T.
ROWE
PRICE
Global
Technology
Fund
September
30,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
96.0%
FINANCIAL
SERVICES
2.2%
Other
Financial
Services
0.8%
NU
Holdings,
Class
A (1)
3,608,488
26,162
26,162
Payments
1.4%
Adyen
(EUR) (1)
25,235
18,710
Stripe,
Class
B,
Acquisition
Date:
5/18/21,
Cost $5,832 (1)(2)(3)
145,338
3,184
Wise,
Class
A
(GBP) (1)
3,181,108
26,529
48,423
Total
Financial
Services
74,585
HARDWARE
15.6%
Consumer
Electronics
14.5%
Apple
2,884,157
493,796
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $9,250 (1)(2)
(3)
2,456,552
983
494,779
Enterprise
Hardware
1.1%
Keyence
(JPY)
105,000
38,832
38,832
Total
Hardware
533,611
HEALTH
CARE
0.0%
Healthcare
Services
0.0%
Capsule,
Acquisition
Date:
4/7/21,
Cost $3,034 (1)(2)(3)
209,351
614
Total
Health
Care
614
INDUSTRIALS
0.7%
Automobile
Manufacturers
0.7%
Tesla (1)
97,105
24,298
Total
Industrials
24,298
INTERNET
7.6%
China
Internet
Media/Advertising
0.4%
Tencent
Holdings
(HKD)
311,800
12,087
12,087
China
Internet
Services
0.5%
Kanzhun,
ADR (1)
1,117,140
16,947
16,947
Rest
of
World
Internet
Retail
0.9%
MercadoLibre (1)
22,901
29,036
29,036
T.
ROWE
PRICE
Global
Technology
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
U.S.
Internet
Media/Advertising
0.5%
Meta
Platforms,
Class
A (1)
59,819
17,958
17,958
U.S.
Internet
Retail
2.2%
Amazon.com (1)
575,502
73,158
73,158
U.S.
Internet
Services
3.1%
Canva,
Acquisition
Date:
11/24/20
-
12/22/21,
Cost $85,406 (1)
(2)(3)
58,704
62,617
DoorDash,
Class
A (1)
401,174
31,881
Maplebear (1)
67,554
2,006
Maplebear,
Acquisition
Date:
7/2/20
-
2/26/21,
Cost $14,699 (1)(3)
265,220
7,875
104,379
Total
Internet
253,565
IT
SERVICES
1.8%
IT
Services
1.8%
Amadeus
IT
Group
(EUR)
427,435
25,818
Globant (1)
184,568
36,517
Total
IT
Services
62,335
MEDIA
&
ENTERTAINMENT
2.0%
Direct-to-Consumer
Subscription
Services
0.9%
Netflix (1)
78,786
29,750
Patreon,
Class
B,
Acquisition
Date:
8/19/21
-
10/14/21,
Cost $8,991 (1)(2)(3)
160,478
2,067
31,817
Video
Gaming
1.1%
Epic
Games,
Acquisition
Date:
6/18/20
-
3/29/21,
Cost $35,169 (1)(2)(3)
55,593
38,395
38,395
Total
Media
&
Entertainment
70,212
SEMICONDUCTORS
32.7%
Analog
Semiconductors
0.4%
Silergy
(TWD)
1,561,000
14,796
14,796
Foundry
5.5%
Taiwan
Semiconductor
Manufacturing
(TWD)
11,526,300
187,951
187,951
Memory
2.8%
Samsung
Electronics
(KRW)
1,904,479
96,279
96,279
T.
