T. Rowe Price Short Term Bond Fund (PRWBX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-03894

T. Rowe Price Short-Term Bond Fund, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: May 31

Date of reporting period: November 30, 2024

Item 1. Reports to Shareholders

    (a) Report pursuant to Rule 30e-1

Semi-Annual Shareholder Report

November 30, 2024

Ultra Short-Term Bond Fund

Investor Class (TRBUX)

This semi-annual shareholder report contains important information about Ultra Short-Term Bond Fund (the "fund") for the period of June 1, 2024 to November 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Ultra Short-Term Bond Fund - Investor Class	$16	0.31%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)	$2,275,098
Number of Portfolio Holdings	435

Portfolio Turnover Rate 41.0%

What did the fund invest in?

Credit Quality Allocation*(as a % of Net Assets)

AAA Rated	30.1%
AA Rated	7.1
A Rated	22.3
BBB Rated	35.8
BB Rated and Below	0.9
Not Rated	0.1
U.S. Treasury Securities	3.9
Reserves	-0.2

*Credit ratings for the securities held in the Fund are provided by Moody’s, Standard & Poor’s, and Fitch and are converted to the Standard & Poor’s nomenclature. A rating of AAA represents the highest-rated securities, and a rating of D represents the lowest rated securities. If the ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.

Top Ten Holdings (as a % of Net Assets)

Santander Drive Auto Receivables Trust	3.2%
U.S. Treasury Bills	3.0
Exeter Automobile Receivables Trust	2.0
Verus Securitization Trust	1.7
Octane Receivables Trust	1.5
Carvana Auto Receivables Trust	1.5
Enterprise Fleet Financing	1.4
Targa Resources	1.2
Structured Agency Credit Risk Debt Notes	1.1
Bacardi-Martini	1.0

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202407-3695801

F188-053 1/25

Ultra Short-Term Bond Fund 

Investor Class (TRBUX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Semi-Annual Shareholder Report

November 30, 2024

Ultra Short-Term Bond Fund

I Class (TRSTX)

This semi-annual shareholder report contains important information about Ultra Short-Term Bond Fund (the "fund") for the period of June 1, 2024 to November 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Ultra Short-Term Bond Fund - I Class	$10	0.20%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)	$2,275,098
Number of Portfolio Holdings	435

Portfolio Turnover Rate 41.0%

What did the fund invest in?

Credit Quality Allocation*(as a % of Net Assets)

AAA Rated	30.1%
AA Rated	7.1
A Rated	22.3
BBB Rated	35.8
BB Rated and Below	0.9
Not Rated	0.1
U.S. Treasury Securities	3.9
Reserves	-0.2

*Credit ratings for the securities held in the Fund are provided by Moody’s, Standard & Poor’s, and Fitch and are converted to the Standard & Poor’s nomenclature. A rating of AAA represents the highest-rated securities, and a rating of D represents the lowest rated securities. If the ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.

Top Ten Holdings (as a % of Net Assets)

Santander Drive Auto Receivables Trust	3.2%
U.S. Treasury Bills	3.0
Exeter Automobile Receivables Trust	2.0
Verus Securitization Trust	1.7
Octane Receivables Trust	1.5
Carvana Auto Receivables Trust	1.5
Enterprise Fleet Financing	1.4
Targa Resources	1.2
Structured Agency Credit Risk Debt Notes	1.1
Bacardi-Martini	1.0

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202407-3695801

F1104-053 1/25

Ultra Short-Term Bond Fund 

I Class (TRSTX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Semi-Annual Shareholder Report

November 30, 2024

Ultra Short-Term Bond Fund

Z Class (TRZWX)

This semi-annual shareholder report contains important information about Ultra Short-Term Bond Fund (the "fund") for the period of June 1, 2024 to November 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Ultra Short-Term Bond Fund - Z Class	$0	0.00%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)	$2,275,098
Number of Portfolio Holdings	435

Portfolio Turnover Rate 41.0%

What did the fund invest in?

Credit Quality Allocation*(as a % of Net Assets)

AAA Rated	30.1%
AA Rated	7.1
A Rated	22.3
BBB Rated	35.8
BB Rated and Below	0.9
Not Rated	0.1
U.S. Treasury Securities	3.9
Reserves	-0.2

*Credit ratings for the securities held in the Fund are provided by Moody’s, Standard & Poor’s, and Fitch and are converted to the Standard & Poor’s nomenclature. A rating of AAA represents the highest-rated securities, and a rating of D represents the lowest rated securities. If the ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.

Top Ten Holdings (as a % of Net Assets)

Santander Drive Auto Receivables Trust	3.2%
U.S. Treasury Bills	3.0
Exeter Automobile Receivables Trust	2.0
Verus Securitization Trust	1.7
Octane Receivables Trust	1.5
Carvana Auto Receivables Trust	1.5
Enterprise Fleet Financing	1.4
Targa Resources	1.2
Structured Agency Credit Risk Debt Notes	1.1
Bacardi-Martini	1.0

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202407-3695801

F1419-053 1/25

Ultra Short-Term Bond Fund 

Z Class (TRZWX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a – b) Report pursuant to Regulation S-X.

November

30,

2024

Financial

Statements

and

Other

Information

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

TRBUX

Ultra

Short-Term

Bond

Fund

TRSTX

Ultra

Short-Term

Bond

Fund–

.

I Class

TRZWX

Ultra

Short-Term

Bond

Fund–

.

Z Class

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

(Unaudited)

Financial

Highlights

2

For

a

share

outstanding

throughout

each

period

Investor

Class

6

Months

.

Ended

11/30/24

..

Year

..

..

Ended

.

5/31/24

5/31/23

5/31/22

5/31/21

5/31/20

NET

ASSET

VALUE

Beginning

of

period

$

5.04‌

$

4.94‌

$

4.96‌

$

5.09‌

$

5.02‌

$

5.03‌

Investment

activities

Net

investment

income

(1)(2)

0.13‌

0.23‌

0.13‌

0.04‌

0.06‌

0.12‌

Net

realized

and

unrealized

gain/

loss

0.03‌

0.10‌

0.01‌

(3)

(0.11‌)

0.08‌

(0.01‌)

Total

from

investment

activities

0.16‌

0.33‌

0.14‌

(0.07‌)

0.14‌

0.11‌

Distributions

Net

investment

income

(0.13‌)

(0.23‌)

(0.14‌)

(0.04‌)

(0.06‌)

(0.12‌)

Net

realized

gain

—‌

—‌

(0.02‌)

(0.02‌)

(0.01‌)

—‌

Total

distributions

(0.13‌)

(0.23‌)

(0.16‌)

(0.06‌)

(0.07‌)

(0.12‌)

NET

ASSET

VALUE

End

of

period

$

5.07‌

$

5.04‌

$

4.94‌

$

4.96‌

$

5.09‌

$

5.02‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

(Unaudited)

Financial

Highlights

3

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

6

Months

.

Ended

11/30/24

..

Year

..

..

Ended

.

5/31/24

5/31/23

5/31/22

5/31/21

5/31/20

Ratios/Supplemental

Data

Total

return

(2)(4)

3.19‌%

6.92‌%

2.73‌%

(1.41‌)%

2.75‌%

2.21‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.33‌%

(5)

0.33‌%

0.33‌%

0.36‌%

0.45‌%

0.44‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.31‌%

(5)

0.31‌%

0.31‌%

0.33‌%

0.35‌%

0.35‌%

Net

investment

income

5.14‌%

(5)

4.63‌%

2.61‌%

0.72‌%

1.12‌%

2.34‌%

Portfolio

turnover

rate

41.0‌%

82.0‌%

38.5‌%

56.2‌%

45.8‌%

69.8‌%

Net

assets,

end

of

period

(in

millions)

$1,347

$1,344

$1,459

$2,409

$4,169

$1,869

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3)

The

amount

presented

is

inconsistent

with

the

fund's

aggregate

gains

and

losses

because

of

the

timing

of

sales

and

redemptions

of

fund

shares

in

relation

to

fluctuating

market

values

for

the

investment

portfolio.

(4)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5)

Annualized

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

(Unaudited)

Financial

Highlights

4

For

a

share

outstanding

throughout

each

period

I

Class

6

Months

.

Ended

11/30/24

..

Year

..

..

Ended

.

5/31/24

5/31/23

5/31/22

5/31/21

5/31/20

NET

ASSET

VALUE

Beginning

of

period

$

5.05‌

$

4.95‌

$

4.97‌

$

5.10‌

$

5.03‌

$

5.04‌

Investment

activities

Net

investment

income

(1)(2)

0.13‌

0.24‌

0.14‌

0.04‌

0.06‌

0.12‌

Net

realized

and

unrealized

gain/

loss

0.02‌

0.10‌

—‌

(3)

(0.11‌)

0.09‌

(0.01‌)

Total

from

investment

activities

0.15‌

0.34‌

0.14‌

(0.07‌)

0.15‌

0.11‌

Distributions

Net

investment

income

(0.13‌)

(0.24‌)

(0.14‌)

(0.04‌)

(0.07‌)

(0.12‌)

Net

realized

gain

—‌

—‌

(0.02‌)

(0.02‌)

(0.01‌)

—‌

Total

distributions

(0.13‌)

(0.24‌)

(0.16‌)

(0.06‌)

(0.08‌)

(0.12‌)

NET

ASSET

VALUE

End

of

period

$

5.07‌

$

5.05‌

$

4.95‌

$

4.97‌

$

5.10‌

$

5.03‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

(Unaudited)

Financial

Highlights

5

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

6

Months

.

Ended

11/30/24

..

Year

..

..

Ended

.

5/31/24

5/31/23

5/31/22

5/31/21

5/31/20

Ratios/Supplemental

Data

Total

return

(2)(4)

3.05‌%

7.04‌%

2.86‌%

(1.27‌)%

2.88‌%

2.31‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.20‌%

(5)

0.20‌%

0.19‌%

0.22‌%

0.32‌%

0.33‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.20‌%

(5)

0.20‌%

0.19‌%

0.19‌%

0.23‌%

0.25‌%

Net

investment

income

5.25‌%

(5)

4.75‌%

2.74‌%

0.87‌%

1.20‌%

2.47‌%

Portfolio

turnover

rate

41.0‌%

82.0‌%

38.5‌%

56.2‌%

45.8‌%

69.8‌%

Net

assets,

end

of

period

(in

thousands)

$928,372

$914,377

$932,780

$1,288,432

$855,064

$263,120

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3)

Amounts

round

to

less

than

$0.01

per

share.

(4)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5)

Annualized

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

(Unaudited)

Financial

Highlights

6

For

a

share

outstanding

throughout

each

period

Z

Class

(1)

6

Months

.

Ended

11/30/24

..

Year

..

..

Ended

.

2/22/21

(1)

Through

5/31/21

5/31/24

5/31/23

5/31/22

NET

ASSET

VALUE

Beginning

of

period

$

5.04‌

$

4.95‌

$

4.97‌

$

5.09‌

$

5.10‌

Investment

activities

Net

investment

income

(2)(3)

0.14‌

0.25‌

0.15‌

0.05‌

0.02‌

Net

realized

and

unrealized

gain/loss

0.03‌

0.09‌

—‌

(4)

(0.10‌)

(0.01‌)

(5)

Total

from

investment

activities

0.17‌

0.34‌

0.15‌

(0.05‌)

0.01‌

Distributions

Net

investment

income

(0.14‌)

(0.25‌)

(0.15‌)

(0.05‌)

(0.02‌)

Net

realized

gain

—‌

—‌

(0.02‌)

(0.02‌)

—‌

Total

distributions

(0.14‌)

(0.25‌)

(0.17‌)

(0.07‌)

(0.02‌)

NET

ASSET

VALUE

End

of

period

$

5.07‌

$

5.04‌

$

4.95‌

$

4.97‌

$

5.09‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

(Unaudited)

Financial

Highlights

7

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Z

Class

(1)

6

Months

.

