1,201
10
Mirum
Pharmaceuticals (1)
1,439
42
Monte
Rosa
Therapeutics (1)
1,517
9
Morphic
Holding (1)
2,130
62
Mural
Oncology (1)
941
6
Myriad
Genetics (1)
4,639
89
Nkarta (1)(2)
1,725
11
Novavax (1)(2)
5,586
27
Nurix
Therapeutics (1)
2,809
29
Nuvalent,
Class
A (1)
1,532
113
Nuvectis
Pharma (1)(2)
447
4
Ocean
Biomedical (1)
425
—
Olema
Pharmaceuticals (1)
1,462
20
Omega
Therapeutics (1)
1,199
4
Organogenesis
Holdings (1)
3,770
15
ORIC
Pharmaceuticals (1)
2,152
20
Outlook
Therapeutics (1)
8,024
3
Ovid
therapeutics (1)
3,366
11
PDS
Biotechnology (1)
1,731
9
PepGen (1)
515
3
PMV
Pharmaceuticals (1)
2,018
6
Poseida
Therapeutics (1)
4,172
14
Precigen (1)(2)
7,440
10
Prelude
Therapeutics (1)
1,020
4
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Prime
Medicine (1)(2)
2,361
21
ProKidney (1)(2)
2,365
4
Protagonist
Therapeutics (1)
3,356
77
Protalix
BioTherapeutics (1)
3,813
7
Prothena (1)
2,437
89
PTC
Therapeutics (1)
4,156
115
Rallybio (1)
1,503
4
RAPT
Therapeutics (1)
1,743
43
RayzeBio (1)
1,151
72
Recursion
Pharmaceuticals,
Class
A (1)(2)
7,921
78
REGENXBIO (1)
2,370
43
Relay
Therapeutics (1)
5,278
58
Reneo
Pharmaceuticals (1)
759
1
Replimune
Group (1)
2,927
25
REVOLUTION
Medicines (1)
8,366
240
Rhythm
Pharmaceuticals (1)
2,954
136
Rigel
Pharmaceuticals (1)
9,422
14
Rocket
Pharmaceuticals (1)
3,621
109
Sage
Therapeutics (1)
3,047
66
Sagimet
Biosciences,
Class
A (1)(2)
283
2
Sana
Biotechnology (1)
5,723
23
Sangamo
Therapeutics (1)
7,676
4
Savara (1)
4,919
23
Scholar
Rock
Holding (1)(2)
3,218
60
Seres
Therapeutics (1)(2)
5,366
7
SpringWorks
Therapeutics (1)
3,850
141
Stoke
Therapeutics (1)(2)
1,376
7
Summit
Therapeutics (1)
6,755
18
Sutro
Biopharma (1)
3,752
16
Syndax
Pharmaceuticals (1)
3,808
82
Tango
Therapeutics (1)(2)
2,640
26
Tenaya
Therapeutics (1)
2,240
7
TG
Therapeutics (1)(2)
8,008
137
Tobira
Therapeutics,
CVR (1)(3)
25
—
Travere
Therapeutics (1)(2)
4,283
38
Turnstone
Biologics (1)
338
1
Twist
Bioscience (1)
3,262
120
Tyra
Biosciences (1)
706
10
UroGen
Pharma (1)
1,606
24
Vanda
Pharmaceuticals (1)
3,240
14
Vaxcyte (1)
5,449
342
Vaxxinity,
Class
A (1)
2,104
2
Vera
Therapeutics (1)
1,964
30
Veracyte (1)
4,168
115
Vericel (1)
2,724
97
Verve
Therapeutics (1)
3,043
42
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Vigil
Neuroscience (1)
791
3
Viking
Therapeutics (1)
5,526
103
Vir
Biotechnology (1)
4,879
49
Viridian
Therapeutics (1)(2)
2,467
54
Vor
BioPharma (1)
1,854
4
Voyager
Therapeutics (1)
1,763
15
X4
Pharmaceuticals (1)
6,056
5
Xencor (1)
3,348
71
XOMA (1)
360
7
Y-mAbs
Therapeutics (1)
2,244
15
Zentalis
Pharmaceuticals (1)
3,370
51
Zura
Bio (1)
704
3
Zymeworks (1)
3,247
34
11,148
Health
Care
Equipment
&
Supplies
2.8%
Accuray (1)
5,333
15
Alphatec
Holdings (1)
5,339
81
AngioDynamics (1)
2,172
17
Artivion (1)
2,288
41
AtriCure (1)
2,666
95
Atrion
77
29
Avanos
Medical (1)
2,672
60
Axogen (1)
2,294
16
Axonics (1)
2,865
178
Beyond
Air (1)(2)
1,263
2
Butterfly
Network (1)(2)
6,939
7
Cerus (1)
10,178
22
ClearPoint
Neuro (1)(2)
1,130
8
CONMED
1,765
193
Cutera (1)(2)
1,023
4
CVRx (1)
671
21
Embecta
3,407
64
Glaukos (1)
2,730
217
Haemonetics (1)
2,918
250
Inari
Medical (1)
3,078
200
Inmode (1)(2)
4,439
99
Inogen (1)
1,210
7
Integer
Holdings (1)
1,917
190
iRadimed
416
20
iRhythm
Technologies (1)
1,771
190
KORU
Medical
Systems (1)
1,723
4
Lantheus
Holdings (1)
3,959
245
LeMaitre
Vascular
1,143
65
LivaNova (1)
3,132
162
Merit
Medical
Systems (1)
3,308
251
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Nano-X
Imaging (1)(2)
2,741
17
Neogen (1)
12,676
255
Nevro (1)
2,089
45
Omnicell (1)
2,572
97
OraSure
Technologies (1)
4,177
34
Orchestra
BioMed
Holdings (1)
863
8
Orthofix
Medical (1)
2,084
28
OrthoPediatrics (1)
892
29
Outset
Medical (1)
2,654
14
Paragon
28 (1)
2,629
33
PROCEPT
BioRobotics (1)
2,330
98
Pulmonx (1)
2,136
27
Pulse
Biosciences (1)(2)
1,025
13
RxSight (1)
1,647
66
Sanara
Medtech (1)
186
8
Semler
Scientific (1)
275
12
SI-BONE (1)
2,316
49
Sight
Sciences (1)(2)
1,171
6
Silk
Road
Medical (1)
2,285
28
STAAR
Surgical (1)
2,773
87
Surmodics (1)
778
28
Tactile
Systems
Technology (1)
1,385
20
Tela
Bio (1)
781
5
TransMedics
Group (1)(2)
1,851
146
Treace
Medical
Concepts (1)
2,547
32
UFP
Technologies (1)
410
71
Utah
Medical
Products
184
16
Varex
Imaging (1)
2,259
46
Vicarious
Surgical (1)
3,603
1
Zimvie (1)
1,447
26
Zynex (1)(2)
1,133
12
4,110
Health
Care
Providers
&
Services
2.5%
23andMe
Holding,
Class
A (1)
18,862
17
Accolade (1)
3,999
48
AdaptHealth (1)
5,577
41
Addus
HomeCare (1)
900
83
Agiliti (1)
1,780
14
AirSculpt
Technologies (1)(2)
759
6
Alignment
Healthcare (1)
5,004
43
AMN
Healthcare
Services (1)
2,223
166
Apollo
Medical
Holdings (1)
2,460
94
Aveanna
Healthcare
Holdings (1)(2)
2,822
7
Brookdale
Senior
Living (1)
10,843
63
Cano
Health (1)
117
1
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CareMax (1)
4,462
2
Castle
Biosciences (1)
1,491
32
Community
Health
Systems (1)
6,936
22
CorVel (1)
510
126
Cross
Country
Healthcare (1)
2,007
45
DocGo (1)(2)
4,356
24
Enhabit (1)
2,955
31
Ensign
Group
3,170
356
Fulgent
Genetics (1)
1,199
35
Guardant
Health (1)
6,518
176
HealthEquity (1)
4,886
324
Hims
&
Hers
Health (1)
7,035
63
InfuSystem
Holdings (1)
1,037
11
Innovage
Holding (1)
1,006
6
Invitae (1)(2)
13,196
8
Joint (1)
709
7
LifeStance
Health
Group (1)
6,196
48
ModivCare (1)
748
33
National
HealthCare
724
67
National
Research,
Class
A
802
32
NeoGenomics (1)
7,433
120
OPKO
Health (1)
23,690
36
Option
Care
Health (1)
9,743
328
Owens
&
Minor (1)
4,269
82
P3
Health
Partners (1)
1,963
3
Patterson
5,015
143
Pediatrix
Medical
Group (1)
4,902
46
Pennant
Group (1)
1,577
22
PetIQ (1)
1,604
32
Privia
Health
Group (1)
6,486
149
Progyny (1)
4,576
170
Quipt
Home
Medical (1)
2,283
12
RadNet (1)
3,473
121
Select
Medical
Holdings
6,067
143
Surgery
Partners (1)
4,333
139
U.S.
