T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
August
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
25.8%
Auto
Backed
12.7%
Ally
Auto
Receivables
Trust
Series
2023-A,
Class
B
6.01%,
1/17/34 (1)
3,714
3,729
Ally
Bank
Auto
Credit-Linked
Notes
Series
2024-A,
Class
A2
5.681%,
5/17/32 (1)
7,375
7,455
Ally
Bank
Auto
Credit-Linked
Notes
Series
2024-A,
Class
B
5.827%,
5/17/32 (1)
239
242
ARI
Fleet
Lease
Trust
Series
2023-B,
Class
A2
6.05%,
7/15/32 (1)
4,009
4,044
ARI
Fleet
Lease
Trust
Series
2024-B,
Class
A2
5.54%,
4/15/33 (1)
4,725
4,769
Bayview
Opportunity
Master
Fund
VII
Series
2024-CAR1,
Class
A,
FRN
SOFR30A
+
1.10%,
6.449%,
12/26/31 (1)
2,573
2,577
CarMax
Auto
Owner
Trust
Series
2020-4,
Class
B
0.85%,
6/15/26
1,125
1,109
CarMax
Auto
Owner
Trust
Series
2023-3,
Class
A2B,
FRN
SOFR30A
+
0.60%,
5.954%,
11/16/26
1,431
1,432
Carvana
Auto
Receivables
Trust
Series
2021-N4,
Class
B
1.24%,
9/11/28
1,723
1,644
Carvana
Auto
Receivables
Trust
Series
2023-N1,
Class
A
6.36%,
4/12/27 (1)
3,132
3,140
Carvana
Auto
Receivables
Trust
Series
2023-N3,
Class
A
6.41%,
9/10/27 (1)
2,275
2,285
Carvana
Auto
Receivables
Trust
Series
2023-P3,
Class
A2
6.09%,
11/10/26 (1)
3,600
3,605
Carvana
Auto
Receivables
Trust
Series
2024-N1,
Class
A3
5.60%,
3/10/28 (1)
2,840
2,861
Carvana
Auto
Receivables
Trust
Series
2024-N2,
Class
A3
5.71%,
7/10/28 (1)
1,920
1,942
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
Carvana
Auto
Receivables
Trust
Series
2024-N2,
Class
B
5.67%,
9/10/30 (1)
2,325
2,368
Carvana
Auto
Receivables
Trust
Series
2024-P2,
Class
A2
5.63%,
11/10/27
5,600
5,624
Carvana
Auto
Receivables
Trust
Series
2024-P2,
Class
A3
5.33%,
7/10/29
3,735
3,804
Drive
Auto
Receivables
Trust
Series
2024-1,
Class
B
5.31%,
1/16/29
5,440
5,486
Enterprise
Fleet
Financing
Series
2023-2,
Class
A2
5.56%,
4/22/30 (1)
7,607
7,653
Enterprise
Fleet
Financing
Series
2023-3,
Class
A2
6.40%,
3/20/30 (1)
8,810
8,974
Enterprise
Fleet
Financing
Series
2024-1,
Class
A2
5.23%,
3/20/30 (1)
7,025
7,067
Enterprise
Fleet
Financing
Series
2024-2,
Class
A2
5.74%,
12/20/26 (1)
8,125
8,201
Enterprise
Fleet
Financing
Series
2024-3,
Class
A2
5.31%,
4/20/27 (1)
2,245
2,261
Exeter
Automobile
Receivables
Trust
Series
2022-3A,
Class
B
4.86%,
12/15/26
1,703
1,701
Exeter
Automobile
Receivables
Trust
Series
2022-5A,
Class
B
5.97%,
3/15/27
1,700
1,700
Exeter
Automobile
Receivables
Trust
Series
2023-1A,
Class
B
5.72%,
4/15/27
5,918
5,918
Exeter
Automobile
Receivables
Trust
Series
2023-3A,
Class
B
6.11%,
9/15/27
12,335
12,365
Exeter
Automobile
Receivables
Trust
Series
2023-4A,
Class
B
6.31%,
10/15/27
3,315
3,335
Exeter
Automobile
Receivables
Trust
Series
2024-2A,
Class
B
5.61%,
4/17/28
11,200
11,267
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
Exeter
Automobile
Receivables
Trust
Series
2024-4A,
Class
B
5.29%,
8/15/30
4,645
4,674
Ford
Credit
Auto
Lease
Trust
Series
2023-A,
Class
B
5.29%,
6/15/26
4,690
4,695
Ford
Credit
Auto
Lease
Trust
Series
2023-B,
Class
B
6.20%,
2/15/27
3,685
3,750
Ford
Credit
Auto
Owner
Trust
Series
2018-1,
Class
C
3.49%,
7/15/31 (1)
1,100
1,091
Ford
Credit
Auto
Owner
Trust
Series
2020-1,
Class
B
2.29%,
8/15/31 (1)
5,075
5,002
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2023-1,
Class
B
5.31%,
5/15/28 (1)
4,495
4,528
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2023-1,
Class
D
6.62%,
5/15/28 (1)
805
818
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2024-1,
Class
B
5.48%,
4/15/29 (1)
3,225
3,284
GM
Financial
Automobile
Leasing
Trust
Series
2022-2,
Class
B
4.02%,
5/20/26
6,700
6,695
GM
Financial
Automobile
Leasing
Trust
Series
2023-2,
Class
B
5.54%,
5/20/27
3,920
3,947
Hyundai
Auto
Lease
Securitization
Trust
Series
2024-A,
Class
A3
5.02%,
3/15/27 (1)
5,240
5,266
Hyundai
Auto
Lease
Securitization
Trust
Series
2024-A,
Class
B
5.35%,
5/15/28 (1)
3,335
3,371
JPMorgan
Chase
Bank
Series
2021-2,
Class
B
0.889%,
12/26/28 (1)
824
818
JPMorgan
Chase
Bank
Series
2021-3,
Class
B
0.76%,
2/26/29 (1)
1,831
1,800
Navistar
Financial
Dealer
Note
Master
Owner
Trust
Series
2024-1,
Class
A
5.59%,
4/25/29 (1)
4,300
4,353
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
Series
2023-1,
Class
A
6.18%,
8/25/28 (1)
5,575
5,637
Octane
Receivables
Trust
Series
2023-1A,
Class
A
5.87%,
5/21/29 (1)
1,476
1,481
Octane
Receivables
Trust
Series
2023-1A,
Class
B
5.96%,
7/20/29 (1)
3,904
3,944
Octane
Receivables
Trust
Series
2023-3A,
Class
A2
6.44%,
3/20/29 (1)
14,240
14,383
Octane
Receivables
Trust
Series
2023-3A,
Class
B
6.48%,
7/20/29 (1)
5,610
5,751
Santander
Bank
Auto
Credit-Linked
Notes
Series
2022-B,
Class
B
5.721%,
8/16/32 (1)
550
551
Santander
Bank
Auto
Credit-Linked
Notes
Series
2023-B,
Class
B
5.64%,
12/15/33 (1)
730
738
Santander
Drive
Auto
Receivables
Trust
Series
2020-4,
Class
E
2.85%,
4/17/28 (1)
7,000
6,860
Santander
Drive
Auto
Receivables
Trust
Series
2021-4,
Class
E
4.03%,
3/15/29 (1)
10,265
10,072
Santander
Drive
Auto
Receivables
Trust
Series
2022-6,
Class
B
4.72%,
6/15/27
10,350
10,316
Santander
Drive
Auto
Receivables
Trust
Series
2023-1,
Class
B
4.98%,
2/15/28
3,385
3,380
Santander
Drive
Auto
Receivables
Trust
Series
2023-3,
Class
A3
5.61%,
10/15/27
3,115
3,122
Santander
Drive
Auto
Receivables
Trust
Series
2023-4,
Class
A2
6.18%,
2/16/27
2,987
2,993
Santander
Drive
Auto
Receivables
Trust
Series
2024-1,
Class
B
5.23%,
12/15/28
14,965
15,074
SBNA
Auto
Lease
Trust
Series
2024-A,
Class
A4
5.24%,
1/22/29 (1)
3,105
3,136
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
SBNA
Auto
Lease
Trust
Series
2024-B,
Class
A3
5.56%,
11/22/27 (1)
3,210
3,256
SBNA
Auto
Lease
Trust
Series
2024-B,
Class
A4
5.55%,
12/20/28 (1)
3,155
3,221
SBNA
Auto
Receivables
Trust
Series
2024-A,
Class
A3
5.32%,
12/15/28 (1)
4,470
4,498
SFS
Auto
Receivables
Securitization
Trust
Series
2023-1A,
Class
A2B,
FRN
SOFR30A
+
0.80%,
6.153%,
3/22/27 (1)
1,354
1,356
U.S.
