# EDGAR Filing Document

**Accession Number:** 0000858581
**File Stem:** 0001193125-25-163929
**Filing Date:** 2025-7
**Character Count:** 139792
**Document Hash:** 5b0263bfb918fede192913fd6f7ec33a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-163929.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001193125-25-163929

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**EFFECTIVENESS DATE**: 20250724

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Index Trust, Inc.
- **CENTRAL INDEX KEY:** 0000858581

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05986
- **FILM NUMBER:** 251144687

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE INDEX TRUST INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE INSTITUTIONAL EQUITY FUNDS INC
- **DATE OF NAME CHANGE:** 19900227

## Series and Classes Contracts Data

### T. Rowe Price U.S. Limited Duration TIPS Index Fund (Series ID: S000069930)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000222750 | T. Rowe Price U.S. Limited Duration TIPS Index Fund-Z Class | TLDZX           |
| C000222751 | T. Rowe Price U.S. Limited Duration TIPS Index Fund         | TLDTX           |
| C000222752 | T. Rowe Price U.S. Limited Duration TIPS Index Fund-I Class | TLDUX           |

?xml version='1.0' encoding='ASCII'? U.S. Limited Duration TIPS Index Fund_LDX_F1367-051

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: May 31

Date of reporting period: May 31, 2025

------

#### Item 1. Reports to Shareholders
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report pursuant to Rule 30e-1

![Image](g828474eb4a2987a2.jpg)

#### Annual Shareholder Report

#### May 31, 2025

# U.S. Limited Duration TIPS Index Fund

# Investor Class (TLDTX)
This annual shareholder report contains important information about U.S. Limited Duration TIPS Index Fund (the "fund") for the period of June 1, 2024 to May 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 at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary. **This report describes changes to the fund that occurred during the reporting period.**

## **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** |
| U.S. Limited Duration TIPS Index Fund - Investor Class | $22 | 0.21% |

---

## What drove fund performance during the past 12 months?
* U.S. Treasury inflation protected securities (TIPS) generated positive performance for the 12-month reporting period as shorter-maturity break-even spreads widened and TIPS benefited from principal adjustments for inflation. Although price increases moderated during the period, inflation remained above the Federal Reserve's 2% target.

* The fund's slightly long average duration position contributed in aggregate to performance versus the style-specific Bloomberg U.S. 1–5 Year Treasury TIPS Index. Holding a long duration position helped in the second quarter of 2024 and the first quarter of 2025 as yields declined, though this was offset somewhat in early October when yields jumped sharply higher. Positioning for a steepening of the two-year/10-year portion of the yield curve also added value as shorter-maturity Treasury yields fell more during the period than 10-year yields.

* Allocations to options on Treasury futures, which we use to help with interest rate management, detracted versus the style-specific index. Security selection within the TIPS sector also modestly hampered performance.

* The fund seeks income by investing in inflation-linked securities and aims to closely track the investment returns of its style-specific benchmark. At period-end, our non-TIPS allocations were very low as the risk/reward trade-off of credit sectors appeared to be unappealing at this point in the economic cycle, while TIPS looked attractive amid potentially inflationary tariff policies.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of May 31, 2025
![A line chart as described in the following paragraph.](g828474fd03f40b1637f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **11/2/20** | 10000 | 10000 | 10000 |
| **11/30/20** | 10050 | 10090 | 10058 |
| **2/28/21** | 10230 | 9887 | 10234 |
| **5/31/21** | 10450 | 9873 | 10462 |
| **8/31/21** | 10580 | 10034 | 10611 |
| **11/30/21** | 10630 | 9974 | 10685 |
| **2/28/22** | 10686 | 9625 | 10763 |
| **5/31/22** | 10561 | 9061 | 10687 |
| **8/31/22** | 10374 | 8879 | 10541 |
| **11/30/22** | 10162 | 8693 | 10335 |
| **2/28/23** | 10140 | 8690 | 10313 |
| **5/31/23** | 10228 | 8867 | 10468 |
| **8/31/23** | 10217 | 8773 | 10492 |
| **11/30/23** | 10327 | 8796 | 10621 |
| **2/29/24** | 10457 | 8979 | 10758 |
| **5/31/24** | 10601 | 8983 | 10907 |
| **8/31/24** | 10840 | 9413 | 11164 |
| **11/30/24** | 10925 | 9401 | 11262 |
| **2/28/25** | 11157 | 9500 | 11494 |
| **5/31/25** | 11315 | 9473 | 11667 |

---

202501-4140694, 202507-4494181

F1367-052 7/25

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 11/2/20** |
| U.S. Limited Duration TIPS Index Fund (Investor Class) | 6.73% | 2.74% |
| Bloomberg U.S. Aggregate Bond Index (Regulatory Benchmark) | 5.46 | -1.18 |
| Bloomberg U.S. 1-5 Year Treasury TIPS Index (Strategy Benchmark) | 6.97 | 3.43 |

---

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)$2,028,981

* Number of Portfolio Holdings18

* Investment Advisory Fees Paid (000s)$851

* Portfolio Turnover Rate44.0%

## **What did the fund invest in?** 

### **Security Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Agency Obligations (Excluding Mortgage-Backed) | 99.7% |
| Short-Term and Other | 0.3 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Indexed Notes | 99.7% |

---

## How has the fund changed?
This is a summary of certain material changes to U.S. Limited Duration TIPS Index Fund. Effective August 1, 2025, the fund will seek to provide total returns that match or incrementally exceed the total returns of the Bloomberg U.S. 1-5 Year Treasury TIPS Index. The fund's August 1, 2025 prospectus contains more information.

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.

Bloomberg 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.

U.S. Limited Duration TIPS Index Fund

Investor Class (TLDTX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g828474b824954c7b.jpg)

![Image](g828474eb4a2987a2.jpg)

#### Annual Shareholder Report

#### May 31, 2025

# U.S. Limited Duration TIPS Index Fund

# I Class (TLDUX)
This annual shareholder report contains important information about U.S. Limited Duration TIPS Index Fund (the "fund") for the period of June 1, 2024 to May 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 at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary. **This report describes changes to the fund that occurred during the reporting period.**

## **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** |
| U.S. Limited Duration TIPS Index Fund - I Class | $11 | 0.11% |

---

## What drove fund performance during the past 12 months?
* U.S. Treasury inflation protected securities (TIPS) generated positive performance for the 12-month reporting period as shorter-maturity break-even spreads widened and TIPS benefited from principal adjustments for inflation. Although price increases moderated during the period, inflation remained above the Federal Reserve's 2% target.

* The fund's slightly long average duration position contributed in aggregate to performance versus the style-specific Bloomberg U.S. 1–5 Year Treasury TIPS Index. Holding a long duration position helped in the second quarter of 2024 and the first quarter of 2025 as yields declined, though this was offset somewhat in early October when yields jumped sharply higher. Positioning for a steepening of the two-year/10-year portion of the yield curve also added value as shorter-maturity Treasury yields fell more during the period than 10-year yields.

