T.
ROWE
PRICE
Short-Term
Bond
Fund
August
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
13.5%
Car
Loan
5.6%
AmeriCredit
Automobile
Receivables
Trust
Series
2020-1,
Class
C
1.59%,
10/20/25
5,255
5,107
AmeriCredit
Automobile
Receivables
Trust
Series
2020-1,
Class
D
1.80%,
12/18/25
14,235
13,531
AmeriCredit
Automobile
Receivables
Trust
Series
2020-2,
Class
B
0.97%,
2/18/26
2,715
2,654
AmeriCredit
Automobile
Receivables
Trust
Series
2021-1,
Class
C
0.89%,
10/19/26
6,385
6,017
AmeriCredit
Automobile
Receivables
Trust
Series
2021-1,
Class
D
1.21%,
12/18/26
3,945
3,682
AmeriCredit
Automobile
Receivables
Trust
Series
2021-2,
Class
D
1.29%,
6/18/27
8,770
8,065
Avis
Budget
Rental
Car
Funding
AESOP
Series
2017-1A,
Class
B
3.41%,
9/20/23 (1)
756
755
Avis
Budget
Rental
Car
Funding
AESOP
Series
2018-1A,
Class
D
5.25%,
9/20/24 (1)
9,095
8,996
Avis
Budget
Rental
Car
Funding
AESOP
Series
2018-2A,
Class
C
4.95%,
3/20/25 (1)
3,155
3,109
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-2A,
Class
A
3.35%,
9/22/25 (1)
7,360
7,205
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-2A,
Class
B
3.55%,
9/22/25 (1)
4,265
4,092
Avis
Budget
Rental
Car
Funding
AESOP
Series
2020-1A,
Class
A
2.33%,
8/20/26 (1)
3,950
3,719
CarMax
Auto
Owner
Trust
Series
2020-1,
Class
C
2.34%,
11/17/25
2,965
2,882
CarMax
Auto
Owner
Trust
Series
2020-4,
Class
D
1.75%,
4/15/27
4,290
4,018
CarMax
Auto
Owner
Trust
Series
2021-2,
Class
C
1.34%,
2/16/27
4,605
4,257
T.
ROWE
PRICE
Short-Term
Bond
Fund
1
T.
ROWE
PRICE
Short-Term
Bond
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
Carvana
Auto
Receivables
Trust
Series
2022-N1,
Class
C
3.32%,
12/11/28 (1)
1,560
1,516
Carvana
Auto
Receivables
Trust
Series
2022-P1,
Class
A4
3.52%,
2/10/28
12,850
12,231
Drive
Auto
Receivables
Trust
Series
2020-1,
Class
C
2.36%,
3/16/26
2,409
2,404
Drive
Auto
Receivables
Trust
Series
2021-1,
Class
D
1.45%,
1/16/29
5,405
5,082
Drive
Auto
Receivables
Trust
Series
2021-2,
Class
D
1.39%,
3/15/29
6,540
6,129
Enterprise
Fleet
Financing
Series
2019-3,
Class
A2
2.06%,
5/20/25 (1)
333
331
Exeter
Automobile
Receivables
Trust
Series
2021-2A,
Class
C
0.98%,
6/15/26
3,935
3,787
Exeter
Automobile
Receivables
Trust
Series
2021-3A,
Class
D
1.55%,
6/15/27
4,295
3,932
Exeter
Automobile
Receivables
Trust
Series
2022-1A,
Class
D
3.02%,
6/15/28
9,630
8,911
Exeter
Automobile
Receivables
Trust
Series
2022-2A,
Class
C
3.85%,
7/17/28
6,660
6,455
Exeter
Automobile
Receivables
Trust
Series
2022-4A,
Class
D
5.98%,
12/15/28
4,100
4,053
Ford
Credit
Auto
Lease
Trust
Series
2022-A,
Class
C
4.18%,
10/15/25
13,100
12,871
Ford
Credit
Auto
Owner
Trust
Series
2019-1,
Class
B
3.82%,
7/15/30 (1)
5,000
4,936
Ford
Credit
Auto
Owner
Trust
Series
2020-2,
Class
C
1.74%,
4/15/33 (1)
4,600
4,124
Ford
Credit
Auto
Owner
Trust
Series
2020-B,
Class
C
2.04%,
12/15/26
7,465
7,140
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2020-1,
Class
B
0.98%,
9/15/25
3,805
3,674
T.
ROWE
PRICE
Short-Term
Bond
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
GM
Financial
Automobile
Leasing
Trust
Series
2022-3,
Class
C
5.13%,
8/20/26
10,120
10,085
GMF
Floorplan
Owner
Revolving
Trust
Series
2020-1,
Class
B
1.03%,
8/15/25 (1)
2,235
2,159
Hyundai
Auto
Receivables
Trust
Series
2019-A,
Class
B
2.94%,
5/15/25
5,280
5,245
Nissan
Auto
Receivables
Owner
Trust
Series
2020-A,
Class
A3
1.38%,
12/16/24
1,420
1,404
Santander
Bank
Series
2021-1A,
Class
B
1.833%,
12/15/31 (1)
1,395
1,349
Santander
Consumer
Auto
Receivables
Trust
Series
2021-BA,
Class
C
3.09%,
3/15/29 (1)
3,105
3,006
Santander
Drive
Auto
Receivables
Trust
Series
2020-4,
Class
C
1.01%,
1/15/26
5,975
5,901
Santander
Drive
Auto
Receivables
Trust
Series
2021-4,
Class
D
1.67%,
10/15/27
9,480
8,815
Santander
Drive
Auto
Receivables
Trust
Series
2022-1,
Class
C
2.56%,
4/17/28
11,575
10,950
Santander
Retail
Auto
Lease
Trust
Series
2019-C,
Class
D
2.88%,
6/20/24 (1)
13,585
13,561
Santander
Retail
Auto
Lease
Trust
Series
2020-A,
Class
D
2.52%,
11/20/24 (1)
5,280
5,197
Santander
Retail
Auto
Lease
Trust
Series
2020-B,
Class
D
1.98%,
10/20/25 (1)
4,050
3,814
Santander
Retail
Auto
Lease
Trust
Series
2021-A,
Class
C
1.14%,
3/20/26 (1)
15,370
14,512
Santander
Retail
Auto
Lease
Trust
Series
2021-B,
Class
D
1.41%,
11/20/25 (1)
6,710
6,229
Santander
Retail
Auto
Lease
Trust
Series
2021-C,
Class
C
1.11%,
3/20/26 (1)
5,315
4,957
World
Omni
Auto
Receivables
Trust
Series
2019-C,
Class
C
2.40%,
6/15/26
5,370
5,287
T.
ROWE
PRICE
Short-Term
Bond
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
World
Omni
Auto
Receivables
Trust
Series
2020-A,
Class
C
1.64%,
8/17/26
3,390
3,262
World
Omni
Auto
Receivables
Trust
Series
2022-A,
Class
C
2.55%,
9/15/28
4,240
3,977
World
Omni
Select
Auto
Trust
Series
2020-A,
Class
B
0.84%,
6/15/26
4,085
3,956
World
Omni
Select
Auto
Trust
Series
2020-A,
Class
C
1.25%,
10/15/26
4,660
4,445
283,776
Other
Asset-Backed
Securities
5.4%
Amur
Equipment
Finance
Receivables
VII
Series
2019-1A,
Class
B
2.80%,
3/20/25 (1)
7,833
7,764
Applebee's
Funding
Series
2019-1A,
Class
A2I
4.194%,
6/5/49 (1)
14,746
14,161
Barings
Series
2013-IA,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.80%,
3.51%,
1/20/28 (1)
6,230
6,167
Blackbird
Capital
Aircraft
Lease
Securitization
Series
2016-1A,
Class
AA,
STEP
2.487%,
12/16/41 (1)
2,925
2,732
BRE
Grand
Islander
Timeshare
Issuer
Series
2019-A,
Class
A
3.28%,
9/26/33 (1)
1,364
1,300
Cedar
Funding
XIV
Series
2021-14A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.10%,
3.612%,
7/15/33 (1)
10,480
10,307
CIFC
Funding
Series
2021-4A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.05%,
3.562%,
7/15/33 (1)
15,375
15,037
Daimler
Trucks
Retail
Trust
Series
2020-1,
Class
A4
1.37%,
6/15/27
8,360
8,268
Dryden
Series
2020-86A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.10%,
3.84%,
7/17/34 (1)
9,145
8,932
Elara
HGV
Timeshare
Issuer
Series
2017-A,
Class
A
2.69%,
3/25/30 (1)
672
651
Elara
HGV
Timeshare
Issuer
Series
2019-A,
Class
A
2.61%,
1/25/34 (1)
2,965
2,794
T.
ROWE
PRICE
Short-Term
Bond
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
FirstKey
Homes
Trust
Series
2020-SFR1,
Class
A
1.339%,
8/17/37 (1)
6,409
5,926
Hilton
Grand
Vacations
Trust
Series
2017-AA,
Class
A
2.66%,
12/26/28 (1)
3,802
3,734
Hilton
Grand
Vacations
Trust
Series
2017-AA,
Class
B
2.96%,
12/26/28 (1)
216
211
Hilton
Grand
Vacations
Trust
Series
2019-AA,
Class
A
2.34%,
7/25/33 (1)
854
812
Hilton
Grand
Vacations
Trust
Series
2019-AA,
Class
B
2.54%,
7/25/33 (1)
1,759
1,668
Hilton
Grand
Vacations
Trust
Series
2020-AA,
Class
A
2.74%,
2/25/39 (1)
1,210
1,158
KKR
Series
13,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
0.80%,
3.54%,
1/16/28 (1)
3,355
3,336
KKR
Series
29A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.20%,
3.712%,
1/15/32 (1)
8,250
8,146
Kubota
Credit
Owner
Trust
Series
2020-1A,
Class
A3
1.96%,
3/15/24 (1)
1,282
1,273
Madison
Park
Funding
XXIII
Series
2017-23A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.97%,
3.739%,
7/27/31 (1)
10,835
10,712
Madison
Park
Funding
XXIII
Series
2017-23A,
Class
BR,
CLO,
FRN
3M
USD
LIBOR
+
1.55%,
4.319%,
7/27/31 (1)
6,810
6,615
Madison
Park
Funding
XXXIII
Series
2019-33A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.29%,
3.618%,
10/15/32 (1)
13,845
13,573
Madison
Park
Funding
XXXV
Series
2019-35A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
0.99%,
3.70%,
4/20/32 (1)
8,915
8,744
Madison
Park
Funding
XXXVII
Series
2019-37A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.07%,
3.582%,
7/15/33 (1)
7,285
7,156
Magnetite
XXV
Series
2020-25A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.20%,
3.983%,
1/25/32 (1)
7,570
7,468
MVW
Series
2020-1A,
Class
B
2.73%,
10/20/37 (1)
1,068
996
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)
309
304
MVW
Owner
Trust
Series
2017-1A,
Class
B
2.75%,
12/20/34 (1)
110
108
MVW
Owner
Trust
Series
2017-1A,
Class
C
2.99%,
12/20/34 (1)
277
269
Neuberger
Berman
Loan
Advisers
Series
2017-26A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.92%,
3.66%,
10/18/30 (1)
4,225
4,167
Neuberger
Berman
Loan
Advisers
Series
2017-26A,
Class
BR,
CLO,
FRN
3M
USD
LIBOR
+
1.40%,
4.14%,
10/18/30 (1)
7,575
7,298
Neuberger
Berman
Loan
Advisers
Series
2019-32A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.99%,
3.728%,
1/20/32 (1)
14,325
14,068
Neuberger
Berman
Loan
Advisers
Series
2021-40A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.06%,
3.80%,
4/16/33 (1)
4,060
3,989
Neuberger
Berman
XVII
Series
2014-17A,
Class
AR2,
CLO,
FRN
3M
USD
LIBOR
+
1.03%,
3.789%,
4/22/29 (1)
9,022
8,931
OCP
Series
2017-13A,
Class
A2R,
CLO,
FRN
3M
USD
LIBOR
+
1.55%,
4.062%,
7/15/30 (1)
11,235
10,875
Octane
Receivables
Trust
Series
2021-2A,
Class
A
1.21%,
9/20/28 (1)
4,085
3,930
Octane
Receivables
Trust
Series
2022-1A,
Class
B
4.90%,
5/22/28 (1)
5,025
4,897
Palmer
Square
Series
2020-3A,
Class
A1AR,
CLO,
FRN
3M
USD
LIBOR
+
1.08%,
3.985%,
11/15/31 (1)
17,285
16,993
Progress
Residential
Trust
Series
2022-SFR6,
Class
A
4.451%,
7/20/39 (1)
6,845
6,721
Sierra
Timeshare
Receivables
Funding
Series
2019-1A,
Class
A
3.20%,
1/20/36 (1)
892
870
Sierra
Timeshare
Receivables
Funding
Series
2019-2A,
Class
A
2.59%,
5/20/36 (1)
2,850
2,776
Sierra
Timeshare
Receivables
Funding
Series
2019-3A,
Class
A
2.34%,
8/20/36 (1)
4,318
4,122
T.
