T.
ROWE
PRICE
Short
Duration
Income
Fund
August
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
16.3%
Car
Loan
6.1%
AmeriCredit
Automobile
Receivables
Trust
Series 2020-2,
Class
D
2.13%,
3/18/26
120
114
Avis
Budget
Rental
Car
Funding
AESOP
Series 2018-1A,
Class
D
5.25%,
9/20/24 (1)
110
109
Carmax
Auto
Owner
Trust
Series 2020-1,
Class
D
2.64%,
7/15/26
115
111
CarMax
Auto
Owner
Trust
Series 2021-2,
Class
C
1.34%,
2/16/27
250
231
Drive
Auto
Receivables
Trust
Series 2021-1,
Class
D
1.45%,
1/16/29
150
141
Exeter
Automobile
Receivables
Trust
Series 2021-2A,
Class
C
0.98%,
6/15/26
75
72
Exeter
Automobile
Receivables
Trust
Series 2022-4A,
Class
D
5.98%,
12/15/28
45
45
Ford
Credit
Auto
Lease
Trust
Series 2022-A,
Class
C
4.18%,
10/15/25
255
251
GM
Financial
Automobile
Leasing
Trust
Series 2021-1,
Class
D
1.01%,
7/21/25
140
135
GM
Financial
Automobile
Leasing
Trust
Series 2022-3,
Class
C
5.13%,
8/20/26
245
244
GM
Financial
Consumer
Automobile
Receivables
Trust
Series 2020-3,
Class
C
1.37%,
1/16/26
30
29
GM
Financial
Consumer
Automobile
Receivables
Trust
Series 2020-4,
Class
C
1.05%,
5/18/26
50
47
JPMorgan
Chase
Bank
Series 2021-2,
Class
D
1.138%,
12/26/28 (1)
138
133
Santander
Bank
-
SBCLN
Series 2021-1A,
Class
C
3.268%,
12/15/31 (1)
377
366
Santander
Consumer
Auto
Receivables
Trust
Series 2020-BA,
Class
C
1.29%,
4/15/26 (1)
100
96
T.
ROWE
PRICE
Short
Duration
Income
Fund
1
T.
ROWE
PRICE
Short
Duration
Income
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
‡
Santander
Consumer
Auto
Receivables
Trust
Series 2021-AA,
Class
D
1.57%,
1/15/27 (1)
100
92
Santander
Consumer
Auto
Receivables
Trust
Series 2021-CA,
Class
C
2.97%,
6/15/28 (1)
300
290
Santander
Retail
Auto
Lease
Trust
Series 2021-C,
Class
D
1.39%,
8/20/26 (1)
350
327
World
Omni
Auto
Receivables
Trust
Series 2020-C,
Class
C
1.39%,
5/17/27
85
80
2,913
Other
Asset-Backed
Securities
9.0%
Applebee's
Funding
Series 2019-1A,
Class
A2I
4.194%,
6/5/49 (1)
248
238
Benefit
Street
Partners
XI
Series 2017-11A,
Class
A2R,
CLO,
FRN
3M
USD
LIBOR
+
1.50%,
4.012%,
4/15/29 (1)
250
243
Blackbird
Capital
Aircraft
Lease
Securitization
Series 2016-1A,
Class
AA,
STEP
2.487%,
12/16/41 (1)
72
67
CBAM
Series 2019-9A,
Class
B1,
CLO,
FRN
3M
USD
LIBOR
+
1.90%,
4.412%,
2/12/30 (1)
250
246
Cedar
Funding
VII
Series 2018-7A,
Class
B,
CLO,
FRN
3M
USD
LIBOR
+
1.40%,
4.11%,
1/20/31 (1)
250
242
DB
Master
Finance
Series 2019-1A,
Class
A2II
4.021%,
5/20/49 (1)
92
88
Elara
HGV
Timeshare
Issuer
Series 2016-A,
Class
A
2.73%,
4/25/28 (1)
12
12
Elara
HGV
Timeshare
Issuer
Series 2019-A,
Class
A
2.61%,
1/25/34 (1)
88
83
Hilton
Grand
Vacations
Trust
Series 2017-AA,
Class
B
2.96%,
12/26/28 (1)
78
76
Hilton
Grand
Vacations
Trust
Series 2019-AA,
Class
B
2.54%,
7/25/33 (1)
117
111
KKR
Series 29A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.20%,
3.712%,
1/15/32 (1)
250
247
T.