Physical
Therapy
873
81
Viemed
Healthcare (1)
1,954
15
3,673
Health
Care
Technology
0.5%
American
Well,
Class
A (1)
15,169
23
Computer
Programs
&
Systems (1)
734
8
Definitive
Healthcare (1)
2,679
27
Evolent
Health,
Class
A (1)
6,354
210
Health
Catalyst (1)
3,132
29
HealthStream
1,428
39
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Multiplan (1)(2)
23,013
33
OptimizeRx (1)
997
14
Phreesia (1)
3,118
72
Schrodinger (1)
3,130
112
Sharecare (1)
16,831
18
Simulations
Plus
943
42
Veradigm (1)
6,185
65
692
Life
Sciences
Tools
&
Services
0.4%
Adaptive
Biotechnologies (1)
6,371
31
Akoya
Biosciences (1)
1,305
7
BioLife
Solutions (1)
1,965
32
Codexis (1)
4,265
13
CryoPort (1)
2,525
39
Cytek
Biosciences (1)
7,120
65
Harvard
Bioscience (1)
2,307
12
MaxCyte (1)
5,128
24
Mesa
Laboratories
305
32
NanoString
Technologies (1)(2)
2,233
2
Nautilus
Biotechnology (1)
2,651
8
Omniab (1)
5,525
34
Omniab,
Earn
Out
Shares
$12.50 (1)
233
—
Omniab,
Earn
Out
Shares
$15.00 (1)
233
—
Pacific
Biosciences
of
California (1)(2)
14,704
144
Quanterix (1)
2,046
56
Quantum-Si (1)(2)
5,610
11
Seer (1)
3,435
7
SomaLogic (1)
8,220
21
538
Pharmaceuticals
1.6%
Aclaris
Therapeutics (1)
3,690
4
Amneal
Pharmaceuticals (1)
7,151
43
Amphastar
Pharmaceuticals (1)
2,221
137
Amylyx
Pharmaceuticals (1)
2,936
43
ANI
Pharmaceuticals (1)
846
47
Arvinas (1)
2,835
117
Assertio
Holdings (1)(2)
4,993
5
Atea
Pharmaceuticals (1)
4,532
14
Axsome
Therapeutics (1)(2)
2,054
163
Biote,
Class
A (1)
692
3
Bright
Green (1)
2,960
1
Cara
Therapeutics (1)(2)
2,330
2
Cassava
Sciences (1)(2)
2,303
52
Cassava
Sciences,
Warrants,
11/15/24 (1)
921
—
Citius
Pharmaceuticals (1)
6,053
5
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Collegium
Pharmaceutical (1)
1,998
62
Corcept
Therapeutics (1)
4,682
152
CorMedix (1)(2)
2,890
11
Edgewise
Therapeutics (1)(2)
2,573
28
Enliven
Therapeutics (1)(2)
1,249
17
Evolus (1)
2,413
25
Eyenovia (1)(2)
1,365
3
EyePoint
Pharmaceuticals (1)(2)
1,567
36
Harmony
Biosciences
Holdings (1)
1,913
62
Harrow (1)(2)
1,822
20
Ikena
Oncology (1)
1,439
3
Innoviva (1)
3,467
56
Intra-Cellular
Therapies (1)
5,440
390
Ligand
Pharmaceuticals (1)
959
68
Liquidia (1)
2,845
34
Longboard
Pharmaceuticals (1)
767
5
Marinus
Pharmaceuticals (1)(2)
3,023
33
Neumora
Therapeutics (1)
852
15
NGM
Biopharmaceuticals (1)
2,170
2
Nuvation
Bio (1)
8,945
14
Ocular
Therapeutix (1)(2)
4,887
22
Omeros (1)(2)
3,482
11
Optinose (1)
3,601
5
Pacira
BioSciences (1)
2,615
88
Phathom
Pharmaceuticals (1)(2)
1,939
18
Phibro
Animal
Health,
Class
A
1,141
13
Pliant
Therapeutics (1)(2)
3,273
59
Prestige
Consumer
Healthcare (1)
2,876
176
Rain
Oncology (1)
833
1
Revance
Therapeutics (1)(2)
5,195
46
Scilex
Holding (1)
2,710
5
scPharmaceuticals (1)(2)
1,637
10
SIGA
Technologies
2,473
14
Supernus
Pharmaceuticals (1)
2,833
82
Taro
Pharmaceutical
Industries (1)
453
19
Tarsus
Pharmaceuticals (1)(2)
1,682
34
Terns
Pharmaceuticals (1)(2)
2,416
16
Theravance
Biopharma (1)(2)
3,141
35
Theseus
Pharmaceuticals (1)
1,029
4
Third
Harmonic
Bio (1)
1,021
11
Trevi
Therapeutics (1)
2,053
3
Ventyx
Biosciences (1)
2,598
6
Verrica
Pharmaceuticals (1)(2)
1,029
8
WaVe
Life
Sciences (1)
3,227
16
Xeris
Biopharma
Holdings (1)
7,417
17
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Zevra
Therapeutics (1)
2,235
15
2,406
Total
Health
Care
22,567
INDUSTRIALS
&
BUSINESS
SERVICES
16.6%
Aerospace
&
Defense
0.8%
AAR (1)
1,970
123
AeroVironment (1)
1,502
189
AerSale (1)
1,407
18
Archer
Aviation,
Class
A (1)(2)
8,855
54
Astronics (1)
1,443
25
Cadre
Holdings
1,141
37
Ducommun (1)
766
40
Eve
Holding (1)(2)
891
6
Kaman
1,654
40
Leonardo
DRS (1)
3,943
79
Moog,
Class
A
1,652
239
National
Presto
Industries
283
23
Park
Aerospace
1,115
16
Redwire (1)(2)
392
1
Rocket
Lab
USA (1)
16,063
89
Terran
Orbital (1)(2)
6,744
8
Triumph
Group (1)
3,779
63
V2X (1)
641
30
Virgin
Galactic
Holdings (1)
19,104
47
1,127
Air
Freight
&
Logistics
0.2%
Air
Transport
Services
Group (1)
3,273
58
Forward
Air
1,498
94
Hub
Group,
Class
A (1)
1,833
168
Radiant
Logistics (1)
1,958
13
333
Building
Products
2.0%
AAON
3,941
291
American
Woodmark (1)
946
88
Apogee
Enterprises
1,272
68
AZZ
1,432
83
CSW
Industrials
890
185
Gibraltar
Industries (1)
1,786
141
Griffon
2,446
149
Insteel
Industries
1,101
42
Janus
International
Group (1)
4,930
64
JELD-WEN
Holding (1)
4,915
93
Masonite
International (1)
1,270
108
Masterbrand (1)
7,435
111
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
PGT
Innovations (1)
3,314
135
Quanex
Building
Products
1,909
58
Resideo
Technologies (1)
8,545
161
Simpson
Manufacturing
2,492
493
UFP
Industries
3,489
438
Zurn
Elkay
Water
Solutions
8,611
253
2,961
Commercial
Services
&
Supplies
1.5%
ABM
Industries
3,826
172
ACCO
Brands
5,471
33
ACV
Auctions,
Class
A (1)
7,270
110
Aris
Water
Solution,
Class
A
1,629
14
BrightView
Holdings (1)
2,471
21
Brink's
2,687
236
Casella
Waste
Systems,
Class
A (1)
3,285
281
CECO
Environmental (1)
1,744
35
Cimpress (1)
1,030
83
CompX
International
61
2
CoreCivic (1)
6,519
95
Deluxe
2,536
54
Ennis
1,498
33
Enviri (1)
4,649
42
GEO
Group (1)(2)
6,953
75
Healthcare
Services
Group (1)
4,336
45
HNI
2,643
111
Interface
3,409
43
LanzaTech
Global (1)(2)
1,016
5
Li-Cycle
Holdings (1)
7,514
4
Liquidity
Services (1)
1,295
22
Matthews
International,
Class
A
1,717
63
MillerKnoll
4,342
116
Montrose
Environmental
Group (1)
1,626
52
NL
Industries
419
2
OPENLANE (1)
6,189
92
Performant
Financial (1)
3,981
13
Pitney
Bowes
10,228
45
Quad/Graphics (1)
1,871
10
SP
Plus (1)
1,134
58
Steelcase,
Class
A
5,356
72
UniFirst
875
160
Viad (1)
1,199
43
VSE
745
48
2,290
Construction
&
Engineering
1.7%
Ameresco,
Class
A (1)(2)
1,818
58
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
API
Group (1)
12,154
420
Arcosa
2,825
233
Argan
744
35
Bowman
Consulting
Group (1)
644
23
Comfort
Systems
USA
2,057
423
Concrete
Pumping
Holdings (1)
1,543
13
Construction
Partners,
Class
A (1)
2,301
100
Dycom
Industries (1)
1,655
190
Fluor (1)
8,293
325
Granite
Construction
2,578
131
Great
Lakes
Dredge
&
Dock (1)
3,541
27
IES
Holdings (1)
474
38
INNOVATE (1)(2)
3,402
4
Limbach
Holdings (1)
509
23
MYR
Group (1)
960
139
Northwest
Pipe (1)
592
18
Primoris
Services
3,040
101
Southland
Holdings (1)
184
1
Sterling
Infrastructure (1)
1,748
154
Tutor
Perini (1)
2,310
21
2,477
Electrical
Equipment
1.3%
Allient
703
21
Amprius
Technologies (1)
263
1
Array
Technologies (1)
8,748
147
Atkore (1)
2,203
352
Babcock
&
Wilcox
Enterprises (1)
3,074
4
Blink
Charging (1)(2)
3,006
10
Bloom
Energy,
Class
A (1)(2)
11,236
166
Dragonfly
Energy
Holdings (1)(2)
1,778
1
Encore
Wire
877
187
Energy
Vault
Holdings (1)
5,804
14
EnerSys
2,402
243
Enovix (1)(2)
8,022
100
Eos
Energy
Enterprises (1)(2)
6,033
7
ESS
Tech (1)(2)
4,482
5
Fluence
Energy (1)
3,441
82
FTC
Solar (1)(2)
3,249
2
FuelCell
Energy (1)
26,546
42
GrafTech
International
11,402
25
LSI
Industries
1,554
22
NEXTracker,
Class
A (1)
2,897
136
NuScale
Power (1)(2)
2,976
10
Powell
Industries
533
47
Preformed
Line
Products
137
18
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SES
AI (1)(2)
6,843
13
Shoals
Technologies
Group,
Class
A (1)(2)
10,006
156
SKYX
Platforms (1)(2)
3,928
6
Stem (1)(2)
8,393
33
SunPower (1)(2)
5,100
25
Thermon
Group
Holdings (1)
1,933
63
TPI
Composites (1)(2)
2,089
9
Vicor (1)
1,289
58
2,005
Ground
Transportation
0.4%
ArcBest
1,374
165
Covenant
Logistics
Group,
Class
A
456
21
