T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
August
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
12.5%
Auto
Backed
9.5%
AmeriCredit
Automobile
Receivables
Trust
Series
2017-2,
Class
D
3.42%,
4/18/23
8,600
8,678
AmeriCredit
Automobile
Receivables
Trust
Series
2017-3,
Class
C
2.69%,
6/19/23
1,290
1,296
AmeriCredit
Automobile
Receivables
Trust
Series
2020-1,
Class
A3
1.11%,
8/19/24
6,277
6,299
AmeriCredit
Automobile
Receivables
Trust
Series
2020-2,
Class
A3
0.66%,
12/18/24
825
828
AmeriCredit
Automobile
Receivables
Trust
Series
2020-2,
Class
B
0.97%,
2/18/26
800
806
AmeriCredit
Automobile
Receivables
Trust
Series
2020-3,
Class
B
0.76%,
12/18/25
7,500
7,531
AmeriCredit
Automobile
Receivables
Trust
Series
2021-1,
Class
A3
0.37%,
8/18/25
6,750
6,759
Ari
Fleet
Lease
Trust
Series
2018-B,
Class
A2
3.22%,
8/16/27 (1)
291
292
Ari
Fleet
Lease
Trust
Series
2019-A,
Class
A2A
2.41%,
11/15/27 (1)
671
676
Ari
Fleet
Lease
Trust
Series
2020-A,
Class
A2
1.77%,
8/15/28 (1)
1,258
1,264
Ari
Fleet
Lease
Trust
Series
2021-A,
Class
A2
0.37%,
3/15/30 (1)
7,250
7,248
Avis
Budget
Rental
Car
Funding
AESOP
Series
2017-2A,
Class
A
2.97%,
3/20/24 (1)
6,280
6,498
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-1A,
Class
A
3.45%,
3/20/23 (1)
1,950
1,971
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-1A,
Class
B
3.70%,
3/20/23 (1)
4,067
4,109
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-1A,
Class
C
4.53%,
3/20/23 (1)
225
227
Carmax
Auto
Owner
Trust
Series
2019-3,
Class
A3
2.18%,
8/15/24
2,392
2,424
Carmax
Auto
Owner
Trust
Series
2020-1,
Class
A3
1.89%,
12/16/24
1,500
1,522
Chase
Auto
Credit
Linked
Notes
Series
2020-1,
Class
B
0.991%,
1/25/28 (1)
2,864
2,873
Chase
Auto
Credit
Linked
Notes
Series
2020-2,
Class
B
0.84%,
2/25/28 (1)
4,909
4,917
Chase
Auto
Credit
Linked
Notes
Series
2021-2,
Class
B
0.889%,
12/26/28 (1)
12,750
12,758
Donlen
Fleet
Lease
Funding
2
Series
2021-2,
Class
A2
0.56%,
12/11/34 (1)
8,750
8,764
Drive
Auto
Receivables
Trust
Series
2020-1,
Class
B
2.08%,
7/15/24
4,000
4,018
Drive
Auto
Receivables
Trust
Series
2020-2,
Class
A3
0.83%,
5/15/24
821
822
Drive
Auto
Receivables
Trust
Series
2020-2,
Class
B
1.42%,
3/17/25
3,215
3,236
Drive
Auto
Receivables
Trust
Series
2021-1,
Class
B
0.65%,
7/15/25
6,250
6,268
Enterprise
Fleet
Financing
Series
2019-2,
Class
A2
2.29%,
2/20/25 (1)
1,533
1,551
Enterprise
Fleet
Financing
Series
2019-3,
Class
A2
2.06%,
5/20/25 (1)
1,737
1,758
Enterprise
Fleet
Financing
Series
2020-2,
Class
A2
0.61%,
7/20/26 (1)
7,035
7,060
Enterprise
Fleet
Funding
Series
2021-1,
Class
A2
0.44%,
12/21/26 (1)
4,000
4,005
Exeter
Automobile
Receivables
Trust
Series
2019-4A,
Class
B
2.30%,
12/15/23 (1)
1,045
1,046
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
Exeter
Automobile
Receivables
Trust
Series
2020-1A,
Class
B
2.26%,
4/15/24 (1)
1,155
1,159
Exeter
Automobile
Receivables
Trust
Series
2020-2A,
Class
B
2.08%,
7/15/24 (1)
1,750
1,760
Exeter
Automobile
Receivables
Trust
Series
2020-3A,
Class
B
0.79%,
9/16/24
17,500
17,547
Exeter
Automobile
Receivables
Trust
Series
2021-1A,
Class
B
0.50%,
2/18/25
25,000
25,027
Exeter
Automobile
Receivables
Trust
Series
2021-2A,
Class
B
0.57%,
9/15/25
15,200
15,225
Ford
Credit
Auto
Lease
Trust
Series
2020-A,
Class
B
2.05%,
6/15/23
3,515
3,564
Ford
Credit
Auto
Lease
Trust
Series
2020-B,
Class
B
1.00%,
11/15/23
2,250
2,268
Ford
Credit
Auto
Lease
Trust
Series
2021-A,
Class
B
0.47%,
5/15/24
17,400
17,404
Ford
Credit
Auto
Owner
Trust
Series
2019-C,
Class
A3
1.87%,
3/15/24
6,974
7,046
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2019-1,
Class
A
2.84%,
3/15/24
2,650
2,688
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2020-1,
Class
B
0.98%,
9/15/25
5,195
5,243
GM
Financial
Automobile
Leasing
Trust
Series
2019-2,
Class
B
2.89%,
3/20/23
860
861
GM
Financial
Automobile
Leasing
Trust
Series
2020-1,
Class
B
1.84%,
12/20/23
2,545
2,577
GM
Financial
Automobile
Leasing
Trust
Series
2020-2,
Class
A3
0.80%,
7/20/23
1,600
1,607
GM
Financial
Automobile
Leasing
Trust
Series
2020-2,
Class
A4
1.01%,
7/22/24
550
555
GM
Financial
Automobile
Leasing
Trust
Series
2020-2,
Class
B
1.56%,
7/22/24
770
782
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
GM
Financial
Automobile
Leasing
Trust
Series
2020-3,
Class
B
0.76%,
10/21/24
2,215
2,226
GM
Financial
Automobile
Leasing
Trust
Series
2021-2,
Class
B
0.69%,
5/20/25
5,975
5,982
GM
Financial
Leasing
Trust
Series
2021-1,
Class
B
0.54%,
2/20/25
25,000
25,027
GMF
Floorplan
Owner
Revolving
Trust
Series
2019-1,
Class
A
2.70%,
4/15/24 (1)
6,000
6,094
GMF
Floorplan
Owner
Revolving
Trust
Series
2019-2,
Class
A
2.90%,
4/15/26 (1)
6,630
7,025
GMF
Floorplan
Owner
Revolving
Trust
Series
2020-1,
Class
A
0.68%,
8/15/25 (1)
1,645
1,654
GMF
Floorplan
Owner
Revolving
Trust
Series
2020-1,
Class
B
1.03%,
8/15/25 (1)
1,435
1,450
GMF
Floorplan
Owner
Revolving
Trust
Series
2020-2,
Class
B
0.96%,
10/15/25 (1)
2,145
2,160
Hyundai
Auto
Lease
Securitization
Trust
Series
2020-A,
Class
A3
1.95%,
7/17/23 (1)
2,067
2,079
Hyundai
Auto
Lease
Securitization
Trust
Series
2020-B,
Class
B
0.81%,
10/15/24 (1)
1,930
1,939
Hyundai
Auto
Lease
Securitization
Trust
Series
2021-A,
Class
B
0.61%,
10/15/25 (1)
6,500
6,515
Hyundai
Auto
Lease
Securitization
Trust
Series
2021-B,
Class
B
0.62%,
3/16/26 (1)
20,345
20,329
Navistar
Financial
Dealer
Note
Master
Trust
Series
2020-1,
Class
A,
FRN
1M
USD
LIBOR
+
0.95%,
1.034%,
7/25/25 (1)
5,520
5,551
Nissan
Auto
Lease
Trust
Series
2019-B,
Class
A4
2.29%,
4/15/25
2,000
2,007
Nissan
Master
Owner
Trust
Receivables
Series
2019-B,
Class
A,
FRN
1M
USD
LIBOR
+
0.43%,
0.526%,
11/15/23
13,570
13,582
Santander
Consumer
Auto
Receivables
Trust
Series
2020-AA,
Class
A
1.37%,
10/15/24 (1)
2,444
2,458
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
Santander
Consumer
Auto
Receivables
Trust
Series
2020-BA,
Class
A4
0.54%,
4/15/25 (1)
7,000
7,020
Santander
Consumer
Auto
Receivables
Trust
Series
2020-BA,
Class
B
0.77%,
12/15/25 (1)
3,750
3,768
Santander
Consumer
Auto
Receivables
Trust
Series
2021-AA,
Class
A4
0.48%,
6/15/26 (1)
1,500
1,498
Santander
Drive
Auto
Receivables
Trust
Series
2020-2,
Class
A3
0.67%,
4/15/24
693
693
Santander
Drive
Auto
Receivables
Trust
Series
2020-2,
Class
B
0.96%,
11/15/24
2,000
2,007
Santander
Drive
Auto
Receivables
Trust
Series
2020-3,
Class
B
0.69%,
3/17/25
6,545
6,564
Santander
Drive
Auto
Receivables
Trust
Series
2020-4,
Class
B
0.73%,
3/17/25
13,500
13,544
Santander
Drive
Auto
Receivables
Trust
Series
2021-1,
Class
B
0.50%,
