T.
ROWE
PRICE
Health
Sciences
Fund
September
30,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
94.9%
BIOTECHNOLOGY
25.0%
Major
Biotechnology
6.1%
Amgen
801,484
215,407
Biogen (1)
282,381
72,575
Celldex
Therapeutics (1)
333,686
9,183
Exact
Sciences (1)
1,085,845
74,076
Exact
Sciences
CMO
Milestone,
Acquisition
Date:
1/6/21,
Cost $— (1)(2)(3)
3,726,272
1,975
Exact
Sciences
FDA
Milestone,
Acquisition
Date:
1/6/21,
Cost $— (1)(2)(3)
1,863,136
987
Neurocrine
Biosciences (1)
245,708
27,642
Royalty
Pharma,
Class
A
1,359,873
36,907
Vertex
Pharmaceuticals (1)
1,253,658
435,947
874,699
Other
Biotechnology
18.9%
Aadi
Bioscience (1)
123,556
598
ACADIA
Pharmaceuticals (1)
1,264,177
26,345
Acerta
Future
Payments,
EC,
Acquisition
Date:
6/30/21,
Cost $8,068 (1)(2)(3)
8,067,982
7,665
Affinivax
Expense
Fund,
Acquisition
Date:
9/12/22,
Cost $12 (1)
(2)(3)
12,445
12
Affinivax
Milestone
Event,
Acquisition
Date:
9/12/22,
Cost $3,454 (1)(2)(3)
7,349,672
4,410
Affinivax
Next
Gen.
Prod.
Milestone
Event,
Acquisition
Date:
9/12/22,
Cost $3,454 (1)(2)(3)
7,349,672
1,690
Agios
Pharmaceuticals (1)
359,033
8,886
Akero
Therapeutics (1)
727,896
36,817
Alector (1)
667,255
4,324
Allakos (1)
662,758
1,504
Allogene
Therapeutics (1)
1,348,140
4,274
Alnylam
Pharmaceuticals (1)
1,392,718
246,650
Apellis
Pharmaceuticals (1)
646,440
24,591
Arvinas (1)
484,002
9,506
Ascendis
Pharma,
ADR (1)
424,556
39,755
Avidity
Biosciences (1)
1,375,083
8,773
BeiGene,
ADR (1)
560,787
100,869
Bicycle
Therapeutics,
ADR (1)
459,016
9,222
BioMarin
Pharmaceutical (1)
844,704
74,739
Blueprint
Medicines (1)
1,555,591
78,122
Centessa
Pharmaceuticals,
ADR (1)
1,045,729
6,766
Cerevel
Therapeutics
Holdings (1)
1,903,967
41,564
CRISPR
Therapeutics (1)
299,281
13,584
Cytokinetics (1)
340,609
10,034
T.
ROWE
PRICE
Health
Sciences
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Day
One
Biopharmaceuticals (1)
281,625
3,456
Denali
Therapeutics (1)
740,274
15,272
Entrada
Therapeutics (1)
557,459
8,808
EQRx,
Warrants,
12/20/26 (1)
199,070
8
Evotec
(EUR) (1)
325,541
6,480
Exelixis (1)
1,696,919
37,078
Fate
Therapeutics (1)
635,972
1,348
Generation
Bio (1)
1,350,506
5,118
Genmab
(DKK) (1)
163,247
57,798
Ginkgo
Bioworks,
Earn
Out
Shares
$15.00,
Acquisition
Date:
9/17/21,
Cost $— (1)(2)
212,706
100
Ginkgo
Bioworks,
Earn
Out
Shares
$17.50,
Acquisition
Date:
9/17/21,
Cost $— (1)(2)
212,706
88
Ginkgo
Bioworks,
Earn
Out
Shares
$20.00,
Acquisition
Date:
9/17/21,
Cost $— (1)(2)
212,706
79
Gyroscope
Therapeutics,
Milestone
Payment
1,
Acquisition
Date:
2/18/22,
Cost $5,684 (1)(2)(3)
5,683,928
2,785
Gyroscope
Therapeutics,
Milestone
Payment
2,
Acquisition
Date:
2/18/22,
Cost $3,788 (1)(2)(3)
3,788,007
1,023
Gyroscope
Therapeutics,
Milestone
Payment
3,
Acquisition
Date:
2/18/22,
Cost $3,788 (1)(2)(3)
3,788,007
985
IGM
Biosciences (1)
