Short-Term Bond Fund Short-Term Bond Fund Advisor Class Short-Term Bond Fund I Class

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1 SEMIANNual REPORT November 30, 2017 PRWBX PASHX TBSIX T. Rowe Price Short-Term Bond Fund Short-Term Bond Fund Advisor Class Short-Term Bond Fund I Class The fund invests in high-quality short- and intermediate-term bonds for current income and minimal principal fluctuation.

2 HIGHLIGHTS Short-term Treasury yields increased faster than those on longer maturities as the Federal Reserve continued to slowly raise its federal funds target rate. The yield curve flattened through much of the period amid expectations of further rate increases in line with stronger economic growth and sustained employment gains. The Short-Term Bond Fund outperformed the Bloomberg Barclays 1 3 Year U.S. Government/Credit Bond Index and its Lipper peer group average during the six-month reporting period. The portfolio s strategic underweight to U.S. Treasuries and corresponding overweight to investment-grade corporate debt benefited results as investors maintained their willingness to add risk. While future rate increases could pressure short-term securities, we expect that investor demand for higher-yielding securities with lower duration risk should support the portfolio. The views and opinions in this report were current as of November 30, They are not guarantees of performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and the managers reserve the right to change their views about individual stocks, sectors, and the markets at any time. As a result, the views expressed should not be relied upon as a forecast of the fund s future investment intent. The report is certified under the Sarbanes-Oxley Act, which requires mutual funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects. REPORTS ON THE WEB Sign up for our Program, and you can begin to receive updated fund reports and prospectuses online rather than through the mail. Log in to your account at troweprice.com for more information.

3 Manager s Letter Fellow Shareholders We increased our exposure to short-term corporate debt and maintained our overweight to investment-grade corporate debt, given the possibility that economic growth may get a boost from increased spending and deregulation under the Trump administration. Along with increasing exposure to other market segments with more attractive yields, these asset allocation decisions helped your fund outperform its benchmark as Treasuries and other high-quality bonds underperformed. PERFORMANCE Performance Comparison Six-Month Period Ended 11/30/17 Total Return Short-Term Bond Fund 0.46% Short-Term Bond Fund Advisor Class 0.11 Short-Term Bond Fund I Class 0.30 Bloomberg Barclays 1 3 Year U.S. Government/Credit Bond Index 0.06 Lipper Short Investment Grade Debt Funds Average 0.44 Your fund returned 0.46% during the six months ended November 30, 2017, outperforming its benchmark, the Bloomberg Barclays 1 3 Year U.S. Government/Credit Bond Index, which returned 0.06%, and the Lipper Short Investment Grade Debt Funds Average, which returned 0.44% for the same period. The fund s net asset value ended the reporting period at $4.70, down from $4.72 at the end of May Dividends contributed $0.04 per share during the six-month period. (Performance for the Advisor Class and I Class shares will vary, reflecting their different fee structures.) 1

4 What Rising Rates Mean for Bonds With the Federal Reserve expected to continue its measured approach to interest rate hikes, yields on U.S. Treasuries and other fixed income securities have slowly increased from the low levels of the recent past. We expect the Fed to pause after each increase in the federal funds rate and to carefully analyze incoming U.S. economic data to be sure that economic activity is strong enough to withstand further incremental moves toward normalization of monetary policy. The Fed s more gradual approach to interest rate increases than in previous cycles nonetheless brings the risk of rising rates to the forefront for bond investors. Higher interest rates weigh on the prices of most types of bonds. Importantly, investors also need to understand that not all bonds or bond funds respond uniformly in such an environment. In particular, the duration of a bond or bond fund, which is tied in part to its maturity, provides important information about how the asset will perform when rates change. Also, some bond sectors and bonds of varying quality are better insulated from rate changes and may even perform well as rates rise. A bond fund s duration (shown in the Portfolio Characteristics exhibit) is the most precise indicator of how the fund will respond to rising rates. If a bond fund has a duration of 5.3 years, for example, the fund s net asset value (NAV) would be expected to fall about 5.3% for every one-percentage-point rise in rates. Even this is only part of the picture, however rising rates will also generally mean higher dividends per share as the fund invests in new, higher-yielding bonds. As a result, the fund s total return (change in NAV plus dividend income) is unlikely to fall as steeply as the duration indicates. Generally, bond funds with a shorter weighted average maturity in other words, those with holdings that come due sooner have lower durations and should fare better than funds with longer average maturities when rates rise. This is because investors in the bonds will not be locked into lower yields, or coupon payments, for long. When the fund receives principal payments from maturing bonds, it can reinvest them at a higher yield. Indeed, for investors in a bond fund with a low duration and a low weighted average maturity, higher rates can mean an increase in income potential. Some fixed income sectors offer an added degree of protection from rising rates. Floating rate funds invest in bank loans where the interest rate on the loan is periodically reset, meaning that investors face very little interest rate risk. However, the bank loans usually have a credit profile that is below investment quality, which means these investments may have greater exposure to default risk than investment-grade bonds. Mortgage-backed securities typically fare better than other bonds of similar maturity when rates rise modestly, as fewer homeowners will refinance and pay off their loans early. In addition, lower-quality bonds with a price that is highly sensitive to the issuer s credit rating (shown in the Quality Diversification exhibit) may perform better as rates increase. Rising rates often accompany a strengthening economy, which can lead to credit upgrades for lower-rated issuers. Also, the higher yields offered by lower-quality bonds provide an additional cushion to total return if bond prices fall as interest rates increase. However, lower-quality bonds are generally exposed to greater credit risk than other bonds because the securities carry a higher risk of default. 2

5 4.0% ECONOMY AND INTEREST RATES The U.S. economy grew at an annualized pace of 3.3% in the third quarter and is on track to expand about 2% for the full year of The solid growth combined with strong employment and expectations for accelerating inflation prompted the Federal Reserve to raise its federal funds target rate to the 1.00% to 1.25% range in June. (On December 13, 2017, immediately after our reporting period ended, the central bank raised rates again, bringing the fed funds target rate to the 1.25% to 1.50% range.) The central bank also indicated that three more rate hikes would likely follow in Adding to upward rate pressure during the period, the Fed began to slowly unwind its $4.5 trillion balance sheet built up as part of its quantitative easing process that it put in place in the aftermath of the 2008 financial crisis. Short-term Treasury yields increased in the six-month period ended November 30, 2017, as the market anticipated that the Fed would continue to gradually raise rates. Yields on two-year Treasury notes rose faster than those of their five-year counterparts, resulting in a flattening of the yield curve. The yield on the two-year Treasury note began the six-month period at 1.28% and finished at 1.78%, whereas the yield on the five-year Interest Rate Levels Treasury note started 2-Year Treasury Note the period at 1.75% and 5-Year Treasury Note ended at 2.14%. (Bond prices and yields move in opposite directions.) 11/30/16 2/17 5/17 8/17 11/30/17 Source: Federal Reserve Board. Companies continued to issue debt at a fast pace. However, technical conditions remained healthy with strong demand, especially from foreign buyers, absorbing the supply. Corporate bonds outpaced U.S. Treasuries of similar maturities as credit spreads compressed. Asset-backed securities (ABS) and mortgage-backed securities (MBS) gained modestly. ABS were supported by strong consumer fundamentals, while MBS benefited from the rise in rates that helped mitigate prepayment risk. 3

