T.
ROWE
PRICE
Financial
Services
Fund
March
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
95.9%
BANKS
31.8%
Money
Center
Banks
11.2%
Bank
of
America
2,118,200
87,312
Citigroup
842,900
45,011
JPMorgan
Chase
88,700
12,092
Wells
Fargo
1,881,381
91,172
235,587
Non-U.S.
Banks
2.8%
Axis
Bank
(INR) (1)
313,470
3,124
BAWAG
Group
(EUR)
424,669
21,428
Erste
Group
Bank
(EUR)
66,361
2,420
ING
Groep
(EUR)
1,636,398
17,086
Swedbank,
Class
A
(SEK) (2)
986,900
14,740
58,798
Regional
Banks
17.8%
BankUnited
530,991
23,342
Citizens
Financial
Group
359,480
16,295
Dime
Community
Bancshares
445,000
15,384
East
West
Bancorp
345,200
27,278
FB
Financial
99,392
4,415
Fifth
Third
Bancorp
871,489
37,509
Five
Star
Bancorp
30,313
858
Heritage
Commerce
278,668
3,135
Home
BancShares
287,076
6,488
Huntington
Bancshares
3,629,440
53,062
National
Bank
Holdings,
Class
A
122,407
4,930
Pacific
Premier
Bancorp
303,841
10,741
Pinnacle
Financial
Partners
303,626
27,958
PNC
Financial
Services
Group
115,500
21,304
Popular
364,726
29,813
Sandy
Spring
Bancorp
163,500
7,344
Seacoast
Banking
559,277
19,586
Signature
Bank
134,629
39,512
SouthState
26,350
2,150
Western
Alliance
Bancorp
309,161
25,605
376,709
Total
Banks
671,094
CAPITAL
MARKETS
22.3%
Asset
Managers
6.9%
Ameriprise
Financial
58,600
17,601
Apollo
Global
Management
452,800
28,069
T.
ROWE
PRICE
Financial
Services
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Barings
BDC
791,442
8,184
Invesco
761,100
17,551
Julius
Baer
Group
(CHF)
291,621
16,883
KKR
403,800
23,610
Main
Street
Capital (2)
87,375
3,726
P10,
Class
A (1)
514,251
6,233
Trinity
Capital
515,373
9,952
Virtus
Investment
Partners
62,200
14,927
146,736
Capital
Markets
1.2%
Bridgepoint
Group
(GBP) (1)
552,248
2,538
London
Stock
Exchange
Group
(GBP)
194,311
20,263
Patria
Investments,
Class
A
133,206
2,372
25,173
Exchanges
1.7%
Cboe
Global
Markets
149,006
17,049
CME
Group
75,354
17,924
34,973
Security
Brokers
&
Dealers
8.2%
Charles
Schwab
580,737
48,962
Goldman
Sachs
Group
154,000
50,835
Morgan
Stanley
440,913
38,536
Raymond
James
Financial
261,150
28,703
StepStone
Group,
Class
A
210,500
6,959
173,995
Trust
Banks
4.3%
Bank
of
New
York
Mellon
863,900
42,875
State
Street
553,075
48,184
91,059
Total
Capital
Markets
471,936
FINANCE
11.4%
Consumer
Finance
5.6%
Capital
One
Financial
371,600
48,787
Chailease
Holding
(TWD)
506,856
4,446
Encore
Capital
Group (1)
366,137
22,968
Equifax
15,050
3,568
NerdWallet,
Class
A (1)
418,032
5,012
NerdWallet,
Class
A,
Acquisition
Date:
3/18/20,
Cost $823 (1)(3)
58,768
669
OneMain
Holdings
285,000
13,512
PRA
Group (1)
308,600
13,912
SoFi
Technologies (1)(2)
568,833
5,376
118,250
T.
