UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-07153

T. Rowe Price Fixed Income Series, Inc.

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2025

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Semi-Annual Shareholder Report

June 30, 2025

Limited-Term Bond Portfolio

Limited-Term Bond Portfolio Class (QAAGWX)

This semi-annual shareholder report contains important information about Limited-Term Bond Portfolio (the "fund") for the period of January 1, 2025 to June 30, 2025. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Limited-Term Bond Portfolio Class	$25	0.50%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)	$199,759
Number of Portfolio Holdings	860


Portfolio Turnover Rate	46.5%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Corporate Bonds	43.5%
Asset-Backed Securities	20.6
U.S. Government Agency Obligations (Excluding Mortgage-Backed)	17.6
Non-U.S. Government Mortgage-Backed Securities	7.3
U.S. Government & Agency Mortgage-Backed Securities	7.1
Foreign Government Obligations & Municipalities	1.9
Commercial Paper	1.1
Securities Lending Collateral	0.4
Short-Term and Other	0.5

Top Ten Holdings (as a % of Net Assets)

U.S. Treasury Notes	17.1%
Federal National Mortgage Assn.	4.0
Federal Home Loan Mortgage	2.1
Government National Mortgage Assn.	1.0
CVS Health	0.8
HCA	0.7
Wells Fargo	0.7
Goldman Sachs Group	0.7
Crown Castle	0.7
SBA Tower Trust	0.6

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

E303-053 8/25

Limited-Term Bond Portfolio

Limited-Term Bond Portfolio Class (QAAGWX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

June 30, 2025

Limited-Term Bond Portfolio

Limited-Term Bond Portfolio-II Class (QAAGUX)

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Limited-Term Bond Portfolio-II Class	$38	0.75%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)	$199,759
Number of Portfolio Holdings	860


Portfolio Turnover Rate	46.5%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Corporate Bonds	43.5%
Asset-Backed Securities	20.6
U.S. Government Agency Obligations (Excluding Mortgage-Backed)	17.6
Non-U.S. Government Mortgage-Backed Securities	7.3
U.S. Government & Agency Mortgage-Backed Securities	7.1
Foreign Government Obligations & Municipalities	1.9
Commercial Paper	1.1
Securities Lending Collateral	0.4
Short-Term and Other	0.5

Top Ten Holdings (as a % of Net Assets)

U.S. Treasury Notes	17.1%
Federal National Mortgage Assn.	4.0
Federal Home Loan Mortgage	2.1
Government National Mortgage Assn.	1.0
CVS Health	0.8
HCA	0.7
Wells Fargo	0.7
Goldman Sachs Group	0.7
Crown Castle	0.7
SBA Tower Trust	0.6

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

E353-053 8/25

Limited-Term Bond Portfolio

Limited-Term Bond Portfolio-II Class (QAAGUX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a – b) Report pursuant to Regulation S-X.

Rowe

Price

Limited-Term

Bond

Portfolio

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

these

financial

statements.

Limited-Term

Bond

Portfolio

Class

Months

Ended

6/30/25

Year

Ended

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

NET

ASSET

VALUE

Beginning

period

4.69‌

4.66‌

4.59‌

4.91‌

5.00‌

4.87‌

Investment

activities

Net

investment

income

(1)(2)

0.10‌

0.20‌

0.15‌

0.09‌

0.07‌

0.10‌

Net

realized

and

unrealized

gain/

loss

0.04‌

0.03‌

0.07‌

(0.31‌)

(0.06‌)

0.13‌

Total

from

investment

activities

0.14‌

0.23‌

0.22‌

(0.22‌)

0.01‌

0.23‌

Distributions

Net

investment

income

(0.10‌)

(0.20‌)

(0.15‌)

(0.09‌)

(0.07‌)

(0.10‌)

Net

realized

gain

–‌

(0.01‌)

(0.03‌)

–‌

Total

distributions

(0.10‌)

(0.20‌)

(0.15‌)

(0.10‌)

NET

ASSET

VALUE

End

period

4.73‌

4.69‌

4.66‌

4.59‌

4.91‌

5.00‌

Ratios/Supplemental

Data

Total

return

(2)(3)

3.01‌%

4.96‌%

4.94‌%

(4.52‌)%

0.13‌%

4.71‌%

Ratios

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

Price

Associates

0.61‌%

(4)

0.63‌%

0.70‌%

Net

expenses

after

waivers/

payments

Price

Associates

0.50‌%

(4)

0.50‌%

Net

investment

income

4.31‌%

(4)

4.22‌%

3.32‌%

1.93‌%

1.31‌%

2.04‌%

Portfolio

turnover

rate

46.5‌%

123.7‌%

72.5‌%

86.3‌%

64.3‌%

70.4‌%

Net

assets,

end

period

(in

thousands)

178,573‌

172,503‌

168,464‌

161,043‌

171,166‌

139,173‌

(1)

Per

amounts

calculated

using

average

outstanding

method.

(2)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

Total

return

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

Rowe

Price

Limited-Term

Bond

Portfolio

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

these

financial

statements.

Limited-Term

Bond

Portfolio-II

Class

Months

Ended

6/30/25

Year

Ended

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

NET

ASSET

VALUE

Beginning

period

4.67‌

4.64‌

4.57‌

4.89‌

4.98‌

4.85‌

Investment

activities

Net

investment

income

(1)(2)

0.09‌

0.19‌

0.14‌

0.08‌

0.05‌

0.08‌

Net

realized

and

unrealized

gain/

loss

0.04‌

0.02‌

0.07‌

(0.31‌)

(0.06‌)

0.13‌

Total

from

investment

activities

0.13‌

0.21‌

(0.23‌)

(0.01‌)

0.21‌

Distributions

Net

investment

income

(0.09‌)

(0.18‌)

(0.14‌)

(0.08‌)

(0.05‌)

(0.08‌)

Net

realized

gain

–‌

(0.01‌)

(0.03‌)

–‌

Total

distributions

(0.09‌)

(0.18‌)

(0.14‌)

(0.09‌)

(0.08‌)

NET

ASSET

VALUE

End

period

4.71‌

4.67‌

4.64‌

4.57‌

4.89‌

4.98‌

Ratios/Supplemental

Data

Total

return

(2)(3)

2.89‌%

4.70‌%

4.69‌%

(4.78‌)%

(0.13‌)%

4.46‌%

Ratios

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

Price

Associates

0.85‌%

(4)

0.87‌%

0.95‌%

Net

expenses

after

waivers/

payments

Price

Associates

0.75‌%

(4)

0.75‌%

Net

investment

income

4.06‌%

(4)

3.98‌%

3.07‌%

1.69‌%

1.06‌%

1.68‌%

Portfolio

turnover

rate

46.5‌%

123.7‌%

72.5‌%

86.3‌%

64.3‌%

70.4‌%

Net

assets,

end

period

(in

thousands)

21,186‌

19,785‌

17,039‌

17,217‌

18,786‌

15,503‌

(1)

Per

amounts

calculated

using

average

outstanding

method.

(2)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

Total

return

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

ROWE

PRICE

Limited-Term

Bond

Portfolio

June

30,

2025

(Unaudited)

Portfolio

Investments

‡

Par/Shares

Value

(Amounts

000s)

‡

ASSET-BACKED

SECURITIES

20.6%

Car

Loan

5.3%

Ally

Auto

Receivables

Trust

Series

2023-A,

Class

6.01%,

1/17/34 (1)

18‌

Ally

Auto

Receivables

Trust

Series

2023-A,

Class

6.08%,

1/17/34 (1)

78‌

80‌

Ally

Bank

Auto

Credit-Linked

Notes

Series

2024-A,

Class

5.827%,

5/17/32 (1)

154‌

156‌

Ally

Bank

Auto

Credit-Linked

Notes

Series

2024-A,

Class

6.022%,

5/17/32 (1)

154‌

156‌

Ally

Bank

Auto

Credit-Linked

Notes

Series

2024-B,

Class

4.97%,

9/15/32 (1)

186‌

187‌

AmeriCredit

Automobile

Receivables

Trust

Series

2021-2,

Class

1.29%,

6/18/27

235‌

230‌

AmeriCredit

Automobile

Receivables

Trust

Series

2022-1,

Class

3.23%,

2/18/28

420‌

413‌

ARI

Fleet

Lease

Trust

Series

2024-B,

Class

5.54%,

4/15/33 (1)

175‌

176‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2020-1A,

Class

2.33%,

8/20/26 (1)

113‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2022-5A,

Class

6.24%,

4/20/27 (1)

100‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2023-2A,

Class

6.18%,

10/20/27 (1)

100‌

101‌

Avis

Budget

Rental

Car

Funding

AESOP

Series

2023-3A,

Class

7.32%,

2/20/28 (1)

100‌

101‌

Bayview

Opportunity

Master

Fund

VII

Series

2024-CAR1,

Class

FRN

SOFR30A

1.10%,

5.405%,

12/26/31 (1)

135‌

136‌

CarMax

Auto

Owner

Trust

Series

2023-2,

Class

5.57%,

11/15/28

265‌

269‌

CarMax

Auto

Owner

Trust

Series

2023-2,

Class

6.55%,

10/15/29

175‌

179‌

CarMax

Auto

Owner

Trust

Series

2023-3,

Class

6.44%,

12/16/30

100‌

103‌

CarMax

Auto

Owner

Trust

Series

2023-4,

Class

6.58%,

5/15/29

135‌

141‌

CarMax

Auto

Owner

Trust

Series

2024-1,

Class

5.47%,

8/15/29

140‌

142‌

CarMax

Auto

Owner

Trust

Series

2024-2,

Class

6.42%,

10/15/30

100‌

103‌

Par/Shares

Value

(Amounts

000s)

CarMax

Auto

Owner

Trust

Series

2024-3,

Class

5.67%,

1/15/31

65‌

66‌

CarMax

Select

Receivables

Trust

Series

2024-A,

Class

5.35%,

1/15/30

65‌

66‌

CarMax

Select

Receivables

Trust

Series

2024-A,

Class

5.62%,

1/15/30

290‌

295‌

Carvana

Auto

Receivables

Trust

Series

2021-P4,

Class

1.98%,

2/10/28

190‌

183‌

Carvana

Auto

Receivables

Trust

Series

2022-N1,

Class

3.32%,

12/11/28 (1)

17‌

Carvana

Auto

Receivables

Trust

Series

2024-N2,

Class

5.67%,

9/10/30 (1)

200‌

203‌

Chase

Auto

Credit

Linked

Notes

Series

2025-1,

Class

4.753%,

2/25/33 (1)

250‌

Enterprise

Fleet

Financing

Series

2024-3,

Class

5.06%,

3/20/31 (1)

50‌

51‌

Exeter

Automobile

Receivables

Trust

Series

2022-4A,

Class

5.98%,

12/15/28

140‌

141‌

Exeter

Automobile

Receivables

Trust

Series

2022-5A,

Class

6.51%,

12/15/27

290‌

291‌

Exeter

Select

Automobile

Receivables

Trust

Series

2025-1,

Class

4.87%,

8/15/31

135‌

136‌

Ford

Credit

Auto

Lease

Trust

Series

2023-A,

Class

5.54%,

12/15/26

66‌

Ford

Credit

Auto

Lease

Trust

Series

2023-B,

Class

6.43%,

4/15/27

135‌

136‌

Ford

Credit

Auto

Owner

Trust

Series

2020-2,

Class

1.74%,

4/15/33 (1)

145‌

144‌

Ford

Credit

Auto

Owner

Trust

Series

2023-A,

Class

5.07%,

1/15/29

410‌

414‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2023-1,

Class

5.75%,

5/15/28 (1)

115‌

116‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2023-1,

Class

6.62%,

5/15/28 (1)

135‌

136‌

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2024-1,

Class

5.48%,

4/15/29 (1)

140‌

142‌

Financial

Consumer

Automobile

Receivables

Trust

Series

2023-1,

Class

5.03%,

9/18/28

40‌

ROWE

PRICE

Limited-Term

Bond

Portfolio

Par/Shares

Value

(Amounts

000s)

GMF

Floorplan

Owner

Revolving

Trust

Series

2024-4A,

Class

4.73%,

11/15/29 (1)

110‌

111‌

GMF

Floorplan

Owner

Revolving

Trust

Series

2024-4A,

Class

4.98%,

11/15/29 (1)

265‌

267‌

Huntington

Bank

Auto

Credit-Linked

Notes

Series

2024-1,

Class

6.153%,

5/20/32 (1)

197‌

200‌

Huntington

Bank

Auto

Credit-Linked

Notes

Series

2024-2,

Class

5.442%,

10/20/32 (1)

415‌

419‌

Huntington

Bank

Auto

Credit-Linked

Notes

Series

2025-1,

Class

4.957%,

3/21/33 (1)

287‌

288‌

Hyundai

Auto

Lease

Securitization

Trust

Series

2025-B,

Class

4.53%,

4/17/28 (1)

105‌

106‌

Hyundai

Auto

Lease

Securitization

Trust

Series

2025-B,

Class

4.94%,

8/15/29 (1)

215‌

217‌

Navistar

Financial

Dealer

Note

Master

Owner

Trust

Series

2024-1,

Class

5.79%,

4/25/29 (1)

25‌

Navistar

Financial

Dealer

Note

Master

Owner

Trust

Series

2024-1,

Class

6.13%,

4/25/29 (1)

40‌

Navistar

Financial

Dealer

Note

Master

Owner

Trust

Series

2023-1,

Class

6.18%,

8/25/28 (1)

175‌

Porsche

Innovative

Lease

Owner

Trust

Series

2025-1A,

Class

4.69%,

11/20/30 (1)

100‌

101‌

Santander

Bank

Auto

Credit-Linked

Notes

Series

2023-B,

Class

5.644%,

12/15/33 (1)

136‌

138‌

Santander

Bank

Auto

Credit-Linked

Notes

Series

2023-B,

Class

6.663%,

12/15/33 (1)

165‌

167‌

Santander

Bank

Auto

Credit-Linked

Notes

Series

2024-A,

Class

5.622%,

6/15/32 (1)

212‌

213‌

Santander

Bank

Auto

Credit-Linked

Notes

Series

2024-A,

Class

5.818%,

6/15/32 (1)

212‌

214‌

Santander

Bank

Auto

Credit-Linked

Notes

Series

2024-B,

Class

4.965%,

1/18/33 (1)

250‌

251‌

Santander

Bank

Auto

Credit-Linked

Notes

Series

2024-B,

Class

5.141%,

1/18/33 (1)

250‌

251‌

Santander

Drive

Auto

Receivables

Trust

Series

2021-4,

Class

1.67%,

10/15/27

125‌

124‌

Santander

Drive

Auto

Receivables

Trust

Series

2022-2,

Class

3.76%,

7/16/29

365‌

362‌

Par/Shares

Value

(Amounts

000s)

Santander

Drive

Auto

Receivables

Trust

Series

2022-5,

Class

4.74%,

10/16/28

243‌

SBNA

Auto

Lease

Trust

Series

2024-B,

Class

5.55%,

12/20/28 (1)

265‌

269‌

Securitized

Term

Auto

Receivables

Trust

Series

2025-A,

Class

5.038%,

7/25/31 (1)

76‌

77‌

Securitized

Term

Auto

Receivables

Trust

Series

2025-B,

Class

4.925%,

12/29/32 (1)

65‌

Securitized

Term

Auto

Receivables

Trust

Series

2025-B,

Class

5.121%,

12/29/32 (1)

25‌

SFS

Auto

Receivables

Securitization

Trust

Series

2024-1A,

Class

4.95%,

5/21/29 (1)

80‌

SFS

Auto

Receivables

Securitization

Trust

Series

2024-1A,

Class

5.51%,

1/20/32 (1)

25‌

26‌

U.S.

