T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
March
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
12.4%
Car
Loan
6.7%
AmeriCredit
Automobile
Receivables
Trust
Series
2020-1,
Class
C
1.59%,
10/20/25
435
430
AmeriCredit
Automobile
Receivables
Trust
Series
2020-1,
Class
D
1.80%,
12/18/25
415
405
AmeriCredit
Automobile
Receivables
Trust
Series
2020-2,
Class
B
0.97%,
2/18/26
100
98
AmeriCredit
Automobile
Receivables
Trust
Series
2020-3,
Class
C
1.06%,
8/18/26
115
110
AmeriCredit
Automobile
Receivables
Trust
Series
2021-1,
Class
C
0.89%,
10/19/26
190
180
AmeriCredit
Automobile
Receivables
Trust
Series
2021-1,
Class
D
1.21%,
12/18/26
115
109
AmeriCredit
Automobile
Receivables
Trust
Series
2021-2,
Class
D
1.29%,
6/18/27
235
219
AmeriCredit
Automobile
Receivables
Trust
Series
2022-1,
Class
D
3.23%,
2/18/28
420
411
Ari
Fleet
Lease
Trust
Series
2020-A,
Class
B
2.06%,
11/15/28 (1)
475
470
Avis
Budget
Rental
Car
Funding
AESOP
Series
2017-1A,
Class
B
3.41%,
9/20/23 (1)
390
392
Avis
Budget
Rental
Car
Funding
AESOP
Series
2018-2A,
Class
C
4.95%,
3/20/25 (1)
260
263
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-2A,
Class
A
3.35%,
9/22/25 (1)
475
477
Avis
Budget
Rental
Car
Funding
AESOP
Series
2019-2A,
Class
B
3.55%,
9/22/25 (1)
415
414
Avis
Budget
Rental
Car
Funding
AESOP
Series
2020-1A,
Class
A
2.33%,
8/20/26 (1)
340
330
CarMax
Auto
Owner
Trust
Series
2020-4,
Class
D
1.75%,
4/15/27
145
138
Carvana
Auto
Receivables
Trust
Series
2021-P4,
Class
B
1.98%,
2/10/28
190
180
Carvana
Auto
Receivables
Trust
Series
2022-N1,
Class
C
3.32%,
12/11/28 (1)
135���
134
Enterprise
Fleet
Financing
Series
2019-1,
Class
A2
2.98%,
10/20/24 (1)
14
14
Exeter
Automobile
Receivables
Trust
Series
2021-3A,
Class
D
1.55%,
6/15/27
155
147
Par/Shares
$
Value
(Amounts
in
000s)
Exeter
Automobile
Receivables
Trust
Series
2022-1A,
Class
D
3.02%,
6/15/28
340
331
Ford
Credit
Auto
Owner
Trust
Series
2020-2,
Class
C
1.74%,
4/15/33 (1)
145
135
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2020-1,
Class
C
1.42%,
9/15/25
220
215
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2020-2,
Class
A3
1.49%,
12/16/24
143
143
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2020-4,
Class
C
1.05%,
5/18/26
105
101
GMF
Floorplan
Owner
Revolving
Trust
Series
2020-1,
Class
B
1.03%,
8/15/25 (1)
405
396
Hyundai
Auto
Receivables
Trust
Series
2019-A,
Class
B
2.94%,
5/15/25
460
463
Hyundai
Auto
Receivables
Trust
Series
2020-B,
Class
C
1.60%,
12/15/26
175
169
JPMorgan
Chase
Bank
Series
2021-2,
Class
D
1.138%,
12/26/28 (1)
184
181
Navistar
Financial
Dealer
Note
Master
Trust
Series
2020-1,
Class
A,
FRN
1M
USD
LIBOR
+
0.95%,
1.407%,
7/25/25 (1)
220
220
Navistar
Financial
Dealer
Note
Master
Trust
Series
2020-1,
Class
B,
FRN
1M
USD
LIBOR
+
1.35%,
1.807%,
7/25/25 (1)
230
230
Nissan
Auto
Receivables
Owner
Trust
Series
2020-A,
Class
A3
1.38%,
12/16/24
197
196
Santander
Bank
Series
2021-1A,
Class
B
1.833%,
12/15/31 (1)
215
211
Santander
Consumer
Auto
Receivables
Trust
Series
2020-BA,
Class
C
1.29%,
4/15/26 (1)
115
112
Santander
Drive
Auto
Receivables
Trust
Series
2020-3,
Class
B
0.69%,
3/17/25
248
247
Santander
Drive
Auto
Receivables
Trust
Series
2020-4,
Class
C
1.01%,
1/15/26
185
183
Santander
Drive
Auto
Receivables
Trust
Series
2021-4,
Class
D
1.67%,
10/15/27
255
241
Santander
Drive
Auto
Receivables
Trust
Series
2022-1,
Class
C
2.56%,
4/17/28
415
406
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
2
Par/Shares
$
Value
(Amounts
in
000s)
Santander
Retail
Auto
Lease
Trust
Series
2019-C,
Class
D
2.88%,
6/20/24 (1)
525
527
Santander
Retail
Auto
Lease
Trust
Series
2020-A,
Class
D
2.52%,
11/20/24 (1)
435
433
Santander
Retail
Auto
Lease
Trust
Series
2021-A,
Class
C
1.14%,
3/20/26 (1)
430
413
Santander
Retail
Auto
Lease
Trust
Series
2021-B,
Class
D
1.41%,
11/20/25 (1)
185
174
Santander
Retail
Auto
Lease
Trust
Series
2021-C,
Class
C
1.11%,
3/20/26 (1)
155
147
World
Omni
Auto
Receivables
Trust
Series
2019-C,
Class
C
2.40%,
6/15/26
460
460
World
Omni
Auto
Receivables
Trust
Series
2020-A,
Class
C
1.64%,
8/17/26
295
289
World
Omni
Auto
Receivables
Trust
Series
2022-A,
Class
C
2.55%,
9/15/28
155
151
World
Omni
Select
Auto
Trust
Series
2020-A,
Class
B
0.84%,
6/15/26
140
138
World
Omni
Select
Auto
Trust
Series
2020-A,
Class
C
1.25%,
10/15/26
160
157
11,990
Home
Equity
0.2%
Santander
Drive
Auto
Receivables
Trust
Series
2022-2,
Class
C
3.76%,
7/16/29
365
363
363
Other
Asset-Backed
Securities
4.3%
Applebee's
Funding
Series
2019-1A,
Class
A2I
4.194%,
6/5/49 (1)
520
516
Barings
Series
2013-IA,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.80%,
1.054%,
1/20/28 (1)
428
425
Blackbird
Capital
Aircraft
Lease
Securitization
Series
2016-1A,
Class
AA,
STEP
2.487%,
12/16/41 (1)
136
130
BRE
Grand
Islander
Timeshare
Issuer
Series
2019-A,
Class
A
3.28%,
9/26/33 (1)
130
128
Cedar
Funding
XIV
Series
2021-14A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.10%,
1.341%,
7/15/33 (1)
290
288
CNH
Equipment
Trust
Series
2018-A,
Class
B
3.47%,
10/15/25
275
275
Par/Shares
$
Value
(Amounts
in
000s)
Dryden
Series
2020-86A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.10%,
1.341%,
7/17/34 (1)
250
246
Elara
HGV
Timeshare
Issuer
Series
2016-A,
Class
A
2.73%,
4/25/28 (1)
229
228
Elara
HGV
Timeshare
Issuer
Series
2017-A,
Class
A
2.69%,
3/25/30 (1)
74
74
Elara
HGV
Timeshare
Issuer
Series
2019-A,
Class
A
2.61%,
1/25/34 (1)
317
308
Hilton
Grand
Vacations
Trust
Series
2017-AA,
Class
A
2.66%,
12/26/28 (1)
62
61
Hilton
Grand
Vacations
Trust
Series
2017-AA,
Class
B
2.96%,
12/26/28 (1)
21
21
KKR
Series
29A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.20%,
1.441%,
1/15/32 (1)
250
249
Kubota
Credit
Owner
Trust
Series
2020-1A,
Class
A3
1.96%,
3/15/24 (1)
185
185
Madison
Park
Funding
XXIII
Series
2017-23A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.97%,
1.238%,
7/27/31 (1)
285
282
Madison
Park
Funding
XXXIII
Series
2019-33A,
Class
AR,
CLO,
FRN
3M
SOFR
+
1.29%,
1.449%,
10/15/32 (1)
485
483
Madison
Park
Funding
XXXVII
Series
2019-37A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.07%,
1.311%,
7/15/33 (1)
280
277
Magnetite
XXV
Series
2020-25A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.20%,
1.458%,
1/25/32 (1)
500
498
MVW
Series
2020-1A,
Class
B
2.73%,
10/20/37 (1)
151
148
MVW
Owner
Trust
Series
2017-1A,
Class
B
2.75%,
12/20/34 (1)
18
17
MVW
Owner
Trust
Series
2017-1A,
Class
C
2.99%,
12/20/34 (1)
29
29
Neuberger
Berman
Loan
Advisers
Series
2017-26A,
Class
BR,
CLO,
FRN
3M
