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T. Rowe Price Short Term Bond Fund (PRWBX) NPORT-PT. Rowe Price Ultra Short-Term Bond Fund (Feb 2024 report)

Filed: 25 Apr 24, 2:35pm

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

February

29,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

ASSET-BACKED

SECURITIES

21.5%

Auto

Backed

12.5%

Ally

Auto

Receivables

Trust

Series

2023-A,

Class

A2

6.15%,

1/17/34 (1)

4,447‌

4,459‌

Ally

Auto

Receivables

Trust

Series

2023-A,

Class

B

6.01%,

1/17/34 (1)

3,714‌

3,708‌

ARI

Fleet

Lease

Trust

Series

2023-B,

Class

A2

6.05%,

7/15/32 (1)

4,165‌

4,195‌

CarMax

Auto

Owner

Trust

Series

2020-4,

Class

B

0.85%,

6/15/26

500‌

481‌

CarMax

Auto

Owner

Trust

Series

2023-3,

Class

A2B,

FRN

SOFR30A

+

0.60%,

5.925%,

11/16/26

2,490‌

2,494‌

CarMax

Auto

Owner

Trust

Series

2023-3,

Class

A3

5.28%,

5/15/28

1,660‌

1,664‌

CarMax

Auto

Owner

Trust

Series

2024-1,

Class

A3

4.92%,

10/16/28

5,410‌

5,387‌

Carvana

Auto

Receivables

Trust

Series

2021-N4,

Class

B

1.24%,

9/11/28

2,125‌

2,000‌

Carvana

Auto

Receivables

Trust

Series

2023-N1,

Class

A

6.36%,

4/12/27 (1)

5,664‌

5,676‌

Carvana

Auto

Receivables

Trust

Series

2023-N3,

Class

A

6.41%,

9/10/27 (1)

3,635‌

3,651‌

Carvana

Auto

Receivables

Trust

Series

2023-P3,

Class

A2

6.09%,

11/10/26 (1)

6,961‌

6,971‌

Carvana

Auto

Receivables

Trust

Series

2024-N1,

Class

A3

5.60%,

3/10/28 (1)

2,840‌

2,840‌

Drive

Auto

Receivables

Trust

Series

2020-2,

Class

D

3.05%,

5/15/28

412‌

409‌

Drive

Auto

Receivables

Trust

Series

2024-1,

Class

B

5.31%,

1/16/29

5,440‌

5,432‌

Enterprise

Fleet

Financing

Series

2023-1,

Class

A2

5.51%,

1/22/29 (1)

10,917‌

10,919‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

2

Par/Shares

$

Value

(Amounts

in

000s)

Enterprise

Fleet

Financing

Series

2023-2,

Class

A2

5.56%,

4/22/30 (1)

9,575‌

9,581‌

Enterprise

Fleet

Financing

Series

2023-3,

Class

A2

6.40%,

3/20/30 (1)

9,280‌

9,423‌

Enterprise

Fleet

Financing

Series

2024-1,

Class

A2

5.23%,

3/20/30 (1)

7,025‌

7,010‌

Exeter

Automobile

Receivables

Trust

Series

2022-3A,

Class

B

4.86%,

12/15/26

5,188‌

5,172‌

Exeter

Automobile

Receivables

Trust

Series

2022-5A,

Class

B

5.97%,

3/15/27

3,034‌

3,032‌

Exeter

Automobile

Receivables

Trust

Series

2023-1A,

Class

B

5.72%,

4/15/27

8,978‌

8,966‌

Exeter

Automobile

Receivables

Trust

Series

2023-3A,

Class

B

6.11%,

9/15/27

12,335‌

12,370‌

Exeter

Automobile

Receivables

Trust

Series

2023-4A,

Class

B

6.31%,

10/15/27

3,315‌

3,334‌

Ford

Credit

Auto

Lease

Trust

Series

2023-A,

Class

B

5.29%,

6/15/26

4,690‌

4,660‌

Ford

Credit

Auto

Lease

Trust

Series

2023-B,

Class

B

6.20%,

2/15/27

3,685‌

3,736‌

Ford

Credit

Auto

Owner

Trust

Series

2020-1,

Class

B

2.29%,

8/15/31 (1)

5,075‌

4,911‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2023-1,

Class

B

5.31%,

5/15/28 (1)

4,495‌

4,452‌

GM

Financial

Automobile

Leasing

Trust

Series

2022-2,

Class

B

4.02%,

5/20/26

6,700‌

6,617‌

GM

Financial

Automobile

Leasing

Trust

Series

2023-2,

Class

B

5.54%,

5/20/27

3,920‌

3,908‌

Hyundai

Auto

Lease

Securitization

Trust

Series

2024-A,

Class

A3

5.02%,

3/15/27 (1)

5,240‌

5,216‌

Hyundai

Auto

Lease

Securitization

Trust

Series

2024-A,

Class

B

5.35%,

5/15/28 (1)

3,335‌

3,330‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

3

Par/Shares

$

Value

(Amounts

in

000s)

JPMorgan

Chase

Bank

-

CACLN

Series

2021-1,

Class

B

0.875%,

9/25/28 (1)

194‌

191‌

JPMorgan

Chase

Bank

-

CACLN

Series

2021-2,

Class

B

0.889%,

12/26/28 (1)

2,856‌

2,801‌

JPMorgan

Chase

Bank

-

CACLN

Series

2021-3,

Class

B

0.76%,

2/26/29 (1)

3,547‌

3,435‌

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II

Series

2022-1,

Class

B,

FRN

SOFR30A

+

1.80%,

7.124%,

5/25/27 (1)

800‌

801‌

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II

Series

2023-1,

Class

A

6.18%,

8/25/28 (1)

4,275‌

4,299‌

Octane

Receivables

Trust

Series

2023-1A,

Class

A

5.87%,

5/21/29 (1)

2,176‌

2,177‌

Octane

Receivables

Trust

Series

2023-1A,

Class

B

5.96%,

7/20/29 (1)

3,904‌

3,896‌

Octane

Receivables

Trust

Series

2023-3A,

Class

A2

6.44%,

3/20/29 (1)

19,075‌

19,191‌

Octane

Receivables

Trust

Series

2023-3A,

Class

B

6.48%,

7/20/29 (1)

5,610‌

5,658‌

Santander

Bank

Auto

Credit-Linked

Notes

Series

2022-B,

Class

B

5.721%,

8/16/32 (1)

1,414‌

1,410‌

Santander

Bank

Auto

Credit-Linked

Notes

Series

2023-B,

Class

B

5.64%,

12/15/33 (1)

250‌

250‌

Santander

Consumer

Auto

Receivables

Trust

Series

2021-BA,

Class

B

1.45%,

10/16/28 (1)

57‌

57‌

Santander

Drive

Auto

Receivables

Trust

Series

2020-4,

Class

E

2.85%,

4/17/28 (1)

7,000‌

6,802‌

Santander

Drive

Auto

Receivables

Trust

Series

2022-6,

Class

B

4.72%,

6/15/27

10,350‌

10,259‌

Santander

Drive

Auto

Receivables

Trust

Series

2023-1,

Class

B

4.98%,

2/15/28

3,385‌

3,362‌

Santander

Drive

Auto

Receivables

Trust

Series

2023-3,

Class

A3

5.61%,

10/15/27

3,115‌

3,123‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

4

Par/Shares

$

Value

(Amounts

in

000s)