Bank
Series
2023-1,
Class
B
6.789%,
8/25/32 (1)
3,438
3,476
285,895
Collateralized
Debt
Obligation
7.1%
Allegro
IX
Series
2018-3A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.23%,
6.516%,
10/16/31 (1)
9,576
9,582
Apidos
XVIII
Series
2018-18A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.15%,
6.432%,
10/22/30 (1)
6,943
6,945
Apidos
Xxv
Series
2016-25A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.15%,
6.432%,
10/20/31 (1)
8,793
8,796
BlueMountain
Series
2016-3A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.20%,
6.318%,
11/15/30 (1)
9,463
9,469
Crown
Point
Series
2018-7A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.23%,
6.512%,
10/20/31 (1)
10,424
10,434
Madison
Park
Funding
XLII
Series
13A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.15%,
6.433%,
11/21/30 (1)
9,318
9,322
Marathon
Static
Series
2022-18A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.15%,
6.432%,
7/20/30 (1)
6,455
6,441
Marble
Point
XII
Series
2018-1A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.272%,
6.558%,
7/16/31 (1)
2,881
2,883
Marble
Point
XIV
Series
2018-2A,
Class
A12R,
CLO,
FRN
3M
TSFR
+
1.20%,
6.482%,
1/20/32 (1)
12,996
12,999
Northwoods
Capital
XIV-B
Series
2018-14BA,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.25%,
6.363%,
11/13/31 (1)
4,802
4,805
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
Octagon
Investment
Partners
39
Series
2018-3A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.15%,
6.432%,
10/20/30 (1)
8,766
8,770
OZLM
Funding
II
Series
2012-2A,
Class
A1A2,
CLO,
FRN
3M
TSFR
+
1.20%,
6.455%,
7/30/31 (1)
2,734
2,736
OZLM
XXI
Series
2017-21A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.15%,
6.432%,
1/20/31 (1)
3,868
3,869
Romark
II
Series
2018-2A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.14%,
6.425%,
7/25/31 (1)
9,245
9,250
Symphony
Static
I
Series
2021-1A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.092%,
6.376%,
10/25/29 (1)
7,378
7,380
Symphony
XVI
Series
2015-16A,
Class
ARR,
CLO,
FRN
3M
TSFR
+
1.20%,
6.501%,
10/15/31 (1)
9,726
9,736
THL
Credit
Wind
River
Series
2015-1A,
Class
A1R3,
CLO,
FRN
3M
TSFR
+
1.20%,
6.482%,
10/20/30 (1)
6,992
6,995
THL
Credit
Wind
River
Series
2018-2A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.20%,
6.501%,
7/15/30 (1)
9,345
9,350
TIAA
Series
2016-1A,
Class
ARR,
CLO,
FRN
3M
TSFR
+
1.25%,
6.532%,
7/20/31 (1)
9,051
9,060
Trinitas
IX
Series
2018-9A,
Class
ARRR,
CLO,
FRN
3M
TSFR
+
1.20%,
6.464%,
1/20/32 (1)
7,605
7,609
Voya
Series
2018-3A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.20%,
6.501%,
10/15/31 (1)
3,568
3,571
160,002
Equip
Lease
Heavy
Duty
1.2%
Amur
Equipment
Finance
Receivables
XIV
Series
2024-2A,
Class
A2
5.19%,
7/21/31 (1)
6,135
6,189
Auxilior
Term
Funding
Series
2023-1A,
Class
A2
6.18%,
12/15/28 (1)
3,957
3,994
Auxilior
Term
Funding
Series
2024-1A,
Class
A2
5.84%,
3/15/27 (1)
1,625
1,636
Crossroads
Asset
Trust
Series
2024-A,
Class
A2
5.90%,
8/20/30 (1)
3,225
3,254
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
Kubota
Credit
Owner
Trust
Series
2024-2A,
Class
A2
5.45%,
4/15/27 (1)
1,400
1,412
Kubota
Credit
Owner
Trust
Series
2024-2A,
Class
A3
5.26%,
11/15/28 (1)
2,900
2,957
MMAF
Equipment
Finance
Series
2020-BA,
Class
A5
0.85%,
4/14/42 (1)
2,400
2,311
MMAF
Equipment
Finance
Series
2023-A,
Class
A2
5.79%,
11/13/26 (1)
4,916
4,933
Post
Road
Equipment
Finance
Series
2024-1A,
Class
A2
5.59%,
11/15/29 (1)
1,065
1,072
Verdant
Receivables
Series
2024-1A,
Class
A2
5.68%,
12/12/31 (1)
710
723
28,481
Home
Equity
Loans
Backed
0.2%
Citigroup
Mortgage
Loan
Trust
Series
2020-EXP2,
Class
A3,
CMO,
ARM
2.50%,
8/25/50 (1)
5,358
4,593
Citigroup
Mortgage
Loan
Trust
Series
2020-EXP2,
Class
A4,