448,098
3,742
Immatics (1)
846,552
9,803
Immuneering,
Class
A (1)
1,244,512
9,558
Immunocore
Holdings,
ADR (1)
1,729,817
89,778
Immunome
PIPE,
Acquisition
Date:
6/29/23,
Cost $4,781 (1)(2)(4)
831,551
6,249
Incyte (1)
545,889
31,536
Insmed (1)
2,196,678
55,466
Intellia
Therapeutics (1)
285,323
9,022
Ionis
Pharmaceuticals (1)
1,054,563
47,835
Iovance
Biotherapeutics (1)
1,726,119
7,854
Karuna
Therapeutics (1)
742,195
125,498
Kymera
Therapeutics (1)
885,888
12,314
Leap
Therapeutics (1)
288,613
398
Leap
Therapeutics,
Acquisition
Date:
9/28/20,
Cost $551 (1)(2)
43,400
54
Legend
Biotech,
ADR (1)
1,544,909
103,772
LianBio,
ADR (1)
2,033,954
3,031
Longboard
Pharmaceuticals (1)
686,122
3,815
Lyell
Immunopharma (1)
5,150,608
7,571
Mirati
Therapeutics (1)
1,239,528
53,994
Moderna (1)
165,391
17,083
Monte
Rosa
Therapeutics (1)
963,267
4,614
MoonLake
Immunotherapeutics (1)
1,008,167
57,466
Morphic
Holding (1)
474,912
10,880
Novocure (1)
1,201,190
19,399
Nuvation
Bio (1)
464,755
623
T.
ROWE
PRICE
Health
Sciences
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Pliant
Therapeutics (1)
548,147
9,505
Prelude
Therapeutics (1)
787,118
2,432
Prothena (1)
880,983
42,507
PTC
Therapeutics (1)
340,996
7,642
RAPT
Therapeutics (1)
612,083
10,173
Regeneron
Pharmaceuticals (1)
774,131
637,079
Relay
Therapeutics (1)
2,626,796
22,091
Relmada
Therapeutics (1)
110,669
332
Repligen (1)
288,773
45,918
Replimune
Group (1)
1,520,656
26,018
REVOLUTION
Medicines (1)
1,553,934
43,013
Rocket
Pharmaceuticals (1)
892,245
18,282
Sage
Therapeutics (1)
390,414
8,035
Sana
Biotechnology (1)
2,024,086
7,833
Sarepta
Therapeutics (1)
498,446
60,422
Scholar
Rock,
Warrants,
12/31/25,
Acquisition
Date:
6/17/22,
Cost $— (1)(2)
151,540
422
Scholar
Rock
Holding (1)
1,745,281
12,391
SpringWorks
Therapeutics (1)
791,061
18,289
Structure
Therapeutics
PIPE,
Acquisition
Date:
9/29/23,
Cost $2,886 (1)(2)(4)
231,057
3,689
Tenaya
Therapeutics (1)
1,091,381
2,783
Theseus
Pharmaceuticals (1)
898,445
2,417
Ultragenyx
Pharmaceutical (1)
1,170,445
41,726
Ventyx
Biosciences (1)
784,454
27,244
Vividion
Therapeutics,
Milestone
Payment
3,
Acquisition
Date:
8/25/21,
Cost $— (1)(2)(3)
1,746,361
1,360
Voyager
Therapeutics (1)
701,330
5,435
Xencor (1)
751,074
15,134
Zai
Lab,
ADR (1)
1,234,282
30,005
Zentalis
Pharmaceuticals (1)
867,658
17,405
2,712,063
Total
Biotechnology
3,586,762
LIFE
SCIENCES
10.6%
Life
Sciences
10.6%
Agilent
Technologies
1,672,959
187,070
Bio-Techne
427,820
29,122
Bruker
954,217
59,448
Charles
River
Laboratories
International (1)
110,599
21,675
Danaher
1,594,684
395,641
Ginkgo
Bioworks
Holdings,
Class
A (1)
1,945,301
3,521
Illumina (1)
111,991
15,374
Mettler-Toledo
International (1)
32,765
36,306
Olink
Holding,
ADR (1)
1,948,958
28,747
Pacific
Biosciences
of
California (1)
3,037,525
25,363
T.
