We empower our fixed income experts to think creatively and explore new ideas to achieve your investment objectives.

Our fixed income funds have outperformed their Morningstar peers.

75% of our I class fixed income mutual funds were in the top two Morningstar quartiles over the past 10 years¹.

That’s the T. Rowe Price difference.

^{Past performance is not a reliable indicator of future performance.}

^{1 Performance based on all fixed income I Class shares available at time of reporting. 24 of 40 (60%), 26 of 40 (65%), 28 of 40 (70%), and 30 of 40 (75%) of our I Class share fixed income mutual funds with at least a 10-year history were in the top two Morningstar quartiles in their respective Morningstar categories for the 1-, 3-, 5-, and 10-year periods ended 31 December 2023.}

^{Funds in the 1st or 2nd quartile are likely to outperform the peer group average.}

^{When compared to fund evaluation tools that are frequently used in the industry, and which can be scaled to compare all (or nearly all) funds, Morningstar's Scorecards have been tested to demonstrate an increased likelihood of selecting the best performers on a risk-adjusted basis over future five-year periods.}

A broad range of solutions designed to help meet your needs.

Important Information

_{All data as of 31 December 2023 unless otherwise stated.}

_{¹The total fixed income assets managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates. Total fixed income assets include all fixed income separate accounts and funds along with a portion of certain T. Rowe Price U.S.-registered multi-asset funds as of 31 December 2023.}

_{For more information on the methodology of this analysis, please visit troweprice.com/complete-performance-study.}

_{Past performance is no guarantee of future results. All investments are subject to risk, including the possible loss of principal. Results from other time periods may differ. Active investing may have higher costs than passive investing and may underperform the broad market or passive peers with similar objectives. Passive investing may lag the performance of actively managed peers as holdings are not reallocated based on changes in market conditions or outlooks on specific securities. Results for other time periods will differ.}

_{Volatility measured via standard deviation (of the difference in a manager's returns versus the index), annualized and net of fees, over 10-year rolling periods from 7/1/2003 to 6/30/2023.}

_{Analysis by T. Rowe Price. Comparable passive funds are (1) mutual funds and exchange traded funds classified as an “index fund” in the Morningstar Direct database and (2) in the same Morningstar category as the active funds being analyzed. The performance of the T. Rowe Price active funds were compared against the comparable passive funds using 10-year rolling monthly periods from 7/1/03 to 6/30/23. The analysis was conducted at the Morningstar category level analyzing all open-end funds and exchange traded funds (ETFs) within U.S. Morningstar categories where passive funds are present. Oldest share class returns are used for analysis.} 

_{29 T. Rowe Price funds are analyzed over 1,809 rolling 10-year periods.}

_{Download a mutual fund prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.}

_{Risk Considerations:}

_{All investments are subject to market risk, including the possible loss of principal. Fixed-income securities are subject to credit risk, liquidity risk, call risk, and interest-rate risk. As interest rates rise, bond prices generally fall. Investments in bank loans may at times become difficult to value and highly illiquid; they are subject to credit risk such as nonpayment of principal or interest, and risks of bankruptcy and insolvency. Investments in high-yield bonds involve greater risk of price volatility, illiquidity, and default than higher-rated debt securities. International investments can be riskier than U.S. investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional, and economic developments. These risks are generally greater for investments in emerging markets. Some income may be subject to state and local taxes and the federal alternative minimum tax (AMT).}

_{The T. Rowe Price common trust funds (Trusts) are not mutual funds; rather, the Trusts are operated and maintained so as to qualify for exemption from registration as mutual funds pursuant to Section 3(c)(11) of the Investment Company Act of 1940, as amended. The Trusts are established by T. Rowe Price Trust Company under Maryland banking law, and their units are exempt from registration under the Securities Act of 1933. Investments in the Trusts are not deposits or obligations of, or guaranteed by, the U.S. government or its agencies or T. Rowe Price Trust Company and are subject to investment risks, including possible loss of principal. Although the T. Rowe Price Stable Value Common Trust Fund seeks to preserve the value of your investment at $1.00 per unit, it cannot guarantee to do so. It is possible to lose money by investing in the Trust.}

_{202308-3079104}