NPORT-EX 2 70DHTRP083123.htm T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
August
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
17.9%
Auto
Backed
10.3%
AmeriCredit
Automobile
Receivables
Trust
Series
2020-2,
Class
B
0.97%,
2/18/26 
215‌
214‌
ARI
Fleet
Lease
Trust
Series
2020-A,
Class
B
2.06%,
11/15/28 (1)
270‌
267‌
Avis
Budget
Rental
Car
Funding
AESOP
Series
2018-1A,
Class
D
5.25%,
9/20/24 (1)
1,088‌
1,087‌
Carmax
Auto
Owner
Trust
Series
2023-3,
Class
A2B,
ARM
SOFR30A
+
0.60%,
5.789%,
11/16/26 
2,490‌
2,495‌
Carmax
Auto
Owner
Trust
Series
2023-3,
Class
A3
5.28%,
5/15/28 
1,660‌
1,660‌
CarMax
Auto
Owner
Trust
Series
2020-4,
Class
B
0.85%,
6/15/26 
500‌
470‌
Carvana
Auto
Receivables
Trust
Series
2021-N4,
Class
B
1.24%,
9/11/28 
2,608‌
2,411‌
Carvana
Auto
Receivables
Trust
Series
2023-N1,
Class
A
6.36%,
4/12/27 (1)
8,607‌
8,623‌
Carvana
Auto
Receivables
Trust
Series
2023-P3,
Class
A2
6.09%,
11/10/26 (1)
8,075‌
8,075‌
Drive
Auto
Receivables
Trust
Series
2020-2,
Class
D
3.05%,
5/15/28 
630‌
619‌
Enterprise
Fleet
Financing
Series
2023-1,
Class
A2
5.51%,
1/22/29 (1)
12,345‌
12,271‌
Enterprise
Fleet
Financing
Series
2023-2,
Class
A2
5.56%,
4/22/30 (1)
9,575‌
9,532‌
Exeter
Automobile
Receivables
Trust
Series
2022-3A,
Class
B
4.86%,
12/15/26 
5,400‌
5,357‌
Exeter
Automobile
Receivables
Trust
Series
2022-5A,
Class
B
5.97%,
3/15/27 
3,034‌
3,019‌
Exeter
Automobile
Receivables
Trust
Series
2023-1A,
Class
B
5.72%,
4/15/27 
8,978‌
8,919‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
Exeter
Automobile
Receivables
Trust
Series
2023-3A,
Class
B
6.11%,
9/15/27 
12,335‌
12,315‌
Exeter
Automobile
Receivables
Trust
Series
2023-4A,
Class
A2
6.07%,
12/15/25 
5,120‌
5,119‌
Exeter
Automobile
Receivables
Trust
Series
2023-4A,
Class
B
6.31%,
10/15/27 
3,315‌
3,321‌
Ford
Credit
Auto
Lease
Trust
Series
2023-A,
Class
B
5.29%,
6/15/26 
4,690‌
4,623‌
Ford
Credit
Auto
Owner
Trust
Series
2020-1,
Class
B
2.29%,
8/15/31 (1)
5,075‌
4,795‌
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2020-1,
Class
B
0.98%,
9/15/25 
5,195‌
5,183‌
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2023-1,
Class
B
5.31%,
5/15/28 (1)
4,495‌
4,430‌
GM
Financial
Automobile
Leasing
Trust
Series
2022-2,
Class
B
4.02%,
5/20/26 
6,700‌
6,539‌
GM
Financial
Automobile
Leasing
Trust
Series
2023-2,
Class
B
5.54%,
5/20/27 
3,920‌
3,874‌
GMF
Floorplan
Owner
Revolving
Trust
Series
2020-2,
Class
B
0.96%,
10/15/25 (1)
2,145‌
2,132‌
HPEFS
Equipment
Trust
Series
2023-1A,
Class
A2
5.43%,
8/20/25 (1)
3,425‌
3,409‌
Hyundai
Auto
Lease
Securitization
Trust
Series
2021-B,
Class
B
0.62%,
3/16/26 (1)
20,345‌
20,019‌
JPMorgan
Chase
Bank
-
CACLN
Series
2020-1,
Class
B
0.991%,
1/25/28 (1)
26‌
26‌
JPMorgan
Chase
Bank
-
CACLN
Series
2020-2,
Class
B
0.84%,
2/25/28 (1)
512‌
506‌
JPMorgan
Chase
Bank
-
CACLN
Series
2021-1,
Class
B
0.875%,
9/25/28 (1)
458‌
446‌
JPMorgan
Chase
Bank
-
CACLN
Series
2021-2,
Class
B
0.889%,
12/26/28 (1)
5,414‌
5,250‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
JPMorgan
Chase
Bank
-
CACLN
Series
2021-3,
Class
B
0.76%,
2/26/29 (1)
5,513‌
5,264‌
Octane
Receivables
Trust
Series
2023-1A,
Class
A
5.87%,
5/21/29 (1)
2,905‌
2,894‌
Octane
Receivables
Trust
Series
2023-1A,
Class
B
5.96%,
7/20/29 (1)
3,904‌
3,862‌
Santander
Consumer
Auto
Receivables
Trust
Series
2021-BA,
Class
B
1.45%,
10/16/28 (1)
401‌
396‌
Santander
Drive
Auto
Receivables
Trust
Series
2022-6,
Class
B
4.72%,
6/15/27 
10,350‌
10,161‌
Santander
Drive
Auto
Receivables
Trust
Series
2023-1,
Class
B
4.98%,
2/15/28 
3,385‌
3,325‌
Santander
Drive
Auto
Receivables
Trust
Series
2023-3,
Class
A3
5.61%,
10/15/27 
3,115‌
3,106‌
Santander
Drive
Auto
Receivables
Trust
Series
2023-3,
Class
B
5.61%,
7/17/28 
3,735‌
3,719‌
Santander
Drive
Auto
Receivables
Trust
Series
2023-4,
Class
A2
6.18%,
2/16/27 
9,445‌
9,450‌
Santander
Drive
Auto
Receivables
Trust
Series
2023-4,
Class
A3
5.73%,
4/17/28 
2,060‌
2,065‌
Santander
Retail
Auto
Lease
Trust
Series
2020-B,
Class
B
0.82%,
12/20/24 (1)
11,555‌
11,452‌
Santander
Retail
Auto
Lease
Trust
Series
2021-B,
Class
B
0.84%,
6/20/25 (1)
13,860‌
13,461‌
Santander
Retail
Auto
Lease
Trust
Series
2021-C,
Class
B
0.83%,
3/20/26 (1)
10,135‌
9,770‌
SFS
Auto
Receivables
Securitization
Trust
Series
2023-1A,
Class
A2B,
ARM
SOFR30A
+
0.80%,
6.038%,
3/22/27 (1)
3,185‌
3,186‌
World
Omni
Select
Auto
Trust
Series
2020-A,
Class
B
0.84%,
6/15/26 
3,955‌
