T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
March
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
13.6%
Car
Loan
7.5%
AmeriCredit
Automobile
Receivables
Trust
Series
2020-1,
Class
C
1.59%,
10/20/25
435
424
AmeriCredit
Automobile
Receivables
Trust
Series
2020-1,
Class
D
1.80%,
12/18/25
415
396
AmeriCredit
Automobile
Receivables
Trust
Series
2020-2,
Class
B
0.97%,
2/18/26
93
91
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
177
AmeriCredit
Automobile
Receivables
Trust
Series
2021-1,
Class
D
1.21%,
12/18/26
115
105
AmeriCredit
Automobile
Receivables
Trust
Series
2021-2,
Class
D
1.29%,
6/18/27
235
212
AmeriCredit
Automobile
Receivables
Trust
Series
2022-1,
Class
D
3.23%,
2/18/28
420
387
Ari
Fleet
Lease
Trust
Series
2020-A,
Class
B
2.06%,
11/15/28 (1)
475
471
Avis
Budget
Rental
Car
Funding
AESOP
Series
2018-1A,
Class
D
5.25%,
9/20/24 (1)
315
314
Avis
Budget
Rental
Car
Funding
AESOP
Series
2018-2A,
Class
C
4.95%,
3/20/25 (1)
260
255
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-2A,
Class
A
3.35%,
9/22/25 (1)
475
462
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-2A,
Class
B
3.55%,
9/22/25 (1)
415
401
Avis
Budget
Rental
Car
Funding
AESOP
Series
2020-1A,
Class
A
2.33%,
8/20/26 (1)
340
319
CarMax
Auto
Owner
Trust
Series
2020-4,
Class
D
1.75%,
4/15/27
145
135
Carvana
Auto
Receivables
Trust
Series
2021-P4,
Class
B
1.98%,
2/10/28
190
168
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
143
Exeter
Automobile
Receivables
Trust
Series
2022-1A,
Class
D
3.02%,
6/15/28
340
315
Par/Shares
$
Value
(Amounts
in
000s)
Exeter
Automobile
Receivables
Trust
Series
2022-2A,
Class
C
3.85%,
7/17/28
305
296
Exeter
Automobile
Receivables
Trust
Series
2022-4A,
Class
D
5.98%,
12/15/28
140
138
Exeter
Automobile
Receivables
Trust
Series
2022-5A,
Class
C
6.51%,
12/15/27
450
457
Ford
Credit
Auto
Lease
Trust
Series
2022-A,
Class
C
4.18%,
10/15/25
465
456
Ford
Credit
Auto
Lease
Trust
Series
2023-A,
Class
C
5.54%,
12/15/26
100
99
Ford
Credit
Auto
Owner
Trust
Series
2020-2,
Class
C
1.74%,
4/15/33 (1)
145
132
Ford
Credit
Auto
Owner
Trust
Series
2023-A,
Class
B
5.07%,
1/15/29
410
410
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2020-1,
Class
C
1.42%,
9/15/25
220
215
GM
Financial
Automobile
Leasing
Trust
Series
2022-3,
Class
C
5.13%,
8/20/26
615
611
GM
Financial
Automobile
Leasing
Trust
Series
2023-1,
Class
C
5.76%,
1/20/27
270
270
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2020-2,
Class
A3
1.49%,
12/16/24
39
39
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2020-4,
Class
C
1.05%,
5/18/26
105
98
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2023-1,
Class
B
5.03%,
9/18/28
40
40
Hyundai
Auto
Receivables
Trust
Series
2020-B,
Class
C
1.60%,
12/15/26
175
166
JPMorgan
Chase
Bank
Series
2021-2,
Class
D
1.138%,
12/26/28 (1)
88
85
Nissan
Auto
Receivables
Owner
Trust
Series
2020-A,
Class
A3
1.38%,
12/16/24
63
62
Santander
Bank
Series
2021-1A,
Class
B
1.833%,
12/15/31 (1)
111
106
Santander
Bank
Auto
Credit-Linked
Notes
Series
2022-B,
Class
C
5.916%,
8/16/32 (1)
181
180
Santander
Consumer
Auto
Receivables
Trust
Series
2020-BA,
Class
C
1.29%,
4/15/26 (1)
115
111
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
2
Par/Shares
$
Value
(Amounts
in
000s)
Santander
Drive
Auto
Receivables
Trust
Series
2020-4,
Class
C
1.01%,
1/15/26
69
69
Santander
Drive
Auto
Receivables
Trust
Series
2021-4,
Class
D
1.67%,
10/15/27
255
238
Santander
Drive
Auto
Receivables
Trust
Series
2022-1,
Class
C
2.56%,
4/17/28
415
398
Santander
Drive
Auto
Receivables
Trust
Series
2022-2,
Class
C
3.76%,
7/16/29
365
352
Santander
Drive
Auto
Receivables
Trust
Series
2022-4,
Class
C
5.00%,
11/15/29
435
428
Santander
Drive
Auto
Receivables
Trust
Series
2022-5,
Class
C
4.74%,
10/16/28
330
323
Santander
Drive
Auto
Receivables
Trust
Series
2022-6,
Class
C
4.96%,
11/15/28
455
447
Santander
Retail
Auto
Lease
Trust
Series
2021-A,
Class
C
1.14%,
3/20/26 (1)
430
411
Santander
Retail
Auto
Lease
Trust
Series
2021-B,
Class
D
1.41%,
11/20/25 (1)
185
175
Santander
Retail
Auto
Lease
Trust
Series
2021-C,
Class
C
1.11%,
3/20/26 (1)
155
147
Santander
Retail
Auto
Lease
Trust
Series
2022-B,
Class
B
3.85%,
3/22/27 (1)
75
73
World
Omni
Auto
Receivables
Trust
Series
2019-C,
Class
C
2.40%,
6/15/26
460
451
World
Omni
Auto
Receivables
Trust
Series
2020-A,
Class
C
1.64%,
8/17/26
295
284
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
137
World
Omni
Select
Auto
Trust
Series
2020-A,
Class
C
1.25%,
10/15/26
160
152
13,214
Other
Asset-Backed
Securities
5.1%
Blackbird
Capital
Aircraft
Lease
Securitization
Series
2016-1A,
Class
AA,
STEP
2.487%,
12/16/41 (1)
82
78
BRE
Grand
Islander
Timeshare
Issuer
Series
2019-A,
Class
A
3.28%,
9/26/33 (1)
99
94
Cedar
Funding
XIV
Series
2021-14A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.10%,
5.892%,
7/15/33 (1)
290
286
Par/Shares
$
Value
(Amounts
in
000s)
Dryden
Series
2020-86A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.10%,
5.892%,
7/17/34 (1)
250
242
Elara
HGV
Timeshare
Issuer
Series
2016-A,
Class
A
2.73%,
4/25/28 (1)
146
146
Elara
HGV
Timeshare
Issuer
Series
2017-A,
Class
A
2.69%,
3/25/30 (1)
48
47
Elara
HGV
Timeshare
Issuer
Series
2019-A,
Class
A
2.61%,
1/25/34 (1)
241
226
FirstKey
Homes
Trust
Series
2020-SFR1,
Class
D
2.241%,
8/17/37 (1)
500
455
Hilton
Grand
Vacations
Trust
Series
2017-AA,
Class
A
2.66%,
12/26/28 (1)
36
36
Hilton
Grand
Vacations
Trust
Series
2017-AA,
Class
B
2.96%,
12/26/28 (1)
13
12
HPEFS
Equipment
Trust
Series
2023-1A,
Class
C
5.91%,
4/20/28 (1)
100
100
KKR
Series
29A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.20%,
5.992%,
1/15/32 (1)
250
247
Kubota
Credit
Owner
Trust
Series
2020-1A,
Class
A3
1.96%,
3/15/24 (1)
25
25
Madison
Park
Funding
XXIII
Series
2017-23A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.97%,
5.785%,
7/27/31 (1)
282
279
Madison
Park
Funding
XXXIII
Series
2019-33A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.29%,
5.948%,
10/15/32 (1)
485
475
Madison
Park
Funding
XXXV
Series
2019-35A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
0.99%,
5.798%,
4/20/32 (1)
455
447
Madison
Park
Funding
XXXVII
Series
2019-37A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.07%,
5.862%,
7/15/33 (1)
465
458
Magnetite
XXV
Series
2020-25A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.20%,
6.018%,
1/25/32 (1)
500
493
MMAF
Equipment
Finance
Series
2022-B,
Class
A3
5.61%,
7/10/28 (1)
155
158
MVW
Series
2020-1A,
Class
B
2.73%,
10/20/37 (1)
102
95
MVW
Owner
Trust
Series
2017-1A,
Class
B
2.75%,
12/20/34 (1)
11
11
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
3
Par/Shares
$
Value
(Amounts
in
000s)
MVW
Owner
Trust
Series
2017-1A,
Class
C
2.99%,
