T.
ROWE
PRICE
Short
Duration
Income
Fund
February
29,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
25.7%
Car
Loan
10.0%
Ally
Auto
Receivables
Trust
Series 2023-A,
Class
B
6.01%,
1/17/34 (1)
81
81
AmeriCredit
Automobile
Receivables
Trust
Series 2020-2,
Class
D
2.13%,
3/18/26
120
117
Avis
Budget
Rental
Car
Funding
AESOP
Series 2019-3A,
Class
B
2.65%,
3/20/26 (1)
150
145
Avis
Budget
Rental
Car
Funding
AESOP
Series 2020-1A,
Class
B
2.68%,
8/20/26 (1)
100
96
Avis
Budget
Rental
Car
Funding
AESOP
Series 2022-5A,
Class
C
6.24%,
4/20/27 (1)
100
100
Avis
Budget
Rental
Car
Funding
AESOP
Series 2023-2A,
Class
C
6.18%,
10/20/27 (1)
100
100
CarMax
Auto
Owner
Trust
Series 2020-1,
Class
D
2.64%,
7/15/26
115
115
CarMax
Auto
Owner
Trust
Series 2020-3,
Class
C
1.69%,
4/15/26
50
49
CarMax
Auto
Owner
Trust
Series 2021-2,
Class
C
1.34%,
2/16/27
250
236
CarMax
Auto
Owner
Trust
Series 2022-4,
Class
D
8.08%,
4/16/29
200
209
CarMax
Auto
Owner
Trust
Series 2023-1,
Class
A2A
5.23%,
1/15/26
91
90
CarMax
Auto
Owner
Trust
Series 2023-2,
Class
D
6.55%,
10/15/29
135
134
Enterprise
Fleet
Financing
Series 2021-2,
Class
A2
0.48%,
5/20/27 (1)
12
12
Enterprise
Fleet
Financing
Series 2021-3,
Class
A2
0.77%,
8/20/27 (1)
15
14
Enterprise
Fleet
Financing
Series 2022-2,
Class
A2
4.65%,
5/21/29 (1)
38
38
T.
ROWE
PRICE
Short
Duration
Income
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
‡
Enterprise
Fleet
Financing
Series 2023-2,
Class
A2
5.56%,
4/22/30 (1)
250
250
Exeter
Automobile
Receivables
Trust
Series 2022-1A,
Class
C
2.56%,
6/15/28
225
221
Exeter
Automobile
Receivables
Trust
Series 2022-4A,
Class
D
5.98%,
12/15/28
45
45
Exeter
Automobile
Receivables
Trust
Series 2023-1A,
Class
A3
5.58%,
4/15/26
119
119
Ford
Credit
Auto
Lease
Trust
Series 2022-A,
Class
C
4.18%,
10/15/25
255
252
Ford
Credit
Auto
Lease
Trust
Series 2023-A,
Class
C
5.54%,
12/15/26
230
229
Ford
Credit
Floorplan
Master
Owner
Trust
Series 2023-1,
Class
A1
4.92%,
5/15/28 (1)
138
137
Ford
Credit
Floorplan
Master
Owner
Trust
Series 2023-1,
Class
D
6.62%,
5/15/28 (1)
145
143
GM
Financial
Automobile
Leasing
Trust
Series 2022-2,
Class
C
4.33%,
5/20/26
85
84
GM
Financial
Automobile
Leasing
Trust
Series 2022-3,
Class
C
5.13%,
8/20/26
245
243
GM
Financial
Consumer
Automobile
Receivables
Trust
Series 2020-3,
Class
C
1.37%,
1/16/26
30
29
GM
Financial
Consumer
Automobile
Receivables
Trust
Series 2020-4,
Class
C
1.05%,
5/18/26
50
49
GM
Financial
Consumer
Automobile
Receivables
Trust
Series 2023-1,
Class
B
5.03%,
9/18/28
35
35
GM
Financial
Consumer
Automobile
Receivables
Trust
Series 2023-3,
Class
C
5.92%,
2/16/29
45
45
GMF
Floorplan
Owner
Revolving
Trust
Series 2023-1,
Class
B
5.73%,
6/15/28 (1)
230
230
JPMorgan
Chase
Bank
Series 2021-2,
Class
D
1.138%,
12/26/28 (1)
61
60
T.
ROWE
PRICE
Short
Duration
Income
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
‡
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
Series 2023-1,
Class
A
6.18%,
8/25/28 (1)
98
99
Nissan
Auto
Lease
Trust
Series 2023-A,
Class
A2A
5.10%,
3/17/25
166
166
Santander
Bank
-
SBCLN
Series 2021-1A,
Class
C
3.268%,
12/15/31 (1)
101
99
Santander
Bank
Auto
Credit-Linked
Notes
Series 2023-B,
Class
D
6.663%,
12/15/33 (1)
250
250
Santander
Consumer
Auto
Receivables
Trust
Series 2020-BA,
Class
C
1.29%,
4/15/26 (1)
35
35
Santander
Consumer
Auto
Receivables
Trust
Series 2021-AA,
Class
D
1.57%,
1/15/27 (1)
100
94
Santander
Consumer
Auto
Receivables
Trust
Series 2021-CA,
Class
C
2.97%,
6/15/28 (1)
142
138
Santander
Drive
Auto
Receivables
Trust
Series 2023-1,
Class
A2
5.36%,
5/15/26
58
58
Santander
Retail
Auto
Lease
Trust
Series 2021-C,
Class
D
1.39%,
8/20/26 (1)
350
345
Santander
Retail
Auto
Lease
Trust
Series 2022-B,
Class
A3
3.28%,
11/20/25 (1)
63
63
Santander
Retail
Auto
Lease
Trust
Series 2022-B,
Class
B
3.85%,
3/22/27 (1)
30
29
U.S.
