# EDGAR Filing Document

**Accession Number:** 0000731890
**File Stem:** 0001193125-25-164046
**Filing Date:** 2025-7
**Character Count:** 239868
**Document Hash:** a40eff29d7a480e5c391982d61bc81d1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-164046.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001193125-25-164046

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**EFFECTIVENESS DATE**: 20250724

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03894
- **FILM NUMBER:** 251144824

**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: May 31, 2025

------

#### Item 1. Reports to Shareholders

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Report pursuant to Rule 30e-1
![Image](g808750g123455.jpg)

#### Annual Shareholder Report

#### May 31, 2025

# Short-Term Bond Fund

# Investor Class (PRWBX)
This annual shareholder report contains important information about Short-Term Bond Fund (the "fund") for the period of June 1, 2024 to May 31, 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 year?** (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 | $48 | 0.47% |

---

## What drove fund performance during the past 12 months?
* The shorter-maturity U.S. investment-grade bond market generated positive returns over the year ended May 31, 2025, as front-end yields fell amid elevated rate volatility, driven by heightened trade policy uncertainty and fiscal policy concerns near the end of the period.

* The fund's overweight to investment-grade corporate bonds and corresponding underweight to U.S. Treasuries aided performance relative to its style-specific benchmark, the Bloomberg 1–3 Year U.S. Government/Credit Index, as corporate credit spreads tightened. Similarly, out-of-benchmark allocations to asset-backed securities, mortgage-backed securities (MBS), and commercial mortgage-backed securities contributed. Security selection within investment-grade corporate bonds generated positive returns.

* Duration management over the period detracted from the fund's returns relative to its style-specific benchmark.

* The Short-Term Bond Fund seeks a high level of income consistent with minimal fluctuation in principal value and liquidity. The fund's allocation to investment-grade corporate bonds marginally decreased over the reporting period but continued to represent its largest absolute and relative position. The fund's allocation to U.S. Treasuries decreased slightly while our allocation to MBS increased.

* While we are primarily a cash bond manager, we occasionally employ the limited use of derivatives in our strategy for hedging purposes. The use of derivatives may include futures and options, as well as credit default and interest rate swaps.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of May 31, 2025
![A line chart as described in the following paragraph.](g808750g123456.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **2015** | 10000 | 10000 | 10000 |
| **2015** | 9974 | 9945 | 9996 |
| **2015** | 9990 | 9988 | 10003 |
| **2016** | 9986 | 10164 | 10051 |
| **2016** | 10068 | 10299 | 10094 |
| **2016** | 10149 | 10539 | 10146 |
| **2016** | 10126 | 10205 | 10112 |
| **2017** | 10168 | 10308 | 10154 |
| **2017** | 10212 | 10462 | 10195 |
| **2017** | 10279 | 10591 | 10238 |
| **2017** | 10259 | 10533 | 10200 |
| **2018** | 10241 | 10360 | 10167 |
| **2018** | 10272 | 10423 | 10211 |
| **2018** | 10333 | 10480 | 10253 |
| **2018** | 10351 | 10391 | 10287 |
| **2019** | 10483 | 10689 | 10424 |
| **2019** | 10645 | 11090 | 10589 |
| **2019** | 10781 | 11546 | 10727 |
| **2019** | 10822 | 11513 | 10758 |
| **2020** | 10999 | 11937 | 10933 |
| **2020** | 11013 | 12134 | 11073 |
| **2020** | 11227 | 12293 | 11120 |
| **2020** | 11296 | 12351 | 11134 |
| **2021** | 11360 | 12102 | 11144 |
| **2021** | 11374 | 12085 | 11161 |
| **2021** | 11383 | 12283 | 11163 |
| **2021** | 11320 | 12209 | 11108 |
| **2022** | 11161 | 11782 | 10964 |
| **2022** | 10963 | 11091 | 10823 |
| **2022** | 10874 | 10868 | 10719 |
| **2022** | 10746 | 10641 | 10662 |
| **2023** | 10845 | 10637 | 10688 |
| **2023** | 10976 | 10854 | 10847 |
| **2023** | 11039 | 10738 | 10887 |
| **2023** | 11209 | 10767 | 11043 |
| **2024** | 11389 | 10991 | 11178 |
| **2024** | 11484 | 10995 | 11266 |
| **2024** | 11785 | 11522 | 11568 |
| **2024** | 11878 | 11507 | 11637 |
| **2025** | 12054 | 11629 | 11797 |
| **2025** | 12181 | 11596 | 11926 |

---

202501-4140694, 202507-4489040

F55-052 7/25

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Short-Term Bond Fund (Investor Class) | 6.07% | 2.04% | 1.99% |
| Bloomberg U.S. Aggregate Bond Index (Regulatory Benchmark) | 5.46 | -0.90 | 1.49 |
| Bloomberg 1-3 Year U.S. Government/Credit Bond Index (Strategy Benchmark) | 5.85 | 1.49 | 1.78 |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$4,677,748

* Number of Portfolio Holdings918

* Investment Advisory Fees Paid (000s)$12,926

* Portfolio Turnover Rate107.2%

## **What did the fund invest in?** 

### **Security Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 43.9% |
| Asset-Backed Securities | 19.2 |
| U.S. Government Agency Obligations (Excluding Mortgage-Backed) | 18.6 |
| Non-U.S. Government Mortgage-Backed Securities | 7.7 |
| U.S. Government & Agency Mortgage-Backed Securities | 7.0 |
| Foreign Government Obligations & Municipalities | 2.0 |
| Securities Lending Collateral | 0.7 |
| Commercial Paper | 0.5 |
| Short-Term and Other | 0.4 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes | 18.2% |
| Federal National Mortgage Assn. | 4.1 |
| Federal Home Loan Mortgage | 1.8 |
| Banco Santander | 1.6 |
| Government National Mortgage Assn. | 1 |
| CVS Health | 0.8 |
| Wells Fargo | 0.8 |
| Crown Castle | 0.7 |
| Volkswagen Group of America Finance | 0.7 |
| SBA Tower Trust | 0.6 |

---

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.

Bloomberg does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Short-Term Bond Fund

Investor Class (PRWBX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g808750g123453.jpg)

![Image](g808750g123455.jpg)

#### Annual Shareholder Report

#### May 31, 2025

# Short-Term Bond Fund

# Advisor Class (PASHX)
This annual shareholder report contains important information about Short-Term Bond Fund (the "fund") for the period of June 1, 2024 to May 31, 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 year?** (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 | $81 | 0.79% |

---

## What drove fund performance during the past 12 months?
* The shorter-maturity U.S. investment-grade bond market generated positive returns over the year ended May 31, 2025, as front-end yields fell amid elevated rate volatility, driven by heightened trade policy uncertainty and fiscal policy concerns near the end of the period.

* The fund's overweight to investment-grade corporate bonds and corresponding underweight to U.S. Treasuries aided performance relative to its style-specific benchmark, the Bloomberg 1–3 Year U.S. Government/Credit Index, as corporate credit spreads tightened. Similarly, out-of-benchmark allocations to asset-backed securities, mortgage-backed securities (MBS), and commercial mortgage-backed securities contributed. Security selection within investment-grade corporate bonds generated positive returns.

* Duration management over the period detracted from the fund's returns relative to its style-specific benchmark.

* The Short-Term Bond Fund seeks a high level of income consistent with minimal fluctuation in principal value and liquidity. The fund's allocation to investment-grade corporate bonds marginally decreased over the reporting period but continued to represent its largest absolute and relative position. The fund's allocation to U.S. Treasuries decreased slightly while our allocation to MBS increased.

* While we are primarily a cash bond manager, we occasionally employ the limited use of derivatives in our strategy for hedging purposes. The use of derivatives may include futures and options, as well as credit default and interest rate swaps.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of May 31, 2025
![A line chart as described in the following paragraph.](g808750g123451.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **2015** | 10000 | 10000 | 10000 |
| **2015** | 9988 | 9945 | 9996 |
| **2015** | 9976 | 9988 | 10003 |
| **2016** | 9964 | 10164 | 10051 |
| **2016** | 10060 | 10299 | 10094 |
| **2016** | 10113 | 10539 | 10146 |
| **2016** | 10081 | 10205 | 10112 |
| **2017** | 10116 | 10308 | 10154 |
| **2017** | 10173 | 10462 | 10195 |
| **2017** | 10210 | 10591 | 10238 |
| **2017** | 10184 | 10533 | 10200 |
| **2018** | 10158 | 10360 | 10167 |
| **2018** | 10203 | 10423 | 10211 |
| **2018** | 10232 | 10480 | 10253 |
| **2018** | 10264 | 10391 | 10287 |
| **2019** | 10365 | 10689 | 10424 |
| **2019** | 10538 | 11090 | 10589 |
| **2019** | 10669 | 11546 | 10727 |
| **2019** | 10700 | 11513 | 10758 |
| **2020** | 10866 | 11937 | 10933 |
| **2020** | 10894 | 12134 | 11073 |
| **2020** | 11097 | 12293 | 11120 |
| **2020** | 11157 | 12351 | 11134 |
| **2021** | 11188 | 12102 | 11144 |
| **2021** | 11216 | 12085 | 11161 |
| **2021** | 11192 | 12283 | 11163 |
| **2021** | 11145 | 12209 | 11108 |
| **2022** | 10981 | 11782 | 10964 |
| **2022** | 10779 | 11091 | 10823 |
| **2022** | 10685 | 10868 | 10719 |
| **2022** | 10553 | 10641 | 10662 |
| **2023** | 10646 | 10637 | 10688 |
| **2023** | 10767 | 10854 | 10847 |
| **2023** | 10820 | 10738 | 10887 |
| **2023** | 10978 | 10767 | 11043 |
| **2024** | 11145 | 10991 | 11178 |
| **2024** | 11230 | 10995 | 11266 |
| **2024** | 11514 | 11522 | 11568 |
| **2024** | 11596 | 11507 | 11637 |
| **2025** | 11759 | 11629 | 11797 |
| **2025** | 11873 | 11596 | 11926 |

---

202501-4140694, 202507-4489040

F255-052 7/25

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Short-Term Bond Fund (Advisor Class) | 5.73% | 1.74% | 1.73% |
| Bloomberg U.S. Aggregate Bond Index (Regulatory Benchmark) | 5.46 | -0.90 | 1.49 |
| Bloomberg 1-3 Year U.S. Government/Credit Bond Index (Strategy Benchmark) | 5.85 | 1.49 | 1.78 |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$4,677,748

* Number of Portfolio Holdings918

* Investment Advisory Fees Paid (000s)$12,926

* Portfolio Turnover Rate107.2%

## **What did the fund invest in?** 

### **Security Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 43.9% |
| Asset-Backed Securities | 19.2 |
| U.S. Government Agency Obligations (Excluding Mortgage-Backed) | 18.6 |
| Non-U.S. Government Mortgage-Backed Securities | 7.7 |
| U.S. Government & Agency Mortgage-Backed Securities | 7.0 |
| Foreign Government Obligations & Municipalities | 2.0 |
| Securities Lending Collateral | 0.7 |
| Commercial Paper | 0.5 |
| Short-Term and Other | 0.4 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes | 18.2% |
| Federal National Mortgage Assn. | 4.1 |
| Federal Home Loan Mortgage | 1.8 |
| Banco Santander | 1.6 |
| Government National Mortgage Assn. | 1 |
| CVS Health | 0.8 |
| Wells Fargo | 0.8 |
| Crown Castle | 0.7 |
| Volkswagen Group of America Finance | 0.7 |
| SBA Tower Trust | 0.6 |

---

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.

Bloomberg does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Short-Term Bond Fund

Advisor Class (PASHX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g808750g123453.jpg)

![Image](g808750g123455.jpg)

#### Annual Shareholder Report

#### May 31, 2025

# Short-Term Bond Fund

# I Class (TBSIX)
This annual shareholder report contains important information about Short-Term Bond Fund (the "fund") for the period of June 1, 2024 to May 31, 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 year?** (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 | $34 | 0.33% |

---

## What drove fund performance during the past 12 months?
* The shorter-maturity U.S. investment-grade bond market generated positive returns over the year ended May 31, 2025, as front-end yields fell amid elevated rate volatility, driven by heightened trade policy uncertainty and fiscal policy concerns near the end of the period.

* The fund's overweight to investment-grade corporate bonds and corresponding underweight to U.S. Treasuries aided performance relative to its style-specific benchmark, the Bloomberg 1–3 Year U.S. Government/Credit Index, as corporate credit spreads tightened. Similarly, out-of-benchmark allocations to asset-backed securities, mortgage-backed securities (MBS), and commercial mortgage-backed securities contributed. Security selection within investment-grade corporate bonds generated positive returns.

* Duration management over the period detracted from the fund's returns relative to its style-specific benchmark.

* The Short-Term Bond Fund seeks a high level of income consistent with minimal fluctuation in principal value and liquidity. The fund's allocation to investment-grade corporate bonds marginally decreased over the reporting period but continued to represent its largest absolute and relative position. The fund's allocation to U.S. Treasuries decreased slightly while our allocation to MBS increased.

* While we are primarily a cash bond manager, we occasionally employ the limited use of derivatives in our strategy for hedging purposes. The use of derivatives may include futures and options, as well as credit default and interest rate swaps.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $500,000 Investment as of May 31, 2025
![A line chart as described in the following paragraph.](g808750g123452.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **12/17/15** | 500000 | 500000 | 500000 |
| **2/29/16** | 500608 | 509869 | 503216 |
| **5/31/16** | 505905 | 516654 | 505374 |
| **8/31/16** | 510175 | 528657 | 507963 |
| **11/30/16** | 509081 | 511904 | 506252 |
| **2/28/17** | 511307 | 517084 | 508347 |
| **5/31/17** | 514749 | 524810 | 510397 |
| **8/31/17** | 517127 | 531261 | 512539 |
| **11/30/17** | 516283 | 528358 | 510683 |
| **2/28/18** | 515529 | 519696 | 509027 |
| **5/31/18** | 517220 | 522844 | 511194 |
| **8/31/18** | 520411 | 525686 | 513327 |
| **11/30/18** | 521440 | 521267 | 515007 |
| **2/28/19** | 528222 | 536169 | 521852 |
| **5/31/19** | 537641 | 556308 | 530120 |
| **8/31/19** | 543484 | 579161 | 537040 |
| **11/30/19** | 545662 | 577518 | 538611 |
| **2/29/20** | 554699 | 598808 | 547343 |
| **5/31/20** | 556714 | 608687 | 554359 |
| **8/31/20** | 567639 | 616653 | 556720 |
| **11/30/20** | 570104 | 619583 | 557419 |
| **2/28/21** | 573436 | 607093 | 557939 |
| **5/31/21** | 574251 | 606223 | 558793 |
| **8/31/21** | 574793 | 616133 | 558889 |
| **11/30/21** | 572938 | 612437 | 556141 |
| **2/28/22** | 565064 | 591041 | 548904 |
| **5/31/22** | 554083 | 556379 | 541862 |
| **8/31/22** | 549733 | 545179 | 536653 |
| **11/30/22** | 544691 | 533802 | 533800 |
| **2/28/23** | 549860 | 533580 | 535102 |
| **5/31/23** | 556668 | 544457 | 543074 |
| **8/31/23** | 560035 | 538674 | 545066 |
| **11/30/23** | 567593 | 540100 | 552879 |
| **2/29/24** | 576866 | 551334 | 559612 |
| **5/31/24** | 583173 | 551565 | 564038 |
| **8/31/24** | 598619 | 577980 | 579143 |
| **11/30/24** | 603540 | 577232 | 582607 |
| **2/28/25** | 612700 | 583356 | 590633 |
| **5/31/25** | 618051 | 581674 | 597055 |

---

202501-4140694, 202507-4489040

F442-052 7/25

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 12/17/15** |
| Short-Term Bond Fund (I Class) | 5.98% | 2.11% | 2.27% |
| Bloomberg U.S. Aggregate Bond Index (Regulatory Benchmark) | 5.46 | -0.90 | 1.61 |
| Bloomberg 1-3 Year U.S. Government/Credit Bond Index (Strategy Benchmark) | 5.85 | 1.49 | 1.89 |

---

The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$4,677,748

* Number of Portfolio Holdings918

* Investment Advisory Fees Paid (000s)$12,926

* Portfolio Turnover Rate107.2%

## **What did the fund invest in?** 

### **Security Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 43.9% |
| Asset-Backed Securities | 19.2 |
| U.S. Government Agency Obligations (Excluding Mortgage-Backed) | 18.6 |
| Non-U.S. Government Mortgage-Backed Securities | 7.7 |
| U.S. Government & Agency Mortgage-Backed Securities | 7.0 |
| Foreign Government Obligations & Municipalities | 2.0 |
| Securities Lending Collateral | 0.7 |
| Commercial Paper | 0.5 |
| Short-Term and Other | 0.4 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes | 18.2% |
| Federal National Mortgage Assn. | 4.1 |
| Federal Home Loan Mortgage | 1.8 |
| Banco Santander | 1.6 |
| Government National Mortgage Assn. | 1 |
| CVS Health | 0.8 |
| Wells Fargo | 0.8 |
| Crown Castle | 0.7 |
| Volkswagen Group of America Finance | 0.7 |
| SBA Tower Trust | 0.6 |

---

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.

Bloomberg does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Short-Term Bond Fund

I Class (TBSIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g808750g123453.jpg)

![Image](g808750g123455.jpg)

#### Annual Shareholder Report

#### May 31, 2025

# Short-Term Bond Fund

# Z Class (TRZOX)
This annual shareholder report contains important information about Short-Term Bond Fund (the "fund") for the period of June 1, 2024 to May 31, 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 year?** (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 drove fund performance during the past 12 months?
* The shorter-maturity U.S. investment-grade bond market generated positive returns over the year ended May 31, 2025, as front-end yields fell amid elevated rate volatility, driven by heightened trade policy uncertainty and fiscal policy concerns near the end of the period.

* The fund's overweight to investment-grade corporate bonds and corresponding underweight to U.S. Treasuries aided performance relative to its style-specific benchmark, the Bloomberg 1–3 Year U.S. Government/Credit Index, as corporate credit spreads tightened. Similarly, out-of-benchmark allocations to asset-backed securities, mortgage-backed securities (MBS), and commercial mortgage-backed securities contributed. Security selection within investment-grade corporate bonds generated positive returns.

