T.

ROWE

PRICE

Health

Sciences

Fund

March

31,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

95.2%

BIOTECHNOLOGY

22.8%

International-Biotechnology

0.0%

Ideaya

Biosciences (1)

312,628‌

3,498‌

3,498‌

Major

Biotechnology

6.3%

Alkermes (1)

74,735‌

1,966‌

Amgen 

565,761‌

136,812‌

Biogen (1)

324,716‌

68,385‌

BioNTech,

ADR (1)

1,158,580‌

197,607‌

Celldex

Therapeutics (1)

814,300‌

27,735‌

Exact

Sciences (1)

1,330,601‌

93,036‌

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

4‌

Exact

Sciences

FDA

Milestone,

Acquisition

Date:

1/6/21,

Cost $— (1)(2)(3)

1,863,136‌

1,155‌

Neurocrine

Biosciences (1)

347,220‌

32,552‌

Royalty

Pharma,

Class

A 

1,554,101‌

60,548‌

Seagen (1)

986,358‌

142,085‌

Vertex

Pharmaceuticals (1)

1,314,925‌

343,156‌

1,107,351‌

Other

Biotechnology

16.5%

Aadi

Bioscience (1)

319,355‌

5,419‌

ACADIA

Pharmaceuticals (1)

1,065,377‌

25,803‌

Acerta

Future

Payments,

EC,

Acquisition

Date:

6/30/21,

Cost $16,465 (1)(2)(3)

16,465,269‌

14,440‌

Adaptive

Biotechnologies (1)

817,763‌

11,351‌

ADC

Therapeutics (1)

1,043,767‌

15,333‌

Agios

Pharmaceuticals (1)

447,242‌

13,019‌

Alector (1)

499,684‌

7,120‌

Allogene

Therapeutics (1)

1,357,033‌

12,363‌

Alnylam

Pharmaceuticals (1)

1,339,700‌

218,760‌

Annexon (1)

402,661‌

1,099‌

Apellis

Pharmaceuticals (1)

1,283,704‌

65,225‌

Arvinas (1)

554,468‌

37,316‌

Ascendis

Pharma,

ADR (1)

828,524‌

97,236‌

Atea

Pharmaceuticals (1)

257,467‌

1,859‌

Avidity

Biosciences (1)

1,158,274‌

21,393‌

BeiGene,

ADR (1)

213,878‌

40,337‌

Blueprint

Medicines (1)

756,013‌

48,294‌

C4

Therapeutics (1)

1,178,618‌

28,593‌

T.

ROWE

PRICE

Health

Sciences

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Centessa

Pharmaceuticals,

Acquisition

Date:

1/29/21,

Cost $7,143 (1)(3)

649,336‌

5,825‌

Cerevel

Therapeutics

Holdings (1)

1,773,576‌

62,093‌

CRISPR

Therapeutics (1)

253,694‌

15,924‌

CureVac (1)

335,860‌

6,586‌

Day

One

Biopharmaceuticals (1)

460,349‌

4,567‌

Denali

Therapeutics (1)

1,466,731‌

47,185‌

Design

Therapeutics (1)

424,058‌

6,849‌

DICE

Therapeutics (1)

631,159‌

12,074‌

Enanta

Pharmaceuticals (1)

145,096‌

10,328‌

EQRx (1)

1,076,542‌

4,446‌

EQRx,

Warrants,

4/29/21 (1)

244,145‌

198‌

Evotec

(EUR) (1)

539,861‌

16,246‌

Exelixis (1)

3,712,558‌

84,164‌

Fate

Therapeutics (1)

1,091,915‌

42,334‌

Flame

Biosciences,

Acquisition

Date:

9/28/20,

Cost $5,500 (1)(2)

(3)

839,721‌

5,500‌

Generation

Bio (1)

1,740,673‌

12,777‌

Genmab

(DKK) (1)

249,424‌

90,080‌

Ginkgo

Bioworks,

Acquisition

Date:

9/17/21,

Cost $— (1)(3)

212,706‌

435‌

Ginkgo

Bioworks,

Acquisition

Date:

9/17/21,

Cost $— (1)(3)

212,706‌

406‌

Ginkgo

Bioworks,

Acquisition

Date:

9/17/21,

Cost $— (1)(3)

212,706‌

381‌

Global

Blood

Therapeutics (1)