3,904‌
233,021‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
Collateralized
Debt
Obligation
0.6%
Symphony
Static
I
Series
2021-1A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.092%,
6.443%,
10/25/29 (1)
12,636‌
12,555‌
12,555‌
Equip
Lease
Heavy
Duty
0.4%
MMAF
Equipment
Finance
Series
2020-BA,
Class
A5
0.85%,
4/14/42 (1)
2,400‌
2,223‌
MMAF
Equipment
Finance
Series
2023-A,
Class
A2
5.79%,
11/13/26 (1)
7,035‌
7,030‌
9,253‌
Home
Equity
Loans
Backed
0.3%
Citigroup
Mortgage
Loan
Trust
Series
2020-EXP2,
Class
A3,
CMO,
ARM
2.50%,
8/25/50 (1)
6,147‌
5,079‌
Citigroup
Mortgage
Loan
Trust
Series
2020-EXP2,
Class
A4,
CMO,
ARM
2.50%,
8/25/50 (1)
1,486‌
1,203‌
6,282‌
Other
Asset-Backed
Securities
5.4%
Amur
Equipment
Finance
Receivables
XII
Series
2023-1A,
Class
A2
6.09%,
12/20/29 (1)
9,295‌
9,316‌
ARI
Fleet
Lease
Trust
Series
2021-A,
Class
A2
0.37%,
3/15/30 (1)
1,545‌
1,533‌
Dell
Equipment
Finance
Trust
Series
2023-2,
Class
A3
5.65%,
1/22/29 (1)
8,985‌
9,013‌
DLLAD
Series
2023-1A,
Class
A2
5.19%,
4/20/26 (1)
4,355‌
4,327‌
Elara
HGV
Timeshare
Issuer
Series
2017-A,
Class
A
2.69%,
3/25/30 (1)
2,303‌
2,215‌
Hardee's
Funding
Series
2018-1A,
Class
A2II
4.959%,
6/20/48 (1)
2,591‌
2,437‌
Hilton
Grand
Vacations
Trust
Series
2017-AA,
Class
A
2.66%,
12/26/28 (1)
26‌
26‌
Hilton
Grand
Vacations
Trust
Series
2019-AA,
Class
A
2.34%,
7/25/33 (1)
490‌
460‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
HPEFS
Equipment
Trust
Series
2021-2A,
Class
B
0.61%,
9/20/28 (1)
5,250‌
5,198‌
HPEFS
Equipment
Trust
Series
2022-1A,
Class
B
1.79%,
5/21/29 (1)
6,000‌
5,769‌
Kubota
Credit
Owner
Trust
Series
2023-2A,
Class
A2
5.61%,
7/15/26 (1)
3,340‌
3,338‌
Kubota
Credit
Owner
Trust
Series
2023-2A,
Class
A3
5.28%,
1/18/28 (1)
2,555‌
2,550‌
M&T
Equipment
Notes
Series
2023-1A,
Class
A2
6.09%,
7/15/30 (1)
3,070‌
3,067‌
M&T
Equipment
Notes
Series
2023-1A,
Class
A3
5.74%,
7/15/30 (1)
4,135‌
4,124‌
MVW
Series
2020-1A,
Class
A
1.74%,
10/20/37 (1)
50‌
46‌
MVW
Series
2021-1WA,
Class
A
1.14%,
1/22/41 (1)
2,777‌
2,525‌
Navient
Private
Education
Refi
Loan
Trust
Series
2021-CA,
Class
A
1.06%,
10/15/69 (1)
11,506‌
9,844‌
Nelnet
Student
Loan
Trust
Series
2021-DA,
Class
AFL,
FRN
1M
TSFR
+
0.804%,
6.118%,
4/20/62 (1)
4,079‌
4,013‌
Octane
Receivables
Trust
Series
2021-1A,
Class
A
0.93%,
3/22/27 (1)
3,739‌
3,655‌
Octane
Receivables
Trust
Series
2021-2A,
Class
A
1.21%,
9/20/28 (1)
4,618‌
4,453‌
Octane
Receivables
Trust
Series
2022-1A,
Class
A2
4.18%,
3/20/28 (1)
3,390‌
3,341‌
Octane
Receivables
Trust
Series
2023-2A,
Class
A2
5.88%,
6/20/31 (1)
8,645‌
8,597‌
Santander
Bank
Series
2021-1A,
Class
B
1.833%,
12/15/31 (1)
1,603‌
1,559‌
Santander
Bank
Auto
Credit-Linked
Notes
Series
2022-A,
Class
B
5.281%,
5/15/32 (1)
6,851‌
6,744‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
Santander
Bank
Auto
Credit-Linked
Notes
Series
2022-B,
Class
B
5.721%,
8/16/32 (1)
2,418‌
2,402‌
Santander
Bank
Auto
Credit-Linked
Notes
Series
2023-A,
Class
B
6.493%,
6/15/33 (1)
3,202‌
3,197‌
Santander
Retail
Auto
Lease
Trust
Series
2022-A,
Class
B
1.61%,
1/20/26 (1)
7,555‌
7,171‌
Sierra
Timeshare
Receivables
Funding
Series
2019-3A,
Class
A
2.34%,
8/20/36 (1)
2,222‌
2,094‌
Sierra
Timeshare
Receivables
Funding
Series
2020-2A,
Class
A
1.33%,
7/20/37 (1)
136‌
127‌
Verdant
Receivables
Series
2023-1A,
Class
A2
6.24%,
1/13/31 (1)
5,280‌
5,271‌
Verizon
Master
Trust
Series
2023-2,
Class
A
4.89%,
4/13/28 
2,180‌
2,159‌
120,571‌
Student
Loans
0.9%
Navient
Private
Education
Loan
Trust
Series
2016-AA,
Class
A2A
3.91%,
12/15/45 (1)
7,250‌
7,047‌
Navient
Private
Education
Loan
Trust
Series
2017-A,
Class
A2B,
FRN
1M
TSFR
+
1.014%,
6.325%,
12/16/58 (1)
109‌
108‌
Navient
Private
Education
Refi
Loan
Trust
Series
2020-DA,
Class
A
1.69%,
5/15/69 (1)
558‌
503‌
Navient
Private
Education
Refi
Loan
Trust
Series
2020-FA,
Class
A
1.22%,
7/15/69 (1)
2,290‌
2,046‌
Navient
Private
Education
Refi
Loan
Trust
Series
2021-GA,
Class
A
1.58%,
4/15/70 (1)
10,710‌
9,235‌
SMB
Private
Education
Loan
Trust
Series
2014-A,
Class
A3,
FRN
1M
TSFR
+
1.614%,
6.925%,
4/15/32 (1)
592‌
593‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
SMB
Private
Education
Loan
Trust
Series
2019-A,
Class
A2A
3.44%,
7/15/36 (1)
1,634‌
1,559‌
21,091‌
Total
Asset-Backed
Securities
(Cost
$412,512)
402,773‌
CORPORATE
BONDS
62.0%
Advertising
0.8%
WPP
Finance
2010,
3.75%,
9/19/24 
18,350‌
17,826‌
17,826‌
Automotive
3.0%
BMW
U.S.
