T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
March
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
14.3%
Car
Loan
7.2%
AmeriCredit
Automobile
Receivables
Trust
Series
2017-1,
Class
C
2.71%,
8/18/22
79
79
AmeriCredit
Automobile
Receivables
Trust
Series
2017-3,
Class
C
2.69%,
6/19/23
267
270
AmeriCredit
Automobile
Receivables
Trust
Series
2020-1,
Class
C
1.59%,
10/20/25
435
442
AmeriCredit
Automobile
Receivables
Trust
Series
2020-1,
Class
D
1.80%,
12/18/25
415
423
AmeriCredit
Automobile
Receivables
Trust
Series
2020-2,
Class
B
0.97%,
2/18/26
100
101
AmeriCredit
Automobile
Receivables
Trust
Series
2020-3,
Class
C
1.06%,
8/18/26
115
115
AmeriCredit
Automobile
Receivables
Trust
Series
2021-1,
Class
C
0.89%,
10/19/26
190
189
AmeriCredit
Automobile
Receivables
Trust
Series
2021-1,
Class
D
1.21%,
12/18/26
115
114
Ari
Fleet
Lease
Trust
Series
2020-A,
Class
B
2.06%,
11/15/28 (1)
475
487
Avis
Budget
Rental
Car
Funding
AESOP
Series
2017-1A,
Class
B
3.41%,
9/20/23 (1)
390
401
Avis
Budget
Rental
Car
Funding
AESOP
Series
2018-2A,
Class
C
4.95%,
3/20/25 (1)
260
281
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-1A,
Class
B
3.70%,
3/20/23 (1)
646
659
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-2A,
Class
A
3.35%,
9/22/25 (1)
475
510
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-2A,
Class
B
3.55%,
9/22/25 (1)
415
444
Par/Shares
$
Value
(Amounts
in
000s)
Avis
Budget
Rental
Car
Funding
AESOP
Series
2020-1A,
Class
A
2.33%,
8/20/26 (1)
340
353
Capital
Auto
Receivables
Asset
Trust
Series
2017-1,
Class
B
2.43%,
5/20/22 (1)
59
59
Capital
Auto
Receivables
Asset
Trust
Series
2017-1,
Class
C
2.70%,
9/20/22 (1)
175
176
Capital
Auto
Receivables
Asset
Trust
Series
2018-2,
Class
B
3.48%,
10/20/23 (1)
124
125
Capital
Auto
Receivables
Asset
Trust
Series
2018-2,
Class
C
3.69%,
12/20/23 (1)
320
323
CarMax
Auto
Owner
Trust
Series
2017-4,
Class
C
2.70%,
10/16/23
150
152
CarMax
Auto
Owner
Trust
Series
2020-4,
Class
D
1.75%,
4/15/27
145
146
Enterprise
Fleet
Financing
Series
2018-2,
Class
A2
3.14%,
2/20/24 (1)
90
90
Enterprise
Fleet
Financing
Series
2019-1,
Class
A2
2.98%,
10/20/24 (1)
165
167
Ford
Credit
Auto
Owner
Trust
Series
2020-2,
Class
C
1.74%,
4/15/33 (1)
145
146
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2020-1,
Class
C
1.42%,
9/15/25
220
222
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2020-2,
Class
A3
1.49%,
12/16/24
210
213
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2020-4,
Class
C
1.05%,
5/18/26
105
105
GMF
Floorplan
Owner
Revolving
Trust
Series
2020-1,
Class
B
1.03%,
8/15/25 (1)
405
409
Hyundai
Auto
Receivables
Trust
Series
2019-A,
Class
B
2.94%,
5/15/25
460
479
Hyundai
Auto
Receivables
Trust
Series
2020-B,
Class
C
1.60%,
12/15/26
175
178
Navistar
Financial
Dealer
Note
Master
Trust
Series
2020-1,
Class
A,
FRN
1M
USD
LIBOR
+
0.95%,
1.059%,
7/25/25 (1)
220
222
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
2
Par/Shares
$
Value
(Amounts
in
000s)
Navistar
Financial
Dealer
Note
Master
Trust
Series
2020-1,
Class
B,
FRN
1M
USD
LIBOR
+
1.35%,
1.459%,
7/25/25 (1)
230
232
Nissan
Auto
Receivables
Owner
Trust
Series
2020-A,
Class
A3
1.38%,
12/16/24
265
269
Santander
Consumer
Auto
Receivables
Trust
Series
2020-BA,
Class
C
1.29%,
4/15/26 (1)
115
116
Santander
Drive
Auto
Receivables
Trust
Series
2018-1,
Class
C
2.96%,
3/15/24
26
26
Santander
Drive
Auto
Receivables
Trust
Series
2018-2,
Class
C
3.35%,
7/17/23
96
96
Santander
Drive
Auto
Receivables
Trust
Series
2019-1,
Class
B
3.21%,
9/15/23
7
7
Santander
Drive
Auto
Receivables
Trust
Series
2020-3,
Class
B
0.69%,
3/17/25
335
336
Santander
Drive
Auto
Receivables
Trust
Series
2020-4,
Class
C
1.01%,
1/15/26
185
186
Santander
Retail
Auto
Lease
Trust
Series
2019-C,
Class
D
2.88%,
6/20/24 (1)
525
542
Santander
Retail
Auto
Lease
Trust
Series
2020-A,
Class
D
2.52%,
11/20/24 (1)
435
449
Santander
Retail
Auto
Lease
Trust
Series
2021-A,
Class
C
1.14%,
3/20/26 (1)
430
429
World
Omni
Auto
Receivables
Trust
Series
2019-C,
Class
C
2.40%,
6/15/26
460
475
World
Omni
Auto
Receivables
Trust
Series
2020-A,
Class
C
1.64%,
8/17/26
295
300
World
Omni
Select
Auto
Trust
Series
2020-A,
Class
B
0.84%,
6/15/26
140
140
World
Omni
Select
Auto
Trust
Series
2020-A,
Class
C
1.25%,
10/15/26
160
161
11,844
Other
Asset-Backed
Securities
5.6%
Applebee's
Funding
Series
2019-1A,
Class
A2I
4.194%,
6/7/49 (1)
428
439
Par/Shares
$
Value
(Amounts
in
000s)
Ares
LVII
Series
2020-57A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.32%,
1.564%,
10/25/31 (1)
255
255
Ares
LVIII
Series
2020-58A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.22%,
1.456%,
1/15/33 (1)
250
250
Barings
Series
2013-IA,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.80%,
1.024%,
1/20/28 (1)
510
510
BRE
Grand
Islander
Timeshare
Issuer
Series
2019-A,
Class
A
3.28%,
9/26/33 (1)
172
180
Cayuga
Park
Series
2020-1A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.60%,
1.823%,
7/17/31 (1)
260
261
CIFC
Funding
Series
2020-3A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.35%,
1.555%,
10/20/31 (1)
475
476
CNH
Equipment
Trust
Series
2018-A,
Class
B
3.47%,
10/15/25
275
282
Elara
HGV
Timeshare
Issuer
Series
2014-A,
Class
A
2.53%,
2/25/27 (1)
6
6
Elara
HGV
Timeshare
Issuer
Series
2016-A,
Class
A
2.73%,
4/25/28 (1)
339
346
Elara
HGV
Timeshare
Issuer
Series
2017-A,
Class
A
2.69%,
3/25/30 (1)
106
109
Elara
HGV
Timeshare
Issuer
Series
2019-A,
Class
A
2.61%,
1/25/34 (1)
456
470
Golub
Capital
Partners
Series
2018-39A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.15%,
1.374%,
10/20/28 (1)
384
384
Hilton
Grand
Vacations
Trust
Series
2017-AA,
Class
A
2.66%,
12/26/28 (1)
95
97
Hilton
Grand
Vacations
Trust
Series
2017-AA,
Class
B
2.96%,
12/26/28 (1)
33
33
John
Deere
Owner
Trust
Series
2020-B,
Class
A4
0.72%,
6/15/27
385
387
KKR
Series
29A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.20%,
1.341%,
1/15/32 (1)
250
250
Kubota
Credit
Owner
Trust
Series
2020-1A,
Class
A3
1.96%,
3/15/24 (1)
230
235
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
