T.
ROWE
PRICE
Short-Term
Bond
Fund
February
28,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
12.7%
Car
Loan
5.3%
AmeriCredit
Automobile
Receivables
Trust
Series
2017-3,
Class
D
3.18%,
7/18/23
10,096
10,109
AmeriCredit
Automobile
Receivables
Trust
Series
2020-1,
Class
C
1.59%,
10/20/25
5,255
5,230
AmeriCredit
Automobile
Receivables
Trust
Series
2020-1,
Class
D
1.80%,
12/18/25
14,235
14,053
AmeriCredit
Automobile
Receivables
Trust
Series
2020-2,
Class
B
0.97%,
2/18/26
2,715
2,698
AmeriCredit
Automobile
Receivables
Trust
Series
2021-1,
Class
C
0.89%,
10/19/26
6,385
6,214
AmeriCredit
Automobile
Receivables
Trust
Series
2021-1,
Class
D
1.21%,
12/18/26
3,945
3,836
AmeriCredit
Automobile
Receivables
Trust
Series
2021-2,
Class
D
1.29%,
6/18/27
8,770
8,476
Avis
Budget
Rental
Car
Funding
AESOP
Series
2017-1A,
Class
B
3.41%,
9/20/23 (1)
4,535
4,566
Avis
Budget
Rental
Car
Funding
AESOP
Series
2018-2A,
Class
C
4.95%,
3/20/25 (1)
3,155
3,275
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-1A,
Class
B
3.70%,
3/20/23 (1)
327
327
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-2A,
Class
A
3.35%,
9/22/25 (1)
7,360
7,563
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-2A,
Class
B
3.55%,
9/22/25 (1)
4,265
4,373
Avis
Budget
Rental
Car
Funding
AESOP
Series
2020-1A,
Class
A
2.33%,
8/20/26 (1)
3,950
3,952
CarMax
Auto
Owner
Trust
Series
2020-1,
Class
C
2.34%,
11/17/25
2,965
2,981
CarMax
Auto
Owner
Trust
Series
2020-4,
Class
D
1.75%,
4/15/27
4,290
4,213
T.
ROWE
PRICE
Short-Term
Bond
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
CarMax
Auto
Owner
Trust
Series
2021-2,
Class
C
1.34%,
2/16/27
4,605
4,459
Drive
Auto
Receivables
Trust
Series
2020-1,
Class
C
2.36%,
3/16/26
5,838
5,865
Drive
Auto
Receivables
Trust
Series
2021-1,
Class
D
1.45%,
1/16/29
5,405
5,295
Drive
Auto
Receivables
Trust
Series
2021-2,
Class
D
1.39%,
3/15/29
6,540
6,304
Enterprise
Fleet
Financing
Series
2019-1,
Class
A2
2.98%,
10/20/24 (1)
251
251
Enterprise
Fleet
Financing
Series
2019-3,
Class
A2
2.06%,
5/20/25 (1)
1,076
1,080
Exeter
Automobile
Receivables
Trust
Series
2021-2A,
Class
C
0.98%,
6/15/26
3,935
3,882
Exeter
Automobile
Receivables
Trust
Series
2022-1A,
Class
D
3.02%,
6/15/28
9,630
9,617
Ford
Credit
Auto
Owner
Trust
Series
2019-1,
Class
B
3.82%,
7/15/30 (1)
5,000
5,168
Ford
Credit
Auto
Owner
Trust
Series
2020-2,
Class
C
1.74%,
4/15/33 (1)
4,600
4,452
Ford
Credit
Auto
Owner
Trust
Series
2020-B,
Class
C
2.04%,
12/15/26
7,465
7,491
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2020-1,
Class
B
0.98%,
9/15/25
3,805
3,748
GM
Financial
Automobile
Leasing
Trust
Series
2020-1,
Class
D
2.28%,
6/20/24
2,990
3,000
GMF
Floorplan
Owner
Revolving
Trust
Series
2019-1,
Class
A
2.70%,
4/15/24 (1)
5,910
5,926
GMF
Floorplan
Owner
Revolving
Trust
Series
2020-1,
Class
B
1.03%,
8/15/25 (1)
2,235
2,209
Hyundai
Auto
Receivables
Trust
Series
2019-A,
Class
B
2.94%,
5/15/25
5,280
5,347
T.
ROWE
PRICE
Short-Term
Bond
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
Navistar
Financial
Dealer
Note
Master
Trust
Series
2020-1,
Class
A,
ARM
1M
USD
LIBOR
+
0.95%,
1.137%,
7/25/25 (1)
5,475
5,482
Nissan
Auto
Receivables
Owner
Trust
Series
2020-A,
Class
A3
1.38%,
12/16/24
2,254
2,253
Santander
Bank
Series
2021-1A,
Class
B
1.833%,
12/15/31 (1)
1,921
1,904
Santander
Consumer
Auto
Receivables
Trust
Series
2021-BA,
Class
C
3.09%,
3/15/29 (1)
3,105
3,146
Santander
Drive
Auto
Receivables
Trust
Series
2020-3,
Class
B
0.69%,
3/17/25
9,237
9,236
Santander
Drive
Auto
Receivables
Trust
Series
2020-4,
Class
C
1.01%,
1/15/26
5,975
5,927
Santander
Drive
Auto
Receivables
Trust
Series
2021-4,
Class
D
1.67%,
10/15/27
9,480
9,222
Santander
Drive
Auto
Receivables
Trust
Series
2022-1,
Class
C
2.56%,
4/17/28
11,575
11,574
Santander
Retail
Auto
Lease
Trust
Series
2019-B,
Class
C
2.77%,
8/21/23 (1)
4,715
4,736
Santander
Retail
Auto
Lease
Trust
Series
2019-C,
Class
A3
1.86%,
2/21/23 (1)
1,439
1,441
Santander
Retail
Auto
Lease
Trust
Series
2019-C,
Class
D
2.88%,
6/20/24 (1)
13,585
13,691
Santander
Retail
Auto
Lease
Trust
Series
2020-A,
Class
D
2.52%,
11/20/24 (1)
5,280
5,299
Santander
Retail
Auto
Lease
Trust
Series
2020-B,
Class
D
1.98%,
10/20/25 (1)
4,050
3,973
Santander
Retail
Auto
Lease
Trust
Series
2021-A,
Class
C
1.14%,
3/20/26 (1)
15,370
15,031
Santander
Retail
Auto
Lease
Trust
Series
2021-B,
Class
D
1.41%,
11/20/25 (1)
6,710
6,530
Santander
Retail
Auto
Lease
Trust
Series
2021-C,
Class
C
1.11%,
3/20/26 (1)
5,315
5,155
T.
ROWE
PRICE
Short-Term
Bond
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
World
Omni
Auto
Receivables
Trust
Series
2019-C,
Class
C
2.40%,
6/15/26
5,370
5,412
World
Omni
Auto
Receivables
Trust
Series
2020-A,
Class
C
1.64%,
8/17/26
3,390
3,368
World
Omni
Auto
Receivables
Trust
Series
2022-A,
Class
C
2.55%,
9/15/28
4,240
4,242
World
Omni
Select
Auto
Trust
Series
2020-A,
Class
B
0.84%,
6/15/26
4,085
4,058
World
Omni
Select
Auto
Trust
Series
2020-A,
Class
C
1.25%,
10/15/26
4,660
4,611
282,251
Other
Asset-Backed
Securities
4.5%
Applebee's
Funding
Series
2019-1A,
Class
A2I
4.194%,
6/5/49 (1)
10,974
10,945
Barings
Series
2013-IA,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.80%,
1.054%,
1/20/28 (1)
6,557
6,545
Blackbird
Capital
Aircraft
Lease
Securitization
Series
2016-1A,
Class
AA,
STEP
2.487%,
12/16/41 (1)
3,712
3,641
BRE
Grand
Islander
Timeshare
Issuer
Series
2019-A,
Class
A
3.28%,
9/26/33 (1)
1,555
1,573
Cedar
Funding
XIV
Series
2021-14A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.10%,
1.341%,
7/15/33 (1)
10,480
10,432
CIFC
Funding
Series
2021-4A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.05%,
1.291%,
7/15/33 (1)
15,375
15,325
CNH
Equipment
Trust
Series
2018-A,
Class
B
3.47%,
10/15/25
3,105
3,108
Daimler
Trucks
Retail
Trust
Series
2020-1,
Class
A4
1.37%,
6/15/27
8,360
8,362
Dryden
Series
2020-86A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.10%,
1.341%,
7/17/34 (1)
9,145
9,145
Elara
HGV
Timeshare
Issuer
Series
2017-A,
Class
A
2.69%,
3/25/30 (1)
824
829
T.
ROWE
PRICE
Short-Term
Bond
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
Elara
HGV
Timeshare
Issuer
Series
2019-A,
Class
A
2.61%,
1/25/34 (1)
3,292
3,254
Hilton
Grand
Vacations
Trust
Series
2017-AA,
Class
A
2.66%,
12/26/28 (1)
4,910
4,943
Hilton
Grand
Vacations
Trust
Series
2017-AA,
Class
B
2.96%,
12/26/28 (1)
279
280
Hilton
Grand
Vacations
Trust
Series
2019-AA,
Class
A
2.34%,
7/25/33 (1)
1,045
1,041
Hilton
Grand
Vacations
Trust
Series
2019-AA,
Class
B
2.54%,
7/25/33 (1)
2,152
2,145
Hilton
Grand
Vacations
Trust
Series
2020-AA,
Class
A
2.74%,
2/25/39 (1)
1,473
1,475
KKR
Series
13,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
0.80%,
1.041%,
1/16/28 (1)
4,356
4,352
KKR
Series
29A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.20%,
1.441%,
1/15/32 (1)
8,250
8,268
Kubota
Credit
Owner
Trust
Series
2020-1A,
Class
A3
1.96%,
3/15/24 (1)
2,248
2,251
Madison
Park
Funding
XXIII
Series
2017-23A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.97%,
1.238%,
7/27/31 (1)
10,835
10,825
Madison
Park
Funding
XXIII
Series
2017-23A,
Class
BR,
CLO,
FRN
3M
USD
LIBOR
+
1.55%,
1.818%,
7/27/31 (1)
6,810
6,809
Madison
Park
Funding
XXXIII
Series
2019-33A,
Class
AR,
CLO,
FRN
3M
SOFR
+
1.29%,
1.449%,
10/15/32 (1)
13,845
13,800
Madison
Park
Funding
XXXV
Series
2019-35A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
0.99%,
1.244%,
4/20/32 (1)
8,915
8,915
Madison
Park
Funding
XXXVII
Series
2019-37A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.07%,
1.311%,
7/15/33 (1)
7,285
7,264
Magnetite
XXV
Series
2020-25A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.20%,
1.458%,
1/25/32 (1)
6,240
6,213
MVW
Series
2020-1A,
Class
B
2.73%,
10/20/37 (1)
1,325
1,325
T.
ROWE
PRICE
Short-Term
Bond
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
MVW
Owner
Trust
Series
2017-1A,
Class
A
2.42%,
12/20/34 (1)
381
382
MVW
Owner
Trust
Series
2017-1A,
Class
B
2.75%,
12/20/34 (1)
136
136
MVW
Owner
Trust
Series
2017-1A,
Class
C
2.99%,
12/20/34 (1)
341
340
Neuberger
Berman
Loan
Advisers
Series
2017-26A,
Class
BR,
CLO,
FRN
3M
USD
LIBOR
+
1.40%,
1.641%,
10/18/30 (1)
7,575
7,480
Neuberger
Berman
Loan
Advisers
Series
2019-32A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.99%,
1.238%,
1/20/32 (1)
14,325
14,299
Neuberger
Berman
Loan
Advisers
Series
2021-40A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.06%,
1.301%,
4/16/33 (1)
4,060
4,059
OCP
Series
2017-13A,
Class
A2R,
CLO,
FRN
3M
USD
LIBOR
+
1.55%,
1.791%,
7/15/30 (1)
11,235
11,146
Octane
Receivables
Trust
Series
2021-2A,
Class
A
1.21%,
9/20/28 (1)
5,462
5,378
Palmer
Square
Series
2020-3A,
Class
A1AR,
CLO,
FRN
3M
USD
LIBOR
+
1.08%,
1.586%,
11/15/31 (1)
11,390
11,357
Sierra
Timeshare
Receivables
Funding
Series
2019-1A,
Class
A
3.20%,
1/20/36 (1)
1,130
1,144
Sierra
Timeshare
Receivables
Funding
Series
2019-2A,
Class
A
2.59%,
5/20/36 (1)
3,600
3,585
Sierra
Timeshare
Receivables
Funding
Series
2019-3A,
Class
A
2.34%,
8/20/36 (1)
5,526
5,509
Sierra
Timeshare
Receivables
Funding
Series
2020-2A,
Class
C
3.51%,
7/20/37 (1)
1,842
1,848
Symphony
Static
I
Series
2021-1A,
Class
B,
CLO,
FRN
3M
USD
LIBOR
+
1.45%,
1.579%,
10/25/29 (1)
11,545
11,526
Symphony
XVII
Series
2016-17A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.88%,
1.121%,
4/15/28 (1)
4,384
4,365
Symphony
XXIII
Series
2020-23A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.02%,
1.261%,
1/15/34 (1)
3,605
3,595
T.
