NPORT-EX 2 70D4TRP033124.htm T. ROWE PRICE FIXED INCOME SERIES, INC.
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
March
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
18.0%
Car
Loan
5.9%
Ally
Auto
Receivables
Trust
Series
2023-A,
Class
B
6.01%,
1/17/34 (1)
42‌
42‌
Ally
Auto
Receivables
Trust
Series
2023-A,
Class
C
6.08%,
1/17/34 (1)
78‌
79‌
AmeriCredit
Automobile
Receivables
Trust
Series
2020-1,
Class
C
1.59%,
10/20/25 
49‌
49‌
AmeriCredit
Automobile
Receivables
Trust
Series
2020-1,
Class
D
1.80%,
12/18/25 
415‌
410‌
AmeriCredit
Automobile
Receivables
Trust
Series
2020-3,
Class
C
1.06%,
8/18/26 
115‌
112‌
AmeriCredit
Automobile
Receivables
Trust
Series
2021-1,
Class
C
0.89%,
10/19/26 
190‌
183‌
AmeriCredit
Automobile
Receivables
Trust
Series
2021-1,
Class
D
1.21%,
12/18/26 
115‌
109‌
AmeriCredit
Automobile
Receivables
Trust
Series
2021-2,
Class
D
1.29%,
6/18/27 
235‌
218‌
AmeriCredit
Automobile
Receivables
Trust
Series
2022-1,
Class
D
3.23%,
2/18/28 
420‌
395‌
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-2A,
Class
B
3.55%,
9/22/25 (1)
415‌
412‌
Avis
Budget
Rental
Car
Funding
AESOP
Series
2020-1A,
Class
A
2.33%,
8/20/26 (1)
340‌
328‌
Avis
Budget
Rental
Car
Funding
AESOP
Series
2022-5A,
Class
C
6.24%,
4/20/27 (1)
100‌
100‌
Avis
Budget
Rental
Car
Funding
AESOP
Series
2023-2A,
Class
C
6.18%,
10/20/27 (1)
100‌
100‌
Bayview
Opportunity
Master
Fund
VII
Series
2024-CAR1,
Class
A,
FRN
SOFR30A
+
1.10%,
6.57%,
12/26/31 (1)
250‌
250‌
CarMax
Auto
Owner
Trust
Series
2020-4,
Class
D
1.75%,
4/15/27 
145‌
141‌
CarMax
Auto
Owner
Trust
Series
2023-2,
Class
C
5.57%,
11/15/28 
265‌
264‌
CarMax
Auto
Owner
Trust
Series
2023-2,
Class
D
6.55%,
10/15/29 
175‌
177‌
CarMax
Auto
Owner
Trust
Series
2023-3,
Class
D
6.44%,
12/16/30 
100‌
101‌
CarMax
Auto
Owner
Trust
Series
2023-4,
Class
B
6.39%,
5/15/29 
135‌
139‌
Par/Shares
$
Value
(Amounts
in
000s)
CarMax
Auto
Owner
Trust
Series
2023-4,
Class
C
6.58%,
5/15/29 
135‌
139‌
CarMax
Auto
Owner
Trust
Series
2024-1,
Class
A4
4.94%,
8/15/29 
75‌
75‌
CarMax
Auto
Owner
Trust
Series
2024-1,
Class
C
5.47%,
8/15/29 
140‌
140‌
Carvana
Auto
Receivables
Trust
Series
2021-P4,
Class
B
1.98%,
2/10/28 
190‌
173‌
Carvana
Auto
Receivables
Trust
Series
2022-N1,
Class
C
3.32%,
12/11/28 (1)
33‌
32‌
Enterprise
Fleet
Financing
Series
2023-2,
Class
A2
5.56%,
4/22/30 (1)
346‌
347‌
Exeter
Automobile
Receivables
Trust
Series
2022-4A,
Class
D
5.98%,
12/15/28 
140‌
139‌
Exeter
Automobile
Receivables
Trust
Series
2022-5A,
Class
C
6.51%,
12/15/27 
450‌
452‌
Ford
Credit
Auto
Lease
Trust
Series
2022-A,
Class
C
4.18%,
10/15/25 
465‌
460‌
Ford
Credit
Auto
Lease
Trust
Series
2023-A,
Class
C
5.54%,
12/15/26 
100‌
99‌
Ford
Credit
Auto
Lease
Trust
Series
2023-B,
Class
B
6.20%,
2/15/27 
70‌
71‌
Ford
Credit
Auto
Lease
Trust
Series
2023-B,
Class
C
6.43%,
4/15/27 
135‌
137‌
Ford
Credit
Auto
Owner
Trust
Series
2020-1,
Class
B
2.29%,
8/15/31 (1)
210‌
204‌
Ford
Credit
Auto
Owner
Trust
Series
2020-2,
Class
C
1.74%,
4/15/33 (1)
145‌
136‌
Ford
Credit
Auto
Owner
Trust
Series
2023-A,
Class
B
5.07%,
1/15/29 
410‌
407‌
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2023-1,
Class
C
5.75%,
5/15/28 (1)
115‌
115‌
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2023-1,
Class
D
6.62%,
5/15/28 (1)
135‌
136‌
GM
Financial
Automobile
Leasing
Trust
Series
2022-3,
Class
C
5.13%,
8/20/26 
615‌
609‌
GM
Financial
Automobile
Leasing
Trust
Series
2023-1,
Class
C
5.76%,
1/20/27 
270‌
270‌
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2020-4,
Class
C
1.05%,
5/18/26 
105‌
103‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
2
Par/Shares
$
Value
(Amounts
in
000s)
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2023-1,
Class
B
5.03%,
9/18/28 
40‌
40‌
Hyundai
Auto
Receivables
Trust
Series
2020-B,
Class
C
1.60%,
12/15/26 
175‌
172‌
JPMorgan
Chase
Bank
Series
2021-2,
Class
D
1.138%,
12/26/28 (1)
27‌
26‌
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
Series
2023-1,
Class
A
6.18%,
8/25/28 (1)
175‌
176‌
Santander
Bank
Series
2021-1A,
Class
B
1.833%,
12/15/31 (1)
39‌
38‌
Santander
Bank
Auto
Credit-Linked
Notes
Series
2022-B,
Class
C
5.916%,
8/16/32 (1)
67‌
66‌
Santander
Bank
Auto
Credit-Linked
Notes
Series
2023-B,
Class
A2
5.644%,
12/15/33 (1)
227‌
227‌
Santander
Bank
Auto
Credit-Linked
Notes
Series
2023-B,
Class
D
6.663%,
12/15/33 (1)
250‌
251‌
Santander
Consumer
Auto
Receivables
Trust
Series
2020-BA,
Class
C
1.29%,
4/15/26 (1)
25‌
25‌
Santander
Drive
Auto
Receivables
Trust
Series
2021-4,
Class
D
1.67%,
10/15/27 
255‌
242‌
Santander
Drive
Auto
Receivables
Trust
Series
2022-2,
Class
C
3.76%,
7/16/29 
365‌
354‌
Santander
Drive
Auto
Receivables
Trust
Series
2022-5,
Class
C
4.74%,
10/16/28 
330‌
326‌
Santander
Retail
Auto
Lease
Trust
Series
2021-B,
Class
D
1.41%,
11/20/25 (1)
185‌
184‌
Santander
Retail
Auto
Lease
Trust
Series
2021-C,
Class
C
1.11%,
3/20/26 (1)
155‌
154‌
Santander
Retail
Auto
Lease
Trust
Series
2022-B,
Class
B
3.85%,
3/22/27 (1)
75‌
74‌
SBNA
Auto
Lease
Trust
Series
2024-A,
Class
A3
5.39%,
11/20/26 (1)
75‌
75‌
SBNA
Auto
Lease
Trust
Series
2024-A,
Class
A4
5.24%,
1/22/29 (1)
70‌
70‌
SFS
Auto
Receivables
Securitization
Trust
Series
2024-1A,
Class
A3
4.95%,
5/21/29 (1)
80‌
80‌
SFS
Auto
Receivables
Securitization
Trust
Series
2024-1A,
Class
C
5.51%,
1/20/32 (1)
25‌
25‌
Par/Shares
$
Value
(Amounts
in
000s)
U.S.
