T.
ROWE
PRICE
Health
Sciences
Fund
September
30,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
94.5%
BIOTECHNOLOGY
23.2%
International-Biotechnology
0.0%
Ideaya
Biosciences (1)
143,525
2,141
2,141
Major
Biotechnology
5.6%
Biogen (1)
388,006
103,598
BioNTech,
ADR
938,883
126,637
Celldex
Therapeutics (1)
558,393
15,696
Exact
Sciences (1)
1,142,524
37,121
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
3
Exact
Sciences
FDA
Milestone,
Acquisition
Date:
1/6/21,
Cost $— (1)(2)(3)
1,863,136
1,156
Neurocrine
Biosciences (1)
403,826
42,890
Royalty
Pharma,
Class
A
1,540,353
61,891
Seagen (1)
396,703
54,281
Vertex
Pharmaceuticals (1)
1,385,653
401,202
846,785
Other
Biotechnology
17.6%
Aadi
Bioscience (1)
150,289
2,123
ACADIA
Pharmaceuticals (1)
1,495,857
24,472
Acerta
Future
Payments,
EC,
Acquisition
Date:
6/30/21,
Cost $16,465 (1)(2)(3)
16,465,269
14,441
Adaptive
Biotechnologies (1)
726,195
5,170
ADC
Therapeutics (1)
901,389
4,345
Affinivax
Escrow
Payment,
Acquisition
Date:
9/12/22,
Cost $187 (1)(2)(3)
186,682
177
Affinivax
Expense
Fund,
Acquisition
Date:
9/12/22,
Cost $13 (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
Mileston
Event,
Acquisition
Date:
9/12/22,
Cost $3,454 (1)(2)(3)
7,349,672
1,617
Agios
Pharmaceuticals (1)
313,610
8,869
Alector (1)
368,546
3,486
Allogene
Therapeutics (1)
1,920,843
20,745
Alnylam
Pharmaceuticals (1)
1,425,608
285,350
Apellis
Pharmaceuticals (1)
952,577
65,061
Arvinas (1)
492,394
21,907
Ascendis
Pharma,
ADR (1)
857,115
88,506
Avidity
Biosciences (1)
1,106,578
18,070
T.
ROWE
PRICE
Health
Sciences
Fund
1
T.
ROWE
PRICE
Health
Sciences
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
BeiGene,
ADR (1)
146,905
19,806
Blueprint
Medicines (1)
1,030,731
67,915
C4
Therapeutics (1)
474,798
4,164
Centessa
Pharmaceuticals,
ADR (1)
952,521
3,829
Cerevel
Therapeutics
Holdings (1)
1,658,356
46,865
CRISPR
Therapeutics (1)
278,045
18,170
Day
One
Biopharmaceuticals (1)
506,749
10,150
Denali
Therapeutics (1)
1,028,355
31,560
Design
Therapeutics (1)
185,702
3,105
DICE
Therapeutics (1)
560,488
11,367
Enanta
Pharmaceuticals (1)
135,460
7,026
EQRx (1)
958,086
4,743
EQRx,
Warrants,
4/29/21 (1)
242,949
199
Evotec
(EUR) (1)
417,374
7,256
Exelixis (1)
2,438,440
38,235
Fate
Therapeutics (1)
1,026,091
22,995
Flame
Biosciences,
Acquisition
Date:
9/28/20,
Cost $5,500 (1)(2)
(3)
839,721
3,854
F-star
Therapeutics (1)
43,784
224
Generation
Bio (1)
1,906,471
10,123
Genmab
(DKK) (1)
333,214
107,196
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (1)(3)
212,706
254
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (1)(3)
212,706
232
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (1)(3)
212,706
213
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
IGM
Biosciences (1)
325,874
7,410
Imago
Biosciences (1)
535,716
8,063
Immuneering,
Class
A (1)
1,620,518
23,206
Immunocore
Holdings,
ADR (1)
919,417
43,157
Incyte (1)
1,007,558
67,144
Insmed (1)
2,495,981
53,763
Intellia
Therapeutics (1)
347,720
19,458
Ionis
Pharmaceuticals (1)
1,456,630
64,427
Iovance
Biotherapeutics (1)
1,656,050
15,865
IVERIC
bio (1)
1,605,737
28,807
Karuna
Therapeutics (1)
599,357
134,813
Kodiak
Sciences (1)
550,076
4,258
Kronos
Bio (1)
119,460
400
Kymera
Therapeutics (1)
729,613
15,884
Longboard
Pharmaceuticals (1)
512,527
1,907
Lonza
Group
(CHF)
40,364
19,653
T.
