T.
ROWE
PRICE
Moderate
Allocation
Portfolio
September
30,
2022
(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
30,000
27
Amur
Equipment
Finance
Receivables
X
Series 2022-1A,
Class
D
2.91%,
8/21/28 (1)
100,000
90
Applebee's
Funding
Series 2019-1A,
Class
A2I
4.194%,
6/5/49 (1)
118,800
113
Benefit
Street
Partners
XX
Series 2020-20A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.17%,
3.682%,
7/15/34 (1)
250,000
241
Carlyle
U.S.
Series 2019-4A,
Class
A11R,
CLO,
FRN
3M
TSFR
+
1.32%,
3.648%,
4/15/35 (1)
250,000
243
Carmax
Auto
Owner
Trust
Series 2021-1,
Class
D
1.28%,
7/15/27
90,000
79
CarMax
Auto
Owner
Trust
Series 2022-1,
Class
D
2.47%,
7/17/28
20,000
18
Carvana
Auto
Receivables
Trust
Series 2022-P1,
Class
C
3.30%,
4/10/28
35,000
32
CBAM
Series 2019-9A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.28%,
3.792%,
2/12/30 (1)
235,626
233
CIFC
Funding
Series 2020-1A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.15%,
3.662%,
7/15/36 (1)
250,000
242
Driven
Brands
Funding
Series 2020-2A,
Class
A2
3.237%,
1/20/51 (1)
64,025
54
Exeter
Automobile
Receivables
Trust
Series 2022-2A,
Class
C
3.85%,
7/17/28
75,000
72
Exeter
Automobile
Receivables
Trust
Series 2022-3A,
Class
C
5.30%,
9/15/27
50,000
49
Ford
Credit
Auto
Owner
Trust
Series 2018-1,
Class
C
3.49%,
7/15/31 (1)
100,000
95
Hardee's
Funding
Series 2018-1A,
Class
A2II
4.959%,
6/20/48 (1)
52,800
49
HPEFS
Equipment
Trust
Series 2022-1A,
Class
D
2.40%,
11/20/29 (1)
100,000
91
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
HPS
Loan
Management
Series 2021-16A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.14%,
3.923%,
1/23/35 (1)
250,000
241
Kings
Park
Series 2021-1A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.13%,
3.862%,
1/21/35 (1)
250,000
241
Navient
Private
Education
Refi
Loan
Trust
Series 2022-A,
Class
A
2.23%,
7/15/70 (1)
96,457
85
Progress
Residential
Trust
Series 2022-SFR7,
Class
B
5.50%,
10/27/27 (1)
100,000
99
Santander
Drive
Auto
Receivables
Trust
Series 2021-4,
Class
D
1.67%,
10/15/27
25,000
23
Santander
Drive
Auto
Receivables
Trust
Series 2022-2,
Class
C
3.76%,
7/16/29
40,000
38
Santander
Drive
Auto
Receivables
Trust
Series 2022-5,
Class
C
4.74%,
10/16/28
20,000
20
Santander
Retail
Auto
Lease
Trust
Series 2021-A,
Class
D
1.38%,
3/22/27 (1)
50,000
46
SMB
Private
Education
Loan
Trust
Series 2018-A,
Class
A2A
3.50%,
2/15/36 (1)
57,422
55
SMB
Private
Education
Loan
Trust
Series 2018-C,
Class
A2A
3.63%,
11/15/35 (1)
52,626
51
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
B
2.31%,
1/15/53 (1)
100,000
87
Total
Asset-Backed
Securities
(Cost
$2,873)
2,733
BOND
MUTUAL
FUNDS
14.6%
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
1.24% (2)(3)
483
5
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
7.24% (2)(3)
1,088,624
6,271
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
6.34% (2)(3)
82,703
751
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
8.50% (2)(3)
1,331,728
9,549
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
3.15% (2)(3)
904,587
5,997
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
1.24% (2)(3)
1,298
6
Total
Bond
Mutual
Funds
(Cost
$29,280)
22,579
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
48.6%
COMMUNICATION
SERVICES
3.9%
Diversified
Telecommunication
Services
0.3%
KT
(KRW)
2,855
72
Nippon
Telegraph
&
Telephone
(JPY)
15,300
412
484
Entertainment
0.4%
Cinemark
Holdings (4)
1,138
14
Netflix (4)
764
180
Sea,
ADR (4)
2,967
166
Spotify
Technology (4)
362
31
Walt
Disney (4)
1,984
187
578
Interactive
Media
&
Services
2.8%
Alphabet,
Class
A (4)
2,407
230
Alphabet,
Class
C (4)
32,628
3,137
Bumble,
Class
A (4)
996
21
Meta
Platforms,
Class
A (4)
5,161
700
NAVER
(KRW)
439
59
Tencent
Holdings
(HKD)
3,300
111
Vimeo (4)
1,653
7
Z
Holdings
(JPY)
21,700
58
4,323
Media
0.2%
Cable
One
65
55
CyberAgent
(JPY)
11,000
93
Stroeer
(EUR)
948
36
WPP
(GBP)
15,609
129
313
Wireless
Telecommunication
Services
0.2%
SoftBank
Group
(JPY)
1,500
51
T-Mobile
U.S. (4)
866
116
Vodafone
Group,
ADR
12,097
137
304
Total
Communication
Services
6,002
CONSUMER
DISCRETIONARY
5.8%
Auto
Components
0.2%
Autoliv,
SDR
(SEK)
1,211
82
Denso
(JPY)
1,600
73
Magna
International
2,911
138
Stanley
Electric
(JPY)
3,000
47
Sumitomo
Rubber
Industries
(JPY)
3,300
26
366
Automobiles
1.2%
Honda
Motor
(JPY)
2,200
48
Rivian
Automotive,
Class
A (4)
2,602
86
Suzuki
Motor
(JPY)
2,500
78
Tesla (4)
4,837
1,283
Toyota
Motor
(JPY)
20,700
270
1,765
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Diversified
Consumer
Services
0.1%
Bright
Horizons
Family
Solutions (4)
636
37
Clear
Secure,
Class
A (4)
2,183
50
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (4)(5)
823
—
87
Hotels,
Restaurants
&
Leisure
0.9%
BJ's
Restaurants (4)
1,095
26
Booking
Holdings (4)
78
128
Chipotle
Mexican
Grill (4)
156
235
Chuy's
Holdings (4)
1,095
25
Compass
Group
(GBP)
9,301
185
Dutch
Bros,
Class
A (4)
228
7
Fiesta
Restaurant
Group (4)
2,184
14
Hilton
Worldwide
Holdings
44
5
Marriott
International,
Class
A
253
36
Marriott
Vacations
Worldwide
155
19
McDonald's
1,549
358
Papa
John's
International
966
68
Red
Robin
Gourmet
Burgers (4)
506
3
Red
Rock
Resorts,
Class
A
331
11
Ruth's
Hospitality
Group
1,032
17
Wyndham
Hotels
&
Resorts
409
25
Yum!
Brands
1,794
191
1,353
Household
Durables
0.2%
Cavco
Industries (4)
108
22
Panasonic
Holdings
(JPY)
13,600
96
Persimmon
(GBP)
5,033
69
Skyline
Champion (4)
852
45
Sony
Group
(JPY)
2,100
135
367
Internet
&
Direct
Marketing
Retail
1.8%
Alibaba
Group
Holding,
ADR (4)
265
21
Amazon.com (4)
22,445
2,536
ASOS
(GBP) (4)
3,260
21
Big
Sky
Growth
Partners (4)
1,141
11
DoorDash,
Class
A (4)
980
49
Farfetch,
Class
A (4)
2,357
18
Xometry,
Class
A (4)
676
38
Zalando
(EUR) (4)(6)
2,321
45
2,739
Multiline
Retail
0.4%
Dollar
General
2,106
505
Next
(GBP)
1,574
84
Ollie's
Bargain
Outlet
Holdings (4)
1,528
79
668
Specialty
Retail
0.6%
Burlington
Stores (4)
494
55
Carvana (4)
2,255
46
Five
Below (4)
145
20
Kingfisher
(GBP)
51,718
126
KKR
Acquisition
Holdings
I (4)
1,816
18
Monro
1,029
45
RH (4)
70
17
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Ross
Stores
3,527
297
TJX
2,913
181
Warby
Parker,
Class
A (4)
2,280
30
835
Textiles,
Apparel
&
Luxury
Goods
0.4%
Dr.
