T.

ROWE

PRICE

Moderate

Allocation

Portfolio

September

30,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ASSET-BACKED

SECURITIES

1.5%

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

21‌

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

90‌

Carlyle

U.S.

Series 2019-4A,

Class

A11R,

CLO,

FRN

3M

TSFR

+

1.32%,

6.628%,

4/15/35 (1)

250,000‌

247‌

CarMax

Auto

Owner

Trust

Series 2021-1,

Class

D

1.28%,

7/15/27 

90,000‌

83‌

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

31‌

CIFC

Funding

Series 2020-1A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.412%,

6.72%,

7/15/36 (1)

250,000‌

249‌

Driven

Brands

Funding

Series 2020-2A,

Class

A2

3.237%,

1/20/51 (1)

63,375‌

54‌

Elara

HGV

Timeshare

Issuer

Series 2023-A,

Class

A

6.16%,

2/25/38 (1)

100,000‌

100‌

Exeter

Automobile

Receivables

Trust

Series 2022-2A,

Class

C

3.85%,

7/17/28 

75,000‌

73‌

Exeter

Automobile

Receivables

Trust

Series 2022-3A,

Class

C

5.30%,

9/15/27 

50,000‌

49‌

Exeter

Automobile

Receivables

Trust

Series 2023-1A,

Class

D

6.69%,

6/15/29 

10,000‌

10‌

Ford

Credit

Auto

Owner

Trust

Series 2018-1,

Class

C

3.49%,

7/15/31 (1)

100,000‌

96‌

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

97‌

Hardee's

Funding

Series 2018-1A,

Class

A2II

4.959%,

6/20/48 (1)

52,250‌

49‌

HPEFS

Equipment

Trust

Series 2022-1A,

Class

D

2.40%,

11/20/29 (1)

100,000‌

93‌

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

HPEFS

Equipment

Trust

Series 2023-2A,

Class

C

6.48%,

1/21/31 (1)

100,000‌

100‌

HPS

Loan

Management

Series 2021-16A,

Class

A1,

CLO,

FRN

3M

TSFR

+

1.402%,

6.747%,

1/23/35 (1)

250,000‌

248‌

MVW

Series 2023-1A,

Class

A

4.93%,

10/20/40 (1)

90,223‌

88‌

Octane

Receivables

Trust

Series 2023-1A,

Class

A

5.87%,

5/21/29 (1)

73,129‌

73‌

Progress

Residential

Trust

Series 2023-SFR2,

Class

A

4.50%,

10/17/28 (1)

100,000‌

94‌

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

Drive

Auto

Receivables

Trust

Series 2022-6,

Class

B

4.72%,

6/15/27 

90,000‌

88‌

Santander

Retail

Auto

Lease

Trust

Series 2021-A,

Class

D

1.38%,

3/22/27 (1)

50,000‌

48‌

SMB

Private

Education

Loan

Trust

Series 2018-A,

Class

A2A

3.50%,

2/15/36 (1)

39,931‌

38‌

SMB

Private

Education

Loan

Trust

Series 2018-C,

Class

A2A

3.63%,

11/15/35 (1)

38,447‌

37‌

SMB

Private

Education

Loan

Trust

Series 2021-A,

Class

B

2.31%,

1/15/53 (1)

100,000‌

91‌

Verizon

Master

Trust

Series 2023-1,

Class

C

4.98%,

1/22/29 

20,000‌

19‌

Total

Asset-Backed

Securities

(Cost

$2,521)

2,444‌

BOND

MUTUAL

FUNDS

13.9%

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

4.83% (2)(3)

519‌

6‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

7.09% (2)(3)

1,106,585‌

6,772‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.96% (2)(3)

41,708‌

391‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.23% (2)(3)

1,272,772‌

9,495‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

3.30% (2)(3)

460,044‌

3,101‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.12% (2)(3)

417,152‌

3,345‌

T.

ROWE

PRICE

Moderate

Allocation

Portfolio

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

4.83% (2)(3)

1,401‌

7‌

Total

Bond

Mutual

Funds

(Cost

$27,267)

23,117‌

COMMON

STOCKS

51.0%

COMMUNICATION

SERVICES

3.2%

Diversified

Telecommunication

Services

0.2%

KT

(KRW) 

3,538‌

87‌

Nippon

Telegraph

&

Telephone

(JPY) 

273,100‌

323‌

410‌

Entertainment

0.2%

Liberty

Media

Corp-Liberty

Live,

Class

C (4)

786‌

25‌

Netflix (4)

642‌

243‌

Sea,

ADR (4)

933‌

41‌

309‌

Interactive

Media

&

Services

2.3%

Alphabet,

Class

A (4)

2,207‌

289‌

Alphabet,

Class

C (4)

18,496‌

2,439‌

LY

(JPY) 

20,900‌

58‌

Meta

Platforms,

Class

A (4)

3,349‌

1,005‌

NAVER

(KRW) 

443‌

66‌

Tencent

Holdings

(HKD) 

1,000‌

39‌

Vimeo (4)

4,881‌

17‌

3,913‌

Media

0.1%

CyberAgent

(JPY) (5)

10,500‌

57‌

WPP

(GBP) 

14,840‌

132‌

189‌

Wireless

Telecommunication

Services

0.4%

T-Mobile

U.S. (4)

4,161‌

583‌

Vodafone

Group,

ADR 

9,030‌

85‌

668‌

Total

Communication

Services

5,489‌

CONSUMER

DISCRETIONARY

5.1%

Automobile

Components

0.3%

Autoliv,

SDR

(SEK) 

1,297‌

125‌

Denso

(JPY) 

8,400‌

135‌

Dowlais

Group

(GBP) 

22,216‌

29‌

Magna

International 

2,530‌

135‌

Stanley

Electric

(JPY) (5)

2,700‌

43‌

467‌

Automobiles

0.6%

General

Motors 

1,170‌

39‌

Honda

Motor

(JPY) 

4,800‌

54‌

Rivian

Automotive,

Class

A (4)

1,961‌

48‌

Suzuki

Motor

(JPY) 

2,400‌

96‌

Tesla (4)

2,140‌

535‌

Toyota

Motor

(JPY) 

14,500‌

260‌

1,032‌

Broadline

Retail

1.5%

Alibaba

Group

Holding,

ADR (4)

454‌

39‌

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Amazon.com (4)

17,847‌

2,269‌

Kohl's 

649‌

14‌

Next

(GBP) 

1,422‌

126‌

Ollie's

Bargain

Outlet

Holdings (4)

1,170‌

90‌

Savers

Value

Village (4)

335‌

6‌

2,544‌

Diversified

Consumer

Services

0.1%

Bright

Horizons

Family

Solutions (4)

622‌

51‌

Clear

Secure,

Class

A 

1,895‌

36‌

Duolingo (4)

324‌

54‌

Rover

Group,

Acquisition

Date:

8/2/21,

Cost $— (4)(6)

823‌

—‌

Service

Corp

International 

1,147‌

65‌

Strategic

Education 

523‌

39‌

245‌

Hotels,

Restaurants

&

Leisure

1.2%

Amadeus

IT

Group

(EUR) 

1,651‌

100‌

BJ's

Restaurants (4)

1,045‌

25‌

Booking

Holdings (4)

187‌

577‌

Cava

Group (4)

653‌

20‌

Cava

Group,

Acquisition

Date:

6/23/20

-

3/26/21,

Cost $25 (4)(6)

2,614‌

80‌

Chipotle

Mexican

Grill (4)

92‌

169‌

Chuy's

Holdings (4)

780‌

28‌

Compass

Group

(GBP) 

8,426‌

205‌

DoorDash,

Class

A (4)

591‌

47‌

Dutch

Bros,

Class

A (4)

1,115‌

26‌

Hilton

Worldwide

Holdings 

1,300‌

195‌

Jack

in

the

Box 

238‌

16‌

McDonald's 

1,277‌

336‌

Norwegian

Cruise

Line

Holdings (4)

1,700‌

28‌

Papa

John's

International 

1,016‌

69‌

Red

Rock

Resorts,

Class

A 

587‌

24‌

Wyndham

Hotels

&

Resorts 

447‌

31‌

1,976‌

Household

Durables

0.3%

Installed

Building

Products 

148‌

19‌

Panasonic

Holdings

(JPY) 

11,100‌

125‌

Persimmon

(GBP) 

4,269‌

56‌

Skyline

Champion (4)

651‌

41‌

Sony

Group

(JPY) 

2,200‌

180‌

421‌

Specialty

Retail

0.8%

AutoZone (4)

52‌

132‌

Bath

&

Body

Works 

700‌

24‌

Burlington

Stores (4)

482‌

65‌

Caleres 

889‌

26‌

Carvana (4)

960‌

40‌

Farfetch,

Class

A (4)

2,616‌

6‌

Five

Below (4)

161‌

26‌

Floor

&

Decor

Holdings,

Class

A (4)

122‌

11‌

Home

Depot 

275‌

83‌

Kingfisher

(GBP) 

53,324‌

145‌

Monro 

989‌

27‌

O'Reilly

Automotive (4)

199‌

181‌

RH (4)

65‌

17‌

T.

ROWE

PRICE

Moderate

Allocation

Portfolio

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Ross

Stores 

973‌

110‌

TJX 

1,004‌

89‌

Ulta

Beauty (4)

673‌

269‌

Warby

Parker,

Class

A (4)

2,264‌

30‌

Zalando

(EUR) (4)

1,943‌

43‌

1,324‌

Textiles,

Apparel

&

Luxury

Goods

0.3%

Dr.

Martens

(GBP) 

13,255‌

23‌

Kering

(EUR) 

225‌

102‌

Lululemon

Athletica (4)

235‌

91‌

Moncler

(EUR) 

2,012‌

116‌

NIKE,

Class

B 

558‌

53‌

Samsonite

International

(HKD) (4)

21,300‌

73‌

Skechers

USA,

Class

A (4)

674‌

33‌

491‌

Total

Consumer

Discretionary

8,500‌

CONSUMER

STAPLES

3.6%

Beverages

0.6%

Boston

Beer,

Class

A (4)

172‌

67‌

Coca-Cola 

5,899‌

330‌

Coca-Cola

Consolidated 

38‌

24‌

Diageo

(GBP) 

4,800‌

177‌

Heineken

(EUR) 

1,799‌

159‌

Kirin

Holdings

(JPY) 

4,100‌

57‌

PepsiCo 

891‌

151‌

965‌

Consumer

Staples

Distribution

&

Retail

0.5%

Dollar

General 

658‌

70‌

Seven

&

i

Holdings

(JPY) 

4,200‌

164‌

Target 

1,275‌

141‌

Walmart 

2,601‌

416‌

Welcia

Holdings

(JPY) 

1,900‌

33‌

824‌

Food

Products

1.2%

Barry

Callebaut

(CHF) 

50‌

79‌

General

Mills 

856‌

55‌

Hershey 

1,097‌

219‌

Kraft

Heinz 

5,021‌

169‌

Mondelez

International,

Class

A 

8,773‌

609‌

Nestle

(CHF) 

5,308‌

601‌

Post

Holdings (4)

546‌

47‌

Simply

Good

Foods (4)

560‌

19‌

TreeHouse

Foods (4)

474‌

21‌

Utz

Brands 

1,956‌

26‌

Wilmar

International

(SGD) 

