T. Rowe Price Short-Term Bond Fund Inc.

01/22/2026 | Press release | Distributed by Public on 01/22/2026 09:10

Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-03894

T. Rowe Price Short-Term Bond Fund, Inc.

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: May 31

Date of reporting period: November 30, 2025

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Semi-Annual Shareholder Report

November 30, 2025

Short-Term Bond Fund

Investor Class (PRWBX)

This semi-annual shareholder report contains important information about Short-Term Bond Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Short-Term Bond Fund - Investor Class
$24
0.48%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$4,746,623
Number of Portfolio Holdings
954
Portfolio Turnover Rate
49.2%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Corporate Bonds
39.6%
Asset-Backed Securities
19.3
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
18.0
Non-U.S. Government Mortgage-Backed Securities
8.6
U.S. Government & Agency Mortgage-Backed Securities
8.1
Commercial Paper
3.0
Foreign Government Obligations & Municipalities
2.4
Securities Lending Collateral
0.7
Short-Term and Other
0.3

Top Ten Holdings(as a % of Net Assets)

U.S. Treasury Notes
17.5%
Federal National Mortgage Assn.
3.9
Federal Home Loan Mortgage
2.5
Government National Mortgage Assn.
1.5
Fortress Credit BSL
1.4
Banco Santander
1.3
KKR
1.2
Crown Castle
1.0
HCA
0.9
CVS Health
0.8

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F55-053 1/26

Short-Term Bond Fund

Investor Class (PRWBX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

November 30, 2025

Short-Term Bond Fund

Advisor Class (PASHX)

This semi-annual shareholder report contains important information about Short-Term Bond Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Short-Term Bond Fund - Advisor Class
$42
0.82%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$4,746,623
Number of Portfolio Holdings
954
Portfolio Turnover Rate
49.2%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Corporate Bonds
39.6%
Asset-Backed Securities
19.3
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
18.0
Non-U.S. Government Mortgage-Backed Securities
8.6
U.S. Government & Agency Mortgage-Backed Securities
8.1
Commercial Paper
3.0
Foreign Government Obligations & Municipalities
2.4
Securities Lending Collateral
0.7
Short-Term and Other
0.3

Top Ten Holdings(as a % of Net Assets)

U.S. Treasury Notes
17.5%
Federal National Mortgage Assn.
3.9
Federal Home Loan Mortgage
2.5
Government National Mortgage Assn.
1.5
Fortress Credit BSL
1.4
Banco Santander
1.3
KKR
1.2
Crown Castle
1.0
HCA
0.9
CVS Health
0.8

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F255-053 1/26

Short-Term Bond Fund

Advisor Class (PASHX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

November 30, 2025

Short-Term Bond Fund

I Class (TBSIX)

This semi-annual shareholder report contains important information about Short-Term Bond Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Short-Term Bond Fund - I Class
$17
0.33%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$4,746,623
Number of Portfolio Holdings
954
Portfolio Turnover Rate
49.2%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Corporate Bonds
39.6%
Asset-Backed Securities
19.3
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
18.0
Non-U.S. Government Mortgage-Backed Securities
8.6
U.S. Government & Agency Mortgage-Backed Securities
8.1
Commercial Paper
3.0
Foreign Government Obligations & Municipalities
2.4
Securities Lending Collateral
0.7
Short-Term and Other
0.3

Top Ten Holdings(as a % of Net Assets)

U.S. Treasury Notes
17.5%
Federal National Mortgage Assn.
3.9
Federal Home Loan Mortgage
2.5
Government National Mortgage Assn.
1.5
Fortress Credit BSL
1.4
Banco Santander
1.3
KKR
1.2
Crown Castle
1.0
HCA
0.9
CVS Health
0.8

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F442-053 1/26

Short-Term Bond Fund

I Class (TBSIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

November 30, 2025

Short-Term Bond Fund

Z Class (TRZOX)

This semi-annual shareholder report contains important information about Short-Term Bond Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Short-Term Bond Fund - Z Class
$0
0.00%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$4,746,623
Number of Portfolio Holdings
954
Portfolio Turnover Rate
49.2%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Corporate Bonds
39.6%
Asset-Backed Securities
19.3
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
18.0
Non-U.S. Government Mortgage-Backed Securities
8.6
U.S. Government & Agency Mortgage-Backed Securities
8.1
Commercial Paper
3.0
Foreign Government Obligations & Municipalities
2.4
Securities Lending Collateral
0.7
Short-Term and Other
0.3

Top Ten Holdings(as a % of Net Assets)

U.S. Treasury Notes
17.5%
Federal National Mortgage Assn.
3.9
Federal Home Loan Mortgage
2.5
Government National Mortgage Assn.
1.5
Fortress Credit BSL
1.4
Banco Santander
1.3
KKR
1.2
Crown Castle
1.0
HCA
0.9
CVS Health
0.8

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F1417-053 1/26

Short-Term Bond Fund

Z Class (TRZOX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR,applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant's annual Form N-CSR.No substantive amendments were approved or waivers were granted to this code of ethics during the registrant's most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant's annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant's annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-EndManagement Investment Companies.

(a - b) Report pursuant to Regulation S-X.

Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
November
30,
2025
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRWBX
Short-Term
Bond
Fund
PASHX
Short-Term
Bond
Fund-
.
Advisor Class
TBSIX
Short-Term
Bond
Fund-
.
I Class
TRZOX
Short-Term
Bond
Fund-
.
Z Class
T.
ROWE
PRICE
Short-Term
Bond
Fund
Unaudited
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
NET
ASSET
VALUE
Beginning
of
period
$
4.62‌
$
4.54‌
$
4.50‌
$
4.61‌
$
4.84‌
$
4.76‌
Investment
activities
Net
investment
income
(1)(2)
0.10‌
0.19‌
0.16‌
0.11‌
0.06‌
0.08‌
Net
realized
and
unrealized
gain/
loss
0.03‌
0.08‌
0.04‌
(0.11‌)
(0.23‌)
0.08‌
Total
from
investment
activities
0.13‌
0.27‌
0.20‌
-‌
(0.17‌)
0.16‌
Distributions
Net
investment
income
(0.10‌)
(0.19‌)
(0.16‌)
(0.11‌)
(0.06‌)
(0.06‌)
Tax
return
of
capital
-‌
-‌
-‌
-‌
-‌
(0.02‌)
Total
distributions
(0.10‌)
(0.19‌)
(0.16‌)
(0.11‌)
(0.06‌)
(0.08‌)
NET
ASSET
VALUE
End
of
period
$
4.65‌
$
4.62‌
$
4.54‌
$
4.50‌
$
4.61‌
$
4.84‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
Unaudited
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
Ratios/Supplemental
Data
Total
return
(2)(3)
2.79‌%
6.07‌%
4.63‌%
0.11‌%
(3.61‌)%
3.28‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.48‌%
(4)
0.47‌%
0.47‌%
0.46‌%
0.44‌%
0.44‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.48‌%
(4)
0.47‌%
0.47‌%
0.46‌%
0.44‌%
0.44‌%
Net
investment
income
4.26‌%
(4)
4.17‌%
3.62‌%
2.51‌%
1.16‌%
1.56‌%
Portfolio
turnover
rate
49.2‌%
107.2‌%
92.3‌%
50.6‌%
70.1‌%
49.4‌%
Net
assets,
end
of
period
(in
millions)
$1,290
$1,284
$1,329
$1,524
$1,856
$3,588
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Short-Term
Bond
Fund
Unaudited
Financial
Highlights
4
For
a
share
outstanding
throughout
each
period
Advisor
Class
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
NET
ASSET
VALUE
Beginning
of
period
$
4.63‌
$
4.55‌
$
4.51‌
$
4.62‌
$
4.85‌
$
4.77‌
Investment
activities
Net
investment
income
(1)(2)
0.09‌
0.18‌
0.15‌
0.10‌
0.04‌
0.06‌
Net
realized
and
unrealized
gain/
loss
0.03‌
0.08‌
0.04‌
(0.11‌)
(0.23‌)
0.08‌
Total
from
investment
activities
0.12‌
0.26‌
0.19‌
(0.01‌)
(3)
(0.19‌)
0.14‌
Distributions
Net
investment
income
(0.09‌)
(0.18‌)
(0.15‌)
(0.10‌)
(0.04‌)
(0.04‌)
Tax
return
of
capital
-‌
-‌
-‌
-‌
-‌
(0.02‌)
Total
distributions
(0.09‌)
(0.18‌)
(0.15‌)
(0.10‌)
(0.04‌)
(0.06‌)
NET
ASSET
VALUE
End
of
period
$
4.66‌
$
4.63‌
$
4.55‌
$
4.51‌
$
4.62‌
$
4.85‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
Unaudited
Financial
Highlights
5
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
Ratios/Supplemental
Data
Total
return
(2)(4)
2.62‌%
5.73‌%
4.30‌%
(0.11‌)%
(3.89‌)%
2.95‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.82‌%
(5)
0.79‌%
0.78‌%
0.70‌%
0.74‌%
0.76‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.82‌%
(5)
0.79‌%
0.78‌%
0.70‌%
0.74‌%
0.76‌%
Net
investment
income
3.93‌%
(5)
3.85‌%
3.31‌%
2.26‌%
0.87‌%
1.24‌%
Portfolio
turnover
rate
49.2‌%
107.2‌%
92.3‌%
50.6‌%
70.1‌%
49.4‌%
Net
assets,
end
of
period
(in
thousands)
$5,495
$6,215
$6,947
$8,050
$9,706
$22,646
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
The
amount
presented
is
inconsistent
with
the
fund's
results
of
operations
because
of
the
timing
of
redemptions
of
fund
shares
in
relation
to
fluctuating
market
values
for
the
investment
portfolio.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Annualized
T.
ROWE
PRICE
Short-Term
Bond
Fund
Unaudited
Financial
Highlights
6
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
NET
ASSET
VALUE
Beginning
of
period
$
4.62‌
$
4.55‌
$
4.51‌
$
4.61‌
$
4.84‌
$
4.77‌
Investment
activities
Net
investment
income
(1)(2)
0.10‌
0.20‌
0.17‌
0.12‌
0.06‌
0.08‌
Net
realized
and
unrealized
gain/
loss
0.04‌
0.07‌
0.04‌
(0.10‌)
(0.23‌)
0.07‌
Total
from
investment
activities
0.14‌
0.27‌
0.21‌
0.02‌
(0.17‌)
0.15‌
Distributions
Net
investment
income
(0.10‌)
(0.20‌)
(0.17‌)
(0.12‌)
(0.06‌)
(0.06‌)
Tax
return
of
capital
-‌
-‌
-‌
-‌
-‌
(0.02‌)
Total
distributions
(0.10‌)
(0.20‌)
(0.17‌)
(0.12‌)
(0.06‌)
(0.08‌)
NET
ASSET
VALUE
End
of
period
$
4.66‌
$
4.62‌
$
4.55‌
$
4.51‌
$
4.61‌
$
4.84‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
Unaudited
Financial
Highlights
7
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
Ratios/Supplemental
Data
Total
return
(2)(3)
3.09‌%
5.98‌%
4.76‌%
0.47‌%
(3.51‌)%
3.15‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.33‌%
(4)
0.33‌%
0.34‌%
0.33‌%
0.34‌%
0.36‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.33‌%
(4)
0.33‌%
0.34‌%
0.33‌%
0.34‌%
0.36‌%
Net
investment
income
4.41‌%
(4)
4.31‌%
3.77‌%
2.66‌%
1.31‌%
1.56‌%
Portfolio
turnover
rate
49.2‌%
107.2‌%
92.3‌%
50.6‌%
70.1‌%
49.4‌%
Net
assets,
end
of
period
(in
millions)
$3,328
$3,226
$3,041
$2,971
$3,183
$2,228
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Short-Term
Bond
Fund
Unaudited
Financial
Highlights
8
For
a
share
outstanding
throughout
each
period
Z
Class
(1)
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
2/22/21
(1)
Through
5/31/21
5/31/25
5/31/24
5/31/23
5/31/22
NET
ASSET
VALUE
Beginning
of
period
$
4.62‌
$
4.54‌
$
4.50‌
$
4.61‌
$
4.84‌
$
4.85‌
Investment
activities
Net
investment
income
(2)(3)
0.11‌
0.21‌
0.19‌
0.13‌
0.08‌
0.02‌
Net
realized
and
unrealized
gain/
loss
0.03‌
0.08‌
0.04‌
(0.11‌)
(0.23‌)
(0.01‌)
(4)
Total
from
investment
activities
0.14‌
0.29‌
0.23‌
0.02‌
(0.15‌)
0.01‌
Distributions
Net
investment
income
(0.11‌)
(0.21‌)
(0.19‌)
(0.13‌)
(0.08‌)
-‌
(5)
Tax
return
of
capital
-‌
-‌
-‌
-‌
-‌
(0.02‌)
Total
distributions
(0.11‌)
(0.21‌)
(0.19‌)
(0.13‌)
(0.08‌)
(0.02‌)
NET
ASSET
VALUE
End
of
period
$
4.65‌
$
4.62‌
$
4.54‌
$
4.50‌
$
4.61‌
$
4.84‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
Unaudited
Financial
Highlights
9
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Z
Class
(1)
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
2/22/21
(1)
Through
5/31/21
5/31/25
5/31/24
5/31/23
5/31/22
Ratios/Supplemental
Data
Total
return
(3)(6)
3.04‌%
6.56‌%
5.12‌%
0.58‌%
(3.18‌)%
0.26‌%
Ratios
to
average
net
assets:
(3)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.31‌%
(7)
0.30‌%
0.31‌%
0.31‌%
0.32‌%
0.34‌%
(7)
Net
expenses
after
waivers/
payments
by
Price
Associates
0.00‌%
(7)
0.00‌%
0.00‌%
0.00‌%
0.00‌%
0.00‌%
(7)
Net
investment
income
4.74‌%
(7)
4.63‌%
4.19‌%
2.95‌%
1.62‌%
1.69‌%
(7)
Portfolio
turnover
rate
49.2‌%
107.2‌%
92.3‌%
50.6‌%
70.1‌%
49.4‌%
Net
assets,
end
of
period
(in
thousands)
$123,765
$161,867
$310,323
$150,111
$201,043
$244,089
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Inception
date
(2)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(3)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(4)
The
amount
presented
is
inconsistent
with
the
fund's
aggregate
gains
and
losses
because
of
the
timing
of
sales
and
redemptions
of
fund
shares
in
relation
to
fluctuating
market
values
for
the
investment
portfolio.
(5)
Amounts
round
to
less
than
$0.01
per
share.
(6)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(7)
Annualized
T.
ROWE
PRICE
Short-Term
Bond
Fund
November
30,
2025
Unaudited
10
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
19.3%
Car
Loan
5.2%
Ally
Auto
Receivables
Trust
Series
2023-A,
Class
B
6.01%,
1/17/34 (1)
101‌
102‌
Ally
Auto
Receivables
Trust
Series
2023-A,
Class
C
6.08%,
1/17/34 (1)
1,947‌
1,966‌
Ally
Bank
Auto
Credit-Linked
Notes
Series
2024-A,
Class
C
6.022%,
5/17/32 (1)
136‌
138‌
Ally
Bank
Auto
Credit-Linked
Notes
Series
2024-B,
Class
A2
4.97%,
9/15/32 (1)
1,578‌
1,593‌
Ally
Bank
Auto
Credit-Linked
Notes
Series
2024-B,
Class
C
5.215%,
9/15/32 (1)
1,028‌
1,034‌
Ally
Bank
Auto
Credit-Linked
Notes
Series
2025-B,
Class
B
4.501%,
9/15/33 (1)
2,585‌
2,590‌
Ally
Bank
Auto
Credit-Linked
Notes
Series
2025-B,
Class
C
4.697%,
9/15/33 (1)
3,225‌
3,230‌
AmeriCredit
Automobile
Receivables
Trust
Series
2021-2,
Class
D
1.29%,
6/18/27
8,770‌
8,733‌
ARI
Fleet
Lease
Trust
Series
2024-B,
Class
A2
5.54%,
4/15/33 (1)
2,955‌
2,976‌
Avis
Budget
Rental
Car
Funding
AESOP
Series
2022-5A,
Class
C
6.24%,
4/20/27 (1)
1,721‌
1,726‌
Avis
Budget
Rental
Car
Funding
AESOP
Series
2023-2A,
Class
C
6.18%,
10/20/27 (1)
1,455‌
1,468‌
Avis
Budget
Rental
Car
Funding
AESOP
Series
2025-3A,
Class
B
4.46%,
2/20/30 (1)
1,100‌
1,098‌
Avis
Budget
Rental
Car
Funding
AESOP
Series
2025-3A,
Class
C
4.95%,
2/20/30 (1)
160‌
161‌
Bayview
Opportunity
Master
Fund
VII
Series
2024-CAR1,
Class
A,
FRN
SOFR30A
+
1.10%,
5.172%,
12/26/31 (1)
1,317‌
1,321‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
CarMax
Auto
Owner
Trust
Series
2023-3,
Class
C
5.61%,
2/15/29
5,070‌
5,152‌
CarMax
Auto
Owner
Trust
Series
2023-3,
Class
D
6.44%,
12/16/30
2,515‌
2,573‌
CarMax
Auto
Owner
Trust
Series
2023-4,
Class
C
6.58%,
5/15/29
8,020‌
8,325‌
CarMax
Auto
Owner
Trust
Series
2024-1,
Class
C
5.47%,
8/15/29
3,605‌
3,672‌
CarMax
Auto
Owner
Trust
Series
2024-2,
Class
D
6.42%,
10/15/30
400‌
412‌
CarMax
Auto
Owner
Trust
Series
2024-3,
Class
D
5.67%,
1/15/31
1,525‌
1,553‌
CarMax
Select
Receivables
Trust
Series
2024-A,
Class
B
5.35%,
1/15/30
1,640‌
1,664‌
CarMax
Select
Receivables
Trust
Series
2024-A,
Class
C
5.62%,
1/15/30
6,990‌
7,156‌
Carvana
Auto
Receivables
Trust
Series
2022-N1,
Class
C
3.32%,
12/11/28 (1)
154‌
153‌
Carvana
Auto
Receivables
Trust
Series
2022-P1,
Class
A4
3.52%,
2/10/28
9,476‌
9,448‌
Carvana
Auto
Receivables
Trust
Series
2024-N2,
Class
B
5.67%,
9/10/30 (1)
4,955‌
5,017‌
Carvana
Auto
Receivables
Trust
Series
2024-N2,
Class
C
5.82%,
9/10/30 (1)
10,490‌
10,714‌
Carvana
Auto
Receivables
Trust
Series
2025-P4,
Class
C
5.04%,
4/12/32
3,895‌
3,903‌
Carvana
Auto
Receivables
Trust
Series
2025-P4,
Class
D
5.62%,
11/10/33
4,715‌
4,729‌
Chase
Auto
Credit
Linked
Notes
Series
2025-1,
Class
B
4.753%,
2/25/33 (1)
3,654‌
3,677‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
Chase
Auto
Credit
Linked
Notes
Series
2025-1,
Class
C
4.851%,
2/25/33 (1)
4,173‌
4,201‌
Drive
Auto
Receivables
Trust
Series
2025-2,
Class
C
4.39%,
9/15/32
2,100‌
2,099‌
Enterprise
Fleet
Financing
Series
2023-2,
Class
A2
5.56%,
4/22/30 (1)
3,698‌
3,719‌
Enterprise
Fleet
Financing
Series
2024-3,
Class
A4
5.06%,
3/20/31 (1)
1,235‌
1,265‌
Exeter
Automobile
Receivables
Trust
Series
2022-4A,
Class
D
5.98%,
12/15/28
3,479‌
3,504‌
Exeter
Automobile
Receivables
Trust
Series
2022-5A,
Class
C
6.51%,
12/15/27
601‌
601‌
Exeter
Automobile
Receivables
Trust
Series
2023-1A,
Class
D
6.69%,
6/15/29
485‌
493‌
Exeter
Automobile
Receivables
Trust
Series
2025-4A,
Class
B
4.40%,
5/15/30
1,585‌
1,592‌
Exeter
Automobile
Receivables
Trust
Series
2025-4A,
Class
C
4.57%,
6/16/31
5,690‌
5,706‌
Exeter
Automobile
Receivables
Trust
Series
2025-5A,
Class
B
4.28%,
7/15/30
5,485‌
5,495‌
Exeter
Select
Automobile
Receivables
Trust
Series
2025-1,
Class
B
4.87%,
8/15/31
3,185‌
3,227‌
Exeter
Select
Automobile
Receivables
Trust
Series
2025-2,
Class
B
4.63%,
11/17/31
1,510‌
1,523‌
Exeter
Select
Automobile
Receivables
Trust
Series
2025-2,
Class
C
4.91%,
12/15/31
3,670‌
3,710‌
Ford
Credit
Auto
Lease
Trust
Series
2023-B,
Class
C
6.43%,
4/15/27
2,440‌
2,456‌
Ford
Credit
Auto
Owner
Trust
Series
2023-A,
Class
B
5.07%,
1/15/29
2,655‌
2,682‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2023-1,
Class
C
5.75%,
5/15/28 (1)
2,985‌
3,000‌
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2023-1,
Class
D
6.62%,
5/15/28 (1)
5,293‌
5,336‌
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2024-1,
Class
B
5.48%,
4/15/29 (1)
3,375‌
3,430‌
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2025-2,
Class
B
4.33%,
9/15/30
1,545‌
1,549‌
Huntington
Bank
Auto
Credit-Linked
Notes
Series
2024-1,
Class
B1
6.153%,
5/20/32 (1)
3,742‌
3,803‌
Huntington
Bank
Auto
Credit-Linked
Notes
Series
2024-2,
Class
B1
5.442%,
10/20/32 (1)
6,740‌
6,811‌
Huntington
Bank
Auto
Credit-Linked
Notes
Series
2025-1,
Class
B
4.957%,
3/21/33 (1)
5,841‌
5,888‌
Huntington
Bank
Auto
Credit-Linked
Notes
Series
2025-2,
Class
B1
4.835%,
9/20/33 (1)
2,201‌
2,215‌
Hyundai
Auto
Lease
Securitization
Trust
Series
2025-B,
Class
A3
4.53%,
4/17/28 (1)
2,460‌
2,480‌
Hyundai
Auto
Lease
Securitization
Trust
Series
2025-B,
Class
B
4.94%,
8/15/29 (1)
5,205‌
5,276‌
Navistar
Financial
Dealer
Note
Master
Owner
Trust
Series
2024-1,
Class
B
5.79%,
4/25/29 (1)
625‌
628‌
Navistar
Financial
Dealer
Note
Master
Owner
Trust
Series
2024-1,
Class
C
6.13%,
4/25/29 (1)
980‌
985‌
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
Series
2025-1,
Class
B
4.42%,
9/25/30 (1)
970‌
971‌
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
Series
2025-1,
Class
C
4.72%,
9/25/30 (1)
460‌
460‌
Santander
Bank
Auto
Credit-Linked
Notes
Series
2023-B,
Class
A2
5.644%,
12/15/33 (1)
660‌
671‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
Santander
Bank
Auto
Credit-Linked
Notes
Series
2023-B,
Class
C
5.933%,
12/15/33 (1)
1,321‌
1,338‌
Santander
Bank
Auto
Credit-Linked
Notes
Series
2023-B,
Class
D
6.663%,
12/15/33 (1)
2,137‌
2,170‌
Santander
Bank
Auto
Credit-Linked
Notes
Series
2024-A,
Class
B
5.622%,
6/15/32 (1)
1,448‌
1,468‌
Santander
Bank
Auto
Credit-Linked
Notes
Series
2024-A,
Class
C
5.818%,
6/15/32 (1)
1,750‌
1,773‌
Santander
Bank
Auto
Credit-Linked
Notes
Series
2024-B,
Class
B
4.965%,
1/18/33 (1)
1,329‌
1,337‌
Santander
Bank
Auto
Credit-Linked
Notes
Series
2024-B,
Class
C
5.141%,
1/18/33 (1)
1,795‌
1,804‌
Santander
Consumer
Auto
Receivables
Trust
Series
2021-BA,
Class
C
3.09%,
3/15/29 (1)
1,046‌
1,039‌
Santander
Drive
Auto
Receivables
Trust
Series
2021-1,
Class
E
2.51%,
12/15/28
6,755‌
6,748‌
Santander
Drive
Auto
Receivables
Trust
Series
2021-4,
Class
D
1.67%,
10/15/27
1,787‌
1,782‌
Santander
Drive
Auto
Receivables
Trust
Series
2021-4,
Class
E
4.03%,
3/15/29 (1)
9,700‌
9,690‌
Santander
Drive
Auto
Receivables
Trust
Series
2025-4,
Class
B
4.27%,
1/15/32
5,110‌
5,122‌
SBNA
Auto
Lease
Trust
Series
2024-B,
Class
A4
5.55%,
12/20/28 (1)
6,630‌
6,707‌
Securitized
Term
Auto
Receivables
Trust
Series
2025-A,
Class
B
5.038%,
7/25/31 (1)
1,506‌
1,520‌
Securitized
Term
Auto
Receivables
Trust
Series
2025-B,
Class
B
4.925%,
12/29/32 (1)
1,121‌
1,130‌
Securitized
Term
Auto
Receivables
Trust
Series
2025-B,
Class
C
5.121%,
12/29/32 (1)
519‌
523‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
SFS
Auto
Receivables
Securitization
Trust
Series
2024-1A,
Class
A3
4.95%,
5/21/29 (1)
1,568‌
1,576‌
SFS
Auto
Receivables
Securitization
Trust
Series
2024-1A,
Class
C
5.51%,
1/20/32 (1)
655‌
670‌
U.S.
Bank
Series
2023-1,
Class
B
6.789%,
8/25/32 (1)
425‌
430‌
Wheels
Fleet
Lease
Funding
1
Series
2024-1A,
Class
A1
5.49%,
2/18/39 (1)
5,109‌
5,167‌
Wheels
Fleet
Lease
Funding
1
Series
2025-3A,
Class
A1
4.08%,
9/18/40 (1)
2,580‌
2,583‌
Wheels
Fleet
Lease
Funding
1
Series
