T.
ROWE
PRICE
Short-Term
Bond
Fund
February
28,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
14.0%
Car
Loan
5.6%
Ally
Master
Owner
Trust
Series
2018-2,
Class
A
3.29%,
5/15/23
15,760
15,858
AmeriCredit
Automobile
Receivables
Trust
Series
2016-3,
Class
D
2.71%,
9/8/22
8,714
8,717
AmeriCredit
Automobile
Receivables
Trust
Series
2017-1,
Class
C
2.71%,
8/18/22
1,800
1,811
AmeriCredit
Automobile
Receivables
Trust
Series
2017-1,
Class
D
3.13%,
1/18/23
15,265
15,517
AmeriCredit
Automobile
Receivables
Trust
Series
2017-2,
Class
D
3.42%,
4/18/23
4,910
5,027
AmeriCredit
Automobile
Receivables
Trust
Series
2017-3,
Class
B
2.24%,
6/19/23
179
180
AmeriCredit
Automobile
Receivables
Trust
Series
2017-3,
Class
C
2.69%,
6/19/23
3,385
3,421
AmeriCredit
Automobile
Receivables
Trust
Series
2017-3,
Class
D
3.18%,
7/18/23
11,521
11,847
AmeriCredit
Automobile
Receivables
Trust
Series
2020-1,
Class
C
1.59%,
10/20/25
5,255
5,351
AmeriCredit
Automobile
Receivables
Trust
Series
2020-1,
Class
D
1.80%,
12/18/25
5,065
5,179
AmeriCredit
Automobile
Receivables
Trust
Series
2020-2,
Class
B
0.97%,
2/18/26
2,715
2,741
AmeriCredit
Automobile
Receivables
Trust
Series
2020-3,
Class
C
1.06%,
8/18/26
3,915
3,962
Avis
Budget
Rental
Car
Funding
AESOP
Series
2017-1A,
Class
B
3.41%,
9/20/23 (1)
4,535
4,676
Avis
Budget
Rental
Car
Funding
AESOP
Series
2018-2A,
Class
C
4.95%,
3/20/25 (1)
3,155
3,412
T.
ROWE
PRICE
Short-Term
Bond
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-1A,
Class
B
3.70%,
3/20/23 (1)
1,960
2,004
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-2A,
Class
A
3.35%,
9/22/25 (1)
7,360
7,965
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-2A,
Class
B
3.55%,
9/22/25 (1)
4,265
4,584
Avis
Budget
Rental
Car
Funding
AESOP
Series
2020-1A,
Class
A
2.33%,
8/20/26 (1)
3,950
4,130
Capital
Auto
Receivables
Asset
Trust
Series
2017-1,
Class
B
2.43%,
5/20/22 (1)
1,052
1,055
Capital
Auto
Receivables
Asset
Trust
Series
2017-1,
Class
C
2.70%,
9/20/22 (1)
1,865
1,882
Capital
Auto
Receivables
Asset
Trust
Series
2018-1,
Class
C
3.36%,
11/21/22 (1)
15,835
16,167
Capital
Auto
Receivables
Asset
Trust
Series
2018-1,
Class
D
3.70%,
6/20/25 (1)
15,125
15,443
Capital
Auto
Receivables
Asset
Trust
Series
2018-2,
Class
B
3.48%,
10/20/23 (1)
2,674
2,684
Capital
Auto
Receivables
Asset
Trust
Series
2018-2,
Class
C
3.69%,
12/20/23 (1)
3,810
3,855
CarMax
Auto
Owner
Trust
Series
2017-4,
Class
C
2.70%,
10/16/23
1,685
1,713
CarMax
Auto
Owner
Trust
Series
2020-1,
Class
C
2.34%,
11/17/25
2,965
3,075
CarMax
Auto
Owner
Trust
Series
2020-4,
Class
D
1.75%,
4/15/27
4,290
4,319
Drive
Auto
Receivables
Trust
Series
2020-1,
Class
C
2.36%,
3/16/26
6,095
6,230
Enterprise
Fleet
Financing
Series
2018-1,
Class
A2
2.87%,
10/20/23 (1)
333
335
Enterprise
Fleet
Financing
Series
2018-2,
Class
A2
3.14%,
2/20/24 (1)
1,438
1,443
T.
ROWE
PRICE
Short-Term
Bond
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
Enterprise
Fleet
Financing
Series
2019-1,
Class
A2
2.98%,
10/20/24 (1)
2,079
2,106
Enterprise
Fleet
Financing
Series
2019-3,
Class
A2
2.06%,
5/20/25 (1)
2,353
2,390
Ford
Credit
Auto
Lease
Trust
Series
2020-A,
Class
B
2.05%,
6/15/23
4,395
4,483
Ford
Credit
Auto
Owner
Trust
Series
2019-1,
Class
B
3.82%,
7/15/30 (1)
5,000
5,410
Ford
Credit
Auto
Owner
Trust
Series
2020-2,
Class
C
1.74%,
4/15/33 (1)
4,600
4,698
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2020-1,
Class
B
0.98%,
9/15/25
3,805
3,827
GM
Financial
Automobile
Leasing
Trust
Series
2019-1,
Class
C
3.56%,
12/20/22
7,185
7,280
GM
Financial
Automobile
Leasing
Trust
Series
2020-1,
Class
D,
Series
2020-1,
Class
D
2.28%,
6/20/24
2,990
3,044
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2017-3A,
Class
C
2.52%,
3/16/23 (1)
1,895
1,912
GMF
Floorplan
Owner
Revolving
Trust
Series
2018-2,
Class
C
3.44%,
3/15/23 (1)
8,315
8,325
GMF
Floorplan
Owner
Revolving
Trust
Series
2019-1,
Class
A
2.70%,
4/15/24 (1)
5,910
6,074
GMF
Floorplan
Owner
Revolving
Trust
Series
2020-1,
Class
B
1.03%,
8/15/25 (1)
2,235
2,261
Hyundai
Auto
Receivables
Trust
Series
2017-A,
Class
B
2.38%,
4/17/23
2,830
2,836
Hyundai
Auto
Receivables
Trust
Series
2019-A,
Class
B
2.94%,
5/15/25
5,280
5,511
Navistar
Financial
Dealer
Note
Master
Trust
Series
2020-1,
Class
A,
ARM
1M
USD
LIBOR
+
0.95%,
1.068%,
7/25/25 (1)
5,475
5,511
Nissan
Auto
Receivables
Owner
Trust
Series
2020-A,
Class
A3
1.38%,
12/16/24
2,840
2,888
T.
ROWE
PRICE
Short-Term
Bond
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
Nissan
Master
Owner
Trust
Receivables
Series
2019-A,
Class
A,
ARM
1M
USD
LIBOR
+
0.56%,
0.667%,
2/15/24
3,805
3,823
Nissan
Master
Owner
Trust
Receivables
Series
2019-B,
Class
A,
ARM
1M
USD
LIBOR
+
0.43%,
0.537%,
11/15/23
12,890
12,922
Santander
Drive
Auto
Receivables
Trust
Series
2018-1,
Class
C
2.96%,
3/15/24
399
401
Santander
Drive
Auto
Receivables
Trust
Series
2018-2,
Class
C
3.35%,
7/17/23
982
989
Santander
Drive
Auto
Receivables
Trust
Series
2019-1,
Class
B
3.21%,
9/15/23
458
458
Santander
Drive
Auto
Receivables
Trust
Series
2019-3,
Class
B
2.28%,
9/15/23
8,005
8,045
Santander
Drive
Auto
Receivables
Trust
Series
2020-3,
Class
B
0.69%,
3/17/25
9,660
9,698
Santander
Drive
Auto
Receivables
Trust
Series
2020-4,
Class
C
1.01%,
1/15/26
5,975
6,036
Santander
Retail
Auto
Lease
Trust
Series
2019-A,
Class
A3
2.77%,
6/20/22 (1)
5,838
5,900
Santander
Retail
Auto
Lease
Trust
Series
2019-B,
Class
C
2.77%,
8/21/23 (1)
4,715
4,846
Santander
Retail
Auto
Lease
Trust
Series
2019-C,
Class
A3
1.86%,
2/21/23 (1)
4,415
4,486
Santander
Retail
Auto
Lease
Trust
Series
2019-C,
Class
D
2.88%,
6/20/24 (1)
13,585
14,035
Santander
Retail
Auto
Lease
Trust
Series
2020-A,
Class
D
2.52%,
11/20/24 (1)
5,280
5,456
Santander
Retail
Auto
Lease
Trust
Series
2020-B,
Class
D
1.98%,
10/20/25 (1)
4,050
4,125
World
Omni
Auto
Receivables
Trust
Series
2019-C,
Class
C
2.40%,
6/15/26
5,370
5,564
World
Omni
Auto
Receivables
Trust
Series
2020-A,
Class
C
1.64%,
8/17/26
3,390
3,457
T.
ROWE
PRICE
Short-Term
Bond
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
World
Omni
Select
Auto
Trust
Series
2020-A,
Class
B
0.84%,
6/15/26
4,085
4,090
World
Omni
Select
Auto
Trust
Series
2020-A,
Class
C
1.25%,
10/15/26
4,660
4,697
332,167
Credit
Card
0.6%
Synchrony
Card
Funding
Series
2019-A2,
Class
A
2.34%,
6/15/25
13,765
14,129
Synchrony
Credit
Card
Master
Note
Trust
Series
2016-2,
Class
C
2.95%,
5/15/24
8,842
8,884
Synchrony
Credit
Card
Master
Note
Trust
Series
2018-1,
Class
C
3.36%,
3/15/24
12,481
12,496
35,509
Other
Asset-Backed
Securities
4.6%
Applebee's
Funding
Series
2019-1A,
Class
A2I
4.194%,
6/7/49 (1)
9,556
9,830
Ares
LVII
Series
2020-57A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.32%,
1.564%,
10/25/31 (1)
7,305
7,304
Ares
LVIII
Series
2020-58A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.22%,
1.456%,
1/15/33 (1)
3,025
3,023
Barings
Series
2013-IA,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.80%,
1.024%,
1/20/28 (1)
7,817
7,817
BlueMountain
Series
2015-2A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
0.93%,
1.153%,
7/18/27 (1)
8,030
8,028
BRE
Grand
Islander
Timeshare
Issuer
Series
2019-A,
Class
A
3.28%,
9/26/33 (1)
2,045
2,147
Carlyle
Global
Market
Strategies
Series
2015-3A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.00%,
1.219%,
7/28/28 (1)
4,292
4,292
Cayuga
Park
Series
2020-1A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.60%,
1.823%,
7/17/31 (1)
8,290
8,310
CIFC
Funding
Series
2015-5A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
0.86%,
1.078%,
10/25/27 (1)
6,975
6,974
T.
ROWE
PRICE
Short-Term
Bond
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
CNH
Equipment
Trust
Series
2018-A,
Class
B
3.47%,
10/15/25
3,105
3,195
Cole
Park
Series
2015-1A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.05%,
1.274%,
10/20/28 (1)
8,158
8,160
Daimler
Trucks
Retail
Trust
Series
2020-1,
Class
A4
1.37%,
6/15/27
8,360
8,437
Elara
HGV
Timeshare
Issuer
Series
2014-A,
Class
A
2.53%,
2/25/27 (1)
335
335
Elara
HGV
Timeshare
Issuer
Series
2017-A,
Class
A
2.69%,
3/25/30 (1)
1,180
1,217
Elara
HGV
Timeshare
Issuer
Series
2019-A,
Class
A
2.61%,
1/25/34 (1)
4,766
4,918
Golub
Capital
Partners
Series
2018-39A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.15%,
1.374%,
10/20/28 (1)
6,130
6,131
Hilton
Grand
Vacations
Trust
Series
2017-AA,
Class
A
2.66%,
12/26/28 (1)
7,491
7,693
Hilton
Grand
Vacations
Trust
Series
2017-AA,
Class
B
2.96%,
12/26/28 (1)
425
434
KKR
Series
13,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
0.80%,
1.023%,
1/16/28 (1)
10,020
9,987
KKR
Series
29A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.20%,
1.341%,
1/15/32 (1)
8,250
8,250
Kubota
Credit
Owner
Trust
Series
2020-1A,
Class
A3
1.96%,
3/15/24 (1)
2,600
2,662
Madison
Park
Funding
XVIII
Series
2015-18A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.19%,
1.414%,
10/21/30 (1)
10,775
10,776
Magnetite
XVI
Series
2015-16A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.80%,
1.023%,
1/18/28 (1)
15,626
15,626
Magnetite
XXV
Series
2020-25A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.20%,
1.455%,
1/25/32 (1)
6,240
6,239
MVW
Series
2020-1A,
Class
B
2.73%,
10/20/37 (1)
2,107
2,154
T.