USD
LIBOR
+
1.40%,
1.641%,
10/18/30 (1)
255
252
Neuberger
Berman
Loan
Advisers
Series
2019-32A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.99%,
1.238%,
1/20/32 (1)
400
396
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
3
Par/Shares
$
Value
(Amounts
in
000s)
Neuberger
Berman
Loan
Advisers
Series
2021-40A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.06%,
1.301%,
4/16/33 (1)
250
248
OCP
Series
2017-13A,
Class
A2R,
CLO,
FRN
3M
USD
LIBOR
+
1.55%,
1.791%,
7/15/30 (1)
315
312
Octane
Receivables
Trust
Series
2021-2A,
Class
A
1.21%,
9/20/28 (1)
151
148
Palmer
Square
Series
2020-3A,
Class
A1AR,
CLO,
FRN
3M
USD
LIBOR
+
1.08%,
1.586%,
11/15/31 (1)
480
476
Sierra
Timeshare
Receivables
Funding
Series
2019-1A,
Class
A
3.20%,
1/20/36 (1)
97
96
Symphony
Static
I
Series
2021-1A,
Class
B,
CLO,
FRN
3M
USD
LIBOR
+
1.45%,
1.579%,
10/25/29 (1)
350
346
Symphony
XXIII
Series
2020-23A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.02%,
1.261%,
1/15/34 (1)
450
446
Symphony
XXVI
Series
2021-26A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.08%,
1.334%,
4/20/33 (1)
250
248
7,836
Student
Loan
1.2%
Navient
Private
Education
Refi
Loan
Trust
Series
2019-D,
Class
A2A
3.01%,
12/15/59 (1)
117
115
Navient
Private
Education
Refi
Loan
Trust
Series
2019-GA,
Class
A
2.40%,
10/15/68 (1)
92
91
Navient
Private
Education
Refi
Loan
Trust
Series
2020-DA,
Class
A
1.69%,
5/15/69 (1)
60
59
Navient
Private
Education
Refi
Loan
Trust
Series
2020-FA,
Class
A
1.22%,
7/15/69 (1)
164
160
Navient
Private
Education
Refi
Loan
Trust
Series
2020-GA,
Class
A
1.17%,
9/16/69 (1)
76
74
Navient
Private
Education
Refi
Loan
Trust
Series
2021-BA,
Class
A
0.94%,
7/15/69 (1)
162
153
Navient
Private
Education
Refi
Loan
Trust
Series
2021-EA,
Class
A
0.97%,
12/16/69 (1)
102
96
Navient
Private
Education
Refi
Loan
Trust
Series
2022-A,
Class
A
2.23%,
7/15/70 (1)
440
425
Nelnet
Student
Loan
Trust
Series
2005-4,
Class
A4,
FRN
3M
USD
LIBOR
+
0.18%,
1.114%,
3/22/32
393
379
Par/Shares
$
Value
(Amounts
in
000s)
Nelnet
Student
Loan
Trust
Series
2020-1A,
Class
A,
FRN
1M
USD
LIBOR
+
0.74%,
1.197%,
3/26/68 (1)
190
188
Nelnet
Student
Loan
Trust
Series
2021-CA,
Class
AFX
1.32%,
4/20/62 (1)
380
357
SMB
Private
Education
Loan
Trust
Series
2020-PTB,
Class
A2A
1.60%,
9/15/54 (1)
143
136
2,233
Total
Asset-Backed
Securities
(Cost
$22,828)
22,422
CORPORATE
BONDS
49.6%
FINANCIAL
INSTITUTIONS
19.3%
Banking
12.5%
AIB
Group,
4.75%,
10/12/23 (1)
200
204
American
Express,
2.25%,
3/4/25
445
437
Banco
Bilbao
Vizcaya
Argentaria,
0.875%,
9/18/23
400
388
Banco
Santander,
3.496%,
3/24/25
200
199
Banco
Santander,
VR,
0.701%,
6/30/24 (2)
400
388
Bank
of
America,
VR,
0.81%,
10/24/24 (2)
135
130
Bank
of
America,
VR,
0.976%,
4/22/25 (2)
255
244
Bank
of
America,
VR,
1.734%,
7/22/27 (2)
190
176
Bank
of
America,
VR,
1.843%,
2/4/25 (2)
215
210
Bank
of
America,
VR,
3.384%,
4/2/26 (2)
265
265
Bank
of
Ireland
Group,
4.50%,
11/25/23 (1)
670
682
Bank
of
Nova
Scotia,
1.45%,
1/10/25
425
408
Banque
Federative
du
Credit
Mutuel,
0.65%,
2/27/24 (1)
235
224
Banque
Federative
du
Credit
Mutuel,
0.998%,
2/4/25 (1)
280
262
Banque
Federative
du
Credit
Mutuel,
2.125%,
11/21/22 (1)
320
320
Barclays,
VR,
1.007%,
12/10/24 (2)
245
235
Barclays,
VR,
4.338%,
5/16/24 (2)
200
203
BDO
Unibank,
2.95%,
3/6/23
1,200
1,196
BNP
Paribas,
VR,
2.591%,
1/20/28 (1)(2)
290
272
BPCE,
5.70%,
10/22/23 (1)
810
837
BPCE,
FRN,
3M
USD
LIBOR
+
1.22%,
1.70%,
5/22/22 (1)
400
400
Capital
One
Financial,
3.20%,
1/30/23
195
197
Capital
One
Financial,
3.50%,
6/15/23
140
142
Capital
One
Financial,
3.90%,
1/29/24
145
147
Capital
One
Financial,
VR,
2.636%,
3/3/26 (2)
265
259
Citigroup,
VR,
0.981%,
5/1/25 (2)
200
191
Citigroup,
VR,
3.106%,
4/8/26 (2)
240
238
Credicorp,
2.75%,
6/17/25 (1)
200
193
Credit
Agricole,
FRN,
3M
USD
LIBOR
+
1.02%,
1.279%,
4/24/23 (1)
470
472
Credit
Suisse,
1.00%,
5/5/23
635
625
Credit
Suisse
Group,
VR,
2.997%,
12/14/23 (1)(2)
250
250
Danske
Bank,
1.226%,
6/22/24 (1)
200
190
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
4
Par/Shares
$
Value
(Amounts
in
000s)
Danske
Bank,
5.375%,
1/12/24 (1)
350
361
Danske
Bank,
VR,
3.773%,
3/28/25 (1)(2)
200
200
Discover
Bank,
4.20%,
8/8/23
250
254
Goldman
Sachs
Group,
3.50%,
4/1/25
250
252
Goldman
Sachs
Group,
VR,
0.673%,
3/8/24 (2)
280
274
Goldman
Sachs
Group,
VR,
0.925%,
10/21/24 (2)
135
131
Goldman
Sachs
Group,
VR,
1.757%,
1/24/25 (2)
265
258
HSBC
Holdings,
4.25%,
3/14/24
200
203
HSBC
Holdings,
VR,
1.162%,
11/22/24 (2)
200
193
HSBC
Holdings,
VR,
2.099%,
6/4/26 (2)
375
356
JPMorgan
Chase,
FRN,
SOFRRATE
+
0.885%,
1.024%,
4/22/27
75
74
JPMorgan
Chase,
VR,
0.824%,
6/1/25 (2)
225
214
JPMorgan
Chase,
VR,
2.083%,
4/22/26 (2)
460
443
Lloyds
Banking
Group,
VR,
1.326%,
6/15/23 (2)
200
199
Mitsubishi
UFJ
Financial
Group,
VR,
0.953%,
7/19/25 (2)
400
379
Mizuho
Financial
Group
Cayman
2,
4.20%,
7/18/22
390
392
Morgan
Stanley,
4.875%,
11/1/22
110
112
Morgan
Stanley,
VR,
0.529%,
1/25/24 (2)
125
123
Morgan
Stanley,
VR,
0.56%,
11/10/23 (2)
295
292
Morgan
Stanley,
VR,
0.731%,
4/5/24 (2)
235
230
Morgan
Stanley,
VR,
1.164%,
10/21/25 (2)
195
185
Morgan
Stanley,
VR,
2.63%,
2/18/26 (2)
250
243
Nationwide
Building
Society,
VR,
3.622%,
4/26/23 (1)(2)
200
200
NatWest
Group,
3.875%,
9/12/23
380
383
NatWest
Markets,
2.375%,
5/21/23 (1)
465
462
NatWest
Markets,
3.479%,
3/22/25 (1)
275
273
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (2)
190
177
Standard
Chartered,
3.95%,
1/11/23 (1)
400
403
Standard
Chartered,
VR,
1.319%,
10/14/23 (1)(2)
200
198
Standard
Chartered,
VR,
1.822%,
11/23/25 (1)(2)
200
190
Standard
Chartered,
VR,
3.971%,
3/30/26 (1)(2)
200
199
Svenska
Handelsbanken,
VR,
1.418%,
6/11/27 (1)(2)
250
230
Swedbank,
1.30%,
6/2/23 (1)
365
360
Synchrony
Financial,
2.85%,
7/25/22
897
899
Synchrony
Financial,
4.25%,
8/15/24
485
492
Toronto-Dominion
Bank,
0.70%,
9/10/24
350
332
Truist
Financial,
FRN,
SOFRRATE
+
0.40%,
0.663%,
6/9/25
165
164
UBS,
0.70%,
8/9/24 (1)
205
194
UBS
Group,
FRN,
3M
USD
LIBOR
+
1.22%,
1.70%,
5/23/23 (1)
340
340
UBS
Group,
VR,
1.494%,
8/10/27 (1)(2)
200
182
UniCredit,
3.75%,
4/12/22 (1)
400
400
Wells
Fargo,
VR,
1.654%,
6/2/24 (2)
215
212
Wells
Fargo,
VR,
2.188%,
4/30/26 (2)
205
198
Par/Shares
$
Value
(Amounts
in
000s)
Wells
Fargo,
VR,
3.526%,
3/24/28 (2)
170
169
22,609
Brokerage
Asset
Managers
Exchanges
0.5%
Charles
Schwab,
2.45%,
3/3/27
495
480
Intercontinental
Exchange,
4.00%,
10/15/23
180
183
LSEGA
Financing,
0.65%,
4/6/24 (1)
320
305
968
Finance
Companies
1.8%
AerCap
Ireland
