T. Rowe Price Short Term Bond Fund (PRWBX) NPORT-P T. Rowe Price Ultra Short-Term Bond Fund (Feb 2021 report)

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

February

28,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

ASSET-BACKED

SECURITIES

13.8%

Auto

Backed

10.4%

AmeriCredit

Automobile

Receivables

Trust

Series

2017-2,

Class

D

3.42%,

4/18/23 

8,600‌

8,805‌

AmeriCredit

Automobile

Receivables

Trust

Series

2017-3,

Class

C

2.69%,

6/19/23 

3,102‌

3,135‌

AmeriCredit

Automobile

Receivables

Trust

Series

2018-2,

Class

A3

3.15%,

3/20/23 

667‌

672‌

AmeriCredit

Automobile

Receivables

Trust

Series

2019-3,

Class

A3

2.06%,

4/18/24 

4,000‌

4,052‌

AmeriCredit

Automobile

Receivables

Trust

Series

2020-1,

Class

A3

1.11%,

8/19/24 

6,565‌

6,623‌

AmeriCredit

Automobile

Receivables

Trust

Series

2020-2,

Class

A3

0.66%,

12/18/24 

825‌

829‌

AmeriCredit

Automobile

Receivables

Trust

Series

2020-2,

Class

B

0.97%,

2/18/26 

800‌

808‌

AmeriCredit

Automobile

Receivables

Trust

Series

2020-3,

Class

B

0.76%,

12/18/25 

7,500‌

7,526‌

Ari

Fleet

Lease

Trust

Series

2018-B,

Class

A2

3.22%,

8/16/27 (1)

595‌

599‌

Ari

Fleet

Lease

Trust

Series

2019-A,

Class

A2A

2.41%,

11/15/27 (1)

1,093‌

1,108‌

Ari

Fleet

Lease

Trust

Series

2020-A,

Class

A2

1.77%,

8/15/28 (1)

2,135‌

2,154‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2017-2A,

Class

A

2.97%,

3/20/24 (1)

6,280‌

6,562‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2019-1A,

Class

A

3.45%,

3/20/23 (1)

1,950‌

1,999‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2019-1A,

Class

B

3.70%,

3/20/23 (1)

4,067‌

4,158‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2019-1A,

Class

C

4.53%,

3/20/23 (1)

225‌

231‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

2

Par/Shares

$

Value

(Amounts

in

000s)

BMW

Vehicle

Lease

Trust

Series

2019-1,

Class

A3

2.84%,

11/22/21 

322‌

322‌

Capital

Auto

Receivables

Asset

Trust

Series

2018-1,

Class

B

3.09%,

8/22/22 (1)

5,000‌

5,053‌

Capital

Auto

Receivables

Asset

Trust

Series

2018-2,

Class

B

3.48%,

10/20/23 (1)

483‌

484‌

Carmax

Auto

Owner

Trust

Series

2019-3,

Class

A3

2.18%,

8/15/24 

2,785‌

2,844‌

Carmax

Auto

Owner

Trust

Series

2020-1,

Class

A3

1.89%,

12/16/24 

1,500‌

1,533‌

Chase

Auto

Credit

Linked

Notes

Series

2020-1,

Class

B

0.991%,

1/25/28 (1)

4,103‌

4,116‌

Chase

Auto

Credit

Linked

Notes

Series

2020-2,

Class

B

0.84%,

2/25/28 (1)

6,750‌

6,760‌

Drive

Auto

Receivables

Trust

Series

2020-1,

Class

B

2.08%,

7/15/24 

4,000‌

4,051‌

Drive

Auto

Receivables

Trust

Series

2020-2,

Class

A3

0.83%,

5/15/24 

1,000‌

1,005‌

Drive

Auto

Receivables

Trust

Series

2020-2,

Class

B

1.42%,

3/17/25 

3,215‌

3,262‌

Enterprise

Fleet

Financing

Series

2018-2,

Class

A2

3.14%,

2/20/24 (1)

346‌

347‌

Enterprise

Fleet

Financing

Series

2019-1,

Class

A2

2.98%,

10/20/24 (1)

1,637‌

1,657‌

Enterprise

Fleet

Financing

Series

2019-2,

Class

A2

2.29%,

2/20/25 (1)

2,169‌

2,204‌

Enterprise

Fleet

Financing

Series

2019-3,

Class

A2

2.06%,

5/20/25 (1)

2,456‌

2,495‌

Enterprise

Fleet

Financing

Series

2020-2,

Class

A2

0.61%,

7/20/26 (1)

7,730‌

7,755‌

Enterprise

Fleet

Funding

Series

2021-1,

Class

A2

0.44%,

12/21/26 (1)

4,000‌

3,999‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

3

Par/Shares

$

Value

(Amounts

in

000s)

Exeter

Automobile

Receivables

Trust

Series

2019-3A,

Class

B

2.58%,

8/15/23 (1)

3,597‌

3,615‌

Exeter

Automobile

Receivables

Trust

Series

2019-4A,

Class

B

2.30%,

12/15/23 (1)

5,000‌

5,032‌

Exeter

Automobile

Receivables

Trust

Series

2020-1A,

Class

B

2.26%,

4/15/24 (1)

1,750‌

1,769‌

Exeter

Automobile

Receivables

Trust

Series

2020-2A,

Class

B

2.08%,

7/15/24 (1)

1,750‌

1,776‌

Exeter

Automobile

Receivables

Trust

Series

2020-3A,

Class

B

0.79%,

9/16/24 

17,500‌

17,563‌

Exeter

Automobile

Receivables

Trust

Series

2021-1A,

Class

B

0.50%,

2/18/25 

25,000‌

24,990‌

Ford

Credit

Auto

Lease

Trust

Series

2020-A,

Class

B

2.05%,

6/15/23 

3,515‌

3,585‌

Ford

Credit

Auto

Lease

Trust

Series

2020-B,

Class

B

1.00%,

11/15/23 

2,250‌

2,272‌

Ford

Credit

Auto

Lease

Trust

Series

2021-A,

Class

B

0.47%,

5/15/24 

17,400‌

17,392‌

Ford

Credit

Auto

Owner

Trust

Series

2019-C,

Class

A3

1.87%,

3/15/24 

8,500‌

8,637‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2018-1,

Class

A1

2.95%,

5/15/23 

5,000‌

5,030‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2019-1,

Class

A

2.84%,

3/15/24 

2,650‌

2,722‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2020-1,

Class

B

0.98%,

9/15/25 

5,195‌

5,225‌

GM

Financial

Automobile

Leasing

Trust

Series

2019-1,

Class

A3

2.98%,

12/20/21 

633‌

634‌

GM

Financial

Automobile

Leasing

Trust

Series

2019-2,

Class

B

2.89%,

3/20/23 

1,250‌

1,268‌

GM

Financial

Automobile

Leasing

Trust

Series

2020-1,

Class

B

1.84%,

12/20/23 

2,545‌

2,589‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

4

Par/Shares

$

Value

(Amounts

in

000s)

GM

Financial

Automobile

Leasing

Trust

Series

2020-2,

Class

A3

0.80%,

7/20/23 

1,600‌

1,611‌

GM

Financial

Automobile

Leasing

Trust

Series

2020-2,

Class

A4

1.01%,

7/22/24 

550‌

556‌

GM

Financial

Automobile

Leasing

Trust

Series

2020-2,

Class

B

1.56%,

7/22/24 

770‌

786‌

GM

Financial

Automobile

Leasing

Trust

Series

2020-3,

Class

B

0.76%,

10/21/24 

2,215‌

2,229‌

GM

Financial

Leasing

Trust

Series

2021-1,

Class

B

0.54%,

2/20/25 

25,000‌

24,964‌

GMF

Floorplan

Owner

Revolving

Trust

Series

2019-1,

Class

A

2.70%,

4/15/24 (1)

6,000‌

6,167‌

GMF

Floorplan

Owner

Revolving

Trust

Series

2019-2,

Class

A

2.90%,

4/15/26 (1)

6,630‌

7,104‌

GMF

Floorplan

Owner

Revolving

Trust

Series

2020-1,

Class

A

0.68%,

8/15/25 (1)

1,645‌

1,655‌

GMF

Floorplan

Owner

Revolving

Trust

Series

2020-1,

Class

B

1.03%,

8/15/25 (1)

1,435‌

1,452‌

GMF

Floorplan

Owner

Revolving

Trust

Series

2020-2,

Class

B

0.96%,

10/15/25 (1)

2,145‌

2,159‌

Hyundai

Auto

Lease

Securitization

Trust

Series

2020-A,

Class

A2

1.90%,

5/16/22 (1)

2,670‌

2,680‌

Hyundai

Auto

Lease

Securitization

Trust

Series

2020-A,

Class

A3

1.95%,

7/17/23 (1)

2,500‌

2,535‌

Hyundai

Auto

Lease

Securitization

Trust

Series

2020-B,

Class

B

0.81%,

10/15/24 (1)

1,930‌

1,948‌

Hyundai

Auto

Lease

Securitization

Trust

Series

2021-A,

Class

B

0.61%,

10/15/25 (1)

6,500‌

6,492‌

Mercedes-Benz

Auto

Lease

Trust

Series

2019-A,

Class

A3

3.10%,

11/15/21 

468‌

469‌

Mercedes-Benz

Auto

Lease

Trust

Series

2019-B,

Class

A3

2.00%,

10/17/22 

1,500‌

1,516‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

5

Par/Shares

$

Value

(Amounts

in

000s)

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II

Series

2019-1,

Class

A,

ARM

1M

USD

LIBOR

+

0.64%,

0.758%,

5/25/24 (1)

2,500‌

2,502‌

Navistar

Financial

Dealer

Note

Master

Trust

Series

2020-1,

Class

A,

ARM

1M

USD

LIBOR

+

0.95%,

1.068%,

7/25/25 (1)

5,520‌

5,557‌

Nissan

Auto

Lease

Trust

Series

2019-B,

Class

A4

2.29%,

4/15/25 

2,000‌

2,030‌

Nissan

Master

Owner

Trust

Receivables

Series

2019-B,

Class

A,

ARM

1M

USD

LIBOR

+

0.43%,

0.537%,

11/15/23 

13,570‌

13,604‌

Santander

Consumer

Auto

Receivables

Trust

Series

2020-AA,

Class

A

1.37%,

10/15/24 (1)

3,940‌

3,976‌

Santander

Consumer

Auto

Receivables

Trust

Series

2020-BA,

Class

A4

0.54%,

4/15/25 (1)

7,000‌

7,017‌

Santander

Consumer

Auto

Receivables

Trust

Series

2020-BA,

Class

B

0.77%,

12/15/25 (1)

3,750‌

3,765‌

Santander

Consumer

Auto

Receivables

Trust

Series

2021-AA,

Class

A4

0.48%,

6/15/26 (1)

1,500‌

1,497‌

Santander

Drive

Auto

Receivables

Trust

Series

2017-1,

Class

D

3.17%,

4/17/23 

1,369‌

1,378‌

Santander

Drive

Auto

Receivables

Trust

Series

2019-1,

Class

B

3.21%,

9/15/23 

228‌

228‌

Santander

Drive

Auto

Receivables

Trust

Series

2019-2,

Class

B

2.79%,

1/16/24 

3,562‌

3,585‌

Santander

Drive

Auto

Receivables

Trust

Series

2019-3,

Class

B

2.28%,

9/15/23 

2,900‌

2,914‌

Santander

Drive

Auto

Receivables

Trust

Series

2020-1,

Class

A2A

2.07%,

1/17/23 

440‌

441‌

Santander

Drive

Auto

Receivables

Trust

Series

2020-2,

Class

A3

0.67%,

4/15/24 

940‌

943‌

Santander

Drive

Auto

Receivables

Trust

Series

2020-2,

Class

B

0.96%,

11/15/24 

2,000‌

2,013‌

Santander

Drive

Auto

Receivables

Trust

Series

2020-3,

Class

B

0.69%,

3/17/25 

6,545‌

6,571‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

6

Par/Shares

$

Value

(Amounts

in

000s)

Santander

Drive

Auto

Receivables

Trust

Series

2020-4,

Class

B

0.73%,

3/17/25 

13,500‌

13,577‌

Santander

Drive

Auto

Receivables

Trust

Series

2021-1,

Class

B

0.50%,

4/15/25 

26,360‌

26,353‌

Santander

Retail

Auto

Lease

Trust

Series

2019-A,

Class

A3

2.77%,

6/20/22 (1)

2,562‌

2,589‌

Santander

Retail

Auto

Lease

Trust

Series

2019-B,

Class

A3

2.30%,

1/20/23 (1)

2,000‌

2,031‌

Santander

Retail

Auto

Lease

Trust

Series

2019-B,

Class

D

3.31%,

6/20/24 (1)

2,000‌

2,074‌

Santander

Retail

Auto

Lease

Trust

Series

2019-C,

Class

A3

1.86%,

2/21/23 (1)

5,000‌

5,081‌

Santander

Retail

Auto

Lease

Trust

Series

2019-C,

Class

D

2.88%,

6/20/24 (1)

10,500‌

10,848‌

Santander

Retail

Auto

Lease

Trust

Series

2020-A,

Class

A3

1.74%,

7/20/23 (1)

