T.
ROWE
PRICE
Short
Duration
Income
Fund
August
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
23.6%
Car
Loan
10.6%
AmeriCredit
Automobile
Receivables
Trust
Series 2020-2,
Class
D
2.13%,
3/18/26
120
114
ARI
Fleet
Lease
Trust
Series 2020-A,
Class
B
2.06%,
11/15/28 (1)
290
287
Avis
Budget
Rental
Car
Funding
AESOP
Series 2018-1A,
Class
D
5.25%,
9/20/24 (1)
18
18
Avis
Budget
Rental
Car
Funding
AESOP
Series 2019-3A,
Class
B
2.65%,
3/20/26 (1)
150
142
CarMax
Auto
Owner
Trust
Series 2020-1,
Class
D
2.64%,
7/15/26
115
113
CarMax
Auto
Owner
Trust
Series 2020-3,
Class
C
1.69%,
4/15/26
50
48
CarMax
Auto
Owner
Trust
Series 2021-2,
Class
C
1.34%,
2/16/27
250
230
CarMax
Auto
Owner
Trust
Series 2022-4,
Class
D
8.08%,
4/16/29
200
206
CarMax
Auto
Owner
Trust
Series 2023-1,
Class
A2A
5.23%,
1/15/26
177
176
CarMax
Auto
Owner
Trust
Series 2023-2,
Class
D
6.55%,
10/15/29
135
133
Enterprise
Fleet
Financing
Series 2021-2,
Class
A2
0.48%,
5/20/27 (1)
21
21
Enterprise
Fleet
Financing
Series 2021-3,
Class
A2
0.77%,
8/20/27 (1)
24
23
Enterprise
Fleet
Financing
Series 2022-2,
Class
A2
4.65%,
5/21/29 (1)
55
54
Enterprise
Fleet
Financing
Series 2023-2,
Class
A2
5.56%,
4/22/30 (1)
250
249
Exeter
Automobile
Receivables
Trust
Series 2022-1A,
Class
C
2.56%,
6/15/28
225
217
T.
ROWE
PRICE
Short
Duration
Income
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
‡
Exeter
Automobile
Receivables
Trust
Series 2022-4A,
Class
D
5.98%,
12/15/28
45
44
Exeter
Automobile
Receivables
Trust
Series 2022-6A,
Class
A3
5.70%,
8/17/26
25
25
Exeter
Automobile
Receivables
Trust
Series 2023-1A,
Class
A3
5.58%,
4/15/26
119
119
Ford
Credit
Auto
Lease
Trust
Series 2022-A,
Class
C
4.18%,
10/15/25
255
248
Ford
Credit
Auto
Lease
Trust
Series 2023-A,
Class
C
5.54%,
12/15/26
230
225
Ford
Credit
Floorplan
Master
Owner
Trust
Series 2023-1,
Class
D
6.62%,
5/15/28 (1)
145
143
GM
Financial
Automobile
Leasing
Trust
Series 2022-3,
Class
C
5.13%,
8/20/26
245
240
GM
Financial
Consumer
Automobile
Receivables
Trust
Series 2020-3,
Class
C
1.37%,
1/16/26
30
29
GM
Financial
Consumer
Automobile
Receivables
Trust
Series 2020-4,
Class
C
1.05%,
5/18/26
50
48
GM
Financial
Consumer
Automobile
Receivables
Trust
Series 2023-1,
Class
B
5.03%,
9/18/28
35
34
GM
Financial
Consumer
Automobile
Receivables
Trust
Series 2023-3,
Class
C
5.92%,
2/16/29
45
45
GMF
Floorplan
Owner
Revolving
Trust
Series 2023-1,
Class
B
5.73%,
6/15/28 (1)
230
229
JPMorgan
Chase
Bank
Series 2021-2,
Class
D
1.138%,
12/26/28 (1)
116
113
Nissan
Auto
Lease
Trust
Series 2023-A,
Class
A2A
5.10%,
3/17/25
300
299
Santander
Bank
-
SBCLN
Series 2021-1A,
Class
C
3.268%,
12/15/31 (1)
176
172
Santander
Consumer
Auto
Receivables
Trust
Series 2020-BA,
Class
C
1.29%,
4/15/26 (1)
100
98
T.
