T.
ROWE
PRICE
International
Stock
Portfolio
March
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA
1.1%
Common
Stocks
1.1%
MercadoLibre
(USD) (1)
1,789
2,705
Total
Argentina
(Cost
$2,126
)
2,705
BRAZIL
1.3%
Common
Stocks
1.3%
B3
319,392
764
Localiza
Rent
a
Car
55,362
607
Raia
Drogasil
171,095
937
Suzano
69,749
890
Total
Brazil
(Cost
$2,679
)
3,198
CANADA
9.6%
Common
Stocks
9.6%
Canadian
National
Railway
(USD) (2)
25,382
3,343
Canadian
Pacific
Kansas
City
(USD)
32,870
2,898
Constellation
Software
1,198
3,272
Constellation
Software,
Warrants,
3/31/40 (1)(3)
1,253
—
Definity
Financial
27,084
863
Descartes
Systems
Group
(USD) (1)
13,939
1,276
Element
Fleet
Management
132,519
2,141
National
Bank
of
Canada
16,990
1,431
Shopify,
Class
A
(USD) (1)
26,630
2,055
Suncor
Energy
100,420
3,706
TMX
Group
126,921
3,348
Total
Canada
(Cost
$18,809
)
24,333
CAYMAN
ISLANDS
0.5%
Convertible
Preferred
Stocks
0.5%
ByteDance,
Series
E,
Acquisition
Date:
7/8/19,
Cost $273
(USD) (1)
(3)(4)
5,545
1,324
Total
Cayman
Islands
(Cost
$273
)
1,324
CHINA
5.7%
Common
Stocks
3.8%
58.com
(USD) (1)(3)
65,164
—
Alibaba
Group
Holding,
ADR
(USD)
24,254
1,755
BeiGene,
ADR
(USD) (1)(2)
8,194
1,282
JD
Health
International
(HKD) (1)
173,150
615
KE
Holdings,
ADR
(USD)
117,000
1,606
PDD
Holdings,
ADR
(USD) (1)
8,164
949
Silergy
(TWD)
66,000
677
Tencent
Holdings
(HKD)
43,900
1,710
Yum
China
Holdings
(USD)
23,999
955
9,549
Shares
$
Value
(Cost
and
value
in
$000s)
Common
Stocks
-
China
A
Shares
1.9%
Kweichow
Moutai,
A
Shares
(CNH)
5,870
1,383
NARI
Technology,
A
Shares
(CNH)
439,396
1,466
Shandong
Pharmaceutical
Glass,
A
Shares
(CNH)
203,800
808
Shenzhen
Inovance
Technology,
A
Shares
(CNH)
152,400
1,270
4,927
Total
China
(Cost
$12,958
)
14,476
DENMARK
2.8%
Common
Stocks
2.8%
Coloplast,
Class
B
7,410
1,000
Genmab (1)
3,810
1,142
Novo
Nordisk,
ADR
(USD)
38,985
5,006
Total
Denmark
(Cost
$4,855
)
7,148
FRANCE
6.6%
Common
Stocks
6.6%
Capgemini
10,148
2,335
Dassault
Aviation
11,970
2,635
Dassault
Systemes
18,906
837
LVMH
Moet
Hennessy
Louis
Vuitton
3,745
3,370
Safran
14,621
3,311
Sartorius
Stedim
Biotech
6,938
1,979
Thales
12,782
2,179
Total
France
(Cost
$9,630
)
16,646
GERMANY
7.1%
Common
Stocks
6.5%
Deutsche
Boerse
6,526
1,336
Deutsche
Telekom
169,617
4,117
Douglas (1)
37,493
864
Evotec (1)
97,966
1,527
Infineon
Technologies
19,180
652
Merck
5,708
1,007
Puma
18,753
849
SAP
18,820
3,665
Schott
Pharma
24,857
1,063
Siemens
6,712
1,282
16,362
Preferred
Stocks
0.6%
Sartorius
4,225
1,678
1,678
Total
Germany
(Cost
$15,480
)
18,040
HONG
KONG
1.6%
Common
Stocks
1.6%
AIA
Group
403,400
2,714
T.
