T.
ROWE
PRICE
Moderate
Allocation
Portfolio
March
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASSET-BACKED
SECURITIES
1.8%
AmeriCredit
Automobile
Receivables
Trust
Series 2020-3,
Class
D
1.49%,
9/18/26
20,000
19
AmeriCredit
Automobile
Receivables
Trust
Series 2021-1,
Class
D
1.21%,
12/18/26
23,000
22
AmeriCredit
Automobile
Receivables
Trust
Series 2023-1,
Class
C
5.80%,
12/18/28
35,000
35
Amur
Equipment
Finance
Receivables
X
Series 2022-1A,
Class
D
2.91%,
8/21/28 (1)
100,000
95
Amur
Equipment
Finance
Receivables
XIII
Series 2024-1A,
Class
A2
5.38%,
1/21/31 (1)
100,000
100
Carlyle
U.S.
Series 2019-4A,
Class
A11R,
CLO,
FRN
3M
TSFR
+
1.32%,
6.634%,
4/15/35 (1)
250,000
250
CarMax
Auto
Owner
Trust
Series 2021-1,
Class
D
1.28%,
7/15/27
90,000
86
CarMax
Auto
Owner
Trust
Series 2022-1,
Class
D
2.47%,
7/17/28
20,000
19
CarMax
Auto
Owner
Trust
Series 2024-1,
Class
B
5.17%,
8/15/29
5,000
5
Carvana
Auto
Receivables
Trust
Series 2022-P1,
Class
C
3.30%,
4/10/28
35,000
32
Carvana
Auto
Receivables
Trust
Series 2024-N1,
Class
A3
5.60%,
3/10/28 (1)
20,000
20
Carvana
Auto
Receivables
Trust
Series 2024-N1,
Class
B
5.63%,
5/10/30 (1)
20,000
20
CIFC
Funding
Series 2020-1A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.412%,
6.726%,
7/15/36 (1)
250,000
249
CyrusOne
Data
Centers
Issuer
I
Series 2024-1A,
Class
A2
4.76%,
3/22/49 (1)
25,000
24
DLLST
Series 2024-1A,
Class
A3
5.05%,
8/20/27 (1)
15,000
15
DLLST
Series 2024-1A,
Class
A4
4.93%,
4/22/30 (1)
5,000
5
Driven
Brands
Funding
Series 2019-1A,
Class
A2
4.641%,
4/20/49 (1)
23,750
23
Driven
Brands
Funding
Series 2020-2A,
Class
A2
3.237%,
1/20/51 (1)
63,050
57
Elara
HGV
Timeshare
Issuer
Series 2023-A,
Class
A
6.16%,
2/25/38 (1)
84,202
86
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Elmwood
Series 2022-7A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.50%,
6.823%,
1/17/37 (1)
250,000
249
Enterprise
Fleet
Financing
Series 2024-1,
Class
A2
5.23%,
3/20/30 (1)
50,000
50
Enterprise
Fleet
Financing
Series 2024-1,
Class
A3
5.16%,
9/20/30 (1)
50,000
50
Exeter
Automobile
Receivables
Trust
Series 2022-3A,
Class
C
5.30%,
9/15/27
50,000
50
Exeter
Automobile
Receivables
Trust
Series 2023-1A,
Class
D
6.69%,
6/15/29
10,000
10
Ford
Credit
Auto
Lease
Trust
Series 2024-A,
Class
A4
5.05%,
6/15/27
10,000
10
Ford
Credit
Auto
Owner
Trust
Series 2018-1,
Class
C
3.49%,
7/15/31 (1)
100,000
98
Ford
Credit
Auto
Owner
Trust
Series 2022-C,
Class
C
5.22%,
3/15/30
25,000
25
Ford
Credit
Auto
Owner
Trust
Series 2023-1,
Class
A
4.85%,
8/15/35 (1)
100,000
99
Hardee's
Funding
Series 2018-1A,
Class
A2II
4.959%,
6/20/48 (1)
51,975
52
Hardee's
Funding
Series 2024-1A,
Class
A2
7.253%,
3/20/54 (1)
55,000
56
HPEFS
Equipment
Trust
Series 2022-1A,
Class
D
2.40%,
11/20/29 (1)
100,000
96
HPEFS
Equipment
Trust
Series 2023-2A,
Class
C
6.48%,
1/21/31 (1)
100,000
101
Hyundai
Auto
Lease
Securitization
Trust
Series 2024-A,
Class
A4
5.07%,
2/15/28 (1)
100,000
99
MMAF
Equipment
Finance
Series 2021-A,
Class
A5
1.19%,
11/13/43 (1)
100,000
92
MMAF
Equipment
Finance
Series 2024-A,
Class
A3
4.95%,
7/14/31 (1)
55,000
55
MVW
Series 2023-1A,
Class
A
4.93%,
10/20/40 (1)
77,504
76
MVW
Series 2023-2A,
Class
A
6.18%,
11/20/40 (1)
92,789
95
Nissan
Auto
Lease
Trust
Series 2024-A,
Class
A4
4.97%,
9/15/28
25,000
25
Octane
Receivables
Trust
Series 2023-1A,
Class
A
5.87%,
5/21/29 (1)
54,264
54
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Post
Road
Equipment
Finance
Series 2024-1A,
Class
A2
5.59%,
11/15/29 (1)
100,000
100
Santander
Drive
Auto
Receivables
Trust
Series 2021-4,
Class
D
1.67%,
10/15/27
25,000
24
Santander
Drive
Auto
Receivables
Trust
Series 2022-2,
Class
C
3.76%,
7/16/29
40,000
39
Santander
Drive
Auto
Receivables
Trust
Series 2022-5,
Class
C
4.74%,
10/16/28
20,000
20
Santander
Drive
Auto
Receivables
Trust
Series 2022-6,
Class
B
4.72%,
6/15/27
90,000
89
Santander
Retail
Auto
Lease
Trust
Series 2021-A,
Class
D
1.38%,
3/22/27 (1)
45,231
45
SBNA
Auto
Lease
Trust
Series 2024-A,
Class
A3
5.39%,
11/20/26 (1)
15,000
15
SBNA
Auto
Lease
Trust
Series 2024-A,
Class
A4
5.24%,
1/22/29 (1)
15,000
15
SEB
Funding
Series 2024-1A,
Class
A2
7.386%,
4/30/54 (1)
65,000
65
SFS
Auto
Receivables
Securitization
Trust
Series 2024-1A,
Class
A4
4.94%,
1/21/31 (1)
10,000
10
SFS
Auto
Receivables
Securitization
Trust
Series 2024-1A,
Class
C
5.51%,
1/20/32 (1)
10,000
10
Signal
Peak
Series 2018-5A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.55%,
6.876%,
4/25/37 (1)
250,000
249
SMB
Private
Education
Loan
Trust
Series 2018-A,
Class
A2A
3.50%,
2/15/36 (1)
31,731
31
SMB
Private
Education
Loan
Trust
Series 2018-C,
Class
A2A
3.63%,
11/15/35 (1)
31,008
30
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
B
2.31%,
1/15/53 (1)
94,067
88
Verizon
Master
Trust
Series 2023-1,
Class
C
4.98%,
1/22/29
20,000
20
Total
Asset-Backed
Securities
(Cost
$3,491)
3,454
BOND
MUTUAL
FUNDS
13.1%
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
8.49% (2)(3)
550
6
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.17% (2)(3)
1,155,629
7,754
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.57% (2)(3)
43,597
412
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.21% (2)(3)
1,270,369
9,884
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
3.17% (2)(3)
288,995
2,052
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.15% (2)(3)
535,157
4,522
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
8.23% (2)(3)
89,588
415
Total
Bond
Mutual
Funds
(Cost
$27,327)
25,045
COMMON
STOCKS
52.8%
COMMUNICATION
SERVICES
3.4%
Diversified
Telecommunication
Services
0.3%
BT
Group
(GBP) (4)
71,054
99
Frontier
Communications
Parent (5)
982
24
KT
(KRW)
3,538
99
Nippon
Telegraph
&
Telephone
(JPY)
273,800
325
547
Entertainment
0.5%
Electronic
Arts
1,109
147
Liberty
Media
Corp-Liberty
Live,
Class
C (5)
1,210
53
Netflix (5)
1,083
658
Sea,
ADR (5)
846
45
903
Interactive
Media
&
Services
2.1%
Alphabet,
Class
A (5)
1,990
300
Alphabet,
Class
C (5)
12,962
1,974
LY
(JPY) (4)
20,900
53
Meta
Platforms,
Class
A
3,047
1,480
NAVER
(KRW)
563
78
Reddit,
Class
A (5)
200
10
Tencent
Holdings
(HKD)
1,000
39
Vimeo (5)
5,102
21
3,955
Media
0.2%
Comcast,
Class
A
2,100
91
CyberAgent
(JPY)
10,500
78
WPP
(GBP)
16,471
156
325
Wireless
Telecommunication
Services
0.3%
T-Mobile
U.S.