ROWE
PRICE
Short-Term
Bond
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
MVW
Owner
Trust
Series
2014-1A,
Class
A
2.25%,
9/22/31 (1)
788
790
MVW
Owner
Trust
Series
2017-1A,
Class
A
2.42%,
12/20/34 (1)
590
604
MVW
Owner
Trust
Series
2017-1A,
Class
B
2.75%,
12/20/34 (1)
210
215
MVW
Owner
Trust
Series
2017-1A,
Class
C
2.99%,
12/20/34 (1)
529
538
Neuberger
Berman
Loan
Advisers
Series
2019-32A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.99%,
1/20/32 (1)(2)
14,325
14,325
Neuberger
Berman
Loan
Advisers
Series
2020-38A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.30%,
1.524%,
10/20/32 (1)
6,990
7,001
Neuberger
Berman
Loan
Advisers
Series
2021-40A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.06%,
4/16/33 (1)(2)
4,060
4,060
Neuberger
Berman
XIX
Series
2015-19A,
Class
A1R2,
CLO,
FRN
3M
USD
LIBOR
+
0.80%,
1.041%,
7/15/27 (1)
1,434
1,432
Neuberger
Berman
XVI
Series
2017-16SA,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
0.85%,
1.091%,
1/15/28 (1)
5,897
5,897
OCP
Series
2014-7A,
Class
A1RR,
CLO,
FRN
3M
USD
LIBOR
+
1.12%,
1.344%,
7/20/29 (1)
21,700
21,703
Octagon
Investment
Partners
XXIII
Series
2015-1A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
0.85%,
1.091%,
7/15/27 (1)
3,579
3,575
OZLM
VIII
Series
2014-8A,
Class
A1RR,
CLO,
FRN
3M
USD
LIBOR
+
1.17%,
1.393%,
10/17/29 (1)
4,018
4,017
Planet
Fitness
Master
Issuer
Series
2018-1A,
Class
A2I
4.262%,
9/5/48 (1)
5,958
5,966
Reese
Park
Series
2020-1A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.32%,
1.561%,
10/15/32 (1)
6,710
6,709
Sierra
Timeshare
Receivables
Funding
Series
2016-2A,
Class
A
2.33%,
7/20/33 (1)
488
489
Sierra
Timeshare
Receivables
Funding
Series
2016-3A,
Class
A
2.43%,
10/20/33 (1)
1,680
1,693
T.
ROWE
PRICE
Short-Term
Bond
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
Sierra
Timeshare
Receivables
Funding
Series
2017-1A,
Class
A
2.91%,
3/20/34 (1)
427
434
Sierra
Timeshare
Receivables
Funding
Series
2019-1A,
Class
A
3.20%,
1/20/36 (1)
1,787
1,854
Sierra
Timeshare
Receivables
Funding
Series
2019-2A,
Class
A
2.59%,
5/20/36 (1)
5,826
6,009
Sierra
Timeshare
Receivables
Funding
Series
2020-2A,
Class
C
3.51%,
7/20/37 (1)
3,083
3,192
Symphony
XVII
Series
2016-17A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.88%,
1.121%,
4/15/28 (1)
7,280
7,271
Symphony
XXIII
Series
2020-23A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.32%,
1.487%,
1/15/34 (1)
7,275
7,302
Symphony
XXVI
Series
2021-26A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.08%,
4/20/33 (1)(2)
4,230
4,230
Verizon
Owner
Trust
Series
2018-1A,
Class
C
3.20%,
9/20/22 (1)
10,190
10,283
Volvo
Financial
Equipment
Series
2018-1A,
Class
B
2.91%,
1/17/23 (1)
3,360
3,414
276,942
Residential
Mortgage
0.0%
MetLife
Securitization
Trust
Series
2017-1A,
Class
A,
CMO,
ARM
3.00%,
4/25/55 (1)
2,497
2,595
2,595
Student
Loan
3.2%
Navient
Private
Education
Loan
Trust
Series
2020-IA,
Class
A1A
1.33%,
4/15/69 (1)
6,807
6,779
Navient
Private
Education
Refi
Loan
Trust
Series
2019-A,
Class
A2A
3.42%,
1/15/43 (1)
8,900
9,304
Navient
Private
Education
Refi
Loan
Trust
Series
2019-CA,
Class
A1
2.82%,
2/15/68 (1)
156
156
Navient
Private
Education
Refi
Loan
Trust
Series
2019-EA,
Class
A1
2.39%,
5/15/68 (1)
672
674
T.
ROWE
PRICE
Short-Term
Bond
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
Navient
Private
Education
Refi
Loan
Trust
Series
2019-EA,
Class
A2A
2.64%,
5/15/68 (1)
11,675
11,974
Navient
Private
Education
Refi
Loan
Trust
Series
2019-GA,
Class
A
2.40%,
10/15/68 (1)
17,423
17,931
Navient
Private
Education
Refi
Loan
Trust
Series
2020-A,
Class
A2A
2.46%,
11/15/68 (1)
6,155
6,408
Navient
Private
Education
Refi
Loan
Trust
Series
2020-BA,
Class
A2
2.12%,
1/15/69 (1)
4,660
4,768
Navient
Private
Education
Refi
Loan
Trust
Series
2020-CA,
Class
A2A
2.15%,
11/15/68 (1)
20,035
20,695
Navient
Private
Education
Refi
Loan
Trust
Series
2020-DA,
Class
A
1.69%,
5/15/69 (1)
6,190
6,274
Navient
Private
Education
Refi
Loan
Trust
Series
2020-FA,
Class
A
1.22%,
7/15/69 (1)
6,725
6,782
Navient
Private
Education
Refi
Loan
Trust
Series
2020-GA,
Class
A
1.17%,
9/16/69 (1)
4,132
4,150
Navient
Private
Education
Refi
Loan
Trust
Series
2020-HA,
Class
A
1.31%,
1/15/69 (1)
4,
085
4,122
Navient
Student
Loan
Trust
Series
2019-2A,
Class
A1,
ARM
1M
USD
LIBOR
+
0.27%,
0.388%,
2/27/68 (1)
1,335
1,335
Nelnet
Student
Loan
Trust
Series
2005-4,
Class
A4,
ARM
3M
USD
LIBOR
+
0.18%,
0.416%,
3/22/32
5,057
4,881
Nelnet
Student
Loan
Trust
Series
2020-1A,
Class
A,
FRN
1M
USD
LIBOR
+
0.74%,
0.858%,
3/26/68 (1)
2,695
2,689
SLM
Student
Loan
Trust
Series
2007-7,
Class
A4,
ARM
3M
USD
LIBOR
+
0.33%,
0.548%,
1/25/22
7,059
6,871
SLM
Student
Loan
Trust
Series
2008-1,
Class
A4,
FRN
3M
USD
LIBOR
+
0.65%,
0.868%,
1/25/22
11,989
11,619
SLM
Student
Loan
Trust
Series
2010-1,
Class
A,
ARM
1M
USD
LIBOR
+
0.40%,
0.518%,
3/25/25
6,677
6,520
SMB
Private
Education
Loan
Trust
Series
2014-A,
Class
A3,
ARM
1M
USD
LIBOR
+
1.50%,
1.612%,
4/15/32 (1)
12,170
12,320
T.
ROWE
PRICE
Short-Term
Bond
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
SMB
Private
Education
Loan
Trust
Series
2015-A,
Class
A2B,
ARM
1M
USD
LIBOR
+
1.00%,
1.112%,
6/15/27 (1)
1,066
1,069
SMB
Private
Education
Loan
Trust
Series
2016-B,
Class
A2A
2.43%,
2/17/32 (1)
5,356
5,523
SMB
Private
Education
Loan
Trust
Series
2016-C,
Class
A2B,
ARM
1M
USD
LIBOR
+
1.10%,
1.212%,
9/15/34 (1)
8,134
8,204
SMB
Private
Education
Loan
Trust
Series
2018-B,
Class
A2B,
FRN
1M
USD
LIBOR
+
0.72%,
0.832%,
1/15/37 (1)
12,858
12,910
SMB
Private
Education
Loan
Trust
Series
2020-B,
Class
A1A
1.29%,
7/15/53 (1)
3,430
3,445
SMB
Private
Education
Loan
Trust
Series
2020-PTB,
Class
A2A
1.60%,
9/15/54 (1)
11,340
11,457
188,860
Total
Asset-Backed
Securities
(Cost
$826,936)
836,073
CORPORATE
BONDS
49.0%
FINANCIAL
INSTITUTIONS
16.5%
Banking
12.3%
ABN
AMRO
Bank,
FRN,
3M
USD
LIBOR
+
0.57%,
0.76%,
8/27/21 (1)
13,715
13,749
Banco
Bilbao
Vizcaya
Argentaria,
0.875%,
9/18/23
14,000
14,135
Banco
Santander
Mexico
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
,
4.125%,
11/9/22
10,350
10,874
Banco
Santander
Mexico
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
,
5.375%,
4/17/25 (1)
1,865
2,122
Bank
of
America,
2.503%,
10/21/22
5,545
5,623
Bank
of
America,
FRN,
3M
USD
LIBOR
+
0.65%,
0.901%,
6/25/22
6,690
6,702
Bank
of
America,
FRN,
3M
USD
LIBOR
+
1.16%,
1.384%,
1/20/23
12,500
12,615
Bank
of
America,
VR,
0.81%,
10/24/24 (3)
6,275
6,333
Bank
of
Ireland
Group,
4.50%,
11/25/23 (1)
20,873
22,856
Bank
of
Montreal,
FRN,
3M
USD
LIBOR
+
0.46%,
0.685%,
4/13/21
8,510
8,515
Banque
Federative
du
Credit
Mutuel
,
0.65%,
2/27/24 (1)
7,615
7,580
Banque
Federative
du
Credit
Mutuel
,
2.125%,
11/21/22 (1)
10,350
10,666
Barclays
Bank,
1.70%,
5/12/22
4,350
4,416
BPCE,
5.70%,
10/22/23 (1)
16,022
18,057
BPCE,
FRN,
3M
USD
LIBOR
+
1.22%,
1.402%,
5/22/22 (1)
4,865
4,922
Capital
One
Financial,
3.20%,
1/30/23
5,589
5,874
Capital
One
Financial,
3.50%,
6/15/23
4,030
4,307
T.
ROWE
PRICE
Short-Term
Bond
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
Capital
One
Financial,
3.90%,
1/29/24
4,115
4,475
Citibank,
VR,
2.844%,
5/20/22 (3)
10,385
10,438
Citigroup,
2.90%,
12/8/21
13,095
13,324
Citigroup,
VR,
2.312%,
11/4/22 (3)
9,430
9,539
Citigroup,
VR,
3.106%,
4/8/26 (3)
4,035
4,340
Citizens
Bank,
2.55%,
5/13/21
5,020
5,033
Citizens
Bank,
2.65%,
5/26/22
5,175
5,311
Citizens
Bank,
3.25%,
2/14/22
5,060
5,186
Cooperatieve
Rabobank
,
3.95%,
11/9/22
11,540
12,212
Credicorp
,
2.75%,
6/17/25 (1)
2,715
2,812
Credit
Agricole
,
FRN,
3M
USD
LIBOR
+
1.02%,
1.238%,
4/24/23 (1)
5,525
5,617
Credit
Suisse,
0.495%,
2/2/24
7,350
7,341
Credit
Suisse,
1.00%,
5/5/23
10,620
10,760
Credit
Suisse
Group,
3.574%,
1/9/23 (1)
5,345
5,492
Credit
Suisse
Group,
VR,
2.997%,
12/14/23 (1)(3)
1,655
1,723
Danske
Bank,
1.226%,
6/22/24 (1)
10,885
10,991
Danske
Bank,
5.00%,
1/12/22 (1)
7,665
7,953
Danske
Bank,
5.375%,
1/12/24 (1)
1,350
1,517
Danske
Bank,
VR,
3.001%,
9/20/22 (1)(3)
13,375
13,527
Deutsche
Bank,
3.375%,
5/12/21
905
910
Deutsche
Bank,
4.25%,
10/14/21
11,125
11,370
Discover
Bank,
3.20%,
8/9/21
1,975
1,996
First
Niagara
Financial
Group,
7.25%,
12/15/21
4,150
4,373
Goldman
Sachs
Group,
0.481%,
1/27/23
8,675
8,678
Goldman
Sachs
Group,
3.50%,
4/1/25
7,425
8,092
Goldman
Sachs
Group,
5.75%,
1/24/22
13,816
14,485
Goldman
Sachs
Group,
FRN,
3M
USD
LIBOR
+
0.78%,
0.992%,
10/31/22
5,200
5,221
Goldman
Sachs
Group,
FRN,
3M
USD
LIBOR
+
1.11%,
1.325%,
4/26/22
9,220
9,234
HSBC
Holdings,
VR,
1.645%,
4/18/26 (3)
12,655
12,791
HSBC
Holdings,
VR,
2.099%,
6/4/26 (3)
12,365
12,775
HSBC
Holdings,
VR,
3.803%,
3/11/25 (3)
2,890
3,140
ING
Groep
,
FRN,
3M
USD
LIBOR
+
1.15%,
1.401%,
3/29/22
6,030
6,096
JPMorgan
Chase
&,
VR,
2.083%,
4/22/26 (3)
13,190
13,673
KeyBank,
1.25%,
3/10/23
9,585
9,774
KeyBank,
2.30%,
9/14/22
2,740
2,827
Lloyds
Banking
Group,
4.50%,
11/4/24
4,744
5,297
Lloyds
Banking
Group,
VR,
1.326%,
6/15/23 (3)
3,305
3,340
Mitsubishi
UFJ
Financial
Group,
3.218%,
3/7/22
8,685
8,938
Mitsubishi
UFJ
Financial
Group,
FRN,
3M
USD
LIBOR
+
0.65%,
0.865%,
7/26/21
3,496
3,504
Mitsubishi
UFJ
Financial
Group,
FRN,
3M
USD
LIBOR
+
0.92%,
1.102%,
2/22/22
7,060
7,117
Morgan
Stanley,
2.75%,
5/19/22
8,005
8,245
T.
