UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-07143
T. Rowe Price Equity Series, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: December 31
Date of reporting period: June 30, 2024
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Semi-Annual Shareholder Report
June 30, 2024
Moderate Allocation Portfolio
This semi-annual shareholder report contains important information about Moderate Allocation Portfolio (the "fund") for the period of January 1, 2024 to June 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Moderate Allocation Portfolio | $36 | 0.71% |
What are some fund statistics?
| Total Net Assets (000s) | $193,975 |
| Number of Portfolio Holdings | 1,616 |
| |
| Portfolio Turnover Rate | 28.4% |
What did the fund invest in?
Security Allocation (as a % of Net Assets)
| Common Stocks | 52.5% |
| Bond Mutual Funds | 13.7 |
| Equity Mutual Funds | 8.1 |
| U.S. Government & Agency Mortgage-Backed Securities | 6.2 |
| U.S. Government Agency Obligations (Excluding Mortgage-Backed) | 6.0 |
| Corporate Bonds | 5.6 |
| Asset-Backed Securities | 2.4 |
| Non-U.S. Government Mortgage-Backed Securities | 0.6 |
| Short-Term and Other | 4.9 |
Top Ten Holdings (as a % of Net Assets)
| T. Rowe Price Institutional High Yield Fund - Institutional Class | 5.2% |
| T. Rowe Price Institutional Emerging Markets Equity Fund | 4.1 |
| T. Rowe Price Real Assets Fund - I Class | 4.0 |
| T. Rowe Price Institutional Emerging Markets Bond Fund | 4.0 |
| T. Rowe Price International Bond Fund (USD Hedged) - I Class | 3.5 |
| U.S. Treasury Notes | 3.4 |
| Federal National Mortgage Assn. | 3.2 |
| Microsoft | 2.6 |
| NVIDIA | 2.3 |
| U.S. Treasury Bonds | 1.8 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Moderate Allocation Portfolio
(QAAGRX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant’s annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant’s annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.
Financial
Statements
and
Other
Information
Moderate
Allocation
Portfolio
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
.
6
Months
.
Ended
6/30/24
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
20
.02
$
17
.81
$
22
.63
$
22
.92
$
20
.96
$
18
.31
Investment
activities
Net
investment
income
(1)(2)
0
.23
0
.43
0
.31
0
.24
0
.28
0
.38
Net
realized
and
unrealized
gain/
loss
1
.10
2
.27
(
4
.45
)
2
.02
2
.72
3
.22
Total
from
investment
activities
1
.33
2
.70
(
4
.14
)
2
.26
3
.00
3
.60
Distributions
Net
investment
income
(
0
.22
)
(
0
.44
)
(
0
.30
)
(
0
.24
)
(
0
.29
)
(
0
.40
)
Net
realized
gain
–
(
0
.05
)
(
0
.38
)
(
2
.31
)
(
0
.75
)
(
0
.55
)
Total
distributions
(
0
.22
)
(
0
.49
)
(
0
.68
)
(
2
.55
)
(
1
.04
)
(
0
.95
)
NET
ASSET
VALUE
End
of
period
$
21
.13
$
20
.02
$
17
.81
$
22
.63
$
22
.92
$
20
.96
Ratios/Supplemental
Data
Total
return
(2)(3)
6
.66
%
15
.35
%
(
18
.31
)
%
10
.06
%
14
.54
%
19
.80
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.90
%
(4)
0
.90
%
0
.90
%
0
.90
%
0
.90
%
0
.90
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.71
%
(4)
0
.71
%
0
.70
%
0
.71
%
0
.72
%
0
.72
%
Net
investment
income
2
.21
%
(4)
2
.28
%
1
.60
%
1
.00
%
1
.32
%
1
.88
%
Portfolio
turnover
rate
28
.4
%
78
.1
%
98
.9
%
82
.3
%
65
.5
%
91
.2
%
Net
assets,
end
of
period
(in
thousands)
$
193,975
$
183,817
$
161,984
$
209,296
$
200,870
$
184,645
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
June
30,
2024
(Unaudited)
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASSET-BACKED
SECURITIES
2.4%
AmeriCredit
Automobile
Receivables
Trust
Series 2020-3,
Class
D
1.49%,
9/18/26
20,000
19
AmeriCredit
Automobile
Receivables
Trust
Series 2021-1,
Class
D
1.21%,
12/18/26
23,000
22
AmeriCredit
Automobile
Receivables
Trust
Series 2023-1,
Class
C
5.80%,
12/18/28
35,000
35
Amur
Equipment
Finance
Receivables
X
Series 2022-1A,
Class
D
2.91%,
8/21/28 (1)
100,000
96
Amur
Equipment
Finance
Receivables
XIII
Series 2024-1A,
Class
A2
5.38%,
1/21/31 (1)
100,000
100
Auxilior
Term
Funding
Series 2024-1A,
Class
A2
5.84%,
3/15/27 (1)
100,000
100
CarMax
Auto
Owner
Trust
Series 2021-1,
Class
D
1.28%,
7/15/27
90,000
87
CarMax
Auto
Owner
Trust
Series 2022-1,
Class
D
2.47%,
7/17/28
20,000
19
CarMax
Auto
Owner
Trust
Series 2024-1,
Class
B
5.17%,
8/15/29
5,000
5
Carmax
Select
Receivables
Trust
Series 2024-A,
Class
A3
5.40%,
11/15/28
15,000
15
Carmax
Select
Receivables
Trust
Series 2024-A,
Class
B
5.35%,
1/15/30
15,000
15
Carvana
Auto
Receivables
Trust
Series 2022-P1,
Class
C
3.30%,
4/10/28
35,000
33
Carvana
Auto
Receivables
Trust
Series 2024-N1,
Class
A3
5.60%,
3/10/28 (1)
20,000
20
Carvana
Auto
Receivables
Trust
Series 2024-N1,
Class
B
5.63%,
5/10/30 (1)
20,000
20
Carvana
Auto
Receivables
Trust
Series 2024-N2,
Class
A3
5.71%,
7/10/28 (1)
35,000
35
Carvana
Auto
Receivables
Trust
Series 2024-P2,
Class
A4
5.21%,
6/10/30
35,000
35
CIFC
Funding
Series 2020-1A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.412%,
6.74%,
7/15/36 (1)
250,000
250
Crossroads
Asset
Trust
Series 2024-A,
Class
A2
5.90%,
8/20/30 (1)
100,000
100
CyrusOne
Data
Centers
Issuer
I
Series 2024-1A,
Class
A2
4.76%,
3/22/49 (1)
25,000
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CyrusOne
Data
Centers
Issuer
I
Series 2024-2A,
Class
A2
4.50%,
5/20/49 (1)
100,000
93
CyrusOne
Data
Centers
Issuer
I
Series 2024-3A,
Class
A2
4.65%,
5/20/49 (1)
40,000
36
DLLST
Series 2024-1A,
Class
A3
5.05%,
8/20/27 (1)
15,000
15
DLLST
Series 2024-1A,
Class
A4
4.93%,
4/22/30 (1)
5,000
5
Driven
Brands
Funding
Series 2019-1A,
Class
A2
4.641%,
4/20/49 (1)
23,688
23
Driven
Brands
Funding
Series 2020-2A,
Class
A2
3.237%,
1/20/51 (1)
62,888
57
Elara
HGV
Timeshare
Issuer
Series 2023-A,
Class
A
6.16%,
2/25/38 (1)
77,799
79
Elmwood
Series 2022-7A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.50%,
6.823%,
1/17/37 (1)
250,000
250
Enterprise
Fleet
Financing
Series 2024-1,
Class
A2
5.23%,
3/20/30 (1)
50,000
50
Enterprise
Fleet
Financing
Series 2024-1,
Class
A3
5.16%,
9/20/30 (1)
50,000
50
Exeter
Automobile
Receivables
Trust
Series 2022-3A,
Class
C
5.30%,
9/15/27
50,000
50
Exeter
Automobile
Receivables
Trust
Series 2023-1A,
Class
D
6.69%,
6/15/29
10,000
10
Ford
Credit
Auto
Lease
Trust
Series 2024-A,
Class
A4
5.05%,
6/15/27
10,000
10
Ford
Credit
Auto
Owner
Trust
Series 2018-1,
Class
C
3.49%,
7/15/31 (1)
100,000
98
Ford
Credit
Auto
Owner
Trust
Series 2022-C,
Class
C
5.22%,
3/15/30
25,000
25
Ford
Credit
Auto
Owner
Trust
Series 2023-1,
Class
A
4.85%,
8/15/35 (1)
100,000
99
Hardee's
Funding
Series 2024-1A,
Class
A2
7.253%,
3/20/54 (1)
54,863
55
HPEFS
Equipment
Trust
Series 2022-1A,
Class
D
2.40%,
11/20/29 (1)
100,000
97
HPEFS
Equipment
Trust
Series 2023-2A,
Class
C
6.48%,
1/21/31 (1)
100,000
101
HPEFS
Equipment
Trust
Series 2024-2A,
Class
A3
5.36%,
10/20/31 (1)
100,000
100
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Hyundai
Auto
Lease
Securitization
Trust
Series 2024-A,
Class
A4
5.07%,
2/15/28 (1)
100,000
100
Kubota
Credit
Owner
Trust
Series 2024-2A,
Class
A3
5.26%,
11/15/28 (1)
100,000
100
MMAF
Equipment
Finance
Series 2021-A,
Class
A5
1.19%,
11/13/43 (1)
100,000
93
MMAF
Equipment
Finance
Series 2024-A,
Class
A3
4.95%,
7/14/31 (1)
55,000
55
MVW
Series 2023-1A,
Class
A
4.93%,
10/20/40 (1)
70,551
70
MVW
Series 2023-2A,
Class
A
6.18%,
11/20/40 (1)
85,888
87
Navistar
Financial
Dealer
Note
Master
Owner
Trust
Series 2024-1,
Class
A
5.59%,
4/25/29 (1)
25,000
25
Nissan
Auto
Lease
Trust
Series 2024-A,
Class
A4
4.97%,
9/15/28
25,000
25
Northwoods
Capital
XIV-B
Series 2018-14BA,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.25%,
6.574%,
11/13/31 (1)
250,000
251
Octane
Receivables
Trust
Series 2023-1A,
Class
A
5.87%,
5/21/29 (1)
44,728
45
Post
Road
Equipment
Finance
Series 2024-1A,
Class
A2
5.59%,
11/15/29 (1)
100,000
100
Santander
Drive
Auto
Receivables
Trust
Series 2021-4,
Class
D
1.67%,
10/15/27
25,000
24
Santander
Drive
Auto
Receivables
Trust
Series 2022-2,
Class
C
3.76%,
7/16/29
40,000
39
Santander
Drive
Auto
Receivables
Trust
Series 2022-5,
Class
C
4.74%,
10/16/28
20,000
20
Santander
Drive
Auto
Receivables
Trust
Series 2022-6,
Class
B
4.72%,
6/15/27
90,000
89
SBNA
Auto
Lease
Trust
Series 2024-A,
Class
A3
5.39%,
11/20/26 (1)
15,000
15
SBNA
Auto
Lease
Trust
Series 2024-A,
Class
A4
5.24%,
1/22/29 (1)
15,000
15
SCF
Equipment
Leasing
Series 2024-1A,
Class
A3
5.52%,
1/20/32 (1)
100,000
100
SEB
Funding
Series 2024-1A,
Class
A2
7.386%,
4/30/54 (1)
65,000
66
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SFS
Auto
Receivables
Securitization
Trust
Series 2024-1A,
Class
A4
4.94%,
1/21/31 (1)
10,000
10
SFS
Auto
Receivables
Securitization
Trust
Series 2024-1A,
Class
C
5.51%,
1/20/32 (1)
10,000
10
SFS
Auto
Receivables
Securitization
Trust
Series 2024-2A,
Class
A3
5.33%,
11/20/29 (1)
30,000
30
SFS
Auto
Receivables
Securitization
Trust
Series 2024-2A,
Class
B
5.41%,
8/20/30 (1)
10,000
10
Signal
Peak
Series 2018-5A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.55%,
6.876%,
4/25/37 (1)
250,000
250
SMB
Private
Education
Loan
Trust
Series 2018-A,
Class
A2A
3.50%,
2/15/36 (1)
28,129
27
SMB
Private
Education
Loan
Trust
Series 2018-C,
Class
A2A
3.63%,
11/15/35 (1)
27,909
27
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
B
2.31%,
1/15/53 (1)
89,711
84
Symphony
XVI
Series 2015-16A,
Class
ARR,
CLO,
FRN
3M
TSFR
+
1.20%,
6.523%,
10/15/31 (1)
250,000
250
Tricon
Residential
Trust
Series 2024-SFR2,
Class
A
4.75%,
6/17/40 (1)
100,000
98
Verdant
Receivables
Series 2024-1A,
Class
A2
5.68%,
12/12/31 (1)
100,000
100
Verizon
Master
Trust
Series 2023-1,
Class
C
4.98%,
1/22/29
20,000
20
Total
Asset-Backed
Securities
(Cost
$4,589)
4,567
BOND
MUTUAL
FUNDS
13.7%
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
6.97% (2)(3)
101,916
1,064
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.24% (2)(3)
1,172,449
7,797
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.51% (2)(3)
44,541
421
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.09% (2)(3)
1,292,035
10,013
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.60% (2)(3)
817,635
6,844
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
6.89% (2)(3)
89,594
421
Total
Bond
Mutual
Funds
(Cost
$28,517)
26,560
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
52.5%
COMMUNICATION
SERVICES
3.7%
Diversified
Telecommunication
Services
0.3%
BT
Group
(GBP) (4)
81,119
144
Frontier
Communications
Parent (5)
1,229
32
KT
(KRW)
3,726
101
Nippon
Telegraph
&
Telephone
(JPY)
260,100
246
523
Entertainment
0.5%
Electronic
Arts
1,224
170
Liberty
Media
Corp-Liberty
Live,
Class
C (5)
1,714
66
Netflix (5)
1,040
702
Sea,
ADR (5)
768
55
993
Interactive
Media
&
Services
2.3%
Alphabet,
Class
A
1,756
320
Alphabet,
Class
C
14,013
2,570
LY
(JPY)
20,900
51
Meta
Platforms,
Class
A
2,688
1,355
NAVER
(KRW)
699
84
Reddit
,
Class
A (5)
200
13
Tencent
Holdings
(HKD)
1,000
47
Vimeo (5)
5,102
19
4,459
Media
0.2%
Comcast,
Class
A
3,434
134
CyberAgent
(JPY)
10,900
68
Ibotta
,
Class
A (5)
92
7
WPP
(GBP)
17,006
156
365
Wireless
Telecommunication
Services
0.4%
T-Mobile
U.S.