Bank

Series

2023-1,

Class

6.789%,

8/25/32 (1)

89‌

90‌

World

Omni

Auto

Receivables

Trust

Series

2022-A,

Class

2.55%,

9/15/28

155‌

153‌

10,494‌

Home

Equity

0.1%

BRAVO

Residential

Funding

Trust

Series

2021-HE2,

Class

B1,

FRN

SOFR30A

2.40%,

6.705%,

11/25/69 (1)

135‌

Other

Asset-Backed

Securities

14.7%

Affirm

Master

Trust

Series

2025-2A,

Class

4.67%,

7/15/33 (1)

175‌

Affirm

Master

Trust

Series

2025-2A,

Class

5.06%,

7/15/33 (1)

180‌

Alinea

Series

2018-1A,

Class

AR,

CLO,

FRN

TSFR

0.90%,

5.169%,

7/20/31 (1)

167‌

166‌

Alinea

Series

2018-1A,

Class

BR,

CLO,

FRN

TSFR

1.15%,

5.419%,

7/20/31 (1)

250‌

249‌

Anthelion

Series

2025-1A,

Class

A1,

CLO,

FRN

TSFR

1.50%,

7/20/36 (1)(2)

300‌

299‌

Arbys

Funding

Series

2020-1A,

Class

3.237%,

7/30/50 (1)

510‌

486‌

Auxilior

Term

Funding

Series

2023-1A,

Class

6.18%,

12/15/28 (1)

179‌

181‌

Auxilior

Term

Funding

Series

2024-1A,

Class

5.49%,

7/15/31 (1)

120‌

123‌

ROWE

PRICE

Limited-Term

Bond

Portfolio

Par/Shares

Value

(Amounts

000s)

Balboa

Bay

Loan

Funding

Series

2023-1A,

Class

ARR,

CLO,

FRN

TSFR

1.16%,

4/20/36 (1)(2)

250‌

Barings

Series

2018-4A,

Class

BR,

CLO,

FRN

TSFR

1.80%,

6.056%,

10/15/30 (1)

375‌

Battalion

XII

Series

2018-12A,

Class

BRR,

CLO,

FRN

TSFR

1.20%,

5.524%,

5/17/31 (1)

250‌

249‌

Battalion

XII

Series

2018-12A,

Class

CRR,

CLO,

FRN

TSFR

1.55%,

5.874%,

5/17/31 (1)

250‌

248‌

Battalion

XXI

Series

2021-21A,

Class

BR,

CLO,

FRN

TSFR

1.70%,

7/15/34 (1)(2)

250‌

Blue

Owl

Asset

Leasing

Trust

Series

2024-1A,

Class

5.05%,

3/15/29 (1)

192‌

Blue

Owl

Asset

Leasing

Trust

Series

2024-1A,

Class

5.41%,

3/15/30 (1)

100‌

101‌

BlueMountain

Series

2016-3A,

Class

A1R2,

CLO,

FRN

TSFR

1.20%,

5.526%,

11/15/30 (1)

241‌

BlueMountain

Series

2018-3A,

Class

A1R,

CLO,

FRN

TSFR

1.19%,

5.472%,

10/25/30 (1)

153‌

Bowling

Green

Park

Series

2019-1A,

Class

ARR,

CLO,

FRN

TSFR

1.00%,

5.269%,

4/18/35 (1)

410‌

407‌

BRE

Grand

Islander

Timeshare

Issuer

Series

2019-A,

Class

3.28%,

9/26/33 (1)

78‌

77‌

Chenango

Park

Series

2018-1A,

Class

A2R,

CLO,

FRN

TSFR

1.45%,

5.706%,

4/15/30 (1)

250‌

Chenango

Park

Series

2018-1A,

Class

BR,

CLO,

FRN

TSFR

1.80%,

6.056%,

4/15/30 (1)

325‌

326‌

CIFC

Funding

Series

2016-1A,

Class

AR3,

CLO,

FRN

TSFR

1.00%,

5.269%,

10/21/31 (1)

378‌

377‌

CIFC

Funding

Series

2016-1A,

Class

D1R3,

CLO,

FRN

TSFR

2.30%,

6.569%,

10/21/31 (1)

250‌

245‌

Clarus

Capital

Funding

Series

2024-1A,

Class

4.71%,

8/20/32 (1)

85‌

Clarus

Capital

Funding

Series

2024-1A,

Class

4.79%,

8/20/32 (1)

100‌

CyrusOne

Data

Centers

Issuer

Series

2024-2A,

Class

4.50%,

5/20/49 (1)

360‌

351‌

Dell

Equipment

Finance

Trust

Series

2023-3,

Class

6.75%,

10/22/29 (1)

100‌

102‌

Dell

Equipment

Finance

Trust

Series

2024-1,

Class

6.12%,

9/23/30 (1)

100‌

102‌

Par/Shares

Value

(Amounts

000s)

Dell

Equipment

Finance

Trust

Series

2024-2,

Class

4.82%,

8/22/30 (1)

100‌

101‌

Dell

Equipment

Finance

Trust

Series

2024-2,

Class

5.29%,

2/24/31 (1)

100‌

101‌

Dell

Equipment

Finance

Trust

Series

2025-1,

Class

5.25%,

2/24/31 (1)

100‌

101‌

DLLAA

Series

2023-1A,

Class

5.64%,

2/22/28 (1)

185‌

187‌

DLLST

Series

2024-1A,

Class

5.05%,

8/20/27 (1)

70‌

DLLST

Series

2024-1A,

Class

4.93%,

4/22/30 (1)

20‌

Driven

Brands

Funding

Series

2019-1A,

Class

4.641%,

4/20/49 (1)

183‌

182‌

Driven

Brands

Funding

Series

2019-2A,

Class

3.981%,

10/20/49 (1)

101‌

100‌

Dryden

Series

2020-77A,

Class

AR,

CLO,

FRN

TSFR

1.382%,

5.704%,

5/20/34 (1)

610‌

Dryden

Series

2020-86A,

Class

A1R,

CLO,

FRN

TSFR

1.362%,

5.641%,

7/17/34 (1)

250‌

Elara

HGV

Timeshare

Issuer

Series

2019-A,

Class

2.61%,

1/25/34 (1)

101‌

99‌

Elara

HGV

Timeshare

Issuer

Series

2021-A,

Class

1.36%,

8/27/35 (1)

29‌

27‌

Elara

HGV

Timeshare

Issuer

Series

2023-A,

Class

7.30%,

2/25/38 (1)

68‌

70‌

FirstKey

Homes

Trust

Series

2020-SFR1,

Class

2.241%,

8/17/37 (1)

500‌

496‌

FirstKey

Homes

Trust

Series

2020-SFR2,

Class

1.968%,

10/19/37 (1)

315‌

311‌

Fortress

Credit

BSL

VII

Series

2019-1A,

Class

A1R,

CLO,

FRN

TSFR

1.09%,

5.369%,

7/23/32 (1)

139‌

Fortress

Credit

BSL

VII

Series

2019-1A,

Class

A2R,

CLO,

FRN

TSFR

1.40%,

5.679%,

7/23/32 (1)

250‌

Fortress

Credit

BSL

VII

Series

2019-1A,

Class

BR,

CLO,

FRN

TSFR

1.65%,

5.929%,

7/23/32 (1)

300‌

299‌

Fortress

Credit

BSL

VIII

Series

2019-2A,

Class

A1AR,

CLO,

FRN

TSFR

1.05%,

5.319%,

10/20/32 (1)

235‌

234‌

Fortress

Credit

BSL

VIII

Series

2019-2A,

Class

A2R,

CLO,

FRN

TSFR

1.40%,

5.669%,

10/20/32 (1)

560‌

555‌

ROWE

PRICE

Limited-Term

Bond

Portfolio

Par/Shares

Value

(Amounts

000s)

Fortress

Credit

BSL

Series

2022-2A,

Class

AR,

CLO,

FRN

TSFR

1.40%,

5.669%,

10/18/33 (1)

580‌

581‌

Fortress

Credit

BSL

XVIII

Series

2023-1A,

Class

A1R,

CLO,

FRN

TSFR

1.57%,

5.884%,

4/23/36 (1)

250‌

Frontier

Issuer

Series

2023-1,

Class

11.50%,

8/20/53 (1)

240‌

252‌

Frontier

Issuer

Series

2024-1,

Class

6.19%,

6/20/54 (1)

65‌

67‌

Golub

Capital

Partners

Static

Series

2024-1A,

Class

BR,

CLO,

FRN

TSFR

1.50%,

7/20/35 (1)(2)

780‌

Goto

Foods

Funding

Series

2017-1A,

Class

A2II

5.093%,

4/30/47 (1)

511‌

507‌

Hardee's

Funding

Series

2018-1A,

Class

A23

5.71%,

6/20/48 (1)

126‌

124‌

Hardee's

Funding

Series

2020-1A,

Class

3.981%,

12/20/50 (1)

521‌

496‌

Hardee's

Funding

Series

2021-1A,

Class

2.865%,

6/20/51 (1)

139‌

127‌

Hilton

Grand

Vacations

Trust

Series

2022-1D,

Class

3.61%,

6/20/34 (1)

34‌

33‌

Hilton

Grand

Vacations

Trust

Series

2023-1A,

Class

6.11%,

1/25/38 (1)

175‌

180‌

Hilton

Grand

Vacations

Trust

Series

2023-1A,

Class

6.94%,

1/25/38 (1)

46‌

47‌

Hilton

Grand

Vacations

Trust

Series

2025-1A,

Class

4.88%,

5/27/42 (1)

120‌

121‌

Hilton

Grand

Vacations

Trust

Series

2025-1A,

Class

5.18%,

5/27/42 (1)

205‌

207‌

HPEFS

Equipment

Trust

Series

2023-1A,

Class

5.73%,

4/20/28 (1)

275‌

HPEFS

Equipment

Trust

Series

2023-1A,

Class

5.91%,

4/20/28 (1)

100‌

HPEFS

Equipment

Trust

Series

2023-2A,

Class

6.48%,

1/21/31 (1)

100‌

101‌

HPEFS

Equipment

Trust

Series

2023-2A,

Class

6.97%,

7/21/31 (1)

200‌

203‌

HPEFS

Equipment

Trust

Series

2024-1A,

Class

5.33%,

5/20/31 (1)

340‌

341‌

HPEFS

Equipment

Trust

Series

2024-2A,

Class

5.35%,

10/20/31 (1)

100‌

101‌

Par/Shares

Value

(Amounts

000s)

HPEFS

Equipment

Trust

Series

2024-2A,

Class

5.82%,

4/20/32 (1)

105‌

107‌

Jack

the

Box

Funding

Series

2022-1A,

Class

A2I

3.445%,

2/26/52 (1)

206‌

198‌

Madison

Park

Funding

XLII

Series

13A,

Class

AR,

CLO,

FRN

TSFR

1.15%,

5.429%,

11/21/30 (1)

259‌

Madison

Park

Funding

XXIII

Series

2017-23A,

Class

AR,

CLO,

FRN

TSFR

1.232%,

5.514%,

7/27/31 (1)

156‌

Madison

Park

Funding

XXIII

Series

2017-23A,

Class

BR,

CLO,

FRN

TSFR

1.812%,

6.094%,

7/27/31 (1)

250‌

Madison

Park

Funding

XXIV

Series

2016-24A,

Class

CR2,

CLO,

FRN

TSFR

2.05%,

6.319%,

10/20/29 (1)

250‌

Madison

Park

Funding

XXXIII

Series

2019-33A,

Class

AR,

CLO,

FRN

TSFR

1.29%,

5.546%,

10/15/32 (1)

485‌

Marble

Point

XIV

Series

2018-2A,

Class

A12R,

CLO,

FRN

TSFR

1.20%,

5.469%,

1/20/32 (1)

490‌

489‌

Marble

Point

Series

2019-1A,

Class

A1R2,

CLO,

FRN

TSFR

1.04%,

5.319%,

7/23/32 (1)

326‌

325‌

MidOcean

Credit

Series

2016-6A,

Class

ARRR,

CLO,

FRN

TSFR

1.23%,

5.499%,

4/20/33 (1)

128‌

MMAF

Equipment

Finance

Series

2021-A,

Class

1.19%,

11/13/43 (1)

100‌

98‌

MVW

Series

2020-1A,

Class

1.74%,

10/20/37 (1)

46‌

45‌

MVW

Series

2020-1A,

Class

2.73%,

10/20/37 (1)

61‌

59‌

MVW

Series

2021-1WA,

Class

1.44%,

1/22/41 (1)

20‌

19‌

MVW

Series

2023-1A,

Class

4.93%,

10/20/40 (1)

150‌

151‌

MVW

Series

2023-2A,

Class

6.18%,

11/20/40 (1)

71‌

73‌

MVW

Series

2023-2A,

Class

6.33%,

11/20/40 (1)

57‌

59‌

Nassau

Series

2018-IIA,

Class

CLO,

FRN

TSFR

1.542%,

5.798%,

10/15/31 (1)

99‌

Neuberger

Berman

Loan

Advisers

Series

2019-32A,

Class

AR,

CLO,

FRN

TSFR

1.252%,

5.521%,

1/20/32 (1)

348‌

Neuberger

Berman

Loan

Advisers

Series

2021-43A,

Class

AR,

CLO,

FRN

TSFR

1.05%,

5.33%,

7/17/36 (1)

670‌

669‌

ROWE

PRICE

Limited-Term

Bond

Portfolio

Par/Shares

Value

(Amounts

000s)

Octagon

Investment

Partners

Series

2018-3A,

Class

AR,

CLO,

FRN

TSFR

1.15%,

5.419%,

10/20/30 (1)

173‌

Octagon

Investment

Partners

XXI

Series

2014-1A,

Class

A2R4,

CLO,

FRN

TSFR

1.15%,

5.458%,

2/14/31 (1)

420‌

418‌

Octagon

Investment

Partners

XXI

Series

2014-1A,

Class

AAR4,

CLO,

FRN

TSFR

0.81%,

5.118%,

2/14/31 (1)

210‌

Octagon

Investment

Partners

XXI

Series

2014-1A,

Class

BR4,

CLO,

FRN

TSFR

1.35%,

5.658%,

2/14/31 (1)

250‌

249‌

Octane

Receivables

Trust

Series

2022-1A,

Class

4.90%,

5/22/28 (1)

137‌

Octane

Receivables

Trust

Series

2023-3A,

Class

6.48%,

7/20/29 (1)

100‌

102‌

Octane

Receivables

Trust

Series

2023-3A,

Class

6.74%,

8/20/29 (1)

100‌

103‌

Octane

Receivables

Trust

Series

2024-3A,

Class

4.94%,

5/20/30 (1)

95‌

Octane

Receivables

Trust

Series

2024-3A,

Class

5.51%,

10/20/31 (1)

100‌

102‌

OZLM

Funding

Series

2012-2A,

Class

A1A2,

CLO,

FRN

TSFR

1.20%,

5.48%,

7/30/31 (1)

107‌

OZLM

Funding

Series

2012-2A,

Class

AR4,

CLO,

FRN

TSFR

1.20%,

7/30/37 (1)(2)

500‌

OZLM

Funding

Series

2012-2A,

Class

BR4,

CLO,

FRN

TSFR

1.75%,

7/30/37 (1)(2)

315‌

OZLM

XXI

Series

2017-21A,

Class

A1R,

CLO,

FRN

TSFR

1.15%,

5.419%,

1/20/31 (1)

120‌

Post

Road

Equipment

Finance

Series

2024-1A,

Class

5.59%,

11/15/29 (1)

65‌

66‌

Post

Road

Equipment

Finance

Series

2024-1A,

Class

5.81%,

10/15/30 (1)

165‌

167‌

Progress

Residential

Series

2021-SFR3,

Class

3.436%,

5/17/26 (1)

100‌

99‌

Progress

Residential

Trust

Series

2021-SFR8,

Class

1.931%,

10/17/38 (1)

240‌

232‌

Rockford

Tower

Series

2019-2A,

Class

AR2,

CLO,

FRN

TSFR

1.13%,

5.452%,

8/20/32 (1)

544‌

Romark

Series

2018-2A,

Class

A2R,

CLO,

FRN

TSFR

1.65%,

5.932%,

7/25/31 (1)

530‌

SCF

Equipment

Leasing

Series

2023-1A,

Class

6.17%,

5/20/32 (1)

155‌

157‌

Par/Shares

Value

(Amounts

000s)

SEB

Funding

Series

2024-1A,

Class

7.386%,

4/30/54 (1)

238‌

243‌

Sierra

Timeshare

Receivables

Funding

Series

2021-2A,

Class

1.80%,

9/20/38 (1)

28‌

27‌

Sierra

Timeshare

Receivables

Funding

Series

2021-2A,

Class

1.95%,

9/20/38 (1)

57‌

56‌

SOUND

POINT

XXII

Series

2019-1A,

Class

BRR,

CLO,

FRN

TSFR

1.65%,

5.919%,

1/20/32 (1)

250‌

Stratus

Funding

Series

2025-1A,

Class

CLO,

FRN

TSFR

1.45%,

5.789%,

7/15/33 (1)

250‌

Symphony

XXIII

Series

2020-23A,

Class

AR2,

CLO,

FRN

TSFR

0.90%,

5.156%,

1/15/34 (1)

583‌

580‌

Symphony

XXVI

Series

2021-26A,

Class

AR,

CLO,

FRN

TSFR

1.342%,

5.611%,

4/20/33 (1)

206‌

207‌

THL

Credit

Wind

River

Series

2015-1A,

Class

A1R3,

CLO,

FRN

TSFR

1.20%,

5.469%,

10/20/30 (1)

77‌

THL

Credit

Wind

River

Series

2018-2A,

Class

A1R,

CLO,

FRN

TSFR

1.20%,

5.456%,

7/15/30 (1)

26‌

THL

Credit

Wind

River

Series

2019-3A,

Class

AR2,

CLO,

FRN

TSFR

1.06%,

5.316%,

4/15/31 (1)

77‌

THL

Credit

Wind

River

Series

2019-3A,

Class

BR2,

CLO,

FRN

TSFR

1.55%,

5.806%,

4/15/31 (1)

265‌

264‌

THL

Credit

Wind

River

Series

2019-3A,

Class

CR2,

CLO,

FRN

TSFR

2.00%,

6.256%,

4/15/31 (1)

145‌

TIAA

Series

2016-1A,

Class

ARR,

CLO,

FRN

TSFR

1.25%,

5.519%,

7/20/31 (1)

263‌

TPIC

SPV

Series

2024-1A,

Class

7.131%,

11/30/44,

Acquisition

Date:

12/10/24,

Cost $336 (3)(4)

336‌

Tricon

Residential

Trust

Series

2024-SFR2,

Class

4.75%,

6/17/40 (1)

140‌

Tricon

Residential

Trust

Series

2024-SFR2,

Class

6.00%,

6/17/40 (1)

255‌

257‌

Trinitas

Series

2018-9A,

Class

ARRR,

CLO,

FRN

TSFR

1.20%,

5.469%,

1/20/32 (1)

211‌

Trinitas

Series

2017-6A,

Class

ARRR,

CLO,

FRN

TSFR

1.33%,

5.612%,

1/25/34 (1)

580‌

Trinitas

VII

Series

2017-7A,

Class

A1R2,

CLO,

FRN

TSFR

1.06%,

5.342%,

1/25/35 (1)

480‌

478‌

ROWE

PRICE

Limited-Term

Bond

Portfolio

Par/Shares

Value

(Amounts

000s)

Verdant

Receivables

Series

2023-1A,

Class

6.24%,

1/13/31 (1)

126‌

128‌

Verdant

Receivables

Series

2024-1A,

Class

5.68%,

12/12/31 (1)

84‌

86‌

Verdant

Receivables

Series

2025-1A,

Class

4.85%,

3/13/28 (1)

