T.
ROWE
PRICE
Short-Term
Bond
Fund
February
29,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
16.0%
Car
Loan
6.0%
Ally
Auto
Receivables
Trust
Series
2023-A,
Class
B
6.01%,
1/17/34 (1)
1,052
1,051
Ally
Auto
Receivables
Trust
Series
2023-A,
Class
C
6.08%,
1/17/34 (1)
1,947
1,958
AmeriCredit
Automobile
Receivables
Trust
Series
2020-1,
Class
C
1.59%,
10/20/25
1,041
1,037
AmeriCredit
Automobile
Receivables
Trust
Series
2020-1,
Class
D
1.80%,
12/18/25
14,235
14,017
AmeriCredit
Automobile
Receivables
Trust
Series
2021-1,
Class
C
0.89%,
10/19/26
6,385
6,135
AmeriCredit
Automobile
Receivables
Trust
Series
2021-1,
Class
D
1.21%,
12/18/26
3,945
3,716
AmeriCredit
Automobile
Receivables
Trust
Series
2021-2,
Class
D
1.29%,
6/18/27
8,770
8,103
Avis
Budget
Rental
Car
Funding
AESOP
Series
2018-2A,
Class
C
4.95%,
3/20/25 (1)
526
525
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-2A,
Class
B
3.55%,
9/22/25 (1)
4,265
4,228
Avis
Budget
Rental
Car
Funding
AESOP
Series
2020-1A,
Class
A
2.33%,
8/20/26 (1)
3,950
3,796
Avis
Budget
Rental
Car
Funding
AESOP
Series
2022-5A,
Class
C
6.24%,
4/20/27 (1)
2,065
2,064
Avis
Budget
Rental
Car
Funding
AESOP
Series
2023-2A,
Class
C
6.18%,
10/20/27 (1)
1,455
1,453
CarMax
Auto
Owner
Trust
Series
2020-1,
Class
C
2.34%,
11/17/25
2,965
2,961
CarMax
Auto
Owner
Trust
Series
2020-4,
Class
D
1.75%,
4/15/27
4,290
4,146
CarMax
Auto
Owner
Trust
Series
2021-2,
Class
C
1.34%,
2/16/27
4,605
4,355
T.
ROWE
PRICE
Short-Term
Bond
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
CarMax
Auto
Owner
Trust
Series
2023-3,
Class
B
5.47%,
2/15/29
1,595
1,591
CarMax
Auto
Owner
Trust
Series
2023-3,
Class
C
5.61%,
2/15/29
5,070
5,055
CarMax
Auto
Owner
Trust
Series
2023-3,
Class
D
6.44%,
12/16/30
2,515
2,521
CarMax
Auto
Owner
Trust
Series
2023-4,
Class
B
6.39%,
5/15/29
8,020
8,227
CarMax
Auto
Owner
Trust
Series
2023-4,
Class
C
6.58%,
5/15/29
8,020
8,227
CarMax
Auto
Owner
Trust
Series
2024-1,
Class
A4
4.94%,
8/15/29
1,845
1,836
CarMax
Auto
Owner
Trust
Series
2024-1,
Class
C
5.47%,
8/15/29
3,605
3,591
Carvana
Auto
Receivables
Trust
Series
2022-N1,
Class
C
3.32%,
12/11/28 (1)
503
488
Carvana
Auto
Receivables
Trust
Series
2022-P1,
Class
A4
3.52%,
2/10/28
12,850
12,317
Enterprise
Fleet
Financing
Series
2023-2,
Class
A2
5.56%,
4/22/30 (1)
11,695
11,702
Enterprise
Fleet
Financing
Series
2023-3,
Class
A2
6.40%,
3/20/30 (1)
7,545
7,661
Exeter
Automobile
Receivables
Trust
Series
2022-2A,
Class
C
3.85%,
7/17/28
6,660
6,566
Exeter
Automobile
Receivables
Trust
Series
2022-4A,
Class
D
5.98%,
12/15/28
4,100
4,088
Exeter
Automobile
Receivables
Trust
Series
2022-5A,
Class
C
6.51%,
12/15/27
12,400
12,472
Exeter
Automobile
Receivables
Trust
Series
2023-1A,
Class
D
6.69%,
6/15/29
485
491
Ford
Credit
Auto
Lease
Trust
Series
2022-A,
Class
C
4.18%,
10/15/25
13,100
12,934
T.
ROWE
PRICE
Short-Term
Bond
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
Ford
Credit
Auto
Lease
Trust
Series
2023-B,
Class
B
6.20%,
2/15/27
1,290
1,308
Ford
Credit
Auto
Lease
Trust
Series
2023-B,
Class
C
6.43%,
4/15/27
2,440
2,485
Ford
Credit
Auto
Owner
Trust
Series
2020-1,
Class
B
2.29%,
8/15/31 (1)
5,140
4,974
Ford
Credit
Auto
Owner
Trust
Series
2020-2,
Class
C
1.74%,
4/15/33 (1)
4,600
4,294
Ford
Credit
Auto
Owner
Trust
Series
2020-B,
Class
C
2.04%,
12/15/26
7,465
7,453
Ford
Credit
Auto
Owner
Trust
Series
2023-A,
Class
B
5.07%,
1/15/29
2,655
2,628
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2023-1,
Class
C
5.75%,
5/15/28 (1)
2,985
2,951
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2023-1,
Class
D
6.62%,
5/15/28 (1)
3,590
3,546
GM
Financial
Automobile
Leasing
Trust
Series
2022-3,
Class
C
5.13%,
8/20/26
10,120
10,027
GM
Financial
Automobile
Leasing
Trust
Series
2023-1,
Class
C
5.76%,
1/20/27
2,405
2,409
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
Series
2023-1,
Class
A
6.18%,
8/25/28 (1)
3,325
3,343
Santander
Bank
Series
2021-1A,
Class
B
1.833%,
12/15/31 (1)
372
364
Santander
Bank
Auto
Credit-Linked
Notes
Series
2022-B,
Class
A2
5.587%,
8/16/32 (1)
1,915
1,907
Santander
Bank
Auto
Credit-Linked
Notes
Series
2022-B,
Class
C
5.916%,
8/16/32 (1)
1,183
1,180
Santander
Bank
Auto
Credit-Linked
Notes
Series
2022-C,
Class
A2
6.024%,
12/15/32 (1)
1,417
1,417
Santander
Bank
Auto
Credit-Linked
Notes
Series
2022-C,
Class
B
6.451%,
12/15/32 (1)
1,422
1,423
T.
ROWE
PRICE
Short-Term
Bond
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
Santander
Bank
Auto
Credit-Linked
Notes
Series
2023-B,
Class
A2
5.644%,
12/15/33 (1)
1,387
1,389
Santander
Bank
Auto
Credit-Linked
Notes
Series
2023-B,
Class
C
5.933%,
12/15/33 (1)
1,315
1,316
Santander
Bank
Auto
Credit-Linked
Notes
Series
2023-B,
Class
D
6.663%,
12/15/33 (1)
4,150
4,156
Santander
Consumer
Auto
Receivables
Trust
Series
2021-BA,
Class
C
3.09%,
3/15/29 (1)
3,105
3,007
Santander
Drive
Auto
Receivables
Trust
Series
2020-4,
Class
E
2.85%,
4/17/28 (1)
11,230
10,913
Santander
Drive
Auto
Receivables
Trust
Series
2021-4,
Class
D
1.67%,
10/15/27
9,480
8,980
Santander
Retail
Auto
Lease
Trust
Series
2021-A,
Class
C
1.14%,
3/20/26 (1)
8,939
8,914
Santander
Retail
Auto
Lease
Trust
Series
2021-B,
Class
D
1.41%,
11/20/25 (1)
6,710
6,642
Santander
Retail
Auto
Lease
Trust
Series
2021-C,
Class
C
1.11%,
3/20/26 (1)
5,315
5,256
SBNA
Auto
Lease
Trust
Series
2024-A,
Class
A3
5.39%,
11/20/26 (1)
1,795
1,795
SBNA
Auto
Lease
Trust
Series
2024-A,
Class
A4
5.24%,
1/22/29 (1)
1,715
1,711
SFS
Auto
Receivables
Securitization
Trust
Series
2024-1A,
Class
A3
4.95%,
5/21/29 (1)
2,000
1,990
SFS
Auto
Receivables
Securitization
Trust
Series
2024-1A,
Class
C
5.51%,
1/20/32 (1)
655
655
U.S.
Bank
Series
2023-1,
Class
B
6.789%,
8/25/32 (1)
361
363
World
Omni
Auto
Receivables
Trust
Series
2020-A,
Class
C
1.64%,
8/17/26
3,390
3,384
World
Omni
Auto
Receivables
Trust
Series
2022-A,
Class
C
2.55%,
9/15/28
4,240
3,982
T.
ROWE
PRICE
Short-Term
Bond
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
World
Omni
Select
Auto
Trust
Series
2020-A,
Class
B
0.84%,
6/15/26
576
574
World
Omni
Select
Auto
Trust
Series
2020-A,
Class
C
1.25%,
10/15/26
4,660
4,576
280,624
Other
Asset-Backed
Securities
8.3%
Amur
Equipment
Finance
Receivables
XIII
Series
2024-1A,
Class
A2
5.38%,
1/21/31 (1)
2,155
2,148
Amur
Equipment
Finance
Receivables
XIII
Series
2024-1A,
Class
C
5.55%,
1/21/31 (1)
1,515
1,508
Apidos
XVIII
Series
2018-18A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.15%,
10/22/30 (1)(2)
9,785
9,785
Auxilior
Term
Funding
Series
2023-1A,
Class
A2
6.18%,
12/15/28 (1)
6,900
6,930
Ballyrock
Series
2021-1A,
Class
A1,
CLO,
FRN
3M
TSFR
+
1.322%,
6.636%,
4/15/34 (1)
2,280
2,274
BRE
Grand
Islander
Timeshare
Issuer
Series
2019-A,
Class
A
3.28%,
9/26/33 (1)
1,226
1,171
Cedar
Funding
XIV
Series
2021-14A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.362%,
6.676%,
7/15/33 (1)
10,480
10,486
CIFC
Funding
Series
2021-4A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.312%,
6.626%,
7/15/33 (1)
15,375
15,380
Dell
Equipment
Finance
Trust
Series
2023-3,
Class
D
6.75%,
10/22/29 (1)
820
830
DLLAA
Series
2023-1A,
Class
A3
5.64%,
2/22/28 (1)
4,710
4,761
DLLST
Series
2024-1A,
Class
A3
5.05%,
8/20/27 (1)
1,720
1,712
DLLST
Series
2024-1A,
Class
A4
4.93%,
4/22/30 (1)
465
461
Driven
Brands
Funding
Series
2018-1A,
Class
A2
4.739%,
4/20/48 (1)
10,526
10,336
T.