5,000‌

5,104‌

Santander

Retail

Auto

Lease

Trust

Series

2020-B,

Class

B

0.82%,

12/20/24 (1)

11,555‌

11,588‌

Volkswagen

Auto

Lease

Trust

Series

2019-A,

Class

A3

1.99%,

11/21/22 

1,500‌

1,518‌

Wheels

SPV

2

Series

2020-1A,

Class

A2

0.51%,

8/20/29 (1)

8,400‌

8,421‌

World

Omni

Auto

Receivables

Trust

Series

2019-A,

Class

A3

3.04%,

5/15/24 

2,766‌

2,820‌

World

Omni

Auto

Receivables

Trust

Series

2020-A,

Class

B

1.93%,

6/16/25 

3,430‌

3,513‌

World

Omni

Automobile

Lease

Securitization

Trust

Series

2018-B,

Class

A3

3.19%,

12/15/21 

311‌

312‌

World

Omni

Automobile

Lease

Securitization

Trust

Series

2019-A,

Class

A3

2.94%,

5/16/22 

1,381‌

1,392‌

World

Omni

Automobile

Lease

Securitization

Trust

Series

2019-B,

Class

A3

2.03%,

11/15/22 

2,500‌

2,537‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

7

Par/Shares

$

Value

(Amounts

in

000s)

World

Omni

Automobile

Lease

Securitization

Trust

Series

2020-B,

Class

B

0.70%,

2/17/26 

7,250‌

7,265‌

World

Omni

Select

Auto

Trust

Series

2019-A,

Class

A3

2.00%,

8/15/24 

8,500‌

8,615‌

World

Omni

Select

Auto

Trust

Series

2020-A,

Class

B

0.84%,

6/15/26 

4,595‌

4,601‌

443,830‌

Collaterized

Debt

Obligation

0.2%

Barings

Series

2013-IA,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

0.80%,

1.024%,

1/20/28 (1)

915‌

915‌

BlueMountain

Series

2012-2A,

Class

AR2,

CLO,

FRN

3M

USD

LIBOR

+

1.05%,

1.232%,

11/20/28 (1)

2,932‌

2,932‌

Magnetite

XVI

Series

2015-16A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

0.80%,

1.023%,

1/18/28 (1)

977‌

977‌

Neuberger

Berman

XIX

Series

2015-19A,

Class

A1R2,

CLO,

FRN

3M

USD

LIBOR

+

0.80%,

1.041%,

7/15/27 (1)

289‌

289‌

Neuberger

Berman

XVI

Series

2017-16SA,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

0.85%,

1.091%,

1/15/28 (1)

815‌

815‌

OZLM

VIII

Series

2014-8A,

Class

A1RR,

CLO,

FRN

3M

USD

LIBOR

+

1.17%,

1.393%,

10/17/29 (1)

2,704‌

2,702‌

8,630‌

Credit

Card

Backed

0.3%

Synchrony

Card

Funding

Series

2019-A1,

Class

A

2.95%,

3/15/25 

10,000‌

10,283‌

10,283‌

Equipment

Lease

Heavy

Duty

0.4%

CCG

Receivables

Trust

Series

2019-2,

Class

A2

2.11%,

3/15/27 (1)

3,932‌

3,986‌

CNH

Equipment

Trust

Series

2019-C,

Class

A2

1.99%,

3/15/23 

701‌

704‌

CNH

Equipment

Trust

Series

2020-A,

Class

A2

1.08%,

7/17/23 

706‌

708‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

8

Par/Shares

$

Value

(Amounts

in

000s)

CNH

Equipment

Trust

Series

2020-A,

Class

A3

1.16%,

6/16/25 

890‌

899‌

John

Deere

Owner

Trust

Series

2019-A,

Class

A3

2.91%,

7/17/23 

1,267‌

1,288‌

Kubota

Credit

Owner

Trust

Series

2018-1A,

Class

A4

3.21%,

1/15/25 (1)

1,700‌

1,746‌

Kubota

Credit

Owner

Trust

Series

2020-1A,

Class

A2

1.92%,

12/15/22 (1)

2,547‌

2,566‌

MMAF

Equipment

Finance

Series

2019-A,

Class

A2

2.84%,

1/10/22 (1)

190‌

190‌

MMAF

Equipment

Finance

Series

2019-B,

Class

A2

2.07%,

10/12/22 (1)

1,464‌

1,476‌

Volvo

Financial

Equipment

Series

2019-2A,

Class

A2

2.02%,

8/15/22 (1)

1,169‌

1,175‌

Volvo

Financial

Equipment

Master

Owner

Trust

Series

2018-A,

Class

A,

ARM

1M

USD

LIBOR

+

0.52%,

0.627%,

7/17/23 (1)

3,020‌

3,025‌

17,763‌

Home

Equity

Loans

Backed

0.5%

Citigroup

Mortgage

Loan

Trust

Series

2019-IMC1,

Class

A1,

CMO,

ARM

2.72%,

7/25/49 (1)

527‌

538‌

Citigroup

Mortgage

Loan

Trust

Series

2020-EXP2,

Class

A3,

CMO,

ARM

2.50%,

8/25/50 (1)

15,175‌

15,526‌

Citigroup

Mortgage

Loan

Trust

Series

2020-EXP2,

Class

A4,

CMO,

ARM

2.50%,

8/25/50 (1)

3,669‌

3,735‌

19,799‌

Other

Asset-Backed

Securities

0.3%

Daimler

Trucks

Retail

Trust

Series

2019-1,

Class

A3

2.77%,

8/15/22 (1)

1,714‌

1,733‌

Daimler

Trucks

Retail

Trust

Series

2020-1,

Class

A2

1.14%,

4/15/22 

4,473‌

4,481‌

Elara

HGV

Timeshare

Issuer

Series

2014-A,

Class

A

2.53%,

2/25/27 (1)

264‌

264‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

9

Par/Shares

$

Value

(Amounts

in

000s)

Elara

HGV

Timeshare

Issuer

Series

2016-A,

Class

A

2.73%,

4/25/28 (1)

1,225‌

1,251‌

Elara

HGV

Timeshare

Issuer

Series

2017-A,

Class

A

2.69%,

3/25/30 (1)

3,513‌

3,622‌

Hilton

Grand

Vacations

Trust

Series

2017-AA,

Class

A

2.66%,

12/26/28 (1)

90‌

93‌

MVW

Owner

Trust

Series

2015-1A,

Class

A

2.52%,

12/20/32 (1)

209‌

210‌

Sierra

Timeshare

Receivables

Funding

Series

2016-2A,

Class

A

2.33%,

7/20/33 (1)

210‌

211‌

Sierra

Timeshare

Receivables

Funding

Series

2017-1A,

Class

A

2.91%,

3/20/34 (1)

86‌

88‌

Verizon

Owner

Trust

Series

2018-1A,

Class

C

3.20%,

9/20/22 (1)

1,900‌

1,917‌

13,870‌

Student

Loan

1.7%

Navient

Private

Education

Loan

Trust

Series

2016-AA,

Class

A2A

3.91%,

12/15/45 (1)

15,059‌

15,977‌

Navient

Private

Education

Loan

Trust

Series

2017-A,

Class

A2B,

ARM

1M

USD

LIBOR

+

0.90%,

1.012%,

12/16/58 (1)

1,258‌

1,258‌

Navient

Private

Education

Loan

Trust

Series

2020-IA,

Class

A1A

1.33%,

4/15/69 (1)

4,777‌

4,757‌

Navient

Private

Education

Refi

Loan

Trust

Series

2019-CA,

Class

A1

2.82%,

2/15/68 (1)

118‌

118‌

Navient

Private

Education

Refi

Loan

Trust

Series

2019-EA,

Class

A1

2.39%,

5/15/68 (1)

205‌

206‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-A,

Class

A1,

ARM

1M

USD

LIBOR

+

0.35%,

0.462%,

11/15/68 (1)

662‌

661‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-DA,

Class

A

1.69%,

5/15/69 (1)

1,456‌

1,476‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-FA,

Class

A

1.22%,

7/15/69 (1)

5,992‌

6,042‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

10

Par/Shares

$

Value

(Amounts

in

000s)

Navient

Private

Education

Refi

Loan

Trust

Series

2020-GA,

Class

A

1.17%,

9/16/69 (1)

13,754‌

13,812‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-HA,

Class

A

1.31%,

1/15/69 (1)

6,770‌

6,832‌

Navient

Private

Education

Refi

Loan

Trust

Series

2021-A,

Class

A

0.84%,

5/15/69 (1)

2,625‌

2,626‌

SLM

Student

Loan

Trust

Series

2010-1,

Class

A,

ARM

1M

USD

LIBOR

+

0.40%,

0.518%,

3/25/25 

529‌

517‌

SMB

Private

Education

Loan

Trust

Series

2014-A,

Class

A2A

3.05%,

5/15/26 (1)

309‌

311‌

SMB

Private

Education

Loan

Trust

Series

2014-A,

Class

A3,

ARM

1M

USD

LIBOR

+

1.50%,

1.612%,

4/15/32 (1)

3,000‌

3,037‌

SMB

Private

Education

Loan

Trust

Series

2015-A,

Class

A2B,

ARM

1M

USD

LIBOR

+

1.00%,

1.112%,

6/15/27 (1)

283‌

284‌

SMB

Private

Education

Loan

Trust

Series

2019-A,

Class

A2A

3.44%,

7/15/36 (1)

3,325‌

3,539‌

SMB

Private

Education

Loan

Trust

Series

2019-B,

Class

A1,

ARM

1M

USD

LIBOR

+

0.35%,

0.462%,

7/15/26 (1)

22‌

22‌

SMB

Private

Education

Loan

Trust

Series

2020-A,

Class

A1,

ARM

1M

USD

LIBOR

+

0.30%,

0.412%,

3/15/27 (1)

3,198‌

3,199‌

SMB

Private

Education

Loan

Trust

Series

2020-PTB,

Class

A1,

ARM

1M

USD

LIBOR

+

0.30%,

0.418%,

9/15/54 (1)

5,605‌

5,605‌

SMB

Private

Education

Loan

Trust

Series

2021-A,

Class

A1,

ARM

1M

USD

LIBOR

+

0.50%,

0.606%,

1/15/53 (1)

3,430‌

3,438‌

73,717‌

Total

Asset-Backed

Securities

(Cost

$584,231)

587,892‌

CORPORATE

BONDS

51.8%

Airlines

0.5%

SMBC

Aviation

Capital

Finance,

2.65%,

7/15/21 (1)

2,000‌

2,013‌

SMBC

Aviation

Capital

Finance,

3.00%,

7/15/22 (1)

15,000‌

15,347‌

Southwest

Airlines,

4.75%,

5/4/23 

4,290‌

4,656‌

22,016‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

11

Par/Shares

$

Value

(Amounts

in

000s)

Automotive

3.8%

American

Honda

Finance,

0.875%,

7/7/23 

5,000‌

5,047‌

American

Honda

Finance,

1.95%,

5/10/23 

4,545‌

4,698‌

BMW

U.S.

Capital,

FRN,

3M

USD

LIBOR

+

0.64%,

0.877%,

4/6/22 (1)

1,000‌

1,005‌

Daimler

Finance

North

America,

1.75%,

3/10/23 (1)

10,000‌

10,243‌

Daimler

Finance

North

America,

3.70%,

5/4/23 (1)

5,359‌

5,714‌

Daimler

Finance

North

America,

FRN,

3M

USD

LIBOR

+

0.67%,

0.865%,

11/5/21 (1)

4,000‌

4,015‌

Ford

Motor

Credit,

FRN,

3M

USD

LIBOR

+

0.81%,

1.048%,

4/5/21 

3,000‌

2,998‌

General

Motors,

4.875%,

10/2/23 

5,000‌

5,504‌

Hyundai

Capital

America,

0.80%,

1/8/24 (1)

10,000‌

9,953‌

Hyundai

Capital

America,

1.15%,

11/10/22 (1)

4,645‌

4,678‌

Hyundai

Capital

America,

1.25%,

9/18/23 (1)

6,155‌

6,221‌

Hyundai

Capital

America,

2.375%,

2/10/23 (1)

5,960‌

6,145‌

Hyundai

Capital

America,

2.85%,

11/1/22 (1)

1,667‌

1,726‌

Hyundai

Capital

America,

3.00%,

6/20/22 (1)

1,155‌

1,188‌

Hyundai

Capital

America,

3.95%,

2/1/22 (1)

7,144‌

7,358‌

Hyundai

Capital

America,

FRN,

3M

USD

LIBOR

+

0.82%,

1.04%,

3/12/21 (1)

1,000‌

1,000‌

Hyundai

Capital

America,

FRN,

3M

USD

LIBOR

+

0.94%,

1.174%,

7/8/21 (1)

1,000‌

1,001‌

Nissan

Motor,

3.043%,

9/15/23 (1)

17,346‌

18,237‌

Nissan

Motor

Acceptance,

2.80%,

1/13/22 (1)

4,604‌

4,683‌

Nissan

Motor

Acceptance,

3.65%,

9/21/21 (1)

2,190‌

2,223‌

Nissan

Motor

Acceptance,

FRN,

3M

USD

LIBOR

+

0.63%,

0.869%,

9/21/21 (1)