Santander

Drive

Auto

Receivables

Trust

Series

2023-4,

Class

A2

6.18%,

2/16/27

7,075‌

7,093‌

Santander

Drive

Auto

Receivables

Trust

Series

2024-1,

Class

B

5.23%,

12/15/28

14,965‌

14,932‌

Santander

Retail

Auto

Lease

Trust

Series

2021-B,

Class

B

0.84%,

6/20/25 (1)

8,109‌

8,086‌

Santander

Retail

Auto

Lease

Trust

Series

2021-C,

Class

B

0.83%,

3/20/26 (1)

10,135‌

10,097‌

SBNA

Auto

Lease

Trust

Series

2024-A,

Class

A4

5.24%,

1/22/29 (1)

3,105‌

3,098‌

SFS

Auto

Receivables

Securitization

Trust

Series

2023-1A,

Class

A2B,

FRN

SOFR30A

+

0.80%,

6.124%,

3/22/27 (1)

2,496‌

2,500‌

U.S.

Bank

Series

2023-1,

Class

B

6.789%,

8/25/32 (1)

4,592‌

4,621‌

World

Omni

Select

Auto

Trust

Series

2020-A,

Class

B

0.84%,

6/15/26

787‌

784‌

274,927‌

Collateralized

Debt

Obligation

2.2%

Apidos

XVIII

Series

2018-18A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.15%,

10/22/30 (1)(2)

9,110‌

9,110‌

Marble

Point

XII

Series

2018-1A,

Class

A,

CLO,FRN

3M

TSFR

+

1.27%,

6.586%,

7/16/31 (1)

3,990‌

3,993‌

Marble

Point

XIV

Series

2018-2A,

Class

A12R,

CLO,

FRN

3M

TSFR

+

1.20%,

1/20/32 (1)(2)

13,690‌

13,690‌

OZLM

Funding

II

Series

2012-2A,

Class

A1A2,

CLO,

FRN

3M

TSFR

+

1.20%,

6.51%,

7/30/31 (1)

4,365‌

4,360‌

OZLM

XXI

Series

2017-21A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.15%,

6.473%,

1/20/31 (1)

5,700‌

5,700‌

Symphony

Static

I

Series

2021-1A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.092%,

6.416%,

10/25/29 (1)

11,006‌

11,009‌

47,862‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

5

Par/Shares

$

Value

(Amounts

in

000s)

Equip

Lease

Heavy

Duty

1.0%

Amur

Equipment

Finance

Receivables

XIII

Series

2024-1A,

Class

A2

5.38%,

1/21/31 (1)

4,875‌

4,860‌

Auxilior

Term

Funding

Series

2023-1A,

Class

A2

6.18%,

12/15/28 (1)

4,295‌

4,313‌

MMAF

Equipment

Finance

Series

2020-BA,

Class

A5

0.85%,

4/14/42 (1)

2,400‌

2,275‌

MMAF

Equipment

Finance

Series

2023-A,

Class

A2

5.79%,

11/13/26 (1)

6,981‌

6,995‌

Octane

Receivables

Trust

Series

2024-1A,

Class

A2

5.68%,

5/20/30 (1)

2,705‌

2,705‌

Post

Road

Equipment

Finance

Series

2024-1A,

Class

A2

5.59%,

11/15/29 (1)

1,065‌

1,063‌

22,211‌

Home

Equity

Loans

Backed

0.3%

Citigroup

Mortgage

Loan

Trust

Series

2020-EXP2,

Class

A3,

CMO,

ARM

2.50%,

8/25/50 (1)

5,718‌

4,790‌

Citigroup

Mortgage

Loan

Trust

Series

2020-EXP2,

Class

A4,

CMO,

ARM

2.50%,

8/25/50 (1)

1,382‌

1,154‌

5,944‌

Other

Asset-Backed

Securities

4.7%

Dell

Equipment

Finance

Trust

Series

2023-2,

Class

A3

5.65%,

1/22/29 (1)

8,985‌

9,024‌

DLLAD

Series

2023-1A,

Class

A2

5.19%,

4/20/26 (1)

3,199‌

3,191‌

Elara

HGV

Timeshare

Issuer

Series

2017-A,

Class

A

2.69%,

3/25/30 (1)

1,779‌

1,724‌

Hardee's

Funding

Series

2018-1A,

Class

A2II

4.959%,

6/20/48 (1)

2,577‌

2,494‌

Hilton

Grand

Vacations

Trust

Series

2018-AA,

Class

A

3.54%,

2/25/32 (1)

371‌

362‌

Hilton

Grand

Vacations

Trust

Series

2019-AA,

Class

A

2.34%,

7/25/33 (1)

407‌

387‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

6

Par/Shares

$

Value

(Amounts

in

000s)

HPEFS

Equipment

Trust

Series

2021-2A,

Class

D

1.29%,

3/20/29 (1)

5,700‌

5,578‌

HPEFS

Equipment

Trust

Series

2022-1A,

Class

B

1.79%,

5/21/29 (1)

6,000‌

5,903‌

HPEFS

Equipment

Trust

Series

2022-2A,

Class

C

4.43%,

9/20/29 (1)

5,354‌

5,276‌

HPEFS

Equipment

Trust

Series

2023-2A,

Class

B

6.25%,

1/21/31 (1)

2,415‌

2,436‌

Kubota

Credit

Owner

Trust

Series

2023-2A,

Class

A3

5.28%,

1/18/28 (1)

2,555‌

2,563‌

M&T

Equipment

Notes

Series

2023-1A,

Class

A2

6.09%,

7/15/30 (1)

3,070‌

3,072‌

M&T

Equipment

Notes

Series

2023-1A,

Class

A3

5.74%,

7/15/30 (1)

4,135‌

4,137‌

MVW

Series

2020-1A,

Class

A

1.74%,

10/20/37 (1)

42‌

40‌

MVW

Series

2021-1WA,

Class

A

1.14%,

1/22/41 (1)

2,267‌

2,103‌

Navient

Private

Education

Refi

Loan

Trust

Series

2021-CA,

Class

A

1.06%,

10/15/69 (1)

10,478‌

9,103‌

Nelnet

Student

Loan

Trust

Series

2021-DA,

Class

AFL,

FRN

1M

TSFR

+

0.804%,

6.124%,

4/20/62 (1)

3,598‌

3,554‌

Octane

Receivables

Trust

Series

2021-2A,

Class

A

1.21%,

9/20/28 (1)

3,030‌

2,957‌

Octane

Receivables

Trust

Series

2022-1A,

Class

A2

4.18%,

3/20/28 (1)

2,246‌

2,224‌

Octane

Receivables

Trust

Series

2023-2A,

Class

A2

5.88%,

6/20/31 (1)

7,005‌

7,005‌

Santander

Bank

Series

2021-1A,

Class

B

1.833%,

12/15/31 (1)

915‌

895‌

Santander

Bank

Auto

Credit-Linked

Notes

Series

2022-A,

Class

B

5.281%,

5/15/32 (1)

4,440‌

4,410‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

7

Par/Shares

$

Value

(Amounts

in

000s)

