Ultra Short-Term Bond Fund_SBF_F188-051
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-03894
T. Rowe Price Short-Term Bond Fund, Inc.
(Exact name of registrant as specified
in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive
offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrants telephone number, including area code: (410) 345-2000
Date of fiscal year end: May 31
Date of reporting
period: November 30, 2022
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Highlights
and
Market
Commentary
Management’s
Discussion
of
Fund
Performance
Performance
and
Expenses
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
TRBUX
Ultra
Short-Term
Bond
Fund
–
.
TRSTX
Ultra
Short-Term
Bond
Fund–
.
I
Class
TRZWX
Ultra
Short-Term
Bond
Fund–
.
Z Class
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
HIGHLIGHTS
The
fund
underperformed
its
benchmark
and
its
Lipper
peer
group
average
over
the
six-month
period
ended
November
30,
2022.
Front-end
fixed
income
markets
saw
continued
volatility
over
the
past
six
months,
with
the
yield
on
the
two-year
U.S.
Treasury
note
hitting
a
near-term
peak
in
October.
The
fund’s
credit
risk
exposure
increased
and
ended
the
period
around
the
midpoint
of
its
typical
range
as
we
added
investment-grade
corporate
bonds
that
offered
attractive
spreads.
While
it’s
possible
that
Treasury
rates
have
seen
their
peak
for
this
economic
cycle,
it’s
unclear
how
the
market
will
respond
to
a
period
of
higher-for-longer
interest
rate
policy.
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
Certain
mutual
fund
accounts
that
are
assessed
an
annual
account
service
fee
can
also
save
money
by
switching
to
e-delivery.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Market
Commentary
Dear
Shareholder
Global
stock
markets
generally
produced
negative
returns
during
the
first
half
of
your
fund’s
fiscal
year,
the
six-month
period
ended
November
30,
2022,
while
rising
bond
yields
weighed
on
returns
for
fixed
income
investors.
Investors
contended
with
tightening
financial
conditions
and
slowing
economic
and
corporate
earnings
growth,
but
hopes
that
persistently
high
inflation
might
be
easing
helped
spark
a
rally
late
in
the
period
that
partially
offset
earlier
losses.
In
the
U.S.,
equity
results
were
mixed.
The
Dow
Jones
Industrial
Average
recorded
positive
results
and
mid-cap
growth
stocks
also
performed
well,
while
most
other
benchmarks
finished
in
negative
territory.
The
S&P
500
Index
was
modestly
negative
for
the
period,
but
results
varied
widely
at
the
sector
level,
with
industrials
and
energy
shares
delivering
strong
gains
while
communication
services
stocks
struggled.
Outside
the
U.S.,
most
major
country
and
regional
benchmarks
lost
ground.
Emerging
markets
stocks
generally
underperformed
shares
in
developed
markets.
Meanwhile,
the
U.S.
dollar
strengthened
versus
most
currencies
during
the
period,
which
weighed
on
returns
for
U.S.
investors
in
international
securities.
Elevated
inflation
remained
a
leading
concern
for
investors
throughout
the
period,
although
hopes
that
inflation
may
have
peaked
led
to
rallies
during
the
summer
and
again
in
November.
The
October
consumer
price
index
report,
which
was
released
in
mid-November,
was
better
than
expected
and
showed
price
increases
easing
from
recent
40-year
highs.
However,
the
7.7%
year-over-
year
increase
in
the
headline
inflation
number
remained
well
above
the
Fed’s
2%
target.
In
response
to
the
high
inflation
readings,
global
central
banks
continued
to
tighten
monetary
policy,
and
investors
focused
on
communications
from
central
bank
officials
on
how
high
rates
would
have
to
go.
The
Federal
Reserve
delivered
four
historically
large
75-basis-point
(0.75
percentage
point)
rate
hikes
during
the
period,
which
lifted
its
short-term
lending
benchmark
to
a
target
range
of
3.75%
to
4.00%
by
early
November,
the
highest
level
since
2008.
As
our
reporting
period
came
to
an
end,
Fed
officials
signaled
that
they
were
likely
to
dial
back
the
pace
of
rate
increases.
Bond
yields
increased
considerably
across
the
Treasury
yield
curve
as
the
Fed
tightened
monetary
policy,
with
the
yield
on
the
benchmark
10-year
U.S.
Treasury
note
climbing
from
2.85%
at
the
start
of
the
period
to
3.68%
at
the
end
of
November.
Significant
inversions
in
the
Treasury
curve,
which
are
often
considered
a
warning
sign
of
a
coming
recession,
occurred
during
the
period
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
as
shorter-maturity
Treasuries
experienced
the
largest
yield
increases.
The
sharp
increase
in
yields
led
to
generally
negative
results
across
the
fixed
income
market
as
bond
prices
and
yields
move
in
opposite
directions.
On
a
positive
note,
the
U.S.
jobs
market
remained
resilient
during
the
period,
and
overall
economic
growth
turned
positive
in
the
third
quarter
after
two
slightly
negative
quarters.
However,
recession
fears
also
grew
as
corporate
earnings
slowed
and
manufacturing
gauges
drifted
toward
contraction
levels.
In
addition,
the
housing
market
began
to
weaken
as
mortgage
rates
climbed
to
the
highest
level
in
more
than
20
years.
The
past
year
has
been
a
trying
time
for
investors
as
few
sectors
remained
untouched
by
the
broad
headwinds
that
markets
faced,
and
volatility
may
continue
in
the
near
term
as
central
banks
tighten
policy
amid
slowing
economic
growth.
However,
in
our
view,
valuations
have
become
more
attractive
across
many
market
sectors
during
the
downturn,
which
provides
potential
opportunities
for
selective
investors
focused
on
fundamentals.
We
believe
this
environment
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely,
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Management’s
Discussion
of
Fund
Performance
INVESTMENT
OBJECTIVE
The
fund
seeks
a
high
level
of
income
consistent
with
minimal
fluctuation
in
principal
value
and
liquidity.
FUND
COMMENTARY
How
did
the
fund
perform
in
the
past six
months?
The
fund
returned
-0.16%
in
the
six-month
period
ended
November
30,
2022,
underperforming
its
benchmark,
the
Bloomberg
Short-Term
Government/
Corporate
Index,
as
well
as
its
Lipper
peer
group
average.
(Returns
for
I
and
Z
Class
shares
will
vary,
reflecting
their
different
fee
structures.
Past
performance
cannot
guarantee
future
results
.)
What
factors
influenced
the
fund’s
performance?
Front-end
fixed
income
markets
saw
continued
volatility
over
the
past
six
months,
with
the
yield
on
the
two-year
U.S.
Treasury
note
hitting
a
near-term
peak
in
October.
Against
this
backdrop,
corporate
bonds
produced
negative
absolute
returns
as
rising
Treasury
yields
dragged
bond
prices
lower.
Corporate
credit
spreads
were
volatile,
with
spreads
ranging
between
pricing
in
a
benign
environment
to
near-recessionary
levels.
However,
in
a
welcome
change
from
recent
periods,
credit
spreads
ended
the
period
roughly
flat
as
opposed
to
moving
higher
alongside
rates.
(Credit
spreads
are
a
measure
of
the
additional
yield
offered
by
bonds
that
have
credit
risk
compared
with
U.S.
Treasuries
with
similar
maturities.)
Treasuries
depreciated
over
the
reporting
period.
Front-end
Treasury
yields
rose
throughout
most
of
the
period
as
investors
priced
in
a
higher-for-longer
interest
rate
regime.
However,
yields
on
Treasury
notes
and
bonds
moved
lower
in
November
as
inflation,
while
still
elevated,
showed
signs
of
steadily
declining
and
the
Fed
delivered
more
clarity
around
its
terminal
policy
rate.
The
economic
environment
remained
resilient,
but
growth
showed
clear
signs
PERFORMANCE
COMPARISON
Six-Month
Period
Ended
11/30/22
Total
Return
Ultra
Short-Term
Bond
Fund
–
.
-0.16%
Ultra
Short-Term
Bond
Fund–
.
I
Class
-0.10
Ultra
Short-Term
Bond
Fund–
.
Z
Class
0.00
Bloomberg
Short-Term
Government/
Corporate
Index
0.42
Lipper
Ultra-Short
Obligations
Funds
Average
0.39
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
of
slowing,
and
concerns
over
a
possible
recession
also
played
a
role
in
pushing
Treasury
yields
lower.
The
two-year
U.S.
Treasury
yield
began
the
period
at
2.53%,
rose
to
4.72%
near
the
start
of
November,
and
ended
the
period
at
4.38%.
Sector
allocations
detracted
from
the
fund’s
relative
performance
in
aggregate.
Out-of-benchmark
allocations
to
securitized
sectors,
including
commercial
mortgage-backed
securities,
asset-backed
securities
(ABS),
and
residential
mortgage-backed
securities
(RMBS),
weighed
on
relative
results
alongside
volatility
in
the
rates
market.
Our
allocation
to
RMBS
was
a
prominent
detractor
as
rising
interest
rates
led
to
a
slowdown
in
mortgage
prepayments,
which
caused
maturities
to
extend
and
the
prices
of
these
securities
to
fall.
Conversely,
an
overweight
to
investment-grade
corporate
bonds
and
a
corresponding
underweight
to
U.S.
Treasuries
supported
relative
performance
as
hopes
of
a
dovish
pivot
from
the
Fed
led
to
a
late-period
rally
in
credit
spreads.
In
aggregate,
interest
rate
management
weighed
on
relative
results,
as
the
positive
impact
of
key
rate
duration
positioning
could
not
overcome
the
cost
of
carry
(cost
of
ownership)
from
our
intermediate-term
interest
rate
future
contracts.
We
make
modest
use
of
these
contracts
to
hedge
our
interest
rate
risk
within
the
fund.
Additionally,
the
portfolio’s
average
duration
profile,
which
was
shorter
than
that
of
the
benchmark,
made
up
for
some
losses
as
U.S.
Treasury
yields
rose
broadly
across
the
yield
curve.
(Duration
measures
a
bond’s
or
a
bond
fund’s
sensitivity
to
changes
in
interest
rates.)
Security
selection
within
investment-grade
corporate
bonds
also
modestly
hindered
relative
performance.
Bonds
in
the
banking
sector
were
hurt
by
heightened
global
recession
concerns
as
well
as
concerns
that
slowing
global
growth
and
higher
inflation
may
reduce
lending
margins.
As
mentioned
previously,
while
we
are
primarily
a
cash
bond
manager,
we
employ
the
limited
use
of
derivatives
in
our
strategy
for
hedging
purposes.
Derivatives
may
include
futures
and
options,
as
well
as
credit
default
and
interest
rate
swaps.
During
the
reporting
period,
our
use
of
derivatives,
particularly
Treasury
futures,
contributed
to
absolute
performance.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
How
is
the
fund
positioned?
The
fund
remained
defensively
positioned
in
a
rising
yield
environment,
with
duration
falling
below
the
low
end
of
the
fund’s
0.5-
to
1.0-year
target
range
early
in
the
period
and
remaining
there
through
period-end.
The
fund’s
credit
risk
exposure
increased
and
ended
the
period
around
the
midpoint
of
its
typical
range
as
we
added
investment-grade
corporate
bonds
that
were
offering
attractive
spreads.
We
maintained
our
above-average
allocation
to
liquid
assets
for
use
during
future
periods
of
credit
spread
widening.
The
portfolio
has
maintained
exposure
to
a
variety
of
fixed
income
credit
sectors
but
has
gradually
shifted
away
from
RMBS
in
favor
of
investment-grade
corporate
bonds
and
ABS.
RMBS
will
continue
to
have
a
position
in
the
fund
going
forward
but
will
likely
play
a
smaller
role
than
it
has
historically.
Volatility
in
credit
spreads
provided
opportunities
to
add
corporate
bonds
at
discounted
levels,
and
corporate
debt
represented
nearly
60%
of
the
fund’s
holdings
as
of
November
30,
2022.
While
market
stresses
have
continued,
our
research
team
remains
confident
in
the
increased
resilience
of
balance
sheets
and
responsible
capital
allocation
decisions
from
management
teams.
What
is
portfolio
management’s
outlook?
The
U.S.
economy
has
held
up
remarkably
well
given
multi-decade
highs
in
inflation
and
the
Fed
aggressively
tightening
monetary
policy.
As
we
head
into
2023,
this
resilience
will
be
tested
as
monetary
policy
becomes
even
tighter
and
earnings
growth
and
the
job
market
both
likely
slow
from
the
levels
seen
in
2022.
This
macro
backdrop
sets
up
a
return
to
a
more
normalized
market
Sources:
Credit
ratings
for
the
securities
held
in
the
fund
are
provided
by
Moody’s,
Standard
&
Poor’s,
and
Fitch
and
are
converted
to
the
Standard
&
Poor’s
nomenclature.
A
rating
of
AAA
represents
the
highest-
rated
securities,
and
a
rating
of
D
represents
the
lowest-
rated
securities.
If
the
rating
agencies
differ,
the
highest
rating
is
applied
to
the
security.
If
a
rating
is
not
available,
the
security
is
classified
as
Not
Rated.
T.
Rowe
Price
uses
the
rating
of
the
underlying
investment
vehicle
to
determine
the
creditworthiness
of
credit
default
swaps.
The
fund
is
not
rated
by
any
agency.
Securities
that
have
not
been
rated
by
any
rating
agency
totaled
0.19%
of
the
portfolio
at
the
end
of
the
reporting
period.
CREDIT
QUALITY
DIVERSIFICATION
Ultra
Short-Term
Bond
Fund
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
environment
in
which
interest
rates
and
credit
spreads
could
resume
their
historical
relationship
of
moving
in
opposite
directions.
When
combined
with
higher
starting
yields,
the
reemergence
of
this
historical
relationship
would
produce
an
environment
more
conducive
to
positive
total
returns
even
if
the
market
once
again
becomes
concerned
over
a
potential
recession.
While
it’s
possible
that
Treasury
rates
have
seen
their
peak
for
this
economic
cycle,
it’s
unclear
how
the
market
will
respond
to
a
period
of
higher-for-longer
interest
rate
policy.
This
should
keep
some
uncertainty
over
the
future
path
of
interest
rates
but
decidedly
less
so
than
earlier
this
year
when
rates
were
much
lower
than
inflation.
In
the
current
environment
of
heightened
volatility,
active
management
can
play
an
even
more
instrumental
part
in
achieving
investor
objectives.
Our
continued
goal
is
to
provide
high-quality,
durable
yield
and
income
appropriate
for
an
ultra
short-term
bond
strategy
with
modest
credit
and
duration
risk.
Using
the
breadth
and
depth
of
our
global
research
platform,
we
will
look
to
selectively
add
to
high-conviction
positions
as
volatility
creates
attractive
entry
points.
The
views
expressed
reflect
the
opinions
of
T.
Rowe
Price
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic,
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
RISKS
OF
BOND
INVESTING
The
value
of
investments
held
by
the
fund
may
decline,
sometimes
rapidly
or
unpredictably,
due
to
factors
affecting
certain
issuers,
particular
industries
or
sectors,
or
the
overall
markets.
Rapid
or
unexpected
changes
in
market
conditions
could
cause
the
fund
to
liquidate
its
holdings
at
inopportune
times
or
at
a
loss
or
depressed
value.
