T. Rowe Price Index Trust Inc.

02/25/2026 | Press release | Distributed by Public on 02/25/2026 08:22

Annual Report by Investment Company (Form N-CSR)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-05986

T. Rowe Price Index Trust, Inc.

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(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, 2025

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Annual Shareholder Report

December 31, 2025

Mid-Cap Index Fund

Investor Class (TRMNX)

This annual shareholder report contains important information about Mid-Cap Index Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.

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

Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Mid-Cap Index Fund - Investor Class
$29
0.27%

What drove fund performance during the past 12 months?

  • Mid-cap U.S. stocks rose in 2025. After a challenging start to the year stemming from new U.S. tariffs, equities advanced as economic growth and corporate earnings remained favorable, investors favored artificial intelligence-related and other high-growth businesses, and Congress passed tax legislation that should help stimulate the economy. In addition, signs of a weakening labor market prompted the Federal Reserve to resume reducing short-term interest rates in the latter part of the year. The central bank lowered rates in September, October, and December.

  • Financials names produced robust results during the period, thanks in part to lower short-term interest rates and strong equity market gains. Capital markets companies performed very well during the year, as Robinhood Markets advanced strongly. The industrials and business services sector also generated strong gains during the period; the aerospace and defense segment performed particularly well, led by Rocket Lab.

  • Consumer staples was the only sector to detract from absolute returns during the reporting period. Personal care products companies were particularly weak, dragged down by BellRing Brands.

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

How has the fund performed?

Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025

Investor Class
Regulatory Benchmark
Strategy Benchmark
2015
10,000
10,000
10,000
2016
10,010
10,097
9,989
2016
10,341
10,362
10,316
2016
10,942
10,818
10,931
2016
11,333
11,274
11,315
2017
11,993
11,921
11,988
2017
12,364
12,280
12,370
2017
12,910
12,842
12,913
2017
13,700
13,656
13,710
2018
13,743
13,568
13,766
2018
14,311
14,095
14,336
2018
14,987
15,099
15,033
2018
12,570
12,940
12,590
2019
14,707
14,757
14,727
2019
15,267
15,361
15,309
2019
15,061
15,540
15,108
2019
16,279
16,954
16,354
2020
12,049
13,410
12,103
2020
16,158
16,364
16,251
2020
18,382
17,871
18,511
2020
23,000
20,495
23,166
2021
23,877
21,796
24,083
2021
25,893
23,592
26,144
2021
25,267
23,568
25,521
2021
25,459
25,754
25,732
2022
22,906
24,395
23,159
2022
17,932
20,321
18,146
2022
17,489
19,413
17,696
2022
18,169
20,808
18,399
2023
19,599
22,302
19,866
2023
21,003
24,172
21,288
2023
20,499
23,386
20,788
2023
23,555
26,209
23,909
2024
25,517
28,835
25,911
2024
24,649
29,762
25,038
2024
26,518
31,616
26,960
2024
28,228
32,448
28,727
2025
26,047
30,916
26,488
2025
29,813
34,314
30,348
2025
31,967
37,120
32,554
2025
31,769
38,012
32,382

202501-4140694, 202601-5113308

F32-052 2/26

Average Annual Total Returns

1 Year
5 Years
10 Years
Mid-Cap Index Fund (Investor Class)
12.54%
6.67%
12.25%
Russell 3000 Index (Regulatory Benchmark)
17.15
13.15
14.29
Russell Select Mid Cap Index (Strategy Benchmark)
12.73
6.93
12.47

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

What are some fund statistics?

Fund Statistics

  • Total Net Assets (000s)$347,465
  • Number of Portfolio Holdings515
  • Investment Advisory Fees Paid (000s)$(191)
  • Portfolio Turnover Rate39.3%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Industrials & Business Services
19.2%
Information Technology
18.9
Financials
16.7
Consumer Discretionary
11.6
Health Care
10.0
Communication Services
6.2
Real Estate
4.8
Materials
4.8
Energy
3.2
Other
4.6

Top Ten Holdings(as a % of Net Assets)

Spotify Technology
1.9%
Marvell Technology
1.5
Snowflake
1.5
Cloudflare
1.3
Vertiv Holdings
1.3
NU Holdings
1.2
Alnylam Pharmaceuticals
1.0
ROBLOX
1.0
Anglogold Ashanti
0.9
Ferguson Enterprises
0.9

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

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

Mid-Cap Index Fund

Investor Class (TRMNX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Annual Shareholder Report

December 31, 2025

Mid-Cap Index Fund

I Class (TRMSX)

This annual shareholder report contains important information about Mid-Cap Index Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.

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

Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Mid-Cap Index Fund - I Class
$15
0.14%

What drove fund performance during the past 12 months?

  • Mid-cap U.S. stocks rose in 2025. After a challenging start to the year stemming from new U.S. tariffs, equities advanced as economic growth and corporate earnings remained favorable, investors favored artificial intelligence-related and other high-growth businesses, and Congress passed tax legislation that should help stimulate the economy. In addition, signs of a weakening labor market prompted the Federal Reserve to resume reducing short-term interest rates in the latter part of the year. The central bank lowered rates in September, October, and December.

  • Financials names produced robust results during the period, thanks in part to lower short-term interest rates and strong equity market gains. Capital markets companies performed very well during the year, as Robinhood Markets advanced strongly. The industrials and business services sector also generated strong gains during the period; the aerospace and defense segment performed particularly well, led by Rocket Lab.

  • Consumer staples was the only sector to detract from absolute returns during the reporting period. Personal care products companies were particularly weak, dragged down by BellRing Brands.

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

How has the fund performed?

Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025

I Class
Regulatory Benchmark
Strategy Benchmark
2015
10,000
10,000
10,000
2016
10,010
10,097
9,989
2016
10,341
10,362
10,316
2016
10,952
10,818
10,931
2016
11,343
11,274
11,315
2017
12,014
11,921
11,988
2017
12,396
12,280
12,370
2017
12,932
12,842
12,913
2017
13,735
13,656
13,710
2018
13,778
13,568
13,766
2018
14,348
14,095
14,336
2018
15,036
15,099
15,033
2018
12,612
12,940
12,590
2019
14,756
14,757
14,727
2019
15,329
15,361
15,309
2019
15,123
15,540
15,108
2019
16,356
16,954
16,354
2020
12,100
13,410
12,103
2020
16,235
16,364
16,251
2020
18,490
17,871
18,511
2020
23,136
20,495
23,166
2021
24,015
21,796
24,083
2021
26,062
23,592
26,144
2021
25,434
23,568
25,521
2021
25,628
25,754
25,732
2022
23,065
24,395
23,159
2022
18,070
20,321
18,146
2022
17,626
19,413
17,696
2022
18,306
20,808
18,399
2023
19,758
22,302
19,866
2023
21,182
24,172
21,288
2023
20,676
23,386
20,788
2023
23,775
26,209
23,909
2024
25,763
28,835
25,911
2024
24,889
29,762
25,038
2024
26,783
31,616
26,960
2024
28,528
32,448
28,727
2025
26,311
30,916
26,488
2025
30,115
34,314
30,348
2025
32,304
37,120
32,554
2025
32,113
38,012
32,382

202501-4140694, 202601-5113308

F534-052 2/26

Average Annual Total Returns

1 Year
5 Years
10 Years
Mid-Cap Index Fund (I Class)
12.57%
6.78%
12.37%
Russell 3000 Index (Regulatory Benchmark)
17.15
13.15
14.29
Russell Select Mid Cap Index (Strategy Benchmark)
12.73
6.93
12.47

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

What are some fund statistics?

Fund Statistics

  • Total Net Assets (000s)$347,465
  • Number of Portfolio Holdings515
  • Investment Advisory Fees Paid (000s)$(191)
  • Portfolio Turnover Rate39.3%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Industrials & Business Services
19.2%
Information Technology
18.9
Financials
16.7
Consumer Discretionary
11.6
Health Care
10.0
Communication Services
6.2
Real Estate
4.8
Materials
4.8
Energy
3.2
Other
4.6

Top Ten Holdings(as a % of Net Assets)

Spotify Technology
1.9%
Marvell Technology
1.5
Snowflake
1.5
Cloudflare
1.3
Vertiv Holdings
1.3
NU Holdings
1.2
Alnylam Pharmaceuticals
1.0
ROBLOX
1.0
Anglogold Ashanti
0.9
Ferguson Enterprises
0.9

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

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

Mid-Cap Index Fund

I Class (TRMSX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Annual Shareholder Report

December 31, 2025

Mid-Cap Index Fund

Z Class (TRSZX)

This annual shareholder report contains important information about Mid-Cap Index Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.

