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FILER:

COMPANY DATA:COMPANY CONFORMED NAME:T. Rowe Price U.S. Bond Index Fund, Inc.CENTRAL INDEX KEY:0001120924IRS NUMBER:522273334STATE OF INCORPORATION:MDFISCAL YEAR END:1031

FILING VALUES:FORM TYPE:N-CSRSSEC ACT:1940 ActSEC FILE NUMBER:811-10093FILM NUMBER:10912561

BUSINESS ADDRESS:STREET 1:100 EAST PRATT STREETCITY:BALTIMORESTATE:MDZIP:21202BUSINESS PHONE:410-345-2000

MAIL ADDRESS:STREET 1:100 EAST PRATT STREETCITY:BALTIMORESTATE:MDZIP:21202

FORMER COMPANY:FORMER CONFORMED NAME:T ROWE PRICE US BOND INDEX FUND INCDATE OF NAME CHANGE:20000802

0001120924S000002166T. Rowe Price U.S. Bond Index Fund, Inc.

C000005563T. Rowe Price U.S. Bond Index Fund, Inc.PBDIX

N-CSRS1srubx_edgar.htmT. ROWE PRICE U.S. BOND INDEX FUND

T. Rowe Price U.S. Bond Index Fund - April 30, 2010




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 U.S. Bond Index Fund, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

Registrants telephone number, including area code: (410) 345-2000

Date of fiscal year end: October 31

Date of reporting period: April 30, 2010





Item 1: Report to Shareholders

U.S. Bond Index Fund

April 30, 2010




The views and opinions in this report were current as of April 30, 2010. They are not guarantees of performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, andthe managers reserve the right to change their views about individual stocks, sectors, and the markets at any time. As a result, the views expressed should not be relied upon as a forecast of the funds future investment intent. The report iscertified under the Sarbanes-Oxley Act, which requires mutual funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.

REPORTS ON THE WEB

Sign up for our E-mail Program, and you can begin to receive updated fund reports and prospectuses online rather than through the mail. Log in to your account at troweprice.com for more information.

Managers Letter

Fellow Shareholders

Investors in U.S. bonds enjoyed decent returns over the past six months, but gains in certain segments remained very strong. Although signs of economic strength caused an initial rise in long-term Treasury yields, bond investorsbenefited from continued low inflation and further healing in the credit markets. The U.S. Bond Index Fund slightly exceeded the return of the broad Barclays Capital U.S. Aggregate Index over the past six months before fees were included, but thefunds outperformance did not quite compensate for its expenses.

ECONOMY AND INTEREST RATES


Most signs indicated that the U.S. economy continued recovering over the past six months, albeit at an uneven pace. Although unemployment remained elevated, businesses resumed hiring in earnest in March and April for the first time inover two years. Consumer spending continued to inch higher, and gauges of consumer confidence suggested that Americans were becoming somewhat more optimisticabout the economys direction. The housing sector appeared to have stabilized, thanks in part to homebuyer tax incentives. Manufacturing appeared to be leading the way in the recovery, due partly to healthy exportmarkets.

In a sign that the Federal Reserve was confident that U.S. credit markets were faring better, the central bank took its first step in tightening monetary policy in nearly four years. On February 18, 2010, the Fed announced that it wasraising the discount rate it charges member banks for emergency loans by a quarter of a percentage point, to 0.75%. The Fed took pains to assure investors, however, that the more influential federal funds ratewhich affects consumer andbusiness lending rateswould not be increased in the near future. The short-term inflation threat appeared well contained. Core inflation, which excludes volatile food and energy prices, fell back to its lowest level in several years.

Improved economic prospects resulted in rising yields and declines in long-term government bond prices at the start of the period. Investors also worried about the ability of the market to absorb the large amounts of government debtbeing auctioned off by the Treasury. At the end of the period, however, concerns about a new round of debt contagion boosted demand for the safe haven of U.S. Treasuries. Disturbing echoes of the 2008 financial crisis appeared in the form of growingconcerns about spiraling deficits in Portugal; Spain; and, in particular, Greece. Although most observers agreed that outright defaults on sovereign debt were highly unlikely, some worried that a new contagion might spread to other Europeanmarketsor that at least the continents growth would slow as interest rates in peripheral European Union nations climbed. Short-term Treasury yields remained anchored by the near-zero federal funds rate, which the Fed has kept unchangedsince late 2008.

