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.