6 PORTFOLIO REVIEW Portfolio Characteristics Periods Ended 5/31/17 11/30/17 Short-Term Bond Fund Share Price $4.72 $4.70 Dividends Per Share For 6 Months For 12 Months SEC Yield (30-day) 1.55% 1.67% Short-Term Bond Fund Advisor Class Share Price $4.72 $4.69 Dividends Per Share For 6 Months For 12 Months SEC Yield (30-day) 1.23% 1.38% Short-Term Bond Fund I Class Share Price $4.73 $4.70 Dividends Per Share For 6 Months For 12 Months SEC Yield (30-day) 1.65% 1.80% Weighted Average Maturity (years) Weighted Average Effective Duration (years) Asset allocation was the chief contributor to relative returns over the six-month period. The portfolio s strategic underweight to U.S. Treasuries and corresponding overweight to investment-grade corporate debt benefited results. Typically, we underweight loweryielding Treasury securities and overweight investment-grade corporates for their incremental yield advantage. We maintained our out-of-benchmark exposure in the securitized sector (including ABS and MBS), which, as noted above, benefited from the strength in the consumer and housing markets during the period. Our exposure to securities 12-month dividends may not equal the combined with a yield advantage 6-month figures due to rounding. over Treasuries remained high, with corporate debt composing 51% of the portfolio and out-of-benchmark securitized debt accounting for 35% as of the end of the reporting period. While valuations appear stretched in many areas of the markets, we continue to use the insights of our research team to find shorter-maturity securities that can still produce value for investors while providing the portfolio with the needed protection thanks to their short maturity to withstand risk-related selling. 4

7 Credit Ratings in a Nutshell Credit rating agencies assign letter ratings to bonds after analyzing the issuer s financial situation, although some issuers choose not to be rated. The chart below shows the range of ratings used by Moody s Investors Service, Standard & Poor s, and Fitch Ratings. Bonds within the four highest rating categories are considered to be investment grade; those with lower ratings are considered noninvestment grade and are often called high yield or junk bonds. There are also intermediate gradations called split ratings; these occur when two of the rating agencies do not agree on a rating. For example, one agency may rate a bond BB and another B, creating a BB/B split rating. Moody s and Standard & Poor s/fitch Rating Codes Investment-Grade Bonds Moody s S&P/Fitch Meaning Aaa AAA Highest-quality bonds. Issuers are considered extremely stable and dependable. Aa AA High-quality bonds. The long-term investment risk is slightly higher than on AAA bonds. A A Bonds with many favorable attributes. Baa BBB Medium-grade bonds. Quality is adequate at present but less certain for the long term. Noninvestment-Grade Bonds Ba BB Bonds with a speculative element. B B Security of payments is not well safeguarded. Caa CCC Ca CC Bonds are extremely speculative. The danger of a default is high. C C D In default. Security selection marginally detracted from relative results. Our holdings in the short-maturity debt of pharmaceutical companies hurt relative performance. We sold some debt of Teva Pharmaceutical Finance, which was one of the most significant detractors from relative performance. We expected the company would announce a restructuring plan, which could involve new issuance and debt refinancing, perhaps prompting a credit rating downgrade. In November, Fitch Ratings cut Teva s credit rating to the below 5

8 Security Diversification Commercial Mortgage- Backed Securities 5% U.S. Treasury Bonds and Notes 10% Mortgage- Backed Securities 11% Based on net assets as of 11/30/17. Government Related 4% Corporate Bonds and Notes 51% Asset-Backed Securities 19% investment-grade category, citing significant operational stress that the Israeli drugmaker faced as it dealt with debt obligations that were almost three times its market value. AbbVie, a global biotechnology company, was another detractor as the biotech industry as a whole came under pressure from uncertainty about drug regulation and health care reform. (Please refer to the portfolio of investments for a complete list of the holdings and the amount each represents in the portfolio.) Our yield curve positioning contributed to relative results. We maintained a defensive duration position during the reporting period. This helped relative performance as short-term rates increased. Out-ofbenchmark exposure to longer-duration maturities also contributed to positive yield curve positioning. OUTLOOK While uncertainties surrounding monetary policy and ongoing efforts at tax and regulatory reform could add to market volatility, the solid macroeconomic backdrop should remain supportive of the shortterm bond market. Global liquidity and favorable financial conditions persist despite signs from global central bank officials that years of ultra-loose monetary policy is coming to an end. We believe that the Fed will continue to tighten monetary policy at a gradual enough pace to ensure that it does not derail the economic expansion and that it will clearly telegraph its moves to investors. While future rate increases could pressure short-term securities, we expect that investor demand for higher-yielding securities with lower duration risk should support the portfolio. Being mindful of 6

9 Quality Diversification BB and Below 5% BBB 37% A 13% AA 7% Based on net assets as of 11/30/17. U.S. Government Agency Securities* 8% U.S. Treasury Securities** 10% AAA 20% *U.S. government agency securities are issued or guaranteed by a U.S. government agency and may include conventional pass-through securities and collateralized mortgage obligations; unlike Treasuries, government agency securities are not issued directly by the U.S. government and are generally unrated but may have credit support from the U.S. Treasury (e.g., FHLMC and FNMA issues) or a direct government guarantee (e.g., GNMA issues). Therefore, this category may include rated and unrated securities. this potential volatility, we have positioned the portfolio for a further flattening of the yield curve as short- and longterm rates continue to converge. We plan to hedge our riskier exposure by focusing on debt with maturities of 18 months and under. In this way, we will be able to reap the benefits of coupon payments while remaining somewhat protected in the event of a sell-off. While the backdrop for U.S. corporate bonds remains constructive buoyed by decent earnings and expectations of **U.S. Treasury securities are issued by the U.S. Treasury economic growth we and are backed by the full faith and credit of the U.S. will be on the lookout for government. The ratings of U.S. Treasury securities are potential risk-off events. derived from the ratings on the U.S. government. As always, we strive Sources: Moody s Investors Service; if Moody s does not rate a security, then Standard & Poor s (S&P) is used as a to find value and seek secondary source. When available, Fitch will be used for out securities offering securities that are not rated by Moody s or S&P. T. Rowe reasonable yields without Price does not evaluate these ratings but simply assigns taking on an inordinate them to the appropriate credit quality category as level of risk. Our broad determined by the rating agency. Securities that have not been rated by any rating agency totaled 0.70% of diversification and the portfolio at the end of the reporting period. research-driven approach should help us identify short-term bonds whose valuations are disconnected from credit fundamentals while helping to limit exposure to sharp swings in the market. 7