ROWE
PRICE
Short-Term
Bond
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
Symphony
XXVI
Series
2021-26A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.08%,
1.334%,
4/20/33 (1)
4,230
4,230
243,444
Student
Loan
2.9%
Navient
Private
Education
Loan
Trust
Series
2020-IA,
Class
A1A
1.33%,
4/15/69 (1)
5,047
4,877
Navient
Private
Education
Refi
Loan
Trust
Series
2019-A,
Class
A2A
3.42%,
1/15/43 (1)
4,873
4,930
Navient
Private
Education
Refi
Loan
Trust
Series
2019-EA,
Class
A2A
2.64%,
5/15/68 (1)
7,141
7,119
Navient
Private
Education
Refi
Loan
Trust
Series
2019-GA,
Class
A
2.40%,
10/15/68 (1)
9,343
9,354
Navient
Private
Education
Refi
Loan
Trust
Series
2020-A,
Class
A2A
2.46%,
11/15/68 (1)
5,781
5,669
Navient
Private
Education
Refi
Loan
Trust
Series
2020-BA,
Class
A2
2.12%,
1/15/69 (1)
3,201
3,183
Navient
Private
Education
Refi
Loan
Trust
Series
2020-CA,
Class
A2A
2.15%,
11/15/68 (1)
20,035
19,731
Navient
Private
Education
Refi
Loan
Trust
Series
2020-DA,
Class
A
1.69%,
5/15/69 (1)
3,542
3,510
Navient
Private
Education
Refi
Loan
Trust
Series
2020-FA,
Class
A
1.22%,
7/15/69 (1)
3,824
3,753
Navient
Private
Education
Refi
Loan
Trust
Series
2020-GA,
Class
A
1.17%,
9/16/69 (1)
2,311
2,281
Navient
Private
Education
Refi
Loan
Trust
Series
2020-HA,
Class
A
1.31%,
1/15/69 (1)
2,319
2,272
Navient
Private
Education
Refi
Loan
Trust
Series
2022-A,
Class
A
2.23%,
7/15/70 (1)
12,810
12,698
Nelnet
Student
Loan
Trust
Series
2005-4,
Class
A4,
ARM
3M
USD
LIBOR
+
0.18%,
0.394%,
3/22/32
4,359
4,208
Nelnet
Student
Loan
Trust
Series
2020-1A,
Class
A,
FRN
1M
USD
LIBOR
+
0.74%,
0.927%,
3/26/68 (1)
2,356
2,339
T.
ROWE
PRICE
Short-Term
Bond
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
Nelnet
Student
Loan
Trust
Series
2021-CA,
Class
AFX
1.32%,
4/20/62 (1)
13,544
12,942
Nelnet
Student
Loan
Trust
Series
2021-DA,
Class
AFX
1.63%,
4/20/62 (1)
4,520
4,411
SMB
Private
Education
Loan
Trust
Series
2014-A,
Class
A3,
ARM
1M
USD
LIBOR
+
1.50%,
1.691%,
4/15/32 (1)
9,360
9,418
SMB
Private
Education
Loan
Trust
Series
2016-B,
Class
A2A
2.43%,
2/17/32 (1)
3,927
3,929
SMB
Private
Education
Loan
Trust
Series
2016-C,
Class
A2B,
ARM
1M
USD
LIBOR
+
1.10%,
1.291%,
9/15/34 (1)
5,920
5,947
SMB
Private
Education
Loan
Trust
Series
2018-B,
Class
A2B,
ARM
1M
USD
LIBOR
+
0.72%,
0.911%,
1/15/37 (1)
9,744
9,615
SMB
Private
Education
Loan
Trust
Series
2020-B,
Class
A1A
1.29%,
7/15/53 (1)
2,413
2,358
SMB
Private
Education
Loan
Trust
Series
2020-PTB,
Class
A2A
1.60%,
9/15/54 (1)
9,358
9,181
SMB
Private
Education
Loan
Trust
Series
2021-B,
Class
A
1.31%,
7/17/51 (1)
12,547
12,238
155,963
Total
Asset-Backed
Securities
(Cost
$687,998)
681,658
CORPORATE
BONDS
47.7%
FINANCIAL
INSTITUTIONS
17.0%
Banking
10.9%
AIB
Group,
4.75%,
10/12/23 (1)
8,068
8,350
Banco
Bilbao
Vizcaya
Argentaria,
0.875%,
9/18/23
14,000
13,762
Banco
Santander,
VR,
0.701%,
6/30/24 (2)
3,000
2,948
Banco
Santander
Mexico
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
4.125%,
11/9/22
10,350
10,506
Banco
Santander
Mexico
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
5.375%,
4/17/25 (1)
1,865
1,985
Bank
of
America,
VR,
0.81%,
10/24/24 (2)
6,275
6,122
Bank
of
America,
VR,
0.976%,
4/22/25 (2)
9,040
8,767
Bank
of
America,
VR,
1.734%,
7/22/27 (2)
6,595
6,278
Bank
of
America,
VR,
1.843%,
2/4/25 (2)
6,080
6,022
T.
ROWE
PRICE
Short-Term
Bond
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
Bank
of
Ireland
Group,
4.50%,
11/25/23 (1)
21,463
22,092
Banque
Federative
du
Credit
Mutuel,
0.65%,
2/27/24 (1)
7,615
7,392
Banque
Federative
du
Credit
Mutuel,
0.998%,
2/4/25 (1)
9,745
9,364
Banque
Federative
du
Credit
Mutuel,
2.125%,
11/21/22 (1)
10,350
10,406
Barclays,
VR,
4.338%,
5/16/24 (2)
5,640
5,797
Barclays
Bank,
1.70%,
5/12/22
4,350
4,358
BNP
Paribas,
VR,
2.591%,
1/20/28 (1)(2)
8,365
8,115
BPCE,
5.70%,
10/22/23 (1)
22,547
23,671
BPCE,
FRN,
3M
USD
LIBOR
+
1.22%,
1.70%,
5/22/22 (1)
4,865
4,876
Capital
One
Financial,
3.20%,
1/30/23
5,589
5,666
Capital
One
Financial,
3.50%,
6/15/23
4,030
4,116
Capital
One
Financial,
3.90%,
1/29/24
4,115
4,244
Citigroup,
VR,
0.981%,
5/1/25 (2)
7,545
7,326
Citigroup,
VR,
3.106%,
4/8/26 (2)
4,035
4,089
Citizens
Bank,
2.65%,
5/26/22
5,175
5,188
Credicorp,
2.75%,
6/17/25 (1)
2,715
2,651
Credit
Agricole,
FRN,
3M
USD
LIBOR
+
1.02%,
1.279%,
4/24/23 (1)
5,525
5,564
Credit
Suisse,
0.495%,
2/2/24
7,350
7,123
Credit
Suisse,
1.00%,
5/5/23
10,620
10,539
Credit
Suisse
Group,
VR,
2.997%,
12/14/23 (1)(2)
3,385
3,411
Danske
Bank,
1.226%,
6/22/24 (1)
10,885
10,645
Danske
Bank,
5.375%,
1/12/24 (1)
8,680
9,134
Goldman
Sachs
Group,
3.50%,
4/1/25
7,425
7,616
Goldman
Sachs
Group,
VR,
0.657%,
9/10/24 (2)
4,990
4,873
Goldman
Sachs
Group,
VR,
0.673%,
3/8/24 (2)
3,465
3,420
Goldman
Sachs
Group,
VR,
0.925%,
10/21/24 (2)
4,580
4,483
Goldman
Sachs
Group,
VR,
1.757%,
1/24/25 (2)
7,600
7,515
HSBC
Holdings,
VR,
0.976%,
5/24/25 (2)
1,740
1,682
HSBC
Holdings,
VR,
1.162%,
11/22/24 (2)
6,210
6,112
HSBC
Holdings,
VR,
1.645%,
4/18/26 (2)
12,655
12,191
HSBC
Holdings,
VR,
2.099%,
6/4/26 (2)
1,335
1,303
HSBC
Holdings,
VR,
3.803%,
3/11/25 (2)
2,890
2,959
JPMorgan
Chase,
FRN,
SOFR
+
0.885%,
0.934%,
4/22/27
5,480
5,504
JPMorgan
Chase,
VR,
0.824%,
6/1/25 (2)
8,300
8,021
JPMorgan
Chase,
VR,
2.083%,
4/22/26 (2)
13,190
13,006
Lloyds
Banking
Group,
4.50%,
11/4/24
4,744
4,949
Lloyds
Banking
Group,
VR,
1.326%,
6/15/23 (2)
3,305
3,302
Mitsubishi
UFJ
Financial
Group,
VR,
0.953%,
7/19/25 (2)
14,410
13,953
Mizuho
Financial
Group
Cayman
2,
4.20%,
7/18/22
14,215
14,401
Morgan
Stanley,
4.10%,
5/22/23
2,320
2,381
Morgan
Stanley,
4.875%,
11/1/22
5,035
5,148
Morgan
Stanley,
VR,
0.529%,
1/25/24 (2)
6,450
6,375
Morgan
Stanley,
VR,
0.56%,
11/10/23 (2)
9,675
9,600
Morgan
Stanley,
VR,
0.731%,
4/5/24 (2)
8,475
8,355
Morgan
Stanley,
VR,
1.164%,
10/21/25 (2)
6,525
6,300
Morgan
Stanley,
VR,
2.63%,
2/18/26 (2)
7,180
7,176
T.