3
Par/Shares
$
Value
(Amounts
in
000s)
Magnetite
XXV
Series
2020-25A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.20%,
1.455%,
1/25/32 (1)
250
250
MVW
Series
2020-1A,
Class
B
2.73%,
10/20/37 (1)
88
91
MVW
Owner
Trust
Series
2014-1A,
Class
A
2.25%,
9/22/31 (1)
15
15
MVW
Owner
Trust
Series
2015-1A,
Class
A
2.52%,
12/20/32 (1)
102
102
MVW
Owner
Trust
Series
2017-1A,
Class
B
2.75%,
12/20/34 (1)
27
28
MVW
Owner
Trust
Series
2017-1A,
Class
C
2.99%,
12/20/34 (1)
45
45
Neuberger
Berman
Loan
Advisers
Series
2019-32A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.99%,
1.184%,
1/20/32 (1)
400
401
Neuberger
Berman
Loan
Advisers
Series
2020-38A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.30%,
1.524%,
10/20/32 (1)
250
251
Neuberger
Berman
Loan
Advisers
Series
2021-40A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.06%,
1.248%,
4/16/33 (1)
250
250
OZLM
VIII
Series
2014-8A,
Class
A1RR,
CLO,
FRN
3M
USD
LIBOR
+
1.17%,
1.393%,
10/17/29 (1)
704
704
Palmer
Square
Series
2020-3A,
Class
A1A,
CLO,
FRN
3M
USD
LIBOR
+
1.37%,
1.596%,
11/15/31 (1)
250
251
Planet
Fitness
Master
Issuer
Series
2018-1A,
Class
A2I
4.262%,
9/5/48 (1)
332
332
Reese
Park
Series
2020-1A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.32%,
1.561%,
10/15/32 (1)
255
255
Sierra
Timeshare
Receivables
Funding
Series
2017-1A,
Class
A
2.91%,
3/20/34 (1)
57
58
Sierra
Timeshare
Receivables
Funding
Series
2019-1A,
Class
A
3.20%,
1/20/36 (1)
153
159
Symphony
XXIII
Series
2020-23A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.32%,
1.487%,
1/15/34 (1)
415
417
Symphony
XXVI
Series
2021-26A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.08%,
1.189%,
4/20/33 (1)
250
250
Par/Shares
$
Value
(Amounts
in
000s)
Volvo
Financial
Equipment
Series
2018-1A,
Class
B
2.91%,
1/17/23 (1)
315
319
9,148
Student
Loan
1.5%
Navient
Private
Education
Refi
Loan
Trust
Series
2019-D,
Class
A2A
3.01%,
12/15/59 (1)
146
153
Navient
Private
Education
Refi
Loan
Trust
Series
2019-EA,
Class
A1
2.39%,
5/15/68 (1)
8
8
Navient
Private
Education
Refi
Loan
Trust
Series
2019-GA,
Class
A
2.40%,
10/15/68 (1)
167
171
Navient
Private
Education
Refi
Loan
Trust
Series
2020-DA,
Class
A
1.69%,
5/15/69 (1)
102
104
Navient
Private
Education
Refi
Loan
Trust
Series
2020-FA,
Class
A
1.22%,
7/15/69 (1)
283
284
Navient
Private
Education
Refi
Loan
Trust
Series
2020-GA,
Class
A
1.17%,
9/16/69 (1)
134
135
Navient
Student
Loan
Trust
Series
2019-2A,
Class
A1,
FRN
1M
USD
LIBOR
+
0.27%,
0.379%,
2/27/68 (1)
104
104
Nelnet
Student
Loan
Trust
Series
2005-4,
Class
A4,
FRN
3M
USD
LIBOR
+
0.18%,
0.367%,
3/22/32
465
449
Nelnet
Student
Loan
Trust
Series
2020-1A,
Class
A,
FRN
1M
USD
LIBOR
+
0.74%,
0.849%,
3/26/68 (1)
220
219
SLM
Student
Loan
Trust
Series
2010-1,
Class
A,
FRN
1M
USD
LIBOR
+
0.40%,
0.509%,
3/25/25
521
512
SMB
Private
Education
Loan
Trust
Series
2014-A,
Class
A2A
3.05%,
5/15/26 (1)
75
75
SMB
Private
Education
Loan
Trust
Series
2015-A,
Class
A2B,
FRN
1M
USD
LIBOR
+
1.00%,
1.106%,
6/15/27 (1)
79
80
SMB
Private
Education
Loan
Trust
Series
2020-PTB,
Class
A2A
1.60%,
9/15/54 (1)
180
181
2,475
Total
Asset-Backed
Securities
(Cost
$23,180)
23,467
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
4
Par/Shares
$
Value
(Amounts
in
000s)
CORPORATE
BONDS
49.5%
FINANCIAL
INSTITUTIONS
16.5%
Banking
12.2%
Banco
Bilbao
Vizcaya
Argentaria,
0.875%,
9/18/23
400
401
Bank
of
America,
2.503%,
10/21/22
175
177
Bank
of
America,
FRN,
3M
USD
LIBOR
+
0.65%,
0.851%,
6/25/22
240
240
Bank
of
America,
FRN,
3M
USD
LIBOR
+
1.16%,
1.384%,
1/20/23
400
403
Bank
of
America,
VR,
0.81%,
10/24/24 (2)
135
135
Bank
of
Ireland
Group,
4.50%,
11/25/23 (1)
470
513
Banque
Federative
du
Credit
Mutuel,
0.65%,
2/27/24 (1)
235
234
Banque
Federative
du
Credit
Mutuel,
2.125%,
11/21/22 (1)
320
328
Barclays
Bank,
1.70%,
5/12/22
365
370
BDO
Unibank,
2.95%,
3/6/23
1,200
1,245
BPCE,
5.70%,
10/22/23 (1)
400
445
BPCE,
FRN,
3M
USD
LIBOR
+
1.22%,
1.402%,
5/22/22 (1)
400
404
Capital
One
Financial,
3.20%,
1/30/23
195
204
Capital
One
Financial,
3.50%,
6/15/23
140
149
Capital
One
Financial,
3.90%,
1/29/24
145
157
Citigroup,
2.90%,
12/8/21
400
407
Citigroup,
VR,
2.312%,
11/4/22 (2)
330
333
Citigroup,
VR,
3.106%,
4/8/26 (2)
240
256
Cooperatieve
Rabobank,
3.95%,
11/9/22
540
569
Credicorp,
2.75%,
6/17/25 (1)
200
204
Credit
Agricole,
FRN,
3M
USD
LIBOR
+
1.02%,
1.238%,
4/24/23 (1)
470
477
Credit
Suisse,
1.00%,
5/5/23
635
638
Danske
Bank,
5.00%,
1/12/22 (1)
385
397
Danske
Bank,
VR,
3.001%,
9/20/22 (1)
(2)
550
556
Deutsche
Bank,
3.375%,
5/12/21
100
100
Deutsche
Bank,
4.25%,
10/14/21
345
351
First
Niagara
Financial
Group,
7.25%,
12/15/21
145
152
Goldman
Sachs
Group,
3.50%,
4/1/25
250
270
Goldman
Sachs
Group,
5.75%,
1/24/22
490
511
Goldman
Sachs
Group,
FRN,
3M
USD
LIBOR
+
0.78%,
0.992%,
10/31/22
300
301
Goldman
Sachs
Group,
FRN,
3M
USD
LIBOR
+
1.11%,
1.325%,
4/26/22
300
300
Goldman
Sachs
Group,
VR,
0.673%,
3/8/24 (2)
280
280
HSBC
Holdings,
VR,
1.645%,
4/18/26 (2)
225
224
HSBC
Holdings,
VR,
2.099%,
6/4/26 (2)
590
600
ING
Groep,
FRN,
3M
USD
LIBOR
+
1.15%,
1.343%,
3/29/22
275
278
Par/Shares
$
Value
(Amounts
in
000s)
JPMorgan
Chase,
VR,
2.083%,
4/22/26 (2)
460
471
Lloyds
Banking
Group,
VR,
1.326%,
6/15/23 (2)
200
202
Mitsubishi
UFJ
Financial
Group,
3.218%,
3/7/22
330
339
Mitsubishi
UFJ
Financial
Group,
FRN,
3M
USD
LIBOR
+
0.92%,
1.102%,
2/22/22
230
232
Morgan
Stanley,
2.75%,
5/19/22
280
288
Morgan
Stanley,
4.875%,
11/1/22
110
117
Morgan
Stanley,
VR,
0.529%,
1/25/24 (2)
125
125
Morgan
Stanley,
VR,
0.56%,
11/10/23 (2)
295
295
Natwest
Group,
3.875%,
9/12/23
380
407
NatWest
Markets,
2.375%,
5/21/23 (1)
465
482
PNC
Bank,
2.95%,
1/30/23
425
443
Standard
Chartered,
FRN,
3M
USD
LIBOR
+
1.15%,
1.374%,
1/20/23 (1)
365
367
Standard
Chartered,
VR,
1.319%,
10/14/23 (1)(2)
200
202
Standard
Chartered,
VR,
2.744%,
9/10/22 (1)(2)
315
318
State
Street,
VR,
2.825%,
3/30/23 (2)
45
46
Swedbank,
1.30%,
6/2/23 (1)
365
371
Synchrony
Financial,
2.85%,
7/25/22
897
921
Synchrony
Financial,
3.75%,
8/15/21
310
