0000920467falseN-CSRST. ROWE PRICE FIXED INCOME SERIES, INC.N-1A2026-06-3000009204672026-01-012026-06-300000920467trp:C000005520Member2026-01-012026-06-300000920467trp:C000005520Member2026-06-300000920467trp:C000005520Membertrp:A0BNYMinus62482BAA0SectorMember2026-06-300000920467trp:C000005520Membertrp:A0BNYMinus13887WAS9SectorMember2026-06-300000920467trp:C000005520Membertrp:A0BNYMinus91282CQL8SectorMember2026-06-300000920467trp:C000005520Membertrp:A0BNYMinus26846KAJ7SectorMember2026-06-300000920467trp:C000005520Membertrp:A0BNYMinus3142GVGD7SectorMember2026-06-300000920467trp:C000005520Membertrp:A0BNYMinusBM91KF2SectorMember2026-06-300000920467trp:C000005520Membertrp:A0BNYMinus92659LGG3SectorMember2026-06-300000920467trp:C000005520Membertrp:A0BNYMinus76105YYY9SectorMember2026-06-300000920467trp:C000005520Membertrp:Other0BNYMinus70D4ICTIMember2026-06-300000920467trp:C000005520Membertrp:Top10HoldingUSTreasuryNotesBNYMinus91282CQL8CTIMember2026-06-300000920467trp:C000005520Membertrp:Top10HoldingFederalNationalMortgageAssnBNYMinus3140XQ2C0CTIMember2026-06-300000920467trp:C000005520Membertrp:Top10HoldingFederalHomeLoanMortgageBNYMinus3142GVGD7CTIMember2026-06-300000920467trp:C000005520Membertrp:Top10HoldingKKRBNYMinus48254UAE5CTIMember2026-06-300000920467trp:C000005520Membertrp:Top10HoldingCarvanaAutoReceivablesTrustBNYMinus14687VAE2CTIMember2026-06-300000920467trp:C000005520Membertrp:Top10HoldingEFMTBNYMinus26846KAJ7CTIMember2026-06-300000920467trp:C000005520Membertrp:Top10HoldingKeurigDrPepperBNYMinus49271KH56CTIMember2026-06-300000920467trp:C000005520Membertrp:Top10HoldingHCABNYMinus40412DG86CTIMember2026-06-300000920467trp:C000005520Membertrp:Top10HoldingVolkswagenGroupofAmericaFinanceBNYMinus928668CP5CTIMember2026-06-300000920467trp:C000005520Membertrp:Top10HoldingGovernmentNationalMortgageAssnBNYMinus36179XBS4CTIMember2026-06-300000920467trp:C000005521Member2026-01-012026-06-300000920467trp:C000005521Member2026-06-300000920467trp:C000005521Membertrp:A0BNYMinus62482BAA0SectorMember2026-06-300000920467trp:C000005521Membertrp:A0BNYMinus13887WAS9SectorMember2026-06-300000920467trp:C000005521Membertrp:A0BNYMinus91282CQL8SectorMember2026-06-300000920467trp:C000005521Membertrp:A0BNYMinus26846KAJ7SectorMember2026-06-300000920467trp:C000005521Membertrp:A0BNYMinus3142GVGD7SectorMember2026-06-300000920467trp:C000005521Membertrp:A0BNYMinusBM91KF2SectorMember2026-06-300000920467trp:C000005521Membertrp:A0BNYMinus92659LGG3SectorMember2026-06-300000920467trp:C000005521Membertrp:A0BNYMinus76105YYY9SectorMember2026-06-300000920467trp:C000005521Membertrp:Other0BNYMinus70D4ICTIMember2026-06-300000920467trp:C000005521Membertrp:Top10HoldingUSTreasuryNotesBNYMinus91282CQL8CTIMember2026-06-300000920467trp:C000005521Membertrp:Top10HoldingFederalNationalMortgageAssnBNYMinus3140XQ2C0CTIMember2026-06-300000920467trp:C000005521Membertrp:Top10HoldingFederalHomeLoanMortgageBNYMinus3142GVGD7CTIMember2026-06-300000920467trp:C000005521Membertrp:Top10HoldingKKRBNYMinus48254UAE5CTIMember2026-06-300000920467trp:C000005521Membertrp:Top10HoldingCarvanaAutoReceivablesTrustBNYMinus14687VAE2CTIMember2026-06-300000920467trp:C000005521Membertrp:Top10HoldingEFMTBNYMinus26846KAJ7CTIMember2026-06-300000920467trp:C000005521Membertrp:Top10HoldingKeurigDrPepperBNYMinus49271KH56CTIMember2026-06-300000920467trp:C000005521Membertrp:Top10HoldingHCABNYMinus40412DG86CTIMember2026-06-300000920467trp:C000005521Membertrp:Top10HoldingVolkswagenGroupofAmericaFinanceBNYMinus928668CP5CTIMember2026-06-300000920467trp:C000005521Membertrp:Top10HoldingGovernmentNationalMortgageAssnBNYMinus36179XBS4CTIMember2026-06-30iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureutr:Dtrp:Holding

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, 2026

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Image

Semi-Annual Shareholder Report

June 30, 2026

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, 2026 to June 30, 2026. 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)

Table Summary
 
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

Table Summary
Total Net Assets (000s)
$227,201
Number of Portfolio Holdings
932
Table Summary
Portfolio Turnover Rate
67.1%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Table Summary
Corporate Bonds
35.3%
Asset-Backed Securities
22.3
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
20.9
Non-U.S. Government Mortgage-Backed Securities
10.5
U.S. Government & Agency Mortgage-Backed Securities
6.3
Foreign Government Obligations & Municipalities
2.3
Commercial Paper
2.1
Securities Lending Collateral
0.2
Short-Term and Other
0.1

Top Ten Holdings (as a % of Net Assets)

Table Summary
U.S. Treasury Notes
20.9%
Federal National Mortgage Assn.
2.9
Federal Home Loan Mortgage
2.8
KKR
1.0
Carvana Auto Receivables Trust
0.9
EFMT
0.9
Keurig Dr Pepper
0.8
HCA
0.7
Volkswagen Group of America Finance
0.7
Government National Mortgage Assn.
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 8/26

Limited-Term Bond Portfolio 

Limited-Term Bond Portfolio Class (QAAGWX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Image
Image

Semi-Annual Shareholder Report

June 30, 2026

Limited-Term Bond Portfolio

Limited-Term Bond Portfolio-II Class (QAAGUX)

This semi-annual shareholder report contains important information about Limited-Term Bond Portfolio (the "fund") for the period of January 1, 2026 to June 30, 2026. 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)

Table Summary
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Limited-Term Bond Portfolio-II Class
$37
0.75%

What are some fund statistics?

Fund Statistics

Table Summary
Total Net Assets (000s)
$227,201
Number of Portfolio Holdings
932
Table Summary
Portfolio Turnover Rate
67.1%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Table Summary
Corporate Bonds
35.3%
Asset-Backed Securities
22.3
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
20.9
Non-U.S. Government Mortgage-Backed Securities
10.5
U.S. Government & Agency Mortgage-Backed Securities
6.3
Foreign Government Obligations & Municipalities
2.3
Commercial Paper
2.1
Securities Lending Collateral
0.2
Short-Term and Other
0.1

Top Ten Holdings (as a % of Net Assets)

Table Summary
U.S. Treasury Notes
20.9%
Federal National Mortgage Assn.
2.9
Federal Home Loan Mortgage
2.8
KKR
1.0
Carvana Auto Receivables Trust
0.9
EFMT
0.9
Keurig Dr Pepper
0.8
HCA
0.7
Volkswagen Group of America Finance
0.7
Government National Mortgage Assn.
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

E353-053 8/26

Limited-Term Bond Portfolio 

Limited-Term Bond Portfolio-II Class (QAAGUX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Image

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.

 