3,897
687
687
Total
Communication
Services
7,027
CONSUMER
DISCRETIONARY
4.9%
Automobile
Components
0.3%
Autoliv
,
SDR
(SEK) (4)
1,370
146
Denso
(JPY)
10,200
159
Dowlais
Group
(GBP)
33,072
31
Magna
International
2,638
111
Stanley
Electric
(JPY)
2,900
52
499
Automobiles
0.4%
Honda
Motor
(JPY)
5,300
57
Suzuki
Motor
(JPY)
10,000
115
Tesla (5)
1,574
312
Toyota
Motor
(JPY)
15,400
316
800
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Broadline
Retail
1.6%
Alibaba
Group
Holding,
ADR
454
32
Amazon.com (5)
14,954
2,890
Etsy (5)
269
16
Next
(GBP)
1,470
168
Ollie's
Bargain
Outlet
Holdings (5)
294
29
Savers
Value
Village (5)
846
10
3,145
Diversified
Consumer
Services
0.1%
Bright
Horizons
Family
Solutions (5)
527
58
Duolingo
(5)
143
30
Service
Corp
International
486
34
Strategic
Education
439
49
171
Hotels,
Restaurants
&
Leisure
1.1%
Amadeus
IT
Group
(EUR) (4)
2,224
148
BJ's
Restaurants (5)
795
28
Booking
Holdings
134
531
Cava
Group (5)
307
28
Chipotle
Mexican
Grill (5)
3,718
233
Compass
Group
(GBP)
8,878
242
DoorDash
,
Class
A (5)
592
64
Dutch
Bros,
Class
A (5)
1,162
48
Hilton
Worldwide
Holdings
1,178
257
McDonald's
1,510
385
Norwegian
Cruise
Line
Holdings (5)
3,366
63
Papa
John's
International
704
33
Red
Rock
Resorts,
Class
A
531
29
Shake
Shack,
Class
A (5)
335
30
Wyndham
Hotels
&
Resorts
507
38
2,157
Household
Durables
0.2%
Installed
Building
Products
139
29
Panasonic
Holdings
(JPY)
13,500
111
Persimmon
(GBP)
4,907
83
Skyline
Champion (5)
673
46
Sony
Group
(JPY)
2,600
221
490
Specialty
Retail
0.9%
Advance
Auto
Parts
918
58
AutoZone (5)
59
175
Burlington
Stores (5)
121
29
Caleres
766
26
Carvana
(5)
1,743
224
Five
Below (5)
128
14
Floor
&
Decor
Holdings,
Class
A (5)
131
13
Home
Depot
313
108
Kingfisher
(GBP)
50,598
158
O'Reilly
Automotive (5)
158
167
RH (5)
106
26
Ross
Stores
739
107
TJX
3,167
349
Tractor
Supply
886
239
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Warby
Parker,
Class
A (5)
1,359
22
1,715
Textiles,
Apparel
&
Luxury
Goods
0.3%
Cie
Financiere
Richemont
,
Class
A
(CHF)
998
156
Kering
(EUR)
284
103
Lululemon
Athletica
(5)
136
41
Moncler
(EUR)
2,116
130
NIKE,
Class
B
469
36
Samsonite
International
(HKD)
21,900
65
Skechers
USA,
Class
A (5)
496
34
565
Total
Consumer
Discretionary
9,542
CONSUMER
STAPLES
3.2%
Beverages
0.7%
Boston
Beer,
Class
A (5)
158
48
Coca-Cola
9,787
623
Coca-Cola
Consolidated
1
1
Diageo
(GBP)
5,096
160
Heineken
(EUR)
1,949
189
Keurig
Dr
Pepper
8,906
297
Kirin
Holdings
(JPY) (4)
4,400
57
1,375
Consumer
Staples
Distribution
&
Retail
0.6%
Dollar
General
830
110
Dollar
Tree (5)
1,390
148
Seven
&
i
Holdings
(JPY)
13,500
165
Target
1,022
151
Walmart
8,658
586
Welcia
Holdings
(JPY)
1,900
24
1,184
Food
Products
0.5%
Barry
Callebaut
(CHF)
34
55
Farmers
Business
Network,
Acquisition
Date:
11/3/17,
Cost $13 (5)(6)(7)
732
3
Mondelez
International,
Class
A
2,221
145
Nestle
(CHF)
5,729
585
Post
Holdings (5)
419
44
Simply
Good
Foods (5)
986
36
Utz
Brands
1,734
29
Wilmar
International
(SGD)
48,500
110
1,007
Household
Products
0.7%
Colgate-Palmolive
6,929
672
Procter
&
Gamble
4,279
706
1,378
Personal
Care
Products
0.7%
BellRing
Brands (5)
827
47
Inter
Parfums
262
31
Kenvue
31,159
567
L'Oreal
(EUR)
464
204
Puig
Brands,
Class
B
(EUR) (5)
2,320
65
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Unilever
(GBP)
8,276
454
1,368
Total
Consumer
Staples
6,312
ENERGY
2.7%
Energy
Equipment
&
Services
0.7%
Cactus,
Class
A
586
31
ChampionX
704
23
Expro
Group
Holdings (5)
1,988
46
Halliburton
11,528
389
Liberty
Energy,
Class
A
1,233
26
Noble
405
18
Schlumberger
13,711
647
TechnipFMC
5,410
141
Weatherford
International (5)
506
62
1,383
Oil,
Gas
&
Consumable
Fuels
2.0%
Antero
Resources (5)
1,397
46
Chesapeake
Energy
2,421
199
Chevron
1,117
175
ConocoPhillips
5,248
600
Diamondback
Energy
1,888
378
DT
Midstream
554
39
EQT
13,473
498
Equinor
(NOK)
10,195
292
Exxon
Mobil
2,285
263
Hess
220
33
Kimbell
Royalty
Partners
1,046
17
Kinder
Morgan
2,829
56
Magnolia
Oil
&
Gas,
Class
A
2,071
53
Matador
Resources
387
23
Range
Resources
10,654
357
Shell,
ADR
3,466
250
Southwestern
Energy (5)
9,297
63
TotalEnergies
(EUR)
5,602
375
Viper
Energy
783
29
Williams
1,886
80
3,826
Total
Energy
5,209
FINANCIALS
8.4%
Banks
2.7%
ANZ
Group
Holdings
(AUD)
5,670
106
Bank
of
America
12,675
504
Blue
Foundry
Bancorp (5)
655
6
BNP
Paribas
(EUR)
1,919
123
Cadence
Bank
1,384
39
Capitol
Federal
Financial
3,123
17
Citigroup
3,139
199
Columbia
Banking
System
1,772
35
CRB
Group,
Acquisition
Date:
4/14/22,
Cost $2 (5)(6)(7)
23
2
CrossFirst
Bankshares
(5)
1,492
21
DBS
Group
Holdings
(SGD)
4,922
130
Dime
Community
Bancshares
813
17
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
DNB
Bank
(NOK)
13,637
267
Dogwood
State
Bank,
Non-Voting
Shares,
Acquisition
Date:
5/6/19
-
4/5/24,
Cost $4 (5)(6)(7)
353
6
Dogwood
State
Bank,
Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $2 (5)(6)(7)
151
3
East
West
Bancorp
1,518
111
Eastern
Bankshares
1,650
23
Equity
Bancshares,
Class
A
613
22
FB
Financial
903
35
First
Bancshares
859
22
Five
Star
Bancorp
874
21
Grasshopper
Bancorp,
Acquisition
Date:
10/12/18
-
5/2/19,
Cost $5 (5)(6)(7)
528
2
Grasshopper
Bancorp,
Warrants,
10/12/28,
Acquisition
Date:
10/12/18,
Cost $— (5)
(6)(7)
104
—
HarborOne
Bancorp
1,061
12
HDFC
Bank
(INR)
6,855
138
Home
BancShares
1,036
25
Huntington
Bancshares
17,200
227
ING
Groep
(EUR)
19,784
340
Intesa
Sanpaolo
(EUR)
40,011
149
JPMorgan
Chase
5,753
1,164
Kearny
Financial
1,315
8
KeyCorp
4,100
58
Live
Oak
Bancshares
1,060
37
Mitsubishi
UFJ
Financial
Group
(JPY)
19,100
206
National
Bank
of
Canada
(CAD)
2,795
222
Origin
Bancorp
769
24
Pacific
Premier
Bancorp
910
21
Pinnacle
Financial
Partners
615
49
PNC
Financial
Services
Group
285
44
Popular
329
29
Prosperity
Bancshares
553
34
SouthState
683
52
Standard
Chartered
(GBP)
14,921
135
Sumitomo
Mitsui
Trust
Holdings
(JPY)
3,270
75
Svenska
Handelsbanken
,
Class
A
(SEK)
15,742
150
Texas
Capital
Bancshares (5)
519
32
United
Overseas
Bank
(SGD)
8,100
187
Wells
Fargo
2,486
148
Western
Alliance
Bancorp
571
36
5,313
Capital
Markets
1.2%
Bridgepoint
Group
(GBP)
20,090
56
Brookfield
(CAD)
3,419
142
Cboe
Global
Markets
437
74
Charles
Schwab
6,594
486
CME
Group
647
127
CVC
Capital
Partners
(EUR) (5)
4,161
76
Goldman
Sachs
Group
1,211
548
Julius
Baer
Group
(CHF)
2,436
136
LPL
Financial
Holdings
720
201
Macquarie
Group
(AUD)
940
128
Morgan
Stanley
889
86
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
MSCI
39
19
Onex
(CAD)
384
26
S&P
Global
196
88
StepStone
Group,
Class
A
659
30
Stifel
Financial
363
31
TMX
Group
(CAD)
1,310
37
2,291
Consumer
Finance
0.3%
American
Express
2,021
468
Encore
Capital
Group (5)
492
21
PRA
Group (5)
532
10
499
Financial
Services
1.9%
Adyen
(EUR) (5)
76
90
ANT
Group,
Acquisition
Date:
8/14/23,
Cost $22 (5)(6)(7)
22,161
22
Berkshire
Hathaway,
Class
B (5)
1,974
803
Challenger
(AUD)
8,977
42
Corebridge
Financial
3,053
89
Corpay
(5)
315
84
Fiserv (5)
3,317
494
Mastercard
,
Class
A
1,169
516
Mitsubishi
HC
Capital
(JPY)
10,700
71
PennyMac
Financial
Services
974
92
Toast,
Class
A (5)
1,086
28
Visa,
Class
A
5,132
1,347
3,678
Insurance
2.3%
AIA
Group
(HKD)
20,800
141
Allstate
2,453
392
Assurant
373
62
AXA
(EUR)
10,672
350
Axis
Capital
Holdings
400
28
Chubb
1,197
305
Definity
Financial
(CAD)
2,005
66
First
American
Financial
530
29
Hanover
Insurance
Group
381
48
Mandatum
(EUR)
3,936
18
Marsh
&
McLennan
1,492
314
MetLife
6,444
452
Muenchener
Rueckversicherungs-
Gesellschaft
(EUR)
876
438
Oscar
Health,
Class
A (5)
3,422
54
Progressive
1,881
391
RLI
185
26
Sampo
,
Class
A
(EUR)
4,312
186
Selective
Insurance
Group
808
76
Storebrand
(NOK)
14,651
150
Sun
Life
Financial
(CAD)
3,386
166
Tokio
Marine
Holdings
(JPY)
8,100
304
Travelers
994
202
White
Mountains
Insurance
Group
21
38
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Zurich
Insurance
Group
(CHF)
444
236
4,472
Total
Financials
16,253
HEALTH
CARE
7.1%
Biotechnology
0.6%
AbbVie
1,500
257
Akero
Therapeutics (5)
481
11
Amgen
550
172
Apellis
Pharmaceuticals (5)
296
11
Arcellx
(5)
380
21
Argenx
,
ADR (5)
343
148
Arrowhead
Pharmaceuticals (5)
827
22
Black
Diamond
Therapeutics (5)
2,543
12
Blueprint
Medicines (5)
335
36
Cabaletta
Bio (5)
689
5
CG
oncology (5)
33
1
Crinetics
Pharmaceuticals (5)
588
26
CRISPR
Therapeutics (5)
185
10
Cytokinetics (5)
994
54
Genmab
(DKK) (5)
279
70
HilleVax
(5)
824
12
Immatics
(5)
1,653
19
Immunocore
Holdings,
ADR (5)
745
25
Immunome
(5)
1,311
16
Insmed
(5)
695
47
Ionis
Pharmaceuticals (5)
693
33
Prime
Medicine (5)
790
4
Scholar
Rock,
Warrants,
12/31/25,
Acquisition
Date:
6/17/22,
Cost $— (5)(7)
87
—
Tango
Therapeutics (5)
1,025
9
Vaxcyte
(5)
745
56
Vertex
Pharmaceuticals (5)
36
17
Verve
Therapeutics (5)
1,025
5
Xenon
Pharmaceuticals (5)
314
12
1,111
Health
Care
Equipment
&
Supplies
0.8%
Alcon
(CHF)
1,291
115
Elekta
,
Class
B
(SEK)
10,172
63
EssilorLuxottica
(EUR)
656
141
GE
Healthcare
Technologies
1,147
89
Haemonetics
(5)
516
43
Hologic
(5)
1,007
75
Intuitive
Surgical (5)
776
345
Koninklijke
Philips
(EUR) (5)
6,371
160
Masimo
(5)
546
69
Neogen
(5)
2,541
40
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $15 (5)(6)(7)
3,864
2
Penumbra (5)
171
31
PROCEPT
BioRobotics
(5)
594
36
QuidelOrtho
(5)
698
23
Siemens
Healthineers
(EUR)
3,532
203
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Stryker
367
125
1,560
Health
Care
Providers
&
Services
2.1%
Alignment
Healthcare (5)
2,364
19
Cencora
2,762
622
Cigna
Group
512
169
Elevance
Health
1,861
1,009
Fresenius
(EUR) (5)
3,889
116
HCA
Healthcare
386
124
Humana
230
86
Molina
Healthcare (5)
795
236
NeoGenomics
(5)
3,124
43
Privia
Health
Group (5)
2,088
36
Tenet
Healthcare (5)
1,593
212
UnitedHealth
Group
2,684
1,367
4,039
Health
Care
Technology
0.0%
Certara
(5)
1,554
21
Waystar
Holding (5)
1,249
27
48
Life
Sciences
Tools
&
Services
0.9%
10X
Genomics,
Class
A (5)
1,049
20
Azenta
(5)
160
8
Bruker
815
52
Danaher
1,472
368
Evotec
(EUR) (5)
2,901
28
Mettler
-Toledo
International (5)
120
168
Repligen
(5)
193
24
Revvity
1,560
164
Sotera
Health (5)
2,033
24
Stevanato
Group
1,733
32
Thermo
Fisher
Scientific
1,584
876
1,764
Pharmaceuticals
2.7%
Astellas
Pharma
(JPY)
16,400
162
AstraZeneca,
ADR
10,953
854
Bayer
(EUR)
2,785
79
Bristol-Myers
Squibb
1,200
50
Chugai
Pharmaceutical
(JPY)
2,800
100
Elanco
Animal
Health (5)
2,274
33
Eli
Lilly
1,344
1,217
EyePoint
Pharmaceuticals (5)
387
3
GSK,
ADR
1,582
61
Johnson
&
Johnson
3,641
532
Merck
3,889
481
Neumora
Therapeutics (5)
954
9
Novartis
(CHF)
3,393
361
Novo
Nordisk,
Class
B
(DKK)
3,218
460
Otsuka
Holdings
(JPY) (4)
1,500
63
Roche
Holding
(CHF)
1,139
316
Sanofi
(EUR)
3,505
338
Shionogi
(JPY)
1,400
55
Structure
Therapeutics,
ADR (5)
323
13
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Zoetis
463
80
5,267
Total
Health
Care
13,789
INDUSTRIALS
&
BUSINESS
SERVICES
6.2%
Aerospace
&
Defense
0.9%
Boeing (5)
460
84
Cadre
Holdings
434
15
General
Dynamics
1,670
484
General
Electric
2,377
378
L3Harris
Technologies
922
207
Leonardo
DRS (5)
1,618
41
Melrose
Industries
(GBP)
23,135
161
Safran
(EUR)
1,029
217
TransDigm
Group
58
74
1,661
Air
Freight
&
Logistics
0.1%
FedEx
530
159
159
Building
Products
0.1%
AAON
634
55
AZZ
974
75
CSW
Industrials
165
44
Zurn
Elkay
Water
Solutions
915
27
201
Commercial
Services
&
Supplies
0.4%
BrightView
Holdings (5)
1,882
25
Casella
Waste
Systems,
Class
A (5)
375
37
Cintas
74
52
Element
Fleet
Management
(CAD) (4)
12,326
224
Rentokil
Initial
(GBP)
6,615
39
Republic
Services
1,420
276
Tetra
Tech
140
29
Veralto
127
12
VSE
386
34
728
Construction
&
Engineering
0.1%
API
Group (5)
780
29
Arcosa
371
31
WillScot
Mobile
Mini
Holdings (5)
1,032
39
Worley
(AUD)
11,749
117
216
Electrical
Equipment
0.9%
ABB
(CHF)
5,890
327
AMETEK
2,945
491
GE
Vernova
(5)
502
86
Legrand
(EUR)
1,899
188
Mitsubishi
Electric
(JPY)
13,000
208
Prysmian
(EUR)
4,017
248
Rockwell
Automation
905
249
Thermon
Group
