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Form NPORT-P T. Rowe Price Financial For: Mar 31

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May 27, 2022 10:47 AM EDT 

  
    NPORT-P
    false
    
      
      
        
          0001019286
          XXXXXXXX
        
      
      
      
      
        S000002084
        C000177205
        C000005450
      
      
    
  
  
    
      T. ROWE PRICE FINANCIAL SERVICES FUND, INC.
      811-07749
      0001019286
      549300G1KHUY9LO6U864
      100 East Pratt Street
      Baltimore
      
      21202
      410-345-2000
      T. Rowe Price Financial Services Fund, Inc.
      S000002084
      OT887USWRRG6914YF055
      2022-12-31
      2022-03-31
      N
    
    
      2159283680.45
      45283645.83
      2114000034.62
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      415833.85000000
      
        
        
        
        
        
        
        
        
        
        
        
      
      N
      
        
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Sampo Oyj
        743700UF3RL386WIDA22
        Sampo Oyj
        000000000
        
          
          
          
        
        400512.00000000
        NS
        
        19570706.18000000
        0.925766596948
        Long
        EC
        CORP
        FI
        N
        
        2
        
          N
          N
          N
        
      
      
        FB Financial Corp
        5493000B2LD2C2A6C435
        FB Financial Corp
        30257X104
        
          
          
        
        99392.00000000
        NS
        USD
        4414992.64000000
        0.208845438396
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CBOE GLOBAL MARKETS INC
        529900RLNSGA90UPEH54
        CBOE GLOBAL MARKETS INC
        12503M108
        
          
          
        
        149006.00000000
        NS
        USD
        17049266.52000000
        0.806493199659
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TRUMID HLDGS LLC J-A CVT PFD
        N/A
        TRUMID HLDGS LLC J-A CVT PFD
        000000000
        
          
        
        711.50080000
        NS
        USD
        623011.45000000
        0.029470739820
        Long
        EP
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        EQUIFAX INC
        5493004MCF8JDC86VS77
        EQUIFAX INC
        294429105
        
          
          
        
        15050.00000000
        NS
        USD
        3568355.00000000
        0.168796354851
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Berkshire Hathaway Inc
        5493000C01ZX7D35SD85
        Berkshire Hathaway Inc
        084670702
        
          
          
        
        41700.00000000
        NS
        USD
        14716347.00000000
        0.696137500425
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Willis Towers Watson PLC
        549300WHC56FF48KL350
        Willis Towers Watson PLC
        000000000
        
          
          
          
        
        21700.00000000
        NS
        USD
        5125974.00000000
        0.242477479472
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Arthur J Gallagher & Co
        54930049QLLMPART6V29
        Arthur J Gallagher & Co
        363576109
        
          
          
        
        147400.00000000
        NS
        USD
        25736040.00000000
        1.217409630015
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Patria Investments Ltd
        N/A
        Patria Investments Ltd
        000000000
        
          
          
          
        
        133206.00000000
        NS
        USD
        2372398.86000000
        0.112223217651
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CME Group Inc
        LCZ7XYGSLJUHFXXNXD88
        CME Group Inc
        12572Q105
        
          
          
        
        75354.00000000
        NS
        USD
        17923702.44000000
        0.847857244393
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fiserv Inc
        GI7UBEJLXYLGR2C7GV83
        Fiserv Inc
        337738108
        
          
          
        
        137800.00000000
        NS
        USD
        13972920.00000000
        0.660970660887
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brookfield Asset Management In
        C6J3FGIWG6MBDGTE8F80
        Brookfield Asset Management Inc
        112585104
        
          
          
        
        285800.00000000
        NS
        USD
        16167706.00000000
        0.764792135062
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          
        
      
      
        Bank of New York Mellon Corp/T
        WFLLPEPC7FZXENRZV188
        Bank of New York Mellon Corp/The
        064058100
        
          
          
        
        863900.00000000
        NS
        USD
        42875357.00000000
        2.028162549567
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Swedbank AB
        M312WZV08Y7LYUC71685
        Swedbank AB
        000000000
        
          
          
          
        
        986900.00000000
        NS
        
        14739983.75000000
        0.697255605894
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          
        
      
      
