NPORT-EX 2 70DHTRP022822.htm
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
February
28,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
11.6%
Auto
Backed
7.7%
AmeriCredit
Automobile
Receivables
Trust
Series
2020-2,
Class
B
0.97%,
2/18/26 
800‌
795‌
AmeriCredit
Automobile
Receivables
Trust
Series
2020-3,
Class
B
0.76%,
12/18/25 
7,500‌
7,426‌
ARI
Fleet
Lease
Trust
Series
2021-A,
Class
A2
0.37%,
3/15/30 (1)
7,250‌
7,179‌
Avis
Budget
Rental
Car
Funding
AESOP
Series
2017-2A,
Class
A
2.97%,
3/20/24 (1)
6,280‌
6,367‌
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-1A,
Class
B
3.70%,
3/20/23 (1)
678‌
679‌
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-1A,
Class
C
4.53%,
3/20/23 (1)
38‌
38‌
Carvana
Auto
Receivables
Trust
Series
2021-N4,
Class
B
1.24%,
9/11/28 
15,635‌
15,489‌
Chase
Auto
Credit
Linked
Notes
Series
2020-1,
Class
B
0.991%,
1/25/28 (1)
1,892‌
1,884‌
Chase
Auto
Credit
Linked
Notes
Series
2020-2,
Class
B
0.84%,
2/25/28 (1)
3,417‌
3,393‌
Chase
Auto
Credit
Linked
Notes
Series
2021-2,
Class
B
0.889%,
12/26/28 (1)
17,995‌
17,789‌
Drive
Auto
Receivables
Trust
Series
2021-1,
Class
B
0.65%,
7/15/25 
6,250‌
6,234‌
Exeter
Automobile
Receivables
Trust
Series
2020-2A,
Class
B
2.08%,
7/15/24 (1)
468‌
469‌
Exeter
Automobile
Receivables
Trust
Series
2020-3A,
Class
B
0.79%,
9/16/24 
10,693‌
10,693‌
Exeter
Automobile
Receivables
Trust
Series
2021-1A,
Class
B
0.50%,
2/18/25 
25,000‌
24,958‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
Exeter
Automobile
Receivables
Trust
Series
2021-2A,
Class
B
0.57%,
9/15/25 
15,200‌
15,099‌
Ford
Credit
Auto
Lease
Trust
Series
2020-A,
Class
B
2.05%,
6/15/23 
3,515‌
3,529‌
Ford
Credit
Auto
Lease
Trust
Series
2020-B,
Class
B
1.00%,
11/15/23 
2,250‌
2,243‌
Ford
Credit
Auto
Lease
Trust
Series
2021-A,
Class
B
0.47%,
5/15/24 
17,400‌
17,158‌
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2020-1,
Class
B
0.98%,
9/15/25 
5,195‌
5,117‌
GM
Financial
Automobile
Leasing
Trust
Series
2020-1,
Class
B
1.84%,
12/20/23 
2,545‌
2,554‌
GM
Financial
Automobile
Leasing
Trust
Series
2020-2,
Class
B
1.56%,
7/22/24 
770‌
772‌
GM
Financial
Automobile
Leasing
Trust
Series
2020-3,
Class
B
0.76%,
10/21/24 
2,215‌
2,194‌
GMF
Floorplan
Owner
Revolving
Trust
Series
2020-1,
Class
B
1.03%,
8/15/25 (1)
1,435‌
1,418‌
GMF
Floorplan
Owner
Revolving
Trust
Series
2020-2,
Class
B
0.96%,
10/15/25 (1)
2,145‌
2,112‌
Hyundai
Auto
Lease
Securitization
Trust
Series
2020-B,
Class
B
0.81%,
10/15/24 (1)
1,930‌
1,915‌
Hyundai
Auto
Lease
Securitization
Trust
Series
2021-A,
Class
B
0.61%,
10/15/25 (1)
8,700‌
8,574‌
Hyundai
Auto
Lease
Securitization
Trust
Series
2021-B,
Class
B
0.62%,
3/16/26 (1)
20,345‌
19,805‌
JPMorgan
Chase
Bank
-
CACLN
Series
2021-3,
Class
B
0.76%,
2/26/29 (1)
13,399‌
13,202‌
Navistar
Financial
Dealer
Note
Master
Trust
Series
2020-1,
Class
A,
FRN
1M
USD
LIBOR
+
0.95%,
1.137%,
7/25/25 (1)
5,520‌
5,527‌
Santander
Bank
Series
2021-1A,
Class
B
1.833%,
12/15/31 (1)
4,728‌
4,687‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
Santander
Consumer
Auto
Receivables
Trust
Series
2020-AA,
Class
A
1.37%,
10/15/24 (1)
1,157‌
1,159‌
Santander
Consumer
Auto
Receivables
Trust
Series
2021-BA,
Class
B
1.45%,
10/16/28 (1)
1,862‌
1,859‌
Santander
Consumer
Auto
Receivables
Trust
Series
2021-CA,
Class
B
1.44%,
4/17/28 (1)
752‌
751‌
Santander
Drive
Auto
Receivables
Trust
Series
2020-2,
Class
B
0.96%,
11/15/24 
1,039‌
1,039‌
Santander
Drive
Auto
Receivables
Trust
Series
2020-3,
Class
B
0.69%,
3/17/25 
6,259‌
6,258‌
Santander
Drive
Auto
Receivables
Trust
Series
2020-4,
Class
B
0.73%,
3/17/25 
13,500‌
13,497‌
Santander
Drive
Auto
Receivables
Trust
Series
2021-3,
Class
B
0.60%,
12/15/25 
11,000‌
10,891‌
Santander
Retail
Auto
Lease
Trust
Series
2019-B,
Class
D
3.31%,
6/20/24 (1)
2,000‌
2,019‌
Santander
Retail
Auto
Lease
Trust
Series
2019-C,
Class
D
2.88%,
6/20/24 (1)
10,500‌
10,582‌
Santander
Retail
Auto
Lease
Trust
Series
2020-A,
Class
A3
1.74%,
7/20/23 (1)
4,266‌
4,278‌
Santander
Retail
Auto
Lease
Trust
Series
2020-B,
Class
B
0.82%,
12/20/24 (1)
11,555‌
11,276‌
Santander
Retail
Auto
Lease
Trust
Series
2021-B,
Class
B
0.84%,
6/20/25 (1)
13,860‌
13,468‌
Santander
Retail
Auto
Lease
Trust
Series
2021-C,
Class
B
0.83%,
3/20/26 (1)
10,135‌
9,882‌
World
Omni
Auto
Receivables
Trust
Series
2020-A,
Class
B
1.93%,
6/16/25 
3,430‌
3,449‌
World
Omni
Automobile
Lease
Securitization
Trust
Series
2020-B,
Class
B
0.70%,
2/17/26 
7,250‌
7,138‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
World
Omni
Select
Auto
Trust
Series
2020-A,
Class
B
0.84%,
6/15/26 
4,595‌
4,564‌
311,409‌
Collateralized
Debt
Obligation
0.5%
Barings
Series
2013-IA,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.80%,
1.054%,
1/20/28 (1)
768‌
766‌
Magnetite
XVI
Series
2015-16A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.80%,
1.041%,
1/18/28 (1)
918‌
910‌
Symphony
Static
I
Series
2021-1A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
0.83%,
0.959%,
10/25/29 (1)
16,250‌
16,238‌
17,914‌
Equipment
Lease
Heavy
Duty
0.0%
CCG
Receivables
Trust
Series
2019-2,
Class
A2
2.11%,
3/15/27 (1)
1,275‌
1,281‌
1,281‌
Home
Equity
Loans
Backed
0.2%
Citigroup
