0001120924falseN-CSRST. ROWE PRICE QM U.S. BOND INDEX FUND, INC.N-1A2026-04-3000011209242025-11-012026-04-300001120924trp:C000005563Member2025-11-012026-04-300001120924trp:C000005563Member2026-04-300001120924trp:C000005563Membertrp:A0BNYMinus91282CMZ1SectorMember2026-04-300001120924trp:C000005563Membertrp:A0BNYMinus36179WQA9SectorMember2026-04-300001120924trp:C000005563Membertrp:A0BNYMinus06051GJE0SectorMember2026-04-300001120924trp:C000005563Membertrp:A0BNYMinus34966BAN6SectorMember2026-04-300001120924trp:C000005563Membertrp:A0BNYMinus08164HBA4SectorMember2026-04-300001120924trp:C000005563Membertrp:A0BNYMinus91087BAM2SectorMember2026-04-300001120924trp:C000005563Membertrp:A0BNYMinus2350366Z8SectorMember2026-04-300001120924trp:C000005563Membertrp:A0BNYMinus76105YYY9SectorMember2026-04-300001120924trp:C000005563Membertrp:Other0BNYMinus76105YYY9CTIMember2026-04-300001120924trp:C000005563Membertrp:USTreasuryNotesCTIMember2026-04-300001120924trp:C000005563Membertrp:FederalNationalMortgageAssnCTIMember2026-04-300001120924trp:C000005563Membertrp:USTreasuryBondsCTIMember2026-04-300001120924trp:C000005563Membertrp:FederalHomeLoanMortgageCTIMember2026-04-300001120924trp:C000005563Membertrp:GovernmentNationalMortgageAssnCTIMember2026-04-300001120924trp:C000005563Membertrp:FederalHomeLoanMortgageMultifamilyStructuredPTCCTIMember2026-04-300001120924trp:C000005563Membertrp:UMBSCTIMember2026-04-300001120924trp:C000005563Membertrp:BenchmarkMortgageTrustCTIMember2026-04-300001120924trp:C000005563Membertrp:CarvanaAutoReceivablesTrustCTIMember2026-04-300001120924trp:C000005563Membertrp:BankofAmericaCTIMember2026-04-300001120924trp:C000222343Member2025-11-012026-04-300001120924trp:C000222343Member2026-04-300001120924trp:C000222343Membertrp:A0BNYMinus91282CMZ1SectorMember2026-04-300001120924trp:C000222343Membertrp:A0BNYMinus36179WQA9SectorMember2026-04-300001120924trp:C000222343Membertrp:A0BNYMinus06051GJE0SectorMember2026-04-300001120924trp:C000222343Membertrp:A0BNYMinus34966BAN6SectorMember2026-04-300001120924trp:C000222343Membertrp:A0BNYMinus08164HBA4SectorMember2026-04-300001120924trp:C000222343Membertrp:A0BNYMinus91087BAM2SectorMember2026-04-300001120924trp:C000222343Membertrp:A0BNYMinus2350366Z8SectorMember2026-04-300001120924trp:C000222343Membertrp:A0BNYMinus76105YYY9SectorMember2026-04-300001120924trp:C000222343Membertrp:Other0BNYMinus76105YYY9CTIMember2026-04-300001120924trp:C000222343Membertrp:USTreasuryNotesCTIMember2026-04-300001120924trp:C000222343Membertrp:FederalNationalMortgageAssnCTIMember2026-04-300001120924trp:C000222343Membertrp:USTreasuryBondsCTIMember2026-04-300001120924trp:C000222343Membertrp:FederalHomeLoanMortgageCTIMember2026-04-300001120924trp:C000222343Membertrp:GovernmentNationalMortgageAssnCTIMember2026-04-300001120924trp:C000222343Membertrp:FederalHomeLoanMortgageMultifamilyStructuredPTCCTIMember2026-04-300001120924trp:C000222343Membertrp:UMBSCTIMember2026-04-300001120924trp:C000222343Membertrp:BenchmarkMortgageTrustCTIMember2026-04-300001120924trp:C000222343Membertrp:CarvanaAutoReceivablesTrustCTIMember2026-04-300001120924trp:C000222343Membertrp:BankofAmericaCTIMember2026-04-300001120924trp:C000222342Member2025-11-012026-04-300001120924trp:C000222342Member2026-04-300001120924trp:C000222342Membertrp:A0BNYMinus91282CMZ1SectorMember2026-04-300001120924trp:C000222342Membertrp:A0BNYMinus36179WQA9SectorMember2026-04-300001120924trp:C000222342Membertrp:A0BNYMinus06051GJE0SectorMember2026-04-300001120924trp:C000222342Membertrp:A0BNYMinus34966BAN6SectorMember2026-04-300001120924trp:C000222342Membertrp:A0BNYMinus08164HBA4SectorMember2026-04-300001120924trp:C000222342Membertrp:A0BNYMinus91087BAM2SectorMember2026-04-300001120924trp:C000222342Membertrp:A0BNYMinus2350366Z8SectorMember2026-04-300001120924trp:C000222342Membertrp:A0BNYMinus76105YYY9SectorMember2026-04-300001120924trp:C000222342Membertrp:Other0BNYMinus76105YYY9CTIMember2026-04-300001120924trp:C000222342Membertrp:USTreasuryNotesCTIMember2026-04-300001120924trp:C000222342Membertrp:FederalNationalMortgageAssnCTIMember2026-04-300001120924trp:C000222342Membertrp:USTreasuryBondsCTIMember2026-04-300001120924trp:C000222342Membertrp:FederalHomeLoanMortgageCTIMember2026-04-300001120924trp:C000222342Membertrp:GovernmentNationalMortgageAssnCTIMember2026-04-300001120924trp:C000222342Membertrp:FederalHomeLoanMortgageMultifamilyStructuredPTCCTIMember2026-04-300001120924trp:C000222342Membertrp:UMBSCTIMember2026-04-300001120924trp:C000222342Membertrp:BenchmarkMortgageTrustCTIMember2026-04-300001120924trp:C000222342Membertrp:CarvanaAutoReceivablesTrustCTIMember2026-04-300001120924trp:C000222342Membertrp:BankofAmericaCTIMember2026-04-30iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureutr:Dtrp:Holding

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: 811-10093

T. Rowe Price QM U.S. Bond Index Fund, 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: October 31

Date of reporting period: April 30, 2026

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

 

Image

Semi-Annual Shareholder Report

April 30, 2026

QM U.S. Bond Index Fund

Investor Class (PBDIX)

This semi-annual shareholder report contains important information about QM U.S. Bond Index Fund (the "fund") for the period of November 1, 2025 to April 30, 2026. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

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

Table Summary
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
QM U.S. Bond Index Fund - Investor Class
$12
0.25%

What are some fund statistics?

Fund Statistics

Table Summary
Total Net Assets (000s)
$2,389,066
Number of Portfolio Holdings
1,605
Table Summary
Portfolio Turnover Rate
37.3%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Table Summary
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
33.5%
U.S. Government & Agency Mortgage-Backed Securities
25.9
Corporate Bonds
25.4
Asset-Backed Securities
6.2
Non-U.S. Government Mortgage-Backed Securities
5.0
Foreign Government Obligations & Municipalities
1.5
Municipal Securities
1.3
Securities Lending Collateral
0.4
Short-Term and Other
0.8

Top Ten Holdings (as a % of Net Assets)

Table Summary
U.S. Treasury Notes
22.1%
Federal National Mortgage Assn.
12.0
U.S. Treasury Bonds
11.4
Federal Home Loan Mortgage
5.7
Government National Mortgage Assn.
4.6
Federal Home Loan Mortgage Multifamily Structured PTC
1.9
UMBS
1.8
Benchmark Mortgage Trust
0.6
Carvana Auto Receivables Trust
0.5
Bank of America
0.5

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.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F134-053 6/26

QM U.S. Bond Index Fund 

Investor Class (PBDIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Image
Image

Semi-Annual Shareholder Report

April 30, 2026

QM U.S. Bond Index Fund

I Class (TSBLX)

This semi-annual shareholder report contains important information about QM U.S. Bond Index Fund (the "fund") for the period of November 1, 2025 to April 30, 2026. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

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

Table Summary
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
QM U.S. Bond Index Fund - I Class
$6
0.12%

What are some fund statistics?

Fund Statistics

Table Summary
Total Net Assets (000s)
$2,389,066
Number of Portfolio Holdings
1,605
Table Summary
Portfolio Turnover Rate
37.3%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Table Summary
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
33.5%
U.S. Government & Agency Mortgage-Backed Securities
25.9
Corporate Bonds
25.4
Asset-Backed Securities
6.2
Non-U.S. Government Mortgage-Backed Securities
5.0
Foreign Government Obligations & Municipalities
1.5
Municipal Securities
1.3
Securities Lending Collateral
0.4
Short-Term and Other
0.8

Top Ten Holdings (as a % of Net Assets)

Table Summary
U.S. Treasury Notes
22.1%
Federal National Mortgage Assn.
12.0
U.S. Treasury Bonds
11.4
Federal Home Loan Mortgage
5.7
Government National Mortgage Assn.
4.6
Federal Home Loan Mortgage Multifamily Structured PTC
1.9
UMBS
1.8
Benchmark Mortgage Trust
0.6
Carvana Auto Receivables Trust
0.5
Bank of America
0.5

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.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F1364-053 6/26

QM U.S. Bond Index Fund 

I Class (TSBLX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Image
Image

Semi-Annual Shareholder Report

April 30, 2026

QM U.S. Bond Index Fund

Z Class (TSBZX)

This semi-annual shareholder report contains important information about QM U.S. Bond Index Fund (the "fund") for the period of November 1, 2025 to April 30, 2026. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

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

Table Summary
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
QM U.S. Bond Index Fund - Z Class
$0
0.00%

What are some fund statistics?

Fund Statistics

Table Summary
Total Net Assets (000s)
$2,389,066
Number of Portfolio Holdings
1,605
Table Summary
Portfolio Turnover Rate
37.3%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Table Summary
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
33.5%
U.S. Government & Agency Mortgage-Backed Securities
25.9
Corporate Bonds
25.4
Asset-Backed Securities
6.2
Non-U.S. Government Mortgage-Backed Securities
5.0
Foreign Government Obligations & Municipalities
1.5
Municipal Securities
1.3
Securities Lending Collateral
0.4
Short-Term and Other
0.8

Top Ten Holdings (as a % of Net Assets)

Table Summary
U.S. Treasury Notes
22.1%
Federal National Mortgage Assn.
12.0
U.S. Treasury Bonds
11.4
Federal Home Loan Mortgage
5.7
Government National Mortgage Assn.
4.6
Federal Home Loan Mortgage Multifamily Structured PTC
1.9
UMBS
1.8
Benchmark Mortgage Trust
0.6
Carvana Auto Receivables Trust
0.5
Bank of America
0.5

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.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F1365-053 6/26

QM U.S. Bond Index Fund 

Z Class (TSBZX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Image

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

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 is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