* Duration management over the period detracted from the fund's returns relative to its style-specific benchmark.

* The Short-Term Bond Fund seeks a high level of income consistent with minimal fluctuation in principal value and liquidity. The fund's allocation to investment-grade corporate bonds marginally decreased over the reporting period but continued to represent its largest absolute and relative position. The fund's allocation to U.S. Treasuries decreased slightly while our allocation to MBS increased.

* While we are primarily a cash bond manager, we occasionally employ the limited use of derivatives in our strategy for hedging purposes. The use of derivatives may include futures and options, as well as credit default and interest rate swaps.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of May 31, 2025
![A line chart as described in the following paragraph.](g808750g123454.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Z Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **2/22/21** | 10000 | 10000 | 10000 |
| **2/28/21** | 10003 | 9989 | 9995 |
| **5/31/21** | 10026 | 9975 | 10011 |
| **8/31/21** | 10045 | 10138 | 10012 |
| **11/30/21** | 10000 | 10077 | 9963 |
| **2/28/22** | 9871 | 9725 | 9833 |
| **5/31/22** | 9707 | 9154 | 9707 |
| **8/31/22** | 9639 | 8970 | 9614 |
| **11/30/22** | 9537 | 8783 | 9563 |
| **2/28/23** | 9636 | 8779 | 9586 |
| **5/31/23** | 9763 | 8958 | 9729 |
| **8/31/23** | 9831 | 8863 | 9765 |
| **11/30/23** | 9994 | 8887 | 9905 |
| **2/29/24** | 10166 | 9071 | 10025 |
| **5/31/24** | 10263 | 9075 | 10105 |
| **8/31/24** | 10544 | 9510 | 10375 |
| **11/30/24** | 10640 | 9498 | 10437 |
| **2/28/25** | 10810 | 9598 | 10581 |
| **5/31/25** | 10937 | 9571 | 10696 |

---

202501-4140694, 202507-4489040

F1417-052 7/25

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 2/22/21** |
| Short-Term Bond Fund (Z Class) | 6.56% | 2.12% |
| Bloomberg U.S. Aggregate Bond Index (Regulatory Benchmark) | 5.46 | -1.02 |
| Bloomberg 1-3 Year U.S. Government/Credit Bond Index (Strategy Benchmark) | 5.85 | 1.59 |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$4,677,748

* Number of Portfolio Holdings918

* Investment Advisory Fees Paid (000s)$12,926

* Portfolio Turnover Rate107.2%

## **What did the fund invest in?** 

### **Security Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 43.9% |
| Asset-Backed Securities | 19.2 |
| U.S. Government Agency Obligations (Excluding Mortgage-Backed) | 18.6 |
| Non-U.S. Government Mortgage-Backed Securities | 7.7 |
| U.S. Government & Agency Mortgage-Backed Securities | 7.0 |
| Foreign Government Obligations & Municipalities | 2.0 |
| Securities Lending Collateral | 0.7 |
| Commercial Paper | 0.5 |
| Short-Term and Other | 0.4 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes | 18.2% |
| Federal National Mortgage Assn. | 4.1 |
| Federal Home Loan Mortgage | 1.8 |
| Banco Santander | 1.6 |
| Government National Mortgage Assn. | 1 |
| CVS Health | 0.8 |
| Wells Fargo | 0.8 |
| Crown Castle | 0.7 |
| Volkswagen Group of America Finance | 0.7 |
| SBA Tower Trust | 0.6 |

---

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.

Bloomberg does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Short-Term Bond Fund

Z Class (TRZOX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g808750g123453.jpg)

------

#### Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.

#### Item 2. Code of Ethics.
The registrant has adopted 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. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant's principal accountant were as follows:

---

| | | |
|:---|:---|:---|
|  | <u>2025</u> | <u>2024</u> |
|  Audit Fees | $34043 | $33841 |
|  Audit-Related Fees |  |  |
|  Tax Fees |  |  |
|  All Other Fees |  |  |

---

Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.

(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

------

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

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,746,000 and $1,230,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### 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

Additional

Fund

Information

May

31,

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

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Investor

#### Class
..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

4.54 $

4.50 $

4.61 $

4.84 $

4.76 Investment

activities

Net

investment

income

(1)(2)

0.19 0.16 0.11 0.06 0.08 Net

realized

and

unrealized

gain/loss

0.08 0.04 (0.11)

(0.23)

0.08 Total

from

investment

activities

0.27 0.20 —

(0.17)

0.16 Distributions

Net

investment

income

(0.19)

(0.16)

(0.11)

(0.06)

(0.06)

Tax

return

of

capital

—

—

—

—

(0.02)

Total

distributions

(0.19)

(0.16)

(0.11)

(0.06)

(0.08)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 4.62

#### $

#### 4.54

#### $

#### 4.50

#### $

#### 4.61

#### $

#### 4.84

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 6.07%

#### 4.63%

#### 0.11%

#### (3.61)%

#### 3.28%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

0.47%

0.47%

0.46%

0.44%

0.44%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.47%

0.47%

0.46%

0.44%

0.44%

Net

investment

income

4.17%

3.62%

2.51%

1.16%

1.56%

Portfolio

turnover

rate

107.2%

92.3%

50.6%

70.1%

49.4%

Net

assets,

end

of

period

(in

millions)

$1,284

$1,329

$1,524

$1,856

$3,588

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.

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Advisor

#### Class
..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

4.55 $

4.51 $

4.62 $

4.85 $

4.77 Investment

activities

Net

investment

income

(1)(2)

0.18 0.15 0.10 0.04 0.06 Net

realized

and

unrealized

gain/loss

0.08 0.04 (0.11)

(0.23)

0.08 Total

from

investment

activities

0.26 0.19 (0.01)

(3) (0.19)

0.14 Distributions

Net

investment

income

(0.18)

(0.15)

(0.10)

(0.04)

(0.04)

Tax

return

of

capital

—

—

—

—

(0.02)

Total

distributions

(0.18)

(0.15)

(0.10)

(0.04)

(0.06)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 4.63

#### $

#### 4.55

#### $

#### 4.51

#### $

#### 4.62

#### $

#### 4.85
T. ROWE

PRICE

Short-Term

Bond

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Advisor

#### Class
..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(4)

#### 5.73%

#### 4.30%

#### (0.11)%

#### (3.89)%

#### 2.95%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

0.79%

0.78%

0.70%

0.74%

0.76%

Net

expenses

after

waivers/payments

by

Price

Associates

0.79%

0.78%

0.70%

0.74%

0.76%

Net

investment

income

3.85%

3.31%

2.26%

0.87%

1.24%

Portfolio

turnover

rate

107.2%

92.3%

50.6%

70.1%

49.4%

Net

assets,

end

of

period

(in

thousands)

$6,215

$6,947

$8,050

$9,706

$22,646

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.

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### I

#### Class
..

Year

..

..

Ended

.

5/31/25

5/31/24

5/31/23

5/31/22

5/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

4.55 $

4.51 $

4.61 $

4.84 $

4.77 Investment

activities

Net

investment

income

(1)(2)

0.20 0.17 0.12 0.06 0.08 Net

realized

and

unrealized

gain/loss

0.07 0.04 (0.10)

(0.23)

0.07 Total

from

investment

activities

0.27 0.21 0.02 (0.17)

0.15 Distributions

Net

investment

income

(0.20)

(0.17)

(0.12)

(0.06)

(0.06)

Tax

return

of

capital

—

—

—

—

(0.02)

Total

distributions

(0.20)

(0.17)

(0.12)

(0.06)

(0.08)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 4.62

#### $

#### 4.55

#### $

#### 4.51

#### $

#### 4.61

#### $

#### 4.84

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 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%

0.34%

0.33%

0.34%

0.36%

Net

expenses

after

waivers/payments

by

Price

Associates

0.33%

0.34%

0.33%

0.34%

0.36%

Net

investment

income

4.31%

3.77%

2.66%

1.31%

1.56%

Portfolio

turnover

rate

107.2%

92.3%

50.6%

70.1%

49.4%

Net

assets,

end

of

period

(in

millions)

$3,226

$3,041

$2,971

$3,183

$2,228

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.

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Z

#### Class
(1) ..

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

$

4.54 $

4.50 $

4.61 $

4.84 $

4.85 Investment

activities

Net

investment

income

(2)(3)

0.21 0.19 0.13 0.08 0.02 Net

realized

and

unrealized

gain/loss

0.08 0.04 (0.11)

(0.23)

(0.01)

(4) Total

from

investment

activities

0.29 0.23 0.02 (0.15)

0.01 Distributions

Net

investment

income

(0.21)

(0.19)

(0.13)

(0.08)

—

(5) Tax

return

of

capital

—

—

—

—

(0.02)

Total

distributions

(0.21)

(0.19)

(0.13)

(0.08)

(0.02)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 4.62

#### $

#### 4.54

#### $

#### 4.50

#### $

#### 4.61

#### $

#### 4.84
T. ROWE

PRICE

Short-Term

Bond

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Z

#### Class
(1) ..

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)

#### 6.56%

#### 5.12%

#### 0.58%

#### (3.18)%

#### 0.26%
Ratios

to

average

net

assets:

(3) Gross

expenses

before

waivers/payments

by

Price

Associates

0.30%

0.31%

0.31%

0.32%

0.34%

(7) Net

expenses

after

waivers/payments

by

Price

Associates

0.00%

0.00%

0.00%

0.00%

0.00%

(7) Net

investment

income

4.63%

4.19%

2.95%

1.62%

1.69%

(7) Portfolio

turnover

rate

107.2%

92.3%

50.6%

70.1%

49.4%

Net

assets,

end

of

period

(in

thousands)

$161,867

$310,323

$150,111

$201,043

$244,089

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

May

31,

2025

#### Portfolio

#### of

#### Investments

#### ‡

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

‡

#### ASSET-BACKED

#### SECURITIES

#### 19.2%

#### Car

#### Loan

#### 5.2%
Ally

Auto

Receivables

Trust

Series

2023-A,

Class

B

6.01%,

1/17/34 (1)

512

514

Ally

Auto

Receivables

Trust

Series

2023-A,

Class

C

6.08%,

1/17/34 (1)

1,947

1,976

Ally

Bank

Auto

Credit-Linked

Notes

Series

2024-A,

Class

B

5.827%,

5/17/32 (1)

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)

1,200

1,204

Ally

Bank

Auto

Credit-Linked

Notes

Series

2024-B,

Class

C

5.215%,

9/15/32 (1)

1,316

1,317

AmeriCredit

Automobile

Receivables

Trust

Series

2021-1,

Class

C

0.89%,

10/19/26

AmeriCredit

Automobile

Receivables

Trust

Series

2021-1,

Class

D

1.21%,

12/18/26

3,945

3,938

AmeriCredit

Automobile

Receivables

Trust

Series

2021-2,

Class

D

1.29%,

6/18/27

8,770

8,568

ARI

Fleet

Lease

Trust

Series

2024-B,

Class

A2

5.54%,

4/15/33 (1)

4,530

4,553

Avis

Budget

Rental

Car

Funding

AESOP

Series

2020-1A,

Class

A

2.33%,

8/20/26 (1)

1,975

1,969

Avis

Budget

Rental

Car

Funding

AESOP

Series

2022-5A,

Class

C

6.24%,

4/20/27 (1)

2,065

2,072

Avis

Budget

Rental

Car

Funding

AESOP

Series

2023-2A,

Class

C

6.18%,

10/20/27 (1)

1,455

1,463

Bayview

Opportunity

Master

Fund

VII

Series

2024-CAR1,

Class

A,

FRN

SOFR30A

+

1.10%,

5.422%,

12/26/31 (1)

1,807

1,813

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

5,163

CarMax

Auto

Owner

Trust

Series

2023-3,

Class

D

6.44%,

12/16/30

2,515

2,587

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

3,640

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

1,545

CarMax

Select

Receivables

Trust

Series

2024-A,

Class

B

5.35%,

1/15/30

1,640

1,660

CarMax

Select

Receivables

Trust

Series

2024-A,

Class

C

5.62%,

1/15/30

6,990

7,088

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

12,850

12,732

Carvana

Auto

Receivables

Trust

Series

2024-N2,

Class

B

5.67%,

9/10/30 (1)

4,955

5,021

Enterprise

Fleet

Financing

Series

2023-2,

Class

A2

5.56%,

4/22/30 (1)

5,786

5,816

Enterprise

Fleet

Financing

Series

2024-3,

Class

A4

5.06%,

3/20/31 (1)

1,235

1,253

Exeter

Automobile

Receivables

Trust

Series

2022-4A,

Class

D

5.98%,

12/15/28

4,100

4,124

Exeter

Automobile

Receivables

Trust

Series

2022-5A,

Class

C

6.51%,

12/15/27

9,094

9,126

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Exeter

Automobile

Receivables

Trust

Series

2023-1A,

Class

D

6.69%,

6/15/29

Exeter

Select

Automobile

Receivables

Trust

Series

2025-1,

Class

B

4.87%,

8/15/31

3,185

3,190

Ford

Credit

Auto

Lease

Trust

Series

2023-B,

Class

C

6.43%,

4/15/27

2,440

2,466

Ford

Credit

Auto

Owner

Trust

Series

2020-2,

Class

C

1.74%,

4/15/33 (1)

4,600

4,542

Ford

Credit

Auto

Owner

Trust

Series

2023-A,

Class

B

5.07%,

1/15/29

2,655

2,674

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2023-1,

Class

C

5.75%,

5/15/28 (1)

2,985

3,005

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2023-1,

Class

D

6.62%,

5/15/28 (1)

5,293

5,340

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2024-1,

Class

B

5.48%,

4/15/29 (1)

3,375

3,418

Huntington

Bank

Auto

Credit-Linked

Notes

Series

2024-1,

Class

B1

6.153%,

5/20/32 (1)

4,996

5,062

Huntington

Bank

Auto

Credit-Linked

Notes

Series

2024-2,

Class

B1

5.442%,

10/20/32 (1)

5,692

5,724

Huntington

Bank

Auto

Credit-Linked

Notes

Series

2025-1,

Class

B

4.957%,

3/21/33 (1)

7,224

7,206

Hyundai

Auto

Lease

Securitization

Trust

Series

2025-B,

Class

A3

4.53%,

4/17/28 (1)

2,460

2,469

Hyundai

Auto

Lease

Securitization

Trust

Series

2025-B,

Class

B

4.94%,

8/15/29 (1)

5,205

5,232

Navistar

Financial

Dealer

Note

Master

Owner

Trust

Series

2024-1,

Class

B

5.79%,

4/25/29 (1)

625

629

Navistar

Financial

Dealer

Note

Master

Owner

Trust

Series

2024-1,

Class

C

6.13%,

4/25/29 (1)

980

986

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II

Series

2023-1,

Class

A

6.18%,

8/25/28 (1)

3,325

3,336

Santander

Bank

Auto

Credit-Linked

Notes

Series

2022-C,

Class

B

6.451%,

12/15/32 (1)

Santander

Bank

Auto

Credit-Linked

Notes

Series

2023-B,

Class

A2

5.644%,

12/15/33 (1)

835

844

Santander

Bank

Auto

Credit-Linked

Notes

Series

2023-B,

Class

C

5.933%,

12/15/33 (1)

1,774

1,780

Santander

Bank

Auto

Credit-Linked

Notes

Series

2023-B,

Class

D

6.663%,

12/15/33 (1)

2,869

2,891

Santander

Bank

Auto

Credit-Linked

Notes

Series

2024-A,

Class

B

5.622%,

6/15/32 (1)

1,883

1,895

Santander

Bank

Auto

Credit-Linked

Notes

Series

2024-A,

Class

C

5.818%,

6/15/32 (1)

2,277

2,289

Santander

Bank

Auto

Credit-Linked

Notes

Series

2024-B,

Class

B

4.965%,

1/18/33 (1)

1,440

1,437

Santander

Bank

Auto

Credit-Linked

Notes

Series

2024-B,

Class

C

5.141%,

1/18/33 (1)

1,945

1,940

Santander

Consumer

Auto

Receivables

Trust

Series

2021-BA,

Class

C

3.09%,

3/15/29 (1)

1,586

1,566

Santander

Drive

Auto

Receivables

Trust

Series

2020-4,

Class

E

2.85%,

4/17/28 (1)

8,333

8,270

Santander

Drive

Auto

Receivables

Trust

Series

2021-1,

Class

E

2.51%,

12/15/28

12,592

12,460

Santander

Drive

Auto

Receivables

Trust

Series

2021-3,

Class

E

2.70%,

10/16/28 (1)

15,050

14,927

Santander

Drive

Auto

Receivables

Trust

Series

2021-4,

Class

D

1.67%,

10/15/27

5,246

5,189

Santander

Drive

Auto

Receivables

Trust

Series

2021-4,

Class

E

4.03%,

3/15/29 (1)

9,700

9,640

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

SBNA

Auto

Lease

Trust

Series

2024-B,

Class

A4

5.55%,

12/20/28 (1)

6,630

6,725

Securitized

Term

Auto

Receivables

Trust

Series

2025-A,

Class

B

5.038%,

7/25/31 (1)

1,943

1,951

SFS

Auto

Receivables

Securitization

Trust

Series

2024-1A,

Class

A3

4.95%,

5/21/29 (1)

2,000

2,007

SFS

Auto

Receivables

Securitization

Trust

Series

2024-1A,

Class

C

5.51%,

1/20/32 (1)

655

663

U.S.