ROWE
PRICE
Short
Duration
Income
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
‡
Madison
Park
Funding
XXIII
Series 2017-23A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.97%,
3.739%,
7/27/31 (1)
250
247
Madison
Park
Funding
XXXVII
Series 2019-37A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.07%,
3.582%,
7/15/33 (1)
250
246
MVW
Series 2021-1WA,
Class
C
1.94%,
1/22/41 (1)
79
71
MVW
Owner
Trust
Series 2017-1A,
Class
B
2.75%,
12/20/34 (1)
90
88
OCP
Series 2014-7A,
Class
A1RR,
CLO,
FRN
3M
USD
LIBOR
+
1.12%,
3.83%,
7/20/29 (1)
287
284
OCP
Series 2017-13A,
Class
A2R,
CLO,
FRN
3M
USD
LIBOR
+
1.55%,
4.062%,
7/15/30 (1)
250
242
Octagon
Investment
Partners
Series 2016-1A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.18%,
3.963%,
1/24/33 (1)
250
245
Octane
Receivables
Trust
Series 2021-2A,
Class
A
1.21%,
9/20/28 (1)
66
63
Octane
Receivables
Trust
Series 2022-1A,
Class
B
4.90%,
5/22/28 (1)
150
146
Octane
Receivables
Trust
Series 2022-2A,
Class
A
5.11%,
2/22/28 (1)
115
115
Planet
Fitness
Master
Issuer
Series 2018-1A,
Class
A2II
4.666%,
9/5/48 (1)
197
190
Sierra
Timeshare
Receivables
Funding
Series 2021-1A,
Class
B
1.34%,
11/20/37 (1)
137
126
Sierra
Timeshare
Receivables
Funding
Series 2021-1A,
Class
C
1.79%,
11/20/37 (1)
46
42
Symphony
Static
I
Series 2021-1A,
Class
C,
CLO,
FRN
3M
USD
LIBOR
+
1.85%,
4.633%,
10/25/29 (1)
250
240
Symphony
XXIII
Series 2020-23A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.02%,
3.532%,
1/15/34 (1)
250
246
4,244
T.
ROWE
PRICE
Short
Duration
Income
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
‡
Student
Loan
1.2%
Navient
Private
Education
Loan
Trust
Series 2020-A,
Class
A2A
2.46%,
11/15/68 (1)
83
78
Navient
Private
Education
Refi
Loan
Trust
Series 2018-A,
Class
A2
3.19%,
2/18/42 (1)
16
16
Navient
Private
Education
Refi
Loan
Trust
Series 2019-A,
Class
A2A
3.42%,
1/15/43 (1)
54
53
Navient
Private
Education
Refi
Loan
Trust
Series 2019-D,
Class
A2A
3.01%,
12/15/59 (1)
107
100
Navient
Private
Education
Refi
Loan
Trust
Series 2019-GA,
Class
A
2.40%,
10/15/68 (1)
74
71
SMB
Private
Education
Loan
Trust
Series 2016-C,
Class
A2A
2.34%,
9/15/34 (1)
29
28
SMB
Private
Education
Loan
Trust
Series 2017-B,
Class
B
3.50%,
12/16/41 (1)
150
139
SMB
Private
Education
Loan
Trust
Series 2020-A,
Class
A2A
2.23%,
9/15/37 (1)
75
71
556
Total
Asset-Backed
Securities
(Cost
$8,037)
7,713
BANK
LOANS
2.5%
(2)
Consumer
Cyclical
0.4%
Delta
2,
FRN,
3M
USD
LIBOR
+
2.50%,
5.024%,
2/1/24
185
183
183
Consumer
Non-Cyclical
0.9%
PetVet
Care
Centers,
FRN,
1M
USD
LIBOR
+
3.50%,
6.024%,
2/14/25
198
192
Surgery
Center
Holdings,
FRN,
1M
USD
LIBOR
+
3.75%,
6.14%,
8/31/26
252
244
436
Insurance
0.8%
Asurion,
FRN,
1M
USD
LIBOR
+
3.00%,
5.524%,
11/3/24
177
170
HUB
International,
FRN,
1M
USD
LIBOR
+
3.00%,
5.766%,
4/25/25
189
185
355
T.
