T.
ROWE
PRICE
Health
Sciences
Fund
March
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
95.2%
BIOTECHNOLOGY
22.8%
International-Biotechnology
0.0%
Ideaya
Biosciences (1)
312,628
3,498
3,498
Major
Biotechnology
6.3%
Alkermes (1)
74,735
1,966
Amgen
565,761
136,812
Biogen (1)
324,716
68,385
BioNTech,
ADR (1)
1,158,580
197,607
Celldex
Therapeutics (1)
814,300
27,735
Exact
Sciences (1)
1,330,601
93,036
Exact
Sciences
CMO
Milestone,
Acquisition
Date:
1/6/21,
Cost $— (1)(2)(3)
3,726,272
2,310
Exact
Sciences
Expense
Fund,
Acquisition
Date:
1/6/21,
Cost $— (1)(2)(3)
3,795
4
Exact
Sciences
FDA
Milestone,
Acquisition
Date:
1/6/21,
Cost $— (1)(2)(3)
1,863,136
1,155
Neurocrine
Biosciences (1)
347,220
32,552
Royalty
Pharma,
Class
A
1,554,101
60,548
Seagen (1)
986,358
142,085
Vertex
Pharmaceuticals (1)
1,314,925
343,156
1,107,351
Other
Biotechnology
16.5%
Aadi
Bioscience (1)
319,355
5,419
ACADIA
Pharmaceuticals (1)
1,065,377
25,803
Acerta
Future
Payments,
EC,
Acquisition
Date:
6/30/21,
Cost $16,465 (1)(2)(3)
16,465,269
14,440
Adaptive
Biotechnologies (1)
817,763
11,351
ADC
Therapeutics (1)
1,043,767
15,333
Agios
Pharmaceuticals (1)
447,242
13,019
Alector (1)
499,684
7,120
Allogene
Therapeutics (1)
1,357,033
12,363
Alnylam
Pharmaceuticals (1)
1,339,700
218,760
Annexon (1)
402,661
1,099
Apellis
Pharmaceuticals (1)
1,283,704
65,225
Arvinas (1)
554,468
37,316
Ascendis
Pharma,
ADR (1)
828,524
97,236
Atea
Pharmaceuticals (1)
257,467
1,859
Avidity
Biosciences (1)
1,158,274
21,393
BeiGene,
ADR (1)
213,878
40,337
Blueprint
Medicines (1)
756,013
48,294
C4
Therapeutics (1)
1,178,618
28,593
T.
ROWE
PRICE
Health
Sciences
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Centessa
Pharmaceuticals,
Acquisition
Date:
1/29/21,
Cost $7,143 (1)(3)
649,336
5,825
Cerevel
Therapeutics
Holdings (1)
1,773,576
62,093
CRISPR
Therapeutics (1)
253,694
15,924
CureVac (1)
335,860
6,586
Day
One
Biopharmaceuticals (1)
460,349
4,567
Denali
Therapeutics (1)
1,466,731
47,185
Design
Therapeutics (1)
424,058
6,849
DICE
Therapeutics (1)
631,159
12,074
Enanta
Pharmaceuticals (1)
145,096
10,328
EQRx (1)
1,076,542
4,446
EQRx,
Warrants,
4/29/21 (1)
244,145
198
Evotec
(EUR) (1)
539,861
16,246
Exelixis (1)
3,712,558
84,164
Fate
Therapeutics (1)
1,091,915
42,334
Flame
Biosciences,
Acquisition
Date:
9/28/20,
Cost $5,500 (1)(2)
(3)
839,721
5,500
Generation
Bio (1)
1,740,673
12,777
Genmab
(DKK) (1)
249,424
90,080
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (1)(3)
212,706
435
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (1)(3)
212,706
406
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (1)(3)
212,706
381
Global
Blood
Therapeutics (1)
155,643
5,391
Gyroscope
Therapeutics,
Milestone
Payment
1,
Acquisition
Date:
2/18/22,
Cost $5,684 (1)(2)(3)
5,683,928
