T. Rowe Price U.S. Treasury Long-Term Index Fund
T. ROWE PRICE U.S. TREASURY FUNDS, INC. · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
T. Rowe Price U.S. Treasury Long-Term Index Fund is a U.S. bond index fund that tracks the Bloomberg U.S. Long Treasury Bond Index.
- Asset class
- Bonds
- Region
- United States
- Management
- Index (passive)
- Fund type
- Open-end fund
- Rate sensitivity
- Long duration
Fund profile
As filed in the prospectus · 2025 Q3
The fund seeks to provide high income consistent with maximum credit protection.
The fund tracks the Bloomberg U.S. Long Treasury Bond Index by holding a range of the index's constituent long-term Treasury securities, using quantitative models to select holdings that replicate the index's key risk factors while attempting to modestly outperform through tactical positioning in duration, yield curve, and inflation exposure. The adviser may overweight or underweight specific securities and sectors relative to the index, which could cause the fund's duration and performance to diverge from the index. The fund may use Treasury futures and options to manage duration and adjust exposure to interest rate changes.
Portfolio turnover 28.20% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 98.88% |
| Cash & short-term | 0.83% |
| Securitized | 0.00% |
| Derivatives | -0.02% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: US TREASURY N/B ×5, UXYU6 US 10YR ULTRA FUT SEP26, USU6 US LONG BOND(CBT) SEP26, FVU6 US 5YR NOTE (CBT) SEP26
Largest exited: US TREASURY N/B ×2, UXYM6 US 10YR ULTRA FUT JUN26, FVM6 US 5YR NOTE (CBT) JUN26, USM6 US LONG BOND(CBT) JUN26, WNM6 US ULTRA BOND CBT JUN26, TUM6 US 2YR NOTE (CBT) JUN26
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 |
|---|---|---|---|---|---|
| +0.52% | -6.73% | -25.67% | 8.46% | -18.78% | |
| +0.87% | -6.08% | -24.83% | 8.30% | -18.72% | |
| +0.81% | -5.93% | -24.56% | 8.37% | -18.68% |
These classes hold the same portfolio, so the 1.10pp spread over 5 years is the cost difference between them — roughly 0.22pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
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 | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| 5-10y | 0.0% |
| 10y+ | 100.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
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 a small fraction 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 | 100% |
| Credit spreads | 0% |
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 | +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.
| 1 yr | 0.01 yr | 0% |
| 5 yr | 0.04 yr | 0% |
| 10 yr | 5.43 yr | 38% |
| 30 yr | 8.83 yr | 62% |
| 1 yr | 0.00 yr | 54% |
| 5 yr | 0.00 yr | 46% |
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 | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | +0.01 | +0.00 | +0.00 | $14 | $0 |
| 5 yr | +0.04 | +0.00 | +0.00 | $12 | $0 |
| 10 yr | +5.43 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +8.83 | +0.00 | +0.00 | $0 | $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 |
|---|---|---|---|---|
| — | US TREASURY N/B4.50% · due 2044-02-15 | 4.61% | $210.20M | — |
| — | US TREASURY N/B1.88% · due 2041-02-15 | 4.18% | $190.50M | — |
| — | US TREASURY N/B3.38% · due 2042-08-15 | 4.03% | $183.65M | — |
| — | US TREASURY N/B4.25% · due 2054-02-15 | 3.89% | $177.41M | — |
| — | US TREASURY N/B3.25% · due 2042-05-15 | 3.72% | $169.36M | — |
| — | US TREASURY N/B3.88% · due 2043-05-15 | 3.60% | $164.21M | — |
| — | US TREASURY N/B2.38% · due 2042-02-15 | 3.52% | $160.54M | — |
| — | US TREASURY N/B4.63% · due 2054-05-15 | 3.31% | $150.97M | — |
| — | US TREASURY N/B4.63% · due 2055-11-15 | 3.31% | $150.79M | — |
| — | US TREASURY N/B4.63% · due 2044-05-15 | 3.14% | $143.05M | — |
Top 10 positions are 37.31% of net assets, top 25 70.38%, across 9 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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