45,900‌

125‌

1,970‌

Household

Products

0.5%

Colgate-Palmolive 

4,026‌

286‌

Procter

&

Gamble 

3,898‌

569‌

855‌

Personal

Care

Products

0.6%

BellRing

Brands (4)

2,103‌

87‌

Kenvue 

17,761‌

357‌

L'Oreal

(EUR) 

432‌

179‌

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Oddity

Tech,

Class

A (4)

139‌

4‌

Unilever

(GBP) 

7,005‌

346‌

973‌

Tobacco

0.2%

Philip

Morris

International 

3,820‌

354‌

354‌

Total

Consumer

Staples

5,941‌

ENERGY

2.7%

Energy

Equipment

&

Services

0.8%

ChampionX 

1,141‌

41‌

Expro

Group

Holdings (4)

1,186‌

28‌

Halliburton 

11,600‌

470‌

Liberty

Energy,

Class

A 

2,498‌

46‌

NOV 

2,574‌

54‌

Patterson-UTI

Energy 

3,071‌

42‌

Schlumberger 

9,530‌

556‌

TechnipFMC 

1,205‌

24‌

1,261‌

Oil,

Gas

&

Consumable

Fuels

1.9%

Chevron 

2,279‌

384‌

ConocoPhillips 

1,800‌

216‌

Devon

Energy 

1,316‌

63‌

Diamondback

Energy 

1,188‌

184‌

DT

Midstream 

477‌

25‌

EQT 

11,129‌

452‌

Equinor

(NOK) 

9,288‌

304‌

Exxon

Mobil 

2,364‌

278‌

Kimbell

Royalty

Partners 

973‌

15‌

Kinder

Morgan 

8,146‌

135‌

Magnolia

Oil

&

Gas,

Class

A 

2,217‌

51‌

Range

Resources 

7,837‌

254‌

Shell,

ADR 

2,558‌

165‌

Southwestern

Energy (4)

8,544‌

55‌

TotalEnergies

(EUR) 

5,228‌

344‌

Williams 

7,465‌

251‌

3,176‌

Total

Energy

4,437‌

FINANCIALS

8.6%

Banks

2.6%

ANZ

Group

Holdings

(AUD) 

5,299‌

87‌

Bank

of

America 

18,682‌

512‌

BankUnited 

973‌

22‌

Blue

Foundry

Bancorp (4)

655‌

6‌

BNP

Paribas

(EUR) 

2,267‌

144‌

Cadence

Bank 

1,348‌

29‌

Capitol

Federal

Financial 

3,064‌

15‌

Columbia

Banking

System 

1,578‌

32‌

CRB

Group,

Acquisition

Date:

4/14/22,

Cost $2 (4)(6)(7)

23‌

2‌

CrossFirst

Bankshares (4)

1,190‌

12‌

DBS

Group

Holdings

(SGD) 

4,075‌

100‌

Dime

Community

Bancshares 

981‌

20‌

DNB

Bank

(NOK) 

11,593‌

233‌

Dogwood

State

Bank,

Non-Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $3 (4)(6)(7)

307‌

6‌

T.

ROWE

PRICE

Moderate

Allocation

Portfolio

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Dogwood

State

Bank,

Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $1 (4)(6)(7)

151‌

3‌

Dogwood

State

Bank,

Warrants,

5/6/24,

Acquisition

Date:

5/6/19,

Cost $— (4)(6)(7)

46‌

—‌

East

West

Bancorp 

1,473‌

78‌

Eastern

Bankshares 

1,619‌

20‌

Equity

Bancshares,

Class

A 

621‌

15‌

Erste

Group

Bank

(EUR) 

1,541‌

53‌

FB

Financial 

891‌

25‌

First

Bancshares 

917‌

25‌

Five

Star

Bancorp 

621‌

12‌

Grasshopper

Bancorp,

Acquisition

Date:

10/12/18

-

5/2/19,

Cost $5 (4)(6)(7)

528‌

1‌

Grasshopper

Bancorp,

Warrants,

10/12/28,

Acquisition

Date:

10/12/18,

Cost $— (4)(6)

(7)

104‌

—‌

HarborOne

Bancorp 

351‌

3‌

HDFC

Bank

(INR) 

6,111‌

112‌

Heritage

Commerce 

2,477‌

21‌

Home

BancShares 

1,202‌

25‌

ING

Groep

(EUR) 

19,242‌

254‌

Intesa

Sanpaolo

(EUR) 

28,108‌

72‌

JPMorgan

Chase 

5,772‌

837‌

Kearny

Financial 

1,315‌

9‌

Live

Oak

Bancshares 

1,060‌

31‌

Lloyds

Banking

Group

(GBP) 

197,953‌

106‌

Mitsubishi

UFJ

Financial

Group

(JPY) 

18,400‌

156‌

National

Bank

of

Canada

(CAD) 

2,649‌

176‌

Origin

Bancorp 

1,005‌

29‌

Pacific

Premier

Bancorp 

925‌

20‌

Pinnacle

Financial

Partners 

603‌

40‌

PNC

Financial

Services

Group 

1,285‌

158‌

Popular 

340‌

21‌

SouthState 

651‌

44‌

Standard

Chartered

(GBP) 

8,508‌

78‌

Sumitomo

Mitsui

Trust

Holdings

(JPY) 

1,635‌

62‌

Svenska

Handelsbanken,

Class

A

(SEK) 

15,742‌

140‌

Texas

Capital

Bancshares (4)

446‌

26‌

U.S.

Bancorp 

599‌

20‌

United

Overseas

Bank

(SGD) 

7,600‌

158‌

Veritex

Holdings 

992‌

18‌

Wells

Fargo 

6,544‌

267‌

Western

Alliance

Bancorp 

583‌

27‌

4,362‌

Capital

Markets

1.1%

Bridgepoint

Group

(GBP) 

17,043‌

40‌

Brookfield

(CAD) 

2,900‌

91‌

Cboe

Global

Markets 

1,444‌

226‌

Charles

Schwab 

2,785‌

153‌

CME

Group 

470‌

94‌

Goldman

Sachs

Group 

1,163‌

376‌

Julius

Baer

Group

(CHF) 

1,871‌

120‌

LPL

Financial

Holdings 

1,030‌

245‌

Macquarie

Group

(AUD) 

906‌

97‌

Morgan

Stanley 

1,091‌

89‌

MSCI 

49‌

25‌

P10,

Class

A 

1,936‌

22‌

S&P

Global 

263‌

96‌

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

StepStone

Group,

Class

A 

1,130‌

36‌

TMX

Group

(CAD) 

1,330‌

29‌

XP,

Class

A 

2,236‌

51‌

1,790‌

Consumer

Finance

0.1%

American

Express 

1,289‌

192‌

Encore

Capital

Group (4)

472‌

22‌

PRA

Group (4)

966‌

19‌

233‌

Financial

Services

2.0%

Adyen

(EUR) (4)

72‌

53‌

Affirm

Holdings (4)

682‌

15‌

ANT

Group,

Acquisition

Date:

8/14/23,

Cost $22 (4)(6)(7)

22,161‌

22‌

Berkshire

Hathaway,

Class

B (4)

1,856‌

650‌

Challenger

(AUD) 

8,977‌

37‌

Corebridge

Financial 

3,715‌

73‌

Element

Fleet

Management

(CAD) 

11,738‌

169‌

Essent

Group 

212‌

10‌

Fiserv (4)

3,461‌

391‌

FleetCor

Technologies (4)

326‌

83‌

Mastercard,

Class

A 

1,288‌

510‌

Mitsubishi

HC

Capital

(JPY) 

10,200‌

68‌

PennyMac

Financial

Services 

1,068‌

71‌

Toast,

Class

A (4)

1,462‌

27‌

Visa,

Class

A 

5,067‌

1,166‌

3,345‌

Insurance

2.8%

AIA

Group

(HKD) 

18,600‌

150‌

Allstate 

2,762‌

308‌

Assurant 

471‌

68‌

AXA

(EUR) 

10,111‌

300‌

Axis

Capital

Holdings 

1,167‌

66‌

Chubb 

2,791‌

581‌

Definity

Financial

(CAD) 

1,801‌

50‌

First

American

Financial 

542‌

31‌

Hanover

Insurance

Group 

367‌

41‌

Hartford

Financial

Services

Group 

3,039‌

215‌

Kemper 

546‌

23‌

Marsh

&

McLennan 

696‌

132‌

MetLife 

9,032‌

568‌

Munich

Re

(EUR) 

893‌

348‌

Ping

An

Insurance

Group,

Class

H

(HKD) 

7,000‌

40‌

Progressive 

4,022‌

560‌

Sampo,

Class

A

(EUR) 

3,936‌

170‌

Selective

Insurance

Group 

1,009‌

104‌

Storebrand

(NOK) 

14,124‌

115‌

Sun

Life

Financial

(CAD) 

3,284‌

160‌

Tokio

Marine

Holdings

(JPY) 

7,900‌

183‌

Travelers 

1,188‌

194‌

White

Mountains

Insurance

Group 

14‌

21‌

Zurich

Insurance

Group

(CHF) 

424‌

194‌

4,622‌

Total

Financials

14,352‌

T.

ROWE

PRICE

Moderate

Allocation

Portfolio

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

HEALTH

CARE

7.7%

Biotechnology

0.9%

Agios

Pharmaceuticals (4)

415‌

10‌

Amgen 

1,404‌

377‌

Apellis

Pharmaceuticals (4)

1,076‌

41‌

Arcellx (4)

374‌

13‌

Argenx,

ADR (4)

132‌

65‌

Ascendis

Pharma,

ADR (4)

479‌

45‌

Avid

Bioservices (4)

1,759‌

17‌

Blueprint

Medicines (4)

656‌

33‌

Bridgebio

Pharma,

Acquisition

Date:

9/25/23,

Cost $12 (4)(6)

445‌

11‌

Cerevel

Therapeutics

Holdings (4)

530‌

12‌

Crinetics

Pharmaceuticals (4)

675‌

20‌

CRISPR

Therapeutics (4)

280‌

13‌

Cytokinetics (4)

551‌

16‌

Generation

Bio (4)

997‌

4‌

Genmab

(DKK) (4)

168‌

59‌

HilleVax (4)

360‌

5‌

Icosavax (4)

852‌

7‌

Immatics (4)

704‌

8‌

Insmed (4)

2,072‌

52‌

Ionis

Pharmaceuticals (4)

708‌

32‌

Karuna

Therapeutics (4)

235‌

40‌

Kymera

Therapeutics (4)

237‌

3‌

MacroGenics (4)

1,250‌

6‌

MoonLake

Immunotherapeutics (4)

380‌

22‌

Morphic

Holding (4)

163‌

4‌

MorphoSys,

ADR (4)

2,191‌

15‌

Nkarta (4)

987‌

1‌

Prothena (4)

319‌

15‌

RAPT

Therapeutics (4)

457‌

8‌

Regeneron

Pharmaceuticals (4)

353‌

290‌

Relay

Therapeutics (4)

422‌

4‌

Repare

Therapeutics (4)

373‌

4‌

Scholar

Rock,

Warrants,

12/31/25,

Acquisition

Date:

6/17/22,

Cost $— (4)(6)

87‌

—‌

Vaxcyte (4)