MARKET NEWS


Commercial mortgage-backed securities (CMBS) produced impressive returns in the period and far surpassed other sectors. Signs of employment recovery have benefited the service sectors fundamental outlook, and CMBS attractedinvestors given a lack of new supply and the low yields available elsewhere. Investment-grade corporate bonds posted less robust returns, but all major corporate sectorsindustrials, financials, and utilitiesperformed well. Mortgage-backed securities (MBS), the dominant share of the investment-grade bond market, offered decent returns.

MBS, CMBS, and asset-backed securities (ABS) all fared well despite some worries over the end of government programs designed to support these markets. The ABS supports in the Term Asset-Backed Securities Loan Facility (TALF) ended onMarch 31, 2010, as did the Federal Reserves program of buying MBS. Demand for higher-yielding securities appeared to be sufficient to support the markets, however, and yields on these issues did not rise significantly relative toTreasuries.

PORTFOLIO REVIEW

Your fund returned 2.50% in the six months ended April 30, 2010, after fees. As shown in the table, the fund was roughly in line with the unmanaged Barclays Capital U.S. Aggregate Index. The funds net asset value (NAV) increasedby $0.05 over the past six months, while dividends of $0.22 were $0.02 lower than in the previous six-month period. The fund is designed for investors who want to benefit from broad exposure to investment-grade bonds. Its objective is to closely track the performance ofthe Barclays Capital U.S. Aggregate Index after fees.


The fund is designed to compensate for fund expenses by seeking modest additional returns through small changes in sector weightings. Over the past six months, we have maintained a slight underweight in our Treasury allocation, whichhas helped performanceas government bonds have lagged higher-risk issues. Conversely, we have positioned the portfolio with a slight overweight in strongly performing CMBS, which has also helped compensate for fund expenses.

The portfolios emphasis on higher-quality sectors proved a minor detriment, however, as the riskiest issues fared best as investors proved eager for higher yields.

As shown in the Security Diversification pie chart, MBS, corporate bonds, and U.S. Treasuries accounted for the bulk of both the portfolio and the index. U.S. government-related issues, CMBS, ABS, and other holdings represented only asmall part of the fund and the index.


Since our last report, the portfolios weighted average maturity and duration increased along with the index, meaning that the fund has become somewhat more sensitive to changes in interest rates (see Glossary for definitions). Theportfolios yield also decreased as a result of dividends declining slightly while the NAV increased.


OUTLOOK

In our last report, we noted that we expected that coupon or dividendincome would become the dominant factor in total return in the coming months. This has indeed proved the case as the precipitous drop in yields of higher-risk bonds relative to those of Treasuries has left less room for price appreciation. While we expect this coupon clipping environment to continue, we see the potential for pockets of additional price gainsin certain segments of the fixed income markets, such as corporate bonds. We believe the recent turmoil in European credit markets, while likely to be resolved, is another reminder of the value of maintaining a highly diversified investment strategysuch as that offered by our fund.

Respectfully submitted,


Robert M. Larkins
President of the fund and chairman of its Investment Advisory Committee

May 17, 2010

The committee chairman has day-to-day responsibility for managing the portfolio and works with committee members in developing and executing the funds investment program.


RISKS OF INVESTING IN FIXED-INCOME SECURITIES

Funds that invest in fixed income securities are subject to price declines due to rising interest rates, with long-term securities generally most sensitive to rate fluctuations. Other risks include credit rating downgrades and defaultson scheduled interest and principal payments. Mortgage-backed securities are subject to prepayment risk, particularly if falling rates lead to heavy refinancing activity, and extension risk, which is an increase in interest rates that causes afunds average maturity to lengthen unexpectedly due to a drop in mortgage prepayments. This would increase the funds sensitivity to rising interest rates and its potential for price declines.

GLOSSARY

30-day SEC yield: A method of calculating a funds yield that assumes all portfolio securities are held until maturity. Yield will vary and is not guaranteed.