ROWE
PRICE
Short
Duration
Income
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
‡
Santander
Consumer
Auto
Receivables
Trust
Series 2021-AA,
Class
D
1.57%,
1/15/27 (1)
100
92
Santander
Consumer
Auto
Receivables
Trust
Series 2021-CA,
Class
C
2.97%,
6/15/28 (1)
197
190
Santander
Drive
Auto
Receivables
Trust
Series 2023-1,
Class
A2
5.36%,
5/15/26
210
209
Santander
Retail
Auto
Lease
Trust
Series 2021-C,
Class
D
1.39%,
8/20/26 (1)
350
335
Santander
Retail
Auto
Lease
Trust
Series 2022-B,
Class
A3
3.28%,
11/20/25 (1)
71
69
Santander
Retail
Auto
Lease
Trust
Series 2022-B,
Class
B
3.85%,
3/22/27 (1)
30
29
World
Omni
Auto
Receivables
Trust
Series 2020-C,
Class
C
1.39%,
5/17/27
85
81
5,147
Other
Asset-Backed
Securities
12.1%
Amur
Equipment
Finance
Receivables
VIII
Series 2020-1A,
Class
E
7.00%,
1/20/27 (1)
461
461
Amur
Equipment
Finance
Receivables
XI
Series 2022-2A,
Class
A2
5.30%,
6/21/28 (1)
86
85
Benefit
Street
Partners
XI
Series 2017-11A,
Class
A2R,
CLO,
FRN
3M
TSFR
+
1.762%,
7.07%,
4/15/29 (1)
250
247
Blackbird
Capital
Aircraft
Lease
Securitization
Series 2016-1A,
Class
AA,
STEP
2.487%,
12/16/41 (1)
40
39
CIFC
Funding
Series 2021-4A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.312%,
6.62%,
7/15/33 (1)
250
249
DB
Master
Finance
Series 2019-1A,
Class
A2II
4.021%,
5/20/49 (1)
91
86
DLLAD
Series 2023-1A,
Class
A2
5.19%,
4/20/26 (1)
115
114
DLLAD
Series 2023-1A,
Class
A3
4.79%,
1/20/28 (1)
52
51
T.
ROWE
PRICE
Short
Duration
Income
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
‡
Elara
HGV
Timeshare
Issuer
Series 2019-A,
Class
A
2.61%,
1/25/34 (1)
63
58
Hardee's
Funding
Series 2018-1A,
Class
A2II
4.959%,
6/20/48 (1)
67
63
Hilton
Grand
Vacations
Trust
Series 2017-AA,
Class
B
2.96%,
12/26/28 (1)
44
44
Hilton
Grand
Vacations
Trust
Series 2019-AA,
Class
B
2.54%,
7/25/33 (1)
80
75
Hilton
Grand
Vacations
Trust
Series 2023-1A,
Class
C
6.94%,
1/25/38 (1)
100
100
KKR
Series 29A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.462%,
6.77%,
1/15/32 (1)
250
249
Kubota
Credit
Owner
Trust
Series 2023-1A,
Class
A3
5.02%,
6/15/27 (1)
165
163
Madison
Park
Funding
XXXV
Series 2019-35A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.252%,
6.578%,
4/20/32 (1)
250
249
Madison
Park
Funding
XXXVII
Series 2019-37A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.332%,
6.64%,
7/15/33 (1)
250
249
MVW
Series 2021-1WA,
Class
C
1.94%,
1/22/41 (1)
51
46
MVW
Series 2021-2A,
Class
C
2.23%,
5/20/39 (1)
130
115
MVW
Series 2023-1A,
Class
C
6.54%,
10/20/40 (1)
185
181
MVW
Owner
Trust
Series 2017-1A,
Class
B
2.75%,
12/20/34 (1)
59
58
OCP
Series 2014-7A,
Class
A1RR,
CLO,
FRN
3M
TSFR
+
1.382%,
6.708%,
7/20/29 (1)
246
246
OCP
Series 2017-13A,
Class
A2R,
CLO,
FRN
3M
TSFR
+
1.812%,
7.12%,
7/15/30 (1)
250
246
Octagon
Investment
Partners
Series 2016-1A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.442%,
6.787%,
1/24/33 (1)
250
248
T.
ROWE
PRICE
Short
Duration
Income
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
‡
Octane
Receivables
Trust
Series 2021-2A,
Class
A
1.21%,
9/20/28 (1)
34
33
Octane
Receivables
Trust
Series 2022-1A,
Class
B
4.90%,
5/22/28 (1)
150
146
Octane
Receivables
Trust
Series 2022-2A,
Class
A
5.11%,
2/22/28 (1)
66
65
Octane
Receivables
Trust
Series 2022-2A,
Class
C
6.29%,
7/20/28 (1)
200
197
Octane
Receivables
Trust
Series 2023-1A,
Class
A
5.87%,
5/21/29 (1)
77
76
Planet
Fitness
Master
Issuer
Series 2018-1A,
Class
A2II
4.666%,
9/5/48 (1)
195
187
Progress
Residential
Trust
Series 2020-SFR2,
Class
A
2.078%,
6/17/37 (1)
200
187
Progress
Residential
Trust
Series 2022-SFR7,
Class
B
5.50%,
10/27/39 (1)
100
98
Sierra
Timeshare
Receivables
Funding
Series 2019-1A,
Class
A
3.20%,
1/20/36 (1)
101
99
Sierra
Timeshare
Receivables
Funding
Series 2019-1A,
Class
C
3.77%,
1/20/36 (1)
51
49
Sierra
Timeshare
Receivables
Funding
Series 2019-3A,
Class
A
2.34%,
8/20/36 (1)
18
17
Sierra
Timeshare
Receivables
Funding
Series 2020-2A,
Class
B
2.32%,
7/20/37 (1)
33
31
Sierra
Timeshare
Receivables
Funding
Series 2021-1A,
Class
B
1.34%,
11/20/37 (1)
82
76
Sierra
Timeshare
Receivables
Funding
Series 2021-1A,
Class
C
1.79%,
11/20/37 (1)
27
25
Symphony
Static
I
Series 2021-1A,
Class
C,
CLO,
FRN
3M
TSFR
+
2.112%,
7.463%,
10/25/29 (1)
250
238
Symphony
XXIII
Series 2020-23A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.862%,
7.17%,
1/15/34 (1)
250
246
T.
