T. Rowe Price Short Term Bond Fund (PRWBX) NPORT-P T. Rowe Price Short-Term Bond Fund, Inc. (Aug 2021 report)

T.

ROWE

PRICE

Short-Term

Bond

Fund

August

31,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

ASSET-BACKED

SECURITIES

13.7%

Car

Loan

5.4%

AmeriCredit

Automobile

Receivables

Trust

Series

2017-1,

Class

D

3.13%,

1/18/23 

13,100‌

13,186‌

AmeriCredit

Automobile

Receivables

Trust

Series

2017-2,

Class

D

3.42%,

4/18/23 

4,910‌

4,955‌

AmeriCredit

Automobile

Receivables

Trust

Series

2017-3,

Class

C

2.69%,

6/19/23 

1,408‌

1,414‌

AmeriCredit

Automobile

Receivables

Trust

Series

2017-3,

Class

D

3.18%,

7/18/23 

11,521‌

11,686‌

AmeriCredit

Automobile

Receivables

Trust

Series

2020-1,

Class

C

1.59%,

10/20/25 

5,255‌

5,352‌

AmeriCredit

Automobile

Receivables

Trust

Series

2020-1,

Class

D

1.80%,

12/18/25 

14,235‌

14,557‌

AmeriCredit

Automobile

Receivables

Trust

Series

2020-2,

Class

B

0.97%,

2/18/26 

2,715‌

2,735‌

AmeriCredit

Automobile

Receivables

Trust

Series

2020-3,

Class

C

1.06%,

8/18/26 

3,915‌

3,951‌

AmeriCredit

Automobile

Receivables

Trust

Series

2021-1,

Class

C

0.89%,

10/19/26 

6,385‌

6,382‌

AmeriCredit

Automobile

Receivables

Trust

Series

2021-1,

Class

D

1.21%,

12/18/26 

3,945‌

3,957‌

AmeriCredit

Automobile

Receivables

Trust

Series

2021-2,

Class

D

1.29%,

6/18/27 

8,770‌

8,798‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2017-1A,

Class

B

3.41%,

9/20/23 (1)

4,535‌

4,628‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2018-2A,

Class

C

4.95%,

3/20/25 (1)

3,155‌

3,411‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2019-1A,

Class

B

3.70%,

3/20/23 (1)

1,960‌

1,980‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

2

Par/Shares

$

Value

(Amounts

in

000s)

Avis

Budget

Rental

Car

Funding

AESOP

Series

2019-2A,

Class

A

3.35%,

9/22/25 (1)

7,360‌

7,880‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2019-2A,

Class

B

3.55%,

9/22/25 (1)

4,265‌

4,547‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2020-1A,

Class

A

2.33%,

8/20/26 (1)

3,950‌

4,134‌

Capital

Auto

Receivables

Asset

Trust

Series

2018-1,

Class

C

3.36%,

11/21/22 (1)

15,113‌

15,194‌

Capital

Auto

Receivables

Asset

Trust

Series

2018-1,

Class

D

3.70%,

6/20/25 (1)

15,125‌

15,222‌

Capital

Auto

Receivables

Asset

Trust

Series

2018-2,

Class

C

3.69%,

12/20/23 (1)

619‌

620‌

CarMax

Auto

Owner

Trust

Series

2017-4,

Class

C

2.70%,

10/16/23 

1,685‌

1,696‌

CarMax

Auto

Owner

Trust

Series

2020-1,

Class

C

2.34%,

11/17/25 

2,965‌

3,060‌

CarMax

Auto

Owner

Trust

Series

2020-4,

Class

D

1.75%,

4/15/27 

4,290‌

4,353‌

CarMax

Auto

Owner

Trust

Series

2021-2,

Class

C

1.34%,

2/16/27 

4,605‌

4,621‌

Drive

Auto

Receivables

Trust

Series

2020-1,

Class

C

2.36%,

3/16/26 

6,095‌

6,192‌

Drive

Auto

Receivables

Trust

Series

2021-1,

Class

D

1.45%,

1/16/29 

5,405‌

5,436‌

Drive

Auto

Receivables

Trust

Series

2021-2,

Class

D

1.39%,

3/15/29 

6,540‌

6,541‌

Enterprise

Fleet

Financing

Series

2019-1,

Class

A2

2.98%,

10/20/24 (1)

1,198‌

1,206‌

Enterprise

Fleet

Financing

Series

2019-3,

Class

A2

2.06%,

5/20/25 (1)

1,664‌

1,684‌

Exeter

Automobile

Receivables

Trust

Series

2021-2A,

Class

C

0.98%,

6/15/26 

3,935‌

3,947‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

3

Par/Shares

$

Value

(Amounts

in

000s)

Ford

Credit

Auto

Lease

Trust

Series

2020-A,

Class

B

2.05%,

6/15/23 

4,395‌

4,456‌

Ford

Credit

Auto

Owner

Trust

Series

2019-1,

Class

B

3.82%,

7/15/30 (1)

5,000‌

5,333‌

Ford

Credit

Auto

Owner

Trust

Series

2020-2,

Class

C

1.74%,

4/15/33 (1)

4,600‌

4,632‌

Ford

Credit

Auto

Owner

Trust

Series

2020-B,

Class

C

2.04%,

12/15/26 

7,465‌

7,709‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2020-1,

Class

B

0.98%,

9/15/25 

3,805‌

3,840‌

GM

Financial

Automobile

Leasing

Trust

Series

2020-1,

Class

D

2.28%,

6/20/24 

2,990‌

3,039‌

GMF

Floorplan

Owner

Revolving

Trust

Series

2019-1,

Class

A

2.70%,

4/15/24 (1)

5,910‌

6,002‌

GMF

Floorplan

Owner

Revolving

Trust

Series

2020-1,

Class

B

1.03%,

8/15/25 (1)

2,235‌

2,259‌

Hyundai

Auto

Receivables

Trust

Series

2019-A,

Class

B

2.94%,

5/15/25 

5,280‌

5,452‌

Navistar

Financial

Dealer

Note

Master

Trust

Series

2020-1,

Class

A,

FRN

1M

USD

LIBOR

+

0.95%,

1.034%,

7/25/25 (1)

5,475‌

5,506‌

Nissan

Auto

Receivables

Owner

Trust

Series

2020-A,

Class

A3

1.38%,

12/16/24 

2,840‌

2,870‌

Nissan

Master

Owner

Trust

Receivables

Series

2019-A,

Class

A,

FRN

1M

USD

LIBOR

+

0.56%,

0.656%,

2/15/24 

3,805‌

3,814‌

Nissan

Master

Owner

Trust

Receivables

Series

2019-B,

Class

A,

FRN

1M

USD

LIBOR

+

0.43%,

0.526%,

11/15/23 

12,890‌

12,901‌

Santander

Drive

Auto

Receivables

Trust

Series

2020-3,

Class

B

0.69%,

3/17/25 

9,660‌

9,688‌

Santander

Drive

Auto

Receivables

Trust

Series

2020-4,

Class

C

1.01%,

1/15/26 

5,975‌

6,021‌

Santander

Retail

Auto

Lease

Trust

Series

2019-A,

Class

A3

2.77%,

6/20/22 (1)

1,220‌

1,222‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

4

Par/Shares

$

Value

(Amounts

in

000s)

Santander

Retail

Auto

Lease

Trust

Series

2019-B,

Class

C

2.77%,

8/21/23 (1)

4,715‌

4,794‌

Santander

Retail

Auto

Lease

Trust

Series

2019-C,

Class

A3

1.86%,

2/21/23 (1)

4,243‌

4,275‌

Santander

Retail

Auto

Lease

Trust

Series

2019-C,

Class

D

2.88%,

6/20/24 (1)

13,585‌

13,924‌

Santander

Retail

Auto

Lease

Trust

Series

2020-A,

Class

D

2.52%,

11/20/24 (1)

5,280‌

5,423‌

Santander

Retail

Auto

Lease

Trust

Series

2020-B,

Class

D

1.98%,

10/20/25 (1)

4,050‌

4,121‌

Santander

Retail

Auto

Lease

Trust

Series

2021-A,

Class

C

1.14%,

3/20/26 (1)

15,370‌

15,376‌

Santander

Retail

Auto

Lease

Trust

Series

2021-B,

Class

D

1.41%,

11/20/25 (1)

6,710‌

6,701‌

World

Omni

Auto

Receivables

Trust

Series

2019-C,

Class

C

2.40%,

6/15/26 

5,370‌

5,517‌

World

Omni

Auto

Receivables

Trust

Series

2020-A,

Class

C

1.64%,

8/17/26 

3,390‌

3,446‌

World

Omni

Select

Auto

Trust

Series

2020-A,

Class

B

0.84%,

6/15/26 

4,085‌

4,096‌

World

Omni

Select

Auto

Trust

Series

2020-A,

Class

C

1.25%,

10/15/26 

4,660‌

4,710‌

330,452‌

Other

Asset-Backed

Securities

5.2%

Applebee's

Funding

Series

2019-1A,

Class

A2I

4.194%,

6/7/49 (1)

11,002‌

11,185‌

Ares

LVII

Series

2020-57A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.32%,

1.445%,

10/25/31 (1)

7,305‌

7,307‌

Ares

LVIII

Series

2020-58A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.22%,

1.346%,

1/15/33 (1)

3,025‌

3,027‌

Barings

Series

2013-IA,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

0.80%,

0.934%,

1/20/28 (1)

7,367‌

7,373‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

5

Par/Shares

$

Value

(Amounts

in

000s)

BlueMountain

Series

2015-2A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

0.93%,

1.064%,

7/18/27 (1)

5,919‌

5,919‌

BRE

Grand

Islander

Timeshare

Issuer

Series

2019-A,

Class

A

3.28%,

9/26/33 (1)

1,787‌

1,874‌

Carlyle

Global

Market

Strategies

Series

2015-3A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

1.00%,

1.132%,

7/28/28 (1)

4,075‌

4,075‌

Cedar

Funding

XIV

Series

2021-14A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.10%,

1.188%,

7/15/33 (1)

10,480‌

10,468‌

CIFC

Funding

Series

2015-5A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

0.86%,

0.985%,

10/25/27 (1)

6,114‌

6,121‌

CIFC

Funding

Series

2021-4A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.05%,

1.144%,

7/15/33 (1)

15,375‌

15,352‌

CNH

Equipment

Trust

Series

2018-A,

Class

B

3.47%,

10/15/25 

3,105‌

3,159‌

Daimler

Trucks

Retail

Trust

Series

2020-1,

Class

A4

1.37%,

6/15/27 

8,360‌

8,420‌

Dryden

Series

2020-86A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

1.10%,

1.234%,

7/17/34 (1)

9,145‌

9,134‌

Elara

HGV

Timeshare

Issuer

Series

2017-A,

Class

A

2.69%,

3/25/30 (1)

998‌

1,026‌

Elara

HGV

Timeshare

Issuer

Series

2019-A,

Class

A

2.61%,

1/25/34 (1)

3,985‌

4,073‌

Golub

Capital

Partners

Series

2018-39A,

Class

A1,

CLO,

FRN

3M

USD

LIBOR

+

1.15%,

1.284%,

10/20/28 (1)

5,222‌

5,225‌

Hilton

Grand

Vacations

Trust

Series

2017-AA,

Class

A

2.66%,

12/26/28 (1)

6,132‌

6,271‌

Hilton

Grand

Vacations

Trust

Series

2017-AA,

Class

B

2.96%,

12/26/28 (1)

348‌

355‌

Hilton

Grand

Vacations

Trust

Series

2019-AA,

Class

A

2.34%,

7/25/33 (1)

1,287‌

1,324‌

Hilton

Grand

Vacations

Trust

Series

2019-AA,

Class

B

2.54%,

7/25/33 (1)

2,651‌

2,714‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

6

Par/Shares

$

Value

(Amounts

in

000s)

Hilton

Grand

Vacations

Trust

Series

2020-AA,

Class

A

2.74%,

2/25/39 (1)

1,650‌

1,723‌

KKR

Series

13,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

0.80%,

0.926%,

1/16/28 (1)

7,521‌

7,523‌

KKR

Series

29A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.20%,

1.326%,

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

2,644‌

Madison

Park

Funding

XVIII

Series

2015-18A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

1.19%,

1.324%,

10/21/30 (1)

10,775‌

10,775‌

Madison

Park

Funding

XXIII

Series

2017-23A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

0.97%,

1.099%,

7/27/31 (1)

10,835‌

10,807‌

Madison

Park

Funding

XXIII

Series

2017-23A,

Class

BR,

CLO,

FRN

3M

USD

LIBOR

+

1.55%,

1.679%,

7/27/31 (1)

6,810‌

6,784‌

Madison

Park

Funding

XXXV

Series

2019-35A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

0.99%,

1.124%,

4/20/32 (1)

8,915‌

8,911‌

Madison

Park

Funding

XXXVII

Series

2019-37A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

1.07%,

1.21%,

7/15/33 (1)

7,285‌

7,276‌

Magnetite

XVI

Series

2015-16A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

0.80%,

0.934%,

1/18/28 (1)

15,379‌

15,381‌

Magnetite

XXV

Series

2020-25A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.20%,

1.325%,

1/25/32 (1)

6,240‌

6,248‌

MVW

Series

2020-1A,

Class

B

2.73%,

10/20/37 (1)

1,732‌

1,784‌

MVW

Owner

Trust

Series

2017-1A,

Class

A

2.42%,

12/20/34 (1)

469‌

479‌

MVW

Owner

Trust

Series

2017-1A,

Class

B

2.75%,

12/20/34 (1)

167‌

170‌

MVW

Owner

Trust

Series

2017-1A,

Class

C

2.99%,

12/20/34 (1)

420‌

426‌

Neuberger

Berman

Loan

Advisers

Series

2019-32A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

0.99%,

1.124%,

1/20/32 (1)

14,325‌

14,321‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

7

Par/Shares

$

Value

(Amounts

in

000s)