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
April
30,
2026
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PBDIX
QM
U.S.
Bond
Index
Fund
TSBLX
QM
U.S.
Bond
Index
Fund–
.
I Class
TSBZX
QM
U.S.
Bond
Index
Fund–
.
Z Class
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
Unaudited
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
4/30/26
..
Year
..
..
Ended
.
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
NET
ASSET
VALUE
Beginning
of
period
$
9
.76‌
$
9
.60‌
$
9
.03‌
$
9
.33‌
$
11
.40‌
$
11
.77‌
Investment
activities
Net
investment
income
(1)(2)
0
.20‌
0
.40‌
0
.38‌
0
.33‌
0
.24‌
0
.21‌
Net
realized
and
unrealized
gain/
loss
(
0
.15‌
)
0
.17‌
0
.57‌
(
0
.30‌
)
(
2
.07‌
)
(
0
.22‌
)
Total
from
investment
activities
0
.05‌
0
.57‌
0
.95‌
0
.03‌
(
1
.83‌
)
(
0
.01‌
)
Distributions
Net
investment
income
(
0
.20‌
)
(
0
.41‌
)
(
0
.38‌
)
(
0
.33‌
)
(
0
.24‌
)
(
0
.21‌
)
Net
realized
gain
—‌
—‌
—‌
—‌
—‌
(
0
.15‌
)
Total
distributions
(
0
.20‌
)
(
0
.41‌
)
(
0
.38‌
)
(
0
.33‌
)
(
0
.24‌
)
(
0
.36‌
)
NET
ASSET
VALUE
End
of
period
$
9
.61‌
$
9
.76‌
$
9
.60‌
$
9
.03‌
$
9
.33‌
$
11
.40‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
Unaudited
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
4/30/26
..
Year
..
..
Ended
.
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Ratios/Supplemental
Data
Total
return
(2)(3)
0
.52‌
%
6
.06‌
%
10
.63‌
%
0
.21‌
%
(
16
.20‌
)
%
(
0
.08‌
)
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.29‌
%
(4)
0
.29‌
%
0
.29‌
%
0
.27‌
%
0
.27‌
%
0
.23‌
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.25‌
%
(4)
0
.25‌
%
0
.25‌
%
0
.25‌
%
0
.25‌
%
0
.23‌
%
Net
investment
income
4
.19‌
%
(4)
4
.18‌
%
3
.96‌
%
3
.48‌
%
2
.23‌
%
1
.82‌
%
Portfolio
turnover
rate
(5)
37
.3‌
%
67
.0‌
%
78
.1‌
%
73
.9‌
%
203
.5‌
%
225
.2‌
%
Portfolio
turnover
rate,
excluding
mortgage
dollar
roll
transactions
17
.9‌
%
41
.2‌
%
44
.8‌
%
39
.3‌
%
64
.9‌
%
63
.7‌
%
Net
assets,
end
of
period
(in
millions)
$568
$594
$597
$574
$551
$1,310
0‌
%
0‌
%
0‌
%
0‌
%
0‌
%
0‌
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
(5)
The
portfolio
turnover
rate
calculation
includes
purchases
and
sales
from
the
mortgage
dollar
roll
transactions.
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
Unaudited
Financial
Highlights
4
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
4/30/26
..
Year
..
..
Ended
.
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
NET
ASSET
VALUE
Beginning
of
period
$
9
.77‌
$
9
.61‌
$
9
.03‌
$
9
.33‌
$
11
.41‌
$
11
.77‌
Investment
activities
Net
investment
income
(1)(2)
0
.21‌
0
.41‌
0
.39‌
0
.35‌
0
.27‌
0
.22‌
Net
realized
and
unrealized
gain/
loss
(
0
.16‌
)
0
.17‌
0
.58‌
(
0
.30‌
)
(
2
.09‌
)
(
0
.20‌
)
Total
from
investment
activities
0
.05‌
0
.58‌
0
.97‌
0
.05‌
(
1
.82‌
)
0
.02‌
Distributions
Net
investment
income
(
0
.21‌
)
(
0
.42‌
)
(
0
.39‌
)
(
0
.35‌
)
(
0
.26‌
)
(
0
.23‌
)
Net
realized
gain
—‌
—‌
—‌
—‌
—‌
(
0
.15‌
)
Total
distributions
(
0
.21‌
)
(
0
.42‌
)
(
0
.39‌
)
(
0
.35‌
)
(
0
.26‌
)
(
0
.38‌
)
NET
ASSET
VALUE
End
of
period
$
9
.61‌
$
9
.77‌
$
9
.61‌
$
9
.03‌
$
9
.33‌
$
11
.41‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
Unaudited
Financial
Highlights
5
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
4/30/26
..
Year
..
..
Ended
.
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Ratios/Supplemental
Data
Total
return
(2)(3)
0
.48‌
%
6
.19‌
%
10
.89‌
%
0
.34‌
%
(
16
.16‌
)
%
0
.12‌
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.12‌
%
(4)
0
.13‌
%
0
.13‌
%
0
.13‌
%
0
.13‌
%
0
.13‌
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.12‌
%
(4)
0
.12‌
%
0
.12‌
%
0
.12‌
%
0
.12‌
%
0
.12‌
%
Net
investment
income
4
.32‌
%
(4)
4
.31‌
%
4
.10‌
%
3
.61‌
%
2
.58‌
%
1
.94‌
%
Portfolio
turnover
rate
(5)
37
.3‌
%
67
.0‌
%
78
.1‌
%
73
.9‌
%
203
.5‌
%
225
.2‌
%
Portfolio
turnover
rate,
excluding
mortgage
dollar
roll
transactions
17
.9‌
%
41
.2‌
%
44
.8‌
%
39
.3‌
%
64
.9‌
%
63
.7‌
%
Net
assets,
end
of
period
(in
millions)
$1,017
$914
$787
$515
$510
$275
0‌
%
0‌
%
0‌
%
0‌
%
0‌
%
0‌
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
(5)
The
portfolio
turnover
rate
calculation
includes
purchases
and
sales
from
the
mortgage
dollar
roll
transactions.
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
Unaudited
Financial
Highlights
6
For
a
share
outstanding
throughout
each
period
Z
Class
6
Months
.
Ended
4/30/26
..
Year
..
..
Ended
.
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
NET
ASSET
VALUE
Beginning
of
period
$
9
.76‌
$
9
.60‌
$
9
.03‌
$
9
.33‌
$
11
.40‌
$
11
.77‌
Investment
activities
Net
investment
income
(1)(2)
0
.21‌
0
.43‌
0
.41‌
0
.36‌
0
.29‌
0
.24‌
Net
realized
and
unrealized
gain/
loss
(
0
.15‌
)
0
.16‌
0
.57‌
(
0
.30‌
)
(
2
.09‌
)
(
0
.22‌
)
Total
from
investment
activities
0
.06‌
0
.59‌
0
.98‌
0
.06‌
(
1
.80‌
)
0
.02‌
Distributions
Net
investment
income
(
0
.21‌
)
(
0
.43‌
)
(
0
.41‌
)
(
0
.36‌
)
(
0
.27‌
)
(
0
.24‌
)
Net
realized
gain
—‌
—‌
—‌
—‌
—‌
(
0
.15‌
)
Total
distributions
(
0
.21‌
)
(
0
.43‌
)
(
0
.41‌
)
(
0
.36‌
)
(
0
.27‌
)
(
0
.39‌
)
NET
ASSET
VALUE
End
of
period
$
9
.61‌
$
9
.76‌
$
9
.60‌
$
9
.03‌
$
9
.33‌
$
11
.40‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
Unaudited
Financial
Highlights
7
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Z
Class
6
Months
.
Ended
4/30/26
..
Year
..
..
Ended
.
10/31/25
10/31/24
10/31/23
10/31/22
10/31/21
Ratios/Supplemental
Data
Total
return
(2)(3)
0
.64‌
%
6
.32‌
%
10
.90‌
%
0
.46‌
%
(
15
.99‌
)
%
0
.15‌
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.10‌
%
(4)
0
.10‌
%
0
.10‌
%
0
.10‌
%
0
.10‌
%
0
.12‌
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.00‌
%
(4)
0
.00‌
%
0
.00‌
%
0
.00‌
%
0
.00‌
%
0
.00‌
%
Net
investment
income
4
.44‌
%
(4)
4
.43‌
%
4
.24‌
%
3
.80‌
%
2
.82‌
%
2
.07‌
%
Portfolio
turnover
rate
(5)
37
.3‌
%
67
.0‌
%
78
.1‌
%
73
.9‌
%
203
.5‌
%
225
.2‌
%
Portfolio
turnover
rate,
excluding
mortgage
dollar
roll
transactions
17
.9‌
%
41
.2‌
%
44
.8‌
%
39
.3‌
%
64
.9‌
%
63
.7‌
%
Net
assets,
end
of
period
(in
thousands)
$803,878
$504,700
$205,530
$79,290
$24,909
$1,879
0‌
%
0‌
%
0‌
%
0‌
%
0‌
%
0‌
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
(5)
The
portfolio
turnover
rate
calculation
includes
purchases
and
sales
from
the
mortgage
dollar
roll
transactions.
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
April
30,
2026
Unaudited
8
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
 6.2%
Car
Loan
 1.8%
Ally
Bank
Auto
Credit-Linked
Notes
Series
2024-B,
Class
B
5.117%,
9/15/32 (1)
185‌
186‌
Ally
Bank
Auto
Credit-Linked
Notes
Series
2025-A,
Class
A2
4.452%,
6/15/33 (1)
1,297‌
1,298‌
Ally
Bank
Auto
Credit-Linked
Notes
Series
2025-B,
Class
A2
4.305%,
9/15/33 (1)
1,500‌
1,500‌
ARI
Fleet
Lease
Trust
Series
2026-A,
Class
A2
3.96%,
11/15/34 (1)
700‌
698‌
ARI
Fleet
Lease
Trust
Series
2026-A,
Class
A3
4.09%,
11/15/34 (1)
260‌
258‌
Avis
Budget
Rental
Car
Funding
AESOP
Series
2025-3A,
Class
A
4.17%,
2/20/30 (1)
510‌
505‌
Avis
Budget
Rental
Car
Funding
AESOP
Series
2026-1A,
Class
B
4.57%,
8/20/30 (1)
425‌
419‌
Bayview
Opportunity
Master
Fund
VII
Series
2024-CAR1,
Class
A,
FRN
SOFR30A
+
1.10%,
4.745%,
12/26/31 (1)
101‌
102‌
Bridgecrest
Lending
Auto
Securitization
Trust
Series
2026-1,
Class
A3
4.04%,
12/17/29 
935‌
933‌
CarMax
Auto
Owner
Trust
Series
2023-3,
Class
B
5.47%,
2/15/29 
215‌
218‌
CarMax
Auto
Owner
Trust
Series
2025-4,
Class
A3
3.97%,
12/16/30 
760‌
756‌
CarMax
Auto
Owner
Trust
Series
2025-4,
Class
A4
4.08%,
6/16/31 
760‌
751‌
Carvana
Auto
Receivables
Trust
Series
2021-P4,
Class
C
2.33%,
2/10/28 
1,860‌
1,820‌
Carvana
Auto
Receivables
Trust
Series
2024-N1,
Class
B
5.63%,
5/10/30 (1)
635‌
639‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
Carvana
Auto
Receivables
Trust
Series
2024-P4,
Class
A3
4.64%,
1/10/30 
342‌
343‌
Carvana
Auto
Receivables
Trust
Series
2024-P4,
Class
A4
4.74%,
12/10/30 
620‌
623‌
Carvana
Auto
Receivables
Trust
Series
2025-P2,
Class
A4
4.75%,
6/10/31 
1,465‌
1,474‌
Carvana
Auto
Receivables
Trust
Series
2025-P4,
Class
A4
4.25%,
11/10/31 
2,040‌
2,026‌
Carvana
Auto
Receivables
Trust
Series
2026-P1,
Class
A4
4.35%,
7/12/32 
4,660‌
4,624‌
Carvana
Auto
Receivables
Trust
Series
2026-P1,
Class
B
4.76%,
7/12/32 
1,035‌
1,023‌
Chase
Auto
Owner
Trust
Series
2025-1A,
Class
A3
4.29%,
6/25/30 (1)
900‌
901‌
Enterprise
Fleet
Financing
Series
2024-3,
Class
A3
4.98%,
8/21/28 (1)
165‌
166‌
Enterprise
Fleet
Financing
Series
2024-3,
Class
A4
5.06%,
3/20/31 (1)
115‌
117‌
Enterprise
Fleet
Financing
Series
2024-4,
Class
A2
4.69%,
7/20/27 (1)
268‌
268‌
Enterprise
Fleet
Financing
Series
2024-4,
Class
A4
4.70%,
6/20/31 (1)
790‌
795‌
Enterprise
Fleet
Financing
Series
2025-3,
Class
A3
4.46%,
9/20/29 (1)
1,775‌
1,780‌
Exeter
Automobile
Receivables
Trust
Series
2025-4A,
Class
B
4.40%,
5/15/30 
1,335‌
1,334‌
Exeter
Automobile
Receivables
Trust
Series
2025-5A,
Class
A3
4.24%,
11/15/29 
975‌
975‌
Exeter
Select
Automobile
Receivables
Trust
Series
2025-2,
Class
A3
4.43%,
8/15/30 
1,155‌
1,155‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
Ford
Credit
Floorplan
Master
Owner
Trust
A
Series
2025-2,
Class
A1
4.06%,
9/15/30 
1,330‌
1,324‌
Ford
Credit
Floorplan
Master
Owner
Trust
A
Series
2025-2,
Class
B
4.33%,
9/15/30 
260‌
259‌
Huntington
Bank
Auto
Credit-Linked
Notes
Series
2024-1,
Class
B1
6.153%,
5/20/32 (1)
89‌
90‌
Huntington
Bank
Auto
Credit-Linked
Notes
Series
2025-1,
Class
B
4.957%,
3/21/33 (1)
892‌
894‌
Huntington
Bank
Auto
Credit-Linked
Notes
Series
2026-1,
Class
B1
4.503%,
2/20/34 (1)
1,586‌
1,577‌
Hyundai
Auto
Receivables
Trust
Series
2026-A,
Class
B
4.10%,
12/15/32 
610‌
601‌
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
Series
2025-1,
Class
A
4.18%,
9/25/30 (1)
1,730‌
1,728‌
Santander
Drive
Auto
Receivables
Trust
Series
2025-4,
Class
A3
4.17%,
4/15/30 
240‌
240‌
Santander
Drive
Auto
Receivables
Trust
Series
2026-1,
Class
A3
3.93%,
7/15/30 
980‌
975‌
Santander
Drive
Auto
Receivables
Trust
Series
2026-1,
Class
B
4.07%,
4/15/32 
1,455‌
1,439‌
SFS
Auto
Receivables
Securitization
Trust
Series
2024-2A,
Class
A3
5.33%,
11/20/29 (1)
617‌
623‌
SFS
Auto
Receivables
Securitization
Trust
Series
2024-2A,
Class
B
5.41%,
8/20/30 (1)
165‌
167‌
SFS
Auto
Receivables
Securitization
Trust
Series
2026-1A,
Class
A4
4.07%,
1/20/32 (1)
955‌
951‌
SFS
Auto
Receivables
Securitization
Trust
Series
2026-1A,
Class
B
4.27%,
6/21/32 (1)
810‌
799‌
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust
Series
2025-BA,
Class
B
4.47%,
7/20/29 (1)
585‌
584‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust
Series
2026-AA,
Class
A4
4.41%,
4/22/30 (1)
665‌
665‌
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust
Series
2026-AA,
Class
B
4.61%,
4/22/30 (1)
360‌
360‌
Wheels
Fleet
Lease
Funding
Series
2026-1A,
Class
A2A
4.30%,
4/18/39 (1)
1,660‌
1,659‌
42,622‌
Home
Equity
 0.0%
FIGRE
Trust
Series
2026-HF3,
Class
A1A,
FRN
SOFR30A
+
1.40%,
5.045%,
3/25/56 (1)
479‌
478‌
478‌
Other
Asset-Backed
Securities
 3.9%
Abry
Liquid
Credit
Series
2026-3A,
Class
A1,
CLO,
FRN
3M
TSFR
+
1.23%,
4.902%,
4/20/39 (1)
2,250‌
2,244‌
Affirm
Master
Trust
Series
2025-2A,
Class
A
4.67%,
7/15/33 (1)
3,215‌
3,225‌
Affirm
Master
Trust
Series
2026-2A,
Class
A
4.67%,
4/16/35 (1)
2,230‌
2,231‌
AGL
Series
2021-10A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.17%,
4.843%,
4/15/39 (1)
3,670‌
3,665‌
AGL
Series
2021-13A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.10%,
4.775%,
10/20/34 (1)
4,600‌
4,596‌
Anchorage
Capital
Series
2026-22A,
Class
AR4,
CLO,
FRN
3M
TSFR
+
1.23%,
4.809%,
1/20/39 (1)
1,175‌
1,176‌
Apex
Credit
Series
2025-13A,
Class
A1,
CLO,
FRN
3M
TSFR
+
1.35%,
5.021%,
1/22/39 (1)
840‌
842‌
ARES
LI
Series
2019-51A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.36%,
5.033%,
10/15/37 (1)
1,420‌
1,422‌
Ares
Loan
Funding
IX
Series
2025-ALF9A,
Class
A1,
CLO,
FRN
3M
TSFR
+
1.18%,
4.853%,
3/31/38 (1)
1,225‌
1,224‌
Atlas
Senior
Loan
Fund
XXII
Series
2023-22A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.30%,
4.978%,
4/20/39 (1)
950‌
951‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
Barings
Series
2023-4A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.17%,
4.845%,
1/20/39 (1)
1,530‌
1,528‌
Barings
III
Series
2021-3A,
Class
B1R,
CLO,
FRN
3M
TSFR
+
1.63%,
5.305%,
1/18/35 (1)
2,275‌
2,276‌
Battalion
XXV
Series
2024-25A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.75%,
5.425%,
3/13/37 (1)
3,690‌
3,694‌
Chenango
Park
Series
2018-1A,
Class
A2R,
CLO,
FRN
3M
TSFR
+
1.45%,
5.123%,
4/15/30 (1)
71‌
71‌
CIFC
Funding
Series
2018-1A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.32%,
4.995%,
1/18/38 (1)
935‌
936‌
CyrusOne
Data
Centers
Issuer
I
Series
2024-2A,
Class
A2
4.50%,
5/20/49 (1)
2,490‌
2,420‌
Dell
Equipment
Finance
Trust
Series
2024-1,
Class
C
5.73%,
3/22/30 (1)
100‌
101‌
Dell
Equipment
Finance
Trust
Series
2026-1A,
Class
A3
4.32%,
12/22/31 (1)
925‌
924‌
Dext
Series
2025-2,
Class
A3
4.23%,
4/15/36 (1)
365‌
364‌
Driven
Brands
Funding
Series
2020-1A,
Class
A2
3.786%,
7/20/50 (1)
370‌
356‌
Driven
Brands
Funding
Series
2021-1A,
Class
A2
2.791%,
10/20/51 (1)
1,588‌
1,430‌
Elara
HGV
Timeshare
Issuer
Series
2023-A,
Class
A
6.16%,
2/25/38 (1)
273‌
280‌
Elara
HGV
Timeshare
Issuer
Series
2023-A,
Class
B
6.53%,
2/25/38 (1)
219‌
225‌
Eldridge
Series
2025-2A,
Class
A1,
CLO,
FRN
3M
TSFR
+
1.28%,
4.935%,
1/20/39 (1)
2,045‌
2,046‌
Elmwood
Series
2022-7A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.20%,
4.828%,
1/20/39 (1)
1,160‌
1,160‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
Fortress
Credit
BSL
XIX
Series
2023-2A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.35%,
5.017%,
7/24/36 (1)
5,035‌
5,038‌
Halseypoint
6
Series
2022-6A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.35%,
5.025%,
1/20/38 (1)
1,710‌
1,711‌
Hardee's
