T.
ROWE
PRICE
Short
Duration
Income
Fund
August
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
28.4%
Car
Loan
9.4%
Ally
Auto
Receivables
Trust
Series 2023-A,
Class
B
6.01%,
1/17/34 (1)
81
81
Ally
Bank
Auto
Credit-Linked
Notes
Series 2024-A,
Class
C
6.022%,
5/17/32 (1)
226
229
AmeriCredit
Automobile
Receivables
Trust
Series 2020-2,
Class
D
2.13%,
3/18/26
120
119
ARI
Fleet
Lease
Trust
Series 2024-B,
Class
A2
5.54%,
4/15/33 (1)
100
101
Avis
Budget
Rental
Car
Funding
AESOP
Series 2019-3A,
Class
B
2.65%,
3/20/26 (1)
150
148
Avis
Budget
Rental
Car
Funding
AESOP
Series 2020-1A,
Class
B
2.68%,
8/20/26 (1)
100
98
Avis
Budget
Rental
Car
Funding
AESOP
Series 2022-5A,
Class
C
6.24%,
4/20/27 (1)
100
101
Avis
Budget
Rental
Car
Funding
AESOP
Series 2023-2A,
Class
C
6.18%,
10/20/27 (1)
100
101
Bayview
Opportunity
Master
Fund
VII
Series 2024-CAR1,
Class
C,
FRN
SOFR30A
+
1.50%,
6.849%,
12/26/31 (1)
209
209
CarMax
Auto
Owner
Trust
Series 2022-4,
Class
D
8.08%,
4/16/29
200
211
CarMax
Auto
Owner
Trust
Series 2023-1,
Class
A2A
5.23%,
1/15/26
18
18
CarMax
Auto
Owner
Trust
Series 2023-2,
Class
D
6.55%,
10/15/29
135
139
Carvana
Auto
Receivables
Trust
Series 2024-N2,
Class
B
5.67%,
9/10/30 (1)
60
61
Carvana
Auto
Receivables
Trust
Series 2024-N2,
Class
C
5.82%,
9/10/30 (1)
80
82
T.
ROWE
PRICE
Short
Duration
Income
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
‡
Enterprise
Fleet
Financing
Series 2021-2,
Class
A2
0.48%,
5/20/27 (1)
3
3
Enterprise
Fleet
Financing
Series 2021-3,
Class
A2
0.77%,
8/20/27 (1)
4
4
Enterprise
Fleet
Financing
Series 2022-2,
Class
A2
4.65%,
5/21/29 (1)
23
23
Enterprise
Fleet
Financing
Series 2023-2,
Class
A2
5.56%,
4/22/30 (1)
199
200
Enterprise
Fleet
Financing
Series 2024-3,
Class
A3
4.98%,
8/21/28 (1)
50
51
Exeter
Automobile
Receivables
Trust
Series 2022-1A,
Class
C
2.56%,
6/15/28
117
116
Exeter
Automobile
Receivables
Trust
Series 2022-4A,
Class
D
5.98%,
12/15/28
45
45
Exeter
Automobile
Receivables
Trust
Series 2024-4A,
Class
C
5.48%,
8/15/30
110
111
Ford
Credit
Auto
Lease
Trust
Series 2022-A,
Class
C
4.18%,
10/15/25
255
255
Ford
Credit
Auto
Lease
Trust
Series 2023-A,
Class
C
5.54%,
12/15/26
230
231
Ford
Credit
Auto
Lease
Trust
Series 2023-B,
Class
B
6.20%,
2/15/27
45
46
Ford
Credit
Floorplan
Master
Owner
Trust
Series 2023-1,
Class
D
6.62%,
5/15/28 (1)
145
147
Ford
Credit
Floorplan
Master
Owner
Trust
Series 2024-1,
Class
B
5.48%,
4/15/29 (1)
100
102
GM
Financial
Automobile
Leasing
Trust
Series 2022-2,
Class
C
4.33%,
5/20/26
85
85
GM
Financial
Automobile
Leasing
Trust
Series 2022-3,
Class
C
5.13%,
8/20/26
245
244
T.
ROWE
PRICE
Short
Duration
Income
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
‡
GM
Financial
Automobile
Leasing
Trust
Series 2024-2,
Class
B
5.56%,
5/22/28
125
127
GM
Financial
Consumer
Automobile
Receivables
Trust
Series 2020-4,
Class
C
1.05%,
5/18/26
50
50
GM
Financial
Consumer
Automobile
Receivables
Trust
Series 2023-1,
Class
B
5.03%,
9/18/28
35
35
GM
Financial
Consumer
Automobile
Receivables
Trust
Series 2023-3,
Class
C
5.92%,
2/16/29
45
46
GMF
Floorplan
Owner
Revolving
Trust
Series 2023-1,
Class
B
5.73%,
6/15/28 (1)
230
233
Huntington
Bank
Auto
Credit-Linked
Notes
Series 2024-1,
Class
B1
6.153%,
5/20/32 (1)
223
226
JPMorgan
Chase
Bank
Series 2021-2,
Class
D
1.138%,
12/26/28 (1)
18
18
Navistar
Financial
Dealer
Note
Master
Owner
Trust
Series 2024-1,
Class
C
6.13%,
4/25/29 (1)
35
35
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
Series 2023-1,
Class
A
6.18%,
8/25/28 (1)
173
175
Santander
Bank
Series 2021-1A,
Class
C
3.268%,
12/15/31 (1)
36
36
Santander
Bank
Auto
Credit-Linked
Notes
Series 2023-B,
Class
D
6.663%,
12/15/33 (1)
250
253
Santander
Bank
Auto
Credit-Linked
Notes
Series 2024-A,
Class
C
5.818%,
6/15/32 (1)
250
252
Santander
Consumer
Auto
Receivables
Trust
Series 2021-AA,
Class
D
1.57%,
1/15/27 (1)
100
96
Santander
Consumer
Auto
Receivables
Trust
Series 2021-CA,
Class
C
2.97%,
6/15/28 (1)
96
94
Santander
Retail
Auto
Lease
Trust
Series 2022-B,
Class
A3
3.28%,
11/20/25 (1)
19
19
T.