Capital,
FRN,
SOFRINDX
+
0.53%,
5.792%,
4/1/24 (1)
10,000‌
10,007‌
Daimler
Truck
Finance
North
America,
FRN,
SOFR
+
0.75%,
5.968%,
12/13/24 (1)
12,843‌
12,826‌
Daimler
Truck
Finance
North
America,
FRN,
SOFR
+
1.00%,
6.268%,
4/5/24 (1)
10,000‌
10,017‌
Hyundai
Capital
America,
1.80%,
10/15/25 (1)
7,540‌
6,942‌
Hyundai
Capital
America,
5.50%,
3/30/26 (1)
1,610‌
1,600‌
Hyundai
Capital
America,
5.65%,
6/26/26 (1)
4,800‌
4,787‌
Nissan
Motor,
3.043%,
9/15/23 (1)
17,346‌
17,330‌
Nissan
Motor
Acceptance,
3.875%,
9/21/23 (1)
5,000‌
4,994‌
68,503‌
Banking
25.4%
AIB
Group,
4.75%,
10/12/23 (1)
21,035‌
20,982‌
Banco
Santander,
FRN,
SOFR
+
1.24%,
6.575%,
5/24/24 
5,000‌
5,015‌
Bank
of
America,
FRN,
SOFR
+
0.69%,
6.017%,
4/22/25 
15,000‌
14,977‌
Bank
of
Ireland
Group,
4.50%,
11/25/23 (1)
27,452‌
27,313‌
Bank
of
Montreal,
FRN,
SOFRINDX
+
0.32%,
5.598%,
7/9/24 
10,000‌
9,975‌
Bank
of
Nova
Scotia,
FRN,
SOFRINDX
+
0.445%,
5.742%,
4/15/24 
7,145‌
7,136‌
Bank
of
Nova
Scotia,
FRN,
SOFRINDX
+
0.55%,
5.768%,
9/15/23 
12,544‌
12,544‌
Banque
Federative
du
Credit
Mutuel,
5.896%,
7/13/26 (1)
14,800‌
14,754‌
Barclays,
4.375%,
9/11/24 
11,420‌
11,194‌
Barclays,
VR,
5.304%,
8/9/26 (2)
8,300‌
8,163‌
BPCE,
5.70%,
10/22/23 (1)
34,423‌
34,380‌
Canadian
Imperial
Bank
of
Commerce,
FRN,
SOFRINDX
+
0.40%,
5.615%,
12/14/23 
6,257‌
6,257‌
Capital
One
Financial,
4.25%,
4/30/25 
1,890‌
1,834‌
Capital
One
Financial,
FRN,
SOFR
+
1.35%,
6.685%,
5/9/25 
10,000‌
9,944‌
Capital
One
Financial,
VR,
SOFR
+
1.29%,
2.636%,
3/3/26 (2)
7,060‌
6,656‌
Credit
Suisse,
Series
FRN,
FRN,
SOFRINDX
+
1.26%,
6.595%,
2/21/25 
4,000‌
3,944‌
Danske
Bank,
5.375%,
1/12/24 (1)
2,916‌
2,902‌
Danske
Bank,
VR,
3.773%,
3/28/25 (1)(2)
6,675‌
6,547‌
Danske
Bank,
VR,
6.466%,
1/9/26 (1)(2)
12,695‌
12,681‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
Deutsche
Bank,
3.70%,
5/30/24 
800‌
784‌
Deutsche
Bank,
Series
E,
FRN,
SOFR
+
0.50%,
5.836%,
11/8/23 
20,000‌
19,988‌
Discover
Bank,
2.45%,
9/12/24 
13,142‌
12,603‌
Emirates
NBD
Bank,
2.625%,
2/18/25 
6,400‌
6,106‌
Fifth
Third
Bancorp,
2.375%,
1/28/25 
2,540‌
2,417‌
Fifth
Third
Bank,
3.85%,
3/15/26 
10,505‌
9,785‌
Fifth
Third
Bank,
VR,
5.852%,
10/27/25 (2)
2,950‌
2,907‌
Goldman
Sachs
Group,
FRN,
SOFR
+
0.50%,
5.702%,
9/10/24 
10,000‌
9,990‌
Goldman
Sachs
Group,
FRN,
SOFR
+
0.70%,
6.017%,
1/24/25 
9,950‌
9,928‌
Goldman
Sachs
Group,
FRN,
SOFR
+
1.39%,
6.608%,
3/15/24 
5,000‌
5,018‌
HSBC
Holdings,
4.25%,
3/14/24 
20,041‌
19,817‌
HSBC
Holdings,
FRN,
SOFR
+
0.58%,
5.915%,
11/22/24 
10,000‌
9,969‌
Huntington
Bancshares,
2.625%,
8/6/24 
3,775‌
3,643‌
Huntington
National
Bank,
VR,
5.699%,
11/18/25 (2)
7,745‌
7,606‌
ING
Bank,
5.80%,
9/25/23 
3,307‌
3,302‌
Intesa
Sanpaolo,
5.25%,
1/12/24 
9,510‌
9,476‌
Intesa
Sanpaolo,
Series
XR,
3.25%,
9/23/24 (1)
8,275‌
7,978‌
KEB
Hana
Bank,
4.625%,
10/24/23 
12,500‌
12,469‌
Lloyds
Banking
Group,
4.45%,
5/8/25 
4,771‌
4,647‌
Lloyds
Banking
Group,
4.50%,
11/4/24 
2,050‌
2,007‌
Lloyds
Banking
Group,
VR,
2.438%,
2/5/26 (2)
7,735‌
7,335‌
Mitsubishi
UFJ
Financial
Group,
VR,
5.063%,
9/12/25 (2)
17,165‌
17,007‌
Mitsubishi
UFJ
Financial
Group,
VR,
5.719%,
2/20/26 (2)
4,310‌
4,289‌
Morgan
Stanley,
FRN,
SOFR
+
1.165%,
6.463%,
4/17/25 
10,000‌
10,026‌
NatWest
Group,
VR,
5.847%,
3/2/27 (2)
3,200‌
3,181‌
NatWest
Markets,
FRN,
SOFR
+
0.53%,
5.865%,
8/12/24 (1)
6,315‌
6,291‌
NatWest
Markets,
FRN,
SOFR
+
1.45%,
6.687%,
3/22/25 (1)
2,483‌
2,488‌
PNC
Bank,
3.875%,
4/10/25 
6,125‌
5,925‌
PNC
Bank,
4.20%,
11/1/25 
5,948‌
5,749‌
PNC
Financial
Services
Group,
VR,
5.812%,
6/12/26 (2)
4,980‌
4,980‌
Santander
U.K.,
5.00%,
11/7/23 (1)
5,000‌
4,982‌
Santander
U.K.