Mortgage
Loan
Trust
Series
2019-IMC1,
Class
A1,
CMO,
ARM
2.72%,
7/25/49 (1)
182‌
182‌
Citigroup
Mortgage
Loan
Trust
Series
2020-EXP2,
Class
A3,
CMO,
ARM
2.50%,
8/25/50 (1)
7,696‌
7,560‌
Citigroup
Mortgage
Loan
Trust
Series
2020-EXP2,
Class
A4,
CMO,
ARM
2.50%,
8/25/50 (1)
1,860‌
1,817‌
9,559‌
Other
Asset-Backed
Securities
1.2%
Elara
HGV
Timeshare
Issuer
Series
2016-A,
Class
A
2.73%,
4/25/28 (1)
825‌
828‌
Elara
HGV
Timeshare
Issuer
Series
2017-A,
Class
A
2.69%,
3/25/30 (1)
2,452‌
2,467‌
Hilton
Grand
Vacations
Trust
Series
2017-AA,
Class
A
2.66%,
12/26/28 (1)
59‌
60‌
Hilton
Grand
Vacations
Trust
Series
2019-AA,
Class
A
2.34%,
7/25/33 (1)
876‌
873‌
HPEFS
Equipment
Trust
Series
2021-2A,
Class
B
0.61%,
9/20/28 (1)
5,250‌
5,137‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
MVW
Series
2020-1A,
Class
A
1.74%,
10/20/37 (1)
89‌
88‌
MVW
Series
2021-1WA,
Class
A
1.14%,
1/22/41 (1)
5,218‌
5,053‌
Nelnet
Student
Loan
Trust
Series
2021-DA,
Class
AFL,
FRN
1M
USD
LIBOR
+
0.69%,
0.852%,
4/20/62 (1)
5,906‌
5,873‌
Octane
Receivables
Trust
Series
2021-1A,
Class
A
0.93%,
3/22/27 (1)
12,737‌
12,595‌
Octane
Receivables
Trust
Series
2021-2A,
Class
A
1.21%,
9/20/28 (1)
10,018‌
9,864‌
Sierra
Timeshare
Receivables
Funding
Series
2019-3A,
Class
A
2.34%,
8/20/36 (1)
4,686‌
4,671‌
Sierra
Timeshare
Receivables
Funding
Series
2020-2A,
Class
A
1.33%,
7/20/37 (1)
279‌
274‌
47,783‌
Student
Loans
2.0%
Navient
Private
Education
Loan
Trust
Series
2016-AA,
Class
A2A
3.91%,
12/15/45 (1)
11,480‌
11,778‌
Navient
Private
Education
Loan
Trust
Series
2017-A,
Class
A2B,
FRN
1M
USD
LIBOR
+
0.90%,
1.091%,
12/16/58 (1)
638‌
637‌
Navient
Private
Education
Loan
Trust
Series
2020-IA,
Class
A1A
1.33%,
4/15/69 (1)
3,542‌
3,422‌
Navient
Private
Education
Refi
Loan
Trust
Series
2020-DA,
Class
A
1.69%,
5/15/69 (1)
833‌
826‌
Navient
Private
Education
Refi
Loan
Trust
Series
2020-FA,
Class
A
1.22%,
7/15/69 (1)
3,407‌
3,344‌
Navient
Private
Education
Refi
Loan
Trust
Series
2021-A,
Class
A
0.84%,
5/15/69 (1)
1,535‌
1,491‌
Navient
Private
Education
Refi
Loan
Trust
Series
2021-BA,
Class
A
0.94%,
7/15/69 (1)
7,092‌
6,860‌
Navient
Private
Education
Refi
Loan
Trust
Series
2021-CA,
Class
A
1.06%,
10/15/69 (1)
15,506‌
15,018‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
Navient
Private
Education
Refi
Loan
Trust
Series
2021-EA,
Class
A
0.97%,
12/16/69 (1)
10,803‌
10,409‌
Navient
Private
Education
Refi
Loan
Trust
Series
2021-FA,
Class
A
1.11%,
2/18/70 (1)
4,300‌
4,104‌
Navient
Private
Education
Refi
Loan
Trust
Series
2021-GA,
Class
A
1.58%,
4/15/70 (1)
13,397‌
13,047‌
Navient
Private
Education
Refi
Loan
Trust
Series
2022-A,
Class
A
2.23%,
7/15/70 (1)
3,555‌
3,524‌
SMB
Private
Education
Loan
Trust
Series
2014-A,
Class
A3,
FRN
1M
USD
LIBOR
+
1.50%,
1.691%,
4/15/32 (1)
2,307‌
2,322‌
SMB
Private
Education
Loan
Trust
Series
2019-A,
Class
A2A
3.44%,
7/15/36 (1)
2,539‌
2,602‌
SMB
Private
Education
Loan
Trust
Series
2021-A,
Class
A1,
FRN
1M
USD
LIBOR
+
0.50%,
0.691%,
1/15/53 (1)
891‌
890‌
80,274‌
Total
Asset-Backed
Securities
(Cost
$474,780)
468,220‌
CORPORATE
BONDS
48.6%
Airlines
1.0%
SMBC
Aviation
Capital
Finance,
3.00%,
7/15/22 (1)
18,066‌
18,172‌
SMBC
Aviation
Capital
Finance,
4.125%,
7/15/23 (1)
13,698‌
14,080‌
Southwest
Airlines,
4.75%,
5/4/23 
6,026‌
6,227‌
38,479‌
Automotive
1.9%
BMW
U.S.
Capital,
FRN,
SOFRINDX
+
0.53%,
0.579%,
4/1/24 (1)
10,000‌
10,039‌
Daimler
Trucks
Finance
North
America,
FRN,
SOFR
+
0.75%,
0.799%,
12/13/24 (1)
12,843‌
12,894‌
Hyundai
Capital
America,
1.15%,
11/10/22 (1)
4,645‌
4,621‌
Hyundai
Capital
America,
2.85%,
11/1/22 (1)
1,667‌
1,678‌
Hyundai
Capital
America,
3.00%,
6/20/22 (1)
1,155‌
1,159‌
Nissan
Motor,
3.043%,
9/15/23 (1)
17,346‌
17,500‌
Nissan
Motor
Acceptance,
3.45%,
3/15/23 (1)
5,528‌
5,604‌
Nissan
Motor
Acceptance,
3.875%,
9/21/23 (1)
5,000‌
5,110‌
Stellantis,
5.25%,
4/15/23 
15,110‌
15,563‌
Volkswagen
Group
of
America
Finance,
2.90%,
5/13/22 (1)
2,075‌
2,083‌
76,251‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
Banking
18.7%
ABN
AMRO
Bank,
6.25%,
4/27/22 
23,942‌
24,111‌
AIB
Group,
4.75%,
10/12/23 (1)
16,335‌
16,906‌
Bangkok
Bank,
4.05%,
3/19/24 
16,000‌
16,601‌
Bank
of
America,
FRN,
SOFR
+
0.69%,
0.74%,
4/22/25 
15,000‌
15,019‌
Bank
of
Ireland
Group,
4.50%,
11/25/23 (1)
27,452‌
28,256‌
Bank
of
Montreal,
FRN,
SOFRINDX
+
0.32%,
0.369%,
7/9/24 
10,000‌
9,975‌
Bank
of
Montreal,
FRN,
SOFRINDX
+
0.68%,
0.729%,
3/10/23 
18,500‌
18,547‌
Bank
of
Nova
Scotia,
FRN,
SOFRINDX
+
0.445%,
0.494%,
4/15/24 
17,145‌
17,144‌
Bank
of
Nova
Scotia,
FRN,
SOFRINDX
+
0.55%,
0.599%,
9/15/23 
12,544‌
12,557‌
Barclays
Bank,
1.70%,
5/12/22 
2,610‌
2,615‌
BDO
Unibank,
2.95%,
3/6/23 
11,650‌
11,688‌
BPCE,
3.00%,
5/22/22 (1)
10,000‌
10,043‌
BPCE,
5.70%,
10/22/23 (1)
34,423‌
36,139‌
Canadian
Imperial
Bank
of
Commerce,
FRN,
SOFRINDX
+
0.40%,
0.449%,
12/14/23 
6,257‌
6,249‌
Citigroup,
FRN,
SOFR
+
0.669%,
0.719%,
5/1/25 
15,000‌
14,995‌
Citizens
Financial
Group,
4.15%,
9/28/22 (1)
9,060‌
9,233‌
Credit
Suisse
Group,
VR,
2.997%,
12/14/23 (1)(2)
14,030‌
14,136‌
Danske
Bank,
3.875%,
9/12/23 (1)
7,695‌
7,873‌
Danske
Bank,
5.375%,
1/12/24 (1)
2,916‌
3,068‌
Danske
Bank,
VR,
1.171%,