12/20/34 (1)
19
18
Neuberger
Berman
Loan
Advisers
Series
2017-26A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.92%,
5.715%,
10/18/30 (1)
250
246
Neuberger
Berman
Loan
Advisers
Series
2017-26A,
Class
BR,
CLO,
FRN
3M
USD
LIBOR
+
1.40%,
6.195%,
10/18/30 (1)
255
246
Neuberger
Berman
Loan
Advisers
Series
2019-32A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.99%,
5.788%,
1/20/32 (1)
400
392
Neuberger
Berman
XVII
Series
2014-17A,
Class
AR2,
CLO,
FRN
3M
USD
LIBOR
+
1.03%,
5.845%,
4/22/29 (1)
445
440
OCP
Series
2017-13A,
Class
A1AR,
CLO,
FRN
3M
USD
LIBOR
+
0.96%,
5.752%,
7/15/30 (1)
250
246
OCP
Series
2017-13A,
Class
A2R,
CLO,
FRN
3M
USD
LIBOR
+
1.55%,
6.342%,
7/15/30 (1)
315
307
Octane
Receivables
Trust
Series
2021-2A,
Class
A
1.21%,
9/20/28 (1)
84
81
Octane
Receivables
Trust
Series
2022-1A,
Class
B
4.90%,
5/22/28 (1)
180
176
Octane
Receivables
Trust
Series
2022-2A,
Class
A
5.11%,
2/22/28 (1)
243
241
Octane
Receivables
Trust
Series
2023-1A,
Class
A
5.87%,
5/21/29 (1)
96
96
Palmer
Square
Series
2020-3A,
Class
A1AR,
CLO,
FRN
3M
USD
LIBOR
+
1.08%,
5.944%,
11/15/31 (1)
480
473
Progress
Residential
Trust
Series
2020-SFR2,
Class
A
2.078%,
6/17/37 (1)
395
369
Progress
Residential
Trust
Series
2022-SFR6,
Class
A
4.451%,
7/20/39 (1)
230
222
Sierra
Timeshare
Receivables
Funding
Series
2019-1A,
Class
A
3.20%,
1/20/36 (1)
60
57
Symphony
Static
I
Series
2021-1A,
Class
B,
CLO,
FRN
3M
USD
LIBOR
+
1.45%,
6.268%,
10/25/29 (1)
350
339
Symphony
XXIII
Series
2020-23A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.02%,
5.812%,
1/15/34 (1)
450
443
Par/Shares
$
Value
(Amounts
in
000s)
Symphony
XXVI
Series
2021-26A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.08%,
5.888%,
4/20/33 (1)
250
245
9,047
Student
Loan
1.0%
Navient
Private
Education
Refi
Loan
Trust
Series
2019-D,
Class
A2A
3.01%,
12/15/59 (1)
93
88
Navient
Private
Education
Refi
Loan
Trust
Series
2019-GA,
Class
A
2.40%,
10/15/68 (1)
69
64
Navient
Private
Education
Refi
Loan
Trust
Series
2020-DA,
Class
A
1.69%,
5/15/69 (1)
46
42
Navient
Private
Education
Refi
Loan
Trust
Series
2020-FA,
Class
A
1.22%,
7/15/69 (1)
128
114
Navient
Private
Education
Refi
Loan
Trust
Series
2020-GA,
Class
A
1.17%,
9/16/69 (1)
59
53
Navient
Private
Education
Refi
Loan
Trust
Series
2021-BA,
Class
A
0.94%,
7/15/69 (1)
132
115
Navient
Private
Education
Refi
Loan
Trust
Series
2021-EA,
Class
A
0.97%,
12/16/69 (1)
86
73
Navient
Private
Education
Refi
Loan
Trust
Series
2022-A,
Class
A
2.23%,
7/15/70 (1)
378
339
Nelnet
Student
Loan
Trust
Series
2005-4,
Class
A4,
FRN
3M
USD
LIBOR
+
0.18%,
5.127%,
3/22/32
278
270
Nelnet
Student
Loan
Trust
Series
2020-1A,
Class
A,
FRN
1M
USD
LIBOR
+
0.74%,
5.585%,
3/26/68 (1)
140
138
Nelnet
Student
Loan
Trust
Series
2021-CA,
Class
AFX
1.32%,
4/20/62 (1)
288
259
SMB
Private
Education
Loan
Trust
Series
2020-PTB,
Class
A2A
1.60%,
9/15/54 (1)
109
97
1,652
Total
Asset-Backed
Securities
(Cost
$24,711)
23,913
CORPORATE
BONDS
47.4%
FINANCIAL
INSTITUTIONS
20.2%
Banking
12.5%
American
Express,
2.25%,
3/4/25
445
422
Banco
Bilbao
Vizcaya
Argentaria,
0.875%,
9/18/23
400
391
Banco
Santander,
3.496%,
3/24/25
200
192
Banco
Santander,
VR,
0.701%,
6/30/24 (2)
400
394
Bank
of
America,
VR,
0.81%,
10/24/24 (2)
135
131
Bank
of
America,
VR,
0.976%,
4/22/25 (2)
255
243
Bank
of
America,
VR,
1.734%,
7/22/27 (2)
190
170
Bank
of
America,
VR,
1.843%,
2/4/25 (2)
215
209
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
4
Par/Shares
$
Value
(Amounts
in
000s)
Bank
of
America,
VR,
3.384%,
4/2/26 (2)
265
254
Bank
of
America,
VR,
3.841%,
4/25/25 (2)
190
186
Bank
of
America,
VR,
5.08%,
1/20/27 (2)
200
200
Bank
of
Ireland
Group,
4.50%,
11/25/23 (1)
870
856
Bank
of
Montreal,
3.70%,
6/7/25
350
340
Bank
of
Montreal,
Series
H,
4.25%,
9/14/24
390
384
Bank
of
New
York
Mellon,
VR,
4.414%,
7/24/26 (2)
225
222
Banque
Federative
du
Credit
Mutuel,
0.65%,
2/27/24 (1)
235
224
Banque
Federative
du
Credit
Mutuel,
0.998%,
2/4/25 (1)
280
259
Banque
Federative
du
Credit
Mutuel,
4.935%,
1/26/26 (1)
200
198
Barclays,
VR,
1.007%,
12/10/24 (2)
245
236
Barclays,
VR,
4.338%,
5/16/24 (2)
200
199
Barclays,
VR,
5.304%,
8/9/26 (2)
200
196
Barclays,
VR,
7.325%,
11/2/26 (2)
205
211
BPCE,
5.70%,
10/22/23 (1)
1,010
994
CaixaBank,
VR,
6.208%,
1/18/29 (1)(2)
270
271
Capital
One
Financial,
3.90%,
1/29/24
145
142
Capital
One
Financial,
4.25%,
4/30/25
60
57
Capital
One
Financial,
VR,
2.636%,
3/3/26 (2)
265
245
Capital
One
Financial,
VR,
4.985%,
7/24/26 (2)
205
198
Citigroup,
VR,
0.981%,
5/1/25 (2)
200
190
Citigroup,
VR,
3.106%,
4/8/26 (2)
240
230
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%,
5.836%,
4/24/23 (1)
470
470
Danske
Bank,
5.375%,
1/12/24 (1)
350
348
Danske
Bank,
VR,
1.226%,
6/22/24 (1)(2)
200
198
Danske
Bank,
VR,
3.773%,
3/28/25 (1)(2)
200
195
Discover
Bank,
4.20%,
8/8/23
250
249
Fifth
Third
Bank,
VR,
5.852%,
10/27/25 (2)
335
329
Goldman
Sachs
Group,
3.50%,
4/1/25
250
242
Goldman
Sachs
Group,
VR,
0.925%,
10/21/24 (2)
325
315
Goldman
Sachs
Group,
VR,
1.757%,
1/24/25 (2)
265
257
Goldman
Sachs
Group,
VR,
4.482%,
8/23/28 (2)
210
205
HDFC
Bank,
5.686%,
3/2/26
250
253
HSBC
Holdings,
4.25%,
3/14/24
200
195
HSBC
Holdings,
VR,
1.162%,
11/22/24 (2)
200
194
HSBC
Holdings,
VR,
2.099%,
6/4/26 (2)
375
345
JPMorgan
Chase,
FRN,
SOFR
+
0.885%,
5.506%,
4/22/27
75
74
JPMorgan
Chase,
VR,
0.824%,
6/1/25 (2)
225
213
JPMorgan
Chase,
VR,
2.083%,
4/22/26 (2)
460
433
JPMorgan
Chase,
VR,
4.08%,
4/26/26 (2)
440
429
Mitsubishi
UFJ
Financial
Group,
VR,
0.953%,
7/19/25 (2)
400
377
Mitsubishi
UFJ
Financial
Group,
VR,
5.063%,
9/12/25 (2)
220
219
Morgan
Stanley,
FRN,
SOFR
+
0.455%,
5.108%,
1/25/24
125
125
Par/Shares
$
Value
(Amounts
in
000s)
Morgan
Stanley,
FRN,
SOFR
+
0.466%,
5.188%,
11/10/23
295
294
Morgan
Stanley,
VR,
0.731%,
4/5/24 (2)
235
235
Morgan
Stanley,
VR,
1.164%,
10/21/25 (2)
195
182
Morgan
Stanley,
VR,
2.63%,
2/18/26 (2)
250
237
Morgan
Stanley,
VR,
3.62%,
4/17/25 (2)
220
216
Morgan
Stanley,
VR,
5.05%,
1/28/27 (2)
105
104
Morgan
Stanley,
VR,
6.138%,
10/16/26 (2)
250
254
NatWest
Markets,
2.375%,
5/21/23 (1)
465
463
Northern
Trust,
3.95%,
10/30/25
155
148
PNC
Financial
Services
Group,
VR,
4.758%,
1/26/27 (2)
200
197
PNC
Financial
Services
Group,
VR,
5.671%,
10/28/25 (2)
335
335
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (2)
190
165
Standard
Chartered,
VR,
1.822%,
11/23/25 (1)(2)
200
186
State
Street,
VR,
4.857%,
1/26/26 (2)
115
115
Svenska
Handelsbanken,
VR,
1.418%,
6/11/27 (1)(2)
250
223
Swedbank,
1.30%,
6/2/23 (1)
365
362
Synchrony
Financial,
4.25%,
8/15/24
485
448
Toronto-Dominion
Bank,
0.70%,
9/10/24
350
329
Toronto-Dominion
Bank,
4.285%,
9/13/24
460
455
Truist
Financial,
FRN,
SOFR
+
0.40%,
5.202%,
6/9/25
165
158
U.S.
