Ultra Short-Term Bond Fund - I Class

Invests in a diversified portfolio of shorter-term investment-grade corporate and government securities, asset-backed securities, and bank obligations. Invests at least 80% in bonds and all of the securities purchased by the fund will be rated investment-grade at the time of purchase.

Due to the nature of the fund’s investment universe, the fund will take on incrementally more credit risk than a money market fund. Additionally, this fund is subject to interest rate risk, as a rise in interest rates may cause the price of its securities to fall.

TRSTXCUSIP 77957P501
Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Ultrashort Bond
  (162 funds)

Data as of 10/31/2019

Data as of 10/31/2019

Fund Manager Tenure2

Net Assets3
(USD)

6yrs
$1.7b

Data as of 10/31/2019

Data as of 10/31/2019

Price
(USD)

Daily Price Change

$5.04
$0.00

Data as of 11/08/2019

Data as of 11/08/2019

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™.

Joseph K.  Lynagh
Joseph K. Lynagh, Portfolio Manager

Joseph Lynagh is a portfolio manager in the Fixed Income Division at T. Rowe Price and head of the Cash Management team. Mr. Lynagh manages the firm's taxable and municipal money market portfolios, the ultra short bond portfolio, and other cash investments. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

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Strategy

Investment Objective

The fund seeks a high level of income consistent with minimal fluctuations 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 (Ultrashort Bond)
Overall 162
3 Years 162
5 Years 130
10 Years N/A 57

*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
2.53%

Data as of 09/30/2019

without waiver
2.53%

Data as of 09/30/2019

30-Day Annualized Dividend Yield
with waiver
2.54%

Data as of 11/08/2019

Monthly Dividend
(USD)
$0.010447349

Data as of 09/30/2019

Monthly Dividend
Rate
0.00%

Data as of 11/08/2019

Average Annual Total Returns (I Class)*

1 YR
3.34%
Benchmark
2.78%
Value
0.56% 0.87%

Data as of 09/30/2019

3 YR
2.41%
Benchmark
1.75%
Value
0.66% 0.70%
5 YR
1.86%
Benchmark
1.23%
Value
0.63% 0.65%
Since Inception
1.44%
Benchmark
0.97%
Value
0.47% 0.49%

Expense Ratio

Gross
0.34%
Net
0.25%
Limitation Type
Contractual
expires 09/30/2020

Benchmark: Bloomberg Barclays Short-Term Government/Corporate Index

Investor Class Inception Date: 12/03/2012

I Class Inception Date: 07/06/2017

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
3.28%
Benchmark
2.43%
Value
0.85%

Data as of 11/08/2019

Monthly YTD
3.41%
Benchmark
2.41%
Value
1.00%

Data as of 10/31/2019

One Month
0.42%
Benchmark
0.27%
Value
0.15%
Three Months
0.87%
Benchmark
0.71%
Value
0.16%

Benchmark: Bloomberg Barclays Short-Term Government/Corporate Index

Investor Class Inception Date: 12/03/2012

I Class Inception Date: 07/06/2017

*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)
$1.7b
Largest US Bonds 72.05% $1.2b
Other View complete Asset Allocation

Data as of 10/31/2019

Holdings

Total
Holdings
565
Largest Holding U.S. Treasury Notes 1.22% Was (06/30/2019) 0.41%
Other View complete Full Holdings
Top 10 Issuers 11.23% View the latest Top 10 Issuers

Data as of 09/30/2019

Quality

N/A

Maturity

Weighted Average

1.34 Years

Duration

Weighted Average

1.04 Years

Top

BBB
33.43%
Was (09/30/2019) 32.80%

Top

1-3 Years
59.32%
Was (09/30/2019) 59.32%

Top

Under 1 Year
53.18%
Was (09/30/2019) 60.58%

Over

BBB
By 26.56%
Fund 33.43%
Benchmark 6.87%

Over

1-3 Years
By 59.32%
Fund 59.32%
Benchmark 0.00%

Over

1-3 Years
By 45.09%
Fund 45.09%
Benchmark 0.00%

Under

US Treasury
By -70.74%
Fund 4.49%
Benchmark 75.23%

Under

0-1 Years
By -63.84%
Fund 36.16%
Benchmark 100.00%

Under

Under 1 Year
By -46.82%
Fund 53.18%
Benchmark 100.00%

Data as of 10/31/2019

Benchmark: Bloomberg Barclays Short-Term Government/Corporate Index

Sectors

Total
Sectors
8
Largest Sector Corporate Bonds & Notes 58.68% Was (09/30/2019) 60.92%
Other View complete Sector Diversification

Data as of 10/31/2019

Benchmark: Bloomberg Barclays Short-Term Government/Corporate Index

Over

Corporate Bonds & Notes
By 38.58%
Fund 58.68%
Benchmark 20.10%

Under

U.S. Treasury Bonds and Notes
By -70.74%
Fund 4.48%
Benchmark 75.23%

Data as of 10/31/2019

Team (As of )

Joseph K.  Lynagh

Joseph K. Lynagh
Portfolio Manager

Joseph Lynagh is a portfolio manager in the Fixed Income Division at T. Rowe Price and head of the Cash Management team. Mr. Lynagh manages the firm's taxable and municipal money market portfolios, the ultra short bond portfolio, and other cash investments. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Fund manager
    since 2012
  • Years at
    T. Rowe Price 29
  • Years investment
    experience 29
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 77957P501
$1,000,000* N/A 0.00% 0.34% 0.25% Contractual 09/30/2020
Investor Class
Cusip 77957P303
$2,500 $100 0.00% 0.42% 0.32% Contractual
09/30/2020

* 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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