Martens
(GBP)
14,459
35
Kering
(EUR)
235
104
Lululemon
Athletica (4)
562
157
Moncler
(EUR)
2,465
101
NIKE,
Class
B
1,853
154
Samsonite
International
(HKD) (4)
26,100
63
Skechers
USA,
Class
A (4)
1,157
37
651
Total
Consumer
Discretionary
8,831
CONSUMER
STAPLES
3.2%
Beverages
0.7%
Boston
Beer,
Class
A (4)
235
76
Coca-Cola
1,906
107
Diageo
(GBP)
4,642
195
Keurig
Dr
Pepper
11,722
420
Kirin
Holdings
(JPY)
5,100
79
Monster
Beverage (4)
1,581
137
1,014
Food
&
Staples
Retailing
0.5%
Seven
&
i
Holdings
(JPY)
4,800
193
Walmart
3,602
467
Welcia
Holdings
(JPY)
1,900
40
700
Food
Products
0.9%
Barry
Callebaut
(CHF)
53
100
Cal-Maine
Foods
407
23
Mondelez
International,
Class
A
5,778
317
Nestle
(CHF)
6,278
679
Nomad
Foods (4)
1,759
25
Post
Holdings (4)
537
44
Post
Holdings
Partnering (4)
724
7
Simply
Good
Foods (4)
276
9
TreeHouse
Foods (4)
492
21
Utz
Brands
1,939
29
Wilmar
International
(SGD)
58,400
155
1,409
Household
Products
0.2%
Procter
&
Gamble
2,711
342
342
Personal
Products
0.4%
BellRing
Brands (4)
2,053
42
Haleon,
ADR (4)
3,989
24
L'Oreal
(EUR)
586
188
Pola
Orbis
Holdings
(JPY)
1,300
15
Unilever
(GBP)
7,856
345
614
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Tobacco
0.5%
Philip
Morris
International
8,303
689
689
Total
Consumer
Staples
4,768
ENERGY
1.6%
Energy
Equipment
&
Services
0.1%
Cactus,
Class
A
520
20
Liberty
Energy,
Class
A (4)
2,919
37
NexTier
Oilfield
Solutions (4)
4,574
34
Worley
(AUD)
13,497
110
201
Oil,
Gas
&
Consumable
Fuels
1.5%
Devon
Energy
1,024
62
Diamondback
Energy
525
63
Equinor
(NOK)
9,889
326
Exxon
Mobil
8,603
751
Magnolia
Oil
&
Gas,
Class
A
3,471
69
Shell,
ADR
2,803
139
TC
Energy
4,320
174
TotalEnergies
(EUR)
12,124
569
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $3 (4)
(5)(7)
1
15
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $18 (4)(5)(7)
5
74
Williams
2,649
76
Woodside
Energy
Group
(GBP)
1,027
21
2,339
Total
Energy
2,540
FINANCIALS
6.6%
Banks
2.5%
Australia
&
New
Zealand
Banking
Group
(AUD)
6,837
100
Bank
of
America
25,041
756
BankUnited
1,365
47
BNP
Paribas
(EUR)
2,539
107
Cadence
Bank
1,494
38
Close
Brothers
Group
(GBP)
2,560
26
CRB
Group,
Acquisition
Date:
4/14/22,
Cost $2 (4)(5)(7)
23
2
CrossFirst
Bankshares (4)
1,270
17
DBS
Group
Holdings
(SGD)
4,075
94
Dime
Community
Bancshares
1,058
31
DNB
Bank
(NOK)
12,351
196
Dogwood
State
Bank,
Non-Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $3 (4)(5)(7)
307
6
Dogwood
State
Bank,
Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $2 (4)
(5)(7)
151
3
Dogwood
State
Bank,
Warrants,
5/6/24,
Acquisition
Date:
5/6/19,
Cost $— (4)(5)(7)
46
—
East
West
Bancorp
656
44
Equity
Bancshares,
Class
A
658
20
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Erste
Group
Bank
(EUR)
1,837
40
FB
Financial
1,014
39
First
Bancshares
814
24
Five
Star
Bancorp
663
19
Grasshopper
Bancorp,
Acquisition
Date:
10/12/18
-
5/2/19,
Cost $5 (4)
(5)(7)
528
2
Grasshopper
Bancorp,
Warrants,
10/12/28,
Acquisition
Date:
10/12/18,
Cost $— (4)(5)(7)
104
—
Heritage
Commerce
2,587
29
Home
BancShares
1,476
33
ING
Groep
(EUR)
22,904
196
Intesa
Sanpaolo
(EUR)
33,853
56
JPMorgan
Chase
549
57
Live
Oak
Bancshares
1,053
32
Lloyds
Banking
Group
(GBP)
204,746
93
Mitsubishi
UFJ
Financial
Group
(JPY) (6)
19,300
87
National
Bank
of
Canada
(CAD) (6)
3,264
205
Origin
Bancorp
812
31
Pacific
Premier
Bancorp
1,093
34
Pinnacle
Financial
Partners
622
51
Popular
356
26
Professional
Holding,
Class
A (4)
150
4
Sandy
Spring
Bancorp
529
19
Signature
Bank
352
53
SouthState
550
44
Standard
Chartered
(GBP)
9,243
58
Sumitomo
Mitsui
Trust
Holdings
(JPY)
2,335
66
Svenska
Handelsbanken,
Class
A
(SEK)
16,554
136
United
Overseas
Bank
(SGD)
8,700
158
Veritex
Holdings
978
26
Wells
Fargo
17,787
715
Western
Alliance
Bancorp
1,025
67
3,887
Capital
Markets
0.7%
Bluescape
Opportunities
Acquisition,
Warrants,
12/31/26 (4)
793
—
Bridgepoint
Group
(GBP)
15,312
32
Cboe
Global
Markets
416
49
Charles
Schwab
3,130
225
Goldman
Sachs
Group
940
275
Julius
Baer
Group
(CHF)
2,581
112
Macquarie
Group
(AUD)
983
96
MSCI
87
37
P10,
Class
A
1,785
19
S&P
Global
468
143
StepStone
Group,
Class
A
1,210
29
TMX
Group
(CAD)
279
26
XP,
Class
A (4)
2,933
56
1,099
Consumer
Finance
0.0%
Encore
Capital
Group (4)
470
22
PRA
Group (4)
887
29
51
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Diversified
Financial
Services
0.3%
Challenger
(AUD)
11,541
43
Conyers
Park
III
Acquisition (4)
1,070
10
Corebridge
Financial (4)
1,316
26
Element
Fleet
Management
(CAD)
14,744
174
Housing
Development
Finance
(INR)
3,754
105
Mitsubishi
HC
Capital
(JPY)
12,000
52
410
Insurance
3.0%
AIA
Group
(HKD)
7,200
60
Allstate
470
58
American
International
Group
3,531
168
Assurant
483
70
AXA
(EUR)
12,571
274
Axis
Capital
Holdings
1,214
60
Chubb
4,338
789
Definity
Financial
(CAD)
1,159
33
Direct
Line
Insurance
Group
(GBP)
23,106
48
Hanover
Insurance
Group
379
48
Hartford
Financial
Services
Group
1,497
93
Kemper
568
23
Manulife
Financial
(CAD)
6,566
103
Marsh
&
McLennan
770
115
MetLife
4,234
257
Munich
Re
(EUR)
1,295
312
PICC
Property
&
Casualty,
Class
H
(HKD)
108,000
112
Ping
An
Insurance
Group,
Class
H
(HKD)
8,000
40
Progressive
3,779
439
Sampo,
Class
A
(EUR)
4,666
199
Selective
Insurance
Group
1,054
86
Storebrand
(NOK)
17,111
118
Sun
Life
Financial
(CAD)
4,819
192
Tokio
Marine
Holdings
(JPY)
10,500
187
Travelers
2,977
456
Zurich
Insurance
Group
(CHF)
506
202
4,542
Thrifts
&
Mortgage
Finance
0.1%
Blue
Foundry
Bancorp (4)
741
8
Capitol
Federal
Financial
1,706
14
Essent
Group
596
21
Kearny
Financial
1,409
15
PennyMac
Financial
Services
1,240
53
111
Total
Financials
10,100
HEALTH
CARE
8.9%
Biotechnology
0.8%
AbbVie
3,537
475
Abcam,
ADR (4)
1,945
29
Agios
Pharmaceuticals (4)
451
13
Apellis
Pharmaceuticals (4)
992
68
Argenx,
ADR (4)
299
106
Ascendis
Pharma,
ADR (4)
495
51
Avid
Bioservices (4)
746
14
Avidity
Biosciences (4)
621
10
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Blueprint
Medicines (4)
580
38
Cerevel
Therapeutics
Holdings (4)
628
18
CRISPR
Therapeutics (4)
228
15
Flame
Biosciences,
Acquisition
Date:
9/28/20,
Cost $2 (4)(5)(7)
372
2
Generation
Bio (4)
1,036
5
Genmab
(DKK) (4)
178
57
Icosavax (4)
811
3
Insmed (4)
2,157
46
Intellia
Therapeutics (4)
242
14
Ionis
Pharmaceuticals (4)
451
20
Karuna
Therapeutics (4)
163
37
Kura
Oncology (4)
626
9
Kymera
Therapeutics (4)
219
5
MeiraGTx
Holdings (4)
350
3
Monte
Rosa
Therapeutics (4)
494
4
Morphic
Holding (4)
315
9
Nkarta (4)
604
8
Nurix
Therapeutics (4)
305
4
Prometheus
Biosciences (4)
162
10
Prothena (4)
251
15
PTC
Therapeutics (4)
119
6
RAPT
Therapeutics (4)
502
12
Regeneron
Pharmaceuticals (4)
98
67
Relay
Therapeutics (4)
379
8
Repare
Therapeutics (4)
449
5
Replimune
Group (4)
259
4
Scholar
Rock,
Warrants,
12/31/25,
Acquisition
Date:
6/17/22,
Cost $— (4)
(5)
87
—
Scholar
Rock
Holding (4)
1,153
8
Tenaya
Therapeutics (4)
269
1
Ultragenyx
Pharmaceutical (4)
552
23
Verve
Therapeutics (4)
237
8
Xencor (4)
773
20
Zentalis
Pharmaceuticals (4)
473
10
1,260
Health
Care
Equipment
&
Supplies
1.8%
Abbott
Laboratories
2,766
268
Alcon
(CHF)
978
57
Align
Technology (4)
152
31
AtriCure (4)
541
21
Becton
Dickinson
&
Company
5,082
1,132
CVRx (4)
364
3
Elekta,
Class
B
(SEK)
11,909
60
EssilorLuxottica
(EUR)
973
132
ICU
Medical (4)
304
46
Intuitive
Surgical (4)
1,761
330
Koninklijke
Philips
(EUR)
6,361
98
Nevro (4)
273
13
Outset
Medical (4)
1,361
22
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $15 (4)(5)(7)
3,864
3
Penumbra (4)
167
32
PROCEPT
BioRobotics (4)
1,149
48
Siemens
Healthineers
(EUR)
3,486
150
STERIS
53
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Stryker
1,611
326
Teleflex
221
44
2,825
Health
Care
Providers
&
Services
2.5%
Alignment
Healthcare (4)
1,472
17
Centene (4)
6,270
488
Cigna
469
130
dentalcorp
Holdings
(CAD) (4)
1,362
8
Elevance
Health
2,333
1,060
Fresenius
(EUR)
4,112
88
HCA
Healthcare
947
174
Humana
472
229
ModivCare (4)
384
38
Molina
Healthcare (4)
360
119
Option
Care
Health (4)
1,358
43
Pennant
Group (4)
852
9
Privia
Health
Group (4)
1,242
42
Surgery
Partners (4)
443
10
U.S.