Bancorp,
VR,
4.548%,
7/22/28 (2)
355
346
U.S.
Bancorp,
VR,
5.727%,
10/21/26 (2)
145
146
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
193
UBS
Group,
VR,
4.49%,
8/5/25 (1)(2)
235
229
Wells
Fargo,
VR,
1.654%,
6/2/24 (2)
215
213
Wells
Fargo,
VR,
2.188%,
4/30/26 (2)
205
192
Wells
Fargo,
VR,
3.526%,
3/24/28 (2)
170
160
Wells
Fargo,
VR,
3.908%,
4/25/26 (2)
280
272
Wells
Fargo,
VR,
4.54%,
8/15/26 (2)
275
270
22,036
Brokerage
Asset
Managers
Exchanges
0.4%
Charles
Schwab,
2.45%,
3/3/27
495
443
LSEGA
Financing,
0.65%,
4/6/24 (1)
320
304
747
Finance
Companies
1.8%
AerCap
Ireland
Capital,
1.65%,
10/29/24
485
452
AerCap
Ireland
Capital,
4.50%,
9/15/23
400
397
AerCap
Ireland
Capital,
4.875%,
1/16/24
300
295
Avolon
Holdings
Funding,
2.125%,
2/21/26 (1)
200
177
Avolon
Holdings
Funding,
2.875%,
2/15/25 (1)
250
235
Avolon
Holdings
Funding,
3.95%,
7/1/24 (1)
75
73
Avolon
Holdings
Funding,
5.125%,
10/1/23 (1)
325
322
GATX,
3.25%,
9/15/26
342
325
GATX,
4.35%,
2/15/24
360
356
SMBC
Aviation
Capital
Finance,
3.55%,
4/15/24 (1)
235
228
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
5
Par/Shares
$
Value
(Amounts
in
000s)
SMBC
Aviation
Capital
Finance,
4.125%,
7/15/23 (1)
200
199
3,059
Financial
Other
0.2%
LeasePlan,
2.875%,
10/24/24 (1)
400
380
380
Insurance
4.2%
American
International
Group,
2.50%,
6/30/25
220
208
Athene
Global
Funding,
1.716%,
1/7/25 (1)
435
405
Athene
Global
Funding,
2.514%,
3/8/24 (1)
535
516
Brighthouse
Financial
Global
Funding,
0.60%,
6/28/23 (1)
545
538
Brighthouse
Financial
Global
Funding,
1.00%,
4/12/24 (1)
200
191
CNO
Global
Funding,
1.65%,
1/6/25 (1)
240
224
CNO
Global
Funding,
1.75%,
10/7/26 (1)
355
318
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
241
Equitable
Financial
Life
Global
Funding,
1.10%,
11/12/24 (1)
360
340
Equitable
Financial
Life
Global
Funding,
1.40%,
7/7/25 (1)
35
32
First
American
Financial,
4.60%,
11/15/24
450
444
Health
Care
Service
Corp
A
Mutual
Legal
Reserve,
1.50%,
6/1/25 (1)
325
303
Humana,
0.65%,
8/3/23
135
133
Humana,
1.35%,
2/3/27
90
79
Humana,
3.85%,
10/1/24
180
177
Humana,
4.50%,
4/1/25
145
145
Humana,
5.75%,
3/1/28
85
88
Jackson
Financial,
1.125%,
11/22/23
270
261
Jackson
National
Life
Global
Funding,
1.75%,
1/12/25 (1)
290
271
Marsh
&
McLennan,
3.75%,
3/14/26
45
44
Metropolitan
Life
Global
Funding
I,
4.05%,
8/25/25 (1)
335
329
Northwestern
Mutual
Global
Funding,
4.35%,
9/15/27 (1)
215
212
Principal
Life
Global
Funding
II,
0.75%,
4/12/24 (1)
165
158
Trinity
Acquisition,
4.625%,
8/15/23
343
341
UnitedHealth
Group,
3.70%,
5/15/27
280
274
UnitedHealth
Group,
4.25%,
1/15/29
350
348
UnitedHealth
Group,
5.15%,
10/15/25
245
249
UnitedHealth
Group,
5.25%,
2/15/28
175
183
Willis
North
America,
3.60%,
5/15/24
90
89
7,424
Real
Estate
Investment
Trusts
1.1%
Essex
Portfolio,
3.25%,
5/1/23
470
469
Kimco
Realty
OP,
2.70%,
3/1/24
465
452
Public
Storage,
FRN,
SOFR
+
0.47%,
5.091%,
4/23/24
115
114
Realty
Income,
3.875%,
7/15/24
450
437
Realty
Income,
5.05%,
1/13/26
65
65
Par/Shares
$
Value
(Amounts
in
000s)
WP
Carey,
4.00%,
2/1/25
465
456
1,993
Total
Financial
Institutions
35,639
INDUSTRIAL
24.4%
Basic
Industry
1.7%
ArcelorMittal,
3.60%,
7/16/24
100
98
Celanese
U.S.
Holdings,
5.90%,
7/5/24
440
440
Celanese
U.S.