1,973
Gyroscope
Therapeutics,
Milestone
Payment
2,
Acquisition
Date:
2/18/22,
Cost $3,788 (1)(2)(3)
3,788,007
548
Gyroscope
Therapeutics,
Milestone
Payment
3,
Acquisition
Date:
2/18/22,
Cost $3,788 (1)(2)(3)
3,788,007
457
Helix
Acquisition,
Class
A (1)
457,037
5,073
Helix
Acquisition
SPAC/MoonLake
Immunotherapeutics
PIPE (1)
(4)
441,652
4,412
IGM
Biosciences (1)
366,967
9,809
Imago
Biosciences (1)
663,901
12,793
Immuneering,
Class
A (1)(5)
1,467,370
9,494
Immunocore
Holdings,
ADR (1)
258,693
7,735
Incyte (1)
1,719,728
136,581
Insmed (1)
2,431,651
57,144
Intellia
Therapeutics (1)
397,381
28,878
Ionis
Pharmaceuticals (1)
1,390,603
51,508
Iovance
Biotherapeutics (1)
1,598,687
26,618
IVERIC
bio (1)
2,246,970
37,816
Karuna
Therapeutics (1)
414,181
52,514
Kodiak
Sciences (1)
528,335
4,079
Kronos
Bio (1)
121,628
879
Kymera
Therapeutics (1)
774,832
32,791
T.
ROWE
PRICE
Health
Sciences
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
LianBio,
Acquisition
Date:
10/28/20,
Cost $11,481 (1)(3)
1,184,928
4,176
Longboard
Pharmaceuticals (1)
512,700
2,661
Lonza
Group
(CHF)
75,544
54,739
MeiraGTx
Holdings (1)
362,908
5,026
Mirati
Therapeutics (1)
513,877
42,251
Moderna (1)
1,187,205
204,508
Monte
Rosa
Therapeutics (1)
1,388,306
19,464
Morphic
Holding (1)
222,705
8,942
Novocure (1)
1,148,049
95,116
Nurix
Therapeutics (1)
517,233
7,246
Pardes
Biosciences (1)
739,734
5,341
Prelude
Therapeutics (1)
217,937
1,504
Progenic
Pharmaceuticals,
CVR (1)(2)
842,223
712
Protagonist
Therapeutics (1)
197,908
4,686
Prothena (1)
775,906
28,375
PTC
Therapeutics (1)
304,998
11,379
RAPT
Therapeutics (1)
770,812
16,950
Regeneron
Pharmaceuticals (1)
456,585
318,888
REGENXBIO (1)
169,951
5,641
Relay
Therapeutics (1)
1,058,300
31,675
Repligen (1)
187,647
35,295
Replimune
Group (1)
1,114,829
18,930
REVOLUTION
Medicines (1)
977,073
24,925
Rocket
Pharmaceuticals (1)
329,970
5,233
Sage
Therapeutics (1)
710,381
23,514
Sana
Biotechnology (1)
756,004
6,245
Sarepta
Therapeutics (1)
455,980
35,621
Scholar
Rock
Holding (1)
1,046,042
13,483
SpringWorks
Therapeutics (1)
238,235
13,446
Stoke
Therapeutics (1)
307,932
6,482
Tenaya
Therapeutics (1)
721,989
8,505
Theseus
Pharmaceuticals (1)
765,215
8,823
Theseus
Pharmaceuticals,
Acquisition
Date:
2/9/21,
Cost $4,456 (1)(3)
389,154
4,263
Turning
Point
Therapeutics (1)
372,699
10,007
Ultragenyx
Pharmaceutical (1)
1,712,356
124,351
uniQure (1)
216,509
3,912
Vividion
Therapeutics,
Milestone
Payment,
Acquisition
Date:
8/25/21,
Cost $— (1)(2)(3)
2,328,482
1,212
Vividion
Therapeutics,
Milestone
Payment,
Acquisition
Date:
8/25/21,
Cost $— (1)(2)(3)
1,746,361
1,090
Vividion
Therapeutics,
Milestone
Payment
3,
Acquisition
Date:
8/25/21,
Cost $— (1)(2)(3)
1,746,361
757
Xencor (1)
850,667
22,696
Zai
Lab,
ADR (1)
439,067
19,310
T.