Ended

11/30/24

..

Year

..

..

Ended

.

2/22/21

(1)

Through

5/31/21

5/31/24

5/31/23

5/31/22

Ratios/Supplemental

Data

Total

return

(3)(6)

3.35‌%

7.04‌%

3.05‌%

(0.89‌)%

0.11‌%

Ratios

to

average

net

assets:

(3)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.19‌%

(7)

0.19‌%

0.19‌%

0.25‌%

0.33‌%

(7)

Net

expenses

after

waivers/

payments

by

Price

Associates

0.00‌%

(7)

0.00‌%

0.00‌%

0.00‌%

0.00‌%

(7)

Net

investment

income

5.45‌%

(7)

4.95‌%

3.03‌%

1.06‌%

1.13‌%

(7)

Portfolio

turnover

rate

41.0‌%

82.0‌%

38.5‌%

56.2‌%

45.8‌%

Net

assets,

end

of

period

(in

thousands)

$100

$99

$97

$97

$100

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Inception

date

(2)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(4)

Amounts

round

to

less

than

$0.01

per

share.

(5)

The

amount

presented

is

inconsistent

with

the

fund's

aggregate

gains

and

losses

because

of

the

timing

of

sales

and

redemptions

of

fund

shares

in

relation

to

fluctuating

market

values

for

the

investment

portfolio.

(6)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(7)

Annualized

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

November

30,

2024

(Unaudited)

8

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

ASSET-BACKED

SECURITIES

 26.9%

Auto

Backed

 14.1%

Ally

Auto

Receivables

Trust

Series

2023-A,

Class

B

6.01%,

1/17/34 (1)

3,422‌

3,438‌

Ally

Bank

Auto

Credit-Linked

Notes

Series

2024-A,

Class

A2

5.681%,

5/17/32 (1)

6,627‌

6,704‌

Ally

Bank

Auto

Credit-Linked

Notes

Series

2024-A,

Class

B

5.827%,

5/17/32 (1)

215‌

218‌

Ally

Bank

Auto

Credit-Linked

Notes

Series

2024-B,

Class

A2

4.97%,

9/15/32 (1)

2,800‌

2,802‌

Ally

Bank

Auto

Credit-Linked

Notes

Series

2024-B,

Class

B

5.117%,

9/15/32 (1)

2,220‌

2,222‌

ARI

Fleet

Lease

Trust

Series

2023-B,

Class

A2

6.05%,

7/15/32 (1)

3,349‌

3,383‌

ARI

Fleet

Lease

Trust

Series

2024-B,

Class

A2

5.54%,

4/15/33 (1)

4,725‌

4,760‌

Bayview

Opportunity

Master

Fund

VII

Series

2024-CAR1,

Class

A,

FRN

SOFR30A

+

1.10%,

5.834%,

12/26/31 (1)

2,286‌

2,289‌

CarMax

Auto

Owner

Trust

Series

2020-4,

Class

B

0.85%,

6/15/26 

1,125‌

1,123‌

CarMax

Auto

Owner

Trust

Series

2023-3,

Class

A2B,

FRN

SOFR30A

+

0.60%,

5.406%,

11/16/26 

945‌

945‌

Carvana

Auto

Receivables

Trust

Series

2021-N4,

Class

B

1.24%,

9/11/28 

1,530‌

1,464‌

Carvana

Auto

Receivables

Trust

Series

2023-N1,

Class

A

6.36%,

4/12/27 (1)

1,872‌

1,877‌

Carvana

Auto

Receivables

Trust

Series

2023-N3,

Class

A

6.41%,

9/10/27 (1)

1,705‌

1,715‌

Carvana

Auto

Receivables

Trust

Series

2023-P3,

Class

A2

6.09%,

11/10/26 (1)

2,078‌

2,082‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

9

Par/Shares

$

Value

(Amounts

in

000s)

Carvana

Auto

Receivables

Trust

Series

2024-N1,

Class

A3

5.60%,

3/10/28 (1)

2,840‌

2,860‌

Carvana

Auto

Receivables

Trust

Series

2024-N2,

Class

A3

5.71%,

7/10/28 (1)

1,920‌

1,944‌

Carvana

Auto

Receivables

Trust

Series

2024-N2,

Class

B

5.67%,

9/10/30 (1)

2,325‌

2,356‌

Carvana

Auto

Receivables

Trust

Series

2024-N3,

Class

B

4.67%,

12/10/30 (1)

11,000‌

10,921‌

Carvana

Auto

Receivables

Trust

Series

2024-P2,

Class

A2

5.63%,

11/10/27 

4,620‌

4,640‌

Carvana

Auto

Receivables

Trust

Series

2024-P2,

Class

A3

5.33%,

7/10/29 

3,735‌

3,780‌

Drive

Auto

Receivables

Trust

Series

2024-1,

Class

B

5.31%,

1/16/29 

5,440‌

5,477‌

Drive

Auto

Receivables

Trust

Series

2024-2,

Class

A3

4.50%,

9/15/28 

1,665‌

1,659‌

Drive

Auto

Receivables

Trust

Series

2024-2,

Class

B

4.52%,

7/16/29 

2,650‌

2,633‌

Enterprise

Fleet

Financing

Series

2023-2,

Class

A2

5.56%,

4/22/30 (1)

6,686‌

6,736‌

Enterprise

Fleet

Financing

Series

2023-3,

Class

A2

6.40%,

3/20/30 (1)

7,857‌

7,996‌

Enterprise

Fleet

Financing

Series

2024-1,

Class

A2

5.23%,

3/20/30 (1)

6,702‌

6,744‌

Enterprise

Fleet

Financing

Series

2024-2,

Class

A2

5.74%,

12/20/26 (1)

8,125‌

8,195‌

Enterprise

Fleet

Financing

Series

2024-3,

Class

A2

5.31%,

4/20/27 (1)

2,245‌

2,259‌

Exeter

Automobile

Receivables

Trust

Series

2021-1A,

Class

E

2.21%,

2/15/28 (1)

12,000‌

11,742‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

10

Par/Shares

$

Value

(Amounts

in

000s)

Exeter

Automobile

Receivables

Trust

Series

2022-3A,

Class

B

4.86%,

12/15/26 

273‌

273‌

Exeter

Automobile

Receivables

Trust

Series

2022-5A,

Class

B

5.97%,

3/15/27 

788‌

789‌

Exeter

Automobile

Receivables

Trust

Series

2023-1A,

Class

B

5.72%,

4/15/27 

2,103‌

2,104‌

Exeter

Automobile

Receivables

Trust

Series

2023-3A,

Class

B

6.11%,

9/15/27 

11,302‌

11,337‌

Exeter

Automobile

Receivables

Trust

Series

2023-4A,

Class

B

6.31%,

10/15/27 

3,315‌

3,333‌

Exeter

Automobile

Receivables

Trust

Series

2024-2A,

Class

B

5.61%,

4/17/28 

11,200‌

11,257‌

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

4,701‌

Ford

Credit

Auto

Lease

Trust

Series

2023-B,

Class

B

6.20%,

2/15/27 

3,685‌

3,738‌

Ford

Credit

Auto

Owner

Trust

Series

2018-1,

Class

C

3.49%,

7/15/31 (1)

1,100‌

1,098‌

Ford

Credit

Auto

Owner

Trust

Series

2020-1,

Class

B

2.29%,

8/15/31 (1)

5,075‌

5,046‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2023-1,

Class

B

5.31%,

5/15/28 (1)

4,495‌

4,513‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2023-1,

Class

D

6.62%,

5/15/28 (1)

805‌

815‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2024-1,

Class

B

5.48%,

4/15/29 (1)

3,225‌

3,266‌

GM

Financial

Automobile

Leasing

Trust

Series

2023-2,

Class

B

5.54%,

5/20/27 

3,920‌

3,943‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

11

Par/Shares

$

Value

(Amounts

in

000s)

Huntington

Bank

Auto

Credit-Linked

Notes

Series

2024-2,

Class

B1

5.442%,

10/20/32 (1)

6,935‌

6,939‌

Hyundai

Auto

Lease

Securitization

Trust

Series

2024-A,

Class

A3

5.02%,

3/15/27 (1)

5,240‌

5,265‌

Hyundai

Auto

Lease

Securitization

Trust

Series

2024-A,

Class

B

5.35%,

5/15/28 (1)

3,335‌

3,357‌

JPMorgan

Chase

Bank

Series

2021-3,

Class

B

0.76%,

2/26/29 (1)

1,093‌

1,081‌

Navistar

Financial

Dealer

Note

Master

Owner

Trust

Series

2024-1,

Class

A

5.59%,

4/25/29 (1)

4,300‌

4,347‌

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II

Series

2023-1,

Class

A

6.18%,

8/25/28 (1)

5,575‌

5,630‌

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II

Series

2023-1,

Class

B

6.48%,

8/25/28 (1)

1,948‌

1,966‌

Octane

Receivables

Trust

Series

2023-1A,

Class

A

5.87%,

5/21/29 (1)

1,159‌

1,164‌

Octane

Receivables

Trust

Series

2023-1A,

Class

B

5.96%,

7/20/29 (1)

3,904‌

3,938‌

Octane

Receivables

Trust

Series

2023-3A,

Class

A2

6.44%,

3/20/29 (1)

11,786‌

11,928‌

Octane

Receivables

Trust

Series

2023-3A,

Class

B

6.48%,

7/20/29 (1)

5,610‌

5,728‌

Santander

Bank

Auto

Credit-Linked

Notes

Series

2022-B,

Class

B

5.721%,

8/16/32 (1)

169‌

169‌

Santander

Bank

Auto

Credit-Linked

Notes

Series

2023-B,

Class

B

5.64%,

12/15/33 (1)

649‌

654‌

Santander

Drive

Auto

Receivables

Trust

Series

2020-4,

Class

E

2.85%,

4/17/28 (1)

7,000‌

6,904‌

Santander

Drive

Auto

Receivables

Trust

Series

2021-1,

Class

E

2.51%,

12/15/28 

13,850‌

13,499‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

12

Par/Shares

$

Value

(Amounts

in

000s)

Santander

Drive

Auto

Receivables

Trust

Series

2021-3,

Class

E

2.70%,

10/16/28 (1)

7,625‌

7,308‌

Santander

Drive

Auto

Receivables

Trust

Series

2021-4,

Class

E

4.03%,

3/15/29 (1)

10,265‌

10,124‌

Santander

Drive

Auto

Receivables

Trust

Series

2022-6,

Class

B

4.72%,

6/15/27 

8,744‌

8,741‌

Santander

Drive

Auto

Receivables

Trust

Series

2023-1,

Class

B

4.98%,

2/15/28 

3,385‌

3,386‌

Santander

Drive

Auto

Receivables

Trust

Series

2023-3,

Class

A3

5.61%,

10/15/27 

3,115‌

3,124‌

Santander

Drive

Auto

Receivables

Trust

Series

2023-4,

Class

A2

6.18%,

2/16/27 

1,531‌

1,534‌

Santander

Drive

Auto

Receivables

Trust

Series

2024-1,

Class

B

5.23%,

12/15/28 

14,965‌

15,047‌

Santander

Drive

Auto

Receivables

Trust

Series

2024-5,

Class

A2

4.88%,

9/15/27 

3,000‌

3,004‌

SBNA

Auto

Lease

Trust

Series

2024-A,

Class

A4

5.24%,

1/22/29 (1)

3,105‌

3,122‌

SBNA

Auto

Lease

Trust

Series

2024-B,

Class

A3

5.56%,

11/22/27 (1)

3,210‌

3,250‌

SBNA

Auto

Lease

Trust

Series

2024-B,

Class

A4

5.55%,

12/20/28 (1)

3,155‌

3,204‌

SBNA

Auto

Lease

Trust

Series

2024-C,

Class

A3

4.56%,

2/22/28 (1)

1,455‌

1,453‌

SBNA

Auto

Lease

Trust

Series

2024-C,

Class

A4

4.42%,

3/20/29 (1)

1,045‌

1,041‌

SBNA

Auto

Receivables

Trust

Series

2024-A,

Class

A3

5.32%,

12/15/28 (1)

4,470‌

4,495‌

SFS

Auto

Receivables

Securitization

Trust

Series

2023-1A,

Class

A2B,

FRN

SOFR30A

+

0.80%,

5.561%,

3/22/27 (1)

858‌

858‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

13

Par/Shares

$

Value

(Amounts

in

000s)

U.S.

