Total Return Fund

Invests in a diversified portfolio of bonds and other debt instruments. The fund has considerable flexibility in seeking strong returns and its portfolio is constructed with a goal of being able to respond to a wide variety of market conditions.

Yield and share price will vary with interest rate changes. Investors should note that if interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short term.

Morningstar (Category)

Morningstar
(Overall Rating)1

Intermediate Core-Plus Bond
  (571 funds)

Data as of 09/30/2021

Data as of 09/30/2021

Fund Manager Tenure2

Net Assets3
(USD)

4yrs
$638.4m

Data as of 09/30/2021

Data as of 09/30/2021

Price
(USD)

Daily Price Change

$10.49
$+0.01

Data as of 10/22/2021

Data as of 10/22/2021

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™.

Christopher P. Brown, Jr., CFA
Christopher P. Brown, Jr., CFA, Co-Portfolio Manager

Chris Brown is the head of the Securitized Products team and a portfolio manager in the Fixed Income Division, where he co-manages the Total Return Bond Strategy. He is the co-president and cochair...

Anna Dreyer, CFA, Ph.D.
Anna Dreyer, CFA, Ph.D., Co-Portfolio Manager

Anna Dreyer is the head of risk and portfolio construction research in the Fixed Income Division and a co-portfolio manager of the Total Return Bond Strategy. Anna leads a team of researchers dedic...

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Strategy

Investment Objective

The fund seeks to maximize total return through income and capital appreciation.

Morningstar Fixed Income Style

Low / Moderate

Data as of 09/30/2021

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 (Intermediate Core-Plus Bond)
Overall 571
3 Years 571
5 Years N/A 498
10 Years N/A 357

Yields & Dividends (Investor Class)

30-Day SEC Standardized Yield
with waiver
2.08%

Data as of 09/30/2021

without waiver
2.07%

Data as of 09/30/2021

30-Day Annualized Dividend Yield
with waiver
2.49%

Data as of 10/22/2021

Monthly Dividend
(USD)
$0.021634585

Data as of 09/30/2021

Monthly Dividend
Rate
0.02%

Data as of 10/22/2021

Average Annual Total Returns (Investor Class)

1 YR
2.95%
Benchmark
-0.90%
Value
3.85% 3.85%

Data as of 09/30/2021

3 YR
6.71%
Benchmark
5.36%
Value
1.35% 1.35%

Data as of 09/30/2021

5 YR
N/A
Benchmark
N/A
Value
N/A N/A

Data as of 09/30/2021

Since Inception
4.81%
Benchmark
3.58%
Value
1.23% 1.23%

Data as of 09/30/2021

Benchmark: Bloomberg U.S. Aggregate Bond Index

Fund Inception: 11/15/2016

Expense Ratio

Gross
0.60%
Net
0.46%
Limitation Type
Contractual
expires 09/30/2023

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.

Current Year Performance (Investor Class)

Daily YTD
0.02%
Benchmark
-2.09%
Value
2.11%

Data as of 10/22/2021

Monthly YTD
0.62%
Benchmark
-1.55%
Value
2.17%

Data as of 09/30/2021

One Month
-0.55%
Benchmark
-0.87%
Value
0.32%

Data as of 09/30/2021

Three Months
0.58%
Benchmark
0.05%
Value
0.53%

Data as of 09/30/2021

Benchmark: Bloomberg U.S. Aggregate Bond Index

Fund Inception: 11/15/2016

Asset Allocation

Net Assets
(USD)
$638.4m

Data as of 09/30/2021

Largest US Bonds 105.63% $674.3m
Other View complete

Holdings

Total
Holdings
1193

Data as of 09/30/2021

Largest Holding Federal National Mortgage Assn. 5.62%
Other View complete
Top 10 Issuers 4.17% View the latest