Bank

Series

2023-1,

Class

B

6.789%,

8/25/32 (1)

697

705

Wheels

Fleet

Lease

Funding

Series

2024-1A,

Class

A1

5.49%,

2/18/39 (1)

6,726

6,785

World

Omni

Auto

Receivables

Trust

Series

2022-A,

Class

C

2.55%,

9/15/28

4,240

4,165

242,742

#### Other

#### Asset-Backed

#### Securities

#### 12.9%
Alinea

Series

2018-1A,

Class

AR,

CLO,

FRN

3M

TSFR

+

0.90%,

5.169%,

7/20/31 (1)

2,039

2,032

Alinea

Series

2018-1A,

Class

BR,

CLO,

FRN

3M

TSFR

+

1.15%,

5.419%,

7/20/31 (1)

600

598

AMSR

Trust

Series

2020-SFR3,

Class

B

1.806%,

9/17/37 (1)

6,507

6,443

Amur

Equipment

Finance

Receivables

X

Series

2022-1A,

Class

E

5.02%,

12/20/28 (1)

4,900

4,891

Applebee's

Funding

Series

2019-1A,

Class

A2II

4.723%,

6/5/49 (1)

5,673

5,571

Arbys

Funding

Series

2020-1A,

Class

A2

3.237%,

7/30/50 (1)

12,081

11,485

Auxilior

Term

Funding

Series

2023-1A,

Class

A2

6.18%,

12/15/28 (1)

3,544

3,573

Auxilior

Term

Funding

Series

2024-1A,

Class

A3

5.49%,

7/15/31 (1)

2,955

3,006

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Barings

Series

2018-4A,

Class

BR,

CLO,

FRN

3M

TSFR

+

1.80%,

6.056%,

10/15/30 (1)

9,285

9,291

Battalion

XII

Series

2018-12A,

Class

BRR,

CLO,

FRN

3M

TSFR

+

1.20%,

5.524%,

5/17/31 (1)

5,600

5,582

Battalion

XII

Series

2018-12A,

Class

CRR,

CLO,

FRN

3M

TSFR

+

1.55%,

5.874%,

5/17/31 (1)

6,065

6,027

Battalion

XV

Series

2020-15A,

Class

A1RR,

CLO,

FRN

3M

TSFR

+

0.98%,

5.26%,

1/17/33 (1)

17,630

17,565

Battalion

XV

Series

2020-15A,

Class

CR,

CLO,

FRN

3M

TSFR

+

1.90%,

6.18%,

1/17/33 (1)

4,035

4,037

Blue

Owl

Asset

Leasing

Trust

Series

2024-1A,

Class

A2

5.05%,

3/15/29 (1)

4,844

4,848

Blue

Owl

Asset

Leasing

Trust

Series

2024-1A,

Class

B

5.41%,

3/15/30 (1)

1,330

1,338

BlueMountain

Series

2016-3A,

Class

A1R2,

CLO,

FRN

3M

TSFR

+

1.20%,

5.526%,

11/15/30 (1)

5,942

5,934

BlueMountain

Series

2018-3A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.19%,

5.472%,

10/25/30 (1)

3,737

3,738

Bowling

Green

Park

Series

2019-1A,

Class

ARR,

CLO,

FRN

3M

TSFR

+

1.00%,

5.269%,

4/18/35 (1)

9,730

9,651

BRE

Grand

Islander

Timeshare

Issuer

Series

2019-A,

Class

A

3.28%,

9/26/33 (1)

1,582

1,555

Chenango

Park

Series

2018-1A,

Class

A2R,

CLO,

FRN

3M

TSFR

+

1.45%,

5.706%,

4/15/30 (1)

3,710

3,710

Chenango

Park

Series

2018-1A,

Class

BR,

CLO,

FRN

3M

TSFR

+

1.80%,

6.056%,

4/15/30 (1)

7,815

7,808

CIFC

Funding

Series

2016-1A,

Class

AR3,

CLO,

FRN

3M

TSFR

+

1.00%,

5.269%,

10/21/31 (1)

9,184

9,169

CIFC

Funding

Series

2016-1A,

Class

D1R3,

CLO,

FRN

3M

TSFR

+

2.30%,

6.569%,

10/21/31 (1)

3,685

3,581

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Clarus

Capital

Funding

Series

2024-1A,

Class

A2

4.71%,

8/20/32 (1)

557

557

Clarus

Capital

Funding

Series

2024-1A,

Class

B

4.79%,

8/20/32 (1)

990

986

CyrusOne

Data

Centers

Issuer

I

Series

2024-2A,

Class

A2

4.50%,

5/20/49 (1)

9,325

8,986

Dell

Equipment

Finance

Trust

Series

2023-3,

Class

D

6.75%,

10/22/29 (1)

820

833

Dell

Equipment

Finance

Trust

Series

2024-1,

Class

D

6.12%,

9/23/30 (1)

1,185

1,201

Dell

Equipment

Finance

Trust

Series

2024-2,

Class

B

4.82%,

8/22/30 (1)

635

637

Dell

Equipment

Finance

Trust

Series

2024-2,

Class

D

5.29%,

2/24/31 (1)

1,470

1,476

Dell

Equipment

Finance

Trust

Series

2025-1,

Class

C

5.25%,

2/24/31 (1)

510

514

DLLAA

Series

2023-1A,

Class

A3

5.64%,

2/22/28 (1)

4,710

4,764

DLLST

Series

2024-1A,

Class

A3

5.05%,

8/20/27 (1)

1,720

1,725

DLLST

Series

2024-1A,

Class

A4

4.93%,

4/22/30 (1)

Driven

Brands

Funding

Series

2019-1A,

Class

A2

4.641%,

4/20/49 (1)

4,281

4,250

Driven

Brands

Funding

Series

2019-2A,

Class

A2

3.981%,

10/20/49 (1)

2,886

2,832

Dryden

Series

2020-77A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.382%,

5.704%,

5/20/34 (1)

10,150

10,145

Dryden

Series

2020-86A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.362%,

5.641%,

7/17/34 (1)

9,145

9,150

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Elara

HGV

Timeshare

Issuer

Series

2019-A,

Class

A

2.61%,

1/25/34 (1)

1,072

1,052

Elara

HGV

Timeshare

Issuer

Series

2023-A,

Class

A

6.16%,

2/25/38 (1)

1,325

1,359

Elara

HGV

Timeshare

Issuer

Series

2023-A,

Class

C

7.30%,

2/25/38 (1)

1,799

1,844

FirstKey

Homes

Trust

Series

2020-SFR1,

Class

C

1.941%,

8/17/37 (1)

6,850

6,777

FirstKey

Homes

Trust

Series

2020-SFR2,

Class

D

1.968%,

10/19/37 (1)

7,535

7,408

Fortress

Credit

BSL

VII

Series

2019-1A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.09%,

5.369%,

7/23/32 (1)

1,924

1,924

Fortress

Credit

BSL

VII

Series

2019-1A,

Class

A2R,

CLO,

FRN

3M

TSFR

+

1.40%,

5.679%,

7/23/32 (1)

5,430

5,434

Fortress

Credit

BSL

VII

Series

2019-1A,

Class

BR,

CLO,

FRN

3M

TSFR

+

1.65%,

5.929%,

7/23/32 (1)

6,935

6,908

Fortress

Credit

BSL

VIII

Series

2019-2A,

Class

A1AR,

CLO,

FRN

3M

TSFR

+

1.05%,

5.319%,

10/20/32 (1)

6,069

6,046

Fortress

Credit

BSL

VIII

Series

2019-2A,

Class

A2R,

CLO,

FRN

3M

TSFR

+

1.40%,

5.669%,

10/20/32 (1)

13,575

13,449

Fortress

Credit

BSL

XV

Series

2022-2A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.40%,

5.669%,

10/18/33 (1)

11,805

11,816

Fortress

Credit

BSL

XVIII

Series

2023-1A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.57%,

4/23/36 (1)(2)

1,655

1,655

Frontier

Issuer

Series

2024-1,

Class

A2

6.19%,

6/20/54 (1)

1,175

1,205

Goto

Foods

Funding

Series

2017-1A,

Class

A2II

5.093%,

4/30/47 (1)

6,044

6,000

Hardee's

Funding

Series

2018-1A,

Class

A23

5.71%,

6/20/48 (1)

3,008

2,960

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Hardee's

Funding

Series

2020-1A,

Class

A2

3.981%,

12/20/50 (1)

7,971

7,594

Hardee's

Funding

Series

2021-1A,

Class

A2

2.865%,

6/20/51 (1)

3,375

3,070

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)

616

604

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)

862

845

Hilton

Grand

Vacations

Trust

Series

2023-1A,

Class

B

6.11%,

1/25/38 (1)

4,552

4,633

Hilton

Grand

Vacations

Trust

Series

2023-1A,

Class

C

6.94%,

1/25/38 (1)

849

871

HPEFS

Equipment

Trust

Series

2023-1A,

Class

B

5.73%,

4/20/28 (1)

6,910

6,922

HPEFS

Equipment

Trust

Series

2023-1A,

Class

C

5.91%,

4/20/28 (1)

4,315

4,330

HPEFS

Equipment

Trust

Series

2023-2A,

Class

C

6.48%,

1/21/31 (1)

1,440

1,454

HPEFS

Equipment

Trust

Series

2023-2A,

Class

D

6.97%,

7/21/31 (1)

3,042

3,090

HPEFS

Equipment

Trust

Series

2024-1A,

Class

C

5.33%,

5/20/31 (1)

8,335

8,349

HPEFS

Equipment

Trust

Series

2024-2A,

Class

B

5.35%,

10/20/31 (1)

1,025

1,034

HPEFS

Equipment

Trust

Series

2024-2A,

Class

D

5.82%,

4/20/32 (1)

2,535

2,568

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Jack

in

the

Box

Funding

Series

2022-1A,

Class

A2I

3.445%,

2/26/52 (1)

6,262

6,022

Jersey

Mike's

Funding

Series

2021-1A,

Class

A2I

2.891%,

2/15/52 (1)

Madison

Park

Funding

XLII

Series

13A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.15%,

5.429%,

11/21/30 (1)

6,420

6,422

Madison

Park

Funding

XXIII

Series

2017-23A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.232%,

5.514%,

7/27/31 (1)

5,941

5,929

Madison

Park

Funding

XXIII

Series

2017-23A,

Class

BR,

CLO,

FRN

3M

TSFR

+

1.812%,

6.094%,

7/27/31 (1)

7,810

7,819

Madison

Park

Funding

XXIV

Series

2016-24A,

Class

CR2,

CLO,

FRN

3M

TSFR

+

2.05%,

6.319%,

10/20/29 (1)

5,240

5,227

Madison

Park

Funding

XXXIII

Series

2019-33A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.29%,

5.546%,

10/15/32 (1)

13,832

13,838

Madison

Park

Funding

XXXV

Series

2019-35A,

Class

CR,

CLO,

FRN

3M

TSFR

+

2.162%,

6.431%,

4/20/32 (1)

745

746

Marble

Point

XIV

Series

2018-2A,

Class

A12R,

CLO,

FRN

3M

TSFR

+

1.20%,

5.469%,

1/20/32 (1)

12,043

12,026

Marble

Point

XV

Series

2019-1A,

Class

A1R2,

CLO,

FRN

3M

TSFR

+

1.04%,

5.319%,

7/23/32 (1)

7,638

7,610

MidOcean

Credit

VI

Series

2016-6A,

Class

ARRR,

CLO,

FRN

3M

TSFR

+

1.23%,

5.499%,

4/20/33 (1)

2,745

2,744

MMAF

Equipment

Finance

Series

2021-A,

Class

A5

1.19%,

11/13/43 (1)

1,430

1,392

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)

5,043

5,058

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

MVW

Series

2023-2A,

Class

A

6.18%,

11/20/40 (1)

846

870

MVW

Series

2023-2A,

Class

B

6.33%,

11/20/40 (1)

Neuberger

Berman

Loan

Advisers

Series

2019-32A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.252%,

5.521%,

1/20/32 (1)

12,452

12,467

Neuberger

Berman

Loan

Advisers

Series

2021-43A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.05%,

5.33%,

7/17/36 (1)

16,575

16,580

NMEF

Funding

Series

2025-A,

Class

A2

4.72%,

7/15/32 (1)

3,410

3,404

Octagon

Investment

Partners

Series

2018-3A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.15%,

5.419%,

10/20/30 (1)

4,288

4,289

Octagon

Investment

Partners

XXI

Series

2014-1A,

Class

A2R4,

CLO,

FRN

3M

TSFR

+

1.15%,

5.458%,

2/14/31 (1)

11,495

11,451

Octagon

Investment

Partners

XXI

Series

2014-1A,

Class

AAR4,

CLO,

FRN

3M

TSFR

+

0.81%,

5.118%,

2/14/31 (1)

3,916

3,910

Octagon

Investment

Partners

XXI

Series

2014-1A,

Class

BR4,

CLO,

FRN

3M

TSFR

+

1.35%,

5.658%,

2/14/31 (1)

4,500

4,473

Octane

Receivables

Trust

Series

2022-1A,

Class

B

4.90%,

5/22/28 (1)

4,672

4,670

Octane

Receivables

Trust

Series

2023-1A,

Class

B

5.96%,

7/20/29 (1)

2,695

2,710

Octane

Receivables

Trust

Series

2023-3A,

Class

B

6.48%,

7/20/29 (1)

1,570

1,594

Octane

Receivables

Trust

Series

2023-3A,

Class

C

6.74%,

8/20/29 (1)

515

525

Octane

Receivables

Trust

Series

2024-3A,

Class

A2

4.94%,

5/20/30 (1)

1,995

1,997

Octane

Receivables

Trust

Series

2024-3A,

Class

C

5.51%,

10/20/31 (1)

1,650

1,656

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

OZLM

Funding

II

Series

2012-2A,

Class

A1A2,

CLO,

FRN

3M

TSFR

+

1.20%,

5.48%,

7/30/31 (1)

2,671

2,672

OZLM

XXI

Series

2017-21A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.15%,

5.419%,

1/20/31 (1)

3,008

3,008

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

1,489

Progress

Residential

Trust

Series

2021-SFR8,

Class

C

1.931%,

10/17/38 (1)

7,820

7,521

Rockford

Tower

Series

2019-2A,

Class

AR2,

CLO,

FRN

3M

TSFR

+

1.13%,

5.452%,

8/20/32 (1)

14,179

14,172

Romark

II

Series

2018-2A,

Class

A2R,

CLO,

FRN

3M

TSFR

+

1.65%,

5.932%,

7/25/31 (1)

13,080

13,092

SCF

Equipment

Trust

Series

2025-1A,

Class

A2

4.82%,

7/22/30 (1)

3,620

3,624

SCF

Equipment

Trust

Series

2025-1A,

Class

A3

5.11%,

11/21/33 (1)

3,520

3,564

SEB

Funding

Series

2024-1A,

Class

A2

7.386%,

4/30/54 (1)

6,661

6,780

Sierra

Timeshare

Receivables

Funding

Series

2020-2A,

Class

C

3.51%,

7/20/37 (1)

SOUND

POINT

XXII

Series

2019-1A,

Class

BRR,

CLO,

FRN

3M

TSFR

+

1.65%,

5.919%,

1/20/32 (1)

1,360

1,360

Symphony

XXIII

Series

2020-23A,

Class

AR2,

CLO,

FRN

3M

TSFR

+

0.90%,

5.156%,

1/15/34 (1)

2,725

2,719

Symphony

XXVI

Series

2021-26A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.342%,

5.611%,

4/20/33 (1)

3,491

3,494

THL

Credit

Wind

River

Series

2015-1A,

Class

A1R3,

CLO,

FRN

3M

TSFR

+

1.20%,

5.469%,

10/20/30 (1)

1,930

1,929

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

THL

Credit

Wind

River

Series

2018-2A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.20%,

5.456%,

7/15/30 (1)

THL

Credit

Wind

River

Series

2019-3A,

Class

AR2,

CLO,

FRN

3M

TSFR

+

1.06%,

5.316%,

4/15/31 (1)

1,459

1,455

THL

Credit

Wind

River

Series

2019-3A,

Class

BR2,

CLO,

FRN

3M

TSFR

+

1.55%,

5.806%,

4/15/31 (1)

6,280

6,256

THL

Credit

Wind

River

Series

2019-3A,

Class

CR2,

CLO,

FRN

3M

TSFR

+

2.00%,

6.256%,

4/15/31 (1)

2,725

2,733

TIAA

Series

2016-1A,

Class

ARR,

CLO,

FRN

3M

TSFR

+

1.25%,

5.519%,

7/20/31 (1)

10,436

10,441

TPIC

SPV

I

Series

2024-1A,

Class

A

7.131%,

11/30/44,

Acquisition

Date:

12/10/24,

Cost $7,770 (3)(4)

7,770

7,770

Tricon

Residential

Trust

Series

2024-SFR2,

Class

A

4.75%,

6/17/40 (1)

3,401

3,387

Tricon

Residential

Trust

Series

2024-SFR2,

Class

D

6.00%,

6/17/40 (1)

6,225

6,220

Trinitas

IX

Series

2018-9A,

Class

ARRR,

CLO,

FRN

3M

TSFR

+

1.20%,

5.469%,

1/20/32 (1)

3,809

3,810

Trinitas

IX

Series

2018-9A,

Class

BRRR,

CLO,

FRN

3M

TSFR

+

1.70%,

5.969%,

1/20/32 (1)

2,515

2,511

Trinitas

VI

Series

2017-6A,

Class

ARRR,

CLO,

FRN

3M

TSFR

+

1.33%,

5.612%,

1/25/34 (1)

11,805

11,811

Trinitas

VII

Series

2017-7A,

Class

A1R2,

CLO,

FRN

3M

TSFR

+

1.06%,

5.342%,

1/25/35 (1)

11,690

11,603

Verdant

Receivables

Series

2023-1A,

Class

A2

6.24%,

1/13/31 (1)

3,307

3,357

Verdant

Receivables

Series

2024-1A,

Class

A2

5.68%,

12/12/31 (1)

1,346

1,365

Voya

Series

2018-3A,

Class

BR2,

CLO,

FRN

3M

TSFR

+

1.80%,

6.056%,

10/15/31 (1)

10,460

10,462

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Wellfleet

Series

2018-2A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.08%,

5.349%,

10/20/31 (1)

3,418

3,417

601,981

#### Student

#### Loan

#### 1.0%
Navient

Private

Education

Loan

Trust

Series

2020-A,

Class

A2A

2.46%,

11/15/68 (1)

2,439

2,336

Navient

Private

Education

Refi

Loan

Trust

Series

2019-A,

Class

A2A

3.42%,

1/15/43 (1)

919

910

Navient

Private

Education

Refi

Loan

Trust

Series

2019-EA,

Class

A2A

2.64%,

5/15/68 (1)

2,151

2,093

Navient

Private

Education

Refi

Loan

Trust

Series

2019-GA,

Class

A

2.40%,

10/15/68 (1)

3,405

3,258

Navient

Private

Education

Refi

Loan

Trust

Series

2020-BA,

Class

A2

2.12%,

1/15/69 (1)

1,364

1,291

Navient

Private

Education

Refi

Loan

Trust

Series

2020-CA,

Class

A2A

2.15%,

11/15/68 (1)