ROWE
PRICE
Health
Sciences
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Zentalis
Pharmaceuticals (1)
952,083
43,929
2,881,160
Total
Biotechnology
3,992,009
LIFE
SCIENCES
14.6%
Life
Sciences
14.6%
Abcam
(GBP) (1)
1,164,753
21,053
Agilent
Technologies
2,261,637
299,282
Bio-Techne
107,071
46,366
Bruker
1,974,975
126,991
Danaher
2,377,406
697,365
Dynamics
Special
Purpose,
Acquisition
Date:
12/20/21,
Cost $— (1)(3)
115,996
1,031
Dynamics
Special
Purpose,
Acquisition
Date:
5/26/21,
Cost $10,440 (1)(3)
1,043,977
9,794
Dynamics
Special
Purpose
SPAC/Senti
Biosciences
PIPE,
Class
A (1)(4)
528,935
4,701
Ginkgo
Bioworks
Holdings (1)
6,229,607
25,105
Maravai
LifeSciences
Holdings,
Class
A (1)
892,769
31,488
MaxCyte
(GBP) (1)
577,426
4,064
Mettler-Toledo
International (1)
43,852
60,217
Olink
Holding,
ADR (1)
2,081,655
36,762
Ortho
Clinical
Diagnostics
Holdings (1)
3,481,395
64,963
Pacific
Biosciences
of
California (1)
2,846,538
25,903
Quanterix (1)
464,554
13,560
Quantum-Si (1)
784,208
3,670
Quidel (1)
406,104
45,670
Rapid
Micro
Biosystems,
Class
A (1)
702,081
4,767
Schrodinger (1)
201,601
6,879
Seer (1)
1,874,249
28,564
SomaLogic (1)
4,718,598
37,843
SomaLogic,
Warrants,
8/31/26 (1)
110,601
226
SomaLogic,
Earn
Out
Shares
$20,
Acquisition
Date:
9/2/21,
Cost $— (1)(3)
3,873,442
210
Thermo
Fisher
Scientific
1,511,371
892,691
Twist
Bioscience (1)
424,757
20,974
Waters (1)
160,091
49,691
Total
Life
Sciences
2,559,830
MISCELLANEOUS
0.2%
Miscellaneous
0.2%
BCLS
Acquisition,
Class
A (1)
627,378
6,192
Health
Sciences
Acquisitions
Corp
2 (1)
675,174
6,691
Revolution
Healthcare
Acquisition (1)
1,717,492
16,986
Total
Miscellaneous
29,869
T.