Financial
Statements
and
Other
Information
June
30,
2026
Limited-Term
Bond
Portfolio
T.
ROWE
PRICE
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
T.
Rowe
Price
Limited-Term
Bond
Portfolio
Unaudited
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Limited-Term
Bond
Portfolio
Class
.
6
Months
.
Ended
6/30/26
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
4
.75‌
$
4
.69‌
$
4
.66‌
$
4
.59‌
$
4
.91‌
$
5
.00‌
Investment
activities
Net
investment
income
(1)(2)
0
.10‌
0
.20‌
0
.20‌
0
.15‌
0
.09‌
0
.07‌
Net
realized
and
unrealized
gain/
loss
(
0
.06‌
)
0
.06‌
0
.03‌
0
.07‌
(
0
.31‌
)
(
0
.06‌
)
Total
from
investment
activities
0
.04‌
0
.26‌
0
.23‌
0
.22‌
(
0
.22‌
)
0
.01‌
Distributions
Net
investment
income
(
0
.10‌
)
(
0
.20‌
)
(
0
.20‌
)
(
0
.15‌
)
(
0
.09‌
)
(
0
.07‌
)
Net
realized
gain
–‌
–‌
–‌
–‌
(
0
.01‌
)
(
0
.03‌
)
Total
distributions
(
0
.10‌
)
(
0
.20‌
)
(
0
.20‌
)
(
0
.15‌
)
(
0
.10‌
)
(
0
.10‌
)
NET
ASSET
VALUE
End
of
period
$
4
.69‌
$
4
.75‌
$
4
.69‌
$
4
.66‌
$
4
.59‌
$
4
.91‌
Ratios/Supplemental
Data
Total
return
(2)(3)
0
.76‌
%
5
.71‌
%
4
.96‌
%
4
.94‌
%
(
4
.52‌
)
%
0
.13‌
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.58‌
%
(4)
0
.60‌
%
0
.63‌
%
0
.70‌
%
0
.70‌
%
0
.70‌
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.50‌
%
(4)
0
.50‌
%
0
.50‌
%
0
.50‌
%
0
.50‌
%
0
.50‌
%
Net
investment
income
4
.14‌
%
(4)
4
.29‌
%
4
.22‌
%
3
.32‌
%
1
.93‌
%
1
.31‌
%
Portfolio
turnover
rate
67
.1‌
%
96
.2‌
%
123
.7‌
%
72
.5‌
%
86
.3‌
%
64
.3‌
%
Net
assets,
end
of
period
(in
thousands)
$202,930
$187,049
$172,503
$168,464
$161,043
$171,166
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
Rowe
Price
Limited-Term
Bond
Portfolio
Unaudited
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Limited-Term
Bond
Portfolio-II
Class
.
6
Months
.
Ended
6/30/26
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
4
.73‌
$
4
.67‌
$
4
.64‌
$
4
.57‌
$
4
.89‌
$
4
.98‌
Investment
activities
Net
investment
income
(1)(2)
0
.09‌
0
.19‌
0
.19‌
0
.14‌
0
.08‌
0
.05‌
Net
realized
and
unrealized
gain/
loss
(
0
.06‌
)
0
.06‌
0
.02‌
0
.07‌
(
0
.31‌
)
(
0
.06‌
)
Total
from
investment
activities
0
.03‌
0
.25‌
0
.21‌
0
.21‌
(
0
.23‌
)
(
0
.01‌
)
Distributions
Net
investment
income
(
0
.09‌
)
(
0
.19‌
)
(
0
.18‌
)
(
0
.14‌
)
(
0
.08‌
)
(
0
.05‌
)
Net
realized
gain
–‌
–‌
–‌
–‌
(
0
.01‌
)
(
0
.03‌
)
Total
distributions
(
0
.09‌
)
(
0
.19‌
)
(
0
.18‌
)
(
0
.14‌
)
(
0
.09‌
)
(
0
.08‌
)
NET
ASSET
VALUE
End
of
period
$
4
.67‌
$
4
.73‌
$
4
.67‌
$
4
.64‌
$
4
.57‌
$
4
.89‌
Ratios/Supplemental
Data
Total
return
(2)(3)
0
.63‌
%
5
.46‌
%
4
.70‌
%
4
.69‌
%
(
4
.78‌
)
%
(
0
.13‌
)
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.83‌
%
(4)
0
.85‌
%
0
.87‌
%
0
.95‌
%
0
.95‌
%
0
.95‌
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.75‌
%
(4)
0
.75‌
%
0
.75‌
%
0
.75‌
%
0
.75‌
%
0
.75‌
%
Net
investment
income
3
.89‌
%
(4)
4
.04‌
%
3
.98‌
%
3
.07‌
%
1
.69‌
%
1
.06‌
%
Portfolio
turnover
rate
67
.1‌
%
96
.2‌
%
123
.7‌
%
72
.5‌
%
86
.3‌
%
64
.3‌
%
Net
assets,
end
of
period
(in
thousands)
$24,271
$23,301
$19,785
$17,039
$17,217
$18,786
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
June
30,
2026
Unaudited
4
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
 22.3%
Car
Loan
 6.3%
Ally
Auto
Receivables
Trust
Series
2023-A,
Class
C
6.08%,
1/17/34 (1)
43‌
43‌
Ally
Bank
Series
2026-A,
Class
C
4.856%,
3/15/34 (1)
232‌
232‌
Ally
Bank
Series
2026-A,
Class
D
5.248%,
3/15/34 (1)
232‌
231‌
Ally
Bank
Auto
Credit-Linked
Notes
Series
2024-A,
Class
C
6.022%,
5/17/32 (1)
89‌
90‌
Ally
Bank
Auto
Credit-Linked
Notes
Series
2024-B,
Class
A2
4.97%,
9/15/32 (1)
111‌
111‌
Ally
Bank
Auto
Credit-Linked
Notes
Series
2025-A,
Class
B
4.648%,
6/15/33 (1)
162‌
162‌
Ally
Bank
Auto
Credit-Linked
Notes
Series
2025-B,
Class
B
4.501%,
9/15/33 (1)
183‌
183‌
Ally
Bank
Auto
Credit-Linked
Notes
Series
2025-B,
Class
C
4.697%,
9/15/33 (1)
183‌
183‌
Ally
Bank
Auto
Credit-Linked
Notes
Series
2025-B,
Class
D
4.942%,
9/15/33 (1)
367‌
365‌
AmeriCredit
Automobile
Receivables
Trust
Series
2022-1,
Class
D
3.23%,
2/18/28 
420‌
419‌
ARI
Fleet
Lease
Trust
Series
2024-B,
Class
A2
5.54%,
4/15/33 (1)
58‌
58‌
ARI
Fleet
Lease
Trust
Series
2026-A,
Class
A3
4.09%,
11/15/34 (1)
100‌
99‌
ARI
Fleet
Lease
Trust
Series
2026-B,
Class
B
4.74%,
2/15/35 (1)
100‌
100‌
ARI
Fleet
Lease
Trust
Series
2026-B,
Class
C
4.90%,
2/15/35 (1)
100‌
100‌
Avis
Budget
Rental
Car
Funding
AESOP
Series
2023-2A,
Class
C
6.18%,
10/20/27 (1)
67‌
67‌
Avis
Budget
Rental
Car
Funding
AESOP
Series
2023-3A,
Class
D
7.32%,
2/20/28 (1)
100‌
101‌
Avis
Budget
Rental
Car
Funding
AESOP
Series
2025-3A,
Class
B
4.46%,
2/20/30 (1)
100‌
98‌
Bayview
Opportunity
Master
Fund
VII
Series
2024-CAR1,
Class
A,
FRN
SOFR30A
+
1.10%,
4.728%,
12/26/31 (1)
67‌
67‌
Par/Shares
$
Value
(Amounts
in
000s)
Bridgecrest
Lending
Auto
Securitization
Trust
Series
2026-1,
Class
C
4.44%,
11/17/31 
245‌
242‌
Bridgecrest
Lending
Auto
Securitization
Trust
Series
2026-2,
Class
C
4.88%,
2/17/32 
215‌
214‌
CarMax
Auto
Owner
Trust
Series
2023-2,
Class
C
5.57%,
11/15/28 
265‌
267‌
CarMax
Auto
Owner
Trust
Series
2023-2,
Class
D
6.55%,
10/15/29 
175‌
177‌
CarMax
Auto
Owner
Trust
Series
2023-3,
Class
D
6.44%,
12/16/30 
100‌
102‌
CarMax
Auto
Owner
Trust
Series
2023-4,
Class
C
6.58%,
5/15/29 
135‌
138‌
CarMax
Auto
Owner
Trust
Series
2024-1,
Class
C
5.47%,
8/15/29 
140‌
141‌
CarMax
Auto
Owner
Trust
Series
2024-2,
Class
D
6.42%,
10/15/30 
100‌
102‌
CarMax
Auto
Owner
Trust
Series
2024-3,
Class
D
5.67%,
1/15/31 
65‌
66‌
CarMax
Select
Receivables
Trust
Series
2024-A,
Class
B
5.35%,
1/15/30 
65‌
66‌
CarMax
Select
Receivables
Trust
Series
2024-A,
Class
C
5.62%,
1/15/30 
290‌
294‌
Carvana
Auto
Receivables
Trust
Series
2021-P4,
Class
B
1.98%,
2/10/28 
190‌
188‌
Carvana
Auto
Receivables
Trust
Series
2022-N1,
Class
C
3.32%,
12/11/28 (1)
9‌
9‌
Carvana
Auto
Receivables
Trust
Series
2024-N1,
Class
C
5.80%,
5/10/30 (1)
100‌
101‌
Carvana
Auto
Receivables
Trust
Series
2024-N2,
Class
B
5.67%,
9/10/30 (1)
200‌
201‌
Carvana
Auto
Receivables
Trust
Series
2024-N2,
Class
C
5.82%,
9/10/30 (1)
480‌
486‌
Carvana
Auto
Receivables
Trust
Series
2026-P1,
Class
B
4.76%,
7/12/32 
85‌
84‌
Carvana
Auto
Receivables
Trust
Series
2026-P1,
Class
C
5.28%,
8/10/32 
420‌
414‌
Carvana
Auto
Receivables
Trust
Series
2026-P2,
Class
C
5.80%,
10/12/32 
185‌
187‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
5
Par/Shares
$
Value
(Amounts
in
000s)
Carvana
Auto
Receivables
Trust
Series
2026-P2,
Class
D
6.18%,
6/12/34 
330‌
332‌
Chase
Auto
Credit
Linked
Notes
Series
2025-1,
Class
B
4.753%,
2/25/33 (1)
169‌
169‌
Drive
Auto
Receivables
Trust
Series
2024-2,
Class
C
4.67%,
5/17/32 
40‌
40‌
Drive
Auto
Receivables
Trust
Series
2025-2,
Class
C
4.39%,
9/15/32 
105‌
104‌
Enterprise
Fleet
Financing
Series
2024-3,
Class
A4
5.06%,
3/20/31 (1)
50‌
50‌
Enterprise
Fleet
Financing
Series
2026-2,
Class
A3
4.51%,
6/20/30 (1)
120‌
120‌
Enterprise
Fleet
Financing
Series
2026-2,
Class
A4
4.59%,
1/20/33 (1)
125‌
125‌
Exeter
Automobile
Receivables
Trust
Series
2022-4A,
Class
D
5.98%,
12/15/28 
58‌
58‌
Exeter
Automobile
Receivables
Trust
Series
2025-4A,
Class
B
4.40%,
5/15/30 
70‌
70‌
Exeter
Automobile
Receivables
Trust
Series
2025-4A,
Class
C
4.57%,
6/16/31 
250‌
248‌
Exeter
Automobile
Receivables
Trust
Series
2025-5A,
Class
B
4.28%,
7/15/30 
70‌
70‌
Exeter
Automobile
Receivables
Trust
Series
2026-1A,
Class
B
4.22%,
10/15/30 
80‌
79‌
Exeter
Automobile
Receivables
Trust
Series
2026-1A,
Class
C
4.40%,
5/17/32 
235‌
232‌
Exeter
Automobile
Receivables
Trust
Series
2026-3A,
Class
C
4.92%,
10/15/32 
55‌
55‌
Exeter
Automobile
Receivables
Trust
Series
2026-3A,
Class
D
5.44%,
10/15/32 
75‌
75‌
Exeter
Select
Automobile
Receivables
Trust
Series
2025-1,
Class
B
4.87%,
8/15/31 
135‌
135‌
Exeter
Select
Automobile
Receivables
Trust
Series
2025-2,
Class
B
4.63%,
11/17/31 
70‌
70‌
Exeter
Select
Automobile
Receivables
Trust
Series
2025-2,
Class
C
4.91%,
12/15/31 
145‌
145‌
Ford
Credit
Auto
Owner
Trust
Series
2023-A,
Class
B
5.07%,
1/15/29 
410‌
412‌
Ford
Credit
Floorplan
Master
Owner
Trust
A
Series
2024-1,
Class
B
5.48%,
4/15/29 (1)
140‌
141‌
Par/Shares
$
Value
(Amounts
in
000s)
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2023-1,
Class
B
5.03%,
9/18/28 
40‌
40‌
GMF
Floorplan
Owner
Revolving
Trust
Series
2024-4A,
Class
A1
4.73%,
11/15/29 (1)
110‌
111‌
GMF
Floorplan
Owner
Revolving
Trust
Series
2024-4A,
Class
B
4.98%,
11/15/29 (1)
265‌
266‌
Huntington
Bank
Auto
Credit-Linked
Notes
Series
2024-1,
Class
B1
6.153%,
5/20/32 (1)
107‌
108‌
Huntington
Bank
Auto
Credit-Linked
Notes
Series
2024-2,
Class
B1
5.442%,
10/20/32 (1)
234‌
235‌
Huntington
Bank
Auto
Credit-Linked
Notes
Series
2025-1,
Class
B
4.957%,
3/21/33 (1)
184‌
184‌
Huntington
Bank
Auto
Credit-Linked
Notes
Series
2026-1,
Class
B1
4.503%,
2/20/34 (1)
220‌
217‌
Hyundai
Auto
Lease
Securitization
Trust
Series
2025-B,
Class
A3
4.53%,
4/17/28 (1)
105‌
105‌
Hyundai
Auto
Lease
Securitization
Trust
Series
2025-B,
Class
B
4.94%,
8/15/29 (1)
215‌
216‌
Hyundai
Auto
Receivables
Trust
Series
2026-A,
Class
C
4.31%,
6/15/33 
45‌
44‌
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
Series
2025-1,
Class
B
4.42%,
9/25/30 (1)
45‌
45‌
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II
Series
2025-1,
Class
C
4.72%,
9/25/30 (1)
20‌
20‌
Porsche
Innovative
Lease
Owner
Trust
Series
2025-1A,
Class
A4
4.69%,
11/20/30 (1)
100‌
100‌
Santander
Bank
Auto
Credit-Linked
Notes
Series
2023-B,
Class
A2
5.644%,
12/15/33 (1)
82‌
83‌
Santander
Bank
Auto
Credit-Linked
Notes
Series
2023-B,
Class
D
6.663%,
12/15/33 (1)
88‌
89‌
Santander
Bank
Auto
Credit-Linked
Notes
Series
2024-A,
Class
B
5.622%,
6/15/32 (1)
120‌
121‌
Santander
Bank
Auto
Credit-Linked
Notes
Series
2024-A,
Class
C
5.818%,
6/15/32 (1)
120‌
121‌
Santander
Bank
Auto
Credit-Linked
Notes
Series
2024-B,
Class
B
4.965%,
1/18/33 (1)
170‌
170‌
Santander
Bank
Auto
Credit-Linked
Notes
Series
2024-B,
Class
C
5.141%,
1/18/33 (1)
170‌
170‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
6
Par/Shares
$
Value
(Amounts
in
000s)
Santander
Bank
Auto
Credit-Linked
Notes
Series
2025-A,
Class
C
4.661%,
1/16/34 (1)
250‌
249‌
Santander
Drive
Auto
Receivables
Trust
Series
2025-4,
Class
B
4.27%,
1/15/32 
220‌
219‌
Santander
Drive
Auto
Receivables
Trust
Series
2026-1,
Class
A3
3.93%,
7/15/30 
175‌
173‌
SBNA
Auto
Lease
Trust
Series
2024-B,
Class
A4
5.55%,
12/20/28 (1)
265‌
266‌
Securitized
Term
Auto
Receivables
Trust
Series
2025-A,
Class
B
5.038%,
7/25/31 (1)
45‌
45‌
Securitized
Term
Auto
Receivables
Trust
Series
2025-B,
Class
B
4.925%,
12/29/32 (1)
38‌
39‌
Securitized
Term
Auto
Receivables
Trust
Series
2025-B,
Class
C
5.121%,
12/29/32 (1)
15‌
15‌
Securitized
Term
Auto
Receivables
Trust
Series
2026-A,
Class
B
4.284%,
3/25/33 (1)
141‌
140‌
Securitized
Term
Auto
Receivables
Trust
Series
2026-A,
Class
C
4.431%,
3/25/33 (1)
50‌
49‌
SFS
Auto
Receivables
Securitization
Trust
Series
2024-1A,
Class
A3
4.95%,
5/21/29 (1)
36‌
36‌
SFS
Auto
Receivables
Securitization
Trust
Series
2024-1A,
Class
C
5.51%,
1/20/32 (1)
65‌
66‌
SFS
Auto
Receivables
Securitization
Trust
Series
2026-1A,
Class
C
4.46%,
11/21/33 (1)
265‌
260‌
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust
Series
2025-BA,
Class
C
4.71%,
1/22/30 (1)
130‌
129‌
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust
Series
2026-AA,
Class
B
4.61%,
4/22/30 (1)
30‌
30‌
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust
Series
2026-AA,
Class
C
4.80%,
12/20/30 (1)
300‌
298‌
Truist
Bank
Auto
Credit-Linked
Notes
Series
2026-1,
Class
B
5.067%,
6/26/34 (1)
420‌
419‌
U.S.
Bank
Series
2023-1,
Class
B
6.789%,
8/25/32 (1)
26‌
27‌
Wheels
Fleet
Lease
Funding
1
Series
2025-3A,
Class
A1
4.08%,
9/18/40 (1)
105‌
104‌
Wheels
Fleet
Lease
Funding
1
Series
2025-3A,
Class
C
4.79%,
9/18/40 (1)
170‌
168‌
Par/Shares
$
Value
(Amounts
in
000s)
Yamaha
Motor
Master
Trust
II
Series
2026-A,
Class
B
4.64%,
4/15/31 (1)
100‌
99‌
Yamaha
Motor
Master
Trust
II
Series
2026-A,
Class
C
4.89%,
4/15/31 (1)
100‌
99‌
14,293‌
Home
Equity
 0.6%
Citigroup
Mortgage
Loan
Trust
Series
2026-HE1,
Class
A1,
FRN
SOFR30A
+
1.35%,
4.978%,
10/25/56 (1)
156‌
156‌
Citigroup
Mortgage
Loan
Trust
Series
2026-HE1,
Class
M2,
FRN
SOFR30A
+
1.95%,
5.578%,
10/25/56 (1)
100‌
100‌
Figre
Series
2026-FL2,
Class
A2,
STEP
5.819%,
6/25/56 (1)
150‌
150‌
Figre
Series
2026-FL2,
Class
A3,
STEP
5.919%,
6/25/56 (1)
150‌
149‌
GS
Mortgage-Backed
Securities
Trust
Series
2026-AH2,
Class
A1A,
FRN
SOFR30A
+
1.40%,
5.032%,
11/25/56 (1)
385‌
385‌
JPMorgan
Mortgage
Trust
Series
2026-HE1,
Class
A1,
FRN
SOFR30A
+
1.25%,
4.859%,
9/20/56 (1)
195‌
196‌
Santander
Mortgage
Asset
Receivable
Trust
Series
2025-CES1,
Class
A1A,
STEP
5.036%,
9/25/55 (1)
250‌
248‌
1,384‌
Other
Asset-Backed
Securities
 14.8%
Affirm
Asset
Securitization
Trust
Series
2025-X2,
Class
A
4.45%,
10/15/30 (1)
102‌
103‌
Affirm
Asset
Securitization
Trust
Series
2026-X1,
Class
B
4.59%,
4/15/31 (1)
100‌
100‌
Affirm
Asset
Securitization
Trust
Series
2026-X1,
Class
C
4.82%,
4/15/31 (1)
100‌
100‌
Affirm
Master
Trust
Series
2025-2A,
Class
A
4.67%,
7/15/33 (1)
175‌
175‌
Affirm
Master
Trust
Series
2025-2A,
Class
B
5.06%,
7/15/33 (1)
180‌
180‌
Affirm
Master
Trust
Series
2025-3A,
Class
A
4.45%,
10/16/34 (1)
380‌
377‌
Affirm
Master
Trust
Series
2026-1A,
Class
B
4.57%,
2/15/34 (1)
100‌
99‌
Affirm
Master
Trust
Series
2026-1A,
Class
C
4.72%,
2/15/34 (1)
245‌
243‌
Alinea
Series
2018-1A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.15%,
4.825%,
7/20/31 (1)
59‌
59‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
7
Par/Shares
$
Value
(Amounts
in
000s)
Anchorage
Capital
Series
2015-7A,
Class
AR4,
CLO,
FRN
3M
TSFR
+
1.32%,
4.99%,
4/28/37 (1)
345‌
346‌
Anthelion
Series
2025-1A,
Class
A1,
CLO,
FRN
3M
TSFR
+
1.50%,
5.175%,
7/20/36 (1)
300‌
300‌
Arbys
Funding
Series
2020-1A,
Class
A2
3.237%,
7/30/50 (1)
504‌
493‌
Auxilior
Term
Funding
Series
2024-1A,
Class
A3
5.49%,
7/15/31 (1)
96‌
97‌
Bain
Capital
Credit