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

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

What drove fund performance during the past 12 months?

  • Mid-cap U.S. stocks rose in 2025. After a challenging start to the year stemming from new U.S. tariffs, equities advanced as economic growth and corporate earnings remained favorable, investors favored artificial intelligence-related and other high-growth businesses, and Congress passed tax legislation that should help stimulate the economy. In addition, signs of a weakening labor market prompted the Federal Reserve to resume reducing short-term interest rates in the latter part of the year. The central bank lowered rates in September, October, and December.

  • Financials names produced robust results during the period, thanks in part to lower short-term interest rates and strong equity market gains. Capital markets companies performed very well during the year, as Robinhood Markets advanced strongly. The industrials and business services sector also generated strong gains during the period; the aerospace and defense segment performed particularly well, led by Rocket Lab.

  • Consumer staples was the only sector to detract from absolute returns during the reporting period. Personal care products companies were particularly weak, dragged down by BellRing Brands.

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

How has the fund performed?

Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025

Z Class
Regulatory Benchmark
Strategy Benchmark
3/16/20
10,000
10,000
10,000
3/31/20
11,017
10,865
11,008
6/30/20
14,785
13,259
14,781
9/30/20
16,840
14,480
16,836
12/31/20
21,074
16,606
21,071
3/31/21
21,898
17,659
21,905
6/30/21
23,764
19,115
23,779
9/30/21
23,203
19,095
23,212
12/31/21
23,391
20,867
23,404
3/31/22
21,064
19,765
21,064
6/30/22
16,505
16,464
16,505
9/30/22
16,099
15,729
16,095
12/31/22
16,731
16,859
16,734
3/31/23
18,069
18,069
18,069
6/30/23
19,371
19,585
19,362
9/30/23
18,921
18,948
18,908
12/31/23
21,765
21,235
21,746
3/31/24
23,584
23,362
23,567
6/30/24
22,798
24,114
22,773
9/30/24
24,543
25,616
24,521
12/31/24
26,144
26,290
26,128
3/31/25
24,114
25,049
24,092
6/30/25
27,623
27,802
27,602
9/30/25
29,641
30,075
29,609
12/31/25
29,477
30,798
29,453

202501-4140694, 202601-5113308

F1261-052 2/26

Average Annual Total Returns

1 Year
5 Years
Since Inception 3/16/20
Mid-Cap Index Fund (Z Class)
12.75%
6.94%
20.51%
Russell 3000 Index (Regulatory Benchmark)
17.15
13.15
21.42
Russell Select Mid Cap Index (Strategy Benchmark)
12.73
6.93
20.49

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

What are some fund statistics?

Fund Statistics

  • Total Net Assets (000s)$347,465
  • Number of Portfolio Holdings515
  • Investment Advisory Fees Paid (000s)$(191)
  • Portfolio Turnover Rate39.3%

What did the fund invest in?

Sector Allocation (as a % of Net Assets)

Industrials & Business Services
19.2%
Information Technology
18.9
Financials
16.7
Consumer Discretionary
11.6
Health Care
10.0
Communication Services
6.2
Real Estate
4.8
Materials
4.8
Energy
3.2
Other
4.6

Top Ten Holdings(as a % of Net Assets)

Spotify Technology
1.9%
Marvell Technology
1.5
Snowflake
1.5
Cloudflare
1.3
Vertiv Holdings
1.3
NU Holdings
1.2
Alnylam Pharmaceuticals
1.0
ROBLOX
1.0
Anglogold Ashanti
0.9
Ferguson Enterprises
0.9

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

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

Mid-Cap Index Fund

Z Class (TRSZX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

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:

    2025 2024

Audit Fees

$ 23,735 $ 23,525

Audit-Related Fees

- -

Tax Fees

125 -

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-ratashare 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-auditservices 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-approvalin advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approvalmay be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approvalfor audit or non-auditservices 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 2-01of 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-auditservices 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 $1,862,000 and $1,262,000, respectively.