ROWE
PRICE
Health
Sciences
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Seer (1)
784,316
1,734
Senti
Biosciences (1)
1,120,431
476
SomaLogic,
Warrants,
8/31/26 (1)
90,179
20
SomaLogic,
Earn
Out
Shares
$20,
Acquisition
Date:
9/2/21,
Cost $— (1)(2)(3)
3,873,442
—
Thermo
Fisher
Scientific
1,399,886
708,580
Twist
Bioscience (1)
414,200
8,392
Total
Life
Sciences
1,521,469
MISCELLANEOUS
0.0%
Miscellaneous
0.0%
Orchestra
BioMed
Holdings (1)
469,504
4,094
Total
Miscellaneous
4,094
PHARMACEUTICALS
16.5%
Major
Pharmaceuticals
16.5%
AbbVie
611,805
91,196
AstraZeneca,
ADR
6,321,471
428,090
Daiichi
Sankyo
(JPY)
1,840,600
50,391
Eli
Lilly
1,975,811
1,061,267
Merck
5,080,843
523,073
Novo
Nordisk,
ADR
1,569,835
142,761
Pfizer
1,267,357
42,038
Roche
Holding
(CHF)
135,245
36,922
Total
Pharmaceuticals
2,375,738
PRODUCTS
&
DEVICES
17.4%
Capital
Equipment
0.4%
PROCEPT
BioRobotics (1)
907,177
29,765
STERIS
100,921
22,144
51,909
Implants
9.3%
Becton
Dickinson
&
Company
934,096
241,492
Boston
Scientific (1)
1,472,586
77,752
Intuitive
Surgical (1)
1,671,152
488,461
iRhythm
Technologies (1)
195,244
18,404
Stryker
1,535,647
419,646
Teleflex
246,755
48,465
Verily
Life
Sciences,
Series
B,
Acquisition
Date:
1/23/19,
Cost $13,998 (1)(2)(3)
113,564
11,077
Zimmer
Biomet
Holdings
281,587
31,600
1,336,897
Other
Products
&
Devices
7.7%
10X
Genomics,
Class
A (1)
1,224,020
50,491
Argenx,
ADR (1)
708,551
348,345
Avantor (1)
2,749,503
57,960
T.
ROWE
PRICE
Health
Sciences
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Catalent (1)
1,170,817
53,307
Dexcom (1)
759,171
70,831
Hologic (1)
1,345,512
93,379
Inari
Medical (1)
615,371
40,245
Insulet (1)
343,972
54,860
Lantheus
Holdings (1)
466,212
32,392
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $31,622 (1)(2)
(3)
8,397,988
3,359
Penumbra (1)
739,477
178,887
Saluda
Medical,
Warrants,
1/20/27,
Acquisition
Date:
1/20/22,
Cost $— (1)(2)(3)
103,592
298
Shockwave
Medical (1)
581,671
115,811
Warby
Parker,
Class
A (1)
615,911
8,105
1,108,270
Total
Products
&
Devices
2,497,076
SERVICES
20.9%
Distribution
0.1%
Option
Care
Health (1)
445,510
14,412
14,412
Information
0.6%
GeneDx
Holdings (1)
30,161
110
GeneDx
Holdings,
Warrants,
7/22/26 (1)
206,747
6
Veeva
Systems,
Class
A (1)
463,932
94,387
94,503
Other
Services
1.6%
Guardant
Health (1)
1,376,958
40,813
IQVIA
Holdings (1)
212,095
41,730
West
Pharmaceutical
Services
359,973
135,065
Wuxi
Biologics
Cayman
(HKD) (1)
2,387,000
13,873
231,481
Payors
17.3%
Alignment
Healthcare (1)
759,306
5,270
Centene (1)
1,811,288
124,761
Cigna
Group
669,619
191,558
Elevance
Health
1,085,288
472,556
Humana
636,668
309,752
Molina
Healthcare (1)
738,462
242,134
UnitedHealth
Group
2,270,187
1,144,606
2,490,637
Providers
1.3%
agilon
health (1)
3,003,671
53,345
HCA
Healthcare
390,472
96,048
T.
