T.

ROWE

PRICE

Short-Term

Bond

Fund

February

28,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

ASSET-BACKED

SECURITIES

14.0%

Car

Loan

5.6%

Ally

Master

Owner

Trust

Series

2018-2,

Class

A

3.29%,

5/15/23 

15,760‌

15,858‌

AmeriCredit

Automobile

Receivables

Trust

Series

2016-3,

Class

D

2.71%,

9/8/22 

8,714‌

8,717‌

AmeriCredit

Automobile

Receivables

Trust

Series

2017-1,

Class

C

2.71%,

8/18/22 

1,800‌

1,811‌

AmeriCredit

Automobile

Receivables

Trust

Series

2017-1,

Class

D

3.13%,

1/18/23 

15,265‌

15,517‌

AmeriCredit

Automobile

Receivables

Trust

Series

2017-2,

Class

D

3.42%,

4/18/23 

4,910‌

5,027‌

AmeriCredit

Automobile

Receivables

Trust

Series

2017-3,

Class

B

2.24%,

6/19/23 

179‌

180‌

AmeriCredit

Automobile

Receivables

Trust

Series

2017-3,

Class

C

2.69%,

6/19/23 

3,385‌

3,421‌

AmeriCredit

Automobile

Receivables

Trust

Series

2017-3,

Class

D

3.18%,

7/18/23 

11,521‌

11,847‌

AmeriCredit

Automobile

Receivables

Trust

Series

2020-1,

Class

C

1.59%,

10/20/25 

5,255‌

5,351‌

AmeriCredit

Automobile

Receivables

Trust

Series

2020-1,

Class

D

1.80%,

12/18/25 

5,065‌

5,179‌

AmeriCredit

Automobile

Receivables

Trust

Series

2020-2,

Class

B

0.97%,

2/18/26 

2,715‌

2,741‌

AmeriCredit

Automobile

Receivables

Trust

Series

2020-3,

Class

C

1.06%,

8/18/26 

3,915‌

3,962‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2017-1A,

Class

B

3.41%,

9/20/23 (1)

4,535‌

4,676‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2018-2A,

Class

C

4.95%,

3/20/25 (1)

3,155‌

3,412‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

2

Par/Shares

$

Value

(Amounts

in

000s)

Avis

Budget

Rental

Car

Funding

AESOP

Series

2019-1A,

Class

B

3.70%,

3/20/23 (1)

1,960‌

2,004‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2019-2A,

Class

A

3.35%,

9/22/25 (1)

7,360‌

7,965‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2019-2A,

Class

B

3.55%,

9/22/25 (1)

4,265‌

4,584‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2020-1A,

Class

A

2.33%,

8/20/26 (1)

3,950‌

4,130‌

Capital

Auto

Receivables

Asset

Trust

Series

2017-1,

Class

B

2.43%,

5/20/22 (1)

1,052‌

1,055‌

Capital

Auto

Receivables

Asset

Trust

Series

2017-1,

Class

C

2.70%,

9/20/22 (1)

1,865‌

1,882‌

Capital

Auto

Receivables

Asset

Trust

Series

2018-1,

Class

C

3.36%,

11/21/22 (1)

15,835‌

16,167‌

Capital

Auto

Receivables

Asset

Trust

Series

2018-1,

Class

D

3.70%,

6/20/25 (1)

15,125‌

15,443‌

Capital

Auto

Receivables

Asset

Trust

Series

2018-2,

Class

B

3.48%,

10/20/23 (1)

2,674‌

2,684‌

Capital

Auto

Receivables

Asset

Trust

Series

2018-2,

Class

C

3.69%,

12/20/23 (1)

3,810‌

3,855‌

CarMax

Auto

Owner

Trust

Series

2017-4,

Class

C

2.70%,

10/16/23 

1,685‌

1,713‌

CarMax

Auto

Owner

Trust

Series

2020-1,

Class

C

2.34%,

11/17/25 

2,965‌

3,075‌

CarMax

Auto

Owner

Trust

Series

2020-4,

Class

D

1.75%,

4/15/27 

4,290‌

4,319‌

Drive

Auto

Receivables

Trust

Series

2020-1,

Class

C

2.36%,

3/16/26 

6,095‌

6,230‌

Enterprise

Fleet

Financing

Series

2018-1,

Class

A2

2.87%,

10/20/23 (1)

333‌

335‌

Enterprise

Fleet

Financing

Series

2018-2,

Class

A2

3.14%,

2/20/24 (1)

1,438‌

1,443‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

3

Par/Shares

$

Value

(Amounts

in

000s)

Enterprise

Fleet

Financing

Series

2019-1,

Class

A2

2.98%,

10/20/24 (1)

2,079‌

2,106‌

Enterprise

Fleet

Financing

Series

2019-3,

Class

A2

2.06%,

5/20/25 (1)

2,353‌

2,390‌

Ford

Credit

Auto

Lease

Trust

Series

2020-A,

Class

B

2.05%,

6/15/23 

4,395‌

4,483‌

Ford

Credit

Auto

Owner

Trust

Series

2019-1,

Class

B

3.82%,

7/15/30 (1)

5,000‌

5,410‌

Ford

Credit

Auto

Owner

Trust

Series

2020-2,

Class

C

1.74%,

4/15/33 (1)

4,600‌

4,698‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2020-1,

Class

B

0.98%,

9/15/25 

3,805‌

3,827‌

GM

Financial

Automobile

Leasing

Trust

Series

2019-1,

Class

C

3.56%,

12/20/22 

7,185‌

7,280‌

GM

Financial

Automobile

Leasing

Trust

Series

2020-1,

Class

D,

Series

2020-1,

Class

D

2.28%,

6/20/24 

2,990‌

3,044‌

GM

Financial

Consumer

Automobile

Receivables

Trust

Series

2017-3A,

Class

C

2.52%,

3/16/23 (1)

1,895‌

1,912‌

GMF

Floorplan

Owner

Revolving

Trust

Series

2018-2,

Class

C

3.44%,

3/15/23 (1)

8,315‌

8,325‌

GMF

Floorplan

Owner

Revolving

Trust

Series

2019-1,

Class

A

2.70%,

4/15/24 (1)

5,910‌

6,074‌

GMF

Floorplan

Owner

Revolving

Trust

Series

2020-1,

Class

B

1.03%,

8/15/25 (1)

2,235‌

2,261‌

Hyundai

Auto

Receivables

Trust

Series

2017-A,

Class

B

2.38%,

4/17/23 

2,830‌

2,836‌

Hyundai

Auto

Receivables

Trust

Series

2019-A,

Class

B

2.94%,

5/15/25 

5,280‌

5,511‌

Navistar

Financial

Dealer

Note

Master

Trust

Series

2020-1,

Class

A,

ARM

1M

USD

LIBOR

+

0.95%,

1.068%,

7/25/25 (1)

5,475‌

5,511‌

Nissan

Auto

Receivables

Owner

Trust

Series

2020-A,

Class

A3

1.38%,

12/16/24 

2,840‌

2,888‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

4

Par/Shares

$

Value

(Amounts

in

000s)

Nissan

Master

Owner

Trust

Receivables

Series

2019-A,

Class

A,

ARM

1M

USD

LIBOR

+

0.56%,

0.667%,

2/15/24 

3,805‌

3,823‌

Nissan

Master

Owner

Trust

Receivables

Series

2019-B,

Class

A,

ARM

1M

USD

LIBOR

+

0.43%,

0.537%,

11/15/23 

12,890‌

12,922‌

Santander

Drive

Auto

Receivables

Trust

Series

2018-1,

Class

C

2.96%,

3/15/24 

399‌

401‌

Santander

Drive

Auto

Receivables

Trust

Series

2018-2,

Class

C

3.35%,

7/17/23 

982‌

989‌

Santander

Drive

Auto

Receivables

Trust

Series

2019-1,

Class

B

3.21%,

9/15/23 

458‌

458‌

Santander

Drive

Auto

Receivables

Trust

Series

2019-3,

Class

B

2.28%,

9/15/23 

8,005‌

8,045‌

Santander

Drive

Auto

Receivables

Trust

Series

2020-3,

Class

B

0.69%,

3/17/25 

9,660‌

9,698‌

Santander

Drive

Auto

Receivables

Trust

Series

2020-4,

Class

C

1.01%,

1/15/26 

5,975‌

6,036‌

Santander

Retail

Auto

Lease

Trust

Series

2019-A,

Class

A3

2.77%,

6/20/22 (1)

5,838‌

5,900‌

Santander

Retail

Auto

Lease

Trust

Series

2019-B,

Class

C

2.77%,

8/21/23 (1)

4,715‌

4,846‌

Santander

Retail

Auto

Lease

Trust

Series

2019-C,

Class

A3

1.86%,

2/21/23 (1)

4,415‌

4,486‌

Santander

Retail

Auto

Lease

Trust

Series

2019-C,

Class

D

2.88%,

6/20/24 (1)

13,585‌

14,035‌

Santander

Retail

Auto

Lease

Trust

Series

2020-A,

Class

D

2.52%,

11/20/24 (1)

5,280‌

5,456‌

Santander

Retail

Auto

Lease

Trust

Series

2020-B,

Class

D

1.98%,

10/20/25 (1)

4,050‌

4,125‌

World

Omni

Auto

Receivables

Trust

Series

2019-C,

Class

C

2.40%,

6/15/26 

5,370‌

5,564‌

World

Omni

Auto

Receivables

Trust

Series

2020-A,

Class

C

1.64%,

8/17/26 

3,390‌

3,457‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

5

Par/Shares

$

Value

(Amounts

in

000s)

World

Omni

Select

Auto

Trust

Series

2020-A,

Class

B

0.84%,

6/15/26 

4,085‌

4,090‌

World

Omni

Select

Auto

Trust

Series

2020-A,

Class

C

1.25%,

10/15/26 

4,660‌

4,697‌

332,167‌

Credit

Card

0.6%

Synchrony

Card

Funding

Series

2019-A2,

Class

A

2.34%,

6/15/25 

13,765‌

14,129‌

Synchrony

Credit

Card

Master

Note

Trust

Series

2016-2,

Class

C

2.95%,

5/15/24 

8,842‌

8,884‌

Synchrony

Credit

Card

Master

Note

Trust

Series

2018-1,

Class

C

3.36%,

3/15/24 

12,481‌

12,496‌

35,509‌

Other

Asset-Backed

Securities

4.6%

Applebee's

Funding

Series

2019-1A,

Class

A2I

4.194%,

6/7/49 (1)

9,556‌

9,830‌

Ares

LVII

Series

2020-57A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.32%,

1.564%,

10/25/31 (1)

7,305‌

7,304‌

Ares

LVIII

Series

2020-58A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.22%,

1.456%,

1/15/33 (1)

3,025‌

3,023‌

Barings

Series

2013-IA,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

0.80%,

1.024%,

1/20/28 (1)

7,817‌

7,817‌

BlueMountain

Series

2015-2A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

0.93%,

1.153%,

7/18/27 (1)

8,030‌

8,028‌

BRE

Grand

Islander

Timeshare

Issuer

Series

2019-A,

Class

A

3.28%,

9/26/33 (1)

2,045‌

2,147‌

Carlyle

Global

Market

Strategies

Series

2015-3A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

1.00%,

1.219%,

7/28/28 (1)

4,292‌

4,292‌

Cayuga

Park

Series

2020-1A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.60%,

1.823%,

7/17/31 (1)

8,290‌

8,310‌

CIFC

Funding

Series

2015-5A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

0.86%,

1.078%,

10/25/27 (1)

6,975‌

6,974‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

6

Par/Shares

$

Value

(Amounts

in

000s)

CNH

Equipment

Trust

Series

2018-A,

Class

B

3.47%,

10/15/25 

3,105‌

3,195‌

Cole

Park

Series

2015-1A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

1.05%,

1.274%,

10/20/28 (1)

8,158‌

8,160‌

Daimler

Trucks

Retail

Trust

Series

2020-1,

Class

A4

1.37%,

6/15/27 

8,360‌

8,437‌

Elara

HGV

Timeshare

Issuer

Series

2014-A,

Class

A

2.53%,

2/25/27 (1)

335‌

335‌

Elara

HGV

Timeshare

Issuer

Series

2017-A,

Class

A

2.69%,

3/25/30 (1)

1,180‌

1,217‌

Elara

HGV

Timeshare

Issuer

Series

2019-A,

Class

A

2.61%,

1/25/34 (1)

4,766‌

4,918‌

Golub

Capital

Partners

Series

2018-39A,

Class

A1,

CLO,

FRN

3M

USD

LIBOR

+

1.15%,

1.374%,

10/20/28 (1)

6,130‌

6,131‌

Hilton

Grand

Vacations

Trust

Series

2017-AA,

Class

A

2.66%,

12/26/28 (1)

7,491‌

7,693‌

Hilton

Grand

Vacations

Trust

Series

2017-AA,

Class

B

2.96%,

12/26/28 (1)

425‌

434‌

KKR

Series

13,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

0.80%,

1.023%,

1/16/28 (1)

10,020‌

9,987‌

KKR

Series

29A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.20%,

1.341%,

1/15/32 (1)

8,250‌

8,250‌

Kubota

Credit

Owner

Trust

Series

2020-1A,

Class

A3

1.96%,

3/15/24 (1)

2,600‌

2,662‌

Madison

Park

Funding

XVIII

Series

2015-18A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

1.19%,

1.414%,

10/21/30 (1)

10,775‌

10,776‌

Magnetite

XVI

Series

2015-16A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

0.80%,

1.023%,

1/18/28 (1)

15,626‌

15,626‌

Magnetite

XXV

Series

2020-25A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.20%,

1.455%,

1/25/32 (1)

6,240‌

6,239‌

MVW

Series

2020-1A,

Class

B

2.73%,

10/20/37 (1)

2,107‌

2,154‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

7

Par/Shares

$

Value

(Amounts

in

000s)

MVW

Owner

Trust

Series

2014-1A,

Class

A

2.25%,

9/22/31 (1)

788‌

790‌

MVW

Owner

Trust

Series

2017-1A,

Class

A

2.42%,

12/20/34 (1)

590‌

604‌

MVW

Owner

Trust

Series

2017-1A,

Class

B

2.75%,

12/20/34 (1)

210‌

215‌

MVW

Owner

Trust

Series

2017-1A,

Class

C

2.99%,

12/20/34 (1)

529‌

538‌

Neuberger

Berman

Loan

Advisers

Series

2019-32A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

0.99%,

1/20/32 (1)(2)

14,325‌

14,325‌

Neuberger

Berman

Loan

Advisers

Series

2020-38A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.30%,

1.524%,

10/20/32 (1)

6,990‌

7,001‌

Neuberger

Berman

Loan

Advisers

Series

2021-40A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.06%,

4/16/33 (1)(2)