ROWE
PRICE
Health
Sciences
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
PHARMACEUTICALS
11.1%
Major
Pharmaceuticals
11.1%
AbbVie
2,315,971
375,442
AstraZeneca,
ADR
7,786,888
516,582
Daiichi
Sankyo
(JPY)
3,235,600
70,656
Eli
Lilly
1,981,029
567,307
Merck
2,597,437
213,120
Roche
Holding
(CHF)
503,123
199,067
Total
Pharmaceuticals
1,942,174
PRODUCTS
&
DEVICES
19.7%
Capital
Equipment
0.5%
PROCEPT
BioRobotics (1)
1,013,027
35,446
STERIS
233,127
56,363
91,809
Implants
9.6%
AtriCure (1)
215,280
14,137
Becton
Dickinson
&
Company
1,290,312
343,223
Intuitive
Surgical (1)
2,049,500
618,293
iRhythm
Technologies (1)
435,104
68,516
Stryker
1,617,045
432,317
Teleflex
390,978
138,731
Verily
Life
Sciences,
Series
B,
Acquisition
Date:
1/23/19,
Cost $13,998 (1)(2)(3)
113,564
10,032
Zimmer
Biomet
Holdings
465,519
59,540
1,684,789
Other
Products
&
Devices
9.6%
10X
Genomics,
Class
A (1)
556,367
42,323
Alcon
(CHF)
787,993
62,430
Argenx,
ADR (1)
891,004
280,942
Avantor (1)
4,401,573
148,861
Burning
Rock
Biotech,
ADR (1)
224,215
2,083
Catalent (1)
933,726
103,550
Cooper
217,212
90,706
Dexcom (1)
264,986
135,567
Hologic (1)
3,170,988
243,595
Inari
Medical (1)
245,863
22,285
Insulet (1)
386,664
103,003
Lantheus
Holdings (1)
1,050,742
58,117
Nevro (1)
216,529
15,662
Outset
Medical (1)
528,943
24,014
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $31,622 (1)(2)
(3)
8,397,988
6,886
Penumbra (1)
500,284
111,128
T.
ROWE
PRICE
Health
Sciences
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Saluda
Medical,
Acquisition
Date:
1/20/22,
Cost $— (1)(2)(3)
207,185
—
Shockwave
Medical (1)
728,487
151,059
Warby
Parker,
Class
A (1)
2,385,515
80,654
1,682,865
Total
Products
&
Devices
3,459,463
SERVICES
22.5%
Distribution
0.1%
Option
Care
Health (1)
827,589
23,636
23,636
Information
0.1%
Sema4
Holdings (1)
1,384,862
4,251
Sema4
Holdings,
Warrants,
9/24/27 (1)
253,101
175
Sophia
Genetics (1)
1,038,265
8,026
12,452
Information
1.7%
Doximity,
Class
A (1)
2,362,082
123,041
Veeva
Systems,
Class
A (1)
781,026
165,937
288,978
Other
Services
2.6%
Agiliti (1)
750,914
15,844
Certara (1)
872,628
18,744
Elanco
Animal
Health (1)
843,817
22,015
Guardant
Health (1)
732,006
48,488
Phreesia (1)
1,082,524
28,536
West
Pharmaceutical
Services
712,494
292,629
Wuxi
Biologics
Cayman
(HKD) (1)
3,177,500
25,231
451,487
Payors
16.6%
Alignment
Healthcare (1)
846,741
9,509
Anthem
835,764
410,544
Centene (1)
4,250,575
357,856
Cigna
804,140
192,680
Humana
793,385
345,257
Molina
Healthcare (1)
675,665
225,395
UnitedHealth
Group
2,686,006
1,369,783
2,911,024
Providers
1.4%
agilon
health (1)
431,138
10,929
HCA
Healthcare
750,037
187,974
Oak
Street
Health (1)
404,307
10,868
T.
