T.
ROWE
PRICE
Short-Term
Bond
Fund
August
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
13.6%
Car
Loan
6.1%
AmeriCredit
Automobile
Receivables
Trust
Series
2020-1,
Class
C
1.59%,
10/20/25
3,810
3,752
AmeriCredit
Automobile
Receivables
Trust
Series
2020-1,
Class
D
1.80%,
12/18/25
14,235
13,701
AmeriCredit
Automobile
Receivables
Trust
Series
2020-2,
Class
B
0.97%,
2/18/26
730
726
AmeriCredit
Automobile
Receivables
Trust
Series
2021-1,
Class
C
0.89%,
10/19/26
6,385
5,961
AmeriCredit
Automobile
Receivables
Trust
Series
2021-1,
Class
D
1.21%,
12/18/26
3,945
3,606
AmeriCredit
Automobile
Receivables
Trust
Series
2021-2,
Class
D
1.29%,
6/18/27
8,770
7,950
Avis
Budget
Rental
Car
Funding
AESOP
Series
2018-1A,
Class
D
5.25%,
9/20/24 (1)
1,516
1,514
Avis
Budget
Rental
Car
Funding
AESOP
Series
2018-2A,
Class
C
4.95%,
3/20/25 (1)
3,155
3,130
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-2A,
Class
A
3.35%,
9/22/25 (1)
7,360
7,186
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-2A,
Class
B
3.55%,
9/22/25 (1)
4,265
4,149
Avis
Budget
Rental
Car
Funding
AESOP
Series
2020-1A,
Class
A
2.33%,
8/20/26 (1)
3,950
3,702
CarMax
Auto
Owner
Trust
Series
2020-1,
Class
C
2.34%,
11/17/25
2,965
2,907
CarMax
Auto
Owner
Trust
Series
2020-4,
Class
D
1.75%,
4/15/27
4,290
4,025
CarMax
Auto
Owner
Trust
Series
2021-2,
Class
C
1.34%,
2/16/27
4,605
4,228
CarMax
Auto
Owner
Trust
Series
2023-3,
Class
B
5.47%,
2/15/29
1,595
1,590
T.
ROWE
PRICE
Short-Term
Bond
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
CarMax
Auto
Owner
Trust
Series
2023-3,
Class
C
5.61%,
2/15/29
5,070
5,038
CarMax
Auto
Owner
Trust
Series
2023-3,
Class
D
6.44%,
12/16/30
2,515
2,503
Carvana
Auto
Receivables
Trust
Series
2022-N1,
Class
C
3.32%,
12/11/28 (1)
1,256
1,221
Carvana
Auto
Receivables
Trust
Series
2022-P1,
Class
A4
3.52%,
2/10/28
12,850
12,133
Enterprise
Fleet
Financing
Series
2023-2,
Class
A2
5.56%,
4/22/30 (1)
11,695
11,642
Exeter
Automobile
Receivables
Trust
Series
2022-2A,
Class
C
3.85%,
7/17/28
6,660
6,463
Exeter
Automobile
Receivables
Trust
Series
2022-4A,
Class
D
5.98%,
12/15/28
4,100
4,036
Exeter
Automobile
Receivables
Trust
Series
2022-5A,
Class
C
6.51%,
12/15/27
12,400
12,370
Exeter
Automobile
Receivables
Trust
Series
2022-6A,
Class
A3
5.70%,
8/17/26
310
309
Exeter
Automobile
Receivables
Trust
Series
2023-1A,
Class
D
6.69%,
6/15/29
485
485
Ford
Credit
Auto
Lease
Trust
Series
2022-A,
Class
C
4.18%,
10/15/25
13,100
12,756
Ford
Credit
Auto
Owner
Trust
Series
2019-1,
Class
B
3.82%,
7/15/30 (1)
5,000
4,949
Ford
Credit
Auto
Owner
Trust
Series
2020-1,
Class
B
2.29%,
8/15/31 (1)
5,140
4,857
Ford
Credit
Auto
Owner
Trust
Series
2020-2,
Class
C
1.74%,
4/15/33 (1)
4,600
4,180
Ford
Credit
Auto
Owner
Trust
Series
2020-B,
Class
C
2.04%,
12/15/26
7,465
7,299
Ford
Credit
Auto
Owner
Trust
Series
2023-A,
Class
B
5.07%,
1/15/29
2,655
2,615
T.
ROWE
PRICE
Short-Term
Bond
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2020-1,
Class
B
0.98%,
9/15/25
3,805
3,796
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2023-1,
Class
C
5.75%,
5/15/28 (1)
2,985
2,938
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2023-1,
Class
D
6.62%,
5/15/28 (1)
3,590
3,531
GM
Financial
Automobile
Leasing
Trust
Series
2022-3,
Class
C
5.13%,
8/20/26
10,120
9,927
GM
Financial
Automobile
Leasing
Trust
Series
2023-1,
Class
C
5.76%,
1/20/27
2,405
2,373
Nissan
Auto
Receivables
Owner
Trust
Series
2020-A,
Class
A3
1.38%,
12/16/24
217
216
Santander
Bank
Series
2021-1A,
Class
B
1.833%,
12/15/31 (1)
651
634
Santander
Bank
Auto
Credit-Linked
Notes
Series
2022-B,
Class
A2
5.587%,
8/16/32 (1)
2,440
2,415
Santander
Bank
Auto
Credit-Linked
Notes
Series
2022-B,
Class
C
5.916%,
8/16/32 (1)
2,023
2,011
Santander
Bank
Auto
Credit-Linked
Notes
Series
2022-C,
Class
A2
6.024%,
12/15/32 (1)
1,718
1,709
Santander
Bank
Auto
Credit-Linked
Notes
Series
2022-C,
Class
B
6.451%,
12/15/32 (1)
2,020
2,015
Santander
Consumer
Auto
Receivables
Trust
Series
2021-BA,
Class
C
3.09%,
3/15/29 (1)
3,105
2,957
Santander
Drive
Auto
Receivables
Trust
Series
2020-4,
Class
C
1.01%,
1/15/26
54
54
Santander
Drive
Auto
Receivables
Trust
Series
2021-4,
Class
D
1.67%,
10/15/27
9,480
8,785
Santander
Drive
Auto
Receivables
Trust
Series
2022-1,
Class
C
2.56%,
4/17/28
11,575
11,112
Santander
Drive
Auto
Receivables
Trust
Series
2023-4,
Class
A2
6.18%,
2/16/27
8,555
8,560
T.
ROWE
PRICE
Short-Term
Bond
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
Santander
Retail
Auto
Lease
Trust
Series
2020-B,
Class
D
1.98%,
10/20/25 (1)
4,050
3,969
Santander
Retail
Auto
Lease
Trust
Series
2021-A,
Class
C
1.14%,
3/20/26 (1)
15,370
14,977
Santander
Retail
Auto
Lease
Trust
Series
2021-B,
Class
D
1.41%,
11/20/25 (1)
6,710
6,467
Santander
Retail
Auto
Lease
Trust
Series
2021-C,
Class
C
1.11%,
3/20/26 (1)
5,315
5,110
World
Omni
Auto
Receivables
Trust
Series
2019-C,
Class
C
2.40%,
6/15/26
5,370
5,342
World
Omni
Auto
Receivables
Trust
Series
2020-A,
Class
C
1.64%,
8/17/26
3,390
3,311
World
Omni
Auto
Receivables
Trust
Series
2022-A,
Class
C
2.55%,
9/15/28
4,240
3,906
World
Omni
Select
Auto
Trust
Series
2020-A,
Class
B
0.84%,
6/15/26
2,893
2,856
World
Omni
Select
Auto
Trust
Series
2020-A,
Class
C
1.25%,
10/15/26
4,660
4,499
274,453
Other
Asset-Backed
Securities
5.7%
Ballyrock
Series
2021-1A,
Class
A1,
CLO,
FRN
3M
TSFR
+
1.322%,
6.63%,
4/15/34 (1)
2,280
2,266
Blackbird
Capital
Aircraft
Lease
Securitization
Series
2016-1A,
Class
AA,
STEP
2.487%,
12/16/41 (1)
1,648
1,588
BRE
Grand
Islander
Timeshare
Issuer
Series
2019-A,
Class
A
3.28%,
9/26/33 (1)
1,026
965
Cedar
Funding
XIV
Series
2021-14A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.362%,
6.67%,
7/15/33 (1)
10,480
10,427
CIFC
Funding
Series
2021-4A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.312%,
6.62%,
7/15/33 (1)
15,375
15,301
DLLAA
Series
2023-1A,
Class
A3
5.64%,
2/22/28 (1)
4,710
4,729
T.
ROWE
PRICE
Short-Term
Bond
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
Dryden
Series
2020-86A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.362%,
6.67%,
7/17/34 (1)
9,145
9,045
Elara
HGV
Timeshare
Issuer
Series
2017-A,
Class
A
2.69%,
3/25/30 (1)
431
414
Elara
HGV
Timeshare
Issuer
Series
2019-A,
Class
A
2.61%,
1/25/34 (1)
2,129
1,978
FirstKey
Homes
Trust
Series
2020-SFR1,
Class
A
1.339%,
8/17/37 (1)
6,376
5,833
FirstKey
Homes
Trust
Series
2020-SFR1,
Class
C
1.941%,
8/17/37 (1)
6,850
6,265
Hilton
Grand
Vacations
Trust
Series
2017-AA,
Class
A
2.66%,
12/26/28 (1)
2,156
2,143
Hilton
Grand
Vacations
Trust
Series
2017-AA,
Class
B
2.96%,
12/26/28 (1)
122
121
Hilton
Grand
Vacations
Trust
Series
2019-AA,
Class
A
2.34%,
7/25/33 (1)
585
549
Hilton
Grand
Vacations
Trust
Series
2019-AA,
Class
B
2.54%,
7/25/33 (1)
1,204
1,124
Hilton
Grand
Vacations
Trust
Series
2020-AA,
Class
A
2.74%,
2/25/39 (1)
839
787
Hilton
Grand
Vacations
Trust
Series
2023-1A,
Class
B
6.11%,
1/25/38 (1)
9,625
9,625
Hilton
Grand
Vacations
Trust
Series
2023-1A,
Class
C
6.94%,
1/25/38 (1)
1,795
1,795
HPEFS
Equipment
Trust
Series
2023-1A,
Class
C
5.91%,
4/20/28 (1)
4,315
4,254
KKR
Series
29A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.462%,
6.77%,
1/15/32 (1)
8,250
8,228
Madison
Park
Funding
XXIII
Series
2017-23A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.232%,
6.589%,
7/27/31 (1)
10,589
10,534
Madison
Park
Funding
XXIII
Series
2017-23A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.812%,
7.169%,
7/27/31 (1)
6,810
6,787
T.