9,292

8,824

Navient

Private

Education

Refi

Loan

Trust

Series

2020-DA,

Class

A

1.69%,

5/15/69 (1)

1,438

1,348

Navient

Private

Education

Refi

Loan

Trust

Series

2020-FA,

Class

A

1.22%,

7/15/69 (1)

1,576

1,462

Navient

Private

Education

Refi

Loan

Trust

Series

2020-GA,

Class

A

1.17%,

9/16/69 (1)

958

884

Navient

Private

Education

Refi

Loan

Trust

Series

2020-HA,

Class

A

1.31%,

1/15/69 (1)

785

735

Nelnet

Student

Loan

Trust

Series

2005-4,

Class

A4,

FRN

SOFR90A

+

0.442%,

4.804%,

3/22/32

1,601

1,555

Nelnet

Student

Loan

Trust

Series

2020-1A,

Class

A,

FRN

1M

TSFR

+

0.854%,

5.179%,

3/26/68 (1)

1,063

1,056

Nelnet

Student

Loan

Trust

Series

2021-CA,

Class

AFX

1.32%,

4/20/62 (1)

5,785

5,383

Nelnet

Student

Loan

Trust

Series

2021-DA,

Class

AFX

1.63%,

4/20/62 (1)

1,959

1,839

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

SMB

Private

Education

Loan

Trust

Series

2018-B,

Class

A2B,

FRN

1M

TSFR

+

0.834%,

5.163%,

1/15/37 (1)

2,543

2,537

SMB

Private

Education

Loan

Trust

Series

2020-B,

Class

A1A

1.29%,

7/15/53 (1)

1,036

972

SMB

Private

Education

Loan

Trust

Series

2020-PTB,

Class

A2A

1.60%,

9/15/54 (1)

3,890

3,647

SMB

Private

Education

Loan

Trust

Series

2021-B,

Class

A

1.31%,

7/17/51 (1)

5,248

4,881

SMB

Private

Education

Loan

Trust

Series

2025-A,

Class

A1A

5.13%,

4/15/54 (1)

3,840

3,855

48,866

#### Whole

#### Business

#### 0.1%
Wheels

Fleet

Lease

Funding

Series

2023-2A,

Class

A

6.46%,

8/18/38 (1)

5,931

6,009

6,009

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $897,204)

#### 899,598

#### CORPORATE

#### BONDS

#### 43.9%

#### FINANCIAL

#### INSTITUTIONS

#### 12.7%

#### Banking

#### 7.6%
Ally

Financial,

VR,

5.737%,

5/15/29 (5)

4,225

4,257

American

Express,

VR,

4.731%,

4/25/29 (5)(6)

5,340

5,369

American

Express,

VR,

5.043%,

7/26/28 (5)

4,305

4,353

American

Express,

VR,

5.098%,

2/16/28 (5)

2,625

2,648

American

Express,

VR,

5.532%,

4/25/30 (5)

5,175

5,339

Banco

Santander,

VR,

5.552%,

3/14/28 (5)

4,000

4,052

Bank

of

America,

VR,

1.734%,

7/22/27 (5)

5,125

4,959

Bank

of

America,

VR,

4.623%,

5/9/29 (5)

9,115

9,116

Bank

of

America,

VR,

5.08%,

1/20/27 (5)

3,965

3,976

Bank

of

Montreal,

3.70%,

6/7/25

10,110

10,097

Bank

of

New

York

Mellon,

VR,

4.414%,

7/24/26 (5)

6,645

6,638

Bank

of

New

York

Mellon,

VR,

4.729%,

4/20/29 (5)

6,635

6,678

Bank

of

New

York

Mellon,

VR,

4.947%,

4/26/27 (5)

6,805

6,833

Banque

Federative

du

Credit

Mutuel,

4.935%,

1/26/26 (1)

4,965

4,971

Barclays,

VR,

5.086%,

2/25/29 (5)

6,705

6,739

Barclays,

VR,

5.304%,

8/9/26 (5)

4,510

4,516

Barclays,

VR,

7.325%,

11/2/26 (5)

4,915

4,964

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

BNP

Paribas,

VR,

4.792%,

5/9/29 (1)(5)

11,255

11,228

CaixaBank,

VR,

6.684%,

9/13/27 (1)(5)

6,125

6,258

Capital

One

Financial,

VR,

4.985%,

7/24/26 (5)

5,995

6,003

Capital

One

Financial,

VR,

6.312%,

6/8/29 (5)

3,000

3,121

Capital

One

Financial,

VR,

7.149%,

10/29/27 (5)

2,860

2,953

Citigroup,

4.40%,

6/10/25

4,390

4,385

Citigroup,

VR,

5.174%,

2/13/30 (5)

4,635

4,689

Credicorp,

2.75%,

6/17/25 (1)

2,715

2,712

Credit

Agricole,

VR,

5.222%,

5/27/31 (1)(5)

4,470

4,517

Credit

Agricole,

VR,

5.23%,

1/9/29 (1)(5)

6,930

7,005

Danske

Bank,

VR,

4.613%,

10/2/30 (1)(5)

4,555

4,504

Danske

Bank,

VR,

5.427%,

3/1/28 (1)(5)

4,760

4,832

Danske

Bank,

VR,

6.259%,

9/22/26 (1)(5)

3,080

3,093

Goldman

Sachs

Group,

VR,

4.482%,

8/23/28 (5)

4,835

4,817

Goldman

Sachs

Group,

VR,

4.937%,

4/23/28 (5)

12,485

12,551

Goldman

Sachs

Group,

VR,

5.218%,

4/23/31 (5)

6,975

7,066

HSBC

Holdings,

VR,

4.899%,

3/3/29 (5)

6,005

6,011

HSBC

Holdings,

VR,

5.13%,

11/19/28 (5)

6,740

6,779

HSBC

Holdings,

VR,

5.597%,

5/17/28 (5)

6,410

6,511

ING

Groep,

VR,

4.858%,

3/25/29 (5)

6,845

6,872

JPMorgan

Chase,

FRN,

SOFR

+

0.885%,

5.229%,

4/22/27

5,480

5,494

JPMorgan

Chase,

VR,

4.979%,

7/22/28 (5)

4,820

4,858

JPMorgan

Chase,

VR,

5.04%,

1/23/28 (5)

4,620

4,651

JPMorgan

Chase,

VR,

5.103%,

4/22/31 (5)

5,305

5,380

Lloyds

Banking

Group,

VR,

5.462%,

1/5/28 (5)

4,660

4,712

Morgan

Stanley,

VR,

4.994%,

4/12/29 (5)

6,780

6,833

Morgan

Stanley,

VR,

6.138%,

10/16/26 (5)

6,730

6,759

Northern

Trust,

3.95%,

10/30/25

4,035

4,025

PNC

Financial

Services

Group,

VR,

4.758%,

1/26/27 (5)

7,035

7,039

PNC

Financial

Services

Group,

VR,

5.812%,

6/12/26 (5)

2,525

2,525

Santander

Holdings

USA,

VR,

2.49%,

1/6/28 (5)

5,540

5,326

Santander

Holdings

USA,

VR,

6.124%,

5/31/27 (5)(6)

980

989

Societe

Generale,

VR,

5.249%,

5/22/29 (1)(5)

8,440

8,479

Societe

Generale,

VR,

5.519%,

1/19/28 (1)(5)

6,811

6,859

Standard

Chartered,

4.30%,

2/19/27 (1)

2,937

2,905

Standard

Chartered,

VR,

5.688%,

5/14/28 (1)(5)

4,780

4,853

State

Street,

4.834%,

4/24/30

5,720

5,771

U.S.

Bancorp,

VR,

4.548%,

7/22/28 (5)

7,145

7,137

U.S.

Bancorp,

VR,

5.727%,

10/21/26 (5)

4,020

4,037

UBS

Group,

VR,

1.494%,

8/10/27 (1)(5)(6)

3,200

3,080

UBS

Group,

VR,

6.327%,

12/22/27 (1)(5)

6,100

6,240

Wells

Fargo,

VR,

4.54%,

8/15/26 (5)

7,470

7,471

Wells

Fargo,

VR,

4.97%,

4/23/29 (5)

18,395

18,538

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Wells

Fargo,

Series

W,

VR,

4.90%,

1/24/28 (5)

8,725

8,748

354,121

#### Brokerage

#### Asset

#### Managers

#### Exchanges

#### 0.8%
Charles

Schwab,

2.45%,

3/3/27

11,128

10,775

Charles

Schwab,

3.20%,

3/2/27

3,330

3,265

Intercontinental

Exchange,

3.625%,

9/1/28

4,820

4,700

LPL

Holdings,

4.90%,

4/3/28 (6)

2,960

2,967

LPL

Holdings,

5.70%,

5/20/27

8,115

8,247

LPL

Holdings,

6.75%,

11/17/28

2,275

2,412

Nasdaq,

5.35%,

6/28/28

2,440

2,500

Nasdaq,

5.65%,

6/28/25

924

925

35,791

#### Finance

#### Companies

#### 0.8%
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)

9,215

9,030

Avolon

Holdings

Funding,

5.75%,

3/1/29 (1)

4,810

4,898

Avolon

Holdings

Funding,

6.375%,

5/4/28 (1)

2,200

2,271

GATX,

3.25%,

9/15/26

3,544

3,473

GATX,

3.85%,

3/30/27

1,932

1,902

GATX,

5.40%,

3/15/27

4,745

4,791

40,078

#### Insurance

#### 3.4%
American

International

Group,

4.85%,

5/7/30

5,120

5,140

Athene

Global

Funding,

4.86%,

8/27/26 (1)

5,285

5,331

Athene

Global

Funding,

5.349%,

7/9/27 (1)

5,190

5,264

Athene

Global

Funding,

5.684%,

2/23/26 (1)

6,780

6,821

Brighthouse

Financial

Global

Funding,

1.55%,

5/24/26 (1)

1,680

1,628

Centene,

4.625%,

12/15/29

20,000

19,300

CNO

Global

Funding,

1.75%,

10/7/26 (1)

10,627

10,187

CNO

Global

Funding,

4.875%,

12/10/27 (1)

2,586

2,593

Corebridge

Global

Funding,

4.65%,

8/20/27 (1)

2,475

2,482

Corebridge

Global

Funding,

5.20%,

1/12/29 (1)

2,300

2,346

Elevance

Health,

5.35%,

10/15/25

2,325

2,330

Equitable

Financial

Life

Global

Funding,

1.70%,

11/12/26 (1)

2,095

2,012

Equitable

Financial

Life

Global

Funding,

5.50%,

12/2/25 (1)

3,500

3,513

Fortitude

Group

Holdings,

6.25%,

4/1/30 (1)

11,865

11,995

GA

Global

Funding

Trust,

5.40%,

1/13/30 (1)(6)

6,415

6,534

Health

Care

Service

A

Mutual

Legal

Reserve,

1.50%,

6/1/25 (1)

11,700

11,698

Health

Care

Service

A

Mutual

Legal

Reserve,

5.20%,

6/15/29 (1)

3,540

3,583

Highmark,

1.45%,

5/10/26 (1)

Humana,

1.35%,

2/3/27 (6)

3,515

3,347

Humana,

5.75%,

3/1/28

2,290

2,349

Humana,

5.75%,

12/1/28

5,742

5,925

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Jackson

National

Life

Global

Funding,

4.90%,

1/13/27 (1)

5,200

5,220

Jackson

National

Life

Global

Funding,

5.55%,

7/2/27 (1)(6)

4,325

4,392

Jackson

National

Life

Global

Funding,

5.60%,

4/10/26 (1)

7,525

7,583

Marsh

&

McLennan,

4.55%,

11/8/27

8,560

8,590

Northwestern

Mutual

Global

Funding,

4.35%,

9/15/27 (1)

5,950

5,957

Reinsurance

Group

of

America,

3.95%,

9/15/26

5,184

5,128

Sammons

Financial

Group

Global

Funding,

5.05%,

1/10/28 (1)(6)

3,275

3,313

UnitedHealth

Group,

5.25%,

2/15/28

3,430

3,492

158,339

#### Real

#### Estate

#### Investment

#### Trusts

#### 0.1%
Kilroy

Realty,

4.375%,

10/1/25

2,355

2,348

Prologis,

3.875%,

9/15/28

2,215

2,184

Realty

Income,

5.05%,

1/13/26

1,780

1,776

6,308

Total

Financial

Institutions

594,637

#### INDUSTRIAL

#### 27.8%

#### Basic

#### Industry

#### 1.2%
BHP

Billiton

Finance

USA,

5.00%,

2/21/30

9,705

9,843

Celanese

U.S.

Holdings,

1.40%,

8/5/26

5,220

4,992

Celanese

U.S.

Holdings,

6.415%,

7/15/27 (6)

3,274

3,339

FMC,

3.45%,

10/1/29

4,977

4,579

LYB

International

Finance

III,

1.25%,

10/1/25

5,631

5,562

Nutrien,

4.90%,

3/27/28

2,955

2,987

POSCO,

4.375%,

8/4/25

7,200

7,195

POSCO,

5.625%,

1/17/26 (1)

6,020

6,052

Rio

Tinto

Finance

USA,

4.875%,

3/14/30

4,735

4,780

Sherwin-Williams,

4.25%,

8/8/25

2,980

2,976

Sherwin-Williams,

4.55%,

3/1/28

5,375

5,423

57,728

#### Capital

#### Goods

#### 2.2%
Amphenol,

4.75%,

3/30/26

9,211

9,222

Amphenol,

5.05%,

4/5/29

1,059

1,083

BAE

Systems,

5.00%,

3/26/27 (1)

5,475

5,520

Boeing,

2.196%,

2/4/26

3,925

3,855

Boeing,

3.20%,

3/1/29

4,995

4,727

Boeing,

6.259%,

5/1/27

9,763

10,041

Fortive,

3.15%,

6/15/26

6,418

6,320

Holcim

Finance

U.S.,

4.70%,

4/7/28 (1)

6,565

6,595

Holcim

Finance

U.S.,

4.95%,

4/7/30 (1)

2,415

2,430

Huntington

Ingalls

Industries,

5.353%,

1/15/30

1,835

1,865

Mohawk

Industries,

5.85%,

9/18/28 (6)

2,853

2,943

Northrop

Grumman,

3.25%,

1/15/28

1,390

1,352

Owens

Corning,

3.40%,

8/15/26

3,093

3,042

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Owens

Corning,

5.50%,

6/15/27

4,210

4,271

Regal

Rexnord,

6.05%,

2/15/26

13,934

13,982

Regal

Rexnord,

6.05%,

4/15/28

6,701

6,866

Republic

Services,

0.875%,

11/15/25

1,566

1,539

Republic

Services,

4.75%,

7/15/30

2,345

2,366

Republic

Services,

4.875%,

4/1/29

6,577

6,680

Waste

Management,

3.875%,

1/15/29 (1)

9,705

9,483

104,182

#### Communications

#### 3.5%
American

Tower,

1.60%,

4/15/26

11,099

10,797

American

Tower,

3.55%,

7/15/27

4,480

4,383

AT&T,

4.10%,

2/15/28

2,395

2,378

Charter

Communications

Operating,

4.908%,

7/23/25

6,322

6,321

Charter

Communications

Operating,

6.15%,

11/10/26

2,995

3,046

Comcast,

4.15%,

10/15/28

2,785

2,770

Cox

Communications,

3.35%,

9/15/26 (1)

2,070

2,031

Cox

Communications,

3.50%,

8/15/27 (1)

2,570

2,502

Crown

Castle,

1.05%,

7/15/26

9,140

8,765

Crown

Castle,

2.90%,

3/15/27

7,465

7,237

Crown

Castle,

4.30%,

2/15/29

945

925

Crown

Castle,

4.45%,

2/15/26

4,475

4,450

Crown

Castle,

4.80%,

9/1/28

4,700

4,701

Crown

Castle,

5.00%,

1/11/28

3,330

3,352

Crown

Castle,

5.60%,

6/1/29

3,540

3,637

Crown

Castle

Towers,

4.241%,

7/15/28 (1)

2,075

2,028

KT,

4.00%,

8/8/25 (1)

8,770

8,759

KT,

4.125%,

2/2/28 (1)(6)

5,350

5,283

NTT

Finance,

4.239%,

7/25/25 (1)(6)

1,630

1,630

Omnicom

Group,

3.60%,

4/15/26

2,060

2,041

Rogers

Communications,

3.20%,

3/15/27

9,100

8,901

Rogers

Communications,

5.00%,

2/15/29

11,825

11,924

SBA

Tower

Trust,

1.631%,

11/15/26 (1)

5,077

4,826

SBA

Tower

Trust,

1.884%,

1/15/26 (1)

3,232

3,170

SBA

Tower

Trust,

4.831%,

10/15/29 (1)

13,380

13,294

SBA

Tower

Trust,

6.599%,

1/15/28 (1)

7,561

7,761

T-Mobile

USA,

2.625%,

4/15/26

2,755

2,711

Take-Two

Interactive

Software,

4.95%,

3/28/28

6,000

6,058

Take-Two

Interactive

Software,

5.00%,

3/28/26

9,055

9,071

Verizon

Communications,

2.10%,

3/22/28

10,164

9,561

164,313

#### Consumer

#### Cyclical

#### 5.9%
Advance

Auto

Parts,

5.90%,

3/9/26 (6)

5,550

5,592

American

Honda

Finance,

5.65%,

11/15/28

8,055

8,315

Aptiv

Swiss

Holdings,

4.65%,

9/13/29

3,300

3,249

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

AutoZone,

5.125%,

6/15/30 (6)

5,080

5,166

BMW

U.S.