4,000‌

3,994‌

Toyota

Industries,

3.235%,

3/16/23 (1)

9,455‌

9,921‌

Toyota

Motor

Credit,

0.45%,

1/11/24 

10,000‌

10,004‌

Toyota

Motor

Credit,

FRN,

3M

USD

LIBOR

+

0.69%,

0.915%,

1/11/22 

1,000‌

1,006‌

Volkswagen

Group

of

America

Finance,

0.75%,

11/23/22 (1)

6,385‌

6,412‌

Volkswagen

Group

of

America

Finance,

2.50%,

9/24/21 (1)

2,435‌

2,466‌

Volkswagen

Group

of

America

Finance,

2.90%,

5/13/22 (1)

2,075‌

2,132‌

Volkswagen

Group

of

America

Finance,

3.125%,

5/12/23 (1)

16,910‌

17,818‌

Volkswagen

Group

of

America

Finance,

FRN,

3M

USD

LIBOR

+

0.94%,

1.141%,

11/12/21 (1)

4,000‌

4,023‌

161,413‌

Banking

19.1%

ABN

AMRO

Bank,

6.25%,

4/27/22 

20,822‌

22,187‌

AIB

Group,

4.75%,

10/12/23 (1)

1,950‌

2,142‌

ANZ

New

Zealand

Int'l,

FRN,

3M

USD

LIBOR

+

1.01%,

1.229%,

7/28/21 (1)

500‌

502‌

Banco

Bilbao

Vizcaya

Argentaria,

0.875%,

9/18/23 

15,800‌

15,952‌

Banco

Santander,

3.848%,

4/12/23 

13,834‌

14,803‌

Banco

Santander,

FRN,

3M

USD

LIBOR

+

1.56%,

1.785%,

4/11/22 

3,000‌

3,044‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

12

Par/Shares

$

Value

(Amounts

in

000s)

Bank

of

Ireland

Group,

4.50%,

11/25/23 (1)

27,452‌

30,060‌

Bank

of

Montreal,

FRN,

SOFRRATE

+

0.68%,

0.74%,

3/10/23 

18,500‌

18,664‌

Banque

Federative

du

Credit

Mutuel,

0.65%,

2/27/24 (1)

7,875‌

7,839‌

Banque

Federative

du

Credit

Mutuel,

2.125%,

11/21/22 (1)

5,305‌

5,467‌

Banque

Federative

du

Credit

Mutuel,

FRN,

3M

USD

LIBOR

+

0.73%,

0.954%,

7/20/22 (1)

1,000‌

1,008‌

Barclays,

FRN,

3M

USD

LIBOR

+

1.43%,

1.624%,

2/15/23 

3,000‌

3,044‌

Barclays,

VR,

1.007%,

12/10/24 (2)

5,000‌

5,021‌

Barclays,

VR,

4.61%,

2/15/23 (2)

13,525‌

14,043‌

Barclays

Bank,

1.70%,

5/12/22 

2,610‌

2,650‌

Barclays

Bank,

10.179%,

6/12/21 (1)

3,817‌

3,916‌

Barclays

Bank,

10.179%,

6/12/21 

1,080‌

1,108‌

BDO

Unibank,

2.95%,

3/6/23 

6,650‌

6,949‌

BNP

Paribas,

2.95%,

5/23/22 (1)

7,300‌

7,531‌

BNP

Paribas,

3.50%,

3/1/23 (1)

7,518‌

7,974‌

BNP

Paribas,

3.80%,

1/10/24 (1)

7,671‌

8,338‌

BPCE,

3.00%,

5/22/22 (1)

10,000‌

10,318‌

BPCE,

5.70%,

10/22/23 (1)

21,908‌

24,690‌

BPCE,

FRN,

3M

USD

LIBOR

+

1.22%,

1.402%,

5/22/22 (1)

960‌

971‌

Canadian

Imperial

Bank

of

Commerce,

0.50%,

12/14/23 

6,365‌

6,364‌

Canadian

Imperial

Bank

of

Commerce,

FRN,

SOFRRATE

+

0.80%,

0.853%,

3/17/23 

16,991‌

17,182‌

Capital

One,

FRN,

3M

USD

LIBOR

+

0.82%,

1.013%,

8/8/22 

2,000‌

2,011‌

Capital

One

Bank

USA,

3.375%,

2/15/23 

2,000‌

2,109‌

Capital

One

Bank

USA,

VR,

2.014%,

1/27/23 (2)

5,000‌

5,074‌

Capital

One

Financial,

2.60%,

5/11/23 

6,000‌

6,266‌

Capital

One

Financial,

FRN,

3M

USD

LIBOR

+

0.95%,

1.18%,

3/9/22 

2,000‌

2,014‌

Citigroup,

FRN,

3M

USD

LIBOR

+

1.19%,

1.392%,

8/2/21 

1,000‌

1,005‌

Citigroup,

VR,

2.312%,

11/4/22 (2)

5,000‌

5,058‌

Citizens

Bank,

3.25%,

2/14/22 

2,190‌

2,245‌

Citizens

Financial

Group,

4.15%,

9/28/22 (1)

9,060‌

9,522‌

Cooperatieve

Rabobank,

3.95%,

11/9/22 

19,812‌

20,966‌

Cooperatieve

Rabobank,

4.625%,

12/1/23 

7,412‌

8,190‌

Credit

Agricole,

3.375%,

1/10/22 (1)

10,000‌

10,264‌

Credit

Agricole,

3.75%,

4/24/23 (1)

8,837‌

9,450‌

Credit

Suisse,

1.00%,

5/5/23 

4,060‌

4,113‌

Credit

Suisse,

FRN,

SOFRRATE

+

0.45%,

0.529%,

2/4/22 

3,000‌

3,007‌

Credit

Suisse

Group,

3.574%,

1/9/23 (1)

7,420‌

7,624‌

Credit

Suisse

Group,

VR,

2.997%,

12/14/23 (1)(2)

14,030‌

14,608‌

Danske

Bank,

3.875%,

9/12/23 (1)

7,695‌

8,287‌

Danske

Bank,

5.00%,

1/12/22 (1)

8,610‌

8,933‌

Danske

Bank,

5.375%,

1/12/24 (1)

2,916‌

3,277‌

Danske

Bank,

VR,

1.171%,

12/8/23 (1)(2)

5,000‌

5,028‌

Danske

Bank,

VR,

3.001%,

9/20/22 (1)(2)

1,465‌

1,482‌

Danske

Bank,

VR,

5.00%,

1/12/23 (2)

2,025‌

2,101‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

13

Par/Shares

$

Value

(Amounts

in

000s)

Danske

Bank,

VR,

5.00%,

1/12/23 (1)(2)

1,186‌

1,230‌

Deutsche

Bank,

4.25%,

10/14/21 

18,600‌

19,010‌

Discover

Financial

Services,

5.20%,

4/27/22 

4,817‌

5,070‌

DNB

Bank,

2.15%,

12/2/22 (1)

5,000‌

5,160‌

Goldman

Sachs

Group,

0.481%,

1/27/23 

10,000‌

10,004‌

Goldman

Sachs

Group,

3.625%,

1/22/23 

2,327‌

2,466‌

Goldman

Sachs

Group,

FRN,

3M

USD

LIBOR

+

1.36%,

1.578%,

4/23/21 

1,000‌

1,001‌

Goldman

Sachs

Group,

VR,

0.627%,

11/17/23 (2)

7,310‌

7,336‌

HSBC

Holdings,

3.60%,

5/25/23 

4,547‌

4,874‌

HSBC

Holdings,

4.25%,

3/14/24 

15,041‌

16,481‌

HSBC

Holdings,

VR,

3.262%,

3/13/23 (2)

9,856‌

10,146‌

ING

Bank,

5.80%,

9/25/23 

3,307‌

3,737‌

ING

Groep,

4.10%,

10/2/23 

12,366‌

13,505‌

ING

Groep,

FRN,

3M

USD

LIBOR

+

1.15%,

1.401%,

3/29/22 

985‌

996‌

KeyBank,

1.25%,

3/10/23 

4,900‌

4,997‌

Kookmin

Bank,

3.625%,

10/23/21 

3,800‌

3,876‌

Lloyds

Banking

Group,

3.00%,

1/11/22 

5,215‌

5,331‌

Lloyds

Banking

Group,

3.10%,

7/6/21 

2,500‌

2,524‌

Lloyds

Banking

Group,

VR,

1.326%,

6/15/23 (2)

855‌

864‌

Mitsubishi

UFJ

Financial

Group,

2.623%,

7/18/22 

5,000‌

5,154‌

Mitsubishi

UFJ

Financial

Group,

3.218%,

3/7/22 

3,000‌

3,087‌

Mitsubishi

UFJ

Financial

Group,

FRN,

3M

USD

LIBOR

+

0.92%,

1.102%,

2/22/22 

595‌

600‌

Morgan

Stanley,

4.10%,

5/22/23 

8,778‌

9,447‌

Morgan

Stanley,

FRN,

SOFRRATE

+

0.70%,

0.784%,

1/20/23 

12,000‌

12,046‌

Morgan

Stanley,

FRN,

SOFRRATE

+

0.83%,

0.889%,

6/10/22 

2,000‌

2,003‌

Morgan

Stanley,

VR,

0.529%,

1/25/24 (2)

3,725‌

3,724‌

Morgan

Stanley,

VR,

0.56%,

11/10/23 (2)

6,800‌

6,799‌

National

Bank

of

Canada,

2.10%,

2/1/23 

6,000‌

6,179‌

National

Bank

of

Canada,

2.15%,

10/7/22 (1)

3,095‌

3,179‌

National

Bank

of

Canada,

VR,

0.55%,

11/15/24 (2)

3,905‌

3,900‌

National

Bank

of

Canada,

VR,

0.90%,

8/15/23 (2)

2,270‌

2,287‌

Nationwide

Building

Society,

2.00%,

1/27/23 (1)

5,000‌

5,156‌

Nationwide

Building

Society,

VR,

3.622%,

4/26/23 (1)(2)

19,956‌

20,638‌

Natwest

Group,

6.00%,

12/19/23 

7,000‌

7,958‌

Natwest

Group,

6.125%,

12/15/22 

3,955‌

4,311‌

Natwest

Group,

VR,

3.498%,

5/15/23 (2)

3,150‌

3,261‌

NatWest

Markets,

2.375%,

5/21/23 (1)

4,925‌

5,110‌

NatWest

Markets,

3.625%,

9/29/22 (1)

9,221‌

9,679‌

Nordea

Bank,

1.00%,

6/9/23 (1)

2,825‌

2,855‌

Nordea

Bank,

4.25%,

9/21/22 (1)

8,643‌

9,121‌

Nordea

Bank,

4.875%,

5/13/21 (1)

12,145‌

12,253‌

Royal

Bank

of

Canada,

0.50%,

10/26/23 

4,165‌

4,177‌

Santander

U.K.,

2.10%,

1/13/23 

4,645‌

4,794‌

Santander

U.K.,

FRN,

3M

USD

LIBOR

+

0.66%,

0.854%,

11/15/21 

3,000‌

3,013‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

14

Par/Shares

$

Value

(Amounts

in

000s)

Santander

U.K.

Group

Holdings,

3.571%,

1/10/23 

3,500‌

3,592‌

Societe

Generale,

3.25%,

1/12/22 (1)

17,990‌

18,462‌

Societe

Generale,

3.875%,

3/28/24 (1)

2,100‌

2,286‌

Societe

Generale,

4.25%,

9/14/23 (1)

7,128‌

7,754‌

Societe

Generale,

5.00%,

1/17/24 (1)

3,000‌

3,302‌

Standard

Chartered,

3.95%,

1/11/23 (1)

9,322‌

9,812‌

Standard

Chartered,

5.20%,

1/26/24 (1)

2,157‌

2,391‌

Standard

Chartered,

5.70%,

1/25/22 

13,077‌

13,639‌

Standard

Chartered,

FRN,

3M

USD

LIBOR

+

1.15%,

1.374%,

1/20/23 (1)

2,050‌

2,071‌

Standard

Chartered,

VR,

1.319%,

10/14/23 (1)(2)

1,915‌

1,932‌

Standard

Chartered,

VR,

2.744%,

9/10/22 (1)(2)

8,065‌

8,154‌

State

Bank

of

India,

4.50%,

9/28/23 

13,300‌

14,371‌

State

Street,

VR,

2.825%,

3/30/23 (2)

930‌

956‌

Sumitomo

Mitsui

Financial

Group,

0.508%,

1/12/24 

6,695‌

6,692‌

Swedbank,

1.30%,

6/2/23 (1)

2,950‌

3,007‌

Toronto-Dominion

Bank,

FRN,

SOFRRATE

+

0.48%,

0.562%,

1/27/23 

6,900‌

6,927‌

Truist

Financial,

FRN,

3M

USD

LIBOR

+

0.65%,

0.888%,

4/1/22 

1,000‌

1,004‌

U.S.