ROWE
PRICE
Short-Term
Bond
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
Madison
Park
Funding
XXXIII
Series
2019-33A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.29%,
6.598%,
10/15/32 (1)
13,845
13,740
Madison
Park
Funding
XXXV
Series
2019-35A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.252%,
6.578%,
4/20/32 (1)
8,915
8,867
Madison
Park
Funding
XXXV
Series
2019-35A,
Class
CR,
CLO,
FRN
3M
TSFR
+
2.162%,
7.488%,
4/20/32 (1)
745
732
Madison
Park
Funding
XXXVII
Series
2019-37A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.332%,
6.64%,
7/15/33 (1)
7,285
7,249
Magnetite
XXV
Series
2020-25A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.462%,
6.813%,
1/25/32 (1)
8,065
8,034
MVW
Series
2020-1A,
Class
B
2.73%,
10/20/37 (1)
741
690
MVW
Series
2023-1A,
Class
A
4.93%,
10/20/40 (1)
9,129
8,924
MVW
Owner
Trust
Series
2017-1A,
Class
A
2.42%,
12/20/34 (1)
204
199
MVW
Owner
Trust
Series
2017-1A,
Class
B
2.75%,
12/20/34 (1)
73
71
MVW
Owner
Trust
Series
2017-1A,
Class
C
2.99%,
12/20/34 (1)
183
177
Neuberger
Berman
Loan
Advisers
Series
2017-26A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.662%,
6.972%,
10/18/30 (1)
7,575
7,444
Neuberger
Berman
Loan
Advisers
Series
2019-32A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.252%,
6.572%,
1/20/32 (1)
14,325
14,219
Neuberger
Berman
XVII
Series
2014-17A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.292%,
6.637%,
4/22/29 (1)
8,608
8,574
OCP
Series
2017-13A,
Class
A2R,
CLO,
FRN
3M
TSFR
+
1.812%,
7.12%,
7/15/30 (1)
5,510
5,420
Octane
Receivables
Trust
Series
2021-2A,
Class
A
1.21%,
9/20/28 (1)
2,140
2,064
Octane
Receivables
Trust
Series
2022-1A,
Class
B
4.90%,
5/22/28 (1)
5,025
4,877
T.
ROWE
PRICE
Short-Term
Bond
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
Octane
Receivables
Trust
Series
2023-1A,
Class
A
5.87%,
5/21/29 (1)
586
584
Octane
Receivables
Trust
Series
2023-1A,
Class
B
5.96%,
7/20/29 (1)
2,695
2,666
Palmer
Square
Series
2020-3A,
Class
A1AR,
CLO,
FRN
3M
TSFR
+
1.342%,
6.706%,
11/15/31 (1)
17,285
17,228
Progress
Residential
Trust
Series
2020-SFR2,
Class
A
2.078%,
6/17/37 (1)
1,873
1,752
Progress
Residential
Trust
Series
2022-SFR6,
Class
A
4.451%,
7/20/39 (1)
6,835
6,513
Sierra
Timeshare
Receivables
Funding
Series
2019-1A,
Class
A
3.20%,
1/20/36 (1)
547
535
Sierra
Timeshare
Receivables
Funding
Series
2019-2A,
Class
A
2.59%,
5/20/36 (1)
1,796
1,738
Sierra
Timeshare
Receivables
Funding
Series
2019-3A,
Class
A
2.34%,
8/20/36 (1)
2,620
2,469
Sierra
Timeshare
Receivables
Funding
Series
2020-2A,
Class
C
3.51%,
7/20/37 (1)
899
853
Symphony
Static
I
Series
2021-1A,
Class
B,
CLO,
FRN
3M
TSFR
+
1.712%,
7.063%,
10/25/29 (1)
11,545
11,263
Symphony
XVII
Series
2016-17A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.142%,
6.45%,
4/15/28 (1)
1,252
1,252
Symphony
XXIII
Series
2020-23A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.282%,
6.59%,
1/15/34 (1)
3,605
3,578
Symphony
XXVI
Series
2021-26A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.342%,
6.668%,
4/20/33 (1)
4,230
4,206
Verdant
Receivables
Series
2023-1A,
Class
A2
6.24%,
1/13/31 (1)
5,325
5,316
255,992
Student
Loan
1.8%
Navient
Private
Education
Loan
Trust
Series
2020-A,
Class
A2A
2.46%,
11/15/68 (1)
3,940
3,635
T.
ROWE
PRICE
Short-Term
Bond
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
Navient
Private
Education
Refi
Loan
Trust
Series
2019-A,
Class
A2A
3.42%,
1/15/43 (1)
2,548
2,452
Navient
Private
Education
Refi
Loan
Trust
Series
2019-EA,
Class
A2A
2.64%,
5/15/68 (1)
4,180
3,932
Navient
Private
Education
Refi
Loan
Trust
Series
2019-GA,
Class
A
2.40%,
10/15/68 (1)
6,070
5,593
Navient
Private
Education
Refi
Loan
Trust
Series
2020-BA,
Class
A2
2.12%,
1/15/69 (1)
2,176
1,982
Navient
Private
Education
Refi
Loan
Trust
Series
2020-CA,
Class
A2A
2.15%,
11/15/68 (1)
14,864
13,602
Navient
Private
Education
Refi
Loan
Trust
Series
2020-DA,
Class
A
1.69%,
5/15/69 (1)
2,373
2,138
Navient
Private
Education
Refi
Loan
Trust
Series
2020-FA,
Class
A
1.22%,
7/15/69 (1)
2,570
2,296
Navient
Private
Education
Refi
Loan
Trust
Series
2020-GA,
Class
A
1.17%,
9/16/69 (1)
1,552
1,379
Navient
Private
Education
Refi
Loan
Trust
Series
2020-HA,
Class
A
1.31%,
1/15/69 (1)
1,376
1,249
Nelnet
Student
Loan
Trust
Series
2005-4,
Class
A4,
FRN
SOFR90A
+
0.442%,
5.408%,
3/22/32
2,759
2,642
Nelnet
Student
Loan
Trust
Series
2020-1A,
Class
A,
FRN
1M
TSFR
+
0.854%,
6.169%,
3/26/68 (1)
1,586
1,562
Nelnet
Student
Loan
Trust
Series
2021-CA,
Class
AFX
1.32%,
4/20/62 (1)
9,023
8,112
Nelnet
Student
Loan
Trust
Series
2021-DA,
Class
AFX
1.63%,
4/20/62 (1)
3,122
2,816
SMB
Private
Education
Loan
Trust
Series
2014-A,
Class
A3,
FRN
1M
TSFR
+
1.614%,
6.925%,
4/15/32 (1)
2,403
2,405
SMB
Private
Education
Loan
Trust
Series
2016-B,
Class
A2A
2.43%,
2/17/32 (1)
1,546
1,496
SMB
Private
Education
Loan
Trust
Series
2016-C,
Class
A2B,
FRN
1M
TSFR
+
1.214%,
6.525%,
9/15/34 (1)
2,299
2,294
T.
ROWE
PRICE
Short-Term
Bond
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
SMB
Private
Education
Loan
Trust
Series
2018-B,
Class
A2B,
FRN
1M
TSFR
+
0.834%,
6.145%,
1/15/37 (1)
5,942
5,872
SMB
Private
Education
Loan
Trust
Series
2020-B,
Class
A1A
1.29%,
7/15/53 (1)
1,640
1,465
SMB
Private
Education
Loan
Trust
Series
2020-PTB,
Class
A2A
1.60%,
9/15/54 (1)
6,166
5,493
SMB
Private
Education
Loan
Trust
Series
2021-B,
Class
A
1.31%,
7/17/51 (1)
7,972
7,051
79,466
Total
Asset-Backed
Securities
(Cost
$629,183)
609,911
CORPORATE
BONDS
48.2%
FINANCIAL
INSTITUTIONS
20.4%
Banking
14.0%
Ally
Financial,
3.875%,
5/21/24
9,890
9,695
American
Express,
2.25%,
3/4/25
12,785
12,138
Banco
Bilbao
Vizcaya
Argentaria,
0.875%,
9/18/23
14,000
13,960
Banco
Santander,
3.496%,
3/24/25
8,200
7,918
Banco
Santander,
VR,
5.742%,
6/30/24 (2)
3,000
2,989
Banco
Santander
Mexico
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
5.375%,
4/17/25
8,000
7,915
Banco
Santander
Mexico
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
5.375%,
4/17/25 (1)
1,865
1,845
Bank
of
America,
VR,
0.81%,
10/24/24 (2)
6,275
6,213
Bank
of
America,
VR,
0.976%,
4/22/25 (2)
9,040
8,736
Bank
of
America,
VR,
1.734%,
7/22/27 (2)
6,595
5,872
Bank
of
America,
VR,
1.843%,
2/4/25 (2)
6,080
5,974
Bank
of
America,
VR,
3.384%,
4/2/26 (2)
7,560
7,263
Bank
of
America,
VR,
3.841%,
4/25/25 (2)
5,330
5,260
Bank
of
America,
VR,
5.08%,
1/20/27 (2)
3,965
3,917
Bank
of
Ireland
Group,
4.50%,
11/25/23 (1)
21,463
21,354
Bank
of
Montreal,
3.70%,
6/7/25
10,110
9,761
Bank
of
Montreal,
5.30%,
6/5/26
5,440
5,418
Bank
of
Montreal,
Series
H,
4.25%,
9/14/24
5,025
4,945
Bank
of
New
York
Mellon,
VR,
4.414%,
7/24/26 (2)
6,645
6,490
Bank
of
New
York
Mellon,
VR,
4.947%,
4/26/27 (2)
6,805
6,646
Bank
of
New
York
Mellon,
VR,
5.148%,
5/22/26 (2)
4,875
4,843
Banque
Federative
du
Credit
Mutuel,
0.65%,
2/27/24 (1)
7,615
7,425
Banque
Federative
du
Credit
Mutuel,
0.998%,
2/4/25 (1)
9,745
9,077
Banque
Federative
du
Credit
Mutuel,
4.935%,
1/26/26 (1)
4,965
4,867
T.