4,060‌

4,060‌

Neuberger

Berman

XIX

Series

2015-19A,

Class

A1R2,

CLO,

FRN

3M

USD

LIBOR

+

0.80%,

1.041%,

7/15/27 (1)

1,434‌

1,432‌

Neuberger

Berman

XVI

Series

2017-16SA,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

0.85%,

1.091%,

1/15/28 (1)

5,897‌

5,897‌

OCP

Series

2014-7A,

Class

A1RR,

CLO,

FRN

3M

USD

LIBOR

+

1.12%,

1.344%,

7/20/29 (1)

21,700‌

21,703‌

Octagon

Investment

Partners

XXIII

Series

2015-1A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

0.85%,

1.091%,

7/15/27 (1)

3,579‌

3,575‌

OZLM

VIII

Series

2014-8A,

Class

A1RR,

CLO,

FRN

3M

USD

LIBOR

+

1.17%,

1.393%,

10/17/29 (1)

4,018‌

4,017‌

Planet

Fitness

Master

Issuer

Series

2018-1A,

Class

A2I

4.262%,

9/5/48 (1)

5,958‌

5,966‌

Reese

Park

Series

2020-1A,

Class

A1,

CLO,

FRN

3M

USD

LIBOR

+

1.32%,

1.561%,

10/15/32 (1)

6,710‌

6,709‌

Sierra

Timeshare

Receivables

Funding

Series

2016-2A,

Class

A

2.33%,

7/20/33 (1)

488‌

489‌

Sierra

Timeshare

Receivables

Funding

Series

2016-3A,

Class

A

2.43%,

10/20/33 (1)

1,680‌

1,693‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

8

Par/Shares

$

Value

(Amounts

in

000s)

Sierra

Timeshare

Receivables

Funding

Series

2017-1A,

Class

A

2.91%,

3/20/34 (1)

427‌

434‌

Sierra

Timeshare

Receivables

Funding

Series

2019-1A,

Class

A

3.20%,

1/20/36 (1)

1,787‌

1,854‌

Sierra

Timeshare

Receivables

Funding

Series

2019-2A,

Class

A

2.59%,

5/20/36 (1)

5,826‌

6,009‌

Sierra

Timeshare

Receivables

Funding

Series

2020-2A,

Class

C

3.51%,

7/20/37 (1)

3,083‌

3,192‌

Symphony

XVII

Series

2016-17A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

0.88%,

1.121%,

4/15/28 (1)

7,280‌

7,271‌

Symphony

XXIII

Series

2020-23A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.32%,

1.487%,

1/15/34 (1)

7,275‌

7,302‌

Symphony

XXVI

Series

2021-26A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

1.08%,

4/20/33 (1)(2)

4,230‌

4,230‌

Verizon

Owner

Trust

Series

2018-1A,

Class

C

3.20%,

9/20/22 (1)

10,190‌

10,283‌

Volvo

Financial

Equipment

Series

2018-1A,

Class

B

2.91%,

1/17/23 (1)

3,360‌

3,414‌

276,942‌

Residential

Mortgage

0.0%

MetLife

Securitization

Trust

Series

2017-1A,

Class

A,

CMO,

ARM

3.00%,

4/25/55 (1)

2,497‌

2,595‌

2,595‌

Student

Loan

3.2%

Navient

Private

Education

Loan

Trust

Series

2020-IA,

Class

A1A

1.33%,

4/15/69 (1)

6,807‌

6,779‌

Navient

Private

Education

Refi

Loan

Trust

Series

2019-A,

Class

A2A

3.42%,

1/15/43 (1)

8,900‌

9,304‌

Navient

Private

Education

Refi

Loan

Trust

Series

2019-CA,

Class

A1

2.82%,

2/15/68 (1)

156‌

156‌

Navient

Private

Education

Refi

Loan

Trust

Series

2019-EA,

Class

A1

2.39%,

5/15/68 (1)

672‌

674‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

9

Par/Shares

$

Value

(Amounts

in

000s)

Navient

Private

Education

Refi

Loan

Trust

Series

2019-EA,

Class

A2A

2.64%,

5/15/68 (1)

11,675‌

11,974‌

Navient

Private

Education

Refi

Loan

Trust

Series

2019-GA,

Class

A

2.40%,

10/15/68 (1)

17,423‌

17,931‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-A,

Class

A2A

2.46%,

11/15/68 (1)

6,155‌

6,408‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-BA,

Class

A2

2.12%,

1/15/69 (1)

4,660‌

4,768‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-CA,

Class

A2A

2.15%,

11/15/68 (1)

20,035‌

20,695‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-DA,

Class

A

1.69%,

5/15/69 (1)

6,190‌

6,274‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-FA,

Class

A

1.22%,

7/15/69 (1)

6,725‌

6,782‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-GA,

Class

A

1.17%,

9/16/69 (1)

4,132‌

4,150‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-HA,

Class

A

1.31%,

1/15/69 (1)

4,

085‌

4,122‌

Navient

Student

Loan

Trust

Series

2019-2A,

Class

A1,

ARM

1M

USD

LIBOR

+

0.27%,

0.388%,

2/27/68 (1)

1,335‌

1,335‌

Nelnet

Student

Loan

Trust

Series

2005-4,

Class

A4,

ARM

3M

USD

LIBOR

+

0.18%,

0.416%,

3/22/32 

5,057‌

4,881‌

Nelnet

Student

Loan

Trust

Series

2020-1A,

Class

A,

FRN

1M

USD

LIBOR

+

0.74%,

0.858%,

3/26/68 (1)

2,695‌

2,689‌

SLM

Student

Loan

Trust

Series

2007-7,

Class

A4,

ARM

3M

USD

LIBOR

+

0.33%,

0.548%,

1/25/22 

7,059‌

6,871‌

SLM

Student

Loan

Trust

Series

2008-1,

Class

A4,

FRN

3M

USD

LIBOR

+

0.65%,

0.868%,

1/25/22 

11,989‌

11,619‌

SLM

Student

Loan

Trust

Series

2010-1,

Class

A,

ARM

1M

USD

LIBOR

+

0.40%,

0.518%,

3/25/25 

6,677‌

6,520‌

SMB

Private

Education

Loan

Trust

Series

2014-A,

Class

A3,

ARM

1M

USD

LIBOR

+

1.50%,

1.612%,

4/15/32 (1)

12,170‌

12,320‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

10

Par/Shares

$

Value

(Amounts

in

000s)

SMB

Private

Education

Loan

Trust

Series

2015-A,

Class

A2B,

ARM

1M

USD

LIBOR

+

1.00%,

1.112%,

6/15/27 (1)

1,066‌

1,069‌

SMB

Private

Education

Loan

Trust

Series

2016-B,

Class

A2A

2.43%,

2/17/32 (1)

5,356‌

5,523‌

SMB

Private

Education

Loan

Trust

Series

2016-C,

Class

A2B,

ARM

1M

USD

LIBOR

+

1.10%,

1.212%,

9/15/34 (1)

8,134‌

8,204‌

SMB

Private

Education

Loan

Trust

Series

2018-B,

Class

A2B,

FRN

1M

USD

LIBOR

+

0.72%,

0.832%,

1/15/37 (1)

12,858‌

12,910‌

SMB

Private

Education

Loan

Trust

Series

2020-B,

Class

A1A

1.29%,

7/15/53 (1)

3,430‌

3,445‌

SMB

Private

Education

Loan

Trust

Series

2020-PTB,

Class

A2A

1.60%,

9/15/54 (1)

11,340‌

11,457‌

188,860‌

Total

Asset-Backed

Securities

(Cost

$826,936)

836,073‌

CORPORATE

BONDS

49.0%

FINANCIAL

INSTITUTIONS

16.5%

Banking

12.3%

ABN

AMRO

Bank,

FRN,

3M

USD

LIBOR

+

0.57%,

0.76%,

8/27/21 (1)

13,715‌

13,749‌

Banco

Bilbao

Vizcaya

Argentaria,

0.875%,

9/18/23 

14,000‌

14,135‌

Banco

Santander

Mexico

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

,

4.125%,

11/9/22 

10,350‌

10,874‌

Banco

Santander

Mexico

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

,

5.375%,

4/17/25 (1)

1,865‌

2,122‌

Bank

of

America,

2.503%,

10/21/22 

5,545‌

5,623‌

Bank

of

America,

FRN,

3M

USD

LIBOR

+

0.65%,

0.901%,

6/25/22 

6,690‌

6,702‌

Bank

of

America,

FRN,

3M

USD

LIBOR

+

1.16%,

1.384%,

1/20/23 

12,500‌

12,615‌

Bank

of

America,

VR,

0.81%,

10/24/24 (3)

6,275‌

6,333‌

Bank

of

Ireland

Group,

4.50%,

11/25/23 (1)

20,873‌

22,856‌

Bank

of

Montreal,

FRN,

3M

USD

LIBOR

+

0.46%,

0.685%,

4/13/21 

8,510‌

8,515‌

Banque

Federative

du

Credit

Mutuel

,

0.65%,

2/27/24 (1)

7,615‌

7,580‌

Banque

Federative

du

Credit

Mutuel

,

2.125%,

11/21/22 (1)

10,350‌

10,666‌

Barclays

Bank,

1.70%,

5/12/22 

4,350‌

4,416‌

BPCE,

5.70%,

10/22/23 (1)

16,022‌

18,057‌

BPCE,

FRN,

3M

USD

LIBOR

+

1.22%,

1.402%,

5/22/22 (1)

4,865‌

4,922‌

Capital

One

Financial,

3.20%,

1/30/23 

5,589‌

5,874‌

Capital

One

Financial,

3.50%,

6/15/23 

4,030‌

4,307‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

11

Par/Shares

$

Value

(Amounts

in

000s)

Capital

One

Financial,

3.90%,

1/29/24 

4,115‌

4,475‌

Citibank,

VR,

2.844%,

5/20/22 (3)

10,385‌

10,438‌

Citigroup,

2.90%,

12/8/21 

13,095‌

13,324‌

Citigroup,

VR,

2.312%,

11/4/22 (3)

9,430‌

9,539‌

Citigroup,

VR,

3.106%,

4/8/26 (3)

4,035‌

4,340‌

Citizens

Bank,

2.55%,

5/13/21 

5,020‌

5,033‌

Citizens

Bank,

2.65%,

5/26/22 

5,175‌

5,311‌

Citizens

Bank,

3.25%,

2/14/22 

5,060‌

5,186‌

Cooperatieve

Rabobank

,

3.95%,

11/9/22 

11,540‌

12,212‌

Credicorp

,

2.75%,

6/17/25 (1)

2,715‌

2,812‌

Credit

Agricole

,

FRN,

3M

USD

LIBOR

+

1.02%,

1.238%,

4/24/23 (1)

5,525‌

5,617‌

Credit

Suisse,

0.495%,

2/2/24 

7,350‌

7,341‌

Credit

Suisse,

1.00%,

5/5/23 

10,620‌

10,760‌

Credit

Suisse

Group,

3.574%,

1/9/23 (1)

5,345‌

5,492‌

Credit

Suisse

Group,

VR,

2.997%,

12/14/23 (1)(3)

1,655‌

1,723‌

Danske

Bank,

1.226%,

6/22/24 (1)

10,885‌

10,991‌

Danske

Bank,

5.00%,

1/12/22 (1)

7,665‌

7,953‌

Danske

Bank,

5.375%,

1/12/24 (1)

1,350‌

1,517‌

Danske

Bank,

VR,

3.001%,

9/20/22 (1)(3)

13,375‌

13,527‌

Deutsche

Bank,

3.375%,

5/12/21 

905‌

910‌

Deutsche

Bank,

4.25%,

10/14/21 

11,125‌

11,370‌

Discover

Bank,

3.20%,

8/9/21 

1,975‌

1,996‌

First

Niagara

Financial

Group,

7.25%,

12/15/21 

4,150‌

4,373‌

Goldman

Sachs

Group,

0.481%,

1/27/23 

8,675‌

8,678‌

Goldman

Sachs

Group,

3.50%,

4/1/25 

7,425‌

8,092‌

Goldman

Sachs

Group,

5.75%,

1/24/22 

13,816‌

14,485‌

Goldman

Sachs

Group,

FRN,

3M

USD

LIBOR

+

0.78%,

0.992%,

10/31/22 

5,200‌

5,221‌

Goldman

Sachs

Group,

FRN,

3M

USD

LIBOR

+

1.11%,

1.325%,

4/26/22 

9,220‌

9,234‌

HSBC

Holdings,

VR,

1.645%,

4/18/26 (3)

12,655‌

12,791‌

HSBC

Holdings,

VR,

2.099%,

6/4/26 (3)

12,365‌

12,775‌

HSBC

Holdings,

VR,

3.803%,

3/11/25 (3)

2,890‌

3,140‌

ING

Groep

,

FRN,

3M

USD

LIBOR

+

1.15%,

1.401%,

3/29/22 

6,030‌

6,096‌

JPMorgan

Chase

&,

VR,

2.083%,

4/22/26 (3)

13,190‌

13,673‌

KeyBank,

1.25%,

3/10/23 

9,585‌

9,774‌

KeyBank,

2.30%,

9/14/22 

2,740‌

2,827‌

Lloyds

Banking

Group,

4.50%,

11/4/24 

4,744‌

5,297‌

Lloyds

Banking

Group,

VR,

1.326%,

6/15/23 (3)

3,305‌

3,340‌

Mitsubishi

UFJ

Financial

Group,

3.218%,

3/7/22 

8,685‌

8,938‌

Mitsubishi

UFJ

Financial

Group,

FRN,

3M

USD

LIBOR

+

0.65%,

0.865%,

7/26/21 

3,496‌

3,504‌

Mitsubishi

UFJ

Financial

Group,

FRN,

3M

USD

LIBOR

+

0.92%,

1.102%,

2/22/22 

7,060‌

7,117‌

Morgan

Stanley,

2.75%,

5/19/22 

8,005‌

8,245‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

12

Par/Shares

$

Value

(Amounts

in

000s)

Morgan

Stanley,

VR,

0.529%,

1/25/24 (3)

6,450‌

6,448‌

Morgan

Stanley,

VR,

0.56%,

11/10/23 (3)

9,675‌

9,674‌

Nationwide

Building

Society,

VR,

3.622%,

4/26/23 (1)(3)

9,140‌

9,452‌

Nationwide

Building

Society,

VR,

3.766%,

3/8/24 (1)(3)

2,605‌

2,773‌

Natwest

Group,

3.875%,

9/12/23 

7,650‌

8,240‌

Natwest

Group,

6.00%,

12/19/23 

5,635‌

6,406‌

NatWest

Markets,

2.375%,

5/21/23 (1)

9,705‌

10,070‌

PNC

Bank,

2.45%,

7/28/22 

7,050‌

7,250‌

PNC

Bank,

2.95%,

1/30/23 

4,870‌

5,106‌

Santander

U.K.,

2.10%,

1/13/23 

9,235‌

9,531‌

Societe

Generale

,

2.625%,

10/16/24 (1)

1,120‌

1,182‌

Standard

Chartered,

3.95%,

1/11/23 (1)

2,725‌

2,868‌

Standard

Chartered,

FRN,

3M

USD

LIBOR

+

1.15%,

1.374%,

1/20/23 (1)

7,600‌

7,678‌

Standard

Chartered,

VR,

0.991%,

1/12/25 (1)(3)

3,390‌

3,392‌

Standard

Chartered,

VR,

1.319%,

10/14/23 (1)(3)

4,160‌

4,197‌

Standard

Chartered,

VR,

2.744%,

9/10/22 (1)(3)

11,221‌

11,344‌

Standard

Chartered,

VR,

3.885%,

3/15/24 (1)(3)

1,325‌

1,407‌

Swedbank

,

1.30%,

6/2/23 (1)

7,720‌

7,870‌

Swedbank

,

2.65%,

3/10/21 (1)

16,118‌

16,126‌

Synchrony

Bank,

3.00%,

6/15/22 

3,013‌

3,105‌

Synchrony

Financial,

2.85%,

7/25/22 

25,375‌

26,107‌

Synchrony

Financial,

4.25%,

8/15/24 

8,135‌

8,908‌

Truist

Bank,

1.25%,

3/9/23 

19,830‌

20,185‌

Truist

Bank,

2.80%,

5/17/22 

8,110‌

8,341‌

U.S.