ROWE
PRICE
Short-Term
Bond
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
Morgan
Stanley,
VR,
0.529%,
1/25/24 (3)
6,450
6,448
Morgan
Stanley,
VR,
0.56%,
11/10/23 (3)
9,675
9,674
Nationwide
Building
Society,
VR,
3.622%,
4/26/23 (1)(3)
9,140
9,452
Nationwide
Building
Society,
VR,
3.766%,
3/8/24 (1)(3)
2,605
2,773
Natwest
Group,
3.875%,
9/12/23
7,650
8,240
Natwest
Group,
6.00%,
12/19/23
5,635
6,406
NatWest
Markets,
2.375%,
5/21/23 (1)
9,705
10,070
PNC
Bank,
2.45%,
7/28/22
7,050
7,250
PNC
Bank,
2.95%,
1/30/23
4,870
5,106
Santander
U.K.,
2.10%,
1/13/23
9,235
9,531
Societe
Generale
,
2.625%,
10/16/24 (1)
1,120
1,182
Standard
Chartered,
3.95%,
1/11/23 (1)
2,725
2,868
Standard
Chartered,
FRN,
3M
USD
LIBOR
+
1.15%,
1.374%,
1/20/23 (1)
7,600
7,678
Standard
Chartered,
VR,
0.991%,
1/12/25 (1)(3)
3,390
3,392
Standard
Chartered,
VR,
1.319%,
10/14/23 (1)(3)
4,160
4,197
Standard
Chartered,
VR,
2.744%,
9/10/22 (1)(3)
11,221
11,344
Standard
Chartered,
VR,
3.885%,
3/15/24 (1)(3)
1,325
1,407
Swedbank
,
1.30%,
6/2/23 (1)
7,720
7,870
Swedbank
,
2.65%,
3/10/21 (1)
16,118
16,126
Synchrony
Bank,
3.00%,
6/15/22
3,013
3,105
Synchrony
Financial,
2.85%,
7/25/22
25,375
26,107
Synchrony
Financial,
4.25%,
8/15/24
8,135
8,908
Truist
Bank,
1.25%,
3/9/23
19,830
20,185
Truist
Bank,
2.80%,
5/17/22
8,110
8,341
U.S.
Bank,
FRN,
3M
USD
LIBOR
+
0.32%,
0.535%,
4/26/21
12,770
12,772
UBS,
1.75%,
4/21/22 (1)
1,830
1,858
UBS
Group,
3.00%,
4/15/21 (1)
14,810
14,858
UBS
Group,
FRN,
3M
USD
LIBOR
+
1.22%,
1.395%,
5/23/23 (1)
7,020
7,106
UBS
Group,
VR,
1.008%,
7/30/24 (1)(3)
12,535
12,645
Wells
Fargo,
3.50%,
3/8/22
5,370
5,545
Wells
Fargo,
4.125%,
8/15/23
2,625
2,854
Wells
Fargo,
VR,
1.654%,
6/2/24 (3)
6,200
6,339
Wells
Fargo,
VR,
2.188%,
4/30/26 (3)
5,935
6,171
Wells
Fargo
Bank,
VR,
2.082%,
9/9/22 (3)
8,065
8,136
734,757
Brokerage
Asset
Managers
Exchanges
0.4%
Charles
Schwab,
4.20%,
3/24/25
6,770
7,629
Charles
Schwab,
FRN,
3M
USD
LIBOR
+
0.32%,
0.502%,
5/21/21
8,405
8,405
Intercontinental
Exchange,
4.00%,
10/15/23
2,885
3,144
Nasdaq,
0.445%,
12/21/22
6,280
6,279
25,457
Finance
Companies
1.7%
AerCap
Ireland
Capital,
3.95%,
2/1/22
10,295
10,529
AerCap
Ireland
Capital,
4.125%,
7/3/23
3,425
3,642
T.
ROWE
PRICE
Short-Term
Bond
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
AerCap
Ireland
Capital,
4.45%,
12/16/21
7,510
7,698
AerCap
Ireland
Capital,
4.50%,
9/15/23
7,505
8,064
AerCap
Ireland
Capital,
4.875%,
1/16/24
5,170
5,641
Air
Lease,
2.25%,
1/15/23
5,935
6,086
Air
Lease,
2.50%,
3/1/21
2,110
2,110
Air
Lease,
3.50%,
1/15/22
4,755
4,877
Avolon
Holdings
Funding,
2.125%,
2/21/26 (1)
9,215
8,858
Avolon
Holdings
Funding,
2.875%,
2/15/25 (1)
7,180
7,198
Avolon
Holdings
Funding,
3.625%,
5/1/22 (1)
11,115
11,339
Avolon
Holdings
Funding,
3.95%,
7/1/24 (1)
2,230
2,333
GATX,
3.90%,
3/30/23
5,640
6,015
Park
Aerospace
Holdings,
4.50%,
3/15/23 (1)
3,075
3,213
Park
Aerospace
Holdings,
5.25%,
8/15/22 (1)
6,200
6,487
SMBC
Aviation
Capital
Finance,
2.65%,
7/15/21 (1)
540
544
SMBC
Aviation
Capital
Finance,
3.55%,
4/15/24 (1)
2,800
2,980
SMBC
Aviation
Capital
Finance,
4.125%,
7/15/23 (1)
1,631
1,744
99,358
Insurance
1.4%
AIA
Group,
FRN,
3M
USD
LIBOR
+
0.52%,
0.759%,
9/20/21 (1)
10,770
10,788
AIG
Global
Funding,
3.35%,
6/25/21 (1)
5,320
5,373
American
International
Group,
2.50%,
6/30/25
9,660
10,188
American
International
Group,
4.875%,
6/1/22
5,637
5,947
Aon,
2.20%,
11/15/22
3,010
3,101
Humana,
2.90%,
12/15/22
1,360
1,415
Humana,
3.15%,
12/1/22
2,548
2,647
Humana,
3.85%,
10/1/24
4,117
4,518
Humana,
4.50%,
4/1/25
4,125
4,657
Lincoln
National,
4.00%,
9/1/23
2,025
2,209
Marsh
&
McLennan,
3.875%,
3/15/24
5,950
6,500
Metropolitan
Life
Global
Funding
I,
0.40%,
1/7/24 (1)
6,570
6,549
New
York
Life
Global
Funding,
FRN,
3M
USD
LIBOR
+
0.32%,
0.513%,
8/6/21 (1)
10,540
10,553
Principal
Life
Global
Funding
II,
0.875%,
1/12/26 (1)
5,795
5,710
Reinsurance
Group
of
America,
5.00%,
6/1/21
910
920
Trinity
Acquisition,
3.50%,
9/15/21
5,535
5,597
86,672
Real
Estate
Investment
Trusts
0.7%
American
Campus
Communities
Operating
Partnership,
3.75%,
4/15/23
6,705
7,110
Brixmor
Operating
Partnership,
3.25%,
9/15/23
9,085
9,636
Highwoods
Realty,
3.625%,
1/15/23
12,275
12,789
Simon
Property
Group,
2.00%,
9/13/24
3,350
3,480
Simon
Property
Group,
3.375%,
10/1/24
6,565
7,108
Ventas
Realty,
3.10%,
1/15/23
1,455
1,527
41,650
Total
Financial
Institutions
987,894
T.
ROWE
PRICE
Short-Term
Bond
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
INDUSTRIAL
29.3%
Basic
Industry
0.4%
LYB
International
Finance
III,
1.25%,
10/1/25
5,740
5,721
Nucor,
2.00%,
6/1/25
2,330
2,420
POSCO,
2.375%,
11/12/22 (1)
8,335
8,555
POSCO,
2.375%,
1/17/23 (1)
5,205
5,360
22,056
Capital
Goods
2.4%
Amphenol,
2.05%,
3/1/25
6,720
6,968
Boral
Finance,
3.00%,
11/1/22 (1)
1,070
1,096
Carrier
Global,
2.242%,
2/15/25
13,725
14,330
Caterpillar
Financial
Services,
2.95%,
2/26/22
8,635
8,861
Caterpillar
Financial
Services,
FRN,
3M
USD
LIBOR
+
0.28%,
0.505%,
9/7/21
5,130
5,136
CNH
Industrial
Capital,
3.875%,
10/15/21
10,774
10,989
General
Dynamics,
2.25%,
11/15/22
5,425
5,580
General
Dynamics,
FRN,
3M
USD
LIBOR
+
0.38%,
0.583%,
5/11/21
4,640
4,643
General
Electric,
3.45%,
5/15/24
3,805
4,107
Honeywell
International,
1.35%,
6/1/25
6,450
6,580
Honeywell
International,
2.30%,
8/15/24
5,535
5,872
John
Deere
Capital,
1.20%,
4/6/23
5,090
5,175
Northrop
Grumman,
2.55%,
10/15/22
5,765
5,971
Otis
Worldwide,
2.056%,
4/5/25
7,965
8,304
Republic
Services,
2.50%,
8/15/24
6,285
6,675
Roper
Technologies,
0.45%,
8/15/22
1,510
1,513
Roper
Technologies,
1.00%,
9/15/25
1,740
1,728
Roper
Technologies,
2.35%,
9/15/24
2,640
2,785
Roper
Technologies,
3.125%,
11/15/22
11,005
11,444
Roper
Technologies,
3.65%,
9/15/23
2,210
2,383
Vulcan
Materials,
FRN,
3M
USD
LIBOR
+
0.65%,
0.875%,
3/1/21
12,040
12,040
Yongda
Investment,
2.25%,
6/16/25
9,689
9,724
141,904
Communications
3.5%
American
Tower,
5.00%,
2/15/24
3,384
3,815
CC
Holdings,
3.849%,
4/15/23
15,373
16,418
Charter
Communications
Operating,
4.464%,
7/23/22
28,425
29,747
Charter
Communications
Operating,
4.908%,
7/23/25
15,510
17,696
Comcast,
3.70%,
4/15/24
7,705
8,446
Cox
Communications,
2.95%,
6/30/23 (1)
2,910
3,055
Cox
Communications,
3.15%,
8/15/24 (1)
13,135
14,139
Crown
Castle
International,
1.05%,
7/15/26
9,140
8,944
Crown
Castle
International,
5.25%,
1/15/23
11,590
12,585
Crown
Castle
Towers,
3.72%,
7/15/23 (1)
1,785
1,857
Fox,
3.05%,
4/7/25
1,305
1,403
T.
ROWE
PRICE
Short-Term
Bond
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
Fox,
3.666%,
1/25/22
2,125
2,189
Fox,
4.03%,
1/25/24
2,485
2,717
Moody's,
3.75%,
3/24/25
6,475
7,158
NTT
Finance,
0.373%,
3/3/23 (1)
9,925
9,919
NTT
Finance,
0.583%,
3/1/24 (1)
4,120
4,124
RELX
Capital,
3.50%,
3/16/23
4,470
4,740
SBA
Tower
Trust,
1.884%,
1/15/26 (1)
2,480
2,518
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
7,240
7,705
SBA
Tower
Trust,
3.168%,
4/11/22 (1)
9,360
9,388
SBA
Tower
Trust,
3.448%,
3/15/23 (1)
6,515
6,884
SBA
Tower
Trust,
Series
2014-2A,
Class
C,
STEP,
3.869%,
10/15/49 (1)
2,540
2,678
Sky,
3.75%,
9/16/24 (1)
2,840
3,116
T-Mobile
USA,
3.50%,
4/15/25 (1)
3,555
3,839
Verizon
Communications,
0.85%,
11/20/25
11,600
11,419
Verizon
Communications,
5.15%,
9/15/23
5,735
6,388
Vodafone
Group,
3.75%,
1/16/24
5,560
6,058
WPP
Finance
2010,
3.625%,
9/7/22
2,255
2,359
211,304
Consumer
Cyclical
5.1%
7-Eleven,
0.625%,
2/10/23 (1)
3,020
3,025
7-Eleven,
0.80%,
2/10/24 (1)
4,890
4,897
7-Eleven,
FRN,
3M
USD
LIBOR
+
0.45%,
0.645%,
8/10/22 (1)
2,740
2,743
AutoZone,
3.625%,
4/15/25
3,600
3,958
BMW
U.S.
Capital,
FRN,
3M
USD
LIBOR
+
0.41%,
0.634%,
4/12/21 (1)
9,105
9,109
BMW
U.S.
Capital,
FRN,
3M
USD
LIBOR
+
0.50%,
0.698%,
8/13/21 (1)
7,305
7,319
Booking
Holdings,
4.10%,
4/13/25
5,860
6,533
Daimler
Finance
North
America,
1.75%,
3/10/23 (1)
13,400
13,726
Daimler
Finance
North
America,
3.75%,
11/5/21 (1)
8,125
8,308
Expedia
Group,
3.60%,
12/15/23 (1)
8,695
9,264
Ford
Motor
Credit,
3.47%,
4/5/21
3,230
3,234
Ford
Motor
Credit,
3.813%,
10/12/21
3,610
3,655
Ford
Motor
Credit,
5.875%,
8/2/21
2,060
2,096
General
Motors,
4.875%,
10/2/23
5,380
5,923
General
Motors,
5.40%,
10/2/23
7,465
8,314
General
Motors
Financial,
2.90%,
2/26/25
13,795
14,635
General
Motors
Financial,
3.20%,
7/6/21
3,600
3,627
General
Motors
Financial,
FRN,
3M
USD
LIBOR
+
0.85%,
1.075%,
4/9/21
6,085
6,088
Harley-Davidson
Financial
Services,
2.55%,
6/9/22 (1)
2,715
2,771
Harley-Davidson
Financial
Services,
4.05%,
2/4/22 (1)
9,385
9,688
Harley-Davidson
Financial
Services,
FRN,
3M
USD
LIBOR
+
0.94%,
1.168%,
3/2/21 (1)
8,295
8,295
Hyundai
Capital
America,
0.80%,
1/8/24 (1)
5,910
5,882
T.