ROWE
PRICE
Short-Term
Bond
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
Driven
Brands
Funding
Series
2019-2A,
Class
A2
3.981%,
10/20/49 (1)
2,408
2,276
Dryden
Series
2020-86A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.362%,
6.678%,
7/17/34 (1)
9,145
9,139
Elara
HGV
Timeshare
Issuer
Series
2017-A,
Class
A
2.69%,
3/25/30 (1)
333
322
Elara
HGV
Timeshare
Issuer
Series
2019-A,
Class
A
2.61%,
1/25/34 (1)
1,788
1,702
Elara
HGV
Timeshare
Issuer
Series
2023-A,
Class
A
6.16%,
2/25/38 (1)
3,107
3,153
Elara
HGV
Timeshare
Issuer
Series
2023-A,
Class
C
7.30%,
2/25/38 (1)
2,667
2,708
FirstKey
Homes
Trust
Series
2020-SFR1,
Class
A
1.339%,
8/17/37 (1)
10,161
9,532
FirstKey
Homes
Trust
Series
2020-SFR1,
Class
C
1.941%,
8/17/37 (1)
6,850
6,433
FirstKey
Homes
Trust
Series
2020-SFR2,
Class
D
1.968%,
10/19/37 (1)
7,535
7,000
FOCUS
Brands
Funding
Series
2017-1A,
Class
A2II
5.093%,
4/30/47 (1)
6,127
5,945
Galaxy
Xxiv
Series
2017-24A,
Class
D,
CLO,
FRN
3M
TSFR
+
2.712%,
8.026%,
1/15/31 (1)
2,050
2,050
Goldentree
Loan
Opportunities
XI
Series
2015-11A,
Class
CR2,
CLO,
FRN
3M
TSFR
+
2.012%,
7.31%,
1/18/31 (1)
6,205
6,170
Hardee's
Funding
Series
2018-1A,
Class
A23
5.71%,
6/20/48 (1)
2,674
2,523
Hardee's
Funding
Series
2018-1A,
Class
A2II
4.959%,
6/20/48 (1)
1,450
1,403
Hardee's
Funding
Series
2020-1A,
Class
A2
3.981%,
12/20/50 (1)
2,842
2,539
Hardee's
Funding
Series
2021-1A,
Class
A2
2.865%,
6/20/51 (1)
2,116
1,783
T.
ROWE
PRICE
Short-Term
Bond
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
Hilton
Grand
Vacations
Trust
Series
2019-AA,
Class
A
2.34%,
7/25/33 (1)
486
462
Hilton
Grand
Vacations
Trust
Series
2019-AA,
Class
B
2.54%,
7/25/33 (1)
1,001
948
Hilton
Grand
Vacations
Trust
Series
2020-AA,
Class
A
2.74%,
2/25/39 (1)
704
666
Hilton
Grand
Vacations
Trust
Series
2022-1D,
Class
A
3.61%,
6/20/34 (1)
1,488
1,425
Hilton
Grand
Vacations
Trust
Series
2023-1A,
Class
B
6.11%,
1/25/38 (1)
8,118
8,125
Hilton
Grand
Vacations
Trust
Series
2023-1A,
Class
C
6.94%,
1/25/38 (1)
1,514
1,518
HPEFS
Equipment
Trust
Series
2021-2A,
Class
D
1.29%,
3/20/29 (1)
3,915
3,831
HPEFS
Equipment
Trust
Series
2023-1A,
Class
B
5.73%,
4/20/28 (1)
6,910
6,896
HPEFS
Equipment
Trust
Series
2023-1A,
Class
C
5.91%,
4/20/28 (1)
4,315
4,306
HPEFS
Equipment
Trust
Series
2023-2A,
Class
C
6.48%,
1/21/31 (1)
1,440
1,457
HPEFS
Equipment
Trust
Series
2023-2A,
Class
D
6.97%,
7/21/31 (1)
3,042
3,093
HPEFS
Equipment
Trust
Series
2024-1A,
Class
C
5.33%,
5/20/31 (1)
8,335
8,282
Jamestown
VI
Series
2018-6RA,
Class
B,
CLO,
FRN
3M
TSFR
+
2.262%,
7.586%,
4/25/30 (1)
2,670
2,658
KKR
Series
29A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.462%,
6.776%,
1/15/32 (1)
8,250
8,265
Madison
Park
Funding
XXIII
Series
2017-23A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.232%,
6.551%,
7/27/31 (1)
10,433
10,454
Madison
Park
Funding
XXIII
Series
2017-23A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.812%,
7.131%,
7/27/31 (1)
7,810
7,815
T.
ROWE
PRICE
Short-Term
Bond
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
Madison
Park
Funding
XXXIII
Series
2019-33A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.29%,
6.604%,
10/15/32 (1)
13,845
13,852
Madison
Park
Funding
XXXV
Series
2019-35A,
Class
CR,
CLO,
FRN
3M
TSFR
+
2.162%,
7.479%,
4/20/32 (1)
745
740
Madison
Park
Funding
XXXVII
Series
2019-37A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.332%,
6.646%,
7/15/33 (1)
7,285
7,300
Magnetite
XXV
Series
2020-25A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.462%,
6.786%,
1/25/32 (1)
8,065
8,065
Marble
Point
XII
Series
2018-1A,
Class
A,
CLO,FRN
3M
TSFR
+
1.27%,
6.586%,
7/16/31 (1)
4,457
4,460
Marble
Point
XIV
Series
2018-2A,
Class
A12R,
CLO,
FRN
3M
TSFR
+
1.20%,
1/20/32 (1)(2)
14,755
14,755
MidOcean
Credit
XI
Series
2022-11A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.73%,
7.096%,
10/18/33 (1)
3,670
3,693
MidOcean
Credit
XI
Series
2022-11A,
Class
BR,
CLO,
FRN
3M
TSFR
+
2.65%,
8.016%,
10/18/33 (1)
5,500
5,527
MMAF
Equipment
Finance
Series
2021-A,
Class
A5
1.19%,
11/13/43 (1)
1,430
1,311
MVW
Series
2020-1A,
Class
B
2.73%,
10/20/37 (1)
793
753
MVW
Series
2021-1WA,
Class
B
1.44%,
1/22/41 (1)
476
442
MVW
Series
2023-1A,
Class
A
4.93%,
10/20/40 (1)
8,546
8,399
MVW
Series
2023-2A,
Class
A
6.18%,
11/20/40 (1)
4,166
4,261
MVW
Series
2023-2A,
Class
B
6.33%,
11/20/40 (1)
769
787
Neuberger
Berman
Loan
Advisers
Series
2017-26A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.662%,
6.96%,
10/18/30 (1)
7,575
7,571
Neuberger
Berman
Loan
Advisers
Series
2019-32A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.252%,
6.561%,
1/20/32 (1)
14,325
14,339
T.
ROWE
PRICE
Short-Term
Bond
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
Neuberger
Berman
XVII
Series
2014-17A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.292%,
6.609%,
4/22/29 (1)
7,032
7,042
Oaktree
Series
2022-2A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.55%,
6.864%,
7/15/33 (1)
6,040
6,029
OCP
Series
2017-13A,
Class
A2R,
CLO,
FRN
3M
TSFR
+
1.812%,
7.126%,
7/15/30 (1)
5,510
5,513
Octane
Receivables
Trust
Series
2021-2A,
Class
A
1.21%,
9/20/28 (1)
1,404
1,371
Octane
Receivables
Trust
Series
2022-1A,
Class
B
4.90%,
5/22/28 (1)
5,025
4,935
Octane
Receivables
Trust
Series
2023-1A,
Class
A
5.87%,
5/21/29 (1)
439
439
Octane
Receivables
Trust
Series
2023-1A,
Class
B
5.96%,
7/20/29 (1)
2,695
2,690
Octane
Receivables
Trust
Series
2023-3A,
Class
B
6.48%,
7/20/29 (1)
1,570
1,583
Octane
Receivables
Trust
Series
2023-3A,
Class
C
6.74%,
8/20/29 (1)
515
520
Octane
Receivables
Trust
Series
2023-3A,
Class
D
7.58%,
9/20/29 (1)
425
430
OZLM
Funding
II
Series
2012-2A,
Class
A1A2,
CLO,
FRN
3M
TSFR
+
1.20%,
6.51%,
7/30/31 (1)
9,400
9,388
OZLM
XXI
Series
2017-21A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.15%,
6.473%,
1/20/31 (1)
14,605
14,605
Post
Road
Equipment
Finance
Series
2024-1A,
Class
A2
5.59%,
11/15/29 (1)
695
694
Progress
Residential
Trust
Series
2020-SFR2,
Class
A
2.078%,
6/17/37 (1)
1,869
1,789
Progress
Residential
Trust
Series
2020-SFR3,
Class
C
1.695%,
10/17/27 (1)
2,000
1,863
Sierra
Timeshare
Receivables
Funding
Series
2019-1A,
Class
A
3.20%,
1/20/36 (1)
430
429
T.
ROWE
PRICE
Short-Term
Bond
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
Sierra
Timeshare
Receivables
Funding
Series
2019-2A,
Class
A
2.59%,
5/20/36 (1)
1,390
1,375
Sierra
Timeshare
Receivables
Funding
Series
2019-2A,
Class
B
2.82%,
5/20/36 (1)
264
260
Sierra
Timeshare
Receivables
Funding
Series
2019-3A,
Class
A
2.34%,
8/20/36 (1)
2,094
2,000
Sierra
Timeshare
Receivables
Funding
Series
2020-2A,
Class
C
3.51%,
7/20/37 (1)
855
827
Signal
Peak
Series
2018-5A,
Class
D,
CLO,
FRN
3M
TSFR
+
2.912%,
8.236%,
4/25/31 (1)
1,055
1,039
Symphony
Static
I
Series
2021-1A,
Class
B,
CLO,
FRN
3M
TSFR
+
1.712%,
7.036%,
10/25/29 (1)
11,545
11,309
Symphony
XXIII
Series
2020-23A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.282%,
6.596%,
1/15/34 (1)
3,578
3,585
Symphony
XXVI
Series
2021-26A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.342%,
6.659%,
4/20/33 (1)
4,230
4,229
Verdant
Receivables
Series
2023-1A,
Class
A2
6.24%,
1/13/31 (1)
5,322
5,327
388,187
Student
Loan
1.5%
Navient
Private
Education
Loan
Trust
Series
2020-A,
Class
A2A
2.46%,
11/15/68 (1)
3,457
3,236
Navient
Private
Education
Refi
Loan
Trust
Series
2019-A,
Class
A2A
3.42%,
1/15/43 (1)
2,011
1,951
Navient
Private
Education
Refi
Loan
Trust
Series
2019-EA,
Class
A2A
2.64%,
5/15/68 (1)
3,538
3,345
Navient
Private
Education
Refi
Loan
Trust
Series
2019-GA,
Class
A
2.40%,
10/15/68 (1)
5,257
4,921
Navient
Private
Education
Refi
Loan
Trust
Series
2020-BA,
Class
A2
2.12%,
1/15/69 (1)
1,947
1,786
Navient
Private
Education
Refi
Loan
Trust
Series
2020-CA,
Class
A2A
2.15%,
11/15/68 (1)
13,210
12,235
T.