180‌

Verdant

Receivables

Series

2025-1A,

Class

5.37%,

5/12/33 (1)

100‌

102‌

Voya

Series

2018-3A,

Class

BR2,

CLO,

FRN

TSFR

1.80%,

6.056%,

10/15/31 (1)

250‌

Wellfleet

Series

2018-2A,

Class

A1R,

CLO,

FRN

TSFR

1.08%,

5.349%,

10/20/31 (1)

116‌

29,457‌

Student

Loan

0.4%

Navient

Private

Education

Refi

Loan

Trust

Series

2019-D,

Class

A2A

3.01%,

12/15/59 (1)

53‌

52‌

Navient

Private

Education

Refi

Loan

Trust

Series

2019-GA,

Class

2.40%,

10/15/68 (1)

34‌

33‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-DA,

Class

1.69%,

5/15/69 (1)

25‌

23‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-FA,

Class

1.22%,

7/15/69 (1)

69‌

64‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-GA,

Class

1.17%,

9/16/69 (1)

32‌

30‌

Nelnet

Student

Loan

Trust

Series

2005-4,

Class

A4,

FRN

SOFR90A

0.442%,

4.784%,

3/22/32

143‌

140‌

Nelnet

Student

Loan

Trust

Series

2020-1A,

Class

FRN

TSFR

0.854%,

5.174%,

3/26/68 (1)

86‌

Nelnet

Student

Loan

Trust

Series

2021-CA,

Class

AFX

1.32%,

4/20/62 (1)

162‌

151‌

SMB

Private

Education

Loan

Trust

Series

2020-PTB,

Class

A2A

1.60%,

9/15/54 (1)

60‌

57‌

SMB

Private

Education

Loan

Trust

Series

2025-A,

Class

A1A

5.13%,

4/15/54 (1)

158‌

160‌

796‌

Whole

Business

0.1%

Wheels

Fleet

Lease

Funding

Series

2023-2A,

Class

6.46%,

8/18/38 (1)

223‌

226‌

Total

Asset-Backed

Securities

(Cost

$40,873)

41,108‌

Par/Shares

Value

(Amounts

000s)

CORPORATE

BONDS

43.5%

FINANCIAL

INSTITUTIONS

12.3%

Banking

7.1%

Ally

Financial,

VR,

5.737%,

5/15/29 (5)

180‌

183‌

American

Express,

VR,

4.731%,

4/25/29 (5)(6)

230‌

232‌

American

Express,

VR,

5.043%,

7/26/28 (5)

180‌

182‌

American

Express,

VR,

5.098%,

2/16/28 (5)

105‌

106‌

American

Express,

VR,

5.532%,

4/25/30 (5)

205‌

213‌

Banco

Santander,

VR,

5.552%,

3/14/28 (5)

200‌

203‌

Bank

America,

VR,

1.734%,

7/22/27 (5)

190‌

185‌

Bank

America,

VR,

4.623%,

5/9/29 (5)

390‌

392‌

Bank

America,

VR,

5.08%,

1/20/27 (5)

200‌

201‌

Bank

New

York

Mellon,

VR,

4.414%,

7/24/26 (5)

225‌

Bank

New

York

Mellon,

VR,

4.729%,

4/20/29 (5)

280‌

284‌

Banque

Federative

Credit

Mutuel,

4.935%,

1/26/26 (1)

200‌

201‌

Barclays,

VR,

5.086%,

2/25/29 (5)

255‌

258‌

Barclays,

VR,

5.304%,

8/9/26 (5)

200‌

Barclays,

VR,

7.325%,

11/2/26 (5)

205‌

207‌

BNP

Paribas,

VR,

4.792%,

5/9/29 (1)(5)

475‌

477‌

CaixaBank,

VR,

6.684%,

9/13/27 (1)(5)

290‌

297‌

Capital

One

Financial,

VR,

4.985%,

7/24/26 (5)

205‌

Capital

One

Financial,

VR,

6.312%,

6/8/29 (5)

120‌

126‌

Capital

One

Financial,

VR,

7.149%,

10/29/27 (5)

115‌

119‌

Citigroup,

VR,

5.174%,

2/13/30 (5)

185‌

188‌

Credit

Agricole,

VR,

5.222%,

5/27/31 (1)(5)

250‌

254‌

Credit

Agricole,

VR,

5.23%,

1/9/29 (1)(5)

285‌

290‌

Danske

Bank,

VR,

4.613%,

10/2/30 (1)(5)

200‌

199‌

Danske

Bank,

VR,

5.427%,

3/1/28 (1)(5)

200‌

203‌

Danske

Bank,

VR,

6.259%,

9/22/26 (1)(5)

200‌

201‌

Goldman

Sachs

Group,

VR,

4.482%,

8/23/28 (5)

190‌

Goldman

Sachs

Group,

VR,

4.937%,

4/23/28 (5)

530‌

534‌

Goldman

Sachs

Group,

VR,

5.218%,

4/23/31 (5)

295‌

302‌

Goldman

Sachs

Group,

VR,

5.798%,

8/10/26 (5)

390‌

HSBC

Holdings,

VR,

4.899%,

3/3/29 (5)

245‌

247‌

HSBC

Holdings,

VR,

5.13%,

11/19/28 (5)

290‌

293‌

HSBC

Holdings,

VR,

5.597%,

5/17/28 (5)

260‌

265‌

ING

Groep,

VR,

4.858%,

3/25/29 (5)

290‌

293‌

JPMorgan

Chase,

FRN,

SOFR

0.885%,

5.235%,

4/22/27

75‌

JPMorgan

Chase,

VR,

4.979%,

7/22/28 (5)

200‌

202‌

JPMorgan

Chase,

VR,

5.04%,

1/23/28 (5)

180‌

182‌

JPMorgan

Chase,

VR,

5.103%,

4/22/31 (5)

220‌

226‌

ROWE

PRICE

Limited-Term

Bond

Portfolio

Par/Shares

Value

(Amounts

000s)

Lloyds

Banking

Group,

VR,

5.462%,

1/5/28 (5)

220‌

223‌

Manufacturers

Traders

Trust,

VR,

4.762%,

7/6/28 (5)

250‌

252‌

Morgan

Stanley,

VR,

4.994%,

4/12/29 (5)

280‌

284‌

Morgan

Stanley,

VR,

6.138%,

10/16/26 (5)

250‌

251‌

PNC

Financial

Services

Group,

VR,

4.758%,

1/26/27 (5)

265‌

266‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28 (5)

190‌

184‌

Santander

Holdings

USA,

VR,

6.124%,

5/31/27 (5)

40‌

Societe

Generale,

VR,

5.249%,

5/22/29 (1)

(5)

370‌

374‌

Societe

Generale,

VR,

5.519%,

1/19/28 (1)

(5)

270‌

273‌

Standard

Chartered,

4.30%,

2/19/27 (1)

200‌

199‌

Standard

Chartered,

VR,

5.688%,

5/14/28 (1)(5)

200‌

204‌

State

Street,

4.834%,

4/24/30

240‌

244‌

U.S.

Bancorp,

VR,

4.548%,

7/22/28 (5)

280‌

U.S.

Bancorp,

VR,

5.727%,

10/21/26 (5)

145‌

146‌

UBS

Group,

VR,

1.494%,

8/10/27 (1)(5)

200‌

193‌

UBS

Group,

VR,

6.327%,

12/22/27 (1)(5)

200‌

205‌

Wells

Fargo,

VR,

4.54%,

8/15/26 (5)

275‌

Wells

Fargo,

VR,

4.97%,

4/23/29 (5)

770‌

780‌

Wells

Fargo,

Series

VR,

4.90%,

1/24/28 (5)

365‌

367‌

14,070‌

Brokerage

Asset

Managers

Exchanges

0.7%

Charles

Schwab,

2.45%,

3/3/27

413‌

401‌

Charles

Schwab,

3.20%,

3/2/27

135‌

133‌

Intercontinental

Exchange,

3.625%,

9/1/28

207‌

202‌

LPL

Holdings,

4.625%,

11/15/27 (1)

60‌

LPL

Holdings,

4.90%,

4/3/28

125‌

126‌

LPL

Holdings,

5.70%,

5/20/27

343‌

349‌

LPL

Holdings,

6.75%,

11/17/28

90‌

96‌

Nasdaq,

5.35%,

6/28/28

105‌

108‌

1,475‌

Finance

Companies

0.8%

AerCap

Ireland

Capital,

6.10%,

1/15/27

155‌

158‌

AerCap

Ireland

Capital,

6.45%,

4/15/27

422‌

436‌

Avolon

Holdings

Funding,

2.125%,

2/21/26 (1)

81‌

79‌

Avolon

Holdings

Funding,

5.75%,

3/1/29 (1)

190‌

195‌

Avolon

Holdings

Funding,

6.375%,

5/4/28 (1)

90‌

93‌

GATX,

3.25%,

9/15/26

417‌

410‌

GATX,

3.85%,

3/30/27

80‌

79‌

GATX,

5.40%,

3/15/27

135‌

137‌

1,587‌

Insurance

3.5%

American

International

Group,

4.85%,

5/7/30

215‌

218‌

Aspen

Insurance

Holdings,

5.75%,

7/1/30

130‌

132‌

Athene

Global

Funding,

4.86%,

8/27/26 (1)

220‌

221‌

Par/Shares

Value

(Amounts

000s)

Athene

Global

Funding,

5.349%,

7/9/27 (1)

220‌

223‌

Athene

Global

Funding,

5.684%,

2/23/26 (1)

325‌

326‌

Brighthouse

Financial

Global

Funding,

1.55%,

5/24/26 (1)

70‌

68‌

Brown

Brown,

4.70%,

6/23/28

110‌

111‌

Centene,

4.625%,

12/15/29

825‌

797‌

CNO

Global

Funding,

1.75%,

10/7/26 (1)

505‌

486‌

CNO

Global

Funding,

4.875%,

12/10/27 (1)

108‌

109‌

Corebridge

Global

Funding,

4.65%,

8/20/27 (1)

105‌

Corebridge

Global

Funding,

5.20%,

1/12/29 (1)

90‌

92‌

Elevance

Health,

5.35%,

10/15/25

85‌

Equitable

America

Global

Funding,

4.65%,

6/9/28 (1)

235‌

237‌

Equitable

Financial

Life

Global

Funding,

1.40%,

7/7/25 (1)

35‌

Equitable

Financial

Life

Global

Funding,

1.70%,

11/12/26 (1)

150‌

145‌

Fortitude

Group

Holdings,

6.25%,

4/1/30 (1)

510‌

524‌

Global

Funding

Trust,

5.40%,

1/13/30 (1)

265‌

272‌

Health

Care

Service

Corp.

Mutual

Legal

Reserve,

5.20%,

6/15/29 (1)

145‌

148‌

Highmark,

1.45%,

5/10/26 (1)

115‌

112‌

Humana,

5.75%,

3/1/28

85‌

87‌

Humana,

5.75%,

12/1/28

245‌

255‌

Jackson

National

Life

Global

Funding,

4.90%,

1/13/27 (1)

215‌

216‌

Jackson

National

Life

Global

Funding,

5.55%,

7/2/27 (1)

185‌

189‌

Jackson

National

Life

Global

Funding,

5.60%,

4/10/26 (1)

300‌

302‌

Marsh

McLennan,

4.55%,

11/8/27

365‌

368‌

Metropolitan

Life

Global

Funding

4.05%,

8/25/25 (1)

335‌

Northwestern

Mutual

Global

Funding,

4.35%,

9/15/27 (1)

215‌

216‌

Reinsurance

Group

America,

3.95%,

9/15/26

214‌

212‌

Sammons

Financial

Group

Global

Funding,

5.05%,

1/10/28 (1)

135‌

137‌

UnitedHealth

Group,

4.40%,

6/15/28

135‌

136‌

UnitedHealth

Group,

5.25%,

2/15/28

150‌

154‌

7,053‌

Real

Estate

Investment

Trusts

0.2%

Essex

Portfolio,

3.375%,

4/15/26 (6)

199‌

197‌

Prologis,

3.875%,

9/15/28

95‌

94‌

Realty

Income,

5.05%,

1/13/26

65‌

356‌

Total

Financial

Institutions

24,541‌

INDUSTRIAL

28.3%

Basic

Industry

1.2%

BHP

Billiton

Finance

USA,

5.00%,

2/21/30

405‌

415‌

Celanese

U.S.

Holdings,

1.40%,

8/5/26

225‌

216‌

ROWE

PRICE

Limited-Term

Bond

Portfolio

Par/Shares

Value

(Amounts

000s)

Celanese

U.S.

Holdings,

6.415%,

7/15/27

138‌

143‌

FMC,

3.20%,

10/1/26

135‌

132‌

FMC,

3.45%,

10/1/29

219‌

204‌

LYB

International

Finance

III,

1.25%,

10/1/25

177‌

175‌

Nutrien,

4.90%,

3/27/28

110‌

112‌

POSCO,

4.375%,

8/4/25

450‌

Rio

Tinto

Finance

USA,

4.875%,

3/14/30

195‌

198‌

Sherwin-Williams,

4.55%,

3/1/28

225‌

227‌

Sherwin-Williams,

UMBS,

4.25%,

8/8/25

110‌

2,382‌

Capital

Goods

2.3%

Amphenol,

4.75%,

3/30/26

363‌

364‌

Amphenol,

5.05%,

4/5/29

45‌

46‌

Amrize

Finance

U.S.,

4.70%,

4/7/28 (1)

280‌

282‌

Amrize

Finance

U.S.,

4.95%,

4/7/30 (1)

100‌

101‌

BAE

Systems,

5.00%,

3/26/27 (1)

220‌

223‌

Boeing,

2.196%,

2/4/26

195‌

192‌

Boeing,

3.20%,

3/1/29

210‌

200‌

Boeing,

6.259%,

5/1/27

417‌

429‌

Fortive,

3.15%,

6/15/26

264‌

261‌

Huntington

Ingalls

Industries,

5.353%,

1/15/30

80‌

82‌

Mohawk

Industries,

5.85%,

9/18/28

120‌

125‌

Northrop

Grumman,

3.25%,

1/15/28

60‌

59‌

Owens

Corning,

3.40%,

8/15/26

133‌

131‌

Owens

Corning,

5.50%,

6/15/27

170‌

174‌

Regal

Rexnord,

6.05%,

2/15/26

576‌

579‌

Regal

Rexnord,

6.05%,

4/15/28

280‌

288‌

Republic

Services,

4.75%,

7/15/30

95‌

97‌

Republic

Services,

4.875%,

4/1/29

285‌

291‌

RTX,

6.70%,

8/1/28

38‌

40‌

RTX,

7.00%,

11/1/28

150‌

160‌

Waste

Management,

3.875%,

1/15/29

410‌

404‌

4,528‌

Communications

3.5%

American

Tower,

1.60%,

4/15/26

473‌

462‌

American

Tower,

3.55%,

7/15/27

178‌

175‌

AT&T,

4.10%,

2/15/28

95‌

Charter

Communications

Operating,

4.908%,

7/23/25

221‌

Charter

Communications

Operating,

6.15%,

11/10/26

120‌

122‌

Comcast,

4.15%,

10/15/28

115‌

Cox

Communications,

3.35%,

9/15/26 (1)

120‌

118‌

Cox

Communications,

3.50%,

8/15/27 (1)

100‌

98‌

Crown

Castle,

1.05%,

7/15/26

255‌

246‌

Crown

Castle,

2.90%,

3/15/27

265‌

258‌

Crown

Castle,

4.30%,

2/15/29

40‌

39‌

Crown

Castle,

4.45%,

2/15/26

320‌

318‌

Crown

Castle,

4.80%,

9/1/28

195‌

196‌

Crown

Castle,

5.00%,

1/11/28

140‌

141‌

Crown

Castle,

5.60%,

6/1/29

145‌

150‌

Crown

Castle

Towers,

4.241%,

7/15/28 (1)

80‌

79‌

KT,

4.00%,

8/8/25 (1)

450‌

KT,

4.125%,

2/2/28 (1)

200‌

199‌

Par/Shares

Value

(Amounts

000s)

NTT

Finance,

4.239%,

7/25/25 (1)(6)

200‌

Omnicom

Group,

3.60%,

4/15/26

85‌

84‌

Rogers

Communications,

3.20%,

3/15/27

410‌

402‌

Rogers

Communications,

5.00%,

2/15/29

500‌

507‌

SBA

Tower

Trust,

1.631%,

11/15/26 (1)

180‌

172‌

SBA

Tower

Trust,

1.884%,

1/15/26 (1)

150‌

148‌

SBA

Tower

Trust,

2.328%,

1/15/28 (1)

110‌

104‌

SBA

Tower

Trust,

4.831%,

10/15/29 (1)

565‌

SBA

Tower

Trust,

6.599%,

1/15/28 (1)

290‌

299‌

T-Mobile

USA,

2.25%,

2/15/26

195‌

192‌

Take-Two

Interactive

Software,

5.00%,

3/28/26

340‌

Verizon

Communications,

2.10%,

3/22/28

446‌

422‌

6,917‌

Consumer

Cyclical

6.3%

Advance

Auto

Parts,

5.90%,

3/9/26

225‌

American

Honda

Finance,

5.65%,

11/15/28

335‌

347‌

Aptiv

Swiss

Holdings,

4.65%,

9/13/29

200‌

199‌

AutoZone,

5.125%,

6/15/30

215‌

220‌

BMW

U.S.