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

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

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

Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
December
31,
2025
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
TRMNX
Mid-Cap
Index
Fund
TRMSX
Mid-Cap
Index
Fund-
.
I Class
TRSZX
Mid-Cap
Index
Fund-
.
Z Class
T.
ROWE
PRICE
Mid-Cap
Index
Fund
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
20.84‌
$
17.65‌
$
13.72‌
$
19.55‌
$
18.37‌
Investment
activities
Net
investment
income
(1)(2)
0.16‌
0.15‌
0.15‌
0.16‌
0.13‌
Net
realized
and
unrealized
gain/loss
2.49‌
3.37‌
3.91‌
(5.74‌)
1.82‌
Total
from
investment
activities
2.65‌
3.52‌
4.06‌
(5.58‌)
1.95‌
Distributions
Net
investment
income
(0.17‌)
(0.10‌)
(0.13‌)
(0.14‌)
(0.11‌)
Net
realized
gain
(1.22‌)
(0.23‌)
-‌
(0.11‌)
(0.66‌)
Total
distributions
(1.39‌)
(0.33‌)
(0.13‌)
(0.25‌)
(0.77‌)
NET
ASSET
VALUE
End
of
period
$
22.10‌
$
20.84‌
$
17.65‌
$
13.72‌
$
19.55‌
Ratios/Supplemental
Data
Total
return
(2)(3)
12.54‌%
19.84‌%
29.65‌%
(28.63‌)%
10.69‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.90‌%
0.30‌%
0.35‌%
2.54‌%
1.46‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.27‌%
0.27‌%
0.27‌%
0.27‌%
0.30‌%
Net
investment
income
0.74‌%
0.82‌%
0.99‌%
1.00‌%
0.69‌%
Portfolio
turnover
rate
39.3‌%
31.7‌%
29.5‌%
23.4‌%
34.7‌%
Net
assets,
end
of
period
(in
thousands)
$109
$103
$214
$166
$237
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Mid-Cap
Index
Fund
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
20.85‌
$
17.70‌
$
13.75‌
$
19.60‌
$
18.42‌
Investment
activities
Net
investment
income
(1)(2)
0.22‌
0.19‌
0.17‌
0.18‌
0.18‌
Net
realized
and
unrealized
gain/loss
2.44‌
3.37‌
3.93‌
(5.76‌)
1.79‌
Total
from
investment
activities
2.66‌
3.56‌
4.10‌
(5.58‌)
1.97‌
Distributions
Net
investment
income
(0.21‌)
(0.18‌)
(0.15‌)
(0.16‌)
(0.13‌)
Net
realized
gain
(1.22‌)
(0.23‌)
-‌
(0.11‌)
(0.66‌)
Total
distributions
(1.43‌)
(0.41‌)
(0.15‌)
(0.27‌)
(0.79‌)
NET
ASSET
VALUE
End
of
period
$
22.08‌
$
20.85‌
$
17.70‌
$
13.75‌
$
19.60‌
Ratios/Supplemental
Data
Total
return
(2)(3)
12.57‌%
19.99‌%
29.87‌%
(28.57‌)%
10.77‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.25‌%
0.30‌%
0.40‌%
0.44‌%
0.56‌%
Net
expenses
after
waivers/payments
by
Price
Associates
0.14‌%
0.14‌%
0.14‌%
0.14‌%
0.16‌%
Net
investment
income
1.00‌%
0.98‌%
1.12‌%
1.15‌%
0.86‌%
Portfolio
turnover
rate
39.3‌%
31.7‌%
29.5‌%
23.4‌%
34.7‌%
Net
assets,
end
of
period
(in
thousands)
$157,396
$138,433
$114,837
$80,256
$90,604
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Mid-Cap
Index
Fund
Financial
Highlights
4
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Z
Class
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
20.86‌
$
17.71‌
$
13.75‌
$
19.60‌
$
18.41‌
Investment
activities
Net
investment
income
(1)(2)
0.25‌
0.22‌
0.20‌
0.21‌
0.22‌
Net
realized
and
unrealized
gain/loss
2.45‌
3.37‌
3.93‌
(5.77‌)
1.79‌
Total
from
investment
activities
2.70‌
3.59‌
4.13‌
(5.56‌)
2.01‌
Distributions
Net
investment
income
(0.24‌)
(0.21‌)
(0.17‌)
(0.18‌)
(0.16‌)
Net
realized
gain
(1.22‌)
(0.23‌)
-‌
(0.11‌)
(0.66‌)
Total
distributions
(1.46‌)
(0.44‌)
(0.17‌)
(0.29‌)
(0.82‌)
NET
ASSET
VALUE
End
of
period
$
22.10‌
$
20.86‌
$
17.71‌
$
13.75‌
$
19.60‌
Ratios/Supplemental
Data
Total
return
(2)(3)
12.75‌%
20.12‌%
30.09‌%
(28.47‌)%
11.00‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.21‌%
0.25‌%
0.32‌%
0.40‌%
0.60‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.00‌%
0.00‌%
0.00‌%
0.00‌%
0.01‌%
Net
investment
income
1.16‌%
1.15‌%
1.31‌%
1.37‌%
1.09‌%
Portfolio
turnover
rate
39.3‌%
31.7‌%
29.5‌%
23.4‌%
34.7‌%
Net
assets,
end
of
period
(in
thousands)
$189,960
$96,405
$37,136
$11,404
$1,132
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Mid-Cap
Index
Fund
December
31,
2025
5
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
99.8%
COMMUNICATION
SERVICES
6.2%
Diversified
Telecommunication
Services
0.7%
AST
SpaceMobile (1)(2)
15,744‌
1,144‌
Frontier
Communications
Parent (1)
17,714‌
674‌
GCI
Liberty,
Class
A (1)
203‌
8‌
GCI
Liberty,
Class
A,
EC (1)(3)
203‌
-‌
GCI
Liberty,
Class
C (1)
2,318‌
86‌
Iridium
Communications
6,604‌
115‌
Liberty
Global,
Class
A (1)
12,027‌
134‌
Liberty
Global,
Class
C (1)(2)
9,804‌
108‌
2,269‌
Entertainment
3.7%
Liberty
Media
Corp-Liberty
Formula
One,
Class
A (1)(2)
1,631‌
146‌
Liberty
Media
Corp-Liberty
Formula
One,
Class
C (1)
15,025‌
1,480‌
Madison
Square
Garden
Sports (1)
1,166‌
302‌
ROBLOX,
Class
A (1)
44,565‌
3,611‌
Roku (1)
9,210‌
999‌
Spotify
Technology (1)
11,062‌
6,424‌
12,962‌
Interactive
Media
&
Services
1.1%
IAC (1)
4,828‌
189‌
Pinterest,
Class
A (1)
42,233‌
1,093‌
Reddit,
Class
A (1)
8,909‌
2,048‌
Trump
Media
&
Technology
Group (1)
11,529‌
153‌
ZoomInfo
Technologies (1)
19,264‌
196‌
3,679‌
Media
0.6%
DoubleVerify
Holdings (1)
10,300‌
118‌
Liberty
Broadband,
Class
A (1)
1,229‌
59‌
Liberty
Broadband,
Class
C (1)
8,169‌
397‌
New
York
Times,
Class
A
11,642‌
808‌
Nexstar
Media
Group
1,991‌
404‌
NIQ
Global
Intelligence (1)
3,421‌
57‌
Sirius
XM
Holdings (2)
13,644‌
273‌
2,116‌
Wireless
Telecommunication
Services
0.1%
Millicom
International
Cellular (2)
7,237‌
401‌
401‌
Total
Communication
Services
21,427‌
T.
ROWE
PRICE
Mid-Cap
Index
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
CONSUMER
DISCRETIONARY
11.6%
Automobile
Components
0.5%
BorgWarner
15,110‌
681‌
Gentex
15,867‌
369‌
Lear
3,735‌
428‌
QuantumScape (1)(2)
32,321‌
337‌
1,815‌
Automobiles
0.5%
Harley-Davidson (2)
7,871‌
161‌
Lucid
Group (1)(2)
8,929‌
94‌
Rivian
Automotive,
Class
A (1)
56,224‌
1,108‌
Thor
Industries (2)
3,620‌
372‌
1,735‌
Broadline
Retail
1.1%
Coupang (1)
93,877‌
2,215‌
Dillard's,
Class
A (2)
216‌
131‌
Etsy (1)
6,924‌
384‌
Macy's
19,366‌
427‌
Ollie's
Bargain
Outlet
Holdings (1)
4,438‌
486‌
3,643‌
Distributors
0.2%
LKQ
18,617‌
562‌
562‌
Diversified
Consumer
Services
0.9%
ADT
36,713‌
296‌
Bright
Horizons
Family
Solutions (1)
4,017‌
407‌
Duolingo (1)
2,757‌
484‌
Grand
Canyon
Education (1)
1,976‌
329‌
H&R
Block
9,208‌
401‌
Liberty
Live
Holdings,
Class
A (1)
1,415‌
115‌
Liberty
Live
Holdings,
Class
C (1)
3,291‌
274‌
Service
Corp.
International
9,881‌
771‌
3,077‌
Hotels,
Restaurants
&
Leisure
3.7%
Aramark
18,939‌
698‌
Boyd
Gaming
3,953‌
337‌
Caesars
Entertainment (1)(2)
14,560‌
341‌
Cava
Group (1)(2)
7,236‌
425‌
Choice
Hotels
International (2)
1,943‌
185‌
Churchill
Downs
4,792‌
545‌
DraftKings,
Class
A (1)
34,382‌
1,185‌
T.
ROWE
PRICE
Mid-Cap
Index
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Dutch
Bros,
Class
A (1)
8,501‌
520‌
Flutter
Entertainment (1)
11,335‌
2,438‌
Hyatt
Hotels,
Class
A
2,946‌
472‌
Penn
Entertainment (1)
10,513‌
155‌
Planet
Fitness,
Class
A (1)
6,092‌
661‌
Restaurant
Brands
International (2)
23,184‌
1,582‌
Texas
Roadhouse
4,796‌
796‌
Travel
+
Leisure
4,415‌
311‌
Vail
Resorts (2)
2,526‌
335‌
Viking
Holdings (1)
12,628‌
902‌
Wendy's (2)
11,505‌
96‌
Wingstop
2,013‌
480‌
Wyndham
Hotels
&
Resorts
5,227‌
395‌
12,859‌
Household
Durables
1.3%
Mohawk
Industries (1)
3,647‌
399‌
Newell
Brands
