T.

ROWE

PRICE

Health

Sciences

Fund

March

31,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

95.2%

BIOTECHNOLOGY

24.2%

Major

Biotechnology

5.7%

Amgen 

865,666‌

246,126‌

Biogen (1)

373,343‌

80,504‌

Celldex

Therapeutics (1)

1,351,793‌

56,735‌

Exact

Sciences (1)

802,417‌

55,415‌

Exact

Sciences

CMO

Milestone,

Acquisition

Date:

1/6/21,

Cost $— (1)(2)(3)

3,726,272‌

2,124‌

Exact

Sciences

FDA

Milestone,

Acquisition

Date:

1/6/21,

Cost $— (1)(2)(3)

1,863,136‌

1,062‌

Neurocrine

Biosciences (1)

796,668‌

109,877‌

Vertex

Pharmaceuticals (1)

774,413‌

323,712‌

875,555‌

Other

Biotechnology

18.5%

ACADIA

Pharmaceuticals (1)

619,706‌

11,458‌

Affinivax

Expense

Fund,

Acquisition

Date:

9/12/22,

Cost $12 (1)

(2)(3)

12,445‌

12‌

Affinivax

Milestone

Event,

Acquisition

Date:

9/12/22,

Cost $3,454 (1)(2)(3)

7,349,672‌

4,410‌

Affinivax

Next

Gen.

Prod.

Milestone

Event,

Acquisition

Date:

9/12/22,

Cost $3,454 (1)(2)(3)

7,349,672‌

1,690‌

Agios

Pharmaceuticals (1)

711,745‌

20,811‌

Akero

Therapeutics (1)

713,203‌

18,015‌

Alector (1)

598,892‌

3,605‌

Allogene

Therapeutics (1)

2,868,828‌

12,824‌

Alnylam

Pharmaceuticals (1)

1,358,790‌

203,071‌

Alpine

Immune

Sciences (1)

704,161‌

27,913‌

AnaptysBio (1)

131,200‌

2,955‌

Apellis

Pharmaceuticals (1)

1,291,193‌

75,896‌

Apogee

Therapeutics (1)

885,597‌

58,848‌

Ardelyx (1)

2,948,181‌

21,522‌

Arvinas (1)

1,176,792‌

48,578‌

Ascendis

Pharma,

ADR (1)

617,712‌

93,380‌

Aura

Biosciences (1)

411,733‌

3,232‌

Avidity

Biosciences (1)

1,281,487‌

32,704‌

Avidity

Biosciences

PIPE,

Acquisition

Date:

2/29/24,

Cost $29,676 (1)(2)

1,798,527‌

43,603‌

BeiGene,

ADR (1)

636,212‌

99,497‌

Bicycle

Therapeutics,

ADR (1)

310,640‌

7,735‌

Biohaven (1)

1,768,687‌

96,729‌

BioMarin

Pharmaceutical (1)

753,200‌

65,784‌

Blueprint

Medicines (1)

2,119,740‌

201,079‌

Cargo

Therapeutics (1)

979,329‌

21,859‌

T.

ROWE

PRICE

Health

Sciences

Fund

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Cargo

Therapeutics,

Acquisition

Date:

2/22/23

-

10/27/23,

Cost $11,471 (1)(2)

845,404‌

18,869‌

Centessa

Pharmaceuticals,

ADR (1)

1,479,460‌

16,718‌

CRISPR

Therapeutics (1)

20,141‌

1,373‌

Cytokinetics (1)

447,114‌

31,347‌

Day

One

Biopharmaceuticals (1)

57,698‌

953‌

Denali

Therapeutics (1)

936,767‌

19,222‌

Entrada

Therapeutics (1)

314,586‌

4,458‌

Exelixis (1)

784,596‌

18,618‌

Generation

Bio (1)

1,505,578‌

6,128‌

Ginkgo

Bioworks,

Earn

Out

Shares

$15.00,

Acquisition

Date:

9/17/21,

Cost $— (1)(2)

212,706‌

64‌

Ginkgo

Bioworks,

Earn

Out

Shares

$17.50,

Acquisition

Date:

9/17/21,

Cost $— (1)(2)

212,706‌

57‌

Ginkgo

Bioworks,

Earn

Out

Shares

$20.00,

Acquisition

Date:

9/17/21,

Cost $— (1)(2)