155,643‌

5,391‌

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

Helix

Acquisition,

Class

A (1)

457,037‌

5,073‌

Helix

Acquisition

SPAC/MoonLake

Immunotherapeutics

PIPE (1)

(4)

441,652‌

4,412‌

IGM

Biosciences (1)

366,967‌

9,809‌

Imago

Biosciences (1)

663,901‌

12,793‌

Immuneering,

Class

A (1)(5)

1,467,370‌

9,494‌

Immunocore

Holdings,

ADR (1)

258,693‌

7,735‌

Incyte (1)

1,719,728‌

136,581‌

Insmed (1)

2,431,651‌

57,144‌

Intellia

Therapeutics (1)

397,381‌

28,878‌

Ionis

Pharmaceuticals (1)

1,390,603‌

51,508‌

Iovance

Biotherapeutics (1)

1,598,687‌

26,618‌

IVERIC

bio (1)

2,246,970‌

37,816‌

Karuna

Therapeutics (1)

414,181‌

52,514‌

Kodiak

Sciences (1)

528,335‌

4,079‌

Kronos

Bio (1)

121,628‌

879‌

Kymera

Therapeutics (1)

774,832‌

32,791‌

T.

ROWE

PRICE

Health

Sciences

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

LianBio,

Acquisition

Date:

10/28/20,

Cost $11,481 (1)(3)

1,184,928‌

4,176‌

Longboard

Pharmaceuticals (1)

512,700‌

2,661‌

Lonza

Group

(CHF) 

75,544‌

54,739‌

MeiraGTx

Holdings (1)

362,908‌

5,026‌

Mirati

Therapeutics (1)

513,877‌

42,251‌

Moderna (1)

1,187,205‌

204,508‌

Monte

Rosa

Therapeutics (1)

1,388,306‌

19,464‌

Morphic

Holding (1)

222,705‌

8,942‌

Novocure (1)

1,148,049‌

95,116‌

Nurix

Therapeutics (1)

517,233‌

7,246‌

Pardes

Biosciences (1)

739,734‌

5,341‌

Prelude

Therapeutics (1)

217,937‌

1,504‌

Progenic

Pharmaceuticals,

CVR (1)(2)

842,223‌

712‌

Protagonist

Therapeutics (1)

197,908‌

4,686‌

Prothena (1)

775,906‌

28,375‌

PTC

Therapeutics (1)

304,998‌

11,379‌

RAPT

Therapeutics (1)

770,812‌

16,950‌

Regeneron

Pharmaceuticals (1)

456,585‌

318,888‌

REGENXBIO (1)

169,951‌

5,641‌

Relay

Therapeutics (1)

1,058,300‌

31,675‌

Repligen (1)

187,647‌

35,295‌

Replimune

Group (1)

1,114,829‌

18,930‌

REVOLUTION

Medicines (1)

977,073‌

24,925‌

Rocket

Pharmaceuticals (1)

329,970‌

5,233‌

Sage

Therapeutics (1)

710,381‌

23,514‌

Sana

Biotechnology (1)

756,004‌

6,245‌

Sarepta

Therapeutics (1)

455,980‌

35,621‌

Scholar

Rock

Holding (1)

1,046,042‌

13,483‌

SpringWorks

Therapeutics (1)

238,235‌

13,446‌

Stoke

Therapeutics (1)

307,932‌

6,482‌

Tenaya

Therapeutics (1)

721,989‌

8,505‌

Theseus

Pharmaceuticals (1)

765,215‌

8,823‌

Theseus

Pharmaceuticals,

Acquisition

Date:

2/9/21,

Cost $4,456 (1)(3)

389,154‌

4,263‌

Turning

Point

Therapeutics (1)

372,699‌

10,007‌

Ultragenyx

Pharmaceutical (1)

1,712,356‌

124,351‌

uniQure (1)

216,509‌

3,912‌

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)

850,667‌

22,696‌

Zai

Lab,

ADR (1)

439,067‌

19,310‌

T.