Santander

Bank

Auto

Credit-Linked

Notes

Series

2023-A,

Class

B

6.493%,

6/15/33 (1)

2,327‌

2,334‌

Santander

Retail

Auto

Lease

Trust

Series

2022-A,

Class

B

1.61%,

1/20/26 (1)

7,555‌

7,364‌

SFS

Auto

Receivables

Securitization

Trust

Series

2024-1A,

Class

A3

4.95%,

5/21/29 (1)

4,810‌

4,786‌

Sierra

Timeshare

Receivables

Funding

Series

2019-3A,

Class

A

2.34%,

8/20/36 (1)

1,776‌

1,696‌

Sierra

Timeshare

Receivables

Funding

Series

2020-2A,

Class

A

1.33%,

7/20/37 (1)

110‌

105‌

Verdant

Receivables

Series

2023-1A,

Class

A2

6.24%,

1/13/31 (1)

5,277‌

5,282‌

Verizon

Master

Trust

Series

2024-1,

Class

A1A

5.00%,

12/20/28

2,005‌

1,999‌

102,004‌

Student

Loans

0.8%

Navient

Private

Education

Loan

Trust

Series

2016-AA,

Class

A2A

3.91%,

12/15/45 (1)

5,464‌

5,359‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-DA,

Class

A

1.69%,

5/15/69 (1)

492‌

447‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-FA,

Class

A

1.22%,

7/15/69 (1)

2,022‌

1,826‌

Navient

Private

Education

Refi

Loan

Trust

Series

2021-GA,

Class

A

1.58%,

4/15/70 (1)

9,943‌

8,583‌

SMB

Private

Education

Loan

Trust

Series

2014-A,

Class

A3,

FRN

1M

TSFR

+

1.614%,

6.932%,

4/15/32 (1)

163‌

163‌

SMB

Private

Education

Loan

Trust

Series

2019-A,

Class

A2A

3.44%,

7/15/36 (1)

1,360‌

1,311‌

17,689‌

Total

Asset-Backed

Securities

(Cost

$475,420)

470,637‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

8

Par/Shares

$

Value

(Amounts

in

000s)

CORPORATE

BONDS

56.6%

Advertising

0.9%

WPP

Finance

2010,

3.75%,

9/19/24

19,500‌

19,275‌

19,275‌

Automotive

4.5%

Daimler

Truck

Finance

North

America,

FRN,

SOFR

+

0.75%,

6.104%,

12/13/24 (1)

12,843‌

12,878‌

Daimler

Truck

Finance

North

America,

FRN,

SOFR

+

1.00%,

6.346%,

4/5/24 (1)

10,000‌

10,003‌

Ford

Motor

Credit,

3.664%,

9/8/24

2,700‌

2,666‌

Ford

Motor

Credit,

4.134%,

8/4/25

4,750‌

4,626‌

Ford

Motor

Credit,

4.389%,

1/8/26

8,152‌

7,921‌

Ford

Motor

Credit,

4.687%,

6/9/25 (3)

2,000‌

1,970‌

Ford

Motor

Credit,

5.125%,

6/16/25

2,000‌

1,980‌

Hyundai

Capital

America,

1.80%,

10/15/25 (1)(3)

7,540‌

7,108‌

Hyundai

Capital

America,

5.25%,

1/8/27 (1)

2,220‌

2,211‌

Hyundai

Capital

America,

5.50%,

3/30/26 (1)

1,610‌

1,612‌

Hyundai

Capital

America,

5.65%,

6/26/26 (1)

4,800‌

4,817‌

Kia,

2.375%,

2/14/25

1,900‌

1,844‌

LeasePlan,

2.875%,

10/24/24 (1)

11,800‌

11,578‌

Nissan

Motor,

3.522%,

9/17/25 (1)

5,955‌

5,727‌

Nissan

Motor

Acceptance,

1.125%,

9/16/24 (1)

1,109‌

1,078‌

Volkswagen

Group

of

America

Finance,

4.625%,

11/13/25 (1)

4,520‌

4,461‌

Volkswagen

Group

of

America

Finance,

5.80%,

9/12/25 (1)

5,700‌

5,723‌

Volkswagen

Group

of

America

Finance,

6.00%,

11/16/26 (1)

11,380‌

11,575‌

99,778‌

Banking

20.8%

ABN

AMRO

Bank,

VR,

6.339%,

9/18/27 (1)(4)

4,000‌

4,069‌

Australia

&

New

Zealand

Banking

Group,

4.40%,

5/19/26 (1)

8,355‌

8,108‌

Bangkok

Bank,

4.05%,

3/19/24

5,700‌

5,695‌

Bank

of

America,

FRN,

SOFR

+

0.69%,

6.035%,

4/22/25

5,000‌

5,003‌

Bank

of

Montreal,

FRN,

SOFRINDX

+

0.32%,

5.665%,

7/9/24

10,000‌

10,009‌

Banque

Federative

du

Credit

Mutuel,

5.088%,

1/23/27 (1)(3)

3,980‌

3,974‌

Banque

Federative

du

Credit

Mutuel,

5.896%,

7/13/26 (1)

14,800‌

15,012‌

Barclays,

4.375%,

1/12/26

800‌

782‌

Barclays,

5.20%,

5/12/26

2,505‌

2,475‌

Barclays,

VR,

5.304%,

8/9/26 (4)

8,300‌

8,247‌

BPCE,

4.50%,

3/15/25 (1)

11,881‌

11,654‌

BPCE,

VR,

1.652%,

10/6/26 (1)(4)

1,229‌

1,147‌

CaixaBank,

VR,

6.684%,

9/13/27 (1)(4)

11,450‌

11,641‌

Capital

One

Financial,

3.75%,

7/28/26 (3)

1,950‌

1,874‌

Capital

One

Financial,

FRN,

SOFR

+

1.35%,

6.694%,

5/9/25

10,000‌

10,011‌

Capital

One

Financial,

VR,

2.636%,

3/3/26 (3)(4)

7,060‌

6,832‌

Citigroup,

4.40%,

6/10/25

17,400‌

17,132‌

Cooperatieve

Rabobank,

3.75%,

7/21/26

1,920‌

1,839‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

9

Par/Shares

$

Value

(Amounts

in

000s)

Cooperatieve

Rabobank,

4.375%,

8/4/25

4,965‌

4,881‌

Danske

Bank,

VR,

3.773%,

3/28/25 (1)(4)

6,675‌

6,658‌

Danske

Bank,

VR,

5.427%,

3/1/28 (1)(4)

4,425‌

4,434‌

Danske

Bank,

VR,

6.466%,

1/9/26 (1)(4)

12,695‌

12,743‌

Deutsche

Bank,

4.50%,

4/1/25

15,940‌

15,642‌

Discover

Bank,

2.45%,

9/12/24

13,392‌

13,146‌

Emirates

NBD

Bank,

2.625%,

2/18/25

6,400‌

6,212‌

Fifth

Third

Bancorp,

2.375%,

1/28/25

2,540‌

2,467‌

Fifth

Third

Bank,

3.85%,

3/15/26

10,505‌

10,124‌

Fifth

Third

Bank,

VR,

5.852%,

10/27/25 (4)