ROWE
PRICE
Short
Duration
Income
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
‡
TCI-Flatiron
Series 2018-1A,
Class
BR,
CLO,
FRN
3M
USD
LIBOR
+
1.40%,
7.031%,
1/29/32 (1)
250
246
Verdant
Receivables
Series 2023-1A,
Class
A2
6.24%,
1/13/31 (1)
100
100
Verizon
Master
Trust
Series 2022-3,
Class
C
3.50%,
5/20/27
38
38
5,876
Student
Loan
0.9%
Navient
Private
Education
Loan
Trust
Series 2020-A,
Class
A2A
2.46%,
11/15/68 (1)
64
59
Navient
Private
Education
Refi
Loan
Trust
Series 2018-A,
Class
A2
3.19%,
2/18/42 (1)
—
—
Navient
Private
Education
Refi
Loan
Trust
Series 2019-A,
Class
A2A
3.42%,
1/15/43 (1)
37
36
Navient
Private
Education
Refi
Loan
Trust
Series 2019-D,
Class
A2A
3.01%,
12/15/59 (1)
84
78
Navient
Private
Education
Refi
Loan
Trust
Series 2019-GA,
Class
A
2.40%,
10/15/68 (1)
58
54
SMB
Private
Education
Loan
Trust
Series 2016-C,
Class
A2A
2.34%,
9/15/34 (1)
15
14
SMB
Private
Education
Loan
Trust
Series 2017-B,
Class
B
3.50%,
12/16/41 (1)
150
136
SMB
Private
Education
Loan
Trust
Series 2020-A,
Class
A2A
2.23%,
9/15/37 (1)
58
54
431
Total
Asset-Backed
Securities
(Cost
$11,696)
11,454
BANK
LOANS
1.2%
(2)
Capital
Goods
0.3%
LTI
Holdings,
FRN,
1M
TSFR
+
3.50%,
8.946%,
9/6/25
175
169
169
Consumer
Non-Cyclical
0.9%
PetVet
Care
Centers,
FRN,
1M
TSFR
+
3.50%,
8.931%,
2/14/25
196
195
T.
ROWE
PRICE
Short
Duration
Income
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
‡
Surgery
Center
Holdings,
FRN,
1M
TSFR
+
3.75%,
9.178%,
8/31/26
227
227
422
Total
Bank
Loans
(Cost
$591)
591
CORPORATE
BONDS
39.8%
Banking
13.6%
Banco
de
Bogota,
6.25%,
5/12/26
200
195
Banco
Santander,
2.746%,
5/28/25
200
189
Banco
Santander
Mexico
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
5.375%,
4/17/25
150
148
Bank
of
America,
VR,
0.976%,
4/22/25 (3)
350
338
Bank
of
America,
VR,
5.08%,
1/20/27 (3)
150
148
Bank
of
Ireland
Group,
4.50%,
11/25/23 (1)
200
199
Bank
of
Montreal,
5.30%,
6/5/26
200
199
Bank
of
New
York
Mellon,
VR,
4.947%,
4/26/27 (3)
100
98
Bank
of
the
Philippine
Islands,
2.50%,
9/10/24
200
192
Banque
Federative
du
Credit
Mutuel,
4.935%,
1/26/26 (1)
200
196
Barclays,
VR,
5.304%,
8/9/26 (3)
200
197
Barclays,
VR,
7.325%,
11/2/26 (3)
200
204
BBVA
Bancomer,
4.375%,
4/10/24
150
148
CaixaBank,
VR,
6.208%,
1/18/29 (1)(3)
200
199
Capital
One
Financial,
4.25%,
4/30/25
155
150
Capital
One
Financial,
VR,
6.312%,
6/8/29 (3)
100
100
Citigroup,
VR,
0.981%,
5/1/25 (3)
150
145
Danske
Bank,
5.375%,
1/12/24 (1)
200
199
Fifth
Third
Bancorp,
2.375%,
1/28/25
25
24
Fifth
Third
Bank,
VR,
5.852%,
10/27/25 (3)
250
246
Goldman
Sachs
Group,
5.70%,
11/1/24
200
199
Goldman
Sachs
Group,
VR,
1.757%,
1/24/25 (3)
175
172
HDFC
Bank,
5.686%,
3/2/26
200
201
HSBC
Holdings,
4.25%,
3/14/24
200
198
Huntington
National
Bank,
VR,
5.699%,
11/18/25 (3)
250
245
Lloyds
Banking
Group,
4.50%,
11/4/24
200
196
Morgan
Stanley,
VR,
5.05%,
1/28/27 (3)
85
84
NatWest
Group,
VR,
7.472%,
11/10/26 (3)
200
206
PNC
Financial
Services
Group,
VR,
4.758%,
1/26/27 (3)
120
118
PNC
Financial
Services
Group,
VR,
5.671%,
10/28/25 (3)
135
135
Societe
Generale,
2.625%,
10/16/24 (1)
200
192
Standard
Chartered,
VR,
6.17%,
1/9/27 (1)(3)
200
200
Toronto-Dominion
Bank,
5.532%,
7/17/26
200
200
Truist
Financial,
VR,
6.047%,
6/8/27 (3)
200
200
UBS
Group,
VR,
4.488%,
5/12/26 (1)(3)
200
195
Wells
Fargo,
VR,
3.908%,
4/25/26 (3)
200
193
T.