312
Synchrony
Financial,
4.25%,
8/15/24
230
250
Toronto-Dominion
Bank,
0.55%,
3/4/24
420
419
UBS
Group,
FRN,
3M
USD
LIBOR
+
1.22%,
1.395%,
5/23/23 (1)
340
344
Wells
Fargo,
3.50%,
3/8/22
32
33
Wells
Fargo,
VR,
1.654%,
6/2/24 (2)
215
219
Wells
Fargo,
VR,
2.188%,
4/30/26 (2)
205
211
20,023
Brokerage
Asset
Managers
Exchanges
0.2%
LSEGA
Financing,
0.65%,
4/6/24 (1)
320
318
318
Finance
Companies
2.1%
AerCap
Ireland
Capital,
3.95%,
2/1/22
455
465
AerCap
Ireland
Capital,
4.45%,
12/16/21
380
388
AerCap
Ireland
Capital,
4.50%,
9/15/23
250
268
AerCap
Ireland
Capital,
4.875%,
1/16/24
150
163
Air
Lease,
2.25%,
1/15/23
205
210
Air
Lease,
3.50%,
1/15/22
155
159
Avolon
Holdings
Funding,
2.875%,
2/15/25 (1)
250
250
Avolon
Holdings
Funding,
3.625%,
5/1/22 (1)
385
393
Avolon
Holdings
Funding,
3.95%,
7/1/24 (1)
75
79
Avolon
Holdings
Funding,
5.125%,
10/1/23 (1)
325
347
Park
Aerospace
Holdings,
5.25%,
8/15/22 (1)
215
225
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
5
Par/Shares
$
Value
(Amounts
in
000s)
SMBC
Aviation
Capital
Finance,
3.55%,
4/15/24 (1)
235
250
SMBC
Aviation
Capital
Finance,
4.125%,
7/15/23 (1)
200
212
3,409
Insurance
1.6%
Aetna,
2.80%,
6/15/23
115
120
AIA
Group,
FRN,
3M
USD
LIBOR
+
0.52%,
0.707%,
9/20/21 (1)
515
516
AIG
Global
Funding,
2.30%,
7/1/22 (1)
180
184
American
International
Group,
2.50%,
6/30/25
330
344
American
International
Group,
4.875%,
6/1/22
195
205
Health
Care
Service
Corp
A
Mutual
Legal
Reserve,
1.50%,
6/1/25 (1)
325
326
Humana,
2.90%,
12/15/22
45
47
Humana,
3.15%,
12/1/22
85
88
Humana,
3.85%,
10/1/24
145
158
Humana,
4.50%,
4/1/25
145
162
Lincoln
National,
4.00%,
9/1/23
75
81
Marsh
&
McLennan,
3.875%,
3/15/24
205
224
Trinity
Acquisition,
3.50%,
9/15/21
180
182
2,637
Real
Estate
Investment
Trusts
0.4%
Brixmor
Operating
Partnership,
3.25%,
9/15/23
310
328
Highwoods
Realty,
3.625%,
1/15/23
145
151
Simon
Property
Group,
3.375%,
10/1/24
235
252
731
Total
Financial
Institutions
27,118
INDUSTRIAL
29.2%
Basic
Industry
0.9%
LYB
International
Finance
III,
1.25%,
10/1/25
180
177
Nucor,
2.00%,
6/1/25
80
82
POSCO,
2.375%,
11/12/22 (1)
1,175
1,205
1,464
Capital
Goods
1.5%
Amphenol,
2.05%,
3/1/25
220
227
Boral
Finance,
3.00%,
11/1/22 (1)
40
41
Carrier
Global,
2.242%,
2/15/25
455
470
CNH
Industrial
Capital,
3.875%,
10/15/21
275
280
General
Electric,
3.45%,
5/15/24
135
145
Roper
Technologies,
2.35%,
9/15/24
90
94
Roper
Technologies,
3.65%,
9/15/23
75
80
Siemens
Financieringsmaatschappij,
0.40%,
3/11/23 (1)
250
250
Siemens
Financieringsmaatschappij,
0.65%,
3/11/24 (1)
250
250
Yongda
Investment,
2.25%,
6/16/25
600
604
2,441
Communications
3.5%
AT&T,
0.90%,
3/25/24
440
441
CC
Holdings,
3.849%,
4/15/23
485
516
Par/Shares
$
Value
(Amounts
in
000s)
Charter
Communications
Operating,
4.464%,
7/23/22
880
918
Charter
Communications
Operating,
4.908%,
7/23/25
530
601
Cox
Communications,
2.95%,
6/30/23 (1)
25
26
Cox
Communications,
3.15%,
8/15/24 (1)
405
432
Crown
Castle
International,
1.05%,
7/15/26
255
246
Crown
Castle
Towers,
3.72%,
7/15/23 (1)
155
161
NTT
Finance,
0.373%,
3/3/23 (1)
275
275
NTT
Finance,
0.583%,
3/1/24 (1)
200
199
RELX
Capital,
3.50%,
3/16/23
160
168
SBA
Tower
Trust,
1.884%,
1/15/26 (1)
85
85
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
255
268
SBA
Tower
Trust,
3.168%,
4/11/22 (1)
95
95
SBA
Tower
Trust,
3.448%,
3/15/23 (1)
250
264
T-Mobile
USA,
2.25%,
2/15/26
195
196
T-Mobile
USA,
3.50%,
4/15/25 (1)
175
189
Verizon
Communications,
0.75%,
3/22/24
170
170
Verizon
Communications,
1.45%,
3/20/26
270
269
Verizon
Communications,
5.15%,
9/15/23
190
211
WPP
Finance
2010,
3.625%,
9/7/22
75
78
5,808
Consumer
Cyclical
5.6%
7-Eleven,
0.625%,
2/10/23 (1)
85
85
7-Eleven,
0.80%,
2/10/24 (1)
135
134
7-Eleven,
FRN,
3M
USD
LIBOR
+
0.45%,
0.645%,
8/10/22 (1)
75
75
AutoZone,
3.625%,
4/15/25
120
131
Booking
Holdings,
4.10%,
4/13/25
205
228
Daimler
Finance
North
America,
1.75%,
3/10/23 (1)
435
444
Expedia
Group,
3.60%,
12/15/23 (1)
305
324
Ford
Motor
Credit,
3.47%,
4/5/21
290
290
Ford
Motor
Credit,
3.813%,
10/12/21
320
324
Ford
Motor
Credit,
5.875%,
8/2/21
200
203
General
Motors,
4.875%,
10/2/23
180
197
General
Motors,
5.40%,
10/2/23
450
497
General
Motors
Financial,
2.90%,
2/26/25
485
508
General
Motors
Financial,
3.20%,
7/6/21
145
146
General
Motors
Financial,
FRN,
3M
USD
LIBOR
+
0.85%,
1.075%,
4/9/21
205
205
Harley-Davidson
Financial
Services,
2.55%,
6/9/22 (1)
95
97
Harley-Davidson
Financial
Services,
4.05%,
2/4/22 (1)
330
339
Hyundai
Capital
America,
0.80%,
1/8/24 (1)
160
159
Hyundai
Capital
America,
2.375%,
2/10/23 (1)
470
483
Hyundai
Capital
America,
2.45%,
6/15/21 (1)
180
181
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
6
Par/Shares
$
Value
(Amounts
in
000s)
Hyundai
Capital
America,
2.85%,
11/1/22 (1)
131
135
Hyundai
Capital
America,
3.00%,
6/20/22 (1)
270
277
Hyundai
Capital
America,
3.95%,
2/1/22 (1)
335
344
Marriott
International,
2.30%,
1/15/22
20
20
Marriott
International,
3.125%,
2/15/23
80
82
Marriott
International,
3.60%,
4/15/24
160
170
Nissan
Motor,
3.043%,
9/15/23 (1)
265
277
Nissan
Motor
Acceptance,
2.60%,
9/28/22 (1)
145
149
Nissan
Motor
Acceptance,
3.65%,
9/21/21 (1)
120
121
Nordstrom,
2.30%,
4/8/24 (1)
35
35
O'Reilly
Automotive,
3.80%,
9/1/22
115
120
QVC,
4.375%,
3/15/23
295
310
Ralph
Lauren,
1.70%,
6/15/22
50
51
Ross
Stores,
0.875%,
4/15/26
115
111
Ross
Stores,
4.60%,
4/15/25
550
618
TJX,
3.50%,
4/15/25
185
201
Volkswagen
Group
of
America
Finance,
2.50%,
9/24/21 (1)
200
202
Volkswagen
Group
of
America
Finance,
2.70%,
9/26/22 (1)
415
428
Volkswagen
Group
of
America
Finance,
2.90%,
5/13/22 (1)
215
221
Volkswagen
Group
of
America
Finance,
3.125%,
5/12/23 (1)
200
210
Walgreen,
3.10%,
9/15/22
105
109
9,241
Consumer
Non-Cyclical
7.4%
AbbVie,
2.60%,
11/21/24
715
752
AbbVie,
3.20%,
11/6/22
45
47
AbbVie,
3.25%,
10/1/22
240
248
AbbVie,
3.45%,
3/15/22
260
266
AmerisourceBergen,
0.737%,
3/15/23
440
441
AstraZeneca,
3.50%,
8/17/23
85
91
BAT
International
Finance,
1.668%,
3/25/26
225
222
Baxalta,
3.60%,
6/23/22
190
196
Bayer
U.S.