12/8/23 (1)(2)
5,000‌
4,973‌
Deutsche
Bank,
Series
E,
FRN,
SOFR
+
0.50%,
0.55%,
11/8/23 
20,000‌
19,959‌
Discover
Financial
Services,
5.20%,
4/27/22 
4,817‌
4,848‌
Goldman
Sachs
Group,
FRN,
SOFR
+
0.50%,
0.549%,
9/10/24 
10,000‌
9,960‌
Goldman
Sachs
Group,
FRN,
SOFR
+
0.58%,
0.629%,
3/8/24 
10,000‌
9,992‌
Goldman
Sachs
Group,
FRN,
SOFR
+
0.70%,
0.749%,
1/24/25 
9,950‌
9,950‌
Hana
Bank,
4.625%,
10/24/23 
12,500‌
12,983‌
HSBC
Holdings,
4.25%,
3/14/24 
20,041‌
20,723‌
HSBC
Holdings,
FRN,
SOFR
+
0.58%,
0.63%,
11/22/24 
10,000‌
10,005‌
HSBC
Holdings,
VR,
3.262%,
3/13/23 (2)
9,856‌
9,864‌
ICICI
Bank,
3.25%,
9/9/22 
11,200‌
11,258‌
ING
Bank,
5.80%,
9/25/23 
3,307‌
3,478‌
Intesa
Sanpaolo,
3.125%,
7/14/22 (1)
10,472‌
10,519‌
Intesa
Sanpaolo,
3.375%,
1/12/23 (1)
15,000‌
15,183‌
JPMorgan
Chase,
FRN,
SOFR
+
0.535%,
0.585%,
6/1/25 
10,000‌
9,966‌
JPMorgan
Chase,
FRN,
SOFR
+
0.58%,
0.629%,
6/23/25 
10,000‌
9,954‌
Lloyds
Banking
Group,
VR,
1.326%,
6/15/23 (2)
855‌
854‌
Lloyds
Banking
Group,
VR,
2.907%,
11/7/23 (2)
5,000‌
5,036‌
Mitsubishi
UFJ
Financial
Group,
3.218%,
3/7/22 
3,000‌
3,001‌
Mizuho
Financial
Group
Cayman
2,
4.20%,
7/18/22 
27,205‌
27,561‌
Morgan
Stanley,
FRN,
SOFR
+
0.95%,
1.00%,
2/18/26 
14,925‌
14,893‌
National
Bank
of
Canada,
VR,
0.90%,
8/15/23 (2)
2,270‌
2,259‌
Nationwide
Building
Society,
VR,
3.622%,
4/26/23 (1)(2)
19,956‌
20,013‌
Natwest
Group,
6.125%,
12/15/22 
12,269‌
12,679‌
Natwest
Group,
VR,
3.498%,
5/15/23 (2)
3,150‌
3,163‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
NatWest
Markets,
FRN,
SOFR
+
0.53%,
0.58%,
8/12/24 (1)
6,315‌
6,315‌
Nordea
Bank,
4.25%,
9/21/22 (1)
14,848‌
15,109‌
Societe
Generale,
5.00%,
1/17/24 (1)
7,815‌
8,134‌
Societe
Generale,
FRN,
SOFR
+
1.05%,
1.099%,
1/21/26 (1)
10,000‌
10,030‌
Standard
Chartered,
3.95%,
1/11/23 (1)
23,807‌
24,176‌
Standard
Chartered,
5.20%,
1/26/24 (1)
2,157‌
2,251‌
Standard
Chartered,
FRN,
SOFR
+
0.93%,
0.98%,
11/23/25 (1)
5,000‌
5,006‌
Standard
Chartered,
VR,
1.319%,
10/14/23 (1)(2)
1,915‌
1,908‌
State
Bank
of
India,
4.50%,
9/28/23 
13,300‌
13,764‌
State
Street,
VR,
2.825%,
3/30/23 (2)
930‌
931‌
Sumitomo
Mitsui
Banking,
4.85%,
3/1/22 
20,438‌
20,438‌
Toronto-Dominion
Bank,
FRN,
SOFR
+
0.22%,
0.27%,
6/2/23 
10,000‌
9,969‌
Toronto-Dominion
Bank,
FRN,
SOFR
+
0.35%,
0.399%,
9/10/24 
10,000‌
9,962‌
Toronto-Dominion
Bank,
FRN,
SOFR
+
0.48%,
0.53%,
1/27/23 
6,900‌
6,910‌
Truist
Financial,
FRN,
SOFR
+
0.40%,
0.449%,
6/9/25 
20,000‌
19,900‌
UBS,
FRN,
SOFR
+
0.32%,
0.37%,
6/1/23 (1)
10,000‌
10,003‌
UBS,
FRN,
SOFR
+
0.36%,
0.41%,
2/9/24 (1)
10,000‌
9,976‌
UBS
Group,
VR,
2.859%,
8/15/23 (1)(2)
6,225‌
6,266‌
UniCredit,
3.75%,
4/12/22 (1)
35,323‌
35,422‌
754,699‌
Building
&
Real
Estate
0.4%
Longfor
Group
Holdings,
3.875%,
7/13/22 
10,790‌
10,831‌
Longfor
Group
Holdings,
3.90%,
4/16/23 
6,200‌
6,197‌
17,028‌
Chemicals
0.6%
Cytec
Industries,
3.50%,
4/1/23 
23,569‌
23,858‌
23,858‌
Drugs
0.6%
Gilead
Sciences,
0.75%,
9/29/23 
8,794‌
8,667‌
Perrigo
Finance
Unlimited,
3.90%,
12/15/24 
3,364‌
3,343‌
Roche
Holdings,
FRN,
SOFR
+
0.24%,
0.289%,
3/5/24 (1)
10,000‌
9,997‌
22,007‌
Energy
4.5%
Abu
Dhabi
National
Energy,
3.875%,
5/6/24 
9,300‌
9,620‌
Boardwalk
Pipelines,
3.375%,
2/1/23 
4,975‌
5,014‌
Devon
Energy,
8.25%,
8/1/23 
35,159‌
37,840‌
Energy
Transfer
Partners,
4.50%,
11/1/23 
4,209‌
4,335‌
Energy
Transfer
Partners,
5.00%,
10/1/22 
5,575‌
5,631‌
Gray
Oak
Pipeline,
2.00%,
9/15/23 (1)
19,536‌
19,483‌
Kinder
Morgan,
5.625%,
11/15/23 (1)
2,366‌
2,478‌
MPLX,
3.50%,
12/1/22 
10,569‌
10,714‌
MPLX,
4.50%,
7/15/23 
4,725‌
4,849‌
Plains
All
American
Pipeline,
2.85%,
1/31/23 
9,874‌
9,956‌
Plains
All
American
Pipeline,
3.65%,
6/1/22 
21,899‌
21,904‌
Sabine
Pass
Liquefaction,
5.625%,
4/15/23 
45,425‌
46,901‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
Williams,
3.70%,
1/15/23 
3,306‌
3,352‌
182,077‌
Entertainment
&
Leisure
0.0%
Smithsonian
Institution,
0.895%,
9/1/22 
800‌
799‌
799‌
Financial
3.0%
AerCap
Ireland
Capital,
1.65%,
10/29/24 
7,230‌
7,013‌
AerCap
Ireland
Capital,
4.125%,
7/3/23 
22,810‌
23,309‌
AerCap
Ireland
Capital,
4.50%,
9/15/23 
2,075‌
2,137‌
AerCap
Ireland
Capital,
4.875%,
1/16/24 
2,000‌
2,080‌
AerCap
Ireland
Capital,
FRN,
SOFR
+
0.68%,
0.729%,
9/29/23 
6,835‌
6,818‌
Avolon
Holdings
Funding,
3.625%,
5/1/22 (1)
5,829‌
5,836‌
General
Motors
Financial,
3.55%,
7/8/22 
2,400‌
2,421‌
General
Motors
Financial,
4.15%,
6/19/23 
1,390‌
1,426‌
General
Motors
Financial,
FRN,
SOFR
+
0.62%,
0.669%,
10/15/24 
15,000‌
14,956‌
General
Motors
Financial,
FRN,
SOFR
+
0.76%,
0.809%,
3/8/24 
20,000‌
20,021‌
Park
Aerospace
Holdings,
5.25%,
8/15/22 (1)
7,220‌
7,301‌
Synchrony
Financial,
2.85%,
7/25/22 
24,473‌
24,622‌
Western
Union,
4.25%,
6/9/23 
3,050‌
3,137‌
121,077‌
Food/Tobacco
1.3%
Imperial
Brands
Finance,
3.50%,
2/11/23 (1)
17,510‌
17,665‌
Imperial
Brands
Finance,
3.75%,
7/21/22 (1)
29,532‌
29,653‌
Prosperous
Ray,
4.625%,
11/12/23 
5,600‌
5,811‌
53,129‌
Forest
Products
0.3%
Celulosa
Arauco
y
Constitucion,
4.50%,
8/1/24 
10,000‌
10,337‌
10,337‌
Health
Care
1.1%
CommonSpirit
Health,
4.20%,
8/1/23 
4,165‌
4,305‌
HCA,
4.75%,
5/1/23 
6,446‌
6,631‌
Humana,
0.65%,
8/3/23 
20,255‌
19,944‌
St.
