T.
ROWE
PRICE
Health
Sciences
Fund
March
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
95.2%
BIOTECHNOLOGY
24.2%
Major
Biotechnology
5.7%
Amgen
865,666
246,126
Biogen (1)
373,343
80,504
Celldex
Therapeutics (1)
1,351,793
56,735
Exact
Sciences (1)
802,417
55,415
Exact
Sciences
CMO
Milestone,
Acquisition
Date:
1/6/21,
Cost $— (1)(2)(3)
3,726,272
2,124
Exact
Sciences
FDA
Milestone,
Acquisition
Date:
1/6/21,
Cost $— (1)(2)(3)
1,863,136
1,062
Neurocrine
Biosciences (1)
796,668
109,877
Vertex
Pharmaceuticals (1)
774,413
323,712
875,555
Other
Biotechnology
18.5%
ACADIA
Pharmaceuticals (1)
619,706
11,458
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)
711,745
20,811
Akero
Therapeutics (1)
713,203
18,015
Alector (1)
598,892
3,605
Allogene
Therapeutics (1)
2,868,828
12,824
Alnylam
Pharmaceuticals (1)
1,358,790
203,071
Alpine
Immune
Sciences (1)
704,161
27,913
AnaptysBio (1)
131,200
2,955
Apellis
Pharmaceuticals (1)
1,291,193
75,896
Apogee
Therapeutics (1)
885,597
58,848
Ardelyx (1)
2,948,181
21,522
Arvinas (1)
1,176,792
48,578
Ascendis
Pharma,
ADR (1)
617,712
93,380
Aura
Biosciences (1)
411,733
3,232
Avidity
Biosciences (1)
1,281,487
32,704
Avidity
Biosciences
PIPE,
Acquisition
Date:
2/29/24,
Cost $29,676 (1)(2)
1,798,527
43,603
BeiGene,
ADR (1)
636,212
99,497
Bicycle
Therapeutics,
ADR (1)
310,640
7,735
Biohaven (1)
1,768,687
96,729
BioMarin
Pharmaceutical (1)
753,200
65,784
Blueprint
Medicines (1)
2,119,740
201,079
Cargo
Therapeutics (1)
979,329
21,859
T.
ROWE
PRICE
Health
Sciences
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Cargo
Therapeutics,
Acquisition
Date:
2/22/23
-
10/27/23,
Cost $11,471 (1)(2)
845,404
18,869
Centessa
Pharmaceuticals,
ADR (1)
1,479,460
16,718
CRISPR
Therapeutics (1)
20,141
1,373
Cytokinetics (1)
447,114
31,347
Day
One
Biopharmaceuticals (1)
57,698
953
Denali
Therapeutics (1)
936,767
19,222
Entrada
Therapeutics (1)
314,586
4,458
Exelixis (1)
784,596
18,618
Generation
Bio (1)
1,505,578
6,128
Ginkgo
Bioworks,
Earn
Out
Shares
$15.00,
Acquisition
Date:
9/17/21,
Cost $— (1)(2)
212,706
64
Ginkgo
Bioworks,
Earn
Out
Shares
$17.50,
Acquisition
Date:
9/17/21,
Cost $— (1)(2)
212,706
57
Ginkgo
Bioworks,
Earn
Out
Shares
$20.00,
Acquisition
Date:
9/17/21,
Cost $— (1)(2)
212,706
50
Gyroscope
Therapeutics,
Milestone
Payment
1,
Acquisition
Date:
2/18/22,
Cost $5,684 (1)(2)(3)
5,683,928
—
Gyroscope
Therapeutics,
Milestone
Payment
2,
Acquisition
Date:
2/18/22,
Cost $3,788 (1)(2)(3)
3,788,007
—
Gyroscope
Therapeutics,
Milestone
Payment
3,
Acquisition
Date:
2/18/22,
Cost $3,788 (1)(2)(3)