2025-3A,
Class
C
4.79%,
9/18/40 (1)
3,525‌
3,540‌
World
Omni
Auto
Receivables
Trust
Series
2022-A,
Class
C
2.55%,
9/15/28
4,240‌
4,216‌
244,393‌
Other
Asset-Backed
Securities
13.0%
Affirm
Asset
Securitization
Trust
Series
2025-X2,
Class
A
4.45%,
10/15/30 (1)
5,870‌
5,876‌
Affirm
Master
Trust
Series
2025-2A,
Class
A
4.67%,
7/15/33 (1)
3,990‌
4,011‌
Affirm
Master
Trust
Series
2025-2A,
Class
B
5.06%,
7/15/33 (1)
4,190‌
4,217‌
Affirm
Master
Trust
Series
2025-3A,
Class
A
4.45%,
10/16/34 (1)
3,425‌
3,431‌
Alinea
Series
2018-1A,
Class
AR,
CLO,
FRN
3M
TSFR
+
0.90%,
4.784%,
7/20/31 (1)
63‌
64‌
Alinea
Series
2018-1A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.15%,
5.034%,
7/20/31 (1)
600‌
600‌
Amur
Equipment
Finance
Receivables
X
Series
2022-1A,
Class
E
5.02%,
12/20/28 (1)
4,900‌
4,898‌
Anthelion
Series
2025-1A,
Class
A1,
CLO,
FRN
3M
TSFR
+
1.50%,
5.819%,
7/20/36 (1)
7,045‌
7,050‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
Arbys
Funding
Series
2020-1A,
Class
A2
3.237%,
7/30/50 (1)
12,017‌
11,652‌
Auxilior
Term
Funding
Series
2023-1A,
Class
A2
6.18%,
12/15/28 (1)
1,643‌
1,652‌
Auxilior
Term
Funding
Series
2024-1A,
Class
A3
5.49%,
7/15/31 (1)
2,955‌
3,000‌
Balboa
Bay
Loan
Funding
Series
2023-1A,
Class
ARR,
CLO,
FRN
3M
TSFR
+
1.16%,
5.044%,
4/20/36 (1)
4,305‌
4,306‌
Battalion
XII
Series
2018-12A,
Class
BRR,
CLO,
FRN
3M
TSFR
+
1.20%,
5.052%,
5/17/31 (1)
5,600‌
5,594‌
Battalion
XII
Series
2018-12A,
Class
CRR,
CLO,
FRN
3M
TSFR
+
1.55%,
5.402%,
5/17/31 (1)
6,065‌
6,067‌
Battalion
XV
Series
2020-15A,
Class
A1RR,
CLO,
FRN
3M
TSFR
+
0.98%,
4.862%,
1/17/33 (1)
15,845‌
15,807‌
Battalion
XV
Series
2020-15A,
Class
CR,
CLO,
FRN
3M
TSFR
+
1.90%,
5.782%,
1/17/33 (1)
4,035‌
4,038‌
Battalion
XXI
Series
2021-21A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.70%,
5.605%,
7/15/34 (1)
3,540‌
3,542‌
Blue
Owl
Asset
Leasing
Trust
Series
2024-1A,
Class
A2
5.05%,
3/15/29 (1)
2,762‌
2,772‌
Blue
Owl
Asset
Leasing
Trust
Series
2024-1A,
Class
B
5.41%,
3/15/30 (1)
1,330‌
1,345‌
BlueMountain
Series
2016-3A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.20%,
5.052%,
11/15/30 (1)
2,472‌
2,472‌
BlueMountain
Series
2018-3A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.19%,
5.048%,
10/25/30 (1)
2,268‌
2,269‌
Bowling
Green
Park
Series
2019-1A,
Class
ARR,
CLO,
FRN
3M
TSFR
+
1.00%,
4.884%,
4/18/35 (1)
9,730‌
9,727‌
BRE
Grand
Islander
Timeshare
Issuer
Series
2019-A,
Class
A
3.28%,
9/26/33 (1)
1,241‌
1,231‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
Canyon
Capital
Series
2019-2A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.01%,
4.915%,
10/15/34 (1)
6,460‌
6,445‌
Chenango
Park
Series
2018-1A,
Class
A2R,
CLO,
FRN
3M
TSFR
+
1.45%,
5.355%,
4/15/30 (1)
3,710‌
3,710‌
Chenango
Park
Series
2018-1A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.80%,
5.705%,
4/15/30 (1)
7,815‌
7,823‌
CIFC
Funding
Series
2016-1A,
Class
AR3,
CLO,
FRN
3M
TSFR
+
1.00%,
4.87%,
10/21/31 (1)
8,378‌
8,380‌
CIFC
Funding
Series
2016-1A,
Class
D1R3,
CLO,
FRN
3M
TSFR
+
2.30%,
6.17%,
10/21/31 (1)
3,685‌
3,657‌
Clarus
Capital
Funding
Series
2024-1A,
Class
A2
4.71%,
8/20/32 (1)
352‌
354‌
Clarus
Capital
Funding
Series
2024-1A,
Class
B
4.79%,
8/20/32 (1)
990‌
993‌
CyrusOne
Data
Centers
Issuer
I
Series
2024-2A,
Class
A2
4.50%,
5/20/49 (1)
9,325‌
9,140‌
Dell
Equipment
Finance
Trust
Series
2023-3,
Class
D
6.75%,
10/22/29 (1)
820‌
828‌
Dell
Equipment
Finance
Trust
Series
2024-1,
Class
D
6.12%,
9/23/30 (1)
1,185‌
1,205‌
Dell
Equipment
Finance
Trust
Series
2024-2,
Class
B
4.82%,
8/22/30 (1)
635‌
641‌
Dell
Equipment
Finance
Trust
Series
2024-2,
Class
D
5.29%,
2/24/31 (1)
1,470‌
1,482‌
Dell
Equipment
Finance
Trust
Series
2025-1,
Class
C
5.25%,
2/24/31 (1)
510‌
518‌
DLLAA
Series
2023-1A,
Class
A3
5.64%,
2/22/28 (1)
3,948‌
3,990‌
DLLST
Series
2024-1A,
Class
A3
5.05%,
8/20/27 (1)
1,329‌
1,335‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
DLLST
Series
2024-1A,
Class
A4
4.93%,
4/22/30 (1)
465‌
469‌
Driven
Brands
Funding
Series
2019-2A,
Class
A2
3.981%,
10/20/49 (1)
4,686‌
4,650‌
Dryden
Series
2020-86A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.13%,
5.012%,
7/17/34 (1)
9,455‌
9,453‌
Elara
HGV
Timeshare
Issuer
Series
2019-A,
Class
A
2.61%,
1/25/34 (1)
844‌
837‌
Elara
HGV
Timeshare
Issuer
Series
2023-A,
Class
A
6.16%,
2/25/38 (1)
1,138‌
1,178‌
Elara
HGV
Timeshare
Issuer
Series
2023-A,
Class
C
7.30%,
2/25/38 (1)
1,544‌
1,599‌
Fortress
Credit
BSL
IX
Series
2020-1A,
Class
A1AR,
CLO,
FRN
3M
TSFR
+
1.10%,
5.028%,
10/20/33 (1)
11,725‌
11,716‌
Fortress
Credit
BSL
IX
Series
2020-1A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.70%,
5.628%,
10/20/33 (1)
7,000‌
6,989‌
Fortress
Credit
BSL
VII
Series
2019-1A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.09%,
4.95%,
7/23/32 (1)
1,106‌
1,106‌
Fortress
Credit
BSL
VII
Series
2019-1A,
Class
A2R,
CLO,
FRN
3M
TSFR
+
1.40%,
5.26%,
7/23/32 (1)
5,430‌
5,433‌
Fortress
Credit
BSL
VII
Series
2019-1A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.65%,
5.51%,
7/23/32 (1)
6,935‌
6,952‌
Fortress
Credit
BSL
VIII
Series
2019-2A,
Class
A1AR,
CLO,
FRN
3M
TSFR
+
1.05%,
4.92%,
10/20/32 (1)
4,099‌
4,099‌
Fortress
Credit
BSL
VIII
Series
2019-2A,
Class
A2R,
CLO,
FRN
3M
TSFR
+
1.40%,
5.27%,
10/20/32 (1)
13,575‌
13,574‌
Fortress
Credit
BSL
XV
Series
2022-2A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.40%,
5.284%,
10/18/33 (1)
11,805‌
11,819‌
Fortress
Credit
BSL
XVIII
Series
2023-1A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.57%,
5.43%,
4/23/36 (1)
1,655‌
1,657‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
Frontier
Issuer
Series
2024-1,
Class
A2
6.19%,
6/20/54 (1)
1,175‌
1,212‌
Golub
Capital
Partners
Static
Series
2024-1A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.50%,
5.826%,
7/20/35 (1)
11,725‌
11,621‌
Goto
Foods
Funding
Series
2017-1A,
Class
A2II
5.093%,
4/30/47 (1)
11,584‌
11,525‌
GreatAmerica
Leasing
Receivables
Funding
Series
2025-2,
Class
A3
4.14%,
12/17/29 (1)
3,830‌
3,841‌
Hardee's
Funding
Series
2018-1A,
Class
A23
5.71%,
6/20/48 (1)
2,992‌
2,969‌
Hardee's
Funding
Series
2020-1A,
Class
A2
3.981%,
12/20/50 (1)
7,930‌
7,655‌
Hardee's
Funding
Series
2021-1A,
Class
A2
2.865%,
6/20/51 (1)
3,358‌
3,132‌
Hilton
Grand
Vacations
Trust
Series
2019-AA,
Class
A
2.34%,
7/25/33 (1)
232‌
231‌
Hilton
Grand
Vacations
Trust
Series
2019-AA,
Class
B
2.54%,
7/25/33 (1)
479‌
476‌
Hilton
Grand
Vacations
Trust
Series
2020-AA,
Class
A
2.74%,
2/25/39 (1)
381‌
376‌
Hilton
Grand
Vacations
Trust
Series
2022-1D,
Class
A
3.61%,
6/20/34 (1)
666‌
663‌
Hilton
Grand
Vacations
Trust
Series
2023-1A,
Class
B
6.11%,
1/25/38 (1)
3,529‌
3,623‌
Hilton
Grand
Vacations
Trust
Series
2023-1A,
Class
C
6.94%,
1/25/38 (1)
658‌
680‌
Hilton
Grand
Vacations
Trust
Series
2025-1A,
Class
A
4.88%,
5/27/42 (1)
2,211‌
2,246‌
Hilton
Grand
Vacations
Trust
Series
2025-1A,
Class
B
5.18%,
5/27/42 (1)
3,727‌
3,782‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
20
Par/Shares
$
Value
(Amounts
in
000s)
HPEFS
Equipment
Trust
Series
2023-1A,
Class
C
5.91%,
4/20/28 (1)
1,911‌
1,913‌
HPEFS
Equipment
Trust
Series
2023-2A,
Class
C
6.48%,
1/21/31 (1)
1,440‌
1,445‌
HPEFS
Equipment
Trust
Series
2023-2A,
Class
D
6.97%,
7/21/31 (1)
3,042‌
3,077‌
HPEFS
Equipment
Trust
Series
2024-1A,
Class
C
5.33%,
5/20/31 (1)
8,335‌
8,381‌
HPEFS
Equipment
Trust
Series
2024-2A,
Class
B
5.35%,
10/20/31 (1)
1,025‌
1,036‌
HPEFS
Equipment
Trust
Series
2024-2A,
Class
D
5.82%,
4/20/32 (1)
2,535‌
2,591‌
Invesco
Series
2021-3A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.08%,
4.937%,
10/22/34 (1)
3,995‌
3,997‌
Jack
in
the
Box
Funding
Series
2022-1A,
Class
A2I
3.445%,
2/26/52 (1)
6,195‌
6,032‌
Jersey
Mike's
Funding
Series
2021-1A,
Class
A2I
2.891%,
2/15/52 (1)
125‌
123‌
KKR
Series
18,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.05%,
5.191%,
10/18/35 (1)
18,615‌
18,572‌
KKR
Series
33A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.08%,
4.993%,
7/20/34 (1)
11,780‌
11,765‌
KKR
Series
33A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.60%,
5.513%,
7/20/34 (1)
7,465‌
7,451‌
KKR
Series
34A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.10%,
5.005%,
7/15/34 (1)
5,170‌
5,166‌
KKR
Series
40A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.30%,
5.184%,
10/20/34 (1)
13,490‌
13,493‌
Madison
Park
Funding
XXIV
Series
2016-24A,
Class
CR2,
CLO,
FRN
3M
TSFR
+
2.05%,
5.934%,
10/20/29 (1)
5,240‌
5,244‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
21
Par/Shares
$
Value
(Amounts
in
000s)
Madison
Park
Funding
XXXIII
Series
2019-33A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.29%,
5.195%,
10/15/32 (1)
13,605‌
13,618‌
Madison
Park
Funding
XXXV
Series
2019-35A,
Class
CR,
CLO,
FRN
3M
TSFR
+
2.162%,
6.046%,
4/20/32 (1)
745‌
745‌
Marble
Point
XV
Series
2019-1A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.04%,
4.90%,
7/23/32 (1)
6,730‌
6,731‌
MidOcean
Credit
VI
Series
2016-6A,
Class
ARRR,
CLO,
FRN
3M
TSFR
+
1.23%,
5.10%,
4/20/33 (1)
1,333‌
1,333‌
MMAF
Equipment
Finance
Series
2021-A,
Class
A5
1.19%,
11/13/43 (1)
1,430‌
1,417‌
MVW
Series
2020-1A,
Class
B
2.73%,
10/20/37 (1)
408‌
402‌
MVW
Series
2021-1WA,
Class
B
1.44%,
1/22/41 (1)
234‌
225‌
MVW
Series
2023-1A,
Class
A
4.93%,
10/20/40 (1)
4,185‌
4,234‌
MVW
Series
2023-2A,
Class
A
6.18%,
11/20/40 (1)
682‌
701‌
MVW
Series
2023-2A,
Class
B
6.33%,
11/20/40 (1)
389‌
398‌
Neuberger
Berman
Loan
Advisers
Series
2021-43A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.05%,
4.932%,
7/17/36 (1)
16,575‌
16,564‌
NMEF
Funding
Series
2025-A,
Class
A2
4.72%,
7/15/32 (1)
2,721‌
2,729‌
Octagon
Investment
Partners
39
Series
2018-3A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.15%,
5.034%,
10/20/30 (1)
1,876‌
1,876‌
Octagon
Investment
Partners
XXI
Series
2014-1A,
Class
A2R4,
CLO,
FRN
3M
TSFR
+
1.15%,
5.003%,
2/14/31 (1)
11,495‌
11,481‌
Octagon
Investment
Partners
XXI
Series
2014-1A,
Class
AAR4,
CLO,
FRN
3M
TSFR
+
0.81%,
4.663%,
2/14/31 (1)
1,383‌
1,383‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
22
Par/Shares
$
Value
(Amounts
in
000s)
Octagon
Investment
Partners
XXI
Series
2014-1A,
Class
BR4,
CLO,
FRN
3M
TSFR
+
1.35%,
5.203%,
2/14/31 (1)
4,500‌
4,487‌
Octane
Receivables
Trust
Series
2022-1A,
Class
B
4.90%,
5/22/28 (1)
235‌
235‌
Octane
Receivables
Trust
Series
2023-1A,
Class
B
5.96%,
7/20/29 (1)
2,695‌
2,708‌
Octane
Receivables
Trust
Series
2023-3A,
Class
B
6.48%,
7/20/29 (1)
1,570‌
1,593‌
Octane
Receivables
Trust
Series
2023-3A,
Class
C
6.74%,
8/20/29 (1)
515‌
528‌
Octane
Receivables
Trust
Series
2024-3A,
Class
A2
4.94%,
5/20/30 (1)
1,418‌
1,425‌
Octane
Receivables
Trust
Series
2024-3A,
Class
C
5.51%,
10/20/31 (1)
1,650‌
1,684‌
Octane
Receivables
Trust
Series
2025-RVM1,
Class
B
4.83%,
12/20/46 (1)
2,945‌
2,954‌
Octane
Receivables
Trust
Series
2025-RVM1,
Class
C
5.26%,
12/20/46 (1)
6,040‌
6,064‌
OZLM
Funding
II
Series
2012-2A,
Class
AR4,
CLO,
FRN
3M
TSFR
+
1.20%,
5.038%,
7/30/37 (1)
4,450‌
4,452‌
OZLM
Funding
II
Series
2012-2A,
Class
BR4,
CLO,
FRN
3M
TSFR
+
1.75%,
5.588%,
7/30/37 (1)
8,115‌
8,132‌
OZLM
XXI
Series
2017-21A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.15%,
5.034%,
1/20/31 (1)
1,165‌
1,165‌
Post
Road
Equipment
Finance
Series
2024-1A,
Class
A2
5.59%,
11/15/29 (1)
232‌
233‌
Progress
Residential
Trust
Series
2021-SFR8,
Class
B
1.681%,
10/17/38 (1)
1,548‌
1,520‌
Progress
Residential
Trust
Series
2021-SFR8,
Class
C
1.931%,
10/17/38 (1)
7,820‌
7,685‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
23
Par/Shares
$
Value
(Amounts
in
000s)
Rockford
Tower
Series
2019-2A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.13%,
5.019%,
8/20/32 (1)
10,369‌
10,368‌
Romark
II
Series
2018-2A,
Class
A2R,
CLO,
FRN
3M
TSFR
+
1.65%,
5.508%,
7/25/31 (1)
13,080‌
13,083‌
SCF
Equipment
Leasing
Series
2025-1A,
Class
A2
4.82%,
7/22/30 (1)
2,084‌
2,090‌
SCF
Equipment
Leasing
Series
2025-1A,
Class
A3
5.11%,
11/21/33 (1)
3,520‌
3,596‌
SEB
Funding
Series
2024-1A,
Class
A2
7.386%,
4/30/54 (1)
5,140‌
5,258‌
Sierra
Timeshare
Receivables
Funding
Series
2025-2A,
Class
B
4.93%,
4/20/44 (1)
2,205‌
2,216‌
Sierra
Timeshare
Receivables
Funding
Series
2025-3A,
Class
A
4.44%,
8/22/44 (1)
1,006‌
1,010‌
Sierra
Timeshare
Receivables
Funding
Series
2025-3A,
Class
B
4.64%,
8/22/44 (1)
1,878‌
1,887‌
SOUND
POINT
XXII
Series
2019-1A,
Class
BRR,
CLO,
FRN
3M
TSFR
+
1.65%,
5.534%,
1/20/32 (1)
1,360‌
1,365‌
Stratus
Funding
Series
2025-1A,
Class
B,
CLO,
FRN
3M
TSFR
+
1.45%,
5.355%,
7/15/33 (1)
3,855‌
3,834‌
Symphony
XXIII
Series
2020-23A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
0.90%,
4.805%,
1/15/34 (1)
1,846‌
1,845‌
Symphony
XXVI
Series
2021-26A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.342%,
5.226%,
4/20/33 (1)
2,506‌
2,506‌
TIAA
Series
2016-1A,
Class
ARR,
CLO,
FRN
3M
TSFR
+
1.25%,
5.134%,
7/20/31 (1)
4,508‌
4,508‌
TPIC
SPV
I
Series
2024-1A,
Class
A
7.131%,
11/30/44,
Acquisition
Date:
12/10/24,
Cost $7,684 (2)(3)
7,684‌
7,727‌
Tricon
Residential
Trust
Series
2024-SFR2,
Class
A
4.75%,
6/17/40 (1)
3,394‌
3,410‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
24
Par/Shares
$
Value
(Amounts
in
000s)
Tricon
Residential
Trust
Series
2024-SFR2,
Class
D
6.00%,
6/17/40 (1)
6,225‌
6,296‌
Trinitas
IX
Series
2018-9A,
Class
ARRR,
CLO,
FRN
3M
TSFR
+
1.20%,
5.084%,
1/20/32 (1)
677‌
677‌
Trinitas
IX
Series
2018-9A,
Class
BRRR,
CLO,
FRN
3M
TSFR
+
1.70%,
5.584%,
1/20/32 (1)
2,515‌
2,519‌
Trinitas
VI
Series
2017-6A,
Class
AR4,
CLO,
FRN
3M
TSFR
+
1.11%,
4.968%,
1/25/34 (1)
11,985‌
11,983‌
Trinitas
VII
Series
2017-7A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.06%,
4.918%,
1/25/35 (1)
11,690‌
11,661‌
Verdant
Receivables
Series
2023-1A,
Class
A2
6.24%,
1/13/31 (1)
2,483‌
2,526‌
Verdant
Receivables
Series
2024-1A,
Class
A2
5.68%,
12/12/31 (1)
1,099‌
1,119‌
Verizon
Master
Trust
Series
2024-6,
Class
B
4.42%,
8/20/30
8,440‌
8,476‌
Wellfleet
Series
2021-1A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.65%,
5.534%,
4/20/34 (1)
9,235‌
9,238‌
Wingspire
Equipment
Finance
Series
2025-1A,
Class
A2
4.33%,
9/20/33 (1)
330‌
330‌
Wingspire
Equipment
Finance
Series
2025-1A,
Class
C
4.76%,
9/20/33 (1)
125‌
125‌
Zaxby's
Funding
Series
2021-1A,
Class
A2
3.238%,
7/30/51 (1)
7,928‌
7,467‌
617,793‌
Student
Loan
1.0%
Bayview
Opportunity
Master
Fund
VII
Series
2025-EDU1,
Class
A,
FRN
SOFR30A
+
1.30%,
5.372%,
7/27/48 (1)
1,881‌
1,888‌
Bayview
Opportunity
Master
Fund
VII
Series
2025-EDU1,
Class
B,
FRN
SOFR30A
+
1.70%,
5.772%,
7/27/48 (1)
5,715‌
5,725‌
Navient
Private
Education
Loan
Trust
Series
2020-A,
Class
A2A
2.46%,
11/15/68 (1)
2,062‌
1,999‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
25
Par/Shares
$
Value
(Amounts
in