Joseph's
University
Medical
Center,
3.926%,
7/1/22 
3,075‌
3,094‌
Stryker,
0.60%,
12/1/23 
3,370‌
3,293‌
Thermo
Fisher
Scientific,
FRN,
SOFR
+
0.53%,
0.579%,
10/18/24 
8,250‌
8,254‌
45,521‌
Industrial
-
Other
0.1%
GC
Treasury
Center,
4.25%,
9/19/22 
5,000‌
5,056‌
5,056‌
Information
Technology
0.8%
Analog
Devices,
FRN,
SOFR
+
0.25%,
0.299%,
10/1/24 
3,225‌
3,225‌
Baidu,
2.875%,
7/6/22 
2,000‌
2,007‌
Baidu,
3.50%,
11/28/22 
4,890‌
4,949‌
Baidu,
3.875%,
9/29/23 
1,000‌
1,027‌
Marvell
Technology,
4.20%,
6/22/23 
7,624‌
7,815‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
NXP,
4.625%,
6/1/23 (1)
11,509‌
11,874‌
Skyworks
Solutions,
0.90%,
6/1/23 
3,075‌
3,034‌
33,931‌
Insurance
1.6%
Athene
Global
Funding,
FRN,
SOFR
+
0.70%,
0.75%,
5/24/24 (1)
5,000‌
5,004‌
Athene
Global
Funding,
FRN,
SOFR
+
0.715%,
0.764%,
1/7/25 (1)
9,850‌
9,844‌
Brighthouse
Financial
Global
Funding,
FRN,
SOFR
+
0.76%,
0.809%,
4/12/24 (1)
18,003‌
18,083‌
Equitable
Financial
Life
Global
Funding,
FRN,
SOFR
+
0.39%,
0.439%,
4/6/23 (1)
10,000‌
9,994‌
Liberty
Mutual
Group,
4.95%,
5/1/22 (1)
3,819‌
3,845‌
MassMutual
Global
Funding
II,
FRN,
SOFR
+
0.36%,
0.409%,
4/12/24 (1)
10,000‌
10,012‌
Principal
Life
Global
Funding
II,
FRN,
SOFR
+
0.45%,
0.499%,
4/12/24 (1)
4,800‌
4,810‌
Trinity
Acquisition,
4.625%,
8/15/23 
2,202‌
2,288‌
63,880‌
Investment
Dealers
0.3%
Charles
Schwab,
FRN,
SOFRINDX
+
0.50%,
0.549%,
3/18/24 
10,000‌
10,026‌
10,026‌
Lodging
0.9%
Hyatt
Hotels,
1.30%,
10/1/23 
6,255‌
6,150‌
Hyatt
Hotels,
FRN,
SOFRINDX
+
1.05%,
1.099%,
10/1/23 
12,552‌
12,571‌
Marriott
International,
3.125%,
2/15/23 
9,128‌
9,232‌
Marriott
International,
Series
Z,
4.15%,
12/1/23 
8,984‌
9,282‌
37,235‌
Manufacturing
0.4%
Panasonic,
2.536%,
7/19/22 (1)
6,690‌
6,707‌
Siemens
Financieringsmaatschappij,
FRN,
SOFR
+
0.43%,
0.479%,
3/11/24 (1)
10,000‌
10,012‌
16,719‌
Media
&
Communications
0.5%
PCCW-HKT
Capital
No
5,
3.75%,
3/8/23 
6,931‌
7,044‌
SES,
3.60%,
4/4/23 (1)
13,819‌
14,026‌
21,070‌
Metals
&
Mining
0.5%
Anglo
American
Capital,
4.125%,
9/27/22 (1)
6,000‌
6,100‌
POSCO,
2.375%,
11/12/22 (1)
2,345‌
2,357‌
POSCO,
2.375%,
1/17/23 
4,000‌
4,021‌
POSCO,
4.00%,
8/1/23 
5,225‌
5,378‌
17,856‌
Oil
Field
Services
0.5%
Energy
Transfer,
3.60%,
2/1/23 
5,275‌
5,328‌
Energy
Transfer,
4.25%,
3/15/23 
2,000‌
2,035‌
Energy
Transfer,
5.875%,
1/15/24 
6,578‌
6,923‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
Energy
Transfer,
Series
5Y,
4.20%,
9/15/23 
6,570‌
6,759‌
21,045‌
Petroleum
0.4%
Enbridge,
FRN,
SOFRINDX
+
0.63%,
0.68%,
2/16/24 
9,775‌
9,793‌
Pertamina
Persero,
4.875%,
5/3/22 
7,800‌
7,838‌
17,631‌
Railroads
0.3%
Eastern
Creation
II
Investment
Holdings,
1.00%,
9/10/23 
7,970‌
7,849‌
Eastern
Creation
II
Investment
Holdings,
1.35%,
10/20/24 
3,870‌
3,781‌
11,630‌
Real
Estate
Investment
Trust
Securities
0.5%
Highwoods
Realty,
3.625%,
1/15/23 
11,019‌
11,155‌
Public
Storage,
FRN,
SOFR
+
0.47%,
0.519%,
4/23/24 
6,305‌
6,305‌
Realty
Income,
4.60%,
2/6/24 
1,636‌
1,703‌
Vanke
Real
Estate
Hong
Kong,
4.15%,
4/18/23 
2,400‌
2,432‌
21,595‌
Retail
1.0%
7-Eleven,
0.625%,
2/10/23 (1)
2,440‌
2,421‌
Nordstrom,
2.30%,
4/8/24 
9,395‌
9,043‌
QVC,
4.375%,
3/15/23 
13,355‌
13,522‌
QVC,
4.85%,
4/1/24 
16,245‌
16,489‌
41,475‌
Services
0.3%
CDW,
5.50%,
12/1/24 
3,675‌
3,845‌
IHS
Markit,
5.00%,
11/1/22 (1)
5,500‌
5,603‌
Nature
Conservancy,
Series
A,
0.367%,
7/1/22 
1,250‌
1,248‌
Nature
Conservancy,
Series
A,
0.467%,
7/1/23 
850‌
835‌
Nature
Conservancy,
Series
A,
0.625%,
7/1/24 
650‌
622‌
12,153‌
Telephones
0.6%
AT&T,
FRN,
SOFRINDX
+
0.64%,
0.689%,
3/25/24 
13,328‌
13,327‌
Ooredoo
International
Finance,
3.25%,
2/21/23 
9,500‌
9,631‌
22,958‌
Transportation
0.6%
HPHT
Finance,
2.75%,
9/11/22 
15,200‌
15,249‌
Triton
Container
International,
0.80%,
8/1/23 (1)
9,230‌
9,065‌
24,314‌
Transportation
(Excluding
Railroads)
0.9%
Sydney
Airport
Finance,
3.90%,
3/22/23 (1)
35,651‌
36,407‌
36,407‌
Utilities
4.6%
Alexander
Funding
Trust,
1.841%,
11/15/23 (1)
10,990‌
10,854‌
China
Southern
Power
Grid
International
Finance
BVI,
2.75%,
5/8/22 
10,000‌
10,021‌
Edison
International,
2.40%,
9/15/22 
15,000‌
15,077‌
Edison
International,
2.95%,
3/15/23 
5,000‌
5,032‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
Edison
International,
3.125%,
11/15/22 
9,971‌
10,059‌
Hero
Asia
Investment,
1.50%,
11/18/23 
12,800‌
12,578‌
NextEra
Energy
Capital
Holdings,
FRN,
SOFR
+
0.40%,
0.45%,
11/3/23 
39,800‌
39,778‌
NRG
Energy,
3.75%,
6/15/24 (1)
670‌
681‌
Pacific
Gas
&
Electric,
1.75%,
6/16/22 
25,420‌
25,413‌
Pacific
Gas
&
Electric,
3.25%,
6/15/23 
5,000‌
5,038‌
Pacific
Gas
&
Electric,
4.25%,
8/1/23 
2,500‌
2,552‌
Pacific
Gas
&
Electric,
FRN,
SOFRINDX
+
1.15%,
2.194%,
11/14/22 
1,845‌
1,843‌
Saudi
Electricity
Global
Sukuk,
3.473%,
4/8/23 
6,000‌
6,124‌
Saudi
Electricity
Global
Sukuk,
4.222%,
1/27/24 
7,200‌
7,471‌
Southern
California
Edison,
FRN,
SOFR
+
0.83%,
0.879%,
4/1/24 
2,475‌
2,477‌
State
Grid
Overseas
Investment,
3.75%,
5/2/23 
4,714‌
4,825‌
Vistra
Operations,
3.55%,
7/15/24 (1)
24,655‌
24,809‌
184,632‌
Wireless
Communications
0.4%
SBA
Tower
Trust,
3.448%,
3/15/23 (1)
15,000‌
15,195‌
15,195‌
Total
Corporate
Bonds
(Cost
$1,977,670)
1,960,070‌
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
3.6%
Foreign
Government
Obligations
&
Municipalities
3.6%
Japan
Treasury
Discount
Bill,
3/7/22
(JPY) 
6,301,950‌
54,817‌
Japan
Treasury
Discount
Bill,
4/4/22
(JPY) 
3,332,650‌
28,991‌
Japan
Treasury
Discount
Bill,
4/11/22
(JPY) 
2,663,950‌
23,174‌
Japan
Treasury
Discount
Bill,
5/9/22
(JPY) 
2,743,300‌
23,866‌
Saudi
Arabian
Oil,
2.75%,
4/16/22 (1)
10,000‌
10,028‌
Saudi
Arabian
Oil,
2.75%,
4/16/22 
4,000‌
4,011‌
144,887‌
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$145,679)
144,887‌
MUNICIPAL
SECURITIES
0.9%
California
0.2%
California
Municipal
Fin.