3,788,007
—
IGM
Biosciences (1)
965,248
9,315
Immatics (1)
1,465,705
15,405
Immuneering,
Class
A (1)
604,020
1,746
Immunocore
Holdings,
ADR (1)
1,213,766
78,895
Immunome (1)
1,492,572
36,837
Incyte (1)
290,444
16,547
Insmed (1)
2,005,829
54,418
Intellia
Therapeutics (1)
55,347
1,523
Ionis
Pharmaceuticals (1)
782,864
33,937
Iovance
Biotherapeutics (1)
2,823,506
41,844
Krystal
Biotech (1)
401,666
71,468
Kymera
Therapeutics (1)
1,276,167
51,302
Legend
Biotech,
ADR (1)
1,073,358
60,205
Longboard
Pharmaceuticals (1)
838,874
18,120
Lyell
Immunopharma (1)
5,053,067
11,268
Monte
Rosa
Therapeutics (1)
819,001
5,774
MoonLake
Immunotherapeutics (1)
1,050,793
52,781
Morphic
Holding (1)
722,578
25,435
Novocure (1)
1,750,715
27,364
Nuvalent,
Class
A (1)
27,485
2,064
Pliant
Therapeutics (1)
501,395
7,471
Prelude
Therapeutics (1)
670,327
3,177
Prime
Medicine (1)
276,306
1,934
Protagonist
Therapeutics (1)
582,006
16,837
T.
ROWE
PRICE
Health
Sciences
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Prothena (1)
622,907
15,429
RAPT
Therapeutics (1)
63,996
575
Regeneron
Pharmaceuticals (1)
430,781
414,622
Relay
Therapeutics (1)
1,948,110
16,169
Repligen (1)
256,369
47,151
Replimune
Group (1)
1,388,371
11,343
REVOLUTION
Medicines (1)
1,450,105
46,737
REVOLUTION
Medicines,
Warrants,
11/14/28 (1)
198,505
32
Rocket
Pharmaceuticals (1)
910,830
24,538
Sage
Therapeutics (1)
535,358
10,033
Sana
Biotechnology (1)
2,660,701
26,607
Sarepta
Therapeutics (1)
265,487
34,370
Scholar
Rock,
Warrants,
12/31/25,
Acquisition
Date:
6/17/22,
Cost $— (1)(2)
151,540
1,735
Scholar
Rock
Holding (1)
1,839,021
32,661
SpringWorks
Therapeutics (1)
1,497,294
73,697
Structure
Therapeutics,
ADR (1)
697,029
29,875
Ultragenyx
Pharmaceutical (1)
1,287,907
60,132
Voyager
Therapeutics (1)
738,456
6,875
Xencor (1)
838,413
18,554
Zai
Lab,
ADR (1)
1,278,939
20,489
Zentalis
Pharmaceuticals (1)
1,235,904
19,478
2,851,836
Total
Biotechnology
3,727,391
LIFE
SCIENCES
9.3%
Life
Sciences
9.3%
Agilent
Technologies
1,150,050
167,344
Bio-Techne
1,050,244
73,927
Bruker
460,880
43,295
Charles
River
Laboratories
International (1)
208,098
56,384
Danaher
1,826,439
456,098
Ginkgo
Bioworks
Holdings,
Class
A (1)
1,654,007
1,918
Pacific
Biosciences
of
California (1)
1,255,981
4,710
SomaLogic,
Warrants,
8/31/26 (1)
90,179
9
Thermo
Fisher
Scientific
1,071,919
623,010
Total
Life
Sciences
1,426,695
MISCELLANEOUS
0.0%
Miscellaneous
0.0%
Orchestra
BioMed
Holdings (1)
399,501
2,105
Total
Miscellaneous
2,105
PHARMACEUTICALS
19.1%
Major
Pharmaceuticals
18.1%
AbbVie
384,446
70,008
T.