ROWE
PRICE
Short
Duration
Income
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
‡
Wells
Fargo,
VR,
4.54%,
8/15/26 (3)
150
146
6,594
Basic
Industry
1.6%
Celanese
U.S.
Holdings,
6.05%,
3/15/25
42
42
Celanese
U.S.
Holdings,
6.35%,
11/15/28
90
90
Cia
de
Minas
Buenaventura,
5.50%,
7/23/26 (1)
200
176
Nutrien,
4.90%,
3/27/28
50
49
POSCO,
5.625%,
1/17/26 (1)
200
200
Suzano
Austria,
5.75%,
7/14/26
200
200
Westlake,
0.875%,
8/15/24
25
24
781
Brokerage
Assetmanagers
Exchanges
0.4%
LSEGA
Financing,
1.375%,
4/6/26 (1)
200
180
180
Capital
Goods
0.2%
Amphenol,
4.75%,
3/30/26
15
15
Regal
Rexnord,
6.05%,
2/15/26 (1)
75
74
Republic
Services,
4.875%,
4/1/29
20
20
109
Communications
3.3%
Axian
Telecom,
7.375%,
2/16/27
200
182
Crown
Castle,
5.00%,
1/11/28
75
74
CSC
Holdings,
5.25%,
6/1/24
95
90
DISH
Network,
11.75%,
11/15/27 (1)
150
152
iHeartCommunications,
6.375%,
5/1/26 (4)
170
148
Sable
International
Finance,
5.75%,
9/7/27 (1)
200
186
SBA
Tower
Trust,
6.599%,
1/15/28 (1)
115
116
Take-Two
Interactive
Software,
5.00%,
3/28/26
150
149
Tower
Bersama
Infrastructure,
4.25%,
1/21/25
200
194
Townsquare
Media,
6.875%,
2/1/26 (1)
165
159
Warnermedia
Holdings,
3.755%,
3/15/27
155
145
1,595
Consumer
Cyclical
4.9%
7-Eleven,
0.80%,
2/10/24 (1)
45
44
Advance
Auto
Parts,
5.90%,
3/9/26
40
40
Carnival,
7.625%,
3/1/26 (1)
145
144
CEC
Entertainment,
6.75%,
5/1/26 (1)
75
72
Daimler
Truck
Finance
North
America,
1.625%,
12/13/24 (1)
170
161
Daimler
Truck
Finance
North
America,
5.15%,
1/16/26 (1)
150
149
Ford
Motor
Credit,
5.125%,
6/16/25
200
195
General
Motors
Financial,
5.40%,
4/6/26
155
153
Hyatt
Hotels,
1.30%,
10/1/23
60
60
Hyundai
Capital
America,
0.80%,
1/8/24 (1)
150
147
Hyundai
Capital
America,
5.50%,
3/30/26 (1)
80
79
Hyundai
Capital
America,
5.65%,
6/26/26 (1)
200
199
T.