Capital,

4.60%,

8/13/27 (1)

11,810

11,796

CBRE

Services,

4.80%,

6/15/30

2,485

2,464

Daimler

Truck

Finance

North

America,

5.00%,

1/15/27 (1)

2,215

2,223

Daimler

Truck

Finance

North

America,

5.125%,

9/25/27 (1)

4,210

4,250

Daimler

Truck

Finance

North

America,

5.15%,

1/16/26 (1)

2,165

2,167

Darden

Restaurants,

4.35%,

10/15/27

6,645

6,619

Dollar

General,

3.875%,

4/15/27 (6)

2,255

2,221

Dollar

General,

4.125%,

5/1/28

7,688

7,578

Dollar

General,

4.625%,

11/1/27

6,000

5,993

Dollar

General,

5.20%,

7/5/28

4,099

4,150

Ford

Motor

Credit,

5.125%,

6/16/25

7,190

7,186

Ford

Motor

Credit,

5.125%,

11/5/26

4,650

4,594

Ford

Motor

Credit,

5.80%,

3/5/27

5,830

5,817

Ford

Motor

Credit,

5.918%,

3/20/28

3,560

3,565

General

Motors,

5.35%,

4/15/28 (6)

3,385

3,411

General

Motors

Financial,

5.05%,

4/4/28

9,395

9,418

General

Motors

Financial,

5.35%,

7/15/27

7,510

7,563

General

Motors

Financial,

5.40%,

4/6/26

3,685

3,698

General

Motors

Financial,

5.40%,

5/8/27

4,756

4,801

Hyundai

Capital

America,

4.85%,

3/25/27 (1)

5,330

5,323

Hyundai

Capital

America,

5.00%,

1/7/28 (1)

5,565

5,566

Hyundai

Capital

America,

5.25%,

1/8/27 (1)

2,440

2,450

Hyundai

Capital

America,

5.50%,

3/30/26 (1)

3,270

3,284

Hyundai

Capital

America,

5.60%,

3/30/28 (1)

4,300

4,380

Hyundai

Capital

America,

6.25%,

11/3/25 (1)

3,100

3,116

Lowe's,

3.35%,

4/1/27

2,275

2,234

Lowe's,

4.80%,

4/1/26

4,745

4,749

Marriott

International,

5.45%,

9/15/26

2,225

2,246

Marriott

International,

Series

R,

3.125%,

6/15/26

9,676

9,520

McDonald's,

3.80%,

4/1/28

10,623

10,486

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)

14,430

14,441

O'Reilly

Automotive,

4.35%,

6/1/28

4,597

4,582

O'Reilly

Automotive,

5.75%,

11/20/26

13,817

14,040

Ross

Stores,

0.875%,

4/15/26 (6)

9,068

8,796

Starbucks,

2.00%,

3/12/27

1,900

1,817

Starbucks,

4.00%,

11/15/28

4,793

4,721

Starbucks,

4.75%,

2/15/26

5,815

5,815

Stellantis

Finance

U.S.,

5.35%,

3/17/28 (1)

Uber

Technologies,

4.50%,

8/15/29 (1)

10,995

10,852

Volkswagen

Group

of

America

Finance,

3.95%,

6/6/25 (1)(6)

5,185

5,184

Volkswagen

Group

of

America

Finance,

4.85%,

8/15/27 (1)

8,305

8,264

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Volkswagen

Group

of

America

Finance,

5.05%,

3/27/28 (1)(6)

3,770

3,772

Volkswagen

Group

of

America

Finance,

5.70%,

9/12/26 (1)

6,435

6,488

Volkswagen

Group

of

America

Finance,

5.80%,

9/12/25 (1)

4,550

4,559

Volkswagen

Group

of

America

Finance,

6.00%,

11/16/26 (1)

4,520

4,577

275,608

#### Consumer

#### Non-Cyclical

#### 5.9%
Altria

Group,

2.625%,

9/16/26

5,137

5,015

BAT

International

Finance,

1.668%,

3/25/26

7,140

6,971

BAT

International

Finance,

4.448%,

3/16/28

13,155

13,108

Becton

Dickinson

&

Company,

4.693%,

2/13/28

10,060

10,100

Cencora,

3.45%,

12/15/27

1,454

1,416

Cencora,

4.625%,

12/15/27

3,970

3,981

Cencora,

4.85%,

12/15/29

2,125

2,137

Coca-Cola

Europacific

Partners,

1.50%,

1/15/27 (1)

1,091

1,040

CSL

Finance,

3.85%,

4/27/27 (1)(6)

2,575

2,542

CVS

Health,

1.30%,

8/21/27

13,114

12,189

CVS

Health,

2.875%,

6/1/26

4,883

4,797

CVS

Health,

3.00%,

8/15/26

2,945

2,887

CVS

Health,

4.30%,

3/25/28

4,105

4,058

CVS

Health,

5.00%,

2/20/26

13,414

13,427

Diageo

Investment,

5.125%,

8/15/30

2,290

2,333

HCA,

3.125%,

3/15/27

7,560

7,371

HCA,

5.625%,

9/1/28

9,032

9,234

HCA,

5.875%,

2/15/26

5,890

5,903

Heineken,

3.50%,

1/29/28 (1)

24,087

23,534

Icon

Investments

Six,

5.809%,

5/8/27

8,885

9,030

Imperial

Brands

Finance,

4.25%,

7/21/25 (1)

1,013

1,011

IQVIA,

6.25%,

2/1/29

3,065

3,172

Japan

Tobacco,

4.85%,

5/15/28 (1)

10,295

10,380

Kroger,

2.65%,

10/15/26

4,838

4,714

Kroger,

3.70%,

8/1/27

1,206

1,188

Mars,

4.55%,

4/20/28 (1)

9,340

9,388

Mars,

4.60%,

3/1/28 (1)

6,720

6,756

Mars,

4.80%,

3/1/30 (1)

6,165

6,203

Mattel,

3.375%,

4/1/26 (1)

7,967

7,818

PeaceHealth

Obligated

Group,

Series

2020,

1.375%,

11/15/25

1,555

1,529

Pernod

Ricard,

3.25%,

6/8/26 (1)

8,525

8,401

Philip

Morris

International,

5.125%,

11/17/27

1,948

1,983

Solventum,

5.40%,

3/1/29

6,228

6,354

Solventum,

5.45%,

2/25/27

11,990

12,137

Stryker,

4.25%,

9/11/29

4,730

4,685

Stryker,

4.70%,

2/10/28

10,180

10,250

Thermo

Fisher

Scientific,

1.75%,

10/15/28

4,570

4,203

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Utah

Acquisition

Sub,

3.95%,

6/15/26

6,750

6,656

Viatris,

2.30%,

6/22/27

5,092

4,826

Viterra

Finance,

2.00%,

4/21/26 (1)

1,515

1,475

Viterra

Finance,

4.90%,

4/21/27 (1)

7,230

7,220

Zoetis,

3.00%,

9/12/27

7,355

7,143

Zoetis,

5.40%,

11/14/25

6,720

6,728

275,293

#### Energy

#### 3.9%
BP

Capital

Markets,

3.723%,

11/28/28

5,544

5,421

BP

Capital

Markets

America,

4.234%,

11/6/28

3,769

3,748

Canadian

Natural

Resources,

2.05%,

7/15/25

11,415

11,365

Canadian

Natural

Resources,

3.85%,

6/1/27

5,283

5,207

Cheniere

Corpus

Christi

Holdings,

5.125%,

6/30/27

6,487

6,539

Columbia

Pipelines

Holding,

6.055%,

8/15/26 (1)

1,060

1,068

DCP

Midstream

Operating,

5.375%,

7/15/25

7,981

7,982

Diamondback

Energy,

5.20%,

4/18/27

3,245

3,272

Enbridge,

5.90%,

11/15/26

2,765

2,811

Enbridge,

6.00%,

11/15/28

2,270

2,372

Energy

Transfer,

5.25%,

7/1/29

3,905

3,964

Energy

Transfer,

6.05%,

12/1/26

10,455

10,655

EQT,

3.125%,

5/15/26 (1)

1,885

1,851

Gray

Oak

Pipeline,

2.60%,

10/15/25 (1)

3,115

3,066

HF

Sinclair,

5.75%,

1/15/31

6,910

6,949

Kinder

Morgan,

5.15%,

6/1/30

5,490

5,534

Occidental

Petroleum,

5.00%,

8/1/27 (6)

3,920

3,921

Occidental

Petroleum,

5.20%,

8/1/29

2,805

2,777

ONEOK,

4.25%,

9/24/27

9,355

9,280

ONEOK,

4.85%,

7/15/26

11,352

11,357

ONEOK,

5.55%,

11/1/26

4,840

4,894

Ovintiv,

5.375%,

1/1/26

2,500

2,500

Sabine

Pass

Liquefaction,

4.20%,

3/15/28

1,930

1,912

Sabine

Pass

Liquefaction,

5.875%,

6/30/26

11,660

11,734

Schlumberger

Holdings,

3.90%,

5/17/28 (1)

8,758

8,606

Schlumberger

Investment,

4.50%,

5/15/28 (6)

4,853

4,826

South

Bow

USA

Infrastructure

Holdings,

4.911%,

9/1/27 (1)

6,646

6,652

Targa

Resources,

5.20%,

7/1/27

2,155

2,176

Tengizchevroil

Finance

International,

4.00%,

8/15/26

9,400

9,244

Valero

Energy,

5.15%,

2/15/30

2,150

2,174

Williams,

4.80%,

11/15/29

4,020

4,035

Williams,

5.40%,

3/2/26

11,725

11,775

Woodside

Finance,

3.70%,

9/15/26 (1)

2,682

2,646

182,313

#### Technology

#### 3.8%
Analog

Devices,

1.70%,

10/1/28

2,720

2,495

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Atlassian,

5.25%,

5/15/29

2,605

2,655

Cadence

Design

Systems,

4.20%,

9/10/27

597

595

CDW,

5.10%,

3/1/30

1,955

1,956

Dell

International,

4.75%,

4/1/28

6,465

6,494

Fiserv,

4.20%,

10/1/28

4,348

4,303

Fiserv,

5.15%,

3/15/27

5,895

5,956

Fortinet,

1.00%,

3/15/26

8,090

7,864

Foundry

JV

Holdco,

5.50%,

1/25/31 (1)

2,250

2,280

Foundry

JV

Holdco,

5.90%,

1/25/30 (1)(6)

2,025

2,090

Intel,

3.15%,

5/11/27

2,223

2,163

Intel,

3.75%,

8/5/27 (6)

3,890

3,813

Intel,

4.00%,

8/5/29

4,290

4,155

Intel,

4.875%,

2/10/28

1,326

1,335

International

Business

Machines,

4.65%,

2/10/28

16,424

16,525

Keysight

Technologies,

5.35%,

7/30/30

5,450

5,564

Marvell

Technology,

1.65%,

4/15/26

3,000

2,913

Micron

Technology,

5.375%,

4/15/28 (6)

12,995

13,260

NXP,

3.15%,

5/1/27

1,235

1,203

NXP,

3.875%,

6/18/26

4,939

4,895

NXP,

4.30%,

6/18/29

5,609

5,489

NXP,

4.40%,

6/1/27

1,040

1,037

NXP,

5.35%,

3/1/26

915

920

Oracle,

1.65%,

3/25/26

12,195

11,898

Paychex,

5.10%,

4/15/30

11,760

11,907

S&P

Global,

2.45%,

3/1/27

11,400

11,047

Synopsys,

4.65%,

4/1/28

12,370

12,441

Synopsys,

4.85%,

4/1/30

7,775

7,841

Western

Union,

1.35%,

3/15/26

16,695

16,201

Workday,

3.50%,

4/1/27

3,450

3,391

174,686

#### Transportation

#### 1.4%
American

Airlines

PTT,

Series

2017-2,

Class

B,

3.70%,

10/15/25

1,939

1,915

Canadian

Pacific

Railway,

1.75%,

12/2/26

4,645

4,465

Element

Fleet

Management,

5.037%,

3/25/30 (1)

4,460

4,441

Element

Fleet

Management,

5.643%,

3/13/27 (1)

4,310

4,374

ERAC

USA

Finance,

4.60%,

5/1/28 (1)

8,895

8,951

ERAC

USA

Finance,

5.00%,

2/15/29 (1)(6)

3,460

3,515

FedEx,

3.25%,

4/1/26

10,997

10,894

HPHT

Finance,

1.50%,

9/17/26

6,650

6,367

Penske

Truck

Leasing,

1.70%,

6/15/26 (1)

1,190

1,154

Penske

Truck

Leasing,

5.35%,

1/12/27 (1)

3,125

3,151

Penske

Truck

Leasing,

5.75%,

5/24/26 (1)

12,797

12,904

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Sydney

Airport

Finance,

3.625%,

4/28/26 (1)

1,351

1,338

63,469

Total

Industrial

1,297,592

#### UTILITY

#### 3.4%

#### Electric

#### 3.0%
AES,

1.375%,

1/15/26

9,631

9,417

American

Electric

Power,

5.20%,

1/15/29

8,040

8,168

Appalachian

Power,

Series

X,

3.30%,

6/1/27

10,397

10,147

Constellation

Energy

Generation,

5.60%,

3/1/28

3,910

4,027

DTE

Energy,

4.95%,

7/1/27

3,625

3,649

DTE

Energy,

5.20%,

4/1/30

4,880

4,953

Duke

Energy,

4.30%,

3/15/28

3,243

3,228

Duke

Energy,

4.85%,

1/5/27

12,000

12,065

Enel

Finance

International,

1.625%,

7/12/26 (1)

9,605

9,282

Enel

Finance

International,

7.05%,

10/14/25 (1)

2,880

2,896

Exelon,

5.15%,

3/15/29

2,470

2,514

FirstEnergy,

Series

B,

3.90%,

7/15/27

8,066

7,937

FirstEnergy

Transmission,

4.55%,

1/15/30 (6)

1,855

1,836

National

Rural

Utilities

Cooperative

Finance,

4.12%,

9/16/27

2,869

2,859

National

Rural

Utilities

Cooperative

Finance,

4.80%,

3/15/28

4,967

5,033

National

Rural

Utilities

Cooperative

Finance,

5.10%,

5/6/27

3,761

3,815

NextEra

Energy

Capital

Holdings,

1.875%,

1/15/27

9,130

8,749

NextEra

Energy

Capital

Holdings,

4.45%,

6/20/25

6,955

6,953

NextEra

Energy

Capital

Holdings,

5.749%,

9/1/25

2,175

2,180

NRG

Energy,

2.00%,

12/2/25 (1)

3,140

3,074

Pacific

Gas

&

Electric,

3.15%,

1/1/26

3,350

3,312

Pacific

Gas

&

Electric,

3.50%,

6/15/25

8,205

8,199

Public

Service

Enterprise

Group,

4.90%,

3/15/30

8,275

8,322

Southern,

5.113%,

8/1/27

4,238

4,282

Trans-Allegheny

Interstate

Line,

5.00%,

1/15/31 (1)

1,195

1,203

Vistra

Operations,

5.05%,

12/30/26 (1)

3,002

3,013

141,113

#### Natural

#### Gas

#### 0.4%
APA

Infrastructure,

4.25%,

7/15/27 (1)

9,793

9,718

NiSource,

5.25%,

3/30/28

1,560

1,588

Sempra,

5.40%,

8/1/26

2,840

2,862

Southern

California

Gas,

2.95%,

4/15/27

5,420

5,281

19,449

Total

Utility

160,562

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $2,046,027)

#### 2,052,791
T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

#### FOREIGN

#### GOVERNMENT

#### OBLIGATIONS

#### &

#### MUNICIPALITIES

#### 2.0%

#### Government

#### Sponsored

#### 0.2%
EQUATE

Petrochemical,

4.25%,

11/3/26

12,000

11,898

11,898

#### Owned

#### No

#### Guarantee

#### 1.7%
Corp.

Nacional

del

Cobre

de

Chile,

3.00%,

9/30/29

10,190

9,340

Korea

Electric

Power,

5.375%,

4/6/26 (1)

12,400

12,489

Korea

Housing

Finance,

4.625%,

2/24/28 (1)

12,080

12,138

Korea

Hydro

&

Nuclear

Power,

1.25%,

4/27/26 (1)

12,038

11,699

Korea

Hydro

&

Nuclear

Power,

5.00%,

7/18/28 (1)

1,400

1,418

Ma'aden

Sukuk,

5.25%,

2/13/30 (1)(6)

8,290

8,396

NBN,

1.45%,

5/5/26 (1)

15,195

14,766

Tenaga

Nasional,

7.50%,

11/1/25

8,850

8,942

79,188

#### Sovereign

#### 0.1%
Kingdom

of

Saudi

Arabia,

5.125%,

1/13/28 (1)

5,320

5,406

5,406

#### Total

#### Foreign

#### Government

#### Obligations

#### &

#### Municipalities

#### (Cost

#### $96,828)

#### 96,492

#### NON-U.S.

#### GOVERNMENT

#### MORTGAGE-BACKED

#### SECURITIES

#### 7.7%

#### Collateralized

#### Mortgage

#### Obligations

#### 3.9%
Angel

Oak

Mortgage

Trust

Series

2021-1,

Class

A1,

CMO,

ARM,

0.909%,

1/25/66 (1)

3,098

2,630

Angel

Oak

Mortgage

Trust

Series

2021-2,

Class

A1,

CMO,

ARM,

0.985%,

4/25/66 (1)

3,045

2,585

Angel

Oak

Mortgage

Trust

Series

2021-2,

Class

A2,

CMO,

ARM,

1.19%,

4/25/66 (1)

879

751

Angel

Oak

Mortgage

Trust

Series

2025-5,

Class

A1,

CMO,

STEP,

5.573%,

4/25/70 (1)

12,047

12,032

Bayview

Financing

Trust

Series

2024-2F,

Class

A,

CMO,

ARM,

7.084%,

9/25/29,

Acquisition

Date:

8/29/24,

Cost $5,661 (3)(4)

5,661

5,661

BINOM

Securitization

Trust

Series

2021-INV1,

Class

A3,

CMO,

ARM,

2.625%,

6/25/56 (1)

1,822

1,656

Citigroup

Mortgage

Loan

Trust

Series

2020-EXP2,

Class

A3,

CMO,

ARM,

2.50%,

8/25/50 (1)

3,260

2,787

COLT

Mortgage

Loan

Trust

Series

2020-3,

Class

A1,

CMO,

ARM,

1.506%,

4/27/65 (1)

COLT

Mortgage

Loan

Trust

Series

2021-1,

Class

A3,

CMO,

ARM,

1.373%,

6/25/66 (1)

1,955

1,678

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

COLT

Mortgage

Loan

Trust

Series

2024-6,

Class

A2,

CMO,

STEP,

5.644%,

11/25/69 (1)

6,649

6,634

COLT

Mortgage

Loan

Trust

Series

2024-INV4,

Class

A3,

CMO,

STEP,

6.111%,

5/25/69 (1)

6,191

6,228

COLT

Mortgage

Loan

Trust

Series

2025-4,

Class

A1,

CMO,

STEP,

5.794%,

4/25/70 (1)