ROWE
PRICE
Short
Duration
Income
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
‡
Technology
0.4%
Applied
Systems,
FRN,
1M
USD
LIBOR
+
3.00%,
5.25%,
9/19/24
199
197
197
Total
Bank
Loans
(Cost
$1,200)
1,171
CORPORATE
BONDS
33.2%
Banking
8.5%
AIB
Group,
4.75%,
10/12/23 (1)
200
198
Banco
de
Bogota,
6.25%,
5/12/26
200
198
Banco
de
Credito
del
Peru
S.A.,
4.25%,
4/1/23
200
200
Banco
Santander,
2.746%,
5/28/25
200
189
Banco
Santander
Mexico
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
5.375%,
4/17/25
150
151
Bank
of
America,
VR,
0.976%,
4/22/25 (3)
350
329
Bank
of
Ireland
Group,
4.50%,
11/25/23 (1)
200
199
Barclays,
VR,
5.304%,
8/9/26 (3)
200
199
BBVA
Bancomer,
4.375%,
4/10/24
150
150
Citigroup,
VR,
0.981%,
5/1/25 (3)
150
141
Citigroup,
VR,
4.14%,
5/24/25 (3)
105
104
Credit
Suisse
Group,
VR,
2.997%,
12/14/23 (1)(3)
250
248
Danske
Bank,
5.375%,
1/12/24 (1)
200
201
Goldman
Sachs
Group,
VR,
1.757%,
1/24/25 (3)
175
168
HSBC
Holdings,
4.25%,
3/14/24
200
199
Lloyds
Banking
Group,
4.50%,
11/4/24
200
199
Morgan
Stanley,
VR,
0.731%,
4/5/24 (3)
210
205
Societe
Generale,
2.625%,
10/16/24 (1)
200
190
UBS
Group,
VR,
4.488%,
5/12/26 (1)(3)
200
198
Wells
Fargo,
VR,
3.908%,
4/25/26 (3)
200
196
Wells
Fargo,
VR,
4.54%,
8/15/26 (3)
150
149
4,011
Basic
Industry
2.2%
ArcelorMittal,
3.60%,
7/16/24
130
128
Arconic,
6.125%,
2/15/28 (1)
170
160
Celanese
U.S.
Holdings,
6.05%,
3/15/25
155
156
Celulosa
Arauco
y
Constitucion,
4.50%,
8/1/24
200
200
Cia
de
Minas
Buenaventura,
5.50%,
7/23/26 (1)
200
176
Suzano
Austria,
5.75%,
7/14/26
200
204
Westlake,
0.875%,
8/15/24
25
24
1,048
Capital
Goods
0.2%
TransDigm,
8.00%,
12/15/25 (1)
90
92
92
Communications
1.9%
Axian
Telecom,
7.375%,
2/16/27
200
186
T.
ROWE
PRICE
Short
Duration
Income
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
‡
CSC
Holdings,
5.25%,
6/1/24
95
93
Gray
Television,
7.00%,
5/15/27 (1)
130
128
Magallanes,
3.755%,
3/15/27 (1)
155
145
Tower
Bersama
Infrastructure,
4.25%,
1/21/25
200
196
Townsquare
Media,
6.875%,
2/1/26 (1)
165
153
901
Consumer
Cyclical
5.5%
7-Eleven,
0.80%,
2/10/24 (1)
45
43
Carnival,
9.875%,
8/1/27 (1)
20
20
Carnival,
10.50%,
2/1/26 (1)
105
108
Clarios
Global,
6.75%,
5/15/25 (1)
85
85
Daimler
Trucks
Finance
North
America,
1.625%,
12/13/24 (1)
170
159
General
Motors
Financial,
1.05%,
3/8/24
150
142
Goodyear
Tire
&
Rubber,
9.50%,
5/31/25
90
94
Hyatt
Hotels,
1.30%,
10/1/23
60
58
Hyundai
Capital
America,
0.80%,
1/8/24 (1)
150
142
IRB
Holding,
7.00%,
6/15/25 (1)
90
91
Jaguar
Land
Rover
Automotive,
7.75%,
10/15/25 (1)
200
187
Marriott
International,
3.125%,
2/15/23
100
100
MercadoLibre,
2.375%,
1/14/26
200
179
Nissan
Motor,
3.043%,
9/15/23 (1)
200
197
Nordstrom,
2.30%,
4/8/24
155
144
QVC,
4.85%,
4/1/24
150
144
Royal
Caribbean
Cruises,
5.25%,
11/15/22
105
105
Royal
Caribbean
Cruises,
11.50%,
6/1/25 (1)
42
44
Stellantis
Finance
U.S.,
1.711%,
1/29/27 (1)
200
173
Tenneco,
7.875%,
1/15/29 (1)
200
202
Volkswagen
Group
of
America
Finance,
3.95%,
6/6/25 (1)
200
197
2,614
Consumer
Non-Cyclical
2.8%
Brunswick,
0.85%,
8/18/24
115
106
CD&R
Smokey
Buyer,
6.75%,
7/15/25 (1)
175
164
CSL
Finance,
3.85%,
4/27/27 (1)
25
25
HCA,
5.25%,
4/15/25
200
202
Hikma
Finance
USA,
3.25%,
7/9/25
200
189
Kimberly-Clark
de
Mexico,
3.80%,
4/8/24
200
198
Legacy
LifePoint
Health,
6.75%,
4/15/25 (1)
170
167
Performance
Food
Group,
6.875%,
5/1/25 (1)
95
95
Teva
Pharmaceutical
Finance
Netherlands
III,
6.00%,
4/15/24
200
196
1,342
Electric
2.8%
AES,
3.30%,
7/15/25 (1)
100
95
Alexander
Funding
Trust,
1.841%,
11/15/23 (1)
200
190
DTE
Energy,
STEP,
4.22%,
11/1/24
65
65
Engie
Energia
Chile,
4.50%,
1/29/25
200
196
T.