Bank
Series
2023-1,
Class
B
6.789%,
8/25/32 (1)
213‌
214‌
World
Omni
Auto
Receivables
Trust
Series
2022-A,
Class
C
2.55%,
9/15/28 
155‌
146‌
World
Omni
Select
Auto
Trust
Series
2020-A,
Class
B
0.84%,
6/15/26 
6‌
6‌
World
Omni
Select
Auto
Trust
Series
2020-A,
Class
C
1.25%,
10/15/26 
160‌
158‌
10,982‌
Other
Asset-Backed
Securities
11.4%
Amur
Equipment
Finance
Receivables
XIII
Series
2024-1A,
Class
A2
5.38%,
1/21/31 (1)
100‌
100‌
Amur
Equipment
Finance
Receivables
XIII
Series
2024-1A,
Class
C
5.55%,
1/21/31 (1)
100‌
100‌
Apidos
XVIII
Series
2018-18A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.15%,
6.472%,
10/22/30 (1)
390‌
389‌
Apidos
Xxv
Series
2016-25A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.15%,
6.458%,
10/20/31 (1)
490‌
490‌
Atrium
XIII
Series
13A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.15%,
6.47%,
11/21/30 (1)
485‌
485‌
Auxilior
Term
Funding
Series
2023-1A,
Class
A2
6.18%,
12/15/28 (1)
280‌
281‌
Ballyrock
Series
2021-1A,
Class
A1,
CLO,
FRN
3M
TSFR
+
1.322%,
6.636%,
4/15/34 (1)
250‌
249‌
BlueMountain
Series
2016-3A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.20%,
11/15/30 (1)(2)
505‌
505‌
BRE
Grand
Islander
Timeshare
Issuer
Series
2019-A,
Class
A
3.28%,
9/26/33 (1)
73‌
70‌
Cedar
Funding
XIV
Series
2021-14A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.362%,
6.676%,
7/15/33 (1)
290‌
290‌
CIFC
Funding
Series
2021-4A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.312%,
6.626%,
7/15/33 (1)
250‌
250‌
CyrusOne
Data
Centers
Issuer
I
Series
2024-1A,
Class
A2
4.76%,
3/22/49 (1)
55‌
52‌
Dell
Equipment
Finance
Trust
Series
2023-3,
Class
D
6.75%,
10/22/29 (1)
100‌
101‌
DLLAA
Series
2023-1A,
Class
A3
5.64%,
2/22/28 (1)
185‌
187‌
DLLST
Series
2024-1A,
Class
A3
5.05%,
8/20/27 (1)
70‌
70‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
3
Par/Shares
$
Value
(Amounts
in
000s)
DLLST
Series
2024-1A,
Class
A4
4.93%,
4/22/30 (1)
20‌
20‌
Driven
Brands
Funding
Series
2018-1A,
Class
A2
4.739%,
4/20/48 (1)
90‌
88‌
Driven
Brands
Funding
Series
2019-1A,
Class
A2
4.641%,
4/20/49 (1)
71‌
69‌
Driven
Brands
Funding
Series
2019-2A,
Class
A2
3.981%,
10/20/49 (1)
105‌
99‌
Dryden
Series
2020-86A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.362%,
6.678%,
7/17/34 (1)
250‌
249‌
Elara
HGV
Timeshare
Issuer
Series
2017-A,
Class
A
2.69%,
3/25/30 (1)
29‌
29‌
Elara
HGV
Timeshare
Issuer
Series
2019-A,
Class
A
2.61%,
1/25/34 (1)
170‌
162‌
Elara
HGV
Timeshare
Issuer
Series
2021-A,
Class
A
1.36%,
8/27/35 (1)
44‌
40‌
Elara
HGV
Timeshare
Issuer
Series
2023-A,
Class
A
6.16%,
2/25/38 (1)
118‌
120‌
Elara
HGV
Timeshare
Issuer
Series
2023-A,
Class
C
7.30%,
2/25/38 (1)
101‌
103‌
FirstKey
Homes
Trust
Series
2020-SFR1,
Class
D
2.241%,
8/17/37 (1)
500‌
471‌
FirstKey
Homes
Trust
Series
2020-SFR2,
Class
D
1.968%,
10/19/37 (1)
315‌
294‌
FOCUS
Brands
Funding
Series
2017-1A,
Class
A2II
5.093%,
4/30/47 (1)
117‌
113‌
Goldentree
Loan
Opportunities
XI
Series
2015-11A,
Class
CR2,
CLO,
FRN
3M
TSFR
+
2.012%,
7.31%,
1/18/31 (1)
250‌
249‌
Hardee's
Funding
Series
2018-1A,
Class
A23
5.71%,
6/20/48 (1)
128‌
121‌
Hardee's
Funding
Series
2018-1A,
Class
A2II
4.959%,
6/20/48 (1)
241‌
239‌
Hardee's
Funding
Series
2020-1A,
Class
A2
3.981%,
12/20/50 (1)
426‌
383‌
Hardee's
Funding
Series
2021-1A,
Class
A2
2.865%,
6/20/51 (1)
88‌
74‌
Hilton
Grand
Vacations
Trust
Series
2022-1D,
Class
A
3.61%,
6/20/34 (1)
59‌
56‌
Hilton
Grand
Vacations
Trust
Series
2023-1A,
Class
B
6.11%,
1/25/38 (1)
315‌
318‌
Par/Shares
$
Value
(Amounts
in
000s)
Hilton
Grand
Vacations
Trust
Series
2023-1A,
Class
C
6.94%,
1/25/38 (1)
82‌
83‌
HPEFS
Equipment
Trust
Series
2021-2A,
Class
D
1.29%,
3/20/29 (1)
160‌
157‌
HPEFS
Equipment
Trust
Series
2023-1A,
Class
B
5.73%,
4/20/28 (1)
275‌
276‌
HPEFS
Equipment
Trust
Series
2023-1A,
Class
C
5.91%,
4/20/28 (1)
100‌
100‌
HPEFS
Equipment
Trust
Series
2023-2A,
Class
C
6.48%,
1/21/31 (1)
100‌
101‌
HPEFS
Equipment
Trust
Series
2023-2A,
Class
D
6.97%,
7/21/31 (1)
200‌
204‌
HPEFS
Equipment
Trust
Series
2024-1A,
Class
C
5.33%,
5/20/31 (1)
340‌
338‌
Jamestown
VI
Series
2018-6RA,
Class
B,
CLO,
FRN
3M
TSFR
+
2.262%,
7.586%,
4/25/30 (1)
250‌
249‌
KKR
Series
29A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.462%,
6.776%,
1/15/32 (1)
250‌
250‌
Madison
Park
Funding
XXIII
Series
2017-23A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.232%,
6.551%,
7/27/31 (1)
274‌
274‌
Madison
Park
Funding
XXIII
Series
2017-23A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.812%,
7.131%,
7/27/31 (1)
250‌
250‌
Madison
Park
Funding
XXIX
Series
2018-29A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.80%,
10/18/30 (1)(2)
530‌
530‌
Madison
Park
Funding
XXXIII
Series
2019-33A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.29%,
6.604%,
10/15/32 (1)
485‌
485‌
Madison
Park
Funding
XXXVII
Series
2019-37A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.332%,
6.646%,
7/15/33 (1)
465‌
464‌
Magnetite
XXV
Series
2020-25A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.462%,
6.786%,
1/25/32 (1)
500‌
500‌
Marathon
Static
Series
2022-18A,
Class
A1R2,
CLO,
FRN
SOFR90A
+
1.15%,
6.483%,
7/20/30 (1)
370‌
369‌
Marble
Point
XII
Series
2018-1A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.272%,
6.586%,
7/16/31 (1)
229‌
228‌
Marble
Point
XIV
Series
2018-2A,
Class
A12R,
CLO,
FRN
3M
TSFR
+
1.20%,
6.522%,
1/20/32 (1)
600‌
601‌
MidOcean
Credit
XI
Series
2022-11A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.73%,
7.096%,
10/18/33 (1)
250‌
251‌
MidOcean
Credit
XI
Series
2022-11A,
Class
BR,
CLO,
FRN
3M
TSFR
+
2.65%,
8.016%,
10/18/33 (1)
250‌
249‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
4
Par/Shares
$
Value
(Amounts
in
000s)
MMAF
Equipment
Finance
Series
2021-A,
Class
A5
1.19%,
11/13/43 (1)
100‌
92‌
MVW
Series
2020-1A,
Class
A
1.74%,
10/20/37 (1)
73‌
69‌
MVW
Series
2020-1A,
Class
B
2.73%,
10/20/37 (1)
97‌
92‌
MVW
Series
2021-1WA,
Class
B
1.44%,
1/22/41 (1)
34‌
31‌
MVW
Series
2023-1A,
Class
A
4.93%,
10/20/40 (1)
256‌
252‌
MVW
Series
2023-2A,
Class
A
6.18%,
11/20/40 (1)
232‌
238‌
MVW
Series
2023-2A,
Class
B
6.33%,
11/20/40 (1)
93‌
95‌
Neuberger
Berman
Loan
Advisers
Series
2017-26A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.662%,
6.96%,
10/18/30 (1)
255‌
255‌
Neuberger
Berman
Loan
Advisers
Series
2019-32A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.252%,
6.561%,
1/20/32 (1)
400‌
401‌
Neuberger
Berman
XVII
Series
2014-17A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.292%,
6.609%,
4/22/29 (1)
353‌
353‌
Oaktree
Series
2022-2A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.55%,
6.864%,
7/15/33 (1)
315‌
315‌
OCP
Series
2017-13A,
Class
A1AR,
CLO,
FRN
3M
TSFR
+
1.222%,
6.536%,
7/15/30 (1)
236‌
236‌
OCP
Series
2017-13A,
Class
A2R,
CLO,
FRN
3M
TSFR
+
1.812%,
7.126%,
7/15/30 (1)
315‌
315‌
Octagon
Investment
Partners
39
Series
2018-3A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.15%,
6.483%,
10/20/30 (1)
490‌
490‌
Octane
Receivables
Trust
Series
2021-2A,
Class
A
1.21%,
9/20/28 (1)
37‌
36‌
Octane
Receivables
Trust
Series
2022-1A,
Class
B
4.90%,
5/22/28 (1)
180‌
177‌
Octane
Receivables
Trust
Series
2022-2A,
Class
A
5.11%,
2/22/28 (1)
125‌
124‌
Octane
Receivables
Trust
Series
2023-1A,
Class
A
5.87%,
5/21/29 (1)
54‌
54‌
Octane
