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.
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PRICE
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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.
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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
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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
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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.
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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.