Corporate Income Fund

Invests primarily in corporate debt securities issued by U.S. and foreign companies. Holdings will be a mix of long-term investment-grade and non-investment-grade bonds. High-yield bonds, convertibles, and foreign securities provide the opportunity for capital growth and higher income but with greater risk.

Yield and share price will vary with interest rate changes. If interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short term.

PRPIXCUSIP 741478101
Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Corporate Bond
  (169 funds)

Data as of 10/31/2019

Data as of 10/31/2019

Fund Manager Tenure2

Net Assets3
(USD)

1yr
$751.0m

Data as of 10/31/2019

Data as of 10/31/2019

Price
(USD)

Daily Price Change

$9.98
$-0.01

Data as of 12/06/2019

Data as of 12/06/2019

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Steven Boothe
Steven Boothe, Co-Portfolio Manager

Steve Boothe is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Boothe has lead portfolio management responsibilities for the Global Investment Grade and U.S. Investment Grad...

Lauren T. Wagandt
Lauren T. Wagandt, Co-Portfolio Manager

Lauren Wagandt is a portfolio manager in the Fixed Income Division at T. Rowe Price. Ms. Wagandt has portfolio management responsibilities for the US Investment Grade Corporate Bond Strategy. She i...

View more

Strategy

Investment Objective

The fund seeks to provide high income and some capital growth.

Morningstar Fixed Income Style

Mid / Extensive

Data as of 10/31/2019

The Morningstar Style Box™, a proprietary Morningstar data point, is a 9-square grid that provides a graphical representation of the "investment style" of stocks and mutual funds. See disclaimer at bottom of page for more information.

Morningstar Rating

Period Rating Funds In Category (Corporate Bond)
Overall 169
3 Years 169
5 Years 130
10 Years 81

The Morningstar Rating™ for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.

Yields & Dividends (Investor Class)

30-Day SEC Standardized Yield
with waiver
2.74%

Data as of 10/31/2019

without waiver
2.74%

Data as of 10/31/2019

30-Day Annualized Dividend Yield
with waiver
3.49%

Data as of 12/06/2019

Monthly Dividend
(USD)
$0.029862818

Data as of 10/31/2019

Monthly Dividend
Rate
0.01%

Data as of 12/06/2019

Average Annual Total Returns (Investor Class)

1 YR
13.03%
Benchmark
13.00%
Value
0.03% 0.01%

Data as of 09/30/2019

3 YR
3.97%
Benchmark
4.50%
Value
-0.53% -0.47%
5 YR
4.32%
Benchmark
4.72%
Value
-0.40% -0.43%
10 YR
5.65%
Benchmark
5.56%
Value
0.09% 0.07%

Expense Ratio

Gross
0.61%
Net
0.61%

Benchmark: Bloomberg Barclays U.S. Corporate Investment Grade Bond Index

Fund Inception: 10/31/1995

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

The 30-day dividend yield represents the average daily dividends for the 30-day period, annualized and divided by the net asset values per share at the end of the period; it is available the first quarter after the fund's inception. The SEC standardized yield is computed under an SEC standardized formula and reflects an estimated yield to maturity (assuming all portfolio securities are held to maturity); it is available the first month after the fund's inception.

The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursement. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement.  If a fund has an active contractual expense limitation, the expiration date is shown below the gross and net expense ratio values above.  Expense ratios are as of the most recent prospectus.

Current Year Performance (Investor Class)

Daily YTD
13.98%
Benchmark
13.98%
Value
0.00%

Data as of 12/06/2019

Monthly YTD
13.56%
Benchmark
13.89%
Value
-0.33%

Data as of 10/31/2019

One Month
0.60%
Benchmark
0.61%
Value
-0.01%
Three Months
3.66%
Benchmark
3.10%
Value
0.56%

Benchmark: Bloomberg Barclays U.S. Corporate Investment Grade Bond Index

Fund Inception: 10/31/1995

Asset Allocation

Net Assets
(USD)
$751.0m
Largest US Bonds 62.68% $470.7m
Other View complete Asset Allocation