* Allocations to options on Treasury futures, which we use to help with interest rate management, detracted versus the style-specific index. Security selection within the TIPS sector also modestly hampered performance.

* The fund seeks income by investing in inflation-linked securities and aims to closely track the investment returns of its style-specific benchmark. At period-end, our non-TIPS allocations were very low as the risk/reward trade-off of credit sectors appeared to be unappealing at this point in the economic cycle, while TIPS looked attractive amid potentially inflationary tariff policies.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $500,000 Investment as of May 31, 2025
![A line chart as described in the following paragraph.](g828474d9486309078694.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **11/2/20** | 500000 | 500000 | 500000 |
| **11/30/20** | 502500 | 504514 | 502922 |
| **2/28/21** | 511500 | 494344 | 511705 |
| **5/31/21** | 522500 | 493635 | 523106 |
| **8/31/21** | 529500 | 501705 | 530567 |
| **11/30/21** | 532000 | 498695 | 534231 |
| **2/28/22** | 535127 | 481272 | 538143 |
| **5/31/22** | 528360 | 453048 | 534346 |
| **8/31/22** | 520031 | 443929 | 527034 |
| **11/30/22** | 509100 | 434665 | 516749 |
| **2/28/23** | 507992 | 434484 | 515646 |
| **5/31/23** | 512423 | 443340 | 523413 |
| **8/31/23** | 512423 | 438631 | 524620 |
| **11/30/23** | 517527 | 439793 | 531054 |
| **2/29/24** | 524732 | 448940 | 537913 |
| **5/31/24** | 532027 | 449128 | 545350 |
| **8/31/24** | 544058 | 470637 | 558196 |
| **11/30/24** | 548446 | 470029 | 563082 |
| **2/28/25** | 560239 | 475015 | 574683 |
| **5/31/25** | 568297 | 473646 | 583366 |

---

202501-4140694, 202507-4494181

F1368-052 7/25

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 11/2/20** |
| U.S. Limited Duration TIPS Index Fund (I Class) | 6.82% | 2.84% |
| Bloomberg U.S. Aggregate Bond Index (Regulatory Benchmark) | 5.46 | -1.18 |
| Bloomberg U.S. 1-5 Year Treasury TIPS Index (Strategy Benchmark) | 6.97 | 3.43 |

---

The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). 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)$2,028,981

* Number of Portfolio Holdings18

* Investment Advisory Fees Paid (000s)$851

* Portfolio Turnover Rate44.0%

## **What did the fund invest in?** 

### **Security Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Agency Obligations (Excluding Mortgage-Backed) | 99.7% |
| Short-Term and Other | 0.3 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Indexed Notes | 99.7% |

---

## How has the fund changed?
This is a summary of certain material changes to U.S. Limited Duration TIPS Index Fund. Effective August 1, 2025, the fund will seek to provide total returns that match or incrementally exceed the total returns of the Bloomberg U.S. 1-5 Year Treasury TIPS Index. The fund's August 1, 2025 prospectus contains more information.

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.

Bloomberg 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.

U.S. Limited Duration TIPS Index Fund

I Class (TLDUX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g828474b824954c7b.jpg)

![Image](g828474eb4a2987a2.jpg)

#### Annual Shareholder Report

#### May 31, 2025

# U.S. Limited Duration TIPS Index Fund

# Z Class (TLDZX)
This annual shareholder report contains important information about U.S. Limited Duration TIPS Index Fund (the "fund") for the period of June 1, 2024 to May 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 at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary. **This report describes changes to the fund that occurred during the reporting period.**

## **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** |
| U.S. Limited Duration TIPS Index Fund - Z Class | $0 | 0.00% |

---

## What drove fund performance during the past 12 months?
* U.S. Treasury inflation protected securities (TIPS) generated positive performance for the 12-month reporting period as shorter-maturity break-even spreads widened and TIPS benefited from principal adjustments for inflation. Although price increases moderated during the period, inflation remained above the Federal Reserve's 2% target.

* The fund's slightly long average duration position contributed in aggregate to performance versus the style-specific Bloomberg U.S. 1–5 Year Treasury TIPS Index. Holding a long duration position helped in the second quarter of 2024 and the first quarter of 2025 as yields declined, though this was offset somewhat in early October when yields jumped sharply higher. Positioning for a steepening of the two-year/10-year portion of the yield curve also added value as shorter-maturity Treasury yields fell more during the period than 10-year yields.

* Allocations to options on Treasury futures, which we use to help with interest rate management, detracted versus the style-specific index. Security selection within the TIPS sector also modestly hampered performance.

* The fund seeks income by investing in inflation-linked securities and aims to closely track the investment returns of its style-specific benchmark. At period-end, our non-TIPS allocations were very low as the risk/reward trade-off of credit sectors appeared to be unappealing at this point in the economic cycle, while TIPS looked attractive amid potentially inflationary tariff policies.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of May 31, 2025
![A line chart as described in the following paragraph.](g828474bbf1d91ee69.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Z Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **11/2/20** | 10000 | 10000 | 10000 |
| **11/30/20** | 10050 | 10090 | 10058 |
| **2/28/21** | 10230 | 9887 | 10234 |
| **5/31/21** | 10460 | 9873 | 10462 |
| **8/31/21** | 10600 | 10034 | 10611 |
| **11/30/21** | 10660 | 9974 | 10685 |
| **2/28/22** | 10722 | 9625 | 10763 |
| **5/31/22** | 10597 | 9061 | 10687 |
| **8/31/22** | 10420 | 8879 | 10541 |
| **11/30/22** | 10203 | 8693 | 10335 |
| **2/28/23** | 10191 | 8690 | 10313 |
| **5/31/23** | 10280 | 8867 | 10468 |
| **8/31/23** | 10280 | 8773 | 10492 |
| **11/30/23** | 10391 | 8796 | 10621 |
| **2/29/24** | 10539 | 8979 | 10758 |
| **5/31/24** | 10686 | 8983 | 10907 |
| **8/31/24** | 10940 | 9413 | 11164 |
| **11/30/24** | 11020 | 9401 | 11262 |
| **2/28/25** | 11260 | 9500 | 11494 |
| **5/31/25** | 11425 | 9473 | 11667 |

---

202501-4140694, 202507-4494181

F1369-052 7/25

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 11/2/20** |
| U.S. Limited Duration TIPS Index Fund (Z Class) | 6.91% | 2.95% |
| Bloomberg U.S. Aggregate Bond Index (Regulatory Benchmark) | 5.46 | -1.18 |
| Bloomberg U.S. 1-5 Year Treasury TIPS Index (Strategy Benchmark) | 6.97 | 3.43 |

---

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)$2,028,981

* Number of Portfolio Holdings18

* Investment Advisory Fees Paid (000s)$851

* Portfolio Turnover Rate44.0%

## **What did the fund invest in?** 

### **Security Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Agency Obligations (Excluding Mortgage-Backed) | 99.7% |
| Short-Term and Other | 0.3 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Indexed Notes | 99.7% |

---

## How has the fund changed?
This is a summary of certain material changes to U.S. Limited Duration TIPS Index Fund. Effective August 1, 2025, the fund will seek to provide total returns that match or incrementally exceed the total returns of the Bloomberg U.S. 1-5 Year Treasury TIPS Index. The fund's August 1, 2025 prospectus contains more information.

