Short-Term Bond Fund

Invests in a diversified portfolio of short- and intermediate-term investment-grade corporate, government, and asset- and mortgage-backed securities. May also invest in bank obligations, collateralized mortgage obligations, foreign securities, and hybrids. The fund’s income level should generally be above that of a money market fund but less than that of a long-term bond fund.

Unlike money market funds, which are managed to maintain a stable share price, the fund’s price can decline. Yield and share prices will vary with interest rate changes.

Morningstar (Category)

Morningstar
(Overall Rating)1

Short-Term Bond
  (521 funds)

Data as of 01/31/2021

Data as of 01/31/2021

Fund Manager Tenure2

Net Assets3
(USD)

6yrs
$5.9b

Data as of 01/31/2021

Data as of 01/31/2021

Price
(USD)

Daily Price Change

$4.85
$0.00

Data as of 03/05/2021

Data as of 03/05/2021

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 minimal fluctuation in principal value and liquidity.

Morningstar Fixed Income Style

Mid / Limited

Data as of 01/31/2021

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 (Short-Term Bond)
Overall 521
3 Years 521
5 Years 465
10 Years 303

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
0.69%

Data as of 01/31/2021

without waiver
0.69%

Data as of 01/31/2021

30-Day Annualized Dividend Yield
with waiver
1.33%

Data as of 03/05/2021

Monthly Dividend
(USD)
$0.005335353

Data as of 01/31/2021

Monthly Dividend
Rate
0.00%

Data as of 03/05/2021

Average Annual Total Returns (Investor Class)

1 YR
4.54%
Benchmark
3.33%
Value
1.21% 1.20%

Data as of 12/31/2020

3 YR
3.40%
Benchmark
2.98%
Value
0.42% 0.37%

Data as of 12/31/2020

5 YR
2.62%
Benchmark
2.21%
Value
0.41% 0.51%

Data as of 12/31/2020

10 YR
1.89%
Benchmark
1.60%
Value
0.29% 0.30%

Data as of 12/31/2020

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

Fund Inception: 03/02/1984

Expense Ratio

Gross
0.44%
Net
0.44%

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 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 (Investor Class)

Daily YTD
0.25%
Benchmark
-0.06%
Value
0.31%

Data as of 03/05/2021

Monthly YTD
0.11%
Benchmark
0.03%
Value
0.08%

Data as of 01/31/2021

One Month
0.11%
Benchmark
0.03%
Value
0.08%

Data as of 01/31/2021

Three Months
0.79%
Benchmark
0.22%
Value
0.57%

Data as of 01/31/2021

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

Fund Inception: 03/02/1984

Asset Allocation

Net Assets
(USD)
$5.9b

Data as of 01/31/2021

Largest US Bonds 82.78% $4.9b
Other View complete

Holdings

Total
Holdings
984

Data as of 12/31/2020

Largest Holding U.S. Treasury Notes 2.64% Was (09/30/2020) 0.27%
Other View complete
Top 10 Issuers 7.15% View the latest

Quality

N/A

Maturity

Weighted Average

2.14 Years

Duration

Weighted Average

1.78 Years

Top

1-3 Years
56.17%
Was (12/31/2020) 56.17%

Top

1-3 Years
53.18%
Was (12/31/2020) 51.89%

Over

3-5 Years
By 22.34%
Fund 22.34%
Benchmark 0.00%

Over

Under 1 Year
By 28.29%
Fund 29.90%
Benchmark 1.61%

Under

1-3 Years
By -43.83%
Fund 56.17%
Benchmark 100.00%

Under

1-3 Years
By -45.21%
Fund 53.18%
Benchmark 98.39%

Data as of 01/31/2021

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

Sectors

Total
Sectors
7

Data as of 01/31/2021

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

Largest Sector Corporate Bonds & Notes 50.32% Was (12/31/2020) 48.99%
Other View complete

Over

Corporate Bonds & Notes
By 27.32%
Fund 50.32%
Benchmark 23.00%

Under

U.S. Treasury Bonds and Notes
By -50.54%
Fund 15.23%
Benchmark 65.77%

Data as of 01/31/2021

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 24
  • Years investment
    experience 24
Whitney Reid

Whitney Reid
Portfolio Specialist

Whitney Reid is a portfolio specialist in the Fixed Income Division. He supports the Stable Value, Money Market, US Ultra Short-Term Bond, and US Short-Term Bond Strategies and acts as a proxy for fixed income portfolio managers with clients, consultants, and prospects. Whitney 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 25

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 77957P105
$2,500 $100 0.00% 0.44% 0.44% N/A N/A
Advisor Class
Cusip 77957P204
$2,500 $100 0.25% 0.78% 0.78% N/A
N/A
I Class
Cusip 77957P402
$1,000,000* N/A 0.00% 0.35% 0.35% 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.

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