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.

PRWBXCUSIP 77957P105
Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Short-Term Bond
  (491 funds)

Data as of 10/31/2019

Data as of 10/31/2019

Fund Manager Tenure2

Net Assets3
(USD)

4yrs
$5.5b

Data as of 10/31/2019

Data as of 10/31/2019

Price
(USD)

Daily Price Change

$4.73
$0.00

Data as of 12/04/2019

Data as of 12/04/2019

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™.

Michael  F.  Reinartz
Michael F. Reinartz, Portfolio Manager

Michael Reinartz is a portfolio manager in the Fixed Income Division at T. Rowe Price. He is a member of the U.S. Taxable Low Duration team, portfolio manager of the U.S. Short-Term Bond Strategy, and co-portfolio manager of the Limited-Term Bond Portfolio. Mr. Reinartz is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

View more

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 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 (Short-Term Bond)
Overall 491
3 Years 491
5 Years 439
10 Years 277

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
2.05%

Data as of 10/31/2019

without waiver
2.05%

Data as of 10/31/2019

30-Day Annualized Dividend Yield
with waiver
2.32%

Data as of 12/04/2019

Monthly Dividend
(USD)
$0.009620494

Data as of 10/31/2019

Monthly Dividend
Rate
0.00%

Data as of 12/04/2019

Average Annual Total Returns (Investor Class)

1 YR
4.36%
Benchmark
4.64%
Value
-0.28% -0.10%

Data as of 09/30/2019

3 YR
1.98%
Benchmark
1.82%
Value
0.16% 0.20%
5 YR
1.69%
Benchmark
1.59%
Value
0.10% 0.11%
10 YR
1.77%
Benchmark
1.52%
Value
0.25% 0.24%

Expense Ratio

Gross
0.44%
Net
0.44%

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

Fund Inception: 03/02/1984

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
4.13%
Benchmark
3.83%
Value
0.30%

Data as of 12/04/2019

Monthly YTD
4.12%
Benchmark
3.78%
Value
0.34%

Data as of 10/31/2019

One Month
0.41%
Benchmark
0.35%
Value
0.06%
Three Months
1.04%
Benchmark
1.10%
Value
-0.06%

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

Fund Inception: 03/02/1984

Asset Allocation

Net Assets
(USD)
$5.5b
Largest US Bonds 84.70% $4.6b
Other View complete Asset Allocation

Data as of 10/31/2019

Holdings

Total
Holdings
917
Largest Holding U.S. Treasury Notes 1.95% Was (06/30/2019) 0.25%
Other View complete Full Holdings
Top 10 Issuers 7.74% View the latest Top 10 Issuers

Data as of 09/30/2019

Quality

N/A

Maturity

Weighted Average

2.02 Years

Duration

Weighted Average

1.91 Years

Top

BBB
34.16%
Was (09/30/2019) 35.04%

Top

1-3 Years
59.72%
Was (09/30/2019) 59.72%

Top

1-3 Years
52.47%
Was (09/30/2019) 50.36%

Over

BBB
By 24.93%
Fund 34.16%
Benchmark 9.24%

Over

0-1 Years
By 22.56%
Fund 22.56%
Benchmark 0.00%

Over

Under 1 Year
By 37.14%
Fund 38.88%
Benchmark 1.74%

Under

US Treasury
By -51.29%
Fund 15.05%
Benchmark 66.34%

Under

1-3 Years
By -40.28%
Fund 59.72%
Benchmark 100.00%

Under

1-3 Years
By -45.79%
Fund 52.47%
Benchmark 98.26%

Data as of 10/31/2019

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

Sectors

Total
Sectors
7
Largest Sector Corporate Bonds & Notes 49.25% Was (09/30/2019) 50.21%
Other View complete Sector Diversification

Data as of 10/31/2019

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

Over

Corporate Bonds & Notes
By 25.54%
Fund 49.25%
Benchmark 23.71%

Under

U.S. Treasury Bonds and Notes
By -51.29%
Fund 15.04%
Benchmark 66.34%

Data as of 10/31/2019

Team (As of )

Michael  F.  Reinartz

Michael F. Reinartz
Portfolio Manager

Michael Reinartz is a portfolio manager in the Fixed Income Division at T. Rowe Price. He is a member of the U.S. Taxable Low Duration team, portfolio manager of the U.S. Short-Term Bond Strategy, and co-portfolio manager of the Limited-Term Bond Portfolio. Mr. Reinartz is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Fund manager
    since 2015
  • Years at
    T. Rowe Price 23
  • Years investment
    experience 23
Whitney Reid

Whitney Reid
Portfolio Specialist

Whitney Reid is a portfolio specialist in the U.S. Fixed Income Division of T. Rowe Price. He acts as a proxy for fixed income portfolio managers with clients, consultants, and prospects. Mr. Reid supports our Stable Value, US Short-Term Bond, and US Investment Grade Corporate Bond Strategies. He is a vice president of T. Rowe Price Associates, Inc.

  • Years at
    T. Rowe Price 8
  • Years investment
    experience 24

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% 0.77% 0.77% 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

© 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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