Bank,

FRN,

3M

USD

LIBOR

+

0.32%,

0.535%,

4/26/21 

12,770‌

12,772‌

UBS,

1.75%,

4/21/22 (1)

1,830‌

1,858‌

UBS

Group,

3.00%,

4/15/21 (1)

14,810‌

14,858‌

UBS

Group,

FRN,

3M

USD

LIBOR

+

1.22%,

1.395%,

5/23/23 (1)

7,020‌

7,106‌

UBS

Group,

VR,

1.008%,

7/30/24 (1)(3)

12,535‌

12,645‌

Wells

Fargo,

3.50%,

3/8/22 

5,370‌

5,545‌

Wells

Fargo,

4.125%,

8/15/23 

2,625‌

2,854‌

Wells

Fargo,

VR,

1.654%,

6/2/24 (3)

6,200‌

6,339‌

Wells

Fargo,

VR,

2.188%,

4/30/26 (3)

5,935‌

6,171‌

Wells

Fargo

Bank,

VR,

2.082%,

9/9/22 (3)

8,065‌

8,136‌

734,757‌

Brokerage

Asset

Managers

Exchanges

0.4%

Charles

Schwab,

4.20%,

3/24/25 

6,770‌

7,629‌

Charles

Schwab,

FRN,

3M

USD

LIBOR

+

0.32%,

0.502%,

5/21/21 

8,405‌

8,405‌

Intercontinental

Exchange,

4.00%,

10/15/23 

2,885‌

3,144‌

Nasdaq,

0.445%,

12/21/22 

6,280‌

6,279‌

25,457‌

Finance

Companies

1.7%

AerCap

Ireland

Capital,

3.95%,

2/1/22 

10,295‌

10,529‌

AerCap

Ireland

Capital,

4.125%,

7/3/23 

3,425‌

3,642‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

13

Par/Shares

$

Value

(Amounts

in

000s)

AerCap

Ireland

Capital,

4.45%,

12/16/21 

7,510‌

7,698‌

AerCap

Ireland

Capital,

4.50%,

9/15/23 

7,505‌

8,064‌

AerCap

Ireland

Capital,

4.875%,

1/16/24 

5,170‌

5,641‌

Air

Lease,

2.25%,

1/15/23 

5,935‌

6,086‌

Air

Lease,

2.50%,

3/1/21 

2,110‌

2,110‌

Air

Lease,

3.50%,

1/15/22 

4,755‌

4,877‌

Avolon

Holdings

Funding,

2.125%,

2/21/26 (1)

9,215‌

8,858‌

Avolon

Holdings

Funding,

2.875%,

2/15/25 (1)

7,180‌

7,198‌

Avolon

Holdings

Funding,

3.625%,

5/1/22 (1)

11,115‌

11,339‌

Avolon

Holdings

Funding,

3.95%,

7/1/24 (1)

2,230‌

2,333‌

GATX,

3.90%,

3/30/23 

5,640‌

6,015‌

Park

Aerospace

Holdings,

4.50%,

3/15/23 (1)

3,075‌

3,213‌

Park

Aerospace

Holdings,

5.25%,

8/15/22 (1)

6,200‌

6,487‌

SMBC

Aviation

Capital

Finance,

2.65%,

7/15/21 (1)

540‌

544‌

SMBC

Aviation

Capital

Finance,

3.55%,

4/15/24 (1)

2,800‌

2,980‌

SMBC

Aviation

Capital

Finance,

4.125%,

7/15/23 (1)

1,631‌

1,744‌

99,358‌

Insurance

1.4%

AIA

Group,

FRN,

3M

USD

LIBOR

+

0.52%,

0.759%,

9/20/21 (1)

10,770‌

10,788‌

AIG

Global

Funding,

3.35%,

6/25/21 (1)

5,320‌

5,373‌

American

International

Group,

2.50%,

6/30/25 

9,660‌

10,188‌

American

International

Group,

4.875%,

6/1/22 

5,637‌

5,947‌

Aon,

2.20%,

11/15/22 

3,010‌

3,101‌

Humana,

2.90%,

12/15/22 

1,360‌

1,415‌

Humana,

3.15%,

12/1/22 

2,548‌

2,647‌

Humana,

3.85%,

10/1/24 

4,117‌

4,518‌

Humana,

4.50%,

4/1/25 

4,125‌

4,657‌

Lincoln

National,

4.00%,

9/1/23 

2,025‌

2,209‌

Marsh

&

McLennan,

3.875%,

3/15/24 

5,950‌

6,500‌

Metropolitan

Life

Global

Funding

I,

0.40%,

1/7/24 (1)

6,570‌

6,549‌

New

York

Life

Global

Funding,

FRN,

3M

USD

LIBOR

+

0.32%,

0.513%,

8/6/21 (1)

10,540‌

10,553‌

Principal

Life

Global

Funding

II,

0.875%,

1/12/26 (1)

5,795‌

5,710‌

Reinsurance

Group

of

America,

5.00%,

6/1/21 

910‌

920‌

Trinity

Acquisition,

3.50%,

9/15/21 

5,535‌

5,597‌

86,672‌

Real

Estate

Investment

Trusts

0.7%

American

Campus

Communities

Operating

Partnership,

3.75%,

4/15/23 

6,705‌

7,110‌

Brixmor

Operating

Partnership,

3.25%,

9/15/23 

9,085‌

9,636‌

Highwoods

Realty,

3.625%,

1/15/23 

12,275‌

12,789‌

Simon

Property

Group,

2.00%,

9/13/24 

3,350‌

3,480‌

Simon

Property

Group,

3.375%,

10/1/24 

6,565‌

7,108‌

Ventas

Realty,

3.10%,

1/15/23 

1,455‌

1,527‌

41,650‌

Total

Financial

Institutions

987,894‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

14

Par/Shares

$

Value

(Amounts

in

000s)

INDUSTRIAL

29.3%

Basic

Industry

0.4%

LYB

International

Finance

III,

1.25%,

10/1/25 

5,740‌

5,721‌

Nucor,

2.00%,

6/1/25 

2,330‌

2,420‌

POSCO,

2.375%,

11/12/22 (1)

8,335‌

8,555‌

POSCO,

2.375%,

1/17/23 (1)

5,205‌

5,360‌

22,056‌

Capital

Goods

2.4%

Amphenol,

2.05%,

3/1/25 

6,720‌

6,968‌

Boral

Finance,

3.00%,

11/1/22 (1)

1,070‌

1,096‌

Carrier

Global,

2.242%,

2/15/25 

13,725‌

14,330‌

Caterpillar

Financial

Services,

2.95%,

2/26/22 

8,635‌

8,861‌

Caterpillar

Financial

Services,

FRN,

3M

USD

LIBOR

+

0.28%,

0.505%,

9/7/21 

5,130‌

5,136‌

CNH

Industrial

Capital,

3.875%,

10/15/21 

10,774‌

10,989‌

General

Dynamics,

2.25%,

11/15/22 

5,425‌

5,580‌

General

Dynamics,

FRN,

3M

USD

LIBOR

+

0.38%,

0.583%,

5/11/21 

4,640‌

4,643‌

General

Electric,

3.45%,

5/15/24 

3,805‌

4,107‌

Honeywell

International,

1.35%,

6/1/25 

6,450‌

6,580‌

Honeywell

International,

2.30%,

8/15/24 

5,535‌

5,872‌

John

Deere

Capital,

1.20%,

4/6/23 

5,090‌

5,175‌

Northrop

Grumman,

2.55%,

10/15/22 

5,765‌

5,971‌

Otis

Worldwide,

2.056%,

4/5/25 

7,965‌

8,304‌

Republic

Services,

2.50%,

8/15/24 

6,285‌

6,675‌

Roper

Technologies,

0.45%,

8/15/22 

1,510‌

1,513‌

Roper

Technologies,

1.00%,

9/15/25 

1,740‌

1,728‌

Roper

Technologies,

2.35%,

9/15/24 

2,640‌

2,785‌

Roper

Technologies,

3.125%,

11/15/22 

11,005‌

11,444‌

Roper

Technologies,

3.65%,

9/15/23 

2,210‌

2,383‌

Vulcan

Materials,

FRN,

3M

USD

LIBOR

+

0.65%,

0.875%,

3/1/21 

12,040‌

12,040‌

Yongda

Investment,

2.25%,

6/16/25 

9,689‌

9,724‌

141,904‌

Communications

3.5%

American

Tower,

5.00%,

2/15/24 

3,384‌

3,815‌

CC

Holdings,

3.849%,

4/15/23 

15,373‌

16,418‌

Charter

Communications

Operating,

4.464%,

7/23/22 

28,425‌

29,747‌

Charter

Communications

Operating,

4.908%,

7/23/25 

15,510‌

17,696‌

Comcast,

3.70%,

4/15/24 

7,705‌

8,446‌

Cox

Communications,

2.95%,

6/30/23 (1)

2,910‌

3,055‌

Cox

Communications,

3.15%,

8/15/24 (1)

13,135‌

14,139‌

Crown

Castle

International,

1.05%,

7/15/26 

9,140‌

8,944‌

Crown

Castle

International,

5.25%,

1/15/23 

11,590‌

12,585‌

Crown

Castle

Towers,

3.72%,

7/15/23 (1)

1,785‌

1,857‌

Fox,

3.05%,

4/7/25 

1,305‌

1,403‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

15

Par/Shares

$

Value

(Amounts

in

000s)

Fox,

3.666%,

1/25/22 

2,125‌

2,189‌

Fox,

4.03%,

1/25/24 

2,485‌

2,717‌

Moody's,

3.75%,

3/24/25 

6,475‌

7,158‌

NTT

Finance,

0.373%,

3/3/23 (1)

9,925‌

9,919‌

NTT

Finance,

0.583%,

3/1/24 (1)

4,120‌

4,124‌

RELX

Capital,

3.50%,

3/16/23 

4,470‌

4,740‌

SBA

Tower

Trust,

1.884%,

1/15/26 (1)

2,480‌

2,518‌

SBA

Tower

Trust,

2.836%,

1/15/25 (1)

7,240‌

7,705‌

SBA

Tower

Trust,

3.168%,

4/11/22 (1)

9,360‌

9,388‌

SBA

Tower

Trust,

3.448%,

3/15/23 (1)

6,515‌

6,884‌

SBA

Tower

Trust,

Series

2014-2A,

Class

C,

STEP,

3.869%,

10/15/49 (1)

2,540‌

2,678‌

Sky,

3.75%,

9/16/24 (1)

2,840‌

3,116‌

T-Mobile

USA,

3.50%,

4/15/25 (1)

3,555‌

3,839‌

Verizon

Communications,

0.85%,

11/20/25 

11,600‌

11,419‌

Verizon

Communications,

5.15%,

9/15/23 

5,735‌

6,388‌

Vodafone

Group,

3.75%,

1/16/24 

5,560‌

6,058‌

WPP

Finance

2010,

3.625%,

9/7/22 

2,255‌

2,359‌

211,304‌

Consumer

Cyclical

5.1%

7-Eleven,

0.625%,

2/10/23 (1)

3,020‌

3,025‌

7-Eleven,

0.80%,

2/10/24 (1)

4,890‌

4,897‌

7-Eleven,

FRN,

3M

USD

LIBOR

+

0.45%,

0.645%,

8/10/22 (1)

2,740‌

2,743‌

AutoZone,

3.625%,

4/15/25 

3,600‌

3,958‌

BMW

U.S.

Capital,

FRN,

3M

USD

LIBOR

+

0.41%,

0.634%,

4/12/21 (1)

9,105‌

9,109‌

BMW

U.S.