Daseke (1)
2,341
19
FTAI
Infrastructure
5,476
21
Heartland
Express
2,792
40
Marten
Transport
3,358
70
PAM
Transportation
Services (1)
339
7
RXO (1)
6,780
158
TuSimple
Holdings,
Class
A (1)
8,537
8
Universal
Logistics
Holdings
360
10
Werner
Enterprises
3,695
157
676
Industrial
Conglomerates
0.0%
Brookfield
Business,
Class
A
1,519
35
35
Machinery
3.5%
374Water (1)(2)
2,918
4
3D
Systems (1)
7,604
48
Alamo
Group
591
124
Albany
International,
Class
A
1,807
177
Astec
Industries
1,325
49
Barnes
Group
2,828
92
Blue
Bird (1)
1,480
40
Chart
Industries (1)(2)
2,499
341
Columbus
McKinnon
1,634
64
Commercial
Vehicle
Group (1)
1,839
13
Desktop
Metal,
Class
A (1)(2)
15,439
12
Douglas
Dynamics
1,324
39
Energy
Recovery (1)
3,196
60
Enerpac
Tool
Group
3,228
100
Enpro
1,210
190
ESCO
Technologies
1,479
173
Federal
Signal
3,488
268
Franklin
Electric
2,688
260
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Gencor
Industries (1)
656
11
Gorman-Rupp
1,335
47
Greenbrier
1,760
78
Helios
Technologies
1,924
87
Hillenbrand
4,036
193
Hillman
Solutions (1)
11,218
103
Hyliion
Holdings (1)
7,253
6
Hyster-Yale
Materials
Handling
654
41
John
Bean
Technologies
1,856
185
Kadant
674
189
Kennametal
4,716
122
Lindsay
634
82
Luxfer
Holdings
1,515
14
Manitowoc (1)
2,056
34
Mayville
Engineering (1)
701
10
Microvast
Holdings (1)(2)
12,895
18
Miller
Industries
623
26
Mueller
Industries
6,518
307
Mueller
Water
Products,
Class
A
9,069
131
Nikola (1)
36,288
32
Omega
Flex
188
13
Park-Ohio
Holdings
489
13
Proto
Labs (1)
1,528
60
REV
Group
1,870
34
Shyft
Group
2,016
25
SPX
Technologies (1)
2,568
259
Standex
International
674
107
Tennant
1,061
98
Terex
3,872
222
Titan
International (1)
3,062
46
Trinity
Industries
4,747
126
Velo3D (1)(2)
4,382
2
Wabash
National
2,745
70
Watts
Water
Technologies,
Class
A
1,590
331
5,176
Marine
Transportation
0.3%
Costamare
2,684
28
Eagle
Bulk
Shipping
552
30
Genco
Shipping
&
Trading
2,509
42
Golden
Ocean
Group
7,126
69
Himalaya
Shipping (1)
1,734
12
Matson
2,009
220
Pangaea
Logistics
Solutions
2,063
17
Safe
Bulkers (2)
3,972
16
434
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Passenger
Airlines
0.4%
Allegiant
Travel
908
75
Blade
Air
Mobility (1)
3,088
11
Frontier
Group
Holdings (1)(2)
1,957
11
Hawaiian
Holdings (1)(2)
2,974
42
JetBlue
Airways (1)
19,459
108
Joby
Aviation (1)(2)
15,973
106
SkyWest (1)
2,323
121
Spirit
Airlines (2)
6,308
103
Sun
Country
Airlines
Holdings (1)
2,208
35
612
Professional
Services
2.5%
Alight,
Class
A (1)
23,851
203
ASGN (1)
2,752
265
Asure
Software (1)
1,410
13
Barrett
Business
Services
372
43
BlackSky
Technology (1)
7,134
10
CBIZ (1)
2,768
173
Conduent (1)
9,681
35
CRA
International
405
40
CSG
Systems
International
1,813
96
ExlService
Holdings (1)
9,405
290
Exponent
2,947
259
First
Advantage
3,183
53
FiscalNote
Holdings (1)
3,065
3
Forrester
Research (1)
631
17
Franklin
Covey (1)
651
28
Heidrick
&
Struggles
International
1,153
34
HireQuest
264
4
HireRight
Holdings (1)
895
12
Huron
Consulting
Group (1)
1,088
112
IBEX (1)
669
13
ICF
International
1,093
147
Innodata (1)(2)
1,411
11
Insperity
2,069
243
Kelly
Services,
Class
A
1,872
40
Kforce
1,118
76
Korn
Ferry
3,012
179
Legalzoom.com (1)
6,858
77
Maximus
3,537
297
Mistras
Group (1)
1,025
8
NV5
Global (1)
815
91
Parsons (1)
2,409
151
Planet
Labs
PBC (1)(2)
10,014
25
Resources
Connection
1,919
27
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Skillsoft (1)
199
3
Sterling
Check (1)(2)
1,828
25
TriNet
Group (1)
1,864
222
TrueBlue (1)
1,795
28
TTEC
Holdings
1,059
23
Upwork (1)
7,318
109
Verra
Mobility (1)
8,058
186
Willdan
Group (1)
697
15
3,686
Trading
Companies
&
Distributors
2.0%
Alta
Equipment
Group
1,260
16
Applied
Industrial
Technologies
2,243
387
Beacon
Roofing
Supply (1)
3,372
293
BlueLinx
Holdings (1)
509
58
Boise
Cascade
2,311
299
Custom
Truck
One
Source (1)
3,387
21
Distribution
Solutions
Group (1)
600
19
DXP
Enterprises (1)
771
26
EVI
Industries
234
6
FTAI
Aviation
5,792
269
GATX
2,067
248
Global
Industrial
789
31
GMS (1)
2,369
195
H&E
Equipment
Services
1,847
97
Herc
Holdings
1,645
245
Hudson
Technologies (1)
2,544
34
Karat
Packaging
420
10
McGrath
RentCorp
1,426
171
MRC
Global (1)
4,853
53
NOW (1)
6,126
69
Rush
Enterprises,
Class
A
3,551
179
Rush
Enterprises,
Class
B
511
27
Textainer
Group
Holdings
2,318
114
Titan
Machinery (1)
1,148
33
Transcat (1)
477
52
Willis
Lease
Finance (1)
179
9
Xometry,
Class
A (1)
1,988
71
3,032
Total
Industrials
&
Business
Services
24,844
INFORMATION
TECHNOLOGY
13.5%
Communications
Equipment
0.6%
ADTRAN
Holdings
4,611
34
Aviat
Networks (1)
679
22
Calix (1)
3,443
150
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Cambium
Networks (1)
645
4
Clearfield (1)(2)
779
23
CommScope
Holding (1)
12,361
35
Comtech
Telecommunications
1,535
13
Digi
International (1)
2,042
53
DZS (1)
992
2
Extreme
Networks (1)
7,375
130
Harmonic (1)(2)
6,350
83
Infinera (1)
11,503
55
KVH
Industries (1)
923
5
NETGEAR (1)
1,715
25
NetScout
Systems (1)
4,020
88
Ribbon
Communications (1)
4,987
14
Viavi
Solutions (1)
12,933
130
866
Electronic
Equipment,
Instruments
&
Components
2.7%
908
Devices (1)
1,198
13
Advanced
Energy
Industries
2,190
239
Aeva
Technologies (1)
5,003
4
Akoustis
Technologies (1)(2)
3,228
3
Arlo
Technologies (1)
5,083
48
Badger
Meter
1,712
264
Bel
Fuse,
Class
B
608
41
Belden
2,455
190
Benchmark
Electronics
2,054
57
Climb
Global
Solutions
238
13
CTS
1,808
79
Daktronics (1)
2,198
19
ePlus (1)
1,554
124
Evolv
Technologies
Holdings (1)
6,838
32
Fabrinet (1)
2,139
407
FARO
Technologies (1)
1,108
25
Insight
Enterprises (1)
1,669
296
Iteris (1)
2,492
13
Itron (1)
2,630
199
Kimball
Electronics (1)
1,429
38
Knowles (1)
5,172
93
Lightwave
Logic (1)(2)
6,740
34
Luna
Innovations (1)
1,827
12
Methode
Electronics
2,052
47
MicroVision (1)(2)
11,341
30
Mirion
Technologies (1)
11,500
118
Napco
Security
Technologies
1,925
66
nLight (1)
2,559
35
Novanta (1)
2,081
350
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
OSI
Systems (1)
929
120
PAR
Technology (1)
1,568
68
PC
Connection
669
45
Plexus (1)
1,584
171
Presto
Automation (1)
156
—
Richardson
Electronics
755
10
Rogers (1)
1,011
133
Sanmina (1)
3,281
169
ScanSource (1)
1,435
57
SmartRent (1)
10,773
34
TTM
Technologies (1)
6,071
96
Vishay
Intertechnology
7,446
178
Vishay
Precision
Group (1)
679
23
Vuzix (1)(2)
2,977
6
3,999
IT
Services
0.6%
Applied
Digital (1)(2)
4,812
32
BigBear.ai
Holdings (1)
1,319
3
BigCommerce
Holdings,
Series
1 (1)
3,745
36
Brightcove (1)
2,274
6
Couchbase (1)
1,996
45
DigitalOcean
Holdings (1)(2)
3,644
134
Fastly,
Class
A (1)
6,967
124
Grid
Dynamics
Holdings (1)
3,241
43
Hackett
Group
1,392
32
Information
Services
Group
1,847
9
Kratos
Defense
&
Security
Solutions (1)
7,348
149
Perficient (1)
2,005
132
Rackspace
Technology (1)(2)
4,030
8
Squarespace,
Class
A (1)
2,920
96
Thoughtworks
Holding (1)
5,514
27
Tucows,
Class
A (1)(2)
604
16
Unisys (1)
3,756
21
913
Semiconductors
&
Semiconductor
Equipment
3.1%
ACM
Research,
Class
A (1)
2,796
55
Aehr
Test
Systems (1)(2)
1,609
43
Alpha
&
Omega
Semiconductor (1)
1,295
34
Ambarella (1)
2,215
136
Amkor
Technology
6,478
215
Atomera (1)
1,131
8
Axcelis
Technologies (1)
1,897
246
CEVA (1)
1,353
31
Cohu (1)
2,679
95
Credo
Technology
Group
Holding (1)
6,617
129
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Diodes (1)
2,607
210
FormFactor (1)
4,455
186
Ichor
Holdings (1)
1,667
56