4/15/25
26,360
26,396
Santander
Drive
Auto
Receivables
Trust
Series
2021-2,
Class
B
0.59%,
9/15/25
16,000
16,032
Santander
Drive
Auto
Receivables
Trust
Series
2021-3,
Class
B
0.60%,
12/15/25
11,000
11,020
Santander
Retail
Auto
Lease
Trust
Series
2019-A,
Class
A3
2.77%,
6/20/22 (1)
536
536
Santander
Retail
Auto
Lease
Trust
Series
2019-B,
Class
D
3.31%,
6/20/24 (1)
2,000
2,051
Santander
Retail
Auto
Lease
Trust
Series
2019-C,
Class
A3
1.86%,
2/21/23 (1)
4,805
4,842
Santander
Retail
Auto
Lease
Trust
Series
2019-C,
Class
D
2.88%,
6/20/24 (1)
10,500
10,762
Santander
Retail
Auto
Lease
Trust
Series
2020-A,
Class
A3
1.74%,
7/20/23 (1)
5,000
5,064
Santander
Retail
Auto
Lease
Trust
Series
2020-B,
Class
B
0.82%,
12/20/24 (1)
11,555
11,584
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
Santander
Retail
Auto
Lease
Trust
Series
2021-B,
Class
B
0.84%,
6/20/25 (1)
13,860
13,863
Volkswagen
Auto
Lease
Trust
Series
2019-A,
Class
A3
1.99%,
11/21/22
1,170
1,176
Wheels
SPV
2
Series
2020-1A,
Class
A2
0.51%,
8/20/29 (1)
7,307
7,321
World
Omni
Auto
Receivables
Trust
Series
2019-A,
Class
A3
3.04%,
5/15/24
1,675
1,695
World
Omni
Auto
Receivables
Trust
Series
2020-A,
Class
B
1.93%,
6/16/25
3,430
3,491
World
Omni
Automobile
Lease
Securitization
Trust
Series
2020-B,
Class
B
0.70%,
2/17/26
7,250
7,273
World
Omni
Select
Auto
Trust
Series
2019-A,
Class
A3
2.00%,
8/15/24
7,279
7,324
World
Omni
Select
Auto
Trust
Series
2020-A,
Class
B
0.84%,
6/15/26
4,595
4,607
499,026
Collaterized
Debt
Obligation
0.1%
Barings
Series
2013-IA,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.80%,
0.934%,
1/20/28 (1)
862
863
BlueMountain
Series
2012-2A,
Class
AR2,
CLO,
FRN
3M
USD
LIBOR
+
1.05%,
1.181%,
11/20/28 (1)
2,079
2,078
Magnetite
XVI
Series
2015-16A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.80%,
0.934%,
1/18/28 (1)
961
962
OZLM
VIII
Series
2014-8A,
Class
A1RR,
CLO,
FRN
3M
USD
LIBOR
+
1.17%,
1.304%,
10/17/29 (1)
2,704
2,704
6,607
Credit
Card
Backed
0.2%
Synchrony
Card
Funding
Series
2019-A1,
Class
A
2.95%,
3/15/25
10,000
10,146
10,146
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
Equipment
Lease
Heavy
Duty
0.1%
CCG
Receivables
Trust
Series
2019-2,
Class
A2
2.11%,
3/15/27 (1)
2,490
2,516
CNH
Equipment
Trust
Series
2020-A,
Class
A2
1.08%,
7/17/23
208
208
CNH
Equipment
Trust
Series
2020-A,
Class
A3
1.16%,
6/16/25
890
898
John
Deere
Owner
Trust
Series
2019-A,
Class
A3
2.91%,
7/17/23
674
681
Kubota
Credit
Owner
Trust
Series
2018-1A,
Class
A4
3.21%,
1/15/25 (1)
1,700
1,716
Kubota
Credit
Owner
Trust
Series
2020-1A,
Class
A2
1.92%,
12/15/22 (1)
960
963
MMAF
Equipment
Finance
Series
2019-B,
Class
A2
2.07%,
10/12/22 (1)
466
468
Volvo
Financial
Equipment
Series
2019-2A,
Class
A2
2.02%,
8/15/22 (1)
29
29
7,479
Home
Equity
Loans
Backed
0.3%
Citigroup
Mortgage
Loan
Trust
Series
2019-IMC1,
Class
A1,
CMO,
ARM
2.72%,
7/25/49 (1)
328
331
Citigroup
Mortgage
Loan
Trust
Series
2020-EXP2,
Class
A3,
CMO,
ARM
2.50%,
8/25/50 (1)
10,718
10,896
Citigroup
Mortgage
Loan
Trust
Series
2020-EXP2,
Class
A4,
CMO,
ARM
2.50%,
8/25/50 (1)
2,591
2,627
13,854
Other
Asset-Backed
Securities
0.6%
Daimler
Trucks
Retail
Trust
Series
2019-1,
Class
A3
2.77%,
8/15/22 (1)
592
595
Elara
HGV
Timeshare
Issuer
Series
2016-A,
Class
A
2.73%,
4/25/28 (1)
1,005
1,022
Elara
HGV
Timeshare
Issuer
Series
2017-A,
Class
A
2.69%,
3/25/30 (1)
2,970
3,054
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
Hilton
Grand
Vacations
Trust
Series
2017-AA,
Class
A
2.66%,
12/26/28 (1)
74
76
Hilton
Grand
Vacations
Trust
Series
2019-AA,
Class
A
2.34%,
7/25/33 (1)
1,079
1,110
HPEFS
Equipment
Trust
Series
2021-2A,
Class
B
0.61%,
9/20/28 (1)
5,250
5,249
MVW
Series
2020-1A,
Class
A
1.74%,
10/20/37 (1)
117
118
MVW
Series
2021-1WA,
Class
A
1.14%,
1/22/41 (1)
6,109
6,122
Octane
Receivables
Trust
Series
2021-1A,
Class
A
0.93%,
3/22/27 (1)
8,696
8,704
Sierra
Timeshare
Receivables
Funding
Series
2017-1A,
Class
A
2.91%,
3/20/34 (1)
69
70
Sierra
Timeshare
Receivables
Funding
Series
2019-3A,
Class
A
2.34%,
8/20/36 (1)
5,947
6,073
Sierra
Timeshare
Receivables
Funding
Series
2020-2A,
Class
A
1.33%,
7/20/37 (1)
359
361
32,554
Student
Loan
1.7%
Navient
Private
Education
Loan
Trust
Series
2016-AA,
Class
A2A
3.91%,
12/15/45 (1)
13,183
13,902
Navient
Private
Education
Loan
Trust
Series
2017-A,
Class
A2B,
ARM
1M
USD
LIBOR
+
0.90%,
0.996%,
12/16/58 (1)
898
898
Navient
Private
Education
Loan
Trust
Series
2020-IA,
Class
A1A
1.33%,
4/15/69 (1)
4,103
4,101
Navient
Private
Education
Refi
Loan
Trust
Series
2020-A,
Class
A1,
ARM
1M
USD
LIBOR
+
0.35%,
0.446%,
11/15/68 (1)
204
204
Navient
Private
Education
Refi
Loan
Trust
Series
2020-DA,
Class
A
1.69%,
5/15/69 (1)
1,079
1,091
Navient
Private
Education
Refi
Loan
Trust
Series
2020-FA,
Class
A
1.22%,
7/15/69 (1)
4,396
4,426
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
Navient
Private
Education
Refi
Loan
Trust
Series
2020-GA,
Class
A
1.17%,
9/16/69 (1)
9,954
10,023
Navient
Private
Education
Refi
Loan
Trust
Series
2020-HA,
Class
A
1.31%,
1/15/69 (1)
5,055
5,095
Navient
Private
Education
Refi
Loan
Trust
Series
2021-A,
Class
A
0.84%,
5/15/69 (1)
1,999
1,997
Navient
Private
Education
Refi
Loan
Trust
Series
2021-BA,
Class
A
0.94%,
7/15/69 (1)
8,578
8,586
Navient
Private
Education
Refi
Loan
Trust
Series
2021-CA,
Class
A
1.06%,
10/15/69 (1)
18,883
18,935
Navient
Private
Education
Refi
Loan
Trust
Series
2021-EA,
Class
A
0.97%,
12/16/69 (1)
12,430
12,437
SLM
Student
Loan
Trust
Series
2010-1,
Class
A,
FRN
1M
USD
LIBOR
+
0.40%,
0.484%,
3/25/25
501
493
SMB
Private
Education
Loan
Trust
Series
2014-A,
Class
A3,
FRN
1M
USD
LIBOR
+
1.50%,
1.596%,
4/15/32 (1)
2,962
2,988
SMB
Private
Education
Loan
Trust
Series
2015-A,
Class
A2B,
FRN
1M
USD
LIBOR
+
1.00%,
1.096%,
6/15/27 (1)
130
130
SMB
Private
Education
Loan
Trust
Series
2019-A,
Class
A2A
3.44%,
7/15/36 (1)
2,934
3,073
SMB
Private
Education
Loan
Trust
Series
2020-A,
Class
A1,
ARM
1M
USD
LIBOR
+
0.30%,
0.393%,
3/15/27 (1)
809
809
SMB
Private
Education
Loan
Trust
Series
2021-A,
Class
A1,
ARM
1M
USD
LIBOR
+
0.50%,
0.596%,
1/15/53 (1)
2,250
2,253
91,441
Total
Asset-Backed
Securities
(Cost
$658,953)
661,107
CORPORATE
BONDS
51.9%
Airlines
0.8%
SMBC
Aviation
Capital
Finance,
3.00%,
7/15/22 (1)
18,066
18,426
SMBC
Aviation
Capital
Finance,
4.125%,
7/15/23 (1)
15,043
15,947
Southwest
Airlines,
4.75%,
5/4/23
6,026
6,430
40,803
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
Automotive
3.1%
BMW
U.S.
Capital,
FRN,
3M
USD
LIBOR
+
0.64%,
0.778%,
4/6/22 (1)
1,000
1,003
BMW
U.S.