29,965‌
111‌
SharkNinja (1)
6,046‌
677‌
Somnigroup
International
14,470‌
1,292‌
Toll
Brothers
6,946‌
939‌
TopBuild (1)
2,032‌
848‌
Whirlpool
3,857‌
278‌
4,544‌
Leisure
Products
0.3%
Brunswick
4,710‌
349‌
Mattel (1)
22,519‌
447‌
YETI
Holdings (1)
5,818‌
257‌
1,053‌
Specialty
Retail
2.4%
AutoNation (1)
1,918‌
396‌
Bath
&
Body
Works
14,922‌
300‌
Burlington
Stores (1)
4,499‌
1,299‌
CarMax (1)
10,360‌
400‌
Chewy,
Class
A (1)
15,835‌
523‌
Dick's
Sporting
Goods
4,585‌
908‌
Five
Below (1)
3,908‌
736‌
Floor
&
Decor
Holdings,
Class
A (1)(2)
7,717‌
470‌
GameStop,
Class
A (1)
29,759‌
598‌
Gap
16,436‌
421‌
Lithia
Motors
1,721‌
572‌
Murphy
USA
1,229‌
496‌
Penske
Automotive
Group (2)
1,315‌
208‌
T.
ROWE
PRICE
Mid-Cap
Index
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
‡
RH (1)
1,097‌
196‌
Valvoline (1)
9,137‌
265‌
Wayfair,
Class
A (1)
7,107‌
714‌
8,502‌
Textiles,
Apparel
&
Luxury
Goods
0.7%
Amer
Sports (1)
10,536‌
394‌
Birkenstock
Holding (1)(2)
3,938‌
161‌
Columbia
Sportswear
1,869‌
103‌
Crocs (1)
3,644‌
312‌
On
Holding,
Class
A (1)
16,192‌
753‌
PVH
3,428‌
230‌
Under
Armour,
Class
A (1)(2)
13,574‌
67‌
Under
Armour,
Class
C (1)(2)
13,425‌
64‌
VF
25,459‌
460‌
2,544‌
Total
Consumer
Discretionary
40,334‌
CONSUMER
STAPLES
3.0%
Beverages
0.5%
Boston
Beer,
Class
A (1)
565‌
110‌
Celsius
Holdings (1)
11,918‌
545‌
Coca-Cola
Consolidated
4,114‌
631‌
Primo
Brands (2)
18,455‌
302‌
1,588‌
Consumer
Staples
Distribution
&
Retail
1.8%
Albertsons,
Class
A
28,539‌
490‌
BJ's
Wholesale
Club
Holdings (1)
9,470‌
853‌
Casey's
General
Stores
2,651‌
1,465‌
Maplebear (1)
12,519‌
563‌
Performance
Food
Group (1)
10,901‌
980‌
Sprouts
Farmers
Market (1)
7,095‌
565‌
U.S.
Foods
Holding (1)
16,047‌
1,209‌
6,125‌
Food
Products
0.5%
Darling
Ingredients (1)
11,048‌
398‌
Flowers
Foods
13,420‌
146‌
Freshpet (1)
3,420‌
208‌
Ingredion
4,630‌
510‌
Pilgrim's
Pride
2,973‌
116‌
Post
Holdings (1)
3,486‌
345‌
Seaboard
18‌
80‌
T.
ROWE
PRICE
Mid-Cap
Index
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Smithfield
Foods
3,247‌
73‌
1,876‌
Household
Products
0.0%
Reynolds
Consumer
Products
3,918‌
90‌
90‌
Personal
Care
Products
0.2%
BellRing
Brands (1)
9,031‌
241‌
Coty,
Class
A (1)
25,401‌
78‌
elf
Beauty (1)
3,938‌
300‌
619‌
Total
Consumer
Staples
10,298‌
ENERGY
3.2%
Energy
Equipment
&
Services
0.6%
NOV
26,215‌
410‌
TechnipFMC
28,685‌
1,278‌
Weatherford
International
4,967‌
389‌
2,077‌
Oil,
Gas
&
Consumable
Fuels
2.6%
Antero
Midstream
24,252‌
431‌
Antero
Resources (1)
21,029‌
725‌
Cheniere
Energy
15,303‌
2,975‌
Chord
Energy
4,122‌
382‌
Civitas
Resources
6,632‌
180‌
DT
Midstream
7,352‌
880‌
HF
Sinclair
11,261‌
519‌
Matador
Resources
8,394‌
356‌
Ovintiv
18,607‌
729‌
Permian
Resources
51,620‌
724‌
Range
Resources
17,147‌
604‌
Viper
Energy,
Class
A
12,235‌
473‌
8,978‌
Total
Energy
11,055‌
FINANCIALS
16.7%
Banks
4.8%
Bank
OZK
7,674‌
353‌
BOK
Financial
1,589‌
188‌
Columbia
Banking
System
21,495‌
601‌
Comerica
9,262‌
805‌
Commerce
Bancshares
9,383‌
491‌
Cullen/Frost
Bankers
4,310‌
546‌
T.
ROWE
PRICE
Mid-Cap
Index
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
‡
East
West
Bancorp
9,773‌
1,098‌
First
Citizens
BancShares,
Class
A
647‌
1,389‌
First
Hawaiian
8,859‌
224‌
First
Horizon
36,426‌
871‌
FNB
25,739‌
440‌
NU
Holdings,
Class
A (1)
240,402‌
4,024‌
Pinnacle
Financial
Partners
5,547‌
529‌
Popular
4,768‌
594‌
Prosperity
Bancshares
6,630‌
458‌
SOUTHSTATE
BANK
7,280‌
685‌
Synovus
Financial
10,052‌
503‌
TFS
Financial
3,766‌
50‌
Webster
Financial
11,873‌
747‌
Western
Alliance
Bancorp
7,832‌
659‌
Wintrust
Financial
4,791‌
670‌
Zions
Bancorp
10,532‌
617‌
16,542‌
Capital
Markets
4.0%
Affiliated
Managers
Group
2,001‌
577‌
Blue
Owl
Capital (2)
46,081‌
688‌
Brookfield
Asset
Management,
Class
A
27,386‌
1,435‌
Bullish (1)
2,380‌
90‌
Carlyle
Group
18,702‌
1,105‌
Evercore,
Class
A
2,671‌
909‌
Freedom
Holding (1)
1,268‌
154‌
Hamilton
Lane,
Class
A
2,909‌
391‌
Houlihan
Lokey
3,927‌
684‌
Janus
Henderson
Group
9,011‌
429‌
Jefferies
Financial
Group
11,115‌
689‌
Lazard
6,615‌
321‌
LPL
Financial
Holdings
5,717‌
2,042‌
MarketAxess
Holdings
2,642‌
479‌
Morningstar
1,624‌
353‌
SEI
Investments
7,429‌
609‌
Stifel
Financial
7,161‌
897‌
TPG
9,605‌
613‌
Tradeweb
Markets,
Class
A
8,447‌
908‌
Virtu
Financial,
Class
A
5,708‌
190‌
XP,
Class
A
28,577‌
468‌
14,031‌
Consumer
Finance
1.3%
Ally
Financial
19,993‌
906‌
Credit
Acceptance (1)(2)
315‌
140‌
T.
ROWE
PRICE
Mid-Cap
Index
Fund
11
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Figure
Technology
Solutions,
Class
A (1)
2,499‌
102‌
OneMain
Holdings
8,651‌
584‌
SLM
14,714‌
398‌
SoFi
Technologies (1)(2)
87,018‌
2,278‌
4,408‌
Financial
Services
2.2%
Affirm
Holdings (1)
19,690‌
1,465‌
Corebridge
Financial
19,014‌
574‌
Equitable
Holdings
21,489‌
1,024‌
Euronet
Worldwide (1)
2,707‌
206‌
MGIC
Investment
15,880‌
464‌
Rocket,
Class
A
67,391‌
1,305‌
Shift4
Payments,
Class
A (1)(2)
4,758‌
300‌
Toast,
Class
A (1)
33,137‌
1,177‌
UWM
Holdings
12,281‌
54‌
Voya
Financial
6,970‌
519‌
Western
Union (2)
23,034‌
214‌
WEX (1)(2)
2,440‌
363‌
7,665‌
Insurance
3.6%
American
Financial
Group
4,801‌
656‌
Assured
Guaranty
3,204‌
288‌
Axis
Capital
Holdings
5,398‌
578‌
Brighthouse
Financial (1)
4,107‌
266‌
CNA
Financial (2)
1,521‌
73‌
F&G
Annuities
&
Life
1,082‌
33‌
Fidelity
National
Financial
18,379‌
1,003‌
First
American
Financial
7,055‌
433‌
Hanover
Insurance
Group
2,564‌
469‌
Kemper
4,481‌
182‌
Kinsale
Capital
Group
1,606‌
628‌
Lincoln
National
12,373‌
551‌
Markel
Group (1)
893‌
1,920‌
Old
Republic
International
16,583‌
757‌
Primerica
2,344‌
606‌
Reinsurance
Group
of
America
4,778‌
972‌
RenaissanceRe
Holdings
3,280‌
922‌
RLI
5,770‌
369‌
Ryan
Specialty
Holdings
7,506‌
387‌
Unum
Group
12,246‌
949‌
White
Mountains
Insurance
Group
178‌
370‌
12,412‌
T.
ROWE
PRICE
Mid-Cap
Index
Fund
12
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Mortgage
Real
Estate
Investment
Trusts
0.8%
AGNC
Investment,
REIT (2)
77,606‌
832‌
Annaly
Capital
Management,
REIT
48,867‌
1,093‌
Rithm
Capital,
REIT
39,108‌
426‌
Starwood
Property
Trust,
REIT (2)
25,067‌
451‌
2,802‌
Total
Financials
57,860‌
HEALTH
CARE
10.0%
Biotechnology
5.1%
Alnylam
Pharmaceuticals (1)
9,109‌
3,622‌
Apellis
Pharmaceuticals (1)
7,749‌
195‌
BioMarin
Pharmaceutical (1)
13,792‌
820‌
Caris
Life
Sciences (1)
1,629‌
44‌
Exact
Sciences (1)
13,337‌
1,354‌
Exelixis (1)
19,093‌
837‌
Halozyme
Therapeutics (1)
8,376‌
564‌
Insmed (1)
15,034‌
2,617‌
Ionis
Pharmaceuticals (1)
11,458‌
906‌
Natera (1)
9,315‌
2,134‌
Neurocrine
Biosciences (1)
6,917‌
981‌
Revolution
Medicines (1)
12,381‌
986‌
Roivant
Sciences (1)
28,313‌
614‌
Sarepta
Therapeutics (1)
6,666‌
143‌
Summit
Therapeutics (1)(2)
8,396‌
147‌
Ultragenyx
Pharmaceutical (1)
6,629‌
152‌
United
Therapeutics (1)
3,037‌
1,480‌
Viking
Therapeutics (1)(2)
7,832‌
276‌
17,872‌
Health
Care
Equipment
&
Supplies
0.9%
DENTSPLY
SIRONA (2)
14,313‌
164‌
Envista
Holdings (1)
11,804‌
256‌
Globus
Medical,
Class
A (1)
8,140‌
711‌
Inspire
Medical
Systems (1)
1,976‌
182‌
Masimo (1)
3,186‌
415‌
Penumbra (1)
2,709‌
842‌
Teleflex
3,115‌
380‌
2,950‌
Health
Care
Providers
&
Services
0.7%
Acadia