Asset-backed securities: Bonds whose payments are backed by a pool of receivables or other financial assets.

Barclays Capital U.S. Aggregate Index: A widely used benchmark for the domestic investment-grade bond market, including corporate, government, and mortgage-backed securities. The index typically includes morethan 5,000 fixed income securities with an overall intermediate- to long-term average maturity.

Commercial mortgage-backed securities: Bonds backed by loans on commercial rather than residential properties.

Duration: A measure of a bond funds sensitivity to changes in interest rates. For example, a fund with a duration of six years would fall about 6% in price in response to a one-percentage-point rise ininterest rates, and vice versa.

Weighted average maturity: The weighted average maturity is a measure of a funds interest rate sensitivity. In general, the longer the average maturity, the greater the funds sensitivity tointerest rate changes. The weighted average maturity may take into account the interest rate readjustment dates for certain securities.

Yield curve: A graphic depiction of the relationship between yields and maturity dates for a set of similar securities, such as Treasuries or municipal securities. Yield curves typically slope upward,indicating that longer maturities offer higher yields. When the yield curve is flat, there is little or no difference between the yields offered by shorter- and longer-term securities.


Performance and Expenses

GROWTH OF $10,000


This chart shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with benchmarks, which may include abroad-based market index and a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes.




AVERAGE ANNUAL COMPOUND TOTAL RETURN


This table shows how the fund would have performed each year if its actual (or cumulative) returns for the periods shown had been earned at a constant rate.




FUND EXPENSE EXAMPLE


As a mutual fund shareholder, you may incur two types of costs: (1) transaction costs, such as redemption fees or sales loads, and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other fundexpenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investmentof $1,000 invested at the beginning of the most recent six-month period and held for the entire period.

Actual Expenses
The first line of the following table (Actual) provides information about actual account values and actual expenses. You may use the information in this line, together with your account balance, to estimate the expenses thatyou paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading Expenses Paid DuringPeriod to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes
The information on the second line of the table (Hypothetical) is based on hypothetical account values and expenses derived from the funds actual expense ratio and an assumed 5% per year rate of return before expenses(not the funds actual return). You may compare the ongoing costs of investing in the fund with other funds by contrasting this 5% hypothetical example and the 5% hypothetical examples that appear in the shareholder reports of the other funds.The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Note: T. Rowe Price charges an account maintenance fee that is not included in the accompanying table. The account maintenance fee is charged on a quarterly basis, usually during the last week of a calendar quarter, and applies to accounts with balances below $10,000 on the day of the assessment. The fee is charged to accounts that fall below $10,000 for any reason, including market fluctuations, redemptions, or exchanges. When an account with less than $10,000 is closed either through redemption or exchange, the fee is charged and deducted from the proceeds. The fee applies to IRAs but not to retirement plans directly registered with T. Rowe Price Services or accounts maintained by intermediaries through NSCC Networking. If you are subject to the fee, keep it in mind when you are estimating the ongoing expenses of investing in the fund and when comparing the expenses of this fund with other funds.

You should also be aware that the expenses shown in the table highlight only your ongoing costs and do not reflect any transaction costs, such as redemption fees or sales loads. Therefore, the second line of the table is useful incomparing ongoing costs only and will not help you determine the relative total costs of owning different funds. To the extent a fund charges transaction costs, however, the total cost of owning that fund is higher.











Unaudited



The accompanying notes are an integral part of these financial statements.


Unaudited




































The accompanying notes are an integral part of these financial statements.


Unaudited


The accompanying notes are an integral part of these financial statements.


Unaudited


The accompanying notes are an integral part of these financial statements.


Unaudited


The accompanying notes are an integral part of these financial statements.


Unaudited

NOTES TO FINANCIAL STATEMENTS


T. Rowe Price U.S. Bond Index Fund, Inc. (the fund), is registered under the Investment Company Act of 1940 (the 1940 Act) as a diversified, open-end management investment company. The fund commenced operations on November 30, 2000. Thefund seeks to match the total return performance of the U.S. investment-grade bond market, as represented by the Barclays Capital U.S. Aggregate Index.