ROWE
PRICE
Short-Term
Bond
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
Sierra
Timeshare
Receivables
Funding
Series
2020-2A,
Class
C
3.51%,
7/20/37 (1)
1,442
1,368
Symphony
Static
I
Series
2021-1A,
Class
B,
CLO,
FRN
3M
USD
LIBOR
+
1.45%,
4.233%,
10/25/29 (1)
11,545
11,150
Symphony
XVII
Series
2016-17A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.88%,
3.392%,
4/15/28 (1)
4,036
4,008
Symphony
XXIII
Series
2020-23A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.02%,
3.532%,
1/15/34 (1)
3,605
3,540
Symphony
XXVI
Series
2021-26A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.08%,
3.79%,
4/20/33 (1)
4,230
4,157
274,182
Student
Loan
2.5%
Navient
Private
Education
Loan
Trust
Series
2020-A,
Class
A2A
2.46%,
11/15/68 (1)
5,125
4,797
Navient
Private
Education
Loan
Trust
Series
2020-IA,
Class
A1A
1.33%,
4/15/69 (1)
4,543
4,093
Navient
Private
Education
Refi
Loan
Trust
Series
2019-A,
Class
A2A
3.42%,
1/15/43 (1)
3,731
3,648
Navient
Private
Education
Refi
Loan
Trust
Series
2019-EA,
Class
A2A
2.64%,
5/15/68 (1)
5,751
5,510
Navient
Private
Education
Refi
Loan
Trust
Series
2019-GA,
Class
A
2.40%,
10/15/68 (1)
7,756
7,401
Navient
Private
Education
Refi
Loan
Trust
Series
2020-BA,
Class
A2
2.12%,
1/15/69 (1)
2,691
2,509
Navient
Private
Education
Refi
Loan
Trust
Series
2020-CA,
Class
A2A
2.15%,
11/15/68 (1)
18,903
17,277
Navient
Private
Education
Refi
Loan
Trust
Series
2020-DA,
Class
A
1.69%,
5/15/69 (1)
2,989
2,773
Navient
Private
Education
Refi
Loan
Trust
Series
2020-FA,
Class
A
1.22%,
7/15/69 (1)
3,228
2,960
Navient
Private
Education
Refi
Loan
Trust
Series
2020-GA,
Class
A
1.17%,
9/16/69 (1)
1,942
1,779
T.
ROWE
PRICE
Short-Term
Bond
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
Navient
Private
Education
Refi
Loan
Trust
Series
2020-HA,
Class
A
1.31%,
1/15/69 (1)
1,914
1,764
Navient
Private
Education
Refi
Loan
Trust
Series
2022-A,
Class
A
2.23%,
7/15/70 (1)
11,908
10,852
Nelnet
Student
Loan
Trust
Series
2005-4,
Class
A4,
FRN
3M
USD
LIBOR
+
0.18%,
2.276%,
3/22/32
3,889
3,693
Nelnet
Student
Loan
Trust
Series
2020-1A,
Class
A,
FRN
1M
USD
LIBOR
+
0.74%,
3.184%,
3/26/68 (1)
2,078
2,014
Nelnet
Student
Loan
Trust
Series
2021-CA,
Class
AFX
1.32%,
4/20/62 (1)
11,752
10,563
Nelnet
Student
Loan
Trust
Series
2021-DA,
Class
AFX
1.63%,
4/20/62 (1)
3,920
3,644
SMB
Private
Education
Loan
Trust
Series
2014-A,
Class
A3,
ARM
1M
USD
LIBOR
+
1.50%,
3.891%,
4/15/32 (1)
6,797
6,796
SMB
Private
Education
Loan
Trust
Series
2016-B,
Class
A2A
2.43%,
2/17/32 (1)
2,999
2,911
SMB
Private
Education
Loan
Trust
Series
2016-C,
Class
A2B,
ARM
1M
USD
LIBOR
+
1.10%,
3.491%,
9/15/34 (1)
4,524
4,516
SMB
Private
Education
Loan
Trust
Series
2018-B,
Class
A2B,
ARM
1M
USD
LIBOR
+
0.72%,
3.111%,
1/15/37 (1)
8,312
8,200
SMB
Private
Education
Loan
Trust
Series
2020-B,
Class
A1A
1.29%,
7/15/53 (1)
2,099
1,906
SMB
Private
Education
Loan
Trust
Series
2020-PTB,
Class
A2A
1.60%,
9/15/54 (1)
7,925
7,221
SMB
Private
Education
Loan
Trust
Series
2021-B,
Class
A
1.31%,
7/17/51 (1)
10,846
9,851
126,678
Total
Asset-Backed
Securities
(Cost
$712,923)
684,636
T.
ROWE
PRICE
Short-Term
Bond
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
CORPORATE
BONDS
48.4%
FINANCIAL
INSTITUTIONS
19.6%
Banking
12.3%
AIB
Group,
4.75%,
10/12/23 (1)
8,068
8,004
American
Express,
2.25%,
3/4/25
12,785
12,178
American
Express,
3.375%,
5/3/24
5,295
5,234
Banco
Bilbao
Vizcaya
Argentaria,
0.875%,
9/18/23
14,000
13,511
Banco
Santander,
3.496%,
3/24/25
8,200
8,016
Banco
Santander,
VR,
0.701%,
6/30/24 (2)
3,000
2,902
Banco
Santander
Mexico
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
4.125%,
11/9/22
10,350
10,352
Banco
Santander
Mexico
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
5.375%,
4/17/25 (1)
1,865
1,872
Bank
of
America,
VR,
0.81%,
10/24/24 (2)
6,275
6,006
Bank
of
America,
VR,
0.976%,
4/22/25 (2)
9,040
8,509
Bank
of
America,
VR,
1.734%,
7/22/27 (2)
6,595
5,844
Bank
of
America,
VR,
1.843%,
2/4/25 (2)
6,080
5,830
Bank
of
America,
VR,
3.384%,
4/2/26 (2)
7,560
7,280
Bank
of
America,
VR,
3.841%,
4/25/25 (2)
5,330
5,278
Bank
of
Ireland
Group,
4.50%,
11/25/23 (1)
21,463
21,298
Bank
of
Montreal,
3.70%,
6/7/25
10,110
9,970
Bank
of
New
York
Mellon,
VR,
4.414%,
7/24/26 (2)
6,645
6,673
Banque
Federative
du
Credit
Mutuel,
0.65%,
2/27/24 (1)
7,615
7,210
Banque
Federative
du
Credit
Mutuel,
0.998%,
2/4/25 (1)
9,745
8,921
Banque
Federative
du
Credit
Mutuel,
2.125%,
11/21/22 (1)
10,350
10,326
Barclays,
VR,
1.007%,
12/10/24 (2)
7,245
6,863
Barclays,
VR,
4.338%,
5/16/24 (2)
5,640
5,612
Barclays,
VR,
5.304%,
8/9/26 (2)
4,510
4,481
BPCE,
5.70%,
10/22/23 (1)
22,547
22,675
Capital
One
Financial,
3.20%,
1/30/23
5,589
5,574
Capital
One
Financial,
3.50%,
6/15/23
4,030
4,014
Capital
One
Financial,
3.90%,
1/29/24
4,115
4,094
Capital
One
Financial,
VR,
2.636%,
3/3/26 (2)
7,645
7,247
Capital
One
Financial,
VR,
4.985%,
7/24/26 (2)
5,995
5,985
Citigroup,
VR,
0.981%,
5/1/25 (2)
7,545
7,084
Citigroup,
VR,
3.106%,
4/8/26 (2)
4,035
3,876
Citigroup,
VR,
4.14%,
5/24/25 (2)
7,260
7,195
Credicorp,
2.75%,
6/17/25 (1)
2,715
2,559
Credit
Agricole,
FRN,
3M
USD
LIBOR
+
1.02%,
3.803%,
4/24/23 (1)
5,525
5,532
Credit
Suisse,
0.495%,
2/2/24
7,350
6,920
Credit
Suisse,
1.00%,
5/5/23
10,620
10,379
Credit
Suisse
Group,
VR,
2.997%,
12/14/23 (1)(2)
3,385
3,360
Credit
Suisse
Group,
VR,
6.373%,
7/15/26 (1)(2)
7,600
7,600
Danske
Bank,
1.226%,
6/22/24 (1)
10,885
10,221
T.
ROWE
PRICE
Short-Term
Bond
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
Danske
Bank,
5.375%,
1/12/24 (1)
8,680
8,743
Danske
Bank,
VR,
3.773%,
3/28/25 (1)(2)
5,275
5,137
Goldman
Sachs
Group,
3.50%,
4/1/25
7,425
7,257
Goldman
Sachs
Group,
VR,
0.657%,
9/10/24 (2)
4,990
4,776
Goldman
Sachs
Group,
VR,
0.673%,
3/8/24 (2)
3,465
3,395
Goldman
Sachs
Group,
VR,
0.925%,
10/21/24 (2)
4,580
4,386
Goldman
Sachs
Group,
VR,
1.757%,
1/24/25 (2)
7,600
7,309
Goldman
Sachs
Group,
VR,
4.482%,
8/23/28 (2)
5,960
5,816
HSBC
Holdings,
VR,
1.162%,
11/22/24 (2)
6,210
5,926
HSBC
Holdings,
VR,
1.645%,
4/18/26 (2)
12,655
11,521
JPMorgan
Chase,
FRN,
SOFR
+
0.885%,
3.111%,
4/22/27
5,480
5,328
JPMorgan
Chase,
VR,
0.824%,
6/1/25 (2)
8,300
7,766
JPMorgan
Chase,
VR,
2.083%,
4/22/26 (2)
13,190
12,331
JPMorgan
Chase,
VR,
4.08%,
4/26/26 (2)
7,690
7,596
KeyCorp,
VR,
3.878%,
5/23/25 (2)
3,005
2,973
Lloyds
Banking
Group,
4.50%,
11/4/24
4,744
4,713
Mitsubishi
UFJ
Financial
Group,
VR,
0.953%,
7/19/25 (2)
14,410
13,441
Morgan
Stanley,
4.10%,
5/22/23
2,320
2,327
Morgan
Stanley,
4.875%,
11/1/22
5,035
5,043
Morgan
Stanley,
VR,
0.529%,
1/25/24 (2)
6,450
6,348
Morgan
Stanley,
VR,
0.56%,
11/10/23 (2)
9,675
9,595
Morgan
Stanley,
VR,
0.731%,
4/5/24 (2)
8,475
8,289
Morgan
Stanley,
VR,
1.164%,
10/21/25 (2)
6,525
6,045
Morgan
Stanley,
VR,
2.63%,
2/18/26 (2)
7,180
6,811
Morgan
Stanley,
VR,
3.62%,
4/17/25 (2)
4,160
4,095
Nationwide
Building
Society,
VR,
3.766%,
3/8/24 (1)(2)
2,605
2,590
NatWest
Markets,
0.80%,
8/12/24 (1)
6,020
5,589
NatWest
Markets,
2.375%,
5/21/23 (1)
9,705
9,579
NatWest
Markets,
3.479%,
3/22/25 (1)
8,005
7,783
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (2)
5,540
4,808
Skandinaviska
Enskilda
Banken,
3.70%,
6/9/25 (1)
7,645
7,512
Societe
Generale,
2.625%,
10/16/24 (1)
1,120
1,065
Standard
Chartered,
3.95%,
1/11/23 (1)
12,570
12,541
Standard
Chartered,
VR,
0.991%,
1/12/25 (1)(2)
3,390
3,199
Standard
Chartered,
VR,
1.214%,
3/23/25 (1)(2)
520
489
Standard
Chartered,
VR,
1.319%,
10/14/23 (1)(2)
4,160
4,143
Standard
Chartered,
VR,
1.822%,
11/23/25 (1)(2)
3,965
3,664
Standard
Chartered,
VR,
3.885%,
3/15/24 (1)(2)
1,325
1,317
Svenska
Handelsbanken,
VR,
1.418%,
6/11/27 (1)(2)
6,100
5,417
Synchrony
Financial,
4.25%,
8/15/24
16,585
16,364
Truist
Financial,
FRN,
SOFR
+
0.40%,
2.182%,
6/9/25
6,125
5,983
U.S.