Physical
Therapy
356
27
UnitedHealth
Group
2,729
1,378
3,860
Health
Care
Technology
0.1%
Certara (4)
269
3
Definitive
Healthcare (4)
582
9
Doximity,
Class
A (4)
582
18
Veeva
Systems,
Class
A (4)
410
68
98
Life
Sciences
Tools
&
Services
1.0%
Adaptive
Biotechnologies (4)
346
3
Bruker
1,115
59
Danaher
2,984
771
Evotec
(EUR) (4)
2,008
35
NeoGenomics (4)
1,187
10
Olink
Holding,
ADR (4)
846
10
PerkinElmer
942
113
Rapid
Micro
Biosystems,
Class
A (4)
1,354
4
Seer (4)
574
5
Thermo
Fisher
Scientific
1,088
552
1,562
Pharmaceuticals
2.7%
Arvinas (4)
229
10
Astellas
Pharma
(JPY)
17,300
229
AstraZeneca,
ADR
14,034
770
Bayer
(EUR)
3,530
163
Catalent (4)
848
62
Eli
Lilly
1,613
522
GSK,
ADR
3,201
94
Ipsen
(EUR)
441
41
Johnson
&
Johnson
4,617
754
Novartis
(CHF)
4,130
315
Otsuka
Holdings
(JPY)
3,100
98
Reata
Pharmaceuticals,
Class
A (4)
251
6
Roche
Holding
(CHF)
1,351
440
Sanofi
(EUR)
4,191
319
Sanofi,
ADR
3,425
130
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Zoetis
1,034
153
4,106
Total
Health
Care
13,711
INDUSTRIALS
&
BUSINESS
SERVICES
4.0%
Aerospace
&
Defense
0.6%
Cadre
Holdings
572
14
L3Harris
Technologies
2,217
461
Northrop
Grumman
671
315
Parsons (4)
1,083
42
Safran
(EUR)
1,007
92
924
Building
Products
0.0%
CSW
Industrials
258
31
Gibraltar
Industries (4)
648
26
57
Commercial
Services
&
Supplies
0.3%
Cintas
102
40
IAA (4)
852
27
MSA
Safety
185
20
Rentokil
Initial
(GBP)
6,457
34
Republic
Services
1,593
217
Stericycle (4)
883
37
Tetra
Tech
182
23
398
Electrical
Equipment
0.8%
ABB
(CHF)
7,200
186
AZZ
1,128
41
Eaton
2,546
340
Hubbell
1,303
291
Legrand
(EUR)
1,888
122
Mitsubishi
Electric
(JPY)
16,900
153
Prysmian
(EUR)
4,445
127
Shoals
Technologies
Group,
Class
A (4)
1,013
22
Thermon
Group
Holdings (4)
532
8
1,290
Industrial
Conglomerates
1.0%
DCC
(GBP)
1,438
75
General
Electric
7,189
445
Honeywell
International
1,429
239
Melrose
Industries
(GBP)
76,296
85
Roper
Technologies
379
136
Siemens
(EUR)
5,097
498
1,478
Machinery
0.4%
Enerpac
Tool
Group
2,136
38
ESCO
Technologies
671
49
Federal
Signal
1,071
40
Graco
708
43
Helios
Technologies
561
28
Ingersoll
Rand
3,452
149
John
Bean
Technologies
516
44
KION
Group
(EUR)
2,181
42
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Marel
(ISK)
2,236
7
Mueller
Water
Products,
Class
A
2,616
27
RBC
Bearings (4)
170
35
SMC
(JPY)
100
41
SPX
Technologies (4)
867
48
THK
(JPY)
2,400
42
Toro
374
32
665
Professional
Services
0.3%
Booz
Allen
Hamilton
Holding
476
44
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $5 (4)(5)(7)
594
5
Clarivate (4)
3,242
31
Huron
Consulting
Group (4)
335
22
Legalzoom.com (4)
965
8
Recruit
Holdings
(JPY)
4,000
115
TechnoPro
Holdings
(JPY)
4,800
102
Teleperformance
(EUR)
441
112
TransUnion
558
33
Upwork (4)
862
12
484
Road
&
Rail
0.3%
Central
Japan
Railway
(JPY)
700
82
CSX
9,490
253
Landstar
System
189
27
Norfolk
Southern
260
55
Saia (4)
238
45
Union
Pacific
136
26
488
Trading
Companies
&
Distributors
0.3%
Air
Lease
756
23
Ashtead
Group
(GBP)
2,993
134
Bunzl
(GBP)
2,572
79
Mitsubishi
(JPY)
3,800
104
Rush
Enterprises,
Class
A
589
26
SiteOne
Landscape
Supply (4)
483
50
Sumitomo
(JPY)
8,000
99
515
Total
Industrials
&
Business
Services
6,299
INFORMATION
TECHNOLOGY
9.6%
Communications
Equipment
0.2%
Infinera (4)
642
3
LM
Ericsson,
Class
B
(SEK) (6)
24,557
144
Motorola
Solutions
978
219
366
Electronic
Equipment,
Instruments
&
Components
0.4%
Corning
340
10
CTS
1,255
52
Hamamatsu
Photonics
(JPY)
2,300
99
Largan
Precision
(TWD)
1,000
52
Littelfuse
201
40
Murata
Manufacturing
(JPY)
2,500
115
Novanta (4)
289
33
Omron
(JPY)
1,100
50
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
PAR
Technology (4)
1,031
31
TE
Connectivity
487
54
Teledyne
Technologies (4)
234
79
615
IT
Services
1.6%
Adyen
(EUR) (4)
57
71
Affirm
Holdings (4)
1,169
22
Amadeus
IT
Group
(EUR) (4)
1,438
67
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $61 (4)(5)(7)
16,076
32
Block,
Class
A (4)
1,369
75
Fiserv (4)
3,569
334
Mastercard,
Class
A
1,909
543
MongoDB (4)
530
105
NTT
Data
(JPY)
15,400
199
Payoneer
Global (4)
5,765
35
PayPal
Holdings (4)
806
69
ServiceTitan,
Acquisition
Date:
11/9/18
-
5/4/21,
Cost $1 (4)(5)(7)
26
2
Shopify,
Class
A (4)
2,920
78
Snowflake,
Class
A (4)
369
63
SS&C
Technologies
Holdings
1,043
50
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $3 (4)(5)(7)
110
2
Toast,
Class
A (4)
3,148
52
Visa,
Class
A
4,063
722
2,521
Semiconductors
&
Semiconductor
Equipment
2.2%
Advanced
Micro
Devices (4)
3,121
198
Analog
Devices
171
24
ASML
Holding
(EUR)
575
238
ASML
Holding
480
199
Broadcom
947
420
Entegris
931
77
KLA
1,262
382
Lattice
Semiconductor (4)
2,050
101
Marvell
Technology
2,177
93
Monolithic
Power
Systems
283
103
NVIDIA
4,202
510
NXP
Semiconductors
1,198
177
QUALCOMM
1,647
186
Renesas
Electronics
(JPY) (4)
6,300
53
Taiwan
Semiconductor
Manufacturing
(TWD)
26,219
348
Taiwan
Semiconductor
Manufacturing,
ADR
1,058
73
Texas
Instruments
1,119
173
Tokyo
Electron
(JPY)
400
99
3,454
Software
3.6%
Amplitude,
Class
A (4)
907
14
Atlassian,
Class
A (4)
732
154
Bill.com
Holdings (4)
951
126
Blackline (4)
422
25
Canva,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $34 (4)(5)(7)
20
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Ceridian
HCM
Holding (4)
109
6
Clearwater
Analytics
Holdings,
Class
A (4)
544
9
Confluent,
Class
A (4)
1,200
29
Coupa
Software (4)
258
15
Crowdstrike
Holdings,
Class
A (4)
302
50
Datadog,
Class
A (4)
562
50
Descartes
Systems
Group (4)
1,280
81
DoubleVerify
Holdings (4)
1,823
50
Five9 (4)
166
13
Fortinet (4)
1,075
53
Gusto,
Acquisition
Date:
10/4/21,
Cost $10 (4)(5)(7)
364
7
HashiCorp,
Class
A (4)
256
8
Intuit
1,032
400
Manhattan
Associates (4)
327
44
Microsoft
14,050
3,272
nCino (4)
257
9
Paycom
Software (4)
140
46
Paycor
HCM (4)
1,450
43
Plex
Systems,
EC,
Acquisition
Date:
9/7/21,
Cost $— (4)(5)(7)
51
—
Plex
Systems,
EC,
Acquisition
Date:
9/7/21,
Cost $— (4)(5)(7)
357
—
SAP
(EUR)
2,128
173
ServiceNow (4)
1,340
506
Socure,
Acquisition
Date:
12/22/21,
Cost $2 (4)(5)(7)
117
1
Synopsys (4)
1,082
331
Workiva (4)
594
46
5,580
Technology
Hardware,
Storage
&
Peripherals
1.6%
Apple
16,712
2,310
Samsung
Electronics
(KRW)
5,620
206
2,516
Total
Information
Technology
15,052
MATERIALS
1.6%
Chemicals
0.9%
Air
Liquide
(EUR)
1,203
137
Akzo
Nobel