Capital,
FRN,
SOFRRATE
+
0.53%,
0.58%,
4/1/24 (1)
10,000
10,084
Daimler
Finance
North
America,
1.75%,
3/10/23 (1)
10,000
10,187
Daimler
Finance
North
America,
3.70%,
5/4/23 (1)
9,024
9,496
Daimler
Finance
North
America,
FRN,
3M
USD
LIBOR
+
0.67%,
0.791%,
11/5/21 (1)
4,000
4,004
General
Motors,
4.875%,
10/2/23
5,000
5,421
Hyundai
Capital
America,
0.80%,
1/8/24 (1)
10,000
9,959
Hyundai
Capital
America,
1.15%,
11/10/22 (1)
4,645
4,674
Hyundai
Capital
America,
1.25%,
9/18/23 (1)
6,155
6,212
Hyundai
Capital
America,
2.375%,
2/10/23 (1)
5,960
6,097
Hyundai
Capital
America,
2.85%,
11/1/22 (1)
1,667
1,711
Hyundai
Capital
America,
3.00%,
6/20/22 (1)
1,155
1,178
Hyundai
Capital
America,
3.95%,
2/1/22 (1)
7,144
7,243
Nissan
Motor,
3.043%,
9/15/23 (1)
17,346
18,065
Nissan
Motor
Acceptance,
2.80%,
1/13/22 (1)
4,604
4,636
Nissan
Motor
Acceptance,
3.45%,
3/15/23 (1)
5,528
5,740
Nissan
Motor
Acceptance,
3.65%,
9/21/21 (1)
2,190
2,193
Nissan
Motor
Acceptance,
3.875%,
9/21/23 (1)
5,000
5,291
Nissan
Motor
Acceptance,
FRN,
3M
USD
LIBOR
+
0.63%,
0.765%,
9/21/21 (1)
4,000
4,001
Toyota
Industries,
3.235%,
3/16/23 (1)
9,455
9,834
Toyota
Motor
Credit,
FRN,
3M
USD
LIBOR
+
0.69%,
0.809%,
1/11/22
1,000
1,002
Volkswagen
Group
of
America
Finance,
0.75%,
11/23/22 (1)
6,385
6,405
Volkswagen
Group
of
America
Finance,
2.50%,
9/24/21 (1)
2,435
2,438
Volkswagen
Group
of
America
Finance,
2.90%,
5/13/22 (1)
2,075
2,111
Volkswagen
Group
of
America
Finance,
3.125%,
5/12/23 (1)
16,910
17,616
Volkswagen
Group
of
America
Finance,
FRN,
3M
USD
LIBOR
+
0.94%,
1.063%,
11/12/21 (1)
4,000
4,007
160,608
Banking
19.8%
ABN
AMRO
Bank,
6.25%,
4/27/22
33,942
35,177
AIB
Group,
4.75%,
10/12/23 (1)
16,335
17,642
Banco
Bilbao
Vizcaya
Argentaria,
0.875%,
9/18/23
15,800
15,874
Banco
Santander,
3.848%,
4/12/23
13,834
14,565
Banco
Santander,
FRN,
3M
USD
LIBOR
+
1.56%,
1.679%,
4/11/22
3,000
3,025
Bangkok
Bank,
4.05%,
3/19/24
16,000
17,289
Bank
of
America,
FRN,
SOFRRATE
+
0.69%,
0.74%,
4/22/25
15,000
15,103
Bank
of
America,
VR,
0.523%,
6/14/24 (2)
10,000
9,990
Bank
of
Ireland
Group,
4.50%,
11/25/23 (1)
27,452
29,507
Bank
of
Montreal,
FRN,
SOFRRATE
+
0.32%,
0.372%,
7/9/24
10,000
9,993
Bank
of
Montreal,
FRN,
SOFRRATE
+
0.68%,
0.726%,
3/10/23
18,500
18,615
Bank
of
Nova
Scotia,
FRN,
SOFRRATE
+
0.445%,
0.495%,
4/15/24
17,145
17,206
Bank
of
Nova
Scotia,
FRN,
SOFRRATE
+
0.55%,
0.597%,
9/15/23
12,544
12,622
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
Banque
Federative
du
Credit
Mutuel,
FRN,
3M
USD
LIBOR
+
0.73%,
0.864%,
7/20/22 (1)
1,000
1,006
Barclays,
FRN,
3M
USD
LIBOR
+
1.43%,
1.555%,
2/15/23
3,000
3,016
Barclays,
VR,
1.007%,
12/10/24 (2)
5,000
5,010
Barclays,
VR,
4.61%,
2/15/23 (2)
13,525
13,781
Barclays
Bank,
1.70%,
5/12/22
2,610
2,634
BDO
Unibank,
2.95%,
3/6/23
11,650
12,065
BNP
Paribas,
2.95%,
5/23/22 (1)
7,300
7,433
BNP
Paribas,
3.50%,
3/1/23 (1)
7,518
7,855
BPCE,
3.00%,
5/22/22 (1)
10,000
10,196
BPCE,
5.70%,
10/22/23 (1)
27,908
30,656
BPCE,
FRN,
3M
USD
LIBOR
+
1.22%,
1.351%,
5/22/22 (1)
960
968
Canadian
Imperial
Bank
of
Commerce,
FRN,
SOFRRATE
+
0.40%,
0.447%,
12/14/23
6,257
6,271
Canadian
Imperial
Bank
of
Commerce,
FRN,
SOFRRATE
+
0.80%,
0.85%,
3/17/23
16,991
17,140
Capital
One,
FRN,
3M
USD
LIBOR
+
0.82%,
0.945%,
8/8/22
2,000
2,013
Capital
One
Bank
USA,
3.375%,
2/15/23
2,000
2,084
Capital
One
Bank
USA,
VR,
2.014%,
1/27/23 (2)
5,000
5,025
Capital
One
Financial,
2.60%,
5/11/23
6,000
6,208
Capital
One
Financial,
FRN,
3M
USD
LIBOR
+
0.95%,
1.073%,
3/9/22
2,000
2,007
Citigroup,
FRN,
SOFRRATE
+
0.669%,
0.719%,
5/1/25
15,000
15,065
Citigroup,
VR,
2.312%,
11/4/22 (2)
5,000
5,019
Citizens
Bank,
3.25%,
2/14/22
2,190
2,214
Citizens
Financial
Group,
4.15%,
9/28/22 (1)
9,060
9,358
Cooperatieve
Rabobank,
3.95%,
11/9/22
19,812
20,620
Credit
Agricole,
3.375%,
1/10/22 (1)
10,000
10,107
Credit
Agricole,
3.75%,
4/24/23 (1)
8,837
9,305
Credit
Suisse,
FRN,
SOFRRATE
+
0.45%,
0.50%,
2/4/22
3,000
3,000
Credit
Suisse
Group,
3.574%,
1/9/23 (1)
8,985
9,086
Credit
Suisse
Group,
VR,
2.997%,
12/14/23 (1)(2)
14,030
14,415
Danske
Bank,
3.875%,
9/12/23 (1)
7,695
8,161
Danske
Bank,
5.00%,
1/12/22 (1)
8,610
8,743
Danske
Bank,
5.375%,
1/12/24 (1)
2,916
3,211
Danske
Bank,
VR,
1.171%,
12/8/23 (1)(2)
5,000
5,021
Danske
Bank,
VR,
3.001%,
9/20/22 (1)(2)
4,650
4,684
Danske
Bank,
VR,
5.00%,
1/12/23 (2)
2,025
2,052
Danske
Bank,
VR,
5.00%,
1/12/23 (1)(2)
1,186
1,202
Deutsche
Bank,
4.25%,
10/14/21
28,600
28,722
Discover
Financial
Services,
5.20%,
4/27/22
4,817
4,968
Goldman
Sachs
Group,
3.625%,
1/22/23
2,327
2,435
Goldman
Sachs
Group,
FRN,
SOFRRATE
+
0.50%,
0.547%,
9/10/24
10,000
9,996
Goldman
Sachs
Group,
FRN,
SOFRRATE
+
0.58%,
0.624%,
3/8/24
10,000
10,022
Goldman
Sachs
Group,
VR,
0.627%,
11/17/23 (2)
7,310
7,318
Goldman
Sachs
Group,
VR,
2.876%,
10/31/22 (2)
7,766
7,796
Goldman
Sachs
Group,
Series
FXD,
0.481%,
1/27/23
10,000
10,000
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
HSBC
Holdings,
4.25%,
3/14/24
15,041
16,201
HSBC
Holdings,
VR,
3.262%,
3/13/23 (2)
9,856
10,007
ICICI
Bank,
3.25%,
9/9/22
11,200
11,466
ING
Bank,
5.80%,
9/25/23
3,307
3,643
ING
Groep,
FRN,
3M
USD
LIBOR
+
1.15%,
1.296%,
3/29/22
985
991
Intesa
Sanpaolo,
3.125%,
7/14/22 (1)
10,472
10,705
Intesa
Sanpaolo,
3.375%,
1/12/23 (1)
15,000
15,551
JPMorgan
Chase,
FRN,
SOFRRATE
+
0.535%,
0.585%,
6/1/25
10,000
10,016
JPMorgan
Chase,
FRN,
SOFRRATE
+
0.58%,
0.63%,
6/23/25
10,000
10,026
Kookmin
Bank,
3.625%,
10/23/21
3,800
3,817
Lloyds
Banking
Group,
3.00%,
1/11/22
5,215
5,266
Lloyds
Banking
Group,
VR,
1.326%,
6/15/23 (2)
855
861
Mitsubishi
UFJ
Financial
Group,
2.623%,
7/18/22
5,000
5,104
Mitsubishi
UFJ
Financial
Group,
3.218%,
3/7/22
3,000
3,046
Mitsubishi
UFJ
Financial
Group,
FRN,
3M
USD
LIBOR
+
0.92%,
1.051%,
2/22/22
595
597
Mizuho
Financial
Group
Cayman
2,
4.20%,
7/18/22
23,000
23,730
Morgan
Stanley,
4.10%,
5/22/23
8,778
9,305
Morgan
Stanley,
FRN,
SOFRRATE
+
0.70%,
0.75%,
1/20/23
12,000
12,023
Morgan
Stanley,
VR,
0.529%,
1/25/24 (2)
3,725
3,730
Morgan
Stanley,
VR,
0.56%,
11/10/23 (2)
6,800
6,809
Morgan
Stanley,
VR,
0.731%,
4/5/24 (2)
10,575
10,602
National
Bank
of
Canada,
2.10%,
2/1/23
6,000
6,142
National
Bank
of
Canada,
VR,
0.90%,
8/15/23 (2)
2,270
2,281
Nationwide
Building
Society,
VR,
3.622%,
4/26/23 (1)(2)
19,956
20,380
Natwest
Group,
VR,
3.498%,
5/15/23 (2)
3,150
3,212
NatWest
Markets,
3.625%,
9/29/22 (1)
9,221
9,554
NatWest
Markets,
FRN,
SOFRRATE
+
0.53%,
0.58%,
8/12/24 (1)
6,315
6,331
Nordea
Bank,
4.25%,
9/21/22 (1)
19,848
20,634
Santander
U.K.,
FRN,
3M
USD
LIBOR
+
0.66%,
0.785%,
11/15/21
3,000
3,003
Santander
U.K.
Group
Holdings,
3.571%,
1/10/23
3,500
3,539
Societe
Generale,
3.25%,
1/12/22 (1)
17,990
18,182
Societe
Generale,
3.875%,
3/28/24 (1)
2,100
2,251
Societe
Generale,
5.00%,
1/17/24 (1)
3,000
3,253
Standard
Chartered,
3.95%,
1/11/23 (1)
15,397
15,996
Standard
Chartered,
5.20%,
1/26/24 (1)
2,157
2,349
Standard
Chartered,
5.70%,
1/25/22
13,077
13,326
Standard
Chartered,
FRN,
3M
USD
LIBOR
+
1.15%,
1.284%,
1/20/23 (1)
2,050
2,057
Standard
Chartered,
VR,
1.319%,
10/14/23 (1)(2)
1,915
1,927
Standard
Chartered,
VR,
2.744%,
9/10/22 (1)(2)
8,065
8,070
State
Bank
of
India,
3.25%,
1/24/22
3,700
3,738
State
Bank
of
India,
4.50%,
9/28/23
13,300
14,246
State
Street,
VR,
2.825%,
3/30/23 (2)
930
944
Sumitomo
Mitsui
Banking,
4.85%,
3/1/22
20,438
20,879
Toronto-Dominion
Bank,
FRN,
SOFRRATE
+
0.22%,
0.27%,
6/2/23
10,000
10,009
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
Toronto-Dominion
Bank,
FRN,
SOFRRATE
+
0.48%,
0.53%,
1/27/23
6,900
6,909
Truist
Financial,
FRN,
3M
USD
LIBOR
+
0.65%,
0.795%,
4/1/22
1,000
1,002
Truist
Financial,
FRN,
SOFR
+
0.40%,
0.446%,
6/9/25
20,000
20,000
U.S.