ROWE
PRICE
Short
Duration
Income
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
‡
NextEra
Energy
Operating
Partners,
4.25%,
7/15/24 (1)
95
92
NRG
Energy,
3.75%,
6/15/24 (1)
150
146
Pacific
Gas
&
Electric,
3.50%,
6/15/25
100
95
Southern,
STEP,
4.475%,
8/1/24
125
125
Vistra
Operations,
3.55%,
7/15/24 (1)
200
192
Vistra
Operations,
5.125%,
5/13/25 (1)
150
149
1,345
Energy
3.4%
Aker
BP,
3.00%,
1/15/25 (1)
150
144
Continental
Resources,
3.80%,
6/1/24
50
49
Continental
Resources,
4.50%,
4/15/23
100
100
Energy
Transfer,
2.90%,
5/15/25
100
95
Energy
Transfer,
4.90%,
2/1/24
60
60
Gray
Oak
Pipeline,
2.00%,
9/15/23 (1)
100
98
Leviathan
Bond,
5.75%,
6/30/23 (1)
200
199
Southwestern
Energy,
8.375%,
9/15/28
175
184
Tallgrass
Energy
Partners,
7.50%,
10/1/25 (1)
170
170
Targa
Resources
Partners,
6.50%,
7/15/27
45
46
Targa
Resources
Partners,
6.875%,
1/15/29
255
261
Thaioil
Treasury
Center,
3.625%,
1/23/23
200
199
1,605
Finance
Companies
1.0%
AerCap
Ireland
Capital,
1.65%,
10/29/24
215
199
Avolon
Holdings
Funding,
3.95%,
7/1/24 (1)
100
96
Navient,
6.125%,
3/25/24
135
131
Navient,
7.25%,
9/25/23
27
27
453
Financial
Other
1.3%
Dar
Al-Arkan
Sukuk,
6.875%,
3/21/23
200
200
EMG
SUKUK,
4.564%,
6/18/24
200
200
MAF
Global
Securities,
4.75%,
5/7/24
200
201
601
Insurance
1.2%
Athene
Global
Funding,
1.716%,
1/7/25 (1)
225
209
Brighthouse
Financial
Global
Funding,
1.00%,
4/12/24 (1)
25
24
CNO
Global
Funding,
1.65%,
1/6/25 (1)
150
140
Humana,
1.35%,
2/3/27
70
61
Jackson
Financial,
1.125%,
11/22/23 (1)
120
115
549
Owned
No
Guarantee
0.8%
Bank
Negara
Indonesia
Persero,
3.75%,
3/30/26
200
189
Lamar
Funding,
3.958%,
5/7/25
200
192
381
Real
Estate
Investment
Trusts
0.7%
Park
Intermediate
Holdings,
7.50%,
6/1/25 (1)
95
95
T.
ROWE
PRICE
Short
Duration
Income
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
‡
Service
Properties
Trust,
7.50%,
9/15/25
175
168
Starwood
Property
Trust,
3.75%,
12/31/24 (1)
50
47
310
Technology
0.6%
CDW,
5.50%,
12/1/24
55
56
Microchip
Technology,
0.972%,
2/15/24
125
119
Skyworks
Solutions,
0.90%,
6/1/23
20
19
VMware,
0.60%,
8/15/23
70
68
262
Transportation
0.3%
Sydney
Airport
Finance,
3.90%,
3/22/23 (1)
150
150
150
Total
Corporate
Bonds
(Cost
$16,560)
15,664
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
3.0%
Government
Sponsored
0.5%
MEGlobal
Canada
ULC,
5.00%,
5/18/25
200
202
202
Owned
No
Guarantee
2.5%
Axiata,
4.357%,
3/24/26
200
201
Ecopetrol,
5.875%,
9/18/23
200
200
Export-Import
Bank
of
India,
3.875%,
3/12/24
200
198
Indian
Oil,
4.75%,
1/16/24
200
201
Petroleos
Mexicanos,
4.875%,
1/18/24
200
197
QNB
Finance,
2.625%,
5/12/25
200
192
1,189
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$1,467)
1,391
MUNICIPAL
SECURITIES
0.6%
Michigan
0.2%
Detroit,
Social
Bonds,
Series B,
GO,
2.189%,
4/1/24
125
120
120
West
Virginia
0.4%
Tobacco
Settlement
Fin.