ROWE

PRICE

Health

Sciences

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Zentalis

Pharmaceuticals (1)

952,083‌

43,929‌

2,881,160‌

Total

Biotechnology

3,992,009‌

LIFE

SCIENCES

14.6%

Life

Sciences

14.6%

Abcam

(GBP) (1)

1,164,753‌

21,053‌

Agilent

Technologies 

2,261,637‌

299,282‌

Bio-Techne 

107,071‌

46,366‌

Bruker 

1,974,975‌

126,991‌

Danaher 

2,377,406‌

697,365‌

Dynamics

Special

Purpose,

Acquisition

Date:

12/20/21,

Cost $— (1)(3)

115,996‌

1,031‌

Dynamics

Special

Purpose,

Acquisition

Date:

5/26/21,

Cost $10,440 (1)(3)

1,043,977‌

9,794‌

Dynamics

Special

Purpose

SPAC/Senti

Biosciences

PIPE,

Class

A (1)(4)

528,935‌

4,701‌

Ginkgo

Bioworks

Holdings (1)

6,229,607‌

25,105‌

Maravai

LifeSciences

Holdings,

Class

A (1)

892,769‌

31,488‌

MaxCyte

(GBP) (1)

577,426‌

4,064‌

Mettler-Toledo

International (1)

43,852‌

60,217‌

Olink

Holding,

ADR (1)

2,081,655‌

36,762‌

Ortho

Clinical

Diagnostics

Holdings (1)

3,481,395‌

64,963‌

Pacific

Biosciences

of

California (1)

2,846,538‌

25,903‌

Quanterix (1)

464,554‌

13,560‌

Quantum-Si (1)

784,208‌

3,670‌

Quidel (1)

406,104‌

45,670‌

Rapid

Micro

Biosystems,

Class

A (1)

702,081‌

4,767‌

Schrodinger (1)

201,601‌

6,879‌

Seer (1)

1,874,249‌

28,564‌

SomaLogic (1)

4,718,598‌

37,843‌

SomaLogic,

Warrants,

8/31/26 (1)

110,601‌

226‌

SomaLogic,

Earn

Out

Shares

$20,

Acquisition

Date:

9/2/21,

Cost $— (1)(3)

3,873,442‌

210‌

Thermo

Fisher

Scientific 

1,511,371‌

892,691‌

Twist

Bioscience (1)

424,757‌

20,974‌

Waters (1)

160,091‌

49,691‌

Total

Life

Sciences

2,559,830‌

MISCELLANEOUS

0.2%

Miscellaneous

0.2%

BCLS

Acquisition,

Class

A (1)

627,378‌

6,192‌

Health

Sciences

Acquisitions

Corp

2 (1)

675,174‌

6,691‌

Revolution

Healthcare

Acquisition (1)

1,717,492‌

16,986‌

Total

Miscellaneous

29,869‌

T.

ROWE

PRICE

Health

Sciences

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

PHARMACEUTICALS

11.1%

Major

Pharmaceuticals

11.1%

AbbVie 

2,315,971‌

375,442‌

AstraZeneca,

ADR 

7,786,888‌

516,582‌

Daiichi

Sankyo

(JPY) 

3,235,600‌

70,656‌

Eli

Lilly 

1,981,029‌

567,307‌

Merck 

2,597,437‌

213,120‌

Roche

Holding

(CHF) 

503,123‌

199,067‌

Total

Pharmaceuticals

1,942,174‌

PRODUCTS

&

DEVICES

19.7%

Capital

Equipment

0.5%

PROCEPT

BioRobotics (1)

1,013,027‌

35,446‌

STERIS 

233,127‌

56,363‌

91,809‌

Implants

9.6%

AtriCure (1)

215,280‌

14,137‌

Becton

Dickinson

&

Company 

1,290,312‌

343,223‌

Intuitive

Surgical (1)

2,049,500‌

618,293‌

iRhythm

Technologies (1)

435,104‌

68,516‌

Stryker 

1,617,045‌

432,317‌

Teleflex 

390,978‌

138,731‌

Verily

Life

Sciences,

Series

B,

Acquisition

Date:

1/23/19,

Cost $13,998 (1)(2)(3)

113,564‌

10,032‌

Zimmer

Biomet

Holdings 

465,519‌

59,540‌

1,684,789‌

Other

Products

&

Devices

9.6%

10X

Genomics,

Class

A (1)

556,367‌

42,323‌

Alcon

(CHF) 

787,993‌

62,430‌

Argenx,

ADR (1)

891,004‌

280,942‌

Avantor (1)

4,401,573‌

148,861‌

Burning

Rock

Biotech,

ADR (1)

224,215‌

2,083‌

Catalent (1)

933,726‌

103,550‌

Cooper 

217,212‌

90,706‌

Dexcom (1)

264,986‌

135,567‌

Hologic (1)

3,170,988‌

243,595‌

Inari

Medical (1)

245,863‌

22,285‌

Insulet (1)

386,664‌

103,003‌

Lantheus

Holdings (1)

1,050,742‌

58,117‌

Nevro (1)

216,529‌

15,662‌

Outset

Medical (1)

528,943‌

24,014‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $31,622 (1)(2)

(3)

8,397,988‌

6,886‌

Penumbra (1)

500,284‌

111,128‌

T.