ROWE
PRICE
Health
Sciences
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Surgery
Partners (1)
1,185,312
34,671
184,064
Total
Services
3,015,097
Total
Miscellaneous
Common
Stocks
4.5% (5)
655,386
Total
Common
Stocks
(Cost
$7,225,153)
13,655,622
CONVERTIBLE
PREFERRED
STOCKS
4.8%
BIOTECHNOLOGY
1.9%
Other
Biotechnology
1.9%
Arbor
Bio,
Series
B,
Acquisition
Date:
10/29/21,
Cost $8,828 (1)
(2)(3)
532,759
8,828
Avalyn
Pharma,
Series
C-1,
Acquisition
Date:
9/22/23,
Cost $6,178 (1)(2)(3)
8,436,161
6,178
Cargo
Therapeutics,
Series
A-1,
Acquisition
Date:
2/22/23
-
7/7/23,
Cost $6,555 (1)(2)(3)
6,554,789
6,555
Chroma
Medicine,
Series
A,
Acquisition
Date:
10/12/21,
Cost $11,040 (1)(2)(3)
5,207,526
13,540
Chroma
Medicine,
Series
B,
Acquisition
Date:
2/8/23,
Cost $4,412 (1)(2)(3)
1,697,072
4,412
Delfi
Diagnostics,
Series
A,
Acquisition
Date:
1/12/21
-
4/7/22,
Cost $7,107 (1)(2)(3)
3,426,868
16,605
Delfi
Diagnostics,
Series
B,
Acquisition
Date:
6/10/22,
Cost $8,980 (1)(2)(3)
1,853,138
8,980
Eikon
Therapeutics,
Series
B,
Acquisition
Date:
12/3/21,
Cost $18,021 (1)(2)(3)
1,018,820
21,904
Eikon
Therapeutics,
Series
C,
Acquisition
Date:
5/18/23,
Cost $4,262 (1)(2)(3)
198,249
4,262
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
4,643
FOG
Pharma,
Series
D,
Acquisition
Date:
11/17/22,
Cost $6,621 (1)(2)(3)
615,203
6,621
Generate
Bio,
Series
B,
Acquisition
Date:
9/2/21,
Cost $22,096 (1)
(2)(3)
1,864,632
22,096
Generate
Bio,
Series
C,
Acquisition
Date:
5/9/23,
Cost $4,412 (1)
(2)(3)
372,360
4,412
Genesis
Therapeutics,
Series
A,
Acquisition
Date:
11/24/20,
Cost $4,236 (1)(2)(3)(6)
829,412
4,236
Genesis
Therapeutics,
Series
B,
Acquisition
Date:
8/10/23,
Cost $10,152 (1)(2)(3)(6)
1,987,585
10,152
Insitro,
Series
B,
Acquisition
Date:
5/21/20,
Cost $5,505 (1)(2)(3)
883,580
16,162
Insitro,
Series
C,
Acquisition
Date:
4/7/21,
Cost $10,762 (1)(2)(3)
588,382
10,762
Kartos
Therapeutics,
Series
C,
Acquisition
Date:
8/22/23,
Cost $10,593 (1)(2)(3)
1,873,841
10,593
T.
ROWE
PRICE
Health
Sciences
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Laronde,
Series
B,
Acquisition
Date:
7/28/21,
Cost $32,757 (1)(2)
(3)
1,169,887
4,914
Odyssey
Therapeutics,
Series
B,
Acquisition
Date:
5/13/22,
Cost $7,048 (1)(2)(3)
1,115,915
5,580
Rapport
Therapeutics,
Series
B,
Acquisition
Date:
8/7/23,
Cost $3,531 (1)(2)(3)
2,105,246
3,531
Ring
Therapeutics,
Series
B,
Acquisition
Date:
4/12/21,
Cost $9,004 (1)(2)(3)
978,705
9,004
Ring
Therapeutics,
Series
C,
Acquisition
Date:
10/7/22,
Cost $4,414 (1)(2)(3)
479,818
4,414
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
Tessera
Therapeutics,
Series
C,
Acquisition
Date:
2/25/22,
Cost $7,915 (1)(2)(3)
387,032
7,915
Treeline
Biosciences,
Series
A,
Acquisition
Date:
4/9/21
-
9/26/22,
Cost $18,552 (1)(2)(3)
2,370,150
18,552
Total
Biotechnology
266,186
CONSUMER
NONDURABLES
0.2%
Biotechnology
0.1%
Nutcracker
Therapeutics,
Series
C,
Acquisition
Date:
8/27/21,
Cost $11,050 (1)(2)(3)
1,027,785
11,050
11,050
Healthcare
Services
0.1%
Capsule,
Series
1-D,
Acquisition
Date:
4/7/21,
Cost $12,364 (1)(2)
(3)
853,213
2,501
Capsule,
Series
E,
Acquisition
Date:
1/10/23,
Cost $2,658 (1)(2)(3)
906,656
2,658
Color
Health,
Series
D,
Acquisition
Date:
12/17/20,
Cost $11,180 (1)(2)(3)
296,922
5,734
Color
Health,
Series
D-1,
Acquisition
Date:
1/13/20,
Cost $9,358 (1)(2)(3)
438,696
6,326
Color
Health,
Series
E,
Acquisition
Date:
10/26/21,
Cost $4,414 (1)
(2)(3)
44,149
1,678
18,897
Total
Consumer
Nondurables
29,947
LIFE
SCIENCES
1.2%
Life
Sciences
1.2%
Cellanome,
Series
A,
Acquisition
Date:
12/30/21,
Cost $11,023 (1)
(2)(3)(6)
1,993,387
13,874
Chromacode,
Series
D-1,
Acquisition
Date:
2/28/22,
Cost $2,202 (1)(2)(3)
3,137,582
1,443
T.