ROWE
PRICE
Health
Sciences
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Lyell
Immunopharma (1)
1,771,850
12,988
MeiraGTx
Holdings (1)
322,267
2,710
Mirati
Therapeutics (1)
336,892
23,529
Moderna (1)
1,645,146
194,539
Monte
Rosa
Therapeutics (1)
1,232,864
10,072
MoonLake
Immunotherapeutics (1)
725,332
5,774
Morphic
Holding (1)
197,771
5,597
Novocure (1)
1,350,449
102,607
Nurix
Therapeutics (1)
292,926
3,817
Pardes
Biosciences (1)
275,099
509
Prelude
Therapeutics (1)
193,528
1,279
Progenic
Pharmaceuticals,
CVR (1)(2)
842,223
969
Prothena (1)
574,534
34,834
PTC
Therapeutics (1)
302,302
15,176
RAPT
Therapeutics (1)
716,060
17,228
Regeneron
Pharmaceuticals (1)
586,001
403,679
REGENXBIO (1)
150,920
3,989
Relay
Therapeutics (1)
1,117,298
24,994
Repligen (1)
219,258
41,025
Replimune
Group (1)
990,008
17,097
REVOLUTION
Medicines (1)
1,022,852
20,171
Rocket
Pharmaceuticals (1)
395,912
6,319
Sage
Therapeutics (1)
667,738
26,149
Sana
Biotechnology (1)
1,369,212
8,215
Sarepta
Therapeutics (1)
467,811
51,712
Scholar
Rock,
Warrants,
12/31/25,
Acquisition
Date:
6/17/22,
Cost $— (1)(3)
151,540
673
Scholar
Rock
Holding (1)
1,728,367
11,978
SpringWorks
Therapeutics (1)
170,528
4,865
Stoke
Therapeutics (1)
273,448
3,511
Tenaya
Therapeutics (1)
641,147
1,859
Theseus
Pharmaceuticals (1)
1,078,695
6,256
Ultragenyx
Pharmaceutical (1)
1,179,514
48,844
Ventyx
Biosciences,
Acquisition
Date:
9/19/22,
Cost $3,272 (1)(3)
99,163
3,289
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)
752,720
19,556
Zai
Lab,
ADR (1)
468,296
16,016
Zentalis
Pharmaceuticals (1)
623,179
13,498
2,667,817
Total
Biotechnology
3,516,743
T.
ROWE
PRICE
Health
Sciences
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
LIFE
SCIENCES
12.9%
Life
Sciences
12.9%
Agilent
Technologies
2,121,575
257,877
Bio-Techne
125,882
35,750
Bruker
1,942,863
103,088
Danaher
2,376,828
613,911
Dynamics
Special
Purpose,
Acquisition
Date:
12/20/21,
Cost $— (1)(3)
115,996
239
Ginkgo
Bioworks
Holdings,
Class
A (1)
2,489,708
7,768
Maravai
LifeSciences
Holdings,
Class
A (1)
237,575
6,065
Mettler-Toledo
International (1)
45,931
49,795
Olink
Holding,
ADR (1)
1,974,215
23,967
Pacific
Biosciences
of
California (1)
2,553,280
14,822
Quanterix (1)
122,575
1,351
Rapid
Micro
Biosystems,
Class
A (1)
623,466
2,014
Seer (1)
1,118,046
8,654
Senti
Biosciences (1)
1,551,383
3,366
SomaLogic,
Warrants,
8/31/26 (1)
110,057
48
SomaLogic,
Earn
Out
Shares
$20,
Acquisition
Date:
9/2/21,
Cost $— (1)(3)
3,873,442
15
Thermo
Fisher
Scientific
1,532,435
777,236
Twist
Bioscience (1)
377,948
13,319
Waters (1)
158,883
42,824
Total
Life
Sciences
1,962,109
MISCELLANEOUS
0.2%
Miscellaneous
0.2%
BCLS
Acquisition,
Class
A (1)
559,270
5,604
Health
Sciences
Acquisitions
Corp
2 (1)
600,927
5,952
Revolution
Healthcare
Acquisition (1)
1,302,855
12,794
Total
Miscellaneous
24,350
PHARMACEUTICALS
15.0%
Major
Pharmaceuticals
15.0%
AbbVie
1,724,858
231,493
AstraZeneca,
ADR
8,020,695
439,855
Daiichi
Sankyo
(JPY)
5,257,000
146,938
Eli
Lilly
2,071,972
669,972
Merck
3,550,233
305,746
Pfizer
8,441,930
369,419
Roche
Holding
(CHF)
364,808
118,757
Total
Pharmaceuticals
2,282,180
PRODUCTS
&
DEVICES
17.0%
Capital
Equipment
0.7%
General
Electric
579,328
35,866
T.
