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 07/31/2021

Yields & Dividends (Investor Class)

30-Day SEC Standardized Yield
with waiver

0.44%

Data as of 07/31/2021

without waiver

0.37%

Data as of 07/31/2021

30-Day Annualized Dividend Yield
with waiver

0.69%

Data as of 08/31/2021

Monthly Dividend
(USD)

$0.003111024

Data as of 07/31/2021

Monthly Dividend
Rate

N/A

Data as of 08/31/2021

Average Annual Total Returns (Investor Class)

1 YR

1.84%

Benchmark

0.25%

Value

1.59%

Data as of 06/30/2021

3 YR

2.69%

Benchmark

1.75%

Value

0.94%

Data as of 06/30/2021

5 YR

2.28%

Benchmark

1.47%

Value

0.81%

Data as of 06/30/2021

Since Inception

1.60%

Benchmark

1.00%

Value

0.60%

Data as of 06/30/2021

Expense Ratio

Limitation Type

Contractual

expires 09/30/2021

Current Year Performance (Investor Class)

Daily YTD

0.33%

Benchmark

0.14%

Value

0.19%

Data as of 08/31/2021

Monthly YTD

0.28%

Benchmark

0.12%

Value

0.16%

Data as of 07/31/2021

One Month

-0.14%

Benchmark

0.01%

Value

-0.15%

Data as of 07/31/2021

Three Months

-0.02%

Benchmark

0.03%

Value

-0.05%

Data as of 07/31/2021

Asset Allocation

Largest US Bonds 65.94% $3.4b

Other View complete

Holdings

Largest Holding Sydney Airport Finance Co Pty 0.74% Was (03/31/2021) 0.58%

Other View complete

Top 10 Issuers 13.21% View the latest

Maturity

Weighted Average

1.30 Years

Duration

Weighted Average

0.79 Years

Top

BBB

39.37%

Was (06/30/2021) 39.55%

Top

1-3 Years

59.87%

Was (06/30/2021) 59.87%

Top

Under 1 Year

51.33%

Was (06/30/2021) 51.46%

Over

BBB

By 33.07%

Fund 39.37%

Benchmark 6.30%

Over

1-3 Years

By 59.87%

Fund 59.87%

Benchmark 0.00%

Over

1-3 Years

By 47.37%

Fund 47.37%

Benchmark 0.00%

Under

US Treasury

By -73.22%

Fund 2.97%

Benchmark 76.20%

Under

0-1 Years

By -62.83%

Fund 37.17%

Benchmark 100.00%

Under

Under 1 Year

By -48.67%

Fund 51.33%

Benchmark 100.00%

Sectors

Largest Sector Corporate Bonds & Notes 60.58% Was (06/30/2021) 60.54%

Other View complete

Over

Corporate Bonds & Notes

By 40.85%

Fund 60.58%

Benchmark 19.73%

Under

U.S. Treasury Bonds and Notes

By -73.22%

Fund 2.97%

Benchmark 76.20%

Team (As of )

Alex

Alex Obaza, CFA
Portfolio Manager

Alex Obaza is the portfolio manager of the US Ultra Short-Term Bond Strategy in the Fixed Income Division. He is an executive vice president of the Short-Term Bond Funds; a vice president and member of the Investment Advisory Committee for the Corporate Income Fund; chairman of the Investment Advisory Committee for the Ultra Short-Term Bond Fund; and a vice president of the Fixed Income Series, Institutional Income Funds, and Multi-Sector Account Portfolios. He also is an Investment Advisory Committee member of the Institutional Long Duration Credit, Limited-Term Bond Portfolio, and Investment-Grade Corporate Multi-Sector Account Portfolios and a member of the Valuation Committee. Alex is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price Trust Company.

  • Fund manager
    since 2020
  • Years at
    T. Rowe Price 16
  • Years investment
    experience 13

Whitney

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 10
  • Years investment
    experience 26

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 77957P303
$2,500 $100 0.00% 0.44% 0.35% Contractual 09/30/2021
I Class
Cusip 77957P501
$1,000,000* N/A 0.00% 0.33% 0.23% Contractual
09/30/2021

Benefits & Risks

  • The fund’s income should be above that of a money market fund, with only minimal share price fluctuation.
  • 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. However, share price fluctuation should be substantially less than that found in long term bond strategies.

Investor Profile

  • Investors seeking slightly higher income than what money funds provide who can accept small share price fluctuation.
  • Appropriate for both regular and tax-deferred accounts, such as IRAs and Keoghs.

Risk/Return Characteristics

Data as of 07/31/2021

Risk/Return (5 Years) Fund Bloomberg Short-Term Government/Corporate Index
Alpha 1.69% 0.00%
Beta -1.79 1.00
R-Squared 0.04 1.00
Annualized Std. Deviation 1.45% 0.31%
Information Ratio 0.51 0.00
Sharpe Ratio 0.75 1.04
Tracking Error 1.52% 0.00%

Asset Allocation (07/31/2021)

Category % of Total Net Assets Market Value (USD)
Global ex-US Bonds 35.34% $1,820,192,629.13
Reserves -1.28% ($65,926,614.75)
US Bonds 65.94% $3,396,250,763.01
Total Allocation   $5,150,516,777.39

Platforms (Investor Class)

PlatformRetail InvestorInstitutional Investor
Pershing N/A NTF
TD Ameritrade NTF NTF
Schwab NTF NTF
Fidelity NTF NTF
E*Trade NTF N/A
  • NTF No Transaction Fee
  • TF Transaction Fee
  • N/A Not Available

Generic

Financial Professionals

Client liaisons are available Monday-Thursday from 8 a.m. to 6 p.m. ET and Friday from 8 a.m. to 5 p.m. ET.

Tel: 1-800-564-6958

Tell us about you

Find us at the office

Eastmond- Sukel street no. 62, 79540 Hanga Roa, Easter Island

Give us a ring

Jaquelinee Wrate
+74 201 709 645
Mon - Fri, 9:00-15:00

Reach out