Neuberger

Berman

Loan

Advisers

Series

2020-38A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.30%,

1.434%,

10/20/32 (1)

6,990‌

6,996‌

Neuberger

Berman

Loan

Advisers

Series

2021-40A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.06%,

1.186%,

4/16/33 (1)

4,060‌

4,068‌

OCP

Series

2014-7A,

Class

A1RR,

CLO,

FRN

3M

USD

LIBOR

+

1.12%,

1.254%,

7/20/29 (1)

21,700‌

21,700‌

OCP

Series

2017-13A,

Class

A2R,

CLO,

FRN

3M

USD

LIBOR

+

1.55%,

7/15/30 (1)(2)

11,235‌

11,235‌

OZLM

VIII

Series

2014-8A,

Class

A1RR,

CLO,

FRN

3M

USD

LIBOR

+

1.17%,

1.304%,

10/17/29 (1)

4,018‌

4,018‌

Planet

Fitness

Master

Issuer

Series

2018-1A,

Class

A2I

4.262%,

9/5/48 (1)

5,927‌

5,943‌

Reese

Park

Series

2020-1A,

Class

A1,

CLO,

FRN

3M

USD

LIBOR

+

1.32%,

1.446%,

10/15/32 (1)

6,710‌

6,712‌

Sierra

Timeshare

Receivables

Funding

Series

2016-3A,

Class

A

2.43%,

10/20/33 (1)

1,368‌

1,372‌

Sierra

Timeshare

Receivables

Funding

Series

2017-1A,

Class

A

2.91%,

3/20/34 (1)

343‌

345‌

Sierra

Timeshare

Receivables

Funding

Series

2019-1A,

Class

A

3.20%,

1/20/36 (1)

1,428‌

1,477‌

Sierra

Timeshare

Receivables

Funding

Series

2019-2A,

Class

A

2.59%,

5/20/36 (1)

4,562‌

4,682‌

Sierra

Timeshare

Receivables

Funding

Series

2019-3A,

Class

A

2.34%,

8/20/36 (1)

7,012‌

7,162‌

Sierra

Timeshare

Receivables

Funding

Series

2020-2A,

Class

C

3.51%,

7/20/37 (1)

2,366‌

2,435‌

Symphony

XVII

Series

2016-17A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

0.88%,

1.006%,

4/15/28 (1)

6,297‌

6,284‌

Symphony

XXIII

Series

2020-23A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.32%,

1.446%,

1/15/34 (1)

7,275‌

7,288‌

Symphony

XXVI

Series

2021-26A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

1.08%,

1.214%,

4/20/33 (1)

4,230‌

4,230‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

8

Par/Shares

$

Value

(Amounts

in

000s)

Volvo

Financial

Equipment

Series

2018-1A,

Class

B

2.91%,

1/17/23 (1)

3,360‌

3,378‌

317,229‌

Student

Loan

3.1%

Navient

Private

Education

Loan

Trust

Series

2020-IA,

Class

A1A

1.33%,

4/15/69 (1)

5,847‌

5,845‌

Navient

Private

Education

Refi

Loan

Trust

Series

2019-A,

Class

A2A

3.42%,

1/15/43 (1)

6,544‌

6,703‌

Navient

Private

Education

Refi

Loan

Trust

Series

2019-EA,

Class

A2A

2.64%,

5/15/68 (1)

9,342‌

9,544‌

Navient

Private

Education

Refi

Loan

Trust

Series

2019-GA,

Class

A

2.40%,

10/15/68 (1)

12,447‌

12,707‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-A,

Class

A2A

2.46%,

11/15/68 (1)

6,155‌

6,345‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-BA,

Class

A2

2.12%,

1/15/69 (1)

4,136‌

4,197‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-CA,

Class

A2A

2.15%,

11/15/68 (1)

20,035‌

20,626‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-DA,

Class

A

1.69%,

5/15/69 (1)

4,586‌

4,635‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-FA,

Class

A

1.22%,

7/15/69 (1)

4,933‌

4,967‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-GA,

Class

A

1.17%,

9/16/69 (1)

2,990‌

3,011‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-HA,

Class

A

1.31%,

1/15/69 (1)

3,050‌

3,074‌

Navient

Student

Loan

Trust

Series

2019-2A,

Class

A1,

FRN

1M

USD

LIBOR

+

0.27%,

0.354%,

2/27/68 (1)

299‌

299‌

Nelnet

Student

Loan

Trust

Series

2005-4,

Class

A4,

FRN

3M

USD

LIBOR

+

0.18%,

0.315%,

3/22/32 

4,748‌

4,605‌

Nelnet

Student

Loan

Trust

Series

2020-1A,

Class

A,

FRN

1M

USD

LIBOR

+

0.74%,

0.824%,

3/26/68 (1)

2,579‌

2,573‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

9

Par/Shares

$

Value

(Amounts

in

000s)

Nelnet

Student

Loan

Trust

Series

2021-CA,

Class

AFX

1.32%,

4/20/62 (1)

15,505‌

15,518‌

SLM

Student

Loan

Trust

Series

2007-7,

Class

A4,

FRN

3M

USD

LIBOR

+

0.33%,

0.455%,

1/25/22 

6,697‌

6,576‌

SLM

Student

Loan

Trust

Series

2008-1,

Class

A4,

FRN

3M

USD

LIBOR

+

0.65%,

0.775%,

1/25/22 

11,511‌

11,282‌

SLM

Student

Loan

Trust

Series

2010-1,

Class

A,

FRN

1M

USD

LIBOR

+

0.40%,

0.484%,

3/25/25 

6,320‌

6,218‌

SMB

Private

Education

Loan

Trust

Series

2014-A,

Class

A3,

FRN

1M

USD

LIBOR

+

1.50%,

1.596%,

4/15/32 (1)

12,017‌

12,122‌

SMB

Private

Education

Loan

Trust

Series

2015-A,

Class

A2B,

FRN

1M

USD

LIBOR

+

1.00%,

1.096%,

6/15/27 (1)

489‌

489‌

SMB

Private

Education

Loan

Trust

Series

2016-B,

Class

A2A

2.43%,

2/17/32 (1)

4,630‌

4,742‌

SMB

Private

Education

Loan

Trust

Series

2016-C,

Class

A2B,

FRN

1M

USD

LIBOR

+

1.10%,

1.193%,

9/15/34 (1)

7,004‌

7,042‌

SMB

Private

Education

Loan

Trust

Series

2018-B,

Class

A2B,

FRN

1M

USD

LIBOR

+

0.72%,

0.813%,

1/15/37 (1)

11,302‌

11,345‌

SMB

Private

Education

Loan

Trust

Series

2020-B,

Class

A1A

1.29%,

7/15/53 (1)

2,939‌

2,950‌

SMB

Private

Education

Loan

Trust

Series

2020-PTB,

Class

A2A

1.60%,

9/15/54 (1)

11,271‌

11,407‌

SMB

Private

Education

Loan

Trust

Series

2021-B,

Class

A

1.31%,

7/17/51 (1)

14,410‌

14,450‌

193,272‌

Total

Asset-Backed

Securities

(Cost

$835,250)

840,953‌

CORPORATE

BONDS

48.5%

FINANCIAL

INSTITUTIONS

17.9%

Banking

12.8%

Banco

Bilbao

Vizcaya

Argentaria,

0.875%,

9/18/23 

14,000‌

14,066‌

Banco

Santander,

VR,

0.701%,

6/30/24 (3)

3,000‌

3,007‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

10

Par/Shares

$

Value

(Amounts

in

000s)

Banco

Santander

Mexico

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand,

4.125%,

11/9/22 

10,350‌

10,751‌

Banco

Santander

Mexico

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand,

5.375%,

4/17/25 (1)

1,865‌

2,116‌

Bank

of

America,

2.503%,

10/21/22 

5,545‌

5,559‌

Bank

of

America,

FRN,

3M

USD

LIBOR

+

1.16%,

1.294%,

1/20/23 

12,500‌

12,553‌

Bank

of

America,

VR,

0.81%,

10/24/24 (3)

6,275‌

6,296‌

Bank

of

America,

VR,

0.976%,

4/22/25 (3)

9,040‌

9,075‌

Bank

of

America,

VR,

1.734%,

7/22/27 (3)

6,595‌

6,689‌

Bank

of

Ireland

Group,

4.50%,

11/25/23 (1)

21,463‌

23,069‌

Banque

Federative

du

Credit

Mutuel,

0.65%,

2/27/24 (1)

7,615‌

7,612‌

Banque

Federative

du

Credit

Mutuel,

2.125%,

11/21/22 (1)

10,350‌

10,556‌

Barclays,

VR,

4.338%,

5/16/24 (3)

5,640‌

5,980‌

Barclays

Bank,

1.70%,

5/12/22 

4,350‌

4,390‌

BPCE,

5.70%,

10/22/23 (1)

18,867‌

20,725‌

BPCE,

FRN,

3M

USD

LIBOR

+

1.22%,

1.351%,

5/22/22 (1)

4,865‌

4,903‌

Capital

One

Financial,

3.20%,

1/30/23 

5,589‌

5,800‌

Capital

One

Financial,

3.50%,

6/15/23 

4,030‌

4,245‌

Capital

One

Financial,

3.90%,

1/29/24 

4,115‌

4,424‌

Citigroup,

2.90%,

12/8/21 

13,095‌

13,158‌

Citigroup,

VR,

0.981%,

5/1/25 (3)

7,545‌

7,583‌

Citigroup,

VR,

2.312%,

11/4/22 (3)

9,430‌

9,466‌

Citigroup,

VR,

3.106%,

4/8/26 (3)

4,035‌

4,317‌

Citizens

Bank,

2.65%,

5/26/22 

5,175‌

5,253‌

Citizens

Bank,

3.25%,

2/14/22 

5,060‌

5,116‌

Cooperatieve

Rabobank,

3.95%,

11/9/22 

16,500‌

17,173‌

Credicorp,

2.75%,

6/17/25 (1)

2,715‌

2,760‌

Credit

Agricole,

FRN,

3M

USD

LIBOR

+

1.02%,

1.145%,

4/24/23 (1)

5,525‌

5,597‌

Credit

Suisse,

0.495%,

2/2/24 

7,350‌

7,342‌

Credit

Suisse,

1.00%,

5/5/23 

10,620‌

10,728‌

Credit

Suisse

Group,

3.574%,

1/9/23 (1)

5,345‌

5,405‌

Credit

Suisse

Group,

VR,

2.997%,

12/14/23 (1)(3)

3,385‌

3,478‌

Danske

Bank,

1.226%,

6/22/24 (1)

10,885‌

10,981‌

Danske

Bank,

5.00%,

1/12/22 (1)

7,665‌

7,783‌

Danske

Bank,

5.375%,

1/12/24 (1)

1,350‌

1,486‌

Danske

Bank,

VR,

3.001%,

9/20/22 (1)(3)

13,375‌

13,473‌

Deutsche

Bank,

4.25%,

10/14/21 

17,505‌

17,580‌

First

Niagara

Financial

Group,

7.25%,

12/15/21 

4,150‌

4,232‌

Goldman

Sachs

Group,

3.50%,

4/1/25 

7,425‌

8,031‌

Goldman

Sachs

Group,

5.75%,

1/24/22 

13,816‌

14,117‌

Goldman

Sachs

Group,

FRN,

3M

USD

LIBOR

+

0.78%,

0.909%,

10/31/22 

5,200‌

5,206‌

Goldman

Sachs

Group,

VR,

0.657%,

9/10/24 (3)

4,990‌

4,984‌

Goldman

Sachs

Group,

VR,

0.673%,

3/8/24 (3)

3,465‌

3,470‌

Goldman

Sachs

Group,

Series

FXD,

0.481%,

1/27/23 

8,675‌

8,675‌

HSBC

Holdings,

VR,

0.976%,

5/24/25 (3)

1,740‌

1,740‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

11

Par/Shares

$

Value

(Amounts

in

000s)

HSBC

Holdings,

VR,

1.645%,

4/18/26 (3)

12,655‌

12,806‌

HSBC

Holdings,

VR,

2.099%,

6/4/26 (3)

12,365‌

12,715‌

HSBC

Holdings,

VR,

3.803%,

3/11/25 (3)

2,890‌

3,096‌

ING

Groep,

FRN,

3M

USD

LIBOR

+

1.15%,

1.296%,

3/29/22 

6,030‌

6,066‌

JPMorgan

Chase,

FRN,

SOFR

+

0.885%,

0.935%,

4/22/27 

5,480‌

5,549‌

JPMorgan

Chase,

VR,

0.824%,

6/1/25 (3)

8,300‌

8,310‌

JPMorgan

Chase,

VR,

2.083%,

4/22/26 (3)

13,190‌

13,600‌

KeyBank,

1.25%,

3/10/23 

9,585‌

9,716‌

KeyBank,

2.30%,

9/14/22 

2,740‌

2,798‌

Lloyds

Banking

Group,

4.50%,

11/4/24 

4,744‌

5,233‌

Lloyds

Banking

Group,

VR,

1.326%,

6/15/23 (3)

3,305‌

3,327‌

Mitsubishi

UFJ

Financial

Group,

3.218%,

3/7/22 

8,685‌

8,817‌

Mitsubishi

UFJ

Financial

Group,

FRN,

3M

USD

LIBOR

+

0.92%,

1.051%,

2/22/22 

7,060‌

7,088‌

Mitsubishi

UFJ

Financial

Group,

VR,

0.953%,

7/19/25 (3)

14,410‌

14,450‌

Mizuho

Financial

Group

Cayman

2,

4.20%,

7/18/22 

14,215‌

14,666‌

Morgan

Stanley,

2.75%,

5/19/22 

8,005‌

8,155‌

Morgan

Stanley,

4.10%,

5/22/23 

2,320‌

2,459‌

Morgan

Stanley,

4.875%,

11/1/22 

5,035‌

5,293‌

Morgan

Stanley,

VR,

0.529%,

1/25/24 (3)

6,450‌

6,458‌

Morgan

Stanley,

VR,

0.56%,

11/10/23 (3)