Holdings (5)
1,059
33
1,830
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Ground
Transportation
0.8%
Central
Japan
Railway
(JPY)
4,000
87
CSX
17,672
591
Landstar
System
122
22
Norfolk
Southern
676
145
Old
Dominion
Freight
Line
1,941
343
Saia (5)
170
81
Union
Pacific
1,056
239
1,508
Industrial
Conglomerates
0.7%
DCC
(GBP)
1,568
109
Honeywell
International
1,794
383
Roper
Technologies
243
137
Siemens
(EUR)
4,168
776
1,405
Machinery
1.4%
Crane
277
40
Cummins
1,467
406
Deere
698
261
Dover
1,772
320
Enerpac
Tool
Group
944
36
Enpro
282
41
Esab
713
67
ESCO
Technologies
269
28
Federal
Signal
779
65
Graco
372
29
IDEX
595
120
Ingersoll
Rand
2,042
186
John
Bean
Technologies
304
29
KION
Group
(EUR)
1,915
80
Mueller
Water
Products,
Class
A
1,827
33
Parker-Hannifin
330
167
RBC
Bearings (5)
282
76
Sandvik
(SEK)
7,122
143
SMC
(JPY)
100
48
Spirax
Group
(GBP)
188
20
SPX
Technologies (5)
526
75
THK
(JPY)
2,800
50
Toro
180
17
Westinghouse
Air
Brake
Technologies
3,016
477
2,814
Professional
Services
0.4%
Booz
Allen
Hamilton
Holding
1,343
207
Broadridge
Financial
Solutions
914
180
Checkr
,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $5 (5)(6)(7)
594
2
NV5
Global (5)
191
18
Parsons (5)
898
73
Paycor
HCM (5)
2,105
27
Recruit
Holdings
(JPY)
3,200
172
TechnoPro
Holdings
(JPY) (4)
4,600
75
Teleperformance
(EUR)
548
58
Verra
Mobility (5)
1,566
43
855
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Trading
Companies
&
Distributors
0.4%
Ashtead
Group
(GBP)
1,429
95
Beacon
Roofing
Supply (5)
626
57
Bunzl
(GBP)
3,362
128
Ferguson
510
99
FTAI
Aviation
604
62
Mitsubishi
(JPY)
5,900
116
Rush
Enterprises,
Class
A
586
24
SiteOne
Landscape
Supply (5)
508
62
Sumitomo
(JPY)
7,600
191
Transcat
(5)
78
9
843
Total
Industrials
&
Business
Services
12,220
INFORMATION
TECHNOLOGY
12.5%
Communications
Equipment
0.1%
Telefonaktiebolaget
LM
Ericsson,
Class
B
(SEK)
21,819
136
136
Electronic
Equipment,
Instruments
&
Components
1.1%
Amphenol,
Class
A
6,042
407
Cognex
389
18
CTS
753
38
Hamamatsu
Photonics
(JPY)
2,300
62
Insight
Enterprises (5)
241
48
Keysight
Technologies (5)
2,661
364
Largan
Precision
(TWD)
1,000
84
Mirion
Technologies (5)
5,764
62
Murata
Manufacturing
(JPY)
4,700
97
Napco
Security
Technologies
648
34
Novanta
(5)
179
29
Omron
(JPY)
1,200
42
PAR
Technology (5)
2,159
102
PAR
Technology
PIPE,
Acquisition
Date:
3/8/24,
Cost $12 (5)(7)
301
14
TE
Connectivity
3,806
572
Teledyne
Technologies (5)
165
64
Vontier
708
27
2,064
IT
Services
0.3%
Accenture,
Class
A
534
162
MongoDB (5)
242
60
Nomura
Research
Institute
(JPY)
3,600
102
NTT
Data
Group
(JPY)
9,200
136
ServiceTitan
,
Acquisition
Date:
11/9/18
-
5/4/21,
Cost $1 (5)(6)(7)
26
2
Shopify,
Class
A (5)
1,789
118
Snowflake,
Class
A (5)
214
29
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $2 (5)(6)(7)
110
4
613
Semiconductors
&
Semiconductor
Equipment
5.5%
Advanced
Micro
Devices (5)
840
136
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Allegro
MicroSystems
(5)
893
25
Analog
Devices
2,052
468
Applied
Materials
1,885
445
ASML
Holding
(EUR)
578
589
ASML
Holding
274
280
Broadcom
351
564
Entegris
217
29
Intel
5,252
163
KLA
416
343
Lam
Research
155
165
Lattice
Semiconductor (5)
1,044
61
MACOM
Technology
Solutions
Holdings (5)
628
70
Micron
Technology
3,154
415
Monolithic
Power
Systems
169
139
NVIDIA
36,283
4,482
NXP
Semiconductors
2,101
565
Onto
Innovation (5)
381
84
Power
Integrations
563
40
QUALCOMM
1,184
236
Renesas
Electronics
(JPY)
5,500
104
Taiwan
Semiconductor
Manufacturing
(TWD)
22,219
658
Taiwan
Semiconductor
Manufacturing,
ADR
568
99
Texas
Instruments
2,069
403
Tokyo
Electron
(JPY)
900
197
10,760
Software
3.7%
Agilysys
(5)
260
27
Altair
Engineering,
Class
A (5)
453
44
Amplitude,
Class
A (5)
3,421
30
Appfolio
,
Class
A (5)
123
30
Atlassian
,
Class
A (5)
266
47
BILL
Holdings (5)
493
26
Braze,
Class
A (5)
915
36
Canva
,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $34 (5)(6)(7)
20
21
CCC
Intelligent
Solutions
Holdings (5)
3,853
43
Confluent,
Class
A (5)
897
27
Crowdstrike
Holdings,
Class
A (5)
190
73
Datadog
,
Class
A (5)
319
41
Descartes
Systems
Group (5)
678
66
DoubleVerify
Holdings (5)
1,981
39
Envestnet
(5)
630
39
Fortinet (5)
2,732
165
Gusto,
Acquisition
Date:
10/4/21,
Cost $11 (5)(6)(7)
364
7
Intapp
(5)
1,165
43
Intuit
323
212
JFrog
(5)
904
34
Manhattan
Associates (5)
86
21
Microsoft
11,153
4,985
QXO
PIPE,
Acquisition
Date:
6/13/24,
Cost $44 (5)(6)(7)
4,856
44
SAP
(EUR)
1,661
334
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ServiceNow
(5)
580
456
Socure
,
Acquisition
Date:
12/22/21,
Cost $2 (5)(6)(7)
117
1
Synopsys (5)
425
253
Varonis
Systems (5)
687
33
Workiva
(5)
633
46
7,223
Technology
Hardware,
Storage
&
Peripherals
1.8%
Apple
14,692
3,095
Samsung
Electronics
(KRW)
5,461
321
3,416
Total
Information
Technology
24,212
MATERIALS
2.0%
Chemicals
0.8%
Air
Liquide
(EUR)
1,219
210
Akzo
Nobel
(EUR)
1,650
101
Asahi
Kasei
(JPY)
10,600
68
BASF
(EUR)
2,119
102
Covestro
(EUR) (5)
1,988
117
Element
Solutions
2,421
66
HB
Fuller
435
33
Johnson
Matthey
(GBP)
3,993
79
Linde
1,144
502
Mosaic
3,323
96
Nutrien
684
35
Sherwin-Williams
260
78
Umicore
(EUR)
3,197
48
1,535
Construction
Materials
0.1%
Martin
Marietta
Materials
458
248
248
Containers
&
Packaging
0.3%
Amcor,
CDI
(AUD)
4,328
43
International
Paper
9,883
426
Sealed
Air
836
29
498
Metals
&
Mining
0.7%
Antofagasta
(GBP)
6,661
177
BHP
Group
(AUD)
3,531
101
BHP
Group
(GBP)
4,951
141
Constellium
(5)
3,217
61
ERO
Copper
(CAD) (5)
1,899
41
Franco-Nevada
768
91
Freeport-McMoRan
3,334
162
IGO
(AUD)
13,041
49
Pilbara
Minerals
(AUD)
36,760
75
Royal
Gold
264
33
South32
(AUD)
33,058
80
Southern
Copper
2,298
247
Wheaton
Precious
Metals
1,894
99
1,357
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Paper
&
Forest
Products
0.1%
Louisiana-Pacific
395
33
Stora
Enso,
Class
R
(EUR)
7,172
98
West
Fraser
Timber
(CAD)
378
29
160
Total
Materials
3,798
REAL
ESTATE
0.8%
Health
Care
Real
Estate
Investment
Trusts
0.0%
Healthcare
Realty
Trust,
REIT
1,725
28
28
Industrial
Real
Estate
Investment
Trusts
0.1%
EastGroup
Properties,
REIT
268
46
Prologis,
REIT
543
61
Rexford
Industrial
Realty,
REIT
667
30
Terreno
Realty,
REIT
836
49
186
Office
Real
Estate
Investment
Trusts
0.0%
Great
Portland
Estates
(GBP)
11,860
50
50
Real
Estate
Management
&
Development
0.2%
Colliers
International
Group
314
35
DigitalBridge
Group
4,013
55
FirstService
426
65
Mitsui
Fudosan
(JPY)
22,100
203
358
Residential
Real
Estate
Investment
Trusts
0.1%
Equity
LifeStyle
Properties,
REIT
1,716
112
Flagship
Communities
REIT,
REIT
1,104
16
Independence
Realty
Trust,
REIT
2,847
53
181
Retail
Real
Estate
Investment
Trusts
0.1%
Scentre
Group
(AUD)
62,386
129
129
Specialized
Real
Estate
Investment
Trusts
0.3%
CubeSmart
,
REIT
1,233
56
Public
Storage,
REIT
1,381
397
Weyerhaeuser,
REIT
5,041
143
596
Total
Real
Estate
1,528
UTILITIES
0.8%
Electric
Utilities
0.3%
Constellation
Energy
1,174
235
IDACORP
307
29
NextEra
Energy
1,089
77
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
OGE
Energy
859
31
PNM
Resources
1,103
41
Xcel
Energy
3,060
163
576
Gas
Utilities
0.1%
Atmos
Energy
700
82
Beijing
Enterprises
Holdings
(HKD)
6,000
20
Chesapeake
Utilities
646
68
170
Independent
Power
&
Renewable
Electricity
Producers
0.1%
Electric
Power
Development
(JPY)
5,400
85
Talen
Energy (5)
256
28
113
Multi-Utilities
0.3%
Ameren
2,174
155
Engie
(EUR)
17,886
256
National
Grid
(GBP)
17,822
199
610
Water
Utilities
0.0%
California
Water
Service
Group
799
39
Middlesex
Water
313
16
55
Total
Utilities
1,524
Total
Miscellaneous
Common
Stocks
0.2% (8)
384
Total
Common
Stocks
(Cost
$57,053)
101,798
CONVERTIBLE
BONDS
0.0%
Kardium
,
10.00%,
12/31/26,
Acquisition
Date:
5/31/24,
Cost $5 (5)(6)(7)
4,800
5
Total
Convertible
Bonds
(Cost
$5)
5
CONVERTIBLE
PREFERRED
STOCKS
0.1%
CONSUMER
DISCRETIONARY
0.0%
Specialty
Retail
0.0%
1661,
Series
F,
Acquisition
Date:
5/28/21,
Cost $10 (5)(6)(7)
1,674
1
Total
Consumer
Discretionary
1
CONSUMER
STAPLES
0.0%
Food
Products
0.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $— (5)(6)
(7)
1
—
Total
Consumer
Staples
—
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
FINANCIALS
0.0%
Banks
0.0%
CRB
Group,
Series
D,
Acquisition
Date:
1/28/22,
Cost $9 (5)(6)(7)
81
6
Total
Financials
6
HEALTH
CARE
0.0%
Biotechnology
0.0%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $5 (5)(6)(7)
1,752
7
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $7 (5)(6)(7)
895
3
10
Health
Care
Equipment
&
Supplies
0.0%
Kardium
,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $5 (5)(6)(7)
5,305
4
4
Health
Care
Providers
&
Services
0.0%
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $10 (5)(6)(7)
4,107
7
7
Life
Sciences
Tools
&
Services
0.0%
Cleerly
,
Series
C,
Acquisition
Date:
7/8/22,
Cost $5 (5)(6)(7)
413
4
Inscripta
,
Series
E,
Acquisition
Date:
3/30/21,
Cost $6 (5)(6)(7)
636
1
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $7 (5)(6)(7)
524
24
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $10 (5)(6)(7)
237
11
40
Total
Health
Care
61
INDUSTRIALS
&
BUSINESS
SERVICES
0.0%
Aerospace
&
Defense
0.0%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $5 (5)(6)(7)
126
5
Epirus,
Series
C-2,
Acquisition
Date:
1/28/22,
Cost $11 (5)(6)(7)
1,914
9
14
Air
Freight
&
Logistics
0.0%
Flexe
,
Series
C,
Acquisition
Date:
11/18/20,
Cost $5 (5)(6)(7)
445
3
Flexe
,
Series
D,
Acquisition
Date:
4/7/22,
Cost $3 (5)(6)(7)
138
1
4
Electrical
Equipment
0.0%
CELLINK,
Series
D,
Acquisition
Date:
1/20/22,
Cost $5 (5)(6)(7)
252
1
1
Professional
Services
0.0%
Checkr
,
Series
C,
Acquisition
Date:
4/10/18,
Cost $4 (5)(6)(7)
900
4
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Checkr
,
Series
D,
Acquisition
Date:
9/6/19,
Cost $12 (5)(6)(7)
1,200
5
9
Total
Industrials
&
Business
Services
28
INFORMATION
TECHNOLOGY
0.1%
IT
Services
0.0%
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20
-
3/3/21,
Cost $4 (5)(6)(7)
303
1
Haul
Hub,
Series
C,
Acquisition
Date:
4/14/22,
Cost $2 (5)(6)(7)
90
1
ServiceTitan
,
Series
D,
Acquisition
Date:
11/9/18,
Cost $5 (5)(6)(7)
184
15
ServiceTitan
,
Series
F,
Acquisition
Date:
3/25/21,
Cost $1 (5)(6)(7)
10
1
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $1 (5)(6)(7)
30
1
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $— (5)(6)(7)
10
—
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $— (5)(6)(7)
10
—
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $5 (5)(6)(7)
200
7
26
Software
0.1%
Databricks
,
Series
G,
Acquisition
Date:
2/1/21,
Cost $12 (5)(6)(7)
192
14
Databricks
,
Series
H,
Acquisition
Date:
8/31/21,
Cost $30 (5)(6)(7)
411
30
Databricks
,
Series
I,
Acquisition
Date:
9/14/23,
Cost $4 (5)(6)(7)
51
4
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $15 (5)(6)(7)
504
9
Nuro
,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $12 (5)(6)(7)
921
4
Nuro
,
Series
D,
Acquisition
Date:
10/29/21,
Cost $5 (5)(6)(7)
242
1
SecurityScorecard
,
Series
E,
Acquisition
Date:
3/5/21,
Cost $5 (5)(6)(7)
1,032
5
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $7 (5)(6)(7)
1,115
6
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $1 (5)(6)(7)
85
1
Socure
,
Series
A,
Acquisition
Date:
12/22/21,
Cost $2 (5)(6)(7)
142
1
Socure
,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $2 (5)(6)(7)
117
1
Socure
,
Series
B,
Acquisition
Date:
12/22/21,
Cost $— (5)(6)(7)
2
—
Socure
,
Series
E,
Acquisition
Date:
10/27/21,
Cost $4 (5)(6)(7)
270
2
78
Total
Information
Technology
104
MATERIALS
0.0%
Chemicals
0.0%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $6 (5)(6)(7)
135
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $10 (5)(6)(7)
228
4
11
Metals
&
Mining
0.0%
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $6 (5)(6)(7)
201
15
15
Total
Materials
26
Total
Convertible
Preferred
Stocks
(Cost
$258)
226
CORPORATE
BONDS
5.6%
AbbVie,
4.05%,
11/21/39
25,000
22
AbbVie,
