| T. Rowe Price QM U.S. Bond Index Fund |
| Supplement to Prospectus and Summary Prospectus dated |
The fund currently has the following investment policy:
Under normal conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds that are held in its benchmark index.
Effective January 1, 2026, this investment policy will be replaced with the following:
| The date of this supplement is |
| F134-041 10/16/25 |