10 Thank you for investing with T. Rowe Price. Respectfully submitted, Michael Reinartz, CFA President and chairman of the fund s Investment Advisory Committee December 19, 2017 The committee chairman has day-to-day responsibility for managing the portfolio and works with committee members in developing and executing the fund s investment program. 8

11 Risks of Fixed Income Investing Bonds are subject to interest rate risk (the decline in bond prices that usually accompanies a rise in interest rates) and credit risk (the chance that any fund holding could have its credit rating downgraded or that a bond issuer will default by failing to make timely payments of interest or principal), potentially reducing the fund s income level and share price. Mortgage-backed securities are subject to prepayment risk, particularly if falling rates lead to heavy refinancing activity, and extension risk, which is an increase in interest rates that causes a fund s average maturity to lengthen unexpectedly due to a drop in mortgage prepayments. This could increase the fund s sensitivity to rising interest rates and its potential for price declines. Glossary Bloomberg Barclays 1 3 Year U.S. Government/Credit Bond Index: An index that measures the performance of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued. Credit spread: The difference between the yield on a corporate bond and a Treasury of a similar maturity. Duration: A measure of a bond fund s sensitivity to changes in interest rates. For example, a fund with a duration of two years would fall about 2% in price in response to a one-percentage-point rise in interest rates, and vice versa. Fed funds rate: The interest rate charged on overnight loans of reserves by one financial institution to another in the United States. The Federal Reserve sets a target federal funds rate to affect the direction of interest rates. Lipper averages: The averages of available mutual fund performance returns for specified time periods in defined categories as tracked by Lipper Inc. SEC yield (30-day): A method of calculating a fund s yield that assumes all portfolio securities are held until maturity. Yield will vary and is not guaranteed. Yield curve: A graphic depiction of the relationship between yields and maturity dates for a set of similar securities. A security with a longer maturity usually has a higher yield. If a short-term security offers a higher yield, then the curve is said to be inverted. If shortand long-term bonds are offering equivalent yields, then the curve is said to be flat. Note: Bloomberg Index Services Ltd. Copyright 2017, Bloomberg Index Services Ltd. Used with permission. 9

12 Performance and Expenses Growth of $10,000 This chart 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 result is compared with benchmarks, which may include a broad-based market index and a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes. SHORT-TERM BOND FUND $20,000 18,000 16,000 14,000 12,000 10,000 As of 11/30/17 Short-Term Bond Fund $12,433 Bloomberg Barclays 1 3 Year U.S. Government/Credit Bond Index $12,049 Lipper Short Investment Grade Debt Funds Average $12,293 11/07 11/08 11/09 11/10 11/11 11/12 11/13 11/14 11/15 11/16 11/17 Note: Performance for the Advisor and I Classes will vary due to their differing fee structures. See returns table below. Average Annual Compound Total Return Since Inception Periods Ended 11/30/17 1 Year 5 Years 10 Years Inception Date Short-Term Bond Fund 1.32% 0.92% 2.20% Short-Term Bond Fund Advisor Class Short-Term Bond Fund I Class % 12/17/15 This table shows how the fund would have performed each year if its actual (or cumulative) returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. Past performance cannot guarantee future results. 10

13 Fund Expense Example As a mutual fund shareholder, you may incur two types of costs: (1) transaction costs, such as redemption fees or sales loads, and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the most recent six-month period and held for the entire period. Please note that the fund has three share classes: The original share class (Investor Class) charges no distribution and service (12b-1) fee, the Advisor Class shares are offered only through unaffiliated brokers and other financial intermediaries and charge a 0.25% 12b-1 fee, and I Class shares are available to institutionally oriented clients and impose no 12b-1 or administrative fee payment. Each share class is presented separately in the table. Actual Expenses The first line of the following table (Actual) provides information about actual account values and expenses based on the fund s actual returns. You may use the information on this line, together with your account balance, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number on the first line under the heading Expenses Paid During Period to estimate the expenses you paid on your account during this period. Hypothetical Example for Comparison Purposes The information on the second line of the table (Hypothetical) is based on hypothetical account values and expenses derived from the fund s actual expense ratio and an assumed 5% per year rate of return before expenses (not the fund s actual return). You may compare the ongoing costs of investing in the fund with other funds by contrasting this 5% hypothetical example and the 5% hypothetical examples that appear in the shareholder reports of the other funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. Note: T. Rowe Price charges an annual account service fee of $20, generally for accounts with less than $10,000. The fee is waived for any investor whose T. Rowe Price mutual fund accounts total $50,000 or more; accounts electing to receive electronic delivery of account statements, transaction confirmations, prospectuses, and shareholder reports; or accounts of an investor who is a T. Rowe Price Personal Services or Enhanced Personal Services client (enrollment in these programs generally requires T. Rowe Price assets of at least $250,000). This fee is not included in the accompanying table. If you are subject to the fee, keep it in mind when you are estimating the ongoing expenses of investing in the fund and when comparing the expenses of this fund with other funds. You should also be aware that the expenses shown in the table highlight only your ongoing costs and do not reflect any transaction costs, such as redemption fees or sales loads. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. To the extent a fund charges transaction costs, however, the total cost of owning that fund is higher. 11

14 Fund Expense Example (continued) Short-Term Bond Fund Beginning Ending Expenses Paid Account Value Account Value During Period* 6/1/17 11/30/17 6/1/17 to 11/30/17 Investor Class Actual $1, $1, $2.36 Hypothetical (assumes 5% return before expenses) 1, , Advisor Class Actual 1, , Hypothetical (assumes 5% return before expenses) 1, , I Class Actual 1, , Hypothetical (assumes 5% return before expenses) 1, , * Expenses are equal to the fund s annualized expense ratio for the 6-month period, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (183), and divided by the days in the year (365) to reflect the half-year period. The annualized expense ratio of the Investor Class was 0.47%, the Advisor Class was 0.75%, and the I Class was 0.37%. 12