Finance
II,
3.50%,
6/25/21 (1)
450
451
Becton
Dickinson
&
Company,
2.894%,
6/6/22
576
590
Becton
Dickinson
&
Company,
3.363%,
6/6/24
310
332
Bristol-Myers
Squibb,
2.60%,
5/16/22
120
123
Bristol-Myers
Squibb,
2.75%,
2/15/23
175
182
Bristol-Myers
Squibb,
3.25%,
2/20/23
48
50
Bunge
Finance,
3.00%,
9/25/22
790
814
Bunge
Finance,
4.35%,
3/15/24
30
33
Cardinal
Health,
2.616%,
6/15/22
55
56
Cardinal
Health,
3.079%,
6/15/24
180
191
Cardinal
Health,
3.20%,
3/15/23
185
194
Cardinal
Health,
3.50%,
11/15/24
215
232
Cargill,
1.375%,
7/23/23 (1)
155
158
China
Mengniu
Dairy,
1.875%,
6/17/25
650
648
Cigna,
0.613%,
3/15/24
80
80
Par/Shares
$
Value
(Amounts
in
000s)
Cigna,
3.00%,
7/15/23
180
189
Cigna,
3.75%,
7/15/23
104
111
CK
Hutchison
International
II,
2.75%,
3/29/23
950
989
CommonSpirit
Health,
1.547%,
10/1/25
170
171
CVS
Health,
3.70%,
3/9/23
83
88
EMD
Finance,
2.95%,
3/19/22 (1)
110
112
Gilead
Sciences,
0.75%,
9/29/23
525
525
Hasbro,
2.60%,
11/19/22
225
232
Hasbro,
3.00%,
11/19/24
310
330
Imperial
Brands
Finance,
3.50%,
2/11/23 (1)
200
208
Imperial
Brands
Finance,
3.75%,
7/21/22 (1)
860
889
PeaceHealth
Obligated
Group,
Series
2020,
1.375%,
11/15/25
50
50
Perrigo
Finance
Unlimited,
3.90%,
12/15/24
905
963
Philip
Morris
International,
1.125%,
5/1/23
110
112
Royalty
Pharma,
0.75%,
9/2/23 (1)
215
214
Shire
Acquisitions
Investments
Ireland,
2.875%,
9/23/23
425
447
Stryker,
0.60%,
12/1/23
90
90
12,117
Energy
6.5%
Aker
BP,
3.00%,
1/15/25 (1)
360
373
Aker
BP,
4.75%,
6/15/24 (1)
250
257
BP
Capital
Markets
America,
2.937%,
4/6/23
170
179
Canadian
Natural
Resources,
2.05%,
7/15/25
335
339
Cenovus
Energy,
3.00%,
8/15/22
470
481
Cenovus
Energy,
3.80%,
9/15/23
130
137
Cenovus
Energy,
3.95%,
4/15/22
115
118
Cheniere
Corpus
Christi
Holdings,
5.875%,
3/31/25
325
370
Cheniere
Corpus
Christi
Holdings,
7.00%,
6/30/24
465
535
Diamondback
Energy,
2.875%,
12/1/24
695
732
Diamondback
Energy,
4.75%,
5/31/25
205
229
Enbridge,
FRN,
SOFR
+
0.40%,
0.413%,
2/17/23
90
90
Energy
Transfer
Operating,
2.90%,
5/15/25
65
68
Energy
Transfer
Operating,
3.45%,
1/15/23
30
31
Energy
Transfer
Operating,
4.25%,
3/15/23
235
248
Energy
Transfer
Operating,
4.25%,
4/1/24
15
16
Energy
Transfer
Operating,
5.875%,
1/15/24
610
679
Energy
Transfer
Operating,
Series
5Y,
4.20%,
9/15/23
65
70
Eni,
Series
X-R,
4.00%,
9/12/23 (1)
270
290
Enterprise
Products
Operating,
3.50%,
2/1/22
285
292
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
7
Par/Shares
$
Value
(Amounts
in
000s)
EOG
Resources,
2.625%,
3/15/23
74
77
EQT,
3.00%,
10/1/22
555
563
Gray
Oak
Pipeline,
2.00%,
9/15/23 (1)
50
51
Gray
Oak
Pipeline,
2.60%,
10/15/25 (1)
105
106
Kinder
Morgan
Energy
Partners,
3.95%,
9/1/22
30
31
Marathon
Oil,
2.80%,
11/1/22
169
173
MPLX,
FRN,
3M
USD
LIBOR
+
1.10%,
1.285%,
9/9/22
215
215
Occidental
Petroleum,
2.60%,
8/13/21
240
241
Pioneer
Natural
Resources,
0.75%,
1/15/24
155
154
Sabine
Pass
Liquefaction,
5.625%,
4/15/23
320
347
Sabine
Pass
Liquefaction,
6.25%,
3/15/22
600
623
Schlumberger
Finance
Canada,
1.40%,
9/17/25
80
80
Schlumberger
Holdings,
3.75%,
5/1/24 (1)
340
366
Schlumberger
Holdings,
4.00%,
12/21/25 (1)
95
105
Suncor
Energy,
2.80%,
5/15/23
155
162
Valero
Energy,
1.20%,
3/15/24
195
195
Valero
Energy,
2.70%,
4/15/23
355
368
Valero
Energy,
3.65%,
3/15/25
55
59
Western
Midstream
Operating,
4.00%,
7/1/22
465
475
Williams,
3.35%,
8/15/22
55
57
Williams,
3.70%,
1/15/23
570
596
Williams,
4.30%,
3/4/24
75
82
10,660
Technology
3.2%
Avnet,
3.75%,
12/1/21
220
224
Avnet,
4.875%,
12/1/22
75
80
Equifax,
FRN,
3M
USD
LIBOR
+
0.87%,
1.064%,
8/15/21
170
170
Fidelity
National
Information
Services,
0.375%,
3/1/23
275
274
Fidelity
National
Information
Services,
0.60%,
3/1/24
130
129
Fortinet,
1.00%,
3/15/26
160
156
Global
Payments,
2.65%,
2/15/25
195
205
Microchip
Technology,
0.972%,
2/15/24 (1)
300
299
Microchip
Technology,
2.67%,
9/1/23 (1)
250
260
Microchip
Technology,
3.922%,
6/1/21
565
568
Micron
Technology,
2.497%,
4/24/23
635
659
Micron
Technology,
4.64%,
2/6/24
165
181
NXP,
2.70%,
5/1/25 (1)
45
47
NXP,
3.875%,
9/1/22 (1)
440
459
NXP,
4.625%,
6/1/23 (1)
430
466
Oracle,
2.40%,
9/15/23
305
317
Panasonic,
2.536%,
7/19/22 (1)
275
282
Western
Union,
2.85%,
1/10/25
295
310
Western
Union,
3.60%,
3/15/22
195
201
5,287
Par/Shares
$
Value
(Amounts
in
000s)
Transportation
0.6%
American
Airlines
PTT,
Series
2017-2,
Class
B,
3.70%,
10/15/25
415
383
Heathrow
Funding,
4.875%,
7/15/21 (1)
340
344
Penske
Truck
Leasing,
3.65%,
7/29/21 (1)
65
65
United
Airlines
PTT,
Series
2019-2,
Class
B,
3.50%,
5/1/28
249
241
1,033
Total
Industrial
48,051
UTILITY
3.8%
Electric
3.8%
AES,
3.30%,
7/15/25 (1)
190
202
American
Electric
Power,
Series
I,
3.65%,
12/1/21
50
51
Edison
International,
2.95%,
3/15/23
110
114
Edison
International,
3.125%,
11/15/22
170
176
Enel
Finance
International,
2.65%,
9/10/24 (1)
200
209
Enel
Finance
International,
2.875%,
5/25/22 (1)
690
708
Enel
Finance
International,
4.25%,
9/14/23 (1)
335
362
FirstEnergy,
Series
A,
3.35%,
7/15/22
235
239
NextEra