ROWE
PRICE
Short-Term
Bond
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
Hyundai
Capital
America,
1.15%,
11/10/22 (1)
3,375
3,399
Hyundai
Capital
America,
2.375%,
2/10/23 (1)
14,200
14,640
Hyundai
Capital
America,
2.45%,
6/15/21 (1)
5,395
5,423
Hyundai
Capital
America,
2.85%,
11/1/22 (1)
3,740
3,873
Hyundai
Capital
America,
3.00%,
6/20/22 (1)
7,780
8,004
Hyundai
Capital
America,
3.95%,
2/1/22 (1)
3,995
4,115
JD.com,
3.125%,
4/29/21
17,700
17,769
Marriott
International,
2.30%,
1/15/22
760
768
Marriott
International,
3.125%,
2/15/23
2,575
2,660
Marriott
International,
3.60%,
4/15/24
1,330
1,422
McDonald's,
1.45%,
9/1/25
4,475
4,551
McDonald's,
3.35%,
4/1/23
5,285
5,594
Nissan
Motor,
3.043%,
9/15/23 (1)
8,504
8,941
Nissan
Motor
Acceptance,
2.60%,
9/28/22 (1)
2,375
2,439
Nissan
Motor
Acceptance,
3.65%,
9/21/21 (1)
2,395
2,431
O'Reilly
Automotive,
3.80%,
9/1/22
3,280
3,420
QVC,
4.375%,
3/15/23
10,650
11,169
Ralph
Lauren,
1.70%,
6/15/22
1,510
1,536
Ross
Stores,
0.875%,
4/15/26
3,695
3,634
Ross
Stores,
4.60%,
4/15/25
15,635
17,757
Starbucks,
2.70%,
6/15/22
3,505
3,598
TJX,
3.50%,
4/15/25
4,340
4,758
Volkswagen
Group
of
America
Finance,
0.75%,
11/23/22 (1)
5,475
5,498
Volkswagen
Group
of
America
Finance,
0.875%,
11/22/23 (1)
5,295
5,322
Volkswagen
Group
of
America
Finance,
2.50%,
9/24/21 (1)
2,030
2,055
Volkswagen
Group
of
America
Finance,
2.70%,
9/26/22 (1)
4,755
4,917
Volkswagen
Group
of
America
Finance,
2.90%,
5/13/22 (1)
2,590
2,661
Volkswagen
Group
of
America
Finance,
3.125%,
5/12/23 (1)
2,400
2,529
Walgreen,
3.10%,
9/15/22
3,235
3,369
301,342
Consumer
Non-Cyclical
6.7%
AbbVie,
2.30%,
5/14/21
8,275
8,296
AbbVie,
2.60%,
11/21/24
28,360
29,528
AbbVie,
2.90%,
11/6/22
12,900
13,419
AbbVie,
3.20%,
11/6/22
1,385
1,443
AbbVie,
3.25%,
10/1/22
1,335
1,385
AbbVie,
3.45%,
3/15/22
4,399
4,518
BAT
International
Finance,
1.668%,
3/25/26
7,140
7,174
Baxalta
,
3.60%,
6/23/22
2,150
2,223
Bayer
U.S.
Finance
II,
3.50%,
6/25/21 (1)
5,520
5,558
Bayer
U.S.
Finance
II,
3.875%,
12/15/23 (1)
5,080
5,523
Bayer
U.S.
Finance
II,
FRN,
3M
USD
LIBOR
+
0.63%,
0.881%,
6/25/21 (1)
10,390
10,404
Becton
Dickinson
&
Company,
2.894%,
6/6/22
17,094
17,585
Becton
Dickinson
&
Company,
3.363%,
6/6/24
10,480
11,291
Becton
Dickinson
&
Company,
3.734%,
12/15/24
1,615
1,775
T.
ROWE
PRICE
Short-Term
Bond
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
Bristol-Myers
Squibb,
2.60%,
5/16/22
3,380
3,468
Bristol-Myers
Squibb,
2.75%,
2/15/23
5,120
5,345
Bristol-Myers
Squibb,
2.90%,
7/26/24
4,503
4,837
Bristol-Myers
Squibb,
3.25%,
2/20/23
1,570
1,659
Bristol-Myers
Squibb,
3.55%,
8/15/22
4,988
5,218
Bunge
Finance,
3.00%,
9/25/22
23,923
24,733
Bunge
Finance,
4.35%,
3/15/24
940
1,035
Cardinal
Health,
2.616%,
6/15/22
1,650
1,691
Cardinal
Health,
3.079%,
6/15/24
5,115
5,459
Cardinal
Health,
3.20%,
3/15/23
5,250
5,521
Cardinal
Health,
3.50%,
11/15/24
6,185
6,719
Cargill,
1.375%,
7/23/23 (1)
4,445
4,553
China
Mengniu
Dairy,
1.875%,
6/17/25
13,354
13,365
Cigna,
3.00%,
7/15/23
5,195
5,464
Cigna,
3.40%,
9/17/21
3,090
3,140
Cigna,
3.75%,
7/15/23
5,420
5,830
Cigna,
3.90%,
2/15/22
4,130
4,260
CK
Hutchison
International
II,
2.75%,
3/29/23
10,400
10,868
CommonSpirit
Health,
1.547%,
10/1/25
5,450
5,508
CVS
Health,
2.625%,
8/15/24
2,460
2,613
CVS
Health,
3.35%,
3/9/21
5,494
5,498
CVS
Health,
3.70%,
3/9/23
2,442
2,596
CVS
Health,
FRN,
3M
USD
LIBOR
+
0.72%,
0.95%,
3/9/21
5,330
5,331
Diageo
Capital,
1.375%,
9/29/25
4,560
4,643
EMD
Finance,
2.95%,
3/19/22 (1)
3,170
3,241
General
Mills,
FRN,
3M
USD
LIBOR
+
0.54%,
0.763%,
4/16/21
7,865
7,870
Gilead
Sciences,
0.75%,
9/29/23
16,775
16,807
Hasbro,
2.60%,
11/19/22
6,475
6,698
Hasbro,
3.00%,
11/19/24
8,695
9,324
Imperial
Brands
Finance,
3.125%,
7/26/24 (1)
5,780
6,145
Imperial
Brands
Finance,
3.50%,
2/11/23 (1)
10,790
11,264
Imperial
Brands
Finance,
3.75%,
7/21/22 (1)
23,130
24,008
Keurig
Dr
Pepper,
3.551%,
5/25/21
7,905
7,965
PeaceHealth
Obligated
Group,
1.375%,
11/15/25
1,555
1,569
Perrigo
Finance
Unlimited,
3.90%,
12/15/24
26,790
29,358
Philip
Morris
International,
1.125%,
5/1/23
3,255
3,310
Royalty
Pharma,
0.75%,
9/2/23 (1)
6,420
6,440
Shire
Acquisitions
Investments
Ireland,
2.875%,
9/23/23
915
967
Stryker,
0.60%,
12/1/23
2,875
2,878
Tyson
Foods,
2.25%,
8/23/21
4,705
4,741
402,061
Energy
6.2%
Aker
BP,
3.00%,
1/15/25 (1)
7,265
7,519
Aker
BP,
4.75%,
6/15/24 (1)
8,926
9,194
Baker
Hughes
a
GE,
2.773%,
12/15/22
2,361
2,457
T.
ROWE
PRICE
Short-Term
Bond
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
BP
Capital
Markets
America,
2.937%,
4/6/23
2,980
3,138
Canadian
Natural
Resources,
2.05%,
7/15/25
9,710
9,899
Cenovus
Energy,
3.00%,
8/15/22
15,348
15,693
Cenovus
Energy,
3.80%,
9/15/23
4,555
4,720
Cheniere
Corpus
Christi
Holdings,
5.875%,
3/31/25
9,955
11,399
Cheniere
Corpus
Christi
Holdings,
7.00%,
6/30/24
13,870
16,075
Diamondback
Energy,
2.875%,
12/1/24
19,955
21,077
Diamondback
Energy,
4.75%,
5/31/25
6,245
7,017
Enbridge,
FRN,
SOFRRATE
+
0.40%,
0.413%,
2/17/23
3,110
3,115
Energy
Transfer
Operating,
2.90%,
5/15/25
1,860
1,955
Energy
Transfer
Operating,
4.20%,
9/15/23
1,819
1,960
Energy
Transfer
Operating,
4.25%,
3/15/23
9,390
9,930
Energy
Transfer
Operating,
4.90%,
2/1/24
4,925
5,387
Energy
Transfer
Operating,
5.875%,
1/15/24
17,363
19,403
Eni,
Series
X-R,
4.00%,
9/12/23 (1)
6,575
7,117
Enterprise
Products
Operating,
3.50%,
2/1/22
9,820
10,096
EOG
Resources,
2.625%,
3/15/23
2,263
2,352
EQT,
3.00%,
10/1/22
16,719
16,844
Exxon
Mobil,
1.571%,
4/15/23
12,970
13,309
Exxon
Mobil,
1.902%,
8/16/22
2,590
2,654
Exxon
Mobil,
2.992%,
3/19/25
16,400
17,713
Gray
Oak
Pipeline,
2.00%,
9/15/23 (1)
950
966
Gray
Oak
Pipeline,
2.60%,
10/15/25 (1)
3,115
3,180
Husky
Energy,
3.95%,
4/15/22
7,482
7,670
Kinder
Morgan
Energy
Partners,
3.95%,
9/1/22
955
996
Marathon
Oil,
2.80%,
11/1/22
4,775
4,900
MPLX,
FRN,
3M
USD
LIBOR
+
1.10%,
1.33%,
9/9/22
6,195
6,195
Occidental
Petroleum,
2.60%,
8/13/21
6,980
6,971
Pioneer
Natural
Resources,
0.75%,
1/15/24
5,520
5,510
Sabine
Pass
Liquefaction,
5.625%,
4/15/23
13,178
14,340
Sabine
Pass
Liquefaction,
6.25%,
3/15/22
19,214
19,983
Schlumberger
Finance
Canada,
1.40%,
9/17/25
2,330
2,347
Schlumberger
Holdings,
3.75%,
5/1/24 (1)
10,390
11,265
Schlumberger
Holdings,
4.00%,
12/21/25 (1)
2,580
2,880
Suncor
Energy,
2.80%,
5/15/23
5,895
6,182
Sunoco
Logistics
Partners
Operations,
3.45%,
1/15/23
697
724
Sunoco
Logistics
Partners
Operations,
4.25%,
4/1/24
455
489
Sunoco
Logistics
Partners
Operations,
4.40%,
4/1/21
1,850
1,850
Valero
Energy,
1.20%,
3/15/24
5,750
5,802
Valero
Energy,
2.70%,
4/15/23
12,198
12,730
Valero
Energy,
3.65%,
3/15/25
1,645
1,777
Western
Midstream
Operating,
4.00%,
7/1/22
13,190
13,388
Williams,
3.35%,
8/15/22
1,605
1,658
Williams,
3.70%,
1/15/23
16,130
16,935
Williams,
4.30%,
3/4/24
2,123
2,321
371,082
T.
ROWE
PRICE
Short-Term
Bond
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
Technology
3.9%
Analog
Devices,
2.95%,
4/1/25
2,075
2,232
Apple,
2.40%,
5/3/23
12,870
13,451
Avnet,
3.75%,
12/1/21
6,614
6,764
Baidu,
2.875%,
7/6/22
6,676
6,838
Baidu,
3.50%,
11/28/22
5,706
5,969
Equifax,
2.30%,
6/1/21
7,825
7,849
Equifax,
3.60%,
8/15/21
4,780
4,850
Equifax,
FRN,
3M
USD
LIBOR
+
0.87%,
1.064%,
8/15/21
5,125
5,139
Fidelity
National
Information
Services,
0.375%,
3/1/23
9,785
9,782
Fidelity
National
Information
Services,
0.60%,
3/1/24
4,700
4,687
Fiserv,
2.75%,
7/1/24
13,355
14,199
Fortinet,
1.00%,
3/15/26
5,710
5,653
Global
Payments,
2.65%,
2/15/25
5,665
5,965
International
Business
Machines,
2.50%,
1/27/22
3,715
3,792
International
Business
Machines,
2.85%,
5/13/22
6,190
6,379
International
Business
Machines,
2.875%,
11/9/22
1,020
1,065
Microchip
Technology,
0.972%,
2/15/24 (1)
10,345
10,379
Microchip
Technology,
2.67%,
9/1/23 (1)
7,395
7,744
Microchip
Technology,
3.922%,
6/1/21
15,880
16,020
Micron
Technology,
2.497%,
4/24/23
19,867
20,691
Micron
Technology,
4.64%,
2/6/24
6,180
6,806
NXP,
2.70%,
5/1/25 (1)
1,365
1,442
NXP,
3.875%,
9/1/22 (1)
10,410
10,910
NXP,
4.625%,
6/1/23 (1)
9,220
10,033
NXP,
4.875%,
3/1/24 (1)
1,930
2,153
Oracle,
2.50%,
4/1/25
7,345
7,775
Panasonic,
2.536%,
7/19/22 (1)
5,560
5,707
PayPal
Holdings,
1.35%,
6/1/23
10,600
10,816
Texas
Instruments,
1.375%,
3/12/25
4,070
4,164
Western
Union,
2.85%,
1/10/25
8,632
9,142
Western
Union,
3.60%,
3/15/22
5,630
5,798
234,194
Transportation
1.1%
American
Airlines
PTT,
Series
2017-2,
Class
B,
3.70%,
10/15/25
4,958
4,412
FedEx,
3.80%,
5/15/25
4,010
4,438
Guangzhou
Metro
Investment
Finance
BVI,
1.507%,
9/17/25
15,000
14,688
Heathrow
Funding,
4.875%,
7/15/21 (1)
10,820
10,988
HPHT
Finance,
2.75%,
9/11/22
8,959
9,157
Penske
Truck
Leasing,
3.30%,
4/1/21 (1)
1,580
1,580
Penske
Truck
Leasing,
3.375%,
2/1/22 (1)
6,330
6,468
Penske
Truck
Leasing,
3.65%,
7/29/21 (1)
3,145
3,179
Union
Pacific,
3.20%,
6/8/21
10,145
10,224
T.