2,690

2,706

COLT

Mortgage

Loan

Trust

Series

2025-INV2,

Class

A1,

CMO,

STEP,

5.601%,

2/25/70 (1)

5,225

5,238

Connecticut

Avenue

Securities

Series

2025-R01,

Class

1M1,

CMO,

ARM,

SOFR30A

+

1.10%,

5.421%,

1/25/45 (1)

4,863

4,865

Connecticut

Avenue

Securities

Trust

Series

2025-R03,

Class

2A1,

CMO,

ARM,

SOFR30A

+

1.45%,

5.772%,

3/25/45 (1)

2,340

2,352

Cross

Mortgage

Trust

Series

2024-H6,

Class

A2,

CMO,

STEP,

5.383%,

9/25/69 (1)

4,306

4,279

Deephaven

Residential

Mortgage

Trust

Series

2021-2,

Class

A3,

CMO,

ARM,

1.26%,

4/25/66 (1)

1,294

1,142

EFMT

Series

2024-INV2,

Class

A1,

CMO,

STEP,

5.035%,

10/25/69 (1)

5,356

5,301

EFMT

Series

2024-INV2,

Class

A2,

CMO,

STEP,

5.289%,

10/25/69 (1)

3,012

2,982

EFMT

Series

2024-NQM1,

Class

A1B,

CMO,

STEP,

5.81%,

11/25/69 (1)

9,946

9,934

EFMT

Series

2025-INV2,

Class

A1,

CMO,

STEP,

5.387%,

5/26/70 (1)

2,379

2,379

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)

1,887

1,563

Flagstar

Mortgage

Trust

Series

2020-1INV,

Class

A11,

CMO,

ARM,

1M

TSFR

+

0.964%,

5.289%,

3/25/50 (1)

1,381

1,322

Freddie

Mac

Whole

Loan

Securities

Trust

Series

2017-SC02,

Class

M1,

CMO,

ARM,

3.854%,

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

7,589

Galton

Funding

Mortgage

Trust

Series

2020-H1,

Class

M1,

CMO,

ARM,

2.832%,

1/25/60 (1)

4,592

3,695

GCAT

Trust

Series

2025-NQM1,

Class

A1,

CMO,

STEP,

5.373%,

11/25/69 (1)

3,899

3,894

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

GS

Mortgage-Backed

Securities

Trust

Series

2014-EB1A,

Class

2A1,

CMO,

ARM,

6.206%,

7/25/44 (1)

HOMES

Trust

Series

2025-NQM2,

Class

A1,

CMO,

STEP,

5.425%,

2/25/70 (1)

3,147

3,144

Imperial

Fund

Mortgage

Trust

Series

2021-NQM2,

Class

A3,

CMO,

ARM,

1.516%,

9/25/56 (1)

2,836

2,402

Imperial

Fund

Mortgage

Trust

Series

2022-NQM4,

Class

A1,

CMO,

STEP,

4.767%,

6/25/67 (1)

8,073

8,041

JPMorgan

Mortgage

Trust

Series

2020-INV1,

Class

A11,

CMO,

ARM,

1M

TSFR

+

0.944%,

5.269%,

8/25/50 (1)

575

542

JPMorgan

Mortgage

Trust

Series

2020-INV1,

Class

A15,

CMO,

ARM,

3.50%,

8/25/50 (1)

945

841

JPMorgan

Mortgage

Trust

Series

2025-DSC1,

Class

A1,

CMO,

ARM,

5.577%,

9/25/65 (1)

6,655

6,660

MFA

Trust

Series

2021-INV1,

Class

A1,

CMO,

ARM,

0.852%,

1/25/56 (1)

692

664

MFA

Trust

Series

2021-NQM2,

Class

A2,

CMO,

ARM,

1.317%,

11/25/64 (1)

1,280

1,124

OBX

Trust

Series

2019-EXP2,

Class

2A2,

CMO,

ARM,

1M

TSFR

+

1.314%,

5.641%,

6/25/59 (1)

OBX

Trust

Series

2019-EXP3,

Class

2A1,

CMO,

ARM,

1M

TSFR

+

1.014%,

5.339%,

10/25/59 (1)

OBX

Trust

Series

2020-EXP1,

Class

2A2,

CMO,

ARM,

1M

TSFR

+

1.064%,

5.389%,

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)

544

OBX

Trust

Series

2021-NQM1,

Class

A2,

CMO,

ARM,

1.175%,

2/25/66 (1)

2,443

2,083

OBX

Trust

Series

2023-NQM10,

Class

A2,

CMO,

STEP,

6.92%,

10/25/63 (1)

694

700

RCKT

Mortgage

Trust

Series

2024-CES8,

Class

A1A,

CMO,

STEP,

5.49%,

11/25/44 (1)

7,196

7,204

RCKT

Mortgage

Trust

Series

2024-CES9,

Class

A1A,

CMO,

STEP,

5.582%,

12/25/44 (1)

1,864

1,870

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)

636

589

Sequoia

Mortgage

Trust

Series

2018-CH3,

Class

A19,

CMO,

ARM,

4.50%,

8/25/48 (1)

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Starwood

Mortgage

Residential

Trust

Series

2019-INV1,

Class

A3,

CMO,

ARM,

2.916%,

9/27/49 (1)

997

981

Starwood

Mortgage

Residential

Trust

Series

2020-1,

Class

A2,

CMO,

ARM,

2.408%,

2/25/50 (1)

2,083

1,980

Starwood

Mortgage

Residential

Trust

Series

2021-2,

Class

A1,

CMO,

ARM,

0.943%,

5/25/65 (1)

1,282

1,196

Starwood

Mortgage

Residential

Trust

Series

2021-4,

Class

A1,

CMO,

ARM,

1.162%,

8/25/56 (1)

6,639

5,776

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-DNA5,

Class

M2,

CMO,

ARM,

SOFR30A

+

1.65%,

5.972%,

1/25/34 (1)

1,332

1,338

Structured

Agency

Credit

Risk

Debt

Notes

Series

2022-DNA5,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.95%,

7.272%,

6/25/42 (1)

4,209

4,305

Structured

Agency

Credit

Risk

Debt

Notes

Series

2023-HQA3,

Class

A1,

CMO,

ARM,

SOFR30A

+

1.85%,

6.172%,

11/25/43 (1)

1,836

1,857

Structured

Agency

Credit

Risk

Debt

Notes

Series

2025-DNA1,

Class

A1,

CMO,

ARM,

SOFR30A

+

0.95%,

5.272%,

1/25/45 (1)

1,751

1,748

Verus

Securitization

Trust

Series

2020-5,

Class

A3,

CMO,

STEP,

2.733%,

5/25/65 (1)

657

633

Verus

Securitization

Trust

Series

2021-1,

Class

A2,

CMO,

ARM,

1.052%,

1/25/66 (1)

1,215

1,071

Verus

Securitization

Trust

Series

2021-1,

Class

A3,

CMO,

ARM,

1.155%,

1/25/66 (1)

718

632

Verus

Securitization

Trust

Series

2021-2,

Class

A1,

CMO,

ARM,

1.031%,

2/25/66 (1)

1,711

1,508

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)

1,826

1,683

Verus

Securitization

Trust

Series

2022-6,

Class

A1,

CMO,

STEP,

4.91%,

6/25/67 (1)

4,026

4,051

Verus

Securitization

Trust

Series

2023-4,

Class

A2,

CMO,

STEP,

6.116%,

5/25/68 (1)

570

570

Verus

Securitization

Trust

Series

2023-6,

Class

A2,

CMO,

STEP,

6.939%,

9/25/68 (1)

2,114

2,134

Verus

Securitization

Trust

Series

2023-7,

Class

A2,

CMO,

STEP,

7.272%,

10/25/68 (1)

4,068

4,123

Verus

Securitization

Trust

Series

2023-8,

Class

A2,

CMO,

STEP,

6.664%,

12/25/68 (1)

855

861

Verus

Securitization

Trust

Series

2025-3,

Class

A1,

CMO,

STEP,

5.623%,

5/25/70 (1)

2,728

2,735

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

Vista

Point

Securitization

Trust

Series

2020-2,

Class

A3,

CMO,

ARM,

2.496%,

4/25/65 (1)

180,535

#### Commercial

#### Mortgage-Backed

#### Securities

#### 3.7%
Alen

Mortgage

Trust

Series

2021-ACEN,

Class

A,

ARM,

1M

TSFR

+

1.264%,

5.593%,

4/15/34 (1)

2,610

2,506

BANK

Series

2019-BN19,

Class

A1,

2.263%,

8/15/61

BANK

Series

2024-BNK47,

Class

A1,

5.523%,

6/15/57

1,011

1,031

BANK5

Series

2024-5YR11,

Class

AS,

6.139%,

11/15/57

3,815

3,948

BANK5

Series

2024-5YR12,

Class

A3,

ARM,

5.902%,

12/15/57

2,230

2,318

BANK5

Series

2024-5YR12,

Class

AS,

ARM,

6.122%,

12/15/57

2,725

2,816

BANK5

Series

2024-5YR9,

Class

A1,

4.889%,

8/15/57

3,902

3,915

BBCMS

Mortgage

Trust

Series

2024-5C27,

Class

A1,

5.502%,

7/15/57

Benchmark

Mortgage

Trust

Series

2024-V11,

Class

AM,

ARM,

6.201%,

11/15/57

3,235

3,351

Benchmark

Mortgage

Trust

Series

2024-V6,

Class

A1,

5.568%,

3/15/57

931

934

Benchmark

Mortgage

Trust

Series

2024-V8,

Class

A1,

5.514%,

7/15/57

2,494

2,530

BMO

Mortgage

Trust

Series

2024-5C4,

Class

A3,

ARM,

6.526%,

5/15/57

6,350

6,716

BMO

Mortgage

Trust

Series

2024-C8,

Class

A1,

5.542%,

3/15/57

1,952

1,968

BPR

Trust

Series

2021-TY,

Class

B,

ARM,

1M

TSFR

+

1.264%,

5.593%,

9/15/38 (1)

6,525

6,460

BX

Commercial

Mortgage

Trust

Series

2024-GPA3,

Class

B,

ARM,

1M

TSFR

+

1.642%,

5.971%,

12/15/39 (1)

3,704

3,704

BX

Commercial

Mortgage

Trust

Series

2024-MDHS,

Class

A,

ARM,

1M

TSFR

+

1.641%,

5.97%,

5/15/41 (1)

4,975

4,981

BX

Commercial

Mortgage

Trust

Series

2024-MDHS,

Class

B,

ARM,

1M

TSFR

+

1.841%,

6.17%,

5/15/41 (1)

4,888

4,888

BX

Commercial

Mortgage

Trust

Series

2024-SLCT,

Class

B,

ARM,

1M

TSFR

+

1.793%,

6.122%,

1/15/42 (1)

2,275

2,290

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

BX

Commercial

Mortgage

Trust

Series

2024-SLCT,

Class

C,

ARM,

1M

TSFR

+

2.392%,

6.721%,

1/15/42 (1)

5,925

5,884

BX

Trust

Series

2021-VIEW,

Class

A,

ARM,

1M

TSFR

+

1.394%,

5.723%,

6/15/36 (1)

3,785

3,766

CAMB

Commercial

Mortgage

Trust

Series

2019-LIFE,

Class

A,

ARM,

1M

TSFR

+

1.367%,

5.696%,

12/15/37 (1)

5,640

5,637

Commercial

Mortgage

Trust

Series

2014-CR15,

Class

B,

ARM,

3.917%,

2/10/47

3,247

3,157

Commercial

Mortgage

Trust

Series

2014-CR19,

Class

D,

ARM,

4.511%,

8/10/47 (1)

1,128

1,082

Credit

Suisse

Mortgage

Trust

Series

2020-NET,

Class

A,

2.257%,

8/15/37 (1)

1,282

1,267

HILT

Commercial

Mortgage

Trust

Series

2024-ORL,

Class

B,

ARM,

1M

TSFR

+

1.941%,

6.269%,

5/15/37 (1)

5,885

5,874

HYT

Commercial

Mortgage

Trust

Series

2024-RGCY,

Class

A,

ARM,

1M

TSFR

+

1.841%,

6.17%,

9/15/41 (1)

3,055

3,053

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2019-BKWD,

Class

C,

ARM,

1M

TSFR

+

2.214%,

6.543%,

9/15/29 (1)

3,975

3,260

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2020-609M,

Class

B,

ARM,

1M

TSFR

+

2.134%,

6.463%,

10/15/33 (1)

8,240

8,158

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2020-609M,

Class

C,

ARM,

1M

TSFR

+

2.534%,

6.863%,

10/15/33 (1)

6,310

6,231

KIND

Trust

Series

2021-KIND,

Class

C,

ARM,

1M

TSFR

+

1.864%,

6.20%,

8/15/38 (1)

8,406

8,269

LSTAR

Commercial

Mortgage

Trust

Series

2017-5,

Class

AS,

4.021%,

3/10/50 (1)

4,905

4,682

MED

Commercial

Mortgage

Trust

Series

2024-MOB,

Class

A,

ARM,

1M

TSFR

+

1.592%,

5.92%,

5/15/41 (1)

6,250

6,226

MHC

Commercial

Mortgage

Trust

Series

2021-MHC,

Class

B,

ARM,

1M

TSFR

+

1.215%,

5.544%,

4/15/38 (1)

8,836

8,831

Morgan

Stanley

Capital

I

Trust

Series

2014-150E,

Class

A,

3.912%,

9/9/32 (1)

9,590

8,518

ONE

Mortgage

Trust

Series

2021-PARK,

Class

B,

ARM,

1M

TSFR

+

1.064%,

5.393%,

3/15/36 (1)

11,219

10,895

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

ONE

Mortgage

Trust

Series

2021-PARK,

Class

C,

ARM,

1M

TSFR

+

1.214%,

5.543%,

3/15/36 (1)

6,005

5,789

RLGH

Trust

Series

2021-TROT,

Class

A,

ARM,

1M

TSFR

+

0.914%,

5.243%,

4/15/36 (1)

5,580

5,563

SDR

Commercial

Mortgage

Trust

Series

2024-DSNY,

Class

B,

ARM,

1M

TSFR

+

1.741%,

6.07%,

5/15/39 (1)

4,880

4,808

TX

Trust

Series

2024-HOU,

Class

B,

ARM,

1M

TSFR

+

2.091%,

6.419%,

6/15/39 (1)

6,490

6,452

172,202

#### Residential

#### Mortgage

#### 0.1%
Finance

of

America

HECM

Buyout

Series

2024-HB1,

Class

A1A,

ARM,

4.00%,

10/1/34 (1)

5,904

5,857

Towd

Point

Mortgage

Trust

Series

2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58 (1)

6,148

#### Total

#### Non-U.S.

#### Government

#### Mortgage-Backed

#### Securities

#### (Cost

#### $369,379)

#### 358,885

#### U.S.

#### GOVERNMENT

#### &

#### AGENCY

#### MORTGAGE-BACKED

#### SECURITIES

#### 7.0%

#### U.S.

#### Government

#### Agency

#### Obligations

#### 6.0%
Federal

Home

Loan

Mortgage

3.50%,

3/1/46

-

12/1/47

3,181

2,891

5.50%,

10/1/38

6.00%,

9/1/34

-

9/1/35

7.00%,

3/1/39

7.50%,

6/1/38

Federal

Home

Loan

Mortgage,

ARM

1Y

CMT

+

2.219%,

6.719%,

10/1/33

—

—

1Y

CMT

+

2.347%,

6.681%,

11/1/34

RFUCCT1Y

+

1.625%,

6.625%,

4/1/37

RFUCCT1Y

+

1.625%,

7.146%,

6/1/38

RFUCCT1Y

+

1.625%,

7.457%,

6/1/38

RFUCCT1Y

+

1.726%,

7.597%,

7/1/35

RFUCCT1Y

+

1.733%,

6.733%,

2/1/37

RFUCCT1Y

+

1.733%,

7.608%,

10/1/36

RFUCCT1Y

+

1.769%,

7.204%,

5/1/38

RFUCCT1Y

+

1.775%,

7.034%,

5/1/37

RFUCCT1Y

+

1.815%,

6.525%,

1/1/37

RFUCCT1Y

+

1.916%,

6.916%,

2/1/37

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

RFUCCT1Y

+

1.944%,

6.579%,

12/1/36

RFUCCT1Y

+

1.961%,

6.836%,

2/1/33

RFUCCT1Y

+

1.975%,

6.85%,

2/1/34

RFUCCT1Y

+

2.031%,

6.796%,

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

7,372

6,074

3.00%,

11/1/34

-

6/1/52

9,806

8,399

4.00%,

12/1/49

-

2/1/50

1,726

1,606

4.50%,

5/1/50

-

2/1/53

21,294

20,132

5.00%,

12/1/41

1,385

1,385

5.50%,

8/1/53

-

4/1/55

11,851

11,806

6.00%,

9/1/53

-

5/1/55

24,928

25,246

6.50%,

9/1/54

-

1/1/55

2,571

2,643

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

4.60%,

6/25/30

3,842

3,882

Federal

National

Mortgage

Assn.,

ARM

ECOFC

+

1.254%,

4.317%,

7/1/27

—

—

RFUCCT1Y

+

1.34%,

6.215%,

12/1/35

RFUCCT1Y

+

1.523%,

6.97%,

7/1/35

RFUCCT1Y

+

1.613%,

6.746%,

12/1/35

RFUCCT1Y

+

1.655%,

7.53%,

8/1/37

RFUCCT1Y

+

1.672%,

6.672%,

2/1/33

RFUCCT1Y

+

1.681%,

6.975%,

7/1/34

RFUCCT1Y

+

1.715%,

6.56%,

12/1/32

RFUCCT1Y

+

1.715%,

6.715%,

10/1/32

RFUCCT1Y

+

1.77%,

6.645%,

12/1/35

RFUCCT1Y

+

1.78%,

6.405%,

1/1/34

RFUCCT1Y

+

1.788%,

6.788%,

5/1/38

RFUCCT1Y

+

1.83%,

6.83%,

4/1/38

RFUCCT1Y

+

1.83%,

7.58%,

8/1/38

RFUCCT1Y

+

1.853%,

7.603%,

8/1/38

RFUCCT1Y

+

1.853%,

7.631%,

8/1/38

RFUCCT1Y

+

1.892%,

6.807%,

12/1/35

RFUCCT1Y

+

1.906%,

6.906%,

5/1/38

RFUCCT6M

+

1.371%,

6.001%,

10/1/33

Federal

National

Mortgage

Assn.,

CMO,

STEP,

5.11%,

1/25/32

—

—

Federal

National

Mortgage

Assn.,

UMBS

2.00%,

10/1/50

2,264

1,776

2.50%,

1/1/52

-

1/1/54

11,223

9,218

3.00%,

9/1/28

-

2/1/35

3,441

3,314

3.50%,

12/1/45

-

1/1/52

10,175

9,122

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

4.00%,

1/1/47

-

9/1/52

15,658

14,387

4.50%,

5/1/41

-

11/1/52

16,130

15,433

5.00%,

6/1/35

-

9/1/54

40,240

39,143

5.50%,

7/1/34

-

10/1/54

27,108

27,105

6.00%,

3/1/34

-

6/1/54

11,687

12,015

6.50%,

7/1/32

-

1/1/55

55,959

57,472

UMBS,

TBA,

5.00%,

6/1/40 (7)

3,560

3,562

278,765

#### U.S.

#### Government

#### Obligations

#### 1.0%
Government

National

Mortgage

Assn.