Capital,

FRN,

3M

USD

LIBOR

+

0.50%,

0.698%,

8/13/21 (1)

7,305‌

7,319‌

Booking

Holdings,

4.10%,

4/13/25 

5,860‌

6,533‌

Daimler

Finance

North

America,

1.75%,

3/10/23 (1)

13,400‌

13,726‌

Daimler

Finance

North

America,

3.75%,

11/5/21 (1)

8,125‌

8,308‌

Expedia

Group,

3.60%,

12/15/23 (1)

8,695‌

9,264‌

Ford

Motor

Credit,

3.47%,

4/5/21 

3,230‌

3,234‌

Ford

Motor

Credit,

3.813%,

10/12/21 

3,610‌

3,655‌

Ford

Motor

Credit,

5.875%,

8/2/21 

2,060‌

2,096‌

General

Motors,

4.875%,

10/2/23 

5,380‌

5,923‌

General

Motors,

5.40%,

10/2/23 

7,465‌

8,314‌

General

Motors

Financial,

2.90%,

2/26/25 

13,795‌

14,635‌

General

Motors

Financial,

3.20%,

7/6/21 

3,600‌

3,627‌

General

Motors

Financial,

FRN,

3M

USD

LIBOR

+

0.85%,

1.075%,

4/9/21 

6,085‌

6,088‌

Harley-Davidson

Financial

Services,

2.55%,

6/9/22 (1)

2,715‌

2,771‌

Harley-Davidson

Financial

Services,

4.05%,

2/4/22 (1)

9,385‌

9,688‌

Harley-Davidson

Financial

Services,

FRN,

3M

USD

LIBOR

+

0.94%,

1.168%,

3/2/21 (1)

8,295‌

8,295‌

Hyundai

Capital

America,

0.80%,

1/8/24 (1)

5,910‌

5,882‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

16

Par/Shares

$

Value

(Amounts

in

000s)

Hyundai

Capital

America,

1.15%,

11/10/22 (1)

3,375‌

3,399‌

Hyundai

Capital

America,

2.375%,

2/10/23 (1)

14,200‌

14,640‌

Hyundai

Capital

America,

2.45%,

6/15/21 (1)

5,395‌

5,423‌

Hyundai

Capital

America,

2.85%,

11/1/22 (1)

3,740‌

3,873‌

Hyundai

Capital

America,

3.00%,

6/20/22 (1)

7,780‌

8,004‌

Hyundai

Capital

America,

3.95%,

2/1/22 (1)

3,995‌

4,115‌

JD.com,

3.125%,

4/29/21 

17,700‌

17,769‌

Marriott

International,

2.30%,

1/15/22 

760‌

768‌

Marriott

International,

3.125%,

2/15/23 

2,575‌

2,660‌

Marriott

International,

3.60%,

4/15/24 

1,330‌

1,422‌

McDonald's,

1.45%,

9/1/25 

4,475‌

4,551‌

McDonald's,

3.35%,

4/1/23 

5,285‌

5,594‌

Nissan

Motor,

3.043%,

9/15/23 (1)

8,504‌

8,941‌

Nissan

Motor

Acceptance,

2.60%,

9/28/22 (1)

2,375‌

2,439‌

Nissan

Motor

Acceptance,

3.65%,

9/21/21 (1)

2,395‌

2,431‌

O'Reilly

Automotive,

3.80%,

9/1/22 

3,280‌

3,420‌

QVC,

4.375%,

3/15/23 

10,650‌

11,169‌

Ralph

Lauren,

1.70%,

6/15/22 

1,510‌

1,536‌

Ross

Stores,

0.875%,

4/15/26 

3,695‌

3,634‌

Ross

Stores,

4.60%,

4/15/25 

15,635‌

17,757‌

Starbucks,

2.70%,

6/15/22 

3,505‌

3,598‌

TJX,

3.50%,

4/15/25 

4,340‌

4,758‌

Volkswagen

Group

of

America

Finance,

0.75%,

11/23/22 (1)

5,475‌

5,498‌

Volkswagen

Group

of

America

Finance,

0.875%,

11/22/23 (1)

5,295‌

5,322‌

Volkswagen

Group

of

America

Finance,

2.50%,

9/24/21 (1)

2,030‌

2,055‌

Volkswagen

Group

of

America

Finance,

2.70%,

9/26/22 (1)

4,755‌

4,917‌

Volkswagen

Group

of

America

Finance,

2.90%,

5/13/22 (1)

2,590‌

2,661‌

Volkswagen

Group

of

America

Finance,

3.125%,

5/12/23 (1)

2,400‌

2,529‌

Walgreen,

3.10%,

9/15/22 

3,235‌

3,369‌

301,342‌

Consumer

Non-Cyclical

6.7%

AbbVie,

2.30%,

5/14/21 

8,275‌

8,296‌

AbbVie,

2.60%,

11/21/24 

28,360‌

29,528‌

AbbVie,

2.90%,

11/6/22 

12,900‌

13,419‌

AbbVie,

3.20%,

11/6/22 

1,385‌

1,443‌

AbbVie,

3.25%,

10/1/22 

1,335‌

1,385‌

AbbVie,

3.45%,

3/15/22 

4,399‌

4,518‌

BAT

International

Finance,

1.668%,

3/25/26 

7,140‌

7,174‌

Baxalta

,

3.60%,

6/23/22 

2,150‌

2,223‌

Bayer

U.S.

Finance

II,

3.50%,

6/25/21 (1)

5,520‌

5,558‌

Bayer

U.S.

Finance

II,

3.875%,

12/15/23 (1)

5,080‌

5,523‌

Bayer

U.S.

Finance

II,

FRN,

3M

USD

LIBOR

+

0.63%,

0.881%,

6/25/21 (1)

10,390‌

10,404‌

Becton

Dickinson

&

Company,

2.894%,

6/6/22 

17,094‌

17,585‌

Becton

Dickinson

&

Company,

3.363%,

6/6/24 

10,480‌

11,291‌

Becton

Dickinson

&

Company,

3.734%,

12/15/24 

1,615‌

1,775‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

17

Par/Shares

$

Value

(Amounts

in

000s)

Bristol-Myers

Squibb,

2.60%,

5/16/22 

3,380‌

3,468‌

Bristol-Myers

Squibb,

2.75%,

2/15/23 

5,120‌

5,345‌

Bristol-Myers

Squibb,

2.90%,

7/26/24 

4,503‌

4,837‌

Bristol-Myers

Squibb,

3.25%,

2/20/23 

1,570‌

1,659‌

Bristol-Myers

Squibb,

3.55%,

8/15/22 

4,988‌

5,218‌

Bunge

Finance,

3.00%,

9/25/22 

23,923‌

24,733‌

Bunge

Finance,

4.35%,

3/15/24 

940‌

1,035‌

Cardinal

Health,

2.616%,

6/15/22 

1,650‌

1,691‌

Cardinal

Health,

3.079%,

6/15/24 

5,115‌

5,459‌

Cardinal

Health,

3.20%,

3/15/23 

5,250‌

5,521‌

Cardinal

Health,

3.50%,

11/15/24 

6,185‌

6,719‌

Cargill,

1.375%,

7/23/23 (1)

4,445‌

4,553‌

China

Mengniu

Dairy,

1.875%,

6/17/25 

13,354‌

13,365‌

Cigna,

3.00%,

7/15/23 

5,195‌

5,464‌

Cigna,

3.40%,

9/17/21 

3,090‌

3,140‌

Cigna,

3.75%,

7/15/23 

5,420‌

5,830‌

Cigna,

3.90%,

2/15/22 

4,130‌

4,260‌

CK

Hutchison

International

II,

2.75%,

3/29/23 

10,400‌

10,868‌

CommonSpirit

Health,

1.547%,

10/1/25 

5,450‌

5,508‌

CVS

Health,

2.625%,

8/15/24 

2,460‌

2,613‌

CVS

Health,

3.35%,

3/9/21 

5,494‌

5,498‌

CVS

Health,

3.70%,

3/9/23 

2,442‌

2,596‌

CVS

Health,

FRN,

3M

USD

LIBOR

+

0.72%,

0.95%,

3/9/21 

5,330‌

5,331‌

Diageo

Capital,

1.375%,

9/29/25 

4,560‌

4,643‌

EMD

Finance,

2.95%,

3/19/22 (1)

3,170‌

3,241‌

General

Mills,

FRN,

3M

USD

LIBOR

+

0.54%,

0.763%,

4/16/21 

7,865‌

7,870‌

Gilead

Sciences,

0.75%,

9/29/23 

16,775‌

16,807‌

Hasbro,

2.60%,

11/19/22 

6,475‌

6,698‌

Hasbro,

3.00%,

11/19/24 

8,695‌

9,324‌

Imperial

Brands

Finance,

3.125%,

7/26/24 (1)

5,780‌

6,145‌

Imperial

Brands

Finance,

3.50%,

2/11/23 (1)

10,790‌

11,264‌

Imperial

Brands

Finance,

3.75%,

7/21/22 (1)

23,130‌

24,008‌

Keurig

Dr

Pepper,

3.551%,

5/25/21 

7,905‌

7,965‌

PeaceHealth

Obligated

Group,

1.375%,

11/15/25 

1,555‌

1,569‌

Perrigo

Finance

Unlimited,

3.90%,

12/15/24 

26,790‌

29,358‌

Philip

Morris

International,

1.125%,

5/1/23 

3,255‌

3,310‌

Royalty

Pharma,

0.75%,

9/2/23 (1)

6,420‌

6,440‌

Shire

Acquisitions

Investments

Ireland,

2.875%,

9/23/23 

915‌

967‌

Stryker,

0.60%,

12/1/23 

2,875‌

2,878‌

Tyson

Foods,

2.25%,

8/23/21 

4,705‌

4,741‌

402,061‌

Energy

6.2%

Aker

BP,

3.00%,

1/15/25 (1)

7,265‌

7,519‌

Aker

BP,

4.75%,

6/15/24 (1)

8,926‌

9,194‌

Baker

Hughes

a

GE,

2.773%,

12/15/22 

2,361‌

2,457‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

18

Par/Shares

$

Value

(Amounts

in

000s)

BP

Capital

Markets

America,

2.937%,

4/6/23 

2,980‌

3,138‌

Canadian

Natural

Resources,

2.05%,

7/15/25 

9,710‌

9,899‌

Cenovus

Energy,

3.00%,

8/15/22 

15,348‌

15,693‌

Cenovus

Energy,

3.80%,

9/15/23 

4,555‌

4,720‌

Cheniere

Corpus

Christi

Holdings,

5.875%,

3/31/25 

9,955‌

11,399‌

Cheniere

Corpus

Christi

Holdings,

7.00%,

6/30/24 

13,870‌

16,075‌

Diamondback

Energy,

2.875%,

12/1/24 

19,955‌

21,077‌

Diamondback

Energy,

4.75%,

5/31/25 

6,245‌

7,017‌

Enbridge,

FRN,

SOFRRATE

+

0.40%,

0.413%,

2/17/23 

3,110‌

3,115‌

Energy

Transfer

Operating,

2.90%,

5/15/25 

1,860‌

1,955‌

Energy

Transfer

Operating,

4.20%,

9/15/23 

1,819‌

1,960‌

Energy

Transfer

Operating,

4.25%,

3/15/23 

9,390‌

9,930‌

Energy

Transfer

Operating,

4.90%,

2/1/24 

4,925‌

5,387‌

Energy

Transfer

Operating,

5.875%,

1/15/24 

17,363‌

19,403‌

Eni,

Series

X-R,

4.00%,

9/12/23 (1)

6,575‌

7,117‌

Enterprise

Products

Operating,

3.50%,

2/1/22 

9,820‌

10,096‌

EOG

Resources,

2.625%,

3/15/23 

2,263‌

2,352‌

EQT,

3.00%,

10/1/22 

16,719‌

16,844‌

Exxon

Mobil,

1.571%,

4/15/23 

12,970‌

13,309‌

Exxon

Mobil,

1.902%,

8/16/22 

2,590‌

2,654‌

Exxon

Mobil,

2.992%,

3/19/25 

16,400‌

17,713‌

Gray

Oak

Pipeline,

2.00%,

9/15/23 (1)

950‌

966‌

Gray

Oak

Pipeline,

2.60%,

10/15/25 (1)

3,115‌

3,180‌

Husky

Energy,

3.95%,

4/15/22 

7,482‌

7,670‌

Kinder

Morgan

Energy

Partners,

3.95%,

9/1/22 

955‌

996‌

Marathon

Oil,

2.80%,

11/1/22 

4,775‌

4,900‌

MPLX,

FRN,

3M

USD

LIBOR

+

1.10%,

1.33%,

9/9/22 

6,195‌

6,195‌

Occidental

Petroleum,

2.60%,

8/13/21 

6,980‌

6,971‌

Pioneer

Natural

Resources,

0.75%,

1/15/24 

5,520‌

5,510‌

Sabine

Pass

Liquefaction,

5.625%,

4/15/23 

13,178‌

14,340‌

Sabine

Pass

Liquefaction,

6.25%,

3/15/22 

19,214‌

19,983‌

Schlumberger

Finance

Canada,

1.40%,

9/17/25 

2,330‌

2,347‌

Schlumberger

Holdings,

3.75%,

5/1/24 (1)

10,390‌

11,265‌

Schlumberger

Holdings,

4.00%,

12/21/25 (1)

2,580‌

2,880‌

Suncor

Energy,

2.80%,

5/15/23 

5,895‌

6,182‌

Sunoco

Logistics

Partners

Operations,

3.45%,

1/15/23 

697‌

724‌

Sunoco

Logistics

Partners

Operations,

4.25%,

4/1/24 

455‌

489‌

Sunoco

Logistics

Partners

Operations,

4.40%,

4/1/21 

1,850‌

1,850‌

Valero

Energy,

1.20%,

3/15/24 

5,750‌

5,802‌

Valero

Energy,

2.70%,

4/15/23 

12,198‌

12,730‌

Valero

Energy,

3.65%,

3/15/25 

1,645‌

1,777‌

Western

Midstream

Operating,

4.00%,

7/1/22 

13,190‌

13,388‌

Williams,

3.35%,

8/15/22 

1,605‌

1,658‌

Williams,

3.70%,

1/15/23 

16,130‌

16,935‌

Williams,

4.30%,

3/4/24 

2,123‌

2,321‌

371,082‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

19

Par/Shares

$

Value

(Amounts

in

000s)

Technology

3.9%

Analog

Devices,

2.95%,

4/1/25 

2,075‌

2,232‌

Apple,

2.40%,

5/3/23 

12,870‌

13,451‌

Avnet,

3.75%,

12/1/21 

6,614‌

6,764‌

Baidu,

2.875%,

7/6/22 

6,676‌

6,838‌

Baidu,

3.50%,

11/28/22 

5,706‌

5,969‌

Equifax,

2.30%,

6/1/21 

7,825‌

7,849‌

Equifax,

3.60%,

8/15/21 

4,780‌

4,850‌

Equifax,

FRN,

3M

USD

LIBOR

+

0.87%,

1.064%,

8/15/21 

5,125‌

5,139‌

Fidelity

National

Information

Services,

0.375%,

3/1/23 

9,785‌

9,782‌

Fidelity

National

Information

Services,

0.60%,

3/1/24 

4,700‌

4,687‌

Fiserv,

2.75%,

7/1/24 

13,355‌

14,199‌

Fortinet,

1.00%,

3/15/26 

5,710‌

5,653‌

Global

Payments,

2.65%,

2/15/25 

5,665‌

5,965‌

International

Business

Machines,

2.50%,

1/27/22 

3,715‌

3,792‌

International

Business

Machines,

2.85%,

5/13/22 

6,190‌

6,379‌

International

Business

Machines,

2.875%,

11/9/22 

1,020‌

1,065‌

Microchip

Technology,

0.972%,

2/15/24 (1)

10,345‌

10,379‌

Microchip

Technology,

2.67%,

9/1/23 (1)

7,395‌

7,744‌

Microchip

Technology,

3.922%,

6/1/21 

15,880‌

16,020‌

Micron

Technology,

2.497%,

4/24/23 

19,867‌

20,691‌

Micron

Technology,

4.64%,

2/6/24 

6,180‌

6,806‌

NXP,

2.70%,

5/1/25 (1)