ROWE
PRICE
Short-Term
Bond
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
Nationwide
Building
Society,
VR,
3.622%,
4/26/23 (1)(2)
9,140
9,166
Nationwide
Building
Society,
VR,
3.766%,
3/8/24 (1)(2)
2,605
2,647
NatWest
Group,
3.875%,
9/12/23
7,650
7,835
NatWest
Markets,
0.80%,
8/12/24 (1)
6,020
5,773
NatWest
Markets,
2.375%,
5/21/23 (1)
9,705
9,792
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (2)
5,540
5,382
Societe
Generale,
2.625%,
10/16/24 (1)
1,120
1,115
Standard
Chartered,
3.95%,
1/11/23 (1)
12,570
12,765
Standard
Chartered,
VR,
0.991%,
1/12/25 (1)(2)
3,390
3,281
Standard
Chartered,
VR,
1.214%,
3/23/25 (1)(2)
520
505
Standard
Chartered,
VR,
1.319%,
10/14/23 (1)(2)
4,160
4,145
Standard
Chartered,
VR,
1.822%,
11/23/25 (1)(2)
3,965
3,872
Standard
Chartered,
VR,
3.885%,
3/15/24 (1)(2)
1,325
1,350
Svenska
Handelsbanken,
VR,
1.418%,
6/11/27 (1)(2)
6,100
5,850
Synchrony
Bank,
3.00%,
6/15/22
3,013
3,024
Synchrony
Financial,
2.85%,
7/25/22
32,030
32,225
Synchrony
Financial,
4.25%,
8/15/24
16,585
17,179
Truist
Bank,
2.80%,
5/17/22
8,110
8,129
Truist
Financial,
FRN,
SOFR
+
0.40%,
0.449%,
6/9/25
6,125
6,094
UBS
Group,
VR,
1.008%,
7/30/24 (1)(2)
12,535
12,378
UBS
Group,
VR,
1.494%,
8/10/27 (1)(2)
3,200
3,006
UniCredit,
3.75%,
4/12/22 (1)
15,001
15,043
Wells
Fargo,
3.50%,
3/8/22
897
897
Wells
Fargo,
4.125%,
8/15/23
2,625
2,707
Wells
Fargo,
VR,
1.654%,
6/2/24 (2)
6,200
6,176
Wells
Fargo,
VR,
2.188%,
4/30/26 (2)
5,935
5,850
587,318
Brokerage
Asset
Managers
Exchanges
0.5%
Charles
Schwab,
4.20%,
3/24/25
6,770
7,171
LSEGA
Financing,
0.65%,
4/6/24 (1)
11,680
11,344
Nasdaq,
0.445%,
12/21/22
6,280
6,252
24,767
Finance
Companies
2.0%
AerCap
Ireland
Capital,
1.65%,
10/29/24
11,390
11,047
AerCap
Ireland
Capital,
4.125%,
7/3/23
10,987
11,227
AerCap
Ireland
Capital,
4.50%,
9/15/23
7,505
7,730
AerCap
Ireland
Capital,
4.875%,
1/16/24
6,170
6,416
Air
Lease,
2.25%,
1/15/23
5,935
5,967
Avolon
Holdings
Funding,
2.125%,
2/21/26 (1)
9,215
8,708
Avolon
Holdings
Funding,
2.875%,
2/15/25 (1)
7,180
7,108
Avolon
Holdings
Funding,
3.625%,
5/1/22 (1)
11,115
11,129
Avolon
Holdings
Funding,
3.95%,
7/1/24 (1)
2,230
2,277
GATX,
3.90%,
3/30/23
5,640
5,754
GATX,
4.35%,
2/15/24
8,033
8,386
Park
Aerospace
Holdings,
4.50%,
3/15/23 (1)
6,408
6,529
T.
ROWE
PRICE
Short-Term
Bond
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
Park
Aerospace
Holdings,
5.25%,
8/15/22 (1)
6,200
6,270
SMBC
Aviation
Capital
Finance,
3.55%,
4/15/24 (1)
3,130
3,197
SMBC
Aviation
Capital
Finance,
4.125%,
7/15/23 (1)
3,393
3,488
105,233
Financial
Other
0.1%
LeasePlan,
2.875%,
10/24/24 (1)
6,090
6,120
6,120
Insurance
2.9%
Aetna,
2.80%,
6/15/23
4,055
4,107
American
International
Group,
2.50%,
6/30/25
9,660
9,702
Athene
Global
Funding,
1.716%,
1/7/25 (1)
12,540
12,250
Brighthouse
Financial
Global
Funding,
0.60%,
6/28/23 (1)
7,280
7,162
Brighthouse
Financial
Global
Funding,
1.00%,
4/12/24 (1)
7,275
7,085
CNO
Global
Funding,
1.65%,
1/6/25 (1)
7,125
6,961
CNO
Global
Funding,
1.75%,
10/7/26 (1)
7,280
6,945
Equitable
Financial
Life
Global
Funding,
0.50%,
4/6/23 (1)
17,120
16,870
Equitable
Financial
Life
Global
Funding,
1.10%,
11/12/24 (1)
7,095
6,855
Health
Care
Service
Corp
A
Mutual
Legal
Reserve,
1.50%,
6/1/25 (1)
11,700
11,491
Humana,
0.65%,
8/3/23
4,715
4,643
Humana,
1.35%,
2/3/27
3,515
3,308
Humana,
2.90%,
12/15/22
2,215
2,242
Humana,
3.15%,
12/1/22
2,548
2,575
Humana,
3.85%,
10/1/24
6,064
6,287
Humana,
4.50%,
4/1/25
4,125
4,375
Jackson
Financial,
1.125%,
11/22/23 (1)
9,095
8,952
Jackson
National
Life
Global
Funding,
1.75%,
1/12/25 (1)
8,265
8,107
Lincoln
National,
4.00%,
9/1/23
2,025
2,089
Marsh
&
McLennan,
3.875%,
3/15/24
5,950
6,166
Metropolitan
Life
Global
Funding
I,
0.40%,
1/7/24 (1)
6,570
6,401
Principal
Life
Global
Funding
II,
0.75%,
4/12/24 (1)
4,970
4,845
Principal
Life
Global
Funding
II,
0.875%,
1/12/26 (1)
5,795
5,520
154,938
Real
Estate
Investment
Trusts
0.6%
American
Campus
Communities
Operating
Partnership,
3.75%,
4/15/23
6,705
6,805
Highwoods
Realty,
3.625%,
1/15/23
12,275
12,427
Public
Storage,
FRN,
SOFR
+
0.47%,
0.519%,
4/23/24
4,245
4,245
Simon
Property
Group,
2.00%,
9/13/24
3,350
3,331
Simon
Property
Group,
3.375%,
10/1/24
6,565
6,742
33,550
Total
Financial
Institutions
911,926
INDUSTRIAL
27.0%
Basic
Industry
0.6%
ArcelorMittal,
3.60%,
7/16/24
3,220
3,289
Celulosa
Arauco
y
Constitucion,
4.50%,
8/1/24
5,349
5,530
T.
ROWE
PRICE
Short-Term
Bond
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
Ecolab,
1.65%,
2/1/27
2,900
2,820
LYB
International
Finance
III,
1.25%,
10/1/25
5,631
5,385
Nucor,
2.00%,
6/1/25
2,330
2,301
POSCO,
2.375%,
11/12/22 (1)
8,335
8,377
POSCO,
2.375%,
1/17/23 (1)
5,205
5,232
Westlake,
0.875%,
8/15/24
1,500
1,453
34,387
Capital
Goods
1.0%
Amphenol,
2.05%,
3/1/25
6,720
6,681
Boral
Finance,
3.00%,
11/1/22 (1)
1,070
1,077
Carrier
Global,
2.242%,
2/15/25
13,725
13,669
Otis
Worldwide,
2.056%,
4/5/25
7,965
7,904
Roper
Technologies,
1.00%,
9/15/25
1,740
1,657
Roper
Technologies,
3.125%,
11/15/22
11,005
11,120
Roper
Technologies,
3.65%,
9/15/23
2,210
2,268
Yongda
Investment,
2.25%,
6/16/25
7,884
7,710
52,086
Communications
3.8%
American
Tower,
2.40%,
3/15/25
4,733
4,709
American
Tower,
5.00%,
2/15/24
3,384
3,565
CC
Holdings,
3.849%,
4/15/23
21,993
22,593
Charter
Communications
Operating,
4.464%,
7/23/22
32,425
32,666
Charter
Communications
Operating,
4.908%,
7/23/25
19,840
21,055
Comcast,
3.70%,
4/15/24
7,705
7,988
Cox
Communications,
2.95%,
6/30/23 (1)
3,815
3,865
Cox
Communications,
3.15%,
8/15/24 (1)
5,778
5,903
Crown
Castle
International,
1.05%,
7/15/26
9,140
8,508
Crown
Castle
International,
3.15%,
7/15/23
3,226
3,280
Crown
Castle
Towers,
3.72%,
7/15/23 (1)
1,785
1,792
NTT
Finance,
0.583%,
3/1/24 (1)
4,120
4,001
SBA
Tower
Trust,
1.631%,
11/15/26 (1)
4,260
4,098
SBA
Tower
Trust,
1.884%,
1/15/26 (1)
2,480
2,401
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
7,240
7,294
SBA
Tower
Trust,
3.448%,
3/15/23 (1)
6,515
6,599
SBA
Tower
Trust,
Series
2014-2A,
Class
C,
3.869%,
10/15/49 (1)
2,540
2,590
SES,
3.60%,
4/4/23 (1)
6,410
6,506
Sky,
3.75%,
9/16/24 (1)
17,915
18,618
T-Mobile
USA,
3.50%,
4/15/25
5,990
6,158
Verizon
Communications,
0.85%,
11/20/25
11,600
11,006
Verizon
Communications,
1.45%,
3/20/26
9,810
9,471
Verizon
Communications,
2.625%,
8/15/26
4,590
4,605
Walt
Disney,
1.75%,
1/13/26
3,325
3,261
202,532
Consumer
Cyclical
4.5%
7-Eleven,
0.625%,
2/10/23 (1)
3,020
2,997
T.
ROWE
PRICE
Short-Term
Bond
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
7-Eleven,
0.80%,
2/10/24 (1)
4,890
4,773
AutoZone,
3.625%,
4/15/25
3,600
3,718
Daimler
Finance
North
America,
1.75%,
3/10/23 (1)
13,400
13,445
Daimler
Trucks
Finance
North
America,
1.625%,
12/13/24 (1)
7,760
7,615
Expedia
Group,
3.60%,
12/15/23
8,695
8,899
General
Motors,
4.875%,
10/2/23
5,380
5,612
General
Motors,
5.40%,
10/2/23
7,465
7,847
General
Motors
Financial,
2.90%,
2/26/25
13,795
13,885
Genuine
Parts,
1.75%,
2/1/25
2,980
2,929
Harley-Davidson
Financial
Services,
2.55%,
6/9/22 (1)
3,280
3,293
Hyatt
Hotels,
1.30%,
10/1/23
4,775
4,695
Hyundai
Capital
America,
0.80%,
1/8/24 (1)
5,910
5,738
Hyundai
Capital
America,
0.875%,
6/14/24 (1)
5,795
5,589
Hyundai
Capital
America,
1.00%,
9/17/24 (1)
3,765
3,628
Hyundai
Capital
America,
1.15%,
11/10/22 (1)
3,375
3,358
Hyundai
Capital
America,
2.375%,
2/10/23 (1)
14,200
14,236
Hyundai
Capital
America,
2.85%,
11/1/22 (1)
3,740
3,765
Hyundai
Capital
America,
3.00%,
6/20/22 (1)
7,780
7,809
Hyundai
Capital
Services,
2.125%,
4/24/25 (1)
2,800
2,738
Marriott
International,
2.125%,
10/3/22
505
508
Marriott
International,
3.125%,
2/15/23
2,575
2,604
Marriott
International,
3.60%,
4/15/24
14,722
15,108
Nissan
Motor,
3.043%,
9/15/23 (1)
11,394
11,495
Nissan
Motor
Acceptance,
2.60%,
9/28/22 (1)
15,085
15,177
Nissan
Motor
Acceptance,
2.65%,
7/13/22 (1)
2,696
2,708
Nordstrom,
2.30%,
4/8/24
1,280
1,232
O'Reilly
Automotive,
3.80%,
9/1/22
3,280
3,305
QVC,
4.375%,
3/15/23
30,354
30,733
Ross
Stores,
0.875%,
4/15/26
3,695
3,481
Starbucks,
2.70%,
6/15/22
3,505
3,512
Stellantis
Finance
U.S.,
1.711%,
1/29/27 (1)
5,790
5,500
Volkswagen
Group
of
America
Finance,
0.75%,
11/23/22 (1)
5,475
5,441
Volkswagen
Group
of
America
Finance,
0.875%,
11/22/23 (1)
5,295
5,187
Volkswagen
Group
of
America
Finance,
2.70%,
9/26/22 (1)
4,755
4,783
Volkswagen
Group
of
America
Finance,
2.90%,
5/13/22 (1)
2,590
2,600
Volkswagen
Group
of
America
Finance,
3.125%,
5/12/23 (1)
2,400
2,436
242,379
Consumer
Non-Cyclical
6.5%
AbbVie,
2.60%,
11/21/24
20,860
21,028
AbbVie,
2.90%,
11/6/22
12,900
13,027
AbbVie,
2.95%,
11/21/26
10,360
10,500
AbbVie,
3.20%,
11/6/22
1,385
1,397
AbbVie,
3.20%,
5/14/26
1,295
1,330
AbbVie,
3.25%,
10/1/22
1,335
1,345
AmerisourceBergen,
0.737%,
3/15/23
15,815
15,649
T.
ROWE
PRICE
Short-Term
Bond
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
Anheuser-Busch,
3.65%,
2/1/26
3,310
3,458
Astrazeneca
Finance,
1.20%,
5/28/26
12,035
11,519
BAT
International
Finance,
1.668%,
3/25/26
7,140
6,760
Bayer
U.S.