Bank
Series 2023-1,
Class
B
6.789%,
8/25/32 (1)
223
224
World
Omni
Auto
Receivables
Trust
Series 2020-C,
Class
C
1.39%,
5/17/27
85
83
5,390
Other
Asset-Backed
Securities
14.6%
Amur
Equipment
Finance
Receivables
X
Series 2022-1A,
Class
C
2.37%,
4/20/28 (1)
150
142
Amur
Equipment
Finance
Receivables
XI
Series 2022-2A,
Class
A2
5.30%,
6/21/28 (1)
68
67
T.
ROWE
PRICE
Short
Duration
Income
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
‡
Amur
Equipment
Finance
Receivables
XIII
Series 2024-1A,
Class
B
5.37%,
1/21/31 (1)
100
100
BRE
Grand
Islander
Timeshare
Issuer
Series 2017-1A,
Class
A
2.94%,
5/25/29 (1)
165
161
CIFC
Funding
Series 2021-4A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.312%,
6.626%,
7/15/33 (1)
250
250
DB
Master
Finance
Series 2019-1A,
Class
A2II
4.021%,
5/20/49 (1)
91
88
DLLAD
Series 2023-1A,
Class
A2
5.19%,
4/20/26 (1)
84
84
DLLAD
Series 2023-1A,
Class
A3
4.79%,
1/20/28 (1)
52
51
Elara
HGV
Timeshare
Issuer
Series 2019-A,
Class
A
2.61%,
1/25/34 (1)
53
50
FirstKey
Homes
Trust
Series 2020-SFR1,
Class
A
1.339%,
8/17/37 (1)
98
92
FirstKey
Homes
Trust
Series 2020-SFR2,
Class
D
1.968%,
10/19/37 (1)
225
209
FOCUS
Brands
Funding
Series 2017-1A,
Class
A2II
5.093%,
4/30/47 (1)
93
90
Galaxy
Xxiv
Series 2017-24A,
Class
D,
CLO,
FRN
3M
TSFR
+
2.712%,
8.026%,
1/15/31 (1)
250
250
Goldentree
Loan
Opportunities
XI
Series 2015-11A,
Class
CR2,
CLO,
FRN
3M
TSFR
+
2.012%,
7.31%,
1/18/31 (1)
250
249
Hardee's
Funding
Series 2018-1A,
Class
A2II
4.959%,
6/20/48 (1)
99
96
Hardee's
Funding
Series 2020-1A,
Class
A2
3.981%,
12/20/50 (1)
146
130
Hilton
Grand
Vacations
Trust
Series 2019-AA,
Class
B
2.54%,
7/25/33 (1)
66
63
Hilton
Grand
Vacations
Trust
Series 2023-1A,
Class
C
6.94%,
1/25/38 (1)
84
85
T.
ROWE
PRICE
Short
Duration
Income
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
‡
Home
Partners
of
America
Trust
Series 2022-1,
Class
D
4.73%,
4/17/39 (1)
96
90
HPEFS
Equipment
Trust
Series 2023-2A,
Class
D
6.97%,
7/21/31 (1)
100
102
Jamestown
VI
Series 2018-6RA,
Class
B,
CLO,
FRN
3M
TSFR
+
2.262%,
7.586%,
4/25/30 (1)
250
249
KKR
Series 29A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.462%,
6.776%,
1/15/32 (1)
250
250
Kubota
Credit
Owner
Trust
Series 2023-1A,
Class
A3
5.02%,
6/15/27 (1)
165
165
Madison
Park
Funding
XXXVII
Series 2019-37A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.332%,
6.646%,
7/15/33 (1)
250
251
Marble
Point
XII
Series 2018-1A,
Class
A,
CLO,FRN
3M
TSFR
+
1.27%,
6.586%,
7/16/31 (1)
229
229
Marble
Point
XIV
Series 2018-2A,
Class
A12R,
CLO,
FRN
3M
TSFR
+
1.20%,
1/20/32 (1)(2)
250
250
MMAF
Equipment
Finance
Series 2020-A,
Class
A3
0.97%,
4/9/27 (1)
110
105
MVW
Series 2021-1WA,
Class
C
1.94%,
1/22/41 (1)
42
39
MVW
Series 2021-2A,
Class
C
2.23%,
5/20/39 (1)
107
98
MVW
Series 2023-1A,
Class
C
6.54%,
10/20/40 (1)
159
158
Oaktree
Series 2022-2A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.55%,
6.864%,
7/15/33 (1)
250
250
OCP
Series 2014-7A,
Class
A1RR,
CLO,
FRN
3M
TSFR
+
1.382%,
6.699%,
7/20/29 (1)
152
152
OCP
Series 2017-13A,
Class
A2R,
CLO,
FRN
3M
TSFR
+
1.812%,
7.126%,
7/15/30 (1)
250
250
Octagon
Investment
Partners
Series 2016-1A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.442%,
6.76%,
1/24/33 (1)
250
250
T.