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

Basis of Preparation The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), which require the use of estimatesmade by fund management. Fund management believes that estimates and security valuations are appropriate; however, actual results may differ from those estimates, and the security valuations reflected in the accompanying financial statements maydiffer from the value ultimately realized upon sale of the securities.

Investment Transactions, Investment Income, and Distributions Income and expenses are recorded on the accrual 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. Dividends received from mutual fund investments are reflected as dividend income; capital gain distributions are reflected as realized gain/loss. Dividend income and capitalgain distributions are recorded on the ex-dividend date. Income tax-related interest and penalties, if incurred, would be recorded as income tax expense. Investment transactions are accounted for on the trade date. Realized gains and losses arereported on the identified cost basis. Distributions to shareholders are recorded on the ex-dividend date. Income distributions are declared daily and paid monthly. Capital gain distributions, if any, are generally declared and paid by the fund,annually.

Redemption Fees A 0.5% fee is assessed on redemptions of fund shares held for 90 days or less to deter short-term trading and to protect the interests of long-term shareholders. Redemption fees are withheldfrom proceeds that shareholders receive from the sale or exchange of fund shares. The fees are paid to the fund and are recorded as an increase to paid-in capital. The fees may cause the redemption price per share to differ from the net asset valueper share.

New Accounting Pronouncement In January 2010, new accounting guidance was issued that requires enhanced disclosures about fair value measurements in the financial statements; it is effective for fiscal years and interim periods beginning after December 15, 2009. Management expects that adoption of this guidance will have no impact on the funds net assets or results ofoperations.

NOTE 2 - VALUATION

The funds investments are reported at fair value as defined under GAAP. The fund determines the values of its assets and liabilities and computes its net asset value per share at the close of the New York Stock Exchange (NYSE),normally 4 p.m. ET, each day that the NYSE is open for business.

Valuation Methods Debt securities are generally traded in the over-the-counter (OTC) market. Securities with remaining maturities of one year or more at the time of acquisition are valued at prices furnishedby dealers who make markets in such securities or by an independent pricing service, which considers the yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in suchsecurities. Securities with remaining maturities of less than one year at the time of acquisition generally use amortized cost in local currency to approximate fair value. However, if amortized cost is deemed not to reflect fair value or the fundholds a significant amount of such securities with remaining maturities of more than 60 days, the securities are valued at prices furnished by dealers who make markets in such securities or by an independent pricing service.

Investments in mutual funds are valued at the mutual funds closing net asset value per share on the day of valuation.

Other investments, including restricted securities, and those financial instruments for which the above valuation procedures are inappropriate or are deemed not to reflect fair value are stated at fair value as determined in good faithby the T. Rowe Price Valuation Committee, established by the funds Board of Directors.

Valuation Inputs Various inputs are used to determine the value of the funds financial instruments. These inputs are summarized in the three broad levels listed below:

Level 1 quoted prices in active markets for identical securities

Level 2 observable inputs other than Level 1 quoted prices (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk)

Level 3 unobservable inputs

Observable inputs are those based on market data obtained from sources independent of the fund, and unobservable inputs reflect the funds own assumptions based on the best information available. The input levels are notnecessarily an indication of the risk or liquidity associated with financial instruments at that level. The following table summarizes the funds financial instruments, based on the inputs used to determine their values on April 30,2010:

NOTE 3 - 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 aredescribed more fully in the funds prospectus and Statement of Additional Information.

Restricted Securities The fund may invest 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.

TBA Purchase Commitments During the six months ended April 30, 2010, the fund entered into to be announced (TBA) purchase commitments, pursuant to which it agrees to purchase mortgage-backed securities for afixed unit price, with payment and delivery at a scheduled future date beyond the customary settlement period for that security. With TBA transactions, the particular securities to be delivered are not identified at the trade date; however,delivered securities must meet specified terms, including issuer, rate, and mortgage term, and be within industry-accepted good delivery standards. The fund generally enters into TBA transactions with the intention of taking possessionof the underlying mortgage securities. Until settlement, the fund maintains cash reserves and liquid assets sufficient to settle its TBA commitments.