Bank

Series

2023-1,

Class

B

6.789%,

8/25/32 (1)

2,918‌

2,958‌

321,069‌

Collateralized

Debt

Obligation

 7.3%

Apidos

XVIII

Series

2018-18A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.15%,

5.782%,

10/22/30 (1)

6,191‌

6,200‌

Apidos

Xxv

Series

2016-25A,

Class

A1R2,

CLO,

FRN

3M

TSFR

+

1.15%,

5.767%,

10/20/31 (1)

7,843‌

7,853‌

BlueMountain

Series

2016-3A,

Class

A1R2,

CLO,

FRN

3M

TSFR

+

1.20%,

5.723%,

11/15/30 (1)

8,373‌

8,384‌

Crown

Point

Series

2018-7A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.23%,

5.847%,

10/20/31 (1)

9,204‌

9,213‌

Fortress

Credit

Bsl

VII

Series

2019-1A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.09%,

5.649%,

7/23/32 (1)

8,430‌

8,420‌

KKR

Series

49A,

Class

X,

CLO,

FRN

3M

TSFR

+

1.10%,

5.717%,

10/20/37 (1)

2,775‌

2,763‌

Madison

Park

Funding

XLII

Series

13A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.15%,

5.776%,

11/21/30 (1)

8,219‌

8,232‌

Marathon

Static

Series

2022-18A,

Class

A1R2,

CLO,

FRN

3M

TSFR

+

1.15%,

5.767%,

7/20/30 (1)

4,577‌

4,580‌

Marble

Point

XII

Series

2018-1A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.272%,

5.919%,

7/16/31 (1)

11,203‌

11,223‌

Marble

Point

XIV

Series

2018-2A,

Class

A12R,

CLO,

FRN

3M

TSFR

+

1.20%,

5.817%,

1/20/32 (1)

12,228‌

12,237‌

Marble

Point

XV

Series

2019-1A,

Class

A1R2,

CLO,

FRN

3M

TSFR

+

1.04%,

5.597%,

7/23/32 (1)

6,980‌

6,980‌

Northwoods

Capital

XIV-B

Series

2018-14BA,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.25%,

5.766%,

11/13/31 (1)

6,152‌

6,161‌

Octagon

Investment

Partners

39

Series

2018-3A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.15%,

5.767%,

10/20/30 (1)

7,308‌

7,323‌

OZLM

Funding

II

Series

2012-2A,

Class

A1A2,

CLO,

FRN

3M

TSFR

+

1.20%,

5.789%,

7/30/31 (1)

2,305‌

2,306‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

14

Par/Shares

$

Value

(Amounts

in

000s)

OZLM

XXI

Series

2017-21A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.15%,

5.767%,

1/20/31 (1)

3,259‌

3,259‌

Romark

II

Series

2018-2A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.14%,

5.766%,

7/25/31 (1)

8,770‌

8,780‌

Symphony

Static

I

Series

2021-1A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.092%,

5.717%,

10/25/29 (1)

6,021‌

6,027‌

Symphony

XVI

Series

2015-16A,

Class

ARR,

CLO,

FRN

3M

TSFR

+

1.20%,

5.856%,

10/15/31 (1)

9,350‌

9,369‌

THL

Credit

Wind

River

Series

2015-1A,

Class

A1R3,

CLO,

FRN

3M

TSFR

+

1.20%,

5.817%,

10/20/30 (1)

5,100‌

5,107‌

THL

Credit

Wind

River

Series

2018-2A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.20%,

5.856%,

7/15/30 (1)

6,010‌

6,019‌

THL

Credit

Wind

River

Series

2019-3A,

Class

AR2,

CLO,

FRN

3M

TSFR

+

1.06%,

4/15/31 (1)(2)

6,685‌

6,685‌

TIAA

Series

2016-1A,

Class

ARR,

CLO,

FRN

3M

TSFR

+

1.25%,

5.867%,

7/20/31 (1)

7,438‌

7,444‌

Trinitas

IX

Series

2018-9A,

Class

ARRR,

CLO,

FRN

3M

TSFR

+

1.20%,

5.817%,

1/20/32 (1)

5,430‌

5,438‌

Trinitas

IX

Series

2018-9A,

Class

BRRR,

CLO,

FRN

3M

TSFR

+

1.70%,

6.317%,

1/20/32 (1)

2,195‌

2,200‌

Voya

Series

2018-3A,

Class

A1R2,

CLO,

FRN

3M

TSFR

+

1.20%,

5.856%,

10/15/31 (1)

3,153‌

3,155‌

165,358‌

Equip

Lease

Heavy

Duty

 1.2%

Amur

Equipment

Finance

Receivables

XIV

Series

2024-2A,

Class

A2

5.19%,

7/21/31 (1)

6,135‌

6,187‌

Auxilior

Term

Funding

Series

2023-1A,

Class

A2

6.18%,

12/15/28 (1)

3,406‌

3,443‌

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

3,263‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

15

Par/Shares

$

Value

(Amounts

in

000s)

Kubota

Credit

Owner

Trust

Series

2024-2A,

Class

A2

5.45%,

4/15/27 (1)

1,400‌

1,409‌

Kubota

Credit

Owner

Trust

Series

2024-2A,

Class

A3

5.26%,

11/15/28 (1)

2,900‌

2,946‌

MMAF

Equipment

Finance

Series

2020-BA,

Class

A5

0.85%,

4/14/42 (1)

2,650‌

2,590‌

MMAF

Equipment

Finance

Series

2023-A,

Class

A2

5.79%,

11/13/26 (1)

4,210‌

4,230‌

Post

Road

Equipment

Finance

Series

2024-1A,

Class

A2

5.59%,

11/15/29 (1)

992‌

998‌

Verdant

Receivables

Series

2024-1A,

Class

A2

5.68%,

12/12/31 (1)

710‌

720‌

27,422‌

Home

Equity

Loans

Backed

 0.3%

Citigroup

Mortgage

Loan

Trust

Series

2020-EXP2,

Class

A3,

CMO,

ARM

2.50%,

8/25/50 (1)

5,184‌

4,430‌

Citigroup

Mortgage

Loan

Trust

Series

2020-EXP2,

Class

A4,

CMO,

ARM

2.50%,

8/25/50 (1)

1,253‌

1,063‌

5,493‌

Other

Asset-Backed

Securities

 3.4%

Amur

Equipment

Finance

Receivables

IX

Series

2021-1A,

Class

D

2.30%,

11/22/27 (1)

3,000‌

2,995‌

Dell

Equipment

Finance

Trust

Series

2023-2,

Class

A3

5.65%,

1/22/29 (1)

8,985‌

9,038‌

Dell

Equipment

Finance

Trust

Series

2024-2,

Class

A3

4.59%,

8/22/30 (1)

2,900‌

2,901‌

Hilton

Grand

Vacations

Trust

Series

2018-AA,

Class

A

3.54%,

2/25/32 (1)

264‌

262‌

Hilton

Grand

Vacations

Trust

Series

2019-AA,

Class

A

2.34%,

7/25/33 (1)

309‌

301‌

HPEFS

Equipment

Trust

Series

2022-1A,

Class

D

2.40%,

11/20/29 (1)

3,200‌

3,162‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

16

Par/Shares

$

Value

(Amounts

in

000s)

HPEFS

Equipment

Trust

Series

2022-2A,

Class

C

4.43%,

9/20/29 (1)

5,354‌

5,338‌

HPEFS

Equipment

Trust

Series

2022-2A,

Class

D

4.94%,

3/20/30 (1)

625‌

624‌

HPEFS

Equipment

Trust

Series

2023-2A,

Class

B

6.25%,

1/21/31 (1)

2,415‌

2,445‌

HPEFS

Equipment

Trust

Series

2024-2A,

Class

A2

5.50%,

10/20/31 (1)

5,600‌

5,629‌

HPEFS

Equipment

Trust

Series

2024-2A,

Class

B

5.35%,

10/20/31 (1)

1,880‌

1,902‌

Kubota

Credit

Owner

Trust

Series

2023-2A,

Class

A3

5.28%,

1/18/28 (1)

2,555‌

2,581‌

M&T

Equipment

Notes

Series

2023-1A,

Class

A2

6.09%,

7/15/30 (1)

1,243‌

1,247‌

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)

32‌

31‌

MVW

Series

2021-1WA,

Class

A

1.14%,

1/22/41 (1)

1,674‌

1,585‌

Navient

Private

Education

Refi

Loan

Trust

Series

2021-CA,

Class

A

1.06%,

10/15/69 (1)

9,003‌

8,056‌

Nelnet

Student

Loan

Trust

Series

2021-DA,

Class

AFL,

FRN

1M

TSFR

+

0.804%,

5.411%,

4/20/62 (1)

2,963‌

2,943‌

Octane

Receivables

Trust

Series

2021-2A,

Class

A

1.21%,

9/20/28 (1)

1,000‌

991‌

Octane

Receivables

Trust

Series

2022-1A,

Class

A2

4.18%,

3/20/28 (1)

752‌

751‌

Octane

Receivables

Trust

Series

2023-2A,

Class

A2

5.88%,

6/20/31 (1)

3,607‌

3,621‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

17

Par/Shares

$

Value

(Amounts

in

000s)

Octane

Receivables

Trust

Series

2024-3A,

Class

A2

4.94%,

5/20/30 (1)

5,605‌

5,606‌

Santander

Bank

Series

2021-1A,

Class

B

1.833%,

12/15/31 (1)

80‌

79‌

Santander

Bank

Auto

Credit-Linked

Notes

Series

2022-A,

Class

B

5.281%,

5/15/32 (1)

1,489‌

1,489‌

Santander

Bank

Auto

Credit-Linked

Notes

Series

2023-A,

Class

B

6.493%,

6/15/33 (1)

1,267‌

1,275‌

SFS

Auto

Receivables

Securitization

Trust

Series

2024-1A,

Class

A3

4.95%,

5/21/29 (1)

4,810‌

4,832‌

Sierra

Timeshare

Receivables

Funding

Series

2020-2A,

Class

A

1.33%,

7/20/37 (1)

77‌

76‌

Verdant

Receivables

Series

2023-1A,

Class

A2

6.24%,

1/13/31 (1)

4,061‌

4,119‌

78,059‌

Student

Loans

 0.6%

Navient

Private

Education

Loan

Trust

Series

2016-AA,

Class

A2A

3.91%,

12/15/45 (1)

3,084‌

3,061‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-DA,

Class

A

1.69%,

5/15/69 (1)

396‌

369‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-FA,

Class

A

1.22%,

7/15/69 (1)

1,629‌

1,507‌

Navient

Private

Education

Refi

Loan

Trust

Series

2021-GA,

Class

A

1.58%,

4/15/70 (1)

8,785‌

7,792‌

SMB

Private

Education

Loan

Trust

Series

2019-A,

Class

A2A

3.44%,

7/15/36 (1)

989‌

968‌

13,697‌

Total

Asset-Backed

Securities

(Cost

$611,895)

611,098‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

18

Par/Shares

$

Value

(Amounts

in

000s)

CONVERTIBLE

BONDS

 0.2%

TECHNOLOGY

 0.2%

E-Commerce

 0.2%

Meituan,

Zero

Coupon,

4/27/27 

4,700‌

4,610‌

Total

Technology

4,610‌

Total

Convertible

Bonds

(Cost

$4,457)

4,610‌

CORPORATE

BONDS

 50.5%

Aerospace

&

Defense

 0.6%

Boeing,

3.10%,

5/1/26 

7,000‌

6,791‌

Boeing,

4.875%,

5/1/25 

6,000‌

5,984‌

12,775‌

Automotive

 4.0%

BMW

U.S.