3,828
625
625
Total
Communication
Services
6,355
CONSUMER
DISCRETIONARY
5.5%
Automobile
Components
0.3%
Autoliv,
SDR
(SEK)
1,341
161
Denso
(JPY)
10,200
194
Dowlais
Group
(GBP)
33,072
33
Magna
International
2,530
138
Stanley
Electric
(JPY)
2,700
50
576
Automobiles
0.5%
Honda
Motor
(JPY)
5,300
66
Suzuki
Motor
(JPY) (4)
9,600
111
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Tesla (5)
1,844
324
Toyota
Motor
(JPY)
15,100
378
879
Broadline
Retail
1.7%
Alibaba
Group
Holding,
ADR
454
33
Amazon.com (5)
15,935
2,874
Etsy (5)
302
21
Kohl's
388
11
Next
(GBP)
1,422
166
Ollie's
Bargain
Outlet
Holdings (5)
487
39
Savers
Value
Village (5)
671
13
3,157
Diversified
Consumer
Services
0.1%
Bright
Horizons
Family
Solutions (5)
590
67
Duolingo (5)
169
37
Service
Corp
International
1,024
76
Strategic
Education
544
57
237
Hotels,
Restaurants
&
Leisure
1.3%
Airbnb,
Class
A (5)
1,017
168
Amadeus
IT
Group
(EUR)
1,944
125
BJ's
Restaurants (5)
989
36
Booking
Holdings
173
628
Cava
Group (5)
1,300
91
Chipotle
Mexican
Grill (5)
80
233
Chuy's
Holdings (5)
607
20
Compass
Group
(GBP)
8,673
254
DoorDash,
Class
A (5)
512
70
Dutch
Bros,
Class
A (5)
1,187
39
Hilton
Worldwide
Holdings
1,228
262
Jack
in
the
Box
149
10
McDonald's
1,072
302
Norwegian
Cruise
Line
Holdings (5)
3,366
70
Papa
John's
International
756
50
Red
Rock
Resorts,
Class
A
612
37
Shake
Shack,
Class
A (5)
323
34
Wyndham
Hotels
&
Resorts
468
36
2,465
Household
Durables
0.3%
Installed
Building
Products
143
37
Panasonic
Holdings
(JPY)
13,100
125
Persimmon
(GBP)
4,907
81
Skyline
Champion (5)
684
58
Sony
Group
(JPY)
2,200
189
490
Specialty
Retail
1.0%
Advance
Auto
Parts
322
27
AutoZone (5)
44
139
Burlington
Stores (5)
332
77
Caleres
822
34
Carvana (5)
1,243
109
Five
Below (5)
137
25
Floor
&
Decor
Holdings,
Class
A (5)
131
17
Home
Depot
593
228
Kingfisher
(GBP)
53,324
168
Monro
1,015
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
O'Reilly
Automotive (5)
158
178
RH (5)
121
42
Ross
Stores
872
128
TJX
2,668
271
Tractor
Supply
1,064
278
Ulta
Beauty (5)
226
118
Warby
Parker,
Class
A (5)
1,903
26
1,897
Textiles,
Apparel
&
Luxury
Goods
0.3%
Cie
Financiere
Richemont,
Class
A
(CHF)
704
107
Kering
(EUR)
274
108
Lululemon
Athletica (5)
176
69
Moncler
(EUR)
2,116
158
NIKE,
Class
B
469
44
Samsonite
International
(HKD) (5)
21,300
81
Skechers
USA,
Class
A (5)
580
36
603
Total
Consumer
Discretionary
10,304
CONSUMER
STAPLES
3.2%
Beverages
0.6%
Boston
Beer,
Class
A (5)
165
50
Coca-Cola
8,896
544
Coca-Cola
Consolidated
3
3
Diageo
(GBP)
4,930
182
Heineken
(EUR)
1,906
184
Keurig
Dr
Pepper
6,806
209
Kirin
Holdings
(JPY)
4,400
61
1,233
Consumer
Staples
Distribution
&
Retail
0.6%
Dollar
General
890
139
Dollar
Tree (5)
111
15
Seven
&
i
Holdings
(JPY)
13,200
192
Target
1,022
181
Walmart
8,462
509
Welcia
Holdings
(JPY)
1,900
32
1,068
Food
Products
0.7%
Barry
Callebaut
(CHF)
55
80
Farmers
Business
Network,
Acquisition
Date:
11/3/17,
Cost $13 (5)(6)(7)
732
4
Mondelez
International,
Class
A
7,095
497
Nestle
(CHF)
5,569
592
Post
Holdings (5)
464
49
Simply
Good
Foods (5)
634
21
Utz
Brands
1,851
34
Wilmar
International
(SGD)
48,500
123
1,400
Household
Products
0.6%
Colgate-Palmolive
6,362
573
Procter
&
Gamble
3,851
625
1,198
Personal
Care
Products
0.7%
BellRing
Brands (5)
1,438
85
Kenvue
25,306
543
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
L'Oreal
(EUR)
453
214
Unilever
(GBP)
8,029
403
1,245
Total
Consumer
Staples
6,144
ENERGY
2.8%
Energy
Equipment
&
Services
0.8%
ChampionX
1,765
63
Expro
Group
Holdings (5)
1,406
28
Halliburton
17,785
701
Liberty
Energy,
Class
A
1,561
32
Noble
451
22
Schlumberger
11,887
652
TechnipFMC
2,509
63
Weatherford
International (5)
464
54
1,615
Oil,
Gas
&
Consumable
Fuels
2.0%
Antero
Resources (5)
1,489
43
Chesapeake
Energy
1,972
175
Chevron
557
88
ConocoPhillips
4,342
553
Diamondback
Energy
2,270
450
DT
Midstream
591
36
EQT
13,755
510
Equinor
(NOK)
10,001
268
Exxon
Mobil
2,283
265
Kimbell
Royalty
Partners
1,155
18
Kinder
Morgan
3,875
71
Magnolia
Oil
&
Gas,
Class
A
2,136
55
Matador
Resources
461
31
Phillips
66
450
74
Pioneer
Natural
Resources
180
47
Range
Resources
10,848
374
Shell,
ADR
3,392
227
SM
Energy
508
25
Southwestern
Energy (5)
9,655
73
TotalEnergies
(EUR)
5,467
376
Viper
Energy
711
27
Williams
1,886
74
3,860
Total
Energy
5,475
FINANCIALS
8.8%
Banks
2.8%
ANZ
Group
Holdings
(AUD)
5,670
109
Bank
of
America
17,515
664
BankUnited
495
14
Blue
Foundry
Bancorp (5)
655
6
BNP
Paribas
(EUR)
2,033
145
Cadence
Bank
1,476
43
Capitol
Federal
Financial
3,461
21
Citigroup
3,799
240
Columbia
Banking
System
1,969
38
CRB
Group,
Acquisition
Date:
4/14/22,
Cost $2 (5)(6)(7)
23
2
CrossFirst
Bankshares (5)
1,443
20
DBS
Group
Holdings
(SGD)
4,475
119
Dime
Community
Bancshares
909
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
DNB
Bank
(NOK)
13,368
266
Dogwood
State
Bank,
Non-Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $3 (5)(6)(7)
307
5
Dogwood
State
Bank,
Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $2 (5)(6)(7)
151
3
Dogwood
State
Bank,
Warrants,
5/6/24,
Acquisition
Date:
5/6/19,
Cost $— (5)(6)(7)
46
—
East
West
Bancorp
1,563
124
Eastern
Bankshares
1,763
24
Equity
Bancshares,
Class
A
680
23
FB
Financial
964
36
First
Bancshares
918
24
Five
Star
Bancorp
874
20
Grasshopper
Bancorp,
Acquisition
Date:
10/12/18
-
5/2/19,
Cost $5 (5)(6)(7)
528
2
Grasshopper
Bancorp,
Warrants,
10/12/28,
Acquisition
Date:
10/12/18,
Cost $— (5)(6)
(7)
104
—
HarborOne
Bancorp
974
10
HDFC
Bank
(INR)
6,855
119
Heritage
Commerce
307
3
Home
BancShares
1,107
27
ING
Groep
(EUR)
20,339
335
Intesa
Sanpaolo
(EUR)
38,740
141
JPMorgan
Chase
5,602
1,122
Kearny
Financial
1,315
8
Live
Oak
Bancshares
1,060
44
Mitsubishi
UFJ
Financial
Group
(JPY)
18,400
189
National
Bank
of
Canada
(CAD)
2,935
247
Origin
Bancorp
906
28
Pacific
Premier
Bancorp
1,008
24
Pinnacle
Financial
Partners
634
54
PNC
Financial
Services
Group
485
78
Popular
358
32
Prosperity
Bancshares
540
36
SouthState
700
60
Standard
Chartered
(GBP)
10,680
91
Sumitomo
Mitsui
Trust
Holdings
(JPY)
3,270
71
Svenska
Handelsbanken,
Class
A
(SEK)
15,742
159
Texas
Capital
Bancshares (5)
472
29
United
Overseas
Bank
(SGD)
7,900
172
Veritex
Holdings
951
20
Wells
Fargo
3,336
193
Western
Alliance
Bancorp
610
39
5,297
Capital
Markets
1.1%
Bridgepoint
Group
(GBP)
17,043
56
Brookfield
(CAD)
3,419
143
Cboe
Global
Markets
417
77
Charles
Schwab
4,238
307
CME
Group
623
134
Goldman
Sachs
Group
1,051
439
Julius
Baer
Group
(CHF)
2,356
137
LPL
Financial
Holdings
800
211
Macquarie
Group
(AUD)
906
118
Morgan
Stanley
959
90
MSCI
39
22
Onex
(CAD)
411
31
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
P10,
Class
A
1,755
15
S&P
Global
234
99
StepStone
Group,
Class
A
925
33
Stifel
Financial
345
27
TMX
Group
(CAD)
1,399
37
XP,
Class
A
2,236
57
2,033
Consumer
Finance
0.2%
American
Express
1,426
324
Encore
Capital
Group (5)
526
24
PRA
Group (5)
532
14
362
Financial
Services
2.2%
Adyen
(EUR) (5)
69
117
ANT
Group,
Acquisition
Date:
8/14/23,
Cost $22 (5)(6)(7)
22,161
22
Berkshire
Hathaway,
Class
B (5)
1,916
806
Challenger
(AUD)
8,977
42
Corebridge
Financial
2,815
81
Corpay (5)
315
97
Fiserv (5)
3,947
631
Global
Payments
1,178
157
Mastercard,
Class
A
1,178
567
Mitsubishi
HC
Capital
(JPY)
10,200
72
PennyMac
Financial
Services
1,012
92
Toast,
Class
A (5)
1,411
35
Visa,
Class
A
4,958
1,384
4,103
Insurance
2.5%
AIA
Group
(HKD)
20,000
135
Allstate
2,403
416
Assurant
405
76
AXA
(EUR)
10,420
391
Axis
Capital
Holdings
734
48
Chubb
1,212
314
Definity
Financial
(CAD)
2,005
64
First
American
Financial
698
43
Hanover
Insurance
Group
417
57
Hartford
Financial
Services
Group
419
43
Mandatum
(EUR) (5)
3,936
18
Marsh
&
McLennan
1,555
320
MetLife
6,544
485
Muenchener
Rueckversicherungs-
Gesellschaft
(EUR)
849
414
Oscar
Health,
Class
A (5)
2,198
33
Ping
An
Insurance
Group,
Class
H
(HKD)
7,000
30
Progressive
1,968
407
RLI
186
28
Sampo,
Class
A
(EUR)
4,216
180
Selective
Insurance
Group
938
102
Storebrand
(NOK)
14,124
130
Sun
Life
Financial
(CAD)
3,284
179
Tokio
Marine
Holdings
(JPY)
7,900
245
Travelers
1,685
388
White
Mountains
Insurance
Group
22
39
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Zurich
Insurance
Group
(CHF)
433
234
4,819
Total
Financials
16,614
HEALTH
CARE
7.2%
Biotechnology
0.7%
AbbVie
1,190
217
Agios
Pharmaceuticals (5)
444
13
Akero
Therapeutics (5)
244
6
Apellis
Pharmaceuticals (5)
473
28
Arcellx (5)
406
28
Argenx,
ADR (5)
382
150
Arrowhead
Pharmaceuticals (5)
488
14
Ascendis
Pharma,
ADR (5)
318
48
Biohaven (5)
291
16
Black
Diamond
Therapeutics (5)
1,218
6
Blueprint
Medicines (5)
339
32
Bridgebio
Pharma (5)
445
14
Cabaletta
Bio (5)
665
11
CG
oncology (5)
214
9
Crinetics
Pharmaceuticals (5)
919
43
CRISPR
Therapeutics (5)
185
13
Cytokinetics (5)
994
70
Genmab
(DKK) (5)
268
80
HilleVax (5)
696
12
Immatics (5)
1,331
14
Immunocore
Holdings,
ADR (5)
186
12
Immunome (5)
502
12
Insmed (5)
1,170
32
Ionis
Pharmaceuticals (5)
768
33
MacroGenics (5)
760
11
MoonLake
Immunotherapeutics (5)
453
23
Prime
Medicine (5)
790
6
Sana
Biotechnology (5)
1,167
12
Scholar
Rock,
Warrants,
12/31/25,
Acquisition
Date:
6/17/22,
Cost $— (5)(7)
87
1
Syndax
Pharmaceuticals (5)
525
13
Tango
Therapeutics (5)
1,025
8
Vaxcyte (5)
666
45
Vertex
Pharmaceuticals (5)
396
166
Verve
Therapeutics (5)
1,025
14
Xenon
Pharmaceuticals (5)
351
15
Zentalis
Pharmaceuticals (5)
844
13
1,240
Health
Care
Equipment
&
Supplies
1.0%
Alcon
(CHF)
1,245
103
Align
Technology (5)
41
13
Elekta,
Class
B
(SEK)
10,172
77
EssilorLuxottica
(EUR)
708
160
GE
Healthcare
Technologies
1,917
174
Haemonetics (5)
447
38
Hologic (5)
1,007
79
Intuitive
Surgical (5)
843
336
Koninklijke
Philips
(EUR) (5)
5,946
119
Masimo (5)
566
83
Medtronic
1,423
124
Neogen (5)
2,320
37
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $15 (5)(6)(7)
3,864
2
Penumbra (5)
45
10
PROCEPT
BioRobotics (5)
1,160
57
QuidelOrtho (5)
808
39
RxSight (5)
274
14
Siemens
Healthineers
(EUR) (5)
3,454
211
STERIS
677
152
Stryker
357
128
Teleflex
107
24
1,980
Health
Care
Providers
&
Services
2.1%
Alignment
Healthcare (5)
3,247
16
Cencora
2,690
654
Cigna
Group
512
186
Elevance
Health
1,896
983
Fresenius
(EUR)
3,701
100
HCA
Healthcare
536
179
Humana
250
87
Molina
Healthcare (5)
741
304
NeoGenomics (5)
3,237
51
Privia
Health
Group (5)
2,226
44
Tenet
Healthcare (5)
1,593
167
U.S.