Bancorp,

FRN,

3M

USD

LIBOR

+

0.64%,

0.858%,

1/24/22 

1,000‌

1,004‌

UBS,

FRN,

SOFRRATE

+

0.36%,

0.378%,

2/9/24 (1)

10,000‌

10,013‌

UBS

Group,

VR,

1.008%,

7/30/24 (1)(2)

10,000‌

10,088‌

UBS

Group,

VR,

2.859%,

8/15/23 (1)(2)

6,225‌

6,441‌

Wells

Fargo,

3.45%,

2/13/23 

12,000‌

12,713‌

Wells

Fargo,

4.125%,

8/15/23 

5,000‌

5,437‌

Wells

Fargo,

4.48%,

1/16/24 

1,118‌

1,237‌

Wells

Fargo

Bank,

VR,

2.082%,

9/9/22 (2)

3,000‌

3,026‌

Woori

Bank,

5.875%,

4/13/21 

4,360‌

4,386‌

814,437‌

Building

&

Real

Estate

0.6%

Country

Garden

Holdings,

7.125%,

1/27/22 

8,500‌

8,817‌

Longfor

Group

Holdings,

3.875%,

7/13/22 

8,150‌

8,416‌

Longfor

Group

Holdings,

3.90%,

4/16/23 

4,200‌

4,410‌

Sun

Hung

Kai

Properties

Capital

Market,

4.50%,

2/14/22 

5,800‌

5,992‌

27,635‌

Building

Products

0.1%

Vulcan

Materials,

FRN,

3M

USD

LIBOR

+

0.65%,

0.875%,

3/1/21 

4,650‌

4,650‌

4,650‌

Cable

Operators

0.3%

Charter

Communications

Operating,

4.50%,

2/1/24 

10,850‌

11,944‌

11,944‌

Chemicals

0.7%

Equate

Petrochemical,

3.00%,

3/3/22 

8,000‌

8,145‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

15

Par/Shares

$

Value

(Amounts

in

000s)

LYB

International

Finance

III,

FRN,

3M

USD

LIBOR

+

1.00%,

1.238%,

10/1/23 

20,000‌

20,075‌

28,220‌

Computer

Service

&

Software

0.1%

Hewlett

Packard

Enterprise,

FRN,

3M

USD

LIBOR

+

0.72%,

0.958%,

10/5/21 

4,000‌

4,000‌

4,000‌

Consumer

Products

0.5%

Hasbro,

2.60%,

11/19/22 

5,805‌

6,005‌

Hasbro,

3.15%,

5/15/21 

2,195‌

2,200‌

JD.com,

3.125%,

4/29/21 

13,084‌

13,135‌

Ralph

Lauren,

1.70%,

6/15/22 

1,155‌

1,175‌

22,515‌

Diversified

Chemicals

0.1%

Bayer

U.S.

Finance

II,

FRN,

3M

USD

LIBOR

+

0.63%,

0.881%,

6/25/21 (1)

5,010‌

5,016‌

5,016‌

Drugs

1.2%

AbbVie,

2.30%,

11/21/22 

7,110‌

7,338‌

AbbVie,

2.80%,

3/15/23 

3,000‌

3,123‌

AbbVie,

3.25%,

10/1/22 

11,906‌

12,355‌

AbbVie,

3.45%,

3/15/22 

10,000‌

10,270‌

Cardinal

Health,

2.616%,

6/15/22 

5,000‌

5,125‌

Cardinal

Health,

FRN,

3M

USD

LIBOR

+

0.77%,

0.987%,

6/15/22 

2,000‌

2,016‌

Gilead

Sciences,

0.75%,

9/29/23 

11,725‌

11,748‌

51,975‌

Energy

5.1%

Abu

Dhabi

National

Energy,

3.625%,

6/22/21 

3,700‌

3,736‌

APT

Pipelines,

3.875%,

10/11/22 (1)

4,116‌

4,295‌

Cenovus

Energy,

3.00%,

8/15/22 

12,190‌

12,464‌

Cenovus

Energy,

3.80%,

9/15/23 

8,785‌

9,103‌

Energy

Transfer

Partners,

4.50%,

11/1/23 

4,209‌

4,554‌

Energy

Transfer

Partners,

5.00%,

10/1/22 

840‌

885‌

Energy

Transfer

Partners,

5.875%,

3/1/22 

1,475‌

1,531‌

EQT,

3.00%,

10/1/22 

4,805‌

4,841‌

Gray

Oak

Pipeline,

2.00%,

9/15/23 (1)

17,138‌

17,426‌

Kinder

Morgan,

5.625%,

11/15/23 (1)

2,366‌

2,646‌

Marathon

Oil,

2.80%,

11/1/22 

848‌

870‌

MPLX,

FRN,

3M

USD

LIBOR

+

1.10%,

1.33%,

9/9/22 

2,765‌

2,765‌

Occidental

Petroleum,

2.60%,

8/13/21 

9,505‌

9,493‌

Occidental

Petroleum,

2.70%,

8/15/22 

3,125‌

3,090‌

Origin

Energy

Finance,

5.45%,

10/14/21 (1)

3,750‌

3,840‌

Perusahaan

Listrik

Negara,

5.50%,

11/22/21 

12,600‌

13,042‌

Pioneer

Natural

Resources,

0.75%,

1/15/24 

5,785‌

5,775‌

Plains

All

American

Pipeline,

2.85%,

1/31/23 

1,247‌

1,284‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

16

Par/Shares

$

Value

(Amounts

in

000s)

Plains

All

American

Pipeline,

3.65%,

6/1/22 

12,979‌

13,321‌

Reliance

Industries,

5.40%,

2/14/22 

12,971‌

13,536‌

Sabine

Pass

Liquefaction,

5.625%,

4/15/23 

21,625‌

23,532‌

Sabine

Pass

Liquefaction,

6.25%,

3/15/22 

5,900‌

6,136‌

Schlumberger

Finance

Canada,

2.65%,

11/20/22 (1)

16,098‌

16,664‌

Schlumberger

Investment,

2.40%,

8/1/22 (1)

10,656‌

10,885‌

Western

Midstream

Operating,

5.375%,

6/1/21 

10,000‌

10,000‌

Williams,

3.35%,

8/15/22 

9,608‌

9,928‌

Williams,

3.60%,

3/15/22 

1,685‌

1,731‌

Williams,

3.70%,

1/15/23 

3,306‌

3,471‌

Williams,

4.00%,

11/15/21 

1,127‌

1,145‌

Williams,

7.875%,

9/1/21 

4,600‌

4,770‌

216,759‌

Exploration

&

Production

0.3%

Eni,

Series

X-R,

4.00%,

9/12/23 (1)

12,985‌

14,054‌

14,054‌

Financial

3.3%

AerCap

Ireland

Capital,

3.30%,

1/23/23 

1,775‌

1,843‌

AerCap

Ireland

Capital,

3.95%,

2/1/22 

5,630‌

5,758‌

AerCap

Ireland

Capital,

4.125%,

7/3/23 

7,810‌

8,305‌

AerCap

Ireland

Capital,

4.50%,

9/15/23 

2,075‌

2,230‌

AerCap

Ireland

Capital,

4.875%,

1/16/24 

2,000‌

2,182‌

Air

Lease,

2.25%,

1/15/23 

2,940‌

3,015‌

Air

Lease,

3.50%,

1/15/22 

3,700‌

3,795‌

Air

Lease,

3.75%,

2/1/22 

1,750‌

1,790‌

American

Express,

FRN,

3M

USD

LIBOR

+

0.60%,

0.795%,

11/5/21 

2,000‌

2,007‌

Avolon

Holdings

Funding,

3.625%,

5/1/22 (1)

5,829‌

5,946‌

Equitable

Holdings,

3.90%,

4/20/23 

7,244‌

7,742‌

General

Motors

Financial,

1.70%,

8/18/23 

5,000‌

5,112‌

General

Motors

Financial,

3.45%,

1/14/22 

5,000‌

5,113‌

General

Motors

Financial,

3.55%,

7/8/22 

2,400‌

2,487‌

General

Motors

Financial,

4.15%,

6/19/23 

1,390‌

1,493‌

General

Motors

Financial,

5.20%,

3/20/23 

2,000‌

2,181‌

General

Motors

Financial,

FRN,

3M

USD

LIBOR

+

1.10%,

1.293%,

11/6/21 

6,000‌

6,034‌

Intercontinental

Exchange,

0.70%,

6/15/23 

3,280‌

3,296‌

Nasdaq,

0.445%,

12/21/22 

6,580‌

6,579‌

National

Securities

Clearing,

0.40%,

12/7/23 (1)

10,610‌

10,633‌

Park

Aerospace

Holdings,

5.25%,

8/15/22 (1)

7,220‌

7,554‌

Synchrony

Bank,

3.65%,

5/24/21 

2,500‌

2,511‌

Synchrony

Financial,

2.85%,

7/25/22 

19,845‌

20,418‌

Synchrony

Financial,

3.75%,

8/15/21 

2,403‌

2,426‌

Western

Union,

3.60%,

3/15/22 

15,428‌

15,890‌

Western

Union,

4.25%,

6/9/23 

3,050‌

3,285‌

139,625‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

17

Par/Shares

$

Value

(Amounts

in

000s)

Food/Tobacco

1.2%

BAT

Capital,

FRN,

3M

USD

LIBOR

+

0.88%,

1.074%,

8/15/22 

1,000‌

1,008‌

Imperial

Brands

Finance,

3.50%,

2/11/23 (1)

15,510‌

16,191‌

Imperial

Brands

Finance,

3.75%,

7/21/22 (1)

21,654‌

22,476‌

Prosperous

Ray,

4.625%,

11/12/23 

11,200‌

12,176‌

51,851‌

Gas

&

Gas

Transmission

0.7%

Valero

Energy,

1.20%,

3/15/24 

3,290‌

3,320‌

Valero

Energy,

2.70%,

4/15/23 

25,080‌

26,174‌

29,494‌

Health

Care

0.8%

Becton

Dickinson

&

Company,

2.894%,

6/6/22 

2,091‌

2,151‌

Becton

Dickinson

&

Company,

FRN,

3M

USD

LIBOR

+

1.03%,

1.255%,

6/6/22 

430‌

434‌

Commonspirit

Health,

2.95%,

11/1/22 

5,967‌

6,207‌

HCA,

4.75%,

5/1/23 

13,446‌

14,572‌

Royalty

Pharma,

0.75%,

9/2/23 (1)

2,310‌

2,317‌

St.

Joseph's

University

Medical

Center,

3.926%,

7/1/22 

3,075‌

3,134‌

Stryker,

0.60%,

12/1/23 

3,370‌

3,374‌

32,189‌

Information

Technology

2.7%

Arrow

Electronics,

3.50%,

4/1/22 

2,000‌

2,054‌

Avnet,

3.75%,

12/1/21 

19,910‌

20,361‌

Baidu,

2.875%,

7/6/22 

2,000‌

2,049‌

Equifax,

3.60%,

8/15/21 

8,555‌

8,680‌

Equifax,

FRN,

3M

USD

LIBOR

+

0.87%,

1.064%,

8/15/21 

3,000‌

3,008‌

Microchip

Technology,

0.972%,

2/15/24 (1)

16,220‌

16,273‌

Microchip

Technology,

3.922%,

6/1/21 

17,939‌

18,097‌

Micron

Technology,

2.497%,

4/24/23 

8,855‌

9,222‌

Micron

Technology,

4.64%,

2/6/24 

12,285‌

13,529‌

NXP,

4.625%,

6/1/23 (1)

11,509‌

12,524‌

PayPal

Holdings,

1.35%,

6/1/23 

1,825‌

1,862‌

SK

Hynix,

1.00%,

1/19/24 (1)

7,000‌

6,990‌

114,649‌

Insurance

1.0%

AIA

Group,

FRN,

3M

USD

LIBOR

+

0.52%,

0.759%,

9/20/21 (1)

4,000‌

4,006‌

AIG

Global

Funding,

0.80%,

7/7/23 (1)

3,335‌

3,369‌

AIG

Global

Funding,

2.30%,

7/1/22 (1)

665‌

683‌

Liberty

Mutual

Group,

4.95%,

5/1/22 (1)

3,819‌

4,010‌

Metropolitan

Life

Global

Funding

I,

0.40%,

1/7/24 (1)

7,490‌

7,465‌

Metropolitan

Life

Global

Funding

I,

FRN,

SOFRRATE

+

0.35%,

0.413%,

9/8/22 (1)

10,000‌

10,035‌

New

York

Life

Global

Funding,

FRN,

SOFRRATE

+

0.22%,

0.242%,

2/2/23 (1)

10,000‌

10,003‌

Protective

Life

Global

Funding,

1.082%,

6/9/23 (1)

1,960‌

1,991‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

18

Par/Shares

$

Value

(Amounts

in

000s)

Trinity

Acquisition,

4.625%,

8/15/23 

2,202‌

2,419‌

43,981‌

Lodging

0.5%

Marriott

International,

2.30%,

1/15/22 

5,715‌

5,778‌

Marriott

International,

3.125%,

2/15/23 

7,110‌

7,344‌

Marriott

International,

4.15%,

12/1/23 

7,329‌

7,880‌

Marriott

International,

FRN,

3M

USD

LIBOR

+

0.65%,

0.876%,

3/8/21 

860‌

860‌

21,862‌

Manufacturing

0.4%

Caterpillar

Financial

Services,

0.25%,

3/1/23 

7,500‌

7,491‌

Caterpillar

Financial

Services,

0.65%,

7/7/23 

5,000‌

5,029‌

Panasonic,

2.536%,

7/19/22 (1)

