T.
ROWE
PRICE
Financial
Services
Fund
September
30,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
97.9%
BANKS
39.3%
Money
Center
Banks
10.2%
Bank
of
America
2,036,900
86,466
Wells
Fargo
1,881,381
87,315
173,781
Non-U.S.
Banks
5.0%
Axis
Bank
(INR) (1)
313,470
3,215
BAWAG
Group
(EUR)
396,769
25,110
Erste
Group
Bank
(EUR)
360,065
15,810
ING
Groep
(EUR)
1,636,398
23,791
National
Australia
Bank
(AUD)
62,332
1,229
Swedbank,
A
Shares
(SEK)
774,709
15,622
84,777
Regional
Banks
24.1%
Atlantic
Capital
Bancshares (1)
73,197
1,939
BankUnited
375,891
15,720
Citizens
Financial
Group
726,580
34,135
Dime
Community
Bancshares
301,800
9,857
East
West
Bancorp
345,200
26,767
FB
Financial
99,392
4,262
Fifth
Third
Bancorp
1,051,789
44,638
First
Bancshares
51,029
1,979
Five
Star
Bancorp
30,313
726
Heritage
Commerce
278,668
3,241
Home
BancShares
287,076
6,755
Huntington
Bancshares
3,573,240
55,242
National
Bank
Holdings,
Class
A
122,407
4,955
Pacific
Premier
Bancorp
303,841
12,591
Pinnacle
Financial
Partners
303,626
28,565
PNC
Financial
Services
Group
143,200
28,016
Popular
329,726
25,610
Professional
Holding,
Class
A (1)
38,305
720
Republic
First
Bancorp (1)
666,400
2,052
Sandy
Spring
Bancorp
163,500
7,491
Seacoast
Banking
559,277
18,909
Signature
Bank
168,829
45,969
Southern
First
Bancshares (1)
30,155
1,613
Western
Alliance
Bancorp
273,461
29,758
411,510
Total
Banks
670,068
T.
ROWE
PRICE
Financial
Services
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
CAPITAL
MARKETS
17.2%
Asset
Managers
4.0%
Apollo
Global
Management (2)
387,800
23,885
Barings
BDC
558,385
6,153
KKR
170,100
10,356
Main
Street
Capital (2)
82,300
3,382
Trinity
Capital (2)
480,273
7,728
Virtus
Investment
Partners
52,900
16,416
67,920
Capital
Markets
1.4%
Bridgepoint
Group
(GBP) (1)
607,689
4,127
London
Stock
Exchange
Group
(GBP)
158,697
15,903
Patria
Investments,
Class
A
133,206
2,175
Payoneer
Global (1)
89,731
767
22,972
Exchanges
1.9%
Cboe
Global
Markets
149,006
18,456
CME
Group
75,354
14,572
33,028
Security
Brokers
&
Dealers
7.3%
Charles
Schwab
522,437
38,054
Goldman
Sachs
Group
102,000
38,559
Morgan
Stanley
368,913
35,899
Raymond
James
Financial
135,450
12,500
125,012
Trust
Banks
2.6%
Bank
of
New
York
Mellon
417,500
21,643
State
Street
277,075
23,474
45,117
Total
Capital
Markets
294,049
FINANCE
9.6%
Consumer
Finance
3.8%
Capital
One
Financial
150,600
24,393
Chailease
Holding
(TWD)
506,856
4,451
Encore
Capital
Group (1)
415,137
20,454
PRA
Group (1)
308,600
13,004
SoFi
Technologies (1)(2)
197,933
3,143
65,445
Diversified
Financials
3.6%
Euronet
Worldwide (1)
295,580
37,621
Mastercard,
Class
A
19,582
6,808
T.
ROWE
PRICE
Financial
Services
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
nCino (1)
52,565
3,734
Visa,
Class
A
55,838
12,438
60,601
Thrifts
&
Mortgage
Finance
2.2%
Black
Knight (1)
188,917
13,602
PennyMac
Financial
Services
60,724
3,712
Webster
Financial
356,517
19,416
36,730
Total
Finance
162,776
INSURANCE
22.5%
Insurance
1.5%
Assurant
165,210
26,062
26,062
Insurance
Agents
-
Brokers
&
Services
0.7%
GoHealth,
Class
A (1)
165,945
835
Marsh
&
McLennan
55,657
8,428
Selectquote (1)
146,305
1,892
11,155
Life
Insurance
4.3%
Equitable
Holdings
693,308
20,550
MetLife
580,500
35,834
Voya
Financial
273,700
16,802
73,186
Property
&
Casualty
Insurance
15.4%
American
International
Group
1,000,371
54,910
Axis
Capital
Holdings
400,117
18,421
Chubb
353,892
61,393
CNA
Financial
464,371
19,485
Hanover
Insurance
Group
101,800
13,195
Hartford
Financial
Services
Group
516,200
36,263
James
River
Group
Holdings
45,680
1,724
Kemper
147,651
9,862
ProAssurance
94,152
2,239
RenaissanceRe
Holdings
140,000
19,516
Safety
Insurance
Group
143,695
11,388
Selective
Insurance
Group
176,600
13,339
261,735
Title
Insurance
0.6%
First
American
Financial
157,407
10,554
10,554
Total
Insurance
382,692
T.
