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