T. ROWE PRICE SHORT-TERM BOND FUND | ||
August 31, 2020 (Unaudited) | ||
Portfolio of Investments‡ | Par/Shares | $ Value |
(Amounts in 000s) | ||
CORPORATE BONDS 50.4% | ||
FINANCIAL INSTITUTIONS 17.2% | ||
Banking 12.1% | ||
ABN AMRO Bank, FRN, 3M USD LIBOR + 0.57%, 0.821%, | ||
8/27/21 (1) | 13,715 | 13,774 |
Banco Santander, 2.50%, 12/15/20 (1) | 13,710 | 13,717 |
Banco Santander, FRN, 3M USD LIBOR + 1.12%, 1.386%, | ||
4/12/23 | 6,400 | 6,434 |
Banco Santander Mexico Institucion De Banca Multiple Grupo | ||
Financiero Santand, 4.125%, 11/9/22 | 10,350 | 10,874 |
Banco Santander Mexico Institucion De Banca Multiple Grupo | ||
Financiero Santand, 5.375%, 4/17/25 (1) | 1,865 | 2,106 |
Bank of America, 2.503%, 10/21/22 | 5,545 | 5,677 |
Bank of America, FRN, 3M USD LIBOR + 0.38%, 0.636%, | ||
1/23/22 | 6,470 | 6,470 |
Bank of America, FRN, 3M USD LIBOR + 0.65%, 0.947%, | ||
6/25/22 | 6,690 | 6,707 |
Bank of America, FRN, 3M USD LIBOR + 1.16%, 1.432%, | ||
1/20/23 | 12,500 | 12,624 |
Bank of Montreal, FRN, 3M USD LIBOR + 0.46%, 0.726%, | ||
4/13/21 | 8,510 | 8,531 |
Banque Federative du Credit Mutuel, 2.125%, 11/21/22 (1) | 10,350 | 10,686 |
Barclays, FRN, 3M USD LIBOR + 1.625%, 1.898%, 1/10/23 | 7,520 | 7,557 |
Barclays Bank, 1.70%, 5/12/22 | 4,350 | 4,430 |
Barclays Bank, 2.65%, 1/11/21 | 7,025 | 7,007 |
BPCE, FRN, 3M USD LIBOR + 1.22%, 1.476%, 5/22/22 (1) | 4,865 | 4,914 |
Capital One Financial, 2.40%, 10/30/20 | 4,815 | 4,818 |
Capital One Financial, 3.20%, 1/30/23 | 5,589 | 5,907 |
Capital One Financial, 3.50%, 6/15/23 | 4,030 | 4,319 |
Capital One Financial, 3.90%, 1/29/24 | 4,115 | 4,481 |
Citibank, VR, 2.844%, 5/20/22 (2) | 10,385 | 10,567 |
Citigroup, 2.90%, 12/8/21 | 13,095 | 13,484 |
Citigroup, VR, 2.312%, 11/4/22 (2) | 9,430 | 9,607 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Citigroup, VR, 3.106%, 4/8/26 (2) | 4,035 | 4,381 |
Citizens Bank, 2.55%, 5/13/21 | 5,020 | 5,081 |
Citizens Bank, 2.65%, 5/26/22 | 5,175 | 5,350 |
Citizens Bank, 3.25%, 2/14/22 | 5,060 | 5,251 |
Cooperatieve Rabobank, 3.95%, 11/9/22 | 11,540 | 12,304 |
Credicorp, 2.75%, 6/17/25 (1) | 2,715 | 2,778 |
Credit Agricole, FRN, 3M USD LIBOR + 1.02%, 1.284%, | ||
4/24/23 (1) | 5,525 | 5,560 |
Credit Suisse, 1.00%, 5/5/23 | 10,620 | 10,770 |
Credit Suisse, 2.10%, 11/12/21 | 10,525 | 10,750 |
Danske Bank, 1.226%, 6/22/24 (1) | 10,885 | 10,967 |
Danske Bank, 5.00%, 1/12/22 (1) | 7,665 | 8,067 |
Danske Bank, 5.375%, 1/12/24 (1) | 820 | 927 |
Danske Bank, VR, 3.001%, 9/20/22 (1)(2) | 10,810 | 11,025 |
Deutsche Bank, 3.15%, 1/22/21 | 9,179 | 9,248 |
Deutsche Bank, 3.375%, 5/12/21 | 905 | 919 |
Deutsche Bank, FRN, 3M USD LIBOR + 1.29%, 1.539%, 2/4/21 | 7,055 | 7,067 |
Discover Bank, 3.20%, 8/9/21 | 1,975 | 2,020 |
First Niagara Financial Group, 7.25%, 12/15/21 | 4,150 | 4,479 |
Goldman Sachs Group, 3.50%, 4/1/25 | 7,425 | 8,217 |
Goldman Sachs Group, 5.75%, 1/24/22 | 13,816 | 14,833 |
Goldman Sachs Group, FRN, 3M USD LIBOR + 0.78%, 1.041%, | ||
10/31/22 | 5,200 | 5,225 |
Goldman Sachs Group, FRN, 3M USD LIBOR + 1.11%, 1.355%, | ||
4/26/22 | 9,220 | 9,254 |
HSBC Holdings, FRN, 3M USD LIBOR + 0.65%, 0.968%, | ||
9/11/21 | 3,000 | 3,000 |
HSBC Holdings, VR, 1.645%, 4/18/26 (2) | 13,220 | 13,330 |
HSBC Holdings, VR, 2.099%, 6/4/26 (2) | 12,365 | 12,628 |
HSBC Holdings, VR, 3.803%, 3/11/25 (2) | 2,890 | 3,131 |
ING Groep, FRN, 3M USD LIBOR + 1.15%, 1.456%, 3/29/22 | 6,030 | 6,088 |
JPMorgan Chase, VR, 2.083%, 4/22/26 (2) | 13,190 | 13,835 |
Keybank, 1.25%, 3/10/23 | 9,585 | 9,771 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
KeyBank, 2.30%, 9/14/22 | 2,740 | 2,841 |
Lloyds Banking Group, 4.50%, 11/4/24 | 4,744 | 5,226 |
Lloyds Banking Group, VR, 1.326%, 6/15/23 (2) | 3,305 | 3,326 |
Mitsubishi UFJ Financial Group, 3.218%, 3/7/22 | 8,685 | 9,044 |
Mitsubishi UFJ Financial Group, FRN, 3M USD LIBOR + 0.65%, | ||
0.895%, 7/26/21 | 3,496 | 3,504 |
Mitsubishi UFJ Financial Group, FRN, 3M USD LIBOR + 0.86%, | ||
1.105%, 7/26/23 | 5,645 | 5,694 |
Mitsubishi UFJ Financial Group, FRN, 3M USD LIBOR + 0.92%, | ||
1.176%, 2/22/22 | 7,060 | 7,122 |
Morgan Stanley, 2.75%, 5/19/22 | 8,005 | 8,318 |
Natwest Group, 3.875%, 9/12/23 | 7,650 | 8,301 |
NatWest Markets, 2.375%, 5/21/23 (1) | 9,705 | 10,033 |
PNC Bank, 2.45%, 7/28/22 | 7,050 | 7,306 |
PNC Bank, 2.95%, 1/30/23 | 4,870 | 5,133 |
Santander U.K., 2.10%, 1/13/23 | 9,235 | 9,524 |
Santander U.K. Group Holdings, 2.875%, 10/16/20 | 5,820 | 5,837 |
Societe Generale, 2.625%, 10/16/24 (1) | 1,120 | 1,168 |
Standard Chartered, 3.95%, 1/11/23 (1) | 2,725 | 2,834 |
Standard Chartered, FRN, 3M USD LIBOR + 1.15%, 1.422%, | ||
1/20/23 (1) | 7,600 | 7,656 |
Standard Chartered, VR, 2.744%, 9/10/22 (1)(2) | 10,266 | 10,393 |
Standard Chartered, VR, 3.885%, 3/15/24 (1)(2) | 1,325 | 1,403 |
Swedbank, 1.30%, 6/2/23 (1) | 7,720 | 7,860 |
Swedbank, 2.65%, 3/10/21 (1) | 16,118 | 16,299 |
Synchrony Bank, 3.00%, 6/15/22 | 3,013 | 3,103 |
Synchrony Financial, 2.85%, 7/25/22 | 25,375 | 25,788 |
Toronto-Dominion Bank, FRN, 3M USD LIBOR + 0.24%, | ||
0.485%, 1/25/21 | 12,240 | 12,240 |
Truist Bank, 1.25%, 3/9/23 | 19,830 | 20,210 |
Truist Bank, 2.80%, 5/17/22 | 8,110 | 8,434 |
UBS, 1.75%, 4/21/22 (1) | 1,830 | 1,866 |
UBS Group, 3.00%, 4/15/21 (1) | 14,810 | 15,055 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
UBS Group, FRN, 3M USD LIBOR + 1.22%, 1.476%, 5/23/23 (1) | 7,020 | 7,089 |
UBS Group, VR, 1.008%, 7/30/24 (1)(2) | 12,535 | 12,551 |
US Bank, FRN, 3M USD LIBOR + 0.32%, 0.565%, 4/26/21 | 12,770 | 12,770 |
Wells Fargo, 3.50%, 3/8/22 | 5,370 | 5,618 |
Wells Fargo, VR, 1.654%, 6/2/24 (2) | 6,200 | 6,332 |
Wells Fargo, VR, 2.188%, 4/30/26 (2) | 5,935 | 6,202 |
Wells Fargo Bank, VR, 2.082%, 9/9/22 (2) | 8,065 | 8,190 |
675,217 | ||
Brokerage Asset Managers Exchanges 0.3% | ||
Charles Schwab, 4.20%, 3/24/25 | 6,770 | 7,815 |
Charles Schwab, FRN, 3M USD LIBOR + 0.32%, 0.567%, | ||
5/21/21 | 8,405 | 8,420 |
Intercontinental Exchange, 4.00%, 10/15/23 | 2,885 | 3,217 |
19,452 | ||
Finance Companies 2.0% | ||
AerCap Ireland Capital, 3.95%, 2/1/22 | 10,295 | 10,378 |
AerCap Ireland Capital, 4.45%, 12/16/21 | 7,510 | 7,642 |
AerCap Ireland Capital, 4.50%, 9/15/23 | 7,505 | 7,719 |
Air Lease, 2.25%, 1/15/23 | 5,935 | 5,943 |
Air Lease, 2.50%, 3/1/21 | 2,110 | 2,120 |
Air Lease, 3.50%, 1/15/22 | 4,755 | 4,857 |
Avolon Holdings Funding, 2.875%, 2/15/25 (1) | 7,180 | 6,300 |
Avolon Holdings Funding, 3.625%, 5/1/22 (1) | 11,115 | 10,748 |
Avolon Holdings Funding, 3.95%, 7/1/24 (1) | 2,230 | 2,054 |
GATX, 3.90%, 3/30/23 | 3,960 | 4,183 |
GE Capital International Funding, 2.342%, 11/15/20 | 32,270 | 32,400 |
Park Aerospace Holdings, 4.50%, 3/15/23 (1) | 3,075 | 2,937 |
Park Aerospace Holdings, 5.25%, 8/15/22 (1) | 6,200 | 6,076 |
SMBC Aviation Capital Finance, 2.65%, 7/15/21 (1) | 540 | 543 |
SMBC Aviation Capital Finance, 3.55%, 4/15/24 (1) | 2,800 | 2,911 |
SMBC Aviation Capital Finance, 4.125%, 7/15/23 (1) | 1,631 | 1,716 |
108,527 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Insurance 1.8% | ||
AIA Group, FRN, 3M USD LIBOR + 0.52%, 0.826%, 9/20/21 (1) | 10,770 | 10,769 |
AIG Global Funding, 3.35%, 6/25/21 (1) | 5,320 | 5,446 |
American International Group, 2.50%, 6/30/25 | 9,660 | 10,319 |
American International Group, 4.875%, 6/1/22 | 5,637 | 6,064 |
American International Group, 6.40%, 12/15/20 | 5,200 | 5,289 |
Aon, 2.20%, 11/15/22 | 3,010 | 3,122 |
Aon, 2.80%, 3/15/21 | 13,495 | 13,630 |
Humana, 2.90%, 12/15/22 | 1,360 | 1,428 |
Humana, 3.15%, 12/1/22 | 2,548 | 2,694 |
Humana, 3.85%, 10/1/24 | 4,117 | 4,547 |
Humana, 4.50%, 4/1/25 | 4,125 | 4,769 |
Lincoln National, 4.00%, 9/1/23 | 2,025 | 2,214 |
Marsh & McLennan, 3.50%, 12/29/20 | 6,340 | 6,407 |
Marsh & McLennan, 3.875%, 3/15/24 | 5,950 | 6,581 |
New York Life Global Funding, FRN, 3M USD LIBOR + 0.32%, | ||
0.569%, 8/6/21 (1) | 10,540 | 10,566 |
Reinsurance Group of America, 5.00%, 6/1/21 | 910 | 941 |
Trinity Acquisition, 3.50%, 9/15/21 | 5,535 | 5,667 |
100,453 | ||
Real Estate Investment Trusts 1.0% | ||
American Campus Communities Operating Partnership, 3.75%, | ||
4/15/23 | 6,705 | 7,032 |
Brixmor Operating Partnership, 3.25%, 9/15/23 | 9,085 | 9,370 |
Brixmor Operating Partnership, 3.875%, 8/15/22 | 1,410 | 1,463 |
Essex Portfolio, 3.625%, 8/15/22 | 385 | 405 |
Highwoods Realty, 3.625%, 1/15/23 | 12,275 | 12,766 |
Simon Property Group, 2.625%, 6/15/22 | 7,550 | 7,758 |
Simon Property Group, 3.375%, 10/1/24 | 7,815 | 8,452 |
Simon Property Group, 3.50%, 9/1/25 | 1,895 | 2,081 |
Ventas Realty, 3.10%, 1/15/23 | 1,455 | 1,508 |
Ventas Realty, 3.25%, 8/15/22 | 2,395 | 2,476 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
WEA Finance, 3.25%, 10/5/20 (1) | 2,515 | 2,516 |
55,827 | ||
Total Financial Institutions | 959,476 | |
INDUSTRIAL 30.5% | ||
Basic Industry 0.9% | ||
Anglo American Capital, 3.75%, 4/10/22 (1) | 3,003 | 3,112 |
Anglo American Capital, 4.125%, 9/27/22 (1) | 3,646 | 3,842 |
DuPont de Nemours, 3.766%, 11/15/20 | 9,240 | 9,303 |
International Flavors & Fragrances, 3.40%, 9/25/20 | 3,525 | 3,530 |
LyondellBasell Industries, 6.00%, 11/15/21 | 11,669 | 12,261 |
Nucor, 2.00%, 6/1/25 | 2,330 | 2,444 |
POSCO, 2.375%, 11/12/22 (1) | 8,335 | 8,550 |
POSCO, 2.375%, 1/17/23 (1) | 5,205 | 5,338 |
48,380 | ||
Capital Goods 3.1% | ||
Amphenol, 2.05%, 3/1/25 | 6,720 | 7,092 |
Boral Finance, 3.00%, 11/1/22 (1) | 1,070 | 1,093 |
Carrier Global, 2.242%, 2/15/25 (1) | 13,725 | 14,367 |
Caterpillar Financial Services, 2.95%, 2/26/22 | 8,635 | 8,959 |
Caterpillar Financial Services, FRN, 3M USD LIBOR + 0.28%, | ||
0.598%, 9/7/21 | 5,130 | 5,136 |
CNH Industrial Capital, 3.875%, 10/15/21 | 10,774 | 11,083 |
CNH Industrial Capital, 4.375%, 11/6/20 | 16,171 | 16,242 |
General Dynamics, 2.25%, 11/15/22 | 5,425 | 5,629 |
General Dynamics, FRN, 3M USD LIBOR + 0.38%, 0.633%, | ||
5/11/21 | 4,640 | 4,646 |
General Electric, 3.15%, 9/7/22 | 4,010 | 4,202 |
General Electric, 3.45%, 5/15/24 | 3,805 | 4,085 |
Honeywell International, 1.35%, 6/1/25 | 6,450 | 6,643 |
Honeywell International, 2.30%, 8/15/24 | 5,535 | 5,900 |
John Deere Capital, 1.20%, 4/6/23 | 5,090 | 5,197 |
Northrop Grumman, 2.55%, 10/15/22 | 5,765 | 6,020 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Otis Worldwide, 2.056%, 4/5/25 (1) | 7,965 | 8,391 |
Republic Services, 2.50%, 8/15/24 | 6,285 | 6,710 |
Rolls-Royce, 2.375%, 10/14/20 (1) | 6,630 | 6,630 |
Roper Technologies, 0.45%, 8/15/22 | 1,510 | 1,511 |