ROWE
PRICE
Short
Duration
Income
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
‡
Jaguar
Land
Rover
Automotive,
7.75%,
10/15/25 (1)
200
200
Life
Time,
5.75%,
1/15/26 (1)
76
74
Marriott
International,
4.90%,
4/15/29
21
20
Nissan
Motor,
3.043%,
9/15/23 (1)
200
200
Nordstrom,
2.30%,
4/8/24
155
150
QVC,
4.45%,
2/15/25
45
40
QVC,
4.85%,
4/1/24
70
68
Stellantis
Finance
U.S.,
1.711%,
1/29/27 (1)
200
175
2,370
Consumer
Non-Cyclical
1.8%
Brunswick,
0.85%,
8/18/24
115
109
CHS,
8.00%,
3/15/26 (1)
120
117
CSL
Finance,
3.85%,
4/27/27 (1)
25
24
HCA,
5.25%,
4/15/25
200
198
Hikma
Finance
USA,
3.25%,
7/9/25
200
190
Kimberly-Clark
de
Mexico,
3.80%,
4/8/24
200
198
Mattel,
5.875%,
12/15/27 (1)
45
44
880
Electric
3.4%
AES,
3.30%,
7/15/25 (1)
100
95
Alexander
Funding
Trust,
1.841%,
11/15/23 (1)
200
198
American
Electric
Power,
5.699%,
8/15/25
90
90
Constellation
Energy
Generation,
3.25%,
6/1/25
200
191
DTE
Energy,
STEP,
4.22%,
11/1/24
65
64
Engie
Energia
Chile,
4.50%,
1/29/25
200
194
NextEra
Energy
Capital
Holdings,
5.749%,
9/1/25
115
115
NRG
Energy,
3.75%,
6/15/24 (1)
150
146
Pacific
Gas
&
Electric,
3.50%,
6/15/25
100
95
Southern,
STEP,
4.475%,
8/1/24
125
123
Vistra
Operations,
3.55%,
7/15/24 (1)
200
195
Vistra
Operations,
5.125%,
5/13/25 (1)
150
146
1,652
Energy
3.9%
Columbia
Pipelines
Holding,
6.055%,
8/15/26 (1)
5
5
Continental
Resources,
3.80%,
6/1/24
50
49
Energian
Israel
Finance,
4.875%,
3/30/26 (1)
210
197
Energy
Transfer,
2.90%,
5/15/25
100
95
Energy
Transfer,
4.90%,
2/1/24
60
60
Ferrellgas,
5.375%,
4/1/26 (1)
175
164
Gray
Oak
Pipeline,
2.00%,
9/15/23 (1)
100
100
Leviathan
Bond,
6.125%,
6/30/25 (1)
200
195
NGL
Energy
Operating,
7.50%,
2/1/26 (1)
125
124
ONEOK,
5.55%,
11/1/26
60
60
Ovintiv,
5.65%,
5/15/25
75
75
Pioneer
Natural
Resources,
5.10%,
3/29/26
45
45
T.
ROWE
PRICE
Short
Duration
Income
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
‡
Southwestern
Energy,
8.375%,
9/15/28
175
182
Targa
Resources
Partners,
6.50%,
7/15/27
45
45
Targa
Resources
Partners,
6.875%,
1/15/29
255
258
Williams,
5.30%,
8/15/28
200
199
Williams,
5.40%,
3/2/26
50
50
1,903
Finance
Companies
1.5%
AerCap
Ireland
Capital,
1.65%,
10/29/24
215
204
AerCap
Ireland
Capital,
3.15%,
2/15/24
200
197
Avolon
Holdings
Funding,
3.95%,
7/1/24 (1)
100
98
Avolon
Holdings
Funding,
6.375%,
5/4/28 (1)
115
114
Navient,
6.125%,
3/25/24
135
134
747
Financial
Other
0.4%
EMG
SUKUK,
4.564%,
6/18/24
200
197
197
Industrial
Other
0.4%
Bidvest
Group
U.K.,
3.625%,
9/23/26
200
178
178
Insurance
2.3%
Athene
Global
Funding,
1.716%,
1/7/25 (1)
225
212
Brighthouse
Financial
Global
Funding,
1.00%,
4/12/24 (1)
25
24
CNO
Global
Funding,
1.65%,
1/6/25 (1)
150
140
Corebridge
Financial,
3.65%,
4/5/27
200
188
Humana,
1.35%,
2/3/27
70
61
Humana,
5.75%,
3/1/28
25
25
Jackson
Financial,
1.125%,
11/22/23
120
119
Jackson
National
Life
Global
Funding,
5.50%,
1/9/26 (1)
175
172
UnitedHealth
Group,
4.25%,
1/15/29
200
194
1,135
Natural
Gas
0.0%
NiSource,
5.25%,
3/30/28
25
25
25
Owned
No
Guarantee
0.4%
Bank
Negara
Indonesia
Persero,
3.75%,
3/30/26
200
185
185
Real
Estate
Investment
Trusts
0.6%
Park
Intermediate
Holdings,
7.50%,
6/1/25 (1)
95
95
Service
Properties
Trust,
7.50%,
9/15/25
175
173
268
Technology
0.9%
Equifax,
5.10%,
12/15/27
95
94
Micron
Technology,
5.375%,
4/15/28
150
147
SK
Hynix,
6.25%,
1/17/26 (1)
200
201
442
T.