ROWE
PRICE
International
Stock
Portfolio
2
Shares
$
Value
(Cost
and
value
in
$000s)
Hong
Kong
Exchanges
&
Clearing
43,900
1,279
Total
Hong
Kong
(Cost
$2,504
)
3,993
INDIA
5.9%
Common
Stocks
5.9%
Axis
Bank
258,846
3,260
HDFC
Bank
176,248
3,072
HDFC
Life
Insurance
170,639
1,296
Larsen
&
Toubro
59,376
2,686
NTPC
891,848
3,619
Varun
Beverages
64,845
1,090
Total
India
(Cost
$9,180
)
15,023
INDONESIA
1.5%
Common
Stocks
1.5%
Bank
Central
Asia
3,853,800
2,451
Sarana
Menara
Nusantara
13,886,800
753
Telkom
Indonesia
Persero
2,022,900
445
Total
Indonesia
(Cost
$1,543
)
3,649
ITALY
1.7%
Common
Stocks
1.7%
Banca
Mediolanum
161,149
1,771
DiaSorin
16,028
1,547
Ermenegildo
Zegna
(USD) (2)
74,012
1,084
Total
Italy
(Cost
$3,804
)
4,402
JAPAN
13.8%
Common
Stocks
13.8%
Calbee
74,000
1,676
Chugai
Pharmaceutical
72,600
2,769
Daiichi
Sankyo
63,900
2,016
Daikin
Industries
7,700
1,048
Disco
8,700
3,287
Hikari
Tsushin
7,000
1,307
Keyence
5,300
2,435
LY
353,300
905
Mitsui
Fudosan
92,700
1,009
Murata
Manufacturing
98,100
1,830
Nextage
69,000
1,324
Nippon
Telegraph
&
Telephone
1,280,900
1,521
Olympus
182,900
2,673
Persol
Holdings
830,000
1,171
Recruit
Holdings
52,000
2,304
Seven
&
i
Holdings
206,700
3,012
Shimadzu
29,400
822
SMC (2)
1,100
616
Sony
Group
23,400
2,007
Stanley
Electric
10,200
190
Sumitomo
Metal
Mining (2)
33,900
1,027
Total
Japan
(Cost
$27,708
)
34,949
Shares
$
Value
(Cost
and
value
in
$000s)
MEXICO
0.2%
Common
Stocks
0.2%
Grupo
Mexico,
Series
B
70,400
419
Total
Mexico
(Cost
$396
)
419
NETHERLANDS
8.1%
Common
Stocks
8.1%
Adyen (1)
1,096
1,851
Akzo
Nobel
21,812
1,630
Argenx,
ADR
(USD) (1)
2,849
1,122
ASML
Holding
8,686
8,421
Heineken
22,818
2,200
ING
Groep
57,433
945
Prosus
135,149
4,230
Total
Netherlands
(Cost
$11,379
)
20,399
NORWAY
0.6%
Common
Stocks
0.6%
Equinor,
ADR
(USD)
54,600
1,476
Total
Norway
(Cost
$1,410
)
1,476
PHILIPPINES
0.7%
Common
Stocks
0.7%
SM
Investments
107,675
1,863
Total
Philippines
(Cost
$1,689
)
1,863
PORTUGAL
1.4%
Common
Stocks
1.4%
Galp
Energia
115,795
1,915
Jeronimo
Martins
77,986
1,547
Total
Portugal
(Cost
$2,481
)
3,462
SAUDI
ARABIA
0.7%
Common
Stocks
0.7%
Saudi
National
Bank
154,444
1,655
Total
Saudi
Arabia
(Cost
$1,438
)
1,655
SINGAPORE
0.5%
Common
Stocks
0.5%
Sea,
ADR
(USD) (1)
23,679
1,272
Total
Singapore
(Cost
$1,031
)
1,272
SOUTH
AFRICA
0.3%
Common
Stocks
0.3%
Capitec
Bank
Holdings
6,940
768
Total
South
Africa
(Cost
$339
)
768
T.
ROWE
PRICE
International
Stock
Portfolio
3
Shares
$
Value
(Cost
and
value
in
$000s)
SOUTH
KOREA
2.9%
Common
Stocks
2.9%
LG
Chem
3,280
1,070
NAVER
6,649
925
Samsung
Electronics
87,904
5,380
Total
South
Korea
(Cost
$4,334
)
7,375
SPAIN
1.0%
Common
Stocks
1.0%
Amadeus
IT
Group,
Class
A
37,235
2,390
Total
Spain
(Cost
$1,753
)
2,390
SWEDEN
2.5%
Common
Stocks
2.5%
Assa
Abloy,
Class
B
63,203
1,814
Essity,
Class
B
122,291
2,905
Hexagon,
Class
B
136,559
1,614
Total
Sweden
(Cost
$5,145
)
6,333
SWITZERLAND
5.8%
Common
Stocks
5.8%
Alcon (5)
35,429
2,930
Cie
Financiere
Richemont
12,999
1,979
Julius
Baer
Group
43,025
2,495
Nestle
38,969
4,141
Partners
Group
Holding
1,704
2,434
Sonova
Holding
1,971
571
Total
Switzerland
(Cost
$9,476
)
14,550
TAIWAN
4.7%
Common
Stocks
4.7%
Taiwan
Semiconductor
Manufacturing
484,000
11,781
Total
Taiwan
(Cost
$1,323
)
11,781
THAILAND
0.2%
Common
Stocks
0.2%
CP
ALL
376,400
565
Total
Thailand
(Cost
$393
)
565
UNITED
KINGDOM
5.8%
Common
Stocks
5.8%
Ashtead
Group
6,919
493
AstraZeneca,
ADR
(USD)
50,047
3,391
Bridgepoint
Group
244,157
799
Experian
37,254
1,623
Hiscox
69,131
1,083
Shares
$
Value
(Cost
and
value
in
$000s)
London
Stock
Exchange
Group
20,312
2,430
Rentokil
Initial
157,850
939
Smith
&
Nephew
169,420
2,121
Unilever
(EUR)
34,101
1,712
14,591
Convertible
Preferred
Stocks
0.0%
Yulife
Holdings,
Series
C,
Acquisition
Date:
10/11/22,
Cost $103 (1)(3)(4)
5,222
118
118
Total
United
Kingdom
(Cost
$12,155