000s)
Navient
Private
Education
Refi
Loan
Trust
Series
2019-A,
Class
A2A
3.42%,
1/15/43 (1)
511‌
510‌
Navient
Private
Education
Refi
Loan
Trust
Series
2019-EA,
Class
A2A
2.64%,
5/15/68 (1)
1,611‌
1,588‌
Navient
Private
Education
Refi
Loan
Trust
Series
2019-GA,
Class
A
2.40%,
10/15/68 (1)
2,807‌
2,736‌
Navient
Private
Education
Refi
Loan
Trust
Series
2020-BA,
Class
A2
2.12%,
1/15/69 (1)
1,180‌
1,131‌
Navient
Private
Education
Refi
Loan
Trust
Series
2020-CA,
Class
A2A
2.15%,
11/15/68 (1)
7,892‌
7,612‌
Navient
Private
Education
Refi
Loan
Trust
Series
2020-DA,
Class
A
1.69%,
5/15/69 (1)
1,228‌
1,171‌
Navient
Private
Education
Refi
Loan
Trust
Series
2020-FA,
Class
A
1.22%,
7/15/69 (1)
1,341‌
1,270‌
Navient
Private
Education
Refi
Loan
Trust
Series
2020-GA,
Class
A
1.17%,
9/16/69 (1)
822‌
775‌
Navient
Private
Education
Refi
Loan
Trust
Series
2020-HA,
Class
A
1.31%,
1/15/69 (1)
663‌
626‌
Nelnet
Student
Loan
Trust
Series
2005-4,
Class
A4,
FRN
SOFR90A
+
0.442%,
4.819%,
3/22/32
1,428‌
1,409‌
Nelnet
Student
Loan
Trust
Series
2020-1A,
Class
A,
FRN
1M
TSFR
+
0.854%,
4.809%,
3/26/68 (1)
991‌
989‌
Nelnet
Student
Loan
Trust
Series
2021-CA,
Class
AFX
1.32%,
4/20/62 (1)
4,966‌
4,655‌
Nelnet
Student
Loan
Trust
Series
2021-DA,
Class
AFX
1.63%,
4/20/62 (1)
1,670‌
1,591‌
SMB
Private
Education
Loan
Trust
Series
2018-B,
Class
A2B,
FRN
1M
TSFR
+
0.834%,
4.793%,
1/15/37 (1)
1,758‌
1,756‌
SMB
Private
Education
Loan
Trust
Series
2020-B,
Class
A1A
1.29%,
7/15/53 (1)
859‌
820‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
26
Par/Shares
$
Value
(Amounts
in
000s)
SMB
Private
Education
Loan
Trust
Series
2020-PTB,
Class
A2A
1.60%,
9/15/54 (1)
3,357‌
3,189‌
SMB
Private
Education
Loan
Trust
Series
2021-B,
Class
A
1.31%,
7/17/51 (1)
4,477‌
4,219‌
SMB
Private
Education
Loan
Trust
Series
2025-A,
Class
A1A
5.13%,
4/15/54 (1)
3,618‌
3,681‌
49,340‌
Whole
Business
0.1%
Wheels
Fleet
Lease
Funding
1
Series
2023-2A,
Class
A
6.46%,
8/18/38 (1)
4,040‌
4,090‌
4,090‌
Total
Asset-Backed
Securities
(Cost
$910,662)
915,616‌
CORPORATE
BONDS
39.6%
FINANCIAL
INSTITUTIONS
10.7%
Banking
5.7%
American
Express,
VR,
4.731%,
4/25/29 (4)
5,340‌
5,430‌
American
Express,
VR,
5.043%,
7/26/28 (4)
4,305‌
4,375‌
American
Express,
VR,
5.098%,
2/16/28 (4)
2,625‌
2,657‌
American
Express,
VR,
5.532%,
4/25/30 (4)
5,175‌
5,415‌
Banco
Santander,
VR,
5.552%,
3/14/28 (4)
4,000‌
4,071‌
Bangkok
Bank,
4.507%,
11/26/30 (1)
7,100‌
7,135‌
Bank
of
America,
VR,
1.734%,
7/22/27 (4)
5,125‌
5,046‌
Bank
of
America,
VR,
4.623%,
5/9/29 (4)
9,115‌
9,232‌
Bank
of
America,
VR,
5.08%,
1/20/27 (4)
3,965‌
3,970‌
Bank
of
New
York
Mellon,
VR,
4.729%,
4/20/29 (4)
6,635‌
6,736‌
Banque
Federative
du
Credit
Mutuel,
4.935%,
1/26/26 (1)
4,965‌
4,971‌
Barclays,
VR,
4.476%,
11/11/29 (4)
3,745‌
3,767‌
Barclays,
VR,
5.086%,
2/25/29 (4)
6,705‌
6,825‌
BNP
Paribas,
VR,
4.792%,
5/9/29 (1)(4)
11,255‌
11,380‌
CaixaBank,
VR,
6.684%,
9/13/27 (1)(4)
6,125‌
6,243‌
Capital
One
Financial,
VR,
6.312%,
6/8/29 (4)
3,000‌
3,148‌
Capital
One
Financial,
VR,
7.149%,
10/29/27 (4)
2,860‌
2,934‌
Citigroup,
VR,
5.174%,
2/13/30 (4)
4,635‌
4,771‌
Credit
Agricole,
VR,
5.23%,
1/9/29 (1)(4)(5)
4,530‌
4,620‌
Danske
Bank,
VR,
4.613%,
10/2/30 (1)(4)
4,555‌
4,592‌
Danske
Bank,
VR,
5.427%,
3/1/28 (1)(4)
4,760‌
4,830‌
Federation
des
Caisses
Desjardins
du
Quebec,
4.565%,
8/26/30 (1)
5,021‌
5,057‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
27
Par/Shares
$
Value
(Amounts
in
000s)
Goldman
Sachs
Group,
VR,
4.482%,
8/23/28 (4)
4,835‌
4,859‌
Goldman
Sachs
Group,
VR,
4.937%,
4/23/28 (4)(5)
12,485‌
12,623‌
Goldman
Sachs
Group,
VR,
5.218%,
4/23/31 (4)
6,975‌
7,236‌
HSBC
Holdings,
VR,
4.899%,
3/3/29 (4)
6,005‌
6,094‌
HSBC
Holdings,
VR,
5.13%,
11/19/28 (4)
6,740‌
6,857‌
HSBC
Holdings,
VR,
5.597%,
5/17/28 (4)
5,415‌
5,523‌
ING
Groep,
VR,
4.858%,
3/25/29 (4)
6,845‌
6,948‌
JPMorgan
Chase,
FRN,
SOFR
+
0.885%,
4.958%,
4/22/27
5,480‌
5,492‌
JPMorgan
Chase,
VR,
4.979%,
7/22/28 (4)
4,820‌
4,891‌
JPMorgan
Chase,
VR,
5.04%,
1/23/28 (4)
4,620‌
4,669‌
Lloyds
Banking
Group,
VR,
5.462%,
1/5/28 (4)
4,660‌
4,724‌
Manufacturers
&
Traders
Trust,
VR,
4.762%,
7/6/28 (4)
5,255‌
5,299‌
Morgan
Stanley,
VR,
4.994%,
4/12/29 (4)
6,780‌
6,907‌
PNC
Financial
Services
Group,
VR,
4.758%,
1/26/27 (4)
7,035‌
7,045‌
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (4)(5)
5,540‌
5,429‌
Santander
Holdings
USA,
VR,
6.124%,
5/31/27 (4)
980‌
988‌
Santander
U.K.
Group
Holdings,
VR,
1.673%,
6/14/27 (4)
2,595‌
2,558‌
Santander
U.K.
Group
Holdings,
VR,
4.32%,
9/22/29 (4)
3,360‌
3,356‌
Societe
Generale,
VR,
5.249%,
5/22/29 (1)(4)
4,460‌
4,550‌
Societe
Generale,
VR,
5.519%,
1/19/28 (1)(4)
4,361‌
4,414‌
Standard
Chartered,
4.30%,
2/19/27 (1)
2,937‌
2,926‌
Standard
Chartered,
VR,
5.688%,
5/14/28 (1)(4)
4,780‌
4,875‌
U.S.
Bancorp,
VR,
4.548%,
7/22/28 (4)
7,145‌
7,201‌
Wells
Fargo,
VR,
4.97%,
4/23/29 (4)
18,395‌
18,762‌
Wells
Fargo,
Series
W,
VR,
4.90%,
1/24/28 (4)
8,725‌
8,793‌
270,224‌
Brokerage
Asset
Managers
Exchanges
0.9%
Charles
Schwab,
VR,
4.343%,
11/14/31 (4)
11,655‌
11,664‌
Intercontinental
Exchange,
3.625%,
9/1/28
4,820‌
4,774‌
Intercontinental
Exchange,
4.20%,
3/15/31
7,005‌
7,010‌
LPL
Holdings,
4.625%,
11/15/27 (1)
1,340‌
1,339‌
LPL
Holdings,
4.90%,
4/3/28
2,960‌
3,000‌
LPL
Holdings,
5.70%,
5/20/27
8,115‌
8,262‌
LPL
Holdings,
6.75%,
11/17/28
2,275‌
2,423‌
Nasdaq,
5.35%,
6/28/28
2,440‌
2,518‌
40,990‌
Finance
Companies
0.7%
AerCap
Ireland
Capital,
6.10%,
1/15/27
2,160‌
2,202‌
AerCap
Ireland
Capital,
6.45%,
4/15/27
11,189‌
11,511‌
Avolon
Holdings
Funding,
2.125%,
2/21/26 (1)
3,687‌
3,665‌
Avolon
Holdings
Funding,
5.75%,
3/1/29 (1)
4,810‌
4,981‌
Avolon
Holdings
Funding,
6.375%,
5/4/28 (1)
2,200‌
2,294‌
GATX,
3.25%,
9/15/26
3,544‌
3,519‌
GATX,
3.85%,
3/30/27
2,394‌
2,380‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
28
Par/Shares
$
Value
(Amounts
in
000s)
GATX,
5.40%,
3/15/27
4,745‌
4,811‌
35,363‌
Financial
Other
0.1%
Emaar
Sukuk,
3.875%,
9/17/29
4,000‌
3,930‌
3,930‌
Insurance
3.1%
Aspen
Insurance
Holdings,
5.75%,
7/1/30
3,015‌
3,162‌
Athene
Global
Funding,
4.86%,
8/27/26 (1)
5,285‌
5,304‌
Athene
Global
Funding,
5.349%,
7/9/27 (1)
5,190‌
5,267‌
Athene
Global
Funding,
5.684%,
2/23/26 (1)
6,780‌
6,796‌
Brighthouse
Financial
Global
Funding,
1.55%,
5/24/26 (1)
1,680‌
1,656‌
Brown
&
Brown,
4.70%,
6/23/28
2,575‌
2,600‌
Centene,
4.625%,
12/15/29
12,025‌
11,559‌
CNO
Global
Funding,
1.75%,
10/7/26 (1)
10,627‌
10,418‌
CNO
Global
Funding,
4.875%,
12/10/27 (1)
2,586‌
2,618‌
Corebridge
Global
Funding,
4.25%,
8/21/28 (1)
4,710‌
4,722‌
Corebridge
Global
Funding,
4.65%,
8/20/27 (1)
2,475‌
2,499‌
Corebridge
Global
Funding,
5.20%,
1/12/29 (1)
2,300‌
2,359‌
Equitable
America
Global
Funding,
3.95%,
9/15/27 (1)
1,810‌
1,810‌
Equitable
America
Global
Funding,
4.65%,
6/9/28 (1)
5,545‌
5,633‌
Equitable
Financial
Life
Global
Funding,
5.50%,
12/2/25 (1)
3,500‌
3,500‌
Fortitude
Global
Funding,
4.625%,
10/6/28 (1)
4,575‌
4,577‌
Fortitude
Group
Holdings,
6.25%,
4/1/30 (1)(5)
7,495‌
7,770‌
GA
Global
Funding
Trust,
4.40%,
9/23/27 (1)
9,685‌
9,708‌
GA
Global
Funding
Trust,
5.40%,
1/13/30 (1)
6,415‌
6,589‌
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve,
5.20%,
6/15/29 (1)
3,540‌
3,641‌
Highmark,
1.45%,
5/10/26 (1)
295‌
291‌
Humana,
5.75%,
3/1/28
2,290‌
2,364‌
Humana,
5.75%,
12/1/28
5,742‌
5,974‌
Jackson
National
Life
Global
Funding,
4.90%,
1/13/27 (1)
5,200‌
5,241‌
Jackson
National
Life
Global
Funding,
5.55%,
7/2/27 (1)
4,325‌
4,414‌
Jackson
National
Life
Global
Funding,
5.60%,
4/10/26 (1)
7,525‌
7,562‌
RGA
Global
Funding,
4.35%,
8/25/28 (1)
7,545‌
7,568‌
RGA
Global
Funding,
4.60%,
11/25/30 (1)
9,560‌
9,582‌
Sammons
Financial
Group
Global
Funding,
5.05%,
1/10/28 (1)
3,275‌
3,326‌
148,510‌
Real
Estate
Investment
Trusts
0.2%
Extra
Space
Storage,
3.875%,
12/15/27
6,965‌
6,920‌
Realty
Income,
5.05%,
1/13/26
1,780‌
1,780‌
8,700‌
Total
Financial
Institutions
507,717‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
29
Par/Shares
$
Value
(Amounts
in
000s)
INDUSTRIAL
26.1%
Basic
Industry
0.8%
Celanese
U.S.
Holdings,
1.40%,
8/5/26
5,220‌
5,089‌
Celanese
U.S.
Holdings,
6.665%,
7/15/27
3,274‌
3,364‌
Freeport-McMoRan,
4.125%,
3/1/28
1,808‌
1,804‌
Freeport-McMoRan,
4.375%,
8/1/28
1,050‌
1,049‌
Freeport-McMoRan,
5.25%,
9/1/29
2,084‌
2,118‌
Nutrien,
4.90%,
3/27/28 (5)
2,955‌
3,009‌
POSCO,
5.625%,
1/17/26 (1)
6,020‌
6,029‌
Sherwin-Williams,
4.55%,
3/1/28
5,375‌
5,432‌
Steel
Dynamics,
4.00%,
12/15/28
11,610‌
11,579‌
39,473‌
Capital
Goods
2.3%
Amphenol,
4.75%,
3/30/26
9,211‌
9,229‌
Amrize
Finance
U.S.,
4.70%,
4/7/28 (1)
6,565‌
6,594‌
Amrize
Finance
U.S.,
4.95%,
4/7/30 (1)
2,415‌
2,469‌
AptarGroup,
4.75%,
3/30/31
2,330‌
2,345‌
BAE
Systems,
5.00%,
3/26/27 (1)(5)
5,475‌
5,540‌
Boeing,
2.196%,
2/4/26
3,925‌
3,910‌
Boeing,
3.20%,
3/1/29
4,995‌
4,832‌
Boeing,
6.259%,
5/1/27
9,763‌
10,042‌
Fortive,
3.15%,
6/15/26
6,418‌
6,378‌
Huntington
Ingalls
Industries,
5.353%,
1/15/30
1,835‌
1,899‌
Owens
Corning,
3.40%,
8/15/26
3,093‌
3,074‌
Owens
Corning,
5.50%,
6/15/27
4,210‌
4,292‌
Regal
Rexnord,
6.05%,
2/15/26
13,934‌
13,963‌
Regal
Rexnord,
6.05%,
4/15/28
6,701‌
6,933‌
Rolls-Royce,
5.75%,
10/15/27 (1)
6,370‌
6,530‌
RTX,
6.70%,
8/1/28
4,139‌
4,384‌
RTX,
7.00%,
11/1/28
3,927‌
4,193‌
Waste
Management,
3.875%,
1/15/29
9,705‌
9,673‌
106,280‌
Communications
3.4%
American
Tower,
1.60%,
4/15/26 (5)
11,099‌
10,987‌
American
Tower,
3.55%,
7/15/27
4,480‌
4,437‌
AT&T,
4.10%,
2/15/28
2,395‌
2,395‌
Comcast,
4.15%,
10/15/28
2,785‌
2,798‌
Cox
Communications,
3.35%,
9/15/26 (1)
2,825‌
2,805‌
Cox
Communications,
3.50%,
8/15/27 (1)
2,570‌
2,538‌
Crown
Castle,
1.05%,
7/15/26 (5)
9,140‌
8,969‌
Crown
Castle,
2.90%,
3/15/27
7,465‌
7,328‌
Crown
Castle,
4.30%,
2/15/29
945‌
943‌
Crown
Castle,
4.45%,
2/15/26 (5)
4,475‌
4,475‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
30
Par/Shares
$
Value
(Amounts
in
000s)
Crown
Castle,
4.80%,
9/1/28
4,700‌
4,750‌
Crown
Castle,
5.00%,
1/11/28
3,330‌
3,372‌
Crown
Castle,
5.60%,
6/1/29
3,540‌
3,674‌
Crown
Castle
Towers,
4.241%,
7/15/28 (1)
2,075‌
2,065‌
KT,
4.125%,
2/2/28 (1)(5)
5,350‌
5,355‌
Meta
Platforms,
4.20%,
11/15/30
9,470‌
9,528‌
NTT
Finance,
4.62%,
7/16/28 (1)(5)
4,405‌
4,459‌
Omnicom
Group,
3.60%,
4/15/26
2,060‌
2,053‌
Rogers
Communications,
3.20%,
3/15/27
9,100‌
8,983‌
Rogers
Communications,
5.00%,
2/15/29
11,825‌
12,058‌
SBA
Tower
Trust,
1.631%,
11/15/26 (1)
5,077‌
4,954‌
SBA
Tower
Trust,
1.884%,
1/15/26 (1)
3,232‌
3,221‌
SBA
Tower
Trust,
4.831%,
10/15/29 (1)
13,380‌
13,459‌
SBA
Tower
Trust,
6.599%,
1/15/28 (1)
7,561‌
7,756‌
Take-Two
Interactive
Software,
4.95%,
3/28/28
6,000‌
6,110‌
Take-Two
Interactive
Software,
5.00%,
3/28/26
9,055‌
9,072‌
Verizon
Communications,
2.10%,
3/22/28
10,164‌
9,733‌
Verizon
Communications,
4.75%,
1/15/33
4,810‌
4,822‌
163,099‌
Consumer
Cyclical
4.8%
American
Honda
Finance,
5.65%,
11/15/28
8,055‌
8,406‌
AutoZone,
5.125%,
6/15/30
5,080‌
5,254‌
BMW
U.S.
Capital,
4.60%,
8/13/27 (1)
11,810‌
11,925‌
CBRE
Services,
4.80%,
6/15/30
2,485‌
2,526‌
Daimler
Truck
Finance
North
America,
4.30%,
8/12/27 (1)
5,380‌
5,395‌
Daimler
Truck
Finance
North
America,
5.00%,
1/15/27 (1)
2,215‌
2,236‌
Daimler
Truck
Finance
North
America,
5.125%,
9/25/27 (1)
4,210‌
4,273‌
Darden
Restaurants,
4.35%,
10/15/27 (5)
6,645‌
6,669‌
Dollar
General,
4.125%,
5/1/28
7,688‌
7,675‌
Dollar
General,
4.625%,
11/1/27
6,000‌
6,046‌
Dollar
General,
5.20%,
7/5/28 (5)
4,099‌
4,197‌
Ford
Motor
Credit,
5.125%,
11/5/26
4,650‌
4,666‌
Ford
Motor
Credit,
5.80%,
3/5/27
5,830‌
5,896‌
Ford
Motor
Credit,
5.918%,
3/20/28 (5)
3,560‌
3,639‌
General
Motors
Financial,
4.20%,
10/27/28 (5)
2,435‌
2,434‌
General
Motors
Financial,
5.05%,
4/4/28
9,395‌
9,568‌
General
Motors
Financial,
5.35%,
7/15/27 (5)
4,515‌
4,587‌
General
Motors
Financial,
5.40%,
4/6/26 (5)
3,685‌
3,698‌
General
Motors
Financial,
5.40%,
5/8/27
4,756‌
4,832‌
Hyundai
Capital
America,
4.85%,
3/25/27 (1)
5,330‌
5,371‌
Hyundai
Capital
America,
4.875%,
6/23/27 (1)(5)
4,785‌
4,835‌
Hyundai
Capital
America,
5.00%,
1/7/28 (1)(5)
5,565‌
5,650‌
Hyundai
Capital
America,
5.25%,
1/8/27 (1)
2,440‌
2,465‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
31
Par/Shares
$
Value
(Amounts
in
000s)
Hyundai
Capital
America,
5.50%,
3/30/26 (1)
3,270‌
3,281‌
Hyundai
Capital
America,
5.60%,
3/30/28 (1)
4,300‌
4,427‌
Lowe's,
4.00%,
10/15/28
2,860‌
2,857‌
Lowe's,
4.80%,
4/1/26
4,745‌
4,753‌
Marriott
International,
Series
R,
3.125%,
6/15/26
9,676‌
9,632‌
Mercedes-Benz
Finance
North
America,
4.80%,
3/30/26 (1)
2,305‌
2,309‌
Mercedes-Benz
Finance
North
America,
4.80%,
1/11/27 (1)
7,530‌
7,596‌
O'Reilly
Automotive,
4.35%,
6/1/28
4,597‌
4,631‌
O'Reilly
Automotive,
5.75%,
11/20/26
13,817‌
14,030‌
Ross
Stores,
0.875%,
4/15/26
9,068‌
8,955‌
Starbucks,
2.00%,
3/12/27
1,900‌
1,852‌
Starbucks,
4.00%,
11/15/28
4,793‌
4,782‌
Uber
Technologies,
4.50%,
8/15/29 (1)(5)
10,995‌
10,957‌
Volkswagen
Group
of
America
Finance,
4.45%,
9/11/27 (1)
1,380‌
1,382‌
Volkswagen
Group
of
America
Finance,
4.85%,
8/15/27 (1)
8,305‌
8,376‌
Volkswagen
Group
of
America
Finance,
5.05%,
3/27/28 (1)
3,770‌
3,821‌
Volkswagen
Group
of
America
Finance,
5.70%,
9/12/26 (1)
6,435‌
6,502‌
Volkswagen
Group
of
America
Finance,
6.00%,
11/16/26 (1)
4,520‌
4,595‌
226,981‌
Consumer
Non-Cyclical
5.3%
Bacardi,
4.70%,
5/15/28 (1)
11,428‌
11,528‌
BAT
International
Finance,
1.668%,
3/25/26
7,140‌
7,080‌
BAT
International
Finance,
4.448%,
3/16/28
13,155‌
13,237‌
Becton
Dickinson
&
Company,
4.693%,
2/13/28
10,060‌
10,177‌
Bunge
Finance,
2.00%,
4/21/26
1,515‌
1,502‌
Bunge
Finance,
4.90%,
4/21/27
7,230‌
7,301‌
Cencora,
3.45%,
12/15/27
1,454‌
1,436‌
Cencora,
4.625%,
12/15/27
3,970‌
4,015‌
Coca-Cola
Europacific
Partners,
1.50%,
1/15/27 (1)
1,091‌
1,060‌
CSL
Finance,
3.85%,
4/27/27 (1)(5)
2,575‌
2,571‌
CVS
Health,
1.30%,
8/21/27 (5)
13,114‌
12,507‌
CVS
Health,
2.875%,
6/1/26
4,883‌
4,851‌
CVS
Health,
3.00%,
8/15/26
2,945‌
2,918‌
CVS
Health,
4.30%,
3/25/28
4,105‌
4,117‌
CVS
Health,
5.00%,
2/20/26 (5)
13,414‌
13,431‌
EMD
Finance,
4.125%,
8/15/28 (1)
12,285‌
12,294‌
HCA,
3.125%,
3/15/27
7,560‌
7,464‌
HCA,
4.30%,
11/15/30
2,495‌
2,481‌
HCA,
5.625%,
9/1/28
9,032‌
9,284‌
Heineken,
3.50%,
1/29/28 (1)
24,087‌
23,869‌
Icon
Investments
Six,
5.809%,
5/8/27
10,405‌
10,608‌
Imperial
Brands
Finance,
4.50%,
6/30/28 (1)
5,070‌
5,119‌
Imperial
Brands
Finance,
6.125%,
7/27/27 (1)
6,550‌
6,741‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
32
Par/Shares
$
Value
(Amounts
in
000s)
IQVIA,
6.25%,
2/1/29
3,065‌
3,232‌
Japan
Tobacco,
4.85%,
5/15/28 (1)
10,295‌
10,495‌
Keurig
Dr
Pepper,
3.95%,
4/15/29
1,297‌
1,282‌
Keurig
Dr
Pepper,
5.05%,
3/15/29
7,790‌
7,951‌
Mars,
4.55%,
4/20/28 (1)
9,340‌
9,453‌