ROWE
PRICE
Short
Duration
Income
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
‡
Transportation
0.2%
Penske
Truck
Leasing,
5.75%,
5/24/26 (1)
105
104
104
Total
Corporate
Bonds
(Cost
$19,843)
19,345
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
2.0%
Government
Sponsored
0.4%
MEGlobal
Canada
ULC,
5.00%,
5/18/25
200
197
197
Owned
No
Guarantee
1.6%
Bank
Mandiri
Persero,
5.50%,
4/4/26
200
200
DAE
Funding,
1.55%,
8/1/24
200
191
Indian
Oil,
4.75%,
1/16/24
200
199
Petroleos
Mexicanos,
4.875%,
1/18/24
200
198
788
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$1,003)
985
MUNICIPAL
SECURITIES
0.3%
Michigan
0.3%
Detroit,
Social
Bonds,
Series B,
GO,
2.189%,
4/1/24
125
121
Total
Municipal
Securities
(Cost
$125)
121
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
11.1%
Collateralized
Mortgage
Obligations
3.8%
Barclays
Mortgage
Loan
Trust
Series 2021-NQM1,
Class
A3,
CMO,
ARM
2.189%,
9/25/51 (1)
68
57
Bellemeade
Re
Series 2022-1,
Class
M1B,
CMO,
ARM
SOFR30A
+
2.15%,
7.438%,
1/26/32 (1)
300
299
COLT
Mortgage
Loan
Trust
Series 2020-3,
Class
A1,
CMO,
ARM
1.506%,
4/27/65 (1)
16
15
Connecticut
Avenue
Securities
Trust
Series 2021-R01,
Class
1M2,
CMO,
ARM
SOFR30A
+
1.55%,
6.838%,
10/25/41 (1)
200
197
Connecticut
Avenue
Securities
Trust
Series 2023-R01,
Class
1M1,
CMO,
ARM
SOFR30A
+
2.40%,
7.696%,
12/25/42 (1)
64
64
T.
ROWE
PRICE
Short
Duration
Income
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
‡
Deephaven
Residential
Mortgage
Trust
Series 2021-1,
Class
A3,
CMO,
ARM
1.128%,
5/25/65 (1)
26
24
Eagle
Series 2021-2,
Class
M1A,
CMO,
ARM
SOFR30A
+
1.55%,
6.838%,
4/25/34 (1)
51
51
Flagstar
Mortgage
Trust
Series 2019-1INV,
Class
A11,
CMO,
ARM
1M
TSFR
+
1.064%,
5.50%,
10/25/49 (1)
17
16
Flagstar
Mortgage
Trust
Series 2020-1INV,
Class
A11,
CMO,
ARM
1M
TSFR
+
0.964%,
6.00%,
3/25/50 (1)
28
26
Freddie
Mac
Whole
Loan
Securities
Trust
Series 2017-SC02,
Class
M1,
CMO,
ARM
3.867%,
5/25/47 (1)
220
205
JPMorgan
Mortgage
Trust
Series 2019-INV2,
Class
A3,
CMO,
ARM
3.50%,
2/25/50 (1)
85
76
New
Residential
Mortgage
Loan
Trust
Series 2021-NQ1R,
Class
A3,
CMO,
ARM
1.198%,
7/25/55 (1)
57
48
OBX
Trust
Series 2019-INV1,
Class
A3,
CMO,
ARM
4.50%,
11/25/48 (1)
29
28
OBX
Trust
Series 2019-INV2,
Class
A25,
CMO,
ARM
4.00%,
5/27/49 (1)
43
40
Radnor
RE
Series 2021-2,
Class
M1A,
CMO,
ARM
SOFR30A
+
1.85%,
7.138%,
11/25/31 (1)
75
76
Starwood
Mortgage
Residential
Trust
Series 2020-INV1,
Class
A3,
CMO,
ARM
1.593%,
11/25/55 (1)
25
22
Structured
Agency
Credit
Risk
Debt
Notes
Series 2020-DNA2,
Class
M2,
CMO,
ARM
SOFR30A
+
1.964%,
7.252%,
2/25/50 (1)
73
74
Structured
Agency
Credit
Risk
Debt
Notes
Series 2020-HQA1,
Class
M2,
CMO,
ARM
SOFR30A
+
2.014%,
7.302%,
1/25/50 (1)
18
18
Structured
Agency
Credit
Risk
Debt
Notes
Series 2021-DNA5,
Class
M2,
CMO,
ARM
SOFR30A
+
1.65%,
6.938%,
1/25/34 (1)
69
69
UWM
Mortgage
Trust
Series 2021-INV2,
Class
A15,
CMO,
ARM
2.50%,
9/25/51 (1)
190
144
Verus
Securitization
Trust
Series 2019-4,
Class
A1,
CMO,
STEP
2.642%,
11/25/59 (1)
8
8
T.