Energy
Capital
Holdings,
FRN,
3M
USD
LIBOR
+
0.55%,
0.74%,
8/28/21
360
360
NRG
Energy,
3.75%,
6/15/24 (1)
155
166
Pacific
Gas
&
Electric,
1.75%,
6/16/22
870
871
Pacific
Gas
&
Electric,
FRN,
3M
USD
LIBOR
+
1.38%,
1.573%,
11/15/21
440
441
San
Diego
Gas
&
Electric,
Series
PPP,
1.914%,
2/1/22
39
39
Sinosing
Services
Pte,
2.25%,
2/20/25
1,400
1,422
Vistra
Operations,
3.55%,
7/15/24 (1)
780
817
Total
Utility
6,177
Total
Corporate
Bonds
(Cost
$79,480)
81,346
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
2.0%
Government
Sponsored
0.4%
Equate
Petrochemical,
3.00%,
3/3/22
600
611
611
Owned
No
Guarantee
1.6%
DAE
Funding,
5.25%,
11/15/21 (1)
950
969
Saudi
Arabian
Oil,
2.75%,
4/16/22 (1)
1,155
1,184
Shanghai
Electric
Group
Global
Investment,
2.65%,
11/21/24
200
209
Syngenta
Finance,
3.933%,
4/23/21 (1)
385
385
2,747
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$3,291)
3,358
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
8
Par/Shares
$
Value
(Amounts
in
000s)
MUNICIPAL
SECURITIES
1.0%
Connecticut
0.1%
Connecticut,
Series A,
GO,
1.998%,
7/1/24
95
99
Connecticut,
Series A,
GO,
2.00%,
7/1/23
35
36
Connecticut,
Series A,
GO,
2.098%,
7/1/25
60
63
198
Florida
0.2%
State
Board
of
Administration
Fin.,
Series A,
1.258%,
7/1/25
375
379
379
Illinois
0.3%
Chicago
Transit
Auth.
Sales
Tax
Receipts
Fund,
Series B,
1.708%,
12/1/22
10
10
Chicago
Transit
Auth.
Sales
Tax
Receipts
Fund,
Series B,
1.838%,
12/1/23
10
10
Chicago
Transit
Auth.
Sales
Tax
Receipts
Fund,
Series B,
2.064%,
12/1/24
25
26
Illinois,
Series A,
GO,
2.25%,
10/1/22
415
417
463
New
York
0.3%
Long
Island
Power
Auth.,
Series C,
0.764%,
3/1/23
85
85
Port
Auth.
of
New
York
&
New
Jersey,
Series AAA,
1.086%,
7/1/23
335
340
425
Texas
0.1%
Dallas
Fort
Worth
Int'l
Airport,
Series C,
1.329%,
11/1/25
55
55
Houston
Airport
System
Revenue,
Series C,
0.883%,
7/1/22
20
20
Houston
Airport
System
Revenue,
Series C,
1.054%,
7/1/23
35
35
Houston
Airport
System
Revenue,
Series C,
1.272%,
7/1/24
110
112
222
Total
Municipal
Securities
(Cost
$1,665)
1,687
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
15.2%
Collateralized
Mortgage
Obligations
9.5%
Angel
Oak
Mortgage
Trust
Series
2020-3,
Class
A1,
CMO,
ARM
1.691%,
4/25/65 (1)
85
85
Angel
Oak
Mortgage
Trust
Series
2020-3,
Class
A3,
CMO,
ARM
2.872%,
4/25/65 (1)
88
90
Angel
Oak
Mortgage
Trust
Series
2020-5,
Class
A2,
CMO,
ARM
1.579%,
5/25/65 (1)
134
135
Par/Shares
$
Value
(Amounts
in
000s)
Angel
Oak
Mortgage
Trust
Series
2020-6,
Class
A1,
CMO,
ARM
1.261%,
5/25/65 (1)
178
178
Angel
Oak
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.909%,
1/25/66 (1)
376
375
Angel
Oak
Mortgage
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
1.115%,
1/25/66 (1)
107
107
Angel
Oak
Mortgage
Trust
I
Series
2019-2,
Class
M1,
CMO,
ARM
4.065%,
3/25/49 (1)
400
413
Bayview
Opportunity
Master
Fund
IVb
Trust
Series
2017-SPL4,
Class
A,
CMO,
ARM
3.50%,
1/28/55 (1)
162
166
CIM
Trust
Series
2020-INV1,
Class
A2,
CMO,
ARM
2.50%,
4/25/50 (1)
162
163
Citigroup
Mortgage
Loan
Trust
Series
2019-IMC1,
Class
A1,
CMO,
ARM
2.72%,
7/25/49 (1)
325
331
Citigroup
Mortgage
Loan
Trust
Series
2020-EXP2,
Class
A3,
CMO,
ARM
2.50%,
8/25/50 (1)
131
133
COLT
Mortgage
Loan
Trust
Series
2019-2,
Class
A1,
CMO,
ARM
3.337%,
5/25/49 (1)
158
157
Connecticut
Avenue
Securities
Series
2017-C02,
Class
2ED3,
CMO,
ARM
1M
USD
LIBOR
+
1.35%,
1.459%,
9/25/29
351
351
Connecticut
Avenue
Securities
Series
2017-C05,
Class
1ED3,
CMO,
ARM
1M
USD
LIBOR
+
1.20%,
1.309%,
1/25/30
358
350
Deephaven
Residential
Mortgage
Trust
Series
2017-1A,
Class
A3,
CMO,
ARM
3.485%,
12/26/46 (1)
11
11
Deephaven
Residential
Mortgage
Trust
Series
2019-2A,
Class
A3,
CMO,
ARM
3.763%,
4/25/59 (1)
273
274
Deephaven
Residential
Mortgage
Trust
Series
2019-2A,
Class
M1,
CMO,
ARM
3.921%,
4/25/59 (1)
280
283
Deephaven
Residential
Mortgage
Trust
Series
2019-3A,
Class
A1,
CMO,
ARM
2.964%,
7/25/59 (1)
183
185
Deephaven
Residential
Mortgage
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
0.973%,
5/25/65 (1)
99
99
Ellington
Financial
Mortgage
Trust
Series
2019-2,
Class
A1,
CMO,
ARM
2.739%,
11/25/59 (1)
271
276
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
9
Par/Shares
$
Value
(Amounts
in
000s)
Ellington
Financial
Mortgage
Trust
Series
2019-2,
Class
A3,
CMO,
ARM
3.046%,
11/25/59 (1)
66
67
Ellington
Financial
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.797%,
2/25/66 (1)
97
97
Ellington
Financial
Mortgage
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.106%,
2/25/66 (1)
97
97
Flagstar
Mortgage
Trust
Series
2020-1INV,
Class
A11,
CMO,
ARM
1M
USD
LIBOR
+
0.85%,
0.959%,
3/25/50 (1)
316
316
Freddie
Mac
Whole
Loan
Securities
Trust
Series
2017-SC01,
Class
M1,
CMO,
ARM
3.601%,
12/25/46 (1)
161
163
Freddie
Mac
Whole
Loan
Securities
Trust
Series
2017-SC02,
Class
M1,
CMO,
ARM
3.837%,
5/25/47 (1)
48
48
Galton
Funding
Mortgage
Trust
Series
2018-1,
Class
A33,
CMO,
ARM
3.50%,
11/25/57 (1)
202
206
Galton
Funding
Mortgage
Trust
Series
2019-1,
Class
A21,
CMO,
ARM