Bancorp,
FRN,
3M
USD
LIBOR
+
0.64%,
0.765%,
1/24/22
1,000
1,002
UBS,
FRN,
SOFRRATE
+
0.32%,
0.37%,
6/1/23 (1)
10,000
10,011
UBS,
FRN,
SOFRRATE
+
0.36%,
0.41%,
2/9/24 (1)
10,000
10,035
UBS
Group,
VR,
1.008%,
7/30/24 (1)(2)
10,000
10,075
UBS
Group,
VR,
2.859%,
8/15/23 (1)(2)
6,225
6,371
UniCredit,
3.75%,
4/12/22 (1)
33,679
34,313
Wells
Fargo,
Series
M,
3.45%,
2/13/23
12,000
12,525
Wells
Fargo
Bank,
VR,
2.082%,
9/9/22 (2)
3,000
3,004
1,045,542
Beverages
0.5%
Coca-Cola
Europacific
Partners,
0.50%,
5/5/23 (1)
25,000
24,985
24,985
Building
&
Real
Estate
0.6%
Country
Garden
Holdings,
7.125%,
1/27/22
8,500
8,677
Longfor
Group
Holdings,
3.875%,
7/13/22
10,790
11,023
Longfor
Group
Holdings,
3.90%,
4/16/23
6,200
6,450
Sun
Hung
Kai
Properties
Capital
Market,
4.50%,
2/14/22
5,800
5,900
32,050
Building
Products
0.1%
Martin
Marietta
Materials,
0.65%,
7/15/23
5,695
5,701
5,701
Cable
Operators
0.2%
Charter
Communications
Operating,
4.50%,
2/1/24
10,850
11,783
11,783
Chemicals
0.4%
LYB
International
Finance
III,
FRN,
3M
USD
LIBOR
+
1.00%,
1.145%,
10/1/23
20,000
20,013
20,013
Computer
Service
&
Software
0.1%
Hewlett
Packard
Enterprise,
FRN,
3M
USD
LIBOR
+
0.72%,
0.858%,
10/5/21
4,000
4,000
4,000
Consumer
Products
0.4%
Brunswick,
0.85%,
8/18/24
13,305
13,315
Hasbro,
2.60%,
11/19/22
5,805
5,969
Ralph
Lauren,
1.70%,
6/15/22
1,155
1,167
20,451
Drugs
1.6%
AbbVie,
2.30%,
11/21/22
7,110
7,269
AbbVie,
2.80%,
3/15/23
3,000
3,088
AbbVie,
2.90%,
11/6/22
5,000
5,146
AbbVie,
3.25%,
10/1/22
11,906
12,194
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
AbbVie,
3.45%,
3/15/22
10,000
10,125
Cardinal
Health,
2.616%,
6/15/22
3,428
3,485
Cardinal
Health,
FRN,
3M
USD
LIBOR
+
0.77%,
0.889%,
6/15/22
2,000
2,010
Gilead
Sciences,
0.75%,
9/29/23
11,725
11,719
Perrigo
Finance
Unlimited,
3.90%,
12/15/24
14,979
16,012
Roche
Holdings,
FRN,
SOFRRATE
+
0.24%,
0.283%,
3/5/24 (1)
10,000
10,008
81,056
Energy
5.1%
Abu
Dhabi
National
Energy,
3.875%,
5/6/24
9,300
10,068
Cenovus
Energy,
3.00%,
8/15/22
14,510
14,782
Cenovus
Energy,
3.80%,
9/15/23
8,785
9,202
Diamondback
Energy,
0.90%,
3/24/23
10,000
9,925
Energy
Transfer
Partners,
4.50%,
11/1/23
4,209
4,488
Energy
Transfer
Partners,
5.00%,
10/1/22
840
870
Energy
Transfer
Partners,
5.875%,
3/1/22
1,475
1,494
EQT,
3.00%,
10/1/22
4,805
4,889
Gray
Oak
Pipeline,
2.00%,
9/15/23 (1)
23,678
24,124
Kinder
Morgan,
5.625%,
11/15/23 (1)
2,366
2,585
MPLX,
3.50%,
12/1/22
9,069
9,375
MPLX,
FRN,
3M
USD
LIBOR
+
1.10%,
1.223%,
9/9/22
2,765
2,765
Occidental
Petroleum,
2.70%,
8/15/22
3,125
3,125
Origin
Energy
Finance,
5.45%,
10/14/21 (1)
3,750
3,773
Perusahaan
Listrik
Negara,
5.50%,
11/22/21
12,600
12,742
Pioneer
Natural
Resources,
0.55%,
5/15/23
8,335
8,315
Pioneer
Natural
Resources,
0.75%,
1/15/24
5,785
5,763
Plains
All
American
Pipeline,
2.85%,
1/31/23
8,274
8,468
Plains
All
American
Pipeline,
3.65%,
6/1/22
21,899
22,248
Reliance
Industries,
5.40%,
2/14/22
12,971
13,238
Sabine
Pass
Liquefaction,
5.625%,
4/15/23
30,790
32,791
Sabine
Pass
Liquefaction,
6.25%,
3/15/22
7,300
7,410
Schlumberger
Finance
Canada,
2.65%,
11/20/22 (1)
16,098
16,479
Schlumberger
Investment,
2.40%,
8/1/22 (1)
10,656
10,810
Williams,
3.35%,
8/15/22
19,608
20,009
Williams,
3.60%,
3/15/22
1,685
1,705
Williams,
3.70%,
1/15/23
3,306
3,426
Williams,
7.875%,
9/1/21
4,600
4,600
269,469
Entertainment
&
Leisure
0.0%
Smithsonian
Institution,
0.845%,
9/1/21
700
700
Smithsonian
Institution,
0.895%,
9/1/22
800
802
1,502
Exploration
&
Production
0.4%
Eni,
Series
X-R,
4.00%,
9/12/23 (1)
17,985
19,133
19,133
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
Financial
2.8%
AerCap
Ireland
Capital,
3.30%,
1/23/23
1,775
1,833
AerCap
Ireland
Capital,
3.95%,
2/1/22
5,630
5,693
AerCap
Ireland
Capital,
4.125%,
7/3/23
22,810
24,063
AerCap
Ireland
Capital,
4.50%,
9/15/23
2,075
2,212
AerCap
Ireland
Capital,
4.875%,
1/16/24
2,000
2,167
Air
Lease,
2.25%,
1/15/23
2,940
3,008
Air
Lease,
3.50%,
1/15/22
3,700
3,741
Air
Lease,
3.75%,
2/1/22
1,750
1,765
American
Express,
FRN,
3M
USD
LIBOR
+
0.60%,
0.721%,
11/5/21
2,000
2,001
Avolon
Holdings
Funding,
3.625%,
5/1/22 (1)
5,829
5,967
Equitable
Holdings,
3.90%,
4/20/23
7,244
7,625
General
Motors
Financial,
1.70%,
8/18/23
5,000
5,100
General
Motors
Financial,
3.45%,
1/14/22
5,000
5,043
General
Motors
Financial,
3.55%,
7/8/22
2,400
2,465
General
Motors
Financial,
4.15%,
6/19/23
1,390
1,470
General
Motors
Financial,
5.20%,
3/20/23
2,000
2,136
General
Motors
Financial,
FRN,
3M
USD
LIBOR
+
1.10%,
1.222%,
11/6/21
6,000
6,009
General
Motors
Financial,
FRN,
SOFRRATE
+
0.76%,
0.804%,
3/8/24
20,000
20,115
Intercontinental
Exchange,
0.70%,
6/15/23
3,280
3,296
Nasdaq,
0.445%,
12/21/22
6,580
6,573
Park
Aerospace
Holdings,
5.25%,
8/15/22 (1)
7,220
7,500
Synchrony
Financial,
2.85%,
7/25/22
24,473
24,976
Western
Union,
4.25%,
6/9/23
3,050
3,233
147,991
Food/Tobacco
1.1%
BAT
Capital,
FRN,
3M
USD
LIBOR
+
0.88%,
1.005%,
8/15/22
1,000
1,006
Imperial
Brands
Finance,
3.50%,
2/11/23 (1)
17,510
18,080
Imperial
Brands
Finance,
3.75%,
7/21/22 (1)
23,819
24,326
Prosperous
Ray,
4.625%,
11/12/23
11,200
12,000
55,412
Forest
Products
0.2%
Celulosa
Arauco
y
Constitucion,
4.50%,
8/1/24
10,000
10,836
10,836
Health
Care
1.4%
AmerisourceBergen,
0.737%,
3/15/23
10,715
10,725
Becton
Dickinson
&
Company,
FRN,
3M
USD
LIBOR
+
1.03%,
1.148%,
6/6/22
430
433
CommonSpirit
Health,
2.95%,
11/1/22
5,967
6,128
CommonSpirit
Health,
4.20%,
8/1/23
4,165
4,443
HCA,
4.75%,
5/1/23
13,446
14,337
Humana,
0.65%,
8/3/23
20,255
20,233
Royalty
Pharma,
0.75%,
9/2/23
2,310
2,319
St.