212,706‌

50‌

Gyroscope

Therapeutics,

Milestone

Payment

1,

Acquisition

Date:

2/18/22,

Cost $5,684 (1)(2)(3)

5,683,928‌

—‌

Gyroscope

Therapeutics,

Milestone

Payment

2,

Acquisition

Date:

2/18/22,

Cost $3,788 (1)(2)(3)

3,788,007‌

—‌

Gyroscope

Therapeutics,

Milestone

Payment

3,

Acquisition

Date:

2/18/22,

Cost $3,788 (1)(2)(3)

3,788,007‌

—‌

IGM

Biosciences (1)

965,248‌

9,315‌

Immatics (1)

1,465,705‌

15,405‌

Immuneering,

Class

A (1)

604,020‌

1,746‌

Immunocore

Holdings,

ADR (1)

1,213,766‌

78,895‌

Immunome (1)

1,492,572‌

36,837‌

Incyte (1)

290,444‌

16,547‌

Insmed (1)

2,005,829‌

54,418‌

Intellia

Therapeutics (1)

55,347‌

1,523‌

Ionis

Pharmaceuticals (1)

782,864‌

33,937‌

Iovance

Biotherapeutics (1)

2,823,506‌

41,844‌

Krystal

Biotech (1)

401,666‌

71,468‌

Kymera

Therapeutics (1)

1,276,167‌

51,302‌

Legend

Biotech,

ADR (1)

1,073,358‌

60,205‌

Longboard

Pharmaceuticals (1)

838,874‌

18,120‌

Lyell

Immunopharma (1)

5,053,067‌

11,268‌

Monte

Rosa

Therapeutics (1)

819,001‌

5,774‌

MoonLake

Immunotherapeutics (1)

1,050,793‌

52,781‌

Morphic

Holding (1)

722,578‌

25,435‌

Novocure (1)

1,750,715‌

27,364‌

Nuvalent,

Class

A (1)

27,485‌

2,064‌

Pliant

Therapeutics (1)

501,395‌

7,471‌

Prelude

Therapeutics (1)

670,327‌

3,177‌

Prime

Medicine (1)

276,306‌

1,934‌

Protagonist

Therapeutics (1)

582,006‌

16,837‌

T.

ROWE

PRICE

Health

Sciences

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Prothena (1)

622,907‌

15,429‌

RAPT

Therapeutics (1)

63,996‌

575‌

Regeneron

Pharmaceuticals (1)

430,781‌

414,622‌

Relay

Therapeutics (1)

1,948,110‌

16,169‌

Repligen (1)

256,369‌

47,151‌

Replimune

Group (1)

1,388,371‌

11,343‌

REVOLUTION

Medicines (1)

1,450,105‌

46,737‌

REVOLUTION

Medicines,

Warrants,

11/14/28 (1)

198,505‌

32‌

Rocket

Pharmaceuticals (1)

910,830‌

24,538‌

Sage

Therapeutics (1)

535,358‌

10,033‌

Sana

Biotechnology (1)

2,660,701‌

26,607‌

Sarepta

Therapeutics (1)

265,487‌

34,370‌

Scholar

Rock,

Warrants,

12/31/25,

Acquisition

Date:

6/17/22,

Cost $— (1)(2)

151,540‌

1,735‌

Scholar

Rock

Holding (1)

1,839,021‌

32,661‌

SpringWorks

Therapeutics (1)

1,497,294‌

73,697‌

Structure

Therapeutics,

ADR (1)

697,029‌

29,875‌

Ultragenyx

Pharmaceutical (1)

1,287,907‌

60,132‌

Voyager

Therapeutics (1)

738,456‌

6,875‌

Xencor (1)

838,413‌

18,554‌

Zai

Lab,

ADR (1)

1,278,939‌

20,489‌

Zentalis

Pharmaceuticals (1)

1,235,904‌

19,478‌

2,851,836‌

Total

Biotechnology

3,727,391‌

LIFE

SCIENCES

9.3%

Life

Sciences

9.3%

Agilent

Technologies 

1,150,050‌

167,344‌

Bio-Techne 

1,050,244‌

73,927‌

Bruker 

460,880‌

43,295‌

Charles

River

Laboratories

International (1)

208,098‌

56,384‌

Danaher 

1,826,439‌

456,098‌

Ginkgo

Bioworks

Holdings,

Class

A (1)

1,654,007‌

1,918‌

Pacific

Biosciences

of

California (1)

1,255,981‌

4,710‌

SomaLogic,

Warrants,

8/31/26 (1)

90,179‌

9‌

Thermo

Fisher

Scientific 

1,071,919‌

623,010‌

Total

Life

Sciences

1,426,695‌

MISCELLANEOUS

0.0%

Miscellaneous

0.0%

Orchestra

BioMed

Holdings (1)

399,501‌

2,105‌

Total

Miscellaneous

2,105‌

PHARMACEUTICALS

19.1%

Major

Pharmaceuticals

18.1%

AbbVie 

384,446‌

70,008‌

T.

