T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
September
30,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
13.4%
Car
Loan
6.5%
AmeriCredit
Automobile
Receivables
Trust
Series
2017-3,
Class
C
2.69%,
6/19/23
89
90
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
424
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
116
AmeriCredit
Automobile
Receivables
Trust
Series
2021-1,
Class
C
0.89%,
10/19/26
190
190
AmeriCredit
Automobile
Receivables
Trust
Series
2021-1,
Class
D
1.21%,
12/18/26
115
114
AmeriCredit
Automobile
Receivables
Trust
Series
2021-2,
Class
D
1.29%,
6/18/27
235
235
Ari
Fleet
Lease
Trust
Series
2020-A,
Class
B
2.06%,
11/15/28 (1)
475
483
Avis
Budget
Rental
Car
Funding
AESOP
Series
2017-1A,
Class
B
3.41%,
9/20/23 (1)
390
397
Avis
Budget
Rental
Car
Funding
AESOP
Series
2018-2A,
Class
C
4.95%,
3/20/25 (1)
260
280
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-1A,
Class
B
3.70%,
3/20/23 (1)
646
651
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-2A,
Class
A
3.35%,
9/22/25 (1)
475
506
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-2A,
Class
B
3.55%,
9/22/25 (1)
415
441
Avis
Budget
Rental
Car
Funding
AESOP
Series
2020-1A,
Class
A
2.33%,
8/20/26 (1)
340
353
CarMax
Auto
Owner
Trust
Series
2017-4,
Class
C
2.70%,
10/16/23
150
151
CarMax
Auto
Owner
Trust
Series
2020-4,
Class
D
1.75%,
4/15/27
145
147
Enterprise
Fleet
Financing
Series
2019-1,
Class
A2
2.98%,
10/20/24 (1)
85
85
Ford
Credit
Auto
Owner
Trust
Series
2020-2,
Class
C
1.74%,
4/15/33 (1)
145
145
Par/Shares
$
Value
(Amounts
in
000s)
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
212
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
408
Hyundai
Auto
Receivables
Trust
Series
2019-A,
Class
B
2.94%,
5/15/25
460
474
Hyundai
Auto
Receivables
Trust
Series
2020-B,
Class
C
1.60%,
12/15/26
175
178
JPMorgan
Chase
Bank
Series
2021-2,
Class
D
1.138%,
12/26/28 (1)
250
250
Navistar
Financial
Dealer
Note
Master
Trust
Series
2020-1,
Class
A,
FRN
1M
USD
LIBOR
+
0.95%,
1.036%,
7/25/25 (1)
220
221
Navistar
Financial
Dealer
Note
Master
Trust
Series
2020-1,
Class
B,
FRN
1M
USD
LIBOR
+
1.35%,
1.436%,
7/25/25 (1)
230
232
Nissan
Auto
Receivables
Owner
Trust
Series
2020-A,
Class
A3
1.38%,
12/16/24
265
267
Santander
Consumer
Auto
Receivables
Trust
Series
2020-BA,
Class
C
1.29%,
4/15/26 (1)
115
116
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
537
Santander
Retail
Auto
Lease
Trust
Series
2020-A,
Class
D
2.52%,
11/20/24 (1)
435
446
Santander
Retail
Auto
Lease
Trust
Series
2021-A,
Class
C
1.14%,
3/20/26 (1)
430
429
Santander
Retail
Auto
Lease
Trust
Series
2021-B,
Class
D
1.41%,
11/20/25 (1)
185
186
Santander
Retail
Auto
Lease
Trust
Series
2021-C,
Class
C
1.11%,
3/20/26 (1)
155
155
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
2
Par/Shares
$
Value
(Amounts
in
000s)
World
Omni
Auto
Receivables
Trust
Series
2019-C,
Class
C
2.40%,
6/15/26
460
472
World
Omni
Auto
Receivables
Trust
Series
2020-A,
Class
C
1.64%,
8/17/26
295
299
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
11,383
Other
Asset-Backed
Securities
5.4%
Applebee's
Funding
Series
2019-1A,
Class
A2I
4.194%,
6/5/49 (1)
426
433
Ares
LVII
Series
2020-57A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.32%,
1.445%,
10/25/31 (1)
255
255
Ares
LVIII
Series
2020-58A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.22%,
1.346%,
1/15/33 (1)
250
250
Barings
Series
2013-IA,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.80%,
0.934%,
1/20/28 (1)
481
481
BRE
Grand
Islander
Timeshare
Issuer
Series
2019-A,
Class
A
3.28%,
9/26/33 (1)
150
156
Cedar
Funding
XIV
Series
2021-14A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.10%,
1.188%,
7/15/33 (1)
290
290
CIFC
Funding
Series
2020-3A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.35%,
1.484%,
10/20/31 (1)
475
475
CNH
Equipment
Trust
Series
2018-A,
Class
B
3.47%,
10/15/25
275
279
Dryden
Series
2020-86A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.10%,
1.234%,
7/17/34 (1)
250
250
Elara
HGV
Timeshare
Issuer
Series
2016-A,
Class
A
2.73%,
4/25/28 (1)
276
280
Elara
HGV
Timeshare
Issuer
Series
2017-A,
Class
A
2.69%,
3/25/30 (1)
89
91
Elara
HGV
Timeshare
Issuer
Series
2019-A,
Class
A
2.61%,
1/25/34 (1)
379
387
Golub
Capital
Partners
Series
2018-39A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.15%,
1.284%,
10/20/28 (1)
327
327
Par/Shares
$
Value
(Amounts
in
000s)
Hilton
Grand
Vacations
Trust
Series
2017-AA,
Class
A
2.66%,
12/26/28 (1)
77
79
Hilton
Grand
Vacations
Trust
Series
2017-AA,
Class
B
2.96%,
12/26/28 (1)
27
27
KKR
Series
29A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.20%,
1.326%,
1/15/32 (1)
250
250
Kubota
Credit
Owner
Trust
Series
2020-1A,
Class
A3
1.96%,
3/15/24 (1)
230
234
Madison
Park
Funding
XXIII
Series
2017-23A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.97%,
1.099%,
7/27/31 (1)
285
284
Madison
Park
Funding
XXXVII
Series
2019-37A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.07%,
1.21%,
7/15/33 (1)
280
280
Magnetite
XXV
Series
2020-25A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.20%,
1.325%,
1/25/32 (1)
250
250
MVW
Series
2020-1A,
Class
B
2.73%,
10/20/37 (1)
196
200
MVW
Owner
Trust
Series
2017-1A,
Class
B
2.75%,
12/20/34 (1)
22
22
MVW
Owner
Trust
Series
2017-1A,
Class
C
2.99%,
12/20/34 (1)
35
36
Neuberger
Berman
Loan
Advisers
Series
2019-32A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.99%,
1.124%,
1/20/32 (1)
400
400
Neuberger
Berman
Loan
Advisers
Series
2020-38A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.30%,
1.434%,
10/20/32 (1)
250
250
Neuberger
Berman
Loan
Advisers
Series
2021-40A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.06%,
1.186%,
4/16/33 (1)
250
250
OCP
Series
2017-13A,
Class
A2R,
CLO,
FRN
3M
USD
LIBOR
+
1.55%,
1.666%,
7/15/30 (1)
315
314
OZLM
VIII
Series