Bancorp,
VR,
4.548%,
7/22/28 (2)
10,510
10,527
UBS
Group,
VR,
1.008%,
7/30/24 (1)(2)
12,535
12,143
UBS
Group,
VR,
1.494%,
8/10/27 (1)(2)
3,200
2,778
UBS
Group,
VR,
4.488%,
5/12/26 (1)(2)
2,465
2,438
UBS
Group,
VR,
4.49%,
8/5/25 (1)(2)
6,380
6,351
T.
ROWE
PRICE
Short-Term
Bond
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
Wells
Fargo,
4.125%,
8/15/23
2,625
2,627
Wells
Fargo,
VR,
1.654%,
6/2/24 (2)
6,200
6,072
Wells
Fargo,
VR,
2.188%,
4/30/26 (2)
5,935
5,544
Wells
Fargo,
VR,
3.526%,
3/24/28 (2)
4,850
4,571
Wells
Fargo,
VR,
3.908%,
4/25/26 (2)
7,870
7,709
Wells
Fargo,
VR,
4.54%,
8/15/26 (2)
7,470
7,421
623,676
Brokerage
Asset
Managers
Exchanges
0.8%
Charles
Schwab,
2.45%,
3/3/27 (3)
14,325
13,379
Charles
Schwab,
4.20%,
3/24/25
6,770
6,799
LSEGA
Financing,
0.65%,
4/6/24 (1)
11,680
11,033
Nasdaq,
0.445%,
12/21/22
6,280
6,226
37,437
Finance
Companies
1.8%
AerCap
Ireland
Capital,
1.65%,
10/29/24
11,390
10,539
AerCap
Ireland
Capital,
4.125%,
7/3/23
10,987
10,916
AerCap
Ireland
Capital,
4.50%,
9/15/23
7,505
7,462
AerCap
Ireland
Capital,
4.875%,
1/16/24
6,790
6,748
Air
Lease,
2.25%,
1/15/23
5,935
5,889
Avolon
Holdings
Funding,
2.125%,
2/21/26 (1)
9,215
7,960
Avolon
Holdings
Funding,
2.875%,
2/15/25 (1)
7,180
6,606
Avolon
Holdings
Funding,
3.95%,
7/1/24 (1)
2,230
2,132
GATX,
3.25%,
3/30/25
1,750
1,685
GATX,
3.90%,
3/30/23
5,640
5,624
GATX,
4.35%,
2/15/24
11,813
11,815
Park
Aerospace
Holdings,
4.50%,
3/15/23 (1)
6,408
6,360
SMBC
Aviation
Capital
Finance,
3.55%,
4/15/24 (1)
3,130
3,039
SMBC
Aviation
Capital
Finance,
4.125%,
7/15/23 (1)
5,893
5,845
92,620
Financial
Other
0.2%
LeasePlan,
2.875%,
10/24/24 (1)
7,447
7,120
7,120
Insurance
3.6%
Aetna,
2.80%,
6/15/23
4,055
4,018
American
International
Group,
2.50%,
6/30/25
9,660
9,213
Athene
Global
Funding,
1.716%,
1/7/25 (1)
12,540
11,669
Athene
Global
Funding,
2.514%,
3/8/24 (1)
15,230
14,667
Brighthouse
Financial
Global
Funding,
0.60%,
6/28/23 (1)
7,280
7,068
Brighthouse
Financial
Global
Funding,
1.00%,
4/12/24 (1)
7,275
6,858
CNO
Global
Funding,
1.65%,
1/6/25 (1)
7,125
6,642
CNO
Global
Funding,
1.75%,
10/7/26 (1)
8,935
7,956
Corebridge
Financial,
3.50%,
4/4/25 (1)
5,855
5,630
Equitable
Financial
Life
Global
Funding,
0.50%,
4/6/23 (1)
17,120
16,752
Equitable
Financial
Life
Global
Funding,
1.10%,
11/12/24 (1)
7,095
6,600
First
American
Financial,
4.60%,
11/15/24
2,840
2,838
Health
Care
Service
Corp
A
Mutual
Legal
Reserve,
1.50%,
6/1/25 (1)
11,700
10,831
T.
ROWE
PRICE
Short-Term
Bond
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
Humana,
0.65%,
8/3/23
4,715
4,575
Humana,
1.35%,
2/3/27
3,515
3,076
Humana,
2.90%,
12/15/22
2,215
2,212
Humana,
3.15%,
12/1/22
2,548
2,547
Humana,
3.85%,
10/1/24
6,064
6,042
Humana,
4.50%,
4/1/25
4,125
4,151
Jackson
Financial,
1.125%,
11/22/23 (1)
9,095
8,743
Jackson
National
Life
Global
Funding,
1.75%,
1/12/25 (1)
8,265
7,737
Lincoln
National,
4.00%,
9/1/23
2,025
2,022
Marsh
&
McLennan,
3.875%,
3/15/24
5,950
5,942
Metropolitan
Life
Global
Funding
I,
0.40%,
1/7/24 (1)
6,570
6,265
Principal
Life
Global
Funding
II,
0.75%,
4/12/24 (1)
4,970
4,696
Principal
Life
Global
Funding
II,
0.875%,
1/12/26 (1)
5,795
5,116
UnitedHealth
Group,
3.70%,
5/15/27 (3)
7,965
7,887
181,753
Real
Estate
Investment
Trusts
0.9%
American
Campus
Communities
Operating
Partnership,
3.75%,
4/15/23
6,705
6,707
Brixmor
Operating
Partnership,
3.65%,
6/15/24
1,975
1,932
Highwoods
Realty,
3.625%,
1/15/23
12,275
12,274
Kilroy
Realty,
4.375%,
10/1/25
2,355
2,323
Public
Storage,
FRN,
SOFR
+
0.47%,
2.705%,
4/23/24
4,245
4,219
Simon
Property
Group,
2.00%,
9/13/24
3,350
3,218
Simon
Property
Group,
3.375%,
10/1/24
6,565
6,480
WP
Carey,
4.60%,
4/1/24
9,915
9,898
47,051
Total
Financial
Institutions
989,657
INDUSTRIAL
26.0%
Basic
Industry
1.5%
ArcelorMittal,
3.60%,
7/16/24
3,220
3,168
Celanese
U.S.
Holdings,
5.90%,
7/5/24
12,960
13,056
Celanese
U.S.
Holdings,
6.05%,
3/15/25
16,050
16,107
Celulosa
Arauco
y
Constitucion,
4.50%,
8/1/24
5,349
5,363
Ecolab,
1.65%,
2/1/27
2,900
2,636
LYB
International
Finance
III,
1.25%,
10/1/25
5,631
5,094
Nucor,
2.00%,
6/1/25
2,330
2,198
Nucor,
3.95%,
5/23/25
3,585
3,557
POSCO,
2.375%,
11/12/22 (1)
8,335
8,313
POSCO,
2.375%,
1/17/23 (1)
5,205
5,173
Sherwin-Williams,
4.05%,
8/8/24
1,990
1,987
Sherwin-Williams,
4.25%,
8/8/25
2,980
2,977
Steel
Dynamics,
2.80%,
12/15/24
5,070
4,899
Westlake,
0.875%,
8/15/24
1,500
1,417
75,945
T.
ROWE
PRICE
Short-Term
Bond
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
Capital
Goods
0.9%
Amcor
Flexibles
North
America,
4.00%,
5/17/25
5,355
5,280
Amphenol,
2.05%,
3/1/25
6,720
6,345
Boral
Finance,
3.00%,
11/1/22 (1)
1,070
1,067
Carrier
Global,
2.242%,
2/15/25
1,909
1,810
Otis
Worldwide,
2.056%,
4/5/25
7,965
7,529
Parker-Hannifin,
3.65%,
6/15/24
11,495
11,390
Republic
Services,
0.875%,
11/15/25
1,566
1,408
Republic
Services,
2.50%,
8/15/24
1,490
1,446
Roper
Technologies,
1.00%,
9/15/25
1,740
1,577
Roper
Technologies,
3.65%,
9/15/23
2,210
2,203
Waste
Management,
0.75%,
11/15/25
6,230
5,649
45,704
Communications
4.1%
American
Tower,
2.40%,
3/15/25
4,733
4,486
American
Tower,
5.00%,
2/15/24
3,384
3,408
Charter
Communications
Operating,
4.908%,
7/23/25
27,430
27,364
Cox
Communications,
2.95%,
6/30/23 (1)
3,815
3,774
Cox
Communications,
3.15%,
8/15/24 (1)
13,268
12,888
Crown
Castle,
1.05%,
7/15/26
9,140
8,019
Crown
Castle,
2.90%,
3/15/27
6,355
5,885
Crown
Castle,
3.15%,
7/15/23
3,226
3,206
KT,
4.00%,
8/8/25 (1)
8,770
8,723
Magallanes,
3.755%,
3/15/27 (1)
20,340
19,002
NTT
Finance,
0.583%,
3/1/24 (1)
4,120
3,913
NTT
Finance,
4.142%,
7/26/24 (1)
1,850
1,854
NTT
Finance,
4.239%,
7/25/25 (1)(3)
1,630
1,631
Rogers
Communications,
3.20%,
3/15/27 (1)
9,100
8,648
SBA
Tower
Trust,
1.631%,
11/15/26 (1)
4,260
3,718
SBA
Tower
Trust,
1.884%,
1/15/26 (1)
2,480
2,226
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
7,240
6,930
SBA
Tower
Trust,
3.448%,
3/15/23 (1)
6,515
6,482
SBA
Tower
Trust,
Series
2014-2A,
Class
C,
3.869%,
10/15/49 (1)
2,540
2,482
SES,
3.60%,
4/4/23 (1)
6,410
6,362
Sky,
3.75%,
9/16/24 (1)
17,915
17,772
T-Mobile
USA,
3.50%,
4/15/25
7,685
7,495
Take-Two
Interactive
Software,
3.30%,
3/28/24
6,240
6,145
Take-Two
Interactive
Software,
3.55%,
4/14/25
2,095
2,054
Verizon
Communications,
0.85%,
11/20/25
11,600
10,411
Verizon
Communications,
1.45%,
3/20/26
9,810
8,944
Verizon
Communications,
2.625%,
8/15/26
11,075
10,421
Walt
Disney,
1.75%,
1/13/26
5,230
4,874
209,117
Consumer
Cyclical
4.2%
7-Eleven,
0.625%,
2/10/23 (1)
3,020
2,975
T.