Funding
Series
2024-1A,
Class
A2
7.253%,
3/20/54 (1)
949‌
966‌
Hilton
Grand
Vacations
Trust
Series
2025-2A,
Class
A
4.54%,
5/25/44 (1)
550‌
548‌
Jamestown
XV
Series
2020-15A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.05%,
4.723%,
7/15/35 (1)
1,385‌
1,384‌
Madison
Park
Funding
XXXIII
Series
2019-33A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.29%,
4.963%,
10/15/32 (1)
1,020‌
1,020‌
Madison
Park
Funding
XXXV
Series
2019-35A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.22%,
4.799%,
2/13/39 (1)
1,605‌
1,605‌
MVW
Series
2020-1A,
Class
A
1.74%,
10/20/37 (1)
83‌
82‌
Neuberger
Berman
Loan
Advisers
Series
2022-48A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.09%,
4.757%,
4/25/36 (1)
4,685‌
4,682‌
NMEF
Funding
Series
2025-A,
Class
A2
4.72%,
7/15/32 (1)
745‌
747‌
NMEF
Funding
Series
2026-A,
Class
A3
4.20%,
2/15/34 (1)
235‌
233‌
NMEF
Funding
Series
2026-A,
Class
B
4.48%,
2/15/34 (1)
150‌
148‌
OCP
Series
2017-13A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.34%,
5.012%,
11/26/37 (1)
2,370‌
2,374‌
Octane
Receivables
Trust
Series
2024-1A,
Class
A2
5.68%,
5/20/30 (1)
129‌
130‌
Octane
Receivables
Trust
Series
2024-RVM1,
Class
A
5.01%,
1/22/46 (1)
561‌
567‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
Octane
Receivables
Trust
Series
2025-RVM1,
Class
A
4.48%,
12/20/46 (1)
2,342‌
2,335‌
Orion
Series
2023-1A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.22%,
4.887%,
10/25/38 (1)
845‌
845‌
PEAC
Solutions
Receivables
Series
2025-1A,
Class
A2
4.94%,
10/20/28 (1)
1,846‌
1,855‌
PEAC
Solutions
Receivables
Series
2026-1A,
Class
A3
4.39%,
7/20/33 (1)
1,210‌
1,206‌
Post
Road
Equipment
Finance
Series
2024-1A,
Class
A2
5.59%,
11/15/29 (1)
33‌
33‌
Progress
Residential
Trust
Series
2021-SFR5,
Class
A
1.427%,
7/17/38 (1)
320‌
318‌
Progress
Residential
Trust
Series
2024-SFR5,
Class
A
3.00%,
8/17/41 (1)
737‌
697‌
Progress
Residential
Trust
Series
2025-SFR5,
Class
A
3.85%,
10/17/42 (1)
654‌
626‌
Regatta
XVI
Funding
Series
2019-2A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.19%,
4.863%,
4/15/39 (1)
855‌
855‌
Rockford
Tower
Series
2022-1A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.20%,
4.875%,
7/20/35 (1)
4,690‌
4,685‌
SCF
Equipment
Leasing
Series
2024-1A,
Class
C
5.82%,
9/20/32 (1)
840‌
855‌
SCF
Equipment
Leasing
Series
2025-1A,
Class
A2
4.82%,
7/22/30 (1)
525‌
526‌
SCF
Equipment
Leasing
Series
2025-1A,
Class
A3
5.11%,
11/21/33 (1)
1,250‌
1,266‌
SEB
Funding
Series
2024-1A,
Class
A2
7.386%,
4/30/54 (1)
686‌
697‌
SEB
Funding
Series
2026-1A,
Class
A2
6.665%,
1/30/56 (1)
3,392‌
3,363‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
Sierra
Timeshare
Receivables
Funding
Series
2025-2A,
Class
A
4.72%,
4/20/44 (1)
647‌
647‌
Sierra
Timeshare
Receivables
Funding
Series
2025-3A,
Class
A
4.44%,
8/22/44 (1)
272‌
271‌
Signal
Peak
Series
2016-3A,
Class
A1R4,
CLO,
FRN
3M
TSFR
+
1.30%,
4.96%,
4/23/39 (1)
700‌
701‌
Signal
Peak
Series
2018-5A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.55%,
5.217%,
4/25/37 (1)
2,310‌
2,314‌
Symphony
37
Series
2022-37A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.13%,
4.805%,
1/20/37 (1)
1,865‌
1,862‌
Symphony
XXXI
Series
2022-31A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.17%,
4.834%,
1/22/38 (1)
670‌
669‌
THL
Credit
Wind
River
Series
2019-3A,
Class
AR3,
CLO,
FRN
3M
TSFR
+
1.20%,
4.873%,
1/15/38 (1)
890‌
888‌
TPIC
SPV
Class
A
10.00%,
12/6/26,
(10.00%
PIK),
Acquisition
Date:
12/10/24,
Cost $126 (2)(3)(4)
154‌
167‌
TPIC
SPV
I
Series
2024-1A,
Class
A
7.131%,
11/30/44,
Acquisition
Date:
12/10/24,
Cost $1,880 (2)(3)
1,880‌
1,413‌
Tricon
Residential
Trust
Series
2024-SFR3,
Class
A
4.50%,
8/17/41 (1)
1,054‌
1,037‌
Verdant
Receivables
Series
2024-1A,
Class
A2
5.68%,
12/12/31 (1)
106‌
107‌
Verdant
Receivables
Series
2025-1A,
Class
B
5.37%,
5/12/33 (1)
100‌
101‌
Verizon
Master
Trust
Series
2026-1,
Class
A1A
3.94%,
2/20/31 
2,360‌
2,349‌
Wingspire
Equipment
Finance
Series
2025-1A,
Class
A2
4.33%,
9/20/33 (1)
295‌
295‌
93,605‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
Student
Loan
 0.5%
Bayview
Opportunity
Master
Fund
VII
Series
2025-EDU1,
Class
A,
FRN
SOFR30A
+
1.30%,
4.945%,
7/27/48 (1)
1,406‌
1,405‌
Navient
Education
Loan
Trust
Series
2026-A,
Class
A
4.86%,
9/15/56 (1)
1,015‌
1,011‌
Navient
Private
Education
Refi
Loan
Trust
Series
2019-CA,
Class
A2
3.13%,
2/15/68 (1)
147‌
146‌
Navient
Private
Education
Refi
Loan
Trust
Series
2020-A,
Class
A2A
2.46%,
11/15/68 (1)
386‌
376‌
Navient
Private
Education
Refi
Loan
Trust
Series
2020-GA,
Class
A
1.17%,
9/16/69 (1)
124‌
116‌
Navient
Private
Education
Refi
Loan
Trust
Series
2020-HA,
Class
A
1.31%,
1/15/69 (1)
101‌
96‌
Navient
Refinance
Loan
Trust
Series
2026-A,
Class
A
4.50%,
1/18/56 (1)
1,144‌
1,127‌
SMB
Private
Education
Loan
Trust
Series
2018-B,
Class
A2A
3.60%,
1/15/37 (1)
81‌
80‌
SMB
Private
Education
Loan
Trust
Series
2020-A,
Class
A2A
2.23%,
9/15/37 (1)
172‌
167‌
SMB
Private
Education
Loan
Trust
Series
2020-B,
Class
A1A
1.29%,
7/15/53 (1)
507‌
485‌
SMB
Private
Education
Loan
Trust
Series
2021-A,
Class
APT1
1.07%,
1/15/53 (1)
1,293‌
1,183‌
SMB
Private
Education
Loan
Trust
Series
2026-A,
Class
A1A
4.68%,
12/15/53 (1)
4,165‌
4,101‌
10,293‌
Total
Asset-Backed
Securities
(Cost
$147,782)
146,998‌
CORPORATE
BONDS
 25.4%
FINANCIAL
INSTITUTIONS
 9.6%
Banking
 5.1%
Ally
Financial,
2.20%,
11/2/28 
1,505‌
1,421‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
American
Express,
VR,
4.918%,
7/20/33 (5)
550‌
551‌
Banco
Santander,
3.49%,
5/28/30 
600‌
572‌
Bank
of
America,
6.00%,
10/15/36 
300‌
317‌
Bank
of
America,
7.75%,
5/14/38 
150‌
179‌
Bank
of
America,
VR,
2.592%,
4/29/31 (5)
1,875‌
1,732‌
Bank
of
America,
VR,
2.676%,
6/19/41 (5)
7,725‌
5,558‌
Bank
of
America,
VR,
2.831%,
10/24/51 (5)
260‌
160‌
Bank
of
America,
VR,
3.194%,
7/23/30 (5)
180‌
173‌
Bank
of
America,
VR,
3.824%,
1/20/28 (5)
2,280‌
2,271‌
Bank
of
America,
VR,
4.244%,
4/24/38 (5)
45‌
41‌
Bank
of
America,
VR,
5.425%,
8/15/35 (5)
2,000‌
2,007‌
Bank
of
Montreal,
Series
J,
VR,
4.439%,
1/14/32 (5)
1,900‌
1,874‌
Bank
of
New
York
Mellon,
VR,
4.596%,
7/26/30 (5)
170‌
171‌
Bank
of
New
York
Mellon,
VR,
6.474%,
10/25/34 (5)
1,440‌
1,572‌
Barclays,
VR,
4.837%,
9/10/28 (5)
230‌
231‌
Barclays,
VR,
5.674%,
3/12/28 (5)
1,045‌
1,055‌
Barclays,
VR,
5.69%,
3/12/30 (5)
2,840‌
2,914‌
BBVA
Mexico
Institucion
De
Banca
Multiple
Grupo
Financiero,
5.25%,
9/10/29 (6)
1,865‌
1,899‌
BNP
Paribas,
VR,
5.497%,
5/20/30 (1)(5)
2,750‌
2,812‌
Capital
One,
2.70%,
2/6/30 
2,000‌
1,874‌
Capital
One
Financial,
3.65%,
5/11/27 
1,430‌
1,421‌
Capital
One
Financial,
VR,
2.359%,
7/29/32 (5)
3,700‌
3,188‌
Capital
One
Financial,
VR,
6.051%,
2/1/35 (5)
365‌
378‌
Citigroup,
5.875%,
1/30/42 
450‌
460‌
Citigroup,
VR,
3.887%,
1/10/28 (5)
2,050‌
2,042‌
Citigroup,
VR,
4.075%,
4/23/29 (5)
1,920‌
1,905‌
Credit
Agricole,
VR,
4.656%,
1/12/32 (1)(5)
1,840‌
1,816‌
Danske
Bank,
VR,
5.705%,
3/1/30 (1)(5)
470‌
483‌
Fifth
Third
Bancorp,
VR,
4.566%,
4/29/32 (5)
2,180‌
2,146‌
Fifth
Third
Bancorp,
VR,
4.895%,
9/6/30 (5)
150‌
150‌
Fifth
Third
Bancorp,
VR,
6.339%,
7/27/29 (5)
460‌
476‌
Goldman
Sachs
Group,
3.80%,
3/15/30 
1,270‌
1,234‌
Goldman
Sachs
Group,
6.75%,
10/1/37 
455‌
494‌
Goldman
Sachs
Group,
VR,
5.065%,
1/21/37 (5)
3,705‌
3,621‌
Goldman
Sachs
Group,
VR,
5.218%,
4/23/31 (5)
390‌
396‌
Goldman
Sachs
Group,
VR,
5.734%,
1/28/56 (5)
2,645‌
2,579‌
HSBC
Bank
USA,
5.875%,
11/1/34 
550‌
573‌
HSBC
Holdings,
VR,
2.013%,
9/22/28 (5)
3,345‌
3,232‌
HSBC
Holdings,
VR,
6.161%,
3/9/29 (5)
320‌
329‌
HSBC
Holdings,
VR,
6.332%,
3/9/44 (5)
1,725‌
1,823‌
ING
Groep,
VR,
5.55%,
3/19/35 (5)
1,655‌
1,685‌
ING
Groep,
VR,
6.114%,
9/11/34 (5)
740‌
783‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
JPMorgan
Chase,
2.95%,
10/1/26 (6)
980‌
976‌
JPMorgan
Chase,
VR,
2.956%,
5/13/31 (5)
1,230‌
1,147‌
JPMorgan
Chase,
VR,
3.782%,
2/1/28 (5)
990‌
986‌
JPMorgan
Chase,
VR,
3.882%,
7/24/38 (5)
4,905‌
4,313‌
JPMorgan
Chase,
VR,
4.995%,
7/22/30 (5)
340‌
344‌
JPMorgan
Chase,
VR,
5.299%,
7/24/29 (5)
3,170‌
3,223‌
JPMorgan
Chase,
VR,
5.576%,
7/23/36 (5)
1,315‌
1,337‌
Manufacturers
&
Traders
Trust,
VR,
4.762%,
7/6/28 (5)
1,455‌
1,459‌
Mitsubishi
UFJ
Financial
Group,
VR,
4.505%,
1/14/32 (5)
2,690‌
2,649‌
Morgan
Stanley,
3.125%,
7/27/26 
2,000‌
1,995‌
Morgan
Stanley,
6.25%,
8/9/26 
175‌
176‌
Morgan
Stanley,
VR,
3.217%,
4/22/42 (5)
830‌
628‌
Morgan
Stanley,
VR,
4.493%,
1/16/32 (5)
675‌
664‌
Morgan
Stanley,
VR,
5.042%,
7/19/30 (5)
170‌
172‌
Morgan
Stanley,
VR,
5.656%,
4/18/30 (5)
2,975‌
3,056‌
Morgan
Stanley
Private
Bank,
VR,
4.734%,
7/18/31 (5)
3,785‌
3,779‌
National
Bank
of
Canada,
VR,
4.166%,
1/20/29 (5)
2,075‌
2,065‌
Northern
Trust,
4.15%,
11/19/30 
2,080‌
2,063‌
PNC
Financial
Services
Group,
VR,
5.373%,
7/21/36 (5)
495‌
497‌
Royal
Bank
of
Canada,
VR,
4.969%,
8/2/30 (5)
170‌
172‌
Santander
Holdings
USA,
VR,
6.342%,
5/31/35 (5)(6)
1,925‌
2,029‌
Santander
Holdings
USA,
VR,
6.499%,
3/9/29 (5)
885‌
913‌
Santander
Holdings
USA,
VR,
6.565%,
6/12/29 (5)
140‌
145‌
Santander
U.K.
Group
Holdings,
VR,
4.32%,
9/22/29 (5)
1,190‌
1,180‌
Skandinaviska
Enskilda
Banken,
5.125%,
3/5/27 (1)
2,930‌
2,954‌
Societe
Generale,
5.25%,
2/19/27 (1)
1,230‌
1,238‌
Societe
Generale,
VR,
6.066%,
1/19/35 (1)(5)
1,305‌
1,350‌
Standard
Chartered,
VR,
4.529%,
6/5/32 (1)(5)(6)
2,965‌
2,901‌
Standard
Chartered,
VR,
5.243%,
1/13/37 (1)(5)
1,060‌
1,038‌
Toronto-Dominion
Bank,
4.994%,
4/5/29 
2,200‌
2,234‌
Truist
Financial,
1.95%,
6/5/30 
1,470‌
1,330‌
U.S.
Bancorp,
VR,
5.10%,
7/23/30 (5)
170‌
173‌
U.S.
Bancorp,
VR,
5.384%,
1/23/30 (5)
665‌
681‌
Wells
Fargo,
VR,
2.393%,
6/2/28 (5)
2,415‌
2,362‌
Wells
Fargo,
VR,
2.879%,
10/30/30 (5)
2,925‌
2,761‌
Wells
Fargo,
VR,
3.068%,
4/30/41 (5)
50‌
38‌
Wells
Fargo,
VR,
5.574%,
7/25/29 (5)
1,250‌
1,278‌
Wells
Fargo,
VR,
5.605%,
4/23/36 (5)
330‌
338‌
Wells
Fargo,
VR,
5.707%,
4/22/28 (5)
1,895‌
1,917‌
Wells
Fargo,
VR,
6.303%,
10/23/29 (5)
1,380‌
1,436‌
Westpac
New
Zealand,
5.195%,
2/28/29 (1)
1,935‌
1,974‌
122,569‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
Brokerage
Asset
Managers
Exchanges
 0.4%
Charles
Schwab,
VR,
4.914%,
11/14/36 (5)
3,165‌
3,085‌
Intercontinental
Exchange,
1.85%,
9/15/32 
1,735‌
1,466‌
Intercontinental
Exchange,
5.25%,
6/15/31 
1,585‌
1,634‌
LPL
Holdings,
5.65%,
3/15/35 
3,700‌
3,696‌
9,881‌
Finance
Companies
 0.2%
Ares
Capital,
3.20%,
11/15/31 (6)
80‌
70‌
Avolon
Holdings
Funding,
6.375%,
5/4/28 (1)
1,560‌
1,606‌
GATX,
6.05%,
3/15/34 
1,785‌
1,885‌
3,561‌
Financial
Other
 0.1%
Atlas
Warehouse
Lending,
4.625%,
11/15/28 (1)
3,065‌
3,027‌
HA
Sustainable
Infrastructure
Capital,
6.375%,
7/1/34 
130‌
133‌
3,160‌
Insurance
 2.6%
Allstate,
6.125%,
12/15/32 
150‌
158‌
American
International
Group,
3.875%,
1/15/35 
425‌
390‌
American
International
Group,
5.45%,
5/7/35 
130‌
133‌
Aon
Corp.,
5.00%,
9/12/32 
3,075‌
3,093‌
Arthur
J
Gallagher,
4.85%,
12/15/29 
445‌
449‌
Athene
Global
Funding,
4.86%,
8/27/26 (1)
3,330‌
3,334‌
Athene
Global
Funding,
5.033%,
7/17/30 (1)
990‌
981‌
Athene
Global
Funding,
5.543%,
8/22/35 (1)(6)
140‌
138‌
Centene,
2.45%,
7/15/28 
170‌
160‌
Centene,
3.375%,
2/15/30 
1,545‌
1,436‌
CNA
Financial,
5.20%,
8/15/35 
130‌
128‌
CNO
Global
Funding,
4.95%,
9/9/29 (1)
515‌
518‌
Corebridge
Global
Funding,
4.25%,
8/21/28 (1)
885‌
878‌
Corebridge
Global
Funding,
4.65%,
8/20/27 (1)
1,075‌
1,077‌
Elevance
Health,
4.55%,
3/1/48 
1,135‌
940‌
Elevance
Health,
4.65%,
1/15/43 
485‌
424‌
Enact
Holdings,
6.25%,
5/28/29 
505‌
522‌
Fidelity
National
Financial,
4.50%,
8/15/28 
1,615‌
1,607‌
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve,
5.45%,
6/15/34 (1)
1,095‌
1,094‌
Humana,
5.375%,
4/15/31 
785‌
796‌
Humana,
5.95%,
3/15/34 
835‌
856‌
Jackson
National
Life
Global
Funding,
4.70%,
6/5/28 (1)
2,970‌
2,966‌
Jackson
National
Life
Global
Funding,
4.90%,
1/13/27 (1)
3,620‌
3,632‌
Liberty
Mutual
Group,
4.85%,
8/1/44 (1)
1,370‌
1,171‌
MassMutual
Global
Funding
II,
5.10%,
4/9/27 (1)
2,940‌
2,967‌
Met
Tower
Global
Funding,
4.00%,
1/14/29 (1)
1,895‌
1,873‌
New
York
Life
Global
Funding,
4.05%,
2/2/29 (1)
4,525‌
4,492‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
20
Par/Shares
$
Value
(Amounts
in
000s)
New
York
Life
Insurance,
3.75%,
5/15/50 (1)
1,415‌
1,030‌
Pacific
Life
Global
Funding
II,
4.375%,
2/3/31 (1)
3,795‌
3,766‌
Pricoa
Global
Funding
I,
4.35%,
11/25/30 (1)
5,380‌
5,318‌
Principal
Financial
Group,
2.125%,
6/15/30 
1,900‌
1,722‌
Principal
Financial
Group,
3.70%,
5/15/29 
10‌
10‌
Principal
Financial
Group,
4.111%,
2/15/28 (1)
1,100‌
1,091‌
RenaissanceRe
Holdings,
5.75%,
6/5/33 
120‌
124‌
RGA
Global
Funding,
4.35%,
8/25/28 (1)
1,150‌
1,144‌
RGA
Global
Funding,
4.60%,
11/25/30 (1)
1,600‌
1,588‌
RGA
Global
Funding,
5.00%,
8/25/32 (1)
130‌
129‌
RGA
Global
Funding,
5.448%,
5/24/29 (1)
1,730‌
1,769‌
Sammons
Financial
Group
Global
Funding,
4.80%,
12/12/30 (1)
1,790‌
1,776‌
Teachers
Insurance
&
Annuity
Association
of
America,
4.27%,
5/15/47 (1)
1,400‌
1,121‌
Travelers,
6.25%,
6/15/37 
225‌
246‌
UnitedHealth
Group,
2.00%,
5/15/30 
10‌
9‌
UnitedHealth
Group,
3.50%,
8/15/39 
1,960‌
1,600‌
UnitedHealth
Group,
4.40%,
6/15/28 
330‌
331‌
UnitedHealth
Group,
4.75%,
7/15/45 
900‌
790‌
UnitedHealth
Group,
5.20%,
4/15/63 
120‌
105‌
UnitedHealth
Group,
5.50%,
7/15/44 
170‌
165‌
UnitedHealth
Group,
5.75%,
7/15/64 
1,790‌
1,712‌
Willis
North
America,
4.50%,
9/15/28 
1,110‌
1,109‌
62,868‌
Real
Estate
Investment
Trusts
 1.2%
AvalonBay
Communities,
4.35%,
12/1/30 
3,225‌
3,197‌
Brixmor
Operating
Partnership,
3.90%,
3/15/27 
495‌
494‌
Brixmor
Operating
Partnership,
4.05%,
7/1/30 
760‌
741‌
Brixmor
Operating
Partnership,
4.85%,
2/15/33 
440‌
433‌
Essex
Portfolio,
2.65%,
3/15/32 
660‌
583‌
Essex
Portfolio,
4.50%,
3/15/48 
1,455‌
1,188‌
Essex
Portfolio,
4.875%,
2/15/36 
3,050‌
2,948‌
Extra
Space
Storage,
4.00%,
6/15/29 
15‌
15‌