ROWE

PRICE

Health

Sciences

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

AstraZeneca,

ADR 

4,545,411‌

307,952‌

Daiichi

Sankyo

(JPY) 

1,000,400‌

31,569‌

Eli

Lilly 

1,964,952‌

1,528,654‌

Merck 

4,715,586‌

622,221‌

Novo

Nordisk,

ADR 

1,820,732‌

233,782‌

2,794,186‌

Specialty

Pharmaceuticals

1.0%

Madrigal

Pharmaceuticals (1)

298,624‌

79,745‌

Zoetis 

463,550‌

78,437‌

158,182‌

Total

Pharmaceuticals

2,952,368‌

PRODUCTS

&

DEVICES

18.2%

Capital

Equipment

0.2%

PROCEPT

BioRobotics (1)

653,927‌

32,317‌

32,317‌

Implants

11.9%

Becton

Dickinson

&

Company 

681,880‌

168,731‌

Boston

Scientific (1)

2,398,587‌

164,279‌

Edwards

Lifesciences (1)

2,159,897‌

206,400‌

Intuitive

Surgical (1)

1,594,155‌

636,211‌

Stryker 

1,569,310‌

561,609‌

Teleflex 

12,111‌

2,739‌

Verily

Life

Sciences,

Series

B,

Acquisition

Date:

1/23/19,

Cost $13,998 (1)(2)(3)

113,564‌

11,077‌

Zimmer

Biomet

Holdings 

568,326‌

75,008‌

1,826,054‌

Other

Products

&

Devices

6.1%

10X

Genomics,

Class

A (1)

1,815,381‌

68,131‌

Argenx,

ADR (1)

785,417‌

309,235‌

Dexcom (1)

726,721‌

100,796‌

Hologic (1)

1,196,972‌

93,316‌

Inspire

Medical

Systems (1)

188,500‌

40,488‌

Insulet (1)

167,365‌

28,687‌

Lantheus

Holdings (1)

336,284‌

20,930‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $31,622 (1)(2)

(3)

8,397,988‌

3,359‌

Penumbra (1)

742,402‌

165,689‌

Saluda

Medical,

Warrants,

1/20/27,

Acquisition

Date:

1/20/22,

Cost $— (1)(2)(3)

103,592‌

298‌

Shockwave

Medical (1)

348,303‌

113,418‌

944,347‌

Total

Products

&

Devices

2,802,718‌

T.

ROWE

PRICE

Health

Sciences

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SERVICES

19.4%

Distribution

1.3%

Cardinal

Health 

769,537‌

86,111‌

Cencora 

184,335‌

44,792‌

McKesson 

132,402‌

71,080‌

201,983‌

Information

0.7%

GeneDx

Holdings (1)

30,145‌

275‌

GeneDx

Holdings,

Warrants,

7/22/26 (1)

206,747‌

12‌

Veeva

Systems,

Class

A (1)

428,366‌

99,248‌

99,535‌

Other

Services

1.7%

Guardant

Health (1)

569,132‌

11,741‌

ICON (1)

254,937‌

85,646‌

IQVIA

Holdings (1)

243,905‌

61,681‌

West

Pharmaceutical

Services 

247,415‌

97,905‌

256,973‌

Payors

14.0%

Centene (1)

1,120,476‌

87,935‌

Cigna

Group 

792,123‌

287,691‌

Elevance

Health 

1,056,515‌

547,845‌

Humana 

207,247‌

71,857‌

Molina

Healthcare (1)

541,258‌

222,365‌

UnitedHealth

Group 

1,892,136‌

936,040‌

2,153,733‌

Providers

1.7%

agilon

health (1)

832,370‌

5,078‌

HCA

Healthcare 

491,270‌

163,853‌

Surgery

Partners (1)

