<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000878168
<NAME> T. ROWE PRICE SHORT TERM BOND FUND
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> MAY-31-2000
<PERIOD-END> OCT-31-2000
<INVESTMENTS-AT-COST> 120140
<INVESTMENTS-AT-VALUE> 119350
<RECEIVABLES> 3535
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 122885
<PAYABLE-FOR-SECURITIES> 1500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 165
<TOTAL-LIABILITIES> 1665
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 135639
<SHARES-COMMON-STOCK> 26583
<SHARES-COMMON-PRIOR> 27491527
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (455)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (13174)
<ACCUM-APPREC-OR-DEPREC> (790)
<NET-ASSETS> 121220
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3428
<OTHER-INCOME> 0
<EXPENSES-NET> 361
<NET-INVESTMENT-INCOME> 3067
<REALIZED-GAINS-CURRENT> (135)
<APPREC-INCREASE-CURRENT> 1890
<NET-CHANGE-FROM-OPS> 4821
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2961
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3472
<NUMBER-OF-SHARES-REDEEMED> (4954)
<SHARES-REINVESTED> 573
<NET-CHANGE-IN-ASSETS> (4140)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (562)
<OVERDIST-NET-GAINS-PRIOR> (13038)
<GROSS-ADVISORY-FEES> 163
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 364
<AVERAGE-NET-ASSETS> 1234367
<PER-SHARE-NAV-BEGIN> 4.49
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.07
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 4.56
<EXPENSE-RATIO> 0.70
</TABLE>