(EUR)
1,788
101
Asahi
Kasei
(JPY)
13,400
89
BASF
(EUR)
2,193
84
Covestro
(EUR)
2,365
68
Element
Solutions
4,596
75
Johnson
Matthey
(GBP)
4,315
87
Linde
436
118
Nutrien
3,966
331
Quaker
Chemical
279
40
Sherwin-Williams
440
90
Tosoh
(JPY)
1,000
11
Umicore
(EUR)
2,268
67
1,298
Containers
&
Packaging
0.1%
Amcor,
CDI
(AUD)
6,528
70
Ranpak
Holdings (4)
647
2
72
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Metals
&
Mining
0.5%
Antofagasta
(GBP)
7,708
95
BHP
Group
(AUD)
2,295
57
BHP
Group
(GBP) (6)
5,902
147
Constellium (4)
3,359
34
ERO
Copper
(CAD) (4)
1,001
11
Franco-Nevada
(CAD)
68
8
Haynes
International
691
24
IGO
(AUD)
31,743
279
Rio
Tinto
(AUD)
695
42
South32
(AUD)
34,811
83
780
Paper
&
Forest
Products
0.1%
Stora
Enso,
Class
R
(EUR)
8,422
107
West
Fraser
Timber
(CAD)
228
16
123
Total
Materials
2,273
MISCELLANEOUS
0.0%
Miscellaneous
0.0%
Fresh
Market,
EC (4)(7)
590
—
Total
Miscellaneous
—
REAL
ESTATE
0.8%
Equity
Real
Estate
Investment
Trusts
0.6%
AvalonBay
Communities,
REIT
479
88
Community
Healthcare
Trust,
REIT
495
16
CubeSmart,
REIT
1,270
51
EastGroup
Properties,
REIT
622
90
Equity
Residential,
REIT
1,070
72
First
Industrial
Realty
Trust,
REIT
529
24
Flagship
Communities
REIT (6)
440
7
Great
Portland
Estates
(GBP)
10,992
54
Independence
Realty
Trust,
REIT
248
4
Prologis,
REIT
3,058
311
Rexford
Industrial
Realty,
REIT
1,027
53
Scentre
Group
(AUD)
48,589
79
Terreno
Realty,
REIT
382
20
Weyerhaeuser,
REIT
2,700
77
946
Real
Estate
Management
&
Development
0.2%
Altus
Group
(CAD)
252
8
DigitalBridge
Group
1,116
14
FirstService
734
87
Mitsui
Fudosan
(JPY)
9,000
172
Opendoor
Technologies,
Class
A (4)
5,698
18
Tricon
Residential
2,774
24
323
Total
Real
Estate
1,269
UTILITIES
2.4%
Electric
Utilities
1.1%
American
Electric
Power
3,672
317
Duke
Energy
659
61
Exelon
3,459
130
FirstEnergy
1,200
44
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
IDACORP
541
54
MGE
Energy
261
17
Southern
13,879
944
Xcel
Energy
2,499
160
1,727
Gas
Utilities
0.1%
Beijing
Enterprises
Holdings
(HKD)
14,000
39
Chesapeake
Utilities
464
54
ONE
Gas
363
26
Southwest
Gas
Holdings
979
68
187
Independent
Power
&
Renewable
Electricity
Producers
0.1%
Electric
Power
Development
(JPY)
5,200
74
NextEra
Energy
Partners
490
35
109
Multi-Utilities
1.1%
Ameren
1,878
151
Dominion
Energy
8,823
610
DTE
Energy
1,110
127
Engie
(EUR)
17,812
205
National
Grid
(GBP)
13,041
134
NiSource
2,774
70
Sempra
Energy
2,700
405
WEC
Energy
Group
355
32
1,734
Water
Utilities
0.0%
California
Water
Service
Group
511
27
SJW
Group
541
31
58
Total
Utilities
3,815
Total
Miscellaneous
Common
Stocks
0.2% (8)
289
Total
Common
Stocks
(Cost
$56,042)
74,949
CONVERTIBLE
PREFERRED
STOCKS
0.3%
CONSUMER
DISCRETIONARY
0.1%
Hotels,
Restaurants
&
Leisure
0.1%
Cava
Group,
Series
E,
Acquisition
Date:
6/23/20
-
3/26/21,
Cost $19 (4)
(5)(7)
754
44
Cava
Group,
Series
F,
Acquisition
Date:
3/26/21,
Cost $12 (4)(5)(7)
335
20
64
Internet
&
Direct
Marketing
Retail
0.0%
1661,
Series
F,
Acquisition
Date:
5/28/21,
Cost $10 (4)(5)(7)
1,674
3
3
Total
Consumer
Discretionary
67
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CONSUMER
STAPLES
0.0%
Food
Products
0.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $14 (4)(5)(7)
733
46
Total
Consumer
Staples
46
FINANCIALS
0.0%
Banks
0.0%
CRB
Group,
Acquisition
Date:
1/28/22,
Cost $9 (4)(5)(7)
81
9
Total
Financials
9
HEALTH
CARE
0.1%
Biotechnology
0.0%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $5 (4)
(5)(7)
1,752
11
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $7 (4)
(5)(7)
895
6
17
Health
Care
Equipment
&
Supplies
0.0%
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $5 (4)(5)(7)
5,305
5
5
Health
Care
Providers
&
Services
0.0%
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $10 (4)(5)(7)
4,107
12
12
Life
Sciences
Tools
&
Services
0.1%
Cleerly,
Series
C,
Acquisition
Date:
7/8/22,
Cost $5 (4)(5)(7)
413
5
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $6 (4)(5)(7)
636
4
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $7 (4)(5)(7)
524
32
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $10 (4)
(5)(7)
237
14
55
Total
Health
Care
89
INDUSTRIALS
&
BUSINESS
SERVICES
0.0%
Aerospace
&
Defense
0.0%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $5 (4)
(5)(7)
126
8
Epirus,
Series
C-2,
Acquisition
Date:
1/28/22,
Cost $11 (4)(5)(7)
1,914
11
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Air
Freight
&
Logistics
0.0%
FLEXE,
Series
C,
Acquisition
Date:
11/18/20,
Cost $5 (4)(5)(7)
445
9
FLEXE,
Series
D,
Acquisition
Date:
4/7/22,
Cost $3 (4)(5)(7)
138
3
12
Electrical
Equipment
0.0%
CELLINK,
Series
D,
Acquisition
Date:
1/20/22,
Cost $5 (4)(5)(7)
252
5
5
Professional
Services
0.0%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $4 (4)(5)(7)
900
7
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $12 (4)(5)(7)
1,200
9
16
Road
&
Rail
0.0%
Convoy,
Series
C,
Acquisition
Date:
9/14/18,
Cost $9 (4)(5)(7)
1,241
6
Convoy,
Series
D,
Acquisition
Date:
10/30/19,
Cost $10 (4)(5)(7)
764
4
10
Total
Industrials
&
Business
Services
62
INFORMATION
TECHNOLOGY
0.1%
IT
Services
0.0%
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20
-
3/3/21,
Cost $4 (4)(5)(7)
303
6
Haul
Hub,
Series
C,
Acquisition
Date:
4/14/22,
Cost $2 (4)(5)(7)
90
2
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $5 (4)(5)(7)
184
13
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $1 (4)(5)(7)
10
1
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $1 (4)
(5)(7)
30
—
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $— (4)
(5)(7)
10
—
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $— (4)
(5)(7)
10
—
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $7 (4)
(5)(7)
320
6
28
Software
0.1%
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $12 (4)(5)(7)
192
11
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $30 (4)(5)(7)
411
23
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $15 (4)(5)(7)
504
9
Nuro,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $12 (4)(5)(7)
921
19
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $5 (4)(5)(7)
242
5
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SecurityScorecard,
Series
E,
Acquisition
Date:
3/5/21,
Cost $5 (4)
(5)(7)
1,032
5
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $7 (4)(5)(7)