9,675‌

9,688‌

Morgan

Stanley,

VR,

0.731%,

4/5/24 (3)

8,475‌

8,497‌

Nationwide

Building

Society,

VR,

3.622%,

4/26/23 (1)(3)

9,140‌

9,334‌

Nationwide

Building

Society,

VR,

3.766%,

3/8/24 (1)(3)

2,605‌

2,726‌

Natwest

Group,

3.875%,

9/12/23 

7,650‌

8,134‌

NatWest

Markets,

0.80%,

8/12/24 (1)

6,020‌

6,006‌

NatWest

Markets,

2.375%,

5/21/23 (1)

9,705‌

10,014‌

PNC

Bank,

2.45%,

7/28/22 

7,050‌

7,182‌

PNC

Bank,

2.95%,

1/30/23 

4,870‌

5,038‌

Societe

Generale,

2.625%,

10/16/24 (1)

1,120‌

1,168‌

Standard

Chartered,

3.95%,

1/11/23 (1)

6,705‌

6,966‌

Standard

Chartered,

FRN,

3M

USD

LIBOR

+

1.15%,

1.284%,

1/20/23 (1)

7,600‌

7,627‌

Standard

Chartered,

VR,

0.991%,

1/12/25 (1)(3)

3,390‌

3,379‌

Standard

Chartered,

VR,

1.214%,

3/23/25 (1)(3)

520‌

521‌

Standard

Chartered,

VR,

1.319%,

10/14/23 (1)(3)

4,160‌

4,185‌

Standard

Chartered,

VR,

2.744%,

9/10/22 (1)(3)

11,221‌

11,227‌

Standard

Chartered,

VR,

3.885%,

3/15/24 (1)(3)

1,325‌

1,387‌

Svenska

Handelsbanken,

0.55%,

6/11/24 (1)

6,230‌

6,207‌

Svenska

Handelsbanken,

VR,

1.418%,

6/11/27 (1)(3)

6,100‌

6,101‌

Swedbank,

1.30%,

6/2/23 (1)

7,720‌

7,834‌

Synchrony

Bank,

3.00%,

6/15/22 

3,013‌

3,069‌

Synchrony

Financial,

2.85%,

7/25/22 

32,030‌

32,688‌

Synchrony

Financial,

4.25%,

8/15/24 

16,585‌

18,017‌

Truist

Bank,

1.25%,

3/9/23 

19,830‌

20,130‌

Truist

Bank,

2.80%,

5/17/22 

8,110‌

8,241‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

12

Par/Shares

$

Value

(Amounts

in

000s)

Truist

Financial,

FRN,

SOFR

+

0.40%,

0.446%,

6/9/25 

6,125‌

6,125‌

UBS

Group,

FRN,

3M

USD

LIBOR

+

1.22%,

1.351%,

5/23/23 (1)

7,020‌

7,073‌

UBS

Group,

VR,

1.008%,

7/30/24 (1)(3)

12,535‌

12,629‌

UBS

Group,

VR,

1.494%,

8/10/27 (1)(3)

3,200‌

3,186‌

UniCredit,

3.75%,

4/12/22 (1)

15,001‌

15,283‌

Wells

Fargo,

3.50%,

3/8/22 

897‌

913‌

Wells

Fargo,

4.125%,

8/15/23 

2,625‌

2,809‌

Wells

Fargo,

VR,

1.654%,

6/2/24 (3)

6,200‌

6,330‌

Wells

Fargo,

VR,

2.188%,

4/30/26 (3)

5,935‌

6,163‌

Wells

Fargo

Bank,

VR,

2.082%,

9/9/22 (3)

8,065‌

8,075‌

785,504‌

Brokerage

Asset

Managers

Exchanges

0.5%

Charles

Schwab,

4.20%,

3/24/25 

6,770‌

7,538‌

Intercontinental

Exchange,

4.00%,

10/15/23 

2,885‌

3,095‌

LSEGA

Financing,

0.65%,

4/6/24 (1)

11,680‌

11,681‌

Nasdaq,

0.445%,

12/21/22 

6,280‌

6,273‌

28,587‌

Finance

Companies

1.7%

AerCap

Ireland

Capital,

3.95%,

2/1/22 

10,295‌

10,411‌

AerCap

Ireland

Capital,

4.125%,

7/3/23 

10,987‌

11,591‌

AerCap

Ireland

Capital,

4.45%,

12/16/21 

7,510‌

7,576‌

AerCap

Ireland

Capital,

4.50%,

9/15/23 

7,505‌

8,000‌

AerCap

Ireland

Capital,

4.875%,

1/16/24 

5,170‌

5,603‌

Air

Lease,

2.25%,

1/15/23 

5,935‌

6,071‌

Air

Lease,

3.50%,

1/15/22 

4,755‌

4,807‌

Avolon

Holdings

Funding,

2.125%,

2/21/26 (1)

9,215‌

9,169‌

Avolon

Holdings

Funding,

2.875%,

2/15/25 (1)

7,180‌

7,404‌

Avolon

Holdings

Funding,

3.625%,

5/1/22 (1)

11,115‌

11,379‌

Avolon

Holdings

Funding,

3.95%,

7/1/24 (1)

2,230‌

2,328‌

GATX,

3.90%,

3/30/23 

5,640‌

5,925‌

Park

Aerospace

Holdings,

4.50%,

3/15/23 (1)

3,263‌

3,422‌

Park

Aerospace

Holdings,

5.25%,

8/15/22 (1)

6,200‌

6,440‌

SMBC

Aviation

Capital

Finance,

3.55%,

4/15/24 (1)

2,800‌

2,972‌

SMBC

Aviation

Capital

Finance,

4.125%,

7/15/23 (1)

1,631‌

1,729‌

104,827‌

Financial

Other

0.1%

LeasePlan,

2.875%,

10/24/24 (1)

4,655‌

4,887‌

4,887‌

Insurance

2.1%

Aetna,

2.80%,

6/15/23 

4,055‌

4,207‌

AIA

Group,

FRN,

3M

USD

LIBOR

+

0.52%,

0.655%,

9/20/21 (1)

10,770‌

10,772‌

American

International

Group,

2.50%,

6/30/25 

9,660‌

10,126‌

American

International

Group,

4.875%,

6/1/22 

5,637‌

5,818‌

Aon,

2.20%,

11/15/22 

3,010‌

3,076‌

Brighthouse

Financial

Global

Funding,

0.60%,

6/28/23 (1)

7,280‌

7,281‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

13

Par/Shares

$

Value

(Amounts

in

000s)

Brighthouse

Financial

Global

Funding,

1.00%,

4/12/24 (1)

7,275‌

7,329‌

Equitable

Financial

Life

Global

Funding,

0.50%,

4/6/23 (1)

17,120‌

17,092‌

Health

Care

Service

Corp

A

Mutual

Legal

Reserve,

1.50%,

6/1/25 (1)

11,700‌

11,891‌

Humana,

0.65%,

8/3/23 

4,715‌

4,710‌

Humana,

1.35%,

2/3/27 

3,515‌

3,490‌

Humana,

2.90%,

12/15/22 

2,215‌

2,280‌

Humana,

3.15%,

12/1/22 

2,548‌

2,618‌

Humana,

3.85%,

10/1/24 

6,064‌

6,571‌

Humana,

4.50%,

4/1/25 

4,125‌

4,601‌

Lincoln

National,

4.00%,

9/1/23 

2,025‌

2,165‌

Marsh

&

McLennan,

3.875%,

3/15/24 

5,950‌

6,419‌

Metropolitan

Life

Global

Funding

I,

0.40%,

1/7/24 (1)

6,570‌

6,553‌

Principal

Life

Global

Funding

II,

0.75%,

4/12/24 (1)

4,970‌

4,972‌

Principal

Life

Global

Funding

II,

0.875%,

1/12/26 (1)

5,795‌

5,714‌

127,685‌

Real

Estate

Investment

Trusts

0.7%

American

Campus

Communities

Operating

Partnership,

3.75%,

4/15/23 

6,705‌

6,996‌

Brixmor

Operating

Partnership,

3.25%,

9/15/23 

11,797‌

12,398‌

Highwoods

Realty,

3.625%,

1/15/23 

12,275‌

12,658‌

Public

Storage,

FRN,

SOFR

+

0.47%,

0.52%,

4/23/24 

4,245‌

4,256‌

Simon

Property

Group,

2.00%,

9/13/24 

3,350‌

3,467‌

Simon

Property

Group,

3.375%,

10/1/24 

6,565‌

7,048‌

46,823‌

Total

Financial

Institutions

1,098,313‌

INDUSTRIAL

27.8%

Basic

Industry

0.5%

ArcelorMittal,

3.60%,

7/16/24 

2,285‌

2,431‌

Celulosa

Arauco

y

Constitucion,

4.50%,

8/1/24 

5,349‌

5,796‌

LYB

International

Finance

III,

1.25%,

10/1/25 

5,740‌

5,741‌

Nucor,

2.00%,

6/1/25 

2,330‌

2,412‌

POSCO,

2.375%,

11/12/22 (1)

8,335‌

8,502‌

POSCO,

2.375%,

1/17/23 (1)

5,205‌

5,318‌

Westlake

Chemical,

0.875%,

8/15/24 

1,500‌

1,502‌

31,702‌

Capital

Goods

2.0%

Amphenol,

2.05%,

3/1/25 

6,720‌

6,954‌

Boral

Finance,

3.00%,

11/1/22 (1)

1,070‌

1,091‌

Carrier

Global,

2.242%,

2/15/25 

13,725‌

14,291‌

Caterpillar

Financial

Services,

2.95%,

2/26/22 

8,635‌

8,750‌

Caterpillar

Financial

Services,

FRN,

3M

USD

LIBOR

+

0.28%,

0.411%,

9/7/21 

5,130‌

5,130‌

CNH

Industrial

Capital,

3.875%,

10/15/21 

10,774‌

10,817‌

General

Dynamics,

2.25%,

11/15/22 

5,425‌

5,528‌

General

Electric,

3.45%,

5/15/24 

3,805‌

4,047‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

14

Par/Shares

$

Value

(Amounts

in

000s)

Honeywell

International,

1.35%,

6/1/25 

6,450‌

6,562‌

Martin

Marietta

Materials,

0.65%,

7/15/23 

3,510‌

3,514‌

Otis

Worldwide,

2.056%,

4/5/25 

7,965‌

8,251‌

Republic

Services,

2.50%,

8/15/24 

6,285‌

6,595‌

Roper

Technologies,

0.45%,

8/15/22 

1,510‌

1,513‌

Roper

Technologies,

1.00%,

9/15/25 

1,740‌

1,734‌

Roper

Technologies,

2.35%,

9/15/24 

2,640‌

2,759‌

Roper

Technologies,

3.125%,

11/15/22 

11,005‌

11,290‌

Roper

Technologies,

3.65%,

9/15/23 

2,210‌

2,348‌

Siemens

Financieringsmaatschappij,

0.40%,

3/11/23 (1)

7,615‌

7,632‌

Siemens

Financieringsmaatschappij,

0.65%,

3/11/24 (1)

5,925‌

5,932‌

Yongda

Investment,

2.25%,

6/16/25 

9,689‌

9,823‌

124,561‌

Communications

3.2%

American

Tower,

5.00%,

2/15/24 

3,384‌

3,728‌

AT&T,

0.90%,

3/25/24 

15,945‌

15,965‌

CC

Holdings,

3.849%,

4/15/23 

21,993‌

23,159‌

Charter

Communications

Operating,

4.464%,

7/23/22 

32,425‌

33,361‌

Charter

Communications

Operating,

4.908%,

7/23/25 

15,510‌

17,545‌

Comcast,

3.70%,

4/15/24 

7,705‌

8,318‌

Cox

Communications,

3.15%,

8/15/24 (1)

4,523‌

4,808‌

Crown

Castle

International,

1.05%,

7/15/26 

9,140‌

8,954‌

Crown

Castle

Towers,

3.72%,

7/15/23 (1)

1,785‌

1,831‌

Fox,

3.666%,

1/25/22 

2,125‌

2,154‌

NTT

Finance,

0.373%,

3/3/23 (1)

9,925‌

9,925‌

NTT

Finance,

0.583%,

3/1/24 (1)

4,120‌

4,115‌

SBA

Tower

Trust,

1.631%,

11/15/26 (1)

4,260‌

4,263‌

SBA

Tower

Trust,

1.884%,

1/15/26 (1)

2,480‌

2,510‌

SBA

Tower

Trust,

2.836%,

1/15/25 (1)

7,240‌

7,554‌

SBA

Tower

Trust,

3.448%,

3/15/23 (1)

6,515‌

6,632‌

SBA

Tower

Trust,

Series

2014-2A,

Class

C,

3.869%,

10/8/24 (1)

2,540‌

2,676‌

Sky,

3.75%,

9/16/24 (1)

2,840‌

3,092‌

T-Mobile

USA,

3.50%,

4/15/25 

5,990‌

6,456‌

Verizon

Communications,

0.75%,

3/22/24 

6,085‌

6,106‌

Verizon

Communications,

0.85%,

11/20/25 

11,600‌

11,457‌

Verizon

Communications,

1.45%,

3/20/26 

9,810‌

9,899‌

194,508‌

Consumer

Cyclical

4.4%

7-Eleven,

0.625%,

2/10/23 (1)

3,020‌

3,021‌

7-Eleven,

0.80%,

2/10/24 (1)

4,890‌

4,887‌

7-Eleven,

FRN,

3M

USD

LIBOR

+

0.45%,

0.578%,

8/10/22 (1)

2,740‌

2,741‌

AutoZone,

3.625%,

4/15/25 

3,600‌

3,916‌

Daimler

Finance

North

America,

1.75%,

3/10/23 (1)

13,400‌

13,651‌

Daimler

Finance

North

America,

3.75%,

11/5/21 (1)

8,125‌

8,168‌

Expedia

Group,

3.60%,

12/15/23 

8,695‌

9,215‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

15

Par/Shares

$

Value

(Amounts

in

000s)