Holdings,
6.05%,
3/15/25
545
548
Celulosa
Arauco
y
Constitucion,
4.50%,
8/1/24
200
196
Ecolab,
1.65%,
2/1/27
100
91
Ecolab,
5.25%,
1/15/28
290
301
LYB
International
Finance
III,
1.25%,
10/1/25
177
161
Nucor,
2.00%,
6/1/25
80
75
Nucor,
3.95%,
5/23/25
125
123
Nutrien,
4.90%,
3/27/28
110
110
POSCO,
4.375%,
8/4/25
450
443
Sherwin-Williams,
4.05%,
8/8/24
75
74
Sherwin-Williams,
4.25%,
8/8/25
110
109
Westlake,
0.875%,
8/15/24
205
193
2,962
Capital
Goods
0.9%
Amcor
Flexibles
North
America,
4.00%,
5/17/25
185
181
Amphenol,
2.05%,
3/1/25
220
209
Amphenol,
4.75%,
3/30/26
95
95
Carrier
Global,
2.242%,
2/15/25
64
61
Martin
Marietta
Materials,
0.65%,
7/15/23
195
192
Parker-Hannifin,
3.65%,
6/15/24
400
393
Regal
Rexnord,
6.05%,
2/15/26 (1)
170
171
Republic
Services,
2.50%,
8/15/24
220
213
Republic
Services,
4.875%,
4/1/29
80
81
1,596
Communications
4.8%
American
Tower,
2.40%,
3/15/25
170
161
Charter
Communications
Operating,
4.908%,
7/23/25
955
945
Comcast,
5.25%,
11/7/25
105
107
Cox
Communications,
2.95%,
6/30/23 (1)
615
611
Cox
Communications,
3.15%,
8/15/24 (1)
450
438
Crown
Castle,
1.05%,
7/15/26
255
224
Crown
Castle,
2.90%,
3/15/27
220
204
Crown
Castle,
3.15%,
7/15/23
345
343
Crown
Castle,
5.00%,
1/11/28
85
86
KT,
4.00%,
8/8/25 (1)
450
441
NTT
Finance,
4.142%,
7/26/24 (1)
200
198
NTT
Finance,
4.239%,
7/25/25 (1)
200
197
Rogers
Communications,
3.20%,
3/15/27 (1)
310
291
SBA
Tower
Trust,
1.631%,
11/15/26 (1)
115
100
SBA
Tower
Trust,
1.884%,
1/15/26 (1)
85
77
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
325
308
SBA
Tower
Trust,
6.599%,
1/15/28 (1)
155
159
SBA
Tower
Trust,
Series
2014-2A,
Class
C,
STEP,
3.869%,
10/15/49 (1)
110
107
SES,
3.60%,
4/4/23 (1)
455
455
Sky,
3.75%,
9/16/24 (1)
975
946
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
6
Par/Shares
$
Value
(Amounts
in
000s)
T-Mobile
USA,
2.25%,
2/15/26
195
181
T-Mobile
USA,
3.50%,
4/15/25
265
257
Take-Two
Interactive
Software,
3.30%,
3/28/24
220
215
Take-Two
Interactive
Software,
3.55%,
4/14/25
75
73
Verizon
Communications,
1.45%,
3/20/26
270
249
Verizon
Communications,
2.625%,
8/15/26
395
372
Warnermedia
Holdings,
3.755%,
3/15/27 (1)
700
659
Warnermedia
Holdings,
6.412%,
3/15/26
125
126
8,530
Consumer
Cyclical
4.1%
7-Eleven,
0.80%,
2/10/24 (1)
135
129
Advance
Auto
Parts,
5.90%,
3/9/26
60
61
Aptiv,
2.396%,
2/18/25
205
196
AutoZone,
3.625%,
4/15/25
120
117
Daimler
Truck
Finance
North
America,
1.625%,
12/13/24 (1)
260
246
Daimler
Truck
Finance
North
America,
5.15%,
1/16/26 (1)
150
151
Daimler
Truck
Finance
North
America,
5.20%,
1/17/25 (1)
150
150
General
Motors
Financial,
2.90%,
2/26/25
485
463
Genuine
Parts,
1.75%,
2/1/25
105
99
Hyatt
Hotels,
1.30%,
10/1/23
140
137
Hyundai
Capital
America,
0.80%,
1/8/24 (1)
160
154
Hyundai
Capital
America,
0.875%,
6/14/24 (1)
80
76
Hyundai
Capital
America,
1.00%,
9/17/24 (1)
110
103
Hyundai
Capital
America,
5.50%,
3/30/26 (1)
120
120
Hyundai
Capital
America,
5.60%,
3/30/28 (1)
160
160
Hyundai
Capital
Services,
2.125%,
4/24/25 (1)
200
188
Lowe's,
3.35%,
4/1/27
80
77
Lowe's,
4.40%,
9/8/25
305
303
Lowe's,
4.80%,
4/1/26
175
176
Marriott
International,
3.60%,
4/15/24
425
418
Marriott
International,
3.75%,
3/15/25
55
54
Marriott
International,
4.90%,
4/15/29
55
54
Marriott
International,
5.75%,
5/1/25
55
55
Mercedes-Benz
Finance
North
America,
4.80%,
3/30/26 (1)
190
190
Mercedes-Benz
Finance
North
America,
4.95%,
3/30/25 (1)
150
150
Nissan
Motor,
3.043%,
9/15/23 (1)
665
656
Nordstrom,
2.30%,
4/8/24
35
33
QVC,
4.85%,
4/1/24
360
288
Ross
Stores,
0.875%,
4/15/26
155
139
Ross
Stores,
4.60%,
4/15/25
670
668
Starbucks,
4.75%,
2/15/26
215
216
Stellantis
Finance
U.S.,
1.711%,
1/29/27 (1)
200
177
Toyota
Motor
Credit,
3.95%,
6/30/25
415
407
Toyota
Motor
Credit,
4.80%,
1/10/25
270
272
Volkswagen
Group
of
America
Finance,
3.125%,
5/12/23 (1)
200
199
Par/Shares
$
Value
(Amounts
in
000s)
Volkswagen
Group
of
America
Finance,
3.95%,
6/6/25 (1)
200
196
7,278
Consumer
Non-Cyclical
6.5%
AbbVie,
2.60%,
11/21/24
715
689
AbbVie,
2.95%,
11/21/26
510
485
AbbVie,
3.20%,
5/14/26
45
43
AmerisourceBergen,
3.40%,
5/15/24
455
446
Amgen,
5.15%,
3/2/28
200
204
Amgen,
5.25%,
3/2/25
95
96
Anheuser-Busch,
3.65%,
2/1/26
285
280
Astrazeneca
Finance,
1.20%,
5/28/26
320
292
BAT
International
Finance,
1.668%,
3/25/26
225
203
BAT
International
Finance,
4.448%,
3/16/28
460
434
Baxter
International,
0.868%,
12/1/23
350
341
Bayer
U.S.
Finance
II,
3.875%,
12/15/23 (1)
250
247
Becton
Dickinson
&
Company,
3.363%,
6/6/24
336
330
Becton
Dickinson
&
Company,
3.734%,
12/15/24
78
76
Becton
Dickinson
&
Company,
4.693%,
2/13/28
375
377
Brunswick,
0.85%,
8/18/24
290
270
Cardinal
Health,
3.079%,
6/15/24
180
176
Cardinal
Health,
3.50%,
11/15/24
215
210
Coca-Cola
Europacific
Partners,
0.80%,
5/3/24 (1)
680
647
Constellation
Brands,
3.60%,
5/9/24
225
222
CSL
Finance,
3.85%,
4/27/27 (1)
90
87
CVS
Health,
2.875%,
6/1/26
115
109
CVS
Health,
3.00%,
8/15/26
105
100
CVS
Health,
5.00%,
2/20/26
255
258
Diageo
Capital,
5.20%,
10/24/25
200
203
HCA,
3.125%,
3/15/27 (1)
260
242
HCA,
5.375%,
2/1/25
120
120
Imperial
Brands
Finance,
3.125%,
7/26/24 (1)
480
465
Imperial
Brands
Finance,
4.25%,
7/21/25 (1)
200
194
JDE
Peet's,
0.80%,
9/24/24 (1)
150
139
Kenvue,
5.35%,
3/22/26 (1)
115
118
Kenvue,
5.50%,
3/22/25 (1)
215
219
Mars,
2.70%,
4/1/25 (1)
175
168
Mondelez
International,
2.625%,
3/17/27
190
177
Mondelez
International
Holdings
Netherlands,
4.25%,
9/15/25 (1)
200
198
PeaceHealth
Obligated
Group,
Series
2020,
1.375%,
11/15/25
50
46
PerkinElmer,
0.85%,
9/15/24
715
672
Perrigo
Finance
Unlimited,
3.90%,
12/15/24
675
649
Philip
Morris
International,
5.00%,
11/17/25
140
141
Philip
Morris
International,
5.125%,
11/15/24
270
273
Royalty
Pharma,
0.75%,
9/2/23
215
211
Shire
Acquisitions
Investments
Ireland,
2.875%,
9/23/23
168
166
Viatris,
1.65%,
6/22/25
140
129
Zoetis,
5.40%,
11/14/25
215
219
11,371
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
7
Par/Shares
$
Value
(Amounts
in
000s)
Energy
3.0%
Aker
BP,
2.00%,
7/15/26 (1)
200
179
Aker
BP,
3.00%,
1/15/25 (1)
360
346
Canadian
Natural
Resources,
2.05%,
7/15/25
335
314
Cheniere
Corpus
Christi
Holdings,
5.875%,
3/31/25
395
397
Devon
Energy,
8.25%,
8/1/23
130
131
Enbridge,
2.15%,
2/16/24
315
306
Enbridge,
2.50%,
1/15/25
265