CMO,
ARM
2.50%,
8/25/50 (1)
1,295
1,106
5,699
Other
Asset-Backed
Securities
3.9%
Dell
Equipment
Finance
Trust
Series
2023-2,
Class
A3
5.65%,
1/22/29 (1)
8,985
9,049
Hilton
Grand
Vacations
Trust
Series
2018-AA,
Class
A
3.54%,
2/25/32 (1)
298
294
Hilton
Grand
Vacations
Trust
Series
2019-AA,
Class
A
2.34%,
7/25/33 (1)
341
330
HPEFS
Equipment
Trust
Series
2021-2A,
Class
D
1.29%,
3/20/29 (1)
4,394
4,370
HPEFS
Equipment
Trust
Series
2022-1A,
Class
B
1.79%,
5/21/29 (1)
2,038
2,034
HPEFS
Equipment
Trust
Series
2022-1A,
Class
D
2.40%,
11/20/29 (1)
3,200
3,134
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
HPEFS
Equipment
Trust
Series
2022-2A,
Class
C
4.43%,
9/20/29 (1)
5,354
5,324
HPEFS
Equipment
Trust
Series
2022-2A,
Class
D
4.94%,
3/20/30 (1)
625
623
HPEFS
Equipment
Trust
Series
2023-2A,
Class
B
6.25%,
1/21/31 (1)
2,415
2,452
HPEFS
Equipment
Trust
Series
2024-2A,
Class
A2
5.50%,
10/20/31 (1)
5,600
5,632
HPEFS
Equipment
Trust
Series
2024-2A,
Class
B
5.35%,
10/20/31 (1)
1,880
1,911
Kubota
Credit
Owner
Trust
Series
2023-2A,
Class
A3
5.28%,
1/18/28 (1)
2,555
2,582
M&T
Equipment
Notes
Series
2023-1A,
Class
A2
6.09%,
7/15/30 (1)
1,812
1,816
M&T
Equipment
Notes
Series
2023-1A,
Class
A3
5.74%,
7/15/30 (1)
4,135
4,180
MVW
Series
2020-1A,
Class
A
1.74%,
10/20/37 (1)
35
33
MVW
Series
2021-1WA,
Class
A
1.14%,
1/22/41 (1)
1,850
1,749
Navient
Private
Education
Refi
Loan
Trust
Series
2021-CA,
Class
A
1.06%,
10/15/69 (1)
9,480
8,509
Nelnet
Student
Loan
Trust
Series
2021-DA,
Class
AFL,
FRN
1M
TSFR
+
0.804%,
6.14%,
4/20/62 (1)
3,170
3,147
Octane
Receivables
Trust
Series
2021-2A,
Class
A
1.21%,
9/20/28 (1)
1,603
1,580
Octane
Receivables
Trust
Series
2022-1A,
Class
A2
4.18%,
3/20/28 (1)
1,222
1,215
Octane
Receivables
Trust
Series
2023-2A,
Class
A2
5.88%,
6/20/31 (1)
4,682
4,699
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
Santander
Bank
Series
2021-1A,
Class
B
1.833%,
12/15/31 (1)
327
325
Santander
Bank
Auto
Credit-Linked
Notes
Series
2022-A,
Class
B
5.281%,
5/15/32 (1)
2,377
2,372
Santander
Bank
Auto
Credit-Linked
Notes
Series
2023-A,
Class
B
6.493%,
6/15/33 (1)
1,595
1,605
Santander
Retail
Auto
Lease
Trust
Series
2022-A,
Class
B
1.61%,
1/20/26 (1)
7,555
7,515
SFS
Auto
Receivables
Securitization
Trust
Series
2024-1A,
Class
A3
4.95%,
5/21/29 (1)
4,810
4,838
Sierra
Timeshare
Receivables
Funding
Series
2019-3A,
Class
A
2.34%,
8/20/36 (1)
1,375
1,372
Sierra
Timeshare
Receivables
Funding
Series
2020-2A,
Class
A
1.33%,
7/20/37 (1)
86
84
Verdant
Receivables
Series
2023-1A,
Class
A2
6.24%,
1/13/31 (1)
4,493
4,564
87,338
Student
Loans
0.7%
Navient
Private
Education
Loan
Trust
Series
2016-AA,
Class
A2A
3.91%,
12/15/45 (1)
3,777
3,738
Navient
Private
Education
Refi
Loan
Trust
Series
2020-DA,
Class
A
1.69%,
5/15/69 (1)
426
398
Navient
Private
Education
Refi
Loan
Trust
Series
2020-FA,
Class
A
1.22%,
7/15/69 (1)
1,748
1,616
Navient
Private
Education
Refi
Loan
Trust
Series
2021-GA,
Class
A
1.58%,
4/15/70 (1)
9,165
8,118
SMB
Private
Education
Loan
Trust
Series
2019-A,
Class
A2A
3.44%,
7/15/36 (1)
1,112
1,084
14,954
Total
Asset-Backed
Securities
(Cost
$582,862)
582,369
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
CERTIFICATES
OF
DEPOSITS
0.3%
Banking
0.3%
Intesa
Sanpaolo,
6.10%
7,675
7,711
7,711
Total
Certificates
of
Deposits
(Cost
$7,675)
7,711
CONVERTIBLE
BONDS
0.2%
TECHNOLOGY
0.2%
E-Commerce
0.2%
Meituan,
Zero
Coupon,
4/27/27
4,700
4,542
Total
Technology
4,542
Total
Convertible
Bonds
(Cost
$4,432)
4,542
CORPORATE
BONDS
52.8%
Advertising
0.9%
WPP
Finance
2010,
3.75%,
9/19/24
19,500
19,478
19,478
Aerospace
&
Defense
0.4%
Boeing,
4.875%,
5/1/25
9,300
9,250
9,250
Automotive
5.0%
BMW
U.S.
Capital,
4.60%,
8/13/27 (1)
2,275
2,284
BMW
U.S.