Impinj (1)(2)
1,346
121
indie
Semiconductor,
Class
A (1)
8,724
71
inTEST (1)
730
10
Kulicke
&
Soffa
Industries
3,204
175
MACOM
Technology
Solutions
Holdings (1)
3,162
294
Maxeon
Solar
Technologies (1)(2)
1,592
11
MaxLinear (1)
4,406
105
Navitas
Semiconductor (1)
6,386
52
NVE
278
22
Onto
Innovation (1)
2,844
435
PDF
Solutions (1)
1,731
56
Photronics (1)
3,520
110
Power
Integrations
3,304
271
Rambus (1)
6,334
432
Semtech (1)
3,702
81
Silicon
Laboratories (1)
1,848
244
SiTime (1)
1,002
122
SkyWater
Technology (1)
1,178
11
SMART
Global
Holdings (1)
2,812
53
Synaptics (1)
2,296
262
Transphorm (1)
1,347
5
Ultra
Clean
Holdings (1)
2,563
87
Veeco
Instruments (1)
2,923
91
4,565
Software
5.8%
8x8 (1)
7,081
27
A10
Networks
4,106
54
ACI
Worldwide (1)
6,262
192
Adeia
6,191
77
Agilysys (1)
1,147
97
Alarm.com
Holdings (1)
2,767
179
Alkami
Technology (1)
2,294
56
Altair
Engineering,
Class
A (1)
3,161
266
American
Software,
Class
A
1,756
20
Amplitude,
Class
A (1)
3,950
50
Appfolio,
Class
A (1)
1,120
194
Appian,
Class
A (1)
2,350
89
Asana,
Class
A (1)(2)
4,697
89
Aurora
Innovation (1)(2)
19,489
85
AvePoint (1)
8,842
73
Bit
Digital (1)(2)
5,272
22
Blackbaud (1)
2,507
217
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
BlackLine (1)
3,278
205
Box,
Class
A (1)
8,212
210
Braze,
Class
A (1)
3,057
162
C3.ai,
Class
A (1)(2)
4,690
135
Cerence (1)
2,362
46
Cipher
Mining (1)(2)
2,271
9
Cleanspark (1)(2)
8,653
95
CommVault
Systems (1)
2,543
203
Consensus
Cloud
Solutions (1)
1,145
30
CoreCard (1)
357
5
CS
Disco (1)
1,241
9
CXApp (1)
95
—
Digimarc (1)(2)
837
30
Digital
Turbine (1)
5,633
39
Domo,
Class
B (1)
1,863
19
E2open
Parent
Holdings (1)
10,090
44
eGain (1)
1,280
11
Enfusion,
Class
A (1)(2)
2,058
20
EngageSmart (1)
2,806
64
Envestnet (1)
2,926
145
Everbridge (1)
2,365
57
EverCommerce (1)
1,348
15
Expensify,
Class
A (1)
3,155
8
Freshworks,
Class
A (1)
9,435
222
Instructure
Holdings (1)
1,151
31
Intapp (1)
1,608
61
InterDigital (2)
1,528
166
Jamf
Holding (1)
4,026
73
Kaltura (1)
5,271
10
LivePerson (1)
4,712
18
LiveRamp
Holdings (1)
3,841
146
Marathon
Digital
Holdings (1)
12,376
291
Matterport (1)
14,516
39
MeridianLink (1)
1,549
38
MicroStrategy,
Class
A (1)(2)
709
448
Mitek
Systems (1)
2,525
33
Model
N (1)
2,158
58
N-Able (1)
4,045
54
NextNav (1)
2,880
13
Olo,
Class
A (1)
6,062
35
ON24
1,858
15
OneSpan (1)
2,371
25
PagerDuty (1)
5,228
121
PowerSchool
Holdings,
Class
A (1)
3,230
76
Progress
Software
2,542
138
PROS
Holdings (1)(2)
2,561
99
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Q2
Holdings (1)
3,323
144
Qualys (1)
2,160
424
Rapid7 (1)
3,490
199
Red
Violet (1)
628
13
Rimini
Street (1)
3,240
11
Riot
Platforms (1)
10,955
169
Sapiens
International
1,782
52
SEMrush
Holdings,
Class
A (1)(2)
1,764
24
SolarWinds (1)
2,986
37
SoundHound
AI,
Class
A (1)
7,836
17
SoundThinking (1)
528
13
Sprinklr,
Class
A (1)
6,120
74
Sprout
Social,
Class
A (1)(2)
2,785
171
SPS
Commerce (1)
2,132
413
Tenable
Holdings (1)
6,639
306
Terawulf (1)
8,894
21
Varonis
Systems (1)
6,323
286
Verint
Systems (1)
3,594
97
Veritone (1)(2)
1,367
2
Viant
Technology,
Class
A (1)
903
6
Weave
Communications (1)
1,838
21
Workiva (1)
2,891
294
Xperi (1)
2,510
28
Yext (1)
6,246
37
Zeta
Global
Holdings,
Class
A (1)
7,935
70
Zuora,
Class
A (1)
7,826
74
8,561
Technology
Hardware,
Storage
&
Peripherals
0.7%
CompoSecure (1)(2)
811
4
Corsair
Gaming (1)
2,182
31
CPI
Card
Group (1)
211
4
Eastman
Kodak (1)
3,026
12
Immersion
1,772
13
Intevac (1)
1,261
5
IonQ (1)(2)
9,395
116
Super
Micro
Computer (1)
2,691
765
Turtle
Beach (1)
844
9
Xerox
Holdings
6,751
124
1,083
Total
Information
Technology
19,987
MATERIALS
4.4%
Chemicals
1.9%
AdvanSix
1,545
46
American
Vanguard
1,592
17
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Aspen
Aerogels (1)(2)
2,875
45
Avient
5,219
217
Balchem
1,862
277
Cabot
3,223
269
Core
Molding
Technologies (1)
440
8
Danimer
Scientific (1)(2)
4,634
5
Ecovyst (1)
5,527
54
Hawkins
1,117
79
HB
Fuller
3,149
256
Ingevity (1)
2,097
99
Innospec
1,441
178
Intrepid
Potash (1)
577
14
Koppers
Holdings
1,172
60
Kronos
Worldwide
1,161
12
Livent (1)(2)
10,421
187
LSB
Industries (1)
3,068
29
Mativ
Holdings
3,181
49
Minerals
Technologies
1,901
136
Origin
Materials (1)
6,532
5
Orion
3,234
90
Perimeter
Solutions (1)
8,956
41
PureCycle
Technologies (1)(2)
6,840
28
Quaker
Chemical
809
173
Rayonier
Advanced
Materials (1)
3,872
16
Sensient
Technologies
2,456
162
Stepan
1,220
115
Trinseo
1,945
16
Tronox
Holdings
6,731
95
Valhi
85
1
2,779
Construction
Materials
0.3%
Knife
River (1)
3,257
216
Summit
Materials,
Class
A (1)
6,950
267
United
States
Lime
&
Minerals
121
28
511
Containers
&
Packaging
0.3%
Greif,
Class
A
1,394
91
Greif,
Class
B
293
19
Myers
Industries
2,174
43
O-I
Glass (1)
9,067
149
Pactiv
Evergreen
2,357
32
Ranpak
Holdings (1)
2,356
14
TriMas
2,395
61
409
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Metals
&
Mining
1.8%
5E
Advanced
Materials (1)(2)
1,895
3
Alpha
Metallurgical
Resources
673
228
Arch
Resources
1,042
173
ATI (1)
7,498
341
Caledonia
Mining
961
12
Carpenter
Technology
2,818
200
Century
Aluminum (1)
3,101
38
Coeur
Mining (1)
19,207
63
Commercial
Metals
6,811
341
Compass
Minerals
International
1,989
50
Constellium (1)
7,429
148
Contango
ORE (1)
488
9
Dakota
Gold (1)
2,860
7
Haynes
International
734
42
Hecla
Mining
35,285
170
i-80
Gold (1)
10,607
19
Ivanhoe
Electric (1)
3,688
37
Kaiser
Aluminum
925
66
Materion
1,198
156
NioCorp
Developments (1)
95
—
Novagold
Resources (1)
14,014
52
Olympic
Steel
572
38
Perpetua
Resources (1)(2)
1,860
6
Piedmont
Lithium (1)(2)
1,001
28
Ramaco
Resources,
Class
A
1,334
23
Ramaco
Resources,
Class
B
240
3
Ryerson
Holding
1,636
57
Schnitzer
Steel
Industries,
Class
A
1,513
46
SunCoke
Energy
4,866
52
TimkenSteel (1)
2,524
59
Tredegar
1,358
7
Warrior
Met
Coal
2,987
182
Worthington
Steel (1)
1,759
49
2,705
Paper
&
Forest
Products
0.1%
Clearwater
Paper (1)
933
34
Glatfelter (1)
2,204
4
Sylvamo
2,084
102
140
Total
Materials
6,544
REAL
ESTATE
6.2%
Diversified
Real
Estate
Investment
Trusts
0.6%
Alexander
&
Baldwin,
REIT
4,175
79
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Alpine
Income
Property
Trust,
REIT
737
12
American
Assets
Trust,
REIT
2,827
64
Armada
Hoffler
Properties,
REIT
3,935
49
Broadstone
Net
Lease,
REIT
10,853
187
CTO
Realty
Growth,
REIT
1,249
22
Empire
State
Realty
Trust,
Class
A,
REIT
7,612
74
Essential
Properties
Realty
Trust,
REIT
9,082
232
Gladstone
Commercial,
REIT
2,373
31
Global
Net
Lease,
REIT
11,148
111
NexPoint
Diversified
Real
Estate
Trust,
REIT (2)
1,739
14
One
Liberty
Properties,
REIT
923
20
895
Health
Care
Real
Estate
Investment
Trusts
0.6%
CareTrust
REIT,
REIT
5,854
131
Community
Healthcare
Trust,
REIT
1,588
42
Diversified
Healthcare
Trust,
REIT
14,145
53
Global
Medical
REIT,
REIT
3,437
38
LTC
Properties,
REIT
2,355
76
National
Health
Investors,
REIT
2,438
136
Physicians
Realty
Trust,
REIT
13,741
183
Sabra
Health
Care
REIT,
REIT
13,328
190
Universal
Health
Realty
Income
Trust,
REIT
745
32
881
Hotel
&
Resort
Real
Estate
Investment
Trusts
0.9%
Apple
Hospitality
REIT,
REIT
12,561
209
Braemar
Hotels
&
Resorts,
REIT
3,327
8
Chatham
Lodging
Trust,
REIT
2,837
31
DiamondRock
Hospitality,
REIT
12,039
113
Pebblebrook
Hotel
Trust,
REIT
6,966
111
RLJ
Lodging
Trust,
REIT
8,978
105
Ryman
Hospitality
Properties,
REIT
3,391
373
Service
Properties
Trust,
REIT
9,506
81
Summit
Hotel