1,365‌

1,442‌

NXP,

3.875%,

9/1/22 (1)

10,410‌

10,910‌

NXP,

4.625%,

6/1/23 (1)

9,220‌

10,033‌

NXP,

4.875%,

3/1/24 (1)

1,930‌

2,153‌

Oracle,

2.50%,

4/1/25 

7,345‌

7,775‌

Panasonic,

2.536%,

7/19/22 (1)

5,560‌

5,707‌

PayPal

Holdings,

1.35%,

6/1/23 

10,600‌

10,816‌

Texas

Instruments,

1.375%,

3/12/25 

4,070‌

4,164‌

Western

Union,

2.85%,

1/10/25 

8,632‌

9,142‌

Western

Union,

3.60%,

3/15/22 

5,630‌

5,798‌

234,194‌

Transportation

1.1%

American

Airlines

PTT,

Series

2017-2,

Class

B,

3.70%,

10/15/25 

4,958‌

4,412‌

FedEx,

3.80%,

5/15/25 

4,010‌

4,438‌

Guangzhou

Metro

Investment

Finance

BVI,

1.507%,

9/17/25 

15,000‌

14,688‌

Heathrow

Funding,

4.875%,

7/15/21 (1)

10,820‌

10,988‌

HPHT

Finance,

2.75%,

9/11/22 

8,959‌

9,157‌

Penske

Truck

Leasing,

3.30%,

4/1/21 (1)

1,580‌

1,580‌

Penske

Truck

Leasing,

3.375%,

2/1/22 (1)

6,330‌

6,468‌

Penske

Truck

Leasing,

3.65%,

7/29/21 (1)

3,145‌

3,179‌

Union

Pacific,

3.20%,

6/8/21 

10,145‌

10,224‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

20

Par/Shares

$

Value

(Amounts

in

000s)

United

Airlines

PTT,

Series

2019-2,

Class

B,

3.50%,

5/1/28 

2,854‌

2,740‌

67,874‌

Total

Industrial

1,751,817‌

UTILITY

3.2%

Electric

3.1%

AES,

3.30%,

7/15/25 (1)

5,425‌

5,856‌

American

Electric

Power,

Series

I,

3.65%,

12/1/21 

1,500‌

1,538‌

CenterPoint

Energy,

3.60%,

11/1/21 

3,885‌

3,968‌

Duke

Energy,

3.55%,

9/15/21 

2,750‌

2,775‌

Edison

International,

2.95%,

3/15/23 

4,199‌

4,353‌

Edison

International,

3.125%,

11/15/22 

4,775‌

4,932‌

Enel

Finance

International,

2.65%,

9/10/24 (1)

1,920‌

2,032‌

Enel

Finance

International,

2.75%,

4/6/23 (1)

4,960‌

5,175‌

Enel

Finance

International,

2.875%,

5/25/22 (1)

12,367‌

12,708‌

Enel

Finance

International,

4.25%,

9/14/23 (1)

12,560‌

13,693‌

FirstEnergy,

3.35%,

7/15/22 

6,995‌

7,126‌

Hero

Asia

Investment,

1.50%,

11/18/23 

14,320‌

14,357‌

NextEra

Energy

Capital

Holdings,

FRN,

3M

USD

LIBOR

+

0.55%,

0.74%,

8/28/21 

10,945‌

10,946‌

NRG

Energy,

3.75%,

6/15/24 (1)

4,470‌

4,849‌

Pacific

Gas

&

Electric,

1.75%,

6/16/22 

27,745‌

27,821‌

Pacific

Gas

&

Electric,

FRN,

3M

USD

LIBOR

+

1.375%,

1.573%,

11/15/21 

14,485‌

14,512‌

PNM

Resources,

3.25%,

3/9/21 

7,620‌

7,624‌

San

Diego

Gas

&

Electric,

Series

PPP,

1.914%,

2/1/22 

814‌

821‌

Sinosing

Services

Pte

,

2.25%,

2/20/25 

16,700‌

17,025‌

Southern,

2.35%,

7/1/21 

2,695‌

2,709‌

Vistra

Operations,

3.55%,

7/15/24 (1)

22,120‌

23,724‌

188,544‌

Natural

Gas

0.1%

Sempra

Energy,

2.875%,

10/1/22 

4,570‌

4,714‌

4,714‌

Total

Utility

193,258‌

Total

Corporate

Bonds

(Cost

$2,865,166)

2,932,969‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

1.3%

Local

Authorities

0.2%

Eastern

Creation

II

Investment

Holdings,

1.00%,

9/10/23 

10,265‌

10,251‌

10,251‌

Owned

No

Guarantee

1.1%

Banco

del

Estado

de

Chile,

2.704%,

1/9/25 (1)

4,585‌

4,856‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

21

Par/Shares

$

Value

(Amounts

in

000s)

Prosperous

Ray,

4.625%,

11/12/23 

9,700‌

10,546‌

QNB

Finance,

2.625%,

5/12/25 

4,765‌

4,989‌

QNB

Finance,

3.50%,

3/28/24 

8,635‌

9,235‌

Saudi

Arabian

Oil,

2.75%,

4/16/22 (1)

13,480‌

13,789‌

Shanghai

Electric

Group

Global

Investment,

2.65%,

11/21/24 

8,300‌

8,658‌

Syngenta

Finance,

3.933%,

4/23/21 (1)

4,410‌

4,424‌

Tenaga

Nasional,

7.50%,

11/1/25 

8,850‌

11,079‌

67,576‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$76,962)

77,827‌

MUNICIPAL

SECURITIES

0.8%

Connecticut

0.1%

Connecticut,

Series A,

1.998%,

7/1/24 

1,925‌

2,017‌

Connecticut,

Series A,

2.00%,

7/1/23 

770‌

800‌

Connecticut,

Series A,

2.098%,

7/1/25 

1,275‌

1,354‌

4,171‌

Florida

0.2%

State

Board

of

Administration

Fin.,

Series A,

1.258%,

7/1/25 

11,160‌

11,328‌

11,328‌

Illinois

0.2%

Chicago

Transit

Auth.

Sales

Tax

Receipts

Fund,

Series B,

1.708%,

12/1/22 

295‌

300‌

Chicago

Transit

Auth.

Sales

Tax

Receipts

Fund,

Series B,

1.838%,

12/1/23 

275‌

282‌

Chicago

Transit

Auth.

Sales

Tax

Receipts

Fund,

Series B,

2.064%,

12/1/24 

795‌

824‌

Illinois,

Series A,

GO,

2.25%,

10/1/22 

13,440‌

13,488‌

14,894‌

New

York

0.2%

Long

Island

Power

Auth.,

Series C,

0.764%,

3/1/23 

2,460‌

2,472‌

Port

Auth.

of

New

York

&

New

Jersey,

Series AAA,

1.086%,

7/1/23 

9,590‌

9,742‌

12,214‌

Texas

0.1%

Dallas

Fort

Worth

Int'l

Airport,

Series C,

1.329%,

11/1/25 

1,670‌

1,683‌

Houston

Airport

System

Revenue,

Series C,

0.883%,

7/1/22 

575‌

577‌

Houston

Airport

System

Revenue,

Series C,

1.054%,

7/1/23 

975‌

980‌

Houston

Airport

System

Revenue,

Series C,

1.272%,

7/1/24 

3,245‌

3,275‌

6,515‌

Total

Municipal

Securities

(Cost

$48,454)

49,122‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

22

Par/Shares

$

Value

(Amounts

in

000s)

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

14.3%

Collateralized

Mortgage

Obligations

8.9%

Angel

Oak

Mortgage

Trust

Series

2020-3,

Class

A1,

CMO,

ARM

1.691%,

4/25/65 (1)

4,694‌

4,745‌

Angel

Oak

Mortgage

Trust

Series

2020-5,

Class

A2,

CMO,

ARM

1.579%,

5/25/65 (1)

4,091‌

4,118‌

Angel

Oak

Mortgage

Trust

Series

2020-6,

Class

A1,

CMO,

ARM

1.261%,

5/25/65 (1)

5,360‌

5,396‌

Angel

Oak

Mortgage

Trust

I

Series

2019-2,

Class

A1,

CMO,

ARM

3.628%,

3/25/49 (1)

3,521‌

3,602‌

Angel

Oak

Mortgage

Trust

I

Series

2019-2,

Class

M1,

CMO,

ARM

4.065%,

3/25/49 (1)

4,490‌

4,677‌

Angel

Oak

Mortgage

Trust

I

Series

2019-4,

Class

A3,

CMO,

ARM

3.301%,

7/26/49 (1)

4,723‌

4,781‌

Bayview

Mortgage

Fund

IVc

Trust

Series

2017-RT3,

Class

A,

CMO,

ARM

3.50%,

1/28/58 (1)

6,853‌

6,932‌

Bayview

Opportunity

Master

Fund

IVa

Trust

Series

2017-SPL5,

Class

A,

CMO,

ARM

3.50%,

6/28/57 (1)

5,997‌

6,142‌

Bayview

Opportunity

Master

Fund

IVb

Trust

Series

2017-SPL4,

Class

A,

CMO,

ARM

3.50%,

1/28/55 (1)

2,030‌

2,084‌

CIM

Trust

Series

2020-INV1,

Class

A2,

CMO,

ARM

2.50%,

4/25/50 (1)

9,665‌

9,931‌

Citigroup

Mortgage

Loan

Trust

Series

2020-EXP2,

Class

A3,

CMO,

ARM

2.50%,

8/25/50 (1)

10,467‌

10,709‌

COLT

Mortgage

Loan

Trust

Series

2019-2,

Class

A1,

CMO,

ARM

3.337%,

5/25/49 (1)

1,823‌

1,826‌

COLT

Mortgage

Loan

Trust

Series

2019-3,

Class

A1,

CMO,

ARM

2.764%,

8/25/49 (1)

4,449‌

4,474‌

COLT

Mortgage

Loan

Trust

Series

2020-3,

Class

A1,

CMO,

ARM

1.506%,

4/27/65 (1)

2,819‌

2,841‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

23

Par/Shares

$

Value

(Amounts

in

000s)

Connecticut

Avenue

Securities

Series

2017-C02,

Class

2ED3,

CMO,

ARM

1M

USD

LIBOR

+

1.35%,

1.468%,

9/25/29 

3,993‌

4,001‌

Connecticut

Avenue

Securities

Series

2017-C04,

Class

2ED2,

CMO,

ARM

1M

USD

LIBOR

+

1.10%,

1.218%,

11/25/29 

9,887‌

9,763‌

Connecticut

Avenue

Securities

Series

2017-C05,

Class

1ED3,

CMO,

ARM

1M

USD

LIBOR

+

1.20%,

1.318%,

1/25/30 

4,191‌

4,081‌

Connecticut

Avenue

Securities

Series

2018-C01,

Class

1ED2,

CMO,

ARM

1M

USD

LIBOR

+

0.85%,

0.968%,

7/25/30 

6,659‌

6,586‌

Connecticut

Avenue

Securities

Series

2018-C03,

Class

1EB2,

CMO,

ARM

1M

USD

LIBOR

+

0.85%,

0.968%,

10/25/30 

10,615‌

10,498‌

Connecticut

Avenue

Securities

Series

2018-C03,

Class

1ED2,

CMO,

ARM

1M

USD

LIBOR

+

0.85%,

0.968%,

10/25/30 

7,917‌

7,842‌

Connecticut

Avenue

Securities

Series

2020-R01,

Class

1M1,

CMO,

ARM

1M

USD

LIBOR

+

0.80%,

0.918%,

1/25/40 (1)

2,222‌

2,222‌

Deephaven

Residential

Mortgage

Trust

Series

2017-1A,

Class

A3,

CMO,

ARM

3.485%,

12/26/46 (1)

125‌

126‌

Deephaven

Residential

Mortgage

Trust

Series

2019-2A,

Class

A3,

CMO,

ARM

3.763%,

4/25/59 (1)

3,067‌

3,076‌

Deephaven

Residential

Mortgage

Trust

Series

2019-2A,

Class

M1,

CMO,

ARM

3.921%,

4/25/59 (1)

3,170‌

3,217‌

Deephaven

Residential

Mortgage

Trust

Series

2019-3A,

Class

A1,

CMO,

ARM

2.964%,

7/25/59 (1)

2,307‌

2,326‌

Deephaven

Residential

Mortgage

Trust

Series

2021-1,

Class

A3,

CMO,

ARM

1.128%,

5/25/65 (1)

3,840‌

3,838‌

Ellington

Financial

Mortgage

Trust

Series

2019-2,

Class

A1,

CMO,

ARM

2.739%,

11/25/59 (1)

3,137‌

3,202‌

Ellington

Financial

Mortgage

Trust

Series

2019-2,

Class

A3,

CMO,

ARM

3.046%,

11/25/59 (1)

1,865‌

1,899‌

Ellington

Financial

Mortgage

Trust

Series

2020-1,

Class

A1,

CMO,

ARM

2.006%,

5/25/65 (1)

3,384‌

3,439‌

Ellington

Financial

Mortgage

Trust

Series

2021-1,

Class

A1,

CMO,

ARM

0.797%,

2/25/66 (1)

2,945‌

2,945‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

24

Par/Shares

$

Value

(Amounts

in

000s)

Ellington

Financial

Mortgage

Trust

Series

2021-1,

Class

A3,

CMO,

ARM

1.106%,

2/25/66 (1)

2,490‌

2,490‌

Flagstar

Mortgage

Trust

Series

2020-1INV,

Class

A11,

CMO,

ARM

1M

USD

LIBOR

+

0.85%,

0.968%,

3/25/50 (1)

3,917‌

3,931‌

Freddie

Mac

Whole

Loan

Securities

Trust

Series

2017-SC02,

Class

M1,

CMO,

ARM

3.833%,

5/25/47 (1)

578‌

582‌

FWD

Securitization

Trust

Series

2020-INV1,

Class

A1,

CMO,

ARM

2.24%,

1/25/50 (1)

10,127‌

10,400‌

Galton

Funding

Mortgage

Trust

Series

2018-1,

Class

A33,

CMO,

ARM

3.50%,

11/25/57 (1)

2,186‌

2,231‌

Galton

Funding

Mortgage

Trust

Series

2019-1,

Class

A32,

CMO,

ARM

4.00%,

2/25/59 (1)

1,712‌

1,762‌

Galton

Funding

Mortgage

Trust

Series

2019-H1,

Class

M1,

CMO,

ARM

3.339%,

10/25/59 (1)

7,916‌

8,003‌

Galton

Funding

Mortgage

Trust

Series

2020-H1,

Class

A1,

CMO,

ARM

2.31%,

1/25/60 (1)