ROWE
PRICE
Short
Duration
Income
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
‡
Octane
Receivables
Trust
Series 2021-2A,
Class
A
1.21%,
9/20/28 (1)
23
22
Octane
Receivables
Trust
Series 2022-1A,
Class
B
4.90%,
5/22/28 (1)
150
147
Octane
Receivables
Trust
Series 2022-2A,
Class
A
5.11%,
2/22/28 (1)
46
46
Octane
Receivables
Trust
Series 2022-2A,
Class
C
6.29%,
7/20/28 (1)
200
199
Octane
Receivables
Trust
Series 2023-1A,
Class
A
5.87%,
5/21/29 (1)
57
57
Octane
Receivables
Trust
Series 2024-1A,
Class
A2
5.68%,
5/20/30 (1)
100
100
OZLM
Funding
II
Series 2012-2A,
Class
A1A2,
CLO,
FRN
3M
TSFR
+
1.20%,
6.51%,
7/30/31 (1)
250
250
Planet
Fitness
Master
Issuer
Series 2018-1A,
Class
A2II
4.666%,
9/5/48 (1)
194
190
Post
Road
Equipment
Finance
Series 2024-1A,
Class
C
5.81%,
10/15/30 (1)
100
100
Progress
Residential
Trust
Series 2020-SFR2,
Class
A
2.078%,
6/17/37 (1)
199
191
SCF
Equipment
Leasing
Series 2023-1A,
Class
A3
6.17%,
5/20/32 (1)
235
241
Sierra
Timeshare
Receivables
Funding
Series 2019-1A,
Class
A
3.20%,
1/20/36 (1)
80
79
Sierra
Timeshare
Receivables
Funding
Series 2019-1A,
Class
C
3.77%,
1/20/36 (1)
40
40
Sierra
Timeshare
Receivables
Funding
Series 2019-3A,
Class
A
2.34%,
8/20/36 (1)
14
13
Sierra
Timeshare
Receivables
Funding
Series 2020-2A,
Class
B
2.32%,
7/20/37 (1)
72
69
Sierra
Timeshare
Receivables
Funding
Series 2021-1A,
Class
B
1.34%,
11/20/37 (1)
66
62
T.
ROWE
PRICE
Short
Duration
Income
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
‡
Sierra
Timeshare
Receivables
Funding
Series 2021-1A,
Class
C
1.79%,
11/20/37 (1)
22
21
Sierra
Timeshare
Receivables
Funding
Series 2021-2A,
Class
A
1.35%,
9/20/38 (1)
70
66
Symphony
Static
I
Series 2021-1A,
Class
C,
CLO,
FRN
3M
TSFR
+
2.112%,
7.436%,
10/25/29 (1)
250
246
Symphony
XXIII
Series 2020-23A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.862%,
7.176%,
1/15/34 (1)
250
250
TCI-Flatiron
Series 2018-1A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.662%,
6.981%,
1/29/32 (1)
250
250
Verdant
Receivables
Series 2023-1A,
Class
A2
6.24%,
1/13/31 (1)
100
100
7,884
Student
Loan
1.1%
Navient
Private
Education
Loan
Trust
Series 2020-A,
Class
A2A
2.46%,
11/15/68 (1)
56
53
Navient
Private
Education
Refi
Loan
Trust
Series 2019-A,
Class
A2A
3.42%,
1/15/43 (1)
29
28
Navient
Private
Education
Refi
Loan
Trust
Series 2019-D,
Class
A2A
3.01%,
12/15/59 (1)
74
70
Navient
Private
Education
Refi
Loan
Trust
Series 2019-GA,
Class
A
2.40%,
10/15/68 (1)
50
47
SMB
Private
Education
Loan
Trust
Series 2016-C,
Class
A2A
2.34%,
9/15/34 (1)
9
9
SMB
Private
Education
Loan
Trust
Series 2017-B,
Class
B
3.50%,
12/16/41 (1)
150
139
SMB
Private
Education
Loan
Trust
Series 2020-A,
Class
A2A
2.23%,
9/15/37 (1)
103
96
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
A2A1,
ARM
1M
TSFR
+
0.844%,
6.162%,
1/15/53 (1)
149
147
589
Total
Asset-Backed
Securities
(Cost
$13,932)
13,863
T.
ROWE
PRICE
Short
Duration
Income
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
‡
BANK
LOANS
1.4%
(3)
Capital
Goods
0.4%
LTI
Holdings,
FRN,
1M
TSFR
+
3.50%,
8.941%,
9/6/25 (2)
204
201
201
Communications
0.4%
Altice
France,
FRN,
1M
USD
LIBOR
+
4.00%,
9.641%,
8/14/26
80
78
Clear
Channel
Outdoor
Holdings,
FRN,
3M
TSFR
+
3.50%,
8/21/26 (2)
80
79
CSC
Holdings,
FRN,
1M
USD
LIBOR
+
2.50%,
7.932%,
4/15/27
80
75
232
Consumer
Non-Cyclical
0.4%
Bausch
+
Lomb,
FRN,
1M
TSFR
+
3.25%,
8.671%,
5/10/27 (2)
130
128
LifePoint
Health,
FRN,
1M
TSFR
+
5.50%,
11.087%,
11/16/28
75
75
203
Insurance
0.2%
Asurion,
FRN,
1M
TSFR
+
3.25%,
8.691%,
12/23/26
135
134
134
Total
Bank
Loans
(Cost
$765)
770
CORPORATE
BONDS
39.0%
Banking
12.1%
Banco
de
Bogota,
6.25%,
5/12/26
200
198
Banco
Santander,
2.746%,
5/28/25
200
193
Banco
Santander
Mexico
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
5.375%,
4/17/25
150
149
Bank
of
America,
VR,
0.976%,
4/22/25 (4)
350
347
Bank
of
America,
VR,
5.08%,
1/20/27 (4)
150
149
Bank
of
Montreal,
5.30%,
6/5/26
200
200
Bank
of
New
York
Mellon,
VR,
4.947%,
4/26/27 (4)
100
99
Bank
of
the
Philippine
Islands,
2.50%,
9/10/24
200
197
Banque
Federative
du
Credit
Mutuel,
4.935%,
1/26/26 (1)
200
199
Barclays,
VR,
5.304%,
8/9/26 (4)
200
199
Barclays,
VR,
7.325%,
11/2/26 (4)
200
205
BBVA
Bancomer,
4.375%,
4/10/24
150
150
CaixaBank,
VR,
6.208%,
1/18/29 (1)(4)
200
203
Capital
One
Financial,
4.25%,
4/30/25 (5)
155
153
Capital
One
Financial,
VR,
5.70%,
2/1/30 (4)(5)
35
35
Capital
One
Financial,
VR,
6.312%,
6/8/29 (4)
225
231
Citigroup,
VR,
0.981%,
5/1/25 (4)
150
149
Danske
Bank,
VR,
5.427%,
3/1/28 (1)(4)
200
200
Fifth
Third
Bancorp,
2.375%,
1/28/25
25
24
Fifth
Third
Bank,
VR,
5.852%,
10/27/25 (4)
250
249
HDFC
Bank,
5.686%,
3/2/26
200
200
T.