Mars,
4.60%,
3/1/28 (1)
6,720‌
6,808‌
Pernod
Ricard,
3.25%,
6/8/26 (1)
8,525‌
8,477‌
Philip
Morris
International,
5.125%,
11/17/27
1,948‌
1,989‌
Revvity,
1.90%,
9/15/28
5,866‌
5,500‌
Solventum,
5.45%,
2/25/27
3,675‌
3,724‌
Stryker,
4.70%,
2/10/28
5,667‌
5,755‌
Utah
Acquisition
Sub,
3.95%,
6/15/26
6,750‌
6,724‌
Viatris,
2.30%,
6/22/27
5,092‌
4,913‌
251,894‌
Energy
4.2%
BP
Capital
Markets,
3.723%,
11/28/28
5,544‌
5,504‌
BP
Capital
Markets
America,
4.234%,
11/6/28
3,769‌
3,799‌
Canadian
Natural
Resources,
3.85%,
6/1/27
5,283‌
5,257‌
Cheniere
Corpus
Christi
Holdings,
5.125%,
6/30/27
6,487‌
6,554‌
Cheniere
Energy,
4.625%,
10/15/28
1,093‌
1,093‌
Columbia
Pipelines
Holding,
6.055%,
8/15/26 (1)
1,060‌
1,070‌
Diamondback
Energy,
5.20%,
4/18/27
5,417‌
5,491‌
Enbridge,
4.60%,
6/20/28
2,140‌
2,164‌
Enbridge,
5.90%,
11/15/26
2,765‌
2,809‌
Enbridge,
6.00%,
11/15/28
2,270‌
2,387‌
Energy
Transfer,
5.25%,
7/1/29
3,905‌
4,015‌
Energy
Transfer,
6.05%,
12/1/26
10,455‌
10,618‌
EOG
Resources,
4.40%,
1/15/31
3,865‌
3,881‌
EQT,
3.125%,
5/15/26 (1)
1,885‌
1,869‌
HF
Sinclair,
5.75%,
1/15/31 (5)
4,455‌
4,608‌
Kinder
Morgan,
5.15%,
6/1/30 (5)
5,490‌
5,676‌
MPLX,
4.80%,
2/15/31
17,760‌
17,956‌
Occidental
Petroleum,
5.00%,
8/1/27
2,039‌
2,076‌
Occidental
Petroleum,
5.20%,
8/1/29
2,805‌
2,873‌
ONEOK,
4.25%,
9/24/27
9,355‌
9,366‌
ONEOK,
4.85%,
7/15/26
11,352‌
11,517‌
ONEOK,
5.55%,
11/1/26
4,840‌
4,896‌
ONEOK,
5.625%,
1/15/28 (1)
2,520‌
2,568‌
Ovintiv,
5.375%,
1/1/26
2,500‌
2,502‌
Plains
All
American
Pipeline,
4.70%,
1/15/31 (5)
3,845‌
3,861‌
Sabine
Pass
Liquefaction,
4.20%,
3/15/28
1,930‌
1,933‌
Sabine
Pass
Liquefaction,
5.875%,
6/30/26
3,887‌
3,892‌
Schlumberger
Holdings,
3.90%,
5/17/28 (1)
8,758‌
8,739‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
33
Par/Shares
$
Value
(Amounts
in
000s)
Schlumberger
Investment,
4.50%,
5/15/28
4,853‌
4,887‌
South
Bow
USA
Infrastructure
Holdings,
4.911%,
9/1/27
6,646‌
6,700‌
Targa
Resources,
4.35%,
1/15/29
4,525‌
4,540‌
Targa
Resources,
5.20%,
7/1/27
2,155‌
2,189‌
Tengizchevroil
Finance
International,
4.00%,
8/15/26
9,400‌
9,352‌
Valero
Energy,
5.15%,
2/15/30
2,150‌
2,218‌
Var
Energi,
5.00%,
5/18/27 (1)
5,175‌
5,225‌
Williams,
4.625%,
6/30/30
6,535‌
6,591‌
Williams,
4.80%,
11/15/29
4,020‌
4,092‌
Williams,
5.40%,
3/2/26
11,725‌
11,765‌
Woodside
Finance,
3.70%,
9/15/26 (1)
2,682‌
2,670‌
199,203‌
Industrial
Other
0.4%
Booz
Allen
Hamilton,
3.875%,
9/1/28 (1)
11,780‌
11,594‌
Booz
Allen
Hamilton,
4.00%,
7/1/29 (1)(5)
1,280‌
1,253‌
CK
Hutchison
International
25,
4.25%,
9/26/30 (1)(5)
6,720‌
6,740‌
19,587‌
Technology
3.6%
Atlassian,
5.25%,
5/15/29
2,605‌
2,667‌
Dell
International,
4.75%,
4/1/28
6,465‌
6,551‌
Fiserv,
3.50%,
7/1/29 (5)
2,600‌
2,513‌
Fiserv,
4.20%,
10/1/28
4,348‌
4,325‌
Fiserv,
4.55%,
2/15/31
3,490‌
3,450‌
Fiserv,
5.15%,
3/15/27
5,895‌
5,947‌
Fiserv,
5.375%,
8/21/28
3,825‌
3,919‌
Fortinet,
1.00%,
3/15/26 (5)
8,090‌
8,004‌
Foundry
JV
Holdco,
5.50%,
1/25/31 (1)
2,250‌
2,326‌
Foundry
JV
Holdco,
5.90%,
1/25/30 (1)
2,025‌
2,126‌
Gartner,
4.50%,
7/1/28 (1)
5,130‌
5,104‌
Intel,
3.15%,
5/11/27
2,223‌
2,192‌
Intel,
3.75%,
8/5/27
3,890‌
3,863‌
Intel,
4.00%,
8/5/29
4,290‌
4,248‌
Intel,
4.875%,
2/10/28 (5)
1,326‌
1,346‌
International
Business
Machines,
4.65%,
2/10/28
16,424‌
16,665‌
Keysight
Technologies,
5.35%,
7/30/30
4,565‌
4,753‌
Marvell
Technology,
1.65%,
4/15/26 (5)
3,000‌
2,970‌
Marvell
Technology,
4.75%,
7/15/30
1,905‌
1,930‌
Marvell
Technology,
4.875%,
6/22/28
9,338‌
9,505‌
NXP,
3.15%,
5/1/27
1,235‌
1,217‌
NXP,
3.875%,
6/18/26
4,939‌
4,928‌
NXP,
4.30%,
8/19/28
2,250‌
2,261‌
NXP,
4.30%,
6/18/29
5,609‌
5,605‌
NXP,
4.40%,
6/1/27
1,040‌
1,044‌
NXP,
5.35%,
3/1/26
915‌
916‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
34
Par/Shares
$
Value
(Amounts
in
000s)
Oracle,
1.65%,
3/25/26
12,195‌
12,087‌
Oracle,
4.45%,
9/26/30 (5)
8,395‌
8,273‌
Synopsys,
4.65%,
4/1/28
12,370‌
12,508‌
Verisk
Analytics,
4.50%,
8/15/30
6,685‌
6,731‌
Western
Union,
1.35%,
3/15/26
16,695‌
16,544‌
Workday,
3.50%,
4/1/27
3,450‌
3,426‌
169,944‌
Transportation
1.3%
Delta
Air
Lines,
4.95%,
7/10/28
4,275‌
4,318‌
Element
Fleet
Management,
5.037%,
3/25/30 (1)
4,460‌
4,573‌
Element
Fleet
Management,
5.643%,
3/13/27 (1)
4,310‌
4,387‌
ERAC
USA
Finance,
4.60%,
5/1/28 (1)
8,895‌
9,000‌
ERAC
USA
Finance,
5.00%,
2/15/29 (1)(5)
3,460‌
3,552‌
HPHT
Finance,
1.50%,
9/17/26
6,650‌
6,509‌
Penske
Truck
Leasing,
1.70%,
6/15/26 (1)
1,190‌
1,174‌
Penske
Truck
Leasing,
3.40%,
11/15/26 (1)
2,240‌
2,223‌
Penske
Truck
Leasing,
5.35%,
1/12/27 (1)
3,125‌
3,161‌
Penske
Truck
Leasing,
5.75%,
5/24/26 (1)
12,797‌
12,875‌
Southwest
Airlines,
4.375%,
11/15/28
7,730‌
7,716‌
Sydney
Airport
Finance,
3.625%,
4/28/26 (1)
1,351‌
1,348‌
60,836‌
Total
Industrial
1,237,297‌
UTILITY
2.8%
Electric
2.5%
AES,
1.375%,
1/15/26
9,631‌
9,593‌
Ameren,
1.95%,
3/15/27
3,752‌
3,650‌
American
Electric
Power,
5.20%,
1/15/29 (5)
8,040‌
8,287‌
Appalachian
Power,
Series
X,
3.30%,
6/1/27
10,708‌
10,578‌
Constellation
Energy
Generation,
5.60%,
3/1/28
2,022‌
2,087‌
DTE
Energy,
4.875%,
6/1/28
5,080‌
5,164‌
DTE
Energy,
4.95%,
7/1/27
3,625‌
3,667‌
DTE
Energy,
5.20%,
4/1/30
4,880‌
5,036‌
Duke
Energy,
4.30%,
3/15/28
3,243‌
3,255‌
Enel
Finance
International,
1.625%,
7/12/26 (1)
9,605‌
9,451‌
Enel
Finance
International,
4.125%,
9/30/28 (1)
2,355‌
2,356‌
Exelon,
5.15%,
3/15/29
2,470‌
2,540‌
FirstEnergy,
Series
B,
3.90%,
7/15/27
8,066‌
8,012‌
FirstEnergy
Transmission,
4.55%,
1/15/30 (5)
1,855‌
1,878‌
NextEra
Energy
Capital
Holdings,
1.875%,
1/15/27
9,130‌
8,909‌
NextEra
Energy
Capital
Holdings,
4.685%,
9/1/27
1,575‌
1,591‌
Niagara
Mohawk
Power,
4.647%,
10/3/30 (1)
4,085‌
4,107‌
NRG
Energy,
2.00%,
12/2/25 (1)(5)
3,140‌
3,136‌
Pacific
Gas
&
Electric,
3.15%,
1/1/26
3,350‌
3,345‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
35
Par/Shares
$
Value
(Amounts
in
000s)
Pacific
Gas
&
Electric,
3.30%,
3/15/27
1,617‌
1,596‌
Pacific
Gas
&
Electric,
3.30%,
12/1/27
1,597‌
1,567‌
Pacific
Gas
&
Electric,
5.00%,
6/4/28
3,270‌
3,315‌
Pacific
Gas
&
Electric,
5.45%,
6/15/27
815‌
826‌
Public
Service
Enterprise
Group,
4.90%,
3/15/30
8,275‌
8,447‌
Southern,
5.113%,
8/1/27
4,238‌
4,299‌
Vistra
Operations,
5.05%,
12/30/26 (1)
4,299‌
4,336‌
121,028‌
Natural
Gas
0.3%
NiSource,
5.25%,
3/30/28
1,560‌
1,598‌
Sempra,
5.40%,
8/1/26
2,840‌
2,857‌
Southern
California
Gas,
2.95%,
4/15/27
5,420‌
5,339‌
Southern
Gas
Capital,
Series
A,
4.05%,
9/15/28
4,245‌
4,245‌
14,039‌
Total
Utility
135,067‌
Total
Corporate
Bonds
(Cost
$1,861,646)
1,880,081‌
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
2.4%
Government
Sponsored
0.2%
EQUATE
Petrochemical,
4.25%,
11/3/26
12,000‌
11,979‌
11,979‌
Owned
No
Guarantee
1.9%
Abu
Dhabi
Developmental
Holding,
4.50%,
5/6/30
9,080‌
9,194‌
Corp.
Nacional
del
Cobre
de
Chile,
3.00%,
9/30/29
10,190‌
9,673‌
DP
World
Crescent,
4.848%,
9/26/28
5,580‌
5,638‌
Korea
Electric
Power,
5.375%,
4/6/26 (1)
12,400‌
12,456‌
Korea
Housing
Finance,
4.625%,
2/24/28 (1)
12,080‌
12,280‌
Korea
Hydro
&
Nuclear
Power,
1.25%,
4/27/26 (1)
12,038‌
11,912‌
Korea
Hydro
&
Nuclear
Power,
5.00%,
7/18/28 (1)
1,400‌
1,435‌
Ma'aden
Sukuk,
5.25%,
2/13/30 (1)
8,290‌
8,519‌
Ma'aden
Sukuk,
5.25%,
2/13/30
2,568‌
2,639‌
NBN,
1.45%,
5/5/26 (1)
15,195‌
15,010‌
88,756‌
Sovereign
0.3%
Eagle
Funding
Luxco,
5.50%,
8/17/30 (1)
8,100‌
8,233‌
Kingdom
of
Saudi
Arabia,
5.125%,
1/13/28 (1)
5,320‌
5,439‌
13,672‌
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$113,524)
114,407‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
36
Par/Shares
$
Value
(Amounts
in
000s)
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
8.6%
Collateralized
Mortgage
Obligations
5.1%
Angel
Oak
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM,
0.909%,
1/25/66 (1)
2,934‌
2,626‌
Angel
Oak
Mortgage
Trust
Series
2021-2,
Class
A2,
CMO,
ARM,
1.19%,
4/25/66 (1)
813‌
729‌
Angel
Oak
Mortgage
Trust
Series
2025-5,
Class
A1,
CMO,
STEP,
5.573%,
4/25/70 (1)
10,973‌
11,055‌
Bayview
Financing
Trust
Series
2024-2F,
Class
A,
CMO,
ARM,
6.954%,
9/25/29,
Acquisition
Date:
8/29/24,
Cost $5,233 (2)(3)
5,233‌
5,259‌
BINOM
Securitization
Trust
Series
2021-INV1,
Class
A3,
CMO,
ARM,
2.625%,
6/25/56 (1)
1,613‌
1,504‌
Citigroup
Mortgage
Loan
Trust
Series
2020-EXP2,
Class
A3,
CMO,
ARM,
2.50%,
8/25/50 (1)
3,122‌
2,745‌
COLT
Mortgage
Loan
Trust
Series
2021-1,
Class
A3,
CMO,
ARM,
1.373%,
6/25/66 (1)
1,787‌
1,563‌
COLT
Mortgage
Loan
Trust
Series
2024-6,
Class
A2,
CMO,
STEP,
5.644%,
11/25/69 (1)
5,915‌
5,936‌
COLT
Mortgage
Loan
Trust
Series
2024-INV4,
Class
A3,
CMO,
STEP,
6.111%,
5/25/69 (1)
5,843‌
5,903‌
COLT
Mortgage
Loan
Trust
Series
2025-10,
Class
A1F,
CMO,
ARM,
SOFR30A
+
1.20%,
5.272%,
10/25/70 (1)
4,334‌
4,342‌
COLT
Mortgage
Loan
Trust
Series
2025-4,
Class
A1,
CMO,
STEP,
5.794%,
4/25/70 (1)
2,331‌
2,363‌
COLT
Mortgage
Loan
Trust
Series
2025-INV2,
Class
A1,
CMO,
STEP,
5.601%,
2/25/70 (1)
4,666‌
4,720‌
Connecticut
Avenue
Securities
Series
2025-R01,
Class
1M1,
CMO,
ARM,
SOFR30A
+
1.10%,
5.172%,
1/25/45 (1)
3,762‌
3,764‌
Connecticut
Avenue
Securities
Trust
Series
2025-R03,
Class
2A1,
CMO,
ARM,
SOFR30A
+
1.45%,
5.522%,
3/25/45 (1)
1,905‌
1,917‌
Connecticut
Avenue
Securities
Trust
Series
2025-R06,
Class
1M1,
CMO,
ARM,
SOFR30A
+
0.95%,
5.022%,
9/25/45 (1)
3,303‌
3,299‌
Cross
Mortgage
Trust
Series
2024-H6,
Class
A2,
CMO,
STEP,
5.383%,
9/25/69 (1)
3,693‌
3,696‌
Deephaven
Residential
Mortgage
Trust
Series
2021-2,
Class
A3,
CMO,
ARM,
1.26%,
4/25/66 (1)
1,235‌
1,106‌
EFMT
Series
2024-INV2,
Class
A1,
CMO,
STEP,
5.035%,
10/25/69 (1)
4,872‌
4,880‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
37
Par/Shares
$
Value
(Amounts
in
000s)
EFMT
Series
2024-INV2,
Class
A2,
CMO,
STEP,
5.289%,
10/25/69 (1)
2,740‌
2,748‌
EFMT
Series
2025-INV2,
Class
A1,
CMO,
STEP,
5.387%,
5/26/70 (1)
2,265‌
2,274‌
EFMT
Series
2025-INV4,
Class
A1F,
CMO,
ARM,
SOFR30A
+
1.20%,
5.242%,
10/25/70 (1)
2,245‌
2,245‌
EFMT
Series
2025-NQM5,
Class
A1,
CMO,
ARM,
5.033%,
11/25/70 (1)
2,969‌
2,972‌
Ellington
Financial
Mortgage
Trust
Series
2019-2,
Class
A3,
CMO,
ARM,
3.046%,
11/25/59 (1)
255‌
248‌
Ellington
Financial
Mortgage
Trust
Series
2021-3,
Class
A3,
CMO,
ARM,
1.55%,
9/25/66 (1)
1,774‌
1,501‌
Flagstar
Mortgage
Trust
Series
2020-1INV,
Class
A11,
CMO,
ARM,
1M
TSFR
+
0.964%,
4.919%,
3/25/50 (1)
1,319‌
1,263‌
Freddie
Mac
Whole
Loan
Securities
Trust
Series
2017-SC02,
Class
M1,
CMO,
ARM,
3.851%,
5/25/47 (1)
24‌
24‌
Galton
Funding
Mortgage
Trust
Series
2018-1,
Class
A33,
CMO,
ARM,
3.50%,
11/25/57 (1)
281‌
258‌
Galton
Funding
Mortgage
Trust
Series
2019-1,
Class
A32,
CMO,
ARM,
4.00%,
2/25/59 (1)
251‌
240‌
Galton
Funding
Mortgage
Trust
Series
2019-H1,
Class
M1,
CMO,
ARM,
3.339%,
10/25/59 (1)
7,916‌
7,545‌
Galton
Funding
Mortgage
Trust
Series
2020-H1,
Class
M1,
CMO,
ARM,
2.832%,
1/25/60 (1)
4,592‌
3,891‌
GCAT
Trust
Series
2020-NQM1,
Class
A3,
CMO,
STEP,
3.554%,
1/25/60 (1)
781‌
772‌
GCAT
Trust
Series
2025-NQM1,
Class
A1,
CMO,
STEP,
5.373%,
11/25/69 (1)
3,407‌
3,421‌
GS
Mortgage-Backed
Securities
Trust
Series
2014-EB1A,
Class
2A1,
CMO,
ARM,
6.036%,
7/25/44 (1)
40‌
40‌
HOMES
Trust
Series
2025-NQM2,
Class
A1,
CMO,
STEP,
5.425%,
2/25/70 (1)
2,844‌
2,857‌
HOMES
Trust
Series
2025-NQM4,
Class
A1,
CMO,
STEP,
5.22%,
8/25/70 (1)
6,912‌
6,933‌
Imperial
Fund
Mortgage
Trust
Series
2021-NQM1,
Class
A2,
CMO,
ARM,
1.205%,
6/25/56 (1)
813‌
711‌
Imperial
Fund
Mortgage
Trust
Series
2021-NQM2,
Class
A3,
CMO,
ARM,
1.516%,
9/25/56 (1)
2,687‌
2,314‌
Imperial
Fund
Mortgage
Trust
Series
2022-NQM4,
Class
A1,
CMO,
STEP,
4.767%,
6/25/67 (1)
7,515‌
7,486‌
JPMorgan
Mortgage
Trust
Series
2020-INV1,
Class
A15,
CMO,
ARM,
3.50%,
8/25/50 (1)
881‌
798‌
JPMorgan
Mortgage
Trust
Series
2025-DSC1,
Class
A1,
CMO,
ARM,
5.577%,
9/25/65 (1)
6,308‌
6,364‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
38
Par/Shares
$
Value
(Amounts
in
000s)
JPMorgan
Mortgage
Trust
Series
2025-DSC2,
Class
A1,
CMO,
ARM,
5.195%,
10/25/65 (1)
3,640‌
3,652‌
JPMorgan
Mortgage
Trust
Series
2025-HE3,
Class
A1,
CMO,ARM,
SOFR30A
+
1.35%,
5.422%,
3/25/56 (1)
2,985‌
2,985‌
MFA
Trust
Series
2021-INV1,
Class
A1,
CMO,
ARM,
0.852%,
1/25/56 (1)
473‌
461‌
MFA
Trust
Series
2021-NQM2,
Class
A2,
CMO,
ARM,
1.317%,
11/25/64 (1)
1,187‌
1,061‌
MFA
Trust
Series
2025-NQM4,
Class
A1F,
CMO,
ARM,
SOFR30A
+
1.20%,
5.272%,
8/25/70 (1)
11,634‌
11,646‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust
Series
2025-DSC2,
Class
A1,
CMO,
ARM,
5.443%,
7/25/70 (1)
624‌
629‌
New
Residential
Mortgage
Loan
Trust
Series
2025-NQM4,
Class
A1,
CMO,
ARM,
5.35%,
7/25/65 (1)
3,244‌
3,267‌
New
Residential
Mortgage
Loan
Trust
Series
2025-NQM4,
Class
A2,
CMO,
STEP,
5.603%,
7/25/65 (1)
6,553‌
6,587‌
NRZT
Series
2025-NQM6,
Class
A1,
CMO,
ARM,
5.085%,
10/25/65 (1)
9,920‌
9,920‌
OBX
Trust
Series
2019-EXP2,
Class
2A2,
CMO,
ARM,
1M
TSFR
+
1.314%,
5.306%,
6/25/59 (1)
88‌
87‌
OBX
Trust
Series
2019-EXP3,
Class
2A1,
CMO,
ARM,
1M
TSFR
+
1.014%,
4.969%,
10/25/59 (1)
344‌
343‌
OBX
Trust
Series
2020-EXP1,
Class
2A2,
CMO,
ARM,
1M
TSFR
+
1.064%,
5.019%,
2/25/60 (1)
214‌
212‌
OBX
Trust
Series
2020-EXP2,
Class
A9,
CMO,
ARM,
3.00%,
5/25/60 (1)
314‌
281‌
OBX
Trust
Series
2020-INV1,
Class
A5,
CMO,
ARM,
3.50%,
12/25/49 (1)
513‌
468‌
OBX
Trust
Series
2021-NQM1,
Class
A2,
CMO,
ARM,
1.175%,
2/25/66 (1)
2,235‌
1,970‌
OBX
Trust
Series
2023-NQM10,
Class
A2,
CMO,
STEP,
6.92%,
10/25/63 (1)
575‌
580‌
OBX
Trust
Series
2025-NQM15,
Class
A1,
CMO,
STEP,
5.143%,
7/27/65 (1)
3,812‌
3,833‌
OBX
Trust
Series
2025-NQM15,
Class
A1F,
CMO,
ARM,
SOFR30A
+
1.15%,
5.222%,
7/27/65 (1)
1,990‌
1,991‌
RCKT
Mortgage
Trust
Series
2024-CES8,
Class
A1A,
CMO,
STEP,
5.49%,
11/25/44 (1)
6,092‌
6,132‌
RCKT
Mortgage
Trust
Series
2024-CES9,
Class
A1A,
CMO,
STEP,
5.582%,
12/25/44 (1)
1,616‌
1,630‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
39
Par/Shares
$
Value
(Amounts
in
000s)
Santander
Mortgage
Asset
Receivable
Trust
Series
2025-NQM6,
Class
A1,
CMO,
ARM,
5.138%,
11/25/65 (1)
2,869‌
2,872‌
Sequoia
Mortgage
Trust
Series
2018-CH2,
Class
A21,
CMO,
ARM,
4.00%,
6/25/48 (1)
224‌
211‌
Sequoia
Mortgage
Trust
Series
2018-CH2,
Class
A3,
CMO,
ARM,
4.00%,
6/25/48 (1)
585‌
553‌
Sequoia
Mortgage
Trust
Series
2018-CH3,
Class
A19,
CMO,
ARM,
4.50%,
8/25/48 (1)
14‌
13‌
Starwood
Mortgage
Residential
Trust
Series
2019-INV1,
Class
A3,
CMO,
ARM,
2.916%,
9/27/49 (1)
442‌
438‌
Starwood
Mortgage
Residential
Trust
Series
2020-1,
Class
A2,
CMO,
ARM,
2.408%,
2/25/50 (1)
1,977‌
1,904‌
Starwood
Mortgage
Residential
Trust
Series
2021-2,
Class
A1,
CMO,
ARM,
0.943%,
5/25/65 (1)
930‌
882‌
Starwood
Mortgage
Residential
Trust
Series
2021-4,
Class
A1,
CMO,
ARM,
1.162%,
8/25/56 (1)
6,197‌
5,534‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA5,