ROWE
PRICE
Short-Term
Bond
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
Barclays,
VR,
1.007%,
12/10/24 (2)
7,245
7,146
Barclays,
VR,
5.304%,
8/9/26 (2)
4,510
4,436
Barclays,
VR,
7.325%,
11/2/26 (2)
4,915
5,005
BPCE,
5.70%,
10/22/23 (1)
22,547
22,519
CaixaBank,
VR,
6.208%,
1/18/29 (1)(2)
7,445
7,397
Capital
One
Financial,
3.90%,
1/29/24
4,115
4,079
Capital
One
Financial,
4.25%,
4/30/25 (3)
1,490
1,445
Capital
One
Financial,
VR,
2.636%,
3/3/26 (2)
7,645
7,208
Capital
One
Financial,
VR,
4.985%,
7/24/26 (2)
5,995
5,867
Capital
One
Financial,
VR,
6.312%,
6/8/29 (2)
3,000
2,990
Citigroup,
VR,
0.981%,
5/1/25 (2)
7,545
7,292
Citigroup,
VR,
3.106%,
4/8/26 (2)
4,035
3,864
Citigroup,
VR,
4.14%,
5/24/25 (2)
7,260
7,166
Credicorp,
2.75%,
6/17/25 (1)
2,715
2,556
Credit
Suisse,
0.495%,
2/2/24
7,350
7,182
Danske
Bank,
5.375%,
1/12/24 (1)
8,680
8,637
Danske
Bank,
VR,
3.773%,
3/28/25 (1)(2)
5,275
5,173
Discover
Bank,
2.45%,
9/12/24
1,390
1,333
Fifth
Third
Bancorp,
VR,
6.339%,
7/27/29 (2)
2,490
2,509
Fifth
Third
Bancorp,
VR,
6.361%,
10/27/28 (2)
1,200
1,210
Fifth
Third
Bank,
2.25%,
2/1/27 (3)
540
477
Fifth
Third
Bank,
VR,
5.852%,
10/27/25 (2)
13,720
13,520
Goldman
Sachs
Group,
3.50%,
4/1/25
7,425
7,147
Goldman
Sachs
Group,
5.70%,
11/1/24
2,915
2,901
Goldman
Sachs
Group,
VR,
0.657%,
9/10/24 (2)
4,990
4,984
Goldman
Sachs
Group,
VR,
0.925%,
10/21/24 (2)
4,580
4,534
Goldman
Sachs
Group,
VR,
1.757%,
1/24/25 (2)
7,600
7,458
Goldman
Sachs
Group,
VR,
4.482%,
8/23/28 (2)
5,960
5,710
HSBC
Holdings,
VR,
1.162%,
11/22/24 (2)
4,675
4,615
HSBC
Holdings,
VR,
1.645%,
4/18/26 (2)
12,655
11,785
Huntington
National
Bank,
VR,
5.699%,
11/18/25 (2)
3,105
3,049
JPMorgan
Chase,
FRN,
SOFR
+
0.885%,
6.201%,
4/22/27 (3)
5,480
5,456
JPMorgan
Chase,
VR,
0.824%,
6/1/25 (2)
8,300
7,970
JPMorgan
Chase,
VR,
2.083%,
4/22/26 (2)
13,190
12,419
JPMorgan
Chase,
VR,
4.08%,
4/26/26 (2)
7,690
7,490
Lloyds
Banking
Group,
4.50%,
11/4/24
4,744
4,644
Mitsubishi
UFJ
Financial
Group,
VR,
0.953%,
7/19/25 (2)
11,650
11,128
Morgan
Stanley,
VR,
1.164%,
10/21/25 (2)
6,525
6,155
Morgan
Stanley,
VR,
2.63%,
2/18/26 (2)
7,180
6,832
Morgan
Stanley,
VR,
3.62%,
4/17/25 (2)
4,160
4,096
Morgan
Stanley,
VR,
5.05%,
1/28/27 (2)
2,810
2,769
Morgan
Stanley,
VR,
6.138%,
10/16/26 (2)
6,730
6,774
Morgan
Stanley,
VR,
SOFR
+
0.455%,
5.785%,
1/25/24
6,450
6,448
Morgan
Stanley,
VR,
SOFR
+
0.466%,
5.801%,
11/10/23
9,675
9,643
Morgan
Stanley
Bank,
4.754%,
4/21/26
5,725
5,655
NatWest
Markets,
0.80%,
8/12/24 (1)
6,020
5,736
T.
ROWE
PRICE
Short-Term
Bond
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
NatWest
Markets,
3.479%,
3/22/25 (1)
3,600
3,462
Northern
Trust,
3.95%,
10/30/25
4,035
3,904
PNC
Financial
Services
Group,
VR,
4.758%,
1/26/27 (2)
7,035
6,905
PNC
Financial
Services
Group,
VR,
5.671%,
10/28/25 (2)
9,110
9,088
PNC
Financial
Services
Group,
VR,
5.812%,
6/12/26 (2)
2,525
2,525
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (2)
5,540
4,865
Skandinaviska
Enskilda
Banken,
3.70%,
6/9/25 (1)
7,645
7,392
Societe
Generale,
2.625%,
10/16/24 (1)
1,120
1,077
Standard
Chartered,
VR,
0.991%,
1/12/25 (1)(2)
3,390
3,323
Standard
Chartered,
VR,
1.214%,
3/23/25 (1)(2)
520
504
Standard
Chartered,
VR,
1.822%,
11/23/25 (1)(2)
3,965
3,750
State
Street,
5.272%,
8/3/26
7,550
7,553
State
Street,
VR,
4.857%,
1/26/26 (2)
3,080
3,040
State
Street,
VR,
5.104%,
5/18/26 (2)
4,620
4,586
Synchrony
Financial,
4.25%,
8/15/24
16,585
16,192
Toronto-Dominion
Bank,
4.285%,
9/13/24
12,675
12,486
Toronto-Dominion
Bank,
5.532%,
7/17/26
11,650
11,665
Truist
Financial,
FRN,
SOFR
+
0.40%,
5.601%,
6/9/25 (3)
6,125
5,968
U.S.
Bancorp,
VR,
4.548%,
7/22/28 (2)
13,020
12,458
U.S.
Bancorp,
VR,
5.727%,
10/21/26 (2)
4,020
4,001
UBS
Group,
VR,
1.494%,
8/10/27 (1)(2)
3,200
2,813
UBS
Group,
VR,
4.488%,
5/12/26 (1)(2)
2,465
2,400
UBS
Group,
VR,
4.49%,
8/5/25 (1)(2)
6,380
6,278
Wells
Fargo,
VR,
2.188%,
4/30/26 (2)
5,935
5,573
Wells
Fargo,
VR,
3.526%,
3/24/28 (2)
4,850
4,508
Wells
Fargo,
VR,
3.908%,
4/25/26 (2)
7,870
7,611
Wells
Fargo,
VR,
4.54%,
8/15/26 (2)
7,470
7,284
626,141
Brokerage
Asset
Managers
Exchanges
0.7%
Charles
Schwab,
2.45%,
3/3/27
15,410
13,876
Charles
Schwab,
3.20%,
3/2/27
3,330
3,086
LSEGA
Financing,
0.65%,
4/6/24 (1)
13,435
12,984
Nasdaq,
5.65%,
6/28/25
1,155
1,161
31,107
Finance
Companies
1.4%
AerCap
Ireland
Capital,
1.65%,
10/29/24
15,795
15,009
AerCap
Ireland
Capital,
4.50%,
9/15/23
1,457
1,455
AerCap
Ireland
Capital,
4.875%,
1/16/24
6,790
6,756
Avolon
Holdings
Funding,
2.125%,
2/21/26 (1)
9,215
8,273
Avolon
Holdings
Funding,
2.875%,
2/15/25 (1)
7,180
6,778
Avolon
Holdings
Funding,
3.95%,
7/1/24 (1)
2,230
2,174
Avolon
Holdings
Funding,
6.375%,
5/4/28 (1)
2,200
2,179
GATX,
3.25%,
3/30/25
6,145
5,888
GATX,
4.35%,
2/15/24
11,813
11,757
SMBC
Aviation
Capital
Finance,
3.55%,
4/15/24 (1)
4,855
4,782
65,051
T.
ROWE
PRICE
Short-Term
Bond
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
Financial
Other
0.2%
LeasePlan,
2.875%,
10/24/24 (1)
7,742
7,434
7,434
Insurance
3.6%
American
International
Group,
2.50%,
6/30/25
6,440
6,095
Athene
Global
Funding,
1.716%,
1/7/25 (1)
12,540
11,785
Athene
Global
Funding,
2.514%,
3/8/24 (1)
15,230
14,938
Brighthouse
Financial
Global
Funding,
1.00%,
4/12/24 (1)
7,275
7,057
CNO
Global
Funding,
1.65%,
1/6/25 (1)
7,890
7,383
CNO
Global
Funding,
1.75%,
10/7/26 (1)
8,935
7,936
Corebridge
Financial,
3.50%,
4/4/25
5,855
5,624
Elevance
Health,
5.35%,
10/15/25
2,325
2,324
Equitable
Financial
Life
Global
Funding,
1.10%,
11/12/24 (1)
7,095
6,682
First
American
Financial,
4.60%,
11/15/24
2,840
2,790
Health
Care
Service
Corp
A
Mutual
Legal
Reserve,
1.50%,
6/1/25 (1)
11,700
10,806
Humana,
1.35%,
2/3/27
3,515
3,085
Humana,
3.85%,
10/1/24
6,064
5,936
Humana,
4.50%,
4/1/25
4,125
4,061
Humana,
5.75%,
3/1/28
2,290
2,326
Jackson
Financial,
1.125%,
11/22/23
9,095
9,004
Jackson
National
Life
Global
Funding,
1.75%,
1/12/25 (1)(3)
8,265
7,744
Northwestern
Mutual
Global
Funding,
4.35%,
9/15/27 (1)
5,950
5,787
Principal
Life
Global
Funding
II,
0.75%,
4/12/24 (1)
4,970
4,817
Principal
Life
Global
Funding
II,
0.875%,
1/12/26 (1)
5,795
5,190
UnitedHealth
Group,
3.70%,
5/15/27
7,965
7,651
UnitedHealth
Group,
4.25%,
1/15/29
9,500
9,203
UnitedHealth
Group,
5.15%,
10/15/25
6,730
6,727
UnitedHealth
Group,
5.25%,
2/15/28
4,825
4,906
159,857
Real
Estate
Investment
Trusts
0.5%
Brixmor
Operating
Partnership,
3.65%,
6/15/24
1,975
1,928
Kilroy
Realty,
4.375%,
10/1/25
2,355
2,235
Public
Storage
Operating,
5.125%,
1/15/29
2,435
2,427
Public
Storage
Operating,
FRN,
SOFR
+
0.47%,
5.786%,
4/23/24
4,245
4,245
Realty
Income,
5.05%,
1/13/26
1,780
1,767
Simon
Property
Group,
2.00%,
9/13/24
3,350
3,224
WP
Carey,
4.60%,
4/1/24
8,290
8,186
24,012
Total
Financial
Institutions
913,602
INDUSTRIAL
24.5%
Basic
Industry
1.5%
ArcelorMittal,
3.60%,
7/16/24
3,220
3,155
Celanese
U.S.