Capital,
1.65%,
10/29/24
330
312
AerCap
Ireland
Capital,
4.125%,
7/3/23
205
205
AerCap
Ireland
Capital,
4.50%,
9/15/23
400
403
AerCap
Ireland
Capital,
4.875%,
1/16/24
300
303
Air
Lease,
2.25%,
1/15/23
205
205
Avolon
Holdings
Funding,
2.875%,
2/15/25 (1)
250
239
Avolon
Holdings
Funding,
3.95%,
7/1/24 (1)
75
75
Avolon
Holdings
Funding,
5.125%,
10/1/23 (1)
325
331
GATX,
3.90%,
3/30/23
200
203
GATX,
4.35%,
2/15/24
270
276
Park
Aerospace
Holdings,
4.50%,
3/15/23 (1)
35
35
Park
Aerospace
Holdings,
5.25%,
8/15/22 (1)
215
216
SMBC
Aviation
Capital
Finance,
3.55%,
4/15/24 (1)
235
234
SMBC
Aviation
Capital
Finance,
4.125%,
7/15/23 (1)
200
201
3,238
Financial
Other
0.2%
LeasePlan,
2.875%,
10/24/24 (1)
400
391
391
Insurance
3.2%
Aetna,
2.80%,
6/15/23
115
115
American
International
Group,
2.50%,
6/30/25
330
323
Athene
Global
Funding,
1.716%,
1/7/25 (1)
435
414
Athene
Global
Funding,
2.514%,
3/8/24 (1)
535
527
Brighthouse
Financial
Global
Funding,
0.60%,
6/28/23 (1)
545
531
Brighthouse
Financial
Global
Funding,
1.00%,
4/12/24 (1)
200
192
CNO
Global
Funding,
1.65%,
1/6/25 (1)
240
229
CNO
Global
Funding,
1.75%,
10/7/26 (1)
205
189
Corebridge
Financial,
3.50%,
4/4/25 (1)
205
205
Equitable
Financial
Life
Global
Funding,
0.80%,
8/12/24 (1)
255
242
Equitable
Financial
Life
Global
Funding,
1.10%,
11/12/24 (1)
360
341
Health
Care
Service
Corp
A
Mutual
Legal
Reserve,
1.50%,
6/1/25 (1)
325
313
Humana,
0.65%,
8/3/23
135
132
Humana,
1.35%,
2/3/27
90
82
Humana,
2.90%,
12/15/22
45
45
Humana,
3.15%,
12/1/22
85
86
Humana,
3.85%,
10/1/24
180
183
Humana,
4.50%,
4/1/25
145
150
Jackson
Financial,
1.125%,
11/22/23 (1)
270
261
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
5
Par/Shares
$
Value
(Amounts
in
000s)
Jackson
National
Life
Global
Funding,
1.75%,
1/12/25 (1)
290
278
Lincoln
National,
4.00%,
9/1/23
75
76
Marsh
&
McLennan,
3.875%,
3/15/24
205
209
Principal
Life
Global
Funding
II,
0.75%,
4/12/24 (1)
165
159
Trinity
Acquisition,
4.625%,
8/15/23
343
350
Willis
North
America,
3.60%,
5/15/24
90
90
5,722
Real
Estate
Investment
Trusts
1.1%
American
Campus
Communities
Operating
Partnership,
3.75%,
4/15/23
360
362
Essex
Portfolio,
3.25%,
5/1/23
470
471
Highwoods
Realty,
3.625%,
1/15/23
314
316
Kimco
Realty,
2.70%,
3/1/24
465
461
Public
Storage,
FRN,
SOFRRATE
+
0.47%,
0.611%,
4/23/24
115
115
Simon
Property
Group,
3.375%,
10/1/24
235
237
1,962
Total
Financial
Institutions
34,890
INDUSTRIAL
27.2%
Basic
Industry
1.2%
ArcelorMittal,
3.60%,
7/16/24
100
101
Celulosa
Arauco
y
Constitucion,
4.50%,
8/1/24
200
206
Cytec
Industries,
3.50%,
4/1/23
235
236
Ecolab,
1.65%,
2/1/27
100
94
LYB
International
Finance
III,
1.25%,
10/1/25
177
163
Nucor,
2.00%,
6/1/25
80
77
POSCO,
2.375%,
11/12/22 (1)
1,175
1,174
Westlake,
0.875%,
8/15/24
45
43
2,094
Capital
Goods
0.5%
Amphenol,
2.05%,
3/1/25
220
213
Boral
Finance,
3.00%,
11/1/22 (1)
40
40
Carrier
Global,
2.242%,
2/15/25
64
62
Martin
Marietta
Materials,
0.65%,
7/15/23
195
189
Republic
Services,
2.50%,
8/15/24
200
198
Roper
Technologies,
2.35%,
9/15/24
90
89
Roper
Technologies,
3.65%,
9/15/23
75
76
867
Communications
4.7%
American
Tower,
2.40%,
3/15/25
170
166
Charter
Communications
Operating,
4.464%,
7/23/22
880
883
Charter
Communications
Operating,
4.908%,
7/23/25
720
747
Cox
Communications,
2.95%,
6/30/23 (1)
615
618
Cox
Communications,
3.15%,
8/15/24 (1)
385
386
Crown
Castle
International,
1.05%,
7/15/26
255
230
Crown
Castle
International,
2.90%,
3/15/27
220
213
Crown
Castle
International,
3.15%,
7/15/23
345
347
Magallanes,
3.755%,
3/15/27 (1)
700
699
NTT
Finance,
0.373%,
3/3/23 (1)
275
271
NTT
Finance,
0.583%,
3/1/24 (1)
200
192
Rogers
Communications,
3.20%,
3/15/27 (1)
310
305
Par/Shares
$
Value
(Amounts
in
000s)
SBA
Tower
Trust,
1.631%,
11/15/26 (1)
115
108
SBA
Tower
Trust,
1.884%,
1/15/26 (1)
85
80
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
255
251
SBA
Tower
Trust,
3.448%,
3/15/23 (1)
250
250
SES,
3.60%,
4/4/23 (1)
455
458
Sky,
3.75%,
9/16/24 (1)
975
991
T-Mobile
USA,
2.25%,
2/15/26
195
183
T-Mobile
USA,
3.50%,
4/15/25
175
176
Verizon
Communications,
1.45%,
3/20/26
270
253
Verizon
Communications,
2.625%,
8/15/26
395
387
Walt
Disney,
1.75%,
1/13/26
185
177
8,371
Consumer
Cyclical
4.9%
7-Eleven,
0.625%,
2/10/23 (1)
85
84
7-Eleven,
0.80%,
2/10/24 (1)
135
130
Aptiv,
2.396%,
2/18/25
205
200
AutoZone,
3.625%,
4/15/25
120
121
Daimler
Finance
North
America,
1.75%,
3/10/23 (1)
435
433
Daimler
Trucks
Finance
North
America,
1.625%,
12/13/24 (1)
260
248
Expedia
Group,
3.60%,
12/15/23
305
307
General
Motors,
4.875%,
10/2/23
180
185
General
Motors,
5.40%,
10/2/23
450
466
General
Motors
Financial,
2.90%,
2/26/25
485
474
Genuine
Parts,
1.75%,
2/1/25
105
100
Harley-Davidson
Financial
Services,
2.55%,
6/9/22 (1)
95
95
Hyatt
Hotels,
1.30%,
10/1/23
140
136
Hyundai
Capital
America,
0.80%,
1/8/24 (1)
160
153
Hyundai
Capital
America,
0.875%,
6/14/24 (1)
80
75
Hyundai
Capital
America,
1.00%,
9/17/24 (1)
110
103
Hyundai
Capital
America,
2.375%,
2/10/23 (1)
470
469
Hyundai
Capital
America,
2.85%,
11/1/22 (1)
131
132
Hyundai
Capital
America,
3.00%,
6/20/22 (1)
270
271
Hyundai
Capital
Services,
2.125%,
4/24/25 (1)
200
192
Lowe's,
3.35%,
4/1/27
80
81
Marriott
International,
2.125%,
10/3/22
170
170
Marriott
International,
3.125%,
2/15/23
80
80
Marriott
International,
3.60%,
4/15/24
425
429
Nissan
Motor,
3.043%,
9/15/23 (1)
465
463
Nissan
Motor
Acceptance,
2.60%,
9/28/22 (1)
415
414
Nissan
Motor
Acceptance,
2.65%,
7/13/22 (1)
130
130
Nordstrom,
2.30%,
4/8/24
35
34
O'Reilly
Automotive,
3.80%,
9/1/22
115
115
QVC,
4.375%,
3/15/23
870
874
Ross
Stores,
0.875%,
4/15/26
155
142
Ross
Stores,
4.60%,
4/15/25
550
569
Stellantis
Finance
U.S.,
1.711%,
1/29/27 (1)
200
182
Volkswagen
Group
of
America
Finance,
2.70%,
9/26/22 (1)
415
417
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
6
Par/Shares
$
Value
(Amounts
in
000s)
Volkswagen
Group
of
America
Finance,
2.90%,
5/13/22 (1)
215
215
Volkswagen
Group
of
America
Finance,
3.125%,
5/12/23 (1)
200
201
8,890
Consumer
Non-Cyclical
6.5%
AbbVie,
2.60%,
11/21/24
715
708
AbbVie,
2.95%,
11/21/26
510
504
AbbVie,
3.20%,
11/6/22
45
45
AbbVie,
3.20%,
5/14/26
45
45
AbbVie,
3.25%,
10/1/22
240
241
AmerisourceBergen,
0.737%,
3/15/23
440
432
Anheuser-Busch,
3.65%,
2/1/26
120
123
Astrazeneca
Finance,
1.20%,
5/28/26
320
298
BAT
International
Finance,
1.668%,
3/25/26
225
207
BAT
International
Finance,
4.448%,
3/16/28
460
462
Baxalta,
3.60%,
6/23/22
190
190
Baxter
International,
0.868%,
12/1/23 (1)
350
340
Bayer
U.S.
