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: 811-07153

T. Rowe Price Fixed Income Series, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Annual

REPORT

December

31,

2022

Limited-Term

Bond

Portfolio

T.

ROWE

PRICE

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

Highlights

and

Market

Commentary

Management’s

Discussion

of

Fund

Performance

Performance

and

Expenses

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

HIGHLIGHTS

The

Limited-Term

Bond

Portfolio

underperformed

its

benchmark

and

its

Lipper

peer

group

average

over

the

12-month

period

ended

December

31,

2022.

Shorter-maturity

bond

markets

were

adversely

impacted

by

macro-

and

interest

rate-driven

volatility

during

the

reporting

period.

The

portfolio's

risk

levels

increased

modestly

over

the

period,

partly

due

to

an

increase

in

our

allocation

to

investment-grade

corporate

bonds

as

valuations

became

more

attractive.

In

our

view,

the

ultimate

state

of

the

economy

and

probability

of

a

recession

will

remain

the

primary

risk

for

credit

investors

this

year.

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

Certain

mutual

fund

accounts

that

are

assessed

an

annual

account

service

fee

can

also

save

money

by

switching

to

e-delivery.

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

Market

Commentary

1

Dear

Investor

Nearly

all

major

global

stock

and

bond

indexes

fell

sharply

in

2022,

as

investors

contended

with

persistently

high

inflation,

tightening

financial

conditions,

and

slowing

economic

and

corporate

earnings

growth.

Double-digit

losses

were

common

in

equity

markets

around

the

world,

and

bond

investors

also

faced

a

historically

tough

environment

amid

a

sharp

rise

in

interest

rates.

Value

shares

declined

but

outperformed

growth

stocks

by

a

considerable

margin

as

equity

investors

turned

risk

averse

and

as

rising

rates

put

downward

pressure

on

growth

stock

valuations.

Emerging

markets

stocks

generally

underperformed

shares

in

developed

markets.

Meanwhile,

the

U.S.

dollar

strengthened

versus

most

currencies

during

the

period,

which

weighed

on

returns

for

U.S.

investors

in

international

securities.

Within

the

S&P

500

Index,

energy

was

a

rare

bright

spot,

gaining

more

than

60%

as

oil

prices

jumped

in

response

to

Russia’s

invasion

of

Ukraine

and

concerns

over

commodity

supply

shortages.

Defensive

shares,

such

as

utilities,

consumer

staples,

and

health

care,

held

up

relatively

well

and

finished

the

year

with

roughly

flat

returns.

Conversely,

communication

services,

consumer

discretionary,

and

information

technology

shares

suffered

the

largest

declines.

Elevated

inflation

remained

a

leading

concern

for

investors

throughout

the

period,

although

there

were

signs

that

price

increases

were

moderating

by

year-end.

November’s

consumer

price

index

data

showed

headline

inflation

rising

7.1%

on

a

12-month

basis,

the

lowest

level

since

December

2021

but

still

well

above

the

Federal

Reserve’s

2%

long-term

target.

In

response

to

the

high

inflation

readings,

global

central

banks

tightened

monetary

policy,

and

investors

focused

on

communications

from

central

bank

officials

on

how

high

rates

would

have

to

go.

The

Fed,

which

at

the

end

of

2021

had

forecast

that

it

would

only

need

to

raise

interest

rates

0.75

percentage

point

in

all

of

2022,

raised

its

short-term

lending

benchmark

from

near

zero

in

March

to

a

target

range

of

4.25%

to

4.50%

by

December

and

indicated

that

additional

hikes

are

likely.

Bond

yields

increased

considerably

across

the

U.S.

Treasury

yield

curve

as

the

Fed

tightened

monetary

policy,

with

the

yield

on

the

benchmark

10-year

U.S.

Treasury

note

climbing

from

1.52%

at

the

start

of

the

period

to

3.88%

at

the

end

of

the

year.

Significant

inversions

in

the

yield

curve,

which

are

often

considered

a

warning

sign

of

a

coming

recession,

occurred

during

the

period

as

shorter-maturity

Treasuries

experienced

the

largest

yield

increases.

The

sharp

increase

in

yields

led

to

historically

weak

results

across

the

fixed

income

market,

with

the

Bloomberg

U.S.

Aggregate

Bond

Index

delivering

its

worst

year

on

record.

(Bond

prices

and

yields

move

in

opposite

directions.)

As

the

period

came

to

an

end,

the

economic

backdrop

appeared

mixed.

Although

manufacturing

gauges

have

drifted

toward

contraction

levels,

the

U.S.

jobs

market

remained

resilient,

and

corporate

and

household

balance

sheets

appeared

strong.

Meanwhile,

the

housing

market

has

weakened

amid

rising

mortgage

rates.

The

past

year

has

been

a

trying

time

for

investors

as

few

sectors

remained

untouched

by

the

broad

headwinds

that

markets

faced,

and

volatility

may

continue

in

the

near

term

as

central

banks

tighten

policy

amid

slowing

economic

growth.

However,

in

our

view,

there

continue

to

be

opportunities

for

selective

investors

focused

on

fundamentals.

Valuations

in

most

global

equity

markets

have

improved

markedly,

although

U.S.

equities

still

appear

relatively

expensive

by

historical

standards,

while

bond

yields

have

reached

some

of

the

most

attractive

levels

since

the

2008

global

financial

crisis.

We

believe

this

environment

makes

skilled

active

management

a

critical

tool

for

identifying

risks

and

opportunities,

and

our

investment

teams

will

continue

to

use

fundamental

research

to

identify

securities

that

can

add

value

to

your

portfolio

over

the

long

term.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely, 

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

Management’s

Discussion

of

Fund

Performance

2

INVESTMENT

OBJECTIVE 

The

fund

seeks

a

high

level

of

income

consistent

with

moderate

fluctuations

in

principal

value.

FUND

COMMENTARY

How

did

the

fund

perform

in

the

past 12

months?

The

Limited-Term

Bond

Portfolio

returned

-4.52%

in

the

12-month

period

ended

December

31,

2022,

underperforming

its

benchmark,

the

Bloomberg

1–3

Year

U.S.

Government/

Credit

Bond

Index,

as

well

as

its

Lipper

peer

group

average.

(Returns

for

the

II

Class

shares

will

vary,

reflecting

their

different

fee

structure.

Past

performance

cannot

guarantee

future

results

.)

What

factors

influenced

the

fund’s

performance?

Shorter-maturity

bond

markets

were

adversely

impacted

by

macro-

and

interest

rate-driven

volatility

during

the

reporting

period.

Early

in

the

year,

geopolitical

conflict,

hawkish

rhetoric

from

the

Federal

Reserve,

and

heavy

new

issuance

weighed

on

spread

sectors.

While

hopes

of

a

dovish

pivot

from

the

Fed

gave

risk

assets

some

reprieve

in

the

summer,

hawkish

rhetoric

and

elevated

inflation

quelled

these

hopes

until

late

in

the

period,

at

which

time

cooling

economic

data

and

comments

from

Fed

Chair

Jerome

Powell

renewed

expectations

for

smaller

rate

hikes.

Against

this

unstable

macroeconomic

backdrop,

all

market

segments

within

the

U.S.

investment-grade

fixed

income

market

posted

negative

returns.

Corporate

bonds

produced

the

weakest

total

returns,

with

one-

to

three-year

corporate

bond

prices

depreciating

and

credit

spreads

widening

amid

depleted

risk

sentiment

and

a

sharp

rise

in

front-end

U.S.

Treasury

yields.

(Credit

spreads

are

a

measure

of

the

additional

yield

offered

by

bonds

that

have

credit

risk

compared

with

U.S.

Treasuries

with

similar

maturities.)

While

Treasury

yields

rose

broadly

across

the

yield

curve,

yields

on

shorter-maturity

Treasury

notes

rose

most

prominently

as

investors

priced

in

a

higher-for-longer

interest

rate

regime.

The

yield

on

the

two-year

Treasury

note

began

the

year

at

0.73%

and

ended

at

4.41%.

Sector

allocation

was

the

predominant

detractor

from

the

portfolio's

relative

performance.

Out-of-benchmark

allocations

to

securitized

sectors—including

asset-backed

securities

(ABS),

commercial

mortgage-backed

securities

(CMBS),

and

residential

mortgage-backed

securities

(RMBS)—hindered

relative

results

amid

interest

rate

volatility

and

periods

of

heavy

new

issuance.

The

portfolio's

allocation

to

RMBS

was

a

prominent

detractor,

as

the

interest

rate-sensitive

sector

was

dragged

lower

by

concerns

about

the

ramifications

of

tighter

Fed

policy,

rising

rates,

and

declining

housing

affordability.

Conversely,

an

overweight

to

investment-grade

corporate

bonds

and

a

corresponding

underweight

to

U.S.

Treasuries

helped

relative

performance

as

limited

new

supply,

some

encouraging

corporate

earnings

reports,

and

more

constructive

risk

sentiment

fueled

a

late-period

rally

among

corporate

bonds.

Security

selection

within

investment-grade

corporate

bonds

was

also

beneficial.

Interest

rate

management

produced

relative

gains.

Modest

underweights

in

the

front

end

of

the

yield

curve

and

a

slight

overweight

in

the

intermediate

portion

aided

relative

results

as

the

yield

curve

flattened

and,

in

certain

portions

of

the

yield

curve,

inverted

during

the

reporting

period.

However,

the

portfolio's

average

duration

profile,

which

was

slightly

long

relative

to

the

benchmark,

negated

some

relative

gains

as

Treasury

yields

rose

broadly

across

the

yield

curve.

In

addition,

while

we

are

primarily

a

cash

bond

manager,

we

occasionally

employ

the

limited

use

of

derivatives

in

our

strategy

for

hedging

purposes.

Derivatives

may

include

futures

and

options,

as

well

as

credit

default

and

interest

rate

swaps.

During

the

reporting

period,

our

use

of

Treasury

futures

detracted

from

absolute

performance.

How

is

the

fund

positioned?

Relative

to

the

benchmark,

we

continue

to

underweight

Treasuries

while

aiming

to

add

yield

by

overweighting

non-Treasury

sectors

and

taking

out-of-benchmark

positions

in

higher-yielding

securitized

debt.

Within

short-term

bond

portfolios,

we

believe

yield

plays

a

greater

role

than

price

appreciation

in

generating

excess

returns

and

limiting

volatility.

Because

corporate

bonds

and

securitized

issues

typically

have

greater

yields

than

Treasuries,

we

believe

that

we

can

selectively

overweight

these

sectors

to

achieve

a

yield

advantage.

Corporate

debt

represented

just

under

50%

of

net

assets.

BBB

rated

bonds,

which

our

research

analysts

believe

are

often

mispriced

and

offer

attractive

relative

value,

remained

a

significant

holding.

PERFORMANCE

COMPARISON

Total

Return

Periods

Ended

12/31/22

6

Months

12

Months

Limited-Term

Bond

Portfolio

-0.52‌%

-4.52‌%

Limited-Term

Bond

Portfolio–II

-0.66‌

-4.78‌

Bloomberg

1–3

Year

U.S.

Government/Credit

Bond

Index

-0.60‌

-3.69‌

Lipper

Variable

Annuity

Underlying

Short

Investment

Grade

Debt

Funds

Average

-0.25‌

-3.98‌

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

3

The

portfolio's

risk

levels

increased

modestly

over

the

period,

partly

due

to

an

increase

in

our

allocation

to

investment-grade

corporate

bonds

as

valuations

became

more

attractive.

We

began

the

year

targeting

high-conviction

ideas

across

a

broad

portion

of

the

yield

curve

but

narrowed

our

focus

to

adding

shorter-maturity

credits

in

the

second

quarter

as

we

awaited

clarity

about

the

path

of

monetary

policy

and

the

economic

environment.

We

maintained

this

cautious

duration

posture

within

corporates

through

period-end

in

anticipation

of

spreads

moving

wider

as

the

Fed

continued

to

tighten

monetary

policy

despite

slowing

economic

growth.

Additionally,

amid

persistent

rate

volatility,

we

have

found

it

increasingly

challenging

to

have

high

conviction

in

increasing

risk

levels

further.

With

growing

odds

of

a

potential

recession

in

2023

and

our

view

that

there

could

be

a

period

of

credit

weakness,

we

built

up

liquidity

through

period-end.

We

continued

to

hold

out-of-benchmark

positions

in

ABS,

CMBS,

and

RMBS

to

provide

diversified

sources

of

what

we

believe

to

be

high-quality

yield.

However,

we

took

advantage

of

slightly

improved

liquidity

within

securitized

sectors

in

the

fourth

quarter

and

decreased

our

allocation

to

RMBS,

reflecting

our

view

that

fundamental

issues

may

weigh

on

the

sector

in

the

coming

year.

What

is

portfolio

management’s

outlook?

While

there

are

signs

that

inflationary

pressures

have

peaked,

the

outlook

remains

uncertain

amid

continued

monetary

policy

tightening,

mounting

downside

growth

risks,

and

elevated

volatility

in

risk

assets.

We

hold

the

view

that

the

path

of

monetary

tightening

will

be

more

important

to

focus

on

than

the

destination

as

the

Fed

continues

to

tighten

policy

despite

slowing

growth.

With

the

range

of

economic

outcomes

now

wider

due

to

the

speed

at

which

the

Fed

has

tightened

monetary

policy,

we

will

continue

to

monitor

the

distribution

of

risks

over

the

next

year.

As

inflation

and

other

economic

data

have

started

to

move

lower,

concerns

about

the

possibility

of

a

recession

have

continued.

In

our

view,

the

ultimate

state

of

the

economy

and

probability

of

a

recession

will

remain

the

primary

risk

for

credit

investors

this

year.

In

this

environment

of

heightened

volatility,

active

management

can

play

an

even

more

instrumental

role

in

achieving

investor

objectives.

Our

continued

goal

is

to

provide

high-quality,

durable

yield

and

income

appropriate

for

a

short-

term

bond

strategy

with

modest

credit

and

duration

risk.

Using

the

breadth

and

depth

of

our

global

research

platform,

we

will

look

to

selectively

add

to

high-conviction

positions

as

volatility

creates

attractive

entry

points.

The

views

expressed

reflect

the

opinions

of

T.

Rowe

Price

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic,

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

CREDIT

QUALITY

DIVERSIFICATION

...

Percent

of

Net

Assets

6/30/22

12/31/22

Quality

Rating

U.S.

Government

Agency

Securities*

4‌%

3‌%

U.S.

Treasury**

20‌ 

19‌ 

AAA

14‌ 

14‌ 

AA

9‌ 

10‌ 

A

24‌ 

25‌ 

BBB

31‌ 

27‌ 

BB

and

Below

1‌ 

1‌ 

Reserves

-3‌ 

1‌ 

Total

100‌%

100‌%

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

A

rating

of

AAA

represents

the

highest-rated

securities,

and

a

rating

of

D

represents

the

lowest-rated

securities.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps.

The

fund

is

not

rated

by

any

agency.

Securities

that

have

not

been

rated

by

any

rating

agency

totaled

0.05%

of

the

portfolio

at

the

end

of

the

reporting

period.

*

U.S.

government

agency

securities

include

GNMA

securities

and

conventional

pass-throughs,

collateralized

mortgage

obligations,

and

project

loans.

U.S.

government

agency

securities,

unlike

Treasuries,

are

not

issued

directly

by

the

U.S.

government

and

are

generally

unrated

but

have

credit

support

from

the

U.S.

Treasury

(in

the

case

of

Freddie

Mac

and

Fannie

Mae

issues)

or

a

direct

government

guarantee

(in

the

case

of

Ginnie

Mae

issues).

**

U.S.

Treasury

securities

are

issued

by

the

U.S.

Treasury

and

are

backed

by

the

full

faith

and

credit

of

the

U.S.

government.

The

ratings

of

U.S.

Treasury

securities

are

derived

from

the

ratings

on

the

U.S.

government.

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

4

Risks

of

Investing

in

Fixed

Income

Securities

The

value

of

the

fund’s

investments

may

decrease,

sometimes

rapidly

or

unexpectedly,

due

to

factors

affecting

an

issuer

held

by

the

fund,

particular

industries,

or

the

overall

securities

markets.

The

prices

of,

and

the

income

generated

by,

debt

instruments

held

by

the

fund

may

be

affected

by

changes

in

interest

rates.

The

fund

is

subject

to

prepayment

risks

because

the

principal

on

mortgage-backed

securities,

other

asset-

backed

securities,

or

any

debt

instrument

with

an

embedded

call

option

may

be

prepaid

at

any

time,

which

could

reduce

the

security’s

yield

and

market

value.

An

issuer

of

a

debt

instrument

could

suffer

an

adverse

change

in

financial

condition

that

results

in

a

payment

default

(failure

to

make

scheduled

interest

or

principal

payments),

rating

downgrade,

or

inability

to

meet

a

financial

obligation.

BENCHMARK

INFORMATION

Note:

Bloomberg

®

and Bloomberg

1–3

Year

U.S.

Government/

Credit

Bond

Index

are

service

marks

of

Bloomberg

Finance

L.P.

and

its

affiliates,

including

Bloomberg

Index

Services

Limited

(“BISL”),

the

administrator

of

the

index

(collectively,

“Bloomberg”)

and

have

been

licensed

for

use

for

certain

purposes

by

T.

Rowe

Price.

Bloomberg

is

not

affiliated

with

T.

Rowe

Price,

and

Bloomberg

does

not

approve,

endorse,

review,

or

recommend

its

products.

Bloomberg

does

not

guarantee

the

timeliness,

accurateness,

or

completeness

of

any

data

or

information

relating

to

its

products. 

Note:

Copyright

©

2023

Fitch

Ratings,

Inc.,

Fitch

Ratings

Ltd.

and

its

subsidiaries.

Note:

Portions

of

the

mutual

fund

information

contained

in

this

report

was

supplied

by

Lipper,

a

Refinitiv

Company,

subject

to

the

following:

Copyright

2023

©

Refinitiv.

All

rights

reserved.

Any

copying,

republication

or

redistribution

of

Lipper

content

is

expressly

prohibited

without

the

prior

written

consent

of

Lipper.

Lipper

shall

not

be

liable

for

any

errors

or

delays

in

the

content,

or

for

any

actions

taken

in

reliance

thereon.

Note:

©

2023,

Moody’s

Corporation,

Moody’s

Investors

Service,

Inc.,

Moody’s

Analytics,

Inc.

and/or

their

licensors

and

affiliates

(collectively,

“Moody’s”).