Extra
Space
Storage,
4.95%,
1/15/33 
755‌
748‌
Global
Net
Lease,
3.75%,
12/15/27 (1)
130‌
127‌
Healthcare
Realty
Holdings,
3.625%,
1/15/28 
605‌
595‌
Healthpeak
OP,
2.125%,
12/1/28 
710‌
670‌
Healthpeak
OP,
2.875%,
1/15/31 
420‌
386‌
Healthpeak
OP,
5.375%,
2/15/35 
140‌
140‌
Invitation
Homes
Operating
Partnership,
4.875%,
2/1/35 
140‌
135‌
Kilroy
Realty,
5.875%,
10/15/35 
130‌
126‌
Prologis,
4.00%,
9/15/28 
2,110‌
2,096‌
Public
Storage
Operating,
1.95%,
11/9/28 
1,285‌
1,214‌
Realty
Income,
2.20%,
6/15/28 
685‌
656‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
21
Par/Shares
$
Value
(Amounts
in
000s)
Realty
Income,
3.95%,
8/15/27 
835‌
831‌
Regency
Centers,
3.60%,
2/1/27 
350‌
348‌
Regency
Centers,
4.125%,
3/15/28 
520‌
518‌
Regency
Centers,
4.40%,
2/1/47 
2,000‌
1,665‌
Regency
Centers,
5.25%,
1/15/34 
1,340‌
1,355‌
Simon
Property
Group,
3.80%,
7/15/50 (6)
2,830‌
2,095‌
Simon
Property
Group,
4.30%,
1/15/31 
1,120‌
1,104‌
Welltower
OP,
5.125%,
7/1/35 
3,390‌
3,396‌
27,804‌
Total
Financial
Institutions
229,843‌
INDUSTRIAL
 13.4%
Basic
Industry
 0.2%
Anglo
American
Capital,
4.625%,
3/19/31 (1)
740‌
733‌
ArcelorMittal,
6.55%,
11/29/27 
130‌
134‌
BHP
Billiton
Finance
USA,
4.75%,
2/28/28 
150‌
151‌
Celulosa
Arauco
y
Constitucion,
3.875%,
11/2/27 
570‌
563‌
Freeport-McMoRan,
4.125%,
3/1/28 
140‌
139‌
Freeport-McMoRan,
5.45%,
3/15/43 
274‌
262‌
Nutrien,
4.00%,
12/15/26 
525‌
524‌
Sherwin-Williams,
4.80%,
9/1/31 
2,400‌
2,414‌
Sherwin-Williams,
5.15%,
8/15/35 
170‌
171‌
5,091‌
Capital
Goods
 1.5%
Amcor
Flexibles
North
America,
5.10%,
3/17/30 
140‌
142‌
Amphenol,
5.05%,
4/5/29 
925‌
944‌
Boeing,
3.60%,
5/1/34 
2,000‌
1,797‌
Boeing,
6.528%,
5/1/34 
1,715‌
1,876‌
Caterpillar
Financial
Services,
5.00%,
5/14/27 
4,225‌
4,270‌
CNH
Industrial
Capital,
4.375%,
3/7/31 
4,400‌
4,312‌
CNH
Industrial
Capital,
4.50%,
10/8/27 
130‌
130‌
CRH
America
Finance,
3.95%,
4/4/28 (1)
1,700‌
1,686‌
GE
Vernova,
4.875%,
2/4/36 
2,920‌
2,887‌
Honeywell
Aerospace,
5.732%,
3/16/56 (1)
2,185‌
2,146‌
Howmet
Aerospace,
6.75%,
1/15/28 
130‌
135‌
Ingersoll
Rand,
5.176%,
6/15/29 
3,131‌
3,200‌
John
Deere
Capital,
4.40%,
9/8/31 
2,530‌
2,524‌
John
Deere
Capital,
4.50%,
1/8/27 
1,840‌
1,846‌
L3Harris
Technologies,
5.05%,
6/1/29 
1,300‌
1,323‌
Lockheed
Martin,
4.07%,
12/15/42 
184‌
155‌
Owens
Corning,
5.70%,
6/15/34 (6)
1,235‌
1,281‌
Parker-Hannifin,
3.25%,
6/14/29 
140‌
135‌
Regal
Rexnord,
6.05%,
4/15/28 
130‌
133‌
Regal
Rexnord,
6.40%,
4/15/33 
1,640‌
1,743‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
22
Par/Shares
$
Value
(Amounts
in
000s)
RTX,
3.125%,
7/1/50 
250‌
164‌
Tyco
Electronics
Group,
4.875%,
2/9/36 
1,820‌
1,791‌
United
Rentals
North
America,
6.00%,
12/15/29 (1)
120‌
122‌
34,742‌
Communications
 1.9%
America
Movil,
6.375%,
3/1/35 
300‌
326‌
American
Tower,
4.70%,
12/15/32 
1,120‌
1,105‌
AT&T,
2.75%,
6/1/31 
3,300‌
3,011‌
AT&T,
4.35%,
3/1/29 
1,020‌
1,018‌
AT&T,
4.55%,
11/1/32 
1,285‌
1,260‌
AT&T,
5.40%,
2/15/34 
2,415‌
2,458‌
Charter
Communications
Operating,
2.80%,
4/1/31 
2,365‌
2,118‌
Charter
Communications
Operating,
3.70%,
4/1/51 
1,795‌
1,100‌
Charter
Communications
Operating,
6.10%,
6/1/29 
690‌
712‌
Comcast,
2.65%,
2/1/30 
10‌
9‌
Comcast,
3.20%,
7/15/36 (6)
80‌
67‌
Comcast,
5.50%,
5/15/64 
2,490‌
2,169‌
Crown
Castle,
2.10%,
4/1/31 
2,300‌
2,016‌
Crown
Castle,
2.25%,
1/15/31 
1,665‌
1,476‌
Crown
Castle,
3.70%,
6/15/26 
700‌
699‌
Crown
Castle,
4.90%,
9/1/29 
160‌
161‌
Meta
Platforms,
5.50%,
11/15/45 
3,125‌
2,905‌
Meta
Platforms,
5.60%,
5/15/53 
1,825‌
1,677‌
Meta
Platforms,
5.625%,
11/15/55 
260‌
238‌
NTT
Finance,
4.876%,
7/16/30 (1)
1,160‌
1,168‌
Orange,
4.75%,
1/13/33 (1)
1,830‌
1,807‌
Rogers
Communications,
5.00%,
2/15/29 
1,615‌
1,628‌
Rogers
Communications,
5.30%,
2/15/34 
1,885‌
1,876‌
T-Mobile
USA,
3.75%,
4/15/27 
3,565‌
3,550‌
T-Mobile
USA,
4.95%,
11/15/35 
2,880‌
2,811‌
T-Mobile
USA,
5.00%,
2/15/36 (6)
1,300‌
1,273‌
T-Mobile
USA,
6.70%,
12/15/33 
150‌
164‌
Telefonica
Europe,
8.25%,
9/15/30 
130‌
147‌
Time
Warner
Cable,
6.55%,
5/1/37 
395‌
397‌
Time
Warner
Cable,
6.75%,
6/15/39 
2,580‌
2,556‌
Time
Warner
Enterprises,
8.375%,
7/15/33 
50‌
57‌
Verizon
Communications,
1.68%,
10/30/30 
625‌
552‌
Verizon
Communications,
4.00%,
3/22/50 
1,500‌
1,126‌
Verizon
Communications,
4.75%,
1/15/33 
1,930‌
1,906‌
45,543‌
Consumer
Cyclical
 2.1%
Airbnb,
4.65%,
3/16/31 
930‌
928‌
Alibaba
Group
Holding,
4.00%,
12/6/37 
2,300‌
2,091‌
Amazon.com,
4.65%,
11/20/35 
4,085‌
3,975‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
23
Par/Shares
$
Value
(Amounts
in
000s)
Amazon.com,
5.65%,
3/13/46 
2,365‌
2,330‌
American
Honda
Finance,
4.55%,
7/9/27 
1,645‌
1,647‌
American
Honda
Finance,
4.90%,
3/12/27 
2,790‌
2,805‌
AutoZone,
1.65%,
1/15/31 
2,000‌
1,744‌
AutoZone,
3.75%,
6/1/27 
20‌
20‌
AutoZone,
5.05%,
7/15/26 
1,390‌
1,391‌
BorgWarner,
4.95%,
8/15/29 
130‌
132‌
CBRE
Services,
4.90%,
1/15/33 
745‌
736‌
CBRE
Services,
5.50%,
4/1/29 
580‌
594‌
Daimler
Truck
Finance
North
America,
4.15%,
1/12/29 (1)
785‌
775‌
Daimler
Truck
Finance
North
America,
5.375%,
1/18/34 (1)
560‌
564‌
Ford
Motor
Credit,
5.125%,
11/5/26 
1,435‌
1,437‌
Ford
Motor
Credit,
7.122%,
11/7/33 
635‌
674‌
General
Motors,
6.60%,
4/1/36 
150‌
161‌
General
Motors
Financial,
4.90%,
10/6/29 
70‌
70‌
General
Motors
Financial,
5.45%,
1/8/36 (6)
650‌
645‌
General
Motors
Financial,
5.55%,
7/15/29 
600‌
615‌
GLP
Capital,
3.25%,
1/15/32 
150‌
134‌
Home
Depot,
5.875%,
12/16/36 
3,000‌
3,192‌
Hyundai
Capital
America,
4.55%,
1/8/31 (1)
850‌
837‌
Hyundai
Capital
America,
4.90%,
6/23/28 (1)
1,950‌
1,959‌
Hyundai
Capital
America,
5.35%,
3/19/29 (1)
500‌
509‌
Hyundai
Capital
America,
5.40%,
6/23/32 (1)
120‌
122‌
Las
Vegas
Sands,
3.90%,
8/8/29 
140‌
135‌
Lowe's,
4.25%,
3/15/31 
2,370‌
2,334‌
Lowe's,
4.45%,
4/1/62 
1,890‌
1,434‌
O'Reilly
Automotive,
3.60%,
9/1/27 
20‌
20‌
O'Reilly
Automotive,
3.90%,
6/1/29 
2,470‌
2,435‌
O'Reilly
Automotive,
5.75%,
11/20/26 
390‌
393‌
PACCAR
Financial,
5.00%,
5/13/27 (6)
3,070‌
3,100‌
PACCAR
Financial,
5.20%,
11/9/26 
2,895‌
2,911‌
Ross
Stores,
1.875%,
4/15/31 
300‌
264‌
Royal
Caribbean
Cruises,
6.25%,
3/15/32 (1)
130‌
133‌
TJX,
1.60%,
5/15/31 
1,425‌
1,248‌
Toyota
Motor
Credit,
4.05%,
9/5/28 
2,680‌
2,671‌
Uber
Technologies,
4.30%,
1/15/30 
2,710‌
2,689‌
VICI
Properties,
4.125%,
8/15/30 (1)
150‌
144‌
Volkswagen
Group
of
America
Finance,
4.95%,
8/15/29 (1)
495‌
497‌
50,495‌
Consumer
Non-Cyclical
 2.8%
AbbVie,
3.20%,
5/14/26 
225‌
225‌
AbbVie,
4.50%,
5/14/35 
1,235‌
1,192‌
AbbVie,
4.80%,
3/15/29 
1,315‌
1,334‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
24
Par/Shares
$
Value
(Amounts
in
000s)
Amgen,
2.60%,
8/19/26 
1,275‌
1,269‌
Amgen,
2.77%,
9/1/53 
1,239‌
723‌
Amgen,
5.15%,
3/2/28 
1,615‌
1,637‌
Anheuser-Busch
InBev
Worldwide,
5.45%,
1/23/39 
30‌
30‌
Astrazeneca
Finance,
4.875%,
3/3/28 
2,300‌
2,332‌
Augusta
SpinCo,
4.656%,
3/23/31 
2,095‌
2,089‌
Banner
Health,
1.897%,
1/1/31 
850‌
757‌
BAT
Capital,
4.39%,
8/15/37 
3,395‌
3,089‌
BAT
Capital,
5.834%,
2/20/31 
845‌
884‌
Baxter
International,
3.95%,
4/1/30 
140‌
135‌
Centra
Health,
4.70%,
1/1/48 
25‌
20‌
Cigna
Group,
4.50%,
9/15/30 
380‌
380‌
Cigna
Group,
4.90%,
12/15/48 
2,100‌
1,817‌
CommonSpirit
Health,
2.782%,
10/1/30 
980‌
904‌
CommonSpirit
Health,
3.91%,
10/1/50 
40‌
29‌
Conagra
Brands,
5.75%,
8/1/35 (6)
140‌
141‌
Conopco,
6.625%,
4/15/28 
5‌
5‌
CVS
Health,
1.875%,
2/28/31 
1,135‌
995‌
CVS
Health,
3.25%,
8/15/29 
180‌
173‌
CVS
Health,
4.125%,
4/1/40 
50‌
42‌
CVS
Health,
5.00%,
9/15/32 
420‌
421‌
CVS
Health,
5.125%,
7/20/45 
925‌
817‌
CVS
Health,
5.40%,
6/1/29 
1,360‌
1,391‌
CVS
Health,
6.00%,
6/1/63 
2,705‌
2,564‌
Eli
Lilly,
4.90%,
10/15/35 (6)
4,400‌
4,393‌
Hackensack
Meridian
Health,
4.211%,
7/1/48 
1,680‌
1,368‌
HCA,
4.125%,
6/15/29 
1,695‌
1,671‌
HCA,
5.25%,
3/1/30 
160‌
163‌
HCA,
5.45%,
9/15/34 
890‌
901‌
Indiana
University
Health
Obligated
Group,
3.97%,
11/1/48 
1,030‌
808‌
IQVIA,
6.25%,
2/1/29 
735‌
763‌
JDE
Peet's,
1.375%,
1/15/27 (1)
1,245‌
1,218‌
Kenvue,
5.10%,
3/22/43 
140‌
133‌
Keurig
Dr
Pepper,
2.55%,
9/15/26 
450‌
447‌
Keurig
Dr
Pepper,
4.60%,
5/15/30 
150‌
149‌
Kraft
Heinz
Foods,
5.00%,
6/4/42 
160‌
141‌
Kraft
Heinz
Foods,
6.875%,
1/26/39 
3,600‌
3,912‌
Mars,
4.60%,
3/1/28 (1)
2,120‌
2,133‌
Mars,
4.80%,
3/1/30 (1)
120‌
121‌
Mattel,
5.45%,
11/1/41 
130‌
118‌
McCormick,
4.15%,
2/15/29 
1,430‌
1,417‌
Medline
Borrower,
6.25%,
4/1/29 (1)
120‌
123‌
MedStar
Health,
Series
20A,
3.626%,
8/15/49 
920‌
666‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
25
Par/Shares
$
Value
(Amounts
in
000s)
Memorial
Sloan-Kettering
Cancer
Center,
Series
2015,
4.20%,
7/1/55 
600‌
479‌
Mondelez
International,
4.75%,
2/20/29 
3,800‌
3,841‌
Nestle
Holdings,
4.85%,
3/14/33 (1)
2,700‌
2,738‌
Northwell
Healthcare,
3.979%,
11/1/46 (6)
1,275‌
986‌
Pfizer,
4.50%,
11/15/32 
3,245‌
3,214‌
Revvity,
1.90%,
9/15/28 
1,575‌
1,481‌
Revvity,
3.30%,
9/15/29 
130‌
125‌
Roche
Holdings,
4.075%,
12/2/30 (1)
2,110‌
2,082‌
Solventum,
5.40%,
3/1/29 
673‌
688‌
Stanford
Health
Care,
Series
2018,
3.795%,
11/15/48 
440‌
335‌
West
Virginia
United
Health
System
Obligated
Group,
Series
2018,
4.924%,
6/1/48 
1,620‌
1,373‌
Zoetis,
4.15%,
8/17/28 
3,805‌
3,785‌
67,167‌
Energy
 2.3%
Boardwalk
Pipelines,
3.40%,
2/15/31 
2,130‌
1,991‌
Cameron
LNG,
2.902%,
7/15/31 (1)
520‌
476‌
Cameron
LNG,
3.701%,
1/15/39 (1)
430‌
364‌
Canadian
Natural
Resources,
2.95%,
7/15/30 (6)
1,520‌
1,428‌
Cheniere
Energy
Partners,
5.75%,
8/15/34 
1,865‌
1,930‌
Chevron
USA,
4.30%,
10/15/30 (6)
2,275‌
2,278‌
Columbia
Pipelines
Holding,
4.999%,
11/17/32 (1)
3,405‌
3,382‌
Diamondback
Energy,
3.50%,
12/1/29 
160‌
155‌
Diamondback
Energy,
5.15%,
1/30/30 
550‌
563‌
Enbridge,
4.20%,
11/20/28 
2,255‌
2,241‌
Enbridge,
4.25%,
12/1/26 
355‌
355‌
Enbridge,
4.60%,
6/20/28 
340‌
341‌
Enbridge,
5.50%,
12/1/46 
555‌
528‌
Enbridge,
5.625%,
4/5/34 
795‌
821‌
Enbridge,
6.70%,
11/15/53 
610‌
663‌
Enbridge
Energy
Partners,
5.50%,
9/15/40 
170‌
166‌
Energy
Transfer,
5.35%,
1/15/36 
2,060‌
2,048‌
Energy
Transfer,
5.60%,
9/1/34 
1,505‌
1,536‌
Energy
Transfer,
6.50%,
2/1/42 
160‌
167‌
Eni,
5.50%,
5/15/34 (1)
845‌
864‌
Eni,
5.95%,
5/15/54 (1)
930‌
928‌
Enterprise
Products
Operating,
4.30%,
6/20/28 
1,145‌
1,145‌
Enterprise
Products
Operating,
4.60%,
1/11/27 
2,845‌
2,853‌
Enterprise
Products
Operating,
4.60%,
1/15/31 
2,110‌
2,113‌
EOG
Resources,
4.40%,
7/15/28 
1,295‌
1,298‌
EOG
Resources,
4.40%,
1/15/31 
1,055‌
1,047‌
Kinder
Morgan,
5.20%,
6/1/33 
1,800‌
1,831‌
Marathon
Petroleum,
5.15%,
3/1/30 
1,955‌
1,996‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
26
Par/Shares
$
Value
(Amounts
in
000s)
MPLX,
4.80%,
2/15/31 
2,150‌
2,155‌
MPLX,
5.65%,
3/1/53 
1,600‌
1,465‌
Occidental
Petroleum,
5.375%,
1/1/32 
1,430‌
1,463‌
Occidental
Petroleum,
8.875%,
7/15/30 
130‌
148‌
ONEOK,
4.40%,
10/15/29 
60‌
60‌
ONEOK,
4.75%,
10/15/31 
1,340‌
1,332‌
ONEOK,
6.05%,
9/1/33 
120‌
126‌
Ovintiv,
6.25%,
7/15/33 
130‌
138‌
Patterson-UTI
Energy,
7.15%,
10/1/33 
120‌
130‌
Phillips
66,
5.875%,
5/1/42 
150‌
150‌
Plains
All
American
Pipeline,
5.95%,
6/15/35 
140‌
144‌
Sabine
Pass
Liquefaction,
4.20%,
3/15/28 
815‌
811‌
Sabine
Pass
Liquefaction,
4.50%,
5/15/30 
655‌
654‌
Schlumberger
Holdings,
3.90%,
5/17/28 (1)
130‌
129‌
Spectra
Energy
Partners,
3.375%,
10/15/26 
460‌
458‌
Targa
Resources,
6.50%,
3/30/34 
150‌
163‌
TotalEnergies
Capital,
5.638%,
4/5/64 
160‌
154‌
TotalEnergies
Capital
USA,
4.569%,
1/13/33 
3,240‌
3,206‌
Transcontinental
Gas
Pipe
Line,
4.60%,
3/15/48 
790‌
662‌
Williams,
4.625%,
6/30/30 
1,480‌
1,478‌
Williams,
4.85%,
3/1/48 
190‌
163‌
Williams,
4.90%,
3/15/29 
1,415‌
1,430‌
Woodside
Finance,
3.70%,
9/15/26 (1)
330‌
329‌
Woodside
Finance,
3.70%,
3/15/28 (1)
435‌
429‌
Woodside
Finance,
4.50%,
3/4/29 (1)
1,435‌
1,429‌
Woodside
Finance,
5.40%,
5/19/30 
130‌
133‌
54,447‌
Industrial
Other
 0.2%
Booz
Allen
Hamilton,
5.95%,
4/15/35 (6)
4,170‌
4,201‌
Georgetown
University,
Series
B,
4.315%,
4/1/49 
1,475‌
1,208‌
President
&
Fellows
of
Harvard
College,
3.619%,
10/1/37 
385‌
341‌
5,750‌
Technology
 1.5%
Accenture
Capital,
4.05%,
10/4/29 
140‌
139‌
Alphabet,
4.50%,
5/15/35 
170‌
166‌
Alphabet,
4.80%,
2/15/36 
2,685‌
2,646‌
Alphabet,
5.35%,
11/15/45 
60‌
58‌
Broadcom,
4.60%,
7/15/30 
1,115‌
1,120‌
Broadcom,
4.60%,
1/15/33 
2,075‌
2,050‌
Broadcom,
4.80%,
4/15/28 
3,290‌
3,327‌
Cadence
Design
Systems,
4.20%,
9/10/27 
130‌
130‌
Cadence
Design
Systems,
4.30%,
9/10/29 
1,090‌
1,086‌
Fidelity
National
Information
Services,
4.80%,
3/10/31 
2,165‌
2,153‌
Fiserv,
3.20%,
7/1/26 
10‌
10‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
27
Par/Shares
$
Value
(Amounts
in
000s)
Fiserv,
3.50%,
7/1/29 
170‌
163‌
Fiserv,
5.45%,
3/15/34 
2,125‌
2,111‌
Foundry
JV
Holdco,
5.90%,
1/25/33 (1)
765‌
797‌
Foundry
JV
Holdco,
6.15%,
1/25/32 (1)
885‌
932‌
Gartner,
5.60%,
11/20/35 
170‌
160‌
Global
Payments,
3.20%,
8/15/29 
160‌
151‌
Intel,
4.00%,
8/5/29 
130‌
128‌
Intel,
4.80%,
10/1/41 
170‌
151‌
Leidos,
2.30%,
2/15/31 
170‌
151‌
Motorola
Solutions,
5.00%,
4/15/29 
835‌
845‌
Motorola
Solutions,
5.60%,
6/1/32 
130‌
135‌
NXP,
3.15%,
5/1/27 
395‌
390‌
NXP,
4.30%,
8/19/28 
590‌
588‌
Oracle,
3.60%,
4/1/40 
120‌
86‌
Oracle,
5.20%,
9/26/35 (6)
3,145‌
2,928‌
Oracle,
5.375%,
7/15/40 
2,925‌
2,546‌
Oracle,
6.15%,
11/9/29 
140‌
144‌
Oracle,
6.90%,
11/9/52 
1,485‌
1,403‌
Paychex,
5.35%,
4/15/32 
130‌
131‌
Qorvo,
4.375%,
10/15/29 
689‌
676‌
RELX
Capital,
3.00%,
5/22/30 
1,120‌
1,056‌
RELX
Capital,
4.75%,
3/27/30 
130‌
131‌
Roper
Technologies,
3.80%,
12/15/26 
660‌
658‌
ServiceNow,
1.40%,
9/1/30 
3,710‌
3,233‌
TR
Finance,
3.35%,
5/15/26 
225‌
225‌
VMware,
1.40%,
8/15/26 
3,475‌
3,447‌
36,251‌
Transportation
 0.9%
American
Airlines
PTT,
Series
2019-1,
Class
AA,
3.15%,
2/15/32 
24‌
22‌
Burlington
Northern
Santa
Fe,
6.15%,
5/1/37 
100‌
109‌
Canadian
National