Holdings,
6.05%,
3/15/25
4,340
4,344
Celanese
U.S.
Holdings,
6.35%,
11/15/28
3,080
3,089
Celulosa
Arauco
y
Constitucion,
4.50%,
8/1/24
5,349
5,258
T.
ROWE
PRICE
Short-Term
Bond
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
Ecolab,
1.65%,
2/1/27
2,900
2,600
Ecolab,
5.25%,
1/15/28
8,040
8,142
LYB
International
Finance
III,
1.25%,
10/1/25
5,631
5,134
Nucor,
2.00%,
6/1/25
2,330
2,192
Nucor,
3.95%,
5/23/25
3,585
3,489
Nutrien,
4.90%,
3/27/28
2,955
2,887
POSCO,
4.375%,
8/4/25
7,200
7,029
POSCO,
5.625%,
1/17/26 (1)
6,020
6,019
Sherwin-Williams,
4.25%,
8/8/25
2,980
2,919
Steel
Dynamics,
2.80%,
12/15/24
5,070
4,886
Westlake,
0.875%,
8/15/24
5,460
5,204
66,347
Capital
Goods
0.9%
Amcor
Flexibles
North
America,
4.00%,
5/17/25
5,355
5,194
Amphenol,
2.05%,
3/1/25
6,720
6,384
Amphenol,
4.75%,
3/30/26
2,535
2,504
Carrier
Global,
2.242%,
2/15/25
1,909
1,817
Otis
Worldwide,
2.056%,
4/5/25
7,965
7,550
Parker-Hannifin,
3.65%,
6/15/24
11,495
11,297
Regal
Rexnord,
6.05%,
2/15/26 (1)
4,655
4,633
Republic
Services,
0.875%,
11/15/25 (3)
1,566
1,419
Republic
Services,
4.875%,
4/1/29
2,085
2,065
42,863
Communications
4.5%
American
Tower,
2.40%,
3/15/25
4,733
4,495
American
Tower,
5.00%,
2/15/24
3,384
3,367
AT&T,
4.10%,
2/15/28
2,395
2,264
Charter
Communications
Operating,
4.908%,
7/23/25
27,430
26,943
Cox
Communications,
3.15%,
8/15/24 (1)
13,268
12,918
Cox
Communications,
3.50%,
8/15/27 (1)
2,570
2,384
Crown
Castle,
1.05%,
7/15/26
9,140
8,067
Crown
Castle,
2.90%,
3/15/27
6,355
5,838
Crown
Castle,
5.00%,
1/11/28 (3)
2,340
2,297
Crown
Castle
Towers,
4.241%,
7/15/28 (1)
2,075
1,917
KT,
4.00%,
8/8/25 (1)
8,770
8,533
Meta
Platforms,
4.60%,
5/15/28
4,770
4,719
NTT
Finance,
0.583%,
3/1/24 (1)
4,120
4,018
NTT
Finance,
4.239%,
7/25/25 (1)
1,630
1,590
Rogers
Communications,
2.95%,
3/15/25
10,585
10,107
Rogers
Communications,
3.20%,
3/15/27
9,100
8,424
SBA
Tower
Trust,
1.631%,
11/15/26 (1)(3)
4,260
3,682
SBA
Tower
Trust,
1.884%,
1/15/26 (1)
2,480
2,247
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
8,585
8,196
SBA
Tower
Trust,
6.599%,
1/15/28 (1)
4,150
4,194
SBA
Tower
Trust,
Series
2014-2A,
Class
C,
STEP,
3.869%,
10/15/49 (1)
2,540
2,469
T-Mobile
USA,
2.625%,
4/15/26
2,755
2,558
T.
ROWE
PRICE
Short-Term
Bond
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
T-Mobile
USA,
3.50%,
4/15/25
7,685
7,428
Take-Two
Interactive
Software,
3.30%,
3/28/24 (3)
242
238
Take-Two
Interactive
Software,
3.55%,
4/14/25
3,135
3,027
Take-Two
Interactive
Software,
5.00%,
3/28/26
7,055
6,984
Verizon
Communications,
0.85%,
11/20/25
11,600
10,513
Verizon
Communications,
1.45%,
3/20/26
9,810
8,880
Verizon
Communications,
2.625%,
8/15/26
11,075
10,292
Warnermedia
Holdings,
3.755%,
3/15/27
20,340
19,063
Warnermedia
Holdings,
6.412%,
3/15/26
3,375
3,378
201,030
Consumer
Cyclical
3.6%
7-Eleven,
0.80%,
2/10/24 (1)
4,890
4,782
Advance
Auto
Parts,
5.90%,
3/9/26
1,585
1,569
Daimler
Truck
Finance
North
America,
1.625%,
12/13/24 (1)
7,760
7,367
Daimler
Truck
Finance
North
America,
5.15%,
1/16/26 (1)
2,165
2,149
Daimler
Truck
Finance
North
America,
5.20%,
1/17/25 (1)
2,745
2,726
General
Motors
Financial,
2.90%,
2/26/25
13,795
13,167
General
Motors
Financial,
5.40%,
4/6/26
3,685
3,634
Genuine
Parts,
1.75%,
2/1/25
2,980
2,815
Hyatt
Hotels,
1.30%,
10/1/23
4,775
4,758
Hyundai
Capital
America,
0.80%,
1/8/24 (1)
5,910
5,805
Hyundai
Capital
America,
0.875%,
6/14/24 (1)
5,795
5,568
Hyundai
Capital
America,
1.00%,
9/17/24 (1)
3,765
3,579
Hyundai
Capital
America,
5.50%,
3/30/26 (1)
3,270
3,249
Hyundai
Capital
America,
5.60%,
3/30/28 (1)
4,300
4,264
Hyundai
Capital
Services,
2.125%,
4/24/25 (1)
2,800
2,641
Lowe's,
3.35%,
4/1/27
2,275
2,139
Lowe's,
4.40%,
9/8/25
8,460
8,315
Lowe's,
4.80%,
4/1/26
4,745
4,692
Marriott
International,
3.60%,
4/15/24
11,722
11,542
Marriott
International,
3.75%,
3/15/25
1,345
1,305
Marriott
International,
4.90%,
4/15/29
1,480
1,441
Marriott
International,
Series
EE,
5.75%,
5/1/25
1,381
1,382
Mercedes-Benz
Finance
North
America,
4.80%,
3/30/26 (1)
5,025
4,976
Nissan
Motor,
3.043%,
9/15/23 (1)
15,844
15,830
Nissan
Motor
Acceptance,
3.875%,
9/21/23 (1)
1,530
1,528
Nordstrom,
2.30%,
4/8/24
1,280
1,235
Ross
Stores,
0.875%,
4/15/26
4,540
4,040
Ross
Stores,
4.60%,
4/15/25
15,624
15,355
Starbucks,
4.75%,
2/15/26
5,815
5,763
Stellantis
Finance
U.S.,
1.711%,
1/29/27 (1)
5,790
5,058
Volkswagen
Group
of
America
Finance,
0.875%,
11/22/23 (1)
5,295
5,238
Volkswagen
Group
of
America
Finance,
3.95%,
6/6/25 (1)
5,185
5,031
162,943
Consumer
Non-Cyclical
6.5%
AbbVie,
2.60%,
11/21/24
20,860
20,138
T.
ROWE
PRICE
Short-Term
Bond
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
AbbVie,
2.95%,
11/21/26
14,705
13,758
AbbVie,
3.20%,
5/14/26
1,295
1,231
Amgen,
5.25%,
3/2/25
2,635
2,621
Astrazeneca
Finance,
1.20%,
5/28/26
12,035
10,871
BAT
International
Finance,
1.668%,
3/25/26
7,140
6,463
BAT
International
Finance,
4.448%,
3/16/28
13,155
12,451
Bayer
U.S.
Finance
II,
3.875%,
12/15/23 (1)
5,080
5,048
Becton
Dickinson
&
Company,
3.734%,
12/15/24
2,160
2,106
Becton
Dickinson
&
Company,
4.693%,
2/13/28
10,060
9,880
Brunswick,
0.85%,
8/18/24
10,060
9,557
Cardinal
Health,
3.079%,
6/15/24
5,115
5,004
Cardinal
Health,
3.50%,
11/15/24
6,185
6,002
Coca-Cola
Europacific
Partners,
0.80%,
5/3/24 (1)
14,655
14,161
CSL
Finance,
3.85%,
4/27/27 (1)
2,575
2,457
CVS
Health,
2.875%,
6/1/26
3,470
3,250
CVS
Health,
3.00%,
8/15/26
2,945
2,755
CVS
Health,
5.00%,
2/20/26
6,970
6,906
Hasbro,
3.00%,
11/19/24
13,727
13,257
HCA,
3.125%,
3/15/27
7,560
6,940
HCA,
5.375%,
2/1/25
4,260
4,233
Imperial
Brands
Finance,
3.125%,
7/26/24 (1)
13,435
13,082
Imperial
Brands
Finance,
4.25%,
7/21/25 (1)
6,061
5,835
JDE
Peet's,
0.80%,
9/24/24 (1)
4,440
4,180
Kenvue,
5.35%,
3/22/26 (1)
3,085
3,102
Mars,
4.55%,
4/20/28 (1)
9,340
9,167
Mondelez
International,
2.625%,
3/17/27
5,415
4,978
Mondelez
International
Holdings
Netherlands,
4.25%,
9/15/25 (1)
3,950
3,864
PeaceHealth
Obligated
Group,
Series
2020,
1.375%,
11/15/25
1,555
1,418
Perrigo
Finance
Unlimited,
3.90%,
12/15/24
25,290
24,310
Pfizer
Investment
Enterprises,
4.45%,
5/19/28
7,090
6,928
Philip
Morris
International,
4.875%,
2/13/26
5,920
5,859
Revvity,
0.55%,
9/15/23
5,755
5,745
Royalty
Pharma,
0.75%,
9/2/23
6,420
6,419
Shire
Acquisitions
Investments
Ireland,
2.875%,
9/23/23
5,950
5,940
Utah
Acquisition
Sub,
3.95%,
6/15/26
11,199
10,589
Viatris,
1.65%,
6/22/25
7,438
6,887
Viterra
Finance,
4.90%,
4/21/27 (1)
7,230
6,999
Zoetis,
5.40%,
11/14/25
6,720
6,725
291,116
Energy
3.5%
Aker
BP,
2.00%,
7/15/26 (1)
1,994
1,788
Canadian
Natural
Resources,
2.05%,
7/15/25
11,415
10,696
Canadian
Natural
Resources,
3.80%,
4/15/24
1,890
1,865
Cheniere
Corpus
Christi
Holdings,
5.875%,
3/31/25
10,955
10,914
Columbia
Pipelines
Holding,
6.055%,
8/15/26 (1)
1,060
1,070
DCP
Midstream
Operating,
5.375%,
7/15/25
12,541
12,416
T.