Finance
II,
3.875%,
12/15/23 (1)
5,080
5,215
Becton
Dickinson
&
Company,
3.363%,
6/6/24
4,749
4,869
Becton
Dickinson
&
Company,
3.734%,
12/15/24
1,320
1,361
Brunswick,
0.85%,
8/18/24
10,060
9,737
Bunge
Finance,
3.00%,
9/25/22
28,563
28,789
Bunge
Finance,
4.35%,
3/15/24
940
988
Cardinal
Health,
3.079%,
6/15/24
5,115
5,202
Cardinal
Health,
3.20%,
3/15/23
5,250
5,335
Cardinal
Health,
3.50%,
11/15/24
6,185
6,343
China
Mengniu
Dairy,
1.875%,
6/17/25
16,354
15,953
Cigna,
0.613%,
3/15/24
2,840
2,764
Cigna,
3.00%,
7/15/23
5,195
5,292
Cigna,
3.75%,
7/15/23
2,942
3,019
Coca-Cola
Europacific
Partners,
0.80%,
5/3/24 (1)
17,240
16,777
CommonSpirit
Health,
1.547%,
10/1/25
5,450
5,284
CVS
Health,
2.625%,
8/15/24
2,460
2,486
CVS
Health,
2.875%,
6/1/26
3,470
3,511
CVS
Health,
3.00%,
8/15/26
2,945
2,990
Diageo
Capital,
1.375%,
9/29/25
4,560
4,407
Hasbro,
3.00%,
11/19/24
13,727
13,941
Imperial
Brands
Finance,
3.125%,
7/26/24 (1)
11,685
11,829
Imperial
Brands
Finance,
3.50%,
2/11/23 (1)
16,745
16,893
Imperial
Brands
Finance,
3.75%,
7/21/22 (1)
26,935
27,045
JDE
Peet's,
0.80%,
9/24/24 (1)
4,440
4,246
PeaceHealth
Obligated
Group,
Series
2020,
1.375%,
11/15/25
1,555
1,500
PerkinElmer,
0.55%,
9/15/23
5,755
5,652
Perrigo,
4.00%,
11/15/23
1,355
1,365
Perrigo
Finance
Unlimited,
3.90%,
12/15/24
25,290
25,132
Royalty
Pharma,
0.75%,
9/2/23
6,420
6,304
Shire
Acquisitions
Investments
Ireland,
2.875%,
9/23/23
15,030
15,218
Stryker,
0.60%,
12/1/23
2,875
2,809
348,269
Energy
5.6%
Aker
BP,
3.00%,
1/15/25 (1)
7,265
7,329
Baker
Hughes
Holdings,
1.231%,
12/15/23
2,780
2,751
Canadian
Natural
Resources,
2.05%,
7/15/25
11,415
11,224
Cheniere
Corpus
Christi
Holdings,
5.875%,
3/31/25
9,955
10,739
Cheniere
Corpus
Christi
Holdings,
7.00%,
6/30/24
13,870
14,997
Devon
Energy,
8.25%,
8/1/23
4,205
4,526
Diamondback
Energy,
2.875%,
12/1/24
23,165
23,455
Diamondback
Energy,
4.75%,
5/31/25
6,245
6,665
Enbridge,
2.15%,
2/16/24
2,395
2,400
T.
ROWE
PRICE
Short-Term
Bond
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
Enbridge,
2.50%,
1/15/25
9,500
9,512
Enbridge,
2.50%,
2/14/25
4,350
4,351
Enbridge,
4.00%,
10/1/23
5,580
5,737
Energy
Transfer,
2.90%,
5/15/25
1,860
1,867
Energy
Transfer,
3.45%,
1/15/23
697
703
Energy
Transfer,
4.25%,
3/15/23
14,312
14,562
Energy
Transfer,
4.25%,
4/1/24
455
467
Energy
Transfer,
4.90%,
2/1/24
4,925
5,128
Energy
Transfer,
5.875%,
1/15/24
17,363
18,275
Energy
Transfer,
Series
5Y,
4.20%,
9/15/23
1,819
1,871
Eni,
Series
X-R,
4.00%,
9/12/23 (1)
13,505
13,885
EOG
Resources,
2.625%,
3/15/23
2,263
2,281
EQT,
3.00%,
10/1/22
16,719
16,719
Exxon
Mobil,
2.992%,
3/19/25
16,400
16,832
Gray
Oak
Pipeline,
2.00%,
9/15/23 (1)
4,272
4,260
Gray
Oak
Pipeline,
2.60%,
10/15/25 (1)
3,115
3,075
Kinder
Morgan
Energy
Partners,
3.95%,
9/1/22
955
962
Pioneer
Natural
Resources,
0.55%,
5/15/23
5,240
5,164
Plains
All
American
Pipeline,
2.85%,
1/31/23
10,934
11,025
Sabine
Pass
Liquefaction,
5.625%,
4/15/23
18,084
18,672
Sabine
Pass
Liquefaction,
5.625%,
3/1/25
3,405
3,665
Sabine
Pass
Liquefaction,
5.75%,
5/15/24
740
787
Schlumberger
Finance
Canada,
1.40%,
9/17/25
2,330
2,255
Schlumberger
Holdings,
3.75%,
5/1/24 (1)
10,390
10,685
Schlumberger
Holdings,
4.00%,
12/21/25 (1)
2,580
2,697
Suncor
Energy,
2.80%,
5/15/23
5,895
5,965
Western
Midstream
Operating,
4.00%,
7/1/22
13,190
13,206
Williams,
3.35%,
8/15/22
1,605
1,613
Williams,
3.70%,
1/15/23
16,130
16,353
Williams,
4.30%,
3/4/24
2,123
2,201
298,861
Industrial
Other
0.2%
CK
Hutchison
International
II,
2.75%,
3/29/23
10,400
10,503
10,503
Technology
3.6%
Analog
Devices,
2.95%,
4/1/25
2,075
2,125
Avnet,
4.875%,
12/1/22
2,705
2,772
Baidu,
2.875%,
7/6/22
6,676
6,698
Baidu,
3.50%,
11/28/22
5,706
5,775
CDW,
5.50%,
12/1/24
2,690
2,814
Fidelity
National
Information
Services,
0.375%,
3/1/23
9,785
9,659
Fidelity
National
Information
Services,
0.60%,
3/1/24
4,700
4,570
Fiserv,
2.75%,
7/1/24
13,355
13,490
Fiserv,
3.80%,
10/1/23
3,685
3,793
Fortinet,
1.00%,
3/15/26
5,710
5,354
T.
ROWE
PRICE
Short-Term
Bond
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
HCL
America,
1.375%,
3/10/26 (1)
15,000
14,280
IHS
Markit,
3.625%,
5/1/24
8,195
8,420
Marvell
Technology,
4.20%,
6/22/23
8,705
8,923
Microchip
Technology,
0.972%,
2/15/24
10,345
10,084
Microchip
Technology,
0.983%,
9/1/24 (1)
8,380
8,065
Microchip
Technology,
2.67%,
9/1/23
7,395
7,461
Moody's,
3.75%,
3/24/25
6,475
6,745
NXP,
2.70%,
5/1/25 (1)
1,365
1,372
NXP,
4.625%,
6/1/23 (1)
23,840
24,597
NXP,
4.875%,
3/1/24 (1)
5,381
5,642
Oracle,
2.40%,
9/15/23
11,225
11,308
Panasonic,
2.536%,
7/19/22 (1)
5,560
5,574
Qorvo,
1.75%,
12/15/24 (1)
3,710
3,607
RELX
Capital,
3.50%,
3/16/23
4,470
4,548
Skyworks
Solutions,
0.90%,
6/1/23
2,645
2,610
VMware,
0.60%,
8/15/23
5,675
5,574
Western
Union,
2.85%,
1/10/25
8,632
8,732
194,592
Transportation
1.2%
American
Airlines
PTT,
Series
2017-2,
Class
B,
3.70%,
10/15/25
4,287
4,040
Canadian
Pacific
Railway,
1.35%,
12/2/24
10,590
10,325
Canadian
Pacific
Railway,
1.75%,
12/2/26
4,645
4,484
HPHT
Finance,
2.75%,
9/11/22
14,084
14,129
HPHT
Finance,
2.875%,
11/5/24
700
708
Kansas
City
Southern,
3.00%,
5/15/23
7,520
7,614
Sydney
Airport
Finance,
3.90%,
3/22/23 (1)
9,674
9,879
Triton
Container
International,
0.80%,
8/1/23 (1)
11,395
11,192
United
Airlines
PTT,
Series
2019-2,
Class
B,
3.50%,
5/1/28
2,494
2,377
64,748
Total
Industrial
1,448,357
UTILITY
3.7%
Electric
3.5%
AES,
3.30%,
7/15/25 (1)
5,425
5,457
Alexander
Funding
Trust,
1.841%,
11/15/23 (1)
7,760
7,664
Edison
International,
2.95%,
3/15/23
4,199
4,226
Edison
International,
3.125%,
11/15/22
4,775
4,817
Enel
Finance
International,
1.375%,
7/12/26 (1)
9,605
9,064
Enel
Finance
International,
2.65%,
9/10/24 (1)
11,270
11,321
FirstEnergy,
Series
A,
3.35%,
7/15/22
6,995
6,986
Hero
Asia
Investment,
1.50%,
11/18/23
14,320
14,072
NextEra
Energy
Capital
Holdings,
1.875%,
1/15/27
9,130
8,822
NRG
Energy,
3.75%,
6/15/24 (1)
4,470
4,546
Pacific
Gas
&
Electric,
1.75%,
6/16/22
52,095
52,082
Pacific
Gas
&
Electric,
3.50%,
6/15/25
8,205
8,285
Pacific
Gas
&
Electric,
FRN,
SOFRINDX
+
1.15%,
2.194%,
11/14/22
1,475
1,474
T.
ROWE
PRICE
Short-Term
Bond
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
Sinosing
Services
Pte,
2.25%,
2/20/25
16,700
16,449
Vistra
Operations,
3.55%,
7/15/24 (1)
30,800
30,993
186,258
Natural
Gas
0.2%
APT
Pipelines,
4.20%,
3/23/25 (1)
13,674
14,239
14,239
Total
Utility
200,497
Total
Corporate
Bonds
(Cost
$2,589,515)
2,560,780
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
2.0%
Local
Authorities
0.5%
Eastern
Creation
II
Investment
Holdings,
1.00%,
9/10/23
10,265
10,109
Eastern
Creation
II
Investment
Holdings,
1.35%,
10/20/24
3,590
3,507
Guangzhou
Metro
Investment
Finance
BVI,
1.507%,
9/17/25
15,000
14,353
27,969
Owned
No
Guarantee
1.5%
Banco
del
Estado
de
Chile,
2.704%,
1/9/25 (1)
4,585
4,593
DAE
Funding,
1.55%,
8/1/24 (1)
4,225
4,057
Korea
Hydro
&
Nuclear
Power,
1.25%,
4/27/26 (1)
12,038
11,548
NBN,
1.45%,
5/5/26 (1)
15,195
14,525
Prosperous
Ray,
4.625%,
11/12/23
4,850
5,033
QNB
Finance,
2.625%,
5/12/25
4,765
4,766
QNB
Finance,
3.50%,
3/28/24
8,635
8,828
Saudi
Arabian
Oil,
2.75%,
4/16/22 (1)
13,480
13,517
State
Bank
of
India,
4.50%,
9/28/23
4,000
4,140
Tenaga
Nasional,
7.50%,
11/1/25
8,850
10,328
81,335
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$112,049)
109,304
MUNICIPAL
SECURITIES
0.8%
California
0.1%
Golden
State
Tobacco
Securitization,
Series A-1,
1.711%,
6/1/24
5,815
5,738
5,738
Connecticut
0.1%
Connecticut,
Series A,
GO,
1.998%,
7/1/24
1,925
1,935
Connecticut,
Series A,
GO,
2.00%,
7/1/23
770
776
Connecticut,
Series A,
GO,
2.098%,
7/1/25
1,275
1,278
3,989
T.
ROWE
PRICE
Short-Term
Bond
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
Florida
0.2%
State
Board
of
Administration
Fin.,
Series A,
1.258%,
7/1/25
11,160
10,923
10,923
Illinois
0.3%
Chicago
Transit
Auth.