Physical
Therapy
323
36
UnitedHealth
Group
2,557
1,265
4,072
Health
Care
Technology
0.0%
Certara (5)
1,513
27
Veeva
Systems,
Class
A (5)
213
49
76
Life
Sciences
Tools
&
Services
0.9%
10X
Genomics,
Class
A (5)
1,049
39
Agilent
Technologies
1,434
209
Azenta (5)
160
10
Bruker
896
84
Danaher
1,222
305
Evotec
(EUR) (5)
2,901
45
Pacific
Biosciences
of
California (5)
4,143
16
Repligen (5)
155
28
Sotera
Health (5)
1,829
22
Stevanato
Group
392
13
Thermo
Fisher
Scientific
1,582
919
1,690
Pharmaceuticals
2.5%
Astellas
Pharma
(JPY)
15,600
169
AstraZeneca,
ADR
10,529
713
Bayer
(EUR)
2,999
92
Bristol-Myers
Squibb
500
27
Elanco
Animal
Health (5)
2,195
36
Eli
Lilly
1,381
1,074
EyePoint
Pharmaceuticals (5)
387
8
GSK,
ADR
1,982
85
Johnson
&
Johnson
2,754
436
Merck
4,314
569
Neumora
Therapeutics (5)
833
12
Novartis
(CHF)
3,312
321
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Novo
Nordisk,
Class
B
(DKK)
3,126
401
Otsuka
Holdings
(JPY)
1,500
63
Roche
Holding
(CHF)
1,117
285
Sanofi
(EUR)
3,407
331
Structure
Therapeutics,
ADR (5)
412
18
Zoetis
558
94
4,734
Total
Health
Care
13,792
INDUSTRIALS
&
BUSINESS
SERVICES
6.1%
Aerospace
&
Defense
0.6%
Cadre
Holdings
434
16
General
Dynamics
1,727
488
L3Harris
Technologies
922
196
Leonardo
DRS (5)
1,531
34
Melrose
Industries
(GBP)
22,519
191
Safran
(EUR)
1,007
228
TransDigm
Group
51
63
1,216
Building
Products
0.1%
AAON
674
59
AZZ
1,089
84
CSW
Industrials
212
50
Zurn
Elkay
Water
Solutions
1,029
35
228
Commercial
Services
&
Supplies
0.3%
Casella
Waste
Systems,
Class
A (5)
560
55
Cintas
64
44
Element
Fleet
Management
(CAD)
12,227
198
Rentokil
Initial
(GBP)
7,668
46
Stericycle (5)
744
39
Tetra
Tech
178
33
Veralto
412
37
VSE
480
38
490
Construction
&
Engineering
0.1%
API
Group (5)
716
28
Arcosa
331
28
WillScot
Mobile
Mini
Holdings (5)
917
43
Worley
(AUD)
11,241
123
222
Electrical
Equipment
0.8%
ABB
(CHF)
5,967
277
AMETEK
2,393
438
Legrand
(EUR)
1,838
195
Mitsubishi
Electric
(JPY)
13,900
231
Prysmian
(EUR)
3,930
205
Rockwell
Automation
705
205
Thermon
Group
Holdings (5)
1,209
39
1,590
Ground
Transportation
0.8%
Central
Japan
Railway
(JPY)
3,000
74
CSX
17,524
649
Landstar
System
170
33
Norfolk
Southern
606
154
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Old
Dominion
Freight
Line
1,226
269
Saia (5)
167
98
Union
Pacific
1,056
260
1,537
Industrial
Conglomerates
1.0%
DCC
(GBP)
1,568
114
General
Electric
2,777
488
Honeywell
International
1,605
329
Roper
Technologies
266
149
Siemens
(EUR)
4,088
781
1,861
Machinery
1.4%
ATS (5)
274
9
Caterpillar
25
9
Crane
284
39
Cummins
1,934
570
Deere
198
81
Dover
502
89
Enerpac
Tool
Group
1,137
41
Enpro
257
43
Esab
551
61
ESCO
Technologies
301
32
Federal
Signal
978
83
Graco
520
49
Helios
Technologies
176
8
IDEX
1,263
308
Ingersoll
Rand
779
74
John
Bean
Technologies
432
45
KION
Group
(EUR)
1,849
97
Mueller
Water
Products,
Class
A
2,620
42
RBC
Bearings (5)
294
80
Sandvik
(SEK)
6,896
153
SMC
(JPY)
100
56
Spirax-Sarco
Engineering
(GBP)
208
27
SPX
Technologies (5)
712
88
THK
(JPY)
2,800
65
Toro
328
30
Westinghouse
Air
Brake
Technologies
3,366
490
2,669
Professional
Services
0.5%
ASGN (5)
194
20
Booz
Allen
Hamilton
Holding
1,477
219
Broadridge
Financial
Solutions
854
175
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $4 (5)(6)(7)
594
3
Legalzoom.com (5)
1,665
22
NV5
Global (5)
213
21
Parsons (5)
983
82
Paycor
HCM (5)
2,245
44
Recruit
Holdings
(JPY)
3,500
155
TechnoPro
Holdings
(JPY)
4,000
82
Teleperformance
(EUR)
548
53
Verra
Mobility (5)
1,740
43
919
Trading
Companies
&
Distributors
0.5%
Ashtead
Group
(GBP)
2,113
150
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Beacon
Roofing
Supply (5)
652
64
Bunzl
(GBP)
3,127
120
Ferguson
460
100
Mitsubishi
(JPY)
6,900
159
MSC
Industrial
Direct,
Class
A
250
24
Rush
Enterprises,
Class
A
646
35
SiteOne
Landscape
Supply (5)
434
76
Sumitomo
(JPY)
7,200
174
Transcat (5)
78
9
911
Total
Industrials
&
Business
Services
11,643
INFORMATION
TECHNOLOGY
12.0%
Communications
Equipment
0.1%
Telefonaktiebolaget
LM
Ericsson,
Class
B
(SEK) (4)
23,581
127
127
Electronic
Equipment,
Instruments
&
Components
0.9%
Amphenol,
Class
A
3,627
418
Cognex
409
17
CTS
753
35
Hamamatsu
Photonics
(JPY)
2,100
74
Insight
Enterprises (5)
248
46
Keysight
Technologies (5)
890
139
Largan
Precision
(TWD)
1,000
77
Littelfuse
135
33
Mirion
Technologies (5)
5,639
64
Murata
Manufacturing
(JPY)
6,300
118
Napco
Security
Technologies
780
31
New
York
Community
Bancorp,
Acquisition
Date:
3/8/24,
Cost $12 (5)(7)
301
13
Novanta (5)
246
43
Omron
(JPY) (4)
1,200
43
PAR
Technology (5)
1,934
88
TE
Connectivity
3,081
448
Teledyne
Technologies (5)
184
79
Vontier
757
34
1,800
IT
Services
0.4%
Accenture,
Class
A
486
168
MongoDB (5)
267
96
NTT
Data
Group
(JPY) (4)
14,700
236
ServiceTitan,
Acquisition
Date:
11/9/18
-
5/4/21,
Cost $1 (5)(6)(7)
26
2
Shopify,
Class
A (5)
1,629
126
Snowflake,
Class
A (5)
214
34
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $2 (5)(6)(7)
110
2
664
Semiconductors
&
Semiconductor
Equipment
5.1%
Advanced
Micro
Devices (5)
918
166
Allegro
MicroSystems (5)
907
24
Analog
Devices
2,052
406
Applied
Materials
2,285
471
ASML
Holding
(EUR)
565
548
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASML
Holding
290
281
Astera
Labs (5)
71
5
Broadcom
282
374
Entegris
590
83
Intel
4,900
216
KLA
436
305
Lam
Research
205
199
Lattice
Semiconductor (5)
1,079
84
MACOM
Technology
Solutions
Holdings (5)
656
63
Micron
Technology
4,684
552
Monolithic
Power
Systems
184
125
NVIDIA
3,763
3,400
NXP
Semiconductors
2,381
590
Onto
Innovation (5)
531
96
Power
Integrations
597
43
QUALCOMM
2,634
446
Renesas
Electronics
(JPY)
5,500
97
Taiwan
Semiconductor
Manufacturing
(TWD)
22,219
541
Taiwan
Semiconductor
Manufacturing,
ADR
609
83
Texas
Instruments
2,093
365
Tokyo
Electron
(JPY)
1,000
261
9,824
Software
4.0%
Adobe (5)
357
180
Agilysys (5)
300
25
Altair
Engineering,
Class
A (5)
551
48
Amplitude,
Class
A (5)
2,989
33
Appfolio,
Class
A (5)
88
22
Atlassian,
Class
A (5)
302
59
BILL
Holdings (5)
493
34
Braze,
Class
A (5)
239
11
Cadence
Design
Systems (5)
547
170
Canva,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $34 (5)(6)(7)
20
21
CCC
Intelligent
Solutions
Holdings (5)
2,185
26
Confluent,
Class
A (5)
897
27
Crowdstrike
Holdings,
Class
A (5)
171
55
Datadog,
Class
A (5)
319
39
Descartes
Systems
Group (5)
795
73
DoubleVerify
Holdings (5)
1,938
68
Envestnet (5)
643
37
Fortinet (5)
2,482
170
Gusto,
Acquisition
Date:
10/4/21,
Cost $11 (5)(6)(7)
364
6
Intapp (5)
1,294
44
Intuit
363
236
Manhattan
Associates (5)
126
32
Microsoft
11,637
4,896
Model
N (5)
542
15
Salesforce
326
98
SAP
(EUR)
1,687
329
ServiceNow (5)
660
503
Socure,
Acquisition
Date:
12/22/21,
Cost $2 (5)(6)(7)
117
1
Synopsys (5)
450
257
Varonis
Systems (5)
432
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Workiva (5)
677
57
7,592
Technology
Hardware,
Storage
&
Peripherals
1.5%
Apple
14,820
2,541
Samsung
Electronics
(KRW)
5,301
325
2,866
Total
Information
Technology
22,873
MATERIALS
1.9%
Chemicals
0.9%
Air
Liquide
(EUR)
1,068
222
Akzo
Nobel
(EUR)
1,570
117
Asahi
Kasei
(JPY)
10,600
78
BASF
(EUR)
2,119
121
Covestro
(EUR) (5)
2,185
120
Element
Solutions
4,734
118
HB
Fuller
464
37
Johnson
Matthey
(GBP)
3,993
90
Linde
1,210
562
Mosaic
2,123
69
Nutrien
851
46
Quaker
Chemical
115
24
Sherwin-Williams
282
98
Umicore
(EUR)
3,197
69
1,771
Construction
Materials
0.1%
Martin
Marietta
Materials
385
236
236
Containers
&
Packaging
0.1%
Amcor,
CDI
(AUD)
3,916
37
International
Paper
2,982
116
Sealed
Air
932
35
188
Metals
&
Mining
0.7%
Antofagasta
(GBP)
6,440
165
BHP
Group
(AUD)
3,372
98
BHP
Group
(GBP)
4,806
138
Constellium (5)