ROWE
PRICE
Short-Term
Bond
Fund
20
Par/Shares
$
Value
(Amounts
in
000s)
United
Airlines
PTT,
Series
2019-2,
Class
B,
3.50%,
5/1/28
2,854
2,740
67,874
Total
Industrial
1,751,817
UTILITY
3.2%
Electric
3.1%
AES,
3.30%,
7/15/25 (1)
5,425
5,856
American
Electric
Power,
Series
I,
3.65%,
12/1/21
1,500
1,538
CenterPoint
Energy,
3.60%,
11/1/21
3,885
3,968
Duke
Energy,
3.55%,
9/15/21
2,750
2,775
Edison
International,
2.95%,
3/15/23
4,199
4,353
Edison
International,
3.125%,
11/15/22
4,775
4,932
Enel
Finance
International,
2.65%,
9/10/24 (1)
1,920
2,032
Enel
Finance
International,
2.75%,
4/6/23 (1)
4,960
5,175
Enel
Finance
International,
2.875%,
5/25/22 (1)
12,367
12,708
Enel
Finance
International,
4.25%,
9/14/23 (1)
12,560
13,693
FirstEnergy,
3.35%,
7/15/22
6,995
7,126
Hero
Asia
Investment,
1.50%,
11/18/23
14,320
14,357
NextEra
Energy
Capital
Holdings,
FRN,
3M
USD
LIBOR
+
0.55%,
0.74%,
8/28/21
10,945
10,946
NRG
Energy,
3.75%,
6/15/24 (1)
4,470
4,849
Pacific
Gas
&
Electric,
1.75%,
6/16/22
27,745
27,821
Pacific
Gas
&
Electric,
FRN,
3M
USD
LIBOR
+
1.375%,
1.573%,
11/15/21
14,485
14,512
PNM
Resources,
3.25%,
3/9/21
7,620
7,624
San
Diego
Gas
&
Electric,
Series
PPP,
1.914%,
2/1/22
814
821
Sinosing
Services
Pte
,
2.25%,
2/20/25
16,700
17,025
Southern,
2.35%,
7/1/21
2,695
2,709
Vistra
Operations,
3.55%,
7/15/24 (1)
22,120
23,724
188,544
Natural
Gas
0.1%
Sempra
Energy,
2.875%,
10/1/22
4,570
4,714
4,714
Total
Utility
193,258
Total
Corporate
Bonds
(Cost
$2,865,166)
2,932,969
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
1.3%
Local
Authorities
0.2%
Eastern
Creation
II
Investment
Holdings,
1.00%,
9/10/23
10,265
10,251
10,251
Owned
No
Guarantee
1.1%
Banco
del
Estado
de
Chile,
2.704%,
1/9/25 (1)
4,585
4,856
T.
ROWE
PRICE
Short-Term
Bond
Fund
21
Par/Shares
$
Value
(Amounts
in
000s)
Prosperous
Ray,
4.625%,
11/12/23
9,700
10,546
QNB
Finance,
2.625%,
5/12/25
4,765
4,989
QNB
Finance,
3.50%,
3/28/24
8,635
9,235
Saudi
Arabian
Oil,
2.75%,
4/16/22 (1)
13,480
13,789
Shanghai
Electric
Group
Global
Investment,
2.65%,
11/21/24
8,300
8,658
Syngenta
Finance,
3.933%,
4/23/21 (1)
4,410
4,424
Tenaga
Nasional,
7.50%,
11/1/25
8,850
11,079
67,576
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$76,962)
77,827
MUNICIPAL
SECURITIES
0.8%
Connecticut
0.1%
Connecticut,
Series A,
1.998%,
7/1/24
1,925
2,017
Connecticut,
Series A,
2.00%,
7/1/23
770
800
Connecticut,
Series A,
2.098%,
7/1/25
1,275
1,354
4,171
Florida
0.2%
State
Board
of
Administration
Fin.,
Series A,
1.258%,
7/1/25
11,160
11,328
11,328
Illinois
0.2%
Chicago
Transit
Auth.
Sales
Tax
Receipts
Fund,
Series B,
1.708%,
12/1/22
295
300
Chicago
Transit
Auth.
Sales
Tax
Receipts
Fund,
Series B,
1.838%,
12/1/23
275
282
Chicago
Transit
Auth.
Sales
Tax
Receipts
Fund,
Series B,
2.064%,
12/1/24
795
824
Illinois,
Series A,
GO,
2.25%,
10/1/22
13,440
13,488
14,894
New
York
0.2%
Long
Island
Power
Auth.,
Series C,
0.764%,
3/1/23
2,460
2,472
Port
Auth.
of
New
York
&
New
Jersey,
Series AAA,
1.086%,
7/1/23
9,590
9,742
12,214
Texas
0.1%
Dallas
Fort
Worth
Int'l
Airport,
Series C,
1.329%,
11/1/25
1,670
1,683
Houston
Airport
System
Revenue,
Series C,
0.883%,
7/1/22
575
577
Houston
Airport
System
Revenue,
Series C,
1.054%,
7/1/23
975
980
Houston
Airport
System
Revenue,
Series C,
1.272%,
7/1/24
3,245
3,275
6,515
Total
Municipal
Securities
(Cost
$48,454)
49,122
T.
ROWE
PRICE
Short-Term
Bond
Fund
22
Par/Shares
$
Value
(Amounts
in
000s)
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
14.3%
Collateralized
Mortgage
Obligations
8.9%
Angel
Oak
Mortgage
Trust
Series
2020-3,
Class
A1,
CMO,
ARM
1.691%,
4/25/65 (1)
4,694
4,745
Angel
Oak
Mortgage
Trust
Series
2020-5,
Class
A2,
CMO,
ARM
1.579%,
5/25/65 (1)
4,091
4,118
Angel
Oak
Mortgage
Trust
Series
2020-6,
Class
A1,
CMO,
ARM
1.261%,
5/25/65 (1)
5,360
5,396
Angel
Oak
Mortgage
Trust
I
Series
2019-2,
Class
A1,
CMO,
ARM
3.628%,
3/25/49 (1)
3,521
3,602
Angel
Oak
Mortgage
Trust
I
Series
2019-2,
Class
M1,
CMO,
ARM
4.065%,
3/25/49 (1)
4,490
4,677
Angel
Oak
Mortgage
Trust
I
Series
2019-4,
Class
A3,
CMO,
ARM
3.301%,
7/26/49 (1)
4,723
4,781
Bayview
Mortgage
Fund
IVc
Trust
Series
2017-RT3,
Class
A,
CMO,
ARM
3.50%,
1/28/58 (1)
6,853
6,932
Bayview
Opportunity
Master
Fund
IVa
Trust
Series
2017-SPL5,
Class
A,
CMO,
ARM
3.50%,
6/28/57 (1)
5,997
6,142
Bayview
Opportunity
Master
Fund
IVb
Trust
Series
2017-SPL4,
Class
A,
CMO,
ARM
3.50%,
1/28/55 (1)
2,030
2,084
CIM
Trust
Series
2020-INV1,
Class
A2,
CMO,
ARM
2.50%,
4/25/50 (1)
9,665
9,931
Citigroup
Mortgage
Loan
Trust
Series
2020-EXP2,
Class
A3,
CMO,
ARM
2.50%,
8/25/50 (1)
10,467
10,709
COLT
Mortgage
Loan
Trust
Series
2019-2,
Class
A1,
CMO,
ARM
3.337%,
5/25/49 (1)
1,823
1,826
COLT
Mortgage
Loan
Trust
Series
2019-3,
Class
A1,
CMO,
ARM
2.764%,
8/25/49 (1)
4,449
4,474
COLT
Mortgage
Loan
Trust
Series
2020-3,
Class
A1,
CMO,
ARM
1.506%,
4/27/65 (1)
2,819
2,841
T.
ROWE
PRICE
Short-Term
Bond
Fund
23
Par/Shares
$
Value
(Amounts
in
000s)
Connecticut
Avenue
Securities
Series
2017-C02,
Class
2ED3,
CMO,
ARM
1M
USD
LIBOR
+
1.35%,
1.468%,
9/25/29
3,993
4,001
Connecticut
Avenue
Securities
Series
2017-C04,
Class
2ED2,
CMO,
ARM
1M
USD
LIBOR
+
1.10%,
1.218%,
11/25/29
9,887
9,763
Connecticut
Avenue
Securities
Series
2017-C05,
Class
1ED3,
CMO,
ARM
1M
USD
LIBOR
+
1.20%,
1.318%,
1/25/30
4,191
4,081
Connecticut
Avenue
Securities
Series
2018-C01,
Class
1ED2,
CMO,
ARM
1M
USD
LIBOR
+
0.85%,
0.968%,
7/25/30
6,659
6,586
Connecticut
Avenue
Securities
Series
2018-C03,
Class
1EB2,
CMO,
ARM
1M
USD
LIBOR
+
0.85%,
0.968%,
10/25/30
10,615
10,498
Connecticut
Avenue
Securities
Series
2018-C03,
Class
1ED2,
CMO,
ARM
1M
USD
LIBOR
+
0.85%,
0.968%,
10/25/30
7,917
7,842
Connecticut
Avenue
Securities
Series
2020-R01,
Class
1M1,
CMO,
ARM
1M
USD
LIBOR
+
0.80%,
0.918%,
1/25/40 (1)
2,222
2,222
Deephaven
Residential
Mortgage
Trust
Series
2017-1A,
Class
A3,
CMO,
ARM
3.485%,
12/26/46 (1)
125
126
Deephaven
Residential
Mortgage
Trust
Series
2019-2A,
Class
A3,
CMO,
ARM
3.763%,
4/25/59 (1)
3,067
3,076
Deephaven
Residential
Mortgage
Trust
Series
2019-2A,
Class
M1,
CMO,
ARM
3.921%,
4/25/59 (1)
3,170
3,217
Deephaven
Residential
Mortgage
Trust
Series
2019-3A,
Class
A1,
CMO,
ARM
2.964%,
7/25/59 (1)
2,307
2,326
Deephaven
Residential
Mortgage
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.128%,
5/25/65 (1)
3,840
3,838
Ellington
Financial
Mortgage
Trust
Series
2019-2,
Class
A1,
CMO,
ARM
2.739%,
11/25/59 (1)
3,137
3,202
Ellington
Financial
Mortgage
Trust
Series
2019-2,
Class
A3,
CMO,
ARM
3.046%,
11/25/59 (1)
1,865
1,899
Ellington
Financial
Mortgage
Trust
Series
2020-1,
Class
A1,
CMO,
ARM
2.006%,
5/25/65 (1)
3,384
3,439
Ellington
Financial
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.797%,
2/25/66 (1)
2,945
2,945
T.
ROWE
PRICE
Short-Term
Bond
Fund
24
Par/Shares
$
Value
(Amounts
in
000s)
Ellington
Financial
Mortgage
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.106%,
2/25/66 (1)
2,490
2,490
Flagstar
Mortgage
Trust
Series
2020-1INV,
Class
A11,
CMO,
ARM
1M
USD
LIBOR
+
0.85%,
0.968%,
3/25/50 (1)
3,917
3,931
Freddie
Mac
Whole
Loan
Securities
Trust
Series
2017-SC02,
Class
M1,
CMO,
ARM
3.833%,
5/25/47 (1)
578
582
FWD
Securitization
Trust
Series
2020-INV1,
Class
A1,
CMO,
ARM
2.24%,
1/25/50 (1)
10,127
10,400
Galton
Funding
Mortgage
Trust
Series
2018-1,
Class
A33,
CMO,
ARM
3.50%,
11/25/57 (1)
2,186
2,231
Galton
Funding
Mortgage
Trust
Series
2019-1,
Class
A32,
CMO,
ARM
4.00%,
2/25/59 (1)
1,712
1,762
Galton
Funding
Mortgage
Trust
Series
2019-H1,
Class
M1,
CMO,
ARM
3.339%,
10/25/59 (1)
7,916
8,003
Galton
Funding
Mortgage
Trust
Series
2020-H1,
Class
A1,
CMO,
ARM
2.31%,
1/25/60 (1)
4,215
4,299
Galton
Funding
Mortgage
Trust
Series
2020-H1,
Class
M1,
CMO,
ARM
2.832%,
1/25/60 (1)
4,592
4,621
GS
Mortgage-Backed
Securities
Trust
Series
2014-EB1A,
Class
2A1,
CMO,
ARM
1.964%,
7/25/44 (1)
236
238
Homeward
Opportunities
Fund
I
Trust
Series
2019-1,
Class
A1,
CMO,
ARM
3.454%,
1/25/59 (1)
4,942
4,998
Homeward
Opportunities
Fund
I
Trust
Series
2019-1,
Class
A3,
CMO,
ARM
3.606%,
1/25/59 (1)
4,503
4,555
Homeward
Opportunities
Fund
I
Trust
Series
2019-3,
Class
A1,
CMO,
ARM
2.675%,
11/25/59 (1)
2,840
2,893
Homeward
Opportunities
Fund
I
Trust
Series
2019-3,
Class
A3,
CMO,
ARM
3.031%,
11/25/59 (1)
2,504
2,548
Homeward
Opportunities
Fund
I
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
1.657%,
5/25/65 (1)
4,305
4,348
Homeward
Opportunities
Fund
I
Trust
Series
2020-2,
Class
A2,
CMO,
ARM
2.635%,
5/25/65 (1)
5,750
5,928
T.
