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.

TICCXCUSIP 87281Q109
Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Corporate Bond
  (164 funds)

Data as of 07/31/2019

Data as of 07/31/2019

Fund Manager Tenure2

Net Assets3
(USD)

N/A
$730.9m

Data as of 07/31/2019

Data as of 07/31/2019

Price
(USD)

Daily Price Change

$10.00
$-0.01

Data as of 08/16/2019

Data as of 08/16/2019

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 07/31/2019

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 164
3 Years 164
5 Years N/A 132
10 Years N/A 83

*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
3.03%

Data as of 07/31/2019

without waiver
3.03%

Data as of 07/31/2019

30-Day Annualized Dividend Yield
with waiver
3.43%

Data as of 08/16/2019

Monthly Dividend
(USD)
$0.029108704

Data as of 07/31/2019

Monthly Dividend
Rate
0.02%

Data as of 08/16/2019

Average Annual Total Returns (I Class)*

1 YR
9.75%
Benchmark
10.72%
Value
-0.97% -0.67%

Data as of 06/30/2019

3 YR
3.44%
Benchmark
3.94%
Value
-0.50% -0.60%
5 YR
3.70%
Benchmark
4.08%
Value
-0.38% -0.40%
10 YR
6.25%
Benchmark
6.07%
Value
0.18% 0.08%

Expense Ratio

Gross
0.48%
Net
0.48%

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
12.98%
Benchmark
13.29%
Value
-0.31%

Data as of 08/16/2019

Monthly YTD
9.51%
Benchmark
10.47%
Value
-0.96%

Data as of 07/31/2019

One Month
0.40%
Benchmark
0.56%
Value
-0.16%
Three Months
3.93%
Benchmark
4.50%
Value
-0.57%

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)
$730.9m
Largest US Bonds 61.36% $448.5m
Other View complete Asset Allocation

Data as of 07/31/2019

Holdings

Total
Holdings
178
Largest Holding JPMorgan Chase 1.83% Was (03/31/2019) 2.29%
Other View complete Full Holdings
Top 10 Issuers 19.79% View the latest Top 10 Issuers

Data as of 06/30/2019

Quality

N/A

Maturity

Weighted Average

8.10 Years

Duration

Weighted Average

8.07 Years

Top

BBB
59.18%
Was (06/30/2019) 58.49%

Top

5-7 Years
28.85%
Was (06/30/2019) 28.85%

Top

3-5 Years
34.24%
Was (06/30/2019) 33.17%

Over

BBB
By 11.31%
Fund 59.18%
Benchmark 47.87%

Over

5-7 Years
By 15.87%
Fund 28.85%
Benchmark 12.98%

Over

3-5 Years
By 15.76%
Fund 34.24%
Benchmark 18.47%

Under

A
By -12.87%
Fund 25.71%
Benchmark 38.58%

Under

10+ Years
By -21.55%
Fund 12.65%
Benchmark 34.19%

Under

Over 10 Years
By -19.04%
Fund 12.54%
Benchmark 31.59%

Data as of 07/31/2019

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

Sectors

Total
Sectors
21
Largest Sector Banking 18.72% Was (06/30/2019) 18.84%
Other View complete Sector Diversification

Data as of 07/31/2019

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

Over

Finance
By 4.80%
Fund 5.82%
Benchmark 1.02%

Under

Banking
By -3.96%
Fund 18.72%
Benchmark 22.67%

Data as of 07/31/2019

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.

  • Years at
    T. Rowe Price 19
  • Years investment
    experience 21
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 9
  • Years investment
    experience 12
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
I Class
Cusip 87281Q109
$1,000,000* N/A 0.00% 0.48% 0.48% 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

© 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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