All

rights

reserved.

Moody’s

ratings

and

other

information

(“Moody’s

Information”)

are

proprietary

to

Moody’s

and/or

its

licensors

and

are

protected

by

copyright

and

other

intellectual

property

laws.

Moody’s

Information

is

licensed

to

Client

by

Moody’s.

MOODY’S

INFORMATION

MAY

NOT

BE

COPIED

OR

OTHERWISE

REPRODUCED,

REPACKAGED,

FURTHER

TRANSMITTED,

TRANSFERRED,

DISSEMINATED,

REDISTRIBUTED

OR

RESOLD,

OR

STORED

FOR

SUBSEQUENT

USE

FOR

ANY

SUCH

PURPOSE,

IN

WHOLE

OR

IN

PART,

IN

ANY

FORM

OR

MANNER

OR

BY

ANY

MEANS

WHATSOEVER,

BY

ANY

PERSON

WITHOUT

MOODY’S

PRIOR

WRITTEN

CONSENT.

Moody's

®

is

a

registered

trademark.

Note:

Copyright

©

2023,

S&P

Global

Market

Intelligence

(and

its

affiliates,

as

applicable).

Reproduction

of

any

information,

data

or

material,

including

ratings

("Content")

in

any

form

is

prohibited

except

with

the

prior

written

permission

of

the

relevant

party. Such

party,

its

affiliates

and

suppliers

("Content

Providers")

do

not

guarantee

the

accuracy,

adequacy,

completeness,

timeliness

or

availability

of

any

Content

and

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

or

for

the

results

obtained

from

the

use

of

such

Content.

In

no

event

shall

Content

Providers

be

liable

for

any

damages,

costs,

expenses,

legal

fees,

or

losses

(including

lost

income

or

lost

profit

and

opportunity

costs)

in

connection

with

any

use

of

the

Content.

A

reference

to

a

particular

investment

or

security,

a

rating

or

any

observation

concerning

an

investment

that

is

part

of

the

Content

is

not

a

recommendation

to

buy,

sell

or

hold

such

investment

or

security,

does

not

address

the

appropriateness

of

an

investment

or

security

and

should

not

be

relied

on

as

investment

advice.

Credit

ratings

are

statements

of

opinions

and

are

not

statements

of

fact.

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

5

GROWTH

OF

$10,000 

This

chart

shows

the

value

of

a

hypothetical

$10,000

investment

in

the

portfolio

over

the

past

10

fiscal

year

periods

or

since

inception

(for portfolios

lacking

10-year

records).

The

result

is

compared

with

benchmarks,

which

include

a

broad-based

market

index

and

may

also

include

a

peer

group

average

or

index.

Market

indexes

do

not

include

expenses,

which

are

deducted

from

fund returns

as

well

as

mutual portfolio

averages

and

indexes.

LIMITED-TERM

BOND

PORTFOLIO

Note:

Performance

for

the

II

Class shares

will

vary

due

to

their differing

fee

structure.

See

the

Average

Annual

Compound

Total

Return

table. 

AVERAGE

ANNUAL

COMPOUND

TOTAL

RETURN

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.

Shares

of

the

fund

are

currently

offered

only

through

certain

insurance

companies

as

an

investment

medium

for

both

variable

annuity

contracts

and

variable

life

insurance

policies.

Please

note

that

the

fund

has

two

classes

of

shares:

the

original

share

class

and

II

Class.

II

Class

shares

are

sold

through

financial

intermediaries,

which

are

compensated

for

distribution,

shareholder

servicing,

and/or

certain

administrative

services

under

a

Board-approved

Rule

12b-1

plan.

Actual

Expenses

The

first

line

of

the

following

table

(Actual)

provides

information

about

actual

account

values

and

actual

expenses.

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.

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.

Periods

Ended

12/31/22

1

Year

5

Years

10

Years

Limited-Term

Bond

Portfolio

-4.52‌%

1.11‌%

0.91‌%

Limited-Term

Bond

Portfolio–II

-4.78‌

0.86‌

0.66‌

The

fund’s

performance

information

represents

only

past

performance

and

is

not

necessarily

an

indication

of

future

results.

Current

performance

may

be

lower

or

higher

than

the

performance

data

cited.

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

contact

a

T.

Rowe

Price

representative

at

1-800-469-6587

(financial

advisors,

or

customers

who

have

an

advisor,

should

call

1-800-638-8790).

Total

returns

do

not

include

charges

imposed

by

your

insurance

company’s

separate

account.

If

these

had

been

included,

performance

would

have

been

lower.

This

table

shows

how

the

portfolio

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Average

annual

total

return

figures

include

changes

in

principal

value,

reinvested

dividends,

and

capital

gain

distributions.

When

assessing

performance,

investors

should

consider

both

short-

and

long-

term

returns.  

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

6

LIMITED-TERM

BOND

PORTFOLIO

Beginning

Account

Value

7/1/22

Ending

Account

Value

12/31/22

Expenses

Paid

During

Period*

7/1/22

to

12/31/22

Limited-Term

Bond

Portfolio

Class

Actual

$1,000.00

$994.80

$2.51

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.68

  2.55

Limited-Term

Bond

Portfolio–II

Class

Actual

  1,000.00

  993.40

  3.77

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.42

  3.82

*

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

(184),

and

divided

by

the

days

in

the

year

(365)

to

reflect

the

half-

year

period.

The

annualized

expense

ratio

of

the

1

Limited-Term

Bond

Portfolio

Class

was

0.50%

and

the

2

Limited-Term

Bond

Portfolio–II

Class

was

0.75%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

Financial

Highlights

7

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Limited-Term

Bond

Portfolio

Class

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

4.91‌

$

5.00‌

$

4.87‌

$

4.78‌

$

4.82‌

Investment

activities

Net

investment

income

(1)(2)

0.09‌

0.07‌

0.10‌

0.11‌

0.09‌

Net

realized

and

unrealized

gain/loss

(0.31‌)

(0.06‌)

0.13‌

0.10‌

(0.03‌)

Total

from

investment

activities

(0.22‌)

0.01‌

0.23‌

0.21‌

0.06‌

Distributions

Net

investment

income

(0.09‌)

(0.07‌)

(0.10‌)

(0.12‌)

(0.10‌)

Net

realized

gain

(0.01‌)

(0.03‌)

–‌

–‌

–‌

Total

distributions

(0.10‌)

(0.10‌)

(0.10‌)

(0.12‌)

(0.10‌)

NET

ASSET

VALUE

End

of

period

$

4.59‌

$

4.91‌

$

5.00‌

$

4.87‌

$

4.78‌

Ratios/Supplemental

Data

Total

return

(2)(3)

(4.52‌)%

0.13‌%

4.71‌%

4.35‌%

1.18‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

(4)

0.70‌%

0.70‌%

0.70‌%

0.70‌%

0.60‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.50‌%

0.50‌%

0.50‌%

0.50‌%

0.60‌%

Net

investment

income

1.93‌%

1.31‌%

2.04‌%

2.37‌%

1.93‌%

Portfolio

turnover

rate

86.3‌%

64.3‌%

70.4‌%

61.1‌%

52.6‌%

Net

assets,

end

of

period

(in

thousands)

$

161,043‌

$

171,166‌

$

139,173‌

$

455,521‌

$

434,175‌

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

6

for

details

of

expense-related

arrangements

with

Price

Associates.

(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,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

(4)

See

Note

6.

Prior

to

12/31/19,

the

gross

expense

ratios

presented

are

net

of

a

management

fee

waiver

in

effect

during

the

period,

as

applicable.

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

Financial

Highlights

8

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Limited-Term

Bond

Portfolio-II

Class

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

4.89‌

$

4.98‌

$

4.85‌

$

4.76‌

$

4.80‌

Investment

activities

Net

investment

income

(1)(2)

0.08‌

0.05‌

0.08‌

0.10‌

0.08‌

Net

realized

and

unrealized

gain/loss

(0.31‌)

(0.06‌)

0.13‌

0.09‌

(0.04‌)

Total

from

investment

activities

(0.23‌)

(0.01‌)

0.21‌

0.19‌

0.04‌

Distributions

Net

investment

income

(0.08‌)

(0.05‌)

(0.08‌)

(0.10‌)

(0.08‌)

Net

realized

gain

(0.01‌)

(0.03‌)

–‌

–‌

–‌

Total

distributions

(0.09‌)

(0.08‌)

(0.08‌)

(0.10‌)

(0.08‌)

NET

ASSET

VALUE

End

of

period

$

4.57‌

$

4.89‌

$

4.98‌

$

4.85‌

$

4.76‌

Ratios/Supplemental

Data

Total

return

(2)(3)

(4.78‌)%

(0.13‌)%

4.46‌%

4.10‌%

0.93‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

(4)

0.95‌%

0.95‌%

0.95‌%

0.95‌%

0.84‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.75‌%

0.75‌%

0.75‌%

0.75‌%

0.84‌%

Net

investment

income

1.69‌%

1.06‌%

1.68‌%

2.11‌%

1.72‌%

Portfolio

turnover

rate

86.3‌%

64.3‌%

70.4‌%

61.1‌%

52.6‌%

Net

assets,

end

of

period

(in

thousands)

$

17,217‌

$

18,786‌

$

15,503‌

$

16,613‌

$

15,247‌

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

6

for

details

of

expense-related

arrangements

with

Price

Associates.

(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,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

(4)

See

Note

6.

Prior

to

12/31/19,

the

gross

expense

ratios

presented

are

net

of

a

management

fee

waiver

in

effect

during

the

period,

as

applicable.

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

December

31,

2022

9

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

ASSET-BACKED

SECURITIES

13.6%

Car

Loan

7.2%

AmeriCredit

Automobile

Receivables

Trust

Series

2020-1,

Class

C

1.59%,

10/20/25 

435‌

421‌

AmeriCredit

Automobile

Receivables

Trust

Series

2020-1,

Class

D

1.80%,

12/18/25 

415‌

392‌

AmeriCredit

Automobile

Receivables

Trust

Series

2020-2,

Class

B

0.97%,

2/18/26 

100‌

98‌

AmeriCredit

Automobile

Receivables

Trust

Series

2020-3,

Class

C

1.06%,

8/18/26 

115‌

108‌

AmeriCredit

Automobile

Receivables

Trust

Series

2021-1,

Class

C

0.89%,

10/19/26 

190‌

175‌

AmeriCredit

Automobile

Receivables

Trust

Series

2021-1,

Class

D

1.21%,

12/18/26 

115‌

103‌

AmeriCredit

Automobile

Receivables

Trust

Series

2021-2,

Class

D

1.29%,

6/18/27 

235‌

208‌

AmeriCredit

Automobile

Receivables

Trust

Series

2022-1,

Class

D

3.23%,

2/18/28 

420‌

384‌

Ari

Fleet

Lease

Trust

Series

2020-A,

Class

B

2.06%,

11/15/28  (1)

475‌

473‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2018-1A,

Class

D

5.25%,

9/20/24  (1)

315‌

312‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2018-2A,

Class

C

4.95%,

3/20/25  (1)

260‌

253‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2019-2A,

Class

A

3.35%,

9/22/25  (1)

475‌

459‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2019-2A,

Class

B

3.55%,

9/22/25  (1)

415‌

395‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2020-1A,

Class

A

2.33%,

8/20/26  (1)

340‌

315‌

CarMax

Auto

Owner

Trust

Series

2020-4,

Class

D

1.75%,

4/15/27 

145‌

132‌

Carvana

Auto

Receivables

Trust

Series

2021-P4,

Class

B

1.98%,

2/10/28 

190‌

163‌

Carvana

Auto

Receivables

Trust

Series

2022-N1,

Class

C

3.32%,

12/11/28  (1)

135‌

130‌

Exeter

Automobile

Receivables

Trust

Series

2021-3A,

Class

D

1.55%,

6/15/27 

155‌

141‌

Exeter

Automobile

Receivables

Trust

Series

2022-1A,

Class

D

3.02%,

6/15/28 

340‌

307‌

Par/Shares

$

Value

(Amounts

in

000s)

Exeter

Automobile

Receivables

Trust

Series

2022-2A,

Class

C

3.85%,

7/17/28 

305‌

291‌

Exeter

Automobile

Receivables

Trust

Series

2022-4A,

Class

D

5.98%,

12/15/28 

140‌

133‌

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

450‌

Ford

Credit

Auto

Owner

Trust

Series

2020-2,

Class

C

1.74%,

4/15/33  (1)

145‌

125‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2020-1,

Class

C

1.42%,

9/15/25 

220‌

211‌

GM

Financial

Automobile

Leasing

Trust

Series

2022-3,

Class

C

5.13%,

8/20/26 

615‌

601‌

GM

Financial

Consumer

Automobile

Receivables

Trust

Series

2020-2,

Class

A3

1.49%,

12/16/24 

60‌

59‌

GM

Financial

Consumer

Automobile

Receivables

Trust

Series

2020-4,

Class

C

1.05%,

5/18/26 

105‌

97‌

Hyundai

Auto

Receivables

Trust

Series

2020-B,

Class

C

1.60%,

12/15/26 

175‌

166‌

JPMorgan

Chase

Bank

Series

2021-2,

Class

D

1.138%,

12/26/28  (1)

108‌

102‌

Nissan

Auto

Receivables

Owner

Trust

Series

2020-A,

Class

A3

1.38%,

12/16/24 

90‌

89‌

Santander

Bank

Series

2021-1A,

Class

B

1.833%,

12/15/31  (1)

131‌

126‌

Santander

Bank

Auto

Credit-Linked

Notes

Series

2022-B,

Class

C

5.916%,

8/16/32  (1)

214‌

212‌

Santander

Consumer

Auto

Receivables

Trust

Series

2020-BA,

Class

C

1.29%,

4/15/26  (1)

115‌

111‌

Santander

Drive

Auto

Receivables

Trust

Series

2020-4,

Class

C

1.01%,

1/15/26 

116‌

115‌

Santander

Drive

Auto

Receivables

Trust

Series

2021-4,

Class

D

1.67%,

10/15/27 

255‌

235‌

Santander

Drive

Auto

Receivables

Trust

Series

2022-1,

Class

C

2.56%,

4/17/28 

415‌

396‌

Santander

Drive

Auto

Receivables

Trust

Series

2022-2,

Class

C

3.76%,

7/16/29 

365‌

349‌

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

10

Par/Shares

$

Value

(Amounts

in

000s)

Santander

Drive

Auto

Receivables

Trust

Series

2022-4,

Class

C

5.00%,

11/15/29 

435‌

416‌

Santander

Drive

Auto

Receivables

Trust

Series

2022-5,

Class

C

4.74%,

10/16/28 

330‌

319‌

Santander

Drive

Auto

Receivables

Trust

Series

2022-6,

Class

C

4.96%,

11/15/28 

455‌

440‌

Santander

Retail

Auto

Lease

Trust

Series

2020-A,

Class

D

2.52%,

11/20/24  (1)

435‌

429‌

Santander

Retail

Auto

Lease

Trust

Series

2021-A,

Class

C

1.14%,

3/20/26  (1)

430‌

406‌

Santander

Retail

Auto

Lease

Trust

Series

2021-B,

Class

D

1.41%,

11/20/25  (1)

185‌

173‌

Santander

Retail

Auto

Lease

Trust

Series

2021-C,

Class

C

1.11%,

3/20/26  (1)

155‌

143‌

Santander

Retail

Auto

Lease

Trust

Series

2022-B,

Class

B

3.85%,

3/22/27  (1)

75‌

72‌

World

Omni

Auto

Receivables

Trust

Series

2019-C,

Class

C

2.40%,

6/15/26 

460‌

450‌

World

Omni

Auto

Receivables

Trust

Series

2020-A,

Class

C

1.64%,

8/17/26 

295‌

280‌

World

Omni

Auto

Receivables

Trust

Series

2022-A,

Class

C

2.55%,

9/15/28 

155‌

145‌

World

Omni

Select

Auto

Trust

Series

2020-A,

Class

B

0.84%,

6/15/26 

140‌

136‌

World

Omni

Select

Auto

Trust

Series

2020-A,

Class

C

1.25%,

10/15/26 

160‌

151‌

12,849‌

Other

Asset-Backed

Securities

5.4%

Applebee's

Funding

Series

2019-1A,

Class

A2I

4.194%,

6/5/49  (1)

520‌

511‌

Barings

Series

2013-IA,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

0.80%,

5.043%,

1/20/28  (1)

369‌

366‌

Blackbird

Capital

Aircraft

Lease

Securitization

Series

2016-1A,

Class

AA,

STEP

2.487%,

12/16/41  (1)

92‌

84‌

BRE

Grand

Islander

Timeshare

Issuer

Series

2019-A,

Class

A

3.28%,

9/26/33  (1)

106‌

100‌

Cedar

Funding

XIV

Series

2021-14A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.10%,

5.179%,

7/15/33  (1)

290‌

284‌

Par/Shares

$

Value

(Amounts

in

000s)

Dryden

Series

2020-86A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

1.10%,

5.179%,

7/17/34  (1)

250‌

242‌

Elara

HGV

Timeshare

Issuer

Series

2016-A,

Class

A

2.73%,

4/25/28  (1)

163‌

162‌

Elara

HGV

Timeshare

Issuer

Series

2017-A,

Class

A

2.69%,

3/25/30  (1)

54‌

52‌

Elara

HGV

Timeshare

Issuer

Series

2019-A,

Class

A

2.61%,

1/25/34  (1)

262‌

243‌

FirstKey

Homes

Trust

Series

2020-SFR1,

Class

D

2.241%,

8/17/37  (1)

500‌

445‌

Hilton

Grand

Vacations

Trust

Series

2017-AA,

Class

A

2.66%,

12/26/28  (1)

42‌

41‌

Hilton

Grand

Vacations

Trust

Series

2017-AA,

Class

B

2.96%,

12/26/28  (1)

14‌

14‌

KKR

Series

29A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.20%,

5.279%,

1/15/32  (1)

250‌

246‌

Kubota

Credit

Owner

Trust

Series

2020-1A,

Class

A3

1.96%,

3/15/24  (1)

61‌

61‌

Madison

Park

Funding

XXIII

Series

2017-23A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

0.97%,

5.328%,

7/27/31  (1)

285‌

281‌

Madison

Park

Funding

XXXIII

Series

2019-33A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.29%,

5.154%,

10/15/32  (1)

