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, 2026

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Annual Shareholder Report

May 31, 2026

Short Duration Income Fund

Investor Class (TSDLX)

This annual shareholder report contains important information about Short Duration Income Fund (the "fund") for the period of June 1, 2025 to May 31, 2026. 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 atwww.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)

Table Summary
	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Short Duration Income Fund - Investor Class	$41	0.40%

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, 2026, as front-end yields ended lower amid elevated rate volatility, driven by moderating inflation expectations and Federal Reserve rate cuts during the second half of 2025.
The fund’s security selection within the high yield and investment-grade corporate sectors aided performance relative to its style-specific benchmark, the Bloomberg 1-3 Year U.S. Corporate Bond Index. Out-of-benchmark allocations to collateralized loan obligations, non-agency mortgage-backed securities (MBS), agency MBS, and asset-backed securities (ABS) also aided relative results.
Our allocation to Treasuries was a relative detractor over the one-year period.
The Short Duration Income Fund seeks to provide income consistent with limited fluctuation in principal value and liquidity. The fund’s allocation to investment-grade corporate bonds decreased over the reporting period but continued to represent its largest absolute position. The fund’s allocation to U.S. Treasuries also increased while its allocation to ABS and 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 swaps and interest rate swaps.

How has the fund performed?

Cumulative Returns of a Hypothetical $10,000 Investment as of May 31, 2026

A line chart as described in the following paragraph.

Investor Class 11,552
Regulatory Benchmark 9,894
Strategy Benchmark 11,489

Table Summary
	Investor Class	Regulatory Benchmark	Strategy Benchmark
12/8/20	10,000	10,000	10,000
2/28/21	10,083	9,822	10,028
5/31/21	10,121	9,808	10,056
8/31/21	10,162	9,968	10,063
11/30/21	10,091	9,909	10,005
2/28/22	9,951	9,562	9,876
5/31/22	9,753	9,002	9,756
8/31/22	9,637	8,820	9,678
11/30/22	9,544	8,636	9,651
2/28/23	9,659	8,633	9,708
5/31/23	9,779	8,809	9,831
8/31/23	9,865	8,715	9,908
11/30/23	10,013	8,738	10,070
2/29/24	10,209	8,920	10,231
5/31/24	10,332	8,924	10,343
8/31/24	10,626	9,351	10,626
11/30/24	10,723	9,339	10,723
2/28/25	10,915	9,438	10,871
5/31/25	11,026	9,411	10,999
8/31/25	11,235	9,644	11,189
11/30/25	11,367	9,871	11,329
2/28/26	11,530	10,029	11,464
5/31/26	11,552	9,894	11,489

202501-4140694, 202606-5569588

F1305-052 7/26

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception 12/8/20
Short Duration Income Fund (Investor Class)	4.77%	2.68%	2.67%
Bloomberg U.S. Aggregate Bond Index (Regulatory Benchmark)	5.13	0.17	-0.19
Bloomberg 1-3 Year U.S. Corporate Bond Index (Strategy Benchmark)	4.46	2.70	2.57

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)$227,418
Number of Portfolio Holdings740

Investment Advisory Fees Paid (000s)$26
Portfolio Turnover Rate83.3%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Table Summary
Corporate Bonds	38.4%
Asset-Backed Securities	25.5
U.S. Government Agency Obligations (Excluding Mortgage-Backed)	12.9
Non-U.S. Government Mortgage-Backed Securities	10.8
U.S. Government & Agency Mortgage-Backed Securities	6.6
Foreign Government Obligations & Municipalities	2.3
Commercial Paper	1.7
Bank Loans	1.4
Securities Lending Collateral	1.1
Short-Term and Other	-0.7

Top Ten Holdings (as a % of Net Assets)

Table Summary
U.S. Treasury Notes	12.9%
Federal National Mortgage Assn.	2.8
Federal Home Loan Mortgage	2.7
Ally Bank Auto Credit-Linked Notes	1.2
KKR	1.0
JPMorgan Mortgage Trust	0.8
Hyundai Capital America	0.7
Hardee's Funding	0.7
Medline Borrower	0.7
Barclays	0.7

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 Duration Income Fund

Investor Class (TSDLX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Annual Shareholder Report

May 31, 2026

Short Duration Income Fund

I Class (TSIDX)

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Table Summary
	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Short Duration Income Fund - I Class	$30	0.29%