2.00%,

3/20/52

3.00%,

9/20/47

5,744

5,064

3.50%,

8/20/44

-

7/20/52

11,728

10,496

4.00%,

9/20/45

-

10/20/52

4,207

3,889

5.00%,

12/20/34

-

5/20/48

4,933

4,882

5.50%,

9/15/45

-

2/20/49

2,020

2,055

6.00%,

7/15/36

935

976

Government

National

Mortgage

Assn.,

TBA (7)

5.00%,

6/20/55

8,170

7,925

5.50%,

6/20/55

12,345

12,256

47,921

#### Total

#### U.S.

#### Government

#### &

#### Agency

#### Mortgage-Backed

#### Securities

#### (Cost

#### $338,444)

#### 326,686

#### U.S.

#### GOVERNMENT

#### AGENCY

#### OBLIGATIONS

#### (EXCLUDING

#### MORTGAGE-BACKED)

#### 18.6%

#### U.S.

#### Treasury

#### Obligations

#### 18.6%
U.S.

Treasury

Inflation-Indexed

Notes,

1.625%,

4/15/30

23,383

23,450

U.S.

Treasury

Notes,

3.75%,

4/30/27

35,120

35,014

U.S.

Treasury

Notes,

3.875%,

3/31/27

156,980

156,814

U.S.

Treasury

Notes,

3.875%,

5/31/27

21,005

20,998

U.S.

Treasury

Notes,

4.125%,

1/31/27 (8)

364,790

365,659

U.S.

Treasury

Notes,

4.125%,

2/28/27

40,515

40,631

U.S.

Treasury

Notes,

4.25%,

11/30/26

152,810

153,335

U.S.

Treasury

Notes,

4.25%,

12/31/26

76,180

76,472

#### Total

#### U.S.

#### Government

#### Agency

#### Obligations

#### (Excluding

#### Mortgage-Backed)

#### (Cost

#### $870,204)

#### 872,373
T. ROWE

PRICE

Short-Term

Bond

Fund

#### Par/Shares

#### $

#### Value
(Amounts

in

000s)

#### SHORT-TERM

#### INVESTMENTS

#### 1.8%

#### Commercial

#### Paper

#### 0.5%

#### 4(2)

#### 0.5%(9)
FMC,

5.325%,

6/2/25

12,900

12,894

Harley-Davidson

Financial

Services,

5.20%,

6/24/25

10,035

10,002

22,896

#### Money

#### Market

#### Funds

#### 1.3%
T. Rowe

Price

Government

Reserve

Fund,

4.38% (10)(11)

61,049

61,049

61,049

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $83,949)

#### 83,945

#### 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

Government

Reserve

Fund,

4.38% (10)(11)

31,026

31,026

#### Total

#### Investments

#### in

#### a

#### Pooled

#### Account

#### through

#### Securities

#### Lending

#### Program

#### with

#### State

#### Street

#### Bank

#### and

#### Trust

#### Company

#### 31,026

#### Total

#### Securities

#### Lending

#### Collateral

#### (Cost

#### $31,026)

#### 31,026
T. ROWE

PRICE

Short-Term

Bond

Fund

(Amounts

in

000s,

except

for

contracts)

#### OPTIONS

#### PURCHASED 0.0%

#### OTC

#### Options

#### Purchased 0.0%

#### Counterparty

#### Description

#### Contracts

#### Notional

#### Amount

#### $

#### Value
Goldman

Sachs

Credit

Default

Swap,

Protection

Bought

(Relevant

Credit:

Markit

CDX. NA.IG-S44,

Year

Index,

6/20/30),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

8/20/25

@

0.70%\* (12)

233,600

#### Total

#### Options

#### Purchased

#### (Cost

#### $654)

#### 249

#### Total

#### Investments

#### in

#### Securities

#### 100.9%

#### of

#### Net

#### Assets

#### (Cost

#### $4,733,715)

#### $

#### 4,722,045
‡

Par/Shares

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

\*

Exercise

Spread

(1) Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$1,746,965

and

represents

37.3%

of

net

assets.

(2) All

or

a

portion

of

this

loan

is

unsettled

as

of

May

31,

2025. The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(3) See

Note

2. Level

in

fair

value

hierarchy.

(4) 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

$13,431

and

represents

0.3%

of

net

assets.

(5) 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.

(6) See

Note

.

All

or

a

portion

of

this

security

is

on

loan

at

May

31,

2025. T. ROWE

PRICE

Short-Term

Bond

Fund

.

.

.

.

.

.

.

.

.

.

(7) See

Note

Footnote

4. To-Be-Announced

purchase

commitment.

Total

value

of

such

securities

at

period-end

amounts

to

$23,743

and

represents

0.5%

of

net

assets.

(8) At

May

31,

2025,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/

or

margin

deposit

to

cover

future

funding

obligations.

(9) 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

$22,896

and

represents

0.5%

of

net

assets.

(10) Seven-day

yield

(11) Affiliated

Companies

(12) Non-income

producing

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

OTC

Over-the-counter

PTC

Pass-Through

Certificate

PTT

Pass-Through

Trust

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

(Amounts

in

000s,

except

for

contracts)

#### OPTIONS

#### WRITTEN

#### (0.0)%

#### OTC

#### Options

#### Written (0.0)%

#### Counterparty

#### Description

#### Contracts

#### Notional

#### Amount

#### $

#### Value
Goldman

Sachs

Credit

Default

Swap,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.IG-S44,

Year

Index,

6/20/30),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

8/20/25

@

0.80%\*

116,800

(79) Goldman

Sachs

Credit

Default

Swap,

Protection

Sold

(Relevant

Credit:

Markit

CDX. NA.IG-S44,

Year

Index,

6/20/30),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

8/20/25

@

0.60%\*

233,600

(583) #### Total

#### Options

#### Written

#### (Premiums

#### $(450))

#### $

#### (662)
T. ROWE

PRICE

Short-Term

Bond

Fund

#### FUTURES

#### CONTRACTS
($000s)

#### Expiration

#### Date

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Gain
(Loss)

Long,

Three

Month

SOFR

Futures

contracts

8/25

90,171

$

(206) Short,

1,414

U.S.

Treasury

Notes

five

year

contracts

9/25

(152,977)

(554) Short,

1,153

U.S.

Treasury

Notes

ten

year

contracts

9/25

(127,695)

(722) Long,

6,702

U.S.

Treasury

Notes

two

year

contracts

9/25

1,390,246

1,390

Short,

Ultra

U.S.

Treasury

Bonds

contracts

9/25

(39,113)

(676) Short,

Ultra

U.S.

Treasury

Notes

ten

year

contracts

9/25

(56,048)

(409) #### Net

#### payments
(receipts)

#### of

#### variation

#### margin

#### to

#### date

#### 1,580

#### Variation

#### margin

#### receivable
(payable)

#### on

#### open

#### futures

#### contracts

#### $

#### 403
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

year

ended

May

31,

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,

4.38%

$

—

$

—

$

2,977++

Totals

$

—#

$

—

$

2,977+

#### Supplementary

#### Investment

#### Schedule

#### Affiliate

#### Value

#### 5/31/24

#### Purchase

#### Cost

#### Sales

#### Cost

#### Value

#### 5/31/25
T. Rowe

Price

Government

Reserve

Fund,

4.38%

$

83,789

¤

¤

$

92,075

Total

$

92,075^

#

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

$2,977

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

$92,075.

T. ROWE

PRICE

Short-Term

Bond

Fund

May

31,

2025

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

#### Assets
Investments

in

securities,

at

value

(cost

$4,733,715)

$

4,722,045

Interest

receivable

39,783

Receivable

for

shares

sold

4,716

Variation

margin

receivable

on

futures

contracts

Receivable

for

investment

securities

sold

Cash

Foreign

currency

(cost

$1)

Other

assets

Total

assets

4,767,021

#### Liabilities
Payable

for

investment

securities

purchased

48,691

Obligation

to

return

securities

lending

collateral

31,026

Payable

for

shares

redeemed

6,016

Investment

management

fees

payable

1,165

Options

written

(premiums

$450)

662

Due

to

affiliates

Payable

to

directors

Other

liabilities

1,611

Total

liabilities

89,273

#### NET

#### ASSETS

#### $

#### 4,677,748
T. ROWE

PRICE

Short-Term

Bond

Fund

May

31,

2025

#### 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)

$

(215,212)

Paid-in

capital

applicable

to

1,011,900,788

shares

of

$0.01

par

value

capital

stock

outstanding;

6,000,000,000

shares

authorized

4,892,960

#### NET

#### ASSETS

#### $

#### 4,677,748

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $1,283,706;

#### Shares

#### outstanding:

#### 277,863,310)

#### $

#### 4.62

#### Advisor

#### Class

#### (Net

#### assets:

#### $6,215;

#### Shares

#### outstanding:

#### 1,342,938)

#### $

#### 4.63

#### I

#### Class

#### (Net

#### assets:

#### $3,225,960;

#### Shares

#### outstanding:

#### 697,655,823)

#### $

#### 4.62

#### Z

#### Class

#### (Net

#### assets:

#### $161,867;

#### Shares

#### outstanding:

#### 35,038,717)

#### $

#### 4.62
T. ROWE

PRICE

Short-Term

Bond

Fund

#### Statement

#### of

#### Operations

($000s)

Year

Ended

5/31/25

#### Investment

#### Income
(Loss)

Income

.

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

$

214,517

Dividend

2,977

Securities

lending

Other

Total

income

217,622

Expenses

Investment

management

13,794

Shareholder

servicing

Investor

Class

$

2,088

Advisor

Class

I

Class

784

2,887

Rule

12b-1

fees

Advisor

Class

Prospectus

and

shareholder

reports

Investor

Class

Advisor

Class

I

Class

Z

Class

Custody

and

accounting

Registration

Legal

and

audit

Directors

Miscellaneous

Waived

/

paid

by

Price

Associates

(868) Total

expenses

16,411

Net

investment

income

201,211

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

5/31/25

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

gain

(loss)

Securities

(6,198)

Futures

10,293

Swaps

1,061

Options

written

Foreign

currency

transactions

(1) Net

realized

gain

5,295

Change

in

net

unrealized

gain

/

loss

Securities

74,501

Futures

(2,153)

Swaps

(82) Options

written

(212) Change

in

net

unrealized

gain

/

loss

72,054

Net

realized

and

unrealized

gain

/

loss

77,349

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 278,560
T. ROWE

PRICE

Short-Term

Bond

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5/31/25

5/31/24

#### Increase
(Decrease)

#### in

#### Net

#### Assets
Operations

Net

investment

income

$

201,211

$

172,787

Net

realized

gain

(loss)

5,295

(75,001)

Change

in

net

unrealized

gain

/

loss

72,054

115,723

Increase

in

net

assets

from

operations

278,560

213,509

Distributions

to

shareholders

Net

earnings

Investor

Class

(54,987)

(51,138)

Advisor

Class

(258) (250) I

Class

(132,688)

(110,595)

Z

Class

(13,196)

(10,408)

Decrease

in

net

assets

from

distributions

(201,129)

(172,391)

Capital

share

transactions

\*

Shares

sold

Investor

Class

236,391

183,004

Advisor

Class

1,005

1,489

I

Class

1,187,485

704,850

Z

Class

8,740

154,464

Distributions

reinvested

Investor

Class

43,409

41,217

Advisor

Class

I

Class

121,887

100,077

Z

Class

13,137

10,489

Shares

redeemed

Investor

Class

(346,575)

(431,561)

Advisor

Class

(2,102)

(2,902)

I

Class

(1,174,899)

(760,716)

Z

Class

(175,337)

(8,206)

Decrease

in

net

assets

from

capital

share

transactions

(86,608)

(7,550)

T. ROWE

PRICE

Short-Term

Bond

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5/31/25

5/31/24

#### Net

#### Assets
Increase

(decrease)

during

period

(9,177)

33,568

Beginning

of

period

4,686,925

4,653,357

#### End

#### of

#### period

#### $

#### 4,677,748

#### $

#### 4,686,925
\*Share

information

(000s)

Shares

sold

Investor

Class

51,316

40,481

Advisor

Class

I

Class

257,852

155,625

Z

Class

1,896

34,459

Distributions

reinvested

Investor

Class

9,422

9,118

Advisor

Class

I

Class

26,424

22,109

Z

Class

2,852

2,317

Shares

redeemed

Investor

Class

(75,266)

(95,550)

Advisor

Class

(455) (641) I

Class

(255,200)

(168,366)

Z

Class

(38,005)

(1,814)

Decrease

in

shares

outstanding

(18,892)

(1,879)

T. ROWE

PRICE

Short-Term

Bond

Fund

#### 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

(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

T. ROWE

PRICE

Short-Term

Bond

Fund

are

reported

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. Earnings

on

investments

recognized

as

partnerships

for

federal

income

tax

purposes

reflect

the

tax

character

of

such

earnings. 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

T. ROWE

PRICE

Short-Term

Bond

Fund

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T. Rowe

Price

Associates,

Inc.,

or

its

agents.

#### New

#### Accounting

#### Guidance
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.

T. ROWE

PRICE

Short-Term

Bond

Fund

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

–

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

generally

are

traded

in

the over-the-

counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

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.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Assets

and

T. ROWE

PRICE

Short-Term

Bond

Fund

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm's

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

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

May

31,

2025

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

T. ROWE

PRICE

Short-Term

Bond

Fund

#### NOTE

#### 3

#### -

#### DERIVATIVE

#### INSTRUMENTS
During

the

year ended

May

31,

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.

($000s)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Value

#### Assets
Fixed

Income

Securities

$

—

$

3,348,342

$

—

$

3,348,342

Asset-Backed

Securities

—

891,828

7,770

899,598

Non-U.S.

Government

Mortgage-Backed

Securities

—

353,224

5,661

358,885

Short-Term

Investments

61,049

22,896

—

83,945

Securities

Lending

Collateral

31,026

—

—

31,026

Options

Purchased

—

—

Total

Securities

92,075

4,616,539

13,431

4,722,045

Futures

Contracts\*

1,390

—

—

1,390

Total

$

93,465

$

4,616,539

$

13,431

$

4,723,435

#### Liabilities
Options

Written

$

—

$

662

$

—

$

662

Futures

Contracts\*

2,567

—

—

2,567

Total

$

2,567

$

662

$

—

$

3,229

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

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

May

31,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

($000s)

#### Location

#### on

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value\*

#### Assets
Interest

rate

derivatives

Futures

$

1,390

Credit

derivatives

Securities^

^

,\*

Total

$

1,639

^

,\*

#### Liabilities
Interest

rate

derivatives

Futures

$

2,567

Credit

derivatives

Options

Written

662

Total

$

3,229

\*

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.

^

Options

purchased

are

reported

as

securities

and

are

reflected

in

the

accompanying

Portfolio

of

Investments.

T. ROWE

PRICE

Short-Term

Bond

Fund

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

May

31,

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

derivatives

in

various

markets,

which

expose

it

to

differing

levels

of

counterparty

risk.

Counterparty

risk

on

exchange-traded

and

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Derivatives,

such

as

non-cleared bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives)

may

expose

the

fund

to

greater

counterparty

risk.

To

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

($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

$

(1,487)

$

—

$

10,293

$

—

$

8,806

Credit

derivatives

—

1,061

1,310

Total

$

(1,378)

$

$

10,293

$

1,061

$

10,116

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

Interest

rate

derivatives

$

$

—

$

(2,153)

$

—

$

(1,785)

Credit

derivatives

(405) (212) —

(82) (699) Total

$

(37) $

(212) $

(2,153)

$

(82) $

(2,484)

^

Options

purchased

are

reported

as

securities.

T. ROWE

PRICE

Short-Term

Bond

Fund

conditions

and,

for

certain

counterparties,

also

require

the

exchange

of

collateral

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund's

net

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements

whereas

FX

letters

do

not.

Collateral

requirements

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

bilateral

derivatives

with

a

counterparty,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

collateral

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Collateral

may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund's

assets.

Collateral

pledged

by

counterparties

is

not

included

in

the

fund's

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

or

received

by

the

fund

is

held

in

a

segregated

account

at

the

fund's

custodian.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

May

31,

2025,

securities

valued

at $308,000 had

been

pledged

or

posted

by

the

fund

to

counterparties

for

bilateral

derivatives. As

of

May

31,

2025,

no

collateral

was

pledged

by

counterparties

to

the

fund

for

T. ROWE

PRICE

Short-Term

Bond

Fund

bilateral

derivatives. As

of

May

31,

2025,

securities

valued

at $7,979,000

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

the

year ended

May

31,

2025,

the

volume

of

the

fund's

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

28%

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

option)

or

through

a

central

clearinghouse

(exchange-traded

option).

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

T. ROWE

PRICE

Short-Term

Bond

Fund

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

year ended

May

31,

2025,

the

volume

of

the

fund's

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

between

0%

and

29%

of

net

assets.

#### Swaps
The

fund

is

subject

to

credit

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risk.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

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

T. ROWE

PRICE

Short-Term

Bond

Fund

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

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

year ended

May

31,

2025,

the

volume

of

the

fund's

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

0%

and

4%

of

net

assets.