ROWE
PRICE
Financial
Services
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
MISCELLANEOUS
7.4%
Other
7.4%
AIA
Group
(HKD)
178,400
2,052
Direct
Line
Insurance
Group
(GBP)
3,729,425
14,515
Equifax
15,050
3,814
Fiserv (1)
107,000
11,610
Linea
Directa
Aseguradora
Cia
de
Seguros
y
Reaseguros
(EUR)
1,332,978
2,629
Munich
Re
(EUR)
20,998
5,730
Nerdwallet,
Class
A,
Acquisition
Date:
3/18/20,
Cost $823 (1)(3)(4)
117,536
1,281
Prudential
(GBP)
623,486
12,099
Sampo,
Class
A
(EUR)
400,512
19,802
Sompo
Holdings
(JPY)
182,900
7,935
Sun
Life
Financial (2)
540,100
27,788
Zurich
Insurance
Group
(CHF)
41,201
16,848
Total
Miscellaneous
126,103
REAL
ESTATE
1.9%
Real
Estate
1.9%
Brookfield
Asset
Management,
Class
A
285,800
15,293
JBG
SMITH
Properties,
REIT
458,644
13,580
SL
Green
Realty,
REIT
50,719
3,593
Total
Real
Estate
32,466
Total
Common
Stocks
(Cost
$1,253,148)
1,668,154
CONVERTIBLE
PREFERRED
STOCKS
0.2%
CAPITAL
MARKETS
0.1%
Capital
Markets
0.1%
Trumid
Holdings,
Series
J-A,
Acquisition
Date:
7/31/20,
Cost $353 (1)(3)(4)(5)
712
623
Trumid
Holdings,
Series
J-B,
Acquisition
Date:
7/31/20,
Cost $213 (1)(3)(4)(5)
712
623
Trumid
Holdings,
Series
L,
Acquisition
Date:
9/15/21,
Cost $841 (1)(3)(4)(5)
961
841
Total
Capital
Markets
2,087
INSURANCE
0.1%
Property
&
Casualty
Insurance
0.1%
Coalition,
Series
E,
Acquisition
Date:
9/7/21,
Cost $2,207 (1)(3)(4)
133,551
2,207
Total
Insurance
2,207
Total
Convertible
Preferred
Stocks
(Cost
$3,614)
4,294
T.
ROWE
PRICE
Financial
Services
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
1.6%
Money
Market
Funds
1.6%
T.
Rowe
Price
Government
Reserve
Fund,
0.05% (6)(7)
27,648,890
27,649
Total
Short-Term
Investments
(Cost
$27,649)
27,649
SECURITIES
LENDING
COLLATERAL
1.5%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
1.5%
Short-Term
Funds
1.5%
T.
Rowe
Price
Short-Term
Fund,
0.07% (6)(7)
2,524,616
25,246
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
25,246
Total
Securities
Lending
Collateral
(Cost
$25,246)
25,246
Total
Investments
in
Securities
101.2%
(Cost
$1,309,657)
$
1,725,343
Other
Assets
Less
Liabilities
(1.2)%
(20,726)
Net
Assets
100.0%
$
1,704,617
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
All
or
a
portion
of
this
security
is
on
loan
at
September
30,
2021.
(3)
Level
3
in
fair
value
hierarchy.
(4)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
has
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$5,575
and
represents
0.3%
of
net
assets.
(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
AUD
Australian
Dollar
CHF
Swiss
Franc
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
INR
Indian
Rupee
T.
ROWE
PRICE
Financial
Services
Fund
6
.
.
.
.
.
.
.
.
.
.
JPY
Japanese
Yen
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
SEK
Swedish
Krona
TWD
Taiwan
Dollar
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,
2021.
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,
0.05%
$
—
$
—
$
4
T.
Rowe
Price
Short-Term
Fund,
0.07%
—
—
—++
Totals
$
—#
$
—
$
4+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
09/30/21
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
$
290
¤
¤
$
27,649
T.
Rowe
Price
Short-Term
Fund,
0.07%
5,065
¤
¤
25,246
Total
$
52,895^
#
Capital
gain
distributions
from
mutual
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
$4
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
$52,895.
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
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
T.
ROWE
PRICE
Financial
Services
Fund
9
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)
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
T.
ROWE
PRICE
Financial
Services
Fund
10
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.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Committee
typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Committee
may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
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,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
F117-054Q3
09/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
1,476,005
$
190,868
$
1,281
$
1,668,154
Convertible
Preferred
Stocks
—
—
4,294
4,294
Short-Term
Investments
27,649
—
—
27,649
Securities
Lending
Collateral
25,246
—
—
25,246
Total
$
1,528,900
$
190,868
$
5,575
$
1,725,343