ROWE
PRICE
Health
Sciences
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
PROCEPT
BioRobotics (1)
642,196
26,625
STERIS
245,631
40,844
103,335
Implants
7.4%
Becton
Dickinson
&
Company
1,068,755
238,151
Intuitive
Surgical (1)
2,167,688
406,311
iRhythm
Technologies (1)
340,910
42,709
Stryker
1,537,694
311,445
Teleflex
329,006
66,282
Verily
Life
Sciences,
Series
B,
Acquisition
Date:
1/23/19,
Cost $13,998 (1)(2)(3)
113,564
17,108
Zimmer
Biomet
Holdings
387,287
40,491
1,122,497
Other
Products
&
Devices
8.9%
10X
Genomics,
Class
A (1)
1,485,216
42,298
Alcon
(CHF)
621,077
36,076
Argenx,
ADR (1)
865,842
305,685
Avantor (1)
4,413,572
86,506
Burning
Rock
Biotech,
ADR (1)
199,953
478
Catalent (1)
833,141
60,286
Cooper
151,506
39,982
Dexcom (1)
1,051,748
84,708
Hologic (1)
2,564,222
165,444
Inari
Medical (1)
281,379
20,439
Insulet (1)
385,239
88,374
Lantheus
Holdings (1)
419,004
29,469
Nevro (1)
192,292
8,961
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $31,623 (1)(2)
(3)
8,397,988
5,543
Penumbra (1)
636,142
120,612
Saluda
Medical,
Warrants,
1/1/23,
Acquisition
Date:
1/20/22,
Cost $— (1)(2)(3)
207,185
—
Shockwave
Medical (1)
789,355
219,496
Warby
Parker,
Class
A (1)
2,464,753
32,880
1,347,237
Total
Products
&
Devices
2,573,069
SERVICES
22.5%
Distribution
0.1%
Option
Care
Health (1)
631,858
19,885
19,885
Information
1.3%
Doximity,
Class
A (1)
1,615,185
48,811
Sema4
Holdings (1)
1,229,807
1,079
T.
ROWE
PRICE
Health
Sciences
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Sema4
Holdings
,
Warrants,
9/24/27 (1)
251,860
55
Sophia
Genetics (1)
679,130
1,786
Veeva
Systems,
Class
A (1)
871,862
143,753
195,484
Other
Services
1.3%
Certara (1)
704,490
9,356
Elanco
Animal
Health (1)
795,325
9,870
Guardant
Health (1)
1,006,161
54,162
West
Pharmaceutical
Services
441,143
108,556
Wuxi
Biologics
Cayman
(HKD) (1)
3,218,500
19,159
201,103
Payors
18.9%
Alignment
Healthcare (1)
1,576,077
18,661
Centene (1)
4,279,154
332,961
Cigna
703,161
195,106
Elevance
Health
929,669
422,293
Humana
716,336
347,559
Molina
Healthcare (1)
724,717
239,040
UnitedHealth
Group
2,604,627
1,315,441
2,871,061
Providers
0.9%
agilon
health (1)
627,901
14,705
HCA
Healthcare
496,511
91,254
Oak
Street
Health (1)
547,477
13,424
Surgery
Partners (1)
471,237
11,027
130,410
Total
Services
3,417,943
Total
Miscellaneous
Common
Stocks
3.7% (4)
567,458
Total
Common
Stocks
(Cost
$8,017,361)
14,343,852
CONVERTIBLE
PREFERRED
STOCKS
5.1%
BIOTECHNOLOGY
1.5%
Other
Biotechnology
1.5%
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:
1/12/21-4/7/22,
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
T.