Railway,
5.85%,
11/1/33 
920‌
980‌
Canadian
National
Railway,
6.25%,
8/1/34 
95‌
103‌
Canadian
Pacific
Railway,
1.75%,
12/2/26 
845‌
833‌
Canadian
Pacific
Railway,
2.875%,
11/15/29 
1,140‌
1,081‌
Canadian
Pacific
Railway,
3.50%,
5/1/50 
1,155‌
815‌
Canadian
Pacific
Railway,
4.70%,
5/1/48 
720‌
623‌
Element
Fleet
Management,
4.641%,
11/24/30 (1)
3,370‌
3,344‌
ERAC
USA
Finance,
4.50%,
2/15/45 (1)
260‌
221‌
ERAC
USA
Finance,
4.90%,
5/1/33 (1)
1,595‌
1,590‌
FedEx,
3.10%,
8/5/29 
170‌
163‌
FedEx,
4.40%,
1/15/47 
6,500‌
5,233‌
Sydney
Airport
Finance,
5.248%,
3/26/36 (1)
2,110‌
2,096‌
Transurban
Finance,
2.45%,
3/16/31 (1)
1,820‌
1,642‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
28
Par/Shares
$
Value
(Amounts
in
000s)
Transurban
Finance,
3.375%,
3/22/27 (1)
128‌
127‌
United
Airlines
PTT,
Series
2016-2,
Class
A,
3.10%,
10/7/28 
531‌
508‌
United
Airlines
PTT,
Series
2018-1,
Class
A,
3.70%,
3/1/30 
767‌
729‌
20,219‌
Total
Industrial
319,705‌
UTILITY
 2.4%
Electric
 2.0%
Ameren,
5.00%,
5/15/36 
1,745‌
1,706‌
Ameren,
5.70%,
12/1/26 
1,820‌
1,833‌
American
Electric
Power,
5.20%,
1/15/29 
2,595‌
2,643‌
Berkshire
Hathaway
Energy,
6.125%,
4/1/36 
170‌
182‌
CenterPoint
Energy
Houston
Electric,
Series
K2,
6.95%,
3/15/33 
100‌
111‌
CMS
Energy,
4.875%,
3/1/44 
635‌
555‌
Constellation
Energy
Generation,
4.40%,
1/15/31 
1,775‌
1,757‌
DTE
Energy,
5.10%,
3/1/29 
2,645‌
2,687‌
DTE
Energy,
5.85%,
6/1/34 
390‌
409‌
Duke
Energy,
2.65%,
9/1/26 
355‌
353‌
Duke
Energy,
4.95%,
9/15/35 
1,045‌
1,022‌
Duke
Energy
Florida,
4.85%,
12/1/35 
2,210‌
2,167‌
Duke
Energy
Florida,
6.35%,
9/15/37 
170‌
184‌
Duke
Energy
Indiana,
Series
DDDD,
4.95%,
3/15/36 
120‌
118‌
Duke
Energy
Progress,
6.30%,
4/1/38 
100‌
108‌
ENEL
Finance
International,
4.375%,
9/30/30 (1)
1,815‌
1,785‌
Eversource
Energy,
5.85%,
4/15/31 
170‌
177‌
FirstEnergy,
2.65%,
3/1/30 
150‌
139‌
FirstEnergy
Pennsylvania
Electric,
4.30%,
1/15/29 (1)
2,320‌
2,311‌
FirstEnergy
Transmission,
5.00%,
1/15/35 
610‌
601‌
Florida
Power
&
Light,
5.30%,
6/15/34 
3,040‌
3,124‌
Georgia
Power,
4.95%,
5/17/33 
895‌
902‌
Mid-Atlantic
Interstate
Transmission,
4.10%,
5/15/28 (1)
1,765‌
1,755‌
Nevada
Power,
Series
N,
6.65%,
4/1/36 
400‌
441‌
New
York
State
Electric
&
Gas,
5.30%,
8/15/34 (1)
1,195‌
1,208‌
NextEra
Energy
Capital
Holdings,
4.40%,
3/1/31 
2,245‌
2,229‌
Niagara
Mohawk
Power,
4.647%,
10/3/30 (1)
1,165‌
1,162‌
Niagara
Mohawk
Power,
5.112%,
1/12/36 (1)
3,270‌
3,213‌
Pacific
Gas
&
Electric,
2.10%,
8/1/27 
1,985‌
1,928‌
Pacific
Gas
&
Electric,
5.00%,
6/4/28 
170‌
172‌
Pacific
Gas
&
Electric,
6.40%,
6/15/33 
40‌
43‌
PECO
Energy,
5.95%,
10/1/36 
150‌
160‌
Public
Service
Electric
&
Gas,
5.70%,
12/1/36 
180‌
187‌
Public
Service
of
Oklahoma,
5.20%,
1/15/35 
170‌
169‌
San
Diego
Gas
&
Electric,
Series
FFF,
6.125%,
9/15/37 
170‌
180‌
San
Diego
Gas
&
Electric,
Series
TTT,
4.10%,
6/15/49 
1,790‌
1,375‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
29
Par/Shares
$
Value
(Amounts
in
000s)
Southern,
4.40%,
7/1/46 
1,935‌
1,593‌
Southern,
5.70%,
3/15/34 
725‌
751‌
Southern
California
Edison,
5.15%,
6/1/29 
2,105‌
2,130‌
Southwestern
Public
Service,
6.00%,
6/1/54 
365‌
366‌
Tampa
Electric,
6.15%,
5/15/37 
700‌
739‌
Vistra
Operations,
5.25%,
4/30/33 (1)
2,745‌
2,734‌
47,409‌
Natural
Gas
 0.4%
APA
Infrastructure,
5.125%,
9/16/34 (1)
475‌
471‌
Engie,
5.625%,
4/10/34 (1)
660‌
679‌
NiSource,
1.70%,
2/15/31 
1,280‌
1,115‌
NiSource,
3.49%,
5/15/27 
710‌
704‌
NiSource,
3.95%,
3/30/48 
1,000‌
754‌
NiSource,
5.35%,
4/1/34 
1,850‌
1,886‌
Sempra,
5.25%,
3/15/36 
880‌
869‌
Southern
California
Gas,
Series
KK,
5.75%,
11/15/35 
140‌
144‌
Southern
Gas
Capital,
4.95%,
9/15/34 
1,735‌
1,711‌
8,333‌
Total
Utility
55,742‌
Total
Corporate
Bonds
(Cost
$620,602)
605,290‌
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
 1.5%
Local
Authorities
 0.6%
Province
of
Alberta,
3.30%,
3/15/28 
1,605‌
1,585‌
Province
of
Alberta
Canada,
4.50%,
1/24/34 
1,405‌
1,406‌
Province
of
British
Columbia,
4.20%,
7/6/33 
2,644‌
2,600‌
Province
of
Manitoba
Canada,
4.30%,
7/27/33 
2,045‌
2,018‌
Province
of
New
Brunswick,
3.625%,
2/24/28 
2,545‌
2,527‌
Province
of
Ontario,
3.70%,
9/17/29 
4,360‌
4,311‌
Province
of
Quebec,
Series
PD,
7.50%,
9/15/29 
104‌
115‌
14,562‌
Owned
No
Guarantee
 0.0%
Autoridad
del
Canal
de
Panama,
4.95%,
7/29/35 (1)
295‌
291‌
Corp
Nacional
del
Cobre
de
Chile,
3.75%,
1/15/31 (1)
570‌
543‌
834‌
Sovereign
 0.9%
Eagle
Funding
Luxco,
5.50%,
8/17/30 (1)
2,720‌
2,742‌
Government
of
Qatar,
3.75%,
4/16/30 (1)
730‌
715‌
Kingdom
of
Saudi
Arabia,
5.375%,
1/13/31 (1)
2,010‌
2,063‌
Republic
of
Chile,
5.65%,
1/13/37 
3,740‌
3,920‌
Republic
of
Peru,
5.375%,
2/8/35 
740‌
747‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
30
Par/Shares
$
Value
(Amounts
in
000s)
Republic
of
Poland,
Series
30Y,
5.50%,
3/18/54 
2,365‌
2,204‌
Republic
of
Romania,
6.625%,
5/16/36 (1)
3,300‌
3,337‌
United
Mexican
States,
2.659%,
5/24/31 
5,154‌
4,593‌
United
Mexican
States,
6.125%,
2/9/38 
850‌
842‌
21,163‌
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$36,946)
36,559‌
MUNICIPAL
SECURITIES
 1.3%
California
 0.2%
Bay
Area
Toll
Auth.,
Toll
Bridge
Revenue
Bonds,
Series S-10,
3.176%,
4/1/41 
1,275‌
1,031‌
California,
Build
America,
GO,
7.625%,
3/1/40 
1,350‌
1,600‌
Los
Angeles
Airport,
Series C,
Build
America,
7.053%,
5/15/40 
700‌
788‌
Regents
of
the
Univ.
of
California
Medical
Center
Ed
Revenue
Bonds,
Series N,
3.256%,
5/15/60 
700‌
440‌
San
Diego
County
Water
Auth.,
Series B,
Build
America,
6.138%,
5/1/49 
270‌
272‌
San
Jose
Redev.
Agency,
Senior
Tax
Allocation,
Series A-T,
3.375%,
8/1/34 
610‌
569‌
4,700‌
Florida
 0.0%
Florida
Dev.
Finance,
Nova
Southeastern
Univ.,
Series B,
4.109%,
4/1/50 
1,425‌
1,124‌
1,124‌
Georgia
 0.2%
Fulton
County,
Series 2010-B,
Build
America,
GO,
5.148%,
7/1/39 
2,660‌
2,660‌
Municipal
Electric
Auth.
of
Georgia,
Build
America,
Vogtle
Units,
6.655%,
4/1/57 
1,668‌
1,776‌
4,436‌
Illinois
 0.1%
Chicago
O'Hare
Int'l
Airport,
Series B,
Build
America,
6.395%,
1/1/40 
1,350‌
1,467‌
Illinois
Toll
Highway
Auth.,
Series A,
Build
America,
6.184%,
1/1/34 
315‌
333‌
Metropolitan
Water
Reclamation
Dist.
of
Greater
Chicago,
Build
America,
GO,
5.72%,
12/1/38 
480‌
490‌
2,290‌
Maryland
 0.1%
Maryland
Economic
Dev.,
Seagirt
Marine
Terminal,
Series B,
4.75%,
6/1/42 
2,045‌
1,741‌
1,741‌
Michigan
 0.1%
Detroit
City
School
Dist.,
Qualified
School
Construction
Bonds,
GO,
6.645%,
5/1/29 
1,255‌
1,325‌
1,325‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
31
Par/Shares
$
Value
(Amounts
in
000s)
Minnesota
 0.1%
Western
Minnesota
Municipal
Power
Agency,
Series A,
3.156%,
1/1/39 
2,350‌
1,980‌
1,980‌
New
Jersey
 0.1%
New
Jersey
Turnpike
Auth.,
Series F,
Build
America,
7.414%,
1/1/40 
1,000‌
1,171‌
1,171‌
New
York
 0.0%
Dormitory
Auth.
of
the
State
of
New
York,
New
York
Univ.,
Series B,
3.879%,
7/1/46 
950‌
747‌
Metropolitan
Transportation
Auth.,
Dedicated
Tax
Fund,
Build
America,
7.336%,
11/15/39 
125‌
145‌
892‌
Ohio
 0.1%
American
Municipal
Power,
Series B,
Build
America,
6.449%,
2/15/44 
2,005‌
2,090‌
2,090‌
Texas
 0.2%
Central
Texas
Turnpike
System,
Series C,
3.029%,
8/15/41 
40‌
31‌
Dallas/Fort
Worth
Int'l
Airport,
Series A,
2.994%,
11/1/38 
15‌
13‌
Dallas/Fort
Worth
Int'l
Airport,
Series C,
3.089%,
11/1/40 
3,945‌
3,186‌
Grand
Parkway
Transportation,
Series B,
3.236%,
10/1/52 
15‌
10‌
Texas
Natural
Gas
Securitization
Fin.,
Series 2023-1,
Class
A2,
5.169%,
4/1/41 
705‌
709‌
Texas
Private
Activity
Bond
Surface
Transportation,
North
Tarrant
Express,
Series B,
3.922%,
12/31/49 
2,400‌
1,887‌
5,836‌
Virginia
 0.0%
Virginia
Public
Building
Auth.,
Series B-2,
Build
America,
5.90%,
8/1/30 
540‌
553‌
553‌
Wisconsin
 0.1%
PFA,
Bayhealth
Medical
Center,
Series B,
3.405%,
7/1/51 
2,520‌
1,732‌
1,732‌
Total
Municipal
Securities
(Cost
$34,202)
29,870‌
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
 5.0%
Collateralized
Mortgage
Obligations
 2.5%
Angel
Oak
Mortgage
Trust
Series
2020-6,
Class
A2,
CMO,
ARM,
1.518%,
5/25/65 (1)
224‌
209‌
Angel
Oak
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM,
0.909%,
1/25/66 (1)
736‌
655‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
32
Par/Shares
$
Value
(Amounts
in
000s)
Arroyo
Mortgage
Trust
Series
2019-2,
Class
A2,
CMO,
ARM,
3.498%,
4/25/49 (1)
143‌
139‌
Barclays
Mortgage
Loan
Trust
Series
2021-NQM1,
Class
A3,
CMO,
ARM,
2.189%,
9/25/51 (1)
654‌
604‌
Bayview
Financing
Trust
Series
2024-2F,
Class
A,
CMO,
ARM,
6.402%,
9/25/29,
Acquisition
Date:
8/29/24,
Cost $1,544 (2)(3)
1,544‌
1,548‌
Citigroup
Mortgage
Loan
Trust
Series
2020-EXP2,
Class
A3,
CMO,
ARM,
2.50%,
8/25/50 (1)
968‌
852‌
COLT
Mortgage
Loan
Trust
Series
2025-8,
Class
A1,
CMO,
STEP,
5.48%,
8/25/70 (1)
1,808‌
1,817‌
Connecticut
Avenue
Securities
Trust
Series
2023-R04,
Class
1M1,
CMO,
ARM,
SOFR30A
+
2.30%,
5.945%,
5/25/43 (1)
1,335‌
1,355‌
Connecticut
Avenue
Securities
Trust
Series
2026-R02,
Class
1M1,
CMO,
ARM,
SOFR30A
+
1.05%,
4.695%,
2/25/46 (1)
765‌
765‌
Deephaven
Residential
Mortgage
Trust
Series
2026-INV1,
Class
A1,
CMO,
ARM,
4.797%,
12/25/70 (1)
1,512‌
1,503‌
EFMT
Series
2025-INV1,
Class
A1,
CMO,
STEP,
5.626%,
3/25/70 (1)
436‌
439‌
EFMT
Series
2025-INV5,
Class
A1,
CMO,
ARM,
5.077%,
12/25/70 (1)
781‌
779‌
EFMT
Series
2025-NQM5,
Class
A1,
CMO,
ARM,
5.033%,
11/25/70 (1)
365‌
364‌
EFMT
Series
2025-NQM6,
Class
A1,
CMO,
ARM,
5.001%,
12/25/70 (1)
548‌
546‌
EFMT
Series
2026-NQM1,
Class
A1F,
CMO,
ARM,
SOFR30A
+
1.20%,
4.845%,
2/25/71 (1)
1,078‌
1,079‌
Ellington
Financial
Mortgage
Trust
Series
2019-2,
Class
A3,
CMO,
ARM,
3.046%,
11/25/59 (1)
59‌
58‌
Ellington
Financial
Mortgage
Trust
Series
2020-2,
Class
A1,
CMO,
ARM,
1.178%,
10/25/65 (1)
381‌
363‌
Galton
Funding
Mortgage
Trust
Series
2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (1)
31‌
29‌
GCAT
Trust
Series
2025-NQM1,
Class
A1,
CMO,
STEP,
5.373%,
11/25/69 (1)
1,128‌
1,130‌
GCAT
Trust
Series
2025-NQM4,
Class
A1,
CMO,
STEP,
5.529%,
6/25/70 (1)
2,308‌
2,319‌
GS
Mortgage-Backed
Securities
Trust
Series
2020-INV1,
Class
A14,
CMO,
ARM,
2.908%,
10/25/50 (1)
889‌
766‌
GS
Mortgage-Backed
Securities
Trust
Series
2025-NQM3,
Class
A1,
CMO,
STEP,
5.137%,
11/25/65 (1)
1,307‌
1,307‌
HOMES
Trust
Series
2025-NQM4,
Class
A1,
CMO,
ARM,
5.22%,
8/25/70 (1)
2,466‌
2,467‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
33
Par/Shares
$
Value
(Amounts
in
000s)
HOMES
Trust
Series
2026-AFC1,
Class
A1,
CMO,
ARM,
4.846%,
2/25/61 (1)
2,534‌
2,519‌
JPMorgan
Mortgage
Trust
Series
2019-HYB1,
Class
B4,
CMO,
ARM,
5.088%,
10/25/49 (1)
1,067‌
1,063‌
JPMorgan
Mortgage
Trust
Series
2023-DSC2,
Class
A1,
CMO,
ARM,
5.25%,
11/25/63 (1)
472‌
468‌
JPMorgan
Mortgage
Trust
Series
2025-DSC2,
Class
A1,
CMO,
ARM,
5.195%,
10/25/65 (1)
1,422‌
1,421‌
JPMorgan
Mortgage
Trust
Series
2025-NQM3,
Class
A1,
CMO,
ARM,
5.495%,
11/25/65 (1)
3,760‌
3,775‌
MetLife
Securitization
Trust
Series
2018-1A,
Class
A,
CMO,
ARM,
3.75%,
3/25/57 (1)
534‌
518‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust
Series
2025-DSC2,
Class
A1,
CMO,
ARM,
5.443%,
7/25/70 (1)
355‌
357‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust
Series
2025-NQM5,
Class
A1,
CMO,
ARM,
5.439%,
7/25/70 (1)
303‌
304‌
New
Residential
Mortgage
Loan
Trust
Series
2025-NQM3,
Class
A1,
CMO,
ARM,
5.53%,
5/25/65 (1)
1,032‌
1,038‌
New
Residential
Mortgage
Loan
Trust
Series
2025-NQM4,
Class
A1,
CMO,
ARM,
5.35%,
7/25/65 (1)
2,872‌
2,881‌
NYMT
Loan
Trust
Series
2025-INV1,
Class
A1,
CMO,
STEP,
5.402%,
4/25/60 (1)
1,039‌
1,041‌
NYMT
Loan
Trust
Series
2026-INV1,
Class
A1,
CMO,
ARM,
4.766%,
2/25/61 (1)
99‌
99‌
OBX
Trust
Series
2019-EXP3,
Class
1A9,
CMO,
ARM,
3.50%,
10/25/59 (1)
90‌
84‌
OBX
Trust
Series
2019-EXP3,
Class
2A2,
CMO,
ARM,
1M
TSFR
+
1.214%,
4.869%,
10/25/59 (1)
9‌
9‌
OBX
Trust
Series
2025-NQM15,
Class
A1,
CMO,
STEP,
5.143%,
7/27/65 (1)
1,259‌
1,260‌
OBX
Trust
Series
2025-NQM15,
Class
A1F,
CMO,
ARM,
SOFR30A
+
1.15%,
4.795%,
7/27/65 (1)
663‌
664‌
OBX
Trust
Series
2026-R1,
Class
A1,
CMO,
ARM,
4.884%,
1/25/63 (1)
3,085‌
3,060‌
PENN
Commercial
Mortgage
Trust
Series
2025-P11,
Class
A,
ARM,
5.522%,
8/10/42 (1)
2,820‌
2,864‌
RCKT
Mortgage
Trust
Series
2024-CES9,
Class
A1A,
CMO,STEP,
5.582%,
12/25/44 (1)
245‌
246‌
Santander
Mortgage
Asset
Receivable
Trust
Series
2025-NQM6,
Class
A1,
CMO,
ARM,
5.138%,
11/25/65 (1)
420‌
419‌
Sequoia
Mortgage
Trust
Series
2018-CH2,
Class
A3,
CMO,
ARM,
4.00%,
6/25/48 (1)
74‌
67‌
Sequoia
Mortgage
Trust
Series
2024-HYB1,
Class
A1A,
CMO,
ARM,
4.431%,
11/25/63 (1)
1,112‌
1,110‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
34
Par/Shares
$
Value
(Amounts
in
000s)
Starwood
Mortgage
Residential
Trust
Series
2019-INV1,
Class
A3,
CMO,
ARM,
2.916%,
9/27/49 (1)
39‌
39‌
Starwood
Mortgage
Residential
Trust
Series
2020-INV1,
Class
A1,
CMO,
ARM,
1.027%,
11/25/55 (1)
137‌
133‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA7,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.85%,
4.495%,
11/25/41 (1)
114‌
114‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2024-HQA2,
Class
A1,
CMO,
ARM,
SOFR30A
+
1.25%,
4.895%,
8/25/44 (1)
1,104‌
1,108‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2025-DNA3,
Class
M1,
CMO,
ARM,
SOFR30A
+
1.10%,
4.745%,
9/25/45 (1)
1,394‌
1,394‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2025-HQA1,
Class
A1,
CMO,
ARM,
SOFR30A
+
0.95%,
4.595%,
2/25/45 (1)
533‌
534‌
Towd
Point
Mortgage
Trust
Series
2019-HY3,
Class
M1,
CMO,
ARM,
1M
TSFR
+
1.614%,
5.269%,
10/25/59 (1)
510‌
513‌
Towd
Point
Mortgage
Trust
Series
2024-2,
Class
A1B,
CMO,
ARM,
4.866%,
12/25/64 (1)
5,135‌
5,179‌
Towd
Point
Mortgage
Trust
Series
2025-1,
Class
A1B,
CMO,
ARM,
4.811%,
6/25/65 (1)
612‌
606‌
Towd
Point
Mortgage
Trust
Series
2026-1,
Class
A1A,
CMO,
ARM,
4.106%,
1/25/66 (1)
1,712‌
1,696‌
Verus
Securitization
Trust
Series
2021-1,
Class
A1,
CMO,
ARM,
0.815%,
