T. Rowe Price Financial Services Fund (TFIFX) NPORT-P T. Rowe Price Financial Services Fund, Inc. (Sep 2024 report)

T.

ROWE

PRICE

Financial

Services

Fund

September

30,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

 98.9%

BANKS

 27.3%

Money

Center

Banks

 15.7%

Bank

of

America 

1,882,700‌

74,705‌

Citigroup 

956,000‌

59,846‌

JPMorgan

Chase 

214,900‌

45,314‌

Wells

Fargo 

1,083,841‌

61,226‌

241,091‌

Non-U.S.

Banks

 1.2%

BAWAG

Group

(EUR) 

91,263‌

7,071‌

Canadian

Imperial

Bank

of

Commerce

(CAD) (1)

137,800‌

8,452‌

ING

Groep

(EUR) 

182,429‌

3,310‌

18,833‌

Regional

Banks

 10.4%

East

West

Bancorp 

310,700‌

25,707‌

Fulton

Financial 

265,565‌

4,815‌

Huntington

Bancshares 

729,840‌

10,729‌

Popular 

254,926‌

25,561‌

Regions

Financial 

811,900‌

18,942‌

Synovus

Financial 

177,300‌

7,885‌

U.S.

Bancorp 

709,100‌

32,427‌

UMB

Financial 

52,500‌

5,518‌

Western

Alliance

Bancorp 

323,361‌

27,967‌

159,551‌

Total

Banks

419,475‌

CAPITAL

MARKETS

 21.8%

Asset

Managers

 8.3%

Affiliated

Managers

Group 

49,200‌

8,748‌

Allfunds

Group

(EUR) (1)

1,072,118‌

6,598‌

Ameriprise

Financial 

20,700‌

9,725‌

Apollo

Global

Management 

134,100‌

16,750‌

Barings

BDC (1)

311,542‌

3,053‌

BlackRock 

13,173‌

12,508‌

CVC

Capital

Partners

(EUR) (2)

465,251‌

10,398‌

Invesco 

285,000‌

5,005‌

Janus

Henderson

Group 

112,500‌

4,283‌

Julius

Baer

Group

(CHF) 

85,705‌

5,168‌

KKR 

123,200‌

16,087‌

Main

Street

Capital (1)

57,975‌

2,907‌

TPG 

128,400‌

7,391‌

T.

ROWE

PRICE

Financial

Services

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Trinity

Capital (1)

195,524‌

2,653‌

Virtus

Investment

Partners 

48,300‌

10,116‌

WisdomTree (1)

546,100‌

5,456‌

126,846‌

Capital

Markets

 0.8%

London

Stock

Exchange

Group

(GBP) 

62,601‌

8,571‌

UBS

Group

(CHF) 

125,202‌

3,874‌

12,445‌

Exchanges

 3.2%

Cboe

Global

Markets 

44,606‌

9,138‌

CME

Group 

25,954‌

5,727‌

Intercontinental

Exchange 

213,381‌

34,278‌

49,143‌

Security

Brokers

&

Dealers

 8.0%

Charles

Schwab 

777,837‌

50,412‌

Goldman

Sachs

Group 

16,900‌

8,367‌

LPL

Financial

Holdings 

96,700‌

22,495‌

Morgan

Stanley 

121,213‌

12,635‌

Raymond

James

Financial 

57,550‌

7,048‌

Robinhood

Markets,

Class

A (2)

211,276‌

4,948‌

StepStone

Group,

Class

A 

302,400‌

17,186‌

123,091‌

Trust

Banks

 1.5%

State

Street 

262,975‌

23,265‌

23,265‌

Total

Capital

Markets

334,790‌

FINANCE

 21.4%

Consumer

Finance

 5.4%

American

Express 

31,700‌

8,597‌

Capital

One

Financial 

201,692‌

30,199‌

Discover

Financial

Services 

148,700‌

20,861‌

OneMain

Holdings 

78,900‌

3,714‌

SLM 

556,400‌

12,725‌

SoFi

Technologies (1)(2)

825,200‌

6,486‌

82,582‌

Diversified

Financials

 13.2%

Corpay (2)

26,500‌

8,288‌

Fiserv (2)

121,700‌

21,864‌

Mastercard,

Class

A 

150,282‌

74,209‌

PayPal

Holdings (2)

270,000‌

21,068‌

S&P

Global 

9,000‌

4,650‌

T.

ROWE

PRICE

Financial

Services

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Visa,

Class

A 

237,472‌

65,293‌

Western

Union 

523,900‌

6,250‌

201,622‌

Thrifts

&

Mortgage

Finance

 2.8%

Banc

of

California 

227,634‌

3,353‌

New

York

Community

Bancorp,

Warrants,

3/7/31,

Acquisition

Date:

3/7/24,

Cost $— (2)(3)

622‌

1,709‌

New

York

Community

Bancorp

PIPE,

Acquisition

Date:

3/7/24,

Cost $2,074 (2)(3)

345,667‌

3,688‌

PennyMac

Financial

Services 

99,824‌

11,377‌

Webster

Financial 

485,517‌

22,630‌

42,757‌

Total

Finance

326,961‌

INSURANCE

 27.8%

Insurance

 1.1%

AXA

(EUR) 

212,410‌

8,177‌

Essent

Group 

122,500‌

7,876‌

16,053‌

Insurance

Agents

-

Brokers

&

Services

 3.5%

Arthur

J

Gallagher 

13,720‌

3,860‌

Marsh

&

McLennan 

141,564‌

31,582‌

TWFG (2)