Ford

Motor

Credit,

3.813%,

10/12/21 

3,610‌

3,621‌

General

Motors,

4.875%,

10/2/23 

5,380‌

5,833‌

General

Motors,

5.40%,

10/2/23 

7,465‌

8,162‌

General

Motors

Financial,

2.90%,

2/26/25 

13,795‌

14,569‌

Harley-Davidson

Financial

Services,

2.55%,

6/9/22 (1)

3,280‌

3,323‌

Harley-Davidson

Financial

Services,

4.05%,

2/4/22 (1)

9,385‌

9,521‌

Hyundai

Capital

America,

0.80%,

1/8/24 (1)

5,910‌

5,886‌

Hyundai

Capital

America,

0.875%,

6/14/24 (1)

5,795‌

5,781‌

Hyundai

Capital

America,

1.15%,

11/10/22 (1)

3,375‌

3,396‌

Hyundai

Capital

America,

2.375%,

2/10/23 (1)

14,200‌

14,526‌

Hyundai

Capital

America,

2.85%,

11/1/22 (1)

3,740‌

3,838‌

Hyundai

Capital

America,

3.00%,

6/20/22 (1)

7,780‌

7,932‌

Hyundai

Capital

America,

3.95%,

2/1/22 (1)

3,995‌

4,050‌

Marriott

International,

2.125%,

10/3/22 

505‌

513‌

Marriott

International,

2.30%,

1/15/22 

760‌

764‌

Marriott

International,

3.125%,

2/15/23 

2,575‌

2,644‌

Marriott

International,

3.60%,

4/15/24 

14,312‌

15,263‌

McDonald's,

1.45%,

9/1/25 

4,475‌

4,550‌

McDonald's,

3.35%,

4/1/23 

5,285‌

5,518‌

Nissan

Motor,

3.043%,

9/15/23 (1)

11,394‌

11,866‌

Nissan

Motor

Acceptance,

2.60%,

9/28/22 (1)

15,085‌

15,364‌

Nissan

Motor

Acceptance,

2.65%,

7/13/22 (1)

2,696‌

2,738‌

Nissan

Motor

Acceptance,

3.65%,

9/21/21 (1)

2,395‌

2,399‌

Nordstrom,

2.30%,

4/8/24 

1,280‌

1,285‌

O'Reilly

Automotive,

3.80%,

9/1/22 

3,280‌

3,371‌

QVC,

4.375%,

3/15/23 

18,534‌

19,414‌

Ralph

Lauren,

1.70%,

6/15/22 

1,510‌

1,526‌

Ross

Stores,

0.875%,

4/15/26 

3,695‌

3,637‌

Ross

Stores,

4.60%,

4/15/25 

15,635‌

17,498‌

Starbucks,

2.70%,

6/15/22 

3,505‌

3,558‌

Volkswagen

Group

of

America

Finance,

0.75%,

11/23/22 (1)

5,475‌

5,492‌

Volkswagen

Group

of

America

Finance,

0.875%,

11/22/23 (1)

5,295‌

5,328‌

Volkswagen

Group

of

America

Finance,

2.50%,

9/24/21 (1)

2,030‌

2,033‌

Volkswagen

Group

of

America

Finance,

2.70%,

9/26/22 (1)

4,755‌

4,874‌

Volkswagen

Group

of

America

Finance,

2.90%,

5/13/22 (1)

2,590‌

2,635‌

Volkswagen

Group

of

America

Finance,

3.125%,

5/12/23 (1)

2,400‌

2,500‌

270,807‌

Consumer

Non-Cyclical

6.9%

AbbVie,

2.60%,

11/21/24 

28,360‌

29,918‌

AbbVie,

2.90%,

11/6/22 

12,900‌

13,277‌

AbbVie,

3.20%,

11/6/22 

1,385‌

1,425‌

AbbVie,

3.25%,

10/1/22 

1,335‌

1,367‌

AbbVie,

3.45%,

3/15/22 

4,399‌

4,454‌

AmerisourceBergen,

0.737%,

3/15/23 

15,815‌

15,830‌

AstraZeneca,

0.30%,

5/26/23 

12,295‌

12,279‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

16

Par/Shares

$

Value

(Amounts

in

000s)

AstraZeneca,

3.50%,

8/17/23 

3,100‌

3,282‌

Astrazeneca

Finance,

0.70%,

5/28/24 

8,605‌

8,609‌

Astrazeneca

Finance,

1.20%,

5/28/26 

12,035‌

12,075‌

BAT

International

Finance,

1.668%,

3/25/26 

7,140‌

7,150‌

Baxalta,

3.60%,

6/23/22 

2,150‌

2,195‌

Bayer

U.S.

Finance

II,

3.875%,

12/15/23 (1)

5,080‌

5,421‌

Becton

Dickinson

&

Company,

3.363%,

6/6/24 

4,749‌

5,070‌

Becton

Dickinson

&

Company,

3.734%,

12/15/24 

852‌

924‌

Bristol-Myers

Squibb,

2.90%,

7/26/24 

4,503‌

4,801‌

Bristol-Myers

Squibb,

3.25%,

2/20/23 

1,511‌

1,570‌

Brunswick,

0.85%,

8/18/24 

10,060‌

10,067‌

Bunge

Finance,

3.00%,

9/25/22 

28,563‌

29,276‌

Bunge

Finance,

4.35%,

3/15/24 

940‌

1,018‌

Cardinal

Health,

2.616%,

6/15/22 

1,131‌

1,150‌

Cardinal

Health,

3.079%,

6/15/24 

5,115‌

5,418‌

Cardinal

Health,

3.20%,

3/15/23 

5,250‌

5,462‌

Cardinal

Health,

3.50%,

11/15/24 

6,185‌

6,645‌

Cargill,

1.375%,

7/23/23 (1)

4,445‌

4,534‌

China

Mengniu

Dairy,

1.875%,

6/17/25 

16,354‌

16,542‌

Cigna,

0.613%,

3/15/24 

2,840‌

2,842‌

Cigna,

3.00%,

7/15/23 

5,195‌

5,427‌

Cigna,

3.75%,

7/15/23 

2,942‌

3,116‌

CK

Hutchison

International

II,

2.75%,

3/29/23 

10,400‌

10,751‌

Coca-Cola

Europacific

Partners,

0.80%,

5/3/24 (1)

17,240‌

17,219‌

CommonSpirit

Health,

1.547%,

10/1/25 

5,450‌

5,506‌

CVS

Health,

2.625%,

8/15/24 

2,460‌

2,585‌

CVS

Health,

3.70%,

3/9/23 

2,442‌

2,557‌

Diageo

Capital,

1.375%,

9/29/25 

4,560‌

4,629‌

EMD

Finance,

2.95%,

3/19/22 (1)

3,170‌

3,203‌

Gilead

Sciences,

0.75%,

9/29/23 

16,775‌

16,766‌

Hasbro,

2.60%,

11/19/22 

6,475‌

6,658‌

Hasbro,

3.00%,

11/19/24 

11,476‌

12,186‌

Imperial

Brands

Finance,

3.125%,

7/26/24 (1)

5,780‌

6,091‌

Imperial

Brands

Finance,

3.50%,

2/11/23 (1)

16,375‌

16,908‌

Imperial

Brands

Finance,

3.75%,

7/21/22 (1)

26,935‌

27,509‌

PeaceHealth

Obligated

Group,

Series

2020,

1.375%,

11/15/25 

1,555‌

1,576‌

Perrigo,

4.00%,

11/15/23 

1,355‌

1,413‌

Perrigo

Finance

Unlimited,

3.90%,

12/15/24 

32,625‌

34,875‌

Philip

Morris

International,

1.125%,

5/1/23 

3,255‌

3,298‌

Royalty

Pharma,

0.75%,

9/2/23 

6,420‌

6,444‌

Shire

Acquisitions

Investments

Ireland,

2.875%,

9/23/23 

15,030‌

15,688‌

Stryker,

0.60%,

12/1/23 

2,875‌

2,876‌

419,882‌

Energy

6.2%

Aker

BP,

3.00%,

1/15/25 (1)

7,265‌

7,674‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

17

Par/Shares

$

Value

(Amounts

in

000s)

Baker

Hughes

a

GE,

2.773%,

12/15/22 

2,361‌

2,429‌

BP

Capital

Markets

America,

2.937%,

4/6/23 

2,980‌

3,098‌

Canadian

Natural

Resources,

2.05%,

7/15/25 

11,415‌

11,730‌

Cenovus

Energy,

3.00%,

8/15/22 

15,348‌

15,636‌

Cenovus

Energy,

3.80%,

9/15/23 

6,739‌

7,059‌

Cenovus

Energy,

3.95%,

4/15/22 

7,482‌

7,577‌

Cheniere

Corpus

Christi

Holdings,

5.875%,

3/31/25 

9,955‌

11,311‌

Cheniere

Corpus

Christi

Holdings,

7.00%,

6/30/24 

13,870‌

15,749‌

Diamondback

Energy,

2.875%,

12/1/24 

19,955‌

20,803‌

Diamondback

Energy,

4.75%,

5/31/25 

6,245‌

6,971‌

Enbridge,

2.50%,

1/15/25 

8,445‌

8,821‌

Enbridge,

4.00%,

10/1/23 

5,580‌

5,921‌

Enbridge,

FRN,

SOFR

+

0.40%,

0.45%,

2/17/23 

3,110‌

3,115‌

Energy

Transfer,

2.90%,

5/15/25 

1,860‌

1,953‌

Energy

Transfer,

3.45%,

1/15/23 

697‌

717‌

Energy

Transfer,

4.25%,

3/15/23 

14,312‌

14,920‌

Energy

Transfer,

4.25%,

4/1/24 

455‌

485‌

Energy

Transfer,

4.90%,

2/1/24 

4,925‌

5,313‌

Energy

Transfer,

5.875%,

1/15/24 

17,363‌

19,099‌

Energy

Transfer,

Series

5Y,

4.20%,

9/15/23 

1,819‌

1,935‌

Eni,

Series

X-R,

4.00%,

9/12/23 (1)

13,505‌

14,367‌

Enterprise

Products

Operating,

3.50%,

2/1/22 

9,820‌

9,943‌

EOG

Resources,

2.625%,

3/15/23 

2,263‌

2,331‌

EQT,

3.00%,

10/1/22 

16,719‌

17,012‌

Exxon

Mobil,

2.992%,

3/19/25 

16,400‌

17,548‌

Gray

Oak

Pipeline,

2.00%,

9/15/23 (1)

4,272‌

4,352‌

Gray

Oak

Pipeline,

2.60%,

10/15/25 (1)

3,115‌

3,211‌

Kinder

Morgan

Energy

Partners,

3.95%,

9/1/22 

955‌

980‌

MPLX,

FRN,

3M

USD

LIBOR

+

1.10%,

1.223%,

9/9/22 

6,195‌

6,195‌

Pioneer

Natural

Resources,

0.55%,

5/15/23 

5,240‌

5,227‌

Pioneer

Natural

Resources,

0.75%,

1/15/24 

5,520‌

5,499‌

Plains

All

American

Pipeline,

2.85%,

1/31/23 

10,934‌

11,190‌

Sabine

Pass

Liquefaction,

5.625%,

4/15/23 

13,913‌

14,817‌

Sabine

Pass

Liquefaction,

6.25%,

3/15/22 

19,214‌

19,502‌

Schlumberger

Finance

Canada,

1.40%,

9/17/25 

2,330‌

2,360‌

Schlumberger

Holdings,

3.75%,

5/1/24 (1)

10,390‌

11,139‌

Schlumberger

Holdings,

4.00%,

12/21/25 (1)

2,580‌

2,863‌

Suncor

Energy,

2.80%,

5/15/23 

5,895‌

6,107‌

Valero

Energy,

1.20%,

3/15/24 

5,750‌

5,787‌

Valero

Energy,

2.70%,

4/15/23 

12,198‌

12,564‌

Valero

Energy,

3.65%,

3/15/25 

1,645‌

1,779‌

Western

Midstream

Operating,

4.00%,

7/1/22 

13,190‌

13,355‌

Williams,

3.35%,

8/15/22 

1,605‌

1,638‌

Williams,

3.70%,

1/15/23 

16,130‌

16,715‌

Williams,

4.30%,

3/4/24 

2,123‌

2,290‌

381,087‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

18

Par/Shares

$

Value

(Amounts

in

000s)

Technology

3.8%

Analog

Devices,

2.95%,

4/1/25 

2,075‌

2,217‌

Avnet,

4.875%,

12/1/22 

2,705‌

2,847‌

Baidu,

2.875%,

7/6/22 

6,676‌

6,798‌

Baidu,

3.50%,

11/28/22 

5,706‌

5,898‌

CDW,

5.50%,

12/1/24 

2,255‌

2,497‌

Fidelity

National

Information

Services,

0.375%,

3/1/23 

9,785‌

9,781‌

Fidelity

National

Information

Services,

0.60%,

3/1/24 

4,700‌

4,697‌

Fiserv,

2.75%,

7/1/24 

13,355‌

14,100‌

Fortinet,

1.00%,

3/15/26 

5,710‌

5,674‌

Global

Payments,

2.65%,

2/15/25 

5,665‌

5,948‌

HCL

America,

1.375%,

3/10/26 (1)

15,000‌

14,973‌

IHS

Markit,

3.625%,

5/1/24 

5,460‌

5,822‌

International

Business

Machines,

2.875%,

11/9/22 

1,020‌

1,051‌

Microchip

Technology,

0.972%,

2/15/24 (1)

10,345‌

10,348‌

Microchip

Technology,

0.983%,

9/1/24 (1)

8,380‌

8,366‌

Microchip

Technology,

2.67%,

9/1/23 

7,395‌

7,675‌

Micron

Technology,

2.497%,

4/24/23 

19,867‌

20,499‌

Micron

Technology,

4.64%,

2/6/24 

6,180‌

6,721‌

Moody's,

3.75%,

3/24/25 

6,475‌

7,076‌

NXP,

2.70%,

5/1/25 (1)