ROWE
PRICE
Short-Term
Bond
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
7-Eleven,
0.80%,
2/10/24 (1)
4,890
4,658
AutoZone,
3.625%,
4/15/25
3,600
3,545
Daimler
Trucks
Finance
North
America,
1.625%,
12/13/24 (1)
7,760
7,270
General
Motors,
4.875%,
10/2/23
5,380
5,407
General
Motors,
5.40%,
10/2/23
7,465
7,541
General
Motors
Financial,
2.90%,
2/26/25
13,795
13,192
Genuine
Parts,
1.75%,
2/1/25
2,980
2,810
Hyatt
Hotels,
1.30%,
10/1/23
4,775
4,617
Hyundai
Capital
America,
0.80%,
1/8/24 (1)
5,910
5,612
Hyundai
Capital
America,
0.875%,
6/14/24 (1)
5,795
5,421
Hyundai
Capital
America,
1.00%,
9/17/24 (1)
3,765
3,488
Hyundai
Capital
America,
1.15%,
11/10/22 (1)
3,375
3,358
Hyundai
Capital
America,
2.375%,
2/10/23 (1)
14,200
14,015
Hyundai
Capital
America,
2.85%,
11/1/22 (1)
3,740
3,736
Hyundai
Capital
Services,
2.125%,
4/24/25 (1)
2,800
2,616
Lowe's,
3.35%,
4/1/27
2,275
2,193
Marriott
International,
2.125%,
10/3/22
505
505
Marriott
International,
3.125%,
2/15/23
2,575
2,564
Marriott
International,
3.60%,
4/15/24
14,722
14,576
Mercedes-Benz
Finance
North
America,
1.75%,
3/10/23 (1)
13,400
13,248
Nissan
Motor,
3.043%,
9/15/23 (1)
15,844
15,569
Nissan
Motor
Acceptance,
2.60%,
9/28/22 (1)
15,085
15,050
Nissan
Motor
Acceptance,
3.875%,
9/21/23 (1)
1,530
1,514
Nordstrom,
2.30%,
4/8/24
1,280
1,192
O'Reilly
Automotive,
3.80%,
9/1/22
3,280
3,280
QVC,
4.85%,
4/1/24
4,660
4,479
Ross
Stores,
0.875%,
4/15/26
4,540
4,018
Ross
Stores,
3.375%,
9/15/24
1,475
1,442
Ross
Stores,
4.60%,
4/15/25
14,016
14,110
Stellantis
Finance
U.S.,
1.711%,
1/29/27 (1)
5,790
5,010
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
5,071
Volkswagen
Group
of
America
Finance,
2.70%,
9/26/22 (1)
4,755
4,748
Volkswagen
Group
of
America
Finance,
3.125%,
5/12/23 (1)
2,400
2,388
Volkswagen
Group
of
America
Finance,
3.95%,
6/6/25 (1)
5,185
5,107
211,766
Consumer
Non-Cyclical
6.2%
AbbVie,
2.60%,
11/21/24
20,860
20,159
AbbVie,
2.90%,
11/6/22
12,900
12,889
AbbVie,
2.95%,
11/21/26
14,705
13,854
AbbVie,
3.20%,
11/6/22
1,385
1,385
AbbVie,
3.20%,
5/14/26
1,295
1,242
AmerisourceBergen,
0.737%,
3/15/23
10,630
10,471
Anheuser-Busch,
3.65%,
2/1/26
3,310
3,256
Astrazeneca
Finance,
1.20%,
5/28/26
12,035
10,869
BAT
International
Finance,
1.668%,
3/25/26
7,140
6,351
T.
ROWE
PRICE
Short-Term
Bond
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
BAT
International
Finance,
4.448%,
3/16/28
13,155
12,399
Bayer
U.S.
Finance
II,
3.875%,
12/15/23 (1)
5,080
5,044
Becton
Dickinson
&
Company,
3.363%,
6/6/24
6,449
6,441
Becton
Dickinson
&
Company,
3.734%,
12/15/24
2,160
2,141
Brunswick,
0.85%,
8/18/24
10,060
9,304
Bunge
Finance,
3.00%,
9/25/22
28,563
28,562
Cardinal
Health,
3.079%,
6/15/24
5,115
5,024
Cardinal
Health,
3.20%,
3/15/23
5,250
5,226
Cardinal
Health,
3.50%,
11/15/24
6,185
6,077
Cigna,
0.613%,
3/15/24
2,840
2,701
Cigna,
3.00%,
7/15/23
5,195
5,157
Cigna,
3.75%,
7/15/23
2,942
2,941
Coca-Cola
Europacific
Partners,
0.80%,
5/3/24 (1)
17,240
16,265
CommonSpirit
Health,
1.547%,
10/1/25
5,450
4,963
Constellation
Brands,
3.60%,
5/9/24
6,430
6,387
CSL
Finance,
3.85%,
4/27/27 (1)
2,575
2,532
CVS
Health,
2.625%,
8/15/24
2,460
2,402
CVS
Health,
2.875%,
6/1/26
3,470
3,304
CVS
Health,
3.00%,
8/15/26
2,945
2,829
Diageo
Capital,
1.375%,
9/29/25
4,560
4,204
Hasbro,
3.00%,
11/19/24
13,727
13,296
HCA,
3.125%,
3/15/27 (1)
7,560
6,982
Imperial
Brands
Finance,
3.125%,
7/26/24 (1)
13,435
12,927
Imperial
Brands
Finance,
4.25%,
7/21/25 (1)
1,609
1,574
JDE
Peet's,
0.80%,
9/24/24 (1)
4,440
4,102
Mondelez
International,
2.125%,
3/17/24
5,385
5,237
Mondelez
International,
2.625%,
3/17/27
5,415
5,045
PeaceHealth
Obligated
Group,
Series
2020,
1.375%,
11/15/25
1,555
1,416
PerkinElmer,
0.55%,
9/15/23
5,755
5,531
PerkinElmer,
0.85%,
9/15/24
1,093
1,020
Perrigo
Finance
Unlimited,
3.90%,
12/15/24
25,290
23,994
Royalty
Pharma,
0.75%,
9/2/23
6,420
6,200
Shire
Acquisitions
Investments
Ireland,
2.875%,
9/23/23
5,950
5,874
Stryker,
0.60%,
12/1/23
2,875
2,761
Viatris,
1.65%,
6/22/25
3,945
3,596
313,934
Energy
4.3%
Aker
BP,
3.00%,
1/15/25 (1)
7,265
6,947
Baker
Hughes
Holdings,
1.231%,
12/15/23
2,780
2,688
Canadian
Natural
Resources,
2.05%,
7/15/25 (3)
11,415
10,634
Canadian
Natural
Resources,
3.80%,
4/15/24 (3)
1,890
1,871
Cheniere
Corpus
Christi
Holdings,
5.875%,
3/31/25
9,955
10,154
Cheniere
Corpus
Christi
Holdings,
7.00%,
6/30/24
13,870
14,217
Devon
Energy,
8.25%,
8/1/23
4,205
4,321
Enbridge,
2.15%,
2/16/24 (3)
2,395
2,322
Enbridge,
2.50%,
1/15/25
9,500
9,101
T.
ROWE
PRICE
Short-Term
Bond
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
Enbridge,
2.50%,
2/14/25 (3)
4,350
4,154
Enbridge,
4.00%,
10/1/23
5,580
5,564
Energy
Transfer,
2.90%,
5/15/25
1,860
1,762
Energy
Transfer,
3.45%,
1/15/23
697
695
Energy
Transfer,
4.25%,
3/15/23
14,312
14,240
Energy
Transfer,
4.25%,
4/1/24
455
450
Energy
Transfer,
4.90%,
2/1/24
4,925
4,944
Energy
Transfer,
5.875%,
1/15/24
17,363
17,558
Energy
Transfer,
Series
5Y,
4.20%,
9/15/23
1,819
1,814
Eni,
Series
X-R,
4.00%,
9/12/23 (1)
13,505
13,449
EOG
Resources,
2.625%,
3/15/23
2,263
2,253
Gray
Oak
Pipeline,
2.00%,
9/15/23 (1)
4,272
4,164
Gray
Oak
Pipeline,
2.60%,
10/15/25 (1)
3,115
2,856
Pioneer
Natural
Resources,
0.55%,
5/15/23
5,240
5,100
Plains
All
American
Pipeline,
2.85%,
1/31/23
10,934
10,861
Sabine
Pass
Liquefaction,
5.625%,
4/15/23
18,084
18,171
Sabine
Pass
Liquefaction,
5.625%,
3/1/25
7,490
7,630
Sabine
Pass
Liquefaction,
5.75%,
5/15/24
6,930
7,029
Schlumberger
Finance
Canada,
1.40%,
9/17/25
2,330
2,177
Schlumberger
Holdings,
3.75%,
5/1/24 (1)
10,390
10,330
Schlumberger
Holdings,
4.00%,
12/21/25 (1)
2,580
2,544
Williams,
3.70%,
1/15/23
16,130
16,190
Williams,
4.30%,
3/4/24
2,123
2,099
218,289
Industrial
Other
0.2%
CK
Hutchison
International
II,
2.75%,
3/29/23
10,400
10,333
10,333
Technology
3.3%
Analog
Devices,
2.95%,
4/1/25
2,075
2,025
CDW,
5.50%,
12/1/24
2,690
2,737
Fidelity
National
Information
Services,
0.375%,
3/1/23
9,785
9,634
Fidelity
National
Information
Services,
0.60%,
3/1/24
4,700
4,459
Fidelity
National
Information
Services,
4.50%,
7/15/25
3,965
3,966
Fiserv,
2.75%,
7/1/24
13,355
13,029
Fiserv,
3.80%,
10/1/23 (3)
3,685
3,677
Fortinet,
1.00%,
3/15/26
5,710
5,062
HCL
America,
1.375%,
3/10/26 (1)
15,000
13,498
Marvell
Technology,
4.20%,
6/22/23
8,705
8,661
Microchip
Technology,
0.972%,
2/15/24
10,345
9,824
Microchip
Technology,
0.983%,
9/1/24
8,380
7,812
Microchip
Technology,
2.67%,
9/1/23
7,395
7,284
Moody's,
3.75%,
3/24/25
6,475
6,394
NXP,
2.70%,
5/1/25
4,850
4,622
NXP,
3.875%,
6/18/26
3,155
3,049
NXP,
4.40%,
6/1/27
1,040
1,021
NXP,
4.875%,
3/1/24
5,381
5,408
T.
ROWE
PRICE
Short-Term
Bond
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
Oracle,
2.40%,
9/15/23
11,225
11,025
Qorvo,
1.75%,
12/15/24 (1)
3,710
3,450
RELX
Capital,
3.50%,
3/16/23
4,470
4,453
S&P
Global,
2.45%,
3/1/27 (1)
14,680
13,674
Skyworks
Solutions,
0.90%,
6/1/23
2,645
2,578
VMware,
0.60%,
8/15/23
5,675
5,483
Western
Union,
2.85%,
1/10/25
11,414
10,922
Workday,
3.50%,
4/1/27
3,450
3,296
167,043
Transportation
1.3%
American
Airlines
PTT,
Series
2017-2,
Class
B,
3.70%,
10/15/25
3,952
3,458
Canadian
Pacific
Railway,
1.35%,
12/2/24
10,590
9,934
Canadian
Pacific
Railway,
1.75%,
12/2/26
4,645
4,223
HPHT
Finance,
2.75%,
9/11/22
14,084
14,076
HPHT
Finance,
2.875%,
11/5/24
700
677
Kansas
City
Southern,
3.00%,
5/15/23
7,520
7,482
Penske
Truck
Leasing,
3.45%,
7/1/24 (1)
3,390
3,308
Sydney
Airport
Finance,
3.90%,
3/22/23 (1)
9,674
9,649
Triton
Container
International,
0.80%,
8/1/23 (1)
11,395
10,951
United
Airlines
PTT,
Series
2019-2,
Class
B,
3.50%,
5/1/28
2,315
1,974
65,732
Total
Industrial
1,317,863
UTILITY
2.8%
Electric
2.4%
AES,
3.30%,
7/15/25 (1)
5,425
5,144
Alexander
Funding
Trust,
1.841%,
11/15/23 (1)
7,760
7,366
DTE
Energy,
STEP,
4.22%,
11/1/24
7,175
7,137
Edison
International,
2.95%,
3/15/23
4,199
4,183
Edison
International,
3.125%,
11/15/22
4,775
4,766
Enel
Finance
International,
1.375%,
7/12/26 (1)
9,605
8,536
Enel
Finance
International,
2.65%,
9/10/24 (1)
12,355
11,855
Eversource
Energy,
4.20%,
6/27/24
4,445
4,442
NextEra
Energy
Capital
Holdings,
1.875%,
1/15/27
9,130
8,195
NextEra
Energy
Capital
Holdings,
4.45%,
6/20/25
6,955
6,998
NRG
Energy,
3.75%,
6/15/24 (1)
4,470
4,338
Pacific
Gas
&
Electric,
3.50%,
6/15/25
8,205
7,794
Pacific
Gas
&
Electric,
FRN,
SOFRINDX
+
1.15%,
3.444%,
11/14/22
1,475
1,472
Vistra
Operations,
3.55%,
7/15/24 (1)
30,800
29,645
Vistra
Operations,
5.125%,
5/13/25 (1)
8,015
7,975
119,846
Natural
Gas
0.4%
APT
Pipelines,
4.20%,
3/23/25 (1)
13,674
13,413
Sempra
Energy,
3.30%,
4/1/25
5,035
4,902
T.
