T. Rowe Price Short Term Bond Fund (PRWBX) NPORT-P T. Rowe Price Short-Term Bond Fund, Inc. (Aug 2024 report)

T.

ROWE

PRICE

Short-Term

Bond

Fund

August

31,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

ASSET-BACKED

SECURITIES

 18.9%

Car

Loan

 6.1%

Ally

Auto

Receivables

Trust

Series

2023-A,

Class

B

6.01%,

1/17/34 (1)

1,052‌

1,057‌

Ally

Auto

Receivables

Trust

Series

2023-A,

Class

C

6.08%,

1/17/34 (1)

1,947‌

1,982‌

Ally

Bank

Auto

Credit-Linked

Notes

Series

2024-A,

Class

B

5.827%,

5/17/32 (1)

226‌

228‌

Ally

Bank

Auto

Credit-Linked

Notes

Series

2024-A,

Class

C

6.022%,

5/17/32 (1)

248‌

252‌

AmeriCredit

Automobile

Receivables

Trust

Series

2021-1,

Class

C

0.89%,

10/19/26 

5,578‌

5,481‌

AmeriCredit

Automobile

Receivables

Trust

Series

2021-1,

Class

D

1.21%,

12/18/26 

3,945‌

3,815‌

AmeriCredit

Automobile

Receivables

Trust

Series

2021-2,

Class

D

1.29%,

6/18/27 

8,770‌

8,352‌

ARI

Fleet

Lease

Trust

Series

2024-B,

Class

A2

5.54%,

4/15/33 (1)

5,600‌

5,652‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2019-2A,

Class

B

3.55%,

9/22/25 (1)

711‌

710‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2020-1A,

Class

A

2.33%,

8/20/26 (1)

3,950‌

3,865‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2022-5A,

Class

C

6.24%,

4/20/27 (1)

2,065‌

2,075‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2023-2A,

Class

C

6.18%,

10/20/27 (1)

1,455‌

1,463‌

Bayview

Opportunity

Master

Fund

VII

Series

2024-CAR1,

Class

A,

FRN

SOFR30A

+

1.10%,

6.449%,

12/26/31 (1)

2,652‌

2,657‌

CarMax

Auto

Owner

Trust

Series

2020-4,

Class

D

1.75%,

4/15/27 

4,290‌

4,239‌

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

1,627‌

CarMax

Auto

Owner

Trust

Series

2023-3,

Class

C

5.61%,

2/15/29 

5,070‌

5,169‌

CarMax

Auto

Owner

Trust

Series

2023-3,

Class

D

6.44%,

12/16/30 

2,515‌

2,592‌

CarMax

Auto

Owner

Trust

Series

2023-4,

Class

B

6.39%,

5/15/29 

8,020‌

8,411‌

CarMax

Auto

Owner

Trust

Series

2023-4,

Class

C

6.58%,

5/15/29 

8,020‌

8,384‌

CarMax

Auto

Owner

Trust

Series

2024-1,

Class

A4

4.94%,

8/15/29 

1,845‌

1,873‌

CarMax

Auto

Owner

Trust

Series

2024-1,

Class

C

5.47%,

8/15/29 

3,605‌

3,657‌

CarMax

Auto

Owner

Trust

Series

2024-2,

Class

D

6.42%,

10/15/30 

400‌

413‌

CarMax

Auto

Owner

Trust

Series

2024-3,

Class

A4

4.85%,

1/15/30 

1,200‌

1,216‌

CarMax

Auto

Owner

Trust

Series

2024-3,

Class

D

5.67%,

1/15/31 

1,525‌

1,548‌

CarMax

Select

Receivables

Trust

Series

2024-A,

Class

B

5.35%,

1/15/30 

1,640‌

1,668‌

CarMax

Select

Receivables

Trust

Series

2024-A,

Class

C

5.62%,

1/15/30 

6,990‌

7,133‌

Carvana

Auto

Receivables

Trust

Series

2022-N1,

Class

C

3.32%,

12/11/28 (1)

286‌

278‌

Carvana

Auto

Receivables

Trust

Series

2022-P1,

Class

A4

3.52%,

2/10/28 

12,850‌

12,566‌

Carvana

Auto

Receivables

Trust

Series

2024-N2,

Class

B

5.67%,

9/10/30 (1)

4,955‌

5,047‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

3

Par/Shares

$

Value

(Amounts

in

000s)

Enterprise

Fleet

Financing

Series

2023-2,

Class

A2

5.56%,

4/22/30 (1)

9,291‌

9,347‌

Enterprise

Fleet

Financing

Series

2024-3,

Class

A3

4.98%,

8/21/28 (1)

1,810‌

1,834‌

Enterprise

Fleet

Financing

Series

2024-3,

Class

A4

5.06%,

3/20/31 (1)

1,235‌

1,256‌

Exeter

Automobile

Receivables

Trust

Series

2022-4A,

Class

D

5.98%,

12/15/28 

4,100‌

4,121‌

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

496‌

Exeter

Automobile

Receivables

Trust

Series

2024-4A,

Class

C

5.48%,

8/15/30 

5,130‌

5,182‌

Ford

Credit

Auto

Lease

Trust

Series

2022-A,

Class

C

4.18%,

10/15/25 

13,100‌

13,083‌

Ford

Credit

Auto

Lease

Trust

Series

2023-B,

Class

B

6.20%,

2/15/27 

1,290‌

1,313‌

Ford

Credit

Auto

Lease

Trust

Series

2023-B,

Class

C

6.43%,

4/15/27 

2,440‌

2,504‌

Ford

Credit

Auto

Owner

Trust

Series

2020-1,

Class

B

2.29%,

8/15/31 (1)

5,140‌

5,066‌

Ford

Credit

Auto

Owner

Trust

Series

2020-2,

Class

C

1.74%,

4/15/33 (1)

4,600‌

4,411‌

Ford

Credit

Auto

Owner

Trust

Series

2023-A,

Class

B

5.07%,

1/15/29 

2,655‌

2,683‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2023-1,

Class

C

5.75%,

5/15/28 (1)

2,985‌

3,015‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2023-1,

Class

D

6.62%,

5/15/28 (1)

5,293‌

5,378‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

4

Par/Shares

$

Value

(Amounts

in

000s)

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2024-1,

Class

B

5.48%,

4/15/29 (1)

3,375‌

3,437‌

GM

Financial

Automobile

Leasing

Trust

Series

2022-3,

Class

C

5.13%,

8/20/26 

10,120‌

10,094‌

GM

Financial

Automobile

Leasing

Trust

Series

2023-1,

Class

C

5.76%,

1/20/27 

2,405‌

2,418‌

GM

Financial

Automobile

Leasing

Trust

Series

2024-2,

Class

B

5.56%,

5/22/28 

7,165‌

7,294‌

Huntington

Bank

Auto

Credit-Linked

Notes

Series

2024-1,

Class

B1

6.153%,

5/20/32 (1)

7,268‌

7,354‌

Navistar

Financial

Dealer

Note

Master

Owner

Trust

Series

2024-1,

Class

A

5.59%,

4/25/29 (1)

1,100‌

1,113‌

Navistar

Financial

Dealer

Note

Master

Owner

Trust

Series

2024-1,

Class

B

5.79%,

4/25/29 (1)

625‌

633‌

Navistar

Financial

Dealer

Note

Master

Owner

Trust

Series

2024-1,

Class

C

6.13%,

4/25/29 (1)

980‌

992‌

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II

Series

2023-1,

Class

A

6.18%,

8/25/28 (1)

3,325‌

3,362‌

Santander

Bank

Series

2021-1A,

Class

B

1.833%,

12/15/31 (1)

133‌

132‌

Santander

Bank

Auto

Credit-Linked

Notes

Series

2022-B,

Class

A2

5.587%,

8/16/32 (1)

1,456‌

1,466‌

Santander

Bank

Auto

Credit-Linked

Notes

Series

2022-B,

Class

C

5.916%,

8/16/32 (1)

461‌

461‌

Santander

Bank

Auto

Credit-Linked

Notes

Series

2022-C,

Class

A2

6.024%,

12/15/32 (1)

1,136‌

1,152‌

Santander

Bank

Auto

Credit-Linked

Notes

Series

2022-C,

Class

B

6.451%,

12/15/32 (1)

875‌

878‌

Santander

Bank

Auto

Credit-Linked

Notes

Series

2023-B,

Class

A2

5.644%,

12/15/33 (1)

1,123‌

1,141‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

5

Par/Shares

$

Value

(Amounts

in

000s)

Santander

Bank

Auto

Credit-Linked

Notes

Series

2023-B,

Class

C

5.933%,

12/15/33 (1)

2,565‌

2,601‌

Santander

Bank

Auto

Credit-Linked

Notes

Series

2023-B,

Class

D

6.663%,

12/15/33 (1)

4,150‌

4,200‌

Santander

Bank

Auto

Credit-Linked

Notes

Series

2024-A,

Class

B

5.622%,

6/15/32 (1)

2,130‌

2,144‌

Santander

Bank

Auto

Credit-Linked

Notes

Series

2024-A,

Class

C

5.818%,

6/15/32 (1)

2,575‌

2,598‌

Santander

Consumer

Auto

Receivables

Trust

Series

2021-BA,

Class

C

3.09%,

3/15/29 (1)

2,486‌

2,436‌

Santander

Drive

Auto

Receivables

Trust

Series

2020-4,

Class

E

2.85%,

4/17/28 (1)

11,230‌

11,005‌

Santander

Drive

Auto

Receivables

Trust

Series

2021-4,

Class

D

1.67%,

10/15/27 

9,480‌

9,229‌

Santander

Drive

Auto

Receivables

Trust

Series

2021-4,

Class

E

4.03%,

3/15/29 (1)

9,700‌

9,517‌

SBNA

Auto

Lease

Trust

Series

2024-A,

Class

A3

5.39%,

11/20/26 (1)

1,795‌

1,805‌

SBNA

Auto

Lease

Trust

Series

2024-A,

Class

A4

5.24%,

1/22/29 (1)

1,715‌

1,732‌

SBNA

Auto

Lease

Trust

Series

2024-B,

Class

A4

5.55%,

12/20/28 (1)

6,630‌

6,768‌

SFS

Auto

Receivables

Securitization

Trust

Series

2024-1A,

Class

A3

4.95%,

5/21/29 (1)

2,000‌

2,012‌

SFS

Auto

Receivables

Securitization

Trust

Series

2024-1A,

Class

C

5.51%,

1/20/32 (1)

655‌

669‌

SFS

Auto

Receivables

Securitization

Trust

Series

2024-2A,

Class

A4

5.26%,

8/20/30 (1)

1,820‌

1,867‌

U.S.

Bank

Series

2023-1,

Class

B

6.789%,

8/25/32 (1)

270‌

273‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

6

Par/Shares

$

Value

(Amounts

in

000s)

Wheels

Fleet

Lease

Funding

1

Series

2024-1A,

Class

A1

5.49%,

2/18/39 (1)

7,930‌

8,009‌

World

Omni

Auto

Receivables

Trust

Series

2022-A,

Class

C

2.55%,

9/15/28 

4,240‌

4,081‌

World

Omni

Select

Auto

Trust

Series

2020-A,

Class

C

1.25%,

10/15/26 

1,765‌

1,758‌

290,202‌

Other

Asset-Backed

Securities

 11.4%

Allegro

IX

Series

2018-3A,

Class

B1R,

CLO,

FRN

3M

TSFR

+

1.85%,

7.136%,

10/16/31 (1)

15,245‌

15,245‌

Amur

Equipment

Finance

Receivables

XIII

Series

2024-1A,

Class

A2

5.38%,

1/21/31 (1)

2,102‌

2,117‌

Amur

Equipment

Finance

Receivables

XIII

Series

2024-1A,

Class

C

5.55%,

1/21/31 (1)

1,515‌

1,547‌

Apidos

XVIII

Series

2018-18A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.15%,

6.432%,

10/22/30 (1)

7,457‌

7,460‌

Apidos

Xxv

Series

2016-25A,

Class

A1R2,

CLO,

FRN

3M

TSFR

+

1.15%,

6.432%,

10/20/31 (1)

9,375‌

9,378‌

ARES

Loan

Funding

III

Series

2022-ALF3A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.27%,

6.522%,

7/25/36 (1)

16,660‌

16,639‌

Auxilior

Term

Funding

Series

2023-1A,

Class

A2

6.18%,

12/15/28 (1)

6,357‌

6,416‌

Auxilior

Term

Funding

Series

2024-1A,

Class

A3

5.49%,

7/15/31 (1)

2,955‌

3,014‌

Ballyrock

Series

2021-1A,

Class

A1,

CLO,

FRN

3M

TSFR

+

1.322%,

6.623%,

4/15/34 (1)

