Limited-Term Bond Portfolio

Invest in a diversified portfolio of short- and intermediate-term investment-grade corporate, government, and mortgage-backed securities.

Unlike money market funds, which are managed to maintain a stable share price, the portfolio’s price can decline.

Morningstar (Category)

Morningstar
(Overall Rating)1

Short-Term Bond
  (549 funds)

Data as of 10/31/2021

Data as of 10/31/2021

Fund Manager Tenure2

Net Assets3
(USD)

6yrs
$177.2m

Data as of 10/31/2021

Data as of 10/31/2021

Price
(USD)

Daily Price Change

$4.95
$0.00

Data as of 11/24/2021

Data as of 11/24/2021

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™.

Michael  F.  Reinartz, CFA
Michael F. Reinartz, CFA, Portfolio Manager

Mike Reinartz is the portfolio manager for the US Short-Term Bond strategies in the Fixed Income Division. He is an executive vice president of the Fixed Income Series, Inc., an executive vice president and the chairman of the Investment Advisory Committee of the Short-Term Bond Fund, and a vice president of the Inflation Protected Bond and Limited Duration Inflation Focused Bond Funds. He also is the chairman of the Investment Advisory Committee for the Limited-Term Bond Portfolio and a member of the Investment Advisory Committees for the Ultra Short-Term Bond and Short Duration Income Funds. Mike is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price Trust Company.

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Strategy

Investment Objective

The fund seeks a high level of income consistent with moderate fluctuations in principal value.

Yields & Dividends (N/A)

30-Day SEC Standardized Yield
with waiver
0.75%

Data as of 10/31/2021

without waiver
0.56%

Data as of 10/31/2021

30-Day Annualized Dividend Yield
with waiver
1.15%

Data as of 11/24/2021

Monthly Dividend
(USD)
$0.005013007

Data as of 10/31/2021

Monthly Dividend
Rate
0.00%

Data as of 11/24/2021

Average Annual Total Returns (N/A)

1 YR
1.70%
Benchmark
0.30%
Value
1.40% 1.28%

Data as of 09/30/2021

3 YR
3.50%
Benchmark
2.87%
Value
0.63% 0.61%

Data as of 09/30/2021

5 YR
2.27%
Benchmark
1.89%
Value
0.38% 0.40%

Data as of 09/30/2021

10 YR
1.71%
Benchmark
1.47%
Value
0.24% 0.23%

Data as of 09/30/2021

Benchmark: Bloomberg 1-3 Year U.S. Government/Credit Bond Index

Fund Inception: 05/13/1994

Expense Ratio

Gross
0.70%
Net
0.50%
Limitation Type
Contractual
expires 04/30/2022

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.

Investors should note that short term returns greater than 40% are highly unusual and unlikely to be sustained.

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.

Team (As of )

Michael  F.  Reinartz, CFA

Michael F. Reinartz, CFA
Portfolio Manager

Mike Reinartz is the portfolio manager for the US Short-Term Bond strategies in the Fixed Income Division. He is an executive vice president of the Fixed Income Series, Inc., an executive vice president and the chairman of the Investment Advisory Committee of the Short-Term Bond Fund, and a vice president of the Inflation Protected Bond and Limited Duration Inflation Focused Bond Funds. He also is the chairman of the Investment Advisory Committee for the Limited-Term Bond Portfolio and a member of the Investment Advisory Committees for the Ultra Short-Term Bond and Short Duration Income Funds. Mike is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price Trust Company.

  • Fund manager
    since 2015
  • Years at
    T. Rowe Price 25
  • Years investment
    experience 25

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

Shares of the Variable Insurance Portfolios are designed to be offered to insurance company separate accounts established for the purpose of funding variable annuity and variable life insurance contracts. The annuity and life contract holders or participants are not the shareholders of the funds. Rather, the separate account of the insurance company is the shareholder. The variable annuity and variable life contracts are described in separate prospectuses issued by the insurance companies. The funds assume no responsibility for such prospectuses, or variable annuity or variable life contracts.

Shares of the funds are sold and redeemed without the imposition of any sales commissions or redemption charges. However, certain other charges may apply to annuity or life contracts. Those charges are disclosed in the insurance contract prospectus. Your ability to exchange from these funds into any other T. Rowe Price fund that serves as an investment option under your insurance contract is governed by the terms of that contract and the insurance contract prospectus, as well as the funds’ excessive and short-term trading policy described in this section.

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.

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