2014-8A,
Class
A1RR,
CLO,
FRN
3M
USD
LIBOR
+
1.17%,
1.304%,
10/17/29 (1)
704
704
Palmer
Square
Series
2020-3A,
Class
A1A,
CLO,
FRN
3M
USD
LIBOR
+
1.37%,
1.495%,
11/15/31 (1)
250
250
Planet
Fitness
Master
Issuer
Series
2018-1A,
Class
A2I
4.262%,
9/5/48 (1)
330
330
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
3
Par/Shares
$
Value
(Amounts
in
000s)
Reese
Park
Series
2020-1A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.32%,
1.446%,
10/15/32 (1)
255
255
Sierra
Timeshare
Receivables
Funding
Series
2017-1A,
Class
A
2.91%,
3/20/34 (1)
46
46
Sierra
Timeshare
Receivables
Funding
Series
2019-1A,
Class
A
3.20%,
1/20/36 (1)
122
126
Symphony
XXIII
Series
2020-23A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.32%,
1.446%,
1/15/34 (1)
415
416
Symphony
XXVI
Series
2021-26A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.08%,
1.214%,
4/20/33 (1)
250
250
Volvo
Financial
Equipment
Series
2018-1A,
Class
B
2.91%,
1/17/23 (1)
315
316
9,523
Student
Loan
1.5%
Navient
Private
Education
Refi
Loan
Trust
Series
2019-D,
Class
A2A
3.01%,
12/15/59 (1)
130
136
Navient
Private
Education
Refi
Loan
Trust
Series
2019-GA,
Class
A
2.40%,
10/15/68 (1)
122
124
Navient
Private
Education
Refi
Loan
Trust
Series
2020-DA,
Class
A
1.69%,
5/15/69 (1)
77
78
Navient
Private
Education
Refi
Loan
Trust
Series
2020-FA,
Class
A
1.22%,
7/15/69 (1)
211
212
Navient
Private
Education
Refi
Loan
Trust
Series
2020-GA,
Class
A
1.17%,
9/16/69 (1)
100
100
Navient
Private
Education
Refi
Loan
Trust
Series
2021-BA,
Class
A
0.94%,
7/15/69 (1)
195
194
Navient
Private
Education
Refi
Loan
Trust
Series
2021-EA,
Class
A
0.97%,
12/16/69 (1)
118
118
Navient
Student
Loan
Trust
Series
2019-2A,
Class
A1,
FRN
1M
USD
LIBOR
+
0.27%,
0.356%,
2/27/68 (1)
12
12
Nelnet
Student
Loan
Trust
Series
2005-4,
Class
A4,
FRN
3M
USD
LIBOR
+
0.18%,
0.305%,
3/22/32
433
420
Nelnet
Student
Loan
Trust
Series
2020-1A,
Class
A,
FRN
1M
USD
LIBOR
+
0.74%,
0.826%,
3/26/68 (1)
210
211
Nelnet
Student
Loan
Trust
Series
2021-CA,
Class
AFX
1.32%,
4/20/62 (1)
445
443
SLM
Student
Loan
Trust
Series
2010-1,
Class
A,
FRN
1M
USD
LIBOR
+
0.40%,
0.486%,
3/25/25
491
484
Par/Shares
$
Value
(Amounts
in
000s)
SMB
Private
Education
Loan
Trust
Series
2015-A,
Class
A2B,
FRN
1M
USD
LIBOR
+
1.00%,
1.084%,
6/15/27 (1)
30
30
SMB
Private
Education
Loan
Trust
Series
2020-PTB,
Class
A2A
1.60%,
9/15/54 (1)
174
176
2,738
Total
Asset-Backed
Securities
(Cost
$23,435)
23,644
CORPORATE
BONDS
47.5%
FINANCIAL
INSTITUTIONS
17.3%
Banking
12.4%
Banco
Bilbao
Vizcaya
Argentaria,
0.875%,
9/18/23
400
402
Banco
Santander,
VR,
0.701%,
6/30/24 (2)
400
401
Bank
of
America,
2.503%,
10/21/22
175
175
Bank
of
America,
FRN,
3M
USD
LIBOR
+
1.16%,
1.294%,
1/20/23
400
401
Bank
of
America,
VR,
0.81%,
10/24/24 (2)
135
136
Bank
of
America,
VR,
0.976%,
4/22/25 (2)
255
256
Bank
of
America,
VR,
1.734%,
7/22/27 (2)
190
191
Bank
of
Ireland
Group,
4.50%,
11/25/23 (1)
670
718
Banque
Federative
du
Credit
Mutuel,
0.65%,
2/27/24 (1)
235
234
Banque
Federative
du
Credit
Mutuel,
0.998%,
2/4/25 (1)
280
280
Banque
Federative
du
Credit
Mutuel,
2.125%,
11/21/22 (1)
320
326
Barclays,
VR,
4.338%,
5/16/24 (2)
200
211
BDO
Unibank,
2.95%,
3/6/23
1,200
1,239
BPCE,
5.70%,
10/22/23 (1)
610
668
BPCE,
FRN,
3M
USD
LIBOR
+
1.22%,
1.351%,
5/22/22 (1)
400
403
Capital
One
Financial,
3.20%,
1/30/23
195
202
Capital
One
Financial,
3.50%,
6/15/23
140
147
Capital
One
Financial,
3.90%,
1/29/24
145
155
Citigroup,
2.90%,
12/8/21
400
401
Citigroup,
VR,
0.981%,
5/1/25 (2)
200
201
Citigroup,
VR,
2.312%,
11/4/22 (2)
330
330
Citigroup,
VR,
3.106%,
4/8/26 (2)
240
255
Cooperatieve
Rabobank,
3.95%,
11/9/22
540
560
Credicorp,
2.75%,
6/17/25 (1)
200
205
Credit
Agricole,
FRN,
3M
USD
LIBOR
+
1.02%,
1.145%,
4/24/23 (1)
470
476
Credit
Suisse,
1.00%,
5/5/23
635
641
Credit
Suisse
Group,
VR,
2.997%,
12/14/23 (1)(2)
250
257
Danske
Bank,
1.226%,
6/22/24 (1)
200
202
Danske
Bank,
5.00%,
1/12/22 (1)
385
390
Deutsche
Bank,
4.25%,
10/14/21
525
525
First
Niagara
Financial
Group,
7.25%,
12/15/21
145
147
Goldman
Sachs
Group,
3.50%,
4/1/25
250
268
Goldman
Sachs
Group,
FRN,
3M
USD
LIBOR
+
0.78%,
0.909%,
10/31/22
300
300
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
4
Par/Shares
$
Value
(Amounts
in
000s)
Goldman
Sachs
Group,
VR,
0.673%,
3/8/24 (2)
280
280
HSBC
Holdings,
VR,
2.099%,
6/4/26 (2)
375
383
ING
Groep,
FRN,
3M
USD
LIBOR
+
1.15%,
1.282%,
3/29/22
275
277
JPMorgan
Chase,
FRN,
SOFRRATE
+
0.885%,
0.935%,
4/22/27
75
76
JPMorgan
Chase,
VR,
0.824%,
6/1/25 (2)
225
224
JPMorgan
Chase,
VR,
2.083%,
4/22/26 (2)
460
472
Lloyds
Banking
Group,
VR,
1.326%,
6/15/23 (2)
200
201
Mitsubishi
UFJ
Financial
Group,
VR,
0.953%,
7/19/25 (2)
400
399
Mizuho
Financial
Group
Cayman
2,
4.20%,
7/18/22
390
401
Morgan
Stanley,
4.875%,
11/1/22
110
115
Morgan
Stanley,
VR,
0.529%,
1/25/24 (2)
125
125
Morgan
Stanley,
VR,
0.56%,
11/10/23 (2)
295
295
Morgan
Stanley,
VR,
0.731%,
4/5/24 (2)
235
236
Nationwide
Building
Society,
VR,
3.622%,
4/26/23 (1)(2)
200
204
NatWest
Group,
3.875%,
9/12/23
380
402
NatWest
Markets,
2.375%,
5/21/23 (1)
465
479
PNC
Bank,
2.95%,
1/30/23
425
439
Standard
Chartered,
3.95%,
1/11/23 (1)
400
414
Standard
Chartered,
FRN,
3M
USD
LIBOR
+
1.15%,
1.284%,
1/20/23 (1)
365
366
Standard
Chartered,
VR,
1.319%,
10/14/23 (1)(2)
200
201
Svenska
Handelsbanken,
VR,
1.418%,
6/11/27 (1)(2)
250
248
Swedbank,
1.30%,
6/2/23 (1)
365
370
Synchrony
Financial,
2.85%,
7/25/22
897
913
Synchrony
Financial,
4.25%,
8/15/24
485
524
Toronto-Dominion
Bank,
0.70%,
9/10/24
350
348
Truist
Financial,
FRN,
SOFRRATE
+
0.40%,
0.45%,
6/9/25
165
165
UBS,
0.70%,
8/9/24 (1)
205
204
UBS
Group,
FRN,
3M
USD
LIBOR
+
1.22%,
1.351%,
5/23/23 (1)
340
342
UBS
Group,
VR,
1.494%,
8/10/27 (1)(2)
200
198
UniCredit,
3.75%,
4/12/22 (1)
400
406
Wells
Fargo,
VR,
1.654%,
6/2/24 (2)
215
219
Wells
Fargo,
VR,
2.188%,