ROWE

PRICE

Health

Sciences

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Saluda

Medical,

Acquisition

Date:

1/20/22,

Cost $— (1)(2)(3)

207,185‌

—‌

Shockwave

Medical (1)

728,487‌

151,059‌

Warby

Parker,

Class

A (1)

2,385,515‌

80,654‌

1,682,865‌

Total

Products

&

Devices

3,459,463‌

SERVICES

22.5%

Distribution

0.1%

Option

Care

Health (1)

827,589‌

23,636‌

23,636‌

Information

0.1%

Sema4

Holdings (1)

1,384,862‌

4,251‌

Sema4

Holdings,

Warrants,

9/24/27 (1)

253,101‌

175‌

Sophia

Genetics (1)

1,038,265‌

8,026‌

12,452‌

Information

1.7%

Doximity,

Class

A (1)

2,362,082‌

123,041‌

Veeva

Systems,

Class

A (1)

781,026‌

165,937‌

288,978‌

Other

Services

2.6%

Agiliti (1)

750,914‌

15,844‌

Certara (1)

872,628‌

18,744‌

Elanco

Animal

Health (1)

843,817‌

22,015‌

Guardant

Health (1)

732,006‌

48,488‌

Phreesia (1)

1,082,524‌

28,536‌

West

Pharmaceutical

Services 

712,494‌

292,629‌

Wuxi

Biologics

Cayman

(HKD) (1)

3,177,500‌

25,231‌

451,487‌

Payors

16.6%

Alignment

Healthcare (1)

846,741‌

9,509‌

Anthem 

835,764‌

410,544‌

Centene (1)

4,250,575‌

357,856‌

Cigna 

804,140‌

192,680‌

Humana 

793,385‌

345,257‌

Molina

Healthcare (1)

675,665‌

225,395‌

UnitedHealth

Group 

2,686,006‌

1,369,783‌

2,911,024‌

Providers

1.4%

agilon

health (1)

431,138‌

10,929‌

HCA

Healthcare 

750,037‌

187,974‌

Oak

Street

Health (1)

404,307‌

10,868‌

T.

ROWE

PRICE

Health

Sciences

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Surgery

Partners (1)

735,368‌

40,482‌

250,253‌

Total

Services

3,937,830‌

Total

Miscellaneous

Common

Stocks

 4.3% (1)(6)

750,520‌

Total

Common

Stocks

(Cost

$8,432,195)

16,671,695‌

CONVERTIBLE

PREFERRED

STOCKS

4.3%

BIOTECHNOLOGY

1.3%

Other

Biotechnology

1.3%

Affinivax,

Series

C,

Acquisition

Date:

1/6/21,

Cost $13,396 (1)(2)

(3)

424,076‌

13,396‌

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,

Cost $4,465 (1)(2)(3)

2,152,801‌

4,465‌

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

16,161‌

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

32,757‌

Nutcracker

Therapeutics,

Series

C,

Acquisition

Date:

8/27/21,

Cost $11,050 (1)(2)(3)

1,027,785‌

11,050‌

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

T.

ROWE

PRICE

Health

Sciences

Fund

8

Shares

$

Value

(Cost

and

value

in

$000s)

‡

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,

Cost $7,220 (1)(2)(3)

922,369‌

7,220‌

Total

Biotechnology

221,656‌

CONSUMER

NONDURABLES

0.5%

Healthcare

Services

0.5%

Capsule,

Series

D,

Acquisition

Date:

4/7/21,

Cost $12,364 (1)(2)(3)

853,213‌

12,364‌

Color

Health,

Series

D,

Acquisition

Date:

12/17/20,

Cost $11,181 (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

90,317‌

LIFE

SCIENCES

1.1%

Life

Sciences

1.1%

Cellanome,

Series

A,

Acquisition

Date:

12/30/21,

Cost $11,023 (1)