15 Quarter-End Returns Since Inception Periods Ended 9/30/17 1 Year 5 Years 10 Years Inception Date Short-Term Bond Fund 1.08% 0.97% 2.38% Short-Term Bond Fund Advisor Class Short-Term Bond Fund I Class % 12/17/15 Current performance may be higher or lower than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. For the most recent month-end performance, please visit our website (troweprice.com) or contact a T. Rowe Price representative at or, for Advisor Class and I Class shares, This table provides returns through the most recent calendar quarter-end rather than through the end of the fund s fiscal period. It shows how the fund would have performed each year if its actual (or cumulative) returns for the period shown were earned at a constant rate. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. When assessing performance, investors should consider both short- and long-term returns. Expense Ratio Short-Term Bond Fund 0.46% Short-Term Bond Fund Advisor Class 0.78 Short-Term Bond Fund I Class 0.37 The expense ratio shown is as of the fund s fiscal year ended 5/31/17. These numbers may vary from the expense ratios shown elsewhere in this report because they are based on a different time period and, if applicable, include acquired fund fees and expenses but do not include fee or expense waivers. 13

16 Unaudited Financial Highlights For a share outstanding throughout each period Investor Class 6 Months Ended 11/30/17 Year Ended 5/31/17 5/31/16 5/31/15 5/31/14 5/31/13 NET ASSET VALUE Beginning of period $ 4.72 $ 4.73 $ 4.77 $ 4.80 $ 4.82 $ 4.84 Investment activities Net investment income (1) Net realized and unrealized gain / loss (0.02) (2) (0.03) (0.01) (2) 0.01 Total from investment activities Distributions Net investment income (0.04) (0.08) (0.06) (0.07) (0.07) (0.09) Tax return of capital (2) (0.01) Total distributions (0.04) (0.08) (0.07) (0.07) (0.07) (0.09) NET ASSET VALUE End of period $ 4.70 $ 4.72 $ 4.73 $ 4.77 $ 4.80 $ 4.82 Ratios/Supplemental Data Total return (3) 0.46% 1.44% 0.68% 0.75% 1.08% 1.40% Ratio of total expenses to average net assets 0.47% (4) 0.48% 0.52% 0.52% 0.52% 0.51% Ratio of net investment income to average net assets 1.65% (4) 1.45% 1.20% 1.09% 1.12% 1.29% Portfolio turnover rate 26.1% 48.9% 44.4% 53.2% 45.9% 66.5% Net assets, end of period (in millions) $ 4,151 $ 4,277 $ 4,667 $ 5,983 $ 6,116 $ 6,405 (1) Per share amounts calculated using average shares outstanding method. (2) Amounts round to less than $0.01 per share. (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. Total return is not annualized for periods less than one year. (4) Annualized The accompanying notes are an integral part of these financial statements. 14

17 Unaudited Financial Highlights For a share outstanding throughout each period Advisor Class 6 Months Ended 11/30/17 Year Ended 5/31/17 5/31/16 5/31/15 5/31/14 5/31/13 NET ASSET VALUE Beginning of period $ 4.72 $ 4.73 $ 4.76 $ 4.80 $ 4.82 $ 4.84 Investment activities Net investment income (1) Net realized and unrealized gain / loss (0.02) (2) (0.01) (0.03) (0.01) (0.02) Total from investment activities Distributions Net investment income (0.04) (0.06) (0.05) (0.05) (0.05) (0.07) Tax return of capital (2) (0.01) Total distributions (0.04) (0.06) (0.06) (0.05) (0.05) (0.07) NET ASSET VALUE End of period $ 4.69 $ 4.72 $ 4.73 $ 4.76 $ 4.80 $ 4.82 Ratios/Supplemental Data Total return (3) 0.11% 1.12% 0.60% 0.24% 0.73% 1.13% Ratio of total expenses to average net assets 0.75% (4) 0.80% 0.80% 0.81% 0.87% 0.83% Ratio of net investment income to average net assets 1.38% (4) 1.12% 0.88% 0.85% 0.76% 1.41% Portfolio turnover rate 26.1% 48.9% 44.4% 53.2% 45.9% 66.5% Net assets, end of period (in thousands) $ 48,516 $ 64,550 $ 104,424 $ 118,567 $ 188,918 $ 193,857 (1) Per share amounts calculated using average shares outstanding method. (2) Amounts round to less than $0.01 per share. (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. Total return is not annualized for periods less than one year. (4) Annualized The accompanying notes are an integral part of these financial statements. 15

18 Unaudited Financial Highlights For a share outstanding throughout each period I Class 6 Months Ended 11/30/17 Year 12/17/15 (1) Ended Through 5/31/17 5/31/16 NET ASSET VALUE Beginning of period $ 4.73 $ 4.73 $ 4.71 Investment activities Net investment income (loss) (2) (0.01) Net realized and unrealized gain / loss (0.03) Total from investment activities Distributions Net investment income (0.04) (0.08) (0.03) Tax return of capital (3) (0.01) Total distributions (0.04) (0.08) (0.04) NET ASSET VALUE End of period $ 4.70 $ 4.73 $ 4.73 Ratios/Supplemental Data Total return (4) 0.30% 1.75% 1.18% Ratio of total expenses to average net assets 0.37% (5) 0.39% 0.41% (5) Ratio of net investment income (loss) to average net assets 1.74% (5) 1.54% (0.86)% (5) Portfolio turnover rate 26.1% 48.9% 44.4% Net assets, end of period (in thousands) $ 650,427 $ 592,894 $ 642,194 (1) Inception date (2) Per share amounts calculated using average shares outstanding method. (3) Amount rounds to less than $0.01 per share. (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. Total return is not annualized for periods less than one year. (5) Annualized The accompanying notes are an integral part of these financial statements. 16

19 First Page Footer T. Rowe Price Short-Term Bond Fund Unaudited November 30, 2017 Portfolio of Investments Par/Shares $ Value (Amounts in 000s) CORPORATE BONDS 47.7% FINANCIAL INSTITUTIONS 17.5% Banking 13.5% ABN AMRO Bank, 2.10%, 1/18/19 (1) 14,260 14,249 American Express, 2.20%, 3/3/20 12,825 12,809 ANZ New Zealand International, 2.20%, 7/17/20 (1) 6,590 6,552 Banco de Credito del Peru, 2.25%, 10/25/19 (1) 2,450 2,453 Bank of America, 2.00%, 1/11/18 6,955 6,957 Bank of America, 2.503%, 10/21/22 5,545 5,467 Bank of America, 2.625%, 4/19/21 7,010 7,028 Bank of America, 5.625%, 7/1/20 3,565 3,844 Bank of America, 5.65%, 5/1/18 5,045 5,123 Bank of America, VR, 3M USD LIBOR %, 1.971%, 10/1/21 6,995 7,002 Bank of America, VR, 3M USD LIBOR %, 2.523%, 1/20/23 12,500 12,712 Bank of Montreal, 1.75%, 9/11/19 18,765 18,641 Banque Federale Credit Mutuel, 2.20%, 7/20/20 (1) 7,490 7,456 Banque Federale Credit Mutuel, 2.50%, 10/29/18 (1) 15,785 15,866 Barclays, VR, 3M USD LIBOR %, 2.975%, 1/10/23 11,735 12,014 Barclays Bank, 6.05%, 12/4/17 (1) 15,560 15,562 BB&T, 2.15%, 2/1/21 9,285 9,196 BPCE, 2.50%, 12/10/18 21,020 21,096 BPCE, VR, 3M USD LIBOR %, 2.666%, 5/22/22 (1) 4,865 4,925 Capital One Financial, 2.40%, 10/30/ Capital One National Association, 1.85%, 9/13/19 13,095 12,984 Capital One National Association, 2.35%, 8/17/18 5,290 5,300 Capital One National Association, 2.35%, 1/31/20 10,010 9,984 Citibank, 2.125%, 10/20/ Citigroup, 1.70%, 4/27/18 1,915 1,914 Citigroup, 1.80%, 2/5/18 12,870 12,868 Citigroup, 2.05%, 6/7/19 6,100 6,074 17