Receivables
Trust
Series
2023-3A,
Class
B
6.48%,
7/20/29 (1)
100‌
101‌
Octane
Receivables
Trust
Series
2023-3A,
Class
C
6.74%,
8/20/29 (1)
100‌
101‌
Par/Shares
$
Value
(Amounts
in
000s)
Octane
Receivables
Trust
Series
2023-3A,
Class
D
7.58%,
9/20/29 (1)
100‌
104‌
OZLM
Funding
II
Series
2012-2A,
Class
A1A2,
CLO,
FRN
3M
TSFR
+
1.20%,
6.51%,
7/30/31 (1)
375‌
376‌
OZLM
XXI
Series
2017-21A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.15%,
6.473%,
1/20/31 (1)
585‌
585‌
Post
Road
Equipment
Finance
Series
2024-1A,
Class
A2
5.59%,
11/15/29 (1)
100‌
100‌
Post
Road
Equipment
Finance
Series
2024-1A,
Class
C
5.81%,
10/15/30 (1)
165‌
164‌
Progress
Residential
Trust
Series
2020-SFR2,
Class
A
2.078%,
6/17/37 (1)
394‌
378‌
SCF
Equipment
Leasing
Series
2023-1A,
Class
A3
6.17%,
5/20/32 (1)
155‌
159‌
SEB
Funding
Series
2024-1A,
Class
A2
7.386%,
4/30/54 (1)
290‌
290‌
Sierra
Timeshare
Receivables
Funding
Series
2020-2A,
Class
C
3.51%,
7/20/37 (1)
18‌
17‌
Sierra
Timeshare
Receivables
Funding
Series
2021-2A,
Class
B
1.80%,
9/20/38 (1)
54‌
50‌
Sierra
Timeshare
Receivables
Funding
Series
2021-2A,
Class
C
1.95%,
9/20/38 (1)
111‌
103‌
Symphony
Static
I
Series
2021-1A,
Class
B,
CLO,
FRN
3M
TSFR
+
1.712%,
7.036%,
10/25/29 (1)
350‌
343‌
Symphony
XXIII
Series
2020-23A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.282%,
6.596%,
1/15/34 (1)
447‌
447‌
Symphony
XXIII
Series
2020-23A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.862%,
7.176%,
1/15/34 (1)
250‌
250‌
Symphony
XXVI
Series
2021-26A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.342%,
6.659%,
4/20/33 (1)
250‌
250‌
THL
Credit
Wind
River
Series
2015-1A,
Class
A1R3,
CLO,
FRN
3M
TSFR
+
1.20%,
10/20/30 (1)(2)
700‌
700‌
Verdant
Receivables
Series
2023-1A,
Class
A2
6.24%,
1/13/31 (1)
206‌
206‌
21,224‌
Student
Loan
0.5%
Navient
Private
Education
Refi
Loan
Trust
Series
2019-D,
Class
A2A
3.01%,
12/15/59 (1)
73‌
69‌
Navient
Private
Education
Refi
Loan
Trust
Series
2019-GA,
Class
A
2.40%,
10/15/68 (1)
53‌
50‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
5
Par/Shares
$
Value
(Amounts
in
000s)
Navient
Private
Education
Refi
Loan
Trust
Series
2020-DA,
Class
A
1.69%,
5/15/69 (1)
36‌
33‌
Navient
Private
Education
Refi
Loan
Trust
Series
2020-FA,
Class
A
1.22%,
7/15/69 (1)
100‌
90‌
Navient
Private
Education
Refi
Loan
Trust
Series
2020-GA,
Class
A
1.17%,
9/16/69 (1)
46‌
42‌
Nelnet
Student
Loan
Trust
Series
2005-4,
Class
A4,
FRN
SOFR90A
+
0.442%,
5.795%,
3/22/32 
206‌
198‌
Nelnet
Student
Loan
Trust
Series
2020-1A,
Class
A,
FRN
1M
TSFR
+
0.854%,
6.184%,
3/26/68 (1)
112‌
111‌
Nelnet
Student
Loan
Trust
Series
2021-CA,
Class
AFX
1.32%,
4/20/62 (1)
225‌
204‌
SMB
Private
Education
Loan
Trust
Series
2020-PTB,
Class
A2A
1.60%,
9/15/54 (1)
84‌
76‌
873‌
Whole
Business
0.2%
Wheels
Fleet
Lease
Funding
1
Series
2023-2A,
Class
A
6.46%,
8/18/38 (1)
370‌
373‌
373‌
Total
Asset-Backed
Securities
(Cost
$33,592)
33,452‌
CORPORATE
BONDS
46.0%
FINANCIAL
INSTITUTIONS
17.4%
Banking
11.8%
Ally
Financial,
3.875%,
5/21/24 
395‌
394‌
American
Express,
2.25%,
3/4/25 
445‌
432‌
American
Express,
VR,
5.098%,
2/16/28 (3)
105‌
104‌
Banco
Santander,
3.496%,
3/24/25 
200‌
196‌
Banco
Santander,
VR,
5.552%,
3/14/28 (3)
200‌
200‌
Banco
Santander,
VR,
5.742%,
6/30/24 (3)
400‌
400‌
Bank
of
America,
VR,
0.976%,
4/22/25 (3)
255‌
254‌
Bank
of
America,
VR,
1.734%,
7/22/27 (3)
190‌
175‌
Bank
of
America,
VR,
3.384%,
4/2/26 (3)
265‌
259‌
Bank
of
America,
VR,
3.841%,
4/25/25 (3)
190‌
190‌
Bank
of
America,
VR,
5.08%,
1/20/27 (3)
200‌
199‌
Bank
of
Montreal,
3.70%,
6/7/25 
350‌
343‌
Bank
of
Montreal,
5.30%,
6/5/26 
220‌
220‌
Bank
of
Montreal,
Series
H,
4.25%,
9/14/24 
390‌
388‌
Bank
of
New
York
Mellon,
VR,
4.414%,
7/24/26 (3)
225‌
222‌
Bank
of
New
York
Mellon,
VR,
4.947%,
4/26/27 (3)
255‌
254‌
Bank
of
New
York
Mellon,
VR,
5.148%,
5/22/26 (3)
250‌
250‌
Banque
Federative
du
Credit
Mutuel,
0.998%,
2/4/25 (1)
280‌
269‌
Banque
Federative
du
Credit
Mutuel,
4.935%,
1/26/26 (1)
200‌
199‌
Barclays,
VR,
5.304%,
8/9/26 (3)
200‌
199‌
Par/Shares
$
Value
(Amounts
in
000s)
Barclays,
VR,
5.674%,
3/12/28 (3)
200‌
201‌
Barclays,
VR,
7.325%,
11/2/26 (3)
205‌
210‌
BPCE,
4.50%,
3/15/25 (1)
395‌
389‌
CaixaBank,
VR,
6.208%,
1/18/29 (1)(3)
270‌
275‌
CaixaBank,
VR,
6.684%,
9/13/27 (1)(3)
290‌
296‌
Capital
One
Financial,
VR,
2.636%,
3/3/26 (3)
265‌
257‌
Capital
One
Financial,
VR,
4.985%,
7/24/26 (3)
205‌
203‌
Capital
One
Financial,
VR,
5.70%,
2/1/30 (3)(4)
125‌
126‌
Capital
One
Financial,
VR,
6.312%,
6/8/29 (3)
120‌
123‌
Capital
One
Financial,
VR,
7.149%,
10/29/27 (3)
115‌
120‌
Citigroup,
4.40%,
6/10/25 
230‌
227‌
Citigroup,
VR,
0.981%,
5/1/25 (3)
200‌
199‌
Citigroup,
VR,
3.106%,
4/8/26 (3)
240‌
234‌
Citigroup,
VR,
4.14%,
5/24/25 (3)
255‌
254‌
Citigroup,
VR,
5.174%,
2/13/30 (3)
185‌
183‌
Credicorp,
2.75%,
6/17/25 (1)
200‌
193‌
Danske
Bank,
VR,
5.427%,
3/1/28 (1)(3)
200‌
200‌
Danske
Bank,
VR,
6.259%,
9/22/26 (1)(3)
200‌
202‌
Discover
Bank,
2.45%,
9/12/24 
270‌
266‌
Fifth
Third
Bancorp,
VR,
6.339%,
7/27/29 (3)
95‌
98‌
Fifth
Third
Bank,
VR,
5.852%,
10/27/25 (3)
335‌
335‌
Goldman
Sachs
Group,
3.50%,
4/1/25 
250‌
245‌
Goldman
Sachs
Group,
FRN,
SOFR
+
0.486%,
5.836%,
10/21/24 
325‌
325‌
Goldman
Sachs
Group,
VR,
4.482%,
8/23/28 (3)
190‌
185‌
Goldman
Sachs
Group,
VR,
5.798%,
8/10/26 (3)
390‌
391‌
HDFC
Bank,
5.686%,
3/2/26 
250‌
251‌
HSBC
Holdings,
VR,
2.099%,
6/4/26 (3)
375‌
360‌
Huntington
National
Bank,
VR,
5.699%,
11/18/25 (3)
250‌
248‌
JPMorgan
Chase,
FRN,
SOFR
+
0.885%,
6.235%,
4/22/27 
75‌
75‌
JPMorgan
Chase,
VR,
0.824%,
6/1/25 (3)
225‌
223‌
JPMorgan
Chase,
VR,
2.083%,
4/22/26 (3)
460‌
443‌
JPMorgan
Chase,
VR,
4.08%,
4/26/26 (3)
440‌
433‌
JPMorgan
Chase,
VR,
5.04%,
1/23/28 (3)
180‌
179‌
Lloyds
Banking
Group,
VR,
5.462%,
1/5/28 (3)
220‌
220‌
Mitsubishi
UFJ
Financial
Group,
VR,
0.953%,
7/19/25 (3)
400‌
394‌
Morgan
Stanley,
VR,
1.164%,
10/21/25 (3)
195‌
190‌
Morgan
Stanley,
VR,
2.63%,
2/18/26 (3)
250‌
243‌
Morgan
Stanley,
VR,
3.62%,
4/17/25 (3)
220‌
219‌
Morgan
Stanley,
VR,
6.138%,
10/16/26 (3)
250‌
253‌
Morgan
Stanley
Bank,
4.754%,
4/21/26 
250‌
248‌
Northern
Trust,
3.95%,
10/30/25 
155‌
152‌
PNC
Financial
Services
Group,
VR,
4.758%,
1/26/27 (3)
265‌
262‌
PNC
Financial
Services
Group,
VR,
5.30%,
1/21/28 (3)
80‌
80‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
6
Par/Shares
$
Value
(Amounts
in
000s)
PNC
Financial
Services
Group,
VR,
5.671%,
10/28/25 (3)
355‌
355‌
PNC
Financial
Services
Group,
VR,
5.812%,
6/12/26 (3)
100‌
100‌
Royal
Bank
of
Canada,
4.875%,
1/19/27 
85‌
85‌
Royal
Bank
of
Canada,
4.95%,
4/25/25 
445‌
444‌
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (3)
190‌
172‌
Societe
Generale,
VR,
5.519%,
1/19/28 (1)
(3)
470‌
465‌
Standard
Chartered,
4.30%,
2/19/27 (1)(4)
200‌
194‌
Standard
Chartered,
VR,
1.822%,
11/23/25 (1)(3)
200‌
194‌
State
Street,
5.272%,
8/3/26 
320‌
321‌
State
Street,
VR,
4.857%,
1/26/26 (3)
115‌
114‌
State
Street,
VR,
5.104%,
5/18/26 (3)
180‌
179‌
Synchrony
Financial,
4.25%,
8/15/24 
485‌
482‌
Toronto-Dominion
Bank,
0.70%,
9/10/24 
350‌
342‌
Toronto-Dominion
Bank,
4.285%,
9/13/24 
460‌
457‌
Toronto-Dominion
Bank,
5.532%,
7/17/26 
270‌
272‌
Truist
Financial,
FRN,
SOFR
+
0.40%,
5.761%,
6/9/25 
165‌
164‌
U.S.
Bancorp,
VR,
4.548%,
7/22/28 (3)
375‌
367‌
U.S.