465‌

24‌

Vertex

Pharmaceuticals (4)

651‌

226‌

Verve

Therapeutics (4)

517‌

7‌

Xencor (4)

733‌

15‌

Zentalis

Pharmaceuticals (4)

483‌

10‌

1,534‌

Health

Care

Equipment

&

Supplies

1.1%

Alcon

(CHF) 

1,072‌

83‌

Align

Technology (4)

63‌

19‌

Becton

Dickinson

&

Company 

643‌

166‌

Elekta,

Class

B

(SEK) 

10,172‌

69‌

EssilorLuxottica

(EUR) 

684‌

119‌

GE

Healthcare

Technologies 

2,369‌

161‌

ICU

Medical (4)

292‌

35‌

Intuitive

Surgical (4)

946‌

277‌

Koninklijke

Philips

(EUR) (4)

5,946‌

119‌

Masimo (4)

413‌

36‌

Medtronic 

1,320‌

103‌

Neogen (4)

2,089‌

39‌

Outset

Medical (4)

1,424‌

15‌

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $15 (4)(6)(7)

3,864‌

2‌

Penumbra (4)

31‌

7‌

PROCEPT

BioRobotics (4)

1,469‌

48‌

QuidelOrtho (4)

479‌

35‌

Siemens

Healthineers

(EUR) 

3,214‌

163‌

STERIS 

693‌

152‌

Stryker 

398‌

109‌

Teleflex 

107‌

21‌

1,778‌

Health

Care

Providers

&

Services

2.3%

Alignment

Healthcare (4)

2,836‌

20‌

Cencora 

3,381‌

609‌

dentalcorp

Holdings

(CAD) (4)(5)

1,237‌

5‌

Elevance

Health 

2,123‌

924‌

Fresenius

(EUR) 

3,701‌

115‌

Guardant

Health (4)

645‌

19‌

HCA

Healthcare 

613‌

151‌

Humana 

539‌

262‌

Molina

Healthcare (4)

922‌

302‌

NeoGenomics (4)

2,493‌

31‌

Pennant

Group (4)

661‌

7‌

Privia

Health

Group (4)

2,086‌

48‌

Quest

Diagnostics 

1,320‌

161‌

Tenet

Healthcare (4)

1,125‌

74‌

U.S.

Physical

Therapy 

326‌

30‌

UnitedHealth

Group 

2,166‌

1,092‌

3,850‌

Health

Care

Technology

0.0%

Certara (4)

1,103‌

16‌

Veeva

Systems,

Class

A (4)

232‌

47‌

63‌

Life

Sciences

Tools

&

Services

0.9%

10X

Genomics,

Class

A (4)

465‌

19‌

Adaptive

Biotechnologies (4)

492‌

3‌

Agilent

Technologies 

1,173‌

131‌

Bruker 

895‌

56‌

Danaher 

1,335‌

331‌

Evotec

(EUR) (4)

2,180‌

43‌

Olink

Holding,

ADR (4)

905‌

13‌

Pacific

Biosciences

of

California (4)

3,148‌

26‌

Repligen (4)

97‌

16‌

Sotera

Health (4)

1,262‌

19‌

Thermo

Fisher

Scientific 

1,576‌

798‌

1,455‌

Pharmaceuticals

2.5%

Astellas

Pharma

(JPY) 

15,300‌

212‌

AstraZeneca,

ADR 

7,822‌

530‌

Bayer

(EUR) 

2,863‌

137‌

Catalent (4)

695‌

32‌

Eli

Lilly 

1,573‌

845‌

GSK,

ADR 

2,853‌

103‌

Johnson

&

Johnson 

1,378‌

215‌

Merck 

4,655‌

479‌

Novartis

(CHF) 

3,177‌

324‌

Novo

Nordisk,

Class

B

(DKK) 

2,792‌

254‌

T.

ROWE

PRICE

Moderate

Allocation

Portfolio

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Otsuka

Holdings

(JPY) 

2,600‌

92‌

Pfizer 

4,900‌

163‌

Roche

Holding

(CHF) 

1,117‌

305‌

Sanofi

(EUR) 

3,407‌

366‌

Structure

Therapeutics,

ADR (4)

473‌

24‌

Ventyx

Biosciences (4)

275‌

10‌

Zoetis 

635‌

110‌

4,201‌

Total

Health

Care

12,881‌

INDUSTRIALS

&

BUSINESS

SERVICES

5.7%

Aerospace

&

Defense

0.6%

Bombardier,

Class

B

(CAD) (4)

343‌

12‌

Cadre

Holdings 

516‌

14‌

General

Dynamics 

1,760‌

389‌

L3Harris

Technologies 

854‌

149‌

Melrose

Industries

(GBP) 

22,519‌

128‌

Northrop

Grumman 

155‌

68‌

Safran

(EUR) 

961‌

151‌

TransDigm

Group (4)

55‌

46‌

957‌

Building

Products

0.3%

AZZ 

1,100‌

50‌

Carrier

Global 

5,663‌

312‌

CSW

Industrials 

262‌

46‌

Zurn

Elkay

Water

Solutions 

1,272‌

36‌

444‌

Commercial

Services

&

Supplies

0.1%

Casella

Waste

Systems,

Class

A (4)

519‌

40‌

Cintas 

72‌

35‌

Rentokil

Initial

(GBP) 

6,239‌

46‌

Stericycle (4)

615‌

27‌

Tetra

Tech 

191‌

29‌

VSE 

501‌

25‌

202‌

Construction

&

Engineering

0.1%

WillScot

Mobile

Mini

Holdings (4)

341‌

14‌

Worley

(AUD) 

11,241‌

125‌

139‌

Electrical

Equipment

0.7%

ABB

(CHF) 

5,844‌

208‌

AMETEK 

2,653‌

392‌

Hubbell 

120‌

38‌

Legrand

(EUR) 

1,748‌

161‌

Mitsubishi

Electric

(JPY) 

13,500‌

167‌

Prysmian

(EUR) 

3,625‌

145‌

Thermon

Group

Holdings (4)

475‌

13‌

1,124‌

Ground

Transportation

0.8%

Central

Japan

Railway

(JPY) 

3,000‌

73‌

Convoy,

Warrants,

3/15/33,

Acquisition

Date:

3/24/23,

Cost $— (4)(6)(7)

94‌

—‌

CSX 

17,596‌

541‌

Landstar

System 

171‌

30‌

Norfolk

Southern 

500‌

99‌

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Old

Dominion

Freight

Line 

685‌

280‌

Saia (4)

201‌

80‌

Union

Pacific 

1,101‌

224‌

1,327‌

Industrial

Conglomerates

0.9%

DCC

(GBP) 

1,458‌

82‌

General

Electric 

3,920‌

433‌

Honeywell

International 

1,260‌

233‌

Roper

Technologies 

291‌

141‌

Siemens

(EUR) 

3,941‌

563‌

1,452‌

Machinery

1.3%

ATS (4)

197‌

8‌

Caterpillar 

280‌

76‌

Crane 

252‌

22‌

Cummins 

1,828‌

418‌

Deere 

120‌

45‌

Dover 

263‌

37‌

Enerpac

Tool

Group 

1,696‌

45‌

EnPro

Industries 

221‌

27‌

Esab 

378‌

27‌

ESCO

Technologies 

354‌

37‌

Federal

Signal 

1,093‌

65‌

Graco 

518‌

38‌

Helios

Technologies 

715‌

40‌

IDEX 

1,280‌

266‌

Ingersoll

Rand 

1,797‌

114‌

John

Bean

Technologies 

414‌

43‌

KION

Group

(EUR) 

1,849‌

71‌

Marel

(ISK) 

2,004‌

6‌

Mueller

Water

Products,

Class

A 

2,659‌

34‌

RBC

Bearings (4)

309‌

72‌

Sandvik

(SEK) 

5,641‌

104‌

SMC

(JPY) 

100‌

45‌

SPX

Technologies (4)

745‌

61‌

THK

(JPY) 

2,800‌

51‌

Toro 

341‌

28‌

Veralto (4)(8)

31‌

3‌

Westinghouse

Air

Brake

Technologies 

3,538‌

376‌

2,159‌

Passenger

Airlines

0.0%

Allegiant

Travel 

323‌

25‌

25‌

Professional

Services

0.5%

Booz

Allen

Hamilton

Holding 

1,928‌

211‌

Broadridge

Financial

Solutions 

957‌

171‌

Checkr,

Acquisition

Date:

6/29/18

-

12/2/19,

Cost $4 (4)(6)(7)

594‌

3‌

Clarivate (4)

3,131‌

21‌

Legalzoom.com (4)

1,225‌

13‌

Parsons (4)

1,047‌

57‌

Paycor

HCM (4)

1,760‌

40‌

Recruit

Holdings

(JPY) 

3,500‌

107‌

TechnoPro

Holdings

(JPY) 

4,000‌

87‌

Teleperformance

(EUR) 

499‌

63‌

T.

ROWE

PRICE

Moderate

Allocation

Portfolio

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Verisk

Analytics 

624‌

148‌

921‌

Trading

Companies

&

Distributors

0.4%

Ashtead

Group

(GBP) 

2,210‌

134‌

Beacon

Roofing

Supply (4)

635‌

49‌

Bunzl

(GBP) 

2,522‌

90‌

Mitsubishi

(JPY) 

2,500‌

119‌

Rush

Enterprises,

Class

A 

828‌

34‌

SiteOne

Landscape

Supply (4)

433‌

71‌

Sumitomo

(JPY) (5)

6,700‌

133‌

630‌

Total

Industrials

&

Business

Services

9,380‌

INFORMATION

TECHNOLOGY

10.7%

Communications

Equipment

0.1%

Infinera (4)

1,348‌

6‌

Telefonaktiebolaget

LM

Ericsson,

Class

B

(SEK) (5)

23,581‌

115‌

121‌

Electronic

Equipment,

Instruments

&

Components

0.6%

Amphenol,

Class

A 

3,040‌

255‌

CTS 

812‌

34‌

Hamamatsu

Photonics

(JPY) 

2,000‌

84‌

Largan

Precision

(TWD) 

1,000‌

66‌

Littelfuse 

195‌

48‌

Mirion

Technologies (4)

5,046‌

38‌

Murata

Manufacturing

(JPY) 

6,300‌

115‌

Napco

Security

Technologies 

689‌

15‌

Novanta (4)

229‌

33‌

Omron

(JPY) 

1,200‌

54‌

PAR

Technology (4)

1,770‌

68‌

TE

Connectivity 

1,209‌

149‌

Teledyne

Technologies (4)

175‌

72‌

Vontier 

1,250‌

39‌

1,070‌

IT

Services

0.4%

Accenture,

Class

A 

519‌

160‌

MongoDB (4)

297‌

103‌

NTT

Data

Group

(JPY) (5)

14,300‌

191‌

ServiceTitan,

Acquisition

Date:

11/9/18

-

5/4/21,

Cost $1 (4)(6)(7)

26‌

2‌

Shopify,

Class

A (4)

1,775‌

97‌

Snowflake,

Class

A (4)

231‌

35‌

Themis

Solutions,

Acquisition

Date:

4/14/21,

Cost $2 (4)(6)(7)

110‌

2‌

590‌

Semiconductors

&

Semiconductor

Equipment

4.1%

Advanced

Micro

Devices (4)