ROWE
PRICE
Health
Sciences
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
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
16,162
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
6,551
Nutcracker
Therapeutics,
Series
C,
Acquisition
Date:
8/27/21,
Cost $11,050 (1)(2)(3)
1,027,785
11,050
Odyssey
Therapeutics,
Series
B,
Acquisition
Date:
5/13/22,
Cost $7,048 (1)(2)(3)
1,115,915
7,048
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
Tessera
Therapeutics,
Series
C,
Acquisition
Date:
2/25/22,
Cost $7,915 (1)(2)(3)
387,032
7,915
Treeline,
Series
A,
Acquisition
Date:
4/9/21-9/26/22,
Cost $18,552 (1)(2)(3)(5)
2,370,150
18,552
Total
Biotechnology
221,555
CONSUMER
NONDURABLES
0.6%
Healthcare
Services
0.6%
Capsule,
Series
D,
Acquisition
Date:
4/7/21,
Cost $12,364 (1)(2)(3)
853,213
10,528
Color
Health,
Series
D,
Acquisition
Date:
12/17/20,
Cost $11,180 (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
88,481
T.
ROWE
PRICE
Health
Sciences
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
‡
LIFE
SCIENCES
1.2%
Life
Sciences
1.2%
Cellanome,
Series
A,
Acquisition
Date:
12/30/21,
Cost $11,023 (1)
(2)(3)(5)
1,993,387
13,874
Chromacode,
Series
D-1,
Acquisition
Date:
2/28/22,
Cost $2,202 (1)(2)(3)
3,137,582
2,039
Chromacode,
Series
D-2,
Acquisition
Date:
2/28/22,
Cost $2,202 (1)(2)(3)
2,605,184
1,693
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
18,524
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
8,107
Lumicks
Tech,
Series
D,
Acquisition
Date:
4/14/21,
Cost $8,875 (1)(2)(3)
4,954
9,585
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $16,458 (1)(2)(3)
1,204,832
73,170
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $18,957 (1)(2)(3)
426,855
25,923
Total
Life
Sciences
183,913
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
5,945
Reflexion
Medical,
Series
D,
Acquisition
Date:
4/3/20,
Cost $2,142 (1)(2)(3)
1,123,437
2,663
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
0.1%
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
T.
ROWE
PRICE
Health
Sciences
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SERVICES
1.5%
Information
0.0%
Cleerly,
Series
C,
Acquisition
Date:
7/8/22,
Cost $6,904 (1)(2)(3)
586,029
6,904
6,904
Other
Services
1.4%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $10,374 (1)(2)(3)
3,758,668
24,732
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $18,471 (1)(2)(3)
2,280,334
15,005
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)(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
55,753
Tempus
Labs,
Series
E,
Acquisition
Date:
8/23/18,
Cost $10,607 (1)(2)(3)
633,505
38,289
Tempus
Labs,
Series
F,
Acquisition
Date:
4/30/19,
Cost $4,279 (1)
(2)(3)
172,826
10,584
Tempus
Labs,
Series
G,
Acquisition
Date:
2/6/20,
Cost $4,284 (1)
(2)(3)
111,715
6,924
Tempus
Labs,
Series
G-2,
Acquisition
Date:
11/19/20,
Cost $6,720 (1)(2)(3)
117,271
6,592
211,357
Providers
0.1%
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $7,539 (1)(2)(3)
3,130,941
9,048
Honor
Technology,
Series
E,
Acquisition
Date:
9/29/21,
Cost $6,626 (1)(2)(3)
2,095,807
6,057
15,105
Total
Services
233,366
Total
Convertible
Preferred
Stocks
(Cost
$546,978)
770,640
T.
ROWE
PRICE
Health
Sciences
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
‡
PREFERRED
STOCKS
0.6%
LIFE
SCIENCES
0.6%
Life
Sciences
0.6%
Sartorius
(EUR)
247,804
85,716
Total
Life
Sciences
85,716
Total
Preferred
Stocks
(Cost
$50,169)
85,716
SHORT-TERM
INVESTMENTS
0.1%
Money
Market
Funds
0.1%
T.