ROWE
PRICE
Short
Duration
Income
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
‡
Santander
Retail
Auto
Lease
Trust
Series 2022-B,
Class
B
3.85%,
3/22/27 (1)
30
30
U.S.
Bank
Series 2023-1,
Class
B
6.789%,
8/25/32 (1)
167
169
Wheels
Fleet
Lease
Funding
1
Series 2024-1A,
Class
A1
5.49%,
2/18/39 (1)
100
101
World
Omni
Auto
Receivables
Trust
Series 2020-C,
Class
C
1.39%,
5/17/27
85
85
5,441
Other
Asset-Backed
Securities
18.1%
Allegro
IX
Series 2018-3A,
Class
B1R,
CLO,
FRN
3M
TSFR
+
1.85%,
7.136%,
10/16/31 (1)
250
250
Amur
Equipment
Finance
Receivables
IX
Series 2021-1A,
Class
D
2.30%,
11/22/27 (1)
260
257
Amur
Equipment
Finance
Receivables
X
Series 2022-1A,
Class
C
2.37%,
4/20/28 (1)
150
146
Amur
Equipment
Finance
Receivables
XI
Series 2022-2A,
Class
A2
5.30%,
6/21/28 (1)
51
51
Amur
Equipment
Finance
Receivables
XIII
Series 2024-1A,
Class
B
5.37%,
1/21/31 (1)
100
102
Apidos
Xxv
Series 2016-25A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.15%,
6.432%,
10/20/31 (1)
193
193
Apidos
XXXII
Series 2019-32A,
Class
DR,
CLO,
FRN
3M
TSFR
+
2.75%,
8.032%,
1/20/33 (1)
250
248
Barings
Series 2018-4A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.80%,
7.101%,
10/15/30 (1)
250
251
BlueMountain
Series 2016-3A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.20%,
6.318%,
11/15/30 (1)
208
208
Crossroads
Asset
Trust
Series 2024-A,
Class
A2
5.90%,
8/20/30 (1)
100
101
CyrusOne
Data
Centers
Issuer
I
Series 2024-1A,
Class
A2
4.76%,
3/22/49 (1)
30
29
T.
ROWE
PRICE
Short
Duration
Income
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
‡
CyrusOne
Data
Centers
Issuer
I
Series 2024-2A,
Class
A2
4.50%,
5/20/49 (1)
135
130
DB
Master
Finance
Series 2019-1A,
Class
A2II
4.021%,
5/20/49 (1)
90
89
Dell
Equipment
Finance
Trust
Series 2024-1,
Class
D
6.12%,
9/23/30 (1)
100
102
DLLAD
Series 2023-1A,
Class
A2
5.19%,
4/20/26 (1)
46
46
DLLAD
Series 2023-1A,
Class
A3
4.79%,
1/20/28 (1)
52
52
Driven
Brands
Funding
Series 2019-2A,
Class
A2
3.981%,
10/20/49 (1)
95
92
Elara
HGV
Timeshare
Issuer
Series 2019-A,
Class
A
2.61%,
1/25/34 (1)
44
42
FirstKey
Homes
Trust
Series 2020-SFR2,
Class
D
1.968%,
10/19/37 (1)
225
215
FOCUS
Brands
Funding
Series 2017-1A,
Class
A2II
5.093%,
4/30/47 (1)
93
92
Fortress
Credit
BSL
XV
Series 2022-2A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.40%,
6.679%,
10/18/33 (1)
250
250
Hardee's
Funding
Series 2020-1A,
Class
A2
3.981%,
12/20/50 (1)
241
224
Hilton
Grand
Vacations
Trust
Series 2018-AA,
Class
C
4.00%,
2/25/32 (1)
64
63
Hilton
Grand
Vacations
Trust
Series 2019-AA,
Class
B
2.54%,
7/25/33 (1)
56
54
Hilton
Grand
Vacations
Trust
Series 2023-1A,
Class
C
6.94%,
1/25/38 (1)
70
72
Home
Partners
of
America
Trust
Series 2022-1,
Class
D
4.73%,
4/17/39 (1)
96
94
T.
ROWE
PRICE
Short
Duration
Income
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
‡
HPEFS
Equipment
Trust
Series 2023-2A,
Class
D
6.97%,
7/21/31 (1)
100
103
HPEFS
Equipment
Trust
Series 2024-2A,
Class
D
5.82%,
4/20/32 (1)
100
102
Jack
in
the
Box
Funding
Series 2022-1A,
Class
A2I
3.445%,
2/26/52 (1)
95
90
Madison
Park
Funding
XXIV
Series 2016-24A,
Class
CR2,
CLO,
FRN
3M
TSFR
+
2.05%,
7.332%,
10/20/29 (1)
250
250
Madison
Park
Funding
XXIX
Series 2018-29A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.80%,
7.079%,
10/18/30 (1)
250
250
Marble
Point
XII
Series 2018-1A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.272%,
6.558%,
7/16/31 (1)
165
165
Marble
Point
XIV
Series 2018-2A,
Class
A12R,
CLO,
FRN
3M
TSFR
+
1.20%,
6.482%,
1/20/32 (1)
237
237
MMAF
Equipment
Finance
Series 2020-A,
Class
A3
0.97%,
4/9/27 (1)
80
77
MVW
Series 2021-1WA,
Class
C
1.94%,
1/22/41 (1)
34
32
MVW
Series 2021-2A,
Class
C
2.23%,
5/20/39 (1)
88
82
MVW
Series 2023-1A,
Class
C
6.54%,
10/20/40 (1)
131
133
Northwoods
Capital
XIV-B
Series 2018-14BA,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.25%,
6.363%,
11/13/31 (1)
233
233
Oaktree
Series 2022-2A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.55%,
6.851%,
7/15/33 (1)
250
250
OCP
Series 2014-7A,
Class
A1RR,
CLO,
FRN
3M
TSFR
+
1.382%,
6.664%,
7/20/29 (1)
72
72
OCP
Series 2017-13A,
Class
A2R,
CLO,
FRN
3M
TSFR
+
1.812%,
7.113%,
7/15/30 (1)
250
250
T.