485‌

478‌

Madison

Park

Funding

XXXV

Series

2019-35A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

0.99%,

5.233%,

4/20/32  (1)

455‌

442‌

Madison

Park

Funding

XXXVII

Series

2019-37A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

1.07%,

5.149%,

7/15/33  (1)

465‌

454‌

Magnetite

XXV

Series

2020-25A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.20%,

5.558%,

1/25/32  (1)

500‌

493‌

MVW

Series

2020-1A,

Class

B

2.73%,

10/20/37  (1)

112‌

103‌

MVW

Owner

Trust

Series

2017-1A,

Class

B

2.75%,

12/20/34  (1)

13‌

12‌

MVW

Owner

Trust

Series

2017-1A,

Class

C

2.99%,

12/20/34  (1)

21‌

20‌

Neuberger

Berman

Loan

Advisers

Series

2017-26A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

0.92%,

5.114%,

10/18/30  (1)

250‌

245‌

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

11

Par/Shares

$

Value

(Amounts

in

000s)

Neuberger

Berman

Loan

Advisers

Series

2017-26A,

Class

BR,

CLO,

FRN

3M

USD

LIBOR

+

1.40%,

5.594%,

10/18/30  (1)

255‌

245‌

Neuberger

Berman

Loan

Advisers

Series

2019-32A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

0.99%,

5.217%,

1/20/32  (1)

400‌

391‌

Neuberger

Berman

XVII

Series

2014-17A,

Class

AR2,

CLO,

FRN

3M

USD

LIBOR

+

1.03%,

5.355%,

4/22/29  (1)

451‌

445‌

OCP

Series

2017-13A,

Class

A1AR,

CLO,

FRN

3M

USD

LIBOR

+

0.96%,

5.039%,

7/15/30  (1)

250‌

246‌

OCP

Series

2017-13A,

Class

A2R,

CLO,

FRN

3M

USD

LIBOR

+

1.55%,

5.629%,

7/15/30  (1)

315‌

304‌

Octane

Receivables

Trust

Series

2021-2A,

Class

A

1.21%,

9/20/28  (1)

98‌

93‌

Octane

Receivables

Trust

Series

2022-1A,

Class

B

4.90%,

5/22/28  (1)

180‌

173‌

Octane

Receivables

Trust

Series

2022-2A,

Class

A

5.11%,

2/22/28  (1)

276‌

273‌

Palmer

Square

Series

2020-3A,

Class

A1AR,

CLO,

FRN

3M

USD

LIBOR

+

1.08%,

5.686%,

11/15/31  (1)

480‌

471‌

Progress

Residential

Trust

Series

2020-SFR2,

Class

A

2.078%,

6/17/37  (1)

395‌

363‌

Progress

Residential

Trust

Series

2022-SFR6,

Class

A

4.451%,

7/20/39  (1)

230‌

217‌

Sierra

Timeshare

Receivables

Funding

Series

2019-1A,

Class

A

3.20%,

1/20/36  (1)

67‌

65‌

Symphony

Static

I

Series

2021-1A,

Class

B,

CLO,

FRN

3M

USD

LIBOR

+

1.45%,

5.808%,

10/25/29  (1)

350‌

338‌

Symphony

XXIII

Series

2020-23A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

1.02%,

5.099%,

1/15/34  (1)

450‌

440‌

Symphony

XXVI

Series

2021-26A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

1.08%,

5.323%,

4/20/33  (1)

250‌

243‌

9,686‌

Student

Loan

1.0%

Navient

Private

Education

Refi

Loan

Trust

Series

2019-D,

Class

A2A

3.01%,

12/15/59  (1)

99‌

90‌

Par/Shares

$

Value

(Amounts

in

000s)

Navient

Private

Education

Refi

Loan

Trust

Series

2019-GA,

Class

A

2.40%,

10/15/68  (1)

74‌

67‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-DA,

Class

A

1.69%,

5/15/69  (1)

49‌

44‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-FA,

Class

A

1.22%,

7/15/69  (1)

135‌

120‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-GA,

Class

A

1.17%,

9/16/69  (1)

62‌

55‌

Navient

Private

Education

Refi

Loan

Trust

Series

2021-BA,

Class

A

0.94%,

7/15/69  (1)

139‌

117‌

Navient

Private

Education

Refi

Loan

Trust

Series

2021-EA,

Class

A

0.97%,

12/16/69  (1)

89‌

75‌

Navient

Private

Education

Refi

Loan

Trust

Series

2022-A,

Class

A

2.23%,

7/15/70  (1)

391‌

339‌

Nelnet

Student

Loan

Trust

Series

2005-4,

Class

A4,

FRN

3M

USD

LIBOR

+

0.18%,

4.933%,

3/22/32 

300‌

292‌

Nelnet

Student

Loan

Trust

Series

2020-1A,

Class

A,

FRN

1M

USD

LIBOR

+

0.74%,

5.129%,

3/26/68  (1)

151‌

147‌

Nelnet

Student

Loan

Trust

Series

2021-CA,

Class

AFX

1.32%,

4/20/62  (1)

309‌

274‌

SMB

Private

Education

Loan

Trust

Series

2020-PTB,

Class

A2A

1.60%,

9/15/54  (1)

116‌

103‌

1,723‌

Total

Asset-Backed

Securities

(Cost

$25,323)

24,258‌

CORPORATE

BONDS

46.9%

FINANCIAL

INSTITUTIONS

20.6%

Banking

13.1%

American

Express,

2.25%,

3/4/25 

445‌

420‌

Banco

Bilbao

Vizcaya

Argentaria,

0.875%,

9/18/23 

400‌

387‌

Banco

Santander,

3.496%,

3/24/25 

200‌

193‌

Banco

Santander,

VR,

0.701%,

6/30/24  (2)

400‌

389‌

Bank

of

America,

VR,

0.81%,

10/24/24  (2)

135‌

129‌

Bank

of

America,

VR,

0.976%,

4/22/25  (2)

255‌

238‌

Bank

of

America,

VR,

1.734%,

7/22/27  (2)

190‌

167‌

Bank

of

America,

VR,

1.843%,

2/4/25  (2)

215‌

206‌

Bank

of

America,

VR,

3.384%,

4/2/26  (2)

265‌

253‌

Bank

of

America,

VR,

3.841%,

4/25/25  (2)

190‌

186‌

Bank

of

Ireland

Group,

4.50%,

11/25/23  (1)

870‌

857‌

Bank

of

Montreal,

3.70%,

6/7/25 

350‌

339‌

Bank

of

Montreal,

Series

H,

4.25%,

9/14/24 

390‌

385‌

Bank

of

New

York

Mellon,

VR,

4.414%,

7/24/26  (2)

225‌

221‌

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

12

Par/Shares

$

Value

(Amounts

in

000s)

Banque

Federative

du

Credit

Mutuel,

0.65%,

2/27/24  (1)

235‌

223‌

Banque

Federative

du

Credit

Mutuel,

0.998%,

2/4/25  (1)

280‌

256‌

Barclays,

VR,

1.007%,

12/10/24  (2)

245‌

233‌

Barclays,

VR,

4.338%,

5/16/24  (2)

200‌

199‌

Barclays,

VR,

5.304%,

8/9/26  (2)

200‌

198‌

Barclays,

VR,

7.325%,

11/2/26  (2)

205‌

212‌

BDO

Unibank,

2.95%,

3/6/23 

1,200‌

1,191‌

BPCE,

5.70%,

10/22/23  (1)

1,010‌

1,002‌

Capital

One

Financial,

3.90%,

1/29/24 

145‌

143‌

Capital

One

Financial,

VR,

2.636%,

3/3/26  (2)

265‌

248‌

Capital

One

Financial,

VR,

4.985%,

7/24/26  (2)

205‌

201‌

Citigroup,

VR,

0.981%,

5/1/25  (2)

200‌

187‌

Citigroup,

VR,

3.106%,

4/8/26  (2)

240‌

227‌

Citigroup,

VR,

4.14%,

5/24/25  (2)

255‌

250‌

Credicorp,

2.75%,

6/17/25  (1)

200‌

187‌

Credit

Agricole,

FRN,

3M

USD

LIBOR

+

1.02%,

5.345%,

4/24/23  (1)

470‌

470‌

Credit

Suisse,

1.00%,

5/5/23 

635‌

622‌

Credit

Suisse

Group,

VR,

6.373%,

7/15/26  (1)(2)

280‌

262‌

Danske

Bank,

1.226%,

6/22/24  (1)

200‌

186‌

Danske

Bank,

5.375%,

1/12/24  (1)

350‌

346‌

Danske

Bank,

VR,

3.773%,

3/28/25  (1)(2)

200‌

193‌

Discover

Bank,

4.20%,

8/8/23 

250‌

248‌

Fifth

Third

Bank,

VR,

5.852%,

10/27/25  (2)

335‌

337‌

Goldman

Sachs

Group,

3.50%,

4/1/25 

250‌

240‌

Goldman

Sachs

Group,

VR,

0.673%,

3/8/24  (2)

280‌

277‌

Goldman

Sachs

Group,

VR,

0.925%,

10/21/24  (2)

325‌

312‌

Goldman

Sachs

Group,

VR,

1.757%,

1/24/25  (2)

265‌

254‌

Goldman

Sachs

Group,

VR,

4.482%,

8/23/28  (2)

210‌

201‌

HSBC

Holdings,

4.25%,

3/14/24 

200‌

196‌

HSBC

Holdings,

VR,

1.162%,

11/22/24  (2)

200‌

190‌

HSBC

Holdings,

VR,

2.099%,

6/4/26  (2)

375‌

342‌

JPMorgan

Chase,

FRN,

SOFR

+

0.885%,

4.778%,

4/22/27 

75‌

73‌

JPMorgan

Chase,

VR,

0.824%,

6/1/25  (2)

225‌

210‌

JPMorgan

Chase,

VR,

2.083%,

4/22/26  (2)

460‌

427‌

JPMorgan

Chase,

VR,

4.08%,

4/26/26  (2)

440‌

427‌

KeyCorp,

VR,

3.878%,

5/23/25  (2)

105‌

102‌

Mitsubishi

UFJ

Financial

Group,

VR,

0.953%,

7/19/25  (2)

400‌

372‌

Mitsubishi

UFJ

Financial

Group,

VR,

5.063%,

9/12/25  (2)

220‌

219‌

Morgan

Stanley,

FRN,

SOFR

+

0.466%,

4.598%,

11/10/23 

295‌

294‌

Morgan

Stanley,

VR,

0.529%,

1/25/24  (2)

125‌

124‌

Morgan

Stanley,

VR,

0.731%,

4/5/24  (2)

235‌

232‌

Morgan

Stanley,

VR,

1.164%,

10/21/25  (2)

195‌

179‌

Morgan

Stanley,

VR,

2.63%,

2/18/26  (2)

250‌

235‌

Morgan

Stanley,

VR,

3.62%,

4/17/25  (2)

220‌

214‌

Morgan

Stanley,

VR,

6.138%,

10/16/26  (2)

250‌

255‌

Par/Shares

$

Value

(Amounts

in

000s)

NatWest

Markets,

2.375%,

5/21/23  (1)

465‌

459‌

PNC

Financial

Services

Group,

VR,

5.671%,

10/28/25  (2)

335‌

338‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28  (2)

190‌

163‌

Standard

Chartered,

3.95%,

1/11/23  (1)

400‌

399‌

Standard

Chartered,

VR,

1.822%,

11/23/25  (1)(2)

200‌

183‌

Svenska

Handelsbanken,

VR,

1.418%,

6/11/27  (1)(2)

250‌

219‌

Swedbank,

1.30%,

6/2/23  (1)

365‌

359‌

Synchrony

Financial,

4.25%,

8/15/24 

485‌

474‌

Toronto-Dominion

Bank,

0.70%,

9/10/24 

350‌

326‌

Toronto-Dominion

Bank,

4.285%,

9/13/24 

460‌

455‌

Truist

Financial,

FRN,

SOFR

+

0.40%,

4.679%,

6/9/25 

165‌

161‌

U.S.

Bancorp,

VR,

4.548%,

7/22/28  (2)

355‌

346‌

U.S.

Bancorp,

VR,

5.727%,

10/21/26  (2)

145‌

148‌

UBS,

0.70%,

8/9/24  (1)

205‌

191‌

UBS

Group,

VR,

1.494%,

8/10/27  (1)(2)

200‌

172‌

UBS

Group,

VR,

4.488%,

5/12/26  (1)(2)

200‌

195‌

UBS

Group,

VR,

4.49%,

8/5/25  (1)(2)

235‌

231‌

Wells

Fargo,

VR,

1.654%,

6/2/24  (2)

215‌

212‌

Wells

Fargo,

VR,

2.188%,

4/30/26  (2)

205‌

191‌

Wells

Fargo,

VR,

3.526%,

3/24/28  (2)

170‌

158‌

Wells

Fargo,

VR,

3.908%,

4/25/26  (2)

280‌

271‌

Wells

Fargo,

VR,

4.54%,

8/15/26  (2)

275‌

269‌

23,286‌

Brokerage

Asset

Managers

Exchanges

0.4%

Charles

Schwab,

2.45%,

3/3/27 

495‌

452‌

LSEGA

Financing,

0.65%,

4/6/24  (1)

320‌

301‌

753‌

Finance

Companies

1.9%

AerCap

Ireland

Capital,

1.65%,

10/29/24 

330‌

305‌

AerCap

Ireland

Capital,

4.125%,

7/3/23 

205‌

204‌

AerCap

Ireland

Capital,

4.50%,

9/15/23 

400‌

397‌

AerCap

Ireland

Capital,

4.875%,

1/16/24 

300‌

297‌

Air

Lease,

2.25%,

1/15/23 

205‌

205‌

Avolon

Holdings

Funding,

2.125%,

2/21/26  (1)

200‌

172‌

Avolon

Holdings

Funding,

2.875%,

2/15/25  (1)

250‌

230‌

Avolon

Holdings

Funding,

3.95%,

7/1/24  (1)

75‌

72‌

Avolon

Holdings

Funding,

5.125%,

10/1/23  (1)

325‌

321‌

GATX,

3.25%,

9/15/26 

342‌

317‌

GATX,

4.35%,

2/15/24 

360‌

355‌

Park

Aerospace

Holdings,

4.50%,

3/15/23  (1)

35‌

35‌

SMBC

Aviation

Capital

Finance,

3.55%,

4/15/24  (1)

235‌

227‌

SMBC

Aviation

Capital

Finance,

4.125%,

7/15/23  (1)

200‌

198‌

3,335‌

Financial

Other

0.2%

LeasePlan,

2.875%,

10/24/24  (1)

400‌

375‌

375‌

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

13

Par/Shares

$

Value

(Amounts

in

000s)

Insurance

3.9%

American

International

Group,

2.50%,

6/30/25 

220‌

207‌

Athene

Global

Funding,

1.716%,

1/7/25  (1)

435‌

401‌

Athene

Global

Funding,

2.514%,

3/8/24  (1)

535‌

513‌

Brighthouse

Financial

Global

Funding,

0.60%,

6/28/23  (1)

545‌

531‌

Brighthouse

Financial

Global

Funding,

1.00%,

4/12/24  (1)

200‌

188‌

CNO

Global

Funding,

1.65%,

1/6/25  (1)

240‌

222‌

CNO

Global

Funding,

1.75%,

10/7/26  (1)

355‌

314‌

Corebridge

Financial,

3.50%,

4/4/25  (1)

205‌

197‌

Elevance

Health,

5.35%,

10/15/25 

85‌

86‌

Equitable

Financial

Life

Global

Funding,

0.80%,

8/12/24  (1)

255‌

237‌

Equitable

Financial

Life

Global

Funding,

1.10%,

11/12/24  (1)

360‌

333‌

Equitable

Financial

Life

Global

Funding,

1.40%,

7/7/25  (1)

35‌

32‌

First

American

Financial,

4.60%,

11/15/24 

450‌

443‌

Health

Care

Service

Corp

A

Mutual

Legal

Reserve,

1.50%,

6/1/25  (1)

325‌

298‌

Humana,

0.65%,

8/3/23 

135‌

131‌

Humana,

1.35%,

2/3/27 

90‌

78‌

Humana,

3.85%,

10/1/24 

180‌

176‌

Humana,

4.50%,

4/1/25 

145‌

144‌

Humana,

5.75%,

3/1/28 

85‌

87‌

Jackson

Financial,

1.125%,

11/22/23 

270‌

260‌

Jackson

National

Life

Global

Funding,

1.75%,

1/12/25  (1)

290‌

269‌

Metropolitan

Life

Global

Funding

I,

4.05%,

8/25/25  (1)

335‌

327‌

Northwestern

Mutual

Global

Funding,

4.35%,

9/15/27  (1)

215‌

209‌

Principal

Life

Global

Funding

II,

0.75%,

4/12/24  (1)

165‌

156‌

Trinity

Acquisition,

4.625%,

8/15/23 

343‌

341‌

UnitedHealth

Group,

3.70%,

5/15/27 

280‌

271‌

UnitedHealth

Group,

5.15%,

10/15/25 

245‌

247‌

UnitedHealth

Group,

5.25%,

2/15/28 

175‌

179‌

Willis

North

America,

3.60%,

5/15/24 

90‌

88‌

6,965‌

Real

Estate

Investment

Trusts

1.1%

Essex

Portfolio,

3.25%,

5/1/23 

470‌

467‌

KRC

Interim,

2.70%,

3/1/24 

465‌

450‌

Public

Storage,

FRN,

SOFR

+

0.47%,

4.363%,

4/23/24 

115‌

115‌

Realty

Income,

3.875%,

7/15/24 

450‌

441‌

WP

Carey,

4.00%,

2/1/25 

465‌

452‌

1,925‌

Total

Financial

Institutions

36,639‌

INDUSTRIAL

23.7%

Basic

Industry

1.6%

ArcelorMittal,

3.60%,

7/16/24 

100‌

97‌

Celanese

U.S.

Holdings,

5.90%,

7/5/24 

440‌

440‌

Celanese

U.S.