ROWE
PRICE
Short
Duration
Income
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
‡
HSBC
Holdings,
4.25%,
3/14/24
200
200
Huntington
National
Bank,
VR,
5.699%,
11/18/25 (4)
250
248
JPMorgan
Chase,
VR,
5.04%,
1/23/28����(4)
95
95
Lloyds
Banking
Group,
4.50%,
11/4/24
200
198
Lloyds
Banking
Group,
VR,
5.462%,
1/5/28 (4)(5)
200
199
NatWest
Group,
VR,
7.472%,
11/10/26 (4)
200
205
PNC
Financial
Services
Group,
VR,
4.758%,
1/26/27 (4)
120
119
PNC
Financial
Services
Group,
VR,
5.30%,
1/21/28 (4)
30
30
PNC
Financial
Services
Group,
VR,
5.671%,
10/28/25 (4)
135
135
Societe
Generale,
2.625%,
10/16/24 (1)
200
196
Societe
Generale,
VR,
5.519%,
1/19/28 (1)(4)
200
198
Standard
Chartered,
VR,
6.17%,
1/9/27 (1)(4)
200
202
Truist
Financial,
VR,
6.047%,
6/8/27 (4)
200
202
U.S.
Bancorp,
VR,
5.384%,
1/23/30 (4)
30
30
UBS
Group,
VR,
4.488%,
5/12/26 (1)(4)
200
197
Wells
Fargo,
VR,
3.908%,
4/25/26 (4)
200
196
Wells
Fargo,
VR,
4.54%,
8/15/26 (4)
150
148
6,527
Basic
Industry
1.0%
Celanese
U.S.
Holdings,
6.05%,
3/15/25
42
42
LG
Chem,
4.375%,
7/14/25
200
197
Nutrien,
4.90%,
3/27/28
50
50
POSCO,
5.625%,
1/17/26 (1)
200
200
Westlake,
0.875%,
8/15/24
25
24
513
Brokerage
Assetmanagers
Exchanges
0.8%
Charles
Schwab,
2.45%,
3/3/27
189
174
LPL
Holdings,
6.75%,
11/17/28
45
47
LSEGA
Financing,
1.375%,
4/6/26 (1)
200
185
406
Capital
Goods
0.3%
Amphenol,
4.75%,
3/30/26
15
15
Carrier
Global,
5.80%,
11/30/25
70
71
Regal
Rexnord,
6.05%,
2/15/26 (1)
75
75
Republic
Services,
4.875%,
4/1/29
20
20
181
Communications
3.3%
American
Tower,
3.55%,
7/15/27
200
190
Axian
Telecom,
7.375%,
2/16/27
200
191
Clear
Channel
Outdoor
Holdings,
5.125%,
8/15/27 (1)
30
28
Crown
Castle,
5.00%,
1/11/28
175
172
Crown
Castle,
5.60%,
6/1/29
105
105
iHeartCommunications,
6.375%,
5/1/26 (5)
170
145
PT
Tower
Bersama
Infrastructure,
4.25%,
1/21/25
200
197
Sable
International
Finance,
5.75%,
9/7/27 (1)
200
192
T.