ROWE
PRICE
Short-Term
Bond
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
Enbridge,
2.15%,
2/16/24
2,395
2,353
Enbridge,
2.50%,
1/15/25
9,500
9,105
Enbridge,
2.50%,
2/14/25
4,350
4,150
Enbridge,
4.00%,
10/1/23
5,580
5,571
Energy
Transfer,
2.90%,
5/15/25
1,860
1,768
Energy
Transfer,
4.25%,
4/1/24
455
450
Energy
Transfer,
4.90%,
2/1/24
4,925
4,895
Energy
Transfer,
5.875%,
1/15/24
17,363
17,342
Energy
Transfer,
Series
5Y,
4.20%,
9/15/23
1,819
1,818
Eni,
Series
X-R,
4.00%,
9/12/23 (1)
13,505
13,497
Gray
Oak
Pipeline,
2.00%,
9/15/23 (1)
4,272
4,264
Gray
Oak
Pipeline,
2.60%,
10/15/25 (1)
3,115
2,878
ONEOK,
5.55%,
11/1/26
4,840
4,830
Ovintiv,
5.65%,
5/15/25
5,605
5,594
Pioneer
Natural
Resources,
5.10%,
3/29/26
4,380
4,346
Sabine
Pass
Liquefaction,
5.625%,
3/1/25
8,540
8,508
Sabine
Pass
Liquefaction,
5.75%,
5/15/24
1,717
1,713
Schlumberger
Finance
Canada,
1.40%,
9/17/25
2,330
2,153
TransCanada
PipeLines,
6.203%,
3/9/26
11,255
11,234
Williams,
5.40%,
3/2/26
11,725
11,705
156,923
Technology
2.8%
CDW,
5.50%,
12/1/24
2,690
2,673
Fidelity
National
Information
Services,
0.60%,
3/1/24
4,700
4,579
Fidelity
National
Information
Services,
4.50%,
7/15/25
3,965
3,888
Fiserv,
2.75%,
7/1/24
13,355
13,013
Fiserv,
3.80%,
10/1/23
3,685
3,678
Fortinet,
1.00%,
3/15/26
5,710
5,120
Microchip
Technology,
0.972%,
2/15/24
10,345
10,111
Microchip
Technology,
0.983%,
9/1/24
8,380
7,978
Microchip
Technology,
2.67%,
9/1/23
7,395
7,394
Micron
Technology,
5.375%,
4/15/28
6,955
6,831
Moody's,
3.75%,
3/24/25
6,475
6,306
NXP,
2.70%,
5/1/25
5,665
5,397
NXP,
3.875%,
6/18/26
4,219
4,033
NXP,
4.40%,
6/1/27
1,040
999
NXP,
4.875%,
3/1/24
6,671
6,630
Qorvo,
1.75%,
12/15/24 (1)
3,710
3,473
Roper
Technologies,
3.65%,
9/15/23
2,210
2,209
S&P
Global,
2.45%,
3/1/27
14,680
13,539
Western
Union,
2.85%,
1/10/25
14,455
13,842
Workday,
3.50%,
4/1/27
3,450
3,259
124,952
Transportation
1.2%
American
Airlines
PTT,
Series
2017-2,
Class
B,
3.70%,
10/15/25
3,281
3,092
Canadian
Pacific
Railway,
1.35%,
12/2/24
10,590
10,022
T.
ROWE
PRICE
Short-Term
Bond
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
Canadian
Pacific
Railway,
1.75%,
12/2/26
4,645
4,155
ERAC
USA
Finance,
4.60%,
5/1/28 (1)
8,895
8,654
HPHT
Finance,
1.50%,
9/17/26
6,650
5,880
HPHT
Finance,
2.875%,
11/5/24
9,234
8,915
Penske
Truck
Leasing,
3.45%,
7/1/24 (1)
4,905
4,805
Penske
Truck
Leasing,
5.75%,
5/24/26 (1)
5,960
5,910
United
Airlines
PTT,
Series
2019-2,
Class
B,
3.50%,
5/1/28
1,955
1,767
53,200
Total
Industrial
1,099,374
UTILITY
3.3%
Electric
2.6%
AES,
3.30%,
7/15/25 (1)
5,425
5,155
Alexander
Funding
Trust,
1.841%,
11/15/23 (1)
7,760
7,668
Constellation
Energy
Generation,
5.60%,
3/1/28
3,910
3,916
DTE
Energy,
STEP,
4.22%,
11/1/24
7,175
7,038
Enel
Finance
International,
1.375%,
7/12/26 (1)
9,605
8,504
Enel
Finance
International,
2.65%,
9/10/24 (1)
12,355
11,941
Enel
Finance
International,
6.80%,
10/14/25 (1)
1,400
1,423
NextEra
Energy
Capital
Holdings,
1.875%,
1/15/27
9,130
8,126
NextEra
Energy
Capital
Holdings,
4.45%,
6/20/25
6,955
6,800
NextEra
Energy
Capital
Holdings,
5.749%,
9/1/25
2,175
2,179
NextEra
Energy
Capital
Holdings,
6.051%,
3/1/25
3,175
3,183
NRG
Energy,
3.75%,
6/15/24 (1)
4,470
4,359
Pacific
Gas
&
Electric,
3.50%,
6/15/25
8,205
7,806
Vistra
Operations,
3.55%,
7/15/24 (1)
30,800
29,953
Vistra
Operations,
5.125%,
5/13/25 (1)
8,015
7,796
115,847
Natural
Gas
0.7%
APA
Infrastructure,
4.20%,
3/23/25 (1)
16,219
15,816
NiSource,
5.25%,
3/30/28
1,560
1,552
Sempra,
3.30%,
4/1/25
5,035
4,841
Sempra,
5.40%,
8/1/26
2,840
2,845
Southern
California
Gas,
2.95%,
4/15/27
5,420
5,044
30,098
Total
Utility
145,945
Total
Corporate
Bonds
(Cost
$2,235,408)
2,158,921
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
2.6%
Government
Sponsored
0.4%
Federal
Home
Loan
Banks,
5.00%,
2/28/25 (3)
17,215
17,211
17,211
T.
ROWE
PRICE
Short-Term
Bond
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
Owned
No
Guarantee
2.2%
Banco
del
Estado
de
Chile,
2.704%,
1/9/25 (1)
4,585
4,402
Bharat
Petroleum,
4.00%,
5/8/25
11,900
11,565
DAE
Funding,
1.55%,
8/1/24 (1)
4,225
4,033
Korea
Electric
Power,
5.375%,
4/6/26 (1)
12,400
12,410
Korea
Housing
Finance,
4.625%,
2/24/28 (1)
12,080
11,827
Korea
Hydro
&
Nuclear
Power,
1.25%,
4/27/26 (1)
12,038
10,802
Korea
Hydro
&
Nuclear
Power,
4.25%,
7/27/27 (1)
2,010
1,950
Korea
Hydro
&
Nuclear
Power,
5.00%,
7/18/28 (1)
1,400
1,391
NBN,
1.45%,
5/5/26 (1)
15,195
13,719
QNB
Finance,
2.625%,
5/12/25
4,765
4,519
QNB
Finance,
3.50%,
3/28/24
8,635
8,509
State
Bank
of
India,
4.50%,
9/28/23
4,000
3,996
Tenaga
Nasional,
7.50%,
11/1/25
8,850
9,163
98,286
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$120,283)
115,497
MUNICIPAL
SECURITIES
0.1%
California
0.1%
Golden
State
Tobacco
Securitization,
Series A-1,
1.711%,
6/1/24
5,815
5,638
Total
Municipal
Securities
(Cost
$5,815)
5,638
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
10.1%
Collateralized
Mortgage
Obligations
5.1%
Angel
Oak
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.909%,
1/25/66 (1)
4,190
3,452
Angel
Oak
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.985%,
4/25/66 (1)
3,906
3,192
Angel
Oak
Mortgage
Trust
Series
2021-2,
Class
A2,
CMO,
ARM
1.19%,
4/25/66 (1)
1,128
923
Angel
Oak
Mortgage
Trust
Series
2021-3,
Class
A1,
CMO,
ARM
1.068%,
5/25/66 (1)
2,928
2,425
Angel
Oak
Mortgage
Trust
Series
2021-6,
Class
A3,
CMO,
ARM
1.714%,
9/25/66 (1)
3,148
2,494
Bayview
MSR
Opportunity
Master
Fund
Trust
Series
2021-2,
Class
A5,
CMO,
ARM
2.50%,
6/25/51 (1)
6,581
5,627
T.
ROWE
PRICE
Short-Term
Bond
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
Bayview
MSR
Opportunity
Master
Fund
Trust
Series
2021-5,
Class
A5,
CMO,
ARM
2.50%,
11/25/51 (1)
5,162
4,406
BINOM
Securitization
Trust
Series
2021-INV1,
Class
A3,
CMO,
ARM
2.625%,
6/25/56 (1)
2,405
2,028
BRAVO
Residential
Funding
Trust
Series
2021-NQM3,
Class
A1,
CMO,
ARM
1.699%,
4/25/60 (1)
4,165
3,667
CIM
Trust
Series
2020-INV1,
Class
A2,
CMO,
ARM
2.50%,
4/25/50 (1)
4,319
3,509
CIM
Trust
Series
2021-INV1,
Class
A8,
CMO,
ARM
2.50%,
7/1/51 (1)
3,198
2,729
Citigroup
Mortgage
Loan
Trust
Series
2020-EXP2,
Class
A3,
CMO,
ARM
2.50%,
8/25/50 (1)
4,240
3,503
COLT
Mortgage
Loan
Trust
Series
2020-3,
Class
A1,
CMO,
ARM
1.506%,
4/27/65 (1)
427
398
COLT
Mortgage
Loan
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.373%,
6/25/66 (1)
2,626
2,092
Connecticut
Avenue
Securities
Series
2017-C05,
Class
1ED3,
CMO,
ARM
SOFR30A
+
1.314%,
6.602%,
1/25/30
98
98
Connecticut
Avenue
Securities
Series
2018-C03,
Class
1EB2,
CMO,
ARM
SOFR30A
+
0.964%,
6.252%,
10/25/30
3,535
3,524
Connecticut
Avenue
Securities
Series
2018-C03,
Class
1ED2,
CMO,
ARM
SOFR30A
+
0.964%,
6.252%,
10/25/30
218
218
Connecticut
Avenue
Securities
Trust
Series
2022-R01,
Class
1M1,
CMO,
ARM
SOFR30A
+
1.00%,
6.288%,
12/25/41 (1)
6,459
6,417
Connecticut
Avenue
Securities
Trust
Series
2023-R05,
Class
1M1,
CMO,
ARM
SOFR30A
+
1.90%,
7.196%,
6/25/43 (1)
5,783
5,809
Deephaven
Residential
Mortgage
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.128%,
5/25/65 (1)
1,003
914
Deephaven
Residential
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.899%,
4/25/66 (1)
1,551
1,332
Deephaven
Residential
Mortgage
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
1.26%,
4/25/66 (1)
1,726
1,481
T.