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.

Bloomberg 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.

U.S. Limited Duration TIPS Index Fund

Z Class (TLDZX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g828474b824954c7b.jpg)

------

#### 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 | $34043 | $33841 |
| Audit-Related Fees |  |  |
| Tax Fees |  |  |
| All Other Fees |  |  |

---

Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.

(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,746,000 and $1,230,000, respectively.

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

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.

------

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

May

31,

2025

#### Financial

#### Statements

#### and

#### Other

#### Information
For

more

insights

from

T. Rowe

Price

investment

professionals,

go

to

#### troweprice.com
.

T. ROWE

PRICE

TLDTX

U.S.

Limited

Duration

TIPS

Index

Fund

TLDUX

U.S.

Limited

Duration

TIPS

Index

Fund–

.

I Class

TLDZX

U.S.

Limited

Duration

TIPS

Index

Fund–

.

Z Class

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Investor

#### Class
(1) ..

Year

..

..

Ended

.

11/2/20

(1) Through

5/31/21

5/31/25

5/31/24

5/31/23

5/31/22

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

.15

$

.24

$

.14

$

.45

$

.00

Investment

activities

Net

investment

income

(2)(3)

.40

.45

.43

.50

.19

Net

realized

and

unrealized

gain/loss

.20

(0

.12)

(0

.75)

(0

.38)

.26

Total

from

investment

activities

.60

.33

(0

.32)

.12

.45

Distributions

Net

investment

income

(0

.44)

(0

.42)

(0

.58)

(0

.39)

—

Net

realized

gain

—

—

—

(0

.04)

—

Total

distributions

(0

.44)

(0

.42)

(0

.58)

(0

.43)

—

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 9

#### .31

#### $

#### 9

#### .15

#### $

#### 9

#### .24

#### $

#### 10

#### .14

#### $

#### 10

#### .45

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (3)(4)

#### 6

#### .73

#### %

#### 3

#### .65

#### %

#### (#### 3

#### .16

####)

#### %

#### 1

#### .07

#### %

#### 4

#### .50

#### %
Ratios

to

average

net

assets:

(3) Gross

expenses

before

waivers/payments

by

Price

Associates

.36

%

.34

%

.33

%

.23

%

.74

%

(5) Net

expenses

after

waivers/

payments

by

Price

Associates

.21

%

.21

%

.21

%

.21

%

.21

%

(5) Net

investment

income

.34

%

.93

%

.53

%

.82

%

.25

%

(5) Portfolio

turnover

rate

.0

%

.4

%

.1

%

.3

%

.9

%

Net

assets,

end

of

period

(in

thousands)

$10,835

$10,527

$15,422

$22,502

$12,360

%

%

%

%

%

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(1) Inception

date

(2) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(4) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5) Annualized

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### I

#### Class
(1) ..

Year

..

..

Ended

.

11/2/20

(1) Through

5/31/21

5/31/25

5/31/24

5/31/23

5/31/22

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

.16

$

.25

$

.15

$

.45

$

.00

Investment

activities

Net

investment

income

(2)(3)

.40

.47

.43

.56

.20

Net

realized

and

unrealized

gain/loss

.21

(0

.13)

(0

.74)

(0

.44)

.25

Total

from

investment

activities

.61

.34

(0

.31)

.12

.45

Distributions

Net

investment

income

(0

.45)

(0

.43)

(0

.59)

(0

.38)

—

Net

realized

gain

—

—

—

(0

.04)

—

Total

distributions

(0

.45)

(0

.43)

(0

.59)

(0

.42)

—

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 9

#### .32

#### $

#### 9

#### .16

#### $

#### 9

#### .25

#### $

#### 10

#### .15

#### $

#### 10

#### .45

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (3)(4)

#### 6

#### .82

#### %

#### 3

#### .83

#### %

#### (#### 3

#### .02

####)

#### %

#### 1

#### .12

#### %

#### 4

#### .50

#### %
Ratios

to

average

net

assets:

(3) Gross

expenses

before

waivers/payments

by

Price

Associates

.12

%

.15

%

.13

%

.14

%

.14

%

(5) Net

expenses

after

waivers/

payments

by

Price

Associates

.11

%

.11

%

.11

%

.11

%

.11

%

(5) Net

investment

income

.36

%

.15

%

.54

%

.41

%

.40

%

(5) Portfolio

turnover

rate

.0

%

.4

%

.1

%

.3

%

.9

%

Net

assets,

end

of

period

(in

millions)

$1,837

$1,758

$1,539

$1,648

$1,636

%

%

%

%

%

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(1) Inception

date

(2) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(4) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5) Annualized

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Z

#### Class
(1) ..

Year

..

..

Ended

.

11/2/20

(1) Through

5/31/21

5/31/25

5/31/24

5/31/23

5/31/22

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

.18

$

.27

$

.18

$

.46

$

.00

Investment

activities

Net

investment

income

(2)(3)

.43

.51

.43

.80

.08

Net

realized

and

unrealized

gain/loss

.19

(0

.16)

(0

.74)

(0

.66)

.38

Total

from

investment

activities

.62

.35

(0

.31)

.14

.46

Distributions

Net

investment

income

(0

.46)

(0

.44)

(0

.60)

(0

.38)

—

Net

realized

gain

—

—

—

(0

.04)

—

Total

distributions

(0

.46)

(0

.44)

(0

.60)

(0

.42)

—

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 9

#### .34

#### $

#### 9

#### .18

#### $

#### 9

#### .27

#### $

#### 10

#### .18

#### $

#### 10

#### .46

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (3)(4)

#### 6

#### .91

#### %

#### 3

#### .95

#### %

#### (#### 2

#### .99

####)

#### %

#### 1

#### .31

#### %

#### 4

#### .60

#### %
Ratios

to

average

net

assets:

(3) Gross

expenses

before

waivers/payments

by

Price

Associates

.08

%

.08

%

.08

%

.08

%

.04

%

(5) Net

expenses

after

waivers/

payments

by

Price

Associates

.00

%

.00

%

.00

%

.00

%

.00

%

(5) Net

investment

income

.64

%

.60

%

.55

%

.83

%

.35

%

(5) Portfolio

turnover

rate

.0

%

.4

%

.1

%

.3

%

.9

%

Net

assets,

end

of

period

(in

thousands)

$180,823

$74,763

$23,492

$14,726

$105

%

%

%

%

%

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(1) Inception

date

(2) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(4) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5) Annualized

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

May

31,

2025

#### Portfolio

#### of

#### Investments

#### ‡

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

‡

#### U.S.

#### GOVERNMENT

#### AGENCY

#### OBLIGATIONS

#### (EXCLUDING

#### MORTGAGE-BACKED)

#### 99.7%

#### U.S.

#### Treasury

#### Obligations

#### 99.7%
U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/26

104,509

103,578

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/26

193,992

191,658

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/27

283,374

277,198

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/30

17,172

16,113

U.S.