20 (Amounts in 000s) Par/Shares $ Value Citigroup, 2.90%, 12/8/21 13,095 13,146 Citigroup, VR, 3M USD LIBOR %, 2.14%, 1/10/20 13,000 13,106 Citizens Bank Rhode Island, 2.25%, 3/2/20 5,140 5,115 Citizens Bank Rhode Island, 2.30%, 12/3/18 1,395 1,396 Citizens Bank Rhode Island, 2.45%, 12/4/19 3,195 3,200 Citizens Bank Rhode Island, 2.50%, 3/14/19 11,980 12,019 Citizens Bank Rhode Island, 2.55%, 5/13/21 5,020 5,003 Danske Bank, 2.20%, 3/2/20 (1) 11,445 11,411 Discover Bank, 2.00%, 2/21/18 1,623 1,623 Discover Bank, 7.00%, 4/15/20 16,180 17,689 First Niagara Finance Group, 7.25%, 12/15/21 2,580 2,988 Goldman Sachs, 1.95%, 7/23/19 4,200 4,175 Goldman Sachs, VR, 3M USD LIBOR % 2.16%, 10/31/22 5,200 5,180 Goldman Sachs, 2.30%, 12/13/19 6,985 6,974 Goldman Sachs, 6.15%, 4/1/18 34,165 34,647 Goldman Sachs, VR, 3M USD LIBOR % 2.481%, 4/26/22 9,220 9,312 HBOS, 6.75%, 5/21/18 (1) 3,275 3,346 HSBC Bank, VR, 3M USD LIBOR %, 2.056%, 5/15/18 (1) 16,120 16,150 Huntington National Bank, 2.20%, 11/6/18 9,125 9,138 ING Groep, VR, 3M USD LIBOR %, 2.483%, 3/29/22 6,030 6,142 Intesa Sanpaolo, 3.875%, 1/15/19 6,947 7,058 JPMorgan Chase, 6.30%, 4/23/ JPMorgan Chase, VR, 3M USD LIBOR %, 1.867%, 3/9/21 12,365 12,396 Merrill Lynch, 6.875%, 4/25/18 15,485 15,787 Mitsubishi UFJ Financial Group, VR, 3M USD LIBOR % 2.366%, 2/22/22 7,060 7,105 Morgan Stanley, 2.45%, 2/1/19 2,345 2,353 Morgan Stanley, VR, 3M USD LIBOR %, 2.215%, 1/24/19 41,265 41,521 Nationwide Building Society, 2.35%, 1/21/20 (1) 9,050 9,052 18

21 (Amounts in 000s) Par/Shares $ Value PNC Bank, 2.45%, 11/5/20 6,965 6,977 Regions Bank, 2.25%, 9/14/18 5,855 5,862 Regions Bank, 7.50%, 5/15/18 3,455 3,537 Santander U.K., 2.125%, 11/3/20 4,985 4,944 Santander U.K. Group Holdings, 2.875%, 10/16/20 5,820 5,845 Skandinaviska Enskilda Banken, 1.50%, 9/13/19 13,675 13,516 Standard Chartered, 2.10%, 8/19/19 (1) 3,575 3,551 Sumitomo Mitsui Banking, 1.762%, 10/19/18 3,805 3,797 Sumitomo Mitsui Trust Bank, 1.80%, 3/28/18 (1) 21,655 21,648 Sumitomo Mitsui Trust Bank, 1.95%, 9/19/19 (1) 4,765 4,728 SunTrust Banks, 2.35%, 11/1/18 7,250 7,273 Swedbank, 1.75%, 3/12/18 (1) 32,085 32,085 UBS Group Funding, 3.00%, 4/15/21 (1) 14,810 14,935 UBS Group Funding, VR, 3M USD LIBOR %, 2.682% 5/23/23 (1) 7,020 7,136 Brokerage Asset Managers Exchanges 0.1% 653,224 CBOE Holdings, 1.95%, 6/28/19 4,975 4,949 Legg Mason, 2.70%, 7/15/19 2,270 2,284 Finance Companies 0.9% 7,233 AerCap Ireland Capital Limited, 3.95%, 2/1/22 10,295 10,645 Air Lease, 2.125%, 1/15/18 2,645 2,646 Air Lease, 2.125%, 1/15/20 11,220 11,137 GATX, 2.375%, 7/30/18 10,250 10,260 GATX, 2.50%, 7/30/19 1,840 1,839 GATX, 2.60%, 3/30/20 7,815 7,824 44,351 19

22 (Amounts in 000s) Insurance 1.7% Par/Shares $ Value AIA Group, 2.25%, 3/11/19 (1) 4,084 4,073 Anthem, 2.30%, 7/15/18 10,045 10,052 Anthem, 2.50%, 11/21/20 4,545 4,535 Aon, 2.80%, 3/15/21 13,495 13,546 CNA Financial, 6.95%, 1/15/18 2,535 2,550 Humana, 2.625%, 10/1/19 5,090 5,115 Marsh & McLennan Companies, 2.55%, 10/15/18 6,465 6,485 Principal Life Global Funding II, 1.50%, 4/18/19 (1) 5,450 5,407 Principal Life Global Funding II, 2.20%, 4/8/20 (1) 11,630 11,580 Provident Companies, 7.00%, 7/15/18 2,115 2,173 Reinsurance Group of America, 6.45%, 11/15/19 3,345 3,598 Trinity Acquisition, 3.50%, 9/15/21 3,310 3,353 XLIT, 2.30%, 12/15/18 7,820 7,830 80,297 Real Estate Investment Trusts 1.3% American Campus Communities, 3.35%, 10/1/20 8,765 8,951 Brixmor Operating Partnership, 3.875%, 8/15/22 1,410 1,448 Kilroy Realty, 4.80%, 7/15/18 5,530 5,613 Kimco Realty, 6.875%, 10/1/19 3,555 3,839 Ventas Realty, 2.00%, 2/15/18 5,030 5,031 Ventas Realty, 4.00%, 4/30/19 1,120 1,143 VEREIT Operating Partnership, 3.00%, 2/6/19 21,139 21,271 WEA Finance, 2.70%, 9/17/19 (1) 12,328 12,384 WEA Finance, 3.25%, 10/5/20 (1) 2,515 2,544 62,224 Total Financial Institutions 847,329 20