Securities Lending The fund lends its securities to approved brokers to earn additional income. It receives as collateral cash and U.S. government securities valued at 102% to 105% of the value of thesecurities on loan. Cash collateral is invested by the funds lending agent(s) in accordance with investment guidelines approved by fund management. Although risk is mitigated by the collateral, the fund could experience a delay in recoveringits securities and a possible loss of income or value if the borrower fails to return the securities or if collateral investments decline in value. Securities lending revenue recognized by the fund consists of earnings on invested collateral andborrowing fees, net of any rebates to the borrower and compensation to the lending agent. On April 30, 2010, the value of loaned securities was $31,167,000; aggregate collateral received included U.S. government securities valued at$42,000.

Other Purchases and sales of portfolio securities other than short-term and U.S. government securities aggregated $28,016,000 and $4,404,000, respectively, for the six months ended April 30, 2010.Purchases and sales of U.S. government securities aggregated $141,981,000 and $78,868,000, respectively, for the six months ended April 30, 2010.

NOTE 4 - FEDERAL INCOME TAXES

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 incomeand 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 forpermanent 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-basisbalances 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. As of October 31, 2009, the fund had $2,199,000 of unused capital loss carryforwards, which expire: $27,000 in fiscal 2011, $572,000 in fiscal 2013, $1,441,000 in fiscal 2014, $19,000 in fiscal 2015, $99,000 in fiscal 2016, and $41,000 in fiscal 2017.

At April 30, 2010, the cost of investments for federal income tax purposes was $550,912,000. Net unrealized gain aggregated $20,369,000 at period-end, of which $20,974,000 related to appreciated investments and $605,000related to depreciated investments.

NOTE 5 - RELATED PARTY TRANSACTIONS

The fund is managed by T. Rowe Price Associates, Inc. (manager or Price Associates), a wholly owned subsidiary of T. Rowe Price Group, Inc. The investment management and administrative agreement between the fund and the manager providesfor an all-inclusive annual fee equal to 0.30% of the funds average daily net assets. The fee is computed daily and paid monthly. The agreement provides that investment management, shareholder servicing, transfer agency, accounting, custodyservices, and directors fees and expenses are provided to the fund, and interest, taxes, brokerage commissions, and extraordinary expenses are paid directly by the fund.

Additionally, the fund is one of several mutual funds in which certain college savings plans managed by Price Associates may invest. As approved by the funds Board of Directors, shareholder servicing costs associated with eachcollege savings plan are allocated to the fund in proportion to the average daily value of its shares owned by the college savings plan. Shareholder servicing costs allocated to the fund are borne by Price Associates, pursuant to the fundsall-inclusive fee agreement. At April 30, 2010, approximately 6% of the outstanding shares of the fund were held by college savings plans.

The fund may invest in the T. Rowe Price Reserve Investment Fund and the T. Rowe Price Government Reserve Investment Fund (collectively, the T. Rowe Price Reserve Investment Funds), open-end management investment companies managed byPrice Associates and considered affiliates of the fund. The T. Rowe Price Reserve Investment Funds are offered as cash management options to mutual funds, trusts, and other accounts managed by Price Associates and/or its affiliates and are notavailable for direct purchase by members of the public. The T. Rowe Price Reserve Investment Funds pay no investment management fees.

As of April 30, 2010, T. Rowe Price Group, Inc., and/or its wholly owned subsidiaries owned 818,219 shares of the fund, representing 2% of the funds net assets.


INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND RECORDS


A description of the policies and procedures used by T. Rowe Price funds and portfolios to determine how to vote proxies relating to portfolio securities is available in each funds Statement of Additional Information, which youmay request by calling 1-800-225-5132 or by accessing the SECs Web site, www.sec.gov. The description of our proxy voting policies and procedures is also available on our Web site, www.troweprice.com. To access it, click on the words OurCompany at the top of our corporate homepage. Then, when the next page appears, click on the words Proxy Voting Policies on the left side of the page.

Each funds most recent annual proxy voting record is available on our Web site and through the SECs Web site. To access it through our Web site, follow the directions above, then click on the words Proxy VotingRecords on the right side of the Proxy Voting Policies page.