4.50%,
2/25/59 (1)
88
90
Galton
Funding
Mortgage
Trust
Series
2019-1,
Class
A32,
CMO,
ARM
4.00%,
2/25/59 (1)
135
137
Galton
Funding
Mortgage
Trust
Series
2019-H1,
Class
M1,
CMO,
ARM
3.339%,
10/25/59 (1)
230
233
Galton
Funding
Mortgage
Trust
Series
2020-H1,
Class
A1,
CMO,
ARM
2.31%,
1/25/60 (1)
237
242
Galton
Funding
Mortgage
Trust
Series
2020-H1,
Class
M1,
CMO,
ARM
2.832%,
1/25/60 (1)
380
383
GS
Mortgage-Backed
Securities
Trust
Series
2014-EB1A,
Class
2A1,
CMO,
ARM
1.964%,
7/25/44 (1)
10
10
Homeward
Opportunities
Fund
I
Trust
Series
2019-1,
Class
A3,
CMO,
ARM
3.606%,
1/25/59 (1)
402
406
JPMorgan
Mortgage
Trust
Series
2020-INV1,
Class
A15,
CMO,
ARM
3.50%,
8/25/50 (1)
283
292
MFA
Trust
Series
2021-INV1,
Class
A1,
CMO,
ARM
0.852%,
1/25/56 (1)
161
161
Mill
City
Mortgage
Loan
Trust
Series
2016-1,
Class
A1,
CMO,
ARM
2.50%,
4/25/57 (1)
34
34
Par/Shares
$
Value
(Amounts
in
000s)
New
Residential
Mortgage
Loan
Trust
Series
2019-NQM3,
Class
A3,
CMO,
ARM
3.086%,
7/25/49 (1)
246
246
New
Residential
Mortgage
Loan
Trust
Series
2021-NQ1R,
Class
A1,
CMO,
ARM
0.943%,
7/25/55 (1)
333
332
OBX
Trust
Series
2019-EXP2,
Class
2A2,
CMO,
ARM
1M
USD
LIBOR
+
1.20%,
1.309%,
6/25/59 (1)
109
109
OBX
Trust
Series
2020-EXP1,
Class
2A2,
CMO,
ARM
1M
USD
LIBOR
+
0.95%,
1.059%,
2/25/60 (1)
126
126
OBX
Trust
Series
2020-EXP2,
Class
A8,
CMO,
ARM
3.00%,
5/25/60 (1)
269
276
OBX
Trust
Series
2020-EXP2,
Class
A9,
CMO,
ARM
3.00%,
5/25/60 (1)
71
72
OBX
Trust
Series
2020-INV1,
Class
A5,
CMO,
ARM
3.50%,
12/25/49 (1)
180
184
OBX
Trust
Series
2021-NQM1,
Class
A1,
CMO,
ARM
1.072%,
2/25/66 (1)
300
300
Sequoia
Mortgage
Trust
Series
2018-CH1,
Class
A11,
CMO,
ARM
3.50%,
2/25/48 (1)
89
89
Sequoia
Mortgage
Trust
Series
2018-CH2,
Class
A21,
CMO,
ARM
4.00%,
6/25/48 (1)
128
130
Sequoia
Mortgage
Trust
Series
2018-CH3,
Class
A19,
CMO,
ARM
4.50%,
8/25/48 (1)
76
78
Sequoia
Mortgage
Trust
Series
2018-CH4,
Class
A2,
CMO,
ARM
4.00%,
10/25/48 (1)
108
110
Starwood
Mortgage
Residential
Trust
Series
2019-1,
Class
A3,
CMO,
ARM
3.299%,
6/25/49 (1)
340
341
Starwood
Mortgage
Residential
Trust
Series
2019-IMC1,
Class
A1,
CMO,
ARM
3.468%,
2/25/49 (1)
202
202
Starwood
Mortgage
Residential
Trust
Series
2019-INV1,
Class
A1,
CMO,
ARM
2.61%,
9/27/49 (1)
62
63
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
239
Structured
Agency
Credit
Risk
Debt
Notes
Series
2017-DNA2,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
1.20%,
1.309%,
10/25/29
146
146
Structured
Agency
Credit
Risk
Debt
Notes
Series
2017-DNA3,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
0.75%,
0.859%,
3/25/30
200
200
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-DNA2,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
0.80%,
0.909%,
12/25/30 (1)
161
161
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-DNA2,
Class
M2AS,
CMO,
ARM
1M
USD
LIBOR
+
0.95%,
1.059%,
12/25/30 (1)
275
275
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-DNA3,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
0.75%,
0.859%,
9/25/48 (1)
1
1
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-DNA3,
Class
M2AS,
CMO,
ARM
1M
USD
LIBOR
+
0.90%,
1.009%,
9/25/48 (1)
455
456
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-HQA2,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
0.75%,
0.859%,
10/25/48 (1)
58
59
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-HRP2,
Class
M2,
CMO,
ARM
1M
USD
LIBOR
+
1.25%,
1.359%,
2/25/47 (1)
330
330
Structured
Agency
Credit
Risk
Debt
Notes
Series
2020-DNA5,
Class
M1,
CMO,
ARM
SOFR30A
+
1.30%,
1.317%,
10/25/50 (1)
41
41
Par/Shares
$
Value
(Amounts
in
000s)
Structured
Agency
Credit
Risk
Debt
Notes
Series
2020-DNA6,
Class
M1,
CMO,
ARM
SOFR30A
+
0.90%,
0.917%,
12/25/50 (1)
79
79
Structured
Agency
Credit
Risk
Debt
Notes
Series
2020-HQA4,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
1.30%,
1.409%,
9/25/50 (1)
74
74
Structured
Agency
Credit
Risk
Debt
Notes
Series
2020-HQA5,
Class
M1,
CMO,
ARM
SOFR30A
+
1.10%,
1.117%,
11/25/50 (1)
114
114
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA1,
Class
M1,
CMO,
ARM
SOFR30A
+
0.65%,
0.667%,
1/25/51 (1)
95
95
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA2,
Class
M1,
CMO,
ARM
SOFR30A
+
0.80%,
0.817%,
8/25/33 (1)
205
205
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-HQA1,
Class
M1,
CMO,
ARM
SOFR30A
+
0.70%,
0.717%,
8/25/33 (1)
75
75
Towd
Point
Mortgage
Trust
Series
2015-4,
Class
A1B,
CMO,
ARM
2.75%,
4/25/55 (1)
24
24
Towd
Point
Mortgage
Trust
Series
2015-5,
Class
A1B,
CMO,
ARM
2.75%,
5/25/55 (1)
49
50
Towd
Point
Mortgage
Trust
Series
2016-1,
Class
A1B,
CMO,
ARM
2.75%,
2/25/55 (1)
39
39
Towd
Point
Mortgage
Trust
Series
2016-1,
Class
A3B,
CMO,
ARM
3.00%,
2/25/55 (1)
89
90
Towd
Point
Mortgage
Trust
Series
2016-2,
Class
A1A,
CMO,
ARM
2.75%,
8/25/55 (1)
61
62
Towd
Point
Mortgage
Trust
Series
2017-1,
Class
A1,
CMO,
ARM
2.75%,
10/25/56 (1)
253
257
Towd
Point
Mortgage
Trust
Series
2017-2,
Class
A1,
CMO,
ARM
2.75%,
4/25/57 (1)
163
165
Towd
Point
Mortgage
Trust
Series
2018-1,