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, 2026, as front-end yields ended lower amid elevated rate volatility, driven by moderating inflation expectations and Federal Reserve rate cuts during the second half of 2025.
The fund’s security selection within the high yield and investment-grade corporate sectors aided performance relative to its style-specific benchmark, the Bloomberg 1-3 Year U.S. Corporate Bond Index. Out-of-benchmark allocations to collateralized loan obligations, non-agency mortgage-backed securities (MBS), agency MBS, and asset-backed securities (ABS) also aided relative results.
Our allocation to Treasuries was a relative detractor over the one-year period.
The Short Duration Income Fund seeks to provide income consistent with limited fluctuation in principal value and liquidity. The fund’s allocation to investment-grade corporate bonds decreased over the reporting period but continued to represent its largest absolute position. The fund’s allocation to U.S. Treasuries also increased while its allocation to ABS and 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 swaps and interest rate swaps.

How has the fund performed?

Cumulative Returns of a Hypothetical $500,000 Investment as of May 31, 2026

A line chart as described in the following paragraph.

I Class 580,954
Regulatory Benchmark 494,699
Strategy Benchmark 574,461

Table Summary
	I Class	Regulatory Benchmark	Strategy Benchmark
12/8/20	500,000	500,000	500,000
2/28/21	504,292	491,107	501,375
5/31/21	506,334	490,403	502,782
8/31/21	508,512	498,419	503,129
11/30/21	505,104	495,429	500,247
2/28/22	498,217	478,121	493,805
5/31/22	488,450	450,082	487,789
8/31/22	482,725	441,022	483,898
11/30/22	478,221	431,818	482,548
2/28/23	484,094	431,639	485,408
5/31/23	489,706	440,437	491,543
8/31/23	494,685	435,759	495,415
11/30/23	502,230	436,913	503,510
2/29/24	512,176	446,000	511,526
5/31/24	518,523	446,187	517,174
8/31/24	533,377	467,555	531,289
11/30/24	538,419	466,951	536,130
2/28/25	547,611	471,905	543,566
5/31/25	553,908	470,544	549,931
8/31/25	564,575	482,219	559,454
11/30/25	571,348	493,573	566,450
2/28/26	579,115	501,449	573,222
5/31/26	580,954	494,699	574,461

202501-4140694, 202606-5569588

F1306-052 7/26

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception 12/8/20
Short Duration Income Fund (I Class)	4.88%	2.79%	2.78%
Bloomberg U.S. Aggregate Bond Index (Regulatory Benchmark)	5.13	0.17	-0.19
Bloomberg 1-3 Year U.S. Corporate Bond Index (Strategy Benchmark)	4.46	2.70	2.57

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)$227,418
Number of Portfolio Holdings740

Investment Advisory Fees Paid (000s)$26
Portfolio Turnover Rate83.3%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Table Summary
Corporate Bonds	38.4%
Asset-Backed Securities	25.5
U.S. Government Agency Obligations (Excluding Mortgage-Backed)	12.9
Non-U.S. Government Mortgage-Backed Securities	10.8
U.S. Government & Agency Mortgage-Backed Securities	6.6
Foreign Government Obligations & Municipalities	2.3
Commercial Paper	1.7
Bank Loans	1.4
Securities Lending Collateral	1.1
Short-Term and Other	-0.7

Top Ten Holdings (as a % of Net Assets)

Table Summary
U.S. Treasury Notes	12.9%
Federal National Mortgage Assn.	2.8
Federal Home Loan Mortgage	2.7
Ally Bank Auto Credit-Linked Notes	1.2
KKR	1.0
JPMorgan Mortgage Trust	0.8
Hyundai Capital America	0.7
Hardee's Funding	0.7
Medline Borrower	0.7
Barclays	0.7

Short Duration Income Fund

I Class (TSIDX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

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:


	2026		2025
Audit Fees	$	34,029	$	34,043
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.

(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.


(a)(1)		The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.

(2)		Listing standards relating to recovery of erroneously awarded compensation: not applicable.

(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.

(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.


T. Rowe Price Short-Term Bond Fund, Inc.
By		/s/ David Oestreicher
		David Oestreicher
		Principal Executive Officer

Date		July 17, 2026


By		/s/ David Oestreicher
		David Oestreicher
		Principal Executive Officer

Date		July 17, 2026

By		/s/ Alan S. Dupski
		Alan S. Dupski
		Principal Financial Officer

Date		July 17, 2026