3,315
73
ERO
Copper
(CAD) (4)(5)
2,025
39
Franco-Nevada
683
81
Freeport-McMoRan
4,482
211
IGO
(AUD)
12,220
56
Pilbara
Minerals
(AUD)
36,760
92
Royal
Gold
283
34
South32
(AUD)
31,130
61
Southern
Copper
2,421
258
Wheaton
Precious
Metals
2,044
96
1,402
Paper
&
Forest
Products
0.1%
Stora
Enso,
Class
R
(EUR)
8,341
116
West
Fraser
Timber
(CAD)
412
36
152
Total
Materials
3,749
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
REAL
ESTATE
0.8%
Health
Care
Real
Estate
Investment
Trusts
0.0%
Healthcare
Realty
Trust,
REIT
1,843
26
26
Industrial
Real
Estate
Investment
Trusts
0.1%
EastGroup
Properties,
REIT
487
87
Prologis,
REIT
543
71
Rexford
Industrial
Realty,
REIT
1,051
53
Terreno
Realty,
REIT
530
35
246
Office
Real
Estate
Investment
Trusts
0.0%
Great
Portland
Estates
(GBP)
9,297
46
46
Real
Estate
Management
&
Development
0.2%
Colliers
International
Group
348
43
DigitalBridge
Group
2,923
56
FirstService
524
87
Mitsui
Fudosan
(JPY)
23,100
251
437
Residential
Real
Estate
Investment
Trusts
0.1%
Equity
LifeStyle
Properties,
REIT
1,635
105
Flagship
Communities,
REIT
659
11
Independence
Realty
Trust,
REIT
3,066
50
166
Retail
Real
Estate
Investment
Trusts
0.1%
Scentre
Group
(AUD)
64,965
143
143
Specialized
Real
Estate
Investment
Trusts
0.3%
CubeSmart,
REIT
1,349
61
Public
Storage,
REIT
1,265
367
Weyerhaeuser,
REIT
4,867
175
603
Total
Real
Estate
1,667
UTILITIES
1.0%
Electric
Utilities
0.6%
Constellation
Energy
3,764
696
IDACORP
496
46
NextEra
Energy
3,599
230
OGE
Energy
964
33
PNM
Resources
1,193
45
Southern
316
23
Xcel
Energy
2,150
115
1,188
Gas
Utilities
0.1%
Beijing
Enterprises
Holdings
(HKD)
10,500
31
Chesapeake
Utilities
672
72
103
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Independent
Power
&
Renewable
Electricity
Producers
0.0%
Electric
Power
Development
(JPY)
5,400
89
89
Multi-Utilities
0.3%
Ameren
2,564
190
Engie
(EUR)
16,613
278
National
Grid
(GBP)
13,492
182
650
Water
Utilities
0.0%
California
Water
Service
Group
852
40
40
Total
Utilities
2,070
Total
Miscellaneous
Common
Stocks
0.1% (8)
149
Total
Common
Stocks
(Cost
$55,514)
100,835
CONVERTIBLE
PREFERRED
STOCKS
0.1%
CONSUMER
DISCRETIONARY
0.0%
Specialty
Retail
0.0%
1661,
Series
F,
Acquisition
Date:
5/28/21,
Cost $10 (5)(6)(7)
1,674
2
Total
Consumer
Discretionary
2
CONSUMER
STAPLES
0.0%
Food
Products
0.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $— (5)(6)(7)
1
—
Total
Consumer
Staples
—
FINANCIALS
0.0%
Banks
0.0%
CRB
Group,
Series
D,
Acquisition
Date:
1/28/22,
Cost $9 (5)(6)(7)
81
6
Total
Financials
6
HEALTH
CARE
0.0%
Biotechnology
0.0%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $5 (5)(6)(7)
1,752
6
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $7 (5)(6)(7)
895
3
9
Health
Care
Equipment
&
Supplies
0.0%
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $6 (5)(6)(7)
5,305
4
4
Health
Care
Providers
&
Services
0.0%
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $10 (5)(6)(7)
4,107
7
7
Life
Sciences
Tools
&
Services
0.0%
Cleerly,
Series
C,
Acquisition
Date:
7/8/22,
Cost $5 (5)(6)(7)
413
4
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $6 (5)(6)(7)
636
1
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $7 (5)(6)(7)
524
32
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $10 (5)(6)(7)
237
14
51
Total
Health
Care
71
INDUSTRIALS
&
BUSINESS
SERVICES
0.0%
Aerospace
&
Defense
0.0%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $5 (5)(6)(7)
126
5
Epirus,
Series
C-2,
Acquisition
Date:
1/28/22,
Cost $11 (5)(6)(7)
1,914
9
14
Air
Freight
&
Logistics
0.0%
Flexe,
Series
C,
Acquisition
Date:
11/18/20,
Cost $5 (5)(6)(7)
445
3
Flexe,
Series
D,
Acquisition
Date:
4/7/22,
Cost $3 (5)(6)(7)
138
1
4
Electrical
Equipment
0.0%
CELLINK,
Series
D,
Acquisition
Date:
1/20/22,
Cost $5 (5)(6)(7)
252
1
1
Professional
Services
0.0%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $4 (5)(6)(7)
900
4
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $12 (5)(6)(7)
1,200
5
9
Total
Industrials
&
Business
Services
28
INFORMATION
TECHNOLOGY
0.1%
IT
Services
0.0%
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20
-
3/3/21,
Cost $4 (5)(6)(7)
303
2
Haul
Hub,
Series
C,
Acquisition
Date:
4/14/22,
Cost $2 (5)(6)(7)
90
1
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $5 (5)(6)(7)
184
13
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $1 (5)(6)(7)
10
1
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $1 (5)(6)(7)
30
1
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $— (5)(6)(7)
10
—
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $— (5)(6)(7)
10
—
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $7 (5)(6)(7)
320
6
24
Software
0.1%
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $12 (5)(6)(7)
192
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $30 (5)(6)(7)
411
30
Databricks,
Series
I,
Acquisition
Date:
9/14/23,
Cost $4 (5)(6)(7)
51
4
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $15 (5)(6)(7)
504
8
Nuro,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $12 (5)(6)(7)
921
4
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $5 (5)(6)(7)
242
1
SecurityScorecard,
Series
E,
Acquisition
Date:
3/5/21,
Cost $5 (5)(6)(7)
1,032
5
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $7 (5)(6)(7)
1,115
8
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $1 (5)(6)(7)
85
—
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $2 (5)(6)(7)
142
1
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $2 (5)(6)(7)
117
1
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $— (5)(6)(7)
2
—
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $4 (5)(6)(7)
270
2
78
Total
Information
Technology
102
MATERIALS
0.0%
Chemicals
0.0%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $6 (5)(6)(7)
135
6
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $10 (5)(6)(7)
228
5
11
Metals
&
Mining
0.0%
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $6 (5)(6)(7)
201
15
15
Total
Materials
26
Total
Convertible
Preferred
Stocks
(Cost
$261)
235
CORPORATE
BONDS
5.9%
AbbVie,
4.05%,
11/21/39
25,000
22
AbbVie,
4.50%,
5/14/35
53,000
51
AbbVie,
4.70%,
5/14/45
55,000
51
AbbVie,
4.875%,
11/14/48
88,000
84
AbbVie,
5.05%,
3/15/34
60,000
61
AbbVie,
5.35%,
3/15/44
10,000
10
AbbVie,
5.40%,
3/15/54
50,000
51
AerCap
Ireland
Capital,
3.00%,
10/29/28
160,000
144
AES,
5.45%,
6/1/28
17,000
17
AGCO,
5.80%,
3/21/34
10,000
10
Alexandria
Real
Estate
Equities,
5.25%,
5/15/36
5,000
5
American
Electric
Power,
5.20%,
1/15/29
30,000
30
American
Honda
Finance,
5.65%,
11/15/28
35,000
36
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
American
Tower,
5.20%,
2/15/29
15,000
15
American
Tower,
5.25%,
7/15/28
15,000
15
American
Tower,
5.45%,
2/15/34
45,000
45
Anheuser-Busch
InBev
Worldwide,
5.55%,
1/23/49
65,000
68
Aon,
2.80%,
5/15/30
15,000
13
AT&T,
3.50%,
9/15/53
27,000
19
Athene
Global
Funding,
5.684%,
2/23/26 (1)
55,000
55
Autostrade
per
l'Italia,
2.00%,
1/15/30
(EUR)
115,000
112
Baltimore
Gas
&
Electric,
5.40%,
6/1/53
20,000
20
Bank
of
America,
VR,
1.898%,
7/23/31 (9)
220,000
181
Bank
of
America,
VR,
1.922%,
10/24/31 (9)
40,000
33
Bank
of
America,
VR,
4.271%,
7/23/29 (9)
65,000
63
Bank
of
America,
VR,
5.819%,
9/15/29 (9)
59,000
60
Bank
of
New
York
Mellon,
VR,
5.188%,
3/14/35 (9)
40,000
40
Bank
of
New
York
Mellon,
VR,
6.317%,
10/25/29 (9)
40,000
42
Bank
of
New
York
Mellon,
VR,
6.474%,
10/25/34 (9)
45,000
49
Barclays,
VR,
5.501%,
8/9/28 (9)
200,000
199
BAT
Capital,
2.259%,
3/25/28
15,000
13
BAT
Capital,
6.00%,
2/20/34
25,000
25
BAT
Capital,
6.343%,
8/2/30
10,000
10
BAT
Capital,
7.079%,
8/2/43
20,000
21
BAT
Capital,
7.081%,
8/2/53
35,000
38
Bayer
U.S.