2,950‌

2,939‌

Goldman

Sachs

Group,

FRN,

SOFR

+

0.50%,

5.854%,

9/10/24

10,000‌

10,002‌

Goldman

Sachs

Group,

FRN,

SOFR

+

1.39%,

6.744%,

3/15/24

5,000‌

5,002‌

HDFC

Bank,

5.686%,

3/2/26

8,500‌

8,512‌

HSBC

Holdings,

4.25%,

3/14/24

10,041‌

10,041‌

HSBC

Holdings,

4.375%,

11/23/26

7,600‌

7,386‌

Huntington

Bancshares,

2.625%,

8/6/24

3,775‌

3,723‌

Huntington

National

Bank,

VR,

5.699%,

11/18/25 (4)

7,745‌

7,683‌

ING

Groep,

VR,

6.083%,

9/11/27 (4)

3,845‌

3,894‌

Intesa

Sanpaolo,

7.00%,

11/21/25 (1)

2,491‌

2,535‌

Intesa

Sanpaolo,

Series

XR,

3.25%,

9/23/24 (1)

8,275‌

8,137‌

Lloyds

Banking

Group,

4.45%,

5/8/25

4,771‌

4,711‌

Lloyds

Banking

Group,

4.50%,

11/4/24

2,050‌

2,030‌

Lloyds

Banking

Group,

VR,

2.438%,

2/5/26 (4)

12,665‌

12,272‌

Mitsubishi

UFJ

Financial

Group,

VR,

5.063%,

9/12/25 (4)

11,165‌

11,097‌

Mitsubishi

UFJ

Financial

Group,

VR,

5.719%,

2/20/26 (4)

4,310‌

4,315‌

Morgan

Stanley,

FRN,

SOFR

+

1.165%,

6.51%,

4/17/25

10,000‌

10,010‌

NatWest

Group,

4.80%,

4/5/26

4,577‌

4,518‌

NatWest

Markets,

FRN,

SOFR

+

0.53%,

5.874%,

8/12/24 (1)

6,315‌

6,314‌

NatWest

Markets,

FRN,

SOFR

+

1.45%,

6.803%,

3/22/25 (1)

2,483‌

2,501‌

PNC

Bank,

4.20%,

11/1/25

5,948‌

5,807‌

PNC

Financial

Services

Group,

VR,

5.30%,

1/21/28 (3)(4)

1,745‌

1,744‌

PNC

Financial

Services

Group,

VR,

5.812%,

6/12/26 (3)(4)

4,980‌

4,988‌

PNC

Financial

Services

Group,

VR,

6.615%,

10/20/27 (4)

5,000‌

5,140‌

Santander

Holdings

USA,

3.244%,

10/5/26

5,750‌

5,385‌

Santander

Holdings

USA,

3.45%,

6/2/25

7,085‌

6,872‌

Santander

UK

Group

Holdings,

VR,

1.089%,

3/15/25 (4)

10,510‌

10,492‌

Societe

Generale,

4.25%,

4/14/25 (1)

500‌

489‌

Societe

Generale,

FRN,

SOFR

+

1.05%,

6.395%,

1/21/26 (1)

10,000‌

9,983‌

Societe

Generale,

VR,

5.519%,

1/19/28 (1)(4)

4,375‌

4,326‌

Standard

Chartered,

4.30%,

2/19/27 (1)(3)

3,464‌

3,324‌

Standard

Chartered,

FRN,

SOFR

+

0.93%,

6.274%,

11/23/25 (1)

5,000‌

4,986‌

Standard

Chartered,

VR,

3.971%,

3/30/26 (1)(4)

800‌

780‌

Standard

Chartered,

VR,

6.187%,

7/6/27 (1)(4)

5,800‌

5,848‌

Toronto-Dominion

Bank,

FRN,

SOFR

+

0.35%,

5.704%,

9/10/24

10,000‌

9,991‌

Truist

Financial,

FRN,

SOFR

+

0.40%,

5.754%,

6/9/25

20,000‌

19,951‌

U.S.

Bancorp,

VR,

5.727%,

10/21/26 (4)

6,535‌

6,563‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

10

Par/Shares

$

Value

(Amounts

in

000s)

UBS

Group,

VR,

2.593%,

9/11/25 (1)(4)

7,750‌

7,619‌

UBS

Group,

VR,

6.327%,

12/22/27 (1)(4)

5,700‌

5,791‌

Woori

Bank,

4.75%,

4/30/24

6,800‌

6,785‌

456,297‌

Cable

Operators

0.4%

Cox

Communications,

3.15%,

8/15/24 (1)

7,900‌

7,796‌

7,796‌

Chemicals

0.9%

Celanese

U.S.

Holdings,

1.40%,

8/5/26

4,298‌

3,896‌

LG

Chem,

4.375%,

7/14/25 (3)

7,610‌

7,484‌

MEGlobal

Canada

ULC,

5.00%,

5/18/25

8,850‌

8,751‌

20,131‌

Consumer

Products

0.2%

Mattel,

3.375%,

4/1/26 (1)(3)

5,675‌

5,384‌

5,384‌

Drugs

1.2%

BNP

Paribas,

4.375%,

9/28/25 (1)

11,650‌

11,388‌

BNP

Paribas,

VR,

2.219%,

6/9/26 (1)(4)

1,685‌

1,613‌

Bristol-Myers

Squibb,

4.90%,

2/22/27

3,275‌

3,275‌

Bristol-Myers

Squibb,

4.95%,

2/20/26 (3)

4,620‌

4,616‌

Perrigo

Finance

Unlimited,

3.90%,

12/15/24

679‌

667‌

Viatris,

1.65%,

6/22/25

5,207‌

4,935‌

26,494‌

Energy

3.9%

Abu

Dhabi

National

Energy,

4.375%,

6/22/26

8,900‌

8,756‌

APA

Infrastructure,

4.20%,

3/23/25 (1)

5,000‌

4,921‌

Cheniere

Corpus

Christi

Holdings,

5.875%,

3/31/25

9,818‌

9,815‌

DCP

Midstream

Operating,

5.375%,

7/15/25

16,597‌

16,564‌

Energy

Transfer,

5.75%,

4/1/25

10,300‌

10,274‌

EQT,

3.125%,

5/15/26 (1)

2,000‌

1,891‌

Occidental

Petroleum,

5.50%,

12/1/25

2,145‌

2,142‌

Occidental

Petroleum,

5.875%,

9/1/25

4,778‌

4,788‌

Occidental

Petroleum,

8.50%,

7/15/27

2,100‌

2,273‌

Pioneer

Natural

Resources,

5.10%,

3/29/26

5,700‌

5,688‌

SA

Global

Sukuk,

1.602%,

6/17/26

9,450‌

8,710‌

TER

Finance

Jersey,

Series

21,

Zero

Coupon,

1/2/25 (1)

3,000‌

2,829‌

Western

Midstream

Operating,

3.10%,

2/1/25

6,623‌

6,452‌

85,103‌

Financial

3.7%

AerCap

Ireland

Capital,

1.65%,

10/29/24

7,230‌

7,037‌

AerCap

Ireland

Capital,

6.10%,

1/15/27

4,530‌

4,588‌

Ally

Financial,

3.875%,

5/21/24 (3)