ROWE
PRICE
Health
Sciences
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
AstraZeneca,
ADR
4,545,411
307,952
Daiichi
Sankyo
(JPY)
1,000,400
31,569
Eli
Lilly
1,964,952
1,528,654
Merck
4,715,586
622,221
Novo
Nordisk,
ADR
1,820,732
233,782
2,794,186
Specialty
Pharmaceuticals
1.0%
Madrigal
Pharmaceuticals (1)
298,624
79,745
Zoetis
463,550
78,437
158,182
Total
Pharmaceuticals
2,952,368
PRODUCTS
&
DEVICES
18.2%
Capital
Equipment
0.2%
PROCEPT
BioRobotics (1)
653,927
32,317
32,317
Implants
11.9%
Becton
Dickinson
&
Company
681,880
168,731
Boston
Scientific (1)
2,398,587
164,279
Edwards
Lifesciences (1)
2,159,897
206,400
Intuitive
Surgical (1)
1,594,155
636,211
Stryker
1,569,310
561,609
Teleflex
12,111
2,739
Verily
Life
Sciences,
Series
B,
Acquisition
Date:
1/23/19,
Cost $13,998 (1)(2)(3)
113,564
11,077
Zimmer
Biomet
Holdings
568,326
75,008
1,826,054
Other
Products
&
Devices
6.1%
10X
Genomics,
Class
A (1)
1,815,381
68,131
Argenx,
ADR (1)
785,417
309,235
Dexcom (1)
726,721
100,796
Hologic (1)
1,196,972
93,316
Inspire
Medical
Systems (1)
188,500
40,488
Insulet (1)
167,365
28,687
Lantheus
Holdings (1)
336,284
20,930
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $31,622 (1)(2)
(3)
8,397,988
3,359
Penumbra (1)
742,402
165,689
Saluda
Medical,
Warrants,
1/20/27,
Acquisition
Date:
1/20/22,
Cost $— (1)(2)(3)
103,592
298
Shockwave
Medical (1)
348,303
113,418
944,347
Total
Products
&
Devices
2,802,718
T.
ROWE
PRICE
Health
Sciences
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SERVICES
19.4%
Distribution
1.3%
Cardinal
Health
769,537
86,111
Cencora
184,335
44,792
McKesson
132,402
71,080
201,983
Information
0.7%
GeneDx
Holdings (1)
30,145
275
GeneDx
Holdings,
Warrants,
7/22/26 (1)
206,747
12
Veeva
Systems,
Class
A (1)
428,366
99,248
99,535
Other
Services
1.7%
Guardant
Health (1)
569,132
11,741
ICON (1)
254,937
85,646
IQVIA
Holdings (1)
243,905
61,681
West
Pharmaceutical
Services
247,415
97,905
256,973
Payors
14.0%
Centene (1)
1,120,476
87,935
Cigna
Group
792,123
287,691
Elevance
Health
1,056,515
547,845
Humana
207,247
71,857
Molina
Healthcare (1)
541,258
222,365
UnitedHealth
Group
1,892,136
936,040
2,153,733
Providers
1.7%
agilon
health (1)
832,370
5,078
HCA
Healthcare
491,270
163,853
Surgery
Partners (1)
747,103
22,286
Tenet
Healthcare (1)
706,725
74,284
265,501
Total
Services
2,977,725
Total
Miscellaneous
Common
Stocks
5.0% (4)
765,764
Total
Common
Stocks
(Cost
$7,138,214)
14,654,766
CONVERTIBLE
BONDS
0.1%
Galvanize
Therapeutics,
0.00%,
2/13/27,
Acquisition
Date:
2/28/24,
Cost $6,173 (1)(2)(3)
6,172,900
6,173
Immunocore
Holdings,
2.50%,
2/1/30 (5)
15,469,000
16,150
Total
Convertible
Bonds
(Cost
$21,642)
22,323
T.