Healthcare (1)(2)
6,540‌
93‌
Chemed
1,009‌
432‌
Encompass
Health
7,229‌
767‌
T.
ROWE
PRICE
Mid-Cap
Index
Fund
13
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Tenet
Healthcare (1)
6,233‌
1,238‌
2,530‌
Health
Care
Technology
0.8%
Certara (1)
8,820‌
78‌
Doximity,
Class
A (1)
9,439‌
418‌
Veeva
Systems,
Class
A (1)
10,594‌
2,365‌
2,861‌
Life
Sciences
Tools
&
Services
1.6%
Avantor (1)
47,891‌
549‌
Bio-Rad
Laboratories,
Class
A (1)
1,343‌
407‌
Bruker (2)
7,428‌
350‌
Illumina (1)
11,004‌
1,443‌
Medpace
Holdings (1)
1,617‌
908‌
QIAGEN (2)
15,471‌
696‌
Repligen (1)
3,825‌
627‌
Sotera
Health (1)
14,689‌
259‌
Tempus
AI (1)(2)
6,965‌
411‌
5,650‌
Pharmaceuticals
0.9%
Corcept
Therapeutics (1)
6,829‌
238‌
Elanco
Animal
Health (1)
35,707‌
808‌
Jazz
Pharmaceuticals (1)
4,228‌
719‌
Organon
18,667‌
134‌
Perrigo
9,791‌
136‌
Royalty
Pharma,
Class
A
27,809‌
1,074‌
3,109‌
Total
Health
Care
34,972‌
INDUSTRIALS
&
BUSINESS
SERVICES
19.2%
Aerospace
&
Defense
3.4%
ATI (1)
9,633‌
1,106‌
BWX
Technologies
6,525‌
1,128‌
Carpenter
Technology
3,441‌
1,083‌
Curtiss-Wright
2,693‌
1,485‌
HEICO
3,033‌
981‌
HEICO,
Class
A
5,370‌
1,356‌
Hexcel
5,739‌
424‌
Karman
Holdings (1)(2)
3,656‌
268‌
Leonardo
DRS
5,435‌
185‌
Loar
Holdings (1)
3,065‌
208‌
Rocket
Lab (1)
29,680‌
2,070‌
StandardAero (1)
10,183‌
292‌
T.
ROWE
PRICE
Mid-Cap
Index
Fund
14
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Woodward
4,286‌
1,296‌
11,882‌
Air
Freight
&
Logistics
0.1%
GXO
Logistics (1)
7,934‌
418‌
418‌
Building
Products
1.4%
AAON (2)
4,833‌
369‌
Advanced
Drainage
Systems
5,128‌
743‌
Armstrong
World
Industries
3,124‌
597‌
Carlisle
2,959‌
946‌
Fortune
Brands
Innovations
8,771‌
439‌
Hayward
Holdings (1)
14,264‌
220‌
Owens
Corning
6,024‌
674‌
Simpson
Manufacturing
3,036‌
490‌
Trex (1)
7,670‌
269‌
4,747‌
Commercial
Services
&
Supplies
1.0%
Clean
Harbors (1)
3,671‌
861‌
MSA
Safety
2,681‌
429‌
RB
Global
13,273‌
1,365‌
Tetra
Tech
19,064‌
640‌
3,295‌
Construction
&
Engineering
1.2%
AECOM
9,588‌
914‌
API
Group (1)
26,327‌
1,007‌
Everus
Construction
Group (1)
3,656‌
313‌
MasTec (1)
4,443‌
965‌
Valmont
Industries
1,414‌
569‌
WillScot
Holdings (2)
12,788‌
241‌
4,009‌
Electrical
Equipment
2.1%
Acuity
2,202‌
793‌
nVent
Electric
11,390‌
1,161‌
Regal
Rexnord
4,794‌
673‌
Sensata
Technologies
Holding
10,429‌
347‌
Vertiv
Holdings,
Class
A
27,346‌
4,430‌
7,404‌
Ground
Transportation
1.3%
Avis
Budget
Group (1)(2)
1,213‌
156‌
Knight-Swift
Transportation
Holdings
11,434‌
598‌
Landstar
System
2,472‌
355‌
T.
ROWE
PRICE
Mid-Cap
Index
Fund
15
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Lyft,
Class
A (1)
27,784‌
538‌
Ryder
System
2,854‌
546‌
Saia (1)
1,935‌
632‌
Schneider
National,
Class
B
3,477‌
92‌
U-Haul
Holding (1)(2)
587‌
30‌
U-Haul
Holding,
Non-Voting
7,272‌
340‌
XPO (1)
8,197‌
1,114‌
4,401‌
Machinery
3.3%
AGCO
4,498‌
469‌
Allison
Transmission
Holdings
6,026‌
590‌
CNH
Industrial
63,764‌
588‌
Crane
3,572‌
659‌
Donaldson
8,426‌
747‌
Esab
4,127‌
461‌
Flowserve
9,142‌
634‌
Gates
Industrial (1)
17,902‌
384‌
Graco
11,861‌
972‌
ITT
6,049‌
1,050‌
Lincoln
Electric
Holdings
3,884‌
931‌
Middleby (1)
3,439‌
511‌
Mueller
Industries
7,856‌
902‌
Oshkosh
4,564‌
574‌
RBC
Bearings (1)
2,214‌
993‌
Timken
4,497‌
378‌
Toro
7,162‌
564‌
11,407‌
Marine
Transportation
0.1%
Kirby (1)
3,950‌
435‌
435‌
Passenger
Airlines
0.3%
Alaska
Air
Group (1)(2)
8,117‌
408‌
American
Airlines
Group (1)
47,333‌
726‌
1,134‌
Professional
Services
2.2%
Amentum
Holdings (1)
11,449‌
332‌
Booz
Allen
Hamilton
Holding
8,683‌
733‌
CACI
International,
Class
A (1)
1,574‌
839‌
Clarivate (1)(2)
26,390‌
88‌
Concentrix
3,175‌
132‌
ExlService
Holdings (1)
11,191‌
475‌
FTI
Consulting (1)
2,191‌
374‌
T.
ROWE
PRICE
Mid-Cap
Index
Fund
16
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Genpact
11,667‌
546‌
KBR
9,037‌
363‌
ManpowerGroup
3,310‌
98‌
Parsons (1)
3,825‌
236‌
Paylocity
Holding (1)
3,179‌
485‌
Robert
Half
7,107‌
193‌
Science
Applications
International
3,296‌
332‌
SS&C
Technologies
Holdings
14,977‌
1,309‌
TransUnion
13,945‌
1,196‌
7,731‌
Trading
Companies
&
Distributors
2.8%
Air
Lease
7,553‌
485‌
Applied
Industrial
Technologies
2,667‌
685‌
Core
&
Main,
Class
A (1)
13,778‌
716‌
Ferguson
Enterprises
13,721‌
3,055‌
FTAI
Aviation
7,296‌
1,436‌
MSC
Industrial
Direct,
Class
A
3,183‌
268‌
QXO (1)(2)
44,259‌
854‌
SiteOne
Landscape
Supply (1)
3,120‌
389‌
Watsco (2)
2,521‌
849‌
WESCO
International
3,471‌
849‌
9,586‌
Total
Industrials
&
Business
Services
66,449‌
INFORMATION
TECHNOLOGY
18.9%
Communications
Equipment
1.3%
Ciena (1)
10,124‌
2,368‌
Lumentum
Holdings (1)(2)
5,050‌
1,861‌
Ubiquiti (2)
304‌
168‌
4,397‌
Electronic
Equipment,
Instruments
&
Components
2.1%
Arrow
Electronics (1)
3,648‌
402‌
Avnet
5,850‌
281‌
Cognex
12,167‌
438‌
Coherent (1)
11,145‌
2,057‌
Crane
NXT (2)
3,519‌
166‌
Flex (1)
26,367‌
1,593‌
Ingram
Micro
Holding (2)
1,557‌
33‌
IPG
Photonics (1)
1,801‌
129‌
Littelfuse
1,781‌
450‌
Ralliant
7,995‌
407‌
TD
SYNNEX
5,538‌
832‌
T.
ROWE
PRICE
Mid-Cap
Index
Fund
17
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Vontier
10,209‌
380‌
7,168‌
IT
Services
4.6%
Amdocs
7,863‌
633‌
Cloudflare,
Class
A (1)
22,535‌
4,443‌
DXC
Technology (1)
12,577‌
184‌
Globant (1)
3,103‌
203‌
Kyndryl
Holdings (1)
16,771‌
445‌
MongoDB (1)
5,660‌
2,376‌
Okta (1)
11,961‌
1,034‌
Snowflake (1)
23,607‌
5,178‌
Twilio,
Class
A (1)
10,127‌
1,441‌
15,937‌
Semiconductors
&
Semiconductor
Equipment
3.7%
Allegro
MicroSystems (1)(2)
8,925‌
235‌
Amkor
Technology
8,213‌
324‌
Astera
Labs (1)
9,026‌
1,502‌
Cirrus
Logic (1)
3,616‌
428‌
Enphase
Energy (1)
9,153‌
293‌
Entegris
10,860‌
915‌
GLOBALFOUNDRIES (1)
7,384‌
258‌
Lattice
Semiconductor (1)
9,867‌
726‌
MACOM
Technology
Solutions
Holdings (1)
4,584‌
785‌
Marvell
Technology
62,157‌
5,282‌
MKS
4,873‌
779‌
Onto
Innovation (1)
3,533‌
558‌
Qorvo (1)
6,083‌
514‌
Universal
Display
3,158‌
369‌
12,968‌
Software
6.8%
Appfolio,
Class
A (1)
1,581‌
368‌
Atlassian,
Class
A (1)
11,895‌
1,929‌
Aurora
Innovation (1)
83,846‌
322‌
Bentley
Systems,
Class
B (2)
11,134‌
425‌
BILL
Holdings (1)
5,825‌
318‌
CCC
Intelligent
Solutions
Holdings (1)
41,057‌
326‌
Circle
Internet
Group (1)
3,392‌
269‌
Confluent,
Class
A (1)
20,976‌
634‌
Docusign (1)
14,350‌
981‌
Dolby
Laboratories,
Class
A (2)
4,348‌
279‌
Dropbox,
Class
A (1)
13,221‌
368‌
Dynatrace (1)
21,275‌
922‌
T.
ROWE
PRICE
Mid-Cap
Index
Fund
18
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Elastic (1)
6,690‌
505‌
Gitlab,
Class
A (1)
10,041‌
377‌
Guidewire
Software (1)
6,073‌
1,221‌
HubSpot (1)
3,643‌
1,462‌
Manhattan
Associates (1)
4,350‌
754‌
nCino (1)
7,663‌
196‌
Nutanix,
Class
A (1)
18,767‌
970‌
Pegasystems
6,251‌
373‌
Procore
Technologies (1)
8,322‌
605‌
RingCentral,
Class
A (1)(2)
5,755‌
166‌
Rubrik,
Class
A (1)
9,702‌
742‌
SailPoint (1)(2)
4,412‌
89‌
Samsara,
Class
A (1)
22,617‌
802‌
SentinelOne,
Class
A (1)
21,221‌
318‌
Strategy (1)
19,234‌
2,923‌
Teradata (1)
6,799‌
207‌
UiPath,
Class
A (1)
29,163‌
478‌
Unity
Software (1)
23,016‌
1,017‌
Zoom
Communications (1)
19,095‌
1,648‌
Zscaler (1)
7,158‌
1,610‌
23,604‌
Technology
Hardware,
Storage
&
Peripherals
0.4%
Pure