1,002‌

103‌

Analog

Devices 

1,694‌

297‌

Applied

Materials 

3,314‌

459‌

ASML

Holding

(EUR) 

541‌

319‌

ASML

Holding 

320‌

188‌

Broadcom 

468‌

389‌

Credo

Technology

Group

Holding (4)

1,391‌

21‌

Entegris 

672‌

63‌

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

KLA 

553‌

254‌

Lam

Research 

385‌

241‌

Lattice

Semiconductor (4)

850‌

73‌

MACOM

Technology

Solutions

Holdings (4)

627‌

51‌

Marvell

Technology 

876‌

47‌

Micron

Technology 

6,590‌

448‌

Monolithic

Power

Systems 

214‌

99‌

NVIDIA 

4,365‌

1,899‌

NXP

Semiconductors 

3,630‌

726‌

Onto

Innovation (4)

511‌

65‌

QUALCOMM 

950‌

105‌

Renesas

Electronics

(JPY) (4)

5,100‌

78‌

SiTime (4)

142‌

16‌

Taiwan

Semiconductor

Manufacturing

(TWD) 

22,219‌

362‌

Taiwan

Semiconductor

Manufacturing,

ADR 

674‌

59‌

Texas

Instruments 

2,162‌

344‌

Tokyo

Electron

(JPY) 

1,000‌

137‌

6,843‌

Software

3.6%

Adobe (4)

107‌

55‌

Agilysys (4)

471‌

31‌

Amplitude,

Class

A (4)

2,582‌

30‌

Atlassian,

Class

A (4)

342‌

69‌

BILL

Holdings (4)

543‌

59‌

Braze,

Class

A (4)

254‌

12‌

Cadence

Design

Systems (4)

780‌

183‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $34 (4)(6)(7)

20‌

21‌

Confluent,

Class

A (4)

829‌

25‌

Crowdstrike

Holdings,

Class

A (4)

192‌

32‌

Datadog,

Class

A (4)

345‌

31‌

Descartes

Systems

Group (4)

848‌

62‌

DoubleVerify

Holdings (4)

1,766‌

49‌

Envestnet (4)

601‌

26‌

Five9 (4)

811‌

52‌

Fortinet (4)

296‌

17‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $10 (4)(6)(7)

364‌

6‌

Intuit 

448‌

229‌

Manhattan

Associates (4)

174‌

34‌

Microsoft 

12,760‌

4,029‌

Salesforce (4)

280‌

57‌

SAP

(EUR) 

1,698‌

220‌

ServiceNow (4)

734‌

410‌

Socure,

Acquisition

Date:

12/22/21,

Cost $2 (4)(6)(7)

117‌

1‌

Synopsys (4)

507‌

233‌

Workiva (4)

568‌

58‌

6,031‌

Technology

Hardware,

Storage

&

Peripherals

1.9%

Apple 

16,921‌

2,897‌

Samsung

Electronics

(KRW) 

4,547‌

230‌

3,127‌

Total

Information

Technology

17,782‌

T.

ROWE

PRICE

Moderate

Allocation

Portfolio

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

MATERIALS

1.7%

Chemicals

0.9%

Air

Liquide

(EUR) 

1,068‌

180‌

Akzo

Nobel

(EUR) 

1,500‌

108‌

Asahi

Kasei

(JPY) 

10,600‌

67‌

BASF

(EUR) 

1,990‌

90‌

Covestro

(EUR) (4)

2,108‌

113‌

Element

Solutions 

4,622‌

91‌

HB

Fuller 

293‌

20‌

Johnson

Matthey

(GBP) 

3,760‌

74‌

Linde 

1,276‌

475‌

Nutrien 

1,711‌

106‌

Quaker

Chemical 

257‌

41‌

Sherwin-Williams 

327‌

83‌

Tosoh

(JPY) (5)

1,000‌

13‌

Umicore

(EUR) 

3,197‌

76‌

1,537‌

Construction

Materials

0.0%

Martin

Marietta

Materials 

118‌

49‌

49‌

Containers

&

Packaging

0.0%

Amcor,

CDI

(AUD) 

3,916‌

36‌

36‌

Metals

&

Mining

0.7%

Antofagasta

(GBP) 

6,440‌

112‌

BHP

Group

(AUD) 

3,372‌

95‌

BHP

Group

(GBP) 

4,806‌

136‌

Compass

Minerals

International 

397‌

11‌

Constellium (4)

3,252‌

59‌

ERO

Copper

(CAD) (4)

907‌

16‌

Franco-Nevada 

410‌

55‌

Freeport-McMoRan 

3,150‌

118‌

Haynes

International 

661‌

31‌

IGO

(AUD) 

25,465‌

204‌

South32

(AUD) 

31,130‌

67‌

Southern

Copper 

2,501‌

188‌

Wheaton

Precious

Metals 

1,950‌

79‌

1,171‌

Paper

&

Forest

Products

0.1%

Stora

Enso,

Class

R

(EUR) 

8,341‌

104‌

West

Fraser

Timber

(CAD) 

232‌

17‌

121‌

Total

Materials

2,914‌

REAL

ESTATE

1.0%

Health

Care

Real

Estate

Investment

Trusts

0.0%

Community

Healthcare

Trust,

REIT 

467‌

14‌

14‌

Industrial

Real

Estate

Investment

Trusts

0.2%

EastGroup

Properties,

REIT 

529‌

88‌

Prologis,

REIT 

901‌

101‌

Rexford

Industrial

Realty,

REIT 

1,000‌

50‌

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Terreno

Realty,

REIT 

411‌

23‌

262‌

Office

Real

Estate

Investment

Trusts

0.0%

Great

Portland

Estates

(GBP) 

9,297‌

47‌

47‌

Real

Estate

Management

&

Development

0.2%

Altus

Group

(CAD) (5)

587‌

20‌

DigitalBridge

Group 

1,063‌

19‌

FirstService 

682‌

99‌

Mitsui

Fudosan

(JPY) 

7,700‌

170‌

Tricon

Residential 

3,441‌

25‌

333‌

Residential

Real

Estate

Investment

Trusts

0.2%

Equity

LifeStyle

Properties,

REIT 

3,724‌

237‌

Flagship

Communities

REIT 

659‌

10‌

Independence

Realty

Trust,

REIT 

2,093‌

30‌

277‌

Retail

Real

Estate

Investment

Trusts

0.1%

Scentre

Group

(AUD) 

55,778‌

88‌

88‌

Specialized

Real

Estate

Investment

Trusts

0.3%

CubeSmart,

REIT 

1,283‌

49‌

Extra

Space

Storage,

REIT 

447‌

54‌

Public

Storage,

REIT 

1,276‌

336‌

Weyerhaeuser,

REIT 

3,613‌

111‌

550‌

Total

Real

Estate

1,571‌

UTILITIES

0.9%

Electric

Utilities

0.6%

Constellation

Energy 

4,866‌

531‌

Evergy 

1,037‌

53‌

FirstEnergy 

1,239‌

42‌

IDACORP 

545‌

51‌

MGE

Energy 

295‌

20‌

NextEra

Energy 

2,979‌

171‌

NRG

Energy 

1,200‌

46‌

Southern 

1,720‌

111‌

1,025‌

Gas

Utilities

0.1%

Beijing

Enterprises

Holdings

(HKD) 

10,500‌

36‌

Chesapeake

Utilities 

452‌

44‌

ONE

Gas 

271‌

19‌

Southwest

Gas

Holdings 

885‌

53‌

152‌

Independent

Power

&

Renewable

Electricity

Producers

0.0%

Electric

Power

Development

(JPY) 

4,200‌

68‌

NextEra

Energy

Partners 

617‌

18‌

86‌

T.

ROWE

PRICE

Moderate

Allocation

Portfolio

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Multi-Utilities

0.2%

Ameren 

335‌

25‌

Engie

(EUR) 

15,567‌

239‌

National

Grid

(GBP) 

13,083‌

156‌

420‌

Water

Utilities

0.0%

California

Water

Service

Group 

667‌

32‌

32‌

Total

Utilities

1,715‌

Total

Miscellaneous

Common

Stocks

 0.1% (9)

106‌

Total

Common

Stocks

(Cost

$55,106)

85,068‌

CONVERTIBLE

BONDS

0.0%

Convoy,

15.00%,

9/30/26,

Acquisition

Date:

3/24/23,

Cost $1 (4)(6)(7)

653‌

1‌

Total

Convertible

Bonds

(Cost

$1)

1‌

CONVERTIBLE

PREFERRED

STOCKS

0.1%

CONSUMER

DISCRETIONARY

0.0%

Specialty

Retail

0.0%

1661,

Series

F,

Acquisition

Date:

5/28/21,

Cost $10 (4)(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 $14 (4)(6)

(7)

733‌

4‌

Total

Consumer

Staples

4‌

FINANCIALS

0.0%

Banks

0.0%

CRB

Group,

Series

D,

Acquisition

Date:

1/28/22,

Cost $9 (4)(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 (4)(6)(7)

1,752‌

9‌

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $7 (4)(6)(7)

895‌

5‌

14‌

Health

Care

Equipment

&

Supplies

0.0%

Kardium,

Series

D-6,

Acquisition

Date:

1/8/21,

Cost $5 (4)(6)(7)

5,305‌

5‌

5‌

Health

Care

Providers

&

Services

0.0%

Honor

Technology,

Series

D,

Acquisition

Date:

10/16/20,

Cost $10 (4)(6)(7)

4,107‌

5‌

5‌

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Life

Sciences

Tools

&

Services

0.0%

Cleerly,

Series

C,

Acquisition

Date:

7/8/22,

Cost $5 (4)(6)(7)

413‌

4‌

Inscripta,

Series

E,

Acquisition

Date:

3/30/21,

Cost $6 (4)(6)(7)

636‌

2‌

National

Resilience,

Series

B,

Acquisition

Date:

10/23/20,

Cost $7 (4)(6)(7)

524‌

32‌

National

Resilience,

Series

C,

Acquisition

Date:

6/9/21,

Cost $11 (4)(6)(7)

237‌

14‌

52‌

Total

Health

Care

76‌

INDUSTRIALS

&

BUSINESS

SERVICES

0.0%

Aerospace

&

Defense

0.0%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $6 (4)(6)(7)

126‌

4‌

Epirus,

Series

C-2,

Acquisition

Date:

1/28/22,

Cost $11 (4)(6)(7)

1,914‌

10‌

14‌

Air

Freight

&

Logistics

0.0%

FLEXE,

Series

C,

Acquisition

Date:

11/18/20,

Cost $5 (4)(6)(7)

445‌

5‌

FLEXE,

Series

D,

Acquisition

Date:

4/7/22,

Cost $3 (4)(6)(7)

138‌

1‌

6‌

Electrical

Equipment

0.0%

CELLINK,

Series

D,

Acquisition

Date:

1/20/22,

Cost $5 (4)(6)(7)

252‌

1‌

1‌

Ground

Transportation

0.0%

Convoy,

Series

C,

Acquisition

Date:

9/14/18,

Cost $9 (4)(6)(7)

1,241‌

4‌

Convoy,

Series

D,

Acquisition

Date:

10/30/19,

Cost $10 (4)(6)(7)

764‌

3‌

7‌

Professional

Services

0.0%

Checkr,

Series

C,

Acquisition

Date:

4/10/18,

Cost $4 (4)(6)(7)

900‌

5‌

Checkr,

Series

D,

Acquisition

Date:

9/6/19,

Cost $12 (4)(6)(7)

1,200‌

6‌

11‌

Total

Industrials

&

Business

Services

39‌

INFORMATION

TECHNOLOGY

0.1%

IT

Services

0.0%

Haul

Hub,

Series

B,

Acquisition

Date:

2/14/20

-

3/3/21,

Cost $4 (4)(6)(7)

303‌

4‌

Haul

Hub,

Series

C,

Acquisition

Date:

4/14/22,

Cost $2 (4)(6)(7)

90‌

1‌

ServiceTitan,

Series

D,

Acquisition

Date:

11/9/18,

Cost $5 (4)(6)(7)

184‌

13‌

ServiceTitan,

Series

F,

Acquisition

Date:

3/25/21,

Cost $1 (4)(6)(7)

10‌

1‌

Themis

Solutions,

Series

AA,

Acquisition

Date:

4/14/21,

Cost $1 (4)(6)(7)

30‌

1‌

Themis

Solutions,

Series

AB,

Acquisition

Date:

4/14/21,

Cost $— (4)(6)(7)

10‌

—‌

T.