Rapid
changes
in
interest
rates
may
increase
the
fund’s
overall
exposure
to
interest
rate
risk.
A
fund
investing
in
mortgage-
backed
securities,
certain
asset-backed
securities,
and
other
debt
instruments
that
have
embedded
call
options
can
be
negatively
impacted
when
interest
rates
fall
because
borrowers
tend
to
refinance
and
prepay
principal.
The
fund’s
investments
outside
the
U.S.
are
subject
to
special
risks,
whether
the
securities
(including
depositary
receipts
and
other
instruments
that
represent
interests
in
a
non-U.S.
issuer)
are
denominated
in
U.S.
dollars
or
foreign
currencies.
These
risks
include
potentially
adverse
local,
political,
social,
and
economic
conditions
overseas;
greater
volatility;
lower
liquidity;
and
the
possibility
that
settlement
practices
and
regulatory
and
accounting
standards
will
differ
from
those
of
U.S.
issuers.
An
issuer
of
a
debt
instrument
held
by
the
fund
could
default
(fail
to
make
scheduled
interest
or
principal
payments),
potentially
reducing
the
fund’s
income
and
share
price.
BENCHMARK
INFORMATION
Note:
Bloomberg
®
and
Bloomberg
Short-Term
Government/Corporate
Index
are
service
marks
of
Bloomberg
Finance
L.P.
and
its
affiliates,
including
Bloomberg
Index
Services
Limited
(“BISL”),
the
administrator
of
the
index
(collectively,
“Bloomberg”)
and
have
been
licensed
for
use
for
certain
purposes
by
T.
Rowe
Price.
Bloomberg
is
not
affiliated
with
T.
Rowe
Price,
and
Bloomberg
does
not
approve,
endorse,
review,
or
recommend
its
products.
Bloomberg
does
not
guarantee
the
timeliness,
accurateness,
or
completeness
of
any
data
or
information
relating
to
its
products.
Note:
Copyright
©
2022
Fitch
Ratings,
Inc.,
Fitch
Ratings
Ltd.
and
its
subsidiaries.
Note:
Portions
of
the
mutual
fund
information
contained
in
this
report
were
supplied
by
Lipper,
a
Refinitiv
Company,
subject
to
the
following:
Copyright
2022
©
Refinitiv.
All
rights
reserved.
Any
copying,
republication
or
redistribution
of
Lipper
content
is
expressly
prohibited
without
the
prior
written
consent
of
Lipper.
Lipper
shall
not
be
liable
for
any
errors
or
delays
in
the
content,
or
for
any
actions
taken
in
reliance
thereon.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Note:
©
2022,
Moody’s
Corporation,
Moody’s
Investors
Service,
Inc.,
Moody’s
Analytics,
Inc.
and/or
their
licensors
and
affiliates
(collectively,
“Moody’s”).
All
rights
reserved.
Moody’s
ratings
and
other
information
(“Moody’s
Information”)
are
proprietary
to
Moody’s
and/or
its
licensors
and
are
protected
by
copyright
and
other
intellectual
property
laws.
Moody’s
Information
is
licensed
to
Client
by
Moody’s.
MOODY’S
INFORMATION
MAY
NOT
BE
COPIED
OR
OTHERWISE
REPRODUCED,
REPACKAGED,
FURTHER
TRANSMITTED,
TRANSFERRED,
DISSEMINATED,
REDISTRIBUTED
OR
RESOLD,
OR
STORED
FOR
SUBSEQUENT
USE
FOR
ANY
SUCH
PURPOSE,
IN
WHOLE
OR
IN
PART,
IN
ANY
FORM
OR
MANNER
OR
BY
ANY
MEANS
WHATSOEVER,
BY
ANY
PERSON
WITHOUT
MOODY’S
PRIOR
WRITTEN
CONSENT.
Moody's
®
is
a
registered
trademark.
Note:
Copyright
©
2022,
S&P
Global
Market
Intelligence
(and
its
affiliates,
as
applicable).
Reproduction
of
any
information,
data
or
material,
including
ratings
("Content")
in
any
form
is
prohibited
except
with
the
prior
written
permission
of
the
relevant
party. Such
party,
its
affiliates
and
suppliers
("Content
Providers")
do
not
guarantee
the
accuracy,
adequacy,
completeness,
timeliness
or
availability
of
any
Content
and
are
not
responsible
for
any
errors
or
omissions
(negligent
or
otherwise),
regardless
of
the
cause,
or
for
the
results
obtained
from
the
use
of
such
Content.
In
no
event
shall
Content
Providers
be
liable
for
any
damages,
costs,
expenses,
legal
fees,
or
losses
(including
lost
income
or
lost
profit
and
opportunity
costs)
in
connection
with
any
use
of
the
Content.
A
reference
to
a
particular
investment
or
security,
a
rating
or
any
observation
concerning
an
investment
that
is
part
of
the
Content
is
not
a
recommendation
to
buy,
sell
or
hold
such
investment
or
security,
does
not
address
the
appropriateness
of
an
investment
or
security
and
should
not
be
relied
on
as
investment
advice.
Credit
ratings
are
statements
of
opinions
and
are
not
statements
of
fact.
BENCHMARK
INFORMATION
(continued)
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
GROWTH
OF
$10,000
This
chart
shows
the
value
of
a
hypothetical
$10,000
investment
in
the
fund
over
the
past
10
fiscal
year
periods
or
since
inception
(for funds
lacking
10-year
records).
The
result
is
compared
with
benchmarks,
which
include
a
broad-based
market
index
and
may
also
include
a
peer
group
average
or
index.
Market
indexes
do
not
include
expenses,
which
are
deducted
from
fund
returns
as
well
as
mutual fund
averages
and
indexes.
ULTRA
SHORT-TERM
BOND
FUND
*The
Lipper
Ultra-Short
Obligations
Funds
Average
is
from
12/31/12.
Note:
Performance
for
the
I
and
Z Class
shares
will
vary
due
to
their
differing
fee
structures.
See
the
Average
Annual
Compound
Total
Return
table.
AVERAGE
ANNUAL
COMPOUND
TOTAL
RETURN
Periods
Ended
11/30/22
1
Year
5
Years
Since
Inception
Inception
Date
Ultra
Short-Term
Bond
Fund
–
.
-1.52%
1.48%
1.21%
12/3/12
Ultra
Short-Term
Bond
Fund–
.
I
Class
-1.19
1.61
1.62
7/6/17
Ultra
Short-Term
Bond
Fund–
.
Z
Class
-1.01
–
-0.44
2/22/21
This
table
shows
how
the
fund
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
for
the
periods
shown
had
been
earned
at
a
constant
rate.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
Past
performance
cannot
guarantee
future
results.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
EXPENSE
RATIO
FUND
EXPENSE
EXAMPLE
As
a
mutual
fund
shareholder,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,
such
as
redemption
fees
or
sales
loads,
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
fund
expenses.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
most
recent
six-month
period
and
held
for
the
entire
period.
Please
note
that
the
fund
has
three
share
classes:
The
original
share
class
(Investor
Class)
charges
no
distribution
and
service
(12b-1)
fee,
I
Class
shares
are
also
available
to
institutionally
oriented
clients
and
impose
no
12b-1
or
administrative
fee
payment,
and
Z
Class
shares
are
offered
only
to
funds
advised
by
T.
Rowe
Price
and
other
advisory
clients
of
T.
Rowe
Price
or
its
affiliates
that
are
subject
to
a
contractual
fee
for
investment
management
services
and
impose
no
12b-1
fee
or
administrative
fee
payment.
Each
share
class
is
presented
separately
in
the
table.
Actual
Expenses
The
first
line
of
the
following
table
(Actual)
provides
information
about
actual
account
values
and
expenses
based
on
the
fund’s
actual
returns.
You
may
use
the
information
on
this
line,
together
with
your
account
balance,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
on
the
first
line
under
the
heading
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
on
the
second
line
of
the
table
(Hypothetical)
is
based
on
hypothetical
account
values
and
expenses
derived
from
the
fund’s
actual
expense
ratio
and
an
assumed
5%
per
year
rate
of
return
before
expenses
(not
the
fund’s
actual
return).
You
may
compare
the
ongoing
costs
of
investing
in
the
fund
with
other
funds
by
contrasting
this
5%
hypothetical
example
and
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
Ultra
Short-Term
Bond
Fund
0.31%
Ultra
Short-Term
Bond
Fund–I
Class
0.18
Ultra
Short-Term
Bond
Fund–Z
Class
0.20
The
expense
ratio
shown
is
as
of
the
fund’s
most
recent
prospectus.
This
number
may
vary
from
the
expense
ratio
shown
elsewhere
in
this
report
because
it
is
based
on
a
different
time
period
and,
if
applicable,
includes
acquired
fund
fees
and
expenses
but
does
not
include
fee
or
expense
waivers.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Note:
T.
Rowe
Price
charges
an
annual
account
service
fee
of
$20,
generally
for
accounts
with
less
than
$10,000.
The
fee
is
waived
for
any
investor
whose
T.
Rowe
Price
mutual
fund
accounts
total
$50,000
or
more;
accounts
electing
to
receive
electronic
delivery
of
account
statements,
transaction
confirmations,
prospectuses,
and
shareholder
reports;
or
accounts
of
an
investor
who
is
a
T.
Rowe
Price
Personal
Services
or
Enhanced
Personal
Services
client
(enrollment
in
these
programs
generally
requires
T.
Rowe
Price
assets
of
at
least
$250,000).
This
fee
is
not
included
in
the
accompanying
table.
If
you
are
subject
to
the
fee,
keep
it
in
mind
when
you
are
estimating
the
ongoing
expenses
of
investing
in
the
fund
and
when
comparing
the
expenses
of
this
fund
with
other
funds.
You
should
also
be
aware
that
the
expenses
shown
in
the
table
highlight
only
your
ongoing
costs
and
do
not
reflect
any
transaction
costs,
such
as
redemption
fees
or
sales
loads.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
To
the
extent
a
fund
charges
transaction
costs,
however,
the
total
cost
of
owning
that
fund
is
higher.
ULTRA
SHORT-TERM
BOND
FUND
Beginning
Account
Value
6/1/22
Ending
Account
Value
11/30/22
Expenses
Paid
During
Period*
6/1/22
to
11/30/22
Investor
Class
Actual
$1,000.00
$998.40
$1.55
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,023.51
1.57
I
Class
Actual
1,000.00
999.00
0.95
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,024.12
0.96
Z
Class
Actual
1,000.00
1,000.00
0.00
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,025.07
0.00
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(183),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.31%,
the
2
I Class
was
0.19%,
and
the
3
Z Class
was
0.00%.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
QUARTER-END
RETURNS
Periods
Ended
9/30/22
1
Year
5
Years
Since
Inception
Inception
Date
Ultra
Short-Term
Bond
Fund
–
.
-1.82%
1.49%
1.20%
12/3/12
Ultra
Short-Term
Bond
Fund–
.
I
Class
-1.69
1.62
1.62
7/6/17
Ultra
Short-Term
Bond
Fund–
.
Z
Class
-1.50
–
-0.66
2/22/21
The
fund’s
performance
information
represents
only
past
performance
and
is
not
necessarily
an
indication
of
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
cited.
Share
price,
principal
value,
and
return
will
vary,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
For
the
most
recent
month-end
performance,
please
visit
our
website
(troweprice.com)
or
contact
a
T.
Rowe
Price
representative
at
1
-
800
-
225
-
5132
or,
for
2
I
and
3
Z
Class
shares,
1-800-638-8790
.
This
table
provides
returns
through
the
most
recent
calendar
quarter-end
rather
than
through
the
end
of
the
fund’s
fiscal
period.
It
shows
how
each
class
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
for
the
periods
shown
had
been
earned
at
a
constant
rate.
Average
annual
total
return
figures
include
changes
in
principal
value,
reinvested
dividends,
and
capital
gain
distributions.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
When
assessing
performance,
investors
should
consider
both
short-
and
long-term
returns.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
11/30/22
..
Year
..
..
Ended
.
5/31/22
5/31/21
5/31/20
5/31/19
5/31/18
NET
ASSET
VALUE
Beginning
of
period
$
4
.96
$
5
.09
$
5
.02
$
5
.03
$
5
.01
$
5
.02
Investment
activities
Net
investment
income
(1)(2)
0
.05
0
.04
0
.06
0
.12
0
.14
0
.10
Net
realized
and
unrealized
gain/loss
(
0
.06
)
(
0
.11
)
0
.08
(
0
.01
)
0
.02
(
0
.02
)
Total
from
investment
activities
(
0
.01
)
(
0
.07
)
0
.14
0
.11
0
.16
0
.08
Distributions
Net
investment
income
(
0
.05
)
(
0
.04
)
(
0
.06
)
(
0
.12
)
(
0
.14
)
(
0
.09
)
Net
realized
gain
—
(
0
.02
)
(
0
.01
)
—
—
—
Total
distributions
(
0
.05
)
(
0
.06
)
(
0
.07
)
(
0
.12
)
(
0
.14
)
(
0
.09
)
NET
ASSET
VALUE
End
of
period
$
4
.90
$
4
.96
$
5
.09
$
5
.02
$
5
.03
$
5
.01
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
11/30/22
..
Year
..
..
Ended
.
5/31/22
5/31/21
5/31/20
5/31/19
5/31/18
Ratios/Supplemental
Data
Total
return
(2)(3)
(
0
.16
)
%
(
1
.41
)
%
2
.75
%
2
.21
%
3
.27
%
1
.68
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
(4)
0
.33
%
(5)
0
.36
%
0
.45
%
0
.44
%
0
.42
%
0
.42
%
Net
expenses
after
waivers/payments
by
Price
Associates
0
.31
%
(5)
0
.33
%
0
.35
%
0
.35
%
0
.35
%
0
.35
%
Net
investment
income
2
.01
%
(5)
0
.72
%
1
.12
%
2
.34
%
2
.79
%
1
.87
%
Portfolio
turnover
rate
15
.1
%
56
.2
%
45
.8
%
69
.8
%
40
.1
%
42
.1
%
Net
assets,
end
of
period
(in
millions)
$1,845
$2,409
$4,169
$1,869
$1,164
$615
0
%
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
6
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
See
Note
6.
Prior
to
5/31/20,
the
gross
expense
ratios
presented
are
net
of
a
management
fee
waiver
in
effect
during
the
period,
as
applicable.
(5)
Annualized
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
11/30/22
..
Year
..
..
Ended
.
7/6/17
(1)
Through
5/31/18
5/31/22
5/31/21
5/31/20
5/31/19
NET
ASSET
VALUE
Beginning
of
period
$
4
.97
$
5
.10
$
5
.03
$
5
.04
$
5
.01
$
5
.02
Investment
activities
Net
investment
income
(2)(3)
0
.05
0
.04
0
.06
0
.12
0
.14
0
.10
Net
realized
and
unrealized
gain/loss
(
0
.05
)
(
0
.11
)
0
.09
(
0
.01
)
0
.03
(
0
.02
)
Total
from
investment
activities
—
(4)
(
0
.07
)
0
.15
0
.11
0
.17
0
.08
Distributions
Net
investment
income
(
0
.06
)
(
0
.04
)
(
0
.07
)
(
0
.12
)
(
0
.14
)
(
0
.09
)
Net
realized
gain
—
(
0
.02
)
(
0
.01
)
—
—
—
Total
distributions
(
0
.06
)
(
0
.06
)
(
0
.08
)
(
0
.12
)
(
0
.14
)
(
0
.09
)
NET
ASSET
VALUE
End
of
period
$
4
.91
$
4
.97
$
5
.10
$
5
.03
$
5
.04
$
5
.01
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
11/30/22
..