Auth.,
Class
1
Senior
Bonds,
Series A,
1.193%,
6/1/23
180
177
177
Total
Municipal
Securities
(Cost
$305)
297
T.
ROWE
PRICE
Short
Duration
Income
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
‡
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
17.1%
Collateralized
Mortgage
Obligations
7.9%
Barclays
Mortgage
Loan
Trust
Series 2021-NQM1,
Class
A3,
CMO,
ARM
2.189%,
9/25/51 (1)
79
73
Bayview
Mortgage
Fund
IVc
Trust
Series 2017-RT3,
Class
A,
ARM
3.50%,
1/28/58 (1)
39
38
Bellemeade
Re
Series 2022-1,
Class
M1B,
CMO,
ARM
SOFR30A
+
2.15%,
4.333%,
1/26/32 (1)
300
296
CAFL
Issuer
Series 2021-RTL1,
Class
A2,
CMO,
STEP
3.104%,
3/28/29 (1)
220
198
COLT
Mortgage
Loan
Trust
Series 2020-3,
Class
A1,
CMO,
ARM
1.506%,
4/27/65 (1)
22
21
Connecticut
Avenue
Securities
Trust
Series 2021-R01,
Class
1M2,
CMO,
ARM
SOFR30A
+
1.55%,
3.733%,
10/25/41 (1)
200
194
Connecticut
Avenue
Securities
Trust
Series 2022-R03,
Class
1M1,
CMO,
ARM
SOFR30A
+
2.10%,
4.283%,
3/25/42 (1)
127
127
Connecticut
Avenue
Securities
Trust
Series 2022-R06,
Class
1M1,
CMO,
ARM
SOFR30A
+
2.75%,
4.933%,
5/25/42 (1)
84
85
Connecticut
Avenue
Securities
Trust
Series 2022-R08,
Class
1M1,
CMO,
ARM
SOFR30A
+
2.55%,
4.758%,
7/25/42 (1)
69
70
Deephaven
Residential
Mortgage
Trust
Series 2021-1,
Class
A3,
CMO,
ARM
1.128%,
5/25/65 (1)
32
31
Eagle
Series 2021-2,
Class
M1A,
CMO,
ARM
SOFR30A
+
1.55%,
3.733%,
4/25/34 (1)
150
149
Finance
of
America
HECM
Buyout
Series 2022-HB2,
Class
A1A,
CMO,
ARM
4.00%,
12/25/24 (1)
145
143
Flagstar
Mortgage
Trust
Series 2019-1INV,
Class
A11,
CMO,
ARM
1M
USD
LIBOR
+
0.95%,
3.209%,
10/25/49 (1)
19
19
Flagstar
Mortgage
Trust
Series 2020-1INV,
Class
A11,
CMO,
ARM
1M
USD
LIBOR
+
0.85%,
3.294%,
3/25/50 (1)
32
30
T.