ROWE
PRICE
Short-Term
Bond
Fund
25
Par/Shares
$
Value
(Amounts
in
000s)
JPMorgan
Mortgage
Trust
Series
2020-INV1,
Class
A11,
CMO,
ARM
1M
USD
LIBOR
+
0.83%,
0.96%,
8/25/50 (1)
2,185
2,200
JPMorgan
Mortgage
Trust
Series
2020-INV1,
Class
A15,
CMO,
ARM
3.50%,
8/25/50 (1)
3,595
3,720
JPMorgan
Mortgage
Trust
Series
2020-LTV1,
Class
A4,
CMO,
ARM
3.50%,
6/25/50 (1)
6,370
6,436
MFA
Trust
Series
2021-INV1,
Class
A1,
CMO,
ARM
0.852%,
1/25/56 (1)
5,630
5,622
Mill
City
Mortgage
Loan
Trust
Series
2016-1,
Class
A1,
CMO,
ARM
2.50%,
4/25/57 (1)
479
483
New
Residential
Mortgage
Loan
Trust
Series
2019-NQM3,
Class
A1,
CMO,
ARM
2.802%,
7/25/49 (1)
5,148
5,181
New
Residential
Mortgage
Loan
Trust
Series
2019-NQM3,
Class
A3,
CMO,
ARM
3.086%,
7/25/49 (1)
2,836
2,844
New
Residential
Mortgage
Loan
Trust
Series
2019-NQM5,
Class
A1,
CMO,
ARM
2.71%,
11/25/59 (1)
3,919
4,024
New
Residential
Mortgage
Loan
Trust
Series
2020-NQM1,
Class
A1,
CMO,
ARM
2.464%,
1/26/60 (1)
3,980
4,058
New
Residential
Mortgage
Loan
Trust
Series
2020-NQM1,
Class
A3,
CMO,
ARM
2.769%,
1/26/60 (1)
3,133
3,175
New
Residential
Mortgage
Loan
Trust
Series
2020-NQM2,
Class
A1,
CMO,
ARM
1.65%,
5/24/60 (1)
2,879
2,899
New
Residential
Mortgage
Loan
Trust
Series
2021-NQ1R,
Class
A1,
CMO,
ARM
0.943%,
7/25/55 (1)
12,430
12,430
OBX
Trust
Series
2019-EXP2,
Class
2A2,
CMO,
ARM
1M
USD
LIBOR
+
1.20%,
1.318%,
6/25/59 (1)
1,344
1,338
OBX
Trust
Series
2019-EXP3,
Class
2A1,
CMO,
ARM
1M
USD
LIBOR
+
0.90%,
1.018%,
10/25/59 (1)
6,400
6,431
OBX
Trust
Series
2020-EXP1,
Class
1A8,
CMO,
ARM
3.50%,
2/25/60 (1)
5,405
5,574
OBX
Trust
Series
2020-EXP1,
Class
2A2,
CMO,
ARM
1M
USD
LIBOR
+
0.95%,
1.068%,
2/25/60 (1)
1,592
1,592
T.
ROWE
PRICE
Short-Term
Bond
Fund
26
Par/Shares
$
Value
(Amounts
in
000s)
OBX
Trust
Series
2020-EXP2,
Class
A8,
CMO,
ARM
3.00%,
5/25/60 (1)
7,990
8,216
OBX
Trust
Series
2020-EXP2,
Class
A9,
CMO,
ARM
3.00%,
5/25/60 (1)
1,205
1,234
OBX
Trust
Series
2020-EXP3,
Class
1A8,
CMO,
ARM
3.00%,
1/25/60 (1)
6,928
7,155
OBX
Trust
Series
2020-INV1,
Class
A5,
CMO,
ARM
3.50%,
12/25/49 (1)
2,273
2,326
Sequoia
Mortgage
Trust
Series
2018-CH1,
Class
A11,
CMO,
ARM
3.50%,
2/25/48 (1)
1,145
1,150
Sequoia
Mortgage
Trust
Series
2018-CH2,
Class
A21,
CMO,
ARM
4.00%,
6/25/48 (1)
1,736
1,764
Sequoia
Mortgage
Trust
Series
2018-CH2,
Class
A3,
CMO,
ARM
4.00%,
6/25/48 (1)
4,544
4,642
Sequoia
Mortgage
Trust
Series
2018-CH3,
Class
A19,
CMO,
ARM
4.50%,
8/25/48 (1)
1,072
1,109
Sequoia
Mortgage
Trust
Series
2018-CH4,
Class
A19,
CMO,
ARM
4.50%,
10/25/48 (1)
974
997
Sequoia
Mortgage
Trust
Series
2018-CH4,
Class
A2,
CMO,
ARM
4.00%,
10/25/48 (1)
1,501
1,533
Starwood
Mortgage
Residential
Trust
Series
2018-IMC2,
Class
A3,
CMO,
ARM
4.376%,
10/25/48 (1)
3,430
3,537
Starwood
Mortgage
Residential
Trust
Series
2019-1,
Class
A1,
CMO,
ARM
2.941%,
6/25/49 (1)
3,877
3,934
Starwood
Mortgage
Residential
Trust
Series
2019-1,
Class
A3,
CMO,
ARM
3.299%,
6/25/49 (1)
3,881
3,930
Starwood
Mortgage
Residential
Trust
Series
2019-IMC1,
Class
A1,
CMO,
ARM
3.468%,
2/25/49 (1)
2,366
2,383
Starwood
Mortgage
Residential
Trust
Series
2019-INV1,
Class
A1,
CMO,
ARM
2.61%,
9/27/49 (1)
871
888
Starwood
Mortgage
Residential
Trust
Series
2019-INV1,
Class
A3,
CMO,
ARM
2.916%,
9/27/49 (1)
2,611
2,656
T.
ROWE
PRICE
Short-Term
Bond
Fund
27
Par/Shares
$
Value
(Amounts
in
000s)
Starwood
Mortgage
Residential
Trust
Series
2020-1,
Class
A2,
CMO,
ARM
2.408%,
2/25/50 (1)
3,371
3,440
Structured
Agency
Credit
Risk
Debt
Notes
Series
2014-DN3,
Class
M3,
CMO,
ARM
1M
USD
LIBOR
+
4.00%,
4.118%,
8/25/24
2,448
2,503
Structured
Agency
Credit
Risk
Debt
Notes
Series
2015-DNA3,
Class
M3,
CMO,
ARM
1M
USD
LIBOR
+
4.70%,
4.818%,
4/25/28
3,404
3,542
Structured
Agency
Credit
Risk
Debt
Notes
Series
2017-DNA2,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
1.20%,
1.318%,
10/25/29
1,853
1,859
Structured
Agency
Credit
Risk
Debt
Notes
Series
2017-DNA3,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
0.75%,
0.868%,
3/25/30
871
872
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-DNA2,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
0.80%,
0.918%,
12/25/30 (1)
1,961
1,961
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-DNA2,
Class
M2AS,
CMO,
ARM
1M
USD
LIBOR
+
0.95%,
1.068%,
12/25/30 (1)
7,535
7,530
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-DNA3,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
0.75%,
0.868%,
9/25/48 (1)
16
16
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-DNA3,
Class
M2AS,
CMO,
ARM
1M
USD
LIBOR
+
0.90%,
1.018%,
9/25/48 (1)
5,505
5,538
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-HQA2,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
0.75%,
0.868%,
10/25/48 (1)
721
721
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-HRP2,
Class
M2,
CMO,
ARM
1M
USD
LIBOR
+
1.25%,
1.368%,
2/25/47 (1)
3,889
3,899
Structured
Agency
Credit
Risk
Debt
Notes
Series
2020-DNA1,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
0.70%,
0.818%,
1/25/50 (1)
592
592
Structured
Agency
Credit
Risk
Debt
Notes
Series
2020-DNA2,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
0.75%,
0.868%,
2/25/50 (1)
1,304
1,304
Structured
Agency
Credit
Risk
Debt
Notes
Series
2020-DNA4,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
1.50%,
1.618%,
8/25/50 (1)
2,589
2,591
Structured
Agency
Credit
Risk
Debt
Notes
Series
2020-DNA5,
Class
M1,
CMO,
ARM
SOFR30A
+
1.30%,
1.345%,
10/25/50 (1)
4,963
4,967
Structured
Agency
Credit
Risk
Debt
Notes
Series
2020-DNA6,
Class
M1,
CMO,
ARM
SOFR30A
+
0.90%,
0.945%,
12/25/50 (1)
3,
145
3,150
T.
ROWE
PRICE
Short-Term
Bond
Fund
28
Par/Shares
$
Value
(Amounts
in
000s)
Structured
Agency
Credit
Risk
Debt
Notes
Series
2020-HQA1,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
0.75%,
0.859%,
1/25/50 (1)
413
413
Structured
Agency
Credit
Risk
Debt
Notes
Series
2020-HQA2,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
1.10%,
1.218%,
3/25/50 (1)
9,383
9,390
Structured
Agency
Credit
Risk
Debt
Notes
Series
2020-HQA3,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
1.55%,
1.668%,
7/25/50 (1)
552
553
Structured
Agency
Credit
Risk
Debt
Notes
Series
2020-HQA4,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
1.30%,
1.418%,
9/25/50 (1)
4,140
4,145
Structured
Agency
Credit
Risk
Debt
Notes
Series
2020-HQA5,
Class
M1,
CMO,
ARM
SOFR30A
+
1.10%,
1.145%,
11/25/50 (1)
4,125
4,128
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA1,
Class
M1,
CMO,
ARM
SOFR30A
+
0.65%,
0.695%,
1/25/51 (1)
3,440
3,440
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-HQA1,
Class
M1,
CMO,
ARM
SOFR30A
+
0.70%,
0.75%,
8/25/33 (1)
11,255
11,255
Towd
Point
Mortgage
Trust
Series
2015-4,
Class
A1B,
CMO,
ARM
2.75%,
4/25/55 (1)
462
462
Towd
Point
Mortgage
Trust
Series
2015-5,
Class
A1B,
CMO,
ARM
2.75%,
5/25/55 (1)
850
853
Towd
Point
Mortgage
Trust
Series
2016-1,
Class
A1B,
CMO,
ARM
2.75%,
2/25/55 (1)
594
598
Towd
Point
Mortgage
Trust
Series
2016-1,
Class
A3B,
CMO,
ARM
3.00%,
2/25/55 (1)
1,244
1,268
Towd
Point
Mortgage
Trust
Series
2016-2,
Class
A1A,
CMO,
ARM
2.75%,
8/25/55 (1)
820
831
Towd
Point
Mortgage
Trust
Series
2016-3,
Class
A1,
CMO,
ARM
2.25%,
4/25/56 (1)
541
546
Towd
Point
Mortgage
Trust
Series
2017-1,
Class
A1,
CMO,
ARM
2.75%,
10/25/56 (1)
3,361
3,422
Towd
Point
Mortgage
Trust
Series
2017-2,
Class
A1,
CMO,
ARM
2.75%,
4/25/57 (1)
2,078
2,111
Towd
Point
Mortgage
Trust
Series
2017-3,
Class
A1,
CMO,
ARM
2.75%,
7/25/57 (1)
4,771
4,870
T.