Year
..
..
Ended
.
7/6/17
(1)
Through
5/31/18
5/31/22
5/31/21
5/31/20
5/31/19
Ratios/Supplemental
Data
Total
return
(3)(5)
(
0
.10
)
%
(
1
.27
)
%
2
.88
%
2
.31
%
3
.47
%
1
.52
%
Ratios
to
average
net
assets:
(3)
Gross
expenses
before
waivers/
payments
by
Price
Associates
(6)
0
.19
%
(7)
0
.22
%
0
.32
%
0
.33
%
0
.35
%
0
.36
%
(7)
Net
expenses
after
waivers/payments
by
Price
Associates
0
.19
%
(7)
0
.19
%
0
.23
%
0
.25
%
0
.35
%
0
.35
%
(7)
Net
investment
income
2
.13
%
(7)
0
.87
%
1
.20
%
2
.47
%
2
.79
%
2
.11
%
(7)
Portfolio
turnover
rate
15
.1
%
56
.2
%
45
.8
%
69
.8
%
40
.1
%
42
.1
%
Net
assets,
end
of
period
(in
thousands)
$1,054,081
$1,288,432
$855,064
$263,120
$165,192
$110,678
0
%
0
%
0
%
0
%
0
%
0
%
(1)
Inception
date
(2)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(3)
See
Note
6
for
details
of
expense-related
arrangements
with
Price
Associates.
(4)
Amounts
round
to
less
than
$0.01
per
share.
(5)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(6)
See
Note
6.
Prior
to
5/31/20,
the
gross
expense
ratios
presented
are
net
of
a
management
fee
waiver
in
effect
during
the
period,
as
applicable.
(7)
Annualized
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Z
Class
(1)
6
Months
.
Ended
11/30/22
.
.
Year
Ended
5/31/22
2/22/21
(1)
Through
5/31/21
NET
ASSET
VALUE
Beginning
of
period
$
4
.97
$
5
.09
$
5
.10
Investment
activities
Net
investment
income
(2)(3)
0
.06
0
.05
0
.02
Net
realized
and
unrealized
gain/loss
(
0
.06
)
(
0
.10
)
(
0
.01
)
(4)
Total
from
investment
activities
—
(5)
(
0
.05
)
0
.01
Distributions
Net
investment
income
(
0
.06
)
(
0
.05
)
(
0
.02
)
Net
realized
gain
—
(
0
.02
)
—
Total
distributions
(
0
.06
)
(
0
.07
)
(
0
.02
)
NET
ASSET
VALUE
End
of
period
$
4
.91
$
4
.97
$
5
.09
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Z
Class
(1)
6
Months
.
Ended
11/30/22
.
.
Year
Ended
5/31/22
2/22/21
(1)
Through
5/31/21
Ratios/Supplemental
Data
Total
return
(3)(6)
0
.00
%
(
0
.89
)
%
0
.11
%
Ratios
to
average
net
assets:
(3)
Gross
expenses
before
waivers/payments
by
Price
Associates
0
.18
%
(7)
0
.25
%
0
.33
%
(7)
Net
expenses
after
waivers/payments
by
Price
Associates
0
.00
%
(7)
0
.00
%
0
.00
%
(7)
Net
investment
income
2
.35
%
(7)
1
.06
%
1
.13
%
(7)
Portfolio
turnover
rate
15
.1
%
56
.2
%
45
.8
%
Net
assets,
end
of
period
(in
thousands)
$96
$97
$100
0
%
0
%
0
%
(1)
Inception
date
(2)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(3)
See
Note
6
for
details
of
expense-related
arrangements
with
Price
Associates.
(4)
The
amount
presented
is
inconsistent
with
the
fund's
aggregate
gains
and
losses
because
of
the
timing
of
sales
and
redemptions
of
fund
shares
in
relation
to
fluctuating
market
values
for
the
investment
portfolio.
(5)
Amounts
round
to
less
than
$0.01
per
share.
(6)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(7)
Annualized
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
November
30,
2022
(Unaudited)
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
11.9%
Auto
Backed
6.9%
AmeriCredit
Automobile
Receivables
Trust
Series
2020-2,
Class
B
0.97%,
2/18/26
800
780
AmeriCredit
Automobile
Receivables
Trust
Series
2020-3,
Class
B
0.76%,
12/18/25
7,500
7,215
ARI
Fleet
Lease
Trust
Series
2020-A,
Class
B
2.06%,
11/15/28
(1)
270
269
Avis
Budget
Rental
Car
Funding
AESOP
Series
2017-2A,
Class
D
4.56%,
3/20/24
(1)
5,000
4,977
Avis
Budget
Rental
Car
Funding
AESOP
Series
2018-1A,
Class
D
5.25%,
9/20/24
(1)
6,530
6,396
Carvana
Auto
Receivables
Trust
Series
2021-N4,
Class
B
1.24%,
9/11/28
7,686
7,392
Chase
Auto
Credit
Linked
Notes
Series
2020-1,
Class
B
0.991%,
1/25/28
(1)
799
785
Chase
Auto
Credit
Linked
Notes
Series
2020-2,
Class
B
0.84%,
2/25/28
(1)
1,732
1,685
Chase
Auto
Credit
Linked
Notes
Series
2021-2,
Class
B
0.889%,
12/26/28
(1)
10,655
10,220
Chase
Auto
Credit
Linked
Notes
Series
2021-3,
Class
B
0.76%,
2/26/29
(1)
8,991
8,443
Exeter
Automobile
Receivables
Trust
Series
2021-2A,
Class
B
0.57%,
9/15/25
8,451
8,373
Exeter
Automobile
Receivables
Trust
Series
2022-3A,
Class
B
4.86%,
12/15/26
5,400
5,296
Exeter
Automobile
Receivables
Trust
Series
2022-64,
Class
A3
5.70%,
8/17/26
1,550
1,550
Ford
Credit
Auto
Lease
Trust
Series
2020-B,
Class
B
1.00%,
11/15/23
331
330
Ford
Credit
Auto
Lease
Trust
Series
2021-A,
Class
B
0.47%,
5/15/24
17,400
17,001
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2020-1,
Class
B
0.98%,
9/15/25
5,195
4,977
GM
Financial
Automobile
Leasing
Trust
Series
2020-2,
Class
B
1.56%,
7/22/24
2,130
2,124
GM
Financial
Automobile
Leasing
Trust
Series
2020-3,
Class
B
0.76%,
10/21/24
2,215
2,188
GM
Financial
Automobile
Leasing
Trust
Series
2022-2,
Class
B
4.02%,
5/20/26
6,700
6,518
GMF
Floorplan
Owner
Revolving
Trust
Series
2020-1,
Class
B
1.03%,
8/15/25
(1)
1,435
1,382
GMF
Floorplan
Owner
Revolving
Trust
Series
2020-2,
Class
B
0.96%,
10/15/25
(1)
2,145
2,049
Hyundai
Auto
Lease
Securitization
Trust
Series
2020-B,
Class
B
0.81%,
10/15/24
(1)
1,930
1,904
Hyundai
Auto
Lease
Securitization
Trust
Series
2021-A,
Class
B
0.61%,
10/15/25
(1)
8,700
8,442
Hyundai
Auto
Lease
Securitization
Trust
Series
2021-B,
Class
B
0.62%,
3/16/26
(1)
20,345
19,237
Hyundai
Auto
Lease
Securitization
Trust
Series
2022-C,
Class
A4
4.48%,
8/17/26
(1)
7,035
6,939
JPMorgan
Chase
Bank
-
CACLN
Series
2021-1,
Class
B
0.875%,
9/25/28
(1)
947
912
Santander
Consumer
Auto
Receivables
Trust
Series
2021-BA,
Class
B
1.45%,
10/16/28
(1)
1,013
993
Santander
Consumer
Auto
Receivables
Trust
Series
2021-CA,
Class
B
1.44%,
4/17/28
(1)
24
24
Santander
Drive
Auto
Receivables
Trust
Series
2020-3,
Class
C
1.12%,
1/15/26
1,455
1,439
Santander
Drive
Auto
Receivables
Trust
Series
2022-6,
Class
B
4.72%,
6/15/27
10,350
10,050
Santander
Drive
Auto
Receivables
Trust
Series
2022-7,
Class
A2
5.81%,
1/15/26
4,165
4,161
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Santander
Retail
Auto
Lease
Trust
Series
2020-B,
Class
B
0.82%,
12/20/24
(1)
11,555
10,943
Santander
Retail
Auto
Lease
Trust
Series
2021-B,
Class
B
0.84%,
6/20/25
(1)
13,860
12,971
Santander
Retail
Auto
Lease
Trust
Series
2021-C,
Class
B
0.83%,
3/20/26
(1)
10,135
9,482
World
Omni
Automobile
Lease
Securitization
Trust
Series
2020-B,
Class
B
0.70%,
2/17/26
7,250
7,056
World
Omni
Select
Auto
Trust
Series
2020-A,
Class
B
0.84%,
6/15/26
5,585
5,379
199,882
Collateralized
Debt
Obligation
0.5%
Barings
Series
2013-IA,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.80%,
5.043%,
1/20/28
(1)
662
655
Magnetite
XVI
Series
2015-16A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.80%,
4.994%,
1/18/28
(1)
729
722
Symphony
Static
I
Series
2021-1A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
0.83%,
5.188%,
10/25/29
(1)
14,442
14,217
15,594
Home
Equity
Loans
Backed
0.2%
Citigroup
Mortgage
Loan
Trust
Series
2020-EXP2,
Class
A3,
CMO,
ARM
2.50%,
8/25/50
(1)
6,732
5,501
Citigroup
Mortgage
Loan
Trust
Series
2020-EXP2,
Class
A4,
CMO,
ARM
2.50%,
8/25/50
(1)
1,627
1,328
6,829
Other
Asset-Backed
Securities
2.6%
ARI
Fleet
Lease
Trust
Series
2021-A,
Class
A2
0.37%,
3/15/30
(1)
5,197
5,092
Elara
HGV
Timeshare
Issuer
Series
2016-A,
Class
A
2.73%,
4/25/28
(1)
596
587
Elara
HGV
Timeshare
Issuer
Series
2017-A,
Class
A
2.69%,
3/25/30
(1)
3,255
3,115
Hilton
Grand
Vacations
Trust
Series
2017-AA,
Class
A
2.66%,
12/26/28
(1)
40
40
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Hilton
Grand
Vacations
Trust
Series
2019-AA,
Class
A
2.34%,
7/25/33
(1)
652
608
HPEFS
Equipment
Trust
Series
2021-2A,
Class
B
0.61%,
9/20/28
(1)
5,250
5,014
MVW
Series
2020-1A,
Class
A
1.74%,
10/20/37
(1)
66
60
MVW
Series
2021-1WA,
Class
A
1.14%,
1/22/41
(1)
3,830
3,501
Navient
Private
Education
Refi
Loan
Trust
Series
2021-CA,
Class
A
1.06%,
10/15/69
(1)
13,118
11,329
Nelnet
Student
Loan
Trust
Series
2021-DA,
Class
AFL,
FRN
1M
USD
LIBOR
+
0.69%,
4.629%,
4/20/62
(1)
4,856
4,694
Octane
Receivables
Trust
Series
2021-1A,
Class
A
0.93%,
3/22/27
(1)
7,514
7,241
Octane
Receivables
Trust
Series
2021-2A,
Class
A
1.21%,
9/20/28
(1)
6,472
6,166
Octane
Receivables
Trust
Series
2022-1A,
Class
A2
4.18%,
3/20/28
(1)
5,447
5,315
Santander
Bank
Series
2021-1A,
Class
B
1.833%,
12/15/31
(1)
2,904
2,786
Santander
Bank
Auto
Credit-Linked
Notes
Series
2022-A,
Class
B
5.281%,
5/15/32
(1)
11,138
10,855
Santander
Bank
Auto
Credit-Linked
Notes
Series
2022-B,
Class
B
5.721%,
8/16/32
(1)
4,273
4,250
Sierra
Timeshare
Receivables
Funding
Series
2019-3A,
Class
A
2.34%,
8/20/36
(1)
3,214
3,014
Sierra
Timeshare
Receivables
Funding
Series
2020-2A,
Class
A
1.33%,
7/20/37
(1)
194
182
73,849
Student
Loans
1.7%
Navient
Private
Education
Loan
Trust
Series
2016-AA,
Class
A2A
3.91%,
12/15/45
(1)
9,217
8,904
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Navient
Private
Education
Loan
Trust
Series
2017-A,
Class
A2B,
FRN
1M
USD
LIBOR
+
0.90%,
4.773%,
12/16/58
(1)
349
348
Navient
Private
Education
Refi
Loan
Trust
Series
2020-DA,
Class
A
1.69%,
5/15/69
(1)
665
595
Navient
Private
Education
Refi
Loan
Trust
Series
2020-FA,
Class
A
1.22%,
7/15/69
(1)
2,730
2,419
Navient
Private
Education
Refi
Loan
Trust
Series
2020-IA,
Class
A1A
1.33%,
4/15/69
(1)
3,023
2,572
Navient
Private
Education
Refi
Loan
Trust
Series
2021-A,
Class
A
0.84%,
5/15/69
(1)
1,232
1,052
Navient
Private
Education
Refi
Loan
Trust
Series
2021-BA,
Class
A
0.94%,
7/15/69
(1)
5,985
5,052
Navient
Private
Education
Refi
Loan
Trust
Series
2021-EA,
Class
A
0.97%,
12/16/69
(1)
9,352
7,726
Navient
Private
Education
Refi
Loan
Trust
Series
2021-FA,
Class
A
1.11%,
2/18/70
(1)
3,733
3,058
Navient
Private
Education
Refi
Loan
Trust
Series
2021-GA,
Class
A
1.58%,
4/15/70
(1)
11,939
10,068
Navient
Private
Education
Refi
Loan
Trust
Series
2022-A,
Class
A
2.23%,
7/15/70
(1)
3,190
2,775
SMB
Private
Education
Loan
Trust
Series
2014-A,
Class
A3,
FRN
1M
USD
LIBOR
+
1.50%,
5.375%,
4/15/32
(1)
1,373
1,370
SMB
Private
Education
Loan
Trust
Series
2019-A,
Class
A2A
3.44%,
7/15/36
(1)
2,022
1,922
47,861
Total
Asset-Backed
Securities
(Cost
$365,017)
344,015
CORPORATE
BONDS
61.7%
Advertising
0.6%
WPP
Finance
2010,
3.75%,
9/19/24
18,350
17,721
17,721
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Airlines
0.5%
SMBC
Aviation
Capital
Finance,
4.125%,
7/15/23
(1)
13,698
13,507
13,507
Automotive
3.6%
BMW
U.S.