ROWE
PRICE
Short
Duration
Income
Fund
7
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)
193
193
Octane
Receivables
Trust
Series 2021-2A,
Class
A
1.21%,
9/20/28 (1)
12
12
Octane
Receivables
Trust
Series 2022-1A,
Class
B
4.90%,
5/22/28 (1)
150
149
Octane
Receivables
Trust
Series 2022-2A,
Class
A
5.11%,
2/22/28 (1)
28
28
Octane
Receivables
Trust
Series 2022-2A,
Class
C
6.29%,
7/20/28 (1)
200
203
Octane
Receivables
Trust
Series 2023-1A,
Class
A
5.87%,
5/21/29 (1)
39
39
Octane
Receivables
Trust
Series 2024-1A,
Class
A2
5.68%,
5/20/30 (1)
97
98
OZLM
Funding
II
Series 2012-2A,
Class
A1A2,
CLO,
FRN
3M
TSFR
+
1.20%,
6.455%,
7/30/31 (1)
157
157
Post
Road
Equipment
Finance
Series 2024-1A,
Class
C
5.81%,
10/15/30 (1)
100
102
Regatta
XIII
Funding
Series 2018-2A,
Class
CR,
CLO,
FRN
3M
TSFR
+
2.70%,
8.001%,
7/15/31 (1)
250
251
Romark
II
Series 2018-2A,
Class
A2R,
CLO,
FRN
3M
TSFR
+
1.65%,
6.935%,
7/25/31 (1)
250
251
Sabey
Data
Center
Issuer
Series 2020-1,
Class
A2
3.812%,
4/20/45 (1)
35
34
Sabey
Data
Center
Issuer
Series 2021-1,
Class
A2
1.881%,
6/20/46 (1)
100
94
SCF
Equipment
Leasing
Series 2023-1A,
Class
A3
6.17%,
5/20/32 (1)
235
245
SEB
Funding
Series 2024-1A,
Class
A2
7.386%,
4/30/54 (1)
85
87
T.
ROWE
PRICE
Short
Duration
Income
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
‡
Sierra
Timeshare
Receivables
Funding
Series 2019-3A,
Class
A
2.34%,
8/20/36 (1)
11
11
Sierra
Timeshare
Receivables
Funding
Series 2020-2A,
Class
B
2.32%,
7/20/37 (1)
56
55
Sierra
Timeshare
Receivables
Funding
Series 2021-1A,
Class
B
1.34%,
11/20/37 (1)
51
49
Sierra
Timeshare
Receivables
Funding
Series 2021-1A,
Class
C
1.79%,
11/20/37 (1)
17
17
Sierra
Timeshare
Receivables
Funding
Series 2021-1A,
Class
D
3.17%,
11/20/37 (1)
436
418
Sierra
Timeshare
Receivables
Funding
Series 2021-2A,
Class
A
1.35%,
9/20/38 (1)
55
52
Symphony
Static
I
Series 2021-1A,
Class
C,
CLO,
FRN
3M
TSFR
+
2.112%,
7.396%,
10/25/29 (1)
250
250
Symphony
XXIII
Series 2020-23A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.862%,
7.163%,
1/15/34 (1)
250
250
TCI-Flatiron
Series 2018-1A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.662%,
6.925%,
1/29/32 (1)
250
250
THL
Credit
Wind
River
Series 2015-1A,
Class
A1R3,
CLO,
FRN
3M
TSFR
+
1.20%,
6.482%,
10/20/30 (1)
155
155
TIAA
Series 2016-1A,
Class
ARR,
CLO,
FRN
3M
TSFR
+
1.25%,
6.532%,
7/20/31 (1)
205
205
Tricon
Residential
Trust
Series 2024-SFR2,
Class
A
4.75%,
6/17/40 (1)
100
100
Trinitas
IX
Series 2018-9A,
Class
ARRR,
CLO,
FRN
3M
TSFR
+
1.20%,
6.464%,
1/20/32 (1)
250
250
Trinitas
VI
Series 2017-6A,
Class
ARRR,
CLO,
FRN
3M
TSFR
+
1.33%,
6.615%,
1/25/34 (1)
250
250
Verdant
Receivables
Series 2023-1A,
Class
A2
6.24%,
1/13/31 (1)
85
86
T.
ROWE
PRICE
Short
Duration
Income
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
‡
Verdant
Receivables
Series 2024-1A,
Class
A2
5.68%,
12/12/31 (1)
100
102
Voya
Series 2018-3A,
Class
BR2,
CLO,
FRN
3M
TSFR
+
1.80%,
7.101%,
10/15/31 (1)
250
250
10,472
Student
Loan
0.9%
Navient
Private
Education
Loan
Trust
Series 2020-A,
Class
A2A
2.46%,
11/15/68 (1)
49
47
Navient
Private
Education
Refi
Loan
Trust
Series 2019-A,
Class
A2A
3.42%,
1/15/43 (1)
22
22
Navient
Private
Education
Refi
Loan
Trust
Series 2019-D,
Class
A2A
3.01%,
12/15/59 (1)
66
64
Navient
Private
Education
Refi
Loan
Trust
Series 2019-GA,
Class
A
2.40%,
10/15/68 (1)
43
41
SMB
Private
Education
Loan
Trust
Series 2016-C,
Class
A2A
2.34%,
9/15/34 (1)
4
4
SMB
Private
Education
Loan
Trust
Series 2017-B,
Class
B
3.50%,
12/16/41 (1)
150
144
SMB
Private
Education
Loan
Trust
Series 2020-A,
Class
A2A
2.23%,
9/15/37 (1)
91
87
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
A2A1,
FRN
1M
TSFR
+
0.844%,
6.181%,
1/15/53 (1)
135
134
543
Total
Asset-Backed
Securities
(Cost
$16,340)
16,456
BANK
LOANS
0.9%
(2)
Communications
0.5%
Altice
France,
FRN,
1M
USD
LIBOR
+
4.00%,
9.38%,
8/14/26
80
63
Clear
Channel
International,
7.50%,
4/1/27
135
132
CSC
Holdings,
FRN,
1M
USD
LIBOR
+
2.50%,
7.951%,
4/15/27
79
67
262
Consumer
Non-Cyclical
0.2%
Bausch
+
Lomb,
FRN,
1M
TSFR
+
3.25%,
8.661%,
5/10/27
129
127
127
T.
