The fund invests in a diversified portfolio of shorter-term investment-grade corporate and government securities. Normally, the fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in bonds and all of the securities purchased by the fund will be rated investment grade at the time of purchase by at least one of the major credit rating agencies or, if unrated, deemed to be investment grade quality by T. Rowe Price.

Nasdaq

TRBUX

TRSTX

The investment seeks maximum total return consistent with the preservation of capital. The fund invests, under normal market conditions, at least 80% of its assets in fixed-income securities. It invests in a diversified portfolio of securities of different maturities including U.S. Treasury securities, U.S. government agency securities, securities of U.S. government-sponsored enterprises, corporate bonds, mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities, municipal bonds, collateralized loan obligations and cash equivalent securities including repurchase agreements, commercial paper and variable rate demand notes.

TSDOX

The investment seeks total return, consistent with preservation of capital. The fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income instruments with maturities of less than or equal to two years. Under normal market conditions, it invests primarily in investment-grade securities and will seek to maintain an average portfolio duration of two years or less.

TSDUX

The fund invests at least 80% of its net assets in United States Treasury debt securities and obligations of agencies and instrumentalities of the United States, including repurchase agreements collateralized with such securities.

UGSDX

Under normal circumstances, the Portfolio invests at least 80% of its assets in fixed-income securities of U.S. issuers, including U.S. government securities, corporate securities, mortgage-related and asset-backed securities, municipal securities, structured products, preferred stocks and inflation-indexed-securities. It may invest up to 20% of its assets in other securities which need not be fixed-income securities of U.S. issuers.

UMNIX

Under normal circumstances, the fund invests in fixed income securities and money market instruments. It will, under normal circumstances, invest more than 25% of its total assets in the financial services group of industries. The fund may invest in money market funds. It may invest in securities of any maturity, but will generally limit its weighted average portfolio duration to one year or less.

USIAX

The fund normally invests at least 80% of the fund's assets in investment-grade debt securities that have a dollar-weighted average portfolio maturity of 18 months or less. The fund invests primarily in U.S. dollar-denominated debt securities that may include, but are not limited to, obligations of U.S., state, and local governments, their agencies and instrumentalities; mortgage- and asset-backed securities; corporate debt securities; repurchase agreements; and other securities believed to have debt-like characteristics.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield	Risk / Return Rank
TRBUX	T. Rowe Price Ultra Short-Term Bond Fund	Ultrashort Bond	Dec 3, 2012	0.31%	0.65%	3.34%	8.06%	100
TRSTX	T. Rowe Price Ultra Short-Term Bond Fund Class I	Ultrashort Bond	Jul 6, 2017	0.20%	0.53%	—	4.31%	99
TSDOX	Touchstone Ultra Short Duration Fixed Income Fund	Ultrashort Bond	Mar 1, 1994	0.69%	0.51%	2.58%	4.10%	99
TSDUX	Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed...	Ultrashort Bond	Mar 8, 2016	0.62%	0.25%	2.58%	2.11%	90
UGSDX	U.S. Global Investors U.S. Government Ultra-Short ...	Ultrashort Bond	Dec 2, 2013	1.06%	0.53%	1.50%	3.35%	—
UMNIX	Lazard US Short Duration Fixed Income Portfolio	Ultrashort Bond	Feb 28, 2011	0.40%	0.15%	1.74%	3.27%	87
USIAX	UBS Ultra Short Income Fund	Ultrashort Bond	May 29, 2018	0.35%	0.13%	—	3.63%	98
UUSTX	USAA Ultra Short-Term Bond Fund	Ultrashort Bond	Oct 18, 2010	0.62%	0.30%	2.91%	4.30%	99

The Best Ultrashort Bond Mutual Funds

Risk vs. Return Scatterplot