4.50%,
5/14/35
53,000
50
AbbVie,
4.875%,
11/14/48
88,000
81
AbbVie,
5.05%,
3/15/34
60,000
60
AerCap
Ireland
Capital,
3.00%,
10/29/28
160,000
145
AGCO,
5.80%,
3/21/34
10,000
10
Alexandria
Real
Estate
Equities,
5.25%,
5/15/36
5,000
5
American
Electric
Power,
5.20%,
1/15/29
18,000
18
American
Tower,
5.20%,
2/15/29
15,000
15
American
Tower,
5.45%,
2/15/34
45,000
44
Anheuser-Busch
InBev
Worldwide,
5.55%,
1/23/49
65,000
65
Aon,
2.80%,
5/15/30
15,000
13
Appalachian
Power,
5.65%,
4/1/34
5,000
5
Arthur
J
Gallagher,
5.75%,
7/15/54
8,000
8
Arthur
J
Gallagher,
6.75%,
2/15/54
35,000
39
Astrazeneca
Finance,
5.00%,
2/26/34
70,000
70
AT&T,
3.50%,
9/15/53
27,000
18
Athene
Global
Funding,
5.684%,
2/23/26 (1)
55,000
55
Atlassian
,
5.25%,
5/15/29
10,000
10
Autostrade
per
l'Italia
,
2.00%,
1/15/30
(EUR)
115,000
110
Baltimore
Gas
&
Electric,
5.40%,
6/1/53
20,000
19
Bank
of
America,
VR,
1.898%,
7/23/31 (9)
220,000
180
Bank
of
America,
VR,
5.819%,
9/15/29 (9)
59,000
60
Bank
of
New
York
Mellon,
VR,
5.188%,
3/14/35 (9)
40,000
39
Bank
of
New
York
Mellon,
VR,
6.474%,
10/25/34 (9)
45,000
48
Barclays,
VR,
5.501%,
8/9/28 (9)
200,000
199
BAT
Capital,
2.259%,
3/25/28
15,000
13
BAT
Capital,
6.00%,
2/20/34
25,000
25
BAT
Capital,
6.343%,
8/2/30
10,000
10
BAT
Capital,
7.079%,
8/2/43
20,000
21
BAT
Capital,
7.081%,
8/2/53
35,000
37
Becton
Dickinson
&
Company,
2.823%,
5/20/30
25,000
22
Boardwalk
Pipelines,
3.40%,
2/15/31
28,000
25
Boeing,
3.25%,
2/1/28
15,000
14
Boeing,
3.75%,
2/1/50
15,000
10
Boeing,
5.04%,
5/1/27
55,000
54
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Boeing,
6.388%,
5/1/31 (1)
25,000
25
Boeing,
6.528%,
5/1/34 (1)
55,000
56
Booz
Allen
Hamilton,
5.95%,
8/4/33
15,000
15
Boston
Gas,
6.119%,
7/20/53 (1)
15,000
15
Bristol-Myers
Squibb,
5.65%,
2/22/64
25,000
24
Bristol-Myers
Squibb,
6.25%,
11/15/53
30,000
32
Brixmor
Operating
Partnership,
3.90%,
3/15/27
35,000
34
Brixmor
Operating
Partnership,
4.05%,
7/1/30
8,000
7
Brixmor
Operating
Partnership,
4.125%,
5/15/29
33,000
31
Broadcom,
2.60%,
2/15/33 (1)
35,000
28
Broadcom,
3.419%,
4/15/33 (1)
91,000
78
Burlington
Northern
Santa
Fe,
5.50%,
3/15/55
40,000
40
CaixaBank
,
VR,
6.84%,
9/13/34 (1)(9)
200,000
210
Capital
One
Financial,
3.75%,
3/9/27
60,000
58
Capital
One
Financial,
VR,
2.359%,
7/29/32 (9)
36,000
28
Capital
One
Financial,
VR,
3.273%,
3/1/30 (9)
25,000
22
Capital
One
Financial,
VR,
5.247%,
7/26/30 (9)
15,000
15
Capital
One
Financial,
VR,
5.468%,
2/1/29 (9)
75,000
74
Capital
One
Financial,
VR,
5.70%,
2/1/30 (9)
9,000
9
Capital
One
Financial,
VR,
6.051%,
2/1/35 (9)
25,000
25
Capital
One
Financial,
VR,
7.624%,
10/30/31 (9)
5,000
5
Carvana
,
12.00%,
12/1/28,
(12.00%
PIK) (1)(10)
11,601
12
Carvana
,
13.00%,
6/1/30,
(13.00%
PIK) (1)
(10)
18,007
20
Carvana
,
14.00%,
6/1/31,
(14.00%
PIK) (1)
(10)
21,276
24
Centene
,
2.50%,
3/1/31
60,000
49
Centene
,
2.625%,
8/1/31
110,000
90
Centene
,
4.25%,
12/15/27
10,000
9
Centene
,
4.625%,
12/15/29
53,000
50
Charter
Communications
Operating,
2.80%,
4/1/31
55,000
45
Charter
Communications
Operating,
3.75%,
2/15/28
25,000
23
Charter
Communications
Operating,
5.25%,
4/1/53
65,000
51
Charter
Communications
Operating,
6.484%,
10/23/45
12,000
11
Charter
Communications
Operating,
6.65%,
2/1/34
55,000
55
Cheniere
Corpus
Christi
Holdings,
5.125%,
6/30/27
30,000
30
Cheniere
Energy,
4.625%,
10/15/28
20,000
19
Cheniere
Energy,
5.65%,
4/15/34 (1)
40,000
40
Cheniere
Energy
Partners,
4.50%,
10/1/29
15,000
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Cheniere
Energy
Partners,
5.75%,
8/15/34 (1)
65,000
65
Cheniere
Energy
Partners,
5.95%,
6/30/33
37,000
38
Citigroup,
4.45%,
9/29/27
10,000
10
Citigroup,
VR,
3.106%,
4/8/26 (9)
22,000
22
Citigroup,
VR,
5.827%,
2/13/35 (9)
145,000
144
CNO
Financial
Group,
5.25%,
5/30/25
15,000
15
Columbia
Pipelines
Holding,
5.681%,
1/15/34 (1)
40,000
40
Comcast,
3.90%,
3/1/38
60,000
51
Comcast,
5.65%,
6/1/54
80,000
80
Continental
Resources,
4.375%,
1/15/28
10,000
10
Corebridge
Financial,
3.85%,
4/5/29
10,000
9
Corebridge
Financial,
3.90%,
4/5/32
45,000
40
Corebridge
Global
Funding,
5.20%,
1/12/29 (1)
10,000
10
Crown
Castle,
5.60%,
6/1/29
9,000
9
Crown
Castle,
5.80%,
3/1/34
25,000
25
Crown
Castle
Towers,
3.663%,
5/15/25 (1)
85,000
83
CVS
Health,
5.05%,
3/25/48
84,000
72
CVS
Health,
5.625%,
2/21/53
45,000
42
CVS
Health,
5.875%,
6/1/53
25,000
24
Danske
Bank,
VR,
5.705%,
3/1/30 (1)(9)
200,000
200
Diamondback
Energy,
5.15%,
1/30/30
15,000
15
Diamondback
Energy,
5.40%,
4/18/34
65,000
64
Diamondback
Energy,
5.75%,
4/18/54
30,000
29
Diamondback
Energy,
5.90%,
4/18/64
30,000
29
Diamondback
Energy,
6.25%,
3/15/53
25,000
26
DTE
Energy,
4.875%,
6/1/28
10,000
10
DTE
Energy,
5.10%,
3/1/29
60,000
59
Duke
Energy,
5.00%,
8/15/52
55,000
48
Duke
Energy,
6.10%,
9/15/53
22,000
22
Edison
International,
6.95%,
11/15/29
5,000
5
Elevance
Health,
5.125%,
2/15/53
20,000
18
Eli
Lilly,
4.70%,
2/9/34
70,000
68
Enbridge,
5.30%,
4/5/29
19,000
19
Enbridge,
5.625%,
4/5/34
35,000
35
Enbridge,
6.20%,
11/15/30
7,000
7
Enbridge,
6.70%,
11/15/53
20,000
22
Energy
Transfer,
2.90%,
5/15/25
60,000
58
Energy
Transfer,
5.55%,
5/15/34
25,000
24
Energy
Transfer,
5.95%,
5/15/54
15,000
14
Energy
Transfer,
6.40%,
12/1/30
30,000
32
Energy
Transfer,
6.55%,
12/1/33
10,000
11
Engie
,
5.625%,
4/10/34 (1)
200,000
199
Eni,
5.95%,
5/15/54 (1)
200,000
196
Eversource
Energy,
5.85%,
4/15/31
35,000
36
Eversource
Energy,
5.95%,
7/15/34
60,000
60
Exelon,
5.45%,
3/15/34
20,000
20
Exelon,
5.60%,
3/15/53
70,000
67
Fifth
Third
Bancorp,
2.375%,
1/28/25
10,000
10
Fifth
Third
Bancorp,
2.55%,
5/5/27
5,000
5
Fifth
Third
Bancorp,
3.95%,
3/14/28
12,000
11
Fifth
Third
Bancorp,
VR,
5.631%,
1/29/32 (9)
15,000
15
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Fifth
Third
Bancorp,
VR,
6.339%,
7/27/29 (9)
35,000
36
FirstEnergy,
2.65%,
3/1/30
37,000
32
FirstEnergy,
Series B,
2.25%,
9/1/30
7,000
6
FirstEnergy,
Series C,
3.40%,
3/1/50
55,000
37
Ford
Motor,
9.625%,
4/22/30
5,000
6
Ford
Motor
Credit,
5.80%,
3/5/27
200,000
200
Freeport-McMoRan,
4.375%,
8/1/28
24,000
23
Freeport-McMoRan,
5.00%,
9/1/27
5,000
5
General
Motors
Financial,
5.55%,
7/15/29
35,000
35
General
Motors
Financial,
5.80%,
6/23/28
20,000
20
Georgia
Power,
4.95%,
5/17/33
45,000
44
Georgia
Power,
5.25%,
3/15/34
25,000
25
GLP
Capital,
3.35%,
9/1/24
10,000
10
Goldman
Sachs
Group,
VR,
3.691%,
6/5/28 (9)
15,000
14
Goldman
Sachs
Group,
VR,
4.482%,
8/23/28 (9)
20,000
19
Goldman
Sachs
Group,
VR,
6.561%,
10/24/34 (9)
55,000
59
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
6.375%,
7/1/34 (1)
95,000
93
HCA,
2.375%,
7/15/31
20,000
16
HCA,
3.50%,
9/1/30
35,000
32
Health
Care
Service
A
Mutual
Legal
Reserve,
5.20%,
6/15/29 (1)
20,000
20
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve,
5.45%,
6/15/34 (1)
25,000
25
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve,
5.875%,
6/15/54 (1)
45,000
44
Healthcare
Realty
Holdings,
2.05%,
3/15/31
15,000
12
Healthcare
Realty
Holdings,
3.625%,
1/15/28
60,000
55
Home
Depot,
4.95%,
6/25/34
45,000
44
Home
Depot,
5.30%,
6/25/54
25,000
24
Humana,
4.875%,
4/1/30
42,000
41
Humana,
5.375%,
4/15/31
35,000
35
Humana,
5.75%,
4/15/54
15,000
15
Humana,
5.95%,
3/15/34
25,000
26
Hyundai
Capital
America,
5.40%,
1/8/31 (1)
10,000
10
Hyundai
Capital
America,
5.50%,
3/30/26 (1)
10,000
10
Hyundai
Capital
America,
6.50%,
1/16/29 (1)
20,000
21
Icon
Investments
Six,
5.849%,
5/8/29
200,000
203
Indianapolis
Power
&
Light,
5.70%,
4/1/54 (1)
15,000
15
Ingersoll
Rand,
5.314%,
6/15/31
20,000
20
Ingersoll
Rand,
5.45%,
6/15/34
20,000
20
Ingersoll
Rand,
5.70%,
6/15/54
15,000
15
Intel,
3.05%,
8/12/51
64,000
40
Intel,
3.25%,
11/15/49
95,000
64
Interpublic
Group,
4.65%,
10/1/28
20,000
20
Invitation
Homes
Operating
Partnership,
5.45%,
8/15/30
21,000
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
IPALCO
Enterprises,
5.75%,
4/1/34 (1)
25,000
25
IQVIA,
6.25%,
2/1/29
35,000
36
JPMorgan
Chase,
VR,
2.522%,
4/22/31 (9)
10,000
9
JPMorgan
Chase,
VR,
2.739%,
10/15/30 (9)
23,000
20
JPMorgan
Chase,
VR,
2.956%,
5/13/31 (9)
79,000
69
JPMorgan
Chase,
VR,
5.04%,
1/23/28 (9)
25,000
25
JPMorgan
Chase,
VR,
5.336%,
1/23/35 (9)
25,000
25
Kilroy
Realty,
4.375%,
10/1/25
13,000
13
Las
Vegas
Sands,
3.50%,
8/18/26
25,000
24
Las
Vegas
Sands,
5.90%,
6/1/27
10,000
10
Lowe's,
4.25%,
4/1/52
11,000
9
Lowe's,
5.625%,
4/15/53
15,000
15
Lowe's,
5.75%,
7/1/53
15,000
15
LSEGA
Financing,
2.50%,
4/6/31 (1)
200,000
169
Mars,
4.75%,
4/20/33 (1)
45,000
44
Marsh
&
McLennan,
5.70%,
9/15/53
20,000
20
Mattel,
5.875%,
12/15/27 (1)
40,000
40
Meta
Platforms,
5.60%,
5/15/53
65,000
66
Micron
Technology,
5.327%,
2/6/29
22,000
22
Micron
Technology,
6.75%,
11/1/29
25,000
26
MidAmerican
Energy,
5.85%,
9/15/54
20,000
21
Morgan
Stanley,
VR,
5.123%,
2/1/29 (9)
95,000
95
Morgan
Stanley,
VR,
5.173%,
1/16/30 (9)
40,000
40
Motorola
Solutions,
5.00%,
4/15/29
15,000
15
Motorola
Solutions,
5.40%,
4/15/34
20,000
20
Niagara
Mohawk
Power,
5.664%,
1/17/54 (1)
25,000
24
NiSource,
5.25%,
3/30/28
10,000
10
NRG
Energy,
4.45%,
6/15/29 (1)
15,000
14
Occidental
Petroleum,
6.125%,
1/1/31
48,000
49
Occidental
Petroleum,
6.375%,
9/1/28
10,000
10
Occidental
Petroleum,
6.625%,
9/1/30
5,000
5
Occidental
Petroleum,
7.50%,
5/1/31
45,000
50
Occidental
Petroleum,
8.875%,
7/15/30
90,000
103
ONEOK,
5.65%,
11/1/28
10,000
10
ONEOK,
5.80%,
11/1/30
25,000
26
ONEOK,
6.05%,
9/1/33
30,000
31
Oracle,
4.90%,
2/6/33
40,000
39
Owens
Corning,
5.70%,
6/15/34
25,000
25
Owens
Corning,
5.95%,
6/15/54
25,000
25
Pacific
Gas
&
Electric,
2.10%,
8/1/27
14,000
13
Pacific
Gas
&
Electric,
2.50%,
2/1/31
40,000
33
Pacific
Gas
&
Electric,
4.55%,
7/1/30
55,000
52
Pacific
Gas
&
Electric,
5.80%,
5/15/34
30,000
30
Pacific
Gas
&
Electric,
5.90%,
6/15/32
10,000
10
Pacific
Gas
&
Electric,
6.70%,
4/1/53
10,000
10
Pacific
Gas
&
Electric,
6.75%,
1/15/53
35,000
36
Pacific
Gas
&
Electric,
6.95%,
3/15/34
20,000
22
PacifiCorp,
5.30%,
2/15/31
31,000
31
Pfizer
Investment
Enterprises,
5.30%,
5/19/53
30,000
29
Pfizer
Investment
Enterprises,
5.34%,
5/19/63
40,000
38
Philip
Morris
International,
5.125%,
2/15/30
25,000
25
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
PNC
Financial
Services
Group,
VR,
5.30%,
1/21/28 (9)
10,000
10
Raizen
Fuels
Finance,
6.45%,
3/5/34 (1)
200,000
203
Revvity
,
1.90%,
9/15/28
35,000
31
Revvity
,
2.25%,
9/15/31
15,000
12
Revvity
,
3.30%,
9/15/29
24,000
22
Rogers
Communications,
3.80%,
3/15/32
25,000
22
Rogers
Communications,
4.35%,
5/1/49
5,000
4
Rogers
Communications,
4.55%,
3/15/52
129,000
104
Rogers
Communications,
5.00%,
2/15/29
44,000
43
Rogers
Communications,
5.30%,
2/15/34
55,000
54
Ross
Stores,
1.875%,
4/15/31
45,000
37
Sabine
Pass
Liquefaction,
4.20%,
3/15/28
15,000
14
Santander
Holdings
USA,
VR,
6.124%,
5/31/27 (9)
10,000
10
Santander
Holdings
USA,
VR,
6.342%,
5/31/35 (9)
55,000
55
Sartorius
Finance,
4.875%,
9/14/35
(EUR)
100,000
111
SBA
Tower
Trust,
1.84%,
4/15/27 (1)
50,000
45
SBA
Tower
Trust,
2.593%,
10/15/31 (1)
40,000
33
Sempra,
3.40%,
2/1/28
10,000
9
Sempra,
3.70%,
4/1/29
15,000
14
Societe
Generale
,
VR,
5.519%,
1/19/28 (1)
(9)
200,000
197
Solventum
,
5.40%,
3/1/29 (1)
40,000
40
Solventum
,
5.60%,
3/23/34 (1)
35,000
34
Solventum
,
5.90%,
4/30/54 (1)
45,000
43
Southern,
5.20%,
6/15/33
60,000
59
Southern,
5.70%,
3/15/34
50,000
51
Southern
California
Edison,
5.45%,
6/1/31
10,000
10
Southern
California
Edison,
5.70%,
3/1/53
20,000
20
Southwestern
Public
Service,
6.00%,
6/1/54
15,000
15
Sprint
Capital,
6.875%,
11/15/28
45,000
48
Sprint
Capital,
8.75%,
3/15/32
35,000
42
Stanley
Black
&
Decker,
2.75%,
11/15/50
23,000
13
Sutter
Health,
5.164%,
8/15/33
15,000
15
T-Mobile
USA,
5.75%,
1/15/54
85,000
84
T-Mobile
USA,
6.00%,
6/15/54
15,000
16
Targa
Resources,
6.15%,
3/1/29
16,000
17
Targa
Resources
Partners,
5.00%,
1/15/28
10,000
10
Targa
Resources
Partners,
5.50%,
3/1/30
57,000
56
Targa
Resources
Partners,
6.875%,
1/15/29
10,000
10
U.S.