Capital,

4.60%,

8/13/27 (1)

490‌

493‌

CBRE

Services,

4.80%,

6/15/30

105‌

Daimler

Truck

Finance

North

America,

5.00%,

1/15/27 (1)

150‌

151‌

Daimler

Truck

Finance

North

America,

5.125%,

9/25/27 (1)

175‌

177‌

Daimler

Truck

Finance

North

America,

5.15%,

1/16/26 (1)

150‌

Darden

Restaurants,

4.35%,

10/15/27

290‌

Dollar

General,

3.875%,

4/15/27

97‌

96‌

Dollar

General,

4.125%,

5/1/28

323‌

320‌

Dollar

General,

4.625%,

11/1/27

155‌

156‌

Dollar

General,

5.20%,

7/5/28

166‌

169‌

eBay,

3.60%,

6/5/27

515‌

509‌

Ford

Motor

Credit,

5.125%,

11/5/26

200‌

198‌

Ford

Motor

Credit,

5.80%,

3/5/27

235‌

Ford

Motor

Credit,

5.918%,

3/20/28

200‌

201‌

General

Motors,

5.35%,

4/15/28 (6)

145‌

147‌

General

Motors

Financial,

5.05%,

4/4/28

385‌

388‌

General

Motors

Financial,

5.35%,

7/15/27

317‌

322‌

General

Motors

Financial,

5.40%,

4/6/26

135‌

136‌

General

Motors

Financial,

5.40%,

5/8/27

196‌

199‌

Hyundai

Capital

America,

4.85%,

3/25/27 (1)

240‌

241‌

Hyundai

Capital

America,

4.875%,

6/23/27 (1)(6)

205‌

206‌

Hyundai

Capital

America,

5.00%,

1/7/28 (1)

230‌

232‌

Hyundai

Capital

America,

5.25%,

1/8/27 (1)

100‌

101‌

Hyundai

Capital

America,

5.50%,

3/30/26 (1)

120‌

121‌

Hyundai

Capital

America,

5.60%,

3/30/28 (1)

160‌

164‌

Hyundai

Capital

America,

6.25%,

11/3/25 (1)

120‌

Energy

Solution,

5.375%,

7/2/27

390‌

394‌

Lowe's,

3.35%,

4/1/27

80‌

79‌

Lowe's,

4.40%,

9/8/25

305‌

Lowe's,

4.80%,

4/1/26

175‌

ROWE

PRICE

Limited-Term

Bond

Portfolio

Par/Shares

Value

(Amounts

000s)

Marriott

International,

5.45%,

9/15/26

90‌

91‌

Marriott

International,

Series

3.125%,

6/15/26

365‌

361‌

McDonald's,

3.80%,

4/1/28

447‌

443‌

Mercedes-Benz

Finance

North

America,

4.80%,

3/30/26 (1)

190‌

Mercedes-Benz

Finance

North

America,

4.80%,

1/11/27 (1)

565‌

567‌

O'Reilly

Automotive,

4.35%,

6/1/28

195‌

O'Reilly

Automotive,

5.75%,

11/20/26

573‌

583‌

Ross

Stores,

0.875%,

4/15/26

375‌

364‌

Sands

China,

3.80%,

1/8/26

300‌

299‌

Starbucks,

2.00%,

3/12/27

85‌

82‌

Starbucks,

4.00%,

11/15/28

200‌

198‌

Uber

Technologies,

4.50%,

8/15/29 (1)

463‌

460‌

Volkswagen

Group

America

Finance,

4.85%,

8/15/27 (1)

340‌

Volkswagen

Group

America

Finance,

5.05%,

3/27/28 (1)(6)

200‌

201‌

Volkswagen

Group

America

Finance,

5.70%,

9/12/26 (1)

240‌

242‌

Volkswagen

Group

America

Finance,

5.80%,

9/12/25 (1)

280‌

Volkswagen

Group

America

Finance,

6.00%,

11/16/26 (1)

200‌

203‌

12,670‌

Consumer

Non-Cyclical

5.7%

Altria

Group,

2.625%,

9/16/26

215‌

211‌

BAT

International

Finance,

1.668%,

3/25/26

225‌

221‌

BAT

International

Finance,

4.448%,

3/16/28

460‌

461‌

Becton

Dickinson

Company,

4.693%,

2/13/28

375‌

378‌

Becton

Dickinson

Company,

6.70%,

12/1/26

183‌

188‌

Cencora,

3.45%,

12/15/27

61‌

60‌

Cencora,

4.625%,

12/15/27

165‌

167‌

Cencora,

4.85%,

12/15/29

90‌

91‌

Coca-Cola

Europacific

Partners,

1.50%,

1/15/27 (1)

200‌

191‌

CSL

Finance,

3.85%,

4/27/27 (1)

90‌

89‌

CVS

Health,

1.30%,

8/21/27

545‌

510‌

CVS

Health,

2.875%,

6/1/26

177‌

174‌

CVS

Health,

3.00%,

8/15/26

105‌

103‌

CVS

Health,

4.30%,

3/25/28

170‌

169‌

CVS

Health,

5.00%,

2/20/26

623‌

Diageo

Investment,

5.125%,

8/15/30

200‌

206‌

HCA,

3.125%,

3/15/27

260‌

255‌

HCA,

5.625%,

9/1/28

525‌

540‌

HCA,

5.875%,

2/15/26

185‌

Heineken,

3.50%,

1/29/28 (1)

1,000‌

983‌

Icon

Investments

Six,

5.809%,

5/8/27

400‌

408‌

Imperial

Brands

Finance,

4.50%,

6/30/28 (1)

220‌

IQVIA,

6.25%,

2/1/29

125‌

131‌

Japan

Tobacco,

4.85%,

5/15/28 (1)

430‌

436‌

Kroger,

2.65%,

10/15/26

209‌

205‌

Kroger,

3.70%,

8/1/27

54‌

53‌

Par/Shares

Value

(Amounts

000s)

Mars,

4.55%,

4/20/28 (1)

405‌

408‌

Mars,

4.60%,

3/1/28 (1)

280‌

282‌

Mars,

4.80%,

3/1/30 (1)

255‌

258‌

Mattel,

3.375%,

4/1/26 (1)

329‌

324‌

PeaceHealth

Obligated

Group,

Series

2020,

1.375%,

11/15/25

50‌

49‌

Philip

Morris

International,

5.125%,

11/17/27

83‌

85‌

Solventum,

5.40%,

3/1/29

262‌

270‌

Solventum,

5.45%,

2/25/27

505‌

512‌

Stryker,

4.25%,

9/11/29

190‌

189‌

Stryker,

4.70%,

2/10/28

420‌

426‌

Thermo

Fisher

Scientific,

1.75%,

10/15/28

195‌

181‌

Utah

Acquisition

Sub,

3.95%,

6/15/26

263‌

260‌

Viatris,

2.30%,

6/22/27

203‌

193‌

Viterra

Finance,

2.00%,

4/21/26 (1)

200‌

196‌

Viterra

Finance,

4.90%,

4/21/27 (1)

280‌

281‌

Zoetis,

5.40%,

11/14/25

260‌

11,432‌

Energy

3.9%

Capital

Markets,

3.723%,

11/28/28

230‌

226‌

Capital

Markets

America,

4.234%,

11/6/28

155‌

Canadian

Natural

Resources,

2.05%,

7/15/25

485‌

Canadian

Natural

Resources,

3.85%,

6/1/27

225‌

222‌

Cheniere

Corpus

Christi

Holdings,

5.125%,

6/30/27

276‌

278‌

Columbia

Pipelines

Holding,

6.055%,

8/15/26 (1)

40‌

Diamondback

Energy,

5.20%,

4/18/27

130‌

132‌

Enbridge,

4.60%,

6/20/28

90‌

91‌

Enbridge,

5.90%,

11/15/26

110‌

112‌

Enbridge,

6.00%,

11/15/28

90‌

94‌

Energy

Transfer,

5.25%,

7/1/29

160‌

164‌

Energy

Transfer,

6.05%,

12/1/26

475‌

485‌

EQT,

3.125%,

5/15/26 (1)

420‌

412‌

Gray

Oak

Pipeline,

2.60%,

10/15/25 (1)

105‌

104‌

Sinclair,

5.75%,

1/15/31

285‌

292‌

Kinder

Morgan,

5.15%,

6/1/30

235‌

239‌

Occidental

Petroleum,

5.00%,

8/1/27

160‌

161‌

Occidental

Petroleum,

5.20%,

8/1/29

115‌

116‌

ONEOK,

4.25%,

9/24/27

400‌

399‌

ONEOK,

4.85%,

7/15/26

465‌

ONEOK,

5.55%,

11/1/26

245‌

248‌

Sabine

Pass

Liquefaction,

4.20%,

3/15/28

82‌

Sabine

Pass

Liquefaction,

5.875%,

6/30/26

482‌

484‌

Schlumberger

Holdings,

3.90%,

5/17/28 (1)

371‌

367‌

Schlumberger

Investment,

4.50%,

5/15/28

201‌

203‌

South

Bow

USA

Infrastructure

Holdings,

4.911%,

9/1/27 (1)

275‌

277‌

Targa

Resources,

5.20%,

7/1/27

92‌

93‌

Tengizchevroil

Finance

International,

4.00%,

8/15/26

220‌

217‌

Valero

Energy,

5.15%,

2/15/30

90‌

92‌

Williams,

4.625%,

6/30/30

280‌

279‌

ROWE

PRICE

Limited-Term

Bond

Portfolio

Par/Shares

Value

(Amounts

000s)

Williams,

4.80%,

11/15/29

165‌

167‌

Williams,

5.40%,

3/2/26

505‌

507‌

Woodside

Finance,

3.70%,

9/15/26 (1)

119‌

118‌

7,806‌

Technology

4.1%

Analog

Devices,

1.70%,

10/1/28

115‌

107‌

Atlassian,

5.25%,

5/15/29

105‌

108‌

Cadence

Design

Systems,

4.20%,

9/10/27

24‌

Dell

International,

4.75%,

4/1/28

270‌

273‌

Fiserv,

4.20%,

10/1/28

184‌

183‌

Fiserv,

5.15%,

3/15/27

235‌

238‌

Fortinet,

1.00%,

3/15/26

330‌

321‌

Foundry

Holdco,

5.50%,

1/25/31 (1)

200‌

205‌

Foundry

Holdco,

5.90%,

1/25/30 (1)

200‌

209‌

Intel,

3.15%,

5/11/27

95‌

93‌

Intel,

3.75%,

8/5/27

165‌

163‌

Intel,

4.00%,

8/5/29

180‌

176‌

Intel,

4.875%,

2/10/28

56‌

57‌

International

Business

Machines,

4.65%,

2/10/28

682‌

690‌

Keysight

Technologies,

5.35%,

7/30/30

230‌

237‌

Marvell

Technology,

1.65%,

4/15/26

130‌

127‌

Marvell

Technology,

4.75%,

7/15/30

85‌

Marvell

Technology,

4.875%,

6/22/28

400‌

404‌

Micron

Technology,

5.375%,

4/15/28

535‌

549‌

NXP,

3.15%,

5/1/27

55‌

54‌

NXP,

3.875%,

6/18/26

190‌

188‌

NXP,

4.30%,

6/18/29

238‌

235‌

NXP,

4.40%,

6/1/27

35‌

Oracle,

1.65%,

3/25/26

505‌

495‌

Oracle,

5.80%,

11/10/25

140‌

Paychex,

5.10%,

4/15/30

495‌

507‌

S&P

Global,

2.45%,

3/1/27

485‌

472‌

Synopsys,

4.65%,

4/1/28

510‌

515‌

Synopsys,

4.85%,

4/1/30

325‌

330‌

Western

Digital,

4.75%,

2/15/26

103‌

Western

Union,

1.35%,

3/15/26

676‌

658‌

Workday,

3.50%,

4/1/27

120‌

118‌

8,099‌

Transportation

1.3%

American

Airlines

PTT,

Series

2017-2,

Class

3.70%,

10/15/25

162‌

160‌

Canadian

Pacific

Railway,

1.75%,

12/2/26

135‌

130‌

Delta

Air

Lines,

4.95%,

7/10/28

185‌

186‌

Element

Fleet

Management,

5.037%,

3/25/30 (1)

185‌

186‌

Element

Fleet

Management,

5.643%,

3/13/27 (1)

175‌

178‌

ERAC

USA

Finance,

4.60%,

5/1/28 (1)

345‌

348‌

ERAC

USA

Finance,

5.00%,

2/15/29 (1)

140‌

143‌

FedEx,

3.25%,

4/1/26

459‌

455‌

Penske

Truck

Leasing,

1.70%,

6/15/26 (1)

50‌

49‌

Penske

Truck

Leasing,

3.40%,

11/15/26 (1)

80‌

79‌

Penske

Truck

Leasing,

5.35%,

1/12/27 (1)

135‌

136‌

Penske

Truck

Leasing,

5.75%,

5/24/26 (1)

530‌

534‌

Par/Shares

Value

(Amounts

000s)

Sydney

Airport

Finance,

3.625%,

4/28/26 (1)

61‌

2,645‌

Total

Industrial

56,479‌

UTILITY

2.9%

Electric

2.5%

AES,

1.375%,

1/15/26

403‌

395‌

American

Electric

Power,

5.20%,

1/15/29

325‌

333‌

Appalachian

Power,

Series

3.30%,

6/1/27

437‌

429‌

Constellation

Energy

Generation,

5.60%,

3/1/28

145‌

150‌

DTE

Energy,

4.95%,

7/1/27

150‌

152‌

DTE

Energy,

5.20%,

4/1/30

200‌

204‌

Duke

Energy,

4.30%,

3/15/28

140‌

Enel

Finance

International,

1.625%,

7/12/26 (1)

265‌

257‌

Enel

Finance

International,

7.05%,

10/14/25 (1)

200‌

201‌

Exelon,

5.15%,

3/15/29

100‌

102‌

FirstEnergy,

Series

3.90%,

7/15/27

340‌

337‌

FirstEnergy

Transmission,

4.55%,

1/15/30

80‌

National

Rural

Utilities

Cooperative

Finance,

4.12%,

9/16/27

118‌

National

Rural

Utilities

Cooperative

Finance,

4.80%,

3/15/28

210‌

213‌

National

Rural

Utilities

Cooperative

Finance,

5.10%,

5/6/27

157‌

159‌

NextEra

Energy

Capital

Holdings,

1.875%,

1/15/27

310‌

299‌

NextEra

Energy

Capital

Holdings,

5.749%,

9/1/25

130‌

Niagara

Mohawk

Power,

4.647%,

10/3/30 (1)

175‌

NRG

Energy,

2.00%,

12/2/25 (1)

140‌

137‌

Public

Service

Enterprise

Group,

4.90%,

3/15/30

345‌

350‌

Southern,

5.113%,

8/1/27

180‌

182‌

Terraform

Global

Operating,

6.125%,

3/1/26 (1)

217‌

216‌

Trans-Allegheny

Interstate

Line,

5.00%,

1/15/31 (1)

50‌

51‌

Vistra

Operations,

5.05%,

12/30/26 (1)

127‌

128‌

4,938‌

Natural

Gas

0.4%

APA

Infrastructure,

4.25%,

7/15/27 (1)

487‌

488‌

NiSource,

5.25%,

3/30/28

60‌

62‌

Sempra,

5.40%,

8/1/26

125‌

126‌

Southern

California

Gas,

2.95%,

4/15/27

185‌

180‌

856‌

Total

Utility

5,794‌

Total

Corporate

Bonds

(Cost

$86,158)

86,814‌

ROWE

PRICE

Limited-Term

Bond

Portfolio

Par/Shares

Value

(Amounts

000s)

FOREIGN

GOVERNMENT

OBLIGATIONS

MUNICIPALITIES

1.9%

Government

Sponsored

0.1%

MEGlobal,

2.625%,

4/28/28

200‌

189‌

Owned

Guarantee

1.7%

Bank

Mandiri

Persero,

5.50%,

4/4/26

500‌

503‌

Korea

Electric

Power,

5.375%,

7/31/26 (1)

450‌

455‌

Korea

Housing

Finance,

4.625%,

2/24/28 (1)

440‌

445‌

Korea

Hydro

Nuclear

Power,

4.25%,

7/27/27 (1)

200‌

Ma'aden

Sukuk,

5.25%,

2/13/30 (1)

340‌

346‌

NBN,

1.45%,

5/5/26 (1)

405‌

395‌

Republic

Chile,

3.625%,

8/1/27

525‌

516‌

State

Bank

India,

1.80%,

7/13/26

500‌

486‌

3,346‌

Sovereign

0.1%

KSA

Sukuk,

4.303%,

1/19/29

300‌

299‌

Total

Foreign

Government

Obligations

Municipalities

(Cost

$3,817)

3,834‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

7.3%

Collateralized

Mortgage

Obligations

3.7%

Angel

Oak

Mortgage

Trust

Series

2020-3,

Class

A3,

CMO,

ARM

2.872%,

4/25/65 (1)

16‌

15‌

Angel

Oak

Mortgage

Trust

Series

2021-1,

Class

A1,

CMO,

ARM

0.909%,

1/25/66 (1)

87‌

75‌

Angel

Oak

Mortgage

Trust

Series

2021-1,

Class

A2,

CMO,

ARM

1.115%,

1/25/66 (1)

25‌

21‌

Angel

Oak

Mortgage

Trust

Series

2021-2,

Class

A1,

CMO,

ARM

0.985%,

4/25/66 (1)

79‌

68‌

Angel

Oak

Mortgage

Trust

Series

2021-6,

Class

A2,

CMO,

ARM

1.581%,

9/25/66 (1)

88‌

74‌

Angel

Oak

Mortgage

Trust

Series

2025-5,

Class

A1,

CMO,

STEP

5.573%,

4/25/70 (1)

523‌

525‌

Bayview

Financing

Trust

Series

2024-2F,

Class

CMO,

ARM

7.084%,

9/25/29,

Acquisition

Date:

8/29/24,

Cost $231 (3)(4)

231‌

BINOM

Securitization

Trust

Series

2021-INV1,

Class

A2,

CMO,

ARM

2.37%,

6/25/56 (1)