ROWE
PRICE
Short
Duration
Income
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
‡
Insurance
0.2%
Asurion,
FRN,
1M
TSFR
+
3.25%,
8.611%,
12/23/26
134
134
134
Total
Bank
Loans
(Cost
$548)
523
CORPORATE
BONDS
36.2%
Banking
9.4%
American
Express,
VR,
5.645%,
4/23/27 (3)
200
203
Banco
de
Bogota,
6.25%,
5/12/26
200
200
Banco
Santander,
2.746%,
5/28/25
200
197
Banco
Santander
Mexico
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
5.375%,
4/17/25
150
150
Bank
of
America,
VR,
5.08%,
1/20/27 (3)
150
150
Bank
of
the
Philippine
Islands,
2.50%,
9/10/24
200
201
Barclays,
VR,
5.304%,
8/9/26 (3)
200
200
Barclays,
VR,
7.325%,
11/2/26 (3)
200
206
Capital
One
Financial,
VR,
5.70%,
2/1/30 (3)
35
36
Capital
One
Financial,
VR,
6.312%,
6/8/29 (3)
225
235
Danske
Bank,
VR,
5.427%,
3/1/28 (1)(3)
200
203
Fifth
Third
Bancorp,
2.375%,
1/28/25
25
25
Fifth
Third
Bank,
VR,
5.852%,
10/27/25 (3)
250
250
HDFC
Bank,
5.686%,
3/2/26
200
202
HSBC
Holdings,
VR,
5.597%,
5/17/28 (3)
200
204
Huntington
National
Bank,
VR,
5.699%,
11/18/25 (3)
250
250
Ipoteka-Bank
ATIB,
5.50%,
11/19/25
200
194
JPMorgan
Chase,
VR,
4.979%,
7/22/28 (3)
200
203
JPMorgan
Chase,
VR,
5.04%,
1/23/28 (3)
95
96
Lloyds
Banking
Group,
4.50%,
11/4/24
200
199
Lloyds
Banking
Group,
VR,
5.462%,
1/5/28 (3)
200
203
NatWest
Group,
VR,
7.472%,
11/10/26 (3)
200
205
PNC
Financial
Services
Group,
VR,
4.758%,
1/26/27 (3)
120
120
PNC
Financial
Services
Group,
VR,
5.671%,
10/28/25 (3)
135
135
Santander
Holdings
USA,
VR,
6.124%,
5/31/27 (3)
20
20
Societe
Generale,
2.625%,
10/16/24 (1)
200
199
Standard
Chartered,
VR,
5.688%,
5/14/28 (1)(3)
200
204
Standard
Chartered,
VR,
6.17%,
1/9/27 (1)(3)
200
203
Truist
Financial,
VR,
6.047%,
6/8/27 (3)
200
204
U.S.
Bancorp,
VR,
5.384%,
1/23/30 (3)
30
31
UBS
Group,
VR,
4.488%,
5/12/26 (1)(3)
200
199
Wells
Fargo,
VR,
4.54%,
8/15/26 (3)
150
149
5,476
T.
ROWE
PRICE
Short
Duration
Income
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
‡
Basic
Industry
1.7%
Celanese
U.S.
Holdings,
6.05%,
3/15/25
42
42
Indorama
Ventures
Global
Services,
4.375%,
9/12/24
200
200
LG
Chem,
4.375%,
7/14/25
200
199
Nutrien,
4.90%,
3/27/28
50
51
POSCO,
5.625%,
1/17/26 (1)
200
202
Sasol
Financing
USA,
4.375%,
9/18/26
260
250
Sherwin-Williams,
4.55%,
3/1/28
40
40
984
Brokerage
Asset
Managers
Exchanges
0.5%
LPL
Holdings,
5.70%,
5/20/27
50
51
LPL
Holdings,
6.75%,
11/17/28
45
48
LSEGA
Financing,
1.375%,
4/6/26 (1)
200
190
289
Capital
Goods
0.7%
BAE
Systems,
5.00%,
3/26/27 (1)
200
202
Boeing,
6.259%,
5/1/27 (1)
55
57
Owens
Corning,
5.50%,
6/15/27
50
51
Regal
Rexnord,
6.05%,
2/15/26
75
76
Republic
Services,
4.875%,
4/1/29
20
20
406
Communications
2.6%
American
Tower,
3.55%,
7/15/27
200
194
Axian
Telecom,
7.375%,
2/16/27
200
199
Clear
Channel
Outdoor
Holdings,
5.125%,
8/15/27 (1)
30
29
Crown
Castle,
5.00%,
1/11/28
175
177
Crown
Castle,
5.60%,
6/1/29
105
109
PT
Tower
Bersama
Infrastructure,
4.25%,
1/21/25
200
199
Sable
International
Finance,
5.75%,
9/7/27 (1)
200
198
SBA
Tower
Trust,
1.631%,
11/15/26 (1)
150
139
SBA
Tower
Trust,
6.599%,
1/15/28 (1)
115
119
Townsquare
Media,
6.875%,
2/1/26 (1)
165
164
1,527
Consumer
Cyclical
5.7%
Advance
Auto
Parts,
5.90%,
3/9/26
140
141
BMW
U.S.