1/25/66 (1)
337‌
308‌
Verus
Securitization
Trust
Series
2024-INV1,
Class
A2,
CMO,
STEP,
6.318%,
3/25/69 (1)
1,031‌
1,037‌
Verus
Securitization
Trust
Series
2025-7,
Class
A1F,
CMO,
ARM,
SOFR30A
+
1.20%,
4.845%,
8/25/70 (1)
1,908‌
1,912‌
60,933‌
Commercial
Mortgage-Backed
Securities
 2.5%
BANK
Series
2025-BNK51,
Class
A5,
5.29%,
12/25/67 
1,580‌
1,607‌
BANK5
Series
2024-5YR12,
Class
A3,
ARM,
5.902%,
12/15/57 
2,490‌
2,586‌
BANK5
Series
2024-5YR8,
Class
AS,
ARM,
6.378%,
8/15/57 
1,045‌
1,084‌
BANK5
Series
2025-5YR14,
Class
A3,
5.646%,
4/15/58 
3,310‌
3,417‌
BANK5
Series
2026-5YR20,
Class
A3,
5.104%,
2/15/59 
90‌
91‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
35
Par/Shares
$
Value
(Amounts
in
000s)
BBCMS
Mortgage
Trust
Series
2019-BWAY,
Class
D,
ARM,
1M
TSFR
+
2.274%,
5.929%,
11/15/34 (1)
545‌
7‌
BBCMS
Mortgage
Trust
Series
2024-5C27,
Class
A3,
6.014%,
7/15/57 
410‌
425‌
Benchmark
Mortgage
Trust
Series
2023-B39,
Class
A5,
5.754%,
7/15/56 
1,220‌
1,275‌
Benchmark
Mortgage
Trust
Series
2024-V8,
Class
AM,
ARM,
6.859%,
7/15/57 
3,465‌
3,623‌
Benchmark
Mortgage
Trust
Series
2025-B41,
Class
A5,
5.407%,
7/15/68 
720‌
737‌
Benchmark
Mortgage
Trust
Series
2025-V19,
Class
A3,
5.249%,
1/15/58 
235‌
240‌
Benchmark
Mortgage
Trust
Series
2026-B42,
Class
A5,
5.10%,
3/15/59 
2,565‌
2,572‌
Benchmark
Mortgage
Trust
Series
2026-V21,
Class
A3,
5.127%,
3/15/59 
5,940‌
6,030‌
BMO
Mortgage
Trust
Series
2025-C12,
Class
A5,
ARM,
5.871%,
6/15/58 
1,270‌
1,339‌
BMO
Mortgage
Trust
Series
2025-C13,
Class
A5,
5.353%,
10/15/58 
1,955‌
1,986‌
BX
Commercial
Mortgage
Trust
Series
2024-SLCT,
Class
A,
ARM,
1M
TSFR
+
1.323%,
4.978%,
1/15/42 (1)
3,185‌
3,179‌
BX
Commercial
Mortgage
Trust
Series
2026-CSMO,
Class
A,
ARM,
1M
TSFR
+
1.40%,
5.055%,
2/15/43 (1)
4,550‌
4,553‌
BX
Trust
Series
2025-ROIC,
Class
A,
ARM,
1M
TSFR
+
1.144%,
4.799%,
3/15/30 (1)
4,007‌
4,002‌
BX
Trust
Series
2025-VOLT,
Class
A,
ARM,
1M
TSFR
+
1.70%,
5.355%,
12/15/44 (1)
4,775‌
4,772‌
CENT
Series
2025-CITY,
Class
A,
ARM,
5.091%,
7/10/40 (1)
3,715‌
3,732‌
CONE
Trust
Series
2024-DFW1,
Class
A,
ARM,
1M
TSFR
+
1.642%,
5.296%,
8/15/41 (1)
685‌
684‌
DBC
Mortgage
Trust
Series
2025-DBC,
Class
A,
ARM,
1M
TSFR
+
1.35%,
5.005%,
11/15/42 (1)
725‌
725‌
Extended
Stay
America
Trust
Series
2025-ESH,
Class
A,
ARM,
1M
TSFR
+
1.30%,
4.955%,
10/15/42 (1)
901‌
902‌
Hudson
Yards
Mortgage
Trust
Series
2025-SPRL,
Class
A,
ARM,
5.649%,
1/13/40 (1)
2,555‌
2,615‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
36
Par/Shares
$
Value
(Amounts
in
000s)
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2016-NINE,
Class
A,
ARM,
2.949%,
9/6/38 (1)
1,215‌
1,208‌
MAD
Commercial
Mortgage
Trust
Series
2025-11MD,
Class
A,
ARM,
4.912%,
10/15/42 (1)
1,960‌
1,951‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series
2025-C35,
Class
A5,
5.633%,
8/15/58 
1,600‌
1,669‌
NYC
Commercial
Mortgage
Trust
Series
2025-28L,
Class
A,
ARM,
4.824%,
11/5/38 (1)
140‌
140‌
TX
Trust
Series
2024-HOU,
Class
A,
ARM,
1M
TSFR
+
1.591%,
5.246%,
6/15/39 (1)
660‌
660‌
WB
Commercial
Mortgage
Trust
Series
2024-HQ,
Class
A,
ARM,
6.134%,
3/15/40 (1)
490‌
491‌
Wells
Fargo
Commercial
Mortgage
Trust
Series
2019-C54,
Class
A4,
3.146%,
12/15/52 
750‌
710‌
59,012‌
Residential
Mortgage
 0.0%
Towd
Point
Mortgage
Trust
Series
2018-1,
Class
A1,
CMO,
ARM,
3.00%,
1/25/58 (1)
5‌
5‌
5‌
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$120,972)
119,950‌
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
 25.9%
U.S.
Government
Agency
Obligations
 21.3%
Federal
Home
Loan
Mortgage 
2.50%,
4/1/30
-
6/1/30 
235‌
229‌
3.00%,
12/1/42
-
4/1/47 
2,283‌
2,064‌
3.50%,
3/1/42
-
3/1/46 
1,689‌
1,586‌
4.00%,
9/1/40
-
8/1/45 
602‌
582‌
4.50%,
8/1/39
-
10/1/41 
296‌
294‌
5.00%,
11/1/33
-
8/1/40 
228‌
232‌
5.50%,
1/1/35
-
12/1/39 
61‌
63‌
6.00%,
10/1/32
-
8/1/38 
49‌
52‌
6.50%,
12/1/28
-
1/1/36 
23‌
24‌
7.00%,
11/1/30
-
6/1/32 
2‌
2‌
Federal
Home
Loan
Mortgage,
ARM 
RFUCCT1Y
+
1.625%,
6.413%,
4/1/37 
14‌
14‌
RFUCCT1Y
+
1.726%,
6.356%,
7/1/35 
3‌
3‌
RFUCCT1Y
+
1.75%,
6.00%,
2/1/35 
3‌
3‌
RFUCCT1Y
+
1.911%,
6.219%,
12/1/36 
7‌
7‌
RFUCCT1Y
+
1.934%,
6.183%,
2/1/37 
3‌
3‌
RFUCCT1Y
+
2.033%,
6.398%,
11/1/36 
9‌
10‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
37
Par/Shares
$
Value
(Amounts
in
000s)
Federal
Home
Loan
Mortgage,
UMBS 
2.00%,
8/1/36
-
5/1/52 
36,290‌
29,469‌
2.50%,
3/1/42
-
5/1/52 
26,123‌
22,158‌
3.00%,
3/1/35
-
9/1/52 
13,519‌
12,027‌
3.50%,
5/1/31
-
11/1/54 
8,620‌
7,932‌
4.00%,
6/1/37
-
1/1/56 
9,645‌
9,094‌
4.50%,
9/1/37
-
10/1/53 
6,942‌
6,720‌
5.00%,
12/1/41
-
10/1/55 
10,620‌
10,522‌
5.50%,
8/1/53
-
10/1/55 
23,092‌
23,357‌
6.00%,
4/1/54
-
6/1/55 
5,347‌
5,491‌
6.50%,
5/1/54
-
9/1/55 
5,064‌
5,252‌
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC 
2.952%,
2/25/27 
85‌
85‌
4.361%,
5/25/30 
1,480‌
1,484‌
4.40%,
10/25/30 
6,065‌
6,083‌
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC,
ARM 
2.347%,
11/25/31 
10,520‌
9,477‌
3.71%,
9/25/32 
4,545‌
4,357‌
4.00%,
3/25/31 
1,620‌
1,595‌
4.13%,
3/25/31 
2,250‌
2,235‌
4.163%,
10/25/30 
1,610‌
1,602‌
4.32%,
9/25/30
-
3/25/36 
5,335‌
5,236‌
4.34%,
9/25/30 
1,440‌
1,443‌
4.43%,
2/25/33 
3,725‌
3,713‌
4.60%,
9/25/35 
3,020‌
3,007‌
4.85%,
1/25/30 
3,970‌
4,044‌
Federal
National
Mortgage
Assn. 
3.50%,
6/1/43 
5‌
4‌
4.00%,
11/1/40 
270‌
261‌
4.50%,
7/1/40 
3‌
3‌
Federal
National
Mortgage
Assn.,
ARM 
RFUCCT1Y
+
1.523%,
6.097%,
7/1/35 
3‌
3‌
RFUCCT1Y
+
1.599%,
6.201%,
7/1/36 
6‌
6‌
RFUCCT1Y
+
1.655%,
6.28%,
8/1/37 
2‌
2‌
Federal
National
Mortgage
Assn.,
UMBS 
1.50%,
4/1/37
-
1/1/42 
5,411‌
4,746‌
2.00%,
8/1/28
-
5/1/52 
88,627‌
74,042‌
2.50%,
5/1/30
-
1/1/54 
47,620‌
40,703‌
3.00%,
10/1/32
-
9/1/52 
26,648‌
24,159‌
3.50%,
11/1/26
-
5/1/52 
21,852‌
20,224‌
4.00%,
6/1/37
-
6/1/53 
15,371‌
14,609‌
4.50%,
9/1/35
-
7/1/53 
10,527‌
10,287‌
5.00%,
11/1/33
-
3/1/56 
24,734‌
24,530‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
38
Par/Shares
$
Value
(Amounts
in
000s)
5.50%,
12/1/34
-
12/1/55 
28,988‌
29,312‌
6.00%,
2/1/34
-
10/1/55 
33,691‌
34,650‌
6.50%,
1/1/32
-
7/1/55 
7,254‌
7,564‌
7.00%,
2/1/30
-
11/1/36 
6‌
6‌
7.50%,
12/1/30 
—‌
—‌
UMBS,
TBA (7)
2.00%,
5/1/56 
13,860‌
11,089‌
2.50%,
5/1/41 
1,705‌
1,604‌
3.00%,
5/1/56 
5,545‌
4,854‌
3.50%,
5/1/56 
5,100‌
4,644‌
4.00%,
5/1/56 
1,475‌
1,384‌
4.50%,
5/1/56 
940‌
904‌
5.00%,
5/1/56 
11,545‌
11,375‌
6.00%,
5/1/53 
3,000‌
3,062‌
6.50%,
5/1/56 
2,720‌
2,821‌
508,399‌
U.S.
Government
Obligations
 4.6%
Government
National
Mortgage
Assn. 
1.50%,
12/20/36
-
5/20/37 
604‌
545‌
2.00%,
3/20/51
-
5/20/52 
14,121‌
11,636‌
2.50%,
8/20/50
-
4/20/52 
33,237‌
28,482‌
3.00%,
9/15/42
-
6/20/52 
11,909‌
10,646‌
3.50%,
9/15/41
-
7/20/52 
10,828‌
9,985‌
4.00%,
2/15/41
-
10/20/52 
9,079‌
8,607‌
4.50%,
9/15/34
-
6/20/53 
14,682‌
14,310‌
5.00%,
1/20/33
-
2/20/53 
5,984‌
6,012‌
5.50%,
10/20/32
-
9/20/54 
3,326‌
3,384‌
6.00%,
8/15/33
-
11/20/52 
1,359‌
1,402‌
6.50%,
1/15/29
-
8/15/29 
1‌
1‌
7.50%,
6/15/26
-
3/15/32 
21‌
21‌
8.50%,
7/20/26 
—‌
—‌
Government
National
Mortgage
Assn.,
CMO 
3.00%,
11/20/47
-
12/20/47 
60‌
55‌
Government
National
Mortgage
Assn.,
TBA (7)
4.50%,
5/20/56 
1,015‌
978‌
5.00%,
5/20/56 
5,485‌
5,438‌
5.50%,
5/20/56 
8,600‌
8,660‌
6.00%,
5/20/56 
780‌
795‌
110,957‌
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$639,523)
619,356‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
39
Par/Shares
$
Value
(Amounts
in
000s)
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
 33.5%
U.S.
Government
Agency
Obligations
 0.1%
Federal
National
Mortgage
Assn.,
6.25%,
5/15/29 
342‌
365‌
Federal
National
Mortgage
Assn.,
6.625%,
11/15/30 (6)
500‌
553‌
918‌
U.S.
Treasury
Obligations
 33.4%
U.S.
Treasury
Bonds,
1.75%,
8/15/41 
6,900‌
4,580‌
U.S.
Treasury
Bonds,
1.875%,
2/15/51 
2,740‌
1,503‌
U.S.
Treasury
Bonds,
2.00%,
2/15/50 
34,340‌
19,756‌
U.S.
Treasury
Bonds,
2.00%,
8/15/51 
5,550‌
3,120‌
U.S.
Treasury
Bonds,
2.25%,
8/15/49 
50‌
31‌
U.S.
Treasury
Bonds,
2.25%,
2/15/52 
7,275‌
4,329‌
U.S.
Treasury
Bonds,
2.375%,
5/15/51 
1,420‌
878‌
U.S.
Treasury
Bonds,
2.50%,
2/15/45 
3,570‌
2,478‌
U.S.
Treasury
Bonds,
2.50%,
5/15/46 
4,840‌
3,291‌
U.S.
Treasury
Bonds,
2.75%,
8/15/47 
1,710‌
1,198‌
U.S.
Treasury
Bonds,
3.00%,
11/15/45 
2,845‌
2,130‌
U.S.
Treasury
Bonds,
3.00%,
2/15/47 
3,450‌
2,545‌
U.S.
Treasury
Bonds,
3.00%,
5/15/47 
3,150‌
2,318‌
U.S.
Treasury
Bonds,
3.00%,
2/15/48 
15,835‌
11,552‌
U.S.
Treasury
Bonds,
3.00%,
8/15/48 
60‌
44‌
U.S.
Treasury
Bonds,
3.00%,
8/15/52 
4,200‌
2,947‌
U.S.
Treasury
Bonds,
3.125%,
11/15/41 
17,585‌
14,271‌
U.S.
Treasury
Bonds,
3.375%,
8/15/42 
2,550‌
2,115‌
U.S.
Treasury
Bonds,
3.625%,
5/15/53 
13,045‌
10,326‌
U.S.
Treasury
Bonds,
3.875%,
8/15/40 
2,005‌
1,822‌
U.S.
Treasury
Bonds,
3.875%,
5/15/43 
8,430‌
7,408‌
U.S.
Treasury
Bonds,
4.00%,
11/15/52 
2,540‌
2,156‌
U.S.
Treasury
Bonds,
4.125%,
8/15/44 
13,885‌
12,481‌
U.S.
Treasury
Bonds,
4.25%,
2/15/54 
7,145‌
6,320‌
U.S.
Treasury
Bonds,
4.25%,
8/15/54 
11,335‌
10,028‌
U.S.
Treasury
Bonds,
4.375%,
5/15/41 
20‌
19‌
U.S.
Treasury
Bonds,
4.625%,
5/15/44 
14,350‌
13,796‌
U.S.
Treasury
Bonds,
4.625%,
11/15/44 
12,435‌
11,924‌
U.S.
Treasury
Bonds,
4.625%,
11/15/45 
13,600‌
12,999‌
U.S.
Treasury
Bonds,
4.625%,
5/15/54 
6,515‌
6,135‌
U.S.
Treasury
Bonds,
4.625%,
2/15/55 
13,300‌
12,527‌
U.S.
Treasury
Bonds,
4.625%,
11/15/55 
15,000‌
14,145‌
U.S.
Treasury
Bonds,
4.75%,
2/15/41 
35‌
35‌
U.S.
Treasury
Bonds,
4.75%,
11/15/43 
1,250‌
1,224‌
U.S.
Treasury
Bonds,
4.75%,
2/15/45 
2,900‌
2,824‌
U.S.
Treasury
Bonds,
4.75%,
11/15/53 
10,870‌
10,439‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
40
Par/Shares
$
Value
(Amounts
in
000s)
U.S.
Treasury
Bonds,
4.75%,
5/15/55 
24,105‌
23,175‌
U.S.
Treasury
Bonds,
4.75%,
8/15/55 
4,100‌
3,944‌
U.S.
Treasury
Bonds,
4.875%,
8/15/45 
16,865‌
16,662‌
U.S.
Treasury
Bonds,
5.00%,
5/15/45 
11,910‌
11,958‌
U.S.
Treasury
Notes,
0.50%,
8/31/27 
50‌
48‌
U.S.
Treasury
Notes,
2.75%,
8/15/32 
2,300‌
2,121‌
U.S.
Treasury
Notes,
3.375%,
5/15/33 
885‌
840‌
U.S.
Treasury
Notes,
3.50%,
10/31/27 
11,000‌
10,940‌
U.S.
Treasury
Notes,
3.50%,
12/15/28 
16,000‌
15,840‌
U.S.
Treasury
Notes,
3.50%,
1/15/29 
14,200‌
14,052‌
U.S.
Treasury
Notes,
3.50%,
11/30/30 
14,055‌
13,759‌
U.S.
Treasury
Notes,
3.625%,
5/31/28 
7,700‌
7,658‌
U.S.
Treasury
Notes,
3.625%,
8/31/30 
8,400‌
8,274‌
U.S.
Treasury
Notes,
3.625%,
9/30/30 
12,570‌
12,380‌
U.S.
Treasury
Notes,
3.625%,
10/31/30 
29,230‌
28,776‌
U.S.
Treasury
Notes,
3.625%,
12/31/30 
21,700‌
21,346‌
U.S.
Treasury
Notes,
3.75%,
12/31/28 
14,550‌
14,491‌
U.S.
Treasury
Notes,
3.75%,
1/31/31 
10,100‌
9,985‌
U.S.
Treasury
Notes,
3.875%,
4/30/30 
58,475‌
58,256‌
U.S.
Treasury
Notes,
3.875%,
6/30/30 
7,990‌
7,956‌
U.S.
Treasury
Notes,
3.875%,
3/31/31 
13,500‌
13,411‌
U.S.
Treasury
Notes,
4.00%,
2/29/28 (8)
10,285‌
10,305‌
U.S.
Treasury
Notes,
4.00%,
2/28/30 
10,890‌
10,901‌
U.S.
Treasury
Notes,
4.00%,
5/31/30 
12,200‌
12,209‌
U.S.
Treasury
Notes,
4.00%,
11/15/35 
9,800‌
9,511‌
U.S.
Treasury
Notes,
4.125%,
10/31/27 
13,275‌
13,320‌
U.S.
Treasury
Notes,
4.125%,
10/31/29 
11,500‌
11,565‌
U.S.
Treasury
Notes,
4.125%,
11/30/29 
29,340‌
29,505‌
U.S.
Treasury
Notes,
4.25%,
2/28/29 
6,895‌
6,956‌
U.S.
Treasury
Notes,
4.25%,
6/30/29 
9,980‌
10,075‌
U.S.
Treasury
Notes,
4.25%,
1/31/30 (8)
12,380‌
12,500‌
U.S.
Treasury
Notes,
4.25%,
11/15/34 
23,105‌
22,989‌
U.S.
Treasury
Notes,
4.25%,
5/15/35 
18,065‌
17,929‌
U.S.
Treasury
Notes,
4.25%,
8/15/35 
2,400‌
2,379‌
U.S.
Treasury
Notes,
4.375%,
11/30/28 
835‌
844‌
U.S.
Treasury
Notes,
4.375%,
12/31/29 (8)
27,220‌
27,603‌
U.S.
Treasury
Notes,
4.375%,
5/15/34 
18,400‌
18,515‌
U.S.
Treasury
Notes,
4.50%,
5/31/29 
52,695‌
53,568‌
U.S.
Treasury
Notes,
4.50%,
11/15/33 
7,900‌
8,028‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
41
Par/Shares
$
Value
(Amounts
in
000s)
U.S.
Treasury
Notes,
4.625%,
2/15/35 
8,330‌
8,506‌
798,774‌
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$843,578)
799,692‌
SHORT-TERM
INVESTMENTS
 3.6%
Money
Market
Funds
 3.6%
T.
Rowe
Price
Government
Reserve
Fund,
3.72% (9)(10)
86,869‌
86,869‌
Total
Short-Term
Investments
(Cost
$86,869)
86,869‌
SECURITIES
LENDING
COLLATERAL
 0.4%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK 0.0%
Money
Market
Funds 0.0%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.71% (9)(10)
208‌
208‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
208‌
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY 0.4%
Money
Market
Funds 0.4%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.71% (9)(10)
10,340‌
10,340‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
10,340‌
Total
Securities
Lending
Collateral
(Cost
$10,548)
10,548‌
Total
Investments
in
Securities
102.8%
of
Net
Assets
(Cost
$2,541,022)
$
2,455,132‌
‡
Par/Shares
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
42
.
.
.
.
.
.
.
.
.
.
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$340,071
and
represents
14.2%
of
net
assets.
(2)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(3)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$3,128
and
represents
0.1%
of
net
assets.
(4)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(5)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(6)
See
Note
4
.
All
or
a
portion
of
this
security
is
on
loan
at
April
30,
2026.
(7)
See
Note
4
.
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$57,608
and
represents
2.4%
of
net
assets.
(8)
At
April
30,
2026,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/
or
margin
deposit
to
cover
future
funding
obligations.
(9)
Seven-day
yield
(10)
Affiliated
Companies
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans. 
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
FRN
Floating
Rate
Note
GO
General
Obligation
PFA
Public
Finance
Authority/Agency
PIK
Payment-in-kind
PTC
Pass-Through