2,600‌

2,588‌

Ally

Financial,

5.125%,

9/30/24

6,400‌

6,374‌

CNO

Financial

Group,

5.25%,

5/30/25

8,012‌

7,952‌

General

Motors

Financial,

5.40%,

5/8/27

2,325‌

2,322‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

11

Par/Shares

$

Value

(Amounts

in

000s)

General

Motors

Financial,

FRN,

SOFR

+

0.62%,

5.965%,

10/15/24

15,000‌

15,003‌

Indian

Railway

Finance,

3.73%,

3/29/24

8,000‌

7,987‌

LSEGA

Financing,

0.65%,

4/6/24 (1)

14,175‌

14,102‌

QNB

Finance,

1.375%,

1/26/26

9,555‌

8,842‌

Synchrony

Financial,

4.25%,

8/15/24

3,810‌

3,782‌

80,577‌

Food/Tobacco

0.8%

Imperial

Brands

Finance,

3.125%,

7/26/24 (1)

4,200‌

4,148‌

Imperial

Brands

Finance,

4.25%,

7/21/25 (1)

14,560‌

14,260‌

18,408‌

Foreign

Govt

&

Muni

(Excl

Canadian)

0.3%

Pelabuhan

Indonesia

Persero,

4.875%,

10/1/24

5,800‌

5,768‌

5,768‌

Forest

Products

0.4%

Celulosa

Arauco

y

Constitucion,

4.50%,

8/1/24

10,000‌

9,918‌

9,918‌

Health

Care

1.6%

HCA,

5.00%,

3/15/24

100‌

100‌

HCA,

5.25%,

6/15/26

10,880‌

10,812‌

HCA,

5.375%,

2/1/25

5,450‌

5,416‌

Solventum,

5.45%,

2/25/27 (1)

6,005‌

6,005‌

Utah

Acquisition

Sub,

3.95%,

6/15/26

13,605‌

13,136‌

35,469‌

Insurance

4.8%

Athene

Global

Funding,

2.514%,

3/8/24 (1)

5,000‌

4,994‌

Athene

Global

Funding,

5.684%,

2/23/26 (1)

4,995‌

4,978‌

Athene

Global

Funding,

FRN,

SOFRINDX

+

0.715%,

6.062%,

1/7/25 (1)

9,850‌

9,836‌

Brighthouse

Financial

Global

Funding,

1.00%,

4/12/24 (1)

970‌

963‌

Brighthouse

Financial

Global

Funding,

1.75%,

1/13/25 (1)(3)

5,000‌

4,841‌

Brighthouse

Financial

Global

Funding,

FRN,

SOFR

+

0.76%,

6.105%,

4/12/24 (1)

18,003‌

18,014‌

CNO

Global

Funding,

1.65%,

1/6/25 (1)

2,966‌

2,857‌

CNO

Global

Funding,

1.75%,

10/7/26 (1)

4,895‌

4,426‌

Corebridge

Financial,

3.50%,

4/4/25

10,330‌

10,087‌

Equitable

Financial

Life

Global

Funding,

1.40%,

7/7/25 (1)

5,684‌

5,358‌

Equitable

Financial

Life

Global

Funding,

5.50%,

12/2/25 (1)

11,911‌

11,891‌

First

American

Financial,

4.60%,

11/15/24

9,173‌

9,097‌

Voya

Financial,

3.65%,

6/15/26 (3)

17,754‌

17,038‌

104,380‌

Manufacturing

1.5%

POSCO,

5.625%,

1/17/26

5,500‌

5,507‌

Siemens

Financieringsmaatschappij,

FRN,

SOFR

+

0.43%,

5.784%,

3/11/24 (1)

10,000‌

9,987‌

VF,

2.40%,

4/23/25

17,729‌

16,996‌

32,490‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

12

Par/Shares

$

Value

(Amounts

in

000s)

Metals

&

Mining

0.0%

Freeport-McMoRan,

5.00%,

9/1/27

883‌

864‌

864‌

Other

Telecommunications

0.4%

Axiata,

4.357%,

3/24/26

8,820‌

8,636‌

8,636‌

Pharmaceuticals

0.7%

Bayer

U.S.

Finance

II,

4.25%,

12/15/25 (1)

15,160‌

14,736‌

14,736‌

Real

Estate

Investment

Trust

Securities

1.9%

Brixmor

Operating

Partnership,

3.65%,

6/15/24 (3)

605‌

601‌

Brixmor

Operating

Partnership,

3.85%,

2/1/25

5,300‌

5,198‌

Brixmor

Operating

Partnership,

4.125%,

6/15/26

1,900‌

1,833‌

CubeSmart,

4.00%,

11/15/25

3,075‌

2,991‌

Healthcare

Realty

Holdings,

3.50%,

8/1/26

6,253‌

5,945‌

Kilroy

Realty,

3.45%,

12/15/24

13,122‌

12,866‌

Kilroy

Realty,

4.375%,

10/1/25

1,800‌

1,750‌

Scentre

Group

Trust

1,

3.50%,

2/12/25 (1)

10,550‌

10,342‌

41,526‌

Retail

1.3%

Advance

Auto

Parts,

5.90%,

3/9/26

3,070‌

3,058‌

Nordstrom,

2.30%,

4/8/24

9,395‌

9,348‌

Walgreens

Boots

Alliance,

3.80%,

11/18/24

15,350‌

15,081‌

27,487‌

Services

0.5%

CDW,

5.50%,

12/1/24

11,075‌

11,006‌

Nature

Conservancy,

Series

A,

0.625%,

7/1/24

650‌

639‌

11,645‌

Transportation

0.4%

GATX,

5.40%,

3/15/27

3,230‌

3,229‌

Penske

Truck

Leasing,

2.70%,

11/1/24 (1)

2,519‌

2,468‌

Penske

Truck

Leasing,

3.95%,

3/10/25 (1)

2,900‌

2,845‌

8,542‌

Transportation

Services

0.3%

HPHT

Finance,

2.875%,

11/5/24

7,278‌

7,136‌

7,136‌

Utilities

2.7%

Constellation

Energy

Generation,

3.25%,

6/1/25 (3)

6,437‌

6,257‌

Edison

International,

3.55%,

11/15/24

17,615‌

17,332‌

NRG

Energy,

3.75%,

6/15/24 (1)

670‌

664‌

Pacific

Gas

&

Electric,

4.95%,

6/8/25

9,900‌

9,774‌

Southern,

STEP,

4.475%,

8/1/24

8,315‌

8,268‌

Southern

California

Edison,

FRN,

SOFRINDX

+

0.83%,

6.181%,

4/1/24

2,475‌

2,476‌

Vistra

Operations,

3.55%,

7/15/24 (1)

14,655‌

14,472‌

59,243‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

13

Par/Shares

$

Value

(Amounts

in

000s)

Wireless

Communications

2.5%

American

Tower,

1.60%,

4/15/26

15,675‌

14,538‌

Crown

Castle,

1.05%,

7/15/26

4,605‌

4,162‌

Crown

Castle,

1.35%,

7/15/25

4,850‌

4,592‌

Crown

Castle,

4.45%,

2/15/26

9,500‌

9,326‌

PT

Tower

Bersama

Infrastructure,

4.25%,

1/21/25

5,550‌

5,467‌

Rogers

Communications,

3.625%,

12/15/25

5,000‌

4,842‌

Sprint,

7.625%,

3/1/26

11,141‌

11,517‌

54,444‌

Total

Corporate

Bonds

(Cost

$1,240,422)

1,241,527‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

0.5%

Foreign

Govt

&

Muni

(Excl

Canadian)

0.5%

Japan

Treasury

Discount

Bill,

(0.13)%,

5/13/24

(JPY)

1,682,900‌

11,228‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$11,273)

11,228‌

MUNICIPAL

SECURITIES

0.0%

Illinois

0.0%

Chicago

Transit

Auth.