4,090‌

4,198‌

16,718‌

Media

&

Communications

0.2%

Fox,

3.666%,

1/25/22 

980‌

1,009‌

PCCW-HKT

Capital

No

5,

3.75%,

3/8/23 

6,931‌

7,278‌

8,287‌

Metals

&

Mining

0.3%

Anglo

American

Capital,

4.125%,

4/15/21 (1)

2,169‌

2,177‌

POSCO,

2.375%,

11/12/22 (1)

2,345‌

2,407‌

POSCO,

2.375%,

1/17/23 

4,000‌

4,119‌

POSCO,

4.00%,

8/1/23 

2,800‌

3,014‌

11,717‌

Miscellaneous

0.1%

Smithsonian

Institution,

0.845%,

9/1/21 

700‌

701‌

Smithsonian

Institution,

0.895%,

9/1/22 

800‌

804‌

Sumitomo

Mitsui

Banking,

4.85%,

3/1/22 

4,238‌

4,417‌

5,922‌

Oil

Field

Services

0.6%

Energy

Transfer

Operating,

3.60%,

2/1/23 

5,275‌

5,506‌

Energy

Transfer

Operating,

4.20%,

9/15/23 

6,570‌

7,079‌

Energy

Transfer

Operating,

4.25%,

3/15/23 

2,000‌

2,115‌

Energy

Transfer

Operating,

5.20%,

2/1/22 

10,370‌

10,681‌

25,381‌

Other

Telecommunications

0.3%

British

Telecommunications,

4.50%,

12/4/23 

8,747‌

9,656‌

SingTel

Group

Treasury

Pte,

4.50%,

9/8/21 

3,700‌

3,776‌

13,432‌

Petroleum

1.0%

Bharat

Petroleum,

4.375%,

1/24/22 (3)

7,005‌

7,174‌

BP

Capital

Markets,

FRN,

3M

USD

LIBOR

+

0.87%,

1.089%,

9/16/21 

1,000‌

1,004‌

BP

Capital

Markets

America,

FRN,

3M

USD

LIBOR

+

0.65%,

0.889%,

9/19/22 

2,000‌

2,010‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

19

Par/Shares

$

Value

(Amounts

in

000s)

Enbridge,

FRN,

SOFRRATE

+

0.40%,

0.413%,

2/17/23 

6,195‌

6,205‌

Pertamina

Persero,

4.875%,

5/3/22 

7,800‌

8,143‌

Suncor

Energy,

2.80%,

5/15/23 

12,850‌

13,475‌

Sunoco

Logistics

Partners

Operations,

4.65%,

2/15/22 

4,000‌

4,150‌

42,161‌

Railroads

0.2%

Eastern

Creation

II

Investment

Holdings,

1.00%,

9/10/23 

7,970‌

7,959‌

7,959‌

Real

Estate

Investment

Trust

Securities

0.8%

Brixmor

Operating

Partnership,

3.25%,

9/15/23 

7,903‌

8,383‌

Highwoods

Realty,

3.625%,

1/15/23 

1,204‌

1,255‌

SL

Green

Operating

Partnership,

FRN,

3M

USD

LIBOR

+

0.98%,

1.174%,

8/16/21 

3,000‌

3,000‌

Vanke

Real

Estate

Hong

Kong,

2.95%,

10/14/21 

10,000‌

10,101‌

Vanke

Real

Estate

Hong

Kong,

4.15%,

4/18/23 

2,400‌

2,544‌

Ventas

Realty,

3.10%,

1/15/23 

8,392‌

8,806‌

VEREIT

Operating

Partnership,

4.60%,

2/6/24 

1,636‌

1,797‌

35,886‌

Retail

0.6%

7-Eleven,

0.625%,

2/10/23 (1)

2,440‌

2,444‌

7-Eleven,

0.80%,

2/10/24 (1)

2,835‌

2,839‌

7-Eleven,

FRN,

3M

USD

LIBOR

+

0.45%,

0.645%,

8/10/22 (1)

3,750‌

3,755‌

Nordstrom,

4.00%,

10/15/21 

5,152‌

5,197‌

Walgreens

Boots

Alliance,

3.30%,

11/18/21 

10,000‌

10,156‌

24,391‌

Services

0.3%

Fidelity

National

Information

Services,

0.375%,

3/1/23 

8,335‌

8,332‌

Nature

Conservancy,

Series

A,

0.367%,

7/1/22 

1,250‌

1,250‌

Nature

Conservancy,

Series

A,

0.467%,

7/1/23 

850‌

851‌

Nature

Conservancy,

Series

A,

0.625%,

7/1/24 

650‌

649‌

11,082‌

Supermarkets

0.1%

CK

Hutchison

International,

1.875%,

10/3/21 

3,800‌

3,829‌

3,829‌

Telephones

0.4%

NTT

Finance,

0.373%,

3/3/23 (1)

8,335‌

8,330‌

Ooredoo

International

Finance,

3.25%,

2/21/23 

9,500‌

9,937‌

18,267‌

Transportation

0.5%

GATX,

FRN,

3M

USD

LIBOR

+

0.72%,

0.915%,

11/5/21 

2,700‌

2,710‌

HPHT

Finance,

2.75%,

9/11/22 

10,000‌

10,221‌

Penske

Truck

Leasing,

3.30%,

4/1/21 (1)

9,145‌

9,147‌

Penske

Truck

Leasing,

3.65%,

7/29/21 (1)

840‌

849‌

22,927‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

20

Par/Shares

$

Value

(Amounts

in

000s)

Transportation

(Excluding

Railroads)

0.9%

Heathrow

Funding,

4.875%,

7/15/21 (1)

25,603‌

26,002‌

Sydney

Airport

Finance,

3.90%,

3/22/23 (1)

13,578‌

14,407‌

40,409‌

Utilities

1.9%

CenterPoint

Energy,

3.60%,

11/1/21 

535‌

546‌

China

Southern

Power

Grid

International

Finance

BVI,

2.75%,

5/8/22 

10,000‌

10,217‌

Edison

International,

2.95%,

3/15/23 

5,000‌

5,184‌

Enel

Finance

International,

4.25%,

9/14/23 (1)

10,840‌

11,818‌

Hero

Asia

Investment,

1.50%,

11/18/23 

12,800‌

12,833‌

Pacific

Gas

&

Electric,

1.75%,

6/16/22 

14,080‌

14,119‌

Pacific

Gas

&

Electric,

4.25%,

8/1/23 

2,500‌

2,690‌

Pacific

Gas

&

Electric,

FRN,

3M

USD

LIBOR

+

1.375%,

1.573%,

11/15/21 

7,500‌

7,514‌

Southern,

0.60%,

2/26/24 

4,105‌

4,090‌

State

Grid

Overseas

Investment,

2.125%,

5/18/21 

5,500‌

5,518‌

State

Grid

Overseas

Investment,

3.75%,

5/2/23 

4,714‌

5,028‌

79,557‌

Wireless

Communications

0.6%

American

Tower,

0.60%,

1/15/24 

5,000‌

4,994‌

American

Tower,

5.00%,

2/15/24 

4,880‌

5,501‌

SBA

Tower

Trust,

3.448%,

3/15/23 (1)

15,000‌

15,849‌

26,344‌

Total

Corporate

Bonds

(Cost

$2,194,816)

2,212,554‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

6.2%

Foreign

Government

Obligations

&

Municipalities

6.2%

Export-Import

Bank

of

India,

4.00%,

1/14/23 

8,500‌

8,948‌

Japan

Treasury

Discount

Bill,

0.00%,

5/24/21

(JPY) 

2,846,450‌

26,710‌

Japan

Treasury

Discount

Bill,

(0.08)%,

3/8/21

(JPY) 

2,998,350‌

28,129‌

Japan

Treasury

Discount

Bill,

(0.08)%,

3/15/21

(JPY) 

2,938,900‌

27,571‌

Japan

Treasury

Discount

Bill,

(0.09)%,

3/1/21

(JPY) 

2,627,600‌

24,650‌

Japan

Treasury

Discount

Bill,

(0.10)%,

3/22/21

(JPY) 

3,392,300‌

31,826‌

Japan

Treasury

Discount

Bill,

(0.10)%,

3/29/21

(JPY) 

9,333,300‌

87,563‌

Japan

Treasury

Discount

Bill,

(0.10)%,

4/12/21

(JPY) 

1,351,050‌

12,676‌

Saudi

Arabian

Oil,

2.75%,

4/16/22 (1)

10,000‌

10,229‌

Saudi

Arabian

Oil,

2.75%,

4/16/22 

4,000‌

4,092‌

262,394‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$267,803)

262,394‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

21

Par/Shares

$

Value

(Amounts

in

000s)

MUNICIPAL

SECURITIES

2.4%

California

0.2%

Municipal

Improvement

Corp.

of

Los

Angeles,

Series

A,

0.319%,

11/1/22 

2,250‌

2,250‌

Municipal

Improvement

Corp.

of

Los

Angeles,

Series

A,

0.419%,

11/1/23 

3,500‌

3,501‌

Port

of

Oakland,

Series

R,

0.821%,

5/1/23 

1,250‌

1,258‌

7,009‌

Colorado

0.0%

Denver

City

&

County

Airport

System,

Series

C,

0.877%,

11/15/23 

1,175‌

1,183‌

1,183‌

Connecticut

0.0%

Connecticut,

Series

A,

GO,

2.50%,

7/1/22 

1,000‌

1,030‌

1,030‌

Florida

0.1%

Broward

County

Airport

System

Revenue,

Series

C,

1.936%,

10/1/22 

1,000‌

1,023‌

Florida

Dev.

Fin.,

Nova

Southeastern

Univ.,

Series

B,

1.645%,

4/1/21 

750‌

750‌

Florida

Dev.

Fin.,

Nova

Southeastern

Univ.,

Series

B,

1.795%,

4/1/22 

1,255‌

1,262‌

Miami-Dade

County,

Series

A,

GO,

0.707%,

10/1/23 

1,000‌

999‌

Miami-Dade

County,

Series

B,

GO,

0.707%,

10/1/23 

1,000‌

999‌

5,033‌

Illinois

0.5%

Chicago

O'Hare

Int'l.

Airport,

Series

D,

0.959%,

1/1/23 

5,335‌

5,390‌

Chicago

Transit

Auth.

Sales

Tax

Receipts

Fund,

Series

B,

1.708%,

12/1/22 

680‌

692‌

Chicago

Transit

Auth.

Sales

Tax

Receipts

Fund,

Series

B,

1.838%,

12/1/23 

870‌

893‌

Illinois,

GO,

4.875%,

5/1/21 

650‌

655‌

Illinois,

GO,

5.00%,

2/1/22 

6,570‌

6,812‌

Illinois,

Series

A,

GO,

2.25%,

10/1/22 

6,500‌

6,523‌

Illinois,

Series

A,

GO,

5.25%,

5/1/22 

1,500‌

1,573‌

22,538‌

Maryland

0.1%

Maryland

Stadium

Auth.,

Series

C,

0.801%,

5/1/21 

1,500‌

1,500‌

Maryland

Stadium

Auth.,

Series

C,

1.001%,

5/1/22 

1,260‌

1,264‌

Maryland

Stadium

Auth.,

Series

C,

1.125%,

5/1/23 

500‌

503‌

3,267‌

Michigan

0.1%

Great

Lakes

Water

Auth.

Sewage

Disposal

System

Revenue,

Series

A,

1.503%,

7/1/23 

250‌

255‌

Michigan

Fin.

Auth.,

Series

A-1,

0.897%,

6/1/22 

2,000‌

2,003‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

22

Par/Shares

$

Value

(Amounts

in

000s)

Michigan

Fin.

Auth.,

Series

A-1,

1.086%,

6/1/23 

2,125‌

2,132‌

4,390‌

New

Jersey

0.1%

New

Jersey

Turnpike

Auth.,

Series

B,

0.473%,

1/1/23 

150‌

149‌

New

Jersey

Turnpike

Auth.,

Series

B,

0.638%,

1/1/24 

3,500‌

3,486‌

New

Jersey

Turnpike

Auth.,

Series

B,

0.897%,

1/1/25 

2,000‌

1,994‌

5,629‌

New

York

0.9%

Long

Island

Power

Auth.,

Series

C,

0.659%,

3/1/22 

1,000‌

1,001‌

Long

Island

Power

Auth.,

Series

C,

0.764%,

3/1/23 

1,720‌

1,729‌

Metropolitan

Transportation

Auth.,

Series

A-2S,

BAN,

4.00%,

2/1/22 

730‌

751‌

Metropolitan

Transportation

Auth.,

Series

B-1,

BAN,

5.00%,

5/15/22 

9,865‌

10,356‌

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured

Revenue,

Build

America,

5.00%,

2/1/23 

2,655‌

2,895‌

Port

Auth.

of

New

York

&

New

Jersey,

Series

AAA,

1.086%,

7/1/23 

20,115‌

20,433‌

37,165‌

Oregon

0.1%

Medford

Hosp.

Fac.

Auth.,

Asante

Project,

Series

B,

1.65%,

8/15/22 

500‌

503‌

Medford

Hosp.