747,103‌

22,286‌

Tenet

Healthcare (1)

706,725‌

74,284‌

265,501‌

Total

Services

2,977,725‌

Total

Miscellaneous

Common

Stocks

 5.0% (4)

765,764‌

Total

Common

Stocks

(Cost

$7,138,214)

14,654,766‌

CONVERTIBLE

BONDS

0.1%

Galvanize

Therapeutics,

0.00%,

2/13/27,

Acquisition

Date:

2/28/24,

Cost $6,173 (1)(2)(3)

6,172,900‌

6,173‌

Immunocore

Holdings,

2.50%,

2/1/30 (5)

15,469,000‌

16,150‌

Total

Convertible

Bonds

(Cost

$21,642)

22,323‌

T.

ROWE

PRICE

Health

Sciences

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CONVERTIBLE

PREFERRED

STOCKS

4.4%

BIOTECHNOLOGY

1.9%

Other

Biotechnology

1.9%

Arbor

Bio,

Series

B,

Acquisition

Date:

10/29/21,

Cost $8,828 (1)

(2)(3)

532,759‌

8,828‌

Avalyn

Pharma,

Series

C-1,

Acquisition

Date:

9/22/23,

Cost $6,178 (1)(2)(3)

8,436,161‌

6,178‌

Chroma

Medicine,

Series

A,

Acquisition

Date:

10/12/21,

Cost $11,040 (1)(2)(3)

5,207,526‌

13,539‌

Chroma

Medicine,

Series

B,

Acquisition

Date:

2/8/23,

Cost $4,412 (1)(2)(3)

1,697,072‌

4,412‌

Delfi

Diagnostics,

Series

A,

Acquisition

Date:

1/12/21

-

4/7/22,

Cost $7,107 (1)(2)(3)

3,426,868‌

16,605‌

Delfi

Diagnostics,

Series

B,

Acquisition

Date:

6/10/22,

Cost $8,980 (1)(2)(3)

1,853,138‌

8,979‌

Eikon

Therapeutics,

Series

B,

Acquisition

Date:

12/3/21,

Cost $18,021 (1)(2)(3)

1,018,820‌

21,904‌

Eikon

Therapeutics,

Series

C,

Acquisition

Date:

5/18/23,

Cost $4,262 (1)(2)(3)

198,249‌

4,262‌

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

3,662‌

FOG

Pharma,

Series

D,

Acquisition

Date:

11/17/22,

Cost $6,621 (1)(2)(3)

615,203‌

4,517‌

FOG

Pharma,

Series

E,

Acquisition

Date:

2/29/24,

Cost $1,941 (1)

(2)(3)

311,589‌

1,941‌

Generate

Bio,

Series

B,

Acquisition

Date:

9/2/21,

Cost $22,096 (1)

(2)(3)

1,864,632‌

22,096‌

Generate

Bio,

Series

C,

Acquisition

Date:

5/9/23,

Cost $4,412 (1)

(2)(3)

372,360‌

4,412‌

Genesis

Therapeutics,

Series

A,

Acquisition

Date:

11/24/20,

Cost $4,236 (1)(2)(3)

829,412‌

4,236‌

Genesis

Therapeutics,

Series

B,

Acquisition

Date:

8/10/23,

Cost $10,152 (1)(2)(3)

1,987,585‌

10,152‌

Insitro,

Series

B,

Acquisition

Date:

5/21/20,

Cost $5,505 (1)(2)(3)

883,580‌

16,162‌

Insitro,

Series

C,

Acquisition

Date:

4/7/21,

Cost $10,762 (1)(2)(3)

588,382‌

10,762‌

Kartos

Therapeutics,

Series

C,

Acquisition

Date:

8/22/23,

Cost $10,593 (1)(2)(3)

1,873,841‌

10,593‌

Laronde,

Series

B,

Acquisition

Date:

7/28/21,

Cost $32,757 (1)(2)

(3)

1,169,887‌

4,913‌

Odyssey

Therapeutics,

Series

B,

Acquisition

Date:

5/13/22,

Cost $7,048 (1)(2)(3)

1,115,915‌

5,803‌

Odyssey

Therapeutics,

Series

C,

Acquisition

Date:

10/25/23,

Cost $530 (1)(2)(3)

105,905‌

530‌

T.