Bancorp,
VR,
5.384%,
1/23/30 (9)
25,000
25
U.S.
Bancorp,
VR,
5.678%,
1/23/35 (9)
30,000
30
UnitedHealth
Group,
4.50%,
4/15/33
40,000
38
UnitedHealth
Group,
5.00%,
4/15/34
60,000
59
UnitedHealth
Group,
5.05%,
4/15/53
36,000
33
UnitedHealth
Group,
5.875%,
2/15/53
32,000
33
VF,
2.95%,
4/23/30
44,000
36
Vistra
Operations,
6.00%,
4/15/34 (1)
15,000
15
Vistra
Operations,
6.95%,
10/15/33 (1)
15,000
16
Volkswagen
Group
of
America
Finance,
5.60%,
3/22/34 (1)
200,000
198
Walt
Disney,
3.60%,
1/13/51
25,000
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Warnermedia
Holdings,
3.755%,
3/15/27
55,000
52
Wells
Fargo,
VR,
2.572%,
2/11/31 (9)
214,000
185
Wells
Fargo,
VR,
5.198%,
1/23/30 (9)
50,000
50
Western
Midstream
Operating,
4.50%,
3/1/28
10,000
10
Western
Midstream
Operating,
6.35%,
1/15/29
10,000
10
Westlake,
1.625%,
7/17/29
(EUR)
100,000
96
Xcel
Energy,
3.40%,
6/1/30
45,000
40
Total
Corporate
Bonds
(Cost
$11,200)
10,908
EQUITY
MUTUAL
FUNDS
8.1%
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund (2)
248,055
7,943
T.
Rowe
Price
Real
Assets
Fund
-
I
Class (2)
550,002
7,843
Total
Equity
Mutual
Funds
(Cost
$13,484)
15,786
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
0.1%
Petroleos
Mexicanos
,
6.50%,
3/13/27
105,000
100
Republic
of
Romania,
5.875%,
1/30/29 (1)
50,000
50
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$149)
150
MUNICIPAL
SECURITIES
0.0%
California
0.0%
Los
Angeles
Dept.
of
Airports,
Build
America,
6.582%,
5/15/39
10,000
11
11
Illinois
0.0%
Illinois,
Build
America,
GO,
7.35%,
7/1/35
8,571
9
9
Total
Municipal
Securities
(Cost
$19)
20
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
0.6%
BBCMS
Mortgage
Trust,
Series 2019-
BWAY,
Class
D,
ARM,
1M
TSFR
+
2.274%,
7.603%,
11/15/34 (1)
25,000
—
BBCMS
Mortgage
Trust,
Series 2024-
5C27,
Class
A3,
6.014%,
7/15/57
15,000
16
BINOM
Securitization
Trust,
Series 2021-
INV1,
Class
A1,
CMO,
ARM,
2.034%,
6/25/56 (1)
60,740
53
BX
Commercial
Mortgage
Trust,
Series 2024-MDHS,
Class
A,
ARM,
1M
TSFR
+
1.641%,
6.97%,
5/15/41 (1)
100,000
100
CIM
Trust,
Series 2021-INV1,
Class
A29,
CMO,
ARM,
2.50%,
7/1/51 (1)
79,505
62
Commercial
Mortgage
Trust,
Series 2016-
CR28,
Class
AHR,
3.651%,
2/10/49
25,916
26
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Connecticut
Avenue
Securities,
Series 2017-C06,
Class
2ED1,
CMO,
ARM,
SOFR30A
+
1.114%,
6.45%,
2/25/30
2,245
2
Finance
of
America
HECM
Buyout,
Series 2022-HB2,
Class
A1A,
ARM,
4.00%,
8/1/32 (1)
33,898
34
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (1)
5,223
5
Galton
Funding
Mortgage
Trust,
Series 2018-2,
Class
A22,
CMO,
ARM,
4.00%,
10/25/58 (1)
4,055
4
GS
Mortgage-Backed
Securities
Trust,
Series 2021-GR1,
Class
A4,
CMO,
ARM,
2.50%,
11/25/51 (1)
77,977
61
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,
3.57%,
12/25/50 (1)
22,778
19
JPMorgan
Mortgage
Trust,
Series 2020-
INV1,
Class
A11,
CMO,
ARM,
1M
TSFR
+
0.944%,
6.00%,
8/25/50 (1)
5,479
5
JPMorgan
Mortgage
Trust,
Series 2020-
INV1,
Class
A3,
CMO,
ARM,
3.50%,
8/25/50 (1)
7,306
6
JPMorgan
Mortgage
Trust,
Series 2020-
LTV1,
Class
A15,
CMO,
ARM,
3.50%,
6/25/50 (1)
547
—
JPMorgan
Mortgage
Trust,
Series 2020-
LTV1,
Class
A3,
CMO,
ARM,
3.50%,
6/25/50 (1)
1,094
1
JPMorgan
Mortgage
Trust,
Series 2020-
LTV1,
Class
B1A,
CMO,
ARM,
3.262%,
6/25/50 (1)
27,641
23
MED
Commercial
Mortgage
Trust,
Series 2024-MOB,
Class
A,
ARM,
1M
TSFR
+
1.592%,
6.92%,
5/15/41 (1)
100,000
99
MFA
Trust,
Series 2022-INV2,
Class
A1,
CMO,
STEP,
4.95%,
7/25/57 (1)
86,228
85
New
Residential
Mortgage
Loan
Trust,
Series 2021-INV2,
Class
A4,
CMO,
ARM,
2.50%,
9/25/51 (1)
79,844
63
OBX
Trust,
Series 2020-EXP1,
Class
1A8,
CMO,
ARM,
3.50%,
2/25/60 (1)
25,741
22
SDR
Commercial
Mortgage
Trust,
Series 2024-DSNY,
Class
A,
ARM,
1M
TSFR
+
1.392%,
6.72%,
5/15/39 (1)
150,000
149
Sequoia
Mortgage
Trust,
Series 2013-4,
Class
B1,
CMO,
ARM,
3.436%,
4/25/43
16,772
16
Sequoia
Mortgage
Trust,
Series 2017-
CH2,
Class
A19,
CMO,
ARM,
4.00%,
12/25/47 (1)
4,743
4
SG
Residential
Mortgage
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (1)
836
1
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2024-DNA2,
Class
A1,
CMO,
ARM,
SOFR30A
+
1.25%,
6.585%,
5/25/44 (1)
29,582
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Towd
Point
Mortgage
Trust,
Series 2019-
HY3,
Class
A1A,
CMO,
ARM,
1M
TSFR
+
1.114%,
6.46%,
10/25/59 (1)
22,756
23
TX
Trust,
Series 2024-HOU,
Class
A,
ARM,
1M
TSFR
+
1.591%,
6.91%,
6/15/39 (1)
100,000
99
Vista
Point
Securitization
Trust,
Series 2020-2,
Class
A1,
CMO,
ARM,
1.475%,
4/25/65 (1)
18,323
17
WB
Commercial
Mortgage
Trust,
Series 2024-HQ,
Class
A,
ARM,
6.134%,
3/15/40 (1)
100,000
100
Total
Non-U.S.
Government
Mortgage-
Backed
Securities
(Cost
$1,248)
1,143
PREFERRED
STOCKS
0.1%
CONSUMER
DISCRETIONARY
0.1%
Automobiles
0.1%
Dr.
Ing
.
h.c
.
F.
Porsche
(EUR)
1,426
106
Total
Consumer
Discretionary
106
Total
Preferred
Stocks
(Cost
$122)
106
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
6.2%
U.S.
Government
Agency
Obligations
4.7%
Federal
Home
Loan
Mortgage
2.50%,
4/1/30
10,048
9
3.00%,
12/1/42
-
4/1/43
56,058
49
3.50%,
8/1/42
-
3/1/44
78,252
72
4.00%,
8/1/40
-
8/1/45
36,876
34
4.50%,
6/1/39
-
5/1/42
37,145
37
5.00%,
7/1/25
-
8/1/40
12,292
12
6.00%,
10/1/32
-
8/1/38
3,013
2
7.00%,
6/1/32
492
—
Federal
Home
Loan
Mortgage,
ARM
RFUCCT1Y
+
1.842%,
6.091%,
1/1/37
1,255
1
RFUCCT1Y
+
1.917%,
6.291%,
2/1/37
1,197
1
Federal
Home
Loan
Mortgage,
UMBS
1.50%,
2/1/36
32,449
28
2.00%,
8/1/36
-
5/1/52
841,156
670
2.50%,
3/1/42
-
5/1/52
672,321
554
3.00%,
7/1/34
-
8/1/52
422,036
370
3.50%,
6/1/47
-
11/1/52
150,846
136
4.00%,
8/1/37
-
2/1/50
77,314
73
4.50%,
5/1/50
-
11/1/52
126,519
120
5.00%,
9/1/52
-
5/1/53
66,008
64
5.50%,
8/1/53
-
2/1/54
115,829
115
6.50%,
1/1/54
10,991
11
Federal
National
Mortgage
Assn.
3.00%,
8/1/43
-
2/1/44
8,173
7
3.50%,
6/1/42
-
1/1/44
78,580
72
4.00%,
11/1/40
15,748
15
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Federal
National
Mortgage
Assn.,
ARM,
RFUCCT1Y
+
1.87%,
6.12%,
8/1/36
1,292
1
Federal
National
Mortgage
Assn.,
CMO,
IO,
6.50%,
2/25/32
312
—
Federal
National
Mortgage
Assn.,
UMBS
1.50%,
4/1/37
-
1/1/42
163,228
139
2.00%,
5/1/36
-
4/1/52
2,385,304
1,926
2.50%,
1/1/32
-
9/1/52
1,411,346
1,171
3.00%,
6/1/27
-
4/1/52
817,098
720
3.50%,
11/1/32
-
1/1/52
327,028
299
4.00%,
7/1/35
-
12/1/52
438,418
409
4.50%,
7/1/39
-
10/1/52
293,340
281
5.00%,
3/1/34
-
11/1/53
305,765
298
5.50%,
12/1/34
-
2/1/54
280,944
280
6.00%,
4/1/33
-
1/1/54
456,150
458
6.50%,
7/1/32
-
1/1/54
126,275
129
7.00%,
4/1/32
146
—
UMBS,
TBA (11)
3.50%,
7/1/54
155,000
137
5.00%,
7/1/54
135,000
130
5.50%,
7/1/54
70,000
69
6.00%,
7/1/54
110,000
110
6.50%,
7/1/54
80,000
81
9,090
U.S.
Government
Obligations
1.5%
Government
National
Mortgage
Assn.
1.50%,
5/20/37
42,900
36
2.00%,
1/20/51
-
3/20/52
607,384
492
2.50%,
8/20/50
-
4/20/52
632,155
531
3.00%,
7/15/43
-
6/20/52
482,962
424
3.50%,
12/20/42
-
7/20/52
350,811
319
4.00%,
7/20/42
-
10/20/52
304,231
282
4.50%,
10/20/39
-
4/20/53
199,842
194
5.00%,
3/20/34
-
6/20/49
78,703
77
5.50%,
10/20/32
-
3/20/49
43,554
43
6.00%,
4/15/36
-
12/20/38
6,578
7
6.50%,
3/15/26
-
4/15/26
989
1
7.00%,
9/20/27
577
1
8.00%,
4/15/26
36
—
Government
National
Mortgage
Assn.,
CMO
3.00%,
11/20/47
-
12/20/47
4,479
4
3.50%,
10/20/50
25,000
20
Government
National
Mortgage
Assn.,
TBA (11)
2.50%,
7/20/54
66,000
55
5.00%,
7/20/54
105,000
102
5.50%,
7/20/54
165,000
164
6.00%,
7/20/54
25,000
25
6.50%,
7/20/54
80,000
81
2,858
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$12,796)
11,948
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
6.0%
U.S.
Treasury
Obligations
6.0%
U.S.
Treasury
Bonds,
3.375%,
8/15/42
655,000
553
U.S.
Treasury
Bonds,
3.875%,
2/15/43 (12)
365,000
330
U.S.
Treasury
Bonds,
4.00%,
11/15/42 (12)
710,000
654
U.S.
Treasury
Bonds,
4.25%,
2/15/54
825,000
786
U.S.
Treasury
Bonds,
4.375%,
8/15/43
170,000
164
U.S.
Treasury
Bonds,
4.50%,
2/15/44
1,020,000
1,001
U.S.
Treasury
Inflation-Indexed
Notes,
1.375%,
7/15/33
267,805
253
U.S.
Treasury
Inflation-Indexed
Notes,
1.75%,
1/15/34
1,462,723
1,420
U.S.
Treasury
Notes,
0.625%,
12/31/27
265,000
232
U.S.
Treasury
Notes,
0.625%,
8/15/30
115,000
92
U.S.
Treasury
Notes,
0.75%,
8/31/26
170,000
156
U.S.
Treasury
Notes,
1.50%,
1/31/27
640,000
592
U.S.
Treasury
Notes,
3.25%,
6/30/27
275,000
265
U.S.
Treasury
Notes,
3.875%,
11/30/27
110,000
108
U.S.
Treasury
Notes,
3.875%,
12/31/27
505,000
495
U.S.
Treasury
Notes,
4.125%,
9/30/27
830,000
821
U.S.
Treasury
Notes,
4.25%,
2/28/29
95,000
95
U.S.
Treasury
Notes,
4.625%,
9/15/26
1,658,900
1,657
U.S.
Treasury
Notes,
4.625%,
10/15/26
1,090,000
1,089
U.S.
Treasury
Notes,
4.625%,
9/30/28
815,000
822
U.S.
Treasury
Notes,
4.625%,
9/30/30
110,000
112
11,697
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-
Backed)
(Cost
$11,857)
11,697
SHORT-TERM
INVESTMENTS
5.0%
Money
Market
Funds
5.0%
T.
Rowe
Price
Treasury
Reserve
Fund,
5.37% (2)(13)
9,740,700
9,741
Total
Short-Term
Investments
(Cost
$9,741)
9,741
SECURITIES
LENDING
COLLATERAL
0.4%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK 0.4%
Money
Market
Funds 0.4%
T.
Rowe
Price
Government
Reserve
Fund,
5.38% (2)(13)
756,942
757
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
757
Total
Securities
Lending
Collateral
(Cost
$757)
757
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED 0.0%
OTC
Options
Purchased 0.0%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Barclays
Bank
30
Year
Interest
Rate
Swap,
8/12/54
Pay
Fixed
3.80%
Annually,
Receive
Variable
5.33%
(SOFR)
Annually,
8/8/24
@
3.80%* (5)
1
281
4
Barclays
Bank
30
Year
Interest
Rate
Swap,
8/13/54
Pay
Fixed
3.80%
Annually,
Receive
Variable
5.33%
(SOFR)
Annually,
8/9/24
@
3.80%* (5)
1
495
8
Goldman
Sachs
30
Year
Interest
Rate
Swap,
8/13/54
Pay
Fixed
3.80%
Annually,
Receive
Variable
5.33%
(SOFR)
Annually,
8/9/24
@
3.80%* (5)
1
248
4
Morgan
Stanley
2
Year
Interest
Rate
Swap,
7/2/26
Pay
Fixed
4.75%
Annually,
Receive
Variable
5.33%
(SOFR)
Annually,
6/28/24
@
4.75%* (5)
1
4,335
—
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Morgan
Stanley
30
Year
Interest
Rate
Swap,
8/12/54
Pay
Fixed
3.80%
Annually,
Receive
Variable
5.33%
(SOFR)
Annually,
8/8/24
@
3.80%* (5)
1
247
4
Morgan
Stanley
30
Year
Interest
Rate
Swap,
8/13/54
Pay
Fixed
3.80%
Annually,
Receive
Variable
5.33%
(SOFR)
Annually,
8/9/24
@
3.80%* (5)
1
495
8
Total
Options
Purchased
(Cost
$60)
28
Total
Investments
in
Securities
100.8%
of
Net
Assets
(Cost
$151,855)
$
195,440
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
*
Exercise
Spread
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$7,837
and
represents
4.0%
of
net
assets.