Treasury

Inflation-Indexed

Notes,

0.25%,

7/15/29

140,650

134,376

U.S.

Treasury

Inflation-Indexed

Notes,

0.50%,

1/15/28

29,696

29,070

U.S.

Treasury

Inflation-Indexed

Notes,

0.75%,

7/15/28

72,693

71,609

U.S.

Treasury

Inflation-Indexed

Notes,

0.875%,

1/15/29

39,557

38,797

U.S.

Treasury

Inflation-Indexed

Notes,

1.25%,

4/15/28

124,002

123,518

U.S.

Treasury

Inflation-Indexed

Notes,

1.625%,

10/15/27

212,266

214,670

U.S.

Treasury

Inflation-Indexed

Notes,

1.625%,

10/15/29

184,437

186,123

U.S.

Treasury

Inflation-Indexed

Notes,

1.625%,

4/15/30

72,634

72,844

U.S.

Treasury

Inflation-Indexed

Notes,

2.125%,

4/15/29

300,345

307,759

U.S.

Treasury

Inflation-Indexed

Notes,

2.375%,

1/15/27

44,402

45,186

U.S.

Treasury

Inflation-Indexed

Notes,

2.375%,

10/15/28 (1)

202,655

209,891

#### Total

#### U.S.

#### Government

#### Agency

#### Obligations

#### (Excluding

#### Mortgage-Backed)

#### (Cost

#### $1,989,643)

#### 2,022,390

#### SHORT-TERM

#### INVESTMENTS

#### 0.0%

#### Money

#### Market

#### Funds

#### 0.0%
T. Rowe

Price

Government

Reserve

Fund,

4.38% (2)(3)

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $13)

#### 13

#### Total

#### Investments

#### in

#### Securities

#### 99.7%

#### of

#### Net

#### Assets

#### (Cost

#### $1,989,656)

#### $

#### 2,022,403
‡

Par/Shares

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1) At

May

31,

2025,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/

or

margin

deposit

to

cover

future

funding

obligations.

(2) Seven-day

yield

(3) Affiliated

Companies

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

#### FUTURES

#### CONTRACTS
($000s)

#### Expiration

#### Date

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Gain
(Loss)

Long,

U.S.

Treasury

Notes

five

year

contracts

9/25

2,704

$

Short,

Ultra

U.S.

Treasury

Notes

ten

year

contracts

9/25

(28,249)

(206) #### Net

#### payments
(receipts)

#### of

#### variation

#### margin

#### to

#### date

#### 230

#### Variation

#### margin

#### receivable
(payable)

#### on

#### open

#### futures

#### contracts

#### $

#### 29
T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### AFFILIATED

#### COMPANIES
($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

year

ended

May

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,

4.38%

$

—#

$

—

$

356+

#### Supplementary

#### Investment

#### Schedule

#### Affiliate

#### Value

#### 5/31/24

#### Purchase

#### Cost

#### Sales

#### Cost

#### Value

#### 5/31/25
T. Rowe

Price

Government

Reserve

Fund,

4.38%

$

6,390

¤

¤

$

13^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$356

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$13.

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

May

31,

2025

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

#### Assets
Investments

in

securities,

at

value

(cost

$1,989,656)

$

2,022,403

Interest

receivable

3,676

Cash

3,074

Receivable

for

shares

sold

Variation

margin

receivable

on

futures

contracts

Foreign

currency

(cost

$1)

Other

assets

Total

assets

2,029,700

#### Liabilities
Payable

for

shares

redeemed

524

Investment

management

fees

payable

Due

to

affiliates

Payable

to

directors

Other

liabilities

Total

liabilities

719

Commitments

and

Contingent

Liabilities

(note

6)

#### NET

#### ASSETS

#### $

#### 2,028,981
T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

May

31,

2025

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Net

#### Assets

#### Consist

#### of:
Total

distributable

earnings

(loss)

$

(129,093)

Paid-in

capital

applicable

to

217,706,873

shares

of

$0.01

par

value

capital

stock

outstanding;

2,000,000,000

shares

of

the

Corporation

authorized

2,158,074

#### NET

#### ASSETS

#### $

#### 2,028,981

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $10,835;

#### Shares

#### outstanding:

#### 1,164,040)

#### $

#### 9.31

#### I

#### Class

#### (Net

#### assets:

#### $1,837,323;

#### Shares

#### outstanding:

#### 197,182,994)

#### $

#### 9.32

#### Z

#### Class

#### (Net

#### assets:

#### $180,823;

#### Shares

#### outstanding:

#### 19,359,839)

#### $

#### 9.34
T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

#### Statement

#### of

#### Operations

($000s)

Year

Ended

5/31/25

#### Investment

#### Income
(Loss)

Income

.

&nbsp;&nbsp;&nbsp;&nbsp;Interest

$

83,679

Dividend

Other

Total

income

84,038

Expenses

Investment

management

1,124

Shareholder

servicing

Investor

Class

$

I

Class

696

718

Prospectus

and

shareholder

reports

Investor

Class

I

Class

Custody

and

accounting

Registration

Legal

and

audit

Directors

Miscellaneous

Waived

/

paid

by

Price

Associates

(273) Total

expenses

1,943

Net

investment

income

82,095

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

5/31/25

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

gain

(loss)

Securities

3,848

Futures

(982) Net

realized

gain

2,866

Change

in

net

unrealized

gain

/

loss

Securities

38,555

Futures

Change

in

net

unrealized

gain

/

loss

38,767

Net

realized

and

unrealized

gain

/

loss

41,633

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 123,728
T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5/31/25

5/31/24

#### Increase
(Decrease)

#### in

#### Net

#### Assets
Operations

Net

investment

income

$

82,095

$

87,160

Net

realized

gain

(loss)

2,866

(73,584)

Change

in

net

unrealized

gain

/

loss

38,767

50,804

Increase

in

net

assets

from

operations

123,728

64,380

Distributions

to

shareholders

Net

earnings

Investor

Class

(409) (547) I

Class

(83,652)

(75,550)

Z

Class

(5,605)

(2,018)

