Fund Facts  

Inception Date: Sep 30, 2002
CUSIP: 779570209
Ticker Symbol: PANIX
Morningstar Category:Intermediate-Term Bond
As of Dec 31, 2018
Fund Net Assets ($millions) $26,010

Documents for Fund or Underlying Fund(s)  

Description

Objective  

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

Principal Investment Strategies  

The fund will invest at least 80% of its total assets in income-producing securities, which may include, but are not limited to, U.S. government and agency obligations, mortgage- and asset-backed securities, corporate bonds, foreign bonds, and Treasury inflation protected securities.

Principal Investment Risks  

There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. Please see the Fund’s prospectus or other disclosure documents for information about the Fund’s risks.

 

Performance & Expenses

Standard Performance As of Dec 31, 2018
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
T Rowe Price® New Income Adva0.94%-0.94%-0.94%1.72%2.11%3.78%3.87%
Bloomberg Barclays U.S. Agg Bond Indexa,b1.64%0.01%0.01%2.06%2.52%3.48%N/A
Morningstar Intermediate-Term Bonda,c0.86%-0.50%-0.50%2.15%2.27%4.31%N/A

Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, visit www.icmarc.org.

Fund performance is shown comparing it to a "benchmark" which may be a (i) broad-based securities market index (ii) a group of mutual funds with similar investment objectives, or (iii) a short term government backed debt obligation such as a U.S. Treasury Bill. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund's portfolio may differ from the securities held in an index.

Fund Expensesa,d
Gross Expenses0.82%
Net Expenses0.79%

 

a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2018 All rights reserved. This information: (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 and/or its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registered trademark of Morningstar, Inc.

b. The Bloomberg Barclays U.S. Aggregate Bond Index consists of investment-grade U.S. fixed income securities.

c. The Morningstar category represents the average return for a category of funds with similar investment objectives and strategies. The average is calculated and funds are assigned to a category by Morningstar.

d. Differences between the net and gross expense ratios of a fund are typically due to fee waivers, expense reimbursements, and/or expense limits.

Morningstar Information

Morningstar RatingTM   As of Dec 31, 2018
Period Stars Category Size
Overall 3 Stars876
3-Year 2 Stars876
5-Year 3 Stars767
10-Year 3 Stars560

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange–traded funds, closed–end funds, and separate accounts) 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. The weights are: 100% three–year rating for 36–59 months of total returns, 60% five–year rating⁄40% three–year rating for 60–119 months of total returns, and 50% 10–year rating⁄30% five–year rating⁄20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Morningstar Stylebox As of Dec 31, 2018
Fixed Income Stylebox
Medium Moderate
Allocation of Assets As of Sep 30, 2018
Type of Asset Percent
Equity0%
Fixed Income98%
Cash/Other2%

Due to rounding, percentages shown may not add up to 100%.

 
 

Characteristics

Allocation of Assets As of Sep 30, 2018
Asset ClassPercent
Domestic Stock0.0%
Foreign Stock0.0%
Domestic Bond81.2%
Foreign Bond16.2%
Preferred0.0%
Convertible0.6%
Cash2.0%
Other0.0%

Due to rounding, percentages shown may not add up to 100%.

 
Fixed Income Sector As of Sep 30, 2018
SectorPercent
Securitized43.9%
Corporate35.2%
Government17.5%
Cash & Equivalents2.0%
Municipal1.2%
Derivative-0.1%

Exposure reflects fixed income securities only and will sum to the fixed income exposure of the fund.

 
Credit Quality As of Sep 30, 2018
Quality LevelPercent
AAA49.2%
AA4.9%
A11.8%
BBB25.0%
BB4.7%
B4.0%
Below B0.2%
Not Rated0.3%

Due to rounding, percentages shown may not add up to 100%. Exposure reflects fixed income securities only.

 
Top Ten Holdings As of Sep 30, 2018
Holding NamePercent
T. Rowe Price Instl Floating Rate2.7%
United States Treasury Notes 2.62%1.5%
United States Treasury Bonds 3.12%1.3%
United States Treasury Notes 1.38%1.3%
United States Treasury Notes 0.12%1.2%
United States Treasury Notes 1.75%1.2%
United States Treasury Bonds 3%0.9%
United States Treasury Bonds 3%0.8%
United States Treasury Bonds 3%0.5%
Federal National Mortgage Association 3.5%0.5%
 

Statistics

Duration and Maturity As of Sep 30, 2018
StatisticValue
Average Effective Duration5.45 years
Average Effective Maturity7.25 years
Portfolio Statistics As of Dec 31, 2018
Statistic3-Year5-Year
Beta0.930.95
Alpha-0.27-0.30
Standard Deviation2.722.69
 
 

Trading Restrictions

Purchase, Sale, and Transfer Restrictions

 

Fund-to-Fund Transfers involving the T.Rowe Price Funds will be limited to reduce excessive trading and its adverse effects on the funds. If you transfer assets out of a T.Rowe Price Fund to another investment option, you must wait at least 31 days before transferring assets back into the same fund.

 

Footnotes

1.

T. Rowe Price® is a registered trademark of T. Rowe Price Group, Inc. - all rights reserved.

2.

Please read the fund's prospectus or disclosure materials carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus or disclosure materials before investing. To request a prospectus or disclosure materials, you may contact us by calling 800-669-7400, emailing investorservices@icmarc.org, or visiting www.icmarc.org.

The source for this information is Morningstar, Inc. Copyright © 2018 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. Morningstar, Inc. is a global investment research firm that is not affiliated with ICMA-RC. ICMA-RC does not independently verify Morningstar data.

Morningstar places funds in certain categories based on the fund's historical portfolio holdings. Placement of a fund in a particular Morningstar category does not mean that the fund will remain in that category or that it will invest primarily in securities consistent with its Morningstar category. A fund's investment strategy and portfolio holdings are governed by its prospectus, guidelines or other governing documents, not its Morningstar category.