Roper Technologies, 1.00%, 9/15/25 | 1,740 | 1,751 |
Roper Technologies, 2.35%, 9/15/24 | 2,640 | 2,796 |
Roper Technologies, 3.00%, 12/15/20 | 4,195 | 4,217 |
Roper Technologies, 3.125%, 11/15/22 | 11,005 | 11,539 |
Roper Technologies, 3.65%, 9/15/23 | 2,210 | 2,406 |
Vulcan Materials, FRN, 3M USD LIBOR + 0.65%, 1.00%, 3/1/21 | 12,040 | 12,029 |
Yongda Investment, 2.25%, 6/16/25 | 9,689 | 9,926 |
174,200 | ||
Communications 2.5% | ||
CC Holdings GS V, 3.849%, 4/15/23 | 5,028 | 5,424 |
Charter Communications Operating, 4.464%, 7/23/22 | 28,425 | 30,311 |
Charter Communications Operating, 4.908%, 7/23/25 | 15,510 | 18,044 |
Comcast, 3.70%, 4/15/24 | 7,705 | 8,543 |
Crown Castle International, 5.25%, 1/15/23 | 2,620 | 2,900 |
Crown Castle Towers, 3.72%, 7/15/23 (1) | 1,785 | 1,860 |
Fox, 3.05%, 4/7/25 | 1,305 | 1,430 |
Fox, 3.666%, 1/25/22 | 2,125 | 2,220 |
Fox, 4.03%, 1/25/24 | 2,485 | 2,747 |
Interpublic Group, 3.50%, 10/1/20 | 2,505 | 2,511 |
Moody's, 3.75%, 3/24/25 | 6,475 | 7,313 |
RELX Capital, 3.50%, 3/16/23 | 4,470 | 4,777 |
SBA Tower Trust, 1.884%, 1/15/26 (1) | 2,480 | 2,505 |
SBA Tower Trust, 2.836%, 1/15/25 (1) | 7,240 | 7,523 |
SBA Tower Trust, 3.168%, 4/11/22 (1) | 9,360 | 9,464 |
SBA Tower Trust, 3.448%, 3/15/23 (1) | 6,515 | 6,816 |
SBA Tower Trust, 3.869%, 10/8/24 (1) | 2,540 | 2,624 |
Sky, 3.75%, 9/16/24 (1) | 2,840 | 3,187 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
T-Mobile USA, 3.50%, 4/15/25 (1) | 3,555 | 3,926 |
Verizon Communications, 5.15%, 9/15/23 | 5,735 | 6,533 |
Vodafone Group, 3.75%, 1/16/24 | 5,560 | 6,096 |
WPP Finance 2010, 3.625%, 9/7/22 | 2,255 | 2,367 |
139,121 | ||
Consumer Cyclical 5.5% | ||
AutoZone, 3.625%, 4/15/25 | 3,600 | 4,037 |
BMW U.S. Capital, FRN, 3M USD LIBOR + 0.41%, 0.676%, | ||
4/12/21 (1) | 9,105 | 9,105 |
BMW U.S. Capital, FRN, 3M USD LIBOR + 0.50%, 0.754%, | ||
8/13/21 (1) | 7,305 | 7,315 |
Booking Holdings, 4.10%, 4/13/25 | 5,860 | 6,640 |
Daimler Finance North America, 1.75%, 3/10/23 (1) | 13,400 | 13,686 |
Daimler Finance North America, 2.30%, 2/12/21 (1) | 2,870 | 2,891 |
Daimler Finance North America, 3.75%, 11/5/21 (1) | 8,125 | 8,400 |
DR Horton, 2.55%, 12/1/20 | 3,925 | 3,945 |
Expedia Group, 3.60%, 12/15/23 (1) | 8,695 | 8,847 |
Ford Motor Credit, 3.47%, 4/5/21 | 3,230 | 3,246 |
Ford Motor Credit, 3.813%, 10/12/21 | 3,610 | 3,619 |
Ford Motor Credit, 5.875%, 8/2/21 | 2,060 | 2,101 |
Ford Motor Credit, FRN, 3M USD LIBOR + 0.93%, 1.227%, | ||
9/24/20 | 15,610 | 15,600 |
General Motors, 4.875%, 10/2/23 | 5,380 | 5,876 |
General Motors, 5.40%, 10/2/23 | 7,465 | 8,274 |
General Motors Financial, 2.90%, 2/26/25 | 13,795 | 14,323 |
General Motors Financial, 3.20%, 7/6/21 | 3,600 | 3,658 |
General Motors Financial, 4.20%, 3/1/21 | 1,665 | 1,683 |
General Motors Financial, FRN, 3M USD LIBOR + 0.85%, | ||
1.118%, 4/9/21 | 6,085 | 6,078 |
Harley-Davidson Financial Services, 2.55%, 6/9/22 (1) | 2,715 | 2,763 |
Harley-Davidson Financial Services, 4.05%, 2/4/22 (1) | 9,385 | 9,713 |
Harley-Davidson Financial Services, FRN, 3M USD LIBOR + | ||
0.94%, 1.284%, 3/2/21 (1) | 8,295 | 8,271 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Hyundai Capital America, 2.375%, 2/10/23 (1) | 14,200 | 14,568 |
Hyundai Capital America, 2.45%, 6/15/21 (1) | 5,395 | 5,450 |
Hyundai Capital America, 2.85%, 11/1/22 (1) | 3,740 | 3,869 |
Hyundai Capital America, 3.00%, 6/20/22 (1) | 7,780 | 8,024 |
Hyundai Capital America, 3.95%, 2/1/22 (1) | 3,995 | 4,151 |
JD.com, 3.125%, 4/29/21 | 17,700 | 17,902 |
McDonald's, 1.45%, 9/1/25 | 4,475 | 4,614 |
McDonald's, 3.35%, 4/1/23 | 5,285 | 5,666 |
Nissan Motor Acceptance, 2.15%, 9/28/20 (1) | 13,270 | 13,260 |
Nissan Motor Acceptance, 3.65%, 9/21/21 (1) | 2,395 | 2,430 |
O'Reilly Automotive, 3.80%, 9/1/22 | 3,280 | 3,461 |
QVC, 4.375%, 3/15/23 | 4,810 | 5,014 |
Ralph Lauren, 1.70%, 6/15/22 | 1,510 | 1,539 |
Ross Stores, 4.60%, 4/15/25 | 15,635 | 18,021 |
Starbucks, 2.70%, 6/15/22 | 3,505 | 3,628 |
TJX, 3.50%, 4/15/25 | 4,340 | 4,843 |
Volkswagen Group of America Finance, 2.50%, 9/24/21 (1) | 2,030 | 2,075 |
Volkswagen Group of America Finance, 2.70%, 9/26/22 (1) | 4,755 | 4,952 |
Volkswagen Group of America Finance, 2.90%, 5/13/22 (1) | 2,590 | 2,686 |
Volkswagen Group of America Finance, 3.125%, 5/12/23 (1) | 2,400 | 2,547 |
Volkswagen Group of America Finance, 3.875%, 11/13/20 (1) | 8,190 | 8,243 |
Walgreen, 3.10%, 9/15/22 | 3,235 | 3,392 |
Western Union, 2.85%, 1/10/25 | 8,632 | 9,143 |
Western Union, 3.60%, 3/15/22 | 5,630 | 5,859 |
305,408 | ||
Consumer Non-Cyclical 8.2% | ||
AbbVie, 2.30%, 5/14/21 | 8,275 | 8,368 |
AbbVie, 2.60%, 11/21/24 (1) | 20,460 | 21,909 |
AbbVie, 2.90%, 11/6/22 | 12,900 | 13,545 |
AbbVie, 3.20%, 11/6/22 | 1,385 | 1,458 |
AbbVie, 3.25%, 10/1/22 (1) | 1,335 | 1,396 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
AbbVie, 3.45%, 3/15/22 (1) | 4,399 | 4,575 |
Altria Group, 3.49%, 2/14/22 | 4,210 | 4,390 |
Altria Group, 3.80%, 2/14/24 | 10,770 | 11,812 |
BAT Capital, 2.764%, 8/15/22 | 25,800 | 26,794 |
Baxalta, 3.60%, 6/23/22 | 2,150 | 2,241 |
Bayer U.S. Finance II, 3.50%, 6/25/21 (1) | 5,520 | 5,638 |
Bayer U.S. Finance II, FRN, 3M USD LIBOR + 0.63%, 0.927%, | ||
6/25/21 (1) | 10,390 | 10,403 |
Becton Dickinson & Company, 2.894%, 6/6/22 | 20,045 | 20,770 |
Becton Dickinson & Company, 3.363%, 6/6/24 | 8,335 | 9,051 |
Becton Dickinson & Company, 3.734%, 12/15/24 | 1,615 | 1,790 |
Becton Dickinson & Company, FRN, 3M USD LIBOR + 0.875%, | ||
1.181%, 12/29/20 | 3,315 | 3,315 |
Bristol-Myers Squibb, 2.60%, 5/16/22 | 3,380 | 3,506 |
Bristol-Myers Squibb, 2.75%, 2/15/23 | 5,120 | 5,401 |
Bristol-Myers Squibb, 2.875%, 2/19/21 | 9,440 | 9,540 |
Bristol-Myers Squibb, 2.90%, 7/26/24 | 7,060 | 7,703 |
Bristol-Myers Squibb, 3.25%, 2/20/23 | 1,570 | 1,678 |
Bristol-Myers Squibb, 3.55%, 8/15/22 | 4,988 | 5,251 |
Bristol-Myers Squibb, 3.625%, 5/15/24 | 1,375 | 1,521 |
Bunge Finance, 3.00%, 9/25/22 | 21,037 | 21,879 |
Bunge Finance, 3.50%, 11/24/20 | 20,680 | 20,797 |
Bunge Finance, 4.35%, 3/15/24 | 940 | 1,031 |
Cardinal Health, 2.616%, 6/15/22 | 1,650 | 1,704 |
Cardinal Health, 3.079%, 6/15/24 | 5,115 | 5,503 |
Cardinal Health, 3.20%, 3/15/23 | 5,250 | 5,558 |
Cardinal Health, 3.50%, 11/15/24 | 6,185 | 6,794 |
Cargill, 1.375%, 7/23/23 (1) | 4,445 | 4,536 |
China Mengniu Dairy, 1.875%, 6/17/25 | 13,354 | 13,465 |
Cigna, 3.00%, 7/15/23 | 5,195 | 5,513 |
Cigna, 3.40%, 9/17/21 | 3,090 | 3,187 |
Cigna, 3.75%, 7/15/23 | 5,420 | 5,894 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Cigna, 3.90%, 2/15/22 | 4,130 | 4,325 |
Cigna, 4.125%, 9/15/20 | 6,607 | 6,615 |
Cigna, FRN, 3M USD LIBOR + 0.65%, 0.949%, 9/17/21 | 5,600 | 5,593 |
CK Hutchison International 17 II, 2.75%, 3/29/23 | 10,400 | 10,818 |
CVS Health, 2.625%, 8/15/24 | 2,460 | 2,632 |
CVS Health, 3.35%, 3/9/21 | 5,494 | 5,577 |
CVS Health, 3.70%, 3/9/23 | 7,744 | 8,321 |
CVS Health, FRN, 3M USD LIBOR + 0.72%, 1.033%, 3/9/21 | 5,330 | 5,337 |
Diageo Capital, 1.375%, 9/29/25 | 4,560 | 4,701 |
EMD Finance, 2.95%, 3/19/22 (1) | 3,170 | 3,273 |
Express Scripts Holding, FRN, 3M USD LIBOR + 0.75%, | ||
1.006%, 11/30/20 | 10,405 | 10,393 |
General Mills, FRN, 3M USD LIBOR + 0.54%, 0.811%, 4/16/21 | 7,865 | 7,885 |
Hasbro, 2.60%, 11/19/22 | 6,475 | 6,691 |
Hasbro, 3.00%, 11/19/24 | 8,695 | 9,153 |
Imperial Brands Finance, 3.50%, 2/11/23 (1) | 5,160 | 5,405 |
Imperial Brands Finance, 3.75%, 7/21/22 (1) | 11,905 | 12,426 |
Keurig Dr Pepper, 3.551%, 5/25/21 | 7,905 | 8,091 |
McKesson, 3.65%, 11/30/20 | 11,510 | 11,603 |
Pernod Ricard, 4.45%, 1/15/22 (1) | 8,946 | 9,416 |
Perrigo Finance Unlimited, 3.90%, 12/15/24 | 14,415 | 15,589 |
Philip Morris International, 1.125%, 5/1/23 | 3,255 | 3,311 |
Reynolds American, 4.00%, 6/12/22 | 2,195 | 2,326 |
Shire Acquisitions Investments Ireland, 2.875%, 9/23/23 | 915 | 974 |
Takeda Pharmaceutical, 4.00%, 11/26/21 | 12,285 | 12,777 |
Tyson Foods, 2.25%, 8/23/21 | 4,705 | 4,783 |
455,931 | ||
Energy 6.1% | ||
Aker BP, 3.00%, 1/15/25 (1) | 7,265 | 7,329 |
Baker Hughes, 2.773%, 12/15/22 | 2,361 | 2,473 |
BP Capital Markets America, 2.937%, 4/6/23 | 2,980 | 3,165 |
Canadian Natural Resources, 2.05%, 7/15/25 | 9,710 | 9,917 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Cenovus Energy, 3.00%, 8/15/22 | 9,143 | 9,200 |
Cheniere Corpus Christi Holdings, 5.875%, 3/31/25 | 9,955 | 11,461 |
Cheniere Corpus Christi Holdings, 7.00%, 6/30/24 | 13,870 | 16,121 |
Diamondback Energy, 2.875%, 12/1/24 | 19,955 | 20,554 |
Diamondback Energy, 4.75%, 5/31/25 | 6,245 | 6,843 |
Energy Transfer Operating, 2.90%, 5/15/25 | 1,860 | 1,911 |
Energy Transfer Operating, 4.20%, 9/15/23 | 1,819 | 1,930 |
Energy Transfer Operating, 4.25%, 3/15/23 | 6,785 | 7,150 |
Energy Transfer Operating, 4.90%, 2/1/24 | 665 | 717 |
Energy Transfer Operating, 5.875%, 1/15/24 | 17,363 | 19,273 |
Eni, Series X-R, 4.00%, 9/12/23 (1) | 6,575 | 7,120 |
Enterprise Products Operating, 2.80%, 2/15/21 | 7,590 | 7,675 |
Enterprise Products Operating, 3.50%, 2/1/22 | 9,820 | 10,230 |
EOG Resources, 2.625%, 3/15/23 | 2,263 | 2,376 |
EQT, 3.00%, 10/1/22 | 16,719 | 16,552 |
EQT, 4.875%, 11/15/21 | 2,076 | 2,117 |
Exxon Mobil, 1.571%, 4/15/23 | 12,970 | 13,365 |
Exxon Mobil, 1.902%, 8/16/22 | 2,590 | 2,671 |
Exxon Mobil, 2.992%, 3/19/25 | 16,400 | 18,006 |
Kinder Morgan, 5.00%, 2/15/21 (1) | 4,775 | 4,855 |
Kinder Morgan Energy Partners, 3.95%, 9/1/22 | 955 | 1,009 |
Marathon Oil, 2.80%, 11/1/22 | 14,075 | 14,356 |
MPLX, FRN, 3M USD LIBOR + 0.90%, 1.213%, 9/9/21 | 2,000 | 1,997 |
MPLX, FRN, 3M USD LIBOR + 1.10%, 1.413%, 9/9/22 | 6,195 | 6,195 |
Occidental Petroleum, 2.60%, 8/13/21 | 6,980 | 6,971 |
Phillips 66, FRN, 3M USD LIBOR + 0.60%, 0.834%, 2/26/21 | 5,230 | 5,224 |
Plains All American Pipeline, 5.00%, 2/1/21 | 3,554 | 3,581 |
Sabine Pass Liquefaction, 5.625%, 4/15/23 | 5,863 | 6,473 |
Sabine Pass Liquefaction, 6.25%, 3/15/22 | 19,214 | 20,501 |
Schlumberger Holdings, 3.75%, 5/1/24 (1) | 10,390 | 11,288 |
Schlumberger Holdings, 4.00%, 12/21/25 (1) | 2,580 | 2,859 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Suncor Energy, 2.80%, 5/15/23 | 3,350 | 3,526 |
Sunoco Logistics Partners Operations, 3.45%, 1/15/23 | 697 | 720 |
Sunoco Logistics Partners Operations, 4.25%, 4/1/24 | 455 | 482 |
Sunoco Logistics Partners Operations, 4.40%, 4/1/21 | 1,850 | 1,882 |
Valero Energy, 2.70%, 4/15/23 | 9,773 | 10,201 |
Valero Energy, 3.65%, 3/15/25 | 1,645 | 1,807 |
Western Midstream Operating, 4.00%, 7/1/22 | 13,190 | 13,454 |
Williams, 3.35%, 8/15/22 | 1,605 | 1,671 |