Finance,
6.125%,
11/21/26 (1)
200,000
201
Becton
Dickinson
&
Company,
2.823%,
5/20/30
25,000
22
Becton
Dickinson
&
Company,
3.70%,
6/6/27
33,000
32
BNP
Paribas,
VR,
5.738%,
2/20/35 (1)(9)
200,000
201
Boardwalk
Pipelines,
3.40%,
2/15/31
28,000
25
Boardwalk
Pipelines,
5.95%,
6/1/26
10,000
10
Boeing,
3.25%,
2/1/28
15,000
14
Boeing,
5.04%,
5/1/27
55,000
54
Booz
Allen
Hamilton,
5.95%,
8/4/33
15,000
16
Boston
Gas,
6.119%,
7/20/53 (1)
15,000
15
Bristol-Myers
Squibb,
5.10%,
2/22/31
20,000
20
Bristol-Myers
Squibb,
5.20%,
2/22/34
45,000
46
Bristol-Myers
Squibb,
5.55%,
2/22/54
20,000
21
Bristol-Myers
Squibb,
5.65%,
2/22/64
25,000
26
Bristol-Myers
Squibb,
6.25%,
11/15/53
30,000
34
Brixmor
Operating
Partnership,
3.90%,
3/15/27
35,000
34
Brixmor
Operating
Partnership,
4.05%,
7/1/30
8,000
7
Brixmor
Operating
Partnership,
4.125%,
5/15/29
33,000
31
Broadcom,
2.60%,
2/15/33 (1)
35,000
28
Broadcom,
3.419%,
4/15/33 (1)
91,000
78
Broadcom,
3.875%,
1/15/27
10,000
10
CaixaBank,
VR,
6.84%,
9/13/34 (1)(9)
200,000
213
Capital
One
Financial,
3.65%,
5/11/27
65,000
62
Capital
One
Financial,
3.75%,
3/9/27
60,000
58
Capital
One
Financial,
VR,
2.359%,
7/29/32 (9)
18,000
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Capital
One
Financial,
VR,
3.273%,
3/1/30 (9)
25,000
22
Capital
One
Financial,
VR,
5.247%,
7/26/30 (9)
15,000
15
Capital
One
Financial,
VR,
5.468%,
2/1/29 (9)
75,000
75
Capital
One
Financial,
VR,
5.70%,
2/1/30 (9)
20,000
20
Capital
One
Financial,
VR,
6.051%,
2/1/35 (9)
25,000
25
Capital
One
Financial,
VR,
7.624%,
10/30/31 (9)
5,000
5
Carrier
Global,
2.493%,
2/15/27
10,000
9
Carrier
Global,
5.80%,
11/30/25
10,000
10
Carvana,
12.00%,
12/1/28,
(12.00%
PIK) (1)
(10)
11,601
11
Carvana,
13.00%,
6/1/30,
(13.00%
PIK) (1)
(10)
18,007
18
Carvana,
14.00%,
6/1/31,
(14.00%
PIK) (1)
(10)
21,276
21
Celanese
U.S.
Holdings,
6.05%,
3/15/25
7,000
7
Celanese
U.S.
Holdings,
6.165%,
7/15/27
10,000
10
Centene,
2.50%,
3/1/31
60,000
49
Centene,
2.625%,
8/1/31
110,000
90
Centene,
4.25%,
12/15/27
10,000
10
Centene,
4.625%,
12/15/29
53,000
50
Charter
Communications
Operating,
3.75%,
2/15/28
25,000
23
Charter
Communications
Operating,
6.484%,
10/23/45
12,000
11
Charter
Communications
Operating,
6.65%,
2/1/34
55,000
56
Cheniere
Corpus
Christi
Holdings,
5.125%,
6/30/27
30,000
30
Cheniere
Energy,
4.625%,
10/15/28
20,000
19
Cheniere
Energy,
5.65%,
4/15/34 (1)
40,000
40
Citigroup,
4.45%,
9/29/27
10,000
10
Citigroup,
VR,
3.07%,
2/24/28 (9)
50,000
47
Citigroup,
VR,
3.106%,
4/8/26 (9)
22,000
21
Citigroup,
VR,
4.658%,
5/24/28 (9)
10,000
10
Citigroup,
VR,
5.61%,
9/29/26 (9)
55,000
55
Citigroup,
VR,
5.827%,
2/13/35 (9)
145,000
143
CNO
Financial
Group,
5.25%,
5/30/25
15,000
15
Columbia
Pipelines
Holding,
5.681%,
1/15/34 (1)
40,000
40
Comcast,
3.90%,
3/1/38
60,000
52
Continental
Resources,
4.375%,
1/15/28
10,000
10
Corebridge
Financial,
3.65%,
4/5/27
10,000
10
Corebridge
Financial,
3.85%,
4/5/29
10,000
9
Corebridge
Financial,
3.90%,
4/5/32
45,000
40
Corebridge
Global
Funding,
5.20%,
1/12/29 (1)
10,000
10
Crown
Castle,
2.25%,
1/15/31
35,000
29
Crown
Castle,
4.80%,
9/1/28
10,000
10
Crown
Castle,
5.60%,
6/1/29
35,000
35
Crown
Castle,
5.80%,
3/1/34
25,000
26
Crown
Castle
Towers,
3.663%,
5/15/25 (1)
85,000
83
CVS
Health,
5.05%,
3/25/48
84,000
76
CVS
Health,
5.625%,
2/21/53
45,000
44
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CVS
Health,
5.875%,
6/1/53
25,000
25
Daimler
Truck
Finance
North
America,
5.00%,
1/15/27 (1)
150,000
149
Danske
Bank,
VR,
5.705%,
3/1/30 (1)(9)
200,000
201
Diamondback
Energy,
6.25%,
3/15/53
25,000
27
Dollar
General,
3.875%,
4/15/27
15,000
14
Dollar
General,
5.45%,
7/5/33
40,000
40
DTE
Energy,
4.875%,
6/1/28
10,000
10
DTE
Energy,
5.10%,
3/1/29
60,000
60
Duke
Energy,
5.00%,
8/15/52
55,000
50
Duke
Energy,
6.10%,
9/15/53
55,000
58
Edison
International,
6.95%,
11/15/29
5,000
5
Elevance
Health,
5.125%,
2/15/53
20,000
19
Enbridge,
6.20%,
11/15/30
15,000
16
Enbridge,
6.70%,
11/15/53
20,000
22
Energy
Transfer,
2.90%,
5/15/25
60,000
58
Energy
Transfer,
5.55%,
5/15/34
25,000
25
Energy
Transfer,
5.95%,
5/15/54
15,000
15
Energy
Transfer,
6.40%,
12/1/30
30,000
32
Energy
Transfer,
6.55%,
12/1/33
10,000
11
Equitable
Holdings,
4.35%,
4/20/28
111,000
108
Exelon,
5.15%,
3/15/28
10,000
10
Exelon,
5.45%,
3/15/34
20,000
20
Exelon,
5.60%,
3/15/53
70,000
70
Fifth
Third
Bancorp,
2.375%,
1/28/25
10,000
10
Fifth
Third
Bancorp,
2.55%,
5/5/27
5,000
5
Fifth
Third
Bancorp,
3.95%,
3/14/28
12,000
11
Fifth
Third
Bancorp,
VR,
5.631%,
1/29/32 (9)
15,000
15
Fifth
Third
Bancorp,
VR,
6.339%,
7/27/29 (9)
35,000
36
Fiserv,
4.20%,
10/1/28
10,000
10
Ford
Motor,
9.625%,
4/22/30
5,000
6
Ford
Motor
Credit,
5.80%,
3/5/27
200,000
201
Freeport-McMoRan,
4.375%,
8/1/28
24,000
23
Freeport-McMoRan,
5.00%,
9/1/27
5,000
5
General
Motors
Financial,
4.00%,
10/6/26
10,000
10
General
Motors
Financial,
5.40%,
5/8/27
35,000
35
General
Motors
Financial,
5.80%,
6/23/28
20,000
20
Georgia
Power,
4.95%,
5/17/33
45,000
44
Georgia
Power,
5.25%,
3/15/34
25,000
25
GLP
Capital,
3.35%,
9/1/24
10,000
10
Goldman
Sachs
Group,
VR,
1.542%,
9/10/27 (9)
50,000
46
Goldman
Sachs
Group,
VR,
3.691%,
6/5/28 (9)
15,000
14
Goldman
Sachs
Group,
VR,
4.482%,
8/23/28 (9)
20,000
20
Goldman
Sachs
Group,
VR,
6.561%,
10/24/34 (9)
55,000
60
HCA,
2.375%,
7/15/31
20,000
16
HCA,
3.125%,
3/15/27
20,000
19
HCA,
3.375%,
3/15/29
5,000
5
HCA,
3.50%,
9/1/30
35,000
32
HCA,
4.50%,
2/15/27
10,000
10
HCA,
5.375%,
9/1/26
11,000
11
HCA,
5.875%,
2/15/26
18,000
18
Healthcare
Realty
Holdings,
2.05%,
3/15/31
15,000
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Healthcare
Realty
Holdings,
3.625%,
1/15/28
60,000
55
Humana,
4.875%,
4/1/30
42,000
41
Humana,
5.375%,
4/15/31
35,000
35
Humana,
5.75%,
4/15/54
15,000
15
Humana,
5.95%,
3/15/34
25,000
26
Hyundai
Capital
America,
5.25%,
1/8/27 (1)
10,000
10
Hyundai
Capital
America,
5.40%,
1/8/31 (1)
10,000
10
Hyundai
Capital
America,
5.50%,
3/30/26 (1)
10,000
10
Hyundai
Capital
America,
6.50%,
1/16/29 (1)
20,000
21
Indiana
Michigan
Power,
5.625%,
4/1/53
5,000
5
Indianapolis
Power
&
Light,
5.70%,
4/1/54 (1)
15,000
15
Intercontinental
Exchange,
4.35%,
6/15/29
40,000
39
Interpublic
Group,