2,280‌

2,281‌

Barings

Series

2018-4A,

Class

BR,

CLO,

FRN

3M

TSFR

+

1.80%,

7.101%,

10/15/30 (1)

9,285‌

9,304‌

BlueMountain

Series

2016-3A,

Class

A1R2,

CLO,

FRN

3M

TSFR

+

1.20%,

6.318%,

11/15/30 (1)

10,327‌

10,333‌

BRE

Grand

Islander

Timeshare

Issuer

Series

2019-A,

Class

A

3.28%,

9/26/33 (1)

2,219‌

2,162‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

7

Par/Shares

$

Value

(Amounts

in

000s)

Cedar

Funding

XIV

Series

2021-14A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.362%,

6.663%,

7/15/33 (1)

10,480‌

10,487‌

CNH

Equipment

Trust

Series

2024-B,

Class

A3

5.19%,

9/17/29 

2,980‌

3,037‌

CNH

Equipment

Trust

Series

2024-B,

Class

A4

5.23%,

11/17/31 

2,630‌

2,698‌

Crossroads

Asset

Trust

Series

2024-A,

Class

A2

5.90%,

8/20/30 (1)

2,515‌

2,538‌

CyrusOne

Data

Centers

Issuer

I

Series

2024-1A,

Class

A2

4.76%,

3/22/49 (1)

1,380‌

1,335‌

CyrusOne

Data

Centers

Issuer

I

Series

2024-2A,

Class

A2

4.50%,

5/20/49 (1)

11,760‌

11,302‌

Dell

Equipment

Finance

Trust

Series

2023-3,

Class

D

6.75%,

10/22/29 (1)

820‌

845‌

Dell

Equipment

Finance

Trust

Series

2024-1,

Class

D

6.12%,

9/23/30 (1)

1,185‌

1,212‌

DLLAA

Series

2023-1A,

Class

A3

5.64%,

2/22/28 (1)

4,710‌

4,798‌

DLLST

Series

2024-1A,

Class

A3

5.05%,

8/20/27 (1)

1,720‌

1,727‌

DLLST

Series

2024-1A,

Class

A4

4.93%,

4/22/30 (1)

465‌

469‌

Driven

Brands

Funding

Series

2019-1A,

Class

A2

4.641%,

4/20/49 (1)

4,423‌

4,357‌

Driven

Brands

Funding

Series

2019-2A,

Class

A2

3.981%,

10/20/49 (1)

2,981‌

2,893‌

Dryden

Series

2020-86A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.362%,

6.647%,

7/17/34 (1)

9,145‌

9,160‌

Elara

HGV

Timeshare

Issuer

Series

2019-A,

Class

A

2.61%,

1/25/34 (1)

1,480‌

1,432‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

8

Par/Shares

$

Value

(Amounts

in

000s)

Elara

HGV

Timeshare

Issuer

Series

2023-A,

Class

A

6.16%,

2/25/38 (1)

1,668‌

1,716‌

Elara

HGV

Timeshare

Issuer

Series

2023-A,

Class

C

7.30%,

2/25/38 (1)

2,265‌

2,334‌

FirstKey

Homes

Trust

Series

2020-SFR1,

Class

C

1.941%,

8/17/37 (1)

6,850‌

6,608‌

FirstKey

Homes

Trust

Series

2020-SFR2,

Class

D

1.968%,

10/19/37 (1)

7,535‌

7,217‌

FOCUS

Brands

Funding

Series

2017-1A,

Class

A2II

5.093%,

4/30/47 (1)

6,094‌

6,023‌

Fortress

Credit

BSL

XV

Series

2022-2A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.40%,

6.679%,

10/18/33 (1)

11,805‌

11,826‌

Hardee's

Funding

Series

2018-1A,

Class

A23

5.71%,

6/20/48 (1)

3,033‌

2,948‌

Hardee's

Funding

Series

2020-1A,

Class

A2

3.981%,

12/20/50 (1)

8,034‌

7,443‌

Hardee's

Funding

Series

2021-1A,

Class

A2

2.865%,

6/20/51 (1)

2,105‌

1,854‌

Hilton

Grand

Vacations

Trust

Series

2019-AA,

Class

A

2.34%,

7/25/33 (1)

407‌

394‌

Hilton

Grand

Vacations

Trust

Series

2019-AA,

Class

B

2.54%,

7/25/33 (1)

837‌

811‌

Hilton

Grand

Vacations

Trust

Series

2020-AA,

Class

A

2.74%,

2/25/39 (1)

593‌

573‌

Hilton

Grand

Vacations

Trust

Series

2022-1D,

Class

A

3.61%,

6/20/34 (1)

1,222‌

1,193‌

Hilton

Grand

Vacations

Trust

Series

2023-1A,

Class

B

6.11%,

1/25/38 (1)

6,691‌

6,831‌

Hilton

Grand

Vacations

Trust

Series

2023-1A,

Class

C

6.94%,

1/25/38 (1)

1,248‌

1,290‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

9

Par/Shares

$

Value

(Amounts

in

000s)

HPEFS

Equipment

Trust

Series

2021-2A,

Class

D

1.29%,

3/20/29 (1)

3,018‌

3,001‌

HPEFS

Equipment

Trust

Series

2023-1A,

Class

B

5.73%,

4/20/28 (1)

6,910‌

6,956‌

HPEFS

Equipment

Trust

Series

2023-1A,

Class

C

5.91%,

4/20/28 (1)

4,315‌

4,354‌

HPEFS

Equipment

Trust

Series

2023-2A,

Class

C

6.48%,

1/21/31 (1)

1,440‌

1,468‌

HPEFS

Equipment

Trust

Series

2023-2A,

Class

D

6.97%,

7/21/31 (1)

3,042‌

3,129‌

HPEFS

Equipment

Trust

Series

2024-1A,

Class

C

5.33%,

5/20/31 (1)

8,335‌

8,409‌

HPEFS

Equipment

Trust

Series

2024-2A,

Class

B

5.35%,

10/20/31 (1)

1,025‌

1,042‌

HPEFS

Equipment

Trust

Series

2024-2A,

Class

D

5.82%,

4/20/32 (1)

2,535‌

2,588‌

Jack

in

the

Box

Funding

Series

2022-1A,

Class

A2I

3.445%,

2/26/52 (1)

4,557‌

4,316‌

Madison

Park

Funding

XLII

Series

13A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.15%,

6.433%,

11/21/30 (1)

9,996‌

10,000‌

Madison

Park

Funding

XXIII

Series

2017-23A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.232%,

6.495%,

7/27/31 (1)

8,739‌

8,759‌

Madison

Park

Funding

XXIII

Series

2017-23A,

Class

BR,

CLO,

FRN

3M

TSFR

+

1.812%,

7.075%,

7/27/31 (1)

7,810‌

7,810‌

Madison

Park

Funding

XXIV

Series

2016-24A,

Class

CR2,

CLO,

FRN

3M

TSFR

+

2.05%,

7.332%,

10/20/29 (1)

5,240‌

5,232‌

Madison

Park

Funding

XXIX

Series

2018-29A,

Class

BR,

CLO,

FRN

3M

TSFR

+

1.80%,

7.079%,

10/18/30 (1)

12,700‌

12,700‌

Madison

Park

Funding

XXXIII

Series

2019-33A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.29%,

6.591%,

10/15/32 (1)

13,845‌

13,850‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

10

Par/Shares

$

Value

(Amounts

in

000s)

Madison

Park

Funding

XXXV

Series

2019-35A,

Class

CR,

CLO,

FRN

3M

TSFR

+

2.162%,

7.444%,

4/20/32 (1)

745‌

746‌

Marathon

Static

Series

2022-18A,

Class

A1R2,

CLO,

FRN

3M

TSFR

+

1.15%,

6.432%,

7/20/30 (1)

6,922‌

6,907‌

Marble

Point

XII

Series

2018-1A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.272%,

6.558%,

7/16/31 (1)

3,218‌

3,220‌

Marble

Point

XIV

Series

2018-2A,

Class

A12R,

CLO,

FRN

3M

TSFR

+

1.20%,

6.482%,

1/20/32 (1)

14,007‌

14,010‌

MidOcean

Credit

VI

Series

2016-6A,

Class

ARRR,

CLO,

FRN

3M

TSFR

+

1.23%,

6.512%,

4/20/33 (1)

5,355‌

5,358‌

MidOcean

Credit

XI

Series

2022-11A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.73%,

7.009%,

10/18/33 (1)

3,670‌

3,677‌

MidOcean

Credit

XI

Series

2022-11A,

Class

BR,

CLO,

FRN

3M

TSFR

+

2.65%,

7.929%,

10/18/33 (1)

5,500‌

5,521‌

MMAF

Equipment

Finance

Series

2021-A,

Class

A5

1.19%,

11/13/43 (1)

1,430‌

1,355‌

MVW

Series

2020-1A,

Class

B

2.73%,

10/20/37 (1)

661‌

635‌

MVW

Series

2021-1WA,

Class

B

1.44%,

1/22/41 (1)

388‌

367‌

MVW

Series

2023-1A,

Class

A

4.93%,

10/20/40 (1)

7,030‌

7,071‌

MVW

Series

2023-2A,

Class

A

6.18%,

11/20/40 (1)

1,166‌

1,204‌

MVW

Series

2023-2A,

Class

B

6.33%,

11/20/40 (1)

665‌

684‌

Neuberger

Berman

Loan

Advisers

Series

2017-26A,

Class

BR,

CLO,

FRN

3M

TSFR

+

1.662%,

6.941%,

10/18/30 (1)

7,575‌

7,575‌

Neuberger

Berman

Loan

Advisers

Series

2019-32A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.252%,

6.531%,

1/20/32 (1)

13,530‌

13,536‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

11

Par/Shares

$

Value

(Amounts

in

000s)

Oaktree

Series

2022-2A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.55%,

6.851%,

7/15/33 (1)

6,040‌

6,045‌

OCP

Series

2017-13A,

Class

A2R,

CLO,

FRN

3M

TSFR

+

1.812%,

7.113%,

7/15/30 (1)

5,510‌

5,510‌

Octagon

Investment

Partners

39

Series

2018-3A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.15%,

6.432%,

10/20/30 (1)

9,367‌

9,371‌

Octane

Receivables

Trust

Series

2021-2A,

Class

A

1.21%,

9/20/28 (1)

743‌

732‌

Octane

Receivables

Trust

Series

2022-1A,

Class

B

4.90%,

5/22/28 (1)

5,025‌

5,002‌

Octane

Receivables

Trust

Series

2023-1A,

Class

A

5.87%,

5/21/29 (1)

298‌

299‌

Octane

Receivables

Trust

Series

2023-1A,

Class

B

5.96%,

7/20/29 (1)

2,695‌

2,722‌

Octane

Receivables

Trust

Series

2023-3A,

Class

B

6.48%,

7/20/29 (1)

1,570‌

1,609‌

Octane

Receivables

Trust

Series

2023-3A,

Class

C

6.74%,

8/20/29 (1)

515‌

532‌

OZLM

Funding

II

Series

2012-2A,

Class

A1A2,

CLO,

FRN

3M

TSFR

+

1.20%,

6.455%,

7/30/31 (1)

5,888‌

5,892‌

OZLM

XXI

Series

2017-21A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.15%,

6.432%,

1/20/31 (1)

9,910‌

9,913‌

Post

Road

Equipment

Finance

Series

2024-1A,

Class

A2

5.59%,

11/15/29 (1)

695‌

699‌

Romark

II

Series

2018-2A,

Class

A2R,

CLO,

FRN

3M

TSFR

+

1.65%,

6.935%,

7/25/31 (1)

13,080‌

13,114‌

SCF

Equipment

Leasing

Series

2021-1A,

Class

E

3.56%,

8/20/32 (1)

1,675‌

1,636‌

SEB

Funding

Series

2024-1A,

Class

A2

7.386%,

4/30/54 (1)

7,335‌

7,501‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

12

Par/Shares

$

Value

(Amounts

in

000s)

Sierra

Timeshare

Receivables

Funding

Series

2019-3A,

Class

A

2.34%,

8/20/36 (1)

1,621‌

1,618‌

Sierra

Timeshare

Receivables

Funding

Series

2020-2A,

Class

C

3.51%,

7/20/37 (1)

671‌

659‌

Symphony

Static

I

Series

2021-1A,

Class

B,

CLO,

FRN

3M

TSFR

+

1.712%,

6.996%,

10/25/29 (1)

11,545‌

11,475‌

Symphony

XXIII

Series

2020-23A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.282%,

6.583%,

1/15/34 (1)

3,113‌

3,115‌

Symphony

XXVI

Series

2021-26A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.342%,

6.624%,

4/20/33 (1)

3,968‌

3,972‌

THL

Credit

Wind

River

Series

2015-1A,

Class

A1R3,

CLO,

FRN

3M

TSFR

+

1.20%,

6.482%,

10/20/30 (1)