Class
A1,
CMO,
ARM
3.00%,
1/25/58 (1)
172
177
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
11
Par/Shares
$
Value
(Amounts
in
000s)
Verus
Securitization
Trust
Series
2019-4,
Class
A3,
CMO,
STEP
3.00%,
11/25/59 (1)
502
509
Verus
Securitization
Trust
Series
2019-INV1,
Class
A1,
CMO,
ARM
3.402%,
12/25/59 (1)
158
160
Verus
Securitization
Trust
Series
2019-INV1,
Class
M1,
CMO,
ARM
4.034%,
12/25/59 (1)
140
141
Verus
Securitization
Trust
Series
2019-INV3,
Class
A3,
CMO,
ARM
3.10%,
11/25/59 (1)
436
444
Verus
Securitization
Trust
Series
2020-1,
Class
A3,
CMO,
STEP
2.724%,
1/25/60 (1)
423
426
Verus
Securitization
Trust
Series
2020-5,
Class
A3,
CMO,
STEP
1.733%,
5/25/65 (1)
86
86
Verus
Securitization
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.815%,
1/25/66 (1)
102
101
Verus
Securitization
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
1.052%,
1/25/66 (1)
135
135
Verus
Securitization
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.155%,
1/25/66 (1)
97
96
Verus
Securitization
Trust
Series
2021-R1,
Class
A2,
CMO,
ARM
1.057%,
10/25/63 (1)
94
94
Verus
Securitization
Trust
Series
2021-R2,
Class
A1,
CMO,
ARM
0.918%,
2/25/64 (1)
220
220
15,628
Commercial
Mortgage-Backed
Securities
5.6%
Banc
of
America
Commercial
Mortgage
Trust
Series
2017-BNK3,
Class
A1
1.957%,
2/15/50
38
38
CD
Mortgage
Trust
Series
2017-CD3,
Class
A1
1.965%,
2/10/50
24
24
Citigroup
Commercial
Mortgage
Trust
Series
2013-375P,
Class
B,
ARM
3.635%,
5/10/35 (1)
205
213
Citigroup
Commercial
Mortgage
Trust
Series
2013-375P,
Class
C,
ARM
3.635%,
5/10/35 (1)
150
153
Cold
Storage
Trust
Series
2020-ICE5,
Class
B,
ARM
1M
USD
LIBOR
+
1.30%,
1.406%,
11/15/37 (1)
256
256
Commercial
Mortgage
Trust
Series
2014-CR19,
Class
D,
ARM
4.865%,
8/10/47 (1)
250
240
Par/Shares
$
Value
(Amounts
in
000s)
Commercial
Mortgage
Trust
Series
2014-UBS2,
Class
A5
3.961%,
3/10/47
280
302
Commercial
Mortgage
Trust
Series
2014-UBS2,
Class
B
4.701%,
3/10/47
440
477
Commercial
Mortgage
Trust
Series
2015-CR22,
Class
B,
ARM
3.926%,
3/10/48
100
108
Commercial
Mortgage
Trust
Series
2020-CBM,
Class
D,
ARM
3.754%,
2/10/37 (1)
340
327
Credit
Suisse
Mortgage
Trust
Series
2020-NET,
Class
A
2.257%,
8/15/37 (1)
115
117
Fontainebleau
Miami
Beach
Trust
Series
2019-FBLU,
Class
C
3.75%,
12/10/36 (1)
895
923
GCT
Commercial
Mortgage
Trust
Series
2021-GCT,
Class
A,
ARM
1M
USD
LIBOR
+
0.80%,
0.906%,
2/15/38 (1)
140
140
Great
Wolf
Trust
Series
2019-WOLF,
Class
A,
ARM
1M
USD
LIBOR
+
1.03%,
1.14%,
12/15/36 (1)
325
325
Great
Wolf
Trust
Series
2019-WOLF,
Class
C,
ARM
1M
USD
LIBOR
+
1.63%,
1.739%,
12/15/36 (1)
390
386
InTown
Hotel
Portfolio
Trust
Series
2018-STAY,
Class
A,
ARM
1M
USD
LIBOR
+
0.95%,
1.056%,
1/15/33 (1)
175
175
InTown
Hotel
Portfolio
Trust
Series
2018-STAY,
Class
C,
ARM
1M
USD
LIBOR
+
1.50%,
1.606%,
1/15/33 (1)
145
145
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2019-BKWD,
Class
C,
ARM
1M
USD
LIBOR
+
1.60%,
1.706%,
9/15/29 (1)
355
354
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
B,
ARM
1M
USD
LIBOR
+
1.77%,
1.876%,
10/15/33 (1)
255
256
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
C,
ARM
1M
USD
LIBOR
+
2.17%,
2.276%,
10/15/33 (1)
210
211
KKR
Industrial
Portfolio
Trust
Series
2021-KDIP,
Class
C,
ARM
1M
USD
LIBOR
+
1.00%,
1.106%,
12/15/37 (1)
250
250
KKR
Industrial
Portfolio
Trust
Series
2021-KDIP,
Class
D,
ARM
1M
USD
LIBOR
+
1.25%,
1.356%,
12/15/37 (1)
100
100
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
12
Par/Shares
$
Value
(Amounts
in
000s)
Merit
Series
2020-HILL,
Class
B,
ARM
1M
USD
LIBOR
+
1.40%,
1.506%,
8/15/37 (1)
105
105
Merit
Series
2020-HILL,
Class
C,
ARM
1M
USD
LIBOR
+
1.70%,
1.806%,
8/15/37 (1)
100
100
Merit
Series
2020-HILL,
Class
D,
ARM
1M
USD
LIBOR
+
2.35%,
2.456%,
8/15/37 (1)
130
131
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series
2016-C30,
Class
A1
1.389%,
9/15/49
19
19
Morgan
Stanley
Capital
I
Trust
Series
2014-150E,
Class
A
3.912%,
9/9/32 (1)
340
366
Morgan
Stanley
Capital
I
Trust
Series
2019-MEAD,
Class
D,
ARM
3.283%,
11/10/36 (1)
710
695
Morgan
Stanley
Capital
I
Trust
Series
2019-NUGS,
Class
D,
ARM
1M
USD
LIBOR
+
1.80%,
3.30%,
12/15/36 (1)
130
130
ONE
Mortgage
Trust
Series
2021-PARK,
Class
B,
ARM
1M
USD
LIBOR
+
0.95%,
1.056%,
3/15/36 (1)
315
314
ONE
Mortgage
Trust
Series
2021-PARK,
Class
C,
ARM
1M
USD
LIBOR
+
1.10%,
1.206%,
3/15/36 (1)
170
168
SLIDE
Series
2018-FUN,
Class
D,
ARM
1M
USD
LIBOR
+
1.85%,
1.956%,
6/15/31 (1)
539
526
Wells
Fargo
Commercial
Mortgage
Trust
Series
2015-NXS2,
Class
A2
3.02%,
7/15/58
181
184
WFRBS
Commercial
Mortgage
Trust
Series
2014-C23,
Class
A5
3.917%,
10/15/57
435
475
WFRBS
Commercial
Mortgage
Trust
Series
2014-LC14,
Class
A5
4.045%,
3/15/47
440
476
9,209
Residential
Mortgage
0.1%
MetLife
Securitization
Trust
Series
2017-1A,
Class
A,
ARM
3.00%,
4/25/55 (1)
225
233
233
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$25,015)
25,070
Par/Shares
$
Value
(Amounts
in
000s)
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
3.7%
U.S.