Capital

Grant

Receipts

Revenue,

5.00%,

6/1/25

100‌

101‌

Total

Municipal

Securities

(Cost

$102)

101‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

10.9%

Commercial

Mortgage-Backed

Securities

2.9%

Austin

Fairmont

Hotel

Trust

Series

2019-FAIR,

Class

A,

ARM

1M

TSFR

+

1.097%,

6.415%,

9/15/32 (1)

9,525‌

9,483‌

BX

Commercial

Mortgage

Trust

Series

2020-VKNG,

Class

A,

ARM

1M

TSFR

+

1.044%,

6.362%,

10/15/37 (1)

3,800‌

3,790‌

BX

Trust

Series

2021-ARIA,

Class

A,

ARM

1M

TSFR

+

1.014%,

6.332%,

10/15/36 (1)

3,100‌

3,059‌

Commercial

Mortgage

Trust

Series

2014-CR21,

Class

A3

3.528%,

12/10/47

482‌

471‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

14

Par/Shares

$

Value

(Amounts

in

000s)

Commercial

Mortgage

Trust

Series

2014-UBS6,

Class

A5

3.644%,

12/10/47

5,200‌

5,094‌

Fontainebleau

Miami

Beach

Trust

Series

2019-FBLU,

Class

A

3.144%,

12/10/36 (1)

8,905‌

8,666‌

Great

Wolf

Trust

Series

2019-WOLF,

Class

A,

ARM

1M

TSFR

+

1.348%,

6.666%,

12/15/36 (1)

10,000‌

9,994‌

GS

Mortgage

Securities

Trust

Series

2021-ROSS,

Class

A,

ARM

1M

TSFR

+

1.264%,

6.582%,

5/15/26 (1)

6,665‌

6,199‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2020-609M,

Class

A,

ARM

1M

TSFR

+

1.734%,

7.052%,

10/15/33 (1)

9,870‌

9,623‌

ONE

Mortgage

Trust

Series

2021-PARK,

Class

A,

ARM

1M

TSFR

+

0.814%,

6.132%,

3/15/36 (1)

7,110‌

6,924‌

63,303‌

Whole

Loans

Backed

8.0%

Angel

Oak

Mortgage

Trust

Series

2019-5,

Class

A1,

CMO,

ARM

2.593%,

10/25/49 (1)

859‌

827‌

Angel

Oak

Mortgage

Trust

Series

2021-2,

Class

A1,

CMO,

ARM

0.985%,

4/25/66 (1)

4,590‌

3,790‌

BINOM

Securitization

Trust

Series

2021-INV1,

Class

A1,

CMO,

ARM

2.034%,

6/25/56 (1)

9,622‌

8,250‌

COLT

Mortgage

Loan

Trust

Series

2020-3,

Class

A1,

CMO,

ARM

1.506%,

4/27/65 (1)

874‌

826‌

Connecticut

Avenue

Securities

Series

2017-C05,

Class

1ED3,

CMO,

ARM

SOFR30A

+

1.314%,

6.636%,

1/25/30

254‌

253‌

Connecticut

Avenue

Securities

Series

2018-C03,

Class

1EB2,

CMO,

ARM

SOFR30A

+

0.964%,

6.286%,

10/25/30

986‌

986‌

Connecticut

Avenue

Securities

Series

2018-C03,

Class

1ED2,

CMO,

ARM

SOFR30A

+

0.964%,

6.286%,

10/25/30

489‌

489‌

Connecticut

Avenue

Securities

Series

2021-R01,

Class

1M1,

CMO,

ARM

SOFR30A

+

0.75%,

6.072%,

10/25/41 (1)

43‌

43‌

Connecticut

Avenue

Securities

Trust

Series

2023-R05,

Class

1M1,

CMO,

ARM

SOFR30A

+

1.90%,

7.221%,

6/25/43 (1)

4,991‌

5,043‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

15

Par/Shares

$

Value

(Amounts

in

000s)

Deephaven

Residential

Mortgage

Trust

Series

2021-1,

Class

A1,

CMO,

ARM

0.715%,

5/25/65 (1)

4,351‌

4,000‌

Galton

Funding

Mortgage

Trust

Series

2019-2,

Class

A21,

CMO,

ARM

4.00%,

6/25/59 (1)

245‌

219‌

Galton

Funding

Mortgage

Trust

Series

2020-H1,

Class

A2,

CMO,

ARM

2.413%,

1/25/60 (1)

2,689‌

2,483‌

GS

Mortgage-Backed

Securities

Trust

Series

2020-NQM1,

Class

A1,

CMO,

ARM

1.382%,

9/27/60 (1)

850‌

775‌

GS

Mortgage-Backed

Securities

Trust

Series

2021-PJ5,

Class

A6,

CMO,

ARM

2.50%,

10/25/51 (1)

13,595‌

12,258‌

Imperial

Fund

Mortgage

Trust

Series

2021-NQM2,

Class

A1,

CMO,

ARM

1.073%,

9/25/56 (1)

8,243‌

6,672‌

New

Residential

Mortgage

Loan

Trust

Series

2023-NQM1,

Class

A1A,

CMO,

STEP

6.864%,

10/25/63 (1)

5,448‌

5,518‌

NLT

Trust

Series

2021-INV2,

Class

A1,

CMO,

ARM

1.162%,

8/25/56 (1)

15,462‌

12,715‌

OBX

Trust

Series

2018-EXP1,

Class

2A1,

CMO,

ARM

1M

TSFR

+

0.964%,

6.285%,

4/25/48 (1)

52‌

51‌

OBX

Trust

Series

2019-EXP3,

Class

2A1,

CMO,

ARM

1M

TSFR

+

1.014%,

6.335%,

10/25/59 (1)

134‌

131‌

OBX

Trust

Series

2020-EXP1,

Class

1A8,

CMO,

ARM

3.50%,

2/25/60 (1)

654‌

578‌

OBX

Trust

Series

2020-EXP3,

Class

1A8,

CMO,

ARM

3.00%,

1/25/60 (1)

3,663‌

3,173‌

OBX

Trust

Series

2020-INV1,

Class

A11,

CMO,

ARM

1M

TSFR

+

1.014%,

6.00%,

12/25/49 (1)

480‌

452‌

OBX

Trust

Series

2023-NQM10,

Class

A1,

CMO,

STEP

6.465%,

10/25/63 (1)

9,227‌

9,288‌

Progress

Residential

Trust

Series

2020-SFR1,

Class

A

1.732%,

4/17/37 (1)