1,115
12
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $1 (4)(5)(7)
85
1
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $2 (4)(5)(7)
142
2
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $2 (4)(5)(7)
117
1
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $— (4)(5)(7)
2
—
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $5 (4)(5)(7)
270
3
91
Total
Information
Technology
119
MATERIALS
0.0%
Chemicals
0.0%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $6 (4)
(5)(7)
135
11
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $10 (4)(5)(7)
228
7
18
Metals
&
Mining
0.0%
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $6 (4)(5)(7)
201
6
6
Total
Materials
24
Total
Convertible
Preferred
Stocks
(Cost
$321)
416
CORPORATE
BONDS
6.5%
AbbVie,
2.95%,
11/21/26
45,000
41
AbbVie,
3.20%,
11/21/29
55,000
48
AbbVie,
4.05%,
11/21/39
25,000
20
AbbVie,
4.70%,
5/14/45
55,000
47
AbbVie,
4.875%,
11/14/48
88,000
78
AerCap
Ireland
Capital,
4.875%,
1/16/24
175,000
172
Alexandria
Real
Estate
Equities,
3.375%,
8/15/31
45,000
38
Alexandria
Real
Estate
Equities,
3.95%,
1/15/28
65,000
60
Alexandria
Real
Estate
Equities,
4.70%,
7/1/30
15,000
14
Ally
Financial,
4.75%,
6/9/27
55,000
51
Anheuser-Busch
InBev
Worldwide,
4.50%,
6/1/50 (6)
29,000
24
Aon,
2.80%,
5/15/30
15,000
13
APA
Infrastructure,
4.25%,
7/15/27 (1)
180,000
167
Aptiv,
3.10%,
12/1/51
10,000
6
Arrow
Electronics,
4.00%,
4/1/25
50,000
48
Astrazeneca
Finance,
1.75%,
5/28/28
35,000
29
AT&T,
2.30%,
6/1/27
40,000
35
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Ausgrid
Finance,
3.85%,
5/1/23 (1)
30,000
30
Ausgrid
Finance,
4.35%,
8/1/28 (1)
40,000
37
AutoZone,
4.75%,
8/1/32
15,000
14
Bank
of
America,
3.248%,
10/21/27
70,000
63
Bank
of
America,
VR,
1.898%,
7/23/31 (9)
210,000
157
Bank
of
America,
VR,
1.922%,
10/24/31 (9)
60,000
44
Bank
of
America,
VR,
2.496%,
2/13/31 (9)
105,000
83
Bank
of
America,
VR,
2.592%,
4/29/31 (9)
50,000
40
Bank
of
America,
VR,
3.419%,
12/20/28 (9)
80,000
71
Bank
of
America,
VR,
4.271%,
7/23/29 (9)
65,000
59
Barclays,
VR,
5.501%,
8/9/28 (9)
200,000
187
BAT
Capital,
3.557%,
8/15/27
150,000
132
BAT
Capital,
4.742%,
3/16/32 (6)
15,000
13
BAT
International
Finance,
1.668%,
3/25/26
15,000
13
Becton
Dickinson
&
Company,
1.957%,
2/11/31
65,000
50
Becton
Dickinson
&
Company,
2.823%,
5/20/30
25,000
21
Becton
Dickinson
&
Company,
3.70%,
6/6/27
114,000
106
Berkshire
Hathaway
Finance,
2.50%,
1/15/51
40,000
24
BNP
Paribas,
VR,
2.591%,
1/20/28 (1)
(9)
200,000
171
Boardwalk
Pipelines,
3.40%,
2/15/31
33,000
26
Boardwalk
Pipelines,
4.45%,
7/15/27
10,000
9
Boardwalk
Pipelines,
4.95%,
12/15/24
35,000
35
Boardwalk
Pipelines,
5.95%,
6/1/26
10,000
10
Booking
Holdings,
4.625%,
4/13/30
20,000
19
Boral
Finance,
3.00%,
11/1/22 (1)
5,000
5
Boral
Finance,
3.75%,
5/1/28 (1)
11,000
10
Boston
Properties,
2.90%,
3/15/30
60,000
48
Brixmor
Operating
Partnership,
3.90%,
3/15/27
35,000
32
Brixmor
Operating
Partnership,
4.05%,
7/1/30
35,000
30
Brixmor
Operating
Partnership,
4.125%,
5/15/29
33,000
29
Broadcom,
4.11%,
9/15/28
15,000
13
Capital
One
Financial,
3.65%,
5/11/27
50,000
46
Capital
One
Financial,
3.75%,
3/9/27
50,000
46
Capital
One
Financial,
VR,
2.359%,
7/29/32 (9)
145,000
103
Capital
One
Financial,
VR,
3.273%,
3/1/30 (9)
25,000
21
Capital
One
Financial,
VR,
5.247%,
7/26/30 (9)
15,000
14
Cardinal
Health,
4.50%,
11/15/44
8,000
6
Cardinal
Health,
4.90%,
9/15/45
10,000
8
Carvana,
10.25%,
5/1/30 (1)
55,000
36
Celanese
U.S.
Holdings,
6.05%,
3/15/25
25,000
24
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Celanese
U.S.
Holdings,
6.165%,
7/15/27
25,000
24
Centene,
2.625%,
8/1/31
110,000
83
Charter
Communications
Operating,
2.25%,
1/15/29
25,000
20
Charter
Communications
Operating,
2.80%,
4/1/31
8,000
6
Charter
Communications
Operating,
3.75%,
2/15/28
30,000
27
Charter
Communications
Operating,
4.20%,
3/15/28
45,000
40
Charter
Communications
Operating,
5.125%,
7/1/49
15,000
11
Charter
Communications
Operating,
6.484%,
10/23/45
12,000
11
Cheniere
Corpus
Christi
Holdings,
3.70%,
11/15/29
45,000
39
Cheniere
Corpus
Christi
Holdings,
5.125%,
6/30/27
15,000
15
Cigna,
3.40%,
3/1/27
13,000
12
Citigroup,
VR,
3.106%,
4/8/26 (9)
40,000
37
Citigroup,
VR,
5.61%,
9/29/26 (9)
60,000
60
Citigroup,
Series VAR,
VR,
3.07%,
2/24/28 (9)
50,000
45
CNO
Financial
Group,
5.25%,
5/30/25
15,000
15
Comcast,
3.90%,
3/1/38
60,000
49
Corebridge
Financial,
3.90%,
4/5/32 (1)
15,000
13
Crown
Castle,
2.10%,
4/1/31
15,000
11
Crown
Castle,
2.25%,
1/15/31
95,000
73
Crown
Castle,
2.90%,
3/15/27
10,000
9
Crown
Castle
Towers,
3.663%,
5/15/25 (1)
85,000
81
CSL
Finance,
4.05%,
4/27/29 (1)
25,000
23
CSL
Finance,
4.25%,
4/27/32 (1)
20,000
18
CVS
Health,
1.75%,
8/21/30
50,000
38
CVS
Health,
3.25%,
8/15/29
10,000
9
CVS
Health,
5.05%,
3/25/48
64,000
56
Diamondback
Energy,
3.25%,
12/1/26
50,000
46
Duke
Energy,
4.50%,
8/15/32
95,000
86
Ecolab,
4.80%,
3/24/30
5,000
5
Edison
International,
4.95%,
4/15/25
5,000
5
Energy
Transfer,
2.90%,
5/15/25
60,000
56
Energy
Transfer,
4.50%,
4/15/24
10,000
10
Energy
Transfer,
5.875%,
1/15/24
40,000
40
Energy
Transfer,
6.00%,
6/15/48
30,000
26
Eni,
Series X-R,
4.75%,
9/12/28 (1)
205,000
193
Enterprise
Products
Operating,
2.80%,
1/31/30
15,000
13
Equifax,
5.10%,
12/15/27
30,000
29
Equitable
Holdings,
4.35%,
4/20/28
105,000
98
Extra
Space
Storage,
2.35%,
3/15/32
60,000
44
FedEx,
2.40%,
5/15/31
46,000
36
Fifth
Third
Bancorp,
VR,
4.772%,
7/28/30 (9)
15,000
14
Fiserv,
3.50%,
7/1/29
15,000
13
General
Motors,
4.20%,
10/1/27
15,000
14
General
Motors,
5.60%,
10/15/32
15,000
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
General
Motors
Financial,
3.60%,
6/21/30
45,000
36
General
Motors
Financial,
4.00%,
10/6/26
20,000
18
General
Motors
Financial,
4.30%,
7/13/25
45,000
43
General
Motors
Financial,
4.35%,
4/9/25
22,000
21
General
Motors
Financial,
5.10%,
1/17/24
20,000
20
GLP
Capital,
3.35%,
9/1/24
10,000
9
Goldman
Sachs
Group,
3.50%,
11/16/26
140,000
129
Goldman
Sachs
Group,
VR,
1.542%,
9/10/27 (9)
50,000
42
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (9)
185,000
144
Goldman
Sachs
Group,
VR,
3.615%,
3/15/28 (9)
45,000
41
Gray
Oak
Pipeline,
2.00%,
9/15/23 (1)
5,000
5
Gray
Oak
Pipeline,
2.60%,
10/15/25 (1)
15,000
13
Gray
Oak
