T. Rowe Price Short-Term Bond Fund, Inc.
Actively managed U.S. bond fund
As of its 2026 Q2 report, T. Rowe Price Short-Term Bond Fund, Inc. held 1,036 positions with $5.34B in net assets. Its ten largest holdings made up 29.1% of the fund. Over the 12 months to May 2026, PRWBX returned 4.2%, with dividends reinvested. In 2026 Q2 it added 187 new positions and exited 97.
The fund seeks a high level of income consistent with minimal fluctuation in principal value and liquidity.
The fund invests at least 80% of assets in investment-grade bonds with an average effective maturity not exceeding three years, selecting short- and intermediate-term corporate, government, and asset- or mortgage-backed securities rated in the four highest credit categories. The portfolio manager adjusts duration and maturity positioning based on interest rate and economic outlook, using interest rate futures, options, and to-be-announced mortgage-backed securities to manage exposure. Because the fund may continue to hold securities downgraded after purchase, credit quality can deteriorate after initial selection.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
US TREASURY N/B 3.75% · due 2028-04-30 | 11.12% | $593.33M | — |
US TREASURY N/B 3.88% · due 2028-03-31 | 8.38% | $447.08M | — |
GRS - SECURITY LENDING COLLATERAL | 3.92% | $209.33M | — |
US TREASURY N/B 3.88% · due 2028-07-15 | 1.88% | $100.43M | — |
TRPGRIAT. Rowe Price Government Reserve Fund | 1.51% | $80.69M | — |
MEDLINE BORROWER LP 144A 3.88% · due 2029-04-01 | 0.51% | $27.17M | — |
SALESFORCE INC 4.65% · due 2029-03-15 | 0.51% | $27.01M | — |
HEINEKEN NV 144A 3.50% · due 2028-01-29 | 0.45% | $23.77M | — |
FNMA 30 YR 6.00% · due 2055-08-01 | 0.44% | $23.38M | — |
VIDEOTRON LTD 4/2 CP 0.00% · due 2026-06-18 | 0.43% | $22.94M | — |
The 200 largest of 1,036 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 62.39% |
| Securitized | 36.75% |
| Cash & short-term | 5.43% |
| Derivatives | -0.02% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
By sector
- Securitized
- 35.1%
- Government
- 21.3%
- Other
- 11.0%
- International
- 8.1%
- 12 other sectors
- 24.4%
- Securitized
- 35.1%
- Government
- 21.3%
- Other
- 11.0%
- International
- 8.1%
- Financials
- 5.8%
- Cash
- 5.2%
- Utilities
- 3.6%
- Information Technology
- 2.2%
- Health Care
- 1.9%
- Industrials
- 1.4%
- Materials
- 1.2%
- Consumer Staples
- 0.9%
- Real Estate
- 0.9%
- Consumer Discretionary
- 0.8%
- Energy
- 0.4%
- Communication Services
- 0.2%
How it has done
PRWBX share class · total returns with dividends reinvested
Volatility over the last 12 months: 1.33%. Past returns are a record, not a forecast.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| — | +4.24% | +15.68% | +11.61% | -0.52% | |
| — | +3.66% | +14.32% | +9.74% | -0.54% | |
| — | +4.39% | +15.88% | +12.35% | -0.72% | |
| — | +4.74% | +17.33% | +14.25% | -0.48% |
These classes hold the same portfolio, so the 4.51pp spread over 5 years is the cost difference between them — roughly 0.90pp a year — not a difference in what they own.
Fees & fund details
T. Rowe Price Short-Term Bond Fund, Inc. is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
- Portfolio turnover
- 107.20% a year · as of 2025 Q3
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
187 new· the largest 7
97 exited· the largest 3
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 72.0% |
| Floating rate | 25.5% |
| Zero-coupon or unclassified | 2.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 9.2% |
| 1-3y | 45.6% |
| 3-5y | 10.4% |
| 5-10y | 12.8% |
| 10y+ | 22.1% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 53% |
| Credit spreads | 47% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +1.66 yr |
| High yield | +0.01 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.07 yr | 4% |
| 1 yr | 1.24 yr | 63% |
| 5 yr | 0.67 yr | 34% |
10 yr and 30 yr are NEGATIVE (-0.03 yr, -0.07 yr) — a deliberate hedge at that point on the curve, so they are not part of the band above.
| 3 mo | 0.03 yr | 2% |
| 1 yr | 0.71 yr | 43% |
| 5 yr | 0.83 yr | 50% |
| 10 yr | 0.10 yr | 6% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.07 | +0.03 | +0.00 | $16.1k | $89 |
| 1 yr | +1.24 | +0.71 | +0.00 | $379.6k | $1.6k |
| 5 yr | +0.67 | +0.82 | +0.00 | $439.4k | $2.4k |
| 10 yr | -0.03 | +0.10 | +0.00 | $53.1k | $0 |
| 30 yr | -0.07 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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