253
Enbridge,
2.50%,
2/14/25
150
144
Energy
Transfer,
2.90%,
5/15/25
65
62
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
610
Energy
Transfer,
Series
5Y,
4.20%,
9/15/23
85
84
Eni,
Series
X-R,
4.00%,
9/12/23 (1)
470
464
Gray
Oak
Pipeline,
2.00%,
9/15/23 (1)
50
49
Gray
Oak
Pipeline,
2.60%,
10/15/25 (1)
105
97
Pioneer
Natural
Resources,
0.55%,
5/15/23
140
139
Pioneer
Natural
Resources,
5.10%,
3/29/26
165
165
Sabine
Pass
Liquefaction,
5.625%,
3/1/25
320
322
Sabine
Pass
Liquefaction,
5.75%,
5/15/24
300
300
Schlumberger
Finance
Canada,
1.40%,
9/17/25
80
74
TransCanada
PipeLines,
6.203%,
3/9/26
415
418
Williams,
4.30%,
3/4/24
75
74
Williams,
5.40%,
3/2/26
160
163
5,280
Technology
2.3%
Analog
Devices,
FRN,
SOFR
+
0.25%,
5.099%,
10/1/24
70
69
CDW,
5.50%,
12/1/24
75
75
Fidelity
National
Information
Services,
0.60%,
3/1/24
130
124
Fidelity
National
Information
Services,
4.50%,
7/15/25
135
133
Fortinet,
1.00%,
3/15/26
160
144
Intel,
4.875%,
2/10/26
180
182
Marvell
Technology,
4.20%,
6/22/23
255
254
Microchip
Technology,
0.972%,
2/15/24
300
288
Microchip
Technology,
0.983%,
9/1/24
220
208
Microchip
Technology,
2.67%,
9/1/23
250
247
NXP,
2.70%,
5/1/25
205
195
NXP,
3.875%,
6/18/26
155
149
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
116
Roper
Technologies,
2.35%,
9/15/24
90
87
Roper
Technologies,
3.65%,
9/15/23
75
74
S&P
Global,
2.45%,
3/1/27
510
477
Skyworks
Solutions,
0.90%,
6/1/23
70
69
VMware,
0.60%,
8/15/23
165
162
Western
Union,
2.85%,
1/10/25
525
501
Workday,
3.50%,
4/1/27
120
114
4,093
Par/Shares
$
Value
(Amounts
in
000s)
Transportation
1.1%
American
Airlines
PTT,
Series
2017-2,
Class
B,
3.70%,
10/15/25
302
281
Canadian
Pacific
Railway,
1.35%,
12/2/24
315
297
Canadian
Pacific
Railway,
1.75%,
12/2/26
135
121
HPHT
Finance,
2.875%,
11/5/24
600
581
Penske
Truck
Leasing,
3.45%,
7/1/24 (1)
172
167
Triton
Container
International,
0.80%,
8/1/23 (1)
325
318
United
Airlines
PTT,
Series
2019-2,
Class
B,
3.50%,
5/1/28
186
166
1,931
Total
Industrial
43,041
UTILITY
2.8%
Electric
2.3%
AES,
3.30%,
7/15/25 (1)
190
180
Alexander
Funding
Trust,
1.841%,
11/15/23 (1)
225
218
Constellation
Energy
Generation,
5.60%,
3/1/28
145
149
DTE
Energy,
STEP,
4.22%,
11/1/24
240
237
Enel
Finance
International,
1.375%,
7/12/26 (1)
265
237
Enel
Finance
International,
2.65%,
9/10/24 (1)
405
391
Enel
Finance
International,
6.80%,
10/14/25 (1)
200
206
NextEra
Energy
Capital
Holdings,
1.875%,
1/15/27
310
280
NextEra
Energy
Capital
Holdings,
4.45%,
6/20/25
230
228
NextEra
Energy
Capital
Holdings,
6.051%,
3/1/25
115
117
NRG
Energy,
3.75%,
6/15/24 (1)
155
150
Pacific
Gas
&
Electric,
3.50%,
6/15/25
220
209
Vistra
Operations,
3.55%,
7/15/24 (1)
1,150
1,109
Vistra
Operations,
5.125%,
5/13/25 (1)
285
278
3,989
Natural
Gas
0.5%
APA
Infrastructure,
4.20%,
3/23/25 (1)
535
525
NiSource,
5.25%,
3/30/28
60
61
Sempra
Energy,
3.30%,
4/1/25
175
168
Southern
California
Gas,
2.95%,
4/15/27
185
173
927
Total
Utility
4,916
Total
Corporate
Bonds
(Cost
$86,462)
83,596
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
1.8%
Government
Sponsored
0.3%
Federal
Home
Loan
Banks,
5.00%,
2/28/25
630
639
639
Owned
No
Guarantee
1.5%
Bank
Mandiri
Persero,
5.50%,
4/4/26
260
260
DAE
Funding,
1.55%,
8/1/24 (1)
200
188
Israel
Electric,
Series
6,
5.00%,
11/12/24
450
443
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
8
Par/Shares
$
Value
(Amounts
in
000s)
Korea
Housing
Finance,
4.625%,
2/24/28 (1)
440
440
Korea
Hydro
&
Nuclear
Power,
4.25%,
7/27/27 (1)
490
483
NBN,
1.45%,
5/5/26 (1)
405
366
QNB
Finance,
2.625%,
5/12/25
450
429
2,609
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$3,288)
3,248
MUNICIPAL
SECURITIES
0.1%
California
0.1%
Golden
State
Tobacco
Securitization,
Series A-1,
1.711%,
6/1/24
200
192
Total
Municipal
Securities
(Cost
$200)
192
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
12.7%
Collateralized
Mortgage
Obligations
7.2%
Angel
Oak
Mortgage
Trust
Series
2020-3,
Class
A3,
CMO,
ARM
2.872%,
4/25/65 (1)
27
25
Angel
Oak
Mortgage
Trust
Series
2020-5,
Class
A2,
CMO,
ARM
1.579%,
5/25/65 (1)
36
32
Angel
Oak
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.909%,
1/25/66 (1)
131
109
Angel
Oak
Mortgage
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
1.115%,
1/25/66 (1)
37
31
Angel
Oak
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.985%,
4/25/66 (1)
107
89
Angel
Oak
Mortgage
Trust
Series
2021-3,
Class
A1,
CMO,
ARM
1.068%,
5/25/66 (1)
90
74
Angel
Oak
Mortgage
Trust
Series
2021-6,
Class
A2,
CMO,
ARM
1.581%,
9/25/66 (1)
110
87
Angel
Oak
Mortgage
Trust
Series
2021-6,
Class
A3,
CMO,
ARM
1.714%,
9/25/66 (1)
102
79
Barclays
Mortgage
Loan
Trust
Series
2021-NQM1,
Class
A1,
CMO,
ARM
1.747%,
9/25/51 (1)
255
220
Bayview
MSR
Opportunity
Master
Fund
Trust
Series
2021-2,
Class
A5,
CMO,
ARM
2.50%,
6/25/51 (1)
198
172
Bayview
MSR
Opportunity
Master
Fund
Trust
Series
2021-5,
Class
A5,
CMO,
ARM
2.50%,
11/25/51 (1)
150
130
Par/Shares
$
Value
(Amounts
in
000s)
BINOM
Securitization
Trust
Series
2021-INV1,
Class
A2,
CMO,
ARM
2.37%,
6/25/56 (1)
279
244
BINOM
Securitization
Trust
Series
2021-INV1,
Class
A3,
CMO,
ARM
2.625%,
6/25/56 (1)
88
77
BRAVO
Residential
Funding
Trust
Series
2021-NQM3,
Class
A1,
CMO,
ARM
1.699%,
4/25/60 (1)
136
122
CIM
Trust
Series
2020-INV1,
Class
A2,
CMO,
ARM
2.50%,
4/25/50 (1)
80
66
CIM
Trust
Series
2021-INV1,
Class
A8,
CMO,
ARM
2.50%,
7/1/51 (1)
97
84
Citigroup
Mortgage
Loan
Trust
Series
2020-EXP2,
Class
A3,
CMO,
ARM
2.50%,
8/25/50 (1)
59
50
COLT
Mortgage
Loan
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
1.167%,
6/25/66 (1)
107
87
Connecticut
Avenue
Securities
Series
2017-C05,
Class
1ED3,
CMO,
ARM
1M
USD
LIBOR
+
1.20%,
6.045%,
1/25/30
13
13
Connecticut
Avenue
Securities
Trust
Series
2022-R01,
Class
1M1,
CMO,
ARM
SOFR30A
+
1.00%,
5.56%,
12/25/41 (1)
246
243
Connecticut
Avenue
Securities
Trust
Series
2022-R03,
Class
1M1,
CMO,
ARM
SOFR30A
+
2.10%,
6.66%,
3/25/42 (1)
203
203
Connecticut
Avenue
Securities
Trust
Series
2022-R04,
Class
1M1,
CMO,
ARM
SOFR30A
+
2.00%,
6.56%,
3/25/42 (1)
130
130
Connecticut
Avenue
Securities
Trust
Series
2022-R06,
Class
1M1,
CMO,
ARM
SOFR30A
+
2.75%,
7.31%,
5/25/42 (1)
223
227
Connecticut
Avenue
Securities
Trust
Series
2022-R07,
Class
1M1,
CMO,
ARM
SOFR30A
+
2.95%,