ROWE
PRICE
Short-Term
Bond
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
Southern
California
Gas,
2.95%,
4/15/27
5,420
5,167
23,482
Total
Utility
143,328
Total
Corporate
Bonds
(Cost
$2,553,078)
2,450,848
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
1.2%
Owned
No
Guarantee
1.2%
Banco
del
Estado
de
Chile,
2.704%,
1/9/25 (1)
4,585
4,368
DAE
Funding,
1.55%,
8/1/24 (1)
4,225
3,952
Korea
Hydro
&
Nuclear
Power,
1.25%,
4/27/26 (1)
12,038
10,827
Korea
Hydro
&
Nuclear
Power,
4.25%,
7/27/27 (1)
2,010
1,998
NBN,
1.45%,
5/5/26 (1)(3)
15,195
13,598
QNB
Finance,
2.625%,
5/12/25
4,765
4,577
QNB
Finance,
3.50%,
3/28/24
8,635
8,554
State
Bank
of
India,
4.50%,
9/28/23
4,000
4,009
Tenaga
Nasional,
7.50%,
11/1/25
8,850
9,544
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$66,361)
61,427
MUNICIPAL
SECURITIES
0.4%
California
0.1%
Golden
State
Tobacco
Securitization,
Series A-1,
1.711%,
6/1/24
5,815
5,564
5,564
Illinois
0.3%
Illinois,
Series A,
GO,
2.25%,
10/1/22
13,440
13,429
13,429
New
York
0.0%
Long
Island
Power
Auth.,
Series C,
0.764%,
3/1/23
2,460
2,426
2,426
Total
Municipal
Securities
(Cost
$21,715)
21,419
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
16.9%
Collateralized
Mortgage
Obligations
9.6%
Angel
Oak
Mortgage
Trust
Series
2020-3,
Class
A1,
CMO,
ARM
1.691%,
4/25/65 (1)
1,527
1,422
Angel
Oak
Mortgage
Trust
Series
2020-5,
Class
A2,
CMO,
ARM
1.579%,
5/25/65 (1)
1,251
1,183
T.
ROWE
PRICE
Short-Term
Bond
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
Angel
Oak
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.909%,
1/25/66 (1)
5,145
4,628
Angel
Oak
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.985%,
4/25/66 (1)
4,516
4,041
Angel
Oak
Mortgage
Trust
Series
2021-2,
Class
A2,
CMO,
ARM
1.19%,
4/25/66 (1)
1,304
1,154
Angel
Oak
Mortgage
Trust
Series
2021-3,
Class
A1,
CMO,
ARM
1.068%,
5/25/66 (1)
3,571
3,168
Angel
Oak
Mortgage
Trust
Series
2021-6,
Class
A3,
CMO,
ARM
1.714%,
9/25/66 (1)
3,502
2,919
Angel
Oak
Mortgage
Trust
I
Series
2019-2,
Class
A1,
CMO,
ARM
3.628%,
3/25/49 (1)
73
73
Angel
Oak
Mortgage
Trust
I
Series
2019-4,
Class
A3,
CMO,
ARM
3.301%,
7/26/49 (1)
380
377
Barclays
Mortgage
Loan
Trust
Series
2021-NQM1,
Class
A1,
CMO,
ARM
1.747%,
9/25/51 (1)
7,839
7,235
Bayview
MSR
Opportunity
Master
Fund
Trust
Series
2021-2,
Class
A5,
CMO,
ARM
2.50%,
6/25/51 (1)
7,263
6,603
Bayview
MSR
Opportunity
Master
Fund
Trust
Series
2021-5,
Class
A5,
CMO,
ARM
2.50%,
11/25/51 (1)
5,689
5,154
BINOM
Securitization
Trust
Series
2021-INV1,
Class
A3,
CMO,
ARM
2.625%,
6/25/56 (1)
2,781
2,546
BRAVO
Residential
Funding
Trust
Series
2021-NQM3,
Class
A1,
CMO,
ARM
1.699%,
4/25/60 (1)
5,138
4,865
CIM
Trust
Series
2020-INV1,
Class
A2,
CMO,
ARM
2.50%,
4/25/50 (1)
4,623
4,029
CIM
Trust
Series
2021-INV1,
Class
A8,
CMO,
ARM
2.50%,
7/1/51 (1)
3,477
3,155
Citigroup
Mortgage
Loan
Trust
Series
2020-EXP2,
Class
A3,
CMO,
ARM
2.50%,
8/25/50 (1)
4,770
4,125
COLT
Mortgage
Loan
Trust
Series
2020-3,
Class
A1,
CMO,
ARM
1.506%,
4/27/65 (1)
589
566
T.
ROWE
PRICE
Short-Term
Bond
Fund
20
Par/Shares
$
Value
(Amounts
in
000s)
COLT
Mortgage
Loan
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.373%,
6/25/66 (1)
2,906
2,571
COLT
Mortgage
Loan
Trust
Series
2021-3,
Class
A3,
CMO,
ARM
1.419%,
9/27/66 (1)
2,873
2,410
COLT
Mortgage
Loan
Trust
Series
2022-3,
Class
A1,
CMO,
ARM
3.901%,
2/25/67 (1)
7,185
6,880
Connecticut
Avenue
Securities
Series
2017-C02,
Class
2ED3,
CMO,
ARM
1M
USD
LIBOR
+
1.35%,
3.794%,
9/25/29
200
200
Connecticut
Avenue
Securities
Series
2017-C04,
Class
2ED2,
CMO,
ARM
1M
USD
LIBOR
+
1.10%,
3.544%,
11/25/29
6,809
6,769
Connecticut
Avenue
Securities
Series
2017-C05,
Class
1ED3,
CMO,
ARM
1M
USD
LIBOR
+
1.20%,
3.644%,
1/25/30
250
250
Connecticut
Avenue
Securities
Series
2018-C03,
Class
1EB2,
CMO,
ARM
1M
USD
LIBOR
+
0.85%,
3.294%,
10/25/30
7,254
7,219
Connecticut
Avenue
Securities
Series
2018-C03,
Class
1ED2,
CMO,
ARM
1M
USD
LIBOR
+
0.85%,
3.294%,
10/25/30
448
445
Connecticut
Avenue
Securities
Series
2022-R08,
Class
1M1,
CMO,
ARM
SOFR30A
+
2.55%,
4.758%,
7/25/42 (1)
3,003
3,041
Connecticut
Avenue
Securities
Trust
Series
2022-R01,
Class
1M1,
CMO,
ARM
SOFR30A
+
1.00%,
3.183%,
12/25/41 (1)
9,072
8,961
Connecticut
Avenue
Securities
Trust
Series
2022-R02,
Class
2M1,
CMO,
ARM
SOFR30A
+
1.20%,
3.383%,
1/25/42 (1)
10,321
10,250
Connecticut
Avenue
Securities
Trust
Series
2022-R03,
Class
1M1,
CMO,
ARM
SOFR30A
+
2.10%,
4.283%,
3/25/42 (1)
6,533
6,530
Connecticut
Avenue
Securities
Trust
Series
2022-R04,
Class
1M1,
CMO,
ARM
SOFR30A
+
2.00%,
4.183%,
3/25/42 (1)
4,317
4,313
Connecticut
Avenue
Securities
Trust
Series
2022-R05,
Class
2M1,
CMO,
ARM
SOFR30A
+
1.90%,
4.083%,
4/25/42 (1)
7,925
7,933
Connecticut
Avenue
Securities
Trust
Series
2022-R06,
Class
1M1,
CMO,
ARM
SOFR30A
+
2.75%,
4.933%,
5/25/42 (1)
7,154
7,271
Connecticut
Avenue
Securities
Trust
Series
2022-R07,
Class
1M1,
CMO,
ARM
SOFR30A
+
2.95%,
5.158%,
6/25/42 (1)
4,296
4,361
T.
ROWE
PRICE
Short-Term
Bond
Fund
21
Par/Shares
$
Value
(Amounts
in
000s)
Deephaven
Residential
Mortgage
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.128%,
5/25/65 (1)
1,243
1,179
Deephaven
Residential
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.899%,
4/25/66 (1)
1,899
1,663
Deephaven
Residential
Mortgage
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
1.26%,
4/25/66 (1)
2,114
1,884
Eagle
Series
2021-2,
Class
M1A,
CMO,
ARM
SOFR30A
+
1.55%,
3.733%,
4/25/34 (1)
3,950
3,935
Ellington
Financial
Mortgage
Trust
Series
2019-2,
Class
A3,
CMO,
ARM
3.046%,
11/25/59 (1)
640
613
Ellington
Financial
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.797%,
2/25/66 (1)
1,172
1,052
Ellington
Financial
Mortgage
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.106%,
2/25/66 (1)
991
883
Ellington
Financial
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.931%,
6/25/66 (1)
2,618
2,302
Ellington
Financial
Mortgage
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
1.291%,
6/25/66 (1)
2,507
2,193
Ellington
Financial
Mortgage
Trust
Series
2021-3,
Class
A1,
CMO,
ARM
1.241%,
9/25/66 (1)
3,445
2,946
Ellington
Financial
Mortgage
Trust
Series
2021-3,
Class
A3,
CMO,
ARM
1.55%,
9/25/66 (1)
2,498
2,123
Flagstar
Mortgage
Trust
Series
2020-1INV,
Class
A11,
CMO,
ARM
1M
USD
LIBOR
+
0.85%,
3.294%,
3/25/50 (1)
1,829
1,725
Flagstar
Mortgage
Trust
Series
2021-5INV,
Class
A5,
CMO,
ARM
2.50%,
7/25/51 (1)
3,022
2,751
Freddie
Mac
Whole
Loan
Securities
Trust
Series
2017-SC02,
Class
M1,
CMO,
ARM
3.851%,
5/25/47 (1)
417
410
FWD
Securitization
Trust
Series
2020-INV1,
Class
A1,
CMO,
ARM
2.24%,
1/25/50 (1)
3,908
3,741
Galton
Funding
Mortgage
Trust
Series
2018-1,
Class
A33,
CMO,
ARM
3.50%,
11/25/57 (1)
565
532
T.