23 (Amounts in 000s) INDUSTRIAL 27.5% Basic Industry 2.0% Par/Shares $ Value Anglo American Capital, 3.625%, 5/14/20 (1) 4,680 4,779 Anglo American Capital, 9.375%, 4/8/19 (1) 8,002 8,732 Eastman Chemical, 2.70%, 1/15/20 1,821 1,836 GoldCorp, 2.125%, 3/15/18 14,040 14,056 Invista Finance, 4.25%, 10/15/19 (1) 16,065 16,411 LyondellBasell, 5.00%, 4/15/19 2,292 2,357 LyondellBasell, 6.00%, 11/15/21 5,369 5,971 Sherwin Williams, 2.25%, 5/15/20 24,560 24,620 Solvay Finance, 3.40%, 12/3/20 (1) 9,715 9,888 Westlake Chemical, 4.625%, 2/15/21 9,838 10,158 Capital Goods 1.7% 98,808 Arconic, 5.72%, 2/23/ Boral Finance Property, 3.00%, 11/1/22 (1) 1,070 1,063 Fortive, 1.80%, 6/15/19 1,355 1,343 Harris, 1.999%, 4/27/18 14,553 14,548 Honeywell International, 1.80%, 10/30/19 8,595 8,539 Martin Marietta Material, VR, 3M USD LIBOR % 2.096%, 5/22/20 2,645 2,653 Rockwell Collins, 1.95%, 7/15/19 3,665 3,647 Roper Industries, 2.05%, 10/1/18 15,310 15,313 Roper Technologies, 3.00%, 12/15/20 1,865 1,892 Stanley Black & Decker, 2.451%, 11/17/18 27,105 27,222 Vulcan Materials, VR, 3M USD LIBOR %, 1.92%, 6/15/20 6,350 6,367 Communications 3.7% 83,560 AT&T, 2.30%, 3/11/19 13,610 13,628 21

24 (Amounts in 000s) Par/Shares $ Value BellSouth, STEP, 4.285%, 4/26/21 (1) 35,455 35,810 Charter Communications Operating, 3.579%, 7/23/20 11,275 11,477 Charter Communications Operating, 4.464%, 7/23/22 5,900 6,150 Crown Castle International, 2.25%, 9/1/21 11,630 11,438 Crown Castle International, 3.40%, 2/15/21 8,425 8,616 Crown Castle Towers, 6.113%, 1/15/40 (1) 3,295 3,495 Discovery Communications, 2.20%, 9/20/19 4,480 4,457 Interpublic Group of Companies, 4.00%, 3/15/22 2,520 2,621 S&P Global, 2.50%, 8/15/18 2,570 2,578 SBA Tower Trust, 2.24%, 4/9/43 (1) 9,700 9,698 SBA Tower Trust, 3.168%, 4/15/22 (1) 6,880 6,872 SBA Tower Trust, 3.598%, 4/15/18 (1) 7,991 7,982 Telecom Italia Capital, 6.999%, 6/4/18 12,912 13,234 Telefonica Emisiones, 3.192%, 4/27/18 5,755 5,776 Time Warner Cable, 6.75%, 7/1/18 4,665 4,788 Time Warner Cable, 8.25%, 4/1/19 18,530 19,899 Time Warner Cable, 8.75%, 2/14/19 1,175 1,261 Viacom, 2.75%, 12/15/19 9,071 9,059 Viacom, 5.625%, 9/15/19 2,839 2,980 Consumer Cyclical 4.4% 181,819 Alibaba Group Holding, 2.50%, 11/28/19 19,100 19,169 AutoZone, 1.625%, 4/21/19 1,315 1,304 Bestgain Real Estate, 2.625%, 3/13/18 23,735 23,745 Brinker International, 2.60%, 5/15/18 9,675 9,669 Daimler Finance North America, 1.75%, 10/30/19 (1) 16,030 15,857 Daimler Finance North America, 2.30%, 2/12/21 (1) 2,870 2,847 Daimler Finance North America, VR, 3M USD LIBOR % 2.237%, 8/1/18 (1) 12,065 12,119 Delphi Automotive, 3.15%, 11/19/20 9,540 9,708 22

25 (Amounts in 000s) Par/Shares $ Value D.R. Horton, 2.55%, 12/1/20 3,925 3,920 ebay, 2.15%, 6/5/20 6,525 6,488 Ford Motor Credit, 2.021%, 5/3/19 5,570 5,541 Ford Motor Credit, 2.375%, 1/16/18 3,610 3,612 Ford Motor Credit, 2.551%, 10/5/18 11,120 11,164 General Motors Financial, 3.10%, 1/15/19 6,345 6,400 GLP Capital, 4.375%, 11/1/18 14,000 14,123 Hyundai Capital America, 1.75%, 9/27/19 (1) 1,325 1,300 Hyundai Capital America, 2.00%, 7/1/19 (1) 4,480 4,425 Hyundai Capital America, 2.40%, 10/30/18 (1) 5,240 5,236 Hyundai Capital America, 2.50%, 3/18/19 (1) 14,460 14,425 JD.com, 3.125%, 4/29/21 12,850 12,852 Nissan Motor Acceptance, 1.55%, 9/13/19 (1) 6,680 6,595 Nissan Motor Acceptance, 2.15%, 9/28/20 (1) 3,550 3,520 QVC, 3.125%, 4/1/19 15,282 15,378 Royal Caribbean Cruises, 2.65%, 11/28/20 1,980 1, ,379 Consumer Non-Cyclical 6.9% Abbott Laboratories, 2.35%, 11/22/19 21,755 21,772 Abbott Laboratories, 2.90%, 11/30/21 9,385 9,439 AbbVie, 1.80%, 5/14/18 25,975 25,976 AbbVie, 2.30%, 5/14/21 8,275 8,192 Allergan Funding, 2.35%, 3/12/18 13,905 13,924 BAT Capital, 2.297%, 8/14/20 (1) 12,790 12,720 Baxalta, 2.00%, 6/22/18 2,020 2,024 Baxalta, VR, 3M USD LIBOR %, 2.103%, 6/22/18 5,105 5,118 Becton Dickinson, 2.404%, 6/5/20 9,600 9,539 Becton Dickinson, 2.675%, 12/15/19 9,335 9,389 Biogen, 2.90%, 9/15/20 5,535 5,606 Bunge Limited Finance, 3.50%, 11/24/20 4,835 4,929 23