4/30/26 (2)
205
212
21,841
Brokerage
Asset
Managers
Exchanges
0.2%
LSEGA
Financing,
0.65%,
4/6/24 (1)
320
319
319
Finance
Companies
2.3%
AerCap
Ireland
Capital,
3.95%,
2/1/22
455
459
AerCap
Ireland
Capital,
4.125%,
7/3/23
205
216
AerCap
Ireland
Capital,
4.45%,
12/16/21
380
382
AerCap
Ireland
Capital,
4.50%,
9/15/23
250
266
AerCap
Ireland
Capital,
4.875%,
1/16/24
150
162
Air
Lease,
2.25%,
1/15/23
205
209
Air
Lease,
3.50%,
1/15/22
155
156
Avolon
Holdings
Funding,
2.875%,
2/15/25 (1)
250
256
Par/Shares
$
Value
(Amounts
in
000s)
Avolon
Holdings
Funding,
3.625%,
5/1/22 (1)
385
391
Avolon
Holdings
Funding,
3.95%,
7/1/24 (1)
75
80
Avolon
Holdings
Funding,
5.125%,
10/1/23 (1)
325
349
GATX,
3.90%,
3/30/23
200
209
GATX,
4.35%,
2/15/24
140
151
Park
Aerospace
Holdings,
4.50%,
3/15/23 (1)
35
37
Park
Aerospace
Holdings,
5.25%,
8/15/22 (1)
215
223
SMBC
Aviation
Capital
Finance,
3.55%,
4/15/24 (1)
235
249
SMBC
Aviation
Capital
Finance,
4.125%,
7/15/23 (1)
200
211
4,006
Financial
Other
0.1%
LeasePlan,
2.875%,
10/24/24 (1)
200
209
209
Insurance
1.9%
Aetna,
2.80%,
6/15/23
115
119
AIG
Global
Funding,
2.30%,
7/1/22 (1)
180
183
American
International
Group,
2.50%,
6/30/25
330
344
Brighthouse
Financial
Global
Funding,
0.60%,
6/28/23 (1)
545
544
Brighthouse
Financial
Global
Funding,
1.00%,
4/12/24 (1)
200
201
CNO
Global
Funding,
1.75%,
10/7/26 (1)
205
205
Equitable
Financial
Life
Global
Funding,
0.80%,
8/12/24 (1)
255
255
Health
Care
Service
Corp
A
Mutual
Legal
Reserve,
1.50%,
6/1/25 (1)
325
328
Humana,
0.65%,
8/3/23
135
135
Humana,
1.35%,
2/3/27
90
89
Humana,
2.90%,
12/15/22
45
46
Humana,
3.15%,
12/1/22
85
87
Humana,
3.85%,
10/1/24
180
194
Humana,
4.50%,
4/1/25
145
161
Lincoln
National,
4.00%,
9/1/23
75
80
Marsh
&
McLennan,
3.875%,
3/15/24
205
220
Principal
Life
Global
Funding
II,
0.75%,
4/12/24 (1)
165
165
3,356
Real
Estate
Investment
Trusts
0.4%
American
Campus
Communities
Operating
Partnership,
3.75%,
4/15/23
250
261
Highwoods
Realty,
3.625%,
1/15/23
145
149
Public
Storage,
FRN,
SOFRRATE
+
0.47%,
0.52%,
4/23/24
115
115
Simon
Property
Group,
3.375%,
10/1/24
235
251
776
Total
Financial
Institutions
30,507
INDUSTRIAL
26.7%
Basic
Industry
1.0%
ArcelorMittal,
3.60%,
7/16/24
100
106
Celulosa
Arauco
y
Constitucion,
4.50%,
8/1/24
200
217
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
5
Par/Shares
$
Value
(Amounts
in
000s)
LYB
International
Finance
III,
1.25%,
10/1/25
180
180
Nucor,
2.00%,
6/1/25
80
82
POSCO,
2.375%,
11/12/22 (1)
1,175
1,197
Westlake
Chemical,
0.875%,
8/15/24
45
45
1,827
Capital
Goods
1.3%
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
472
CNH
Industrial
Capital,
3.875%,
10/15/21
275
275
General
Electric,
3.45%,
5/15/24
135
144
Martin
Marietta
Materials,
0.65%,
7/15/23
195
195
Republic
Services,
2.50%,
8/15/24
200
209
Roper
Technologies,
2.35%,
9/15/24
90
94
Roper
Technologies,
3.65%,
9/15/23
75
80
Yongda
Investment,
2.25%,
6/16/25
600
603
2,340
Communications
2.8%
America
Movil,
3.125%,
7/16/22
420
429
CC
Holdings,
3.849%,
4/15/23
485
509
Charter
Communications
Operating,
4.464%,
7/23/22
880
902
Charter
Communications
Operating,
4.908%,
7/23/25
530
596
Cox
Communications,
3.15%,
8/15/24 (1)
205
217
Crown
Castle
International,
1.05%,
7/15/26
255
249
Crown
Castle
Towers,
3.72%,
7/15/23 (1)
155
159
NTT
Finance,
0.373%,
3/3/23 (1)
275
275
NTT
Finance,
0.583%,
3/1/24 (1)
200
200
SBA
Tower
Trust,
1.631%,
11/15/26 (1)
115
115
SBA
Tower
Trust,
1.884%,
1/15/26 (1)
85
86
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
255
265
SBA
Tower
Trust,
3.448%,
3/15/23 (1)
250
253
T-Mobile
USA,
2.25%,
2/15/26
195
197
T-Mobile
USA,
3.50%,
4/15/25
175
188
Verizon
Communications,
1.45%,
3/20/26
270
272
4,912
Consumer
Cyclical
5.4%
7-Eleven,
0.625%,
2/10/23 (1)
85
85
7-Eleven,
0.80%,
2/10/24 (1)
135
135
7-Eleven,
FRN,
3M
USD
LIBOR
+
0.45%,
0.578%,
8/10/22 (1)
37
37
AutoZone,
3.625%,
4/15/25
120
130
Daimler
Finance
North
America,
1.75%,
3/10/23 (1)
435
443
Expedia
Group,
3.60%,
12/15/23
305
322
Ford
Motor
Credit,
3.813%,
10/12/21
320
320
General
Motors,
4.875%,
10/2/23
180
194
General
Motors,
5.40%,
10/2/23
450
491
General
Motors
Financial,
2.90%,
2/26/25
485
508
Harley-Davidson
Financial
Services,
2.55%,
6/9/22 (1)
95
96
Harley-Davidson
Financial
Services,
4.05%,
2/4/22 (1)
330
334
Hyatt
Hotels,
1.30%,
10/1/23
140
140
Hyundai
Capital
America,
0.80%,
1/8/24 (1)
160
159
Hyundai
Capital
America,
0.875%,
6/14/24 (1)
80
80
Par/Shares
$
Value
(Amounts
in
000s)
Hyundai
Capital
America,
1.00%,
9/17/24 (1)
110
110
Hyundai
Capital
America,
2.375%,
2/10/23 (1)
470
480
Hyundai
Capital
America,
2.85%,
11/1/22 (1)
131
134
Hyundai
Capital
America,
3.00%,
6/20/22 (1)
270
275
Hyundai
Capital
America,
3.95%,
2/1/22 (1)
335
339
Marriott
International,
2.125%,
10/3/22
170
172
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
405
431
Nissan
Motor,
3.043%,
9/15/23 (1)
465
484
Nissan
Motor
Acceptance,
2.60%,
9/28/22 (1)
415
423
Nissan
Motor
Acceptance,
2.65%,
7/13/22 (1)
130
132
Nordstrom,
2.30%,
4/8/24
35
35
O'Reilly
Automotive,
3.80%,
9/1/22
115
118
QVC,
4.375%,
3/15/23
850
886
Ralph
Lauren,
1.70%,
6/15/22
50
50
Ross
Stores,
0.875%,
4/15/26
115
113
Ross
Stores,
4.60%,
4/15/25
550
613
Stellantis
Finance
U.S.,
1.711%,
1/29/27 (1)
200
199
Volkswagen
Group
of
America
Finance,
2.70%,
9/26/22 (1)
415
424
Volkswagen
Group
of
America
Finance,
2.90%,
5/13/22 (1)
215
218
Volkswagen
Group
of
America
Finance,
3.125%,
5/12/23 (1)
200
208
9,420
Consumer
Non-Cyclical
6.9%
AbbVie,
2.60%,
11/21/24
715
751
AbbVie,
3.20%,
11/6/22
45
46
AbbVie,
3.25%,
10/1/22
240
245
AbbVie,
3.45%,
3/15/22
260
263
AmerisourceBergen,
0.737%,
3/15/23
440
440
Astrazeneca
Finance,
0.70%,
5/28/24
230
230
Astrazeneca
Finance,
1.20%,
5/28/26
320
319
BAT
International
Finance,
1.668%,
3/25/26
225
224
Baxalta,
3.60%,
6/23/22
190
193
Bayer
U.S.