7.518%,
6/25/42 (1)
233
237
Connecticut
Avenue
Securities
Trust
Series
2022-R08,
Class
1M1,
CMO,
ARM
SOFR30A
+
2.55%,
7.11%,
7/25/42 (1)
94
95
Deephaven
Residential
Mortgage
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
0.973%,
5/25/65 (1)
30
27
Deephaven
Residential
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.899%,
4/25/66 (1)
54
46
Deephaven
Residential
Mortgage
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
1.26%,
4/25/66 (1)
54
46
Eagle
Series
2021-2,
Class
M1A,
CMO,
ARM
SOFR30A
+
1.55%,
6.11%,
4/25/34 (1)
118
117
Ellington
Financial
Mortgage
Trust
Series
2019-2,
Class
A3,
CMO,
ARM
3.046%,
11/25/59 (1)
21
19
Ellington
Financial
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.797%,
2/25/66 (1)
36
30
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
9
Par/Shares
$
Value
(Amounts
in
000s)
Ellington
Financial
Mortgage
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.106%,
2/25/66 (1)
36
29
Ellington
Financial
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.931%,
6/25/66 (1)
222
178
Ellington
Financial
Mortgage
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
1.291%,
6/25/66 (1)
65
51
Flagstar
Mortgage
Trust
Series
2020-1INV,
Class
A11,
CMO,
ARM
1M
USD
LIBOR
+
0.85%,
5.467%,
3/25/50 (1)
142
130
Flagstar
Mortgage
Trust
Series
2021-5INV,
Class
A5,
CMO,
ARM
2.50%,
7/25/51 (1)
200
172
Freddie
Mac
Whole
Loan
Securities
Trust
Series
2017-SC01,
Class
M1,
CMO,
ARM
3.647%,
12/25/46 (1)
64
61
Freddie
Mac
Whole
Loan
Securities
Trust
Series
2017-SC02,
Class
M1,
CMO,
ARM
3.863%,
5/25/47 (1)
33
32
Galton
Funding
Mortgage
Trust
Series
2018-1,
Class
A33,
CMO,
ARM
3.50%,
11/25/57 (1)
48
43
Galton
Funding
Mortgage
Trust
Series
2019-1,
Class
A21,
CMO,
ARM
4.50%,
2/25/59 (1)
15
14
Galton
Funding
Mortgage
Trust
Series
2019-1,
Class
A32,
CMO,
ARM
4.00%,
2/25/59 (1)
22
21
Galton
Funding
Mortgage
Trust
Series
2019-H1,
Class
M1,
CMO,
ARM
3.339%,
10/25/59 (1)
230
207
Galton
Funding
Mortgage
Trust
Series
2020-H1,
Class
M1,
CMO,
ARM
2.832%,
1/25/60 (1)
380
281
GS
Mortgage-Backed
Securities
Trust
Series
2014-EB1A,
Class
2A1,
CMO,
ARM
3.207%,
7/25/44 (1)
4
4
GS
Mortgage-Backed
Securities
Trust
Series
2021-GR2,
Class
A6,
CMO,
ARM
2.50%,
2/25/52 (1)
217
187
GS
Mortgage-Backed
Securities
Trust
Series
2021-PJ5,
Class
A8,
CMO,
ARM
2.50%,
10/25/51 (1)
285
246
GS
Mortgage-Backed
Securities
Trust
Series
2022-GR1,
Class
A5,
CMO,
ARM
2.50%,
6/25/52 (1)
441
381
Hundred
Acre
Wood
Trust
Series
2021-INV1,
Class
A9,
CMO,
ARM
2.50%,
7/25/51 (1)
192
167
Imperial
Fund
Mortgage
Trust
Series
2021-NQM2,
Class
A3,
CMO,
ARM
1.516%,
9/25/56 (1)
111
86
Imperial
Fund
Mortgage
Trust
Series
2022-NQM4,
Class
A1,
CMO,
STEP
4.767%,
6/25/67 (1)
363
348
JPMorgan
Mortgage
Trust
Series
2020-INV1,
Class
A15,
CMO,
ARM
3.50%,
8/25/50 (1)
102
91
Par/Shares
$
Value
(Amounts
in
000s)
Mello
Mortgage
Capital
Acceptance
Series
2021-INV3,
Class
A4,
CMO,
ARM
2.50%,
10/25/51 (1)
172
148
MFA
Trust
Series
2021-INV1,
Class
A1,
CMO,
ARM
0.852%,
1/25/56 (1)
58
52
MFA
Trust
Series
2021-NQM2,
Class
A2,
CMO,
ARM
1.317%,
11/25/64 (1)
56
46
New
Residential
Mortgage
Loan
Trust
Series
2021-INV1,
Class
A6,
CMO,
ARM
2.50%,
6/25/51 (1)
132
114
New
Residential
Mortgage
Loan
Trust
Series
2021-INV2,
Class
A7,
CMO,
ARM
2.50%,
9/25/51 (1)
389
336
NLT
Trust
Series
2021-INV2,
Class
A3,
CMO,
ARM
1.52%,
8/25/56 (1)
100
79
OBX
Trust
Series
2019-EXP2,
Class
2A2,
CMO,
ARM
1M
USD
LIBOR
+
1.20%,
5.456%,
6/25/59 (1)
22
21
OBX
Trust
Series
2020-EXP1,
Class
2A2,
CMO,
ARM
1M
USD
LIBOR
+
0.95%,
5.795%,
2/25/60 (1)
35
33
OBX
Trust
Series
2020-EXP2,
Class
A8,
CMO,
ARM
3.00%,
5/25/60 (1)
103
89
OBX
Trust
Series
2020-EXP2,
Class
A9,
CMO,
ARM
3.00%,
5/25/60 (1)
27
23
OBX
Trust
Series
2020-INV1,
Class
A5,
CMO,
ARM
3.50%,
12/25/49 (1)
61
54
OBX
Trust
Series
2021-J1,
Class
A4,
CMO,
ARM
2.50%,
5/25/51 (1)
208
179
Oceanview
Mortgage
Trust
Series
2022-1,
Class
A5,
CMO,
ARM
2.50%,
12/25/51 (1)
205
177
PSMC
Trust
Series
2021-1,
Class
A11,
CMO,
ARM
2.50%,
3/25/51 (1)
309
269
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)
3
2
SG
Residential
Mortgage
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
1.381%,
5/25/65 (1)
45
39
SG
Residential
Mortgage
Trust
Series
2022-1,
Class
A1,
CMO,
ARM
3.166%,
3/27/62 (1)
135
121
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
10
Par/Shares
$
Value
(Amounts
in
000s)
Starwood
Mortgage
Residential
Trust
Series
2019-INV1,
Class
A3,
CMO,
ARM
2.916%,
9/27/49 (1)
236
223
Starwood
Mortgage
Residential
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.943%,
5/25/65 (1)
105
94
Starwood
Mortgage
Residential
Trust
Series
2021-4,
Class
A1,
CMO,
ARM
1.162%,
8/25/56 (1)
276
228
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA2,
Class
M1,
CMO,
ARM
SOFR30A
+
0.80%,
5.36%,
8/25/33 (1)
5
5
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA5,
Class
M2,
CMO,
ARM
SOFR30A
+
1.65%,
6.21%,
1/25/34 (1)
86
85
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA7,
Class
M2,
CMO,
ARM
SOFR30A
+
1.80%,
6.36%,
11/25/41 (1)
90
85
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-HQA1,
Class
M1,
CMO,
ARM
SOFR30A
+
0.70%,
5.26%,
8/25/33 (1)
—
—
Structured
Agency
Credit
Risk
Debt
Notes
Series
2022-DNA1,
Class
M1A,
CMO,
ARM
SOFR30A
+
1.00%,
5.56%,
1/25/42 (1)
166
163
Structured
Agency
Credit
Risk
Debt
Notes
Series
2022-DNA3,
Class
M1A,
CMO,
ARM
SOFR30A
+
2.00%,
6.56%,
4/25/42 (1)
259
259
Structured
Agency
Credit
Risk
Debt
Notes
Series
2022-DNA4,
Class
M1A,
CMO,
ARM
SOFR30A
+
2.20%,
6.76%,
5/25/42 (1)
300
302
Structured
Agency
Credit
Risk
Debt
Notes
Series
2022-DNA5,
Class
M1A,
CMO,
ARM
SOFR30A
+
2.95%,
7.51%,
6/25/42 (1)
284
289
Structured
Agency
Credit
Risk
Debt
Notes
Series
2022-DNA6,
Class
M1A,
CMO,
ARM
SOFR30A
+
2.15%,
6.71%,
9/25/42 (1)
93
93
Structured
Agency
Credit
Risk
Debt
Notes
Series
2022-HQA1,
Class
M1A,
CMO,
ARM
SOFR30A
+
2.10%,
6.66%,
3/25/42 (1)
316
316
Structured
Agency
Credit
Risk
Debt
Notes
Series
2022-HQA3,
Class
M1A,
CMO,
ARM
SOFR30A
+
2.30%,
6.86%,
8/25/42 (1)
140
140
Toorak
Mortgage
Series
2021-INV1,
Class
A2,
CMO,
ARM
1.409%,
7/25/56 (1)
65
55
Towd
Point
Mortgage
Trust
Series
2022-4,
Class
A1,
CMO
3.75%,
9/25/62 (1)
425
398
UWM
Mortgage
Trust
Series
2021-INV2,
Class
A4,
CMO,
ARM
2.50%,
9/25/51 (1)