ROWE

PRICE

Moderate

Allocation

Portfolio

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Themis

Solutions,

Series

B,

Acquisition

Date:

4/14/21,

Cost $— (4)(6)(7)

10‌

—‌

Themis

Solutions,

Series

E,

Acquisition

Date:

4/14/21,

Cost $7 (4)(6)(7)

320‌

6‌

26‌

Software

0.1%

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $11 (4)(6)(7)

192‌

14‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $30 (4)(6)(7)

411‌

30‌

Databricks,

Series

I,

Acquisition

Date:

9/14/23,

Cost $4 (4)(6)(7)

51‌

4‌

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $15 (4)(6)(7)

504‌

8‌

Nuro,

Series

C,

Acquisition

Date:

10/30/20

-

3/2/21,

Cost $12 (4)(6)(7)

921‌

6‌

Nuro,

Series

D,

Acquisition

Date:

10/29/21,

Cost $5 (4)(6)(7)

242‌

1‌

SecurityScorecard,

Series

E,

Acquisition

Date:

3/5/21,

Cost $5 (4)(6)(7)

1,032‌

5‌

Seismic

Software,

Series

E,

Acquisition

Date:

12/13/18,

Cost $7 (4)(6)(7)

1,115‌

8‌

Seismic

Software,

Series

F,

Acquisition

Date:

9/25/20,

Cost $1 (4)(6)(7)

85‌

1‌

Socure,

Series

A,

Acquisition

Date:

12/22/21,

Cost $2 (4)(6)(7)

142‌

1‌

Socure,

Series

A-1,

Acquisition

Date:

12/22/21,

Cost $2 (4)(6)(7)

117‌

1‌

Socure,

Series

B,

Acquisition

Date:

12/22/21,

Cost $— (4)(6)(7)

2‌

—‌

Socure,

Series

E,

Acquisition

Date:

10/27/21,

Cost $5 (4)(6)(7)

270‌

1‌

80‌

Total

Information

Technology

106‌

MATERIALS

0.0%

Chemicals

0.0%

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $6 (4)(6)(7)

135‌

6‌

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $9 (4)(6)(7)

228‌

5‌

11‌

Metals

&

Mining

0.0%

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $6 (4)(6)(7)

201‌

9‌

9‌

Total

Materials

20‌

Total

Convertible

Preferred

Stocks

(Cost

$294)

253‌

CORPORATE

BONDS

4.8%

AbbVie,

3.20%,

11/21/29 

55,000‌

49‌

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

77‌

AerCap

Ireland

Capital,

3.00%,

10/29/28 

160,000‌

137‌

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Alexandria

Real

Estate

Equities,

3.375%,

8/15/31 

19,000‌

16‌

Ally

Financial,

4.75%,

6/9/27 

55,000‌

51‌

Anheuser-Busch

InBev

Worldwide,

4.50%,

6/1/50 

29,000‌

24‌

Anheuser-Busch

InBev

Worldwide,

5.55%,

1/23/49 

65,000‌

62‌

Aon,

2.80%,

5/15/30 

15,000‌

12‌

AT&T,

3.50%,

9/15/53 

105,000‌

65‌

Baltimore

Gas

&

Electric,

5.40%,

6/1/53 

20,000‌

18‌

Bank

of

America,

3.248%,

10/21/27 

70,000‌

64‌

Bank

of

America,

VR,

1.898%,

7/23/31 (10)

210,000‌

160‌

Bank

of

America,

VR,

1.922%,

10/24/31 (10)

40,000‌

30‌

Bank

of

America,

VR,

2.496%,

2/13/31 (10)

105,000‌

84‌

Bank

of

America,

VR,

2.592%,

4/29/31 (10)

50,000‌

40‌

Bank

of

America,

VR,

3.419%,

12/20/28 (10)

80,000‌

71‌

Bank

of

America,

VR,

4.271%,

7/23/29 (10)

65,000‌

60‌

Bank

of

America,

VR,

5.819%,

9/15/29 (10)

80,000‌

79‌

Barclays,

VR,

5.501%,

8/9/28 (10)

200,000‌

192‌

BAT

Capital,

7.079%,

8/2/43 

20,000‌

19‌

BAT

Capital,

7.081%,

8/2/53 

30,000‌

28‌

BAT

International

Finance,

1.668%,

3/25/26 

2,000‌

2‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30 

25,000‌

21‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27 

33,000‌

31‌

Berkshire

Hathaway

Finance,

2.50%,

1/15/51 

60,000‌

34‌

Berkshire

Hathaway

Finance,

2.85%,

10/15/50 

25,000‌

15‌

Berkshire

Hathaway

Finance,

3.85%,

3/15/52 

20,000‌

15‌

BHP

Billiton

Finance

USA,

5.50%,

9/8/53 

10,000‌

9‌

Boardwalk

Pipelines,

3.40%,

2/15/31 

28,000‌

23‌

Boardwalk

Pipelines,

5.95%,

6/1/26 

10,000‌

10‌

Boeing,

5.04%,

5/1/27 

55,000‌

54‌

Boeing,

5.805%,

5/1/50 

35,000‌

32‌

Booz

Allen

Hamilton,

5.95%,

8/4/33 

15,000‌

15‌

Boston

Gas,

6.119%,

7/20/53 (1)

15,000‌

14‌

Brixmor

Operating

Partnership,

3.90%,

3/15/27 

35,000‌

32‌

Brixmor

Operating

Partnership,

4.05%,

7/1/30 

8,000‌

7‌

Brixmor

Operating

Partnership,

4.125%,

5/15/29 

33,000‌

29‌

CaixaBank,

VR,

6.84%,

9/13/34 (1)(10)

200,000‌

196‌

Capital

One

Financial,

3.65%,

5/11/27 

50,000‌

45‌

Capital

One

Financial,

3.75%,

3/9/27 

50,000‌

46‌

Capital

One

Financial,

VR,

2.359%,

7/29/32 (10)

55,000‌

38‌

Capital

One

Financial,

VR,

3.273%,

3/1/30 (10)

25,000‌

21‌

Capital

One

Financial,

VR,

5.247%,

7/26/30 (10)

15,000‌

14‌

Capital

One

Financial,

VR,

5.468%,

2/1/29 (10)

75,000‌

71‌

Carvana,

12.00%,

12/1/28,

(12.00%

PIK) (1)

(11)

11,000‌

9‌

T.

ROWE

PRICE

Moderate

Allocation

Portfolio

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Carvana,

13.00%,

6/1/30,

(13.00%

PIK) (1)

(11)

17,000‌

13‌

Carvana,

14.00%,

6/1/31,

(14.00%

PIK) (1)

(11)

20,000‌

15‌

CBRE

Services,

5.95%,

8/15/34 

40,000‌

38‌

Celanese

U.S.

Holdings,

6.05%,

3/15/25 

7,000‌

7‌

Celanese

U.S.

Holdings,

6.35%,

11/15/28 

20,000‌

20‌

Centene,

2.50%,

3/1/31 

60,000‌

46‌

Centene,

2.625%,

8/1/31 

110,000‌

84‌

Charter

Communications

Operating,

5.125%,

7/1/49 

15,000‌

11‌

Charter

Communications

Operating,

5.25%,

4/1/53 

15,000‌

11‌

Charter

Communications

Operating,

5.75%,

4/1/48 

20,000‌

16‌

Charter

Communications

Operating,

6.484%,

10/23/45 

12,000‌

10‌

Cheniere

Corpus

Christi

Holdings,

5.125%,

6/30/27 

15,000‌

15‌

Citigroup,

VR,

3.106%,

4/8/26 (10)

22,000‌

21‌

Citigroup,

VR,

5.61%,

9/29/26 (10)

55,000‌

54‌

Citigroup,

VR,

6.174%,

5/25/34 (10)

35,000‌

34‌

Citigroup,

Series VAR,

VR,

3.07%,

2/24/28 (10)

50,000‌

45‌

CNO

Financial

Group,

5.25%,

5/30/25 

15,000‌

15‌

Columbia

Pipelines

Holding,

6.042%,

8/15/28 (1)

25,000‌

25‌

Comcast,

3.90%,

3/1/38 

60,000‌

49‌

Corebridge

Financial,

3.90%,

4/5/32 

15,000‌

13‌

Crown

Castle,

2.25%,

1/15/31 

95,000‌

74‌

Crown

Castle

Towers,

3.663%,

5/15/25 (1)

85,000‌

81‌

CSL

Finance,

4.05%,

4/27/29 (1)

25,000‌

23‌

CVS

Health,

3.25%,

8/15/29 

10,000‌

9‌

CVS

Health,

5.05%,

3/25/48 

84,000‌

70‌

CVS

Health,

5.625%,

2/21/53 

45,000‌

41‌

CVS

Health,

5.875%,

6/1/53 

25,000‌

23‌

Diamondback

Energy,

6.25%,

3/15/53 

25,000‌

24‌

Duke

Energy,

5.00%,

8/15/52 

105,000‌

87‌

Duke

Energy,

6.10%,

9/15/53 

55,000‌

53‌

Duke

Energy

Indiana,

5.40%,

4/1/53 

15,000‌

14‌

Edison

International,

4.95%,

4/15/25 

5,000‌

5‌

Elevance

Health,

5.125%,

2/15/53 

20,000‌

18‌

Energy

Transfer,

2.90%,

5/15/25 

60,000‌

57‌

Enterprise

Products

Operating,

3.20%,

2/15/52 

30,000‌

19‌

Equifax,

5.10%,

12/15/27 

30,000‌

29‌

Equitable

Holdings,

4.35%,

4/20/28 

105,000‌

98‌

Exelon,

5.60%,

3/15/53 

35,000‌

32‌

Fifth

Third

Bancorp,

2.375%,

1/28/25 

10,000‌

10‌

Fifth

Third

Bancorp,

2.55%,

5/5/27 

5,000‌

4‌

Fifth

Third

Bancorp,

3.95%,

3/14/28 

12,000‌

11‌

Fifth

Third

Bancorp,

VR,

4.772%,

7/28/30 (10)