Joseph's
University
Medical
Center,
3.926%,
7/1/22
3,075
3,153
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
Stryker,
0.60%,
12/1/23
3,370
3,370
UnitedHealth
Group,
0.55%,
5/15/24
10,525
10,511
75,652
Industrial
-
Other
0.1%
GC
Treasury
Center,
4.25%,
9/19/22
5,000
5,169
5,169
Information
Technology
1.8%
Arrow
Electronics,
3.50%,
4/1/22
2,000
2,026
Baidu,
2.875%,
7/6/22
2,000
2,036
Baidu,
3.50%,
11/28/22
4,890
5,055
Baidu,
3.875%,
9/29/23
1,000
1,061
Marvell
Technology,
4.20%,
6/22/23 (1)
6,524
6,915
Microchip
Technology,
0.972%,
2/15/24 (1)
16,220
16,224
Microchip
Technology,
0.983%,
9/1/24 (1)
10,010
9,994
Micron
Technology,
2.497%,
4/24/23
8,855
9,137
Micron
Technology,
4.64%,
2/6/24
12,285
13,360
NXP,
4.625%,
6/1/23 (1)
11,509
12,287
SK
Hynix,
1.00%,
1/19/24 (1)
7,000
6,975
Skyworks
Solutions,
0.90%,
6/1/23
3,075
3,084
VMware,
0.60%,
8/15/23
7,040
7,047
95,201
Insurance
1.6%
AIA
Group,
FRN,
3M
USD
LIBOR
+
0.52%,
0.655%,
9/20/21 (1)
4,000
4,001
AIG
Global
Funding,
2.30%,
7/1/22 (1)
665
676
Brighthouse
Financial
Global
Funding,
1.00%,
4/12/24 (1)
8,015
8,075
Brighthouse
Financial
Global
Funding,
FRN,
SOFRRATE
+
0.76%,
0.81%,
4/12/24 (1)
18,003
18,129
Cigna,
0.613%,
3/15/24
2,795
2,797
Equitable
Financial
Life
Global
Funding,
FRN,
SOFRRATE
+
0.39%,
0.44%,
4/6/23 (1)
10,000
10,020
Liberty
Mutual
Group,
4.95%,
5/1/22 (1)
3,819
3,931
MassMutual
Global
Funding
II,
FRN,
SOFRRATE
+
0.36%,
0.41%,
4/12/24 (1)
10,000
10,020
Metropolitan
Life
Global
Funding
I,
FRN,
SOFRRATE
+
0.35%,
0.394%,
9/8/22 (1)
10,000
10,023
New
York
Life
Global
Funding,
FRN,
SOFRRATE
+
0.22%,
0.27%,
2/2/23 (1)
10,000
10,005
Principal
Life
Global
Funding
II,
FRN,
SOFRRATE
+
0.45%,
0.50%,
4/12/24 (1)
4,800
4,813
Trinity
Acquisition,
4.625%,
8/15/23
2,202
2,364
84,854
Investment
Dealers
0.2%
Charles
Schwab,
FRN,
SOFRRATE
+
0.50%,
0.55%,
3/18/24
10,000
10,060
10,060
Lodging
0.5%
Marriott
International,
2.125%,
10/3/22
1,259
1,278
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
Marriott
International,
2.30%,
1/15/22
6,365
6,398
Marriott
International,
3.125%,
2/15/23
9,128
9,372
Marriott
International,
Series
Z,
4.15%,
12/1/23
8,984
9,616
26,664
Manufacturing
0.4%
Panasonic,
2.536%,
7/19/22 (1)
6,690
6,799
Rockwell
Automation,
0.35%,
8/15/23
4,475
4,472
Siemens
Financieringsmaatschappij,
FRN,
SOFRRATE
+
0.43%,
0.48%,
3/11/24 (1)
10,000
10,062
21,333
Media
&
Communications
0.3%
Fox,
3.666%,
1/25/22
980
993
PCCW-HKT
Capital
No
5,
3.75%,
3/8/23
6,931
7,200
SES,
3.60%,
4/4/23 (1)
8,514
8,854
17,047
Metals
&
Mining
0.2%
POSCO,
2.375%,
11/12/22 (1)
2,345
2,392
POSCO,
2.375%,
1/17/23
4,000
4,087
POSCO,
4.00%,
8/1/23
5,225
5,542
12,021
Oil
Field
Services
0.6%
Energy
Transfer,
3.60%,
2/1/23
5,275
5,446
Energy
Transfer,
4.25%,
3/15/23
2,000
2,085
Energy
Transfer,
5.20%,
2/1/22
10,370
10,448
Energy
Transfer,
5.875%,
1/15/24
6,578
7,236
Energy
Transfer,
Series
5Y,
4.20%,
9/15/23
6,570
6,989
32,204
Other
Telecommunications
0.2%
NTT
Finance,
0.373%,
3/3/23 (1)
8,335
8,335
SingTel
Group
Treasury
Pte,
4.50%,
9/8/21
3,700
3,702
12,037
Petroleum
0.9%
Bharat
Petroleum,
4.375%,
1/24/22
7,005
7,101
BP
Capital
Markets,
FRN,
3M
USD
LIBOR
+
0.87%,
0.988%,
9/16/21
1,000
1,000
BP
Capital
Markets
America,
FRN,
3M
USD
LIBOR
+
0.65%,
0.785%,
9/19/22
2,000
2,009
Cenovus
Energy,
3.95%,
4/15/22
4,691
4,751
Enbridge,
FRN,
SOFR
+
0.40%,
0.45%,
2/17/23
6,195
6,205
Energy
Transfer,
4.65%,
2/15/22
4,000
4,075
Pertamina
Persero,
4.875%,
5/3/22
7,800
8,034
Suncor
Energy,
2.80%,
5/15/23
12,850
13,312
46,487
Railroads
0.2%
Eastern
Creation
II
Investment
Holdings,
1.00%,
9/10/23
7,970
7,981
7,981
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
Real
Estate
Investment
Trust
Securities
0.6%
Brixmor
Operating
Partnership,
3.25%,
9/15/23
9,878
10,381
Highwoods
Realty,
3.625%,
1/15/23
1,204
1,242
Public
Storage,
FRN,
SOFR
+
0.47%,
0.52%,
4/23/24
6,305
6,321
Vanke
Real
Estate
Hong
Kong,
2.95%,
10/14/21
10,000
10,020
Vanke
Real
Estate
Hong
Kong,
4.15%,
4/18/23
2,400
2,503
VEREIT
Operating
Partnership,
4.60%,
2/6/24
1,636
1,771
32,238
Retail
1.1%
7-Eleven,
0.625%,
2/10/23 (1)
2,440
2,441
7-Eleven,
0.80%,
2/10/24 (1)
2,835
2,833
7-Eleven,
FRN,
3M
USD
LIBOR
+
0.45%,
0.578%,
8/10/22 (1)
3,750
3,751
Nordstrom,
2.30%,
4/8/24
9,395
9,431
QVC,
4.375%,
3/15/23
12,345
12,931
QVC,
4.85%,
4/1/24
16,245
17,626
Walgreens
Boots
Alliance,
3.30%,
11/18/21
10,000
10,012
59,025
Services
0.3%
CDW,
5.50%,
12/1/24
3,075
3,405
Fidelity
National
Information
Services,
0.375%,
3/1/23
8,335
8,332
IHS
Markit,
5.00%,
11/1/22 (1)
3,000
3,120
Nature
Conservancy,
Series
A,
0.367%,
7/1/22
1,250
1,251
Nature
Conservancy,
Series
A,
0.467%,
7/1/23
850
850
Nature
Conservancy,
Series
A,
0.625%,
7/1/24
650
647
17,605
Supermarkets
0.1%
CK
Hutchison
International,
1.875%,
10/3/21
3,800
3,805
3,805
Telephones
0.6%
AT&T,
FRN,
SOFRRATE
+
0.64%,
0.69%,
3/25/24
13,328
13,321
Ooredoo
International
Finance,
3.25%,
2/21/23
9,500
9,872
Verizon
Communications,
FRN,
SOFRRATE
+
0.50%,
0.55%,
3/22/24
10,000
10,068
33,261
Transportation
0.5%
GATX,
FRN,
3M
USD
LIBOR
+
0.72%,
0.841%,
11/5/21
2,700
2,701
HPHT
Finance,
2.75%,
9/11/22
15,200
15,484
Triton
Container
International,
0.80%,
8/1/23 (1)
9,230
9,228
27,413
Transportation
(Excluding
Railroads)
0.7%
Sydney
Airport
Finance,
3.90%,
3/22/23 (1)
35,651
37,346
37,346
Utilities
2.0%
Alexander
Funding
Trust,
1.841%,
11/15/23 (1)
10,990
11,173
China
Southern
Power
Grid
International
Finance
BVI,
2.75%,
5/8/22
10,000
10,130
Edison
International,
2.95%,
3/15/23
5,000
5,132
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
Hero
Asia
Investment,
1.50%,
11/18/23
12,800
12,817
Pacific
Gas
&
Electric,
1.75%,
6/16/22
14,080
14,074
Pacific
Gas
&
Electric,
3.25%,
6/15/23
5,000
5,138
Pacific
Gas
&
Electric,
4.25%,
8/1/23
2,500
2,616
Pacific
Gas
&
Electric,
FRN,
3M
USD
LIBOR
+
1.375%,
1.50%,
11/15/21
7,500
7,508
Saudi
Electricity
Global
Sukuk,
3.473%,
4/8/23
6,000
6,262
Saudi
Electricity
Global
Sukuk,
4.222%,
1/27/24
7,200
7,776
State
Grid
Overseas
Investment,
3.75%,
5/2/23
4,714
4,951
Vistra
Operations,
3.55%,
7/15/24 (1)
17,280
18,239
105,816
Wireless
Communications
0.4%
American
Tower,
5.00%,
2/15/24
4,880
5,376
SBA
Tower
Trust,
3.448%,
3/15/23 (1)
15,000
15,269
20,645
Total
Corporate
Bonds
(Cost
$2,724,949)
2,735,199
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
5.0%
Foreign
Government
Obligations
&
Municipalities
5.0%
Bank
of
Israel
Bill
-
Makam,
(0.04)%,
4/6/22
(ILS)
41,550
12,951
Export-Import
Bank
of
India,
4.00%,
1/14/23
8,500
8,842
Japan
Treasury
Discount
Bill,
(0.12)%,
11/22/21
(JPY)
3,476,900
31,611
Japan
Treasury
Discount
Bill,
(0.11)%,
11/8/21
(JPY)
3,811,050
34,647
Japan
Treasury
Discount
Bill,
(0.10)%,
9/13/21
(JPY)
6,306,350
57,324
Japan
Treasury
Discount
Bill,
(0.10)%,
9/21/21
(JPY)
10,222,150
92,919
Japan
Treasury
Discount
Bill,
(0.10)%,
10/4/21
(JPY)
1,404,200
12,764
Saudi
Arabian
Oil,
2.75%,
4/16/22 (1)
10,000
10,148
Saudi
Arabian
Oil,
2.75%,
4/16/22
4,000
4,059
265,265
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$264,371)
265,265
MUNICIPAL
SECURITIES
1.5%
California
0.1%
Municipal
Improvement
Corp.
of
Los
Angeles,
Series
A,
0.319%,
11/1/22
2,250
2,246
Municipal
Improvement
Corp.
of
Los
Angeles,
Series
A,
0.419%,
11/1/23
3,500
3,482
Port
of
Oakland,
Series
R,
0.821%,
5/1/23
1,250
1,258
6,986
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
20
Par/Shares
$
Value
(Amounts
in
000s)
Colorado
0.0%
Denver
City
&
County
Airport
System,
Series
C,
0.877%,
11/15/23
1,175
1,185
1,185
Connecticut
0.0%
Connecticut,
Series
A,
GO,
2.50%,
7/1/22
1,000
1,019
1,019
Florida
0.1%
Broward
County
Airport
System
Revenue,
Series
C,
1.936%,
10/1/22
1,000
1,017
Florida
Dev.
Fin.,
Nova
Southeastern
Univ.,
Series
B,
1.795%,
4/1/22
1,255
1,260
Miami-Dade
County,
Series
A,
GO,
0.707%,
10/1/23
1,000
1,004
Miami-Dade
County,
Series
B,
GO,
0.707%,
10/1/23
1,000
1,003
4,284
Illinois
0.4%
Chicago
O'Hare
Int'l.
Airport,
Series
D,
0.959%,
1/1/23
5,335
5,372
Chicago
Transit
Auth.
Sales
Tax
Receipts
Fund,
Series
B,
1.708%,
12/1/22
680
691
Chicago
Transit
Auth.
Sales
Tax
Receipts
Fund,
Series
B,
1.838%,
12/1/23
870
893
Illinois,
GO,
5.00%,
2/1/22
6,570
6,700
Illinois,
Series
A,
GO,
2.25%,
10/1/22
6,500
6,557
Illinois,
Series
A,
GO,
5.25%,
5/1/22
1,500
1,550
21,763
Iowa
0.1%
Iowa
Tobacco
Settlement
Auth.,
Series
A-1,
0.563%,
6/1/22
1,000
1,000
Iowa
Tobacco
Settlement
Auth.,
Series
A-1,
0.663%,
6/1/23
1,500
1,498
2,498
Maryland
0.0%
Maryland
Stadium
Auth.,
Series
C,
1.001%,
5/1/22
1,260
1,263
Maryland
Stadium
Auth.,
Series
C,
1.125%,
5/1/23
500
502
1,765
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
2,002
Michigan
Fin.