T. ROWE

PRICE

Short-Term

Bond

Fund

#### 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

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

T. ROWE

PRICE

Short-Term

Bond

Fund

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

May

31,

2025,

securities

valued

at

$397,000 had

been

posted

by

the

fund

to

counterparties

for

MSFTA

Transactions. No

collateral

was

pledged

by

counterparties

to

the

fund

for

MSFTA

Transactions

as

of

May

31,

2025. #### Securities

#### Lending
The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

T. ROWE

PRICE

Short-Term

Bond

Fund

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

May

31,

2025,

the

value

of

loaned

securities

was

$30,138,000;

the

value

of

cash

collateral

and

related

investments

was

$31,026,000.

#### Other
Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any, short-term

and

U.S.

government securities

aggregated $1,887,998,000 and

$1,917,168,000,

respectively,

for

the

year ended

May

31,

2025. Purchases

and

sales

of

U.S.

government

securities

aggregated $3,019,641,000 and

$3,042,874,000,

respectively,

for

the

year ended

May

31,

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.

The

fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required.

The

fund's

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

($000s)

#### May

#### 31,

#### 2025

#### May

#### 31,

#### 2024
Ordinary

income

(including

short-term

capital

gains,

if

any)

$

201,129

$

172,391

T. ROWE

PRICE

Short-Term

Bond

Fund

At

May

31,

2025,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were as

follows:

At

May

31,

2025,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales.

The

loss

carryforwards

and

deferrals

primarily

relate

to

capital

loss

carryforwards

and

straddle

deferrals.

Capital

loss

carryforwards

are

available

indefinitely

to

offset

future

realized

capital

gains.

During

the

year

ended

May

31,

2025,

the

fund

utilized

$4,035,000

of

capital

loss

carryforwards.

#### 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).

Prior

to

May

1,

2025, Price

Associates

had

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

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

($000s)

Cost

of

investments

$

4,733,296

Unrealized

appreciation

$

23,674

Unrealized

depreciation

(35,587)

Net

unrealized

appreciation

(depreciation)

$

(11,913)

($000s)

Overdistributed

ordinary

income

$

(6,325)

Net

unrealized

appreciation

(depreciation)

(11,913)

Loss

carryforwards

and

deferrals

(196,974)

Total

distributable

earnings

(loss)

$

(215,212)

T. ROWE

PRICE

Short-Term

Bond

Fund

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

0.260%

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

May

31,

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) 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.

T. ROWE

PRICE

Short-Term

Bond

Fund

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 year

ended May

31,

2025 as

indicated

in

the

table

below.

At

May

31,

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.

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

year

ended

May

31,

2025,

expenses

incurred

pursuant

to

these

service

agreements

were

$127,000

for

Price

Associates;

$1,342,000

for

T. Rowe

Price

Services,

Inc.;

and

$74,000

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.

#### 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)

$—

$—

$—

$(868)

T. ROWE

PRICE

Short-Term

Bond

Fund

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

year ended

May

31,

2025,

the

fund

was

charged $475,000 for

shareholder

servicing

costs

related

to

the

college

savings

plans, of

which

$87,000

was

for

services

provided

by

Price.

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. At

May

31,

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

May

31,

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.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T. Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

As

of

May

31,

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.

T. ROWE

PRICE

Short-Term

Bond

Fund

The fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund's

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

year

ended

May

31,

2025,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

#### 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

T. ROWE

PRICE

Short-Term

Bond

Fund

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.

T. ROWE

PRICE

Short-Term

Bond

Fund

#### REPORT

#### OF

#### INDEPENDENT

#### REGISTERED

#### PUBLIC

#### ACCOUNTING

#### FIRM

#### To

#### the

#### Board

#### of

#### Directors

#### of
T. #### Rowe

#### Price

#### Short-Term

#### Bond

#### Fund,

#### Inc.

#### and

#### Shareholders

#### of
T. #### Rowe

#### Price

#### Short-Term

#### Bond

#### Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T. Rowe

Price

Short-Term

Bond

Fund

(one

of

the

funds

constituting

T. Rowe

Price

Short-Term

Bond

Fund,

Inc.,

referred

to

hereafter

as

the

"Fund")

as

of

May

31,

2025,

the

related

statement

of

operations

for

the

year

ended

May

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

May

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

May

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

May

31,

2025

and

the

financial

highlights

for

each

of

the

periods

indicated

therein,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T. ROWE

PRICE

Short-Term

Bond

Fund

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

May

31,

2025

by

correspondence

with

the

custodians,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

July

18,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T. Rowe

Price

group

of

investment

companies

since

1973. #### REPORT

#### OF

#### INDEPENDENT

#### REGISTERED

#### PUBLIC

#### ACCOUNTING

#### FIRM
(continued)

T. ROWE

PRICE

Short-Term

Bond

Fund

#### TAX

#### INFORMATION
(UNAUDITED)

#### FOR

#### THE

#### TAX

#### YEAR

#### ENDED 5/31/25
We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

For

shareholders

subject

to

interest

expense

deduction

limitation

under

Section

163(j),

$198,110,000

of

the

fund's

income

qualifies

as

a

Section

163(j)

interest

dividend

and

can

be

treated

as

interest

income

for

purposes

of

Section

163(j),

subject

to

holding

period

requirements

and

other

limitations.

T. ROWE

PRICE

Short-Term

Bond

Fund

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
Each

year,

the

fund's

Board

of

Directors

(Board)

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

T. Rowe

Price

Associates,

Inc.

(Adviser).

In

that

regard,

at

a

meeting

held

on

March

12-13,

2025

(Meeting),

the

Board,

including

all

of

the

fund's

independent

directors

present

in

person

at

the

Meeting,

approved

the

continuation

of

the

fund's

Advisory

Contract.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

the

approval

of

the

Advisory

Contract.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

The

Adviser

had

entered

into

investment

subadvisory

agreements

(Subadvisory

Contracts)

with

T. Rowe

Price

International

Ltd

and

T. Rowe

Price

Hong

Kong

Limited

(Subadvisers)

on

behalf

of

the

fund.

However,

at

the

Meeting,

the

Board

was

presented

with

information

explaining

that

investment

management

services

would

no

longer

be

provided

to

the

fund

by

these

Subadvisers

and

the

Adviser

was

not

seeking

continuation

of

these

Subadvisory

Contracts.

As

a

result,

the

Board

approved

terminating

these

Subadvisory

Contracts

with

respect

to

the

fund

at

the

end

of

their

term

on

April

30,

2025. In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

about

various

topics.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T. Rowe

Price

funds'

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

#### Services

#### Provided

#### by

#### the

#### Adviser
The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund's

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund's

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance

and

infrastructure,

as

well

as

compliance

with

new

regulatory

requirements

(e.g.,

derivatives

and

liquidity

risk

management);

maintaining

the

fund's

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser's

senior

management

T. ROWE

PRICE

Short-Term

Bond

Fund

team

and

investment

personnel

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser's

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board's

approval

of

the

continuation

of

the

Advisory

Contract.

#### Investment

#### Performance

#### of

#### the

#### Fund
The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T. Rowe

Price

funds.

In

connection

with

the

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

the

fund's

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2024. Additionally,

the

Board

reviewed

the

fund's

relative

performance

information

as

of

September

30,

2024,

which

ranked

the

returns

of

the

fund's

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contract

review

at

the

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

fund's

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund's

performance,

length

of

the

fund's

performance

track

record,

and

how

closely

the

fund's

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

fund's

performance,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board's

approval

of

the

continuation

of

the

Advisory

Contract.

#### Costs,

#### Benefits,

#### Profits,

#### and

#### Economies

#### of

#### Scale
The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates)

may

have

realized

from

its

relationship

with

the

fund,

including

any

research

received

under

soft-dollar

arrangements

with

broker-dealers.

In

considering

soft-dollar

arrangements,

the

Board

noted

that,

effective

January

1,

2024,

the

Adviser

began

using

brokerage

commissions

in

connection

with

certain

T. Rowe

Price

funds'

securities

transactions

to

pay

for

research

when

permissible,

and

the

Board

considered

that

the

Adviser

may

receive

some

benefit

from

soft-

dollar

arrangements

pursuant

to

which

research

is

received

from

broker-dealers

that

execute

the

applicable

fund's

portfolio

transactions.

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
(continued)

T. ROWE

PRICE

Short-Term

Bond

Fund

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T. Rowe

Price

funds.

The

Board

also

reviewed

estimates

of

the

profits

realized

from

managing

the

fund

in

particular,

and

the

Board

concluded

that

the

Adviser's

profits

were

reasonable

in

light

of

the

services

provided

to

the

fund.

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

composed

of

two

components

–

a

group

fee

rate

based

on

the

combined

average

net

assets

of

most

of

the

T. Rowe

Price

funds

(including

the

fund)

that

declines

at

certain

asset

levels

and

an

individual

fund

fee

rate

based

on

the

fund's

average

daily

net

assets

–

and

the

fund

pays

its

own

expenses

of

operations.

The

group

fee

schedule

is

graduated

so

the

rate

decreases

as

total

T. Rowe

Price

fund

assets

increase

and

increases

as

total

T. Rowe

Price

fund

assets

decrease.

As

a

result,

shareholders

benefit

from

overall

growth

in

T. Rowe

Price

fund

assets,

which

reduces

the

management

fee

rate

for

any

fund

that

has

a

group

fee

component

to

its

management

fee,

and

reflects

that

certain

resources

utilized

to

operate

the

fund

are

shared

with

other

T. Rowe

Price

funds

thus

allowing

shareholders

of

those

funds

to

share

potential

economies

of

scale.

The

fund's

shareholders

also

benefit

from

potential

economies

of

scale

through

a

decline

in

certain

operating

expenses

as

the

fund

grows

in

size.

However,

the

fund

is

also

subject

to

contractual

expense

limitations

that

require

the

Adviser

to

waive

its

fees

and/or

bear

any

expenses

that

would

otherwise

cause

the

expenses

of

a

share

class

of

the

fund

to

exceed

a

certain

percentage

based

on

the

class's

net

assets.

The

expense

limitations

mitigate

the

potential

for

an

increase

in

operating

expenses

above

a

certain

level

that

could

impact

shareholders.

The

fund

also

offers

a

Z

Class,

which

serves

as

an

underlying

investment

within

certain

T. Rowe

Price

fund

of

fund

arrangements.

The

Adviser

waives

its

advisory

fee

on

the

Z

Class

and

waives

or

bears

the

Z

Class's

other

operating

expenses,

with

certain

exceptions.

The

Board

considered

whether

the

advisory

fee

and

operating

expense

waivers

on

the

Z

Class

may

present

a

means

for

cross-

subsidization

of

the

Z

Class

by

other

share

classes

of

the

fund.

In

that

regard,

the

Board

noted

that

the

Z

Class

operating

expenses

are

covered

by

the

all-inclusive

fees

charged

by

the

investing

T. Rowe

Price

fund

of

funds

and

that

any

Z

Class

operating

expenses

not

covered

by

the

investing

T. Rowe

Price

funds

of

funds'

fees

are

paid

by

the

Adviser

and

not

by

shareholders

of

any

other

share

class

of

the

fund.

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
(continued)

T. ROWE

PRICE

Short-Term

Bond

Fund

In

addition,

the

Board

noted

that

the

fund

potentially

shares

in

indirect

economies

of

scale

through

the

Adviser's

ongoing

investments

in

its

business

in

support

of

the

T. Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

fund's

investors.

#### Fees

#### and

#### Expenses
The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i) contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Investor

Class

Expense

Group);

(ii) actual

management

fees

and

total

expenses

of

the

Advisor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Advisor

Class

Expense

Group);

and

(iii) actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

broader

set

of

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund's

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

by

the

Adviser

after

any

applicable

waivers,

reductions,

or

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

of

the

fund

after

any

waivers,

reductions,

or reimbursements)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

information

provided

to

the

Board

indicated

that

the

fund's

contractual

management

fee

ranked

in

the

second

quintile

(Investor

Class

Expense

Group),

the

fund's

actual

management

fee

rate

ranked

in

the

second

quintile

(Investor

Class

Expense

Group,

Advisor

Class

Expense

Group,

and

Expense

Universe),

and

the

fund's

total

expenses

ranked

in

the

fourth

quintile

(Investor

Class

Expense

Group),

first

quintile

(Advisor

Class

Expense

Group),

and

third

quintile

(Expense

Universe).

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
(continued)

T. ROWE

PRICE

Short-Term

Bond

Fund

to

investors

outside

the

United

States.

The

fee

schedules,

which

are

subject

to

change,

may

be

negotiated

under

certain

circumstances

and

may

differ

across

regions.

Management

provided

the

Board

with

information

about

the

Adviser's

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

domestic

and

international

businesses

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

and

ETF

("registered

fund")

business.

The

Board

considered

information

showing

that

the

Adviser's

registered

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

other

domestic

and

international

businesses

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser's

proprietary

registered

fund

business.

In

assessing

the

reasonableness

of

the

fund's

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

registered

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution's

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T. Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

fund

under

the

Advisory

Contract

are

reasonable.

#### Approval

#### of

#### the

#### Advisory

#### Contract
As

noted,

the

Board

approved

the

continuation

of

the

Advisory

Contract.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contract

(including

the

fees

to

be

charged

for

services

thereunder).

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
(continued)

1307

Point

Street

Baltimore,

Maryland

21231

T. Rowe

Price

Investment

Services,

Inc.

*Call* 

*1-800-225-5132* 

*to* 

*request* 

*a* 

*prospectus* 

*or* 

*summary* 

*prospectus;* 

*each* 

*includes* 

*investment* 

*objectives,* 

*risks,* 

*fees,* 

*expenses,* 

*and* 

*other* 

*information* 

*that* 

*you* 

*should* 

*read* 

*and* 

*consider* 

*carefully* 

*before* 

*investing.*

F55-050

7/25

------

#### 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 attached.](d808750dex99codeeth.htm) |
| (2) | Listing standards relating to recovery of erroneously awarded compensation: not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&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.](d808750dex99cert.htm) |
| (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.](d808750dex99906ce.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 | July 18, 2025 |

---

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 | July 18, 2025 |
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | July 18, 2025 |

---

## 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: July 18, 2025 | /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: July 18, 2025 | /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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: July 18, 2025 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: July 18, 2025 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I.**  **<u>INTRODUCTORY NOTE</u>** 

**A.** **General Statement.** 

This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds"**) has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act"**) and rules promulgated by the Securities and Exchange Commission thereunder (**"Regulations"**). This Price Funds' Code of Ethics (the **"S-O Code"**) applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) (**"Covered Officers"**). The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. (**"Group"**). The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers**.**"** A list of Covered Officers is attached as **Exhibit A**.

The Price Fund Advisers have, along with their parent, Group also maintained a comprehensive Global Code of Conduct (the **"Code of Conduct"**) and a Code of Ethics and Personal Transactions Policy (the "**Group Code**") since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code of Ethics for Principal Executive and Senior Financial Officers (the "**Group S-O Code**"), similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the "**S-O Codes**".

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

***The Introductory Note is a summary and should not be considered a substitute for reading and understanding the entire Policy. Associates must be familiar with all of their responsibilities under the Policy. Please refer to Section VI below for a list of the applicable rules/regulations. Capitalized terms are defined in Section IV. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them under the Glossary.***

**II.**  **<u>POLICY</u>** 

**Purpose of the Price Funds S-O Code.** 

The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish

------

standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of
interest between personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price
Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Compliance.** Compliance with applicable governmental laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accountability.** Accountability for adherence to the Price Funds S-O Code.

**A.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** 

Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 (**"Investment Company Act"**), the Investment Advisers Act of 1940 (**"Investment Advisers Act"**) and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

------

Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**III.**  **<u>PROCEDURES</u>** 

**A.** **Handling of Specific Types of Conflicts.** 

Each Covered Officer (and close family members) must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Entertainment.** 

Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Gifts.** 

Accept any gifts, except as permitted by the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Improper Personal Influence.** 

Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Taking Action at the Expense of a Price Fund.** 

Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Misuse of Price Funds' Transaction Information.** 

Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Outside Business Activities.** 

Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Service Providers.** 

Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Receipt of Payments.** 

Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Service as a Director or Trustee.** 

Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**B.** **Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Disclosure Requirements and Controls.** 

Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compliance with Applicable Law.** 

It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Fair Disclosure.** 

Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Initial and Annual Affirmations. Each Covered Officer must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable,
upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with requirements of the Price Funds S-O Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Reporting of Material Violations of the Price Funds S-O Code.** 

If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation (**"Report"**) to the Chief Compliance Officer of the Price Funds (**"CCO"**). Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B**.

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Annual Disclosures.** 

Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for Group.

**C.** **Administration of the Price Funds S-O Code.** 

The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price
Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered
Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of
the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price
Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Violations/Investigations.** The following procedures will be followed in investigating and enforcing the Price
Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported
to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a
recommendation to the appropriate Price Funds Board regarding

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the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe
Price Global Whistleblower Policy.

**D. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B**, the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**E. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

**IV.**  **<u>DEFINED TERMS</u>** 

Capitalized terms used herein shall have the meanings set forth below:

***Act*** means the Sarbanes-Oxley Act of 2002

***Code of Conduct*** means the Group Global Code of Conduct

***Covered Officers*** means the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for a Price Fund

***Group*** means T. Rowe Price Group, Inc.

***Group Code*** means the Group Global Code of Ethics and Conduct

***Group S-O Code*** means the Group Code of Ethics for Principal Executive and Senior Financial Officers

***Investment Advisers Act*** means the Investment Advisers Act of 1940

***Investment Company Act*** means Investment Company Act of 1940

***Price ETFs*** means the T. Rowe Price Exchange-Traded Funds

***Price Funds*** means the T. Rowe Price Mutual Funds and Exchange-Traded Funds

***Price Fund Advisers*** means the investment managers to the Price Funds listed on **Exhibit A**

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***Regulations*** means the rules promulgated by the Securities and Exchange Commission

***S-O Code*** means this Price Funds' Code of Ethics

***S-O Codes*** means the Group S-O Code and the Price Funds S-O Code

**V.**  **<u>RELATED POLICIES</u> <u>& PROCEDURES</u>** 

**VI.**  **<u>RELATED RULES</u> <u>& REGULATIONS</u>** 

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**Exhibit A** 

**Persons Covered by the Price Funds and Price ETFs S-0 Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

**Exhibit B** 

Savonne Lynn Ferguson, Chief Compliance Officer