Certificate
PTT
Pass-Through
Trust
RFUCCT1Y
Twelve
month
FTSE
USD
IBOR
Consumer
Cash
Fallback
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
43
.
.
.
.
.
.
.
.
.
.
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TBA
To-Be-Announced
UMBS
Uniform
Mortgage-Backed
Securities
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
44
(Amounts
in
000s)
SWAPS
0.1%
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.1%
Credit
Default
Swaps,
Protection
Sold
0.1%
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S45,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/30
118,900
2,636
2,362
274‌
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S46,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/31
12,400
274
200
74‌
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
348‌
Total
Centrally
Cleared
Swaps
348‌
Net
payments
(receipts)
of
variation
margin
to
date
(276‌)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
72‌
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
less
than
$1.
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
45
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
34
U.S.
Treasury
Long
Bond
contracts
6/26
(3,837)
$
58‌
Long,
309
U.S.
Treasury
Notes
five
year
contracts
6/26
33,321
(349‌)
Long,
363
U.S.
Treasury
Notes
two
year
contracts
6/26
75,186
(402‌)
Long,
88
Ultra
U.S.
Treasury
Bonds
contracts
6/26
10,123
(180‌)
Net
payments
(receipts)
of
variation
margin
to
date
983‌
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
110‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
46
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
six
months
ended
April
30,
2026.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
3.72%
$
—‌
$
—‌
$
1,395‌++
T.
Rowe
Price
Treasury
Reserve
Fund,
3.71%
—‌
—‌
—‌++
Totals
$
—‌#
$
—‌
$
1,395‌+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/25
Purchase
Cost
Sales
Cost
Value
4/30/26
T.
Rowe
Price
Government
Reserve
Fund,
3.72%
$
70,893‌
 ¤
 ¤
$
86,869‌
T.
Rowe
Price
Treasury
Reserve
Fund,
3.71%
—‌
 ¤
 ¤
10,548‌
Total
$
97,417‌^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees
as
described
in
Note
4
.
+
Investment
income
comprised
$1,395
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
$97,417.
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
April
30,
2026
Unaudited
Statement
of
Assets
and
Liabilities
47
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$2,541,022)
$
2,455,132‌
Interest
receivable
21,236‌
Receivable
for
investment
securities
sold
11,648‌
Receivable
for
shares
sold
3,725‌
Variation
margin
receivable
on
futures
contracts
110‌
Variation
margin
receivable
on
centrally
cleared
swaps
72‌
Foreign
currency
(cost
$1)
1‌
Other
assets
46‌
Total
assets
2,491,970‌
Liabilities
Payable
for
investment
securities
purchased
90,291‌
Obligation
to
return
securities
lending
collateral
10,548‌
Payable
for
shares
redeemed
938‌
Investment
management
fees
payable
136‌
Due
to
affiliates
5‌
Payable
to
directors
1‌
Other
liabilities
985‌
Total
liabilities
102,904‌
Commitments
and
Contingent
Liabilities
(note
6
)
NET
ASSETS
$
2,389,066‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
April
30,
2026
Unaudited
Statement
of
Assets
and
Liabilities
48
($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)
$
(
192,350‌
)
Paid-in
capital
applicable
to
248,624,795
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
2,581,416‌
NET
ASSETS
$
2,389,066‌
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$567,957;
Shares
outstanding:
59,117,546)
$
9.61‌
I
Class
(Net
assets:
$1,017,231;
Shares
outstanding:
105,816,769)
$
9.61‌
Z
Class
(Net
assets:
$803,878;
Shares
outstanding:
83,690,480)
$
9.61‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
Unaudited
Statement
of
Operations
49
($000s)
6
Months
Ended
4/30/26
Investment
Income
(Loss)
Income
.
  Interest
$
47,568‌
Dividend
1,395‌
Securities
lending
17‌
Other
6‌
Total
income
48,986‌
Expenses
Investment
management
771‌
Shareholder
servicing
Investor
Class
$
550‌
I
Class
132‌
682‌
Prospectus
and
shareholder
reports
Investor
Class
24‌
I
Class
4‌
Z
Class
2‌
30‌
Custody
and
accounting
145‌
Registration
92‌
Legal
and
audit
18‌
Directors
3‌
Miscellaneous
9‌
Waived
/
paid
by
Price
Associates
(
444‌
)
Total
expenses
1,306‌
Net
investment
income
47,680‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
Unaudited
Statement
of
Operations
50
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
4/30/26
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
(
338‌
)
Futures
(
448‌
)
Swaps
170‌
Net
realized
loss
(
616‌
)
Change
in
net
unrealized
gain
/
loss
Securities
(
35,616‌
)
Futures
(
696‌
)
Swaps
255‌
Change
in
net
unrealized
gain
/
loss
(
36,057‌
)
Net
realized
and
unrealized
gain
/
loss
(
36,673‌
)
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
11,007‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
Unaudited
Statement
of
Changes
in
Net
Assets
51
($000s)
6
Months
Ended
4/30/26
Year
Ended
10/31/25
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
47,680‌
$
76,238‌
Net
realized
loss
(
616‌
)
(
10,489‌
)
Change
in
net
unrealized
gain
/
loss
(
36,057‌
)
43,651‌
Increase
in
net
assets
from
operations
11,007‌
109,400‌
Distributions
to
shareholders
Net
earnings
Investor
Class
(
12,178‌
)
(
24,374‌
)
I
Class
(
21,145‌
)
(
37,008‌
)
Z
Class
(
14,636‌
)
(
15,608‌
)
Decrease
in
net
assets
from
distributions
(
47,959‌
)
(
76,990‌
)
Capital
share
transactions
*
Shares
sold
Investor
Class
75,575‌
178,723‌
I
Class
153,351‌
228,533‌
Z
Class
331,906‌
313,725‌
Distributions
reinvested
Investor
Class
11,625‌
23,669‌
I
Class
17,294‌
31,668‌
Z
Class
14,513‌
15,731‌
Shares
redeemed
Investor
Class
(
104,156‌
)
(
215,376‌
)
I
Class
(
51,349‌
)
(
148,671‌
)
Z
Class
(
35,008‌
)
(
38,590‌
)
Increase
in
net
assets
from
capital
share
transactions
413,751‌
389,412‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
Unaudited
Statement
of
Changes
in
Net
Assets
52
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
4/30/26
Year
Ended
10/31/25
Net
Assets
Increase
during
period
376,799‌
421,822‌
Beginning
of
period
2,012,267‌
1,590,445‌
End
of
period
$
2,389,066‌
$
2,012,267‌
*Share
information
(000s)
Shares
sold
Investor
Class
7,775‌
18,617‌
I
Class
15,746‌
23,755‌
Z
Class
34,079‌
32,697‌
Distributions
reinvested
Investor
Class
1,196‌
2,458‌
I
Class
1,779‌
3,288‌
Z
Class
1,495‌
1,632‌
Shares
redeemed
Investor
Class
(
10,697‌
)
(
22,463‌
)
I
Class
(
5,280‌
)
(
15,437‌
)
Z
Class
(
3,607‌
)
(
4,017‌
)
Increase
in
shares
outstanding
42,486‌
40,530‌
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
53
T.
Rowe
Price
QM
U.S.
Bond
Index
Fund,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
QM
U.S.
Bond
Index
Fund
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks to
provide
a
total
return
that
matches
or
incrementally
exceeds
the
performance
of
the
U.S.
investment-grade
bond
market.
The
fund
has three classes
of
shares:
the
QM
U.S.
Bond
Index
Fund
(Investor
Class),
the
QM
U.S.
Bond
Index
Fund–I
Class
(I
Class)
and
the
QM
U.S.
Bond
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. Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
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
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
54
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Earnings
on
investments
recognized
as
partnerships
for
federal
income
tax
purposes
reflect
the
tax
character
of
such
earnings. 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. 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
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
Indemnification
 In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
55
NOTE
2
-
VALUATION 
Fair
Value
  The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
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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
are
generally 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.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
the
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
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57
Valuation
Inputs
  The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
April
30,
2026
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments): 
NOTE
3
-
DERIVATIVE
INSTRUMENTS 
During
the
six
months ended
April
30,
2026,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement
or
delivery
of
cash
or
other
assets.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—‌
$
2,090,767‌
$
—‌
$
2,090,767‌
Asset-Backed
Securities
—‌
145,418‌
1,580‌
146,998‌
Non-U.S.
Government
Mortgage-Backed
Securities
—‌
118,402‌
1,548‌
119,950‌
Short-Term
Investments
86,869‌
—‌
—‌
86,869‌
Securities
Lending
Collateral
10,548‌
—‌
—‌
10,548‌
Total
Securities
97,417‌
2,354,587‌
3,128‌
2,455,132‌
Swaps*
—‌
348‌
—‌
348‌
Futures
Contracts*
58‌
—‌
—‌
58‌
Total
$
97,475‌
$
2,354,935‌
$
3,128‌
$
2,455,538‌
Liabilities
Futures
Contracts*
$
931‌
$
—‌
$
—‌
$
931‌
1
Includes
Corporate
Bonds,
Foreign
Government
Obligations
&
Municipalities,
Municipal
Securities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
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58
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
April
30,
2026,
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
$
58‌
Credit
derivatives
Centrally
Cleared
Swaps
348‌
*
Total
$
406‌
*
Liabilities
Interest
rate
derivatives
Futures
$
931‌
Total
$
931‌
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
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Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
April
30,
2026,
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
($000s)                                              
Location
of
Gain
(Loss)
on
Statement
of
Operations
Futures
Swaps
Total
Realized
Gain
(Loss)
Interest
rate
derivatives
$
(448‌)
$
—‌
$
(448‌)
Credit
derivatives
—‌
170‌
170‌
Total
$
(448‌)
$
170‌
$
(278‌)
Change
in
Unrealized
Gain
(Loss)
Interest
rate
derivatives
$
(696‌)
$
—‌
$
(696‌)
Credit
derivatives
—‌
255‌
255‌
Total
$
(696‌)
$
255‌
$
(441‌)
T.
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60
subject
to
the
liquidity
of
underlying
positions. As
of
April
30,
2026,
securities
valued
at $4,156,000
had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives. 
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
six
months ended
April
30,
2026,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
2%
and
5%
of
net
assets.
Swaps
 The
fund
is
subject
to
credit
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
swap
contracts
to
help
manage
such
risk.
The
fund
may
use
swaps
in
an
effort
to
manage
both
long
and
short
exposure
to
changes
in
interest
rates,
inflation
rates,
and
credit
quality;
to
adjust
overall
exposure
to
certain
markets;
to
enhance
total
return
or
protect
the
value
of
portfolio
securities;
to
serve
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure.
Swap
agreements
can
be
settled
either
directly
with
the
counterparty
(bilateral
swap)
or
through
a
central
clearinghouse
(centrally
cleared
swap).
Fluctuations
in
the
fair
value
of
a
contract
are
reflected
T.
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in
unrealized
gain
or
loss
and
are
reclassified
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations upon
contract
termination
or
cash
settlement.
Net
periodic
receipts
or
payments
required
by
a
contract
increase
or
decrease,
respectively,
the
value
of
the
contract
until
the
contractual
payment
date,
at
which
time
such
amounts
are
reclassified
from
unrealized
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
bilateral
swaps,
cash
payments
are
made
or
received
by
the
fund
on
a
periodic
basis
in
accordance
with
contract
terms;
unrealized
gain
on
contracts
and
premiums
paid
are
reflected
as
assets
and
unrealized
loss
on
contracts
and
premiums
received
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
For
bilateral
swaps,
premiums
paid
or
received
are
amortized
over
the
life
of
the
swap
and
are
recognized
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
centrally
cleared
swaps,
payments
are
made
or
received
by
the
fund
each
day
to
settle
the
daily
fluctuation
in
the
value
of
the
contract
(variation
margin).
Accordingly,
the
value
of
a
centrally
cleared
swap
included
in
net
assets
is
the
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.
Credit
default
swaps
are
agreements
where
one
party
(the
protection
buyer)
agrees
to
make
periodic
payments
to
another
party
(the
protection
seller)
in
exchange
for
protection
against
specified
credit
events,
such
as
certain
defaults
and
bankruptcies
related
to
an
underlying
credit
instrument,
or
issuer
or
index
of
such
instruments.
Upon
occurrence
of
a
specified
credit
event,
the
protection
seller
is
required
to
pay
the
buyer
the
difference
between
the
notional
amount
of
the
swap
and
the
value
of
the
underlying
credit,
either
in
the
form
of
a
net
cash
settlement
or
by
paying
the
gross
notional
amount
and
accepting
delivery
of
the
relevant
underlying
credit.
For
credit
default
swaps
where
the
underlying
credit
is
an
index,
a
specified
credit
event
may
affect
all
or
individual
underlying
securities
included
in
the
index
and
will
be
settled
based
upon
the
relative
weighting
of
the
affected
underlying
security(ies)
within
the
index. Generally,
the
payment
risk
for
the
seller
of
protection
is
inversely
related
to
the
current
market
price
or
credit
rating
of
the
underlying
credit
or
the
market
value
of
the
contract
relative
to
the
notional
amount,
which
are
indicators
of
the
markets’
valuation
of
credit
quality.
As
of
April
30,
2026,
the
notional
amount
of
protection
sold
by
the
fund
totaled $131,300,000
(5.5%
of
net
assets),
which
reflects
the
maximum