Finance
II,
3.875%,
12/15/23 (1)
250
266
Becton
Dickinson
&
Company,
3.363%,
6/6/24
141
150
Becton
Dickinson
&
Company,
3.734%,
12/15/24
15
16
Bristol-Myers
Squibb,
3.25%,
2/20/23
48
50
Brunswick,
0.85%,
8/18/24
290
290
Bunge
Finance,
3.00%,
9/25/22
955
978
Bunge
Finance,
4.35%,
3/15/24
30
32
Cardinal
Health,
3.079%,
6/15/24
180
190
Cardinal
Health,
3.20%,
3/15/23
185
192
Cardinal
Health,
3.50%,
11/15/24
215
230
China
Mengniu
Dairy,
1.875%,
6/17/25
650
652
Cigna,
3.00%,
7/15/23
180
188
Cigna,
3.75%,
7/15/23
104
110
CK
Hutchison
International
II,
2.75%,
3/29/23
950
980
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
6
Par/Shares
$
Value
(Amounts
in
000s)
Coca-Cola
Europacific
Partners,
0.80%,
5/3/24 (1)
480
478
CommonSpirit
Health,
1.547%,
10/1/25
170
171
EMD
Finance,
2.95%,
3/19/22 (1)
110
111
Hasbro,
3.00%,
11/19/24
325
344
Imperial
Brands
Finance,
3.125%,
7/26/24 (1)
280
294
Imperial
Brands
Finance,
3.50%,
2/11/23 (1)
600
618
Imperial
Brands
Finance,
3.75%,
7/21/22 (1)
860
877
JDE
Peet's,
0.80%,
9/24/24 (1)
150
149
PeaceHealth
Obligated
Group,
Series
2020,
1.375%,
11/15/25
50
50
PerkinElmer,
0.55%,
9/15/23
165
165
PerkinElmer,
0.85%,
9/15/24
315
315
Perrigo
Finance
Unlimited,
3.90%,
12/15/24
905
956
Royalty
Pharma,
0.75%,
9/2/23
215
215
Shire
Acquisitions
Investments
Ireland,
2.875%,
9/23/23
425
443
12,221
Energy
5.4%
Aker
BP,
3.00%,
1/15/25 (1)
360
379
BP
Capital
Markets
America,
2.937%,
4/6/23
170
176
Canadian
Natural
Resources,
2.05%,
7/15/25
335
343
Cheniere
Corpus
Christi
Holdings,
5.875%,
3/31/25
325
367
Cheniere
Corpus
Christi
Holdings,
7.00%,
6/30/24
465
525
Diamondback
Energy,
2.875%,
12/1/24
695
730
Diamondback
Energy,
4.75%,
5/31/25
205
229
Enbridge,
2.50%,
1/15/25
230
239
Energy
Transfer,
2.90%,
5/15/25
65
68
Energy
Transfer,
3.45%,
1/15/23
30
31
Energy
Transfer,
4.25%,
3/15/23
310
322
Energy
Transfer,
4.25%,
4/1/24
15
16
Energy
Transfer,
5.875%,
1/15/24
610
668
Energy
Transfer,
Series
5Y,
4.20%,
9/15/23
65
69
Eni,
Series
X-R,
4.00%,
9/12/23 (1)
470
499
EOG
Resources,
2.625%,
3/15/23
74
76
EQT,
3.00%,
10/1/22
555
562
Gray
Oak
Pipeline,
2.00%,
9/15/23 (1)
50
51
Gray
Oak
Pipeline,
2.60%,
10/15/25 (1)
105
107
Kinder
Morgan
Energy
Partners,
3.95%,
9/1/22
30
31
Pioneer
Natural
Resources,
0.55%,
5/15/23
140
140
Pioneer
Natural
Resources,
0.75%,
1/15/24
155
155
Plains
All
American
Pipeline,
2.85%,
1/31/23
305
312
Sabine
Pass
Liquefaction,
5.625%,
4/15/23
320
340
Sabine
Pass
Liquefaction,
6.25%,
3/15/22
600
607
Schlumberger
Finance
Canada,
1.40%,
9/17/25
80
81
Schlumberger
Holdings,
3.75%,
5/1/24 (1)
340
363
Schlumberger
Holdings,
4.00%,
12/21/25 (1)
95
105
Suncor
Energy,
2.80%,
5/15/23
155
160
Par/Shares
$
Value
(Amounts
in
000s)
Valero
Energy,
1.20%,
3/15/24
195
197
Valero
Energy,
2.70%,
4/15/23
355
366
Valero
Energy,
3.65%,
3/15/25
55
59
Western
Midstream
Operating,
4.00%,
7/1/22
465
470
Williams,
3.35%,
8/15/22
55
56
Williams,
3.70%,
1/15/23
570
588
Williams,
4.30%,
3/4/24
75
80
9,567
Technology
2.9%
Analog
Devices,
FRN,
SOFRRATE
+
0.25%,
0.30%,
10/1/24
70
70
Avnet,
4.875%,
12/1/22
75
78
CDW,
5.50%,
12/1/24
75
83
Fidelity
National
Information
Services,
0.375%,
3/1/23
275
275
Fidelity
National
Information
Services,
0.60%,
3/1/24
130
130
Fortinet,
1.00%,
3/15/26
160
158
Global
Payments,
2.65%,
2/15/25
195
204
IHS
Markit,
3.625%,
5/1/24
150
159
Microchip
Technology,
0.972%,
2/15/24 (1)
300
300
Microchip
Technology,
0.983%,
9/1/24 (1)
220
220
Microchip
Technology,
2.67%,
9/1/23
250
259
Micron
Technology,
2.497%,
4/24/23
635
654
Micron
Technology,
4.64%,
2/6/24
165
179
NXP,
2.70%,
5/1/25 (1)
45
47
NXP,
3.875%,
9/1/22 (1)
440
453
NXP,
4.625%,
6/1/23 (1)
430
457
Oracle,
2.40%,
9/15/23
305
315
Panasonic,
2.536%,
7/19/22 (1)
275
279
RELX
Capital,
3.50%,
3/16/23
160
167
Skyworks
Solutions,
0.90%,
6/1/23
70
70
VMware,
0.60%,
8/15/23
165
165
Western
Union,
2.85%,
1/10/25
295
309
5,031
Transportation
1.0%
American
Airlines
PTT,
Series
2017-2,
Class
B,
3.70%,
10/15/25
387
374
HPHT
Finance,
2.875%,
11/5/24
400
419
Penske
Truck
Leasing,
2.70%,
3/14/23 (1)
45
46
Penske
Truck
Leasing,
4.25%,
1/17/23 (1)
70
73
Sydney
Airport
Finance,
3.90%,
3/22/23 (1)
250
261
Triton
Container
International,
0.80%,
8/1/23 (1)
325
325
United
Airlines
PTT,
Series
2019-2,
Class
B,
3.50%,
5/1/28
233
230
1,728
Total
Industrial
47,046
UTILITY
3.5%
Electric
3.4%
AES,
3.30%,
7/15/25 (1)
190
202
Alexander
Funding
Trust,
1.841%,
11/15/23 (1)
225
228
Edison
International,
2.95%,
3/15/23
110
113
Edison
International,
3.125%,
11/15/22
170
174
Enel
Finance
International,
1.375%,
7/12/26 (1)
265
263
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
7
Par/Shares
$
Value
(Amounts
in
000s)
Enel
Finance
International,
2.65%,
9/10/24 (1)
405
425
FirstEnergy,
Series
A,
3.35%,
7/15/22
235
237
NRG
Energy,
3.75%,
6/15/24 (1)
155
165
Pacific
Gas
&
Electric,
1.75%,
6/16/22
1,150
1,149
Pacific
Gas
&
Electric,
3.50%,
6/15/25
220
229
Pacific
Gas
&
Electric,
FRN,
3M
USD
LIBOR
+
1.375%,
1.50%,
11/15/21
500
500
San
Diego
Gas
&
Electric,
Series
PPP,
1.914%,
2/1/22
19
19
Sinosing
Services
Pte,
2.25%,
2/20/25
1,400
1,420
Vistra
Operations,
3.55%,
7/15/24 (1)
830
873
5,997
Natural
Gas
0.1%
APT
Pipelines,
4.20%,
3/23/25 (1)
150
164
164
Total
Utility
6,161
Total
Corporate
Bonds
(Cost
$82,350)
83,714
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
1.6%
Owned
No
Guarantee
1.6%
DAE
Funding,
1.55%,
8/1/24 (1)
200
198
DAE
Funding,
5.25%,
11/15/21 (1)
950
951
NBN,
1.45%,
5/5/26 (1)
405
403
Saudi
Arabian