Finance
II,
3.875%,
12/15/23 (1)
250
253
Becton
Dickinson
&
Company,
3.363%,
6/6/24
206
208
Becton
Dickinson
&
Company,
3.734%,
12/15/24
43
44
Brunswick,
0.85%,
8/18/24
290
274
Bunge
Finance,
3.00%,
9/25/22
955
960
Cardinal
Health,
3.079%,
6/15/24
180
180
Cardinal
Health,
3.20%,
3/15/23
185
186
Cardinal
Health,
3.50%,
11/15/24
215
217
Cigna,
3.00%,
7/15/23
180
182
Cigna,
3.75%,
7/15/23
104
106
Coca-Cola
Europacific
Partners,
0.80%,
5/3/24 (1)
480
458
CommonSpirit
Health,
1.547%,
10/1/25
170
159
CVS
Health,
2.875%,
6/1/26
115
114
CVS
Health,
3.00%,
8/15/26
105
104
Hasbro,
3.00%,
11/19/24
480
477
HCA,
3.125%,
3/15/27 (1)
260
254
Imperial
Brands
Finance,
3.125%,
7/26/24 (1)
480
476
Imperial
Brands
Finance,
3.50%,
2/11/23 (1)
800
803
Imperial
Brands
Finance,
3.75%,
7/21/22 (1)
860
862
JDE
Peet's,
0.80%,
9/24/24 (1)
150
141
Mondelez
International,
2.625%,
3/17/27
190
185
PeaceHealth
Obligated
Group,
Series
2020,
1.375%,
11/15/25
50
47
PerkinElmer,
0.55%,
9/15/23
165
160
PerkinElmer,
0.85%,
9/15/24
315
299
Perrigo
Finance
Unlimited,
3.90%,
12/15/24
675
678
Royalty
Pharma,
0.75%,
9/2/23
215
209
Shire
Acquisitions
Investments
Ireland,
2.875%,
9/23/23
168
168
11,799
Energy
4.2%
Aker
BP,
3.00%,
1/15/25 (1)
360
355
Baker
Hughes
Holdings,
1.231%,
12/15/23
95
93
Canadian
Natural
Resources,
2.05%,
7/15/25
335
321
Par/Shares
$
Value
(Amounts
in
000s)
Cheniere
Corpus
Christi
Holdings,
5.875%,
3/31/25
325
344
Cheniere
Corpus
Christi
Holdings,
7.00%,
6/30/24
465
495
Devon
Energy,
8.25%,
8/1/23
130
138
Enbridge,
2.15%,
2/16/24
315
311
Enbridge,
2.50%,
1/15/25
265
260
Enbridge,
2.50%,
2/14/25
150
146
Energy
Transfer,
2.90%,
5/15/25
65
64
Energy
Transfer,
3.45%,
1/15/23
30
30
Energy
Transfer,
4.25%,
3/15/23
440
445
Energy
Transfer,
4.25%,
4/1/24
15
15
Energy
Transfer,
5.875%,
1/15/24
610
633
Energy
Transfer,
Series
5Y,
4.20%,
9/15/23
85
86
Eni,
Series
X-R,
4.00%,
9/12/23 (1)
470
477
EOG
Resources,
2.625%,
3/15/23
74
74
Gray
Oak
Pipeline,
2.00%,
9/15/23 (1)
50
49
Gray
Oak
Pipeline,
2.60%,
10/15/25 (1)
105
101
Kinder
Morgan
Energy
Partners,
3.95%,
9/1/22
30
30
Pioneer
Natural
Resources,
0.55%,
5/15/23
140
137
Plains
All
American
Pipeline,
2.85%,
1/31/23
305
306
Sabine
Pass
Liquefaction,
5.625%,
4/15/23
630
644
Sabine
Pass
Liquefaction,
5.625%,
3/1/25
120
127
Sabine
Pass
Liquefaction,
5.75%,
5/15/24
100
104
Schlumberger
Finance
Canada,
1.40%,
9/17/25
80
76
Schlumberger
Holdings,
3.75%,
5/1/24 (1)
340
346
Schlumberger
Holdings,
4.00%,
12/21/25 (1)
95
97
Suncor
Energy,
2.80%,
5/15/23
155
155
Western
Midstream
Operating,
4.00%,
7/1/22
465
465
Williams,
3.35%,
8/15/22
55
55
Williams,
3.70%,
1/15/23
570
575
Williams,
4.30%,
3/4/24
75
76
7,630
Industrial
Other
0.5%
CK
Hutchison
International
II,
2.75%,
3/29/23
950
953
953
Technology
3.3%
Analog
Devices,
FRN,
SOFRRATE
+
0.25%,
0.54%,
10/1/24
70
70
Avnet,
4.875%,
12/1/22
75
76
CDW,
5.50%,
12/1/24
75
78
Fidelity
National
Information
Services,
0.375%,
3/1/23
275
270
Fidelity
National
Information
Services,
0.60%,
3/1/24
130
124
Fiserv,
3.80%,
10/1/23
580
589
Fortinet,
1.00%,
3/15/26
160
146
Marvell
Technology,
4.20%,
6/22/23
255
259
Microchip
Technology,
0.972%,
2/15/24
300
288
Microchip
Technology,
0.983%,
9/1/24 (1)
220
208
Microchip
Technology,
2.67%,
9/1/23
250
249
NXP,
2.70%,
5/1/25 (1)
90
87
NXP,
3.875%,
6/18/26 (1)
110
110
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
7
Par/Shares
$
Value
(Amounts
in
000s)
NXP,
4.625%,
6/1/23 (1)
1,160
1,178
NXP,
4.875%,
3/1/24 (1)
185
190
Oracle,
2.40%,
9/15/23
305
304
Panasonic,
2.536%,
7/19/22 (1)
275
275
Qorvo,
1.75%,
12/15/24 (1)
125
119
RELX
Capital,
3.50%,
3/16/23
160
161
S&P
Global,
2.45%,
3/1/27 (1)
510
496
Skyworks
Solutions,
0.90%,
6/1/23
70
69
VMware,
0.60%,
8/15/23
165
160
Western
Union,
2.85%,
1/10/25
295
291
Workday,
3.50%,
4/1/27
120
120
5,917
Transportation
1.4%
American
Airlines
PTT,
Series
2017-2,
Class
B,
3.70%,
10/15/25
359
336
Canadian
Pacific
Railway,
1.35%,
12/2/24
315
303
Canadian
Pacific
Railway,
1.75%,
12/2/26
135
126
HPHT
Finance,
2.875%,
11/5/24
400
396
Kansas
City
Southern,
3.00%,
5/15/23
255
256
Penske
Truck
Leasing,
2.70%,
3/14/23 (1)
321
322
Penske
Truck
Leasing,
4.25%,
1/17/23 (1)
70
71
Sydney
Airport
Finance,
3.90%,
3/22/23 (1)
250
253
Triton
Container
International,
0.80%,
8/1/23 (1)
325
316
United
Airlines
PTT,
Series
2019-2,
Class
B,
3.50%,
5/1/28
217
193
2,572
Total
Industrial
49,093
UTILITY
3.1%
Electric
2.7%
AES,
3.30%,
7/15/25 (1)
190
186
Alexander
Funding
Trust,
1.841%,
11/15/23 (1)
225
218
Edison
International,
2.95%,
3/15/23
110
110
Edison
International,
3.125%,
11/15/22
170
170
Enel
Finance
International,
1.375%,
7/12/26 (1)
265
243
Enel
Finance
International,
2.65%,
9/10/24 (1)
405
399
FirstEnergy,
Series
A,
3.35%,
7/15/22
235
235
NextEra
Energy
Capital
Holdings,
1.875%,
1/15/27
310
290
NRG
Energy,
3.75%,
6/15/24 (1)
155
155
Pacific
Gas
&
Electric,
1.75%,
6/16/22
1,500
1,499
Pacific
Gas
&
Electric,
3.50%,
6/15/25
220
215
Pacific
Gas
&
Electric,
FRN,
SOFRRATE
+
1.15%,
1.347%,
11/14/22
45
45
Vistra
Operations,
3.55%,
7/15/24 (1)
1,065
1,054
4,819
Natural
Gas
0.4%
APT
Pipelines,
4.20%,
3/23/25 (1)
400
405
Sempra
Energy,
3.30%,
4/1/25
175
175
Southern
California
Gas,
2.95%,
4/15/27
185
182
762
Total
Utility
5,581
Total
Corporate
Bonds
(Cost
$91,580)
89,564
Par/Shares
$
Value
(Amounts
in
000s)
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
0.9%
Owned
No
Guarantee
0.9%
DAE
Funding,
1.55%,
8/1/24 (1)
200
189
NBN,
1.45%,
5/5/26 (1)
405
375
Saudi
Arabian
Oil,
2.75%,
4/16/22 (1)
1,155
1,156
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$1,759)
1,720
MUNICIPAL
SECURITIES
0.4%
California
0.1%
Golden
State
Tobacco
Securitization,
Series A-1,
1.711%,
6/1/24
200
195
195
Illinois
0.2%
Illinois,
Series A,
GO,
2.25%,
10/1/22
415
416
416
New
York
0.1%
Long
Island
Power
Auth.,
Series C,
0.764%,
3/1/23
85
84
84
Total
Municipal
Securities
(Cost
$700)
695
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
17.6%
Collateralized
Mortgage
Obligations
10.3%
Angel
Oak
Mortgage