Capital,
4.60%,
8/13/27 (1)
75
75
Carnival,
7.625%,
3/1/26 (1)
145
146
Cencosud,
4.375%,
7/17/27 (1)
200
196
Daimler
Truck
Finance
North
America,
5.00%,
1/15/27 (1)
150
151
Daimler
Truck
Finance
North
America,
5.15%,
1/16/26 (1)
150
151
Dollar
General,
4.125%,
5/1/28
200
195
Ford
Motor
Credit,
5.125%,
6/16/25
200
199
Ford
Motor
Credit,
6.798%,
11/7/28
200
210
T.
ROWE
PRICE
Short
Duration
Income
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
‡
General
Motors
Financial,
5.35%,
7/15/27
250
254
General
Motors
Financial,
5.40%,
4/6/26
155
156
General
Motors
Financial,
5.40%,
5/8/27
80
82
General
Motors
Financial,
5.55%,
7/15/29
45
46
Hyundai
Capital
America,
5.50%,
3/30/26 (1)
80
81
Hyundai
Capital
America,
5.65%,
6/26/26 (1)
200
203
Hyundai
Capital
America,
6.25%,
11/3/25 (1)
50
51
Life
Time,
5.75%,
1/15/26 (1)
76
76
Marriott
International,
4.90%,
4/15/29
21
21
O'Reilly
Automotive,
5.75%,
11/20/26
30
31
Starbucks,
3.50%,
3/1/28
150
146
Tapestry,
7.05%,
11/27/25
20
20
VF,
2.40%,
4/23/25
150
147
VF,
2.80%,
4/23/27
100
94
Volkswagen
Group
of
America
Finance,
4.85%,
8/15/27 (1)
200
201
Volkswagen
Group
of
America
Finance,
6.00%,
11/16/26 (1)
200
205
3,278
Consumer
Non-Cyclical
3.4%
CSL
Finance,
3.85%,
4/27/27 (1)
25
25
CVS
Health,
4.30%,
3/25/28
250
246
HCA,
5.25%,
4/15/25
200
200
HCA,
5.625%,
9/1/28
200
206
Heineken,
3.50%,
1/29/28 (1)
150
146
Hikma
Finance
USA,
3.25%,
7/9/25
200
196
Icon
Investments
Six,
5.809%,
5/8/27
200
205
IQVIA,
6.25%,
2/1/29
65
69
Kroger,
4.60%,
8/15/27
50
50
Kroger,
4.70%,
8/15/26
65
65
Legacy
LifePoint
Health,
4.375%,
2/15/27 (1)
140
136
Mattel,
5.875%,
12/15/27 (1)
150
152
Solventum,
5.45%,
2/25/27 (1)
105
106
Teva
Pharmaceutical
Finance
Netherlands
III,
3.15%,
10/1/26
185
177
1,979
Electric
1.7%
AES,
3.30%,
7/15/25 (1)
100
98
American
Electric
Power,
5.20%,
1/15/29
105
107
American
Electric
Power,
5.699%,
8/15/25
90
90
Constellation
Energy
Generation,
3.25%,
6/1/25
200
197
DTE
Energy,
4.95%,
7/1/27
40
40
DTE
Energy,
STEP,
4.22%,
11/1/24
65
65
Engie
Energia
Chile,
4.50%,
1/29/25
200
200
Pacific
Gas
&
Electric,
3.50%,
6/15/25
100
99
PacifiCorp,
5.10%,
2/15/29
30
31
T.
ROWE
PRICE
Short
Duration
Income
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
‡
Vistra
Operations,
5.125%,
5/13/25 (1)
58
58
985
Energy
2.9%
6297782,
4.911%,
9/1/27 (1)
80
80
Columbia
Pipelines
Holding,
6.055%,
8/15/26 (1)
5
5
Crescent
Energy
Finance,
9.25%,
2/15/28 (1)
120
127
Diamondback
Energy,
5.20%,
4/18/27
40
41
Enbridge,
5.90%,
11/15/26
60
62
Enbridge,
6.00%,
11/15/28
50
53
Energy
Transfer,
2.90%,
5/15/25
100
98
Energy
Transfer,
5.25%,
7/1/29
120
122
GS
Caltex,
1.625%,
7/27/25
200
194
Kosmos
Energy,
7.125%,
4/4/26
200
199
Occidental
Petroleum,
5.00%,
8/1/27
65
66
Occidental
Petroleum,
5.20%,
8/1/29
70
71
ONEOK,
5.55%,
11/1/26
60
61
Southwestern
Energy,
8.375%,
9/15/28
175
180
TER
Finance
Jersey,
Series 21,
Zero
Coupon,
1/2/25 (1)(4)
100
98
Williams,
5.30%,
8/15/28
200
205
1,662
Finance
Companies
1.2%
AerCap
Ireland
Capital,
1.65%,
10/29/24
215
214
AerCap
Ireland
Capital,
6.10%,
1/15/27
150
154
Avolon
Holdings
Funding,
6.375%,
5/4/28 (1)
115
119
GATX,
5.40%,
3/15/27
40
41
Navient,
5.00%,
3/15/27
85
83
OneMain
Finance,
3.50%,
1/15/27
85
80
691
Financial
Other
0.3%
Emaar
Sukuk,
3.635%,
9/15/26
200
196
196
Industrial
Other
0.7%
Albion
Financing
1,
6.125%,
10/15/26 (1)
200
198
Bidvest
Group
U.K.,
3.625%,
9/23/26
200
192
390
Insurance
3.2%
Athene
Global
Funding,
1.716%,
1/7/25 (1)
225
222
Athene
Global
Funding,
5.684%,
2/23/26 (1)
230
232
Centene,
4.625%,
12/15/29
250
243
CNO
Global
Funding,
1.65%,
1/6/25 (1)
150
148
CNO
Global
Funding,
1.75%,
10/7/26 (1)
150
141
Corebridge
Financial,
3.65%,
4/5/27
200
196
Corebridge
Global
Funding,
5.20%,
1/12/29 (1)
40
41
T.