Storage,
Class
A (1)
22,248‌
1,491‌
1,491‌
Total
Information
Technology
65,565‌
MATERIALS
4.8%
Chemicals
1.3%
Ashland
3,257‌
191‌
Axalta
Coating
Systems (1)
15,442‌
499‌
Celanese
7,859‌
332‌
Eastman
Chemical
8,320‌
531‌
Element
Solutions
15,904‌
397‌
FMC
9,065‌
126‌
Huntsman
11,813‌
118‌
NewMarket
410‌
282‌
Olin
8,253‌
172‌
RPM
International
9,209‌
958‌
Scotts
Miracle-Gro
3,138‌
183‌
Solstice
Advanced
Materials (1)
11,524‌
560‌
Westlake (2)
2,401‌
177‌
4,526‌
T.
ROWE
PRICE
Mid-Cap
Index
Fund
19
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Construction
Materials
0.2%
Eagle
Materials
2,303‌
476‌
James
Hardie
Industries (1)
10,732‌
223‌
699‌
Containers
&
Packaging
0.8%
AptarGroup
4,753‌
580‌
Crown
Holdings
8,386‌
864‌
Graphic
Packaging
Holding
21,015‌
316‌
Sealed
Air
10,312‌
427‌
Silgan
Holdings (2)
6,350‌
256‌
Sonoco
Products
7,079‌
309‌
2,752‌
Metals
&
Mining
2.4%
Alcoa
18,464‌
981‌
Anglogold
Ashanti
36,180‌
3,085‌
Cleveland-Cliffs (1)
40,621‌
540‌
MP
Materials (1)(2)
9,469‌
478‌
Reliance
3,730‌
1,078‌
Royal
Gold
5,866‌
1,304‌
Southern
Copper
6,031‌
865‌
8,331‌
Paper
&
Forest
Products
0.1%
Louisiana-Pacific
4,528‌
366‌
366‌
Total
Materials
16,674‌
REAL
ESTATE
4.8%
Diversified
Real
Estate
Investment
Trusts
0.3%
WP
Carey,
REIT
15,487‌
997‌
997‌
Health
Care
Real
Estate
Investment
Trusts
0.4%
Healthcare
Realty
Trust,
REIT (2)
23,173‌
393‌
Medical
Properties
Trust,
REIT (2)
35,859‌
179‌
Omega
Healthcare
Investors,
REIT
21,374‌
948‌
1,520‌
Hotel
&
Resort
Real
Estate
Investment
Trusts
0.0%
Park
Hotels
&
Resorts,
REIT (2)
14,115‌
148‌
148‌
Industrial
Real
Estate
Investment
Trusts
0.8%
Americold
Realty
Trust,
REIT (2)
20,493‌
264‌
EastGroup
Properties,
REIT
3,844‌
685‌
T.
ROWE
PRICE
Mid-Cap
Index
Fund
20
Shares
$
Value
(Cost
and
value
in
$000s)
‡
First
Industrial
Realty
Trust,
REIT
9,278‌
531‌
Lineage,
REIT (2)
5,076‌
178‌
Rexford
Industrial
Realty,
REIT
16,924‌
655‌
STAG
Industrial,
REIT
13,532‌
497‌
2,810‌
Office
Real
Estate
Investment
Trusts
0.4%
Cousins
Properties,
REIT
11,999‌
309‌
Highwoods
Properties,
REIT
7,767‌
201‌
Kilroy
Realty,
REIT
8,434‌
315‌
Vornado
Realty
Trust,
REIT
12,467‌
415‌
1,240‌
Real
Estate
Management
&
Development
0.7%
Howard
Hughes
Holdings (1)
2,231‌
178‌
Jones
Lang
LaSalle (1)
3,374‌
1,135‌
Zillow
Group,
Class
A (1)
3,480‌
237‌
Zillow
Group,
Class
C (1)
11,973‌
817‌
2,367‌
Residential
Real
Estate
Investment
Trusts
0.8%
American
Homes
4
Rent,
Class
A,
REIT
24,791‌
795‌
Equity
LifeStyle
Properties,
REIT
13,922‌
844‌
Sun
Communities,
REIT
8,755‌
1,085‌
2,724‌
Retail
Real
Estate
Investment
Trusts
0.5%
Agree
Realty,
REIT
8,216‌
592‌
Brixmor
Property
Group,
REIT
22,119‌
580‌
NNN
REIT,
REIT
13,554‌
537‌
1,709‌
Specialized
Real
Estate
Investment
Trusts
0.9%
CubeSmart,
REIT
16,446‌
593‌
EPR
Properties,
REIT
5,362‌
267‌
Fermi (1)(2)
2,587‌
21‌
Gaming
&
Leisure
Properties,
REIT
19,673‌
879‌
Lamar
Advertising,
Class
A,
REIT
6,262‌
793‌
Millrose
Properties,
REIT
11,006‌
329‌
National
Storage
Affiliates
Trust,
REIT (2)
5,060‌
143‌
Rayonier,
REIT
11,654‌
252‌
3,277‌
Total
Real
Estate
16,792‌
T.
ROWE
PRICE
Mid-Cap
Index
Fund
21
Shares
$
Value
(Cost
and
value
in
$000s)
‡
UTILITIES
1.4%
Electric
Utilities
0.3%
IDACORP (2)
3,909‌
495‌
OGE
Energy
14,589‌
623‌
1,118‌
Gas
Utilities
0.4%
MDU
Resources
Group
14,581‌
285‌
National
Fuel
Gas
6,501‌
520‌
UGI
15,620‌
585‌
1,390‌
Independent
Power
&
Renewable
Electricity
Producers
0.5%
Brookfield
Renewable (2)
9,521‌
365‌
Clearway
Energy,
Class
A
2,489‌
78‌
Clearway
Energy,
Class
C
5,847‌
195‌
Talen
Energy (1)
3,245‌
1,216‌
1,854‌
Water
Utilities
0.2%
Essential
Utilities
20,350‌
781‌
781‌
Total
Utilities
5,143‌
Total
Common
Stocks
(Cost
$297,848)
346,569‌
EQUITY
FUNDS
0.1%
SPDR
S&P
MidCap
400
ETF
Trust
694‌
419‌
Total
Equity
Funds
(Cost
$421)
419‌
SHORT-TERM
INVESTMENTS
0.1%
Money
Market
Funds
0.1%
T.
Rowe
Price
Government
Reserve
Fund,
3.77% (4)(5)
472,346‌
472‌
Total
Short-Term
Investments
(Cost
$472)
472‌
T.
ROWE
PRICE
Mid-Cap
Index
Fund
22
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SECURITIES
LENDING
COLLATERAL
3.0%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY 3.0%
Money
Market
Funds 3.0%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.75% (4)(5)
10,279,144‌
10,279‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
10,279‌
Total
Securities
Lending
Collateral
(Cost
$10,279)
10,279‌
Total
Investments
in
Securities
103.0%
of
Net
Assets
(Cost
$309,020)
$
357,739‌
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
See
Note
3.
All
or
a
portion
of
this
security
is
on
loan
at
December
31,
2025.
(3)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(4)
Seven-day
yield
(5)
Affiliated
Companies
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
ETF
Exchange-Traded
Fund
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
Mid-Cap
Index
Fund
23
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
year
ended
December
31,
2025.
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,
3.77%
$
-‌
$
-‌
$
12‌++
T.
Rowe
Price
Treasury
Reserve
Fund,
3.75%
-‌
-‌
-‌++
Totals
$
-‌#
$
-‌
$
12‌+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/24
Purchase
Cost
Sales
Cost
Value
12/31/25
T.
Rowe
Price
Government
Reserve
Fund,
3.77%
$
4,514‌
¤
¤
$
472‌
T.
Rowe
Price
Treasury
Reserve
Fund,
3.75%
-‌
¤
¤
10,279‌
Total
$
10,751‌^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees
as
described
in
Note
3.
+
Investment
income
comprised
$12
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
$10,751.
T.
ROWE
PRICE
Mid-Cap
Index
Fund
December
31,
2025
Statement
of
Assets
and
Liabilities
24
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$309,020)
$
357,739‌
Receivable
for
investment
securities
sold
2,340‌
Dividends
receivable
250‌
Receivable
for
shares
sold
151‌
Due
from
affiliates
30‌
Other
assets
13‌
Total
assets
360,523‌
Liabilities
Obligation
to
return
securities
lending
collateral
10,279‌
Payable
for
shares
redeemed
2,263‌
Payable
for
investment
securities
purchased
420‌
Investment
management
fees
payable
27‌
Other
liabilities
69‌
Total
liabilities
13,058‌
Commitments
and
Contingent
Liabilities
(note
6
)
NET
ASSETS
$
347,465‌
T.
ROWE
PRICE
Mid-Cap
Index
Fund
December
31,
2025
Statement
of
Assets
and
Liabilities
25
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
48,326‌
Paid-in
capital
applicable
to
15,727,536
shares
of
$0.0001
par
value
capital
stock
outstanding;
2,000,000,000
shares
of
the
Corporation
authorized
299,139‌
NET
ASSETS
$
34
7,465‌
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$109;
Shares
outstanding:
4,922)
$
22.10‌
I
Class
(Net
assets:
$157,396;
Shares
outstanding:
7,127,466)
$
22.08‌
Z
Class
(Net
assets:
$189,960;
Shares
outstanding:
8,595,148)
$
22.10‌
T.
ROWE
PRICE
Mid-Cap
Index
Fund
Statement
of
Operations
26
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
12/31/25
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$15)
$
3,335‌
Securities
lending
32‌
Other
4‌
Total
income
3,371‌
Expenses
Investment
management
263‌
Shareholder
servicing
I
Class
56‌
Prospectus
and
shareholder
reports
Investor