Group
Holdings,
VR,
SOFR
+
0.787%,
1.089%,
3/15/25 (2)
10,510‌
10,191‌
Siam
Commercial
Bank,
3.90%,
2/11/24 
9,800‌
9,716‌
Societe
Generale,
4.25%,
4/14/25 (1)
500‌
482‌
Societe
Generale,
5.00%,
1/17/24 (1)
7,815‌
7,760‌
Societe
Generale,
FRN,
SOFR
+
1.05%,
6.364%,
1/21/26 (1)
10,000‌
9,923‌
Standard
Chartered,
5.20%,
1/26/24 (1)
2,157‌
2,144‌
Standard
Chartered,
FRN,
SOFR
+
0.93%,
6.265%,
11/23/25 (1)
5,000‌
4,945‌
Standard
Chartered,
VR,
6.187%,
7/6/27 (1)(2)
5,800‌
5,801‌
State
Bank
of
India,
4.50%,
9/28/23 
13,300‌
13,288‌
Toronto-Dominion
Bank,
5.532%,
7/17/26 
1,500‌
1,502‌
Toronto-Dominion
Bank,
FRN,
SOFR
+
0.35%,
5.552%,
9/10/24 
10,000‌
9,963‌
Truist
Financial,
FRN,
SOFR
+
0.40%,
5.601%,
6/9/25 
20,000‌
19,486‌
U.S.
Bancorp,
3.60%,
9/11/24 
4,900‌
4,784‌
UBS
Group,
3.75%,
3/26/25 
9,000‌
8,688‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
UBS
Group,
VR,
2.593%,
9/11/25 (1)(2)
7,750‌
7,470‌
Woori
Bank,
4.75%,
4/30/24 
6,800‌
6,731‌
572,765‌
Cable
Operators
0.9%
Charter
Communications
Operating,
4.908%,
7/23/25 
12,940‌
12,710‌
Cox
Communications,
3.15%,
8/15/24 (1)
7,900‌
7,692‌
20,402‌
Consumer
Products
0.2%
Mattel,
3.375%,
4/1/26 (1)
5,675‌
5,285‌
5,285‌
Drugs
0.6%
AbbVie,
3.80%,
3/15/25 
5,428‌
5,287‌
Perrigo
Finance
Unlimited,
3.90%,
12/15/24 
3,364‌
3,234‌
Viatris,
1.65%,
6/22/25 
5,207‌
4,821‌
13,342‌
Energy
4.4%
Cheniere
Corpus
Christi
Holdings,
5.875%,
3/31/25 
9,818‌
9,781‌
DCP
Midstream
Operating,
5.375%,
7/15/25 
17,268‌
17,095‌
Energy
Transfer
Partners,
4.50%,
11/1/23 
4,209‌
4,199‌
EQT,
6.125%,
2/1/25 
7,000‌
6,983‌
Gray
Oak
Pipeline,
2.00%,
9/15/23 (1)
24,536‌
24,491‌
Kinder
Morgan,
5.625%,
11/15/23 (1)
6,186‌
6,179‌
Occidental
Petroleum,
5.50%,
12/1/25 
2,145‌
2,118‌
Occidental
Petroleum,
5.55%,
3/15/26 
3,725‌
3,692‌
Occidental
Petroleum,
5.875%,
9/1/25 
9,528‌
9,492‌
Occidental
Petroleum,
8.50%,
7/15/27 
2,100‌
2,260‌
ONEOK,
5.55%,
11/1/26 
3,310‌
3,303‌
Pioneer
Natural
Resources,
5.10%,
3/29/26 
2,585‌
2,565‌
Western
Midstream
Operating,
3.10%,
2/1/25 
6,623‌
6,350‌
98,508‌
Exploration
&
Production
0.3%
Ovintiv,
5.65%,
5/15/25 
5,920‌
5,909‌
5,909‌
Financial
5.0%
AerCap
Ireland
Capital,
1.65%,
10/29/24 
7,230‌
6,870‌
AerCap
Ireland
Capital,
4.875%,
1/16/24 
2,000‌
1,990‌
AerCap
Ireland
Capital,
FRN,
SOFR
+
0.68%,
5.936%,
9/29/23 
6,835‌
6,834‌
Ally
Financial,
1.45%,
10/2/23 
8,500‌
8,467‌
Ally
Financial,
3.875%,
5/21/24 
7,200‌
7,058‌
Ally
Financial,
5.125%,
9/30/24 
6,400‌
6,302‌
CNO
Financial
Group,
5.25%,
5/30/25 
8,012‌
7,822‌
General
Motors
Financial,
FRN,
SOFR
+
0.62%,
5.917%,
10/15/24 
15,000‌
14,940‌
General
Motors
Financial,
FRN,
SOFR
+
0.76%,
5.958%,
3/8/24 
20,000‌
19,987‌
Indian
Railway
Finance,
3.73%,
3/29/24 
8,000‌
7,900‌
LSEGA
Financing,
0.65%,
4/6/24 (1)
14,175‌
13,699‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
LSEGA
Financing,
1.375%,
4/6/26 (1)
6,650‌
5,978‌
Nasdaq,
5.65%,
6/28/25 
1,725‌
1,734‌
Synchrony
Financial,
4.25%,
8/15/24 
3,810‌
3,720‌
113,301‌
Food/Tobacco
0.8%
Imperial
Brands
Finance,
3.125%,
7/26/24 (1)
4,200‌
4,090‌
Imperial
Brands
Finance,
4.25%,
7/21/25 (1)
9,935‌
9,565‌
Reynolds
American,
4.45%,
6/12/25 
4,250‌
4,160‌
17,815‌
Foreign
Govt
&
Muni
(Excl
Canadian)
0.3%
Pelabuhan
Indonesia
Persero,
4.875%,
10/1/24 
5,800‌
5,724‌
5,724‌
Forest
Products
0.4%
Celulosa
Arauco
y
Constitucion,
4.50%,
8/1/24 
10,000‌
9,830‌
9,830‌
Health
Care
1.3%
HCA,
5.00%,
3/15/24 
100‌
99‌
HCA,
5.375%,
2/1/25 
15,750‌
15,652‌
Utah
Acquisition
Sub,
3.95%,
6/15/26 
13,605‌
12,864‌
28,615‌
Information
Technology
1.3%
Analog
Devices,
FRN,
SOFR
+
0.25%,
5.51%,
10/1/24 
3,225‌
3,221‌
Baidu,
3.875%,
9/29/23 
7,700‌
7,688‌
Microchip
Technology,
0.972%,
2/15/24 
7,600‌
7,428‌
Microchip
Technology,
2.67%,
9/1/23 
4,595‌
4,594‌
Micron
Technology,
4.975%,
2/6/26 
6,528‌
6,414‌
29,345‌
Insurance
4.6%
Athene
Global
Funding,
1.20%,
10/13/23 (1)
4,040‌
4,017‌
Athene
Global
Funding,
2.50%,
1/14/25 (1)
4,103‌
3,876‌
Athene
Global
Funding,
2.514%,
3/8/24 (1)
5,000‌
4,904‌
Athene
Global
Funding,
FRN,
SOFRINDX
+
0.70%,
6.035%,