HOW TO OBTAIN QUARTERLY PORTFOLIO HOLDINGS


The fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The funds Form N-Q is available electronically on theSECs Web site (www.sec.gov); hard copies may be reviewed and copied at the SECs Public Reference Room, 450 Fifth St. N.W., Washington, DC 20549. For more information on the Public Reference Room, call 1-800-SEC-0330.

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT


On March 9, 2010, the funds Board of Directors (Board) unanimously approved the continuation of the investment advisory contract (Contract) between the fund and its investment manager, T. Rowe Price Associates, Inc. (Adviser). TheBoard considered a variety of factors in connection with its review of the Contract, also taking into account information provided by the Adviser during the course of the year, as discussed below:

Services Provided by the Adviser
The Board considered the nature, quality, and extent of the services provided to the fund by the Adviser. These services included, but were not limited to, management of the funds portfolio and a variety of related activities, aswell as financial and administrative services, reporting, and communications. The Board also reviewed the background and experience of the Advisers senior management team and investment personnel involved in the management of the fund. TheBoard concluded that it was satisfied with the nature, quality, and extent of the services provided by the Adviser.

Investment Performance of the Fund
The Board reviewed the funds average annual total returns over the one-, three-, and five-year and since-inception periods, as well as the funds year-by-year returns, and compared these returns with a wide variety ofpreviously agreed upon comparable performance measures and market data, including those supplied by Lipper and Morningstar, which are independent providers of mutual fund data. On the basis of this evaluation and the Boards ongoing review ofinvestment results, and factoring in the severity of the market turmoil during 2008 and 2009, the Board concluded that the funds performance was satisfactory.

Costs, Benefits, Profits, and Economies of Scale
The Board reviewed detailed information regarding the revenues received by the Adviser under the Contract and other benefits that the Adviser (and its affiliates) may have realized from its relationship with the fund, including researchreceived under soft dollar agreements and commission-sharing arrangements with broker-dealers. The Board considered that the Adviser may receive some benefit from its soft-dollar arrangements pursuant to which it receives research frombroker-dealers that execute the applicable funds portfolio transactions. The Board did not review information regarding profits realized from managing the fund in particular because the fund had not achieved sufficient scale in terms ofportfolio asset size to produce meaningful profit margin percentages. The Board concluded that the Advisers profits from advising T. Rowe Price mutual funds were reasonable in light of the services provided to the fund. The Board alsoconsidered whether the fund or other funds benefit under the fee levels set forth in the Contract from any economies of scale realized by the Adviser. The Board noted that, under the Contract, the fund pays the Adviser a single fee based on thefunds assets and that the Adviser, in turn, pays all expenses of the fund, with certain exceptions. The Board concluded that, based on the profitability data it reviewed and consistent with this single-fee structure, the Contract provided fora reasonable sharing of any benefits from economies of scale with the fund.

Fees
The Board reviewed the funds single-fee structure and compared it with fees and expenses of other comparable funds based on information and data supplied by Lipper. The information provided to the Board indicated that thefunds management fee rate and the funds total expense ratio were generally below the median for comparable funds. (For these purposes, the Board assumed the funds management fee rate was equal to the single fee less the fundsoperating expenses.) The Board also reviewed the fee schedules for institutional accounts of the Adviser and its affiliates with smaller mandates. Management informed the Board that the Advisers responsibilities for institutional accounts aremore limited than its responsibilities for the fund and other T. Rowe Price mutual funds that it or its affiliates advise and that the Adviser performs significant additional services and assumes greater risk for the fund and other T. Rowe Pricemutual funds that it advises than it does for institutional accounts. On the basis of the information provided, the Board concluded that the fees paid by the fund under the Contract were reasonable.

Approval of the Contract
As noted, the Board approved the continuation of the Contract. No single factor was considered in isolation or to be determinative to the decision. Rather, the Board was assisted by the advice of independent legal counsel and concluded,in light of a weighting and balancing of all factors considered, that it was in the best interests of the fund to approve the continuation of the Contract, including the fees to be charged for services thereunder.