Williams, 3.70%, 1/15/23 | 16,130 | 17,077 |
Williams, 4.30%, 3/4/24 | 2,123 | 2,333 |
336,618 | ||
Healthcare 0.1% | ||
Royalty Pharma, 0.75%, 9/2/23 (1) | 6,420 | 6,415 |
6,415 | ||
Technology 3.3% | ||
Analog Devices, 2.95%, 4/1/25 | 2,075 | 2,275 |
Apple, 2.40%, 5/3/23 | 12,870 | 13,585 |
Avnet, 3.75%, 12/1/21 | 6,614 | 6,786 |
Baidu, 2.875%, 7/6/22 | 6,676 | 6,888 |
Baidu, 3.50%, 11/28/22 | 5,706 | 6,006 |
Equifax, 2.30%, 6/1/21 | 7,825 | 7,924 |
Equifax, 3.60%, 8/15/21 | 4,780 | 4,920 |
Equifax, FRN, 3M USD LIBOR + 0.87%, 1.15%, 8/15/21 | 5,125 | 5,136 |
Fiserv, 2.75%, 7/1/24 | 13,355 | 14,325 |
Global Payments, 2.65%, 2/15/25 | 5,665 | 6,054 |
International Business Machines, 2.50%, 1/27/22 | 3,715 | 3,830 |
International Business Machines, 2.85%, 5/13/22 | 6,190 | 6,455 |
International Business Machines, 2.875%, 11/9/22 | 1,020 | 1,074 |
Microchip Technology, 2.67%, 9/1/23 (1) | 7,395 | 7,650 |
Microchip Technology, 3.922%, 6/1/21 | 15,880 | 16,263 |
Micron Technology, 2.497%, 4/24/23 | 18,270 | 19,079 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Micron Technology, 4.64%, 2/6/24 | 2,230 | 2,481 |
NXP, 2.70%, 5/1/25 (1) | 1,365 | 1,452 |
NXP, 3.875%, 9/1/22 (1) | 5,050 | 5,346 |
NXP, 4.125%, 6/1/21 (1) | 4,980 | 5,104 |
NXP, 4.625%, 6/15/22 (1) | 2,120 | 2,261 |
NXP, 4.625%, 6/1/23 (1) | 8,535 | 9,356 |
NXP, 4.875%, 3/1/24 (1) | 1,930 | 2,169 |
Oracle, 2.50%, 4/1/25 | 7,345 | 7,918 |
Panasonic, 2.536%, 7/19/22 (1) | 5,560 | 5,733 |
PayPal Holdings, 1.35%, 6/1/23 | 10,600 | 10,846 |
Texas Instruments, 1.375%, 3/12/25 | 4,070 | 4,219 |
185,135 | ||
Transportation 0.8% | ||
American Airlines PTT, Series 2017-2, Class B, 3.70%, 10/15/25 | 5,293 | 3,579 |
Delta Air Lines, 2.60%, 12/4/20 | 2,200 | 2,194 |
ERAC USA Finance, 5.25%, 10/1/20 (1) | 1,000 | 1,003 |
FedEx, 3.80%, 5/15/25 | 4,010 | 4,533 |
HPHT Finance 17, 2.75%, 9/11/22 | 7,884 | 8,060 |
Penske Truck Leasing, 3.30%, 4/1/21 (1) | 1,580 | 1,602 |
Penske Truck Leasing, 3.375%, 2/1/22 (1) | 6,330 | 6,554 |
Penske Truck Leasing, 3.65%, 7/29/21 (1) | 3,145 | 3,227 |
Union Pacific, 3.20%, 6/8/21 | 10,145 | 10,369 |
United Airlines PTT, Series 2019-2, Class B, 3.50%, 5/1/28 | 2,985 | 2,209 |
43,330 | ||
Total Industrial | 1,694,538 | |
UTILITIES 2.7% | ||
Electric 2.5% | ||
AES, 3.30%, 7/15/25 (1) | 5,425 | 5,805 |
American Electric Power, Series I, 3.65%, 12/1/21 | 1,500 | 1,560 |
CenterPoint Energy, 3.60%, 11/1/21 | 3,885 | 4,021 |
Duke Energy, 3.55%, 9/15/21 | 2,750 | 2,817 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Edison International, 3.125%, 11/15/22 | 4,775 | 4,941 |
Enel Finance International, 2.875%, 5/25/22 (1) | 12,367 | 12,801 |
Enel Finance International, 4.25%, 9/14/23 (1) | 8,055 | 8,830 |
FirstEnergy, 2.85%, 7/15/22 | 6,995 | 7,179 |
NextEra Energy Capital Holdings, FRN, 3M USD LIBOR + | ||
0.55%, 0.806%, 8/28/21 | 10,945 | 10,948 |
NRG Energy, 3.75%, 6/15/24 (1) | 4,470 | 4,801 |
Pacific Gas & Electric, 1.75%, 6/16/22 | 19,660 | 19,728 |
PNM Resources, 3.25%, 3/9/21 | 7,620 | 7,712 |
San Diego Gas & Electric, 1.914%, 2/1/22 | 1,220 | 1,233 |
Sinosing Services Pte, 2.25%, 2/20/25 | 16,700 | 17,209 |
Southern, 2.35%, 7/1/21 | 2,695 | 2,722 |
Vistra Operations, 3.55%, 7/15/24 (1) | 22,120 | 23,420 |
135,727 | ||
Natural Gas 0.2% | ||
CenterPoint Energy Resources, 4.50%, 1/15/21 | 460 | 463 |
Sempra Energy, 2.875%, 10/1/22 | 4,570 | 4,747 |
Sempra Energy, FRN, 3M USD LIBOR + 0.50%, 0.775%, | ||
1/15/21 | 7,910 | 7,900 |
13,110 | ||
Total Utilities | 148,837 | |
Total Corporate Bonds (Cost $2,728,871) | 2,802,851 | |
ASSET-BACKED SECURITIES 15.3% | ||
Car Loan 6.1% | ||
Ally Auto Receivables Trust | ||
Series 2017-2, Class C | ||
2.46%, 9/15/22 | 1,225 | 1,228 |
Ally Auto Receivables Trust | ||
Series 2017-2, Class D | ||
2.93%, 11/15/23 | 1,700 | 1,704 |
Ally Master Owner Trust | ||
Series 2018-2, Class A | ||
3.29%, 5/15/23 | 15,760 | 16,095 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
AmeriCredit Automobile Receivables Trust | ||
Series 2016-3, Class D | ||
2.71%, 9/8/22 | 10,015 | 10,129 |
AmeriCredit Automobile Receivables Trust | ||
Series 2017-1, Class C | ||
2.71%, 8/18/22 | 4,115 | 4,152 |
AmeriCredit Automobile Receivables Trust | ||
Series 2017-1, Class D | ||
3.13%, 1/18/23 | 15,265 | 15,641 |
AmeriCredit Automobile Receivables Trust | ||
Series 2017-2, Class D | ||
3.42%, 4/18/23 | 4,910 | 5,033 |
AmeriCredit Automobile Receivables Trust | ||
Series 2017-3, Class B | ||
2.24%, 6/19/23 | 2,838 | 2,849 |
AmeriCredit Automobile Receivables Trust | ||
Series 2017-3, Class C | ||
2.69%, 6/19/23 | 3,385 | 3,445 |
AmeriCredit Automobile Receivables Trust | ||
Series 2017-3, Class D | ||
3.18%, 7/18/23 | 11,521 | 11,862 |
AmeriCredit Automobile Receivables Trust | ||
Series 2020-1, Class C | ||
1.59%, 10/20/25 | 5,255 | 5,308 |
AmeriCredit Automobile Receivables Trust | ||
Series 2020-1, Class D | ||
1.80%, 12/18/25 | 5,065 | 4,971 |
AmeriCredit Automobile Receivables Trust | ||
Series 2020-2, Class B | ||
0.97%, 2/18/26 | 2,715 | 2,720 |
ARI Fleet Lease Trust | ||
Series 2018-A, Class A2 | ||
2.55%, 10/15/26 (1) | 1,062 | 1,066 |
Avis Budget Rental Car Funding AESOP | ||
Series 2015-2A, Class A | ||
2.63%, 12/20/21 (1) | 6,729 | 6,746 |
Avis Budget Rental Car Funding AESOP | ||
Series 2017-1A, Class B | ||
3.41%, 9/20/23 (1) | 4,535 | 4,637 |
Avis Budget Rental Car Funding AESOP | ||
Series 2018-2A, Class C | ||
4.95%, 3/20/25 (1) | 3,155 | 3,287 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Avis Budget Rental Car Funding AESOP | ||
Series 2019-1A, Class B | ||
3.70%, 3/20/23 (1) | 1,960 | 2,000 |
Avis Budget Rental Car Funding AESOP | ||
Series 2019-2A, Class A | ||
3.35%, 9/22/25 (1) | 7,360 | 7,739 |
Avis Budget Rental Car Funding AESOP | ||
Series 2019-2A, Class B | ||
3.55%, 9/22/25 (1) | 4,265 | 4,441 |
Avis Budget Rental Car Funding AESOP | ||
Series 2020-1A, Class A | ||
2.33%, 8/20/26 (1) | 3,950 | 4,036 |
Capital Auto Receivables Asset Trust | ||
Series 2017-1, Class B | ||
2.43%, 5/20/22 (1) | 1,235 | 1,247 |
Capital Auto Receivables Asset Trust | ||
Series 2017-1, Class C | ||
2.70%, 9/20/22 (1) | 1,865 | 1,896 |
Capital Auto Receivables Asset Trust | ||
Series 2018-1, Class C | ||
3.36%, 11/21/22 (1) | 15,835 | 16,297 |
Capital Auto Receivables Asset Trust | ||
Series 2018-1, Class D | ||
3.70%, 6/20/25 (1) | 15,125 | 15,477 |
Capital Auto Receivables Asset Trust | ||
Series 2018-2, Class B | ||
3.48%, 10/20/23 (1) | 3,020 | 3,065 |
Capital Auto Receivables Asset Trust | ||
Series 2018-2, Class C | ||
3.69%, 12/20/23 (1) | 3,810 | 3,893 |
CarMax Auto Owner Trust | ||
Series 2017-4, Class C | ||
2.70%, 10/16/23 | 1,685 | 1,719 |
CarMax Auto Owner Trust | ||
Series 2020-1, Class C | ||
2.34%, 11/17/25 | 2,965 | 3,033 |
Drive Auto Receivables Trust | ||
Series 2020-1, Class C | ||
2.36%, 3/16/26 | 6,095 | 6,238 |
Enterprise Fleet Financing | ||
Series 2017-3, Class A2 | ||
2.13%, 5/22/23 (1) | 428 | 428 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Enterprise Fleet Financing | ||
Series 2018-1, Class A2 | ||
2.87%, 10/20/23 (1) | 2,214 | 2,227 |
Enterprise Fleet Financing | ||
Series 2018-2, Class A2 | ||
3.14%, 2/20/24 (1) | 3,070 | 3,104 |
Enterprise Fleet Financing | ||
Series 2019-1, Class A2 | ||
2.98%, 10/20/24 (1) | 3,066 | 3,124 |
Enterprise Fleet Financing | ||
Series 2019-3, Class A2 | ||
2.06%, 5/20/25 (1) | 3,083 | 3,126 |
Ford Credit Auto Lease Trust | ||
Series 2020-A, Class B | ||
2.05%, 6/15/23 | 4,395 | 4,488 |
Ford Credit Auto Owner Trust | ||
Series 2019-1, Class B | ||
3.82%, 7/15/30 (1) | 5,000 | 5,456 |
GM Financial Automobile Leasing Trust | ||
Series 2018-1, Class C | ||
3.11%, 12/20/21 | 3,075 | 3,080 |
GM Financial Automobile Leasing Trust | ||
Series 2018-1, Class D | ||
3.37%, 10/20/22 | 7,625 | 7,643 |
GM Financial Automobile Leasing Trust | ||
Series 2018-2, Class C | ||
3.50%, 4/20/22 | 3,970 | 3,995 |
GM Financial Automobile Leasing Trust | ||
Series 2019-1, Class C | ||
3.56%, 12/20/22 | 7,185 | 7,329 |
GM Financial Automobile Leasing Trust | ||
Series 2020-1, Class D | ||
2.28%, 6/20/24 | 2,990 | 2,973 |
GM Financial Consumer Automobile Receivables Trust | ||
Series 2017-3A, Class C | ||
2.52%, 3/16/23 (1) | 1,895 | 1,916 |
GMF Floorplan Owner Revolving Trust | ||
Series 2018-2, Class C | ||
3.44%, 3/15/23 (1) | 8,315 | 8,376 |
GMF Floorplan Owner Revolving Trust | ||
Series 2019-1, Class A | ||
2.70%, 4/15/24 (1) | 5,910 | 6,125 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Hyundai Auto Receivables Trust | ||
Series 2017-A, Class B | ||
2.38%, 4/17/23 | 2,830 | 2,861 |
Hyundai Auto Receivables Trust | ||
Series 2019-A, Class B | ||
2.94%, 5/15/25 | 5,280 | 5,525 |
Navistar Financial Dealer Note Master Trust | ||
Series 2020-1, Class A, FRN | ||
1M USD LIBOR + 0.95%, 1.125%, 7/25/25 (1) | 5,475 | 5,490 |
Nissan Auto Receivables Owner Trust | ||
Series 2020-A, Class A3 | ||
1.38%, 12/16/24 | 2,840 | 2,898 |
Nissan Master Owner Trust Receivables | ||
Series 2019-A, Class A, FRN | ||
1M USD LIBOR + 0.56%, 0.722%, 2/15/24 | 3,805 | 3,817 |
Nissan Master Owner Trust Receivables | ||
Series 2019-B, Class A, FRN | ||
1M USD LIBOR + 0.43%, 0.592%, 11/15/23 | 12,890 | 12,882 |
Santander Drive Auto Receivables Trust | ||
Series 2018-1, Class C | ||
2.96%, 3/15/24 | 1,326 | 1,336 |
Santander Drive Auto Receivables Trust | ||
Series 2018-2, Class C | ||
3.35%, 7/17/23 | 2,247 | 2,274 |
Santander Drive Auto Receivables Trust | ||
Series 2018-4, Class B | ||
3.27%, 1/17/23 | 929 | 930 |
Santander Drive Auto Receivables Trust | ||
Series 2019-1, Class B | ||
3.21%, 9/15/23 | 3,090 | 3,115 |
Santander Drive Auto Receivables Trust | ||
Series 2019-3, Class B | ||
2.28%, 9/15/23 | 8,005 | 8,099 |
Santander Retail Auto Lease Trust | ||
Series 2018-A, Class C | ||
3.49%, 5/20/22 (1) | 7,295 | 7,374 |
Santander Retail Auto Lease Trust | ||
Series 2019-A, Class A3 | ||
2.77%, 6/20/22 (1) | 6,050 | 6,179 |
Santander Retail Auto Lease Trust | ||
Series 2019-B, Class C | ||
2.77%, 8/21/23 (1) | 4,715 | 4,835 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Santander Retail Auto Lease Trust | ||
Series 2019-C, Class A3 | ||
1.86%, 2/21/23 (1) | 4,415 | 4,500 |
Santander Retail Auto Lease Trust | ||
Series 2019-C, Class D | ||
2.88%, 6/20/24 (1) | 13,585 | 13,661 |
Santander Retail Auto Lease Trust | ||
Series 2020-A, Class D | ||
2.52%, 11/20/24 (1) | 5,280 | 5,369 |
USAA Auto Owner Trust | ||