49,262‌

1,336‌

Willis

Towers

Watson 

57,396‌

16,905‌

53,683‌

Life

Insurance

 6.0%

Corebridge

Financial 

796,788‌

23,234‌

Equitable

Holdings 

372,750‌

15,667‌

MetLife 

367,054‌

30,275‌

Voya

Financial 

282,019‌

22,341‌

91,517‌

Property

&

Casualty

Insurance

 17.2%

Allstate 

169,945‌

32,230‌

American

International

Group 

243,123‌

17,804‌

Axis

Capital

Holdings 

219,739‌

17,493‌

Berkshire

Hathaway,

Class

B (2)

79,697‌

36,681‌

Bowhead

Specialty

Holdings (2)

24,859‌

696‌

Chubb 

181,164‌

52,246‌

Everest

Group 

28,264‌

11,075‌

Hartford

Financial

Services

Group 

270,329‌

31,793‌

James

River

Group

Holdings 

259,700‌

1,628‌

Palomar

Holdings (2)

22,360‌

2,117‌

T.

ROWE

PRICE

Financial

Services

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Progressive 

102,664‌

26,052‌

RenaissanceRe

Holdings 

66,393‌

18,086‌

Travelers 

68,984‌

16,151‌

264,052‌

Total

Insurance

425,305‌

MISCELLANEOUS

 0.6%

Other

 0.6%

Global

Payments 

87,400‌

8,952‌

Total

Miscellaneous

8,952‌

Total

Common

Stocks

(Cost

$1,055,083)

1,515,483‌

CONVERTIBLE

PREFERRED

STOCKS

 0.1%

CAPITAL

MARKETS

 0.0%

Capital

Markets

 0.0%

Trumid

Holdings,

Series

J-A,

Acquisition

Date:

7/31/20,

Cost $353 (2)(3)(4)(5)

712‌

280‌

Trumid

Holdings,

Series

J-B,

Acquisition

Date:

7/31/20,

Cost $213 (2)(3)(4)(5)

712‌

279‌

Trumid

Holdings,

Series

L,

Acquisition

Date:

9/15/21,

Cost $842 (2)(3)(4)(5)

961‌

377‌

Total

Capital

Markets

936‌

INSURANCE

 0.1%

Property

&

Casualty

Insurance

 0.1%

Coalition,

Series

E,

Acquisition

Date:

9/7/21,

Cost $2,207 (2)

(3)(4)

133,551‌

1,053‌

Total

Insurance

1,053‌

Total

Convertible

Preferred

Stocks

(Cost

$3,615)

1,989‌

SHORT-TERM

INVESTMENTS

 0.8%

Money

Market

Funds

 0.8%

T.

Rowe

Price

Government

Reserve

Fund,

4.97% (6)(7)

12,103,403‌

12,103‌

Total

Short-Term

Investments

(Cost

$12,103)

12,103‌

T.

ROWE

PRICE

Financial

Services

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

SECURITIES

LENDING

COLLATERAL

 1.4%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK 0.6%

Money

Market

Funds 0.6%

T.

Rowe

Price

Government

Reserve

Fund,

4.97% (6)(7)

9,118,502‌

9,118‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

9,118‌

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY 0.8%

Money

Market

Funds 0.8%

T.

Rowe

Price

Government

Reserve

Fund,

4.97% (6)(7)

11,643,820‌

11,644‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

11,644‌

Total

Securities

Lending

Collateral

(Cost

$20,762)

20,762‌

Total

Investments

in

Securities

 101.2%

(Cost

$1,091,563)

$

1,550,337‌

Other

Assets

Less

Liabilities

(1.2)%

(18,472‌)

Net

Assets

100.0%

$

1,531,865‌

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

All

or

a

portion

of

this

security

is

on

loan

at

September

30,

2024.

(2)

Non-income

producing

(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

$7,386

and

represents

0.5%

of

net

assets.

(4)

Level

3

in

fair

value

hierarchy.

(5)

Investment

in

a

partnership

held

indirectly

through

a

limited

liability

company

that

is

owned

by

the

fund

and

treated

as

a

corporation

for

U.S.

tax

purposes.

(6)

Seven-day

yield

(7)

Affiliated

Companies

T.

ROWE

PRICE

Financial

Services

Fund

6

CAD

Canadian

Dollar

CHF

Swiss

Franc

EUR

Euro

GBP

British

Pound

PIPE

Private

Investment

in

Public

Equity

T.

ROWE

PRICE

Financial

Services

Fund

7

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

nine

months

ended

September

30,

2024.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

4.97%

$

—‌

$

—‌

$

1,350‌++

Totals

$

—‌#

$

—‌

$

1,350‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

09/30/24

T.

Rowe

Price

Government

Reserve

Fund,

4.97%

$

46,865‌

 ¤

 ¤

$

32,865‌

Total

$

32,865‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$1,350

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

$32,865.

T.

ROWE

PRICE

Financial

Services

Fund

Unaudited

Notes

to

Portfolio

of

Investments

8

T.

Rowe

Price

Financial

Services

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)

T.

ROWE

PRICE

Financial

Services

Fund

9

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-

counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

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

T.

ROWE

PRICE

Financial

Services

Fund

10

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.

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

Financial

Services

Fund

11

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

September

30,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

OTHER

MATTERS 

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia’s

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

F117-054Q3

09/24

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

1,448,467‌

$

67,016‌

$

—‌

$

1,515,483‌

Convertible

Preferred

Stocks

—‌

—‌

1,989‌

1,989‌

Short-Term

Investments

12,103‌

—‌

—‌

12,103‌

Securities

Lending

Collateral

20,762‌

—‌

—‌

20,762‌

Total

$

1,481,332‌

$

67,016‌

$

1,989‌

$

1,550,337‌