Capital,

4.60%,

8/13/27 (1)

2,275‌

2,270‌

Daimler

Truck

Finance

North

America,

5.125%,

9/25/27 (1)

2,800‌

2,823‌

Daimler

Truck

Finance

North

America,

FRN,

SOFR

+

0.75%,

5.612%,

12/13/24 (1)

3,143‌

3,143‌

Ford

Motor

Credit,

4.134%,

8/4/25 

4,750‌

4,715‌

Ford

Motor

Credit,

4.687%,

6/9/25 

2,000‌

1,993‌

Ford

Motor

Credit,

5.125%,

6/16/25 

2,000‌

1,998‌

Ford

Motor

Credit,

5.125%,

11/5/26 

6,375‌

6,362‌

Hyundai

Capital

America,

1.65%,

9/17/26 (1)(3)

6,120‌

5,775‌

Hyundai

Capital

America,

5.45%,

6/24/26 (1)

11,200‌

11,284‌

Hyundai

Capital

America,

5.50%,

3/30/26 (1)

1,610‌

1,622‌

Kia,

2.375%,

2/14/25 

1,900‌

1,889‌

Mercedes-Benz

Finance

North

America,

4.80%,

11/13/26 (1)

11,300‌

11,321‌

Nissan

Motor,

3.522%,

9/17/25 (1)

15,305‌

15,032‌

TML

Holdings,

4.35%,

6/9/26 

9,200‌

9,069‌

Volkswagen

Group

of

America

Finance,

4.625%,

11/13/25 (1)(3)

4,520‌

4,513‌

Volkswagen

Group

of

America

Finance,

4.85%,

8/15/27 (1)

1,880‌

1,867‌

Volkswagen

Group

of

America

Finance,

6.00%,

11/16/26 (1)

5,925‌

6,024‌

91,700‌

Banking

 14.6%

ABN

AMRO

Bank,

4.75%,

7/28/25 (1)(3)

1,900‌

1,893‌

ABN

AMRO

Bank,

VR,

6.339%,

9/18/27 (1)(3)(4)

4,000‌

4,092‌

Australia

&

New

Zealand

Banking

Group,

4.40%,

5/19/26 (1)

8,355‌

8,284‌

Banco

Bilbao

Vizcaya

Argentaria,

VR,

5.862%,

9/14/26 (4)

11,200‌

11,233‌

Banco

Santander,

VR,

5.552%,

3/14/28 (4)

3,800‌

3,843‌

Bank

of

Ireland

Group,

VR,

6.253%,

9/16/26 (1)(4)

2,000‌

2,014‌

Bank

of

Nova

Scotia,

4.50%,

12/16/25 

18,124‌

17,996‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

19

Par/Shares

$

Value

(Amounts

in

000s)

Barclays,

4.375%,

1/12/26 

800‌

796‌

Barclays,

5.20%,

5/12/26 

7,805‌

7,804‌

Barclays,

VR,

5.304%,

8/9/26 (4)

8,300‌

8,315‌

Barclays,

VR,

5.674%,

3/12/28 (4)

2,035‌

2,063‌

BPCE,

4.50%,

3/15/25 (1)

11,881‌

11,846‌

BPCE,

4.875%,

4/1/26 (1)

800‌

795‌

BPCE,

VR,

1.652%,

10/6/26 (1)(4)

1,229‌

1,195‌

CaixaBank,

VR,

6.684%,

9/13/27 (1)(4)

11,450‌

11,777‌

Capital

One

Financial,

3.75%,

7/28/26 

1,950‌

1,915‌

Capital

One

Financial,

4.20%,

10/29/25 

6,900‌

6,855‌

Capital

One

Financial,

VR,

2.636%,

3/3/26 (4)

7,060‌

7,020‌

Citigroup,

4.40%,

6/10/25 

17,400‌

17,337‌

Citigroup,

5.50%,

9/13/25 

3,000‌

3,011‌

Cooperatieve

Rabobank,

3.75%,

7/21/26 

4,320‌

4,229‌

Cooperatieve

Rabobank,

4.375%,

8/4/25 

4,965‌

4,936‌

Danske

Bank,

VR,

5.427%,

3/1/28 (1)(4)

4,425‌

4,465‌

Deutsche

Bank,

4.50%,

4/1/25 

15,940‌

15,865‌

Discover

Financial

Services,

4.10%,

2/9/27 

5,575‌

5,508‌

Emirates

NBD

Bank,

2.625%,

2/18/25 

6,400‌

6,364‌

Fifth

Third

Bank,

3.85%,

3/15/26 

16,905‌

16,639‌

HDFC

Bank,

5.686%,

3/2/26 

8,500‌

8,565‌

HSBC

Holdings,

VR,

5.597%,

5/17/28 (4)

5,600‌

5,679‌

ING

Groep,

VR,

6.083%,

9/11/27 (4)

3,845‌

3,918‌

Intesa

Sanpaolo,

7.00%,

11/21/25 (1)

3,877‌

3,946‌

JPMorgan

Chase,

VR,

4.979%,

7/22/28 (4)

11,150‌

11,204‌

Lloyds

Banking

Group,

4.582%,

12/10/25 

3,100‌

3,080‌

Lloyds

Banking

Group,

4.65%,

3/24/26 

1,400‌

1,391‌

Lloyds

Banking

Group,

VR,

2.438%,

2/5/26 (4)

12,665‌

12,605‌

NatWest

Group,

4.80%,

4/5/26 

4,577‌

4,579‌

NatWest

Markets,

FRN,

SOFR

+

1.45%,

6.204%,

3/22/25 (1)

2,483‌

2,491‌

PNC

Financial

Services

Group,

VR,

5.30%,

1/21/28 (3)(4)

1,745‌

1,756‌

PNC

Financial

Services

Group,

VR,

5.812%,

6/12/26 (3)(4)

4,980‌

5,007‌

PNC

Financial

Services

Group,

VR,

6.615%,

10/20/27 (4)

5,000‌

5,164‌

Santander

Holdings

USA,

3.244%,

10/5/26 

5,750‌

5,569‌

Santander

Holdings

USA,

3.45%,

6/2/25 

5,500‌

5,455‌

Societe

Generale,

4.25%,

4/14/25 (1)

500‌

497‌

Societe

Generale,

4.25%,

8/19/26 (1)(3)

3,240‌

3,180‌

Societe

Generale,

FRN,

SOFR

+

1.05%,

5.723%,

1/21/26 (1)

10,000‌

10,002‌

Societe

Generale,

VR,

5.519%,

1/19/28 (1)(4)

4,375‌

4,399‌

Standard

Chartered,

4.30%,

2/19/27 (1)

3,464‌

3,403‌

Standard

Chartered,

VR,

3.971%,

3/30/26 (1)(4)

800‌

796‌

Standard

Chartered,

VR,

5.688%,

5/14/28 (1)(4)

1,205‌

1,222‌

Standard

Chartered,

VR,

6.187%,

7/6/27 (1)(4)

5,800‌

5,913‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

20

Par/Shares

$

Value

(Amounts

in

000s)

State

Street,

4.33%,

10/22/27 (3)

7,445‌

7,417‌

UBS

Group,

VR,

6.327%,

12/22/27 (1)(4)

5,700‌

5,862‌

UniCredit,

VR,

2.569%,

9/22/26 (1)(3)(4)

14,585‌

14,245‌

Wells

Fargo,

VR,

5.707%,

4/22/28 (4)

6,480‌

6,608‌

332,043‌

Building

&

Real

Estate

 0.2%

Emaar

Sukuk,

3.635%,

9/15/26 

4,741‌

4,635‌

4,635‌

Building

Products

 0.1%

Owens

Corning,

5.50%,

6/15/27 

2,360‌

2,404‌

2,404‌

Cable

Operators

 0.6%

Charter

Communications

Operating,

4.908%,

7/23/25 

11,394‌

11,378‌

Cox

Communications,

3.35%,

9/15/26 (1)

1,000‌

973‌

Discovery

Communications,

3.95%,

6/15/25 

2,200‌

2,184‌

14,535‌

Chemicals

 1.9%

Celanese

U.S.

Holdings,

1.40%,

8/5/26 

4,298‌

3,998‌

Celanese

U.S.

Holdings,

6.165%,

7/15/27 

11,000‌

11,221‌

International

Flavors

&

Fragrances,

1.23%,

10/1/25 (1)

13,091‌

12,696‌

LG

Chem,

4.375%,

7/14/25 

7,610‌

7,580‌

MEGlobal

Canada,

5.00%,

5/18/25 

8,850‌

8,830‌

44,325‌

Consumer

Products

 0.5%

LG

Electronics,

5.625%,

4/24/27 (1)(3)

6,740‌

6,844‌

Mattel,

3.375%,

4/1/26 (1)

5,675‌

5,533‌

12,377‌

Drugs

 0.6%

BNP

Paribas,

4.375%,

9/28/25 (1)

11,650‌

11,574‌

BNP

Paribas,

VR,

2.219%,

6/9/26 (1)(4)

1,685‌

1,661‌

Perrigo

Finance

Unlimited,

3.90%,

12/15/24 

679‌

678‌

13,913‌

Electric

Utilities

 0.4%

GS

Caltex,

1.625%,

7/27/25 

9,450‌

9,253‌

9,253‌

Energy

 3.4%

Abu

Dhabi

National

Energy,

4.375%,

6/22/26 

8,900‌

8,861‌

DCP

Midstream

Operating,

5.375%,

7/15/25 

10,562‌

10,580‌

Diamondback

Energy,

3.25%,

12/1/26 

5,500‌

5,354‌

EQT,

3.125%,

5/15/26 (1)

2,000‌

1,944‌

Occidental

Petroleum,

3.20%,

8/15/26 

4,740‌

4,568‌

Occidental

Petroleum,

3.40%,

4/15/26 

4,155‌

4,062‌

Occidental

Petroleum,

5.50%,

12/1/25 (3)

2,145‌

2,148‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

21

Par/Shares

$

Value

(Amounts

in

000s)

Occidental

Petroleum,

8.50%,

7/15/27 

2,100‌

2,255‌

Ovintiv,

5.375%,

1/1/26 

11,000‌

11,029‌

SA

Global

Sukuk,

1.602%,

6/17/26 

9,450‌

9,000‌

Sabine

Pass

Liquefaction,

5.875%,

6/30/26 

931‌

941‌

South

Bow

USA

Infrastructure

Holdings,

4.911%,

9/1/27 (1)

4,505‌

4,500‌

TER

Finance

Jersey,

Series

21,

Zero

Coupon,

1/2/25 (1)(5)