        COALITION SER E CVT PFD STOCK PP
        N/A
        COALITION SER E CVT PFD STOCK PP
        000000000
        
          
        
        133551.00000000
        NS
        USD
        2206663.17000000
        0.104383308129
        Long
        EP
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        Bridgepoint Group PLC
        213800KFNMVI8PDZX472
        Bridgepoint Group PLC
        000000000
        
          
          
          
        
        552248.00000000
        NS
        
        2537465.84000000
        0.120031494723
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        JBG SMITH Properties
        N/A
        JBG SMITH Properties
        46590V100
        
          
          
        
        458644.00000000
        NS
        USD
        13401577.68000000
        0.633944061519
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Euronet Worldwide Inc
        YG3575C4DSHJPA5KET68
        Euronet Worldwide Inc
        298736109
        
          
          
        
        295580.00000000
        NS
        USD
        38469737.00000000
        1.819760471617
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dime Community Bancshares Inc
        N/A
        Dime Community Bancshares Inc
        25432X102
        
          
          
        
        445000.00000000
        NS
        USD
        15383650.00000000
        0.727703393948
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zurich Insurance Group AG
        529900QVNRBND50TXP03
        Zurich Insurance Group AG
        000000000
        
          
          
          
        
        52873.00000000
        NS
        
        26113971.58000000
        1.235287187906
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Direct Line Insurance Group PL
        213800FF2R23ALJQOP04
        Direct Line Insurance Group PLC
        000000000
        
          
          
          
        
        4000746.00000000
        NS
        
        14416179.27000000
        0.681938459503
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        BLACK KNIGHT INC
        549300TUSNXS3BFFML48
        BLACK KNIGHT INC
        09215C105
        
          
          
        
        188917.00000000
        NS
        USD
        10955296.83000000
        0.518225953197
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SoFi Technologies Inc
        549300SW81JCMVZDDY09
        SoFi Technologies Inc
        83406F102
        
          
          
        
        568833.00000000
        NS
        USD
        5375471.85000000
        0.254279648153
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        BankUnited Inc
        96OVUWEW5D4YX6PFXD91
        BankUnited Inc
        06652K103
        
          
          
        
        530991.00000000
        NS
        USD
        23342364.36000000
        1.104179942182
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NerdWallet Inc
        N/A
        NerdWallet Inc
        000000000
        
          
          
        
        58768.00000000
        NS
        USD
        669396.90000000
        0.031664942717
        Long
        EC
        CORP
        US
        Y
        
        2
        
          N
          N
          N
        
      
      
        Five Star Bancorp
        5493008ZRBIHKWC0JA73
        Five Star Bancorp
        33830T103
        
          
          
        
        30313.00000000
        NS
        USD
        857857.90000000
        0.040579843233
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Encore Capital Group Inc
        5493000UVC6H49CIH830
        Encore Capital Group Inc
        292554102
        
          
          
        
        366137.00000000
        NS
        USD
        22967774.01000000
        1.086460436795
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MARSH & MCLENNAN COS INC
        549300XMP3KDCKJXIU47
        MARSH & MCLENNAN COS
        571748102
        
          
          
        
        205457.00000000
        NS
        USD
        35013981.94000000
        1.656290509299
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hartford Financial Services Gr
        IU7C3FTM7Y3BQM112U94
        Hartford Financial Services Group Inc/The
        416515104
        
          
          
        
        657500.00000000
        NS
        USD
        47215075.00000000
        2.233447219809
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Main Street Capital Corp
        5493001FS9QJLJNF3E20
        Main Street Capital Corp
        56035L104
        
          
          
        
        87375.00000000
        NS
        USD
        3725670.00000000
        0.176237934672
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Signature Bank/New York NY
        VLP5AP0XK2GM6GKD1007
        Signature Bank/New York NY
        82669G104
        
          
          
        
        134629.00000000
        NS
        USD
        39512265.21000000
        1.869075901746
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SL Green Realty Corp
        549300VQZPJU97H3GT17
        SL Green Realty Corp
        78440X887
        
          
          
        
        50664.00000000
        NS
        USD
        4112903.52000000
        0.194555508639
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Axis Capital Holdings Ltd
        N/A
        Axis Capital Holdings Ltd
        000000000
        
          
          