(2)(3)(5)

1,993,387‌

11,023‌

Chromacode,

Series

D-1,

Acquisition

Date:

2/28/22,

Cost $2,202 (1)(2)(3)

3,137,582‌

2,202‌

Chromacode,

Series

D-2,

Acquisition

Date:

2/28/22,

Cost $2,202 (1)(2)(3)

2,605,184‌

2,202‌

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

20,909‌

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

12,829‌

Lumicks

Tech,

Series

D,

Acquisition

Date:

4/14/21,

Cost $8,875 (1)(2)(3)

4,954‌

9,480‌

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

188,735‌

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

5,945‌

Reflexion

Medical,

Series

D,

Acquisition

Date:

4/3/20,

Cost $2,142 (1)(2)(3)

1,123,437‌

2,663‌

T.

ROWE

PRICE

Health

Sciences

Fund

9

Shares

$

Value

(Cost

and

value

in

$000s)

‡

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

0.0%

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

SERVICES

1.2%

Other

Services

1.1%

Caris

Life

Sciences,

Series

C,

Acquisition

Date:

8/14/20,

Cost $10,374 (1)(2)(3)

3,758,668‌

30,445‌

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $18,471 (1)(2)(3)

2,280,334‌

18,471‌

Freenome

Holdings,

Series

B,

Acquisition

Date:

6/24/19,

Cost $7,103 (1)(2)(3)

1,558,570‌

11,755‌

Freenome

Holdings,

Series

C,

Acquisition

Date:

8/14/20,

Cost $6,139 (1)(2)(3)

928,231‌

7,001‌

Freenome

Holdings,

Series

D,

Acquisition

Date:

11/22/21,

Cost $3,971 (1)(2)(3)

526,504‌

3,971‌

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

53,414‌

Tempus

Labs,

Series

E,

Acquisition

Date:

8/23/18,

Cost $10,607 (1)(2)(3)

633,505‌

36,642‌

Tempus

Labs,

Series

F,

Acquisition

Date:

4/30/19,

Cost $4,279 (1)

(2)(3)

172,826‌

10,124‌

Tempus

Labs,

Series

G,

Acquisition

Date:

2/6/20,

Cost $4,284 (1)

(2)(3)

111,715‌

6,620‌

T.

ROWE

PRICE

Health

Sciences

Fund

10

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Tempus

Labs,

Series

G-2,

Acquisition

Date:

11/19/20,

Cost $6,720 (1)(2)(3)

117,271‌

6,942‌

203,698‌

Providers

0.1%

Honor

Technology,

Series

D,

Acquisition

Date:

10/16/20,

Cost $7,539 (1)(2)(3)

3,130,941‌

9,898‌

Honor

Technology,

Series

E,

Acquisition

Date:

9/29/21,

Cost $6,626 (1)(2)(3)

2,095,807‌

6,626‌

16,524‌

Total

Services

220,222‌

Total

Convertible

Preferred

Stocks

(Cost

$523,469)

764,255‌

PREFERRED

STOCKS

0.5%

LIFE

SCIENCES

0.5%

Life

Sciences

0.5%

Sartorius

(EUR) 

190,679‌

84,155‌

Total

Life

Sciences

84,155‌

Total

Preferred

Stocks

(Cost

$29,691)

84,155‌

SHORT-TERM

INVESTMENTS

0.1%

Money

Market

Funds

0.1%

T.

Rowe

Price

Government

Reserve

Fund,

0.29% (5)(7)

20,169,087‌

20,169‌

Total

Short-Term

Investments

(Cost

$20,169)

20,169‌

Total

Investments

in

Securities

100.1%

(Cost

$9,005,524)

$

17,540,274‌

Other

Assets

Less

Liabilities

(0.1)%

(

23,669‌

)

Net

Assets

100.0%

$

17,516,605‌

‡

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

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

$837,140

and

represents

4.8%

of

net

assets.

T.

ROWE

PRICE

Health

Sciences

Fund

11

.

.

.

.

.

.

.

.

.

.

(4)

A

portion

of

the

position

represents

an

unfunded

commitment;

a

liability

to

fund

the

commitment

has

been

recognized.

The

fund's

total

unfunded

commitment

at

March

31,

2022,

was

$9,706

and

was

valued

at

$9,113

(0.1%

of

net

assets).