Capital,
FRN,
SOFRINDX
+
0.53%,
4.051%,
4/1/24
(1)
10,000
9,936
Daimler
Trucks
Finance
North
America,
FRN,
SOFR
+
0.75%,
4.054%,
12/13/24
(1)
12,843
12,660
Daimler
Trucks
Finance
North
America,
FRN,
SOFR
+
1.00%,
4.561%,
4/5/24
(1)
10,000
9,943
Hyundai
Capital
America,
0.80%,
1/8/24
(1)
1,000
947
Hyundai
Capital
America,
1.00%,
9/17/24
(1)
19,874
18,258
Mercedes-Benz
Finance
North
America,
5.50%,
11/27/24
(1)
5,850
5,887
Nissan
Motor,
3.043%,
9/15/23
(1)
17,346
16,934
Nissan
Motor
Acceptance,
3.45%,
3/15/23
(1)
5,528
5,494
Nissan
Motor
Acceptance,
3.875%,
9/21/23
(1)
5,000
4,887
Stellantis,
5.25%,
4/15/23
20,110
19,984
104,930
Banking
21.2%
AIB
Group,
4.75%,
10/12/23
(1)
21,035
20,753
Banco
Santander,
5.147%,
8/18/25
4,800
4,756
Banco
Santander,
FRN,
SOFR
+
1.24%,
5.067%,
5/24/24
5,000
4,979
Bank
of
America,
FRN,
SOFR
+
0.69%,
4.428%,
4/22/25
15,000
14,737
Bank
of
Ireland
Group,
4.50%,
11/25/23
(1)
27,452
26,873
Bank
of
Montreal,
FRN,
SOFRINDX
+
0.32%,
3.904%,
7/9/24
10,000
9,850
Bank
of
Montreal,
Series
H,
4.25%,
9/14/24
2,945
2,909
Bank
of
Nova
Scotia,
FRN,
SOFRINDX
+
0.445%,
4.088%,
4/15/24
17,145
16,952
Bank
of
Nova
Scotia,
FRN,
SOFRINDX
+
0.55%,
3.854%,
9/15/23
12,544
12,506
Barclays,
4.375%,
9/11/24
11,420
11,113
Barclays,
VR,
4.338%,
5/16/24
(2)
5,000
4,950
Barclays,
VR,
5.304%,
8/9/26
(2)
8,300
8,119
BDO
Unibank,
2.95%,
3/6/23
11,650
11,557
BPCE,
5.70%,
10/22/23
(1)
34,423
33,806
Canadian
Imperial
Bank
of
Commerce,
FRN,
SOFRINDX
+
0.40%,
3.687%,
12/14/23
6,257
6,218
Capital
One
Financial,
FRN,
SOFR
+
1.35%,
5.175%,
5/9/25
10,000
9,840
Capital
One
Financial,
VR,
2.636%,
3/3/26
(2)
7,060
6,605
Citigroup,
FRN,
SOFR
+
0.669%,
4.476%,
5/1/25
15,000
14,714
Credit
Suisse,
Series
FRN,
FRN,
SOFRINDX
+
1.26%,
5.086%,
2/21/25
4,000
3,734
Credit
Suisse
Group,
VR,
2.997%,
12/14/23
(1)(2)
14,030
13,878
Credit
Suisse
Group,
VR,
4.207%,
6/12/24
(1)(2)
10,000
9,715
Danske
Bank,
3.875%,
9/12/23
(1)
7,695
7,579
Danske
Bank,
5.375%,
1/12/24
(1)
2,916
2,890
Danske
Bank,
VR,
1.171%,
12/8/23
(1)(2)
7,225
7,219
Danske
Bank,
VR,
3.773%,
3/28/25
(1)(2)
6,675
6,409
Deutsche
Bank,
Series
E,
FRN,
SOFR
+
0.50%,
4.324%,
11/8/23
20,000
19,738
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Goldman
Sachs
Group,
FRN,
SOFR
+
0.50%,
3.719%,
9/10/24
10,000
9,819
Goldman
Sachs
Group,
FRN,
SOFR
+
0.58%,
3.765%,
3/8/24
10,000
9,890
Goldman
Sachs
Group,
FRN,
SOFR
+
0.70%,
4.405%,
1/24/25
9,950
9,764
Goldman
Sachs
Group,
FRN,
SOFR
+
1.39%,
4.694%,
3/15/24
5,000
4,992
HSBC
Holdings,
4.25%,
3/14/24
20,041
19,658
HSBC
Holdings,
FRN,
SOFR
+
0.58%,
4.406%,
11/22/24
10,000
9,744
ING
Bank,
5.80%,
9/25/23
3,307
3,293
Intesa
Sanpaolo,
3.375%,
1/12/23
(1)
15,000
14,947
Intesa
Sanpaolo,
5.25%,
1/12/24
9,510
9,367
JPMorgan
Chase,
FRN,
SOFR
+
0.535%,
4.363%,
6/1/25
10,000
9,810
JPMorgan
Chase,
Series
FRN,
FRN,
SOFR
+
0.58%,
4.02%,
6/23/25
10,000
9,782
KEB
Hana
Bank,
4.625%,
10/24/23
12,500
12,376
Mitsubishi
UFJ
Financial
Group,
VR,
5.063%,
9/12/25
(2)
17,165
17,014
Morgan
Stanley,
FRN,
SOFR
+
0.95%,
4.777%,
2/18/26
14,925
14,620
Morgan
Stanley,
FRN,
SOFR
+
1.165%,
4.844%,
4/17/25
10,000
9,910
Nationwide
Building
Society,
VR,
3.766%,
3/8/24
(1)(2)
10,029
9,960
NatWest
Group,
VR,
2.359%,
5/22/24
(2)
5,000
4,902
NatWest
Markets,
FRN,
SOFR
+
0.53%,
4.355%,
8/12/24
(1)
6,315
6,181
NatWest
Markets,
FRN,
SOFR
+
1.45%,
4.873%,
3/22/25
(1)
2,483
2,465
Santander
U.K.,
5.00%,
11/7/23
(1)
5,000
4,921
Santander
U.K.
Group
Holdings,
VR,
1.089%,
3/15/25
(2)
10,510
9,756
Societe
Generale,
5.00%,
1/17/24
(1)
7,815
7,699
Societe
Generale,
FRN,
SOFR
+
1.05%,
4.746%,
1/21/26
(1)
10,000
9,559
Standard
Chartered,
3.95%,
1/11/23
(1)
23,807
23,684
Standard
Chartered,
5.20%,
1/26/24
(1)
2,157
2,129
Standard
Chartered,
FRN,
SOFR
+
0.93%,
4.757%,
11/23/25
(1)
5,000
4,820
State
Bank
of
India,
4.50%,
9/28/23
13,300
13,194
Toronto-Dominion
Bank,
FRN,
SOFR
+
0.22%,
4.048%,
6/2/23
10,000
9,963
Toronto-Dominion
Bank,
FRN,
SOFR
+
0.35%,
3.569%,
9/10/24
10,000
9,812
Truist
Financial,
FRN,
SOFR
+
0.40%,
3.602%,
6/9/25
20,000
19,515
UBS,
FRN,
SOFR
+
0.36%,
4.184%,
2/9/24
(1)
10,000
9,928
Wells
Fargo,
FRN,
SOFR
+
1.32%,
5.036%,
4/25/26
9,900
9,813
615,686
Cable
Operators
0.7%
Charter
Communications
Operating,
4.908%,
7/23/25
12,940
12,745
Cox
Communications,
3.15%,
8/15/24
(1)
7,900
7,588
20,333
Chemicals
1.6%
Celanese
U.S.
Holdings,
5.90%,
7/5/24
20,000
19,853
Cytec
Industries,
3.50%,
4/1/23
23,569
23,550
International
Flavors
&
Fragrances,
3.20%,
5/1/23
4,303
4,265
47,668
Computer
Service
&
Software
0.1%
Oracle,
5.80%,
11/10/25
2,945
3,012
3,012
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Drugs
0.2%
Perrigo
Finance
Unlimited,
3.90%,
12/15/24
3,364
3,171
Viatris,
1.65%,
6/22/25
4,360
3,945
7,116
Energy
5.4%
Cheniere
Corpus
Christi
Holdings,
5.875%,
3/31/25
12,218
12,293
Cheniere
Corpus
Christi
Holdings,
7.00%,
6/30/24
5,500
5,563
Continental
Resources,
4.50%,
4/15/23
5,825
5,803
DCP
Midstream
Operating,
5.375%,
7/15/25
15,925
15,694
Devon
Energy,
8.25%,
8/1/23
35,159
35,773
Ecopetrol,
5.875%,
9/18/23
7,900
7,855
Energy
Transfer
Partners,
4.50%,
11/1/23
4,209
4,162
Gray
Oak
Pipeline,
2.00%,
9/15/23
(1)
24,536
23,815
Kinder
Morgan,
5.625%,
11/15/23
(1)
6,186
6,190
Plains
All
American
Pipeline,
2.85%,
1/31/23
13,361
13,302
Plains
All
American
Pipeline,
3.85%,
10/15/23
9,815
9,667
Sabine
Pass
Liquefaction,
5.625%,
4/15/23
16,339
16,333
156,450
Financial
3.7%
AerCap
Ireland
Capital,
1.65%,
10/29/24
7,230
6,659
AerCap
Ireland
Capital,
4.125%,
7/3/23
22,810
22,586
AerCap
Ireland
Capital,
4.50%,
9/15/23
2,075
2,048
AerCap
Ireland
Capital,
4.875%,
1/16/24
2,000
1,969
AerCap
Ireland
Capital,
FRN,
SOFR
+
0.68%,
4.183%,
9/29/23
6,835
6,690
Ally
Financial,
1.45%,
10/2/23
8,500
8,206
Ally
Financial,
4.625%,
3/30/25
1,475
1,450
Ally
Financial,
5.125%,
9/30/24
6,400
6,328
CNO
Financial
Group,
5.25%,
5/30/25
2,000
1,977
General
Motors
Financial,
4.15%,
6/19/23
1,390
1,381
General
Motors
Financial,
FRN,
SOFR
+
0.62%,
4.263%,
10/15/24
15,000
14,616
General
Motors
Financial,
FRN,
SOFR
+
0.76%,
3.945%,
3/8/24
20,000
19,646
Indian
Railway
Finance,
3.73%,
3/29/24
8,000
7,819
Western
Union,
2.85%,
1/10/25
2,408
2,286
Western
Union,
4.25%,
6/9/23
3,050
3,028
106,689
Food/Tobacco
1.7%
BAT
Capital,
2.789%,
9/6/24
10,731
10,251
BAT
Capital,
3.222%,
8/15/24
1,800
1,736
Imperial
Brands
Finance,
3.125%,
7/26/24
(1)
4,200
4,004
Imperial
Brands
Finance,
3.50%,
2/11/23
(1)
17,510
17,380
Imperial
Brands
Finance,
4.25%,
7/21/25
(1)
4,935
4,712
Philip
Morris
International,
5.125%,
11/15/24
10,885
10,885
48,968
Forest
Products
0.3%
Celulosa
Arauco
y
Constitucion,
4.50%,
8/1/24
10,000
9,837
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
9,837
Gas
&
Gas
Transmission
0.2%
Kinder
Morgan
Energy
Partners,
3.45%,
2/15/23
5,000
4,982
4,982
Health
Care
2.3%
HCA,
5.00%,
3/15/24
9,900
9,839
HCA,
5.375%,
2/1/25
5,950
5,908
Humana,
0.65%,
8/3/23
20,255
19,656
Mylan,
3.125%,
1/15/23
(1)
11,246
11,200
Mylan,
4.20%,
11/29/23
8,761
8,660
Stryker,
0.60%,
12/1/23
3,370
3,218
Thermo
Fisher
Scientific,
FRN,
SOFR
+
0.53%,
4.182%,
10/18/24
8,250
8,174
66,655
Information
Technology
1.4%
Analog
Devices,
FRN,
SOFR
+
0.25%,
3.771%,
10/1/24
3,225
3,179
Baidu,
3.875%,
9/29/23
1,000
989
Equifax,
3.95%,
6/15/23
4,000
3,974
Marvell
Technology,
4.20%,
6/22/23
7,624
7,538
Microchip
Technology,
0.972%,
2/15/24
7,600
7,190
Microchip
Technology,
2.67%,
9/1/23
4,595
4,495
Microchip
Technology,
4.333%,
6/1/23
9,764
9,714
Skyworks
Solutions,
0.90%,
6/1/23
3,075
3,004
40,083
Insurance
2.1%
Athene
Global
Funding,
1.20%,
10/13/23
(1)
4,040
3,876
Athene
Global
Funding,
2.50%,
1/14/25
(1)
4,103
3,840
Athene
Global
Funding,
2.514%,
3/8/24
(1)
5,000
4,773
Athene
Global
Funding,
FRN,
SOFR
+
0.70%,
4.527%,
5/24/24
(1)
5,000
4,911
Athene
Global
Funding,
FRN,
SOFR
+
0.715%,
4.294%,
1/7/25
(1)
9,850
9,570
Brighthouse
Financial
Global
Funding,
1.00%,
4/12/24
(1)
970
908
Brighthouse
Financial
Global
Funding,
FRN,
SOFR
+
0.76%,
4.363%,
4/12/24
(1)
18,003
17,811
Corebridge
Financial,
3.50%,
4/4/25
(1)
7,250
6,941
Liberty
Mutual
Group,
4.25%,
6/15/23
(1)
2,504
2,482
Principal
Life
Global
Funding
II,
FRN,
SOFR
+
0.45%,
4.053%,
4/12/24
(1)
4,800
4,761
Trinity
Acquisition,
4.625%,
8/15/23
2,202
1,982
61,855
Investment
Dealers
0.3%
Charles
Schwab,
FRN,
SOFRINDX
+
0.50%,
3.838%,
3/18/24
10,000
9,937
9,937
Lodging
0.8%
Hyatt
Hotels,
1.30%,
10/1/23
6,255
6,050
Marriott
International,
3.125%,
2/15/23
9,128
9,091
Marriott
International,
Series
Z,
4.15%,
12/1/23
7,050
6,977
22,118
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Manufacturing
0.3%
Siemens
Financieringsmaatschappij,
FRN,
SOFR
+
0.43%,
3.649%,
3/11/24
(1)
10,000
9,974
9,974
Media
&
Communications
1.8%
Magallanes,
3.428%,
3/15/24
(1)
4,965
4,815
Magallanes,
3.638%,
3/15/25
(1)
10,805
10,304
Magallanes,
FRN,
SOFRINDX
+
1.78%,
5.084%,
3/15/24
(1)
9,925
9,878
PCCW-HKT
Capital
No
5,
3.75%,
3/8/23
6,931
6,905
SES,
3.60%,
4/4/23
(1)
20,064
19,788
51,690
Metals
&
Mining
0.7%
ABJA
Investment,
4.45%,
7/24/23
11,300
11,204
POSCO
Holdings,
2.375%,
1/17/23
4,000
3,985
POSCO
Holdings,
4.00%,
8/1/23
5,225
5,182
20,371
Oil
Field
Services
0.8%
Energy
Transfer,
3.60%,
2/1/23
5,275
5,257
Energy
Transfer,
4.25%,
3/15/23
2,000
1,993
Energy
Transfer,
4.90%,
2/1/24
4,265
4,232
Energy
Transfer,
5.875%,
1/15/24
6,578
6,584
Energy
Transfer,
Series
5Y,
4.20%,
9/15/23
6,570
6,507
24,573
Other
Telecommunications
0.4%
British
Telecommunications,
4.50%,
12/4/23
11,134
11,023
11,023
Petroleum
0.8%
Aker
BP,
3.00%,
1/15/25
(1)
9,072
8,573
Enbridge,
FRN,
SOFRINDX
+
0.63%,
4.456%,
2/16/24
14,625
14,505
23,078
Railroads
0.3%
Eastern
Creation
II
Investment
Holdings,
1.00%,
9/10/23
7,970
7,715
7,715
Real
Estate
Investment
Trust
Securities
0.3%
Essex
Portfolio,
3.25%,
5/1/23
1,541
1,532
Public
Storage,
FRN,
SOFR
+
0.47%,
4.173%,
4/23/24
6,305
6,252
Realty
Income,
4.60%,
2/6/24
1,636
1,621
9,405
Retail
0.9%
7-Eleven,
0.625%,
2/10/23
(1)
2,440
2,418
Nordstrom,
2.30%,
4/8/24
9,395
8,761
QVC,
4.85%,
4/1/24
16,245
15,270
26,449
Services
0.2%
CDW,
5.50%,
12/1/24
3,675
3,638
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Nature
Conservancy,
Series
A,
0.467%,
7/1/23
850
829
Nature
Conservancy,
Series
A,
0.625%,
7/1/24
650
607
5,074
Telephones
0.8%
AT&T,
FRN,
SOFRINDX
+
0.64%,
4.097%,
3/25/24
13,328
13,223
Ooredoo
International
Finance,
3.25%,
2/21/23
9,500
9,467
22,690
Transportation
0.5%
Penske
Truck
Leasing,
4.125%,
8/1/23
(1)
4,282
4,236
Triton
Container
International,
0.80%,
8/1/23
(1)
9,230
8,893
13,129
Transportation
(Excluding
Railroads)
1.2%
Sydney
Airport
Finance,
3.90%,
3/22/23
(1)
35,651
35,487
35,487
Transportation
Services
0.2%
HPHT
Finance,
2.875%,
11/5/24
(3)
5,190
4,949
4,949
Utilities
4.6%
Alexander
Funding
Trust,
1.841%,
11/15/23
(1)
10,990
10,361
Edison
International,
2.95%,
3/15/23
5,000
4,944
Hero
Asia
Investment,