ROWE

PRICE

Health

Sciences

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ProfoundBio,

Series

B,

Acquisition

Date:

2/9/24,

Cost $8,817 (1)

(2)(3)

1,179,611‌

8,817‌

Rapport

Therapeutics,

Series

B,

Acquisition

Date:

8/7/23

-

3/19/24,

Cost $8,828 (1)(2)(3)

5,263,115‌

8,828‌

Ring

Therapeutics,

Series

B,

Acquisition

Date:

4/12/21,

Cost $9,004 (1)(2)(3)

978,705‌

9,004‌

Ring

Therapeutics,

Series

C,

Acquisition

Date:

10/7/22,

Cost $4,414 (1)(2)(3)

479,818‌

4,414‌

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

Sionna

Therapeutics,

Series

C,

Acquisition

Date:

3/4/24,

Cost $1,764 (1)(2)(3)

180,663‌

1,764‌

Spyre

Therapeutics

PIPE,

Acquisition

Date:

3/18/24,

Cost $14,314 (1)(2)

9,672‌

13,941‌

Tessera

Therapeutics,

Series

C,

Acquisition

Date:

2/25/22,

Cost $7,915 (1)(2)(3)

387,032‌

7,915‌

Treeline

Biosciences,

Series

A,

Acquisition

Date:

4/9/21

-

9/26/22,

Cost $18,552 (1)(2)(3)

2,370,150‌

18,552‌

Total

Biotechnology

289,056‌

CONSUMER

NONDURABLES

0.2%

Biotechnology

0.1%

Nutcracker

Therapeutics,

Series

C,

Acquisition

Date:

8/27/21,

Cost $11,050 (1)(2)(3)

1,027,785‌

11,050‌

11,050‌

Healthcare

Services

0.1%

Capsule,

Series

1-D,

Acquisition

Date:

4/7/21,

Cost $12,364 (1)(2)

(3)

853,213‌

1,203‌

Capsule,

Series

E,

Acquisition

Date:

1/10/23,

Cost $2,658 (1)(2)(3)

906,656‌

1,278‌

Color

Health,

Series

D,

Acquisition

Date:

12/17/20,

Cost $11,180 (1)(2)(3)

296,922‌

5,734‌

Color

Health,

Series

D-1,

Acquisition

Date:

1/13/20,

Cost $9,358 (1)(2)(3)

438,696‌

6,326‌

Color

Health,

Series

E,

Acquisition

Date:

10/26/21,

Cost $4,414 (1)

(2)(3)

44,149‌

1,678‌

16,219‌

Total

Consumer

Nondurables

27,269‌

LIFE

SCIENCES

1.0%

Life

Sciences

1.0%

Cellanome,

Series

A,

Acquisition

Date:

12/30/21,

Cost $11,023 (1)

(2)(3)

1,993,387‌

14,931‌

T.

ROWE

PRICE

Health

Sciences

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Chromacode,

Series

D-1,

Acquisition

Date:

2/28/22,

Cost $2,202 (1)(2)(3)

3,137,582‌

659‌

Chromacode,

Series

D-2,

Acquisition

Date:

2/28/22,

Cost $2,202 (1)(2)(3)

3,137,581‌

1,443‌

Clear

Labs,

Series

C,

Acquisition

Date:

5/13/21,

Cost $13,294 (1)

(2)(3)

3,830,773‌

2,375‌

DNA

Script,

Series

C,

Acquisition

Date:

12/16/21,

Cost $21,371

(EUR) (1)(2)(3)

25,201‌

7,843‌

Element

Biosciences,

Series

C,

Acquisition

Date:

6/21/21,

Cost $17,704 (1)(2)(3)

861,217‌

15,597‌

Inscripta,

Series

E,

Acquisition

Date:

3/30/21,

Cost $12,829 (1)(2)

(3)

1,452,941‌

2,717‌

Lumicks

Tech,

Series

D,

Acquisition

Date:

4/14/21,

Cost $8,875 (1)(2)(3)

4,954‌

4,495‌

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

149,152‌

MISCELLANEOUS

0.1%

Miscellaneous

0.1%

Obsidian

Therapeutics,

Series

C,

Acquisition

Date:

3/27/24,

Cost $8,821 (1)(2)(3)

4,647,794‌

8,821‌

Total

Miscellaneous

8,821‌

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

4,314‌

Reflexion

Medical,

Series

D,

Acquisition

Date:

4/3/20,

Cost $2,142 (1)(2)(3)

1,123,437‌

1,966‌

Reflexion

Medical,

Series

E,

Acquisition

Date:

3/1/22,

Cost $4,403 (1)(2)(3)

1,857,286‌

3,343‌

Reflexion

Medical,

Series

F,

Acquisition

Date:

11/13/23,

Cost $2,690 (1)(2)(3)

1,794,104‌

2,368‌

11,991‌

Implants

0.1%

Kardium,

Series

D-5,

Acquisition

Date:

11/29/18,

Cost $8,574 (1)

(2)(3)(6)

8,849,057‌

7,522‌

Kardium,

Series

D-6,

Acquisition

Date:

1/8/21,

Cost $12,516 (1)

(2)(3)(6)

12,320,393‌

10,472‌

17,994‌

Other

Products

&

Devices

0.0%

Saluda

Medical,

Series

D,

Acquisition

Date:

1/20/22,

Cost $8,810 (1)(2)(3)

690,617‌

6,133‌

T.

ROWE

PRICE

Health

Sciences

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Saluda

Medical,

Series

E,

Acquisition

Date:

4/6/23,

Cost $4,353 (1)(2)(3)

539,186‌

4,353‌

10,486‌

Total

Products

&

Devices

40,471‌

SERVICES

1.0%

Information

0.0%

Cleerly,

Series

C,

Acquisition

Date:

7/8/22,

Cost $6,904 (1)(2)(3)

586,029‌

5,256‌

5,256‌

Other

Services

1.0%

Caris

Life

Sciences,

Series

C,

Acquisition

Date:

8/14/20,

Cost $10,374 (1)(2)(3)

3,758,668‌

13,682‌

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $18,471 (1)(2)(3)

2,280,334‌

8,300‌

Freenome

Holdings,

Series

B,

Acquisition

Date:

6/24/19,

Cost $7,103 (1)(2)(3)

1,558,570‌

11,531‌

Freenome

Holdings,

Series

C,

Acquisition

Date:

8/14/20,

Cost $6,139 (1)(2)(3)

928,231‌

6,868‌

Freenome

Holdings,

Series

D,

Acquisition

Date:

11/22/21,

Cost $3,971 (1)(2)(3)

526,504‌

3,905‌

Freenome

Holdings,

Series

F,

Acquisition

Date:

1/26/24,

Cost $1,322 (1)(2)(3)

178,707‌

1,322‌

PrognomIQ,

Series

A-4,

Acquisition

Date:

11/15/19,

Cost $1,356 (1)(2)(3)(6)

593,540‌

1,816‌

PrognomIQ,

Series

A-5,

Acquisition

Date:

5/12/20,

Cost $1,174 (1)

(2)(3)(6)

513,797‌

1,572‌

PrognomIQ,

Series

B,

Acquisition

Date:

9/11/20,

Cost $8,533 (1)

(2)(3)(6)

3,734,140‌

11,427‌

PrognomIQ,

Series

C,

Acquisition

Date:

2/16/22,

Cost $3,498 (1)

(2)(3)(6)

1,143,244‌

3,498‌

Tempus

Labs,

Series

D,

Acquisition

Date:

3/16/18,

Cost $8,876 (1)

(2)(3)

946,886‌

40,262‌

Tempus

Labs,

Series

E,

Acquisition

Date:

8/23/18,

Cost $10,607 (1)(2)(3)

633,505‌

28,432‌

Tempus

Labs,

Series

F,

Acquisition

Date:

4/30/19,

Cost $4,279 (1)

(2)(3)

172,826‌

8,031‌

Tempus

Labs,

Series

G,

Acquisition

Date:

2/6/20,

Cost $4,284 (1)

(2)(3)

111,715‌

5,417‌

Tempus

Labs,

Series

G-2,

Acquisition

Date:

11/19/20,

Cost $6,720 (1)(2)(3)

117,271‌

4,548‌

150,611‌

Providers

0.0%

Honor

Technology,

Series

D,

Acquisition

Date:

10/16/20,

Cost $7,539 (1)(2)(3)

3,130,941‌

5,354‌

T.