Series 2017-1, Class B | ||
2.20%, 10/15/24 | 3,150 | 3,151 |
World Omni Auto Receivables Trust | ||
Series 2019-C, Class C | ||
2.40%, 6/15/26 | 5,370 | 5,531 |
World Omni Auto Receivables Trust | ||
Series 2020-A, Class C | ||
1.64%, 8/17/26 | 3,390 | 3,421 |
World Omni Automobile Lease Securitization Trust | ||
Series 2018-A, Class B | ||
3.06%, 5/15/23 | 2,135 | 2,141 |
340,733 | ||
Credit Card 0.9% | ||
Synchrony Card Funding | ||
Series 2019-A2, Class A | ||
2.34%, 6/15/25 | 13,765 | 14,174 |
Synchrony Card Issuance Trust | ||
Series 2018-A1, Class A | ||
3.38%, 9/15/24 | 13,240 | 13,628 |
Synchrony Credit Card Master Note Trust | ||
Series 2015-4, Class B | ||
2.62%, 9/15/23 | 3,660 | 3,661 |
Synchrony Credit Card Master Note Trust | ||
Series 2016-2, Class C | ||
2.95%, 5/15/24 | 8,842 | 8,941 |
Synchrony Credit Card Master Note Trust | ||
Series 2018-1, Class C | ||
3.36%, 3/15/24 | 12,481 | 12,554 |
52,958 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Other Asset-Backed Securities 5.0% | ||
Allegro III | ||
Series 2015-1A, Class AR, CLO, FRN | ||
3M USD LIBOR + 0.84%, 1.085%, 7/25/27 (1) | 2,216 | 2,202 |
Applebee's Funding | ||
Series 2019-1A, Class A2I | ||
4.194%, 6/7/49 (1) | 5,010 | 4,332 |
Ascentium Equipment Receivables Trust | ||
Series 2017-1A, Class A3 | ||
2.29%, 6/10/21 (1) | 456 | 457 |
Barings | ||
Series 2013-IA, Class AR, CLO, FRN | ||
3M USD LIBOR + 0.80%, 1.072%, 1/20/28 (1) | 11,349 | 11,276 |
BlueMountain | ||
Series 2015-2A, Class A1R, CLO, FRN | ||
3M USD LIBOR + 0.93%, 1.202%, 7/18/27 (1) | 13,332 | 13,246 |
BRE Grand Islander Timeshare Issuer | ||
Series 2019-A, Class A | ||
3.28%, 9/26/33 (1) | 2,392 | 2,429 |
Carlyle Global Market Strategies | ||
Series 2015-3A, Class A1R, CLO, FRN | ||
3M USD LIBOR + 1.00%, 1.247%, 7/28/28 (1) | 13,980 | 13,897 |
CIFC Funding | ||
Series 2015-5A, Class A1R, CLO, FRN | ||
3M USD LIBOR + 0.86%, 1.105%, 10/25/27 (1) | 7,398 | 7,350 |
CNH Equipment Trust | ||
Series 2018-A, Class B | ||
3.47%, 10/15/25 | 3,105 | 3,202 |
Cole Park | ||
Series 2015-1A, Class AR, CLO, FRN | ||
3M USD LIBOR + 1.05%, 1.322%, 10/20/28 (1) | 13,540 | 13,462 |
Daimler Trucks Retail Trust | ||
Series 2018-1, Class A4 | ||
3.03%, 11/15/24 (1) | 3,920 | 3,941 |
Daimler Trucks Retail Trust | ||
Series 2020-1, Class A4 | ||
1.37%, 6/15/27 | 8,360 | 8,381 |
Elara HGV Timeshare Issuer | ||
Series 2014-A, Class A | ||
2.53%, 2/25/27 (1) | 500 | 501 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Elara HGV Timeshare Issuer | ||
Series 2017-A, Class A | ||
2.69%, 3/25/30 (1) | 1,364 | 1,381 |
Elara HGV Timeshare Issuer | ||
Series 2019-A, Class A | ||
2.61%, 1/25/34 (1) | 5,645 | 5,707 |
Golub Capital Partners | ||
Series 2018-39A, Class A1, CLO, FRN | ||
3M USD LIBOR + 1.15%, 1.422%, 10/20/28 (1) | 7,835 | 7,814 |
GreatAmerica Leasing Receivables Funding | ||
Series 2018-1, Class A3 | ||
2.60%, 6/15/21 (1) | 694 | 696 |
Halcyon Loan Advisors Funding | ||
Series 2014-3A, Class B1R, CLO, FRN | ||
3M USD LIBOR + 1.70%, 1.958%, 10/22/25 (1) | 6,000 | 5,940 |
Hardee's Funding | ||
Series 2018-1A, Class A2I | ||
4.25%, 6/20/48 (1) | 7,573 | 7,604 |
Hilton Grand Vacations Trust | ||
Series 2017-AA, Class A | ||
2.66%, 12/26/28 (1) | 1,494 | 1,521 |
Hilton Grand Vacations Trust | ||
Series 2017-AA, Class B | ||
2.96%, 12/26/28 (1) | 513 | 507 |
KKR | ||
Series 13, Class A1R, CLO, FRN | ||
3M USD LIBOR + 0.80%, 1.071%, 1/16/28 (1) | 11,320 | 11,169 |
Kubota Credit Owner Trust | ||
Series 2020-1A, Class A3 | ||
1.96%, 3/15/24 (1) | 2,600 | 2,649 |
Madison Park Funding XVIII | ||
Series 2015-18A, Class A1R, CLO, FRN | ||
3M USD LIBOR + 1.19%, 1.461%, 10/21/30 (1) | 10,775 | 10,712 |
Magnetite XVI | ||
Series 2015-16A, Class AR, CLO, FRN | ||
3M USD LIBOR + 0.80%, 1.072%, 1/18/28 (1) | 15,836 | 15,704 |
MVW | ||
Series 2020-1A, Class B | ||
2.73%, 10/20/37 (1) | 2,411 | 2,472 |
MVW Owner Trust | ||
Series 2014-1A, Class A | ||
2.25%, 9/22/31 (1) | 1,022 | 1,024 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
MVW Owner Trust | ||
Series 2017-1A, Class A | ||
2.42%, 12/20/34 (1) | 728 | 742 |
MVW Owner Trust | ||
Series 2017-1A, Class B | ||
2.75%, 12/20/34 (1) | 259 | 262 |
MVW Owner Trust | ||
Series 2017-1A, Class C | ||
2.99%, 12/20/34 (1) | 652 | 653 |
Neuberger Berman XIX | ||
Series 2015-19A, Class A1R2, CLO, FRN | ||
3M USD LIBOR + 0.80%, 1.075%, 7/15/27 (1) | 8,866 | 8,797 |
Neuberger Berman XVI | ||
Series 2017-16SA, Class A, CLO, FRN | ||
3M USD LIBOR + 0.85%, 1.125%, 1/15/28 (1) | 6,708 | 6,675 |
OCP | ||
Series 2014-7A, Class A1RR, CLO, FRN | ||
3M USD LIBOR + 1.12%, 1.392%, 7/20/29 (1) | 21,700 | 21,503 |
OCP | ||
Series 2015-10A, Class A1R, CLO, FRN | ||
3M USD LIBOR + 0.82%, 1.065%, 10/26/27 (1) | 7,468 | 7,410 |
Octagon Investment Partners XXIII | ||
Series 2015-1A, Class A1R, CLO, FRN | ||
3M USD LIBOR + 0.85%, 1.125%, 7/15/27 (1) | 4,902 | 4,858 |
OZLM VIII | ||
Series 2014-8A, Class A1RR, CLO, FRN | ||
3M USD LIBOR + 1.17%, 1.443%, 10/17/29 (1) | 8,501 | 8,448 |
Planet Fitness Master Issuer | ||
Series 2018-1A, Class A2I | ||
4.262%, 9/5/48 (1) | 5,988 | 5,987 |
Sierra Timeshare Receivables Funding | ||
Series 2015-3A, Class A | ||
2.58%, 9/20/32 (1) | 1,186 | 1,186 |
Sierra Timeshare Receivables Funding | ||
Series 2016-1A, Class A | ||
3.08%, 3/21/33 (1) | 911 | 916 |
Sierra Timeshare Receivables Funding | ||
Series 2016-2A, Class A | ||
2.33%, 7/20/33 (1) | 604 | 608 |
Sierra Timeshare Receivables Funding | ||
Series 2016-3A, Class A | ||
2.43%, 10/20/33 (1) | 2,016 | 2,021 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Sierra Timeshare Receivables Funding | ||
Series 2017-1A, Class A | ||
2.91%, 3/20/34 (1) | 526 | 532 |
Sierra Timeshare Receivables Funding | ||
Series 2019-1A, Class A | ||
3.20%, 1/20/36 (1) | 2,237 | 2,315 |
Sierra Timeshare Receivables Funding | ||
Series 2019-2A, Class A | ||
2.59%, 5/20/36 (1) | 7,339 | 7,544 |
Sierra Timeshare Receivables Funding | ||
Series 2020-2A, Class C | ||
3.51%, 7/20/37 (1) | 3,955 | 3,955 |
Symphony XVII | ||
Series 2016-17A, Class AR, CLO, FRN | ||
3M USD LIBOR + 0.88%, 1.155%, 4/15/28 (1) | 10,032 | 9,956 |
Verizon Owner Trust | ||
Series 2017-3A, Class C | ||
2.53%, 4/20/22 (1) | 7,520 | 7,577 |
Verizon Owner Trust | ||
Series 2018-1A, Class C | ||
3.20%, 9/20/22 (1) | 10,190 | 10,323 |
Volvo Financial Equipment | ||
Series 2018-1A, Class B | ||
2.91%, 1/17/23 (1) | 3,360 | 3,434 |
Volvo Financial Equipment Master Owner Trust | ||
Series 2017-A, Class A, FRN | ||
1M USD LIBOR + 0.50%, 0.662%, 11/15/22 (1) | 1,890 | 1,891 |
277,169 | ||
Residential Mortgage 0.1% | ||
MetLife Securitization Trust | ||
Series 2017-1A, Class A, CMO, ARM | ||
3.00%, 4/25/55 (1) | 3,051 | 3,204 |
3,204 | ||
Student Loan 3.2% | ||
Navient Private Education Refi Loan Trust | ||
Series 2019-A, Class A2A | ||
3.42%, 1/15/43 (1) | 10,700 | 10,994 |
Navient Private Education Refi Loan Trust | ||
Series 2019-CA, Class A1 | ||
2.82%, 2/15/68 (1) | 3,512 | 3,531 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Navient Private Education Refi Loan Trust | ||
Series 2019-EA, Class A1 | ||
2.39%, 5/15/68 (1) | 3,893 | 3,923 |
Navient Private Education Refi Loan Trust | ||
Series 2019-EA, Class A2A | ||
2.64%, 5/15/68 (1) | 11,675 | 12,197 |
Navient Private Education Refi Loan Trust | ||
Series 2019-GA, Class A | ||
2.40%, 10/15/68 (1) | 17,189 | 17,596 |
Navient Private Education Refi Loan Trust | ||
Series 2020-A, Class A2A | ||
2.46%, 11/15/68 (1) | 6,155 | 6,389 |
Navient Private Education Refi Loan Trust | ||
Series 2020-CA, Class A2A | ||
2.15%, 11/15/68 (1) | 20,035 | 20,340 |
Navient Private Education Refi Loan Trust | ||
Series 2020-DA, Class A | ||
1.69%, 5/15/69 (1) | 8,171 | 8,262 |
Navient Private Education Refi Loan Trust | ||
Series 2020-FA, Class A | ||
1.22%, 7/15/69 (1) | 9,905 | 9,919 |
Navient Student Loan Trust | ||
Series 2019-2A, Class A1, FRN | ||
1M USD LIBOR + 0.27%, 0.445%, 2/27/68 (1) | 2,620 | 2,617 |
Nelnet Student Loan Trust | ||
Series 2005-4, Class A4, FRN | ||
3M USD LIBOR + 0.18%, 0.486%, 3/22/32 | 5,359 | 5,023 |
Nelnet Student Loan Trust | ||
Series 2020-1A, Class A, FRN | ||
1M USD LIBOR + 0.74%, 0.915%, 3/26/68 (1) | 2,808 | 2,774 |
SLM Student Loan Trust | ||
Series 2007-7, Class A4, FRN | ||
3M USD LIBOR + 0.33%, 0.575%, 1/25/22 | 7,488 | 7,107 |
SLM Student Loan Trust | ||
Series 2008-1, Class A4, FRN | ||
3M USD LIBOR + 0.65%, 0.895%, 1/25/22 | 12,594 | 11,890 |
SLM Student Loan Trust | ||
Series 2008-5, Class A4, FRN | ||
3M USD LIBOR + 1.70%, 1.945%, 7/25/23 | 1,839 | 1,812 |
SLM Student Loan Trust | ||
Series 2008-9, Class A, FRN | ||
3M USD LIBOR + 1.50%, 1.745%, 4/25/23 | 1,345 | 1,318 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
SLM Student Loan Trust | ||
Series 2010-1, Class A, FRN | ||
1M USD LIBOR + 0.40%, 0.575%, 3/25/25 | 7,074 | 6,733 |
SMB Private Education Loan Trust | ||
Series 2014-A, Class A3, FRN | ||
1M USD LIBOR + 1.50%, 1.662%, 4/15/32 (1) | 12,170 | 12,185 |
SMB Private Education Loan Trust | ||
Series 2015-A, Class A2B, FRN | ||
1M USD LIBOR + 1.00%, 1.162%, 6/15/27 (1) | 1,521 | 1,524 |
SMB Private Education Loan Trust | ||
Series 2016-B, Class A2A | ||
2.43%, 2/17/32 (1) | 6,062 | 6,185 |
SMB Private Education Loan Trust | ||
Series 2016-C, Class A2B, FRN | ||
1M USD LIBOR + 1.10%, 1.262%, 9/15/34 (1) | 9,183 | 9,174 |
SMB Private Education Loan Trust | ||
Series 2018-B, Class A2B, FRN | ||
1M USD LIBOR + 0.72%, 0.882%, 1/15/37 (1) | 14,227 | 14,080 |
SMB Private Education Loan Trust | ||
Series 2020-BA, Class A1A | ||
1.29%, 7/15/53 (1) | 3,945 | 3,940 |
179,513 | ||
Total Asset-Backed Securities (Cost $849,211) | 853,577 | |
NON-U.S. GOVERNMENT MORTGAGE-BACKED | ||
SECURITIES 14.5% | ||
Collateralized Mortgage Obligations 9.8% | ||
Angel Oak Mortgage Trust | ||
Series 2020-3, Class A1, CMO, ARM | ||
1.691%, 4/25/65 (1) | 5,837 | 5,873 |
Angel Oak Mortgage Trust | ||
Series 2020-5, Class A2, CMO, ARM | ||
1.579%, 5/25/65 (1) | 5,090 | 5,090 |
Angel Oak Mortgage Trust I | ||
Series 2019-2, Class A1, CMO, ARM | ||
3.628%, 3/25/49 (1) | 4,926 | 5,025 |
Angel Oak Mortgage Trust I | ||
Series 2019-2, Class M1, CMO, ARM | ||
4.065%, 3/25/49 (1) | 4,490 | 4,597 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Angel Oak Mortgage Trust I | ||
Series 2019-4, Class A3, CMO, ARM | ||
3.301%, 7/26/49 (1) | 5,694 | 5,747 |
Bayview Mortgage Fund IVc Trust | ||
Series 2017-RT3, Class A, CMO, ARM | ||