ROWE
PRICE
Short-Term
Bond
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
Navient
Private
Education
Refi
Loan
Trust
Series
2020-DA,
Class
A
1.69%,
5/15/69 (1)
2,093
1,901
Navient
Private
Education
Refi
Loan
Trust
Series
2020-FA,
Class
A
1.22%,
7/15/69 (1)
2,269
2,049
Navient
Private
Education
Refi
Loan
Trust
Series
2020-GA,
Class
A
1.17%,
9/16/69 (1)
1,370
1,229
Navient
Private
Education
Refi
Loan
Trust
Series
2020-HA,
Class
A
1.31%,
1/15/69 (1)
1,187
1,091
Nelnet
Student
Loan
Trust
Series
2005-4,
Class
A4,
FRN
SOFR90A
+
0.442%,
5.794%,
3/22/32
2,461
2,353
Nelnet
Student
Loan
Trust
Series
2020-1A,
Class
A,
FRN
1M
TSFR
+
0.854%,
6.175%,
3/26/68 (1)
1,426
1,414
Nelnet
Student
Loan
Trust
Series
2021-CA,
Class
AFX
1.32%,
4/20/62 (1)
8,009
7,228
Nelnet
Student
Loan
Trust
Series
2021-DA,
Class
AFX
1.63%,
4/20/62 (1)
2,753
2,514
SMB
Private
Education
Loan
Trust
Series
2014-A,
Class
A3,
FRN
1M
TSFR
+
1.614%,
6.932%,
4/15/32 (1)
662
662
SMB
Private
Education
Loan
Trust
Series
2016-B,
Class
A2A
2.43%,
2/17/32 (1)
944
924
SMB
Private
Education
Loan
Trust
Series
2016-C,
Class
A2B,
FRN
1M
TSFR
+
1.214%,
6.532%,
9/15/34 (1)
1,364
1,365
SMB
Private
Education
Loan
Trust
Series
2018-B,
Class
A2B,
FRN
1M
TSFR
+
0.834%,
6.152%,
1/15/37 (1)
4,779
4,748
SMB
Private
Education
Loan
Trust
Series
2020-B,
Class
A1A
1.29%,
7/15/53 (1)
1,441
1,311
SMB
Private
Education
Loan
Trust
Series
2020-PTB,
Class
A2A
1.60%,
9/15/54 (1)
5,397
4,895
SMB
Private
Education
Loan
Trust
Series
2021-B,
Class
A
1.31%,
7/17/51 (1)
7,110
6,442
67,600
T.
ROWE
PRICE
Short-Term
Bond
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
Whole
Business
0.2%
Wheels
Fleet
Lease
Funding
1
Series
2023-2A,
Class
A
6.46%,
8/18/38 (1)
9,280
9,364
9,364
Total
Asset-Backed
Securities
(Cost
$753,845)
745,775
CORPORATE
BONDS
47.3%
FINANCIAL
INSTITUTIONS
18.4%
Banking
12.2%
ABN
AMRO
Bank,
VR,
6.339%,
9/18/27 (1)(3)
4,000
4,069
Ally
Financial,
3.875%,
5/21/24
9,890
9,844
American
Express,
2.25%,
3/4/25
12,785
12,401
American
Express,
VR,
5.098%,
2/16/28 (3)
2,625
2,615
Banco
Santander,
3.496%,
3/24/25
8,200
8,040
Banco
Santander,
VR,
5.742%,
6/30/24 (3)
3,000
3,000
Banco
Santander
Mexico
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
5.375%,
4/17/25
8,000
7,955
Banco
Santander
Mexico
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
5.375%,
4/17/25 (1)
1,865
1,854
Bank
of
America,
VR,
0.976%,
4/22/25 (3)
9,040
8,972
Bank
of
America,
VR,
1.734%,
7/22/27 (3)
5,125
4,699
Bank
of
America,
VR,
3.384%,
4/2/26 (3)
7,560
7,383
Bank
of
America,
VR,
3.841%,
4/25/25 (3)(4)
5,330
5,316
Bank
of
America,
VR,
5.08%,
1/20/27 (3)
3,965
3,943
Bank
of
Montreal,
3.70%,
6/7/25
10,110
9,905
Bank
of
Montreal,
5.30%,
6/5/26
5,440
5,450
Bank
of
Montreal,
Series
H,
4.25%,
9/14/24
5,025
4,987
Bank
of
New
York
Mellon,
VR,
4.414%,
7/24/26 (3)
6,645
6,540
Bank
of
New
York
Mellon,
VR,
4.947%,
4/26/27 (3)
6,805
6,741
Bank
of
New
York
Mellon,
VR,
5.148%,
5/22/26 (3)
4,875
4,865
Banque
Federative
du
Credit
Mutuel,
0.998%,
2/4/25 (1)
9,745
9,368
Banque
Federative
du
Credit
Mutuel,
4.935%,
1/26/26 (1)
4,965
4,928
Barclays,
VR,
5.304%,
8/9/26 (3)
4,510
4,481
Barclays,
VR,
7.325%,
11/2/26 (3)
4,915
5,041
BPCE,
4.50%,
3/15/25 (1)
9,765
9,578
CaixaBank,
VR,
6.208%,
1/18/29 (1)(3)
7,245
7,367
CaixaBank,
VR,
6.684%,
9/13/27 (1)(3)
6,125
6,227
Capital
One
Financial,
4.25%,
4/30/25
1,490
1,469
Capital
One
Financial,
VR,
2.636%,
3/3/26 (3)
7,645
7,399
Capital
One
Financial,
VR,
4.985%,
7/24/26 (3)
5,995
5,938
Capital
One
Financial,
VR,
5.70%,
2/1/30 (3)(4)
3,105
3,116
Capital
One
Financial,
VR,
6.312%,
6/8/29 (3)
3,000
3,077
T.
ROWE
PRICE
Short-Term
Bond
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
Capital
One
Financial,
VR,
7.149%,
10/29/27 (3)
2,860
2,951
Citigroup,
4.40%,
6/10/25
4,390
4,322
Citigroup,
VR,
0.981%,
5/1/25 (3)(4)
7,545
7,479
Citigroup,
VR,
3.106%,
4/8/26 (3)
4,035
3,919
Citigroup,
VR,
4.14%,
5/24/25 (3)
7,260
7,224
Citigroup,
VR,
5.174%,
2/13/30 (3)
4,635
4,592
Credicorp,
2.75%,
6/17/25 (1)
2,715
2,601
Danske
Bank,
VR,
3.773%,
3/28/25 (1)(3)
5,275
5,261
Danske
Bank,
VR,
5.427%,
3/1/28 (1)(3)
4,760
4,769
Danske
Bank,
VR,
6.259%,
9/22/26 (1)(3)
3,080
3,113
Discover
Bank,
2.45%,
9/12/24
1,390
1,364
Discover
Financial
Services,
3.95%,
11/6/24
2,715
2,683
Fifth
Third
Bancorp,
VR,
6.339%,
7/27/29 (3)
2,490
2,557
Fifth
Third
Bancorp,
VR,
6.361%,
10/27/28 (3)
1,200
1,218
Fifth
Third
Bank,
2.25%,
2/1/27
540
497
Fifth
Third
Bank,
VR,
5.852%,
10/27/25 (3)
13,720
13,671
Goldman
Sachs
Group,
3.50%,
4/1/25
7,425
7,268
Goldman
Sachs
Group,
5.70%,
11/1/24
2,915
2,915
Goldman
Sachs
Group,
FRN,
SOFR
+
0.486%,
5.831%,
10/21/24
4,580
4,580
Goldman
Sachs
Group,
VR,
4.482%,
8/23/28 (3)
4,835
4,723
Goldman
Sachs
Group,
VR,
SOFR
+
0.505%,
5.859%,
9/10/24
4,990
4,990
HSBC
Holdings,
VR,
1.645%,
4/18/26 (3)
12,655
12,089
Huntington
National
Bank,
VR,
5.699%,
11/18/25 (3)
3,105
3,080
ING
Groep,
VR,
6.083%,
9/11/27 (3)
4,110
4,162
JPMorgan
Chase,
FRN,
SOFR
+
0.885%,
6.23%,
4/22/27
5,480
5,494
JPMorgan
Chase,
VR,
0.824%,
6/1/25 (3)
8,300
8,191
JPMorgan
Chase,
VR,
2.083%,
4/22/26 (3)
13,190
12,661
JPMorgan
Chase,
VR,
4.08%,
4/26/26 (3)
7,690
7,567
JPMorgan
Chase,
VR,
5.04%,
1/23/28 (3)
4,620
4,606
Lloyds
Banking
Group,
4.50%,
11/4/24
4,744
4,698
Lloyds
Banking
Group,
VR,
5.462%,
1/5/28 (3)
4,660
4,645
Mitsubishi
UFJ
Financial
Group,
VR,
0.953%,
7/19/25 (3)
9,285
9,119
Morgan
Stanley,
VR,
1.164%,
10/21/25 (3)
6,525
6,329
Morgan
Stanley,
VR,
2.63%,
2/18/26 (3)
7,180
6,976
Morgan
Stanley,
VR,
3.62%,
4/17/25 (3)
4,160
4,148
Morgan
Stanley,
VR,
6.138%,
10/16/26 (3)
6,730
6,811
Morgan
Stanley
Bank,
4.754%,
4/21/26
5,725
5,675
NatWest
Markets,
0.80%,
8/12/24 (1)
6,020
5,889
NatWest
Markets,
3.479%,
3/22/25 (1)
3,600
3,523
Northern
Trust,
3.95%,
10/30/25
4,035
3,952
PNC
Financial
Services
Group,
VR,
4.758%,
1/26/27 (3)
7,035
6,943
PNC
Financial
Services
Group,
VR,
5.30%,
1/21/28 (3)
1,945
1,943
PNC
Financial
Services
Group,
VR,
5.671%,
10/28/25 (3)
9,110
9,096
PNC
Financial
Services
Group,
VR,
5.812%,
6/12/26 (3)(4)
2,525
2,529
Royal
Bank
of
Canada,
4.875%,
1/19/27
10,690
10,629
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (3)
5,540
5,010
T.
ROWE
PRICE
Short-Term
Bond
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
Societe
Generale,
2.625%,
10/16/24 (1)
1,120
1,098
Societe
Generale,
VR,
5.519%,
1/19/28 (1)(3)
11,970
11,835
Standard
Chartered,
4.30%,
2/19/27 (1)(4)
2,937
2,819
Standard
Chartered,
VR,
1.214%,
3/23/25 (1)(3)
520
518
Standard
Chartered,
VR,
1.822%,
11/23/25 (1)(3)
3,965
3,849
State
Street,
5.272%,
8/3/26
7,550
7,562
State
Street,
VR,
4.857%,
1/26/26 (3)
3,080
3,064
State
Street,
VR,
5.104%,
5/18/26 (3)
4,620
4,602
Synchrony
Financial,
4.25%,
8/15/24
16,585
16,464
Toronto-Dominion
Bank,
4.285%,
9/13/24
12,675
12,587
Toronto-Dominion
Bank,
5.532%,
7/17/26
11,650
11,753
Truist
Financial,
FRN,
SOFR
+
0.40%,
5.754%,
6/9/25
6,125
6,110
U.S.
Bancorp,
VR,
4.548%,
7/22/28 (3)(4)
11,895
11,617
U.S.