Decrease

in

net

assets

from

distributions

(89,666)

(78,115)

Capital

share

transactions

\*

Shares

sold

Investor

Class

7,451

3,789

I

Class

1,007,495

430,129

Z

Class

120,095

54,616

Distributions

reinvested

Investor

Class

537

I

Class

83,551

75,532

Z

Class

5,615

2,018

Shares

redeemed

Investor

Class

(7,762)

(9,081)

I

Class

(1,042,708)

(273,165)

Z

Class

(22,069)

(5,329)

Increase

in

net

assets

from

capital

share

transactions

152,066

279,046

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5/31/25

5/31/24

#### Net

#### Assets
Increase

during

period

186,128

265,311

Beginning

of

period

1,842,853

1,577,542

#### End

#### of

#### period

#### $

#### 2,028,981

#### $

#### 1,842,853
\*Share

information

(000s)

Shares

sold

Investor

Class

806

I

Class

108,842

47,142

Z

Class

12,971

5,973

Distributions

reinvested

Investor

Class

I

Class

9,141

8,404

Z

Class

612

Shares

redeemed

Investor

Class

(837) (993) I

Class

(112,768)

(29,849)

Z

Class

(2,371)

(582) Increase

in

shares

outstanding

16,440

30,794

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

#### NOTES

#### TO

#### FINANCIAL

#### STATEMENTS

T. Rowe

Price

Index

Trust,

Inc. (the

corporation)

is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

U.S.

Limited

Duration

TIPS

Index

Fund

(the

fund)

is a

diversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks income

by

investing

in

inflation-linked

securities.

The

fund

has three classes

of

shares:

the

U.S.

Limited

Duration

TIPS

Index

Fund

(Investor

Class),

the

U.S.

Limited

Duration

TIPS

Index

Fund–I

Class

(I

Class)

and

the

U.S.

Limited

Duration

TIPS

Index

Fund–Z

Class

(Z

Class).

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Z

Class

is

only

available

to

funds

advised

by

T. Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

to

a

contractual

fee

for

investment

management

services. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

#### NOTE

#### 1

#### -

#### SIGNIFICANT

#### ACCOUNTING

#### POLICIES

#### Basis

#### of

#### Preparation
The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

*Accounting* 

*Standards* 

*Codification* 

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946. GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

#### Investment

#### Transactions,

#### Investment

#### Income,

#### and

#### Distributions
Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Inflation

adjustments

to

the

principal

amount

of

inflation-indexed

bonds

are

reflected

as

interest

income. 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/

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

loss. Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any, are

declared

by

each

class

daily

and

paid

monthly,

except

for

distributions

of

inflation

adjustments,

if

any,

which

are

declared

and

paid

annually. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

#### Currency

#### Translation
Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

#### 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

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class's

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class's

outstanding

shares.

#### 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

p.m.

Eastern

time,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T. Rowe

Price

Associates,

Inc.,

or

its

agents.

#### New

#### Accounting

#### Guidance
In December

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Taxes

Disclosures,

which

enhances

the

transparency

of

income

tax

disclosures.

The

ASU

requires

public

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

amendments

under

this

ASU

are

required

to

be

applied

prospectively

and

are

effective

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

for

fiscal

years

beginning

after

December

15,

2024. Management

expects

that

adoption

of

the

guidance

will

not

have

a

material

impact

on

the

fund's

financial

statements.

#### Indemnification
In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund's

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

#### NOTE

#### 2

#### -

#### VALUATION

#### Fair

#### Value
&nbsp;&nbsp;&nbsp;&nbsp;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

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

–

inputs

other

than

Level

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

–

unobservable

inputs

(including

the Valuation

Designee's assumptions

in

determining

fair

value)

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

#### Valuation

#### Techniques
Debt

securities

generally

are

traded

in

the over-the-

counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund's

closing

NAV

per

share

on

the

day

of

valuation.

Futures

contracts

are

valued

at

closing

settlement

prices.

Assets

and

liabilities

other

than

financial

instruments,

including

short-

term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm's

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

#### Valuation

#### Inputs
&nbsp;&nbsp;&nbsp;&nbsp;The

following

table

summarizes

the

fund's

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

May

31,

2025

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

#### NOTE

#### 3

#### -

#### DERIVATIVE

#### INSTRUMENTS
During

the

year ended

May

31,

2025,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement

or

delivery

of

cash

or

other

assets.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

($000s)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Value

#### Assets
U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

$

—

$

2,022,390

$

—

$

2,022,390

Short-Term

Investments

—

—

Total

Securities

2,022,390

—

2,022,403

Futures

Contracts\*

—

—

Total

$

$

2,022,390

$

—

$

2,022,408

#### Liabilities
Futures

Contracts\*

$

$

—

$

—

$

\*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund's

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund's

derivative

instruments

held

as

of

May

31,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

($000s)

#### Location

#### on

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value\*

#### Assets
Interest

rate

derivatives

Futures

$

\*

Total

$

\*

#### Liabilities
Interest

rate

derivatives

Futures

$

Total

$

\*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

May

31,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure:

#### Counterparty

#### Risk

#### and

#### Collateral
The

fund

invests

in

exchange-traded

and/or

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps.

Counterparty

risk

on

such

derivatives

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Collateral may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund's

assets.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

May

31,

2025,

securities

valued

at $732,000

had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

($000s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Location

#### of

#### Gain
(Loss)

#### on

#### Statement

#### of

#### Operations

#### Futures

#### Realized

#### Gain
(Loss)

Interest

rate

derivatives

$

(982) Total

$

(982) #### Change

#### in

#### Unrealized

#### Gain
(Loss)

Interest

rate

derivatives

$

Total

$

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

#### Futures

#### Contracts
The

fund

is

subject

to interest

rate

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risk.

The fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rate

and

yield

curve

movements,

security

prices,

foreign

currencies,

credit

quality,

and

mortgage

prepayments;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-

upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-

traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/or

interest

rates,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

During

the

year ended

May

31,

2025,

the

volume

of

the

fund's

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

1%

and

9%

of

net

assets.

#### NOTE

#### 4

#### -

#### OTHER

#### INVESTMENT

#### TRANSACTIONS
Consistent

with

its

investment

objective, the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

more

fully

in the

fund's prospectus

and

Statement

of

Additional

Information.

#### TBA

#### Purchase,

#### Sale

#### Commitments

#### and

#### Forward

#### Settling

#### Mortgage

#### Obligations
The

fund

enters

into

to-be-announced

(TBA)

purchase

or

sale

commitments

(collectively,

TBA

transactions),

pursuant

to

which

it

agrees

to

purchase

or

sell,

respectively,

mortgage-backed

securities

for

a

fixed

unit

price,

with

payment

and

delivery

at

a

scheduled

future

date

beyond

the

customary

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

settlement

period

for

such

securities.