ROWE
PRICE
Short
Duration
Income
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
‡
Health
Care
Service
A
Mutual
Legal
Reserve,
5.20%,
6/15/29 (1)
65
66
Humana,
1.35%,
2/3/27
70
65
Humana,
5.75%,
3/1/28
25
26
Jackson
National
Life
Global
Funding,
5.50%,
1/9/26 (1)
175
176
Jackson
National
Life
Global
Funding,
5.60%,
4/10/26 (1)
250
252
Principal
Life
Global
Funding
II,
4.60%,
8/19/27 (1)
55
55
1,863
Natural
Gas
0.4%
Engie,
5.25%,
4/10/29 (1)
200
205
NiSource,
5.25%,
3/30/28
25
26
231
Real
Estate
Investment
Trusts
0.4%
MPT
Operating
Partnership,
5.00%,
10/15/27 (5)
95
80
MPT
Operating
Partnership,
5.25%,
8/1/26 (5)
115
108
Service
Properties
Trust,
4.75%,
10/1/26
69
66
254
Technology
1.1%
Atlassian,
5.25%,
5/15/29
40
41
CDW,
5.10%,
3/1/30
30
30
Foundry
JV
Holdco,
5.90%,
1/25/30 (1)
200
205
Micron
Technology,
5.375%,
4/15/28
150
153
SK
Hynix,
6.25%,
1/17/26 (1)
200
204
633
Transportation
0.3%
Penske
Truck
Leasing,
5.35%,
1/12/27 (1)
40
41
Penske
Truck
Leasing,
5.75%,
5/24/26 (1)
105
106
147
Total
Corporate
Bonds
(Cost
$20,768)
20,991
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
2.0%
Government
Sponsored
0.3%
MEGlobal
Canada,
5.00%,
5/18/25
200
199
199
Owned
No
Guarantee
1.7%
Axiata,
4.357%,
3/24/26
200
199
Bank
Mandiri
Persero,
5.50%,
4/4/26
200
202
Bank
Negara
Indonesia
Persero,
3.75%,
3/30/26
200
194
QNB
Finance,
1.375%,
1/26/26
200
191
T.
ROWE
PRICE
Short
Duration
Income
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
‡
State
Bank
of
India,
1.80%,
7/13/26
200
190
976
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$1,177)
1,175
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
8.7%
Collateralized
Mortgage
Obligations
3.4%
Barclays
Mortgage
Loan
Trust
Series 2021-NQM1,
Class
A3,
CMO,
ARM
2.189%,
9/25/51 (1)
59
53
Bellemeade
Re
Series 2022-1,
Class
M1B,
CMO,
ARM
SOFR30A
+
2.15%,
7.499%,
1/26/32 (1)
300
302
COLT
Mortgage
Loan
Trust
Series 2020-3,
Class
A1,
CMO,
ARM
1.506%,
4/27/65 (1)
11
10
Connecticut
Avenue
Securities
Trust
Series 2021-R01,
Class
1M2,
CMO,
ARM
SOFR30A
+
1.55%,
6.899%,
10/25/41 (1)
178
179
Deephaven
Residential
Mortgage
Trust
Series 2021-1,
Class
A3,
CMO,
ARM
1.128%,
5/25/65 (1)
20
19
Flagstar
Mortgage
Trust
Series 2019-1INV,
Class
A11,
CMO,
ARM
1M
TSFR
+
1.064%,
5.50%,
10/25/49 (1)
15
14
Flagstar
Mortgage
Trust
Series 2020-1INV,
Class
A11,
CMO,
ARM
1M
TSFR
+
0.964%,
6.00%,
3/25/50 (1)
26
25
Freddie
Mac
Whole
Loan
Securities
Trust
Series 2017-SC02,
Class
M1,
CMO,
ARM
3.86%,
5/25/47 (1)
129
126
JPMorgan
Mortgage
Trust
Series 2019-INV2,
Class
A3,
CMO,
ARM
3.50%,
2/25/50 (1)
72
65
New
Residential
Mortgage
Loan
Trust
Series 2021-NQ1R,
Class
A3,
CMO,
ARM
1.198%,
7/25/55 (1)
48
43
OBX
Trust
Series 2019-EXP3,
Class
1A9,
CMO,
ARM
3.50%,
10/25/59 (1)
111
100
OBX
Trust
Series 2019-EXP3,
Class
2A1,
CMO,
ARM
1M
TSFR
+
1.014%,
6.292%,
10/25/59 (1)
47
47
T.
ROWE
PRICE
Short
Duration
Income
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
‡
OBX
Trust
Series 2019-INV1,
Class
A3,
CMO,
ARM
4.50%,
11/25/48 (1)
24
23
OBX
Trust
Series 2019-INV2,
Class
A25,
CMO,
ARM
4.00%,
5/27/49 (1)
40
37
OBX
Trust
Series 2020-EXP1,
Class
2A1B,
CMO,
ARM
1M
TSFR
+
0.864%,
6.142%,
2/25/60 (1)
62
60
OBX
Trust
Series 2023-NQM10,
Class
A2,
CMO,
STEP
6.92%,
10/25/63 (1)
86
87
Starwood
Mortgage
Residential
Trust
Series 2020-INV1,
Class
A3,
CMO,
ARM
1.593%,
11/25/55 (1)
18
17
Structured
Agency
Credit
Risk
Debt
Notes
Series 2021-DNA5,
Class
M2,
CMO,
ARM
SOFR30A
+
1.65%,
6.999%,
1/25/34 (1)
50
50
Structured
Agency
Credit
Risk
Debt
Notes
Series 2023-HQA3,
Class
A1,
CMO,
ARM
SOFR30A
+
1.85%,
7.199%,
11/25/43 (1)
96
97
Structured
Agency
Credit
Risk
Debt
Notes
Series 2024-HQA1,
Class
A1,
CMO,
ARM
SOFR30A
+
1.25%,
6.599%,
3/25/44 (1)
146
147
Verus
Securitization
Trust
Series 2019-4,
Class
A1,
CMO,
STEP
3.642%,
11/25/59 (1)
5
5
Verus
Securitization
Trust
Series 2019-INV3,
Class
A3,
CMO,
ARM
4.10%,
11/25/59 (1)
66
65
Verus
Securitization
Trust
Series 2020-1,
Class
A3,
CMO,
STEP
3.724%,
1/25/60 (1)
58
56
Verus
Securitization
Trust
Series 2021-2,
Class
A3,
CMO,
ARM
1.545%,
2/25/66 (1)
117
104
Verus
Securitization
Trust
Series 2021-R2,
Class
A3,
CMO,
ARM
1.227%,
2/25/64 (1)
46
42
Verus
Securitization
Trust
Series 2023-8,
Class
A2,
CMO,
STEP
6.664%,
12/25/68 (1)
99
100
Verus
Securitization
Trust
Series 2023-INV3,
Class
A2,
CMO,
ARM
7.33%,
11/25/68 (1)
104
106
1,979
T.