Class
M2,
CMO,
ARM,
SOFR30A
+
1.65%,
5.722%,
1/25/34 (1)
931‌
933‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2022-DNA5,
Class
M1A,
CMO,
ARM,
SOFR30A
+
2.95%,
7.022%,
6/25/42 (1)
3,220‌
3,284‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2023-HQA3,
Class
A1,
CMO,
ARM,
SOFR30A
+
1.85%,
5.922%,
11/25/43 (1)
1,758‌
1,776‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2024-HQA1,
Class
A1,
CMO,
ARM,
SOFR30A
+
1.25%,
5.322%,
3/25/44 (1)
7,917‌
7,937‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2025-DNA1,
Class
A1,
CMO,
ARM,
SOFR30A
+
0.95%,
5.022%,
1/25/45 (1)
1,266‌
1,267‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2025-DNA3,
Class
M1,
CMO,
ARM,
SOFR30A
+
1.10%,
5.172%,
9/25/45 (1)
4,881‌
4,878‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2025-DNA4,
Class
A1,
CMO,
ARM,
SOFR30A
+
0.90%,
4.972%,
10/25/45 (1)
6,665‌
6,665‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2025-DNA4,
Class
M1,
CMO,
ARM,
SOFR30A
+
1.10%,
5.172%,
10/25/45 (1)
2,423‌
2,421‌
Verus
Securitization
Trust
Series
2021-1,
Class
A2,
CMO,
ARM,
1.052%,
1/25/66 (1)
1,115‌
1,012‌
Verus
Securitization
Trust
Series
2021-1,
Class
A3,
CMO,
ARM,
1.155%,
1/25/66 (1)
659‌
599‌
Verus
Securitization
Trust
Series
2021-2,
Class
A1,
CMO,
ARM,
1.031%,
2/25/66 (1)
1,573‌
1,439‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
40
Par/Shares
$
Value
(Amounts
in
000s)
Verus
Securitization
Trust
Series
2021-R1,
Class
A2,
CMO,
ARM,
1.057%,
10/25/63 (1)
242‌
234‌
Verus
Securitization
Trust
Series
2021-R2,
Class
A1,
CMO,
ARM,
0.918%,
2/25/64 (1)
1,429‌
1,342‌
Verus
Securitization
Trust
Series
2023-4,
Class
A2,
CMO,
STEP,
6.116%,
5/25/68 (1)
467‌
467‌
Verus
Securitization
Trust
Series
2023-6,
Class
A2,
CMO,
STEP,
6.939%,
9/25/68 (1)
1,738‌
1,755‌
Verus
Securitization
Trust
Series
2023-7,
Class
A2,
CMO,
STEP,
7.272%,
10/25/68 (1)
3,447‌
3,486‌
Verus
Securitization
Trust
Series
2023-8,
Class
A2,
CMO,
STEP,
6.664%,
12/25/68 (1)
690‌
698‌
Verus
Securitization
Trust
Series
2025-3,
Class
A1,
CMO,
STEP,
5.623%,
5/25/70 (1)
2,487‌
2,508‌
Verus
Securitization
Trust
Series
2025-7,
Class
A1F,
CMO,
ARM,
SOFR30A
+
1.20%,
5.272%,
8/25/70 (1)
5,271‌
5,278‌
Vista
Point
Securitization
Trust
Series
2020-2,
Class
A3,
CMO,
ARM,
2.496%,
4/25/65 (1)
371‌
359‌
242,792‌
Commercial
Mortgage-Backed
Securities
3.3%
BANK
Series
2024-BNK47,
Class
A1,
5.523%,
6/15/57
924‌
944‌
BANK5
Series
2024-5YR11,
Class
AS,
6.139%,
11/15/57
3,815‌
4,011‌
BANK5
Series
2024-5YR12,
Class
A3,
ARM,
5.902%,
12/15/57
6,435‌
6,791‌
BANK5
Series
2024-5YR12,
Class
AS,
ARM,
6.122%,
12/15/57
2,725‌
2,866‌
BANK5
Series
2024-5YR9,
Class
A1,
4.889%,
8/15/57
3,484‌
3,520‌
Benchmark
Mortgage
Trust
Series
2024-V11,
Class
AM,
ARM,
6.201%,
11/15/57
3,235‌
3,394‌
Benchmark
Mortgage
Trust
Series
2024-V6,
Class
A1,
5.568%,
3/15/57
727‌
731‌
Benchmark
Mortgage
Trust
Series
2024-V8,
Class
A1,
5.514%,
7/15/57
2,200‌
2,237‌
BFLD
Commercial
Mortgage
Trust
Series
2025-5MW,
Class
C,
ARM,
5.633%,
10/10/42 (1)
1,820‌
1,836‌
BMO
Mortgage
Trust
Series
2024-5C4,
Class
A3,
ARM,
6.526%,
5/15/57
6,350‌
6,764‌
BMO
Mortgage
Trust
Series
2024-C8,
Class
A1,
5.542%,
3/15/57
1,723‌
1,738‌
BPR
Trust
Series
2021-TY,
Class
B,
ARM,
1M
TSFR
+
1.264%,
5.223%,
9/15/38 (1)
6,525‌
6,509‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
41
Par/Shares
$
Value
(Amounts
in
000s)
BX
Commercial
Mortgage
Trust
Series
2024-GPA3,
Class
B,
ARM,
1M
TSFR
+
1.642%,
5.601%,
12/15/39 (1)
3,171‌
3,173‌
BX
Commercial
Mortgage
Trust
Series
2024-MDHS,
Class
A,
ARM,
1M
TSFR
+
1.641%,
5.60%,
5/15/41 (1)
4,576‌
4,579‌
BX
Commercial
Mortgage
Trust
Series
2024-MDHS,
Class
B,
ARM,
1M
TSFR
+
1.841%,
5.80%,
5/15/41 (1)
4,495‌
4,498‌
BX
Commercial
Mortgage
Trust
Series
2024-SLCT,
Class
B,
ARM,
1M
TSFR
+
1.793%,
5.752%,
1/15/42 (1)
2,275‌
2,274‌
BX
Commercial
Mortgage
Trust
Series
2024-SLCT,
Class
C,
ARM,
1M
TSFR
+
2.392%,
6.351%,
1/15/42 (1)
5,925‌
5,920‌
BX
Trust
Series
2021-VIEW,
Class
A,
ARM,
1M
TSFR
+
1.394%,
5.353%,
6/15/36 (1)
3,785‌
3,780‌
BX
Trust
Series
2025-GW,
Class
A,
ARM,
1M
TSFR
+
1.60%,
5.559%,
7/15/42 (1)
1,415‌
1,418‌
BX
Trust
Series
2025-VOLT,
Class
A,
ARM,
1M
TSFR
+
1.70%,
5.70%,
12/15/44 (1)
5,340‌
5,337‌
BX
Trust
Series
2025-VOLT,
Class
B,
ARM,
1M
TSFR
+
2.10%,
6.10%,
12/15/44 (1)
4,015‌
4,020‌
CENT
Series
2025-CITY,
Class
A,
ARM,
5.091%,
7/10/40 (1)
5,365‌
5,460‌
Commercial
Mortgage
Trust
Series
2014-CR15,
Class
B,
ARM,
4.016%,
2/10/47
3,198‌
3,151‌
DBC
Mortgage
Trust
Series
2025-DBC,
Class
A,
ARM,
1M
TSFR
+
1.35%,
5.309%,
11/15/42 (1)
7,165‌
7,165‌
Extended
Stay
America
Trust
Series
2025-ESH,
Class
C,
ARM,
1M
TSFR
+
1.85%,
5.809%,
10/15/42 (1)
2,660‌
2,668‌
HILT
Commercial
Mortgage
Trust
Series
2024-ORL,
Class
B,
ARM,
1M
TSFR
+
1.941%,
5.90%,
5/15/37 (1)
5,885‌
5,887‌
HYT
Commercial
Mortgage
Trust
Series
2024-RGCY,
Class
A,
ARM,
1M
TSFR
+
1.841%,
5.80%,
9/15/41 (1)
3,055‌
3,059‌
LSTAR
Commercial
Mortgage
Trust
Series
2017-5,
Class
AS,
4.021%,
3/10/50 (1)
4,905‌
4,766‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
42
Par/Shares
$
Value
(Amounts
in
000s)
MED
Commercial
Mortgage
Trust
Series
2024-MOB,
Class
A,
ARM,
1M
TSFR
+
1.592%,
5.55%,
5/15/41 (1)
6,250‌
6,228‌
MHC
Commercial
Mortgage
Trust
Series
2021-MHC,
Class
B,
ARM,
1M
TSFR
+
1.215%,
5.174%,
4/15/38 (1)
8,836‌
8,833‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series
2025-C35,
Class
A1,
4.609%,
8/15/58
1,224‌
1,234‌
NYC
Commercial
Mortgage
Trust
Series
2025-28L,
Class
B,
ARM,
5.007%,
11/5/38 (1)
2,565‌
2,570‌
ONE
Mortgage
Trust
Series
2021-PARK,
Class
B,
ARM,
1M
TSFR
+
1.064%,
5.023%,
3/15/36 (1)
11,219‌
10,836‌
ONE
Mortgage
Trust
Series
2021-PARK,
Class
C,
ARM,
1M
TSFR
+
1.214%,
5.173%,
3/15/36 (1)
6,005‌
5,711‌
SDR
Commercial
Mortgage
Trust
Series
2024-DSNY,
Class
B,
ARM,
1M
TSFR
+
1.741%,
5.70%,
5/15/39 (1)
4,880‌
4,868‌
TX
Trust
Series
2024-HOU,
Class
B,
ARM,
1M
TSFR
+
2.091%,
6.05%,
6/15/39 (1)
6,490‌
6,488‌
155,264‌
Home
Equity
0.2%
Santander
Mortgage
Asset
Receivable
Trust
Series
2025-CES1,
Class
A1A,
STEP,
5.036%,
9/25/55 (1)
6,209‌
6,207‌
Towd
Point
Mortgage
Trust
Series
2025-CES4,
Class
A1A,
STEP,
5.091%,
10/25/65 (1)
3,993‌
4,010‌
10,217‌
Residential
Mortgage
0.0%
Finance
of
America
HECM
Buyout
Series
2024-HB1,
Class
A1A,
ARM,
4.00%,
10/1/34 (1)
448‌
447‌
Towd
Point
Mortgage
Trust
Series
2018-1,
Class
A1,
CMO,
ARM,
3.00%,
1/25/58 (1)
160‌
159‌
606‌
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$413,804)
408,879‌
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
8.1%
U.S.
Government
Agency
Obligations
6.6%
Federal
Home
Loan
Mortgage
3.50%,
3/1/46
-
12/1/47
3,009‌
2,854‌
5.50%,
10/1/38
15‌
16‌
6.00%,
9/1/34
-
9/1/35
239‌
250‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
43
Par/Shares
$
Value
(Amounts
in
000s)
7.00%,
3/1/39
333‌
348‌
7.50%,
6/1/38
283‌
298‌
Federal
Home
Loan
Mortgage,
ARM
1Y
CMT
+
2.219%,
6.094%,
10/1/33
-‌
-‌
1Y
CMT
+
2.347%,
6.332%,
11/1/34
46‌
48‌
RFUCCT1Y
+
1.625%,
6.292%,
6/1/38
16‌
17‌
RFUCCT1Y
+
1.625%,
6.477%,
6/1/38
79‌
81‌
RFUCCT1Y
+
1.625%,
6.625%,
4/1/37
4‌
4‌
RFUCCT1Y
+
1.726%,
6.355%,
7/1/35
24‌
24‌
RFUCCT1Y
+
1.733%,
6.358%,
10/1/36
41‌
42‌
RFUCCT1Y
+
1.733%,
6.733%,
2/1/37
18‌
19‌
RFUCCT1Y
+
1.77%,
6.616%,
5/1/38
50‌
51‌
RFUCCT1Y
+
1.775%,
6.688%,
5/1/37
15‌
15‌
RFUCCT1Y
+
1.815%,
6.525%,
1/1/37
18‌
18‌
RFUCCT1Y
+
1.911%,
6.538%,
12/1/36
27‌
28‌
RFUCCT1Y
+
1.934%,
6.933%,
2/1/37
9‌
10‌
RFUCCT1Y
+
1.961%,
6.836%,
2/1/33
1‌
-‌
RFUCCT1Y
+
1.975%,
6.85%,
2/1/34
1‌
1‌
RFUCCT1Y
+
2.032%,
6.604%,
11/1/36
27‌
28‌
RFUCCT1Y
+
2.069%,
6.988%,
2/1/37
13‌
13‌
RFUCCT1Y
+
2.083%,
6.957%,
2/1/38
112‌
116‌
Federal
Home
Loan
Mortgage,
UMBS
2.50%,
1/1/52
7,010‌
6,054‌
3.00%,
11/1/34
-
6/1/52
9,427‌
8,431‌
4.00%,
12/1/49
-
2/1/50
1,682‌
1,630‌
4.50%,
5/1/50
-
2/1/53
20,282‌
19,960‌
5.00%,
12/1/41
-
6/1/55
7,527‌
7,596‌
5.50%,
8/1/53
-
7/1/55
14,871‌
15,173‌
6.00%,
9/1/53
-
8/1/55
46,043‌
47,333‌
6.50%,
9/1/54
-
6/1/55
9,002‌
9,340‌
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC,
4.60%,
6/25/30
3,744‌
3,812‌
Federal
National
Mortgage
Assn.,
ARM
ECOFC
+
1.254%,
4.334%,
7/1/27
-‌
-‌
RFUCCT1Y
+
1.34%,
6.215%,
12/1/35
19‌
19‌
RFUCCT1Y
+
1.523%,
6.317%,
7/1/35
16‌
17‌
RFUCCT1Y
+
1.613%,
6.359%,
12/1/35
40‌
41‌
RFUCCT1Y
+
1.655%,
6.28%,
8/1/37
7‌
8‌
RFUCCT1Y
+
1.672%,
6.672%,
2/1/33
2‌
2‌
RFUCCT1Y
+
1.684%,
6.449%,
7/1/34
2‌
2‌
RFUCCT1Y
+
1.715%,
6.215%,
10/1/32
11‌
11‌
RFUCCT1Y
+
1.715%,
6.56%,
12/1/32
17‌
18‌
RFUCCT1Y
+
1.77%,
6.645%,
12/1/35
7‌
7‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
44
Par/Shares
$
Value
(Amounts
in
000s)
RFUCCT1Y
+
1.78%,
6.405%,
1/1/34
10‌
10‌
RFUCCT1Y
+
1.788%,
6.788%,
5/1/38
25‌
26‌
RFUCCT1Y
+
1.83%,
6.58%,
8/1/38
3‌
3‌
RFUCCT1Y
+
1.83%,
6.83%,
4/1/38
57‌
58‌
RFUCCT1Y
+
1.853%,
6.574%,
8/1/38
47‌
49‌
RFUCCT1Y
+
1.853%,
6.603%,
8/1/38
10‌
10‌
RFUCCT1Y
+
1.892%,
6.392%,
12/1/35
5‌
5‌
RFUCCT1Y
+
1.907%,
6.907%,
5/1/38
63‌
65‌
RFUCCT6M
+
1.372%,
5.984%,
10/1/33
144‌
147‌
Federal
National
Mortgage
Assn.,
CMO,
STEP,
5.11%,
1/25/32
-‌
-‌
Federal
National
Mortgage
Assn.,
UMBS
2.00%,
10/1/50
2,181‌
1,789‌
2.50%,
1/1/52
-
1/1/54
10,676‌
9,148‌
3.00%,
9/1/28
-
2/1/35
2,915‌
2,846‌
3.50%,
12/1/45
-
1/1/52
9,694‌
9,062‌
4.00%,
1/1/47
-
9/1/52
21,238‌
20,376‌
4.50%,
5/1/41
-
11/1/52
21,054‌
20,844‌
5.00%,
6/1/35
-
10/1/55
43,456‌
43,643‌
5.50%,
7/1/34
-
10/1/55
60,419‌
61,626‌
6.00%,
3/1/34
-
6/1/54
10,917‌
11,380‌
6.50%,
7/1/32
-
6/1/55
5,717‌
5,937‌
310,759‌
U.S.
Government
Obligations
1.5%
Government
National
Mortgage
Assn.
2.00%,
3/20/52
448‌
373‌
3.00%,
9/20/47
5,418‌
4,950‌
3.50%,
8/20/44
-
7/20/52
11,115‌
10,325‌
4.00%,
9/20/45
-
10/20/52
3,950‌
3,790‌
5.00%,
12/20/34
-
5/20/48
4,635‌
4,739‌
5.50%,
9/15/45
-
2/20/49
1,871‌
1,946‌
6.00%,
7/15/36
864‌
908‌
Government
National
Mortgage
Assn.,
TBA (6)
5.00%,
12/20/55
31,780‌
31,742‌
5.50%,
12/20/55
12,345‌
12,467‌
71,240‌
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$385,607)
381,999‌
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
18.0%
U.S.
Treasury
Obligations
18.0%
U.S.
Treasury
Inflation-Indexed
Notes,
1.625%,
4/15/30
23,508‌
23,786‌
U.S.
Treasury
Notes,
3.50%,
9/30/27
173,635‌
173,581‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
45
Par/Shares
$
Value
(Amounts
in
000s)
U.S.
Treasury
Notes,
3.50%,
10/31/27
145,395‌
145,366‌
U.S.
Treasury
Notes,
3.625%,
8/31/27 (7)
300,240‌
300,744‌
U.S.
Treasury
Notes,
3.75%,
4/30/27
30,405‌
30,481‌
U.S.
Treasury
Notes,
3.875%,
5/31/27
21,005‌
21,103‌
U.S.
Treasury
Notes,
3.875%,
7/31/27
58,375‌
58,687‌
U.S.
Treasury
Notes,
3.875%,
7/15/28
100,720‌
101,684‌
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$852,842)
855,432‌
SHORT-TERM
INVESTMENTS
4.7%
Commercial
Paper
3.0%
4(2)
3.0%(8)
Bacardi-Martini,
4.51%,
12/11/25
5,155‌
5,147‌
Conagra
Brands,
4.239%,
12/12/25
13,385‌
13,363‌
Conagra
Brands,
4.316%,
12/15/25
10,285‌
10,264‌
Crown
Castle,
4.375%,
12/18/25
12,865‌
12,833‌
Edison
International,
4.316%,
12/1/25
10,155‌
10,151‌
Harley-Davidson
Financial
Services,
4.423%,
1/6/26
13,105‌
13,045‌
HCA,
4.254%,
12/11/25
12,885‌
12,865‌
HCA,
4.321%,
1/5/26
11,825‌
11,771‌
International
Flavors
&
Fragrances,
4.316%,
12/30/25
13,275‌
13,227‌
Ovintiv,
4.65%,
12/18/25
11,700‌
11,670‌
Southern
California
Edison,
4.578%,
1/6/26
12,935‌
12,874‌
Western
Midstream
Operating,
4.307%,
12/4/25
9,785‌
9,778‌
Western
Midstream
Operating,
4.336%,
12/8/25
5,645‌
5,638‌
142,626‌
Money
Market
Funds
1.7%
T.
Rowe
Price
Government
Reserve
Fund,
4.02% (9)(10)
81,033‌
81,033‌
81,033‌
Total
Short-Term
Investments
(Cost
$223,705)
223,659‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
46
Par/Shares
$
Value
(Amounts
in
000s)
SECURITIES
LENDING
COLLATERAL
0.7%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY 0.7%
Money
Market
Funds 0.7%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.99% (9)(10)
34,145‌
34,145‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
34,145‌
Total
Securities
Lending
Collateral
(Cost
$34,145)
34,145‌
Total
Investments
in
Securities
101.4%
of
Net
Assets
(Cost
$4,795,935)
$
4,814,218‌
‡
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
$1,814,973
and
represents
38.2%
of
net
assets.
(2)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(3)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$12,986
and
represents
0.3%
of
net
assets.
(4)
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.
(5)
See
Note
4
.
All
or
a
portion
of
this
security
is
on
loan
at
November
30,
2025.
(6)
See
Note
Footnote
4.
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$44,209
and
represents
0.9%
of
net
assets.
(7)
At
November
30,
2025,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
T.
ROWE
PRICE
Short-Term
Bond
Fund
47
.
.
.
.
.
.
.
.
.
.
(8)
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
$142,626
and
represents
3.0%
of
net
assets.
(9)
Seven-day
yield
(10)
Affiliated
Companies
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
1Y
CMT
One
year
U.S.
Treasury
note
constant
maturity
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
ECOFC
Enterprise
11th
District
COFI
Replacement
Index
FRN
Floating
Rate
Note
PTC
Pass-Through
Certificate
RFUCCT6M
Six
month
FTSE
USD
IBOR
Consumer
Cash
Fallback
RFUCCT1Y
Twelve
month
FTSE
USD
IBOR
Consumer
Cash
Fallback
SOFR
Secured
overnight
financing
rate
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
SOFR90A
90-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
48
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
1,689
U.S.
Treasury
Notes
five
year
contracts
3/26
(185,394)
$
(108‌)
Short,
1,088
U.S.
Treasury
Notes
ten
year
contracts
3/26
(123,318)
(27‌)
Long,
6,719
U.S.
Treasury
Notes
two
year
contracts
3/26
1,403,326
(354‌)
Short,
333
Ultra
U.S.
Treasury
Bonds
contracts
3/26
(40,272)
(260‌)
Short,
432
Ultra
U.S.
Treasury
Notes
ten
year
contracts
3/26
(50,200)
(169‌)
Net
payments
(receipts)
of
variation
margin
to
date
1,210‌
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
292‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
49
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
six
months
ended
November
30,
2025.
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,
4.02%
$
-‌
$
-‌
$
1,636‌++
T.
Rowe
Price
Treasury
Reserve
Fund,
3.99%
-‌
-‌
-‌++
Totals
$
-‌#
$
-‌
$
1,636‌+
Supplementary
Investment
Schedule
Affiliate
Value
5/31/25
Purchase
Cost
Sales
Cost
Value
11/30/25
T.
Rowe
Price
Government
Reserve
Fund,
4.02%
$
92,075‌
¤
¤
$
81,033‌
T.
Rowe
Price
Treasury
Reserve
Fund,
3.99%
-‌
¤
¤
34,145‌
Total
$
115,178‌^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees
as
described
in
Note
4
.
+
Investment
income