Capital,
4.65%,
8/13/26 (1)
6,100
6,123
Daimler
Truck
Finance
North
America,
5.125%,
9/25/27 (1)
2,800
2,844
Daimler
Truck
Finance
North
America,
FRN,
SOFR
+
0.75%,
6.119%,
12/13/24 (1)
3,143
3,146
Ford
Motor
Credit,
3.664%,
9/8/24
2,700
2,698
Ford
Motor
Credit,
4.134%,
8/4/25
4,750
4,697
Ford
Motor
Credit,
4.389%,
1/8/26 (2)
8,152
8,057
Ford
Motor
Credit,
4.687%,
6/9/25
2,000
1,990
Ford
Motor
Credit,
5.125%,
6/16/25
2,000
1,994
Hyundai
Capital
America,
1.65%,
9/17/26 (1)
6,120
5,751
Hyundai
Capital
America,
5.45%,
6/24/26 (1)
11,200
11,332
Hyundai
Capital
America,
5.50%,
3/30/26 (1)
1,610
1,626
Kia,
2.375%,
2/14/25
1,900
1,879
LeasePlan,
2.875%,
10/24/24 (1)
11,800
11,739
Nissan
Motor,
3.522%,
9/17/25 (1)
5,955
5,837
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
Nissan
Motor
Acceptance,
1.125%,
9/16/24 (1)
1,109
1,107
TML
Holdings,
4.35%,
6/9/26
9,200
9,067
Volkswagen
Group
of
America
Finance,
4.625%,
11/13/25 (1)
4,520
4,501
Volkswagen
Group
of
America
Finance,
4.85%,
8/15/27 (1)
1,880
1,887
Volkswagen
Group
of
America
Finance,
4.90%,
8/14/26 (1)
6,100
6,115
Volkswagen
Group
of
America
Finance,
6.00%,
11/16/26 (1)
16,870
17,307
111,981
Banking
15.5%
ABN
AMRO
Bank,
4.75%,
7/28/25 (1)
1,900
1,888
ABN
AMRO
Bank,
VR,
6.339%,
9/18/27 (1)(3)
4,000
4,116
Australia
&
New
Zealand
Banking
Group,
4.40%,
5/19/26 (1)
8,355
8,282
Banco
Bilbao
Vizcaya
Argentaria,
VR,
5.862%,
9/14/26 (3)
11,200
11,283
Banco
Santander,
VR,
5.552%,
3/14/28 (3)
3,800
3,838
Barclays,
4.375%,
1/12/26
800
795
Barclays,
5.20%,
5/12/26
7,805
7,824
Barclays,
VR,
5.304%,
8/9/26 (3)
8,300
8,310
Barclays,
VR,
5.674%,
3/12/28 (3)
2,035
2,071
BPCE,
4.50%,
3/15/25 (1)
11,881
11,790
BPCE,
VR,
1.652%,
10/6/26 (1)(3)
1,229
1,183
CaixaBank,
VR,
6.684%,
9/13/27 (1)(3)
11,450
11,842
Capital
One
Financial,
3.75%,
7/28/26
1,950
1,911
Capital
One
Financial,
VR,
2.636%,
3/3/26 (3)
7,060
6,963
Citigroup,
4.40%,
6/10/25
17,400
17,292
Cooperatieve
Rabobank,
3.75%,
7/21/26
1,920
1,880
Cooperatieve
Rabobank,
4.375%,
8/4/25
4,965
4,928
Danske
Bank,
VR,
5.427%,
3/1/28 (1)(3)
4,425
4,491
Deutsche
Bank,
4.50%,
4/1/25
15,940
15,821
Discover
Bank,
2.45%,
9/12/24
13,392
13,369
Discover
Financial
Services,
4.10%,
2/9/27
5,575
5,475
Emirates
NBD
Bank,
2.625%,
2/18/25
6,400
6,320
Fifth
Third
Bank,
3.85%,
3/15/26
15,655
15,355
Fifth
Third
Bank,
VR,
5.852%,
10/27/25 (3)
2,950
2,950
HDFC
Bank,
5.686%,
3/2/26
8,500
8,605
HSBC
Holdings,
4.375%,
11/23/26
7,600
7,510
HSBC
Holdings,
VR,
5.597%,
5/17/28 (3)
5,600
5,726
Huntington
National
Bank,
VR,
5.699%,
11/18/25 (3)
7,745
7,747
ING
Groep,
VR,
6.083%,
9/11/27 (3)
3,845
3,931
Intesa
Sanpaolo,
7.00%,
11/21/25 (1)
2,491
2,541
JPMorgan
Chase,
VR,
4.979%,
7/22/28 (3)
11,150
11,292
Lloyds
Banking
Group,
4.50%,
11/4/24
2,050
2,044
Lloyds
Banking
Group,
VR,
2.438%,
2/5/26 (3)
12,665
12,510
NatWest
Group,
4.80%,
4/5/26
4,577
4,576
NatWest
Markets,
FRN,
SOFR
+
1.45%,
6.82%,
3/22/25 (1)
2,483
2,496
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
PNC
Bank,
4.20%,
11/1/25
5,948
5,905
PNC
Financial
Services
Group,
VR,
5.30%,
1/21/28 (3)
1,745
1,774
PNC
Financial
Services
Group,
VR,
5.812%,
6/12/26 (3)
4,980
5,005
PNC
Financial
Services
Group,
VR,
6.615%,
10/20/27 (3)
5,000
5,193
Santander
Holdings
USA,
3.244%,
10/5/26
5,750
5,549
Santander
Holdings
USA,
3.45%,
6/2/25
5,500
5,425
Societe
Generale,
4.25%,
4/14/25 (1)
500
495
Societe
Generale,
4.25%,
8/19/26 (1)
3,240
3,160
Societe
Generale,
FRN,
SOFR
+
1.05%,
6.419%,
1/21/26 (1)
10,000
10,004
Societe
Generale,
VR,
5.519%,
1/19/28 (1)(3)
4,375
4,403
Standard
Chartered,
4.30%,
2/19/27 (1)
3,464
3,415
Standard
Chartered,
FRN,
SOFR
+
0.93%,
6.296%,
11/23/25 (1)
5,000
4,999
Standard
Chartered,
VR,
3.971%,
3/30/26 (1)(3)
800
791
Standard
Chartered,
VR,
5.688%,
5/14/28 (1)(3)
1,205
1,229
Standard
Chartered,
VR,
6.187%,
7/6/27 (1)(3)
5,800
5,934
Toronto-Dominion
Bank,
FRN,
SOFR
+
0.35%,
5.719%,
9/10/24
10,000
10,002
UBS,
5.00%,
7/9/27
3,450
3,493
UBS
Group,
VR,
2.593%,
9/11/25 (1)(3)
7,750
7,721
UBS
Group,
VR,
6.327%,
12/22/27 (1)(3)
5,700
5,866
UniCredit,
VR,
2.569%,
9/22/26 (1)(3)
14,585
14,187
Wells
Fargo,
VR,
5.707%,
4/22/28 (3)
6,480
6,626
350,131
Building
Products
0.1%
Owens
Corning,
5.50%,
6/15/27
2,360
2,419
2,419
Cable
Operators
0.9%
Charter
Communications
Operating,
4.908%,
7/23/25
11,394
11,360
Charter
Communications
Operating,
6.15%,
11/10/26
5,650
5,784
Cox
Communications,
3.35%,
9/15/26 (1)
1,000
971
Discovery
Communications,
3.95%,
6/15/25
2,200
2,176
20,291
Chemicals
1.6%
Celanese
U.S.