Sales
Tax
Receipts
Fund,
Series B,
1.708%,
12/1/22
295
296
Chicago
Transit
Auth.
Sales
Tax
Receipts
Fund,
Series B,
1.838%,
12/1/23
275
275
Chicago
Transit
Auth.
Sales
Tax
Receipts
Fund,
Series B,
2.064%,
12/1/24
795
790
Illinois,
Series A,
GO,
2.25%,
10/1/22
13,440
13,504
14,865
New
York
0.0%
Long
Island
Power
Auth.,
Series C,
0.764%,
3/1/23
2,460
2,453
2,453
Texas
0.1%
Dallas
Fort
Worth
Int'l
Airport,
Series C,
1.329%,
11/1/25
1,670
1,624
Houston
Airport
System
Revenue,
Series C,
0.883%,
7/1/22
575
575
Houston
Airport
System
Revenue,
Series C,
1.054%,
7/1/23
975
970
Houston
Airport
System
Revenue,
Series C,
1.272%,
7/1/24
3,245
3,193
6,362
Total
Municipal
Securities
(Cost
$44,677)
44,330
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
17.2%
Collateralized
Mortgage
Obligations
9.9%
Angel
Oak
Mortgage
Trust
Series
2020-3,
Class
A1,
CMO,
ARM
1.691%,
4/25/65 (1)
2,118
2,109
Angel
Oak
Mortgage
Trust
Series
2020-5,
Class
A2,
CMO,
ARM
1.579%,
5/25/65 (1)
1,829
1,812
Angel
Oak
Mortgage
Trust
Series
2020-6,
Class
A1,
CMO,
ARM
1.261%,
5/25/65 (1)
2,497
2,469
Angel
Oak
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.909%,
1/25/66 (1)
6,526
6,402
Angel
Oak
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.985%,
4/25/66 (1)
5,588
5,469
Angel
Oak
Mortgage
Trust
Series
2021-2,
Class
A2,
CMO,
ARM
1.19%,
4/25/66 (1)
1,614
1,574
T.
ROWE
PRICE
Short-Term
Bond
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
Angel
Oak
Mortgage
Trust
Series
2021-3,
Class
A1,
CMO,
ARM
1.068%,
5/25/66 (1)
4,352
4,284
Angel
Oak
Mortgage
Trust
Series
2021-6,
Class
A3,
CMO,
ARM
1.714%,
9/25/66 (1)
3,972
3,834
Angel
Oak
Mortgage
Trust
I
Series
2019-2,
Class
A1,
CMO,
ARM
3.628%,
3/25/49 (1)
765
765
Angel
Oak
Mortgage
Trust
I
Series
2019-2,
Class
M1,
CMO,
ARM
4.065%,
3/25/49 (1)
4,490
4,484
Angel
Oak
Mortgage
Trust
I
Series
2019-4,
Class
A3,
CMO,
ARM
3.301%,
7/26/49 (1)
1,156
1,158
Barclays
Mortgage
Loan
Trust
Series
2021-NQM1,
Class
A1,
CMO,
ARM
1.747%,
9/25/51 (1)
9,321
9,124
Bayview
MSR
Opportunity
Master
Fund
Trust
Series
2021-2,
Class
A5,
CMO,
ARM
2.50%,
6/25/51 (1)
7,884
7,734
Bayview
MSR
Opportunity
Master
Fund
Trust
Series
2021-5,
Class
A5,
CMO,
ARM
2.50%,
11/25/51 (1)
6,051
5,953
Bayview
MSR
Opportunity
Master
Fund
Trust
Series
2022-1,
Class
A5,
CMO,
ARM
2.50%,
12/25/51 (1)
6,578
6,477
BINOM
Securitization
Trust
Series
2021-INV1,
Class
A3,
CMO,
ARM
2.625%,
6/25/56 (1)
3,176
3,102
BRAVO
Residential
Funding
Trust
Series
2021-NQM3,
Class
A1,
CMO,
ARM
1.699%,
4/25/60 (1)
6,737
6,681
CIM
Trust
Series
2020-INV1,
Class
A2,
CMO,
ARM
2.50%,
4/25/50 (1)
5,084
5,036
CIM
Trust
Series
2021-INV1,
Class
A8,
CMO,
ARM
2.50%,
7/1/51 (1)
3,720
3,651
Citigroup
Mortgage
Loan
Trust
Series
2020-EXP2,
Class
A3,
CMO,
ARM
2.50%,
8/25/50 (1)
5,308
5,215
COLT
Mortgage
Loan
Trust
Series
2020-3,
Class
A1,
CMO,
ARM
1.506%,
4/27/65 (1)
814
811
COLT
Mortgage
Loan
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.373%,
6/25/66 (1)
3,450
3,330
T.
ROWE
PRICE
Short-Term
Bond
Fund
20
Par/Shares
$
Value
(Amounts
in
000s)
COLT
Mortgage
Loan
Trust
Series
2021-3,
Class
A3,
CMO,
ARM
1.419%,
9/27/66 (1)
3,200
3,091
Connecticut
Avenue
Securities
Series
2017-C02,
Class
2ED3,
CMO,
ARM
1M
USD
LIBOR
+
1.35%,
1.537%,
9/25/29
310
312
Connecticut
Avenue
Securities
Series
2017-C04,
Class
2ED2,
CMO,
ARM
1M
USD
LIBOR
+
1.10%,
1.287%,
11/25/29
9,335
9,346
Connecticut
Avenue
Securities
Series
2017-C05,
Class
1ED3,
CMO,
ARM
1M
USD
LIBOR
+
1.20%,
1.387%,
1/25/30
3,116
3,052
Connecticut
Avenue
Securities
Series
2018-C03,
Class
1EB2,
CMO,
ARM
1M
USD
LIBOR
+
0.85%,
1.037%,
10/25/30
10,615
10,561
Connecticut
Avenue
Securities
Series
2018-C03,
Class
1ED2,
CMO,
ARM
1M
USD
LIBOR
+
0.85%,
1.037%,
10/25/30
7,436
7,390
Connecticut
Avenue
Securities
Series
2022-R01,
Class
1M1,
CMO,
ARM
SOFR30A
+
1.00%,
1.049%,
12/25/41 (1)
7,974
7,904
Connecticut
Avenue
Securities
Series
2022-R02,
Class
2M1,
CMO,
ARM
SOFR30A
+
1.20%,
1.249%,
1/25/42 (1)
12,813
12,789
Deephaven
Residential
Mortgage
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.128%,
5/25/65 (1)
1,866
1,830
Deephaven
Residential
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.899%,
4/25/66 (1)
2,324
2,249
Deephaven
Residential
Mortgage
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
1.26%,
4/25/66 (1)
2,586
2,509
Eagle
Series
2021-2,
Class
M1A,
CMO,
ARM
SOFR30A
+
1.55%,
1.599%,
4/25/34 (1)
3,950
3,928
Ellington
Financial
Mortgage
Trust
Series
2019-2,
Class
A1,
CMO,
ARM
2.739%,
11/25/59 (1)
1,461
1,455
Ellington
Financial
Mortgage
Trust
Series
2019-2,
Class
A3,
CMO,
ARM
3.046%,
11/25/59 (1)
868
864
Ellington
Financial
Mortgage
Trust
Series
2020-1,
Class
A1,
CMO,
ARM
2.006%,
5/25/65 (1)
1,173
1,173
Ellington
Financial
Mortgage
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
1.178%,
10/25/65 (1)
3,623
3,599
T.
ROWE
PRICE
Short-Term
Bond
Fund
21
Par/Shares
$
Value
(Amounts
in
000s)
Ellington
Financial
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.797%,
2/25/66 (1)
1,474
1,435
Ellington
Financial
Mortgage
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.106%,
2/25/66 (1)
1,246
1,216
Ellington
Financial
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.931%,
6/25/66 (1)
2,953
2,865
Ellington
Financial
Mortgage
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
1.291%,
6/25/66 (1)
2,828
2,746
Ellington
Financial
Mortgage
Trust
Series
2021-3,
Class
A1,
CMO,
ARM
1.241%,
9/25/66 (1)
3,807
3,637
Ellington
Financial
Mortgage
Trust
Series
2021-3,
Class
A3,
CMO,
ARM
1.55%,
9/25/66 (1)
2,760
2,647
Flagstar
Mortgage
Trust
Series
2020-1INV,
Class
A11,
CMO,
ARM
1M
USD
LIBOR
+
0.85%,
1.037%,
3/25/50 (1)
2,078
2,069
Flagstar
Mortgage
Trust
Series
2021-5INV,
Class
A5,
CMO,
ARM
2.50%,
7/25/51 (1)
3,279
3,213
Freddie
Mac
Whole
Loan
Securities
Trust
Series
2017-SC02,
Class
M1,
CMO,
ARM
3.843%,
5/25/47 (1)
533
534
FWD
Securitization
Trust
Series
2020-INV1,
Class
A1,
CMO,
ARM
2.24%,
1/25/50 (1)
5,030
5,000
Galton
Funding
Mortgage
Trust
Series
2018-1,
Class
A33,
CMO,
ARM
3.50%,
11/25/57 (1)
772
773
Galton
Funding
Mortgage
Trust
Series
2019-1,
Class
A32,
CMO,
ARM
4.00%,
2/25/59 (1)
948
952
Galton
Funding
Mortgage
Trust
Series
2019-H1,
Class
M1,
CMO,
ARM
3.339%,
10/25/59 (1)
7,916
7,815
Galton
Funding
Mortgage
Trust
Series
2020-H1,
Class
A1,
CMO,
ARM
2.31%,
1/25/60 (1)
471
471
Galton
Funding
Mortgage
Trust
Series
2020-H1,
Class
M1,
CMO,
ARM
2.832%,
1/25/60 (1)
4,592
4,498
GS
Mortgage-Backed
Securities
Trust
Series
2014-EB1A,
Class
2A1,
CMO,
ARM
1.625%,
7/25/44 (1)
112
113
T.
ROWE
PRICE
Short-Term
Bond
Fund
22
Par/Shares
$
Value
(Amounts
in
000s)
GS
Mortgage-Backed
Securities
Trust
Series
2021-GR2,
Class
A6,
CMO,
ARM
2.50%,
2/25/52 (1)
8,760
8,614
GS
Mortgage-Backed
Securities
Trust
Series
2021-HP1,
Class
A6,
CMO,
ARM
2.50%,
1/25/52 (1)
4,630
4,553
GS
Mortgage-Backed
Securities
Trust
Series
2021-NQM1,
Class
A1,
CMO,
ARM
1.017%,
7/25/61 (1)
3,120
3,054
GS
Mortgage-Backed
Securities
Trust
Series
2021-PJ5,
Class
A8,
CMO,
ARM
2.50%,
10/25/51 (1)
13,299
13,063
GS
Mortgage-Backed
Securities
Trust
Series
2022-GR1,
Class
A5,
CMO,
ARM
2.50%,
6/25/52 (1)
13,764
13,543
Homeward
Opportunities
Fund
I
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
1.657%,
5/25/65 (1)
1,196
1,192
Homeward
Opportunities
Fund
I
Trust
Series
2020-2,
Class
A2,
CMO,
ARM
2.635%,
5/25/65 (1)
5,750
5,742
Hundred
Acre
Wood
Trust
Series
2021-INV1,
Class
A9,
CMO,
ARM
2.50%,
7/25/51 (1)
7,944
7,798
Imperial
Fund
Mortgage
Trust
Series
2021-NQM2,
Class
A3,
CMO,
ARM
1.516%,
9/25/56 (1)
4,850
4,573
JPMorgan
Mortgage
Trust
Series
2020-INV1,
Class
A11,
CMO,
ARM
1M
USD
LIBOR
+
0.83%,
0.938%,
8/25/50 (1)
1,031
1,030
JPMorgan
Mortgage
Trust
Series
2020-INV1,
Class
A15,
CMO,
ARM
3.50%,
8/25/50 (1)
1,696
1,699
Mello
Mortgage
Capital
Acceptance
Series
2021-INV3,
Class
A4,
CMO,
ARM
2.50%,
10/25/51 (1)
6,555
6,431
MFA
Trust
Series
2021-INV1,
Class
A1,
CMO,
ARM
0.852%,
1/25/56 (1)
3,395
3,335
MFA
Trust
Series
2021-NQM2,
Class
A2,
CMO,
ARM
1.317%,
11/25/64 (1)
2,567
2,503
Morgan
Stanley
Residential
Mortgage
Loan
Trust
Series
2021-2,
Class
A4,
CMO,
ARM
2.50%,
5/25/51 (1)
2,551
2,494
New
Residential
Mortgage
Loan
Trust
Series
2019-NQM5,
Class
A1,
CMO,
ARM
2.71%,
11/25/59 (1)
1,869
1,874
T.