1,365‌

1,437‌

NXP,

3.875%,

9/1/22 (1)

11,950‌

12,338‌

NXP,

4.625%,

6/1/23 (1)

13,786‌

14,718‌

NXP,

4.875%,

3/1/24 (1)

1,930‌

2,111‌

Oracle,

2.40%,

9/15/23 

11,225‌

11,635‌

Oracle,

2.50%,

4/1/25 

7,345‌

7,704‌

Panasonic,

2.536%,

7/19/22 (1)

5,560‌

5,651‌

PayPal

Holdings,

1.35%,

6/1/23 

10,600‌

10,787‌

RELX

Capital,

3.50%,

3/16/23 

4,470‌

4,666‌

Skyworks

Solutions,

0.90%,

6/1/23 

2,645‌

2,653‌

VMware,

0.60%,

8/15/23 

5,675‌

5,681‌

Western

Union,

2.85%,

1/10/25 

8,632‌

9,098‌

231,467‌

Transportation

0.8%

American

Airlines

PTT,

Series

2017-2,

Class

B,

3.70%,

10/15/25 

4,622‌

4,426‌

HPHT

Finance,

2.75%,

9/11/22 

14,084‌

14,348‌

HPHT

Finance,

2.875%,

11/5/24 

700‌

737‌

Penske

Truck

Leasing,

3.375%,

2/1/22 (1)

6,330‌

6,382‌

Sydney

Airport

Finance,

3.90%,

3/22/23 (1)

9,674‌

10,134‌

Triton

Container

International,

0.80%,

8/1/23 (1)

11,395‌

11,393‌

United

Airlines

PTT,

Series

2019-2,

Class

B,

3.50%,

5/1/28 

2,674‌

2,642‌

50,062‌

Total

Industrial

1,704,076‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

19

Par/Shares

$

Value

(Amounts

in

000s)

UTILITY

2.8%

Electric

2.8%

AES,

3.30%,

7/15/25 (1)

5,425‌

5,798‌

Alexander

Funding

Trust,

1.841%,

11/15/23 (1)

7,760‌

7,889‌

American

Electric

Power,

Series

I,

3.65%,

12/1/21 

1,500‌

1,512‌

Edison

International,

2.95%,

3/15/23 

4,199‌

4,309‌

Edison

International,

3.125%,

11/15/22 

4,775‌

4,889‌

Enel

Finance

International,

1.375%,

7/12/26 (1)

9,605‌

9,614‌

Enel

Finance

International,

2.65%,

9/10/24 (1)

3,480‌

3,663‌

FirstEnergy,

Series

A,

3.35%,

7/15/22 

6,995‌

7,091‌

Hero

Asia

Investment,

1.50%,

11/18/23 

14,320‌

14,339‌

NRG

Energy,

3.75%,

6/15/24 (1)

4,470‌

4,732‌

Pacific

Gas

&

Electric,

1.75%,

6/16/22 

32,894‌

32,881‌

Pacific

Gas

&

Electric,

3.50%,

6/15/25 

8,205‌

8,501‌

Pacific

Gas

&

Electric,

FRN,

3M

USD

LIBOR

+

1.375%,

1.50%,

11/15/21 

18,089‌

18,109‌

San

Diego

Gas

&

Electric,

Series

PPP,

1.914%,

2/1/22 

407‌

409‌

Sinosing

Services

Pte,

2.25%,

2/20/25 

16,700‌

17,079‌

Vistra

Operations,

3.55%,

7/15/24 (1)

28,670‌

30,261‌

171,076‌

Natural

Gas

0.0%

Sempra

Energy,

2.875%,

10/1/22 

4,570‌

4,656‌

4,656‌

Total

Utility

175,732‌

Total

Corporate

Bonds

(Cost

$2,929,450)

2,978,121‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

1.9%

Local

Authorities

0.4%

Eastern

Creation

II

Investment

Holdings,

1.00%,

9/10/23 

10,265‌

10,280‌

Guangzhou

Metro

Investment

Finance

BVI,

1.507%,

9/17/25 

15,000‌

14,838‌

25,118‌

Owned

No

Guarantee

1.5%

Banco

del

Estado

de

Chile,

2.704%,

1/9/25 (1)

4,585‌

4,791‌

DAE

Funding,

1.55%,

8/1/24 (1)

4,225‌

4,222‌

Korea

Hydro

&

Nuclear

Power,

1.25%,

4/27/26 (1)

12,038‌

12,048‌

NBN,

1.45%,

5/5/26 (1)

15,195‌

15,294‌

Prosperous

Ray,

4.625%,

11/12/23 

9,700‌

10,393‌

QNB

Finance,

2.625%,

5/12/25 

4,765‌

4,995‌

QNB

Finance,

3.50%,

3/28/24 

8,635‌

9,196‌

Saudi

Arabian

Oil,

2.75%,

4/16/22 (1)

13,480‌

13,679‌

State

Bank

of

India,

4.50%,

9/28/23 

4,000‌

4,285‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

20

Par/Shares

$

Value

(Amounts

in

000s)

Tenaga

Nasional,

7.50%,

11/1/25 

8,850‌

10,881‌

89,784‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$114,099)

114,902‌

MUNICIPAL

SECURITIES

0.7%

Connecticut

0.1%

Connecticut,

Series A,

GO,

1.998%,

7/1/24 

1,925‌

2,004‌

Connecticut,

Series A,

GO,

2.00%,

7/1/23 

770‌

793‌

Connecticut,

Series A,

GO,

2.098%,

7/1/25 

1,275‌

1,340‌

4,137‌

Florida

0.2%

State

Board

of

Administration

Fin.,

Series A,

1.258%,

7/1/25 

11,160‌

11,292‌

11,292‌

Illinois

0.3%

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

13,558‌

14,964‌

New

York

0.0%

Long

Island

Power

Auth.,

Series C,

0.764%,

3/1/23 

2,460‌

2,468‌

2,468‌

Texas

0.1%

Dallas

Fort

Worth

Int'l

Airport,

Series C,

1.329%,

11/1/25 

1,670‌

1,705‌

Houston

Airport

System

Revenue,

Series C,

0.883%,

7/1/22 

575‌

578‌

Houston

Airport

System

Revenue,

Series C,

1.054%,

7/1/23 

975‌

986‌

Houston

Airport

System

Revenue,

Series C,

1.272%,

7/1/24 

3,245‌

3,301‌

6,570‌

Total

Municipal

Securities

(Cost

$38,863)

39,431‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

16.0%

Collateralized

Mortgage

Obligations

9.7%

Angel

Oak

Mortgage

Trust

Series

2020-3,

Class

A1,

CMO,

ARM

1.691%,

4/25/65 (1)

3,262‌

3,283‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

21

Par/Shares

$

Value

(Amounts

in

000s)

Angel

Oak

Mortgage

Trust

Series

2020-5,

Class

A2,

CMO,

ARM

1.579%,

5/25/65 (1)

2,900‌

2,912‌

Angel

Oak

Mortgage

Trust

Series

2020-6,

Class

A1,

CMO,

ARM

1.261%,

5/25/65 (1)

3,557‌

3,565‌

Angel

Oak

Mortgage

Trust

Series

2021-1,

Class

A1,

CMO,

ARM

0.909%,

1/25/66 (1)

10,039‌

9,977‌

Angel

Oak

Mortgage

Trust

Series

2021-2,

Class

A1,

CMO,

ARM

0.985%,

4/25/66 (1)

8,197‌

8,228‌

Angel

Oak

Mortgage

Trust

Series

2021-2,

Class

A2,

CMO,

ARM

1.19%,

4/25/66 (1)

2,367‌

2,376‌

Angel

Oak

Mortgage

Trust

Series

2021-3,

Class

A1,

CMO,

ARM

1.068%,

5/25/66 (1)

5,729‌

5,739‌

Angel

Oak

Mortgage

Trust

Series

2021-4,

Class

M1,

CMO,

ARM

2.29%,

1/20/65 (1)

1,860‌

1,860‌

Angel

Oak

Mortgage

Trust

I

Series

2019-2,

Class

A1,

CMO,

ARM

3.628%,

3/25/49 (1)

1,880‌

1,899‌

Angel

Oak

Mortgage

Trust

I

Series

2019-2,

Class

M1,

CMO,

ARM

4.065%,

3/25/49 (1)

4,490‌

4,553‌

Angel

Oak

Mortgage

Trust

I

Series

2019-4,

Class

A3,

CMO,

ARM

3.301%,

7/26/49 (1)

2,608‌

2,628‌

Bayview

Mortgage

Fund

IVc

Trust

Series

2017-RT3,

Class

A,

CMO,

ARM

3.50%,

1/28/58 (1)

5,602‌

5,661‌

Bayview

MSR

Opportunity

Master

Fund

Trust

Series

2021-2,

Class

A5,

CMO,

ARM

2.50%,

6/25/51 (1)

8,648‌

8,894‌

Bayview

Opportunity

Master

Fund

IVa

Trust

Series

2017-SPL5,

Class

A,

CMO,

ARM

3.50%,

6/28/57 (1)

4,878‌

4,987‌

Bayview

Opportunity

Master

Fund

IVb

Trust

Series

2017-SPL4,

Class

A,

CMO,

ARM

3.50%,

1/28/55 (1)

1,700‌

1,732‌

CIM

Trust

Series

2020-INV1,

Class

A2,

CMO,

ARM

2.50%,

4/25/50 (1)

6,684‌

6,828‌

CIM

Trust

Series

2021-INV1,

Class

A8,

CMO,

ARM

2.50%,

7/1/51 (1)

4,096‌

4,196‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

22

Par/Shares

$

Value

(Amounts

in

000s)

Citigroup

Mortgage

Loan

Trust

Series

2020-EXP2,

Class

A3,

CMO,

ARM

2.50%,

8/25/50 (1)

7,393‌

7,516‌

COLT

Mortgage

Loan

Trust

Series

2020-3,

Class

A1,

CMO,

ARM

1.506%,

4/27/65 (1)

1,581‌

1,584‌

COLT

Mortgage

Loan

Trust

Series

2021-1,

Class

A3,

CMO,

ARM

1.373%,

6/25/66 (1)

4,088‌

4,074‌

Connecticut

Avenue

Securities

Series

2017-C02,

Class

2ED3,

CMO,

ARM

1M

USD

LIBOR

+

1.35%,

1.434%,

9/25/29 

3,861‌

3,886‌

Connecticut

Avenue

Securities

Series

2017-C04,

Class

2ED2,

CMO,

ARM

1M

USD

LIBOR

+

1.10%,

1.184%,

11/25/29 

9,613‌

9,495‌

Connecticut

Avenue

Securities

Series

2017-C05,

Class

1ED3,

CMO,

ARM

1M

USD

LIBOR

+

1.20%,

1.284%,

1/25/30 

4,021‌

3,924‌

Connecticut

Avenue

Securities

Series

2018-C01,

Class

1ED2,

CMO,

ARM

1M

USD

LIBOR

+

0.85%,

0.934%,

7/25/30 

6,443‌

6,443‌

Connecticut

Avenue

Securities

Series

2018-C03,

Class

1EB2,

CMO,

ARM

1M

USD

LIBOR

+

0.85%,

0.934%,

10/25/30 

10,615‌

10,559‌

Connecticut

Avenue

Securities

Series

2018-C03,

Class

1ED2,

CMO,

ARM

1M

USD

LIBOR

+

0.85%,

0.934%,

10/25/30 

7,675‌

7,639‌

Deephaven

Residential

Mortgage

Trust

Series

2021-1,

Class

A3,

CMO,

ARM

1.128%,

5/25/65 (1)

2,864‌

2,860‌

Deephaven

Residential

Mortgage

Trust

Series

2021-2,

Class

A1,

CMO,

ARM

0.899%,

4/25/66 (1)

2,895‌

2,893‌

Deephaven

Residential

Mortgage

Trust

Series

2021-2,

Class

A3,

CMO,

ARM

1.26%,

4/25/66 (1)

3,222‌

3,218‌

Ellington

Financial

Mortgage

Trust

Series

2019-2,

Class

A1,

CMO,

ARM

2.739%,

11/25/59 (1)

2,345‌

2,383‌

Ellington

Financial

Mortgage

Trust

Series

2019-2,

Class

A3,

CMO,

ARM

3.046%,

11/25/59 (1)

1,394‌

1,414‌

Ellington

Financial

Mortgage

Trust

Series

2020-1,

Class

A1,

CMO,

ARM

2.006%,

5/25/65 (1)

2,131‌

2,147‌

Ellington

Financial

Mortgage

Trust

Series

2020-2,

Class

A1,

CMO,

ARM

1.178%,

10/25/65 (1)

5,613‌

5,620‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

23

Par/Shares

$

Value

(Amounts

in

000s)

Ellington

Financial

Mortgage

Trust

Series

2021-1,

Class

A1,

CMO,

ARM

0.797%,

2/25/66 (1)

2,245‌

2,241‌

Ellington

Financial

Mortgage

Trust

Series

2021-1,

Class

A3,

CMO,

ARM

1.106%,

2/25/66 (1)

1,898‌

1,892‌

Ellington

Financial

Mortgage

Trust

Series

2021-2,

Class

A1,

CMO,

ARM

0.931%,

6/25/66 (1)

3,737‌

3,737‌

Ellington

Financial

Mortgage

Trust

Series

2021-2,

Class

A3,

CMO,

ARM

1.291%,

6/25/66 (1)

3,579‌

3,579‌

Flagstar

Mortgage

Trust

Series

2020-1INV,

Class

A11,

CMO,

ARM

1M

USD

LIBOR

+

0.85%,

0.934%,

3/25/50 (1)

2,870‌

2,864‌

Flagstar

Mortgage

Trust

Series

2021-5INV,

Class

A5,

CMO,

ARM

2.50%,

5/25/33 (1)