ROWE
PRICE
Health
Sciences
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CONVERTIBLE
PREFERRED
STOCKS
4.4%
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
Chroma
Medicine,
Series
A,
Acquisition
Date:
10/12/21,
Cost $11,040 (1)(2)(3)
5,207,526
13,539
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
8,979
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
3,662
FOG
Pharma,
Series
D,
Acquisition
Date:
11/17/22,
Cost $6,621 (1)(2)(3)
615,203
4,517
FOG
Pharma,
Series
E,
Acquisition
Date:
2/29/24,
Cost $1,941 (1)
(2)(3)
311,589
1,941
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)
829,412
4,236
Genesis
Therapeutics,
Series
B,
Acquisition
Date:
8/10/23,
Cost $10,152 (1)(2)(3)
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
Laronde,
Series
B,
Acquisition
Date:
7/28/21,
Cost $32,757 (1)(2)
(3)
1,169,887
4,913
Odyssey
Therapeutics,
Series
B,
Acquisition
Date:
5/13/22,
Cost $7,048 (1)(2)(3)
1,115,915
5,803
Odyssey
Therapeutics,
Series
C,
Acquisition
Date:
10/25/23,
Cost $530 (1)(2)(3)
105,905
530
T.
ROWE
PRICE
Health
Sciences
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ProfoundBio,
Series
B,
Acquisition
Date:
2/9/24,
Cost $8,817 (1)
(2)(3)
1,179,611
8,817
Rapport
Therapeutics,
Series
B,
Acquisition
Date:
8/7/23
-
3/19/24,
Cost $8,828 (1)(2)(3)
5,263,115
8,828
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
Sionna
Therapeutics,
Series
C,
Acquisition
Date:
3/4/24,
Cost $1,764 (1)(2)(3)
180,663
1,764
Spyre
Therapeutics
PIPE,
Acquisition
Date:
3/18/24,
Cost $14,314 (1)(2)
9,672
13,941
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
289,056
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
1,203
Capsule,
Series
E,
Acquisition
Date:
1/10/23,
Cost $2,658 (1)(2)(3)
906,656
1,278
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
16,219
Total
Consumer
Nondurables
27,269
LIFE
SCIENCES
1.0%
Life
Sciences
1.0%
Cellanome,
Series
A,
Acquisition
Date:
12/30/21,
Cost $11,023 (1)
(2)(3)
1,993,387
14,931
T.
ROWE
PRICE
Health
Sciences
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Chromacode,
Series
D-1,
Acquisition
Date:
2/28/22,
Cost $2,202 (1)(2)(3)
3,137,582
659
Chromacode,
Series
D-2,
Acquisition
Date:
2/28/22,
Cost $2,202 (1)(2)(3)
3,137,581
1,443
Clear
Labs,
Series
C,
Acquisition
Date:
5/13/21,
Cost $13,294 (1)
(2)(3)
3,830,773
2,375
DNA
Script,
Series
C,
Acquisition
Date:
12/16/21,
Cost $21,371
(EUR) (1)(2)(3)
25,201
7,843
Element
Biosciences,
Series
C,
Acquisition
Date:
6/21/21,
Cost $17,704 (1)(2)(3)
861,217
15,597
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $12,829 (1)(2)
(3)
1,452,941
2,717
Lumicks
Tech,
Series
D,
Acquisition
Date:
4/14/21,
Cost $8,875 (1)(2)(3)
4,954
4,495
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
149,152
MISCELLANEOUS
0.1%
Miscellaneous
0.1%
Obsidian
Therapeutics,
Series
C,
Acquisition
Date:
3/27/24,
Cost $8,821 (1)(2)(3)
4,647,794
8,821
Total
Miscellaneous
8,821
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
4,314
Reflexion
Medical,
Series
D,
Acquisition
Date:
4/3/20,
Cost $2,142 (1)(2)(3)
1,123,437
1,966
Reflexion
Medical,
Series
E,
Acquisition
Date:
3/1/22,
Cost $4,403 (1)(2)(3)
1,857,286
3,343
Reflexion
Medical,
Series
F,
Acquisition
Date:
11/13/23,
Cost $2,690 (1)(2)(3)
1,794,104
2,368
11,991
Implants
0.1%
Kardium,
Series
D-5,
Acquisition
Date:
11/29/18,
Cost $8,574 (1)
(2)(3)(6)
8,849,057
7,522
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $12,516 (1)
(2)(3)(6)
12,320,393
10,472
17,994
Other
Products
&
Devices
0.0%
Saluda
Medical,
Series
D,
Acquisition
Date:
1/20/22,
Cost $8,810 (1)(2)(3)
690,617
6,133
T.