ROWE
PRICE
Short-Term
Bond
Fund
23
Par/Shares
$
Value
(Amounts
in
000s)
New
Residential
Mortgage
Loan
Trust
Series
2020-NQM1,
Class
A1,
CMO,
ARM
2.464%,
1/26/60 (1)
1,655
1,652
New
Residential
Mortgage
Loan
Trust
Series
2020-NQM1,
Class
A3,
CMO,
ARM
2.769%,
1/26/60 (1)
1,301
1,295
New
Residential
Mortgage
Loan
Trust
Series
2020-NQM2,
Class
A1,
CMO,
ARM
1.65%,
5/24/60 (1)
1,085
1,074
New
Residential
Mortgage
Loan
Trust
Series
2021-INV1,
Class
A6,
CMO,
ARM
2.50%,
6/25/51 (1)
5,158
5,063
New
Residential
Mortgage
Loan
Trust
Series
2021-INV2,
Class
A7,
CMO,
ARM
2.50%,
9/25/51 (1)
12,712
12,500
New
Residential
Mortgage
Loan
Trust
Series
2021-NQ1R,
Class
A1,
CMO,
ARM
0.943%,
7/25/55 (1)
5,034
4,940
NLT
Trust
Series
2021-INV2,
Class
A1,
CMO,
ARM
1.162%,
8/25/56 (1)
14,932
14,360
NLT
Trust
Series
2021-INV2,
Class
A3,
CMO,
ARM
1.52%,
8/25/56 (1)
3,773
3,630
OBX
Trust
Series
2019-EXP2,
Class
2A2,
CMO,
ARM
1M
USD
LIBOR
+
1.20%,
1.387%,
6/25/59 (1)
572
570
OBX
Trust
Series
2019-EXP3,
Class
2A1,
CMO,
ARM
1M
USD
LIBOR
+
0.90%,
1.087%,
10/25/59 (1)
2,399
2,399
OBX
Trust
Series
2020-EXP1,
Class
1A8,
CMO,
ARM
3.50%,
2/25/60 (1)
3,109
3,091
OBX
Trust
Series
2020-EXP1,
Class
2A2,
CMO,
ARM
1M
USD
LIBOR
+
0.95%,
1.137%,
2/25/60 (1)
653
651
OBX
Trust
Series
2020-EXP2,
Class
A8,
CMO,
ARM
3.00%,
5/25/60 (1)
3,882
3,887
OBX
Trust
Series
2020-EXP2,
Class
A9,
CMO,
ARM
3.00%,
5/25/60 (1)
586
584
OBX
Trust
Series
2020-EXP3,
Class
1A8,
CMO,
ARM
3.00%,
1/25/60 (1)
3,304
3,299
OBX
Trust
Series
2020-INV1,
Class
A5,
CMO,
ARM
3.50%,
12/25/49 (1)
938
939
T.
ROWE
PRICE
Short-Term
Bond
Fund
24
Par/Shares
$
Value
(Amounts
in
000s)
OBX
Trust
Series
2021-J1,
Class
A4,
CMO,
ARM
2.50%,
5/25/51 (1)
8,703
8,558
OBX
Trust
Series
2021-NQM1,
Class
A1,
CMO,
ARM
1.072%,
2/25/66 (1)
6,126
5,995
OBX
Trust
Series
2021-NQM1,
Class
A2,
CMO,
ARM
1.175%,
2/25/66 (1)
4,470
4,371
OBX
Trust
Series
2021-NQM3,
Class
A1,
CMO,
ARM
1.054%,
7/25/61 (1)
3,659
3,531
PSMC
Trust
Series
2021-1,
Class
A11,
CMO,
ARM
2.50%,
3/25/51 (1)
12,135
11,888
PSMC
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
2.50%,
5/25/51 (1)
9,327
9,120
Sequoia
Mortgage
Trust
Series
2018-CH2,
Class
A21,
CMO,
ARM
4.00%,
6/25/48 (1)
519
522
Sequoia
Mortgage
Trust
Series
2018-CH2,
Class
A3,
CMO,
ARM
4.00%,
6/25/48 (1)
1,359
1,365
Sequoia
Mortgage
Trust
Series
2018-CH3,
Class
A19,
CMO,
ARM
4.50%,
8/25/48 (1)
226
227
Sequoia
Mortgage
Trust
Series
2018-CH4,
Class
A19,
CMO,
ARM
4.50%,
10/25/48 (1)
216
217
Sequoia
Mortgage
Trust
Series
2018-CH4,
Class
A2,
CMO,
ARM
4.00%,
10/25/48 (1)
333
334
SG
Residential
Mortgage
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
1.381%,
5/25/65 (1)
2,121
2,096
Starwood
Mortgage
Residential
Trust
Series
2019-INV1,
Class
A1,
CMO,
ARM
2.61%,
9/27/49 (1)
151
151
Starwood
Mortgage
Residential
Trust
Series
2019-INV1,
Class
A3,
CMO,
ARM
2.916%,
9/27/49 (1)
2,611
2,610
Starwood
Mortgage
Residential
Trust
Series
2020-1,
Class
A2,
CMO,
ARM
2.408%,
2/25/50 (1)
3,371
3,346
Starwood
Mortgage
Residential
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.943%,
5/25/65 (1)
3,698
3,647
T.
ROWE
PRICE
Short-Term
Bond
Fund
25
Par/Shares
$
Value
(Amounts
in
000s)
Starwood
Mortgage
Residential
Trust
Series
2021-4,
Class
A1,
CMO,
ARM
1.162%,
8/25/56 (1)
12,313
12,017
Structured
Agency
Credit
Risk
Debt
Notes
Series
2014-DN3,
Class
M3,
CMO,
ARM
1M
USD
LIBOR
+
4.00%,
4.187%,
8/25/24
1,218
1,230
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-DNA2,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
0.80%,
0.987%,
12/25/30 (1)
834
834
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-DNA2,
Class
M2AS,
CMO,
ARM
1M
USD
LIBOR
+
0.95%,
1.137%,
12/25/30 (1)
7,535
7,502
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-DNA3,
Class
M2AS,
CMO,
ARM
1M
USD
LIBOR
+
0.90%,
1.087%,
9/25/48 (1)
5,048
5,052
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-HQA2,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
0.75%,
0.937%,
10/25/48 (1)
721
720
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-HRP2,
Class
M2,
CMO,
ARM
1M
USD
LIBOR
+
1.25%,
1.437%,
2/25/47 (1)
2,540
2,537
Structured
Agency
Credit
Risk
Debt
Notes
Series
2020-DNA6,
Class
M1,
CMO,
ARM
SOFR30A
+
0.90%,
0.949%,
12/25/50 (1)
351
351
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA1,
Class
M1,
CMO,
ARM
SOFR30A
+
0.65%,
0.699%,
1/25/51 (1)
400
400
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA3,
Class
M2,
CMO,
ARM
SOFR30A
+
2.10%,
2.149%,
10/25/33 (1)
5,855
5,848
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA5,
Class
M2,
CMO,
ARM
SOFR30A
+
1.65%,
1.699%,
1/25/34 (1)
3,750
3,684
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA6,
Class
M2,
CMO,
ARM
SOFR30A
+
1.50%,
1.549%,
10/25/41 (1)
4,995
4,822
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-HQA3,
Class
M1,
CMO,
ARM
SOFR30A
+
0.85%,
0.899%,
9/25/41 (1)
4,270
4,226
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-HQA4,
Class
M1,
CMO,
ARM
SOFR30A
+
0.95%,
0.999%,
12/25/41 (1)
6,505
6,415
TRK
Trust
Series
2021-INV1,
Class
A3,
CMO,
ARM
1.562%,
7/25/56 (1)
2,155
2,066
UWM
Mortgage
Trust
Series
2021-INV2,
Class
A4,
CMO,
ARM
2.50%,
9/25/51 (1)
2,511
2,464
T.
ROWE
PRICE
Short-Term
Bond
Fund
26
Par/Shares
$
Value
(Amounts
in
000s)
UWM
Mortgage
Trust
Series
2021-INV5,
Class
A4,
CMO,
ARM
2.50%,
1/25/52 (1)
2,923
2,875
Verus
Securitization
Trust
Series
2019-4,
Class
A3,
CMO,
STEP
3.00%,
11/25/59 (1)
2,261
2,264
Verus
Securitization
Trust
Series
2019-INV2,
Class
A1,
CMO,
ARM
2.913%,
7/25/59 (1)
2,981
2,991
Verus
Securitization
Trust
Series
2019-INV3,
Class
A3,
CMO,
ARM
3.10%,
11/25/59 (1)
3,635
3,641
Verus
Securitization
Trust
Series
2020-1,
Class
A1,
CMO,
STEP
2.417%,
1/25/60 (1)
2,012
2,010
Verus
Securitization
Trust
Series
2020-1,
Class
A3,
CMO,
STEP
2.724%,
1/25/60 (1)
4,594
4,639
Verus
Securitization
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
2.226%,
5/25/60 (1)
3,546
3,524
Verus
Securitization
Trust
Series
2020-5,
Class
A3,
CMO,
STEP
1.733%,
5/25/65 (1)
1,812
1,786
Verus
Securitization
Trust
Series
2020-INV1,
Class
A1,
CMO,
ARM
1.977%,
3/25/60 (1)
581
578
Verus
Securitization
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
1.052%,
1/25/66 (1)
2,863
2,792
Verus
Securitization
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.155%,
1/25/66 (1)
1,692
1,642
Verus
Securitization
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
1.031%,
2/25/66 (1)
3,724
3,641
Verus
Securitization
Trust
Series
2021-5,
Class
A3,
CMO,
ARM
1.373%,
9/25/66 (1)
4,119
3,943
Verus
Securitization
Trust
Series
2021-R1,
Class
A2,
CMO,
ARM
1.057%,
10/25/63 (1)
1,481
1,468
Verus
Securitization
Trust
Series
2021-R2,
Class
A1,
CMO,
ARM
0.918%,
2/25/64 (1)
4,001
3,955
Verus
Securitization
Trust
Series
2022-1,
Class
A3,
CMO,
ARM
3.288%,
1/25/67 (1)
9,805
9,742
T.
ROWE
PRICE
Short-Term
Bond
Fund
27
Par/Shares
$
Value
(Amounts
in
000s)
Vista
Point
Securitization
Trust
Series
2020-1,
Class
A1,
CMO,
ARM
1.763%,
3/25/65 (1)
700
699
Vista
Point
Securitization
Trust
Series
2020-2,
Class
A3,
CMO,
ARM
2.496%,
4/25/65 (1)
1,337
1,321
Wells
Fargo
Mortgage
Backed
Securities
Trust
Series
2020-RR1,
Class
A17,
CMO,
ARM
3.00%,
5/25/50 (1)
714
703
Wells
Fargo
Mortgage
Backed
Securities
Trust
Series
2021-RR1,
Class
A3,
CMO,
ARM
2.50%,
12/25/50 (1)
10,262
10,071
ZH
Trust
Series
2021-1,
Class
A,
CMO
2.253%,
2/18/27 (1)
5,160
5,128
532,501
Commercial
Mortgage-Backed
Securities
6.8%
280
Park
Avenue
Mortgage
Trust
Series
2017-280P,
Class
A,
ARM
1M
USD
LIBOR
+
0.88%,
1.071%,
9/15/34 (1)
5,835
5,799
Arbor
Realty
Commercial
Real
Estate
Notes
Series
2021-FL3,
Class
A,
ARM
1M
USD
LIBOR
+
1.07%,
1.261%,
8/15/34 (1)
9,270
9,210
Arbor
Realty
Commercial
Real
Estate
Notes
Series
2021-FL4,
Class
A,
ARM
1M
USD
LIBOR
+
1.35%,
1.541%,
11/15/36 (1)
6,810
6,810
Austin
Fairmont
Hotel
Trust
Series
2019-FAIR,
Class
A,
ARM
1M
USD
LIBOR
+
1.05%,
1.241%,
9/15/32 (1)
8,355
8,261
BAMLL
Commercial
Mortgage-Backed
Securities
Trust
Series
2018-DSNY,
Class
A,
ARM
1M
USD
LIBOR
+
0.85%,
1.041%,
9/15/34 (1)
8,180
8,088
BANK
Series
2019-BN19,
Class
A1
2.263%,
8/15/61
2,393
2,377
BANK
Series
2019-BN24,
Class
A1
2.056%,
11/15/62
2,556
2,539
BCP
Trust
Series
2021-330N,
Class
A,
ARM
1M
USD
LIBOR
+
0.799%,
0.99%,
6/15/38 (1)
4,285
4,222
BIG
Commercial
Mortgage
Trust
Series
2022-BIG,
Class
C,
ARM
1M
SOFR
+
2.34%,
2.39%,
2/15/39 (1)
2,805
2,797
BPR
Trust
Series
2021-TY,
Class
B,
ARM
1M
USD
LIBOR
+
1.15%,
1.341%,
9/15/38 (1)
6,525
6,427
T.