Trust
Series
2020-3,
Class
A1,
CMO,
ARM
1.691%,
4/25/65 (1)
37
37
Angel
Oak
Mortgage
Trust
Series
2020-3,
Class
A3,
CMO,
ARM
2.872%,
4/25/65 (1)
39
38
Angel
Oak
Mortgage
Trust
Series
2020-5,
Class
A2,
CMO,
ARM
1.579%,
5/25/65 (1)
57
56
Angel
Oak
Mortgage
Trust
Series
2020-6,
Class
A1,
CMO,
ARM
1.261%,
5/25/65 (1)
82
80
Angel
Oak
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.909%,
1/25/66 (1)
170
165
Angel
Oak
Mortgage
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
1.115%,
1/25/66 (1)
49
47
Angel
Oak
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.985%,
4/25/66 (1)
141
135
Angel
Oak
Mortgage
Trust
Series
2021-3,
Class
A1,
CMO,
ARM
1.068%,
5/25/66 (1)
115
109
Angel
Oak
Mortgage
Trust
Series
2021-6,
Class
A2,
CMO,
ARM
1.581%,
9/25/66 (1)
129
122
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
8
Par/Shares
$
Value
(Amounts
in
000s)
Angel
Oak
Mortgage
Trust
Series
2021-6,
Class
A3,
CMO,
ARM
1.714%,
9/25/66 (1)
120
113
Angel
Oak
Mortgage
Trust
I
Series
2019-2,
Class
M1,
CMO,
ARM
4.065%,
3/25/49 (1)
400
394
Barclays
Mortgage
Loan
Trust
Series
2021-NQM1,
Class
A1,
CMO,
ARM
1.747%,
9/25/51 (1)
318
306
Bayview
MSR
Opportunity
Master
Fund
Trust
Series
2021-2,
Class
A5,
CMO,
ARM
2.50%,
6/25/51 (1)
225
215
Bayview
MSR
Opportunity
Master
Fund
Trust
Series
2021-5,
Class
A5,
CMO,
ARM
2.50%,
11/25/51 (1)
167
160
BINOM
Securitization
Trust
Series
2021-INV1,
Class
A2,
CMO,
ARM
2.37%,
6/25/56 (1)
335
319
BINOM
Securitization
Trust
Series
2021-INV1,
Class
A3,
CMO,
ARM
2.625%,
6/25/56 (1)
106
101
BRAVO
Residential
Funding
Trust
Series
2021-NQM3,
Class
A1,
CMO,
ARM
1.699%,
4/25/60 (1)
196
191
CIM
Trust
Series
2020-INV1,
Class
A2,
CMO,
ARM
2.50%,
4/25/50 (1)
88
86
CIM
Trust
Series
2021-INV1,
Class
A8,
CMO,
ARM
2.50%,
7/1/51 (1)
108
103
Citigroup
Mortgage
Loan
Trust
Series
2019-IMC1,
Class
A1,
CMO,
ARM
2.72%,
7/25/49 (1)
109
108
Citigroup
Mortgage
Loan
Trust
Series
2020-EXP2,
Class
A3,
CMO,
ARM
2.50%,
8/25/50 (1)
69
66
COLT
Mortgage
Loan
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
1.167%,
6/25/66 (1)
132
121
COLT
Mortgage
Loan
Trust
Series
2021-3,
Class
A3,
CMO,
ARM
1.419%,
9/27/66 (1)
106
98
COLT
Mortgage
Loan
Trust
Series
2021-6,
Class
A1,
CMO,
ARM
1.907%,
12/25/66 (1)
155
147
COLT
Mortgage
Loan
Trust
Series
2022-3,
Class
A1,
CMO,
ARM
3.901%,
2/1/67 (1)
270
270
Connecticut
Avenue
Securities
Series
2017-C02,
Class
2ED3,
CMO,
ARM
1M
USD
LIBOR
+
1.35%,
1.807%,
9/25/29
25
25
Connecticut
Avenue
Securities
Series
2017-C05,
Class
1ED3,
CMO,
ARM
1M
USD
LIBOR
+
1.20%,
1.657%,
1/25/30
245
240
Connecticut
Avenue
Securities
Trust
Series
2022-R01,
Class
1M1,
CMO,
ARM
SOFR30A
+
1.00%,
1.099%,
12/25/41 (1)
359
356
Par/Shares
$
Value
(Amounts
in
000s)
Connecticut
Avenue
Securities
Trust
Series
2022-R02,
Class
2M1,
CMO,
ARM
SOFR30A
+
1.20%,
1.299%,
1/25/42 (1)
437
433
Connecticut
Avenue
Securities
Trust
Series
2022-R03,
Class
1M1,
CMO,
ARM
SOFR30A
+
2.10%,
2.199%,
3/25/42 (1)
265
265
Deephaven
Residential
Mortgage
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
0.973%,
5/25/65 (1)
44
42
Deephaven
Residential
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.899%,
4/25/66 (1)
74
69
Deephaven
Residential
Mortgage
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
1.26%,
4/25/66 (1)
74
69
Eagle
Series
2021-2,
Class
M1A,
CMO,
ARM
SOFR30A
+
1.55%,
1.649%,
4/25/34 (1)
150
149
Ellington
Financial
Mortgage
Trust
Series
2019-2,
Class
A1,
CMO,
ARM
2.739%,
11/25/59 (1)
125
123
Ellington
Financial
Mortgage
Trust
Series
2019-2,
Class
A3,
CMO,
ARM
3.046%,
11/25/59 (1)
30
30
Ellington
Financial
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.797%,
2/25/66 (1)
46
45
Ellington
Financial
Mortgage
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.106%,
2/25/66 (1)
46
45
Ellington
Financial
Mortgage
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.931%,
6/25/66 (1)
263
246
Ellington
Financial
Mortgage
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
1.291%,
6/25/66 (1)
77
72
Ellington
Financial
Mortgage
Trust
Series
2021-3,
Class
A1,
CMO,
ARM
1.241%,
9/25/66 (1)
111
102
Flagstar
Mortgage
Trust
Series
2020-1INV,
Class
A11,
CMO,
ARM
1M
USD
LIBOR
+
0.85%,
1.307%,
3/25/50 (1)
167
167
Flagstar
Mortgage
Trust
Series
2021-5INV,
Class
A5,
CMO,
ARM
2.50%,
7/25/51 (1)
226
216
Freddie
Mac
Whole
Loan
Securities
Trust
Series
2017-SC01,
Class
M1,
CMO,
ARM
3.651%,
12/25/46 (1)
92
91
Freddie
Mac
Whole
Loan
Securities
Trust
Series
2017-SC02,
Class
M1,
CMO,
ARM
3.844%,
5/25/47 (1)
42
42
Galton
Funding
Mortgage
Trust
Series
2018-1,
Class
A33,
CMO,
ARM
3.50%,
11/25/57 (1)
64
63
Galton
Funding
Mortgage
Trust
Series
2019-1,
Class
A21,
CMO,
ARM
4.50%,
2/25/59 (1)
29
29
Galton
Funding
Mortgage
Trust
Series
2019-1,
Class
A32,
CMO,
ARM
4.00%,
2/25/59 (1)
44
44
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
9
Par/Shares
$
Value
(Amounts
in
000s)
Galton
Funding
Mortgage
Trust
Series
2019-H1,
Class
M1,
CMO,
ARM
3.339%,
10/25/59 (1)
230
223
Galton
Funding
Mortgage
Trust
Series
2020-H1,
Class
A1,
CMO,
ARM
2.31%,
1/25/60 (1)
17
17
Galton
Funding
Mortgage
Trust
Series
2020-H1,
Class
M1,
CMO,
ARM
2.832%,
1/25/60 (1)
380
363
GS
Mortgage-Backed
Securities
Trust
Series
2014-EB1A,
Class
2A1,
CMO,
ARM
1.633%,
7/25/44 (1)
5
5
GS
Mortgage-Backed
Securities
Trust
Series
2021-GR2,
Class
A6,
CMO,
ARM
2.50%,
2/25/52 (1)
243
233
GS
Mortgage-Backed
Securities
Trust
Series
2021-HP1,
Class
A6,
CMO,
ARM
2.50%,
1/25/52 (1)
143
137
GS
Mortgage-Backed
Securities
Trust
Series
2021-NQM1,
Class
A1,
CMO,
ARM
1.017%,
7/25/61 (1)
85
81
GS
Mortgage-Backed
Securities
Trust
Series
2021-PJ5,
Class
A8,
CMO,
ARM
2.50%,
10/25/51 (1)
310
297
GS
Mortgage-Backed
Securities
Trust
Series
2022-GR1,
Class
A5,
CMO,
ARM
2.50%,
6/25/52 (1)
480
461
Hundred
Acre
Wood
Trust
Series
2021-INV1,
Class
A9,
CMO,
ARM
2.50%,
7/25/51 (1)
214
205
Imperial
Fund
Mortgage
Trust
Series
2021-NQM2,
Class
A3,
CMO,
ARM
1.516%,
9/25/56 (1)
135
125
JPMorgan
Mortgage
Trust
Series
2020-INV1,
Class
A15,
CMO,
ARM
3.50%,
8/25/50 (1)
132
131
Mello
Mortgage
Capital