ROWE

PRICE

Health

Sciences

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Honor

Technology,

Series

E,

Acquisition

Date:

9/29/21,

Cost $6,626 (1)(2)(3)

2,095,807‌

3,584‌

8,938‌

Total

Services

164,805‌

Total

Convertible

Preferred

Stocks

(Cost

$646,942)

679,574‌

PREFERRED

STOCKS

0.2%

LIFE

SCIENCES

0.2%

Life

Sciences

0.2%

Sartorius

(EUR) 

97,317‌

38,645‌

Total

Life

Sciences

38,645‌

Total

Preferred

Stocks

(Cost

$13,283)

38,645‌

SHORT-TERM

INVESTMENTS

0.1%

Money

Market

Funds

0.1%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (6)(7)

8,125,697‌

8,126‌

Total

Short-Term

Investments

(Cost

$8,126)

8,126‌

Total

Investments

in

Securities

100.0%

(Cost

$7,828,207)

$

15,403,434‌

Other

Assets

Less

Liabilities

(0.0)%

(4,445‌)

Net

Assets

100.0%

$

15,398,989‌

‡

Shares/Par

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

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

$774,157

and

represents

5.0%

of

net

assets.

(3)

Level

3

in

fair

value

hierarchy.

(4)

The

identity

of

certain

securities

has

been

concealed

to

protect

the

fund

while

it

completes

a

purchase

or

selling

program

for

the

securities.

(5)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$16,150

and

represents

0.1%

of

net

assets.

(6)

Affiliated

Companies

(7)

Seven-day

yield

T.

ROWE

PRICE

Health

Sciences

Fund

11

ADR

American

Depositary

Receipts

EUR

Euro

JPY

Japanese

Yen

PIPE

Private

Investment

in

Public

Equity

T.

ROWE

PRICE

Health

Sciences

Fund

12

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,

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

Cellanome,

Series

A 

$

—‌

$

1‌

$

—‌

Kardium,

Series

D-5 

—‌

—‌

—‌

Kardium,

Series

D-6 

—‌

—‌

—‌

PrognomIQ,

Series

A-4 

—‌

—‌

—‌

PrognomIQ,

Series

A-5 

—‌

—‌

—‌

PrognomIQ,

Series

B 

—‌

1‌

—‌

PrognomIQ,

Series

C 

—‌

—‌

—‌

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

—‌

—‌

308‌

Totals

$

—‌#

$

2‌

$

308‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

03/31/24

Cellanome,

Series

A 

$

14,930‌

$

—‌

$

—‌

$

*

Kardium,

Series

D-5 

7,522‌

—‌

—‌

7,522‌

Kardium,

Series

D-6 

10,472‌

—‌

—‌

10,472‌

PrognomIQ,

Series

A-4 

1,816‌

—‌

—‌

1,816‌

PrognomIQ,

Series

A-5 

1,572‌

—‌

—‌

1,572‌

PrognomIQ,

Series

B 

11,426‌

—‌

—‌

11,427‌

PrognomIQ,

Series

C 

3,498‌

—‌

—‌

3,498‌

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

196,318‌

 ¤

 ¤

8,126‌

Total

$

44,433‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$308

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

$43,777.

*

On

the

date

indicated,

issuer

was

held

but

not

considered

an

affiliated

company.

T.

ROWE

PRICE

Health

Sciences

Fund

Unaudited

Notes

to

Portfolio

of

Investments

13

T.

Rowe

Price

Health

Sciences

Fund,

Inc. (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

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)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

T.

ROWE

PRICE

Health

Sciences

Fund

14

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the 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

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.

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

T.

ROWE

PRICE

Health

Sciences

Fund

15

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

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

Health

Sciences

Fund

16

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

March

31,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

March

31,

2024.

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,

2024,

totaled $(16,386,000) for

the

period ended

March

31,

2024.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

14,457,362‌

$

173,372‌

$

24,032‌

$

14,654,766‌

Convertible

Bonds

—‌

16,150‌

6,173‌

22,323‌

Convertible

Preferred

Stocks

—‌

13,941‌

665,633‌

679,574‌

Preferred

Stocks

—‌

38,645‌

—‌

38,645‌

Short-Term

Investments

8,126‌

—‌

—‌

8,126‌

Total

$

14,465,488‌

$

242,108‌

$

695,838‌

$

15,403,434‌

($000s)

Beginning

Balance

12/31/23

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Ending

Balance

3/31/24

Investment

in

Securities

Common

Stocks

$

31,697‌

$

403‌

$

—‌

$

(8,068‌)

$

24,032‌

Convertible

Bonds

—‌

—‌

6,173‌

—‌

6,173‌

Convertible

Preferred

Stocks

654,058‌

(16,386‌)

27,961‌

—‌

665,633‌

Total

$

685,755‌

$

(15,983‌)

$

34,134‌

$

(8,068‌)

$

695,838‌

T.