15,000‌

14‌

Fifth

Third

Bancorp,

VR,

6.339%,

7/27/29 (10)

20,000‌

20‌

Georgia

Power,

4.95%,

5/17/33 

45,000‌

42‌

GLP

Capital,

3.35%,

9/1/24 

10,000‌

10‌

Goldman

Sachs

Group,

3.50%,

11/16/26 

70,000‌

65‌

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Goldman

Sachs

Group,

VR,

1.542%,

9/10/27 (10)

50,000‌

44‌

Goldman

Sachs

Group,

VR,

3.615%,

3/15/28 (10)

45,000‌

41‌

Goldman

Sachs

Group,

VR,

4.482%,

8/23/28 (10)

20,000‌

19‌

Hasbro,

3.55%,

11/19/26 

11,000‌

10‌

HCA,

2.375%,

7/15/31 

20,000‌

15‌

HCA,

3.125%,

3/15/27 

20,000‌

18‌

HCA,

3.375%,

3/15/29 

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 

18,000‌

18‌

Healthcare

Realty

Holdings,

2.05%,

3/15/31 

15,000‌

11‌

Healthcare

Realty

Holdings,

3.625%,

1/15/28 

60,000‌

54‌

Humana,

4.875%,

4/1/30 

42,000‌

40‌

Humana,

5.50%,

3/15/53 

75,000‌

68‌

Hyundai

Capital

America,

5.50%,

3/30/26 (1)

10,000‌

10‌

Indiana

Michigan

Power,

5.625%,

4/1/53 

5,000‌

5‌

Intercontinental

Exchange,

4.35%,

6/15/29 

40,000‌

38‌

Intuit,

5.50%,

9/15/53 

25,000‌

24‌

JPMorgan

Chase,

VR,

1.578%,

4/22/27 (10)

35,000‌

31‌

JPMorgan

Chase,

VR,

2.182%,

6/1/28 (10)

60,000‌

53‌

JPMorgan

Chase,

VR,

2.522%,

4/22/31 (10)

10,000‌

8‌

JPMorgan

Chase,

VR,

2.739%,

10/15/30 (10)

23,000‌

19‌

JPMorgan

Chase,

VR,

2.956%,

5/13/31 (10)

69,000‌

57‌

JPMorgan

Chase,

VR,

3.54%,

5/1/28 (10)

25,000‌

23‌

Kilroy

Realty,

4.375%,

10/1/25 

13,000‌

12‌

Las

Vegas

Sands,

3.50%,

8/18/26 

25,000‌

23‌

Lowe's,

4.25%,

4/1/52 

25,000‌

18‌

Lowe's,

5.625%,

4/15/53 

15,000‌

14‌

Lowe's,

5.75%,

7/1/53 

15,000‌

14‌

LSEGA

Financing,

2.50%,

4/6/31 (1)

200,000‌

161‌

Marriott

International,

4.90%,

4/15/29 

10,000‌

9‌

Marriott

International,

5.00%,

10/15/27 

30,000‌

29‌

Mars,

4.75%,

4/20/33 (1)

45,000‌

43‌

Marsh

&

McLennan,

2.25%,

11/15/30 

15,000‌

12‌

Marsh

&

McLennan,

5.70%,

9/15/53 

50,000‌

48‌

Mattel,

5.875%,

12/15/27 (1)

40,000‌

39‌

Merck,

5.00%,

5/17/53 

25,000‌

23‌

Meta

Platforms,

5.60%,

5/15/53 

65,000‌

61‌

Micron

Technology,

5.327%,

2/6/29 

22,000‌

21‌

Micron

Technology,

6.75%,

11/1/29 

20,000‌

21‌

MidAmerican

Energy,

5.85%,

9/15/54 

20,000‌

20‌

Morgan

Stanley,

VR,

1.593%,

5/4/27 (10)

20,000‌

18‌

Morgan

Stanley,

VR,

4.431%,

1/23/30 (10)

25,000‌

23‌

Morgan

Stanley,

VR,

5.123%,

2/1/29 (10)

95,000‌

91‌

Nasdaq,

6.10%,

6/28/63 

10,000‌

9‌

Netflix,

6.375%,

5/15/29 

55,000‌

57‌

NextEra

Energy

Capital

Holdings,

2.44%,

1/15/32 

35,000‌

27‌

NextEra

Energy

Capital

Holdings,

3.00%,

1/15/52 

35,000‌

21‌

NextEra

Energy

Capital

Holdings,

5.00%,

7/15/32 

15,000‌

14‌

T.

ROWE

PRICE

Moderate

Allocation

Portfolio

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

NextEra

Energy

Capital

Holdings,

5.25%,

2/28/53 

15,000‌

13‌

NextEra

Energy

Capital

Holdings,

5.749%,

9/1/25 

25,000‌

25‌

NiSource,

5.25%,

3/30/28 

10,000‌

10‌

Nissan

Motor

Acceptance,

1.85%,

9/16/26 (1)

15,000‌

13‌

Nissan

Motor

Acceptance,

6.95%,

9/15/26 (1)

5,000‌

5‌

NRG

Energy,

4.45%,

6/15/29 (1)

15,000‌

13‌

Occidental

Petroleum,

8.875%,

7/15/30 

85,000‌

95‌

ONEOK,

5.80%,

11/1/30 

15,000‌

15‌

ONEOK,

6.05%,

9/1/33 

30,000‌

29‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27 

20,000‌

17‌

Pacific

Gas

&

Electric,

2.50%,

2/1/31 

40,000‌

30‌

Pacific

Gas

&

Electric,

4.55%,

7/1/30 

45,000‌

40‌

Pacific

Gas

&

Electric,

5.90%,

6/15/32 

10,000‌

9‌

Pacific

Gas

&

Electric,

6.70%,

4/1/53 

10,000‌

9‌

Pfizer

Investment

Enterprises,

4.75%,

5/19/33 

30,000‌

28‌

Pfizer

Investment

Enterprises,

5.30%,

5/19/53 

30,000‌

28‌

Pfizer

Investment

Enterprises,

5.34%,

5/19/63 

40,000‌

36‌

Philip

Morris

International,

5.125%,

2/15/30 

25,000‌

24‌

Pioneer

Natural

Resources,

5.10%,

3/29/26 

15,000‌

15‌

PNC

Financial

Services

Group,

2.55%,

1/22/30 

15,000‌

12‌

PNC

Financial

Services

Group,

VR,

6.037%,

10/28/33 (10)

40,000‌

39‌

Public

Storage

Operating,

5.35%,

8/1/53 

10,000‌

9‌

Realty

Income,

3.95%,

8/15/27 

17,000‌

16‌

Revvity,

1.90%,

9/15/28 

35,000‌

29‌

Revvity,

2.25%,

9/15/31 

15,000‌

12‌

Revvity,

3.30%,

9/15/29 

14,000‌

12‌

Reynolds

American,

4.45%,

6/12/25 

5,000‌

5‌

Rogers

Communications,

3.20%,

3/15/27 

14,000‌

13‌

Rogers

Communications,

3.80%,

3/15/32 

25,000‌

21‌

Rogers

Communications,

4.35%,

5/1/49 

5,000‌

4‌

Rogers

Communications,

4.55%,

3/15/52 

129,000‌

94‌

Ross

Stores,

1.875%,

4/15/31 

45,000‌

34‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28 (10)

12,000‌

10‌

Santander

Holdings

USA,

VR,

6.499%,

3/9/29 (10)

6,000‌

6‌

SBA

Tower

Trust,

1.84%,

4/15/27 (1)

50,000‌

43‌

SBA

Tower

Trust,

2.593%,

10/15/31 (1)

40,000‌

30‌

Sempra,

3.70%,

4/1/29 

15,000‌

14‌

Southern,

5.20%,

6/15/33 

60,000‌

57‌

Southern,

5.70%,

3/15/34 

30,000‌

29‌

Southern

California

Edison,

5.70%,

3/1/53 

20,000‌

19‌

Southern

California

Edison,

Series D,

4.70%,

6/1/27 

30,000‌

29‌

Sprint

Capital,

6.875%,

11/15/28 

45,000‌

47‌

Sprint

Capital,

8.75%,

3/15/32 

30,000‌

35‌

Standard

Chartered,

VR,

2.608%,

1/12/28 (1)(10)

200,000‌

177‌

Sutter

Health,

5.164%,

8/15/33 

15,000‌

14‌

Sutter

Health,

5.547%,

8/15/53 

10,000‌

10‌

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

T-Mobile

USA,

5.75%,

1/15/54 

85,000‌

78‌

T-Mobile

USA,

6.00%,

6/15/54 

15,000‌

14‌

Targa

Resources

Partners,

5.50%,

3/1/30 

57,000‌

53‌

Targa

Resources

Partners,

6.875%,

1/15/29 

10,000‌

10‌

Transcontinental

Gas

Pipe

Line,

4.60%,

3/15/48 

5,000‌

4‌

Truist

Financial,

VR,

4.123%,

6/6/28 (10)

12,000‌

11‌

UBS

Group,

VR,

6.301%,

9/22/34 (1)(10)

200,000‌

195‌

UnitedHealth

Group,

4.50%,

4/15/33 

40,000‌

37‌

UnitedHealth

Group,

5.05%,

4/15/53 

60,000‌

54‌

UnitedHealth

Group,

5.875%,

2/15/53 

32,000‌

32‌

Utah

Acquisition,

3.95%,

6/15/26 

101,000‌

95‌

Utah

Acquisition

Sub,

5.25%,

6/15/46 

5,000‌

4‌

Verizon

Communications,

1.75%,

1/20/31 

25,000‌

19‌

Verizon

Communications,

2.55%,

3/21/31 

54,000‌

43‌

Viatris,

3.85%,

6/22/40 

42,000‌

27‌

Viatris,

4.00%,

6/22/50 

25,000‌

15‌

Vistra

Operations,

5.125%,

5/13/25 (1)

45,000‌

44‌

Vistra

Operations,

6.95%,

10/15/33 (1)

15,000‌

15‌

Volkswagen

Group

of

America

Finance,

3.20%,

9/26/26 (1)

205,000‌

190‌

Walt

Disney,

3.60%,

1/13/51 

25,000‌

17‌

Warnermedia

Holdings,

3.755%,

3/15/27 

60,000‌

55‌

Wells

Fargo,

4.30%,

7/22/27 

35,000‌

33‌

Wells

Fargo,

VR,

2.393%,

6/2/28 (10)

115,000‌

101‌

Wells

Fargo,

VR,

2.572%,

2/11/31 (10)

225,000‌

182‌

Wells

Fargo,

VR,

2.879%,

10/30/30 (10)

100,000‌

84‌

Westlake,

1.625%,

7/17/29

(EUR) 

100,000‌

88‌

Xcel

Energy,

3.40%,

6/1/30 

45,000‌

39‌

Total

Corporate

Bonds

(Cost

$8,885)

7,946‌

EQUITY

MUTUAL

FUNDS

7.7%

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund (2)

223,982‌

6,915‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class (2)

459,105‌

6,014‌

Total

Equity

Mutual

Funds

(Cost

$11,501)

12,929‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

0.1%

State

of

Israel,

Series 0347,

3.75%,

3/31/47

(ILS) 

423,503‌

99‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$112)

99‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

0.6%

BBCMS

Mortgage

Trust,

Series 2019-BWAY,

Class

D,

ARM,

1M

TSFR

+

2.274%,

7.606%,

11/25/34 (1)

25,000‌

9‌

BINOM

Securitization

Trust,

Series 2021-

INV1,

Class

A1,

CMO,

ARM,

2.034%,

6/25/56 (1)

68,359‌

57‌

BX

Commercial

Mortgage

Trust,

Series 2022-CSMO,

Class

B,

ARM,

1M

TSFR

+

3.141%,

8.473%,

6/15/27 (1)

100,000‌

100‌

T.