Oil,
2.75%,
4/16/22 (1)
1,155
1,170
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$2,707)
2,722
MUNICIPAL
SECURITIES
0.8%
Connecticut
0.1%
Connecticut,
Series A,
GO,
1.998%,
7/1/24
95
98
Connecticut,
Series A,
GO,
2.00%,
7/1/23
35
36
Connecticut,
Series A,
GO,
2.098%,
7/1/25
60
63
197
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
418
464
New
York
0.1%
Long
Island
Power
Auth.,
Series C,
0.764%,
3/1/23
85
85
85
Par/Shares
$
Value
(Amounts
in
000s)
Texas
0.1%
Dallas
Fort
Worth
Int'l
Airport,
Series C,
1.329%,
11/1/25
55
56
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
223
Total
Municipal
Securities
(Cost
$1,330)
1,348
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
16.6%
Collateralized
Mortgage
Obligations
9.8%
Angel
Oak
Mortgage
Trust
Series
2020-3,
Class
A1,
CMO,
ARM
1.691%,
4/25/65 (1)
57
57
Angel
Oak
Mortgage
Trust
Series
2020-3,
Class
A3,
CMO,
ARM
2.872%,
4/25/65 (1)
59
60
Angel
Oak
Mortgage
Trust
Series
2020-5,
Class
A2,
CMO,
ARM
1.579%,
5/25/65 (1)
92
92
Angel
Oak
Mortgage
Trust
Series
2020-6,
Class
A1,
CMO,
ARM
1.261%,
5/25/65 (1)
112
113
Angel
Oak
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.909%,
1/25/66 (1)
268
266
Angel
Oak
Mortgage
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
1.115%,
1/25/66 (1)
76
76
Angel
Oak
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.985%,
4/25/66 (1)
208
208
Angel
Oak
Mortgage
Trust
Series
2021-3,
Class
A1,
CMO,
ARM
1.068%,
5/25/66 (1)
151
151
Angel
Oak
Mortgage
Trust
Series
2021-4,
Class
M1,
CMO,
ARM
2.29%,
1/20/65 (1)
100
99
Angel
Oak
Mortgage
Trust
I
Series
2019-2,
Class
M1,
CMO,
ARM
4.065%,
3/25/49 (1)
400
405
Bayview
MSR
Opportunity
Master
Fund
Trust
Series
2021-2,
Class
A5,
CMO,
ARM
2.50%,
6/25/51 (1)
249
255
Bayview
Opportunity
Master
Fund
IVb
Trust
Series
2017-SPL4,
Class
A,
CMO,
ARM
3.50%,
1/28/55 (1)
136
139
CIM
Trust
Series
2020-INV1,
Class
A2,
CMO,
ARM
2.50%,
4/25/50 (1)
113
114
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
8
Par/Shares
$
Value
(Amounts
in
000s)
CIM
Trust
Series
2021-INV1,
Class
A8,
CMO,
ARM
2.50%,
7/1/51 (1)
118
120
Citigroup
Mortgage
Loan
Trust
Series
2019-IMC1,
Class
A1,
CMO,
ARM
2.72%,
7/25/49 (1)
195
197
Citigroup
Mortgage
Loan
Trust
Series
2020-EXP2,
Class
A3,
CMO,
ARM
2.50%,
8/25/50 (1)
91
92
COLT Mortgage
Loan
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
1.167%,
6/25/66 (1)
159
159
COLT
Mortgage
Loan
Trust
Series
2021-3,
Class
A3,
CMO,
ARM
1.419%,
9/27/66 (1)
119
119
Connecticut
Avenue
Securities
Series
2017-C02,
Class
2ED3,
CMO,
ARM
1M
USD
LIBOR
+
1.35%,
1.436%,
9/25/29
339
341
Connecticut
Avenue
Securities
Series
2017-C05,
Class
1ED3,
CMO,
ARM
1M
USD
LIBOR
+
1.20%,
1.286%,
1/25/30
344
335
Deephaven
Residential
Mortgage
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
0.973%,
5/25/65 (1)
76
76
Deephaven
Residential
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.899%,
4/25/66 (1)
93
93
Deephaven
Residential
Mortgage
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
1.26%,
4/25/66 (1)
93
93
Ellington
Financial
Mortgage
Trust
Series
2019-2,
Class
A1,
CMO,
ARM
2.739%,
11/25/59 (1)
182
185
Ellington
Financial
Mortgage
Trust
Series
2019-2,
Class
A3,
CMO,
ARM
3.046%,
11/25/59 (1)
44
45
Ellington
Financial
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.797%,
2/25/66 (1)
71
71
Ellington
Financial
Mortgage
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.106%,
2/25/66 (1)
71
71
Ellington
Financial
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.931%,
6/25/66 (1)
328
328
Ellington
Financial
Mortgage
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
1.291%,
6/25/66 (1)
96
96
Flagstar
Mortgage
Trust
Series
2020-1INV,
Class
A11,
CMO,
ARM
1M
USD
LIBOR
+
0.85%,
0.936%,
3/25/50 (1)
227
227
Flagstar
Mortgage
Trust
Series
2021-5INV,
Class
A5,
CMO,
ARM
2.50%,
7/25/51 (1)
252
258
Freddie
Mac
Whole
Loan
Securities
Trust
Series
2017-SC01,
Class
M1,
CMO,
ARM
3.632%,
12/25/46 (1)
137
138
Freddie
Mac
Whole
Loan
Securities
Trust
Series
2017-SC02,
Class
M1,
CMO,
ARM
3.844%,
5/25/47 (1)
46
47
Par/Shares
$
Value
(Amounts
in
000s)
Galton
Funding
Mortgage
Trust
Series
2018-1,
Class
A33,
CMO,
ARM
3.50%,
11/25/57 (1)
110
111
Galton
Funding
Mortgage
Trust
Series
2019-1,
Class
A21,
CMO,
ARM
4.50%,
2/25/59 (1)
45
46
Galton
Funding
Mortgage
Trust
Series
2019-1,
Class
A32,
CMO,
ARM
4.00%,
2/25/59 (1)
69
70
Galton
Funding
Mortgage
Trust
Series
2019-H1,
Class
M1,
CMO,
ARM
3.339%,
10/25/59 (1)
230
231
Galton
Funding
Mortgage
Trust
Series
2020-H1,
Class
A1,
CMO,
ARM
2.31%,
1/25/60 (1)
89
91
Galton
Funding
Mortgage
Trust
Series
2020-H1,
Class
M1,
CMO,
ARM
2.832%,
1/25/60 (1)
380
380
GS
Mortgage-Backed
Securities
Trust
Series
2014-EB1A,
Class
2A1,
CMO,
ARM
1.657%,
7/25/44 (1)
8
8
GS
Mortgage-Backed
Securities
Trust
Series
2021-GR2,
Class
A6,
CMO,
ARM
2.50%,
2/25/52 (1)
262
267
GS
Mortgage-Backed
Securities
Trust
Series
2021-NQM1,
Class
A1,
CMO,
ARM
1.017%,
7/25/61 (1)
119
119
GS
Mortgage-Backed
Securities
Trust
Series
2021-PJ5,
Class
A8,
CMO,
ARM
2.50%,
10/25/51 (1)
345
352
Hundred
Acre
Wood
Trust
Series
2021-INV1,
Class
A9,
CMO,
ARM
2.50%,
7/25/51 (1)
236
242
Imperial
Fund
Mortgage
Trust
Series
2021-NQM2,
Class
A3,
CMO,
ARM
1.516%,
9/25/56 (1)
148
148
JPMorgan
Mortgage
Trust
Series
2020-INV1,
Class
A15,
CMO,
ARM
3.50%,
8/25/50 (1)
190
195
Mello
Mortgage
Capital
Acceptance
Series
2021-INV3,
Class
A4,
CMO,
ARM
2.50%,
10/25/51 (1)
200
204
MFA
Trust
Series
2021-INV1,
Class
A1,
CMO,
ARM
0.852%,
1/25/56 (1)
129
128
