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T. Rowe Price Short Term Bond Fund (PRWBX) NPORT-PT. Rowe Price Short-Term Bond Fund, Inc. (Aug 2023 report)

Filed: 27 Oct 23, 10:10am

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

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