3.50%, 1/28/58 (1) | 7,851 | 7,917 |
Bayview Opportunity Master Fund IVa Trust | ||
Series 2017-SPL5, Class A, CMO, ARM | ||
3.50%, 6/28/57 (1) | 6,903 | 7,111 |
Bayview Opportunity Master Fund IVb Trust | ||
Series 2017-SPL4, Class A, CMO, ARM | ||
3.50%, 1/28/55 (1) | 2,412 | 2,452 |
COLT Mortgage Loan Trust | ||
Series 2018-2, Class A1, CMO, ARM | ||
3.47%, 7/27/48 (1) | 4,227 | 4,228 |
COLT Mortgage Loan Trust | ||
Series 2018-2, Class A2, CMO, ARM | ||
3.542%, 7/27/48 (1) | 1,524 | 1,525 |
COLT Mortgage Loan Trust | ||
Series 2018-4, Class A1, CMO, ARM | ||
4.006%, 12/28/48 (1) | 2,433 | 2,467 |
COLT Mortgage Loan Trust | ||
Series 2019-2, Class A1, CMO, ARM | ||
3.337%, 5/25/49 (1) | 2,789 | 2,817 |
COLT Mortgage Loan Trust | ||
Series 2019-3, Class A1, CMO, ARM | ||
2.764%, 8/25/49 (1) | 6,164 | 6,232 |
COLT Mortgage Loan Trust | ||
Series 2020-3, Class A1, CMO, ARM | ||
1.506%, 4/27/65 (1) | 3,533 | 3,535 |
Connecticut Avenue Securities | ||
Series 2017-C02, Class 2ED3, CMO, ARM | ||
1M USD LIBOR + 1.35%, 1.525%, 9/25/29 | 4,622 | 4,539 |
Connecticut Avenue Securities | ||
Series 2017-C04, Class 2ED2, CMO, ARM | ||
1M USD LIBOR + 1.10%, 1.275%, 11/25/29 | 10,167 | 9,930 |
Connecticut Avenue Securities | ||
Series 2017-C05, Class 1ED3, CMO, ARM | ||
1M USD LIBOR + 1.20%, 1.375%, 1/25/30 | 4,895 | 4,765 |
Connecticut Avenue Securities | ||
Series 2018-C01, Class 1ED2, CMO, ARM | ||
1M USD LIBOR + 0.85%, 1.025%, 7/25/30 | 8,119 | 7,931 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Connecticut Avenue Securities | ||
Series 2018-C03, Class 1EB2, CMO, ARM | ||
1M USD LIBOR + 0.85%, 1.025%, 10/25/30 | 10,615 | 10,295 |
Connecticut Avenue Securities | ||
Series 2018-C03, Class 1ED2, CMO, ARM | ||
1M USD LIBOR + 0.85%, 1.025%, 10/25/30 | 9,453 | 9,236 |
Connecticut Avenue Securities | ||
Series 2020-R01, Class 1M1, CMO, ARM | ||
1M USD LIBOR + 0.80%, 0.975%, 1/25/40 (1) | 4,526 | 4,503 |
Deephaven Residential Mortgage Trust | ||
Series 2017-1A, Class A3, CMO, ARM | ||
3.485%, 12/26/46 (1) | 288 | 289 |
Deephaven Residential Mortgage Trust | ||
Series 2017-3A, Class A1, CMO, ARM | ||
2.577%, 10/25/47 (1) | 1,440 | 1,455 |
Deephaven Residential Mortgage Trust | ||
Series 2017-3A, Class A2, CMO, ARM | ||
2.711%, 10/25/47 (1) | 121 | 123 |
Deephaven Residential Mortgage Trust | ||
Series 2017-3A, Class A3, CMO, ARM | ||
2.813%, 10/25/47 (1) | 114 | 115 |
Deephaven Residential Mortgage Trust | ||
Series 2018-1A, Class A1, CMO, ARM | ||
2.976%, 12/25/57 (1) | 1,473 | 1,479 |
Deephaven Residential Mortgage Trust | ||
Series 2018-3A, Class A3, CMO, ARM | ||
3.963%, 8/25/58 (1) | 341 | 341 |
Deephaven Residential Mortgage Trust | ||
Series 2019-1A, Class A1, CMO, ARM | ||
3.743%, 1/25/59 (1) | 4,576 | 4,605 |
Deephaven Residential Mortgage Trust | ||
Series 2019-2A, Class A3, CMO, ARM | ||
3.763%, 4/25/59 (1) | 3,150 | 3,169 |
Deephaven Residential Mortgage Trust | ||
Series 2019-2A, Class M1, CMO, ARM | ||
3.921%, 4/25/59 (1) | 3,170 | 3,157 |
Deephaven Residential Mortgage Trust | ||
Series 2019-3A, Class A1, CMO, ARM | ||
2.964%, 7/25/59 (1) | 3,135 | 3,181 |
Ellington Financial Mortgage Trust | ||
Series 2019-2, Class A1, CMO, ARM | ||
2.739%, 11/25/59 (1) | 3,991 | 4,006 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Flagstar Mortgage Trust | ||
Series 2020-1INV, Class A11, CMO, ARM | ||
1M USD LIBOR + 0.85%, 1.025%, 3/25/50 (1) | 5,062 | 5,042 |
Freddie Mac Whole Loan Securities Trust | ||
Series 2017-SC02, Class M1, CMO, ARM | ||
3.818%, 5/25/47 (1) | 599 | 598 |
FWD Securitization Trust | ||
Series 2020-INV1, Class A1, CMO, ARM | ||
2.24%, 1/25/50 (1) | 11,737 | 11,799 |
Galton Funding Mortgage Trust | ||
Series 2018-1, Class A33, CMO, ARM | ||
3.50%, 11/25/57 (1) | 2,799 | 2,846 |
Galton Funding Mortgage Trust | ||
Series 2019-1, Class A32, CMO, ARM | ||
4.00%, 2/25/59 (1) | 2,488 | 2,555 |
Galton Funding Mortgage Trust | ||
Series 2019-H1, Class M1, CMO, ARM | ||
3.339%, 10/25/59 (1) | 7,916 | 7,755 |
Galton Funding Mortgage Trust | ||
Series 2020-H1, Class A1, CMO, ARM | ||
2.31%, 1/25/60 (1) | 4,642 | 4,710 |
Galton Funding Mortgage Trust | ||
Series 2020-H1, Class M1, CMO, ARM | ||
2.832%, 1/25/60 (1) | 4,592 | 4,416 |
GS Mortgage-Backed Securities Trust | ||
Series 2014-EB1A, Class 2A1, CMO, ARM | ||
2.452%, 7/25/44 (1) | 462 | 464 |
Homeward Opportunities Fund I Trust | ||
Series 2018-1, Class A1, CMO, ARM | ||
3.766%, 6/25/48 (1) | 3,780 | 3,781 |
Homeward Opportunities Fund I Trust | ||
Series 2018-1, Class A2, CMO, ARM | ||
3.897%, 6/25/48 (1) | 3,131 | 3,128 |
Homeward Opportunities Fund I Trust | ||
Series 2019-1, Class A1, CMO, ARM | ||
3.454%, 1/25/59 (1) | 6,689 | 6,785 |
Homeward Opportunities Fund I Trust | ||
Series 2019-1, Class A3, CMO, ARM | ||
3.606%, 1/25/59 (1) | 4,503 | 4,561 |
Homeward Opportunities Fund I Trust | ||
Series 2019-3, Class A1, CMO, ARM | ||
2.675%, 11/25/59 (1) | 4,227 | 4,268 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Homeward Opportunities Fund I Trust | ||
Series 2019-3, Class A3, CMO, ARM | ||
3.031%, 11/25/59 (1) | 2,504 | 2,496 |
Homeward Opportunities Fund I Trust | ||
Series 2020-2, Class A1, CMO, ARM | ||
1.657%, 5/25/65 (1) | 5,020 | 5,020 |
JPMorgan Mortgage Trust | ||
Series 2020-1INV, Class A11, CMO, ARM | ||
1M USD LIBOR + 0.83%, 1.002%, 8/25/50 (1) | 2,974 | 2,959 |
JPMorgan Mortgage Trust | ||
Series 2020-1INV, Class A15, CMO, ARM | ||
3.50%, 8/25/50 (1) | 4,891 | 4,972 |
JPMorgan Mortgage Trust | ||
Series 2020-LTV1, Class A4, CMO, ARM | ||
3.50%, 6/25/50 (1) | 10,939 | 11,021 |
Mill City Mortgage Loan Trust | ||
Series 2016-1, Class A1, CMO, ARM | ||
2.50%, 4/25/57 (1) | 724 | 734 |
New Residential Mortgage Loan Trust | ||
Series 2018-NQM1, Class A1, CMO, ARM | ||
3.986%, 11/25/48 (1) | 6,843 | 7,015 |
New Residential Mortgage Loan Trust | ||
Series 2019-NQM3, Class A1, CMO, ARM | ||
2.802%, 7/25/49 (1) | 6,961 | 7,064 |
New Residential Mortgage Loan Trust | ||
Series 2019-NQM3, Class A3, CMO, ARM | ||
3.086%, 7/25/49 (1) | 2,757 | 2,796 |
New Residential Mortgage Loan Trust | ||
Series 2019-NQM5, Class A1, CMO, ARM | ||
2.71%, 11/25/59 (1) | 4,735 | 4,853 |
New Residential Mortgage Loan Trust | ||
Series 2020-NQM1, Class A1, CMO, ARM | ||
2.464%, 1/26/60 (1) | 5,022 | 5,122 |
New Residential Mortgage Loan Trust | ||
Series 2020-NQM1, Class A3, CMO, ARM | ||
2.769%, 1/26/60 (1) | 3,953 | 3,934 |
New Residential Mortgage Loan Trust | ||
Series 2020-NQM2, Class A1, CMO, ARM | ||
1.65%, 5/24/60 (1) | 3,557 | 3,559 |
OBX Trust | ||
Series 2019-EXP2, Class 2A2, CMO, ARM | ||
1M USD LIBOR + 1.20%, 1.375%, 6/25/59 (1) | 1,592 | 1,571 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
OBX Trust | ||
Series 2019-EXP3, Class 2A1, CMO, ARM | ||
1M USD LIBOR + 0.90%, 1.075%, 10/25/59 (1) | 8,225 | 8,228 |
OBX Trust | ||
Series 2020-EXP1, Class 1A8, CMO, ARM | ||
3.50%, 2/25/60 (1) | 7,089 | 7,286 |
OBX Trust | ||
Series 2020-EXP1, Class 2A2, CMO, ARM | ||
1M USD LIBOR + 0.95%, 1.125%, 2/25/60 (1) | 1,943 | 1,910 |
OBX Trust | ||
Series 2020-EXP2, Class A8, CMO, ARM | ||
3.00%, 5/25/60 (1) | 10,308 | 10,561 |
OBX Trust | ||
Series 2020-EXP2, Class A9, CMO, ARM | ||
3.00%, 5/25/60 (1) | 1,555 | 1,586 |
OBX Trust | ||
Series 2020-INV, Class A5, CMO, ARM | ||
3.50%, 12/25/49 (1) | 3,098 | 3,196 |
Sequoia Mortgage Trust | ||
Series 2018-CH1, Class A11, CMO, ARM | ||
3.50%, 2/25/48 (1) | 3,268 | 3,295 |
Sequoia Mortgage Trust | ||
Series 2018-CH2, Class A21, CMO, ARM | ||
4.00%, 6/25/48 (1) | 2,746 | 2,806 |
Sequoia Mortgage Trust | ||
Series 2018-CH2, Class A3, CMO, ARM | ||
4.00%, 6/25/48 (1) | 7,190 | 7,381 |
Sequoia Mortgage Trust | ||
Series 2018-CH3, Class A19, CMO, ARM | ||
4.50%, 8/25/48 (1) | 1,547 | 1,612 |
Sequoia Mortgage Trust | ||
Series 2018-CH4, Class A19, CMO, ARM | ||
4.50%, 10/25/48 (1) | 1,500 | 1,543 |
Sequoia Mortgage Trust | ||
Series 2018-CH4, Class A2, CMO, ARM | ||
4.00%, 10/25/48 (1) | 2,313 | 2,365 |
Starwood Mortgage Residential Trust | ||
Series 2019-1, Class A1, CMO, ARM | ||
2.941%, 6/25/49 (1) | 4,952 | 5,031 |
Starwood Mortgage Residential Trust | ||
Series 2019-1, Class A3, CMO, ARM | ||
3.299%, 6/25/49 (1) | 3,881 | 3,928 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Starwood Mortgage Residential Trust | ||
Series 2019-IMC1, Class A1, CMO, ARM | ||
3.468%, 2/25/49 (1) | 3,163 | 3,241 |
Starwood Mortgage Residential Trust | ||
Series 2019-INV1, Class A1, CMO, ARM | ||
2.61%, 9/27/49 (1) | 1,108 | 1,122 |
Starwood Mortgage Residential Trust | ||
Series 2019-INV1, Class A3, CMO, ARM | ||
2.916%, 9/27/49 (1) | 2,611 | 2,642 |
Starwood Mortgage Residential Trust | ||
Series 2020-1, Class A2, CMO, ARM | ||
2.408%, 2/25/50 (1) | 3,371 | 3,422 |
Structured Agency Credit Risk Debt Notes | ||
Series 2020-HQA3, Class M1, CMO, ARM | ||
1M USD LIBOR + 1.55%, 1.725%, 7/25/50 (1) | 3,170 | 3,178 |
Structured Agency Credit Risk Debt Notes | ||
Series 2014-DN3, Class M3, CMO, ARM | ||
1M USD LIBOR + 4.00%, 4.175%, 8/25/24 | 3,307 | 3,365 |
Structured Agency Credit Risk Debt Notes | ||
Series 2015-DNA3, Class M3, CMO, ARM | ||
1M USD LIBOR + 4.70%, 4.875%, 4/25/28 | 3,476 | 3,615 |
Structured Agency Credit Risk Debt Notes | ||
Series 2017-DNA1, Class M1, CMO, ARM | ||
1M USD LIBOR + 0.70%, 0.875%, 1/25/50 (1) | 648 | 647 |
Structured Agency Credit Risk Debt Notes | ||
Series 2017-DNA2, Class M1, CMO, ARM | ||
1M USD LIBOR + 1.20%, 1.375%, 10/25/29 | 2,153 | 2,153 |
Structured Agency Credit Risk Debt Notes | ||
Series 2017-DNA3, Class M1, CMO, ARM | ||
1M USD LIBOR + 0.75%, 0.925%, 3/25/30 | 1,087 | 1,086 |
Structured Agency Credit Risk Debt Notes | ||
Series 2018-DNA2, Class M1, CMO, ARM | ||
1M USD LIBOR + 0.80%, 0.975%, 12/25/30 (1) | 1,961 | 1,956 |
Structured Agency Credit Risk Debt Notes | ||
Series 2018-DNA2, Class M2AS, CMO, ARM | ||
1M USD LIBOR + 0.95%, 1.125%, 12/25/30 (1) | 7,535 | 7,468 |
Structured Agency Credit Risk Debt Notes | ||
Series 2018-DNA3, Class M1, CMO, ARM | ||
1M USD LIBOR + 0.75%, 0.925%, 9/25/48 (1) | 16 | 16 |
Structured Agency Credit Risk Debt Notes | ||
Series 2018-DNA3, Class M2AS, CMO, ARM | ||
1M USD LIBOR + 0.90%, 1.075%, 9/25/48 (1) | 5,505 | 5,449 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Structured Agency Credit Risk Debt Notes | ||
Series 2018-HQA2, Class M1, CMO, ARM | ||
1M USD LIBOR + 0.75%, 0.925%, 10/25/48 (1) | 721 | 718 |
Structured Agency Credit Risk Debt Notes | ||
Series 2018-HRP2, Class M2, CMO, ARM | ||