ROWE
PRICE
Short
Duration
Income
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
‡
Freddie
Mac
Whole
Loan
Securities
Trust
Series 2017-SC02,
Class
M1,
CMO,
ARM
3.851%,
5/25/47 (1)
254
250
FWD
Securitization
Trust
Series 2020-INV1,
Class
M1,
CMO,
ARM
2.85%,
1/25/50 (1)
250
226
Hundred
Acre
Wood
Trust
Series 2021-INV1,
Class
A9,
CMO,
ARM
2.50%,
7/25/51 (1)
130
118
Hundred
Acre
Wood
Trust
Series 2021-INV2,
Class
A27,
CMO,
ARM
2.50%,
10/25/51 (1)
90
74
JPMorgan
Mortgage
Trust
Series 2019-INV2,
Class
A3,
CMO,
ARM
3.50%,
2/25/50 (1)
94
89
MFRA
Trust
Series 2021-NQM2,
Class
A3,
CMO,
ARM
1.472%,
11/25/64 (1)
58
52
New
Residential
Mortgage
Loan
Trust
Series 2021-NQ1R,
Class
A3,
CMO,
ARM
1.198%,
7/25/55 (1)
66
61
OBX
Trust
Series 2019-INV1,
Class
A3,
CMO,
ARM
4.50%,
11/25/48 (1)
40
39
OBX
Trust
Series 2019-INV2,
Class
A25,
CMO,
ARM
4.00%,
5/27/49 (1)
52
50
OBX
Trust
Series 2021-NQM3,
Class
A2,
CMO,
ARM
1.26%,
7/25/61 (1)
77
64
Radnor
RE
Series 2021-2,
Class
M1A,
CMO,
ARM
SOFR30A
+
1.85%,
4.033%,
11/25/31 (1)
138
138
Starwood
Mortgage
Residential
Trust
Series 2020-INV1,
Class
A3,
CMO,
ARM
1.593%,
11/25/55 (1)
31
29
Starwood
Mortgage
Residential
Trust
Series 2021-2,
Class
A3,
CMO,
ARM
1.431%,
5/25/65 (1)
104
98
Structured
Agency
Credit
Risk
Debt
Notes
Series 2020-DNA2,
Class
M2,
CMO,
ARM
1M
USD
LIBOR
+
1.85%,
4.294%,
2/25/50 (1)
97
98
Structured
Agency
Credit
Risk
Debt
Notes
Series 2020-DNA5,
Class
M2,
CMO,
ARM
SOFR30A
+
2.80%,
4.983%,
10/25/50 (1)
68
68
Structured
Agency
Credit
Risk
Debt
Notes
Series 2020-HQA1,
Class
M2,
CMO,
ARM
1M
USD
LIBOR
+
1.90%,
4.344%,
1/25/50 (1)
29
29
T.
ROWE
PRICE
Short
Duration
Income
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
‡
Structured
Agency
Credit
Risk
Debt
Notes
Series 2021-DNA5,
Class
M2,
CMO,
ARM
SOFR30A
+
1.65%,
3.833%,
1/25/34 (1)
89
89
Structured
Agency
Credit
Risk
Debt
Notes
Series 2022-HQA3,
Class
M1A,
CMO,
ARM
SOFR30A
+
2.30%,
4.108%,
8/25/42 (1)
60
60
Towd
Point
Mortgage
Trust
Series 2016-5,
Class
A1,
CMO,
ARM
2.50%,
10/25/56 (1)
36
36
UWM
Mortgage
Trust
Series 2021-INV2,
Class
A15,
CMO,
ARM
2.50%,
9/25/51 (1)
202
166
Verus
Securitization
Trust
Series 2019-4,
Class
A1,
CMO,
STEP
2.642%,
11/25/59 (1)
11
11
Verus
Securitization
Trust
Series 2019-INV3,
Class
A3,
CMO,
ARM
3.10%,
11/25/59 (1)
147
142
Verus
Securitization
Trust
Series 2020-1,
Class
A3,
CMO,
STEP
2.724%,
1/25/60 (1)
96
93
Verus
Securitization
Trust
Series 2021-2,
Class
A3,
CMO,
ARM
1.545%,
2/25/66 (1)
179
157
3,711
Commercial
Mortgage-Backed
Securities
9.2%
Alen
Mortgage
Trust
Series 2021-ACEN,
Class
C,
ARM
1M
USD
LIBOR
+
2.25%,
4.641%,
4/15/34 (1)
100
94
Arbor
Realty
Commercial
Real
Estate
Notes
Series 2021-FL3,
Class
A,
ARM
1M
USD
LIBOR
+
1.07%,
3.461%,
8/15/34 (1)
100
97
Arbor
Realty
Commercial
Real
Estate
Notes
Series 2021-FL4,
Class
A,
ARM
1M
USD
LIBOR
+
1.35%,
3.741%,
11/15/36 (1)
115
112
BAMLL
Commercial
Mortgage
Securities
Trust
Series 2021-JACX,
Class
E,
ARM
1M
USD
LIBOR
+
3.75%,
6.141%,
9/15/38 (1)
100
93
BANK
Series 2019-BN23,
Class
A1
1.975%,
12/15/52
43
41
BBCMS
Mortgage
Trust
Series 2020-BID,
Class
A,
ARM
1M
USD
LIBOR
+
2.14%,
4.531%,
10/15/37 (1)
250
247
BSPRT
Issuer
Series 2022-FL8,
Class
A,
ARM
SOFR30A
+
1.50%,
3.383%,
2/15/37 (1)
200
194
T.