Holdings,

6.05%,

3/15/25 

545‌

544‌

Celulosa

Arauco

y

Constitucion,

4.50%,

8/1/24 

200‌

197‌

Cytec

Industries,

3.50%,

4/1/23 

235‌

235‌

Par/Shares

$

Value

(Amounts

in

000s)

Ecolab,

1.65%,

2/1/27 

100‌

88‌

Ecolab,

5.25%,

1/15/28 

290‌

296‌

LYB

International

Finance

III,

1.25%,

10/1/25 

177‌

158‌

Nucor,

2.00%,

6/1/25 

80‌

74‌

Nucor,

3.95%,

5/23/25 

125‌

122‌

POSCO,

4.375%,

8/4/25 

450‌

436‌

Sherwin-Williams,

4.05%,

8/8/24 

75‌

74‌

Sherwin-Williams,

4.25%,

8/8/25 

110‌

108‌

Westlake,

0.875%,

8/15/24 

45‌

42‌

2,911‌

Capital

Goods

0.8%

Amcor

Flexibles

North

America,

4.00%,

5/17/25 

185‌

180‌

Amphenol,

2.05%,

3/1/25 

220‌

207‌

Carrier

Global,

2.242%,

2/15/25 

64‌

60‌

Martin

Marietta

Materials,

0.65%,

7/15/23 

195‌

190‌

Parker-Hannifin,

3.65%,

6/15/24 

400‌

392‌

Republic

Services,

2.50%,

8/15/24 

220‌

211‌

Roper

Technologies,

2.35%,

9/15/24 

90‌

86‌

Roper

Technologies,

3.65%,

9/15/23 

75‌

74‌

1,400‌

Communications

4.8%

American

Tower,

2.40%,

3/15/25 

170‌

160‌

Charter

Communications

Operating,

4.908%,

7/23/25 

955‌

937‌

Comcast,

5.25%,

11/7/25 

105‌

106‌

Cox

Communications,

2.95%,

6/30/23  (1)

615‌

606‌

Cox

Communications,

3.15%,

8/15/24  (1)

450‌

434‌

Crown

Castle,

1.05%,

7/15/26 

255‌

221‌

Crown

Castle,

2.90%,

3/15/27 

220‌

200‌

Crown

Castle,

3.15%,

7/15/23 

345‌

341‌

KT,

4.00%,

8/8/25  (1)

450‌

438‌

NTT

Finance,

0.373%,

3/3/23  (1)

275‌

273‌

NTT

Finance,

4.142%,

7/26/24  (1)

200‌

197‌

NTT

Finance,

4.239%,

7/25/25  (1)(3)

200‌

197‌

Rogers

Communications,

3.20%,

3/15/27  (1)

310‌

286‌

SBA

Tower

Trust,

1.631%,

11/15/26  (1)

115‌

98‌

SBA

Tower

Trust,

1.884%,

1/15/26  (1)

85‌

76‌

SBA

Tower

Trust,

2.836%,

1/15/25  (1)

325‌

306‌

SBA

Tower

Trust,

6.599%,

1/15/28  (1)

155‌

155‌

SBA

Tower

Trust,

Series

2014-2A,

Class

C,

3.869%,

10/15/49  (1)

110‌

106‌

SES,

3.60%,

4/4/23  (1)

455‌

451‌

Sky,

3.75%,

9/16/24  (1)

975‌

951‌

T-Mobile

USA,

2.25%,

2/15/26 

195‌

178‌

T-Mobile

USA,

3.50%,

4/15/25 

265‌

255‌

Take-Two

Interactive

Software,

3.30%,

3/28/24 

220‌

215‌

Take-Two

Interactive

Software,

3.55%,

4/14/25 

75‌

72‌

Verizon

Communications,

1.45%,

3/20/26 

270‌

242‌

Verizon

Communications,

2.625%,

8/15/26 

395‌

364‌

Warnermedia

Holdings,

3.755%,

3/15/27  (1)

700‌

631‌

8,496‌

Consumer

Cyclical

3.8%

7-Eleven,

0.625%,

2/10/23  (1)

85‌

84‌

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

14

Par/Shares

$

Value

(Amounts

in

000s)

7-Eleven,

0.80%,

2/10/24  (1)

135‌

128‌

Aptiv,

2.396%,

2/18/25 

205‌

193‌

AutoZone,

3.625%,

4/15/25 

120‌

116‌

Daimler

Trucks

Finance

North

America,

1.625%,

12/13/24  (1)

260‌

242‌

General

Motors,

4.875%,

10/2/23 

180‌

180‌

General

Motors

Financial,

2.90%,

2/26/25 

485‌

459‌

Genuine

Parts,

1.75%,

2/1/25 

105‌

98‌

Hyatt

Hotels,

1.30%,

10/1/23 

140‌

135‌

Hyundai

Capital

America,

0.80%,

1/8/24  (1)

160‌

153‌

Hyundai

Capital

America,

0.875%,

6/14/24  (1)

80‌

75‌

Hyundai

Capital

America,

1.00%,

9/17/24  (1)(3)

110‌

102‌

Hyundai

Capital

America,

2.375%,

2/10/23  (1)

470‌

468‌

Hyundai

Capital

Services,

2.125%,

4/24/25  (1)

200‌

183‌

Lowe's,

3.35%,

4/1/27 

80‌

75‌

Lowe's,

4.40%,

9/8/25 

305‌

300‌

Marriott

International,

3.125%,

2/15/23 

80‌

80‌

Marriott

International,

3.60%,

4/15/24 

425‌

417‌

Mercedes-Benz

Finance

North

America,

1.75%,

3/10/23  (1)

435‌

432‌

Nissan

Motor,

3.043%,

9/15/23  (1)

665‌

652‌

Nordstrom,

2.30%,

4/8/24  (3)

35‌

33‌

QVC,

4.85%,

4/1/24 

360‌

335‌

Ross

Stores,

0.875%,

4/15/26 

155‌

136‌

Ross

Stores,

4.60%,

4/15/25 

670‌

666‌

Stellantis

Finance

U.S.,

1.711%,

1/29/27  (1)

200‌

172‌

Toyota

Motor

Credit,

3.95%,

6/30/25 

415‌

407‌

Volkswagen

Group

of

America

Finance,

3.125%,

5/12/23  (1)

200‌

198‌

Volkswagen

Group

of

America

Finance,

3.95%,

6/6/25  (1)

200‌

194‌

6,713‌

Consumer

Non-Cyclical

5.4%

AbbVie,

2.60%,

11/21/24 

715‌

684‌

AbbVie,

2.95%,

11/21/26 

510‌

474‌

AbbVie,

3.20%,

5/14/26 

45‌

43‌

AmerisourceBergen,

3.40%,

5/15/24 

455‌

445‌

Anheuser-Busch,

3.65%,

2/1/26 

120‌

115‌

Astrazeneca

Finance,

1.20%,

5/28/26 

320‌

285‌

BAT

International

Finance,

1.668%,

3/25/26 

225‌

199‌

BAT

International

Finance,

4.448%,

3/16/28 

460‌

425‌

Baxter

International,

0.868%,

12/1/23 

350‌

337‌

Bayer

U.S.

Finance

II,

3.875%,

12/15/23  (1)

250‌

246‌

Becton

Dickinson

&

Company,

3.363%,

6/6/24 

336‌

328‌

Becton

Dickinson

&

Company,

3.734%,

12/15/24 

78‌

76‌

Brunswick,

0.85%,

8/18/24 

290‌

267‌

Cardinal

Health,

3.079%,

6/15/24 

180‌

174‌

Cardinal

Health,

3.20%,

3/15/23 

185‌

184‌

Cardinal

Health,

3.50%,

11/15/24 

215‌

209‌

Coca-Cola

Europacific

Partners,

0.80%,

5/3/24  (1)

680‌

638‌

Constellation

Brands,

3.60%,

5/9/24 

225‌

221‌

CSL

Finance,

3.85%,

4/27/27  (1)

90‌

87‌

Par/Shares

$

Value

(Amounts

in

000s)

CVS

Health,

2.875%,

6/1/26 

115‌

107‌

CVS

Health,

3.00%,

8/15/26 

105‌

98‌

Diageo

Capital,

5.20%,

10/24/25 

200‌

203‌

HCA,

3.125%,

3/15/27  (1)

260‌

237‌

Imperial

Brands

Finance,

3.125%,

7/26/24  (1)

480‌

459‌

Imperial

Brands

Finance,

4.25%,

7/21/25  (1)

200‌

190‌

JDE

Peet's,

0.80%,

9/24/24  (1)

150‌

136‌

Mondelez

International,

2.625%,

3/17/27 

190‌

172‌

Mondelez

International

Holdings

Netherlands,

4.25%,

9/15/25  (1)

200‌

197‌

PeaceHealth

Obligated

Group,

Series

2020,

1.375%,

11/15/25 

50‌

45‌

PerkinElmer,

0.85%,

9/15/24 

715‌

664‌

Perrigo

Finance

Unlimited,

3.90%,

12/15/24 

675‌

636‌

Philip

Morris

International,

5.00%,

11/17/25 

140‌

141‌

Philip

Morris

International,

5.125%,

11/15/24 

270‌

270‌

Royalty

Pharma,

0.75%,

9/2/23 

215‌

208‌

Shire

Acquisitions

Investments

Ireland,

2.875%,

9/23/23 

168‌

165‌

Viatris,

1.65%,

6/22/25 

140‌

127‌

Zoetis,

5.40%,

11/14/25 

215‌

219‌

9,711‌

Energy

3.1%

Aker

BP,

3.00%,

1/15/25  (1)

360‌

341‌

Canadian

Natural

Resources,

2.05%,

7/15/25 

335‌

312‌

Cheniere

Corpus

Christi

Holdings,

5.875%,

3/31/25 

375‌

377‌

Cheniere

Corpus

Christi

Holdings,

7.00%,

6/30/24 

465‌

471‌

Devon

Energy,

8.25%,

8/1/23 

130‌

132‌

Enbridge,

2.15%,

2/16/24 

315‌

305‌

Enbridge,

2.50%,

1/15/25 

265‌

250‌

Enbridge,

2.50%,

2/14/25 

150‌

142‌

Energy

Transfer,

2.90%,

5/15/25 

65‌

61‌

Energy

Transfer,

3.45%,

1/15/23 

30‌

30‌

Energy

Transfer,

4.25%,

3/15/23 

440‌

439‌

Energy

Transfer,

4.25%,

4/1/24 

15‌

15‌

Energy

Transfer,

4.90%,

2/1/24 

175‌

174‌

Energy

Transfer,

5.875%,

1/15/24 

610‌

612‌

Energy

Transfer,

Series

5Y,

4.20%,

9/15/23 

85‌

84‌

Eni,

Series

X-R,

4.00%,

9/12/23  (1)

470‌

466‌

Gray

Oak

Pipeline,

2.00%,

9/15/23  (1)

50‌

49‌

Gray

Oak

Pipeline,

2.60%,

10/15/25  (1)

105‌

95‌

Pioneer

Natural

Resources,

0.55%,

5/15/23 

140‌

138‌

Plains

All

American

Pipeline,

2.85%,

1/31/23 

305‌

304‌

Sabine

Pass

Liquefaction,

5.625%,

3/1/25 

255‌

255‌

Sabine

Pass

Liquefaction,

5.75%,

5/15/24 

300‌

300‌

Schlumberger

Finance

Canada,

1.40%,

9/17/25 

80‌

73‌

Williams,

4.30%,

3/4/24 

75‌

74‌

5,499‌

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

15

Par/Shares

$

Value

(Amounts

in

000s)

Industrial

Other

0.5%

CK

Hutchison

International

II,

2.75%,

3/29/23 

950‌

944‌

944‌

Technology

2.3%

Analog

Devices,

FRN,

SOFR

+

0.25%,

4.573%,

10/1/24 

70‌

69‌

CDW,

5.50%,

12/1/24 

75‌

74‌

Fidelity

National

Information

Services,

0.375%,

3/1/23 

275‌

273‌

Fidelity

National

Information

Services,

0.60%,

3/1/24 

130‌

123‌

Fidelity

National

Information

Services,

4.50%,

7/15/25 

135‌

133‌

Fortinet,

1.00%,

3/15/26 

160‌

140‌

Marvell

Technology,

4.20%,

6/22/23 

255‌

253‌

Microchip

Technology,

0.972%,

2/15/24 

300‌

285‌

Microchip

Technology,

0.983%,

9/1/24 

220‌

204‌

Microchip

Technology,

2.67%,

9/1/23 

250‌

246‌

NXP,

2.70%,

5/1/25 

205‌

193‌

NXP,

3.875%,

6/18/26 

140‌

133‌

NXP,

4.40%,

6/1/27 

35‌

34‌

NXP,

4.875%,

3/1/24 

250‌

248‌

Oracle,

5.80%,

11/10/25 

140‌

143‌

Qorvo,

1.75%,

12/15/24  (1)

125‌

115‌

RELX

Capital,

3.50%,

3/16/23 

160‌

159‌

S&P

Global,

2.45%,

3/1/27  (1)

510‌

465‌

Skyworks

Solutions,

0.90%,

6/1/23 

70‌

69‌

VMware,

0.60%,

8/15/23 

165‌

161‌

Western

Union,

2.85%,

1/10/25 

525‌

498‌

Workday,

3.50%,

4/1/27 

120‌

112‌

4,130‌

Transportation

1.4%

American

Airlines

PTT,

Series

2017-2,

Class

B,

3.70%,

10/15/25 

302‌

268‌

Canadian

Pacific

Railway,

1.35%,

12/2/24 

315‌

294‌

Canadian

Pacific

Railway,

1.75%,

12/2/26 

135‌

120‌

HPHT

Finance,

2.875%,

11/5/24 

600‌

571‌

Penske

Truck

Leasing,

2.70%,

3/14/23  (1)

321‌

319‌

Penske

Truck

Leasing,

3.45%,

7/1/24  (1)

172‌

166‌

Penske

Truck

Leasing,

4.25%,

1/17/23  (1)

70‌

70‌

Sydney

Airport

Finance,

3.90%,

3/22/23  (1)

250‌

249‌

Triton

Container

International,

0.80%,

8/1/23  (1)

325‌

314‌

United

Airlines

PTT,

Series

2019-2,

Class

B,

3.50%,

5/1/28 

186‌

157‌

2,528‌

Total

Industrial

42,332‌

UTILITY

2.6%

Electric

2.1%

AES,

3.30%,

7/15/25  (1)

190‌

179‌

Alexander

Funding

Trust,

1.841%,

11/15/23  (1)

225‌

214‌

DTE

Energy,

STEP,

4.22%,

11/1/24 

240‌

235‌

Edison

International,

2.95%,

3/15/23 

110‌

110‌

Enel

Finance

International,

1.375%,

7/12/26  (1)

265‌

228‌

Par/Shares

$

Value

(Amounts

in

000s)

Enel

Finance

International,

2.65%,

9/10/24  (1)

405‌

387‌

Enel

Finance

International,

6.80%,

10/14/25  (1)

200‌

206‌

NextEra

Energy

Capital

Holdings,

1.875%,

1/15/27 

310‌

274‌

NextEra

Energy

Capital

Holdings,

4.45%,

6/20/25 

230‌

227‌

NRG

Energy,

3.75%,

6/15/24  (1)

155‌

149‌

Pacific

Gas

&

Electric,

3.50%,

6/15/25 

220‌

207‌

Vistra

Operations,

3.55%,

7/15/24  (1)

1,150‌

1,104‌

Vistra

Operations,

5.125%,

5/13/25  (1)

285‌

279‌

3,799‌

Natural

Gas

0.5%

APT

Pipelines,

4.20%,

3/23/25  (1)

535‌

516‌

Sempra

Energy,

3.30%,

4/1/25 

175‌

168‌

Southern

California

Gas,

2.95%,

4/15/27 

185‌

171‌

855‌

Total

Utility

4,654‌

Total

Corporate

Bonds

(Cost

$87,262)

83,625‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

0.6%

Owned

No

Guarantee

0.6%

DAE

Funding,

1.55%,

8/1/24  (1)

200‌

186‌

Korea

Hydro

&

Nuclear

Power,

4.25%,

7/27/27  (1)

490‌

472‌

NBN,

1.45%,

5/5/26  (1)

405‌

356‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$1,091)

1,014‌

MUNICIPAL

SECURITIES

0.2%

California

0.1%

Golden

State

Tobacco

Securitization,

Series A-1,

1.711%,

6/1/24 

200‌

190‌

190‌

New

York

0.1%

Long

Island

Power

Auth.,

Series C,

0.764%,

3/1/23 

85‌

85‌

85‌

Total

Municipal

Securities

(Cost

$285)

275‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

14.9%

Collateralized

Mortgage

Obligations

7.6%

Angel

Oak

Mortgage

Trust

Series

2020-3,

Class

A3,

CMO,

ARM

2.872%,

4/25/65  (1)

28‌

25‌

Angel

Oak

Mortgage

Trust

Series

2020-5,

Class

A2,

CMO,

ARM

1.579%,

5/25/65  (1)

39‌

35‌

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

16

Par/Shares

$

Value

(Amounts

in

000s)

Angel

Oak

Mortgage

Trust

Series

2021-1,

Class

A1,

CMO,

ARM

0.909%,

1/25/66  (1)

139‌

113‌

Angel

Oak

Mortgage

Trust

Series

2021-1,

Class

A2,

CMO,

ARM

1.115%,

1/25/66  (1)

40‌

32‌

Angel

Oak

Mortgage

Trust

Series

2021-2,

Class

A1,

CMO,

ARM

0.985%,

4/25/66  (1)

110‌

90‌

Angel

Oak

Mortgage

Trust

Series

2021-3,

Class

A1,

CMO,

ARM

1.068%,

5/25/66  (1)

93‌

76‌

Angel

Oak

Mortgage

Trust

Series

2021-6,

Class

A2,

CMO,

ARM

1.581%,

9/25/66  (1)

112‌

87‌

Angel

Oak

Mortgage

Trust

Series

2021-6,

Class

A3,

CMO,

ARM

1.714%,

9/25/66  (1)

104‌

80‌

Barclays

Mortgage

Loan

Trust

Series

2021-NQM1,

Class

A1,

CMO,

ARM

1.747%,

9/25/51  (1)

261‌

222‌

Bayview

MSR

Opportunity

Master

Fund

Trust

Series

2021-2,

Class

A5,

CMO,

ARM

2.50%,

6/25/51  (1)

202‌

174‌

Bayview

MSR

Opportunity

Master

Fund

Trust

Series

2021-5,

Class

A5,

CMO,

ARM

2.50%,

11/25/51  (1)