3,659‌

3,757‌

Freddie

Mac

Whole

Loan

Securities

Trust

Series

2017-SC02,

Class

M1,

CMO,

ARM

3.844%,

5/25/47 (1)

556‌

560‌

FWD

Securitization

Trust

Series

2020-INV1,

Class

A1,

CMO,

ARM

2.24%,

1/25/50 (1)

7,808‌

7,907‌

Galton

Funding

Mortgage

Trust

Series

2018-1,

Class

A33,

CMO,

ARM

3.50%,

11/25/57 (1)

1,244‌

1,256‌

Galton

Funding

Mortgage

Trust

Series

2019-1,

Class

A32,

CMO,

ARM

4.00%,

2/25/59 (1)

1,684‌

1,700‌

Galton

Funding

Mortgage

Trust

Series

2019-H1,

Class

M1,

CMO,

ARM

3.339%,

10/25/59 (1)

7,916‌

7,971‌

Galton

Funding

Mortgage

Trust

Series

2020-H1,

Class

A1,

CMO,

ARM

2.31%,

1/25/60 (1)

1,870‌

1,900‌

Galton

Funding

Mortgage

Trust

Series

2020-H1,

Class

M1,

CMO,

ARM

2.832%,

1/25/60 (1)

4,592‌

4,604‌

GS

Mortgage-Backed

Securities

Trust

Series

2014-EB1A,

Class

2A1,

CMO,

ARM

1.66%,

7/25/44 (1)

164‌

165‌

GS

Mortgage-Backed

Securities

Trust

Series

2021-GR2,

Class

A6,

CMO,

ARM

2.50%,

2/25/52 (1)

9,450‌

9,676‌

GS

Mortgage-Backed

Securities

Trust

Series

2021-NQM1,

Class

A1,

CMO,

ARM

1.017%,

7/25/61 (1)

4,297‌

4,305‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

24

Par/Shares

$

Value

(Amounts

in

000s)

GS

Mortgage-Backed

Securities

Trust

Series

2021-PJ5,

Class

A8,

CMO,

ARM

2.50%,

10/25/51 (1)

14,843‌

15,223‌

Homeward

Opportunities

Fund

I

Trust

Series

2019-3,

Class

A1,

CMO,

ARM

2.675%,

11/25/59 (1)

1,176‌

1,185‌

Homeward

Opportunities

Fund

I

Trust

Series

2019-3,

Class

A3,

CMO,

ARM

3.031%,

11/25/59 (1)

2,058‌

2,096‌

Homeward

Opportunities

Fund

I

Trust

Series

2020-2,

Class

A1,

CMO,

ARM

1.657%,

5/25/65 (1)

2,855‌

2,870‌

Homeward

Opportunities

Fund

I

Trust

Series

2020-2,

Class

A2,

CMO,

ARM

2.635%,

5/25/65 (1)

5,750‌

5,877‌

Hundred

Acre

Wood

Trust

Series

2021-INV1,

Class

A9,

CMO,

ARM

2.50%,

7/25/51 (1)

8,669‌

8,924‌

Imperial

Fund

Mortgage

Trust

Series

2021-NQM2,

Class

A3,

CMO,

ARM

1.516%,

9/25/56 (1)

5,241‌

5,243‌

JPMorgan

Mortgage

Trust

Series

2020-INV1,

Class

A11,

CMO,

ARM

1M

USD

LIBOR

+

0.83%,

0.919%,

8/25/50 (1)

1,437‌

1,445‌

JPMorgan

Mortgage

Trust

Series

2020-INV1,

Class

A15,

CMO,

ARM

3.50%,

8/25/50 (1)

2,363‌

2,408‌

JPMorgan

Mortgage

Trust

Series

2020-LTV1,

Class

A4,

CMO,

ARM

3.50%,

6/25/50 (1)

754‌

754‌

MFA

Trust

Series

2021-INV1,

Class

A1,

CMO,

ARM

0.852%,

1/25/56 (1)

4,680‌

4,673‌

MFRA

Trust

Series

2021-NQM2,

Class

A2,

CMO,

ARM

1.317%,

11/25/64 (1)

3,417‌

3,414‌

Mill

City

Mortgage

Loan

Trust

Series

2016-1,

Class

A1,

CMO,

ARM

2.50%,

4/25/57 (1)

219‌

220‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust

Series

2021-2,

Class

A4,

CMO,

ARM

2.50%,

5/25/51 (1)

2,926‌

2,987‌

New

Residential

Mortgage

Loan

Trust

Series

2019-NQM5,

Class

A1,

CMO,

ARM

2.71%,

11/25/59 (1)

2,745‌

2,781‌

New

Residential

Mortgage

Loan

Trust

Series

2020-NQM1,

Class

A1,

CMO,

ARM

2.464%,

1/26/60 (1)

2,692‌

2,716‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

25

Par/Shares

$

Value

(Amounts

in

000s)

New

Residential

Mortgage

Loan

Trust

Series

2020-NQM1,

Class

A3,

CMO,

ARM

2.769%,

1/26/60 (1)

2,118‌

2,135‌

New

Residential

Mortgage

Loan

Trust

Series

2020-NQM2,

Class

A1,

CMO,

ARM

1.65%,

5/24/60 (1)

1,919‌

1,932‌

New

Residential

Mortgage

Loan

Trust

Series

2021-INV1,

Class

A6,

CMO,

ARM

2.50%,

6/25/51 (1)

5,625‌

5,765‌

New

Residential

Mortgage

Loan

Trust

Series

2021-NQ1R,

Class

A1,

CMO,

ARM

0.943%,

7/25/55 (1)

7,396‌

7,397‌

NLT

Trust

Series

2021-INV2,

Class

A1,

CMO,

ARM

1.162%,

8/25/56 (1)

16,224‌

16,208‌

NLT

Trust

Series

2021-INV2,

Class

A3,

CMO,

ARM

1.52%,

8/25/56 (1)

4,100‌

4,096‌

OBX

Trust

Series

2019-EXP2,

Class

2A2,

CMO,

ARM

1M

USD

LIBOR

+

1.20%,

1.284%,

6/25/59 (1)

879‌

874‌

OBX

Trust

Series

2019-EXP3,

Class

2A1,

CMO,

ARM

1M

USD

LIBOR

+

0.90%,

0.984%,

10/25/59 (1)

4,321‌

4,327‌

OBX

Trust

Series

2020-EXP1,

Class

1A8,

CMO,

ARM

3.50%,

2/25/60 (1)

4,292‌

4,406‌

OBX

Trust

Series

2020-EXP1,

Class

2A2,

CMO,

ARM

1M

USD

LIBOR

+

0.95%,

1.034%,

2/25/60 (1)

1,041‌

1,036‌

OBX

Trust

Series

2020-EXP2,

Class

A8,

CMO,

ARM

3.00%,

5/25/60 (1)

5,643‌

5,714‌

OBX

Trust

Series

2020-EXP2,

Class

A9,

CMO,

ARM

3.00%,

5/25/60 (1)

851‌

860‌

OBX

Trust

Series

2020-EXP3,

Class

1A8,

CMO,

ARM

3.00%,

1/25/60 (1)

4,975‌

5,034‌

OBX

Trust

Series

2020-INV1,

Class

A5,

CMO,

ARM

3.50%,

12/25/49 (1)

1,354‌

1,381‌

OBX

Trust

Series

2021-J1,

Class

A4,

CMO,

ARM

2.50%,

5/25/51 (1)

9,732‌

10,005‌

OBX

Trust

Series

2021-NQM1,

Class

A1,

CMO,

ARM

1.072%,

2/25/66 (1)

8,533‌

8,532‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

26

Par/Shares

$

Value

(Amounts

in

000s)

OBX

Trust

Series

2021-NQM1,

Class

A2,

CMO,

ARM

1.175%,

2/25/66 (1)

6,226‌

6,216‌

OBX

Trust

Series

2021-NQM3,

Class

A1,

CMO,

ARM

1.054%,

7/25/61 (1)

4,165‌

4,167‌

PSMC

Trust

Series

2021-1,

Class

A11,

CMO,

ARM

2.50%,

3/25/51 (1)

14,460‌

14,793‌

PSMC

Trust

Series

2021-2,

Class

A3,

CMO,

ARM

2.50%,

5/25/51 (1)

10,935‌

11,215‌

Sequoia

Mortgage

Trust

Series

2018-CH2,

Class

A21,

CMO,

ARM

4.00%,

6/25/48 (1)

942‌

951‌

Sequoia

Mortgage

Trust

Series

2018-CH2,

Class

A3,

CMO,

ARM

4.00%,

6/25/48 (1)

2,467‌

2,495‌

Sequoia

Mortgage

Trust

Series

2018-CH3,

Class

A19,

CMO,

ARM

4.50%,

8/25/48 (1)

571‌

582‌

Sequoia

Mortgage

Trust

Series

2018-CH4,

Class

A19,

CMO,

ARM

4.50%,

10/25/48 (1)

526‌

533‌

Sequoia

Mortgage

Trust

Series

2018-CH4,

Class

A2,

CMO,

ARM

4.00%,

10/25/48 (1)

811‌

821‌

SG

Residential

Mortgage

Trust

Series

2020-2,

Class

A1,

CMO,

ARM

1.381%,

5/25/65 (1)

3,212‌

3,221‌

Starwood

Mortgage

Residential

Trust

Series

2018-IMC2,

Class

A3,

CMO,

ARM

4.376%,

10/25/48 (1)

3,430‌

3,472‌

Starwood

Mortgage

Residential

Trust

Series

2019-INV1,

Class

A1,

CMO,

ARM

2.61%,

9/27/49 (1)

493‌

499‌

Starwood

Mortgage

Residential

Trust

Series

2019-INV1,

Class

A3,

CMO,

ARM

2.916%,

9/27/49 (1)

2,611‌

2,643‌

Starwood

Mortgage

Residential

Trust

Series

2020-1,

Class

A2,

CMO,

ARM

2.408%,

2/25/50 (1)

3,371‌

3,405‌

Starwood

Mortgage

Residential

Trust

Series

2021-2,

Class

A1,

CMO,

ARM

0.943%,

5/25/65 (1)

5,359‌

5,358‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2014-DN3,

Class

M3,

CMO,

ARM

1M

USD

LIBOR

+

4.00%,

4.084%,

8/25/24 

1,670‌

1,702‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

27

Par/Shares

$

Value

(Amounts

in

000s)

Structured

Agency

Credit

Risk

Debt

Notes

Series

2015-DNA3,

Class

M3,

CMO,

ARM

1M

USD

LIBOR

+

4.70%,

4.784%,

4/25/28 

2,776‌

2,850‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2017-DNA2,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

1.20%,

1.284%,

10/25/29 

1,534‌

1,534‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2017-DNA3,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

0.75%,

0.834%,

3/25/30 

640‌

640‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2018-DNA2,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

0.80%,

0.884%,

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%,

1.034%,

12/25/30 (1)

7,535‌

7,519‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2018-DNA3,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

0.75%,

0.834%,

9/25/48 (1)

16‌

16‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2018-DNA3,

Class

M2AS,

CMO,

ARM

1M

USD

LIBOR

+

0.90%,

0.984%,

9/25/48 (1)

5,505‌

5,511‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2018-HQA2,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

0.75%,

0.834%,

10/25/48 (1)

721‌

721‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2018-HRP2,

Class

M2,

CMO,

ARM

1M

USD

LIBOR

+

1.25%,

1.334%,

2/25/47 (1)

3,889‌

3,894‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-DNA5,

Class

M1,

CMO,

ARM

SOFR30A

+

1.30%,

1.35%,

10/25/50 (1)

208‌

208‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-DNA6,

Class

M1,

CMO,

ARM

SOFR30A

+

0.90%,

0.95%,

12/25/50 (1)

1,518‌

1,518‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-HQA5,

Class

M1,

CMO,

ARM

SOFR30A

+

1.10%,

1.15%,

11/25/50 (1)

1,314‌

1,315‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-DNA1,

Class

M1,

CMO,

ARM

SOFR30A

+

0.65%,

0.70%,

1/25/51 (1)

2,473‌

2,473‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-DNA2,

Class

M1,

CMO,

ARM

SOFR30A

+

0.80%,

0.85%,

8/25/33 (1)

7,160‌

7,167‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-DNA3,

Class

M2,

CMO,

ARM

SOFR30A

+

2.10%,

2.15%,

10/25/33 (1)

5,855‌

5,975‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-DNA5,

Class

M2,

CMO,

ARM

SOFR30A

+

1.65%,

1.70%,

1/25/34 (1)

3,750‌

3,776‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

28

Par/Shares

$

Value

(Amounts

in

000s)

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-HQA1,

Class

M1,

CMO,

ARM

SOFR30A

+

0.70%,

0.75%,

8/25/33 (1)

10,400‌

10,400‌

Toorak

Mortgage

Series

2021-INV1,

Class

A3,

CMO,

ARM

1.562%,

7/25/56 (1)

2,485‌

2,489‌

Towd

Point

Mortgage

Trust

Series

2016-1,

Class

A1B,

CMO,

ARM

2.75%,

2/25/55 (1)

90‌

90‌

Towd

Point

Mortgage

Trust

Series

2016-1,

Class

A3B,

CMO,

ARM

3.00%,

2/25/55 (1)

706‌

711‌

Towd

Point

Mortgage

Trust

Series

2016-2,

Class

A1A,

CMO,

ARM

2.75%,

8/25/55 (1)

449‌

451‌

Towd

Point

Mortgage

Trust

Series

2016-3,

Class

A1,

CMO,

ARM

2.25%,

4/25/56 (1)

228‌

228‌

Towd

Point

Mortgage

Trust

Series

2017-1,

Class

A1,

CMO,

ARM

2.75%,

10/25/56 (1)

2,315‌

2,348‌

Towd

Point

Mortgage

Trust

Series

2017-2,

Class

A1,

CMO,

ARM

2.75%,

4/25/57 (1)

1,437‌

1,456‌

Towd

Point

Mortgage

Trust

Series

2017-3,

Class

A1,

CMO,

ARM

2.75%,

7/25/57 (1)