comprised
$1,636
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
$115,178.
T.
ROWE
PRICE
Short-Term
Bond
Fund
November
30,
2025
Unaudited
Statement
of
Assets
and
Liabilities
50
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$4,795,935)
$
4,814,218‌
Interest
receivable
34,130‌
Receivable
for
investment
securities
sold
2,513‌
Receivable
for
shares
sold
1,578‌
Variation
margin
receivable
on
futures
contracts
292‌
Foreign
currency
(cost
$1)
1‌
Other
assets
83‌
Total
assets
4,852,815‌
Liabilities
Payable
for
investment
securities
purchased
65,910‌
Obligation
to
return
securities
lending
collateral
34,145‌
Payable
for
shares
redeemed
2,928‌
Investment
management
fees
payable
1,137‌
Due
to
affiliates
105‌
Payable
to
directors
2‌
Other
liabilities
1,965‌
Total
liabilities
106,192‌
NET
ASSETS
$
4,746,623‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
November
30,
2025
Unaudited
Statement
of
Assets
and
Liabilities
51
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(184,070‌)
Paid-in
capital
applicable
to
1,019,912,724
shares
of
$0.01
par
value
capital
stock
outstanding;
6,000,000,000
shares
authorized
4,930,693‌
NET
ASSETS
$
4,746,623‌
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$1,289,622;
Shares
outstanding:
277,272,204)
$
4.65‌
Advisor
Class
(Net
assets:
$5,495;
Shares
outstanding:
1,179,340)
$
4.66‌
I
Class
(Net
assets:
$3,327,741;
Shares
outstanding:
714,850,972)
$
4.66‌
Z
Class
(Net
assets:
$123,765;
Shares
outstanding:
26,610,208)
$
4.65‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
Unaudited
Statement
of
Operations
52
($000s)
6
Months
Ended
11/30/25
Investment
Income
(Loss)
Income
.
Interest
$
109,068‌
Dividend
1,636‌
Securities
lending
35‌
Other
2‌
Total
income
110,741‌
Expenses
Investment
management
6,850‌
Shareholder
servicing
Investor
Class
$
1,106‌
Advisor
Class
7‌
I
Class
385‌
1,498‌
Rule
12b-1
fees
Advisor
Class
7‌
Prospectus
and
shareholder
reports
Investor
Class
25‌
Advisor
Class
1‌
I
Class
15‌
41‌
Custody
and
accounting
169‌
Registration
51‌
Legal
and
audit
31‌
Directors
7‌
Miscellaneous
22‌
Waived
/
paid
by
Price
Associates
(196‌)
Total
expenses
8,480‌
Net
investment
income
102,261‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
Unaudited
Statement
of
Operations
53
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/25
Realized
and
Unrealized
Gain
/
Loss
-
Net
realized
gain
(loss)
Securities
6,368‌
Futures
(5,760‌)
Swaps
(469‌)
Options
written
(17‌)
Net
realized
gain
122‌
Change
in
net
unrealized
gain
/
loss
Securities
29,953‌
Futures
259‌
Options
written
212‌
Change
in
net
unrealized
gain
/
loss
30,424‌
Net
realized
and
unrealized
gain
/
loss
30,546‌
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
132,807‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
Unaudited
Statement
of
Changes
in
Net
Assets
54
($000s)
6
Months
Ended
11/30/25
Year
Ended
5/31/25
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
102,261‌
$
201,211‌
Net
realized
gain
122‌
5,295‌
Change
in
net
unrealized
gain
/
loss
30,424‌
72,054‌
Increase
in
net
assets
from
operations
132,807‌
278,560‌
Distributions
to
shareholders
Net
earnings
Investor
Class
(27,332‌)
(54,987‌)
Advisor
Class
(113‌)
(258‌)
I
Class
(71,187‌)
(132,688‌)
Z
Class
(3,033‌)
(13,196‌)
Decrease
in
net
assets
from
distributions
(101,665‌)
(201,129‌)
Capital
share
transactions
*
Shares
sold
Investor
Class
115,889‌
236,391‌
Advisor
Class
397‌
1,005‌
I
Class
400,264‌
1,187,485‌
Z
Class
-‌
8,740‌
Distributions
reinvested
Investor
Class
21,531‌
43,409‌
Advisor
Class
109‌
251‌
I
Class
65,745‌
121,887‌
Z
Class
3,012‌
13,137‌
Shares
redeemed
Investor
Class
(140,123‌)
(346,575‌)
Advisor
Class
(1,268‌)
(2,102‌)
I
Class
(385,810‌)
(1,174,899‌)
Z
Class
(42,013‌)
(175,337‌)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
37,733‌
(86,608‌)
T.
ROWE
PRICE
Short-Term
Bond
Fund
Unaudited
Statement
of
Changes
in
Net
Assets
55
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/25
Year
Ended
5/31/25
Net
Assets
Increase
(decrease)
during
period
68,875‌
(9,177‌)
Beginning
of
period
4,677,748‌
4,686,925‌
End
of
period
$
4,746,623‌
$
4,677,748‌
*Share
information
(000s)
Shares
sold
Investor
Class
24,961‌
51,316‌
Advisor
Class
85‌
218‌
I
Class
86,115‌
257,852‌
Z
Class
-‌
1,896‌
Distributions
reinvested
Investor
Class
4,637‌
9,422‌
Advisor
Class
23‌
54‌
I
Class
14,150‌
26,424‌
Z
Class
648‌
2,852‌
Shares
redeemed
Investor
Class
(30,189‌)
(75,266‌)
Advisor
Class
(272‌)
(455‌)
I
Class
(83,070‌)
(255,200‌)
Z
Class
(9,077‌)
(38,005‌)
Increase
(decrease)
in
shares
outstanding
8,011‌
(18,892‌)
T.
ROWE
PRICE
Short-Term
Bond
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
56
T.
Rowe
Price
Short-Term
Bond
Fund,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Short-Term
Bond
Fund,
Inc.
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks a
high
level
of
income
consistent
with
minimal
fluctuation
in
principal
value
and
liquidity.
The
fund
has four classes
of
shares:
the
Short-Term
Bond
Fund,
Inc.
(Investor
Class),
the
Short-Term
Bond
Fund-Advisor
Class
(Advisor
Class),
the
Short-Term
Bond
Fund-I
Class
(I
Class)
and
the
Short-Term
Bond
Fund-Z
Class
(Z
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Z
Class
is
only
available
to
funds
advised
by
T.
Rowe
Price
Associates,
Inc.
and
its
affiliates
and
other
clients
that
are
subject
to
a
contractual
fee
for
investment
management
services.
The
Advisor
Class
operates
under
a
Board-approved
Rule
12b-1
plan
pursuant
to
which
the
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/or
certain
administrative
services;
the
Investor,
I
and
Z
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
T.
ROWE
PRICE
Short-Term
Bond
Fund
57
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income. Inflation
adjustments
to
the
principal
amount
of
inflation-indexed
bonds
are
reflected
as
interest
income. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared
by
each
class daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes
and
investment
income
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class's
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class's
outstanding
shares.
The
Advisor
Class
pays
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
of
the
class's
average
daily
net
assets.
Capital
Transactions
Each
investor's
interest
in
the
net
assets
of
the
fund
is
represented
by
fund
shares.
The
fund's
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
T.
ROWE
PRICE
Short-Term
Bond
Fund
58
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
In December
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-09,
Income
Taxes
(Topic
740)
-
Improvements
to
Income
Taxes
Disclosures,
which
enhances
the
transparency
of
income
tax
disclosures.
The
ASU
requires
public
entities,
on
an
annual
basis,
to
provide
disclosure
of
specific
categories
in
the
rate
reconciliation,
as
well
as
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
amendments
under
this
ASU
are
required
to
be
applied
prospectively
and
are
effective
for
fiscal
years
beginning
after
December
15,
2024.
Management
expects
that
adoption
of
the
guidance
will
not
have
a
material
impact
on
the
fund's
financial
statements.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund's
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund's
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund's
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund's
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
T.
ROWE
PRICE
Short-Term
Bond
Fund
59
Level
1
-
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
-
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
-
unobservable
inputs
(including
the Valuation
Designee's assumptions
in
determining
fair
value)
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
are
generally traded
in
the over-the-
counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
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.
Assets
and
liabilities
other
than
financial
instruments,
including
short-
term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
T.
ROWE
PRICE
Short-Term
Bond
Fund
60
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
the
greatest
weight
to
actual
prices
in
arm's
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund's
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
November
30,
2025
(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
$
-‌
$
3,231,919‌
$
-‌
$
3,231,919‌
Asset-Backed
Securities
-‌
907,889‌
7,727‌
915,616‌
Non-U.S.
Government
Mortgage-Backed
Securities
-‌
403,620‌
5,259‌
408,879‌
Short-Term
Investments
81,033‌
142,626‌
-‌
223,659‌
Securities
Lending
Collateral
34,145‌
-‌
-‌
34,145‌
Total
$
115,178‌
$
4,686,054‌
$
12,986‌
$
4,814,218‌
Liabilities
Futures
Contracts*
$
918‌
$
-‌
$
-‌
$
918‌
T.
ROWE
PRICE
Short-Term
Bond
Fund
61
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
six
months ended
November
30,
2025,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement
or
delivery
of
cash
or
other
assets.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund's
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
portfolio
duration
and
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund's
derivative
instruments
held
as
of
November
30,
2025,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
1
Includes
Corporate
Bonds,
Foreign
Government
Obligations
&
Municipalities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Short-Term
Bond
Fund
62
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
November
30,
2025,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
Counterparty
Risk
and
Collateral
The
fund
invests
in
exchange-traded
and/or
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps.
Counterparty
risk
on
such
derivatives
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
*
Liabilities
Interest
rate
derivatives
Futures
$
918‌
Total
$
918‌
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Securities^
Options
Written
Futures
Swaps
Total
Realized
Gain
(Loss)
Interest
rate
derivatives
$
(123‌)
$
-‌
$
(5,760‌)
$
-‌
$
(5,883‌)
Credit
derivatives
(654‌)
(17‌)
-‌
(469‌)
(1,140‌)
Total
$
(777‌)
$
(17‌)
$
(5,760‌)
$
(469‌)
$
(7,023‌)
Change
in
Unrealized
Gain
(Loss)
Interest
rate
derivatives
$
-‌
$
-‌
$
259‌
$
-‌
$
259‌
Credit
derivatives
405‌
212‌
-‌
-‌
617‌
Total
$
405‌
$
212‌
$
259‌
$
-‌
$
876‌
^
Options
purchased
are
reported
as
securities.
T.
ROWE
PRICE
Short-Term
Bond
Fund
63
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Collateral may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund's
assets.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
November
30,
2025,
securities
valued
at $8,067,000
had
been
posted
by
the
fund
for
exchange-
traded
and/or
centrally
cleared
derivatives.
Futures
Contracts
The
fund
is
subject
to interest
rate
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risk.
The fund
may
enter
into
futures
contracts
to
manage
exposure
to
interest
rate
and
yield
curve
movements,
security
prices,
foreign
currencies,
credit
quality,
and
mortgage
prepayments;
as
an
efficient
means
of
adjusting
exposure
to
all
or
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values
and/or
interest
rates,
and
potential
losses
in
excess
of
the
fund's
initial
investment.
During
T.
ROWE
PRICE
Short-Term
Bond
Fund
64
the
six
months ended
November
30,
2025,
the
volume
of
the
fund's
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
34%
and
36%
of
net
assets.
Options
The
fund
is
subject
to interest
rate
risk
and
credit
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
options
to
help
manage
such
risks.
The
fund
may
use
options
to
manage
exposure
to
security
prices,
interest
rates,
foreign
currencies,
and
credit
quality;
as
an
efficient
means
of
adjusting
exposure
to
all
or
a
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
credit
exposure.
The
fund
may
buy
or
sell
options
that
can
be
settled
either
directly
with
the
counterparty
(OTC
options)
or
through
a
central
clearinghouse
(exchange-traded
options).
Options
are
included
in
net
assets
at
fair
value,
options
purchased
are
included
in
Investments
in
Securities,
and
options
written
are
separately
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Premiums
on
unexercised,
expired
options
are
recorded
as
realized
gains
or
losses
on
the
accompanying
Statement
of
Operations;
premiums
on
exercised
options
are
recorded
as
an
adjustment
to
the
proceeds
from
the
sale
or
cost
of
the
purchase.
The
difference
between
the
premium
and
the
amount
received
or
paid
in
a
closing
transaction
is
also
treated
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
In
return
for
a
premium
paid,
call
and
put
options
on
futures
give
the
holder
the
right,
but
not
the
obligation,
to
purchase
or
sell,
respectively,
a
position
in
a
particular
futures
contract
at
a
specified
exercise
price.
In
return
for
a
premium
paid,
options
on
swaps
give
the
holder
the
right,
but
not
the
obligation,
to
enter
a
specified
swap
contract
on
predefined
terms.
The
exercise
price
of
an
option
on
a
credit
default
swap
is
stated
in
terms
of
a
specified
spread
that
represents
the
cost
of
credit
protection
on
the
reference
asset,
including
both
the
upfront
premium
to
open
the
position
and
future
periodic
payments.
The
exercise
price
of
an
interest
rate
swap
is
stated
in
terms
of
a
fixed
interest
rate;
generally,
there
is
no
upfront
payment
to
open
the
position. Risks related
to
the
use
of
options
include
possible
illiquidity
of
the
options
markets;
trading
restrictions
imposed
by
an
exchange
or
counterparty;
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
movements
in
the
underlying
asset
values,
interest
rates
and
credit
ratings;
and,
for
options
written,
the
potential
for
losses
to
exceed
any
premium
received
by
the
fund.
During
the
six
months ended
November
30,
2025,
the
volume
of
the
fund's
activity
in
options,
based
on
underlying
notional
amounts,
was
generally
between
0%
and
13%
of
net
assets.
T.
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PRICE
Short-Term
Bond
Fund
65
Swaps
The
fund
is
subject
to
credit
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
swap
contracts
to
help
manage
such
risk.
The
fund
may
use
swaps
in
an
effort
to
manage
both
long
and
short
exposure
to
changes
in
interest
rates,
inflation
rates,
and
credit
quality;
to
adjust
overall
exposure
to
certain
markets;
to
enhance
total
return
or
protect
the
value
of
portfolio
securities;
to
serve
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure.
Swap
agreements
can
be
settled
either
directly
with
the
counterparty
(bilateral
swap)