Bancorp,
VR,
5.727%,
10/21/26 (3)
145‌
146‌
UBS,
0.70%,
8/9/24 (1)
205‌
201‌
UBS
Group,
VR,
1.494%,
8/10/27 (1)(3)
200‌
182‌
UBS
Group,
VR,
4.488%,
5/12/26 (1)(3)
200‌
197‌
UBS
Group,
VR,
4.49%,
8/5/25 (1)(3)
235‌
234‌
UBS
Group,
VR,
6.327%,
12/22/27 (1)(3)
200‌
203‌
Wells
Fargo,
VR,
2.188%,
4/30/26 (3)
205‌
197‌
Wells
Fargo,
VR,
3.908%,
4/25/26 (3)
280‌
274‌
Wells
Fargo,
VR,
4.54%,
8/15/26 (3)
275‌
271‌
21,969‌
Brokerage
Asset
Managers
Exchanges
0.5%
Charles
Schwab,
2.45%,
3/3/27 
413‌
384‌
Charles
Schwab,
3.20%,
3/2/27 
135‌
129‌
LPL
Holdings,
6.75%,
11/17/28 
90‌
94‌
LSEGA
Financing,
0.65%,
4/6/24 (1)
320‌
320‌
Nasdaq,
5.65%,
6/28/25 
45‌
45‌
972‌
Finance
Companies
1.2%
AerCap
Ireland
Capital,
1.65%,
10/29/24 
167‌
163‌
AerCap
Ireland
Capital,
6.10%,
1/15/27 
155‌
157‌
AerCap
Ireland
Capital,
6.45%,
4/15/27 (1)
422‌
432‌
Avolon
Holdings
Funding,
2.125%,
2/21/26 (1)
200‌
186‌
Avolon
Holdings
Funding,
2.875%,
2/15/25 (1)
250‌
243‌
Avolon
Holdings
Funding,
3.95%,
7/1/24 (1)
75‌
75‌
Avolon
Holdings
Funding,
5.75%,
3/1/29 (1)
190‌
189‌
Avolon
Holdings
Funding,
6.375%,
5/4/28 (1)
90‌
92‌
GATX,
3.25%,
3/30/25 
25‌
24‌
GATX,
3.25%,
9/15/26 
417‌
397‌
GATX,
3.85%,
3/30/27 
80‌
77‌
GATX,
5.40%,
3/15/27 
50‌
50‌
Par/Shares
$
Value
(Amounts
in
000s)
SMBC
Aviation
Capital
Finance,
3.55%,
4/15/24 (1)
235‌
235‌
2,320‌
Financial
Other
0.2%
LeasePlan,
2.875%,
10/24/24 (1)
400‌
393‌
393‌
Insurance
3.1%
Athene
Global
Funding,
1.716%,
1/7/25 (1)
435‌
422‌
Athene
Global
Funding,
5.684%,
2/23/26 (1)
275‌
277‌
Brighthouse
Financial
Global
Funding,
1.00%,
4/12/24 (1)
200‌
199‌
Brighthouse
Financial
Global
Funding,
1.55%,
5/24/26 (1)
70‌
64‌
CNO
Global
Funding,
1.65%,
1/6/25 (1)
240‌
232‌
CNO
Global
Funding,
1.75%,
10/7/26 (1)
505‌
459‌
Corebridge
Financial,
3.50%,
4/4/25 
205‌
201‌
Corebridge
Global
Funding,
5.20%,
1/12/29 (1)
90‌
89‌
Elevance
Health,
5.35%,
10/15/25 
85‌
85‌
Equitable
Financial
Life
Global
Funding,
0.80%,
8/12/24 (1)
255‌
251‌
Equitable
Financial
Life
Global
Funding,
1.00%,
1/9/26 (1)
95‌
88‌
Equitable
Financial
Life
Global
Funding,
1.10%,
11/12/24 (1)
360‌
349‌
Equitable
Financial
Life
Global
Funding,
1.40%,
7/7/25 (1)
35‌
33‌
Equitable
Financial
Life
Global
Funding,
1.70%,
11/12/26 (1)
150‌
136‌
First
American
Financial,
4.60%,
11/15/24 
450‌
445‌
Health
Care
Service
A
Mutual
Legal
Reserve,
1.50%,
6/1/25 (1)
325‌
310‌
Humana,
1.35%,
2/3/27 
90‌
81‌
Humana,
3.85%,
10/1/24 
180‌
178‌
Humana,
4.50%,
4/1/25 
145‌
143‌
Humana,
5.75%,
3/1/28 
85‌
87‌
Jackson
National
Life
Global
Funding,
1.75%,
1/12/25 (1)
290‌
281‌
Marsh
&
McLennan,
3.75%,
3/14/26 
45‌
44‌
Metropolitan
Life
Global
Funding
I,
4.05%,
8/25/25 (1)
335‌
330‌
Northwestern
Mutual
Global
Funding,
4.35%,
9/15/27 (1)
215‌
210‌
Principal
Life
Global
Funding
II,
0.75%,
4/12/24 (1)
165‌
165‌
UnitedHealth
Group,
3.70%,
5/15/27 
280‌
271‌
UnitedHealth
Group,
5.25%,
2/15/28 
175‌
178‌
Willis
North
America,
3.60%,
5/15/24 
90‌
90‌
5,698‌
Real
Estate
Investment
Trusts
0.6%
Public
Storage
Operating,
FRN,
SOFR
+
0.47%,
5.82%,
4/23/24 
115‌
115‌
Realty
Income,
3.875%,
7/15/24 
450‌
448‌
Realty
Income,
5.05%,
1/13/26 
65‌
65‌
WP
Carey,
4.00%,
2/1/25 
465‌
458‌
1,086‌
Total
Financial
Institutions
32,438‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
7
Par/Shares
$
Value
(Amounts
in
000s)
INDUSTRIAL
25.5%
Basic
Industry
1.1%
ArcelorMittal,
3.60%,
7/16/24 
100‌
99‌
BHP
Billiton
Finance
USA,
5.25%,
9/8/26 
440‌
443‌
Celanese
U.S.
Holdings,
6.05%,
3/15/25 
148‌
148‌
Celulosa
Arauco
y
Constitucion,
4.50%,
8/1/24 
200‌
199‌
LYB
International
Finance
III,
1.25%,
10/1/25 
177‌
166‌
Newmont,
5.30%,
3/15/26 (1)
120‌
121‌
Nucor,
3.95%,
5/23/25 
125‌
123‌
Nutrien,
4.90%,
3/27/28 
110‌
109‌
POSCO,
4.375%,
8/4/25 
450‌
443‌
Sherwin-Williams,
4.25%,
8/8/25 
110‌
108‌
Westlake,
0.875%,
8/15/24 
205‌
201‌
2,160‌
Capital
Goods
1.2%
Amcor
Flexibles
North
America,
4.00%,
5/17/25 
210‌
206‌
Amphenol,
2.05%,
3/1/25 
220‌
213‌
Amphenol,
4.75%,
3/30/26 
363‌
360‌
BAE
Systems,
5.00%,
3/26/27 (1)
220‌
219‌
Carrier
Global,
2.242%,
2/15/25 
64‌
62‌
Carrier
Global,
5.80%,
11/30/25 
145‌
146‌
Mohawk
Industries,
5.85%,
9/18/28 
150‌
154‌
Owens
Corning,
3.40%,
8/15/26 
35‌
34‌
Parker-Hannifin,
3.65%,
6/15/24 
400‌
398‌
Regal
Rexnord,
6.05%,
2/15/26 (1)
170‌
171‌
Republic
Services,
2.50%,
8/15/24 
220‌
218‌
2,181‌
Communications
4.8%
American
Tower,
1.60%,
4/15/26 
373‌
346‌
American
Tower,
2.40%,
3/15/25 
170‌
165‌
American
Tower,
3.55%,
7/15/27 
178‌
169‌
AT&T,
4.10%,
2/15/28 
95‌
92‌
Charter
Communications
Operating,
4.908%,
7/23/25 
955‌
944‌
Charter
Communications
Operating,
6.15%,
11/10/26 
120‌
121‌
Cox
Communications,
3.15%,
8/15/24 (1)
450‌
445‌
Cox
Communications,
3.50%,
8/15/27 (1)
100‌
95‌
Cox
Communications,
3.85%,
2/1/25 (1)
70‌
69‌
Crown
Castle,
1.05%,
7/15/26 
255‌
232‌
Crown
Castle,
2.90%,
3/15/27 
265‌
247‌
Crown
Castle,
4.45%,
2/15/26 
320‌
315‌
Crown
Castle,
5.00%,
1/11/28 
85‌
84‌
Crown
Castle,
5.60%,
6/1/29 
145‌
147‌
Crown
Castle
Towers,
4.241%,
7/15/28 (1)
80‌
76‌
GTP
Acquisition
Partners
I,
3.482%,
6/16/25 (1)
465‌
454‌
KT,
4.00%,
8/8/25 (1)
450‌
442‌
NTT
Finance,
4.142%,
7/26/24 (1)
200‌
198‌
NTT
Finance,
4.239%,
7/25/25 (1)
200‌
197‌
Rogers
Communications,
2.95%,
3/15/25 
430‌
419‌
Rogers
Communications,
3.20%,
3/15/27 
310‌
294‌
Rogers
Communications,
5.00%,
2/15/29 
285‌
282‌
SBA
Tower
Trust,
1.631%,
11/15/26 (1)
115‌
104‌
SBA
Tower
Trust,
1.884%,
1/15/26 (1)
85‌
79‌
Par/Shares
$
Value
(Amounts
in
000s)
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
325‌
317‌
SBA
Tower
Trust,
6.599%,
1/15/28 (1)
290‌
297‌
SBA
Tower
Trust,
Series
2014-2A,
Class
C,
STEP,
3.869%,
10/15/49 (1)
110‌
109‌
T-Mobile
USA,
2.25%,
2/15/26 
195‌
184‌
T-Mobile
USA,
3.50%,
4/15/25 
265‌
260‌
Take-Two
Interactive
Software,
3.55%,
4/14/25 
150‌
147‌
Take-Two
Interactive
Software,
5.00%,
3/28/26 
265‌
263‌
Verizon
Communications,
1.45%,
3/20/26 
270‌
252‌
Verizon
Communications,
2.625%,
8/15/26 
395‌
374‌
Warnermedia
Holdings,
3.755%,
3/15/27 
700‌
668‌
Warnermedia
Holdings,
6.412%,
3/15/26 
125‌
125‌
9,012‌
Consumer
Cyclical
5.1%
Advance
Auto
Parts,
5.90%,
3/9/26 
225‌
224‌
Aptiv,
2.396%,
2/18/25 
205‌
199‌
AutoZone,
3.625%,
4/15/25 
120‌
118‌
AutoZone,
6.25%,
11/1/28 
175‌
183‌
Daimler
Truck
Finance
North
America,
1.625%,
12/13/24 (1)
260‌
253‌
Daimler
Truck
Finance
North
America,
5.00%,
1/15/27 (1)
150‌
149‌
Daimler
Truck
Finance
North
America,
5.15%,
1/16/26 (1)
150‌
149‌
Daimler
Truck
Finance
North
America,
5.20%,
1/17/25 (1)
150‌
149‌
Dollar
General,
4.625%,
11/1/27 
70‌
69‌
Dollar
General,
5.20%,
7/5/28 
166‌
167‌
Ford
Motor
Credit,
5.125%,
6/16/25 
290‌
287‌
Ford
Motor
Credit,
5.80%,
3/5/27 
235‌
236‌
General
Motors
Financial,
2.90%,
2/26/25 
485‌
473‌
General
Motors
Financial,
5.40%,
4/6/26 
135‌
135‌
General
Motors
Financial,
5.40%,
5/8/27 
115‌
115‌
Genuine
Parts,
1.75%,
2/1/25 
105‌
102‌
Hyundai
Capital
America,
0.875%,
6/14/24 (1)
80‌
79‌
Hyundai
Capital
America,
1.00%,
9/17/24 (1)