3,000‌

2,985‌

Western

Midstream

Operating,

3.10%,

2/1/25 

6,623‌

6,597‌

Western

Midstream

Operating,

3.95%,

6/1/25 

1,622‌

1,612‌

76,436‌

Financial

 3.7%

Aldar

Sukuk,

4.75%,

9/29/25 

8,830‌

8,791‌

Ally

Financial,

5.75%,

11/20/25 

5,500‌

5,527‌

Ally

Financial,

5.80%,

5/1/25 

4,400‌

4,414‌

Bank

Mandiri

Persero,

5.50%,

4/4/26 

9,000‌

9,040‌

CNO

Financial

Group,

5.25%,

5/30/25 

8,012‌

8,012‌

General

Motors

Financial,

4.35%,

1/17/27 

11,050‌

10,949‌

General

Motors

Financial,

6.05%,

10/10/25 

5,500‌

5,547‌

Hongkong

Land

Finance

Cayman

Islands,

4.50%,

10/7/25 

4,920‌

4,903‌

LPL

Holdings,

5.70%,

5/20/27 

13,063‌

13,298‌

QNB

Finance,

1.375%,

1/26/26 

9,555‌

9,161‌

Western

Union,

1.35%,

3/15/26 

5,865‌

5,585‌

85,227‌

Food/Tobacco

 0.1%

Imperial

Brands

Finance,

4.25%,

7/21/25 (1)

1,500‌

1,490‌

1,490‌

Health

Care

 2.5%

Centene,

4.25%,

12/15/27 

12,000‌

11,625‌

HCA,

5.25%,

6/15/26 

10,880‌

10,910‌

HCA,

5.375%,

2/1/25 

5,450‌

5,453‌

HCA,

5.875%,

2/15/26 

523‌

526‌

Highmark,

1.45%,

5/10/26 (1)

12,754‌

12,101‌

Icon

Investments

Six,

5.809%,

5/8/27 

9,574‌

9,757‌

Solventum,

5.45%,

2/25/27 (1)

6,005‌

6,077‌

56,449‌

Industrial

-

Other

 0.1%

AGCO,

5.45%,

3/21/27 

3,094‌

3,122‌

3,122‌

Information

Technology

 0.6%

Intel,

2.60%,

5/19/26 

4,011‌

3,891‌

Intel,

3.75%,

8/5/27 

6,000‌

5,843‌

Intel,

4.875%,

2/10/26 

4,550‌

4,553‌

14,287‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

22

Par/Shares

$

Value

(Amounts

in

000s)

Insurance

 3.9%

Athene

Global

Funding,

5.684%,

2/23/26 (1)

4,995‌

5,034‌

Athene

Global

Funding,

FRN,

SOFRINDX

+

0.715%,

5.417%,

1/7/25 (1)

9,850‌

9,851‌

Brighthouse

Financial

Global

Funding,

1.55%,

5/24/26 (1)(3)

1,000‌

951‌

Brighthouse

Financial

Global

Funding,

1.75%,

1/13/25 (1)

5,000‌

4,979‌

CNA

Financial,

4.50%,

3/1/26 

11,800‌

11,760‌

CNO

Global

Funding,

1.65%,

1/6/25 (1)

2,966‌

2,957‌

CNO

Global

Funding,

1.75%,

10/7/26 (1)

4,895‌

4,617‌

Corebridge

Financial,

3.50%,

4/4/25 

10,330‌

10,280‌

Corebridge

Global

Funding,

4.65%,

8/20/27 (1)

1,520‌

1,518‌

Jackson

National

Life

Global

Funding,

5.55%,

7/2/27 (1)

7,590‌

7,707‌

Marsh

&

McLennan,

4.55%,

11/8/27 (3)

6,300‌

6,313‌

RGA

Global

Funding,

2.00%,

11/30/26 (1)(3)

5,600‌

5,319‌

Voya

Financial,

3.65%,

6/15/26 

17,754‌

17,454‌

88,740‌

Manufacturing

 2.3%

FMC,

3.20%,

10/1/26 

20,803‌

20,153‌

Fortive,

3.15%,

6/15/26 

1,340‌

1,307‌

POSCO,

5.625%,

1/17/26 

5,500‌

5,542‌

Regal

Rexnord,

6.05%,

2/15/26 

3,984‌

4,015‌

Regal

Rexnord,

6.05%,

4/15/28 

4,400‌

4,524‌

VF,

2.40%,

4/23/25 

17,729‌

17,464‌

53,005‌

Metals

&

Mining

 0.5%

ArcelorMittal,

4.55%,

3/11/26 

2,800‌

2,783‌

Freeport-McMoRan,

4.375%,

8/1/28 

4,600‌

4,512‌

Freeport-McMoRan,

5.00%,

9/1/27 

883‌

885‌

Freeport-McMoRan,

5.25%,

9/1/29 

2,274‌

2,290‌

10,470‌

Other

Telecommunications

 0.4%

Axiata,

4.357%,

3/24/26 

8,820‌

8,755‌

8,755‌

Pharmaceuticals

 0.7%

Bayer

U.S.

Finance

II,

4.25%,

12/15/25 (1)

15,160‌

15,041‌

15,041‌

Real

Estate

Investment

Trust

Securities

 3.3%

Brixmor

Operating

Partnership,

3.85%,

2/1/25 

16,000‌

15,927‌

Brixmor

Operating

Partnership,

4.125%,

6/15/26 

6,400‌

6,322‌

CubeSmart,

4.00%,

11/15/25 

4,075‌

4,043‌

Essex

Portfolio,

3.375%,

4/15/26 

1,899‌

1,856‌

GAIF

Bond

Issuer,

3.40%,

9/30/26 (1)

11,694‌

11,376‌

Healthcare

Realty

Holdings,

3.50%,

8/1/26 

6,253‌

6,111‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

23

Par/Shares

$

Value

(Amounts

in

000s)

Kilroy

Realty,

3.45%,

12/15/24 

8,997‌

8,989‌

Kilroy

Realty,

4.375%,

10/1/25 

9,169‌

9,112‌

Scentre

Group

Trust

1,

3.50%,

2/12/25 (1)

10,550‌

10,510‌

74,246‌

Retail

 1.2%

Advance

Auto

Parts,

5.90%,

3/9/26 

3,070‌

3,092‌

CVS

Health,

1.30%,

8/21/27 

4,600‌

4,188‌

CVS

Health,

2.875%,

6/1/26 

8,120‌

7,889‌

CVS

Health,

4.30%,

3/25/28 

4,600‌

4,504‌

Dollar

General,

4.15%,

11/1/25 

1,175‌

1,165‌

Ross

Stores,

0.875%,

4/15/26 

6,500‌

6,169‌

27,007‌

Supermarkets

 0.4%

Cencosud,

4.375%,

7/17/27 (1)

3,575‌

3,493‌

Kroger,

4.60%,

8/15/27 

2,075‌

2,084‌

Kroger,

4.70%,

8/15/26 

2,765‌

2,771‌

8,348‌

Transportation

 0.5%

GATX,

5.40%,

3/15/27 

3,230‌

3,269‌

Penske

Truck

Leasing,

1.70%,

6/15/26 (1)

4,239‌

4,039‌

Penske

Truck

Leasing,

3.95%,

3/10/25 (1)

2,900‌

2,891‌

10,199‌

Utilities

 1.4%

Appalachian

Power,

3.40%,

6/1/25 

2,500‌

2,478‌

DTE

Energy,

4.95%,

7/1/27 

2,370‌

2,384‌

Enel

Finance

International,

2.125%,

7/12/28 (1)

12,500‌

11,316‌

FirstEnergy

Transmission,

4.35%,

1/15/25 (1)

1,797‌

1,795‌

Pacific

Gas

&

Electric,

4.95%,

6/8/25 

9,900‌

9,887‌

Southwestern

Electric

Power,

Series

K,

2.75%,

10/1/26 

3,700‌

3,558‌

31,418‌

Wireless

Communications

 2.0%

American

Tower,

1.60%,

4/15/26 

12,295‌

11,757‌

Crown

Castle

Towers,

3.663%,

5/15/25 (1)

1,500‌

1,488‌

PT

Tower

Bersama

Infrastructure,

4.25%,

1/21/25 

5,550‌

5,538‌

Rogers

Communications,

3.20%,

3/15/27 

861‌

832‌

Rogers

Communications,

3.625%,

12/15/25 

7,342‌

7,246‌

SBA

Tower

Trust,

1.631%,

11/15/26 (1)

2,850‌

2,662‌

SBA

Tower

Trust,

1.884%,

1/15/26 (1)

1,940‌

1,867‌

SBA

Tower

Trust,

2.836%,

1/15/25 (1)

2,150‌

2,145‌

Sprint,

7.625%,

3/1/26 

5,741‌

5,885‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

24

Par/Shares

$

Value

(Amounts

in

000s)

T-Mobile

USA,

4.75%,

2/1/28 (3)

6,475‌

6,459‌

45,879‌

Total

Corporate

Bonds

(Cost

$1,142,379)

1,148,079‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

 0.7%

Petroleum

 0.2%

Pertamina

Persero,

1.40%,

2/9/26 

5,720‌

5,477‌

Foreign

Government

&

Municipalities

(Excluding

Canadian)

 0.5%

Japan

Treasury

Discount

Bill,

(0.002)%,

2/3/25

(JPY) 

1,743,850‌

11,653‌

11,653‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$16,980)

17,130‌

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

 9.6%

Commercial

Mortgage-Backed

Securities

 1.8%

BX

Trust

Series

2021-RISE,

Class

A,

ARM

1M

TSFR

+

0.862%,

5.471%,

11/15/36 (1)

3,018‌

3,003‌

CAMB

Commercial

Mortgage

Trust

Series

2019-LIFE,

Class

B,

ARM

1M

TSFR

+

1.547%,

6.157%,

12/15/37 (1)

9,750‌

9,744‌

CAMB

Commercial

Mortgage

Trust

Series

2019-LIFE,

Class

C,

ARM

1M

TSFR

+

1.747%,

6.357%,

12/15/37 (1)

1,727‌

1,725‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2020-609M,

Class

A,

ARM

1M

TSFR

+

1.734%,

6.344%,

10/15/33 (1)

9,870‌

9,747‌

ONE

Mortgage

Trust

Series

2021-PARK,

Class

A,

ARM

1M

TSFR

+

0.814%,

5.423%,

3/15/36 (1)

7,110‌

7,003‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

25

Par/Shares

$

Value

(Amounts

in

000s)

SDR

Commercial

Mortgage

Trust

Series

2024-DSNY,

Class

A,

ARM

1M

TSFR

+

1.392%,

6.001%,

5/15/39 (1)

6,665‌

6,640‌

TX

Trust

Series

2024-HOU,

Class

A,

ARM

1M

TSFR

+

1.591%,

6.201%,

6/15/39 (1)

2,440‌

2,431‌

40,293‌

Whole

Loans

Backed

 7.8%

Angel

Oak

Mortgage

Trust

Series

2019-5,

Class

A1,

CMO,

ARM

2.593%,

10/25/49 (1)

556‌

543‌

Angel

Oak

Mortgage

Trust

Series

2021-2,

Class

A1,

CMO,

ARM

0.985%,

4/25/66 (1)

4,180‌

3,516‌

Angel

Oak

Mortgage

Trust

Series

2024-10,

Class

A1,

CMO,

STEP

5.348%,

10/25/69 (1)

10,778‌

10,750‌

BINOM

Securitization

Trust

Series

2021-INV1,

Class

A1,

CMO,

ARM

2.034%,

6/25/56 (1)

8,372‌

7,347‌

COLT

Mortgage

Loan

Trust

Series

2020-3,

Class

A1,

CMO,

ARM

1.506%,

4/27/65 (1)