5/24/24 (1)
5,000‌
4,966‌
Athene
Global
Funding,
FRN,
SOFRINDX
+
0.715%,
5.991%,
1/7/25 (1)
9,850‌
9,663‌
Brighthouse
Financial
Global
Funding,
1.00%,
4/12/24 (1)
970‌
941‌
Brighthouse
Financial
Global
Funding,
1.75%,
1/13/25 (1)
5,000‌
4,711‌
Brighthouse
Financial
Global
Funding,
FRN,
SOFR
+
0.76%,
6.05%,
4/12/24 (1)
18,003‌
17,876‌
Brown
&
Brown,
4.20%,
9/15/24 
2,850‌
2,793‌
CNO
Global
Funding,
1.65%,
1/6/25 (1)
2,966‌
2,776‌
Corebridge
Financial,
3.50%,
4/4/25 
9,650‌
9,269‌
Equitable
Financial
Life
Global
Funding,
1.40%,
7/7/25 (1)
5,684‌
5,232‌
Equitable
Financial
Life
Global
Funding,
5.50%,
12/2/25 (1)
6,820‌
6,758‌
First
American
Financial,
4.60%,
11/15/24 
2,210‌
2,171‌
Principal
Financial
Group,
3.40%,
5/15/25 
3,557‌
3,431‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
Principal
Life
Global
Funding
II,
FRN,
SOFR
+
0.45%,
5.74%,
4/12/24 (1)
4,800‌
4,798‌
Voya
Financial,
3.65%,
6/15/26 
17,754‌
16,713‌
104,895‌
Investment
Dealers
0.4%
Charles
Schwab,
FRN,
SOFRINDX
+
0.50%,
5.722%,
3/18/24 
10,000‌
9,987‌
9,987‌
Lodging
0.3%
Hyatt
Hotels,
1.30%,
10/1/23 
6,255‌
6,233‌
6,233‌
Manufacturing
0.4%
Siemens
Financieringsmaatschappij,
FRN,
SOFR
+
0.43%,
5.632%,
3/11/24 (1)
10,000‌
10,000‌
10,000‌
Media
&
Communications
1.1%
Warnermedia
Holdings,
3.638%,
3/15/25 
14,430‌
13,945‌
Warnermedia
Holdings,
FRN,
SOFRINDX
+
1.78%,
6.998%,
3/15/24 
9,925‌
9,975‌
23,920‌
Media
&
Entertainment
0.3%
Take-Two
Interactive
Software,
5.00%,
3/28/26 
6,250‌
6,187‌
6,187‌
Oil
Field
Services
0.3%
Energy
Transfer,
5.875%,
1/15/24 
6,578‌
6,570‌
6,570‌
Petroleum
0.7%
Columbia
Pipelines
Holding,
6.055%,
8/15/26 (1)
875‌
884‌
Enbridge,
FRN,
SOFRINDX
+
0.63%,
5.965%,
2/16/24 
14,625‌
14,632‌
15,516‌
Railroads
0.3%
Eastern
Creation
II
Investment
Holdings,
1.00%,
9/10/23 
7,970‌
7,964‌
7,964‌
Real
Estate
Investment
Trust
Securities
1.1%
Brixmor
Operating
Partnership,
3.65%,
6/15/24 
605‌
590‌
Public
Storage
Operating,
FRN,
SOFR
+
0.47%,
5.786%,
4/23/24 
6,305‌
6,305‌
Public
Storage
Operating,
FRN,
SOFRINDX
+
0.60%,
5.927%,
7/25/25 
6,000‌
5,996‌
Realty
Income,
4.60%,
2/6/24 
1,636‌
1,624‌
Scentre
Group
Trust
1,
3.50%,
2/12/25 (1)
10,550‌
10,183‌
24,698‌
Retail
1.0%
Advance
Auto
Parts,
5.90%,
3/9/26 
1,895‌
1,876‌
Nordstrom,
2.30%,
4/8/24 
9,395‌
9,066‌
Walgreens
Boots
Alliance,
3.80%,
11/18/24 
12,500‌
12,211‌
23,153‌
Services
0.2%
CDW,
5.50%,
12/1/24 
3,675‌
3,652‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
Nature
Conservancy,
Series
A,
0.625%,
7/1/24 
650‌
623‌
4,275‌
Transportation
0.2%
Penske
Truck
Leasing,
2.70%,
11/1/24 (1)
2,519‌
2,416‌
Penske
Truck
Leasing,
3.95%,
3/10/25 (1)
2,900‌
2,802‌
5,218‌
Transportation
Services
0.3%
HPHT
Finance,
2.875%,
11/5/24 
7,278‌
7,027‌
7,027‌
Utilities
4.0%
Alexander
Funding
Trust,
1.841%,
11/15/23 (1)
10,990‌
10,859‌
American
Electric
Power,
5.699%,
8/15/25 
6,665‌
6,669‌
Constellation
Energy
Generation,
3.25%,
6/1/25 
1,272‌
1,217‌
Hero
Asia
Investment,
1.50%,
11/18/23 (3)
12,800‌
12,682‌
NextEra
Energy
Capital
Holdings,
FRN,
SOFRINDX
+
0.40%,
5.735%,
11/3/23 
9,800‌
9,803‌
NRG
Energy,
3.75%,
6/15/24 (1)
670‌
653‌
Pacific
Gas
&
Electric,
4.95%,
6/8/25 
9,900‌
9,667‌
Sempra,
5.40%,
8/1/26 
4,890‌
4,899‌
Southern,
STEP,
4.475%,
8/1/24 
8,315‌
8,202‌
Southern
California
Edison,
FRN,
SOFRINDX
+
0.83%,
6.092%,
4/1/24 
2,475‌
2,475‌
Vistra
Operations,
3.55%,
7/15/24 (1)
24,655‌
23,977‌
91,103‌
Wireless
Communications
2.1%
Rogers
Communications,
2.95%,
3/15/25 
16,000‌
15,277‌
Rogers
Communications,
3.625%,
12/15/25 
5,000‌
4,753‌
Sprint,
7.125%,
6/15/24 
14,750‌
14,861‌
Sprint,
7.625%,
3/1/26 
11,141‌
11,545‌
46,436‌
Total
Corporate
Bonds
(Cost
$1,411,963)
1,400,352‌
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
0.5%
Foreign
Govt
&
Muni
(Excl
Canadian)
0.5%
Japan
Treasury
Discount
Bill,
(0.12)%,
11/13/23
(JPY) 
1,592,050‌
10,945‌
10,945‌
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$10,949)
10,945‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
MUNICIPAL
SECURITIES
0.1%
Illinois
0.0%
Chicago
Transit
Auth.