Class
$
1‌
I
Class
4‌
Z
Class
3‌
8‌
Custody
and
accounting
282‌
Legal
and
audit
36‌
Directors
1‌
Miscellaneous
19‌
Waived
/
paid
by
Price
Associates
(454‌)
Total
expenses
211‌
Net
investment
income
3,160‌
Realized
and
Unrealized
Gain
/
Loss
-
Net
realized
gain
on
securities
19,878‌
Change
in
net
unrealized
gain
/
loss
on
securities
13,207‌
Net
realized
and
unrealized
gain
/
loss
33,085‌
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
36,245‌
T.
ROWE
PRICE
Mid-Cap
Index
Fund
Statement
of
Changes
in
Net
Assets
27
($000s)
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/25
12/31/24
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
3,160‌
$
1,978‌
Net
realized
gain
19,878‌
5,868‌
Change
in
net
unrealized
gain
/
loss
13,207‌
27,587‌
Increase
in
net
assets
from
operations
36,245‌
35,433‌
Distributions
to
shareholders
Net
earnings
Investor
Class
(7‌)
(1‌)
I
Class
(9,526‌)
(2,680‌)
Z
Class
(11,647‌)
(1,967‌)
Decrease
in
net
assets
from
distributions
(21,180‌)
(4,648‌)
Capital
share
transactions
*
Shares
sold
I
Class
16,573‌
15,317‌
Z
Class
108,309‌
59,186‌
Distributions
reinvested
I
Class
9,526‌
2,680‌
Z
Class
11,647‌
1,967‌
Shares
redeemed
Investor
Class
-‌
(148‌)
I
Class
(15,285‌)
(14,614‌)
Z
Class
(33,311‌)
(12,419‌)
Increase
in
net
assets
from
capital
share
transactions
97,459‌
51,969‌
T.
ROWE
PRICE
Mid-Cap
Index
Fund
Statement
of
Changes
in
Net
Assets
28
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/25
12/31/24
Net
Assets
Increase
during
period
112,524‌
82,754‌
Beginning
of
period
234,941‌
152,187‌
End
of
period
$
347,465‌
$
234,941‌
*Share
information
(000s)
Shares
sold
I
Class
780‌
790‌
Z
Class
4,926‌
3,033‌
Distributions
reinvested
I
Class
419‌
121‌
Z
Class
512‌
89‌
Shares
redeemed
Investor
Class
-‌
(7‌)
I
Class
(711‌)
(759‌)
Z
Class
(1,463‌)
(599‌)
Increase
in
shares
outstanding
4,463‌
2,668‌
T.
ROWE
PRICE
Mid-Cap
Index
Fund
NOTES
TO
FINANCIAL
STATEMENTS
29
T.
Rowe
Price
Index
Trust,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Mid-Cap
Index
Fund
(the
fund)
is
an
open-end
management
investment
company
established
by
the
corporation
and
intends
to
be
diversified
in
approximately
the
same
proportion
as
the
index
it
tracks
is
diversified.
The
fund
may
become
nondiversified
for
periods
of
time
solely
as
a
result
of
changes
in
the
composition
of
the
index
(for
example,
changes
in
the
relative
market
capitalization
or
index
weighting
of
one
or
more
securities
represented
in
the
index). The
fund
seeks to
track
the
performance
of
a
benchmark
index
that
measures
the
investment
return
of
mid-
capitalization
U.S.
stocks. The
fund
is
available
for
investment
only
by
mutual
funds,
college
savings
plans,
and
other
institutional
client
accounts
managed
by
T.
Rowe
Price
Associates,
Inc.,
or
its
affiliates
and
is
not
available
for
direct
purchase
by
members
of
the
public.
The
fund
has three classes
of
shares:
the
Mid-Cap
Index
Fund
(Investor
Class),
the
Mid-Cap
Index
Fund-I
Class
(I
Class)
and
the
Mid-Cap
Index
Fund-Z
Class
(Z
Class).
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Z
Class
is
only
available
to
funds
advised
by
T.
Rowe
Price
Associates,
Inc.
and
its
affiliates
and
other
clients
that
are
subject
to
a
contractual
fee
for
investment
management
services. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
T.
ROWE
PRICE
Mid-Cap
Index
Fund
30
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Distributions
from
REITs
are
initially
recorded
as
dividend
income
and,
to
the
extent
such
represent
a
return
of
capital
or
capital
gain
for
tax
purposes,
are
reclassified
when
such
information
becomes
available. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any,
are
declared
and
paid
by
each
class annually. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes,
investment
income,
and
realized
and
unrealized
gains
and
losses
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class.
Capital
Transactions
Each
investor's
interest
in
the
net
assets
of
the
fund
is
represented
by
fund
shares.
The
fund's
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
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
Mid-Cap
Index
Fund
31
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
T.
ROWE
PRICE
Mid-Cap
Index
Fund
32
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-
counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund's
closing
NAV
per
share
on
the
day
of
valuation.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
the
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
Mid-Cap
Index
Fund
33
Valuation
Inputs
The
following
table
summarizes
the
fund's
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
December
31,
2025
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
NOTE
3
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund's prospectus
and
Statement
of
Additional
Information.
Securities
Lending
The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
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.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
346,569‌
$
-‌
$
-‌
$
346,569‌
Equity
Funds
419‌
-‌
-‌
419‌
Short-Term
Investments
472‌
-‌
-‌
472‌
Securities
Lending
Collateral
10,279‌
-‌
-‌
10,279‌
Total
$
357,739‌
$
-‌
$
-‌
$
357,739‌
T.
ROWE
PRICE
Mid-Cap
Index
Fund
34
or
pledged
by
the
fund,
except
in
the
event
of
borrower
default. 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,
2025,
the
value
of
loaned
securities
was
$17,843,000;
the
aggregate
value
of
collateral
was
$18,493,000
and
consisted
of
cash
collateral
and
related
investments
of
$10,279,000
and
U.S.
government
securities
of
$8,214,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $194,124,000 and
$114,757,000,
respectively,
for
the
year ended
December
31,
2025.
NOTE
4
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
The
fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required.
The
fund's
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
T.
ROWE
PRICE
Mid-Cap
Index
Fund
35
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
At
December
31,
2025,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were as
follows:
At
December
31,
2025,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
Temporary
differences
between
book-basis
and
tax-basis
components
of
total
distributable
earnings
(loss)
arise
when
certain
items
of
income,
gain,
or
loss
are
recognized
in
different
periods
for
financial
statement
purposes
versus
for
tax
purposes;
these
differences
will
reverse
in
a
subsequent
reporting
period.
The
temporary
differences
relate
primarily
to
the
deferral
of
losses
from
wash
sales.
($000s)
December
31,
2025
December
31,
2024
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
7,094‌
$
3,483‌
Long-term
capital
gain
14,086‌
1,165‌
Total
distributions
$
21,180‌
$
4,648‌
($000s)
Cost
of
investments
$
316,820‌
Unrealized
appreciation
$
70,678‌
Unrealized
depreciation
(29,759‌)
Net
unrealized
appreciation
(depreciation)
$
40,919‌
($000s)
Undistributed
ordinary
income
$
2,555‌
Undistributed
long-term
capital
gain
4,852‌
Net
unrealized
appreciation
(depreciation)