10,834‌

10,839‌

THL

Credit

Wind

River

Series

2018-2A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.20%,

6.501%,

7/15/30 (1)

3,145‌

3,147‌

TIAA

Series

2016-1A,

Class

ARR,

CLO,

FRN

3M

TSFR

+

1.25%,

6.532%,

7/20/31 (1)

18,381‌

18,399‌

Tricon

Residential

Trust

Series

2024-SFR2,

Class

A

4.75%,

6/17/40 (1)

3,403‌

3,391‌

Tricon

Residential

Trust

Series

2024-SFR2,

Class

D

6.00%,

6/17/40 (1)

6,225‌

6,253‌

Trinitas

IX

Series

2018-9A,

Class

ARRR,

CLO,

FRN

3M

TSFR

+

1.20%,

6.464%,

1/20/32 (1)

8,140‌

8,144‌

Trinitas

VI

Series

2017-6A,

Class

ARRR,

CLO,

FRN

3M

TSFR

+

1.33%,

6.615%,

1/25/34 (1)

11,805‌

11,822‌

Verdant

Receivables

Series

2023-1A,

Class

A2

6.24%,

1/13/31 (1)

4,531‌

4,603‌

Verdant

Receivables

Series

2024-1A,

Class

A2

5.68%,

12/12/31 (1)

1,545‌

1,574‌

Voya

Series

2018-3A,

Class

BR2,

CLO,

FRN

3M

TSFR

+

1.80%,

7.101%,

10/15/31 (1)

10,460‌

10,461‌

538,776‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

13

Par/Shares

$

Value

(Amounts

in

000s)

Student

Loan

 1.2%

Navient

Private

Education

Loan

Trust

Series

2020-A,

Class

A2A

2.46%,

11/15/68 (1)

3,026‌

2,901‌

Navient

Private

Education

Refi

Loan

Trust

Series

2019-A,

Class

A2A

3.42%,

1/15/43 (1)

1,528‌

1,502‌

Navient

Private

Education

Refi

Loan

Trust

Series

2019-EA,

Class

A2A

2.64%,

5/15/68 (1)

2,967‌

2,856‌

Navient

Private

Education

Refi

Loan

Trust

Series

2019-GA,

Class

A

2.40%,

10/15/68 (1)

4,492‌

4,300‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-BA,

Class

A2

2.12%,

1/15/69 (1)

1,710‌

1,615‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-CA,

Class

A2A

2.15%,

11/15/68 (1)

11,677‌

11,023‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-DA,

Class

A

1.69%,

5/15/69 (1)

1,809‌

1,691‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-FA,

Class

A

1.22%,

7/15/69 (1)

1,962‌

1,814‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-GA,

Class

A

1.17%,

9/16/69 (1)

1,201‌

1,105‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-HA,

Class

A

1.31%,

1/15/69 (1)

1,009‌

938‌

Nelnet

Student

Loan

Trust

Series

2005-4,

Class

A4,

FRN

SOFR90A

+

0.442%,

5.795%,

3/22/32 

1,928‌

1,877‌

Nelnet

Student

Loan

Trust

Series

2020-1A,

Class

A,

FRN

1M

TSFR

+

0.854%,

6.132%,

3/26/68 (1)

1,173‌

1,168‌

Nelnet

Student

Loan

Trust

Series

2021-CA,

Class

AFX

1.32%,

4/20/62 (1)

7,075‌

6,535‌

Nelnet

Student

Loan

Trust

Series

2021-DA,

Class

AFX

1.63%,

4/20/62 (1)

2,426‌

2,255‌

SMB

Private

Education

Loan

Trust

Series

2016-B,

Class

A2A

2.43%,

2/17/32 (1)

464‌

459‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

14

Par/Shares

$

Value

(Amounts

in

000s)

SMB

Private

Education

Loan

Trust

Series

2016-C,

Class

A2B,

FRN

1M

TSFR

+

1.214%,

6.551%,

9/15/34 (1)

660‌

660‌

SMB

Private

Education

Loan

Trust

Series

2018-B,

Class

A2B,

FRN

1M

TSFR

+

0.834%,

6.171%,

1/15/37 (1)

3,841‌

3,827‌

SMB

Private

Education

Loan

Trust

Series

2020-B,

Class

A1A

1.29%,

7/15/53 (1)

1,279‌

1,190‌

SMB

Private

Education

Loan

Trust

Series

2020-PTB,

Class

A2A

1.60%,

9/15/54 (1)

4,764‌

4,438‌

SMB

Private

Education

Loan

Trust

Series

2021-B,

Class

A

1.31%,

7/17/51 (1)

6,392‌

5,894‌

58,048‌

Whole

Business

 0.2%

Wheels

Fleet

Lease

Funding

1

Series

2023-2A,

Class

A

6.46%,

8/18/38 (1)

8,971‌

9,032‌

9,032‌

Total

Asset-Backed

Securities

(Cost

$893,560)

896,058‌

CORPORATE

BONDS

 43.7%

FINANCIAL

INSTITUTIONS

 14.7%

Banking

 9.3%

American

Express,

2.25%,

3/4/25 

12,785‌

12,598‌

American

Express,

VR,

5.043%,

7/26/28 (2)

4,305‌

4,357‌

American

Express,

VR,

5.098%,

2/16/28 (2)

2,625‌

2,656‌

American

Express,

VR,

5.532%,

4/25/30 (2)

5,175‌

5,371‌

Banco

Santander,

3.496%,

3/24/25 

8,200‌

8,130‌

Banco

Santander,

VR,

5.552%,

3/14/28 (2)

4,000‌

4,040‌

Banco

Santander

Mexico

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand,

5.375%,

4/17/25 

8,000‌

7,999‌

Banco

Santander

Mexico

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand,

5.375%,

4/17/25 (1)

1,865‌

1,865‌

Bank

of

America,

VR,

1.734%,

7/22/27 (2)

5,125‌

4,863‌

Bank

of

America,

VR,

3.384%,

4/2/26 (2)

7,560‌

7,455‌

Bank

of

America,

VR,

5.08%,

1/20/27 (2)

3,965‌

3,975‌

Bank

of

Montreal,

3.70%,

6/7/25 

10,110‌

10,021‌

Bank

of

Montreal,

Series

H,

4.25%,

9/14/24 

5,025‌

5,022‌

Bank

of

New

York

Mellon,

VR,

4.414%,

7/24/26 (2)

6,645‌

6,615‌

Bank

of

New

York

Mellon,

VR,

4.947%,

4/26/27 (2)

6,805‌

6,831‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

15

Par/Shares

$

Value

(Amounts

in

000s)

Bank

of

New

York

Mellon,

VR,

5.148%,

5/22/26 (2)

4,875‌

4,873‌

Banque

Federative

du

Credit

Mutuel,

0.998%,

2/4/25 (1)

9,745‌

9,565‌

Banque

Federative

du

Credit

Mutuel,

4.935%,

1/26/26 (1)

4,965‌

4,977‌

Barclays,

VR,

5.304%,

8/9/26 (2)

4,510‌

4,515‌

Barclays,

VR,

7.325%,

11/2/26 (2)

4,915‌

5,052‌

BPCE,

4.50%,

3/15/25 (1)

9,765‌

9,691‌

CaixaBank,

VR,

6.684%,

9/13/27 (1)(2)

6,125‌

6,335‌

Capital

One

Financial,

VR,

2.636%,

3/3/26 (2)

7,645‌

7,540‌

Capital

One

Financial,

VR,

4.985%,

7/24/26 (2)

5,995‌

5,980‌

Capital

One

Financial,

VR,

6.312%,

6/8/29 (2)

3,000‌

3,129‌

Capital

One

Financial,

VR,

7.149%,

10/29/27 (2)

2,860‌

2,994‌

Citigroup,

4.40%,

6/10/25 

4,390‌

4,363‌

Citigroup,

VR,

3.106%,

4/8/26 (2)

4,035‌

3,978‌

Citigroup,

VR,

5.174%,

2/13/30 (2)

4,635‌

4,705‌

Credicorp,

2.75%,

6/17/25 (1)

2,715‌

2,654‌

Danske

Bank,

VR,

5.427%,

3/1/28 (1)(2)

4,760‌

4,831‌

Danske

Bank,

VR,

6.259%,

9/22/26 (1)(2)

3,080‌

3,122‌

Discover

Bank,

2.45%,

9/12/24 

1,390‌

1,388‌

Discover

Financial

Services,

3.95%,

11/6/24 

2,715‌

2,701‌

Fifth

Third

Bank,

VR,

5.852%,

10/27/25 (2)

13,720‌

13,720‌

Goldman

Sachs

Group,

3.50%,

4/1/25 

7,425‌

7,352‌

Goldman

Sachs

Group,

5.70%,

11/1/24 (3)

2,915‌

2,912‌

Goldman

Sachs

Group,

FRN,

SOFR

+

0.486%,

5.855%,

10/21/24 

4,580‌

4,580‌

Goldman

Sachs

Group,

VR,

4.482%,

8/23/28 (2)(3)

4,835‌

4,816‌

HSBC

Holdings,

VR,

1.645%,

4/18/26 (2)

12,655‌

12,363‌

HSBC

Holdings,

VR,

5.597%,

5/17/28 (2)

6,410‌

6,554‌

Huntington

National

Bank,

VR,

5.699%,

11/18/25 (2)

3,105‌

3,106‌

JPMorgan

Chase,

FRN,

SOFR

+

0.885%,

6.254%,

4/22/27 

5,480‌

5,502‌

JPMorgan

Chase,

VR,

2.083%,

4/22/26 (2)

13,190‌

12,939‌

JPMorgan

Chase,

VR,

4.08%,

4/26/26 (2)

7,690‌

7,633‌

JPMorgan

Chase,

VR,

4.979%,

7/22/28 (2)

4,820‌

4,881‌

JPMorgan

Chase,

VR,

5.04%,

1/23/28 (2)

4,620‌

4,672‌

Lloyds

Banking

Group,

4.50%,

11/4/24 

4,744‌

4,731‌

Lloyds

Banking

Group,

VR,

5.462%,

1/5/28 (2)

4,660‌

4,718‌

Morgan

Stanley,

VR,

1.164%,

10/21/25 (2)

6,525‌

6,487‌

Morgan

Stanley,

VR,

2.63%,

2/18/26 (2)

7,180‌

7,077‌

Morgan

Stanley,

VR,

6.138%,

10/16/26 (2)

6,730‌

6,815‌

Morgan

Stanley

Bank,

4.754%,

4/21/26 

5,725‌

5,753‌

NatWest

Markets,

3.479%,

3/22/25 (1)

3,600‌

3,564‌

Northern

Trust,

3.95%,

10/30/25 

4,035‌

4,000‌

PNC

Financial

Services

Group,

VR,

4.758%,

1/26/27 (2)

7,035‌

7,035‌

PNC

Financial

Services

Group,

VR,

5.671%,

10/28/25 (2)

9,110‌

9,110‌

PNC

Financial

Services

Group,

VR,

5.812%,

6/12/26 (2)

2,525‌

2,538‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

16

Par/Shares

$

Value

(Amounts

in

000s)

Santander

Holdings

USA,

VR,

2.49%,

1/6/28 (2)

5,540‌

5,178‌

Santander

Holdings

USA,

VR,

6.124%,

5/31/27 (2)(3)

980‌

996‌

Societe

Generale,

2.625%,

10/16/24 (1)

1,120‌

1,115‌

Societe

Generale,

VR,

5.519%,

1/19/28 (1)(2)

10,071‌

10,134‌

Standard

Chartered,

4.30%,

2/19/27 (1)

2,937‌

2,895‌

Standard

Chartered,

VR,

1.822%,

11/23/25 (1)(2)

3,965‌

3,930‌

Standard

Chartered,

VR,

5.688%,

5/14/28 (1)(2)

4,780‌

4,875‌

State

Street,

5.272%,

8/3/26 

7,550‌

7,649‌

State

Street,

VR,

4.857%,

1/26/26 (2)

3,080‌

3,075‌

State

Street,

VR,

5.104%,

5/18/26 (2)

4,620‌

4,616‌

Toronto-Dominion

Bank,

4.285%,

9/13/24 

12,675‌

12,669‌

U.S.

Bancorp,

VR,

4.548%,

7/22/28 (2)

7,145‌

7,137‌

U.S.