Properties,
REIT
6,238
42
Sunstone
Hotel
Investors,
REIT
12,174
131
Xenia
Hotels
&
Resorts,
REIT
6,328
86
1,290
Industrial
Real
Estate
Investment
Trusts
0.5%
Innovative
Industrial
Properties,
REIT
1,628
164
LXP
Industrial
Trust,
REIT
16,903
168
Plymouth
Industrial
REIT,
REIT
2,604
63
Terreno
Realty,
REIT
4,820
302
697
Office
Real
Estate
Investment
Trusts
0.7%
Brandywine
Realty
Trust,
REIT
9,933
54
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
City
Office
REIT,
REIT
2,108
13
COPT
Defense
Properties,
REIT
6,514
167
Douglas
Emmett,
REIT (2)
9,387
136
Easterly
Government
Properties,
REIT
5,637
76
Equity
Commonwealth,
REIT
5,994
115
Hudson
Pacific
Properties,
REIT
8,078
75
JBG
SMITH
Properties,
REIT
5,818
99
Office
Properties
Income
Trust,
REIT
2,902
21
Orion
Office
REIT,
REIT
3,172
18
Paramount
Group,
REIT
10,741
55
Peakstone
Realty
Trust,
REIT (2)
2,097
42
Piedmont
Office
Realty
Trust,
Class
A,
REIT
7,192
51
Postal
Realty
Trust,
Class
A,
REIT
1,219
18
SL
Green
Realty,
REIT
3,778
171
1,111
Real
Estate
Management
&
Development
0.8%
American
Realty
Investors (1)
57
1
Anywhere
Real
Estate (1)
6,335
51
Compass,
Class
A (1)
16,325
61
Cushman
&
Wakefield (1)
9,563
103
DigitalBridge
Group (2)
9,346
164
Douglas
Elliman
4,966
15
eXp
World
Holdings (2)
4,105
64
Forestar
Group (1)
1,062
35
FRP
Holdings (1)
391
25
Kennedy-Wilson
Holdings
6,856
85
Marcus
&
Millichap
1,400
61
Maui
Land
&
Pineapple (1)
371
6
Newmark
Group,
Class
A
7,944
87
Opendoor
Technologies,
Class
A (1)
32,027
143
RE/MAX
Holdings,
Class
A
999
13
Redfin (1)
6,216
64
RMR
Group,
Class
A
846
24
St.
Joe
1,971
119
Star
Holdings (1)
776
12
Stratus
Properties (1)
316
9
Tejon
Ranch (1)
1,194
21
Transcontinental
Realty
Investors (1)
92
3
1,166
Residential
Real
Estate
Investment
Trusts
0.4%
Apartment
Investment
&
Management,
Class
A,
REIT (1)
6,996
55
BRT
Apartments,
REIT
726
14
Centerspace,
REIT
880
51
Clipper
Realty,
REIT
737
4
Elme
Communities,
REIT
5,072
74
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Independence
Realty
Trust,
REIT
13,022
199
NexPoint
Residential
Trust,
REIT
1,316
45
UMH
Properties,
REIT
3,479
53
Veris
Residential,
REIT
4,567
72
567
Retail
Real
Estate
Investment
Trusts
1.2%
Acadia
Realty
Trust,
REIT
5,364
91
Alexander's,
REIT
120
26
CBL
&
Associates
Properties,
REIT
1,605
39
Getty
Realty,
REIT
2,763
81
InvenTrust
Properties,
REIT
3,889
98
Kite
Realty
Group
Trust,
REIT
12,664
289
Macerich,
REIT
12,473
192
NETSTREIT,
REIT
4,070
73
Phillips
Edison,
REIT
6,866
250
Retail
Opportunity
Investments,
REIT
7,058
99
Saul
Centers,
REIT
658
26
SITE
Centers,
REIT
11,127
152
Tanger,
REIT
5,902
164
Urban
Edge
Properties,
REIT
6,718
123
Whitestone
REIT,
REIT
2,736
34
1,737
Specialized
Real
Estate
Investment
Trusts
0.5%
Farmland
Partners,
REIT (2)
2,687
34
Four
Corners
Property
Trust,
REIT
5,219
132
Gladstone
Land,
REIT
1,953
28
Outfront
Media,
REIT
8,463
118
PotlatchDeltic,
REIT
4,607
226
Safehold,
REIT (2)
2,821
66
Uniti
Group,
REIT
13,749
80
684
Total
Real
Estate
9,028
TRUSTS
&
FUNDS
0.6%
Trusts
&
Mutual
Funds
0.6%
iShares
Russell
2000
ETF
4,789
961
Total
Trusts
&
Funds
961
UTILITIES
2.7%
Electric
Utilities
0.7%
ALLETE
3,328
204
Genie
Energy,
Class
B
1,148
32
MGE
Energy
2,108
152
Otter
Tail
2,383
203
PNM
Resources
4,994
208
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Portland
General
Electric
5,917
256
1,055
Gas
Utilities
0.9%
Brookfield
Infrastructure,
Class
A
6,978
246
Chesapeake
Utilities
1,244
131
New
Jersey
Resources
5,657
252
Northwest
Natural
Holding
2,061
80
ONE
Gas
3,216
205
RGC
Resources
497
10
Southwest
Gas
Holdings
3,597
228
Spire
2,975
186
1,338
Independent
Power
&
Renewable
Electricity
Producers
0.3%
Altus
Power (1)(2)
3,775
26
Montauk
Renewables (1)
3,900
34
Ormat
Technologies
3,113
236
Sunnova
Energy
International (1)(2)
6,148
94
390
Multi-Utilities
0.4%
Avista
4,420
158
Black
Hills
3,885
209
Northwestern
Energy
Group
3,550
181
Unitil
945
50
598
Water
Utilities
0.4%
American
States
Water
2,140
172
Artesian
Resources,
Class
A
505
21
Cadiz (1)
1,998
6
California
Water
Service
Group
3,338
173
Consolidated
Water
872
31
Global
Water
Resources
601
8
Middlesex
Water
1,011
66
Pure
Cycle (1)
1,023
11
SJW
Group
1,866
122
York
Water
838
32
642
Total
Utilities
4,023
Total
Common
Stocks
(Cost
$147,263)
147,740
T.
ROWE
PRICE
Small-Cap
Index
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
0.3%
Money
Market
Funds
0.3%
T.
Rowe
Price
Government
Reserve
Fund,
5.42% (4)(5)
486,922
487
487
U.S.
Treasury
Obligations
0.0%
U.S.
Treasury
Bills,
5.229%,
5/9/24 (6)
75,000
73
73
Total
Short-Term
Investments
(Cost
$560)
560
SECURITIES
LENDING
COLLATERAL
7.0%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
7.0%
Money
Market
Funds
7.0%
T.
Rowe
Price
Government
Reserve
Fund,
5.42% (4)(5)
10,327,807
10,328
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
10,328
Total
Securities
Lending
Collateral
(Cost
$10,328)
10,328
Total
Investments
in
Securities
106.8%
of
Net
Assets
(Cost
$158,151)
$
158,628
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
See
Note
4
.
All
or
a
portion
of
this
security
is
on
loan
at
December
31,
2023.
(3)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(4)
Seven-day
yield
(5)
Affiliated
Companies
(6)
At
December
31,
2023,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
CVR
Contingent
Value
Rights
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
ETF
Exchange-Traded
Fund
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
Small-Cap
Index
Fund
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
4
Russell
2000
E-Mini
Index
contracts
3/24
410
$
24
Net
payments
(receipts)
of
variation
margin
to
date
(30)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(6)
T.
ROWE
PRICE
Small-Cap
Index
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
year
ended
December
31,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
5.42%
$
—
$
—
$
24++
Totals
$
—#
$
—
$
24+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
12/31/23
T.
Rowe
Price
Government
Reserve
Fund,
5.42%
$
5,229
¤
¤
$
10,815
Total
$
10,815^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees
as
described
in
Note
4
.
+
Investment
income
comprised
$24
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$10,815.
T.
ROWE
PRICE
Small-Cap
Index
Fund
December
31,
2023
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$158,151)
$
158,628
Receivable
for
shares
sold
328
Dividends
receivable
156
Receivable
for
investment
securities
sold
64
Due
from
affiliates
16
Cash
2
Other
assets
21
Total
assets
159,215
Liabilities
Obligation
to
return
securities
lending
collateral
10,328
Payable
for
investment
securities
purchased
329
Payable
for
shares
redeemed
19
Investment
management
fees
payable
11
Variation
margin
payable
on
futures
contracts
6
Other
liabilities
63
Total
liabilities
10,756
NET
ASSETS
$
148,459
T.
ROWE
PRICE
Small-Cap
Index
Fund
December
31,
2023
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(2,436)
Paid-in
capital
applicable
to
10,262,983
shares
of
$0.0001
par
value
capital
stock
outstanding;
2,000,000,000
shares
of
the
Corporation
authorized
150,895
NET
ASSETS
$
148,459
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$177;
Shares
outstanding:
12,323)
$
14.40
I
Class
(Net
assets:
$112,086;
Shares
outstanding:
7,747,626)
$
14.47
Z
Class
(Net
assets:
$36,196;
Shares
outstanding:
2,503,034)
$
14.46
T.