ROWE
PRICE
Short
Duration
Income
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
‡
Commercial
Mortgage-Backed
Securities
5.2%
Alen
Mortgage
Trust
Series 2021-ACEN,
Class
A,
ARM
1M
TSFR
+
1.264%,
6.601%,
4/15/34 (1)
100
90
BANK
Series 2024-BNK47,
Class
A1
5.523%,
6/15/57
34
35
BANK5
Series 2024-5YR8,
Class
AS,
ARM
6.378%,
8/15/57
95
99
BANK5
Series 2024-5YR9,
Class
A1
4.889%,
8/15/57
200
201
BBCMS
Mortgage
Trust
Series 2024-5C27,
Class
A1
5.502%,
7/15/57
99
100
Benchmark
Mortgage
Trust
Series 2024-V6,
Class
A1
5.568%,
10/15/28
93
94
Benchmark
Mortgage
Trust
Series 2024-V8,
Class
A1
5.514%,
7/15/57
30
30
Benchmark
Mortgage
Trust
Series 2024-V9,
Class
AS,
ARM
6.064%,
8/15/57
75
77
BMO
Mortgage
Trust
Series 2024-5C5,
Class
AS,
ARM
6.364%,
2/15/57
75
78
BX
Commercial
Mortgage
Trust
Series 2024-MDHS,
Class
B,
ARM
1M
TSFR
+
1.841%,
7.178%,
5/15/41 (1)
189
187
BX
Trust
Series 2021-ARIA,
Class
C,
ARM
1M
TSFR
+
1.76%,
7.097%,
10/15/36 (1)
160
157
CD
Mortgage
Trust
Series 2016-CD1,
Class
B,
ARM
3.077%,
8/10/49
100
78
Citigroup
Commercial
Mortgage
Trust
Series 2013-375P,
Class
B,
ARM
3.635%,
5/10/35 (1)
150
145
Citigroup
Commercial
Mortgage
Trust
Series 2016-C1,
Class
AS
3.514%,
5/10/49
200
192
Commercial
Mortgage
Trust
Series 2014-UBS2,
Class
B
4.701%,
3/10/47
16
15
T.
ROWE
PRICE
Short
Duration
Income
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
‡
Commercial
Mortgage
Trust
Series 2017-PANW,
Class
D,
ARM
4.343%,
10/10/29 (1)
109
98
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC
Series K060,
Class
A1
2.958%,
7/25/26
63
61
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC
Series K084,
Class
A2,
ARM
3.78%,
10/25/28
250
246
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC
Series K085,
Class
A2,
ARM
4.06%,
10/25/28
106
105
HILT
Commercial
Mortgage
Trust
Series 2024-ORL,
Class
C,
ARM
1M
TSFR
+
2.44%,
7.777%,
5/15/37 (1)
105
104
HYT
Commercial
Mortgage
Trust
Series 2024-RGCY,
Class
A,
ARM
1M
TSFR
+
1.841%,
7.18%,
9/15/41 (1)
120
120
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series 2018-WPT,
Class
BFL,
ARM
1M
TSFR
+
1.489%,
6.84%,
7/5/33 (1)
59
50
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series 2020-609M,
Class
B,
ARM
1M
TSFR
+
2.134%,
7.471%,
10/15/33 (1)
100
93
LSTAR
Commercial
Mortgage
Trust
Series 2015-3,
Class
B,
ARM
3.266%,
4/20/48 (1)
90
89
MED
Commercial
Mortgage
Trust
Series 2024-MOB,
Class
A,
ARM
1M
TSFR
+
1.592%,
6.928%,
5/15/41 (1)
100
99
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series 2015-C24,
Class
AS,
ARM
4.036%,
5/15/48
190
183
SDR
Commercial
Mortgage
Trust
Series 2024-DSNY,
Class
B,
ARM
1M
TSFR
+
1.741%,
7.078%,
5/15/39 (1)
100
99
TX
Trust
Series 2024-HOU,
Class
B,
ARM
1M
TSFR
+
2.091%,
7.428%,
6/15/39 (1)
100
99
3,024
T.
ROWE
PRICE
Short
Duration
Income
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
‡
Residential
Mortgage
0.1%
Finance
of
America
HECM
Buyout
Series 2022-HB2,
Class
A1A,
ARM
4.00%,
8/1/32 (1)
44
44
44
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$5,172)
5,047
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
5.3%
U.S.
Government
Agency
Obligations
5.0%
Federal
Home
Loan
Mortgage,
UMBS
6.00%,
2/1/53
-
6/1/54
644
660
Federal
National
Mortgage
Assn.,
UMBS
4.50%,
10/1/37
220
220
5.00%,
5/1/53
282
281
5.50%,
8/1/53
-
3/1/54
357
361
6.00%,
7/1/53
-
8/1/53
347
354
6.50%,
10/1/53
-
1/1/54
439
454
UMBS,
TBA (6)
5.00%,
9/1/54
285
283
5.50%,
9/1/54
275
277
2,890
U.S.