With

TBA

transactions,

the

particular

securities

to

be

received

or

delivered

by

the

fund

are

not

identified

at

the

trade

date;

however,

the

securities

must

meet

specified

terms,

including

rate

and

mortgage

term,

and

be

within

industry-accepted

"good

delivery"

standards.

The

fund

may

enter

into

TBA

transactions

with

the

intention

of

taking

possession

of

or

relinquishing

the

underlying

securities,

may

elect

to

extend

the

settlement

by

"rolling"

the

transaction,

and/or

may

use

TBA

transactions

to

gain

or

reduce

interim

exposure

to

underlying

securities.

To

mitigate

counterparty

risk,

the

fund

has

entered

into

Master

Securities

Forward

Transaction

Agreements

(MSFTA)

with

counterparties

that

provide

for

collateral

and

the

right

to

offset

amounts

due

to

or

from

those

counterparties

under

specified

conditions.

Subject

to

minimum

transfer

amounts,

collateral

requirements

are

determined

and

transfers

made

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

TBA

commitments

and

other

forward

settling

mortgage

obligations

with

a

particular

counterparty

(collectively,

MSFTA

Transactions).

At

any

time,

the

fund's

risk

of

loss

from

a

particular

counterparty

related

to

its

MSFTA

Transactions

is

the

aggregate

unrealized

gain

on

appreciated

MSFTA

Transactions

in

excess

of

unrealized

loss

on

depreciated

MSFTA

Transactions

and

collateral

received,

if

any,

from

such

counterparty. As

of

May

31,

2025,

no

collateral

was

pledged

by

the

fund

or

counterparties

for

MSFTA

Transactions.

#### Other
Purchases

and

sales

of

U.S.

government

securities

aggregated

$900,642,000 and

$822,596,000,

respectively,

for

the

year ended

May

31,

2025. #### NOTE

#### 5

#### -

#### FEDERAL

#### INCOME

#### TAXES
Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The

fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required.

The

fund's

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

At

May

31,

2025,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were as

follows:

At

May

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.

The

loss

carryforwards

and

deferrals

primarily

relate

to

capital

loss

carryforwards

and

straddle

deferrals.

Capital

loss

carryforwards

are

available

indefinitely

to

offset

future

realized

capital

gains.

During

the

year

ended

May

31,

($000s)

#### May

#### 31,

#### 2025

#### May

#### 31,

#### 2024
Ordinary

income

(including

short-term

capital

gains,

if

any)

$

89,666

$

78,115

($000s)

Cost

of

investments

$

1,993,628

Unrealized

appreciation

$

33,250

Unrealized

depreciation

(4,475)

Net

unrealized

appreciation

(depreciation)

$

28,775

($000s)

Undistributed

ordinary

income

$

22,549

Net

unrealized

appreciation

(depreciation)

28,775

Loss

carryforwards

and

deferrals

(180,417)

Total

distributable

earnings

(loss)

$

(129,093)

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

2025,

the

fund

utilized

$1,830,000

of

capital

loss

carryforwards.

Further,

a

portion

of

the

fund's

available

capital

loss

carryforwards

are

subject

to

certain

limitations

on

amount

or

timing

of

use

related

to

an

ownership

change.

#### NOTE

#### 6

#### -

#### RELATED

#### PARTY

#### TRANSACTIONS
The

fund

is

managed

by

T. Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T. Rowe

Price

Group,

Inc.

(Price

Group). The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee

equal

to 0.06%

of

the

fund's

average

daily

net

assets.

The

fee

is

computed

daily

and

paid

monthly.

The

Investor

Class

is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

During

the

limitation

period,

Price

Associates

is required

to

waive

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the class's ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

The

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class's net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the class's net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) 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

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

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 May

31,

2025 as

indicated

in

the

table

below.

Including

these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $1,161,000 remain

subject

to

repayment

by

the

fund

at

May

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.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T. Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund's

transfer

and

dividend-disbursing

agent.

T. Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class.

For

the

year

ended

May

31,

2025,

expenses

incurred

pursuant

to

these

service

agreements

were

$129,000

for

Price

Associates;

$27,000

for

T. Rowe

Price

Services,

Inc.;

and

less

than

#### Investor

#### Class

#### I

#### Class

#### Z

#### Class
Expense

limitation/I

Class

Limit

0.21%

0.05%

0.00%

Expense

limitation

date

07/31/26

07/31/26

N/A

(Waived)/repaid

during

the

period

($000s)

$(14)

$(165)

$(94)

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

$1,000

for

T. Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T. Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

Additionally,

the

fund

is

one

of

several

mutual

funds

in

which

certain

college

savings

plans

managed

by

Price

Associates invests.

As

approved

by

the

fund's

Board

of

Directors,

shareholder

servicing

costs

associated

with

each

college

savings

plan

are

borne

by

the

fund

in

proportion

to

the

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Price

has

agreed

to waive/reimburse

shareholder

servicing

costs in

excess

of

0.05%

of

the

fund's

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Any

amounts

waived/

paid

by

Price

under

this

voluntary

agreement

are

not

subject

to

repayment

by

the

fund.

Price

may

amend

or

terminate

this

voluntary

arrangement

at

any

time

without

prior

notice.

For

the

year ended

May

31,

2025,

the

fund

was

charged $686,000 for

shareholder

servicing

costs

related

to

the

college

savings

plans, of

which

$121,000

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

May

31,

2025,

approximately

97%

of

the

outstanding

shares

of

the

I

Class

were

held

by

college

savings

plans.

Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

or

control

over

the

fund.

At

May

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.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T. Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

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

May

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

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

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

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

U.S.

Limited

Duration

TIPS

Index

Fund

#### REPORT

#### OF

#### INDEPENDENT

#### REGISTERED

#### PUBLIC

#### ACCOUNTING

#### FIRM

#### To

#### the

#### Board

#### of

#### Directors

#### of
T. #### Rowe

#### Price

#### Index

#### Trust,

#### Inc.

#### and

#### Shareholders

#### of
T. #### Rowe

#### Price

#### U.S.

#### Limited

#### Duration

#### TIPS

#### 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

U.S.

Limited

Duration

TIPS

Index

Fund

(one

of

the

funds

constituting

T. Rowe

Price

Index

Trust,

Inc.,

referred

to

hereafter

as

the

"Fund")

as

of

May

31,

2025,

the

related

statement

of

operations

for

the

year

ended

May

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

May

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

years

ended

May

31,

2025,

2024,

2023

and

2022,

and

for

the

period

November

2,

2020

(inception)

through

May

31,

2021

(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

May

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

May

31,

2025

and

the

financial

highlights

for

each

of

the

years

ended

May

31,

2025,

2024,

2023

and

2022,

and

for

the

period

November

2,

2020

(inception)

through

May

31,

2021,

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

U.S.