196‌

178‌

BINOM

Securitization

Trust

Series

2021-INV1,

Class

A3,

CMO,

ARM

2.625%,

6/25/56 (1)

62‌

56‌

Par/Shares

Value

(Amounts

000s)

Citigroup

Mortgage

Loan

Trust

Series

2020-EXP2,

Class

A3,

CMO,

ARM

2.50%,

8/25/50 (1)

43‌

37‌

COLT

Mortgage

Loan

Trust

Series

2021-1,

Class

A2,

CMO,

ARM

1.167%,

6/25/66 (1)

78‌

67‌

COLT

Mortgage

Loan

Trust

Series

2024-6,

Class

A2,

CMO,

STEP

5.644%,

11/25/69 (1)

295‌

COLT

Mortgage

Loan

Trust

Series

2024-INV4,

Class

A3,

CMO,

STEP

6.111%,

5/25/69 (1)

262‌

264‌

COLT

Mortgage

Loan

Trust

Series

2025-4,

Class

A1,

CMO,

STEP

5.794%,

4/25/70 (1)

112‌

113‌

COLT

Mortgage

Loan

Trust

Series

2025-INV2,

Class

A1,

CMO,

STEP

5.601%,

2/25/70 (1)

192‌

193‌

Connecticut

Avenue

Securities

Trust

Series

2025-R03,

Class

2A1,

CMO,

ARM

SOFR30A

1.45%,

5.755%,

3/25/45 (1)

105‌

106‌

Cross

Mortgage

Trust

Series

2024-H6,

Class

A2,

CMO,

STEP

5.383%,

9/25/69 (1)

384‌

382‌

Deephaven

Residential

Mortgage

Trust

Series

2021-1,

Class

A2,

CMO,

ARM

0.973%,

5/25/65 (1)

16‌

15‌

Deephaven

Residential

Mortgage

Trust

Series

2021-2,

Class

A3,

CMO,

ARM

1.26%,

4/25/66 (1)

38‌

34‌

EFMT

Series

2024-INV2,

Class

A1,

CMO,

STEP

5.035%,

10/25/69 (1)

233‌

232‌

EFMT

Series

2024-INV2,

Class

A2,

CMO,

STEP

5.289%,

10/25/69 (1)

95‌

EFMT

Series

2024-NQM1,

Class

A1B,

CMO,

STEP

5.81%,

11/25/69 (1)

419‌

420‌

EFMT

Series

2025-INV2,

Class

A1,

CMO,

STEP

5.387%,

5/26/70 (1)

97‌

98‌

Ellington

Financial

Mortgage

Trust

Series

2019-2,

Class

A3,

CMO,

ARM

3.046%,

11/25/59 (1)

11‌

10‌

Flagstar

Mortgage

Trust

Series

2020-1INV,

Class

A11,

CMO,

ARM

TSFR

0.964%,

5.284%,

3/25/50 (1)

114‌

109‌

Freddie

Mac

Whole

Loan

Securities

Trust

Series

2017-SC01,

Class

M1,

CMO,

ARM

3.647%,

12/25/46 (1)

33‌

32‌

Freddie

Mac

Whole

Loan

Securities

Trust

Series

2017-SC02,

Class

M1,

CMO,

ARM

3.848%,

5/25/47 (1)

4‌

Galton

Funding

Mortgage

Trust

Series

2018-1,

Class

A33,

CMO,

ARM

3.50%,

11/25/57 (1)

27‌

25‌

ROWE

PRICE

Limited-Term

Bond

Portfolio

Par/Shares

Value

(Amounts

000s)

Galton

Funding

Mortgage

Trust

Series

2019-1,

Class

A21,

CMO,

ARM

4.50%,

2/25/59 (1)

8‌

Galton

Funding

Mortgage

Trust

Series

2019-1,

Class

A32,

CMO,

ARM

4.00%,

2/25/59 (1)

13‌

12‌

Galton

Funding

Mortgage

Trust

Series

2019-H1,

Class

M1,

CMO,

ARM

3.339%,

10/25/59 (1)

230‌

221‌

Galton

Funding

Mortgage

Trust

Series

2020-H1,

Class

M1,

CMO,

ARM

2.832%,

1/25/60 (1)

380‌

310‌

GCAT

Trust

Series

2025-NQM1,

Class

A1,

CMO,

STEP

5.373%,

11/25/69 (1)

165‌

166‌

Mortgage-Backed

Securities

Trust

Series

2014-EB1A,

Class

2A1,

CMO,

ARM

6.145%,

7/25/44 (1)

3‌

HOMES

Trust

Series

2025-NQM2,

Class

A1,

CMO,

STEP

5.425%,

2/25/70 (1)

132‌

133‌

Imperial

Fund

Mortgage

Trust

Series

2021-NQM2,

Class

A3,

CMO,

ARM

1.516%,

9/25/56 (1)

81‌

69‌

Imperial

Fund

Mortgage

Trust

Series

2022-NQM4,

Class

A1,

CMO,

STEP

4.767%,

6/25/67 (1)

285‌

283‌

JPMorgan

Mortgage

Trust

Series

2020-INV1,

Class

A15,

CMO,

ARM

3.50%,

8/25/50 (1)

78‌

70‌

JPMorgan

Mortgage

Trust

Series

2025-DSC1,

Class

A1,

CMO,

ARM

5.577%,

9/25/65 (1)

283‌

285‌

MFA

Trust

Series

2021-INV1,

Class

A1,

CMO,

ARM

0.852%,

1/25/56 (1)

19‌

18‌

MFA

Trust

Series

2021-NQM2,

Class

A2,

CMO,

ARM

1.317%,

11/25/64 (1)

38‌

34‌

OBX

Trust

Series

2019-EXP2,

Class

2A2,

CMO,

ARM

TSFR

1.314%,

5.639%,

6/25/59 (1)

9‌

OBX

Trust

Series

2020-EXP1,

Class

2A2,

CMO,

ARM

TSFR

1.064%,

5.384%,

2/25/60 (1)

21‌

OBX

Trust

Series

2020-EXP2,

Class

A9,

CMO,

ARM

3.00%,

5/25/60 (1)

20‌

18‌

OBX

Trust

Series

2020-INV1,

Class

A5,

CMO,

ARM

3.50%,

12/25/49 (1)

46‌

42‌

OBX

Trust

Series

2025-NQM6,

Class

A1,

CMO,

STEP

5.603%,

3/25/65 (1)

185‌

186‌

Sequoia

Mortgage

Trust

Series

2018-CH2,

Class

A21,

CMO,

ARM

4.00%,

6/25/48 (1)

20‌

18‌

Sequoia

Mortgage

Trust

Series

2018-CH3,

Class

A19,

CMO,

ARM

4.50%,

8/25/48 (1)

1‌

Par/Shares

Value

(Amounts

000s)

Starwood

Mortgage

Residential

Trust

Series

2019-INV1,

Class

A3,

CMO,

ARM

2.916%,

9/27/49 (1)

79‌

77‌

Starwood

Mortgage

Residential

Trust

Series

2021-2,

Class

A1,

CMO,

ARM

0.943%,

5/25/65 (1)

56‌

52‌

Starwood

Mortgage

Residential

Trust

Series

2021-4,

Class

A1,

CMO,

ARM

1.162%,

8/25/56 (1)

189‌

165‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-DNA5,

Class

M2,

CMO,

ARM

SOFR30A

1.65%,

5.955%,

1/25/34 (1)

37‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-DNA7,

Class

M2,

CMO,

ARM

SOFR30A

1.80%,

6.105%,

11/25/41 (1)

90‌

91‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2022-DNA5,

Class

M1A,

CMO,

ARM

SOFR30A

2.95%,

7.255%,

6/25/42 (1)

141‌

145‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2023-HQA3,

Class

A1,

CMO,

ARM

SOFR30A

1.85%,

6.155%,

11/25/43 (1)

91‌

92‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2025-DNA1,

Class

A1,

CMO,

ARM

SOFR30A

0.95%,

5.255%,

1/25/45 (1)

70‌

Toorak

Mortgage

Series

2021-INV1,

Class

A2,

CMO,

ARM

1.409%,

7/25/56 (1)

40‌

36‌

Towd

Point

Mortgage

Trust

Series

2022-4,

Class

A1,

CMO

3.75%,

9/25/62 (1)

311‌

297‌

Verus

Securitization

Trust

Series

2019-INV3,

Class

A3,

CMO,

ARM

4.10%,

11/25/59 (1)

52‌

51‌

Verus

Securitization

Trust

Series

2020-1,

Class

A3,

CMO,

STEP

3.724%,

1/25/60 (1)

118‌

116‌

Verus

Securitization

Trust

Series

2020-5,

Class

A3,

CMO,

STEP

2.733%,

5/25/65 (1)

17‌

16‌

Verus

Securitization

Trust

Series

2021-1,

Class

A1,

CMO,

ARM

0.815%,

1/25/66 (1)

25‌

22‌

Verus

Securitization

Trust

Series

2021-1,

Class

A2,

CMO,

ARM

1.052%,

1/25/66 (1)

33‌

30‌

Verus

Securitization

Trust

Series

2021-1,

Class

A3,

CMO,

ARM

1.155%,

1/25/66 (1)

24‌

21‌

Verus

Securitization

Trust

Series

2021-2,

Class

A1,

CMO,

ARM

1.031%,

2/25/66 (1)

46‌

41‌

Verus

Securitization

Trust

Series

2021-R1,

Class

A2,

CMO,

ARM

1.057%,

10/25/63 (1)

10‌

9‌

Verus

Securitization

Trust

Series

2021-R2,

Class

A1,

CMO,

ARM

0.918%,

2/25/64 (1)

51‌

47‌

ROWE

PRICE

Limited-Term

Bond

Portfolio

Par/Shares

Value

(Amounts

000s)

Verus

Securitization

Trust

Series

2023-6,

Class

A2,

CMO,

STEP

6.939%,

9/25/68 (1)

83‌

84‌

Verus

Securitization

Trust

Series

2023-8,

Class

A2,

CMO,

STEP

6.664%,

12/25/68 (1)

61‌

62‌

Verus

Securitization

Trust

Series

2025-3,

Class

A1,

CMO,

STEP

5.623%,

5/25/70 (1)

112‌

7,354‌

Commercial

Mortgage-Backed

Securities

3.4%

ALA

Trust

Series

2025-OANA,

Class

ARM

TSFR

1.743%,

6.043%,

6/15/40 (1)

195‌

196‌

Alen

Mortgage

Trust

Series

2021-ACEN,

Class

ARM

TSFR

1.264%,

5.576%,

4/15/34 (1)

205‌

196‌

BANK

Series

2024-BNK47,

Class

5.523%,

6/15/57

42‌

44‌

BANK5

Series

2024-5YR11,

Class

6.139%,

11/15/57

165‌

172‌

BANK5

Series

2024-5YR12,

Class

A3,

ARM

5.902%,

12/15/57

95‌

100‌

BANK5

Series

2024-5YR12,

Class

AS,

ARM

6.122%,

12/15/57

110‌

115‌

BANK5

Series

2024-5YR9,

Class

4.889%,

8/15/57

165‌

166‌

Benchmark

Mortgage

Trust

Series

2024-V11,

Class

AM,

ARM

6.201%,

11/15/57

140‌

146‌

Benchmark

Mortgage

Trust

Series

2024-V6,

Class

5.568%,

3/15/57

55‌

Benchmark

Mortgage

Trust

Series

2024-V8,

Class

5.514%,

7/15/57

99‌

100‌

BMO

Mortgage

Trust

Series

2024-5C4,

Class

A3,

ARM

6.526%,

5/15/57

275‌

292‌

BMO

Mortgage

Trust

Series

2024-C8,

Class

5.542%,

3/15/57

108‌

109‌

BPR

Trust

Series

2021-TY,

Class

ARM

TSFR

1.264%,

5.576%,

9/15/38 (1)

200‌

199‌

Commercial

Mortgage

Trust

Series

2022-AHP,

Class

ARM

TSFR

0.99%,

5.302%,

1/17/39 (1)

190‌

Commercial

Mortgage

Trust

Series

2024-GPA3,

Class

ARM

TSFR

1.642%,

5.954%,

12/15/39 (1)

150‌

Commercial

Mortgage

Trust

Series

2024-MDHS,

Class

ARM

TSFR

1.641%,

5.953%,

5/15/41 (1)

182‌

183‌

Par/Shares

Value

(Amounts

000s)

Commercial

Mortgage

Trust

Series

2024-MDHS,

Class

ARM

TSFR

1.841%,

6.153%,

5/15/41 (1)

182‌

183‌

Commercial

Mortgage

Trust

Series

2024-SLCT,

Class

ARM

TSFR

1.793%,

6.105%,

1/15/42 (1)

100‌

101‌

Commercial

Mortgage

Trust

Series

2024-SLCT,

Class

ARM

TSFR

2.392%,

6.704%,

1/15/42 (1)

245‌

243‌

Trust

Series

2025-GW,

Class

ARM

TSFR

1.60%,

5.90%,

7/15/42 (1)

305‌

306‌

Commercial

Mortgage

Trust

Series

2014-CR19,

Class

ARM

4.661%,

8/10/47 (1)

66‌

63‌

Extended

Stay

America

Trust

Series

2021-ESH,

Class

ARM

TSFR

1.814%,

6.126%,

7/15/38 (1)

167‌

HILT

Commercial

Mortgage

Trust

Series

2024-ORL,

Class

ARM

TSFR

1.941%,

6.252%,

5/15/37 (1)

240‌

Hudson

Yards

Mortgage

Trust

Series

2025-SPRL,

Class

ARM

5.649%,

1/13/40 (1)

200‌

206‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2019-BKWD,

Class

ARM

TSFR

2.214%,

6.526%,

9/15/29 (1)

355‌

302‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2020-609M,

Class

ARM

TSFR

2.134%,

6.446%,

10/15/33 (1)

255‌

253‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2020-609M,

Class

ARM

TSFR

2.534%,

6.846%,

10/15/33 (1)

210‌

208‌

KIND

Trust

Series

2021-KIND,

Class

ARM

TSFR

1.864%,

6.18%,

8/15/38 (1)

243‌

241‌

LSTAR

Commercial

Mortgage

Trust

Series

2017-5,

Class

4.021%,

3/10/50 (1)

145‌

139‌

MED

Commercial

Mortgage

Trust

Series

2024-MOB,

Class

ARM

TSFR

1.592%,

5.903%,

5/15/41 (1)

245‌

244‌

Morgan

Stanley

Capital

Trust

Series

2014-150E,

Class

3.912%,

9/9/32 (1)

340‌

301‌

ONE

Mortgage

Trust

Series

2021-PARK,

Class

ARM

TSFR

1.064%,

5.376%,

3/15/36 (1)

315‌

302‌

ONE

Mortgage

Trust

Series

2021-PARK,

Class

ARM

TSFR

1.214%,

5.526%,

3/15/36 (1)

170‌

161‌

ROCK

Trust

Series

2024-CNTR,

Class

5.388%,

11/13/41 (1)

300‌

307‌

SDR

Commercial

Mortgage

Trust

Series

2024-DSNY,

Class

ARM

TSFR

1.741%,

6.053%,

5/15/39 (1)

195‌

194‌

ROWE

PRICE

Limited-Term

Bond

Portfolio

Par/Shares

Value

(Amounts

000s)

Trust

Series

2024-HOU,

Class

ARM

TSFR

2.091%,

6.402%,

6/15/39 (1)

270‌

269‌

6,843‌

Residential

Mortgage

0.2%

Finance

America

HECM

Buyout

Series

2024-HB1,

Class

A1A,

ARM

4.00%,

10/1/34 (1)

250‌

248‌

MetLife

Securitization

Trust

Series

2017-1A,

Class

CMO,

ARM

3.00%,

4/25/55 (1)

81‌

77‌

Towd

Point

Mortgage

Trust

Series

2018-1,

Class

A1,

CMO,

ARM

3.00%,

1/25/58 (1)

22‌

347‌

Total

Non-U.S.

Government

Mortgage-

Backed

Securities

(Cost

$14,922)

14,544‌

U.S.

GOVERNMENT

AGENCY

MORTGAGE-BACKED

SECURITIES

7.1%

U.S.