ROWE
PRICE
Short
Duration
Income
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
‡
BX
Commercial
Mortgage
Trust
Series 2019-IMC,
Class
A,
ARM
1M
USD
LIBOR
+
1.00%,
3.391%,
4/15/34 (1)
160
156
BX
Commercial
Mortgage
Trust
Series 2019-IMC,
Class
D,
ARM
1M
USD
LIBOR
+
1.90%,
4.291%,
4/15/34 (1)
202
192
BX
Trust
Series 2021-ARIA,
Class
C,
ARM
1M
USD
LIBOR
+
1.646%,
4.037%,
10/15/36 (1)
160
151
CD
Mortgage
Trust
Series 2016-CD1,
Class
B,
ARM
3.077%,
8/10/49
100
89
Citigroup
Commercial
Mortgage
Trust
Series 2013-375P,
Class
B,
ARM
3.635%,
5/10/35 (1)
150
146
Citigroup
Commercial
Mortgage
Trust
Series 2015-P1,
Class
B,
ARM
4.461%,
9/15/48
250
240
Citigroup
Commercial
Mortgage
Trust
Series 2016-C1,
Class
AS
3.514%,
5/10/49
200
189
Cold
Storage
Trust
Series 2020-ICE5,
Class
C,
ARM
1M
USD
LIBOR
+
1.65%,
4.041%,
11/15/37 (1)
147
144
Commercial
Mortgage
Trust
Series 2013-300P,
Class
A1
4.353%,
8/10/30 (1)
146
144
Commercial
Mortgage
Trust
Series 2014-CR14,
Class
AM,
ARM
4.526%,
2/10/47
75
74
Commercial
Mortgage
Trust
Series 2014-UBS2,
Class
B
4.701%,
3/10/47
105
103
Eleven
Madison
Mortgage
Trust
Series 2015-11MD,
Class
A,
ARM
3.673%,
9/10/35 (1)
170
162
Fontainebleau
Miami
Beach
Trust
Series 2019-FBLU,
Class
B
3.447%,
12/10/36 (1)
275
261
Great
Wolf
Trust
Series 2019-WOLF,
Class
E,
ARM
1M
USD
LIBOR
+
2.732%,
5.123%,
12/15/36 (1)
125
119
GS
Mortgage
Securities
Trust
Series 2021-ROSS,
Class
C,
ARM
1M
USD
LIBOR
+
2.00%,
4.392%,
5/15/26 (1)
105
99
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series 2018-WPT,
Class
BFL,
ARM
1M
USD
LIBOR
+
1.50%,
3.876%,
7/5/33 (1)
59
59
T.
ROWE
PRICE
Short
Duration
Income
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
‡
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series 2020-609M,
Class
B,
ARM
1M
USD
LIBOR
+
1.77%,
4.162%,
10/15/33 (1)
100
96
LSTAR
Commercial
Mortgage
Trust
Series 2015-3,
Class
B,
ARM
3.295%,
4/20/48 (1)
147
140
MF1
Series 2021-FL7,
Class
A,
ARM
1M
USD
LIBOR
+
1.08%,
3.457%,
10/16/36 (1)
115
111
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series 2013-C7,
Class
AS
3.214%,
2/15/46
140
139
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series 2014-C17,
Class
A5
3.741%,
8/15/47
39
38
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series 2015-C24,
Class
AS,
ARM
4.036%,
5/15/48
95
92
Morgan
Stanley
Capital
I
Trust
Series 2019-NUGS,
Class
D,
ARM
1M
USD
LIBOR
+
1.80%,
4.191%,
12/15/36 (1)
125
119
One
Market
Plaza
Trust
Series 2017-1MKT,
Class
A
3.614%,
2/10/32 (1)
130
126
Shelter
Growth
CRE
Issuer
Series 2021-FL3,
Class
A,
ARM
1M
USD
LIBOR
+
1.08%,
3.471%,
9/15/36 (1)
67
67
SLIDE
Series 2018-FUN,
Class
D,
ARM
1M
USD
LIBOR
+
2.10%,
4.491%,
6/15/31 (1)
229
221
4,355
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$8,556)
8,066
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
1.5%
U.S
Government
Obligation
1.5%
Government
National
Mortgage
Assn.,
TBA (4)
3.50%,
9/20/52
500
482
4.50%,
9/20/52
235
235
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$732)
717
T.
ROWE
PRICE
Short
Duration
Income
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
‡
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
21.4%
U.S.