Bancorp,

VR,

5.727%,

10/21/26 (2)

4,020‌

4,056‌

UBS

Group,

VR,

1.494%,

8/10/27 (1)(2)

3,200‌

3,000‌

UBS

Group,

VR,

4.488%,

5/12/26 (1)(2)

2,465‌

2,453‌

UBS

Group,

VR,

6.327%,

12/22/27 (1)(2)

6,100‌

6,278‌

Wells

Fargo,

VR,

2.188%,

4/30/26 (2)

5,935‌

5,801‌

Wells

Fargo,

VR,

3.908%,

4/25/26 (2)

7,870‌

7,781‌

Wells

Fargo,

VR,

4.54%,

8/15/26 (2)

7,470‌

7,433‌

438,120‌

Brokerage

Asset

Managers

Exchanges

 0.4%

Charles

Schwab,

2.45%,

3/3/27 

11,128‌

10,586‌

Charles

Schwab,

3.20%,

3/2/27 

3,330‌

3,222‌

LPL

Holdings,

5.70%,

5/20/27 

3,365‌

3,421‌

LPL

Holdings,

6.75%,

11/17/28 

2,275‌

2,425‌

Nasdaq,

5.65%,

6/28/25 

1,155‌

1,160‌

20,814‌

Finance

Companies

 1.3%

AerCap

Ireland

Capital,

1.65%,

10/29/24 

4,392‌

4,363‌

AerCap

Ireland

Capital,

6.10%,

1/15/27 

3,965‌

4,076‌

AerCap

Ireland

Capital,

6.45%,

4/15/27 

11,189‌

11,682‌

Avolon

Holdings

Funding,

2.125%,

2/21/26 (1)

9,215‌

8,799‌

Avolon

Holdings

Funding,

2.875%,

2/15/25 (1)

7,180‌

7,080‌

Avolon

Holdings

Funding,

5.75%,

3/1/29 (1)

4,810‌

4,918‌

Avolon

Holdings

Funding,

6.375%,

5/4/28 (1)

2,200‌

2,284‌

GATX,

3.25%,

3/30/25 

6,715‌

6,627‌

GATX,

3.25%,

9/15/26 

3,544‌

3,440‌

GATX,

3.85%,

3/30/27 

1,932‌

1,891‌

GATX,

5.40%,

3/15/27 

4,745‌

4,817‌

59,977‌

Financial

Other

 0.2%

LeasePlan,

2.875%,

10/24/24 (1)

11,692‌

11,632‌

11,632‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

17

Par/Shares

$

Value

(Amounts

in

000s)

Insurance

 3.3%

Athene

Global

Funding,

1.716%,

1/7/25 (1)

12,540‌

12,368‌

Athene

Global

Funding,

4.86%,

8/27/26 (1)

5,285‌

5,295‌

Athene

Global

Funding,

5.349%,

7/9/27 (1)

5,190‌

5,278‌

Athene

Global

Funding,

5.684%,

2/23/26 (1)

6,780‌

6,843‌

Brighthouse

Financial

Global

Funding,

1.55%,

5/24/26 (1)

1,680‌

1,587‌

Centene,

4.625%,

12/15/29 

4,825‌

4,692‌

CNO

Global

Funding,

1.65%,

1/6/25 (1)

8,042‌

7,926‌

CNO

Global

Funding,

1.75%,

10/7/26 (1)

10,016‌

9,378‌

Corebridge

Financial,

3.50%,

4/4/25 

5,855‌

5,797‌

Corebridge

Global

Funding,

4.65%,

8/20/27 (1)

2,475‌

2,481‌

Corebridge

Global

Funding,

5.20%,

1/12/29 (1)

2,300‌

2,349‌

Elevance

Health,

5.35%,

10/15/25 

2,325‌

2,337‌

Equitable

Financial

Life

Global

Funding,

1.00%,

1/9/26 (1)

490‌

467‌

Equitable

Financial

Life

Global

Funding,

1.10%,

11/12/24 (1)

7,095‌

7,034‌

Equitable

Financial

Life

Global

Funding,

1.70%,

11/12/26 (1)

2,095‌

1,965‌

Equitable

Financial

Life

Global

Funding,

5.50%,

12/2/25 (1)

3,500‌

3,532‌

First

American

Financial,

4.60%,

11/15/24 

2,840‌

2,831‌

Health

Care

Service

A

Mutual

Legal

Reserve,

1.50%,

6/1/25 (1)

11,700‌

11,392‌

Health

Care

Service

A

Mutual

Legal

Reserve,

5.20%,

6/15/29 (1)

3,540‌

3,610‌

Humana,

1.35%,

2/3/27 

3,515‌

3,259‌

Humana,

3.85%,

10/1/24 

6,064‌

6,054‌

Humana,

4.50%,

4/1/25 

4,125‌

4,104‌

Humana,

5.75%,

3/1/28 (3)

2,290‌

2,370‌

Jackson

National

Life

Global

Funding,

1.75%,

1/12/25 (1)

8,265‌

8,154‌

Jackson

National

Life

Global

Funding,

5.55%,

7/2/27 (1)

4,325‌

4,419‌

Jackson

National

Life

Global

Funding,

5.60%,

4/10/26 (1)

7,525‌

7,596‌

Northwestern

Mutual

Global

Funding,

4.35%,

9/15/27 (1)

5,950‌

5,955‌

Principal

Life

Global

Funding

II,

0.875%,

1/12/26 (1)

5,795‌

5,512‌

Reinsurance

Group

of

America,

3.95%,

9/15/26 

5,184‌

5,126‌

UnitedHealth

Group,

3.70%,

5/15/27 

7,965‌

7,857‌

157,568‌

Real

Estate

Investment

Trusts

 0.2%

Kilroy

Realty,

4.375%,

10/1/25 

2,355‌

2,331‌

Realty

Income,

5.05%,

1/13/26 

1,780‌

1,780‌

Simon

Property

Group,

2.00%,

9/13/24 

3,350‌

3,347‌

7,458‌

Total

Financial

Institutions

695,569‌

INDUSTRIAL

 25.7%

Basic

Industry

 1.0%

Celanese

U.S.

Holdings,

6.05%,

3/15/25 

4,340‌

4,347‌

LYB

International

Finance

III,

1.25%,

10/1/25 

5,631‌

5,414‌

Newmont,

5.30%,

3/15/26 (1)

2,930‌

2,957‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

18

Par/Shares

$

Value

(Amounts

in

000s)

Nucor,

3.95%,

5/23/25 

3,585‌

3,564‌

Nutrien,

4.90%,

3/27/28 

2,955‌

2,988‌

POSCO,

4.375%,

8/4/25 

7,200‌

7,157‌

POSCO,

5.625%,

1/17/26 (1)

6,020‌

6,084‌

Sherwin-Williams,

4.25%,

8/8/25 

2,980‌

2,963‌

Sherwin-Williams,

4.55%,

3/1/28 (3)

5,375‌

5,394‌

Steel

Dynamics,

2.80%,

12/15/24 

5,070‌

5,026‌

45,894‌

Capital

Goods

 1.4%

Amcor

Flexibles

North

America,

4.00%,

5/17/25 

5,355‌

5,306‌

Amphenol,

2.05%,

3/1/25 

6,720‌

6,601‌

Amphenol,

4.75%,

3/30/26 

9,211‌

9,238‌

Amphenol,

5.05%,

4/5/27 

2,475‌

2,518‌

BAE

Systems,

5.00%,

3/26/27 (1)

5,475‌

5,537‌

Boeing,

6.259%,

5/1/27 (1)

5,735‌

5,889‌

Carrier

Global,

2.242%,

2/15/25 

1,909‌

1,880‌

Fortive,

3.15%,

6/15/26 

5,348‌

5,199‌

Mohawk

Industries,

5.85%,

9/18/28 

3,565‌

3,726‌

Otis

Worldwide,

2.056%,

4/5/25 

7,965‌

7,817‌

Owens

Corning,

3.40%,

8/15/26 

3,093‌

3,022‌

Owens

Corning,

5.50%,

6/15/27 

4,210‌

4,315‌

Regal

Rexnord,

6.05%,

2/15/26 

4,655‌

4,710‌

Republic

Services,

0.875%,

11/15/25 

1,566‌

1,496‌

67,254‌

Communications

 4.0%

American

Tower,

1.60%,

4/15/26 

11,099‌

10,516‌

American

Tower,

2.40%,

3/15/25 

4,733‌

4,659‌

American

Tower,

3.55%,

7/15/27 

4,480‌

4,347‌

AT&T,

4.10%,

2/15/28 

2,395‌

2,369‌

Charter

Communications

Operating,

4.908%,

7/23/25 

6,322‌

6,303‌

Charter

Communications

Operating,

6.15%,

11/10/26 (3)

2,995‌

3,066‌

Cox

Communications,

3.35%,

9/15/26 (1)

2,070‌

2,010‌

Cox

Communications,

3.50%,

8/15/27 (1)

2,570‌

2,484‌

Crown

Castle,

1.05%,

7/15/26 

9,140‌

8,580‌

Crown

Castle,

2.90%,

3/15/27 

7,465‌

7,157‌

Crown

Castle,

4.45%,

2/15/26 

4,475‌

4,453‌

Crown

Castle,

5.00%,

1/11/28 

2,340‌

2,364‌

Crown

Castle,

5.60%,

6/1/29 

3,540‌

3,673‌

Crown

Castle

Towers,

4.241%,

7/15/28 (1)

2,075‌

2,016‌

KT,

4.00%,

8/8/25 (1)

8,770‌

8,704‌

NTT

Finance,

4.239%,

7/25/25 (1)

1,630‌

1,622‌

Rogers

Communications,

2.95%,

3/15/25 

10,585‌

10,446‌

Rogers

Communications,

3.20%,

3/15/27 

9,100‌

8,789‌

Rogers

Communications,

5.00%,

2/15/29 

7,010‌

7,087‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

19

Par/Shares

$

Value

(Amounts

in

000s)

SBA

Tower

Trust,

1.631%,

11/15/26 (1)(3)

4,527‌

4,198‌

SBA

Tower

Trust,

1.884%,

1/15/26 (1)

3,232‌

3,093‌

SBA

Tower

Trust,

2.836%,

1/15/25 (1)

9,510‌

9,405‌

SBA

Tower

Trust,

6.599%,

1/15/28 (1)

7,561‌

7,810‌

SBA

Tower

Trust,

Series

2014-2A,

Class

C,

STEP,

3.869%,

10/15/49 (1)

2,540‌

2,534‌

T-Mobile

USA,

2.625%,

4/15/26 

2,755‌

2,670‌

T-Mobile

USA,

3.50%,

4/15/25 

7,685‌

7,621‌

Take-Two

Interactive

Software,

3.55%,

4/14/25 

3,135‌

3,104‌

Take-Two

Interactive

Software,

4.95%,

3/28/28 

6,000‌

6,079‌

Take-Two

Interactive

Software,

5.00%,

3/28/26 

9,055‌

9,099‌

Verizon

Communications,

0.85%,

11/20/25 

11,600‌

11,100‌

Verizon

Communications,

1.45%,

3/20/26 

9,810‌

9,349‌

Verizon

Communications,

2.625%,

8/15/26 

11,075‌

10,697‌

187,404‌

Consumer

Cyclical

 5.4%

Advance

Auto

Parts,

5.90%,

3/9/26 

5,550‌

5,576‌

AutoZone,

6.25%,

11/1/28 

4,435‌

4,720‌

BMW

U.S.