Pipeline,
3.45%,
10/15/27 (1)
5,000
4
Hasbro,
3.55%,
11/19/26
25,000
23
HCA,
2.375%,
7/15/31
20,000
15
HCA,
3.125%,
3/15/27 (1)
20,000
18
HCA,
3.375%,
3/15/29 (1)
5,000
4
HCA,
3.50%,
9/1/30
25,000
21
HCA,
5.375%,
9/1/26
11,000
11
HCA,
5.875%,
2/15/26
63,000
62
Healthcare
Realty
Holdings,
2.05%,
3/15/31
15,000
11
Healthcare
Realty
Holdings,
3.625%,
1/15/28
60,000
53
Highwoods
Realty,
3.05%,
2/15/30
65,000
53
Highwoods
Realty,
4.125%,
3/15/28
41,000
37
HSBC
Holdings,
VR,
1.645%,
4/18/26 (9)
205,000
182
Humana,
3.70%,
3/23/29
15,000
13
Humana,
4.875%,
4/1/30
42,000
40
Hyundai
Capital
America,
1.80%,
10/15/25 (1)
20,000
18
Hyundai
Capital
America,
2.10%,
9/15/28 (1)
35,000
28
Intercontinental
Exchange,
4.35%,
6/15/29
15,000
14
JPMorgan
Chase,
VR,
1.578%,
4/22/27 (9)
50,000
43
JPMorgan
Chase,
VR,
1.953%,
2/4/32 (9)
175,000
130
JPMorgan
Chase,
VR,
2.182%,
6/1/28 (9)
60,000
51
JPMorgan
Chase,
VR,
2.739%,
10/15/30 (9)
40,000
33
JPMorgan
Chase,
VR,
2.947%,
2/24/28 (9)
50,000
44
JPMorgan
Chase,
VR,
2.956%,
5/13/31 (9)
164,000
130
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
JPMorgan
Chase,
VR,
3.54%,
5/1/28 (9)
25,000
23
JPMorgan
Chase,
VR,
5.717%,
9/14/33 (9)
30,000
28
Kilroy
Realty,
4.375%,
10/1/25
13,000
12
Kookmin
Bank,
4.50%,
2/1/29
200,000
189
Las
Vegas
Sands,
3.50%,
8/18/26
25,000
22
Lowe's,
3.35%,
4/1/27
5,000
5
Lowe's,
3.75%,
4/1/32
30,000
26
LSEGA
Financing,
2.50%,
4/6/31 (1)
200,000
163
Marriott
International,
5.00%,
10/15/27
30,000
29
Marriott
International,
Series HH,
2.85%,
4/15/31
20,000
16
Marsh
&
McLennan,
2.25%,
11/15/30
15,000
12
Martin
Marietta
Materials,
2.40%,
7/15/31
15,000
11
Micron
Technology,
4.185%,
2/15/27
9,000
8
Micron
Technology,
5.327%,
2/6/29
22,000
21
Mileage
Plus
Holdings,
6.50%,
6/20/27 (1)
33,250
32
Morgan
Stanley,
3.625%,
1/20/27
70,000
65
Morgan
Stanley,
VR,
1.593%,
5/4/27 (9)
20,000
17
Morgan
Stanley,
VR,
3.217%,
4/22/42 (9)
15,000
10
Morgan
Stanley,
VR,
4.431%,
1/23/30 (9)
25,000
23
Morgan
Stanley,
VR,
4.679%,
7/17/26 (9)
20,000
20
MPLX,
4.95%,
9/1/32
50,000
45
Netflix,
6.375%,
5/15/29
55,000
55
NextEra
Energy
Capital
Holdings,
2.44%,
1/15/32
45,000
34
NextEra
Energy
Capital
Holdings,
3.00%,
1/15/52
35,000
22
NextEra
Energy
Capital
Holdings,
5.00%,
7/15/32
15,000
14
NRG
Energy,
4.45%,
6/15/29 (1)
25,000
22
Nucor,
3.125%,
4/1/32
20,000
16
NXP,
2.70%,
5/1/25
5,000
5
NXP,
3.15%,
5/1/27
10,000
9
NXP,
5.35%,
3/1/26
20,000
20
Oracle,
2.30%,
3/25/28
25,000
21
O'Reilly
Automotive,
4.70%,
6/15/32
15,000
14
Pacific
Gas
&
Electric,
2.10%,
8/1/27
20,000
16
Pacific
Gas
&
Electric,
2.50%,
2/1/31
40,000
29
Pacific
Gas
&
Electric,
4.55%,
7/1/30
45,000
38
Pacific
Gas
&
Electric,
5.90%,
6/15/32
10,000
9
Parker-Hannifin,
4.25%,
9/15/27
25,000
24
Parker-Hannifin,
4.50%,
9/15/29
15,000
14
PerkinElmer,
1.90%,
9/15/28
35,000
28
PerkinElmer,
2.25%,
9/15/31
15,000
11
PerkinElmer,
3.30%,
9/15/29
19,000
16
Perrigo
Finance
Unlimited,
4.40%,
6/15/30
200,000
165
PNC
Financial
Services
Group,
2.55%,
1/22/30
15,000
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
PNC
Financial
Services
Group,
VR,
4.626%,
6/6/33 (9)
25,000
22
Realty
Income,
3.95%,
8/15/27
35,000
33
Reynolds
American,
4.45%,
6/12/25
55,000
53
Rogers
Communications,
3.20%,
3/15/27 (1)
14,000
13
Rogers
Communications,
3.80%,
3/15/32 (1)
25,000
22
Rogers
Communications,
4.55%,
3/15/52 (1)
15,000
12
Ross
Stores,
1.875%,
4/15/31
45,000
34
Sabine
Pass
Liquefaction,
4.50%,
5/15/30
10,000
9
Sabine
Pass
Liquefaction,
5.00%,
3/15/27
115,000
111
Sabine
Pass
Liquefaction,
5.875%,
6/30/26
40,000
40
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (9)
30,000
25
SBA
Tower
Trust,
1.84%,
4/15/27 (1)
50,000
42
SBA
Tower
Trust,
2.593%,
10/15/31 (1)
40,000
31
Sempra
Energy,
3.70%,
4/1/29
15,000
14
Sherwin-Williams,
2.95%,
8/15/29
50,000
43
SMBC
Aviation
Capital
Finance,
3.55%,
4/15/24 (1)
205,000
197
Southern
California
Edison,
Series D,
4.70%,
6/1/27
30,000
29
Standard
Chartered,
VR,
2.608%,
1/12/28 (1)(9)
200,000
169
T-Mobile
USA,
2.05%,
2/15/28
25,000
21
T-Mobile
USA,
3.75%,
4/15/27
165,000
152
Targa
Resources
Partners,
5.50%,
3/1/30
57,000
51
Targa
Resources
Partners,
6.875%,
1/15/29
20,000
20
Toronto-Dominion
Bank,
4.456%,
6/8/32
10,000
9
Transcontinental
Gas
Pipe
Line,
3.25%,
5/15/30
10,000
8
Transcontinental
Gas
Pipe
Line,
4.00%,
3/15/28
15,000
14
Transcontinental
Gas
Pipe
Line,
4.60%,
3/15/48
5,000
4
Transurban
Finance,
2.45%,
3/16/31 (1)
25,000
19
Transurban
Finance,
3.375%,
3/22/27 (1)
15,000
14
Trinity
Acquisition,
4.40%,
3/15/26
65,000
62
Truist
Financial,
VR,
4.123%,
6/6/28 (9)
45,000
43
United
Airlines
PTT,
Series 2019-2,
Class
A,
2.90%,
5/1/28
13,567
11
United
Airlines
PTT,
Series 2019-2,
Class
AA,
2.70%,
5/1/32
9,101
8
UnitedHealth
Group,
2.00%,
5/15/30
105,000
84
Utah
Acquisition
Sub,
3.95%,
6/15/26
40,000
37
Verizon
Communications,
1.75%,
1/20/31
25,000
19
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Verizon
Communications,
2.10%,
3/22/28
30,000
25
Verizon
Communications,
2.355%,
3/15/32
59,000
45
Verizon
Communications,
2.55%,
3/21/31
80,000
64
Verizon
Communications,
2.65%,
11/20/40
77,000
50
Vistra
Operations,
3.55%,
7/15/24 (1)
105,000
100
Vistra
Operations,
5.125%,
5/13/25 (1)
45,000
44
Vodafone
Group,
4.375%,
5/30/28
54,000
51
Vodafone
Group,
5.25%,
5/30/48
50,000
41
Volkswagen
Group
of
America
Finance,
3.20%,
9/26/26 (1)
205,000
188
Warnermedia
Holdings,
3.755%,
3/15/27 (1)
60,000
54
Warnermedia
Holdings,
4.054%,
3/15/29 (1)
20,000
17
Warnermedia
Holdings,
4.279%,
3/15/32 (1)
15,000
12
Wells
Fargo,
4.30%,
7/22/27
35,000
33
Wells
Fargo,
VR,
2.393%,
6/2/28 (9)
115,000
98
Wells
Fargo,
VR,
2.572%,
2/11/31 (9)
225,000
180
Wells
Fargo,
VR,
2.879%,
10/30/30 (9)
100,000
83
Westlake,
1.625%,
7/17/29
(EUR)
100,000
74
Woodside
Finance,
3.65%,
3/5/25 (1)
45,000
43
Woodside
Finance,
3.70%,
9/15/26 (1)
40,000
37
Woodside
Finance,
3.70%,
3/15/28 (1)
(6)
71,000
63
Workday,
3.50%,
4/1/27
5,000
5
Workday,
3.70%,
4/1/29
10,000
9
Xcel
Energy,
3.40%,
6/1/30
45,000
39
Xcel
Energy,
4.60%,
6/1/32
20,000
19
Total
Corporate
Bonds
(Cost
$11,705)
10,121
EQUITY
MUTUAL
FUNDS
8.4%
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund (2)
216,460
6,487
T.
Rowe
Price
Real
Assets
Fund
-
I
Class (2)
348,233
4,207
T.
Rowe
Price
U.S.