Government
Obligations
0.3%
Government
National
Mortgage
Assn.
6.00%,
2/20/40
-
12/20/40
187
196
196
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$3,047)
3,086
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
15.1%
U.S.
Treasury
Obligations
15.1%
U.S.
Treasury
Notes,
3.75%,
8/15/27
145
145
U.S.
Treasury
Notes,
4.375%,
7/31/26
1,115
1,123
U.S.
Treasury
Notes,
4.375%,
8/15/26
500
504
U.S.
Treasury
Notes,
4.50%,
3/31/26
1,155
1,162
U.S.
Treasury
Notes,
4.625%,
2/28/26
350
353
U.S.
Treasury
Notes,
4.625%,
6/30/26
555
561
U.S.
Treasury
Notes,
4.625%,
10/15/26 (7)
195
198
U.S.
Treasury
Notes,
4.625%,
6/15/27
830
848
T.
ROWE
PRICE
Short
Duration
Income
Fund
20
Par/Shares
$
Value
(Amounts
in
000s)
‡
U.S.
Treasury
Notes,
4.875%,
4/30/26
850
861
U.S.
Treasury
Notes,
4.875%,
5/31/26
1,385
1,404
U.S.
Treasury
Notes,
5.00%,
10/31/25
1,550
1,562
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$8,631)
8,721
SHORT-TERM
INVESTMENTS
3.7%
Commercial
Paper
3.0%
4(2)
3.0%(8)
Bacardi
Martini,
5.829%,
9/26/24
300
299
Brunswick,
5.934%,
9/27/24
300
298
Crown
Castle,
5.806%,
9/26/24
300
299
Harley-Davidson
Financial
Services,
5.927%,
9/9/24
250
249
Ovintiv
Canada,
6.05%,
9/25/24
300
299
Targa
Resources,
5.884%,
10/3/24
300
298
1,742
Money
Market
Funds
0.7%
T.
Rowe
Price
Government
Reserve
Fund,
5.34% (9)(10)
387
387
387
Total
Short-Term
Investments
(Cost
$2,130)
2,129
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)
185
185
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
185
Total
Securities
Lending
Collateral
(Cost
$185)
185
T.
ROWE
PRICE
Short
Duration
Income
Fund
21
(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)
90
18,679
1
U.S.
Treasury
2-Year
Notes
Futures,
Put,
9/20/24
@
$103.00 (11)
31
6,434
2
Total
Options
Purchased
(Cost
$10)
3
Total
Investments
in
Securities 100.6%
(Cost
$58,008)
$
58,316
Other
Assets
Less
Liabilities
(0.6)%
(343)
Net
Assets
100.0%
$
57,973
‡
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
$25,232
and
represents
43.5%
of
net
assets.
(2)
Bank
loan
positions
may
involve
multiple
underlying
tranches.
In
those
instances,
the
position
presented
reflects
the
aggregate
of
those
respective
underlying
tranches
and
the
rate
presented
reflects
the
weighted
average
rate
of
the
settled
positions.
(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)
All
or
a
portion
of
this
security
is
on
loan
at
August
31,
2024.
(6)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$560
and
represents
1.0%
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
$1,742
and
represents
3.0%
of
net
assets.
(9)
Seven-day
yield
(10)
Affiliated
Companies
(11)
Non-income
producing
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
T.
ROWE
PRICE
Short
Duration
Income
Fund
22
.
.
.
.
.
.
.
.
.
.
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
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
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
Duration
Income
Fund
23
(Amounts
in
000s)
SWAPS
0.1%
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.1%
Credit
Default
Swaps,
Protection
Sold
0.1%
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S42,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/29
1,316
32
25
7
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
7
Total
Centrally
Cleared
Swaps
7
Net
payments
(receipts)
of
variation
margin
to
date
(7)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
—
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
$1.
T.
ROWE
PRICE
Short
Duration
Income
Fund
24
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
8
U.S.
Treasury
Notes
ten
year
contracts
12/24
(908)
$
5
Long,
72
U.S.
Treasury
Notes
two
year
contracts
12/24
14,943
(14)
Short,
1
Ultra
U.S.
Treasury
Bonds
contracts
12/24
(132)
1
Short,
5
Ultra
U.S.
Treasury
Notes
ten
year
contracts
12/24
(587)
5
Net
payments
(receipts)
of
variation
margin
to
date
(3)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(6)
T.
ROWE
PRICE
Short
Duration
Income
Fund
25
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
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%
$
—
$
—
$
13++
Totals
$
—#
$
—
$
13+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/24
Purchase
Cost
Sales
Cost
Value
08/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.34%
$
1,047
¤
¤
$
572
Total
$
572^
#
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
$13
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
$572.
T.
ROWE
PRICE
Short
Duration
Income
Fund
Unaudited
Notes
to
Portfolio
of
Investments
26
T.
Rowe
Price
Short
Duration
Income
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
T.
ROWE
PRICE
Short
Duration
Income
Fund
27
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
Duration
Income
Fund
28
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
$
—
$
35,008
$
—
$
35,008
Corporate
Bonds
—
20,893
98
20,991
Short-Term
Investments
387
1,742
—
2,129
Securities
Lending
Collateral
185
—
—
185
Options
Purchased
3
—
—
3
Total
Securities
575
57,643
98
58,316
Swaps*
—
7
—
7
Futures
Contracts*
11
—
—
11
Total
$
586
$
57,650
$
98
$
58,334
Liabilities
Futures
Contracts*
$
14
$
—
$
—
$
14
1
Includes
Asset-Backed
Securities,
Bank
Loans,
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).
T.
ROWE
PRICE
Short
Duration
Income
Fund
29
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.
F1305-054Q1
08/24
*
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.