4.65%,
10/1/28
20,000
20
Invitation
Homes
Operating
Partnership,
5.45%,
8/15/30
21,000
21
IPALCO
Enterprises,
5.75%,
4/1/34 (1)
25,000
25
IQVIA,
6.25%,
2/1/29
35,000
36
JPMorgan
Chase,
VR,
2.182%,
6/1/28 (9)
60,000
55
JPMorgan
Chase,
VR,
2.522%,
4/22/31 (9)
10,000
9
JPMorgan
Chase,
VR,
2.739%,
10/15/30 (9)
23,000
20
JPMorgan
Chase,
VR,
2.956%,
5/13/31 (9)
79,000
69
JPMorgan
Chase,
VR,
3.54%,
5/1/28 (9)
25,000
24
JPMorgan
Chase,
VR,
5.04%,
1/23/28 (9)
25,000
25
JPMorgan
Chase,
VR,
5.336%,
1/23/35 (9)
25,000
25
Kilroy
Realty,
4.375%,
10/1/25
13,000
13
L3Harris
Technologies,
5.05%,
6/1/29
25,000
25
Las
Vegas
Sands,
3.50%,
8/18/26
25,000
24
Lowe's,
4.25%,
4/1/52
11,000
9
Lowe's,
5.625%,
4/15/53
15,000
15
Lowe's,
5.75%,
7/1/53
15,000
15
LSEGA
Financing,
2.50%,
4/6/31 (1)
200,000
169
Marriott
International,
5.00%,
10/15/27
28,000
28
Mars,
4.75%,
4/20/33 (1)
45,000
44
Marsh
&
McLennan,
2.25%,
11/15/30
15,000
13
Marsh
&
McLennan,
5.70%,
9/15/53
50,000
52
Mattel,
5.875%,
12/15/27 (1)
40,000
40
Meta
Platforms,
5.60%,
5/15/53
65,000
69
Micron
Technology,
4.185%,
2/15/27
10,000
10
Micron
Technology,
5.30%,
1/15/31
11,000
11
Micron
Technology,
5.327%,
2/6/29
22,000
22
Micron
Technology,
6.75%,
11/1/29
25,000
27
MidAmerican
Energy,
5.85%,
9/15/54
20,000
21
Morgan
Stanley,
VR,
2.699%,
1/22/31 (9)
10,000
9
Morgan
Stanley,
VR,
5.123%,
2/1/29 (9)
95,000
94
Morgan
Stanley,
VR,
5.173%,
1/16/30 (9)
40,000
40
Motorola
Solutions,
5.00%,
4/15/29
15,000
15
Motorola
Solutions,
5.40%,
4/15/34
20,000
20
MPLX,
4.125%,
3/1/27
10,000
10
Mylan,
4.55%,
4/15/28
10,000
10
NextEra
Energy
Capital
Holdings,
2.44%,
1/15/32
35,000
29
NextEra
Energy
Capital
Holdings,
5.25%,
2/28/53
15,000
14
NextEra
Energy
Capital
Holdings,
5.749%,
9/1/25
25,000
25
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Niagara
Mohawk
Power,
5.664%,
1/17/54 (1)
25,000
25
NiSource,
3.49%,
5/15/27
15,000
14
NiSource,
5.25%,
3/30/28
10,000
10
Nissan
Motor
Acceptance,
1.85%,
9/16/26 (1)
15,000
14
NRG
Energy,
4.45%,
6/15/29 (1)
15,000
14
Occidental
Petroleum,
6.125%,
1/1/31
48,000
50
Occidental
Petroleum,
6.375%,
9/1/28
10,000
10
Occidental
Petroleum,
6.625%,
9/1/30
5,000
5
Occidental
Petroleum,
7.50%,
5/1/31
45,000
50
Occidental
Petroleum,
8.875%,
7/15/30
90,000
105
ONEOK,
5.65%,
11/1/28
10,000
10
ONEOK,
5.80%,
11/1/30
25,000
26
ONEOK,
6.05%,
9/1/33
30,000
31
Oracle,
4.90%,
2/6/33
40,000
39
Ovintiv,
5.65%,
5/15/28
25,000
25
Pacific
Gas
&
Electric,
2.10%,
8/1/27
14,000
13
Pacific
Gas
&
Electric,
2.50%,
2/1/31
40,000
33
Pacific
Gas
&
Electric,
4.55%,
7/1/30
55,000
52
Pacific
Gas
&
Electric,
5.80%,
5/15/34
30,000
30
Pacific
Gas
&
Electric,
5.90%,
6/15/32
10,000
10
Pacific
Gas
&
Electric,
6.70%,
4/1/53
10,000
11
Pacific
Gas
&
Electric,
6.75%,
1/15/53
35,000
38
Pacific
Gas
&
Electric,
6.95%,
3/15/34
20,000
22
PacifiCorp,
5.30%,
2/15/31
35,000
35
Pfizer
Investment
Enterprises,
4.75%,
5/19/33
30,000
30
Pfizer
Investment
Enterprises,
5.30%,
5/19/53
30,000
30
Pfizer
Investment
Enterprises,
5.34%,
5/19/63
40,000
39
Philip
Morris
International,
5.125%,
2/15/30
25,000
25
PNC
Financial
Services
Group,
VR,
5.30%,
1/21/28 (9)
10,000
10
PNC
Financial
Services
Group,
VR,
6.615%,
10/20/27 (9)
10,000
10
Public
Service
Enterprise
Group,
5.875%,
10/15/28
10,000
10
Raizen
Fuels
Finance,
6.45%,
3/5/34 (1)
200,000
205
Revvity,
1.90%,
9/15/28
35,000
31
Revvity,
2.25%,
9/15/31
15,000
12
Revvity,
3.30%,
9/15/29
24,000
22
Rogers
Communications,
3.20%,
3/15/27
24,000
23
Rogers
Communications,
3.80%,
3/15/32
25,000
22
Rogers
Communications,
4.35%,
5/1/49
5,000
4
Rogers
Communications,
4.55%,
3/15/52
129,000
108
Rogers
Communications,
5.00%,
2/15/29
60,000
59
Rogers
Communications,
5.30%,
2/15/34
55,000
54
Ross
Stores,
1.875%,
4/15/31
45,000
37
Sabine
Pass
Liquefaction,
4.20%,
3/15/28
15,000
14
Sartorius
Finance,
4.875%,
9/14/35
(EUR)
100,000
116
SBA
Tower
Trust,
1.84%,
4/15/27 (1)
50,000
45
SBA
Tower
Trust,
2.593%,
10/15/31 (1)
40,000
32
Sempra,
3.40%,
2/1/28
10,000
10
Sempra,
3.70%,
4/1/29
15,000
14
Societe
Generale,
VR,
5.519%,
1/19/28 (1)
(9)
200,000
198
Solventum,
5.40%,
3/1/29 (1)
40,000
40
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Solventum,
5.60%,
3/23/34 (1)
100,000
100
Solventum,
5.90%,
4/30/54 (1)
45,000
45
Solventum,
6.00%,
5/15/64 (1)
45,000
44
Southern,
5.20%,
6/15/33
60,000
60
Southern,
5.70%,
3/15/34
50,000
51
Southern
California
Edison,
5.70%,
3/1/53
20,000
20
Southern
California
Edison,
Series D,
4.70%,
6/1/27
30,000
30
Sprint
Capital,
6.875%,
11/15/28
45,000
48
Sprint
Capital,
8.75%,
3/15/32
35,000
43
Stanley
Black
&
Decker,
2.75%,
11/15/50
19,000
11
Sutter
Health,
5.164%,
8/15/33
15,000
15
T-Mobile
USA,
5.75%,
1/15/54
85,000
88
T-Mobile
USA,
6.00%,
6/15/54
15,000
16
Targa
Resources,
6.15%,
3/1/29
16,000
17
Targa
Resources
Partners,
5.00%,
1/15/28
10,000
10
Targa
Resources
Partners,
5.50%,
3/1/30
57,000
57
Targa
Resources
Partners,
6.875%,
1/15/29
10,000
10
Thermo
Fisher
Scientific,
5.20%,
1/31/34
20,000
20
Toronto-Dominion
Bank,
5.523%,
7/17/28
10,000
10
U.S.
Bancorp,
VR,
5.384%,
1/23/30 (9)
25,000
25
U.S.
Bancorp,
VR,
5.678%,
1/23/35 (9)
30,000
30
UnitedHealth
Group,
4.50%,
4/15/33
40,000
39
UnitedHealth
Group,
4.90%,
4/15/31
70,000
70
UnitedHealth
Group,
5.00%,
4/15/34
60,000
60
UnitedHealth
Group,
5.05%,
4/15/53
36,000
35
UnitedHealth
Group,
5.875%,
2/15/53
32,000
35
VF,
2.95%,
4/23/30
27,000
22
Vistra
Operations,
5.125%,
5/13/25 (1)
18,000
18
Vistra
Operations,
6.95%,
10/15/33 (1)
15,000
16
Volkswagen
Group
of
America
Finance,
5.60%,
3/22/34 (1)
200,000
202
Walt
Disney,
3.60%,
1/13/51
25,000
19
Warnermedia
Holdings,
3.755%,
3/15/27
55,000
52
Wells
Fargo,
VR,
2.393%,
6/2/28 (9)
115,000
105
Wells
Fargo,
VR,
2.572%,
2/11/31 (9)
214,000
184
Wells
Fargo,
VR,
5.198%,
1/23/30 (9)
50,000
50
Western
Midstream
Operating,
4.50%,
3/1/28
10,000
10
Western
Midstream
Operating,
6.35%,
1/15/29
10,000
10
Westlake,
1.625%,
7/17/29
(EUR)
100,000
97
Williams,
3.75%,
6/15/27
10,000
10
Xcel
Energy,
3.40%,
6/1/30
45,000
40
Total
Corporate
Bonds
(Cost
$11,588)
11,335
EQUITY
MUTUAL
FUNDS
7.9%
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund (2)
238,503
7,599
T.