ROWE
PRICE
Health
Sciences
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Chromacode,
Series
D-2,
Acquisition
Date:
2/28/22,
Cost $2,202 (1)(2)(3)
3,137,581
2,202
Clear
Labs,
Series
C,
Acquisition
Date:
5/13/21,
Cost $13,294 (1)
(2)(3)
3,830,773
7,738
DNA
Script,
Series
C,
Acquisition
Date:
12/16/21,
Cost $21,371
(EUR) (1)(2)(3)
25,201
19,983
Element
Biosciences,
Series
C,
Acquisition
Date:
6/21/21,
Cost $17,704 (1)(2)(3)
861,217
15,596
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $12,829 (1)(2)
(3)
1,452,941
4,228
Lumicks
Tech,
Series
D,
Acquisition
Date:
4/14/21,
Cost $8,875 (1)(2)(3)
4,954
6,684
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
170,840
PRODUCTS
&
DEVICES
0.3%
Capital
Equipment
0.1%
Reflexion
Medical,
Series
C,
Acquisition
Date:
4/3/18,
Cost $4,243 (1)(2)(3)
2,507,885
3,862
Reflexion
Medical,
Series
D,
Acquisition
Date:
4/3/20,
Cost $2,142 (1)(2)(3)
1,123,437
1,775
Reflexion
Medical,
Series
E,
Acquisition
Date:
3/1/22,
Cost $4,403 (1)(2)(3)
1,857,286
3,065
8,702
Implants
0.1%
Kardium,
Series
D-5,
Acquisition
Date:
11/29/18,
Cost $8,574 (1)
(2)(3)(6)
8,849,057
8,989
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $12,516 (1)
(2)(3)(6)
12,320,393
12,516
21,505
Other
Products
&
Devices
0.1%
Saluda
Medical,
Series
D,
Acquisition
Date:
1/20/22,
Cost $8,809 (1)(2)(3)
690,617
6,133
Saluda
Medical,
Series
E,
Acquisition
Date:
4/6/23,
Cost $4,353 (1)(2)(3)
539,186
4,353
10,486
Total
Products
&
Devices
40,693
SERVICES
1.2%
Information
0.0%
Cleerly,
Series
C,
Acquisition
Date:
7/8/22,
Cost $6,904 (1)(2)(3)
586,029
5,257
5,257
T.