Capital
Grant
Receipts
Revenue,
5.00%,
6/1/25 
100‌
102‌
Chicago
Transit
Auth.
Sales
Tax
Receipts
Fund,
Series
B,
1.838%,
12/1/23 
870‌
862‌
964‌
Texas
0.1%
Central
Texas
Regional
Mobility
Auth.,
Senior
Lien,
Series
C,
1.345%,
1/1/24 
500‌
493‌
Central
Texas
Regional
Mobility
Auth.,
Subordinate,
Series
D,
1.645%,
1/1/24 
510‌
503‌
Dallas/Fort
Worth
Int'l.
Airport,
Series
C,
1.041%,
11/1/23 
500‌
496‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Hendrick
Medical
Center,
1.071%,
9/1/23 (4)
475‌
475‌
1,967‌
Total
Municipal
Securities
(Cost
$2,959)
2,931‌
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
9.5%
Commercial
Mortgage-Backed
Securities
2.0%
BX
Commercial
Mortgage
Trust
Series
2019-XL,
Class
A,
ARM
1M
TSFR
+
1.034%,
6.345%,
10/15/36 (1)
1,201‌
1,199‌
BX
Commercial
Mortgage
Trust
Series
2020-VKNG,
Class
A,
ARM
1M
TSFR
+
1.044%,
6.355%,
10/15/37 (1)
3,876‌
3,836‌
BX
Commercial
Mortgage
Trust
Series
2021-SOAR,
Class
A,
ARM
1M
TSFR
+
0.784%,
6.095%,
6/15/38 (1)
4,642‌
4,552‌
BX
Trust
Series
2021-ARIA,
Class
A,
ARM
1M
TSFR
+
1.014%,
6.324%,
10/15/36 (1)
3,100‌
3,020‌
Goldman
Sachs
Mortgage
Securities
Trust
Series
2021-ROSS,
Class
A,
ARM
1M
TSFR
+
1.264%,
6.575%,
5/15/26 (1)
6,665‌
5,930‌
Great
Wolf
Trust
Series
2019-WOLF,
Class
A,
ARM
1M
TSFR
+
1.148%,
6.458%,
12/15/36 (1)
10,000‌
9,957‌
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
A,
ARM
1M
TSFR
+
1.484%,
6.795%,
10/15/33 (1)
9,870‌
9,150‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
ONE
Mortgage
Trust
Series
2021-PARK,
Class
A,
ARM
1M
TSFR
+
0.814%,
6.124%,
3/15/36 (1)
7,110‌
6,753‌
44,397‌
Whole
Loans
Backed
7.5%
Angel
Oak
Mortgage
Trust
Series
2019-5,
Class
A1,
CMO,
ARM
2.593%,
10/25/49 (1)
1,004‌
959‌
Angel
Oak
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.985%,
4/25/66 (1)
4,866‌
3,977‌
BINOM
Securitization
Trust
Series
2021-INV1,
Class
A1,
CMO,
ARM
2.034%,
6/25/56 (1)
10,298‌
8,774‌
COLT
Mortgage
Loan
Trust
Series
2020-3,
Class
A1,
CMO,
ARM
1.506%,
4/27/65 (1)
1,111‌
1,034‌
Connecticut
Avenue
Securities
Series
2017-C05,
Class
1ED3,
CMO,
ARM
SOFR30A
+
1.314%,
6.602%,
1/25/30 
683‌
683‌
Connecticut
Avenue
Securities
Series
2018-C03,
Class
1EB2,
CMO,
ARM
SOFR30A
+
0.964%,
6.252%,
10/25/30 
1,665‌
1,660‌
Connecticut
Avenue
Securities
Series
2018-C03,
Class
1ED2,
CMO,
ARM
SOFR30A
+
0.964%,
6.252%,
10/25/30 
826‌
824‌
Connecticut
Avenue
Securities
Series
2021-R01,
Class
1M1,
CMO,
ARM
SOFR30A
+
0.75%,
6.038%,
10/25/41 (1)
205‌
204‌
Connecticut
Avenue
Securities
Trust
Series
2023-R02,
Class
1M1,
CMO,
ARM
SOFR30A
+
2.30%,
7.588%,
1/25/43 (1)
6,258‌
6,336‌
Connecticut
Avenue
Securities
Trust
Series
2023-R05,
Class
1M1,
CMO,
ARM
SOFR30A
+
1.90%,
7.196%,
6/25/43 (1)
5,591‌
5,616‌
Deephaven
Residential
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.715%,
5/25/65 (1)
5,067‌
4,620‌
Eagle
RE
Series
2021-2,
Class
M1A,
CMO,
ARM
SOFR30A
+
1.55%,
6.838%,
4/25/34 (1)
2,509‌
2,509‌
Galton
Funding
Mortgage
Trust
Series
2019-2,
Class
A21,
CMO,
ARM
4.00%,
6/25/59 (1)
299‌
273‌
Galton
Funding
Mortgage
Trust
Series
2020-H1,
Class
A2,
CMO,
ARM
2.413%,
1/25/60 (1)
3,216‌
2,867‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
Goldman
Sachs
Mortgage-Backed
Securities
Trust
Series
2020-NQM1,
Class
A1,
CMO,
ARM
1.382%,
9/27/60 (1)
961‌
879‌
Goldman
Sachs
Mortgage-Backed
Securities
Trust
Series
2021-PJ5,
Class
A6,
CMO,
ARM
2.50%,
10/25/51 (1)
14,270‌
12,714‌
Imperial
Fund
Mortgage
Trust
Series
2021-NQM2,
Class
A1,
CMO,
ARM
1.073%,
9/25/56 (1)
8,758‌
6,873‌
JPMorgan
Mortgage
Trust
Series
2020-INV2,
Class
A4A,
CMO,
ARM
2.50%,
10/25/50 (1)
88‌
87‌
NLT
Trust
Series
2021-INV2,
Class
A1,
CMO,
ARM
1.162%,
8/25/56 (1)
16,267‌
13,178‌
OBX
Trust
Series
2018-EXP1,
Class
2A1,
CMO,
ARM
1M
TSFR
+
0.964%,
6.279%,
4/25/48 (1)
100‌
100‌
OBX
Trust
Series
2019-EXP3,
Class
2A1,
CMO,
ARM
1M
TSFR
+
1.014%,
6.329%,
10/25/59 (1)
151‌
147‌
OBX
Trust
Series
2020-EXP1,
Class
1A8,
CMO,
ARM
3.50%,
2/25/60 (1)
687‌
601‌
OBX
Trust
Series
2020-EXP3,
Class
1A8,
CMO,
ARM
3.00%,
1/25/60 (1)
3,816‌
3,248‌
OBX
Trust
Series
2020-INV1,
Class
A11,
CMO,