Government

Agency

Obligations

6.1%

Federal

Home

Loan

Mortgage

3.50%,

3/1/46

72‌

67‌

5.50%,

10/1/38

2‌

6.00%,

9/1/34

9/1/35

44‌

46‌

7.00%,

3/1/39

31‌

33‌

7.50%,

6/1/38

29‌

31‌

Federal

Home

Loan

Mortgage,

ARM

CMT

2.245%,

6.56%,

1/1/36

3‌

CMT

2.25%,

7.079%,

10/1/36

1‌

RFUCCT1Y

1.625%,

6.45%,

6/1/38

10‌

RFUCCT1Y

1.625%,

6.625%,

4/1/37

4‌

RFUCCT1Y

1.726%,

7.564%,

7/1/35

1‌

RFUCCT1Y

1.733%,

7.608%,

10/1/36

2‌

RFUCCT1Y

1.75%,

6.75%,

2/1/35

1‌

RFUCCT1Y

1.769%,

6.693%,

5/1/38

5‌

RFUCCT1Y

1.775%,

6.688%,

5/1/37

1‌

RFUCCT1Y

1.815%,

6.525%,

1/1/37

1‌

RFUCCT1Y

1.919%,

6.918%,

2/1/37

1‌

RFUCCT1Y

2.031%,

6.796%,

11/1/36

2‌

RFUCCT1Y

2.083%,

6.957%,

2/1/38

6‌

Federal

Home

Loan

Mortgage,

UMBS

2.50%,

1/1/52

5/1/52

267‌

224‌

3.00%,

11/1/34

6/1/52

325‌

292‌

3.50%,

2/1/52

227‌

206‌

4.00%,

12/1/49

28‌

26‌

4.50%,

5/1/50

2/1/53

1,018‌

975‌

5.50%,

8/1/53

4/1/55

703‌

706‌

6.00%,

9/1/53

6/1/55

983‌

1,002‌

6.50%,

9/1/54

6/1/55

431‌

446‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

4.60%,

6/25/30

153‌

155‌

Federal

National

Mortgage

Assn.,

ARM

RFUCCT1Y

1.34%,

6.215%,

12/1/35

2‌

Par/Shares

Value

(Amounts

000s)

RFUCCT1Y

1.523%,

6.963%,

7/1/35

1‌

RFUCCT1Y

1.588%,

6.731%,

7/1/36

3‌

RFUCCT1Y

1.613%,

6.746%,

12/1/35

4‌

RFUCCT1Y

1.655%,

7.53%,

8/1/37

1‌

RFUCCT1Y

1.77%,

6.645%,

12/1/35

1‌

RFUCCT1Y

1.78%,

6.405%,

1/1/34

5‌

RFUCCT1Y

1.788%,

6.788%,

5/1/38

2‌

RFUCCT1Y

1.83%,

6.83%,

4/1/38

6‌

RFUCCT1Y

1.853%,

7.631%,

8/1/38

4‌

RFUCCT1Y

1.892%,

6.892%,

12/1/35

—‌

RFUCCT1Y

1.906%,

6.906%,

5/1/38

4‌

RFUCCT1Y

2.04%,

6.665%,

12/1/36

1‌

Federal

National

Mortgage

Assn.,

UMBS

2.00%,

10/1/50

93‌

75‌

2.50%,

1/1/52

1/1/54

450‌

375‌

3.00%,

1/1/27

17‌

16‌

3.50%,

3/1/28

1/1/52

94‌

86‌

4.00%,

11/1/49

9/1/52

617‌

575‌

4.50%,

12/1/40

11/1/52

603‌

584‌

5.00%,

9/1/25

9/1/54

2,119‌

2,086‌

5.50%,

12/1/34

10/1/54

864‌

873‌

6.00%,

3/1/34

8/1/54

660‌

681‌

6.50%,

7/1/32

6/1/55

2,445‌

2,527‌

12,161‌

U.S.

Government

Obligations

1.0%

Government

National

Mortgage

Assn.

2.00%,

3/20/52

17‌

14‌

3.00%,

9/20/47

561‌

502‌

3.50%,

7/20/52

674‌

615‌

4.00%,

10/20/50

10/20/52

331‌

310‌

5.00%,

12/20/34

11/20/47

187‌

189‌

5.50%,

3/20/48

3/20/49

29‌

30‌

Government

National

Mortgage

Assn.,

TBA,

5.50%,

7/20/55 (7)

460‌

461‌

2,121‌

Total

U.S.

Government

Agency

Mortgage-Backed

Securities

(Cost

$14,507)

14,282‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

17.6%

U.S.

Treasury

Obligations

17.6%

U.S.

Treasury

Inflation-Indexed

Notes,

1.625%,

4/15/30

1,003‌

1,009‌

U.S.

Treasury

Notes,

3.75%,

4/30/27

2,000‌

U.S.

Treasury

Notes,

3.875%,

3/31/27

9,930‌

9,947‌

U.S.

Treasury

Notes,

3.875%,

5/31/27

1,670‌

1,674‌

U.S.

Treasury

Notes,

4.125%,

1/31/27

15,110‌

15,180‌

U.S.

Treasury

Notes,

4.125%,

2/28/27 (8)

4,305‌

4,328‌

U.S.

Treasury

Notes,

4.25%,

12/31/26

1,045‌

1,051‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-

Backed)

(Cost

$35,052)

35,189‌

ROWE

PRICE

Limited-Term

Bond

Portfolio

‡

Par/Shares

and

Notional

Amount

are

denominated

U.S.

dollars

unless

otherwise

noted.

Exercise

Spread

(1)

Security

was

purchased

pursuant

Rule

144A

under

the

Securities

Act

1933

and

may

resold

transactions

exempt

from

registration

only

qualified

institutional

buyers.

Total

value

such

securities

period-end

amounts

$76,130

and

represents

38.1%

net

assets.

(2)

All

portion

this

loan

unsettled

June

30,

2025.

The

interest

rate

for

unsettled

loans

will

determined

upon

settlement

after

period

end.

(3)

Security

cannot

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

1933

and

rules

("restricted

security").

Acquisition

date

represents

the

day

which

enforceable

right

acquire

such

security

obtained

and

presented

along

with

cost

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

such

registration

are

generally

borne

the

issuer.

The

aggregate

value

restricted

securities

(excluding

144A

holdings)

period

end

amounts

$567

and

represents

0.3%

net

assets.

(4)

See

Note

Level

fair

value

hierarchy.

(5)

Security

fix-to-float

security,

which

carries

fixed

coupon

until

certain

date,

upon

which

switches

floating

rate.

Reference

rate

and

spread

are

provided

the

rate

currently

floating.

(6)

See

Note

All

portion

this

security

loan

June

30,

2025.

(7)

See

Note

To-Be-Announced

purchase

commitment.

Total

value

such

securities

period-end

amounts

$461

and

represents

0.2%

net

assets.

(8)

June

30,

2025,

all

portion

this

security

pledged

collateral

and/or

margin

deposit

cover

future

funding

obligations.

(9)

Commercial

paper

exempt

from

registration

under

Section

4(2)

the

Securities

Act

1933

and

may

resold

transactions

exempt

from

registration

only

dealers

that

program

other

"accredited

investors".

Total

value

such

securities

period-end

amounts

$2,125

and

represents

1.1%

net

assets.

(10)

Seven-day

yield

(11)

Affiliated

Companies

(12)

Non-income

producing

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

CMT

One

year

U.S.

Treasury

note

constant

maturity

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

effective

rate

period-end.

The

rates

for

certain

ARMs

are

not

based

published

reference

rate

and

spread

but

may

determined

using

formula

based

the

rates

the

underlying

loans.

CLO

Collateralized

Loan

Obligation

CMO

Collateralized

Mortgage

Obligation

FRN

Floating

Rate

Note

OTC

Over-the-counter

PTC

Pass-Through

Certificate

PTT

Pass-Through

Trust

RFUCCT1Y

Twelve

month

FTSE

USD

IBOR

Consumer

Cash

Fallback

SOFR

Secured

overnight

financing

rate

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

SOFR90A

90-day

Average

SOFR

(Secured

overnight

financing

rate)

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

interest

adjusts

specified

date(s);

rate

shown

effective

rate

period-end.

TBA

To-Be-Announced

UMBS

Uniform

Mortgage-Backed

Securities

Variable

Rate;

rate

shown

effective

rate

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

published

reference

rate

and

spread

but

are

determined

the

issuer

agent

and

based

current

market

conditions.

Rowe

Price

Limited-Term

Bond

Portfolio

(Unaudited)

Statement

Changes

Net

Assets

($000s)

The

accompanying

notes

are

integral

part

these

financial

statements.

Months

Ended

6/30/25

Year

Ended

12/31/24

Increase

(Decrease)

Net

Assets

Operations

Net

investment

income

4,147‌

8,096‌

Net

realized

gain

(loss)

57‌

(712‌)

Change

net

unrealized

gain

loss

1,462‌

1,942‌

Increase

net

assets

from

operations

5,666‌

9,326‌

Distributions

shareholders

Net

earnings

Limited-Term

Bond

Portfolio

Class

(3,721‌)

(7,352‌)

Limited-Term

Bond

Portfolio-II

Class

(427‌)

(715‌)

Decrease

net

assets

from

distributions

(4,148‌)

(8,067‌)

Capital

transactions

sold

Limited-Term

Bond

Portfolio

Class

23,139‌

32,304‌

Limited-Term

Bond

Portfolio-II

Class

4,465‌

5,202‌

Distributions

reinvested

Limited-Term

Bond

Portfolio

Class

3,701‌

7,355‌

Limited-Term

Bond

Portfolio-II

Class

425‌

716‌

redeemed

Limited-Term

Bond

Portfolio

Class

(22,124‌)

(36,766‌)

Limited-Term

Bond

Portfolio-II

Class

(3,653‌)

(3,285‌)

Increase

net

assets

from

capital

transactions

5,953‌

5,526‌

Net

Assets

Increase

during

period

7,471‌

6,785‌

Beginning

period

192,288‌

185,503‌

End

period

199,759‌

192,288‌

*Share

information

(000s)

sold

Limited-Term

Bond

Portfolio

Class

4,913‌

6,903‌

Limited-Term

Bond

Portfolio-II

Class

954‌

1,117‌

Distributions

reinvested

Limited-Term

Bond

Portfolio

Class

785‌

1,573‌

Limited-Term

Bond

Portfolio-II

Class

90‌

154‌

redeemed

Limited-Term

Bond

Portfolio

Class

(4,700‌)

(7,854‌)

Limited-Term

Bond

Portfolio-II

Class

(779‌)

(707‌)

Increase

outstanding

1,263‌

1,186‌

Rowe

Price

Limited-Term

Bond

Portfolio

Unaudited

NOTES

FINANCIAL

STATEMENTS

Rowe

Price

Fixed

Income

Series,

Inc. (the

corporation)

registered

under

the

Investment

Company

Act

1940

(the

1940

Act).

The

Limited-Term

Bond

Portfolio

(the

fund)

is a

diversified, open-end

management

investment

company

established

the

corporation. The

fund

seeks a

high

level

income

consistent

with

moderate

fluctuations

principal

value. Shares

the

fund

currently

are

offered

only

insurance

company

separate

accounts

established

for

the

purpose

funding

variable

annuity

contracts

and

variable

life

insurance

policies.

The

fund

has

two

classes

the Limited-

Term

Bond

Portfolio

(Limited-Term

Bond

Portfolio

Class)

and

the Limited-Term

Bond

Portfolio–II

(Limited-Term

Bond

Portfolio–II

Class). Limited-Term

Bond

Portfolio–II

Class

are

sold

through

financial

intermediaries,

which

compensates

for

distribution,

shareholder

servicing,

and/or

certain

administrative

services

under

Board-approved

Rule

12b-1

plan.

Each

class

has

exclusive

voting

rights

matters

solely

that

class;

separate

voting

rights

matters

that

relate

both

classes;

and,

all

other

respects,

the

same

rights

and

obligations

the

other

class.

NOTE

SIGNIFICANT

ACCOUNTING

POLICIES

Basis

Preparation

The fund

investment

company

and

follows

accounting

and

reporting

guidance

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

accordance

with

accounting

principles

generally

accepted

the

United

States

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

estimates

made

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

Investment

transactions

are

accounted

for

the

trade

date

basis.

Income

and

expenses

are

recorded

the

accrual

basis.

Realized

gains

and

losses

are

reported

the

identified

cost

basis. Premiums

and

discounts

debt

securities

are

amortized

for

financial

reporting

purposes. Paydown

gains

and

losses

are

recorded

adjustment

interest

income. Inflation

adjustments

the

principal

amount

inflation-indexed

bonds

are

reflected

interest

income. Income

tax-related

interest

and

penalties,

incurred,

are

recorded

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

dividend income;

capital

gain

distributions

are

reflected

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

the

ex-dividend

date. Non-cash

dividends,

any,

are

recorded

the

fair

market

value

the

asset

received. Proceeds

from

litigation

payments,

any,

are

included

either

net

realized

gain

(loss)

change

net

unrealized

gain/loss

from

securities. Distributions

shareholders

are

recorded

the

ex-dividend

date. Income

distributions,

any, are

declared

each

class daily

and

paid

monthly. A

capital

gain

distribution,

any, may

also

declared

and

paid

the

fund

annually.

Class

Accounting

Investment

income

and

investment

management

and

administrative

expense

are

allocated

the

classes

based

upon

the

relative

daily

net

assets

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

each

class’s

outstanding

shares. Limited-Term

Bond

Portfolio–

Class

pays

Rule

12b-1

fees,

amount

not

exceeding

0.25%

the

class’s

average

daily

net

assets.

Capital

Transactions

Each

investor’s

interest

the

net

assets

of the

fund

represented

fund

shares. The

fund’s

net

asset

value

(NAV)

per

computed

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

Eastern

time,

each

day

the

NYSE

open

for

business.

However,

the

NAV

per

may

calculated

time

other

than

the

normal

the

NYSE

trading

the

NYSE

restricted,

the

NYSE

closes

earlier,

may

permitted

the

SEC.

Purchases

and

redemptions

fund

are

transacted

the

next-computed

NAV

per

share,

after

receipt

the

transaction

order

Rowe

Price

Associates,

Inc.,

its

agents.

New

Accounting

Guidance

In December

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

Income

Taxes

Disclosures,

which

enhances

the

transparency

income

tax

disclosures.

The

ASU

requires

public

entities,

annual

basis,

provide

disclosure

specific

categories

the

rate

reconciliation,

well

disclosure

income

taxes

paid

disaggregated

jurisdiction.

The

amendments

under

this

ASU

are

required

applied

prospectively

and

are

effective

for

fiscal

years

beginning

after

December

15,

2024.

Management

expects

that

adoption

the

guidance

will

not

have

material

impact

the

fund’s

financial

statements.

Rowe

Price

Limited-Term

Bond

Portfolio

Indemnification

the

normal

course

business, the

fund

may

provide

indemnification

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

unknown;

however,

the

risk

material

loss

currently

considered

remote.

NOTE

VALUATION

Fair

Value

The

fund’s

financial

instruments

are

valued

the

NYSE

and

are

reported

fair

value,

which

GAAP

defines

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date. The fund’s

Board

Directors

(the

Board)

has

designated

Rowe

Price

Associates,

Inc.

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

oversight

the

Board,

the

Valuation

Designee

performs

the

following

functions

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

the

Valuation

Designee

are

performed

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

the

Board

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

determine

the

fair

value

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

measure

fair

value:

Level

–

quoted

prices

(unadjusted)

active

markets

for

identical

financial

instruments

that

the

fund

can

access

the

reporting

date

Level

–

inputs

other

than

Level

quoted

prices

that

are

observable,

either

directly

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

active

markets,

quoted

prices

for

identical

similar

financial

instruments

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

publicly

available

information

about

actual

events

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

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

price

the

financial

instrument.

GAAP

requires

valuation

techniques

maximize

the

use

relevant

observable

inputs

and

minimize

the

use

unobservable

inputs.

When

multiple

inputs

are

used

derive

fair

value,

the

financial

instrument

assigned

the

level

within

the

fair

value

hierarchy

based

the

lowest-level

input

that

significant

the

fair

value

the

financial

instrument.

Input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level

but

rather

the

degree

judgment

used

determining

those

values.

Valuation

Techniques

Debt

securities

generally

are

traded

the over-the-counter

(OTC)

market

and

are

valued

prices

furnished

independent

pricing

services

broker

dealers

who

make

markets

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

price

bonds

comparable

quality,

coupon,

maturity,

and

type,

well

prices

quoted

dealers

who

make

markets

such

securities.

Investments

mutual

funds

are

valued

the

mutual

fund’s

closing

NAV

per

the

day

valuation.

Listed

options,

and

OTC

options

with

listed

equivalent,

are

valued

the

mean

the

closing

bid

and

asked

prices

and

exchange-traded

options

futures

contracts

are

valued

closing

settlement

prices.

Futures

contracts

are

valued

closing

settlement

prices.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

cost,

estimated

realizable

value,

less,

which

approximates

fair

value.

Investments

for

which

market

quotations are

not

readily

available

deemed

unreliable

are

valued

fair

value

determined

good

faith

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

investments

for

which

market

quotations

are

not

readily

available

deemed

unreliable,

including

the

use

other

pricing

sources.

Factors

used

determining

fair

value

vary

type

investment

and

may

include

market

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

actual

prices

arm’s

length

transactions,

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

reliably

obtained,

and

prices

are

deemed

representative

fair

value.

However,

the

Valuation

Designee may

also

Rowe

Price

Limited-Term

Bond

Portfolio

consider

other

valuation

methods

such

market-based

valuation

multiples;

discount

premium

from

market

value

similar,

freely

traded

security

the

same

issuer;

discounted

cash

flows;

yield

maturity;

some

combination.

Fair

value

determinations

are

reviewed

regular

basis.

Because

any

fair

value

determination

involves

significant

amount

judgment,

there

degree

subjectivity

inherent

such

pricing

decisions. Fair

value

prices

determined

the

Valuation

Designee could

differ

from

those

other

market

participants,

and

possible

that

the

fair

value

determined

for

security

may

materially

different

from

the

value

that

could

realized

upon

the

sale

that

security.

Valuation

Inputs

The

following

table

summarizes

the

fund’s

financial

instruments,

based

the

inputs

used

determine

their

fair

values

June

30,

2025

(for

further

detail

category,

please

refer

the

accompanying

Portfolio

Investments):

NOTE

DERIVATIVE

INSTRUMENTS

During

the

six

months ended

June

30,

2025,

the

fund

invested

derivative

instruments.

defined

GAAP,

derivative

financial

instrument

whose

value

derived

from

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

prices

rates,

other

variable;

requires

little

initial

investment

and

permits

requires

net

settlement

delivery

cash

other

assets.

The

fund

invests

derivatives

only

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

described

its

prospectus

and

Statement

Additional

Information.

The

fund

may

use

derivatives

for

variety

purposes

and

may

use

them

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

hedge

against

declines

principal

value,

increase

yield,

invest

asset

with

greater

efficiency

and

lower

cost

than

possible

through

direct

investment,

enhance

return,

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

the

instruments

which

the

derivatives

are

based.