1M USD LIBOR + 1.25%, 1.425%, 2/25/47 (1) | 3,889 | 3,766 |
Structured Agency Credit Risk Debt Notes | ||
Series 2018-SPI1, Class M1, CMO, ARM | ||
3.722%, 2/25/48 (1) | 1,787 | 1,803 |
Structured Agency Credit Risk Debt Notes | ||
Series 2020- DNA2, Class M1, CMO, ARM | ||
1M USD LIBOR + 0.75%, 0.925%, 2/25/50 (1) | 1,304 | 1,300 |
Structured Agency Credit Risk Debt Notes | ||
Series 2020-DNA3, Class M1, CMO, ARM | ||
1M USD LIBOR + 1.50%, 1.675%, 6/25/50 (1) | 3,650 | 3,659 |
Structured Agency Credit Risk Debt Notes | ||
Series 2020-DNA4, Class M1, CMO, ARM | ||
1M USD LIBOR + 1.50%, 1.658%, 8/25/50 (1) | 7,550 | 7,559 |
Structured Agency Credit Risk Debt Notes | ||
Series 2020-HQA1, Class M1, CMO, ARM | ||
1M USD LIBOR + 0.75%, 0.925%, 1/25/50 (1) | 1,406 | 1,404 |
Structured Agency Credit Risk Debt Notes | ||
Series 2020-HQA2, Class M1, CMO, ARM | ||
1M USD LIBOR + 1.10%, 1.275%, 3/25/50 (1) | 9,383 | 9,372 |
Towd Point Mortgage Trust | ||
Series 2015-4, Class A1B, CMO, ARM | ||
2.75%, 4/25/55 (1) | 1,638 | 1,647 |
Towd Point Mortgage Trust | ||
Series 2015-5, Class A1B, CMO, ARM | ||
2.75%, 5/25/55 (1) | 1,839 | 1,852 |
Towd Point Mortgage Trust | ||
Series 2016-1, Class A1B, CMO, ARM | ||
2.75%, 2/25/55 (1) | 1,089 | 1,105 |
Towd Point Mortgage Trust | ||
Series 2016-1, Class A3B, CMO, ARM | ||
3.00%, 2/25/55 (1) | 1,773 | 1,813 |
Towd Point Mortgage Trust | ||
Series 2016-2, Class A1A, CMO, ARM | ||
2.75%, 8/25/55 (1) | 1,195 | 1,225 |
Towd Point Mortgage Trust | ||
Series 2016-3, Class A1, CMO, ARM | ||
2.25%, 4/25/56 (1) | 861 | 873 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Towd Point Mortgage Trust | ||
Series 2017-1, Class A1, CMO, ARM | ||
2.75%, 10/25/56 (1) | 4,384 | 4,508 |
Towd Point Mortgage Trust | ||
Series 2017-2, Class A1, CMO, ARM | ||
2.75%, 4/25/57 (1) | 2,662 | 2,738 |
Towd Point Mortgage Trust | ||
Series 2017-3, Class A1, CMO, ARM | ||
2.75%, 7/25/57 (1) | 5,986 | 6,166 |
Towd Point Mortgage Trust | ||
Series 2017-4, Class A1, CMO, ARM | ||
2.75%, 6/25/57 (1) | 3,190 | 3,326 |
Towd Point Mortgage Trust | ||
Series 2017-6, Class A1, CMO, ARM | ||
2.75%, 10/25/57 (1) | 11,792 | 12,249 |
Towd Point Mortgage Trust | ||
Series 2018-1, Class A1, CMO, ARM | ||
3.00%, 1/25/58 (1) | 2,588 | 2,696 |
Towd Point Mortgage Trust | ||
Series 2018-2, Class A1, CMO, ARM | ||
3.25%, 3/25/58 (1) | 15,834 | 16,753 |
Towd Point Mortgage Trust | ||
Series 2018-5, Class A1A, CMO, ARM | ||
3.25%, 7/25/58 (1) | 11,648 | 12,258 |
Verus Securitization Trust | ||
Series 2018-2, Class A1, CMO, ARM | ||
3.677%, 6/1/58 (1) | 4,759 | 4,813 |
Verus Securitization Trust | ||
Series 2018-2, Class A2, CMO, ARM | ||
3.779%, 6/1/58 (1) | 1,439 | 1,451 |
Verus Securitization Trust | ||
Series 2018-2, Class A3, CMO, ARM | ||
3.83%, 6/1/58 (1) | 903 | 909 |
Verus Securitization Trust | ||
Series 2018-3, Class A1, CMO, ARM | ||
4.108%, 10/25/58 (1) | 4,648 | 4,751 |
Verus Securitization Trust | ||
Series 2018-INV1, Class A1, CMO, ARM | ||
3.626%, 3/25/58 (1) | 1,837 | 1,844 |
Verus Securitization Trust | ||
Series 2018-INV1, Class A2, CMO, ARM | ||
3.849%, 3/25/58 (1) | 813 | 814 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Verus Securitization Trust | ||
Series 2019-1, Class A1, CMO, ARM | ||
3.836%, 2/25/59 (1) | 5,863 | 5,973 |
Verus Securitization Trust | ||
Series 2019-2, Class A1, CMO, ARM | ||
3.211%, 5/25/59 (1) | 4,940 | 5,038 |
Verus Securitization Trust | ||
Series 2019-INV1, Class A1, CMO, ARM | ||
3.402%, 12/25/59 (1) | 2,897 | 2,964 |
Verus Securitization Trust | ||
Series 2019-INV1, Class M1, CMO, ARM | ||
4.034%, 12/25/59 (1) | 1,795 | 1,795 |
Verus Securitization Trust | ||
Series 2019-INV2, Class A1, CMO, ARM | ||
2.913%, 7/25/59 (1) | 9,676 | 9,862 |
Verus Securitization Trust | ||
Series 2019-INV3, Class A3, CMO, ARM | ||
3.10%, 11/25/59 (1) | 5,006 | 5,045 |
Verus Securitization Trust | ||
Series 2020-1, Class A1, CMO, STEP | ||
2.417%, 1/25/60 (1) | 11,192 | 11,419 |
Verus Securitization Trust | ||
Series 2020-1, Class A3, CMO, STEP | ||
2.724%, 1/25/60 (1) | 4,877 | 4,966 |
Verus Securitization Trust | ||
Series 2020-2, Class A1, CMO, ARM | ||
2.226%, 5/25/60 (1) | 15,711 | 15,802 |
Verus Securitization Trust | ||
Series 2020-INV1, Class A1, CMO, ARM | ||
1.977%, 3/25/60 (1) | 1,536 | 1,548 |
Vista Point Securitization Trust | ||
Series 2020-1, Class A1, CMO, ARM | ||
1.763%, 3/25/65 (1) | 4,257 | 4,268 |
Vista Point Securitization Trust | ||
Series 2020-2, Class A3, CMO, ARM | ||
2.496%, 4/25/65 (1) | 2,988 | 2,988 |
548,687 | ||
Commercial Mortgage-Backed Securities 4.7% | ||
280 Park Avenue Mortgage Trust | ||
Series 2017-280P, Class A, ARM | ||
1M USD LIBOR + 0.88%, 1.042%, 9/15/34 (1) | 5,835 | 5,805 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Atrium Hotel Portfolio Trust | ||
Series 2017-ATRM, Class A, ARM | ||
1M USD LIBOR + 0.93%, 1.092%, 12/15/36 (1) | 13,085 | 12,299 |
Austin Fairmont Hotel Trust 2019-fair | ||
Series 2019-FAIR, Class A, ARM | ||
1M USD LIBOR + 1.05%, 1.212%, 9/15/32 (1) | 8,355 | 7,989 |
BAMLL Commercial Mortgage-Backed Securities Trust | ||
Series 2018-DSNY, Class A, ARM | ||
1M USD LIBOR + 0.85%, 1.012%, 9/15/34 (1) | 8,180 | 7,910 |
BANK | ||
Series 2019-BN19, Class A1 | ||
2.263%, 8/15/61 | 3,224 | 3,297 |
BANK | ||
Series 2019-BN24, Class A1 | ||
2.056%, 11/15/62 | 3,635 | 3,693 |
BX Commercial Mortgage Trust | ||
Series 2019-XL, Class B, ARM | ||
1M USD LIBOR + 1.08%, 1.242%, 10/15/36 (1) | 5,245 | 5,222 |
BX Commercial Mortgage Trust | ||
Series 2020-BXLP, Class C, ARM | ||
1M USD LIBOR + 1.12%, 1.282%, 12/15/36 (1) | 5,725 | 5,682 |
BX Commercial Mortgage Trust | ||
Series 2020-BXLP, Class D, ARM | ||
1M USD LIBOR + 1.25%, 1.412%, 12/15/36 (1) | 5,515 | 5,439 |
BX Trust | ||
Series 2018-GW, Class A, ARM | ||
1M USD LIBOR + 0.80%, 0.962%, 5/15/35 (1) | 11,837 | 11,371 |
CGDB Commercial Mortgage Trust | ||
Series 2019-MOB, Class D, ARM | ||
1M USD LIBOR + 1.65%, 1.812%, 11/15/36 (1) | 10,831 | 10,316 |
Commercial Mortgage Trust | ||
Series 2013-300P, Class A1 | ||
4.353%, 8/10/30 (1) | 4,134 | 4,422 |
Commercial Mortgage Trust | ||
Series 2014-CR15, Class B, ARM | ||
4.843%, 2/10/47 | 6,420 | 6,972 |
Commercial Mortgage Trust | ||
Series 2014-CR19, Class D, ARM | ||
4.868%, 8/10/47 (1) | 2,995 | 2,602 |
Commercial Mortgage Trust | ||
Series 2014-UBS5, Class A4 | ||
3.838%, 9/10/47 | 9,680 | 10,616 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
Commercial Mortgage Trust | ||
Series 2015-LC23, Class A2 | ||
3.221%, 10/10/48 | 11,635 | 11,656 |
Commercial Mortgage Trust | ||
Series 2020-CBM, Class D, ARM | ||
3.754%, 2/10/37 (1) | 3,895 | 3,545 |
Credit Suisse Mortgage Capital Certificates | ||
Series 2019-ICE4, Class C, ARM | ||
1M USD LIBOR + 1.43%, 1.592%, 5/15/36 (1) | 8,520 | 8,445 |
Credit Suisse Mortgage Capital Certificates | ||
Series 2019-ICE4, Class D, ARM | ||
1M USD LIBOR + 1.60%, 1.762%, 5/15/36 (1) | 6,220 | 6,119 |
Credit Suisse Mortgage Trust | ||
Series 2020-NET, Class A | ||
2.257%, 8/15/37 (1) | 3,395 | 3,497 |
Fontainebleau Miami Beach Trust | ||
Series 2019-FBLU, Class C | ||
3.75%, 12/10/36 (1) | 7,590 | 7,434 |
Great Wolf Trust | ||
Series 2019-WOLF, Class A, ARM | ||
1M USD LIBOR + 1.034%, 1.196%, 12/15/36 (1) | 3,785 | 3,643 |
Great Wolf Trust | ||
Series 2019-WOLF, Class C, ARM | ||
1M USD LIBOR + 1.633%, 1.795%, 12/15/36 (1) | 4,200 | 3,866 |
GS Mortgage Securities Trust | ||
Series 2016-GS3, Class A1 | ||
1.429%, 10/10/49 | 191 | 191 |
GS Mortgage Securities Trust | ||
Series 2019-SOHO, Class A, ARM | ||
1M USD LIBOR + 0.90%, 1.062%, 6/15/36 (1) | 1,000 | 989 |
InTown Hotel Portfolio Trust | ||
Series 2018-STAY, Class A, ARM | ||
1M USD LIBOR + 0.70%, 0.862%, 1/15/33 (1) | 1,865 | 1,824 |
InTown Hotel Portfolio Trust | ||
Series 2018-STAY, Class C, ARM | ||
1M USD LIBOR + 1.25%, 1.412%, 1/15/33 (1) | 1,495 | 1,447 |
JPMBB Commercial Mortgage Securities Trust | ||
Series 2014-C23, Class A5 | ||
3.934%, 9/15/47 | 8,280 | 9,115 |
JPMorgan Chase Commercial Mortgage Securities Trust | ||
Series 2019-BKWD, Class B, ARM | ||
1M USD LIBOR + 1.35%, 1.512%, 9/15/29 (1) | 12,870 | 12,303 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
JPMorgan Chase Commercial Mortgage Securities Trust | ||
Series 2019-BKWD, Class C, ARM | ||
1M USD LIBOR + 1.60%, 1.762%, 9/15/29 (1) | 3,975 | 3,743 |
Merit | ||
Series 2020-HILL, Class B, ARM | ||
1M USD LIBOR + 1.40%, 1.555%, 8/15/37 (1) | 3,100 | 3,103 |
Merit | ||
Series 2020-HILL, Class C, ARM | ||
1M USD LIBOR + 1.70%, 1.855%, 8/15/37 (1) | 2,825 | 2,829 |
Merit | ||
Series 2020-HILL, Class D, ARM | ||
1M USD LIBOR + 2.35%, 2.505%, 8/15/37 (1) | 3,740 | 3,746 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
Series 2014-C18, Class AS, ARM | ||
4.11%, 10/15/47 | 3,065 | 3,308 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
Series 2016-C30, Class A1 | ||
1.389%, 9/15/49 | 819 | 819 |
Morgan Stanley Capital I Trust | ||
Series 2014-150E, Class A | ||
3.912%, 9/9/32 (1) | 9,590 | 10,341 |
Morgan Stanley Capital I Trust | ||
Series 2019-MEAD, Class D, ARM | ||
3.283%, 11/10/36 (1) | 7,880 | 6,146 |
New Orleans Hotel Trust | ||
Series 2019-HNLA, Class B, ARM | ||
1M USD LIBOR + 1.289%, 1.451%, 4/15/32 (1) | 13,305 | 12,306 |
RETL | ||
Series 2019-RVP, Class A, ARM | ||
1M USD LIBOR + 1.15%, 1.312%, 3/15/36 (1) | 1,046 | 997 |
SLIDE | ||
Series 2018-FUN, Class D, ARM | ||
1M USD LIBOR + 1.85%, 2.012%, 6/15/31 (1) | 6,630 | 5,965 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2015-NXS2, Class A2 | ||
3.02%, 7/15/58 | 3,784 | 3,837 |
WFRBS Commercial Mortgage Trust | ||
Series 2012-C6, Class B | ||
4.697%, 4/15/45 | 6,351 | 6,539 |
WFRBS Commercial Mortgage Trust | ||
Series 2014-C23, Class A5 | ||
3.917%, 10/15/57 | 8,820 | 9,743 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
WFRBS Commercial Mortgage Trust | ||
Series 2014-LC14, Class A5 | ||
4.045%, 3/15/47 | 7,525 | 8,216 |
259,347 | ||
Total Non-U.S. Government Mortgage-Backed Securities (Cost $811,568) | 808,034 | |
U.S. GOVERNMENT & AGENCY MORTGAGE-BACKED | ||
SECURITIES 4.0% | ||
U.S. GOVERNMENT AGENCY OBLIGATIONS 3.2% (3) | ||
Federal Home Loan Mortgage | ||
3.50%, 3/1/46 | 4,850 | 5,277 |
5.00%, 10/1/22 - 7/1/25 | 1,378 | 1,455 |
5.50%, 3/1/21 - 10/1/38 | 236 | 250 |
6.00%, 7/1/21 - 1/1/38 | 734 | 858 |
7.00%, 3/1/39 | 1,195 | 1,396 |
7.50%, 6/1/38 | 1,166 | 1,370 |
Federal Home Loan Mortgage, ARM | ||
12M USD LIBOR + 1.625%, 2.504%, 7/1/38 | 288 | 292 |