Capital,

4.60%,

8/13/27 (1)(3)

11,810‌

11,855‌

Daimler

Truck

Finance

North

America,

1.625%,

12/13/24 (1)

7,760‌

7,674‌

Daimler

Truck

Finance

North

America,

5.00%,

1/15/27 (1)

2,215‌

2,236‌

Daimler

Truck

Finance

North

America,

5.125%,

9/25/27 (1)

4,210‌

4,277‌

Daimler

Truck

Finance

North

America,

5.15%,

1/16/26 (1)

2,165‌

2,177‌

Daimler

Truck

Finance

North

America,

5.20%,

1/17/25 (1)

2,745‌

2,743‌

Dollar

General,

3.875%,

4/15/27 (3)

2,255‌

2,202‌

Dollar

General,

4.125%,

5/1/28 

7,688‌

7,504‌

Dollar

General,

4.625%,

11/1/27 

6,000‌

5,959‌

Dollar

General,

5.20%,

7/5/28 (3)

4,099‌

4,119‌

Ford

Motor

Credit,

5.125%,

6/16/25 

7,190‌

7,167‌

Ford

Motor

Credit,

5.80%,

3/5/27 

5,830‌

5,914‌

General

Motors

Financial,

2.90%,

2/26/25 

13,795‌

13,630‌

General

Motors

Financial,

5.35%,

7/15/27 

6,995‌

7,109‌

General

Motors

Financial,

5.40%,

4/6/26 

3,685‌

3,718‌

General

Motors

Financial,

5.40%,

5/8/27 

2,895‌

2,950‌

General

Motors

Financial,

5.55%,

7/15/29 

2,240‌

2,301‌

Genuine

Parts,

1.75%,

2/1/25 

2,980‌

2,950‌

Hyundai

Capital

America,

1.00%,

9/17/24 (1)

3,765‌

3,758‌

Hyundai

Capital

America,

5.25%,

1/8/27 (1)

2,440‌

2,469‌

Hyundai

Capital

America,

5.50%,

3/30/26 (1)

3,270‌

3,302‌

Hyundai

Capital

America,

5.60%,

3/30/28 (1)

4,300‌

4,414‌

Hyundai

Capital

America,

6.25%,

11/3/25 (1)

3,100‌

3,144‌

Hyundai

Capital

Services,

2.125%,

4/24/25 (1)

2,800‌

2,750‌

Lowe's,

1.70%,

9/15/28 

1,292‌

1,163‌

Lowe's,

3.35%,

4/1/27 

2,275‌

2,219‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

20

Par/Shares

$

Value

(Amounts

in

000s)

Lowe's,

4.80%,

4/1/26 

4,745‌

4,756‌

Marriott

International,

3.75%,

3/15/25 

1,345‌

1,335‌

Marriott

International,

5.45%,

9/15/26 

2,225‌

2,261‌

Marriott

International,

Series

EE,

5.75%,

5/1/25 

1,381‌

1,388‌

Marriott

International,

Series

R,

3.125%,

6/15/26 

8,661‌

8,439‌

Mercedes-Benz

Finance

North

America,

4.80%,

3/30/26 (1)

5,025‌

5,044‌

Mercedes-Benz

Finance

North

America,

4.80%,

1/11/27 (1)

14,430‌

14,566‌

O'Reilly

Automotive,

5.75%,

11/20/26 

13,817‌

14,152‌

Ross

Stores,

0.875%,

4/15/26 

6,748‌

6,357‌

Ross

Stores,

4.60%,

4/15/25 

15,624‌

15,547‌

Starbucks,

3.50%,

3/1/28 (3)

2,660‌

2,582‌

Starbucks,

4.00%,

11/15/28 

1,873‌

1,846‌

Starbucks,

4.75%,

2/15/26 

5,815‌

5,833‌

Tapestry,

7.00%,

11/27/26 

1,130‌

1,164‌

Tapestry,

7.05%,

11/27/25 

940‌

958‌

VF,

2.40%,

4/23/25 

10,443‌

10,212‌

VF,

2.80%,

4/23/27 

5,330‌

4,978‌

Volkswagen

Group

of

America

Finance,

3.95%,

6/6/25 (1)

5,185‌

5,137‌

Volkswagen

Group

of

America

Finance,

4.85%,

8/15/27 (1)

8,305‌

8,337‌

Volkswagen

Group

of

America

Finance,

5.70%,

9/12/26 (1)

3,870‌

3,939‌

Volkswagen

Group

of

America

Finance,

5.80%,

9/12/25 (1)

4,550‌

4,587‌

Volkswagen

Group

of

America

Finance,

6.00%,

11/16/26 (1)

4,520‌

4,637‌

258,055‌

Consumer

Non-Cyclical

 7.2%

AbbVie,

2.60%,

11/21/24 

20,860‌

20,733‌

AbbVie,

2.95%,

11/21/26 

14,705‌

14,293‌

AbbVie,

4.80%,

3/15/27 

4,845‌

4,903‌

Altria

Group,

2.625%,

9/16/26 

5,137‌

4,943‌

Astrazeneca

Finance,

1.20%,

5/28/26 

12,035‌

11,416‌

BAT

International

Finance,

1.668%,

3/25/26 

7,140‌

6,808‌

BAT

International

Finance,

4.448%,

3/16/28 

13,155‌

13,037‌

Becton

Dickinson

&

Company,

3.734%,

12/15/24 

2,160‌

2,149‌

Becton

Dickinson

&

Company,

4.693%,

2/13/28 

10,060‌

10,094‌

Bristol-Myers

Squibb,

4.90%,

2/22/27 

3,610‌

3,659‌

Bristol-Myers

Squibb,

4.95%,

2/20/26 

2,700‌

2,717‌

Campbell

Soup,

5.20%,

3/19/27 

3,690‌

3,759‌

Cardinal

Health,

3.50%,

11/15/24 

6,185‌

6,154‌

Coca-Cola

Europacific

Partners,

1.50%,

1/15/27 (1)

1,091‌

1,015‌

CSL

Finance,

3.85%,

4/27/27 (1)

2,575‌

2,530‌

CVS

Health,

1.30%,

8/21/27 

13,114‌

11,938‌

CVS

Health,

2.875%,

6/1/26 

3,470‌

3,361‌

CVS

Health,

3.00%,

8/15/26 

2,945‌

2,856‌

CVS

Health,

5.00%,

2/20/26 

6,970‌

6,986‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

21

Par/Shares

$

Value

(Amounts

in

000s)

Hasbro,

3.00%,

11/19/24 

13,727‌

13,621‌

HCA,

3.125%,

3/15/27 

7,560‌

7,286‌

HCA,

5.375%,

2/1/25 

4,260‌

4,255‌

HCA,

5.625%,

9/1/28 

9,032‌

9,314‌

HCA,

5.875%,

2/15/26 

5,890‌

5,927‌

Heineken,

3.50%,

1/29/28 (1)

24,087‌

23,419‌

Icon

Investments

Six,

5.809%,

5/8/27 

8,885‌

9,110‌

Imperial

Brands

Finance,

4.25%,

7/21/25 (1)

1,013‌

1,002‌

IQVIA,

6.25%,

2/1/29 

3,065‌

3,241‌

JDE

Peet's,

0.80%,

9/24/24 (1)

4,440‌

4,422‌

Kroger,

2.65%,

10/15/26 

4,838‌

4,651‌

Kroger,

3.70%,

8/1/27 

1,206‌

1,181‌

Kroger,

4.60%,

8/15/27 

2,194‌

2,199‌

Mars,

4.55%,

4/20/28 (1)

9,340‌

9,378‌

Mattel,

3.375%,

4/1/26 (1)

5,109‌

4,969‌

Mattel,

5.875%,

12/15/27 (1)

5,750‌

5,807‌

Mondelez

International,

2.625%,

3/17/27 

5,415‌

5,176‌

Mondelez

International

Holdings

Netherlands,

4.25%,

9/15/25 (1)

3,950‌

3,930‌

PeaceHealth

Obligated

Group,

Series

2020,

1.375%,

11/15/25 

1,555‌

1,487‌

Pernod

Ricard,

3.25%,

6/8/26 (1)

8,525‌

8,318‌

Perrigo

Finance

Unlimited,

3.90%,

12/15/24 

5,988‌

5,951‌

Philip

Morris

International,

4.875%,

2/13/26 

5,920‌

5,947‌

Solventum,

5.45%,

2/25/27 (1)

11,990‌

12,149‌

Utah

Acquisition

Sub,

3.95%,

6/15/26 

11,199‌

11,037‌

Viatris,

1.65%,

6/22/25 

12,497‌

12,121‌

Viatris,

2.30%,

6/22/27 

5,092‌

4,750‌

Viterra

Finance,

2.00%,

4/21/26 (1)

1,515‌

1,444‌

Viterra

Finance,

4.90%,

4/21/27 (1)

7,230‌

7,239‌

Zoetis,

3.00%,

9/12/27 

12,715‌

12,179‌

Zoetis,

5.40%,

11/14/25 

6,720‌

6,761‌

341,622‌

Energy

 2.9%

6297782,

4.911%,

9/1/27 (1)

4,420‌

4,418‌

Aker

BP,

2.00%,

7/15/26 (1)

1,994‌

1,894‌

Canadian

Natural

Resources,

2.05%,

7/15/25 

11,415‌

11,128‌

Columbia

Pipelines

Holding,

6.055%,

8/15/26 (1)

1,060‌

1,079‌

DCP

Midstream

Operating,

5.375%,

7/15/25 

7,981‌

7,981‌

Diamondback

Energy,

5.20%,

4/18/27 

3,245‌

3,294‌

Enbridge,

2.50%,

1/15/25 

9,500‌

9,397‌

Enbridge,

2.50%,

2/14/25 

4,350‌

4,296‌

Enbridge,

5.90%,

11/15/26 

2,765‌

2,842‌

Enbridge,

6.00%,

11/15/28 

2,270‌

2,395‌

Energy

Transfer,

2.90%,

5/15/25 

1,860‌

1,830‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

22

Par/Shares

$

Value

(Amounts

in

000s)

Energy

Transfer,

5.25%,

7/1/29 

3,905‌

3,990‌

Energy

Transfer,

6.05%,

12/1/26 

10,455‌

10,761‌

Gray

Oak

Pipeline,

2.60%,

10/15/25 (1)

3,115‌

3,054‌

Occidental

Petroleum,

5.00%,

8/1/27 (3)

3,920‌

3,958‌

Occidental

Petroleum,

5.20%,

8/1/29 

2,805‌

2,845‌

Occidental

Petroleum,

5.875%,

9/1/25 

6,705‌

6,738‌

ONEOK,

5.55%,

11/1/26 

4,840‌

4,928‌

Ovintiv,

5.65%,

5/15/25 

5,605‌

5,612‌

Pioneer

Natural

Resources,

5.10%,

3/29/26 

6,135‌

6,194‌

Sabine

Pass

Liquefaction,

5.625%,

3/1/25 

3,416‌

3,415‌

TER

Finance

Jersey,

Series

21,

Zero

Coupon,

1/2/25 (1)(4)

6,200‌

6,076‌

TransCanada

PipeLines,

6.203%,

3/9/26 

11,255‌

11,259‌

Williams,

4.80%,

11/15/29 

4,020‌

4,038‌

Williams,

5.40%,

3/2/26 

11,725‌

11,831‌

135,253‌

Technology

 2.3%

Atlassian,

5.25%,

5/15/29 

2,605‌

2,660‌

CDW,

5.10%,

3/1/30 

1,955‌

1,966‌

Fiserv,

5.15%,

3/15/27 

5,895‌

5,988‌

Fortinet,

1.00%,

3/15/26 

5,710‌

5,398‌

Foundry

JV

Holdco,

5.90%,

1/25/30 (1)

2,025‌

2,078‌

Intel,

3.75%,

8/5/27 

3,890‌

3,773‌

Intel,

4.00%,

8/5/29 

4,290‌

4,129‌

Intel,

4.875%,

2/10/28 

1,326‌

1,325‌

Microchip

Technology,

0.983%,

9/1/24 

8,380‌

8,375‌

Micron

Technology,

4.185%,

2/15/27 

1,110‌

1,098‌

Micron

Technology,

4.975%,

2/6/26 

1,110‌

1,114‌

Micron

Technology,

5.375%,

4/15/28 

6,955‌

7,110‌

Moody's,

3.75%,

3/24/25 

6,475‌

6,422‌

NXP,

2.70%,

5/1/25 

5,910‌

5,814‌

NXP,

3.15%,

5/1/27 

490‌

471‌

NXP,

3.875%,

6/18/26 

4,219‌

4,155‌

NXP,

4.40%,

6/1/27 

1,040‌

1,034‌

PayPal

Holdings,

2.85%,

10/1/29 

9,049‌

8,406‌

Qorvo,

1.75%,

12/15/24 

3,710‌

3,664‌

S&P

Global,

2.45%,

3/1/27 

14,680‌

14,033‌

Western

Union,

2.85%,

1/10/25 

16,803‌

16,640‌

Workday,

3.50%,

4/1/27 

3,450‌

3,373‌

109,026‌

Transportation

 1.5%

American

Airlines

PTT,

Series

2017-2,

Class

B,

3.70%,

10/15/25 

2,610‌

2,538‌

Canadian

Pacific

Railway,

1.35%,

12/2/24 

10,590‌

10,481‌

Canadian

Pacific

Railway,

1.75%,

12/2/26 

4,645‌

4,382‌

Element

Fleet

Management,

5.643%,

3/13/27 (1)

4,310‌

4,395‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

23

Par/Shares

$

Value

(Amounts

in

000s)

ERAC

USA

Finance,

4.60%,

5/1/28 (1)

8,895‌

8,926‌

ERAC

USA

Finance,

5.00%,

2/15/29 (1)

3,460‌

3,542‌

FedEx,

3.25%,

4/1/26 

7,417‌

7,262‌

HPHT

Finance,

1.50%,

9/17/26 

6,650‌

6,232‌

HPHT

Finance,

2.875%,

11/5/24 

9,234‌

9,202‌

Penske

Truck

Leasing,

5.35%,

1/12/27 (1)

2,375‌

2,407‌

Penske

Truck

Leasing,

5.75%,

5/24/26 (1)

12,040‌

12,209‌

71,576‌

Total

Industrial

1,216,084‌

UTILITY

 3.3%

Electric

 2.6%

AES,

3.30%,

7/15/25 (1)

5,425‌

5,318‌

American

Electric

Power,

5.20%,

1/15/29 (3)