ROWE
PRICE
Small-Cap
Index
Fund
Year
Ended
12/31/23
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$3)
$
1,847
Securities
lending
141
Interest
3
Other
1
Total
income
1,992
Expenses
Investment
management
105
Shareholder
servicing
I
Class
72
Prospectus
and
shareholder
reports
I
Class
$
5
Z
Class
1
6
Custody
and
accounting
220
Legal
and
audit
30
Miscellaneous
15
Waived
/
paid
by
Price
Associates
(315)
Total
expenses
133
Net
investment
income
1,859
T.
ROWE
PRICE
Small-Cap
Index
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
12/31/23
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
(161)
Futures
(3)
Net
realized
loss
(164)
Change
in
net
unrealized
gain
/
loss
Securities
18,399
Futures
32
Change
in
net
unrealized
gain
/
loss
18,431
Net
realized
and
unrealized
gain
/
loss
18,267
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
20,126
T.
ROWE
PRICE
Small-Cap
Index
Fund
Statement
of
Changes
in
Net
Assets
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/23
12/31/22
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
1,859
$
1,371
Net
realized
loss
(164)
(2,159)
Change
in
net
unrealized
gain
/
loss
18,431
(20,564)
Increase
(decrease)
in
net
assets
from
operations
20,126
(21,352)
Distributions
to
shareholders
Net
earnings
Investor
Class
(2)
(2)
I
Class
(1,381)
(1,319)
Z
Class
(488)
(191)
Decrease
in
net
assets
from
distributions
(1,871)
(1,512)
Capital
share
transactions
*
Shares
sold
I
Class
15,759
18,848
Z
Class
23,412
14,793
Distributions
reinvested
I
Class
1,381
1,319
Z
Class
488
191
Shares
redeemed
I
Class
(5,002)
(3,831)
Z
Class
(3,214)
(2,589)
Increase
in
net
assets
from
capital
share
transactions
32,824
28,731
T.
ROWE
PRICE
Small-Cap
Index
Fund
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/23
12/31/22
Net
Assets
Increase
during
period
51,079
5,867
Beginning
of
period
97,380
91,513
End
of
period
$
148,459
$
97,380
*Share
information
(000s)
Shares
sold
I
Class
1,215
1,358
Z
Class
1,770
1,058
Distributions
reinvested
I
Class
100
101
Z
Class
35
15
Shares
redeemed
I
Class
(377)
(285)
Z
Class
(246)
(198)
Increase
in
shares
outstanding
2,497
2,049
T.
ROWE
PRICE
Small-Cap
Index
Fund
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Index
Trust,
Inc.
(the
corporation) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Small-Cap
Index
Fund
(the
fund)
is
an
open-
end
management
investment
company
established
by
the
corporation
and
intends
to
be
diversified
in
approximately
the
same
proportion
as
the
index
it
tracks
is
diversified.
The
fund
may
become
nondiversified
for
periods
of
time
solely
as
a
result
of
changes
in
the
composition
of
the
index
(for
example,
changes
in
the
relative
market
capitalization
or
index
weighting
of
one
or
more
securities
represented
in
the
index). The
fund
seeks
to
track
the
performance
of
a
benchmark
index
that
measures
the
investment
return
of
small-capitalization
U.S.
stocks.
The
fund
is
available
for
investment
only
by
mutual
funds,
college
savings
plans,
and
other
institutional
client
accounts
managed
by
T.
Rowe
Price
Associates,
Inc.,
or
its
affiliates
and
is
not
available
for
direct
purchase
by
members
of
the
public.
The
fund
has three classes
of
shares:
the
Small-Cap
Index
Fund
(Investor
Class),
the
Small-Cap
Index
Fund–I
Class
(I
Class)
and
the
Small-Cap
Index
Fund–Z
Class
(Z
Class).
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Z
Class
is
only
available
to
funds
advised
by
T.
Rowe
Price
Associates,
Inc.
and
its
affiliates
and
other
clients
that
are
subject
to
a
contractual
fee
for
investment
management
services. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
T.
ROWE
PRICE
Small-Cap
Index
Fund
reporting
purposes. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as income;
capital
gain
distributions
are
reflected
as
realized
gain/
loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Distributions
from
REITs
are
initially
recorded
as
dividend
income
and,
to
the
extent
such
represent
a
return
of
capital
or
capital
gain
for
tax
purposes,
are
reclassified
when
such
information
becomes
available. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any,
are
declared
and
paid
by
each
class annually. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes,
investment
income,
and
realized
and
unrealized
gains
and
losses
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
In
June
2022,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2022-03,
Fair
Value
Measurement
(Topic
820)
–
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions,
which
clarifies
that
a
contractual
restriction
on
the
sale
of
an
equity
security
is
not
considered
part
of
the
unit
of
account
of
the
equity
security
and,
therefore,
is
not
considered
in
measuring
fair
value.
The
amendments
under
this
ASU
are
effective
for
fiscal
years
beginning
after
December
15,
2023;
however,
the
fund
opted
to
early
adopt,
as
permitted,
effective
December
1,
2022. Adoption
of
the
guidance
did not
have
a
material
impact
on
the fund's
financial statements.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
T.
ROWE
PRICE
Small-Cap
Index
Fund
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
T.
ROWE
PRICE
Small-Cap
Index
Fund
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities.
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Small-Cap
Index
Fund
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
December
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
year ended
December
31,
2023,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund’s
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
147,739
$
—
$
1
$
147,740
Short-Term
Investments
487
73
—
560
Securities
Lending
Collateral
10,328
—
—
10,328
Total
Securities
158,554
73
1
158,628
Futures
Contracts*
24
—
—
24
Total
$
158,578
$
73
$
1
$
158,652
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Small-Cap
Index
Fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund’s
derivative
instruments
held
as
of
December
31,
2023,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
year ended
December
31,
2023,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
Counterparty
Risk
and
Collateral
The
fund
invests
in
exchange-traded
and/or
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps.
Counterparty
risk
on
such
derivatives
is
minimal
because
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Equity
derivatives
Futures
$
24
*
Total
$
24
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Futures
Realized
Gain
(Loss)
Equity
derivative
$
(3
)
Total
$
(3
)
Change
in
Unrealized
Gain
(Loss)
Equity
derivative
$
32
Total
$
32
T.
ROWE
PRICE
Small-Cap
Index
Fund
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Collateral may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund’s
assets.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
December
31,
2023,
securities
valued
at $27,000
had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives.
Futures
Contracts
The
fund
is
subject
to equity
price
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risk.
The
fund
may
enter
into
futures
contracts
as
an
efficient
means
of
maintaining
liquidity
while
being
invested
in
the
market,
to
facilitate
trading,
or
to
reduce
transaction
costs. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
year ended
December
31,
2023,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
less
than
1%
of
net
assets.
T.
ROWE
PRICE
Small-Cap
Index
Fund
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective,
the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of
the
fund
are
described
more
fully
in
the
fund's
prospectus
and
Statement
of
Additional
Information.
Securities
Lending
The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
December
31,
2023,
the
value
of
loaned
securities
was
$9,491,000,
including
securities
sold
but
not
yet
settled,
which
are
not
reflected
in
the
accompanying
Portfolio
of
Investments;
the
value
of
cash
collateral
and
related
investments
was
$10,328,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $64,531,000 and
$31,844,000,
respectively,
for
the
year ended
December
31,
2023.
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
T.
ROWE
PRICE
Small-Cap
Index
Fund
The
fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required.
The
fund’s
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
At
December
31,
2023,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were as
follows:
At
December
31,
2023,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
($000s)
December
31,
2023
December
31,
2022
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
1,871
$
1,490
Long-term
capital
gain
—
22
Total
distributions
$
1,871
$
1,512
($000s)
Cost
of
investments
$
159,669
Unrealized
appreciation
$
24,495
Unrealized
depreciation
(25,536)
Net
unrealized
appreciation
(depreciation)
$
(1,041)
($000s)
Undistributed
ordinary
income
$
157
Net
unrealized
appreciation
(depreciation)
(1,041)
Loss
carryforwards
and
deferrals
(1,552)
Total
distributable
earnings
(loss)
$
(2,436)
T.
ROWE
PRICE
Small-Cap
Index
Fund
Temporary
differences
between
book-basis
and
tax-basis
components
of
total
distributable
earnings
(loss)
arise
when
certain
items
of
income,
gain,
or
loss
are
recognized
in
different
periods
for
financial
statement
purposes
versus
for
tax
purposes;
these
differences
will
reverse
in
a
subsequent
reporting
period.
The
temporary
differences
relate
primarily
to
the
deferral
of
losses
from
wash
sales
and
the
realization
of
gains/losses
on
passive
foreign
investment
companies.
The
loss
carryforwards
and
deferrals
primarily
relate
to
capital
loss
carryforwards.
Capital
loss
carryforwards
are
available
indefinitely
to
offset
future
realized
capital
gains.
NOTE
6
-
FOREIGN TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/loss
on
securities
in
the
accompanying
financial
statements.
To
the
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
NOTE
7
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group).
Price
Associates
has
entered
into
a
sub-advisory
agreement(s)
with
one
or
more
of
its
wholly
owned
subsidiaries,
to
provide
investment
advisory
services
to
the
fund.
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee
equal
to 0.09%
of
the
fund’s
average
daily
net
assets.
The
fee
is
computed
daily
and
paid
monthly.
The Investor Class is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary expenses;
and
acquired
fund
fees
and
expenses) that
would
otherwise
cause
the
class’s
ratio
of
T.
ROWE
PRICE
Small-Cap
Index
Fund
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
The
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the
class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
Z
Class
is
also
subject
to
a
contractual
expense
limitation
agreement
whereby
Price
Associates
has
agreed
to
waive
and/or
bear
all
of
the
Z
Class’
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
in
their
entirety.