ROWE
PRICE
Health
Sciences
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Saluda
Medical,
Series
E,
Acquisition
Date:
4/6/23,
Cost $4,353 (1)(2)(3)
539,186
4,353
10,486
Total
Products
&
Devices
40,471
SERVICES
1.0%
Information
0.0%
Cleerly,
Series
C,
Acquisition
Date:
7/8/22,
Cost $6,904 (1)(2)(3)
586,029
5,256
5,256
Other
Services
1.0%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $10,374 (1)(2)(3)
3,758,668
13,682
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $18,471 (1)(2)(3)
2,280,334
8,300
Freenome
Holdings,
Series
B,
Acquisition
Date:
6/24/19,
Cost $7,103 (1)(2)(3)
1,558,570
11,531
Freenome
Holdings,
Series
C,
Acquisition
Date:
8/14/20,
Cost $6,139 (1)(2)(3)
928,231
6,868
Freenome
Holdings,
Series
D,
Acquisition
Date:
11/22/21,
Cost $3,971 (1)(2)(3)
526,504
3,905
Freenome
Holdings,
Series
F,
Acquisition
Date:
1/26/24,
Cost $1,322 (1)(2)(3)
178,707
1,322
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
11,427
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
40,262
Tempus
Labs,
Series
E,
Acquisition
Date:
8/23/18,
Cost $10,607 (1)(2)(3)
633,505
28,432
Tempus
Labs,
Series
F,
Acquisition
Date:
4/30/19,
Cost $4,279 (1)
(2)(3)
172,826
8,031
Tempus
Labs,
Series
G,
Acquisition
Date:
2/6/20,
Cost $4,284 (1)
(2)(3)
111,715
5,417
Tempus
Labs,
Series
G-2,
Acquisition
Date:
11/19/20,
Cost $6,720 (1)(2)(3)
117,271
4,548
150,611
Providers
0.0%
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $7,539 (1)(2)(3)
3,130,941
5,354
T.
ROWE
PRICE
Health
Sciences
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Honor
Technology,
Series
E,
Acquisition
Date:
9/29/21,
Cost $6,626 (1)(2)(3)
2,095,807
3,584
8,938
Total
Services
164,805
Total
Convertible
Preferred
Stocks
(Cost
$646,942)
679,574
PREFERRED
STOCKS
0.2%
LIFE
SCIENCES
0.2%
Life
Sciences
0.2%
Sartorius
(EUR)
97,317
38,645
Total
Life
Sciences
38,645
Total
Preferred
Stocks
(Cost
$13,283)
38,645
SHORT-TERM
INVESTMENTS
0.1%
Money
Market
Funds
0.1%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (6)(7)
8,125,697
8,126
Total
Short-Term
Investments
(Cost
$8,126)
8,126
Total
Investments
in
Securities
100.0%
(Cost
$7,828,207)
$
15,403,434
Other
Assets
Less
Liabilities
(0.0)%
(4,445)
Net
Assets
100.0%
$
15,398,989
‡
Shares/Par
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
$774,157
and
represents
5.0%
of
net
assets.
(3)
Level
3
in
fair
value
hierarchy.
(4)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(5)
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
$16,150
and
represents
0.1%
of
net
assets.
(6)
Affiliated
Companies
(7)
Seven-day
yield
T.
ROWE
PRICE
Health
Sciences
Fund
11
ADR
American
Depositary
Receipts
EUR
Euro
JPY
Japanese
Yen
PIPE
Private
Investment
in
Public
Equity
T.