Bancorp,
VR,
5.727%,
10/21/26 (3)
4,020
4,037
UBS
Group,
VR,
1.494%,
8/10/27 (1)(3)(4)
3,200
2,887
UBS
Group,
VR,
4.488%,
5/12/26 (1)(3)
2,465
2,421
UBS
Group,
VR,
4.49%,
8/5/25 (1)(3)
6,380
6,349
UBS
Group,
VR,
6.327%,
12/22/27 (1)(3)
6,100
6,198
Wells
Fargo,
VR,
2.188%,
4/30/26 (3)
5,935
5,686
Wells
Fargo,
VR,
3.908%,
4/25/26 (3)
7,870
7,725
Wells
Fargo,
VR,
4.54%,
8/15/26 (3)
7,470
7,370
571,581
Brokerage
Asset
Managers
Exchanges
0.8%
Charles
Schwab,
2.45%,
3/3/27
16,134
14,880
Charles
Schwab,
3.20%,
3/2/27
3,330
3,163
LPL
Holdings,
6.75%,
11/17/28
2,275
2,370
LSEGA
Financing,
0.65%,
4/6/24 (1)
13,435
13,366
Nasdaq,
5.65%,
6/28/25
1,155
1,159
34,938
Finance
Companies
1.4%
AerCap
Ireland
Capital,
1.65%,
10/29/24
4,392
4,275
AerCap
Ireland
Capital,
6.10%,
1/15/27
3,965
4,016
AerCap
Ireland
Capital,
6.45%,
4/15/27 (1)
11,189
11,450
Avolon
Holdings
Funding,
2.125%,
2/21/26 (1)
9,215
8,548
Avolon
Holdings
Funding,
2.875%,
2/15/25 (1)
7,180
6,956
Avolon
Holdings
Funding,
3.95%,
7/1/24 (1)
2,230
2,210
Avolon
Holdings
Funding,
5.75%,
3/1/29 (1)
4,810
4,746
Avolon
Holdings
Funding,
6.375%,
5/4/28 (1)
2,200
2,229
GATX,
3.25%,
3/30/25
6,715
6,530
GATX,
3.25%,
9/15/26
3,544
3,374
GATX,
3.85%,
3/30/27
1,932
1,851
GATX,
5.40%,
3/15/27
4,745
4,743
SMBC
Aviation
Capital
Finance,
3.55%,
4/15/24 (1)
4,855
4,840
65,768
T.
ROWE
PRICE
Short-Term
Bond
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
Financial
Other
0.2%
LeasePlan,
2.875%,
10/24/24 (1)
11,692
11,472
11,472
Insurance
3.3%
Athene
Global
Funding,
1.716%,
1/7/25 (1)
12,540
12,102
Athene
Global
Funding,
2.514%,
3/8/24 (1)
15,230
15,211
Athene
Global
Funding,
5.684%,
2/23/26 (1)
6,780
6,757
Brighthouse
Financial
Global
Funding,
1.00%,
4/12/24 (1)
7,275
7,224
Brighthouse
Financial
Global
Funding,
1.55%,
5/24/26 (1)
1,680
1,533
CNO
Global
Funding,
1.65%,
1/6/25 (1)
8,042
7,747
CNO
Global
Funding,
1.75%,
10/7/26 (1)
10,016
9,057
Corebridge
Financial,
3.50%,
4/4/25
5,855
5,717
Corebridge
Global
Funding,
5.20%,
1/12/29 (1)
2,300
2,276
Elevance
Health,
5.35%,
10/15/25
2,325
2,323
Equitable
Financial
Life
Global
Funding,
1.00%,
1/9/26 (1)
490
450
Equitable
Financial
Life
Global
Funding,
1.10%,
11/12/24 (1)
7,095
6,864
Equitable
Financial
Life
Global
Funding,
1.70%,
11/12/26 (1)
2,095
1,895
Equitable
Financial
Life
Global
Funding,
5.50%,
12/2/25 (1)
3,500
3,494
First
American
Financial,
4.60%,
11/15/24
2,840
2,817
Health
Care
Service
A
Mutual
Legal
Reserve,
1.50%,
6/1/25 (1)
11,700
11,142
Humana,
1.35%,
2/3/27
3,515
3,149
Humana,
3.85%,
10/1/24
6,064
5,996
Humana,
4.50%,
4/1/25
4,125
4,079
Humana,
5.75%,
3/1/28
2,290
2,330
Jackson
National
Life
Global
Funding,
1.75%,
1/12/25 (1)
8,265
8,002
Northwestern
Mutual
Global
Funding,
4.35%,
9/15/27 (1)
5,950
5,775
Principal
Life
Global
Funding
II,
0.75%,
4/12/24 (1)
4,970
4,947
Principal
Life
Global
Funding
II,
0.875%,
1/12/26 (1)
5,795
5,334
Principal
Life
Global
Funding
II,
5.00%,
1/16/27 (1)
3,175
3,185
UnitedHealth
Group,
3.70%,
5/15/27
7,965
7,704
UnitedHealth
Group,
5.25%,
2/15/28 (4)
4,825
4,904
152,014
Real
Estate
Investment
Trusts
0.5%
Brixmor
Operating
Partnership,
3.65%,
6/15/24
1,975
1,962
Kilroy
Realty,
4.375%,
10/1/25
2,355
2,290
Public
Storage
Operating,
FRN,
SOFR
+
0.47%,
5.815%,
4/23/24
4,245
4,250
Realty
Income,
5.05%,
1/13/26
1,780
1,770
Simon
Property
Group,
2.00%,
9/13/24
3,350
3,279
WP
Carey,
4.60%,
4/1/24 (4)
8,290
8,278
21,829
Total
Financial
Institutions
857,602
INDUSTRIAL
25.8%
Basic
Industry
1.3%
ArcelorMittal,
3.60%,
7/16/24
3,220
3,189
Celanese
U.S.
Holdings,
6.05%,
3/15/25
4,340
4,356
T.
ROWE
PRICE
Short-Term
Bond
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
Celulosa
Arauco
y
Constitucion,
4.50%,
8/1/24
5,349
5,305
Ecolab,
1.65%,
2/1/27
2,900
2,650
Ecolab,
5.25%,
1/15/28
5,670
5,752
LYB
International
Finance
III,
1.25%,
10/1/25
5,631
5,253
Nucor,
3.95%,
5/23/25
3,585
3,529
Nutrien,
4.90%,
3/27/28
2,955
2,923
POSCO,
4.375%,
8/4/25
7,200
7,080
POSCO,
5.625%,
1/17/26 (1)
6,020
6,027
Sherwin-Williams,
4.25%,
8/8/25
2,980
2,934
Steel
Dynamics,
2.80%,
12/15/24
5,070
4,937
Westlake,
0.875%,
8/15/24
5,460
5,328
59,263
Capital
Goods
1.2%
Amcor
Flexibles
North
America,
4.00%,
5/17/25
5,355
5,250
Amphenol,
2.05%,
3/1/25
6,720
6,485
Amphenol,
4.75%,
3/30/26
9,211
9,130
Carrier
Global,
2.242%,
2/15/25
1,909
1,849
Carrier
Global,
5.80%,
11/30/25
3,640
3,668
Mohawk
Industries,
5.85%,
9/18/28 (4)
3,565
3,628
Otis
Worldwide,
2.056%,
4/5/25
7,965
7,656
Owens
Corning,
3.40%,
8/15/26
795
758
Parker-Hannifin,
3.65%,
6/15/24
11,495
11,425
Regal
Rexnord,
6.05%,
2/15/26 (1)
4,655
4,681
Republic
Services,
0.875%,
11/15/25
1,566
1,452
Republic
Services,
4.875%,
4/1/29
2,085
2,078
58,060
Communications
5.2%
American
Tower,
1.60%,
4/15/26
11,099
10,294
American
Tower,
2.40%,
3/15/25
4,733
4,576
American
Tower,
3.55%,
7/15/27
4,480
4,246
AT&T,
4.10%,
2/15/28
2,395
2,304
Charter
Communications
Operating,
4.908%,
7/23/25
27,430
27,056
Charter
Communications
Operating,
6.15%,
11/10/26
2,995
3,016
Cox
Communications,
3.15%,
8/15/24 (1)
13,268
13,094
Cox
Communications,
3.50%,
8/15/27 (1)
2,570
2,425
Crown
Castle,
1.05%,
7/15/26
9,140
8,260
Crown
Castle,
2.90%,
3/15/27
7,465
6,955
Crown
Castle,
4.45%,
2/15/26
4,475
4,393
Crown
Castle,
5.00%,
1/11/28
2,340
2,307
Crown
Castle,
5.60%,
6/1/29
3,540
3,556
Crown
Castle
Towers,
4.241%,
7/15/28 (1)
2,075
1,977
KT,
4.00%,
8/8/25 (1)
8,770
8,598
NTT
Finance,
0.583%,
3/1/24 (1)
4,120
4,120
NTT
Finance,
4.239%,
7/25/25 (1)
1,630
1,602
Rogers
Communications,
2.95%,
3/15/25
10,585
10,296
Rogers
Communications,
3.20%,
3/15/27
9,100
8,560
T.
ROWE
PRICE
Short-Term
Bond
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
Rogers
Communications,
5.00%,
2/15/29
7,010
6,943
SBA
Tower
Trust,
1.631%,
11/15/26 (1)(4)
4,260
3,821
SBA
Tower
Trust,
1.884%,
1/15/26 (1)
2,480
2,296
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
9,510
9,215
SBA
Tower
Trust,
6.599%,
1/15/28 (1)
7,561
7,733
SBA
Tower
Trust,
Series
2014-2A,
Class
C,
STEP,
3.869%,
10/15/49 (1)
2,540
2,512
T-Mobile
USA,
2.625%,
4/15/26
2,755
2,610
T-Mobile
USA,
3.50%,
4/15/25
7,685
7,514
Take-Two
Interactive
Software,
3.30%,
3/28/24
242
241
Take-Two
Interactive
Software,
3.55%,
4/14/25
3,135
3,070
Take-Two
Interactive
Software,
4.95%,
3/28/28
6,000
5,946
Take-Two
Interactive
Software,
5.00%,
3/28/26
9,055
9,006
Verizon
Communications,
0.85%,
11/20/25
11,600
10,765
Verizon
Communications,
1.45%,
3/20/26
9,810
9,097
Verizon
Communications,
2.625%,
8/15/26
11,075
10,445
Warnermedia
Holdings,
3.755%,
3/15/27
20,340
19,261
Warnermedia
Holdings,
6.412%,
3/15/26
3,375
3,367
241,477
Consumer
Cyclical
4.7%
Advance
Auto
Parts,
5.90%,
3/9/26
5,550
5,529
AutoZone,
6.25%,
11/1/28
4,435
4,606
Daimler
Truck
Finance
North
America,
1.625%,
12/13/24 (1)
7,760
7,521
Daimler
Truck
Finance
North
America,
5.00%,
1/15/27 (1)
2,215
2,209
Daimler
Truck
Finance
North
America,
5.15%,
1/16/26 (1)
2,165
2,157
Daimler
Truck
Finance
North
America,
5.20%,
1/17/25 (1)
2,745
2,736
Dollar
General,
4.625%,
11/1/27
6,000
5,876
Dollar
General,
5.20%,
7/5/28
4,099
4,095
Ford
Motor
Credit,
5.125%,
6/16/25
7,190
7,119
Ford
Motor
Credit,
5.80%,
3/5/27
5,830
5,794
General
Motors
Financial,
2.90%,
2/26/25 (4)
13,795
13,415
General
Motors
Financial,
5.40%,
4/6/26
3,685
3,680
General
Motors
Financial,
5.40%,
5/8/27
2,895
2,891
Genuine
Parts,
1.75%,
2/1/25
2,980
2,875
Hyundai
Capital
America,
0.875%,
6/14/24 (1)
5,795
5,713
Hyundai
Capital
America,
1.00%,
9/17/24 (1)
3,765
3,667
Hyundai
Capital
America,
5.25%,
1/8/27 (1)
2,440
2,431
Hyundai
Capital
America,
5.50%,
3/30/26 (1)
3,270
3,273
Hyundai
Capital
America,
5.60%,
3/30/28 (1)
4,300
4,336
Hyundai
Capital
America,
6.25%,
11/3/25 (1)
3,100
3,130
Hyundai
Capital
Services,
2.125%,
4/24/25 (1)
2,800
2,691
Lowe's,
3.35%,
4/1/27
2,275
2,168
Lowe's,
4.80%,
4/1/26
4,745
4,711
Marriott
International,
3.60%,
4/15/24
11,722
11,682
Marriott
International,
3.75%,
3/15/25
1,345
1,318
Marriott
International,
4.90%,
4/15/29 (4)
1,480
1,463
Marriott
International,
5.45%,
9/15/26
2,225
2,231
T.