Series
2020-5A,
Class
ARR,
CLO,
FRN
3M
TSFR
+
1.15%,
4.825%,
4/20/34 (1)
505‌
505‌
Balboa
Bay
Loan
Funding
Series
2023-1A,
Class
ARR,
CLO,
FRN
3M
TSFR
+
1.16%,
4.835%,
4/20/36 (1)
250‌
250‌
Battalion
X
Series
2016-10A,
Class
A2R3,
CLO,
FRN
3M
TSFR
+
1.75%,
5.417%,
1/24/35 (1)
570‌
570‌
Battalion
XII
Series
2018-12A,
Class
BRR,
CLO,
FRN
3M
TSFR
+
1.20%,
4.849%,
5/17/31 (1)
236‌
236‌
Battalion
XII
Series
2018-12A,
Class
CRR,
CLO,
FRN
3M
TSFR
+
1.55%,
5.199%,
5/17/31 (1)
250‌
250‌
Battalion
XXI
Series
2021-21A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.70%,
5.373%,
7/15/34 (1)
250‌
250‌
Bethpage
Park
Series
2021-1A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.50%,
5.136%,
10/15/36 (1)
685‌
685‌
Blue
Owl
Asset
Leasing
Trust
Series
2024-1A,
Class
A2
5.05%,
3/15/29 (1)
49‌
49‌
Blue
Owl
Asset
Leasing
Trust
Series
2024-1A,
Class
B
5.41%,
3/15/30 (1)
100‌
101‌
BlueMountain
Series
2016-3A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.20%,
4.851%,
11/15/30 (1)
23‌
23‌
BlueMountain
Series
2018-3A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.19%,
4.857%,
10/25/30 (1)
39‌
39‌
Bowling
Green
Park
Series
2019-1A,
Class
ARR,
CLO,
FRN
3M
TSFR
+
1.00%,
4.675%,
4/18/35 (1)
410‌
410‌
Canyon
Capital
Series
2019-2A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.01%,
4.683%,
10/15/34 (1)
790‌
790‌
CCG
Receivables
Trust
Series
2024-1,
Class
C
5.22%,
3/15/32 (1)
170‌
171‌
Cerberus
Loan
Funding
XLIV
Series
2023-5AR,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.52%,
1/15/36 (1)(2)
560‌
560‌
Chenango
Park
Series
2018-1A,
Class
A2R,
CLO,
FRN
3M
TSFR
+
1.45%,
5.123%,
4/15/30 (1)
18‌
18‌
Par/Shares
$
Value
(Amounts
in
000s)
Chenango
Park
Series
2018-1A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.80%,
5.473%,
4/15/30 (1)
325‌
325‌
Clarus
Capital
Funding
Series
2024-1A,
Class
A2
4.71%,
8/20/32 (1)
29‌
29‌
Clarus
Capital
Funding
Series
2024-1A,
Class
B
4.79%,
8/20/32 (1)
100‌
100‌
Clarus
Capital
Funding
Series
2026-1A,
Class
A2
4.52%,
11/20/34 (1)
100‌
100‌
Clarus
Capital
Funding
Series
2026-1A,
Class
B
5.01%,
11/20/34 (1)
100‌
99‌
CyrusOne
Data
Centers
Issuer
I
Series
2024-2A,
Class
A2
4.50%,
5/20/49 (1)
360‌
349‌
Dell
Equipment
Finance
Trust
Series
2024-1,
Class
C
5.73%,
3/22/30 (1)
380‌
382‌
Dell
Equipment
Finance
Trust
Series
2024-1,
Class
D
6.12%,
9/23/30 (1)
100‌
101‌
Dell
Equipment
Finance
Trust
Series
2024-2,
Class
B
4.82%,
8/22/30 (1)
100‌
100‌
Dell
Equipment
Finance
Trust
Series
2024-2,
Class
D
5.29%,
2/24/31 (1)
100‌
100‌
Dell
Equipment
Finance
Trust
Series
2025-1,
Class
C
5.25%,
2/24/31 (1)
100‌
101‌
Dell
Equipment
Finance
Trust
Series
2026-1A,
Class
C
4.80%,
12/22/31 (1)
100‌
100‌
Dell
Equipment
Finance
Trust
Series
2026-1A,
Class
D
5.19%,
11/22/32 (1)
100‌
100‌
Dext
Series
2025-2,
Class
C
4.89%,
4/15/36 (1)
100‌
99‌
DLLAA
Series
2023-1A,
Class
A3
5.64%,
2/22/28 (1)
84‌
84‌
DLLMT
Series
2026-1A,
Class
A3
4.20%,
12/20/29 (1)
50‌
50‌
DLLMT
Series
2026-1A,
Class
A4
4.36%,
9/20/33 (1)
15‌
15‌
DLLST
Series
2024-1A,
Class
A3
5.05%,
8/20/27 (1)
20‌
20‌
DLLST
Series
2024-1A,
Class
A4
4.93%,
4/22/30 (1)
20‌
20‌
Dryden
Series
2020-86A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.13%,
4.81%,
7/17/34 (1)
260‌
260‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
8
Par/Shares
$
Value
(Amounts
in
000s)
Elara
HGV
Timeshare
Issuer
Series
2021-A,
Class
A
1.36%,
8/27/35 (1)
20‌
19‌
Elara
HGV
Timeshare
Issuer
Series
2023-A,
Class
C
7.30%,
2/25/38 (1)
50‌
51‌
Fortress
Credit
BSL
IX
Series
2020-1A,
Class
A1AR,
CLO,
FRN
3M
TSFR
+
1.10%,
4.775%,
10/20/33 (1)
352‌
352‌
Fortress
Credit
BSL
VII
Series
2019-1A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.09%,
4.756%,
7/23/32 (1)
15‌
15‌
Fortress
Credit
BSL
VII
Series
2019-1A,
Class
A2R,
CLO,
FRN
3M
TSFR
+
1.40%,
5.066%,
7/23/32 (1)
250‌
250‌
Fortress
Credit
BSL
VII
Series
2019-1A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.65%,
5.316%,
7/23/32 (1)
300‌
300‌
Fortress
Credit
BSL
XV
Series
2022-2A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.40%,
5.075%,
10/18/33 (1)
382‌
383‌
Fortress
Credit
BSL
XVIII
Series
2023-1A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.57%,
5.236%,
4/23/36 (1)
250‌
250‌
Galaxy
XXII
Series
2016-22A,
Class
CR4,
CLO,
FRN
3M
TSFR
+
1.60%,
5.28%,
4/16/34 (1)
250‌
250‌
Golub
Capital
Partners
Static
Series
2024-1A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.50%,
5.175%,
7/20/35 (1)
780‌
776‌
Goto
Foods
Funding
Series
2017-1A,
Class
A2II
5.093%,
4/30/47 (1)
505‌
503‌
Goto
Foods
Funding
Series
2026-1A,
Class
A2
6.854%,
4/30/56 (1)
385‌
385‌
GreatAmerica
Leasing
Receivables
Funding
Series
2025-2,
Class
A3
4.14%,
12/17/29 (1)
135‌
134‌
Hardee's
Funding
Series
2018-1A,
Class
A23
5.71%,
6/20/48 (1)
125‌
123‌
Hardee's
Funding
Series
2020-1A,
Class
A2
3.981%,
12/20/50 (1)
516‌
500‌
Hardee's
Funding
Series
2021-1A,
Class
A2
2.865%,
6/20/51 (1)
399‌
374‌
Hilton
Grand
Vacations
Trust
Series
2022-1D,
Class
A
3.61%,
6/20/34 (1)
20‌
20‌
Hilton
Grand
Vacations
Trust
Series
2023-1A,
Class
B
6.11%,
1/25/38 (1)
106‌
108‌
Hilton
Grand
Vacations
Trust
Series
2023-1A,
Class
C
6.94%,
1/25/38 (1)
214‌
220‌
Par/Shares
$
Value
(Amounts
in
000s)
Hilton
Grand
Vacations
Trust
Series
2025-1A,
Class
A
4.88%,
5/27/42 (1)
74‌
74‌
Hilton
Grand
Vacations
Trust
Series
2025-1A,
Class
B
5.18%,
5/27/42 (1)
126‌
126‌
Hilton
Grand
Vacations
Trust
Series
2026-2A,
Class
C
5.54%,
3/27/45 (1)
100‌
100‌
HPEFS
Equipment
Trust
Series
2023-2A,
Class
D
6.97%,
7/21/31 (1)
117‌
118‌
HPEFS
Equipment
Trust
Series
2024-1A,
Class
C
5.33%,
5/20/31 (1)
340‌
341‌
HPEFS
Equipment
Trust
Series
2024-2A,
Class
B
5.35%,
10/20/31 (1)
100‌
100‌
HPEFS
Equipment
Trust
Series
2024-2A,
Class
D
5.82%,
4/20/32 (1)
105‌
106‌
HPS
Loan
Management
Series
2024-19A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.26%,
4.899%,
4/15/37 (1)
250‌
251‌
Invesco
Series
2021-3A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.08%,
4.744%,
10/22/34 (1)
250‌
250‌
Jack
in
the
Box
Funding
Series
2022-1A,
Class
A2I
3.445%,
2/26/52 (1)
20‌
20‌
Jack
in
the
Box
Funding
Series
2026-1A,
Class
A2
7.624%,
5/25/56 (1)
360‌
362‌
Jamestown
XV
Series
2020-15A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.05%,
4.723%,
7/15/35 (1)
250‌
250‌
KKR
Series
18,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.05%,
4.725%,
10/18/35 (1)
517‌
517‌
KKR
Series
33A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.08%,
4.755%,
7/20/34 (1)
520‌
520‌
KKR
Series
33A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.60%,
5.275%,
7/20/34 (1)
335‌
335‌
KKR
Series
34A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.10%,
4.773%,
7/15/34 (1)
260‌
260‌
KKR
Series
40A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.30%,
4.975%,
10/20/34 (1)
650‌
650‌
Madison
Park
Funding
XLV
Series
2020-45A,
Class
ARR,
CLO,
FRN
3M
TSFR
+
1.08%,
4.753%,
7/15/34 (1)
165‌
165‌
Madison
Park
Funding
XXIV
Series
2016-24A,
Class
CR2,
CLO,
FRN
3M
TSFR
+
2.05%,
5.725%,
10/20/29 (1)
250‌
250‌
Marble
Point
XV
Series
2019-1A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.04%,
4.706%,
7/23/32 (1)
214‌
214‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
9
Par/Shares
$
Value
(Amounts
in
000s)
Marble
Point
XXI
Series
2021-3A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.50%,
5.18%,
10/17/34 (1)
565‌
565‌
MVW
Series
2020-1A,
Class
A
1.74%,
10/20/37 (1)
31‌
31‌
MVW
Series
2020-1A,
Class
B
2.73%,
10/20/37 (1)
41‌
41‌
MVW
Series
2021-1WA,
Class
B
1.44%,
1/22/41 (1)
14‌
13‌
MVW
Series
2023-1A,
Class
A
4.93%,
10/20/40 (1)
104‌
104‌
MVW
Series
2023-2A,
Class
A
6.18%,
11/20/40 (1)
48‌
49‌
MVW
Series
2023-2A,
Class
B
6.33%,
11/20/40 (1)
38‌
39‌
MVW
Series
2026-1A,
Class
B
4.97%,
3/20/43 (1)
246‌
245‌
Neuberger
Berman
Loan
Advisers
Series
2021-43A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.05%,
4.73%,
7/17/36 (1)
670‌
670‌
Neuberger
Berman
Loan
Advisers
Series
2022-50A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.04%,
4.706%,
7/23/36 (1)
250‌
250‌
NMEF
Funding
Series
2026-A,
Class
C
4.71%,
2/15/34 (1)
100‌
99‌
Octane
Receivables
Trust
Series
2023-3A,
Class
B
6.48%,
7/20/29 (1)
86‌
86‌
Octane
Receivables
Trust
Series
2023-3A,
Class
C
6.74%,
8/20/29 (1)
100‌
101‌
Octane
Receivables
Trust
Series
2024-3A,
Class
A2
4.94%,
5/20/30 (1)
42‌
42‌
Octane
Receivables
Trust
Series
2024-3A,
Class
C
5.51%,
10/20/31 (1)
100‌
101‌
Octane
Receivables
Trust
Series
2025-RVM1,
Class
B
4.83%,
12/20/46 (1)
130‌
129‌
Octane
Receivables
Trust
Series
2025-RVM1,
Class
C
5.26%,
12/20/46 (1)
270‌
267‌
OZLM
Funding
II
Series
2012-2A,
Class
AR4,
CLO,
FRN
3M
TSFR
+
1.20%,
4.863%,
7/30/37 (1)
500‌
500‌
OZLM
Funding
II
Series
2012-2A,
Class
BR4,
CLO,
FRN
3M
TSFR
+
1.75%,
5.413%,
7/30/37 (1)
315‌
316‌
OZLM
XIX
Series
2017-19A,
Class
A1R3,
CLO,
FRN
3M
TSFR
+
1.00%,
4.673%,
1/15/35 (1)
565‌
565‌
Par/Shares
$
Value
(Amounts
in
000s)
PEAC
Solutions
Receivables
Series
2026-1A,
Class
B
4.75%,
7/20/33 (1)
185‌
184‌
Post
Series
2022-1A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.45%,
5.125%,
4/20/35 (1)
310‌
310‌
Post
Road
Equipment
Finance
Series
2024-1A,
Class
A2
5.59%,
11/15/29 (1)
5‌
5‌
Post
Road
Equipment
Finance
Series
2024-1A,
Class
C
5.81%,
10/15/30 (1)
165‌
166‌
Post
Road
Equipment
Finance
Series
2026-1A,
Class
B
4.91%,
2/15/33 (1)
100‌
100‌
Post
Road
Equipment
Finance
Series
2026-1A,
Class
C
5.12%,
6/15/33 (1)
100‌
100‌
Progress
Residential
Trust
Series
2021-SFR8,
Class
C
1.931%,
10/17/38 (1)
240‌
238‌
Rockford
Tower
Series
2019-2A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.13%,
4.772%,
8/20/32 (1)
300‌
300‌
Romark
II
Series
2018-2A,
Class
A2R,
CLO,
FRN
3M
TSFR
+
1.65%,
5.317%,
7/25/31 (1)
530‌
530‌
Romark
V
Series
2021-5A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.19%,
4.863%,
1/15/35 (1)
570‌
570‌
SCF
Equipment
Leasing
Series
2023-1A,
Class
A3
6.17%,
5/20/32 (1)
29‌
29‌
SEB
Funding
Series
2024-1A,
Class
A2
7.386%,
4/30/54 (1)
237‌
241‌
SEB
Funding
Series
2026-1A,
Class
A2
6.665%,
1/30/56 (1)
525‌
520‌
Sierra
Timeshare
Receivables
Funding
Series
2025-2A,
Class
B
4.93%,
4/20/44 (1)
68‌
68‌
Sierra
Timeshare
Receivables
Funding
Series
2025-3A,
Class
A
4.44%,
8/22/44 (1)
65‌
64‌
Sierra
Timeshare
Receivables
Funding
Series
2025-3A,
Class
B
4.64%,
8/22/44 (1)
65‌
64‌
Sonic
Capital
Series
2020-1A,
Class
A2I
3.845%,
1/20/50 (1)
104‌
103‌
Sonic
Capital
Series
2020-1A,
Class
A2II
4.336%,
1/20/50 (1)
71‌
67‌
Sound
Point  XXXI
Series
2021-3A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.07%,
4.693%,
10/25/34 (1)
460‌
460‌
SOUND
POINT
XXII
Series
2019-1A,
Class
BRR,
CLO,
FRN
3M
TSFR
+
1.65%,
5.325%,
1/20/32 (1)
250‌
250‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
10
Par/Shares
$
Value
(Amounts
in
000s)
Stratus
Funding
Series
2025-1A,
Class
B,
CLO,
FRN
3M
TSFR
+
1.45%,
5.123%,
7/15/33 (1)
250‌
250‌
Symphony
Series
2022-37A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.13%,
4.805%,
1/20/37 (1)
530‌
531‌
Symphony
Series
2024-43A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.23%,
4.862%,
4/15/37 (1)
250‌
250‌
Symphony
XXIII
Series
2020-23A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
0.90%,
4.573%,
1/15/34 (1)
203‌
203‌
TPIC
SPV
Class
A
10.00%,
12/6/26,
(10.00%
PIK),
Acquisition
Date:
12/10/24
-
6/29/26,
Cost $29 (3)(4)(5)
33‌
36‌
TPIC
SPV
I
Series
2024-1,
Class
A1
7.131%,
12/28/29,
(7.131%
PIK),
Acquisition
Date:
12/10/24
-
6/29/26,
Cost $323 (3)(4)(5)
323‌
243‌
Tricon
Residential
Trust
Series
2024-SFR2,
Class
A
4.75%,
6/17/40 (1)
139‌
138‌
Tricon
Residential
Trust
Series
2024-SFR2,
Class
D
6.00%,
6/17/40 (1)
255‌
253‌
Trinitas
VI
Series
2017-6A,
Class
AR4,
CLO,
FRN
3M
TSFR
+
1.11%,
4.777%,
1/25/34 (1)
499‌
499‌
Trinitas
VII
Series
2017-7A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.06%,
4.727%,
1/25/35 (1)
480‌
480‌
Verdant
Receivables
Series
2023-1A,
Class
A2
6.24%,
1/13/31 (1)
66‌
67‌
Verdant
Receivables
Series
2024-1A,
Class
A2
5.68%,
12/12/31 (1)
54‌
55‌
Verdant
Receivables
Series
2025-1A,
Class
A2
4.85%,
3/13/28 (1)
116‌
116‌
Verdant
Receivables
Series
2025-1A,
Class
B
5.37%,
5/12/33 (1)
100‌
101‌
Verizon
Master
Trust
Series
2024-6,
Class
B
4.42%,
8/20/30 
370‌
369‌
Wellfleet
Series
2021-1A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.65%,
5.325%,
4/20/34 (1)
395‌
395‌
Wind
River
Series
2022-1A,
Class
B1RR,
CLO,
FRN
3M
TSFR
+
1.55%,
5.207%,
7/20/35 (1)
365‌
365‌
Wingspire
Equipment
Finance
Series
2025-1A,
Class
A2
4.33%,
9/20/33 (1)
100‌
100‌
Wingspire
Equipment
Finance
Series
2025-1A,
Class
C
4.76%,
9/20/33 (1)
100‌
99‌
Par/Shares
$
Value
(Amounts
in
000s)
Zaxby's
Funding
Series
2021-1A,
Class
A2
3.238%,
7/30/51 (1)
286‌
272‌
33,539‌
Student
Loan
 0.6%
Bayview
Opportunity
Master
Fund
VII
Series
2025-EDU1,
Class
A,
FRN
SOFR30A
+
1.30%,
4.928%,
7/27/48 (1)
189‌
189‌
Bayview
Opportunity
Master
Fund
VII
Series
2025-EDU1,
Class
B,
FRN
SOFR30A
+
1.70%,
5.328%,
7/27/48 (1)
189‌
189‌
Navient
Education
Loan
Trust
Series
2026-A,
Class
A
4.86%,
9/15/56 (1)
98‌
98‌
Navient
Private
Education
Refi
Loan
Trust
Series
2019-D,
Class
A2A
3.01%,
12/15/59 (1)
38‌
37‌
Navient
Private
Education
Refi
Loan
Trust
Series
2019-GA,
Class
A
2.40%,
10/15/68 (1)
22‌
22‌
Navient
Private
Education
Refi
Loan
Trust
Series
2020-DA,
Class
A
1.69%,
5/15/69 (1)
17‌
17‌
Navient
Private
Education
Refi
Loan
Trust
Series
2020-FA,
Class
A
1.22%,
7/15/69 (1)
48‌
46‌
Navient
Private
Education
Refi
Loan
Trust
Series
2020-GA,
Class
A
1.17%,
9/16/69 (1)
23‌
22‌
Navient
Private
Education
Refi
Loan
Trust
Series
2024-A,
Class
A
5.66%,
10/15/72 (1)
82‌
83‌
Navient
Refinance
Loan
Trust
Series
2026-A,
Class
A
4.50%,
1/18/56 (1)
99‌
98‌
Navient
Refinance
Loan
Trust
Series
2026-B,
Class
A
5.07%,
6/15/56 (1)
190‌
190‌
Nelnet
Student
Loan
Trust
Series
2020-1A,
Class
A,
FRN
1M
TSFR
+
0.854%,
4.503%,
3/26/68 (1)
75‌
75‌
Nelnet
Student
Loan
Trust
Series
2021-BA,
Class
AFX
1.42%,
4/20/62 (1)
85‌
80‌
Nelnet
Student
Loan
Trust
Series
2021-CA,
Class