ROWE
PRICE
Health
Sciences
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Other
Services
1.2%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $10,374 (1)(2)(3)
3,758,668
20,109
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $18,471 (1)(2)(3)
2,280,334
12,200
Freenome
Holdings,
Series
B,
Acquisition
Date:
6/24/19,
Cost $7,103 (1)(2)(3)
1,558,570
18,189
Freenome
Holdings,
Series
C,
Acquisition
Date:
8/14/20,
Cost $6,139 (1)(2)(3)
928,231
10,832
Freenome
Holdings,
Series
D,
Acquisition
Date:
11/22/21,
Cost $3,971 (1)(2)(3)
526,504
6,144
PrognomIQ,
Series
A-4,
Acquisition
Date:
11/15/19,
Cost $1,356 (1)(2)(3)(6)
593,540
1,816
PrognomIQ,
Series
A-5,
Acquisition
Date:
5/12/20,
Cost $1,174 (1)
(2)(3)(6)
513,797
1,572
PrognomIQ,
Series
B,
Acquisition
Date:
9/11/20,
Cost $8,533 (1)
(2)(3)(6)
3,734,140
11,426
PrognomIQ,
Series
C,
Acquisition
Date:
2/16/22,
Cost $3,498 (1)
(2)(3)(6)
1,143,244
3,498
Tempus
Labs,
Series
D,
Acquisition
Date:
3/16/18,
Cost $8,876 (1)
(2)(3)
946,886
37,288
Tempus
Labs,
Series
E,
Acquisition
Date:
8/23/18,
Cost $10,607 (1)(2)(3)
633,505
26,240
Tempus
Labs,
Series
F,
Acquisition
Date:
4/30/19,
Cost $4,279 (1)
(2)(3)
172,826
7,380
Tempus
Labs,
Series
G,
Acquisition
Date:
2/6/20,
Cost $4,285 (1)
(2)(3)
111,715
4,938
Tempus
Labs,
Series
G-2,
Acquisition
Date:
11/19/20,
Cost $6,720 (1)(2)(3)
117,271
4,229
165,861
Providers
0.0%
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $7,540 (1)(2)(3)
3,130,941
3,663
Honor
Technology,
Series
E,
Acquisition
Date:
9/29/21,
Cost $6,626 (1)(2)(3)
2,095,807
2,452
6,115
Total
Services
177,233
Total
Convertible
Preferred
Stocks
(Cost
$608,002)
684,899
T.
ROWE
PRICE
Health
Sciences
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
‡
PREFERRED
STOCKS
0.5%
LIFE
SCIENCES
0.5%
Life
Sciences
0.5%
Sartorius
(EUR)
196,599
66,587
Total
Life
Sciences
66,587
Total
Preferred
Stocks
(Cost
$34,192)
66,587
SHORT-TERM
INVESTMENTS
0.0%
Money
Market
Funds
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (6)(7)
2,922,410
2,922
Total
Short-Term
Investments
(Cost
$2,922)
2,922
Total
Investments
in
Securities
100.2%
(Cost
$7,870,269)
$
14,410,030
Other
Assets
Less
Liabilities
(0.2)%
(31,407)
Net
Assets
100.0%
$
14,378,623
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
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
$733,206
and
represents
5.1%
of
net
assets.
(3)
Level
3
in
fair
value
hierarchy.
(4)
All
or
a
portion
of
the
position
represents
an
unfunded
commitment;
a
liability
to
fund
the
commitment
has
been
recognized.
The
fund's
total
unfunded
commitments
at
September
30,
2023,
were
$7,667
and
were
valued
at
$9,938
(0.1%
of
net
assets).
(5)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(6)
Affiliated
Companies
(7)
Seven-day
yield
T.
ROWE
PRICE
Health
Sciences
Fund
11
ADR
American
Depositary
Receipts
CHF
Swiss
Franc
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
HKD
Hong
Kong
Dollar
JPY
Japanese
Yen
PIPE
Private
Investment
in
Public
Equity
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
nine
months
ended
September
30,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
Cellanome,
Series
A
$
—
$
—
$
—
Chroma
Medicine,
Series
A
—
2,500
—
Chroma
Medicine,
Series
B
—
—
—
Chromacode,
Series
D-1
—
(597)
—
Chromacode,
Series
D-2
—
509
—
Clear
Labs,
Series
C
—
(5,556)
—
Cleerly,
Series
C
—
(1,647)
—
Genesis
Therapeutics,
Series
A
—
—
—
Genesis
Therapeutics,
Series
B
—
—
—
Kardium,
Series
D-5
—
—
—
Kardium,
Series
D-6
—
—
—
PrognomIQ,
Series
A-4
—
—
—
PrognomIQ,
Series
A-5
—
—
—
PrognomIQ,
Series
B
—
(1)
—
PrognomIQ,
Series
C
—
—
—
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
—
—
870
Totals
$
—#
$
(4,792)
$
870+
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
12/31/22
Purchase
Cost
Sales
Cost
Value
09/30/23
Cellanome,
Series
A
$
13,874
$
—
$
—
$
13,874
Chroma
Medicine,
Series
A
11,040
—
—
*
Chroma
Medicine,
Series
B
—
4,412
—
*
Chromacode,
Series
D-1
*
—
—
*
Chromacode,
Series
D-2
*
—
—
*
Clear
Labs,
Series
C
*
—
—
*
Cleerly,
Series
C
*
—
—
*
Genesis
Therapeutics,
Series
A
*
—
—
4,236
Genesis
Therapeutics,
Series
B
—
10,152
—
10,152
Kardium,
Series
D-5
8,989
—
—
8,989
Kardium,
Series
D-6
12,516
—
—
12,516
PrognomIQ,
Series
A-4
1,816
—
—
1,816
PrognomIQ,
Series
A-5
1,572
—
—
1,572
PrognomIQ,
Series
B
11,427
—
—
11,426
PrognomIQ,
Series
C
3,498
—
—
3,498
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
158,976
¤
¤
2,922
Total
$
71,001^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$870
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
$63,984.