ROWE
PRICE
Health
Sciences
Fund
12
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
March
31,
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
Cellanome,
Series
A
$
—
$
1
$
—
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,
5.39%
—
—
308
Totals
$
—#
$
2
$
308+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
03/31/24
Cellanome,
Series
A
$
14,930
$
—
$
—
$
*
Kardium,
Series
D-5
7,522
—
—
7,522
Kardium,
Series
D-6
10,472
—
—
10,472
PrognomIQ,
Series
A-4
1,816
—
—
1,816
PrognomIQ,
Series
A-5
1,572
—
—
1,572
PrognomIQ,
Series
B
11,426
—
—
11,427
PrognomIQ,
Series
C
3,498
—
—
3,498
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
196,318
¤
¤
8,126
Total
$
44,433^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$308
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
$43,777.
*
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
13
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
14
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.
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
T.
ROWE
PRICE
Health
Sciences
Fund
15
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
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
Health
Sciences
Fund
16
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2024
(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
March
31,
2024.
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,
2024,
totaled $(16,386,000) for
the
period ended
March
31,
2024.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
14,457,362
$
173,372
$
24,032
$
14,654,766
Convertible
Bonds
—
16,150
6,173
22,323
Convertible
Preferred
Stocks
—
13,941
665,633
679,574
Preferred
Stocks
—
38,645
—
38,645
Short-Term
Investments
8,126
—
—
8,126
Total
$
14,465,488
$
242,108
$
695,838
$
15,403,434
($000s)
Beginning
Balance
12/31/23
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
3/31/24
Investment
in
Securities
Common
Stocks
$
31,697
$
403
$
—
$
(8,068)
$
24,032
Convertible
Bonds
—
—
6,173
—
6,173
Convertible
Preferred
Stocks
654,058
(16,386)
27,961
—
665,633
Total
$
685,755
$
(15,983)
$
34,134
$
(8,068)
$
695,838
T.
ROWE
PRICE
Health
Sciences
Fund
17
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.
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
$
24,032
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
Enterprise
value
to
gross
profit
multiple
4.7x
4.7x
Increase
Discount
for
lack
of
marketability
10%
10%
Decrease
Expected
present
value
Discount
rate
for
cost
of
equity
7%
7%
Decrease
Discount
for
regulatory
uncertainty
29%
29%
Decrease
Timing
of
events
3.19
yrs
3.19
yrs
Decrease
Options
pricing
model
Private
company
valuation
—#
—#
—#
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**
Risk-free
rate
4%
4%
Increase
Volatility
53%
53%
Increase
Convertible
Bonds
$
6,173
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Convertible
Preferred
Stocks
$
665,633
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Conversion
Ratio
—#
—#
—#
Premium
for
cumulative
preferred
dividend
rights
10%
-
25%
14%
Increase
Discount
for
dilution
12%
12%
Decrease
Discount
for
uncertainty
100%
100%
Decrease
Market
comparable
Premium
for
liquidation
preference
—#
—#
—#
Enterprise
value
to
sales
multiple
2.1x
–
6.6x
4.9x
Increase
Sales
growth
rate
19%
-
97%
30%
Increase
Enterprise
value
to
gross
profit
multiple
5.5x
–
8.6x
8.0x
Increase
Gross
profit
growth
rate
23%
23%
Increase
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
EBITDA
multiple
11.5x
–
16.1x
13.8x
Increase
EBITDA
growth
rate
56%
56%
Increase
Projected
enterprise
value
to
sales
multiple
1.1x
–
7.6x
6.4x
Increase
Projected
enterprise
value
to
gross
profit
multiple
6.8x
–
9.6x
7.8x
Increase
Projected
enterprise
value
to
EBITDA
multiple
11.8x
11.8x
Increase
Probability
for
potential
outcome
5%
-
80%
37%
Increase
Discount
to
public
company
multiples
31%
-
52%
42%
Decrease
Discount
rate
for
cost
of
capital
15%
-
30%
17%
Decrease
Discount
for
uncertainty
100%
100%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Options
pricing
model
Private
company
valuation
—#
—#
—#
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
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics 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.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
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**
Risk-free
rate
4%
4%
Increase
Volatility
41%
41%
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.
F114-054Q1
03/24