ROWE
PRICE
Short-Term
Bond
Fund
22
Par/Shares
$
Value
(Amounts
in
000s)
Galton
Funding
Mortgage
Trust
Series
2019-1,
Class
A32,
CMO,
ARM
4.00%,
2/25/59 (1)
549
538
Galton
Funding
Mortgage
Trust
Series
2019-H1,
Class
M1,
CMO,
ARM
3.339%,
10/25/59 (1)
7,916
7,556
Galton
Funding
Mortgage
Trust
Series
2020-H1,
Class
M1,
CMO,
ARM
2.832%,
1/25/60 (1)
4,592
4,023
GS
Mortgage-Backed
Securities
Trust
Series
2014-EB1A,
Class
2A1,
CMO,
ARM
1.945%,
7/25/44 (1)
101
101
GS
Mortgage-Backed
Securities
Trust
Series
2021-GR2,
Class
A6,
CMO,
ARM
2.50%,
2/25/52 (1)
8,091
7,289
GS
Mortgage-Backed
Securities
Trust
Series
2021-HP1,
Class
A6,
CMO,
ARM
2.50%,
1/25/52 (1)
4,388
3,952
GS
Mortgage-Backed
Securities
Trust
Series
2021-PJ5,
Class
A8,
CMO,
ARM
2.50%,
10/25/51 (1)
12,705
11,390
GS
Mortgage-Backed
Securities
Trust
Series
2022-GR1,
Class
A5,
CMO,
ARM
2.50%,
6/25/52 (1)
13,205
11,895
Homeward
Opportunities
Fund
I
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
1.657%,
5/25/65 (1)
285
282
Homeward
Opportunities
Fund
I
Trust
Series
2020-2,
Class
A2,
CMO,
ARM
2.635%,
5/25/65 (1)
5,750
5,610
Hundred
Acre
Wood
Trust
Series
2021-INV1,
Class
A9,
CMO,
ARM
2.50%,
7/25/51 (1)
7,232
6,601
Imperial
Fund
Mortgage
Trust
Series
2021-NQM2,
Class
A3,
CMO,
ARM
1.516%,
9/25/56 (1)
4,086
3,466
Imperial
Fund
Mortgage
Trust
Series
2022-NQM4,
Class
A1,
CMO,
STEP
4.767%,
6/25/67 (1)
10,468
10,286
JPMorgan
Mortgage
Trust
Series
2020-INV1,
Class
A11,
CMO,
ARM
1M
USD
LIBOR
+
0.83%,
3.089%,
8/25/50 (1)
801
765
JPMorgan
Mortgage
Trust
Series
2020-INV1,
Class
A15,
CMO,
ARM
3.50%,
8/25/50 (1)
1,317
1,234
Mello
Mortgage
Capital
Acceptance
Series
2021-INV3,
Class
A4,
CMO,
ARM
2.50%,
10/25/51 (1)
6,175
5,562
T.
ROWE
PRICE
Short-Term
Bond
Fund
23
Par/Shares
$
Value
(Amounts
in
000s)
MFA
Trust
Series
2021-INV1,
Class
A1,
CMO,
ARM
0.852%,
1/25/56 (1)
2,396
2,228
MFA
Trust
Series
2021-NQM2,
Class
A2,
CMO,
ARM
1.317%,
11/25/64 (1)
2,032
1,797
Morgan
Stanley
Residential
Mortgage
Loan
Trust
Series
2021-2,
Class
A4,
CMO,
ARM
2.50%,
5/25/51 (1)
2,328
2,096
New
Residential
Mortgage
Loan
Trust
Series
2019-NQM5,
Class
A1,
CMO,
ARM
2.71%,
11/25/59 (1)
1,442
1,361
New
Residential
Mortgage
Loan
Trust
Series
2020-NQM1,
Class
A3,
CMO,
ARM
2.769%,
1/26/60 (1)
1,056
989
New
Residential
Mortgage
Loan
Trust
Series
2020-NQM2,
Class
A1,
CMO,
ARM
1.65%,
5/24/60 (1)
781
729
New
Residential
Mortgage
Loan
Trust
Series
2021-INV1,
Class
A6,
CMO,
ARM
2.50%,
6/25/51 (1)
4,773
4,299
New
Residential
Mortgage
Loan
Trust
Series
2021-INV2,
Class
A7,
CMO,
ARM
2.50%,
9/25/51 (1)
11,920
10,737
NLT
Trust
Series
2021-INV2,
Class
A1,
CMO,
ARM
1.162%,
8/25/56 (1)
14,104
12,579
NLT
Trust
Series
2021-INV2,
Class
A3,
CMO,
ARM
1.52%,
8/25/56 (1)
3,564
3,162
OBX
Trust
Series
2019-EXP2,
Class
2A2,
CMO,
ARM
1M
USD
LIBOR
+
1.20%,
3.644%,
6/25/59 (1)
396
385
OBX
Trust
Series
2019-EXP3,
Class
2A1,
CMO,
ARM
1M
USD
LIBOR
+
0.90%,
3.344%,
10/25/59 (1)
1,603
1,562
OBX
Trust
Series
2020-EXP1,
Class
1A8,
CMO,
ARM
3.50%,
2/25/60 (1)
2,836
2,637
OBX
Trust
Series
2020-EXP1,
Class
2A2,
CMO,
ARM
1M
USD
LIBOR
+
0.95%,
3.394%,
2/25/60 (1)
480
468
OBX
Trust
Series
2020-EXP2,
Class
A8,
CMO,
ARM
3.00%,
5/25/60 (1)
3,114
2,887
OBX
Trust
Series
2020-EXP2,
Class
A9,
CMO,
ARM
3.00%,
5/25/60 (1)
470
433
T.
ROWE
PRICE
Short-Term
Bond
Fund
24
Par/Shares
$
Value
(Amounts
in
000s)
OBX
Trust
Series
2020-EXP3,
Class
1A8,
CMO,
ARM
3.00%,
1/25/60 (1)
2,653
2,487
OBX
Trust
Series
2020-INV1,
Class
A5,
CMO,
ARM
3.50%,
12/25/49 (1)
746
703
OBX
Trust
Series
2021-J1,
Class
A4,
CMO,
ARM
2.50%,
5/25/51 (1)
8,026
7,226
OBX
Trust
Series
2021-NQM1,
Class
A1,
CMO,
ARM
1.072%,
2/25/66 (1)
4,772
4,257
OBX
Trust
Series
2021-NQM1,
Class
A2,
CMO,
ARM
1.175%,
2/25/66 (1)
3,482
3,080
OBX
Trust
Series
2021-NQM3,
Class
A1,
CMO,
ARM
1.054%,
7/25/61 (1)
3,209
2,642
Oceanview
Mortgage
Trust
Series
2022-1,
Class
A5,
CMO,
ARM
2.50%,
12/25/51 (1)
6,258
5,637
PSMC
Trust
Series
2021-1,
Class
A11,
CMO,
ARM
2.50%,
3/25/51 (1)
11,399
10,260
PSMC
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
2.50%,
5/25/51 (1)
8,917
8,048
Sequoia
Mortgage
Trust
Series
2018-CH2,
Class
A21,
CMO,
ARM
4.00%,
6/25/48 (1)
386
374
Sequoia
Mortgage
Trust
Series
2018-CH2,
Class
A3,
CMO,
ARM
4.00%,
6/25/48 (1)
1,011
980
Sequoia
Mortgage
Trust
Series
2018-CH3,
Class
A19,
CMO,
ARM
4.50%,
8/25/48 (1)
100
99
Sequoia
Mortgage
Trust
Series
2018-CH4,
Class
A19,
CMO,
ARM
4.50%,
10/25/48 (1)
90
89
Sequoia
Mortgage
Trust
Series
2018-CH4,
Class
A2,
CMO,
ARM
4.00%,
10/25/48 (1)
139
137
SG
Residential
Mortgage
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
1.381%,
5/25/65 (1)
1,802
1,675
SG
Residential
Mortgage
Trust
Series
2022-1,
Class
A1,
CMO,
ARM
3.166%,
3/27/62 (1)
3,777
3,529
T.
ROWE
PRICE
Short-Term
Bond
Fund
25
Par/Shares
$
Value
(Amounts
in
000s)
Starwood
Mortgage
Residential
Trust
Series
2019-INV1,
Class
A3,
CMO,
ARM
2.916%,
9/27/49 (1)
2,611
2,522
Starwood
Mortgage
Residential
Trust
Series
2020-1,
Class
A2,
CMO,
ARM
2.408%,
2/25/50 (1)
3,371
3,254
Starwood
Mortgage
Residential
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.943%,
5/25/65 (1)
2,846
2,674
Starwood
Mortgage
Residential
Trust
Series
2021-4,
Class
A1,
CMO,
ARM
1.162%,
8/25/56 (1)
10,233
9,037
Structured
Agency
Credit
Risk
Debt
Notes
Series
2014-DN3,
Class
M3,
CMO,
ARM
1M
USD
LIBOR
+
4.00%,
6.444%,
8/25/24
993
1,010
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA3,
Class
M2,
CMO,
ARM
SOFR30A
+
2.10%,
4.283%,
10/25/33 (1)
5,855
5,679
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA5,
Class
M2,
CMO,
ARM
SOFR30A
+
1.65%,
3.833%,
1/25/34 (1)
3,346
3,336
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA6,
Class
M2,
CMO,
ARM
SOFR30A
+
1.50%,
3.683%,
10/25/41 (1)
4,995
4,720
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-HQA3,
Class
M1,
CMO,
ARM
SOFR30A
+
0.85%,
3.033%,
9/25/41 (1)
4,012
3,897
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-HQA4,
Class
M1,
CMO,
ARM
SOFR30A
+
0.95%,
3.133%,
12/25/41 (1)
6,505
6,319
Structured
Agency
Credit
Risk
Debt
Notes
Series
2022-DNA3,
Class
M1A,
CMO,
ARM
SOFR30A
+
2.00%,
4.183%,
4/25/42 (1)
8,445
8,489
Structured
Agency
Credit
Risk
Debt
Notes
Series
2022-DNA4,
Class
M1A,
CMO,
ARM
SOFR30A
+
2.20%,
4.383%,
5/25/42 (1)
9,463
9,492
Structured
Agency
Credit
Risk
Debt
Notes
Series
2022-DNA5,
Class
M1A,
CMO,
ARM
SOFR30A
+
2.95%,
5.133%,
6/25/42 (1)
8,938
9,155
Structured
Agency
Credit
Risk
Debt
Notes
Series
2022-HQA1,
Class
M1A,
CMO,
ARM
SOFR30A
+
2.10%,
4.283%,
3/25/42 (1)
7,369
7,379
Structured
Agency
Credit
Risk
Debt
Notes
Series
2022-HQA3,
Class
M1A,
CMO,
ARM
SOFR30A
+
2.30%,
4.108%,
8/25/42 (1)
4,110
4,133
UWM
Mortgage
Trust
Series
2021-INV2,
Class
A4,
CMO,
ARM
2.50%,
9/25/51 (1)
2,348
2,131
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)
2,753
2,480
Verus
Securitization
Trust
Series
2019-4,
Class
A3,
CMO,
STEP
3.00%,
11/25/59 (1)
1,460
1,433
Verus
Securitization
Trust
Series
2019-INV2,
Class
A1,
CMO,
ARM
2.913%,
7/25/59 (1)
1,963
1,953
Verus
Securitization
Trust
Series
2019-INV3,
Class
A3,
CMO,
ARM
3.10%,
11/25/59 (1)
2,676
2,585
Verus
Securitization
Trust
Series
2020-1,
Class
A1,
CMO,
STEP
2.417%,
1/25/60 (1)
1,441
1,403
Verus
Securitization
Trust
Series
2020-1,
Class
A3,
CMO,
STEP
2.724%,
1/25/60 (1)
3,289
3,200
Verus
Securitization
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
2.226%,
5/25/60 (1)
2,027
1,995
Verus
Securitization
Trust
Series
2020-5,
Class
A3,
CMO,
STEP
1.733%,
5/25/65 (1)
1,434
1,327
Verus
Securitization
Trust
Series
2020-INV1,
Class
A1,
CMO,
ARM
1.977%,
3/25/60 (1)
319
313
Verus
Securitization
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
1.052%,
1/25/66 (1)
2,208
1,966
Verus
Securitization
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.155%,
1/25/66 (1)
1,305
1,158
Verus
Securitization
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
1.031%,
2/25/66 (1)
2,961
2,620
Verus
Securitization
Trust
Series
2021-5,
Class
A3,
CMO,
ARM
1.373%,
9/25/66 (1)
3,523
2,985
Verus
Securitization
Trust
Series
2021-R1,
Class
A2,
CMO,
ARM
1.057%,
10/25/63 (1)
957
897
Verus
Securitization
Trust
Series
2021-R2,
Class
A1,
CMO,
ARM
0.918%,
2/25/64 (1)
3,074
2,823
Verus
Securitization
Trust
Series
2022-1,
Class
A3,
CMO,
ARM
3.288%,
1/25/67 (1)
9,106
8,418
T.