Acceptance
Series
2021-INV3,
Class
A4,
CMO,
ARM
2.50%,
10/25/51 (1)
189
181
MFA
Trust
Series
2021-INV1,
Class
A1,
CMO,
ARM
0.852%,
1/25/56 (1)
91
88
MFA
Trust
Series
2021-NQM2,
Class
A2,
CMO,
ARM
1.317%,
11/25/64 (1)
73
69
New
Residential
Mortgage
Loan
Trust
Series
2021-INV1,
Class
A6,
CMO,
ARM
2.50%,
6/25/51 (1)
149
143
New
Residential
Mortgage
Loan
Trust
Series
2021-INV2,
Class
A7,
CMO,
ARM
2.50%,
9/25/51 (1)
432
414
New
Residential
Mortgage
Loan
Trust
Series
2021-NQ1R,
Class
A1,
CMO,
ARM
0.943%,
7/25/55 (1)
137
133
NLT
Trust
Series
2021-INV2,
Class
A1,
CMO,
ARM
1.162%,
8/25/56 (1)
427
400
NLT
Trust
Series
2021-INV2,
Class
A3,
CMO,
ARM
1.52%,
8/25/56 (1)
113
106
Par/Shares
$
Value
(Amounts
in
000s)
OBX
Trust
Series
2019-EXP2,
Class
2A2,
CMO,
ARM
1M
USD
LIBOR
+
1.20%,
1.657%,
6/25/59 (1)
47
46
OBX
Trust
Series
2020-EXP1,
Class
2A2,
CMO,
ARM
1M
USD
LIBOR
+
0.95%,
1.407%,
2/25/60 (1)
49
49
OBX
Trust
Series
2020-EXP2,
Class
A8,
CMO,
ARM
3.00%,
5/25/60 (1)
132
130
OBX
Trust
Series
2020-EXP2,
Class
A9,
CMO,
ARM
3.00%,
5/25/60 (1)
35
34
OBX
Trust
Series
2020-INV1,
Class
A5,
CMO,
ARM
3.50%,
12/25/49 (1)
76
76
OBX
Trust
Series
2021-J1,
Class
A4,
CMO,
ARM
2.50%,
5/25/51 (1)
232
223
OBX
Trust
Series
2021-NQM1,
Class
A1,
CMO,
ARM
1.072%,
2/25/66 (1)
171
166
OBX
Trust
Series
2021-NQM3,
Class
A1,
CMO,
ARM
1.054%,
7/25/61 (1)
115
108
Oceanview
Mortgage
Trust
Series
2022-1,
Class
A5,
CMO,
ARM
2.50%,
12/25/51 (1)
226
217
PSMC
Trust
Series
2021-1,
Class
A11,
CMO,
ARM
2.50%,
3/25/51 (1)
335
320
PSMC
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
2.50%,
5/25/51 (1)
250
239
Sequoia
Mortgage
Trust
Series
2018-CH2,
Class
A21,
CMO,
ARM
4.00%,
6/25/48 (1)
37
37
Sequoia
Mortgage
Trust
Series
2018-CH3,
Class
A19,
CMO,
ARM
4.50%,
8/25/48 (1)
15
16
Sequoia
Mortgage
Trust
Series
2018-CH4,
Class
A2,
CMO,
ARM
4.00%,
10/25/48 (1)
21
21
SG
Residential
Mortgage
Trust
Series
2020-2,
Class
A1,
CMO,
ARM
1.381%,
5/25/65 (1)
57
56
SG
Residential
Mortgage
Trust
Series
2022-1,
Class
A1,
CMO,
ARM
3.166%,
3/27/62 (1)
145
142
Starwood
Mortgage
Residential
Trust
Series
2019-INV1,
Class
A1,
CMO,
ARM
2.61%,
9/27/49 (1)
10
10
Starwood
Mortgage
Residential
Trust
Series
2019-INV1,
Class
A3,
CMO,
ARM
2.916%,
9/27/49 (1)
236
231
Starwood
Mortgage
Residential
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.943%,
5/25/65 (1)
159
156
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
10
Par/Shares
$
Value
(Amounts
in
000s)
Starwood
Mortgage
Residential
Trust
Series
2021-4,
Class
A1,
CMO,
ARM
1.162%,
8/25/56 (1)
338
324
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-DNA2,
Class
M2AS,
CMO,
ARM
1M
USD
LIBOR
+
0.95%,
1.407%,
12/25/30 (1)
272
271
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-DNA3,
Class
M2AS,
CMO,
ARM
1M
USD
LIBOR
+
0.90%,
1.357%,
9/25/48 (1)
383
382
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-HQA2,
Class
M1,
CMO,
ARM
1M
USD
LIBOR
+
0.75%,
1.207%,
10/25/48 (1)
58
58
Structured
Agency
Credit
Risk
Debt
Notes
Series
2018-HRP2,
Class
M2,
CMO,
ARM
1M
USD
LIBOR
+
1.25%,
1.707%,
2/25/47 (1)
168
167
Structured
Agency
Credit
Risk
Debt
Notes
Series
2020-DNA6,
Class
M1,
CMO,
ARM
SOFR30A
+
0.90%,
0.999%,
12/25/50 (1)
7
7
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA1,
Class
M1,
CMO,
ARM
SOFR30A
+
0.65%,
0.749%,
1/25/51 (1)
6
6
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA2,
Class
M1,
CMO,
ARM
SOFR30A
+
0.80%,
0.899%,
8/25/33 (1)
82
81
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA5,
Class
M2,
CMO,
ARM
SOFR30A
+
1.65%,
1.749%,
1/25/34 (1)
110
108
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA6,
Class
M2,
CMO,
ARM
SOFR30A
+
1.50%,
1.599%,
10/25/41 (1)
140
133
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA7,
Class
M2,
CMO,
ARM
SOFR30A
+
1.80%,
1.899%,
11/25/41 (1)
90
86
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-HQA1,
Class
M1,
CMO,
ARM
SOFR30A
+
0.70%,
0.799%,
8/25/33 (1)
26
26
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-HQA3,
Class
M1,
CMO,
ARM
SOFR30A
+
0.85%,
0.949%,
9/25/41 (1)
170
166
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-HQA4,
Class
M1,
CMO,
ARM
SOFR30A
+
0.95%,
1.049%,
12/25/41 (1)
475
463
Structured
Agency
Credit
Risk
Debt
Notes
Series
2022-DNA1,
Class
M1A,
CMO,
ARM
SOFR30A
+
1.00%,
1.099%,
1/25/42 (1)
195
192
Structured
Agency
Credit
Risk
Debt
Notes
Series
2022-HQA1,
Class
M1A,
CMO,
ARM
SOFR30A
+
2.10%,
2.15%,
3/25/42 (1)
285
285
Toorak
Mortgage
Series
2021-INV1,
Class
A2,
CMO,
ARM
1.409%,
7/25/56 (1)
82
77
UWM
Mortgage
Trust
Series
2021-INV2,
Class
A4,
CMO,
ARM
2.50%,
9/25/51 (1)
74
71
Par/Shares
$
Value
(Amounts
in
000s)
UWM
Mortgage
Trust
Series
2021-INV5,
Class
A4,
CMO,
ARM
2.50%,
1/25/52 (1)
462
443
Verus
Securitization
Trust
Series
2019-4,
Class
A3,
CMO,
STEP
3.00%,
11/25/59 (1)
309
308
Verus
Securitization
Trust
Series
2019-INV3,
Class
A3,
CMO,
ARM
3.10%,
11/25/59 (1)
302
301
Verus
Securitization
Trust
Series
2020-1,
Class
A3,
CMO,
STEP
2.724%,
1/25/60 (1)
371
369
Verus
Securitization
Trust
Series
2020-5,
Class
A3,
CMO,
STEP
1.733%,
5/25/65 (1)
46
44
Verus
Securitization
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.815%,
1/25/66 (1)
55
53
Verus
Securitization
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
1.052%,
1/25/66 (1)
73
71
Verus
Securitization
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.155%,
1/25/66 (1)
52
50
Verus
Securitization
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
1.031%,
2/25/66 (1)
98
94
Verus
Securitization
Trust
Series
2021-5,
Class
A3,
CMO,
ARM
1.373%,
9/25/66 (1)
118
108
Verus
Securitization
Trust
Series
2021-7,
Class
A1,
CMO,
ARM
1.829%,
10/25/66 (1)
411
388
Verus
Securitization
Trust
Series
2021-R1,
Class
A2,
CMO,
ARM
1.057%,
10/25/63 (1)
42
41
Verus
Securitization
Trust
Series
2021-R2,
Class
A1,
CMO,
ARM
0.918%,
2/25/64 (1)
106
104
Verus
Securitization
Trust
Series
2022-1,
Class
A3,
CMO,
ARM
3.288%,
1/25/67 (1)
337
327
Wells
Fargo
Mortgage
Backed
Securities
Trust
Series
2021-RR1,
Class
A3,
CMO,
ARM
2.50%,
12/25/50 (1)
270
258
ZH
Trust
Series