8,040‌

8,236‌

Appalachian

Power,

Series

X,

3.30%,

6/1/27 

10,397‌

10,070‌

Constellation

Energy

Generation,

5.60%,

3/1/28 

3,910‌

4,054‌

DTE

Energy,

4.95%,

7/1/27 

3,625‌

3,665‌

DTE

Energy,

STEP,

4.22%,

11/1/24 

7,175‌

7,154‌

Duke

Energy,

4.85%,

1/5/27 

12,000‌

12,120‌

Enel

Finance

International,

1.625%,

7/12/26 (1)

9,605‌

9,064‌

Enel

Finance

International,

2.65%,

9/10/24 (1)

12,355‌

12,346‌

Enel

Finance

International,

6.80%,

10/14/25 (1)

1,400‌

1,430‌

Exelon,

5.15%,

3/15/29 

2,470‌

2,538‌

FirstEnergy,

Series

B,

3.90%,

7/15/27 

4,905‌

4,810‌

Georgia

Power,

5.004%,

2/23/27 

2,160‌

2,194‌

NextEra

Energy

Capital

Holdings,

1.875%,

1/15/27 

9,130‌

8,615‌

NextEra

Energy

Capital

Holdings,

4.45%,

6/20/25 

6,955‌

6,925‌

NextEra

Energy

Capital

Holdings,

5.749%,

9/1/25 

2,175‌

2,193‌

NextEra

Energy

Capital

Holdings,

6.051%,

3/1/25 

3,175‌

3,188‌

Pacific

Gas

&

Electric,

3.50%,

6/15/25 

8,205‌

8,092‌

Southern,

5.113%,

8/1/27 

4,238‌

4,304‌

Vistra

Operations,

5.125%,

5/13/25 (1)

3,074‌

3,066‌

119,382‌

Natural

Gas

 0.7%

APA

Infrastructure,

4.20%,

3/23/25 (1)

16,219‌

16,116‌

Engie,

5.25%,

4/10/29 (1)

2,330‌

2,390‌

NiSource,

5.25%,

3/30/28 

1,560‌

1,595‌

Sempra,

3.30%,

4/1/25 

5,035‌

4,973‌

Sempra,

5.40%,

8/1/26 

2,840‌

2,881‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

24

Par/Shares

$

Value

(Amounts

in

000s)

Southern

California

Gas,

2.95%,

4/15/27 

5,420‌

5,232‌

33,187‌

Total

Utility

152,569‌

Total

Corporate

Bonds

(Cost

$2,067,604)

2,064,222‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

 2.2%

Government

Sponsored

 0.3%

MEGlobal,

4.25%,

11/3/26 

12,000‌

11,817‌

11,817‌

Owned

No

Guarantee

 1.9%

Banco

del

Estado

de

Chile,

2.704%,

1/9/25 (1)

4,585‌

4,555‌

Bharat

Petroleum,

4.00%,

5/8/25 

11,900‌

11,831‌

Korea

Electric

Power,

5.375%,

4/6/26 (1)

12,400‌

12,547‌

Korea

Housing

Finance,

4.625%,

2/24/28 (1)

12,080‌

12,188‌

Korea

Hydro

&

Nuclear

Power,

1.25%,

4/27/26 (1)

12,038‌

11,408‌

Korea

Hydro

&

Nuclear

Power,

4.25%,

7/27/27 (1)

2,010‌

1,999‌

Korea

Hydro

&

Nuclear

Power,

5.00%,

7/18/28 (1)

1,400‌

1,426‌

NBN,

1.45%,

5/5/26 (1)

15,195‌

14,428‌

QNB

Finance,

2.625%,

5/12/25 

11,965‌

11,757‌

Tenaga

Nasional,

7.50%,

11/1/25 

8,850‌

9,107‌

91,246‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$104,400)

103,063‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

 7.3%

Collateralized

Mortgage

Obligations

 3.4%

Angel

Oak

Mortgage

Trust

Series

2021-1,

Class

A1,

CMO,

ARM,

0.909%,

1/25/66 (1)

3,543‌

3,054‌

Angel

Oak

Mortgage

Trust

Series

2021-2,

Class

A1,

CMO,

ARM,

0.985%,

4/25/66 (1)

3,463‌

2,937‌

Angel

Oak

Mortgage

Trust

Series

2021-2,

Class

A2,

CMO,

ARM,

1.19%,

4/25/66 (1)

1,000‌

852‌

Angel

Oak

Mortgage

Trust

Series

2021-6,

Class

A3,

CMO,

ARM,

1.714%,

9/25/66 (1)

2,854‌

2,387‌

Bayview

Financing

Trust

Series

2024-2F,

Class

A,

CMO,

ARM,

8.10%,

9/25/29,

Acquisition

Date:

8/29/24,

Cost $6,405 (5)

6,405‌

6,405‌

Bayview

MSR

Opportunity

Master

Fund

Trust

Series

2021-5,

Class

A5,

CMO,

ARM,

2.50%,

11/25/51 (1)

4,633‌

4,098‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

25

Par/Shares

$

Value

(Amounts

in

000s)

BINOM

Securitization

Trust

Series

2021-INV1,

Class

A3,

CMO,

ARM,

2.625%,

6/25/56 (1)

2,042‌

1,797‌

BRAVO

Residential

Funding

Trust

Series

2021-NQM3,

Class

A1,

CMO,

ARM,

1.699%,

4/25/60 (1)

3,229‌

2,962‌

CIM

Trust

Series

2020-INV1,

Class

A2,

CMO,

ARM,

2.50%,

4/25/50 (1)

3,894‌

3,238‌

Citigroup

Mortgage

Loan

Trust

Series

2020-EXP2,

Class

A3,

CMO,

ARM,

2.50%,

8/25/50 (1)

3,696‌

3,168‌

COLT

Mortgage

Loan

Trust

Series

2020-3,

Class

A1,

CMO,

ARM,

1.506%,

4/27/65 (1)

289‌

276‌

COLT

Mortgage

Loan

Trust

Series

2021-1,

Class

A3,

CMO,

ARM,

1.373%,

6/25/66 (1)

2,265‌

1,947‌

Connecticut

Avenue

Securities

Series

2018-C03,

Class

1EB2,

CMO,

ARM,

SOFR30A

+

0.964%,

6.313%,

10/25/30 

780‌

781‌

Connecticut

Avenue

Securities

Series

2018-C03,

Class

1ED2,

CMO,

ARM,

SOFR30A

+

0.964%,

6.313%,

10/25/30 

48‌

48‌

Deephaven

Residential

Mortgage

Trust

Series

2021-1,

Class

A3,

CMO,

ARM,

1.128%,

5/25/65 (1)

778‌

730‌

Deephaven

Residential

Mortgage

Trust

Series

2021-2,

Class

A3,

CMO,

ARM,

1.26%,

4/25/66 (1)

1,461‌

1,290‌

Ellington

Financial

Mortgage

Trust

Series

2019-2,

Class

A3,

CMO,

ARM,

3.046%,

11/25/59 (1)

380‌

366‌

Ellington

Financial

Mortgage

Trust

Series

2021-2,

Class

A3,

CMO,

ARM,

1.291%,

6/25/66 (1)

2,024‌

1,678‌

Ellington

Financial

Mortgage

Trust

Series

2021-3,

Class

A3,

CMO,

ARM,

1.55%,

9/25/66 (1)

2,068‌

1,710‌

Flagstar

Mortgage

Trust

Series

2020-1INV,

Class

A11,

CMO,

ARM,

1M

TSFR

+

0.964%,

6.00%,

3/25/50 (1)

1,491‌

1,399‌

Freddie

Mac

Whole

Loan

Securities

Trust

Series

2017-SC02,

Class

M1,

CMO,

ARM,

3.86%,

5/25/47 (1)

212‌

206‌

Galton

Funding

Mortgage

Trust

Series

2018-1,

Class

A33,

CMO,

ARM,

3.50%,

11/25/57 (1)

376‌

339‌

Galton

Funding

Mortgage

Trust

Series

2019-1,

Class

A32,

CMO,

ARM,

4.00%,

2/25/59 (1)

330‌

312‌

Galton

Funding

Mortgage

Trust

Series

2019-H1,

Class

M1,

CMO,

ARM,

3.339%,

10/25/59 (1)

7,916‌

7,556‌

Galton

Funding

Mortgage

Trust

Series

2020-H1,

Class

M1,

CMO,

ARM,

2.832%,

1/25/60 (1)

4,592‌

3,819‌

GS

Mortgage-Backed

Securities

Trust

Series

2014-EB1A,

Class

2A1,

CMO,

ARM,

5.821%,

7/25/44 (1)

60‌

60‌

Imperial

Fund

Mortgage

Trust

Series

2021-NQM2,

Class

A3,

CMO,

ARM,

1.516%,

9/25/56 (1)

3,227‌

2,720‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

26

Par/Shares

$

Value

(Amounts

in

000s)

Imperial

Fund

Mortgage

Trust

Series

2022-NQM4,

Class

A1,

CMO,

STEP,

4.767%,

6/25/67 (1)

8,767‌

8,793‌

JPMorgan

Mortgage

Trust

Series

2020-INV1,

Class

A11,

CMO,

ARM,

1M

TSFR

+

0.944%,

6.00%,

8/25/50 (1)

618‌

583‌

JPMorgan

Mortgage

Trust

Series

2020-INV1,

Class

A15,

CMO,

ARM,

3.50%,

8/25/50 (1)

1,016‌

907‌

MFA

Trust

Series

2021-INV1,

Class

A1,

CMO,

ARM,

0.852%,

1/25/56 (1)

1,044‌

992‌

MFA

Trust

Series

2021-NQM2,

Class

A2,

CMO,

ARM,

1.317%,

11/25/64 (1)

1,458‌

1,283‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust

Series

2023-NQM1,

Class

A2,

CMO,

STEP,

7.53%,

9/25/68 (1)

1,461‌

1,489‌

New

Residential

Mortgage

Loan

Trust

Series

2021-INV2,

Class

A7,

CMO,

ARM,

2.50%,

9/25/51 (1)

9,811‌

8,768‌

OBX

Trust

Series

2019-EXP2,

Class

2A2,

CMO,

ARM,

1M

TSFR

+

1.314%,

6.439%,

6/25/59 (1)

191‌

188‌

OBX

Trust

Series

2019-EXP3,

Class

2A1,

CMO,

ARM,

1M

TSFR

+

1.014%,

6.292%,

10/25/59 (1)

764‌

764‌

OBX

Trust

Series

2020-EXP1,

Class

1A8,

CMO,

ARM,

3.50%,

2/25/60 (1)

2,182‌

1,928‌

OBX

Trust

Series

2020-EXP1,

Class

2A2,

CMO,

ARM,

1M

TSFR

+

1.064%,

6.342%,

2/25/60 (1)

296‌

283‌

OBX

Trust

Series

2020-EXP2,

Class

A8,

CMO,

ARM,

3.00%,

5/25/60 (1)

2,447‌

2,104‌

OBX

Trust

Series

2020-EXP2,

Class

A9,

CMO,

ARM,

3.00%,

5/25/60 (1)

369‌

317‌

OBX

Trust

Series

2020-EXP3,

Class

1A8,

CMO,

ARM,

3.00%,

1/25/60 (1)

2,050‌

1,768‌

OBX

Trust

Series

2020-INV1,

Class

A5,

CMO,

ARM,

3.50%,

12/25/49 (1)

585‌

522‌

OBX

Trust

Series

2021-NQM1,

Class

A2,

CMO,

ARM,

1.175%,

2/25/66 (1)

2,608‌

2,291‌

OBX

Trust

Series

2023-NQM10,

Class

A2,

CMO,

STEP,

6.92%,

10/25/63 (1)

343‌

348‌

OBX

Trust

Series

2023-NQM9,

Class

A2,

CMO,

STEP,

7.513%,

10/25/63 (1)

364‌

374‌

Oceanview

Mortgage

Trust

Series

2022-1,

Class

A5,

CMO,

ARM,

2.50%,

12/25/51 (1)

5,116‌

4,535‌

Sequoia

Mortgage

Trust

Series

2018-CH2,

Class

A21,

CMO,

ARM,

4.00%,

6/25/48 (1)

294‌

276‌

Sequoia

Mortgage

Trust

Series

2018-CH2,

Class

A3,

CMO,

ARM,

4.00%,

6/25/48 (1)

770‌

722‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

27

Par/Shares

$

Value

(Amounts

in

000s)

Sequoia

Mortgage

Trust

Series

2018-CH3,

Class

A19,

CMO,

ARM,

4.50%,

8/25/48 (1)

34‌

34‌

SG

Residential

Mortgage

Trust

Series

2020-2,

Class

A1,

CMO,

ARM,

1.381%,

5/25/65 (1)