26 (Amounts in 000s) Par/Shares $ Value Bunge Limited Finance, 8.50%, 6/15/19 2,430 2,648 Catholic Health Initiatives, 2.60%, 8/1/18 8,375 8,404 Celgene, 2.125%, 8/15/18 2,695 2,701 Celgene, 2.30%, 8/15/18 9,738 9,770 Danone, 1.691%, 10/30/19 (1) 21,250 20,999 Express Scripts Holding, 2.25%, 6/15/19 1,500 1,498 Express Scripts Holding, VR, 3M USD LIBOR % 2.191%, 11/30/20 10,405 10,414 HCA, 3.75%, 3/15/19 15,600 15,795 Imperial Tobacco Finance, 2.05%, 2/11/18 (1) 23,815 23,813 Johnson & Johnson, 1.95%, 11/10/20 3,670 3,658 Kroger, 1.50%, 9/30/19 2,259 2,227 Kroger, 2.30%, 1/15/19 2,755 2,753 Medco Health Solutions, 4.125%, 9/15/20 6,607 6,874 Newell Rubbermaid, 2.05%, 12/1/17 11,110 11,110 Newell Rubbermaid, 2.15%, 10/15/18 9,555 9,564 Newell Rubbermaid, 2.60%, 3/29/19 3,054 3,065 Perrigo Finance, 3.50%, 3/15/21 1,163 1,184 Reynolds American, 2.30%, 6/12/18 8,970 8,985 Reynolds American, 8.125%, 6/23/19 3,407 3,704 Shire Acquisition Investments Ireland, 1.90%, 9/23/19 23,335 23,111 Teva Pharmaceutical Finance III, 1.40%, 7/20/18 14,405 14,267 Teva Pharmaceutical Finance III, 1.70%, 7/19/19 15,315 14,794 Tyson Foods, 2.25%, 8/23/21 4,705 4,639 Energy 3.2% 334,605 Canadian Natural Resources, 1.75%, 1/15/18 4,940 4,939 Cenovus Energy, 5.70%, 10/15/19 4,982 5,242 Columbia Pipeline Group, 2.45%, 6/1/18 5,355 5,364 DCP Midstream Operating, 2.50%, 12/1/17 17,970 17,970 24

27 (Amounts in 000s) Par/Shares $ Value EnCana, 6.50%, 5/15/19 4,772 5,027 Energy Transfer Partners, 6.70%, 7/1/18 5,265 5,402 Enterprise Products Operations, 2.55%, 10/15/19 5,340 5,358 Exxon Mobil, VR, 3M USD LIBOR %, 1.686%, 3/6/22 24,120 24,320 Kinder Morgan Energy Partners, 5.95%, 2/15/18 4,650 4,686 Kinder Morgan Finance, 6.00%, 1/15/18 (1) 6,365 6,396 ONEOK Partners, 3.20%, 9/15/18 16,695 16,806 Panhandle Eastern Pipeline, 7.00%, 6/15/18 1,573 1,614 Phillips 66, VR, 3M USD LIBOR %, 2.009%, 4/15/19 (1) 4,225 4,232 Plains All American Pipeline, 5.75%, 1/15/20 3,465 3,663 Plains All American Pipeline, 6.50%, 5/1/18 18,809 19,151 Sabine Pass Liquefaction, 5.625%, 2/1/21 8,235 8,857 Spectra Energy Partners, 2.95%, 9/25/18 9,905 9,966 Valero Energy, 9.375%, 3/15/19 5,820 6, ,322 Technology 3.5% Apple, 1.80%, 11/13/19 11,375 11,345 Baidu, 2.75%, 6/9/19 12,940 13,041 Broadcom, 2.375%, 1/15/20 (1) 13,905 13,788 Broadcom, 3.00%, 1/15/22 (1) 13,070 12,917 DXC Technology, 2.875%, 3/27/20 8,065 8,124 DXC Technology, VR, 3M USD LIBOR %, 2.266%, 3/1/21 14,480 14,515 Equifax, 2.30%, 6/1/21 2,330 2,260 Fidelity National Information Services, 2.25%, 8/15/21 10,005 9,849 Hewlett Packard Enterprise, 2.10%, 10/4/19 (1) 4,695 4,662 Hewlett Packard Enterprise, STEP, 2.85%, 10/5/18 7,512 7,557 Jabil Circuit, 8.25%, 3/15/18 8,745 8,899 Keysight Technologies, 3.30%, 10/30/19 27,390 27,647 Qualcomm, 2.10%, 5/20/20 4,960 4,919 Seagate Technology, 3.75%, 11/15/18 6,851 6,954 25

28 (Amounts in 000s) Par/Shares $ Value Tencent Holdings, 2.875%, 2/11/20 (1) 4,615 4,655 Tencent Holdings, 3.375%, 5/2/19 (1) 2,745 2,785 Xerox, 2.75%, 3/15/19 4,830 4,833 Xerox, 5.625%, 12/15/19 8,905 9, ,141 Transportation 2.1% Delta Air Lines, 2.60%, 12/4/20 2,200 2,197 Delta Air Lines, 2.875%, 3/13/20 15,095 15,197 ERAC USA Finance, 2.35%, 10/15/19 (1) ERAC USA Finance, 2.80%, 11/1/18 (1) 1,655 1,666 HPHT Finance 15, 2.25%, 3/17/18 (1) 11,206 11,203 J.B. Hunt Transportation Services, 2.40%, 3/15/19 2,830 2,830 Kansas City Southern, 2.35%, 5/15/20 14,285 14,259 Penske Truck Leasing, 2.50%, 6/15/19 (1) 9,205 9,221 Penske Truck Leasing, 2.875%, 7/17/18 (1) 14,458 14,534 Penske Truck Leasing, 3.375%, 3/15/18 (1) 12,924 12,981 Southwest Airlines, 2.75%, 11/6/19 8,015 8,082 United Parcel Service, 2.50%, 4/1/23 7,920 7, ,797 Total Industrial 1,334,431 UTILITY 2.7% Electric 2.7% CMS Energy, 8.75%, 6/15/19 5,682 6,213 Dominion Resources, 1.50%, 9/30/18 (1) 4,795 4,778 Dominion Resources, 1.875%, 1/15/19 1,750 1,743 Dominion Resources, 2.125%, 2/15/18 (1) 14,485 14,502 Dominion Resources, STEP, 2.579%, 7/1/20 3,270 3,277 Dominion Resources, STEP, 2.962%, 7/1/19 3,155 3,182 26