MFA
Trust
Series
2021-NQM2,
Class
A2,
CMO,
ARM
1.317%,
11/25/64 (1)
100
100
Mill
City
Mortgage
Loan
Trust
Series
2016-1,
Class
A1,
CMO,
ARM
2.50%,
4/25/57 (1)
13
13
New
Residential
Mortgage
Loan
Trust
Series
2021-INV1,
Class
A6,
CMO,
ARM
2.50%,
6/25/51 (1)
164
167
New
Residential
Mortgage
Loan
Trust
Series
2021-NQ1R,
Class
A1,
CMO,
ARM
0.943%,
7/25/55 (1)
186
186
NLT
Trust
Series
2021-INV2,
Class
A1,
CMO,
ARM
1.162%,
8/25/56 (1)
466
465
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
9
Par/Shares
$
Value
(Amounts
in
000s)
NLT
Trust
Series
2021-INV2,
Class
A3,
CMO,
ARM
1.52%,
8/25/56 (1)
124
124
OBX
Trust
Series
2019-EXP2,
Class
2A2,
CMO,
ARM
1M
USD
LIBOR
+
1.20%,
1.286%,
6/25/59 (1)
70
70
OBX
Trust
Series
2020-EXP1,
Class
2A2,
CMO,
ARM
1M
USD
LIBOR
+
0.95%,
1.036%,
2/25/60 (1)
77
76
OBX
Trust
Series
2020-EXP2,
Class
A8,
CMO,
ARM
3.00%,
5/25/60 (1)
190
193
OBX
Trust
Series
2020-EXP2,
Class
A9,
CMO,
ARM
3.00%,
5/25/60 (1)
50
51
OBX
Trust
Series
2020-INV1,
Class
A5,
CMO,
ARM
3.50%,
12/25/49 (1)
108
111
OBX
Trust
Series
2021-J1,
Class
A4,
CMO,
ARM
2.50%,
5/25/51 (1)
257
261
OBX
Trust
Series
2021-NQM1,
Class
A1,
CMO,
ARM
1.072%,
2/25/66 (1)
236
235
OBX
Trust
Series
2021-NQM3,
Class
A1,
CMO,
ARM
1.054%,
7/25/61 (1)
133
133
PSMC
Trust
Series
2021-1,
Class
A11,
CMO,
ARM
2.50%,
3/25/51 (1)
400
408
PSMC
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
2.50%,
5/25/51 (1)
288
293
Sequoia
Mortgage
Trust
Series
2018-CH2,
Class
A21,
CMO,
ARM
4.00%,
6/25/48 (1)
71
71
Sequoia
Mortgage
Trust
Series
2018-CH3,
Class
A19,
CMO,
ARM
4.50%,
8/25/48 (1)
38
38
Sequoia
Mortgage
Trust
Series
2018-CH4,
Class
A2,
CMO,
ARM
4.00%,
10/25/48 (1)
55
55
SG
Residential
Mortgage
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
1.381%,
5/25/65 (1)
84
84
Starwood
Mortgage
Residential
Trust
Series
2019-INV1,
Class
A1,
CMO,
ARM
2.61%,
9/27/49 (1)
35
35
Starwood
Mortgage
Residential
Trust
Series
2019-INV1,
Class
A3,
CMO,
ARM
2.916%,
9/27/49 (1)
236
238
Starwood
Mortgage
Residential
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.943%,
5/25/65 (1)
139
138
Starwood
Mortgage
Residential
Trust
Series
2021-4,
Class
A1,
CMO,
ARM
1.162%,
8/25/56 (1)
440
440
Par/Shares
$
Value
(Amounts
in
000s)
Structured
Agency
Credit
Risk
Debt
Notes
Series
2017-DNA2,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
1.20%,
1.286%,
10/25/29
120
120
Structured
Agency
Credit
Risk
Debt
Notes
Series
2017-DNA3,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
0.75%,
0.836%,
3/25/30
144
145
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-DNA2,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
0.80%,
0.886%,
12/25/30 (1)
161
161
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-DNA2,
Class
M2AS,
CMO,
ARM
1M
USD
LIBOR
+
0.95%,
1.036%,
12/25/30 (1)
275
275
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-DNA3,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
0.75%,
0.836%,
9/25/48 (1)
1
1
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-DNA3,
Class
M2AS,
CMO,
ARM
1M
USD
LIBOR
+
0.90%,
0.986%,
9/25/48 (1)
455
456
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-HQA2,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
0.75%,
0.836%,
10/25/48 (1)
58
59
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-HRP2,
Class
M2,
CMO,
ARM
1M
USD
LIBOR
+
1.25%,
1.336%,
2/25/47 (1)
330
330
Structured
Agency
Credit
Risk
Debt
Notes
Series
2020-DNA6,
Class
M1,
CMO,
ARM
SOFR30A
+
0.90%,
0.95%,
12/25/50 (1)
36
36
Structured
Agency
Credit
Risk
Debt
Notes
Series
2020-HQA5,
Class
M1,
CMO,
ARM
SOFR30A
+
1.10%,
1.15%,
11/25/50 (1)
25
25
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA1,
Class
M1,
CMO,
ARM
SOFR30A
+
0.65%,
0.70%,
1/25/51 (1)
56
56
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA2,
Class
M1,
CMO,
ARM
SOFR30A
+
0.80%,
0.85%,
8/25/33 (1)
180
181
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA5,
Class
M2,
CMO,
ARM
SOFR30A
+
1.65%,
1.70%,
1/25/34 (1)
110
111
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-HQA1,
Class
M1,
CMO,
ARM
SOFR30A
+
0.70%,
0.75%,
8/25/33 (1)
61
61
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-HQA3,
Class
M1,
CMO,
ARM
SOFR30A
+
0.85%,
0.90%,
9/25/41 (1)
170
170
Toorak
Mortgage
Series
2021-INV1,
Class
A2,
CMO,
ARM
1.409%,
7/25/56 (1)
96
96
Towd
Point
Mortgage
Trust
Series
2016-1,
Class
A1B,
CMO,
ARM
2.75%,
2/25/55 (1)
3
3
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
10
Par/Shares
$
Value
(Amounts
in
000s)
Towd
Point
Mortgage
Trust
Series
2016-1,
Class
A3B,
CMO,
ARM
3.00%,
2/25/55 (1)
51
51
Towd
Point
Mortgage
Trust
Series
2016-2,
Class
A1A,
CMO,
ARM
2.75%,
8/25/55 (1)
31
31
Towd
Point
Mortgage
Trust
Series
2017-1,
Class
A1,
CMO,
ARM
2.75%,
10/25/56 (1)
171
173
Towd
Point
Mortgage
Trust
Series
2017-2,
Class
A1,
CMO,
ARM
2.75%,
4/25/57 (1)
109
110
Towd
Point
Mortgage
Trust
Series
2018-1,
Class
A1,
CMO,
ARM
3.00%,
1/25/58 (1)
134
137
UWM
Mortgage
Trust
Series
2021-INV2,
Class
A4,
CMO,
ARM
2.50%,
9/25/51 (1)
80
82
Verus
Securitization
Trust
Series
2019-4,
Class
A3,
CMO,
STEP
3.00%,
11/25/59 (1)
502
508
Verus
Securitization
Trust
Series
2019-INV3,
Class
A3,
CMO,
ARM
3.10%,
11/25/59 (1)
436
442
Verus
Securitization
Trust
Series
2020-1,
Class
A3,
CMO,
STEP
2.724%,
1/25/60 (1)
423
427
Verus
Securitization
Trust
Series
2020-5,
Class
A3,
CMO,
STEP
1.733%,
5/25/65 (1)
64
64
Verus
Securitization
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.815%,
1/25/66 (1)
78
78
Verus
Securitization
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