Treasury
Obligations
21.4%
U.S.
Treasury
Notes,
0.125%,
5/31/23 (5)
895
874
U.S.
Treasury
Notes,
2.50%,
4/30/24
2,955
2,908
U.S.
Treasury
Notes,
3.00%,
6/30/24
1,000
991
U.S.
Treasury
Notes,
3.00%,
7/31/24
2,165
2,146
U.S.
Treasury
Notes,
3.00%,
7/15/25
3,225
3,182
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$10,230)
10,101
SHORT-TERM
INVESTMENTS
6.0%
Commercial
Paper
4.8%
4(2)
4.8%(6)
Arrow
Electronics,
3.002%,
9/2/22
250
250
Canadian
Natural
Resource,
3.115%,
9/19/22
250
249
Conagra
Foods,
3.004%,
9/9/22
250
250
Crown
Castle
International,
3.188%,
9/1/22
300
300
Enel
Finance
America,
11/2/22
250
249
Motorola
Solutions,
9/8/22
250
250
Ovintiv,
3.308%,
9/20/22
250
249
Syngenta
Wilmington,
3.306%,
9/13/22
250
250
Targa
Resources,
3.103%,
9/6/22
250
250
2,297
Money
Market
Funds
1.2%
T.
Rowe
Price
Government
Reserve
Fund,
2.36% (7)(8)
554
554
554
Total
Short-Term
Investments
(Cost
$2,851)
2,851
Total
Investments
in
Securities
101.6%
(Cost
$49,938)
$
47,971
Other
Assets
Less
Liabilities
(1.6)%
(749)
Net
Assets
100.0%
$
47,222
‡
Par/Shares
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(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
$19,812
and
represents
42.0%
of
net
assets.
T.
ROWE
PRICE
Short
Duration
Income
Fund
15
.
.
.
.
.
.
.
.
.
.
(2)
Bank
loan
positions
may
involve
multiple
underlying
tranches.
In
those
instances,
the
position
presented
reflects
the
aggregate
of
those
respective
underlying
tranches
and
the
rate
presented
reflects
the
weighted
average
rate
of
the
settled
positions.
(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
are
provided
if
the
rate
is
currently
floating.
(4)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$717
and
represents
1.5%
of
net
assets.
(5)
At
August
31,
2022,
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
$2,297
and
represents
4.9%
of
net
assets.
(7)
Seven-day
yield
(8)
Affiliated
Companies
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
FRN
Floating
Rate
Note
GO
General
Obligation
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
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
Duration
Income
Fund
16
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Bought
0.0%
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S38,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
6/21/27
475
1
2
(1)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Bought
(1)
Total
Centrally
Cleared
Swaps
(1)
Net
payments
(receipts)
of
variation
margin
to
date
2
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
1
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
$(2).
T.
ROWE
PRICE
Short
Duration
Income
Fund
17
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
2
U.S.
Treasury
Notes
five
year
contracts
12/22
(222)
$
1
Long,
49
U.S.
Treasury
Notes
two
year
contracts
12/22
10,208
(16)
Net
payments
(receipts)
of
variation
margin
to
date
17
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
2
T.
ROWE
PRICE
Short
Duration
Income
Fund
18
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,
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,
2.36%
$
—#
$
—
$
5+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/22
Purchase
Cost
Sales
Cost
Value
08/31/22
T.
Rowe
Price
Government
Reserve
Fund,
2.36%
$
942
¤
¤
$
554^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$5
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
$554.
T.
ROWE
PRICE
Short
Duration
Income
Fund
Unaudited
Notes
to
Portfolio
of
Investments
19
T.
Rowe
Price
Short
Duration
Income
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
T.
ROWE
PRICE
Short
Duration
Income
Fund
20
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.
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
T.
ROWE
PRICE
Short
Duration
Income
Fund
21
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,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
45,120
$
—
$
45,120
Short-Term
Investments
554
2,297
—
2,851
Total
Securities
554
47,417
—
47,971
Futures
Contracts*
1
—
—
1
Total
$
555
$
47,417
$
—
$
47,972
Liabilities
Swaps*
$
—
$
1
$
—
$
1
Futures
Contracts*
16
—
—
16
Total
$
16
$
1
$
—
$
17
1
Includes
Asset-Backed
Securities,
Bank
Loans,
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
and
centrally
cleared
swaps;
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
Duration
Income
Fund
22
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
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
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
These
are
recent
examples
of
global
events
which
may
have
an
impact
on
the
fund’s
performance,
which
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F1305-054Q1
08/22