Auth.,
Series
A-1,
1.086%,
6/1/23
2,125
2,136
4,393
New
Jersey
0.0%
New
Jersey
Turnpike
Auth.,
Series
B,
0.473%,
1/1/23
150
150
150
New
York
0.3%
Long
Island
Power
Auth.,
Series
C,
0.659%,
3/1/22
1,000
1,000
Long
Island
Power
Auth.,
Series
C,
0.764%,
3/1/23
1,720
1,726
Metropolitan
Transportation
Auth.,
Series
A-2S,
BAN,
4.00%,
2/1/22
730
741
Metropolitan
Transportation
Auth.,
Series
B-1,
BAN,
5.00%,
5/15/22
9,865
10,196
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
21
Par/Shares
$
Value
(Amounts
in
000s)
New
York
City
Transitional
Fin.
Auth.
Future
Tax
Secured
Revenue,
Build
America,
5.00%,
2/1/23
2,655
2,819
16,482
Oregon
0.1%
Medford
Hosp.
Fac.
Auth.,
Asante
Project,
Series
B,
1.65%,
8/15/22
500
502
Medford
Hosp.
Fac.
Auth.,
Asante
Project,
Series
B,
1.73%,
8/15/23
1,710
1,719
2,221
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
502
Philadelphia
Water
&
Wastewater
Revenue,
Series
B,
0.864%,
11/1/23
255
257
1,009
Tennessee
0.1%
Tennessee
Energy
Acquisition,
Series
A,
VRDN,
4.00%,
5/1/48
(Tender
5/1/23)
2,500
2,641
2,641
Texas
0.1%
Central
Texas
Regional
Mobility
Auth.,
Senior
Lien,
Series
C,
1.345%,
1/1/24
500
504
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
513
Dallas/Fort
Worth
Int'l.
Airport,
Series
C,
1.041%,
11/1/23
500
508
Houston
Airport
System
Revenue,
Series
C,
0.883%,
7/1/22
725
729
Houston
Airport
System
Revenue,
Series
C,
1.054%,
7/1/23
1,240
1,254
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Hendrick
Medical
Center,
0.863%,
9/1/21 (3)
650
650
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Hendrick
Medical
Center,
0.923%,
9/1/22 (3)
450
452
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Hendrick
Medical
Center,
1.071%,
9/1/23 (3)
475
479
5,410
West
Virginia
0.1%
Tobacco
Settlement
Fin.
Auth.,
Class
1
Senior
Bonds,
Series
A,
0.947%,
6/1/22
1,520
1,526
Tobacco
Settlement
Fin.
Auth.,
Class
1
Senior
Bonds,
Series
A,
1.193%,
6/1/23
5,415
5,462
6,988
Total
Municipal
Securities
(Cost
$78,230)
78,794
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
22
Par/Shares
$
Value
(Amounts
in
000s)
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
15.8%
Commercial
Mortgage-Backed
Securities
2.5%
BANK
Series
2017-BNK8,
Class
A1
2.122%,
11/15/50
87
88
BX
Commercial
Mortgage
Trust
Series
2019-XL,
Class
A,
ARM
1M
USD
LIBOR
+
0.92%,
1.016%,
10/15/36 (1)
1,729
1,732
BX
Commercial
Mortgage
Trust
Series
2020-BXLP,
Class
A,
ARM
1M
USD
LIBOR
+
0.80%,
0.896%,
12/15/36 (1)
12,818
12,835
BX
Commercial
Mortgage
Trust
Series
2020-BXLP,
Class
C,
ARM
1M
USD
LIBOR
+
1.12%,
1.216%,
12/15/36 (1)
2,452
2,452
BX
Commercial
Mortgage
Trust
Series
2020-VKNG,
Class
A,
ARM
1M
USD
LIBOR
+
0.93%,
1.026%,
10/15/37 (1)
6,500
6,512
BX
Commercial
Mortgage
Trust
Series
2021-SOAR,
Class
A,
ARM
1M
USD
LIBOR
+
0.67%,
0.766%,
6/15/38 (1)
5,000
5,008
GCT
Commercial
Mortgage
Trust
Series
2021-GCT,
Class
A,
ARM
1M
USD
LIBOR
+
0.80%,
0.896%,
2/15/38 (1)
3,000
3,003
Goldman
Sachs
Mortgage
Securities
Trust
Series
2021-ROSS,
Class
A,
ARM
1M
USD
LIBOR
+
1.15%,
1.246%,
5/15/26 (1)
6,665
6,672
Great
Wolf
Trust
Series
2019-WOLF,
Class
A,
ARM
1M
USD
LIBOR
+
1.034%,
1.13%,
12/15/36 (1)
10,000
10,006
GS
Mortgage-Backed
Securities
Trust
Series
2021-NQM1,
Class
A1,
CMO,
ARM
1.017%,
7/25/61 (1)
17,639
17,672
InTown
Hotel
Portfolio
Trust
Series
2018-STAY,
Class
A,
ARM
1M
USD
LIBOR
+
0.95%,
1.046%,
1/15/33 (1)
685
687
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2019-BKWD,
Class
A,
ARM
1M
USD
LIBOR
+
1.00%,
1.096%,
9/15/29 (1)
5,000
5,006
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2019-BKWD,
Class
B,
ARM
1M
USD
LIBOR
+
1.35%,
1.446%,
9/15/29 (1)
7,000
6,996
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
A,
ARM
1M
USD
LIBOR
+
1.37%,
1.466%,
10/15/33 (1)
9,870
9,892
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
23
Par/Shares
$
Value
(Amounts
in
000s)
KKR
Industrial
Portfolio
Trust
Series
2021-KDIP,
Class
A,
ARM
1M
USD
LIBOR
+
0.55%,
0.646%,
12/15/37 (1)
10,000
10,003
MHC
Trust
Series
2021-MHC2,
Class
A,
ARM
1M
USD
LIBOR
+
0.85%,
0.946%,
5/15/23 (1)
12,500
12,531
New
Orleans
Hotel
Trust
Series
2019-HNLA,
Class
A,
ARM
1M
USD
LIBOR
+
0.989%,
1.085%,
4/15/32 (1)
10,000
9,988
ONE
Mortgage
Trust
Series
2021-PARK,
Class
A,
ARM
1M
USD
LIBOR
+
0.70%,
0.796%,
3/15/36 (1)
7,110
7,110
128,193
Whole
Loans
Backed
13.3%
Angel
Oak
Mortgage
Trust
Series
2019-3,
Class
A2,
CMO,
ARM
3.136%,
5/25/59 (1)
668
671
Angel
Oak
Mortgage
Trust
Series
2019-3,
Class
A3,
CMO,
ARM
3.238%,
5/25/59 (1)
422
423
Angel
Oak
Mortgage
Trust
Series
2019-5,
Class
A1,
CMO,
ARM
2.593%,
10/25/49 (1)
3,502
3,508
Angel
Oak
Mortgage
Trust
Series
2020-5,
Class
A1,
CMO,
ARM
1.373%,
5/25/65 (1)
5,178
5,203
Angel
Oak
Mortgage
Trust
Series
2020-6,
Class
A1,
CMO,
ARM
1.261%,
5/25/65 (1)
4,509
4,519
Angel
Oak
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.909%,
1/25/66 (1)
16,963
16,858
Angel
Oak
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.985%,
4/25/66 (1)
10,158
10,198
Angel
Oak
Mortgage
Trust
Series
2021-3,
Class
A1,
CMO,
ARM
1.068%,
5/25/66 (1)
12,171
12,192
Angel
Oak
Mortgage
Trust
Series
2021-5,
Class
A1,
CMO,
ARM
0.951%,
7/25/66 (1)
20,000
20,000
Angel
Oak
Mortgage
Trust
I
Series
2019-1,
Class
A1,
CMO,
ARM
3.92%,
11/25/48 (1)
746
754
Angel
Oak
Mortgage
Trust
I
Series
2019-1,
Class
A2,
CMO,
ARM
4.022%,
11/25/48 (1)
902
910
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
24
Par/Shares
$
Value
(Amounts
in
000s)
Angel
Oak
Mortgage
Trust
I
Series
2019-1,
Class
A3,
CMO,
ARM
4.124%,
11/25/48 (1)
902
909
Angel
Oak
Mortgage
Trust
I
Series
2019-2,
Class
A1,
CMO,
ARM
3.628%,
3/25/49 (1)
1,227
1,239
Angel
Oak
Mortgage
Trust
I
Series
2019-2,
Class
A2,
CMO,
ARM
3.782%,
3/25/49 (1)
555
561
Angel
Oak
Mortgage
Trust
I
Series
2019-2,
Class
A3,
CMO,
ARM
3.833%,
3/25/49 (1)
444
448
Bayview
Mortgage
Fund
IVc
Trust
Series
2017-RT3,
Class
A,
CMO,
ARM
3.50%,
1/28/58 (1)
367
371
Bayview
Opportunity
Master
Fund
IVa
Trust
Series
2017-SPL5,
Class
A,
CMO,
ARM
3.50%,
6/28/57 (1)
523
535
Bayview
Opportunity
Master
Fund
IVb
Trust
Series
2017-RT2,
Class
A,
CMO,
ARM
3.50%,
8/28/57 (1)
363
363
COLT
Mortgage
Loan
Trust
Series
2020-3,
Class
A1,
CMO,
ARM
1.506%,
4/27/65 (1)
4,109
4,117
COLT
Mortgage
Loan
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.91%,
6/25/66 (1)
15,116
15,063
COLT
Mortgage
Loan
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.924%,
8/25/66 (1)
7,889
7,879
Connecticut
Avenue
Securities
Series
2017-C05,
Class
1ED3,
CMO,
ARM
1M
USD
LIBOR
+
1.20%,
1.284%,
1/25/30
3,786
3,694
Connecticut
Avenue
Securities
Series
2018-C02,
Class
2EB2,
CMO,
ARM
1M
USD
LIBOR
+
0.90%,
0.984%,
8/25/30
4,594
4,523
Connecticut
Avenue
Securities
Series
2018-C03,
Class
1EB2,
CMO,
ARM
1M
USD
LIBOR
+
0.85%,
0.934%,
10/25/30
5,000
4,973
Connecticut
Avenue
Securities
Series
2018-C03,
Class
1ED2,
CMO,
ARM
1M
USD
LIBOR
+
0.85%,
0.934%,
10/25/30
2,926
2,912
Deephaven
Residential
Mortgage
Trust
Series
2020-1,
Class
A1,
CMO,
ARM
2.339%,
1/25/60 (1)
930
935
Deephaven
Residential
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.715%,
5/25/65 (1)
14,473
14,450
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
25
Par/Shares
$
Value
(Amounts
in
000s)
Deephaven
Residential
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.899%,
4/25/66 (1)
9,975
9,969
Ellington
Financial
Mortgage
Trust
Series
2019-2,
Class
A1,
CMO,
ARM
2.739%,
11/25/59 (1)
3,456
3,512
Ellington
Financial
Mortgage
Trust
Series
2020-1,
Class
A1,
CMO,
ARM
2.006%,
5/25/65 (1)
3,699
3,727
Ellington
Financial
Mortgage
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
1.178%,
10/25/65 (1)
6,022
6,030
Ellington
Financial
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.797%,
2/25/66 (1)
10,070
10,052
Ellington
Financial
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.931%,
6/25/66 (1)
11,483
11,481
Freddie
Mac
Whole
Loan
Securities
Trust
Series
2016-SC02,
Class
M1,
CMO,
ARM