AFX
1.32%,
4/20/62 (1)
115‌
108‌
SMB
Private
Education
Loan
Trust
Series
2020-PTB,
Class
A2A
1.60%,
9/15/54 (1)
44‌
41‌
SMB
Private
Education
Loan
Trust
Series
2025-A,
Class
A1A
5.13%,
4/15/54 (1)
136‌
136‌
1,431‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
11
Par/Shares
$
Value
(Amounts
in
000s)
Whole
Business
 0.0%
Wheels
Fleet
Lease
Funding
1
Series
2023-2A,
Class
A
6.46%,
8/18/38 (1)
86‌
87‌
87‌
Total
Asset-Backed
Securities
(Cost
$50,719)
50,734‌
CORPORATE
BONDS
 35.3%
FINANCIAL
INSTITUTIONS
 10.4%
Banking
 6.6%
American
Express,
VR,
4.731%,
4/25/29 (6)
230‌
231‌
American
Express,
VR,
5.043%,
7/26/28 (6)
180‌
181‌
American
Express,
VR,
5.098%,
2/16/28 (6)
105‌
105‌
American
Express,
VR,
5.532%,
4/25/30 (6)
205‌
210‌
Banco
Santander,
VR,
5.552%,
3/14/28 (6)
200‌
201‌
Banco
Santander
Chile,
4.55%,
11/20/30 (1)
350‌
345‌
Bank
of
America,
VR,
1.734%,
7/22/27 (6)
190‌
190‌
Bank
of
America,
VR,
4.456%,
2/6/32 (6)
310‌
304‌
Bank
of
America,
VR,
4.623%,
5/9/29 (6)
390‌
390‌
Barclays,
VR,
4.219%,
5/24/30 (6)
200‌
197‌
Barclays,
VR,
4.476%,
11/11/29 (6)
200‌
199‌
Barclays,
VR,
4.911%,
6/26/30 (6)
200‌
200‌
Barclays,
VR,
5.086%,
2/25/29 (6)
255‌
256‌
CaixaBank
,
VR,
4.818%,
4/22/32 (1)(6)
200‌
198‌
CaixaBank
,
VR,
6.684%,
9/13/27 (1)(6)
290‌
291‌
Canadian
Imperial
Bank
of
Commerce,
VR,
4.283%,
1/29/30 (6)
305‌
302‌
Capital
One
Financial,
VR,
7.149%,
10/29/27 (6)
115‌
116‌
Citigroup,
VR,
4.503%,
9/11/31 (6)
275‌
271‌
Citigroup,
VR,
5.174%,
2/13/30 (6)
185‌
187‌
Credit
Agricole,
VR,
5.23%,
1/9/29 (1)(6)
285‌
287‌
Danske
Bank,
VR,
4.613%,
10/2/30 (1)(6)
200‌
199‌
Danske
Bank,
VR,
4.662%,
3/27/29 (1)(6)
(7)
330‌
330‌
Danske
Bank,
VR,
5.427%,
3/1/28 (1)(6)
200‌
201‌
DNB
Bank,
VR,
4.832%,
3/30/32 (1)(6)
340‌
338‌
Fifth
Third
Bancorp,
VR,
4.566%,
4/29/32 (6)
305‌
300‌
Goldman
Sachs
Group,
VR,
4.148%,
1/21/29 (6)
350‌
347‌
Goldman
Sachs
Group,
VR,
4.482%,
8/23/28 (6)
190‌
190‌
Goldman
Sachs
Group,
VR,
4.937%,
4/23/28 (6)
530‌
531‌
Goldman
Sachs
Group,
VR,
5.218%,
4/23/31 (6)
285‌
288‌
HSBC
Holdings,
VR,
4.398%,
3/10/30 (6)
210‌
208‌
HSBC
Holdings,
VR,
4.899%,
3/3/29 (6)
245‌
246‌
HSBC
Holdings,
VR,
5.13%,
11/19/28 (6)
290‌
292‌
HSBC
Holdings,
VR,
5.597%,
5/17/28 (6)
260‌
262‌
Huntington
Bancshares,
VR,
4.623%,
1/28/32 (6)
290‌
285‌
Par/Shares
$
Value
(Amounts
in
000s)
ING
Groep
,
VR,
4.858%,
3/25/29 (6)
290‌
291‌
ING
Groep
,
Series
VAR,
VR,
4.803%,
3/23/32 (6)
335‌
333‌
JPMorgan
Chase,
VR,
4.347%,
1/22/32 (6)
235‌
230‌
JPMorgan
Chase,
VR,
4.979%,
7/22/28 (6)
200‌
201‌
JPMorgan
Chase,
VR,
5.04%,
1/23/28 (6)
180‌
181‌
Lloyds
Banking
Group,
VR,
5.462%,
1/5/28 (6)
220‌
221‌
Manufacturers
&
Traders
Trust,
VR,
4.762%,
7/6/28 (6)
250‌
250‌
Morgan
Stanley,
VR,
4.238%,
1/9/30 (6)
225‌
222‌
Morgan
Stanley,
VR,
4.708%,
3/12/32 (6)
365‌
361‌
Morgan
Stanley,
VR,
4.994%,
4/12/29 (6)
280‌
281‌
Morgan
Stanley
Bank,
VR,
4.788%,
5/10/30 (6)
250‌
250‌
NatWest
Markets,
4.654%,
3/27/29 (1)
610‌
609‌
Royal
Bank
of
Canada,
VR,
4.40%,
4/17/30 (6)
300‌
298‌
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (6)
190‌
188‌
Santander
Holdings
USA,
VR,
5.04%,
6/5/30 (6)
160‌
160‌
Santander
U.K.
Group
Holdings,
VR,
4.32%,
9/22/29 (6)
200‌
198‌
Societe
Generale,
VR,
5.519%,
1/19/28 (1)
(6)
270‌
271‌
Standard
Chartered,
4.30%,
2/19/27 (1)(7)
200‌
200‌
Standard
Chartered,
VR,
5.688%,
5/14/28 (1)(6)
200‌
202‌
U.S.
Bancorp,
VR,
4.548%,
7/22/28 (6)
265‌
265‌
Wells
Fargo,
VR,
4.97%,
4/23/29 (6)
770‌
774‌
Wells
Fargo,
Series
W,
VR,
4.90%,
1/24/28 (6)
365‌
366‌
15,030‌
Brokerage
Asset
Managers
Exchanges
 0.6%
Charles
Schwab,
VR,
4.744%,
5/21/30 (6)
265‌
266‌
LPL
Holdings,
4.625%,
11/15/27 (1)
60‌
60‌
LPL
Holdings,
4.90%,
4/3/28 
155‌
155‌
LPL
Holdings,
5.70%,
5/20/27 
343‌
346‌
LPL
Holdings,
6.75%,
11/17/28 
90‌
93‌
Lseg
U.S.
Fin,
4.25%,
3/23/29 (1)
285‌
282‌
1,202‌
Finance
Companies
 1.2%
AerCap
Ireland
Capital,
6.45%,
4/15/27 
422‌
427‌
Avolon
Holdings
Funding,
6.375%,
5/4/28 (1)
90‌
92‌
Gabx
Leasing,
4.625%,
4/15/31 (1)
145‌
143‌
GATX,
3.25%,
9/15/26 
417‌
416‌
GATX,
3.85%,
3/30/27 
290‌
289‌
GATX,
5.40%,
3/15/27 
735‌
738‌
USAA
Capital,
4.375%,
6/1/28 (1)
560‌
559‌
2,664‌
Insurance
 1.6%
Aspen
Insurance
Holdings,
5.75%,
7/1/30 
130‌
133‌
Athene
Global
Funding,
4.86%,
8/27/26 (1)
220‌
220‌
Brown
&
Brown,
4.70%,
6/23/28 
160‌
160‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
12
Par/Shares
$
Value
(Amounts
in
000s)
Centene,
4.625%,
12/15/29 
320‌
312‌
CNO
Global
Funding,
1.75%,
10/7/26 (1)
505‌
501‌
CNO
Global
Funding,
4.875%,
12/10/27 (1)
108‌
108‌
Corebridge
Global
Funding,
4.25%,
8/21/28 (1)
205‌
203‌
Corebridge
Global
Funding,
4.65%,
8/20/27 (1)
105‌
105‌
Corebridge
Global
Funding,
5.20%,
1/12/29 (1)
90‌
91‌
Equitable
America
Global
Funding,
4.65%,
6/9/28 (1)
235‌
235‌
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve,
5.20%,
6/15/29 (1)
145‌
146‌
Humana,
3.70%,
3/23/29 
122‌
119‌
Humana,
5.75%,
3/1/28 
85‌
87‌
Humana,
5.75%,
12/1/28 
245‌
250‌
Jackson
National
Life
Global
Funding,
4.85%,
6/23/28 (1)
315‌
314‌
Jackson
National
Life
Global
Funding,
5.55%,
7/2/27 (1)
185‌
187‌
RGA
Global
Funding,
4.35%,
8/25/28 (1)
330‌
327‌
Sammons
Financial
Group
Global
Funding,
5.05%,
1/10/28 (1)
135‌
135‌
3,633‌
Real
Estate
Investment
Trusts
 0.4%
American
Homes
4
Rent,
4.25%,
2/15/28 
90‌
89‌
CubeSmart
,
2.25%,
12/15/28 
54‌
51‌
Extra
Space
Storage,
3.875%,
12/15/27 
310‌
307‌
Healthcare
Realty
Holdings,
3.625%,
1/15/28 
76‌
75‌
Healthcare
Realty
Holdings,
3.75%,
7/1/27 
377‌
374‌
Ventas
Realty,
4.40%,
1/15/29 
65‌
65‌
961‌
Total
Financial
Institutions
23,490‌
INDUSTRIAL
 22.4%
Basic
Industry
 1.0%
Celanese
U.S.
Holdings,
1.40%,
8/5/26 
225‌
224‌
Ecolab,
4.60%,
6/15/29 
625‌
626‌
Freeport-McMoRan,
4.125%,
3/1/28 
80‌
79‌
Freeport-McMoRan,
5.25%,
9/1/29 
95‌
96‌
Nutrien
,
4.90%,
3/27/28 
110‌
110‌
Sherwin-Williams,
4.55%,
3/1/28 
225‌
225‌
SNF
Group,
5.626%,
3/31/31 (1)
305‌
309‌
Steel
Dynamics,
4.00%,
12/15/28 
525‌
517‌
2,186‌
Capital
Goods
 1.4%
Amrize
Finance
U.S.,
4.70%,
4/7/28 
280‌
280‌
Amrize
Finance
U.S.,
4.95%,
4/7/30 
100‌
101‌
AptarGroup,
4.75%,
3/30/31 
110‌
109‌
Boeing,
3.20%,
3/1/29 
210‌
202‌
Boeing,
6.259%,
5/1/27 
417‌
423‌
CNH
Industrial
Capital,
4.375%,
3/7/31 
535‌
523‌
Huntington
Ingalls
Industries,
5.353%,
1/15/30 
80‌
81‌
Owens
Corning,
3.40%,
8/15/26 
133‌
133‌
Owens
Corning,
5.50%,
6/15/27 
170‌
171‌
Par/Shares
$
Value
(Amounts
in
000s)
Regal
Rexnord,
6.05%,
4/15/28 
280‌
286‌
Regal
Rexnord,
6.30%,
2/15/30 
44‌
46‌
Rolls-Royce,
5.75%,
10/15/27 (1)
470‌
476‌
RTX,
6.70%,
8/1/28 
186‌
194‌
RTX,
7.00%,
11/1/28 
174‌
182‌
3,207‌
Communications
 2.6%
Advanced
Info
Service,
4.26%,
3/4/31 
250‌
244‌
American
Tower,
3.55%,
7/15/27 
178‌
176‌
AT&T,
4.10%,
2/15/28 
95‌
94‌
Charter
Communications
Operating,
4.20%,
3/15/28 
370‌
365‌
Charter
Communications
Operating,
5.05%,
3/30/29 
165‌
164‌
Cox
Communications,
3.35%,
9/15/26 (1)
120‌
120‌
Cox
Communications,
3.50%,
8/15/27 (1)
100‌
99‌
Crown
Castle,
1.05%,
7/15/26 
255‌
255‌
Crown
Castle,
2.90%,
3/15/27 
265‌
262‌
Crown
Castle,
3.65%,
9/1/27 
130‌
129‌
Crown
Castle,
4.30%,
2/15/29 
40‌
39‌
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
148‌
Crown
Castle
Towers,
4.241%,
7/15/28 (1)
125‌
124‌
KT,
4.125%,
2/2/28 (1)
200‌
199‌
NTT
Finance,
4.62%,
7/16/28 (1)
200‌
199‌
NTT
Finance,
4.741%,
3/31/28 (1)
270‌
270‌
Orange,
4.25%,
1/13/31 (1)
275‌
268‌
Rogers
Communications,
3.20%,
3/15/27 
410‌
406‌
Rogers
Communications,
5.00%,
2/15/29 
565‌
568‌
SBA
Tower
Trust,
1.631%,
11/15/26 (1)
180‌
178‌
SBA
Tower
Trust,
2.328%,
1/15/28 (1)
110‌
106‌
SBA
Tower
Trust,
4.831%,
10/15/29 (1)
565‌
565‌
SBA
Tower
Trust,
6.599%,
1/15/28 (1)
290‌
293‌
Space
Exploration
Technologies,
5.35%,
7/15/31 (1)
350‌
350‌
5,958‌
Consumer
Cyclical
 4.1%
Airbnb,
4.40%,
3/16/29 
210‌
209‌
American
Honda
Finance,
5.65%,
11/15/28 
335‌
342‌
American
Honda
Finance,
Series
A,
4.55%,
4/10/28 
105‌
105‌
American
Honda
Finance,
Series
A,
4.90%,
4/10/31 
100‌
100‌
AutoZone,
5.125%,
6/15/30 
215‌
218‌
BMW
U.S.
Capital,
4.15%,
4/9/30 (1)
80‌
78‌
BMW
U.S.
Capital,
4.40%,
3/19/29 (1)
510‌
507‌
BMW
U.S.
Capital,
4.60%,
8/13/27 (1)
490‌
491‌
CBRE
Services,
4.80%,
6/15/30 
105‌
105‌
Daimler
Truck
Finance
North
America,
4.15%,
1/12/29 (1)
150‌
148‌
Daimler
Truck
Finance
North
America,
4.30%,
8/12/27 (1)
150‌
150‌
Daimler
Truck
Finance
North
America,
5.125%,
9/25/27 (1)
175‌
176‌
Darden
Restaurants,
4.35%,
10/15/27 
290‌
289‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
13
Par/Shares
$
Value
(Amounts
in
000s)
Dollar
General,
5.20%,
7/5/28 
166‌
168‌
eBay,
3.60%,
6/5/27 
515‌
511‌
Ford
Motor
Credit,
4.97%,
4/6/29 
200‌
198‌
Ford
Motor
Credit,
5.125%,
11/5/26 
200‌
200‌
Ford
Motor
Credit,
5.80%,
3/5/27 
235‌
236‌
Ford
Motor
Credit,
5.918%,
3/20/28 
200‌
202‌
General
Motors
Financial,
5.05%,
4/4/28 
210‌
211‌
General
Motors
Financial,
5.35%,
7/15/27 
191‌
193‌
General
Motors
Financial,
5.40%,
5/8/27 
196‌
197‌
Hyundai
Capital
America,
4.25%,
1/8/29 (1)
145‌
143‌
Hyundai
Capital
America,
4.75%,
6/18/29 (1)
100‌
100‌
Hyundai
Capital
America,
4.85%,
3/25/27 (1)
240‌
240‌
Hyundai
Capital
America,
4.875%,
6/23/27 (1)
205‌
206‌
Hyundai
Capital
America,
5.00%,
1/7/28 (1)
230‌
231‌
Hyundai
Capital
America,
5.25%,
1/8/27 (1)
100‌
100‌
Hyundai
Capital
America,
5.60%,
3/30/28 (1)
160‌
162‌
LG
Energy
Solution,
5.375%,
7/2/27 
390‌
392‌
Marriott
International,
5.45%,
9/15/26 
90‌
90‌
O'Reilly
Automotive,
4.35%,
6/1/28 
195‌
194‌
O'Reilly
Automotive,
5.75%,
11/20/26 
573‌
575‌
Rentokil
Terminix
Funding,
4.625%,
4/23/31 (1)
240‌
235‌
Volkswagen
Group
of
America
Finance,
4.45%,
9/11/27 (1)
200‌
199‌
Volkswagen
Group
of
America
Finance,
4.85%,
8/15/27 (1)
340‌
341‌
Volkswagen
Group
of
America
Finance,
5.05%,
3/27/28 (1)
400‌
402‌
Volkswagen
Group
of
America
Finance,
5.70%,
9/12/26 (1)
240‌
241‌
Volkswagen
Group
of
America
Finance,
6.00%,
11/16/26 (1)
200‌
201‌
Volkswagen
Group
of
America
Finance,
6.20%,
11/16/28 (1)
200‌
206‌
9,292‌
Consumer
Non-Cyclical
 6.6%
Agilent
Technologies,
4.90%,
1/15/32 (1)
585‌
585‌
Augusta
SpinCo,
4.398%,
3/23/29 
500‌
496‌
Bacardi,
4.70%,
5/15/28 (1)
655‌
653‌
BAT
International
Finance,
4.448%,
3/16/28 
460‌
459‌
Baxter
International,
2.272%,
12/1/28 
434‌
409‌
Bayer
U.S.
Finance
II,
4.375%,
12/15/28 (1)
865‌
856‌
Becton
Dickinson
&
Company,
4.693%,
2/13/28 
375‌
376‌
Bunge
Finance,
4.90%,
4/21/27 
280‌
281‌
Cencora
,
3.45%,
12/15/27 
61‌
60‌
Cencora
,
3.95%,
2/13/29 
175‌
172‌
Cencora
,
4.625%,
12/15/27 
165‌
165‌
Coca-Cola
Europacific
Partners,
1.50%,
1/15/27 (1)
200‌
197‌
Conagra
Brands,
1.375%,
11/1/27 
275‌
263‌
Conagra
Brands,
4.85%,
11/1/28 
129‌
129‌
Conagra
Brands,
7.00%,
10/1/28 
130‌
136‌
Par/Shares
$
Value
(Amounts
in
000s)
CSL
Finance,
3.85%,
4/27/27 (1)
90‌
90‌
CVS
Health,
1.30%,
8/21/27 
545‌
526‌
CVS
Health,
3.00%,
8/15/26 
105‌
105‌
CVS
Health,
4.30%,
3/25/28 
170‌
169‌
Diageo
Capital,
2.375%,
10/24/29 
405‌
377‌
EMD
Finance,
4.125%,
8/15/28 (1)
540‌
534‌
HCA,
3.125%,
3/15/27 
500‌
495‌
HCA,
4.30%,
11/15/30 
115‌
113‌
HCA,
5.625%,
9/1/28 
525‌
533‌
Heineken,
3.50%,
1/29/28 (1)
1,000‌
985‌
Icon
Investments
Six,
5.809%,
5/8/27 
600‌
605‌
Imperial
Brands
Finance,
4.50%,
6/30/28 (1)
220‌
219‌
Imperial
Brands
Finance,
6.125%,
7/27/27 (1)
290‌
294‌
IQVIA,
5.70%,
5/15/28 
410‌
417‌
IQVIA,
6.25%,
2/1/29 
254‌
263‌
Japan
Tobacco,
4.85%,
5/15/28 (1)
430‌
432‌
Keurig
Dr
Pepper,
3.95%,
4/15/29 
58‌
57‌
Keurig
Dr
Pepper,
4.35%,
5/15/28 
130‌
129‌
Keurig
Dr
Pepper,
5.05%,
3/15/29 
345‌
347‌
Maple
Parent
Holdings,
4.75%,
3/26/29 (1)
310‌
310‌
Mars,
4.60%,
3/1/28 (1)
280‌
281‌
Medline
Borrower,
3.875%,
4/1/29 (1)
1,200‌
1,165‌
Medline
Borrower,
6.25%,
4/1/29 (1)
34‌
35‌
Molson
Coors
Beverage,
4.90%,
7/8/31 
165‌
165‌
Revvity
,
1.90%,
9/15/28 
260‌
245‌
Solventum
,
5.45%,
2/25/27 
155‌
156‌
Stryker,
4.70%,
2/10/28 
245‌
246‌
Viatris
,
2.30%,
6/22/27 
433‌
423‌
14,953‌
Energy
 2.1%
Canadian
Natural
Resources,
3.85%,
6/1/27 
225‌
224‌
Cheniere
Corpus
Christi
Holdings,
5.125%,
6/30/27 
276‌
277‌
Cheniere
Energy
Partners,
4.00%,
3/1/31 
230‌
221‌
Columbia
Pipelines
Holding,
6.055%,
8/15/26 (1)
40‌
40‌
Enbridge,
4.60%,
6/20/28 
90‌
90‌
Enbridge,
5.90%,
11/15/26 
110‌
110‌
Enbridge,
6.00%,
11/15/28 
90‌
93‌
Energy
Transfer,
4.55%,
1/15/31 
175‌
173‌
Energy
Transfer,
5.25%,
7/1/29 
160‌
162‌
Energy
Transfer,
6.05%,
12/1/26 
475‌
478‌
National
Fuel
Gas,
4.75%,
5/15/29 
215‌
214‌
ONEOK,
4.25%,
9/24/27 
400‌
399‌
ONEOK,
5.55%,
11/1/26 
245‌
246‌
ONEOK,
5.625%,
1/15/28 (1)
114‌
115‌
Sabine
Pass
Liquefaction,
4.20%,
3/15/28 
82‌
81‌
South
Bow
USA
Infrastructure
Holdings,
4.911%,
9/1/27 
275‌
276‌
Targa
Resources,
5.20%,
7/1/27 
92‌
92‌
Tengizchevroil
Finance
International,
4.00%,
8/15/26 
110‌
110‌
Var
Energi
,
5.00%,
5/18/27 (1)
430‌
431‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
14
Par/Shares
$
Value
(Amounts
in
000s)
Var
Energi
,
7.50%,
1/15/28 (1)
640‌
664‌
Williams,
4.80%,
11/15/29 
165‌
166‌
Woodside
Finance,
3.70%,
9/15/26 (1)
119‌
119‌
4,781‌
Industrial
-
Other
 0.5%
Booz
Allen
Hamilton,
3.875%,
9/1/28 (1)
665‌
649‌
Booz
Allen
Hamilton,
4.00%,
7/1/29 (1)
260‌
254‌
CK
Hutchison
International
25,
4.25%,
9/26/30 (1)
300‌
296‌
1,199‌
Technology
 3.4%
Atlassian,
5.25%,
5/15/29 
105‌
105‌
Fidelity
National
Information
Services,
4.45%,
3/10/28 
215‌
214‌
Fidelity
National
Information
Services,
4.55%,
3/10/29 
490‌
486‌
Fidelity
National
Information
Services,
4.80%,
3/10/31 
105‌
104‌
Fiserv,
3.50%,
7/1/29 
235‌
226‌
Fiserv,
4.20%,
10/1/28 
184‌
181‌
Fiserv,
4.55%,
2/15/31 
160‌
156‌
Fiserv,
5.375%,
8/21/28 
170‌
172‌
Foundry
JV
Holdco,
5.50%,
1/25/31 (1)
200‌
205‌
Foundry
JV
Holdco,
5.90%,
1/25/30 (1)
200‌
206‌
Gartner,
4.50%,
7/1/28 (1)
728‌
716‌
Global
Payments,
3.20%,
8/15/29 
470‌
444‌
Global
Payments,
4.50%,
11/15/28 
80‌
79‌
Global
Payments,
4.55%,
3/15/28 
350‌
349‌
Hewlett
Packard
Enterprise,
4.50%,
3/23/28 
365‌
365‌
Leidos,
4.10%,
3/15/29 
190‌
187‌
Marvell