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 exhibitto the registrants annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrants most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrants annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrants 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 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) The registrants principal executive officer and principal financial officer have evaluated the registrants disclosure controls and procedures within 90 days of this filing and have concluded that the registrantsdisclosure 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 registrants principal executive officer and principal financial officer are aware of no change in the registrants internal control over financial reporting that occurred during the registrants second fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.

Item 12. Exhibits.

(a)(1) The registrants code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrants annual Form N-CSR.

(2) 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 of1940, are attached.

(3) Written solicitation to repurchase securities issued by closed-end companies: not applicable.

(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, isattached.

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 U.S. Bond Index Fund, Inc.

By/s/ Edward C. Bernard

Edward C. Bernard

Principal Executive Officer

DateJune 17, 2010

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/ Edward C. Bernard

Edward C. Bernard

Principal Executive Officer

DateJune 17, 2010

By/s/ Gregory K. Hinkle

Gregory K. Hinkle

Principal Financial Officer

DateJune 17, 2010


EX-99.CERT2ex-99cert.htm302 CERTIFICATIONS

CERTIFICATIONS




Item 12(a)(2).

CERTIFICATIONS


I, Edward C. Bernard, certify that:

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

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit

to state a material fact necessary to make the statements made, in light of the circumstances under

which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this

report, fairly present in all material respects the financial condition, results of operations, changes in

net assets, and cash flows (if the financial statements are required to include a statement of cash

flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining

disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act

of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the

Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and

procedures to be designed under our supervision, to ensure that material information relating to

the registrant, including its consolidated subsidiaries, is made known to us by others within those

entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over

financial reporting to be designed under our supervision, to provide reasonable assurance

regarding the reliability of financial reporting and the preparation of financial statements for

external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in

this report our conclusions about the effectiveness of the disclosure controls and procedures, as of

a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrants internal control over financial reporting that

occurred during the second fiscal quarter of the period covered by this report that has materially

affected, or is reasonably likely to materially affect, the registrants internal control over financial

reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the

audit committee of the registrant's board of directors (or persons performing the equivalent

functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control

over financial reporting which are reasonably likely to adversely affect the registrant's ability to

record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a

significant role in the registrant's internal control over financial reporting.


Date:June 17, 2010/s/ Edward C. Bernard

Edward C. Bernard

Principal Executive Officer


CERTIFICATIONS


I, Gregory K. Hinkle, certify that:

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

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit

to state a material fact necessary to make the statements made, in light of the circumstances under

which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this

report, fairly present in all material respects the financial condition, results of operations, changes in

net assets, and cash flows (if the financial statements are required to include a statement of cash

flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining

disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act

of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the

Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and

procedures to be designed under our supervision, to ensure that material information relating to

the registrant, including its consolidated subsidiaries, is made known to us by others within those

entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over

financial reporting to be designed under our supervision, to provide reasonable assurance

regarding the reliability of financial reporting and the preparation of financial statements for

external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in

this report our conclusions about the effectiveness of the disclosure controls and procedures, as of

a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrants internal control over financial reporting that

occurred during the second fiscal quarter of the period covered by this report that has materially

affected, or is reasonably likely to materially affect, the registrants internal control over financial

reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the

audit committee of the registrant's board of directors (or persons performing the equivalent

functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control

over financial reporting which are reasonably likely to adversely affect the registrant's ability to

record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a

significant role in the registrant's internal control over financial reporting.


Date:June 17, 2010/s/ Gregory K. Hinkle

Gregory K. Hinkle

Principal Financial Officer


EX-99.906 CERT3ex-99_906cert.htm906 CERTIFICATIONS

CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002




Item 12(b).

CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002

Name of Issuer: T. Rowe Price U.S. Bond Index Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby

certifies, to the best of his knowledge, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities

Exchange Act of 1934;

2.The information contained in the Report fairly presents, in all material respects, the financial

condition and results of operations of the Issuer.

Date: June 17, 2010/s/ Edward C. Bernard

Edward C. Bernard

Principal Executive Officer

Date: June 17, 2010/s/ Gregory K. Hinkle

Gregory K. Hinkle

Principal Financial Officer


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