Fac.

Auth.,

Asante

Project,

Series

B,

1.73%,

8/15/23 

1,710‌

1,722‌

2,225‌

Pennsylvania

0.0%

Philadelphia

Water

&

Wastewater

Revenue,

Series

B,

0.693%,

11/1/21 

250‌

250‌

Philadelphia

Water

&

Wastewater

Revenue,

Series

B,

0.743%,

11/1/22 

500‌

501‌

Philadelphia

Water

&

Wastewater

Revenue,

Series

B,

0.864%,

11/1/23 

255‌

256‌

1,007‌

Tennessee

0.1%

Tennessee

Energy

Acquisition,

Series

A,

VRDN,

4.00%,

5/1/48

(Tender

5/1/23) 

2,500‌

2,669‌

2,669‌

Texas

0.1%

Central

Texas

Regional

Mobility

Auth.,

Senior

Lien,

Series

C,

1.345%,

1/1/24 

500‌

506‌

Central

Texas

Regional

Mobility

Auth.,

Subordinate,

Series

D,

1.307%,

1/1/22 

150‌

150‌

Central

Texas

Regional

Mobility

Auth.,

Subordinate,

Series

D,

1.486%,

1/1/23 

170‌

171‌

Central

Texas

Regional

Mobility

Auth.,

Subordinate,

Series

D,

1.645%,

1/1/24 

510‌

511‌

Dallas/Fort

Worth

Int'l.

Airport,

Series

C,

1.041%,

11/1/23 

500‌

505‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

23

Par/Shares

$

Value

(Amounts

in

000s)

Houston

Airport

System

Revenue,

Series

C,

0.883%,

7/1/22 

725‌

728‌

Houston

Airport

System

Revenue,

Series

C,

1.054%,

7/1/23 

1,240‌

1,247‌

North

Texas

Tollway

Auth.,

First

Tier,

0.92%,

1/1/24 

1,000‌

1,002‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Hendrick

Medical

Center,

0.863%,

9/1/21 (4)

650‌

651‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Hendrick

Medical

Center,

0.923%,

9/1/22 (4)

450‌

452‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Hendrick

Medical

Center,

1.071%,

9/1/23 (4)

475‌

480‌

6,403‌

West

Virginia

0.1%

Tobacco

Settlement

Fin.

Auth.,

Class

1

Senior

Bonds,

Series

A,

0.947%,

6/1/22 

1,520‌

1,525‌

Tobacco

Settlement

Fin.

Auth.,

Class

1

Senior

Bonds,

Series

A,

1.193%,

6/1/23 

2,415‌

2,433‌

3,958‌

Total

Municipal

Securities

(Cost

$102,532)

103,506‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

12.3%

Commercial

Mortgage-Backed

Securities

1.7%

BANK

Series

2017-BNK8,

Class

A1

2.122%,

11/15/50 

127‌

128‌

BX

Commercial

Mortgage

Trust

Series

2019-XL,

Class

A,

ARM

1M

USD

LIBOR

+

0.92%,

1.032%,

10/15/36 (1)

1,837‌

1,840‌

BX

Commercial

Mortgage

Trust

Series

2020-BXLP,

Class

A,

ARM

1M

USD

LIBOR

+

0.80%,

0.912%,

12/15/36 (1)

4,581‌

4,584‌

BX

Commercial

Mortgage

Trust

Series

2020-BXLP,

Class

C,

ARM

1M

USD

LIBOR

+

1.12%,

1.232%,

12/15/36 (1)

2,595‌

2,595‌

BX

Commercial

Mortgage

Trust

Series

2020-VKNG,

Class

A,

ARM

1M

USD

LIBOR

+

0.93%,

1.042%,

10/15/37 (1)

6,500‌

6,518‌

GB

Trust

Series

2020-FLIX,

Class

A,

ARM

1M

USD

LIBOR

+

1.12%,

1.232%,

8/15/37 (1)

5,600‌

5,644‌

GCT

Commercial

Mortgage

Trust

Series

2021-GCT,

Class

A,

ARM

1M

USD

LIBOR

+

0.80%,

0.912%,

2/15/38 (1)

3,000‌

3,001‌

InTown

Hotel

Portfolio

Trust

Series

2018-STAY,

Class

A,

ARM

1M

USD

LIBOR

+

0.95%,

1.063%,

1/15/33 (1)

685‌

686‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

24

Par/Shares

$

Value

(Amounts

in

000s)

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2019-BKWD,

Class

A,

ARM

1M

USD

LIBOR

+

1.00%,

1.113%,

9/15/29 (1)

5,000‌

5,010‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2019-BKWD,

Class

B,

ARM

1M

USD

LIBOR

+

1.35%,

1.463%,

9/15/29 (1)

7,000‌

6,995‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2020-609M,

Class

A,

ARM

1M

USD

LIBOR

+

1.37%,

1.483%,

10/15/33 (1)

9,870‌

9,894‌

KKR

Industrial

Portfolio

Trust

Series

2021-KDIP,

Class

A,

ARM

1M

USD

LIBOR

+

0.55%,

0.662%,

12/15/37 (1)

10,000‌

9,976‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2016-C30,

Class

A1

1.389%,

9/15/49 

52‌

52‌

New

Orleans

Hotel

Trust

Series

2019-HNLA,

Class

A,

ARM

1M

USD

LIBOR

+

0.99%,

1.102%,

4/15/32 (1)

10,000‌

9,951‌

ONE

Mortgage

Trust

Series

2021-PARK,

Class

A,

ARM

1M

USD

LIBOR

+

0.70%,

0.815%,

3/15/36 (1)

7,110‌

7,110‌

73,984‌

Whole

Loans

Backed

10.6%

Angel

Oak

Mortgage

Trust

Series

2019-3,

Class

A2,

CMO,

ARM

3.136%,

5/25/59 (1)

1,134‌

1,141‌

Angel

Oak

Mortgage

Trust

Series

2019-3,

Class

A3,

CMO,

ARM

3.238%,

5/25/59 (1)

716‌

719‌

Angel

Oak

Mortgage

Trust

Series

2019-5,

Class

A1,

CMO,

ARM

2.593%,

10/25/49 (1)

5,146‌

5,197‌

Angel

Oak

Mortgage

Trust

Series

2020-5,

Class

A1,

CMO,

ARM

1.373%,

5/25/65 (1)

7,306‌

7,361‌

Angel

Oak

Mortgage

Trust

Series

2020-6,

Class

A1,

CMO,

ARM

1.261%,

5/25/65 (1)

6,795‌

6,840‌

Angel

Oak

Mortgage

Trust

I

Series

2019-1,

Class

A1,

CMO,

ARM

3.92%,

11/25/48 (1)

1,350‌

1,381‌

Angel

Oak

Mortgage

Trust

I

Series

2019-1,

Class

A2,

CMO,

ARM

4.022%,

11/25/48 (1)

1,632‌

1,668‌

Angel

Oak

Mortgage

Trust

I

Series

2019-1,

Class

A3,

CMO,

ARM

4.124%,

11/25/48 (1)

1,632‌

1,668‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

25

Par/Shares

$

Value

(Amounts

in

000s)

Angel

Oak

Mortgage

Trust

I

Series

2019-2,

Class

A1,

CMO,

ARM

3.628%,

3/25/49 (1)

2,297‌

2,350‌

Angel

Oak

Mortgage

Trust

I

Series

2019-2,

Class

A2,

CMO,

ARM

3.782%,

3/25/49 (1)

1,039‌

1,062‌

Angel

Oak

Mortgage

Trust

I

Series

2019-2,

Class

A3,

CMO,

ARM

3.833%,

3/25/49 (1)

832‌

848‌

Bayview

Mortgage

Fund

IVc

Trust

Series

2017-RT3,

Class

A,

CMO,

ARM

3.50%,

1/28/58 (1)

449‌

455‌

Bayview

Opportunity

Master

Fund

IVa

Trust

Series

2017-SPL5,

Class

A,

CMO,

ARM

3.50%,

6/28/57 (1)

643‌

658‌

Bayview

Opportunity

Master

Fund

IVb

Trust

Series

2017-RT2,

Class

A,

CMO,

ARM

3.50%,

8/28/57 (1)

432‌

438‌

COLT

Mortgage

Loan

Trust

Series

2019-2,

Class

A1,

CMO,

ARM

3.337%,

5/25/49 (1)

1,570‌

1,572‌

COLT

Mortgage

Loan

Trust

Series

2019-2,

Class

A2,

CMO,

ARM

3.439%,

5/25/49 (1)

2,876‌

2,880‌

COLT

Mortgage

Loan

Trust

Series

2019-2,

Class

A3,

CMO,

ARM

3.541%,

5/25/49 (1)

639‌

640‌

COLT

Mortgage

Loan

Trust

Series

2019-3,

Class

A1,

CMO,

ARM

2.764%,

8/25/49 (1)

3,007‌

3,024‌

COLT

Mortgage

Loan

Trust

Series

2020-3,

Class

A1,

CMO,

ARM

1.506%,

4/27/65 (1)

7,329‌

7,385‌

Connecticut

Avenue

Securities

Series

2017-C05,

Class

1ED3,

CMO,

ARM

1M

USD

LIBOR

+

1.20%,

1.318%,

1/25/30 

3,946‌

3,843‌

Connecticut

Avenue

Securities

Series

2018-C02,

Class

2EB2,

CMO,

ARM

1M

USD

LIBOR

+

0.90%,

1.018%,

8/25/30 

4,740‌

4,649‌

Connecticut

Avenue

Securities

Series

2018-C03,

Class

1EB2,

CMO,

ARM

1M

USD

LIBOR

+

0.85%,

0.968%,

10/25/30 

5,000‌

4,945‌

Connecticut

Avenue

Securities

Series

2018-C03,

Class

1ED2,

CMO,

ARM

1M

USD

LIBOR

+

0.85%,

0.968%,

10/25/30 

3,018‌

2,990‌

Connecticut

Avenue

Securities

Series

2020-R01,

Class

1M1,

CMO,

ARM

1M

USD

LIBOR

+

0.80%,

0.918%,

1/25/40 (1)

1,295‌

1,295‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

26

Par/Shares

$

Value

(Amounts

in

000s)

Deephaven

Residential

Mortgage

Trust

Series

2017-1A,

Class

A3,

CMO,

ARM

3.485%,

12/26/46 (1)

123‌

124‌

Deephaven

Residential

Mortgage

Trust

Series

2019-2A,

Class

A1,

CMO,

ARM

3.558%,

4/25/59 (1)

1,431‌

1,437‌

Deephaven

Residential

Mortgage

Trust

Series

2019-2A,

Class

A2,

CMO,

ARM

3.661%,

4/25/59 (1)

958‌

961‌

Deephaven

Residential

Mortgage

Trust

Series

2019-2A,

Class

A3,

CMO,

ARM

3.763%,

4/25/59 (1)

889‌

891‌

Deephaven

Residential

Mortgage

Trust

Series

2019-3A,

Class

A1,

CMO,

ARM

2.964%,

7/25/59 (1)

2,232‌

2,249‌

Deephaven

Residential

Mortgage

Trust

Series

2020-1,

Class

A1,

CMO,

ARM

2.339%,

1/25/60 (1)

1,405‌

1,423‌

Deephaven

Residential

Mortgage

Trust

Series

2021-1,

Class

A1,

CMO,

ARM

0.715%,

5/25/65 (1)

19,402‌

19,393‌

Ellington

Financial

Mortgage

Trust

Series

2019-2,

Class

A1,

CMO,

ARM

2.739%,

11/25/59 (1)

4,623‌

4,719‌

Ellington

Financial

Mortgage

Trust

Series

2020-1,

Class

A1,

CMO,

ARM

2.006%,

5/25/65 (1)

2,224‌

2,260‌

Ellington

Financial

Mortgage

Trust

Series

2020-2,

Class

A1,

CMO,

ARM

1.178%,

10/25/65 (1)

8,618‌

8,621‌

Ellington

Financial

Mortgage

Trust

Series

2021-1,

Class

A1,

CMO,

ARM

0.797%,

2/25/66 (1)

13,210‌

13,210‌

Freddie

Mac

Whole

Loan

Securities

Trust

Series

2016-SC02,

Class

M1,

CMO,

ARM

3.607%,

10/25/46 

657‌

669‌

Galton

Funding

Mortgage

Trust

Series

2018-1,

Class

A43,

CMO,

ARM

3.50%,

11/25/57 (1)

128‌

129‌

Galton

Funding

Mortgage

Trust

Series

2019-1,

Class

A42,

CMO,

ARM

4.00%,

2/25/59 (1)

569‌

573‌

Galton

Funding

Mortgage

Trust

Series

2019-2,

Class

A42,

CMO,

ARM

3.50%,

6/25/59 (1)

1,018‌

1,026‌

Galton

Funding

Mortgage

Trust

Series

2019-H1,

Class

A1,

CMO,

ARM

2.657%,

10/25/59 (1)

3,178‌

3,241‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

27

Par/Shares

$

Value

(Amounts

in

000s)

Galton

Funding

Mortgage

Trust

Series

2020-H1,

Class

A1,

CMO,

ARM

2.31%,

1/25/60 (1)