*
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 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)
T.
ROWE
PRICE
Health
Sciences
Fund
15
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of its portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
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 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.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
September
30,
2023.
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/
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
13,379,897
$
238,099
$
37,626
$
13,655,622
Convertible
Preferred
Stocks
—
—
684,899
684,899
Preferred
Stocks
—
66,587
—
66,587
Short-Term
Investments
2,922
—
—
2,922
Total
$
13,382,819
$
304,686
$
722,525
$
14,410,030
T.
ROWE
PRICE
Health
Sciences
Fund
17
loss
on
Level
3
instruments
held
at
September
30,
2023,
totaled $(105,179,000) for
the
period ended
September
30,
2023.
During
the
period,
transfers
into
Level
3
resulted
from
a
lack
of
observable
market
data
for
the
security.
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
Designee 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
12/31/22
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Transfer
Into
Level
3
Ending
Balance
9/30/23
Investment
in
Securities
Common
Stocks
$
60,839
$
8,083
$
—
$
(31,310)
$
14
$
37,626
Convertible
Preferred
Stocks
714,986
(99,558)
69,471
—
—
684,899
Total
$
775,825
$
(91,475)
$
69,471
$
(31,310)
$
14
$
722,525
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
Stocks
$
37,626
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
uncertainty
5%
–100%
50%
Decrease
Market
comparable
Enterprise
value
to
sales
multiple
1.7x
–
7.9x
6.1x
Increase
Sales
growth
rate
20%
20%
Increase
T.
ROWE
PRICE
Health
Sciences
Fund
18
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**
Enterprise
value
to
gross
profit
multiple
4.7x
4.7x
Increase
Discount
rate
for
cost
of
capital
6%
6%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Expected
present
value
Discount
rate
for
cost
of
capital
5%
–
25%
11%
Decrease
Discount
for
regulatory
uncertainty
29%
29%
Decrease
Options
pricing
model
Private
company
valuation
—#
—#
—#
Risk-free
rate
4%
4%
Increase
Volatility
53%
53%
Increase
Convertible
Preferred
Stocks
$
684,899
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Premium
for
conversion
ratio
rights
3%
–
10%
7%
Increase
Premium
for
cumulative
preferred
dividend
rights
9%
–
23%
13%
Increase
Discount
for
uncertainty
100%
100%
Decrease
Market
comparable
Premium
for
liquidation
preference
—#
—#
—#
T.
ROWE
PRICE
Health
Sciences
Fund
19
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**
Enterprise
value
to
sales
multiple
2.1x
–
5.7x
4.7x
Increase
Sales
growth
rate
20%
-
97%
29%
Increase
Enterprise
value
to
gross
profit
multiple
3.7x
–
9.9x
7.8x
Increase
Gross
profit
growth
rate
23%
23%
Increase
Projected
enterprise
value
to
sales
multiple
3.6x
–
7.9x
7.0x
Increase
Probability
for
potential
outcome
5%
-
65%
33%
Increase
Rate
of
return
40%
40%
Decrease
Discount
rate
for
cost
of
capital
15%
–
25%
17%
Decrease
Discount
for
uncertainty
80%
–
100%
95%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Options
pricing
model
Private
company
valuation
—#
—#
—#
Risk-free
rate
4%
4%
Increase
T.
ROWE
PRICE
Health
Sciences
Fund
20
+
Valuation
techniques
may
change
in
order
to
reflect the
Valuation
Designee’s
judgment
of
current
market
participant
assumptions.
*
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.
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
Valuation
Designee.
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
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**
Volatility
73%
73%
Increase
T.
ROWE
PRICE
Health
Sciences
Fund
21
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F114-054Q3
09/23