# EDGAR Filing Document

**Accession Number:** 0000731890
**File Stem:** 0001193125-26-018932
**Filing Date:** 2026-1
**Character Count:** 174908
**Document Hash:** c8c2e204b82f6534c89200f1fe7716b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-018932.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0001193125-26-018932

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**EFFECTIVENESS DATE**: 20260122

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Short-Term Bond Fund, Inc.
- **CENTRAL INDEX KEY:** 0000731890

**ORGANIZATION NAME:**
- **EIN:** 521332477
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03894
- **FILM NUMBER:** 26550043

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE SHORT TERM BOND FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### T. Rowe Price Short-Term Bond Fund, Inc. (Series ID: S000002141)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000005536 | T. Rowe Price Short-Term Bond Fund, Inc.         | PRWBX           |
| C000005537 | T. Rowe Price Short-Term Bond Fund-Advisor Class | PASHX           |
| C000166333 | T. Rowe Price Short-Term Bond Fund-I Class       | TBSIX           |
| C000225824 | T. Rowe Price Short-Term Bond Fund-Z Class       | TRZOX           |

?xml version='1.0' encoding='ASCII'? Short-Term Bond Fund_STB_F55-051

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-03894

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

(Exact name of registrant as specified in charter)

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
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report pursuant to Rule 30e-1

![Image](g77115i05777714a76d29d451cc.jpg)

#### 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 at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com 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) | $4746623 |
| 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 |
| 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

![Image](g77115i9a4afdecdfc02702f587.jpg)

![Image](g77115i05777714a76d29d451cc.jpg)

#### 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 at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com 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) | $4746623 |
| 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 |
| 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

![Image](g77115i9a4afdecdfc02702f587.jpg)

![Image](g77115i05777714a76d29d451cc.jpg)

#### 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 at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com 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) | $4746623 |
| 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 |
| 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

![Image](g77115i9a4afdecdfc02702f587.jpg)

![Image](g77115i05777714a76d29d451cc.jpg)

#### 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 at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com 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) | $4746623 |
| 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 |
| 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

![Image](g77115i9a4afdecdfc02702f587.jpg)

------

#### 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-End Management 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

For

a

share

outstanding

throughout

each

period

#### Investor

#### Class

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

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Investor

#### Class

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

For

a

share

outstanding

throughout

each

period

#### Advisor

#### Class

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

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Advisor

#### Class

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

For

a

share

outstanding

throughout

each

period

#### I

#### Class

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

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### I

#### Class

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

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

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

#### 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)

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)

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)

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

#### 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

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)

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

#### 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

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

#### 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)

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

#### 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

#### 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)

Wheels

Fleet

Lease

Funding

Series

2024-1A,

Class

A1

5.49%,

2/18/39 (1)

5,109

5,167

Wheels

Fleet

Lease

Funding

Series

2025-3A,

Class

A1

4.08%,

9/18/40 (1)

2,580

2,583

Wheels

Fleet

Lease

Funding

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)

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

#### 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

#### 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)

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

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

DLLST

Series

2024-1A,

Class

A4

4.93%,

4/22/30 (1)

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

#### 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)

Hilton

Grand

Vacations

Trust

Series

2019-AA,

Class

B

2.54%,

7/25/33 (1)

Hilton

Grand

Vacations

Trust

Series

2020-AA,

Class

A

2.74%,

2/25/39 (1)

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

#### 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)

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

#### 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)

MVW

Series

2021-1WA,

Class

B

1.44%,

1/22/41 (1)

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)

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

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

#### 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)

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)

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

#### 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

#### 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)

Wingspire

Equipment

Finance

Series

2025-1A,

Class

C

4.76%,

9/20/33 (1)

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

#### 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

#### 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

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

#### 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

#### 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)

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

#### 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

#### 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

#### 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

#### 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

#### 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

#### 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

#### 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

#### 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

#### 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)

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)

Galton

Funding

Mortgage

Trust

Series

2018-1,

Class

A33,

CMO,

ARM,

3.50%,

11/25/57 (1)

Galton

Funding

Mortgage

Trust

Series

2019-1,

Class

A32,

CMO,

ARM,

4.00%,

2/25/59 (1)

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)

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

#### 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)

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)

OBX

Trust

Series

2019-EXP3,

Class

2A1,

CMO,

ARM,

1M

TSFR

+

1.014%,

4.969%,

10/25/59 (1)

OBX

Trust

Series

2020-EXP1,

Class

2A2,

CMO,

ARM,

1M

TSFR

+

1.064%,

5.019%,

2/25/60 (1)

OBX

Trust

Series

2020-EXP2,

Class

A9,

CMO,

ARM,

3.00%,

5/25/60 (1)

OBX

Trust

Series

2020-INV1,

Class

A5,

CMO,

ARM,

3.50%,

12/25/49 (1)

513

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

#### 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)

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)

Starwood

Mortgage

Residential

Trust

Series

2019-INV1,

Class

A3,

CMO,

ARM,

2.916%,

9/27/49 (1)

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

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Verus

Securitization

Trust

Series

2021-R1,

Class

A2,

CMO,

ARM,

1.057%,

10/25/63 (1)

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)

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)

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

#### 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

#### 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)

Towd

Point

Mortgage

Trust

Series

2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58 (1)