Rowe
Price
Government
Reserve
Fund,
3.07% (5)(6)
14,648,912
14,649
Total
Short-Term
Investments
(Cost
$14,649)
14,649
Total
Investments
in
Securities
100.3%
(Cost
$8,629,157)
$
15,214,857
Other
Assets
Less
Liabilities
(0.3)%
(42,149)
Net
Assets
100.0%
$
15,172,708
‡
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
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
$832,223
and
represents
5.5%
of
net
assets.
(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)
Affiliated
Companies
(6)
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
HKD
Hong
Kong
Dollar
JPY
Japanese
Yen
T.
ROWE
PRICE
Health
Sciences
Fund
11
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,
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
$
—
$
2,851
$
—
Chroma
Medicine,
Series
A
—
—
—
Immuneering,
Class
A
(1,633)
8,814
—
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,
Warrants,
8/31/26
(2)
(322)
—
SomaLogic,
Earn
Out
Shares
$20
—
(367)
—
Treeline,
Series
A
—
—
—
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
—
—
124
Affiliates
not
held
at
period
end
(5,751)
(29,640)
—
Totals
$
(7,386)#
$
(14,913)
$
124+
T.
ROWE
PRICE
Health
Sciences
Fund
12
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
09/30/22
Cellanome,
Series
A
$
11,023
$
—
$
—
$
13,874
Chroma
Medicine,
Series
A
11,040
—
—
11,040
Immuneering,
Class
A
*
9,467
1,568
*
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
15,668
28,159
—
SomaLogic,
Warrants,
8/31/26
372
—
2
*
SomaLogic,
Class
B
42,833
—
15,668
—
SomaLogic,
Earn
Out
Shares
$20
382
—
—
*
Treeline,
Series
A
*
11,332
—
18,552
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
12,084
¤
¤
14,649
Total
$
97,933^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$124
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
$90,915.
*
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
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 fund’s
own
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
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
15
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,
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
$
13,751,924
$
534,291
$
57,637
$
14,343,852
Convertible
Preferred
Stocks
—
—
770,640
770,640
Preferred
Stocks
—
85,716
—
85,716
Short-Term
Investments
14,649
—
—
14,649
Total
$
13,766,573
$
620,007
$
828,277
$
15,214,857
T.
ROWE
PRICE
Health
Sciences
Fund
16
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
September
30,
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
September
30,
2022,
totaled $1,272,000 for
the
period ended
September
30,
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
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
12/31/21
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
9/30/22
Investment
in
Securities
Common
Stocks
$
58,155
$
(11,979)
$
20,369
$
(8,908)
$
57,637
Convertible
Preferred
Stocks
706,485
49,405
80,027
(65,277)
770,640
Total
$
764,640
$
37,426
$
100,396
$
(74,185)
$
828,277
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
$
57,637
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
uncertainty
5%
–88%
54%
Decrease
Market
comparable
Enterprise
value
to
sales
multiple
2.8x
2.8x
Increase
Enterprise
value
to
gross
profit
multiple
6.0x
6.0x
Increase
T.
ROWE
PRICE
Health
Sciences
Fund
17
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**
Probability
for
alternate
outcome
20%
–
40%
30%
Decrease
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
$
770,640
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Premium
for
cumulative
preferred
dividend
rights
3%
–
8%
4%
Increase
Discount
for
cumulative
preferred
dividend
rights
2%
2%
Decrease
Market
comparable
Enterprise
value
to
sales
multiple
1.1x
–
11.7x
5.1x
Increase
Sales
growth
rate
266%
266%
Increase
Enterprise
value
to
gross
profit
multiple
5.5x
–
6.6x
6.1x
Increase
Gross
profit
growth
rate
43%
43%
Increase
T.
ROWE
PRICE
Health
Sciences
Fund
18
+
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
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.
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**
Projected
enterprise
value
to
EBITDA
multiple
8.3x
8.3x
Increase
Discount
rate
for
cost
of
capital
30%
30%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Estimated
liquidation
value
Discount
for
lack
of
collectability
100%
100%
Decrease
T.
ROWE
PRICE
Health
Sciences
Fund
19
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.
These
are
recent
examples
of
global
events
which
may
have
an
impact
on
the
fund’s
performance,
which
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F114-054Q3
09/22