ROWE
PRICE
Short-Term
Bond
Fund
20
Par/Shares
$
Value
(Amounts
in
000s)
Eagle
Series
2021-2,
Class
M1A,
CMO,
ARM
SOFR30A
+
1.55%,
6.838%,
4/25/34 (1)
1,342
1,342
Ellington
Financial
Mortgage
Trust
Series
2019-2,
Class
A3,
CMO,
ARM
3.046%,
11/25/59 (1)
535
488
Ellington
Financial
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.797%,
2/25/66 (1)
892
744
Ellington
Financial
Mortgage
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.106%,
2/25/66 (1)
755
618
Ellington
Financial
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.931%,
6/25/66 (1)
2,332
1,858
Ellington
Financial
Mortgage
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
1.291%,
6/25/66 (1)
2,234
1,762
Ellington
Financial
Mortgage
Trust
Series
2021-3,
Class
A3,
CMO,
ARM
1.55%,
9/25/66 (1)
2,272
1,739
Flagstar
Mortgage
Trust
Series
2020-1INV,
Class
A11,
CMO,
ARM
1M
TSFR
+
0.964%,
6.00%,
3/25/50 (1)
1,618
1,498
Flagstar
Mortgage
Trust
Series
2021-5INV,
Class
A5,
CMO,
ARM
2.50%,
7/25/51 (1)
2,750
2,355
Freddie
Mac
Whole
Loan
Securities
Trust
Series
2017-SC02,
Class
M1,
CMO,
ARM
3.867%,
5/25/47 (1)
360
336
Galton
Funding
Mortgage
Trust
Series
2018-1,
Class
A33,
CMO,
ARM
3.50%,
11/25/57 (1)
423
375
Galton
Funding
Mortgage
Trust
Series
2019-1,
Class
A32,
CMO,
ARM
4.00%,
2/25/59 (1)
424
394
Galton
Funding
Mortgage
Trust
Series
2019-H1,
Class
M1,
CMO,
ARM
3.339%,
10/25/59 (1)
7,916
7,179
Galton
Funding
Mortgage
Trust
Series
2020-H1,
Class
M1,
CMO,
ARM
2.832%,
1/25/60 (1)
4,592
3,396
GS
Mortgage-Backed
Securities
Trust
Series
2014-EB1A,
Class
2A1,
CMO,
ARM
3.928%,
7/25/44 (1)
81
81
GS
Mortgage-Backed
Securities
Trust
Series
2021-GR2,
Class
A6,
CMO,
ARM
2.50%,
2/25/52 (1)
7,426
6,339
T.
ROWE
PRICE
Short-Term
Bond
Fund
21
Par/Shares
$
Value
(Amounts
in
000s)
GS
Mortgage-Backed
Securities
Trust
Series
2022-GR1,
Class
A5,
CMO,
ARM
2.50%,
6/25/52 (1)
12,093
10,251
Imperial
Fund
Mortgage
Trust
Series
2021-NQM2,
Class
A3,
CMO,
ARM
1.516%,
9/25/56 (1)
3,694
2,830
Imperial
Fund
Mortgage
Trust
Series
2022-NQM4,
Class
A1,
CMO,
STEP
4.767%,
6/25/67 (1)
9,670
9,250
JPMorgan
Mortgage
Trust
Series
2020-INV1,
Class
A11,
CMO,
ARM
1M
TSFR
+
0.944%,
6.00%,
8/25/50 (1)
704
663
JPMorgan
Mortgage
Trust
Series
2020-INV1,
Class
A15,
CMO,
ARM
3.50%,
8/25/50 (1)
1,158
1,008
MFA
Trust
Series
2021-INV1,
Class
A1,
CMO,
ARM
0.852%,
1/25/56 (1)
1,735
1,551
MFA
Trust
Series
2021-NQM2,
Class
A2,
CMO,
ARM
1.317%,
11/25/64 (1)
1,711
1,423
New
Residential
Mortgage
Loan
Trust
Series
2020-NQM1,
Class
A3,
CMO,
ARM
2.769%,
1/26/60 (1)
900
816
New
Residential
Mortgage
Loan
Trust
Series
2021-INV1,
Class
A6,
CMO,
ARM
2.50%,
6/25/51 (1)
4,353
3,739
New
Residential
Mortgage
Loan
Trust
Series
2021-INV2,
Class
A7,
CMO,
ARM
2.50%,
9/25/51 (1)
10,829
9,191
NLT
Trust
Series
2021-INV2,
Class
A3,
CMO,
ARM
1.52%,
8/25/56 (1)
3,111
2,507
OBX
Trust
Series
2019-EXP2,
Class
2A2,
CMO,
ARM
1M
TSFR
+
1.314%,
5.451%,
6/25/59 (1)
227
215
OBX
Trust
Series
2019-EXP3,
Class
2A1,
CMO,
ARM
1M
TSFR
+
1.014%,
6.329%,
10/25/59 (1)
1,060
1,033
OBX
Trust
Series
2020-EXP1,
Class
1A8,
CMO,
ARM
3.50%,
2/25/60 (1)
2,391
2,091
OBX
Trust
Series
2020-EXP1,
Class
2A2,
CMO,
ARM
1M
TSFR
+
1.064%,
6.379%,
2/25/60 (1)
393
355
OBX
Trust
Series
2020-EXP2,
Class
A8,
CMO,
ARM
3.00%,
5/25/60 (1)
2,770
2,376
T.
ROWE
PRICE
Short-Term
Bond
Fund
22
Par/Shares
$
Value
(Amounts
in
000s)
OBX
Trust
Series
2020-EXP2,
Class
A9,
CMO,
ARM
3.00%,
5/25/60 (1)
418
352
OBX
Trust
Series
2020-EXP3,
Class
1A8,
CMO,
ARM
3.00%,
1/25/60 (1)
2,342
1,994
OBX
Trust
Series
2020-INV1,
Class
A5,
CMO,
ARM
3.50%,
12/25/49 (1)
648
569
OBX
Trust
Series
2021-NQM1,
Class
A2,
CMO,
ARM
1.175%,
2/25/66 (1)
3,070
2,529
Oceanview
Mortgage
Trust
Series
2022-1,
Class
A5,
CMO,
ARM
2.50%,
12/25/51 (1)
5,681
4,829
Sequoia
Mortgage
Trust
Series
2018-CH2,
Class
A21,
CMO,
ARM
4.00%,
6/25/48 (1)
352
319
Sequoia
Mortgage
Trust
Series
2018-CH2,
Class
A3,
CMO,
ARM
4.00%,
6/25/48 (1)
921
847
Sequoia
Mortgage
Trust
Series
2018-CH3,
Class
A19,
CMO,
ARM
4.50%,
8/25/48 (1)
54
53
SG
Residential
Mortgage
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
1.381%,
5/25/65 (1)
1,398
1,222
SG
Residential
Mortgage
Trust
Series
2022-1,
Class
A1,
CMO,
ARM
3.166%,
3/27/62 (1)
3,554
3,114
Starwood
Mortgage
Residential
Trust
Series
2019-INV1,
Class
A3,
CMO,
ARM
2.916%,
9/27/49 (1)
2,611
2,481
Starwood
Mortgage
Residential
Trust
Series
2020-1,
Class
A2,
CMO,
ARM
2.408%,
2/25/50 (1)
2,673
2,468
Starwood
Mortgage
Residential
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.943%,
5/25/65 (1)
2,134
1,882
Starwood
Mortgage
Residential
Trust
Series
2021-4,
Class
A1,
CMO,
ARM
1.162%,
8/25/56 (1)
8,962
7,420
Structured
Agency
Credit
Risk
Debt
Notes
Series
2014-DN3,
Class
M3,
CMO,
ARM
SOFR30A
+
4.114%,
9.402%,
8/25/24
782
788
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA3,
Class
M2,
CMO,
ARM
SOFR30A
+
2.10%,
7.388%,
10/25/33 (1)
5,855
5,796
T.
ROWE
PRICE
Short-Term
Bond
Fund
23
Par/Shares
$
Value
(Amounts
in
000s)
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA5,
Class
M2,
CMO,
ARM
SOFR30A
+
1.65%,
6.938%,
1/25/34 (1)
2,589
2,585
Structured
Agency
Credit
Risk
Debt
Notes
Series
2022-DNA5,
Class
M1A,
CMO,
ARM
SOFR30A
+
2.95%,
8.238%,
6/25/42 (1)
7,267
7,428
Structured
Agency
Credit
Risk
Debt
Notes
Series
2023-DNA2,
Class
M1A,
CMO,
ARM
SOFR30A
+
2.10%,
7.396%,
4/25/43 (1)
5,521
5,568
UWM
Mortgage
Trust
Series
2021-INV2,
Class
A4,
CMO,
ARM
2.50%,
9/25/51 (1)
2,161
1,851
UWM
Mortgage
Trust
Series
2021-INV5,
Class
A4,
CMO,
ARM
2.50%,
1/25/52 (1)
2,552
2,166
Verus
Securitization
Trust
Series
2019-INV2,
Class
A1,
CMO,
ARM
3.913%,
7/25/59 (1)
1,267
1,223
Verus
Securitization
Trust
Series
2020-1,
Class
A1,
CMO,
STEP
2.417%,
1/25/60 (1)
1,146
1,096
Verus
Securitization
Trust
Series
2020-5,
Class
A3,
CMO,
STEP
1.733%,
5/25/65 (1)
1,049
960
Verus
Securitization
Trust
Series
2020-INV1,
Class
A1,
CMO,
ARM
1.977%,
3/25/60 (1)
137
134
Verus
Securitization
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
1.052%,
1/25/66 (1)
1,790
1,526
Verus
Securitization
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.155%,
1/25/66 (1)
1,058
895
Verus
Securitization
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
1.031%,
2/25/66 (1)
2,458
2,066
Verus
Securitization
Trust
Series
2021-5,
Class
A3,
CMO,
ARM
1.373%,
9/25/66 (1)
3,119
2,493
Verus
Securitization
Trust
Series
2021-R1,
Class
A2,
CMO,
ARM
1.057%,
10/25/63 (1)
715
639
Verus
Securitization
Trust
Series
2021-R2,
Class
A1,
CMO,
ARM
0.918%,
2/25/64 (1)
2,548
2,176
Verus
Securitization
Trust
Series
2022-1,
Class
A3,
CMO,
ARM
3.288%,
1/25/67 (1)
8,458
7,224
T.