ROWE
PRICE
Short-Term
Bond
Fund
29
Par/Shares
$
Value
(Amounts
in
000s)
Towd
Point
Mortgage
Trust
Series
2017-4,
Class
A1,
CMO,
ARM
2.75%,
6/25/57 (1)
2,705
2,794
Towd
Point
Mortgage
Trust
Series
2017-6,
Class
A1,
CMO,
ARM
2.75%,
10/25/57 (1)
9,817
10,111
Towd
Point
Mortgage
Trust
Series
2018-1,
Class
A1,
CMO,
ARM
3.00%,
1/25/58 (1)
2,214
2,284
Towd
Point
Mortgage
Trust
Series
2018-2,
Class
A1,
CMO,
ARM
3.25%,
3/25/58 (1)
13,854
14,494
Towd
Point
Mortgage
Trust
Series
2018-5,
Class
A1A,
CMO,
ARM
3.25%,
7/25/58 (1)
9,813
10,168
Verus
Securitization
Trust
Series
2019-1,
Class
A1,
CMO,
ARM
3.836%,
2/25/59 (1)
4,098
4,123
Verus
Securitization
Trust
Series
2019-2,
Class
A1,
CMO,
ARM
3.211%,
5/25/59 (1)
3,718
3,73
6
Verus
Securitization
Trust
Series
2019-4,
Class
A3,
CMO,
STEP
3.00%,
11/25/59 (1)
3,173
3,228
Verus
Securitization
Trust
Series
2019-INV1,
Class
A1,
CMO,
ARM
3.402%,
12/25/59 (1)
2,048
2,075
Verus
Securitization
Trust
Series
2019-INV1,
Class
M1,
CMO,
ARM
4.034%,
12/25/59 (1)
1,795
1,825
Verus
Securitization
Trust
Series
2019-INV2,
Class
A1,
CMO,
ARM
2.913%,
7/25/59 (1)
7,543
7,715
Verus
Securitization
Trust
Series
2019-INV3,
Class
A3,
CMO,
ARM
3.10%,
11/25/59 (1)
5,006
5,121
Verus
Securitization
Trust
Series
2020-1,
Class
A1,
CMO,
STEP
2.417%,
1/25/60 (1)
8,519
8,678
Verus
Securitization
Trust
Series
2020-1,
Class
A3,
CMO,
STEP
2.724%,
1/25/60 (1)
4,877
4,959
Verus
Securitization
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
2.226%,
5/25/60 (1)
11,775
11,910
Verus
Securitization
Trust
Series
2020-5,
Class
A3,
CMO,
STEP
1.733%,
5/25/65 (1)
3,330
3,334
T.
ROWE
PRICE
Short-Term
Bond
Fund
30
Par/Shares
$
Value
(Amounts
in
000s)
Verus
Securitization
Trust
Series
2020-INV1,
Class
A1,
CMO,
ARM
1.977%,
3/25/60 (1)
1,357
1,381
Verus
Securitization
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
1.052%,
1/25/66 (1)
5,035
5,032
Verus
Securitization
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.155%,
1/25/66 (1)
2,975
2,974
Verus
Securitization
Trust
Series
2021-R1,
Class
A2,
CMO,
ARM
1.057%,
10/25/63 (1)
3,196
3,199
Vista
Point
Securitization
Trust
Series
2020-1,
Class
A1,
CMO,
ARM
1.763%,
3/25/65 (1)
3,294
3,324
Vista
Point
Securitization
Trust
Series
2020-2,
Class
A3,
CMO,
ARM
2.496%,
4/25/65 (1)
2
,648
2,683
Wells
Fargo
Mortgage
Backed
Securities
Trust
Series
2020-RR1,
Class
A17,
CMO,
ARM
3.00%,
5/25/50 (1)
1,774
1,791
530,316
Commercial
Mortgage-Backed
Securities
5.4%
280
Park
Avenue
Mortgage
Trust
Series
2017-280P,
Class
A,
ARM
1M
USD
LIBOR
+
0.88%,
0.992%,
9/15/34 (1)
5,835
5,839
Atrium
Hotel
Portfolio
Trust
Series
2017-ATRM,
Class
A,
ARM
1M
USD
LIBOR
+
0.93%,
1.043%,
12/15/36 (1)
13,085
13,085
Austin
Fairmont
Hotel
Trust
Series
2019-FAIR,
Class
A,
ARM
1M
USD
LIBOR
+
1.05%,
1.162%,
9/15/32 (1)
8,355
8,352
BAMLL
Commercial
Mortgage-Backed
Securities
Trust
Series
2018-DSNY,
Class
A,
ARM
1M
USD
LIBOR
+
0.85%,
0.962%,
9/15/34 (1)
8,180
8,177
BANK
Series
2019-BN19,
Class
A1
2.263%,
8/15/61
2
,925
2,998
BANK
Series
2019-BN24,
Class
A1
2.056%,
11/15/62
3,287
3,353
BX
Commercial
Mortgage
Trust
Series
2019-XL,
Class
B,
ARM
1M
USD
LIBOR
+
1.08%,
1.192%,
10/15/36 (1)
5,245
5,249
BX
Commercial
Mortgage
Trust
Series
2020-BXLP,
Class
C,
ARM
1M
USD
LIBOR
+
1.12%,
1.232%,
12/15/36 (1)
5,718
5,718
T.
ROWE
PRICE
Short-Term
Bond
Fund
31
Par/Shares
$
Value
(Amounts
in
000s)
BX
Commercial
Mortgage
Trust
Series
2020-BXLP,
Class
D,
ARM
1M
USD
LIBOR
+
1.25%,
1.362%,
12/15/36 (1)
5,509
5,509
BX
Trust
Series
2018-GW,
Class
A,
ARM
1M
USD
LIBOR
+
0.80%,
0.912%,
5/15/35 (1)
11,837
11,841
CGDB
Commercial
Mortgage
Trust
Series
2019-MOB,
Class
D,
ARM
1M
USD
LIBOR
+
1.65%,
1.762%,
11/15/36 (1)
10,831
10,790
Cold
Storage
Trust
Series
2020-ICE5,
Class
B,
ARM
1M
USD
LIBOR
+
1.30%,
1.412%,
11/15/37 (1)
14,037
14,059
Commercial
Mortgage
Trust
Series
2013-300P,
Class
A1
4.353%,
8/10/30 (1)
4,134
4,428
Commercial
Mortgage
Trust
Series
2014-CR15,
Class
B,
ARM
4.691%,
2/10/47
6,420
7,039
Commercial
Mortgage
Trust
Series
2014-CR19,
Class
D,
ARM
4.708%,
8/10/47 (1)
2,995
2,890
Commercial
Mortgage
Trust
Series
2014-UBS5,
Class
A4
3.838%,
9/10/47
9,680
10,609
Commercial
Mortgage
Trust
Series
2015-LC23,
Class
A2
3.221%,
10/10/48
9,801
9,741
Commercial
Mortgage
Trust
Series
2020-CBM,
Class
D,
ARM
3.633%,
2/10/37 (1)
3,895
3,765
Credit
Suisse
Mortgage
Capital
Certificates
Series
2019-ICE4,
Class
C,
ARM
1M
USD
LIBOR
+
1.43%,
1.542%,
5/15/36 (1)
8,520
8,531
Credit
Suisse
Mortgage
Capital
Certificates
Series
2019-ICE4,
Class
D,
ARM
1M
USD
LIBOR
+
1.60%,
1.712%,
5/15/36 (1)
6,220
6,255
Credit
Suisse
Mortgage
Trust
Series
2020-NET,
Class
A
2.257%,
8/15/37 (1)
3,395
3,480
Fontainebleau
Miami
Beach
Trust
Series
2019-FBLU,
Class
C
3.75%,
12/10/36 (1)
7,590
7,847
GCT
Commercial
Mortgage
Trust
Series
2021-GCT,
Class
A,
ARM
1M
USD
LIBOR
+
0.80%,
0.912%,
2/15/38 (1)
5,110
5,111
Goldman
Sachs
Mortgage
Securities
Trust
Series
2019-SOHO,
Class
A,
ARM
1M
USD
LIBOR
+
0.90%,
1.012%,
6/15/36 (1)
1,000
1,001
T.
ROWE
PRICE
Short-Term
Bond
Fund
32
Par/Shares
$
Value
(Amounts
in
000s)
Great
Wolf
Trust
Series
2019-WOLF,
Class
A,
ARM
1M
USD
LIBOR
+
1.034%,
1.14%,
12/15/36 (1)
3,785
3,784
Great
Wolf
Trust
Series
2019-WOLF,
Class
C,
ARM
1M
USD
LIBOR
+
1.633%,
1.739%,
12/15/36 (1)
4,200
4,158
InTown
Hotel
Portfolio
Trust
Series
2018-STAY,
Class
A,
ARM
1M
USD
LIBOR
+
0.95%,
1.063%,
1/15/33 (1)
1,865
1,867
InTown
Hotel
Portfolio
Trust
Series
2018-STAY,
Class
C,
ARM
1M
USD
LIBOR
+
1.50%,
1.613%,
1/15/33 (1)
1,495
1,481
JPMBB
Commercial
Mortgage
Securities
Trust
Series
2014-C23,
Class
A5
3.934%,
9/15/47
8,280
9,092
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2019-BKWD,
Class
B,
ARM
1M
USD
LIBOR
+
1.35%,
1.463%,
9/15/29 (1)
12,870
12,861
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2019-BKWD,
Class
C,
ARM
1M
USD
LIBOR
+
1.60%,
1.712%,
9/15/29 (1)
3,975
3,970
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
B,
ARM
1M
USD
LIBOR
+
1.77%,
1.883%,
10/15/33 (1)
8,240
8,263
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
C,
ARM
1M
USD
LIBOR
+
2.17%,
2.282%,
10/15/33 (1)
6,310
6,330
KKR
Industrial
Portfolio
Trust
Series
2021-KDIP,
Class
C,
ARM
1M
USD
LIBOR
+
1.00%,
1.112%,
12/15/37 (1)
3,325
3,325
KKR
Industrial
Portfolio
Trust
Series
2021-KDIP,
Class
D,
ARM
1M
USD
LIBOR
+
1.25%,
1.362%,
12/15/37 (1)
2,510
2,510
Merit
Series
2020-HILL,
Class
B,
ARM
1M
USD
LIBOR
+
1.40%,
1.512%,
8/15/37 (1)
3,100
3,114
Merit
Series
2020-HILL,
Class
C,
ARM
1M
USD
LIBOR
+
1.70%,
1.812%,
8/15/37 (1)
2,825
2,839
Merit
Series
2020-HILL,
Class
D,
ARM
1M
USD
LIBOR
+
2.35%,
2.462%,
8/15/37 (1)
3,740
3,763
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series
2014-C18,
Class
AS,
ARM
4.11%,
10/15/47
3,065
3,337
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series
2016-C30,
Class
A1
1.389%,
9/15/49
314
314
T.
ROWE
PRICE
Short-Term
Bond
Fund
33
Par/Shares
$
Value
(Amounts
in
000s)
Morgan
Stanley
Capital
I
Trust
Series
2014-150E,
Class
A
3.912%,
9/9/32 (1)
9,590
10,384
Morgan
Stanley
Capital
I
Trust
Series
2019-MEAD,
Class
D,
ARM
3.177%,
11/10/36 (1)
7,880
7,739
Morgan
Stanley
Capital
I
Trust
Series
2019-NUGS,
Class
D,
ARM
1M
USD
LIBOR
+
1.80%,
3.30%,
12/15/36 (1)
4,445
4,494
New
Orleans
Hotel
Trust
Series
2019-HNLA,
Class
B,
ARM
1M
USD
LIBOR
+
1.29%,
1.401%,
4/15/32 (1)
13,305
13,039
ONE
Mortgage
Trust
Series
2021-PARK,
Class
B,
ARM
1M
USD
LIBOR
+
0.95%,
1.20%,
3/15/36 (1)
11,219
11,219
ONE
Mortgage
Trust
Series
2021-PARK,
Class
C,
ARM
1M
USD
LIBOR
+
1.10%,
1.35%,
3/15/36 (1)
6,005
6,005
SLIDE
Series
2018-FUN,
Class
D,
ARM
1M
USD
LIBOR
+
1.85%,
1.962%,
6/15/31 (1)
6,566
6,393
Wells
Fargo
Commercial
Mortgage
Trust
Series
2015-NXS2,
Class
A2
3.02%,
7/15/58
3,784
3,866
WFRBS
Commercial
Mortgage
Trust
Series
2012-C6,
Class
B
4.697%,
4/15/45
6,351
6,527
WFRBS
Commercial
Mortgage
Trust
Series
2014-C23,
Class
A5
3.917%,
10/15/57
8,820
9,715
WFRBS
Commercial
Mortgage
Trust
Series
2014-LC14,
Class
A5
4.045%,
3/15/47
7,525
8,177
324,233
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$849,482)
854,549
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
3.4%
U.S.
Government
Agency
Obligations
2.8%
(4)
Federal
Home
Loan
Mortgage
3.50%,
3/1/46
4,042
4,413
5.00%,
10/1/22
-
7/1/25
980
1,027
5.50%,
11/1/21
-
10/1/38
155
164
6.00%,
7/1/21
-
1/1/38
632
754
7.00%,
3/1/39
1,061
1,233
T.