3.638%,
10/25/46
292
295
Galton
Funding
Mortgage
Trust
Series
2019-2,
Class
A21,
CMO,
ARM
4.00%,
6/25/59 (1)
937
951
Galton
Funding
Mortgage
Trust
Series
2019-2,
Class
A42,
CMO,
ARM
3.50%,
6/25/59 (1)
144
144
Galton
Funding
Mortgage
Trust
Series
2019-H1,
Class
A1,
CMO,
ARM
2.657%,
10/25/59 (1)
959
973
Galton
Funding
Mortgage
Trust
Series
2020-H1,
Class
A1,
CMO,
ARM
2.31%,
1/25/60 (1)
3,549
3,605
Galton
Funding
Mortgage
Trust
Series
2020-H1,
Class
A2,
CMO,
ARM
2.413%,
1/25/60 (1)
4,550
4,584
GCAT
Trust
Series
2021-NQM4,
Class
A1,
CMO,
ARM
1.093%,
8/25/66 (1)
15,555
15,555
Goldman
Sachs
Mortgage-Backed
Securities
Trust
Series
2020-NQM1,
Class
A1,
CMO,
ARM
1.382%,
9/27/60 (1)
2,475
2,485
Goldman
Sachs
Mortgage-Backed
Securities
Trust
Series
2021-PJ5,
Class
A6,
CMO,
ARM
2.50%,
10/25/51 (1)
19,477
19,957
Homeward
Opportunities
Fund
I
Trust
Series
2019-2,
Class
A1,
CMO,
ARM
2.702%,
9/25/59 (1)
1,009
1,011
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
26
Par/Shares
$
Value
(Amounts
in
000s)
Homeward
Opportunities
Fund
I
Trust
Series
2019-3,
Class
A1,
CMO,
ARM
2.675%,
11/25/59 (1)
2,697
2,718
Homeward
Opportunities
Fund
I
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
1.657%,
5/25/65 (1)
4,398
4,420
Imperial
Fund
Mortgage
Trust
Series
2021-NQM2,
Class
A1,
CMO,
ARM
1.073%,
9/25/56 (1)
12,425
12,429
JPMorgan
Mortgage
Trust
Series
2020-INV1,
Class
A4,
CMO,
ARM
3.50%,
8/25/50 (1)
1,814
1,823
JPMorgan
Mortgage
Trust
Series
2020-INV2,
Class
A4A,
CMO,
ARM
2.50%,
10/25/50 (1)
1,596
1,601
JPMorgan
Mortgage
Trust
Series
2020-LTV1,
Class
A4,
CMO,
ARM
3.50%,
6/25/50 (1)
543
543
MFA
Trust
Series
2021-INV1,
Class
A1,
CMO,
ARM
0.852%,
1/25/56 (1)
8,324
8,311
MFA
Trust
Series
2021-NQM2,
Class
A1,
CMO,
ARM
1.029%,
11/25/64 (1)
13,993
13,977
New
Residential
Mortgage
Loan
Trust
Series
2019-NQM5,
Class
A1,
CMO,
ARM
2.71%,
11/25/59 (1)
3,815
3,865
New
Residential
Mortgage
Loan
Trust
Series
2020-NQM1,
Class
A1,
CMO,
ARM
2.464%,
1/26/60 (1)
2,859
2,885
New
Residential
Mortgage
Loan
Trust
Series
2021-NQ1R,
Class
A1,
CMO,
ARM
0.943%,
7/25/55 (1)
13,391
13,392
NLT
Trust
Series
2021-INV2,
Class
A1,
CMO,
ARM
1.162%,
8/25/56 (1)
21,437
21,416
OBX
Trust
Series
2018-EXP1,
Class
2A1,
CMO,
ARM
1M
USD
LIBOR
+
0.85%,
0.934%,
4/25/48 (1)
911
916
OBX
Trust
Series
2019-EXP2,
Class
2A1A,
CMO,
ARM
1M
USD
LIBOR
+
0.90%,
0.984%,
6/25/59 (1)
275
276
OBX
Trust
Series
2019-EXP3,
Class
2A1,
CMO,
ARM
1M
USD
LIBOR
+
0.90%,
0.984%,
10/25/59 (1)
616
617
OBX
Trust
Series
2020-EXP1,
Class
1A8,
CMO,
ARM
3.50%,
2/25/60 (1)
1,234
1,267
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
27
Par/Shares
$
Value
(Amounts
in
000s)
OBX
Trust
Series
2020-EXP1,
Class
2A1A,
CMO,
ARM
1M
USD
LIBOR
+
0.75%,
0.834%,
2/25/60 (1)
2,930
2,931
OBX
Trust
Series
2020-EXP3,
Class
1A8,
CMO,
ARM
3.00%,
1/25/60 (1)
8,105
8,201
OBX
Trust
Series
2020-INV1,
Class
A11,
CMO,
ARM
1M
USD
LIBOR
+
0.90%,
0.989%,
12/25/49 (1)
1,050
1,049
OBX
Trust
Series
2021-NQM1,
Class
A1,
CMO,
ARM
1.072%,
2/25/66 (1)
16,205
16,202
OBX
Trust
Series
2021-NQM3,
Class
A1,
CMO,
ARM
1.054%,
7/25/61 (1)
18,585
18,595
PSMC
Trust
Series
2021-1,
Class
A11,
CMO,
ARM
2.50%,
3/25/51 (1)
14,321
14,652
PSMC
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
2.50%,
5/25/51 (1)
14,712
15,089
Sequoia
Mortgage
Trust
Series
2018-CH1,
Class
A1,
CMO,
ARM
4.00%,
2/25/48 (1)
625
634
SG
Residential
Mortgage
Trust
Series
2019-3,
Class
A1,
CMO,
ARM
2.703%,
9/25/59 (1)
462
464
SG
Residential
Mortgage
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
1.381%,
5/25/65 (1)
9,414
9,441
SG
Residential
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
1.16%,
7/25/61 (1)
23,068
23,053
Starwood
Mortgage
Residential
Trust
Series
2018-IMC2,
Class
A1,
CMO,
ARM
4.121%,
10/25/48 (1)
520
526
Starwood
Mortgage
Residential
Trust
Series
2019-INV1,
Class
A1,
CMO,
ARM
2.61%,
9/27/49 (1)
1,701
1,720
Starwood
Mortgage
Residential
Trust
Series
2020-INV1,
Class
A1,
CMO,
ARM
1.027%,
11/25/55 (1)
8,625
8,619
Starwood
Mortgage
Residential
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.943%,
5/25/65 (1)
5,791
5,791
Starwood
Mortgage
Residential
Trust
Series
2021-3,
Class
A1,
CMO,
ARM
1.127%,
6/25/56 (1)
30,841
30,868
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
28
Par/Shares
$
Value
(Amounts
in
000s)
Structured
Agency
Credit
Risk
Debt
Notes
Series
2017-DNA2,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
1.20%,
1.284%,
10/25/29
62
62
Structured
Agency
Credit
Risk
Debt
Notes
Series
2017-DNA3,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
0.75%,
0.834%,
3/25/30
84
84
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-DNA3,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
0.75%,
0.834%,
9/25/48 (1)
5
5
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-HQA2,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
0.75%,
0.834%,
10/25/48 (1)
353
353
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-HRP2,
Class
M2,
CMO,
ARM
1M
USD
LIBOR
+
1.25%,
1.334%,
2/25/47 (1)
1,395
1,397
Structured
Agency
Credit
Risk
Debt
Notes
Series
2020-DNA5,
Class
M1,
CMO,
ARM
SOFR30A
+
1.30%,
1.35%,
10/25/50 (1)
118
118
Structured
Agency
Credit
Risk
Debt
Notes
Series
2020-DNA6,
Class
M1,
CMO,
ARM
SOFR30A
+
0.90%,
0.95%,
12/25/50 (1)
3,270
3,271
Structured
Agency
Credit
Risk
Debt
Notes
Series
2020-HQA5,
Class
M1,
CMO,
ARM
SOFR30A
+
1.10%,
1.15%,
11/25/50 (1)
2,482
2,483
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA1,
Class
M1,
CMO,
ARM
SOFR30A
+
0.65%,
0.70%,
1/25/51 (1)
5,665
5,665
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA2,
Class
M1,
CMO,
ARM
SOFR30A
+
0.80%,
0.85%,
8/25/33 (1)
15,145
15,160
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA3,
Class
M1,
CMO,
ARM
SOFR30A
+
0.75%,
0.80%,
10/25/33 (1)
15,000
15,015
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA5,
Class
M1,
CMO,
ARM
SOFR30A
+
0.65%,
0.70%,
1/25/34 (1)
5,062
5,062
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-HQA1,
Class
M1,
CMO,
ARM
SOFR30A
+
0.70%,
0.75%,
8/25/33 (1)
14,299
14,299
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-HQA2,
Class
M1,
CMO,
ARM
SOFR30A
+
0.70%,
0.75%,
12/25/33 (1)
6,645
6,647
Toorak
Mortgage
Series
2021-INV1,
Class
A1,
CMO,
ARM
1.153%,
7/25/56 (1)
10,595
10,616
Towd
Point
Mortgage
Trust
Series
2016-1,
Class
A1B,
CMO,
ARM
2.75%,
2/25/55 (1)
4
4
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
29
Par/Shares
$
Value
(Amounts
in
000s)
Towd
Point
Mortgage
Trust
Series
2016-3,
Class
A1,
CMO,
ARM
2.25%,
4/25/56 (1)
198
198
Towd
Point
Mortgage
Trust
Series
2016-4,
Class
A1,
CMO,
ARM
2.25%,
7/25/56 (1)
49
49
Towd
Point
Mortgage
Trust
Series
2017-1,
Class
A1,
CMO,
ARM
2.75%,
10/25/56 (1)
91
93
Towd
Point
Mortgage
Trust
Series
2017-3,
Class
A1,
CMO,
ARM
2.75%,
7/25/57 (1)
174
176
Towd
Point
Mortgage
Trust
Series
2017-4,
Class
A1,
CMO,
ARM
2.75%,
6/25/57 (1)
280
286
Towd
Point
Mortgage
Trust
Series
2017-5,
Class
A1,
CMO,
ARM
1M
USD
LIBOR
+
0.60%,
0.684%,
2/25/57 (1)
305
305
Towd
Point
Mortgage
Trust
Series
2017-6,
Class
A1,
CMO,
ARM
2.75%,
10/25/57 (1)
612
624
Towd
Point
Mortgage
Trust
Series
2018-2,
Class
A1,
CMO,
ARM
3.25%,
3/25/58 (1)
959
988
Verus
Securitization
Trust
Series
2019-3,
Class
A1,
CMO,
STEP
2.784%,
7/25/59 (1)
2,696
2,714
Verus
Securitization
Trust
Series
2019-4,
Class
A1,
CMO,
STEP
2.642%,
11/25/59 (1)
4,008
4,068
Verus
Securitization
Trust
Series
2019-INV2,
Class
A1,
CMO,
ARM
2.913%,
7/25/59 (1)
1,604
1,623
Verus
Securitization
Trust
Series
2019-INV3,
Class
A1,
CMO,
ARM
2.692%,
11/25/59 (1)
2,505
2,540
Verus
Securitization
Trust
Series
2020-1,
Class
A1,
CMO,
STEP
2.417%,
1/25/60 (1)
2,807
2,844
Verus
Securitization
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
2.226%,
5/25/60 (1)
3,091
3,110
Verus
Securitization
Trust
Series
2020-4,
Class
A1,
CMO,
STEP
1.502%,
5/25/65 (1)
2,536
2,551
Verus
Securitization
Trust
Series
2020-5,
Class
A1,
CMO,
STEP
1.218%,
5/25/65 (1)
6,065
6,083
T.