ROWE

PRICE

Health

Sciences

Fund

17

In

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

to

determine

the

fair

valuations

of

the

fund’s

Level

3

assets,

by

class

of

financial

instrument.

Because

the

Valuation

Designee considers

a

wide

variety

of

factors

and

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Common

Stocks

$

24,032‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Discount

for

uncertainty

5%

-100%

50%

Decrease

Market

comparable

Enterprise

value

to

sales

multiple

1.7x

–

7.9x

6.1x

Increase

Sales

growth

rate

20%

20%

Increase

Enterprise

value

to

gross

profit

multiple

4.7x

4.7x

Increase

Discount

for

lack

of

marketability

10%

10%

Decrease

Expected

present

value

Discount

rate

for

cost

of

equity

7%

7%

Decrease

Discount

for

regulatory

uncertainty

29%

29%

Decrease

Timing

of

events

3.19

yrs

3.19

yrs

Decrease

Options

pricing

model

Private

company

valuation

—#

—#

—#

T.

ROWE

PRICE

Health

Sciences

Fund

18

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**

Risk-free

rate

4%

4%

Increase

Volatility

53%

53%

Increase

Convertible

Bonds

$

6,173‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Convertible

Preferred

Stocks

$

665,633‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Conversion

Ratio

—#

—#

—#

Premium

for

cumulative

preferred

dividend

rights

10%

-

25%

14%

Increase

Discount

for

dilution

12%

12%

Decrease

Discount

for

uncertainty

100%

100%

Decrease

Market

comparable

Premium

for

liquidation

preference

—#

—#

—#

Enterprise

value

to

sales

multiple

2.1x

–

6.6x

4.9x

Increase

Sales

growth

rate

19%

-

97%

30%

Increase

Enterprise

value

to

gross

profit

multiple

5.5x

–

8.6x

8.0x

Increase

Gross

profit

growth

rate

23%

23%

Increase

T.

ROWE

PRICE

Health

Sciences

Fund

19

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**

Enterprise

value

to

EBITDA

multiple

11.5x

–

16.1x

13.8x

Increase

EBITDA

growth

rate

56%

56%

Increase

Projected

enterprise

value

to

sales

multiple

1.1x

–

7.6x

6.4x

Increase

Projected

enterprise

value

to

gross

profit

multiple

6.8x

–

9.6x

7.8x

Increase

Projected

enterprise

value

to

EBITDA

multiple

11.8x

11.8x

Increase

Probability

for

potential

outcome

5%

-

80%

37%

Increase

Discount

to

public

company

multiples

31%

-

52%

42%

Decrease

Discount

rate

for

cost

of

capital

15%

-

30%

17%

Decrease

Discount

for

uncertainty

100%

100%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Options

pricing

model

Private

company

valuation

—#

—#

—#

T.

ROWE

PRICE

Health

Sciences

Fund

20

+

Valuation

techniques

may

change

in

order

to

reflect the

Valuation

Designee’s

judgment

of

current

market

participant

assumptions. 

*

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

**

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

investment(s)

that

would

have

resulted

from

an

increase

in

the

corresponding

input

at

period

end.

A

decrease

in

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

Valuation

Designee.

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

events,

and

public

health

epidemics and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the 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.

The

global

outbreak

of

COVID-19

and

the

related

governmental

and

public

responses

have

led

and

may

continue

to

lead

to

increased

market

volatility

and

the

potential

for

illiquidity

in

certain

classes

of

securities

and

sectors

of

the

market

either

in

specific

countries

or

worldwide.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict,

leading

to

economic

sanctions imposed

on

Russia

that

target certain

of

its

citizens

and

issuers

and

sectors

of

the

Russian

economy,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

banking

industry

experienced

heightened

volatility,

which

sparked

concerns

of

potential

broader

adverse

market

conditions.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

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**

Risk-free

rate

4%

4%

Increase

Volatility

41%

41%

Increase

T.

ROWE

PRICE

Health

Sciences

Fund

21

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F114-054Q1

03/24