(5)

Affiliated

Companies

(6)

The

identity

of

certain

securities

has

been

concealed

to

protect

the

fund

while

it

completes

a

purchase

or

selling

program

for

the

securities.

(7)

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

GBP

British

Pound

HKD

Hong

Kong

Dollar

JPY

Japanese

Yen

PIPE

Private

Investment

in

Public

Equity

SPAC

Special

Purpose

Acquisition

Company

T.

ROWE

PRICE

Health

Sciences

Fund

12

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

Cellanome,

Series

A 

$

—‌

$

—‌

$

—‌

Chroma

Medicine,

Series

A 

—‌

—‌

—‌

Immuneering,

Class

A 

(

71‌

)

(

4,750‌

)

—‌

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 

(

964‌

)

11,615‌

—‌

SomaLogic,

Warrants,

8/31/26 

—‌

(

146‌

)

—‌

SomaLogic,

Earn

Out

Shares

$20 

—‌

(

172‌

)

—‌

T.

Rowe

Price

Government

Reserve

Fund,

0.29%

—‌

—‌

10‌

Affiliates

not

held

at

period

end

—‌

(

27,165‌

)

—‌

Totals

$

(

1,035‌

)

#

$

(

16,867‌

)

$

10‌

+

T.

ROWE

PRICE

Health

Sciences

Fund

13

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

03/31/22

Cellanome,

Series

A 

$

11,023‌

$

—‌

$

—‌

$

11,023‌

Chroma

Medicine,

Series

A 

11,040‌

—‌

—‌

11,040‌

Immuneering,

Class

A 

*

7,904‌

153‌

9,494‌

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

15,667‌

4,405‌

*

SomaLogic,

Warrants,

8/31/26 

372‌

—‌

—‌

*

SomaLogic,

Class

B 

42,833‌

—‌

15,668‌

—‌

SomaLogic,

Earn

Out

Shares

$20 

382‌

—‌

—‌

*

T.

Rowe

Price

Government

Reserve

Fund,

0.29%

12,084‌

¤

¤

20,169‌

Total

$

91,544‌

^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$10

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

$91,657.

*

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

14

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

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

Health

Sciences

Fund

15

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

Health

Sciences

Fund

16

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

$

16,032,989‌

$

591,630‌

$

47,076‌

$

16,671,695‌

Convertible

Preferred

Stocks

—‌

—‌

764,255‌

764,255‌

Preferred

Stocks

—‌

84,155‌

—‌

84,155‌

Short-Term

Investments

20,169‌

—‌

—‌

20,169‌

Total

$

16,053,158‌

$

675,785‌

$

811,331‌

$

17,540,274‌

T.

ROWE

PRICE

Health

Sciences

Fund

17

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

March

31,

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

March

31,

2022,

totaled $14,944,000 for

the

period ended

March

31,

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

Committee

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

3/31/22

Investment

in

Securities

Common

Stocks

$

58,155‌

$

(15,431‌)

$

13,260‌

$

(8,908‌)

$

47,076‌

Convertible

Preferred

Stocks

706,485‌

45,401‌

43,121‌

(30,752‌)

764,255‌

Total

$

764,640‌

$

29,970‌

$

56,381‌

$

(39,660‌)

$

811,331‌

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

Stock

$

47,076‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Discount

for

Uncertainty

10%

–88%

59%

Decrease

Market

comparable

Enterprise

Value

to

Sales

Multiple

3.6x

–

13.8x

9.1x

Increase

Sales

Growth

Rate

42%

42%

Increase

Enterprise

Value

to

Gross

Profit

Multiple

7.1x

7.1x

Increase

T.

ROWE

PRICE

Health

Sciences

Fund

18

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

fund’s

management.

*

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.

+

Valuation

techniques

may

change

in

order

to

reflect

management’s

judgment

of

current

market

participant

assumptions.

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**

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

$

764,255‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Enterprise

Value

to

Sales

Multiple

8.1x

–

13.4x

13.1x

Increase

Sales

Growth

Rate

36%

36%

Increase

Enterprise

Value

to

Gross

Profit

Multiple

11.8x

–

15.0x

13.4x

Increase

Gross

Profit

Growth

Rate

42%

42%

Increase

Discount

for

Lack

of

Marketability

10%

10%

Decrease

T.

ROWE

PRICE

Health

Sciences

Fund

19

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.

F114-054Q1

03/22