Technology,
4.875%,
6/22/28 
400‌
402‌
Mobility
Global,
5.05%,
6/15/29 (1)
130‌
130‌
NXP,
3.15%,
5/1/27 
55‌
54‌
NXP,
4.30%,
8/19/28 
100‌
99‌
NXP,
4.30%,
6/18/29 
238‌
235‌
NXP,
4.40%,
6/1/27 
35‌
35‌
Oracle,
4.45%,
9/26/30 
335‌
323‌
Salesforce,
4.50%,
3/15/28 
320‌
320‌
Salesforce,
4.65%,
3/15/29 
785‌
785‌
Synopsys,
4.65%,
4/1/28 
510‌
511‌
Workday,
3.50%,
4/1/27 
610‌
606‌
7,695‌
Transportation
 0.7%
Element
Fleet
Management,
4.80%,
5/29/29 (1)
80‌
80‌
Element
Fleet
Management,
5.037%,
3/25/30 (1)
185‌
186‌
Element
Fleet
Management,
5.643%,
3/13/27 (1)
175‌
176‌
ERAC
USA
Finance,
4.60%,
5/1/28 (1)
345‌
346‌
ERAC
USA
Finance,
5.00%,
2/15/29 (1)
140‌
141‌
Penske
Truck
Leasing,
3.40%,
11/15/26 (1)
80‌
80‌
Penske
Truck
Leasing,
4.40%,
7/1/27 (1)
36‌
36‌
Penske
Truck
Leasing,
5.35%,
1/12/27 (1)
135‌
135‌
Penske
Truck
Leasing,
5.55%,
5/1/28 (1)
10‌
10‌
Penske
Truck
Leasing,
5.70%,
2/1/28 (1)
19‌
19‌
Par/Shares
$
Value
(Amounts
in
000s)
Penske
Truck
Leasing,
6.05%,
8/1/28 (1)
155‌
159‌
Southwest
Airlines,
4.375%,
11/15/28 
345‌
342‌
1,710‌
Total
Industrial
50,981‌
UTILITY
 2.5%
Electric
 2.3%
AES,
5.20%,
7/15/29 
55‌
55‌
Ameren,
1.95%,
3/15/27 
170‌
167‌
American
Electric
Power,
5.20%,
1/15/29 
225‌
229‌
Appalachian
Power,
Series
X,
3.30%,
6/1/27 
503‌
498‌
Chpe
,
4.875%,
6/30/31 (1)
265‌
265‌
Constellation
Energy
Generation,
5.60%,
3/1/28 
75‌
76‌
DTE
Energy,
4.875%,
6/1/28 
225‌
226‌
DTE
Energy,
4.95%,
7/1/27 
150‌
151‌
DTE
Energy,
5.20%,
4/1/30 
200‌
203‌
ENEL
Finance
International,
1.625%,
7/12/26 (1)
265‌
265‌
ENEL
Finance
International,
4.125%,
9/30/28 (1)
200‌
198‌
Exelon,
2.75%,
3/15/27 
500‌
494‌
Exelon,
5.15%,
3/15/29 
100‌
101‌
FirstEnergy,
Series
B,
3.90%,
7/15/27 
340‌
338‌
NextEra
Energy
Capital
Holdings,
4.685%,
9/1/27 
70‌
70‌
Niagara
Mohawk
Power,
4.647%,
10/3/30 (1)
175‌
174‌
Pacific
Gas
&
Electric,
3.30%,
3/15/27 
73‌
72‌
Pacific
Gas
&
Electric,
3.30%,
12/1/27 
100‌
98‌
Pacific
Gas
&
Electric,
5.00%,
6/4/28 
180‌
181‌
Pacific
Gas
&
Electric,
5.45%,
6/15/27 
40‌
40‌
PacifiCorp,
4.65%,
4/15/29 
215‌
214‌
Public
Service
Enterprise
Group,
4.90%,
3/15/30 
345‌
348‌
Southern,
5.113%,
8/1/27 
180‌
181‌
Southern
California
Edison,
5.15%,
6/1/29 
265‌
268‌
Vistra
Operations,
4.55%,
10/30/28 (1)
255‌
253‌
Vistra
Operations,
5.05%,
12/30/26 (1)
193‌
193‌
5,358‌
Natural
Gas
 0.2%
NiSource,
5.25%,
3/30/28 
60‌
61‌
Sempra,
5.40%,
8/1/26 
125‌
125‌
Southern
Gas
Capital,
Series
A,
4.05%,
9/15/28 
190‌
188‌
374‌
Total
Utility
5,732‌
Total
Corporate
Bonds
(Cost
$80,238)
80,203‌
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
 2.3%
Government
Sponsored
 0.3%
MEGlobal
,
2.625%,
4/28/28 
620‌
591‌
591‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
15
Par/Shares
$
Value
(Amounts
in
000s)
Owned
No
Guarantee
 1.7%
Abu
Dhabi
Developmental
Holding,
4.50%,
5/6/30 
400‌
396‌
Corp.
Nacional
del
Cobre
de
Chile,
3.625%,
8/1/27 
525‌
519‌
Emirates
NBD
Bank,
4.195%,
1/13/29,
Acquisition
Date:
1/6/26,
Cost $535 (4)
535‌
528‌
Kazakhstan
Temir
Zholy
National,
4.875%,
4/29/31 (1)
200‌
196‌
KazMunayGas
National,
5.375%,
4/24/30 
220‌
222‌
Korea
Electric
Power,
5.375%,
7/31/26 (1)
450‌
450‌
Korea
Housing
Finance,
4.625%,
2/24/28 (1)
440‌
442‌
Korea
Hydro
&
Nuclear
Power,
4.25%,
7/27/27 (1)
200‌
200‌
Ma'aden
Sukuk,
5.25%,
2/13/30 (1)
340‌
342‌
Ma'aden
Sukuk,
5.25%,
2/13/30 
200‌
201‌
State
Bank
of
India,
1.80%,
7/13/26 
500‌
500‌
3,996‌
Sovereign
 0.3%
Eagle
Funding
Luxco
,
5.50%,
8/17/30 (1)
350‌
351‌
KSA
Sukuk,
4.303%,
1/19/29 
300‌
297‌
648‌
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$5,262)
5,235‌
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
 10.5%
Collateralized
Mortgage
Obligations
 6.9%
Angel
Oak
Mortgage
Trust
Series
2020-3,
Class
A3,
CMO,
ARM
2.872%,
4/25/65 (1)
12‌
11‌
Angel
Oak
Mortgage
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.909%,
1/25/66 (1)
69‌
60‌
Angel
Oak
Mortgage
Trust
Series
2021-6,
Class
A2,
CMO,
ARM
1.581%,
9/25/66 (1)
78‌
65‌
Angel
Oak
Mortgage
Trust
Series
2025-5,
Class
A1,
CMO,
STEP
5.573%,
4/25/70 (1)
398‌
398‌
Bayview
Financing
Trust
Series
2024-2F,
Class
A,
CMO,
ARM
6.399%,
9/25/29,
Acquisition
Date:
8/29/24,
Cost $200 (3)(4)
200‌
200‌
BINOM
Mortgage
Loan
Trust
Series
2026-NQM1,
Class
A1,
CMO,
ARM
5.06%,
2/25/66 (1)
99‌
98‌
BINOM
Mortgage
Loan
Trust
Series
2026-NQM1,
Class
A2,
CMO,
STEP
5.314%,
2/25/66 (1)
99‌
98‌
BINOM
Securitization
Trust
Series
2021-INV1,
Class
A2,
CMO,
ARM
2.37%,
6/25/56 (1)
156‌
144‌
Par/Shares
$
Value
(Amounts
in
000s)
BINOM
Securitization
Trust
Series
2021-INV1,
Class
A3,
CMO,
ARM
2.625%,
6/25/56 (1)
49‌
46‌
BRAVO
Residential
Funding
Trust
Series
2026-NQM4,
Class
A1,
CMO,
ARM
5.183%,
3/25/66 (1)
151‌
150‌
BRAVO
Residential
Funding
Trust
Series
2026-NQM5,
Class
A1F,
CMO,
ARM
SOFR30A
+
1.20%,
4.828%,
6/25/66 (1)
149‌
149‌
CIM
Trust
Series
2021-R6,
Class
A1,
CMO,
ARM
1.425%,
7/25/61 (1)
35‌
32‌
Citigroup
Mortgage
Loan
Trust
Series
2020-EXP2,
Class
A3,
CMO,
ARM
2.50%,
8/25/50 (1)
38‌
33‌
CLIP
Trust
Series
2026-NQM1,
Class
A1,
CMO,
ARM
5.221%,
5/25/71 (1)
117‌
117‌
CLIP
Trust
Series
2026-NQM1,
Class
A2,
CMO,
STEP
5.474%,
5/25/71 (1)
98‌
97‌
COLT
Mortgage
Loan
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
1.167%,
6/25/66 (1)
64‌
56‌
COLT
Mortgage
Loan
Trust
Series
2024-6,
Class
A2,
CMO,
STEP
5.644%,
11/25/69 (1)
213‌
213‌
COLT
Mortgage
Loan
Trust
Series
2024-INV4,
Class
A3,
CMO,
STEP
6.111%,
5/25/69 (1)
212‌
212‌
COLT
Mortgage
Loan
Trust
Series
2025-10,
Class
A1F,
CMO,
ARM
SOFR30A
+
1.20%,
4.828%,
10/25/70 (1)
178‌
179‌
COLT
Mortgage
Loan
Trust
Series
2025-4,
Class
A1,
CMO,
STEP
5.794%,
4/25/70 (1)
83‌
84‌
COLT
Mortgage
Loan
Trust
Series
2025-INV2,
Class
A1,
CMO,
STEP
5.601%,
2/25/70 (1)
153‌
153‌
COLT
Mortgage
Loan
Trust
Series
2026-3,
Class
A1,
CMO,
ARM
5.119%,
5/25/71 (1)
99‌
98‌
Connecticut
Avenue
Securities
Series
2026-R01,
Class
2M1,
CMO,
ARM
SOFR30A
+
1.00%,
4.628%,
1/25/46 (1)
112‌
112‌
Connecticut
Avenue
Securities
Trust
Series
2025-R03,
Class
2A1,
CMO,
ARM
SOFR30A
+
1.45%,
5.078%,
3/25/45 (1)
65‌
65‌
Connecticut
Avenue
Securities
Trust
Series
2025-R06,
Class
1M1,
CMO,
ARM
SOFR30A
+
0.95%,
4.578%,
9/25/45 (1)
99‌
99‌
Connecticut
Avenue
Securities
Trust
Series
2026-R01,
Class
2A1,
CMO,
ARM
SOFR30A
+
0.85%,
4.478%,
1/25/46 (1)
372‌
371‌
Connecticut
Avenue
Securities
Trust
Series
2026-R03,
Class
2M1,
CMO,
ARM
SOFR30A
+
1.25%,
4.878%,
4/25/46 (1)
218‌
219‌
Cross
Series
2026-NQM6,
Class
A2,
CMO,
STEP
5.521%,
5/25/71 (1)
97‌
96‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
16
Par/Shares
$
Value
(Amounts
in
000s)
Cross
Mortgage
Trust
Series
2024-H6,
Class
A2,
CMO,
STEP
5.383%,
9/25/69 (1)
266‌
265‌
Deephaven
Residential
Mortgage
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
0.973%,
5/25/65 (1)
7‌
7‌
Deephaven
Residential
Mortgage
Trust
Series
2021-2,
Class
A3,
CMO,
ARM
1.26%,
4/25/66 (1)
33‌
30‌
Deephaven
Residential
Mortgage
Trust
Series
2026-INV1,
Class
A1,
CMO,
ARM
4.797%,
12/25/70 (1)
172‌
170‌
Deephaven
Residential
Mortgage
Trust
Series
2026-INV2,
Class
A1,
CMO,
ARM
5.483%,
2/25/71 (1)
168‌
168‌
EFMT
Series
2024-INV2,
Class
A1,
CMO,
STEP
5.035%,
10/25/69 (1)
194‌
193‌
EFMT
Series
2024-INV2,
Class
A2,
CMO,
STEP
5.289%,
10/25/69 (1)
79‌
79‌
EFMT
Series
2025-INV2,
Class
A1,
CMO,
STEP
5.387%,
5/26/70 (1)
85‌
85‌
EFMT
Series
2025-INV4,
Class
A1F,
CMO,
ARM
SOFR30A
+
1.20%,
4.83%,
10/25/70 (1)
97‌
97‌
EFMT
Series
2025-INV5,
Class
A1,
CMO,
ARM
5.077%,
12/25/70 (1)
148‌
147‌
EFMT
Series
2025-NQM5,
Class
A1,
CMO,
ARM
5.033%,
11/25/70 (1)
86‌
85‌
EFMT
Series
2025-NQM6,
Class
A1,
CMO,
ARM
5.001%,
12/25/70 (1)
196‌
194‌
EFMT
Series
2026-NQM1,
Class
A1F,
CMO,
ARM
SOFR30A
+
1.20%,
4.828%,
2/25/71 (1)
101‌
101‌
EFMT
Series
2026-NQM4,
Class
A1,
CMO,
ARM
5.466%,
4/25/71 (1)
96‌
96‌
EFMT
Series
2026-NQM4,
Class
A2,
CMO,
STEP
5.669%,
4/25/71 (1)
863‌
861‌
Ellington
Financial
Mortgage
Trust
Series
2019-2,
Class
A3,
CMO,
ARM
3.046%,
11/25/59 (1)
5‌
5‌
FIGRE
Trust
Series
2026-HE6,
Class
B,
CMO,
ARM
5.741%,
6/25/56 (1)
150‌
150‌
Flagstar
Mortgage
Trust
Series
2020-1INV,
Class
A11,
CMO,
ARM
1M
TSFR
+
0.964%,
4.613%,
3/25/50 (1)
104‌
101‌
Freddie
Mac
Whole
Loan
Securities
Trust
Series
2017-SC01,
Class
M1,
CMO,
ARM
3.657%,
12/25/46 (1)
16‌
16‌
Galton
Funding
Mortgage
Trust
Series
2018-1,
Class
A33,
CMO,
ARM
3.50%,
11/25/57 (1)
26‌
24‌
Par/Shares
$
Value
(Amounts
in
000s)
Galton
Funding
Mortgage
Trust
Series
2019-1,
Class
A21,
CMO,
ARM
4.50%,
2/25/59 (1)
6‌
6‌
Galton
Funding
Mortgage
Trust
Series
2019-1,
Class
A32,
CMO,
ARM
4.00%,
2/25/59 (1)
9‌
9‌
Galton
Funding
Mortgage
Trust
Series
2019-H1,
Class
M1,
CMO,
ARM
3.339%,
10/25/59 (1)
230‌
214‌
Galton
Funding
Mortgage
Trust
Series
2020-H1,
Class
M1,
CMO,
ARM
2.832%,
1/25/60 (1)
380‌
324‌
GCAT
Trust
Series
2025-NQM1,
Class
A1,
CMO,
STEP
5.373%,
11/25/69 (1)
113‌
113‌
GCAT
Trust
Series
2026-NQM2,
Class
A1,
CMO,
ARM
5.449%,
2/25/71 (1)
384‌
384‌
GS
Mortgage-Backed
Securities
Trust
Series
2014-EB1A,
Class
2A1,
CMO,
ARM
5.466%,
7/25/44 (1)
1‌
1‌
HOMES
Trust
Series
2025-NQM2,
Class
A1,
CMO,
STEP
5.425%,
2/25/70 (1)
103‌
103‌
HOMES
Trust
Series
2025-NQM4,
Class
A1,
CMO,
ARM
5.22%,
8/25/70 (1)
204‌
203‌
HOMES
Trust
Series
2026-AFC1,
Class
A1,
CMO,
ARM
4.846%,
2/25/61 (1)
142‌
140‌
HOMES
Trust
Series
2026-NQM2,
Class
A1,
CMO,
ARM
5.488%,
1/25/71 (1)
283‌
283‌
Imperial
Fund
Mortgage
Trust
Series
2021-NQM2,
Class
A3,
CMO,
ARM
1.516%,
9/25/56 (1)
71‌
60‌
Imperial
Fund
Mortgage
Trust
Series
2022-NQM4,
Class
A1,
CMO,
STEP
5.767%,
6/25/67 (1)
247‌
246‌
JPMorgan
Mortgage
Trust
Series
2020-INV1,
Class
A15,
CMO,
ARM
3.50%,
8/25/50 (1)
69‌
62‌
JPMorgan
Mortgage
Trust
Series
2025-DSC1,
Class
A1,
CMO,
ARM
5.577%,
9/25/65 (1)
246‌
245‌
JPMorgan
Mortgage
Trust
Series
2025-DSC2,
Class
A1,
CMO,
ARM
5.195%,
10/25/65 (1)
155‌
153‌
JPMorgan
Mortgage
Trust
Series
2025-HE3,
Class
A1,
CMO,
ARM
SOFR30A
+
1.35%,
4.959%,
3/20/56 (1)
105‌
105‌
MFA
Trust
Series
2021-INV1,
Class
A1,
CMO,
ARM
0.852%,
1/25/56 (1)
7‌
7‌
MFA
Trust
Series
2021-NQM2,
Class
A2,
CMO,
ARM
1.317%,
11/25/64 (1)
32‌
29‌
MFA
Trust
Series
2025-NQM4,
Class
A1F,
CMO,
ARM
SOFR30A
+
1.20%,
4.828%,
8/25/70 (1)
416‌
417‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
17
Par/Shares
$
Value
(Amounts
in
000s)
Morgan
Stanley
Residential
Mortgage
Loan
Trust
Series
2025-DSC2,
Class
A1,
CMO,
ARM
5.443%,
7/25/70 (1)
92‌
92‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust
Series
2026-NQM4,
Class
A1,
CMO,
ARM
5.075%,
3/25/71 (1)
96‌
95‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust
Series
2026-NQM4,
Class
A2,
CMO,
STEP
5.40%,
3/25/71 (1)
96‌
95‌
New
Residential
Mortgage
Loan
Trust
Series
2025-NQM3,
Class
A1,
CMO,
ARM
5.53%,
5/25/65 (1)
144‌
144‌
New
Residential
Mortgage
Loan
Trust
Series
2025-NQM4,
Class
A1,
CMO,
ARM
5.35%,
7/25/65 (1)
155‌
155‌
New
Residential
Mortgage
Loan
Trust
Series
2025-NQM4,
Class
A2,
CMO,
STEP
5.603%,
7/25/65 (1)
310‌
309‌
New
Residential
Mortgage
Loan
Trust
Series
2025-NQM7,
Class
A2,
CMO,
STEP
5.264%,
10/26/65 (1)
104‌
104‌
NRZT
Series
2025-NQM6,
Class
A1,
CMO,
ARM
5.085%,
10/25/65 (1)
402‌
399‌
NYMT
Loan
Trust
Series
2026-INV2,
Class
A1,
CMO,
ARM
5.475%,
4/25/61 (1)
149‌
149‌
OBX
Trust
Series
2019-EXP2,
Class
2A2,
CMO,
ARM
1M
TSFR
+
1.314%,
4.899%,
6/25/59 (1)
6‌
6‌
OBX
Trust
Series
2019-EXP3,
Class
2A1,
CMO,
ARM
1M
TSFR
+
1.014%,
4.663%,
10/25/59 (1)
12‌
12‌
OBX
Trust
Series
2020-EXP1,
Class
2A1B,
CMO,
ARM
1M
TSFR
+
0.864%,
4.513%,
2/25/60 (1)
216‌
214‌
OBX
Trust
Series
2020-EXP1,
Class
2A2,
CMO,
ARM
1M
TSFR
+
1.064%,
4.713%,
2/25/60 (1)
14‌
14‌
OBX
Trust
Series
2020-EXP2,
Class
A9,
CMO,
ARM
3.00%,
5/25/60 (1)
18‌
16‌
OBX
Trust
Series
2020-INV1,
Class
A5,
CMO,
ARM
3.50%,
12/25/49 (1)
42‌
38‌
OBX
Trust
Series
2021-NQM1,
Class
A3,
CMO,
ARM
1.329%,
2/25/66 (1)
148‌
132‌
OBX
Trust
Series
2025-NQM15,
Class
A1,
CMO,
ARM
5.143%,
7/27/65 (1)
76‌
75‌
OBX
Trust
Series
2025-NQM15,
Class
A1F,
CMO,
ARM
SOFR30A
+
1.15%,
4.778%,
7/27/65 (1)
73‌
74‌
Par/Shares
$
Value
(Amounts
in
000s)
OBX
Trust
Series
2025-NQM6,
Class
A1,
CMO,
STEP
5.603%,
3/25/65 (1)
132‌
133‌
OBX
Trust
Series
2026-NQM5,
Class
A1,
CMO,
ARM
5.321%,
1/25/66 (1)
206‌
206‌
OBX
Trust
Series
2026-R1,
Class
A1,
CMO,
ARM
4.884%,
1/25/63 (1)
103‌
102‌
PENN
Commercial
Mortgage
Trust
Series
2025-P11,
Class
A,
CMO,
ARM
5.522%,
8/10/42 (1)
120‌
121‌
Roc
Mortgage
Trust
Series
2024-RTL1,
Class
A1,
CMO,
STEP
5.589%,
10/25/39 (1)
255‌
255‌
Santander
Mortgage
Asset
Receivable
Trust
Series
2025-NQM6,
Class
A1,
CMO,
ARM
5.138%,
11/25/65 (1)
89‌
88‌
Sequoia
Mortgage
Trust
Series
2018-CH2,
Class
A21,
CMO,
ARM
4.00%,
6/25/48 (1)
18‌
16‌
Sequoia
Mortgage
Trust
Series
2018-CH3,
Class
A19,
CMO,
ARM
4.50%,
8/25/48 (1)
1‌
1‌
SG
Residential
Mortgage
Trust
Series
2026-3,
Class
A1,
CMO,
ARM
5.188%,
4/25/66 (1)
129‌
128‌
SG
Residential
Mortgage
Trust
Series
2026-3,
Class
A2,
CMO,
STEP
5.492%,
4/25/66 (1)
99‌
99‌
Starwood
Mortgage
Residential
Trust
Series
2019-INV1,
Class
A3,
CMO,
ARM
2.916%,
9/27/49 (1)
2‌
2‌
Starwood
Mortgage
Residential
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
0.943%,
5/25/65 (1)
40‌
38‌
Starwood
Mortgage
Residential
Trust
Series
2021-4,
Class
A1,
CMO,
ARM
1.162%,
8/25/56 (1)
158‌
140‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA5,
Class
M2,
CMO,
ARM
SOFR30A
+
1.65%,
5.278%,
1/25/34 (1)
16‌
16‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2021-DNA7,
Class
M2,
CMO,
ARM
SOFR30A
+
1.80%,
5.428%,
11/25/41 (1)
90‌
90‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2022-DNA2,
Class
M1B,
CMO,
ARM
SOFR30A
+
2.40%,
6.028%,
2/25/42 (1)
145‌
146‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2022-DNA5,
Class
M1A,
CMO,
ARM
SOFR30A
+
2.95%,
6.578%,
6/25/42 (1)
78‌
79‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2023-HQA3,
Class
A1,
CMO,
ARM
SOFR30A
+
1.85%,
5.478%,
11/25/43 (1)
85‌
85‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2024-HQA1,
Class
A1,
CMO,
ARM
SOFR30A
+
1.25%,
4.878%,