ROWE
PRICE
Short
Duration
Income
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
‡
SBA
Tower
Trust,
6.599%,
1/15/28 (1)
115
118
Take-Two
Interactive
Software,
5.00%,
3/28/26
150
149
Townsquare
Media,
6.875%,
2/1/26 (1)
165
159
Warnermedia
Holdings,
3.755%,
3/15/27
155
147
1,793
Consumer
Cyclical
5.2%
Advance
Auto
Parts,
5.90%,
3/9/26
140
140
Allied
Universal
Holdco,
6.625%,
7/15/26 (1)
72
72
Carnival,
7.625%,
3/1/26 (1)
145
146
CEC
Entertainment,
6.75%,
5/1/26 (1)
75
74
Daimler
Truck
Finance
North
America,
5.00%,
1/15/27 (1)
150
150
Daimler
Truck
Finance
North
America,
5.15%,
1/16/26 (1)
150
149
Ford
Motor
Credit,
5.125%,
6/16/25
200
198
Ford
Motor
Credit,
6.798%,
11/7/28
200
207
General
Motors
Financial,
5.40%,
4/6/26
155
155
General
Motors
Financial,
5.40%,
5/8/27
80
80
Hyundai
Capital
America,
5.50%,
3/30/26 (1)
80
80
Hyundai
Capital
America,
5.65%,
6/26/26 (1)
200
201
Hyundai
Capital
America,
6.25%,
11/3/25 (1)
50
51
Life
Time,
5.75%,
1/15/26 (1)
76
75
Marriott
International,
4.90%,
4/15/29
21
21
Nordstrom,
2.30%,
4/8/24
155
154
O'Reilly
Automotive,
5.75%,
11/20/26
30
30
Stellantis
Finance
U.S.,
1.711%,
1/29/27 (1)
200
181
Studio
City
Finance,
6.00%,
7/15/25
200
197
Tapestry,
7.05%,
11/27/25
20
20
VF,
2.40%,
4/23/25
150
144
VF,
2.80%,
4/23/27
100
91
Volkswagen
Group
of
America
Finance,
6.00%,
11/16/26 (1)
200
203
2,819
Consumer
Non-Cyclical
2.9%
Brunswick,
0.85%,
8/18/24
115
112
CHS,
8.00%,
3/15/26 (1)
59
59
CSL
Finance,
3.85%,
4/27/27 (1)
25
24
HCA,
5.25%,
4/15/25
200
199
HCA,
5.875%,
2/15/26
150
151
Hikma
Finance
USA,
3.25%,
7/9/25
200
193
IQVIA,
6.25%,
2/1/29
65
67
Kimberly-Clark
de
Mexico,
3.80%,
4/8/24
200
200
Legacy
LifePoint
Health,
4.375%,
2/15/27 (1)
140
129
Mattel,
5.875%,
12/15/27 (1)
150
149
Solventum,
5.45%,
2/25/27 (1)
105
105
Teva
Pharmaceutical
Finance
Netherlands
III,
3.15%,
10/1/26
185
171
1,559
T.
ROWE
PRICE
Short
Duration
Income
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
‡
Electric
2.5%
AES,
3.30%,
7/15/25 (1)
100
96
American
Electric
Power,
5.20%,
1/15/29
105
105
American
Electric
Power,
5.699%,
8/15/25
90
90
Constellation
Energy
Generation,
3.25%,
6/1/25
200
194
DTE
Energy,
STEP,
4.22%,
11/1/24
65
64
Engie
Energia
Chile,
4.50%,
1/29/25
200
197
NextEra
Energy
Capital
Holdings,
5.749%,
9/1/25
115
116
NRG
Energy,
3.75%,
6/15/24 (1)
150
149
Pacific
Gas
&
Electric,
3.50%,
6/15/25
100
97
PacifiCorp,
5.10%,
2/15/29
30
30
Southern,
STEP,
4.475%,
8/1/24
125
124
Vistra
Operations,
5.125%,
5/13/25 (1)
58
58
1,320
Energy
3.5%
Columbia
Pipelines
Holding,
6.055%,
8/15/26 (1)
5
5
Continental
Resources,
3.80%,
6/1/24
50
50
Crescent
Energy
Finance,
9.25%,
2/15/28 (1)
120
125
Enbridge,
5.90%,
11/15/26
60
61
Enbridge,
6.00%,
11/15/28
50
52
Energean
Israel
Finance,
4.875%,
3/30/26 (1)
169
158
Energy
Transfer,
2.90%,
5/15/25
100
97
Ferrellgas,
5.375%,
4/1/26 (1)
175
173
Leviathan
Bond,
6.125%,
6/30/25 (1)
256
250
Matador
Resources,
5.875%,
9/15/26
92
91
ONEOK,
5.55%,
11/1/26
60
60
Southwestern
Energy,
8.375%,
9/15/28
175
182
Targa
Resources
Partners,
6.50%,
7/15/27
45
45
Targa
Resources
Partners,
6.875%,
1/15/29
255
263
TER
Finance
Jersey,
Series 21,
Zero
Coupon,
1/2/25 (1)
100
94
Williams,
5.30%,
8/15/28
200
201
1,907
Finance
Companies
1.4%
AerCap
Ireland
Capital,
1.65%,
10/29/24
215
209
AerCap
Ireland
Capital,
6.10%,
1/15/27
150
152
Avolon
Holdings
Funding,
3.95%,
7/1/24 (1)
100
99
Avolon
Holdings
Funding,
6.375%,
5/4/28 (1)
115
117
GATX,
5.40%,
3/15/27
40
40
Navient,
5.00%,
3/15/27
85
80
OneMain
Finance,
3.50%,
1/15/27
85
78
775
Financial
Other
0.7%
Emaar
Sukuk,
3.635%,
9/15/26
200
192
EMG
SUKUK,
4.564%,
6/18/24
200
199
391
T.