110‌
108‌
Hyundai
Capital
America,
5.25%,
1/8/27 (1)
100‌
100‌
Hyundai
Capital
America,
5.50%,
3/30/26 (1)
120‌
120‌
Hyundai
Capital
America,
5.60%,
3/30/28 (1)
160‌
162‌
Hyundai
Capital
America,
6.25%,
11/3/25 (1)
120‌
121‌
Hyundai
Capital
Services,
2.125%,
4/24/25 (1)
200‌
193‌
Lowe's,
3.35%,
4/1/27 
80‌
76‌
Lowe's,
4.40%,
9/8/25 
305‌
301‌
Lowe's,
4.80%,
4/1/26 
175‌
174‌
Marriott
International,
3.60%,
4/15/24 
425‌
424‌
Marriott
International,
3.75%,
3/15/25 
55‌
54‌
Marriott
International,
5.45%,
9/15/26 
90‌
90‌
Marriott
International,
Series
EE,
5.75%,
5/1/25 
55‌
55‌
Mercedes-Benz
Finance
North
America,
4.80%,
3/30/26 (1)
190‌
189‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
8
Par/Shares
$
Value
(Amounts
in
000s)
Mercedes-Benz
Finance
North
America,
4.80%,
1/11/27 (1)
565‌
562‌
Nordstrom,
2.30%,
4/8/24 
35‌
35‌
O'Reilly
Automotive,
5.75%,
11/20/26 
185‌
188‌
PACCAR
Financial,
4.60%,
1/31/29 
510‌
507‌
Ross
Stores,
0.875%,
4/15/26 
290‌
266‌
Ross
Stores,
4.60%,
4/15/25 
810‌
802‌
Starbucks,
4.75%,
2/15/26 
215‌
214‌
Tapestry,
7.00%,
11/27/26 
45‌
46‌
Tapestry,
7.05%,
11/27/25 
40‌
41‌
VF,
2.40%,
4/23/25 
425‌
409‌
VF,
2.80%,
4/23/27 
225‌
205‌
Volkswagen
Group
of
America
Finance,
3.95%,
6/6/25 (1)
200‌
196‌
Volkswagen
Group
of
America
Finance,
5.70%,
9/12/26 (1)
240‌
242‌
Volkswagen
Group
of
America
Finance,
5.80%,
9/12/25 (1)
280‌
281‌
Volkswagen
Group
of
America
Finance,
6.00%,
11/16/26 (1)
200‌
203‌
9,451‌
Consumer
Non-Cyclical
7.4%
AbbVie,
2.60%,
11/21/24 
715‌
702‌
AbbVie,
2.95%,
11/21/26 
510‌
485‌
AbbVie,
4.80%,
3/15/27 
195‌
194‌
Astrazeneca
Finance,
1.20%,
5/28/26 
320‌
295‌
BAT
International
Finance,
1.668%,
3/25/26 
225‌
209‌
BAT
International
Finance,
4.448%,
3/16/28 
460‌
446‌
Becton
Dickinson
&
Company,
3.363%,
6/6/24 
336‌
334‌
Becton
Dickinson
&
Company,
3.734%,
12/15/24 
78‌
77‌
Becton
Dickinson
&
Company,
4.693%,
2/13/28 
375‌
370‌
Bristol-Myers
Squibb,
4.90%,
2/22/27 
145‌
145‌
Bristol-Myers
Squibb,
4.90%,
2/22/29 
170‌
171‌
Bristol-Myers
Squibb,
4.95%,
2/20/26 
110‌
110‌
Brunswick,
0.85%,
8/18/24 
290‌
285‌
Campbell
Soup,
5.20%,
3/19/27 
150‌
150‌
Cardinal
Health,
3.079%,
6/15/24 
180‌
179‌
Cardinal
Health,
3.50%,
11/15/24 
215‌
212‌
Coca-Cola
Europacific
Partners,
0.80%,
5/3/24 (1)
680‌
677‌
Coca-Cola
Europacific
Partners,
1.50%,
1/15/27 (1)
200‌
182‌
Constellation
Brands,
3.60%,
5/9/24 
225‌
224‌
CSL
Finance,
3.85%,
4/27/27 (1)
90‌
87‌
CVS
Health,
1.30%,
8/21/27 
455‌
403‌
CVS
Health,
2.875%,
6/1/26 
115‌
109‌
CVS
Health,
3.00%,
8/15/26 
105‌
100‌
CVS
Health,
5.00%,
2/20/26 
255‌
254‌
HCA,
3.125%,
3/15/27 
260‌
245‌
HCA,
5.375%,
2/1/25 
165‌
165‌
HCA,
5.875%,
2/15/26 
185‌
186‌
Imperial
Brands
Finance,
3.125%,
7/26/24 (1)
730‌
723‌
Imperial
Brands
Finance,
4.25%,
7/21/25 (1)
200‌
197‌
IQVIA,
6.25%,
2/1/29 
125‌
130‌
Par/Shares
$
Value
(Amounts
in
000s)
JDE
Peet's,
0.80%,
9/24/24 (1)
150‌
146‌
Mars,
4.55%,
4/20/28 (1)
355‌
350‌
Mattel,
3.375%,
4/1/26 (1)
210‌
201‌
Mattel,
5.875%,
12/15/27 (1)
230‌
231‌
Mondelez
International,
2.625%,
3/17/27 
190‌
178‌
Mondelez
International
Holdings
Netherlands,
4.25%,
9/15/25 (1)
200‌
197‌
PeaceHealth
Obligated
Group,
Series
2020,
1.375%,
11/15/25 
50‌
46‌
Pfizer
Investment
Enterprises,
4.45%,
5/19/26 
530‌
524‌
Pfizer
Investment
Enterprises,
4.45%,
5/19/28 
185‌
182‌
Philip
Morris
International,
4.875%,
2/13/26 
230‌
229‌
Philip
Morris
International,
5.00%,
11/17/25 
140‌
140‌
Philip
Morris
International,
5.125%,
11/15/24 
270‌
269‌
Revvity,
0.85%,
9/15/24 
715‌
698‌
Solventum,
5.45%,
2/25/27 (1)
355‌
356‌
Thermo
Fisher
Scientific,
4.953%,
8/10/26 
425‌
425‌
Utah
Acquisition,
3.95%,
6/15/26 
435‌
420‌
Viatris,
1.65%,
6/22/25 
380‌
361‌
Viatris,
2.30%,
6/22/27 
203‌
184‌
Viterra
Finance,
4.90%,
4/21/27 (1)
280‌
275‌
Zoetis,
5.40%,
11/14/25 
260‌
260‌
13,718‌
Energy
2.3%
Canadian
Natural
Resources,
2.05%,
7/15/25 
335‌
320‌
Cheniere
Corpus
Christi
Holdings,
5.875%,
3/31/25 
395‌
395‌
Columbia
Pipelines
Holding,
6.055%,
8/15/26 (1)
40‌
41‌
DCP
Midstream
Operating,
5.375%,
7/15/25 
309‌
308‌
Enbridge,
2.50%,
1/15/25 
265‌
257‌
Enbridge,
2.50%,
2/14/25 
150‌
146‌
Enbridge,
5.90%,
11/15/26 
110‌
112‌
Enbridge,
6.00%,
11/15/28 
90‌
93‌
Energy
Transfer,
2.90%,
5/15/25 
65‌
63‌
Energy
Transfer,
4.25%,
4/1/24 
15‌
15‌
Energy
Transfer,
6.05%,
12/1/26 
400‌
408‌
Gray
Oak
Pipeline,
2.60%,
10/15/25 (1)
105‌
100‌
ONEOK,
5.55%,
11/1/26 
190‌
192‌
Ovintiv,
5.65%,
5/15/25 
215‌
215‌
Pioneer
Natural
Resources,
5.10%,
3/29/26 
238‌
237‌
Sabine
Pass
Liquefaction,
5.625%,
3/1/25 
320‌
319‌
Sabine
Pass
Liquefaction,
5.75%,
5/15/24 
100‌
100‌
TER
Finance
Jersey,
Series
21,
Zero
Coupon,
1/2/25 (1)
200‌
191‌
TransCanada
PipeLines,
6.203%,
3/9/26 
415‌
414‌
Williams,
5.40%,
3/2/26 
455‌
459‌
4,385‌
Technology
2.0%
Analog
Devices,
FRN,
SOFR
+
0.25%,
5.616%,
10/1/24 
70‌
70‌
CDW,
5.50%,
12/1/24 
75‌
75‌
Fiserv,
5.15%,
3/15/27 
235‌
236‌
Fortinet,
1.00%,
3/15/26 
160‌
147‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
9
Par/Shares
$
Value
(Amounts
in
000s)
Microchip
Technology,
0.983%,
9/1/24 
220‌
215‌
Micron
Technology,
4.185%,
2/15/27 
50‌
49‌
Micron
Technology,
4.975%,
2/6/26 
50‌
50‌
Micron
Technology,
5.375%,
4/15/28 
260‌
262‌
NXP,
2.70%,
5/1/25 
300‌
291‌
NXP,
3.15%,
5/1/27 
20‌
19‌
NXP,
3.875%,
6/18/26 
155‌
150‌
NXP,
4.40%,
6/1/27 
35‌
34‌
Oracle,
5.80%,
11/10/25 
140‌
141‌
Qorvo,
1.75%,
12/15/24 
125‌
121‌
Roper
Technologies,
2.35%,
9/15/24 
90‌
88‌
S&P
Global,
2.45%,
3/1/27 
510‌
477‌
Western
Digital,
4.75%,
2/15/26 
475‌
463‌
Western
Union,
2.85%,
1/10/25 
666‌
651‌
Workday,
3.50%,
4/1/27 
120‌
115‌
3,654‌
Transportation
1.6%
American
Airlines
PTT,
Series
2017-2,
Class
B,
3.70%,
10/15/25 
246‌
238‌
Canadian
Pacific
Railway,
1.35%,
12/2/24 
315‌
306‌
Canadian
Pacific
Railway,
1.75%,
12/2/26 
135‌
124‌
Element
Fleet
Management,
5.643%,
3/13/27 (1)
175‌
175‌
ERAC
USA
Finance,
4.60%,
5/1/28 (1)
345‌
340‌
ERAC
USA
Finance,
5.00%,
2/15/29 (1)
140‌
140‌
HPHT
Finance,
2.875%,
11/5/24 
600‌
590‌
Penske
Truck
Leasing,
2.70%,
11/1/24 (1)
120‌
118‌
Penske
Truck
Leasing,
3.45%,
7/1/24 (1)
172‌
170‌
Penske
Truck
Leasing,
3.95%,
3/10/25 (1)
180‌
177‌
Penske
Truck
Leasing,
5.35%,
1/12/27 (1)
95‌
95‌
Penske
Truck
Leasing,
5.75%,
5/24/26 (1)
490‌
493‌
2,966‌
Total
Industrial
47,527‌
UTILITY
3.1%
Electric
2.5%
AES,
3.30%,
7/15/25 (1)
190‌
184‌
American
Electric
Power,
5.20%,
1/15/29 
325‌
326‌
Constellation
Energy
Generation,
5.60%,
3/1/28 
145‌
147‌
DTE
Energy,
STEP,
4.22%,
11/1/24 
240‌
238‌
Enel
Finance
International,
1.375%,
7/12/26 (1)
265‌
242‌
Enel
Finance
International,
2.65%,
9/10/24 (1)
405‌
398‌
Enel
Finance
International,
6.80%,
10/14/25 (1)
200‌
204‌
Exelon,
5.15%,
3/15/29 
100‌
100‌
Georgia
Power,
5.004%,
2/23/27 (4)
85‌
85‌
NextEra
Energy
Capital
Holdings,
1.875%,
1/15/27 
310‌
284‌
NextEra
Energy
Capital
Holdings,
4.45%,
6/20/25 
230‌
227‌
NextEra
Energy
Capital
Holdings,
5.749%,
9/1/25 
130‌
131‌
NextEra
Energy
Capital
Holdings,
6.051%,
3/1/25 