1.50%,
11/18/23
(3)
12,800
12,336
NextEra
Energy
Capital
Holdings,
FRN,
SOFR
+
0.40%,
4.207%,
11/3/23
39,800
39,363
NRG
Energy,
3.75%,
6/15/24
(1)
670
646
Pacific
Gas
&
Electric,
3.25%,
6/15/23
5,000
4,932
Pacific
Gas
&
Electric,
4.25%,
8/1/23
2,500
2,468
Pacific
Gas
&
Electric,
4.95%,
6/8/25
9,900
9,716
Saudi
Electricity
Global
Sukuk,
3.473%,
4/8/23
6,000
5,966
Southern,
STEP,
4.475%,
8/1/24
8,315
8,180
Southern
California
Edison,
FRN,
SOFR
+
0.83%,
4.351%,
4/1/24
2,475
2,453
Southern
California
Edison,
Series
D,
3.40%,
6/1/23
2,350
2,327
State
Grid
Overseas
Investment,
3.75%,
5/2/23
4,714
4,696
Vistra
Operations,
3.55%,
7/15/24
(1)
24,655
23,545
131,933
Wireless
Communications
1.2%
American
Tower,
2.95%,
1/15/25
5,279
5,040
SBA
Tower
Trust,
3.448%,
3/15/23
(1)
15,000
14,928
Sprint,
7.125%,
6/15/24
14,750
15,063
35,031
Total
Corporate
Bonds
(Cost
$1,831,226)
1,790,118
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
0.9%
Energy
0.4%
Korea
National
Oil,
1.75%,
4/18/25
10,500
9,654
Foreign
Govt
&
Muni
(Excl
Canadian)
0.5%
Japan
Treasury
Discount
Bill,
(0.14)%,
2/13/23
(JPY)
1,045,950
7,576
Japan
Treasury
Discount
Bill,
(0.13)%,
2/6/23
(JPY)
1,057,200
7,658
15,234
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$24,622)
24,888
MUNICIPAL
SECURITIES
0.7%
California
0.1%
California
Municipal
Fin.
Auth.,
National
Univ.,
Series
B,
3.323%,
4/1/23
1,030
1,024
Port
of
Oakland,
Senior
Lien,
Series
R,
0.821%,
5/1/23
1,040
1,023
2,047
Illinois
0.0%
Chicago
Transit
Auth.
Sales
Tax
Receipts
Fund,
Series
B,
1.708%,
12/1/22
680
680
Chicago
Transit
Auth.
Sales
Tax
Receipts
Fund,
Series
B,
1.838%,
12/1/23
870
844
1,524
Iowa
0.0%
Iowa
Tobacco
Settlement
Auth.,
Series
A-1,
0.663%,
6/1/23
1,500
1,466
1,466
Michigan
0.1%
Great
Lakes
Water
Auth.
Sewage
Disposal
System
Revenue,
Series
A,
1.503%,
7/1/23
250
245
Michigan
Fin.
Auth.,
Series
A-1,
1.086%,
6/1/23
2,125
2,075
2,320
New
Jersey
0.0%
New
Jersey
Turnpike
Auth.,
Series
B,
0.473%,
1/1/23
150
149
149
Oregon
0.1%
Medford
Hosp.
Fac.
Auth.,
Asante
Project,
Series
B,
1.73%,
8/15/23
1,710
1,674
1,674
South
Dakota
0.1%
Educational
Enhancement
Funding,
0.706%,
6/1/23
2,700
2,645
2,645
Texas
0.1%
Central
Texas
Regional
Mobility
Auth.,
Senior
Lien,
Series
C,
1.345%,
1/1/24
500
481
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Central
Texas
Regional
Mobility
Auth.,
Subordinate,
Series
D,
1.486%,
1/1/23
170
170
Central
Texas
Regional
Mobility
Auth.,
Subordinate,
Series
D,
1.645%,
1/1/24
510
490
Dallas/Fort
Worth
Int'l.
Airport,
Series
C,
1.041%,
11/1/23
500
483
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Hendrick
Medical
Center,
1.071%,
9/1/23
(4)
475
462
2,086
West
Virginia
0.2%
Tobacco
Settlement
Fin.
Auth.,
Class
1
Senior
Bonds,
Series
A,
1.193%,
6/1/23
5,415
5,295
5,295
Total
Municipal
Securities
(Cost
$19,643)
19,206
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
10.4%
Commercial
Mortgage-Backed
Securities
2.6%
BX
Commercial
Mortgage
Trust
Series
2019-XL,
Class
A,
ARM
1M
TSFR
+
1.034%,
4.829%,
10/15/36
(1)
1,462
1,436
BX
Commercial
Mortgage
Trust
Series
2020-VKNG,
Class
A,
ARM
1M
USD
LIBOR
+
0.93%,
4.805%,
10/15/37
(1)
4,514
4,367
BX
Commercial
Mortgage
Trust
Series
2021-SOAR,
Class
A,
ARM
1M
USD
LIBOR
+
0.67%,
4.546%,
6/15/38
(1)
4,962
4,751
BX
Trust
Series
2021-ARIA,
Class
A,
ARM
1M
USD
LIBOR
+
0.899%,
4.774%,
10/15/36
(1)
3,100
2,910
GCT
Commercial
Mortgage
Trust
Series
2021-GCT,
Class
A,
ARM
1M
USD
LIBOR
+
0.80%,
4.675%,
2/15/38
(1)
3,000
2,792
Goldman
Sachs
Mortgage
Securities
Trust
Series
2021-ROSS,
Class
A,
ARM
1M
USD
LIBOR
+
1.15%,
5.026%,
5/15/26
(1)
6,665
6,259
Great
Wolf
Trust
Series
2019-WOLF,
Class
A,
ARM
1M
USD
LIBOR
+
1.034%,
4.909%,
12/15/36
(1)
10,000
9,648
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2019-BKWD,
Class
A,
ARM
1M
USD
LIBOR
+
1.25%,
5.125%,
9/15/29
(1)
4,303
4,175
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2019-BKWD,
Class
B,
ARM
1M
USD
LIBOR
+
1.60%,
5.475%,
9/15/29
(1)
7,000
6,694
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
A,
ARM
1M
USD
LIBOR
+
1.37%,
5.246%,
10/15/33
(1)
9,870
9,424
KKR
Industrial
Portfolio
Trust
Series
2021-KDIP,
Class
A,
ARM
1M
USD
LIBOR
+
0.55%,
4.425%,
12/15/37
(1)
2,840
2,726
MHC
Trust
Series
2021-MHC2,
Class
A,
ARM
1M
USD
LIBOR
+
0.85%,
4.725%,
5/15/38
(1)
12,500
12,046
ONE
Mortgage
Trust
Series
2021-PARK,
Class
A,
ARM
1M
TSFR
+
0.814%,
4.608%,
3/15/36
(1)
7,110
6,773
74,001
Whole
Loans
Backed
7.8%
Angel
Oak
Mortgage
Trust
Series
2019-5,
Class
A1,
CMO,
ARM
2.593%,
10/25/49
(1)
1,314
1,232
Angel
Oak
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.985%,
4/25/66
(1)
5,309
4,381
Angel
Oak
Mortgage
Trust
I
Series
2019-1,
Class
A1,
CMO,
ARM
3.92%,
11/25/48
(1)
35
34
Angel
Oak
Mortgage
Trust
I
Series
2019-1,
Class
A2,
CMO,
ARM
4.022%,
11/25/48
(1)
44
44
Angel
Oak
Mortgage
Trust
I
Series
2019-1,
Class
A3,
CMO,
ARM
4.124%,
11/25/48
(1)
44
44
BINOM
Securitization
Trust
Series
2021-INV1,
Class
A1,
CMO,
ARM
2.034%,
6/25/56
(1)
11,368
9,816
COLT
Mortgage
Loan
Trust
Series
2020-3,
Class
A1,
CMO,
ARM
1.506%,
4/27/65
(1)
1,401
1,315
Connecticut
Avenue
Securities
Series
2017-C05,
Class
1ED3,
CMO,
ARM
1M
USD
LIBOR
+
1.20%,
5.216%,
1/25/30
1,393
1,391
Connecticut
Avenue
Securities
Series
2018-C03,
Class
1EB2,
CMO,
ARM
1M
USD
LIBOR
+
0.85%,
4.866%,
10/25/30
2,817
2,768
Connecticut
Avenue
Securities
Series
2018-C03,
Class
1ED2,
CMO,
ARM
1M
USD
LIBOR
+
0.85%,
4.866%,
10/25/30
1,398
1,381
Connecticut
Avenue
Securities
Series
2021-R01,
Class
1M1,
CMO,
ARM
SOFR30A
+
0.75%,
4.271%,
10/25/41
(1)
507
502
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Deephaven
Residential
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.715%,
5/25/65
(1)
5,993
5,319
Deephaven
Residential
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.899%,
4/25/66
(1)
6,056
5,036
Eagle
RE
Series
2021-2,
Class
M1A,
CMO,
ARM
SOFR30A
+
1.55%,
5.097%,
4/25/34
(1)
7,385
7,335
Galton
Funding
Mortgage
Trust
Series
2019-2,
Class
A21,
CMO,
ARM
4.00%,
6/25/59
(1)
311
292
Galton
Funding
Mortgage
Trust
Series
2020-H1,
Class
A2,
CMO,
ARM
2.413%,
1/25/60
(1)
3,407
3,048
Goldman
Sachs
Mortgage-Backed
Securities
Trust
Series
2020-NQM1,
Class
A1,
CMO,
ARM
1.382%,
9/27/60
(1)
1,168
1,060
Goldman
Sachs
Mortgage-Backed
Securities
Trust
Series
2021-PJ5,
Class
A6,
CMO,
ARM
2.50%,
10/25/51
(1)
15,471
13,517
Homeward
Opportunities
Fund
I
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
1.657%,
5/25/65
(1)
205
204
Imperial
Fund
Mortgage
Trust
Series
2021-NQM2,
Class
A1,
CMO,
ARM
1.073%,
9/25/56
(1)
9,419
7,228
JPMorgan
Mortgage
Trust
Series
2020-INV2,
Class
A4A,
CMO,
ARM
2.50%,
10/25/50
(1)
259
254
MFA
Trust
Series
2021-NQM2,
Class
A1,
CMO,
ARM
1.029%,
11/25/64
(1)
7,885
6,317
NLT
Trust
Series
2021-INV2,
Class
A1,
CMO,
ARM
1.162%,
8/25/56
(1)
17,908
14,354
OBX
Trust
Series
2018-EXP1,
Class
2A1,
CMO,
ARM
1M
USD
LIBOR
+
0.85%,
4.894%,
4/25/48
(1)
203
199
OBX
Trust
Series
2019-EXP3,
Class
2A1,
CMO,
ARM
1M
USD
LIBOR
+
0.90%,
4.944%,
10/25/59
(1)
198
189
OBX
Trust
Series
2020-EXP1,
Class
1A8,
CMO,
ARM
3.50%,
2/25/60
(1)
761
672
OBX
Trust
Series
2020-EXP3,
Class
1A8,
CMO,
ARM
3.00%,
1/25/60
(1)
4,199
3,654
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
OBX
Trust
Series
2020-INV1,
Class
A11,
CMO,
ARM
1M
USD
LIBOR
+
0.90%,
4.486%,
12/25/49
(1)
560
515
OBX
Trust
Series
2021-NQM1,
Class
A1,
CMO,
ARM
1.072%,
2/25/66
(1)
8,575
7,399
PSMC
Trust
Series
2021-1,
Class
A11,
CMO,
ARM
2.50%,
3/25/51
(1)
11,051
9,737
PSMC
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
2.50%,
5/25/51
(1)
11,731
10,058
Sequoia
Mortgage
Trust
Series
2018-CH1,
Class
A1,
CMO,
ARM
4.00%,
3/25/48
(1)
259
239
SG
Residential
Mortgage
Trust
Series
2019-3,
Class
A1,
CMO,
ARM
2.703%,
9/25/59
(1)
84
80
SG
Residential
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
1.16%,
7/25/61
(1)
16,199
13,175
Starwood
Mortgage
Residential
Trust
Series
2020-INV1,
Class
A1,
CMO,
ARM
1.027%,
11/25/55
(1)
3,744
3,444
Starwood
Mortgage
Residential
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.943%,
5/25/65
(1)
2,720
2,506
Starwood
Mortgage
Residential
Trust
Series
2021-3,
Class
A1,
CMO,
ARM
1.127%,
6/25/56
(1)
12,392
9,913
Starwood
Mortgage
Residential
Trust
Series
2021-4,
Class
A1,
CMO,
ARM
1.162%,
8/25/56
(1)
19,490
15,560
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA3,
Class
M1,
CMO,
ARM
SOFR30A
+
0.75%,
4.271%,
10/25/33
(1)
6,829
6,746
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-HQA2,
Class
M1,
CMO,
ARM
SOFR30A
+
0.70%,
4.221%,
12/25/33
(1)
3,020
2,990
Toorak
Mortgage
Series
2021-INV1,
Class
A1,
CMO,
ARM
1.153%,
7/25/56
(1)
7,361
5,976
Towd
Point
Mortgage
Trust
Series
2017-1,
Class
A1,
CMO,
ARM
2.75%,
10/25/56
(1)
27
26
Towd
Point
Mortgage
Trust
Series
2017-3,
Class
A1,
CMO,
ARM
2.75%,
7/25/57
(1)
76
74
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Towd
Point
Mortgage
Trust
Series
2017-4,
Class
A1,
CMO,
ARM
2.75%,
6/25/57
(1)
168
159
Towd
Point
Mortgage
Trust
Series
2017-5,
Class
A1,
CMO,
ARM
1M
USD
LIBOR
+
0.60%,
3.512%,
2/25/57
(1)
151
148
Towd
Point
Mortgage
Trust
Series
2017-6,
Class
A1,
CMO,
ARM
2.75%,
10/25/57
(1)
359
341
Towd
Point
Mortgage
Trust
Series
2018-2,
Class
A1,
CMO,
ARM
3.25%,
3/25/58
(1)
567
541
UWM
Mortgage
Trust
Series
2021-INV2,
Class
A4,
CMO,
ARM
2.50%,
9/25/51
(1)
4,800
4,071
Verus
Securitization
Trust
Series
2019-4,
Class
A1,
CMO,
STEP
2.642%,
11/25/59
(1)
1,237
1,172
Verus
Securitization
Trust
Series
2019-INV2,
Class
A1,
CMO,
ARM
2.913%,
7/25/59
(1)
597
575
Verus
Securitization
Trust
Series
2019-INV3,
Class
A1,
CMO,
ARM
2.692%,
11/25/59
(1)
1,075
1,009
Verus
Securitization
Trust
Series
2020-1,
Class
A1,
CMO,
STEP
2.417%,
1/25/60
(1)
747
701
Verus
Securitization
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
2.226%,
5/25/60
(1)
746
715
Verus
Securitization
Trust
Series
2020-4,
Class
A1,
CMO,
STEP
1.502%,
5/25/65
(1)
1,088
971
Verus
Securitization
Trust
Series
2020-5,
Class
A1,
CMO,
STEP
1.218%,
5/25/65
(1)
3,148
2,860
Verus
Securitization
Trust
Series
2020-INV1,
Class
A1,
CMO,
ARM
1.977%,
3/25/60
(1)
814
776
Verus
Securitization
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.815%,
1/25/66
(1)
6,445
5,223
Verus
Securitization
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
1.031%,
2/25/66
(1)
5,317
4,391
Verus
Securitization
Trust
Series
2021-5,
Class
A1,
CMO,
ARM
1.013%,
9/25/66
(1)
14,033
11,197
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Verus
Securitization
Trust
Series
2021-R1,
Class
A1,
CMO,
ARM
0.82%,
10/25/63
(1)
2,445
2,125
Verus
Securitization
Trust
Series
2021-R3,
Class
A1,
CMO,
ARM
1.02%,
4/25/64
(1)
9,264
7,988
Vista
Point
Securitization
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
1.475%,
4/25/65
(1)
2,968
2,593
227,580
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$345,147)
301,581
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
0.0%
U.S.