1,473‌

1,412‌

Progress

Residential

Trust

Series

2020-SFR2,

Class

A

2.078%,

6/17/37 (1)

4,673‌

4,474‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

16

Par/Shares

$

Value

(Amounts

in

000s)

PSMC

Trust

Series

2021-2,

Class

A3,

CMO,

ARM

2.50%,

5/25/51 (1)

10,772‌

9,432‌

Sequoia

Mortgage

Trust

Series

2018-CH1,

Class

A1,

CMO,

ARM

4.00%,

3/25/48 (1)

166‌

153‌

SG

Residential

Mortgage

Trust

Series

2019-3,

Class

A1,

CMO,

ARM

2.703%,

9/25/59 (1)

39‌

38‌

SG

Residential

Mortgage

Trust

Series

2021-1,

Class

A1,

CMO,

ARM

1.16%,

7/25/61 (1)

14,718‌

11,775‌

Starwood

Mortgage

Residential

Trust

Series

2020-INV1,

Class

A1,

CMO,

ARM

1.027%,

11/25/55 (1)

2,815‌

2,576‌

Starwood

Mortgage

Residential

Trust

Series

2021-2,

Class

A1,

CMO,

ARM

0.943%,

5/25/65 (1)

2,036‌

1,833‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-DNA3,

Class

M1,

CMO,

ARM

SOFR30A

+

0.75%,

6.072%,

10/25/33 (1)

1,819‌

1,818‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-HQA2,

Class

M1,

CMO,

ARM

SOFR30A

+

0.70%,

6.022%,

12/25/33 (1)

68‌

68‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2022-DNA2,

Class

M1A,

CMO,

ARM

SOFR30A

+

1.30%,

6.622%,

2/25/42 (1)

2,954‌

2,963‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2022-DNA5,

Class

M1A,

CMO,

ARM

SOFR30A

+

2.95%,

8.272%,

6/25/42 (1)

5,879‌

6,040‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2023-HQA3,

Class

A1,

CMO,

ARM

SOFR30A

+

1.85%,

7.172%,

11/25/43 (1)

2,311‌

2,342‌

Towd

Point

Mortgage

Trust

Series

2017-1,

Class

A1,

CMO,

ARM

2.75%,

10/25/56 (1)

2‌

2‌

Towd

Point

Mortgage

Trust

Series

2017-3,

Class

A1,

CMO,

ARM

2.75%,

7/25/57 (1)

32‌

32‌

Towd

Point

Mortgage

Trust

Series

2017-4,

Class

A1,

CMO,

ARM

2.75%,

6/25/57 (1)

120‌

115‌

Towd

Point

Mortgage

Trust

Series

2017-5,

Class

A1,

CMO,

ARM

1M

TSFR

+

0.714%,

5.91%,

2/25/57 (1)

74‌

76‌

Verus

Securitization

Trust

Series

2019-4,

Class

A1,

CMO,

STEP

3.642%,

11/25/59 (1)

906‌

877‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

17

Par/Shares

$

Value

(Amounts

in

000s)

Verus

Securitization

Trust

Series

2019-INV2,

Class

A1,

CMO,

ARM

3.913%,

7/25/59 (1)

333‌

318‌

Verus

Securitization

Trust

Series

2019-INV3,

Class

A1,

CMO,

ARM

3.692%,

11/25/59 (1)

711‌

686‌

Verus

Securitization

Trust

Series

2020-2,

Class

A1,

CMO,

ARM

2.226%,

5/25/60 (1)

322‌

317‌

Verus

Securitization

Trust

Series

2020-4,

Class

A1,

CMO,

STEP

1.502%,

5/25/65 (1)

794‌

744‌

Verus

Securitization

Trust

Series

2020-INV1,

Class

A1,

CMO,

ARM

1.977%,

3/25/60 (1)

137‌

136‌

Verus

Securitization

Trust

Series

2021-1,

Class

A1,

CMO,

ARM

0.815%,

1/25/66 (1)

4,899‌

4,237‌

Verus

Securitization

Trust

Series

2021-2,

Class

A1,

CMO,

ARM

1.031%,

2/25/66 (1)

4,131‌

3,557‌

Verus

Securitization

Trust

Series

2021-5,

Class

A1,

CMO,

ARM

1.013%,

9/25/66 (1)

6,503‌

5,404‌

Verus

Securitization

Trust

Series

2021-R1,

Class

A1,

CMO,

ARM

0.82%,

10/25/63 (1)

1,755‌

1,580‌

Verus

Securitization

Trust

Series

2021-R3,

Class

A1,

CMO,

ARM

1.02%,

4/25/64 (1)

7,255‌

6,407‌

Verus

Securitization

Trust

Series

2023-3,

Class

A1,

CMO,

STEP

5.93%,

3/25/68 (1)

8,289‌

8,276‌

Verus

Securitization

Trust

Series

2023-8,

Class

A1,

CMO,

STEP

6.259%,

12/25/68 (1)

2,433‌

2,439‌

Verus

Securitization

Trust

Series

2023-INV3,

Class

A1,

CMO,

ARM

6.876%,

11/25/68 (1)

4,153‌

4,216‌

Verus

Securitization

Trust

Series

2024-1,

Class

A1,

CMO,

ARM

5.712%,

1/25/69 (1)

10,135‌

10,081‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

18

Par/Shares

$

Value

(Amounts

in

000s)

Vista

Point

Securitization

Trust

Series

2020-2,

Class

A1,

CMO,

ARM

1.475%,

4/25/65 (1)

2,092‌

1,895‌

175,139‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$257,321)

238,442‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

0.0%

U.S.

Government

Agency

Obligations

0.0%

Federal

Home

Loan

Mortgage,

CMO,

ARM,

SOFR30A

+

0.464%,

5.789%,

2/15/45

164‌

159‌

Federal

National

Mortgage

Assn.,

CMO,

ARM,

SOFR30A

+

0.514%,

5.836%,

1/25/45

132‌

128‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$296)

287‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

3.5%

U.S.

Treasury

Obligations

3.5%

U.S.

Treasury

Bills,

5.195%,

11/29/24

12,075‌

11,626‌

U.S.

Treasury

Bills,

5.383%,

5/30/24 (3)

12,390‌

12,228‌

U.S.

Treasury

Bills,

5.465%,

4/4/24

18,000‌

17,910‌

U.S.

Treasury

Bills,

5.466%,

4/18/24 (5)

24,420‌

24,248‌

U.S.

Treasury

Notes,

4.625%,

11/15/26

7,400‌

7,428‌

U.S.