          
        
        400117.00000000
        NS
        USD
        24195074.99000000
        1.144516300556
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Home BancShares Inc/AR
        N/A
        Home BancShares Inc/AR
        436893200
        
          
          
        
        287076.00000000
        NS
        USD
        6487917.60000000
        0.306902435844
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Selectquote Inc
        549300BV28BWDIN9SP24
        Selectquote Inc
        816307300
        
          
          
        
        115605.00000000
        NS
        USD
        322537.95000000
        0.015257234849
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Huntington Bancshares Inc/OH
        549300XTVCVV9I7B5T19
        Huntington Bancshares Inc/OH
        446150104
        
          
          
        
        3629440.00000000
        NS
        USD
        53062412.80000000
        2.510047868071
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AIA Group Ltd
        ZP5ILWVSYE4LJGMMVD57
        AIA Group Ltd
        000000000
        
          
          
          
        
        220400.00000000
        NS
        
        2301391.62000000
        0.108864313259
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Assurant Inc
        H3F39CAXWQRVWURFXL38
        Assurant Inc
        04621X108
        
          
          
        
        104610.00000000
        NS
        USD
        19021236.30000000
        0.899774644678
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Seacoast Banking Corp of Flori
        549300V6IC06XYQYPG88
        Seacoast Banking Corp of Florida
        811707801
        
          
          
        
        559277.00000000
        NS
        USD
        19585880.54000000
        0.926484400153
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TRUMID HLDGS LLC J-B CVT PFD
        N/A
        TRUMID HLDGS LLC J-B CVT PFD
        000000000
        
          
        
        711.50080000
        NS
        USD
        623011.45000000
        0.029470739820
        Long
        EP
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        Wells Fargo & Co
        PBLD0EJDB5FWOLXP3B76
        Wells Fargo & Co
        949746101
        
          
          
        
        1881381.00000000
        NS
        USD
        91171723.26000000
        4.312758834764
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Apollo Global Management Inc
        N/A
        Apollo Global Management Inc
        03769M106
        
          
          
        
        452800.00000000
        NS
        USD
        28069072.00000000
        1.327770649968
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Definity Financial Corp
        984500D5F3FC49D00C44
        Definity Financial Corp
        24477T100
        
          
          
          
        
        173631.00000000
        NS
        
        4434698.10000000
        0.209777579346
        Long
        EC
        CORP
        CA
        N
        
        2
        
          N
          N
          N
        
      
      
        Pinnacle Financial Partners In
        54930098EZ8JMSAZGS24
        Pinnacle Financial Partners Inc
        72346Q104
        
          
          
        
        303626.00000000
        NS
        USD
        27957882.08000000
        1.322510956582
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        T. ROWE PRICE GOVERNMENT RESERVE FUND
        5493002Y0IYARJVQ5N24
        T. ROWE PRICE GOVERNMENT RESERVE FUND
        76105Y109
        
          
          
        
        121345879.39000000
        NS
        USD
        121345879.39000000
        5.740107729554
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        Selective Insurance Group Inc
        549300R3WGJWLE40R258
        Selective Insurance Group Inc
        816300107
        
          
          
        
        148700.00000000
        NS
        USD
        13287832.00000000
        0.628563471257
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Erste Group Bank AG
        PQOH26KWDF7CG10L6792
        Erste Group Bank AG
        000000000
        
          
          
          
        
        66361.00000000
        NS
        
        2419953.77000000
        0.114472740320
        Long
        EC
        CORP
        AT
        N
        
        2
        
          N
          N
          N
        
      
      
        Chailease Holding Co Ltd
        529900L76E6T0JCM3J27
        Chailease Holding Co Ltd
        000000000
        
          
          
          
        
        506856.00000000
        NS
        
        4445800.36000000
        0.210302757199
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        BAWAG Group AG
        529900S9YO2JHTIIDG38
        BAWAG Group AG
        000000000
        
          
          
          
        
        424669.00000000
        NS
        
        21428417.16000000
        1.013643179237
        Long
        EC
        CORP
        AT
        N
        
        2
        
          N
          N
          N
        
      
      
        Sompo Holdings Inc
        353800CWW4SRGEYEB512
        Sompo Holdings Inc
        000000000
        