1,218‌

1,096‌

Starwood

Mortgage

Residential

Trust

Series

2019-INV1,

Class

A3,

CMO,

ARM,

2.916%,

9/27/49 (1)

1,789‌

1,752‌

Starwood

Mortgage

Residential

Trust

Series

2020-1,

Class

A2,

CMO,

ARM,

2.408%,

2/25/50 (1)

2,401‌

2,282‌

Starwood

Mortgage

Residential

Trust

Series

2021-2,

Class

A1,

CMO,

ARM,

0.943%,

5/25/65 (1)

1,633‌

1,510‌

Starwood

Mortgage

Residential

Trust

Series

2021-4,

Class

A1,

CMO,

ARM,

1.162%,

8/25/56 (1)

7,666‌

6,703‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-DNA5,

Class

M2,

CMO,

ARM,

SOFR30A

+

1.65%,

6.999%,

1/25/34 (1)

1,867‌

1,875‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2022-DNA5,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.95%,

8.299%,

6/25/42 (1)

5,521‌

5,679‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2023-HQA3,

Class

A1,

CMO,

ARM,

SOFR30A

+

1.85%,

7.199%,

11/25/43 (1)

1,931‌

1,954‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2024-HQA1,

Class

A1,

CMO,

ARM,

SOFR30A

+

1.25%,

6.599%,

3/25/44 (1)

8,517‌

8,541‌

UWM

Mortgage

Trust

Series

2021-INV2,

Class

A4,

CMO,

ARM,

2.50%,

9/25/51 (1)

2,429‌

2,148‌

Verus

Securitization

Trust

Series

2019-INV2,

Class

A1,

CMO,

ARM,

3.913%,

7/25/59 (1)

486‌

480‌

Verus

Securitization

Trust

Series

2020-5,

Class

A3,

CMO,

STEP,

1.733%,

5/25/65 (1)

832‌

791‌

Verus

Securitization

Trust

Series

2021-1,

Class

A2,

CMO,

ARM,

1.052%,

1/25/66 (1)

1,436‌

1,278‌

Verus

Securitization

Trust

Series

2021-1,

Class

A3,

CMO,

ARM,

1.155%,

1/25/66 (1)

848‌

755‌

Verus

Securitization

Trust

Series

2021-2,

Class

A1,

CMO,

ARM,

1.031%,

2/25/66 (1)

1,931‌

1,727‌

Verus

Securitization

Trust

Series

2021-5,

Class

A3,

CMO,

ARM,

1.373%,

9/25/66 (1)

2,761‌

2,364‌

Verus

Securitization

Trust

Series

2021-R1,

Class

A2,

CMO,

ARM,

1.057%,

10/25/63 (1)

507‌

476‌

Verus

Securitization

Trust

Series

2021-R2,

Class

A1,

CMO,

ARM,

0.918%,

2/25/64 (1)

2,039‌

1,854‌

Verus

Securitization

Trust

Series

2022-1,

Class

A3,

CMO,

ARM,

3.288%,

1/25/67 (1)

7,708‌

7,078‌

Verus

Securitization

Trust

Series

2022-6,

Class

A1,

CMO,

STEP,

4.91%,

6/25/67 (1)

4,414‌

4,467‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

28

Par/Shares

$

Value

(Amounts

in

000s)

Verus

Securitization

Trust

Series

2023-6,

Class

A2,

CMO,

STEP,

6.939%,

9/25/68 (1)

2,643‌

2,687‌

Verus

Securitization

Trust

Series

2023-7,

Class

A2,

CMO,

STEP,

7.272%,

10/25/68 (1)

5,092‌

5,189‌

Verus

Securitization

Trust

Series

2023-8,

Class

A2,

CMO,

STEP,

6.664%,

12/25/68 (1)

1,139‌

1,154‌

Verus

Securitization

Trust

Series

2023-INV3,

Class

A2,

CMO,

ARM,

7.33%,

11/25/68 (1)

3,835‌

3,918‌

Vista

Point

Securitization

Trust

Series

2020-2,

Class

A3,

CMO,

ARM,

2.496%,

4/25/65 (1)

551‌

524‌

163,686‌

Commercial

Mortgage-Backed

Securities

 3.8%

Alen

Mortgage

Trust

Series

2021-ACEN,

Class

A,

ARM,

1M

TSFR

+

1.264%,

6.601%,

4/15/34 (1)

2,610‌

2,343‌

BANK

Series

2019-BN19,

Class

A1,

2.263%,

8/15/61 

279‌

258‌

BANK

Series

2024-BNK47,

Class

A1,

5.523%,

6/15/57 

1,146‌

1,165‌

BANK5

Series

2024-5YR8,

Class

AS,

ARM,

6.378%,

8/15/57 

4,470‌

4,652‌

BANK5

Series

2024-5YR9,

Class

A1,

4.889%,

8/15/57 

4,540‌

4,554‌

BBCMS

Mortgage

Trust

Series

2024-5C27,

Class

A1,

5.502%,

7/15/57 

1,564‌

1,582‌

BCP

Trust

Series

2021-330N,

Class

A,

ARM,

1M

TSFR

+

0.913%,

6.25%,

6/15/38 (1)

4,285‌

3,965‌

Benchmark

Mortgage

Trust

Series

2024-V6,

Class

A1,

5.568%,

10/15/28 

1,985‌

2,014‌

Benchmark

Mortgage

Trust

Series

2024-V8,

Class

A1,

5.514%,

7/15/57 

2,934‌

2,977‌

Benchmark

Mortgage

Trust

Series

2024-V9,

Class

AS,

ARM,

6.064%,

8/15/57 

2,455‌

2,528‌

BMO

Mortgage

Trust

Series

2024-5C5,

Class

AS,

ARM,

6.364%,

2/15/57 

6,325‌

6,592‌

BMO

Mortgage

Trust

Series

2024-C8,

Class

A1,

5.542%,

3/15/57 

2,308‌

2,336‌

BPR

Trust

Series

2021-TY,

Class

B,

ARM,

1M

TSFR

+

1.264%,

6.601%,

9/15/38 (1)

6,525‌

6,397‌

BSREP

Commercial

Mortgage

Trust

Series

2021-DC,

Class

D,

ARM,

1M

TSFR

+

2.014%,

7.351%,

8/15/38 (1)

5,464‌

4,099‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

29

Par/Shares

$

Value

(Amounts

in

000s)

BX

Commercial

Mortgage

Trust

Series

2024-MDHS,

Class

A,

ARM,

1M

TSFR

+

1.641%,

6.978%,

5/15/41 (1)

5,907‌

5,896‌

BX

Commercial

Mortgage

Trust

Series

2024-MDHS,

Class

B,

ARM,

1M

TSFR

+

1.841%,

7.178%,

5/15/41 (1)

5,803‌

5,731‌

BX

Trust

Series

2021-ARIA,

Class

C,

ARM,

1M

TSFR

+

1.76%,

7.097%,

10/15/36 (1)

4,830‌

4,746‌

BX

Trust

Series

2021-VIEW,

Class

A,

ARM,

1M

TSFR

+

1.394%,

6.731%,

6/15/36 (1)

3,785‌

3,677‌

Commercial

Mortgage

Trust

Series

2014-CR15,

Class

B,

ARM,

4.029%,

2/10/47 

3,383‌

3,264‌

Commercial

Mortgage

Trust

Series

2014-CR19,

Class

D,

ARM,

4.732%,

8/10/47 (1)

2,099‌

1,952‌

Commercial

Mortgage

Trust

Series

2017-PANW,

Class

A,

3.244%,

10/10/29 (1)

509‌

477‌

Commercial

Mortgage

Trust

Series

2017-PANW,

Class

D,

ARM,

4.343%,

10/10/29 (1)

2,419‌

2,169‌

Credit

Suisse

Mortgage

Trust

Series

2020-NET,

Class

A,

2.257%,

8/15/37 (1)

1,837‌

1,750‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC

Series

K753,

Class

A1,

4.60%,

6/25/30 

3,915‌

3,972‌

GS

Mortgage

Securities

Trust

Series

2021-ROSS,

Class

B,

ARM,

1M

TSFR

+

1.864%,

7.201%,

5/15/26 (1)

5,705‌

4,451‌

HILT

Commercial

Mortgage

Trust

Series

2024-ORL,

Class

B,

ARM,

1M

TSFR

+

1.941%,

7.278%,

5/15/37 (1)

5,885‌

5,852‌

HYT

Commercial

Mortgage

Trust

Series

2024-RGCY,

Class

A,

ARM,

1M

TSFR

+

1.841%,

7.18%,

9/15/41 (1)

3,055‌

3,048‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2019-BKWD,

Class

C,

ARM,

1M

TSFR

+

2.214%,

7.551%,

9/15/29 (1)

3,975‌

3,310‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2020-609M,

Class

B,

ARM,

1M

TSFR

+

2.134%,

7.471%,

10/15/33 (1)

8,240‌

7,660‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2020-609M,

Class

C,

ARM,

1M

TSFR

+

2.534%,

7.871%,

10/15/33 (1)

6,310‌

5,605‌

KIND

Trust

Series

2021-KIND,

Class

C,

ARM,

1M

TSFR

+

1.864%,

7.204%,

8/15/38 (1)

8,406‌

8,146‌

LSTAR

Commercial

Mortgage

Trust

Series

2017-5,

Class

AS,

4.021%,

3/10/50 (1)

4,905‌

4,581‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

30

Par/Shares

$

Value

(Amounts

in

000s)

MED

Commercial

Mortgage

Trust

Series

2024-MOB,

Class

A,

ARM,

1M

TSFR

+

1.592%,

6.928%,

5/15/41 (1)

6,250‌

6,207‌

MHC

Commercial

Mortgage

Trust

Series

2021-MHC,

Class

B,

ARM,

1M

TSFR

+

1.215%,

6.552%,

4/15/38 (1)

9,265‌

9,179‌

Morgan

Stanley

Capital

I

Trust

Series

2014-150E,

Class

A,

3.912%,

9/9/32 (1)

9,590‌

8,224‌

ONE

Mortgage

Trust

Series

2021-PARK,

Class

B,

ARM,

1M

TSFR

+

1.064%,

6.401%,

3/15/36 (1)

11,219‌

10,761‌

ONE

Mortgage

Trust

Series

2021-PARK,

Class

C,

ARM,

1M

TSFR

+

1.214%,

6.551%,

3/15/36 (1)

6,005‌

5,719‌

RLGH

Trust

Series

2021-TROT,

Class

A,

ARM,

1M

TSFR

+

0.914%,

6.251%,

4/15/36 (1)

5,580‌

5,522‌

SDR

Commercial

Mortgage

Trust

Series

2024-DSNY,

Class

B,

ARM,

1M

TSFR

+

1.741%,

7.078%,

5/15/39 (1)

4,880‌

4,819‌

TX

Trust

Series

2024-HOU,

Class

B,

ARM,

1M

TSFR

+

2.091%,

7.428%,

6/15/39 (1)

6,490‌

6,411‌

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-NXS2,

Class

A2,

3.02%,

7/15/58 

871‌

860‌

179,451‌

Residential

Mortgage

 0.1%

Finance

of

America

HECM

Buyout

Series

2022-HB2,

Class

A1A,

ARM,

4.00%,

8/1/32 (1)

3,796‌

3,772‌

Towd

Point

Mortgage

Trust

Series

2017-3,

Class

A1,

CMO,

ARM,

2.75%,

7/25/57 (1)

360‌

355‌

Towd

Point

Mortgage

Trust

Series

2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58 (1)

463‌

453‌

4,580‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$370,795)

347,717‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

 5.5%

U.S.