115‌
115‌
NRG
Energy,
3.75%,
6/15/24 (1)
155‌
153‌
Pacific
Gas
&
Electric,
3.50%,
6/15/25 
220‌
214‌
Par/Shares
$
Value
(Amounts
in
000s)
PacifiCorp,
5.10%,
2/15/29 
115‌
116‌
Southern,
STEP,
4.475%,
8/1/24 
920‌
915‌
Terraform
Global
Operating,
6.125%,
3/1/26 (1)
450‌
441‌
Vistra
Operations,
5.125%,
5/13/25 (1)
110‌
109‌
4,629‌
Natural
Gas
0.6%
APA
Infrastructure,
4.20%,
3/23/25 (1)
625‌
613‌
NiSource,
5.25%,
3/30/28 
60‌
60‌
Sempra,
3.30%,
4/1/25 
175‌
171‌
Sempra,
5.40%,
8/1/26 
125‌
125‌
Southern
California
Gas,
2.95%,
4/15/27 
185‌
175‌
1,144‌
Total
Utility
5,773‌
Total
Corporate
Bonds
(Cost
$86,788)
85,738‌
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
2.1%
Government
Sponsored
0.2%
MEGlobal
Canada,
5.00%,
5/18/25 
450‌
445‌
445‌
Owned
No
Guarantee
1.9%
Bank
Mandiri
Persero,
5.50%,
4/4/26 
260‌
260‌
DAE
Funding,
1.55%,
8/1/24 (1)
200‌
197‌
Korea
Electric
Power,
5.375%,
7/31/26 (1)
450‌
452‌
Korea
Housing
Finance,
4.625%,
2/24/28 (1)
440‌
438‌
Korea
Hydro
&
Nuclear
Power,
4.25%,
7/27/27 (1)
490‌
477‌
NBN,
1.45%,
5/5/26 (1)
405‌
375‌
Pelabuhan
Indonesia
Persero,
4.875%,
10/1/24 
450‌
448‌
QNB
Finance,
2.625%,
5/12/25 
450‌
436‌
State
Bank
of
India,
1.80%,
7/13/26 
500‌
462‌
3,545‌
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$4,031)
3,990‌
MUNICIPAL
SECURITIES
0.1%
California
0.1%
Golden
State
Tobacco
Securitization,
Series A-1,
1.711%,
6/1/24 
200‌
199‌
Total
Municipal
Securities
(Cost
$200)
199‌
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
8.0%
Collateralized
Mortgage
Obligations
3.8%
Angel
Oak
Mortgage
Trust
Series
2020-3,
Class
A3,
CMO,
ARM
2.872%,
4/25/65 (1)
22‌
20‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
10
Par/Shares
$
Value
(Amounts
in
000s)
Angel
Oak
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.909%,
1/25/66 (1)
108‌
91‌
Angel
Oak
Mortgage
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
1.115%,
1/25/66 (1)
31‌
26‌
Angel
Oak
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.985%,
4/25/66 (1)
97‌
80‌
Angel
Oak
Mortgage
Trust
Series
2021-3,
Class
A1,
CMO,
ARM
1.068%,
5/25/66 (1)
75‌
63‌
Angel
Oak
Mortgage
Trust
Series
2021-6,
Class
A2,
CMO,
ARM
1.581%,
9/25/66 (1)
99‌
81‌
Angel
Oak
Mortgage
Trust
Series
2021-6,
Class
A3,
CMO,
ARM
1.714%,
9/25/66 (1)
93‌
75‌
Bayview
MSR
Opportunity
Master
Fund
Trust
Series
2021-5,
Class
A5,
CMO,
ARM
2.50%,
11/25/51 (1)
135‌
117‌
BINOM
Securitization
Trust
Series
2021-INV1,
Class
A2,
CMO,
ARM
2.37%,
6/25/56 (1)
240‌
206‌
BINOM
Securitization
Trust
Series
2021-INV1,
Class
A3,
CMO,
ARM
2.625%,
6/25/56 (1)
76‌
65‌
BRAVO
Residential
Funding
Trust
Series
2021-NQM3,
Class
A1,
CMO,
ARM
1.699%,
4/25/60 (1)
111‌
102‌
CIM
Trust
Series
2020-INV1,
Class
A2,
CMO,
ARM
2.50%,
4/25/50 (1)
73‌
59‌
Citigroup
Mortgage
Loan
Trust
Series
2020-EXP2,
Class
A3,
CMO,
ARM
2.50%,
8/25/50 (1)
52‌
43‌
COLT
Mortgage
Loan
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
1.167%,
6/25/66 (1)
98‌
80‌
Connecticut
Avenue
Securities
Series
2017-C05,
Class
1ED3,
CMO,
ARM
SOFR30A
+
1.314%,
6.635%,
1/25/30 
2‌
2‌
Connecticut
Avenue
Securities
Trust
Series
2022-R01,
Class
1M1,
CMO,
ARM
SOFR30A
+
1.00%,
6.32%,
12/25/41 (1)
176‌
176‌
Deephaven
Residential
Mortgage
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
0.973%,
5/25/65 (1)
23‌
22‌
Deephaven
Residential
Mortgage
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
1.26%,
4/25/66 (1)
46‌
40‌
Ellington
Financial
Mortgage
Trust
Series
2019-2,
Class
A3,
CMO,
ARM
3.046%,
11/25/59 (1)
17‌
16‌
Ellington
Financial
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.797%,
2/25/66 (1)
28‌
23‌
Ellington
Financial
Mortgage
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.106%,
2/25/66 (1)
28‌
23‌
Par/Shares
$
Value
(Amounts
in
000s)
Ellington
Financial
Mortgage
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
1.291%,
6/25/66 (1)
59‌
48‌
Flagstar
Mortgage
Trust
Series
2020-1INV,
Class
A11,
CMO,
ARM
1M
TSFR
+
0.964%,
6.00%,
3/25/50 (1)
129‌
121‌
Freddie
Mac
Whole
Loan
Securities
Trust
Series
2017-SC01,
Class
M1,
CMO,
ARM
3.645%,
12/25/46 (1)
46‌
44‌
Freddie
Mac
Whole
Loan
Securities
Trust
Series
2017-SC02,
Class
M1,
CMO,
ARM
3.865%,
5/25/47 (1)
23‌
22‌
Galton
Funding
Mortgage
Trust
Series
2018-1,
Class
A33,
CMO,
ARM
3.50%,
11/25/57 (1)
38‌
34‌
Galton
Funding
Mortgage
Trust
Series
2019-1,
Class
A21,
CMO,
ARM
4.50%,
2/25/59 (1)
10‌
10‌
Galton
Funding
Mortgage
Trust
Series
2019-1,
Class
A32,
CMO,
ARM
4.00%,
2/25/59 (1)
16‌
15‌
Galton
Funding
Mortgage
Trust
Series
2019-H1,
Class
M1,
CMO,
ARM
3.339%,
10/25/59 (1)
230‌
216‌
Galton
Funding
Mortgage
Trust
Series
2020-H1,
Class
M1,
CMO,
ARM
2.832%,
1/25/60 (1)
380‌
315‌
GS
Mortgage-Backed
Securities
Trust
Series
2014-EB1A,
Class
2A1,
CMO,
ARM
5.133%,
7/25/44 (1)
3‌
3‌
Imperial
Fund
Mortgage
Trust
Series
2021-NQM2,
Class
A3,
CMO,
ARM
1.516%,
9/25/56 (1)
98‌
81‌
Imperial
Fund
Mortgage
Trust
Series
2022-NQM4,
Class
A1,
CMO,
STEP
4.767%,
6/25/67 (1)
330‌
325‌
JPMorgan
Mortgage
Trust
Series
2020-INV1,
Class
A15,
CMO,
ARM
3.50%,
8/25/50 (1)
90‌
79‌
MFA
Trust
Series
2021-INV1,
Class
A1,
CMO,
ARM
0.852%,
1/25/56 (1)
37‌
35‌
MFA
Trust
Series
2021-NQM2,
Class
A2,
CMO,
ARM
1.317%,
11/25/64 (1)
48‌
41‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust
Series
2023-NQM1,
Class
A2,
CMO,
STEP
7.53%,
9/25/68 (1)
96‌
98‌
New
Residential
Mortgage
Loan
Trust
Series
2021-INV2,
Class
A7,
CMO,
ARM
2.50%,
9/25/51 (1)
353‌
308‌
NLT
Trust
Series
2021-INV2,
Class
A3,
CMO,
ARM
1.52%,
8/25/56 (1)
89‌
73‌
OBX
Trust
Series
2019-EXP2,
Class
2A2,
CMO,
ARM
1M
TSFR
+
1.314%,
6.635%,
6/25/59 (1)
18‌
17‌
OBX
Trust
Series
2020-EXP1,
Class
2A2,
CMO,
ARM
1M
TSFR
+
1.064%,
6.394%,
2/25/60 (1)
30‌
27‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
11
Par/Shares
$
Value
(Amounts
in
000s)
OBX
Trust
Series
2020-EXP2,
Class
A8,
CMO,
ARM
3.00%,
5/25/60 (1)
93‌
79‌
OBX
Trust
Series
2020-EXP2,
Class
A9,
CMO,
ARM
3.00%,
5/25/60 (1)
24‌
21‌
OBX
Trust
Series
2020-INV1,
Class
A5,
CMO,
ARM
3.50%,
12/25/49 (1)
53‌
47‌
OBX
Trust
Series
2023-NQM9,
Class
A2,
CMO,
STEP
7.513%,
10/25/63 (1)
94‌
95‌
Oceanview
Mortgage
Trust
Series
2022-1,
Class
A5,
CMO,
ARM
2.50%,
12/25/51 (1)
186‌
160‌
Sequoia
Mortgage
Trust
Series
2018-CH2,
Class
A21,
CMO,
ARM
4.00%,
6/25/48 (1)
26‌
24‌
Sequoia
Mortgage
Trust
Series
2018-CH3,
Class
A19,
CMO,
ARM
4.50%,
8/25/48 (1)
4‌
4‌
SG
Residential
Mortgage
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
1.381%,
5/25/65 (1)
37‌
33‌
Starwood
Mortgage
Residential
Trust
Series
2019-INV1,
Class
A3,
CMO,
ARM
2.916%,
9/27/49 (1)
207‌
199‌
Starwood
Mortgage
Residential
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.943%,
5/25/65 (1)
84‌
76‌
Starwood
Mortgage
Residential
Trust
Series
2021-4,
Class
A1,
CMO,
ARM
1.162%,
8/25/56 (1)
239‌
199‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA5,
Class
M2,
CMO,
ARM
SOFR30A
+
1.65%,
6.97%,
1/25/34 (1)
64‌
64‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA7,
Class
M2,
CMO,
ARM
SOFR30A
+
1.80%,
7.12%,
11/25/41 (1)