29 (Amounts in 000s) Par/Shares $ Value EDP Finance, 6.00%, 2/2/18 (1) 3,803 3,829 Enel Finance International, 2.875%, 5/25/22 (1) 9,430 9,379 Exelon Generation, 2.95%, 1/15/20 8,485 8,577 Exelon Generation, 5.20%, 10/1/ FirstEnergy, 2.85%, 7/15/22 6,995 6,915 NextEra Energy Capital Holdings, 1.649%, 9/1/18 3,650 3,641 NextEra Energy Capital Holdings, 2.30%, 4/1/19 3,735 3,739 Origin Energy Finance, 3.50%, 10/9/18 (1) 14,437 14,546 PPL Capital Funding, 1.90%, 6/1/18 5,819 5,817 San Diego Gas & Electric, 1.914%, 2/1/22 3,661 3,610 Southern Company, 1.55%, 7/1/18 3,515 3,507 Southern Company, 1.85%, 7/1/19 12,725 12,654 Southern Company, 2.35%, 7/1/21 2,695 2,662 Southern Power Company, 1.85%, 12/1/17 2,935 2,935 Teco Finance, VR, 3M USD LIBOR %, 1.95%, 4/10/18 15,210 15,218 Total Utility 131,482 Total Corporate Bonds (Cost $2,312,770) 2,313,242 ASSET-BACKED SECURITIES 19.0% Car Loan 12.2% Ally Auto Receivables Trust Series , Class C 2.04%, 12/15/19 1,295 1,295 Ally Auto Receivables Trust Series , Class D 2.48%, 2/15/21 1,295 1,295 Ally Auto Receivables Trust Series , Class C 2.41%, 1/15/21 (1) 9,435 9,464 Ally Auto Receivables Trust Series , Class D 2.84%, 9/15/22 3,200 3,210 27

30 (Amounts in 000s) Par/Shares $ Value Ally Auto Receivables Trust Series , Class C 2.46%, 9/15/22 1,225 1,219 Ally Auto Receivables Trust Series , Class D 2.93%, 11/15/23 1,700 1,689 Ally Master Owner Trust Series , Class A 1.63%, 5/15/20 30,630 30,624 Ally Master Owner Trust Series , Class A, VR 1M USD LIBOR+ 0.34%, 1.59%, 6/15/21 1,645 1,647 Ally Master Owner Trust Series , Class A1, VR 1M USD LIBOR+ 0.43%, 1.68%, 6/15/22 1,235 1,237 AmeriCredit Automobile Receivables Trust Series , Class E 3.58%, 8/9/21 (1) 3,075 3,107 AmeriCredit Automobile Receivables Trust Series , Class B 1.60%, 7/8/19 1,276 1,276 AmeriCredit Automobile Receivables Trust Series , Class E 3.37%, 11/8/21 (1) 6,420 6,489 AmeriCredit Automobile Receivables Trust Series , Class C 2.58%, 9/8/20 3,030 3,045 AmeriCredit Automobile Receivables Trust Series , Class D 3.13%, 10/8/20 7,620 7,701 AmeriCredit Automobile Receivables Trust Series , Class E 3.72%, 3/8/22 (1) 2,580 2,611 AmeriCredit Automobile Receivables Trust Series , Class C 2.47%, 11/9/20 4,525 4,544 AmeriCredit Automobile Receivables Trust Series , Class D 3.07%, 11/9/20 1,675 1,692 28

31 (Amounts in 000s) Par/Shares $ Value AmeriCredit Automobile Receivables Trust Series , Class E 3.66%, 3/8/22 2,585 2,612 AmeriCredit Automobile Receivables Trust Series , Class A3 1.26%, 11/8/19 1,216 1,216 AmeriCredit Automobile Receivables Trust Series , Class A3 1.27%, 1/8/20 1,841 1,841 AmeriCredit Automobile Receivables Trust Series , Class D 3.00%, 6/8/21 4,490 4,534 AmeriCredit Automobile Receivables Trust Series , Class D 3.34%, 8/8/21 5,765 5,821 AmeriCredit Automobile Receivables Trust Series , Class A3 1.70%, 7/8/20 3,859 3,859 AmeriCredit Automobile Receivables Trust Series , Class A3 1.81%, 10/8/20 1,584 1,584 AmeriCredit Automobile Receivables Trust Series , Class D 2.71%, 9/8/22 10,015 9,974 AmeriCredit Automobile Receivables Trust Series , Class A3 1.53%, 7/8/21 7,665 7,627 AmeriCredit Automobile Receivables Trust Series , Class C 2.71%, 8/18/22 4,115 4,120 AmeriCredit Automobile Receivables Trust Series , Class D 3.13%, 1/18/23 4,500 4,519 AmeriCredit Automobile Receivables Trust Series , Class B 2.24%, 6/19/23 3,185 3,164 AmeriCredit Automobile Receivables Trust Series , Class C 2.69%, 6/19/23 3,385 3,389 29

32 (Amounts in 000s) Par/Shares $ Value ARI Fleet Lease Trust Series 2015-A, Class A2 1.11%, 11/15/18 (1) ARI Fleet Lease Trust Series 2015-A, Class A3 1.67%, 9/15/23 (1) 13,590 13,556 ARI Fleet Lease Trust Series 2016-A, Class A2 1.82%, 7/15/24 (1) 4,661 4,661 ARI Fleet Lease Trust Series 2017-A, Class A2 1.91%, 4/15/26 (1) 2,350 2,347 Avis Budget Rental Car Funding Series A, Class A 2.10%, 3/20/19 (1) 3,419 3,421 Avis Budget Rental Car Funding Series A, Class A 1.92%, 9/20/19 (1) 3,070 3,064 Avis Budget Rental Car Funding Series A, Class B 2.62%, 9/20/19 (1) 6,305 6,314 Avis Budget Rental Car Funding Series A, Class A 2.97%, 2/20/20 (1) 6,659 6,700 Avis Budget Rental Car Funding Series A, Class B 3.66%, 2/20/20 (1) 4,405 4,444 Avis Budget Rental Car Funding Series A, Class A 2.46%, 7/20/20 (1) 2,909 2,920 Avis Budget Rental Car Funding Series A, Class A 2.50%, 2/20/21 (1) 17,015 17,044 Avis Budget Rental Car Funding Series A, Class A 2.50%, 7/20/21 (1) 5,020 5,010 BMW Vehicle Lease Trust Series , Class A3 1.43%, 9/20/19 4,340 4,322 30