This
fee
waiver
and/or
expense
reimbursement
arrangement
is
expected
to
remain
in
place
indefinitely,
and
the
agreement
may
only
be
amended
or
terminated
with
approval
by
the
fund’s
Board.
Expenses
of
the
fund
waived/paid
by
the
manager
are
not
subject
to
later
repayment
by
the
fund.
Pursuant
to
these
agreements,
expenses
were
waived/paid
by
and/or
repaid
to
Price
Associates
during
the
year ended December
31,
2023
as
indicated
in
the
table
below.
Including these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $831,000 remain
subject
to
repayment
by
the
fund
at
December
31,
2023.
Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
T.
ROWE
PRICE
Small-Cap
Index
Fund
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
a
wholly
owned
subsidiary
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
For
the
year
ended
December
31,
2023,
expenses
incurred
pursuant
to
these
service
agreements
were
$112,000
for
Price
Associates
and
less
than
$1,000
for
T.
Rowe
Price
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
Additionally,
the
fund
is
one
of
several
mutual
funds
in
which
certain
college
savings
plans
managed
by
Price
Associates invests.
As
approved
by
the
fund’s
Board
of
Directors,
shareholder
servicing
costs
associated
with
each
college
savings
plan
are
borne
by
the
fund
in
proportion
to
the
average
daily
value
of
its
shares
owned
by
the
college
savings
plan.
Price
has
agreed
to waive/reimburse
shareholder
servicing
costs in
excess
of
0.05%
of
the
fund’s
average
daily
value
of
its
shares
owned
by
the
college
savings
plan.
Any
amounts
waived/paid
by
Price
under
this
voluntary
agreement
are
not
subject
to
repayment
by
the
fund.
Price
may
amend
or
terminate
this
voluntary
arrangement
at
any
time
without
prior
notice.
For
the
year ended
December
31,
2023,
the
fund
was
charged $71,000 for
shareholder
servicing
costs
related
to
the
college
savings
plans, of
which
$22,000
was
for
services
provided
by
Price.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities. At
December
31,
2023,
approximately
93%
of
the
outstanding
shares
of
the
I
Class
were
held
by
college
savings
plans.
Investor
Class
I
Class
Z
Class
Expense
limitation/I
Class
Limit
0.29%
0.05%
0.00%
Expense
limitation
date
04/30/26
04/30/26
N/A
(Waived)/repaid
during
the
period
($000s)
$—
(1)
$(242)
$(73)
(1)
Amount
rounds
to
less
than
$1,000
T.
ROWE
PRICE
Small-Cap
Index
Fund
Mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
(collectively,
Price
Funds
and
accounts)
may
invest
in
the
fund.
No
Price
fund
or
account
may
invest
for
the
purpose
of
exercising
management
or
control
over
the
fund.
At
December
31,
2023, 100%
of
the
Z
Class's
outstanding
shares
were
held
by
Price
Funds
and
accounts.
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
As
of
December
31,
2023,
T.
Rowe
Price
Group,
Inc.,
or
its
wholly
owned
subsidiaries,
owned
12,323
shares
of
the
Investor
Class,
representing
100%
of
the
Investor
Class's
net
assets.
The
fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
year
ended
December
31,
2023,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
8
-
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
T.
ROWE
PRICE
Small-Cap
Index
Fund
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund's
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
T.
ROWE
PRICE
Small-Cap
Index
Fund
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
of
T.
Rowe
Price
Index
Trust,
Inc.
and
Shareholders
of
T.
Rowe
Price
Small-Cap
Index
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
Small-Cap
Index
Fund
(one
of
the
funds
constituting
T.
Rowe
Price
Index
Trust,
Inc.,
referred
to
hereafter
as
the
"Fund")
as
of
December
31,
2023,
the
related
statement
of
operations
for
the
year
ended
December
31,
2023,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
periods
indicated
therein
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2023,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2023
and
the
financial
highlights
for
each
of
the
periods
indicated
therein,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
T.
ROWE
PRICE
Small-Cap
Index
Fund
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2023
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
February
21,
2024
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
(continued)
T.
ROWE
PRICE
Small-Cap
Index
Fund
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 12/31/23
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
For
taxable
non-corporate
shareholders,
$1,317,000 of
the
fund's
income
represents
qualified
dividend
income
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%.
For
corporate
shareholders,
$1,183,000
of
the
fund's
income
qualifies
for
the
dividends-
received
deduction.
For
individuals
and
certain
trusts
and
estates
which
are
entitled
to
claim
a
deduction
of
up
to
20%
of
their
combined
qualified
real
estate
investment
trust
(REIT)
dividends,
$217,000 of
the
fund's
income
qualifies
as
qualified
real
estate
investment
trust
(REIT)
dividends.
INFORMATION
ON
PROXY
VOTING
POLICIES,
PROCEDURES,
AND
RECORDS
A
description
of
the
policies
and
procedures
used
by
T.
Rowe
Price
funds
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
in
each
fund’s
Statement
of
Additional
Information.
You
may
request
this
document
by
calling
1-800-225-5132
or
by
accessing
the
SEC’s
website,
sec.gov.
The
description
of
our
proxy
voting
policies
and
procedures
is
also
available
on
our
corporate
website.
To
access
it,
please
visit
the
following
Web
page:
https://www.troweprice.com/corporate/us/en/utility/policies.html
Scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Guidelines.”
Click
on
the
links
in
the
shaded
box.
Each
fund’s
most
recent
annual
proxy
voting
record
is
available
on
our
website
and
through
the
SEC’s
website.
To
access
it
through
T.
Rowe
Price,
visit
the
website
location
shown
above,
and
scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Records.”
Click
on
the
Proxy
Voting
Records
link
in
the
shaded
box.
HOW
TO
OBTAIN
QUARTERLY
PORTFOLIO
HOLDINGS
The
fund
files
a
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
fund’s
reports
on
Form
N-PORT
are
available
electronically
on
the
SEC’s
website
(sec.gov).
In
addition,
most
T.
Rowe
Price
funds
disclose
their
first
and
third
fiscal
quarter-end
holdings
on
troweprice.com
.
T.
ROWE
PRICE
Small-Cap
Index
Fund
TAILORED
SHAREHOLDER
REPORTS
FOR
MUTUAL
FUNDS
AND
EXCHANGE
TRADED
FUNDS
In
October
2022,
the
Securities
and
Exchange
Commission
(SEC)
adopted
rule
and
form
amendments
requiring
Mutual
Funds
and
Exchange-Traded
Funds
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
that
highlight
key
information
to
shareholders.
Other
information,
including
financial
statements,
will
no
longer
appear
in
the
funds’
shareholder
reports
but
will
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
T.
ROWE
PRICE
Small-Cap
Index
Fund
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
In
accordance
with
Rule
22e-4
(Liquidity
Rule)
under
the
Investment
Company
Act
of
1940,
as
amended,
the
fund
has
established
a
liquidity
risk
management
program
(Liquidity
Program)
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk,
which
generally
represents
the
risk
that
the
fund
would
not
be
able
to
meet
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
fund.
The
fund’s
Board
of
Directors
(Board)
has
appointed
the
fund’s
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
the
administrator
of
the
Liquidity
Program.
As
administrator,
the
Adviser
is
responsible
for
overseeing
the
day-to-day
operations
of
the
Liquidity
Program
and,
among
other
things,
is
responsible
for
assessing,
managing,
and
reviewing
with
the
Board
at
least
annually
the
liquidity
risk
of
each
T.
Rowe
Price
fund.
The
Adviser
has
delegated
oversight
of
the
Liquidity
Program
to
a
Liquidity
Risk
Committee
(LRC),
which
is
a
cross-functional
committee
composed
of
personnel
from
multiple
departments
within
the
Adviser.
The Liquidity
Program’s
principal
objectives
include
supporting
the
T.
Rowe
Price
funds’
compliance
with
limits
on
investments
in
illiquid
assets
and
mitigating
the
risk
that
the
fund
will
be
unable
to
timely
meet
its
redemption
obligations.
The
Liquidity
Program
also
includes
a
number
of
elements
that
support
the
management
and
assessment
of
liquidity
risk,
including
an
annual
assessment
of
factors
that
influence
the
fund’s
liquidity
and
the
periodic
classification
and
reclassification
of
a
fund’s
investments
into
categories
that
reflect
the
LRC’s
assessment
of
their
relative
liquidity
under
current
market
conditions.
Under
the
Liquidity
Program,
every
investment
held
by
the
fund
is
classified
at
least
monthly
into
one
of
four
liquidity
categories
based
on
estimations
of
the
investment’s
ability
to
be
sold
during
designated
time
frames
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
As
required
by
the
Liquidity
Rule,
at
a
meeting
held
on
July
24,
2023,
the
Board
was
presented
with
an
annual
assessment
that
was
prepared
by
the
LRC
on
behalf
of
the
Adviser
and
addressed
the
operation
of
the
Liquidity
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
any
material
changes
to
the
Liquidity
Program
and
the
determination
of
each
fund’s
Highly
Liquid
Investment
Minimum
(HLIM).
The
annual
assessment
included
consideration
of
the
following
factors,
as
applicable:
the
fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
normal
and
reasonably
foreseeable
stressed
conditions,
including
whether
the
investment
strategy
is
appropriate
for
an
open-end
fund,
the
extent
to
which
the
strategy
involves
a
relatively
concentrated
portfolio
or
large
positions
in
particular
issuers,
and
the
use
of
borrowings
for
investment
purposes
and
derivatives;
short-term
and
long-term
cash
flow
projections
covering
both
normal
and
reasonably
foreseeable
stressed
conditions;
and
holdings
of
cash
and
cash
equivalents,
as
well
as
available
borrowing
arrangements.
T.
ROWE
PRICE
Small-Cap
Index
Fund
For the
fund
and
other
T.
Rowe
Price
funds,
the
annual
assessment
incorporated
a
report
related
to
a
fund’s
holdings,
shareholder
and
portfolio
concentration,
any
borrowings
during
the
period,
cash
flow
projections,
and
other
relevant
data
for
the
period
of
April
1,
2022,
through
March
31,
2023.