($000s)

Level

Total

Value

Assets

Fixed

Income

Securities

—‌

140,119‌

—‌

140,119‌

Asset-Backed

Securities

—‌

40,772‌

336‌

41,108‌

Non-U.S.

Government

Mortgage-Backed

Securities

—‌

14,313‌

231‌

14,544‌

Short-Term

Investments

3,868‌

2,125‌

—‌

5,993‌

Securities

Lending

Collateral

799‌

—‌

799‌

Options

Purchased

—‌

3‌

—‌

3‌

Total

Securities

4,667‌

197,332‌

567‌

202,566‌

Futures

Contracts*

212‌

—‌

212‌

Total

4,879‌

197,332‌

567‌

202,778‌

Liabilities

Options

Written

—‌

40‌

—‌

40‌

Futures

Contracts*

297‌

—‌

297‌

Total

297‌

40‌

—‌

337‌

Includes

Corporate

Bonds,

Foreign

Government

Obligations

Municipalities,

U.S.

Government

Agency

Mortgage-Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

The

fair

value

presented

includes

cumulative

gain

(loss)

open

futures

contracts;

however,

the

net

value

reflected

the

accompanying

Portfolio

Investments

only

the

unsettled

variation

margin

receivable

(payable)

that

date.

Rowe

Price

Limited-Term

Bond

Portfolio

The

fund

values

its

derivatives

fair

value

and

recognizes

changes

fair

value

currently

its

results

operations.

Accordingly,

the

fund

does

not

hedge

accounting,

even

for

derivatives

employed

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

gross

basis.

does

not

offset

the

fair

value

derivative

liabilities

against

the

fair

value

derivative

assets

its

financial

statements,

nor

does

offset

the

fair

value

derivative

instruments

against

the

right

reclaim

obligation

return

collateral.

The

following

table

summarizes

the

fair

value

the

fund’s

derivative

instruments

held

June

30,

2025,

and

the

location

the

accompanying

Statement

Assets

and

Liabilities,

presented

primary

underlying

risk

exposure:

Additionally,

the

amount

gains

and

losses

derivative

instruments

recognized

fund

earnings

during

the

six

months ended

June

30,

2025,

and

the

location

the

accompanying

Statement

Operations

summarized

the

following

table

primary

underlying

risk

exposure:

Counterparty

Risk

and

Collateral

The

fund

invests

derivatives

various

markets,

which

expose

differing

levels

counterparty

risk.

Counterparty

risk

exchange-traded

and

centrally

cleared

derivative

contracts,

such

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

minimal

because

the

clearinghouse

provides

protection

($000s)

Location

Statement

Assets

and

Liabilities

Fair

Value*

Assets

Interest

rate

derivatives

Futures

212‌

Credit

derivatives

Securities^

3‌

Total

215‌

Liabilities

Interest

rate

derivatives

Futures

297‌

Credit

derivatives

Options

Written

40‌

Total

337‌

The

fair

value

presented

includes

cumulative

gain

(loss)

open

futures

contracts;

however,

the

value

reflected

the

accompanying

Statement

Assets

and

Liabilities

only

the

unsettled

variation

margin

receivable

(payable)

that

date.

Options

purchased

are

reported

securities

and

are

reflected

the

accompanying

Portfolio

Investments.

($000s)

Location

Gain

(Loss)

Statement

Operations

Securities^

Options

Written

Futures

Swaps

Total

Realized

Gain

(Loss)

Interest

rate

derivatives

4‌

6‌

258‌

—‌

268‌

Credit

derivatives

(12‌)

—‌

14‌

2‌

Total

(8‌)

6‌

258‌

14‌

270‌

Change

Unrealized

Gain

(Loss)

Interest

rate

derivatives

—‌

(274‌)

—‌

(274‌)

Credit

derivatives

(25‌)

(21‌)

—‌

(46‌)

Total

(25‌)

(21‌)

(274‌)

—‌

(320‌)

Options

purchased

are

reported

securities.

Rowe

Price

Limited-Term

Bond

Portfolio

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

required

deposit

collateral

amount

specified

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

maintained

over

the

life

the

contract.

Each

clearinghouse

and

clearing

firm,

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

the

fund.

Derivatives,

such

non-cleared bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

counterparty

(bilateral

derivatives)

may

expose

the

fund

greater

counterparty

risk.

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

conditions

and,

for

certain

counterparties,

also

require

the

exchange

collateral

cover

mark-to-market

exposure.

MNAs

may

the

form

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

offset

amounts

the

fund

owes

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

letters

generally

allow

termination

transactions

and

net

settlement

upon

the

occurrence

contractually

specified

events,

such

failure

pay

bankruptcy.

addition,

ISDAs

specify

other

events,

the

occurrence

which

would

allow

one

the

parties

terminate.

For

example,

downgrade

credit

rating

counterparty

below

specified

rating

would

allow

the

fund

terminate,

while

decline

the

fund’s

net

assets

than

specified

percentage

would

allow

the

counterparty

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

liquidated

and

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements

whereas

letters

not.

Collateral

requirements

are

determined

daily

based

the

net

aggregate

unrealized

gain

loss

all

bilateral

derivatives

with

counterparty,

subject

minimum

transfer

amounts

that

typically

range

from

$100,000

$250,000.

Any

additional

collateral

required

due

changes

security

values

typically

transferred

the

business

day.

Collateral

may

the

form

cash

debt

securities

issued

the

U.S.

government

agencies,

although

other

securities

may

used

depending

the

terms

outlined

the

applicable

MNA.

Cash

posted

the

fund

reflected

cash

deposits

the

accompanying

financial

statements

and

generally

restricted

from

withdrawal

the

fund;

securities

posted

the

fund

are

noted

the

accompanying

Portfolio

Investments;

both

remain

the

fund’s

assets.

Collateral

pledged

counterparties

not

included

the

fund’s

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

received

the

fund

held

segregated

account

the

fund’s

custodian.

While

typically

not

sold

the

same

manner

equity

fixed

income

securities,

exchange-traded

centrally

cleared

derivatives

may

closed

out

only

the

exchange

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

unwound

with

counterparties

transactions

assigned

other

counterparties

allow

the

fund

exit

the

transaction.

This

ability

subject

the

liquidity

underlying

positions. As

June

30,

2025,

collateral

was

pledged

either

the

fund

counterparties for

bilateral

derivatives. As

June

30,

2025,

securities

valued

at $374,000

had

been

posted

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

Futures

Contracts

The

fund

subject

to interest

rate

risk in

the

normal

course

pursuing

its

investment

objectives

and

uses

futures

contracts

help

manage

such

risk.

The fund

may

enter

into

futures

contracts

manage

exposure

interest

rate

and

yield

curve

movements,

security

prices,

foreign

currencies,

credit

quality,

and

mortgage

prepayments;

efficient

means

adjusting

exposure

all

part

target

market;

enhance

income;

cash

management

tool;

adjust

portfolio

duration

and

credit

exposure. A

futures

contract

provides

for

the

future

sale

one

party

and

purchase

another

specified

amount

specific

underlying

financial

instrument

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

exchange-traded

futures,

which

generally

are

standardized

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

received

the

fund

each

day

settle

daily

fluctuations

the

value

the

contract

(variation

margin),

which

reflect

changes

the

value

the

underlying

financial

instrument.

Variation

margin

recorded

unrealized

gain

loss

until

the

contract

closed.

The

value

futures

contract

included

net

assets

the

amount

unsettled

variation

margin;

net

variation

margin

receivable

reflected

asset

and

net

variation

margin

payable

reflected

liability

the

accompanying

Statement

Assets

and

Liabilities.

When

contract

closed,

realized

gain

loss

recorded

the

accompanying

Statement

Operations.

Risks

the

use

futures

contracts

include

possible

illiquidity

the

futures

markets,

contract

prices

that

can

highly

volatile

and

imperfectly

correlated

movements

hedged

security

values

and/or

interest

rates,

and

Rowe

Price

Limited-Term

Bond

Portfolio

potential

losses

excess

the

fund’s

initial

investment.

During

the

six

months ended

June

30,

2025,

the

volume

the

fund’s

activity

futures,

based

underlying

notional

amounts,

was

generally

between

34%

and

37%

net

assets.

Options

The

fund

subject

to interest

rate

risk

and

credit

risk in

the

normal

course

pursuing

its

investment

objectives

and

uses

options

help

manage

such

risks.

The

fund

may

use

options

manage

exposure

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

efficient

means

adjusting

exposure

all

part

target

market;

enhance

income;

cash

management

tool;

adjust

credit

exposure.

The

fund

may

buy

sell

options

that

can

settled

either

directly

with

the

counterparty

(OTC

option)

through

central

clearinghouse

(exchange-traded

option).

Options

are

included

net

assets

fair

value,

options

purchased

are

included

Investments

Securities,

and

options

written

are

separately

reflected

liability

the

accompanying

Statement

Assets

and

Liabilities.

Premiums

unexercised,

expired

options

are

recorded

realized

gains

losses

the

accompanying

Statement

Operations;

premiums

exercised

options

are

recorded

adjustment

the

proceeds

from

the

sale

cost

the

purchase.

The

difference

between

the

premium

and

the

amount

received

paid

closing

transaction

also

treated

realized

gain

loss

the

accompanying

Statement

Operations.

return

for

premium

paid,

call

and

put

options

futures

give

the

holder

the

right,

but

not

the

obligation,

purchase

sell,

respectively,

position

particular

futures

contract

specified

exercise

price.

return

for

premium

paid,

options

swaps

give

the

holder

the

right,

but

not

the

obligation,

enter

specified

swap

contract

predefined

terms.

The

exercise

price

option

credit

default

swap

stated

terms

specified

spread

that

represents

the

cost

credit

protection

the

reference

asset,

including

both

the

upfront

premium

open

the

position

and

future

periodic

payments.

The

exercise

price

interest

rate

swap

stated

terms

fixed

interest

rate;

generally,

there

upfront

payment

open

the

position. Risks related

the

use

options

include

possible

illiquidity

the

options

markets;

trading

restrictions

imposed

exchange

counterparty;

possible

failure

counterparties

meet

the

terms

the

agreements;

movements

the

underlying

asset

values,

interest

rates

and

credit

ratings;

and,

for

options

written,

the

potential

for

losses

exceed

any

premium

received

the

fund.

During

the

six

months ended

June

30,

2025,

the

volume

the

fund’s

activity

options,

based

underlying

notional

amounts,

was

generally

between

and

17%

net

assets.

Swaps

The

fund

subject

credit

risk in

the

normal

course

pursuing

its

investment

objectives

and

uses

swap

contracts

help

manage

such

risk.

The

fund

may

use

swaps

effort

manage

both

long

and

short

exposure

changes

interest

rates,

inflation

rates,

and

credit

quality;

adjust

overall

exposure

certain

markets;

enhance

total

return

protect

the

value

portfolio

securities;

serve

cash

management

tool;

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

settled

either

directly

with

the

counterparty

(bilateral

swap)

through

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

the

fair

value

contract

are

reflected

unrealized

gain

loss

and

are

reclassified

realized

gain

loss

the

accompanying

Statement

Operations upon

contract

termination

cash

settlement.

Net

periodic

receipts

payments

required

contract

increase

decrease,

respectively,

the

value

the

contract

until

the

contractual

payment

date,

which

time

such

amounts

are

reclassified

from

unrealized

realized

gain

loss

the

accompanying

Statement

Operations.

For

bilateral

swaps,

cash

payments

are

made

received

the

fund

periodic

basis

accordance

with

contract

terms;

unrealized

gain

contracts

and

premiums

paid

are

reflected

assets

and

unrealized

loss

contracts

and

premiums

received

are

reflected

liabilities

the

accompanying

Statement

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

received

are

amortized

over

the

life

the

swap

and

are

recognized

realized

gain

loss

the

accompanying

Statement

Operations.

For

centrally

cleared

swaps,

payments

are

made

received

the

fund

each

day

settle

the

daily

fluctuation

the

value

the

contract

(variation

margin).

Accordingly,

the

value

centrally

cleared

swap

included

net

assets

the

unsettled

variation

margin;

net

variation

margin

receivable

reflected

asset

and

net

variation

margin

payable

reflected

liability

the

accompanying

Statement

Assets

and

Liabilities.

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

make

periodic

payments

another

party

(the

protection

seller)

exchange

for

protection

against

specified

credit

events,

such

certain

defaults

and

bankruptcies

underlying

credit

instrument,

issuer

index

such

instruments.

Upon

occurrence

specified

credit

event,

the

protection

seller

required

pay

the

buyer

the

difference

between

the

notional

amount

the

swap

and

the

value

the

underlying

credit,

either

the

form

net

cash

settlement

paying

the

gross

notional

amount

and

accepting

delivery

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

index,

specified

credit

event

may

affect

all

individual

underlying

securities

included

the

index

and

will

settled

based

upon

the

relative

weighting

the

affected

underlying

security(ies)

within

the

index. Risks

the

use

credit

Rowe

Price

Limited-Term

Bond

Portfolio

default

swaps

include

the

possible

inability

the

fund

accurately

assess

the

current

and

future

creditworthiness

underlying

issuers,

the

possible

failure

counterparty

perform

accordance

with

the

terms

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

excess

the

fund’s

initial

investment.

During

the

six

months ended

June

30,

2025,

the

volume

the

fund’s

activity

swaps,

based

underlying

notional

amounts,

was

generally

less

than

net

assets.

NOTE

OTHER

INVESTMENT

TRANSACTIONS

Consistent

with

its

investment

objective, the

fund

engages

the

following

practices

manage

exposure

certain

risks

and/or

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

fully

in the

fund’s prospectus

and

Statement

Additional

Information.

Restricted

Securities

The

fund

invests

securities

that

are

subject

legal

contractual

restrictions

resale.

Prompt

sale

such

securities

acceptable

price

may

difficult

and

may

involve

substantial

delays

and

additional

costs.

Collateralized

Loan

Obligations

The

fund

invests

collateralized

loan

obligations

(CLOs)

which

are

entities

backed

diversified

pool

syndicated

bank

loans.

The

cash

flows

the

CLO

can

split

into

multiple

segments,

called

“tranches”

“classes”,

which

will

vary

risk

profile

and

yield.

The

riskiest

segments,

which

are

the

subordinate

“equity”

tranches,

bear

the

greatest

risk

loss

from

defaults

the

underlying

assets

the

CLO

and

serve

protect

the

other,

senior,

tranches.

Senior

tranches

will

typically

have

higher

credit

ratings

and

lower

yields

than

the

securities

underlying

the

CLO.

Despite

the

protection

from

the

junior

tranches,

senior

tranches

can

experience

substantial

losses.

Mortgage-Backed

Securities

The

fund

invests

mortgage-backed

securities

(MBS

pass-through

certificates)

that

represent

interest

pool

specific

underlying

mortgage

loans

and

entitle

the

fund

the

periodic

payments

principal

and

interest

from

those

mortgages.

MBS

may

issued

government

agencies

corporations,

private

issuers.

Most

MBS

issued

government

agencies

are

guaranteed;

however,

the

degree

protection

differs

based

the

issuer.

MBS are

sensitive

changes

economic

conditions

that

affect

the

rate

prepayments

and

defaults

the

underlying

mortgages;

accordingly,

the

value,

income,

and

cash

flows

from

MBS

may

volatile

than

other

debt

instruments.

TBA

Purchase,

Sale

Commitments

and

Forward

Settling

Mortgage

Obligations

The

fund

enters

into

to-be-

announced

(TBA)

purchase

sale

commitments

(collectively,

TBA

transactions),

pursuant

which

agrees

purchase

sell,

respectively,

mortgage-backed

securities

for

fixed

unit

price,

with

payment

and

delivery

scheduled

future

date

beyond

the

customary

settlement

period

for

such

securities.

With

TBA

transactions,

the

particular

securities

received

delivered

the

fund

are

not

identified

the

trade

date;

however,

the

securities

must

meet

specified

terms,

including

rate

and

mortgage

term,

and

within

industry-accepted

“good

delivery”

standards.

The

fund

may

enter

into

TBA

transactions

with

the

intention

taking

possession

relinquishing

the

underlying

securities,

may

elect

extend

the

settlement

“rolling”

the

transaction,

and/or

may

use

TBA

transactions

gain

reduce

interim

exposure

underlying

securities.

mitigate

counterparty

risk,

the

fund

has

entered

into

Master

Securities

Forward

Transaction

Agreements

(MSFTA)

with

counterparties

that

provide

for

collateral

and

the

right

offset

amounts

due

from

those

counterparties

under

specified

conditions.

Subject

minimum

transfer

amounts,

collateral

requirements

are

determined

and

transfers

made

based

the

net

aggregate

unrealized

gain

loss

all

TBA

commitments

and

other

forward

settling

mortgage

obligations

with

particular

counterparty

(collectively,

MSFTA

Transactions).

any

time,

the

fund’s

risk

loss

from

particular

counterparty

its

MSFTA

Transactions

the

aggregate

unrealized

gain

appreciated

MSFTA

Transactions

excess

unrealized

loss

depreciated

MSFTA

Transactions

and

collateral

received,

any,

from

such

counterparty. As

June

30,

2025,

collateral

was

pledged

the

fund

counterparties

for

MSFTA

Transactions.

Securities

Lending

The fund

may

lend

its

securities

approved

borrowers

earn

additional

income.

Its

securities

lending

activities

are

administered

lending

agent

accordance

with

securities

lending

agreement.

Security

loans

generally

not

have

stated

maturity

dates,

and

the

fund

may

recall

security

any

time.

The

fund

receives

collateral

Rowe

Price

Limited-Term

Bond

Portfolio

the

form

cash

U.S.

government

securities.

Collateral

maintained

over

the

life

the

loan

amount

not

less

than

the

value

loaned

securities;

any

additional

collateral

required

due

changes

security

values

delivered

the

fund

the

business

day.