ROWE
PRICE
Health
Sciences
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Surgery
Partners (1)
735,368
40,482
250,253
Total
Services
3,937,830
Total
Miscellaneous
Common
Stocks
4.3% (1)(6)
750,520
Total
Common
Stocks
(Cost
$8,432,195)
16,671,695
CONVERTIBLE
PREFERRED
STOCKS
4.3%
BIOTECHNOLOGY
1.3%
Other
Biotechnology
1.3%
Affinivax,
Series
C,
Acquisition
Date:
1/6/21,
Cost $13,396 (1)(2)
(3)
424,076
13,396
Arbor
Bio,
Series
B,
Acquisition
Date:
10/29/21,
Cost $8,828 (1)
(2)(3)
532,759
8,828
Chroma
Medicine,
Series
A,
Acquisition
Date:
10/12/21,
Cost $11,040 (1)(2)(3)(5)
5,207,526
11,040
Delfi
Diagnostics,
Series
A,
Acquisition
Date:
1/12/21,
Cost $4,465 (1)(2)(3)
2,152,801
4,465
Eikon
Therapeutics,
Series
B,
Acquisition
Date:
12/3/21,
Cost $18,021 (1)(2)(3)
1,018,820
18,021
EndeavorBio,
Series
B,
Acquisition
Date:
1/21/22,
Cost $8,808 (1)
(2)(3)
1,867,734
8,808
FOG
Pharma,
Series
C,
Acquisition
Date:
1/11/21-8/2/21,
Cost $6,251 (1)(2)(3)
431,391
6,251
Generate
Bio,
Series
B,
Acquisition
Date:
9/2/21,
Cost $22,096 (1)
(2)(3)
1,864,632
22,096
Genesis
Therapeutics,
Series
A,
Acquisition
Date:
11/24/20,
Cost $4,236 (1)(2)(3)
829,412
4,236
Insitro,
Series
B,
Acquisition
Date:
5/21/20,
Cost $5,505 (1)(2)(3)
883,580
16,161
Insitro,
Series
C,
Acquisition
Date:
4/7/21,
Cost $10,762 (1)(2)(3)
588,382
10,762
Laronde,
Series
B,
Acquisition
Date:
7/28/21,
Cost $32,757 (1)(2)
(3)
1,169,887
32,757
Nutcracker
Therapeutics,
Series
C,
Acquisition
Date:
8/27/21,
Cost $11,050 (1)(2)(3)
1,027,785
11,050
Prime
Medicine,
Series
B,
Acquisition
Date:
4/19/21,
Cost $7,119 (1)(2)(3)
1,625,121
7,119
Ring
Therapeutics,
Series
B,
Acquisition
Date:
4/12/21,
Cost $9,004 (1)(2)(3)
978,705
9,004
SalioGen
Therapeutics,
Series
B,
Acquisition
Date:
12/10/21,
Cost $11,024 (1)(2)(3)
104,129
11,024
Scribe
Therapeutics,
Series
B,
Acquisition
Date:
3/17/21,
Cost $6,219 (1)(2)(3)
1,027,755
6,219
Sionna
Therapeutics,
Series
B,
Acquisition
Date:
2/2/22,
Cost $5,284 (1)(2)(3)
541,277
5,284
T.
ROWE
PRICE
Health
Sciences
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Tessera
Therapeutics,
Series
C,
Acquisition
Date:
2/25/22,
Cost $7,915 (1)(2)(3)
387,032
7,915
Treeline,
Series
A,
Acquisition
Date:
4/9/21,
Cost $7,220 (1)(2)(3)
922,369
7,220
Total
Biotechnology
221,656
CONSUMER
NONDURABLES
0.5%
Healthcare
Services
0.5%
Capsule,
Series
D,
Acquisition
Date:
4/7/21,
Cost $12,364 (1)(2)(3)
853,213
12,364
Color
Health,
Series
D,
Acquisition
Date:
12/17/20,
Cost $11,181 (1)(2)(3)
296,922
29,683
Color
Health,
Series
D-1,
Acquisition
Date:
1/13/20,
Cost $9,358 (1)(2)(3)
438,696
43,856
Color
Health,
Series
E,
Acquisition
Date:
10/26/21,
Cost $4,414 (1)
(2)(3)
44,149
4,414
Total
Consumer
Nondurables
90,317
LIFE
SCIENCES
1.1%
Life
Sciences
1.1%
Cellanome,
Series
A,
Acquisition
Date:
12/30/21,
Cost $11,023 (1)
(2)(3)(5)
1,993,387
11,023
Chromacode,
Series
D-1,
Acquisition
Date:
2/28/22,
Cost $2,202 (1)(2)(3)
3,137,582
2,202
Chromacode,
Series
D-2,
Acquisition
Date:
2/28/22,
Cost $2,202 (1)(2)(3)
2,605,184
2,202
Clear
Labs,
Series
C,
Acquisition
Date:
5/13/21,
Cost $13,294 (1)
(2)(3)
3,830,773
13,294
DNA
Script,
Series
C,
Acquisition
Date:
12/16/21,
Cost $21,371
(EUR) (1)(2)(3)
25,201
20,909
Element
Biosciences,
Series
C,
Acquisition
Date:
6/21/21,
Cost $17,704 (1)(2)(3)
861,217
17,704
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $12,829 (1)(2)
(3)
1,452,941
12,829
Lumicks
Tech,
Series
D,
Acquisition
Date:
4/14/21,
Cost $8,875 (1)(2)(3)
4,954
9,480
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $16,458 (1)(2)(3)
1,204,832
73,169
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $18,957 (1)(2)(3)
426,855
25,923
Total
Life
Sciences
188,735
PRODUCTS
&
DEVICES
0.2%
Capital
Equipment
0.1%
Reflexion
Medical,
Series
C,
Acquisition
Date:
4/3/18,
Cost $4,243 (1)(2)(3)
2,507,885
5,945
Reflexion
Medical,
Series
D,
Acquisition
Date:
4/3/20,
Cost $2,142 (1)(2)(3)
1,123,437
2,663
T.