ROWE
PRICE
Short-Term
Bond
Fund
28
Par/Shares
$
Value
(Amounts
in
000s)
BSPRT
Issuer
Series
2022-FL8,
Class
A,
ARM
SOFR30A
+
1.50%,
1.55%,
2/15/37 (1)
10,745
10,734
BSREP
Commercial
Mortgage
Trust
Series
2021-DC,
Class
D,
ARM
1M
USD
LIBOR
+
1.90%,
2.092%,
8/15/38 (1)
5,765
5,643
BX
Commercial
Mortgage
Trust
Series
2019-XL,
Class
B,
ARM
1M
USD
LIBOR
+
1.08%,
1.271%,
10/15/36 (1)
4,696
4,655
BX
Commercial
Mortgage
Trust
Series
2021-SOAR,
Class
D,
ARM
1M
USD
LIBOR
+
1.40%,
1.591%,
6/15/38 (1)
5,650
5,519
BX
Trust
Series
2021-ARIA,
Class
C,
ARM
1M
USD
LIBOR
+
1.646%,
1.837%,
10/15/36 (1)
4,830
4,721
BX
Trust
Series
2021-VIEW,
Class
A,
ARM
1M
USD
LIBOR
+
1.28%,
1.471%,
6/15/23 (1)
3,785
3,750
CGDB
Commercial
Mortgage
Trust
Series
2019-MOB,
Class
D,
ARM
1M
USD
LIBOR
+
1.65%,
1.841%,
11/15/36 (1)
10,831
10,627
Commercial
Mortgage
Trust
Series
2013-300P,
Class
A1
4.353%,
8/10/30 (1)
4,134
4,219
Commercial
Mortgage
Trust
Series
2014-CR15,
Class
B,
ARM
4.64%,
2/10/47
6,420
6,627
Commercial
Mortgage
Trust
Series
2014-CR19,
Class
AM
4.08%,
8/10/47
7,262
7,467
Commercial
Mortgage
Trust
Series
2014-CR19,
Class
D,
ARM
4.703%,
8/10/47 (1)
2,995
2,863
Commercial
Mortgage
Trust
Series
2015-LC23,
Class
A2
3.221%,
10/10/48
8,198
8,221
Commercial
Mortgage
Trust
Series
2020-CBM,
Class
D,
ARM
3.633%,
2/10/37 (1)
3,895
3,760
Credit
Suisse
Mortgage
Capital
Certificates
Series
2019-ICE4,
Class
C,
ARM
1M
USD
LIBOR
+
1.43%,
1.621%,
5/15/36 (1)
8,520
8,435
Credit
Suisse
Mortgage
Capital
Certificates
Series
2019-ICE4,
Class
D,
ARM
1M
USD
LIBOR
+
1.60%,
1.791%,
5/15/36 (1)
6,220
6,158
Credit
Suisse
Mortgage
Trust
Series
2020-NET,
Class
A
2.257%,
8/15/37 (1)
3,331
3,249
T.
ROWE
PRICE
Short-Term
Bond
Fund
29
Par/Shares
$
Value
(Amounts
in
000s)
Fontainebleau
Miami
Beach
Trust
Series
2019-FBLU,
Class
B
3.447%,
12/10/36 (1)
7,180
7,161
Fontainebleau
Miami
Beach
Trust
Series
2019-FBLU,
Class
C
3.75%,
12/10/36 (1)
7,590
7,541
GCT
Commercial
Mortgage
Trust
Series
2021-GCT,
Class
A,
ARM
1M
USD
LIBOR
+
0.80%,
0.991%,
2/15/38 (1)
5,110
5,093
Great
Wolf
Trust
Series
2019-WOLF,
Class
A,
ARM
1M
USD
LIBOR
+
1.034%,
1.225%,
12/15/36 (1)
3,785
3,735
Great
Wolf
Trust
Series
2019-WOLF,
Class
C,
ARM
1M
USD
LIBOR
+
1.633%,
1.824%,
12/15/36 (1)
4,200
4,126
GS
Mortgage
Securities
Trust
Series
2021-ROSS,
Class
B,
ARM
1M
USD
LIBOR
+
1.60%,
1.792%,
5/15/26 (1)
5,705
5,631
InTown
Hotel
Portfolio
Trust
Series
2018-STAY,
Class
A,
ARM
1M
USD
LIBOR
+
1.10%,
1.292%,
1/15/33 (1)
1,865
1,858
InTown
Hotel
Portfolio
Trust
Series
2018-STAY,
Class
C,
ARM
1M
USD
LIBOR
+
1.65%,
1.842%,
1/15/33 (1)
1,495
1,489
JPMBB
Commercial
Mortgage
Securities
Trust
Series
2014-C23,
Class
A5
3.934%,
9/15/47
8,280
8,553
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2019-BKWD,
Class
B,
ARM
1M
USD
LIBOR
+
1.35%,
1.541%,
9/15/29 (1)
12,870
12,644
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2019-BKWD,
Class
C,
ARM
1M
USD
LIBOR
+
1.60%,
1.791%,
9/15/29 (1)
3,975
3,885
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
B,
ARM
1M
USD
LIBOR
+
1.77%,
1.962%,
10/15/33 (1)
8,240
8,075
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
C,
ARM
1M
USD
LIBOR
+
2.17%,
2.362%,
10/15/33 (1)
6,310
6,152
KIND
Trust
Series
2021-KIND,
Class
C,
ARM
1M
USD
LIBOR
+
1.75%,
1.941%,
8/15/38 (1)
8,475
8,294
KKR
Industrial
Portfolio
Trust
Series
2021-KDIP,
Class
C,
ARM
1M
USD
LIBOR
+
1.00%,
1.191%,
12/15/37 (1)
2,689
2,627
KKR
Industrial
Portfolio
Trust
Series
2021-KDIP,
Class
D,
ARM
1M
USD
LIBOR
+
1.25%,
1.441%,
12/15/37 (1)
1,883
1,838
T.
ROWE
PRICE
Short-Term
Bond
Fund
30
Par/Shares
$
Value
(Amounts
in
000s)
LSTAR
Commercial
Mortgage
Trust
Series
2017-5,
Class
AS
4.021%,
3/10/50 (1)
4,905
5,054
MF1
Series
2021-FL7,
Class
A,
ARM
1M
USD
LIBOR
+
1.08%,
1.206%,
10/18/36 (1)
6,730
6,662
MHC
Commercial
Mortgage
Trust
Series
2021-MHC,
Class
B,
ARM
1M
USD
LIBOR
+
1.101%,
1.292%,
4/15/38 (1)
11,045
10,879
MHC
Trust
Series
2021-MHC2,
Class
B,
ARM
1M
USD
LIBOR
+
1.10%,
1.291%,
5/15/23 (1)
5,660
5,476
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series
2014-C18,
Class
AS,
ARM
4.11%,
10/15/47
3,065
3,142
Morgan
Stanley
Capital
I
Trust
Series
2014-150E,
Class
A
3.912%,
9/9/32 (1)
9,590
9,815
Morgan
Stanley
Capital
I
Trust
Series
2019-MEAD,
Class
D,
ARM
3.177%,
11/10/36 (1)
7,880
7,517
Morgan
Stanley
Capital
I
Trust
Series
2019-NUGS,
Class
D,
ARM
1M
USD
LIBOR
+
1.80%,
3.30%,
12/15/36 (1)
4,445
4,386
New
Orleans
Hotel
Trust
Series
2019-HNLA,
Class
B,
ARM
1M
USD
LIBOR
+
1.289%,
1.48%,
4/15/32 (1)
13,305
13,055
ONE
Mortgage
Trust
Series
2021-PARK,
Class
B,
ARM
1M
USD
LIBOR
+
0.95%,
1.141%,
3/15/36 (1)
11,219
10,801
ONE
Mortgage
Trust
Series
2021-PARK,
Class
C,
ARM
1M
USD
LIBOR
+
1.10%,
1.291%,
3/15/36 (1)
6,005
5,770
RLGH
Trust
Series
2021-TROT,
Class
A,
ARM
1M
USD
LIBOR
+
0.80%,
0.992%,
4/15/36 (1)
5,580
5,503
Shelter
Growth
CRE
Issuer
Series
2021-FL3,
Class
A,
ARM
1M
USD
LIBOR
+
1.08%,
1.271%,
9/15/36 (1)
4,407
4,378
SLIDE
Series
2018-FUN,
Class
A,
ARM
1M
USD
LIBOR
+
1.15%,
1.341%,
6/15/31 (1)
5,431
5,376
SLIDE
Series
2018-FUN,
Class
D,
ARM
1M
USD
LIBOR
+
2.10%,
2.291%,
6/15/31 (1)
6,451
6,272
Wells
Fargo
Commercial
Mortgage
Trust
Series
2015-NXS2,
Class
A2
3.02%,
7/15/58
3,134
3,145
T.
ROWE
PRICE
Short-Term
Bond
Fund
31
Par/Shares
$
Value
(Amounts
in
000s)
WFRBS
Commercial
Mortgage
Trust
Series
2014-C23,
Class
A5
3.917%,
10/15/57
8,820
9,122
WFRBS
Commercial
Mortgage
Trust
Series
2014-LC14,
Class
A5
4.045%,
3/15/47
7,525
7,733
365,966
Residential
Mortgage
0.5%
Bayview
Mortgage
Fund
IVc
Trust
Series
2017-RT3,
Class
A,
ARM
3.50%,
1/28/58 (1)
4,423
4,401
Bayview
Opportunity
Master
Fund
IVa
Trust
Series
2017-SPL5,
Class
A,
ARM
3.50%,
6/28/57 (1)
3,921
3,941
Bayview
Opportunity
Master
Fund
IVb
Trust
Series
2017-SPL4,
Class
A,
ARM
3.50%,
1/28/55 (1)
1,401
1,405
MetLife
Securitization
Trust
Series
2017-1A,
Class
A,
ARM
3.00%,
4/25/55 (1)
1,717
1,727
Towd
Point
Mortgage
Trust
Series
2016-1,
Class
A3B,
ARM
3.00%,
2/25/55 (1)
341
343
Towd
Point
Mortgage
Trust
Series
2016-2,
Class
A1A,
ARM
2.75%,
8/25/55 (1)
115
115
Towd
Point
Mortgage
Trust
Series
2017-1,
Class
A1,
ARM
2.75%,
10/25/56 (1)
1,472
1,481
Towd
Point
Mortgage
Trust
Series
2017-2,
Class
A1,
ARM
2.75%,
4/25/57 (1)
909
913
Towd
Point
Mortgage
Trust
Series
2017-3,
Class
A1,
ARM
2.75%,
7/25/57 (1)
2,437
2,452
Towd
Point
Mortgage
Trust
Series
2017-4,
Class
A1,
ARM
2.75%,
6/25/57 (1)
1,688
1,694
Towd
Point
Mortgage
Trust
Series
2018-1,
Class
A1,
ARM
3.00%,
1/25/58 (1)
1,337
1,346
T.