7,998‌

8,157‌

Galton

Funding

Mortgage

Trust

Series

2020-H1,

Class

A2,

CMO,

ARM

2.413%,

1/25/60 (1)

4,550‌

4,593‌

Goldman

Sachs

Mortgage-Backed

Securities

Trust

Series

2020-NQM1,

Class

A1,

CMO,

ARM

1.382%,

9/27/60 (1)

3,695‌

3,712‌

Homeward

Opportunities

Fund

I

Trust

Series

2019-1,

Class

A1,

CMO,

ARM

3.454%,

1/25/59 (1)

3,293‌

3,331‌

Homeward

Opportunities

Fund

I

Trust

Series

2019-1,

Class

A2,

CMO,

ARM

3.556%,

1/25/59 (1)

2,400‌

2,431‌

Homeward

Opportunities

Fund

I

Trust

Series

2019-1,

Class

A3,

CMO,

ARM

3.606%,

1/25/59 (1)

1,068‌

1,080‌

Homeward

Opportunities

Fund

I

Trust

Series

2019-2,

Class

A1,

CMO,

ARM

2.702%,

9/25/59 (1)

2,190‌

2,208‌

Homeward

Opportunities

Fund

I

Trust

Series

2019-3,

Class

A1,

CMO,

ARM

2.675%,

11/25/59 (1)

6,513‌

6,635‌

Homeward

Opportunities

Fund

I

Trust

Series

2020-2,

Class

A1,

CMO,

ARM

1.657%,

5/25/65 (1)

6,631‌

6,696‌

JPMorgan

Mortgage

Trust

Series

2020-INV1,

Class

A4,

CMO,

ARM

3.50%,

8/25/50 (1)

4,150‌

4,232‌

JPMorgan

Mortgage

Trust

Series

2020-INV2,

Class

A4A,

CMO,

ARM

2.50%,

10/25/50 (1)

3,177‌

3,235‌

JPMorgan

Mortgage

Trust

Series

2020-LTV1,

Class

A4,

CMO,

ARM

3.50%,

6/25/50 (1)

4,591‌

4,638‌

MFA

Trust

Series

2021-INV1,

Class

A1,

CMO,

ARM

0.852%,

1/25/56 (1)

10,013‌

9,998‌

New

Residential

Mortgage

Loan

Trust

Series

2019-NQM2,

Class

A1,

CMO,

ARM

3.60%,

4/25/49 (1)

4,027‌

4,065‌

New

Residential

Mortgage

Loan

Trust

Series

2019-NQM2,

Class

A2,

CMO,

ARM

3.701%,

4/25/49 (1)

1,540‌

1,553‌

New

Residential

Mortgage

Loan

Trust

Series

2019-NQM2,

Class

A3,

CMO,

ARM

3.752%,

4/25/49 (1)

1,275‌

1,283‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

28

Par/Shares

$

Value

(Amounts

in

000s)

New

Residential

Mortgage

Loan

Trust

Series

2019-NQM3,

Class

A1,

CMO,

ARM

2.802%,

7/25/49 (1)

2,181‌

2,195‌

New

Residential

Mortgage

Loan

Trust

Series

2019-NQM5,

Class

A1,

CMO,

ARM

2.71%,

11/25/59 (1)

3,753‌

3,854‌

New

Residential

Mortgage

Loan

Trust

Series

2020-NQM1,

Class

A1,

CMO,

ARM

2.464%,

1/26/60 (1)

4,227‌

4,311‌

New

Residential

Mortgage

Loan

Trust

Series

2021-NQ1R,

Class

A1,

CMO,

ARM

0.943%,

7/25/55 (1)

22,505‌

22,505‌

OBX

Trust

Series

2018-EXP1,

Class

2A1,

CMO,

ARM

1M

USD

LIBOR

+

0.85%,

0.968%,

4/25/48 (1)

1,491‌

1,504‌

OBX

Trust

Series

2019-EXP2,

Class

2A1A,

CMO,

ARM

1M

USD

LIBOR

+

0.90%,

1.018%,

6/25/59 (1)

676‌

679‌

OBX

Trust

Series

2019-EXP3,

Class

2A1,

CMO,

ARM

1M

USD

LIBOR

+

0.90%,

1.018%,

10/25/59 (1)

912‌

917‌

OBX

Trust

Series

2020-EXP1,

Class

1A8,

CMO,

ARM

3.50%,

2/25/60 (1)

1,554‌

1,603‌

OBX

Trust

Series

2020-EXP1,

Class

2A1A,

CMO,

ARM

1M

USD

LIBOR

+

0.75%,

0.868%,

2/25/60 (1)

5,801‌

5,817‌

OBX

Trust

Series

2020-EXP3,

Class

1A8,

CMO,

ARM

3.00%,

1/25/60 (1)

11,287‌

11,656‌

OBX

Trust

Series

2020-INV1,

Class

A11,

CMO,

ARM

1M

USD

LIBOR

+

0.90%,

1.018%,

12/25/49 (1)

1,763‌

1,770‌

Sequoia

Mortgage

Trust

Series

2018-CH1,

Class

A1,

CMO,

ARM

4.00%,

2/25/48 (1)

1,065‌

1,090‌

Sequoia

Mortgage

Trust

Series

2018-CH1,

Class

A11,

CMO,

ARM

3.50%,

2/25/48 (1)

122‌

122‌

Sequoia

Mortgage

Trust

Series

2018-CH2,

Class

A12,

CMO,

ARM

4.00%,

6/25/48 (1)

373‌

374‌

Sequoia

Mortgage

Trust

Series

2018-CH4,

Class

A11,

CMO,

ARM

4.00%,

10/25/48 (1)

37‌

37‌

SG

Residential

Mortgage

Trust

Series

2019-3,

Class

A1,

CMO,

ARM

2.703%,

9/25/59 (1)

1,209‌

1,227‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

29

Par/Shares

$

Value

(Amounts

in

000s)

SG

Residential

Mortgage

Trust

Series

2020-2,

Class

A1,

CMO,

ARM

1.381%,

5/25/65 (1)

11,249‌

11,293‌

Starwood

Mortgage

Residential

Trust

Series

2018-IMC2,

Class

A1,

CMO,

ARM

4.121%,

10/25/48 (1)

889‌

924‌

Starwood

Mortgage

Residential

Trust

Series

2019-1,

Class

A1,

CMO,

ARM

2.941%,

6/25/49 (1)

3,822‌

3,879‌

Starwood

Mortgage

Residential

Trust

Series

2019-IMC1,

Class

A1,

CMO,

ARM

3.468%,

2/25/49 (1)

2,456‌

2,474‌

Starwood

Mortgage

Residential

Trust

Series

2019-IMC1,

Class

A2,

CMO,

ARM

3.651%,

2/25/49 (1)

2,726‌

2,749‌

Starwood

Mortgage

Residential

Trust

Series

2019-IMC1,

Class

A3,

CMO,

ARM

3.754%,

2/25/49 (1)

1,363‌

1,368‌

Starwood

Mortgage

Residential

Trust

Series

2019-INV1,

Class

A1,

CMO,

ARM

2.61%,

9/27/49 (1)

3,002‌

3,060‌

Starwood

Mortgage

Residential

Trust

Series

2020-INV1,

Class

A1,

CMO,

ARM

1.027%,

11/25/55 (1)

12,165‌

12,202‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2017-DNA2,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

1.20%,

1.318%,

10/25/29 

75‌

75‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2017-DNA3,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

0.75%,

0.868%,

3/25/30 

114‌

114‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2018-DNA3,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

0.75%,

0.868%,

9/25/48 (1)

5‌

5‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2018-HQA2,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

0.75%,

0.868%,

10/25/48 (1)

353‌

353‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2018-HRP2,

Class

M2,

CMO,

ARM

1M

USD

LIBOR

+

1.25%,

1.368%,

2/25/47 (1)

1,395‌

1,399‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-DNA1,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

0.70%,

0.818%,

1/25/50 (1)

441‌

441‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-DNA2,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

0.75%,

0.868%,

2/25/50 (1)

1,591‌

1,591‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-DNA4,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

1.50%,

1.618%,

8/25/50 (1)

2,212‌

2,214‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

30

Par/Shares

$

Value

(Amounts

in

000s)

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-DNA5,

Class

M1,

CMO,

ARM

SOFR30A

+

1.30%,

1.345%,

10/25/50 (1)

2,811‌

2,814‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-DNA6,

Class

M1,

CMO,

ARM

SOFR30A

+

0.90%,

0.945%,

12/25/50 (1)

6,775‌

6,785‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-HQA1,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

0.75%,

0.859%,

1/25/50��(1)

377‌

377‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-HQA3,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

1.55%,

1.668%,

7/25/50 (1)

916‌

917‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-HQA4,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

1.30%,

1.418%,

9/25/50 (1)

3,666‌

3,670‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-HQA5,

Class

M1,

CMO,

ARM

SOFR30A

+

1.10%,

1.145%,

11/25/50 (1)

7,792‌

7,799‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-DNA1,

Class

M1,

CMO,

ARM

SOFR30A

+

0.65%,

0.695%,

1/25/51 (1)

7,880‌

7,880‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-HQA1,

Class

M1,

CMO,

ARM

SOFR30A

+

0.70%,

0.75%,

8/25/33 (1)

15,475‌

15,475‌

Towd

Point

Mortgage

Trust

Series

2016-1,

Class

A1B,

CMO,

ARM

2.75%,

2/25/55 (1)

29‌

29‌

Towd

Point

Mortgage

Trust

Series

2016-3,

Class

A1,

CMO,

ARM

2.25%,

4/25/56 (1)

469‌

473‌

Towd

Point

Mortgage

Trust

Series

2016-4,

Class

A1,

CMO,

ARM

2.25%,

7/25/56 (1)

79‌

80‌

Towd

Point

Mortgage

Trust

Series

2017-1,

Class

A1,

CMO,

ARM

2.75%,

10/25/56 (1)

133‌

135‌

Towd

Point

Mortgage

Trust

Series

2017-3,

Class

A1,

ARM

2.75%,

7/25/57 (1)

239‌

244‌

Towd

Point

Mortgage

Trust

Series

2017-4,

Class

A1,

CMO,

ARM

2.75%,

6/25/57 (1)

353‌

365‌

Towd

Point

Mortgage

Trust

Series

2017-5,

Class

A1,

CMO,

ARM

1M

USD

LIBOR

+

0.60%,

0.718%,

2/25/57 (1)

416‌

416‌

Towd

Point

Mortgage

Trust

Series

2017-6,

Class

A1,

CMO,

ARM

2.75%,

10/25/57 (1)

772‌

795‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

31

Par/Shares

$

Value

(Amounts

in

000s)

Towd

Point

Mortgage

Trust

Series

2018-2,

Class

A1,

ARM

3.25%,

3/25/58 (1)

1,158‌

1,212‌

Verus

Securitization

Trust

Series

2019-1,

Class

A1,

CMO,

ARM

3.836%,

2/25/59 (1)

2,148‌

2,162‌

Verus

Securitization

Trust

Series

2019-1,

Class

A3,

CMO,

ARM

4.04%,

2/25/59 (1)

1,484‌

1,487‌

Verus

Securitization

Trust

Series

2019-2,

Class

A1,

CMO,

ARM

3.211%,

5/25/59 (1)

3,195‌

3,210‌

Verus

Securitization

Trust

Series

2019-2,

Class

A2,

CMO,

ARM

3.345%,

5/25/59 (1)

2,711‌

2,724‌

Verus

Securitization

Trust

Series

2019-2,

Class

A3,

CMO,

ARM

3.448%,

5/25/59 (1)

1,356‌

1,361‌

Verus

Securitization

Trust

Series

2019-3,

Class

A1,

CMO,

STEP

2.784%,

7/25/59 (1)

5,615‌

5,751‌

Verus

Securitization

Trust

Series

2019-4,

Class

A1,

CMO,

STEP

2.642%,

11/25/59 (1)

6,382‌

6,517‌

Verus

Securitization

Trust

Series

2019-INV1,

Class

A1,

CMO,

ARM

3.402%,

12/25/59 (1)

4,973‌

5,037‌

Verus

Securitization

Trust

Series

2019-INV1,

Class

A2,

CMO,

ARM

3.504%,

12/25/59 (1)

2,992‌

3,029‌

Verus

Securitization

Trust

Series

2019-INV1,

Class

A3,

CMO,

ARM

3.658%,

12/25/59 (1)

1,223‌

1,237‌

Verus

Securitization

Trust

Series

2019-INV1,

Class

M1,

CMO,

ARM

4.034%,

12/25/59 (1)

455‌

463‌

Verus

Securitization

Trust

Series

2019-INV2,

Class

A1,

CMO,

ARM

2.913%,

7/25/59 (1)

2,655‌

2,715‌

Verus

Securitization

Trust

Series

2019-INV3,

Class

A1,

CMO,

ARM

2.692%,

11/25/59 (1)

3,609‌

3,705‌

Verus

Securitization

Trust

Series

2020-1,

Class

A1,

CMO,

STEP

2.417%,

1/25/60 (1)

4,410‌

4,492‌

Verus

Securitization

Trust

Series

2020-2,

Class

A1,

CMO,

ARM

2.226%,

5/25/60 (1)

5,315‌

5,376‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

32

Par/Shares

$

Value

(Amounts

in

000s)

Verus

Securitization

Trust

Series

2020-4,

Class

A1,

CMO,

STEP

1.502%,

5/25/65 (1)

3,374‌

3,405‌

Verus

Securitization

Trust

Series

2020-5,

Class

A1,

CMO,

STEP

1.218%,

5/25/65 (1)

8,093‌

8,114‌

Verus

Securitization

Trust

Series

2020-INV1,

Class

A1,

CMO,

ARM

1.977%,

3/25/60 (1)

2,961‌

3,012‌

Verus

Securitization

Trust

Series

2021-1,

Class

A1,

CMO,

ARM

0.815%,

1/25/66 (1)

15,406‌

15,393‌

Verus

Securitization

Trust

Series

2021-R1,

Class

A1,

CMO,

ARM

0.82%,

10/25/63 (1)

8,770‌

8,776‌

Vista

Point

Securitization

Trust

Series

2020-1,

Class

A1,

CMO,

ARM

1.763%,

3/25/65 (1)

6,019‌

6,074‌

Vista

Point

Securitization

Trust

Series

2020-2,

Class

A1,

CMO,

ARM

1.475%,

4/25/65 (1)

8,782‌

8,832‌

449,922‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$521,215)

523,906‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

0.0%

U.S.