ROWE
PRICE
Health
Sciences
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Reflexion
Medical,
Series
E,
Acquisition
Date:
3/1/22,
Cost $4,403 (1)(2)(3)
1,857,286
4,403
13,011
Implants
0.1%
Kardium,
Series
D-5,
Acquisition
Date:
11/29/18,
Cost $8,574 (1)
(2)(3)(5)
8,849,057
8,989
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $12,516 (1)
(2)(3)(5)
12,320,393
12,516
21,505
Other
Products
&
Devices
0.0%
Saluda
Medical,
Series
D,
Acquisition
Date:
1/20/22,
Cost $8,809 (1)(2)(3)
690,617
8,809
8,809
Total
Products
&
Devices
43,325
SERVICES
1.2%
Other
Services
1.1%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $10,374 (1)(2)(3)
3,758,668
30,445
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $18,471 (1)(2)(3)
2,280,334
18,471
Freenome
Holdings,
Series
B,
Acquisition
Date:
6/24/19,
Cost $7,103 (1)(2)(3)
1,558,570
11,755
Freenome
Holdings,
Series
C,
Acquisition
Date:
8/14/20,
Cost $6,139 (1)(2)(3)
928,231
7,001
Freenome
Holdings,
Series
D,
Acquisition
Date:
11/22/21,
Cost $3,971 (1)(2)(3)
526,504
3,971
PrognomIQ,
Series
A-4,
Acquisition
Date:
11/15/19,
Cost $1,356 (1)(2)(3)(5)
593,540
1,816
PrognomIQ,
Series
A-5,
Acquisition
Date:
5/12/20,
Cost $1,174 (1)
(2)(3)(5)
513,797
1,572
PrognomIQ,
Series
B,
Acquisition
Date:
9/11/20,
Cost $8,533 (1)
(2)(3)(5)
3,734,140
11,427
PrognomIQ,
Series
C,
Acquisition
Date:
2/16/22,
Cost $3,498 (1)
(2)(3)(5)
1,143,244
3,498
Tempus
Labs,
Series
D,
Acquisition
Date:
3/16/18,
Cost $8,876 (1)
(2)(3)
946,886
53,414
Tempus
Labs,
Series
E,
Acquisition
Date:
8/23/18,
Cost $10,607 (1)(2)(3)
633,505
36,642
Tempus
Labs,
Series
F,
Acquisition
Date:
4/30/19,
Cost $4,279 (1)
(2)(3)
172,826
10,124
Tempus
Labs,
Series
G,
Acquisition
Date:
2/6/20,
Cost $4,284 (1)
(2)(3)
111,715
6,620
T.