ROWE
PRICE
Short-Term
Bond
Fund
27
Par/Shares
$
Value
(Amounts
in
000s)
Verus
Securitization
Trust
Series
2022-6,
Class
A1,
CMO,
STEP
4.91%,
6/25/67 (1)
5,574
5,523
Vista
Point
Securitization
Trust
Series
2020-2,
Class
A3,
CMO,
ARM
2.496%,
4/25/65 (1)
944
896
Wells
Fargo
Mortgage
Backed
Securities
Trust
Series
2020-RR1,
Class
A17,
CMO,
ARM
3.00%,
5/25/50 (1)
604
528
Wells
Fargo
Mortgage
Backed
Securities
Trust
Series
2021-RR1,
Class
A3,
CMO,
ARM
2.50%,
12/25/50 (1)
9,562
8,609
483,040
Commercial
Mortgage-Backed
Securities
6.8%
280
Park
Avenue
Mortgage
Trust
Series
2017-280P,
Class
A,
ARM
1M
USD
LIBOR
+
0.88%,
3.25%,
9/15/34 (1)
5,835
5,718
Arbor
Realty
Commercial
Real
Estate
Notes
Series
2021-FL3,
Class
A,
ARM
1M
USD
LIBOR
+
1.07%,
3.461%,
8/15/34 (1)
9,270
8,948
Arbor
Realty
Commercial
Real
Estate
Notes
Series
2021-FL4,
Class
A,
ARM
1M
USD
LIBOR
+
1.35%,
3.741%,
11/15/36 (1)
6,810
6,635
Austin
Fairmont
Hotel
Trust
Series
2019-FAIR,
Class
A,
ARM
1M
USD
LIBOR
+
1.05%,
3.441%,
9/15/32 (1)
8,355
8,228
BAMLL
Commercial
Mortgage-Backed
Securities
Trust
Series
2018-DSNY,
Class
A,
ARM
1M
USD
LIBOR
+
0.85%,
3.242%,
9/15/34 (1)
8,180
8,016
BANK
Series
2019-BN19,
Class
A1
2.263%,
8/15/61
2,038
1,938
BANK
Series
2019-BN24,
Class
A1
2.056%,
11/15/62
2,158
2,084
BCP
Trust
Series
2021-330N,
Class
A,
ARM
1M
USD
LIBOR
+
0.799%,
3.19%,
6/15/38 (1)
4,285
4,118
BIG
Commercial
Mortgage
Trust
Series
2022-BIG,
Class
C,
ARM
1M
TSFR
+
2.34%,
4.648%,
2/15/39 (1)
2,805
2,682
BPR
Trust
Series
2021-TY,
Class
B,
ARM
1M
USD
LIBOR
+
1.15%,
3.541%,
9/15/38 (1)
6,525
6,210
BSPRT
Issuer
Series
2022-FL8,
Class
A,
ARM
SOFR30A
+
1.50%,
3.383%,
2/15/37 (1)
10,745
10,420
T.
ROWE
PRICE
Short-Term
Bond
Fund
28
Par/Shares
$
Value
(Amounts
in
000s)
BSREP
Commercial
Mortgage
Trust
Series
2021-DC,
Class
D,
ARM
1M
USD
LIBOR
+
1.90%,
4.292%,
8/15/38 (1)
5,765
5,361
BX
Commercial
Mortgage
Trust
Series
2019-XL,
Class
B,
ARM
1M
USD
LIBOR
+
1.08%,
3.471%,
10/15/36 (1)
4,696
4,614
BX
Commercial
Mortgage
Trust
Series
2021-SOAR,
Class
D,
ARM
1M
USD
LIBOR
+
1.40%,
3.792%,
6/15/38 (1)
5,608
5,299
BX
Commercial
Mortgage
Trust
Series
2022-CSMO,
Class
B,
ARM
1M
TSFR
+
3.141%,
5.448%,
6/15/27 (1)
7,400
7,335
BX
Trust
Series
2021-ARIA,
Class
C,
ARM
1M
USD
LIBOR
+
1.646%,
4.037%,
10/15/36 (1)
4,830
4,546
BX
Trust
Series
2021-VIEW,
Class
A,
ARM
1M
USD
LIBOR
+
1.28%,
3.671%,
6/15/36 (1)
3,785
3,671
CGDB
Commercial
Mortgage
Trust
Series
2019-MOB,
Class
D,
ARM
1M
USD
LIBOR
+
1.65%,
4.041%,
11/15/36 (1)
10,831
10,506
Commercial
Mortgage
Trust
Series
2013-300P,
Class
A1
4.353%,
8/10/30 (1)
4,134
4,089
Commercial
Mortgage
Trust
Series
2014-CR15,
Class
B,
ARM
4.77%,
2/10/47
6,420
6,348
Commercial
Mortgage
Trust
Series
2014-CR19,
Class
AM
4.08%,
8/10/47
7,262
7,078
Commercial
Mortgage
Trust
Series
2014-CR19,
Class
D,
ARM
4.854%,
8/10/47 (1)
2,995
2,761
Commercial
Mortgage
Trust
Series
2015-LC23,
Class
A2
3.221%,
10/10/48
2,638
2,635
Credit
Suisse
Mortgage
Capital
Certificates
Series
2019-ICE4,
Class
C,
ARM
1M
USD
LIBOR
+
1.43%,
3.821%,
5/15/36 (1)
8,520
8,360
Credit
Suisse
Mortgage
Capital
Certificates
Series
2019-ICE4,
Class
D,
ARM
1M
USD
LIBOR
+
1.60%,
3.991%,
5/15/36 (1)
6,220
6,096
Credit
Suisse
Mortgage
Trust
Series
2020-NET,
Class
A
2.257%,
8/15/37 (1)
3,323
3,088
Fontainebleau
Miami
Beach
Trust
Series
2019-FBLU,
Class
B
3.447%,
12/10/36 (1)
7,180
6,812
T.
ROWE
PRICE
Short-Term
Bond
Fund
29
Par/Shares
$
Value
(Amounts
in
000s)
Fontainebleau
Miami
Beach
Trust
Series
2019-FBLU,
Class
C
3.75%,
12/10/36 (1)
7,590
7,188
GCT
Commercial
Mortgage
Trust
Series
2021-GCT,
Class
A,
ARM
1M
USD
LIBOR
+
0.80%,
3.191%,
2/15/38 (1)
5,110
4,949
Great
Wolf
Trust
Series
2019-WOLF,
Class
A,
ARM
1M
USD
LIBOR
+
1.034%,
3.425%,
12/15/36 (1)
3,785
3,700
Great
Wolf
Trust
Series
2019-WOLF,
Class
C,
ARM
1M
USD
LIBOR
+
1.633%,
4.024%,
12/15/36 (1)
4,200
4,042
GS
Mortgage
Securities
Trust
Series
2021-ROSS,
Class
B,
ARM
1M
USD
LIBOR
+
1.60%,
3.992%,
5/15/26 (1)
5,705
5,458
JPMBB
Commercial
Mortgage
Securities
Trust
Series
2014-C23,
Class
A5
3.934%,
9/15/47
8,280
8,172
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2019-BKWD,
Class
B,
ARM
1M
USD
LIBOR
+
1.35%,
3.741%,
9/15/29 (1)
12,870
12,499
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2019-BKWD,
Class
C,
ARM
1M
USD
LIBOR
+
1.60%,
3.991%,
9/15/29 (1)
3,975
3,847
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
B,
ARM
1M
USD
LIBOR
+
1.77%,
4.162%,
10/15/33 (1)
8,240
7,903
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
C,
ARM
1M
USD
LIBOR
+
2.17%,
4.562%,
10/15/33 (1)
6,310
5,969
KIND
Trust
Series
2021-KIND,
Class
C,
ARM
1M
USD
LIBOR
+
1.75%,
4.141%,
8/15/38 (1)
8,458
7,972
KKR
Industrial
Portfolio
Trust
Series
2021-KDIP,
Class
C,
ARM
1M
USD
LIBOR
+
1.00%,
3.391%,
12/15/37 (1)
2,689
2,588
KKR
Industrial
Portfolio
Trust
Series
2021-KDIP,
Class
D,
ARM
1M
USD
LIBOR
+
1.25%,
3.641%,
12/15/37 (1)
1,883
1,798
LSTAR
Commercial
Mortgage
Trust
Series
2017-5,
Class
AS
4.021%,
3/10/50 (1)
4,905
4,661
MF1
Series
2021-FL7,
Class
A,
ARM
1M
USD
LIBOR
+
1.08%,
3.457%,
10/16/36 (1)
6,730
6,478
MHC
Commercial
Mortgage
Trust
Series
2021-MHC,
Class
B,
ARM
1M
USD
LIBOR
+
1.101%,
3.492%,
4/15/38 (1)
11,045
10,603
T.
ROWE
PRICE
Short-Term
Bond
Fund
30
Par/Shares
$
Value
(Amounts
in
000s)
MHC
Trust
Series
2021-MHC2,
Class
B,
ARM
1M
USD
LIBOR
+
1.10%,
3.491%,
5/15/23 (1)
5,660
5,448
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series
2014-C18,
Class
AS,
ARM
4.11%,
10/15/47
3,065
2,978
Morgan
Stanley
Capital
I
Trust
Series
2014-150E,
Class
A
3.912%,
9/9/32 (1)
9,590
9,229
Morgan
Stanley
Capital
I
Trust
Series
2019-MEAD,
Class
D,
ARM
3.283%,
11/10/36 (1)
7,880
6,962
Morgan
Stanley
Capital
I
Trust
Series
2019-NUGS,
Class
D,
ARM
1M
USD
LIBOR
+
1.80%,
4.191%,
12/15/36 (1)
4,445
4,237
New
Orleans
Hotel
Trust
Series
2019-HNLA,
Class
B,
ARM
1M
USD
LIBOR
+
1.289%,
3.68%,
4/15/32 (1)
10,216
9,757
ONE
Mortgage
Trust
Series
2021-PARK,
Class
B,
ARM
1M
USD
LIBOR
+
0.95%,
3.341%,
3/15/36 (1)
11,219
10,694
ONE
Mortgage
Trust
Series
2021-PARK,
Class
C,
ARM
1M
USD
LIBOR
+
1.10%,
3.491%,
3/15/36 (1)
6,005
5,650
RLGH
Trust
Series
2021-TROT,
Class
A,
ARM
1M
USD
LIBOR
+
0.80%,
3.192%,
4/15/36 (1)
5,580
5,424
Shelter
Growth
CRE
Issuer
Series
2021-FL3,
Class
A,
ARM
1M
USD
LIBOR
+
1.08%,
3.471%,
9/15/36 (1)
3,121
3,082
SLIDE
Series
2018-FUN,
Class
A,
ARM
1M
USD
LIBOR
+
1.15%,
3.541%,
6/15/31 (1)
5,382
5,329
SLIDE
Series
2018-FUN,
Class
D,
ARM
1M
USD
LIBOR
+
2.10%,
4.491%,
6/15/31 (1)
6,393
6,185
Wells
Fargo
Commercial
Mortgage
Trust
Series
2015-NXS2,
Class
A2
3.02%,
7/15/58
2,466
2,410
WFRBS
Commercial
Mortgage
Trust
Series
2014-C23,
Class
A5
3.917%,
10/15/57
8,820
8,707
WFRBS
Commercial
Mortgage
Trust
Series
2014-LC14,
Class
A5
4.045%,
3/15/47
7,525
7,448
344,963
T.