40,919‌
Total
distributable
earnings
(loss)
$
48,326‌
T.
ROWE
PRICE
Mid-Cap
Index
Fund
36
NOTE
5
-
FOREIGN TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/
loss
on
securities
in
the
accompanying
financial
statements.
To
the
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
NOTE
6
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). Price
Associates
has
entered
into
a
sub-advisory
agreement(s)
with
one
or
more
of
its
wholly
owned
subsidiaries,
to
provide
investment
advisory
services
to
the
fund. The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee
equal
to 0.09%
of
the
fund's
average
daily
net
assets.
The
fee
is
computed
daily
and
paid
monthly.
The
Investor
Class
is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund's
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class's ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
The
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class's net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class's net
expense
T.
ROWE
PRICE
Mid-Cap
Index
Fund
37
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,
2025 as
indicated
in
the
table
below.
Including
these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $578,000 remain
subject
to
repayment
by
the
fund
at
December
31,
2025. Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
T.
ROWE
PRICE
Mid-Cap
Index
Fund
38
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
a
wholly
owned
subsidiary
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund's
transfer
and
dividend-disbursing
agent.
For
the
year
ended
December
31,
2025,
expenses
incurred
pursuant
to
these
service
agreements
were
$124,000
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,
2025,
the
fund
was
charged $55,000 for
shareholder
servicing
costs
related
to
the
college
savings
plans, of
which
$8,000
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,
2025,
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
0.27%
0.05%
0.00%
Expense
limitation
date
02/29/28
02/29/28
N/A
(Waived)/repaid
during
the
period
($000s)
$(1)
$(153)
$(300)
T.
ROWE
PRICE
Mid-Cap
Index
Fund
39
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,
2025, 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.
Effective
November
12,
2025, cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Treasury Reserve Fund.
Prior
to
November
12,
2025,
cash
collateral
from
securities
lending,
if
any,
was
invested
in
the
T.
Rowe
Price
Government
Reserve
Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
As
of
December
31,
2025,
T.
Rowe
Price
Group,
Inc.,
or
its
wholly
owned
subsidiaries,
owned
4,922
shares
of
the
Investor
Class,
representing
100%
of
the
Investor
Class's
net
assets.
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund's
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
year
ended
December
31,
2025,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
7
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price
Associates
acts
as
the
fund's
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
T.
ROWE
PRICE
Mid-Cap
Index
Fund
40
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund's
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund's
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
8
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-
existing
political,
social,
and
economic
risks.
The
fund's
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
T.
ROWE
PRICE
Mid-Cap
Index
Fund
41
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
of
T.
Rowe
Price
Index
Trust,
Inc.
and
Shareholders
of
T.
Rowe
Price
Mid-Cap
Index
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
Mid-Cap
Index
Fund
(one
of
the
funds
constituting
T.
Rowe
Price
Index
Trust,
Inc.,
referred
to
hereafter
as
the
"Fund")
as
of
December
31,
2025,
the
related
statement
of
operations
for
the
year
ended
December
31,
2025,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2025
(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,
2025,
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,
2025
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2025
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund's
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund's
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
T.
ROWE
PRICE
Mid-Cap
Index
Fund
42
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2025
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
February
20,
2026
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
(continued)
T.
ROWE
PRICE
Mid-Cap
Index
Fund
43
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 12/31/25
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
The
fund's
distributions
to
shareholders
included:
$14,086,000
from
long-term
capital
gains,
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%
For
nonresident
alien
shareholders,
100%
of
short-term
capital
gain
dividends
distributed
by
the
fund
for
the
fiscal
year
are
qualified
short-term
capital
gains.
For
taxable
non-corporate
shareholders,
$2,362,000
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,
$2,052,000
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,
$390,000
of
the
fund's
income
qualifies
as
qualified
real
estate
investment
trust
(REIT)
dividends.
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F32-050
2/26

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

Not applicable.

Item 9. Proxy Disclosures for Open-EndManagement Investment Companies.

Not applicable.

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

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

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

If applicable, see Item 7.

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

Not applicable.

Item 13. Portfolio Managers of Closed-EndManagement Investment Companies.

Not applicable.

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

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

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

Item 16. Controls and Procedures.

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

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

Item 17. Disclosure of Securities Lending Activities for Closed-EndManagement Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1)  

N-CSR

    (2)  

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

    (3)  

30a-2(a)

(b)     

30a-2(b)

SIGNATURES

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

T. Rowe Price Index Trust, Inc.
By

/s/ David Oestreicher

   
David Oestreicher
Principal Executive Officer
Date  February 20, 2026

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

By

/s/ David Oestreicher

   
David Oestreicher
Principal Executive Officer
Date 

February 20, 2026

By

/s/ Alan S. Dupski

   
Alan S. Dupski
Principal Financial Officer
Date 

February 20, 2026

T. Rowe Price Index Trust Inc. published this content on February 25, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 25, 2026 at 14:23 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]