ROWE
PRICE
Short-Term
Bond
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
Marriott
International,
Series
EE,
5.75%,
5/1/25
1,381
1,385
Mercedes-Benz
Finance
North
America,
4.80%,
3/30/26 (1)
5,025
4,990
Mercedes-Benz
Finance
North
America,
4.80%,
1/11/27 (1)(4)
14,430
14,345
Nordstrom,
2.30%,
4/8/24
1,280
1,274
O'Reilly
Automotive,
5.75%,
11/20/26
4,570
4,633
PACCAR
Financial,
4.60%,
1/31/29
12,655
12,503
Ross
Stores,
0.875%,
4/15/26
6,748
6,166
Ross
Stores,
4.60%,
4/15/25
15,624
15,457
Starbucks,
4.75%,
2/15/26
5,815
5,771
Tapestry,
7.00%,
11/27/26
1,130
1,161
Tapestry,
7.05%,
11/27/25
940
958
VF,
2.40%,
4/23/25
10,443
10,011
VF,
2.80%,
4/23/27
5,330
4,822
Volkswagen
Group
of
America
Finance,
3.95%,
6/6/25 (1)
5,185
5,077
Volkswagen
Group
of
America
Finance,
5.70%,
9/12/26 (1)
3,870
3,908
Volkswagen
Group
of
America
Finance,
5.80%,
9/12/25 (1)
4,550
4,568
Volkswagen
Group
of
America
Finance,
6.00%,
11/16/26 (1)
4,520
4,597
220,943
Consumer
Non-Cyclical
6.8%
AbbVie,
2.60%,
11/21/24
20,860
20,436
AbbVie,
2.95%,
11/21/26
14,705
13,944
AbbVie,
4.80%,
3/15/27
4,845
4,834
Astrazeneca
Finance,
1.20%,
5/28/26
12,035
11,080
BAT
International
Finance,
1.668%,
3/25/26
7,140
6,615
BAT
International
Finance,
4.448%,
3/16/28
13,155
12,671
Becton
Dickinson
&
Company,
3.734%,
12/15/24
2,160
2,129
Becton
Dickinson
&
Company,
4.693%,
2/13/28
10,060
9,895
Bristol-Myers
Squibb,
4.90%,
2/22/27
3,610
3,610
Bristol-Myers
Squibb,
4.90%,
2/22/29
6,405
6,394
Bristol-Myers
Squibb,
4.95%,
2/20/26
2,700
2,698
Brunswick,
0.85%,
8/18/24
10,060
9,823
Cardinal
Health,
3.079%,
6/15/24
5,115
5,070
Cardinal
Health,
3.50%,
11/15/24
6,185
6,085
Coca-Cola
Europacific
Partners,
0.80%,
5/3/24 (1)
14,655
14,520
Coca-Cola
Europacific
Partners,
1.50%,
1/15/27 (1)
1,091
984
CSL
Finance,
3.85%,
4/27/27 (1)
2,575
2,481
CVS
Health,
1.30%,
8/21/27
11,154
9,812
CVS
Health,
2.875%,
6/1/26
3,470
3,299
CVS
Health,
3.00%,
8/15/26 (4)
2,945
2,796
CVS
Health,
5.00%,
2/20/26
6,970
6,939
Hasbro,
3.00%,
11/19/24
13,727
13,469
HCA,
3.125%,
3/15/27
7,560
7,098
HCA,
5.375%,
2/1/25
4,260
4,233
HCA,
5.875%,
2/15/26
5,890
5,912
Imperial
Brands
Finance,
3.125%,
7/26/24 (1)
13,435
13,267
Imperial
Brands
Finance,
4.25%,
7/21/25 (1)
7,761
7,601
T.
ROWE
PRICE
Short-Term
Bond
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
IQVIA,
6.25%,
2/1/29
3,065
3,153
JDE
Peet's,
0.80%,
9/24/24 (1)
4,440
4,299
Kenvue,
5.35%,
3/22/26
3,085
3,104
Mars,
4.55%,
4/20/28 (1)
9,340
9,205
Mattel,
3.375%,
4/1/26 (1)
5,109
4,847
Mattel,
5.875%,
12/15/27 (1)
5,750
5,729
Mondelez
International,
2.625%,
3/17/27
5,415
5,050
Mondelez
International
Holdings
Netherlands,
4.25%,
9/15/25 (1)
3,950
3,890
PeaceHealth
Obligated
Group,
Series
2020,
1.375%,
11/15/25
1,555
1,445
Perrigo
Finance
Unlimited,
3.90%,
12/15/24
5,988
5,883
Pfizer
Investment
Enterprises,
4.45%,
5/19/28
7,090
6,960
Philip
Morris
International,
4.875%,
2/13/26
5,920
5,894
Solventum,
5.45%,
2/25/27 (1)
8,885
8,885
Utah
Acquisition
Sub,
3.95%,
6/15/26
11,199
10,813
Viatris,
1.65%,
6/22/25
12,497
11,845
Viatris,
2.30%,
6/22/27
5,092
4,600
Viterra
Finance,
4.90%,
4/21/27 (1)
7,230
7,077
Zoetis,
5.40%,
11/14/25
6,720
6,723
317,097
Energy
2.8%
Aker
BP,
2.00%,
7/15/26 (1)
1,994
1,838
Canadian
Natural
Resources,
2.05%,
7/15/25
11,415
10,896
Canadian
Natural
Resources,
3.80%,
4/15/24
1,890
1,885
Cheniere
Corpus
Christi
Holdings,
5.875%,
3/31/25
10,955
10,952
Columbia
Pipelines
Holding,
6.055%,
8/15/26 (1)
1,060
1,073
DCP
Midstream
Operating,
5.375%,
7/15/25
12,541
12,516
Enbridge,
2.50%,
1/15/25
9,500
9,256
Enbridge,
2.50%,
2/14/25
4,350
4,230
Enbridge,
5.90%,
11/15/26 (4)
2,765
2,813
Enbridge,
6.00%,
11/15/28 (4)
2,270
2,348
Energy
Transfer,
2.90%,
5/15/25
1,860
1,801
Energy
Transfer,
4.25%,
4/1/24
455
454
Energy
Transfer,
6.05%,
12/1/26
10,455
10,650
Gray
Oak
Pipeline,
2.60%,
10/15/25 (1)
3,115
2,965
ONEOK,
5.55%,
11/1/26
4,840
4,871
Ovintiv,
5.65%,
5/15/25
5,605
5,599
Pioneer
Natural
Resources,
5.10%,
3/29/26
6,135
6,122
Sabine
Pass
Liquefaction,
5.625%,
3/1/25
8,540
8,519
Sabine
Pass
Liquefaction,
5.75%,
5/15/24
1,287
1,286
TER
Finance
Jersey,
Series
21,
Zero
Coupon,
1/2/25 (1)
6,200
5,846
TransCanada
PipeLines,
6.203%,
3/9/26
11,255
11,255
Williams,
5.40%,
3/2/26 (4)
11,725
11,741
128,916
Technology
2.4%
CDW,
5.50%,
12/1/24
2,690
2,673
Fidelity
National
Information
Services,
0.60%,
3/1/24
4,700
4,699
T.
ROWE
PRICE
Short-Term
Bond
Fund
20
Par/Shares
$
Value
(Amounts
in
000s)
Fidelity
National
Information
Services,
4.50%,
7/15/25
3,965
3,924
Fiserv,
2.75%,
7/1/24
13,355
13,226
Fiserv,
5.15%,
3/15/27
5,895
5,890
Fortinet,
1.00%,
3/15/26
5,710
5,232
Microchip
Technology,
0.983%,
9/1/24
8,380
8,177
Micron
Technology,
4.185%,
2/15/27
1,110
1,074
Micron
Technology,
4.975%,
2/6/26
1,110
1,102
Micron
Technology,
5.375%,
4/15/28
6,955
6,963
Moody's,
3.75%,
3/24/25
6,475
6,365
NXP,
2.70%,
5/1/25
5,910
5,707
NXP,
3.15%,
5/1/27
490
460
NXP,
3.875%,
6/18/26
4,219
4,081
NXP,
4.40%,
6/1/27
1,040
1,015
NXP,
4.875%,
3/1/24
6,671
6,671
Qorvo,
1.75%,
12/15/24
3,710
3,603
S&P
Global,
2.45%,
3/1/27
14,680
13,684
Western
Union,
2.85%,
1/10/25
16,803
16,400
Workday,
3.50%,
4/1/27
3,450
3,287
114,233
Transportation
1.4%
American
Airlines
PTT,
Series
2017-2,
Class
B,
3.70%,
10/15/25
2,945
2,835
Canadian
Pacific
Railway,
1.35%,
12/2/24
10,590
10,228
Canadian
Pacific
Railway,
1.75%,
12/2/26
4,645
4,255
ERAC
USA
Finance,
4.60%,
5/1/28 (1)
8,895
8,739
ERAC
USA
Finance,
5.00%,
2/15/29 (1)
3,460
3,440
HPHT
Finance,
1.50%,
9/17/26
6,650
6,042
HPHT
Finance,
2.875%,
11/5/24
9,234
9,054
Penske
Truck
Leasing,
3.45%,
7/1/24 (1)
4,905
4,867
Penske
Truck
Leasing,
5.35%,
1/12/27 (1)
2,375
2,369
Penske
Truck
Leasing,
5.75%,
5/24/26 (1)(4)
12,040
12,085
63,914
Total
Industrial
1,203,903
UTILITY
3.1%
Electric
2.5%
AES,
3.30%,
7/15/25 (1)
5,425
5,230
American
Electric
Power,
5.20%,
1/15/29 (4)
8,040
8,046
Constellation
Energy
Generation,
5.60%,
3/1/28
3,910
3,964
DTE
Energy,
STEP,
4.22%,
11/1/24
7,175
7,100
Duke
Energy,
4.85%,
1/5/27 (4)
12,000
11,898
Enel
Finance
International,
1.375%,
7/12/26 (1)
9,605
8,738
Enel
Finance
International,
2.65%,
9/10/24 (1)
12,355
12,135
Enel
Finance
International,
6.80%,
10/14/25 (1)
1,400
1,421
Exelon,
5.15%,
3/15/29 (4)
2,470
2,459
Georgia
Power,
5.004%,
2/23/27 (4)
2,160
2,155
NextEra
Energy
Capital
Holdings,
1.875%,
1/15/27
9,130
8,327
T.