Government
Agency
Obligations
0.0%
Federal
Home
Loan
Mortgage,
CMO,
ARM,
1M
USD
LIBOR
+
0.35%,
4.223%,
2/15/45
190
184
Federal
National
Mortgage
Assn.,
CMO,
ARM,
1M
USD
LIBOR
+
0.40%,
4.416%,
1/25/45
154
150
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$344)
334
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
3.2%
U
S
Treasury
Obligations
3.2%
U.S.
Treasury
Bills,
0.93%,
12/15/22
(5)
21,000
20,974
U.S.
Treasury
Bills,
1.28%,
12/8/22
50,000
49,965
U.S.
Treasury
Bills,
2.34%,
1/26/23
(5)
21,000
20,867
91,806
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-
Backed)
(Cost
$91,851)
91,806
SHORT-TERM
INVESTMENTS
11.7%
Commercial
Paper
11.7%
4(2)
9.8%(6)
Arrow
Electronics,
4.425%,
12/1/22
27,500
27,497
Bacardi
Martini,
4.714%,
12/21/22
10,000
9,975
Conagra
Foods,
4.351%,
12/1/22
38,375
38,370
Crown
Castle
Intl,
4.693%,
12/6/22
24,550
24,532
Crown
Castle
Intl,
5.085%,
1/17/23
2,750
2,732
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Enel
Finance,
3.299%,
4/21/23
4,750
4,638
Enel
Finance,
5.225%,
1/3/23
14,750
14,685
Energy
Transfer
Partners,
4.501%,
12/1/22
10,000
9,999
Enterprise
Products,
4.06%,
12/1/22
7,500
7,499
Fortune
Brands
Home,
4.713%,
12/5/22
27,000
26,984
Harley-Davidson
Financial
Services,
4.662%,
12/6/22
6,500
6,495
Harley-Davidson
Financial
Services,
4.975%,
1/4/23
20,000
19,910
International
Flavors
&
Fragrances,
2.10%,
12/21/22
9,750
9,725
International
Flavors
&
Fragrances,
4.658%,
12/5/22
8,000
7,995
Plains
All
American
Pipeline,
4.351%,
12/1/22
2,300
2,300
Rogers
Communications,
4.593%,
12/8/22
13,000
12,988
Sempra
Energy,
4.101%,
12/2/22
5,550
5,549
Syngenta
Wilmington,
4.71%,
12/1/22
15,000
14,998
Syngenta
Wilmington,
4.764%,
12/7/22
9,600
9,592
Targa
Resources,
4.762%,
12/7/22
12,000
11,991
Targa
Resources,
4.818%,
12/6/22
15,000
14,990
283,444
Non-4(2)
1.9%
Ovintiv,
4.862%,
12/12/22
14,000
13,979
Ovintiv,
4.918%,
12/19/22
14,450
14,415
Quanta
Services,
4.712%,
12/6/22
6,000
5,995
Quanta
Services,
4.717%,
12/14/22
7,200
7,187
Quanta
Services,
4.814%,
12/13/22
15,000
14,975
56,551
Total
Commercial
Paper
339,995
Money
Market
Funds
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
3.86%
(7)(8)
3
3
Total
Money
Market
Funds
3
Total
Short-Term
Investments
(Cost
$340,061)
339,998
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
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,
3.86%
(7)(8)
1,152
1,152
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
1,152
Total
Securities
Lending
Collateral
(Cost
$1,152)
1,152
Total
Investments
in
Securities
100.5%
of
Net
Assets
(Cost
$3,019,063)
$
2,913,098
‡
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
$1,170,703
and
represents
40.4%
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)
See
Note
4
.
All
or
a
portion
of
this
security
is
on
loan
at
November
30,
2022.
(4)
Insured
by
Assured
Guaranty
Municipal
Corporation
(5)
At
November
30,
2022,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(6)
Commercial
paper
exempt
from
registration
under
Section
4(2)
of
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
dealers
in
that
program
or
other
"accredited
investors".
Total
value
of
such
securities
at
period-end
amounts
to
$283,444
and
represents
9.8%
of
net
assets.
(7)
Seven-day
yield
(8)
Affiliated
Companies
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
CLO
Collateralized
Loan
Obligation
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
.
.
.
.
.
.
.
.
.
.
CMO
Collateralized
Mortgage
Obligation
FRN
Floating
Rate
Note
JPY
Japanese
Yen
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.
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
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
0.0%
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
10,000
22
3
19
Goldman
Sachs,
Protection
Sold
(Relevant
Credit:
Pioneer
Natural
Resources,
BBB*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/22
20,000
48
8
40
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
11
59
Total
Bilateral
Swaps
11
59
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
89
295
(
206
)
Protection
Sold
(Relevant
Credit:
Bank
of
America,
A-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
20,000
154
277
(
123
)
Protection
Sold
(Relevant
Credit:
Citibank,
A3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
20,000
147
269
(
122
)
Protection
Sold
(Relevant
Credit:
Devon
Energy,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/23
10,000
45
22
23
Protection
Sold
(Relevant
Credit:
Devon
Energy,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/24
10,000
57
19
38
Protection
Sold
(Relevant
Credit:
Hess,
Baa3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/24
10,000
72
53
19
Protection
Sold
(Relevant
Credit:
Lennar,
Baa2*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
6/20/23
10,000
349
516
(
167
)
Protection
Sold
(Relevant
Credit:
T-Mobile
US,
Baa3*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
6/21/27
*
10,000
343
525
(
182
)
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
Protection
Sold
(Relevant
Credit:
Verizon
Communications,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
25,000
114
343
(
229
)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
(
949
)
Total
Centrally
Cleared
Swaps
(
949
)
Net
payments
(receipts)
of
variation
margin
to
date
959
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
10
*
Credit
ratings
as
of
November
30,
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
Ultra
Short-Term
Bond
Fund
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
HSBC
Bank
2/13/23
USD
7,543
JPY
1,045,950
$
(
108
)
State
Street
2/6/23
USD
7,224
JPY
1,057,200
(
501
)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(
609
)
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
23
U.S.
Treasury
Long
Bond
contracts
3/23
(2,921)
$
(
39
)
Short,
1,024
U.S.
Treasury
Notes
five
year
contracts
3/23
(111,176)
(
673
)
Short,
497
U.S.
Treasury
Notes
ten
year
contracts
3/23
(56,410)
(
447
)
Short,
609
U.S.
Treasury
Notes
two
year
contracts
3/23
(125,064)
(
339
)
Net
payments
(receipts)
of
variation
margin
to
date
522
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(
976
)
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
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
six
months
ended
November
30,
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,
3.86%
$
—
$
—
$
8
++
Totals
$
—
#
$
—
$
8
+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/22
Purchase
Cost
Sales
Cost
Value
11/30/22
T.
Rowe
Price
Government
Reserve
Fund,
3.86%
$
3
¤
¤
$
1,155
Total
$
1,155
^
#
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
as
described
in
Note
4
.
+
Investment
income
comprised
$8
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
$1,155.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
November
30,
2022
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$3,019,063)
$
2,913,098
Interest
receivable
17,161
Receivable
for
shares
sold
5,138
Cash
4,966
Receivable
for
investment
securities
sold
274
Unrealized
gain
on
bilateral
swaps
59
Bilateral
swap
premiums
paid
11
Variation
margin
receivable
on
centrally
cleared
swaps
10
Foreign
currency
(cost
$4)
4
Other
assets
89
Total
assets
2,940,810
Liabilities
Payable
for
investment
securities
purchased
30,717
Payable
for
shares
redeemed
7,165
Obligation
to
return
securities
lending
collateral
1,152
Variation
margin
payable
on
futures
contracts
976
Unrealized
loss
on
forward
currency
exchange
contracts
609
Investment
management
fees
payable
388
Due
to
affiliates
16
Payable
to
directors
1
Other
liabilities
853
Total
liabilities
41,877
NET
ASSETS
$
2,898,933
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
November
30,
2022
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(
125,198
)
Paid-in
capital
applicable
to
590,969,527
shares
of
$0.01
par
value
capital
stock
outstanding;
6,000,000,000
shares
of
the
Corporation
authorized
3,024,131
NET
ASSETS
$
2,898,933
NET
ASSET
VALUE
PER
SHARE
Investor
Class
($1,844,755,605
/
376,255,673
shares
outstanding)
$
4.90
I
Class
($1,054,080,905
/
214,694,246
shares
outstanding)
$
4.91
Z
Class
($96,225
/
19,608
shares
outstanding)
$
4.91
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
(Unaudited)
6
Months
Ended
11/30/22
Investment
Income
(Loss)
Income
Interest
$
37,988
Securities
lending
64
Dividend
8
Total
income
38,060
Expenses
Investment
management
2,631
Shareholder
servicing
Investor
Class
$
1,580
I
Class
71
1,651
Prospectus
and
shareholder
reports
Investor
Class
56
I
Class
12
68
Custody
and
accounting
162
Registration
61
Legal
and
audit
18
Directors
4
Miscellaneous
21
Waived
/
paid
by
Price
Associates
(
241
)
Total
expenses
4,375
Net
investment
income
33,685
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/22
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
(
40,136
)
Futures
10,545
Swaps
1,053
Forward
currency
exchange
contracts
12,677
Foreign
currency
transactions
(
120
)
Net
realized
loss
(
15,981
)
Change
in
net
unrealized
gain
/
loss
Securities
(
19,064
)
Futures
(
1,354
)
Swaps
(
571
)
Forward
currency
exchange
contracts
(
5,373
)
Change
in
net
unrealized
gain
/
loss
(
26,362
)
Net
realized
and
unrealized
gain
/
loss
(
42,343
)
DECREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
(
8,658
)
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
6
Months
Ended
11/30/22
Year
Ended
5/31/22
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
33,685
$
35,124
Net
realized
gain
(loss)
(
15,981
)
16,397
Change
in
net
unrealized
gain
/
loss
(
26,362
)
(
103,685
)
Decrease
in
net
assets
from
operations
(
8,658
)
(
52,164
)
Distributions
to
shareholders
Net
earnings
Investor
Class
(
21,548
)
(
39,919
)
I
Class
(
13,232
)
(
15,021
)
Z
Class
(
1
)
(
1
)
Decrease
in
net
assets
from
distributions
(
34,781
)
(
54,941
)
Capital
share
transactions
*
Shares
sold
Investor
Class
467,185
1,854,223
I
Class
290,853
1,188,222
Distributions
reinvested
Investor
Class
21,333
37,405
I
Class
11,910
13,992
Shares
redeemed
Investor
Class
(
1,025,176
)
(
3,573,857
)
I
Class
(
521,330
)
(
739,696
)
Decrease
in
net
assets
from
capital
share
transactions
(
755,225
)
(
1,219,711
)
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/22
Year
Ended
5/31/22
Net
Assets
Decrease
during
period
(
798,664
)
(
1,326,816
)
Beginning
of
period
3,697,597
5,024,413
End
of
period
$
2,898,933
$
3,697,597
*Share
information
(000s)
Shares
sold
Investor
Class
94,916
367,268
I
Class
58,934
235,337
Distributions
reinvested
Investor
Class
4,341
7,422
I
Class
2,419
2,775
Shares
redeemed
Investor
Class
(
208,227
)
(
708,733
)
I
Class
(
105,791
)
(
146,763
)
Decrease
in
shares
outstanding
(
153,408
)
(
242,694
)
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Short-Term
Bond
Fund,
Inc.
(the
corporation) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Ultra
Short-Term
Bond
Fund
(the
fund)
is a
diversified,
open-end
management
investment
company
established
by
the
corporation. The
fund
seeks
a
high
level
of
income
consistent
with
minimal
fluctuation
in
principal
value
and
liquidity.