Large-Cap
Core
Fund
-
I
Class (2)
81,563
2,280
Total
Equity
Mutual
Funds
(Cost
$12,480)
12,974
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
1.6%
Angel
Oak
Mortgage
Trust,
Series 2020-5,
Class
A3,
CMO,
ARM,
2.041%,
5/25/65 (1)
12,093
11
BAMLL
Commercial
Mortgage
Securities
Trust,
Series 2021-JACX,
Class
B,
ARM,
1M
USD
LIBOR
+
1.45%,
4.268%,
9/15/38 (1)
25,000
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
BBCMS
Mortgage
Trust,
Series 2019-
BWAY,
Class
D,
ARM,
1M
USD
LIBOR
+
2.16%,
4.978%,
11/15/34 (1)
25,000
22
BINOM
Securitization
Trust,
Series 2021-INV1,
Class
A1,
CMO,
ARM,
2.034%,
6/25/56 (1)
78,283
68
BX
Commercial
Mortgage
Trust,
Series 2021-21M,
Class
C,
ARM,
1M
USD
LIBOR
+
1.177%,
3.995%,
10/15/36 (1)
25,000
24
BX
Commercial
Mortgage
Trust,
Series 2022-CSMO,
Class
B,
ARM,
1M
TSFR
+
3.141%,
5.986%,
6/15/27 (1)
100,000
99
BX
Trust,
Series 2021-ARIA,
Class
B,
ARM,
1M
USD
LIBOR
+
1.297%,
4.115%,
10/15/36 (1)
40,000
37
BX
Trust,
Series 2021-ARIA,
Class
C,
ARM,
1M
USD
LIBOR
+
1.646%,
4.464%,
10/15/36 (1)
40,000
37
BX
Trust,
Series 2021-LGCY,
Class
C,
ARM,
1M
USD
LIBOR
+
1.004%,
3.822%,
10/15/23 (1)
30,000
28
BXSC
Commercial
Mortgage
Trust,
Series 2022-WSS,
Class
B,
ARM,
1M
TSFR
+
2.092%,
4.938%,
3/15/35 (1)
100,000
95
CIM
Trust,
Series 2021-INV1,
Class
A29,
CMO,
ARM,
2.50%,
7/1/51 (1)
87,950
69
Citigroup
Commercial
Mortgage
Trust,
Series 2014-GC21,
Class
AS,
4.026%,
5/10/47
35,000
34
Cold
Storage
Trust,
Series 2020-ICE5,
Class
C,
ARM,
1M
USD
LIBOR
+
1.65%,
4.468%,
11/15/37 (1)
98,299
95
Commercial
Mortgage
Trust,
Series 2014-UBS6,
Class
AM,
4.048%,
12/10/47
110,000
105
Commercial
Mortgage
Trust,
Series 2015-CR24,
Class
AM,
ARM,
4.028%,
8/10/48
25,000
24
Commercial
Mortgage
Trust,
Series 2016-CR28,
Class
AHR,
3.651%,
2/10/49
26,989
26
Connecticut
Avenue
Securities,
Series 2017-C02,
Class
2ED3,
CMO,
ARM,
1M
USD
LIBOR
+
1.35%,
4.434%,
9/25/29
3,551
4
Connecticut
Avenue
Securities,
Series 2017-C06,
Class
2ED1,
CMO,
ARM,
1M
USD
LIBOR
+
1.00%,
4.084%,
2/25/30
23,472
23
Connecticut
Avenue
Securities
Trust,
Series 2022-R01,
Class
1M1,
CMO,
ARM,
SOFR30A
+
1.00%,
3.281%,
12/25/41 (1)
17,757
17
Connecticut
Avenue
Securities
Trust,
Series 2022-R02,
Class
2M1,
CMO,
ARM,
SOFR30A
+
1.20%,
3.481%,
1/25/42 (1)
74,958
73
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Connecticut
Avenue
Securities
Trust,
Series 2022-R03,
Class
1M1,
CMO,
ARM,
SOFR30A
+
2.10%,
4.381%,
3/25/42 (1)
29,883
30
Connecticut
Avenue
Securities
Trust,
Series 2022-R04,
Class
1M1,
CMO,
ARM,
SOFR30A
+
2.00%,
4.281%,
3/25/42 (1)
25,579
25
Finance
of
America
HECM
Buyout,
Series 2022-HB2,
Class
A1A,
CMO,
ARM,
4.00%,
12/25/24 (1)
98,088
96
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (1)
7,725
7
Galton
Funding
Mortgage
Trust,
Series 2018-2,
Class
A22,
CMO,
ARM,
4.00%,
10/25/58 (1)
5,878
6
Galton
Funding
Mortgage
Trust,
Series 2019-H1,
Class
A3,
CMO,
ARM,
2.964%,
10/25/59 (1)
52,949
52
Great
Wolf
Trust,
Series 2019-WOLF,
Class
A,
ARM,
1M
USD
LIBOR
+
1.034%,
3.852%,
12/15/36 (1)
40,000
39
Great
Wolf
Trust,
Series 2019-WOLF,
Class
C,
ARM,
1M
USD
LIBOR
+
1.633%,
4.451%,
12/15/36 (1)
35,000
33
GS
Mortgage
Securities
Trust,
Series 2013-GC16,
Class
B,
ARM,
5.161%,
11/10/46
120,000
117
GS
Mortgage-Backed
Securities
Trust,
Series 2021-GR1,
Class
A4,
CMO,
ARM,
2.50%,
11/25/51 (1)
87,278
69
Hundred
Acre
Wood
Trust,
Series 2021-INV1,
Class
A27,
CMO,
ARM,
2.50%,
7/25/51 (1)
85,492
66
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series 2018-WPT,
Class
AFX,
4.248%,
7/5/33 (1)
20,000
20
JPMorgan
Mortgage
Trust,
Series 2020-5,
Class
B2,
CMO,
ARM,
3.598%,
12/25/50 (1)
23,830
19
JPMorgan
Mortgage
Trust,
Series 2020-INV1,
Class
A11,
CMO,
ARM,
1M
USD
LIBOR
+
0.83%,
3.274%,
8/25/50 (1)
6,859
7
JPMorgan
Mortgage
Trust,
Series 2020-INV1,
Class
A3,
CMO,
ARM,
3.50%,
8/25/50 (1)
9,145
8
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A15,
CMO,
ARM,
3.50%,
6/25/50 (1)
1,406
1
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A3,
CMO,
ARM,
3.50%,
6/25/50 (1)
2,811
3
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
B1A,
CMO,
ARM,
3.253%,
6/25/50 (1)
28,679
24
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2014-C18,
Class
300A,
3.749%,
8/15/31
25,000
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
New
Residential
Mortgage
Loan
Trust,
Series 2021-INV2,
Class
A4,
CMO,
ARM,
2.50%,
9/25/51 (1)
89,496
70
OBX
Trust,
Series 2020-EXP1,
Class
1A8,
CMO,
ARM,
3.50%,
2/25/60 (1)
31,185
28
OBX
Trust,
Series 2021-NQM3,
Class
A1,
CMO,
ARM,
1.054%,
7/25/61 (1)
76,612
61
Sequoia
Mortgage
Trust,
Series 2013-
4,
Class
B1,
CMO,
ARM,
3.442%,
4/25/43
22,320
21
Sequoia
Mortgage
Trust,
Series 2017-
CH2,
Class
A19,
CMO,
ARM,
4.00%,
12/25/47 (1)
6,688
6
SG
Residential
Mortgage
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (1)
3,627
3
SMRT,
Series 2022-MINI,
Class
C,
ARM,
1M
TSFR
+
1.55%,
4.396%,
1/15/39 (1)
100,000
94
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2020-DNA2,
Class
M2,
CMO,
ARM,
1M
USD
LIBOR
+
1.85%,
4.934%,
2/25/50 (1)
34,497
34
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2020-DNA5,
Class
M2,
CMO,
ARM,
SOFR30A
+
2.80%,
5.081%,
10/25/50 (1)
21,704
22
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA2,
Class
M2,
CMO,
ARM,
SOFR30A
+
2.30%,
4.581%,
8/25/33 (1)
25,000
24
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2022-DNA1,
Class
M1B,
CMO,
ARM,
SOFR30A
+
1.85%,
4.131%,
1/25/42 (1)
45,000
41
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2022-DNA3,
Class
M1A,
CMO,
ARM,
SOFR30A
+
2.00%,
4.281%,
4/25/42 (1)
26,569
26
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2022-DNA5,
Class
M1A,
CMO,
ARM,
SOFR30A
+
2.95%,
5.231%,
6/25/42 (1)
70,160
70
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2022-DNA6,
Class
M1A,
CMO,
ARM,
SOFR30A
+
2.15%,
4.435%,
9/25/42 (1)
20,000
20
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2022-HQA1,
Class
M1A,
CMO,
ARM,
SOFR30A
+
2.10%,
4.381%,
3/25/42 (1)
56,103
56
Towd
Point
Mortgage
Trust,
Series 2017-1,
Class
A1,
CMO,
ARM,
2.75%,
10/25/56 (1)
7,561
7
Towd
Point
Mortgage
Trust,
Series 2017-1,
Class
M1,
CMO,
ARM,
3.75%,
10/25/56 (1)
100,000
93
Vista
Point
Securitization
Trust,
Series 2020-2,
Class
A1,
CMO,
ARM,
1.475%,
4/25/65 (1)
29,328
27
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2017-C39,
Class
B,
4.025%,
9/15/50
125,000
112
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2019-JWDR,
Class
A,
ARM,
2.584%,
9/15/31 (1)
100,000
87
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$2,690)
2,462
PREFERRED
STOCKS
0.1%
CONSUMER
DISCRETIONARY
0.1%
Automobiles
0.1%
Dr
Ing
hc
F
Porsche
(EUR) (4)
1,222
99
Total
Consumer
Discretionary
99
Total
Preferred
Stocks
(Cost
$99)
99
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
6.3%
U.S.
Government
Agency
Obligations
4.5%
Federal
Home
Loan
Mortgage
2.50%,
4/1/30
15,744
15
3.00%,
12/1/42
-
4/1/43
67,916
61
3.50%,
8/1/42
-
3/1/44
93,898
86
4.00%,
8/1/40
-
8/1/45
44,932
42
4.50%,
6/1/39
-
5/1/42
44,930
42
5.00%,
1/1/24
-
8/1/40
16,926
16
6.00%,
10/1/32
-
8/1/38
4,538
5
6.50%,
3/1/32
99
—
7.00%,
6/1/32
570
—
Federal
Home
Loan
Mortgage,
ARM
12M
USD
LIBOR
+
1.829%,
2.203%,
2/1/37
2,055
2
12M
USD
LIBOR
+
1.842%,
2.091%,
1/1/37
1,383
1
Federal
Home
Loan
Mortgage,
UMBS
1.50%,
4/1/37
15,344
13
2.00%,
3/1/42
-
5/1/52
627,853
512
2.50%,
3/1/42
-
5/1/52
528,965
446
3.00%,
5/1/42
-
12/1/50
81,071
72
3.50%,
11/1/47
-
11/1/50
54,646
50
4.00%,
12/1/49
-
2/1/50
60,864
57
4.50%,
5/1/50
9,216
9
Federal
National
Mortgage
Assn.