Auth.,
National
Univ.,
Series
B,
3.323%,
4/1/23 
1,030‌
1,048‌
Golden
State
Tobacco
Securitization,
Series
A-1,
1.237%,
6/1/22 
5,000‌
5,003‌
Port
of
Oakland,
Senior
Lien,
Series
R,
0.821%,
5/1/23 
1,040‌
1,033‌
7,084‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
Florida
0.0%
Florida
Dev.
Fin.,
Nova
Southeastern
Univ.,
Series
B,
1.795%,
4/1/22 
1,255‌
1,255‌
1,255‌
Illinois
0.2%
Chicago
Transit
Auth.
Sales
Tax
Receipts
Fund,
Series
B,
1.708%,
12/1/22 
680‌
681‌
Chicago
Transit
Auth.
Sales
Tax
Receipts
Fund,
Series
B,
1.838%,
12/1/23 
870‌
869‌
Illinois,
Series
A,
GO,
2.25%,
10/1/22 
6,500‌
6,531‌
8,081‌
Iowa
0.0%
Iowa
Tobacco
Settlement
Auth.,
Series
A-1,
0.563%,
6/1/22 
1,000‌
1,000‌
Iowa
Tobacco
Settlement
Auth.,
Series
A-1,
0.663%,
6/1/23 
1,500‌
1,480‌
2,480‌
Michigan
0.1%
Great
Lakes
Water
Auth.
Sewage
Disposal
System
Revenue,
Series
A,
1.503%,
7/1/23 
250‌
250‌
Michigan
Fin.
Auth.,
Series
A-1,
0.897%,
6/1/22 
2,000‌
2,001‌
Michigan
Fin.
Auth.,
Series
A-1,
1.086%,
6/1/23 
2,125‌
2,109‌
4,360‌
New
Jersey
0.0%
New
Jersey
Turnpike
Auth.,
Series
B,
0.473%,
1/1/23 
150‌
149‌
149‌
Oregon
0.0%
Medford
Hosp.
Fac.
Auth.,
Asante
Project,
Series
B,
1.65%,
8/15/22 
500‌
500‌
Medford
Hosp.
Fac.
Auth.,
Asante
Project,
Series
B,
1.73%,
8/15/23 
1,710‌
1,692‌
2,192‌
South
Dakota
0.1%
Educational
Enhancement
Funding,
0.706%,
6/1/23 
2,700‌
2,672‌
2,672‌
Texas
0.1%
Central
Texas
Regional
Mobility
Auth.,
Senior
Lien,
Series
C,
1.345%,
1/1/24 
500‌
495‌
Central
Texas
Regional
Mobility
Auth.,
Subordinate,
Series
D,
1.486%,
1/1/23 
170‌
170‌
Central
Texas
Regional
Mobility
Auth.,
Subordinate,
Series
D,
1.645%,
1/1/24 
510‌
506‌
Dallas/Fort
Worth
Int'l.
Airport,
Series
C,
1.041%,
11/1/23 
500‌
496‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Hendrick
Medical
Center,
0.923%,
9/1/22 (3)
450‌
450‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Hendrick
Medical
Center,
1.071%,
9/1/23 (3)
475‌
471‌
2,588‌
West
Virginia
0.2%
Tobacco
Settlement
Fin.
Auth.,
Class
1
Senior
Bonds,
Series
A,
0.947%,
6/1/22 
1,520‌
1,521‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
Tobacco
Settlement
Fin.
Auth.,
Class
1
Senior
Bonds,
Series
A,
1.193%,
6/1/23 
5,415‌
5,383‌
6,904‌
Total
Municipal
Securities
(Cost
$37,901)
37,765‌
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
19.7%
Commercial
Mortgage-Backed
Securities
2.6%
BANK
Series
2017-BNK8,
Class
A1
2.122%,
11/15/50 
48‌
48‌
BX
Commercial
Mortgage
Trust
Series
2019-XL,
Class
A,
ARM
1M
USD
LIBOR
+
0.92%,
1.111%,
10/15/36 (1)
1,614‌
1,607‌
BX
Commercial
Mortgage
Trust
Series
2020-VKNG,
Class
A,
ARM
1M
USD
LIBOR
+
0.93%,
1.121%,
10/15/37 (1)
5,346‌
5,309‌
BX
Commercial
Mortgage
Trust
Series
2021-SOAR,
Class
A,
ARM
1M
USD
LIBOR
+
0.67%,
0.861%,
6/15/38 (1)
5,000‌
4,887‌
BX
Trust
Series
2021-ARIA,
Class
A,
ARM
1M
USD
LIBOR
+
0.899%,
1.09%,
10/15/36 (1)
3,100‌
3,038‌
GCT
Commercial
Mortgage
Trust
Series
2021-GCT,
Class
A,
ARM
1M
USD
LIBOR
+
0.80%,
0.991%,
2/15/38 (1)
3,000‌
2,990‌
Goldman
Sachs
Mortgage
Securities
Trust
Series
2021-ROSS,
Class
A,
ARM
1M
USD
LIBOR
+
1.15%,
1.342%,
5/15/26 (1)
6,665‌
6,583‌
Great
Wolf
Trust
Series
2019-WOLF,
Class
A,
ARM
1M
USD
LIBOR
+
1.034%,
1.225%,
12/15/36 (1)
10,000‌
9,869‌
GS
Mortgage-Backed
Securities
Trust
Series
2021-NQM1,
Class
A1,
CMO,
ARM
1.017%,
7/25/61 (1)
12,807‌
12,539‌
InTown
Hotel
Portfolio
Trust
Series
2018-STAY,
Class
A,
ARM
1M
USD
LIBOR
+
1.10%,
1.292%,
1/15/33 (1)
685‌
682‌
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2019-BKWD,
Class
A,
ARM
1M
USD
LIBOR
+
1.00%,
1.191%,
9/15/29 (1)
4,303‌
4,260‌
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2019-BKWD,
Class
B,
ARM
1M
USD
LIBOR
+
1.35%,
1.541%,
9/15/29 (1)
7,000‌
6,877‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
A,
ARM
1M
USD
LIBOR
+
1.37%,
1.562%,
10/15/33 (1)
9,870‌
9,809‌
KKR
Industrial
Portfolio
Trust
Series
2021-KDIP,
Class
A,
ARM
1M
USD
LIBOR
+
0.55%,
0.741%,
12/15/37 (1)
6,036‌
5,904‌
MHC
Trust
Series
2021-MHC2,
Class
A,
ARM
1M
USD
LIBOR
+
0.85%,
1.041%,
5/15/23 (1)
12,500‌
12,242‌
New
Orleans
Hotel
Trust
Series
2019-HNLA,
Class
A,
ARM
1M
USD
LIBOR
+
0.989%,
1.18%,
4/15/32 (1)
10,000‌
9,849‌
ONE
Mortgage
Trust
Series
2021-PARK,
Class
A,
ARM
1M
USD
LIBOR
+
0.70%,
0.891%,
3/15/36 (1)
7,110‌
6,885‌
103,378‌
Whole
Loans
Backed
17.1%
Angel
Oak
Mortgage
Trust
Series
2019-5,
Class
A1,
CMO,
ARM
2.593%,
10/25/49 (1)
2,479‌
2,480‌
Angel
Oak
Mortgage
Trust
Series
2020-5,
Class
A1,
CMO,
ARM
1.373%,
5/25/65 (1)
3,267‌
3,233‌
Angel
Oak
Mortgage
Trust
Series
2020-6,
Class
A1,
CMO,
ARM
1.261%,
5/25/65 (1)
3,166‌
3,130‌
Angel
Oak
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.909%,
1/25/66 (1)
11,026‌
10,818‌
Angel
Oak
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.985%,
4/25/66 (1)
6,962‌
6,813‌
Angel
Oak
Mortgage
Trust
Series
2021-3,
Class
A1,
CMO,
ARM
1.068%,
5/25/66 (1)
9,247‌
9,102‌
Angel
Oak
Mortgage
Trust
Series
2021-6,
Class
A1,
CMO,
ARM
1.458%,
9/25/66 (1)
8,777‌
8,516‌
Angel
Oak
Mortgage
Trust
I
Series
2019-1,
Class
A1,
CMO,
ARM
3.92%,
11/25/48 (1)
364‌
365‌
Angel
Oak
Mortgage
Trust
I
Series
2019-1,
Class
A2,
CMO,
ARM
4.022%,
11/25/48 (1)
440‌
442‌
Angel
Oak
Mortgage
Trust
I
Series
2019-1,
Class
A3,
CMO,
ARM
4.124%,
11/25/48 (1)
440‌
441‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
Angel
Oak
Mortgage
Trust
I
Series
2019-2,
Class
A1,
CMO,
ARM
3.628%,
3/25/49 (1)
499‌
499‌
Angel
Oak
Mortgage
Trust
I
Series
2019-2,
Class
A2,
CMO,
ARM
3.782%,
3/25/49 (1)
226‌
226‌
Angel
Oak
Mortgage
Trust
I
Series
2019-2,
Class
A3,
CMO,
ARM
3.833%,
3/25/49 (1)
181‌
181‌
Barclays
Mortgage
Loan