The
fund
has
three classes
of
shares:
the
Ultra
Short-Term
Bond
Fund
(Investor
Class),
the
Ultra
Short-Term
Bond
Fund–I
Class
(I
Class)
and
the
Ultra
Short-Term
Bond
Fund–Z
Class
(Z
Class).
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
Prior
to
November
15,
2021,
the
initial
investment
minimum
was
$1
million
and
was
generally
waived
for
financial
intermediaries,
eligible
retirement
plans,
and
other
certain
accounts.
As
a
result
of
the
reduction
in
the
I
Class
minimum,
certain
assets
transferred
from
the
Investor
Class
to
the
I
Class.
This
transfer
of
shares
from
Investor
Class
to
I
Class
is
reflected
in
the
Statement
of
Changes
in
Net
Assets
within
the
Capital
shares
transactions
as
Shares
redeemed
and
Shares
sold,
respectively.
The
Z
Class
is
only
available
to
funds
advised
by
T.
Rowe
Price
Associates,
Inc.
and
its
affiliates
and
other
clients
that
are
subject
to
a
contractual
fee
for
investment
management
services. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis.
Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
reporting
purposes.
Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income.
Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense.
Dividends
received
from
mutual
fund
investments
are
reflected
as
dividend
income;
capital
gain
distributions
are
reflected
as
realized
gain/loss.
Dividend
income
and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Income
distributions,
if
any, are
declared
by
each
class daily
and
paid
monthly.
A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
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.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to all classes
and
investment
income
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class’s
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class’s
outstanding
shares.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
The
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2020–04,
Reference
Rate
Reform
(Topic
848) –
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting
in
March
2020
and
ASU
2021-01
in
January
2021
which
provided
further
amendments
and
clarifications
to
Topic
848.
These
ASUs provide
optional,
temporary
relief
with
respect
to
the
financial
reporting
of
contracts
subject
to
certain
types
of
modifications
due
to
the
planned
discontinuation
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
of
the
London
Interbank
Offered
Rate
(LIBOR),
and
other
interbank-offered
based
reference
rates,
through December
31,
2022.
Management
intends
to
rely
upon
the
relief
provided
under
Topic
848,
which
is
not
expected to
have
a
material
impact
on
the fund's
financial
statements.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
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)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
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.
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.
Assets
and
liabilities
other
than
financial
instruments,
including
short-
term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
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
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
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
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
November
30,
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
$
—
$
2,571,948
$
—
$
2,571,948
Short-Term
Investments
3
339,995
—
339,998
Securities
Lending
Collateral
1,152
—
—
1,152
Total
Securities
1,155
2,911,943
—
2,913,098
Swaps*
—
150
—
150
Total
$
1,155
$
2,912,093
$
—
$
2,913,248
Liabilities
Swaps*
$
—
$
1,029
$
—
$
1,029
Forward
Currency
Exchange
Contracts
—
609
—
609
Futures
Contracts*
1,498
—
—
1,498
Total
$
1,498
$
1,638
$
—
$
3,136
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.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
six
months ended
November
30,
2022,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund’s
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
portfolio
duration
and
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund’s
derivative
instruments
held
as
of
November
30,
2022,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
November
30,
2022,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Credit
derivatives
Bilateral
Swaps
and
Premiums
,
Centrally
Cleared
Swaps
$
150
*
Total
$
150
*
Liabilities
Interest
rate
derivatives
Futures
$
1,498
Foreign
exchange
derivatives
Forwards
609
Credit
derivatives
Centrally
Cleared
Swaps
1,029
Total
$
3,136
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Counterparty
Risk
and
Collateral
The
fund
invests
in
derivatives
in
various
markets,
which
expose
it
to
differing
levels
of
counterparty
risk.
Counterparty
risk
on
exchange-
traded
and
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps,
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Derivatives,
such
as
bilateral
swaps,
forward
currency
exchange
contracts,
and
OTC
options,
that
are
transacted
and
settle
directly
with
a
counterparty
(bilateral
derivatives)
may
expose
the
fund
to
greater
counterparty
risk.
To
mitigate
this
risk,
the
fund
has
entered
into
master
netting
arrangements
(MNAs)
with
certain
counterparties
that
permit
net
settlement
under
specified
conditions
and,
for
certain
counterparties,
also
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Futures
Forward
Currency
Exchange
Contracts
Swaps
Total
Realized
Gain
(Loss)
Interest
rate
derivatives
$
10,545
$
—
$
—
$
10,545
Foreign
exchange
derivatives
—
12,677
—
12,677
Credit
derivatives
—
—
1,053
1,053
Total
$
10,545
$
12,677
$
1,053
$
24,275
Change
in
Unrealized
Gain
(Loss)
Interest
rate
derivatives
$
(1,354)
$
—
$
—
$
(1,354)
Foreign
exchange
derivatives
—
(5,373)
—
(5,373)
Credit
derivatives
—
—
(571)
(571)
Total
$
(1,354)
$
(5,373)
$
(571)
$
(7,298)
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
require
the
exchange
of
collateral
to
cover
mark-to-market
exposure.
MNAs
may
be
in
the
form
of
International
Swaps
and
Derivatives
Association
master
agreements
(ISDAs)
or
foreign
exchange
letter
agreements
(FX
letters).
MNAs
provide
the
ability
to
offset
amounts
the
fund
owes
a
counterparty
against
amounts
the
counterparty
owes
the
fund
(net
settlement).
Both
ISDAs
and
FX
letters
generally
allow
termination
of
transactions
and
net
settlement
upon
the
occurrence
of
contractually
specified
events,
such
as
failure
to
pay
or
bankruptcy.
In
addition,
ISDAs
specify
other
events,
the
occurrence
of
which
would
allow
one
of
the
parties
to
terminate.
For
example,
a
downgrade
in
credit
rating
of
a
counterparty
below
a
specified
rating
would
allow
the
fund
to
terminate,
while
a
decline
in
the
fund’s
net
assets
of
more
than
a
specified
percentage
would
allow
the
counterparty
to
terminate.
Upon
termination,
all
transactions
with
that
counterparty
would
be
liquidated
and
a
net
termination
amount
settled.
ISDAs
typically
include
collateral
agreements
whereas
FX
letters
do
not.
Collateral
requirements
are
determined
daily
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
bilateral
derivatives
with
a
counterparty,
subject
to
minimum
transfer
amounts
that
typically
range
from
$100,000
to
$250,000.
Any
additional
collateral
required
due
to
changes
in
security
values
is
typically
transferred
the
next
business
day.
Collateral
may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies,
although
other
securities
may
be
used
depending
on
the
terms
outlined
in
the
applicable
MNA.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund’s
assets.
Collateral
pledged
by
counterparties
is
not
included
in
the
fund’s
assets
because
the
fund
does
not
obtain
effective
control
over
those
assets.
For
bilateral
derivatives,
collateral
posted
or
received
by
the
fund
is
held
in
a
segregated
account
at
the
fund’s
custodian.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared,
and
OTC
and
bilateral
derivatives
may
be
unwound
with
counterparties
or
transactions
assigned
to
other
counterparties
to
allow
the
fund
to
exit
the
transaction.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
November
30,
2022,
securities
valued
at $470,000 had
been
pledged
or
posted
by
the
fund
to
counterparties
for
bilateral
derivatives. As
of
November
30,
2022,
collateral
pledged
by
counterparties
to
the
fund
for
bilateral
derivatives
consisted
of $320,000 cash. As
of
November
30,
2022,
securities
valued
at $24,911,000
had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Forward
Currency
Exchange
Contracts
The
fund
is
subject
to
foreign
currency
exchange
rate
risk
in
the
normal
course
of
pursuing
its
investment
objectives.
It may use
forward
currency
exchange
contracts
(forwards)
primarily
to
protect
its
non-U.S.
dollar-
denominated
securities
from
adverse
currency
movements
or
to
increase
exposure
to
a
particular
foreign
currency,
to
shift
the
fund’s
foreign
currency
exposure
from
one
country
to
another,
or
to
enhance
the
fund’s
return.
A
forward
involves
an
obligation
to
purchase
or
sell
a
fixed
amount
of
a
specific
currency
on
a
future
date
at
a
price
set
at
the
time
of
the
contract.
Although
certain
forwards
may
be
settled
by
exchanging
only
the
net
gain
or
loss
on
the
contract,
most
forwards
are
settled
with
the
exchange
of
the
underlying
currencies
in
accordance
with
the
specified
terms.
Forwards
are
valued
at
the
unrealized
gain
or
loss
on
the
contract,
which
reflects
the
net
amount
the
fund
either
is
entitled
to
receive
or
obligated
to
deliver,
as
measured
by
the
difference
between
the
forward
exchange
rates
at
the
date
of
entry
into
the
contract
and
the
forward
rates
at
the
reporting
date.
Appreciated
forwards
are
reflected
as
assets
and
depreciated
forwards
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Risks
related
to
the
use
of
forwards
include
the
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
that
anticipated
currency
movements
will
not
occur,
thereby
reducing
the
fund’s
total
return;
and
the
potential
for
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
November
30,
2022,
the
volume
of
the
fund’s
activity
in
forwards,
based
on
underlying
notional
amounts,
was
generally
between
1%
and
3%
of
net
assets.
Futures
Contracts
The
fund
is
subject
to interest
rate
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risk.
The
fund
may
enter
into
futures
contracts
to
manage
exposure
to
interest
rate
and
yield
curve
movements,
security
prices,
foreign
currencies,
credit
quality,
and
mortgage
prepayments;
as
an
efficient
means
of
adjusting
exposure
to
all
or
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Risks
related
to
the
use
of
futures
contracts
include
possible
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values
and/or
interest
rates,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
November
30,
2022,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
4%
and
19%
of
net
assets.
Swaps
The
fund
is
subject
to
credit
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
swap
contracts
to
help
manage
such
risk.
The
fund
may
use
swaps
in
an
effort
to
manage
both
long
and
short
exposure
to
changes
in
interest
rates,
inflation
rates,
and
credit
quality;
to
adjust
overall
exposure
to
certain
markets;
to
enhance
total
return
or
protect
the
value
of
portfolio
securities;
to
serve
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure.
Swap
agreements
can
be
settled
either
directly
with
the
counterparty
(bilateral
swap)
or
through
a
central
clearinghouse
(centrally
cleared
swap).
Fluctuations
in
the
fair
value
of
a
contract
are
reflected
in
unrealized
gain
or
loss
and
are
reclassified
to
realized
gain
or
loss
upon
contract
termination
or
cash
settlement.
Net
periodic
receipts
or
payments
required
by
a
contract
increase
or
decrease,
respectively,
the
value
of
the
contract
until
the
contractual
payment
date,
at
which
time
such
amounts
are
reclassified
from
unrealized
to
realized
gain
or
loss.
For
bilateral
swaps,
cash
payments
are
made
or
received
by
the
fund
on
a
periodic
basis
in
accordance
with
contract
terms;
unrealized
gain
on
contracts
and
premiums
paid
are
reflected
as
assets
and
unrealized
loss
on
contracts
and
premiums
received
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
For
bilateral
swaps,
premiums
paid
or
received
are
amortized
over
the
life
of
the
swap
and
are
recognized
as
realized
gain
or
loss
in
the
Statement
of
Operations.
For
centrally
cleared
swaps,
payments
are
made
or
received
by
the
fund
each
day
to
settle
the
daily
fluctuation
in
the
value
of
the
contract
(variation
margin).
Accordingly,
the
value
of
a
centrally
cleared
swap
included
in
net
assets
is
the
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Credit
default
swaps
are
agreements
where
one
party
(the
protection
buyer)
agrees
to
make
periodic
payments
to
another
party
(the
protection
seller)
in
exchange
for
protection
against
specified
credit
events,
such
as
certain
defaults
and
bankruptcies
related
to
an
underlying
credit
instrument,
or
issuer
or
index
of
such
instruments.
Upon
occurrence
of
a
specified
credit
event,
the
protection
seller
is
required
to
pay
the
buyer
the
difference
between
the
notional
amount
of
the
swap
and
the
value
of
the
underlying
credit,
either
in
the
form
of
a
net
cash
settlement
or
by
paying
the
gross
notional
amount
and
accepting
delivery
of
the
relevant
underlying
credit.
For
credit
default
swaps
where
the
underlying
credit
is
an
index,
a
specified
credit
event
may
affect
all
or
individual
underlying
securities
included
in
the
index
and
will
be
settled
based
upon
the
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
relative
weighting
of
the
affected
underlying
security(ies)
within
the
index. Generally,
the
payment
risk
for
the
seller
of
protection
is
inversely
related
to
the
current
market
price
or
credit
rating
of
the
underlying
credit
or
the
market
value
of
the
contract
relative
to
the
notional
amount,
which
are
indicators
of
the
markets’
valuation
of
credit
quality.
As
of
November
30,
2022,
the
notional
amount
of
protection
sold
by
the
fund
totaled $170,000,000
(6.0%
of
net
assets),
which
reflects
the
maximum
potential
amount
the
fund
could
be
required
to
pay
under
such
contracts.
Risks
related
to
the
use
of
credit
default
swaps
include
the
possible
inability
of
the
fund
to
accurately
assess
the
current
and
future
creditworthiness
of
underlying
issuers,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund’s
swap
investments,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
November
30,
2022,
the
volume
of
the
fund’s
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
between
5%
and
6%
of
net
assets.
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective,
the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of
the
fund
are
described
more
fully
in
the
fund’s
prospectus
and
Statement
of
Additional
Information.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Collateralized
Loan
Obligations
The
fund
invests
in
collateralized
loan
obligations
(CLOs)
which
are
entities
backed
by
a
diversified
pool
of
syndicated
bank
loans.
The
cash
flows
of
the
CLO
can
be
split
into
multiple
segments,
called
“tranches”
or
“classes”,
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segments,
which
are
the
subordinate
or
“equity”
tranches,
bear
the
greatest
risk
of
loss
from
defaults
in
the
underlying
assets
of
the
CLO
and
serve
to
protect
the
other,
more
senior,
tranches.
Senior
tranches
will
typically
have
higher
credit
ratings
and
lower
yields
than
the
securities
underlying
the
CLO.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses.
Mortgage-Backed
Securities
The
fund
invests
in
mortgage-backed
securities
(MBS
or
pass-through
certificates)
that
represent
an
interest
in
a
pool
of
specific
underlying
mortgage
loans
and
entitle
the
fund
to
the
periodic
payments
of
principal
and
interest
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
from
those
mortgages.
MBS
may
be
issued
by
government
agencies
or
corporations,
or
private
issuers.
Most
MBS
issued
by
government
agencies
are
guaranteed;
however,
the
degree
of
protection
differs
based
on
the
issuer.
MBS are
sensitive
to
changes
in
economic
conditions
that
affect
the
rate
of
prepayments
and
defaults
on
the
underlying
mortgages;
accordingly,
the
value,
income,
and
related
cash
flows
from
MBS
may
be
more
volatile
than
other
debt
instruments.
LIBOR
Transition
The fund
may
invest
in
instruments
that
are
tied
to
reference
rates,
including
LIBOR.
Over
the
course
of
the
last
several
years,
global
regulators
have
indicated
an
intent
to
phase
out
the
use
of
LIBOR
and
similar
interbank
offered
rates
(IBOR).