Treasury

Notes,

4.875%,

11/30/25

3,330‌

3,339‌

76,779‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-

Backed)

(Cost

$76,749)

76,779‌

SHORT-TERM

INVESTMENTS

9.7%

Commercial

Paper

9.7%

4(2)

8.8%(6)

Arrow

Electronics,

5.705%,

3/6/24

14,400‌

14,386‌

Bacardi

Martini,

5.601%,

9/1/44

3,500‌

3,500‌

Brunswick,

6.022%,

3/15/24

19,000‌

18,955‌

Edison

Onternational,

5.451%,

3/1/24

7,000‌

6,999‌

Fiserv,

5.381%,

3/1/24

16,900‌

16,897‌

Harley

Davidson

Financial

Services,

6.035%,

3/4/24

7,750‌

7,745‌

Harley

Davidson

Financial

Services,

6.05%,

4/16/24

11,250‌

11,166‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

19

Par/Shares

$

Value

(Amounts

in

000s)

International

Flavors

&

Fragrance,

6.014%,

3/1/24

20,000‌

19,997‌

International

Flavors

&

Fragrance,

6.026%,

3/27/24

19,000‌

18,921‌

International

Flavors

&

Fragrance,

6.031%,

3/28/24

1,000‌

996‌

Plains

All

American

Pipeline,

5.601%,

3/1/24

25,500‌

25,496‌

Stanley

Black

&

Decker,

6.03%,

3/21/24

3,950‌

3,938‌

Stanley

Black

&

Decker,

6.034%,

3/27/24

750‌

747‌

Stanley

Black

&

Decker,

6.035%,

3/28/24

15,000‌

14,936‌

Walgreens

Boots

Alliance,

6.435%,

4/1/24

4,700‌

4,674‌

Western

Midstream

Operating,

6.159%,

3/6/24

2,400‌

2,398‌

Western

Midstream

Operating,

6.16%,

3/7/24

10,000‌

9,988‌

Western

Union,

5.451%,

3/1/24

10,850‌

10,848‌

192,587‌

Non-4(2)

0.9%

Ovintiv,

6.153%,

3/20/24

20,000‌

19,932‌

19,932‌

Total

Commercial

Paper

212,519‌

Money

Market

Funds

0.0%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (7)(8)

2‌

2‌

Total

Money

Market

Funds

2‌

Total

Short-Term

Investments

(Cost

$212,533)

212,521‌

SECURITIES

LENDING

COLLATERAL

1.0%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.1%

Money

Market

Funds

0.1%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (7)(8)

1,610‌

1,610‌

Total

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

1,610‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

20

Par/Shares

$

Value

(Amounts

in

000s)

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.9%

Money

Market

Funds

0.9%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (7)(8)

19,222‌

19,222‌

Total

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

19,222‌

Total

Securities

Lending

Collateral

(Cost

$20,832)

20,832‌

Total

Investments

in

Securities

103.7%

(Cost

$2,294,948)

$

2,272,354‌

Other

Assets

Less

Liabilities

(3.7)%

(80,282‌)

Net

Assets

100.0%

$

2,192,072‌

‡

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

$1,009,425

and

represents

46.0%

of

net

assets.

(2)

All

or

a

portion

of

this

loan

is

unsettled

as

of

February

29,

2024.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(3)

All

or

a

portion

of

this

security

is

on

loan

at

February

29,

2024.

(4)

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.

(5)

At

February

29,

2024,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/

or

margin

deposit

to

cover

future

funding

obligations.

(6)

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

$192,587

and

represents

8.8%

of

net

assets.

(7)

Seven-day

yield

(8)

Affiliated

Companies

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

21

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

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

JPY

Japanese

Yen

SOFR

Secured

overnight

financing

rate

SOFRINDX

SOFR

(Secured

overnight

financing

rate)

Index

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.

USD

U.S.

Dollar

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

Ultra

Short-Term

Bond

Fund

22

(Amounts

in

000s)

SWAPS

0.0%

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.0%

Credit

Default

Swaps,

Protection

Sold

0.0%

Protection

Sold

(Relevant

Credit:

Devon

Energy,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/24

*

10,000

43

19

24‌

Protection

Sold

(Relevant

Credit:

Hess,

Baa3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/24

*

10,000

47

54

(7‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

17‌

Total

Centrally

Cleared

Swaps

17‌

Net

payments

(receipts)

of

variation

margin

to

date

(17‌)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

—‌

*

Credit

ratings

as

of

February

29,

2024.

Ratings

shown

are

from

Moody’s

Investors

Service

and

if

Moody’s

does

not

rate

a

security,

then

Standard

&

Poor’s

(S&P)

is

used.

Fitch

is

used

for

securities

that

are

not

rated

by

either

Moody’s

or

S&P.

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

23

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

State

Street

5/13/24

USD

11,426‌

JPY

1,682,900‌

$

69‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

69‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

24

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

22

U.S.

Treasury

Long

Bond

contracts

6/24

(2,624)

$

(4‌)

Short,

752

U.S.

Treasury

Notes

five

year

contracts

6/24

(80,393)

(25‌)

Short,

355

U.S.

Treasury

Notes

ten

year

contracts

6/24

(39,205)

(9‌)

Short,

697

U.S.

Treasury

Notes

two

year

contracts

6/24

(142,711)

(40‌)

Short,

47

Ultra

U.S.

Treasury

Notes

ten

year

contracts

6/24

(5,366)

(4‌)

Short,

253

Three

Month

SOFR

Futures

contracts

9/24

(60,018)

120‌

Long,

200

Three

Month

SOFR

Futures

contracts

3/25

47,750

(10‌)

Short,

200

Three

Month

SOFR

Futures

contracts

3/26

(48,143)

2‌

Net

payments

(receipts)

of

variation

margin

to

date

(109‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(79‌)

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

25

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

nine

months

ended

February

29,

2024.

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,

5.39%

$

—‌

$

—‌

$

—‌++

Totals

$

—‌#

$

—‌

$

—‌+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/23

Purchase

Cost

Sales

Cost

Value

02/29/24

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

$

677‌

¤

¤

$

20,834‌

Total

$

20,834‌^

#

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

$0

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

$20,834.

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

Unaudited

Notes

to

Portfolio

of

Investments

26

T.

Rowe

Price

Ultra

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

Ultra

Short-Term

Bond

Fund

27

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

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

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.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

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

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

28

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

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

February

29,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

2,039,001‌

$

—‌

$

2,039,001‌

Short-Term

Investments

2‌

212,519‌

—‌

212,521‌

Securities

Lending

Collateral

20,832‌

—‌

—‌

20,832‌

Total

Securities

20,834‌

2,251,520‌

—‌

2,272,354‌

Swaps*

—‌

24‌

—‌

24‌

Forward

Currency

Exchange

Contracts

—‌

69‌

—‌

69‌

Futures

Contracts*

122‌

—‌

—‌

122‌

Total

$

20,956‌

$

2,251,613‌

$

—‌

$

2,272,569‌

Liabilities

Swaps*

$

—‌

$

7‌

$

—‌

$

7‌

Futures

Contracts*

92‌

—‌

—‌

92‌

Total

$

92‌

$

7‌

$

—‌

$

99‌

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

and

centrally

cleared

swaps;

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

Ultra

Short-Term

Bond

Fund

29

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

events,

and

public

health

epidemics 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

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.

The

global

outbreak

of

COVID-19

and

the

related

governmental

and

public

responses

have

led

and

may

continue

to

lead

to

increased

market

volatility

and

the

potential

for

illiquidity

in

certain

classes

of

securities

and

sectors

of

the

market

either

in

specific

countries

or

worldwide.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict,

leading

to

economic

sanctions imposed

on

Russia

that

target certain

of

its

citizens

and

issuers

and

sectors

of

the

Russian

economy,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

banking

industry

experienced

heightened

volatility,

which

sparked

concerns

of

potential

broader

adverse

market

conditions.

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.

F188-054Q3

02/24

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