T. Rowe Price Short-Term Bond Fund, Inc.
T. ROWE PRICE SHORT-TERM BOND FUND, INC. · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2025 Q3
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.
Portfolio turnover 107.20% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Securitized | 35.1% |
| Government | 21.3% |
| Other | 10.6% |
| International | 8.1% |
| 12 smaller | 24.8% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: US TREASURY N/B ×2, SALESFORCE INC, VIDEOTRON LTD 4/2 CP, BETHP 2021-1A BR 144A, BACARDI MARTINI 4/2 144A CP, SOUTHERN CALIF EDISON CO 4/2 144A CP, ECOLAB INC
Largest exited: US TREASURY N/B ×6, The WESTERN UNION CO, MPLX LP
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +3.82% | +14.81% | +11.33% | 1.39% | -0.57% | |
| +3.68% | +13.95% | +9.93% | 1.21% | -0.54% | |
| +3.97% | +15.27% | +12.06% | 1.41% | -0.72% | |
| +4.32% | +16.45% | +13.96% | 1.38% | -0.49% |
These classes hold the same portfolio, so the 4.03pp spread over 5 years is the cost difference between them — roughly 0.81pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | US TREASURY N/B3.75% · due 2028-04-30 | 11.12% | $593.33M | — |
| — | US TREASURY N/B3.88% · due 2028-03-31 | 8.38% | $447.08M | — |
| — | GRS - SECURITY LENDING COLLATERAL | 3.92% | $209.33M | — |
| — | US TREASURY N/B3.88% · due 2028-07-15 | 1.88% | $100.43M | — |
| TRPGRIA | T. Rowe Price Government Reserve FundTRPGRIA | 1.51% | $80.69M | — |
| — | MEDLINE BORROWER LP 144A3.88% · due 2029-04-01 | 0.51% | $27.17M | — |
| — | SALESFORCE INC4.65% · due 2029-03-15 | 0.51% | $27.01M | — |
| — | HEINEKEN NV 144A3.50% · due 2028-01-29 | 0.45% | $23.77M | — |
| — | FNMA 30 YR6.00% · due 2055-08-01 | 0.44% | $23.38M | — |
| — | VIDEOTRON LTD 4/2 CP0.00% · due 2026-06-18 | 0.43% | $22.94M | — |
Top 10 positions are 29.13% of net assets, top 25 33.69%, across 720 issuers.
See more of this fund's book
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