Limited

Duration

TIPS

Index

Fund

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

May

31,

2025

by

correspondence

with

the

custodians,

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

July

18,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T. Rowe

Price

group

of

investment

companies

since

1973. #### REPORT

#### OF

#### INDEPENDENT

#### REGISTERED

#### PUBLIC

#### ACCOUNTING

#### FIRM
(continued)

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

#### TAX

#### INFORMATION
(UNAUDITED)

#### FOR

#### THE

#### TAX

#### YEAR

#### ENDED 5/31/25
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.

For

nonresident

alien

shareholders,

$81,251,000

of

income

dividends

are

interest-

related

dividends.

For

shareholders

subject

to

interest

expense

deduction

limitation

under

Section

163(j),

$81,742,000

of

the

fund's

income

qualifies

as

a

Section

163(j)

interest

dividend

and

can

be

treated

as

interest

income

for

purposes

of

Section

163(j),

subject

to

holding

period

requirements

and

other

limitations.

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
Each

year,

the

fund's

Board

of

Directors

(Board)

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

T. Rowe

Price

Associates,

Inc.

(Adviser).

In

that

regard,

at

a

meeting

held

on

March

12-13,

2025

(Meeting),

the

Board,

including

all

of

the

fund's

independent

directors

present

in

person

at

the

Meeting,

approved

the

continuation

of

the

fund's

Advisory

Contract.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

the

approval

of

the

Advisory

Contract.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

about

various

topics.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T. Rowe

Price

funds'

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

#### Services

#### Provided

#### by

#### the

#### Adviser
The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund's

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund's

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance

and

infrastructure,

as

well

as

compliance

with

new

regulatory

requirements

(e.g.,

derivatives

and

liquidity

risk

management);

maintaining

the

fund's

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser's

senior

management

team

and

investment

personnel

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser's

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board's

approval

of

the

continuation

of

the

Advisory

Contract.

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

#### Investment

#### Performance

#### of

#### the

#### Fund
The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T. Rowe

Price

funds.

In

connection

with

the

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

the

fund's

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2024. Additionally,

the

Board

reviewed

the

fund's

relative

performance

information

as

of

September

30,

2024,

which

ranked

the

returns

of

the

fund's

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contract

review

at

the

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

fund's

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund's

performance,

length

of

the

fund's

performance

track

record,

and

how

closely

the

fund's

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

noted

that,

as

of

December

31,

2024,

the

fund

lagged

its

benchmark

for

certain

performance

periods

and

the

fund's

total

returns

ranked

in

the

4th

quartile

for

certain

periods

when

compared

to

performance

peer

groups

selected

by

third-party

data

providers.

The

Adviser

provided

the

Board

with

information

addressing

the

fund's

performance

relative

to

its

benchmarks

and

performance

peers

during

the

applicable

periods

and

the

primary

reasons

for

such

results.

The

Board

considered

the

Adviser's

responses

relating

to

the

fund's

performance

during

certain

of

the

evaluated

periods

and

noted

that

it

will

continue

to

monitor

the

fund's

performance.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

fund's

performance,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board's

approval

of

the

continuation

of

the

Advisory

Contract.

#### Costs,

#### Benefits,

#### Profits,

#### and

#### Economies

#### of

#### Scale
The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates)

may

have

realized

from

its

relationship

with

the

fund,

including

any

research

received

under

soft-dollar

arrangements

with

broker-dealers.

In

considering

soft-dollar

arrangements,

the

Board

noted

that,

effective

January

1,

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
(continued)

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

2024,

the

Adviser

began

using

brokerage

commissions

in

connection

with

certain

T. Rowe

Price

funds'

securities

transactions

to

pay

for

research

when

permissible,

and

the

Board

considered

that

the

Adviser

may

receive

some

benefit

from

soft-

dollar

arrangements

pursuant

to

which

research

is

received

from

broker-dealers

that

execute

the

applicable

fund's

portfolio

transactions.

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T. Rowe

Price

funds.

The

Board

also

reviewed

estimates

of

the

profits

realized

from

managing

the

fund

in

particular,

and

the

Board

concluded

that

the

Adviser's

profits

were

reasonable

in

light

of

the

services

provided

to

the

fund.

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

based

on

the

fund's

average

daily

net

assets

and

the

fund

pays

its

own

expenses

of

operations.

The

fund's

shareholders

benefit

from

potential

economies

of

scale

through

a

decline

in

certain

operating

expenses

as

the

fund

grows

in

size.

However,

the

fund

is

also

subject

to

contractual

expense

limitations

that

require

the

Adviser

to

waive

its

fees

and/or

bear

any

expenses

that

would

otherwise

cause

the

expenses

of

a

share

class

of

the

fund

to

exceed

a

certain

percentage

based

on

the

class's

net

assets.

The

expense

limitations

mitigate

the

potential

for

an

increase

in

operating

expenses

above

a

certain

level

that

could

impact

shareholders.

The

fund

also

offers

a

Z

Class,

which

serves

as

an

underlying

investment

within

certain

T. Rowe

Price

fund

of

fund

arrangements.

The

Adviser

waives

its

advisory

fee

on

the

Z

Class

and

waives

or

bears

the

Z

Class's

other

operating

expenses,

with

certain

exceptions.

The

Board

considered

whether

the

advisory

fee

and

operating

expense

waivers

on

the

Z

Class

may

present

a

means

for

cross-

subsidization

of

the

Z

Class

by

other

share

classes

of

the

fund.

In

that

regard,

the

Board

noted

that

the

Z

Class

operating

expenses

are

covered

by

the

all-inclusive

fees

charged

by

the

investing

T. Rowe

Price

fund

of

funds

and

that

any

Z

Class

operating

expenses

not

covered

by

the

investing

T. Rowe

Price

funds

of

funds'

fees

are

paid

by

the

Adviser

and

not

by

shareholders

of

any

other

share

class

of

the

fund.

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
(continued)

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

In

addition,

the

Board

noted

that

the

fund

potentially

shares

in

indirect

economies

of

scale

through

the

Adviser's

ongoing

investments

in

its

business

in

support

of

the

T. Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

fund's

investors.

#### Fees

#### and

#### Expenses
The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i) contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Expense

Group);

and

(ii) actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

broader

set

of

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund's

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

by

the

Adviser

after

any

applicable

waivers,

reductions,

or

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

of

the

fund

after

any

waivers,

reductions,

or

reimbursements)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

However,

there

were

not

sufficient

funds

in

the

peer

groups

to

rank

within

quintiles.

The

information

provided

to

the

Board

indicated

that

the

fund's

contractual

management

fee

ranked

fourth

out

of

four

funds

(Expense

Group),

the

fund's

actual

management

fee

rate

ranked

first

out

of

four

funds

(Expense

Group)

and

first

out

of

three

funds

(Expense

Universe),

and

the

fund's

total

expenses

ranked

fourth

out

of

four

funds

(Expense

Group)

and

third

out

of

three

funds

(Expense

Universe).