3,479‌

3,528‌

Towd

Point

Mortgage

Trust

Series

2017-4,

Class

A1,

CMO,

ARM

2.75%,

6/25/57 (1)

2,145‌

2,194‌

Towd

Point

Mortgage

Trust

Series

2017-6,

Class

A1,

CMO,

ARM

2.75%,

10/25/57 (1)

7,785‌

7,929‌

Towd

Point

Mortgage

Trust

Series

2018-1,

Class

A1,

CMO,

ARM

3.00%,

1/25/58 (1)

1,744‌

1,782‌

Towd

Point

Mortgage

Trust

Series

2018-2,

Class

A1,

CMO,

ARM

3.25%,

3/25/58 (1)

11,477‌

11,819‌

Towd

Point

Mortgage

Trust

Series

2018-5,

Class

A1A,

CMO,

ARM

3.25%,

7/25/58 (1)

7,306‌

7,438‌

Verus

Securitization

Trust

Series

2019-4,

Class

A3,

CMO,

STEP

3.00%,

11/25/59 (1)

3,173‌

3,219‌

Verus

Securitization

Trust

Series

2019-INV2,

Class

A1,

CMO,

ARM

2.913%,

7/25/59 (1)

4,558‌

4,612‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

29

Par/Shares

$

Value

(Amounts

in

000s)

Verus

Securitization

Trust

Series

2019-INV3,

Class

A3,

CMO,

ARM

3.10%,

11/25/59 (1)

5,006‌

5,075‌

Verus

Securitization

Trust

Series

2020-1,

Class

A1,

CMO,

STEP

2.417%,

1/25/60 (1)

5,038‌

5,104‌

Verus

Securitization

Trust

Series

2020-1,

Class

A3,

CMO,

STEP

2.724%,

1/25/60 (1)

4,877‌

4,934‌

Verus

Securitization

Trust

Series

2020-2,

Class

A1,

CMO,

ARM

2.226%,

5/25/60 (1)

6,847‌

6,890‌

Verus

Securitization

Trust

Series

2020-5,

Class

A3,

CMO,

STEP

1.733%,

5/25/65 (1)

2,496‌

2,507‌

Verus

Securitization

Trust

Series

2020-INV1,

Class

A1,

CMO,

ARM

1.977%,

3/25/60 (1)

949‌

957‌

Verus

Securitization

Trust

Series

2021-1,

Class

A2,

CMO,

ARM

1.052%,

1/25/66 (1)

3,885‌

3,881‌

Verus

Securitization

Trust

Series

2021-1,

Class

A3,

CMO,

ARM

1.155%,

1/25/66 (1)

2,295‌

2,292‌

Verus

Securitization

Trust

Series

2021-2,

Class

A1,

CMO,

ARM

1.031%,

2/25/66 (1)

4,870‌

4,864‌

Verus

Securitization

Trust

Series

2021-R1,

Class

A2,

CMO,

ARM

1.057%,

10/25/63 (1)

2,248‌

2,246‌

Verus

Securitization

Trust

Series

2021-R2,

Class

A1,

CMO,

ARM

0.918%,

2/25/64 (1)

5,682‌

5,670‌

Vista

Point

Securitization

Trust

Series

2020-1,

Class

A1,

CMO,

ARM

1.763%,

3/25/65 (1)

1,883‌

1,892‌

Vista

Point

Securitization

Trust

Series

2020-2,

Class

A3,

CMO,

ARM

2.496%,

4/25/65 (1)

1,964‌

1,983‌

Wells

Fargo

Mortgage

Backed

Securities

Trust

Series

2020-RR1,

Class

A17,

CMO,

ARM

3.00%,

5/25/50 (1)

1,033‌

1,040‌

Wells

Fargo

Mortgage

Backed

Securities

Trust

Series

2021-RR1,

Class

A3,

CMO,

ARM

2.50%,

12/25/50 (1)

12,854‌

13,151‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

30

Par/Shares

$

Value

(Amounts

in

000s)

ZH

Trust

Series

2021-1,

Class

A,

CMO

2.253%,

2/18/27 (1)

5,160‌

5,160‌

593,096‌

Commercial

Mortgage-Backed

Securities

6.3%

280

Park

Avenue

Mortgage

Trust

Series

2017-280P,

Class

A,

ARM

1M

USD

LIBOR

+

0.88%,

0.976%,

9/15/34 (1)

5,835‌

5,835‌

Atrium

Hotel

Portfolio

Trust

Series

2017-ATRM,

Class

A,

ARM

1M

USD

LIBOR

+

0.93%,

1.026%,

12/15/36 (1)

13,085‌

13,085‌

Austin

Fairmont

Hotel

Trust

Series

2019-FAIR,

Class

A,

ARM

1M

USD

LIBOR

+

1.05%,

1.146%,

9/15/32 (1)

8,355‌

8,355‌

BAMLL

Commercial

Mortgage-Backed

Securities

Trust

Series

2018-DSNY,

Class

A,

ARM

1M

USD

LIBOR

+

0.85%,

0.946%,

9/15/34 (1)

8,180‌

8,180‌

BANK

Series

2019-BN19,

Class

A1

2.263%,

8/15/61 

2,585‌

2,643‌

BANK

Series

2019-BN24,

Class

A1

2.056%,

11/15/62 

2,921‌

2,971‌

BCP

Trust

Series

2021-330N,

Class

A,

ARM

1M

USD

LIBOR

+

0.799%,

0.895%,

6/15/38 (1)

4,285‌

4,254‌

BSREP

Commercial

Mortgage

Trust

Series

2021-DC,

Class

D,

ARM

1M

USD

LIBOR

+

1.90%,

2.00%,

8/15/38 (1)

2,855‌

2,857‌

BX

Commercial

Mortgage

Trust

Series

2019-XL,

Class

B,

ARM

1M

USD

LIBOR

+

1.08%,

1.176%,

10/15/36 (1)

4,938‌

4,944‌

BX

Commercial

Mortgage

Trust

Series

2020-BXLP,

Class

C,

ARM

1M

USD

LIBOR

+

1.12%,

1.216%,

12/15/36 (1)

5,405‌

5,403‌

BX

Commercial

Mortgage

Trust

Series

2020-BXLP,

Class

D,

ARM

1M

USD

LIBOR

+

1.25%,

1.346%,

12/15/36 (1)

5,206‌

5,205‌

BX

Commercial

Mortgage

Trust

Series

2021-SOAR,

Class

D,

ARM

1M

USD

LIBOR

+

1.40%,

1.496%,

6/15/38 (1)

5,650‌

5,659‌

BX

Trust

Series

2018-GW,

Class

A,

ARM

1M

USD

LIBOR

+

0.80%,

0.896%,

5/15/35 (1)

11,837‌

11,834‌

BX

Trust

Series

2021-VIEW,

Class

A,

ARM

1M

USD

LIBOR

+

1.28%,

1.376%,

6/15/23 (1)

3,785‌

3,785‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

31

Par/Shares

$

Value

(Amounts

in

000s)

CGDB

Commercial

Mortgage

Trust

Series

2019-MOB,

Class

D,

ARM

1M

USD

LIBOR

+

1.65%,

1.746%,

11/15/36 (1)

10,831‌

10,818‌

Cold

Storage

Trust

Series

2020-ICE5,

Class

B,

ARM

1M

USD

LIBOR

+

1.30%,

1.396%,

11/15/37 (1)

17,065‌

17,102‌

Commercial

Mortgage

Trust

Series

2013-300P,

Class

A1

4.353%,

8/10/30 (1)

4,134‌

4,364‌

Commercial

Mortgage

Trust

Series

2014-CR15,

Class

B,

ARM

4.813%,

2/10/47 

6,420‌

6,941‌

Commercial

Mortgage

Trust

Series

2014-CR19,

Class

AM

4.08%,

8/10/47 

7,262‌

7,859‌

Commercial

Mortgage

Trust

Series

2014-CR19,

Class

D,

ARM

4.86%,

8/10/47 (1)

2,995‌

2,987‌

Commercial

Mortgage

Trust

Series

2014-UBS5,

Class

A4

3.838%,

9/10/47 

9,680‌

10,500‌

Commercial

Mortgage

Trust

Series

2015-LC23,

Class

A2

3.221%,

10/10/48 

9,801‌

9,882‌

Commercial

Mortgage

Trust

Series

2020-CBM,

Class

D,

ARM

3.754%,

2/10/37 (1)

3,895‌

3,980‌

Credit

Suisse

Mortgage

Capital

Certificates

Series

2019-ICE4,

Class

C,

ARM

1M

USD

LIBOR

+

1.43%,

1.526%,

5/15/36 (1)

8,520‌

8,551‌

Credit

Suisse

Mortgage

Capital

Certificates

Series

2019-ICE4,

Class

D,

ARM

1M

USD

LIBOR

+

1.60%,

1.696%,

5/15/36 (1)

6,220‌

6,232‌

Credit

Suisse

Mortgage

Trust

Series

2020-NET,

Class

A

2.257%,

8/15/37 (1)

3,395‌

3,522‌

Fontainebleau

Miami

Beach

Trust

Series

2019-FBLU,

Class

C

3.75%,

12/10/36 (1)

7,590‌

7,992‌

GCT

Commercial

Mortgage

Trust

Series

2021-GCT,

Class

A,

ARM

1M

USD

LIBOR

+

0.80%,

0.896%,

2/15/38 (1)

5,110‌

5,115‌

Great

Wolf

Trust

Series

2019-WOLF,

Class

A,

ARM

1M

USD

LIBOR

+

1.034%,

1.13%,

12/15/36 (1)

3,785‌

3,787‌

Great

Wolf

Trust

Series

2019-WOLF,

Class

C,

ARM

1M

USD

LIBOR

+

1.633%,

1.729%,

12/15/36 (1)

4,200‌

4,192‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

32

Par/Shares

$

Value

(Amounts

in

000s)

GS

Mortgage

Securities

Trust

Series

2021-ROSS,

Class

B,

ARM

1M

USD

LIBOR

+

1.60%,

1.696%,

5/15/26 (1)

5,705‌

5,708‌

InTown

Hotel

Portfolio

Trust

Series

2018-STAY,

Class

A,

ARM

1M

USD

LIBOR

+

0.95%,

1.046%,

1/15/33 (1)

1,865‌

1,870‌

InTown

Hotel

Portfolio

Trust

Series

2018-STAY,

Class

C,

ARM

1M

USD

LIBOR

+

1.50%,

1.596%,

1/15/33 (1)

1,495‌

1,498‌

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2014-C23,

Class

A5

3.934%,

9/15/47 

8,280‌

8,992‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2019-BKWD,

Class

B,

ARM

1M

USD

LIBOR

+

1.35%,

1.446%,

9/15/29 (1)

12,870‌

12,863‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2019-BKWD,

Class

C,

ARM

1M

USD

LIBOR

+

1.60%,

1.696%,

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%,

1.866%,

10/15/33 (1)

8,240‌

8,261‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2020-609M,

Class

C,

ARM

1M

USD

LIBOR

+

2.17%,

2.266%,

10/15/33 (1)

6,310‌

6,328‌

KIND

Trust

Series

2021-KIND,

Class

C,

ARM

1M

USD

LIBOR

+

1.75%,

1.85%,

8/15/38 (1)

8,475‌

8,478‌

KKR

Industrial

Portfolio

Trust

Series

2021-KDIP,

Class

C,

ARM

1M

USD

LIBOR

+

1.00%,

1.096%,

12/15/37 (1)

3,585‌

3,585‌

KKR

Industrial

Portfolio

Trust

Series

2021-KDIP,

Class

D,

ARM

1M

USD

LIBOR

+

1.25%,

1.346%,

12/15/37 (1)

2,510‌

2,505‌

Merit

Series

2020-HILL,

Class

B,

ARM

1M

USD

LIBOR

+

1.40%,

1.496%,

8/15/37 (1)

5,842‌

5,860‌

Merit

Series

2020-HILL,

Class

C,

ARM

1M

USD

LIBOR

+

1.70%,

1.796%,

8/15/37 (1)

2,664‌

2,674‌

Merit

Series

2020-HILL,

Class

D,

ARM

1M

USD

LIBOR

+

2.35%,

2.446%,

8/15/37 (1)

3,527‌

3,542‌

MHC

Commercial

Mortgage

Trust

Series

2021-MHC,

Class

B,

ARM

1M

USD

LIBOR

+

1.101%,

1.196%,

4/15/38 (1)

11,045‌

11,058‌

MHC

Trust

Series

2021-MHC2,

Class

B,

ARM

1M

USD

LIBOR

+

1.10%,

1.196%,

5/15/23 (1)

5,660‌

5,671‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

33

Par/Shares

$

Value

(Amounts

in

000s)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2014-C18,

Class

AS,

ARM

4.11%,

10/15/47 

3,065‌

3,298‌

Morgan

Stanley

Capital

I

Trust

Series

2014-150E,

Class

A

3.912%,

9/9/32 (1)

9,590‌

10,273‌

Morgan

Stanley

Capital

I

Trust

Series

2019-MEAD,

Class

D,

ARM

3.283%,

11/10/36 (1)

7,880‌

7,870‌

Morgan

Stanley

Capital

I

Trust

Series

2019-NUGS,

Class

D,

ARM

1M

USD

LIBOR

+

1.80%,

3.30%,

12/15/36 (1)

4,445‌

4,458‌

New

Orleans

Hotel

Trust

Series

2019-HNLA,

Class

B,

ARM

1M

USD

LIBOR

+

1.289%,

1.385%,

4/15/32 (1)

13,305‌

13,240‌

ONE

Mortgage

Trust

Series

2021-PARK,

Class

B,

ARM

1M

USD

LIBOR

+

0.95%,

1.046%,

3/15/36 (1)

11,219‌

11,219‌

ONE

Mortgage

Trust

Series

2021-PARK,

Class

C,

ARM

1M

USD

LIBOR

+

1.10%,

1.196%,

3/15/36 (1)

6,005‌

6,005‌

RLGH

Trust

Series

2021-TROT,

Class

A,

ARM

1M

USD

LIBOR

+

0.80%,

0.896%,

4/15/36 (1)

5,580‌

5,582‌

SLIDE

Series

2018-FUN,

Class

D,

ARM

1M

USD

LIBOR

+

2.10%,

2.196%,

6/15/31 (1)

6,509‌

6,452‌

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-NXS2,

Class

A2

3.02%,

7/15/58 

3,784‌

3,862‌

WFRBS

Commercial

Mortgage

Trust

Series

2012-C6,

Class

B

4.697%,

4/15/45 

6,351‌

6,437‌

WFRBS

Commercial

Mortgage

Trust

Series

2014-C23,

Class

A5

3.917%,

10/15/57 

8,820‌

9,580‌

WFRBS

Commercial

Mortgage

Trust

Series

2014-LC14,

Class

A5

4.045%,

3/15/47 

7,525‌

8,069‌

388,042‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

34

Par/Shares

$

Value

(Amounts

in

000s)

Residential

Mortgage

0.0%

MetLife

Securitization

Trust

Series

2017-1A,

Class

A,

ARM

3.00%,

4/25/55 (1)

1,980‌

2,026‌

2,026‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$981,041)

983,164‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

3.5%

U.S.