potential
amount
the
fund
could
be
required
to
pay
under
such
contracts.
Risks
related
to
the
use
of
credit
default
swaps
include
the
possible
inability
of
the
fund
to
accurately
assess
the
current
and
future
creditworthiness
of
underlying
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issuers,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund’s
swap
investments,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
April
30,
2026,
the
volume
of
the
fund’s
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
between
4%
and
6%
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.
Restricted
Securities
 The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Collateralized
Loan
Obligations 
 The
fund
invests
in
collateralized
loan
obligations
(CLOs)
which
are
entities
backed
by
a
diversified
pool
of
syndicated
bank
loans.
The
cash
flows
of
the
CLO
can
be
split
into
multiple
segments,
called
“tranches”
or
“classes”,
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segments,
which
are
the
subordinate
or
“equity”
tranches,
bear
the
greatest
risk
of
loss
from
defaults
in
the
underlying
assets
of
the
CLO
and
serve
to
protect
the
other,
more
senior,
tranches.
Senior
tranches
will
typically
have
higher
credit
ratings
and
lower
yields
than
the
securities
underlying
the
CLO.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses. 
Mortgage-Backed
Securities
 The
fund
invests
in
mortgage-backed
securities
(MBS
or
pass-through
certificates)
that
represent
an
interest
in
a
pool
of
specific
underlying
mortgage
loans
and
entitle
the
fund
to
the
periodic
payments
of
principal
and
interest
from
those
mortgages.
MBS
may
be
issued
by
government
agencies
or
corporations,
or
private
issuers.
Most
MBS
issued
by
government
agencies
are
guaranteed;
however,
the
degree
of
protection
differs
based
on
the
issuer.
MBS are
sensitive
to
changes
in
economic
conditions
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that
affect
the
rate
of
prepayments
and
defaults
on
the
underlying
mortgages;
accordingly,
the
value,
income,
and
related
cash
flows
from
MBS
may
be
more
volatile
than
other
debt
instruments.
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
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
April
30,
2026,
no
collateral
was
pledged
by
the
fund
or
counterparties
for
MSFTA
Transactions.
Dollar
Rolls 
 The
fund
enters
into
dollar
roll
transactions,
pursuant
to
which
it
sells
a
mortgage-backed
TBA
or
security
and
simultaneously
agrees
to
purchase
a
similar,
but
not
identical,
TBA
with
the
same
issuer,
rate,
and
terms
on
a
later
date
at
a
set
price
from
the
same
counterparty.
The
fund
may
execute
a
“roll”
to
obtain
better
underlying
mortgage
securities
or
to
enhance
returns.
While
the
fund
may
enter
into
dollar
roll
transactions
with
the
intention
of
taking
possession
of
the
underlying
mortgage
securities,
it
may
also
close
a
contract
prior
to
settlement
or
“roll”
settlement
to
a
later
date
if
deemed
to
be
in
the
best
interest
of
shareholders.
Actual
mortgages
received
by
the
fund
may
be
less
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favorable
than
those
anticipated.
The
fund
accounts
for
dollar
roll
transactions
as
purchases
and
sales,
which
has
the
effect
of
increasing
its
portfolio
turnover
rate. 
Securities
Lending
 The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
fund,
except
in
the
event
of
borrower
default. Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
April
30,
2026,
the
value
of
loaned
securities
was
$14,869,000;
the
aggregate
value
of
collateral
was
$15,329,000
and
consisted
of
cash
collateral
and
related
investments
of
$10,548,000
and
U.S.
government
securities
of
$4,781,000.
Other 
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term
and
U.S.
government securities
aggregated $278,320,000 and
$90,192,000,
respectively,
for
the
six
months ended
April
30,
2026. Purchases
and
sales
of
U.S.
government
securities
aggregated $948,873,000 and
$726,052,000,
respectively,
for
the
six
months ended
April
30,
2026.
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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.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report. 
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
October
31,
2025,
the
fund
had
$102,266,000
of
available
capital
loss
carryforwards.
At
April
30,
2026,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$2,543,584,000.
Net
unrealized
loss
aggregated
$86,415,000
at
period-end,
of
which
$9,269,000
related
to
appreciated
investments
and
$95,684,000
related
to
depreciated
investments.
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 0.07%
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
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66
limitation.
The
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class’s net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver. 
The
Z
Class
is
also
subject
to
a
contractual
expense
limitation
agreement
whereby
Price
Associates
has
agreed
to
waive
and/or
bear
all
of
the
Z
Class’
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
in
their
entirety.
This
fee
waiver
and/or
expense
reimbursement
arrangement
is
expected
to
remain
in
place
indefinitely,
and
the
agreement
may
only
be
amended
or
terminated
with
approval
by
the
fund’s
Board.
Expenses
of
the
fund
waived/paid
by
the
manager
are
not
subject
to
later
repayment
by
the
fund.
In
addition,
the
fund
is
subject
to a
permanent
contractual
expense
limitation,
pursuant
to
which
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
0.30%.
The
agreement
may
only
be
terminated
with
approval
by
the
fund’s
shareholders.
Each
class is
required
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67
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. No
management
fees
were
waived
or
any
expenses
paid
under
this
arrangement
during the
six
months ended
April
30,
2026. 
Pursuant
to
these
agreements,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the six
months
ended April
30,
2026 as
indicated
in
the
table
below.
Including
these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $728,000 remain
subject
to
repayment
by
the
fund
at
April
30,
2026. 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
six
months
ended
April
30,
2026,
expenses
incurred
pursuant
to
these
service
agreements
were
$63,000
for
Price
Associates;
$320,000
for
T.
Rowe
Price
Services,
Inc.;
and
$35,000
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.
Investor
Class
I
Class
Z
Class
Expense
limitation/I
Class
Limit
0.25%
0.05%
0.00%
Expense
limitation
date
12/31/28
12/31/28
N/A
(Waived)/repaid
during
the
period
($000s)
$(123)
$(10)
$(311)
T.
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PRICE
QM
U.S.
Bond
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68
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
six
months ended
April
30,
2026,
the
fund
was
charged $41,000 for
shareholder
servicing
costs
related
to
the
college
savings
plans, which
is
net
of
a
reimbursement
by
Price
of
$14,000.
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
April
30,
2026,
approximately
17%
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
April
30,
2026, 100%
of
the
Z
Class's
outstanding
shares
were
held
by
Price
Funds
and
accounts.
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Effective
November
12,
2025, cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Treasury Reserve Fund.
Prior
to
November
12,
2025,
cash
collateral
from
securities
lending,
if
any,
was
invested
in
the
T.
Rowe
Price
Government
Reserve
Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
T.
ROWE
PRICE
QM
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Fund
69
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
six
months
ended
April
30,
2026,
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 Group
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.
T.
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PRICE
QM
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Index
Fund
70
NOTE
8
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-
existing
political,
social,
and
economic
risks.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
T.
ROWE
PRICE
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Index
Fund
71
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
11-12,
2026
(Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors
who
were
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
and
information
provided
to
it
by
the
Adviser.
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
include,
but
are
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
and
evolving
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.
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Index
Fund
72
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
(as
applicable)
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2025.
Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2025,
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
investment
company
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
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.
In
considering
soft-dollar
arrangements,
the
Board
noted
that
the
Adviser
may
use
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.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
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PRICE
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Index
Fund
73
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
potentially
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
a
management
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
management
fees
and/or
bear
any
operating
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
management
fee
on
the
Z
Class
and
waives
or
bears
the
Z
Class’s
other
operating
expenses,
with
certain
exceptions.
The
Board
considered
whether
the
management
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.
In
addition,
the
Board
noted
that
the
fund
shares
in
potential
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
management
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
potential
economies
of
scale
with
the
fund
and
its
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,
and
total
expenses
of
the
fund’s
Investor
Class
and
I
Class
with
a
group
of
competitor
funds
selected
by
Broadridge
(Expense
Group);
and
(ii)
actual
management
fees
and
total
expenses
of
the
fund’s
Investor
Class
and
I
Class
with
a
broader
set
of
funds
within
the
Lipper
investment
classification
(Expense
Universe).
The
Board
considered
the
fund’s
contractual
management
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
74
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.
The
information
provided
to
the
Board
for
the
fund’s
Investor
Class
indicated
that
the
contractual
management
fee
ranked
in
the
second
quintile
(Expense
Group),
the
actual
management
fee
rate
ranked
in
the
first
quintile
(Expense
Group)
and
second
quintile
(Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
the
fifth
quintile
(Expense
Group
and
Expense
Universe).
The
information
provided
to
the
Board
for
the
fund’s
I
Class
indicated
that
the
contractual
management
fee
ranked
in
the
second
quintile
(Expense
Group),
the
actual
management
fee
rate
ranked
in
the
second
quintile
(Expense
Group)
and
third
quintile
(Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
the
fourth
quintile
(Expense
Group
and
Expense
Universe.
The
Board
was
provided
the
fee
schedules
and
other
account
fee
information
for
certain
comparable
investment
portfolios
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios
that
are
not
registered
investment
companies,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
The
fee
schedules
and
account
fee
information,
which
are
subject
to
change,
may
be
negotiated
under
certain
circumstances
and
may
differ
across
regions.
Management
provided
the
Board
with
information
about
the
Adviser’s
responsibilities
and
services
provided
to
subadvisory
clients
and
other
types
of
clients,
including
information
about
how
the
requirements,
economics
and
risks
of
the
domestic
and
international
businesses
may
differ
from
those
of
the
proprietary
mutual
fund
and
ETF
(“registered
fund”)
business.
The
Board
considered
information
showing
that
the
Adviser’s
proprietary
registered
fund
business
is
generally
more
complex
from
a
business
and
regulatory
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,
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
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
QM
U.S.
Bond
Index
Fund
75
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
1-800-638-5660
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F134-051
6/26

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 filed with the registrant’s annual Form N-CSR.

(2)    

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

(3)    

Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(b)        

A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

 

SIGNATURES

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

 

T. Rowe Price QM U.S. Bond Index Fund, Inc.
By   /s/ David Oestreicher      
  David Oestreicher  
  Principal Executive Officer  
Date    June 17, 2026  

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

 

By   /s/ David Oestreicher      
  David Oestreicher  
  Principal Executive Officer  
Date   

June 17, 2026

  

 

By   /s/ Alan S. Dupski      
  Alan S. Dupski  
  Principal Financial Officer  
Date   

June 17, 2026

  
 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

302 CERTIFICATIONS

906 CERTIFICATIONS

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