634‌

611‌

Connecticut

Avenue

Securities

Series

2018-C03,

Class

1EB2,

CMO,

ARM

SOFR30A

+

0.964%,

5.699%,

10/25/30 

60‌

60‌

Connecticut

Avenue

Securities

Series

2018-C03,

Class

1ED2,

CMO,

ARM

SOFR30A

+

0.964%,

5.699%,

10/25/30 

30‌

30‌

Connecticut

Avenue

Securities

Trust

Series

2023-R05,

Class

1M1,

CMO,

ARM

SOFR30A

+

1.90%,

6.625%,

6/25/43 (1)

3,964‌

4,014‌

Connecticut

Avenue

Securities

Trust

Series

2024-R02,

Class

1M1,

CMO,

ARM

SOFR30A

+

1.10%,

5.834%,

2/25/44 (1)

2,919‌

2,920‌

Connecticut

Avenue

Securities

Trust

Series

2024-R05,

Class

2M1,

CMO,

ARM

SOFR30A

+

1.00%,

5.734%,

7/25/44 (1)

1,493‌

1,493‌

Cross

Mortgage

Trust

Series

2024-H4,

Class

A1,

CMO,

STEP

6.147%,

7/25/69 (1)

3,044‌

3,061‌

Cross

Mortgage

Trust

Series

2024-H5,

Class

A1,

CMO,

STEP

5.854%,

8/26/69 (1)

5,329‌

5,343‌

Deephaven

Residential

Mortgage

Trust

Series

2021-1,

Class

A1,

CMO,

ARM

0.715%,

5/25/65 (1)

3,541‌

3,334‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

26

Par/Shares

$

Value

(Amounts

in

000s)

EFMT

Series

2024-INV2,

Class

A1,

CMO,

ARM

5.035%,

10/25/69 (1)

3,722‌

3,683‌

EFMT

Series

2024-NQM1,

Class

A1B,

CMO,

STEP

5.81%,

11/25/69 (1)

6,351‌

6,349‌

Finance

of

America

HECM

Buyout

Series

2024-HB1,

Class

A1A,

ARM

4.00%,

10/1/34 (1)

9,747‌

9,542‌

Galton

Funding

Mortgage

Trust

Series

2019-2,

Class

A21,

CMO,

ARM

4.00%,

6/25/59 (1)

231‌

215‌

Galton

Funding

Mortgage

Trust

Series

2020-H1,

Class

A2,

CMO,

ARM

2.413%,

1/25/60 (1)

2,520‌

2,357‌

GS

Mortgage-Backed

Securities

Trust

Series

2020-NQM1,

Class

A1,

CMO,

ARM

1.382%,

9/27/60 (1)

714‌

669‌

HOMES

Trust

Series

2024-AFC1,

Class

A1,

CMO,

STEP

5.224%,

8/25/59 (1)

11,386‌

11,325‌

Imperial

Fund

Mortgage

Trust

Series

2021-NQM2,

Class

A1,

CMO,

ARM

1.073%,

9/25/56 (1)

7,432‌

6,139‌

MFA

Trust

Series

2020-NQM3,

Class

A2,

CMO,

ARM

1.324%,

1/26/65 (1)

794‌

743‌

MFA

Trust

Series

2023-NQM3,

Class

A1,

CMO,

STEP

6.617%,

7/25/68 (1)

1,963‌

1,982‌

MFA

Trust

Series

2023-NQM4,

Class

A1,

CMO,

STEP

6.105%,

12/25/68 (1)

7,153‌

7,192‌

NLT

Trust

Series

2021-INV2,

Class

A1,

CMO,

ARM

1.162%,

8/25/56 (1)

14,272‌

11,955‌

OBX

Trust

Series

2019-EXP3,

Class

2A1,

CMO,

ARM

1M

TSFR

+

1.014%,

5.602%,

10/25/59 (1)

97‌

98‌

OBX

Trust

Series

2020-EXP1,

Class

1A8,

CMO,

ARM

3.50%,

2/25/60 (1)

622‌

552‌

OBX

Trust

Series

2020-EXP3,

Class

1A8,

CMO,

ARM

3.00%,

1/25/60 (1)

3,236‌

2,846‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

27

Par/Shares

$

Value

(Amounts

in

000s)

OBX

Trust

Series

2020-INV1,

Class

A11,

CMO,

ARM

1M

TSFR

+

1.014%,

5.752%,

12/25/49 (1)

445‌

422‌

Sequoia

Mortgage

Trust

Series

2018-CH1,

Class

A1,

CMO,

ARM

4.00%,

3/25/48 (1)

140‌

131‌

SG

Residential

Mortgage

Trust

Series

2019-3,

Class

A1,

CMO,

ARM

2.703%,

9/25/59 (1)

10‌

10‌

Starwood

Mortgage

Residential

Trust

Series

2020-INV1,

Class

A1,

CMO,

ARM

1.027%,

11/25/55 (1)

2,057‌

1,943‌

Starwood

Mortgage

Residential

Trust

Series

2021-2,

Class

A1,

CMO,

ARM

0.943%,

5/25/65 (1)

1,639‌

1,520‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2022-DNA2,

Class

M1A,

CMO,

ARM

SOFR30A

+

1.30%,

6.034%,

2/25/42 (1)

2,052‌

2,057‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2022-DNA5,

Class

M1A,

CMO,

ARM

SOFR30A

+

2.95%,

7.684%,

6/25/42 (1)

4,609‌

4,743‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2023-HQA3,

Class

A1,

CMO,

ARM

SOFR30A

+

1.85%,

6.584%,

11/25/43 (1)

2,214‌

2,240‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2024-DNA2,

Class

A1,

CMO,

ARM

SOFR30A

+

1.25%,

5.984%,

5/25/44 (1)

3,883‌

3,887‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2024-DNA3,

Class

A1,

CMO,

ARM

SOFR30A

+

1.05%,

5.784%,

10/25/44 (1)

5,300‌

5,313‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2024-HQA1,

Class

A1,

CMO,

ARM

SOFR30A

+

1.25%,

5.984%,

3/25/44 (1)

7,337‌

7,349‌

Towd

Point

Mortgage

Trust

Series

2017-3,

Class

A1,

CMO,

ARM

2.75%,

7/25/57 (1)

11‌

11‌

Towd

Point

Mortgage

Trust

Series

2017-4,

Class

A1,

CMO,

ARM

2.75%,

6/25/57 (1)

98‌

95‌

Verus

Securitization

Trust

Series

2019-INV3,

Class

A1,

CMO,

ARM

3.692%,

11/25/59 (1)

475‌

467‌

Verus

Securitization

Trust

Series

2020-4,

Class

A1,

CMO,

STEP

2.502%,

5/25/65 (1)

631‌

611‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

28

Par/Shares

$

Value

(Amounts

in

000s)

Verus

Securitization

Trust

Series

2021-1,

Class

A1,

CMO,

ARM

0.815%,

1/25/66 (1)

4,216‌

3,756‌

Verus

Securitization

Trust

Series

2021-2,

Class

A1,

CMO,

ARM

1.031%,

2/25/66 (1)

3,484‌

3,109‌

Verus

Securitization

Trust

Series

2021-R1,

Class

A1,

CMO,

ARM

0.82%,

10/25/63 (1)

1,256‌

1,183‌

Verus

Securitization

Trust

Series

2021-R3,

Class

A1,

CMO,

ARM

1.02%,

4/25/64 (1)

6,092‌

5,635‌

Verus

Securitization

Trust

Series

2023-3,

Class

A1,

CMO,

STEP

5.93%,

3/25/68 (1)

6,613‌

6,631‌

Verus

Securitization

Trust

Series

2023-8,

Class

A1,

CMO,

STEP

6.259%,

12/25/68 (1)

1,981‌

1,999‌

Verus

Securitization

Trust

Series

2023-INV3,

Class

A1,

CMO,

ARM

6.876%,

11/25/68 (1)

3,642‌

3,697‌

Verus

Securitization

Trust

Series

2024-1,

Class

A1,

CMO,

STEP

5.712%,

1/25/69 (1)

8,302‌

8,317‌

Verus

Securitization

Trust

Series

2024-INV1,

Class

A1,

CMO,

STEP

6.116%,

3/25/69 (1)

2,369‌

2,391‌

Vista

Point

Securitization

Trust

Series

2020-2,

Class

A1,

CMO,

ARM

1.475%,

4/25/65 (1)

1,795‌

1,677‌

177,863‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$226,275)

218,156‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

 0.0%

U.S.

Government

Agency

Obligations

 0.0%

Federal

Home

Loan

Mortgage,

CMO,

ARM,

SOFR30A

+

0.464%,

5.27%,

2/15/45 

150‌

147‌

Federal

National

Mortgage

Assn.,

CMO,

ARM,

SOFR30A

+

0.514%,

5.249%,

1/25/45 

119‌

117‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$270)

264‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

29

Par/Shares

$

Value

(Amounts

in

000s)

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

 0.9%

U.S.

Treasury

Obligations

 0.9%

U.S.

Treasury

Notes,

4.125%,

10/31/26 (3)

11,800‌

11,784‌

U.S.

Treasury

Notes,

4.375%,

7/31/26 

5,575‌

5,587‌

U.S.

Treasury

Notes,

4.875%,

11/30/25 

3,330‌

3,346‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$20,734)

20,717‌

SHORT-TERM

INVESTMENTS

 11.4%

Certificates

of

Deposits

 0.3%

Banking

 0.3%

Intesa

Sanpaolo,

6.10%,

4/15/25 

7,675‌

7,704‌

Total

Certificates

of

Deposits

7,704‌

Commercial

Paper

 8.1%

4(2)

 7.8%(6)

Bacardi-Martini,

4.977%,

12/5/24 

10,900‌

10,891‌

Bacardi-Martini,

5.015%,

12/12/24 

6,960‌

6,948‌

Bacardi-Martini,

5.054%,

12/2/24 

4,785‌

4,783‌

Brunswick,

5.107%,

12/2/24 

22,600‌

22,591‌

Conagra

Foods,

5.02%,

12/17/24 

22,600‌

22,544‌

Constellation

Brands,

4.909%,

12/9/24 

4,200‌

4,194‌

Constellation

Brands,

4.977%,

1/3/25 

13,300‌

13,236‌

Energy

Transfer

Partners,

4.752%,

12/2/24 

2,100‌

2,099‌

Harley-Davidson

Financial

Services,

5.028%,

12/10/24 

4,600‌

4,593‌

Harley-Davidson

Financial

Services,

5.116%,

1/23/25 

14,000‌

13,896‌

Quanta

Services,

4.929%,

12/9/24 

6,800‌

6,791‌

Quanta

Services,

4.95%,

12/3/24 

6,500‌

6,496‌

Rogers

Communications,

4.915%,

12/19/24 

12,000‌

11,969‌

Targa

Resources,

4.782%,

12/2/24 

28,320‌

28,308‌

Whirlpool,

5.034%,

12/2/24 

17,600‌

17,593‌

176,932‌

Non-4(2)

 0.3%

Ovintiv,

5.20%,

12/16/24 

7,400‌

7,381‌

7,381‌

Total

Commercial

Paper

184,313‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

30

Par/Shares

$

Value

(Amounts

in

000s)

Money

Market

Funds

 0.0%

T.

Rowe

Price

Government

Reserve

Fund,

4.67% (7)(8)

3‌

3‌

Total

Money

Market

Funds

3‌

U.S.

Treasury

Obligations

 3.0%

U.S.

Treasury

Bills,

4.511%,

1/21/25 

11,500‌

11,429‌

U.S.

Treasury

Bills,

4.571%,

12/31/24 

11,400‌

11,358‌

U.S.

Treasury

Bills,

4.596%,

12/3/24 

11,495‌

11,493‌

U.S.

Treasury

Bills,

4.599%,

1/14/25 

11,000‌

10,941‌

U.S.

