Fund Facts  

Inception Date: Dec 15, 2008
CUSIP: 74149N205
Ticker Symbol: PRSAX
Morningstar Category:Global Bond-USD Hedged
As of Jun 30, 2022
Fund Net Assets ($millions) $1,544

Documents for Fund or Underlying Fund(s)  

Description

Objective  

The investment seeks high income and some capital appreciation.

Principal Investment Strategies  

The fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in bonds. It may invest in a variety of holdings in an effort to enhance income and achieve some capital growth. Under normal conditions, the fund will invest at least 40% of its net assets (unless foreign market conditions are not deemed favorable by the investment adviser, in which case the fund would invest at least 30% of its net assets) in securities issued by governments or companies that are organized or located outside the U.S. or doing a substantial amount of business outside the U.S.

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 Jun 30, 2022
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
T Rowe Price® Glbl Multa-6.49%-10.71%-10.88%-0.20%1.63%2.83%4.94%
Bloomberg Global Agg Hedged Indexa,b-4.30%-9.06%-8.94%-1.13%1.16%2.23%N/A
Morningstar Global Bond-USD Hedgeda,c-5.68%-10.59%-11.01%-1.70%0.55%1.63%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, participants or plan sponsors in a MissionSquare Retirement administered account can log in at www.icmarc.org, or institutions can go to www.investments.missionsq.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 Expenses0.97%
Net Expenses0.93%

 

a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2022 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 nor 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 Global Aggregate Hedged Index consists of global investment-grade fixed income securities that are hedged to reduce the impact of currency risk on returns.

c. The Morningstar category average return 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 Jun 30, 2022
Period Stars Category Size
Overall 4 Stars112
3-Year 4 Stars112
5-Year 5 Stars89
10-Year 4 Stars58

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 Jun 30, 2022
Fixed Income Stylebox
Medium Moderate
Allocation of Assets As of Mar 31, 2022
Type of Asset Percent
Equity0%
Fixed Income88%
Cash/Other12%

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

 
 

Characteristics

Allocation of Assets As of Mar 31, 2022
Asset ClassPercent
Domestic Stock0.1%
Foreign Stock0.0%
Domestic Bond28.6%
Foreign Bond58.4%
Preferred0.2%
Convertible0.4%
Cash12.4%
Other0.0%

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

 

Equity Sector As of Mar 31, 2022
SectorPercent
Technology0.0%
Consumer Cyclical0.0%
Communication Services0.0%

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

 
Credit Quality As of Mar 31, 2022
Quality LevelPercent
AAA20.4%
AA7.2%
A21.4%
BBB19.2%
BB15.9%
B8.9%
Below B1.7%
Not Rated5.4%

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

 
Top Ten Holdings As of Mar 31, 2022
Holding NamePercent
2 Year Treasury Note Future June 2220.5%
Euro Schatz Future June 2212.6%
T. Rowe Price Gov. Reserve10.0%
3 Year Australian Treasury Bond Future June 229.0%
10 Year Treasury Note Future June 227.4%
5 Year Treasury Note Future June 222.9%
Long Gilt Future June 222.9%
United Kingdom of Great Britain and Northern Ireland 4.25%2.8%
China (People's Republic Of) 3.12%2.4%
Long-Term Euro BTP Future June 222.0%
Fixed Income Sector As of Mar 31, 2022
SectorPercent
Government37.4%
Corporate27.6%
Securitized19.3%
Cash & Equivalents12.4%
Municipal2.4%
Derivative0.2%

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

 
 

Statistics

Duration and Maturity As of Mar 31, 2022
StatisticValue
Average Effective DurationN/A
Average Effective Maturity6.65 years
Portfolio Statistics As of Jun 30, 2022
Statistic3-Year5-Year
Beta1.301.18
Alpha1.650.58
Standard Deviation7.666.13
 
 

Trading Restrictions

Purchase, Sale, and Transfer Restrictions

 

This fund imposes trading restrictions which may limit your ability to buy or sell the fund in certain circumstances. Please see the fund prospectus or applicable disclosure materials for further information.

 

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, or log in at www.icmarc.org.

The source for this information is Morningstar, Inc. Copyright © 2022 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 MissionSquare Retirement or its affiliates. MissionSquare Retirement 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.