ROWE
PRICE
Short-Term
Bond
Fund
21
Par/Shares
$
Value
(Amounts
in
000s)
NextEra
Energy
Capital
Holdings,
4.45%,
6/20/25
6,955
6,867
NextEra
Energy
Capital
Holdings,
5.749%,
9/1/25
2,175
2,184
NextEra
Energy
Capital
Holdings,
6.051%,
3/1/25
3,175
3,189
NRG
Energy,
3.75%,
6/15/24 (1)
4,470
4,431
Pacific
Gas
&
Electric,
3.50%,
6/15/25
8,205
7,958
PacifiCorp,
5.10%,
2/15/29
2,920
2,918
Southern,
STEP,
4.475%,
8/1/24
14,724
14,640
Vistra
Operations,
5.125%,
5/13/25 (1)
3,074
3,048
116,708
Natural
Gas
0.6%
APA
Infrastructure,
4.20%,
3/23/25 (1)
16,219
15,964
NiSource,
5.25%,
3/30/28
1,560
1,568
Sempra,
3.30%,
4/1/25
5,035
4,916
Sempra,
5.40%,
8/1/26
2,840
2,846
Southern
California
Gas,
2.95%,
4/15/27
5,420
5,095
30,389
Total
Utility
147,097
Total
Corporate
Bonds
(Cost
$2,247,173)
2,208,602
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
2.1%
Owned
No
Guarantee
2.1%
Banco
del
Estado
de
Chile,
2.704%,
1/9/25 (1)
4,585
4,462
Bharat
Petroleum,
4.00%,
5/8/25
11,900
11,679
DAE
Funding,
1.55%,
8/1/24 (1)
4,225
4,145
Korea
Electric
Power,
5.375%,
4/6/26 (1)
12,400
12,433
Korea
Housing
Finance,
4.625%,
2/24/28 (1)
12,080
11,974
Korea
Hydro
&
Nuclear
Power,
1.25%,
4/27/26 (1)
12,038
11,048
Korea
Hydro
&
Nuclear
Power,
4.25%,
7/27/27 (1)
2,010
1,954
Korea
Hydro
&
Nuclear
Power,
5.00%,
7/18/28 (1)
1,400
1,399
NBN,
1.45%,
5/5/26 (1)
15,195
14,022
QNB
Finance,
2.625%,
5/12/25
4,765
4,589
QNB
Finance,
3.50%,
3/28/24
8,635
8,616
Tenaga
Nasional,
7.50%,
11/1/25
8,850
9,108
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$98,781)
95,429
MUNICIPAL
SECURITIES
0.1%
California
0.1%
Golden
State
Tobacco
Securitization,
Series A-1,
1.711%,
6/1/24
5,815
5,756
Total
Municipal
Securities
(Cost
$5,815)
5,756
T.
ROWE
PRICE
Short-Term
Bond
Fund
22
Par/Shares
$
Value
(Amounts
in
000s)
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
8.1%
Collateralized
Mortgage
Obligations
3.8%
Angel
Oak
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.909%,
1/25/66 (1)
3,865
3,246
Angel
Oak
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.985%,
4/25/66 (1)
3,684
3,042
Angel
Oak
Mortgage
Trust
Series
2021-2,
Class
A2,
CMO,
ARM
1.19%,
4/25/66 (1)
1,064
882
Angel
Oak
Mortgage
Trust
Series
2021-3,
Class
A1,
CMO,
ARM
1.068%,
5/25/66 (1)
2,720
2,277
Angel
Oak
Mortgage
Trust
Series
2021-6,
Class
A3,
CMO,
ARM
1.714%,
9/25/66 (1)
2,997
2,428
Bayview
MSR
Opportunity
Master
Fund
Trust
Series
2021-5,
Class
A5,
CMO,
ARM
2.50%,
11/25/51 (1)
4,893
4,244
BINOM
Securitization
Trust
Series
2021-INV1,
Class
A3,
CMO,
ARM
2.625%,
6/25/56 (1)
2,247
1,909
BRAVO
Residential
Funding
Trust
Series
2021-NQM3,
Class
A1,
CMO,
ARM
1.699%,
4/25/60 (1)
3,745
3,424
CIM
Trust
Series
2020-INV1,
Class
A2,
CMO,
ARM
2.50%,
4/25/50 (1)
4,098
3,323
Citigroup
Mortgage
Loan
Trust
Series
2020-EXP2,
Class
A3,
CMO,
ARM
2.50%,
8/25/50 (1)
3,944
3,304
COLT
Mortgage
Loan
Trust
Series
2020-3,
Class
A1,
CMO,
ARM
1.506%,
4/27/65 (1)
336
318
COLT
Mortgage
Loan
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.373%,
6/25/66 (1)
2,487
2,034
Connecticut
Avenue
Securities
Series
2017-C05,
Class
1ED3,
CMO,
ARM
SOFR30A
+
1.314%,
6.636%,
1/25/30
36
36
Connecticut
Avenue
Securities
Series
2018-C03,
Class
1EB2,
CMO,
ARM
SOFR30A
+
0.964%,
6.286%,
10/25/30
2,093
2,093
T.
ROWE
PRICE
Short-Term
Bond
Fund
23
Par/Shares
$
Value
(Amounts
in
000s)
Connecticut
Avenue
Securities
Series
2018-C03,
Class
1ED2,
CMO,
ARM
SOFR30A
+
0.964%,
6.286%,
10/25/30
129
129
Connecticut
Avenue
Securities
Trust
Series
2022-R01,
Class
1M1,
CMO,
ARM
SOFR30A
+
1.00%,
6.322%,
12/25/41 (1)
5,528
5,528
Deephaven
Residential
Mortgage
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.128%,
5/25/65 (1)
861
792
Deephaven
Residential
Mortgage
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
1.26%,
4/25/66 (1)
1,578
1,353
Ellington
Financial
Mortgage
Trust
Series
2019-2,
Class
A3,
CMO,
ARM
3.046%,
11/25/59 (1)
457
423
Ellington
Financial
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.797%,
2/25/66 (1)
828
691
Ellington
Financial
Mortgage
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.106%,
2/25/66 (1)
700
583
Ellington
Financial
Mortgage
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
1.291%,
6/25/66 (1)
2,149
1,718
Ellington
Financial
Mortgage
Trust
Series
2021-3,
Class
A3,
CMO,
ARM
1.55%,
9/25/66 (1)
2,194
1,705
Flagstar
Mortgage
Trust
Series
2020-1INV,
Class
A11,
CMO,
ARM
1M
TSFR
+
0.964%,
6.00%,
3/25/50 (1)
1,561
1,469
Freddie
Mac
Whole
Loan
Securities
Trust
Series
2017-SC02,
Class
M1,
CMO,
ARM
3.864%,
5/25/47 (1)
314
298
Galton
Funding
Mortgage
Trust
Series
2018-1,
Class
A33,
CMO,
ARM
3.50%,
11/25/57 (1)
403
356
Galton
Funding
Mortgage
Trust
Series
2019-1,
Class
A32,
CMO,
ARM
4.00%,
2/25/59 (1)
334
311
Galton
Funding
Mortgage
Trust
Series
2019-H1,
Class
M1,
CMO,
ARM
3.339%,
10/25/59 (1)
7,916
7,425
Galton
Funding
Mortgage
Trust
Series
2020-H1,
Class
M1,
CMO,
ARM
2.832%,
1/25/60 (1)
4,592
3,777
GS
Mortgage-Backed
Securities
Trust
Series
2014-EB1A,
Class
2A1,
CMO,
ARM
5.133%,
7/25/44 (1)
73
73
T.
ROWE
PRICE
Short-Term
Bond
Fund
24
Par/Shares
$
Value
(Amounts
in
000s)
Imperial
Fund
Mortgage
Trust
Series
2021-NQM2,
Class
A3,
CMO,
ARM
1.516%,
9/25/56 (1)
3,477
2,846
Imperial
Fund
Mortgage
Trust
Series
2022-NQM4,
Class
A1,
CMO,
STEP
4.767%,
6/25/67 (1)
9,296
9,067
JPMorgan
Mortgage
Trust
Series
2020-INV1,
Class
A11,
CMO,
ARM
1M
TSFR
+
0.944%,
6.00%,
8/25/50 (1)
661
626
JPMorgan
Mortgage
Trust
Series
2020-INV1,
Class
A15,
CMO,
ARM
3.50%,
8/25/50 (1)
1,087
951
MFA
Trust
Series
2021-INV1,
Class
A1,
CMO,
ARM
0.852%,
1/25/56 (1)
1,365
1,254
MFA
Trust
Series
2021-NQM2,
Class
A2,
CMO,
ARM
1.317%,
11/25/64 (1)
1,589
1,352
Morgan
Stanley
Residential
Mortgage
Loan
Trust
Series
2023-NQM1,
Class
A2,
CMO,
STEP
7.53%,
9/25/68 (1)
1,602
1,630
New
Residential
Mortgage
Loan
Trust
Series
2021-INV2,
Class
A7,
CMO,
ARM
2.50%,
9/25/51 (1)
10,397
9,052
NLT
Trust
Series
2021-INV2,
Class
A3,
CMO,
ARM
1.52%,
8/25/56 (1)
2,957
2,447
OBX
Trust
Series
2019-EXP2,
Class
2A2,
CMO,
ARM
1M
TSFR
+
1.314%,
5.918%,
6/25/59 (1)
205
198
OBX
Trust
Series
2019-EXP3,
Class
2A1,
CMO,
ARM
1M
TSFR
+
1.014%,
6.335%,
10/25/59 (1)
940
920
OBX
Trust
Series
2020-EXP1,
Class
1A8,
CMO,
ARM
3.50%,
2/25/60 (1)
2,276
2,009
OBX
Trust
Series
2020-EXP1,
Class
2A2,
CMO,
ARM
1M
TSFR
+
1.064%,
6.385%,
2/25/60 (1)
359
327
OBX
Trust
Series
2020-EXP2,
Class
A8,
CMO,
ARM
3.00%,
5/25/60 (1)
2,663
2,243
OBX
Trust
Series
2020-EXP2,
Class
A9,
CMO,
ARM
3.00%,
5/25/60 (1)
402
338
OBX
Trust
Series
2020-EXP3,
Class
1A8,
CMO,
ARM
3.00%,
1/25/60 (1)
2,249
1,948
T.
ROWE
PRICE
Short-Term
Bond
Fund
25
Par/Shares
$
Value
(Amounts
in
000s)
OBX
Trust
Series
2020-INV1,
Class
A5,
CMO,
ARM
3.50%,
12/25/49 (1)
618
541
OBX
Trust
Series
2021-NQM1,
Class
A2,
CMO,
ARM
1.175%,
2/25/66 (1)
2,849
2,389
OBX
Trust
Series
2023-NQM10,
Class
A2,
CMO,
STEP
6.92%,
10/25/63 (1)
387
391
OBX
Trust
Series
2023-NQM9,
Class
A2,
CMO,
STEP
7.513%,
10/25/63 (1)
415
422
Oceanview
Mortgage
Trust
Series
2022-1,
Class
A5,
CMO,
ARM
2.50%,
12/25/51 (1)
5,420
4,663
Sequoia
Mortgage
Trust
Series
2018-CH2,
Class
A21,
CMO,
ARM
4.00%,
6/25/48 (1)
316
290
Sequoia
Mortgage
Trust
Series
2018-CH2,
Class
A3,
CMO,
ARM
4.00%,
6/25/48 (1)
827
761
Sequoia
Mortgage
Trust
Series
2018-CH3,
Class
A19,
CMO,
ARM
4.50%,
8/25/48 (1)
54
52
SG
Residential
Mortgage
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
1.381%,
5/25/65 (1)
1,341
1,180
Starwood
Mortgage
Residential
Trust
Series
2019-INV1,
Class
A3,
CMO,
ARM
2.916%,
9/27/49 (1)
2,447
2,348
Starwood
Mortgage
Residential
Trust
Series
2020-1,
Class
A2,
CMO,
ARM
2.408%,
2/25/50 (1)
2,529
2,354
Starwood
Mortgage
Residential
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.943%,
5/25/65 (1)
1,884
1,696
Starwood
Mortgage
Residential
Trust
Series
2021-4,
Class
A1,
CMO,
ARM
1.162%,
8/25/56 (1)
8,465
6,992
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA3,
Class
M2,
CMO,
ARM
SOFR30A
+
2.10%,
7.422%,
10/25/33 (1)
5,855
5,928
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA5,
Class
M2,
CMO,
ARM
SOFR30A
+
1.65%,
6.972%,
1/25/34 (1)
2,239
2,266
Structured
Agency
Credit
Risk
Debt
Notes
Series
2022-DNA5,
Class
M1A,
CMO,
ARM
SOFR30A
+
2.95%,
8.272%,
6/25/42 (1)
6,441
6,619
T.