153‌

132‌

BINOM

Securitization

Trust

Series

2021-INV1,

Class

A2,

CMO,

ARM

2.37%,

6/25/56  (1)

287‌

250‌

BINOM

Securitization

Trust

Series

2021-INV1,

Class

A3,

CMO,

ARM

2.625%,

6/25/56  (1)

91‌

79‌

BRAVO

Residential

Funding

Trust

Series

2021-NQM3,

Class

A1,

CMO,

ARM

1.699%,

4/25/60  (1)

142‌

127‌

CIM

Trust

Series

2020-INV1,

Class

A2,

CMO,

ARM

2.50%,

4/25/50  (1)

81‌

67‌

CIM

Trust

Series

2021-INV1,

Class

A8,

CMO,

ARM

2.50%,

7/1/51  (1)

99‌

85‌

Citigroup

Mortgage

Loan

Trust

Series

2020-EXP2,

Class

A3,

CMO,

ARM

2.50%,

8/25/50  (1)

61‌

49‌

COLT

Mortgage

Loan

Trust

Series

2021-1,

Class

A2,

CMO,

ARM

1.167%,

6/25/66  (1)

109‌

86‌

COLT

Mortgage

Loan

Trust

Series

2021-3,

Class

A3,

CMO,

ARM

1.419%,

9/27/66  (1)

95‌

74‌

COLT

Mortgage

Loan

Trust

Series

2021-6,

Class

A1,

CMO,

ARM

1.907%,

12/25/66  (1)

138‌

117‌

Connecticut

Avenue

Securities

Series

2017-C05,

Class

1ED3,

CMO,

ARM

1M

USD

LIBOR

+

1.20%,

5.589%,

1/25/30 

16‌

16‌

Par/Shares

$

Value

(Amounts

in

000s)

Connecticut

Avenue

Securities

Trust

Series

2022-R01,

Class

1M1,

CMO,

ARM

SOFR30A

+

1.00%,

4.928%,

12/25/41  (1)

263‌

260‌

Connecticut

Avenue

Securities

Trust

Series

2022-R03,

Class

1M1,

CMO,

ARM

SOFR30A

+

2.10%,

6.028%,

3/25/42  (1)

212‌

211‌

Connecticut

Avenue

Securities

Trust

Series

2022-R04,

Class

1M1,

CMO,

ARM

SOFR30A

+

2.00%,

5.928%,

3/25/42  (1)

136‌

136‌

Connecticut

Avenue

Securities

Trust

Series

2022-R06,

Class

1M1,

CMO,

ARM

SOFR30A

+

2.75%,

6.678%,

5/25/42  (1)

233‌

236‌

Connecticut

Avenue

Securities

Trust

Series

2022-R07,

Class

1M1,

CMO,

ARM

SOFR30A

+

2.95%,

6.894%,

6/25/42  (1)

243‌

245‌

Connecticut

Avenue

Securities

Trust

Series

2022-R08,

Class

1M1,

CMO,

ARM

SOFR30A

+

2.55%,

6.478%,

7/25/42  (1)

97‌

98‌

Deephaven

Residential

Mortgage

Trust

Series

2021-1,

Class

A2,

CMO,

ARM

0.973%,

5/25/65  (1)

32‌

28‌

Deephaven

Residential

Mortgage

Trust

Series

2021-2,

Class

A1,

CMO,

ARM

0.899%,

4/25/66  (1)

57‌

48‌

Deephaven

Residential

Mortgage

Trust

Series

2021-2,

Class

A3,

CMO,

ARM

1.26%,

4/25/66  (1)

57‌

46‌

Eagle

Series

2021-2,

Class

M1A,

CMO,

ARM

SOFR30A

+

1.55%,

5.478%,

4/25/34  (1)

142‌

141‌

Ellington

Financial

Mortgage

Trust

Series

2019-2,

Class

A3,

CMO,

ARM

3.046%,

11/25/59  (1)

22‌

21‌

Ellington

Financial

Mortgage

Trust

Series

2021-1,

Class

A1,

CMO,

ARM

0.797%,

2/25/66  (1)

37‌

30‌

Ellington

Financial

Mortgage

Trust

Series

2021-1,

Class

A3,

CMO,

ARM

1.106%,

2/25/66  (1)

37‌

29‌

Ellington

Financial

Mortgage

Trust

Series

2021-2,

Class

A1,

CMO,

ARM

0.931%,

6/25/66  (1)

231‌

178‌

Ellington

Financial

Mortgage

Trust

Series

2021-2,

Class

A3,

CMO,

ARM

1.291%,

6/25/66  (1)

67‌

51‌

Ellington

Financial

Mortgage

Trust

Series

2021-3,

Class

A1,

CMO,

ARM

1.241%,

9/25/66  (1)

98‌

78‌

Flagstar

Mortgage

Trust

Series

2020-1INV,

Class

A11,

CMO,

ARM

1M

USD

LIBOR

+

0.85%,

4.866%,

3/25/50  (1)

146‌

134‌

Flagstar

Mortgage

Trust

Series

2021-5INV,

Class

A5,

CMO,

ARM

2.50%,

7/25/51  (1)

203‌

174‌

Freddie

Mac

Whole

Loan

Securities

Trust

Series

2017-SC01,

Class

M1,

CMO,

ARM

3.647%,

12/25/46  (1)

67‌

64‌

Freddie

Mac

Whole

Loan

Securities

Trust

Series

2017-SC02,

Class

M1,

CMO,

ARM

3.857%,

5/25/47  (1)

34‌

33‌

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

17

Par/Shares

$

Value

(Amounts

in

000s)

Galton

Funding

Mortgage

Trust

Series

2018-1,

Class

A33,

CMO,

ARM

3.50%,

11/25/57  (1)

49‌

44‌

Galton

Funding

Mortgage

Trust

Series

2019-1,

Class

A21,

CMO,

ARM

4.50%,

2/25/59  (1)

15‌

15‌

Galton

Funding

Mortgage

Trust

Series

2019-1,

Class

A32,

CMO,

ARM

4.00%,

2/25/59  (1)

23‌

22‌

Galton

Funding

Mortgage

Trust

Series

2019-H1,

Class

M1,

CMO,

ARM

3.339%,

10/25/59  (1)

230‌

204‌

Galton

Funding

Mortgage

Trust

Series

2020-H1,

Class

M1,

CMO,

ARM

2.832%,

1/25/60  (1)

380‌

275‌

GS

Mortgage-Backed

Securities

Trust

Series

2014-EB1A,

Class

2A1,

CMO,

ARM

2.495%,

7/25/44  (1)

5‌

4‌

GS

Mortgage-Backed

Securities

Trust

Series

2021-GR2,

Class

A6,

CMO,

ARM

2.50%,

2/25/52  (1)

221‌

189‌

GS

Mortgage-Backed

Securities

Trust

Series

2021-HP1,

Class

A6,

CMO,

ARM

2.50%,

1/25/52  (1)

133‌

114‌

GS

Mortgage-Backed

Securities

Trust

Series

2021-PJ5,

Class

A8,

CMO,

ARM

2.50%,

10/25/51  (1)

289‌

247‌

GS

Mortgage-Backed

Securities

Trust

Series

2022-GR1,

Class

A5,

CMO,

ARM

2.50%,

6/25/52  (1)

451‌

385‌

Hundred

Acre

Wood

Trust

Series

2021-INV1,

Class

A9,

CMO,

ARM

2.50%,

7/25/51  (1)

194‌

168‌

Imperial

Fund

Mortgage

Trust

Series

2021-NQM2,

Class

A3,

CMO,

ARM

1.516%,

9/25/56  (1)

113‌

85‌

Imperial

Fund

Mortgage

Trust

Series

2022-NQM4,

Class

A1,

CMO,

STEP

4.767%,

6/25/67  (1)

368‌

349‌

JPMorgan

Mortgage

Trust

Series

2020-INV1,

Class

A15,

CMO,

ARM

3.50%,

8/25/50  (1)

105‌

89‌

Mello

Mortgage

Capital

Acceptance

Series

2021-INV3,

Class

A4,

CMO,

ARM

2.50%,

10/25/51  (1)

174‌

149‌

MFA

Trust

Series

2021-INV1,

Class

A1,

CMO,

ARM

0.852%,

1/25/56  (1)

61‌

54‌

MFA

Trust

Series

2021-NQM2,

Class

A2,

CMO,

ARM

1.317%,

11/25/64  (1)

57‌

45‌

New

Residential

Mortgage

Loan

Trust

Series

2021-INV1,

Class

A6,

CMO,

ARM

2.50%,

6/25/51  (1)

134‌

114‌

New

Residential

Mortgage

Loan

Trust

Series

2021-INV2,

Class

A7,

CMO,

ARM

2.50%,

9/25/51  (1)

395‌

338‌

NLT

Trust

Series

2021-INV2,

Class

A3,

CMO,

ARM

1.52%,

8/25/56  (1)

103‌

80‌

Par/Shares

$

Value

(Amounts

in

000s)

OBX

Trust

Series

2019-EXP2,

Class

2A2,

CMO,

ARM

1M

USD

LIBOR

+

1.20%,

4.687%,

6/25/59  (1)

24‌

23‌

OBX

Trust

Series

2020-EXP1,

Class

2A2,

CMO,

ARM

1M

USD

LIBOR

+

0.95%,

5.339%,

2/25/60  (1)

37‌

34‌

OBX

Trust

Series

2020-EXP2,

Class

A8,

CMO,

ARM

3.00%,

5/25/60  (1)

105‌

89‌

OBX

Trust

Series

2020-EXP2,

Class

A9,

CMO,

ARM

3.00%,

5/25/60  (1)

28‌

23‌

OBX

Trust

Series

2020-INV1,

Class

A5,

CMO,

ARM

3.50%,

12/25/49  (1)

62‌

55‌

OBX

Trust

Series

2021-J1,

Class

A4,

CMO,

ARM

2.50%,

5/25/51  (1)

210‌

180‌

OBX

Trust

Series

2021-NQM1,

Class

A1,

CMO,

ARM

1.072%,

2/25/66  (1)

135‌

105‌

OBX

Trust

Series

2021-NQM3,

Class

A1,

CMO,

ARM

1.054%,

7/25/61  (1)

101‌

76‌

Oceanview

Mortgage

Trust

Series

2022-1,

Class

A5,

CMO,

ARM

2.50%,

12/25/51  (1)

209‌

179‌

PSMC

Trust

Series

2021-1,

Class

A11,

CMO,

ARM

2.50%,

3/25/51  (1)

316‌

272‌

Sequoia

Mortgage

Trust

Series

2018-CH2,

Class

A21,

CMO,

ARM

4.00%,

6/25/48  (1)

30‌

28‌

Sequoia

Mortgage

Trust

Series

2018-CH3,

Class

A19,

CMO,

ARM

4.50%,

8/25/48  (1)

5‌

5‌

Sequoia

Mortgage

Trust

Series

2018-CH4,

Class

A2,

CMO,

ARM

4.00%,

10/25/48  (1)

4‌

4‌

SG

Residential

Mortgage

Trust

Series

2020-2,

Class

A1,

CMO,

ARM

1.381%,

5/25/65  (1)

46‌

39‌

SG

Residential

Mortgage

Trust

Series

2022-1,

Class

A1,

CMO,

ARM

3.166%,

3/27/62  (1)

137‌

122‌

Starwood

Mortgage

Residential

Trust

Series

2019-INV1,

Class

A3,

CMO,

ARM

2.916%,

9/27/49  (1)

236‌

222‌

Starwood

Mortgage

Residential

Trust

Series

2021-2,

Class

A1,

CMO,

ARM

0.943%,

5/25/65  (1)

109‌

101‌

Starwood

Mortgage

Residential

Trust

Series

2021-4,

Class

A1,

CMO,

ARM

1.162%,

8/25/56  (1)

284‌

228‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-DNA2,

Class

M1,

CMO,

ARM

SOFR30A

+

0.80%,

4.728%,

8/25/33  (1)

16‌

16‌

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

18

Par/Shares

$

Value

(Amounts

in

000s)

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-DNA5,

Class

M2,

CMO,

ARM

SOFR30A

+

1.65%,

5.578%,

1/25/34  (1)

89‌

88‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-DNA7,

Class

M2,

CMO,

ARM

SOFR30A

+

1.80%,

5.728%,

11/25/41  (1)

90‌

85‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-HQA1,

Class

M1,

CMO,

ARM

SOFR30A

+

0.70%,

4.628%,

8/25/33  (1)

4‌

4‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2022-DNA1,

Class

M1A,

CMO,

ARM

SOFR30A

+

1.00%,

4.928%,

1/25/42  (1)

173‌

168‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2022-DNA3,

Class

M1A,

CMO,

ARM

SOFR30A

+

2.00%,

5.928%,

4/25/42  (1)

272‌

270‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2022-DNA4,

Class

M1A,

CMO,

ARM

SOFR30A

+

2.20%,

6.128%,

5/25/42  (1)

315‌

314‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2022-DNA5,

Class

M1A,

CMO,

ARM

SOFR30A

+

2.95%,

6.878%,

6/25/42  (1)

297‌

301‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2022-DNA6,

Class

M1A,

CMO,

ARM

SOFR30A

+

2.15%,

6.078%,

9/25/42  (1)

98‌

98‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2022-HQA1,

Class

M1A,

CMO,

ARM

SOFR30A

+

2.10%,

6.028%,

3/25/42  (1)

334‌

329‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2022-HQA3,

Class

M1A,

CMO,

ARM

SOFR30A

+

2.30%,

6.228%,

8/25/42  (1)

144‌

143‌

Toorak

Mortgage

Series

2021-INV1,

Class

A2,

CMO,

ARM

1.409%,

7/25/56  (1)

67‌

56‌

Towd

Point

Mortgage

Trust

Series

2022-4,

Class

A1,

CMO

3.75%,

9/25/62  (1)

439‌

410‌

UWM

Mortgage

Trust

Series

2021-INV2,

Class

A4,

CMO,

ARM

2.50%,

9/25/51  (1)

69‌

60‌

UWM

Mortgage

Trust

Series

2021-INV5,

Class

A4,

CMO,

ARM

2.50%,

1/25/52  (1)

428‌

366‌

Verus

Securitization

Trust

Series

2019-4,

Class

A3,

CMO,

STEP

3.00%,

11/25/59  (1)

202‌

191‌

Verus

Securitization

Trust

Series

2019-INV3,

Class

A3,

CMO,

ARM

3.10%,

11/25/59  (1)

200‌

188‌

Verus

Securitization

Trust

Series

2020-1,

Class

A3,

CMO,

STEP

2.724%,

1/25/60  (1)

259‌

243‌

Verus

Securitization

Trust

Series

2020-5,

Class

A3,

CMO,

STEP

1.733%,

5/25/65  (1)

34‌

31‌

Verus

Securitization

Trust

Series

2021-1,

Class

A1,

CMO,

ARM

0.815%,

1/25/66  (1)

43‌

36‌

Verus

Securitization

Trust

Series

2021-1,

Class

A2,

CMO,

ARM

1.052%,

1/25/66  (1)

57‌

47‌

Par/Shares

$

Value

(Amounts

in

000s)

Verus

Securitization

Trust

Series

2021-1,

Class

A3,

CMO,

ARM

1.155%,

1/25/66  (1)

41‌

33‌

Verus

Securitization

Trust

Series

2021-2,

Class

A1,

CMO,

ARM

1.031%,

2/25/66  (1)

76‌

63‌

Verus

Securitization

Trust

Series

2021-5,

Class

A3,

CMO,

ARM

1.373%,

9/25/66  (1)

99‌

75‌

Verus

Securitization

Trust

Series

2021-7,

Class

A1,

CMO,

ARM

1.829%,

10/25/66  (1)

364‌

305‌

Verus

Securitization

Trust

Series

2021-R1,

Class

A2,

CMO,

ARM

1.057%,

10/25/63  (1)

27‌

24‌

Verus

Securitization

Trust

Series

2021-R2,

Class

A1,

CMO,

ARM

0.918%,

2/25/64  (1)

79‌

72‌

Verus

Securitization

Trust

Series

2022-1,

Class

A3,

CMO,

ARM

3.288%,

1/25/67  (1)

314‌

255‌

Wells

Fargo

Mortgage

Backed

Securities

Trust

Series

2021-RR1,

Class

A3,

CMO,

ARM

2.50%,

12/25/50  (1)

250‌

217‌

13,500‌

Commercial

Mortgage-Backed

Securities

6.9%

Arbor

Realty

Commercial

Real

Estate

Notes

Series

2021-FL3,

Class

A,

ARM

1M

USD

LIBOR

+

1.07%,

5.388%,

8/15/34  (1)

270‌

258‌

Arbor

Realty

Commercial

Real

Estate

Notes

Series

2021-FL4,

Class

A,

ARM

1M

USD

LIBOR

+

1.35%,

5.668%,

11/15/36  (1)

200‌

193‌

BAMLL

Commercial

Mortgage

Securities

Trust

Series

2021-JACX,

Class

C,

ARM

1M

USD

LIBOR

+

2.00%,

6.318%,

9/15/38  (1)

190‌

173‌

BCP

Trust

Series

2021-330N,

Class

A,

ARM

1M

USD

LIBOR

+

0.799%,

5.117%,

6/15/38  (1)

120‌

112‌

BDS

Series

2021-FL10,

Class

A,

ARM

1M

USD

LIBOR

+

1.35%,

5.689%,

12/16/36  (1)

185‌

179‌

BFLD

Series

2019-DPLO,

Class

B,

ARM

1M

USD

LIBOR

+

1.34%,

5.658%,

10/15/34  (1)

510‌

496‌

BIG

Commercial

Mortgage

Trust

Series

2022-BIG,

Class

C,

ARM

1M

USD

LIBOR

+

2.34%,

6.676%,

2/15/39  (1)

105‌

98‌

BPR

Trust

Series

2021-TY,

Class

B,

ARM

1M

USD

LIBOR

+

1.15%,

5.468%,

9/15/38  (1)

200‌

187‌

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

19

Par/Shares

$

Value

(Amounts

in

000s)

BSPRT

Issuer

Series

2022-FL8,

Class

A,

ARM

SOFR30A

+

1.50%,

5.307%,

2/15/37  (1)

380‌

367‌

BSREP

Commercial

Mortgage

Trust

Series

2021-DC,

Class

D,

ARM

1M

USD

LIBOR

+

1.90%,

6.218%,

8/15/38  (1)