ROWE
PRICE
Short-Term
Bond
Fund
24
Par/Shares
$
Value
(Amounts
in
000s)
Verus
Securitization
Trust
Series
2022-6,
Class
A1,
CMO,
STEP
4.91%,
6/25/67 (1)
4,958
4,802
Vista
Point
Securitization
Trust
Series
2020-2,
Class
A3,
CMO,
ARM
2.496%,
4/25/65 (1)
709
639
Wells
Fargo
Mortgage
Backed
Securities
Trust
Series
2020-RR1,
Class
A17,
CMO,
ARM
3.00%,
5/25/50 (1)
515
432
Wells
Fargo
Mortgage
Backed
Securities
Trust
Series
2021-RR1,
Class
A3,
CMO,
ARM
2.50%,
12/25/50 (1)
8,774
7,577
230,184
Commercial
Mortgage-Backed
Securities
4.8%
BAMLL
Commercial
Mortgage-Backed
Securities
Trust
Series
2018-DSNY,
Class
A,
ARM
1M
TSFR
+
0.897%,
6.208%,
9/15/34 (1)
8,180
8,139
BANK
Series
2019-BN19,
Class
A1
2.263%,
8/15/61
1,209
1,134
BANK
Series
2019-BN24,
Class
A1
2.056%,
11/15/62
680
668
BCP
Trust
Series
2021-330N,
Class
A,
ARM
1M
TSFR
+
0.913%,
6.224%,
6/15/38 (1)
4,285
3,833
BFLD
Series
2019-DPLO,
Class
B,
ARM
1M
TSFR
+
1.454%,
6.764%,
10/15/34 (1)
5,070
5,038
BPR
Trust
Series
2021-TY,
Class
B,
ARM
1M
TSFR
+
1.264%,
6.575%,
9/15/38 (1)
6,525
6,109
BSREP
Commercial
Mortgage
Trust
Series
2021-DC,
Class
D,
ARM
1M
TSFR
+
2.014%,
7.325%,
8/15/38 (1)
5,464
4,640
BX
Commercial
Mortgage
Trust
Series
2019-XL,
Class
B,
ARM
1M
TSFR
+
1.194%,
6.505%,
10/15/36 (1)
4,696
4,667
BX
Commercial
Mortgage
Trust
Series
2021-SOAR,
Class
D,
ARM
1M
TSFR
+
1.514%,
6.825%,
6/15/38 (1)
5,245
5,087
BX
Commercial
Mortgage
Trust
Series
2022-CSMO,
Class
B,
ARM
1M
TSFR
+
3.141%,
8.451%,
6/15/27 (1)
7,400
7,384
BX
Trust
Series
2021-ARIA,
Class
C,
ARM
1M
TSFR
+
1.76%,
7.07%,
10/15/36 (1)
4,830
4,642
T.
ROWE
PRICE
Short-Term
Bond
Fund
25
Par/Shares
$
Value
(Amounts
in
000s)
BX
Trust
Series
2021-VIEW,
Class
A,
ARM
1M
TSFR
+
1.394%,
6.704%,
6/15/36 (1)
3,785
3,598
CGDB
Commercial
Mortgage
Trust
Series
2019-MOB,
Class
D,
ARM
1M
TSFR
+
1.764%,
7.075%,
11/15/36 (1)
10,831
10,384
Commercial
Mortgage
Trust
Series
2014-CR15,
Class
B,
ARM
4.763%,
2/10/47
6,420
6,049
Commercial
Mortgage
Trust
Series
2014-CR19,
Class
AM
4.08%,
8/10/47
7,262
6,941
Commercial
Mortgage
Trust
Series
2014-CR19,
Class
D,
ARM
4.853%,
8/10/47 (1)
2,995
2,567
Commercial
Mortgage
Trust
Series
2017-PANW,
Class
D,
ARM
4.343%,
10/10/29 (1)
2,419
2,118
Credit
Suisse
Mortgage
Capital
Certificates
Series
2019-ICE4,
Class
C,
ARM
1M
TSFR
+
1.477%,
6.788%,
5/15/36 (1)
8,499
8,439
Credit
Suisse
Mortgage
Capital
Certificates
Series
2019-ICE4,
Class
D,
ARM
1M
TSFR
+
1.647%,
6.958%,
5/15/36 (1)
6,205
6,162
Credit
Suisse
Mortgage
Trust
Series
2020-NET,
Class
A
2.257%,
8/15/37 (1)
3,295
2,970
Extended
Stay
America
Trust
Series
2021-ESH,
Class
A,
ARM
1M
TSFR
+
1.194%,
6.504%,
7/15/38 (1)
4,881
4,834
Fontainebleau
Miami
Beach
Trust
Series
2019-FBLU,
Class
B
3.447%,
12/10/36 (1)
7,180
6,858
Great
Wolf
Trust
Series
2019-WOLF,
Class
A,
ARM
1M
TSFR
+
1.148%,
6.458%,
12/15/36 (1)
3,785
3,769
Great
Wolf
Trust
Series
2019-WOLF,
Class
C,
ARM
1M
TSFR
+
1.747%,
7.057%,
12/15/36 (1)
4,200
4,158
GS
Mortgage
Securities
Trust
Series
2021-ROSS,
Class
B,
ARM
1M
TSFR
+
1.714%,
7.025%,
5/15/26 (1)
5,705
4,855
JPMBB
Commercial
Mortgage
Securities
Trust
Series
2014-C23,
Class
A5
3.934%,
9/15/47
8,280
8,042
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2019-BKWD,
Class
C,
ARM
1M
TSFR
+
1.964%,
7.275%,
9/15/29 (1)
3,975
3,141
T.
ROWE
PRICE
Short-Term
Bond
Fund
26
Par/Shares
$
Value
(Amounts
in
000s)
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
B,
ARM
1M
TSFR
+
1.884%,
7.195%,
10/15/33 (1)
8,240
7,371
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
C,
ARM
1M
TSFR
+
2.284%,
7.595%,
10/15/33 (1)
6,310
5,144
KIND
Trust
Series
2021-KIND,
Class
C,
ARM
1M
TSFR
+
1.864%,
7.174%,
8/15/38 (1)
8,414
7,940
KKR
Industrial
Portfolio
Trust
Series
2021-KDIP,
Class
D,
ARM
1M
TSFR
+
1.364%,
6.675%,
12/15/37 (1)
1,556
1,533
LSTAR
Commercial
Mortgage
Trust
Series
2017-5,
Class
AS
4.021%,
3/10/50 (1)
4,905
4,376
MHC
Commercial
Mortgage
Trust
Series
2021-MHC,
Class
B,
ARM
1M
TSFR
+
1.215%,
6.525%,
4/15/38 (1)
11,045
10,858
Morgan
Stanley
Capital
I
Trust
Series
2014-150E,
Class
A
3.912%,
9/9/32 (1)
9,590
7,555
Morgan
Stanley
Capital
I
Trust
Series
2019-NUGS,
Class
D,
ARM
1M
TSFR
+
1.914%,
7.225%,
12/15/36 (1)
4,445
2,178
ONE
Mortgage
Trust
Series
2021-PARK,
Class
B,
ARM
1M
TSFR
+
1.064%,
6.374%,
3/15/36 (1)
11,219
10,464
ONE
Mortgage
Trust
Series
2021-PARK,
Class
C,
ARM
1M
TSFR
+
1.214%,
6.524%,
3/15/36 (1)
6,005
5,509
RLGH
Trust
Series
2021-TROT,
Class
A,
ARM
1M
TSFR
+
0.914%,
6.225%,
4/15/36 (1)
5,580
5,422
Wells
Fargo
Commercial
Mortgage
Trust
Series
2015-NXS2,
Class
A2
3.02%,
7/15/58
1,156
1,117
WFRBS
Commercial
Mortgage
Trust
Series
2014-LC14,
Class
A5
4.045%,
3/15/47
7,525
7,461
213,154
Residential
Mortgage
0.2%
Finance
of
America
HECM
Buyout
Series
2022-HB2,
Class
A1A,
ARM
4.00%,
8/1/32 (1)
7,873
7,637
Towd
Point
Mortgage
Trust
Series
2017-1,
Class
A1,
CMO,
ARM
2.75%,
10/25/56 (1)
292
288
T.
ROWE
PRICE
Short-Term
Bond
Fund
27
Par/Shares
$
Value
(Amounts
in
000s)
Towd
Point
Mortgage
Trust
Series
2017-2,
Class
A1,
CMO,
ARM
2.75%,
4/25/57 (1)
137
136
Towd
Point
Mortgage
Trust
Series
2017-3,
Class
A1,
CMO,
ARM
2.75%,
7/25/57 (1)
1,000
974
Towd
Point
Mortgage
Trust
Series
2018-1,
Class
A1,
CMO,
ARM
3.00%,
1/25/58 (1)
736
707
9,742
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$505,102)
453,080
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
5.0%
U.S.
Government
Agency
Obligations
3.5%
Federal
Home
Loan
Mortgage
3.50%,
3/1/46
-
12/1/47
3,775
3,439
5.00%,
10/1/23
-
7/1/25
1
1
5.50%,
12/1/23
-
10/1/38
20
20
6.00%,
9/1/34
-
9/1/35
349
360
7.00%,
3/1/39
615
638
7.50%,
6/1/38
524
538
Federal
Home
Loan
Mortgage,
ARM
12M
USD
LIBOR
+
1.625%,
4.849%,
4/1/37
5
5
12M
USD
LIBOR
+
1.625%,
5.259%,
6/1/38
118
115
12M
USD
LIBOR
+
1.625%,
5.703%,
6/1/38
18
18
12M
USD
LIBOR
+
1.726%,
5.94%,
7/1/35
53
54
12M
USD
LIBOR
+
1.733%,
4.108%,
2/1/37
22
22
12M
USD
LIBOR
+
1.733%,
5.591%,
10/1/36
118
117
12M
USD
LIBOR
+
1.74%,
5.013%,
5/1/38
61
59
12M
USD
LIBOR
+
1.775%,
5.232%,
5/1/37
26
26
12M
USD
LIBOR
+
1.842%,
4.091%,
1/1/37
36
35
12M
USD
LIBOR
+
1.915%,
4.29%,
2/1/37
25
25
12M
USD
LIBOR
+
1.93%,
4.187%,
12/1/36
54
53
12M
USD
LIBOR
+
1.961%,
4.461%,
2/1/33
1
1
12M
USD
LIBOR
+
1.975%,
4.225%,
2/1/34
1
1
12M
USD
LIBOR
+
2.03%,
4.276%,
11/1/36
31
30
12M
USD
LIBOR
+
2.083%,
4.582%,
2/1/38
125
123
12M
USD
LIBOR
+
2.22%,
4.558%,
2/1/37
31
31
1Y
CMT
+
2.219%,
4.344%,
10/1/33
—
—
1Y
CMT
+
2.347%,
4.472%,
11/1/34
78
77
Federal
Home
Loan
Mortgage,
UMBS
1.50%,
2/1/36
5,363
4,603
2.50%,
1/1/52
8,474
7,093
T.