Government

Agency

Obligations

0.0%

(5)

Federal

Home

Loan

Mortgage,

CMO,

ARM,

1M

USD

LIBOR

+

0.35%,

0.462%,

2/15/45 

316‌

317‌

Federal

National

Mortgage

Assn.,

CMO,

ARM,

1M

USD

LIBOR

+

0.40%,

0.518%,

1/25/45 

254‌

255‌

Federal

National

Mortgage

Assn.,

UMBS,

4.50%,

1/1/27 

2‌

2‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$573)

574‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

3.2%

U.S.

Treasury

Obligations

3.2%

U.S.

Treasury

Bills,

0.04%,

5/27/21 

13,000‌

12,999‌

U.S.

Treasury

Bills,

0.05%,

6/29/21 

14,000‌

13,998‌

U.S.

Treasury

Bills,

0.05%,

7/13/21 

14,000‌

13,997‌

U.S.

Treasury

Bills,

0.06%,

8/26/21 

14,000‌

13,997‌

U.S.

Treasury

Bills,

0.07%,

8/5/21 

10,000‌

9,998‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

33

Par/Shares

$

Value

(Amounts

in

000s)

U.S.

Treasury

Bills,

0.08%,

7/29/21 

10,000‌

9,998‌

U.S.

Treasury

Bills,

0.10%,

3/25/21 

30,000‌

29,999‌

U.S.

Treasury

Bills,

0.11%,

4/1/21 (6)

21,300‌

21,299‌

U.S.

Treasury

Bills,

0.11%,

3/18/21 

10,000‌

10,000‌

136,285‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$136,279)

136,285‌

SHORT-TERM

INVESTMENTS

11.3%

Commercial

Paper

11.3%

4(2)

10.1%(7)

Albemarle,

0.40%,

3/2/21 

5,000‌

5,000‌

Arrow

Electronics,

0.18%,

3/4/21 

42,000‌

41,997‌

BASF,

2.06%,

5/7/21 

10,000‌

9,997‌

BAT

International

Finance,

0.28%,

3/12/21 

12,000‌

11,998‌

BAT

International

Finance,

0.35%,

4/22/21 

7,000‌

6,998‌

BAT

International

Finance,

0.35%,

4/26/21 

10,000‌

9,996‌

BAT

International

Finance,

0.40%,

4/28/21 

15,000‌

14,994‌

Conagra

Foods,

0.90%,

4/8/21 

25,000‌

24,984‌

Electricite

de

France,

0.13%,

3/1/21 

8,600‌

8,600‌

Enel

Finance

America,

0.38%,

8/10/21 

10,000‌

9,986‌

Energy

Transfer

Partners,

0.51%,

3/1/21 

24,000‌

23,999‌

Eni

Finance,

0.25%,

5/13/21 

13,000‌

12,992‌

Enterprise

Products,

0.12%,

3/1/21 

10,000‌

10,000‌

General

Motors

Financial,

0.38%,

4/13/21 

10,000‌

9,994‌

General

Motors

Financial,

0.42%,

4/5/21 

2,000‌

1,999‌

General

Motors

Financial,

0.48%,

5/4/21 

5,000‌

4,995‌

Harley-Davidson

Financial,

0.40%,

4/5/21 

10,000‌

9,996‌

Hyundai

Capital

America,

0.11%,

3/1/21 

17,600‌

17,600‌

Intercontinental

Exchange,

0.42%,

9/23/21 

10,000‌

9,965‌

Intercontinental

Exchange,

0.45%,

6/7/21 

4,075‌

4,070‌

Kinder

Morgan,

0.16%,

3/1/21 

25,000‌

24,999‌

Kinder

Morgan,

0.18%,

3/5/21 

11,000‌

10,999‌

Ovintiv,

0.75%,

3/1/21 

2,800‌

2,800‌

Ovintiv,

0.95%,

3/8/21 

8,000‌

7,998‌

Ovintiv,

1.00%,

3/15/21 

7,000‌

6,997‌

Ovintiv,

1.00%,

3/17/21 

11,000‌

10,994‌

Ovintiv,

1.00%,

4/7/21 

5,500‌

5,494‌

Ovintiv,

1.01%,

4/5/21 

13,000‌

12,986‌

Plains

All

American

Pipeline,

0.55%,

3/2/21 

15,000‌

15,000‌

Plains

All

American

Pipeline,

0.60%,

3/19/21 

2,200‌

2,200‌

Plains

Midstream

Canada,

0.55%,

3/4/21 

25,000‌

24,998‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

34

Par/Shares

$

Value

(Amounts

in

000s)

Sherwin-Williams,

0.21%,

3/23/21 

15,500‌

15,499‌

Southern

California

Edison,

0.28%,

4/1/21 

20,000‌

19,997‌

Total

Capital,

2.04%,

4/23/21 

5,000‌

4,999‌

Walgreens

Boots

Alliance,

0.32%,

5/11/21 

15,784‌

15,775‌

431,895‌

Non-4(2)

1.2%

Baptist

Memorial

Health

Care,

TECP,

0.80%,

3/10/21 

25,726‌

25,727‌

Chi

Taxable

Senior

B,

1.052%,

4/29/21 

15,000‌

14,997‌

Chi

Taxable

Senior

B,

1.053%,

6/8/21 

2,000‌

1,999‌

Chi

Taxable

Senior

B,

1.053%,

6/9/21 

2,000‌

1,999‌

Chi

Taxable

Senior

B,

1.202%,

3/3/21 

6,000‌

6,000‌

50,722‌

Total

Commercial

Paper

482,617‌

Money

Market

Funds

0.0%

T.

Rowe

Price

Government

Reserve

Fund,

0.05% (8)(9)

3‌

3‌

Total

Money

Market

Funds

3‌

Total

Short-Term

Investments

(Cost

$482,540)

482,620‌

Total

Investments

in

Securities

101.0%

(Cost

$4,289,989)

$

4,309,731‌

Other

Assets

Less

Liabilities

(1.0)%

(40,570‌)

Net

Assets

100.0%

$

4,269,161‌

‡

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

$1,630,322

and

represents

38.2%

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)

All

or

a

portion

of

this

security

is

on

loan

at

February

28,

2021.

(4)

Insured

by

Assured

Guaranty

Municipal

Corporation

(5)

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.

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

35

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(6)

At

February

28,

2021,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

(7)

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

$431,895

and

represents

10.1%

of

net

assets.

(8)

Seven-day

yield

(9)

Affiliated

Companies

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

USD

LIBOR

Three

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. 

BAN

Bond

Anticipation

Note

CLO

Collateralized

Loan

Obligation

CMO

Collateralized

Mortgage

Obligation

FRN

Floating

Rate

Note

GO

General

Obligation

JPY

Japanese

Yen

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.

TECP

Tax-Exempt

Commercial

Paper;

the

tax

exempt

nature

of

income

will

not

pass

to

the

fund’s

shareholders.

UMBS

Uniform

Mortgage-Backed

Securities

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

VRDN

Variable

Rate

Demand

Note

under

which

the

holder

has

the

right

to

sell

the

security

to

the

issuer

or

the

issuer’s

agent

at

a

predetermined

price

on

specified

dates;

such

specified

dates

are

considered

the

effective

maturity

for

purposes

of

the

fund’s

weighted

average

maturity;

rate

shown

is

effective

rate

at

period-end

and

maturity

date

shown

is

final

maturity.

Certain

VRDN

rates

are

not

based

on

a

published

reference

rate

and

spread

but

may

adjust

periodically.

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

36

(Amounts

in

000s)

SWAPS

0.0%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

**

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

0.0%

Credit

Default

Swaps,

Protection

Sold

0.0%

Bank

of

America,

Protection

Sold

(Relevant

Credit:

Boeing,

Baa2*),

Receive

1.00%,

Quarterly,

Pay

upon

credit

default,

12/20/21

*

10,000

64

45

19

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

AT&T,

Baa2*),

Receive

1.00%,

Quarterly,

Pay

upon

credit

default,

12/20/21

*

5,000

38

31

7

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

AT&T,

Baa2*),

Receive

1.00%,

Quarterly,

Pay

upon

credit

default,

6/20/22

*

15,000

151

115

36

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

AT&T,

Baa2*),

Receive

1.00%,

Quarterly,

Pay

upon

credit

default,

12/20/22

*

10,000

126

94

32

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Enbridge,

Baa2*),

Receive

1.00%,

Quarterly,

Pay

upon

credit

default,

6/20/21

*

15,000

66

(18)

84

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

General

Electric,

Baa1*),

Receive

1.00%,

Quarterly,

Pay

upon

credit

default,

12/20/21

*

12,000

89

—

89

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Verizon

Communications,

Baa1*),

Receive

1.00%,

Quarterly,

Pay

upon

credit

default,

6/20/21

*

15,000

66

34

32

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

301

299

Total

Bilateral

Swaps

301

299

*

Credit

ratings

as

of

February

28,

2021.

Ratings

shown

are

from

Moody’s

Investors

Service

and

if

Moody’s

does

not

rate

a

security,

then

Standard

&

Poor’s

(S&P)

is

used.

Fitch

is

used

for

securities

that

are

not

rated

by

either

Moody’s

or

S&P.

**

Includes

interest

purchased

or

sold

but

not

yet

collected

of

$2.

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

37

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

BNP

Paribas

3/8/21

USD

28,784‌

JPY

2,998,350‌

$

651‌

BNP

Paribas

3/22/21

USD

32,897‌

JPY

3,392,300‌

1,063‌

Deutsche

Bank

3/29/21

USD

33,488‌

JPY

3,457,550‌

1,039‌

HSBC

Bank

3/1/21

USD

25,217‌

JPY

2,627,600‌

565‌

HSBC

Bank

5/24/21

USD

26,814‌

JPY

2,846,450‌

84‌

JPMorgan

Chase

4/12/21

USD

13,029‌

JPY

1,351,050‌

347‌

RBC

Dominion

Securities

3/29/21

USD

57,274‌

JPY

5,875,750‌

2,130‌

Standard

Chartered

3/15/21

USD

28,270‌

JPY

2,938,900‌

693‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

6,572‌

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

38

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

1,712

U.S.

Treasury

Notes

five

year

contracts

6/21

(212,234)

$

1,723‌

Short,

140

U.S.

Treasury

Notes

ten

year

contracts

6/21

(18,581)

228‌

Net

payments

(receipts)

of

variation

margin

to

date

(2,051‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(100‌)

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

39

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

nine

months

ended

February

28,

2021.

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,

0.05%

$

—‌#

$

—‌

$

—‌+

`0.00

`0.00

`0.00

Supplementary

Investment

Schedule

Affiliate

Value

05/31/20

Purchase

Cost

Sales

Cost

Value

02/28/21

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

$

1‌

 ¤

 ¤

$

3‌^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$0

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

$3.

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

Unaudited

Notes

to

Portfolio

of

Investments

40

T.

Rowe

Price

Ultra

Short-Term

Bond

Fund (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The

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

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

41

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

fund's

own

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

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.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Investments

for

which

market

quotations

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

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.

Factors

used

in

determining

T.

ROWE

PRICE

Ultra

Short-Term

Bond

Fund

42

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

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

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

and

updated

as

information

becomes

available,

including

actual

purchase

and

sale

transactions

of

the

investment.

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.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

February

28,

2021

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

F188-054Q3

02/21 

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

3,827,111‌

$

—‌

$

3,827,111‌

Short-Term

Investments

3‌

482,617‌

—‌

482,620‌

Total

Securities

3‌

4,309,728‌

—‌

4,309,731‌

Swaps

—‌

600‌

—‌

600‌

Forward

Currency

Exchange

Contracts

—‌

6,572‌

—‌

6,572‌

Futures

Contracts*

1,951‌

—‌

—‌

1,951‌

Total

$

1,954‌

$

4,316,900‌

$

—‌

$

4,318,854‌

1

Includes

Asset-Backed

Securities,

Corporate

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.