3/25/44 (1)
330‌
331‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
18
Par/Shares
$
Value
(Amounts
in
000s)
Structured
Agency
Credit
Risk
Debt
Notes
Series
2025-DNA1,
Class
A1,
CMO,
ARM
SOFR30A
+
0.95%,
4.578%,
1/25/45 (1)
41‌
41‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2025-DNA3,
Class
M1,
CMO,
ARM
SOFR30A
+
1.10%,
4.728%,
9/25/45 (1)
126‌
126‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2025-DNA4,
Class
A1,
CMO,
ARM
SOFR30A
+
0.90%,
4.528%,
10/25/45 (1)
130‌
130‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2025-DNA4,
Class
M1,
CMO,
ARM
SOFR30A
+
1.10%,
4.728%,
10/25/45 (1)
51‌
51‌
Structured
Agency
Credit
Risk
Debt
Notes
Series
2026-DNA1,
Class
M1,
CMO,
ARM
SOFR30A
+
1.00%,
4.628%,
2/25/46 (1)
157‌
157‌
Toorak
Mortgage
Series
2021-INV1,
Class
A2,
CMO,
ARM
1.409%,
7/25/56 (1)
31‌
28‌
Towd
Point
Mortgage
Trust
Series
2022-4,
Class
A1,
CMO
3.75%,
9/25/62 (1)
269‌
255‌
Towd
Point
Mortgage
Trust
Series
2024-2,
Class
A1B,
CMO,
ARM
4.916%,
12/25/64 (1)
114‌
115‌
Towd
Point
Mortgage
Trust
Series
2026-1,
Class
A1B,
CMO,
ARM
4.312%,
1/25/66 (1)
292‌
289‌
Verus
Securitization
Trust
Series
2021-1,
Class
A1,
CMO,
ARM
0.815%,
1/25/66 (1)
21‌
19‌
Verus
Securitization
Trust
Series
2021-1,
Class
A2,
CMO,
ARM
1.052%,
1/25/66 (1)
28‌
26‌
Verus
Securitization
Trust
Series
2021-1,
Class
A3,
CMO,
ARM
1.155%,
1/25/66 (1)
20‌
18‌
Verus
Securitization
Trust
Series
2021-2,
Class
A1,
CMO,
ARM
1.031%,
2/25/66 (1)
36‌
33‌
Verus
Securitization
Trust
Series
2021-R1,
Class
A2,
CMO,
ARM
1.057%,
10/25/63 (1)
4‌
4‌
Verus
Securitization
Trust
Series
2021-R2,
Class
A1,
CMO,
ARM
0.918%,
2/25/64 (1)
29‌
28‌
Verus
Securitization
Trust
Series
2023-6,
Class
A2,
CMO,
STEP
6.939%,
9/25/68 (1)
53‌
53‌
Verus
Securitization
Trust
Series
2023-8,
Class
A2,
CMO,
STEP
6.664%,
12/25/68 (1)
39‌
39‌
Verus
Securitization
Trust
Series
2025-3,
Class
A1,
CMO,
STEP
5.623%,
5/25/70 (1)
84‌
85‌
Verus
Securitization
Trust
Series
2025-7,
Class
A1F,
CMO,
ARM
SOFR30A
+
1.20%,
4.828%,
8/25/70 (1)
196‌
197‌
15,526‌
Par/Shares
$
Value
(Amounts
in
000s)
Commercial
Mortgage-Backed
Securities
 3.6%
BANK
Series
2024-BNK47,
Class
A1
5.523%,
6/15/57 
34‌
35‌
BANK
Series
2026-BNK52,
Class
A1
4.845%,
7/15/31 
20‌
20‌
BANK5
Series
2024-5YR11,
Class
AS
6.139%,
11/15/57 
165‌
169‌
BANK5
Series
2024-5YR12,
Class
A3,
ARM
5.902%,
12/15/57 
288‌
297‌
BANK5
Series
2024-5YR12,
Class
AS,
ARM
6.122%,
12/15/57 
110‌
113‌
BANK5
Series
2024-5YR9,
Class
A1
4.889%,
8/15/57 
127‌
127‌
BANK5
Series
2026-5YR21,
Class
A3
5.525%,
4/15/59 
150‌
154‌
BANK5
Series
2026-5YR23,
Class
A3
5.61%,
7/15/31 
100‌
103‌
Benchmark
Mortgage
Trust
Series
2024-V11,
Class
AM,
ARM
6.201%,
11/15/57 
140‌
143‌
Benchmark
Mortgage
Trust
Series
2024-V6,
Class
A1
5.568%,
3/15/57 
27‌
27‌
Benchmark
Mortgage
Trust
Series
2024-V8,
Class
A1
5.514%,
7/15/57 
74‌
75‌
Benchmark
Mortgage
Trust
Series
2025-B41,
Class
A1
4.401%,
7/15/68 
109‌
108‌
Benchmark
Mortgage
Trust
Series
2025-V19,
Class
A3
5.249%,
1/15/58 
280‌
284‌
Benchmark
Mortgage
Trust
Series
2026-B43,
Class
A1
4.654%,
4/15/63 
153‌
152‌
BFLD
Commercial
Mortgage
Trust
Series
2025-5MW,
Class
C,
ARM
5.633%,
10/10/42 (1)
100‌
100‌
BMO
Mortgage
Trust
Series
2024-5C4,
Class
A3,
ARM
6.526%,
5/15/57 
275‌
286‌
BMO
Mortgage
Trust
Series
2024-C8,
Class
A1
5.542%,
3/15/57 
80‌
80‌
BMO
Mortgage
Trust
Series
2026-5C14,
Class
A3
5.209%,
3/15/59 
430‌
434‌
BMO
Mortgage
Trust
Series
2026-C14,
Class
A1
4.36%,
2/15/59 
33‌
33‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
19
Par/Shares
$
Value
(Amounts
in
000s)
BX
Commercial
Mortgage
Trust
Series
2022-AHP,
Class
A,
ARM
1M
TSFR
+
0.99%,
4.615%,
1/17/39 (1)
36‌
36‌
BX
Commercial
Mortgage
Trust
Series
2024-GPA3,
Class
B,
ARM
1M
TSFR
+
1.642%,
5.268%,
12/15/39 (1)
121‌
122‌
BX
Commercial
Mortgage
Trust
Series
2024-MDHS,
Class
A,
ARM
1M
TSFR
+
1.641%,
5.267%,
5/15/41 (1)
140‌
141‌
BX
Commercial
Mortgage
Trust
Series
2024-MDHS,
Class
B,
ARM
1M
TSFR
+
1.841%,
5.466%,
5/15/41 (1)
168‌
168‌
BX
Commercial
Mortgage
Trust
Series
2024-SLCT,
Class
B,
ARM
1M
TSFR
+
1.793%,
5.418%,
1/15/42 (1)
100‌
100‌
BX
Commercial
Mortgage
Trust
Series
2024-SLCT,
Class
C,
ARM
1M
TSFR
+
2.392%,
6.017%,
1/15/42 (1)
245‌
245‌
BX
Trust
Series
2025-GW,
Class
A,
ARM
1M
TSFR
+
1.60%,
5.225%,
7/15/42 (1)
305‌
306‌
BX
Trust
Series
2025-VOLT,
Class
A,
ARM
1M
TSFR
+
1.70%,
5.325%,
12/15/44 (1)
235‌
235‌
BX
Trust
Series
2025-VOLT,
Class
B,
ARM
1M
TSFR
+
2.10%,
5.725%,
12/15/44 (1)
360‌
360‌
BX
Trust
Series
2026-CLS,
Class
B,
ARM
1M
TSFR
+
1.70%,
5.325%,
5/15/43 (1)
100‌
100‌
BX
Trust
Series
2026-CLS,
Class
C,
ARM
1M
TSFR
+
2.35%,
5.975%,
5/15/43 (1)
100‌
100‌
BX
Trust
Series
2026-ORBT,
Class
A,
ARM
1M
TSFR
+
1.40%,
5.03%,
7/15/43 (1)
185‌
185‌
BX
Trust
Series
2026-PNDA,
Class
B,
ARM
1M
TSFR
+
1.50%,
5.125%,
5/15/43 (1)
155‌
155‌
CENT
Series
2025-CITY,
Class
A,
ARM
5.091%,
7/10/40 (1)
230‌
230‌
DBC
Mortgage
Trust
Series
2025-DBC,
Class
A,
ARM
1M
TSFR
+
1.35%,
4.976%,
11/15/42 (1)
320‌
320‌
Extended
Stay
America
Trust
Series
2025-ESH,
Class
C,
ARM
1M
TSFR
+
1.85%,
5.475%,
10/15/42 (1)
116‌
116‌
HILT
Commercial
Mortgage
Trust
Series
2024-ORL,
Class
B,
ARM
1M
TSFR
+
1.941%,
5.566%,
5/15/37 (1)
240‌
240‌
Hudson
Yards
Mortgage
Trust
Series
2025-SPRL,
Class
A,
ARM
5.649%,
1/13/40 (1)
200‌
203‌
Hudson
Yards
Mortgage
Trust
Series
2026-10HY,
Class
B,
ARM
5.328%,
12/10/39 (1)
145‌
145‌
LSTAR
Commercial
Mortgage
Trust
Series
2017-5,
Class
AS
4.021%,
3/10/50 (1)
145‌
142‌
Par/Shares
$
Value
(Amounts
in
000s)
MED
Commercial
Mortgage
Trust
Series
2024-MOB,
Class
A,
ARM
1M
TSFR
+
1.592%,
5.217%,
5/15/41 (1)
245‌
242‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series
2025-C35,
Class
A1
4.609%,
8/15/58 
35‌
35‌
NYC
Commercial
Mortgage
Trust
Series
2025-28L,
Class
B,
ARM
5.174%,
11/5/38 (1)
115‌
114‌
NYC
Trust
Series
2026-9W57,
Class
B,
ARM
5.353%,
6/6/40 (1)
560‌
557‌
ROCK
Trust
Series
2024-CNTR,
Class
A
5.388%,
11/13/41 (1)
300‌
303‌
SDR
Commercial
Mortgage
Trust
Series
2024-DSNY,
Class
B,
ARM
1M
TSFR
+
1.741%,
5.367%,
5/15/39 (1)
195‌
195‌
TX
Trust
Series
2024-HOU,
Class
B,
ARM
1M
TSFR
+
2.091%,
5.716%,
6/15/39 (1)
270‌
270‌
Wells
Fargo
Commercial
Mortgage
Trust
Series
2025-5C6,
Class
A1
4.314%,
10/15/58 
92‌
91‌
8,196‌
Residential
Mortgage
 0.0%
MetLife
Securitization
Trust
Series
2017-1A,
Class
A,
CMO,
ARM
3.00%,
4/25/55 (1)
59‌
57‌
Towd
Point
Mortgage
Trust
Series
2018-1,
Class
A1,
CMO,
ARM
3.00%,
1/25/58 (1)
—‌
—‌
57‌
Total
Non-U.S.
Government
Mortgage-
Backed
Securities
(Cost
$24,054)
23,779‌
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
 6.3%
U.S.
Government
Agency
Obligations
 5.7%
Federal
Home
Loan
Mortgage 
3.50%,
3/1/46 
64‌
60‌
5.50%,
10/1/38 
2‌
1‌
6.00%,
9/1/34
-
9/1/35 
37‌
38‌
7.00%,
3/1/39 
24‌
25‌
7.50%,
6/1/38 
22‌
23‌
Federal
Home
Loan
Mortgage,
ARM 
1Y
CMT
+
2.245%,
5.935%,
1/1/36 
3‌
3‌
1Y
CMT
+
2.25%,
6.317%,
10/1/36 
—‌
—‌
RFUCCT1Y
+
1.625%,
5.785%,
4/1/37 
4‌
4‌
RFUCCT1Y
+
1.625%,
5.838%,
6/1/38 
4‌
4‌
RFUCCT1Y
+
1.726%,
6.339%,
7/1/35 
1‌
1‌
RFUCCT1Y
+
1.733%,
6.358%,
10/1/36 
2‌
2‌
RFUCCT1Y
+
1.75%,
6.00%,
2/1/35 
1‌
1‌
RFUCCT1Y
+
1.77%,
6.101%,
5/1/38 
4‌
4‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
20
Par/Shares
$
Value
(Amounts
in
000s)
RFUCCT1Y
+
1.775%,
5.985%,
5/1/37 
1‌
1‌
RFUCCT1Y
+
1.815%,
6.146%,
1/1/37 
1‌
1‌
RFUCCT1Y
+
1.934%,
6.183%,
2/1/37 
1‌
1‌
RFUCCT1Y
+
2.033%,
6.399%,
11/1/36 
2‌
2‌
RFUCCT1Y
+
2.083%,
6.207%,
2/1/38 
6‌
6‌
Federal
Home
Loan
Mortgage,
UMBS 
2.50%,
1/1/52
-
5/1/52 
242‌
206‌
3.00%,
11/1/34 
84‌
81‌
3.50%,
2/1/52 
206‌
188‌
4.00%,
12/1/49 
25‌
24‌
4.50%,
5/1/50
-
2/1/53 
868‌
838‌
5.00%,
2/1/55
-
6/1/55 
55‌
54‌
5.50%,
7/1/53
-
7/1/55 
2,139‌
2,156‌
6.00%,
9/1/53
-
8/1/55 
2,153‌
2,208‌
6.50%,
9/1/54
-
6/1/55 
255‌
265‌
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC,
4.60%,
6/25/30 
141‌
141‌
Federal
National
Mortgage
Assn.,
ARM 
RFUCCT1Y
+
1.34%,
5.59%,
12/1/35 
1‌
1‌
RFUCCT1Y
+
1.523%,
6.097%,
7/1/35 
1‌
1‌
RFUCCT1Y
+
1.60%,
6.042%,
7/1/36 
3‌
3‌
RFUCCT1Y
+
1.612%,
6.095%,
12/1/35 
4‌
4‌
RFUCCT1Y
+
1.655%,
6.28%,
8/1/37 
1‌
1‌
RFUCCT1Y
+
1.77%,
6.02%,
12/1/35 
1‌
1‌
RFUCCT1Y
+
1.78%,
6.155%,
1/1/34 
4‌
4‌
RFUCCT1Y
+
1.788%,
6.038%,
5/1/38 
1‌
1‌
RFUCCT1Y
+
1.83%,
5.999%,
4/1/38 
6‌
6‌
RFUCCT1Y
+
1.853%,
6.574%,
8/1/38 
4‌
4‌
RFUCCT1Y
+
1.892%,
6.392%,
12/1/35 
—‌
—‌
RFUCCT1Y
+
1.907%,
6.032%,
5/1/38 
4‌
4‌
RFUCCT1Y
+
2.04%,
6.415%,
12/1/36 
1‌
1‌
Federal
National
Mortgage
Assn.,
UMBS 
2.00%,
10/1/50 
87‌
71‌
2.50%,
1/1/54 
194‌
164‌
3.00%,
1/1/27 
4‌
4‌
3.50%,
3/1/28
-
1/1/52 
81‌
75‌
4.00%,
11/1/49
-
9/1/52 
535‌
503‌
4.50%,
12/1/40
-
1/1/50 
287‌
281‌
5.00%,
8/1/33
-
3/1/56 
2,454‌
2,426‌
5.50%,
12/1/34
-
10/1/55 
2,166‌
2,184‌
6.00%,
3/1/34
-
8/1/54 
537‌
554‌
6.50%,
7/1/32
-
6/1/55 
202‌
210‌
12,841‌
U.S.
Government
Obligations
 0.6%
Government
National
Mortgage
Assn. 
2.00%,
3/20/52 
16‌
13‌
3.00%,
9/20/47 
508‌
457‌
3.50%,
7/20/52 
611‌
559‌
4.00%,
10/20/50
-
10/20/52 
297‌
280‌
5.00%,
12/20/34
-
11/20/47 
165‌
167‌
5.50%,
3/20/49 
6‌
5‌
1,481‌
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$14,506)
14,322‌
Par/Shares
$
Value
(Amounts
in
000s)
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
 20.9%
U.S.
Treasury
Obligations
 20.9%
U.S.
Treasury
Notes,
3.75%,
4/30/28 
22,505‌
22,343‌
U.S.
Treasury
Notes,
3.875%,
3/31/28 (8)
375‌
373‌
U.S.
Treasury
Notes,
3.875%,
7/15/28 
4,660‌
4,633‌
U.S.
Treasury
Notes,
4.00%,
5/31/28 
11,305‌
11,273‌
U.S.
Treasury
Notes,
4.125%,
6/30/28 
8,815‌
8,811‌
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-
Backed)
(Cost
$47,587)
47,433‌
SHORT-TERM
INVESTMENTS
 4.1%
Commercial
Paper
 2.1%
4(2)
 2.1%(9)
HCA,
4.271%,
7/8/26 
540‌
540‌
JABIL,
4.331%,
8/17/26 
645‌
641‌
JABIL,
4.376%,
8/10/26 
315‌
314‌
Keurig
Dr
Pepper,
4.28%,
8/24/26 
620‌
616‌
Keurig
Dr
Pepper,
4.497%,
8/5/26 
620‌
617‌
Southern
California
Edison,
4.399%,
7/24/26 
650‌
648‌
Stellantis
Financial
Services
U.S.,
4.502%,
9/3/26 
330‌
327‌
Videotron,
4.345%,
7/16/26 
970‌
968‌
4,671‌
Money
Market
Funds
 2.0%
T.
Rowe
Price
Government
Reserve
Fund,
3.69% (10)(11)
4,568‌
4,568‌
4,568‌
Total
Short-Term
Investments
(Cost
$9,240)
9,239‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
21
Par/Shares
$
Value
(Amounts
in
000s)
SECURITIES
LENDING
COLLATERAL
 0.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY 0.2%
Money
Market
Funds 0.2%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.66% (10)(11)
520‌
520‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
520‌
Total
Securities
Lending
Collateral
(Cost
$520)
520‌
Total
Investments
in
Securities
101.9%
of
Net
Assets
(Cost
$232,126)
$
231,465‌
‡
Par/Shares
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$95,647
and
represents
42.1%
of
net
assets.
(2)
All
or
a
portion
of
this
loan
is
unsettled
as
of
June
30,
2026.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(3)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(4)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$1,007
and
represents
0.4%
of
net
assets.
(5)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(6)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(7)
See
Note
4
.
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026.
(8)
At
June
30,
2026,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(9)
Commercial
paper
exempt
from
registration
under
Section
4(2)
of
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
dealers
in
that
program
or
other
"accredited
investors".
Total
value
of
such
securities
at
period-end
amounts
to
$4,671
and
represents
2.1%
of
net
assets.
(10)
Seven-day
yield
(11)
Affiliated
Companies
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
1Y
CMT
One
year
U.S.
Treasury
note
constant
maturity
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans. 
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
FRN
Floating
Rate
Note
PIK
Payment-in-kind
PTC
Pass-Through
Certificate
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
22
.
RFUCCT1Y
Twelve
month
FTSE
USD
IBOR
Consumer
Cash
Fallback
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
UMBS
Uniform
Mortgage-Backed
Securities
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
23
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
69
U.S.
Treasury
Notes
five
year
contracts
9/26
(7,386)
$
(26‌)
Short,
47
U.S.
Treasury
Notes
ten
year
contracts
9/26
(5,165)
(42‌)
Long,
302
U.S.
Treasury
Notes
two
year
contracts
9/26
62,252
(16‌)
Short,
9
Ultra
U.S.
Treasury
Bonds
contracts
9/26
(1,045)
(29‌)
Short,
17
Ultra
U.S.
Treasury
Notes
ten
year
contracts
9/26
(1,912)
(24‌)
Net
payments
(receipts)
of
variation
margin
to
date
143‌
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
6‌
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
24
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
six
months
ended
June
30,
2026.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
3.69%
$
—‌
$
—‌
$
53‌
T.
Rowe
Price
Treasury
Reserve
Fund,
3.66%
—‌
—‌
—‌++
Totals
$
—‌#
$
—‌
$
53‌+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/25
Purchase
Cost
Sales
Cost
Value
6/30/26
T.
Rowe
Price
Government
Reserve
Fund,
3.69%
$
4,306‌
 ¤
 ¤
$
4,568‌
T.
Rowe
Price
Treasury
Reserve
Fund,
3.66%
1,052‌
 ¤
 ¤
520‌
Total
$
5,088‌^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees
as
described
in
Note
4
.
+
Investment
income
comprised
$53
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$5,088.
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
June
30,
2026
Unaudited
Statement
of
Assets
and
Liabilities
25
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$232,126)
$
231,465‌
Interest
receivable
1,675‌
Receivable
for
investment
securities
sold
344‌
Receivable
for
shares
sold
44‌
Variation
margin
receivable
on
futures
contracts
6‌
Other
assets
4‌
Total
assets
233,538‌
Liabilities
Payable
for
investment
securities
purchased
5,630‌
Obligation
to
return
securities
lending
collateral
520‌
Investment