ROWE

PRICE

Moderate

Allocation

Portfolio

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CIM

Trust,

Series 2021-INV1,

Class

A29,

CMO,

ARM,

2.50%,

7/1/51 (1)

83,114‌

61‌

Commercial

Mortgage

Trust,

Series 2016-

CR28,

Class

AHR,

3.651%,

2/1/49 

26,386‌

25‌

Connecticut

Avenue

Securities,

Series 2017-C06,

Class

2ED1,

CMO,

ARM,

SOFR30A

+

1.114%,

6.429%,

2/25/30 

9,785‌

10‌

Finance

of

America

HECM

Buyout,

Series 2022-HB2,

Class

A1A,

ARM,

4.00%,

8/1/32 (1)

55,571‌

54‌

Galton

Funding

Mortgage

Trust,

Series 2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57 (1)

5,706‌

5‌

Galton

Funding

Mortgage

Trust,

Series 2018-2,

Class

A22,

CMO,

ARM,

4.00%,

10/25/58 (1)

4,448‌

4‌

Great

Wolf

Trust,

Series 2019-WOLF,

Class

A,

ARM,

1M

TSFR

+

1.148%,

6.48%,

12/15/36 (1)

40,000‌

40‌

Great

Wolf

Trust,

Series 2019-WOLF,

Class

C,

ARM,

1M

TSFR

+

1.747%,

7.079%,

12/15/36 (1)

35,000‌

35‌

GS

Mortgage-Backed

Securities

Trust,

Series 2021-GR1,

Class

A4,

CMO,

ARM,

2.50%,

11/25/51 (1)

82,124‌

60‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2018-WPT,

Class

AFX,

4.248%,

7/5/33 (1)

20,000‌

18‌

JPMorgan

Mortgage

Trust,

Series 2020-5,

Class

B2,

CMO,

ARM,

3.578%,

12/1/50 (1)

23,239‌

19‌

JPMorgan

Mortgage

Trust,

Series 2020-

INV1,

Class

A11,

CMO,

ARM,

1M

TSFR

+

0.944%,

6.00%,

8/25/50 (1)

6,161‌

6‌

JPMorgan

Mortgage

Trust,

Series 2020-

INV1,

Class

A3,

CMO,

ARM,

3.50%,

8/25/50 (1)

8,214‌

7‌

JPMorgan

Mortgage

Trust,

Series 2020-

LTV1,

Class

A15,

CMO,

ARM,

3.50%,

6/25/50 (1)

999‌

1‌

JPMorgan

Mortgage

Trust,

Series 2020-

LTV1,

Class

A3,

CMO,

ARM,

3.50%,

6/25/50 (1)

1,997‌

2‌

JPMorgan

Mortgage

Trust,

Series 2020-

LTV1,

Class

B1A,

CMO,

ARM,

3.273%,

6/25/50 (1)

28,089‌

23‌

MFA

Trust,

Series 2022-INV2,

Class

A1,

CMO,

STEP,

4.95%,

7/25/57 (1)

97,072‌

93‌

New

Residential

Mortgage

Loan

Trust,

Series 2021-INV2,

Class

A4,

CMO,

ARM,

2.50%,

9/25/51 (1)

83,707‌

61‌

OBX

Trust,

Series 2020-EXP1,

Class

1A8,

CMO,

ARM,

3.50%,

2/25/60 (1)

27,408‌

23‌

Sequoia

Mortgage

Trust,

Series 2013-4,

Class

B1,

CMO,

ARM,

3.438%,

4/1/43 

18,676‌

17‌

Sequoia

Mortgage

Trust,

Series 2017-CH2,

Class

A19,

CMO,

ARM,

4.00%,

12/25/47 (1)

6,157‌

5‌

SG

Residential

Mortgage

Trust,

Series 2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/1/59 (1)

1,927‌

2‌

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2020-DNA2,

Class

M2,

CMO,

ARM,

SOFR30A

+

1.964%,

7.279%,

2/25/50 (1)

26,074‌

26‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA2,

Class

M2,

CMO,

ARM,

SOFR30A

+

2.30%,

7.615%,

8/25/33 (1)

23,000‌

23‌

Towd

Point

Mortgage

Trust,

Series 2019-

HY3,

Class

A1A,

CMO,

ARM,

1M

TSFR

+

1.114%,

6.434%,

10/25/59 (1)

28,287‌

28‌

Vista

Point

Securitization

Trust,

Series 2020-

2,

Class

A1,

CMO,

ARM,

1.475%,

4/25/65 (1)

23,039‌

21‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2017-C39,

Class

B,

4.025%,

9/15/50 

125,000‌

107‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2019-JWDR,

Class

A,

ARM,

2.584%,

9/15/31 (1)

100,000‌

90‌

Total

Non-U.S.

Government

Mortgage-

Backed

Securities

(Cost

$1,184)

1,032‌

PREFERRED

STOCKS

0.1%

CONSUMER

DISCRETIONARY

0.1%

Automobiles

0.1%

Dr.

Ing.

h.c.

F.

Porsche

(EUR) 

1,198‌

112‌

Total

Consumer

Discretionary

112‌

Total

Preferred

Stocks

(Cost

$101)

112‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

6.9%

U.S.

Government

Agency

Obligations

5.3%

Federal

Home

Loan

Mortgage 

2.50%,

4/1/30 

12,204‌

11‌

3.00%,

12/1/42

-

4/1/43 

60,482‌

52‌

3.50%,

8/1/42

-

3/1/44 

84,192‌

75‌

4.00%,

8/1/40

-

8/1/45 

40,168‌

37‌

4.50%,

6/1/39

-

5/1/42 

40,267‌

38‌

5.00%,

1/1/24

-

8/1/40 

13,554‌

12‌

6.00%,

10/1/32

-

8/1/38 

3,384‌

3‌

7.00%,

6/1/32 

527‌

—‌

Federal

Home

Loan

Mortgage,

ARM 

RFUCCT1Y

+

1.842%,

4.091%,

1/1/37 

1,307‌

1‌

RFUCCT1Y

+

1.915%,

4.29%,

2/1/37 

1,577‌

2‌

Federal

Home

Loan

Mortgage,

UMBS 

1.50%,

2/1/36

-

4/1/37 

74,314‌

62‌

2.00%,

8/1/36

-

5/1/52 

641,374‌

496‌

2.50%,

3/1/42

-

5/1/52 

809,157‌

646‌

3.00%,

1/1/33

-

8/1/52 

404,418‌

340‌

3.50%,

6/1/47

-

10/1/51 

137,868‌

121‌

4.00%,

8/1/37

-

2/1/50 

83,713‌

78‌

4.50%,

5/1/50 

8,013‌

7‌

5.00%,

5/1/53 

9,673‌

9‌

Federal

National

Mortgage

Assn. 

3.00%,

8/1/43

-

2/1/44 

8,908‌

8‌

3.50%,

6/1/42

-

1/1/44 

84,485‌

74‌

4.00%,

11/1/40 

17,167‌

16‌

T.

ROWE

PRICE

Moderate

Allocation

Portfolio

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Federal

National

Mortgage

Assn.,

ARM,

RFUCCT1Y

+

1.869%,

6.119%,

8/1/36 

1,362‌

1‌

Federal

National

Mortgage

Assn.,

CMO,

IO,

6.50%,

2/25/32 

357‌

—‌

Federal

National

Mortgage

Assn.,

UMBS 

1.50%,

4/1/37

-

1/1/42 

250,887‌

205‌

2.00%,

5/1/36

-

4/1/52 

2,443,981‌

1,900‌

2.50%,

1/1/32

-

9/1/52 

1,404,751‌

1,143‌

3.00%,

6/1/27

-

10/1/51 

692,250‌

593‌

3.50%,

11/1/32

-

1/1/52 

355,175‌

313‌

4.00%,

7/1/35

-

9/1/52 

333,522‌

305‌

4.50%,

7/1/39

-

8/1/52 

191,462‌

178‌

5.00%,

3/1/34

-

7/1/53 

162,170‌

159‌

5.50%,

12/1/34

-

3/1/53 

74,570‌

75‌

6.00%,

4/1/33

-

9/1/53 

233,318‌

232‌

6.50%,

7/1/32

-

5/1/40 

18,333‌

19‌

7.00%,

4/1/32 

168‌

—‌

UMBS,

TBA (12)

2.00%,

10/1/38

-

10/1/53 

360,000‌

285‌

2.50%,

10/1/53 

205,000‌

163‌

3.00%,

10/1/53 

305,000‌

252‌

3.50%,

10/1/53 

260,000‌

224‌

4.00%,

10/1/53 

195,000‌

174‌

4.50%,

10/1/53 

160,000‌

147‌

5.00%,

10/1/53 

215,000‌

203‌

5.50%,

10/1/53 

140,000‌

135‌

6.50%,

10/1/53 

130,000‌

131‌

8,925‌

U.S.

Government

Obligations

1.6%

Government

National

Mortgage

Assn. 

1.50%,

5/20/37 

45,396‌

38‌

2.00%,

3/20/51

-

3/20/52 

579,624‌

458‌

2.50%,

8/20/50

-

3/20/52 

536,182‌

439‌

3.00%,

7/15/43

-

6/20/52 

474,517‌

402‌

3.50%,

12/20/42

-

10/20/49 

281,016‌

249‌

4.00%,

7/20/42

-

10/20/52 

251,425‌

229‌

4.50%,

10/20/39

-

10/20/52 

187,476‌

175‌

5.00%,

3/20/34

-

6/20/49 

86,956‌

85‌

5.50%,

10/20/32

-

3/20/49 

48,594‌

49‌

6.00%,

4/15/36

-

12/20/38 

7,326‌

7‌

6.50%,

3/15/26

-

4/15/26 

1,411‌

1‌

7.00%,

9/20/27

-

9/20/53 

30,816‌

32‌

8.00%,

4/15/26 

73‌

—‌

Government

National

Mortgage

Assn.,

CMO 

3.00%,

11/20/47

-

12/20/47 

4,796‌

5‌

3.50%,

10/20/50 

25,000‌

20‌

Government

National

Mortgage

Assn.,

TBA (12)

2.00%,

10/20/53 

35,000‌

28‌

2.50%,

10/20/53 

40,000‌

33‌

5.00%,

10/20/53 

45,000‌

43‌

5.50%,

10/20/52 

255,000‌

247‌

6.00%,

10/20/53 

40,000‌

40‌

6.50%,

10/20/53 

55,000‌

55‌

2,635‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$12,843)

11,560‌

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

7.8%

U.S.

Treasury

Obligations

7.8%

U.S.

Treasury

Bonds,

3.00%,

8/15/52 

790,000‌

576‌

U.S.

Treasury

Bonds,

3.375%,

8/15/42 

1,000,000‌

811‌

U.S.