12M USD LIBOR + 1.625%, 2.55%, 6/1/38 | 33 | 35 |
12M USD LIBOR + 1.726%, 2.721%, 7/1/35 | 115 | 121 |
12M USD LIBOR + 1.733%, 2.933%, 10/1/36 | 292 | 307 |
12M USD LIBOR + 1.625%, 2.938%, 6/1/38 | 291 | 303 |
12M USD LIBOR + 1.72%, 3.268%, 5/1/38 | 111 | 112 |
12M USD LIBOR + 1.775%, 3.377%, 5/1/37 | 71 | 74 |
12M USD LIBOR + 1.625%, 3.47%, 4/1/37 | 10 | 10 |
12M USD LIBOR + 1.733%, 3.733%, 2/1/37 | 51 | 53 |
12M USD LIBOR + 1.746%, 3.745%, 2/1/37 | 75 | 79 |
12M USD LIBOR + 1.591%, 3.841%, 9/1/35 | 44 | 44 |
12M USD LIBOR + 1.831%, 3.88%, 1/1/37 | 51 | 51 |
12M USD LIBOR + 1.961%, 3.961%, 2/1/33 | 2 | 2 |
1Y CMT + 2.219%, 3.969%, 10/1/33 | 1 | 1 |
12M USD LIBOR + 1.987%, 3.986%, 2/1/34 | 8 | 8 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
12M USD LIBOR + 2.029%, 4.049%, 11/1/36 | 37 | 37 |
12M USD LIBOR + 2.082%, 4.082%, 2/1/38 | 221 | 235 |
1Y CMT + 2.347%, 4.097%, 11/1/34 | 176 | 179 |
12M USD LIBOR + 2.057%, 4.12%, 12/1/36 | 76 | 81 |
12M USD LIBOR + 2.191%, 4.191%, 2/1/37 | 81 | 86 |
Federal Home Loan Mortgage, CMO, 4.00%, 11/15/36 | 655 | 665 |
Federal Home Loan Mortgage, UMBS | ||
3.00%, 11/1/34 | 1,553 | 1,674 |
4.00%, 12/1/49 - 2/1/50 | 6,156 | 6,611 |
4.50%, 3/1/49 - 5/1/50 | 7,130 | 7,723 |
5.00%, 12/1/41 | 3,928 | 4,519 |
Federal National Mortgage Assn., ARM | ||
COF11 + 1.25%, 1.932%, 11/1/20 | — | — |
1Y CMT + 2.125%, 2.50%, 7/1/33 | 2 | 2 |
COF11 + 1.25%, 2.507%, 7/1/27 | 2 | 2 |
12M USD LIBOR + 1.655%, 2.577%, 8/1/37 | 23 | 24 |
12M USD LIBOR + 1.626%, 2.632%, 7/1/35 | 68 | 69 |
12M USD LIBOR + 1.853%, 2.68%, 8/1/38 | 26 | 27 |
12M USD LIBOR + 1.853%, 2.692%, 8/1/38 | 112 | 118 |
6M USD LIBOR + 1.365%, 2.765%, 10/1/33 | 407 | 418 |
12M USD LIBOR + 1.69%, 2.775%, 5/1/38 | 280 | 292 |
12M USD LIBOR + 1.569%, 3.23%, 12/1/35 | 76 | 78 |
12M USD LIBOR + 1.34%, 3.34%, 12/1/35 | 26 | 26 |
12M USD LIBOR + 1.83%, 3.34%, 8/1/38 | 10 | 10 |
12M USD LIBOR + 1.677%, 3.35%, 7/1/34 | 7 | 7 |
12M USD LIBOR + 1.715%, 3.59%, 10/1/32 | 18 | 18 |
12M USD LIBOR + 1.83%, 3.615%, 4/1/38 | 182 | 193 |
1Y CMT + 2.00%, 3.625%, 1/1/35 | 3 | 3 |
12M USD LIBOR + 1.86%, 3.638%, 5/1/38 | 185 | 189 |
12M USD LIBOR + 1.677%, 3.677%, 2/1/33 | 3 | 3 |
12M USD LIBOR + 1.715%, 3.724%, 12/1/32 | 47 | 48 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
12M USD LIBOR + 1.77%, 3.77%, 12/1/35 | 9 | 9 |
12M USD LIBOR + 1.788%, 3.788%, 5/1/38 | 98 | 99 |
12M USD LIBOR + 1.892%, 3.852%, 12/1/35 | 23 | 23 |
12M USD LIBOR + 1.78%, 3.905%, 1/1/34 | 14 | 14 |
12M USD LIBOR + 1.726%, 3.976%, 9/1/32 | 6 | 6 |
COF11 + 1.25%, 4.726%, 5/1/24 | 1 | 1 |
Federal National Mortgage Assn., CMO, 4.00%, 6/25/44 | 9,037 | 9,260 |
Federal National Mortgage Assn., CMO, STEP, 5.61%, 1/25/32 | 4 | 5 |
Federal National Mortgage Assn., UMBS | ||
3.00%, 9/1/28 - 2/1/35 | 12,782 | 13,593 |
3.50%, 12/1/45 - 2/1/48 | 2,971 | 3,155 |
4.00%, 1/1/47 - 1/1/50 | 17,722 | 18,919 |
4.50%, 11/1/20 - 1/1/50 | 44,847 | 48,735 |
5.00%, 12/1/20 - 9/1/48 | 12,210 | 13,790 |
5.50%, 3/1/21 - 5/1/40 | 13,371 | 15,434 |
6.00%, 5/1/21 - 2/1/49 | 15,966 | 18,986 |
6.50%, 7/1/32 - 12/1/32 | 511 | 591 |
UMBS, TBA, 2.00%, 9/1/50 (4) | 2,150 | 2,217 |
180,272 | ||
U.S. GOVERNMENT OBLIGATIONS 0.8% | ||
Government National Mortgage Assn. | ||
3.50%, 2/20/48 | 894 | 966 |
4.00%, 3/20/48 - 4/20/50 | 2,336 | 2,570 |
4.50%, 1/20/48 | 4,174 | 4,528 |
5.00%, 12/20/34 - 5/20/48 | 17,809 | 19,682 |
5.50%, 9/15/45 - 2/20/49 | 6,128 | 7,072 |
6.00%, 7/15/36 | 2,469 | 2,946 |
Government National Mortgage Assn., TBA, 4.00%, 9/20/50 (4) | 3,645 | 3,883 |
41,647 | ||
Total U.S. Government & Agency Mortgage-Backed Securities (Cost $213,821) | 221,919 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | ||
Par/Shares | $ Value | |
(Amounts in 000s) | ||
U.S. GOVERNMENT AGENCY OBLIGATIONS | ||
(EXCLUDING MORTGAGE-BACKED) 12.6% | ||
U.S. TREASURY OBLIGATIONS 12.6% | ||
U.S. Treasury Notes, 0.125%, 4/30/22 | 154,820 | 154,796 |
U.S. Treasury Notes, 0.125%, 5/31/22 | 80,000 | 79,975 |
U.S. Treasury Notes, 0.125%, 5/15/23 | 50,745 | 50,713 |
U.S. Treasury Notes, 0.125%, 7/15/23 | 54,280 | 54,237 |
U.S. Treasury Notes, 0.125%, 8/15/23 | 55,285 | 55,242 |
U.S. Treasury Notes, 0.25%, 6/15/23 | 26,600 | 26,675 |
U.S. Treasury Notes, 1.50%, 9/15/22 | 49,745 | 51,121 |
U.S. Treasury Notes, 1.75%, 6/15/22 | 60,580 | 62,312 |
U.S. Treasury Notes, 1.75%, 7/15/22 | 67,395 | 69,417 |
U.S. Treasury Notes, 2.125%, 5/15/22 | 14,550 | 15,041 |
U.S. Treasury Notes, 2.50%, 1/15/22 (5) | 78,295 | 80,815 |
Total U.S. Treasury Obligations | 700,344 | |
Total U.S. Government Agency Obligations (Excluding Mortgage-Backed) (Cost | ||
$691,858) | 700,344 | |
FOREIGN GOVERNMENT OBLIGATIONS & | ||
MUNICIPALITIES 1.5% | ||
Owned No Guarantee 1.5% | ||
Axiata, 3.466%, 11/19/20 | 5,710 | 5,737 |
Banco del Estado de Chile, 2.704%, 1/9/25 (1) | 4,585 | 4,828 |
China Overseas Finance Cayman VII, 4.25%, 4/26/23 | 12,750 | 13,647 |
CNAC HK Finbridge, 4.125%, 3/14/21 | 6,005 | 6,094 |
CNAC HK Finbridge, 4.625%, 3/14/23 | 7,100 | 7,627 |
Eastern Creation II Investment Holdings, 2.75%, 9/26/20 | 11,660 | 11,673 |
Saudi Arabian Oil, 2.75%, 4/16/22 (1) | 13,480 | 13,844 |
Shanghai Electric Group Global Investment, 2.65%, 11/21/24 | 16,700 | 17,374 |
Syngenta Finance, 3.933%, 4/23/21 (1) | 4,410 | 4,462 |
85,286 | ||
Total Foreign Government Obligations & Municipalities (Cost $83,951) | 85,286 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND | |||
Par/Shares | $ Value | ||
(Amounts in 000s) | |||
MUNICIPAL SECURITIES 0.4% | |||
Connecticut 0.1% | |||
Connecticut, Series A, GO, 2.00%, 7/1/23 | 770 | 798 | |
Connecticut, Series A, GO, 1.998%, 7/1/24 | 1,925 | 2,002 | |
Connecticut, Series A, GO, 2.098%, 7/1/25 | 1,275 | 1,339 | |
4,139 | |||
Illinois 0.0% | |||
Chicago Transit Auth. Sales Tax Receipts Fund, Series B, | |||
1.708%, 12/1/22 | 295 | 298 | |
Chicago Transit Auth. Sales Tax Receipts Fund, Series B, | |||
1.838%, 12/1/23 | 275 | 278 | |
Chicago Transit Auth. Sales Tax Receipts Fund, Series B, | |||
2.064%, 12/1/24 | 795 | 809 | |
1,385 | |||
New York 0.2% | |||
Long Island Power Auth., Series C, 0.764%, 3/1/23 | 2,460 | 2,461 | |
Port Auth. of New York & New Jersey, Series AAA, 1.086%, | |||
7/1/23 | 9,590 | 9,718 | |
12,179 | |||
Texas 0.1% | |||
Dallas/Fort Worth Int'l. Airport, Series C, 1.329%, 11/1/25 | 1,670 | 1,676 | |
1,676 | |||
Total Municipal Securities (Cost $19,059) | 19,379 | ||
SHORT-TERM INVESTMENTS 2.1% | |||
COMMERCIAL PAPER 0.4% | |||
4 (2) 0.4% (6) | |||
Boeing, 2.343%, 11/4/20 | 11,450 | 11,426 | |
Boeing, 2.185%, 11/16/20 | 11,120 | 11,092 | |
22,518 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND
Par/Shares | $ Value | |||
(Amounts in 000s) | ||||
MONEY MARKET FUNDS 1.7% | ||||
T. Rowe Price Government Reserve Fund, 0.11% (7)(8) | 96,012 | 96,012 | ||
Total Short-Term Investments (Cost $118,485) | 118,530 | |||
Total Investments in Securities 100.8% | ||||
(Cost $5,516,824) | $ | 5,609,920 | ||
Other Assets Less Liabilities (0.8)% | (44,468) | |||
Net Assets 100.0% | $ | 5,565,452 |
‡ | Par/Shares and Notional Amount are denominated in U.S. dollars unless | |
otherwise noted. | ||
(1) | Security was purchased pursuant to Rule 144A under the Securities Act of | |
1933 and may be resold in transactions exempt from registration only to | ||
qualified institutional buyers. Total value of such securities at period-end | ||
amounts to $1,967,529 and represents 35.4% of net assets. | ||
(2) | Security is a fix-to-float security, which carries a fixed coupon until a certain | |
date, upon which it switches to a floating rate. Reference rate and spread is | ||
provided if the rate is currently floating. | ||
(3) | Issuer operates under a Congressional charter; its securities are neither issued | |
nor guaranteed by the U.S. government. The Federal National Mortgage | ||
Association and the Federal Home Loan Mortgage Corporation, including | ||
| UMBS, currently operate under a federal conservatorship. | |
(4) | To-Be-Announced purchase commitment. Total value of such securities at | |
period-end amounts to $6,100 and represents 0.1% of net assets. | ||
(5) | At August 31, 2020, all or a portion of this security is pledged as collateral | |
and/or margin deposit to cover future funding obligations. | ||
(6) | Commercial paper exempt from registration under Section 4(2) of the | |
Securities Act of 1933 and may be resold in transactions exempt from | ||
registration only to dealers in that program or other "accredited investors". | ||
Total value of such securities at period-end amounts to $22,518 and | ||
represents 0.4% of net assets. | ||
(7) | Affiliated Companies | |
(8) | Seven-day yield | |
1M USD LIBOR | One month USD LIBOR (London interbank offered rate) | |
1Y CMT | One year U.S. Treasury note constant maturity rate | |
3M USD LIBOR | Three month USD LIBOR (London interbank offered rate) | |
6M USD LIBOR | Six month USD LIBOR (London interbank offered rate) | |
12M USD LIBOR | Twelve month USD LIBOR (London interbank offered 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. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND
CLO | Collateralized Loan Obligation |
CMO | Collateralized Mortgage Obligation |
COF11 | The 11th district monthly weighted average cost of funds index |
FRN | Floating Rate Note |
GO | General Obligation |
PTT | Pass-Through Trust |
STEP | Stepped coupon bond for which the coupon rate of interest adjusts on |
specified date(s); rate shown is effective rate at period-end. | |
TBA | To-Be-Announced |
UMBS | Uniform Mortgage-Backed Securities |
VR | Variable Rate; rate shown is effective rate at period-end. The rates for certain |
variable rate securities are not based on a published reference rate and | |
spread but are determined by the issuer or agent and based on current market | |
conditions. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND
(Amounts In 000s, except Market Price) | |||||||
SWAPS (0.0)% | |||||||
Upfront | |||||||
Notional | Payments/ | Unrealized | |||||
Description | Amount | $ Value | $ (Receipts) | $ Gain/(Loss) | |||
BILATERAL SWAPS (0.0)% | |||||||
Credit Default Swaps, Protection Bought (0.0)% | |||||||
Bank of America, Protection Bought (Relevant | |||||||
Credit: General Mills, 3.15%, 12/15/21), Pay | |||||||
1.00% Quarterly, Receive Upon credit default, | |||||||
12/20/24 | 4,857 | (191) | (133) | (58) | |||
Barclays Bank, Protection Bought (Relevant | |||||||