management
fees
payable
55‌
Payable
for
shares
redeemed
42‌
Due
to
affiliates
1‌
Other
liabilities
89‌
Total
liabilities
6,337‌
Commitments
and
Contingent
Liabilities
(note
6
)
NET
ASSETS
$
227,201‌
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(
7,837‌
)
Paid-in
capital
applicable
to
48,417,287
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
of
the
Corporation
authorized
235,038‌
NET
ASSETS
$
227,201‌
NET
ASSET
VALUE
PER
SHARE
Limited-Term
Bond
Portfolio
Class
(Net
assets:
$202,930;
Shares
outstanding:
43,224,301)
$
4.69‌
Limited-Term
Bond
Portfolio-II
Class
(Net
assets:
$24,271;
Shares
outstanding:
5,192,986)
$
4.67‌
T.
Rowe
Price
Limited-Term
Bond
Portfolio
Unaudited
Statement
of
Operations
26
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/26
Investment
Income
(Loss)
Income
.
  Interest
$
5,005‌
Dividend
53‌
Securities
lending
6‌
Total
income
5,064‌
Expenses
Investment
management
320‌
Shareholder
servicing
Limited-Term
Bond
Portfolio
Class
$
146‌
Limited-Term
Bond
Portfolio-II
Class
18‌
164‌
Rule
12b-1
fees
Limited-Term
Bond
Portfolio-II
Class
29‌
Prospectus
and
shareholder
reports
Limited-Term
Bond
Portfolio
Class
6‌
Limited-Term
Bond
Portfolio-II
Class
1‌
7‌
Custody
and
accounting
115‌
Legal
and
audit
18‌
Miscellaneous
9‌
Waived
/
paid
by
Price
Associates
(
86‌
)
Total
expenses
576‌
Net
investment
income
4,488‌
Realized
and
Unrealized
Gain
/
Loss  
–
Net
realized
gain
(loss)
Securities
(
142‌
)
Futures
(
380‌
)
Options
written
(
31‌
)
Net
realized
loss
(
553‌
)
Change
in
net
unrealized
gain
/
loss
Securities
(
1,673‌
)
Futures
(
235‌
)
Change
in
net
unrealized
gain
/
loss
(
1,908‌
)
Net
realized
and
unrealized
gain
/
loss
(
2,461‌
)
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
2,027‌
T.
Rowe
Price
Limited-Term
Bond
Portfolio
Unaudited
Statement
of
Changes
in
Net
Assets
27
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/26
Year
Ended
12/31/25
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
4,488‌
$
8,544‌
Net
realized
gain
(loss)
(
553‌
)
90‌
Change
in
net
unrealized
gain
/
loss
(
1,908‌
)
2,261‌
Increase
in
net
assets
from
operations
2,027‌
10,895‌
Distributions
to
shareholders
Net
earnings
Limited-Term
Bond
Portfolio
Class
(
4,023‌
)
(
7,679‌
)
Limited-Term
Bond
Portfolio-II
Class
(
449‌
)
(
879‌
)
Decrease
in
net
assets
from
distributions
(
4,472‌
)
(
8,558‌
)
Capital
share
transactions
*
Shares
sold
Limited-Term
Bond
Portfolio
Class
35,279‌
41,269‌
Limited-Term
Bond
Portfolio-II
Class
4,231‌
7,723‌
Distributions
reinvested
Limited-Term
Bond
Portfolio
Class
4,001‌
7,679‌
Limited-Term
Bond
Portfolio-II
Class
447‌
879‌
Shares
redeemed
Limited-Term
Bond
Portfolio
Class
(
21,214‌
)
(
36,489‌
)
Limited-Term
Bond
Portfolio-II
Class
(
3,448‌
)
(
5,336‌
)
Increase
in
net
assets
from
capital
share
transactions
19,296‌
15,725‌
Net
Assets
Increase
during
period
16,851‌
18,062‌
Beginning
of
period
210,350‌
192,288‌
End
of
period
$
227,201‌
$
210,350‌
*Share
information
(000s)
Shares
sold
Limited-Term
Bond
Portfolio
Class
7,474‌
8,742‌
Limited-Term
Bond
Portfolio-II
Class
900‌
1,644‌
Distributions
reinvested
Limited-Term
Bond
Portfolio
Class
847‌
1,624‌
Limited-Term
Bond
Portfolio-II
Class
95‌
187‌
Shares
redeemed
Limited-Term
Bond
Portfolio
Class
(
4,497‌
)
(
7,731‌
)
Limited-Term
Bond
Portfolio-II
Class
(
733‌
)
(
1,136‌
)
Increase
in
shares
outstanding
4,086‌
3,330‌
T.
Rowe
Price
Limited-Term
Bond
Portfolio
Unaudited
28
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Fixed
Income
Series,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Limited-Term
Bond
Portfolio
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks a
high
level
of
income
consistent
with
moderate
fluctuations
in
principal
value. Shares
of
the
fund
currently
are
offered
only
to
insurance
company
separate
accounts
established
for
the
purpose
of
funding
variable
annuity
contracts
and
variable
life
insurance
policies.
The
fund
has
two
classes
of
shares:
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
shares
are
sold
through
financial
intermediaries,
which
it
compensates
for
distribution,
shareholder
servicing,
and/or
certain
administrative
services
under
a
Board-approved
Rule
12b-1
plan.
Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
both
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
class.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES 
Basis
of
Preparation
 The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
 Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income. Inflation
adjustments
to
the
principal
amount
of
inflation-indexed
bonds
are
reflected
as
interest
income. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared
by
each
class daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Class
Accounting
 Investment
income
and
investment
management
and
administrative
expense
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class’s
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class’s
outstanding
shares. Limited-Term
Bond
Portfolio–
II
Class
pays
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
of
the
class’s
average
daily
net
assets.
Capital
Transactions
 Each
investor’s
interest
in
the
net
assets
of
the
fund
is
represented
by
fund
shares.
The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
Indemnification
 In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
T.
Rowe
Price
Limited-Term
Bond
Portfolio
29
NOTE
2
-
VALUATION 
Fair
Value
  The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques 
Debt
securities
are
generally traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.   
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
the
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
Rowe
Price
Limited-Term
Bond
Portfolio
30
Valuation
Inputs
  The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
June
30,
2026
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments): 
NOTE
3
-
DERIVATIVE
INSTRUMENTS 
During
the
six
months ended
June
30,
2026,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement
or
delivery
of
cash
or
other
assets.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund’s
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
portfolio
duration
and
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund’s
derivative
instruments
held
as
of
June
30,
2026,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure: 
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—‌
$
147,193‌
$
—‌
$
147,193‌
Asset-Backed
Securities
—‌
50,455‌
279‌
50,734‌
Non-U.S.
Government
Mortgage-Backed
Securities
—‌
23,579‌
200‌
23,779‌
Short-Term
Investments
4,568‌
4,671‌
—‌
9,239‌
Securities
Lending
Collateral
520‌
—‌
—‌
520‌
Total
$
5,088‌
$
225,898‌
$
479‌
$
231,465‌
Liabilities
Futures
Contracts*
$
137‌
$
—‌
$
—‌
$
137‌
1
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)
on
open
futures
contracts;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
Rowe
Price
Limited-Term
Bond
Portfolio
31
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
June
30,
2026,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure: 
Counterparty
Risk
and
Collateral
 The
fund
invests
in
exchange-traded
and/or
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps.
Counterparty
risk
on
such
derivatives
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Collateral may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund’s
assets.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-
traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
June
30,
2026,
securities
valued
at $373,000
had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives. 
Futures
Contracts
 The
fund
is
subject
to interest
rate
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risk.
The fund
may
enter
into
futures
contracts
to
manage
exposure
to
interest
rate
and
yield
curve
movements,
security
prices,
foreign
currencies,
credit
quality,
and
mortgage
prepayments;
as
an
efficient
means
of
adjusting
exposure
to
all
or
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure. A
futures
contract
provides
for
the
future
sale
by
one
party
and
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
*
Liabilities
Interest
rate
derivatives
Futures
$
137‌
Total
$
137‌
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
($000s)                                              
Location
of
Gain
(Loss)
on
Statement
of
Operations
Securities^
Options
Written
Futures
Total
Realized
Gain
(Loss)
Interest
rate
derivatives
$
—‌
$
—‌
$
(380‌)
$
(380‌)
Credit
derivatives
85‌
(31‌)
—‌
54‌
Total
$
85‌
$
(31‌)
$
(380‌)
$
(326‌)
Change
in
Unrealized
Gain
(Loss)
Interest
rate
derivatives
$
—‌
$
—‌
$
(235‌)
$
(235‌)
Total
$
—‌
$
—‌
$
(235‌)
$
(235‌)
^
Options
purchased
are
reported
as
securities.
T.
Rowe
Price
Limited-Term
Bond
Portfolio
32
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values
and/or
interest
rates,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
June
30,
2026,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
32%
and
41%
of
net
assets.
Options 
 The
fund
is
subject
to credit
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
options
to
help
manage
such
risk.
The
fund
may
use
options
to
manage
exposure
to
security
prices,
interest
rates,
foreign
currencies,
and
credit
quality;
as
an
efficient
means
of
adjusting
exposure
to
all
or
a
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
credit
exposure.
The
fund
may
buy
or
sell
options
that
can
be
settled
either
directly
with
the
counterparty
(OTC
options)
or
through
a
central
clearinghouse
(exchange-traded
options).
Options
are
included
in
net
assets
at
fair
value,
options
purchased
are
included
in
Investments
in
Securities,
and
options
written
are
separately
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Premiums
on
unexercised,
expired
options
are
recorded
as
realized
gains
or
losses
on
the
accompanying
Statement
of
Operations;
premiums
on
exercised
options
are
recorded
as
an
adjustment
to
the
proceeds
from
the
sale
or
cost
of
the
purchase.
The
difference
between
the
premium
and
the
amount
received
or
paid
in
a
closing
transaction
is
also
treated
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
In
return
for
a
premium
paid,
options
on
swaps
give
the
holder
the
right,
but
not
the
obligation,
to
enter
a
specified
swap
contract
on
predefined
terms.
The
exercise
price
of
an
option
on
a
credit
default
swap
is
stated
in
terms
of
a
specified
spread
that
represents
the
cost
of
credit
protection
on
the
reference
asset,
including
both
the
upfront
premium
to
open
the
position
and
future
periodic
payments.
The
exercise
price
of
an
interest
rate
swap
is
stated
in
terms
of
a
fixed
interest
rate;
generally,
there
is
no
upfront
payment
to
open
the
position. Risks related
to
the
use
of
options
include
possible
illiquidity
of
the
options
markets;
trading
restrictions
imposed
by
an
exchange
or
counterparty;
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
movements
in
the
underlying
asset
values
and
credit
ratings;
and,
for
options
written,
the
potential
for
losses
to
exceed
any
premium
received
by
the
fund.
During
the
six
months ended
June
30,
2026,
the
volume
of
the
fund’s
activity
in
options,
based
on
underlying
notional
amounts,
was
generally
between
0%
and
18%
of
net
assets. 
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS 
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund’s prospectus
and
Statement
of
Additional
Information.
Restricted
Securities
 The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Collateralized
Loan
Obligations 
 The
fund
invests
in
collateralized
loan
obligations
(CLOs)
which
are
entities
backed
by
a
diversified
pool
of
syndicated
bank
loans.
The
cash
flows
of
the
CLO
can
be
split
into
multiple
segments,
called
“tranches”
or
“classes”,
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segments,
which
are
the
subordinate
or
“equity”
tranches,
bear
the
greatest
risk
of
loss
from
defaults
in
the
underlying
assets
of
the
CLO
and
serve
to
protect
the
other,
more
senior,
tranches.
Senior
tranches
will
typically
have
higher
credit
ratings
and
lower
yields
than
the
securities
underlying
the
CLO.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses. 
Mortgage-Backed
Securities
 The
fund
invests
in
mortgage-backed
securities
(MBS
or
pass-through
certificates)
that
represent
an
interest
in
a
pool
of
specific
underlying
mortgage
loans
and
entitle
the
fund
to
the
periodic
payments
of
principal
and
interest
from
those
mortgages.
MBS
may
be
issued
by
government
agencies
or
corporations,
or
private
T.
Rowe
Price
Limited-Term
Bond
Portfolio
33
issuers.
Most
MBS
issued
by
government
agencies
are
guaranteed;
however,
the
degree
of
protection
differs
based
on
the
issuer.
MBS are
sensitive
to
changes
in
economic
conditions
that
affect
the
rate
of
prepayments
and
defaults
on
the
underlying
mortgages;
accordingly,
the
value,
income,
and
related
cash
flows
from
MBS
may
be
more
volatile
than
other
debt
instruments.
TBA
Purchase,
Sale
Commitments
and
Forward
Settling
Mortgage
Obligations
 The
fund
enters
into
to-be-
announced
(TBA)
purchase
or
sale
commitments
(collectively,
TBA
transactions),
pursuant
to
which
it
agrees
to
purchase
or
sell,
respectively,
mortgage-backed
securities
for
a
fixed
unit
price,
with
payment
and
delivery
at
a
scheduled
future
date
beyond
the
customary
settlement
period
for
such
securities.
With
TBA
transactions,
the
particular
securities
to
be
received
or
delivered
by
the
fund
are
not
identified
at
the
trade
date;
however,
the
securities
must
meet
specified
terms,
including
rate
and
mortgage
term,
and
be
within
industry-accepted
“good
delivery”
standards.
The
fund
may
enter
into
TBA
transactions
with
the
intention
of
taking
possession
of
or
relinquishing
the
underlying
securities,
may
elect
to
extend
the
settlement
by
“rolling”
the
transaction,
and/or
may
use
TBA
transactions
to
gain
or
reduce
interim
exposure