4,215‌

4,299‌

Galton

Funding

Mortgage

Trust

Series

2020-H1,

Class

M1,

CMO,

ARM

2.832%,

1/25/60 (1)

4,592‌

4,621‌

GS

Mortgage-Backed

Securities

Trust

Series

2014-EB1A,

Class

2A1,

CMO,

ARM

1.964%,

7/25/44 (1)

236‌

238‌

Homeward

Opportunities

Fund

I

Trust

Series

2019-1,

Class

A1,

CMO,

ARM

3.454%,

1/25/59 (1)

4,942‌

4,998‌

Homeward

Opportunities

Fund

I

Trust

Series

2019-1,

Class

A3,

CMO,

ARM

3.606%,

1/25/59 (1)

4,503‌

4,555‌

Homeward

Opportunities

Fund

I

Trust

Series

2019-3,

Class

A1,

CMO,

ARM

2.675%,

11/25/59 (1)

2,840‌

2,893‌

Homeward

Opportunities

Fund

I

Trust

Series

2019-3,

Class

A3,

CMO,

ARM

3.031%,

11/25/59 (1)

2,504‌

2,548‌

Homeward

Opportunities

Fund

I

Trust

Series

2020-2,

Class

A1,

CMO,

ARM

1.657%,

5/25/65 (1)

4,305‌

4,348‌

Homeward

Opportunities

Fund

I

Trust

Series

2020-2,

Class

A2,

CMO,

ARM

2.635%,

5/25/65 (1)

5,750‌

5,928‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

25

Par/Shares

$

Value

(Amounts

in

000s)

JPMorgan

Mortgage

Trust

Series

2020-INV1,

Class

A11,

CMO,

ARM

1M

USD

LIBOR

+

0.83%,

0.96%,

8/25/50 (1)

2,185‌

2,200‌

JPMorgan

Mortgage

Trust

Series

2020-INV1,

Class

A15,

CMO,

ARM

3.50%,

8/25/50 (1)

3,595‌

3,720‌

JPMorgan

Mortgage

Trust

Series

2020-LTV1,

Class

A4,

CMO,

ARM

3.50%,

6/25/50 (1)

6,370‌

6,436‌

MFA

Trust

Series

2021-INV1,

Class

A1,

CMO,

ARM

0.852%,

1/25/56 (1)

5,630‌

5,622‌

Mill

City

Mortgage

Loan

Trust

Series

2016-1,

Class

A1,

CMO,

ARM

2.50%,

4/25/57 (1)

479‌

483‌

New

Residential

Mortgage

Loan

Trust

Series

2019-NQM3,

Class

A1,

CMO,

ARM

2.802%,

7/25/49 (1)

5,148‌

5,181‌

New

Residential

Mortgage

Loan

Trust

Series

2019-NQM3,

Class

A3,

CMO,

ARM

3.086%,

7/25/49 (1)

2,836‌

2,844‌

New

Residential

Mortgage

Loan

Trust

Series

2019-NQM5,

Class

A1,

CMO,

ARM

2.71%,

11/25/59 (1)

3,919‌

4,024‌

New

Residential

Mortgage

Loan

Trust

Series

2020-NQM1,

Class

A1,

CMO,

ARM

2.464%,

1/26/60 (1)

3,980‌

4,058‌

New

Residential

Mortgage

Loan

Trust

Series

2020-NQM1,

Class

A3,

CMO,

ARM

2.769%,

1/26/60 (1)

3,133‌

3,175‌

New

Residential

Mortgage

Loan

Trust

Series

2020-NQM2,

Class

A1,

CMO,

ARM

1.65%,

5/24/60 (1)

2,879‌

2,899‌

New

Residential

Mortgage

Loan

Trust

Series

2021-NQ1R,

Class

A1,

CMO,

ARM

0.943%,

7/25/55 (1)

12,430‌

12,430‌

OBX

Trust

Series

2019-EXP2,

Class

2A2,

CMO,

ARM

1M

USD

LIBOR

+

1.20%,

1.318%,

6/25/59 (1)

1,344‌

1,338‌

OBX

Trust

Series

2019-EXP3,

Class

2A1,

CMO,

ARM

1M

USD

LIBOR

+

0.90%,

1.018%,

10/25/59 (1)

6,400‌

6,431‌

OBX

Trust

Series

2020-EXP1,

Class

1A8,

CMO,

ARM

3.50%,

2/25/60 (1)

5,405‌

5,574‌

OBX

Trust

Series

2020-EXP1,

Class

2A2,

CMO,

ARM

1M

USD

LIBOR

+

0.95%,

1.068%,

2/25/60 (1)

1,592‌

1,592‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

26

Par/Shares

$

Value

(Amounts

in

000s)

OBX

Trust

Series

2020-EXP2,

Class

A8,

CMO,

ARM

3.00%,

5/25/60 (1)

7,990‌

8,216‌

OBX

Trust

Series

2020-EXP2,

Class

A9,

CMO,

ARM

3.00%,

5/25/60 (1)

1,205‌

1,234‌

OBX

Trust

Series

2020-EXP3,

Class

1A8,

CMO,

ARM

3.00%,

1/25/60 (1)

6,928‌

7,155‌

OBX

Trust

Series

2020-INV1,

Class

A5,

CMO,

ARM

3.50%,

12/25/49 (1)

2,273‌

2,326‌

Sequoia

Mortgage

Trust

Series

2018-CH1,

Class

A11,

CMO,

ARM

3.50%,

2/25/48 (1)

1,145‌

1,150‌

Sequoia

Mortgage

Trust

Series

2018-CH2,

Class

A21,

CMO,

ARM

4.00%,

6/25/48 (1)

1,736‌

1,764‌

Sequoia

Mortgage

Trust

Series

2018-CH2,

Class

A3,

CMO,

ARM

4.00%,

6/25/48 (1)

4,544‌

4,642‌

Sequoia

Mortgage

Trust

Series

2018-CH3,

Class

A19,

CMO,

ARM

4.50%,

8/25/48 (1)

1,072‌

1,109‌

Sequoia

Mortgage

Trust

Series

2018-CH4,

Class

A19,

CMO,

ARM

4.50%,

10/25/48 (1)

974‌

997‌

Sequoia

Mortgage

Trust

Series

2018-CH4,

Class

A2,

CMO,

ARM

4.00%,

10/25/48 (1)

1,501‌

1,533‌

Starwood

Mortgage

Residential

Trust

Series

2018-IMC2,

Class

A3,

CMO,

ARM

4.376%,

10/25/48 (1)

3,430‌

3,537‌

Starwood

Mortgage

Residential

Trust

Series

2019-1,

Class

A1,

CMO,

ARM

2.941%,

6/25/49 (1)

3,877‌

3,934‌

Starwood

Mortgage

Residential

Trust

Series

2019-1,

Class

A3,

CMO,

ARM

3.299%,

6/25/49 (1)

3,881‌

3,930‌

Starwood

Mortgage

Residential

Trust

Series

2019-IMC1,

Class

A1,

CMO,

ARM

3.468%,

2/25/49 (1)

2,366‌

2,383‌

Starwood

Mortgage

Residential

Trust

Series

2019-INV1,

Class

A1,

CMO,

ARM

2.61%,

9/27/49 (1)

871‌

888‌

Starwood

Mortgage

Residential

Trust

Series

2019-INV1,

Class

A3,

CMO,

ARM

2.916%,

9/27/49 (1)

2,611‌

2,656‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

27

Par/Shares

$

Value

(Amounts

in

000s)

Starwood

Mortgage

Residential

Trust

Series

2020-1,

Class

A2,

CMO,

ARM

2.408%,

2/25/50 (1)

3,371‌

3,440‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2014-DN3,

Class

M3,

CMO,

ARM

1M

USD

LIBOR

+

4.00%,

4.118%,

8/25/24 

2,448‌

2,503‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2015-DNA3,

Class

M3,

CMO,

ARM

1M

USD

LIBOR

+

4.70%,

4.818%,

4/25/28 

3,404‌

3,542‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2017-DNA2,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

1.20%,

1.318%,

10/25/29 

1,853‌

1,859‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2017-DNA3,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

0.75%,

0.868%,

3/25/30 

871‌

872‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2018-DNA2,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

0.80%,

0.918%,

12/25/30 (1)

1,961‌

1,961‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2018-DNA2,

Class

M2AS,

CMO,

ARM

1M

USD

LIBOR

+

0.95%,

1.068%,

12/25/30 (1)

7,535‌

7,530‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2018-DNA3,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

0.75%,

0.868%,

9/25/48 (1)

16‌

16‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2018-DNA3,

Class

M2AS,

CMO,

ARM

1M

USD

LIBOR

+

0.90%,

1.018%,

9/25/48 (1)

5,505‌

5,538‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2018-HQA2,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

0.75%,

0.868%,

10/25/48 (1)

721‌

721‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2018-HRP2,

Class

M2,

CMO,

ARM

1M

USD

LIBOR

+

1.25%,

1.368%,

2/25/47 (1)

3,889‌

3,899‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-DNA1,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

0.70%,

0.818%,

1/25/50 (1)

592‌

592‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-DNA2,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

0.75%,

0.868%,

2/25/50 (1)

1,304‌

1,304‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-DNA4,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

1.50%,

1.618%,

8/25/50 (1)

2,589‌

2,591‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-DNA5,

Class

M1,

CMO,

ARM

SOFR30A

+

1.30%,

1.345%,

10/25/50 (1)

4,963‌

4,967‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-DNA6,

Class

M1,

CMO,

ARM

SOFR30A

+

0.90%,

0.945%,

12/25/50 (1)

3,

145‌

3,150‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

28

Par/Shares

$

Value

(Amounts

in

000s)

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-HQA1,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

0.75%,

0.859%,

1/25/50 (1)

413‌

413‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-HQA2,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

1.10%,

1.218%,

3/25/50 (1)

9,383‌

9,390‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-HQA3,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

1.55%,

1.668%,

7/25/50 (1)

552‌

553‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-HQA4,

Class

M1,

CMO,

ARM

1M

USD

LIBOR

+

1.30%,

1.418%,

9/25/50 (1)

4,140‌

4,145‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-HQA5,

Class

M1,

CMO,

ARM

SOFR30A

+

1.10%,

1.145%,

11/25/50 (1)

4,125‌

4,128‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-DNA1,

Class

M1,

CMO,

ARM

SOFR30A

+

0.65%,

0.695%,

1/25/51 (1)

3,440‌

3,440‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-HQA1,

Class

M1,

CMO,

ARM

SOFR30A

+

0.70%,

0.75%,

8/25/33 (1)

11,255‌

11,255‌

Towd

Point

Mortgage

Trust

Series

2015-4,

Class

A1B,

CMO,

ARM

2.75%,

4/25/55 (1)

462‌

462‌

Towd

Point

Mortgage

Trust

Series

2015-5,

Class

A1B,

CMO,

ARM

2.75%,

5/25/55 (1)

850‌

853‌

Towd

Point

Mortgage

Trust

Series

2016-1,

Class

A1B,

CMO,

ARM

2.75%,

2/25/55 (1)

594‌

598‌

Towd

Point

Mortgage

Trust

Series

2016-1,

Class

A3B,

CMO,

ARM

3.00%,

2/25/55 (1)

1,244‌

1,268‌

Towd

Point

Mortgage

Trust

Series

2016-2,

Class

A1A,

CMO,

ARM

2.75%,

8/25/55 (1)

820‌

831‌

Towd

Point

Mortgage

Trust

Series

2016-3,

Class

A1,

CMO,

ARM

2.25%,

4/25/56 (1)

541‌

546‌

Towd

Point

Mortgage

Trust

Series

2017-1,

Class

A1,

CMO,

ARM

2.75%,

10/25/56 (1)

3,361‌

3,422‌

Towd

Point

Mortgage

Trust

Series

2017-2,

Class

A1,

CMO,

ARM

2.75%,

4/25/57 (1)

2,078‌

2,111‌

Towd

Point

Mortgage

Trust

Series

2017-3,

Class

A1,

CMO,

ARM

2.75%,

7/25/57 (1)

4,771‌

4,870‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

29

Par/Shares

$

Value

(Amounts

in

000s)

Towd

Point

Mortgage

Trust

Series

2017-4,

Class

A1,

CMO,

ARM

2.75%,

6/25/57 (1)

2,705‌

2,794‌

Towd

Point

Mortgage

Trust

Series

2017-6,

Class

A1,

CMO,

ARM

2.75%,

10/25/57 (1)

9,817‌

10,111‌

Towd

Point

Mortgage

Trust

Series

2018-1,

Class

A1,

CMO,

ARM

3.00%,

1/25/58 (1)

2,214‌

2,284‌

Towd

Point

Mortgage

Trust

Series

2018-2,

Class

A1,

CMO,

ARM

3.25%,

3/25/58 (1)

13,854‌

14,494‌

Towd

Point

Mortgage

Trust

Series

2018-5,

Class

A1A,

CMO,

ARM

3.25%,

7/25/58 (1)

9,813‌

10,168‌

Verus

Securitization

Trust

Series

2019-1,

Class

A1,

CMO,

ARM

3.836%,

2/25/59 (1)

4,098‌

4,123‌

Verus

Securitization

Trust

Series

2019-2,

Class

A1,

CMO,

ARM

3.211%,

5/25/59 (1)

3,718‌

3,73

6‌

Verus

Securitization

Trust

Series

2019-4,

Class

A3,

CMO,

STEP

3.00%,

11/25/59 (1)

3,173‌

3,228‌

Verus

Securitization

Trust

Series

2019-INV1,

Class

A1,

CMO,

ARM

3.402%,

12/25/59 (1)

2,048‌

2,075‌

Verus

Securitization

Trust

Series

2019-INV1,

Class

M1,

CMO,

ARM

4.034%,

12/25/59 (1)

1,795‌

1,825‌

Verus

Securitization

Trust

Series

2019-INV2,

Class

A1,

CMO,

ARM

2.913%,

7/25/59 (1)

7,543‌

7,715‌

Verus

Securitization

Trust

Series

2019-INV3,

Class

A3,

CMO,

ARM

3.10%,

11/25/59 (1)

5,006‌

5,121‌

Verus

Securitization

Trust

Series

2020-1,

Class

A1,

CMO,

STEP

2.417%,

1/25/60 (1)

8,519‌

8,678‌

Verus

Securitization

Trust

Series

2020-1,

Class

A3,

CMO,

STEP

2.724%,

1/25/60 (1)

4,877‌

4,959‌

Verus

Securitization

Trust

Series

2020-2,

Class

A1,

CMO,

ARM

2.226%,

5/25/60 (1)

11,775‌

11,910‌

Verus

Securitization

Trust

Series

2020-5,

Class

A3,

CMO,

STEP

1.733%,

5/25/65 (1)

3,330‌

3,334‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

30

Par/Shares

$

Value

(Amounts

in

000s)