2021-1,
Class
A,
CMO
2.253%,
2/18/27 (1)
155
153
18,654
Commercial
Mortgage-Backed
Securities
7.0%
Arbor
Realty
Commercial
Real
Estate
Notes
Series
2021-FL3,
Class
A,
ARM
1M
USD
LIBOR
+
1.07%,
1.467%,
8/15/34 (1)
270
268
Arbor
Realty
Commercial
Real
Estate
Notes
Series
2021-FL4,
Class
A,
ARM
1M
USD
LIBOR
+
1.35%,
1.747%,
11/15/36 (1)
200
200
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
11
Par/Shares
$
Value
(Amounts
in
000s)
BAMLL
Commercial
Mortgage
Securities
Trust
Series
2021-JACX,
Class
C,
ARM
1M
USD
LIBOR
+
2.00%,
2.397%,
9/15/38 (1)
190
187
BCP
Trust
Series
2021-330N,
Class
A,
ARM
1M
USD
LIBOR
+
0.799%,
1.196%,
6/15/38 (1)
120
118
BDS
Series
2021-FL10,
Class
A,
ARM
1M
USD
LIBOR
+
1.35%,
1.818%,
12/16/36 (1)
185
184
BIG
Commercial
Mortgage
Trust
Series
2022-BIG,
Class
C,
ARM
1M
SOFR
+
2.34%,
2.642%,
2/15/39 (1)
105
104
BPR
Trust
Series
2021-TY,
Class
B,
ARM
1M
USD
LIBOR
+
1.15%,
1.547%,
9/15/38 (1)
200
196
BSPRT
Issuer
Series
2022-FL8,
Class
A,
ARM
SOFR30A
+
1.50%,
1.55%,
2/15/37 (1)
380
377
BSREP
Commercial
Mortgage
Trust
Series
2021-DC,
Class
D,
ARM
1M
USD
LIBOR
+
1.90%,
2.297%,
8/15/38 (1)
175
170
BX
Commercial
Mortgage
Trust
Series
2019-XL,
Class
A,
ARM
1M
USD
LIBOR
+
0.92%,
1.317%,
10/15/36 (1)
113
112
BX
Commercial
Mortgage
Trust
Series
2021-SOAR,
Class
D,
ARM
1M
USD
LIBOR
+
1.40%,
1.797%,
6/15/38 (1)
145
141
BX
Commercial
Mortgage
Trust
Series
2022-AHP,
Class
A,
ARM
1M
SOFR
+
0.99%,
1.291%,
1/17/39 (1)
190
188
BX
Trust
Series
2021-ARIA,
Class
C,
ARM
1M
USD
LIBOR
+
1.646%,
2.043%,
10/15/36 (1)
145
142
Citigroup
Commercial
Mortgage
Trust
Series
2013-375P,
Class
B,
ARM
3.518%,
5/10/35 (1)
205
204
Citigroup
Commercial
Mortgage
Trust
Series
2013-375P,
Class
C,
ARM
3.518%,
5/10/35 (1)
150
148
Cold
Storage
Trust
Series
2020-ICE5,
Class
B,
ARM
1M
USD
LIBOR
+
1.30%,
1.697%,
11/15/37 (1)
256
252
Commercial
Mortgage
Trust
Series
2014-CR19,
Class
AM
4.08%,
8/10/47
210
212
Commercial
Mortgage
Trust
Series
2014-CR19,
Class
D,
ARM
4.705%,
8/10/47 (1)
250
235
Commercial
Mortgage
Trust
Series
2014-UBS2,
Class
A5
3.961%,
3/10/47
280
283
Par/Shares
$
Value
(Amounts
in
000s)
Commercial
Mortgage
Trust
Series
2014-UBS2,
Class
B
4.701%,
3/10/47
440
444
Commercial
Mortgage
Trust
Series
2015-CR22,
Class
B,
ARM
3.926%,
3/10/48
100
99
Commercial
Mortgage
Trust
Series
2020-CBM,
Class
D,
ARM
3.633%,
2/10/37 (1)
340
324
Credit
Suisse
Mortgage
Trust
Series
2020-NET,
Class
A
2.257%,
8/15/37 (1)
113
107
Extended
Stay
America
Trust
Series
2021-ESH,
Class
C,
ARM
1M
USD
LIBOR
+
1.70%,
2.097%,
7/15/38 (1)
194
191
Fontainebleau
Miami
Beach
Trust
Series
2019-FBLU,
Class
C
3.75%,
12/10/36 (1)
895
874
GCT
Commercial
Mortgage
Trust
Series
2021-GCT,
Class
A,
ARM
1M
USD
LIBOR
+
0.80%,
1.197%,
2/15/38 (1)
140
138
Great
Wolf
Trust
Series
2019-WOLF,
Class
A,
ARM
1M
USD
LIBOR
+
1.034%,
1.431%,
12/15/36 (1)
325
321
Great
Wolf
Trust
Series
2019-WOLF,
Class
C,
ARM
1M
USD
LIBOR
+
1.633%,
2.03%,
12/15/36 (1)
390
383
GS
Mortgage
Securities
Trust
Series
2021-ROSS,
Class
B,
ARM
1M
USD
LIBOR
+
1.60%,
1.997%,
5/15/26 (1)
160
158
InTown
Hotel
Portfolio
Trust
Series
2018-STAY,
Class
A,
ARM
1M
USD
LIBOR
+
1.10%,
1.497%,
1/15/33 (1)
175
174
InTown
Hotel
Portfolio
Trust
Series
2018-STAY,
Class
C,
ARM
1M
USD
LIBOR
+
1.65%,
2.047%,
1/15/33 (1)
145
144
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2019-BKWD,
Class
C,
ARM
1M
USD
LIBOR
+
1.60%,
1.997%,
9/15/29 (1)
355
348
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
B,
ARM
1M
USD
LIBOR
+
1.77%,
2.167%,
10/15/33 (1)
255
248
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
C,
ARM
1M
USD
LIBOR
+
2.17%,
2.567%,
10/15/33 (1)
210
202
KIND
Trust
Series
2021-KIND,
Class
C,
ARM
1M
USD
LIBOR
+
1.75%,
2.147%,
8/15/38 (1)
245
240
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
12
Par/Shares
$
Value
(Amounts
in
000s)
KKR
Industrial
Portfolio
Trust
Series
2021-KDIP,
Class
C,
ARM
1M
USD
LIBOR
+
1.00%,
1.397%,
12/15/37 (1)
188
183
KKR
Industrial
Portfolio
Trust
Series
2021-KDIP,
Class
D,
ARM
1M
USD
LIBOR
+
1.25%,
1.647%,
12/15/37 (1)
75
73
LSTAR
Commercial
Mortgage
Trust
Series
2017-5,
Class
AS
4.021%,
3/10/50 (1)
145
145
MF1
Series
2021-FL7,
Class
A,
ARM
1M
USD
LIBOR
+
1.08%,
1.511%,
10/16/36 (1)
195
192
MHC
Trust
Series
2021-MHC2,
Class
B,
ARM
1M
USD
LIBOR
+
1.10%,
1.497%,
5/15/23 (1)
150
146
Morgan
Stanley
Capital
I
Trust
Series
2014-150E,
Class
A
3.912%,
9/9/32 (1)
340
337
Morgan
Stanley
Capital
I
Trust
Series
2019-MEAD,
Class
D,
ARM
3.177%,
11/10/36 (1)
710
664
Morgan
Stanley
Capital
I
Trust
Series
2019-NUGS,
Class
D,
ARM
1M
USD
LIBOR
+
1.80%,
3.30%,
12/15/36 (1)
130
128
ONE
Mortgage
Trust
Series
2021-PARK,
Class
B,
ARM
1M
USD
LIBOR
+
0.95%,
1.347%,
3/15/36 (1)
315
304
ONE
Mortgage
Trust
Series
2021-PARK,
Class
C,
ARM
1M
USD
LIBOR
+
1.10%,
1.497%,
3/15/36 (1)
170
164
Shelter
Growth
CRE
Issuer
Series
2021-FL3,
Class
A,
ARM
1M
USD
LIBOR
+
1.08%,
1.477%,
9/15/36 (1)
136
133
SLIDE
Series
2018-FUN,
Class
A,
ARM
1M
USD
LIBOR
+
1.15%,
1.547%,
6/15/31 (1)
484
480
SLIDE
Series
2018-FUN,
Class
D,
ARM
1M
USD
LIBOR
+
2.10%,
2.497%,
6/15/31 (1)
530
519
Wells
Fargo
Commercial
Mortgage
Trust
Series
2015-NXS2,
Class
A2
3.02%,
7/15/58
150
149
WFRBS
Commercial
Mortgage
Trust
Series
2014-C23,
Class
A5
3.917%,
10/15/57
435
441
WFRBS
Commercial
Mortgage
Trust
Series
2014-LC14,
Class
A5
4.045%,
3/15/47
440
445
12,619
Par/Shares
$
Value
(Amounts
in
000s)
Residential
Mortgage
0.3%
Bayview
Opportunity
Master
Fund
IVb
Trust
Series
2017-SPL4,
Class
A,
ARM
3.50%,
1/28/55 (1)
111
110
MetLife
Securitization
Trust
Series
2017-1A,
Class
A,
ARM
3.00%,
4/25/55 (1)
154
152
Towd
Point
Mortgage
Trust
Series
2016-1,
Class
A3B,
ARM
3.00%,
2/25/55 (1)
23
23
Towd
Point
Mortgage
Trust
Series
2016-2,
Class
A1A,
ARM
2.75%,
8/25/55 (1)
6
6
Towd
Point
Mortgage
Trust
Series
2017-1,
Class
A1,
ARM
2.75%,
10/25/56 (1)
106
106
Towd
Point
Mortgage
Trust
Series
2017-2,
Class
A1,
ARM
2.75%,
4/25/57 (1)
66
66
Towd
Point
Mortgage
Trust
Series
2018-1,
Class
A1,
ARM
3.00%,
1/25/58 (1)
101
101
564
Total
Non-U.S.