Trust
Series
2021-NQM1,
Class
A1,
CMO,
ARM
1.747%,
9/25/51 (1)
13,986‌
13,690‌
Bayview
Mortgage
Fund
IVc
Trust
Series
2017-RT3,
Class
A,
ARM
3.50%,
1/28/58 (1)
290‌
289‌
Bayview
Opportunity
Master
Fund
IVa
Trust
Series
2017-SPL5,
Class
A,
ARM
3.50%,
6/28/57 (1)
420‌
422‌
Bayview
Opportunity
Master
Fund
IVb
Trust
Series
2017-RT2,
Class
A,
ARM
3.50%,
8/28/57 (1)
294‌
288‌
BINOM
Securitization
Trust
Series
2021-INV1,
Class
A1,
CMO,
ARM
2.034%,
6/25/56 (1)
13,598‌
13,278‌
BRAVO
Residential
Funding
Trust
Series
2021-NQM3,
Class
A1,
CMO,
ARM
1.699%,
4/25/60 (1)
7,841‌
7,776‌
COLT
Mortgage
Loan
Trust
Series
2020-3,
Class
A1,
CMO,
ARM
1.506%,
4/27/65 (1)
2,116‌
2,109‌
Connecticut
Avenue
Securities
Series
2017-C05,
Class
1ED3,
CMO,
ARM
1M
USD
LIBOR
+
1.20%,
1.387%,
1/25/30 
2,933‌
2,874‌
Connecticut
Avenue
Securities
Series
2018-C03,
Class
1EB2,
CMO,
ARM
1M
USD
LIBOR
+
0.85%,
1.037%,
10/25/30 
5,000‌
4,974‌
Connecticut
Avenue
Securities
Series
2018-C03,
Class
1ED2,
CMO,
ARM
1M
USD
LIBOR
+
0.85%,
1.037%,
10/25/30 
2,835‌
2,817‌
Connecticut
Avenue
Securities
Series
2021-R01,
Class
1M1,
CMO,
ARM
SOFR30A
+
0.75%,
0.799%,
10/25/41 (1)
1,046‌
1,039‌
Connecticut
Avenue
Securities
Series
2021-R02,
Class
2M1,
CMO,
ARM
SOFR30A
+
0.90%,
0.949%,
11/25/41 (1)
26,479‌
26,215‌
Connecticut
Avenue
Securities
Series
2022-R02,
Class
2M1,
CMO,
ARM
SOFR30A
+
1.20%,
1.249%,
1/25/42 (1)
4,804‌
4,795‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
Deephaven
Residential
Mortgage
Trust
Series
2020-1,
Class
A1,
CMO,
ARM
2.339%,
1/25/60 (1)
592‌
591‌
Deephaven
Residential
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.715%,
5/25/65 (1)
9,426‌
9,245‌
Deephaven
Residential
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.899%,
4/25/66 (1)
8,007‌
7,748‌
Deephaven
Residential
Mortgage
Trust
Series
2021-4,
Class
A1,
CMO,
ARM
1.931%,
11/25/66 (1)
16,046‌
15,774‌
Eagle
RE
Series
2021-2,
Class
M1A,
CMO,
ARM
SOFR30A
+
1.55%,
1.599%,
4/25/34 (1)
7,385‌
7,345‌
Ellington
Financial
Mortgage
Trust
Series
2019-2,
Class
A1,
CMO,
ARM
2.739%,
11/25/59 (1)
2,153‌
2,145‌
Ellington
Financial
Mortgage
Trust
Series
2020-1,
Class
A1,
CMO,
ARM
2.006%,
5/25/65 (1)
2,036‌
2,036‌
Ellington
Financial
Mortgage
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
1.178%,
10/25/65 (1)
3,888‌
3,862‌
Ellington
Financial
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.797%,
2/25/66 (1)
6,613‌
6,437‌
Ellington
Financial
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.931%,
6/25/66 (1)
9,072‌
8,801‌
Ellington
Financial
Mortgage
Trust
Series
2021-3,
Class
A1,
CMO,
ARM
1.241%,
9/25/66 (1)
12,134‌
11,591‌
Freddie
Mac
Whole
Loan
Securities
Trust
Series
2016-SC02,
Class
M1,
CMO,
ARM
3.662%,
10/25/46 
13‌
13‌
Galton
Funding
Mortgage
Trust
Series
2019-2,
Class
A21,
CMO,
ARM
4.00%,
6/25/59 (1)
595‌
598‌
Galton
Funding
Mortgage
Trust
Series
2020-H1,
Class
A1,
CMO,
ARM
2.31%,
1/25/60 (1)
893‌
893‌
Galton
Funding
Mortgage
Trust
Series
2020-H1,
Class
A2,
CMO,
ARM
2.413%,
1/25/60 (1)
4,550‌
4,520‌
GCAT
Trust
Series
2021-NQM4,
Class
A1,
CMO,
ARM
1.093%,
8/25/66 (1)
13,612‌
13,157‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
GCAT
Trust
Series
2021-NQM5,
Class
A1,
CMO,
ARM
1.262%,
7/25/66 (1)
18,111‌
17,492‌
Goldman
Sachs
Mortgage-Backed
Securities
Trust
Series
2020-NQM1,
Class
A1,
CMO,
ARM
1.382%,
9/27/60 (1)
1,754‌
1,739‌
Goldman
Sachs
Mortgage-Backed
Securities
Trust
Series
2021-PJ5,
Class
A6,
CMO,
ARM
2.50%,
10/25/51 (1)
16,932‌
16,685‌
Homeward
Opportunities
Fund
I
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
1.657%,
5/25/65 (1)
1,842‌
1,836‌
Imperial
Fund
Mortgage
Trust
Series
2021-NQM2,
Class
A1,
CMO,
ARM
1.073%,
9/25/56 (1)
11,497‌
10,841‌
JPMorgan
Mortgage
Trust
Series
2020-INV1,
Class
A4,
CMO,
ARM
3.50%,
8/25/50 (1)
549‌
549‌
JPMorgan
Mortgage
Trust
Series
2020-INV2,
Class
A4A,
CMO,
ARM
2.50%,
10/25/50 (1)
655‌
656‌
MFA
Trust
Series
2021-INV1,
Class
A1,
CMO,
ARM
0.852%,
1/25/56 (1)
8,907‌
8,751‌
MFA
Trust
Series
2021-NQM2,
Class
A1,
CMO,
ARM
1.029%,
11/25/64 (1)
10,510‌
10,241‌
New
Residential
Mortgage
Loan
Trust
Series
2019-NQM5,
Class
A1,
CMO,
ARM
2.71%,
11/25/59 (1)
2,598‌
2,605‌
New
Residential
Mortgage
Loan
Trust
Series
2020-NQM1,
Class
A1,
CMO,
ARM
2.464%,
1/26/60 (1)
1,758‌
1,755‌
New
Residential
Mortgage
Loan
Trust
Series
2021-NQ1R,
Class
A1,
CMO,
ARM
0.943%,
7/25/55 (1)
9,114‌
8,944‌
New
Residential
Mortgage
Loan
Trust
Series
2021-NQM3,
Class
A1,
CMO,
ARM
1.156%,
11/27/56 (1)
23,606‌
22,998‌
NLT
Trust
Series
2021-INV2,
Class
A1,
CMO,
ARM
1.162%,
8/25/56 (1)
19,730‌
18,973‌
OBX
Trust
Series
2018-EXP1,
Class
2A1,
CMO,
ARM
1M
USD
LIBOR
+
0.85%,
1.037%,
4/25/48 (1)
468‌
470‌
OBX
Trust
Series
2019-EXP2,
Class
2A1A,
CMO,
ARM
1M
USD
LIBOR
+
0.90%,
1.087%,
6/25/59 (1)
11‌
11‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
OBX
Trust
Series
2019-EXP3,
Class
2A1,
CMO,
ARM
1M
USD
LIBOR
+
0.90%,
1.087%,
10/25/59 (1)
342‌
342‌
OBX
Trust
Series
2020-EXP1,
Class
1A8,
CMO,
ARM
3.50%,
2/25/60 (1)
894‌
889‌
OBX
Trust
Series
2020-EXP1,
Class
2A1A,
CMO,
ARM
1M
USD
LIBOR
+
0.75%,
0.937%,
2/25/60 (1)
903‌
905‌
OBX
Trust
Series
2020-EXP3,
Class
1A8,
CMO,
ARM
3.00%,
1/25/60 (1)
5,383‌
5,375‌
OBX
Trust
Series
2020-INV1,
Class
A11,
CMO,
ARM
1M
USD
LIBOR
+
0.90%,
1.008%,
12/25/49 (1)
727‌
726‌
OBX
Trust
Series
2021-NQM1,
Class
A1,
CMO,
ARM
1.072%,
2/25/66 (1)
11,633‌
11,384‌
OBX
Trust
Series
2021-NQM3,
Class
A1,
CMO,
ARM
1.054%,
7/25/61 (1)
16,329‌
15,757‌
PSMC
Trust
Series
2021-1,
Class
A11,
CMO,
ARM
2.50%,
3/25/51 (1)
12,019‌
11,774‌
PSMC
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
2.50%,