ROWE
PRICE
Short-Term
Bond
Fund
26
Par/Shares
$
Value
(Amounts
in
000s)
Structured
Agency
Credit
Risk
Debt
Notes
Series
2023-HQA3,
Class
A1,
CMO,
ARM
SOFR30A
+
1.85%,
7.172%,
11/25/43 (1)
1,981
2,008
UWM
Mortgage
Trust
Series
2021-INV2,
Class
A4,
CMO,
ARM
2.50%,
9/25/51 (1)
2,079
1,800
Verus
Securitization
Trust
Series
2019-INV2,
Class
A1,
CMO,
ARM
3.913%,
7/25/59 (1)
947
904
Verus
Securitization
Trust
Series
2020-5,
Class
A3,
CMO,
STEP
1.733%,
5/25/65 (1)
933
870
Verus
Securitization
Trust
Series
2020-INV1,
Class
A1,
CMO,
ARM
1.977%,
3/25/60 (1)
47
46
Verus
Securitization
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
1.052%,
1/25/66 (1)
1,601
1,392
Verus
Securitization
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.155%,
1/25/66 (1)
946
824
Verus
Securitization
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
1.031%,
2/25/66 (1)
2,180
1,877
Verus
Securitization
Trust
Series
2021-5,
Class
A3,
CMO,
ARM
1.373%,
9/25/66 (1)
2,918
2,420
Verus
Securitization
Trust
Series
2021-R1,
Class
A2,
CMO,
ARM
1.057%,
10/25/63 (1)
640
578
Verus
Securitization
Trust
Series
2021-R2,
Class
A1,
CMO,
ARM
0.918%,
2/25/64 (1)
2,303
2,026
Verus
Securitization
Trust
Series
2022-1,
Class
A3,
CMO,
ARM
3.288%,
1/25/67 (1)
8,101
7,114
Verus
Securitization
Trust
Series
2022-6,
Class
A1,
CMO,
STEP
4.91%,
6/25/67 (1)
4,726
4,662
Verus
Securitization
Trust
Series
2023-6,
Class
A2,
CMO,
STEP
6.939%,
9/25/68 (1)
2,933
2,960
Verus
Securitization
Trust
Series
2023-7,
Class
A2,
CMO,
STEP
7.272%,
10/25/68 (1)
5,825
5,909
Verus
Securitization
Trust
Series
2023-8,
Class
A2,
CMO,
STEP
6.664%,
12/25/68 (1)
1,289
1,295
T.
ROWE
PRICE
Short-Term
Bond
Fund
27
Par/Shares
$
Value
(Amounts
in
000s)
Verus
Securitization
Trust
Series
2023-INV3,
Class
A2,
CMO,
ARM
7.33%,
11/25/68 (1)
4,158
4,215
Vista
Point
Securitization
Trust
Series
2020-2,
Class
A3,
CMO,
ARM
2.496%,
4/25/65 (1)
614
561
176,752
Commercial
Mortgage-Backed
Securities
4.2%
Alen
Mortgage
Trust
Series
2021-ACEN,
Class
A,
ARM
1M
TSFR
+
1.264%,
6.582%,
4/15/34 (1)
1,985
1,808
BAMLL
Commercial
Mortgage
Securities
Trust
Series
2018-DSNY,
Class
A,
ARM
1M
TSFR
+
1.147%,
6.465%,
9/15/34 (1)
8,180
8,180
BANK
Series
2019-BN19,
Class
A1
2.263%,
8/15/61
774
730
BANK
Series
2019-BN24,
Class
A1
2.056%,
11/15/62
219
218
BCP
Trust
Series
2021-330N,
Class
A,
ARM
1M
TSFR
+
0.913%,
6.231%,
6/15/38 (1)
4,285
4,039
BFLD
Series
2019-DPLO,
Class
B,
ARM
1M
TSFR
+
1.454%,
6.772%,
10/15/34 (1)
5,070
5,060
BFLD
Series
2019-DPLO,
Class
D,
ARM
1M
TSFR
+
1.954%,
7.272%,
10/15/34 (1)
1,900
1,895
BPR
Trust
Series
2021-TY,
Class
B,
ARM
1M
TSFR
+
1.264%,
6.582%,
9/15/38 (1)
6,525
6,442
BSREP
Commercial
Mortgage
Trust
Series
2021-DC,
Class
D,
ARM
1M
TSFR
+
2.014%,
7.332%,
8/15/38 (1)
5,464
4,169
BX
Commercial
Mortgage
Trust
Series
2019-IMC,
Class
A,
ARM
1M
TSFR
+
1.046%,
6.364%,
4/15/34 (1)
1,140
1,137
BX
Commercial
Mortgage
Trust
Series
2019-IMC,
Class
B,
ARM
1M
TSFR
+
1.346%,
6.664%,
4/15/34 (1)
4,205
4,190
BX
Commercial
Mortgage
Trust
Series
2022-CSMO,
Class
B,
ARM
1M
TSFR
+
3.141%,
8.458%,
6/15/27 (1)
7,400
7,421
BX
Trust
Series
2021-ARIA,
Class
C,
ARM
1M
TSFR
+
1.76%,
7.078%,
10/15/36 (1)
4,830
4,732
T.
ROWE
PRICE
Short-Term
Bond
Fund
28
Par/Shares
$
Value
(Amounts
in
000s)
BX
Trust
Series
2021-VIEW,
Class
A,
ARM
1M
TSFR
+
1.394%,
6.712%,
6/15/36 (1)
3,785
3,674
Commercial
Mortgage
Trust
Series
2014-CR15,
Class
B,
ARM
4.091%,
2/10/47
3,509
3,346
Commercial
Mortgage
Trust
Series
2014-CR19,
Class
AM
4.08%,
8/10/47
7,262
7,150
Commercial
Mortgage
Trust
Series
2014-CR19,
Class
D,
ARM
4.629%,
8/10/47 (1)
2,995
2,669
Commercial
Mortgage
Trust
Series
2017-PANW,
Class
A
3.244%,
10/10/29 (1)
509
463
Commercial
Mortgage
Trust
Series
2017-PANW,
Class
D,
ARM
3.935%,
10/10/29 (1)
2,419
2,129
Credit
Suisse
Mortgage
Capital
Certificates
Series
2019-ICE4,
Class
C,
ARM
1M
TSFR
+
1.477%,
6.795%,
5/15/36 (1)
8,499
8,499
Credit
Suisse
Mortgage
Capital
Certificates
Series
2019-ICE4,
Class
D,
ARM
1M
TSFR
+
1.647%,
6.965%,
5/15/36 (1)
6,205
6,202
Credit
Suisse
Mortgage
Trust
Series
2020-NET,
Class
A
2.257%,
8/15/37 (1)
3,253
3,013
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC
Series
K753,
Class
A1
4.60%,
6/25/30
3,962
3,943
Fontainebleau
Miami
Beach
Trust
Series
2019-FBLU,
Class
A
3.144%,
12/10/36 (1)
3,575
3,479
Great
Wolf
Trust
Series
2019-WOLF,
Class
A,
ARM
1M
TSFR
+
1.348%,
6.666%,
12/15/36 (1)
6,866
6,862
Great
Wolf
Trust
Series
2019-WOLF,
Class
B,
ARM
1M
TSFR
+
1.648%,
6.966%,
12/15/36 (1)
930
928
Great
Wolf
Trust
Series
2019-WOLF,
Class
C,
ARM
1M
TSFR
+
1.947%,
7.265%,
12/15/36 (1)
4,200
4,191
GS
Mortgage
Securities
Trust
Series
2021-ROSS,
Class
B,
ARM
1M
TSFR
+
1.714%,
7.032%,
5/15/26 (1)
5,705
4,518
JPMBB
Commercial
Mortgage
Securities
Trust
Series
2014-C23,
Class
A5
3.934%,
9/15/47
8,280
8,186
T.
ROWE
PRICE
Short-Term
Bond
Fund
29
Par/Shares
$
Value
(Amounts
in
000s)
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2019-BKWD,
Class
C,
ARM
1M
TSFR
+
2.214%,
7.532%,
9/15/29 (1)
3,975
3,091
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
B,
ARM
1M
TSFR
+
2.134%,
7.452%,
10/15/33 (1)
8,240
7,684
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
C,
ARM
1M
TSFR
+
2.534%,
7.852%,
10/15/33 (1)
6,310
5,505
KIND
Trust
Series
2021-KIND,
Class
C,
ARM
1M
TSFR
+
1.864%,
7.184%,
8/15/38 (1)
8,406
7,938
LSTAR
Commercial
Mortgage
Trust
Series
2017-5,
Class
AS
4.021%,
3/10/50 (1)
4,905
4,496
MHC
Commercial
Mortgage
Trust
Series
2021-MHC,
Class
B,
ARM
1M
TSFR
+
1.215%,
6.533%,
4/15/38 (1)
9,265
9,196
Morgan
Stanley
Capital
I
Trust
Series
2014-150E,
Class
A
3.912%,
9/9/32 (1)
9,590
8,097
Morgan
Stanley
Capital
I
Trust
Series
2019-NUGS,
Class
D,
ARM
1M
TSFR
+
1.914%,
7.232%,
12/15/36 (1)
4,445
1,668
ONE
Mortgage
Trust
Series
2021-PARK,
Class
B,
ARM
1M
TSFR
+
1.064%,
6.382%,
3/15/36 (1)
11,219
10,679
ONE
Mortgage
Trust
Series
2021-PARK,
Class
C,
ARM
1M
TSFR
+
1.214%,
6.532%,
3/15/36 (1)
6,005
5,652
RLGH
Trust
Series
2021-TROT,
Class
A,
ARM
1M
TSFR
+
0.914%,
6.232%,
4/15/36 (1)
5,580
5,514
SCG
Mortgage
Trust
Series
2023-NASH,
Class
A,
ARM
1M
TSFR
+
2.391%,
7.708%,
12/15/40 (1)
4,565
4,594
Wells
Fargo
Commercial
Mortgage
Trust
Series
2015-NXS2,
Class
A2
3.02%,
7/15/58
872
850
194,237
Residential
Mortgage
0.1%
Finance
of
America
HECM
Buyout
Series
2022-HB2,
Class
A1A,
ARM
4.00%,
8/1/32 (1)
5,273
5,165
Towd
Point
Mortgage
Trust
Series
2017-1,
Class
A1,
CMO,
ARM
2.75%,
10/25/56 (1)
50
50
T.
ROWE
PRICE
Short-Term
Bond
Fund
30
Par/Shares
$
Value
(Amounts
in
000s)
Towd
Point
Mortgage
Trust
Series
2017-3,
Class
A1,
CMO,
ARM
2.75%,
7/25/57 (1)
644
632
Towd
Point
Mortgage
Trust
Series
2018-1,
Class
A1,
CMO,
ARM
3.00%,
1/25/58 (1)
594
578
6,425
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$411,303)
377,414
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
5.0%
U.S.