While
publication
for
most
LIBOR
currencies
and
lesser-used
USD
LIBOR
settings
ceased
immediately
after
December
31,
2021,
remaining
USD
LIBOR
settings
will
continue
to
be
published
until
June
30,
2023.
There
remains
uncertainty
regarding
the
future
utilization
of
LIBOR
and
the
nature
of
any
replacement
rate.
Any
potential
effects
of
the
transition
away
from
LIBOR
on
the fund,
or
on
certain
instruments
in
which
the fund
invests,
cannot
yet
be
determined.
The
transition
process
may
result
in,
among
other
things,
an
increase
in
volatility
or
illiquidity
of
markets
for
instruments
that
currently
rely
on
LIBOR,
a
reduction
in
the
value
of
certain
instruments
held
by
the fund,
or
a
reduction
in
the
effectiveness
of
related
fund
transactions
such
as
hedges.
Any
such
effects
could
have
an
adverse
impact
on
the fund's
performance.
Securities
Lending
The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
November
30,
2022,
the
value
of
loaned
securities
was
$1,123,000;
the
value
of
cash
collateral
and
related
investments
was
$1,152,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
short-term and
U.S.
government
securities
aggregated $400,500,000 and
$785,710,000,
respectively,
for
the
six
months ended
November
30,
2022.
Purchases
and
sales
of
U.S.
government
securities
aggregated
$2,240,000 and
$99,209,000,
respectively,
for
the
six
months ended
November
30,
2022.
NOTE
5
-
FEDERAL
INCOME
TAXES
No
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to
continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its
taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
At
November
30,
2022,
the
cost
of
investments
for
federal
income
tax
purposes
was
$3,021,394,000.
Net
unrealized
loss
aggregated
$108,963,000
at
period-end,
of
which $1,284,000
related
to
appreciated
investments
and $110,247,000
related
to
depreciated
investments.
NOTE
6
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). Price
Associates
has
entered
into
a
sub-advisory
agreement(s)
with
one
or
more
of
its
wholly
owned
subsidiaries,
to
provide
investment
advisory
services
to
the
fund.
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee
equal
to 0.16%
of
the
fund’s
average
daily
net
assets.
The
fee
is
computed
daily
and
paid
monthly.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
The Investor Class
is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
Prior
to
October
1,
2021,
the
Investor Class’s
contractual
expense
limitation
was
0.35%.
During
the
limitation
period,
Price
Associates
is
required
to
waive
its
management
fee
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary expenses;
and
acquired
fund
fees
and
expenses) that
would
otherwise
cause
the
class’s
ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
The
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the
class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
Z
Class
is
also
subject
to
a
contractual
expense
limitation
agreement
whereby
Price
Associates
has
agreed
to
waive
and/or
bear
all
of
the
Z
Class’
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
in
their
entirety.
This
fee
waiver
and/or
expense
reimbursement
arrangement
is
expected
to
remain
in
place
indefinitely,
and
the
agreement
may
only
be
amended
or
terminated
with
approval
by
the
fund’s
Board.
Expenses
of
the
fund
waived/paid
by
the
manager
are
not
subject
to
later
repayment
by
the
fund.
Pursuant
to
these
agreements,
expenses
were
waived/paid
by
and/or
repaid
to
Price
Associates
during
the
six
months ended November
30,
2022
as
indicated
in
the
table
below.
Including
this
amount,
expenses
previously
waived/paid
by
Price
Associates
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
in
the
amount
of $441,000 remain
subject
to
repayment
by
the
fund
at
November
30,
2022.
Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class.
For
the
six
months ended
November
30,
2022,
expenses
incurred
pursuant
to
these
service
agreements
were
$50,000 for
Price
Associates;
$206,000 for
T.
Rowe
Price
Services,
Inc.;
and
$3,000 for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds (together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
As
of
November
30,
2022,
T.
Rowe
Price
Group,
Inc.,
or
its
wholly
owned
subsidiaries,
owned
891,069
shares
of
the
Investor
Class,
representing
less
than
1%
of
the
Investor
Class's
net
assets,
3,392,563
shares
of
the
I
Class,
representing
2%
of
the
I
Class's
net
assets,
and
19,608
shares
of
the
Z
Class,
representing
100%
of
the
Z
Class's
net
assets.
Investor
Class
I
Class
Z
Class
Expense
limitation/I
Class
Limit
0.31%
0.05%
0.00%
Expense
limitation
date
09/30/23
09/30/23
N/A
(Waived)/repaid
during
the
period
($000s)
$(241)
$—
$—
(1)
(1)
Amount
rounds
to
less
than
$1,000
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
The
fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months ended
November
30,
2022,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
7
-
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
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.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
INFORMATION
ON
PROXY
VOTING
POLICIES,
PROCEDURES,
AND
RECORDS
A
description
of
the
policies
and
procedures
used
by
T.
Rowe
Price
funds
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
in
each
fund’s
Statement
of
Additional
Information.
You
may
request
this
document
by
calling
1-800-225-5132
or
by
accessing
the
SEC’s
website,
sec.gov.
The
description
of
our
proxy
voting
policies
and
procedures
is
also
available
on
our
corporate
website.
To
access
it,
please
visit
the
following
Web
page:
https://www.troweprice.com/corporate/us/en/utility/policies.html
Scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Guidelines.”
Click
on
the
links
in
the
shaded
box.
Each
fund’s
most
recent
annual
proxy
voting
record
is
available
on
our
website
and
through
the
SEC’s
website.
To
access
it
through
T.
Rowe
Price,
visit
the
website
location
shown
above,
and
scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Records.”
Click
on
the
Proxy
Voting
Records
link
in
the
shaded
box.
HOW
TO
OBTAIN
QUARTERLY
PORTFOLIO
HOLDINGS
The
fund
files
a
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
fund’s
reports
on
Form
N-PORT
are
available
electronically
on
the
SEC’s
website
(sec.gov).
In
addition,
most
T.
Rowe
Price
funds
disclose
their
first
and
third
fiscal
quarter-end
holdings
on
troweprice.com
.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
APPROVAL
OF
SUBADVISORY
AGREEMENT
At
a
meeting
held
on
July
25,
2022
(Meeting),
the
fund’s
Board
of
Directors
(Board)
considered
the
initial
approval
of
an
investment
subadvisory
agreement
(Subadvisory
Contract)
that
T.
Rowe
Price
Associates,
Inc.
(Adviser),
entered
into
with
T.
Rowe
Price
International
Ltd
(Subadviser)
on
behalf
of
the
fund.
The
Subadvisory
Contract
authorizes
the
Subadviser
to
have
investment
discretion
with
respect
to
all
or
a
portion
of
the
fund’s
portfolio.
The
Board
noted
that
the
Subadvisory
Contract
will
be
substantially
similar
to
other
subadvisory
agreements
that
are
in
place
for
other
T.
Rowe
Price
funds
that
delegate
investment
management
responsibilities
to
affiliated
investment
advisers
and
that
the
Adviser
will
retain
oversight
responsibilities
with
respect
to
the
fund.
The
Board
also
noted
that
the
new
subadvisory
arrangement
will
not
change
the
total
advisory
fees
paid
by
the
fund.
However,
under
the
Subadvisory
Contract,
the
Adviser
may
pay
the
Subadviser
up
to
60%
of
the
advisory
fees
that
the
Adviser
receives
from
the
fund.
At
the
Meeting,
the
Board
reviewed
materials
relevant
to
its
consideration
of
the
proposed
Subadvisory
Contract.
Each
year,
the
Board
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
the
Adviser.
The
fund’s
Advisory
Contract
was
most
recently
approved
by
the
Board
at
a
meeting
held
on
March
7–8,
2022
(March
Meeting).
A
discussion
of
the
basis
for
the
Board’s
approval
of
the
Advisory
Contract
is
included
in
the
fund’s
annual
shareholder
report
for
the
period
ended
May
31,
2022.
The
factors
considered
by
the
Board
at
the
Meeting
in
connection
with
approval
of
the
proposed
Subadvisory
Contract
were
substantially
similar
to
the
factors
considered
at
the
March
Meeting
in
connection
with
the
approval
to
continue
the
Advisory
Contract.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Subadvisory
Contract
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
Following
discussion
at
the
Meeting,
the
Board,
including
all
of
the
fund’s
independent
directors,
approved
the
Subadvisory
Contract
between
the
Adviser
and
Subadviser
on
behalf
of
the
fund.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
Subadvisory
Contract
effective
September
1,
2022.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
In
accordance
with
Rule
22e-4
(Liquidity
Rule)
under
the
Investment
Company
Act
of
1940,
as
amended,
the
fund
has
established
a
liquidity
risk
management
program
(Liquidity
Program)
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk,
which
generally
represents
the
risk
that
the
fund
would
not
be
able
to
meet
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
fund.
The
fund’s
Board
of
Directors
(Board)
has
appointed
the
fund’s
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
the
administrator
of
the
Liquidity
Program.
As
administrator,
the
Adviser
is
responsible
for
overseeing
the
day-to-day
operations
of
the
Liquidity
Program
and,
among
other
things,
is
responsible
for
assessing,
managing,
and
reviewing
with
the
Board
at
least
annually
the
liquidity
risk
of
each
T.
Rowe
Price
fund.
The
Adviser
has
delegated
oversight
of
the
Liquidity
Program
to
a
Liquidity
Risk
Committee
(LRC),
which
is
a
cross-functional
committee
composed
of
personnel
from
multiple
departments
within
the
Adviser.
The
Liquidity
Program’s
principal
objectives
include
supporting
the
T.
Rowe
Price
funds’
compliance
with
limits
on
investments
in
illiquid
assets
and
mitigating
the
risk
that
the
fund
will
be
unable
to
timely
meet
its
redemption
obligations.
The
Liquidity
Program
also
includes
a
number
of
elements
that
support
the
management
and
assessment
of
liquidity
risk,
including
an
annual
assessment
of
factors
that
influence
the
fund’s
liquidity
and
the
periodic
classification
and
reclassification
of
a
fund’s
investments
into
categories
that
reflect
the
LRC’s
assessment
of
their
relative
liquidity
under
current
market
conditions.
Under
the
Liquidity
Program,
every
investment
held
by
the
fund
is
classified
at
least
monthly
into
one
of
four
liquidity
categories
based
on
estimations
of
the
investment’s
ability
to
be
sold
during
designated
time
frames
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
As
required
by
the
Liquidity
Rule,
at
a
meeting
held
on
July
25,
2022,
the
Board
was
presented
with
an
annual
assessment
prepared
by
the
LRC,
on
behalf
of
the
Adviser,
that
addressed
the
operation
of
the
Liquidity
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
any
material
changes
to
the
Liquidity
Program
and
the
determination
of
each
fund’s
Highly
Liquid
Investment
Minimum
(HLIM).
The
annual
assessment
included
consideration
of
the
following
factors,
as
applicable:
the
fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
normal
and
reasonably
foreseeable
stressed
conditions,
including
whether
the
investment
strategy
is
appropriate
for
an
open-end
fund,
the
extent
to
which
the
strategy
involves
a
relatively
concentrated
portfolio
or
large
positions
in
particular
issuers,
and
the
use
of
borrowings
for
investment
purposes
and
derivatives;
short-term
and
long-term
cash
flow
projections
covering
both
normal
and
reasonably
foreseeable
stressed
conditions;
and
holdings
of
cash
and
cash
equivalents,
as
well
as
available
borrowing
arrangements.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
For
the
fund
and
other
T.
Rowe
Price
funds,
the
annual
assessment
incorporated
a
report
related
to
a
fund’s
holdings,
shareholder
and
portfolio
concentration,
any
borrowings
during
the
period,
cash
flow
projections,
and
other
relevant
data
for
the
period
of
April
1,
2021,
through
March
31,
2022.
The
report
described
the
methodology
for
classifying
a
fund’s
investments
(including
any
derivative
transactions)
into
one
of
four
liquidity
categories,
as
well
as
the
percentage
of
a
fund’s
investments
assigned
to
each
category.
It
also
explained
the
methodology
for
establishing
a
fund’s
HLIM
and
noted
that
the
LRC
reviews
the
HLIM
assigned
to
each
fund
no
less
frequently
than
annually.
During
the
period
covered
by
the
annual
assessment,
the
LRC
has
concluded,
and
reported
to
the
Board,
that
the
Liquidity
Program
continues
to
operate
adequately
and
effectively
and
is
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk.
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
(continued)
T.
Rowe
Price
Investment
Services,
Inc.
|
100
East
Pratt
Street
|
Baltimore,
MD
21202-1009
You
have
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investment
goals.
Explore
products
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RETIREMENT
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Traditional,
Roth,
Rollover/Transfer,
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Price
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GENERAL
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bonds,
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Gifts
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transfers
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a
child
(UGMA/UTMAs)
Trust
Transfer
on
Death
COLLEGE
SAVINGS
T.
Rowe
Price-managed
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plans
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saving
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Visit
troweprice.com/broadrange
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
All
mutual
funds
are
subject
to
market
risk,
including
possible
loss
of
principal.
Investing
internationally
involves
special
risks
including
economic
and
political
uncertainty
and
currency
fluctuation.
1
The
T.
Rowe
Price
®
ActivePlus
Portfolios
is
a
discretionary
investment
management
program
provided
by
T.
Rowe
Price
Advisory
Services,
Inc.,
a
registered
investment
adviser
under
the
Investment
Advisers
Act
of
1940.
Brokerage
services
are
provided
by
T.
Rowe
Price
Investment
Services,
Inc.,
member
FINRA/SIPC.
Brokerage
accounts
are
carried
by
Pershing
LLC,
a
BNY
Mellon
Company,
member
NYSE/FINRA/SIPC.
T.
Rowe
Price
Advisory
Services,
Inc.,
and
T.
Rowe
Price
Investment
Services,
Inc.,
are
affiliated
companies.
2
Brokerage
services
are
provided
by
T.
Rowe
Price
Investment
Services,
Inc.,
member
FINRA/SIPC.
Brokerage
accounts
are
carried
by
Pershing
LLC,
a
BNY
Mellon
Company,
member
NYSE/FINRA/SIPC.
202301-2568436
F188-051
1/23
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer,
principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrants annual Form N-CSR. No substantive amendments
were approved or waivers were granted to this code of ethics during the registrants most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrants annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrants annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form
N-CSR.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management
Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrants board of directors.
Item 11. Controls and Procedures.
(a) The registrants principal executive officer and principal financial officer have evaluated the registrants
disclosure controls and procedures within 90 days of this filing and have concluded that the registrants disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the
registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrants principal executive officer and principal financial officer are aware of no change in the
registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial
reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment
Companies.
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
T. Rowe Price Short-Term Bond Fund, Inc. |
|
|
By |
|
/s/ David
Oestreicher |
|
|
David Oestreicher |
|
|
Principal Executive Officer |
|
|
Date |
|
January 19, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
By |
|
/s/ David
Oestreicher |
|
|
David Oestreicher |
|
|
Principal Executive Officer |
|
|
Date |
|
January 19, 2023 |
|
|
By |
|
/s/ Alan S.
Dupski |
|
|
Alan S. Dupski |
|
|
Principal Financial Officer |
|
|
Date |
|
January 19, 2023 |