1.052%,
1/25/66 (1)
104
103
Verus
Securitization
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.155%,
1/25/66 (1)
74
74
Verus
Securitization
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
1.031%,
2/25/66 (1)
130
130
Verus
Securitization
Trust
Series
2021-5,
Class
A3,
CMO,
ARM
1.373%,
9/25/66 (1)
130
130
Verus
Securitization
Trust
Series
2021-R1,
Class
A2,
CMO,
ARM
1.057%,
10/25/63 (1)
62
62
Verus
Securitization
Trust
Series
2021-R2,
Class
A1,
CMO,
ARM
0.918%,
2/25/64 (1)
150
150
Wells
Fargo
Mortgage
Backed
Securities
Trust
Series
2021-RR1,
Class
A3,
CMO,
ARM
2.50%,
12/25/50 (1)
331
337
ZH
Trust
Series
2021-1,
Class
A,
CMO
2.253%,
2/18/27 (1)
155
155
17,233
Par/Shares
$
Value
(Amounts
in
000s)
Commercial
Mortgage-Backed
Securities
6.7%
Arbor
Realty
Commercial
Real
Estate
Notes
Series
2021-FL3,
Class
A,
ARM
1M
USD
LIBOR
+
1.07%,
1.155%,
8/15/34 (1)
270
270
BAMLL
Commercial
Mortgage
Securities
Trust
Series
2021-JACX,
Class
C,
ARM
1M
USD
LIBOR
+
2.00%,
2.10%,
9/15/38 (1)
190
190
Banc
of
America
Commercial
Mortgage
Trust
Series
2017-BNK3,
Class
A1
1.957%,
2/15/50
18
18
BCP
Trust
Series
2021-330N,
Class
A,
ARM
1M
USD
LIBOR
+
0.799%,
0.883%,
6/15/38 (1)
120
119
BPR
Trust
Series
2021-TY,
Class
B,
ARM
1M
USD
LIBOR
+
1.15%,
1.25%,
9/25/38 (1)
200
200
BSREP
Commercial
Mortgage
Trust
Series
2021-DC,
Class
D,
ARM
1M
USD
LIBOR
+
1.90%,
1.984%,
8/15/38 (1)
85
85
BX
Commercial
Mortgage
Trust
Series
2019-XL,
Class
A,
ARM
1M
USD
LIBOR
+
0.92%,
1.004%,
10/15/36 (1)
119
120
BX
Commercial
Mortgage
Trust
Series
2021-SOAR,
Class
D,
ARM
1M
USD
LIBOR
+
1.40%,
1.484%,
6/15/38 (1)
145
145
Citigroup
Commercial
Mortgage
Trust
Series
2013-375P,
Class
B,
ARM
3.635%,
5/10/35 (1)
205
212
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%,
1.384%,
11/15/37 (1)
256
256
Commercial
Mortgage
Trust
Series
2014-CR19,
Class
AM
4.08%,
8/10/47
210
226
Commercial
Mortgage
Trust
Series
2014-CR19,
Class
D,
ARM
4.86%,
8/10/47 (1)
250
249
Commercial
Mortgage
Trust
Series
2014-UBS2,
Class
A5
3.961%,
3/10/47
280
299
Commercial
Mortgage
Trust
Series
2014-UBS2,
Class
B
4.701%,
3/10/47
440
471
Commercial
Mortgage
Trust
Series
2015-CR22,
Class
B,
ARM
3.926%,
3/10/48
100
107
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
11
Par/Shares
$
Value
(Amounts
in
000s)
Commercial
Mortgage
Trust
Series
2020-CBM,
Class
D,
ARM
3.754%,
2/10/37 (1)
340
344
Credit
Suisse
Mortgage
Trust
Series
2020-NET,
Class
A
2.257%,
8/15/37 (1)
115
118
Extended
Stay
America
Trust
Series
2021-ESH,
Class
C,
ARM
1M
USD
LIBOR
+
1.70%,
1.784%,
7/15/38 (1)
194
195
Fontainebleau
Miami
Beach
Trust
Series
2019-FBLU,
Class
C
3.75%,
12/10/36 (1)
895
940
GCT
Commercial
Mortgage
Trust
Series
2021-GCT,
Class
A,
ARM
1M
USD
LIBOR
+
0.80%,
0.884%,
2/15/38 (1)
140
140
Great
Wolf
Trust
Series
2019-WOLF,
Class
A,
ARM
1M
USD
LIBOR
+
1.034%,
1.118%,
12/15/36 (1)
325
325
Great
Wolf
Trust
Series
2019-WOLF,
Class
C,
ARM
1M
USD
LIBOR
+
1.633%,
1.717%,
12/15/36 (1)
390
389
GS
Mortgage
Securities
Trust
Series
2021-ROSS,
Class
B,
ARM
1M
USD
LIBOR
+
1.60%,
1.684%,
5/15/26 (1)
160
160
InTown
Hotel
Portfolio
Trust
Series
2018-STAY,
Class
A,
ARM
1M
USD
LIBOR
+
0.95%,
1.034%,
1/15/33 (1)
175
175
InTown
Hotel
Portfolio
Trust
Series
2018-STAY,
Class
C,
ARM
1M
USD
LIBOR
+
1.50%,
1.584%,
1/15/33 (1)
145
145
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2019-BKWD,
Class
C,
ARM
1M
USD
LIBOR
+
1.60%,
1.684%,
9/15/29 (1)
355
353
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
B,
ARM
1M
USD
LIBOR
+
1.77%,
1.854%,
10/15/33 (1)
255
255
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
C,
ARM
1M
USD
LIBOR
+
2.17%,
2.254%,
10/15/33 (1)
210
210
KIND
Trust
Series
2021-KIND,
Class
C,
ARM
1M
USD
LIBOR
+
1.75%,
1.834%,
8/15/38 (1)
245
245
KKR
Industrial
Portfolio
Trust
Series
2021-KDIP,
Class
C,
ARM
1M
USD
LIBOR
+
1.00%,
1.084%,
12/15/37 (1)
250
250
Par/Shares
$
Value
(Amounts
in
000s)
KKR
Industrial
Portfolio
Trust
Series
2021-KDIP,
Class
D,
ARM
1M
USD
LIBOR
+
1.25%,
1.334%,
12/15/37 (1)
100
100
LSTAR
Commercial
Mortgage
Trust
Series
2017-5,
Class
AS
4.021%,
3/10/50 (1)
145
158
Merit
Series
2020-HILL,
Class
B,
ARM
1M
USD
LIBOR
+
1.40%,
1.484%,
8/15/37 (1)
193
194
Merit
Series
2020-HILL,
Class
C,
ARM
1M
USD
LIBOR
+
1.70%,
1.784%,
8/15/37 (1)
94
94
Merit
Series
2020-HILL,
Class
D,
ARM
1M
USD
LIBOR
+
2.35%,
2.434%,
8/15/37 (1)
123
123
MF1
Series
2021-FL7,
Class
A,
ARM
1M
USD
LIBOR
+
1.08%,
1.175%,
10/18/36 (1)
195
195
MHC
Trust
Series
2021-MHC2,
Class
B,
ARM
1M
USD
LIBOR
+
1.10%,
1.184%,
5/15/23 (1)
150
150
Morgan
Stanley
Capital
I
Trust
Series
2014-150E,
Class
A
3.912%,
9/9/32 (1)
340
362
Morgan
Stanley
Capital
I
Trust
Series
2019-MEAD,
Class
D,
ARM
3.283%,
11/10/36 (1)
710
707
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%,
1.034%,
3/15/36 (1)
315
315
ONE
Mortgage
Trust
Series
2021-PARK,
Class
C,
ARM
1M
USD
LIBOR
+
1.10%,
1.184%,
3/15/36 (1)
170
170
Shelter
Growth
CRE
Issuer
Series
2021-FL3,
Class
A,
ARM
1M
USD
LIBOR
+
1.08%,
1.175%,
9/15/36 (1)
150
150
SLIDE
Series
2018-FUN,
Class
D,
ARM
1M
USD
LIBOR
+
2.10%,
2.184%,
6/15/31 (1)
535
529
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
470
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
470
11,865
Residential
Mortgage
0.1%
MetLife
Securitization
Trust
Series
2017-1A,
Class
A,
ARM
3.00%,
4/25/55 (1)
176
181
181
Total
Non-U.S.
Government
Mortgage-
Backed
Securities
(Cost
$29,252)
29,279
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
3.5%
U.S.