Government
Mortgage-
Backed
Securities
(Cost
$32,975)
31,837
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
3.5%
U.S.
Government
Agency
Obligations
2.2%
Federal
Home
Loan
Mortgage
3.50%,
3/1/46
107
109
5.00%,
12/1/23
-
7/1/25
11
11
5.50%,
4/1/23
-
10/1/38
6
6
6.00%,
8/1/22
-
9/1/35
78
86
7.00%,
3/1/39
70
76
7.50%,
6/1/38
72
79
Federal
Home
Loan
Mortgage,
ARM
12M
USD
LIBOR
+
1.625%,
1.875%,
6/1/38
-
7/1/38
23
23
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%,
2.006%,
10/1/36
6
6
12M
USD
LIBOR
+
1.739%,
2.05%,
5/1/38
6
6
12M
USD
LIBOR
+
1.75%,
2.127%,
2/1/35
1
1
12M
USD
LIBOR
+
1.775%,
2.025%,
5/1/37
3
3
12M
USD
LIBOR
+
1.830%,
2.204%,
2/1/37
2
2
12M
USD
LIBOR
+
1.842%,
2.091%,
1/1/37
2
2
12M
USD
LIBOR
+
2.03%,
2.275%,
11/1/36
2
2
12M
USD
LIBOR
+
2.083%,
2.582%,
2/1/38
7
8
1Y
CMT
+
2.245%,
2.37%,
1/1/36
6
6
1Y
CMT
+
2.25%,
2.338%,
10/1/36
2
2
Federal
Home
Loan
Mortgage,
CMO,
2.00%,
2/15/40
79
79
Federal
Home
Loan
Mortgage,
UMBS
2.50%,
1/1/52
227
217
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
13
Par/Shares
$
Value
(Amounts
in
000s)
3.00%,
11/1/34
194
196
4.00%,
12/1/49
39
41
4.50%,
5/1/50
36
37
Federal
National
Mortgage
Assn.,
ARM
12M
USD
LIBOR
+
1.34%,
1.59%,
12/1/35
2
2
12M
USD
LIBOR
+
1.568%,
1.818%,
7/1/35
1
1
12M
USD
LIBOR
+
1.584%,
1.834%,
12/1/35
5
5
12M
USD
LIBOR
+
1.601%,
1.899%,
7/1/36
6
6
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%,
2.03%,
1/1/34
6
6
12M
USD
LIBOR
+
1.788%,
2.163%,
5/1/38
2
2
12M
USD
LIBOR
+
1.83%,
2.098%,
4/1/38
18
19
12M
USD
LIBOR
+
1.853%,
2.103%,
8/1/38
8
9
12M
USD
LIBOR
+
1.892%,
2.142%,
12/1/35
2
2
12M
USD
LIBOR
+
1.922%,
2.191%,
5/1/38
6
6
12M
USD
LIBOR
+
2.04%,
2.29%,
12/1/36
1
1
Federal
National
Mortgage
Assn.,
UMBS
2.00%,
10/1/50
117
109
2.50%,
1/1/52
205
196
3.00%,
1/1/27
98
99
3.50%,
3/1/28
-
1/1/52
155
157
4.00%,
11/1/49
-
12/1/49
71
73
4.50%,
8/1/24
-
1/1/50
569
595
5.00%,
3/1/23
-
6/1/35
208
225
5.50%,
5/1/22
-
5/1/40
256
280
6.00%,
2/1/23
-
4/1/40
481
535
6.50%,
7/1/32
-
12/1/32
60
65
UMBS,
TBA (3)
3.00%,
4/1/52
385
377
4.00%,
4/1/52
165
168
3,952
U.S.
Government
Obligations
1.3%
Government
National
Mortgage
Assn.
3.00%,
9/20/47
847
843
3.50%,
2/20/48
13
14
4.00%,
10/20/50
39
40
5.00%,
12/20/34
-
11/20/47
293
320
5.50%,
3/20/48
-
3/20/49
54
58
Government
National
Mortgage
Assn.,
TBA,
3.50%,
4/20/52 (3)
1,067
1,073
2,348
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$6,357)
6,300
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
15.3%
Treasuries
15.3%
U.S.
Treasury
Notes,
0.125%,
5/15/23 (4)
125
123
U.S.
Treasury
Notes,
0.125%,
8/31/23
2,415
2,349
U.S.
Treasury
Notes,
0.125%,
10/15/23
2,375
2,302
U.S.
Treasury
Notes,
0.25%,
9/30/23
1,750
1,702
U.S.
Treasury
Notes,
0.375%,
10/31/23
11,300
10,986
U.S.
Treasury
Notes,
0.50%,
11/30/23
1,415
1,375
Par/Shares
$
Value
(Amounts
in
000s)
U.S.
Treasury
Notes,
0.75%,
12/31/23
2,875
2,800
U.S.
Treasury
Notes,
0.875%,
1/31/24
1,435
1,398
U.S.
Treasury
Notes,
1.50%,
2/29/24
1,380
1,360
U.S.
Treasury
Notes,
1.75%,
3/15/25
3,215
3,147
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$28,164)
27,542
SHORT-TERM
INVESTMENTS
2.4%
Money
Market
Funds
2.4%
T.
Rowe
Price
Government
Reserve
Fund,
0.29% (5)(6)
4,336
4,336
Total
Short-Term
Investments
(Cost
$4,336)
4,336
Total
Investments
in
Securities
102.1%
(Cost
$188,699)
$
184,416
Other
Assets
Less
Liabilities
(2.1)%
(
3,860
)
Net
Assets
100.0%
$
180,556
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
14
‡
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
$82,240
and
represents
45.5%
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
are
provided
if
the
rate
is
currently
floating.
(3)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$1,618
and
represents
0.9%
of
net
assets.
(4)
At
March
31,
2022,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(5)
Seven-day
yield
(6)
Affiliated
Companies
1M
SOFR
One
month
SOFR
(Secured
overnight
financing
rate)
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
SOFR
Three
month
Term
SOFR
(Secured
overnight
financing
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
12M
USD
LIBOR
Twelve
month
USD
LIBOR
(London
interbank
offered
rate)
1Y
CMT
One
year
U.S.
Treasury
note
constant
maturity
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
FRN
Floating
Rate
Note
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
(8)
(7)
(
1
)
Barclays
Bank,
Protection
Bought
(Relevant
Credit:
Omnicom
Group),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
*
1,250
(25)
(22)
(
3
)
Citibank,
Protection
Bought
(Relevant
Credit:
General
Mills),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
*
596
(12)
(10)
(
2
)
Goldman
Sachs,
Protection
Bought
(Relevant
Credit:
General
Mills),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
*
1,220
(24)
(21)
(
3
)
Total
Bilateral
Credit
Default
Swaps,
Protection
Bought
(60)
(
9
)
Credit
Default
Swaps,
Protection
Sold
0.0%
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
AT&T,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/22
*
500
3
2
1
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Enbridge,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/23
*
1,750
14
(30)
44
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(28)
45
Total
Bilateral
Swaps
(88)
36
*
Credit
ratings
as
of
March
31,
2022.
Ratings
shown
are
from
Moody’s
Investors
Service
and
if
Moody’s
does
not
rate
a
security,
then
Standard
&
Poor’s
(S&P)
is
used.
Fitch
is
used
for
securities
that
are
not
rated
by
either
Moody’s
or
S&P.
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
16
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
38
U.S.
Treasury
Notes
five
year
contracts
6/22
(4,358)
$
79
Long,
109
U.S.
Treasury
Notes
two
year
contracts
6/22
23,099
(
293
)
Long,
4
Ultra
U.S.
Treasury
Notes
ten
year
contracts
6/22
542
(
18
)
Net
payments
(receipts)
of
variation
margin
to
date
246
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
14
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,
2022.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
$
—
#
$
—
$
1
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
03/31/22
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
$
4,392
¤
¤
$
4,336
^
#
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
$4,336.
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,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict.
Economic
sanctions
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result, Russian-related
stocks
and
debt
have
since
suffered
significant
declines
in
value.
The
duration
of
the
coronavirus
outbreak
and
the
Russian-Ukraine
conflict,
and
their
effects
on
the
financial
markets,
cannot
be
determined
with
certainty.
The fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
these
events.
E303-054Q1
03/22
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
180,080
$
—
$
180,080
Short-Term
Investments
4,336
—
—
4,336
Total
Securities
4,336
180,080
—
184,416
Swaps
—
17
—
17
Futures
Contracts*
79
—
—
79
Total
$
4,415
$
180,097
$
—
$
184,512
Liabilities
Swaps
$
—
$
69
$
—
$
69
Futures
Contracts*
311
—
—
311
Total
$
311
$
69
$
—
$
380
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.