Government
Agency
Obligations
3.8%
Federal
Home
Loan
Mortgage
3.50%,
3/1/46
-
12/1/47
3,605
3,280
5.00%,
7/1/25
—
—
5.50%,
10/1/38
19
19
6.00%,
9/1/34
-
9/1/35
323
333
7.00%,
3/1/39
540
558
7.50%,
6/1/38
469
487
Federal
Home
Loan
Mortgage,
ARM
1Y
CMT
+
2.219%,
6.344%,
10/1/33
—
—
1Y
CMT
+
2.347%,
6.472%,
11/1/34
75
75
RFUCCT1Y
+
1.625%,
4.849%,
4/1/37
5
5
RFUCCT1Y
+
1.625%,
5.26%,
6/1/38
115
114
RFUCCT1Y
+
1.625%,
5.703%,
6/1/38
18
18
RFUCCT1Y
+
1.726%,
5.965%,
7/1/35
44
45
RFUCCT1Y
+
1.733%,
5.592%,
10/1/36
114
115
RFUCCT1Y
+
1.733%,
6.108%,
2/1/37
20
20
RFUCCT1Y
+
1.741%,
5.058%,
5/1/38
59
59
RFUCCT1Y
+
1.775%,
5.232%,
5/1/37
26
25
RFUCCT1Y
+
1.842%,
6.091%,
1/1/37
35
35
RFUCCT1Y
+
1.917%,
6.292%,
2/1/37
19
19
RFUCCT1Y
+
1.93%,
6.187%,
12/1/36
52
52
RFUCCT1Y
+
1.961%,
4.461%,
2/1/33
1
1
RFUCCT1Y
+
1.975%,
6.225%,
2/1/34
1
1
RFUCCT1Y
+
2.031%,
6.276%,
11/1/36
30
30
RFUCCT1Y
+
2.083%,
4.582%,
2/1/38
122
123
RFUCCT1Y
+
2.22%,
6.558%,
2/1/37
30
30
Federal
Home
Loan
Mortgage,
UMBS
1.50%,
2/1/36
5,018
4,353
2.50%,
1/1/52
8,221
6,818
3.00%,
11/1/34
-
6/1/52
10,761
9,268
4.00%,
12/1/49
-
2/1/50
1,991
1,857
4.50%,
9/1/37
-
5/1/50
7,480
7,304
T.
ROWE
PRICE
Short-Term
Bond
Fund
31
Par/Shares
$
Value
(Amounts
in
000s)
5.00%,
12/1/41
1,567
1,555
5.50%,
8/1/53
7,289
7,228
6.00%,
2/1/53
2,760
2,813
Federal
National
Mortgage
Assn.,
ARM
ECOFC
+
1.25%,
4.816%,
5/1/24
—
—
ECOFC
+
1.254%,
4.418%,
7/1/27
1
1
RFUCCT1Y
+
1.34%,
5.59%,
12/1/35
21
21
RFUCCT1Y
+
1.553%,
5.803%,
7/1/35
23
23
RFUCCT1Y
+
1.584%,
5.834%,
12/1/35
53
52
RFUCCT1Y
+
1.655%,
5.905%,
8/1/37
8
8
RFUCCT1Y
+
1.671%,
6.046%,
2/1/33
2
2
RFUCCT1Y
+
1.688%,
5.695%,
7/1/34
4
4
RFUCCT1Y
+
1.69%,
5.44%,
5/1/38
55
55
RFUCCT1Y
+
1.715%,
5.965%,
10/1/32
-
12/1/32
34
34
RFUCCT1Y
+
1.77%,
6.145%,
12/1/35
7
7
RFUCCT1Y
+
1.78%,
6.03%,
1/1/34
11
11
RFUCCT1Y
+
1.788%,
4.538%,
5/1/38
28
28
RFUCCT1Y
+
1.83%,
5.081%,
4/1/38
109
108
RFUCCT1Y
+
1.83%,
6.08%,
8/1/38
3
3
RFUCCT1Y
+
1.853%,
6.103%,
8/1/38
77
79
RFUCCT1Y
+
1.892%,
6.142%,
12/1/35
19
19
RFUCCT1Y
+
1.922%,
5.20%,
5/1/38
90
89
RFUCCT6M
+
1.37%,
4.897%,
10/1/33
194
195
Federal
National
Mortgage
Assn.,
CMO,
STEP,
5.11%,
1/25/32
—
—
Federal
National
Mortgage
Assn.,
UMBS
2.00%,
10/1/50
2,458
1,948
2.50%,
1/1/52
-
1/1/54
12,433
10,268
3.00%,
9/1/28
-
6/1/52
7,898
7,196
3.50%,
12/1/45
-
1/1/52
11,262
10,134
4.00%,
1/1/47
-
9/1/52
17,211
15,884
4.50%,
5/1/41
-
8/1/52
27,947
26,666
5.00%,
6/1/24
-
8/1/52
5,303
5,236
5.50%,
10/1/24
-
3/1/53
10,575
10,609
6.00%,
3/1/34
-
8/1/53
34,396
34,898
6.50%,
7/1/32
-
12/1/32
229
236
UMBS,
TBA,
6.00%,
3/1/54 (5)
6,010
6,035
176,489
U.S.
Government
Obligations
1.2%
Government
National
Mortgage
Assn.
2.00%,
3/20/52
521
425
3.00%,
9/20/47
6,493
5,764
3.50%,
8/20/44
-
7/20/52
13,231
12,003
4.00%,
9/20/45
-
10/20/52
4,786
4,490
4.50%,
8/20/47
-
10/20/52
16,473
15,760
5.00%,
12/20/34
-
5/20/48
5,733
5,707
5.50%,
9/15/45
-
2/20/49
2,447
2,491
T.
ROWE
PRICE
Short-Term
Bond
Fund
32
Par/Shares
$
Value
(Amounts
in
000s)
6.00%,
7/15/36
1,138
1,171
Government
National
Mortgage
Assn.,
TBA (5)
5.50%,
3/20/54
4,295
4,266
6.50%,
3/20/54
5,515
5,590
57,667
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$246,792)
234,156
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
19.6%
U.S.
Treasury
Obligations
19.6%
U.S.
Treasury
Notes,
4.00%,
12/15/25
56,960
56,266
U.S.
Treasury
Notes,
4.25%,
12/31/25
106,660
105,827
U.S.
Treasury
Notes,
4.25%,
1/31/26 (4)
254,180
252,313
U.S.
Treasury
Notes,
4.50%,
11/15/25
136,205
135,673
U.S.
Treasury
Notes,
4.875%,
11/30/25
118,650
118,947
U.S.
Treasury
Notes,
5.00%,
9/30/25
17,275
17,329
U.S.
Treasury
Notes,
5.00%,
10/31/25 (6)
228,150
229,041
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-
Backed)
(Cost
$918,785)
915,396
SHORT-TERM
INVESTMENTS
2.0%
Commercial
Paper
0.5%
4(2)
0.5%
(7)
Brunswick,
6.022%,
3/15/24
12,210
12,181
VF,
6.264%,
3/25/24
12,260
12,214
24,395
Money
Market
Funds
1.5%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (8)(9)
70,556
70,556
70,556
Total
Short-Term
Investments
(Cost
$94,947)
94,951
T.
ROWE
PRICE
Short-Term
Bond
Fund
33
Par/Shares
$
Value
(Amounts
in
000s)
SECURITIES
LENDING
COLLATERAL
3.6%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
3.6%
Money
Market
Funds
3.6%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (8)(9)
167,186
167,186
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
167,186
Total
Securities
Lending
Collateral
(Cost
$167,186)
167,186
Total
Investments
in
Securities
103.8%
(Cost
$4,944,627)
$
4,844,665
Other
Assets
Less
Liabilities
(3.8)%
(176,818)
Net
Assets
100.0%
$
4,667,847
‡
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
$1,591,157
and
represents
34.1%
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)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(4)
All
or
a
portion
of
this
security
is
on
loan
at
February
29,
2024.
(5)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$15,891
and
represents
0.3%
of
net
assets.
(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
$24,395
and
represents
0.5%
of
net
assets.
(8)
Seven-day
yield
(9)
Affiliated
Companies
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
1Y
CMT
One
year
U.S.
Treasury
note
constant
maturity
T.
ROWE
PRICE
Short-Term
Bond
Fund
34
.
.
.
.
.
.
.
.
.
.
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
ECOFC
Enterprise
11th
District
COFI
Replacement
Index
FRN
Floating
Rate
Note
PTT
Pass-Through
Trust
RFUCCT6M
Six
month
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
RFUCCT1Y
Twelve
month
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
SOFR
Secured
overnight
financing
rate
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
SOFR90A
90-day
Average
SOFR
(Secured
overnight
financing
rate)
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TBA
To-Be-Announced
UMBS
Uniform
Mortgage-Backed
Securities
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Short-Term
Bond
Fund
35
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
(0.0)%
Credit
Default
Swaps,
Protection
Bought
(0.0)%
Bank
of
America,
Protection
Bought
(Relevant
Credit:
General
Mills),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
4,857
(44)
(25)
(19)
Barclays
Bank,
Protection
Bought
(Relevant
Credit:
Omnicom
Group),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
13,750
(124)
(71)
(53)
Citibank,
Protection
Bought
(Relevant
Credit:
General
Mills),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
6,938
(63)
(35)
(28)
Goldman
Sachs,
Protection
Bought
(Relevant
Credit:
General
Mills),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
13,815
(126)
(71)
(55)
Total
Bilateral
Credit
Default
Swaps,
Protection
Bought
(202)
(155)
Total
Bilateral
Swaps
(202)
(155)
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
23,671
535
490
45
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
45
Total
Centrally
Cleared
Swaps
45
Net
payments
(receipts)
of
variation
margin
to
date
(34)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
11
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
$15.
T.
ROWE
PRICE
Short-Term
Bond
Fund
36
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
145
U.S.
Treasury
Notes
five
year
contracts
6/24
(15,501)
$
(5)
Short,
846
U.S.
Treasury
Notes
ten
year
contracts
6/24
(93,430)
(21)
Long,
5,230
U.S.
Treasury
Notes
two
year
contracts
6/24
1,070,842
235
Short,
74
Ultra
U.S.
Treasury
Bonds
contracts
6/24
(9,463)
(66)
Short,
792
Ultra
U.S.
Treasury
Notes
ten
year
contracts
6/24
(90,424)
(76)
Net
payments
(receipts)
of
variation
margin
to
date
(360)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(293)
T.
ROWE
PRICE
Short-Term
Bond
Fund
37
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%
$
—
$
—
$
2,562++
Totals
$
—#
$
—
$
2,562+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/23
Purchase
Cost
Sales
Cost
Value
02/29/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
48,178
¤
¤
$
237,742
Total
$
237,742^
#
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
$2,562
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
$237,742.
T.
ROWE
PRICE
Short-Term
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
38
T.
Rowe
Price
Short-Term
Bond
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Short-Term
Bond
Fund
39
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
T.
ROWE
PRICE
Short-Term
Bond
Fund
40
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
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
4,582,528
$
—
$
4,582,528
Short-Term
Investments
70,556
24,395
—
94,951
Securities
Lending
Collateral
167,186
—
—
167,186
Total
Securities
237,742
4,606,923
—
4,844,665
Swaps*
—
45
—
45
Futures
Contracts*
235
—
—
235
Total
$
237,977
$
4,606,968
$
—
$
4,844,945
Liabilities
Swaps
$
—
$
357
$
—
$
357
Futures
Contracts*
168
—
—
168
Total
$
168
$
357
$
—
$
525
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
Short-Term
Bond
Fund
41
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.
F55-054Q3
02/24