90‌
90‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2022-DNA5,
Class
M1A,
CMO,
ARM
SOFR30A
+
2.95%,
8.27%,
6/25/42 (1)
221‌
227‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2023-HQA3,
Class
A1,
CMO,
ARM
SOFR30A
+
1.85%,
7.17%,
11/25/43 (1)
98‌
99‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2024-HQA1,
Class
A1,
CMO,
ARM
SOFR30A
+
1.25%,
6.569%,
3/25/44 (1)
350‌
350‌
Toorak
Mortgage
Series
2021-INV1,
Class
A2,
CMO,
ARM
1.409%,
7/25/56 (1)
54‌
46‌
Towd
Point
Mortgage
Trust
Series
2022-4,
Class
A1,
CMO
3.75%,
9/25/62 (1)
373‌
347‌
UWM
Mortgage
Trust
Series
2021-INV2,
Class
A4,
CMO,
ARM
2.50%,
9/25/51 (1)
76‌
66‌
Verus
Securitization
Trust
Series
2019-4,
Class
A3,
CMO,
STEP
4.00%,
11/25/59 (1)
145‌
140‌
Par/Shares
$
Value
(Amounts
in
000s)
Verus
Securitization
Trust
Series
2019-INV3,
Class
A3,
CMO,
ARM
4.10%,
11/25/59 (1)
130‌
126‌
Verus
Securitization
Trust
Series
2020-1,
Class
A3,
CMO,
STEP
3.724%,
1/25/60 (1)
191‌
183‌
Verus
Securitization
Trust
Series
2020-5,
Class
A3,
CMO,
STEP
1.733%,
5/25/65 (1)
25‌
23‌
Verus
Securitization
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.815%,
1/25/66 (1)
33‌
29‌
Verus
Securitization
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
1.052%,
1/25/66 (1)
44‌
38‌
Verus
Securitization
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.155%,
1/25/66 (1)
31‌
27‌
Verus
Securitization
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
1.031%,
2/25/66 (1)
59‌
51‌
Verus
Securitization
Trust
Series
2021-5,
Class
A3,
CMO,
ARM
1.373%,
9/25/66 (1)
84‌
70‌
Verus
Securitization
Trust
Series
2021-7,
Class
A1,
CMO,
ARM
1.829%,
10/25/66 (1)
324‌
280‌
Verus
Securitization
Trust
Series
2021-R1,
Class
A2,
CMO,
ARM
1.057%,
10/25/63 (1)
19‌
17‌
Verus
Securitization
Trust
Series
2021-R2,
Class
A1,
CMO,
ARM
0.918%,
2/25/64 (1)
64‌
56‌
Verus
Securitization
Trust
Series
2022-1,
Class
A3,
CMO,
ARM
3.288%,
1/25/67 (1)
284‌
249‌
Verus
Securitization
Trust
Series
2023-6,
Class
A2,
CMO,
STEP
6.939%,
9/25/68 (1)
118‌
119‌
Verus
Securitization
Trust
Series
2023-8,
Class
A2,
CMO,
STEP
6.664%,
12/25/68 (1)
96‌
97‌
Verus
Securitization
Trust
Series
2023-INV3,
Class
A2,
CMO,
ARM
7.33%,
11/25/68 (1)
102‌
103‌
7,156‌
Commercial
Mortgage-Backed
Securities
4.0%
Alen
Mortgage
Trust
Series
2021-ACEN,
Class
A,
ARM
1M
TSFR
+
1.264%,
6.59%,
4/15/34 (1)
265‌
242‌
BAMLL
Commercial
Mortgage
Securities
Trust
Series
2018-DSNY,
Class
A,
ARM
1M
TSFR
+
1.147%,
6.473%,
9/15/34 (1)
347‌
347‌
BAMLL
Commercial
Mortgage
Securities
Trust
Series
2021-JACX,
Class
C,
ARM
1M
TSFR
+
2.114%,
7.44%,
9/15/38 (1)
190‌
164‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
12
Par/Shares
$
Value
(Amounts
in
000s)
BCP
Trust
Series
2021-330N,
Class
A,
ARM
1M
TSFR
+
0.913%,
6.239%,
6/15/38 (1)
120‌
114‌
Benchmark
Mortgage
Trust
Series
2024-V6,
Class
A1
5.568%,
10/15/28 
130‌
130‌
BFLD
Series
2019-DPLO,
Class
B,
ARM
1M
TSFR
+
1.454%,
6.779%,
10/15/34 (1)
510‌
509‌
BMO
Mortgage
Trust
Series
2024-C8,
Class
A1
5.542%,
3/15/57 
140‌
140‌
BPR
Trust
Series
2021-TY,
Class
B,
ARM
1M
TSFR
+
1.264%,
6.59%,
9/15/38 (1)
200‌
197‌
BSREP
Commercial
Mortgage
Trust
Series
2021-DC,
Class
D,
ARM
1M
TSFR
+
2.014%,
7.34%,
8/15/38 (1)
166‌
128‌
BX
Commercial
Mortgage
Trust
Series
2019-IMC,
Class
A,
ARM
1M
TSFR
+
1.046%,
6.371%,
4/15/34 (1)
100‌
100‌
BX
Commercial
Mortgage
Trust
Series
2019-IMC,
Class
B,
ARM
1M
TSFR
+
1.346%,
6.671%,
4/15/34 (1)
170‌
170‌
BX
Commercial
Mortgage
Trust
Series
2022-AHP,
Class
A,
ARM
1M
TSFR
+
0.99%,
6.315%,
1/17/39 (1)
190‌
188‌
BX
Commercial
Mortgage
Trust
Series
2022-CSMO,
Class
B,
ARM
1M
TSFR
+
3.141%,
8.466%,
6/15/27 (1)
260‌
261‌
BX
Trust
Series
2021-ARIA,
Class
C,
ARM
1M
TSFR
+
1.76%,
7.085%,
10/15/36 (1)
145‌
143‌
Citigroup
Commercial
Mortgage
Trust
Series
2013-375P,
Class
B,
ARM
3.518%,
5/10/35 (1)
205‌
194‌
Citigroup
Commercial
Mortgage
Trust
Series
2013-375P,
Class
C,
ARM
3.518%,
5/10/35 (1)
150‌
139‌
Cold
Storage
Trust
Series
2020-ICE5,
Class
B,
ARM
1M
TSFR
+
1.414%,
6.732%,
11/15/37 (1)
256‌
255‌
Commercial
Mortgage
Trust
Series
2014-CR19,
Class
AM
4.08%,
8/10/47 
210‌
207‌
Commercial
Mortgage
Trust
Series
2014-CR19,
Class
D,
ARM
4.621%,
8/10/47 (1)
250‌
222‌
Commercial
Mortgage
Trust
Series
2014-UBS2,
Class
B
4.701%,
3/10/47 
119‌
113‌
Commercial
Mortgage
Trust
Series
2015-CR22,
Class
B,
ARM
3.926%,
3/10/48 
100‌
93‌
Commercial
Mortgage
Trust
Series
2017-PANW,
Class
A
3.244%,
10/10/29 (1)
100‌
92‌
Commercial
Mortgage
Trust
Series
2017-PANW,
Class
D,
ARM
3.935%,
10/10/29 (1)
100‌
89‌
Par/Shares
$
Value
(Amounts
in
000s)
Credit
Suisse
Mortgage
Trust
Series
2020-NET,
Class
A
2.257%,
8/15/37 (1)
109‌
101‌
Extended
Stay
America
Trust
Series
2021-ESH,
Class
C,
ARM
1M
TSFR
+
1.814%,
7.139%,
7/15/38 (1)
178‌
178‌
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC
Series
K753,
Class
A1
4.60%,
6/25/30 
158‌
157‌
Fontainebleau
Miami
Beach
Trust
Series
2019-FBLU,
Class
A
3.144%,
12/10/36 (1)
200‌
195‌
Great
Wolf
Trust
Series
2019-WOLF,
Class
A,
ARM
1M
TSFR
+
1.348%,
6.673%,
12/15/36 (1)
117‌
117‌
Great
Wolf
Trust
Series
2019-WOLF,
Class
B,
ARM
1M
TSFR
+
1.648%,
6.973%,
12/15/36 (1)
35‌
34‌
Great
Wolf
Trust
Series
2019-WOLF,
Class
C,
ARM
1M
TSFR
+
1.947%,
7.272%,
12/15/36 (1)
299‌
299‌
GS
Mortgage
Securities
Trust
Series
2021-ROSS,
Class
B,
ARM
1M
TSFR
+
1.714%,
7.04%,
5/15/26 (1)
160‌
128‌
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2019-BKWD,
Class
C,
ARM
1M
TSFR
+
2.214%,
7.54%,
9/15/29 (1)
355‌
277‌
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
B,
ARM
1M
TSFR
+
2.134%,
7.46%,
10/15/33 (1)
255‌
240‌
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
C,
ARM
1M
TSFR
+
2.534%,
7.86%,
10/15/33 (1)
210‌
185‌
KIND
Trust
Series
2021-KIND,
Class
C,
ARM
1M
TSFR
+
1.864%,
7.194%,
8/15/38 (1)
243‌
235‌
LSTAR
Commercial
Mortgage
Trust
Series
2017-5,
Class
AS
4.021%,
3/10/50 (1)
145‌
133‌
Morgan
Stanley
Capital
I
Trust
Series
2014-150E,
Class
A
3.912%,
9/9/32 (1)
340‌
298‌
Morgan
Stanley
Capital
I
Trust
Series
2019-NUGS,
Class
D,
ARM
1M
TSFR
+
1.914%,
7.24%,
12/15/36 (1)
130‌
36‌
ONE
Mortgage
Trust
Series
2021-PARK,
Class
B,
ARM
1M
TSFR
+
1.064%,
6.389%,
3/15/36 (1)
315‌
301‌
ONE
Mortgage
Trust
Series
2021-PARK,
Class
C,
ARM
1M
TSFR
+
1.214%,
6.539%,
3/15/36 (1)
170‌
160‌
Wells
Fargo
Commercial
Mortgage
Trust
Series
2015-NXS2,
Class
A2
3.02%,
7/15/58 
42‌
41‌
7,352‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
13
Par/Shares
$
Value
(Amounts
in
000s)
Residential
Mortgage
0.2%
Finance
of
America
HECM
Buyout
Series
2022-HB2,
Class
A1A,
ARM
4.00%,
8/1/32 (1)
182‌
178‌
MetLife
Securitization
Trust
Series
2017-1A,
Class
A,
CMO,
ARM
3.00%,
4/25/55 (1)
100‌
94‌
Towd
Point
Mortgage
Trust
Series
2017-1,
Class
A1,
CMO,
ARM
2.75%,
10/25/56 (1)
2‌
2‌
Towd
Point
Mortgage
Trust
Series
2018-1,
Class
A1,
CMO,
ARM
3.00%,
1/25/58 (1)
47‌
45‌
319‌
Total
Non-U.S.
Government
Mortgage-
Backed
Securities
(Cost
$16,082)
14,827‌
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
5.0%
U.S.