)
14,709
UNITED
STATES
2.7%
Common
Stocks
2.7%
Canva,
Acquisition
Date:
8/16/21
-
11/4/21,
Cost $470 (1)(3)(4)
276
294
Coupang (1)
32,191
573
Linde (5)
4,158
1,930
Mastercard,
Class
A
3,038
1,463
Waste
Connections
15,125
2,602
6,862
Convertible
Preferred
Stocks
0.0%
Canva,
Series
A,
Acquisition
Date:
11/4/21,
Cost $27 (1)(3)(4)
16
17
17
Total
United
States
(Cost
$3,659
)
6,879
VIETNAM
0.2%
Common
Stocks
0.2%
Asia
Commercial
Bank
500,000
611
Total
Vietnam
(Cost
$604
)
611
SHORT-TERM
INVESTMENTS
1.9%
Money
Market
Funds
1.9%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (6)(7)
4,848,591
4,849
Total
Short-Term
Investments
(Cost
$4,849)
4,849
T.
ROWE
PRICE
International
Stock
Portfolio
4
Shares
$
Value
(Cost
and
value
in
$000s)
SECURITIES
LENDING
COLLATERAL
0.6%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.6%
Money
Market
Funds
0.6%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (6)(7)
1,503,943
1,504
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
1,504
Total
Securities
Lending
Collateral
(Cost
$1,504)
1,504
Total
Investments
in
Securities
100.0%
(Cost
$176,907)
$
252,746
Other
Assets
Less
Liabilities
0.0%
77
Net
Assets
100.0%
$
252,823
‡
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Shares
and
Notional
Amount
are
denominated
in
the
currency
of
the
country
presented
unless
otherwise
noted.
(1)
Non-income
producing
(2)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2024.
(3)
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
$1,753
and
represents
0.7%
of
net
assets.
(5)
All
or
a
portion
of
this
security
is
pledged
to
cover
or
as
collateral
for
written
call
options
at
March
31,
2024.
(6)
Seven-day
yield
(7)
Affiliated
Companies
ADR
American
Depositary
Receipts
CHF
Swiss
Franc
CNH
Offshore
China
Renminbi
EUR
Euro
HKD
Hong
Kong
Dollar
OTC
Over-the-counter
TWD
Taiwan
Dollar
USD
U.S.
Dollar
T.
ROWE
PRICE
International
Stock
Portfolio
5
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.0)%
OTC
Options
Written
(0.0)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Morgan
Stanley
Alcon,
Call,
5/17/24
@
80.00
(CHF)
29
217
(2)
Morgan
Stanley
Linde,
Call,
5/17/24
@
$500.00
3
139
(1)
Total
Options
Written
(Premiums
$(7))
$
(3)
T.
ROWE
PRICE
International
Stock
Portfolio
6
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
March
31,
2024.
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,
5.39%
$
—
$
—
$
64++
Totals
$
—#
$
—
$
64+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
03/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
10,703
¤
¤
$
6,353
Total
$
6,353^
#
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.
+
Investment
income
comprised
$64
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
$6,353.
T.
ROWE
PRICE
International
Stock
Portfolio
Unaudited
7
Notes
to
Portfolio
of
Investments
T.
Rowe
Price
International
Stock
Portfolio (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The 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
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
its portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
T.
ROWE
PRICE
International
Stock
Portfolio
8
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
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
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.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-
existing
political,
social,
and
economic
risks.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
38,743
$
204,219
$
294
$
243,256
Convertible
Preferred
Stocks
—
—
1,459
1,459
Preferred
Stocks
—
1,678
—
1,678
Short-Term
Investments
4,849
—
—
4,849
Securities
Lending
Collateral
1,504
—
—
1,504
Total
$
45,096
$
205,897
$
1,753
$
252,746
Liabilities
Option
s
Written
$
—
$
3
$
—
$
3
T.
ROWE
PRICE
International
Stock
Portfolio
9
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
E301-054Q1
03/24