ROWE
PRICE
Short-Term
Bond
Fund
32
Par/Shares
$
Value
(Amounts
in
000s)
Towd
Point
Mortgage
Trust
Series
2018-5,
Class
A1A,
ARM
3.25%,
7/25/58 (1)
5,469
5,521
25,339
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$943,726)
923,806
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
4,735
4,952
5.00%,
10/1/22
-
12/1/23
379
388
5.50%,
4/1/23
-
10/1/38
61
64
6.00%,
8/1/22
-
9/1/35
470
528
7.00%,
3/1/39
852
949
7.50%,
6/1/38
805
898
Federal
Home
Loan
Mortgage,
ARM
12M
USD
LIBOR
+
1.625%,
1.875%,
6/1/38
-
7/1/38
467
476
12M
USD
LIBOR
+
1.625%,
1.922%,
4/1/37
8
8
12M
USD
LIBOR
+
1.726%,
1.976%,
7/1/35
77
80
12M
USD
LIBOR
+
1.733%,
2.006%,
10/1/36
150
157
12M
USD
LIBOR
+
1.733%,
2.108%,
2/1/37
37
39
12M
USD
LIBOR
+
1.74%,
2.046%,
5/1/38
66
67
12M
USD
LIBOR
+
1.775%,
2.025%,
5/1/37
31
33
12M
USD
LIBOR
+
1.83%,
2.204%,
2/1/37
33
35
12M
USD
LIBOR
+
1.842%,
2.091%,
1/1/37
39
39
12M
USD
LIBOR
+
1.929%,
2.185%,
12/1/36
60
63
12M
USD
LIBOR
+
1.961%,
2.336%,
2/1/33
1
1
12M
USD
LIBOR
+
1.987%,
2.298%,
2/1/34
7
8
12M
USD
LIBOR
+
2.03%,
2.275%,
11/1/36
34
34
12M
USD
LIBOR
+
2.083%,
2.457%,
2/1/38
135
141
12M
USD
LIBOR
+
2.162%,
2.489%,
2/1/37
64
68
1Y
CMT
+
2.347%,
2.472%,
11/1/34
86
86
Federal
Home
Loan
Mortgage,
UMBS
2.50%,
1/1/52
9,345
9,252
3.00%,
11/1/34
984
1,022
4.00%,
12/1/49
-
2/1/50
2,585
2,722
4.50%,
3/1/49
-
5/1/50
2,513
2,660
5.00%,
12/1/41
2,211
2,389
Federal
National
Mortgage
Assn.,
ARM
12M
USD
LIBOR
+
1.34%,
1.59%,
12/1/35
24
24
12M
USD
LIBOR
+
1.568%,
1.818%,
7/1/35
42
43
12M
USD
LIBOR
+
1.584%,
1.839%,
12/1/35
59
60
T.
ROWE
PRICE
Short-Term
Bond
Fund
33
Par/Shares
$
Value
(Amounts
in
000s)
12M
USD
LIBOR
+
1.655%,
1.905%,
8/1/37
18
19
12M
USD
LIBOR
+
1.671%,
2.046%,
2/1/33
2
2
12M
USD
LIBOR
+
1.689%,
2.013%,
7/1/34
5
5
12M
USD
LIBOR
+
1.69%,
1.94%,
5/1/38
197
205
12M
USD
LIBOR
+
1.715%,
1.965%,
10/1/32
-
12/1/32
45
45
12M
USD
LIBOR
+
1.726%,
1.976%,
9/1/32
2
2
12M
USD
LIBOR
+
1.77%,
2.145%,
12/1/35
8
8
12M
USD
LIBOR
+
1.78%,
2.03%,
1/1/34
13
13
12M
USD
LIBOR
+
1.788%,
2.163%,
5/1/38
31
31
12M
USD
LIBOR
+
1.83%,
2.098%,
4/1/38
169
176
12M
USD
LIBOR
+
1.83%,
2.156%,
8/1/38
9
9
12M
USD
LIBOR
+
1.853%,
2.103%,
8/1/38
109
114
12M
USD
LIBOR
+
1.892%,
2.142%,
12/1/35
21
21
12M
USD
LIBOR
+
1.921%,
2.191%,
5/1/38
101
102
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
+
1.367%,
1.495%,
10/1/33
297
305
COF11
+
1.25%,
2.155%,
7/1/27
2
2
Federal
National
Mortgage
Assn.,
STEP,
5.11%,
1/25/32
1
1
Federal
National
Mortgage
Assn.,
UMBS
2.50%,
1/1/52
8,641
8,555
3.00%,
9/1/28
-
2/1/35
7,763
8,031
3.50%,
12/1/45
-
7/1/50
12,436
12,892
4.00%,
1/1/47
-
12/1/49
3,768
3,966
4.50%,
8/1/24
-
1/1/50
19,324
20,518
5.00%,
3/1/23
-
9/1/48
6,535
7,196
5.50%,
5/1/22
-
5/1/40
8,017
8,974
6.00%,
2/1/23
-
2/1/49
10,415
11,965
6.50%,
7/1/32
-
12/1/32
355
396
UMBS,
TBA (3)
2.00%,
3/1/52
3,590
3,443
3.00%,
3/1/52
3,380
3,414
3.50%,
3/1/52
2,100
2,163
4.00%,
3/1/52
5,085
5,309
125,170
U.S.
Government
Obligations
1.2%
Government
National
Mortgage
Assn.
3.00%,
9/20/47
8,837
9,068
3.50%,
8/20/44
-
8/20/51
17,382
17,997
4.00%,
9/20/45
-
10/20/50
4,657
4,920
4.50%,
8/20/47
1,746
1,865
5.00%,
12/20/34
-
5/20/48
8,268
8,971
5.50%,
9/15/45
-
2/20/49
3,536
3,983
6.00%,
7/15/36
1,708
1,948
T.
ROWE
PRICE
Short-Term
Bond
Fund
34
Par/Shares
$
Value
(Amounts
in
000s)
Government
National
Mortgage
Assn.,
TBA,
3.50%,
3/20/52 (3)
12,232
12,620
61,372
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$185,948)
186,542
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
15.4%
U.S.
Treasury
Obligations
15.4%
U.S.
Treasury
Notes,
0.125%,
4/30/23 (4)
93,475
92,321
U.S.
Treasury
Notes,
0.125%,
5/15/23
50,745
50,111
U.S.
Treasury
Notes,
0.125%,
5/31/23
24,510
24,177
U.S.
Treasury
Notes,
0.125%,
6/30/23
121,665
119,859
U.S.
Treasury
Notes,
0.125%,
7/15/23
54,280
53,449
U.S.
Treasury
Notes,
0.125%,
7/31/23
60,965
59,965
U.S.
Treasury
Notes,
0.125%,
8/15/23
26,535
26,083
U.S.
Treasury
Notes,
0.125%,
8/31/23
198,155
194,687
U.S.
Treasury
Notes,
0.25%,
6/15/23
26,600
26,271
U.S.
Treasury
Notes,
0.25%,
9/30/23
31,580
31,037
U.S.
Treasury
Notes,
0.375%,
8/15/24
11,675
11,336
U.S.
Treasury
Notes,
0.50%,
11/30/23
27,855
27,420
U.S.
Treasury
Notes,
0.75%,
12/31/23
55,585
54,899
U.S.
Treasury
Notes,
1.50%,
2/29/24
52,855
52,904
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-
Backed)
(Cost
$835,724)
824,519
SHORT-TERM
INVESTMENTS
1.4%
Money
Market
Funds
1.4%
T.
Rowe
Price
Government
Reserve
Fund,
0.12% (5)(6)
76,912
76,912
Total
Short-Term
Investments
(Cost
$76,912)
76,912
Total
Investments
in
Securities
100.7%
(Cost
$5,476,549)
$
5,407,851
Other
Assets
Less
Liabilities
(0.7)%
(37,221)
Net
Assets
100.0%
$
5,370,630
‡
Par/Shares
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
T.
ROWE
PRICE
Short-Term
Bond
Fund
35
.
.
.
.
.
.
.
.
.
.
(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
$2,272,538
and
represents
42.3%
of
net
assets.
(2)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(3)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$26,949
and
represents
0.5%
of
net
assets.
(4)
At
February
28,
2022,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/
or
margin
deposit
to
cover
future
funding
obligations.
(5)
Seven-day
yield
(6)
Affiliated
Companies
1M
SOFR
One
month
SOFR
(Secured
overnight
financing
rate)
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
SOFR
Three
month
Term
SOFR
(Secured
overnight
financing
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
6M
USD
LIBOR
Six
month
USD
LIBOR
(London
interbank
offered
rate)
12M
USD
LIBOR
Twelve
month
USD
LIBOR
(London
interbank
offered
rate)
1Y
CMT
One
year
U.S.
Treasury
note
constant
maturity
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
COF11
The
11th
district
monthly
weighted
average
cost
of
funds
index
FRN
Floating
Rate
Note
GO
General
Obligation
PTT
Pass-Through
Trust
SOFR
Secured
overnight
financing
rate
SOFRINDX
(Secured
overnight
financing
rate)
Compounded
Index
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
36
(Amounts
in
000s)
SWAPS
(0.0)%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
(0.0)%
Credit
Default
Swaps,
Protection
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
(107)
(86)
(21)
Barclays
Bank,
Protection
Bought
(Relevant
Credit:
Omnicom
Group),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
13,750
(311)
(249)
(62)
Citibank,
Protection
Bought
(Relevant
Credit:
General
Mills),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
6,938
(153)
(123)
(30)
Goldman
Sachs,
Protection
Bought
(Relevant
Credit:
General
Mills),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
13,815
(305)
(248)
(57)
Total
Bilateral
Credit
Default
Swaps,
Protection
Bought
(706)
(170)
Credit
Default
Swaps,
Protection
Sold
0.0%
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
AT&T,
BBB*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/22
*
14,500
99
61
38
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Enbridge,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/23
20,250
177
(372)
549
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(311)
587
Total
Bilateral
Swaps
(1,017)
417
*
Credit
ratings
as
of
February
28,
2022.
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
37
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
1,123
U.S.
Treasury
Notes
five
year
contracts
6/22
(132,830)
$
(580)
Short,
49
U.S.
Treasury
Notes
ten
year
contracts
6/22
(6,244)
(41)
Long,
3,783
U.S.
Treasury
Notes
two
year
contracts
6/22
814,202
1,240
Long,
118
Ultra
U.S.
Treasury
Notes
ten
year
contracts
6/22
16,677
147
Net
payments
(receipts)
of
variation
margin
to
date
823
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
1,589
T.
ROWE
PRICE
Short-Term
Bond
Fund
38
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
nine
months
ended
February
28,
2022.
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,
0.12%
$
—#
$
—
$
28+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/21
Purchase
Cost
Sales
Cost
Value
02/28/22
T.
Rowe
Price
Government
Reserve
Fund,
0.12%
$
118,172
¤
¤
$
76,912^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$28
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
$76,912.
T.
ROWE
PRICE
Short-Term
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
39
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
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)
T.
ROWE
PRICE
Short-Term
Bond
Fund
40
Level
3
–
unobservable
inputs
(including
the fund’s
own
assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Investments
for
which
market
quotations
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
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
T.
ROWE
PRICE
Short-Term
Bond
Fund
41
determinations
are
reviewed
on
a
regular
basis
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
February
28,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
5,330,939
$
—
$
5,330,939
Short-Term
Investments
76,912
—
—
76,912
Total
Securities
76,912
5,330,939
—
5,407,851
Swaps
—
276
—
276
Futures
Contracts*
1,387
—
—
1,387
Total
$
78,299
$
5,331,215
$
—
$
5,409,514
Liabilities
Swaps
$
—
$
876
$
—
$
876
Futures
Contracts*
621
—
—
621
Total
$
621
$
876
$
—
$
1,497
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.
T.
ROWE
PRICE
Short-Term
Bond
Fund
42
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict.
Economic
sanctions
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result,
Russia’s
central
bank
closed
the
country’s
stock
market
on
February
28,
2022,
and
Russian-related
stocks
and
debt
have
since
suffered
significant
declines
in
value.
The
duration
of
the
coronavirus
outbreak
and
the
Russian-Ukraine
conflict,
and
their
effects
on
the
financial
markets,
cannot
be
determined
with
certainty.
The fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
these
events.
F55-054Q3
02/22