(2)
Affiliated
Companies
(3)
SEC
30-day
yield
(4)
See
Note
4
.
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2024.
(5)
Non-income
producing
(6)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(7)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
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
$366
and
represents
0.2%
of
net
assets.
(8)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(9)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(10)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(11)
See
Note
4
.
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$954
and
represents
0.5%
of
net
assets.
(12)
At
June
30,
2024,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(13)
Seven-day
yield
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
ADR
American
Depositary
Receipts
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
AUD
Australian
Dollar
CAD
Canadian
Dollar
CDI
CHESS
or
CREST
Depositary
Interest
CHF
Swiss
Franc
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
DKK
Danish
Krone
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
GO
General
Obligation
HKD
Hong
Kong
Dollar
INR
Indian
Rupee
IO
Interest-only
security
for
which
the
fund
receives
interest
on
notional
principal
JPY
Japanese
Yen
KRW
South
Korean
Won
NOK
Norwegian
Krone
OTC
Over-the-counter
PIK
Payment-in-kind
PIPE
Private
Investment
in
Public
Equity
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
RFUCCT1Y
Twelve
month
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
SDR
Swedish
Depository
Receipts
SEK
Swedish
Krona
SGD
Singapore
Dollar
SOFR
Secured
overnight
financing
rate
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
.
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TBA
To-Be-Announced
TWD
Taiwan
Dollar
UMBS
Uniform
Mortgage-Backed
Securities
USD
U.S.
Dollar
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
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.1)%
OTC
Options
Written (0.1)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Barclays
Bank
2
Year
Interest
Rate
Swap,
8/12/26
Pay
Fixed
4.20%
Annually,
Receive
Variable
5.33%
(SOFR)
Annually,
8/8/24
@
4.20%*
1
2,255
(14)
Barclays
Bank
2
Year
Interest
Rate
Swap,
8/13/26
Pay
Fixed
4.20%
Annually,
Receive
Variable
5.33%
(SOFR)
Annually,
8/9/24
@
4.20%*
1
3,995
(25)
Goldman
Sachs
2
Year
Interest
Rate
Swap,
8/13/26
Pay
Fixed
4.20%
Annually,
Receive
Variable
5.33%
(SOFR)
Annually,
8/9/24
@
4.20%*
1
1,967
(12)
Morgan
Stanley
2
Year
Interest
Rate
Swap,
8/12/26
Pay
Fixed
4.20%
Annually,
Receive
Variable
5.33%
(SOFR)
Annually,
8/8/24
@
4.20%*
1
2,053
(13)
Morgan
Stanley
2
Year
Interest
Rate
Swap,
8/13/26
Pay
Fixed
4.20%
Annually,
Receive
Variable
5.33%
(SOFR)
Annually,
8/9/24
@
4.20%*
1
3,995
(25)
Total
Options
Written
(Premiums
$(53))
$
(89)
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Bought
0.0%
Morgan
Stanley,
Protection
Bought
(Relevant
Credit:
Markit
CMBX.NA.AAA-S15,
40
Year
Index),
Pay
0.50%
Monthly,
Receive
upon
credit
default,
11/18/64
472
8
12
(4)
Total
Bilateral
Credit
Default
Swaps,
Protection
Bought
12
(4)
Total
Bilateral
Swaps
12
(4)
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
Protection
Sold
(Relevant
Credit:
Freeport-McMoRan,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/29
*
100
1
—
1
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.HY-S42,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
6/20/29
281
18
19
(1)
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S42,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/29
2,289
47
48
(1)
Protection
Sold
(Relevant
Credit:
United
Mexican
States,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/29
821
(3)
2
(5)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
(6)
Total
Centrally
Cleared
Swaps
(6)
Net
payments
(receipts)
of
variation
margin
to
date
6
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
—
*
Credit
ratings
as
of
June
30,
2024.
Ratings
shown
are
from
Moody’s
Investors
Service
and
if
Moody’s
does
not
rate
a
security,
then
Standard
&
Poor’s
(S&P)
is
used.
Fitch
is
used
for
securities
that
are
not
rated
by
either
Moody’s
or
S&P.
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
UBS
Investment
Bank
8/23/24
USD
323
EUR
296
$
5
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
5
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
21
U.S.
Treasury
Notes
five
year
contracts
9/24
2,238
$
6
Long,
2
U.S.
Treasury
Notes
ten
year
contracts
9/24
220
—
Short,
35
U.S.
Treasury
Notes
two
year
contracts
9/24
(7,147)
(21)
Long,
12
Ultra
U.S.
Treasury
Bonds
contracts
9/24
1,504
17
Short,
19
Ultra
U.S.
Treasury
Notes
ten
year
contracts
9/24
(2,157)
(23)
Net
payments
(receipts)
of
variation
margin
to
date
9
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(12)
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
six
months
ended
June
30,
2024.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
6.97%
$
—
$
8
$
—
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.24%
—
(44)
219
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
—
8
—
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.51%
—
1
18
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.09%
—
(113)
328
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.60%
—
(38)
82
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
6.89%
—
7
1
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
—
117
—
T.
Rowe
Price
Government
Reserve
Fund,
5.38%
—
—
—++
T.
Rowe
Price
Treasury
Reserve
Fund,
5.37%
—
—
275
Affiliates
not
held
at
period
end
(512)
359
19
Totals
$
(512)#
$
305
$
942+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
06/30/24
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
6.97%
$
6
$
1,050
$
—
$
1,064
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.24%
7,624
217
—
7,797
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
7,635
300
—
7,943
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.51%
403
17
—
421
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.09%
9,800
326
—
10,013
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
3.17%
2,124
14
2,497
—
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.60%
4,326
2,556
—
6,844
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
6.89%
7
407
—
421
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
7,016
710
—
7,843
T.
Rowe
Price
Government
Reserve
Fund,
5.38%
238
¤
¤
757
T.
Rowe
Price
Treasury
Reserve
Fund,
5.37%
10,456
¤
¤
9,741
Total
$
52,844^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees
as
described
in
Note
4
.
+
Investment
income
comprised
$942
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
$52,499.
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
June
30,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$151,855)
$
195,440
Interest
and
dividends
receivable
448
Receivable
for
investment
securities
sold
348
Receivable
for
shares
sold
145
Foreign
currency
(cost
$47)
47
Bilateral
swap
premiums
paid
12
Unrealized
gain
on
forward
currency
exchange
contracts
5
Other
assets
138
Total
assets
196,583
Liabilities
Payable
for
investment
securities
purchased
1,520
Obligation
to
return
securities
lending
collateral
757
Options
written
(premiums
$53)
89
Payable
for
shares
redeemed
88
Investment
management
fees
payable
62
Variation
margin
payable
on
futures
contracts
12
Unrealized
loss
on
bilateral
swaps
4
Other
liabilities
76
Total
liabilities
2,608
NET
ASSETS
$
193,975
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
46,207
Paid-in
capital
applicable
to
9,180,513
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
of
the
Corporation
authorized
147,768
NET
ASSETS
$
193,975
NET
ASSET
VALUE
PER
SHARE
$
21.13
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/24
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$67)
$
1,832
.
Interest
898
Securities
lending
3
Total
income
2,733
Expenses
Investment
management
and
administrative
expenses
(1)
554
Investment
management
172
Shareholder
servicing
46
Prospectus
and
shareholder
reports
2
Custody
and
accounting
52
Legal
and
audit
15
Miscellaneous
1
Waived
/
paid
by
Price
Associates
(179)
Total
expenses
663
Net
investment
income
2,070
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
4,554
Futures
32
Swaps
10
Forward
currency
exchange
contracts
(29)
Net
realized
gain
4,567
Change
in
net
unrealized
gain
/
loss
Securities
5,702
Futures
(122)
Swaps
(59)
Options
written
(36)
Forward
currency
exchange
contracts
21
Other
assets
and
liabilities
denominated
in
foreign
currencies
(6)
Change
in
net
unrealized
gain
/
loss
5,500
Net
realized
and
unrealized
gain
/
loss
10,067
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
12,137
(1)
Prior
to
May
1,
2024,
the
fund
operated
under
an
all-inclusive
annual
fee
which
is
represented
as
"Investment
management
and
administrative
expense"
on
the
Statement
of
Operations.
See
Note
7
.
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
(Unaudited)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/24
Year
Ended
12/31/23
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
2,070
$
3,848
Net
realized
gain
4,567
1,597
Change
in
net
unrealized
gain
/
loss
5,500
18,977
Increase
in
net
assets
from
operations
12,137
24,422
Distributions
to
shareholders
Net
earnings
(
2,016
)
(
4,432
)
Capital
share
transactions
*
Shares
sold
13,375
21,018
Distributions
reinvested
2,016
4,432
Shares
redeemed
(
15,354
)
(
23,607
)
Increase
in
net
assets
from
capital
share
transactions
37
1,843
Net
Assets
Increase
during
period
10,158
21,833
Beginning
of
period
183,817
161,984
End
of
period
$
193,975
$
183,817
*Share
information
(000s)
Shares
sold
649
1,108
Distributions
reinvested
96
232
Shares
redeemed
(
745
)
(
1,256
)
Increase
in
shares
outstanding
–
84
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Equity
Series,
Inc. (the
corporation) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Moderate
Allocation
Portfolio
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks
the
highest
total
return
over
time
consistent
with
an
emphasis
on
both
capital
appreciation
and
income.
Shares
of
the
fund are
currently offered
only
to
insurance
company
separate
accounts
established
for
the
purpose
of
funding
variable
annuity
contracts
and
variable
life
insurance
policies.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income. Inflation
adjustments
to
the
principal
amount
of
inflation-indexed
bonds
are
reflected
as
interest
income. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Earnings
on
investments
recognized
as
partnerships
for
federal
income
tax
purposes
reflect
the
tax
character
of
such
earnings. Distributions
from
REITs
are
initially
recorded
as
dividend
income
and,
to
the
extent
such
represent
a
return
of
capital
or
capital
gain
for
tax
purposes,
are
reclassified
when
such
information
becomes
available. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any,
are
declared
and
paid quarterly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
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.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
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
the
fund’s 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.
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.
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
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
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
June
30,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
six
months ended
June
30,
2024,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund’s
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
40,433
$
—
$
40,433
Bond
Mutual
Funds
26,560
—
—
26,560
Common
Stocks
78,392
23,285
121
101,798
Convertible
Bonds
—
—
5
5
Convertible
Preferred
Stocks
—
—
226
226
Equity
Mutual
Funds
15,786
—
—
15,786
Preferred
Stocks
—
106
—
106
Short-Term
Investments
9,741
—
—
9,741
Securities
Lending
Collateral
757
—
—
757
Options
Purchased
—
28
—
28
Total
Securities
131,236
63,852
352
195,440
Swaps*
—
9
—
9
Forward
Currency
Exchange
Contracts
—
5
—
5
Futures
Contracts*
23
—
—
23
Total
$
131,259
$
63,866
$
352
$
195,477
Liabilities
Options
Written
$
—
$
89
$
—
$
89
Swaps*
—
7
—
7
Futures
Contracts*
44
—
—
44
Total
$
44
$
96
$
—
$
140
1
Includes
Asset-Backed
Securities,
Corporate
Bonds,
Foreign
Government
Obligations
&
Municipalities,
Municipal
Securities,
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
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund’s
derivative
instruments
held
as
of
June
30,
2024,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
June
30,
2024,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Interest
rate
derivatives
Futures,
Securities^
$
51
Foreign
exchange
derivatives
Forwards
5
Credit
derivatives
Bilateral
Swaps
and
Premiums,
Centrally
Cleared
Swaps
9
^
,*
Total
$
65
^
,*
Liabilities
Interest
rate
derivatives
Futures,
Options
Written
$
133
Credit
derivatives
Centrally
Cleared
Swaps
7
Total
$
140
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
^
Options
purchased
are
reported
as
securities
and
are
reflected
in
the
accompanying
Portfolio
of
Investments.
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Securities^
Options
Written
Futures
Forward
Currency
Exchange
Contracts
Swaps
Total
Realized
Gain
(Loss)
Interest
rate
derivatives
$
8
$
—
$
32
$
—
$
(44)
$
(4)
Foreign
exchange
derivatives
—
—
—
(29)
—
(29)
Credit
derivatives
(4)
—
—
—
54
50
Total
$
4
$
—
$
32
$
(29)
$
10
$
17
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
Counterparty
Risk
and
Collateral
The
fund
invests
in
derivatives
in
various
markets,
which
expose
it
to
differing
levels
of
counterparty
risk.
Counterparty
risk
on
exchange-traded
and
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps,
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Derivatives,
such
as
non-cleared bilateral
swaps,
forward
currency
exchange
contracts,
and
OTC
options,
that
are
transacted
and
settle
directly
with
a
counterparty
(bilateral
derivatives)
may
expose
the
fund
to
greater
counterparty
risk.
To
mitigate
this
risk,
the
fund
has
entered
into
master
netting
arrangements
(MNAs)
with
certain
counterparties
that
permit
net
settlement
under
specified
conditions
and,
for
certain
counterparties,
also
require
the
exchange
of
collateral
to
cover
mark-to-market
exposure.
MNAs
may
be
in
the
form
of
International
Swaps
and
Derivatives
Association
master
agreements
(ISDAs)
or
foreign
exchange
letter
agreements
(FX
letters).
MNAs
provide
the
ability
to
offset
amounts
the
fund
owes
a
counterparty
against
amounts
the
counterparty
owes
the
fund
(net
settlement).
Both
ISDAs
and
FX
letters
generally
allow
termination
of
transactions
and
net
settlement
upon
the
occurrence
of
contractually
specified
events,
such
as
failure
to
pay
or
bankruptcy.
In
addition,
ISDAs
specify
other
events,
the
occurrence
of
which
would
allow
one
of
the
parties
to
terminate.
For
example,
a
downgrade
in
credit
rating
of
a
counterparty
below
a
specified
rating
would
allow
the
fund
to
terminate,
while
a
decline
in
the
fund’s
net
assets
of
more
than
a
specified
percentage
would
allow
the
counterparty
to
terminate.
Upon
termination,
all
transactions
with
that
counterparty
would
be
liquidated
and
a
net
termination
amount
settled.
ISDAs
typically
include
collateral
agreements
whereas
FX
letters
do
not.
Collateral
requirements
are
determined
daily
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
bilateral
derivatives
with
a
counterparty,
subject
to
minimum
transfer
amounts
that
typically
range
from
$100,000
to
$250,000.
Any
additional
collateral
required
due
to
changes
in
security
values
is
typically
transferred
the
next
business
day.
Collateral
may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies,
although
other
securities
may
be
used
depending
on
the
terms
outlined
in
the
applicable
MNA.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund’s
assets.
Collateral
pledged
by
counterparties
is
not
included
in
the
fund’s
assets
because
the
fund
does
not
obtain
effective
control
over
those
assets.
For
bilateral
derivatives,
collateral
posted
or
received
by
the
fund
is
held
in
a
segregated
account
at
the
fund’s
custodian.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared,
and
OTC
and
bilateral
derivatives
may
be
unwound
with
counterparties
or
transactions
assigned
to
other
counterparties
to
allow
the
fund
to
exit
the
transaction.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
June
30,
2024,
no
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Securities^
Options
Written
Futures
Forward
Currency
Exchange
Contracts
Swaps
Total
Change
in
Unrealized
Gain
(Loss)
Interest
rate
derivatives
$
(32)
$
(36)
$
(122)
$
—
$
(21)
$
(211)
Foreign
exchange
derivatives
—
—
—
21
—
21
Credit
derivatives
—
—
—
—
(38)
(38)
Total
$
(32)
$
(36)
$
(122)
$
21
$
(59)
$
(228)
^
Options
purchased
are
reported
as
securities.