ROWE
PRICE
Short
Duration
Income
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
‡
Industrial
Other
0.7%
Albion
Financing
1,
6.125%,
10/15/26 (1)(5)
200
197
Bidvest
Group
U.K.,
3.625%,
9/23/26
200
187
384
Insurance
2.4%
Athene
Global
Funding,
1.716%,
1/7/25 (1)
225
217
Athene
Global
Funding,
5.684%,
2/23/26 (1)
230
229
Brighthouse
Financial
Global
Funding,
1.00%,
4/12/24 (1)
25
25
CNO
Global
Funding,
1.65%,
1/6/25 (1)
150
144
CNO
Global
Funding,
1.75%,
10/7/26 (1)
150
136
Corebridge
Financial,
3.65%,
4/5/27
200
190
Corebridge
Global
Funding,
5.20%,
1/12/29 (1)
40
40
Humana,
1.35%,
2/3/27
70
63
Humana,
5.75%,
3/1/28
25
25
Jackson
National
Life
Global
Funding,
5.50%,
1/9/26 (1)
175
174
Principal
Life
Global
Funding
II,
5.00%,
1/16/27 (1)
35
35
1,278
Natural
Gas
0.1%
NiSource,
5.25%,
3/30/28
25
25
25
Real
Estate
Investment
Trusts
0.8%
MPT
Operating
Partnership,
5.00%,
10/15/27 (5)
95
77
MPT
Operating
Partnership,
5.25%,
8/1/26 (5)
115
102
Park
Intermediate
Holdings,
7.50%,
6/1/25 (1)
95
96
Service
Properties
Trust,
7.50%,
9/15/25
175
177
452
Technology
1.0%
CA
Magnum
Holdings,
5.375%,
10/31/26
200
193
Micron
Technology,
5.375%,
4/15/28
150
150
SK
Hynix,
6.25%,
1/17/26 (1)
200
202
545
Transportation
0.3%
Penske
Truck
Leasing,
5.35%,
1/12/27 (1)
40
40
Penske
Truck
Leasing,
5.75%,
5/24/26 (1)
105
105
145
Total
Corporate
Bonds
(Cost
$21,131)
21,020
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
2.1%
Government
Sponsored
0.3%
MEGlobal
Canada
ULC,
5.00%,
5/18/25
200
198
198
Owned
No
Guarantee
1.8%
Bank
Mandiri
Persero,
5.50%,
4/4/26
200
201
T.
ROWE
PRICE
Short
Duration
Income
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
‡
Bank
Negara
Indonesia
Persero,
3.75%,
3/30/26
200
191
DAE
Funding,
1.55%,
8/1/24
200
196
QNB
Finance,
1.375%,
1/26/26
200
185
State
Bank
of
India,
1.80%,
7/13/26
200
184
957
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$1,173)
1,155
MUNICIPAL
SECURITIES
0.2%
Michigan
0.2%
Detroit,
Social
Bonds,
Series B,
GO,
2.189%,
4/1/24
125
125
Total
Municipal
Securities
(Cost
$125)
125
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
9.8%
Collateralized
Mortgage
Obligations
3.7%
Barclays
Mortgage
Loan
Trust
Series 2021-NQM1,
Class
A3,
CMO,
ARM
2.189%,
9/25/51 (1)
64
55
Bellemeade
Re
Series 2022-1,
Class
M1B,
CMO,
ARM
SOFR30A
+
2.15%,
7.472%,
1/26/32 (1)
300
301
COLT
Mortgage
Loan
Trust
Series 2020-3,
Class
A1,
CMO,
ARM
1.506%,
4/27/65 (1)
13
12
Connecticut
Avenue
Securities
Trust
Series 2021-R01,
Class
1M2,
CMO,
ARM
SOFR30A
+
1.55%,
6.872%,
10/25/41 (1)
200
201
Deephaven
Residential
Mortgage
Trust
Series 2021-1,
Class
A3,
CMO,
ARM
1.128%,
5/25/65 (1)
22
21
Flagstar
Mortgage
Trust
Series 2019-1INV,
Class
A11,
CMO,
ARM
1M
TSFR
+
1.064%,
5.50%,
10/25/49 (1)
16
15
Flagstar
Mortgage
Trust
Series 2020-1INV,
Class
A11,
CMO,
ARM
1M
TSFR
+
0.964%,
6.00%,
3/25/50 (1)
27
26
Freddie
Mac
Whole
Loan
Securities
Trust
Series 2017-SC02,
Class
M1,
CMO,
ARM
3.864%,
5/25/47 (1)
191
182
JPMorgan
Mortgage
Trust
Series 2019-INV2,
Class
A3,
CMO,
ARM
3.50%,
2/25/50 (1)
79
72
T.
ROWE
PRICE
Short
Duration
Income
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
‡
New
Residential
Mortgage
Loan
Trust
Series 2021-NQ1R,
Class
A3,
CMO,
ARM
1.198%,
7/25/55 (1)
53
45
OBX
Trust
Series 2019-EXP3,
Class
1A9,
CMO,
ARM
3.50%,
10/25/59 (1)
122
108
OBX
Trust
Series 2019-INV1,
Class
A3,
CMO,
ARM
4.50%,
11/25/48 (1)
26
25
OBX
Trust
Series 2019-INV2,
Class
A25,
CMO,
ARM
4.00%,
5/27/49 (1)
42
38
OBX
Trust
Series 2020-EXP1,
Class
2A1B,
CMO,
ARM
1M
TSFR
+
0.864%,
6.185%,
2/25/60 (1)
75
70
OBX
Trust
Series 2023-NQM10,
Class
A2,
CMO,
STEP
6.92%,
10/25/63 (1)
97
98
Radnor
RE
Series 2021-2,
Class
M1A,
CMO,
ARM
SOFR30A
+
1.85%,
7.172%,
11/25/31 (1)
31
31
Starwood
Mortgage
Residential
Trust
Series 2020-INV1,
Class
A3,
CMO,
ARM
1.593%,
11/25/55 (1)
22
20
Structured
Agency
Credit
Risk
Debt
Notes
Series 2021-DNA5,
Class
M2,
CMO,
ARM
SOFR30A
+
1.65%,
6.972%,
1/25/34 (1)
60
60
Structured
Agency
Credit
Risk
Debt
Notes
Series 2023-HQA3,
Class
A1,
CMO,
ARM
SOFR30A
+
1.85%,
7.172%,
11/25/43 (1)
99
100
Verus
Securitization
Trust
Series 2019-4,
Class
A1,
CMO,
STEP
3.642%,
11/25/59 (1)
7
7
Verus
Securitization
Trust
Series 2019-INV3,
Class
A3,
CMO,
ARM
4.10%,
11/25/59 (1)
86
83
Verus
Securitization
Trust
Series 2020-1,
Class
A3,
CMO,
STEP
3.724%,
1/25/60 (1)
66
63
Verus
Securitization
Trust
Series 2021-2,
Class
A3,
CMO,
ARM
1.545%,
2/25/66 (1)
132
114
Verus
Securitization
Trust
Series 2023-8,
Class
A2,
CMO,
STEP
6.664%,
12/25/68 (1)
112
112
T.