Rowe
Price
Real
Assets
Fund
-
I
Class (2)
511,888
7,391
Total
Equity
Mutual
Funds
(Cost
$12,634)
14,990
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
0.2%
Petroleos
Mexicanos,
6.50%,
3/13/27
105,000
99
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Republic
of
Bulgaria,
4.375%,
5/13/31
(EUR)
31,000
35
Republic
of
Bulgaria,
4.875%,
5/13/36
(EUR)
34,000
40
Republic
of
Chile,
3.625%,
8/1/27
200,000
190
Republic
of
Romania,
5.875%,
1/30/29 (1)
50,000
50
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$406)
414
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
0.6%
BBCMS
Mortgage
Trust,
Series 2019-BWAY,
Class
D,
ARM,
1M
TSFR
+
2.274%,
7.599%,
11/15/34 (1)
25,000
4
BINOM
Securitization
Trust,
Series 2021-
INV1,
Class
A1,
CMO,
ARM,
2.034%,
6/25/56 (1)
63,176
54
BX
Commercial
Mortgage
Trust,
Series 2022-CSMO,
Class
B,
ARM,
1M
TSFR
+
3.141%,
8.466%,
6/15/27 (1)
100,000
100
CIM
Trust,
Series 2021-INV1,
Class
A29,
CMO,
ARM,
2.50%,
7/1/51 (1)
80,558
64
Commercial
Mortgage
Trust,
Series 2016-
CR28,
Class
AHR,
3.651%,
2/10/49
26,073
25
Connecticut
Avenue
Securities,
Series 2017-C06,
Class
2ED1,
CMO,
ARM,
SOFR30A
+
1.114%,
6.435%,
2/25/30
4,616
5
Finance
of
America
HECM
Buyout,
Series 2022-HB2,
Class
A1A,
ARM,
4.00%,
8/1/32 (1)
40,811
40
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (1)
5,563
5
Galton
Funding
Mortgage
Trust,
Series 2018-2,
Class
A22,
CMO,
ARM,
4.00%,
10/25/58 (1)
4,256
4
Great
Wolf
Trust,
Series 2019-WOLF,
Class
A,
ARM,
1M
TSFR
+
1.348%,
6.673%,
12/15/36 (1)
30,301
30
Great
Wolf
Trust,
Series 2019-WOLF,
Class
B,
ARM,
1M
TSFR
+
1.648%,
6.973%,
12/15/36 (1)
11,515
12
Great
Wolf
Trust,
Series 2019-WOLF,
Class
C,
ARM,
1M
TSFR
+
1.947%,
7.272%,
12/15/36 (1)
26,868
27
GS
Mortgage-Backed
Securities
Trust,
Series 2021-GR1,
Class
A4,
CMO,
ARM,
2.50%,
11/25/51 (1)
79,186
63
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series 2018-WPT,
Class
AFX,
4.248%,
7/5/33 (1)
20,000
19
JPMorgan
Mortgage
Trust,
Series 2020-5,
Class
B2,
CMO,
ARM,
3.572%,
12/25/50 (1)
22,933
20
JPMorgan
Mortgage
Trust,
Series 2020-
INV1,
Class
A11,
CMO,
ARM,
1M
TSFR
+
0.944%,
6.00%,
8/25/50 (1)
5,739
5
JPMorgan
Mortgage
Trust,
Series 2020-
INV1,
Class
A3,
CMO,
ARM,
3.50%,
8/25/50 (1)
7,652
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
JPMorgan
Mortgage
Trust,
Series 2020-
LTV1,
Class
A15,
CMO,
ARM,
3.50%,
6/25/50 (1)
650
1
JPMorgan
Mortgage
Trust,
Series 2020-
LTV1,
Class
A3,
CMO,
ARM,
3.50%,
6/25/50 (1)
1,301
1
JPMorgan
Mortgage
Trust,
Series 2020-
LTV1,
Class
B1A,
CMO,
ARM,
3.238%,
6/25/50 (1)
27,792
23
MFA
Trust,
Series 2022-INV2,
Class
A1,
CMO,
STEP,
4.95%,
7/25/57 (1)
88,574
87
New
Residential
Mortgage
Loan
Trust,
Series 2021-INV2,
Class
A4,
CMO,
ARM,
2.50%,
9/25/51 (1)
81,322
64
OBX
Trust,
Series 2020-EXP1,
Class
1A8,
CMO,
ARM,
3.50%,
2/25/60 (1)
26,103
23
SCG
Mortgage
Trust,
Series 2023-NASH,
Class
A,
ARM,
1M
TSFR
+
2.391%,
7.716%,
12/15/40 (1)
55,000
55
Sequoia
Mortgage
Trust,
Series 2013-4,
Class
B1,
CMO,
ARM,
3.436%,
4/25/43
17,609
16
Sequoia
Mortgage
Trust,
Series 2017-CH2,
Class
A19,
CMO,
ARM,
4.00%,
12/25/47 (1)
5,711
5
SG
Residential
Mortgage
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (1)
1,042
1
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA2,
Class
M2,
CMO,
ARM,
SOFR30A
+
2.30%,
7.62%,
8/25/33 (1)
21,175
22
Towd
Point
Mortgage
Trust,
Series 2019-
HY3,
Class
A1A,
CMO,
ARM,
1M
TSFR
+
1.114%,
6.444%,
10/25/59 (1)
24,488
25
Vista
Point
Securitization
Trust,
Series 2020-
2,
Class
A1,
CMO,
ARM,
1.475%,
4/25/65 (1)
20,014
18
WB
Commercial
Mortgage
Trust,
Series 2024-HQ,
Class
A,
ARM,
6.134%,
3/15/40 (1)
100,000
101
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2017-C39,
Class
B,
4.025%,
9/15/50
125,000
115
Total
Non-U.S.
Government
Mortgage-
Backed
Securities
(Cost
$1,150)
1,041
PREFERRED
STOCKS
0.1%
CONSUMER
DISCRETIONARY
0.1%
Automobiles
0.1%
Dr.
Ing.
h.c.
F.
Porsche
(EUR)
1,378
137
Total
Consumer
Discretionary
137
Total
Preferred
Stocks
(Cost
$117)
137
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
5.8%
U.S.
Government
Agency
Obligations
4.4%
Federal
Home
Loan
Mortgage
2.50%,
4/1/30
10,894
10
3.00%,
12/1/42
-
4/1/43
57,696
52
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
3.50%,
8/1/42
-
3/1/44
80,495
74
4.00%,
8/1/40
-
8/1/45
38,210
37
4.50%,
6/1/39
-
5/1/42
37,895
37
5.00%,
7/1/25
-
8/1/40
12,503
12
6.00%,
10/1/32
-
8/1/38
3,162
2
7.00%,
6/1/32
504
—
Federal
Home
Loan
Mortgage,
ARM
RFUCCT1Y
+
1.842%,
6.091%,
1/1/37
1,272
1
RFUCCT1Y
+
1.917%,
6.292%,
2/1/37
1,222
1
Federal
Home
Loan
Mortgage,
UMBS
1.50%,
2/1/36
33,324
29
2.00%,
8/1/36
-
5/1/52
625,371
502
2.50%,
3/1/42
-
5/1/52
629,176
524
3.00%,
5/1/42
-
6/1/52
275,419
240
3.50%,
6/1/47
-
10/1/51
131,439
120
4.00%,
8/1/37
-
2/1/50
78,917
76
4.50%,
5/1/50
-
11/1/52
128,475
123
5.00%,
10/1/52
-
5/1/53
44,956
44
5.50%,
8/1/53
-
2/1/54
117,935
117
Federal
National
Mortgage
Assn.
3.00%,
8/1/43
-
2/1/44
8,502
8
3.50%,
6/1/42
-
1/1/44
80,797
73
4.00%,
11/1/40
16,292
16
Federal
National
Mortgage
Assn.,
ARM,
RFUCCT1Y
+
1.87%,
6.12%,
8/1/36
1,311
1
Federal
National
Mortgage
Assn.,
CMO,
IO,
6.50%,
2/25/32
326
—
Federal
National
Mortgage
Assn.,
UMBS
1.50%,
4/1/37
-
1/1/42
167,097
143
2.00%,
5/1/36
-
4/1/52
2,354,352
1,916
2.50%,
1/1/32
-
9/1/52
1,359,017
1,151
3.00%,
6/1/27
-
4/1/52
800,099
708
3.50%,
11/1/32
-
1/1/52
336,397
309
4.00%,
7/1/35
-
11/1/52
416,909
391
4.50%,
7/1/39
-
10/1/52
278,581
270
5.00%,
3/1/34
-
9/1/53
204,938
204
5.50%,
12/1/34
-
2/1/54
287,905
290
6.00%,
4/1/33
-
1/1/54
400,851
407
6.50%,
7/1/32
-
11/1/53
85,749
88
7.00%,
4/1/32
153
—
UMBS,
TBA (11)
2.50%,
4/1/54
75,000
62
3.50%,
4/1/54
155,000
139
5.00%,
4/1/54
135,000
132
5.50%,
4/1/54
45,000
45
6.50%,
4/1/54
80,000
82
8,436
U.S.
Government
Obligations
1.4%
Government
National
Mortgage
Assn.
1.50%,
5/20/37
43,742
38
2.00%,
1/20/51
-
3/20/52
541,666
443
2.50%,
8/20/50
-
4/20/52
533,127
454
3.00%,
7/15/43
-
6/20/52
494,962
434
3.50%,
12/20/42
-
7/20/52
313,495
290
4.00%,
7/20/42
-
10/20/52
288,495
272
4.50%,
10/20/39
-
4/20/53
204,515
199
5.00%,
3/20/34
-
6/20/49
81,502
82
5.50%,
10/20/32
-
3/20/49
45,059
46
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
6.00%,
4/15/36
-
12/20/38
6,815
7
6.50%,
3/15/26
-
4/15/26
1,127
1
7.00%,
9/20/27
654
1
8.00%,
4/15/26
45
—
Government
National
Mortgage
Assn.,
CMO
3.00%,
11/20/47
-
12/20/47
4,598
4
3.50%,
10/20/50
25,000
21
Government
National
Mortgage
Assn.,
TBA (11)
2.50%,
4/20/54
130,000
111
5.00%,
4/20/54
80,000
79
5.50%,
4/20/54
25,000
25
6.00%,
4/20/54
65,000
66
6.50%,
4/20/54
55,000
56
2,629
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$11,839)
11,065
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
6.4%
U.S.
Treasury
Obligations
6.4%
U.S.
Treasury
Bonds,
3.375%,
8/15/42
1,000,000
864
U.S.
Treasury
Bonds,
3.625%,
2/15/53
690,000
606
U.S.
Treasury
Bonds,
3.625%,
5/15/53
55,800
49
U.S.
Treasury
Bonds,
3.875%,
2/15/43
365,000
337
U.S.
Treasury
Bonds,
4.00%,
11/15/42
710,000
669
U.S.
Treasury
Bonds,
4.125%,
8/15/53
635,000
610
U.S.
Treasury
Bonds,
4.25%,
2/15/54
175,000
172
U.S.
Treasury
Bonds,
4.375%,
8/15/43
170,000
168
U.S.
Treasury
Bonds,
4.75%,
11/15/53
385,000
411
U.S.
Treasury
Inflation-Indexed
Notes,
1.375%,
7/15/33
1,570,268
1,508
U.S.
Treasury
Inflation-Indexed
Notes,
1.75%,
1/15/34
592,974
586
U.S.
Treasury
Notes,
0.625%,
12/31/27
265,000
231
U.S.
Treasury
Notes,
0.625%,
8/15/30
115,000
92
U.S.
Treasury
Notes,
0.75%,
8/31/26
400,000
366
U.S.
Treasury
Notes,
1.50%,
1/31/27
640,000
590
U.S.
Treasury
Notes,
3.25%,
6/30/27
275,000
266
U.S.
Treasury
Notes,
3.875%,
11/30/27
110,000
108
U.S.