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

6.00%,

9/1/34

-

9/1/35

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

7.00%,

3/1/39

7.50%,

6/1/38

Federal

Home

Loan

Mortgage,

ARM

1Y

CMT

+

2.219%,

6.094%,

10/1/33

—

—

1Y

CMT

+

2.347%,

6.332%,

11/1/34

RFUCCT1Y

+

1.625%,

6.292%,

6/1/38

RFUCCT1Y

+

1.625%,

6.477%,

6/1/38

RFUCCT1Y

+

1.625%,

6.625%,

4/1/37

RFUCCT1Y

+

1.726%,

6.355%,

7/1/35

RFUCCT1Y

+

1.733%,

6.358%,

10/1/36

RFUCCT1Y

+

1.733%,

6.733%,

2/1/37

RFUCCT1Y

+

1.77%,

6.616%,

5/1/38

RFUCCT1Y

+

1.775%,

6.688%,

5/1/37

RFUCCT1Y

+

1.815%,

6.525%,

1/1/37

RFUCCT1Y

+

1.911%,

6.538%,

12/1/36

RFUCCT1Y

+

1.934%,

6.933%,

2/1/37

RFUCCT1Y

+

1.961%,

6.836%,

2/1/33

—

RFUCCT1Y

+

1.975%,

6.85%,

2/1/34

RFUCCT1Y

+

2.032%,

6.604%,

11/1/36

RFUCCT1Y

+

2.069%,

6.988%,

2/1/37

RFUCCT1Y

+

2.083%,

6.957%,

2/1/38

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

RFUCCT1Y

+

1.523%,

6.317%,

7/1/35

RFUCCT1Y

+

1.613%,

6.359%,

12/1/35

RFUCCT1Y

+

1.655%,

6.28%,

8/1/37

RFUCCT1Y

+

1.672%,

6.672%,

2/1/33

RFUCCT1Y

+

1.684%,

6.449%,

7/1/34

RFUCCT1Y

+

1.715%,

6.215%,

10/1/32

RFUCCT1Y

+

1.715%,

6.56%,

12/1/32

RFUCCT1Y

+

1.77%,

6.645%,

12/1/35

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

RFUCCT1Y

+

1.78%,

6.405%,

1/1/34

RFUCCT1Y

+

1.788%,

6.788%,

5/1/38

RFUCCT1Y

+

1.83%,

6.58%,

8/1/38

RFUCCT1Y

+

1.83%,

6.83%,

4/1/38

RFUCCT1Y

+

1.853%,

6.574%,

8/1/38

RFUCCT1Y

+

1.853%,

6.603%,

8/1/38

RFUCCT1Y

+

1.892%,

6.392%,

12/1/35

RFUCCT1Y

+

1.907%,

6.907%,

5/1/38

RFUCCT6M

+

1.372%,

5.984%,

10/1/33

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

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

#### 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

#### 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

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

.

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

.

.

.

.

.

.

.

.

.

.

(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

#### 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,

Ultra

U.S.

Treasury

Bonds

contracts

3/26

(40,272)

(260) Short,

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

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

.

+

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

($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

Foreign

currency

(cost

$1)

Other

assets

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

Payable

to

directors

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

($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

($000s)

Months

Ended

11/30/25

#### Investment

#### Income
(Loss)

Income

.

&nbsp;&nbsp;&nbsp;&nbsp;Interest

$

109,068

Dividend

1,636

Securities

lending

Other

Total

income

110,741

Expenses

Investment

management

6,850

Shareholder

servicing

Investor

Class

$

1,106

Advisor

Class

I

Class

1,498

Rule

12b-1

fees

Advisor

Class

Prospectus

and

shareholder

reports

Investor

Class

Advisor

Class

I

Class

Custody

and

accounting

Registration

Legal

and

audit

Directors

Miscellaneous

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

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

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

Change

in

net

unrealized

gain

/

loss

Securities

29,953

Futures

Options

written

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

($000s)

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

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

1,005

I

Class

400,264

1,187,485

Z

Class

–

8,740

Distributions

reinvested

Investor

Class

21,531

43,409

Advisor

Class

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

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

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

I

Class

86,115

257,852

Z

Class

–

1,896

Distributions

reinvested

Investor

Class

4,637

9,422

Advisor

Class

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

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

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

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

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
&nbsp;&nbsp;&nbsp;&nbsp;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

Level

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

–

inputs

other

than

Level

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

–

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

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
&nbsp;&nbsp;&nbsp;&nbsp;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

$

—

$

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

#### 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:

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

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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 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

$

—

$

—

$

$

—

$

Credit

derivatives

—

—

617

Total

$

$

$

$

—

$

876

^

Options

purchased

are

reported

as

securities.

T. ROWE

PRICE

Short-Term

Bond

Fund

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

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. ROWE

PRICE

Short-Term

Bond

Fund

#### 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

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. ROWE

PRICE

Short-Term

Bond

Fund

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

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

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

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

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

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

#### 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-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management 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-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management 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-CSR was 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-End Management 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-CSR is filed with the registrant's annual Form N-CSR.

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.](d77115dex99cert.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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.](d77115dex99906ce.htm)

------

#### 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. | 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 |

---

## Ex-99.Cert

**Item 19. (a)(3)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price
Short-Term Bond Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 16, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price
Short-Term Bond Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 16, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 19. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Short-Term Bond Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| Date: January 16, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: January 16, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---