3.00%,
8/1/43
-
2/1/44
11,551
10
3.50%,
6/1/42
-
1/1/44
94,467
87
4.00%,
11/1/40
26,741
25
Federal
National
Mortgage
Assn.,
ARM,
12M
USD
LIBOR
+
1.881%,
4.131%,
8/1/36
1,611
2
Federal
National
Mortgage
Assn.,
CMO,
IO,
6.50%,
2/25/32
425
—
Federal
National
Mortgage
Assn.,
UMBS
1.50%,
4/1/37
-
1/1/42
159,610
135
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
2.00%,
4/1/42
-
4/1/52
1,334,451
1,086
2.50%,
1/1/32
-
4/1/52
1,022,845
873
3.00%,
6/1/27
-
10/1/51
781,311
703
3.50%,
11/1/32
-
1/1/52
397,695
367
4.00%,
11/1/40
-
8/1/52
314,444
298
4.50%,
7/1/39
-
8/1/52
248,344
240
5.00%,
3/1/34
-
9/1/52
292,348
289
5.50%,
12/1/34
-
9/1/41
57,785
60
6.00%,
4/1/33
-
1/1/41
39,827
43
6.50%,
7/1/32
-
5/1/40
21,032
22
7.00%,
4/1/32
215
—
UMBS,
TBA (10)
1.50%,
10/1/37
40,000
34
2.00%,
10/1/52
410,000
332
2.50%,
10/1/37
-
10/1/52
375,000
319
3.00%,
10/1/37
-
10/1/52
330,000
289
3.50%,
10/1/52
80,000
72
4.00%,
10/1/37
-
10/1/52
90,000
85
4.50%,
10/1/52
35,000
33
5.00%,
10/1/52
125,000
122
6,955
U.S.
Government
Obligations
1.8%
Government
National
Mortgage
Assn.
2.00%,
3/20/51
-
5/20/52
514,179
430
2.50%,
8/20/50
-
3/20/52
456,073
393
3.00%,
7/15/43
-
6/20/52
375,951
335
3.50%,
12/20/42
-
4/20/48
319,723
293
4.00%,
7/20/42
-
1/20/48
87,849
83
4.50%,
10/20/39
-
3/20/47
60,937
61
5.00%,
3/20/34
-
6/20/48
81,054
82
5.50%,
10/20/32
-
3/20/49
56,820
60
6.00%,
4/15/36
-
12/20/38
8,559
9
6.50%,
3/15/26
-
4/15/26
1,942
1
7.00%,
9/20/27
1,139
1
8.00%,
4/15/26
107
—
Government
National
Mortgage
Assn.,
CMO
3.00%,
11/20/47
-
12/20/47
5,477
5
3.50%,
10/20/50
25,000
21
Government
National
Mortgage
Assn.,
TBA (10)
2.00%,
10/20/52
125,000
104
2.50%,
10/20/52
105,000
90
3.00%,
10/20/52
80,000
71
3.50%,
10/20/52
80,000
73
4.00%,
10/20/52
65,000
61
4.50%,
10/20/52
145,000
139
5.00%,
10/20/52
125,000
122
5.50%,
10/20/52
300,000
300
2,734
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$10,606)
9,689
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
5.6%
U.S.
Treasury
Obligations
5.6%
U.S.
Treasury
Bonds,
2.25%,
2/15/52
925,000
671
U.S.
Treasury
Bonds,
2.875%,
5/15/52
795,000
666
U.S.
Treasury
Bonds,
3.00%,
8/15/52
790,000
682
U.S.
Treasury
Bonds,
3.25%,
5/15/42
590,000
523
U.S.
Treasury
Bonds,
3.375%,
8/15/42
575,000
521
U.S.
Treasury
Notes,
0.375%,
9/15/24
440,000
408
U.S.
Treasury
Notes,
0.625%,
10/15/24
700,000
651
U.S.
Treasury
Notes,
1.00%,
12/15/24
450,000
419
U.S.
Treasury
Notes,
1.125%,
1/15/25
705,000
657
U.S.
Treasury
Notes,
1.75%,
3/15/25
485,000
457
U.S.
Treasury
Notes,
2.75%,
7/31/27
140,000
132
U.S.
Treasury
Notes,
3.00%,
7/15/25 (11)
1,355,000
1,310
U.S.
Treasury
Notes,
3.125%,
8/31/27
605,000
580
U.S.
Treasury
Notes,
3.25%,
6/30/27
1,060,000
1,022
8,699
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-
Backed)
(Cost
$9,381)
8,699
SHORT-TERM
INVESTMENTS
7.7%
Money
Market
Funds
7.7%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.06% (2)(12)
11,962,401
11,962
Total
Short-Term
Investments
(Cost
$11,962)
11,962
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,
3.07% (2)(12)
429,792
430
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
430
Total
Securities
Lending
Collateral
(Cost
$430)
430
Total
Investments
in
Securities
101.8%
(Cost
$147,869)
$
157,113
Other
Assets
Less
Liabilities
(1.8)%
(
2,742
)
Net
Assets
100.0%
$
154,371
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$6,497
and
represents
4.2%
of
net
assets.
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
17
.
(2)
Affiliated
Companies
(3)
SEC
30-day
yield
(4)
Non-income
producing
(5)
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
$591
and
represents
0.4%
of
net
assets.
(6)
All
or
a
portion
of
this
security
is
on
loan
at
September
30,
2022.
(7)
Level
3
in
fair
value
hierarchy.
(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)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$2,246
and
represents
1.5%
of
net
assets.
(11)
At
September
30,
2022,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(12)
Seven-day
yield
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
12M
USD
LIBOR
Twelve
month
USD
LIBOR
(London
interbank
offered
rate)
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
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
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
ISK
Iceland
Krona
JPY
Japanese
Yen
KRW
South
Korean
Won
NOK
Norwegian
Krone
PTT
Pass-Through
Trust
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
SDR
Swedish
Depository
Receipts
SEK
Swedish
Krona
SGD
Singapore
Dollar
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
TBA
To-Be-Announced
TWD
Taiwan
Dollar
UMBS
Uniform
Mortgage-Backed
Securities
USD
U.S.
Dollar
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
18
(Amounts
in
000s)
SWAPS
(0.0)%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
JPMorgan
Chase,
Protection
Sold
(Relevant
Credit:
Barclays
Bank,
A*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/24
(EUR)
10
—
—
—
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
—
—
Total
Bilateral
Swaps
—
—
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:
Markit
CDX.NA.IG-S39,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/27
*
440
(2)
(1)
(
1
)
Protection
Sold
(Relevant
Credit:
Republic
of
Indonesia,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/27
*
180
(4)
(2)
(
2
)
Protection
Sold
(Relevant
Credit:
United
Mexican
States,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/27
*
454
(19)
(15)
(
4
)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
(
7
)
Total
Centrally
Cleared
Swaps
(
7
)
Net
payments
(receipts)
of
variation
margin
to
date
8
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
1
*
Credit
ratings
as
of
September
30,
2022.
Ratings
shown
are
from
Moody’s
Investors
Service
and
if
Moody’s
does
not
rate
a
security,
then
Standard
&
Poor’s
(S&P)
is
used.
Fitch
is
used
for
securities
that
are
not
rated
by
either
Moody’s
or
S&P.
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
less
than
$1.
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
19
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
State
Street
11/25/22
USD
100
EUR
96
$
5
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
5
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
20
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
20
U.S.
Treasury
Long
Bond
contracts
12/22
2,528
$
(
91
)
Short,
21
U.S.
Treasury
Notes
two
year
contracts
12/22
(4,313)
2
Long,
10
Ultra
U.S.
Treasury
Notes
ten
year
contracts
12/22
1,185
(
70
)
Net
payments
(receipts)
of
variation
margin
to
date
144
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(
15
)
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
21
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
nine
months
ended
September
30,
2022.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
1.24%
$
—
$
(
1
)
$
—
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
7.24%
—
(
2,300
)
255
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
(
11
)
(
2,826
)
—
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
6.34%
(
34
)
(
42
)
36
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
8.50%
(
213
)
(
2,057
)
466
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
3.15%
(
125
)
(
2,130
)
113
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
1.24%
(
72
)
30
—
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
—
(
1,028
)
—
T.
Rowe
Price
U.S.
Large-Cap
Core
Fund
-
I
Class
—
(
295
)
—
T.
Rowe
Price
Treasury
Reserve
Fund,
3.06%
—
—
88
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
—
—
—
++
Totals
$
(
455
)
#
$
(
10,649
)
$
958
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
09/30/22
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
1.24%
$
6
$
—
$
—
$
5
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
7.24%
7,915
656
—
6,271
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
9,274
150
111
6,487
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
6.34%
1,316
36
559
751
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
8.50%
12,273
796
1,463
9,549
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
3.15%
8,540
113
526
5,997
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
1.24%
2,515
—
2,539
6
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
3,555
1,680
—
4,207
T.
Rowe
Price
U.S.
Large-Cap
Core
Fund
-
I
Class
—
2,575
—
2,280
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
391
¤
¤
430
T.
Rowe
Price
Treasury
Reserve
Fund,
3.06%
15,775
¤
¤
11,962
Total
$
47,945
^
#
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
$958
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
$54,152.
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
Unaudited
22
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
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 fund’s
own
assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
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
fund
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
fund
uses
information
from
outside
pricing
services
to
evaluate
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
fund
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The
fund
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
23
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
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.
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
24
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
These
are
recent
examples
of
global
events
which
may
have
an
impact
on
the
fund’s
performance,
which
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
E304-054Q3
09/22
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
33,704
$
—
$
33,704
Bond
Mutual
Funds
22,579
—
—
22,579
Common
Stocks
56,046
18,728
175
74,949
Convertible
Preferred
Stocks
—
—
416
416
Equity
Mutual
Funds
12,974
—
—
12,974
Preferred
Stocks
—
99
—
99
Short-Term
Investments
11,962
—
—
11,962
Securities
Lending
Collateral
430
—
—
430
Total
Securities
103,991
52,531
591
157,113
Forward
Currency
Exchange
Contracts
—
5
—
5
Futures
Contracts*
2
—
—
2
Total
$
103,993
$
52,536
$
591
$
157,120
Liabilities
Swaps*
$
—
$
7
$
—
$
7
Futures
Contracts*
161
—
—
161
Total
$
161
$
7
$
—
$
168
1
Includes
Asset-Backed
Securities,
Corporate
Bonds,
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.