ROWE
PRICE
Short
Duration
Income
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
‡
Verus
Securitization
Trust
Series 2023-INV3,
Class
A2,
CMO,
ARM
7.33%,
11/25/68 (1)
113
114
1,973
Commercial
Mortgage-Backed
Securities
6.0%
Alen
Mortgage
Trust
Series 2021-ACEN,
Class
A,
ARM
1M
TSFR
+
1.264%,
6.582%,
4/15/34 (1)
100
91
BAMLL
Commercial
Mortgage
Securities
Trust
Series 2018-DSNY,
Class
B,
ARM
1M
TSFR
+
1.447%,
6.765%,
9/15/34 (1)
100
100
BAMLL
Commercial
Mortgage
Securities
Trust
Series 2021-JACX,
Class
E,
ARM
1M
TSFR
+
3.864%,
9.182%,
9/15/38 (1)
100
75
BANK
Series 2019-BN23,
Class
A1
1.975%,
12/15/52
6
6
BBCMS
Mortgage
Trust
Series 2020-BID,
Class
A,
ARM
1M
TSFR
+
2.254%,
7.572%,
10/15/37 (1)
250
248
BFLD
Series 2019-DPLO,
Class
D,
ARM
1M
TSFR
+
1.954%,
7.272%,
10/15/34 (1)
100
100
BX
Commercial
Mortgage
Trust
Series 2019-IMC,
Class
A,
ARM
1M
TSFR
+
1.046%,
6.364%,
4/15/34 (1)
160
159
BX
Commercial
Mortgage
Trust
Series 2019-IMC,
Class
D,
ARM
1M
TSFR
+
1.946%,
7.264%,
4/15/34 (1)
202
201
BX
Trust
Series 2021-ARIA,
Class
C,
ARM
1M
TSFR
+
1.76%,
7.078%,
10/15/36 (1)
160
157
CD
Mortgage
Trust
Series 2016-CD1,
Class
B,
ARM
3.077%,
8/10/49
100
73
Citigroup
Commercial
Mortgage
Trust
Series 2013-375P,
Class
B,
ARM
3.518%,
5/10/35 (1)
150
141
Citigroup
Commercial
Mortgage
Trust
Series 2016-C1,
Class
AS
3.514%,
5/10/49
200
188
Cold
Storage
Trust
Series 2020-ICE5,
Class
C,
ARM
1M
TSFR
+
1.764%,
7.086%,
11/15/37 (1)
147
147
Commercial
Mortgage
Trust
Series 2014-UBS2,
Class
B
4.701%,
3/10/47
76
73
T.
ROWE
PRICE
Short
Duration
Income
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
‡
Commercial
Mortgage
Trust
Series 2017-PANW,
Class
D,
ARM
3.935%,
10/10/29 (1)
109
96
Eleven
Madison
Mortgage
Trust
Series 2015-11MD,
Class
A,
ARM
3.555%,
9/10/35 (1)
170
158
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC
Series K060,
Class
A1
2.958%,
7/25/26
80
78
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC
Series K084,
Class
A2,
ARM
3.78%,
10/25/28
250
240
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC
Series K085,
Class
A2,
ARM
4.06%,
10/25/28
106
103
Great
Wolf
Trust
Series 2019-WOLF,
Class
B,
ARM
1M
TSFR
+
1.648%,
6.966%,
12/15/36 (1)
125
125
Great
Wolf
Trust
Series 2019-WOLF,
Class
E,
ARM
1M
TSFR
+
3.046%,
8.364%,
12/15/36 (1)
125
124
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series 2018-WPT,
Class
BFL,
ARM
1M
TSFR
+
1.489%,
6.813%,
7/5/33 (1)
59
52
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series 2020-609M,
Class
B,
ARM
1M
TSFR
+
2.134%,
7.452%,
10/15/33 (1)
100
93
LSTAR
Commercial
Mortgage
Trust
Series 2015-3,
Class
B,
ARM
3.133%,
4/20/48 (1)
147
143
Med
Trust
Series 2021-MDLN,
Class
F,
ARM
1M
TSFR
+
4.114%,
9.432%,
11/15/38 (1)
100
99
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series 2015-C24,
Class
AS,
ARM
4.036%,
5/15/48
190
177
3,247
Residential
Mortgage
0.1%
Finance
of
America
HECM
Buyout
Series 2022-HB2,
Class
A1A,
ARM
4.00%,
8/1/32 (1)
62
60
60
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$5,521)
5,280
T.
ROWE
PRICE
Short
Duration
Income
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
‡
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
2.8%
U.S.
Government
Agency
Obligations
1.3%
Federal
Home
Loan
Mortgage,
UMBS,
6.00%,
2/1/53
114
116
Federal
National
Mortgage
Assn.,
UMBS
4.50%,
10/1/37
230
226
6.00%,
7/1/53
-
8/1/53
360
363
705
U.S.
Government
Obligations
1.5%
Government
National
Mortgage
Assn.
3.50%,
5/20/47
-
11/20/47
432
396
4.50%,
6/20/51
199
193
6.00%,
2/20/40
-
12/20/40
205
212
801
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$1,508)
1,506
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
15.8%
Government
Sponsored
1.2%
Federal
Home
Loan
Banks,
5.00%,
2/28/25
630
629
629
U.S.
