T. Rowe Price QM U.S. Bond Index Fund
T. ROWE PRICE QM U.S. BOND INDEX FUND, INC. · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
T. Rowe Price QM U.S. Bond Index Fund is a U.S. bond index fund that tracks the Bloomberg U.S. Aggregate Bond Index.
- Asset class
- Bonds
- Region
- United States
- Management
- Index (passive)
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2025 Q4
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 tracks the Bloomberg U.S. Aggregate Bond Index by holding a representative sample of investment-grade U.S. bonds across government, agency, mortgage-backed, asset-backed, and corporate segments, rather than replicating the full index. The adviser uses quantitative models to adjust sector and duration positioning relative to the index in pursuit of modest outperformance, which may result in the fund's risk profile diverging from the index. The fund employs interest rate futures, Treasury-backed securities on forward commitment, and credit default swap indexes to manage duration and credit exposure.
Portfolio turnover 67.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 61.56% |
| Securitized | 37.22% |
| Cash & short-term | 4.02% |
| Derivatives | 0.09% |
Derivatives are shown at market value, not notional exposure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Securitized | 36.2% |
| Government | 35.0% |
| Other | 6.8% |
| Financials | 5.0% |
| 12 smaller | 17.0% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: US TREASURY N/B ×5, FNMA 30 YR TBA MAY ×2, FNMA 30 YR
Largest exited: FNMA 30 YR TBA FEB ×2, GNMA II TBA FEB ×2, US TREASURY N/B, WFLF 2025-2A A1 144A, FORTITUDE GROUP HOLDINGS 144A, The AES CORP
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +3.98% | +10.72% | +0.06% | 3.54% | -6.15% | |
| +4.24% | +11.53% | +1.25% | 3.42% | -6.02% | |
| +3.99% | +11.01% | +0.63% | 3.47% | -6.18% |
These classes hold the same portfolio, so the 1.19pp spread over 5 years is the cost difference between them — roughly 0.24pp a year — not a difference in what they own.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 87.4% |
| Floating rate | 12.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.1% |
| 1-3y | 10.2% |
| 3-5y | 22.8% |
| 5-10y | 16.6% |
| 10y+ | 48.4% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 63% |
| Credit spreads | 37% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.38 yr |
| High yield | +0.00 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.49 yr | 8% |
| 5 yr | 1.76 yr | 30% |
| 10 yr | 2.15 yr | 37% |
| 30 yr | 1.46 yr | 25% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.30 yr | 9% |
| 5 yr | 1.48 yr | 44% |
| 10 yr | 1.30 yr | 39% |
| 30 yr | 0.29 yr | 8% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.01 | +0.00 | $1.6k | $0 |
| 1 yr | +0.49 | +0.30 | +0.00 | $71.4k | $346 |
| 5 yr | +1.76 | +1.48 | +0.00 | $351.7k | $531 |
| 10 yr | +2.15 | +1.30 | +0.00 | $310.3k | $0 |
| 30 yr | +1.46 | +0.29 | +0.00 | $68.2k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| TRPGRIA | T. Rowe Price Government Reserve FundTRPGRIA | 3.64% | $86.65M | — |
| — | US TREASURY N/B3.88% · due 2030-04-30 | 2.45% | $58.26M | — |
| — | US TREASURY N/B4.50% · due 2029-05-31 | 2.25% | $53.57M | — |
| — | US TREASURY N/B4.13% · due 2029-11-30 | 1.24% | $29.51M | — |
| — | US TREASURY N/B3.63% · due 2030-10-31 | 1.21% | $28.78M | — |
| — | US TREASURY N/B4.38% · due 2029-12-31 | 1.16% | $27.60M | — |
| — | US TREASURY N/B4.13% · due 2027-10-31 | 1.05% | $24.96M | — |
| — | US TREASURY N/B4.75% · due 2055-05-15 | 0.97% | $23.17M | — |
| — | US TREASURY N/B4.25% · due 2034-11-15 | 0.97% | $22.99M | — |
| — | US TREASURY N/B3.63% · due 2030-12-31 | 0.90% | $21.35M | — |
Top 10 positions are 15.84% of net assets, top 25 25.30%, across 626 issuers.
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