ROWE
PRICE
Health
Sciences
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Tempus
Labs,
Series
G-2,
Acquisition
Date:
11/19/20,
Cost $6,720 (1)(2)(3)
117,271
6,942
203,698
Providers
0.1%
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $7,539 (1)(2)(3)
3,130,941
9,898
Honor
Technology,
Series
E,
Acquisition
Date:
9/29/21,
Cost $6,626 (1)(2)(3)
2,095,807
6,626
16,524
Total
Services
220,222
Total
Convertible
Preferred
Stocks
(Cost
$523,469)
764,255
PREFERRED
STOCKS
0.5%
LIFE
SCIENCES
0.5%
Life
Sciences
0.5%
Sartorius
(EUR)
190,679
84,155
Total
Life
Sciences
84,155
Total
Preferred
Stocks
(Cost
$29,691)
84,155
SHORT-TERM
INVESTMENTS
0.1%
Money
Market
Funds
0.1%
T.
Rowe
Price
Government
Reserve
Fund,
0.29% (5)(7)
20,169,087
20,169
Total
Short-Term
Investments
(Cost
$20,169)
20,169
Total
Investments
in
Securities
100.1%
(Cost
$9,005,524)
$
17,540,274
Other
Assets
Less
Liabilities
(0.1)%
(
23,669
)
Net
Assets
100.0%
$
17,516,605
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Level
3
in
fair
value
hierarchy.
(3)
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
has
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$837,140
and
represents
4.8%
of
net
assets.
T.
ROWE
PRICE
Health
Sciences
Fund
11
.
.
.
.
.
.
.
.
.
.
(4)
A
portion
of
the
position
represents
an
unfunded
commitment;
a
liability
to
fund
the
commitment
has
been
recognized.
The
fund's
total
unfunded
commitment
at
March
31,
2022,
was
$9,706
and
was
valued
at
$9,113
(0.1%
of
net
assets).
(5)
Affiliated
Companies
(6)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(7)
Seven-day
yield
ADR
American
Depositary
Receipts
CHF
Swiss
Franc
CVR
Contingent
Value
Rights
DKK
Danish
Krone
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
JPY
Japanese
Yen
PIPE
Private
Investment
in
Public
Equity
SPAC
Special
Purpose
Acquisition
Company
T.
ROWE
PRICE
Health
Sciences
Fund
12
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
March
31,
2022.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
Cellanome,
Series
A
$
—
$
—
$
—
Chroma
Medicine,
Series
A
—
—
—
Immuneering,
Class
A
(
71
)
(
4,750
)
—
Kardium,
Series
D-5
—
—
—
Kardium,
Series
D-6
—
—
—
PrognomIQ,
Series
A-4
—
459
—
PrognomIQ,
Series
A-5
—
398
—
PrognomIQ,
Series
B
—
2,894
—
PrognomIQ,
Series
C
—
—
—
SomaLogic
(
964
)
11,615
—
SomaLogic,
Warrants,
8/31/26
—
(
146
)
—
SomaLogic,
Earn
Out
Shares
$20
—
(
172
)
—
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
—
—
10
Affiliates
not
held
at
period
end
—
(
27,165
)
—
Totals
$
(
1,035
)
#
$
(
16,867
)
$
10
+
T.
ROWE
PRICE
Health
Sciences
Fund
13
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
03/31/22
Cellanome,
Series
A
$
11,023
$
—
$
—
$
11,023
Chroma
Medicine,
Series
A
11,040
—
—
11,040
Immuneering,
Class
A
*
7,904
153
9,494
Kardium,
Series
D-5
8,989
—
—
8,989
Kardium,
Series
D-6
12,516
—
—
12,516
PrognomIQ,
Series
A-4
1,357
—
—
1,816
PrognomIQ,
Series
A-5
1,174
—
—
1,572
PrognomIQ,
Series
B
8,533
—
—
11,427
PrognomIQ,
Series
C
—
3,498
—
3,498
SomaLogic
14,966
15,667
4,405
*
SomaLogic,
Warrants,
8/31/26
372
—
—
*
SomaLogic,
Class
B
42,833
—
15,668
—
SomaLogic,
Earn
Out
Shares
$20
382
—
—
*
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
12,084
¤
¤
20,169
Total
$
91,544
^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$10
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
$91,657.