ROWE
PRICE
Short-Term
Bond
Fund
34
Par/Shares
$
Value
(Amounts
in
000s)
7.50%,
6/1/38
1,025
1,185
Federal
Home
Loan
Mortgage,
ARM
12M
USD
LIBOR
+
1.591%,
2.216%,
9/1/35
35
35
12M
USD
LIBOR
+
1.625%,
2.504%,
7/1/38
282
285
12M
USD
LIBOR
+
1.625%,
2.563%,
6/1/38
26
27
12M
USD
LIBOR
+
1.625%,
2.752%,
6/1/38
197
206
12M
USD
LIBOR
+
1.625%,
3.479%,
4/1/37
9
9
12M
USD
LIBOR
+
1.726%,
2.72%,
7/1/35
97
103
12M
USD
LIBOR
+
1.733%,
2.108%,
2/1/37
39
41
12M
USD
LIBOR
+
1.733%,
2.792%,
10/1/36
253
267
12M
USD
LIBOR
+
1.735%,
2.109%,
2/1/37
54
56
12M
USD
LIBOR
+
1.749%,
3.234%,
5/1/38
96
96
12M
USD
LIBOR
+
1.775%,
3.343%,
5/1/37
56
59
12M
USD
LIBOR
+
1.831%,
2.205%,
1/1/37
50
50
12M
USD
LIBOR
+
1.929%,
2.314%,
12/1/36
63
68
12M
USD
LIBOR
+
1.961%,
3.961%,
2/1/33
1
1
12M
USD
LIBOR
+
2.03%,
2.448%,
11/1/36
36
36
12M
USD
LIBOR
+
2.082%,
3.662%,
2/1/38
216
231
12M
USD
LIBOR
+
2.191%,
2.897%,
2/1/37
79
85
1Y
CMT
+
2.219%,
2.344%,
10/1/33
1
1
1Y
CMT
+
2.347%,
2.472%,
11/1/34
129
132
Federal
Home
Loan
Mortgage,
ARM,,
12M
USD
LIBOR
+
1.987%,
2.362%,
2/1/34
8
8
Federal
Home
Loan
Mortgage,
CMO,
4.00%,
11/15/36
90
91
Federal
Home
Loan
Mortgage,
UMBS
3.00%,
11/1/34
1,354
1,452
4.00%,
12/1/49
-
2/1/50
4,747
5,139
4.50%,
3/1/49
-
5/1/50
4,939
5,386
5.00%,
12/1/41
3,271
3,693
Federal
National
Mortgage
Assn.,
ARM
12M
USD
LIBOR
+
1.34%,
1.715%,
12/1/35
25
26
12M
USD
LIBOR
+
1.59%,
2.043%,
12/1/35
68
69
12M
USD
LIBOR
+
1.613%,
2.375%,
7/1/35
54
54
12M
USD
LIBOR
+
1.655%,
2.62%,
8/1/37
20
20
12M
USD
LIBOR
+
1.677%,
2.052%,
2/1/33
3
3
12M
USD
LIBOR
+
1.677%,
2.732%,
7/1/34
7
7
12M
USD
LIBOR
+
1.69%,
2.775%,
5/1/38
274
288
12M
USD
LIBOR
+
1.715%,
2.09%,
12/1/32
45
46
12M
USD
LIBOR
+
1.715%,
2.215%,
10/1/32
17
17
12M
USD
LIBOR
+
1.726%,
2.226%,
9/1/32
2
2
12M
USD
LIBOR
+
1.77%,
2.145%,
12/1/35
9
9
12M
USD
LIBOR
+
1.78%,
2.155%,
1/1/34
14
14
12M
USD
LIBOR
+
1.788%,
3.788%,
5/1/38
96
96
12M
USD
LIBOR
+
1.83%,
3.335%,
8/1/38
9
9
12M
USD
LIBOR
+
1.83%,
3.615%,
4/1/38
179
188
T.
ROWE
PRICE
Short-Term
Bond
Fund
35
Par/Shares
$
Value
(Amounts
in
000s)
12M
USD
LIBOR
+
1.853%,
2.691%,
8/1/38
22
24
12M
USD
LIBOR
+
1.853%,
2.694%,
8/1/38
99
104
12M
USD
LIBOR
+
1.861%,
3.64%,
5/1/38
148
150
12M
USD
LIBOR
+
1.892%,
2.307%,
12/1/35
22
23
1Y
CMT
+
2.00%,
2.125%,
1/1/35
2
2
1Y
CMT
+
2.125%,
2.50%,
7/1/33
2
2
6M
USD
LIBOR
+
1.365%,
2.041%,
10/1/33
378
387
COF11
+
1.25%,
2.293%,
7/1/27
2
2
COF11
+
1.25%,
4.685%,
5/1/24
—
—
Federal
National
Mortgage
Assn.,
CMO,
4.00%,
6/25/44
4,879
4,983
Federal
National
Mortgage
Assn.,
CMO,STEP,
5.61%,
1/25/32
3
3
Federal
National
Mortgage
Assn.,
UMBS
2.50%,
11/1/50
2,679
2,780
3.00%,
9/1/28
-
2/1/35
11,016
11,697
3.50%,
12/1/45
-
7/1/50
9,502
10,220
4.00%,
1/1/47
-
1/1/50
12,713
13,698
4.50%,
8/1/24
-
1/1/50
33,543
36,638
5.00%,
3/1/21
-
9/1/48
10,017
11,432
5.50%,
8/1/21
-
5/1/40
11,356
13,158
6.00%,
5/1/21
-
2/1/49
13,952
16,782
6.50%,
7/1/32
-
12/1/32
458
531
UMBS,
TBA
2.00%,
4/1/36
-
3/1/51 (5)
17,770
18,314
3.00%,
3/1/51 (5)
3,380
3,537
171,648
U.S.
Government
Obligations
0.6%
Government
National
Mortgage
Assn.
3.50%,
2/20/48
750
830
4.00%,
3/20/48
-
4/20/50
1,964
2,179
4.50%,
8/20/47
3,191
3,492
5.00%,
12/20/34
-
5/20/48
13,987
15,598
5.50%,
9/15/45
-
2/20/49
5,201
6,057
6.00%,
7/15/36
2,184
2,628
Government
National
Mortgage
Assn.,
TBA,
4.00%,
3/20/51 (5)
3,245
3,472
34,256
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$198,394)
205,904
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
14.8%
U.S.
Treasury
Obligations
14.8%
U.S.
Treasury
Notes,
0.125%,
4/30/22
60,245
60,254
U.S.
Treasury
Notes,
0.125%,
5/31/22
80,000
80,025
U.S.
Treasury
Notes,
0.125%,
9/30/22
56,155
56,155
T.
ROWE
PRICE
Short-Term
Bond
Fund
36
Par/Shares
$
Value
(Amounts
in
000s)
U.S.
Treasury
Notes,
0.125%,
10/31/22
115,075
115,075
U.S.
Treasury
Notes,
0.125%,
11/30/22
153,875
153,875
U.S.
Treasury
Notes,
0.125%,
12/31/22
30,000
30,000
U.S.
Treasury
Notes,
0.125%,
5/15/23
50,745
50,698
U.S.
Treasury
Notes,
0.125%,
7/15/23
54,280
54,195
U.S.
Treasury
Notes,
0.125%,
8/15/23
55,285
55,181
U.S.
Treasury
Notes,
0.25%,
6/15/23
26,600
26,642
U.S.
Treasury
Notes,
1.50%,
9/15/22
49,745
50,794
U.S.
Treasury
Notes,
1.75%,
6/15/22
60,580
61,867
U.S.
Treasury
Notes,
1.75%,
7/15/22
67,395
68,901
U.S.
Treasury
Notes,
2.125%,
5/15/22
14,550
14,905
U.S.
Treasury
Notes,
2.50%,
1/15/22 (6)
5,795
5,917
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$879,988)
884,484
SHORT-TERM
INVESTMENTS
3.1%
Commercial
Paper
1.7%
4(2)
1.7%(7)
AT&T,
0.401%,
12/14/21
19,695
19,644
Conagra
Foods,
0.904%,
4/8/21
27,160
27,143
Ovintiv
,
0.95%,
3/26/21
11,115
11,112
Ovintiv
,
1.00%,
3/16/21
30,745
30,739
Plains
All
American
Pipeline,
0.55%,
3/4/21
13,755
13,755
Total
Commercial
Paper
102,393
Money
Market
Funds
1.4%
T.
Rowe
Price
Government
Reserve
Fund,
0.05% (8)(9)
81,187
81,187
Total
Short-Term
Investments
(Cost
$183,547)
183,580
T.
ROWE
PRICE
Short-Term
Bond
Fund
37
(Amounts
in
000s,
except
for
contracts)
Options
Purchased
0.0%
OTC
Options
Purchased
0.0%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Morgan
Stanley
Credit
Default
Swap,
Protection
Sold
(Relevant
Credit:
Markit
CDX.
NA.IG-S35,
5
Year
Index,
12/20/25),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
3/17/21
@
0.45%* (10)
1
43,675
2
Total
Options
Purchased
(Cost
$24)
2
Total
Investments
in
Securities
100.7%
(Cost
$5,928,953)
$
6,024,510
Other
Assets
Less
Liabilities
(0.7)%
(44,308)
Net
Assets
100.0%
$
5,980,202
‡
Par/Shares
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
*
Exercise
Spread
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$2,156,810
and
represents
36.1%
of
net
assets.
(2)
All
or
a
portion
of
this
loan
is
unsettled
as
of
February
28,
2021.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(3)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
is
provided
if
the
rate
is
currently
floating.
(4)
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.
(5)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$25,323
and
represents
0.4%
of
net
assets.
(6)
All
or
a
portion
of
this
security
is
pledged
to
cover
or
as
collateral
for
written
call
options
at
February
28,
2021.
(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
$102,393
and
represents
1.7%
of
net
assets.
(8)
Seven-day
yield
T.
ROWE
PRICE
Short-Term
Bond
Fund
38
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(9)
Affiliated
Companies
(10)
Non-income
producing
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
6M
USD
LIBOR
Six
month
USD
LIBOR
(London
interbank
offered
rate)
12M
USD
LIBOR
Twelve
month
USD
LIBOR
(London
interbank
offered
rate)
1Y
CMT
One
year
U.S.
Treasury
note
constant
maturity
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
COF11
The
11th
district
monthly
weighted
average
cost
of
funds
index
FRN
Floating
Rate
Note
GO
General
Obligation
OTC
Over-the-counter
PTT
Pass-Through
Trust
SOFR30A
30-day
Average
SOFR
(Secured
Overnight
Financing
Rate)
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TBA
To-Be-Announced
UMBS
Uniform
Mortgage-Backed
Securities
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Short-Term
Bond
Fund
39
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.0)%
OTC
Options
Written
(0.0)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Morgan
Stanley
Credit
Default
Swap,
Protection
Bought
(Relevant
Credit:
Markit
CDX.
NA.IG-S35,
5
Year
Index,
12/20/25),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
3/17/21
@
0.80%*
1
43,675
(10)
Total
Options
Written
(Premiums
$(60))
$
(10)
T.
ROWE
PRICE
Short-Term
Bond
Fund
40
(Amounts
in
000s)
SWAPS
(0.0)%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
(0.0)%
Credit
Default
Swaps,
Protection
Bought
(0.0)%
Bank
of
America,
Protection
Bought
(Relevant
Credit:
General
Mills,
3.15%,
12/15/21),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
4,857
(142)
(118)
(24)
Barclays
Bank,
Protection
Bought
(Relevant
Credit:
Omnicom
Group,
3.65%,
11/01/24),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
13,750
(321)
(336)
15
Citibank,
Protection
Bought
(Relevant
Credit:
General
Mills,
3.15%,
12/15/21),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
6,938
(202)
(167)
(35)
Goldman
Sachs,
Protection
Bought
(Relevant
Credit:
General
Mills,
3.15%,
12/15/21),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
13,815
(403)
(336)
(67)
Total
Bilateral
Credit
Default
Swaps,
Protection
Bought
(957)
(111)
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
28,000
179
126
53
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
AT&T,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/22
14,500
183
137
46
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Enbridge,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/23
20,250
283
(657)
940
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
General
Electric,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/21
14,000
104
—
104
Citibank,
Protection
Sold
(Relevant
Credit:
Devon
Energy,
Ba1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
*
1,830
10
(8)
18
T.
ROWE
PRICE
Short-Term
Bond
Fund
41
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
Morgan
Stanley,
Protection
Sold
(Relevant
Credit:
Devon
Energy,
Ba1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
1,510
8
(8)
16
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(410)
1,177
Total
Bilateral
Swaps
(1,367)
1,066
*
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.
T.
ROWE
PRICE
Short-Term
Bond
Fund
42
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
1,542
U.S.
Treasury
Notes
five
year
contracts
6/21
(191,160)
$
1,552
Short,
934
U.S.
Treasury
Notes
ten
year
contracts
6/21
(123,959)
1,525
Long,
4,239
U.S.
Treasury
Notes
two
year
contracts
6/21
935,826
(774)
Net
payments
(receipts)
of
variation
margin
to
date
(2,248)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
55
T.
ROWE
PRICE
Short-Term
Bond
Fund
43
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%
$
—#
$
—
$
43+
`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%
$
34,263
¤
¤
$
81,187^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$43
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
$81,187.
T.
ROWE
PRICE
Short-Term
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
44
T.
Rowe
Price
Short-Term
Bond
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
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
Short-Term
Bond
Fund
45
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.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
Futures
contracts
are
valued
at
closing
settlement
prices.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Investments
for
which
market
quotations
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,
T.
ROWE
PRICE
Short-Term
Bond
Fund
46
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
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):
T.
ROWE
PRICE
Short-Term
Bond
Fund
47
F55-054Q3
02/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
5,840,928
$
—
$
5,840,928
Short-Term
Investments
81,187
102,393
—
183,580
Options
Purchased
—
2
—
2
Total
Securities
81,187
5,943,323
—
6,024,510
Swaps
—
767
—
767
Futures
Contracts*
3,077
—
—
3,077
Total
$
84,264
$
5,944,090
$
—
$
6,028,354
Liabilities
Options
Written
$
—
$
10
$
—
$
10
Swaps
—
1,068
—
1,068
Futures
Contracts*
774
—
—
774
Total
$
774
$
1,078
$
—
$
1,852
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.