ROWE
PRICE
Short
Duration
Income
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
‡
Verus
Securitization
Trust
Series 2019-INV3,
Class
A3,
CMO,
ARM
3.10%,
11/25/59 (1)
94
90
Verus
Securitization
Trust
Series 2020-1,
Class
A3,
CMO,
STEP
2.724%,
1/25/60 (1)
76
71
Verus
Securitization
Trust
Series 2021-2,
Class
A3,
CMO,
ARM
1.545%,
2/25/66 (1)
149
124
1,842
Commercial
Mortgage-Backed
Securities
7.1%
BAMLL
Commercial
Mortgage
Securities
Trust
Series 2018-DSNY,
Class
B,
ARM
1M
TSFR
+
1.197%,
6.508%,
9/15/34 (1)
100
100
BAMLL
Commercial
Mortgage
Securities
Trust
Series 2021-JACX,
Class
E,
ARM
1M
TSFR
+
3.864%,
9.175%,
9/15/38 (1)
100
80
BANK
Series 2019-BN23,
Class
A1
1.975%,
12/15/52
25
24
BBCMS
Mortgage
Trust
Series 2020-BID,
Class
A,
ARM
1M
TSFR
+
2.254%,
7.565%,
10/15/37 (1)
250
238
BX
Commercial
Mortgage
Trust
Series 2019-IMC,
Class
A,
ARM
1M
TSFR
+
1.114%,
6.424%,
4/15/34 (1)
160
159
BX
Commercial
Mortgage
Trust
Series 2019-IMC,
Class
D,
ARM
1M
TSFR
+
2.014%,
7.324%,
4/15/34 (1)
202
200
BX
Trust
Series 2021-ARIA,
Class
C,
ARM
1M
TSFR
+
1.76%,
7.07%,
10/15/36 (1)
160
154
CD
Mortgage
Trust
Series 2016-CD1,
Class
B,
ARM
3.077%,
8/10/49
100
71
Citigroup
Commercial
Mortgage
Trust
Series 2013-375P,
Class
B,
ARM
3.635%,
5/10/35 (1)
150
137
Citigroup
Commercial
Mortgage
Trust
Series 2016-C1,
Class
AS
3.514%,
5/10/49
200
182
Cold
Storage
Trust
Series 2020-ICE5,
Class
C,
ARM
1M
TSFR
+
1.764%,
7.075%,
11/15/37 (1)
147
146
Commercial
Mortgage
Trust
Series 2014-CR14,
Class
AM,
ARM
4.526%,
2/10/47
75
72
T.
ROWE
PRICE
Short
Duration
Income
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
‡
Commercial
Mortgage
Trust
Series 2014-CR15,
Class
AM,
ARM
4.426%,
2/10/47
125
123
Commercial
Mortgage
Trust
Series 2014-UBS2,
Class
B
4.701%,
3/10/47
105
102
Commercial
Mortgage
Trust
Series 2017-PANW,
Class
D,
ARM
4.343%,
10/10/29 (1)
109
95
Eleven
Madison
Mortgage
Trust
Series 2015-11MD,
Class
A,
ARM
3.673%,
9/10/35 (1)
170
152
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC
Series K060,
Class
A1
2.958%,
7/25/26
104
100
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC
Series K084,
Class
A2,
ARM
3.78%,
10/25/28
250
239
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC
Series K085,
Class
A2,
ARM
4.06%,
10/25/28
106
103
Fontainebleau
Miami
Beach
Trust
Series 2019-FBLU,
Class
B
3.447%,
12/10/36 (1)
275
263
Great
Wolf
Trust
Series 2019-WOLF,
Class
E,
ARM
1M
TSFR
+
2.846%,
8.156%,
12/15/36 (1)
125
123
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series 2018-WPT,
Class
BFL,
ARM
1M
TSFR
+
1.739%,
7.055%,
7/5/33 (1)
59
52
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series 2020-609M,
Class
B,
ARM
1M
TSFR
+
1.884%,
7.195%,
10/15/33 (1)
100
89
KKR
Industrial
Portfolio
Trust
Series 2021-KDIP,
Class
E,
ARM
1M
TSFR
+
1.664%,
6.975%,
12/15/37 (1)
101
99
LSTAR
Commercial
Mortgage
Trust
Series 2015-3,
Class
B,
ARM
3.279%,
4/20/48 (1)
147
139
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series 2015-C24,
Class
AS,
ARM
4.036%,
5/15/48
95
89
One
Market
Plaza
Trust
Series 2017-1MKT,
Class
A
3.614%,
2/10/32 (1)
130
121
3,452
T.
ROWE
PRICE
Short
Duration
Income
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
‡
Residential
Mortgage
0.2%
Finance
of
America
HECM
Buyout
Series 2022-HB2,
Class
A1A,
ARM
4.00%,
8/1/32 (1)
92
89
89
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$5,786)
5,383
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
4.3%
U.S.
Government
Agency
Obligations
2.5%
Federal
Home
Loan
Mortgage,
UMBS,
6.00%,
2/1/53
121
123
Federal
National
Mortgage
Assn.,
UMBS
4.50%,
10/1/37
244
238
6.00%,
7/1/53
-
8/1/53
367
369
UMBS,
TBA (5)
5.50%,
9/1/53
230
227
6.00%,
9/1/53
260
261
1,218
U.S.
Government
Obligations
1.8%
Government
National
Mortgage
Assn.
3.50%,
5/20/47
-
11/20/47
454
419
4.50%,
6/20/51
213
206
6.00%,
2/20/40
-
12/20/40
213
222
847
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$2,063)
2,065
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
13.8%
Government
Sponsored
1.3%
Federal
Home
Loan
Banks,
5.00%,
2/28/25
630
630
630
U.S.
Treasury
Obligations
12.5%
U.S.
Treasury
Notes,
4.125%,
6/15/26 (6)
2,180
2,155
U.S.
Treasury
Notes,
4.375%,
10/31/24
310
307
U.S.
Treasury
Notes,
4.375%,
8/15/26
500
498
U.S.
Treasury
Notes,
4.50%,
11/15/25
1,180
1,173
U.S.
Treasury
Notes,
4.625%,
2/28/25
795
789
U.S.