          
          
          
        
        182900.00000000
        NS
        
        8036708.86000000
        0.380165975798
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Citigroup Inc
        6SHGI4ZSSLCXXQSBB395
        Citigroup Inc
        172967424
        
          
          
        
        842900.00000000
        NS
        USD
        45010860.00000000
        2.129179719152
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
        529900MUF4C20K50JS49
        Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
        000000000
        
          
          
          
        
        20998.00000000
        NS
        
        5613599.21000000
        0.265543950712
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        RenaissanceRe Holdings Ltd
        EK6GB9U3U58PDI411C94
        RenaissanceRe Holdings Ltd
        000000000
        
          
          
          
        
        152300.00000000
        NS
        USD
        24141073.00000000
        1.141961807221
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Trinity Capital Inc
        549300YGT4SBRQYDVU48
        Trinity Capital Inc
        896442308
        
          
          
        
        515373.00000000
        NS
        USD
        9951852.63000000
        0.470759340918
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMorgan Chase & Co
        8I5DZWZKVSZI1NUHU748
        JPMorgan Chase & Co
        46625H100
        
          
          
        
        88700.00000000
        NS
        USD
        12091584.00000000
        0.571976528002
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Capital One Financial Corp
        ZUE8T73ROZOF6FLBAR73
        Capital One Financial Corp
        14040H105
        
          
          
        
        371600.00000000
        NS
        USD
        48787364.00000000
        2.307822289547
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Citizens Financial Group Inc
        2138004JDDA4ZQUPFW65
        Citizens Financial Group Inc
        174610105
        
          
          
        
        359480.00000000
        NS
        USD
        16295228.40000000
        0.770824415001
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Popular Inc
        5493008CARDZMVQ3LO89
        Popular Inc
        733174700
        
          
          
        
        364726.00000000
        NS
        USD
        29812703.24000000
        1.410250839724
        Long
        EC
        CORP
        PR
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Pacific Premier Bancorp Inc
        549300Q1KIC3KLI0XG98
        Pacific Premier Bancorp Inc
        69478X105
        
          
          
        
        303841.00000000
        NS
        USD
        10740779.35000000
        0.508078485056
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Julius Baer Group Ltd
        5299007MF0604ZGJER92
        Julius Baer Group Ltd
        000000000
        
          
          
          
        
        291621.00000000
        NS
        
        16883255.88000000
        0.798640283988
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        StepStone Group Inc
        N/A
        StepStone Group Inc
        85914M107
        
          
          
        
        210500.00000000
        NS
        USD
        6959130.00000000
        0.329192520625
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        OneMain Holdings Inc
        549300E3VEW8SMS5XW09
        OneMain Holdings Inc
        68268W103
        
          
          
        
        285000.00000000
        NS
        USD
        13511850.00000000
        0.639160349040
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CNA Financial Corp
        549300YX2GSZD7YG1R84
        CNA Financial Corp
        126117100
        
          
          
        
        335971.00000000
        NS
        USD
        16334910.02000000
        0.772701502009
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fifth Third Bancorp
        THRNG6BD57P9QWTQLG42
        Fifth Third Bancorp
        316773100
        
          
          
        
        871489.00000000
        NS
        USD
        37508886.56000000
        1.774308701311
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Equitable Holdings Inc
        549300FIBAKMNHPZ4009
        Equitable Holdings Inc
        29452E101
        
          
          
        
        742008.00000000
        NS
        USD
        22935467.28000000
        1.084932209290
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chubb Ltd
        E0JAN6VLUDI1HITHT809
        Chubb Ltd
        000000000
        
          
          
          
        
        376592.00000000
        NS
        USD
        80553028.80000000
        3.810455415365
        Long
        EC
        CORP
        CH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Webster Financial Corp
        KMRURHT0VWKYS6Z5KU67
        Webster Financial Corp
        947890109
        
          
          
        
        356517.00000000
        NS
        USD
        20007734.04000000
        0.946439626884
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arch Capital Group Ltd
        549300AYR4P8AFKDCE43
        Arch Capital Group Ltd
        000000000
        
          
          
          
        
        425200.00000000
        NS
        USD
        20588184.00000000
        0.973897051222
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        American International Group I
        ODVCVCQG2BP6VHV36M30
        American International Group Inc
        026874784
        