Holdings,
1.40%,
8/5/26
4,298
4,019
International
Flavors
&
Fragrances,
1.23%,
10/1/25 (1)
11,857
11,384
LG
Chem,
4.375%,
7/14/25
7,610
7,569
MEGlobal
Canada,
5.00%,
5/18/25
8,850
8,822
OCI,
4.625%,
10/15/25 (1)
5,197
5,145
36,939
Consumer
Products
0.5%
LG
Electronics,
5.625%,
4/24/27 (1)
6,740
6,877
Mattel,
3.375%,
4/1/26 (1)
5,675
5,519
12,396
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
Drugs
0.8%
BNP
Paribas,
4.375%,
9/28/25 (1)
11,650
11,503
BNP
Paribas,
VR,
2.219%,
6/9/26 (1)(3)
1,685
1,647
Perrigo
Finance
Unlimited,
3.90%,
12/15/24
679
675
Viatris,
1.65%,
6/22/25
5,207
5,050
18,875
Electric
Utilities
0.4%
GS
Caltex,
1.625%,
7/27/25
9,450
9,182
9,182
Energy
2.9%
6297782,
4.911%,
9/1/27 (1)
4,505
4,503
Abu
Dhabi
National
Energy,
4.375%,
6/22/26
8,900
8,879
DCP
Midstream
Operating,
5.375%,
7/15/25
10,562
10,562
Energy
Transfer,
5.75%,
4/1/25
10,300
10,298
EQT,
3.125%,
5/15/26 (1)
2,000
1,942
Occidental
Petroleum,
3.20%,
8/15/26
4,740
4,586
Occidental
Petroleum,
5.50%,
12/1/25
2,145
2,158
Occidental
Petroleum,
8.50%,
7/15/27
2,100
2,281
SA
Global
Sukuk,
1.602%,
6/17/26
9,450
8,954
Sabine
Pass
Liquefaction,
5.875%,
6/30/26
931
943
TER
Finance
Jersey,
Series
21,
Zero
Coupon,
1/2/25 (1)(4)
3,000
2,940
Western
Midstream
Operating,
3.10%,
2/1/25
6,623
6,557
Western
Midstream
Operating,
3.95%,
6/1/25
1,622
1,606
66,209
Financial
3.7%
AerCap
Ireland
Capital,
1.65%,
10/29/24
7,230
7,182
Aldar
Sukuk,
4.75%,
9/29/25
8,830
8,814
Ally
Financial,
5.125%,
9/30/24
6,400
6,392
Ally
Financial,
5.80%,
5/1/25
4,400
4,408
Bank
Mandiri
Persero,
5.50%,
4/4/26
9,000
9,086
CNO
Financial
Group,
5.25%,
5/30/25
8,012
8,002
General
Motors
Financial,
4.35%,
1/17/27
11,050
10,949
General
Motors
Financial,
6.05%,
10/10/25
5,500
5,558
Hongkong
Land
Finance
Cayman
Islands,
4.50%,
10/7/25
4,920
4,905
LPL
Holdings,
5.70%,
5/20/27
4,380
4,453
QNB
Finance,
1.375%,
1/26/26
9,555
9,106
Western
Union,
1.35%,
3/15/26
5,865
5,562
84,417
Food/Tobacco
0.1%
Imperial
Brands
Finance,
4.25%,
7/21/25 (1)
1,500
1,483
1,483
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
Foreign
Govt
&
Muni
(Excl
Canadian)
0.2%
Pelabuhan
Indonesia
Persero,
4.875%,
10/1/24
5,800
5,796
5,796
Health
Care
2.5%
Centene,
4.25%,
12/15/27
12,000
11,730
HCA,
5.25%,
6/15/26
10,880
10,894
HCA,
5.375%,
2/1/25
5,450
5,443
Highmark,
1.45%,
5/10/26 (1)
12,754
11,961
Icon
Investments
Six,
5.809%,
5/8/27
9,574
9,816
Solventum,
5.45%,
2/25/27 (1)
6,005
6,085
55,929
Information
Technology
0.4%
Intel,
2.60%,
5/19/26
4,011
3,855
Intel,
3.75%,
8/5/27
6,000
5,820
9,675
Insurance
3.7%
Athene
Global
Funding,
5.684%,
2/23/26 (1)
4,995
5,042
Athene
Global
Funding,
FRN,
SOFRINDX
+
0.715%,
6.085%,
1/7/25 (1)
9,850
9,848
Brighthouse
Financial
Global
Funding,
1.55%,
5/24/26 (1)
1,000
944
Brighthouse
Financial
Global
Funding,
1.75%,
1/13/25 (1)
5,000
4,925
CNO
Global
Funding,
1.65%,
1/6/25 (1)
2,966
2,923
CNO
Global
Funding,
1.75%,
10/7/26 (1)
4,895
4,583
Corebridge
Financial,
3.50%,
4/4/25
10,330
10,227
Corebridge
Global
Funding,
4.65%,
8/20/27 (1)
1,520
1,524
First
American
Financial,
4.60%,
11/15/24
9,173
9,144
Jackson
National
Life
Global
Funding,
5.55%,
7/2/27 (1)
7,590
7,755
Principal
Life
Global
Funding
II,
4.60%,
8/19/27 (1)
2,985
2,996
RGA
Global
Funding,
2.00%,
11/30/26 (1)(2)
5,600
5,273
Voya
Financial,
3.65%,
6/15/26
17,754
17,433
82,617
Manufacturing
2.0%
FMC,
3.20%,
10/1/26
20,803
20,135
Fortive,
3.15%,
6/15/26
1,340
1,303
POSCO,
5.625%,
1/17/26
5,500
5,559
VF,
2.40%,
4/23/25
17,729
17,337
44,334
Metals
&
Mining
0.3%
ArcelorMittal,
4.55%,
3/11/26
2,800
2,783
Freeport-McMoRan,
5.00%,
9/1/27
883
885
Freeport-McMoRan,
5.25%,
9/1/29
2,274
2,299
5,967
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
Other
Telecommunications
0.4%
Axiata,
4.357%,
3/24/26
8,820
8,781
8,781
Pharmaceuticals
0.7%
Bayer
U.S.