175‌

151‌

BX

Commercial

Mortgage

Trust

Series

2019-XL,

Class

A,

ARM

1M

USD

LIBOR

+

1.034%,

5.37%,

10/15/36  (1)

102‌

100‌

BX

Commercial

Mortgage

Trust

Series

2021-CIP,

Class

A,

ARM

1M

USD

LIBOR

+

0.921%,

5.239%,

12/15/38  (1)

240‌

232‌

BX

Commercial

Mortgage

Trust

Series

2021-SOAR,

Class

D,

ARM

1M

USD

LIBOR

+

1.40%,

5.718%,

6/15/38  (1)

144‌

136‌

BX

Commercial

Mortgage

Trust

Series

2022-AHP,

Class

A,

ARM

1M

USD

LIBOR

+

0.99%,

5.326%,

1/17/39  (1)

190‌

182‌

BX

Commercial

Mortgage

Trust

Series

2022-CSMO,

Class

B,

ARM

1M

USD

LIBOR

+

3.141%,

7.476%,

6/15/27  (1)

260‌

258‌

BX

Trust

Series

2021-ARIA,

Class

C,

ARM

1M

USD

LIBOR

+

1.646%,

5.964%,

10/15/36  (1)

145‌

135‌

Citigroup

Commercial

Mortgage

Trust

Series

2013-375P,

Class

A

3.251%,

5/10/35  (1)

500‌

468‌

Citigroup

Commercial

Mortgage

Trust

Series

2013-375P,

Class

B,

ARM

3.518%,

5/10/35  (1)

205‌

190‌

Citigroup

Commercial

Mortgage

Trust

Series

2013-375P,

Class

C,

ARM

3.518%,

5/10/35  (1)

150‌

138‌

Cold

Storage

Trust

Series

2020-ICE5,

Class

B,

ARM

1M

USD

LIBOR

+

1.30%,

5.618%,

11/15/37  (1)

256‌

247‌

Commercial

Mortgage

Trust

Series

2014-CR19,

Class

AM

4.08%,

8/10/47 

210‌

201‌

Commercial

Mortgage

Trust

Series

2014-CR19,

Class

D,

ARM

4.697%,

8/10/47  (1)

250‌

224‌

Commercial

Mortgage

Trust

Series

2014-UBS2,

Class

A5

3.961%,

3/10/47 

280‌

274‌

Commercial

Mortgage

Trust

Series

2014-UBS2,

Class

B

4.701%,

3/10/47 

440‌

424‌

Commercial

Mortgage

Trust

Series

2015-CR22,

Class

B,

ARM

3.926%,

3/10/48 

100‌

93‌

Par/Shares

$

Value

(Amounts

in

000s)

Credit

Suisse

Mortgage

Trust

Series

2020-NET,

Class

A

2.257%,

8/15/37  (1)

112‌

100‌

Extended

Stay

America

Trust

Series

2021-ESH,

Class

C,

ARM

1M

USD

LIBOR

+

1.70%,

6.018%,

7/15/38  (1)

190‌

183‌

Fontainebleau

Miami

Beach

Trust

Series

2019-FBLU,

Class

C

3.75%,

12/10/36  (1)

895‌

833‌

GCT

Commercial

Mortgage

Trust

Series

2021-GCT,

Class

A,

ARM

1M

USD

LIBOR

+

0.80%,

5.118%,

2/15/38  (1)

140‌

130‌

Great

Wolf

Trust

Series

2019-WOLF,

Class

A,

ARM

1M

USD

LIBOR

+

1.034%,

5.352%,

12/15/36  (1)

325‌

316‌

Great

Wolf

Trust

Series

2019-WOLF,

Class

C,

ARM

1M

USD

LIBOR

+

1.633%,

5.951%,

12/15/36  (1)

390‌

372‌

GS

Mortgage

Securities

Trust

Series

2021-ROSS,

Class

B,

ARM

1M

USD

LIBOR

+

1.60%,

5.918%,

5/15/26  (1)

160‌

144‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2019-BKWD,

Class

C,

ARM

1M

USD

LIBOR

+

1.85%,

6.168%,

9/15/29  (1)

355‌

334‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2020-609M,

Class

B,

ARM

1M

USD

LIBOR

+

1.77%,

6.088%,

10/15/33  (1)

255‌

238‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2020-609M,

Class

C,

ARM

1M

USD

LIBOR

+

2.17%,

6.488%,

10/15/33  (1)

210‌

193‌

KIND

Trust

Series

2021-KIND,

Class

C,

ARM

1M

USD

LIBOR

+

1.75%,

6.068%,

8/15/38  (1)

243‌

220‌

KKR

Industrial

Portfolio

Trust

Series

2021-KDIP,

Class

C,

ARM

1M

USD

LIBOR

+

1.00%,

5.318%,

12/15/37  (1)

188‌

178‌

KKR

Industrial

Portfolio

Trust

Series

2021-KDIP,

Class

D,

ARM

1M

USD

LIBOR

+

1.25%,

5.568%,

12/15/37  (1)

75‌

71‌

LSTAR

Commercial

Mortgage

Trust

Series

2017-5,

Class

AS

4.021%,

3/10/50  (1)

145‌

133‌

MF1

Series

2021-FL7,

Class

A,

ARM

1M

USD

LIBOR

+

1.08%,

5.419%,

10/16/36  (1)

195‌

187‌

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

20

Par/Shares

$

Value

(Amounts

in

000s)

MHC

Trust

Series

2021-MHC2,

Class

B,

ARM

1M

USD

LIBOR

+

1.10%,

5.418%,

5/15/23  (1)

150‌

144‌

Morgan

Stanley

Capital

I

Trust

Series

2014-150E,

Class

A

3.912%,

9/9/32  (1)

340‌

301‌

Morgan

Stanley

Capital

I

Trust

Series

2019-MEAD,

Class

D,

ARM

3.177%,

11/10/36  (1)

710‌

600‌

Morgan

Stanley

Capital

I

Trust

Series

2019-NUGS,

Class

D,

ARM

1M

USD

LIBOR

+

1.80%,

6.118%,

12/15/36  (1)

130‌

102‌

ONE

Mortgage

Trust

Series

2021-PARK,

Class

B,

ARM

1M

USD

LIBOR

+

1.064%,

5.40%,

3/15/36  (1)

315‌

296‌

ONE

Mortgage

Trust

Series

2021-PARK,

Class

C,

ARM

1M

USD

LIBOR

+

1.214%,

5.55%,

3/15/36  (1)

170‌

156‌

Shelter

Growth

CRE

Issuer

Series

2021-FL3,

Class

A,

ARM

1M

USD

LIBOR

+

1.08%,

5.398%,

9/15/36  (1)

96‌

93‌

SLIDE

Series

2018-FUN,

Class

A,

ARM

1M

USD

LIBOR

+

1.15%,

5.468%,

6/15/31  (1)

477‌

474‌

SLIDE

Series

2018-FUN,

Class

D,

ARM

1M

USD

LIBOR

+

2.10%,

6.418%,

6/15/31  (1)

523‌

513‌

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-NXS2,

Class

A2

3.02%,

7/15/58 

62‌

60‌

WFRBS

Commercial

Mortgage

Trust

Series

2014-LC14,

Class

A5

4.045%,

3/15/47 

440‌

432‌

12,319‌

Residential

Mortgage

0.4%

Finance

of

America

HECM

Buyout

Series

2022-HB2,

Class

A1A,

CMO,

ARM

4.00%,

12/25/24  (1)

417‌

409‌

MetLife

Securitization

Trust

Series

2017-1A,

Class

A,

CMO,

ARM

3.00%,

4/25/55  (1)

130‌

121‌

Towd

Point

Mortgage

Trust

Series

2017-1,

Class

A1,

CMO,

ARM

2.75%,

10/25/56  (1)

51‌

50‌

Towd

Point

Mortgage

Trust

Series

2017-2,

Class

A1,

CMO,

ARM

2.75%,

4/25/57  (1)

32‌

32‌

Par/Shares

$

Value

(Amounts

in

000s)

Towd

Point

Mortgage

Trust

Series

2018-1,

Class

A1,

CMO,

ARM

3.00%,

1/25/58  (1)

73‌

70‌

682‌

Total

Non-U.S.

Government

Mortgage-

Backed

Securities

(Cost

$29,237)

26,501‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

3.4%

U.S.

Government

Agency

Obligations

2.2%

Federal

Home

Loan

Mortgage 

3.50%,

3/1/46 

94‌

87‌

5.00%,

12/1/23

-

7/1/25 

3‌

3‌

5.50%,

4/1/23

-

10/1/38 

3‌

3‌

6.00%,

9/1/34

-

9/1/35 

67‌

69‌

7.00%,

3/1/39 

59‌

62‌

7.50%,

6/1/38 

59‌

62‌

Federal

Home

Loan

Mortgage,

ARM 

12M

USD

LIBOR

+

1.625%,

2.851%,

4/1/37 

6‌

6‌

12M

USD

LIBOR

+

1.625%,

3.26%,

6/1/38 

11‌

11‌

12M

USD

LIBOR

+

1.625%,

3.875%,

7/1/38 

7‌

7‌

12M

USD

LIBOR

+

1.726%,

3.943%,

7/1/35 

2‌

2‌

12M

USD

LIBOR

+

1.733%,

3.597%,

10/1/36 

5‌

5‌

12M

USD

LIBOR

+

1.739%,

3.058%,

5/1/38 

6‌

5‌

12M

USD

LIBOR

+

1.75%,

2.127%,

2/1/35 

1‌

1‌

12M

USD

LIBOR

+

1.775%,

3.225%,

5/1/37 

3‌

3‌

12M

USD

LIBOR

+

1.829%,

2.204%,

2/1/37 

2‌

2‌

12M

USD

LIBOR

+

1.842%,

2.822%,

1/1/37 

2‌

2‌

12M

USD

LIBOR

+

2.03%,

4.275%,

11/1/36 

2‌

2‌

12M

USD

LIBOR

+

2.083%,

2.582%,

2/1/38 

7‌

7‌

1Y

CMT

+

2.245%,

3.284%,

1/1/36 

5‌

5‌

1Y

CMT

+

2.25%,

3.928%,

10/1/36 

1‌

1‌

Federal

Home

Loan

Mortgage,

CMO,

2.00%,

2/15/40 

49‌

47‌

Federal

Home

Loan

Mortgage,

UMBS 

2.50%,

1/1/52 

215‌

183‌

3.00%,

11/1/34 

161‌

151‌

4.00%,

12/1/49 

35‌

33‌

4.50%,

9/1/37

-

5/1/50 

93‌

91‌

Federal

National

Mortgage

Assn.,

ARM 

12M

USD

LIBOR

+

1.34%,

1.59%,

12/1/35 

2‌

2‌

12M

USD

LIBOR

+

1.568%,

3.29%,

7/1/35 

1‌

1‌

12M

USD

LIBOR

+

1.584%,

3.33%,

12/1/35 

5‌

5‌

12M

USD

LIBOR

+

1.599%,

3.054%,

7/1/36 

5‌

5‌

12M

USD

LIBOR

+

1.655%,

3.905%,

8/1/37 

2‌

1‌

12M

USD

LIBOR

+

1.77%,

2.145%,

12/1/35 

1‌

1‌

12M

USD

LIBOR

+

1.78%,

4.03%,

1/1/34 

6‌

5‌

12M

USD

LIBOR

+

1.788%,

2.538%,

5/1/38 

2‌

2‌

12M

USD

LIBOR

+

1.83%,

3.117%,

4/1/38 

18‌

18‌

12M

USD

LIBOR

+

1.853%,

4.103%,

8/1/38 

6‌

7‌

12M

USD

LIBOR

+

1.892%,

2.779%,

12/1/35 

2‌

2‌

12M

USD

LIBOR

+

1.922%,

3.199%,

5/1/38 

6‌

6‌

12M

USD

LIBOR

+

2.04%,

4.29%,

12/1/36 

1‌

1‌

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

21

Par/Shares

$

Value

(Amounts

in

000s)

Federal

National

Mortgage

Assn.,

UMBS 

2.00%,

10/1/50 

110‌

90‌

2.50%,

1/1/52 

198‌

168‌

3.00%,

1/1/27

-

6/1/52 

446‌

398‌

3.50%,

3/1/28

-

1/1/52 

132‌

122‌

4.00%,

11/1/49

-

10/1/52 

383‌

359‌

4.50%,

12/1/40

-

8/1/52 

964‌

937‌

5.00%,

3/1/23

-

6/1/35 

177‌

180‌

5.50%,

9/1/23

-

5/1/40 

215‌

222‌

6.00%,

2/1/23

-

4/1/40 

411‌

427‌

6.50%,

7/1/32

-

12/1/32 

50‌

52‌

3,861‌

U.S.

Government

Obligations

1.2%

Government

National

Mortgage

Assn. 

3.00%,

9/20/47 

721‌

649‌

3.50%,

2/20/48

-

10/20/52 

377‌

347‌

4.00%,

10/20/50

-

10/20/52 

132‌

125‌

4.50%,

10/20/52 

348‌

338‌

5.00%,

12/20/34

-

11/20/47 

249‌

253‌

5.50%,

3/20/48

-

11/20/52 

178‌

181‌

Government

National

Mortgage

Assn.,

TBA,

5.50%,

1/20/53  (4)

233‌

234‌

2,127‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$6,382)

5,988‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

19.1%

Treasuries

19.1%

U.S.

Treasury

Notes,

1.75%,

3/15/25 

5,090‌

4,808‌

U.S.

Treasury

Notes,

2.75%,

5/15/25  (5)

10,380‌

10,004‌

U.S.

Treasury

Notes,

2.875%,

6/15/25 

10,000‌

9,661‌

U.S.

Treasury

Notes,

4.00%,

12/15/25 

900‌

894‌

U.S.

Treasury

Notes,

4.25%,

9/30/24 

1,050‌

1,045‌

U.S.

Treasury

Notes,

4.375%,

10/31/24 

955‌

952‌

U.S.

Treasury

Notes,

4.50%,

11/30/24 

4,080‌

4,081‌

U.S.

Treasury

Notes,

4.50%,

11/15/25 

2,635‌

2,651‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$34,979)

34,096‌

SHORT-TERM

INVESTMENTS

0.9%

Money

Market

Funds

0.9%

T.

Rowe

Price

Government

Reserve

Fund,

4.30%  (6)(7)

1,683‌

1,683‌

Total

Short-Term

Investments

(Cost

$1,683)

1,683‌

Par/Shares

$

Value

(Amounts

in

000s)

SECURITIES

LENDING

COLLATERAL

0.1%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.1%

Money

Market

Funds

0.1%

T.

Rowe

Price

Government

Reserve

Fund,

4.30%  (6)(7)

202‌

202‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

202‌

Total

Securities

Lending

Collateral

(Cost

$202)

202‌

Total

Investments

in

Securities

99.7%

of

Net

Assets

(Cost

$186,444)

$

177,642‌

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

22

‡

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

$70,305

and

represents

39.4%

of

net

assets.

(2)

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.

(3)

See

Note

4

.

All

or

a

portion

of

this

security

is

on

loan

at

December

31,

2022.

(4)

See

Note

4

.

To-Be-Announced

purchase

commitment.

Total

value

of

such

securities

at

period-end

amounts

to

$234

and

represents

0.1%

of

net

assets.

(5)

At

December

31,

2022,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

(6)

Seven-day

yield

(7)

Affiliated

Companies

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

12M

USD

LIBOR

Twelve

month

USD

LIBOR

(London

interbank

offered

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

SOFR

Secured

overnight

financing

rate

SOFR30A

30-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

23

(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

(7)

(6)

(1‌)

Barclays

Bank,

Protection

Bought

(Relevant

Credit:

Omnicom

Group),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/24

*

1,250

(19)

(16)

(3‌)

Citibank,

Protection

Bought

(Relevant

Credit:

General

Mills),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/24

*

596

(9)

(7)

(2‌)

Goldman

Sachs,

Protection

Bought

(Relevant

Credit:

General

Mills),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/24

*

1,220

(19)

(15)

(4‌)

Total

Bilateral

Credit

Default

Swaps,

Protection

Bought

(44)

(10‌)

Credit

Default

Swaps,

Protection

Sold

0.0%

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Enbridge,

Baa1*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/23

*

1,750

6

(11)

17‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(11)

17‌

Total

Bilateral

Swaps

(55)

7‌

*

Credit

ratings

as

of

December

31,

2022.

Ratings

shown

are

from

Moody’s

Investors

Service

and

if

Moody’s

does

not

rate

a

security,

then

Standard

&

Poor’s

(S&P)

is

used.

Fitch

is

used

for

securities

that

are

not

rated

by

either

Moody’s

or

S&P.

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

24

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

63

U.S.

Treasury

Notes

five

year

contracts

3/23

(6,799)

$

(1‌)

Short,

19

U.S.

Treasury

Notes

ten

year

contracts

3/23

(2,134)

6‌

Long,

167

U.S.

Treasury

Notes

two

year

contracts

3/23

34,248

35‌

Short,

2

Ultra

U.S.

Treasury

Bonds

contracts

3/23

(269)

—‌

Short,

19

Ultra

U.S.

Treasury

Notes

ten

year

contracts

3/23

(2,247)

3‌

Net

payments

(receipts)

of

variation

margin

to

date

(59‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(16‌)

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

25

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

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

year

ended

December

31,

2022.

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,

4.30%

$

—‌

$

—‌

$

46‌++

Totals

$

—‌#

$

—‌

$

46‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/21

Purchase

Cost

Sales

Cost

Value

12/31/22

T.

Rowe

Price

Government

Reserve

Fund,

4.30%

$

4,392‌

 ¤

  ¤

$

1,885‌

Total

$

1,885‌^

#

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

as

described

in

Note

4

.

+

Investment

income

comprised

$46

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

$1,885.