Quality

N/A

Maturity

Weighted Average

8.55 Years

Duration

Weighted Average

6.28 Years

Top

US Government Agency Securities
27.88%
Was (08/31/2021) 27.46%

Top

5-7 Years
31.05%
Was (08/31/2021) 31.05%

Top

1-3 Years
30.92%
Was (08/31/2021) 36.36%

Over

B
By 13.73%
Fund 13.73%
Benchmark 0.00%

Over

5-7 Years
By 11.86%
Fund 31.05%
Benchmark 19.19%

Over

Under 1 Year
By 6.54%
Fund 6.89%
Benchmark 0.35%

Under

US Treasury
By -16.43%
Fund 22.19%
Benchmark 38.63%

Under

0-1 Years
By -13.16%
Fund -13.16%
Benchmark 0.00%

Under

Over 10 Years
By -8.17%
Fund 10.29%
Benchmark 18.46%

Data as of 09/30/2021

Benchmark: Bloomberg U.S. Aggregate Bond Index

Sources: Moody's Investors Service; if Moody's does not rate a security, then Standard & Poor's (S&P) is used as a secondary source. When available, T. Rowe Price will use Fitch for securities that are not rated by Moody’s or S&P. T. Rowe Price does not evaluate these ratings, but simply assigns them to the appropriate credit quality category as determined by the rating agency.

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

The Top Issuers excludes U.S. Treasuries, institutional funds, agencies and securitized products.  Derivative valuations are based on standard derivative market valuation methods.

Sectors

Total
Sectors
12

Data as of 09/30/2021

Benchmark: Bloomberg U.S. Aggregate Bond Index

Largest Sector Mortgage 38.69% Was (08/31/2021) 37.04%
Other View complete

Over

High Yield
By 22.47%
Fund 22.47%
Benchmark 0.00%

Under

U.S. Treasury
By -16.77%
Fund 22.19%
Benchmark 38.97%

Data as of 09/30/2021

Team (As of )

Christopher P. Brown, Jr., CFA

Christopher P. Brown, Jr., CFA
Co-Portfolio Manager

Chris Brown is the head of the Securitized Products team and a portfolio manager in the Fixed Income Division, where he co-manages the Total Return Bond Strategy. He is the co-president and cochairman of the Investment Advisory Committee for the Total Return Fund, a vice president of the International Funds and Multi-Sector Account Portfolios, and a vice president and Investment Advisory Committee member of the GNMA, New Income, Global Multi-Sector Bond, QM U.S. Bond Index, and Short Duration Income Funds. Chris also is a member of the Mortgage-Backed Securities Multi-Sector Account Portfolio and Dynamic Credit Fund Investment Advisory Committees, a member of the Core/Core Plus Portfolio Strategy team, and a cochair of the Sector Strategy Advisory Group. Chris is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Fund manager
    since 2016
  • Years at
    T. Rowe Price 16
  • Years investment
    experience 21
Anna Dreyer, CFA, Ph.D.

Anna Dreyer, CFA, Ph.D.
Co-Portfolio Manager

Anna Dreyer is the head of risk and portfolio construction research in the Fixed Income Division and a co-portfolio manager of the Total Return Bond Strategy. Anna leads a team of researchers dedicated to generating alpha via systematic portfolio construction research and risk advisory across a broad set of global fixed income strategies. Anna is co-president of the Total Return Fund and cochairman of its Investment Advisory Committee and a vice president of the New Income Fund and member of its Investment Advisory Committee. She is a member of the Core/Core Plus Portfolio Strategy team, the Multi-Asset Credit Investment team, and the Derivatives Risk Committee. Anna is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Years at
    T. Rowe Price 12
  • Years investment
    experience 12
Jeffrey S.  DeVack, CFA

Jeffrey S. DeVack, CFA
Portfolio Specialist

Jeff DeVack is a portfolio specialist in the Fixed Income Division. He is a member of the Investment Grade Bond team covering multiple strategies and working closely with clients, consultants, and prospects. Jeff is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Years at
    T. Rowe Price 10
  • Years investment
    experience 21

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 872803101
$2,500 $100 0.00% 0.60% 0.46% Contractual 09/30/2023
Advisor Class
Cusip 872803309
$2,500 $100 0.25% 1.02% 0.75% Contractual
09/30/2023
I Class
Cusip 872803200
$1,000,000* N/A 0.00% 0.42% 0.32% Contractual
09/30/2023

* 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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