Treasury
Obligations
14.6%
U.S.
Treasury
Notes,
4.125%,
6/15/26
620
614
U.S.
Treasury
Notes,
4.25%,
12/31/25
385
382
U.S.
Treasury
Notes,
4.25%,
1/31/26
1,830
1,817
U.S.
Treasury
Notes,
4.375%,
8/15/26
500
498
U.S.
Treasury
Notes,
4.375%,
12/15/26
295
295
U.S.
Treasury
Notes,
4.50%,
11/15/25
685
682
U.S.
Treasury
Notes,
4.625%,
2/28/25
200
199
U.S.
Treasury
Notes,
4.625%,
10/15/26
480
482
U.S.
Treasury
Notes,
5.00%,
9/30/25
1,015
1,018
U.S.
Treasury
Notes,
5.00%,
10/31/25 (6)
1,875
1,882
7,869
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$8,498)
8,498
SHORT-TERM
INVESTMENTS
4.7%
Commercial
Paper
2.8%
4(2)
2.8%(7)
Brunswick,
6.021%,
3/15/24
300
299
Harley
Davidson
Financial
Services,
6.028%,
3/13/24
300
300
T.
ROWE
PRICE
Short
Duration
Income
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
‡
Ovintiv,
6.153%,
3/20/24
300
299
Stanley
Black
&
Decker,
6.03%,
3/21/24
300
299
Walgreens
Boots
Alliance,
6.435%,
4/1/24
300
298
1,495
Money
Market
Funds
1.9%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (8)(9)
1,014
1,014
1,014
Total
Short-Term
Investments
(Cost
$2,509)
2,509
SECURITIES
LENDING
COLLATERAL
1.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
1.2%
Money
Market
Funds
1.2%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (8)(9)
641
641
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
641
Total
Securities
Lending
Collateral
(Cost
$641)
641
Total
Investments
in
Securities
102.7%
(Cost
$55,803)
$
55,367
Other
Assets
Less
Liabilities
(2.7)%
(1,461)
Net
Assets
100.0%
$
53,906
‡
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
$22,761
and
represents
42.2%
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)
Bank
loan
positions
may
involve
multiple
underlying
tranches.
In
those
instances,
the
position
presented
reflects
the
aggregate
of
those
respective
underlying
tranches
and
the
rate
presented
reflects
the
weighted
average
rate
of
the
settled
positions.
(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.
T.
ROWE
PRICE
Short
Duration
Income
Fund
19
.
.
.
.
.
.
.
.
.
.
(5)
All
or
a
portion
of
this
security
is
on
loan
at
February
29,
2024.
(6)
At
February
29,
2024,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/
or
margin
deposit
to
cover
future
funding
obligations.
(7)
Commercial
paper
exempt
from
registration
under
Section
4(2)
of
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
dealers
in
that
program
or
other
"accredited
investors".
Total
value
of
such
securities
at
period-end
amounts
to
$1,495
and
represents
2.8%
of
net
assets.
(8)
Seven-day
yield
(9)
Affiliated
Companies
T.
ROWE
PRICE
Short
Duration
Income
Fund
20
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
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
GO
General
Obligation
PTC
Pass-Through
Certificate
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
UMBS
Uniform
Mortgage-Backed
Securities
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Short
Duration
Income
Fund
21
(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:
Markit
CDX.NA.IG-S41,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
253
6
5
1
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
1
Total
Centrally
Cleared
Swaps
1
Net
payments
(receipts)
of
variation
margin
to
date
(1)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
—
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
less
than
$1.
T.
ROWE
PRICE
Short
Duration
Income
Fund
22
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
2
U.S.
Treasury
Notes
five
year
contracts
6/24
(214)
$
—
Short,
8
U.S.
Treasury
Notes
ten
year
contracts
6/24
(883)
—
Long,
57
U.S.
Treasury
Notes
two
year
contracts
6/24
11,671
2
Short,
4
Ultra
U.S.
Treasury
Notes
ten
year
contracts
6/24
(457)
(1)
Long,
11
Three
Month
SOFR
Futures
contracts
9/24
2,609
(11)
Net
payments
(receipts)
of
variation
margin
to
date
8
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(2)
T.
ROWE
PRICE
Short
Duration
Income
Fund
23
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%
$
—
$
—
$
26++
Totals
$
—#
$
—
$
26+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/23
Purchase
Cost
Sales
Cost
Value
02/29/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
145
¤
¤
$
1,655
Total
$
1,655^
#
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
$26
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$1,655.
T.
ROWE
PRICE
Short
Duration
Income
Fund
Unaudited
Notes
to
Portfolio
of
Investments
24
T.
Rowe
Price
Short
Duration
Income
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Short
Duration
Income
Fund
25
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
T.
ROWE
PRICE
Short
Duration
Income
Fund
26
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):
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.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
52,217
$
—
$
52,217
Short-Term
Investments
1,014
1,495
—
2,509
Securities
Lending
Collateral
641
—
—
641
Total
Securities
1,655
53,712
—
55,367
Swaps*
—
1
—
1
Futures
Contracts*
2
—
—
2
Total
$
1,657
$
53,713
$
—
$
55,370
Liabilities
Futures
Contracts*
$
12
$
—
$
—
$
12
1
Includes
Asset-Backed
Securities,
Bank
Loans,
Corporate
Bonds,
Foreign
Government
Obligations
&
Municipalities,
Municipal
Securities,
Non-U.S.
Government
Mortgage-Backed
Securities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
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
Short
Duration
Income
Fund
27
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.
F1305-054Q3
02/24