Verus

Securitization

Trust

Series

2020-INV1,

Class

A1,

CMO,

ARM

1.977%,

3/25/60 (1)

1,357‌

1,381‌

Verus

Securitization

Trust

Series

2021-1,

Class

A2,

CMO,

ARM

1.052%,

1/25/66 (1)

5,035‌

5,032‌

Verus

Securitization

Trust

Series

2021-1,

Class

A3,

CMO,

ARM

1.155%,

1/25/66 (1)

2,975‌

2,974‌

Verus

Securitization

Trust

Series

2021-R1,

Class

A2,

CMO,

ARM

1.057%,

10/25/63 (1)

3,196‌

3,199‌

Vista

Point

Securitization

Trust

Series

2020-1,

Class

A1,

CMO,

ARM

1.763%,

3/25/65 (1)

3,294‌

3,324‌

Vista

Point

Securitization

Trust

Series

2020-2,

Class

A3,

CMO,

ARM

2.496%,

4/25/65 (1)

2

,648‌

2,683‌

Wells

Fargo

Mortgage

Backed

Securities

Trust

Series

2020-RR1,

Class

A17,

CMO,

ARM

3.00%,

5/25/50 (1)

1,774‌

1,791‌

530,316‌

Commercial

Mortgage-Backed

Securities

5.4%

280

Park

Avenue

Mortgage

Trust

Series

2017-280P,

Class

A,

ARM

1M

USD

LIBOR

+

0.88%,

0.992%,

9/15/34 (1)

5,835‌

5,839‌

Atrium

Hotel

Portfolio

Trust

Series

2017-ATRM,

Class

A,

ARM

1M

USD

LIBOR

+

0.93%,

1.043%,

12/15/36 (1)

13,085‌

13,085‌

Austin

Fairmont

Hotel

Trust

Series

2019-FAIR,

Class

A,

ARM

1M

USD

LIBOR

+

1.05%,

1.162%,

9/15/32 (1)

8,355‌

8,352‌

BAMLL

Commercial

Mortgage-Backed

Securities

Trust

Series

2018-DSNY,

Class

A,

ARM

1M

USD

LIBOR

+

0.85%,

0.962%,

9/15/34 (1)

8,180‌

8,177‌

BANK

Series

2019-BN19,

Class

A1

2.263%,

8/15/61 

2

,925‌

2,998‌

BANK

Series

2019-BN24,

Class

A1

2.056%,

11/15/62 

3,287‌

3,353‌

BX

Commercial

Mortgage

Trust

Series

2019-XL,

Class

B,

ARM

1M

USD

LIBOR

+

1.08%,

1.192%,

10/15/36 (1)

5,245‌

5,249‌

BX

Commercial

Mortgage

Trust

Series

2020-BXLP,

Class

C,

ARM

1M

USD

LIBOR

+

1.12%,

1.232%,

12/15/36 (1)

5,718‌

5,718‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

31

Par/Shares

$

Value

(Amounts

in

000s)

BX

Commercial

Mortgage

Trust

Series

2020-BXLP,

Class

D,

ARM

1M

USD

LIBOR

+

1.25%,

1.362%,

12/15/36 (1)

5,509‌

5,509‌

BX

Trust

Series

2018-GW,

Class

A,

ARM

1M

USD

LIBOR

+

0.80%,

0.912%,

5/15/35 (1)

11,837‌

11,841‌

CGDB

Commercial

Mortgage

Trust

Series

2019-MOB,

Class

D,

ARM

1M

USD

LIBOR

+

1.65%,

1.762%,

11/15/36 (1)

10,831‌

10,790‌

Cold

Storage

Trust

Series

2020-ICE5,

Class

B,

ARM

1M

USD

LIBOR

+

1.30%,

1.412%,

11/15/37 (1)

14,037‌

14,059‌

Commercial

Mortgage

Trust

Series

2013-300P,

Class

A1

4.353%,

8/10/30 (1)

4,134‌

4,428‌

Commercial

Mortgage

Trust

Series

2014-CR15,

Class

B,

ARM

4.691%,

2/10/47 

6,420‌

7,039‌

Commercial

Mortgage

Trust

Series

2014-CR19,

Class

D,

ARM

4.708%,

8/10/47 (1)

2,995‌

2,890‌

Commercial

Mortgage

Trust

Series

2014-UBS5,

Class

A4

3.838%,

9/10/47 

9,680‌

10,609‌

Commercial

Mortgage

Trust

Series

2015-LC23,

Class

A2

3.221%,

10/10/48 

9,801‌

9,741‌

Commercial

Mortgage

Trust

Series

2020-CBM,

Class

D,

ARM

3.633%,

2/10/37 (1)

3,895‌

3,765‌

Credit

Suisse

Mortgage

Capital

Certificates

Series

2019-ICE4,

Class

C,

ARM

1M

USD

LIBOR

+

1.43%,

1.542%,

5/15/36 (1)

8,520‌

8,531‌

Credit

Suisse

Mortgage

Capital

Certificates

Series

2019-ICE4,

Class

D,

ARM

1M

USD

LIBOR

+

1.60%,

1.712%,

5/15/36 (1)

6,220‌

6,255‌

Credit

Suisse

Mortgage

Trust

Series

2020-NET,

Class

A

2.257%,

8/15/37 (1)

3,395‌

3,480‌

Fontainebleau

Miami

Beach

Trust

Series

2019-FBLU,

Class

C

3.75%,

12/10/36 (1)

7,590‌

7,847‌

GCT

Commercial

Mortgage

Trust

Series

2021-GCT,

Class

A,

ARM

1M

USD

LIBOR

+

0.80%,

0.912%,

2/15/38 (1)

5,110‌

5,111‌

Goldman

Sachs

Mortgage

Securities

Trust

Series

2019-SOHO,

Class

A,

ARM

1M

USD

LIBOR

+

0.90%,

1.012%,

6/15/36 (1)

1,000‌

1,001‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

32

Par/Shares

$

Value

(Amounts

in

000s)

Great

Wolf

Trust

Series

2019-WOLF,

Class

A,

ARM

1M

USD

LIBOR

+

1.034%,

1.14%,

12/15/36 (1)

3,785‌

3,784‌

Great

Wolf

Trust

Series

2019-WOLF,

Class

C,

ARM

1M

USD

LIBOR

+

1.633%,

1.739%,

12/15/36 (1)

4,200‌

4,158‌

InTown

Hotel

Portfolio

Trust

Series

2018-STAY,

Class

A,

ARM

1M

USD

LIBOR

+

0.95%,

1.063%,

1/15/33 (1)

1,865‌

1,867‌

InTown

Hotel

Portfolio

Trust

Series

2018-STAY,

Class

C,

ARM

1M

USD

LIBOR

+

1.50%,

1.613%,

1/15/33 (1)

1,495‌

1,481‌

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2014-C23,

Class

A5

3.934%,

9/15/47 

8,280‌

9,092‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2019-BKWD,

Class

B,

ARM

1M

USD

LIBOR

+

1.35%,

1.463%,

9/15/29 (1)

12,870‌

12,861‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2019-BKWD,

Class

C,

ARM

1M

USD

LIBOR

+

1.60%,

1.712%,

9/15/29 (1)

3,975‌

3,970‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2020-609M,

Class

B,

ARM

1M

USD

LIBOR

+

1.77%,

1.883%,

10/15/33 (1)

8,240‌

8,263‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2020-609M,

Class

C,

ARM

1M

USD

LIBOR

+

2.17%,

2.282%,

10/15/33 (1)

6,310‌

6,330‌

KKR

Industrial

Portfolio

Trust

Series

2021-KDIP,

Class

C,

ARM

1M

USD

LIBOR

+

1.00%,

1.112%,

12/15/37 (1)

3,325‌

3,325‌

KKR

Industrial

Portfolio

Trust

Series

2021-KDIP,

Class

D,

ARM

1M

USD

LIBOR

+

1.25%,

1.362%,

12/15/37 (1)

2,510‌

2,510‌

Merit

Series

2020-HILL,

Class

B,

ARM

1M

USD

LIBOR

+

1.40%,

1.512%,

8/15/37 (1)

3,100‌

3,114‌

Merit

Series

2020-HILL,

Class

C,

ARM

1M

USD

LIBOR

+

1.70%,

1.812%,

8/15/37 (1)

2,825‌

2,839‌

Merit

Series

2020-HILL,

Class

D,

ARM

1M

USD

LIBOR

+

2.35%,

2.462%,

8/15/37 (1)

3,740‌

3,763‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2014-C18,

Class

AS,

ARM

4.11%,

10/15/47 

3,065‌

3,337‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2016-C30,

Class

A1

1.389%,

9/15/49 

314‌

314‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

33

Par/Shares

$

Value

(Amounts

in

000s)

Morgan

Stanley

Capital

I

Trust

Series

2014-150E,

Class

A

3.912%,

9/9/32 (1)

9,590‌

10,384‌

Morgan

Stanley

Capital

I

Trust

Series

2019-MEAD,

Class

D,

ARM

3.177%,

11/10/36 (1)

7,880‌

7,739‌

Morgan

Stanley

Capital

I

Trust

Series

2019-NUGS,

Class

D,

ARM

1M

USD

LIBOR

+

1.80%,

3.30%,

12/15/36 (1)

4,445‌

4,494‌

New

Orleans

Hotel

Trust

Series

2019-HNLA,

Class

B,

ARM

1M

USD

LIBOR

+

1.29%,

1.401%,

4/15/32 (1)

13,305‌

13,039‌

ONE

Mortgage

Trust

Series

2021-PARK,

Class

B,

ARM

1M

USD

LIBOR

+

0.95%,

1.20%,

3/15/36 (1)

11,219‌

11,219‌

ONE

Mortgage

Trust

Series

2021-PARK,

Class

C,

ARM

1M

USD

LIBOR

+

1.10%,

1.35%,

3/15/36 (1)

6,005‌

6,005‌

SLIDE

Series

2018-FUN,

Class

D,

ARM

1M

USD

LIBOR

+

1.85%,

1.962%,

6/15/31 (1)

6,566‌

6,393‌

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-NXS2,

Class

A2

3.02%,

7/15/58 

3,784‌

3,866‌

WFRBS

Commercial

Mortgage

Trust

Series

2012-C6,

Class

B

4.697%,

4/15/45 

6,351‌

6,527‌

WFRBS

Commercial

Mortgage

Trust

Series

2014-C23,

Class

A5

3.917%,

10/15/57 

8,820‌

9,715‌

WFRBS

Commercial

Mortgage

Trust

Series

2014-LC14,

Class

A5

4.045%,

3/15/47 

7,525‌

8,177‌

324,233‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$849,482)

854,549‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

3.4%

U.S.

Government

Agency

Obligations

2.8%

(4)

Federal

Home

Loan

Mortgage

3.50%,

3/1/46 

4,042‌

4,413‌

5.00%,

10/1/22

-

7/1/25 

980‌

1,027‌

5.50%,

11/1/21

-

10/1/38 

155‌

164‌

6.00%,

7/1/21

-

1/1/38 

632‌

754‌

7.00%,

3/1/39 

1,061‌

1,233‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

34

Par/Shares

$

Value

(Amounts

in

000s)

7.50%,

6/1/38 

1,025‌

1,185‌

Federal

Home

Loan

Mortgage,

ARM

12M

USD

LIBOR

+

1.591%,

2.216%,

9/1/35 

35‌

35‌

12M

USD

LIBOR

+

1.625%,

2.504%,

7/1/38 

282‌

285‌

12M

USD

LIBOR

+

1.625%,

2.563%,

6/1/38 

26‌

27‌

12M

USD

LIBOR

+

1.625%,

2.752%,

6/1/38 

197‌

206‌

12M

USD

LIBOR

+

1.625%,

3.479%,

4/1/37 

9‌

9‌

12M

USD

LIBOR

+

1.726%,

2.72%,

7/1/35 

97‌

103‌

12M

USD

LIBOR

+

1.733%,

2.108%,

2/1/37 

39‌

41‌

12M

USD

LIBOR

+

1.733%,

2.792%,

10/1/36 

253‌

267‌

12M

USD

LIBOR

+

1.735%,

2.109%,

2/1/37 

54‌

56‌

12M

USD

LIBOR

+

1.749%,

3.234%,

5/1/38 

96‌

96‌

12M

USD

LIBOR

+

1.775%,

3.343%,

5/1/37 

56‌

59‌

12M

USD

LIBOR

+

1.831%,

2.205%,

1/1/37 

50‌

50‌

12M

USD

LIBOR

+

1.929%,

2.314%,

12/1/36 

63‌

68‌

12M

USD

LIBOR

+

1.961%,

3.961%,

2/1/33 

1‌

1‌

12M

USD

LIBOR

+

2.03%,

2.448%,

11/1/36 

36‌

36‌

12M

USD

LIBOR

+

2.082%,

3.662%,

2/1/38 

216‌

231‌

12M

USD

LIBOR

+

2.191%,

2.897%,

2/1/37 

79‌

85‌

1Y

CMT

+

2.219%,

2.344%,

10/1/33 

1‌

1‌

1Y

CMT

+

2.347%,

2.472%,

11/1/34 

129‌

132‌

Federal

Home

Loan

Mortgage,

ARM,,

12M

USD

LIBOR

+

1.987%,

2.362%,

2/1/34 

8‌

8‌

Federal

Home

Loan

Mortgage,

CMO,

4.00%,

11/15/36 

90‌

91‌

Federal

Home

Loan

Mortgage,

UMBS

3.00%,

11/1/34 

1,354‌

1,452‌

4.00%,

12/1/49

-

2/1/50 

4,747‌

5,139‌

4.50%,

3/1/49

-

5/1/50 

4,939‌

5,386‌

5.00%,

12/1/41 

3,271‌

3,693‌

Federal

National

Mortgage

Assn.,

ARM

12M

USD

LIBOR

+

1.34%,

1.715%,

12/1/35 

25‌

26‌

12M

USD

LIBOR

+

1.59%,

2.043%,

12/1/35 

68‌

69‌

12M

USD

LIBOR

+

1.613%,

2.375%,

7/1/35 

54‌

54‌

12M

USD

LIBOR

+

1.655%,

2.62%,

8/1/37 

20‌

20‌

12M

USD

LIBOR

+

1.677%,

2.052%,

2/1/33 

3‌

3‌

12M

USD

LIBOR

+

1.677%,

2.732%,

7/1/34 

7‌

7‌

12M

USD

LIBOR

+

1.69%,

2.775%,

5/1/38 

274‌

288‌

12M

USD

LIBOR

+

1.715%,

2.09%,

12/1/32 

45‌

46‌

12M

USD

LIBOR

+

1.715%,

2.215%,

10/1/32 

17‌

17‌

12M

USD

LIBOR

+

1.726%,

2.226%,

9/1/32 

2‌

2‌

12M

USD

LIBOR

+

1.77%,

2.145%,

12/1/35 

9‌

9‌

12M

USD

LIBOR

+

1.78%,

2.155%,

1/1/34 

14‌

14‌

12M

USD

LIBOR

+

1.788%,

3.788%,

5/1/38 

96‌

96‌

12M

USD

LIBOR

+

1.83%,

3.335%,

8/1/38 

9‌

9‌

12M

USD

LIBOR

+

1.83%,

3.615%,

4/1/38 

179‌

188‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

35

Par/Shares

$

Value

(Amounts

in

000s)