ROWE
PRICE
Short-Term
Bond
Fund
31
Par/Shares
$
Value
(Amounts
in
000s)
Residential
Mortgage
0.5%
Bayview
Mortgage
Fund
IVc
Trust
Series
2017-RT3,
Class
A,
ARM
3.50%,
1/28/58 (1)
3,608
3,523
Finance
of
America
HECM
Buyout
Series
2022-HB2,
Class
A1A,
CMO,
ARM
4.00%,
12/25/24 (1)
12,416
12,204
MetLife
Securitization
Trust
Series
2017-1A,
Class
A,
CMO,
ARM
3.00%,
4/25/55 (1)
1,514
1,459
Towd
Point
Mortgage
Trust
Series
2016-1,
Class
A3B,
CMO,
ARM
3.00%,
2/25/55 (1)
53
53
Towd
Point
Mortgage
Trust
Series
2017-1,
Class
A1,
CMO,
ARM
2.75%,
10/25/56 (1)
868
861
Towd
Point
Mortgage
Trust
Series
2017-2,
Class
A1,
CMO,
ARM
2.75%,
4/25/57 (1)
536
532
Towd
Point
Mortgage
Trust
Series
2017-3,
Class
A1,
CMO,
ARM
2.75%,
7/25/57 (1)
1,726
1,700
Towd
Point
Mortgage
Trust
Series
2017-4,
Class
A1,
CMO,
ARM
2.75%,
6/25/57 (1)
1,373
1,329
Towd
Point
Mortgage
Trust
Series
2018-1,
Class
A1,
CMO,
ARM
3.00%,
1/25/58 (1)
1,026
1,002
Towd
Point
Mortgage
Trust
Series
2018-5,
Class
A1A,
CMO,
ARM
3.25%,
7/25/58 (1)
4,392
4,289
26,952
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$909,766)
854,955
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
3.5%
U.S.
Government
Agency
Obligations
2.5%
Federal
Home
Loan
Mortgage
3.50%,
3/1/46
-
12/1/47
4,229
4,103
5.00%,
10/1/23
-
12/1/23
182
187
5.50%,
4/1/23
-
10/1/38
39
40
6.00%,
9/1/34
-
9/1/35
413
440
7.00%,
3/1/39
754
801
7.50%,
6/1/38
704
751
T.
ROWE
PRICE
Short-Term
Bond
Fund
32
Par/Shares
$
Value
(Amounts
in
000s)
Federal
Home
Loan
Mortgage,
ARM
12M
USD
LIBOR
+
1.625%,
2.851%,
4/1/37
5
5
12M
USD
LIBOR
+
1.625%,
3.29%,
6/1/38
168
172
12M
USD
LIBOR
+
1.625%,
3.629%,
6/1/38
24
24
12M
USD
LIBOR
+
1.625%,
3.875%,
7/1/38
126
125
12M
USD
LIBOR
+
1.726%,
3.946%,
7/1/35
68
70
12M
USD
LIBOR
+
1.733%,
2.108%,
2/1/37
26
26
12M
USD
LIBOR
+
1.733%,
3.593%,
10/1/36
131
134
12M
USD
LIBOR
+
1.739%,
3.008%,
5/1/38
65
64
12M
USD
LIBOR
+
1.775%,
3.225%,
5/1/37
30
31
12M
USD
LIBOR
+
1.829%,
2.204%,
2/1/37
32
33
12M
USD
LIBOR
+
1.842%,
2.091%,
1/1/37
38
38
12M
USD
LIBOR
+
1.929%,
2.186%,
12/1/36
58
60
12M
USD
LIBOR
+
1.961%,
2.461%,
2/1/33
1
1
12M
USD
LIBOR
+
1.982%,
2.268%,
2/1/34
5
5
12M
USD
LIBOR
+
2.03%,
2.275%,
11/1/36
33
32
12M
USD
LIBOR
+
2.083%,
2.582%,
2/1/38
131
134
12M
USD
LIBOR
+
2.22%,
2.558%,
2/1/37
33
33
1Y
CMT
+
2.219%,
2.344%,
10/1/33
1
1
1Y
CMT
+
2.347%,
2.472%,
11/1/34
83
82
Federal
Home
Loan
Mortgage,
UMBS
2.50%,
1/1/52
9,060
8,134
3.00%,
11/1/34
855
831
4.00%,
12/1/49
-
2/1/50
2,305
2,279
4.50%,
9/1/37
-
5/1/50
4,118
4,159
5.00%,
12/1/41
1,845
1,887
Federal
National
Mortgage
Assn.,
ARM
12M
USD
LIBOR
+
1.34%,
1.59%,
12/1/35
23
23
12M
USD
LIBOR
+
1.568%,
3.288%,
7/1/35
41
41
12M
USD
LIBOR
+
1.584%,
1.834%,
12/1/35
58
58
12M
USD
LIBOR
+
1.655%,
3.905%,
8/1/37
11
11
12M
USD
LIBOR
+
1.671%,
2.046%,
2/1/33
2
2
12M
USD
LIBOR
+
1.687%,
2.84%,
7/1/34
5
5
12M
USD
LIBOR
+
1.69%,
3.44%,
5/1/38
60
61
12M
USD
LIBOR
+
1.715%,
1.965%,
10/1/32
-
12/1/32
38
38
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
12
12
12M
USD
LIBOR
+
1.788%,
2.538%,
5/1/38
30
29
12M
USD
LIBOR
+
1.83%,
3.117%,
4/1/38
165
169
12M
USD
LIBOR
+
1.83%,
3.172%,
8/1/38
9
9
12M
USD
LIBOR
+
1.853%,
4.103%,
8/1/38
97
101
12M
USD
LIBOR
+
1.892%,
2.142%,
12/1/35
21
21
12M
USD
LIBOR
+
1.922%,
3.198%,
5/1/38
98
98
1Y
CMT
+
2.00%,
2.125%,
1/1/35
2
2
1Y
CMT
+
2.125%,
3.875%,
7/1/33
1
1
T.
ROWE
PRICE
Short-Term
Bond
Fund
33
Par/Shares
$
Value
(Amounts
in
000s)
6M
USD
LIBOR
+
1.367%,
1.901%,
10/1/33
279
280
ECOFC
+
1.254%,
2.358%,
7/1/27
1
1
Federal
National
Mortgage
Assn.,
STEP,
5.11%,
1/25/32
1
1
Federal
National
Mortgage
Assn.,
UMBS
2.00%,
10/1/50
2,707
2,343
2.50%,
1/1/52
8,537
7,630
3.00%,
9/1/28
-
6/1/52
10,092
9,671
3.50%,
12/1/45
-
1/1/52
13,028
12,538
4.00%,
1/1/47
-
12/1/49
3,267
3,228
4.50%,
5/1/41
-
1/1/50
12,488
12,623
5.00%,
3/1/23
-
8/1/52
6,649
6,879
5.50%,
1/1/24
-
5/1/40
7,057
7,474
6.00%,
2/1/23
-
2/1/49
9,149
9,934
6.50%,
7/1/32
-
12/1/32
314
335
UMBS,
TBA (4)
4.00%,
9/1/52
11,390
11,117
4.50%,
9/1/52
15,570
15,475
124,902
U.S.
Government
Obligations
1.0%
Government
National
Mortgage
Assn.
3.00%,
9/20/47
7,723
7,344
3.50%,
8/20/44
-
2/20/48
3,542
3,438
4.00%,
9/20/45
-
10/20/50
4,070
4,045
4.50%,
8/20/47
1,454
1,488
5.00%,
12/20/34
-
5/20/48
7,080
7,315
5.50%,
9/15/45
-
2/20/49
3,072
3,322
6.00%,
7/15/36
1,528
1,675
Government
National
Mortgage
Assn.,
TBA (4)
3.50%,
9/20/52
11,497
11,085
4.00%,
10/20/52
1,445
1,422
4.50%,
9/20/52
8,835
8,836
49,970
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$182,597)
174,872
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
16.2%
U.S.
Treasury
Obligations
16.2%
U.S.
Treasury
Notes,
0.125%,
4/30/23 (5)
5,070
4,963
U.S.
Treasury
Notes,
0.125%,
6/30/23 (5)
2,075
2,019
U.S.
Treasury
Notes,
0.375%,
8/15/24
11,675
10,996
U.S.
Treasury
Notes,
1.75%,
3/15/25
222,545
213,226
U.S.
Treasury
Notes,
2.25%,
3/31/24
86,895
85,225
U.S.
Treasury
Notes,
2.50%,
4/30/24
183,595
180,669
U.S.
Treasury
Notes,
2.75%,
5/15/25
209,545
205,518
T.
ROWE
PRICE
Short-Term
Bond
Fund
34
Par/Shares
$
Value
(Amounts
in
000s)
U.S.
Treasury
Notes,
3.00%,
6/30/24
51,465
51,015
U.S.
Treasury
Notes,
3.00%,
7/31/24
12,750
12,638
U.S.
Treasury
Notes,
3.25%,
8/31/24
50,730
50,516
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-
Backed)
(Cost
$830,453)
816,785
SHORT-TERM
INVESTMENTS
0.3%
Money
Market
Funds
0.3%
T.
Rowe
Price
Government
Reserve
Fund,
2.36% (6)(7)
14,876
14,876
Total
Short-Term
Investments
(Cost
$14,876)
14,876
SECURITIES
LENDING
COLLATERAL
0.1%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.1%
Money
Market
Funds
0.1%
T.
Rowe
Price
Government
Reserve
Fund,
2.36% (6)(7)
5,704
5,704
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
5,704
Total
Securities
Lending
Collateral
(Cost
$5,704)
5,704
Total
Investments
in
Securities
100.5%
(Cost
$5,297,473)
$
5,085,522
Other
Assets
Less
Liabilities
(0.5)%
(24,201)
Net
Assets
100.0%
$
5,061,321
‡
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
$2,175,625
and
represents
43.0%
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)
All
or
a
portion
of
this
security
is
on
loan
at
August
31,
2022.
(4)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$47,935
and
represents
0.9%
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.
T.
ROWE
PRICE
Short-Term
Bond
Fund
35
.
.
.
.
.
.
.
.
.
.
(6)
Seven-day
yield
(7)
Affiliated
Companies
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
TSFR
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
ECOFC
Enterprise
11th
District
COFI
Replacement
Index
FRN
Floating
Rate
Note
GO
General
Obligation
PTT
Pass-Through
Trust
SOFR
Secured
overnight
financing
rate
SOFRINDX
(Secured
overnight
financing
rate)
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
(82)
(71)
(11)
Barclays
Bank,
Protection
Bought
(Relevant
Credit:
Omnicom
Group),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
13,750
(216)
(203)
(13)
Citibank,
Protection
Bought
(Relevant
Credit:
General
Mills),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
6,938
(117)
(102)
(15)
Goldman
Sachs,
Protection
Bought
(Relevant
Credit:
General
Mills),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
13,815
(232)
(203)
(29)
Total
Bilateral
Credit
Default
Swaps,
Protection
Bought
(579)
(68)
Credit
Default
Swaps,
Protection
Sold
0.0%
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
AT&T,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/22
14,500
43
23
20
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Enbridge,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/23
*
20,250
127
(229)
356
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(206)
376
Total
Bilateral
Swaps
(785)
308
*
Credit
ratings
as
of
August
31,
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,
1,811
U.S.
Treasury
Notes
five
year
contracts
12/22
(200,696)
$
691
Short,
257
U.S.
Treasury
Notes
ten
year
contracts
12/22
(30,045)
112
Long,
4,960
U.S.
Treasury
Notes
two
year
contracts
12/22
1,033,308
(1,454)
Short,
188
Ultra
U.S.
Treasury
Notes
ten
year
contracts
12/22
(23,535)
44
Net
payments
(receipts)
of
variation
margin
to
date
870
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
263
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
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%
$
—
$
—
$
349++
Totals
$
—#
$
—
$
349+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/22
Purchase
Cost
Sales
Cost
Value
08/31/22
T.
Rowe
Price
Government
Reserve
Fund,
2.36%
$
153,759
¤
¤
$
20,580
Total
$
20,580^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$349
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
$20,580.
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
T.
ROWE
PRICE
Short-Term
Bond
Fund
40
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
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
T.
ROWE
PRICE
Short-Term
Bond
Fund
41
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
$
—
$
5,064,942
$
—
$
5,064,942
Short-Term
Investments
14,876
—
—
14,876
Securities
Lending
Collateral
5,704
—
—
5,704
Total
Securities
20,580
5,064,942
—
5,085,522
Swaps
—
170
—
170
Futures
Contracts*
847
—
—
847
Total
$
21,427
$
5,065,112
$
—
$
5,086,539
Liabilities
Swaps
$
—
$
647
$
—
$
647
Futures
Contracts*
1,454
—
—
1,454
Total
$
1,454
$
647
$
—
$
2,101
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
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.
F55-054Q1
08/22