Government
Agency
Obligations
3.7%
Federal
Home
Loan
Mortgage 
3.50%,
3/1/46 
82‌
76‌
5.00%,
7/1/25 
—‌
—‌
5.50%,
10/1/38 
2‌
2‌
6.00%,
9/1/34
-
9/1/35 
54‌
56‌
7.00%,
3/1/39 
44‌
46‌
7.50%,
6/1/38 
41‌
43‌
Federal
Home
Loan
Mortgage,
ARM 
1Y
CMT
+
2.245%,
6.37%,
1/1/36 
4‌
5‌
1Y
CMT
+
2.25%,
6.34%,
10/1/36 
1‌
1‌
RFUCCT1Y
+
1.625%,
4.848%,
4/1/37 
5‌
5‌
RFUCCT1Y
+
1.625%,
5.26%,
6/1/38 
10‌
10‌
RFUCCT1Y
+
1.726%,
5.965%,
7/1/35 
1‌
2‌
RFUCCT1Y
+
1.733%,
5.951%,
10/1/36 
3‌
3‌
RFUCCT1Y
+
1.741%,
5.125%,
5/1/38 
5‌
5‌
RFUCCT1Y
+
1.75%,
6.125%,
2/1/35 
1‌
1‌
RFUCCT1Y
+
1.775%,
5.232%,
5/1/37 
2‌
2‌
RFUCCT1Y
+
1.842%,
6.091%,
1/1/37 
2‌
2‌
RFUCCT1Y
+
1.917%,
6.292%,
2/1/37 
1‌
1‌
RFUCCT1Y
+
2.03%,
6.276%,
11/1/36 
2‌
2‌
RFUCCT1Y
+
2.083%,
6.582%,
2/1/38 
7‌
7‌
Federal
Home
Loan
Mortgage,
CMO,
2.00%,
2/15/40 
24‌
23‌
Federal
Home
Loan
Mortgage,
UMBS 
1.50%,
2/1/36 
189‌
165‌
2.50%,
1/1/52
-
5/1/52 
406‌
339‌
3.00%,
11/1/34 
129‌
121‌
4.00%,
12/1/49 
31‌
29‌
4.50%,
9/1/37
-
5/1/50 
245‌
240‌
5.50%,
8/1/53 
252‌
252‌
6.00%,
2/1/53 
132‌
135‌
Federal
National
Mortgage
Assn.,
ARM 
RFUCCT1Y
+
1.34%,
5.59%,
12/1/35 
2‌
2‌
RFUCCT1Y
+
1.553%,
5.803%,
7/1/35 
1‌
1‌
RFUCCT1Y
+
1.584%,
5.834%,
12/1/35 
5‌
5‌
RFUCCT1Y
+
1.598%,
5.685%,
7/1/36 
4‌
4‌
Par/Shares
$
Value
(Amounts
in
000s)
RFUCCT1Y
+
1.655%,
5.905%,
8/1/37 
1‌
1‌
RFUCCT1Y
+
1.77%,
6.145%,
12/1/35 
1‌
—‌
RFUCCT1Y
+
1.78%,
6.03%,
1/1/34 
5‌
5‌
RFUCCT1Y
+
1.788%,
4.538%,
5/1/38 
2‌
2‌
RFUCCT1Y
+
1.83%,
5.081%,
4/1/38 
12‌
12‌
RFUCCT1Y
+
1.853%,
6.103%,
8/1/38 
6‌
6‌
RFUCCT1Y
+
1.892%,
6.142%,
12/1/35 
2‌
1‌
RFUCCT1Y
+
1.923%,
5.201%,
5/1/38 
5‌
5‌
RFUCCT1Y
+
2.04%,
6.29%,
12/1/36 
1‌
1‌
Federal
National
Mortgage
Assn.,
UMBS 
2.00%,
10/1/50 
102‌
81‌
2.50%,
1/1/52
-
1/1/54 
411‌
341‌
3.00%,
1/1/27
-
6/1/52 
395‌
345‌
3.50%,
3/1/28
-
1/1/52 
111‌
101‌
4.00%,
11/1/49
-
9/1/52 
682‌
633‌
4.50%,
12/1/40
-
8/1/52 
1,015‌
974‌
5.00%,
9/1/25
-
9/1/53 
406‌
400‌
5.50%,
10/1/24
-
10/1/53 
364‌
367‌
6.00%,
3/1/34
-
8/1/53 
1,726‌
1,757‌
6.50%,
7/1/32
-
12/1/32 
39‌
40‌
UMBS,
TBA,
6.00%,
4/1/54 (5)
275‌
277‌
6,934‌
U.S.
Government
Obligations
1.3%
Government
National
Mortgage
Assn. 
2.00%,
3/20/52 
19‌
16‌
3.00%,
9/20/47 
635‌
567‌
3.50%,
7/20/52 
762‌
694‌
4.00%,
10/20/50
-
10/20/52 
191‌
179‌
4.50%,
10/20/52 
590‌
567‌
5.00%,
12/20/34
-
11/20/47 
218‌
219‌
5.50%,
3/20/48
-
3/20/49 
34‌
35‌
Government
National
Mortgage
Assn.,
TBA,
6.50%,
4/20/54 (5)
140‌
142‌
2,419‌
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$9,688)
9,353‌
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
18.9%
U.S.
Treasury
Obligations
18.9%
U.S.
Treasury
Inflation-Indexed
Notes,
2.375%,
10/15/28 
901‌
923‌
U.S.
Treasury
Notes,
4.00%,
12/15/25 
1,525‌
1,506‌
U.S.
Treasury
Notes,
4.25%,
12/31/25 
4,615‌
4,578‌
U.S.
Treasury
Notes,
4.25%,
1/31/26 (4)
9,995‌
9,917‌
U.S.
Treasury
Notes,
4.50%,
11/15/25 (6)
2,360‌
2,349‌
U.S.
Treasury
Notes,
4.50%,
3/31/26 
4,660‌
4,648‌
U.S.
Treasury
Notes,
4.625%,
2/28/26 
10,230‌
10,222‌
U.S.
Treasury
Notes,
4.625%,
11/15/26 
180‌
181‌
U.S.
Treasury
Notes,
4.875%,
11/30/25 
920‌
921‌
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$35,379)
35,245‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
14
Par/Shares
$
Value
(Amounts
in
000s)
SHORT-TERM
INVESTMENTS
4.7%
Commercial
Paper
1.3%
4(2)
1.3%
(7)
Bacardi-Martini,
5.833%,
4/25/24 
500‌
498‌
Crown
Castle
International,
5.883%,
4/30/24 
495‌
492‌
International
Flavors
&
Fragrance,
6.009%,
4/3/24 
495‌
495‌
VF,
6.456%,
7/23/24 
490‌
481‌
Walgreens
Boots
Alliance,
6.382%,
4/15/24 
495‌
493‌
2,459‌
Money
Market
Funds
3.4%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (8)(9)
6,264‌
6,264‌
6,264‌
Total
Short-Term
Investments
(Cost
$8,724)
8,723‌
SECURITIES
LENDING
COLLATERAL
0.3%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.3%
Money
Market
Funds
0.3%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (8)(9)
542‌
542‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
542‌
Total
Securities
Lending
Collateral
(Cost
$542)
542‌
Total
Investments
in
Securities
103.1%
(Cost
$195,026)
$
192,069‌
Other
Assets
Less
Liabilities
(3.1)%
(5,730‌)
Net
Assets
100.0%
$
186,339‌
‡
Par/Shares
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$66,729
and
represents
35.8%
of
net
assets.
(2)
All
or
a
portion
of
this
loan
is
unsettled
as
of
March
31,
2024.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(3)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(4)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2024.
(5)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$419
and
represents
0.2%
of
net
assets.
(6)
At
March
31,
2024,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
15
.
(7)
Commercial
paper
exempt
from
registration
under
Section
4(2)
of
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
dealers
in
that
program
or
other
"accredited
investors".
Total
value
of
such
securities
at
period-end
amounts
to
$2,459
and
represents
1.3%
of
net
assets.
(8)
Seven-day
yield
(9)
Affiliated
Companies
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
1Y
CMT
One
year
U.S.
Treasury
note
constant
maturity
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans. 
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
FRN
Floating
Rate
Note
PTT
Pass-Through
Trust
RFUCCT1Y
Twelve
month
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
SOFR
Secured
overnight
financing
rate
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
SOFR90A
90-day
Average
SOFR
(Secured
overnight
financing
rate)
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TBA
To-Be-Announced
UMBS
Uniform
Mortgage-Backed
Securities
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
16
(Amounts
in
000s)
SWAPS
(0.0)%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
(0.0)%
Credit
Default
Swaps,
Protection
Bought
(0.0)%
Bank
of
America,
Protection
Bought
(Relevant
Credit:
General
Mills),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
417
(3)
(2)
(1‌)
Barclays
Bank,
Protection
Bought
(Relevant
Credit:
Omnicom
Group),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
1,250
(9)
(6)
(3‌)
Citibank,
Protection
Bought
(Relevant
Credit:
General
Mills),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
596
(4)
(3)
(1‌)
Goldman
Sachs,
Protection
Bought
(Relevant
Credit:
General
Mills),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
1,220
(8)
(5)
(3‌)
Total
Bilateral
Credit
Default
Swaps,
Protection
Bought
(16)
(8‌)
Total
Bilateral
Swaps
(16)
(8‌)
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
17
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
9
U.S.
Treasury
Notes
five
year
contracts
6/24
(963)
$
(2‌)
Short,
31
U.S.
Treasury
Notes
ten
year
contracts
6/24
(3,435)
(12‌)
Long,
244
U.S.
Treasury
Notes
two
year
contracts
6/24
49,894
(46‌)
Short,
3
Ultra
U.S.
Treasury
Bonds
contracts
6/24
(387)
(6‌)
Short,
31
Ultra
U.S.
Treasury
Notes
ten
year
contracts
6/24
(3,553)
(17‌)
Net
payments
(receipts)
of
variation
margin
to
date
41‌
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(42‌)
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
18
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
March
31,
2024.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
—‌
$
—‌
$
34‌++
Totals
$
—‌#
$
—‌
$
34‌+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
03/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
3,436‌
 ¤
 ¤
$
6,806‌
Total
$
6,806‌^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$34
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$6,806.
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
Unaudited
19
Notes
to
Portfolio
of
Investments
T.
Rowe
Price
Limited-Term
Bond
Portfolio (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus. 
VALUATION 
Fair
Value
  The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques 
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.   
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
20
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
  The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS 
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-
existing
political,
social,
and
economic
risks.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
E303-054Q1
03/24
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—‌
$
182,804‌
$
—‌
$
182,804‌
Short-Term
Investments
6,264‌
2,459‌
—‌
8,723‌
Securities
Lending
Collateral
542‌
—‌
—‌
542‌
Total
$
6,806‌
$
185,263‌
$
—‌
$
192,069‌
Liabilities
Swaps
$
—‌
$
24‌
$
—‌
$
24‌
Futures
Contracts*
83‌
—‌
—‌
83‌
Total
$
83‌
$
24‌
$
—‌
$
107‌
1
Includes
Asset-Backed
Securities,
Corporate
Bonds,
Foreign
Government
Obligations
&
Municipalities,
Municipal
Securities,
Non-U.S.
Government
Mortgage-Backed
Securities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.