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

December

31,

2022

Statement

of

Assets

and

Liabilities

26

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Assets

Investments

in

securities,

at

value

(cost

$186,444)

$

177,642‌

Interest

receivable

1,077‌

Receivable

for

shares

sold

156‌

Cash

134‌

Unrealized

gain

on

bilateral

swaps

17‌

Receivable

for

investment

securities

sold

1‌

Other

assets

28‌

Total

assets

179,055‌

Liabilities

Payable

for

investment

securities

purchased

236‌

Obligation

to

return

securities

lending

collateral

202‌

Payable

for

shares

redeemed

161‌

Investment

management

and

administrative

fees

payable

111‌

Bilateral

swap

premiums

received

55‌

Variation

margin

payable

on

futures

contracts

16‌

Unrealized

loss

on

bilateral

swaps

10‌

Other

liabilities

4‌

Total

liabilities

795‌

NET

ASSETS

$

178,260‌

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

$

(11,896‌)

Paid-in

capital

applicable

to

38,871,718

shares

of

$0.0001

par

value

capital

stock

outstanding;

1,000,000,000

shares

of

the

Corporation

authorized

190,156‌

NET

ASSETS

$

178,260‌

NET

ASSET

VALUE

PER

SHARE

Limited-Term

Bond

Portfolio

Class

($161,042,885

/

35,102,302

shares

outstanding)

$

4.59‌

Limited-Term

Bond

Portfolio-II

Class

($17,217,370

/

3,769,416

shares

outstanding)

$

4.57‌

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

Statement

of

Operations

27

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

12/31/22

Investment

Income

(Loss)

Income

    Interest

$

4,335‌

Dividend

46‌

Securities

lending

9‌

Total

income

4,390‌

Expenses

Investment

management

and

administrative

expense

1,264‌

Rule

12b-1

fees

-

Limited-Term

Bond

Portfolio-II

Class

44‌

Waived

/

paid

by

Price

Associates

(362‌)

Net

expenses

946‌

Net

investment

income

3,444‌

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(2,055‌)

Futures

(1,080‌)

Swaps

32‌

Net

realized

loss

(3,103‌)

Change

in

net

unrealized

gain

/

loss

Securities

(9,102‌)

Futures

100‌

Swaps

(29‌)

Change

in

net

unrealized

gain

/

loss

(9,031‌)

Net

realized

and

unrealized

gain

/

loss

(12,134‌)

DECREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

(8,690‌)

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

Statement

of

Changes

in

Net

Assets

28

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/22

12/31/21

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

3,444‌

$

2,192‌

Net

realized

gain

(loss)

(3,103‌)

599‌

Change

in

net

unrealized

gain

/

loss

(9,031‌)

(2,937‌)

Decrease

in

net

assets

from

operations

(8,690‌)

(146‌)

Distributions

to

shareholders

Net

earnings

Limited-Term

Bond

Portfolio

Class

(3,413‌)

(3,066‌)

Limited-Term

Bond

Portfolio-II

Class

(328‌)

(317‌)

Decrease

in

net

assets

from

distributions

(3,741‌)

(3,383‌)

Capital

share

transactions

*

Shares

sold

Limited-Term

Bond

Portfolio

Class

59,524‌

66,806‌

Limited-Term

Bond

Portfolio-II

Class

7,474‌

13,958‌

Distributions

reinvested

Limited-Term

Bond

Portfolio

Class

3,428‌

3,057‌

Limited-Term

Bond

Portfolio-II

Class

329‌

316‌

Shares

redeemed

Limited-Term

Bond

Portfolio

Class

(61,847‌)

(34,722‌)

Limited-Term

Bond

Portfolio-II

Class

(8,169‌)

(10,610‌)

Increase

in

net

assets

from

capital

share

transactions

739‌

38,805‌

Net

Assets

Increase

(decrease)

during

period

(11,692‌)

35,276‌

Beginning

of

period

189,952‌

154,676‌

End

of

period

$

178,260‌

$

189,952‌

*Share

information

(000s)

Shares

sold

Limited-Term

Bond

Portfolio

Class

12,646‌

13,399‌

Limited-Term

Bond

Portfolio-II

Class

1,605‌

2,809‌

Distributions

reinvested

Limited-Term

Bond

Portfolio

Class

735‌

617‌

Limited-Term

Bond

Portfolio-II

Class

71‌

64‌

Shares

redeemed

Limited-Term

Bond

Portfolio

Class

(13,157‌)

(6,953‌)

Limited-Term

Bond

Portfolio-II

Class

(1,751‌)

(2,140‌)

Increase

in

shares

outstanding

149‌

7,796‌

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

29

NOTES

TO

FINANCIAL

STATEMENTS

T.

Rowe

Price

Fixed

Income

Series,

Inc.

(the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Limited-Term

Bond

Portfolio

(the

fund)

is a

diversified,

open-end

management

investment

company

established

by

the

corporation. The

fund

seeks

a

high

level

of

income

consistent

with

moderate

fluctuations

in

principal

value.

Shares

of

the

fund

currently

are

offered

only

to

insurance

company

separate

accounts

established

for

the

purpose

of

funding

variable

annuity

contracts

and

variable

life

insurance

policies.

The

fund

has

two

classes

of

shares:

the Limited-Term

Bond

Portfolio

(Limited-Term

Bond

Portfolio

Class)

and

the Limited-Term

Bond

Portfolio–II

(Limited-Term

Bond

Portfolio–II

Class). Limited-Term

Bond

Portfolio–II

Class

shares

are

sold

through

financial

intermediaries,

which

it

compensates

for

distribution,

shareholder

servicing,

and/or

certain

administrative

services

under

a

Board-approved

Rule

12b-1

plan.

Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

both

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

class.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis.

Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

Inflation

adjustments

to

the

principal

amount

of

inflation-indexed

bonds

are

reflected

as

interest

income.

Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense.

Dividends

received

from

mutual

fund

investments

are

reflected

as

dividend

income;

capital

gain

distributions

are

reflected

as

realized

gain/loss.

Dividend

income

and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Income

distributions,

if

any, are

declared

by

each

class daily

and

paid

monthly.

A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Class

Accounting

 Investment

income

and

investment

management

and

administrative

expense

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class’s

outstanding

shares. Limited-Term

Bond

Portfolio–II

Class

pays

Rule

12b-1

fees,

in

an

amount

not

exceeding

0.25%

of

the

class’s

average

daily

net

assets. 

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

New

Accounting

Guidance

The

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2020–04,

Reference

Rate

Reform

(Topic

848) –

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

in

March

2020

and

ASU

2021-01

in

January

2021

which

provided

further

amendments

and

clarifications

to

Topic

848.

These

ASUs provide

optional,

temporary

relief

with

respect

to

the

financial

reporting

of

contracts

subject

to

certain

types

of

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR),

and

other

interbank-offered

based

reference

rates,

through December

31,

2022.

In

December

2022,

FASB

issued

ASU

2022-06

which

defers

the

sunset

date

of

Topic

848

from

December

31,

2022,

to

December

31,

2024,

after

which

entities

will

no

longer

be

permitted

to

apply

the

relief

in

Topic

848.

Management

intends

to

rely

upon

the

relief

provided

under

Topic

848,

which

is

not

expected to

have

a

material

impact

on

the fund's

financial  statements.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

30

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

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.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

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

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.

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

31

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

December

31,

2022

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

year ended

December

31,

2022,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

December

31,

2022,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

175,757‌

$

—‌

$

175,757‌

Short-Term

Investments

1,683‌

—‌

—‌

1,683‌

Securities

Lending

Collateral

202‌

—‌

—‌

202‌

Total

Securities

1,885‌

175,757‌

—‌

177,642‌

Swaps

—‌

6‌

—‌

6‌

Futures

Contracts*

44‌

—‌

—‌

44‌

Total

$

1,929‌

$

175,763‌

$

—‌

$

177,692‌

Liabilities

Swaps

$

—‌

$

54‌

$

—‌

$

54‌

Futures

Contracts*

1‌

—‌

—‌

1‌

Total

$

1‌

$

54‌

$

—‌

$

55‌

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.

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

32

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

December

31,

2022,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

ass

Counterparty

Risk

and

Collateral

 The

fund

invests

in

derivatives

in

various

markets,

which

expose

it

to

differing

levels

of

counterparty

risk.

Counterparty

risk

on

exchange-traded

and

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

Assets

Interest

rate

derivatives

Futures

$

44‌

Credit

derivatives

Bilateral

Swaps

and

Premiums

6‌

*

Total

$

50‌

*

Liabilities

Interest

rate

derivatives

Futures

$

1‌

Credit

derivatives

Bilateral

Swaps

and

Premiums

54‌

Total

$

55‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

($000s)                                              

Location

of

Gain

(Loss)

on

Statement

of

Operations

Futures

Swaps

Total

Realized

Gain

(Loss)

Interest

rate

derivatives

$

(1,080

)

$

—

$

(1,080

)

Credit

derivatives

—

32

32

Total

$

(1,080

)

$

32

$

(1,048

)

Change

in

Unrealized

Gain

(Loss)

Interest

rate

derivatives

$

100

$

—

$

100

Credit

derivatives

—

(29

)

(29

)

Total

$

100

$

(29

)

$

71

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

33

Derivatives,

such

as

non-cleared bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives)

may

expose

the

fund

to

greater

counterparty

risk.

To

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

conditions

and,

for

certain

counterparties,

also

require

the

exchange

of

collateral

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund’s

net

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements

whereas

FX

letters

do

not.

Collateral

requirements

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

bilateral

derivatives

with

each

counterparty,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

collateral

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Collateral

may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund’s

assets.

Collateral

pledged

by

counterparties

is

not

included

in

the

fund’s

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

or

received

by

the

fund

is

held

in

a

segregated

account

at

the

fund’s

custodian.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

December

31,

2022,

no

collateral

was

pledged

by

either

the

fund

or

counterparties for

bilateral

derivatives. As

of

December

31,

2022,

securities

valued

at $258,000

had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

Futures

Contracts

 The

fund

is

subject

to interest

rate

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risk.

The

fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rate

and

yield

curve

movements,

security

prices,

foreign

currencies,

credit

quality,

and

mortgage

prepayments;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/or

interest

rates,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

year ended

December

31,

2022,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

12%

and

26%

of

net

assets.

Swaps

 The

fund

is

subject

to

credit

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risk.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss.

For

bilateral

swaps,

T.

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34

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

terms;

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

in

the

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

to

make

periodic

payments

to

another

party

(the

protection

seller)

in

exchange

for

protection

against

specified

credit

events,

such

as

certain

defaults

and

bankruptcies

related

to

an

underlying

credit

instrument,

or

issuer

or

index

of

such

instruments.

Upon

occurrence

of

a

specified

credit

event,

the

protection

seller

is

required

to

pay

the

buyer

the

difference

between

the

notional

amount

of

the

swap

and

the

value

of

the

underlying

credit,

either

in

the

form

of

a

net

cash

settlement

or

by

paying

the

gross

notional

amount

and

accepting

delivery

of

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Generally,

the

payment

risk

for

the

seller

of

protection

is

inversely

related

to

the

current

market

price

or

credit

rating

of

the

underlying

credit

or

the

market

value

of

the

contract

relative

to

the

notional

amount,

which

are

indicators

of

the

markets’

valuation

of

credit

quality.

As

of

December

31,

2022,

the

notional

amount

of

protection

sold

by

the

fund

totaled $1,750,000

(1.0%

of

net

assets),

which

reflects

the

maximum

potential

amount

the

fund

could

be

required

to

pay

under

such

contracts.

Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

the

current

and

future

creditworthiness

of

underlying

issuers,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

year ended

December

31,

2022,

the

volume

of

the

fund’s

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

2%

and

4%

of

net

assets.

NOTE

4

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective,

the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of

the

fund

are

described

more

fully

in

the

fund’s

prospectus

and

Statement

of

Additional

Information.

Restricted

Securities

 The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

Collateralized

Loan

Obligations 

 The

fund

invests

in

collateralized

loan

obligations

(CLOs)

which

are

entities

backed

by

a

diversified

pool

of

syndicated

bank

loans.

The

cash

flows

of

the

CLO

can

be

split

into

multiple

segments,

called

“tranches”

or

“classes”,

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segments,

which

are

the

subordinate

or

“equity”

tranches,

bear

the

greatest

risk

of

loss

from

defaults

in

the

underlying

assets

of

the

CLO

and

serve

to

protect

the

other,

more

senior,

tranches.

Senior

tranches

will

typically

have

higher

credit

ratings

and

lower

yields

than

the

securities

underlying

the

CLO.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses. 

Mortgage-Backed

Securities

 The

fund

invests

in

mortgage-backed

securities

(MBS

or

pass-through

certificates)

that

represent

an

interest

in

a

pool

of

specific

underlying

mortgage

loans

and

entitle

the

fund

to

the

periodic

payments

of

principal

and

interest

from

those

mortgages.

MBS

may

be

issued

by

government

agencies

or

corporations,

or

private

issuers.

Most

MBS

issued

by

government

agencies

are

guaranteed;

however,

the

degree

of

protection

differs

based

on

the

issuer.

MBS are

sensitive

to

changes

in

economic

conditions

that

affect

the

rate

of

prepayments

and

defaults

on

the

underlying

mortgages;

accordingly,

the

value,

income,

and

related

cash

flows

from

MBS

may

be

more

volatile

than

other

debt

instruments.

TBA

Purchase,

Sale

Commitments

and

Forward

Settling

Mortgage

Obligations

 The

fund

enters

into

to-be-announced

(TBA)

purchase

or

sale

commitments

(collectively,

TBA

transactions),

pursuant

to

which

it

agrees

to

purchase

or

sell,

respectively,

mortgage-

backed

securities

for

a

fixed

unit

price,

with

payment

and

delivery

at

a

scheduled

future

date

beyond

the

customary

settlement

period

for

such

securities.

With

TBA

transactions,

the

particular

securities

to

be

received

or

delivered

by

the

fund

are

not

identified

at

the

trade

date;

however,

the

securities

must

meet

specified

terms,

including

rate

and

mortgage

term,

and

be

within

industry-accepted

T.

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35

“good

delivery”

standards.

The

fund

may

enter

into

TBA

transactions

with

the

intention

of

taking

possession

of

or

relinquishing

the

underlying

securities,

may

elect

to

extend

the

settlement

by

“rolling”

the

transaction,

and/or

may

use

TBA

transactions

to

gain

or

reduce

interim

exposure

to

underlying

securities.

Until

settlement,

the

fund

maintains

liquid

assets

sufficient

to

settle

its

commitment

to

purchase

a

TBA

or,

in

the

case

of

a

sale

commitment,

the

fund

maintains

an

entitlement

to

the

security

to

be

sold. 

To

mitigate

counterparty

risk,

the

fund

has

entered

into

Master

Securities

Forward

Transaction

Agreements

(MSFTA)

with

counterparties

that

provide

for

collateral

and

the

right

to

offset

amounts

due

to

or

from

those

counterparties

under

specified

conditions.

Subject

to

minimum

transfer

amounts,

collateral

requirements

are

determined

and

transfers

made

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

TBA

commitments

and

other

forward

settling

mortgage

obligations

with

a

particular

counterparty

(collectively,

MSFTA

Transactions).

At

any

time,

the

fund’s

risk

of

loss

from

a

particular

counterparty

related

to

its

MSFTA

Transactions

is

the

aggregate

unrealized

gain

on

appreciated

MSFTA

Transactions

in

excess

of

unrealized

loss

on

depreciated

MSFTA

Transactions

and

collateral

received,

if

any,

from

such

counterparty. As

of

December

31,

2022,

no

collateral

was

pledged

by

the

fund

or

counterparties

for

MSFTA

Transactions.

LIBOR

Transition

 The fund

may

invest

in

instruments

that

are

tied

to

reference

rates,

including

LIBOR.

Over

the

course

of

the

last

several

years,

global

regulators

have

indicated

an

intent

to

phase

out

the

use

of

LIBOR

and

similar

interbank

offered

rates

(IBOR).

While

publication

for

most

LIBOR

currencies

and

lesser-used

USD

LIBOR

settings

ceased

immediately

after

December

31,

2021,

remaining

USD

LIBOR

settings

will

continue

to

be

published

until

June

30,

2023.

There

remains

uncertainty

regarding

the

future

utilization

of

LIBOR

and

the

nature

of

any

replacement

rate.

Any

potential

effects

of

the

transition

away

from

LIBOR

on

the fund,

or

on

certain

instruments

in

which

the fund

invests,

cannot

yet

be

determined.

The

transition

process

may

result

in,

among

other

things,

an

increase

in

volatility

or

illiquidity

of

markets

for

instruments

that

currently

rely

on

LIBOR,

a

reduction

in

the

value

of

certain

instruments

held

by

the fund,

or

a

reduction

in

the

effectiveness

of

related

fund

transactions

such

as

hedges.

Any

such

effects

could

have

an

adverse

impact

on

the fund's

performance.

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

December

31,

2022,

the

value

of

loaned

securities

was

$196,000;

the

value

of

cash

collateral

and

related

investments

was

$202,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

short-term and

U.S.

government

securities

aggregated $98,491,000 and

$99,677,000,

respectively,

for

the

year ended

December

31,

2022.

Purchases

and

sales

of

U.S.

government

securities

aggregated

$58,006,000 and

$54,527,000,

respectively,

for

the

year ended

December

31,

2022.

NOTE

5

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its

taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required. The

fund’s

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

36

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

At

December

31,

2022,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were

as

follows:

At

December

31,

2022,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales.

The

loss

carryforwards

and

deferrals

primarily

relate

to

capital

loss

carryforwards. Capital

loss

carryforwards

are

available

indefinitely

to

offset

future

realized

capital

gains.

NOTE

6

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund. The

investment

management

and

administrative

agreement

between

the

fund

and

Price

Associates

provides

for

an

all-inclusive

annual

fee

equal

to

0.70%

of

the

fund’s

average

daily

net

assets.

The

fee

is

computed

daily

and

paid

monthly. The

all-inclusive

fee

covers

investment

management

services

and

ordinary,

recurring

operating

expenses

but

does

not

cover

interest

expense;

expenses

related

to

borrowing,

taxes,

and

brokerage;

or

nonrecurring,

extraordinary

expenses. Effective

July

1,

2018,

Price

Associates

has

contractually

agreed,

at

least

through

April

30,

2023

to

waive

a

portion

of

its

management

fee

in

order

to

limit

the

fund’s

management

fee

to

0.50%

of

the

fund’s

average

daily

net

assets.

Thereafter,

this

agreement

automatically

renews

for

one-year

terms

unless

terminated

or

modified

by

the

fund’s

Board.

Fees

waived

and

expenses

paid

under

this

agreement

are

not

subject

to

reimbursement

to

Price

Associates

by

the

fund. The

total

management

fees

waived

were $362,000

and

allocated

ratably

in

the

amounts

of

$327,000 and

$35,000 for

the Limited-Term

Bond

Portfolio

Class

and Limited-Term

Bond

Portfolio-II

Class,

respectively,

for

the

year

ended

December

31,

2022.