68
58
UWM
Mortgage
Trust
Series
2021-INV5,
Class
A4,
CMO,
ARM
2.50%,
1/25/52 (1)
422
364
Verus
Securitization
Trust
Series
2019-4,
Class
A3,
CMO,
STEP
3.00%,
11/25/59 (1)
192
183
Verus
Securitization
Trust
Series
2019-INV3,
Class
A3,
CMO,
ARM
3.10%,
11/25/59 (1)
184
174
Par/Shares
$
Value
(Amounts
in
000s)
Verus
Securitization
Trust
Series
2020-1,
Class
A3,
CMO,
STEP
2.724%,
1/25/60 (1)
250
236
Verus
Securitization
Trust
Series
2020-5,
Class
A3,
CMO,
STEP
1.733%,
5/25/65 (1)
32
30
Verus
Securitization
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.815%,
1/25/66 (1)
42
35
Verus
Securitization
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
1.052%,
1/25/66 (1)
56
46
Verus
Securitization
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.155%,
1/25/66 (1)
40
32
Verus
Securitization
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
1.031%,
2/25/66 (1)
73
62
Verus
Securitization
Trust
Series
2021-5,
Class
A3,
CMO,
ARM
1.373%,
9/25/66 (1)
96
75
Verus
Securitization
Trust
Series
2021-7,
Class
A1,
CMO,
ARM
1.829%,
10/25/66 (1)
358
303
Verus
Securitization
Trust
Series
2021-R1,
Class
A2,
CMO,
ARM
1.057%,
10/25/63 (1)
26
23
Verus
Securitization
Trust
Series
2021-R2,
Class
A1,
CMO,
ARM
0.918%,
2/25/64 (1)
77
66
Verus
Securitization
Trust
Series
2022-1,
Class
A3,
CMO,
ARM
3.288%,
1/25/67 (1)
308
259
Wells
Fargo
Mortgage
Backed
Securities
Trust
Series
2021-RR1,
Class
A3,
CMO,
ARM
2.50%,
12/25/50 (1)
246
215
12,651
Commercial
Mortgage-Backed
Securities
5.1%
BAMLL
Commercial
Mortgage
Securities
Trust
Series
2021-JACX,
Class
C,
ARM
1M
USD
LIBOR
+
2.00%,
6.684%,
9/15/38 (1)
190
171
BCP
Trust
Series
2021-330N,
Class
A,
ARM
1M
USD
LIBOR
+
0.799%,
5.483%,
6/15/38 (1)
120
111
BFLD
Series
2019-DPLO,
Class
B,
ARM
1M
TSFR
+
1.454%,
6.281%,
10/15/34 (1)
510
500
BIG
Commercial
Mortgage
Trust
Series
2022-BIG,
Class
C,
ARM
1M
TSFR
+
2.34%,
7.167%,
2/15/39 (1)
105
99
BPR
Trust
Series
2021-TY,
Class
B,
ARM
1M
USD
LIBOR
+
1.15%,
5.834%,
9/15/38 (1)
200
187
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
11
Par/Shares
$
Value
(Amounts
in
000s)
BSREP
Commercial
Mortgage
Trust
Series
2021-DC,
Class
D,
ARM
1M
USD
LIBOR
+
1.90%,
6.585%,
8/15/38 (1)
175
149
BX
Commercial
Mortgage
Trust
Series
2019-XL,
Class
A,
ARM
1M
TSFR
+
1.034%,
5.862%,
10/15/36 (1)
102
100
BX
Commercial
Mortgage
Trust
Series
2021-CIP,
Class
A,
ARM
1M
USD
LIBOR
+
0.921%,
5.605%,
12/15/38 (1)
240
231
BX
Commercial
Mortgage
Trust
Series
2021-SOAR,
Class
D,
ARM
1M
USD
LIBOR
+
1.40%,
6.085%,
6/15/38 (1)
143
134
BX
Commercial
Mortgage
Trust
Series
2022-AHP,
Class
A,
ARM
1M
TSFR
+
0.99%,
5.817%,
1/17/39 (1)
190
182
BX
Commercial
Mortgage
Trust
Series
2022-CSMO,
Class
B,
ARM
1M
TSFR
+
3.141%,
7.968%,
6/15/27 (1)
260
254
BX
Trust
Series
2021-ARIA,
Class
C,
ARM
1M
USD
LIBOR
+
1.646%,
6.33%,
10/15/36 (1)
145
136
Citigroup
Commercial
Mortgage
Trust
Series
2013-375P,
Class
A
3.251%,
5/10/35 (1)
500
456
Citigroup
Commercial
Mortgage
Trust
Series
2013-375P,
Class
B,
ARM
3.518%,
5/10/35 (1)
205
182
Citigroup
Commercial
Mortgage
Trust
Series
2013-375P,
Class
C,
ARM
3.518%,
5/10/35 (1)
150
132
Cold
Storage
Trust
Series
2020-ICE5,
Class
B,
ARM
1M
USD
LIBOR
+
1.30%,
5.984%,
11/15/37 (1)
256
248
Commercial
Mortgage
Trust
Series
2014-CR19,
Class
AM
4.08%,
8/10/47
210
202
Commercial
Mortgage
Trust
Series
2014-CR19,
Class
D,
ARM
4.698%,
8/10/47 (1)
250
215
Commercial
Mortgage
Trust
Series
2014-UBS2,
Class
A5
3.961%,
3/10/47
280
275
Commercial
Mortgage
Trust
Series
2014-UBS2,
Class
B
4.701%,
3/10/47
440
428
Commercial
Mortgage
Trust
Series
2015-CR22,
Class
B,
ARM
3.926%,
3/10/48
100
94
Credit
Suisse
Mortgage
Trust
Series
2020-NET,
Class
A
2.257%,
8/15/37 (1)
112
101
Extended
Stay
America
Trust
Series
2021-ESH,
Class
C,
ARM
1M
USD
LIBOR
+
1.70%,
6.385%,
7/15/38 (1)
190
184
Par/Shares
$
Value
(Amounts
in
000s)
GCT
Commercial
Mortgage
Trust
Series
2021-GCT,
Class
A,
ARM
1M
USD
LIBOR
+
0.80%,
5.484%,
2/15/38 (1)
140
128
Great
Wolf
Trust
Series
2019-WOLF,
Class
A,
ARM
1M
TSFR
+
1.148%,
5.975%,
12/15/36 (1)
325
318
Great
Wolf
Trust
Series
2019-WOLF,
Class
C,
ARM
1M
TSFR
+
1.747%,
6.574%,
12/15/36 (1)
390
379
GS
Mortgage
Securities
Trust
Series
2021-ROSS,
Class
B,
ARM
1M
USD
LIBOR
+
1.60%,
6.285%,
5/15/26 (1)
160
141
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2019-BKWD,
Class
C,
ARM
1M
USD
LIBOR
+
1.85%,
6.534%,
9/15/29 (1)
355
313
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
B,
ARM
1M
USD
LIBOR
+
1.77%,
6.455%,
10/15/33 (1)
255
223
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
C,
ARM
1M
USD
LIBOR
+
2.17%,
6.855%,
10/15/33 (1)
210
175
KIND
Trust
Series
2021-KIND,
Class
C,
ARM
1M
TSFR
+
1.864%,
6.691%,
8/15/38 (1)
243
226
KKR
Industrial
Portfolio
Trust
Series
2021-KDIP,
Class
C,
ARM
1M
TSFR
+
1.114%,
5.942%,
12/15/37 (1)
188
179
KKR
Industrial
Portfolio
Trust
Series
2021-KDIP,
Class
D,
ARM
1M
TSFR
+
1.364%,
6.192%,
12/15/37 (1)
75
71
LSTAR
Commercial
Mortgage
Trust
Series
2017-5,
Class
AS
4.021%,
3/10/50 (1)
145
130
Morgan
Stanley
Capital
I
Trust
Series
2014-150E,
Class
A
3.912%,
9/9/32 (1)
340
287
Morgan
Stanley
Capital
I
Trust
Series
2019-MEAD,
Class
D,
ARM
3.177%,
11/10/36 (1)
710
617
Morgan
Stanley
Capital
I
Trust
Series
2019-NUGS,
Class
D,
ARM
1M
USD
LIBOR
+
1.80%,
6.484%,
12/15/36 (1)
130
102
ONE
Mortgage
Trust
Series
2021-PARK,
Class
B,
ARM
1M
TSFR
+
1.064%,
5.891%,
3/15/36 (1)
315
289
ONE
Mortgage
Trust
Series
2021-PARK,
Class
C,
ARM
1M
TSFR
+
1.214%,
6.041%,
3/15/36 (1)
170
156
Wells
Fargo
Commercial
Mortgage
Trust
Series
2015-NXS2,
Class
A2
3.02%,
7/15/58
62
60
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
12
Par/Shares
$
Value
(Amounts
in
000s)
WFRBS
Commercial
Mortgage
Trust
Series
2014-LC14,
Class
A5
4.045%,
3/15/47
440
432
8,997
Residential
Mortgage
0.4%
Finance
of
America
HECM
Buyout
Series
2022-HB2,
Class
A1A,
ARM
4.00%,
8/1/32 (1)
401
387
MetLife
Securitization
Trust
Series
2017-1A,
Class
A,
CMO,
ARM
3.00%,
4/25/55 (1)
123
116
Towd
Point
Mortgage
Trust
Series
2017-1,
Class
A1,
CMO,
ARM
2.75%,
10/25/56 (1)
41
40
Towd
Point
Mortgage
Trust
Series
2017-2,
Class
A1,
CMO,
ARM
2.75%,
4/25/57 (1)
25
25
Towd
Point
Mortgage
Trust
Series
2018-1,
Class
A1,
CMO,
ARM
3.00%,
1/25/58 (1)
68
66
634
Total
Non-U.S.