ARM
1M
TSFR
+
1.014%,
6.00%,
12/25/49 (1)
503‌
469‌
PSMC
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
2.50%,
5/25/51 (1)
11,213‌
9,698‌
Sequoia
Mortgage
Trust
Series
2018-CH1,
Class
A1,
CMO,
ARM
4.00%,
3/25/48 (1)
200‌
184‌
SG
Residential
Mortgage
Trust
Series
2019-3,
Class
A1,
CMO,
ARM
2.703%,
9/25/59 (1)
53‌
51‌
SG
Residential
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
1.16%,
7/25/61 (1)
15,421‌
11,940‌
Starwood
Mortgage
Residential
Trust
Series
2020-INV1,
Class
A1,
CMO,
ARM
1.027%,
11/25/55 (1)
3,215‌
2,825‌
Starwood
Mortgage
Residential
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.943%,
5/25/65 (1)
2,307‌
2,034‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA3,
Class
M1,
CMO,
ARM
SOFR30A
+
0.75%,
6.038%,
10/25/33 (1)
3,659‌
3,642‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-HQA2,
Class
M1,
CMO,
ARM
SOFR30A
+
0.70%,
5.988%,
12/25/33 (1)
1,144‌
1,140‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2022-DNA2,
Class
M1A,
CMO,
ARM
SOFR30A
+
1.30%,
6.588%,
2/25/42 (1)
3,501‌
3,492‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2022-DNA5,
Class
M1A,
CMO,
ARM
SOFR30A
+
2.95%,
8.238%,
6/25/42 (1)
6,632‌
6,779‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2023-DNA1,
Class
M1A,
CMO,
ARM
SOFR30A
+
2.10%,
7.396%,
3/25/43 (1)
2,486‌
2,509‌
Towd
Point
Mortgage
Trust
Series
2017-1,
Class
A1,
CMO,
ARM
2.75%,
10/25/56 (1)
12‌
11‌
Towd
Point
Mortgage
Trust
Series
2017-3,
Class
A1,
CMO,
ARM
2.75%,
7/25/57 (1)
50‌
49‌
Towd
Point
Mortgage
Trust
Series
2017-4,
Class
A1,
CMO,
ARM
2.75%,
6/25/57 (1)
140‌
132‌
Towd
Point
Mortgage
Trust
Series
2017-5,
Class
A1,
CMO,
ARM
1M
TSFR
+
0.714%,
5.118%,
2/25/57 (1)
104‌
104‌
Towd
Point
Mortgage
Trust
Series
2017-6,
Class
A1,
CMO,
ARM
2.75%,
10/25/57 (1)
297‌
282‌
Towd
Point
Mortgage
Trust
Series
2018-2,
Class
A1,
CMO,
ARM
3.25%,
3/25/58 (1)
453‌
432‌
Verus
Securitization
Trust
Series
2019-4,
Class
A1,
CMO,
STEP
2.642%,
11/25/59 (1)
1,060‌
1,010‌
Verus
Securitization
Trust
Series
2019-INV2,
Class
A1,
CMO,
ARM
3.913%,
7/25/59 (1)
446‌
431‌
Verus
Securitization
Trust
Series
2019-INV3,
Class
A1,
CMO,
ARM
2.692%,
11/25/59 (1)
784‌
751‌
Verus
Securitization
Trust
Series
2020-1,
Class
A1,
CMO,
STEP
2.417%,
1/25/60 (1)
639‌
611‌
Verus
Securitization
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
2.226%,
5/25/60 (1)
500‌
487‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
Verus
Securitization
Trust
Series
2020-4,
Class
A1,
CMO,
STEP
1.502%,
5/25/65 (1)
935‌
856‌
Verus
Securitization
Trust
Series
2020-5,
Class
A1,
CMO,
STEP
1.218%,
5/25/65 (1)
2,549‌
2,331‌
Verus
Securitization
Trust
Series
2020-INV1,
Class
A1,
CMO,
ARM
1.977%,
3/25/60 (1)
402‌
392‌
Verus
Securitization
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.815%,
1/25/66 (1)
5,478‌
4,646‌
Verus
Securitization
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
1.031%,
2/25/66 (1)
4,659‌
3,915‌
Verus
Securitization
Trust
Series
2021-5,
Class
A1,
CMO,
ARM
1.013%,
9/25/66 (1)
12,836‌
10,359‌
Verus
Securitization
Trust
Series
2021-R1,
Class
A1,
CMO,
ARM
0.82%,
10/25/63 (1)
1,960‌
1,747‌
Verus
Securitization
Trust
Series
2021-R3,
Class
A1,
CMO,
ARM
1.02%,
4/25/64 (1)
7,857‌
6,912‌
Verus
Securitization
Trust
Series
2023-3,
Class
A1,
CMO,
STEP
5.93%,
3/25/68 (1)
9,093‌
9,008‌
Vista
Point
Securitization
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
1.475%,
4/25/65 (1)
2,416‌
2,185‌
169,577‌
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$239,085)
213,974‌
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
0.0%
U.S.
Government
Agency
Obligations
0.0%
Federal
Home
Loan
Mortgage,
CMO,
ARM,
SOFR30A
+
0.464%,
5.653%,
2/15/45 
173‌
166‌
Federal
National
Mortgage
Assn.,
CMO,
ARM,
SOFR30A
+
0.514%,
5.802%,
1/25/45 
141‌
136‌
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$315)
302‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
3.2%
U
S
Treasury
Obligations
3.2%
U.S.
Treasury
Bills,
4.70%,
1/25/24 (5)
31,865‌
31,179‌
U.S.
Treasury
Bills,
5.43%,
11/9/23 
24,420‌
24,172‌
U.S.
Treasury
Notes,
3.75%,
4/15/26 
5,500‌
5,381‌
U.S.