5/25/51 (1)
12,549‌
12,270‌
Sequoia
Mortgage
Trust
Series
2018-CH1,
Class
A1,
CMO,
ARM
4.00%,
3/25/48 (1)
364‌
366‌
SG
Residential
Mortgage
Trust
Series
2019-3,
Class
A1,
CMO,
ARM
2.703%,
9/25/59 (1)
190‌
189‌
SG
Residential
Mortgage
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
1.381%,
5/25/65 (1)
6,218‌
6,145‌
SG
Residential
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
1.16%,
7/25/61 (1)
19,002‌
18,429‌
Starwood
Mortgage
Residential
Trust
Series
2019-INV1,
Class
A1,
CMO,
ARM
2.61%,
9/27/49 (1)
520‌
522‌
Starwood
Mortgage
Residential
Trust
Series
2020-INV1,
Class
A1,
CMO,
ARM
1.027%,
11/25/55 (1)
5,300‌
5,230‌
Starwood
Mortgage
Residential
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.943%,
5/25/65 (1)
3,996‌
3,942‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
20
Par/Shares
$
Value
(Amounts
in
000s)
Starwood
Mortgage
Residential
Trust
Series
2021-3,
Class
A1,
CMO,
ARM
1.127%,
6/25/56 (1)
23,583‌
22,859‌
Starwood
Mortgage
Residential
Trust
Series
2021-4,
Class
A1,
CMO,
ARM
1.162%,
8/25/56 (1)
32,013‌
31,243‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-HQA2,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
0.75%,
0.937%,
10/25/48 (1)
353‌
353‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-HRP2,
Class
M2,
CMO,
ARM
1M
USD
LIBOR
+
1.25%,
1.437%,
2/25/47 (1)
911‌
910‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2020-DNA6,
Class
M1,
CMO,
ARM
SOFR30A
+
0.90%,
0.949%,
12/25/50 (1)
756‌
755‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA1,
Class
M1,
CMO,
ARM
SOFR30A
+
0.65%,
0.699%,
1/25/51 (1)
916‌
916‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA2,
Class
M1,
CMO,
ARM
SOFR30A
+
0.80%,
0.849%,
8/25/33 (1)
6,763‌
6,755‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA3,
Class
M1,
CMO,
ARM
SOFR30A
+
0.75%,
0.799%,
10/25/33 (1)
12,028‌
11,938‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA5,
Class
M1,
CMO,
ARM
SOFR30A
+
0.65%,
0.699%,
1/25/34 (1)
990‌
989‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA6,
Class
M1,
CMO,
ARM
SOFR30A
+
0.80%,
0.849%,
10/25/41 (1)
20,800‌
20,638‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA7,
Class
M1,
CMO,
ARM
SOFR30A
+
0.85%,
0.899%,
11/25/41 (1)
17,795‌
17,583‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-HQA1,
Class
M1,
CMO,
ARM
SOFR30A
+
0.70%,
0.749%,
8/25/33 (1)
6,048‌
6,034‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-HQA2,
Class
M1,
CMO,
ARM
SOFR30A
+
0.70%,
0.749%,
12/25/33 (1)
5,724‌
5,703‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-HQA3,
Class
M1,
CMO,
ARM
SOFR30A
+
0.85%,
0.899%,
9/25/41 (1)
10,460‌
10,352‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-HQA4,
Class
M1,
CMO,
ARM
SOFR30A
+
0.95%,
0.999%,
12/25/41 (1)
9,950‌
9,812‌
Toorak
Mortgage
Series
2021-INV1,
Class
A1,
CMO,
ARM
1.153%,
7/25/56 (1)
9,191‌
8,874‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
21
Par/Shares
$
Value
(Amounts
in
000s)
Towd
Point
Mortgage
Trust
Series
2016-4,
Class
A1,
ARM
2.25%,
7/25/56 (1)
21‌
21‌
Towd
Point
Mortgage
Trust
Series
2017-1,
Class
A1,
ARM
2.75%,
10/25/56 (1)
58‌
58‌
Towd
Point
Mortgage
Trust
Series
2017-3,
Class
A1,
ARM
2.75%,
7/25/57 (1)
122‌
123‌
Towd
Point
Mortgage
Trust
Series
2017-4,
Class
A1,
ARM
2.75%,
6/25/57 (1)
220‌
221‌
Towd
Point
Mortgage
Trust
Series
2017-5,
Class
A1,
ARM
1M
USD
LIBOR
+
0.60%,
0.787%,
2/25/57 (1)
229‌
229‌
Towd
Point
Mortgage
Trust
Series
2017-6,
Class
A1,
ARM
2.75%,
10/25/57 (1)
483‌
486‌
Towd
Point
Mortgage
Trust
Series
2018-2,
Class
A1,
ARM
3.25%,
3/25/58 (1)
759‌
767‌
UWM
Mortgage
Trust
Series
2021-INV2,
Class
A4,
CMO,
ARM
2.50%,
9/25/51 (1)
5,237‌
5,138‌
Verus
Securitization
Trust
Series
2019-3,
Class
A1,
CMO,
STEP
2.784%,
7/25/59 (1)
1,493‌
1,497‌
Verus
Securitization
Trust
Series
2019-4,
Class
A1,
CMO,
STEP
2.642%,
11/25/59 (1)
2,169‌
2,172‌
Verus
Securitization
Trust
Series
2019-INV2,
Class
A1,
CMO,
ARM
2.913%,
7/25/59 (1)
1,049‌
1,053‌
Verus
Securitization
Trust
Series
2019-INV3,
Class
A1,
CMO,
ARM
2.692%,
11/25/59 (1)
1,661‌
1,664‌
Verus
Securitization
Trust
Series
2020-1,
Class
A1,
CMO,
STEP
2.417%,
1/25/60 (1)
1,121‌
1,120‌
Verus
Securitization
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
2.226%,
5/25/60 (1)
1,601‌
1,591‌
Verus
Securitization
Trust
Series
2020-4,
Class
A1,
CMO,
STEP
1.502%,
5/25/65 (1)
1,689‌
1,670‌
Verus
Securitization
Trust
Series
2020-5,
Class
A1,
CMO,
STEP
1.218%,
5/25/65 (1)
4,404‌
4,339‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
22
Par/Shares
$
Value
(Amounts
in
000s)
Verus
Securitization
Trust
Series
2020-INV1,
Class
A1,
CMO,
ARM
1.977%,
3/25/60 (1)
1,703‌
1,695‌
Verus
Securitization
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.815%,
1/25/66 (1)
8,760‌
8,570‌
Verus
Securitization
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
1.031%,
2/25/66 (1)
7,058‌
6,900‌
Verus
Securitization
Trust
Series
2021-3,
Class
A1,
CMO,
ARM
1.046%,
6/25/66 (1)
16,812‌
16,370‌
Verus
Securitization
Trust
Series
2021-5,
Class
A1,
CMO,
ARM
1.013%,
9/25/66 (1)
16,953‌
16,213‌
Verus
Securitization
Trust
Series
2021-R1,
Class
A1,
CMO,
ARM
0.82%,
10/25/63 (1)
4,062‌
4,025‌
Verus
Securitization
Trust
Series
2021-R3,
Class
A1,
CMO,
ARM
1.02%,
4/25/64 (1)
14,552‌
14,387‌
Vista
Point
Securitization
Trust
Series
2020-1,
Class
A1,
CMO,
ARM
1.763%,
3/25/65 (1)
1,280‌
1,278‌
Vista
Point
Securitization
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
1.475%,
4/25/65 (1)
4,612‌
4,547‌
692,207‌
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$812,693)
795,585‌
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
0.0%
U.S.