to
underlying
securities.
To
mitigate
counterparty
risk,
the
fund
has
entered
into
Master
Securities
Forward
Transaction
Agreements
(MSFTA)
with
counterparties
that
provide
for
collateral
and
the
right
to
offset
amounts
due
to
or
from
those
counterparties
under
specified
conditions.
Subject
to
minimum
transfer
amounts,
collateral
requirements
are
determined
and
transfers
made
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
TBA
commitments
and
other
forward
settling
mortgage
obligations
with
a
particular
counterparty
(collectively,
MSFTA
Transactions).
At
any
time,
the
fund’s
risk
of
loss
from
a
particular
counterparty
related
to
its
MSFTA
Transactions
is
the
aggregate
unrealized
gain
on
appreciated
MSFTA
Transactions
in
excess
of
unrealized
loss
on
depreciated
MSFTA
Transactions
and
collateral
received,
if
any,
from
such
counterparty. As
of
June
30,
2026,
no
collateral
was
pledged
by
the
fund
or
counterparties
for
MSFTA
Transactions.
Securities
Lending
 The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
fund,
except
in
the
event
of
borrower
default. Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
June
30,
2026,
the
value
of
loaned
securities
was
$503,000;
the
value
of
cash
collateral
and
related
investments
was
$520,000.
Other 
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term
and
U.S.
government securities
aggregated $65,252,000 and
$51,753,000,
respectively,
for
the
six
months ended
June
30,
2026. Purchases
and
sales
of
U.S.
government
securities
aggregated $98,438,000 and
$90,087,000,
respectively,
for
the
six
months ended
June
30,
2026.
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
T.
Rowe
Price
Limited-Term
Bond
Portfolio
34
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report. 
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
December
31,
2025,
the
fund
had
$6,417,000
of
available
capital
loss
carryforwards.
At
June
30,
2026,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$232,126,000.
Net
unrealized
loss
aggregated
$798,000
at
period-end,
of
which
$510,000
related
to
appreciated
investments
and
$1,308,000
related
to
depreciated
investments.
NOTE
6
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.01%
of
the
fund’s
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.26%
for
assets
in
excess
of
$845
billion.
The
fund’s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’s
average
daily
net
assets. At
June
30,
2026,
the
effective
annual
group
fee
rate
was
0.28%.
The
fund
is
subject
to an
indefinite
contractual
expense
limitation,
pursuant
to
which
Price
Associates
is
required
to
waive or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
acquired
fund
fees
and
expenses;
and
12b-1
fees,
if
any)
that
would
otherwise
cause
the class’s
ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
0.50%.
The
agreement
may
only
be
terminated
with
approval
by
the
fund’s
shareholders.
Each
class is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class’s
net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver. The
total
management
fees
waived and/or
expenses
paid
were $86,000
and
allocated
ratably
in
the
amounts
of
$76,000 and
$10,000 for
the Limited-
Term
Bond
Portfolio
Class
and Limited-Term
Bond
Portfolio-II
Class,
respectively,
for
the six
months
ended
June
30,
2026. Including these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in the
amount
of
$410,000
remain
subject
to
repayment
by
the
fund
at
June
30,
2026.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
a
wholly
owned
subsidiary
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
For
the
six
months
ended
June
30,
2026,
expenses
incurred
pursuant
to
these
service
agreements
were
$64,000
for
Price
Associates
and
$4,000
for
T.
Rowe
Price
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
T.
Rowe
Price
Limited-Term
Bond
Portfolio
35
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Treasury Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
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
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
June
30,
2026,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
7
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price Group
acts
as
the
fund’s
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund’s
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund’s
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
8
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
36
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
Each
year,
the
fund’s
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser).
In
that
regard,
at
a
meeting
held
on
March
11-12,
2026
(Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors
who
were
present
in
person
at
the
Meeting,
approved
the
continuation
of
the
fund’s
Advisory
Contract.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
the
approval
of
the
Advisory
Contract.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
about
various
topics
and
information
provided
to
it
by
the
Adviser.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds’
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser.
These
services
include,
but
are
not
limited
to,
directing
the
fund’s
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund’s
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance
and
infrastructure,
as
well
as
compliance
with
new
and
evolving
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
of
the
Adviser’s
senior
management
team
and
investment
personnel
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser’s
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract.
Investment
Performance
of
the
Fund
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
In
connection
with
the
Meeting,
the
Board
reviewed
information
provided
by
the
Adviser
that
compared
the
fund’s
total
returns,
as
well
as
a
wide
variety
of
other
previously
agreed-upon
performance
measures
and
market
data,
against
relevant
benchmark
indexes
and
(as
applicable)
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2025.
Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2025,
which
ranked
the
returns
of
the
fund’s
Portfolio
Class
for
various
periods
against
a
universe
of
funds
with
similar
investment
programs
selected
by
Broadridge,
an
independent
provider
of
investment
company
data.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund’s
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund’s
performance,
length
of
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
it
considered
with
respect
to
the
fund’s
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract.
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
37
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
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.
In
considering
soft-dollar
arrangements,
the
Board
noted
that
the
Adviser
may
use
brokerage
commissions
in
connection
with
certain
T.
Rowe
Price
funds’
securities
transactions
to
pay
for
research
when
permissible,
and
the
Board
considered
that
the
Adviser
may
receive
some
benefit
from
soft-dollar
arrangements
pursuant
to
which
research
is
received
from
broker-dealers
that
execute
the
applicable
fund’s
portfolio
transactions.
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
While
the
Board
did
not
review
information
regarding
profits
realized
from
managing
the
fund
in
particular
because
the
fund
had
either
not
achieved
sufficient
portfolio
asset
size
or
the
Adviser
had
not
recognized
sufficient
revenues
to
produce
meaningful
profit
margin
percentages,
the
Board
concluded
that
the
Adviser’s
profits
were
reason
nable
in
light
of
the
services
provided
to
the
T.
Rowe
Price
funds.
The
Board
also
considered
whether
the
fund
benefits
under
the
fee
levels
set
forth
in
the
Advisory
Contract
or
otherwise
from
any
economies
of
scale
potentially
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
a
management
fee
to
the
Adviser
for
investment
management
services
composed
of
two
components
–
a
group
fee
rate
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
mutual
funds
and
ETFs
(including
the
fund)
(“group
fee
rate
assets”)
that
declines
at
certain
asset
levels
and
an
individual
fund
fee
rate
based
on
the
fund’s
average
daily
net
assets
–
and
the
fund
pays
its
own
expenses
of
operations.
The
group
fee
schedule
is
graduated
so
the
group
fee
rate
decreases
as
total
group
fee
rate
assets
increase
and
the
group
fee
rate
increases
as
total
group
fee
rate
assets
decrease.
As
a
result,
shareholders
benefit
from
overall
growth
in
T.
Rowe
Price
fund
assets,
which
reduces
the
management
fee
rate
for
any
fund
that
has
a
group
fee
component
to
its
management
fee,
and
reflects
that
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds
thus
allowing
shareholders
of
those
funds
to
share
potential
economies
of
scale.
The
fund’s
shareholders
also
benefit
from
potential
economies
of
scale
through
a
decline
in
certain
operating
expenses
as
the
fund
grows
in
size.
However,
the
fund
is
also
subject
to
a
contractual
expense
limitation
that
requires
the
Adviser
to
indefinitely
waive
its
fees
and/or
bear
any
expenses
that
would
otherwise
cause
the
fund’s
total
expenses
to
exceed
a
certain
percentage,
excluding
any
12b-1
fees
and
certain
other
expenses.
The
expense
limitation
mitigates
the
potential
for
an
increase
in
operating
expenses
above
a
certain
level
that
could
impact
shareholders.
In
addition,
the
Board
noted
that
the
fund
shares
in
potential
economies
of
scale
through
the
Adviser’s
ongoing
investments
in
its
business
in
support
of
the
T.
Rowe
Price
funds,
including
investments
in
trading
systems,
technology,
and
regulatory
support
enhancements,
and
the
ability
to
possibly
negotiate
lower
fee
arrangements
with
third-party
service
providers.
The
Board
concluded
that
the
management
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
potential
economies
of
scale
with
the
fund
and
its
investors.
Fees
and
Expenses
The
Board
was
provided
with
information
regarding
industry
trends
in
management
fees
and
expenses.
Among
other
things,
the
Board
reviewed
data
for
peer
groups
that
were
compiled
by
Broadridge,
which
compared:
(i)
contractual
management
fees,
actual
management
fees,
and
total
expenses
of
the
fund’s
Portfolio
Class
with
a
group
of
competitor
funds
selected
by
Broadridge
(Expense
Group);
and
(ii)
actual
management
fees
and
total
expenses
of
the
fund’s
Portfolio
Class
with
a
broader
set
of
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
by
the
Adviser
after
any
applicable
waivers,
reductions,
or
reimbursements),
operating
expenses,
and
total
expenses
(which
reflect
the
net
total
expense
ratio
of
the
fund
after
any
waivers,
reductions,
or
reimbursements)
in
comparison
with
the
information
for
the
Broadridge
peer
groups.
Broadridge
generally
constructed
the
peer
groups
by
seeking
the
most
comparable
funds
based
on
similar
investment
classifications
and
objectives,
expense
structure,
asset
size,
and
operating
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Limited-Term
Bond
Portfolio
38
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
to
the
Board
indicated
that
the
contractual
management
fee
ranked
in
the
first
quintile
(Expense
Group),
the
actual
management
fee
rate
ranked
in
the
first
quintile
(Expense
Group
and
Expense
Universe),
and
the
total
expenses
ranked
in
the
fourth
quintile
(Expense
Group
and
Expense
Universe).
The
Board
was
provided
the
fee
schedules
and
other
account
fee
information
for
certain
comparable
investment
portfolios
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios
that
are
not
registered
investment
companies,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
The
fee
schedules
and
account
fee
information,
which
are
subject
to
change,
may
be
negotiated
under
certain
circumstances
and
may
differ
across
regions.
Management
provided
the
Board
with
information
about
the
Adviser’s
responsibilities
and
services
provided
to
subadvisory
clients
and
other
types
of
clients,
including
information
about
how
the
requirements,
economics
and
risks
of
the
domestic
and
international
businesses
may
differ
from
those
of
the
proprietary
mutual
fund
and
ETF
(“registered
fund”)
business.
The
Board
considered
information
showing
that
the
Adviser’s
proprietary
registered
fund
business
is
generally
more
complex
from
a
business
and
regulatory
perspective
than
its
other
domestic
and
international
businesses
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser’s
proprietary
registered
fund
business.
In
assessing
the
reasonableness
of
the
fund’s
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
Adviser
to
manage
its
registered
fund
business
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution’s
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
fund
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
fund
under
the
Advisory
Contract
are
reasonable.
Approval
of
the
Advisory
Contract
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract
(including
the
fees
to
be
charged
for
services
thereunder).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
E303-051
8/26

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

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.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

T. Rowe Price Fixed Income Series, Inc.
By  

/s/ David Oestreicher

      
  David Oestreicher  
  Principal Executive Officer  
Date    August 19, 2026  

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By  

/s/ David Oestreicher

  
  David Oestreicher      
  Principal Executive Officer  
Date   

August 19, 2026

  

 

By  

/s/ Alan S. Dupski

      
  Alan S. Dupski  
  Principal Financial Officer  
Date   

August 19, 2026

  
 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

302 CERTIFICATIONS

906 CERTIFICATIONS

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