Short-Term Bond Fund - I Class

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.

TBSIXCUSIP 77957P402
Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Short-Term Bond
  (490 funds)

Data as of 07/31/2019

Data as of 07/31/2019

Fund Manager Tenure2

Net Assets3
(USD)

4yrs
$5.4b

Data as of 07/31/2019

Data as of 07/31/2019

Price
(USD)

Daily Price Change

$4.75
$0.00

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™.

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 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 (Short-Term Bond)
Overall 490
3 Years 490
5 Years N/A 433
10 Years N/A 277

*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
2.44%

Data as of 07/31/2019

without waiver
2.44%

Data as of 07/31/2019

30-Day Annualized Dividend Yield
with waiver
2.58%

Data as of 08/16/2019

Monthly Dividend
(USD)
$0.010530061

Data as of 07/31/2019

Monthly Dividend
Rate
0.01%

Data as of 08/16/2019

Average Annual Total Returns (I Class)*

1 YR
4.18%
Benchmark
4.27%
Value
-0.09% 0.06%

Data as of 06/30/2019

3 YR
2.00%
Benchmark
1.59%
Value
0.41% 0.40%
5 YR
1.58%
Benchmark
1.46%
Value
0.12% 0.14%
10 YR
2.00%
Benchmark
1.59%
Value
0.41% 0.34%

Expense Ratio

Gross
0.36%
Net
0.36%

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

Investor Class Inception Date: 03/02/1984

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 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.

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.

Current Year Performance (I Class)*

Daily YTD
3.67%
Benchmark
3.45%
Value
0.22%

Data as of 08/16/2019

Monthly YTD
2.88%
Benchmark
2.65%
Value
0.23%

Data as of 07/31/2019

One Month
0.01%
Benchmark
-0.06%
Value
0.07%
Three Months
1.32%
Benchmark
1.19%
Value
0.13%

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

Investor Class Inception Date: 03/02/1984

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)
$5.4b
Largest US Bonds 82.97% $4.5b
Other View complete Asset Allocation

Data as of 07/31/2019

Holdings

Total
Holdings
917
Largest Holding U.S. Treasury Notes 1.98% Was (03/31/2019) 0.25%
Other View complete Full Holdings
Top 10 Issuers 7.47% View the latest Top 10 Issuers

Data as of 06/30/2019

Quality

N/A

Maturity

Weighted Average

2.06 Years

Duration

Weighted Average

1.87 Years

Top

BBB
36.02%
Was (06/30/2019) 36.17%

Top

1-3 Years
57.99%
Was (06/30/2019) 57.99%

Top

1-3 Years
47.95%
Was (06/30/2019) 48.78%

Over

BBB
By 26.31%
Fund 36.02%
Benchmark 9.71%

Over

0-1 Years
By 23.92%
Fund 23.92%
Benchmark 0.00%

Over

Under 1 Year
By 43.27%
Fund 44.50%
Benchmark 1.23%

Under

US Treasury
By -55.03%
Fund 11.12%
Benchmark 66.15%

Under

1-3 Years
By -42.01%
Fund 57.99%
Benchmark 100.00%

Under

1-3 Years
By -50.82%
Fund 47.95%
Benchmark 98.77%

Data as of 07/31/2019

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

Sectors

Total
Sectors
7
Largest Sector Corporate Bonds & Notes 50.74% Was (06/30/2019) 51.15%
Other View complete Sector Diversification

Data as of 07/31/2019

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

Over

Corporate Bonds & Notes
By 27.04%
Fund 50.74%
Benchmark 23.70%

Under

U.S. Treasury Bonds and Notes
By -55.03%
Fund 11.12%
Benchmark 66.15%

Data as of 07/31/2019

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
I Class
Cusip 77957P402
$1,000,000* N/A 0.00% 0.36% 0.36% N/A N/A
Investor Class
Cusip 77957P105
$2,500 $100 0.00% 0.47% 0.47% N/A
N/A
Advisor Class
Cusip 77957P204
$2,500 $100 0.25% 0.76% 0.76% 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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