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
collateral
was
pledged
by
either
the
fund
or
counterparties for
bilateral
derivatives. As
of
June
30,
2024,
securities
valued
at $714,000
had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives.
Forward
Currency
Exchange
Contracts
The
fund
is
subject
to
foreign
currency
exchange
rate
risk
in
the
normal
course
of
pursuing
its
investment
objectives.
It may use
forward
currency
exchange
contracts
(forwards)
primarily
to
protect
its
non-U.S.
dollar-denominated
securities
from
adverse
currency
movements
or
to
increase
exposure
to
a
particular
foreign
currency,
to
shift
the
fund’s
foreign
currency
exposure
from
one
country
to
another,
or
to
enhance
the
fund’s
return.
A
forward
involves
an
obligation
to
purchase
or
sell
a
fixed
amount
of
a
specific
currency
on
a
future
date
at
a
price
set
at
the
time
of
the
contract.
Although
certain
forwards
may
be
settled
by
exchanging
only
the
net
gain
or
loss
on
the
contract,
most
forwards
are
settled
with
the
exchange
of
the
underlying
currencies
in
accordance
with
the
specified
terms.
Forwards
are
valued
at
the
unrealized
gain
or
loss
on
the
contract,
which
reflects
the
net
amount
the
fund
either
is
entitled
to
receive
or
obligated
to
deliver,
as
measured
by
the
difference
between
the
forward
exchange
rates
at
the
date
of
entry
into
the
contract
and
the
forward
rates
at
the
reporting
date.
Appreciated
forwards
are
reflected
as
assets
and
depreciated
forwards
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
forwards
include
the
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
that
anticipated
currency
movements
will
not
occur,
thereby
reducing
the
fund’s
total
return;
and
the
potential
for
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
June
30,
2024,
the
volume
of
the
fund’s
activity
in
forwards,
based
on
underlying
notional
amounts,
was
generally
less
than
1%
of
net
assets.
Futures
Contracts
The
fund
is
subject
to interest
rate
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risk.
The fund
may
enter
into
futures
contracts
to
manage
exposure
to
interest
rates,
security
prices,
foreign
currencies,
and
credit
quality;
as
an
efficient
means
of
adjusting
exposure
to
all
or
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
credit
exposure. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values
and/or
interest
rates,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
June
30,
2024,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
4%
and
8%
of
net
assets.
Options
The
fund
is
subject
to interest
rate
risk
and
credit
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
options
to
help
manage
such
risks.
The
fund
may
use
options
to
manage
exposure
to
security
prices,
interest
rates,
foreign
currencies,
and
credit
quality;
as
an
efficient
means
of
adjusting
exposure
to
all
or
a
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
credit
exposure.
The
fund
may
buy
or
sell
options
that
can
be
settled
either
directly
with
the
counterparty
(OTC
option)
or
through
a
central
clearinghouse
(exchange-traded
option).
Options
are
included
in
net
assets
at
fair
value,
options
purchased
are
included
in
Investments
in
Securities,
and
options
written
are
separately
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Premiums
on
unexercised,
expired
options
are
recorded
as
realized
gains
or
losses
on
the
accompanying
Statement
of
Operations;
premiums
on
exercised
options
are
recorded
as
an
adjustment
to
the
proceeds
from
the
sale
or
cost
of
the
purchase.
The
difference
between
the
premium
and
the
amount
received
or
paid
in
a
closing
transaction
is
also
treated
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
In
return
for
a
premium
paid,
call
and
put
options
on
futures
give
the
holder
the
right,
but
not
the
obligation,
to
purchase
or
sell,
respectively,
a
position
in
a
particular
futures
contract
at
a
specified
exercise
price.
In
return
for
a
premium
paid,
options
on
swaps
give
the
holder
the
right,
but
not
the
obligation,
to
enter
a
specified
swap
contract
on
predefined
terms.
The
exercise
price
of
an
option
on
a
credit
default
swap
is
stated
in
terms
of
a
specified
spread
that
represents
the
cost
of
credit
protection
on
the
reference
asset,
including
both
the
upfront
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
premium
to
open
the
position
and
future
periodic
payments.
The
exercise
price
of
an
interest
rate
swap
is
stated
in
terms
of
a
fixed
interest
rate;
generally,
there
is
no
upfront
payment
to
open
the
position. Risks related
to
the
use
of
options
include
possible
illiquidity
of
the
options
markets;
trading
restrictions
imposed
by
an
exchange
or
counterparty;
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
movements
in
the
underlying
asset
values,
interest
rates
and
credit
ratings;
and,
for
options
written,
the
potential
for
losses
to
exceed
any
premium
received
by
the
fund.
During
the
six
months ended
June
30,
2024,
the
volume
of
the
fund’s
activity
in
options,
based
on
underlying
notional
amounts,
was
generally
between
0%
and
12%
of
net
assets.
Swaps
The
fund
is
subject
to
interest
rate
risk
and
credit
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
swap
contracts
to
help
manage
such
risks.
The
fund
may
use
swaps
in
an
effort
to
manage
both
long
and
short
exposure
to
changes
in
interest
rates,
inflation
rates,
and
credit
quality;
to
adjust
overall
exposure
to
certain
markets;
to
enhance
total
return
or
protect
the
value
of
portfolio
securities;
to
serve
as
a
cash
management
tool;
or
to
adjust
credit
exposure.
Swap
agreements
can
be
settled
either
directly
with
the
counterparty
(bilateral
swap)
or
through
a
central
clearinghouse
(centrally
cleared
swap).
Fluctuations
in
the
fair
value
of
a
contract
are
reflected
in
unrealized
gain
or
loss
and
are
reclassified
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations upon
contract
termination
or
cash
settlement.
Net
periodic
receipts
or
payments
required
by
a
contract
increase
or
decrease,
respectively,
the
value
of
the
contract
until
the
contractual
payment
date,
at
which
time
such
amounts
are
reclassified
from
unrealized
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
bilateral
swaps,
cash
payments
are
made
or
received
by
the
fund
on
a
periodic
basis
in
accordance
with
contract
terms;
unrealized
gain
on
contracts
and
premiums
paid
are
reflected
as
assets
and
unrealized
loss
on
contracts
and
premiums
received
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
For
bilateral
swaps,
premiums
paid
or
received
are
amortized
over
the
life
of
the
swap
and
are
recognized
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
centrally
cleared
swaps,
payments
are
made
or
received
by
the
fund
each
day
to
settle
the
daily
fluctuation
in
the
value
of
the
contract
(variation
margin).
Accordingly,
the
value
of
a
centrally
cleared
swap
included
in
net
assets
is
the
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Interest
rate
swaps
are
agreements
to
exchange
cash
flows
based
on
the
difference
between
specified
interest
rates
applied
to
a
notional
principal
amount
for
a
specified
period
of
time.
Risks
related
to
the
use
of
interest
rate
swaps
include
the
potential
for
unanticipated
movements
in
interest
or
currency
rates,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund’s
swap
investments,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
Credit
default
swaps
are
agreements
where
one
party
(the
protection
buyer)
agrees
to
make
periodic
payments
to
another
party
(the
protection
seller)
in
exchange
for
protection
against
specified
credit
events,
such
as
certain
defaults
and
bankruptcies
related
to
an
underlying
credit
instrument,
or
issuer
or
index
of
such
instruments.
Upon
occurrence
of
a
specified
credit
event,
the
protection
seller
is
required
to
pay
the
buyer
the
difference
between
the
notional
amount
of
the
swap
and
the
value
of
the
underlying
credit,
either
in
the
form
of
a
net
cash
settlement
or
by
paying
the
gross
notional
amount
and
accepting
delivery
of
the
relevant
underlying
credit.
For
credit
default
swaps
where
the
underlying
credit
is
an
index,
a
specified
credit
event
may
affect
all
or
individual
underlying
securities
included
in
the
index
and
will
be
settled
based
upon
the
relative
weighting
of
the
affected
underlying
security(ies)
within
the
index. Generally,
the
payment
risk
for
the
seller
of
protection
is
inversely
related
to
the
current
market
price
or
credit
rating
of
the
underlying
credit
or
the
market
value
of
the
contract
relative
to
the
notional
amount,
which
are
indicators
of
the
markets’
valuation
of
credit
quality.
As
of
June
30,
2024,
the
notional
amount
of
protection
sold
by
the
fund
totaled $3,491,000
(1.8%
of
net
assets),
which
reflects
the
maximum
potential
amount
the
fund
could
be
required
to
pay
under
such
contracts.
Risks
related
to
the
use
of
credit
default
swaps
include
the
possible
inability
of
the
fund
to
accurately
assess
the
current
and
future
creditworthiness
of
underlying
issuers,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund’s
swap
investments,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
Total
return
swaps
are
agreements
in
which
one
party
makes
payments
based
on
a
set
rate,
either
fixed
or
variable,
while
the
other
party
makes
payments
based
on
the
return
of
an
underlying
asset
(reference
asset),
such
as
an
index,
equity
security,
fixed
income
security
or
commodity-based
exchange-traded
fund,
which
includes
both
the
income
it
generates
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
and
any
change
in
its
value.
Risks
related
to
the
use
of
total
return
swaps
include
the
potential
for
unfavorable
changes
in
the
reference
asset,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund’s
swap
investments,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
June
30,
2024,
the
volume
of
the
fund’s
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
between
2%
and
6%
of
net
assets.
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund’s prospectus
and
Statement
of
Additional
Information.
Emerging
and
Frontier
Markets
The fund
invests,
either
directly
or
through
investments
in
other
T.
Rowe
Price
funds,
in
securities
of
companies
located
in,
issued
by
governments
of,
or
denominated
in
or
linked
to
the
currencies
of
emerging
and
frontier
market
countries.
Emerging
markets,
and
to
a
greater
extent
frontier
markets, tend
to
have
economic
structures
that
are
less
diverse
and
mature,
less
developed
legal
and
regulatory
regimes,
and
political
systems
that
are
less
stable,
than
those
of
developed
countries.
These
markets
may
be
subject
to
greater
political,
economic,
and
social
uncertainty
and
differing
accounting
standards
and
regulatory
environments
that
may
potentially
impact
the
fund’s
ability
to
buy
or
sell
certain
securities
or
repatriate
proceeds
to
U.S.
dollars.
Emerging
markets
securities
exchanges
are
more
likely
to
experience
delays
with
the
clearing
and
settling
of
trades,
as
well
as
the
custody
of
holdings
by
local
banks,
agents,
and
depositories.
Such
securities
are
often
subject
to
greater
price
volatility,
less
liquidity,
and
higher
rates
of
inflation
than
U.S.
securities.
Investing
in
frontier
markets
is
typically
significantly
riskier
than
investing
in
other
countries,
including
emerging
markets.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Collateralized
Loan
Obligations
The
fund
invests
in
collateralized
loan
obligations
(CLOs)
which
are
entities
backed
by
a
diversified
pool
of
syndicated
bank
loans.
The
cash
flows
of
the
CLO
can
be
split
into
multiple
segments,
called
“tranches”
or
“classes”,
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segments,
which
are
the
subordinate
or
“equity”
tranches,
bear
the
greatest
risk
of
loss
from
defaults
in
the
underlying
assets
of
the
CLO
and
serve
to
protect
the
other,
more
senior,
tranches.
Senior
tranches
will
typically
have
higher
credit
ratings
and
lower
yields
than
the
securities
underlying
the
CLO.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses.
Mortgage-Backed
Securities
The
fund
invests
in
mortgage-backed
securities
(MBS
or
pass-through
certificates)
that
represent
an
interest
in
a
pool
of
specific
underlying
mortgage
loans
and
entitle
the
fund
to
the
periodic
payments
of
principal
and
interest
from
those
mortgages.
MBS
may
be
issued
by
government
agencies
or
corporations,
or
private
issuers.
Most
MBS
issued
by
government
agencies
are
guaranteed;
however,
the
degree
of
protection
differs
based
on
the
issuer.
The
fund
also
invests
in
stripped
MBS,
created
when
a
traditional
MBS
is
split
into
an
interest-only
(IO)
and
a
principal-only
(PO)
strip.
MBS,
including
IOs
and
POs, are
sensitive
to
changes
in
economic
conditions
that
affect
the
rate
of
prepayments
and
defaults
on
the
underlying
mortgages;
accordingly,
the
value,
income,
and
related
cash
flows
from
MBS
may
be
more
volatile
than
other
debt
instruments.
IOs
also
risk
loss
of
invested
principal
from
faster-
than-anticipated
prepayments.
TBA
Purchase,
Sale
Commitments
and
Forward
Settling
Mortgage
Obligations
The
fund
enters
into
to-be-
announced
(TBA)
purchase
or
sale
commitments
(collectively,
TBA
transactions),
pursuant
to
which
it
agrees
to
purchase
or
sell,
respectively,
mortgage-backed
securities
for
a
fixed
unit
price,
with
payment
and
delivery
at
a
scheduled
future
date
beyond
the
customary
settlement
period
for
such
securities.
With
TBA
transactions,
the
particular
securities
to
be
received
or
delivered
by
the
fund
are
not
identified
at
the
trade
date;
however,
the
securities
must
meet
specified
terms,
including
rate
and
mortgage
term,
and
be
within
industry-accepted
“good
delivery”
standards.
The
fund
may
enter
into
TBA
transactions
with
the
intention
of
taking
possession
of
or
relinquishing
the
underlying
securities,
may
elect
to
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
extend
the
settlement
by
“rolling”
the
transaction,
and/or
may
use
TBA
transactions
to
gain
or
reduce
interim
exposure
to
underlying
securities.
To
mitigate
counterparty
risk,
the
fund
has
entered
into
Master
Securities
Forward
Transaction
Agreements
(MSFTA)
with
counterparties
that
provide
for
collateral
and
the
right
to
offset
amounts
due
to
or
from
those
counterparties
under
specified
conditions.
Subject
to
minimum
transfer
amounts,
collateral
requirements
are
determined
and
transfers
made
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
TBA
commitments
and
other
forward
settling
mortgage
obligations
with
a
particular
counterparty
(collectively,
MSFTA
Transactions).
At
any
time,
the
fund’s
risk
of
loss
from
a
particular
counterparty
related
to
its
MSFTA
Transactions
is
the
aggregate
unrealized
gain
on
appreciated
MSFTA
Transactions
in
excess
of
unrealized
loss
on
depreciated
MSFTA
Transactions
and
collateral
received,
if
any,
from
such
counterparty. As
of
June
30,
2024,
no
collateral
was
pledged
by
the
fund
or
counterparties
for
MSFTA
Transactions.
Private
Investments
Issued
by
Special
Purpose
Acquisition
Companies
Special purpose
acquisition
companies
(SPACs)
are
shell
companies
that
have
no
operations
but
are
formed
to
raise
capital
with
the
intention
of
merging
with
or
acquiring
a
company
with
the
proceeds
of
the
SPAC’s
initial
public
offering
(IPO).
The
fund
may
enter
into
a
contingent
commitment
with
a
SPAC
to
purchase
private
investments
in
public
equity
(PIPE)
if
and
when
the
SPAC
completes
its
merger
or
acquisition.
The
fund
maintains
liquid
assets
sufficient
to
settle
its
commitment
to
purchase
the
PIPE.
However,
if
the
commitment
expires,
then
no
shares
are
purchased.
Purchased
PIPE
shares
will
be
restricted
from
trading
until
the
registration
statement
for
the
shares
is
declared
effective.
Upon
registration,
the
shares
can
be
freely
sold;
however,
in
certain
circumstances,
the
issuer
may
have
the
right
to
temporarily
suspend
trading
of
the
shares
in
the
first
year
after
the
merger
or
acquisition.
The
securities
issued
by
a
SPAC
may
be
considered
illiquid,
more
difficult
to
value,
and/or
be
subject
to
restrictions
on
resale.
Securities
Lending
The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
June
30,
2024,
the
value
of
loaned
securities
was
$721,000;
the
value
of
cash
collateral
and
related
investments
was
$757,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
short-term and
U.S.
government
securities
aggregated $34,823,000 and
$32,267,000,
respectively,
for
the
six
months ended
June
30,
2024.
Purchases
and
sales
of
U.S.
government
securities
aggregated
$18,263,000 and
$18,396,000,
respectively,
for
the
six
months ended
June
30,
2024.
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
At
June
30,
2024,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$153,580,000.
Net
unrealized
gain
aggregated
$41,825,000
at
period-end,
of
which
$48,944,000
related
to
appreciated
investments
and
$7,119,000
related
to
depreciated
investments.