The
report
described
the
methodology
for
classifying
a
fund’s
investments
(including
any
derivative
transactions)
into
one
of
four
liquidity
categories,
as
well
as
the
percentage
of
a
fund’s
investments
assigned
to
each
category.
It
also
explained
the
methodology
for
establishing
a
fund’s
HLIM
and
noted
that
the
LRC
reviews
the
HLIM
assigned
to
each
fund
no
less
frequently
than
annually.
During the
period
covered
by
the
annual
assessment,
the
LRC
has
concluded,
and
reported
to
the
Board,
that
the
Liquidity
Program
continues
to
operate
adequately
and
effectively
and
is
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk.
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
(continued)
T.
ROWE
PRICE
Small-Cap
Index
Fund
ABOUT
THE
FUND'S
DIRECTORS
AND
OFFICERS
Your
fund
is
overseen
by
a
Board
of
Directors
(Board)
that
meets
regularly
to
review
a
wide
variety
of
matters
affecting
or
potentially
affecting
the
fund,
including
performance,
investment
programs,
compliance
matters,
advisory
fees
and
expenses,
service
providers,
and
business
and
regulatory
affairs.
The
Board
elects
the
fund’s
officers,
who
are
listed
in
the
final
table.
The
directors
who
are
also
employees
or
officers
of
T.
Rowe
Price
are
considered
to
be
“interested”
directors
as
defined
in
Section
2(a)(19)
of
the
1940
Act
because
of
their
relationships
with
T.
Rowe
Price
Associates,
Inc. (T.
Rowe
Price),
and
its
affiliates.
The
business
address
of
each
director
and
officer
is
100
East
Pratt
Street,
Baltimore,
Maryland
21202.
The
Statement
of
Additional
Information
includes
additional
information
about
the
fund
directors
and
is
available
without
charge
by
calling
a
T.
Rowe
Price
representative
at
1-800-638-5660.
INDEPENDENT
DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Teresa
Bryce
Bazemore
(1959)
2018
[209]
President
and
Chief
Executive
Officer,
Federal
Home
Loan
Bank
of
San
Francisco
(2021
to
present);
Chief
Executive
Officer,
Bazemore
Consulting
LLC
(2018
to
2021);
Director,
Chimera
Investment
Corporation
(2017
to
2021);
Director,
First
Industrial
Realty
Trust
(2020
to
present);
Director,
Federal
Home
Loan
Bank
of
Pittsburgh
(2017
to
2019)
Melody
Bianchetto
(1966)
2023
[209]
Vice
President
for
Finance,
University
of
Virginia
(2015
to
2023)
Bruce
W.
Duncan
(1951)
2013
[209]
President,
Chief
Executive
Officer,
and
Director,
CyrusOne,
Inc.
(2020
to
2021);
Chair
of
the
Board
(2016
to
2020)
and
President
(2009
to
2016),
First
Industrial
Realty
Trust,
owner
and
operator
of
industrial
properties;
Member,
Investment
Company
Institute
Board
of
Governors
(2017
to
2019);
Member,
Independent
Directors
Council
Governing
Board
(2017
to
2019);
Senior
Advisor,
KKR
(2018
to
2022);
Director,
Boston
Properties
(2016
to
present);
Director,
Marriott
International,
Inc.
(2016
to
2020)
Robert
J.
Gerrard,
Jr.
(1952)
2012
[209]
Chair
of
the
Board,
all
funds
(July
2018
to
present)
Paul
F.
McBride
(1956)
2013
[209]
Advisory
Board
Member,
Vizzia
Technologies
(2015
to
present);
Board
Member,
Dunbar
Armored
(2012
to
2018)
T.
ROWE
PRICE
Small-Cap
Index
Fund
INTERESTED DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Mark
J.
Parrell
(1966)
2023
[209]
Board
of
Trustees
Member
and
Chief
Executive
Officer
(2019
to
present),
President
(2018
to
present),
Executive
Vice
President
and
Chief
Financial
Officer
(2007
to
2018),
and
Senior
Vice
President
and
Treasurer
(2005
to
2007),
EQR;
Member,
Nareit
Dividends
Through
Diversity,
Equity
&
Inclusion
CEO
Council
and
Chair,
Nareit
2021
Audit
and
Investment
Committee
(2021);
Advisory
Board,
Ross
Business
School
at
University
of
Michigan
(2015
to
2016);
Member,
National
Multifamily
Housing
Council
and
served
as
Chair
of
the
Finance
Committee
(2015
to
2016);
Member,
Economic
Club
of
Chicago;
Director,
Brookdale
Senior
Living,
Inc.
(2015
to
2017);
Director,
Aviv
REIT,
Inc.
(2013
to
2015);
Director,
Real
Estate
Roundtable
and
the
2022
Executive
Board
Nareit;
Board
of
Directors
and
Chair
of
the
Finance
Committee,
Greater
Chicago
Food
Depository
Kellye
L.
Walker
(1966)
2021
[209]
Executive
Vice
President
and
Chief
Legal
Officer,
Eastman
Chemical
Company
(April
2020
to
present);
Executive
Vice
President
and
Chief
Legal
Officer,
Huntington
Ingalls
Industries,
Inc.
(January
2015
to
March
2020);
Director,
Lincoln
Electric
Company
(October
2020
to
present)
(a)
All
information
about
the
independent
directors
was
current
as
of
December
31,
2022,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
David
Oestreicher
(1967)
2018
[209]
Director,
Vice
President,
and
Secretary,
T.
Rowe
Price,
T.
Rowe
Price
Investment
Services,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
and
T.
Rowe
Price
Services,
Inc.;
Director
and
Secretary,
T.
Rowe
Price
Investment
Management,
Inc.
(Price
Investment
Management);
Vice
President
and
Secretary,
T.
Rowe
Price
International
(Price
International);
Vice
President,
T.
Rowe
Price
Hong
Kong
(Price
Hong
Kong),
T. Rowe
Price
Japan
(Price
Japan),
and
T.
Rowe
Price
Singapore
(Price
Singapore);
General
Counsel,
Vice
President,
and
Secretary,
T.
Rowe
Price
Group,
Inc.;
Chair
of
the
Board,
Chief
Executive
Officer,
President,
and
Secretary,
T.
Rowe
Price
Trust
Company;
Principal
Executive
Officer
and
Executive
Vice
President,
all
funds
INDEPENDENT
DIRECTORS
(a)
(CONTINUED)
T.
ROWE
PRICE
Small-Cap
Index
Fund
OFFICERS
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Eric
L.
Veiel,
CFA
(1972)
2022
[209]
Director
and
Vice
President,
T.
Rowe
Price;
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company;
Vice
President,
Global
Funds
(a)
All
information
about
the
interested
directors
was
current
as
of
December
31,
2022,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
Name
(Year
of
Birth)
Position
Held
With Index
Trust
Principal
Occupation(s)
Armando
(Dino)
Capasso
(1974)
Chief
Compliance
Officer
and
Vice
President
Chief
Compliance
Officer
and
Vice
President,
T.
Rowe
Price
and
Price
Investment
Management;
Vice
President,
T.
Rowe
Price
Group,
Inc.;
formerly,
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
AST
Investment
Services,
Inc.
(ASTIS)
(to
2022);
Chief
Compliance
Officer,
PGIM
Retail
Funds
complex
and
Prudential
Insurance
Funds
(to
2022);
Vice
President
and
Deputy
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
ASTIS
(to
2019)
Alan
S.
Dupski,
CPA
(1982)
Principal
Financial
Officer,
Vice
President,
and
Treasurer
Vice
President,
Price
Investment
Management,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Cheryl
Emory
(1963)
Assistant
Secretary
Assistant
Vice
President
and
Assistant
Secretary,
T.
Rowe
Price;
Assistant
Secretary,
T.
Rowe
Price
Group,
Inc.,
Price
Investment
Management,
Price
International,
Price
Hong
Kong,
Price
Singapore,
T.
Rowe
Price
Investment
Services,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Cheryl
Hampton,
CPA
(1969)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company;
formerly,
Tax
Director,
Invesco
Ltd.
(to
2021);
Vice
President,
Oppenheimer
Funds,
Inc.
(to
2019)
Benjamin
Kersse,
CPA
(1989)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Trust
Company
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
INTERESTED DIRECTORS
(a)
(CONTINUED)
T.
ROWE
PRICE
Small-Cap
Index
Fund
Name
(Year
of
Birth)
Position
Held
With Index
Trust
Principal
Occupation(s)
Paul
J.
Krug,
CPA
(1964)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Robert
P.
McDavid
(1972)
Vice
President
Vice
President,
T.
Rowe
Price, Price
Investment
Management, T.
Rowe
Price
Investment
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Fran
M.
Pollack-Matz
(1961)
Vice
President
and
Secretary
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
T.
Rowe
Price
Investment
Services,
Inc., T.
Rowe
Price
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Richard
Sennett,
CPA
(1970)
Assistant
Treasurer
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Michael
K.
Sewell
(1982)
Executive
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Neil
Smith
(1972)
President
Vice
President,
Price
Hong
Kong,
Price
Japan,
Price
Singapore,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Ellen
York
(1988)
Vice
President
Vice
President,
Price
Investment
Management
and
T.
Rowe
Price
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
202402-3282480
F33-050
2/24
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:
| | | | | | | | | | |
| | | 2023 | | | 2022 | | | |
Audit Fees | | $ | 24,714 | | | $ | 21,734 | |
Audit-Related Fees | | | - | | | | - | |
Tax Fees | | | - | | | | - | |
All Other Fees | | | - | | | | - | |
Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.
(e)(1) The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.
(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,524,000 and $2,037,000, respectively.
(h) All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | |
| T. Rowe Price Index Trust, Inc. |
| | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | February 21, 2024 | | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | February 21, 2024 | | |
| | | | |
| By | | /s/ Alan S. Dupski | | |
| | Alan S. Dupski | | |
| | Principal Financial Officer | | |
| | |
| Date | | February 21, 2024 | | |