or
through
a
central
clearinghouse
(centrally
cleared
swap).
Fluctuations
in
the
fair
value
of
a
contract
are
reflected
in
unrealized
gain
or
loss
and
are
reclassified
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations upon
contract
termination
or
cash
settlement.
Net
periodic
receipts
or
payments
required
by
a
contract
increase
or
decrease,
respectively,
the
value
of
the
contract
until
the
contractual
payment
date,
at
which
time
such
amounts
are
reclassified
from
unrealized
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
bilateral
swaps,
cash
payments
are
made
or
received
by
the
fund
on
a
periodic
basis
in
accordance
with
contract
terms;
unrealized
gain
on
contracts
and
premiums
paid
are
reflected
as
assets
and
unrealized
loss
on
contracts
and
premiums
received
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
For
bilateral
swaps,
premiums
paid
or
received
are
amortized
over
the
life
of
the
swap
and
are
recognized
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
centrally
cleared
swaps,
payments
are
made
or
received
by
the
fund
each
day
to
settle
the
daily
fluctuation
in
the
value
of
the
contract
(variation
margin).
Accordingly,
the
value
of
a
centrally
cleared
swap
included
in
net
assets
is
the
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Credit
default
swaps
are
agreements
where
one
party
(the
protection
buyer)
agrees
to
make
periodic
payments
to
another
party
(the
protection
seller)
in
exchange
for
protection
against
specified
credit
events,
such
as
certain
defaults
and
bankruptcies
related
to
an
underlying
credit
instrument,
or
issuer
or
index
of
such
instruments.
Upon
occurrence
of
a
specified
credit
event,
the
protection
seller
is
required
to
pay
the
buyer
the
difference
between
the
notional
amount
of
the
swap
and
the
value
of
the
underlying
credit,
either
in
the
form
of
a
net
cash
settlement
or
by
paying
the
gross
notional
amount
and
accepting
delivery
of
the
relevant
underlying
credit.
For
credit
default
swaps
where
the
underlying
credit
is
an
index,
a
specified
credit
event
may
affect
all
or
individual
underlying
securities
included
in
the
index
and
will
be
settled
based
upon
the
relative
T.
ROWE
PRICE
Short-Term
Bond
Fund
66
weighting
of
the
affected
underlying
security(ies)
within
the
index. Risks
related
to
the
use
of
credit
default
swaps
include
the
possible
inability
of
the
fund
to
accurately
assess
the
current
and
future
creditworthiness
of
underlying
issuers,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund's
swap
investments,
and
potential
losses
in
excess
of
the
fund's
initial
investment.
During
the
six
months ended
November
30,
2025,
the
volume
of
the
fund's
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
less
than
1%
of
net
assets.
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund's prospectus
and
Statement
of
Additional
Information.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Collateralized
Loan
Obligations
The
fund
invests
in
collateralized
loan
obligations
(CLOs)
which
are
entities
backed
by
a
diversified
pool
of
syndicated
bank
loans.
The
cash
flows
of
the
CLO
can
be
split
into
multiple
segments,
called
"tranches"
or
"classes",
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segments,
which
are
the
subordinate
or
"equity"
tranches,
bear
the
greatest
risk
of
loss
from
defaults
in
the
underlying
assets
of
the
CLO
and
serve
to
protect
the
other,
more
senior,
tranches.
Senior
tranches
will
typically
have
higher
credit
ratings
and
lower
yields
than
the
securities
underlying
the
CLO.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses.
Mortgage-Backed
Securities
The
fund
invests
in
mortgage-backed
securities
(MBS
or
pass-through
certificates)
that
represent
an
interest
in
a
pool
of
specific
underlying
mortgage
loans
and
entitle
the
fund
to
the
periodic
payments
of
principal
and
interest
from
those
mortgages.
MBS
may
be
issued
by
government
agencies
or
corporations,
or
private
issuers.
Most
MBS
issued
by
T.
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PRICE
Short-Term
Bond
Fund
67
government
agencies
are
guaranteed;
however,
the
degree
of
protection
differs
based
on
the
issuer.
MBS are
sensitive
to
changes
in
economic
conditions
that
affect
the
rate
of
prepayments
and
defaults
on
the
underlying
mortgages;
accordingly,
the
value,
income,
and
related
cash
flows
from
MBS
may
be
more
volatile
than
other
debt
instruments.
TBA
Purchase,
Sale
Commitments
and
Forward
Settling
Mortgage
Obligations
The
fund
enters
into
to-be-announced
(TBA)
purchase
or
sale
commitments
(collectively,
TBA
transactions),
pursuant
to
which
it
agrees
to
purchase
or
sell,
respectively,
mortgage-backed
securities
for
a
fixed
unit
price,
with
payment
and
delivery
at
a
scheduled
future
date
beyond
the
customary
settlement
period
for
such
securities.
With
TBA
transactions,
the
particular
securities
to
be
received
or
delivered
by
the
fund
are
not
identified
at
the
trade
date;
however,
the
securities
must
meet
specified
terms,
including
rate
and
mortgage
term,
and
be
within
industry-accepted
"good
delivery"
standards.
The
fund
may
enter
into
TBA
transactions
with
the
intention
of
taking
possession
of
or
relinquishing
the
underlying
securities,
may
elect
to
extend
the
settlement
by
"rolling"
the
transaction,
and/or
may
use
TBA
transactions
to
gain
or
reduce
interim
exposure
to
underlying
securities.
To
mitigate
counterparty
risk,
the
fund
has
entered
into
Master
Securities
Forward
Transaction
Agreements
(MSFTA)
with
counterparties
that
provide
for
collateral
and
the
right
to
offset
amounts
due
to
or
from
those
counterparties
under
specified
conditions.
Subject
to
minimum
transfer
amounts,
collateral
requirements
are
determined
and
transfers
made
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
TBA
commitments
and
other
forward
settling
mortgage
obligations
with
a
particular
counterparty
(collectively,
MSFTA
Transactions).
At
any
time,
the
fund's
risk
of
loss
from
a
particular
counterparty
related
to
its
MSFTA
Transactions
is
the
aggregate
unrealized
gain
on
appreciated
MSFTA
Transactions
in
excess
of
unrealized
loss
on
depreciated
MSFTA
Transactions
and
collateral
received,
if
any,
from
such
counterparty. As
of
November
30,
2025,
no
collateral
was
pledged
by
the
fund
or
counterparties
for
MSFTA
Transactions.
Securities
Lending
The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
T.
ROWE
PRICE
Short-Term
Bond
Fund
68
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
November
30,
2025,
the
value
of
loaned
securities
was
$40,007,000;
the
aggregate
value
of
collateral
was
$41,665,000
and
consisted
of
cash
collateral
and
related
investments
of
$34,145,000
and
U.S.
government
securities
of
$7,520,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any, short-term
and
U.S.
government securities
aggregated $916,009,000 and
$1,039,928,000,
respectively,
for
the
six
months ended
November
30,
2025. Purchases
and
sales
of
U.S.
government
securities
aggregated $1,307,973,000 and
$1,277,361,000,
respectively,
for
the
six
months ended
November
30,
2025.
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
T.
ROWE
PRICE
Short-Term
Bond
Fund
69
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
May
31,
2025,
the
fund
had
$195,761,000
of
available
capital
loss
carryforwards.
At
November
30,
2025,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$4,795,965,000.
Net
unrealized
gain
aggregated
$17,335,000
at
period-end,
of
which
$35,593,000
related
to
appreciated
investments
and
$18,258,000
related
to
depreciated
investments.
NOTE
6
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group).
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.01%
of
the
fund's
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.26%
for
assets
in
excess
of
$845
billion.
The
fund's
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund's
average
daily
net
assets. At
November
30,
2025,
the
effective
annual
group
fee
rate
was
0.28%.
The
Investor
Class
and
Advisor
Class
are
each
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
dates
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
dates
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund's
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class's ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
Each
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class's net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class's net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
T.
ROWE
PRICE
Short-Term
Bond
Fund
70
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class's
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund's
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class's
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class's
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
Z
Class
is
also
subject
to
a
contractual
expense
limitation
agreement
whereby
Price
Associates
has
agreed
to
waive
and/or
bear
all
of
the
Z
Class'
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
in
their
entirety.
This
fee
waiver
and/or
expense
reimbursement
arrangement
is
expected
to
remain
in
place
indefinitely,
and
the
agreement
may
only
be
amended
or
terminated
with
approval
by
the
fund's
Board.
Expenses
of
the
fund
waived/paid
by
the
manager
are
not
subject
to
later
repayment
by
the
fund.
Pursuant
to
these
agreements,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the six
months
ended November
30,
2025 as
indicated
in
the
table
below.
At
November
30,
2025,
there
were
no
amounts
subject
to
repayment
by
the
fund. Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
T.
ROWE
PRICE
Short-Term
Bond
Fund
71
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund's
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class
and
Advisor
Class.
For
the
six
months
ended
November
30,
2025,
expenses
incurred
pursuant
to
these
service
agreements
were
$61,000
for
Price
Associates;
$744,000
for
T.
Rowe
Price
Services,
Inc.;
and
$35,000
for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
Additionally,
the
fund
is
one
of
several
mutual
funds
in
which
certain
college
savings
plans
managed
by
Price
Associates invests.
As
approved
by
the
fund's
Board
of
Directors,
shareholder
servicing
costs
associated
with
each
college
savings
plan
are
borne
by
the
fund
in
proportion
to
the
average
daily
value
of
its
shares
owned
by
the
college
savings
plan.
Price
has
agreed
to waive/reimburse
shareholder
servicing
costs in
excess
of
0.05%
of
the
fund's
average
daily
value
of
its
shares
owned
by
the
college
savings
plan.
Any
amounts
waived/
paid
by
Price
under
this
voluntary
agreement
are
not
subject
to
repayment
by
the
fund.
Price
may
amend
or
terminate
this
voluntary
arrangement
at
any
time
without
prior
notice.
For
the
six
months ended
November
30,
2025,
the
fund
was
charged $213,000 for
shareholder
servicing
costs
related
to
the
college
savings
plans, of
which
$29,000
was
for
services
provided
by
Price.
All
amounts
Investor
Class
Advisor
Class
I
Class
Z
Class
Expense
limitation/I
Class
Limit
0.65%
0.90%
0.05%
0.00%
Expense
limitation
date
07/31/27
07/31/27
07/31/27
N/A
(Waived)/repaid
during
the
period
($000s)
$-
$-
$-
$(196)
T.
ROWE
PRICE
Short-Term
Bond
Fund
72
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities. At
November
30,
2025,
approximately
36%
of
the
outstanding
shares
of
the
I
Class
were
held
by
college
savings
plans.
Mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
(collectively,
Price
Funds
and
accounts)
may
invest
in
the
fund.
No
Price
fund
or
account
may
invest
for
the
purpose
of
exercising
management
or
control
over
the
fund.
At
November
30,
2025, 100%
of
the
Z
Class's
outstanding
shares
were
held
by
Price
Funds
and
accounts.
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Effective
November
12,
2025, cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Treasury Reserve Fund.
Prior
to
November
12,
2025,
cash
collateral
from
securities
lending,
if
any,
was
invested
in
the
T.
Rowe
Price
Government
Reserve
Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
As
of
November
30,
2025,
T.
Rowe
Price
Group,
Inc.,
or
its
wholly
owned
subsidiaries,
owned
51,825,393
shares
of
the
Investor
Class,
representing
19%
of
the
Investor
Class's
net
assets.
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund's
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
November
30,
2025,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
T.
ROWE
PRICE
Short-Term
Bond
Fund
73
NOTE
7
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price
Associates
acts
as
the
fund's
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund's
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund's
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
8
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
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.
The
fund's
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F55-051
1/26

Item 8. Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-EndManagement Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-EndManagement Investment Companies.

Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

If applicable, see Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-EndManagement Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-EndManagement Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

Item 16. Controls and Procedures.

(a)  The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSRwas recorded, processed, summarized, and reported timely.

(b)  The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-EndManagement Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) The registrant's code of ethics pursuant to Item 2 of Form N-CSRis filed with the registrant's annual Form N-CSR.

(2) Listing standards relating to recovery of erroneously awarded compensation: Not applicable.

(3) Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(b) A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Short-Term Bond Fund, Inc.
By

/s/ David Oestreicher

   
David Oestreicher
Principal Executive Officer
Date  January 16, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By

/s/ David Oestreicher

   
David Oestreicher
Principal Executive Officer
Date

January 16, 2026

By

/s/ Alan S. Dupski

Alan S. Dupski
Principal Financial Officer
Date 

January 16, 2026

T. Rowe Price Short-Term Bond Fund Inc. published this content on January 22, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on January 22, 2026 at 15:11 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]