NOTE
6
-
FOREIGN TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/loss
on
securities
in
the
accompanying
financial
statements.
To
the
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
NOTE
7
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). Price
Associates
has
entered
into
a
sub-advisory
agreement(s)
with
one
or
more
of
its
wholly
owned
subsidiaries,
to
provide
investment
advisory
services
to
the
fund.
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.25%
of
the
fund’s
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.260%
for
assets
in
excess
of
$845
billion.
The
fund’s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’s
average
daily
net
assets. At
June
30,
2024,
the
effective
annual
group
fee
rate
was
0.29%.
Prior
to
May
1,
2024,
the
fund
paid
an
all-
inclusive
annual
fee
equal
to
0.90%
of
the
fund’s
average
daily
net
assets,
which
was
computed
daily
and
paid
monthly.
The
all-inclusive
fee
covered
investment
management
services
and
ordinary,
recurring
operating
expenses
but
did
not
cover
interest
expense;
expenses
related
to
borrowing,
taxes,
and
brokerage;
or
nonrecurring,
extraordinary
expenses.
Prior
to
May
1,
2024,
Price
Associates
had
also
contractually
agreed,
through
April
30,
2024,
to
waive
a
portion
of
its
management
fee
in
order
to
limit
the
fund’s
management
fee
to
0.85%
of
the
fund’s
average
daily
net
assets.
Fees
waived
and
expenses
paid
under
this
agreement
are
not
subject
to
reimbursement
to
Price
Associates
by
the
fund. The
total
management
fees
waived
through
April
30,
2024
were $31,000.
Effective
May
1,
2024, the
fund
is
subject
to
a
permanent
contractual
expense
limitation,
pursuant
to
which
Price
Associates
is
required
to
waive or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
acquired
fund
fees
and
expenses;
and
12b-1
fees,
if
any)
that
would
otherwise
cause
the fund’s
ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
0.85%.
The
agreement
may
only
be
terminated
with
approval
by
the
fund’s
shareholders.
The
fund is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the fund’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the fund’s
net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the fund’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver. The
total
management
fees
waived
and/or
expenses
paid were $14,000
for
the
period
May
1,
2024
through
June
30,
2024.
Including
this
amount,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of
$14,000
remain
subject
to
repayment
by
the
fund
at
June
30,
2024.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
a
wholly
owned
subsidiary
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
Prior
to
May
1,
2024,
pursuant
to
the
all-inclusive
fee
arrangement
under
the
investment
management
and
administrative
agreement,
expenses
incurred
by
the
fund
pursuant
to
these
service
agreements
were
paid
by
Price
Associates.
For
the
period
May
1,
2024
through
June
30,
2024,
expenses
incurred
pursuant
to
these
service
agreements
were
$24,000
for
Price
Associates
and
$1,000
for
T.
Rowe
Price
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The
fund
may
also
invest
in
certain
other
T.
Rowe
Price
funds
(Price
Funds)
as
a
means
of
gaining
efficient
and
cost-
effective
exposure
to
certain
markets.
The
fund
does
not
invest
for
the
purpose
of
exercising
management
or
control;
however,
investments
by
the
fund
may
represent
a
significant
portion
of
an
underlying
Price
Fund’s
net
assets.
Each
underlying
Price
Fund
is
an
open-end
management
investment
company
managed
by
Price
Associates
and
is
considered
an
affiliate
of
the
fund.
To
ensure
that
the
fund
does
not
incur
duplicate
management
fees
(paid
by
the
underlying
Price
Fund(s)
and
the
fund),
Price
Associates
has
agreed
to
permanently
waive
a
portion
of
its
management
fee
charged
to
the
fund
in
an
amount
sufficient
to
fully
offset
that
portion
of
management
fees
paid
by
each
underlying
Price
Fund
related
to
the
fund’s
investment
therein.
Annual
management
fee
rates
and
amounts
waived
related
to
investments
in
the
underlying
Price
Fund(s)
for
the
six
months
ended
June
30,
2024,
are
as
follows:
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
June
30,
2024,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
Price
Associates
has voluntarily
agreed
to
reimburse
the
fund
from
its
own
resources
on
a
monthly
basis
for
the
cost
of
brokerage
commissions
embedded
in
the
cost
of
the
fund’s
foreign
currency
transactions. This
agreement
may
be
rescinded
at
any
time. For
the
six
months ended
June
30,
2024,
these
reimbursements
amounted
to
less
than
$1,000.
($000s)
Effective
Management
Fee
Rate
Management
Fee
Waived
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class
0.17%
$
-
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund
0.70%
27
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
1.00%
42
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class
0.55%
1
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class
0.50%
25
T.
Rowe
Price
International
Bond
Fund
-
I
Class
0.49%
3
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class
0.49%
12
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class
0.25%
1
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
0.64%
23
T.
Rowe
Price
U.S.
Large-Cap
Core
Fund
-
I
Class
0.54%
-
Total
Management
Fee
Waived
$
134
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
NOTE
8
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia’s
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENTS
Each
year,
the
fund’s
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
including
an
amendment
that
will
go
into
effect
on
May
1,
2024,
as
well
as
the
investment
subadvisory
agreements
(Subadvisory
Contracts)
that
the
Adviser
has
entered
into
with
T.
Rowe
Price
Investment
Management,
Inc.
(TRPIM),
T.
Rowe
Price
International
Ltd,
and
T.
Rowe
Price
Hong
Kong
Limited
(collectively
the
Subadvisers)
on
behalf
of
the
fund.
In
that
regard,
at
a
meeting
held
on
March
11–12,
2024
(Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors
present
in
person
at
the
Meeting,
approved
the
continuation
of
the
fund’s
Advisory
Contract
and
Subadvisory
Contracts.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
Subadvisers
and
the
approval
of
the
Advisory
Contract
and
Subadvisory
Contracts.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
and
Subadvisory
Contracts
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting,
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
and
Subadvisers
about
various
topics.
The
Board
also
considered
that
TRPIM
has
its
own
investment
platform
and
investment
management
leadership,
and
the
Adviser
and
TRPIM
have
implemented
information
barriers
restricting
the
sharing
of
investment
information
and
voting
activity.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds’
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
and
Subadvisers
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser
and
Subadvisers.
These
services
included,
but
were
not
limited
to,
directing
the
fund’s
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund’s
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance;
maintaining
the
fund’s
records
and
registrations;
and
shareholder
communications.
However,
the
Board
noted
that
there
are
information
barriers
between
investment
personnel
of
the
Adviser
and
TRPIM
that
restrict
the
sharing
of
certain
information,
such
as
investment
research,
trading,
and
proxy
voting.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser’s
and
Subadvisers’
senior
management
teams
and
investment
personnel
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser’s
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser
and
Subadvisers,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts.
Investment
Performance
of
the
Fund
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
In
connection
with
the
Meeting,
the
Board
reviewed
information
provided
by
the
Adviser
that
compared
the
fund’s
total
returns,
as
well
as
a
wide
variety
of
other
previously
agreed-upon
performance
measures
and
market
data,
against
relevant
benchmark
indexes
and
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2023.
Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2023,
which
ranked
the
returns
of
the
fund’s
Investor
Class
for
various
periods
against
a
universe
of
funds
with
similar
investment
programs
selected
by
Broadridge,
an
independent
provider
of
mutual
fund
data.
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund’s
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund’s
performance,
the
length
of
the
fund’s
performance
track
record,
and
how
closely
the
fund’s
strategies
align
with
its
benchmarks
and
peer
groups.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
fund’s
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts.
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
the
Adviser
under
the
Advisory
Contract
and
other
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates,
including
the
Subadvisers)
may
have
realized
from
its
relationship
with
the
fund.
In
considering
soft-dollar
arrangements
pursuant
to
which
research
may
be
received
from
broker-
dealers
that
execute
the
fund’s
portfolio
transactions,
the
Board
noted
that
during
2023
the
Adviser
paid
the
costs
of
research
services
for
all
client
accounts
that
it
advises,
including
the
T.
Rowe
Price
funds.
However,
effective
January
1,
2024,
the
Adviser
will
begin
using
brokerage
commissions
in
connection
with
certain
T.
Rowe
Price
funds’
securities
transactions
to
pay
for
research
when
permissible.
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
While
the
Board
did
not
review
information
regarding
profits
realized
from
managing
the
fund
in
particular
because
the
fund
had
either
not
achieved
sufficient
portfolio
asset
size
or
not
recognized
sufficient
revenues
to
produce
meaningful
profit
margin
percentages,
the
Board
concluded
that
the
Adviser’s
profits
were
reasonable
in
light
of
the
services
provided
to
the
T.
Rowe
Price
funds.
The
Board
also
considered
whether
the
fund
benefits
under
the
fee
levels
set
forth
in
the
Advisory
Contract
or
otherwise
from
any
economies
of
scale
realized
by
the
Adviser.
At
the
time
of
the
Meeting,
under
the
Advisory
Contract,
the
fund
paid
the
Adviser
an
all-inclusive
management
fee
based
on
the
fund’s
average
daily
net
assets.
Under
each
Subadvisory
Contract,
the
Adviser
may
pay
the
Subadviser
up
to
60%
of
the
advisory
fees
that
the
Adviser
receives
from
the
fund.
The
all-inclusive
management
fee
included
investment
management
services
and
provided
for
the
Adviser
to
pay
all
of
the
fund’s
ordinary,
recurring
operating
expenses
except
for
interest,
taxes,
portfolio
transaction
fees,
and
any
nonrecurring
extraordinary
expenses
that
may
arise.
The
Adviser
has
generally
implemented
an
all-inclusive
management
fee
structure
in
situations
where
a
fixed
total
expense
ratio
is
useful
for
purposes
of
providing
certainty
of
fees
and
expenses
for
the
fund’s
investors
and
has
historically
sought
to
set
the
initial
all-inclusive
management
fee
rate
at
levels
below
the
expense
ratios
of
comparable
funds
to
take
into
account
potential
future
economies
of
scale.
In
addition,
the
assets
of
the
fund
have
been
included
in
the
calculation
of
the
group
fee
rate,
which
serves
as
a
component
of
the
management
fee
for
many
T.
Rowe
Price
funds
and
declines
at
certain
asset
levels
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
funds.
Although
the
fund
did
not
have
a
group
fee
component
to
its
management
fee,
its
assets
have
been
included
in
the
calculation
because
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds.
The
Board
noted
that,
effective
May
1,
2024,
under
an
amendment
to
the
Advisory
Contract,
the
fund
will
pay
a
fee
to
the
Adviser
for
investment
management
services
composed
of
two
components—a
group
fee
rate
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
funds
(including
the
fund)
that
declines
at
certain
asset
levels
and
an
individual
fund
fee
rate
based
on
the
fund’s
average
daily
net
assets—and
the
fund
will
pay
its
own
expenses
of
operations
(subject
to
an
expense
limitation).
The
group
fee
rate
decreases
as
total
T.
Rowe
Price
fund
assets
grow,
which
reduces
the
management
fee
rate
for
any
fund
that
has
a
group
fee
component
to
its
management
fee,
and
reflects
that
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds,
thus
allowing
shareholders
of
those
funds
to
share
potential
economies
of
scale.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENTS
(continued)
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
The
fund
will
be
subject
to
a
permanent
contractual
expense
limitation
that
requires
the
Adviser
to
waive
its
fees
and/or
bear
any
expenses
that
would
otherwise
cause
the
fund’s
total
expenses
to
exceed
a
certain
percentage
based
on
the
fund’s
net
assets.
The
expense
limitation
mitigates
the
potential
for
an
increase
in
operating
expenses
above
a
certain
level
that
could
impact
shareholders
and
limits
the
fund’s
expenses
to
the
net
total
expense
ratio
at
the
time
of
the
management
fee
restructure.
In
addition,
the
Board
noted
that
the
fund
potentially
shares
in
indirect
economies
of
scale
through
the
Adviser’s
and
Subadvisers’
ongoing
investments
in
their
business
in
support
of
the
T.
Rowe
Price
funds,
including
investments
in
trading
systems,
technology,
and
regulatory
support
enhancements,
and
the
ability
to
possibly
negotiate
lower
fee
arrangements
with
third-party
service
providers.
The
Board
concluded
that
the
advisory
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
any
economies
of
scale
with
the
fund’s
investors.
Fees
and
Expenses
The
Board
was
provided
with
information
regarding
industry
trends
in
management
fees
and
expenses.
Among
other
things,
the
Board
reviewed
data
for
peer
groups
that
were
compiled
by
Broadridge,
which
compared:
(i)
contractual
management
fees,
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Expense
Group)
and
(ii)
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
fund
with
a
broader
set
of
funds
within
the
Lipper
investment
classification
(Expense
Universe).
The
Board
considered
the
fund’s
contractual
management
fee
rate,
actual
management
fee
rate
(which
reflects
the
management
fees
actually
received
from
the
fund
by
the
Adviser
after
any
applicable
waivers,
reductions,
or
reimbursements),
operating
expenses,
and
total
expenses
(which
reflect
the
net
total
expense
ratio
of
the
fund
after
any
waivers,
reductions,
or
reimbursements)
in
comparison
with
the
information
for
the
Broadridge
peer
groups.
Broadridge
generally
constructed
the
peer
groups
by
seeking
the
most
comparable
funds
based
on
similar
investment
classifications
and
objectives,
expense
structure,
asset
size,
and
operating
components
and
attributes
and
ranked
funds
into
quintiles,
with
the
first
quintile
representing
the
funds
with
the
lowest
relative
expenses
and
the
fifth
quintile
representing
the
funds
with
the
highest
relative
expenses.
The
information
compiled
by
Broadridge
reflects
the
all-inclusive
management
fee
structure
that
was
in
place
at
the
time
of
the
Meeting
and
does
not
reflect
the
fee
structure
that
will
be
in
place
with
the
May
1,
2024
amendment
to
the
Advisory
Contract.
The
information
provided
to
the
Board
indicated
that
the
fund’s
contractual
management
fee
ranked
in
the
fifth
quintile
(Expense
Group),
the
fund’s
actual
management
fee
rate
ranked
in
the
fifth
quintile
(Expense
Group
and
Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
the
fourth
quintile
(Expense
Group)
and
third
quintile
(Expense
Universe).
The
Adviser
provided
the
Board
with
additional
information
with
respect
to
the
fund’s
relative
management
fees
and
total
expenses
ranking
in
the
fourth
and
fifth
quintiles.
The
Board
reviewed
and
considered
the
information
provided
relating
to
the
fund,
including
other
funds
in
the
peer
group,
and
other
factors
that
the
Board
determined
to
be
relevant.
The
Board
also
reviewed
the
fee
schedules
for
other
investment
portfolios
with
similar
mandates
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
and
individual
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
Management
provided
the
Board
with
information
about
the
Adviser’s
responsibilities
and
services
provided
to
subadvisory
and
other
institutional
account
clients,
including
information
about
how
the
requirements
and
economics
of
the
institutional
business
are
fundamentally
different
from
those
of
the
proprietary
mutual
fund
business.
The
Board
considered
information
showing
that
the
Adviser’s
mutual
fund
business
is
generally
more
complex
from
a
business
and
compliance
perspective
than
its
institutional
account
business
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
greater
asset
flows,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser’s
proprietary
mutual
fund
business.
In
assessing
the
reasonableness
of
the
fund’s
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
Adviser
to
manage
its
mutual
fund
business
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution’s
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
fund
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENTS
(continued)
T.
ROWE
PRICE
Moderate
Allocation
Portfolio
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
fund
under
the
Advisory
Contract
are
reasonable.
Approval
of
the
Advisory
Contract
and
Subadvisory
Contracts
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract,
including
the
amendment
to
the
Advisory
Contract
that
will
become
effective
on
May
1,
2024,
and
Subadvisory
Contracts.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts
(including
the
fees
to
be
charged
for
services
thereunder).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENTS
(continued)
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
E304-051
8/24
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR and/or the Statement of Additional Information.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 16. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(a)(1) The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.
(2) Listing standards relating to recovery of erroneously awarded compensation: Not applicable.
(3) Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
T. Rowe Price Moderate Allocation Portfolio
| | | | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | August 20, 2024 | | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | August 20, 2024 | | |
| | | | |
| By | | /s/ Alan S. Dupski | | |
| | Alan S. Dupski | | |
| | Principal Financial Officer | | |
| | |
| Date | | August 20, 2024 | | |