Finance
II,
4.25%,
12/15/25 (1)
15,160
14,988
14,988
Real
Estate
Investment
Trust
Securities
3.0%
Brixmor
Operating
Partnership,
3.85%,
2/1/25
16,000
15,881
Brixmor
Operating
Partnership,
4.125%,
6/15/26
1,900
1,877
CubeSmart,
4.00%,
11/15/25
3,075
3,039
Essex
Portfolio,
3.375%,
4/15/26
1,899
1,856
GAIF
Bond
Issuer,
3.40%,
9/30/26 (1)
11,694
11,350
Healthcare
Realty
Holdings,
3.50%,
8/1/26
6,253
6,103
Kilroy
Realty,
3.45%,
12/15/24
8,997
8,932
Kilroy
Realty,
4.375%,
10/1/25
9,169
9,077
Scentre
Group
Trust
1,
3.50%,
2/12/25 (1)
10,550
10,468
68,583
Retail
1.5%
Advance
Auto
Parts,
5.90%,
3/9/26
3,070
3,084
CVS
Health,
1.30%,
8/21/27
4,600
4,187
CVS
Health,
4.30%,
3/25/28
4,600
4,532
Ross
Stores,
0.875%,
4/15/26
6,500
6,124
Walgreens
Boots
Alliance,
3.80%,
11/18/24
15,350
15,277
33,204
Supermarkets
0.4%
Cencosud,
4.375%,
7/17/27 (1)
3,575
3,510
Kroger,
4.60%,
8/15/27
2,075
2,080
Kroger,
4.70%,
8/15/26
2,765
2,773
8,363
Transportation
0.6%
GATX,
5.40%,
3/15/27
3,230
3,279
Penske
Truck
Leasing,
1.70%,
6/15/26 (1)
4,239
4,014
Penske
Truck
Leasing,
2.70%,
11/1/24 (1)
2,519
2,507
Penske
Truck
Leasing,
3.95%,
3/10/25 (1)
2,900
2,879
12,679
Transportation
Services
0.3%
HPHT
Finance,
2.875%,
11/5/24
7,278
7,253
7,253
Utilities
2.0%
DTE
Energy,
4.95%,
7/1/27
2,370
2,396
Edison
International,
3.55%,
11/15/24
17,615
17,531
Enel
Finance
International,
2.125%,
7/12/28 (1)
12,500
11,341
Pacific
Gas
&
Electric,
4.95%,
6/8/25
9,900
9,869
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
Southwestern
Electric
Power,
Series
K,
2.75%,
10/1/26
3,700
3,560
44,697
Wireless
Communications
2.0%
American
Tower,
1.60%,
4/15/26
12,295
11,649
Crown
Castle,
1.05%,
7/15/26
4,605
4,323
Crown
Castle
Towers,
3.663%,
5/15/25 (1)
1,500
1,481
PT
Tower
Bersama
Infrastructure,
4.25%,
1/21/25
5,550
5,528
Rogers
Communications,
3.20%,
3/15/27
861
832
Rogers
Communications,
3.625%,
12/15/25
5,000
4,921
SBA
Tower
Trust,
1.884%,
1/15/26 (1)
1,940
1,857
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
2,150
2,126
Sprint,
7.625%,
3/1/26
5,741
5,906
T-Mobile
USA,
4.75%,
2/1/28
6,475
6,483
45,106
Total
Corporate
Bonds
(Cost
$1,182,103)
1,191,023
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
0.5%
Foreign
Govt
&
Muni
(Excl
Canadian)
0.5%
Japan
Treasury
Discount
Bill,
0.071%,
11/5/24
(JPY)
1,680,950
11,496
11,496
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$11,635)
11,496
MUNICIPAL
SECURITIES
0.0%
Illinois
0.0%
Chicago
Transit
Auth.
Capital
Grant
Receipts
Revenue,
5.00%,
6/1/25
100
101
Total
Municipal
Securities
(Cost
$101)
101
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
8.6%
Commercial
Mortgage-Backed
Securities
2.1%
BX
Commercial
Mortgage
Trust
Series
2020-VKNG,
Class
A,
ARM
1M
TSFR
+
1.044%,
6.381%,
10/15/37 (1)
3,800
3,784
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
BX
Trust
Series
2021-ARIA,
Class
A,
ARM
1M
TSFR
+
1.014%,
6.351%,
10/15/36 (1)
3,100
3,075
CAMB
Commercial
Mortgage
Trust
Series
2019-LIFE,
Class
B,
ARM
1M
TSFR
+
1.547%,
6.884%,
12/15/37 (1)
9,750
9,732
CAMB
Commercial
Mortgage
Trust
Series
2019-LIFE,
Class
C,
ARM
1M
TSFR
+
1.747%,
7.084%,
12/15/37 (1)
1,727
1,724
Commercial
Mortgage
Trust
Series
2014-CR21,
Class
A3
3.528%,
12/10/47
264
261
Commercial
Mortgage
Trust
Series
2014-UBS6,
Class
A5
3.644%,
12/10/47
5,200
5,170
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
A,
ARM
1M
TSFR
+
1.734%,
7.071%,
10/15/33 (1)
9,870
9,511
ONE
Mortgage
Trust
Series
2021-PARK,
Class
A,
ARM
1M
TSFR
+
0.814%,
6.151%,
3/15/36 (1)
7,110
6,913
SDR
Commercial
Mortgage
Trust
Series
2024-DSNY,
Class
A,
ARM
1M
TSFR
+
1.392%,
6.729%,
5/15/39 (1)
6,665
6,627
TX
Trust
Series
2024-HOU,
Class
A,
ARM
1M
TSFR
+
1.591%,
6.928%,
6/15/39 (1)
2,140
2,121
48,918
Whole
Loans
Backed
6.5%
Angel
Oak
Mortgage
Trust
Series
2019-5,
Class
A1,
CMO,
ARM
2.593%,
10/25/49 (1)
660
642
Angel
Oak
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.985%,
4/25/66 (1)
4,314
3,659
BINOM
Securitization
Trust
Series
2021-INV1,
Class
A1,
CMO,
ARM
2.034%,
6/25/56 (1)
8,742
7,731
COLT
Mortgage
Loan
Trust
Series
2020-3,
Class
A1,
CMO,
ARM
1.506%,
4/27/65 (1)
750
718
Connecticut
Avenue
Securities
Series
2018-C03,
Class
1EB2,
CMO,
ARM
SOFR30A
+
0.964%,
6.313%,
10/25/30
368
368
Connecticut
Avenue
Securities
Series
2018-C03,
Class
1ED2,
CMO,
ARM
SOFR30A
+
0.964%,
6.313%,
10/25/30
182
182
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
Connecticut
Avenue
Securities
Trust
Series
2023-R05,
Class
1M1,
CMO,
ARM
SOFR30A
+
1.90%,
7.248%,
6/25/43 (1)
4,341
4,397
Connecticut
Avenue
Securities
Trust
Series
2024-R02,
Class
1M1,
CMO,
ARM
SOFR30A
+
1.10%,
6.449%,
2/25/44 (1)
3,234
3,236
Connecticut
Avenue
Securities
Trust
Series
2024-R05,
Class