          
          
        
        1119771.00000000
        NS
        USD
        70288025.67000000
        3.324882900611
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ING Groep NV
        549300NYKK9MWM7GGW15
        ING Groep NV
        000000000
        
          
          
          
        
        1636398.00000000
        NS
        
        17085525.23000000
        0.808208370397
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        SouthState Corp
        549300JZUANXM0YQ4W53
        SouthState Corp
        840441109
        
          
          
        
        26350.00000000
        NS
        USD
        2149896.50000000
        0.101698035231
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Bank Holdings Corp
        N/A
        National Bank Holdings Corp
        633707104
        
          
          
        
        122407.00000000
        NS
        USD
        4930553.96000000
        0.233233390693
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Group Inc/The
        784F5XWPLTWKTBV3E584
        Goldman Sachs Group Inc/The
        38141G104
        
          
          
        
        154000.00000000
        NS
        USD
        50835400.00000000
        2.404701947374
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sun Life Financial Inc
        549300V040JZX5S66Z78
        Sun Life Financial Inc
        866796105
        
          
          
        
        560900.00000000
        NS
        USD
        31315047.00000000
        1.481317241587
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          
        
      
      
        NerdWallet Inc
        254900FJ2Y4SH71DJ379
        NerdWallet Inc
        64082B102
        
          
          
        
        418032.00000000
        NS
        USD
        5012203.68000000
        0.237095723647
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        nCino Inc
        N/A
        nCino Inc
        63947X101
        
          
          
        
        13465.00000000
        NS
        USD
        551795.70000000
        0.026101972136
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        London Stock Exchange Group PL
        213800QAUUUP6I445N30
        London Stock Exchange Group PLC
        000000000
        
          
          
          
        
        194311.00000000
        NS
        
        20262869.05000000
        0.958508454028
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Invesco Ltd
        ECPGFXU8A2SHKVVGJI15
        Invesco Ltd
        000000000
        
          
          
          
        
        761100.00000000
        NS
        USD
        17550966.00000000
        0.830225435788
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bank of America Corp
        9DJT3UXIJIZJI4WXO774
        Bank of America Corp
        060505104
        
          
          
        
        2118200.00000000
        NS
        USD
        87312204.00000000
        4.130189336335
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Virtus Investment Partners Inc
        549300HWF93HB8BDM648
        Virtus Investment Partners Inc
        92828Q109
        
          
          
        
        62200.00000000
        NS
        USD
        14927378.00000000
        0.706120045200
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KKR & Co Inc
        549300JOHU21WRN2Z451
        KKR & Co Inc
        48251W104
        
          
          
        
        403800.00000000
        NS
        USD
        23610186.00000000
        1.116848893725
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Heritage Commerce Corp
        549300CLIS851ELSR406
        Heritage Commerce Corp
        426927109
        
          
          
        
        278668.00000000
        NS
        USD
        3135015.00000000
        0.148297774297
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kemper Corp
        549300FNI1JKTRY2PV09
        Kemper Corp
        488401100
        
          
          
        
        128851.00000000
        NS
        USD
        7285235.54000000
        0.344618515643
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Barings BDC Inc
        549300GSF4KFZP6ONG49
        Barings BDC Inc
        06759L103
        
          
          
        
        791442.00000000
        NS
        USD
        8183510.28000000
        0.387110224502
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First American Financial Corp
        549300B6VEZK3N0A1P55
        First American Financial Corp
        31847R102
        
          
          
        
        157407.00000000
        NS
        USD
        10203121.74000000
        0.482645296731
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TRUMID HLDGS SR L CVT PFD TAX BLOCKER PP
        N/A
        TRUMID HLDGS SR L CVT PFD TAX BLOCKER PP
        000000000
        
          
        
        961.00000000
        NS
        USD
        841480.43000000
        0.039805128487
        Long
        EP
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        Sandy Spring Bancorp Inc
        N/A
        Sandy Spring Bancorp Inc
        800363103
        
          
          
        
        163500.00000000
        NS
        USD
        7344420.00000000
        0.347418158927
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PRA Group Inc
        549300Q5HW3JSSB86K27
        PRA Group Inc
        69354N106
        