ROWE
PRICE
Financial
Services
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Diversified
Financials
3.4%
Euronet
Worldwide (1)
295,580
38,470
Fiserv (1)
137,800
13,973
Mastercard,
Class
A
19,582
6,998
Visa,
Class
A
55,838
12,383
71,824
Thrifts
&
Mortgage
Finance
2.4%
Black
Knight (1)
188,917
10,955
First
American
Financial
157,407
10,203
PennyMac
Financial
Services
157,124
8,359
Webster
Financial
356,517
20,008
49,525
Total
Finance
239,599
INSURANCE
28.8%
Insurance
5.8%
Arch
Capital
Group (1)
425,200
20,588
Assurant
104,610
19,021
Munich
Re
(EUR)
20,998
5,614
Sampo,
Class
A
(EUR)
400,512
19,571
Sun
Life
Financial (2)
560,900
31,315
Zurich
Insurance
Group
(CHF)
52,873
26,114
122,223
Insurance
Agents
-
Brokers
&
Services
3.2%
Arthur
J
Gallagher
147,400
25,736
Linea
Directa
Aseguradora
Cia
de
Seguros
y
Reaseguros
(EUR)
1,332,978
2,052
Marsh
&
McLennan
205,457
35,014
Selectquote (1)(2)
115,605
322
Willis
Towers
Watson
21,700
5,126
68,250
Life
Insurance
3.8%
AIA
Group
(HKD)
220,400
2,301
Equitable
Holdings
742,008
22,936
MetLife
481,900
33,868
Voya
Financial
314,200
20,847
79,952
Property
&
Casualty
Insurance
16.0%
American
International
Group
1,119,771
70,288
Axis
Capital
Holdings
400,117
24,195
Berkshire
Hathaway,
Class
B (1)
41,700
14,716
Chubb
376,592
80,553
CNA
Financial
335,971
16,335
Definity
Financial
(CAD)
173,631
4,435
T.
ROWE
PRICE
Financial
Services
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Direct
Line
Insurance
Group
(GBP)
4,000,746
14,416
Hanover
Insurance
Group
89,300
13,352
Hartford
Financial
Services
Group
657,500
47,215
Kemper
128,851
7,285
RenaissanceRe
Holdings
152,300
24,141
Selective
Insurance
Group
148,700
13,288
Sompo
Holdings
(JPY)
182,900
8,037
338,256
Total
Insurance
608,681
MISCELLANEOUS
0.0%
Other
0.0%
nCino (1)
13,465
552
Total
Miscellaneous
552
REAL
ESTATE
1.6%
Real
Estate
1.6%
Brookfield
Asset
Management,
Class
A (2)
285,800
16,168
JBG
SMITH
Properties,
REIT
458,644
13,401
SL
Green
Realty,
REIT (2)
50,664
4,113
Total
Real
Estate
33,682
Total
Common
Stocks
(Cost
$1,618,659)
2,025,544
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
3.8%
Money
Market
Funds
3.8%
T.
Rowe
Price
Government
Reserve
Fund,
0.29% (6)(7)
81,106,555
81,107
Total
Short-Term
Investments
(Cost
$81,107)
81,107
SECURITIES
LENDING
COLLATERAL
2.0%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.8%
Money
Market
Funds
0.8%
T.
Rowe
Price
Government
Reserve
Fund,
0.29% (6)(7)
17,912,235
17,912
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
17,912
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
1.2%
Money
Market
Funds
1.2%
T.
Rowe
Price
Government
Reserve
Fund,
0.29% (6)(7)
24,904,303
24,904
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
24,904
Total
Securities
Lending
Collateral
(Cost
$42,816)
42,816
Total
Investments
in
Securities
101.9%
(Cost
$1,746,196)
$
2,153,761
Other
Assets
Less
Liabilities
(1.9)%
(
39,859
)
Net
Assets
100.0%
$
2,113,902
‡
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
March
31,
2022.
(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
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
$4,963
and
represents
0.2%
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.
T.
ROWE
PRICE
Financial
Services
Fund
6
.
.
.
.
.
.
.
.
.
.
(6)
Seven-day
yield
(7)
Affiliated
Companies
CAD
Canadian
Dollar
CHF
Swiss
Franc
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
INR
Indian
Rupee
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
three
months
ended
March
31,
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
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
$
—
$
—
$
34
++
Totals
$
—
#
$
—
$
34
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
03/31/22
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
$
70,877
¤
¤
$
123,923
Total
$
123,923
^
#
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
$34
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
$123,923.
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
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 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
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
Financial
Services
Fund
10
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.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
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
$
1,839,407
$
186,137
$
—
$
2,025,544
Convertible
Preferred
Stocks
—
—
4,294
4,294
Short-Term
Investments
81,107
—
—
81,107
Securities
Lending
Collateral
42,816
—
—
42,816
Total
$
1,963,330
$
186,137
$
4,294
$
2,153,761
T.
ROWE
PRICE
Financial
Services
Fund
11
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.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict.
Economic
sanctions
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result, Russian-related
stocks
and
debt
have
since
suffered
significant
declines
in
value.
The
duration
of
the
coronavirus
outbreak
and
the
Russian-Ukraine
conflict,
and
their
effects
on
the
financial
markets,
cannot
be
determined
with
certainty.
The fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
these
events.
F117-054Q1
03/22