ROWE
PRICE
Short-Term
Bond
Fund
28
Par/Shares
$
Value
(Amounts
in
000s)
3.00%,
11/1/34
-
6/1/52
11,055
9,576
4.00%,
12/1/49
-
2/1/50
2,097
1,966
4.50%,
9/1/37
-
5/1/50
8,042
7,826
5.00%,
12/1/41
1,641
1,625
6.00%,
2/1/53
2,938
2,983
Federal
National
Mortgage
Assn.,
ARM
12M
USD
LIBOR
+
1.34%,
3.59%,
12/1/35
22
21
12M
USD
LIBOR
+
1.553%,
5.24%,
7/1/35
24
24
12M
USD
LIBOR
+
1.584%,
3.834%,
12/1/35
54
53
12M
USD
LIBOR
+
1.655%,
5.905%,
8/1/37
8
8
12M
USD
LIBOR
+
1.688%,
4.755%,
7/1/34
4
4
12M
USD
LIBOR
+
1.69%,
5.44%,
5/1/38
57
56
12M
USD
LIBOR
+
1.715%,
3.965%,
10/1/32
-
12/1/32
35
35
12M
USD
LIBOR
+
1.77%,
4.145%,
12/1/35
8
7
12M
USD
LIBOR
+
1.78%,
4.03%,
1/1/34
11
11
12M
USD
LIBOR
+
1.788%,
4.538%,
5/1/38
28
28
12M
USD
LIBOR
+
1.83%,
5.082%,
4/1/38
112
109
12M
USD
LIBOR
+
1.83%,
6.08%,
8/1/38
3
3
12M
USD
LIBOR
+
1.853%,
6.103%,
8/1/38
80
81
12M
USD
LIBOR
+
1.892%,
4.142%,
12/1/35
19
19
12M
USD
LIBOR
+
1.922%,
5.20%,
5/1/38
93
91
ECOFC
+
1.25%,
4.783%,
5/1/24
—
—
ECOFC
+
1.254%,
4.02%,
7/1/27
1
1
RFUCCT1Y
+
1.671%,
4.046%,
2/1/33
2
2
RFUCCT6M
+
1.368%,
3.908%,
10/1/33
230
229
Federal
National
Mortgage
Assn.,
STEP,
5.11%,
1/25/32
—
—
Federal
National
Mortgage
Assn.,
UMBS
2.00%,
10/1/50
2,532
2,030
2.50%,
1/1/52
8,116
6,745
3.00%,
9/1/28
-
6/1/52
8,571
7,824
3.50%,
12/1/45
-
1/1/52
11,711
10,610
4.00%,
1/1/47
-
9/1/52
17,735
16,412
4.50%,
5/1/41
-
8/1/52
29,083
27,785
5.00%,
12/1/23
-
8/1/52
5,677
5,632
5.50%,
1/1/24
-
5/1/40
6,012
6,113
6.00%,
1/1/24
-
7/1/53
10,761
11,091
6.50%,
7/1/32
-
12/1/32
254
263
UMBS,
TBA (4)
5.00%,
9/1/53
4,760
4,615
5.50%,
9/1/53
10,755
10,619
6.00%,
9/1/53
6,010
6,026
158,007
U.S.
Government
Obligations
1.5%
Government
National
Mortgage
Assn.
2.00%,
3/20/52
539
445
3.00%,
9/20/47
6,803
6,058
T.
ROWE
PRICE
Short-Term
Bond
Fund
29
Par/Shares
$
Value
(Amounts
in
000s)
3.50%,
8/20/44
-
10/20/52
13,859
12,626
4.00%,
9/20/45
-
10/20/52
5,007
4,701
4.50%,
8/20/47
-
10/20/52
17,047
16,274
5.00%,
12/20/34
-
5/20/48
6,074
6,032
5.50%,
9/15/45
-
2/20/49
2,634
2,664
6.00%,
7/15/36
1,262
1,311
Government
National
Mortgage
Assn.,
TBA (4)
5.00%,
9/20/53
6,145
5,980
5.50%,
9/20/53
7,170
7,097
6.50%,
9/20/53
5,515
5,585
68,773
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$240,623)
226,780
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
19.4%
U.S.
Treasury
Obligations
19.4%
U.S.
Treasury
Notes,
1.75%,
3/15/25
131,285
124,844
U.S.
Treasury
Notes,
2.75%,
5/15/25
209,545
201,884
U.S.
Treasury
Notes,
3.875%,
3/31/25 (5)
94,545
92,831
U.S.
Treasury
Notes,
3.875%,
4/30/25
55,080
54,082
U.S.
Treasury
Notes,
4.00%,
12/15/25
56,960
56,034
U.S.
Treasury
Notes,
4.25%,
5/31/25
37,295
36,840
U.S.
Treasury
Notes,
4.50%,
11/15/25
136,205
135,354
U.S.
Treasury
Notes,
4.625%,
6/30/25
104,735
104,162
U.S.
Treasury
Notes,
5.00%,
8/31/25
61,705
61,879
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-
Backed)
(Cost
$885,622)
867,910
SHORT-TERM
INVESTMENTS
2.6%
Money
Market
Funds
2.6%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (6)(7)
115,654
115,654
Total
Short-Term
Investments
(Cost
$115,654)
115,654
T.
ROWE
PRICE
Short-Term
Bond
Fund
30
Par/Shares
$
Value
(Amounts
in
000s)
SECURITIES
LENDING
COLLATERAL
0.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.2%
Money
Market
Funds
0.2%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (6)(7)
7,584
7,584
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
7,584
Total
Securities
Lending
Collateral
(Cost
$7,584)
7,584
Total
Investments
in
Securities
101.8%
(Cost
$4,745,274)
$
4,560,975
Other
Assets
Less
Liabilities
(1.8)%
(82,052)
Net
Assets
100.0%
$
4,478,923
‡
Par/Shares
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$1,517,407
and
represents
33.9%
of
net
assets.
(2)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(3)
All
or
a
portion
of
this
security
is
on
loan
at
August
31,
2023.
(4)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$39,922
and
represents
0.9%
of
net
assets.
(5)
At
August
31,
2023,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/
or
margin
deposit
to
cover
future
funding
obligations.
(6)
Seven-day
yield
(7)
Affiliated
Companies
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
12M
USD
LIBOR
Twelve
month
USD
LIBOR
(London
interbank
offered
rate)
1Y
CMT
One
year
U.S.
Treasury
note
constant
maturity
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
ECOFC
Enterprise
11th
District
COFI
Replacement
Index
FRN
Floating
Rate
Note
T.
ROWE
PRICE
Short-Term
Bond
Fund
31
.
.
.
.
.
.
.
.
.
.
PTT
Pass-Through
Trust
RFUCCT6M
Six
month
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
RFUCCT1Y
Twelve
month
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
SOFR
Secured
overnight
financing
rate
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
SOFR90A
90-day
Average
SOFR
(Secured
overnight
financing
rate)
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TBA
To-Be-Announced
UMBS
Uniform
Mortgage-Backed
Securities
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Short-Term
Bond
Fund
32
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Bought
0.0%
Bank
of
America,
Protection
Bought
(Relevant
Credit:
General
Mills),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
4,857
(61)
(40)
(21)
Barclays
Bank,
Protection
Bought
(Relevant
Credit:
Omnicom
Group),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
13,750
(168)
(115)
(53)
Citibank,
Protection
Bought
(Relevant
Credit:
General
Mills),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
6,938
(87)
(58)
(29)
Goldman
Sachs,
Protection
Bought
(Relevant
Credit:
General
Mills),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
13,815
(173)
(115)
(58)
Morgan
Stanley,
Protection
Bought
(Relevant
Credit:
Markit
CMBX.
NA.AAA-S13,
50
Year
Index),
Pay
0.50%
Monthly,
Receive
upon
credit
default,
12/16/72
124,372
2,265
3,457
(1,192)
Total
Bilateral
Credit
Default
Swaps,
Protection
Bought
3,129
(1,353)
Total
Bilateral
Swaps
3,129
(1,353)
T.
ROWE
PRICE
Short-Term
Bond
Fund
33
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
712
U.S.
Treasury
Notes
five
year
contracts
12/23
(76,128)
$
(485)
Short,
757
U.S.
Treasury
Notes
ten
year
contracts
12/23
(84,051)
(841)
Long,
4,279
U.S.
Treasury
Notes
two
year
contracts
12/23
872,080
2,481
Short,
26
Ultra
U.S.
Treasury
Bonds
contracts
12/23
(3,366)
(53)
Short,
550
Ultra
U.S.
Treasury
Notes
ten
year
contracts
12/23
(63,860)
(782)
Net
payments
(receipts)
of
variation
margin
to
date
(461)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(141)
T.
ROWE
PRICE
Short-Term
Bond
Fund
34
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
August
31,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
$
—
$
—
$
986++
Totals
$
—#
$
—
$
986+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/23
Purchase
Cost
Sales
Cost
Value
08/31/23
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
$
48,178
¤
¤
$
123,238
Total
$
123,238^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$986
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$123,238.
T.
ROWE
PRICE
Short-Term
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
35
T.
Rowe
Price
Short-Term
Bond
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Short-Term
Bond
Fund
36
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
T.
ROWE
PRICE
Short-Term
Bond
Fund
37
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
August
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
4,437,737
$
—
$
4,437,737
Short-Term
Investments
115,654
—
—
115,654
Securities
Lending
Collateral
7,584
—
—
7,584
Total
Securities
123,238
4,437,737
—
4,560,975
Swaps
—
2,265
—
2,265
Futures
Contracts*
2,481
—
—
2,481
Total
$
125,719
$
4,440,002
$
—
$
4,565,721
Liabilities
Swaps
$
—
$
489
$
—
$
489
Futures
Contracts*
2,161
—
—
2,161
Total
$
2,161
$
489
$
—
$
2,650
1
Includes
Asset-Backed
Securities,
Corporate
Bonds,
Foreign
Government
Obligations
&
Municipalities,
Municipal
Securities,
Non-U.S.
Government
Mortgage-Backed
Securities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Short-Term
Bond
Fund
38
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F55-054Q1
08/23