Treasury
Notes,
3.875%,
12/31/27
505,000
497
U.S.
Treasury
Notes,
4.125%,
9/30/27
830,000
824
U.S.
Treasury
Notes,
4.25%,
2/28/29
95,000
95
U.S.
Treasury
Notes,
4.50%,
7/15/26
375,000
374
U.S.
Treasury
Notes,
4.625%,
9/15/26
1,658,900
1,663
U.S.
Treasury
Notes,
4.625%,
10/15/26 (12)
1,090,000
1,093
U.S.
Treasury
Notes,
4.625%,
9/30/30
110,000
112
12,291
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$12,496)
12,291
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
5.6%
Money
Market
Funds
5.6%
T.
Rowe
Price
Treasury
Reserve
Fund,
5.37% (2)(13)
10,661,364
10,661
Total
Short-Term
Investments
(Cost
$10,661)
10,661
SECURITIES
LENDING
COLLATERAL
0.3%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.3%
Money
Market
Funds
0.3%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (2)(13)
578,422
578
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
578
Total
Securities
Lending
Collateral
(Cost
$578)
578
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED
0.0%
Exchange-Traded
Options
Purchased
0.0%
Description
Contracts
Notional
Amount
$
Value
U.S.
Treasury
10-Year
Notes
Futures,
Put,
4/26/24
@
$110.50 (5)
19
2,105
10
Total
Exchange-Traded
Options
Purchased
(Cost
$16)
10
OTC
Options
Purchased
0.0%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Barclays
Bank
30
Year
Interest
Rate
Swap,
8/12/54
Pay
Fixed
3.80%
Annually,
Receive
Variable
5.34%
(SOFR)
Annually,
8/8/24
@
3.80%* (5)
1
281
5
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Barclays
Bank
30
Year
Interest
Rate
Swap,
8/13/54
Pay
Fixed
3.80%
Annually,
Receive
Variable
5.34%
(SOFR)
Annually,
8/9/24
@
3.80%* (5)
1
495
10
Goldman
Sachs
30
Year
Interest
Rate
Swap,
8/13/54
Pay
Fixed
3.80%
Annually,
Receive
Variable
5.34%
(SOFR)
Annually,
8/9/24
@
3.80%* (5)
1
248
5
Morgan
Stanley
30
Year
Interest
Rate
Swap,
8/12/54
Pay
Fixed
3.80%
Annually,
Receive
Variable
5.34%
(SOFR)
Annually,
8/8/24
@
3.80%* (5)
1
247
5
Morgan
Stanley
30
Year
Interest
Rate
Swap,
8/13/54
Pay
Fixed
3.80%
Annually,
Receive
Variable
5.34%
(SOFR)
Annually,
8/9/24
@
3.80%* (5)
1
495
10
Total
OTC
Options
Purchased
(Cost
$56)
35
Total
Options
Purchased
(Cost
$72)
45
Total
Investments
in
Securities
100.6%
(Cost
$148,134)
$
192,126
Other
Assets
Less
Liabilities
(0.6)%
(1,190)
Net
Assets
100.0%
$
190,936
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
17
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
*
Exercise
Spread
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$6,560
and
represents
3.4%
of
net
assets.
(2)
Affiliated
Companies
(3)
SEC
30-day
yield
(4)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2024.
(5)
Non-income
producing
(6)
Level
3
in
fair
value
hierarchy.
(7)
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
alo
ng
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
$324
and
represents
0.2%
of
net
assets.
(8)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(9)
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.
(10)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(11)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$797
and
represents
0.4%
of
net
assets.
(12)
At
March
31,
2024,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(13)
Seven-day
yield
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
ADR
American
Depositary
Receipts
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.
AUD
Australian
Dollar
CAD
Canadian
Dollar
CDI
CHESS
or
CREST
Depositary
Interest
CHF
Swiss
Franc
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
DKK
Danish
Krone
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
HKD
Hong
Kong
Dollar
INR
Indian
Rupee
IO
Interest-only
security
for
which
the
fund
receives
interest
on
notional
principal
JPY
Japanese
Yen
KRW
South
Korean
Won
NOK
Norwegian
Krone
OTC
Over-the-counter
PIK
Payment-in-kind
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
RFUCCT1Y
Twelve
month
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
SDR
Swedish
Depository
Receipts
SEK
Swedish
Krona
SGD
Singapore
Dollar
SOFR
Secured
overnight
financing
rate
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TBA
To-Be-Announced
TWD
Taiwan
Dollar
UMBS
Uniform
Mortgage-Backed
Securities
USD
U.S.
Dollar
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
18
.
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
Moderate
Allocation
Portfolio
19
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.0)%
OTC
Options
Written
(0.0)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Barclays
Bank
2
Year
Interest
Rate
Swap,
8/12/26
Pay
Fixed
4.20%
Annually,
Receive
Variable
5.34%
(SOFR)
Annually,
8/8/24
@
4.20%*
1
2,255
(12)
Morgan
Stanley
2
Year
Interest
Rate
Swap,
8/12/26
Pay
Fixed
4.20%
Annually,
Receive
Variable
5.34%
(SOFR)
Annually,
8/8/24
@
4.20%*
1
2,053
(10)
Barclays
Bank
2
Year
Interest
Rate
Swap,
8/13/26
Pay
Fixed
4.20%
Annually,
Receive
Variable
5.34%
(SOFR)
Annually,
8/9/24
@
4.20%*
1
3,995
(21)
Goldman
Sachs
2
Year
Interest
Rate
Swap,
8/13/26
Pay
Fixed
4.20%
Annually,
Receive
Variable
5.34%
(SOFR)
Annually,
8/9/24
@
4.20%*
1
1,967
(10)
Morgan
Stanley
2
Year
Interest
Rate
Swap,
8/13/26
Pay
Fixed
4.20%
Annually,
Receive
Variable
5.34%
(SOFR)
Annually,
8/9/24
@
4.20%*
1
3,995
(21)
Total
Options
Written
(Premiums
$(53))
$
(74)
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
20
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Bought
0.0%
Morgan
Stanley,
Protection
Bought
(Relevant
Credit:
Markit
CMBX.NA.AAA-S15,
40
Year
Index),
Pay
0.50%
Monthly,
Receive
upon
credit
default,
11/18/64
644
6
16
(10)
Morgan
Stanley,
Protection
Bought
(Relevant
Credit:
Markit
CMBX.NA.AAA-S16,
40
Year
Index),
Pay
0.50%
Monthly,
Receive
upon
credit
default,
4/17/65
42
1
2
(1)
Total
Bilateral
Credit
Default
Swaps,
Protection
Bought
18
(11)
Credit
Default
Swaps,
Protection
Sold
0.0%
JPMorgan
Chase,
Protection
Sold
(Relevant
Credit:
Barclays
Bank,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/24
(EUR)
10
—
—
—
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
—
—
Total
Bilateral
Swaps
18
(11)
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
Protection
Sold
(Relevant
Credit:
Freeport-McMoRan,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
100
—
—
—
Protection
Sold
(Relevant
Credit:
Markit
CDX.EM-S40,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
287
5
4
1
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.HY-S41,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
*
278
21
—
21
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S41,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
*
2,308
53
43
10
Protection
Sold
(Relevant
Credit:
United
Mexican
States,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
*
558
4
—
4
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
36
Total
Centrally
Cleared
Swaps
36
Net
payments
(receipts)
of
variation
margin
to
date
(36)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
—
*
Credit
ratings
as
of
March
31,
2024.
Ratings
shown
are
from
Moody’s
Investors
Service
and
if
Moody’s
does
not
rate
a
security,
then
Standard
&
Poor’s
(S&P)
is
used.
Fitch
is
used
for
securities
that
are
not
rated
by
either
Moody’s
or
S&P.
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
less
than
$(1).
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
21
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Deutsche
Bank
5/24/24
USD
118
EUR
109
$
—
JPMorgan
Chase
5/24/24
USD
112
EUR
104
1
State
Street
5/24/24
USD
166
EUR
153
—
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
1
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
22
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
74
U.S.
Treasury
Notes
five
year
contracts
6/24
7,919
$
7
Short,
28
U.S.
Treasury
Notes
two
year
contracts
6/24
(5,726)
6
Long,
2
Ultra
U.S.
Treasury
Bonds
contracts
6/24
258
4
Short,
15
Ultra
U.S.
Treasury
Notes
ten
year
contracts
6/24
(1,719)
(3)
Net
payments
(receipts)
of
variation
margin
to
date
(16)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(2)
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
23
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
Inflation
Protected
Bond
Fund
-
I
Class,
8.49%
$
—
$
—
$
—
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.17%
—
24
108
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
—
(36)
—
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.57%
—
—
9
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.21%
—
(75)
161
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
3.17%
—
(86)
14
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.15%
—
(10)
31
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
8.23%
—
2
1
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
—
215
—
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
—
—
—++
T.
Rowe
Price
Treasury
Reserve
Fund,
5.37%
—
—
133
Totals
$
—#
$
34
$
457+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
03/31/24
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
8.49%
$
6
$
—
$
—
$
6
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.17%
7,624
106
—
7,754
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
7,635
—
—
7,599
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.57%
403
9
—
412
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.21%
9,800
159
—
9,884
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
3.17%
2,124
14
—
2,052
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.15%
4,326
206
—
4,522
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
8.23%
7
406
—
415
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
7,016
160
—
7,391
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
238
¤
¤
578
T.
Rowe
Price
Treasury
Reserve
Fund,
5.37%
10,456
¤
¤
10,661
Total
$
51,274^
#
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
$457
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
$51,200.
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
Unaudited
24
Notes
to
Portfolio
of
Investments
T.
Rowe
Price
Moderate
Allocation
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
Moderate
Allocation
Portfolio
25
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
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
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.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
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.
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
26
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.
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.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
39,600
$
—
$
39,600
Bond
Mutual
Funds
25,045
—
—
25,045
Common
Stocks
77,648
23,112
75
100,835
Convertible
Preferred
Stocks
—
—
235
235
Equity
Mutual
Funds
14,990
—
—
14,990
Preferred
Stocks
—
137
—
137
Short-Term
Investments
10,661
—
—
10,661
Securities
Lending
Collateral
578
—
—
578
Options
Purchased
10
35
—
45
Total
Securities
128,932
62,884
310
192,126
Swaps*
—
43
—
43
Forward
Currency
Exchange
Contracts
—
1
—
1
Futures
Contracts*
17
—
—
17
Total
$
128,949
$
62,928
$
310
$
192,187
Liabilities
Options
Written
$
—
$
74
$
—
$
74
Futures
Contracts*
3
—
—
3
Total
$
3
$
74
$
—
$
77
1
Includes
Asset-Backed
Securities,
Corporate
Bonds,
Foreign
Government
Obligations
&
Municipalities,
Non-U.S.
Government
Mortgage-Backed
Securities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
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
Moderate
Allocation
Portfolio
27
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.
E304-054Q1
03/24