ROWE
PRICE
Ultra
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)
2,783
2,805
Verus
Securitization
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.815%,
1/25/66 (1)
11,886
11,876
Verus
Securitization
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
1.031%,
2/25/66 (1)
9,229
9,218
Verus
Securitization
Trust
Series
2021-3,
Class
A1,
CMO,
ARM
1.046%,
6/25/66 (1)
21,731
21,757
Verus
Securitization
Trust
Series
2021-4,
Class
A1,
CMO,
ARM
0.938%,
7/25/66 (1)
29,302
29,268
Verus
Securitization
Trust
Series
2021-R1,
Class
A1,
CMO,
ARM
0.82%,
10/25/63 (1)
6,167
6,165
Verus
Securitization
Trust
Series
2021-R3,
Class
A1,
CMO,
ARM
1.02%,
4/25/64 (1)
22,032
21,950
Vista
Point
Securitization
Trust
Series
2020-1,
Class
A1,
CMO,
ARM
1.763%,
3/25/65 (1)
3,442
3,457
Vista
Point
Securitization
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
1.475%,
4/25/65 (1)
6,774
6,816
702,635
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$830,410)
830,828
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
0.0%
U.S.
Government
Agency
Obligations
0.0%
Federal
Home
Loan
Mortgage,
CMO,
ARM,
1M
USD
LIBOR
+
0.35%,
0.446%,
2/15/45
260
261
Federal
National
Mortgage
Assn.,
CMO,
ARM,
1M
USD
LIBOR
+
0.40%,
0.484%,
1/25/45
214
215
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$475)
476
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
31
Par/Shares
$
Value
(Amounts
in
000s)
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
2.9%
U.S.
Treasury
Obligations
2.9%
U.S.
Treasury
Bills,
0.04%,
10/7/21
30,000
29,999
U.S.
Treasury
Bills,
0.04%,
9/14/21
21,000
21,000
U.S.
Treasury
Bills,
0.04%,
10/12/21
36,000
35,998
U.S.
Treasury
Bills,
0.05%,
9/23/21 (4)
30,000
29,999
U.S.
Treasury
Bills,
0.05%,
10/5/21
38,000
37,999
154,995
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-
Backed)
(Cost
$154,994)
154,995
SHORT-TERM
INVESTMENTS
10.4%
Commercial
Paper
10.4%
4(2)
9.8%(5)
Amphenol,
0.07%,
9/1/21
30,000
30,000
Arrow
Electronics,
0.24%,
9/3/21
37,000
36,999
Arrow
Electronics,
0.27%,
9/21/21
11,000
10,998
BAT
International
Finance,
0.23%,
9/8/21
11,000
11,000
ConAgra
Foods,
0.26%,
9/7/21
6,000
6,000
ConAgra
Foods,
0.30%,
9/10/21
25,000
24,998
ConAgra
Foods,
0.30%,
10/8/21
14,000
13,996
Crown
Castle
International,
0.26%,
9/8/21
50,000
49,996
Crown
Castle
International,
0.26%,
9/15/21
5,000
4,999
Crown
Castle
International,
0.27%,
9/1/21
6,000
6,000
Energy
Transfer
Partners,
0.35%,
9/1/21
26,000
26,000
Eni
Finance,
0.09%,
9/1/21
12,000
12,000
Fidelity
National
Information
Services,
0.17%,
9/15/21
29,000
28,998
Fidelity
National
Information
Services,
0.18%,
9/17/21
20,000
19,999
General
Motors
Financial,
0.24%,
9/1/21
14,500
14,500
General
Motors
Financial,
0.30%,
9/21/21
7,000
6,998
Humana,
0.24%,
9/20/21
20,000
19,997
Humana,
0.24%,
9/21/21
15,000
14,998
Intercontinental
Exchange,
0.45%,
9/23/21
10,000
9,997
Ovintiv,
0.60%,
9/10/21
11,000
10,997
Ovintiv,
0.70%,
9/20/21
42,000
41,976
Relx,
0.09%,
9/7/21
10,000
10,000
Syngenta
Wilmington,
0.70%,
9/29/21
40,000
39,974
Western
Union,
0.15%,
9/1/21
65,000
65,000
516,420
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
32
Par/Shares
$
Value
(Amounts
in
000s)
Non-4(2)
0.6%
Chi,
0.80%,
12/10/21
22,000
21,990
Chi,
0.80%,
1/12/22
6,000
5,997
Chi,
0.82%,
9/21/21
2,000
2,000
Chi,
0.82%,
9/22/21
2,000
2,000
31,987
Total
Commercial
Paper
548,407
Money
Market
Funds
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
0.05% (6)(7)
3
3
Total
Money
Market
Funds
3
Total
Short-Term
Investments
(Cost
$548,371)
548,410
(Amounts
in
000s,
except
for
contracts)
Options
Purchased
0.0%
OTC
Options
Purchased
0.0%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Deutsche
Bank
Credit
Default
Swap,
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.IG-S36,
5
Year
Index,
6/20/26),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
10/20/21
@
0.55%* (8)
1
80,000
45
Morgan
Stanley
Credit
Default
Swap,
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.IG-S36,
5
Year
Index,
6/20/26),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
9/15/21
@
0.55%* (8)
1
80,000
8
Total
Options
Purchased
(Cost
$165)
53
Total
Investments
in
Securities
100.0%
(Cost
$5,260,918)
$
5,275,127
Other
Assets
Less
Liabilities
0.0%
1,155
Net
Assets
100.0%
$
5,276,282
‡
Par/Shares
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
33
.
.
.
.
.
.
.
.
.
.
*
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
$2,194,358
and
represents
41.6%
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)
Insured
by
Assured
Guaranty
Municipal
Corporation
(4)
At
August
31,
2021,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/
or
margin
deposit
to
cover
future
funding
obligations.
(5)
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
$516,420
and
represents
9.8%
of
net
assets.
(6)
Seven-day
yield
(7)
Affiliated
Companies
(8)
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)
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
ILS
Israel
Shekel
JPY
Japanese
Yen
OTC
Over-the-counter
SOFR
Secured
overnight
financing
rate
SOFR30A
30-day
Average
SOFR
(Secured
Overnight
Financing
Rate)
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
VRDN
Variable
Rate
Demand
Note
under
which
the
holder
has
the
right
to
sell
the
security
to
the
issuer
or
the
issuer’s
agent
at
a
predetermined
price
on
specified
dates;
such
specified
dates
are
considered
the
effective
maturity
for
purposes
of
the
fund’s
weighted
average
maturity;
rate
shown
is
effective
rate
at
period-end
and
maturity
date
shown
is
final
maturity.
Certain
VRDN
rates
are
not
based
on
a
published
reference
rate
and
spread
but
may
adjust
periodically.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
34
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.0)%
OTC
Options
Written
(0.0)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Deutsche
Bank
Credit
Default
Swap,
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.IG-S36,
5
Year
Index,
6/20/26),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
10/20/21
@
0.70%*
1
160,000
(39)
Morgan
Stanley
Credit
Default
Swap,
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.IG-S36,
5
Year
Index,
6/20/26),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
9/15/21
@
0.70%*
1
160,000
(10)
Total
Options
Written
(Premiums
$(133))
$
(49)
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
35
(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
38
17
21
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
AT&T,
Baa2*),
Receive
1.00%,
Quarterly,
Pay
upon
credit
default,
12/20/21
*
5,000
22
10
12
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
AT&T,
Baa2*),
Receive
1.00%,
Quarterly,
Pay
upon
credit
default,
6/20/22
*
15,000
126
72
54
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
AT&T,
Baa2*),
Receive
1.00%,
Quarterly,
Pay
upon
credit
default,
12/20/22
*
10,000
116
67
49
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
General
Electric,
Baa1*),
Receive
1.00%,
Quarterly,
Pay
upon
credit
default,
12/20/21
*
12,000
54
—
54
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
166
190
Total
Bilateral
Swaps
166
190
*
Credit
ratings
as
of
August
31,
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
Ultra
Short-Term
Bond
Fund
36
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
11/22/21
USD
31,618
JPY
3,476,900
$
(7)
Citibank
4/6/22
USD
12,945
ILS
41,550
(50)
HSBC
Bank
9/13/21
USD
57,220
JPY
6,306,350
(110)
JPMorgan
Chase
9/21/21
USD
92,226
JPY
10,222,150
(708)
RBC
Dominion
Securities
10/4/21
USD
12,719
JPY
1,404,200
(48)
UBS
Investment
Bank
11/8/21
USD
34,538
JPY
3,811,050
(122)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(1,045)
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
37
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
1,814
U.S.
Treasury
Notes
five
year
contracts
12/21
(224,426)
$
(158)
Short,
133
U.S.
Treasury
Notes
ten
year
contracts
12/21
(17,749)
(6)
Short,
319
U.S.
Treasury
Notes
two
year
contracts
12/21
(70,285)
(45)
Net
payments
(receipts)
of
variation
margin
to
date
236
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
27
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
38
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
three
months
ended
August
31,
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%
$
—#
$
—
$
—+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/21
Purchase
Cost
Sales
Cost
Value
08/31/21
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
$
3
¤
¤
$
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
39
T.
Rowe
Price
Ultra
Short-Term
Bond
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
40
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
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
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.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
41
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
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
August
31,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
42
F188-054Q1
08/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
4,726,664
$
—
$
4,726,664
Short-Term
Investments
3
548,407
—
548,410
Options
Purchased
—
53
—
53
Total
Securities
3
5,275,124
—
5,275,127
Swaps
—
356
—
356
Total
$
3
$
5,275,480
$
—
$
5,275,483
Liabilities
Options
Written
$
—
$
49
$
—
$
49
Forward
Currency
Exchange
Contracts
—
1,045
—
1,045
Futures
Contracts*
209
—
—
209
Total
$
209
$
1,094
$
—
$
1,303
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.