Government
Agency
Obligations
0.0%
Federal
Home
Loan
Mortgage,
CMO,
ARM,
1M
USD
LIBOR
+
0.35%,
0.541%,
2/15/45 
222‌
223‌
Federal
National
Mortgage
Assn.,
CMO,
ARM,
1M
USD
LIBOR
+
0.40%,
0.587%,
1/25/45 
183‌
184‌
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$405)
407‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
23
Par/Shares
$
Value
(Amounts
in
000s)
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
4.0%
U
S
Treasury
Obligations
4.0%
U.S.
Treasury
Bills,
0.03%,
3/1/22 
21,000‌
21,000‌
U.S.
Treasury
Bills,
0.04%,
3/8/22 
21,000‌
21,000‌
U.S.
Treasury
Bills,
0.05%,
11/9/21 
21,000‌
20,999‌
U.S.
Treasury
Bills,
0.06%,
3/22/22 
38,750‌
38,748‌
U.S.
Treasury
Bills,
0.07%,
3/24/22 (4)
60,000‌
59,997‌
161,744‌
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-
Backed)
(Cost
$161,745)
161,744‌
SHORT-TERM
INVESTMENTS
12.1%
Commercial
Paper
12.1%
4(2)
11.2%(5)
Albemarle,
0.37%,
3/7/22 
15,000‌
14,999‌
Albemarle,
0.40%,
3/2/22 
9,000‌
9,000‌
Albemarle,
0.705%,
3/4/22 
16,000‌
15,999‌
Arrow
Electronics,
0.62%,
3/23/22 
19,000‌
18,994‌
Canadian
Natural
Resource,
1.612%,
3/21/22 
39,950‌
39,942‌
Cigna,
0.801%,
4/19/22 
10,000‌
9,992‌
Conagra
Foods,
0.35%,
3/11/22 
5,000‌
5,000‌
Conagra
Foods,
0.40%,
3/7/22 
34,750‌
34,749‌
Energy
Transfer
Partners,
0.70%,
3/1/22 
20,000‌
20,000‌
Fidelity
National
Information
Services,
0.30%,
3/1/22 
40,000‌
40,000‌
Fisv,
0.30%,
3/1/22 
23,400‌
23,400‌
General
Motors
Financial,
0.28%,
3/1/22 
10,000‌
10,000‌
Harley-Davidson
Financial,
0.43%,
3/3/22 
15,000‌
14,999‌
Harley-Davidson
Financial,
0.866%,
3/4/22 
25,000‌
24,999‌
Hyundai
Capital
America,
0.30%,
3/1/22 
24,450‌
24,450‌
Sempra
Energy,
0.721%,
4/18/22 
25,000‌
24,979‌
Sempra
Energy,
1.003%,
6/1/22 
7,000‌
6,985‌
Syngenta
Wilmington,
0.85%,
3/18/22 
39,700‌
39,685‌
VW
Credit,
0.32%,
3/1/22 
25,000‌
25,000‌
Western
Union,
0.30%,
3/1/22 
50,000‌
50,000‌
453,172‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
24
Par/Shares
$
Value
(Amounts
in
000s)
Non-4(2)
0.9%
Chi,
0.951%,
4/13/22 
34,725‌
34,694‌
34,694‌
Total
Commercial
Paper
487,866‌
Money
Market
Funds
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
0.12% (6)(7)
3‌
3‌
Total
Money
Market
Funds
3‌
Total
Short-Term
Investments
(Cost
$487,839)
487,869‌
Total
Investments
in
Securities
100.5%
(Cost
$4,098,712)
$
4,056,547‌
Other
Assets
Less
Liabilities
(0.5)%
(
19,485‌
)
Net
Assets
100.0%
$
4,037,062‌
‡
Par/Shares
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$1,816,004
and
represents
45.0%
of
net
assets.
(2)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(3)
Insured
by
Assured
Guaranty
Municipal
Corporation
(4)
At
February
28,
2022,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/
or
margin
deposit
to
cover
future
funding
obligations.
(5)
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
$453,172
and
represents
11.2%
of
net
assets.
(6)
Seven-day
yield
(7)
Affiliated
Companies
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans. 
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
FRN
Floating
Rate
Note
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
25
.
.
.
.
.
.
.
.
.
.
GO
General
Obligation
ILS
Israeli
Shekel
JPY
Japanese
Yen
SOFR
Secured
overnight
financing
rate
SOFRINDX
(Secured
overnight
financing
rate)
Compounded
Index
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
26
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
AT&T,
BBB*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/22
*
15,000
61
27
34‌
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
AT&T,
BBB*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/22
*
10,000
68
41
27‌
Goldman
Sachs,
Protection
Sold
(Relevant
Credit:
Pioneer
Natural
Resources,
BBB*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/22
20,000
161
127
34‌
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
195
95‌
Total
Bilateral
Swaps
195
95‌
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
Protection
Sold
(Relevant
Credit:
AT&T,
BBB*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
*
25,000
281
295
(
14‌
)
Protection
Sold
(Relevant
Credit:
Bank
of
America,
A2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
*
20,000
244
277
(
33‌
)
Protection
Sold
(Relevant
Credit:
Citibank,
A3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
*
20,000
224
269
(
45‌
)
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
27
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
Protection
Sold
(Relevant
Credit:
Verizon
Communications,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
25,000
307
344
(
37‌
)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
(
129‌
)
Total
Centrally
Cleared
Swaps
(
129‌
)
Net
payments
(receipts)
of
variation
margin
to
date
121‌
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(
8‌
)
*
Credit
ratings
as
of
February
28,
2022.
Ratings
shown
are
from
Moody’s
Investors
Service
and
if
Moody’s
does
not
rate
a
security,
then
Standard
&
Poor’s
(S&P)
is
used.
Fitch
is
used
for
securities
that
are
not
rated
by
either
Moody’s
or
S&P.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
28
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
3/7/22
USD
55,779‌
JPY
6,301,950‌
$
954‌
BNP
Paribas
5/9/22
USD
23,914‌
JPY
2,743,300‌
14‌
Citibank
4/6/22
USD
12,945‌
ILS
41,550‌
(
8‌
)
Deutsche
Bank
4/11/22
USD
23,407‌
JPY
2,663,950‌
213‌
HSBC
Bank
4/4/22
USD
28,762‌
JPY
3,332,650‌
(
251‌
)
JPMorgan
Chase
4/6/22
ILS
41,550‌
USD
13,304‌
(
351‌
)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
571‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
29
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
499
U.S.
Treasury
Notes
five
year
contracts
6/22
(59,022)
$
(
258‌
)
Short,
234
U.S.
Treasury
Notes
ten
year
contracts
6/22
(29,820)
(
194‌
)
Short,
1,919
U.S.
Treasury
Notes
two
year
contracts
6/22
(413,020)
(
705‌
)
Net
payments
(receipts)
of
variation
margin
to
date
(
909‌
)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(
2,066‌
)
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
30
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,
2022.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
0.12%
$
—‌
#
$
—‌
$
—‌
+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/21
Purchase
Cost
Sales
Cost
Value
02/28/22
T.
Rowe
Price
Government
Reserve
Fund,
0.12%
$
3‌
¤
¤
$
3‌
^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$0
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$3.
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
31
T.
Rowe
Price
Ultra
Short-Term
Bond
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus. 
VALUATION 
Fair
Value
  The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
32
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
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Investments
for
which
market
quotations
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
33
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,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—‌
$
3,568,678‌
$
—‌
$
3,568,678‌
Short-Term
Investments
3‌
487,866‌
—‌
487,869‌
Total
Securities
3‌
4,056,544‌
—‌
4,056,547‌
Swaps*
—‌
290‌
—‌
290‌
Forward
Currency
Exchange
Contracts
—‌
1,181‌
—‌
1,181‌
Total
$
3‌
$
4,058,015‌
$
—‌
$
4,058,018‌
Liabilities
Swaps*
$
—‌
$
129‌
$
—‌
$
129‌
Forward
Currency
Exchange
Contracts
—‌
610‌
—‌
610‌
Futures
Contracts*
1,157‌
—‌
—‌
1,157‌
Total
$
1,157‌
$
739‌
$
—‌
$
1,896‌
T.
ROWE
PRICE
Ultra
Short-Term
Bond
Fund
34
OTHER
MATTERS 
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict.
Economic
sanctions
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result,
Russia’s
central
bank
closed
the
country’s
stock
market
on
February
28,
2022,
and
Russian-related
stocks
and
debt
have
since
suffered
significant
declines
in
value.
The
duration
of
the
coronavirus
outbreak
and
the
Russian-Ukraine
conflict,
and
their
effects
on
the
financial
markets,
cannot
be
determined
with
certainty.
The fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
these
events.
F188-054Q3
02/22 
1
Includes
Asset-Backed
Securities,
Corporate
Bonds,
Foreign
Government
Obligations
&
Municipalities,
Municipal
Securities,
Non-U.S.
Government
Mortgage-Backed
Securities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.