Government

Agency

Obligations

 4.5%

Federal

Home

Loan

Mortgage 

3.50%,

3/1/46

-

12/1/47 

3,434‌

3,216‌

5.00%,

7/1/25 

—‌

—‌

5.50%,

10/1/38 

18‌

18‌

6.00%,

9/1/34

-

9/1/35 

299‌

312‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

31

Par/Shares

$

Value

(Amounts

in

000s)

7.00%,

3/1/39 

474‌

498‌

7.50%,

6/1/38 

399‌

420‌

Federal

Home

Loan

Mortgage,

ARM 

1Y

CMT

+

2.219%,

6.344%,

10/1/33 

—‌

—‌

1Y

CMT

+

2.347%,

6.472%,

11/1/34 

51‌

52‌

RFUCCT1Y

+

1.625%,

6.847%,

4/1/37 

5‌

5‌

RFUCCT1Y

+

1.625%,

7.26%,

6/1/38 

113‌

114‌

RFUCCT1Y

+

1.625%,

7.457%,

6/1/38 

17‌

18‌

RFUCCT1Y

+

1.726%,

7.597%,

7/1/35 

34‌

35‌

RFUCCT1Y

+

1.733%,

6.108%,

2/1/37 

20‌

20‌

RFUCCT1Y

+

1.733%,

7.606%,

10/1/36 

73‌

75‌

RFUCCT1Y

+

1.742%,

6.995%,

5/1/38 

58‌

58‌

RFUCCT1Y

+

1.775%,

7.232%,

5/1/37 

25‌

25‌

RFUCCT1Y

+

1.842%,

6.091%,

1/1/37 

34‌

34‌

RFUCCT1Y

+

1.916%,

6.291%,

2/1/37 

18‌

19‌

RFUCCT1Y

+

1.944%,

6.205%,

12/1/36 

46‌

47‌

RFUCCT1Y

+

1.961%,

6.461%,

2/1/33 

1‌

1‌

RFUCCT1Y

+

1.975%,

6.225%,

2/1/34 

1‌

1‌

RFUCCT1Y

+

2.031%,

6.276%,

11/1/36 

29‌

30‌

RFUCCT1Y

+

2.083%,

6.582%,

2/1/38 

119‌

121‌

RFUCCT1Y

+

2.22%,

6.558%,

2/1/37 

29‌

30‌

Federal

Home

Loan

Mortgage,

UMBS 

1.50%,

2/1/36 

4,750‌

4,216‌

2.50%,

1/1/52 

7,835‌

6,765‌

3.00%,

11/1/34

-

6/1/52 

10,368‌

9,251‌

4.00%,

12/1/49

-

2/1/50 

1,902‌

1,829‌

4.50%,

5/1/50 

724‌

711‌

5.00%,

12/1/41 

1,496‌

1,531‌

5.50%,

8/1/53 

7,113‌

7,180‌

6.00%,

2/1/53

-

6/1/54 

28,867‌

29,573‌

Federal

National

Mortgage

Assn.,

ARM 

ECOFC

+

1.254%,

4.505%,

7/1/27 

1‌

1‌

RFUCCT1Y

+

1.34%,

5.59%,

12/1/35 

21‌

21‌

RFUCCT1Y

+

1.553%,

6.911%,

7/1/35 

23‌

23‌

RFUCCT1Y

+

1.584%,

5.834%,

12/1/35 

51‌

52‌

RFUCCT1Y

+

1.655%,

7.529%,

8/1/37 

8‌

8‌

RFUCCT1Y

+

1.672%,

6.047%,

2/1/33 

2‌

2‌

RFUCCT1Y

+

1.674%,

6.728%,

7/1/34 

3‌

3‌

RFUCCT1Y

+

1.69%,

7.44%,

5/1/38 

53‌

53‌

RFUCCT1Y

+

1.715%,

5.965%,

10/1/32

-

12/1/32 

32‌

32‌

RFUCCT1Y

+

1.77%,

6.145%,

12/1/35 

7‌

7‌

RFUCCT1Y

+

1.78%,

6.03%,

1/1/34 

11‌

11‌

RFUCCT1Y

+

1.788%,

6.538%,

5/1/38 

27‌

27‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

32

Par/Shares

$

Value

(Amounts

in

000s)

RFUCCT1Y

+

1.83%,

6.989%,

4/1/38 

61‌

62‌

RFUCCT1Y

+

1.83%,

7.58%,

8/1/38 

3‌

3‌

RFUCCT1Y

+

1.853%,

7.603%,

8/1/38 

11‌

11‌

RFUCCT1Y

+

1.853%,

7.631%,

8/1/38 

50‌

52‌

RFUCCT1Y

+

1.892%,

6.142%,

12/1/35 

18‌

18‌

RFUCCT1Y

+

1.905%,

7.28%,

5/1/38 

67‌

68‌

RFUCCT6M

+

1.37%,

5.898%,

10/1/33 

182‌

184‌

Federal

National

Mortgage

Assn.,

CMO,

STEP,

5.11%,

1/25/32 

—‌

—‌

Federal

National

Mortgage

Assn.,

UMBS 

2.00%,

10/1/50 

2,377‌

1,961‌

2.50%,

1/1/52

-

1/1/54 

11,912‌

10,240‌

3.00%,

9/1/28

-

2/1/35 

4,224‌

4,075‌

3.50%,

12/1/45

-

1/1/52 

10,805‌

10,025‌

4.00%,

1/1/47

-

9/1/52 

16,597‌

15,773‌

4.50%,

5/1/41

-

1/1/50 

10,000‌

9,911‌

5.00%,

9/1/25

-

8/1/52 

4,921‌

4,992‌

5.50%,

10/1/24

-

3/1/54 

15,821‌

16,060‌

6.00%,

3/1/34

-

6/1/54 

39,008‌

40,102‌

6.50%,

7/1/32

-

1/1/54 

34,275‌

35,454‌

215,436‌

U.S.

Government

Obligations

 1.0%

Government

National

Mortgage

Assn. 

2.00%,

3/20/52 

501‌

422‌

3.00%,

9/20/47 

6,203‌

5,683‌

3.50%,

8/20/44

-

7/20/52 

12,619‌

11,782‌

4.00%,

9/20/45

-

10/20/52 

4,544‌

4,375‌

5.00%,

12/20/34

-

5/20/48 

5,414‌

5,502‌

5.50%,

9/15/45

-

2/20/49 

2,276‌

2,345‌

6.00%,

7/15/36 

1,056‌

1,102‌

Government

National

Mortgage

Assn.,

TBA (6)

5.00%,

9/20/54 

3,340‌

3,334‌

5.50%,

9/20/54 

12,345‌

12,426‌

46,971‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$267,688)

262,407‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

 20.2%

U.S.

Treasury

Obligations

 20.2%

U.S.

Treasury

Notes,

3.75%,

8/15/27 

35,460‌

35,421‌

U.S.

Treasury

Notes,

4.375%,

7/31/26 

231,370‌

233,105‌

U.S.

Treasury

Notes,

4.625%,

6/30/26 

229,200‌

231,707‌

U.S.

Treasury

Notes,

4.875%,

4/30/26 (7)

226,700‌

229,640‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

33

Par/Shares

$

Value

(Amounts

in

000s)

U.S.

Treasury

Notes,

4.875%,

5/31/26 (7)

223,625‌

226,770‌

U.S.

Treasury

Notes,

5.00%,

10/31/25 (7)

170‌

172‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$946,761)

956,815‌

SHORT-TERM

INVESTMENTS

 2.5%

Commercial

Paper

 1.5%

4(2)

 1.5%(8)

Bacardi

Martini,

5.80%,

9/26/24 

13,735‌

13,675‌

Brunswick,

5.934%,

9/27/24 

13,730‌

13,670‌

Crown

Castle,

5.78%,

9/26/24 

13,730‌

13,671‌

Ovintiv

Canada,

6.02%,

9/25/24 

15,100‌

15,035‌

Targa

Resources,

5.85%,

10/3/24 

13,725‌

13,649‌

69,700‌

Money

Market

Funds

 1.0%

T.

Rowe

Price

Government

Reserve

Fund,

5.34% (9)(10)

45,915‌

45,915‌

45,915‌

Total

Short-Term

Investments

(Cost

$115,634)

115,615‌

SECURITIES

LENDING

COLLATERAL

 0.3%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY 0.3%

Money

Market

Funds 0.3%

T.

Rowe

Price

Government

Reserve

Fund,

5.34% (9)(10)

12,107‌

12,107‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

12,107‌

Total

Securities

Lending

Collateral

(Cost

$12,107)

12,107‌

(Amounts

in

000s,

except

for

contracts)

OPTIONS

PURCHASED 0.0%

Exchange-Traded

Options

Purchased 0.0%

Description

Contracts

Notional

Amount

$

Value

U.S.

Treasury

2-Year

Notes

Futures,

Put,

9/20/24

@

$102.75 (11)

5,187‌

1,076,546‌

81‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

34

(Amounts

in

000s,

except

for

contracts)

Description

Contracts

Notional

Amount

$

Value

U.S.

Treasury

2-Year

Notes

Futures,

Put,

9/20/24

@

$103.00 (11)

1,260‌

261,509‌

59‌

Total

Options

Purchased

(Cost

$567)

140‌

Total

Investments

in

Securities 100.6%

(Cost

$4,779,116)

$

4,758,144‌

Other

Assets

Less

Liabilities

(0.6)%

(30,315‌)

Net

Assets

100.0%

$

4,727,829‌

‡

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

$1,671,811

and

represents

35.4%

of

net

assets.

(2)

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.

(3)

All

or

a

portion

of

this

security

is

on

loan

at

August

31,

2024.

(4)

Level

3

in

fair

value

hierarchy.

(5)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$6,405

and

represents

0.1%

of

net

assets.

(6)

To-Be-Announced

purchase

commitment.

Total

value

of

such

securities

at

period-end

amounts

to

$15,760

and

represents

0.3%

of

net

assets.

(7)

At

August

31,

2024,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

(8)

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

$69,700

and

represents

1.5%

of

net

assets.

(9)

Seven-day

yield

(10)

Affiliated

Companies

(11)

Non-income

producing

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

T.

ROWE

PRICE

Short-Term

Bond

Fund

35

.

.

.

.

.

.

.

.

.

.

1Y

CMT

One

year

U.S.

Treasury

note

constant

maturity

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

PTC

Pass-Through

Certificate

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

36

(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

(24)

(10)

(14‌)

Barclays

Bank,

Protection

Bought

(Relevant

Credit:

Omnicom

Group),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/24

13,750

(66)

(26)

(40‌)

Citibank,

Protection

Bought

(Relevant

Credit:

General

Mills),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/24

6,938

(34)

(14)

(20‌)

Goldman

Sachs,

Protection

Bought

(Relevant

Credit:

General

Mills),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/24

13,815

(67)

(26)

(41‌)

Total

Bilateral

Credit

Default

Swaps,

Protection

Bought

(76)

(115‌)

Total

Bilateral

Swaps

(76)

(115‌)

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-S42,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/29

70,949

1,717

1,353

364‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

364‌

Total

Centrally

Cleared

Swaps

364‌

Net

payments

(receipts)

of

variation

margin

to

date

(354‌)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

10‌

**

Includes

interest

purchased

or

sold

but

not

yet

collected

of

$36.

T.

ROWE

PRICE

Short-Term

Bond

Fund

37

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

1

U.S.

Treasury

Notes

five

year

contracts

12/24

110

$

—‌

Short,

803

U.S.

Treasury

Notes

ten

year

contracts

12/24

(91,191)

488‌

Long,

5,830

U.S.

Treasury

Notes

two

year

contracts

12/24

1,209,998

(1,119‌)

Short,

130

Ultra

U.S.

Treasury

Bonds

contracts

12/24

(17,152)

197‌

Short,

648

Ultra

U.S.

Treasury

Notes

ten

year

contracts

12/24

(76,099)

596‌

Net

payments

(receipts)

of

variation

margin

to

date

(474‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(312‌)

T.

ROWE

PRICE

Short-Term

Bond

Fund

38

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

August

31,

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,

5.34%

$

—‌

$

—‌

$

754‌++

Totals

$

—‌#

$

—‌

$

754‌+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/24

Purchase

Cost

Sales

Cost

Value

08/31/24

T.

Rowe

Price

Government

Reserve

Fund,

5.34%

$

83,789‌

 ¤

 ¤

$

58,022‌

Total

$

58,022‌^

#

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

$754

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

$58,022.

T.

ROWE

PRICE

Short-Term

Bond

Fund

Unaudited

Notes

to

Portfolio

of

Investments

39

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)

T.

ROWE

PRICE

Short-Term

Bond

Fund

40

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Debt

securities

generally

are

traded

in

the over-the-

counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

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

T.

ROWE

PRICE

Short-Term

Bond

Fund

41

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

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

August

31,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

2,566,060‌

$

—‌

$

2,566,060‌

Corporate

Bonds

—‌

2,058,146‌

6,076‌

2,064,222‌

Short-Term

Investments

45,915‌

69,700‌

—‌

115,615‌

Securities

Lending

Collateral

12,107‌

—‌

—‌

12,107‌

Options

Purchased

140‌

—‌

—‌

140‌

Total

Securities

58,162‌

4,693,906‌

6,076‌

4,758,144‌

Swaps*

—‌

364‌

—‌

364‌

Futures

Contracts*

1,281‌

—‌

—‌

1,281‌

Total

$

59,443‌

$

4,694,270‌

$

6,076‌

$

4,759,789‌

Liabilities

Swaps

$

—‌

$

191‌

$

—‌

$

191‌

Futures

Contracts*

1,119‌

—‌

—‌

1,119‌

Total

$

1,119‌

$

191‌

$

—‌

$

1,310‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

42

OTHER

MATTERS 

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia’s

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

F55-054Q1

08/24

1

Includes

Asset-Backed

Securities,

Foreign

Government

Obligations

&

Municipalities,

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.