Cash

collateral

invested

accordance

with

investment

guidelines

approved

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

mitigated

the

collateral

and

indemnification,

the

fund

could

experience

delay

recovering

its

securities

and

possible

loss

income

value

the

borrower

fails

return

the

securities,

collateral

investments

decline

value,

and

the

lending

agent

fails

perform.

Securities

lending

revenue

consists

earnings

invested

collateral

and

borrowing

fees,

net

any

rebates

the

borrower,

compensation

the

lending

agent,

and

other

administrative

costs.

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

the

accompanying

financial

statements,

but

collateral

received

the

form

securities

not.

June

30,

2025,

the

value

loaned

securities

was

$776,000;

the

value

cash

collateral

and

investments

was

$799,000.

Other

Purchases

and

sales

portfolio

securities

other

than

in-kind

transactions,

any, short-term

and

U.S.

government securities

aggregated $50,789,000 and

$39,853,000,

respectively,

for

the

six

months ended

June

30,

2025. Purchases

and

sales

U.S.

government

securities

aggregated $46,465,000 and

$48,687,000,

respectively,

for

the

six

months ended

June

30,

2025.

NOTE

FEDERAL

INCOME

TAXES

Generally,

provision

for

federal

income

taxes

required

since

the

fund

intends

to continue

qualify

regulated

investment

company

under

Subchapter

the

Internal

Revenue

Code

and

distribute

shareholders

all

its taxable

income

and

gains.

Distributions

determined

accordance

with

federal

income

tax

regulations

may

differ

amount

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

tax-basis

distributions

and

composition

net

assets

are

finalized

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

the

date

this

report.

The

fund

intends

retain

realized

gains

the

extent

available

capital

loss

carryforwards.

Net

realized

capital

losses

may

carried

forward

indefinitely

offset

future

realized

capital

gains.

December

31,

2024,

the

fund

had

$6,465,000

available

capital

loss

carryforwards.

June

30,

2025,

the

cost

investments

(including

derivatives,

any)

for

federal

income

tax

purposes

was

$202,160,000.

Net

unrealized

gain

aggregated

$280,000

period-end,

which

$1,663,000

appreciated

investments

and

$1,383,000

depreciated

investments.

NOTE

PARTY

TRANSACTIONS

The

fund

managed

Rowe

Price

Associates,

Inc.

(Price

Associates),

wholly

owned

subsidiary

Rowe

Price

Group,

Inc.

(Price

Group). Prior

May

2025,

Price

Associates

had

entered

into

sub-advisory

agreement(s)

with

one

its

wholly

owned

subsidiaries,

provide

investment

advisory

services

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

annual

investment

management

fee,

which

computed

daily

and

paid

monthly. The

fee

consists

individual

fund

fee,

equal

0.01%

the

fund’s

average

daily

net

assets,

and

group

fee.

The

group

fee

rate

calculated

based

the

combined

net

assets

certain

mutual

funds

sponsored

Price

Associates

(the

group)

applied

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

billion

assets

0.26%

for

assets

excess

$845

billion.

The

fund’s

group

fee

determined

applying

the

group

fee

rate

the

fund’s

average

daily

net

assets. At

June

30,

2025,

the

effective

annual

group

fee

rate

was

0.28%.

The

fund

subject

permanent

contractual

expense

limitation,

pursuant

which

Price

Associates

required

waive or

pay

any

expenses

(excluding

interest;

expenses

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

acquired

fund

fees

and

expenses;

and

12b-1

fees,

any)

that

would

otherwise

cause

the class’s

ratio

annualized

total

expenses

average

net

assets

(net

expense

ratio)

exceed

0.50%.

The

agreement

may

only

terminated

with

approval

the

fund’s

shareholders.

Each

class is

required

repay

Price

Associates

for

expenses

Rowe

Price

Limited-Term

Bond

Portfolio

previously

waived/paid

the

extent

the class’s

net

assets

grow

expenses

decline

sufficiently

allow

repayment

without

causing

the class’s

net

expense

ratio

(after

the

repayment

taken

into

account)

exceed

the

lesser

of:

(1)

the

expense

limitation

place

the

time

such

amounts

were

waived;

(2)

the class’s

current

expense

limitation.

However,

repayment

will

made

than

three

years

after

the

date

payment

waiver. The

total

management

fees

waived and/or

expenses

paid

were $101,000

and

allocated

ratably

the

amounts

$90,000 and

$11,000 for

the Limited-

Term

Bond

Portfolio

Class

and Limited-Term

Bond

Portfolio-II

Class,

respectively,

for

the six

months

ended

June

30,

2025. Including these

amounts,

expenses

previously

waived/paid

Price

Associates

in the

amount

$223,000

remain

subject

repayment

the

fund

June

30,

2025.

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

wholly

owned

subsidiary

Price

Associates,

each

affiliate

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

the

fund.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

its

capacity

the

fund’s

transfer

and

dividend-disbursing

agent.

For

the

six

months

ended

June

30,

2025,

expenses

incurred

pursuant

these

service

agreements

were

$64,000

for

Price

Associates

and

$3,000

for

Rowe

Price

Services,

Inc.

All

amounts

due

and

due

from

Price,

exclusive

investment

management

fees

payable,

are

presented

net

the

accompanying

Statement

Assets

and

Liabilities.

Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

distributor

the

fund.

Pursuant

underwriting

agreement,

compensation

for

any

distribution

services

provided

paid

Investment

Services

the

fund

(except

for

12b-1

fees

under

Board-approved

Rule

12b-1

plan).

The fund

may

invest

its

cash

reserves

certain

open-end

management

investment

companies

managed

Price

Associates

and

considered

affiliates

the

fund:

the

Rowe

Price

Government

Reserve

Fund

the

Rowe

Price

Treasury

Reserve

Fund,

organized

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

short-term

investment

options

mutual

funds,

trusts,

and

other

accounts

managed

Price

Associates

its

affiliates

and

are

not

available

for

direct

purchase

members

the

public.

Cash

collateral

from

securities

lending,

any,

invested

the

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

investment

management

fees.

The fund may

participate

securities

purchase

and

sale

transactions

with

other

funds

accounts

advised

Price

Associates

(cross

trades),

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

effected

the

independent

current

market

price

the

security.

During

the

six

months

ended

June

30,

2025,

the

fund

had

purchases

sales

cross

trades

with

other

funds

accounts

advised

Price

Associates.

NOTE

SEGMENT

REPORTING

Operating segments

are

defined

components

company

that

engage

business

activities

and

for

which

discrete

financial

information

available

and

regularly

reviewed

the

chief

operating

decision

maker

(CODM)

deciding

how

allocate

resources

and

assess

performance.

The

Management

Committee

Price

Associates

acts

the

fund’s

CODM.

The

fund

makes

investments

accordance

with

its

investment

objective

outlined

the

Prospectus

and

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

the

fund

the

whole.

The

fund’s

revenue

derived

from

investments

portfolio

securities.

The

CODM

allocates

resources

and

assesses

performance

based

the

operating

results

the

fund,

which

consistent

with

the

results

presented

the

statement

operations,

statement

changes

net

assets

and

financial

highlights.

The

CODM

compares

the

fund’s

performance

its

benchmark

index

and

evaluates

the

positioning

the

fund

relation

its

investment

objective.

The

measure

segment

assets

net

assets

the

fund

which

disclosed

the

statement

assets

and

liabilities.

The accounting

policies

the

segment

are

the

same

those

described

the

summary

significant

accounting

policies.

The

financial

statements

include

all

details

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

the

segment.

ROWE

PRICE

Limited-Term

Bond

Portfolio

APPROVAL

INVESTMENT

MANAGEMENT

AGREEMENT

Each

year,

the

fund’s

Board

Directors

(Board)

considers

the

continuation

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

Rowe

Price

Associates,

Inc.

(Adviser).

that

regard,

meeting

held

March

12-13,

2025

(Meeting),

the

Board,

including

all

the

fund’s

independent

directors

present

person

the

Meeting,

approved

the

continuation

the

fund’s

Advisory

Contract.

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

the

selection

the

Adviser

and

the

approval

the

Advisory

Contract.

The

independent

directors

were

assisted

their

evaluation

the

Advisory

Contract

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

The

Adviser

had

entered

into

investment

subadvisory

agreements

(Subadvisory

Contracts)

with

Rowe

Price

International

Ltd

and

Rowe

Price

Hong

Kong

Limited

(Subadvisers)

behalf

the

fund.

However,

the

Meeting,

the

Board

was

presented

with

information

explaining

that

investment

management

services

would

longer

provided

the

fund

these

Subadvisers

and

the

Adviser

was

not

seeking

continuation

these

Subadvisory

Contracts.

result,

the

Board

approved

terminating

these

Subadvisory

Contracts

with

respect

the

fund

the

end

their

term

April

30,

2025.

providing

information

the

Board,

the

Adviser

was

guided

detailed

set

requests

for

information

submitted

independent

legal

counsel

behalf

the

independent

directors.

considering

and

approving

the

continuation

the

Advisory

Contract,

the

Board

considered

the

information

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

connection

with

the

Meeting

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

about

various

topics.

The

Board

meets

regularly

and,

each

its

meetings,

covers

extensive

agenda

topics

and

materials

and

considers

factors

that

are

relevant

its

annual

consideration

the

renewal

the

Rowe

Price

funds’

advisory

contracts,

including

performance

and

the

services

and

support

provided

the

funds

and

their

shareholders.

Services

Provided

the

Adviser

The

Board

considered

the

nature,

quality,

and

extent

the

services

provided

the

fund

the

Adviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund’s

investments

accordance

with

its

investment

program

and

the

overall

management

the

fund’s

portfolio,

well

variety

activities

such

financial,

investment

operations,

and

administrative

services;

compliance

and

infrastructure,

well

compliance

with

new

regulatory

requirements

(e.g.,

derivatives

and

liquidity

risk

management);

maintaining

the

fund’s

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

the

Adviser’s

senior

management

team

and

investment

personnel

involved

the

management

the

fund,

well

the

Adviser’s

compliance

record.

The

Board

concluded

that

the

information

considered

with

respect

the

nature,

quality,

and

extent

the

services

provided

the

Adviser,

well

the

other

factors

considered

the

Meeting,

supported

the

Board’s

approval

the

continuation

the

Advisory

Contract.

Investment

Performance

the

Fund

The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

regularly

receives

throughout

the

year

relative

and

absolute

performance

for

the

Rowe

Price

funds.

connection

with

the

Meeting,

the

Board

reviewed

information

provided

the

Adviser

that

compared

the

fund’s

total

returns,

well

wide

variety

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2024.

Additionally,

the

Board

reviewed

the

fund’s

relative

performance

information

September

30,

2024,

which

ranked

the

returns

the

fund

for

various

periods

against

universe

funds

with

similar

investment

programs

selected

Broadridge,

independent

provider

mutual

fund

data.

the

course

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

connection

with

the

Advisory

Contract

review

the

Meeting,

well

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

the

year

regarding

the

fund’s

performance.

The

Board

also

considered

relevant

factors,

such

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund’s

performance,

length

the

fund’s

performance

track

record,

and

how

closely

the

fund’s

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

considered

with

respect

the

fund’s

performance,

well

the

other

factors

considered

the

Meeting,

supported

the

Board’s

approval

the

continuation

the

Advisory

Contract.

ROWE

PRICE

Limited-Term

Bond

Portfolio

Costs,

Benefits,

Profits,

and

Economies

Scale

The

Board

reviewed

detailed

information

regarding

the

revenues

received

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates)

may

have

realized

from

its

relationship

with

the

fund,

including

any

research

received

under

soft-dollar

arrangements

with

broker-dealers.

considering

soft-dollar

arrangements,

the

Board

noted

that,

effective

January

2024,

the

Adviser

began

using

brokerage

commissions

connection

with

certain

Rowe

Price

funds’

securities

transactions

pay

for

research

when

permissible,

and

the

Board

considered

that

the

Adviser

may

receive

some

benefit

from

soft-dollar

arrangements

pursuant

which

research

received

from

broker-dealers

that

execute

the

applicable

fund’s

portfolio

transactions.

The

Board

received

information

the

estimated

costs

incurred

and

profits

realized

the

Adviser

from

managing

the

Rowe

Price

funds.

While

the

Board

did

not

review

information

regarding

profits

realized

from

managing

the

fund

particular

because

the

fund

had

either

not

achieved

sufficient

portfolio

asset

size

not

recognized

sufficient

revenues

produce

meaningful

profit

margin

percentages,

the

Board

concluded

that

the

Adviser’s

profits

were

reasonable

light

the

services

provided

the

Rowe

Price

funds.

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

the

Advisory

Contract

otherwise

from

any

economies

scale

realized

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

fee

the

Adviser

for

investment

management

services

composed

two

components

–

group

fee

rate

based

the

combined

average

net

assets

most

the

Rowe

Price

funds

(including

the

fund)

that

declines

certain

asset

levels

and

individual

fund

fee

rate

based

the

fund’s

average

daily

net

assets

–

and

the

fund

pays

its

own

expenses

operations.

The

group

fee

schedule

graduated

the

rate

decreases

total

Rowe

Price

fund

assets

increase

and

increases

total

Rowe

Price

fund

assets

decrease.

result,

shareholders

benefit

from

overall

growth

Rowe

Price

fund

assets,

which

reduces

the

management

fee

rate

for

any

fund

that

has

group

fee

component

its

management

fee,

and

reflects

that

certain

resources

utilized

operate

the

fund

are

shared

with

other

Rowe

Price

funds

thus

allowing

shareholders

those

funds

potential

economies

scale.

The

fund’s

shareholders

also

benefit

from

potential

economies

scale

through

decline

certain

operating

expenses

the

fund

grows

size.

However,

the

fund

also

subject

contractual

expense

limitations

that

require

the

Adviser

waive

its

fees

and/or

bear

any

expenses

that

would

otherwise

cause

the

expenses

class

the

fund

exceed

certain

percentage

based

the

class’s

net

assets.

The

expense

limitations

protect

shareholders

from

relatively

high

expenses

until

the

fund

reaches

greater

scale

and

mitigate

the

potential

for

increase

operating

expenses

above

certain

level

that

could

impact

shareholders.

addition,

the

Board

noted

that

the

fund

potentially

indirect

economies

scale

through

the

Adviser’s

ongoing

investments

its

business

support

the

Rowe

Price

funds,

including

investments

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

possibly

negotiate

lower

fee

arrangements

with

third-party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

reasonable

sharing

benefits

from

any

economies

scale

with

the

fund’s

investors.

Fees

and

Expenses

The

Board

was

provided

with

information

regarding

industry

trends

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

Broadridge,

which

compared:

(i)

contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

the

fund

with

group

competitor

funds

selected

Broadridge

(Expense

Group);

and

(ii)

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

the

fund

with

broader

set

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund’s

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

the

Adviser

after

any

applicable

waivers,

reductions,

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

the

fund

after

any

waivers,

reductions,

reimbursements)

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

seeking

the

most

comparable

funds

based

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

APPROVAL

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

ROWE

PRICE

Limited-Term

Bond

Portfolio

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

information

provided

the

Board

indicated

that

the

fund’s

contractual

management

fee

ranked

the

first

quintile

(Expense

Group),

the

fund’s

actual

management

fee

rate

ranked

the

first

quintile

(Expense

Group

and

Expense

Universe),

and

the

fund’s

total

expenses

ranked

the

fourth

quintile

(Expense

Group)

and

fifth

quintile

(Expense

Universe).

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

subadvised

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

investors

outside

the

United

States.

The

fee

schedules,

which

are

subject

change,

may

negotiated

under

certain

circumstances

and

may

differ

across

regions.

Management

provided

the

Board

with

information

about

the

Adviser’s

responsibilities

and

services

provided

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

the

institutional

domestic

and

international

businesses

are

fundamentally

different

from

those

the

proprietary

mutual

fund

and

ETF

(“registered

fund”)

business. The

Board

considered

information

showing

that

the

Adviser’s

registered

fund

business

generally

complex

from

business

and

compliance

perspective

than

its

other

domestic

and

international

businesses

and

considered

various

relevant

factors,

such

the

broader

scope

operations

and

oversight,

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

applicable

laws

and

regulations

associated

with

the

Adviser’s

proprietary

registered

fund

business. In

assessing

the

reasonableness

the

fund’s

management

fee

rate,

the

Board

considered

the

differences

the

nature

the

services

required

for

the

Adviser

manage

its

registered

fund

business

versus

managing

discrete

pool

assets

subadviser

another

institution’s

mutual

fund

for

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

managing

the

fund

and

other

Rowe

Price

funds

than

does

for

institutional

account

clients,

including

subadvised

funds.

the

basis

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

the

fund

under

the

Advisory

Contract

are

reasonable.

Approval

the

Advisory

Contract

noted,

the

Board

approved

the

continuation

the

Advisory

Contract.

single

factor

was

considered

isolation

determinative

the

decision.

Rather,

the

Board

concluded,

light

weighting

and

balancing

all

factors

considered,

that

was

the

best

interests

the

fund

and

its

shareholders

for

the

Board

approve

the

continuation

the

Advisory

Contract

(including

the

fees

charged

for

services

thereunder).

APPROVAL

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

If applicable, see Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

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

Item 16. Controls and Procedures.

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

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

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.


(a)(1)		The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.

(2)		Listing standards relating to recovery of erroneously awarded compensation: Not applicable.

(3)		Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(b)		A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.


T. Rowe Price Fixed Income Series, Inc.
By		/s/ David Oestreicher
		David Oestreicher
		Principal Executive Officer

Date		August 19, 2025


By		/s/ David Oestreicher
		David Oestreicher
		Principal Executive Officer

Date		August 19, 2025


By		/s/ Alan S. Dupski
		Alan S. Dupski
		Principal Financial Officer

Date		August 19, 2025