          
          
        
        308600.00000000
        NS
        USD
        13911688.00000000
        0.658074161408
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Linea Directa Aseguradora SA C
        95980079E2NBJT967T79
        Linea Directa Aseguradora SA Cia de Seguros y Reaseguros
        000000000
        
          
          
          
        
        1332978.00000000
        NS
        
        2051584.45000000
        0.097047512601
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Axis Bank Ltd
        549300HVNWMJPOFVNI41
        Axis Bank Ltd
        000000000
        
          
          
          
        
        313470.00000000
        NS
        
        3124151.18000000
        0.147783875536
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        MetLife Inc
        C4BXATY60WC6XEOZDX54
        MetLife Inc
        59156R108
        
          
          
        
        481900.00000000
        NS
        USD
        33867932.00000000
        1.602078119458
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        East West Bancorp Inc
        N/A
        East West Bancorp Inc
        27579R104
        
          
          
        
        345200.00000000
        NS
        USD
        27277704.00000000
        1.290336024280
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CHARLES SCHWAB CORP/THE
        549300VSGCJ7E698NM85
        SCHWAB (CHARLES) CORP
        808513105
        
          
          
        
        580737.00000000
        NS
        USD
        48961936.47000000
        2.316080211361
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VISA INC
        549300JZ4OKEHW3DPJ59
        VISA INC-CLASS A SHARES
        92826C839
        
          
          
        
        55838.00000000
        NS
        USD
        12383193.26000000
        0.585770721722
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Morgan Stanley
        IGJSJL3JD5P30I6NJZ34
        Morgan Stanley
        617446448
        
          
          
        
        440913.00000000
        NS
        USD
        38535796.20000000
        1.822885315464
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MASTERCARD INC
        AR5L2ODV9HN37376R084
        MASTERCARD INC - A
        57636Q104
        
          
          
        
        19582.00000000
        NS
        USD
        6998215.16000000
        0.331041392875
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PNC FINANCIAL SERVICES GROUP INC/THE
        CFGNEKW0P8842LEUIA51
        PNC FINANCIAL SERVICES GROUP
        693475105
        
          
          
        
        115500.00000000
        NS
        USD
        21303975.00000000
        1.007756606012
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hanover Insurance Group Inc/Th
        JJYR6MFKFF6CF8DBZ078
        Hanover Insurance Group Inc/The
        410867105
        
          
          
        
        89300.00000000
        NS
        USD
        13352136.00000000
        0.631605287669
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        P10 Inc
        N/A
        P10 Inc
        69376K106
        
          
          
        
        514251.00000000
        NS
        USD
        6232722.12000000
        0.294830748246
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Raymond James Financial Inc
        RGUZHJ05YTITL6D76949
        Raymond James Financial Inc
        754730109
        
          
          
        
        261150.00000000
        NS
        USD
        28702996.50000000
        1.357757617310
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Western Alliance Bancorp
        5493003VJXZ5JXT9S762
        Western Alliance Bancorp
        957638109
        
          
          
        
        309161.00000000
        NS
        USD
        25604714.02000000
        1.211197426711
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PennyMac Financial Services In
        549300W1D516HBDEU871
        PennyMac Financial Services Inc
        70932M107
        
          
          
        
        157124.00000000
        NS
        USD
        8358996.80000000
        0.395411384253
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ameriprise Financial Inc
        6ZLKQF7QB6JAEKQS5388
        Ameriprise Financial Inc
        03076C106
        
          
          
        
        58600.00000000
        NS
        USD
        17601096.00000000
        0.832596769714
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        STATE STREET CORP
        549300ZFEEJ2IP5VME73
        STATE STREET CORP
        857477103
        
          
          
        
        553075.00000000
        NS
        USD
        48183894.00000000
        2.279275932398
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Voya Financial Inc
        549300T065Z4KJ686G75
        Voya Financial Inc
        929089100
        
          
          
        
        314200.00000000
        NS
        USD
        20847170.00000000
        0.986148044399
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-05-25
      T. ROWE PRICE FINANCIAL SERVICES FUND, INC.
      Alan S. Dupski
      Alan S. Dupski
      Treasurer & Vice President
    
  
  XXXX
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 

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