Corporate Income Fund - I Class

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.

Morningstar (Category)

Morningstar
(Overall Rating)1

Corporate Bond
  (190 funds)

Data as of 12/31/2020

Data as of 12/31/2020

Fund Manager Tenure2

Net Assets3
(USD)

2yrs
$811.8m

Data as of 12/31/2020

Data as of 12/31/2020

Price
(USD)

Daily Price Change

$10.19
$+0.01

Data as of 01/15/2021

Data as of 01/15/2021

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™.

Steve Boothe
Steve 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, CFA
Lauren T. Wagandt, CFA, Co-Portfolio Manager

Lauren Wagandt is a portfolio manager co-managing the US Investment Grade Corporate Bond Strategy in the Fixed Income Division. She is co-president and cochair of the Investment Advisory Committee ...

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 12/31/2020

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 190
3 Years 190
5 Years 136
10 Years N/A 89

*Ratings displayed with hollow stars represent Morningstar Extended Performance Ratings.  Morningstar provides adjusted historical returns and an Extended Performance Rating for some mutual fund share class that don't have a 1, 3-, 5-, or 10-year performance history.  These hypothetical Morningstar Ratings are based on the historical performance of the oldest share class of the fund, adjusted for fees and expenses.

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 (I Class)

30-Day SEC Standardized Yield
with waiver
1.90%

Data as of 12/31/2020

without waiver
1.90%

Data as of 12/31/2020

30-Day Annualized Dividend Yield
with waiver
2.89%

Data as of 01/15/2021

Monthly Dividend
(USD)
$0.027908314

Data as of 12/31/2020

Monthly Dividend
Rate
0.01%

Data as of 01/15/2021

Average Annual Total Returns (I Class)*

1 YR
7.98%
Benchmark
9.89%
Value
-1.91% -1.91%

Data as of 12/31/2020

3 YR
6.37%
Benchmark
7.06%
Value
-0.69% -0.69%
5 YR
6.20%
Benchmark
6.74%
Value
-0.54% -0.54%
10 YR
5.54%
Benchmark
5.63%
Value
-0.09% -0.09%

Expense Ratio

Gross
0.49%
Net
0.49%

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

Investor Class Inception Date: 10/31/1995

I Class Inception Date: 12/17/2015

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 T. Rowe Price Funds-I Class share the portfolio of an existing fund (the original share class of the fund is referred to as the "investor class"). The total return figures for I Class shares have been calculated using the performance data of the investor class up to the inception date of the I Class (shown above) and the actual performance results of the I Class since that date.  Because the I Classes are expected to have lower expenses than the Investor Classes, The I Class performance, had it existed over the periods shown, would have been higher. 

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.

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.

Current Year Performance (I Class)*

Daily YTD
-0.86%
Benchmark
-1.14%
Value
0.28%

Data as of 01/15/2021

Monthly YTD
7.98%
Benchmark
9.89%
Value
-1.91%

Data as of 12/31/2020

One Month
0.86%
Benchmark
0.44%
Value
0.42%
Three Months
3.43%
Benchmark
3.05%
Value
0.38%

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

Investor Class Inception Date: 10/31/1995

I Class Inception Date: 12/17/2015

*The T. Rowe Price Funds-I Class share the portfolio of an existing fund (the original share class of the fund is referred to as the "investor class"). The total return figures for I Class shares have been calculated using the performance data of the investor class up to the inception date of the I Class (shown above) and the actual performance results of the I Class since that date.  Because the I Classes are expected to have lower expenses than the Investor Classes, The I Class performance, had it existed over the periods shown, would have been higher. 

Asset Allocation

Net Assets
(USD)
$811.8m
Largest US Bonds 72.35% $587.3m
Other View complete Asset Allocation

Data as of 12/31/2020

Holdings

Total
Holdings
231
Largest Holding Bank of America 1.27% Was (09/30/2020) 0.68%
Other View complete Full Holdings
Top 10 Issuers 19.84% View the latest Top 10 Issuers

Data as of 12/31/2020

Quality

N/A

Maturity

Weighted Average

10.69 Years

Duration

Weighted Average

8.33 Years

Top

BBB
53.83%
Was (11/30/2020) 53.52%

Top

10+ Years
34.77%
Was (11/30/2020) 34.77%

Top

3-5 Years
47.63%
Was (11/30/2020) 26.95%

Over

BB
By 8.66%
Fund 10.32%
Benchmark 1.65%

Over

3-5 Years
By 6.72%
Fund 22.79%
Benchmark 16.07%

Over

3-5 Years
By 29.37%
Fund 47.63%
Benchmark 18.27%

Under

A
By -11.71%
Fund 29.03%
Benchmark 40.74%

Under

1-3 Years
By -9.42%
Fund 5.74%
Benchmark 15.15%

Under

Under 1 Year
By -18.55%
Fund -17.96%
Benchmark 0.58%

Data as of 12/31/2020

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

Sectors

Total
Sectors
22
Largest Sector Banking 20.58% Was (11/30/2020) 19.91%
Other View complete Sector Diversification

Data as of 12/31/2020

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

Over

Non Corporate
By 8.43%
Fund 8.43%
Benchmark 0.00%

Under

Technology
By -5.91%
Fund 2.94%
Benchmark 8.85%

Data as of 12/31/2020

Team (As of )

Steve Boothe

Steve 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 21
  • Years investment
    experience 23
Lauren T. Wagandt, CFA

Lauren T. Wagandt, CFA
Co-Portfolio Manager

Lauren Wagandt is a portfolio manager co-managing the US Investment Grade Corporate Bond Strategy in the Fixed Income Division. She is co-president and cochair of the Investment Advisory Committee of the Corporate Income Fund, a vice president of the Institutional Income Funds and Multi-Sector Account Portfolios, and a vice president and Investment Advisory Committee member of the QM U.S. Bond Index Fund. Lauren is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Years at
    T. Rowe Price 11
  • Years investment
    experience 14
Gregor T. Dannacher, CFA

Gregor T. Dannacher, CFA
Portfolio Specialist

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

  • Years at
    T. Rowe Price 5
  • Years investment
    experience 28

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
I Class
Cusip 87281Q109
$1,000,000* N/A 0.00% 0.49% 0.49% N/A N/A
Investor Class
Cusip 741478101
$2,500 $100 0.00% 0.61% 0.61% 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

© 2021 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.

Dismiss
Tap to dismiss

Manage Subscriptions

Unsubscribe All
OK

Change Details

Congratulations! You are now registered.

Start subscribing to receive email updates.

Ok

Sign in to view and
manage your subscriptions.

Register

Download

Latest Date Range
Download Cancel

This content is restricted for Institutional Investors use only. We were not able to validate your status as an Institutional Investor with the information you provided at registration.

Please contact the T. Rowe Price Team with questions or to revise your status.

1-800-564-6958

You will need to accept the Terms & Conditions again.

Ok

You have updated your email address.

An activation email has been sent to your new email address from T. Rowe Price.

Please click on the activation link in order to receive email updates.

Ok

You have an existing account

Click OK to view your subscriptions.

OK

Confirm Cancel