Treasury
Notes,
4.625%,
6/30/25
665
661
T.
ROWE
PRICE
Short
Duration
Income
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
‡
U.S.
Treasury
Notes,
4.625%,
3/15/26
500
499
6,082
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$6,756)
6,712
SHORT-TERM
INVESTMENTS
6.9%
Commercial
Paper
4.2%
4(2)
4.2%(7)
Bacardi
Martini,
5.934%,
9/27/23
300
299
Canadian
Natural
Resources,
6.098%,
9/25/23
300
299
Harley-Davidson
Financial
Services,
6.10%,
9/21/23
250
249
Ovintiv,
6.171%,
9/18/23
300
299
Syngenta
Wilmington,
6.323%,
9/5/23
300
300
Targa
Resources,
6.182%,
9/20/23
300
299
Walgreens
Boots
Alliance,
6.031%,
10/2/23
300
298
2,043
Money
Market
Funds
2.7%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (8)(9)
1,327
1,327
1,327
Total
Short-Term
Investments
(Cost
$3,370)
3,370
SECURITIES
LENDING
COLLATERAL
0.3%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.3%
Money
Market
Funds
0.3%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (8)(9)
137
137
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
137
Total
Securities
Lending
Collateral
(Cost
$137)
137
Total
Investments
in
Securities
103.3%
(Cost
$51,370)
$
50,163
Other
Assets
Less
Liabilities
(3.3)%
(1,610)
Net
Assets
100.0%
$
48,553
‡
Par/Shares
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
T.
ROWE
PRICE
Short
Duration
Income
Fund
17
.
.
.
.
.
.
.
.
.
.
(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
$19,988
and
represents
41.2%
of
net
assets.
(2)
Bank
loan
positions
may
involve
multiple
underlying
tranches.
In
those
instances,
the
position
presented
reflects
the
aggregate
of
those
respective
underlying
tranches
and
the
rate
presented
reflects
the
weighted
average
rate
of
the
settled
positions.
(3)
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.
(4)
All
or
a
portion
of
this
security
is
on
loan
at
August
31,
2023.
(5)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$488
and
represents
1.0%
of
net
assets.
(6)
At
August
31,
2023,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/
or
margin
deposit
to
cover
future
funding
obligations.
(7)
Commercial
paper
exempt
from
registration
under
Section
4(2)
of
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
dealers
in
that
program
or
other
"accredited
investors".
Total
value
of
such
securities
at
period-end
amounts
to
$2,043
and
represents
4.2%
of
net
assets.
(8)
Seven-day
yield
(9)
Affiliated
Companies
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
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
FRN
Floating
Rate
Note
GO
General
Obligation
PTC
Pass-Through
Certificate
SOFR30A
30-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
Duration
Income
Fund
18
(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%
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
1,330
24
37
(13)
Total
Bilateral
Credit
Default
Swaps,
Protection
Bought
37
(13)
Total
Bilateral
Swaps
37
(13)
T.
ROWE
PRICE
Short
Duration
Income
Fund
19
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
6
U.S.
Treasury
Notes
five
year
contracts
12/23
(642)
$
(4)
Short,
9
U.S.
Treasury
Notes
ten
year
contracts
12/23
(999)
(10)
Long,
53
U.S.
Treasury
Notes
two
year
contracts
12/23
10,802
29
Short,
1
Ultra
U.S.
Treasury
Bonds
contracts
12/23
(130)
(2)
Short,
2
Ultra
U.S.
Treasury
Notes
ten
year
contracts
12/23
(232)
(3)
Long,
10
Three
month
SOFR
contracts
6/24
2,370
—
Short,
10
Three
month
SOFR
contracts
3/25
(2,396)
3
Net
payments
(receipts)
of
variation
margin
to
date
(14)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(1)
T.
ROWE
PRICE
Short
Duration
Income
Fund
20
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%
$
—
$
—
$
7++
Totals
$
—#
$
—
$
7+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/23
Purchase
Cost
Sales
Cost
Value
08/31/23
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
$
145
¤
¤
$
1,464
Total
$
1,464^
#
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
$7
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
$1,464.
T.
ROWE
PRICE
Short
Duration
Income
Fund
Unaudited
Notes
to
Portfolio
of
Investments
21
T.
Rowe
Price
Short
Duration
Income
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)
T.
ROWE
PRICE
Short
Duration
Income
Fund
22
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
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
T.
ROWE
PRICE
Short
Duration
Income
Fund
23
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
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
$
—
$
46,656
$
—
$
46,656
Short-Term
Investments
1,327
2,043
—
3,370
Securities
Lending
Collateral
137
—
—
137
Total
Securities
1,464
48,699
—
50,163
Swaps
—
24
—
24
Futures
Contracts*
32
—
—
32
Total
$
1,496
$
48,723
$
—
$
50,219
Liabilities
Futures
Contracts*
$
19
$
—
$
—
$
19
1
Includes
Asset-Backed
Securities,
Bank
Loans,
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
Duration
Income
Fund
24
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.
F1305-054Q1
08/23