Treasury

Bills,

4.675%,

12/19/24 (9)

22,000‌

21,953‌

67,174‌

Total

Short-Term

Investments

(Cost

$259,203)

259,194‌

SECURITIES

LENDING

COLLATERAL

 1.6%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY 1.6%

Money

Market

Funds 1.6%

T.

Rowe

Price

Government

Reserve

Fund,

4.67% (7)(8)

36,922‌

36,922‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

36,922‌

Total

Securities

Lending

Collateral

(Cost

$36,922)

36,922‌

Total

Investments

in

Securities

101.8%

of

Net

Assets

(Cost

$2,319,216)

$

2,316,271‌

‡

Par/Shares

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

*

Exercise

Spread

(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

$1,060,884

and

represents

46.6%

of

net

assets.

(2)

All

or

a

portion

of

this

loan

is

unsettled

as

of

November

30,

2024.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(3)

See

Note

4

.

All

or

a

portion

of

this

security

is

on

loan

at

November

30,

2024.

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

31

.

.

.

.

.

.

.

.

.

.

(4)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(5)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(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

$176,932

and

represents

7.8%

of

net

assets.

(7)

Seven-day

yield

(8)

Affiliated

Companies

(9)

At

November

30,

2024,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

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

OTC

Over-the-counter

SOFR

Secured

overnight

financing

rate

SOFRINDX

SOFR

(Secured

overnight

financing

rate)

Index

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.

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

32

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

 (0.0)%

OTC

Options

Written (0.0)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Bank

of

America

Credit

Default

Swap

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.IG-S43,

5

Year

Index,

12/20/29),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

Call,

12/18/24

@

4.75%*

1

100,000

(49‌)

Total

Options

Written

(Premiums

$(42))

$

(49‌)

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

33

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

State

Street

2/3/25

USD

11,577‌

JPY

1,743,850‌

$

(178‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(178‌)

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

34

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

181

Three

Month

SOFR

Futures

contracts

12/24

43,096

$

160‌

Short,

38

U.S.

Treasury

Long

Bond

contracts

3/25

(4,541)

(58‌)

Short,

950

U.S.

Treasury

Notes

five

year

contracts

3/25

(102,222)

(810‌)

Short,

12

U.S.

Treasury

Notes

ten

year

contracts

3/25

(1,334)

(7‌)

Short,

771

U.S.

Treasury

Notes

two

year

contracts

3/25

(158,910)

(489‌)

Short,

42

Ultra

U.S.

Treasury

Notes

ten

year

contracts

3/25

(4,821)

(81‌)

Net

payments

(receipts)

of

variation

margin

to

date

994‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(291‌)

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

35

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

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

six

months

ended

November

30,

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,

4.67%

$

—‌

$

—‌

$

4‌++

Totals

$

—‌#

$

—‌

$

4‌+

Supplementary

Investment

Schedule

Affiliate

Value

5/31/24

Purchase

Cost

Sales

Cost

Value

11/30/24

T.

Rowe

Price

Government

Reserve

Fund,

4.67%

$

784‌

 ¤

 ¤

$

36,925‌

Total

$

36,925‌^

#

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

as

described

in

Note

4

.

+

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

$36,925.

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

November

30,

2024

(Unaudited)

Statement

of

Assets

and

Liabilities

36

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$2,319,216)

$

2,316,271‌

Interest

receivable

15,585‌

Receivable

for

shares

sold

1,903‌

Cash

291‌

Foreign

currency

(cost

$8)

8‌

Other

assets

1,317‌

Total

assets

2,335,375‌

Liabilities

Obligation

to

return

securities

lending

collateral

38,174‌

Payable

for

investment

securities

purchased

18,045‌

Payable

for

shares

redeemed

2,735‌

Investment

management

fees

payable

299‌

Variation

margin

payable

on

futures

contracts

291‌

Unrealized

loss

on

forward

currency

exchange

contracts

178‌

Options

written

(premiums

$42)

49‌

Due

to

affiliates

24‌

Payable

to

directors

1‌

Other

liabilities

481‌

Total

liabilities

60,277‌

Commitments

and

Contingent

Liabilities

(note

6

)

NET

ASSETS

$

2,275,098‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

November

30,

2024

(Unaudited)

Statement

of

Assets

and

Liabilities

37

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

$

(47,703‌)

Paid-in

capital

applicable

to

448,776,186

shares

of

$0.01

par

value

capital

stock

outstanding;

6,000,000,000

shares

of

the

Corporation

authorized

2,322,801‌

NET

ASSETS

$

2,275,098‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$1,346,626;

Shares

outstanding:

265,787,448)

$

5.07‌

I

Class

(Net

assets:

$928,372;

Shares

outstanding:

182,969,130)

$

5.07‌

Z

Class

(Net

assets:

$100;

Shares

outstanding:

19,608)

$

5.07‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

(Unaudited)

Statement

of

Operations

38

($000s)

6

Months

Ended

11/30/24

Investment

Income

(Loss)

Income

.

  Interest

$

61,671‌

Securities

lending

30‌

Dividend

4‌

Other

1‌

Total

income

61,706‌

Expenses

Investment

management

1,811‌

Shareholder

servicing

Investor

Class

$

997‌

I

Class

71‌

1,068‌

Prospectus

and

shareholder

reports

Investor

Class

28‌

I

Class

11‌

39‌

Custody

and

accounting

147‌

Registration

41‌

Legal

and

audit

18‌

Directors

4‌

Miscellaneous

20‌

Waived

/

paid

by

Price

Associates

(149‌)

Total

expenses

2,999‌

Net

investment

income

58,707‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

(Unaudited)

Statement

of

Operations

39

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

11/30/24

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

2,243‌

Futures

402‌

Swaps

(25‌)

Forward

currency

exchange

contracts

122‌

Foreign

currency

transactions

(254‌)

Net

realized

gain

2,488‌

Change

in

net

unrealized

gain

/

loss

Securities

11,752‌

Futures

(1,579‌)

Swaps

22‌

Options

written

(7‌)

Forward

currency

exchange

contracts

(319‌)

Change

in

net

unrealized

gain

/

loss

9,869‌

Net

realized

and

unrealized

gain

/

loss

12,357‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

71,064‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

40

($000s)

6

Months

Ended

11/30/24

Year

Ended

5/31/24

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

58,707‌

$

105,074‌

Net

realized

gain

(loss)

2,488‌

(2,428‌)

Change

in

net

unrealized

gain

/

loss

9,869‌

46,702‌

Increase

in

net

assets

from

operations

71,064‌

149,348‌

Distributions

to

shareholders

Net

earnings

Investor

Class

(34,374‌)

(63,461‌)

I

Class

(24,201‌)

(42,342‌)

Z

Class

(3‌)

(5‌)

Decrease

in

net

assets

from

distributions

(58,578‌)

(105,808‌)

Capital

share

transactions

*

Shares

sold

Investor

Class

281,542‌

443,341‌

I

Class

194,102‌

308,544‌

Distributions

reinvested

Investor

Class

33,813‌

63,157‌

I

Class

21,307‌

38,314‌

Shares

redeemed

Investor

Class

(319,717‌)

(648,586‌)

I

Class

(206,529‌)

(382,346‌)

Increase

(decrease)

in

net

assets

from

capital

share

transactions

4,518‌

(177,576‌)

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

41

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

11/30/24

Year

Ended

5/31/24

Net

Assets

Increase

(decrease)

during

period

17,004‌

(134,036‌)

Beginning

of

period

2,258,094‌

2,392,130‌

End

of

period

$

2,275,098‌

$

2,258,094‌

*Share

information

(000s)

Shares

sold

Investor

Class

55,615‌

88,726‌

I

Class

38,296‌

61,609‌

Distributions

reinvested

Investor

Class

6,684‌

12,632‌

I

Class

4,205‌

7,648‌

Shares

redeemed

Investor

Class

(63,166‌)

(129,955‌)

I

Class

(40,735‌)

(76,516‌)

Increase

(decrease)

in

shares

outstanding

899‌

(35,856‌)

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

Unaudited

NOTES

TO

FINANCIAL

STATEMENTS

42

T.

Rowe

Price

Short-Term

Bond

Fund,

Inc. (the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Ultra

Short-

Term

Bond

Fund

(the

fund)

is a

diversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks a

high

level

of

income

consistent

with

minimal

fluctuation

in

principal

value

and

liquidity.

The

fund

has three classes

of

shares:

the

Ultra

Short-Term

Bond

Fund

(Investor

Class),

the

Ultra

Short-Term

Bond

Fund–I

Class

(I

Class)

and

the

Ultra

Short-Term

Bond

Fund–Z

Class

(Z

Class).

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Z

Class

is

only

available

to

funds

advised

by

T.

Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

to

a

contractual

fee

for

investment

management

services. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

 Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

as

dividend income;

capital

T.

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43

gain

distributions

are

reflected

as

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. Earnings

on

investments

recognized

as

partnerships

for

federal

income

tax

purposes

reflect

the

tax

character

of

such

earnings. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any, are

declared

by

each

class daily

and

paid

monthly. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Currency

Translation

 Assets,

including

investments,

and

liabilities

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.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

Class

Accounting

 Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class’s

outstanding

shares.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

Eastern

time,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

New

Accounting

Guidance

 In

November

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-07,

Segment

Reporting

(Topic

280)

–

Improvements

to

Reportable

Segment

Disclosures,

which

improves

reportable

segment

disclosure

requirements,

primarily

through

enhanced

disclosures

about

T.

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segment

expenses.

In

addition,

the

ASU

clarifies

that

a

public

entity

with

a

single

reportable

segment

provide

all

disclosures

required

by

the

ASU

and

all

existing

segment

disclosures

in

Topic

280.

The

amendments

under

this

ASU

are

effective

for

fiscal

years

beginning

after

December

15,

2023.

Management

expects

that

adoption

of

the

guidance

will

not

have

a

material

impact

on

the

fund’s

financial

statements.

In December

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Taxes

Disclosures,

which

enhances

the

transparency

of

income

tax

disclosures.

The

ASU

requires

public

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

amendments

under

this

ASU

are

required

to

be

applied

prospectively

and

are

effective

for

fiscal

years

beginning

after

December

15,

2024.

Management

expects

that

adoption

of

the

guidance

will

not

have

a

material

impact

on

the

fund’s

financial

statements.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

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.

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Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

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.

Forward

T.

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Fund

46

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

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

November

30,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

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NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

six

months ended

November

30,

2024,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement

or

delivery

of

cash

or

other

assets.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

872,076‌

$

—‌

$

872,076‌

Corporate

Bonds

—‌

1,145,094‌

2,985‌

1,148,079‌

Short-Term

Investments

3‌

259,191‌

—‌

259,194‌

Securities

Lending

Collateral

36,922‌

—‌

—‌

36,922‌

Total

Securities

36,925‌

2,276,361‌

2,985‌

2,316,271‌

Futures

Contracts*

160‌

—‌

—‌

160‌

Total

$

37,085‌

$

2,276,361‌

$

2,985‌

$

2,316,431‌

Liabilities

Options

Written

$

—‌

$

49‌

$

—‌

$

49‌

Forward

Currency

Exchange

Contracts

—‌

178‌

—‌

178‌

Futures

Contracts*

1,445‌

—‌

—‌

1,445‌

Total

$

1,445‌

$

227‌

$

—‌

$

1,672‌

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.

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Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

November

30,

2024,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure: 

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

Assets

Interest

rate

derivatives

Futures

$

160‌

*

Total

$

160‌

*

Liabilities

Interest

rate

derivatives

Futures

$

1,445‌

Foreign

exchange

derivatives

Forwards

178‌

Credit

derivatives

Options

Written

49‌

Total

$

1,672‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

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49

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

six

months ended

November

30,

2024,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

Counterparty

Risk

and

Collateral

 The

fund

invests

in

derivatives

in

various

markets,

which

expose

it

to

differing

levels

of

counterparty

risk.