12M

USD

LIBOR

+

1.853%,

2.691%,

8/1/38 

22‌

24‌

12M

USD

LIBOR

+

1.853%,

2.694%,

8/1/38 

99‌

104‌

12M

USD

LIBOR

+

1.861%,

3.64%,

5/1/38 

148‌

150‌

12M

USD

LIBOR

+

1.892%,

2.307%,

12/1/35 

22‌

23‌

1Y

CMT

+

2.00%,

2.125%,

1/1/35 

2‌

2‌

1Y

CMT

+

2.125%,

2.50%,

7/1/33 

2‌

2‌

6M

USD

LIBOR

+

1.365%,

2.041%,

10/1/33 

378‌

387‌

COF11

+

1.25%,

2.293%,

7/1/27 

2‌

2‌

COF11

+

1.25%,

4.685%,

5/1/24 

—‌

—‌

Federal

National

Mortgage

Assn.,

CMO,

4.00%,

6/25/44 

4,879‌

4,983‌

Federal

National

Mortgage

Assn.,

CMO,STEP,

5.61%,

1/25/32 

3‌

3‌

Federal

National

Mortgage

Assn.,

UMBS

2.50%,

11/1/50 

2,679‌

2,780‌

3.00%,

9/1/28

-

2/1/35 

11,016‌

11,697‌

3.50%,

12/1/45

-

7/1/50 

9,502‌

10,220‌

4.00%,

1/1/47

-

1/1/50 

12,713‌

13,698‌

4.50%,

8/1/24

-

1/1/50 

33,543‌

36,638‌

5.00%,

3/1/21

-

9/1/48 

10,017‌

11,432‌

5.50%,

8/1/21

-

5/1/40 

11,356‌

13,158‌

6.00%,

5/1/21

-

2/1/49 

13,952‌

16,782‌

6.50%,

7/1/32

-

12/1/32 

458‌

531‌

UMBS,

TBA

2.00%,

4/1/36

-

3/1/51 (5)

17,770‌

18,314‌

3.00%,

3/1/51 (5)

3,380‌

3,537‌

171,648‌

U.S.

Government

Obligations

0.6%

Government

National

Mortgage

Assn.

3.50%,

2/20/48 

750‌

830‌

4.00%,

3/20/48

-

4/20/50 

1,964‌

2,179‌

4.50%,

8/20/47 

3,191‌

3,492‌

5.00%,

12/20/34

-

5/20/48 

13,987‌

15,598‌

5.50%,

9/15/45

-

2/20/49 

5,201‌

6,057‌

6.00%,

7/15/36 

2,184‌

2,628‌

Government

National

Mortgage

Assn.,

TBA,

4.00%,

3/20/51 (5)

3,245‌

3,472‌

34,256‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$198,394)

205,904‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

14.8%

U.S.

Treasury

Obligations

14.8%

U.S.

Treasury

Notes,

0.125%,

4/30/22 

60,245‌

60,254‌

U.S.

Treasury

Notes,

0.125%,

5/31/22 

80,000‌

80,025‌

U.S.

Treasury

Notes,

0.125%,

9/30/22 

56,155‌

56,155‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

36

Par/Shares

$

Value

(Amounts

in

000s)

U.S.

Treasury

Notes,

0.125%,

10/31/22 

115,075‌

115,075‌

U.S.

Treasury

Notes,

0.125%,

11/30/22 

153,875‌

153,875‌

U.S.

Treasury

Notes,

0.125%,

12/31/22 

30,000‌

30,000‌

U.S.

Treasury

Notes,

0.125%,

5/15/23 

50,745‌

50,698‌

U.S.

Treasury

Notes,

0.125%,

7/15/23 

54,280‌

54,195‌

U.S.

Treasury

Notes,

0.125%,

8/15/23 

55,285‌

55,181‌

U.S.

Treasury

Notes,

0.25%,

6/15/23 

26,600‌

26,642‌

U.S.

Treasury

Notes,

1.50%,

9/15/22 

49,745‌

50,794‌

U.S.

Treasury

Notes,

1.75%,

6/15/22 

60,580‌

61,867‌

U.S.

Treasury

Notes,

1.75%,

7/15/22 

67,395‌

68,901‌

U.S.

Treasury

Notes,

2.125%,

5/15/22 

14,550‌

14,905‌

U.S.

Treasury

Notes,

2.50%,

1/15/22 (6)

5,795‌

5,917‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$879,988)

884,484‌

SHORT-TERM

INVESTMENTS

3.1%

Commercial

Paper

1.7%

4(2)

1.7%(7)

AT&T,

0.401%,

12/14/21 

19,695‌

19,644‌

Conagra

Foods,

0.904%,

4/8/21 

27,160‌

27,143‌

Ovintiv

,

0.95%,

3/26/21 

11,115‌

11,112‌

Ovintiv

,

1.00%,

3/16/21 

30,745‌

30,739‌

Plains

All

American

Pipeline,

0.55%,

3/4/21 

13,755‌

13,755‌

Total

Commercial

Paper

102,393‌

Money

Market

Funds

1.4%

T.

Rowe

Price

Government

Reserve

Fund,

0.05% (8)(9)

81,187‌

81,187‌

Total

Short-Term

Investments

(Cost

$183,547)

183,580‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

37

(Amounts

in

000s,

except

for

contracts)

Options

Purchased

0.0%

OTC

Options

Purchased

0.0%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Morgan

Stanley

Credit

Default

Swap,

Protection

Sold

(Relevant

Credit:

Markit

CDX.

NA.IG-S35,

5

Year

Index,

12/20/25),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

3/17/21

@

0.45%* (10)

1‌

43,675‌

2‌

Total

Options

Purchased

(Cost

$24)

2‌

Total

Investments

in

Securities

100.7%

(Cost

$5,928,953)

$

6,024,510‌

Other

Assets

Less

Liabilities

(0.7)%

(44,308‌)

Net

Assets

100.0%

$

5,980,202‌

‡

Par/Shares

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

*

Exercise

Spread

(1)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$2,156,810

and

represents

36.1%

of

net

assets.

(2)

All

or

a

portion

of

this

loan

is

unsettled

as

of

February

28,

2021.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(3)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

is

provided

if

the

rate

is

currently

floating.

(4)

Issuer

operates

under

a

Congressional

charter;

its

securities

are

neither

issued

nor

guaranteed

by

the

U.S.

government.

The

Federal

National

Mortgage

Association

and

the

Federal

Home

Loan

Mortgage

Corporation,

including

UMBS,

currently

operate

under

a

federal

conservatorship.

(5)

To-Be-Announced

purchase

commitment.

Total

value

of

such

securities

at

period-end

amounts

to

$25,323

and

represents

0.4%

of

net

assets.

(6)

All

or

a

portion

of

this

security

is

pledged

to

cover

or

as

collateral

for

written

call

options

at

February

28,

2021.

(7)

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

$102,393

and

represents

1.7%

of

net

assets.

(8)

Seven-day

yield

T.

ROWE

PRICE

Short-Term

Bond

Fund

38

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(9)

Affiliated

Companies

(10)

Non-income

producing

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

6M

USD

LIBOR

Six

month

USD

LIBOR

(London

interbank

offered

rate)

12M

USD

LIBOR

Twelve

month

USD

LIBOR

(London

interbank

offered

rate)

1Y

CMT

One

year

U.S.

Treasury

note

constant

maturity

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

ARMs

are

not

based

on

a

published

reference

rate

and

spread

but

may

be

determined

using

a

formula

based

on

the

rates

of

the

underlying

loans. 

CLO

Collateralized

Loan

Obligation

CMO

Collateralized

Mortgage

Obligation

COF11

The

11th

district

monthly

weighted

average

cost

of

funds

index

FRN

Floating

Rate

Note

GO

General

Obligation

OTC

Over-the-counter

PTT

Pass-Through

Trust

SOFR30A

30-day

Average

SOFR

(Secured

Overnight

Financing

Rate)

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

TBA

To-Be-Announced

UMBS

Uniform

Mortgage-Backed

Securities

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

Short-Term

Bond

Fund

39

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.0)%

OTC

Options

Written

(0.0)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Morgan

Stanley

Credit

Default

Swap,

Protection

Bought

(Relevant

Credit:

Markit

CDX.

NA.IG-S35,

5

Year

Index,

12/20/25),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

3/17/21

@

0.80%*

1

43,675

(10‌)

Total

Options

Written

(Premiums

$(60))

$

(10‌)

T.

ROWE

PRICE

Short-Term

Bond

Fund

40

(Amounts

in

000s)

SWAPS

(0.0)%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

(0.0)%

Credit

Default

Swaps,

Protection

Bought

(0.0)%

Bank

of

America,

Protection

Bought

(Relevant

Credit:

General

Mills,

3.15%,

12/15/21),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/24

4,857

(142)

(118)

(24)

Barclays

Bank,

Protection

Bought

(Relevant

Credit:

Omnicom

Group,

3.65%,

11/01/24),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/24

13,750

(321)

(336)

15

Citibank,

Protection

Bought

(Relevant

Credit:

General

Mills,

3.15%,

12/15/21),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/24

6,938

(202)

(167)

(35)

Goldman

Sachs,

Protection

Bought

(Relevant

Credit:

General

Mills,

3.15%,

12/15/21),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/24

13,815

(403)

(336)

(67)

Total

Bilateral

Credit

Default

Swaps,

Protection

Bought

(957)

(111)

Credit

Default

Swaps,

Protection

Sold

0.0%

Bank

of

America,

Protection

Sold

(Relevant

Credit:

Boeing,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default

,

12/20/21

28,000

179

126

53

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

AT&T,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/22

14,500

183

137

46

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Enbridge,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/23

20,250

283

(657)

940

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

General

Electric,

Baa1*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/21

14,000

104

—

104

Citibank,

Protection

Sold

(Relevant

Credit:

Devon

Energy,

Ba1*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/24

*

1,830

10

(8)

18

T.

ROWE

PRICE

Short-Term

Bond

Fund

41

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Protection

Sold

(Relevant

Credit:

Devon

Energy,

Ba1*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/24

1,510

8

(8)

16

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(410)

1,177

Total

Bilateral

Swaps

(1,367)

1,066

*

Credit

ratings

as

of

February

28,

2021.

Ratings

shown

are

from

Moody’s

Investors

Service

and

if

Moody’s

does

not

rate

a

security,

then

Standard

&

Poor’s

(S&P)

is

used.

Fitch

is

used

for

securities

that

are

not

rated

by

either

Moody’s

or

S&P.

T.

ROWE

PRICE

Short-Term

Bond

Fund

42

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

1,542

U.S.

Treasury

Notes

five

year

contracts

6/21

(191,160)

$

1,552‌

Short,

934

U.S.

Treasury

Notes

ten

year

contracts

6/21

(123,959)

1,525‌

Long,

4,239

U.S.

Treasury

Notes

two

year

contracts

6/21

935,826

(774‌)

Net

payments

(receipts)

of

variation

margin

to

date

(2,248‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

55‌

T.

ROWE

PRICE

Short-Term

Bond

Fund

43

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

nine

months

ended

February

28,

2021.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

$

—‌#

$

—‌

$

43‌+

`0.00

`0.00

`0.00

Supplementary

Investment

Schedule

Affiliate

Value

05/31/20

Purchase

Cost

Sales

Cost

Value

02/28/21

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

$

34,263‌

 ¤

 ¤

$

81,187‌^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$43

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

$81,187.

T.

ROWE

PRICE

Short-Term

Bond

Fund

Unaudited

Notes

to

Portfolio

of

Investments

44

T.

Rowe

Price

Short-Term

Bond

Fund (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The

T.

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

is

an

internal

committee

that

has

been

delegated

certain

responsibilities

by

the

fund’s

Board

of

Directors

(the

Board)

to

ensure

that

financial

instruments

are

appropriately

priced

at

fair

value

in

accordance

with

GAAP

and

the

1940

Act.

Subject

to

oversight

by

the

Board,

the

Valuation

Committee

develops

and

oversees

pricing-related

policies

and

procedures

and

approves

all

fair

value

determinations.

Specifically,

the

Valuation

Committee

establishes

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

T.

ROWE

PRICE

Short-Term

Bond

Fund

45

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

fund's

own

assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Investments

for

which

market

quotations

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

The

objective

of

any

fair

value

pricing

determination

is

to

arrive

at

a

price

that

could

reasonably

be

expected

from

a

current

sale.

Financial

instruments

fair

valued

by

the

Valuation

Committee

are

primarily

private

placements,

restricted

securities,

warrants,

T.

ROWE

PRICE

Short-Term

Bond

Fund

46

rights,

and

other

securities

that

are

not

publicly

traded.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Committee

typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Committee

may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis

and

updated

as

information

becomes

available,

including

actual

purchase

and

sale

transactions

of

the

investment.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions,

and

fair

value

prices

determined

by

the

Valuation

Committee

could

differ

from

those

of

other

market

participants.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

February

28,

2021

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

T.

ROWE

PRICE

Short-Term

Bond

Fund

47

F55-054Q3

02/21 

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

5,840,928‌

$

—‌

$

5,840,928‌

Short-Term

Investments

81,187‌

102,393‌

—‌

183,580‌

Options

Purchased

—‌

2‌

—‌

2‌

Total

Securities

81,187‌

5,943,323‌

—‌

6,024,510‌

Swaps

—‌

767‌

—‌

767‌

Futures

Contracts*

3,077‌

—‌

—‌

3,077‌

Total

$

84,264‌

$

5,944,090‌

$

—‌

$

6,028,354‌

Liabilities

Options

Written

$

—‌

$

10‌

$

—‌

$

10‌

Swaps

—‌

1,068‌

—‌

1,068‌

Futures

Contracts*

774‌

—‌

—‌

774‌

Total

$

774‌

$

1,078‌

$

—‌

$

1,852‌

1

Includes

Asset-Backed

Securities,

Corporate

Bonds,

Foreign

Government

Obligations

&

Municipalities,

Municipal

Securities,

Non-U.S.

Government

Mortgage-Backed

Securities,

U.S.

Government

&

Agency

Mortgage-Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.