Government

Agency

Obligations

2.3%

Federal

Home

Loan

Mortgage

3.50%,

3/1/46

-

12/1/47 

5,738‌

6,190‌

5.00%,

10/1/22

-

7/1/25 

645‌

671‌

5.50%,

11/1/21

-

10/1/38 

99‌

106‌

6.00%,

10/1/21

-

9/1/35 

527‌

614‌

7.00%,

3/1/39 

948‌

1,093‌

7.50%,

6/1/38 

901‌

1,035‌

Federal

Home

Loan

Mortgage,

ARM

12M

USD

LIBOR

+

1.591%,

2.216%,

9/1/35 

34‌

35‌

12M

USD

LIBOR

+

1.625%,

1.875%,

6/1/38

-

7/1/38 

478‌

490‌

12M

USD

LIBOR

+

1.625%,

1.921%,

4/1/37 

8‌

8‌

12M

USD

LIBOR

+

1.726%,

1.976%,

7/1/35 

84‌

89‌

12M

USD

LIBOR

+

1.733%,

2.027%,

10/1/36 

213‌

225‌

12M

USD

LIBOR

+

1.733%,

2.108%,

2/1/37 

38‌

40‌

12M

USD

LIBOR

+

1.748%,

2.074%,

5/1/38 

80‌

81‌

12M

USD

LIBOR

+

1.775%,

2.025%,

5/1/37 

38‌

40‌

12M

USD

LIBOR

+

1.829%,

2.203%,

2/1/37 

34‌

36‌

12M

USD

LIBOR

+

1.842%,

2.216%,

1/1/37 

40‌

40‌

12M

USD

LIBOR

+

1.929%,

2.314%,

12/1/36 

62‌

66‌

12M

USD

LIBOR

+

1.961%,

2.336%,

2/1/33 

1‌

1‌

12M

USD

LIBOR

+

1.987%,

2.362%,

2/1/34 

8‌

8‌

12M

USD

LIBOR

+

2.029%,

2.448%,

11/1/36 

34‌

35‌

12M

USD

LIBOR

+

2.082%,

2.457%,

2/1/38 

194‌

207‌

12M

USD

LIBOR

+

2.162%,

2.537%,

2/1/37 

66‌

70‌

1Y

CMT

+

2.219%,

2.344%,

10/1/33 

—‌

—‌

1Y

CMT

+

2.347%,

2.472%,

11/1/34 

125‌

128‌

Federal

Home

Loan

Mortgage,

UMBS

2.00%,

1/1/36 

11,579‌

12,015‌

3.00%,

11/1/34 

1,116‌

1,192‌

4.00%,

12/1/49

-

2/1/50 

3,373‌

3,644‌

4.50%,

3/1/49

-

5/1/50 

3,231‌

3,501‌

5.00%,

12/1/41 

2,742‌

3,045‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

35

Par/Shares

$

Value

(Amounts

in

000s)

Federal

National

Mortgage

Assn.,

ARM

12M

USD

LIBOR

+

1.34%,

1.715%,

12/1/35 

25‌

25‌

12M

USD

LIBOR

+

1.568%,

1.841%,

7/1/35 

44‌

44‌

12M

USD

LIBOR

+

1.59%,

1.926%,

12/1/35 

66‌

67‌

12M

USD

LIBOR

+

1.655%,

1.905%,

8/1/37 

19‌

20‌

12M

USD

LIBOR

+

1.674%,

2.049%,

2/1/33 

3‌

3‌

12M

USD

LIBOR

+

1.676%,

2.013%,

7/1/34 

7‌

6‌

12M

USD

LIBOR

+

1.69%,

1.94%,

5/1/38 

267‌

282‌

12M

USD

LIBOR

+

1.715%,

2.09%,

12/1/32 

40‌

40‌

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 

13‌

13‌

12M

USD

LIBOR

+

1.788%,

2.163%,

5/1/38 

72‌

73‌

12M

USD

LIBOR

+

1.83%,

2.098%,

4/1/38 

174‌

181‌

12M

USD

LIBOR

+

1.83%,

2.156%,

8/1/38 

9‌

9‌

12M

USD

LIBOR

+

1.853%,

2.103%,

8/1/38 

112‌

118‌

12M

USD

LIBOR

+

1.881%,

2.149%,

5/1/38 

119‌

121‌

12M

USD

LIBOR

+

1.892%,

2.307%,

12/1/35 

22‌

22‌

1Y

CMT

+

2.00%,

2.125%,

1/1/35 

2‌

1‌

1Y

CMT

+

2.125%,

2.125%,

7/1/33 

1‌

1‌

6M

USD

LIBOR

+

1.366%,

1.612%,

10/1/33 

334‌

344‌

COF11

+

1.25%,

2.187%,

7/1/27 

2‌

2‌

COF11

+

1.25%,

4.676%,

5/1/24 

—‌

—‌

Federal

National

Mortgage

Assn.,

CMO,

4.00%,

6/25/44 

1,440‌

1,451‌

Federal

National

Mortgage

Assn.,

CMO,

STEP,

5.11%,

1/25/32 

2‌

2‌

Federal

National

Mortgage

Assn.,

UMBS

3.00%,

9/1/28

-

2/1/35 

9,176‌

9,758‌

3.50%,

12/1/45

-

7/1/50 

16,025‌

17,047‌

4.00%,

1/1/47

-

12/1/49 

4,887‌

5,259‌

4.50%,

8/1/24

-

1/1/50 

25,383‌

27,570‌

5.00%,

9/1/22

-

9/1/48 

7,939‌

8,911‌

5.50%,

9/1/21

-

5/1/40 

9,432‌

10,895‌

6.00%,

1/1/22

-

2/1/49 

12,045‌

14,341‌

6.50%,

7/1/32

-

12/1/32 

404‌

471‌

UMBS,

TBA(4)

3.00%,

9/1/51 

3,380‌

3,536‌

4.00%,

9/1/51 

5,085‌

5,448‌

140,794‌

U.S.

Government

Obligations

1.2%

Government

National

Mortgage

Assn.

2.50%,

6/20/51 

2,347‌

2,436‌

3.50%,

8/20/44

-

2/20/48 

5,039‌

5,403‌

4.00%,

9/20/45

-

10/20/50 

6,027‌

6,478‌

4.50%,

8/20/47 

2,313‌

2,491‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

36

Par/Shares

$

Value

(Amounts

in

000s)

5.00%,

12/20/34

-

5/20/48 

10,754‌

11,767‌

5.50%,

9/15/45

-

2/20/49 

4,200‌

4,863‌

6.00%,

7/15/36 

1,920‌

2,278‌

Government

National

Mortgage

Assn.,

TBA(4)

2.00%,

10/20/51 

3,590‌

3,658‌

3.50%,

9/20/51 

32,230‌

33,920‌

73,294‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$208,819)

214,088‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

14.8%

U.S.

Treasury

Obligations

14.8%

U.S.

Treasury

Notes,

0.125%,

11/30/22 

31,220‌

31,225‌

U.S.

Treasury

Notes,

0.125%,

12/31/22 

30,000‌

30,000‌

U.S.

Treasury

Notes,

0.125%,

3/31/23 

30,270‌

30,256‌

U.S.

Treasury

Notes,

0.125%,

4/30/23 (5)

302,455‌

302,266‌

U.S.

Treasury

Notes,

0.125%,

5/15/23 

50,745‌

50,713‌

U.S.

Treasury

Notes,

0.125%,

5/31/23 

24,510‌

24,491‌

U.S.

Treasury

Notes,

0.125%,

6/30/23 

121,665‌

121,570‌

U.S.

Treasury

Notes,

0.125%,

7/15/23 

54,280‌

54,221‌

U.S.

Treasury

Notes,

0.125%,

7/31/23 

60,965‌

60,898‌

U.S.

Treasury

Notes,

0.125%,

8/15/23 

26,535‌

26,498‌

U.S.

Treasury

Notes,

0.125%,

8/31/23 

136,290‌

136,077‌

U.S.

Treasury

Notes,

0.25%,

6/15/23 

26,600‌

26,633‌

U.S.

Treasury

Notes,

0.375%,

8/15/24 

11,675‌

11,666‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-

Backed)

(Cost

$906,252)

906,514‌

SHORT-TERM

INVESTMENTS

1.5%

Commercial

Paper

0.8%

4(2)

0.8%(6)

AT&T,

0.401%,

12/14/21 

19,695‌

19,684‌

Syngenta

Wilmington,

0.70%,

9/29/21 

28,905‌

28,887‌

48,571‌

Money

Market

Funds

0.7%

T.

Rowe

Price

Government

Reserve

Fund,

0.05% (7)(8)

45,304‌

45,304‌

45,304‌

Total

Short-Term

Investments

(Cost

$93,865)

93,875‌

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

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%* (9)

1‌

92,350‌

51‌

Total

Options

Purchased

(Cost

$89)

51‌

Total

Investments

in

Securities

100.6%

(Cost

$6,107,728)

$

6,171,099‌

Other

Assets

Less

Liabilities

(0.6)%

(35,680‌)

Net

Assets

100.0%

$

6,135,419‌

‡

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

$2,395,749

and

represents

39.0%

of

net

assets.

(2)

All

or

a

portion

of

this

loan

is

unsettled

as

of

August

31,

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)

To-Be-Announced

purchase

commitment.

Total

value

of

such

securities

at

period-end

amounts

to

$46,562

and

represents

0.8%

of

net

assets.

(5)

At

August

31,

2021,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/

or

margin

deposit

to

cover

future

funding

obligations.

(6)

Commercial

paper

exempt

from

registration

under

Section

4(2)

of

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

dealers

in

that

program

or

other

"accredited

investors".

Total

value

of

such

securities

at

period-end

amounts

to

$48,571

and

represents

0.8%

of

net

assets.

(7)

Seven-day

yield

(8)

Affiliated

Companies

(9)

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)

T.

ROWE

PRICE

Short-Term

Bond

Fund

38

.

.

.

.

.

.

.

.

.

.

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

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.

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

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

184,650

(46‌)

Total

Options

Written

(Premiums

$(75))

$

(46‌)

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),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/24

4,857

(134)

(102)

(32‌)

Barclays

Bank,

Protection

Bought

(Relevant

Credit:

Omnicom

Group),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/24

13,750

(350)

(292)

(58‌)

Citibank,

Protection

Bought

(Relevant

Credit:

General

Mills),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/24

6,938

(191)

(145)

(46‌)

Goldman

Sachs,

Protection

Bought

(Relevant

Credit:

General

Mills),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/24

13,815

(381)

(291)

(90‌)

Total

Bilateral

Credit

Default

Swaps,

Protection

Bought

(830)

(226‌)

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

106

46

60‌

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

AT&T,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/22

14,500

169

99

70‌

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Enbridge,

Baa1*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/23

20,250

264

(513)

777‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

41

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

General

Electric,

Baa1*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/21

14,000

63

—

63‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(368)

970‌

Total

Bilateral

Swaps

(1,198)

744‌

*

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

Short-Term

Bond

Fund

42

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

1,886

U.S.

Treasury

Notes

five

year

contracts

12/21

(233,334)

$

(165‌)

Short,

27

U.S.

Treasury

Notes

ten

year

contracts

12/21

(3,603)

(1‌)

Long,

4,513

U.S.

Treasury

Notes

two

year

contracts

12/21

994,341

593‌

Short,

267

Ultra

U.S.

Treasury

Notes

ten

year

contracts

12/21

(39,520)

23‌

Net

payments

(receipts)

of

variation

margin

to

date

(396‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

54‌

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

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%

$

—‌#

$

—‌

$

7‌+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/21

Purchase

Cost

Sales

Cost

Value

08/31/21

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

$

118,172‌

 ¤

 ¤

$

45,304‌^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$7

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

$45,304.

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

August

31,

2021

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

T.

ROWE

PRICE

Short-Term

Bond

Fund

47

F55-054Q1

08/21 

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

6,077,173‌

$

—‌

$

6,077,173‌

Short-Term

Investments

45,304‌

48,571‌

—‌

93,875‌

Options

Purchased

—‌

51‌

—‌

51‌

Total

Securities

45,304‌

6,125,795‌

—‌

6,171,099‌

Swaps

—‌

602‌

—‌

602‌

Futures

Contracts*

616‌

—‌

—‌

616‌

Total

$

45,920‌

$

6,126,397‌

$

—‌

$

6,172,317‌

Liabilities

Options

Written

$

—‌

$

46‌

$

—‌

$

46‌

Swaps

—‌

1,056‌

—‌

1,056‌

Futures

Contracts*

166‌

—‌

—‌

166‌

Total

$

166‌

$

1,102‌

$

—‌

$

1,268‌

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.