Counterparty

risk

on

exchange-traded

and

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

is

minimal

($000s)                                              

Location

of

Gain

(Loss)

on

Statement

of

Operations

Securities^

Options

Written

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Interest

rate

derivatives

$

25‌

$

—‌

$

402‌

$

—‌

$

—‌

$

427‌

Foreign

exchange

derivatives

—‌

—‌

—‌

122‌

—‌

122‌

Credit

derivatives

(239‌)

—‌

—‌

—‌

(25‌)

(264‌)

Total

$

(214‌)

$

—‌

$

402‌

$

122‌

$

(25‌)

$

285‌

Change

in

Unrealized

Gain

(Loss)

Interest

rate

derivatives

$

—‌

$

—‌

$

(1,579‌)

$

—‌

$

—‌

$

(1,579‌)

Foreign

exchange

derivatives

—‌

—‌

—‌

(319‌)

—‌

(319‌)

Credit

derivatives

101‌

(7‌)

—‌

—‌

22‌

116‌

Total

$

101‌

$

(7‌)

$

(1,579‌)

$

(319‌)

$

22‌

$

(1,782‌)

^

Options

purchased

are

reported

as

securities.

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50

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Derivatives,

such

as

non-cleared bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives)

may

expose

the

fund

to

greater

counterparty

risk.

To

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

conditions

and,

for

certain

counterparties,

also

require

the

exchange

of

collateral

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund’s

net

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements

whereas

FX

letters

do

not.

Collateral

requirements

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

bilateral

derivatives

with

a

counterparty,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

collateral

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Collateral

may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund’s

assets.

Collateral

pledged

by

counterparties

is

not

included

in

the

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51

fund’s

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

or

received

by

the

fund

is

held

in

a

segregated

account

at

the

fund’s

custodian.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

November

30,

2024,

no

collateral

was

pledged

by

either

the

fund

or

counterparties for

bilateral

derivatives. As

of

November

30,

2024,

securities

valued

at $2,556,000

had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

Forward

Currency

Exchange

Contracts

 The

fund

is

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

to

protect

its

non-U.S.

dollar-denominated

securities

from

adverse

currency

movements

or

to

increase

exposure

to

a

particular

foreign

currency,

to

shift

the

fund’s

foreign

currency

exposure

from

one

country

to

another,

or

to

enhance

the

fund’s

return.

A

forward

involves

an

obligation

to

purchase

or

sell

a

fixed

amount

of

a

specific

currency

on

a

future

date

at

a

price

set

at

the

time

of

the

contract.

Although

certain

forwards

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract,

most

forwards

are

settled

with

the

exchange

of

the

underlying

currencies

in

accordance

with

the

specified

terms.

Forwards

are

valued

at

the

unrealized

gain

or

loss

on

the

contract,

which

reflects

the

net

amount

the

fund

either

is

entitled

to

receive

or

obligated

to

deliver,

as

measured

by

the

difference

between

the

forward

exchange

rates

at

the

date

of

entry

into

the

contract

and

the

forward

rates

at

the

reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund’s

total

return;

and

the

potential

for

losses

in

excess

of

the

fund’s

initial

investment.

During

the

six

months ended

November

30,

2024,

the

volume

of

the

fund’s

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

less

than

1%

of

net

assets.

T.

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Futures

Contracts

 The

fund

is

subject

to interest

rate

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risk.

The fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rate

and

yield

curve

movements,

security

prices,

foreign

currencies,

and

mortgage

prepayments;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

as

a

cash

management

tool;

or

to

adjust

portfolio

duration. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/or

interest

rates,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

six

months ended

November

30,

2024,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

9%

and

14%

of

net

assets.

Options 

 The

fund

is

subject

to interest

rate

risk

and

credit

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

options

to

help

manage

such

risks.

The

fund

may

use

options

to

manage

exposure

to

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

a

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

The

fund

may

buy

or

sell

options

that

can

be

settled

either

directly

with

the

counterparty

(OTC

option)

or

through

a

central

clearinghouse

(exchange-traded

option).

Options

are

included

in

net

assets

at

fair

value,

options

purchased

are

included

in

Investments

in

Securities,

and

options

written

are

separately

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Premiums

on

unexercised,

expired

options

are

recorded

as

realized

gains

or

losses

on

the

accompanying

Statement

of

Operations;

premiums

on

exercised

options

are

recorded

as

T.

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Ultra

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53

an

adjustment

to

the

proceeds

from

the

sale

or

cost

of

the

purchase.

The

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

also

treated

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

In

return

for

a

premium

paid,

call

and

put

options

on

futures

give

the

holder

the

right,

but

not

the

obligation,

to

purchase

or

sell,

respectively,

a

position

in

a

particular

futures

contract

at

a

specified

exercise

price.

In

return

for

a

premium

paid,

options

on

swaps

give

the

holder

the

right,

but

not

the

obligation,

to

enter

a

specified

swap

contract

on

predefined

terms.

The

exercise

price

of

an

option

on

a

credit

default

swap

is

stated

in

terms

of

a

specified

spread

that

represents

the

cost

of

credit

protection

on

the

reference

asset,

including

both

the

upfront

premium

to

open

the

position

and

future

periodic

payments.

The

exercise

price

of

an

interest

rate

swap

is

stated

in

terms

of

a

fixed

interest

rate;

generally,

there

is

no

upfront

payment

to

open

the

position. Risks related

to

the

use

of

options

include

possible

illiquidity

of

the

options

markets;

trading

restrictions

imposed

by

an

exchange

or

counterparty;

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

movements

in

the

underlying

asset

values,

interest

rates

and

credit

ratings;

and,

for

options

written,

the

potential

for

losses

to

exceed

any

premium

received

by

the

fund.

During

the

six

months ended

November

30,

2024,

the

volume

of

the

fund’s

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

between

4%

and

37%

of

net

assets. 

Swaps

 The

fund

is

subject

to

credit

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risk.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

bilateral

swaps,

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

terms;

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

T.

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received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

to

make

periodic

payments

to

another

party

(the

protection

seller)

in

exchange

for

protection

against

specified

credit

events,

such

as

certain

defaults

and

bankruptcies

related

to

an

underlying

credit

instrument,

or

issuer

or

index

of

such

instruments.

Upon

occurrence

of

a

specified

credit

event,

the

protection

seller

is

required

to

pay

the

buyer

the

difference

between

the

notional

amount

of

the

swap

and

the

value

of

the

underlying

credit,

either

in

the

form

of

a

net

cash

settlement

or

by

paying

the

gross

notional

amount

and

accepting

delivery

of

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

the

current

and

future

creditworthiness

of

underlying

issuers,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

six

months ended

November

30,

2024,

the

volume

of

the

fund’s

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

less

than

1%

of

net

assets.

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NOTE

4

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective, the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

more

fully

in the

fund’s prospectus

and

Statement

of

Additional

Information.

Restricted

Securities

 The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

Collateralized

Loan

Obligations 

 The

fund

invests

in

collateralized

loan

obligations

(CLOs)

which

are

entities

backed

by

a

diversified

pool

of

syndicated

bank

loans.

The

cash

flows

of

the

CLO

can

be

split

into

multiple

segments,

called

“tranches”

or

“classes”,

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segments,

which

are

the

subordinate

or

“equity”

tranches,

bear

the

greatest

risk

of

loss

from

defaults

in

the

underlying

assets

of

the

CLO

and

serve

to

protect

the

other,

more

senior,

tranches.

Senior

tranches

will

typically

have

higher

credit

ratings

and

lower

yields

than

the

securities

underlying

the

CLO.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses. 

Mortgage-Backed

Securities

 The

fund

invests

in

mortgage-backed

securities

(MBS

or

pass-through

certificates)

that

represent

an

interest

in

a

pool

of

specific

underlying

mortgage

loans

and

entitle

the

fund

to

the

periodic

payments

of

principal

and

interest

from

those

mortgages.

MBS

may

be

issued

by

government

agencies

or

corporations,

or

private

issuers.

Most

MBS

issued

by

government

agencies

are

guaranteed;

however,

the

degree

of

protection

differs

based

on

the

issuer.

MBS are

sensitive

to

changes

in

economic

conditions

that

affect

the

rate

of

prepayments

and

defaults

on

the

underlying

mortgages;

accordingly,

the

value,

income,

and

related

cash

flows

from

MBS

may

be

more

volatile

than

other

debt

instruments.

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

56

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

November

30,

2024,

the

value

of

loaned

securities

was

$37,154,000;

the

value

of

cash

collateral

and

related

investments

was

$38,174,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any, short-term

and

U.S.

government securities

aggregated $785,114,000 and

$784,478,000,

respectively,

for

the

six

months ended

November

30,

2024. 

NOTE

5

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report. 

The

fund

intends

to

retain

realized

gains

to

the

extent

of

available

capital

loss

carryforwards.

Net

realized

capital

losses

may

be

carried

forward

indefinitely

to

offset

future

realized

capital

gains.

As

of

May

31,

2024,

the

fund

had

$39,405,000

of

available

capital

loss

carryforwards.

T.

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Ultra

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57

At

November

30,

2024,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$2,319,173,000.

Net

unrealized

loss

aggregated

$4,414,000

at

period-end,

of

which

$10,542,000

related

to

appreciated

investments

and

$14,956,000

related

to

depreciated

investments.

NOTE

6

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund. The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee

equal

to 0.16%

of

the

fund’s

average

daily

net

assets.

The

fee

is

computed

daily

and

paid

monthly.

The Investor

Class is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

During

the

limitation

period,

Price

Associates

is required

to

waive

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the class’s ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

The

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class’s net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the class’s net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the class’s

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

T.

ROWE

PRICE

Ultra

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Bond

Fund

58

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

Z

Class

is

also

subject

to

a

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

to

waive

and/or

bear

all

of

the

Z

Class’

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

in

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

is

expected

to

remain

in

place

indefinitely,

and

the

agreement

may

only

be

amended

or

terminated

with

approval

by

the

fund’s

Board.

Expenses

of

the

fund

waived/paid

by

the

manager

are

not

subject

to

later

repayment

by

the

fund.

Pursuant

to

these

agreements,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the six

months

ended November

30,

2024 as

indicated

in

the

table

below.

Including

these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $1,028,000 remain

subject

to

repayment

by

the

fund

at

November

30,

2024. Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

Investor

Class

I

Class

Z

Class

Expense

limitation/I

Class

Limit

0.31%

0.05%

0.00%

Expense

limitation

date

09/30/25

09/30/25

N/A

(Waived)/repaid

during

the

period

($000s)

$(149)

$—

$—

(1)

(1)

Amount

rounds

to

less

than

$1,000

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

59

fund’s

transfer

and

dividend-disbursing

agent.

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class.

For

the

six

months

ended

November

30,

2024,

expenses

incurred

pursuant

to

these

service

agreements

were

$64,000

for

Price

Associates;

$207,000

for

T.

Rowe

Price

Services,

Inc.;

and

$3,000

for

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T.

Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

As

of

November

30,

2024,

T.

Rowe

Price

Group,

Inc.,

or

its

wholly

owned

subsidiaries,

owned

891,069

shares

of

the

Investor

Class,

representing

less

than

1%

of

the

Investor

Class's

net

assets,

and

19,608

shares

of

the

Z

Class,

representing

100%

of

the

Z

Class's

net

assets. 

The fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months

ended

November

30,

2024,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

T.

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60

NOTE

7

-

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.

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

F188-051

1/25

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

If applicable, see Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 16. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.
(2)	Listing standards relating to recovery of erroneously awarded compensation: Not applicable.
(3)	Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(b)      A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Short-Term Bond Fund, Inc.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	January 17, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	January 17, 2025

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	January 17, 2025