Data as of 10/31/2019

Holdings

Total
Holdings
183
Largest Holding Morgan Stanley 2.03% Was (06/30/2019) 0.24%
Other View complete Full Holdings
Top 10 Issuers 22.41% View the latest Top 10 Issuers

Data as of 09/30/2019

Quality

N/A

Maturity

Weighted Average

8.56 Years

Duration

Weighted Average

7.78 Years

Top

BBB
59.64%
Was (09/30/2019) 60.56%

Top

5-7 Years
25.41%
Was (09/30/2019) 25.41%

Top

3-5 Years
33.84%
Was (09/30/2019) 33.85%

Over

BBB
By 12.31%
Fund 59.64%
Benchmark 47.34%

Over

5-7 Years
By 11.99%
Fund 25.41%
Benchmark 13.42%

Over

3-5 Years
By 14.55%
Fund 33.84%
Benchmark 19.29%

Under

A
By -12.49%
Fund 26.05%
Benchmark 38.55%

Under

10+ Years
By -17.76%
Fund 17.38%
Benchmark 35.14%

Under

Over 10 Years
By -17.68%
Fund 14.78%
Benchmark 32.46%

Data as of 10/31/2019

Benchmark: Bloomberg Barclays U.S. Corporate Investment Grade Bond Index

Sectors

Total
Sectors
21
Largest Sector Banking 15.05% Was (09/30/2019) 16.58%
Other View complete Sector Diversification

Data as of 10/31/2019

Benchmark: Bloomberg Barclays U.S. Corporate Investment Grade Bond Index

Over

Securitized
By 4.37%
Fund 4.37%
Benchmark 0.00%

Under

Banking
By -7.30%
Fund 15.05%
Benchmark 22.35%

Data as of 10/31/2019

Team (As of )

Steven Boothe

Steven Boothe
Co-Portfolio Manager

Steve Boothe is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Boothe has lead portfolio management responsibilities for the Global Investment Grade and U.S. Investment Grade Corporate Bond Strategies. He is a member of the Global Multi-Sector and U.S. Taxable Bond teams, with a focus on global and U.S. investment-grade corporate bond portfolios. Mr. Boothe is an executive vice president and cochairman of the Investment Advisory Committee of the Corporate Bond Strategy. He is also a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Fund manager
    since 2018
  • Years at
    T. Rowe Price 20
  • Years investment
    experience 22
Lauren T. Wagandt

Lauren T. Wagandt
Co-Portfolio Manager

Lauren Wagandt is a portfolio manager in the Fixed Income Division at T. Rowe Price. Ms. Wagandt has portfolio management responsibilities for the US Investment Grade Corporate Bond Strategy. She is also executive vice president  and cochair of the Investment Advisory Committee of the US Investment Grade Corporate Bond Strategy. Ms. Wagandt is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Years at
    T. Rowe Price 10
  • Years investment
    experience 13
Gregor T. Dannacher, CFA

Gregor T. Dannacher, CFA
Portfolio Specialist

Gregor Dannacher is a global corporate credit portfolio specialist in the Fixed Income Division of T. Rowe Price. He supports the Global High Income, Global High Yield, U.S. High Yield, Global Loan, Credit Opportunities, and U.S. Investment-Grade Strategies, working closely with clients, prospects, and consultants. Mr. Dannacher is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Years at
    T. Rowe Price 4
  • Years investment
    experience 27

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

How to Invest

View platform information
Share Class Min Initial Investment (USD) Min Subsequent Investment (USD) 12b-1 Fee Expense Ratio
Gross Net Limitation Type Limitation Expiration Date
Investor Class
Cusip 741478101
$2,500 $100 0.00% 0.61% 0.61% N/A N/A
I Class
Cusip 87281Q109
$1,000,000* N/A 0.00% 0.49% 0.49% N/A
N/A

* Minimum initial investment $1,000,000. Minimum is generally waived for intermediaries, certain retirement plans, and certain institutional client accounts.

1

© 2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

2

Number of years managing the fund.  In the case of co-portfolio management, the longer tenure is displayed.

3

Figure applies to all share classes.

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