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

to

investors

outside

the

United

States.

The

fee

schedules,

which

are

subject

to

change,

may

be

negotiated

under

certain

circumstances

and

may

differ

across

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
(continued)

T. ROWE

PRICE

U.S.

Limited

Duration

TIPS

Index

Fund

regions.

Management

provided

the

Board

with

information

about

the

Adviser's

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

domestic

and

international

businesses

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

and

ETF

("registered

fund")

business.

The

Board

considered

information

showing

that

the

Adviser's

registered

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

other

domestic

and

international

businesses

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser's

proprietary

registered

fund

business.

In

assessing

the

reasonableness

of

the

fund's

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

registered

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution's

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T. Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

fund

under

the

Advisory

Contract

are

reasonable.

#### Approval

#### of

#### the

#### Advisory

#### Contract
As

noted,

the

Board

approved

the

continuation

of

the

Advisory

Contract.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contract

(including

the

fees

to

be

charged

for

services

thereunder).

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
(continued)

1307

Point

Street

Baltimore,

Maryland

21231

T. Rowe

Price

Investment

Services,

Inc.

*Call* 

*1-800-225-5132* 

*to* 

*request* 

*a* 

*prospectus* 

*or* 

*summary* 

*prospectus;* 

*each* 

*includes* 

*investment* 

*objectives,* 

*risks,* 

*fees,* 

*expenses,* 

*and* 

*other* 

*information* 

*that* 

*you* 

*should* 

*read* 

*and* 

*consider* 

*carefully* 

*before* 

*investing.*

F1367-050

7/25

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

------

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

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

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | [The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached.](d828474dex99codeeth.htm) |
| (2) | Listing standards relating to recovery of erroneously awarded compensation: not applicable. |
| (3) | [Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](d828474dex99cert.htm) |
| (b) | [A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.](d828474dex99906ce.htm) |

---

------

#### 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. | T. Rowe Price Index Trust, Inc. |
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | July 18, 2025 |

---

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

---

| | |
|:---|:---|
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | July 18, 2025 |

---

---

| | |
|:---|:---|
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | July 18, 2025 |

---

## Ex-99.Cert

**Item 19. (a)(3)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price U.S. Limited Duration TIPS Index Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: July 18, 2025 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price U.S. Limited Duration TIPS Index Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: July 18, 2025 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 19. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price U.S. Limited Duration TIPS Index Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| Date: July 18, 2025 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

---

| | |
|:---|:---|
| Date: July 18, 2025 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I.**  **<u>INTRODUCTORY NOTE</u>** 

**A.** **General Statement.** 

This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds"**) has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act"**) and rules promulgated by the Securities and Exchange Commission thereunder (**"Regulations"**). This Price Funds' Code of Ethics (the **"S-O Code"**) applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) (**"Covered Officers"**). The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. (**"Group"**). The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers**.**"** A list of Covered Officers is attached as **Exhibit A**.

The Price Fund Advisers have, along with their parent, Group also maintained a comprehensive Global Code of Conduct (the **"Code of Conduct"**) and a Code of Ethics and Personal Transactions Policy (the "**Group Code**") since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code of Ethics for Principal Executive and Senior Financial Officers (the "**Group S-O Code**"), similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the "**S-O Codes**".

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

***The Introductory Note is a summary and should not be considered a substitute for reading and understanding the entire Policy. Associates must be familiar with all of their responsibilities under the Policy. Please refer to Section VI below for a list of the applicable rules/regulations. Capitalized terms are defined in Section IV. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them under the Glossary.***

**II.**  **<u>POLICY</u>** 

**Purpose of the Price Funds S-O Code.** 

The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish

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standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of
interest between personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price
Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Compliance.** Compliance with applicable governmental laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accountability.** Accountability for adherence to the Price Funds S-O Code.

**A.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** 

Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 (**"Investment Company Act"**), the Investment Advisers Act of 1940 (**"Investment Advisers Act"**) and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

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Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**III.**  **<u>PROCEDURES</u>** 

**A.** **Handling of Specific Types of Conflicts.** 

Each Covered Officer (and close family members) must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Entertainment.** 

Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Gifts.** 

Accept any gifts, except as permitted by the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Improper Personal Influence.** 

Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Taking Action at the Expense of a Price Fund.** 

Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Misuse of Price Funds' Transaction Information.** 

Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Outside Business Activities.** 

Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Service Providers.** 

Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Receipt of Payments.** 

Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Service as a Director or Trustee.** 

Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**B.** **Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Disclosure Requirements and Controls.** 

Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compliance with Applicable Law.** 

It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Fair Disclosure.** 

Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Initial and Annual Affirmations. Each Covered Officer must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable,
upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with requirements of the Price Funds S-O Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Reporting of Material Violations of the Price Funds S-O Code.** 

If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation (**"Report"**) to the Chief Compliance Officer of the Price Funds (**"CCO"**). Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B**.

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Annual Disclosures.** 

Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for Group.

**C.** **Administration of the Price Funds S-O Code.** 

The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price
Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered
Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of
the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price
Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Violations/Investigations.** The following procedures will be followed in investigating and enforcing the Price
Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported
to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a
recommendation to the appropriate Price Funds Board regarding

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the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe
Price Global Whistleblower Policy.

**D. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B**, the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**E. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

**IV.**  **<u>DEFINED TERMS</u>** 

Capitalized terms used herein shall have the meanings set forth below:

***Act*** means the Sarbanes-Oxley Act of 2002

***Code of Conduct*** means the Group Global Code of Conduct

***Covered Officers*** means the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for a Price Fund

***Group*** means T. Rowe Price Group, Inc.

***Group Code*** means the Group Global Code of Ethics and Conduct

***Group S-O Code*** means the Group Code of Ethics for Principal Executive and Senior Financial Officers

***Investment Advisers Act*** means the Investment Advisers Act of 1940

***Investment Company Act*** means Investment Company Act of 1940

***Price ETFs*** means the T. Rowe Price Exchange-Traded Funds

***Price Funds*** means the T. Rowe Price Mutual Funds and Exchange-Traded Funds

***Price Fund Advisers*** means the investment managers to the Price Funds listed on **Exhibit A**

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***Regulations*** means the rules promulgated by the Securities and Exchange Commission

***S-O Code*** means this Price Funds' Code of Ethics

***S-O Codes*** means the Group S-O Code and the Price Funds S-O Code

**V.**  **<u>RELATED POLICIES</u> <u>& PROCEDURES</u>** 

**VI.**  **<u>RELATED RULES</u> <u>& REGULATIONS</u>** 

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**Exhibit A** 

**Persons Covered by the Price Funds and Price ETFs S-0 Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

**Exhibit B** 

Savonne Lynn Ferguson, Chief Compliance Officer