2M1,
CMO,
ARM
SOFR30A
+
1.00%,
6.349%,
7/25/44 (1)
1,722
1,723
Cross
Mortgage
Trust
Series
2024-H4,
Class
A1,
CMO,
STEP
6.147%,
7/25/69 (1)
3,218
3,262
Cross
Mortgage
Trust
Series
2024-H5,
Class
A1,
CMO,
STEP
5.854%,
8/26/69 (1)
5,531
5,583
Deephaven
Residential
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.715%,
5/25/65 (1)
3,932
3,691
Galton
Funding
Mortgage
Trust
Series
2019-2,
Class
A21,
CMO,
ARM
4.00%,
6/25/59 (1)
232
216
Galton
Funding
Mortgage
Trust
Series
2020-H1,
Class
A2,
CMO,
ARM
2.413%,
1/25/60 (1)
2,533
2,381
GS
Mortgage-Backed
Securities
Trust
Series
2020-NQM1,
Class
A1,
CMO,
ARM
1.382%,
9/27/60 (1)
739
691
Imperial
Fund
Mortgage
Trust
Series
2021-NQM2,
Class
A1,
CMO,
ARM
1.073%,
9/25/56 (1)
7,651
6,380
Morgan
Stanley
Residential
Mortgage
Loan
Trust
Series
2024-NQM2,
Class
A1,
CMO,
STEP
6.386%,
5/25/69 (1)
4,684
4,743
NLT
Trust
Series
2021-INV2,
Class
A1,
CMO,
ARM
1.162%,
8/25/56 (1)
14,641
12,350
OBX
Trust
Series
2018-EXP1,
Class
2A1,
CMO,
ARM
1M
TSFR
+
0.964%,
6.242%,
4/25/48 (1)
20
20
OBX
Trust
Series
2019-EXP3,
Class
2A1,
CMO,
ARM
1M
TSFR
+
1.014%,
6.292%,
10/25/59 (1)
109
109
OBX
Trust
Series
2020-EXP1,
Class
1A8,
CMO,
ARM
3.50%,
2/25/60 (1)
627
554
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
OBX
Trust
Series
2020-EXP3,
Class
1A8,
CMO,
ARM
3.00%,
1/25/60 (1)
3,340
2,880
OBX
Trust
Series
2020-INV1,
Class
A11,
CMO,
ARM
1M
TSFR
+
1.014%,
6.00%,
12/25/49 (1)
454
429
OBX
Trust
Series
2023-NQM10,
Class
A1,
CMO,
STEP
6.465%,
10/25/63 (1)
8,187
8,270
OBX
Trust
Series
2024-NQM7,
Class
A1,
CMO,
STEP
6.243%,
3/25/64 (1)
3,165
3,196
Sequoia
Mortgage
Trust
Series
2018-CH1,
Class
A1,
CMO,
ARM
4.00%,
3/25/48 (1)
162
152
SG
Residential
Mortgage
Trust
Series
2019-3,
Class
A1,
CMO,
ARM
2.703%,
9/25/59 (1)
19
19
Starwood
Mortgage
Residential
Trust
Series
2020-INV1,
Class
A1,
CMO,
ARM
1.027%,
11/25/55 (1)
2,281
2,144
Starwood
Mortgage
Residential
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.943%,
5/25/65 (1)
1,765
1,632
Structured
Agency
Credit
Risk
Debt
Notes
Series
2022-DNA2,
Class
M1A,
CMO,
ARM
SOFR30A
+
1.30%,
6.649%,
2/25/42 (1)
2,356
2,359
Structured
Agency
Credit
Risk
Debt
Notes
Series
2022-DNA5,
Class
M1A,
CMO,
ARM
SOFR30A
+
2.95%,
8.299%,
6/25/42 (1)
5,039
5,183
Structured
Agency
Credit
Risk
Debt
Notes
Series
2023-HQA3,
Class
A1,
CMO,
ARM
SOFR30A
+
1.85%,
7.199%,
11/25/43 (1)
2,253
2,280
Structured
Agency
Credit
Risk
Debt
Notes
Series
2024-DNA2,
Class
A1,
CMO,
ARM
SOFR30A
+
1.25%,
6.599%,
5/25/44 (1)
4,013
4,015
Structured
Agency
Credit
Risk
Debt
Notes
Series
2024-HQA1,
Class
A1,
CMO,
ARM
SOFR30A
+
1.25%,
6.599%,
3/25/44 (1)
7,533
7,555
Towd
Point
Mortgage
Trust
Series
2017-3,
Class
A1,
CMO,
ARM
2.75%,
7/25/57 (1)
18
18
Towd
Point
Mortgage
Trust
Series
2017-4,
Class
A1,
CMO,
ARM
2.75%,
6/25/57 (1)
107
103
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
20
Par/Shares
$
Value
(Amounts
in
000s)
Towd
Point
Mortgage
Trust
Series
2017-5,
Class
A1,
CMO,
ARM
1M
TSFR
+
0.714%,
5.992%,
2/25/57 (1)
48
50
Verus
Securitization
Trust
Series
2019-4,
Class
A1,
CMO,
STEP
3.642%,
11/25/59 (1)
698
684
Verus
Securitization
Trust
Series
2019-INV2,
Class
A1,
CMO,
ARM
3.913%,
7/25/59 (1)
171
169
Verus
Securitization
Trust
Series
2019-INV3,
Class
A1,
CMO,
ARM
3.692%,
11/25/59 (1)
548
538
Verus
Securitization
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
3.226%,
5/25/60 (1)
68
68
Verus
Securitization
Trust
Series
2020-4,
Class
A1,
CMO,
STEP
2.502%,
5/25/65 (1)
675
649
Verus
Securitization
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.815%,
1/25/66 (1)
4,393
3,925
Verus
Securitization
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
1.031%,
2/25/66 (1)
3,660
3,273
Verus
Securitization
Trust
Series
2021-R1,
Class
A1,
CMO,
ARM
0.82%,
10/25/63 (1)
1,390
1,302
Verus
Securitization
Trust
Series
2021-R3,
Class
A1,
CMO,
ARM
1.02%,
4/25/64 (1)
6,485
5,944
Verus
Securitization
Trust
Series
2023-3,
Class
A1,
CMO,
STEP
5.93%,
3/25/68 (1)
7,242
7,249
Verus
Securitization
Trust
Series
2023-8,
Class
A1,
CMO,
STEP
6.259%,
12/25/68 (1)
2,149
2,166
Verus
Securitization
Trust
Series
2023-INV3,
Class
A1,
CMO,
ARM
6.876%,
11/25/68 (1)
3,831
3,897
Verus
Securitization
Trust
Series
2024-1,
Class
A1,
CMO,
STEP
5.712%,
1/25/69 (1)
9,068
9,089
Verus
Securitization
Trust
Series
2024-INV1,
Class
A1,
CMO,
STEP
6.116%,
3/25/69 (1)
2,423
2,445
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
21
Par/Shares
$
Value
(Amounts
in
000s)
Vista
Point
Securitization
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
1.475%,
4/25/65 (1)
1,877
1,753
146,072
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$203,349)
194,990
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
0.5%
U.S.