*
On
the
date
indicated,
issuer
was
held
but
not
considered
an
affiliated
company.
T.
ROWE
PRICE
Health
Sciences
Fund
Unaudited
Notes
to
Portfolio
of
Investments
14
T.
Rowe
Price
Health
Sciences
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
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)
T.
ROWE
PRICE
Health
Sciences
Fund
15
Level
3
–
unobservable
inputs
(including
the fund’s
own
assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the
fund
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
its
portfolio
securities.
Each
business
day,
the
fund
uses
information
from
outside
pricing
services
to
evaluate
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The
fund
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The
fund
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
T.
ROWE
PRICE
Health
Sciences
Fund
16
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Committee
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
Committee
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
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
16,032,989
$
591,630
$
47,076
$
16,671,695
Convertible
Preferred
Stocks
—
—
764,255
764,255
Preferred
Stocks
—
84,155
—
84,155
Short-Term
Investments
20,169
—
—
20,169
Total
$
16,053,158
$
675,785
$
811,331
$
17,540,274
T.
ROWE
PRICE
Health
Sciences
Fund
17
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
March
31,
2022.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
March
31,
2022,
totaled $14,944,000 for
the
period ended
March
31,
2022.
In
accordance
with
GAAP,
the
following
table
provides
quantitative
information
about
significant
unobservable
inputs
used
to
determine
the
fair
valuations
of
the
fund’s
Level
3
assets,
by
class
of
financial
instrument.
Because
the
Valuation
Committee
considers
a
wide
variety
of
factors
and
inputs,
both
observable
and
unobservable,
in
determining
fair
values,
the
unobservable
inputs
presented
do
not
reflect
all
inputs
significant
to
the
fair
value
determination.
($000s)
Beginning
Balance
12/31/21
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
3/31/22
Investment
in
Securities
Common
Stocks
$
58,155
$
(15,431)
$
13,260
$
(8,908)
$
47,076
Convertible
Preferred
Stocks
706,485
45,401
43,121
(30,752)
764,255
Total
$
764,640
$
29,970
$
56,381
$
(39,660)
$
811,331
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Common
Stock
$
47,076
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
Uncertainty
10%
–88%
59%
Decrease
Market
comparable
Enterprise
Value
to
Sales
Multiple
3.6x
–
13.8x
9.1x
Increase
Sales
Growth
Rate
42%
42%
Increase
Enterprise
Value
to
Gross
Profit
Multiple
7.1x
7.1x
Increase
T.
ROWE
PRICE
Health
Sciences
Fund
18
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
fund’s
management.
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
+
Valuation
techniques
may
change
in
order
to
reflect
management’s
judgment
of
current
market
participant
assumptions.
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Discount
for
Lack
of
Marketability
10%
10%
Decrease
Expected
present
value
Discount
rate
for
Cost
of
Equity
11%
–
12%
12%
Decrease
Discount
for
Regulatory
Uncertainty
30%
–
100%
30%
Decrease
Convertible
Preferred
Stocks
$
764,255
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Enterprise
Value
to
Sales
Multiple
8.1x
–
13.4x
13.1x
Increase
Sales
Growth
Rate
36%
36%
Increase
Enterprise
Value
to
Gross
Profit
Multiple
11.8x
–
15.0x
13.4x
Increase
Gross
Profit
Growth
Rate
42%
42%
Increase
Discount
for
Lack
of
Marketability
10%
10%
Decrease
T.
ROWE
PRICE
Health
Sciences
Fund
19
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict.
Economic
sanctions
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result, Russian-related
stocks
and
debt
have
since
suffered
significant
declines
in
value.
The
duration
of
the
coronavirus
outbreak
and
the
Russian-Ukraine
conflict,
and
their
effects
on
the
financial
markets,
cannot
be
determined
with
certainty.
The fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
these
events.
F114-054Q1
03/22