Government
Agency
Obligations
2.6%
Federal
Home
Loan
Mortgage
3.50%,
3/1/46
123
135
5.00%,
12/1/23
-
7/1/25
19
19
5.50%,
4/1/23
-
10/1/38
8
9
6.00%,
10/1/21
-
9/1/35
88
102
7.00%,
3/1/39
78
90
7.50%,
6/1/38
80
91
Federal
Home
Loan
Mortgage,
ARM
12M
USD
LIBOR
+
1.591%,
1.841%,
9/1/35
1
2
12M
USD
LIBOR
+
1.625%,
1.875%,
6/1/38
-
7/1/38
31
32
12M
USD
LIBOR
+
1.625%,
1.922%,
4/1/37
9
9
12M
USD
LIBOR
+
1.726%,
1.976%,
7/1/35
3
3
12M
USD
LIBOR
+
1.733%,
2.027%,
10/1/36
8
9
12M
USD
LIBOR
+
1.748%,
2.064%,
5/1/38
7
7
12M
USD
LIBOR
+
1.75%,
2.125%,
2/1/35
3
3
12M
USD
LIBOR
+
1.775%,
2.025%,
5/1/37
3
3
12M
USD
LIBOR
+
1.829%,
2.203%,
2/1/37
2
2
12M
USD
LIBOR
+
1.842%,
2.216%,
1/1/37
3
3
12M
USD
LIBOR
+
2.029%,
2.448%,
11/1/36
2
3
12M
USD
LIBOR
+
2.082%,
2.457%,
2/1/38
11
11
1Y
CMT
+
2.245%,
2.37%,
1/1/36
7
7
1Y
CMT
+
2.25%,
2.326%,
10/1/36
2
2
Federal
Home
Loan
Mortgage,
CMO,
2.00%,
2/15/40
100
102
Federal
Home
Loan
Mortgage,
UMBS
2.00%,
1/1/36
-
9/1/36
460
476
3.00%,
11/1/34
215
230
4.00%,
12/1/49
47
51
4.50%,
5/1/50
45
49
Federal
National
Mortgage
Assn.,
ARM
12M
USD
LIBOR
+
1.34%,
1.715%,
12/1/35
2
2
12M
USD
LIBOR
+
1.568%,
1.841%,
7/1/35
2
1
12M
USD
LIBOR
+
1.59%,
1.926%,
12/1/35
6
6
12M
USD
LIBOR
+
1.604%,
1.927%,
7/1/36
7
7
12M
USD
LIBOR
+
1.655%,
1.905%,
8/1/37
3
3
12M
USD
LIBOR
+
1.77%,
2.145%,
12/1/35
1
1
12M
USD
LIBOR
+
1.78%,
2.155%,
1/1/34
6
6
Par/Shares
$
Value
(Amounts
in
000s)
12M
USD
LIBOR
+
1.788%,
2.163%,
5/1/38
4
4
12M
USD
LIBOR
+
1.83%,
2.098%,
4/1/38
19
20
12M
USD
LIBOR
+
1.853%,
2.103%,
8/1/38
8
9
12M
USD
LIBOR
+
1.892%,
2.307%,
12/1/35
2
2
12M
USD
LIBOR
+
1.921%,
2.149%,
5/1/38
6
7
12M
USD
LIBOR
+
2.04%,
2.415%,
12/1/36
1
1
Federal
National
Mortgage
Assn.,
CMO,
4.00%,
6/25/44
45
45
Federal
National
Mortgage
Assn.,
UMBS
3.00%,
1/1/27
125
132
3.50%,
3/1/28
-
1/1/48
107
114
4.00%,
11/1/49
-
12/1/49
103
110
4.50%,
8/1/24
-
1/1/50
733
800
5.00%,
3/1/23
-
6/1/35
244
277
5.50%,
3/1/22
-
5/1/40
298
344
6.00%,
1/1/22
-
4/1/40
558
656
6.50%,
7/1/32
-
12/1/32
67
78
UMBS,
TBA (3)
2.00%,
11/1/51
120
120
2.50%,
10/1/51
70
72
3.00%,
10/1/51
80
84
4.00%,
10/1/51
165
177
4,528
U.S.
Government
Obligations
0.9%
Government
National
Mortgage
Assn.
3.50%,
2/20/48
-
8/20/51
499
530
4.00%,
10/20/50
53
56
5.00%,
12/20/34
-
11/20/47
342
386
5.50%,
3/20/48
-
3/20/49
67
75
Government
National
Mortgage
Assn.,
TBA,
3.50%,
11/20/51 (3)
582
612
1,659
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$5,995)
6,187
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
16.2%
Treasuries
16.2%
U.S.
Treasury
Notes,
0.125%,
4/30/23
410
409
U.S.
Treasury
Notes,
0.125%,
5/15/23 (4)
1,425
1,423
U.S.
Treasury
Notes,
0.125%,
5/31/23
6,540
6,530
U.S.
Treasury
Notes,
0.125%,
6/30/23
6,680
6,668
U.S.
Treasury
Notes,
0.125%,
7/15/23
685
684
U.S.
Treasury
Notes,
0.125%,
7/31/23
1,745
1,741
U.S.
Treasury
Notes,
0.125%,
8/15/23
1,775
1,771
U.S.
Treasury
Notes,
0.125%,
8/31/23
6,950
6,932
U.S.
Treasury
Notes,
0.125%,
10/15/23
2,375
2,367
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$28,541)
28,525
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
13
Par/Shares
$
Value
(Amounts
in
000s)
SHORT-TERM
INVESTMENTS
1.0%
Commercial
Paper
0.3%
4(2)
0.3%(5)
AT&T,
0.40%,
12/14/21
540
540
540
Money
Market
Funds
0.7%
T.
Rowe
Price
Government
Reserve
Fund,
0.05% (6)(7)
1,286
1,286
1,286
Total
Short-Term
Investments
(Cost
$1,826)
1,826
(Amounts
in
000s,
except
for
contracts)
Options
Purchased
0.0%
OTC
Options
Purchased
0
.0
%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Deutsche
Bank
Credit
Default
Swap,
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.IG-S36,
5
Year
Index,
6/20/26),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
10/20/21
@
0.55%* (8)
1
2,650
1
Total
Options
Purchased
(Cost
$2)
1
Total
Investments
in
Securities
100.6%
(Cost
$175,438)
$
177,246
Other
Assets
Less
Liabilities
(0.6)%
(
1,017
)
Net
Assets
100.0%
$
176,229
‡
Par/Shares
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
*
Exercise
Spread
(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
$74,691
and
represents
42.4%
of
net
assets.
(2)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
is
provided
if
the
rate
is
currently
floating.
(3)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$1,065
and
represents
0.6%
of
net
assets.
(4)
At
September
30,
2021,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
14
.
(5)
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
$540
and
represents
0.3%
of
net
assets.
(6)
Seven-day
yield
(7)
Affiliated
Companies
(8)
Non-income
producing
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
OTC
Over-the-counter
PTT
Pass-Through
Trust
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,
except
for
contracts)
OPTIONS
WRITTEN
(0.0)%
OTC
Options
Written
(0.0)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Deutsche
Bank
Credit
Default
Swap,
Protection
Bought
(Relevant
Credit:
Markit
CDX.
NA.IG-S36,
5
Year
Index,
6/20/26),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
10/20/21
@
0.70%*
1
5,350
(
1
)
Total
Options
Written
(Premiums
$(2))
$
(
1
)
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
16
(Amounts
in
000s)
SWAPS
(0.0)%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
(0.0)%
Credit
Default
Swaps,
Protection
Bought
(0.0)%
Bank
of
America,
Protection
Bought
(Relevant
Credit:
General
Mills),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
*
417
(11)
(9)
(
2
)
Barclays
Bank,
Protection
Bought
(Relevant
Credit:
Omnicom
Group),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
1,250
(29)
(26)
(
3
)
Citibank,
Protection
Bought
(Relevant
Credit:
General
Mills),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
*
596
(15)
(12)
(
3
)
Goldman
Sachs,
Protection
Bought
(Relevant
Credit:
General
Mills),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
1,220
(32)
(25)
(
7
)
Total
Bilateral
Credit
Default
Swaps,
Protection
Bought
(72)
(
15
)
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
4
3
1
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
AT&T,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/22
*
500
5
3
2
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Enbridge,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/23
1,750
20
(42)
62
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
General
Electric,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/21
500
1
—
1
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(36)
66
Total
Bilateral
Swaps
(108)
51
*
Credit
ratings
as
of
September
30,
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
17
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
39
U.S.
Treasury
Notes
five
year
contracts
12/21
(4,787)
$
35
Long,
99
U.S.
Treasury
Notes
two
year
contracts
12/21
21,785
(
14
)
Short,
6
Ultra
U.S.
Treasury
Notes
ten
year
contracts
12/21
(871)
17
Net
payments
(receipts)
of
variation
margin
to
date
(
39
)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(
1
)
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
18
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
nine
months
ended
September
30,
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,
0.05%
$
—
#
$
—
$
1
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
09/30/21
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
$
1,702
¤
¤
$
1,286
^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$1
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$1,286.
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
Unaudited
19
Notes
to
Portfolio
of
Investments
T.
Rowe
Price
Limited-Term
Bond
Portfolio
(the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s
most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The
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.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
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
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
20
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
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
September
30,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
E303-054Q3
09/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
175,419
$
—
$
175,419
Short-Term
Investments
1,286
540
—
1,826
Options
Purchased
—
1
—
1
Total
Securities
1,286
175,960
—
177,246
Swaps
—
30
—
30
Futures
Contracts*
52
—
—
52
Total
$
1,338
$
175,990
$
—
$
177,328
Liabilities
Options
Written
$
—
$
1
$
—
$
1
Swaps
—
87
—
87
Futures
Contracts*
14
—
—
14
Total
$
14
$
88
$
—
$
102
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.