Government
Agency
Obligations
3.3%
(3)
Federal
Home
Loan
Mortgage
3.50%,
3/1/46
148
161
5.00%,
12/1/23
-
7/1/25
29
30
5.50%,
4/1/23
-
10/1/38
11
12
6.00%,
10/1/21
-
1/1/38
106
123
7.00%,
3/1/39
88
102
7.50%,
6/1/38
92
106
Federal
Home
Loan
Mortgage,
ARM
12M
USD
LIBOR
+
1.59%,
2.216%,
9/1/35
3
3
12M
USD
LIBOR
+
1.63%,
2.504%,
7/1/38
16
16
12M
USD
LIBOR
+
1.63%,
2.751%,
6/1/38
17
18
12M
USD
LIBOR
+
1.63%,
3.479%,
4/1/37
10
10
12M
USD
LIBOR
+
1.73%,
2.72%,
7/1/35
3
3
12M
USD
LIBOR
+
1.73%,
2.792%,
10/1/36
10
11
12M
USD
LIBOR
+
1.74%,
2.109%,
2/1/37
3
4
12M
USD
LIBOR
+
1.75%,
2.125%,
2/1/35
7
7
12M
USD
LIBOR
+
1.75%,
3.168%,
5/1/38
7
8
12M
USD
LIBOR
+
1.77%,
3.343%,
5/1/37
5
5
12M
USD
LIBOR
+
1.83%,
2.205%,
1/1/37
3
3
12M
USD
LIBOR
+
2.03%,
2.448%,
11/1/36
2
2
12M
USD
LIBOR
+
2.08%,
2.457%,
2/1/38
12
13
1Y
CMT
+
2.25%,
2.37%,
1/1/36
9
10
1Y
CMT
+
2.25%,
2.567%,
10/1/36
2
2
Federal
Home
Loan
Mortgage,
CMO
2.00%,
2/15/40
131
134
4.00%,
11/15/36
1
1
Federal
Home
Loan
Mortgage,
UMBS
3.00%,
11/1/34
262
280
4.00%,
12/1/49
59
65
4.50%,
5/1/50
66
72
Federal
National
Mortgage
Assn.,
ARM
12M
USD
LIBOR
+
1.34%,
1.715%,
12/1/35
2
2
12M
USD
LIBOR
+
1.59%,
2.043%,
12/1/35
6
6
12M
USD
LIBOR
+
1.60%,
2.391%,
7/1/36
8
9
12M
USD
LIBOR
+
1.61%,
2.375%,
7/1/35
2
2
12M
USD
LIBOR
+
1.66%,
2.62%,
8/1/37
3
3
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
13
Par/Shares
$
Value
(Amounts
in
000s)
12M
USD
LIBOR
+
1.77%,
2.145%,
12/1/35
1
1
12M
USD
LIBOR
+
1.78%,
2.155%,
1/1/34
6
6
12M
USD
LIBOR
+
1.79%,
2.163%,
5/1/38
4
4
12M
USD
LIBOR
+
1.83%,
3.387%,
4/1/38
19
21
12M
USD
LIBOR
+
1.85%,
2.69%,
8/1/38
9
9
12M
USD
LIBOR
+
1.86%,
3.452%,
5/1/38
9
9
12M
USD
LIBOR
+
1.89%,
2.307%,
12/1/35
2
2
12M
USD
LIBOR
+
2.04%,
2.415%,
12/1/36
1
1
Federal
National
Mortgage
Assn.,
CMO,
4.00%,
6/25/44
191
195
Federal
National
Mortgage
Assn.,
UMBS
2.50%,
11/1/50
64
65
3.00%,
1/1/27
173
183
3.50%,
3/1/28
-
1/1/48
144
153
4.00%,
11/1/49
-
1/1/50
321
345
4.50%,
8/1/24
-
1/1/50
963
1,056
5.00%,
3/1/23
-
6/1/35
285
328
5.50%,
3/1/22
-
5/1/40
353
409
6.00%,
1/1/22
-
4/1/40
633
753
6.50%,
7/1/32
-
12/1/32
77
89
UMBS,
TBA
2.00%,
4/1/36
-
5/1/51 (4)
405
413
3.00%,
4/1/51 (4)
80
84
5,349
U.S.
Government
Obligations
0.4%
Government
National
Mortgage
Assn.
3.50%,
2/20/48
20
21
5.00%,
12/20/34
-
11/20/47
416
474
5.50%,
3/20/48
-
3/20/49
87
97
Par/Shares
$
Value
(Amounts
in
000s)
Government
National
Mortgage
Assn.,
TBA,
4.00%,
5/20/51 (4)
65
69
661
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$5,759)
6,010
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
12.8%
Treasuries
12.8%
U.S.
Treasury
Notes,
0.125%,
4/30/22
675
675
U.S.
Treasury
Notes,
0.125%,
11/30/22
4,050
4,050
U.S.
Treasury
Notes,
0.125%,
12/31/22
9,715
9,711
U.S.
Treasury
Notes,
0.125%,
5/15/23
1,425
1,423
U.S.
Treasury
Notes,
0.125%,
7/15/23
2,300
2,295
U.S.
Treasury
Notes,
0.125%,
8/15/23
390
389
U.S.
Treasury
Notes,
0.125%,
10/15/23
2,375
2,367
U.S.
Treasury
Notes,
2.375%,
3/15/22 (5)
130
133
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-
Backed)
(Cost
$21,050)
21,043
SHORT-TERM
INVESTMENTS
1.8%
Commercial
Paper
1.3%
4(2)
1.3%(6)
AT&T,
0.401%,
12/14/21
540
538
Conagra
Foods,
0.904%,
4/8/21
845
845
Jabil,
0.671%,
4/15/21
385
385
Ovintiv,
0.851%,
4/26/21
395
395
Total
Commercial
Paper
2,163
Money
Market
Funds
0.5%
T.
Rowe
Price
Government
Reserve
Fund,
0.04% (7)(8)
843
843
Total
Short-Term
Investments
(Cost
$3,006)
3,006
Total
Investments
in
Securities
100.3%
(Cost
$162,446)
$
164,987
Other
Assets
Less
Liabilities
(0.3)%
(
514
)
Net
Assets
100.0%
$
164,473
‡
Par/Shares
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$66,539
and
represents
40.5%
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
is
provided
if
the
rate
is
currently
floating.
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
14
.
(3)
Issuer
operates
under
a
Congressional
charter;
its
securities
are
neither
issued
nor
guaranteed
by
the
U.S.
government.
The
Federal
National
Mortgage
Association
and
the
Federal
Home
Loan
Mortgage
Corporation,
including
UMBS,
currently
operate
under
a
federal
conservatorship.
(4)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$566
and
represents
0.3%
of
net
assets.
(5)
At
March
31,
2021,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(6)
Commercial
paper
exempt
from
registration
under
Section
4(2)
of
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
dealers
in
that
program
or
other
"accredited
investors".
Total
value
of
such
securities
at
period-end
amounts
to
$2,163
and
represents
1.3%
of
net
assets.
(7)
Seven-day
yield
(8)
Affiliated
Companies
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
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
GO
General
Obligation
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
(12)
(10)
(2)
Barclays
Bank,
Protection
Bought
(Relevant
Credit:
Omnicom
Group),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
1,250
(33)
(30)
(3)
Citibank,
Protection
Bought
(Relevant
Credit:
General
Mills),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
596
(18)
(14)
(4)
Goldman
Sachs,
Protection
Bought
(Relevant
Credit:
General
Mills),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
1,220
(36)
(29)
(7)
Total
Bilateral
Credit
Default
Swaps,
Protection
Bought
(83)
(16)
Credit
Default
Swaps,
Protection
Sold
0.0%
Bank
of
America,
Protection
Sold
(Relevant
Credit:
Boeing,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/21
*
2,300
11
9
2
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
AT&T,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/22
*
500
6
5
1
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Enbridge,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/23
*
1,750
18
(55)
73
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
General
Electric,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/21
*
500
3
—
3
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(41)
79
Total
Bilateral
Swaps
(124)
63
*
Credit
ratings
as
of
March
31,
2021.
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,
67
U.S.
Treasury
Notes
five
year
contracts
6/21
(8,268)
$
87
Short,
22
U.S.
Treasury
Notes
ten
year
contracts
6/21
(2,881)
75
Long,
85
U.S.
Treasury
Notes
two
year
contracts
6/21
18,762
(
19
)
Short,
2
Ultra
U.S.
Treasury
Notes
ten
year
contracts
6/21
(287)
2
Net
payments
(receipts)
of
variation
margin
to
date
(
132
)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
13
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,
2021.
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,
0.04%
$
—
#
$
—
$
—
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
03/31/21
T.
Rowe
Price
Government
Reserve
Fund,
0.04%
$
1,702
¤
¤
$
843
^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$0
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
$843.
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
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
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
fund's
own
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
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
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
19
investment
specific
considerations.
The
Valuation
Committee
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
Committee
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
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
E303-054Q1
03/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
161,981
$
—
$
161,981
Short-Term
Investments
843
2,163
—
3,006
Total
Securities
843
164,144
—
164,987
Swaps
—
38
—
38
Futures
Contracts*
164
—
—
164
Total
$
1,007
$
164,182
$
—
$
165,189
Liabilities
Swaps
$
—
$
99
$
—
$
99
Futures
Contracts*
19
—
—
19
Total
$
19
$
99
$
—
$
118
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.