Credit: Omnicom Group, 3.65%, 11/1/24), Pay | |||||||
1.00% Quarterly, Receive Upon credit default, | |||||||
12/20/24 | 13,750 | (426) | (380) | (46) | |||
Citibank, Protection Bought (Relevant Credit: | |||||||
General Mills, 3.15%, 12/15/21), Pay 1.00% | |||||||
Quarterly, Receive Upon credit default, 12/20/24 | 6,938 | (273) | (189) | (84) | |||
Goldman Sachs, Protection Bought (Relevant | |||||||
Credit: General Mills, 3.15%, 12/15/21), Pay | |||||||
1.00% Quarterly, Receive Upon credit default, | |||||||
12/20/24 | 13,815 | (542) | (379) | (163) | |||
Total Bilateral Credit Default Swaps, Protection Bought | (1,081) | (351) | |||||
Credit Default Swaps, Protection Sold (0.0)% | |||||||
Bank of America, Protection Sold (Relevant | |||||||
Credit: Boeing, 8.75%, 8/15/21, $107.34*), | |||||||
Receive 1.00% Quarterly, Pay upon credit | |||||||
default, 12/20/21 | 28,000 | (584) | 202 | (786) | |||
Barclays Bank, Protection Sold (Relevant Credit: | |||||||
Enbridge, 3.50%, 6/10/24, $108.38*), Receive | |||||||
1.00% Quarterly, Pay upon credit default, | |||||||
6/20/23 | 20,250 | 319 | (799) | 1,118 | |||
Barclays Bank, Protection Sold (Relevant Credit: | |||||||
General Electric, 2.70%, 10/09/22, $103.87*), | |||||||
Receive 1.00% Quarterly, Pay upon credit | |||||||
default, 12/20/20 | 15,105 | 43 | 27 | 16 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND
(Amounts In 000s, except Market Price) | ||||||||
Upfront | ||||||||
Notional | Payments/ | Unrealized | ||||||
Description | Amount | $ Value | $ (Receipts) | $ Gain/(Loss) | ||||
Citibank, Protection Sold (Relevant Credit: Devon | ||||||||
Energy, 7.95%, 4/15/32, $130.00*), Receive | ||||||||
1.00% Quarterly, Pay upon credit default, | ||||||||
12/20/24 | 1,830 | (31) | (8) | (23) | ||||
Goldman Sachs, Protection Sold (Relevant | ||||||||
Credit: General Electric, 2.70%, 10/09/22, | ||||||||
$103.87*), Receive 1.00% Quarterly, Pay upon | ||||||||
credit default, 12/20/20 | 12,395 | 35 | 22 | 13 | ||||
Morgan Stanley, Protection Sold (Relevant | ||||||||
Credit: Devon Energy, 7.95%, 4/15/32, | ||||||||
$130.00*), Receive 1.00% Quarterly, Pay upon | ||||||||
credit default, 12/20/24 | 1,510 | (26) | (8) | (18) | ||||
Total Bilateral Credit Default Swaps, Protection Sold | (564) | 320 | ||||||
Total Bilateral Swaps | (1,645) | (31) | ||||||
*Market Price at August 31, 2020 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND
FUTURES CONTRACTS | |||||||||
($000s) | |||||||||
Value and | |||||||||
Expiration | Notional | Unrealized Gain | |||||||
Date | Amount | (Loss) | |||||||
Short, 1,829 U.S. Treasury Notes five year contracts | 12/20 | (230,511) | $ | (217) | |||||
Short, 1,125 U.S. Treasury Notes ten year contracts | 12/20 | (156,656) | 227 | ||||||
Long, 5,048 U.S. Treasury Notes two year contracts | 12/20 | 1,115,332 | 151 | ||||||
Net payments (receipts) of variation margin to date | (408) | ||||||||
Variation margin receivable (payable) on open futures contracts | $ | (247) |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND
Affiliated Companies
($000s)
The fund may invest in certain securities that are considered affiliated companies. As defined
by the 1940 Act, an affiliated company is one in which the fund owns 5% or more of the
outstanding voting securities, or a company that is under common ownership or control. The
following securities were considered affiliated companies for all or some portion of the three
months ended August 31, 2020. 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.
Change in Net | ||||||||
Net Realized Gain | Unrealized | Investment | ||||||
Affiliate | (Loss) | Gain/Loss | Income | |||||
T. Rowe Price Government | ||||||||
Reserve Fund | $ | —# | $ | — | $ | 18 | + | |
Supplementary Investment Schedule | ||||||||
Value | Purchase | Sales | Value | |||||
Affiliate | 5/31/20 | Cost | Cost | 8/31/20 | ||||
T. Rowe Price Government | ||||||||
Reserve Fund | $ | 34,263 | ¤ | ¤ | $ | 96,012 | ^ |
# | Capital gain distributions from mutual funds represented $0 of the net realized gain (loss). |
+ | Investment income comprised $18 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 $96,012. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SHORT-TERM BOND FUND
Unaudited
NOTES TO PORTFOLIO OF
INVESTMENTS
T. Rowe Price Short-Term Bond Fund (the fund) is registered under the Investment Company Act of 1940 (the 1940 Act)
as an open-end management investment company and follows accounting and reporting guidance of the Financial
Accounting Standards Board Accounting Standards Codification Topic 946. The accompanying Portfolio of Investments
was prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). For
additional information on the fund’s significant accounting policies and investment related disclosures, please refer to the
fund’s most recent semiannual or annual shareholder report and its prospectus.
VALUATION
The fund’s financial instruments are valued at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET,
each day the NYSE is open for business.
Fair Value
The fund’s financial instruments 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 T. Rowe Price Valuation Committee (the Valuation Committee) is an internal committee that has been
delegated certain responsibilities by the fund’s Board of Directors (the Board) to ensure that financial instruments are
appropriately priced at fair value in accordance with GAAP and the 1940 Act. Subject to oversight by the Board, the
Valuation Committee develops and oversees pricing-related policies and procedures and approves all fair value
determinations. Specifically, the Valuation Committee establishes procedures to value securities; determines pricing
techniques, sources, and persons eligible to effect fair value pricing actions; oversees the selection, services, and
performance of pricing vendors; oversees valuation-related business continuity practices; and provides guidance on
internal controls and valuation-related matters. The Valuation Committee reports to the Board and has representation
from legal, portfolio management and trading, operations, risk management, and the fund’s treasurer.
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
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.
T. ROWE PRICE SHORT-TERM BOND FUND
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 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. Generally, debt securities are categorized in Level
2 of the fair value hierarchy; however, to the extent the valuations include significant unobservable inputs, the securities
would be categorized in Level 3.
Investments in mutual funds are valued at the mutual fund’s closing NAV per share on the day of valuation and are
categorized in Level 1 of the fair value hierarchy. Financial futures contracts are valued at closing settlement prices and
are categorized in Level 1 of the fair value hierarchy. Swaps are valued at prices furnished by an independent pricing
service or independent swap dealers and generally are categorized in Level 2 of the fair value hierarchy; however, if
unobservable inputs are significant to the valuation, the swap would be categorized in Level 3.
Thinly traded financial instruments and those for which the above valuation procedures are inappropriate or are
deemed not to reflect fair value are stated at fair value as determined in good faith by the Valuation Committee. The
objective of any fair value pricing determination is to arrive at a price that could reasonably be expected from a current
sale. Financial instruments fair valued by the Valuation Committee are primarily private placements, restricted
securities, warrants, rights, and other securities that are not publicly traded.
Subject to oversight by the Board, the Valuation Committee regularly makes good faith judgments to establish and
adjust the fair valuations of certain securities as events occur and circumstances warrant. For instance, in determining
the fair value of troubled or thinly traded debt instruments, the Valuation Committee considers a variety of factors,
which may include, but are not limited to, the issuer’s business prospects, its financial standing and performance, recent
investment transactions in the issuer, strategic events affecting the company, market liquidity for the issuer, and general
economic conditions and events. In consultation with the investment and pricing teams, the Valuation Committee will
determine an appropriate valuation technique based on available information, which may include both observable and
unobservable inputs. The Valuation Committee 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 Committee may also
consider other valuation methods such as 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 and updated as information becomes available, including actual purchase and sale
transactions of the issue. Because any fair value determination involves a significant amount of judgment, there is a
degree of subjectivity inherent in such pricing decisions, and fair value prices determined by the Valuation Committee
could differ from those of other market participants. Depending on the relative significance of unobservable inputs,
including the valuation technique(s) used, fair valued securities may be categorized in Level 2 or 3 of the fair value
hierarchy.
T. ROWE PRICE SHORT-TERM BOND FUND
Valuation Inputs
The following table summarizes the fund’s financial instruments, based on the inputs used to determine their fair values
on August 31, 2020 (for further detail by category, please refer to the accompanying Portfolio of Investments):
($000s) | Level 1 | Level 2 | Level 3 | Total Value | |||
Assets | |||||||
Fixed Income Securities1 | $ | — $ | 5,491,390 $ | — $ | 5,491,390 | ||
Short-Term Investments | 96,012 | 22,518 | — | 118,530 | |||
Total Securities | 96,012 | 5,513,908 | — | 5,609,920 | |||
Swaps | — | 397 | — | 397 | |||
Total | $ | 96,012 $ | 5,514,305 $ | — $ | 5,610,317 | ||
Liabilities | |||||||
Swaps | $ | — $ | 2,073 $ | — $ | 2,073 | ||
Futures Contracts | 247 | — | — | 247 | |||
Total | $ | 247 $ | 2,073 $ | — $ | 2,320 |
1 Includes Corporate Bonds, Asset-Backed Securities, Non-U.S. Government Mortgage-Backed Securities,
U.S. Government & Agency Mortgage-Backed Securities, U.S. Government Agency Obligations (Excluding
Mortgage-Backed), Foreign Government Obligations & Municipalities, Municipal Securities.