($000s)

December

31,

2022

December

31,

2021

Ordinary

income

(including

short-term

capital

gains,

if

any)

$

3,524‌

$

3,383‌

Long-term

capital

gain

217‌

—‌

Total

distributions

$

3,741‌

$

3,383‌

($000s)

Cost

of

investments

$

186,389‌

Unrealized

appreciation

$

110‌

Unrealized

depreciation

(8,912‌)

Net

unrealized

appreciation

(depreciation)

$

(8,802‌)

($000s)

Undistributed

ordinary

income

$

163‌

Net

unrealized

appreciation

(depreciation)

(8,802‌)

Loss

carryforwards

and

deferrals

(3,257‌)

Total

distributable

earnings

(loss)

$

(11,896‌)

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

37

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

a

wholly

owned

subsidiary

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

funds.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-

disbursing

agent.

Pursuant

to

the

all-inclusive

fee

arrangement

under

the

investment

management

and

administrative

agreement,

expenses

incurred

by

the

funds

pursuant

to

these

service

agreements

are

paid

by

Price

Associates.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

year ended

December

31,

2022,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

NOTE

7

-

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

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.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

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.

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

38

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Directors

of

T.

Rowe

Price

Fixed

Income

Series,

Inc.

and

Shareholders

of

T.

Rowe

Price

Limited-Term

Bond

Portfolio

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T.

Rowe

Price

Limited-

Term

Bond

Portfolio

(one

of

the

portfolios

constituting

T.

Rowe

Price

Fixed

Income

Series,

Inc.,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2022,

the

related

statement

of

operations

for

the

year

ended

December

31,

2022,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2022

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2022,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2022

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2022

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2022

by

correspondence

with

the

custodians,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

February

10,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T.

Rowe

Price

group

of

investment

companies

since

1973.

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

39

TAX

INFORMATION

(UNAUDITED)

FOR

THE

TAX

YEAR

ENDED 12/31/22

We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

The

fund’s

distributions

to

shareholders

included:

$242,000 from

short-term

capital

gains 

$217,000 from

long-term

capital

gains,

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%

For

shareholders

subject

to

interest

expense

deduction

limitation

under

Section

163(j), $3,023,000 of

the

fund’s

income

qualifies

as

a

Section

163(j)

interest

dividend

and

can

be

treated

as

interest

income

for

purposes

of

Section

163(j),

subject

to

holding

period

requirements

and

other

limitations.

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

https://www.troweprice.com/corporate/us/en/utility/policies.html

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.com

.

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

40

Approval

of

Subadvisory

Agreement

At

a

meeting

held

on

July

25,

2022

(Meeting),

the

fund’s

Board

of

Directors

(Board)

considered

the

initial

approval

of

an

investment

subadvisory

agreement

(Subadvisory

Contract)

that

T.

Rowe

Price

Associates,

Inc.

(Adviser),

entered

into

with

T.

Rowe

Price

International

Ltd

(Subadviser)

on

behalf

of

the

fund.

The

Subadvisory

Contract

authorizes

the

Subadviser

to

have

investment

discretion

with

respect

to

all

or

a

portion

of

the

fund’s

portfolio.

The

Board

noted

that

the

Subadvisory

Contract

will

be

substantially

similar

to

other

subadvisory

agreements

that

are

in

place

for

other

T.

Rowe

Price

funds

that

delegate

investment

management

responsibilities

to

affiliated

investment

advisers

and

that

the

Adviser

will

retain

oversight

responsibilities

with

respect

to

the

fund.

The

Board

also

noted

that

the

new

subadvisory

arrangement

will

not

change

the

total

advisory

fees

paid

by

the

fund.

However,

under

the

Subadvisory

Contract,

the

Adviser

may

pay

the

Subadviser

up

to

60%

of

the

advisory

fees

that

the

Adviser

receives

from

the

fund.

At

the

Meeting,

the

Board

reviewed

materials

relevant

to

its

consideration

of

the

proposed

Subadvisory

Contract.

Each

year,

the

Board

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

the

Adviser.

The

fund’s

Advisory

Contract

was

most

recently

approved

by

the

Board

at

a

meeting

held

on

March

7–8,

2022

(March

Meeting).

A

discussion

of

the

basis

for

the

Board’s

approval

of

the

Advisory

Contract

is

included

in

the

fund’s

semiannual

shareholder

report

for

the

period

ended

June

30,

2022.

The

factors

considered

by

the

Board

at

the

Meeting

in

connection

with

approval

of

the

proposed

Subadvisory

Contract

were

substantially

similar

to

the

factors

considered

at

the

March

Meeting

in

connection

with

the

approval

to

continue

the

Advisory

Contract.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Subadvisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

Following

discussion

at

the

Meeting,

the

Board,

including

all

of

the

fund’s

independent

directors,

approved

the

Subadvisory

Contract

between

the

Adviser

and

Subadviser

on

behalf

of

the

fund.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

Subadvisory

Contract

effective

September

1,

2022.

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

41

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

In

accordance

with

Rule

22e-4

(Liquidity

Rule)

under

the

Investment

Company

Act

of

1940,

as

amended,

the

fund

has

established

a

liquidity

risk

management

program

(Liquidity

Program)

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk,

which

generally

represents

the

risk

that

the

fund

would

not

be

able

to

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

fund’s

Board

of

Directors

(Board)

has

appointed

the

fund’s

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

the

administrator

of

the

Liquidity

Program.

As

administrator,

the

Adviser

is

responsible

for

overseeing

the

day-to-day

operations

of

the

Liquidity

Program

and,

among

other

things,

is

responsible

for

assessing,

managing,

and

reviewing

with

the

Board

at

least

annually

the

liquidity

risk

of

each

T.

Rowe

Price

fund.

The

Adviser

has

delegated

oversight

of

the

Liquidity

Program

to

a

Liquidity

Risk

Committee

(LRC),

which

is

a

cross-

functional

committee

composed

of

personnel

from

multiple

departments

within

the

Adviser.

The

Liquidity

Program’s

principal

objectives

include

supporting

the

T.

Rowe

Price

funds’

compliance

with

limits

on

investments

in

illiquid

assets

and

mitigating

the

risk

that

the

fund

will

be

unable

to

timely

meet

its

redemption

obligations.

The

Liquidity

Program

also

includes

a

number

of

elements

that

support

the

management

and

assessment

of

liquidity

risk,

including

an

annual

assessment

of

factors

that

influence

the

fund’s

liquidity

and

the

periodic

classification

and

reclassification

of

a

fund’s

investments

into

categories

that

reflect

the

LRC’s

assessment

of

their

relative

liquidity

under

current

market

conditions.

Under

the

Liquidity

Program,

every

investment

held

by

the

fund

is

classified

at

least

monthly

into

one

of

four

liquidity

categories

based

on

estimations

of

the

investment’s

ability

to

be

sold

during

designated

time

frames

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

As

required

by

the

Liquidity

Rule,

at

a

meeting

held

on

July

25,

2022,

the

Board

was

presented

with

an

annual

assessment

prepared

by

the

LRC,

on

behalf

of

the

Adviser,

that

addressed

the

operation

of

the

Liquidity

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

any

material

changes

to

the

Liquidity

Program

and

the

determination

of

each

fund’s

Highly

Liquid

Investment

Minimum

(HLIM).

The

annual

assessment

included

consideration

of

the

following

factors,

as

applicable:

the

fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions,

including

whether

the

investment

strategy

is

appropriate

for

an

open-end

fund,

the

extent

to

which

the

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers,

and

the

use

of

borrowings

for

investment

purposes

and

derivatives;

short-term

and

long-term

cash

flow

projections

covering

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

holdings

of

cash

and

cash

equivalents,

as

well

as

available

borrowing

arrangements.

For

the

fund

and

other

T.

Rowe

Price

funds,

the

annual

assessment

incorporated

a

report

related

to

a

fund’s

holdings,

shareholder

and

portfolio

concentration,

any

borrowings

during

the

period,

cash

flow

projections,

and

other

relevant

data

for

the

period

of

April

1,

2021,

through

March

31,

2022.

The

report

described

the

methodology

for

classifying

a

fund’s

investments

(including

any

derivative

transactions)

into

one

of

four

liquidity

categories,

as

well

as

the

percentage

of

a

fund’s

investments

assigned

to

each

category.

It

also

explained

the

methodology

for

establishing

a

fund’s

HLIM

and

noted

that

the

LRC

reviews

the

HLIM

assigned

to

each

fund

no

less

frequently

than

annually.

During

the

period

covered

by

the

annual

assessment,

the

LRC

has

concluded,

and

reported

to

the

Board,

that

the

Liquidity

Program

continues

to

operate

adequately

and

effectively

and

is

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk.

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

42

ABOUT

THE

PORTFOLIO'S

DIRECTORS

AND

OFFICERS

Your

fund

is

overseen

by

a

Board

of

Directors

(Board)

that

meets

regularly

to

review

a

wide

variety

of

matters

affecting

or

potentially

affecting

the

fund,

including

performance,

investment

programs,

compliance

matters,

advisory

fees

and

expenses,

service

providers,

and

business

and

regulatory

affairs.

The

Board

elects

the

fund’s

officers,

who

are

listed

in

the

final

table.

The

directors

who

are

also

employees

or

officers

of

T.

Rowe

Price

are

considered

to

be

“interested”

directors

as

defined

in

Section

2(a)(19)

of

the

1940

Act

because

of

their

relationships

with

T.

Rowe

Price

and

its

affiliates.

The

business

address

of

each

director

and

officer

is

100

East

Pratt

Street,

Baltimore,

Maryland

21202.

The

Statement

of

Additional

Information

includes

additional

information

about

the

fund

directors

and

is

available

without

charge

by

calling

a

T.

Rowe

Price

representative

at

1-800-638-5660.

INDEPENDENT

DIRECTORS

(a)

INTERESTED  DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Teresa

Bryce

Bazemore

(1959)

2018

[205]

President

and

Chief

Executive

Officer,

Federal

Home

Loan

Bank

of

San

Francisco

(2021

to

present);

President,

Radian

Guaranty

(2008

to

2017);

Chief

Executive

Officer,

Bazemore

Consulting

LLC

(2018

to

2021);

Director,

Chimera

Investment

Corporation

(2017

to

2021);

Director,

First

Industrial

Realty

Trust

(2020

to

present);

Director,

Federal

Home

Loan

Bank

of

Pittsburgh

(2017

to

2019)

Ronald

J.

Daniels

(b)

(1959)

2018

[0]

President,

The

Johns

Hopkins

University

and

Professor,

Political

Science

Department,

The

Johns

Hopkins

University

(2009

to

present);

Director,

Lyndhurst

Holdings

(2015

to

present);

Director,

BridgeBio

Pharma,

Inc.

(2020

to

present)

Bruce

W.

Duncan

(1951)

2013

[205]

President,

Chief

Executive

Officer,

and

Director,

CyrusOne,

Inc.

(2020

to

2021);

Chief

Executive

Officer

and

Director

(2009

to

2016),

Chair

of

the

Board

(2016

to

2020),

and

President

(2009

to

2016),

First

Industrial

Realty

Trust,

owner

and

operator

of

industrial

properties;

Chair

of

the

Board

(2005

to

2016)

and

Director

(1999

to

2016),

Starwood

Hotels

&

Resorts,

a

hotel

and

leisure

company;

Member,

Investment

Company

Institute

Board

of

Governors

(2017

to

2019);

Member,

Independent

Directors

Council

Governing

Board

(2017

to

2019);

Senior

Advisor,

KKR

(2018

to

present);

Director,

Boston

Properties

(2016

to

present);

Director,

Marriott

International,

Inc.

(2016

to

2020)

Robert

J.

Gerrard,

Jr.

(1952)

2013

[205]

Advisory

Board

Member,

Pipeline

Crisis/Winning

Strategies,

a

collaborative

working

to

improve

opportunities

for

young

African

Americans

(1997

to

2016);

Chair

of

the

Board,

all

funds

(July

2018

to

present)

Paul

F.

McBride

(1956)

2013

[205]

Advisory

Board

Member,

Vizzia

Technologies

(2015

to

present);

Board

Member,

Dunbar

Armored

(2012

to

2018)

Kellye

L.

Walker

(c)

(1966)

2021

[205]

Executive

Vice

President

and

Chief

Legal

Officer,

Eastman

Chemical

Company

(April

2020

to

present);

Executive

Vice

President

and

Chief

Legal

Officer,

Huntington

Ingalls

Industries,

Inc.

(January

2015

to

March

2020);

Director,

Lincoln

Electric

Company

(October

2020

to

present)

(a)

All

information

about

the

independent

directors

was

current

as

of

December

31,

2021,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

(b)

Effective

April

27,

2022,

Mr.

Daniels

resigned

from

his

role

as

an

independent

director

of

the

Price

Funds.

(c)

Effective

November

8,

2021,

Ms.

Walker

was

appointed

as

an

independent

director

of

the

Price

Funds.

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

David

Oestreicher

(1967)

2018

[205]

Director,

Vice

President,

and

Secretary,

T.

Rowe

Price,

T.

Rowe

Price

Investment

Services,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

and

T.

Rowe

Price

Services,

Inc.;

Director

and

Secretary,

T.

Rowe

Price

Investment

Management,

Inc.

(Price

Investment

Management);

Vice

President

and

Secretary,

T.

Rowe

Price

International

(Price

International);

Vice

President,

T.

Rowe

Price

Hong

Kong

(Price

Hong

Kong),

T.

Rowe

Price

Japan

(Price

Japan),

and

T.

Rowe

Price

Singapore

(Price

Singapore);

General

Counsel,

Vice

President,

and

Secretary,

T.

Rowe

Price

Group,

Inc.;

Chair

of

the

Board,

Chief

Executive

Officer,

President,

and

Secretary,

T.

Rowe

Price

Trust

Company;

Principal

Executive

Officer

and

Executive

Vice

President,

all

funds

Robert

W.

Sharps,

CFA,

CPA

(b)

(1971)

2019

[0]

Director

and

Vice

President,

T.

Rowe

Price;

Director,

Price

Investment

Management;

Chief

Executive

Officer

and

President,

T.

Rowe

Price

Group,

Inc.;

Vice

President,

T.

Rowe

Price

Trust

Company

Eric

L.

Veiel,

CFA

(1972)

2022

[205]

Director

and

Vice

President,

T.

Rowe

Price;

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

(a)

All

information

about

the

interested

directors

was

current

as

of

January

1,

2022,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

(b)

Effective

February

3,

2022,

Mr.

Sharps

resigned

from

his

role

as

an

interested

director

of

the

Price

Funds.

T.

ROWE

PRICE

Limited-Term

Bond

Portfolio

43

OFFICERS

Name

(Year

of

Birth)

Position

Held

With Fixed

Income

Series 

Principal

Occupation(s) 

Armando

(Dino)

Capasso

(1974)

Chief

Compliance

Officer

Chief

Compliance

Officer

and

Vice

President,

T.

Rowe

Price

and

Price

Investment

Management;

Vice

President,

T.

Rowe

Price

Group,

Inc.;

formerly,

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

AST

Investment

Services,

Inc.

(ASTIS)

(to

2022);

Chief

Compliance

Officer,

PGIM

Retail

Funds

complex

and

Prudential

Insurance

Funds

(to

2022);

Vice

President

and

Deputy

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

ASTIS

(to

2019);

Senior

Vice

President

and

Senior

Counsel,

Pacific

Investment

Management

Company

LLC

(to

2017) 

Shiu

Tak

(Sheldon)

Chan

(1981)

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Jason

T.

Collins,

CFA

(1971)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Levent

Demirekler,

CFA

(1974)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Alan

S.

Dupski,

CPA

(1982)

Principal

Financial

Officer,

Vice

President,

and

Treasurer

Vice

President,

Price

Investment

Management,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Gary

J.

Greb

(1961)

Vice

President

Vice

President,

Price

Investment

Management,

T.

Rowe

Price,

Price

International,

and

T.

Rowe

Price

Trust

Company

Cheryl

Hampton,

CPA

(1969)

Vice

President

Vice

President,

T.

Rowe

Price;

formerly,

Tax

Director,

Invesco

Ltd.

(to

2021);

Vice

President,

Oppenheimer

Funds,

Inc.

(to

2019)

Charles

B.

Hill,

CFA

(1961)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Keir

R.

Joyce,

CFA

(1972)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Benjamin

Kersse,

CPA

(1989)

Vice

President

Vice

President,

T.

Rowe

Price

Stephen

M.

Kohlenstein,

CFA

(1987)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Paul

J.

Krug,

CPA

(1964)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Cheryl

A.

Mickel,

CFA

(1967)

President

Director

and

Vice

President,

T.

Rowe

Price

Trust

Company;

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Alexander

S.

Obaza

(1981)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Fran

M.

Pollack-Matz

(1961)

Vice

President

and

Secretary 

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

T.

Rowe

Price

Investment

Services,

Inc.,

and

T.

Rowe

Price

Services,

Inc.

Shannon

H.

Rauser

(1987)

Assistant

Secretary 

Assistant

Vice

President,

T.

Rowe

Price

Michael

F.

Reinartz,

CFA

(1973)

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

andT.

Rowe

Price

Trust

Company

Michael

K.

Sewell

(1982)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Chen

Shao

(1980)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Megan

Warren

(1968)

Vice

President

OFAC

Sanctions

Compliance

Officer

and

Vice

President,

Price

Investment

Management;

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

T.

Rowe

Price

Services,

Inc.,

and

T.

Rowe

Price

Trust

Company

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

202302-2582701

E303-050

2/23

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 Ms. Teresa Bryce Bazemore qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore 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:

	2022		2021
Audit Fees	$	30,858	$	29,941
Audit-Related Fees		-		-
Tax Fees		-		4,497
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.

(f)  Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g)  The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to 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 were $2,037,000 and $3,732,000, respectively.

(h)  All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.

Item 5.  Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)  Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b)  Not applicable.

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.  Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11.  Controls and Procedures.

(a)  The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b)  The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.  Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.
(2)	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.
(3)	Written solicitation to repurchase securities issued by closed-end companies: not applicable.
(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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Fixed Income Series, Inc.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	February 10, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	February 10, 2023

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	February 10, 2023