Treasury
Notes,
3.88%,
3/31/25 
12,500‌
12,274‌
73,006‌
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-
Backed)
(Cost
$73,403)
73,006‌
SHORT-TERM
INVESTMENTS
6.4%
Commercial
Paper
6.4%
4(2)
4.3%(6)
Bacardi
Martini,
5.929%,
9/29/23 
11,600‌
11,548‌
Canadian
Natural
Resources,
6.181%,
9/25/23 
20,600‌
20,514‌
Harley-Davidson
Financial
Services,
6.023%,
9/6/23 
6,500‌
6,494‌
Plains
All
American
Pipeline,
5.651%,
9/1/23 
2,300‌
2,300‌
Southern
California
Edison,
5.451%,
9/1/23 
25,600‌
25,596‌
Syngenta
Wilmington,
6.323%,
9/5/23 
2,600‌
2,598‌
Syngenta
Wilmington,
6.33%,
9/25/23 
6,000‌
5,975‌
Syngenta
Wilmington,
6.382%,
9/28/23 
3,150‌
3,135‌
Targa
Resources,
6.182%,
9/20/23 
13,700‌
13,660‌
Walgreens
Boots
Alliance,
6.031%,
10/2/23 
5,300‌
5,272‌
97,092‌
Non-4(2)
2.1%
Energy
Transfer
Partners,
5.751%,
9/1/23 
19,000‌
18,997‌
Ovintiv,
6.171%,
9/18/23 
4,900‌
4,886‌
Ovintiv,
6.286%,
9/11/23 
11,000‌
10,981‌
Quanta
Services,
5.807%,
9/8/23 
12,000‌
11,984‌
46,848‌
Total
Commercial
Paper
143,940‌
Money
Market
Funds
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (7)(8)
2‌
2‌
Total
Money
Market
Funds
2‌
Total
Short-Term
Investments
(Cost
$143,949)
143,942‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
SECURITIES
LENDING
COLLATERAL
0.0%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.0%
Money
Market
Funds
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (7)(8)
675‌
675‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
675‌
Total
Securities
Lending
Collateral
(Cost
$675)
675‌
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED
0.0%
Exchange-Traded
Options
Purchased
0.0%
Description
Contracts
Notional
Amount
$
Value
U.S.
Treasury
2-Year
Notes
Futures,
Call,
9/22/23
@
$103.00 (9)
300‌
61,141‌
9‌
U.S.
Treasury
2-Year
Notes
Futures,
Call,
10/27/23
@
$103.00 (9)
300‌
61,141‌
38‌
Total
Options
Purchased
(Cost
$53)
47‌
Total
Investments
in
Securities
99.6%
(Cost
$2,295,863)
$
2,248,947‌
Other
Assets
Less
Liabilities
0.4%
9,002‌
Net
Assets
100.0%
$
2,257,949‌
‡
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
$967,150
and
represents
42.8%
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,
2023.
(4)
Insured
by
Assured
Guaranty
Municipal
Corporation
(5)
At
August
31,
2023,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/
or
margin
deposit
to
cover
future
funding
obligations.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
20
.
.
.
.
.
.
.
.
.
.
(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
$97,092
and
represents
4.3%
of
net
assets.
(7)
Seven-day
yield
(8)
Affiliated
Companies
(9)
Non-income
producing
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
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
JPY
Japanese
Yen
SOFR
Secured
overnight
financing
rate
SOFRINDX
SOFR
(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.
USD
U.S.
Dollar
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
Ultra
Short-Term
Bond
Fund
21
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
Protection
Sold
(Relevant
Credit:
AT&T,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
*
25,000
90
295
(205‌)
Protection
Sold
(Relevant
Credit:
Bank
of
America,
A1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
20,000
82
277
(195‌)
Protection
Sold
(Relevant
Credit:
Citibank,
A3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
20,000
85
269
(184‌)
Protection
Sold
(Relevant
Credit:
Devon
Energy,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/24
10,000
72
19
53‌
Protection
Sold
(Relevant
Credit:
Hess,
Baa3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/24
10,000
74
53
21‌
Protection
Sold
(Relevant
Credit:
Verizon
Communications,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
25,000
91
343
(252‌)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
(762‌)
Total
Centrally
Cleared
Swaps
(762‌)
Net
payments
(receipts)
of
variation
margin
to
date
763‌
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
1‌
*
Credit
ratings
as
of
August
31,
2023.
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
Ultra
Short-Term
Bond
Fund
22
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
HSBC
Bank
11/13/23
USD
11,145‌
JPY
1,592,050‌
$
72‌
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
72‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
23
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
22
U.S.
Treasury
Long
Bond
contracts
12/23
(2,677)
$
(38‌)
Short,
379
U.S.
Treasury
Notes
ten
year
contracts
12/23
(42,081)
(421‌)
Short,
289
U.S.
Treasury
Notes
two
year
contracts
12/23
(58,900)
(174‌)
Short,
47
Ultra
U.S.
Treasury
Notes
ten
year
contracts
12/23
(5,457)
(67‌)
Short,
719
U.S.
Treasury
Notes
five
year
contracts
12/23
(76,877)
(490‌)
Long,
500
Three
Month
SOFR
Futures
Contracts
6/24
118,500
30‌
Short,
500
Three
Month
SOFR
Futures
Contracts
3/25
(119,787)
(21‌)
Net
payments
(receipts)
of
variation
margin
to
date
995‌
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(186‌)
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
24
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,
2023.
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,
5.40%
$
—‌
$
—‌
$
—‌++
Totals
$
—‌#
$
—‌
$
—‌+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/23
Purchase
Cost
Sales
Cost
Value
08/31/23
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
$
677‌
 ¤
 ¤
$
677‌
Total
$
677‌^
#
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
$0
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
$677.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
25
T.
Rowe
Price
Ultra
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 fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
26
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s 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
factors
such
as,
but
not
limited
to,
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
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
27
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee 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.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
  The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
August
31,
2023
(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
$
—‌
$
2,104,283‌
$
—‌
$
2,104,283‌
Short-Term
Investments
2‌
143,940‌
—‌
143,942‌
Securities
Lending
Collateral
675‌
—‌
—‌
675‌
Options
Purchased
47‌
—‌
—‌
47‌
Total
Securities
724‌
2,248,223‌
—‌
2,248,947‌
Swaps*
—‌
74‌
—‌
74‌
Forward
Currency
Exchange
Contracts
—‌
72‌
—‌
72‌
Futures
Contracts*
30‌
—‌
—‌
30‌
Total
$
754‌
$
2,248,369‌
$
—‌
$
2,249,123‌
Liabilities
Swaps*
$
—‌
$
836‌
$
—‌
$
836‌
Futures
Contracts*
1,211‌
—‌
—‌
1,211‌
Total
$
1,211‌
$
836‌
$
—‌
$
2,047‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
28
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
the 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.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F188-054Q1
08/23
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
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.