Government
Agency
Obligations
0.5%
Federal
Home
Loan
Mortgage,
CMO,
ARM,
SOFR30A
+
0.464%,
5.818%,
2/15/45
155
151
Federal
National
Mortgage
Assn.,
CMO,
ARM,
SOFR30A
+
0.514%,
5.863%,
1/25/45
122
120
Federal
National
Mortgage
Assn.,
UMBS,
6.00%,
7/1/54
11,022
11,222
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$11,355)
11,493
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
3.1%
U.S.
Treasury
Obligations
3.1%
U.S.
Treasury
Bills,
5.252%,
10/17/24
11,560
11,488
U.S.
Treasury
Bills,
5.267%,
9/19/24 (5)
30,075
30,005
U.S.
Treasury
Bills,
5.303%,
9/5/24 (2)
5,745
5,743
U.S.
Treasury
Bills,
5.305%,
9/17/24
11,510
11,487
U.S.
Treasury
Notes,
4.625%,
11/15/26
7,400
7,512
U.S.
Treasury
Notes,
4.875%,
11/30/25
3,330
3,354
69,589
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$69,445)
69,589
SHORT-TERM
INVESTMENTS
7.9%
Commercial
Paper
7.9%
4(2)
6.2%(6)
Bacardi
Martini,
5.80%,
9/26/24
4,000
3,983
Bacardi
Martini,
5.865%,
9/19/24
13,000
12,958
Brunswick,
5.934%,
9/27/24
22,800
22,701
Conagra
Foods,
5.879%,
9/6/24
13,600
13,585
Crown
Castle,
5.78%,
9/26/24
4,200
4,182
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
22
Par/Shares
$
Value
(Amounts
in
000s)
Harley-Davidson
Financial
Services,
5.927%,
9/9/24
18,150
18,122
Quanta
Services,
5.654%,
9/3/24
8,700
8,694
Quanta
Services,
5.654%,
9/4/24
18,300
18,285
Targa
Resources,
5.804%,
9/3/24
4,400
4,397
Targa
Resources,
5.85%,
10/3/24
9,000
8,950
Targa
Resources,
5.927%,
9/27/24
4,400
4,380
Targa
Resources,
6.031%,
9/6/24
9,200
9,190
Whirlpool,
5.93%,
9/13/24
10,700
10,676
140,103
Non-4(2)
1.7%
Energy
Transfer
Partners,
5.453%,
9/3/24
17,300
17,290
Ovintiv,
6.018%,
9/16/24
6,600
6,581
Ovintiv
Canada,
6.02%,
9/25/24
13,200
13,143
37,014
Total
Commercial
Paper
177,117
Money
Market
Funds
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
5.34% (7)(8)
3
3
Total
Money
Market
Funds
3
Total
Short-Term
Investments
(Cost
$177,168)
177,120
SECURITIES
LENDING
COLLATERAL
0.5%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY 0.5%
Money
Market
Funds 0.5%
T.
Rowe
Price
Government
Reserve
Fund,
5.34% (7)(8)
10,452
10,452
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
10,452
Total
Securities
Lending
Collateral
(Cost
$10,452)
10,452
(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
@
$102.63 (9)
2,000
415,094
32
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
23
(Amounts
in
000s,
except
for
contracts)
Description
Contracts
Notional
Amount
$
Value
U.S.
Treasury
2-Year
Notes
Futures,
Put,
9/20/24
@
$102.75 (9)
2,000
415,094
31
Total
Options
Purchased
(Cost
$287)
63
Total
Investments
in
Securities 100.2%
(Cost
$2,260,864)
$
2,260,949
Other
Assets
Less
Liabilities
(0.2)%
(5,102)
Net
Assets
100.0%
$
2,255,847
‡
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
$1,034,073
and
represents
45.8%
of
net
assets.
(2)
All
or
a
portion
of
this
security
is
on
loan
at
August
31,
2024.
(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)
Level
3
in
fair
value
hierarchy.
(5)
At
August
31,
2024,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(6)
Commercial
paper
exempt
from
registration
under
Section
4(2)
of
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
dealers
in
that
program
or
other
"accredited
investors".
Total
value
of
such
securities
at
period-end
amounts
to
$140,103
and
represents
6.2%
of
net
assets.
(7)
Seven-day
yield
(8)
Affiliated
Companies
(9)
Non-income
producing
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
FRN
Floating
Rate
Note
JPY
Japanese
Yen
SOFR
Secured
overnight
financing
rate
SOFRINDX
SOFR
(Secured
overnight
financing
rate)
Index
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
24
.
.
.
.
.
.
.
.
.
.
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
UMBS
Uniform
Mortgage-Backed
Securities
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
25
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
State
Street
11/5/24
USD
11,731
JPY
1,680,950
$
120
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
120
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
26
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
253
Three
Month
SOFR
Futures
contracts
9/24
(59,852)
$
286
Long,
181
Three
Month
SOFR
Futures
contracts
12/24
43,025
89
Short,
22
U.S.
Treasury
Long
Bond
contracts
12/24
(2,709)
35
Short,
679
U.S.
Treasury
Notes
five
year
contracts
12/24
(74,282)
211
Short,
151
U.S.
Treasury
Notes
ten
year
contracts
12/24
(17,148)
92
Short,
1,109
U.S.
Treasury
Notes
two
year
contracts
12/24
(230,169)
206
Short,
44
Ultra
U.S.
Treasury
Notes
ten
year
contracts
12/24
(5,167)
41
Net
payments
(receipts)
of
variation
margin
to
date
(553)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
407
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
27
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%
$
—
$
—
$
4++
Totals
$
—#
$
—
$
4+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/24
Purchase
Cost
Sales
Cost
Value
08/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.34%
$
784
¤
¤
$
10,455
Total
$
10,455^
#
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
$4
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
$10,455.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
28
T.
Rowe
Price
Ultra
Short-Term
Bond
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
29
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
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
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.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
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
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
30
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
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
$
—
$
874,580
$
—
$
874,580
Short-Term
Investments
3
184,828
—
184,831
Corporate
Bonds
—
1,188,083
2,940
1,191,023
Securities
Lending
Collateral
10,452
—
—
10,452
Options
Purchased
63
—
—
63
Total
Securities
10,518
2,247,491
2,940
2,260,949
Forward
Currency
Exchange
Contracts
—
120
—
120
Futures
Contracts*
960
—
—
960
Total
$
11,478
$
2,247,611
$
2,940
$
2,262,029
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
31
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.
F188-054Q1
08/24
1
Includes
Asset-Backed
Securities,
Convertible
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;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.