Treasury

Bonds,

3.625%,

2/15/53 

690,000‌

571‌

U.S.

Treasury

Bonds,

3.875%,

2/15/43 

365,000‌

318‌

U.S.

Treasury

Bonds,

4.00%,

11/15/42 (13)

710,000‌

630‌

U.S.

Treasury

Bonds,

4.00%,

11/15/52 

440,000‌

390‌

U.S.

Treasury

Notes,

0.625%,

12/31/27 

765,000‌

647‌

U.S.

Treasury

Notes,

0.625%,

8/15/30 

885,000‌

679‌

U.S.

Treasury

Notes,

0.75%,

8/31/26 

400,000‌

356‌

U.S.

Treasury

Notes,

1.50%,

1/31/27 

1,135,000‌

1,022‌

U.S.

Treasury

Notes,

1.875%,

2/15/32 

455,000‌

370‌

U.S.

Treasury

Notes,

2.25%,

1/31/24 

1,395,000‌

1,380‌

U.S.

Treasury

Notes,

2.75%,

2/15/24 

205,000‌

203‌

U.S.

Treasury

Notes,

3.75%,

4/15/26 

270,000‌

263‌

U.S.

Treasury

Notes,

3.875%,

1/15/26 

1,100,000‌

1,074‌

U.S.

Treasury

Notes,

3.875%,

11/30/27 

110,000‌

107‌

U.S.

Treasury

Notes,

3.875%,

12/31/27 

505,000‌

489‌

U.S.

Treasury

Notes,

4.00%,

12/15/25 

1,085,000‌

1,062‌

U.S.

Treasury

Notes,

4.00%,

2/15/26 

320,000‌

313‌

U.S.

Treasury

Notes,

4.125%,

9/30/27 

830,000‌

813‌

U.S.

Treasury

Notes,

4.125%,

8/31/30 

285,000‌

277‌

U.S.

Treasury

Notes,

4.125%,

11/15/32 

695,000‌

670‌

13,021‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$13,805)

13,021‌

SHORT-TERM

INVESTMENTS

6.9%

Money

Market

Funds

6.9%

T.

Rowe

Price

Treasury

Reserve

Fund,

5.40% (2)(14)

11,536,146‌

11,536‌

Total

Short-Term

Investments

(Cost

$11,536)

11,536‌

SECURITIES

LENDING

COLLATERAL

0.2%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.2%

Money

Market

Funds

0.2%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (2)(14)

407,464‌

407‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

407‌

Total

Securities

Lending

Collateral

(Cost

$407)

407‌

Total

Investments

in

Securities

101.6%

(Cost

$145,563)

$

169,525‌

Other

Assets

Less

Liabilities

(1.6)%

(2,702‌)

Net

Assets

100.0%

$

166,823‌

T.

ROWE

PRICE

Moderate

Allocation

Portfolio

15

‡

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

$4,119

and

represents

2.5%

of

net

assets.

(2)

Affiliated

Companies

(3)

SEC

30-day

yield

(4)

Non-income

producing

(5)

All

or

a

portion

of

this

security

is

on

loan

at

September

30,

2023.

(6)

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

$416

and

represents

0.2%

of

net

assets.

(7)

Level

3

in

fair

value

hierarchy.

(8)

When-issued

security

(9)

The

identity

of

certain

securities

has

been

concealed

to

protect

the

fund

while

it

completes

a

purchase

or

selling

program

for

the

securities.

(10)

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.

(11)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(12)

To-Be-Announced

purchase

commitment.

Total

value

of

such

securities

at

period-end

amounts

to

$2,160

and

represents

1.3%

of

net

assets.

(13)

At

September

30,

2023,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

(14)

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

ILS

Israeli

Shekel

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

NZD

New

Zealand

Dollar

PIK

Payment-in-kind

PLN

Polish

Zloty

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

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

T.

ROWE

PRICE

Moderate

Allocation

Portfolio

16

.

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

17

(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%

Deutsche

Bank,

Protection

Bought

(Relevant

Credit:

Republic

of

Indonesia),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

53

—

—

—‌

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

366

11

9

2‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Bought

9

2‌

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

9

2‌

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.HY-S40,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/28

*

93

1

—

1‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S41,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

*

941

12

11

1‌

Protection

Sold

(Relevant

Credit:

Republic

of

Indonesia,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/28

*

66

—

(1)

1‌

Protection

Sold

(Relevant

Credit:

United

Mexican

States,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

*

227

(2)

(2)

—‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

3‌

Total

Centrally

Cleared

Swaps

3‌

Net

payments

(receipts)

of

variation

margin

to

date

(4‌)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(1‌)

*

Credit

ratings

as

of

September

30,

2023.

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

18

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

10/19/23

ILS

175‌

USD

46‌

$

—‌

Bank

of

America

11/17/23

USD

184‌

PLN

775‌

7‌

Bank

of

America

11/24/23

USD

194‌

EUR

180‌

3‌

Barclays

Bank

11/24/23

GBP

70‌

USD

85‌

—‌

Citibank

10/19/23

ILS

112‌

USD

30‌

—‌

Citibank

10/19/23

USD

292‌

ILS

1,081‌

9‌

Citibank

10/20/23

USD

139‌

AUD

217‌

(1‌)

Citibank

11/24/23

GBP

155‌

USD

190‌

(1‌)

Citibank

1/17/24

USD

95‌

KRW

125,720‌

1‌

Deutsche

Bank

10/20/23

NZD

160‌

USD

97‌

(1‌)

Deutsche

Bank

11/24/23

SEK

1,030‌

USD

94‌

1‌

Deutsche

Bank

1/17/24

USD

94‌

KRW

125,350‌

1‌

JPMorgan

Chase

10/19/23

ILS

26‌

USD

7‌

—‌

JPMorgan

Chase

10/19/23

ILS

91‌

USD

24‌

—‌

State

Street

10/19/23

ILS

78‌

USD

20‌

—‌

State

Street

10/19/23

ILS

58‌

USD

15‌

—‌

State

Street

10/20/23

USD

142‌

AUD

222‌

(2‌)

State

Street

11/24/23

EUR

80‌

USD

84‌

—‌

State

Street

11/24/23

USD

179‌

EUR

165‌

4‌

State

Street

11/24/23

USD

282‌

GBP

225‌

8‌

State

Street

11/24/23

USD

93‌

SEK

1,030‌

(1‌)

UBS

Investment

Bank

10/19/23

ILS

52‌

USD

14‌

—‌

UBS

Investment

Bank

10/19/23

ILS

49‌

USD

13‌

—‌

UBS

Investment

Bank

10/20/23

USD

95‌

NZD

160‌

(1‌)

UBS

Investment

Bank

11/17/23

PLN

775‌

USD

176‌

1‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

28‌

T.

ROWE

PRICE

Moderate

Allocation

Portfolio

19

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

23

Euro

BOBL

contracts

12/23

2,815

$

(19‌)

Short,

5

Euro

BUXL

thirty

year

bond

contracts

12/23

(647)

24‌

Long,

66

U.S.

Treasury

Notes

five

year

contracts

12/23

6,954

(34‌)

Long,

3

U.S.

Treasury

Notes

ten

year

contracts

12/23

324

—‌

Short,

25

U.S.

Treasury

Notes

two

year

contracts

12/23

(5,068)

25‌

Short,

10

Ultra

U.S.

Treasury

Bonds

contracts

12/23

(1,187)

67‌

Long,

1

Ultra

U.S.

Treasury

Notes

ten

year

contracts

12/23

112

—‌

Net

payments

(receipts)

of

variation

margin

to

date

(53‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

10‌

T.

ROWE

PRICE

Moderate

Allocation

Portfolio

20

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,

2023.

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,

4.83% 

$

—‌

$

—‌

$

—‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

7.09% 

(100‌)

(78‌)

291‌

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund 

(134‌)

(73‌)

—‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.96% 

—‌

8‌

24‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.23% 

(211‌)

347‌

482‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

3.30% 

(1,074‌)

967‌

70‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.12% 

—‌

(14‌)

58‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

4.83% 

—‌

1‌

—‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

—‌

(158‌)

—‌

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

—‌

—‌

—‌++

T.

Rowe

Price

Treasury

Reserve

Fund,

5.40%

—‌

—‌

451‌

Affiliates

not

held

at

period

end

(192‌)

201‌

—‌

Totals

$

(1,711‌)#

$

1,201‌

$

1,376‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

09/30/23

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

4.83% 

$

6‌

$

—‌

$

—‌

$

6‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

7.09% 

6,935‌

290‌

375‌

6,772‌

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund 

7,172‌

350‌

534‌

6,915‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.96% 

359‌

24‌

—‌

391‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.23% 

9,978‌

481‌

1,311‌

9,495‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

3.30% 

6,438‌

70‌

4,374‌

3,101‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.12% 

—‌

3,359‌

—‌

3,345‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

4.83% 

6‌

—‌

—‌

7‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

4,767‌

1,405‌

—‌

6,014‌

T.

Rowe

Price

U.S.

Large-Cap

Core

Fund

-

I

Class 

2,483‌

—‌

2,684‌

—‌

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

424‌

 ¤

 ¤

407‌

T.

Rowe

Price

Treasury

Reserve

Fund,

5.40%

10,661‌

 ¤

 ¤

11,536‌

Total

$

47,989‌^

#

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

$1,376

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

$50,711.

T.

ROWE

PRICE

Moderate

Allocation

Portfolio

Unaudited

21

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

22

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.

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

23

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

September

30,

2023

(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

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.

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.

In

March

2023,

the

collapse

of

some

US

regional

and

global

banks

as

well

as

overall

concerns

around

the

soundness

and

stability

of

the

global

banking

sector

has

sparked

concerns

of

a

broader

financial

crisis

impacting

the

overall

global

banking

sector.

In

certain

cases,

government

agencies

have

assumed

control

or

otherwise

intervened

in

the

operations

of

certain

banks

due

to

liquidity

and

solvency

concerns.

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

$

—‌

$

36,102‌

$

—‌

$

36,102‌

Bond

Mutual

Funds

23,117‌

—‌

—‌

23,117‌

Common

Stocks

65,556‌

19,441‌

71‌

85,068‌

Convertible

Bonds

—‌

—‌

1‌

1‌

Convertible

Preferred

Stocks

—‌

—‌

253‌

253‌

Equity

Mutual

Funds

12,929‌

—‌

—‌

12,929‌

Preferred

Stocks

—‌

112‌

—‌

112‌

Short-Term

Investments

11,536‌

—‌

—‌

11,536‌

Securities

Lending

Collateral

407‌

—‌

—‌

407‌

Total

Securities

113,545‌

55,655‌

325‌

169,525‌

Swaps*

—‌

14‌

—‌

14‌

Forward

Currency

Exchange

Contracts

—‌

35‌

—‌

35‌

Futures

Contracts*

116‌

—‌

—‌

116‌

Total

$

113,661‌

$

55,704‌

$

325‌

$

169,690‌

Liabilities

Forward

Currency

Exchange

Contracts

$

—‌

$

7‌

$

—‌

$

7‌

Futures

Contracts*

53‌

—‌

—‌

53‌

Total

$

53‌

$

7‌

$

—‌

$

60‌

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

24

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.

E304-054Q3

09/23