Government
Mortgage-
Backed
Securities
(Cost
$24,650)
22,282
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
92
86
5.00%,
12/1/23
-
7/1/25
1
1
5.50%,
4/1/23
-
10/1/38
3
3
6.00%,
9/1/34
-
9/1/35
64
67
7.00%,
3/1/39
57
60
7.50%,
6/1/38
55
58
Federal
Home
Loan
Mortgage,
ARM
12M
USD
LIBOR
+
1.625%,
2.85%,
4/1/37
5
5
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%,
3.591%,
10/1/36
5
5
12M
USD
LIBOR
+
1.739%,
3.124%,
5/1/38
6
5
12M
USD
LIBOR
+
1.75%,
4.127%,
2/1/35
1
1
12M
USD
LIBOR
+
1.775%,
3.225%,
5/1/37
3
3
12M
USD
LIBOR
+
1.828%,
4.202%,
2/1/37
2
2
12M
USD
LIBOR
+
1.842%,
4.091%,
1/1/37
2
2
12M
USD
LIBOR
+
2.03%,
4.275%,
11/1/36
2
2
12M
USD
LIBOR
+
2.083%,
4.582%,
2/1/38
7
7
1Y
CMT
+
2.245%,
4.37%,
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
45
43
Federal
Home
Loan
Mortgage,
UMBS
2.50%,
1/1/52
212
184
3.00%,
11/1/34
153
145
4.00%,
12/1/49
34
33
Par/Shares
$
Value
(Amounts
in
000s)
4.50%,
9/1/37
-
5/1/50
88
88
Federal
National
Mortgage
Assn.,
ARM
12M
USD
LIBOR
+
1.34%,
3.59%,
12/1/35
2
2
12M
USD
LIBOR
+
1.557%,
3.807%,
7/1/35
1
1
12M
USD
LIBOR
+
1.584%,
3.834%,
12/1/35
5
5
12M
USD
LIBOR
+
1.601%,
3.713%,
7/1/36
5
5
12M
USD
LIBOR
+
1.655%,
3.905%,
8/1/37
1
1
12M
USD
LIBOR
+
1.77%,
4.145%,
12/1/35
1
1
12M
USD
LIBOR
+
1.78%,
4.03%,
1/1/34
5
5
12M
USD
LIBOR
+
1.788%,
2.538%,
5/1/38
2
2
12M
USD
LIBOR
+
1.83%,
3.117%,
4/1/38
17
17
12M
USD
LIBOR
+
1.853%,
4.103%,
8/1/38
6
6
12M
USD
LIBOR
+
1.892%,
4.142%,
12/1/35
2
1
12M
USD
LIBOR
+
1.922%,
3.199%,
5/1/38
6
6
12M
USD
LIBOR
+
2.04%,
4.29%,
12/1/36
1
1
Federal
National
Mortgage
Assn.,
UMBS
2.00%,
10/1/50
108
90
2.50%,
1/1/52
197
170
3.00%,
1/1/27
-
6/1/52
437
397
3.50%,
3/1/28
-
1/1/52
127
120
4.00%,
11/1/49
-
9/1/52
363
348
4.50%,
12/1/40
-
8/1/52
944
933
5.00%,
9/1/23
-
6/1/35
169
172
5.50%,
9/1/23
-
5/1/40
207
214
6.00%,
3/1/34
-
4/1/40
396
412
6.50%,
7/1/32
-
12/1/32
48
50
3,785
U.S.
Government
Obligations
1.2%
Government
National
Mortgage
Assn.
2.00%,
3/20/52
21
18
3.00%,
9/20/47
703
648
3.50%,
10/20/52
363
340
4.00%,
10/20/50
-
10/20/52
130
126
4.50%,
10/20/52
346
341
5.00%,
12/20/34
-
11/20/47
242
248
5.50%,
3/20/48
-
3/20/49
40
42
Government
National
Mortgage
Assn.,
TBA,
5.50%,
4/20/53 (3)
365
369
2,132
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$6,199)
5,917
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
19.3%
Treasuries
19.3%
U.S.
Treasury
Notes,
1.75%,
3/15/25
5,090
4,867
U.S.
Treasury
Notes,
2.75%,
5/15/25 (4)
10,380
10,106
U.S.
Treasury
Notes,
2.875%,
6/15/25
10,000
9,762
U.S.
Treasury
Notes,
4.00%,
12/15/25
1,525
1,531
U.S.
Treasury
Notes,
4.125%,
1/31/25
1,215
1,215
U.S.
Treasury
Notes,
4.25%,
12/31/24
1,090
1,091
U.S.
Treasury
Notes,
4.50%,
11/15/25
2,635
2,674
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
13
Par/Shares
$
Value
(Amounts
in
000s)
U.S.
Treasury
Notes,
4.625%,
2/28/25 (5)
2,685
2,711
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$34,534)
33,957
SHORT-TERM
INVESTMENTS
1.3%
Money
Market
Funds
1.3%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (6)(7)
2,369
2,369
Total
Short-Term
Investments
(Cost
$2,369)
2,369
SECURITIES
LENDING
COLLATERAL
1.4%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
1.4%
Money
Market
Funds
1.4%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (6)(7)
2,501
2,501
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
2,501
Total
Securities
Lending
Collateral
(Cost
$2,501)
2,501
Total
Investments
in
Securities
101.0%
(Cost
$184,914)
$
177,975
Other
Assets
Less
Liabilities
(1.0)%
(1,750)
Net
Assets
100.0%
$
176,225
‡
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
$64,825
and
represents
36.8%
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)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$369
and
represents
0.2%
of
net
assets.
(4)
At
March
31,
2023,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(5)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2023.
(6)
Seven-day
yield
(7)
Affiliated
Companies
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
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
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
14
.
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
15
(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
(6)
(4)
(2)
Barclays
Bank,
Protection
Bought
(Relevant
Credit:
Omnicom
Group),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
1,250
(17)
(14)
(3)
Citibank,
Protection
Bought
(Relevant
Credit:
General
Mills),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
596
(8)
(6)
(2)
Goldman
Sachs,
Protection
Bought
(Relevant
Credit:
General
Mills),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
1,220
(18)
(14)
(4)
Morgan
Stanley,
Protection
Bought
(Relevant
Credit:
Markit
CMBX.NA.AAA-S13,
50
Year
Index),
Pay
0.50%
Monthly,
Receive
upon
credit
default,
12/16/72
4,298
100
120
(20)
Total
Bilateral
Credit
Default
Swaps,
Protection
Bought
82
(31)
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
3
(5)
8
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(5)
8
Total
Bilateral
Swaps
77
(23)
*
Credit
ratings
as
of
March
31,
2023.
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
16
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
48
U.S.
Treasury
Notes
five
year
contracts
6/23
(5,257)
$
(112)
Short,
21
U.S.
Treasury
Notes
ten
year
contracts
6/23
(2,413)
(70)
Long,
178
U.S.
Treasury
Notes
two
year
contracts
6/23
36,749
417
Short,
4
Ultra
U.S.
Treasury
Bonds
contracts
6/23
(565)
(24)
Short,
21
Ultra
U.S.
Treasury
Notes
ten
year
contracts
6/23
(2,544)
(79)
Net
payments
(receipts)
of
variation
margin
to
date
(142)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(10)
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
17
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
March
31,
2023.
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,
4.82%
$
—
$
—
$
20++
Totals
$
—#
$
—
$
20+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
03/31/23
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
$
1,885
¤
¤
$
4,870
Total
$
4,870^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$20
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
$4,870.
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
Unaudited
18
Notes
to
Portfolio
of
Investments
T.
Rowe
Price
Limited-Term
Bond
Portfolio (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
19
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
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.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
E303-054Q1
03/23
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
173,105
$
—
$
173,105
Short-Term
Investments
2,369
—
—
2,369
Securities
Lending
Collateral
2,501
—
—
2,501
Total
Securities
4,870
173,105
—
177,975
Swaps
—
103
—
103
Futures
Contracts*
417
—
—
417
Total
$
5,287
$
173,208
$
—
$
178,495
Liabilities
Swaps
$
—
$
49
$
—
$
49
Futures
Contracts*
285
—
—
285
Total
$
285
$
49
$
—
$
334
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.