ROWE
PRICE
Global
Technology
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Processors
14.7%
Advanced
Micro
Devices (1)
1,339,785
137,757
NVIDIA
833,905
362,740
500,497
Semiconductor
Capital
Equipment
9.3%
ASM
International
(EUR)
114,238
47,705
ASML
Holding
(EUR)
207,638
122,247
BE
Semiconductor
Industries
(EUR)
316,159
30,922
Entegris
662,326
62,199
Lam
Research
83,890
52,580
315,653
Total
Semiconductors
1,115,176
SOFTWARE
33.2%
Back-Office
Applications
Software
4.8%
BILL
Holdings (1)
251,065
27,258
Gusto,
Acquisition
Date:
10/4/21,
Cost $4,568 (1)(2)(3)
158,669
2,440
Paylocity
Holding (1)
130,551
23,721
SAP
(EUR)
456,600
59,103
Workday,
Class
A (1)
234,138
50,305
162,827
Collaboration
and
Productivity
Software
2.8%
Atlassian,
Class
A (1)
179,256
36,122
Evernote
Chinese
Cash
Escrow,
EC (2)
54,708
52
Evernote
Equity
Holder
Expense
Fund,
EC (2)
2,015
2
ServiceNow (1)
106,483
59,519
95,695
Design
Software
4.0%
Cadence
Design
Systems (1)
221,292
51,849
Glodon,
Class
A
(CNH)
5,146,731
16,459
Synopsys (1)
156,652
71,898
140,206
Front-Office
Applications
Software
3.5%
Adobe (1)
156,988
80,048
HubSpot (1)
75,722
37,293
Klaviyo,
Class
A (1)(4)
64,732
2,233
119,574
Industry-Specific
Software
2.5%
ServiceTitan,
Acquisition
Date:
5/4/21,
Cost $3,386 (1)(2)(3)
33,857
2,469
Shopify,
Class
A (1)
987,767
53,902
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $3,205 (1)(2)(3)
142,720
2,793
Veeva
Systems,
Class
A (1)
135,672
27,602
86,766
T.
ROWE
PRICE
Global
Technology
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Infrastructure
and
Developer
Tool
Software
14.7%
Confluent,
Class
A (1)
754,391
22,338
Databricks,
Class
A,
Acquisition
Date:
7/24/20
-
8/28/20,
Cost $7,954 (1)(2)(3)
496,860
36,519
Datadog,
Class
A (1)
200,702
18,282
Microsoft
1,242,168
392,215
MongoDB (1)
92,903
32,131
501,485
Security
Software
0.9%
Zscaler (1)
200,284
31,162
31,162
Total
Software
1,137,715
TELECOM
SERVICES
0.2%
Rest
Of
The
World
Telecom
0.2%
ARM
Holdings,
ADR (1)
142,295
7,616
Total
Telecom
Services
7,616
Total
Common
Stocks
(Cost
$2,541,634)
3,279,727
CONVERTIBLE
PREFERRED
STOCKS
3.7%
FINANCIAL
SERVICES
0.4%
Other
Financial
Services
0.4%
Coalition,
Series
E,
Acquisition
Date:
9/7/21,
Cost $14,576 (1)(2)
(3)
882,194
14,891
Total
Financial
Services
14,891
HEALTH
CARE
0.0%
Healthcare
Services
0.0%
Capsule,
Series
1-D,
Acquisition
Date:
4/7/21,
Cost $3,034 (1)(2)
(3)
209,351
614
Total
Health
Care
614
INDUSTRIALS
0.2%
Transportation
Technology
Services
0.2%
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $4,552 (1)(2)(3)
218,364
1,354
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $7,375 (1)(2)(3)
85,888
3,883
Total
Industrials
5,237
INTERNET
1.5%
China
Internet
Media/Advertising
1.3%
ByteDance,
Series
E,
Acquisition
Date:
7/8/19,
Cost $8,947 (1)(2)
(3)
181,520
45,837
45,837
T.
ROWE
PRICE
Global
Technology
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
U.S.
Internet
Services
0.2%
Canva,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $5,323 (1)(2)(3)
3,123
3,331
Canva,
Series
A-3,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $1,316 (1)(2)(3)
772
823
Canva,
Series
A-4,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $153 (1)(2)(3)
90
96
Canva,
Series
A-5,
Acquisition
Date:
11/4/21,
Cost $3 (1)(2)(3)
2
2
FLEXE,
Series
C,
Acquisition
Date:
11/18/20,
Cost $5,197 (1)(2)(3)
427,147
4,306
8,558
Total
Internet
54,395
MEDIA
&
ENTERTAINMENT
0.2%
Direct-to-Consumer
Subscription
Services
0.2%
Patreon,
Series
D,
Acquisition
Date:
7/14/21
-
10/21/21,
Cost $23,806 (1)(2)(3)
425,114
5,476
Total
Media
&
Entertainment
5,476
SOFTWARE
1.4%
Back-Office
Applications
Software
0.1%
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $6,225 (1)(2)(3)
204,816
3,150
3,150
Collaboration
and
Productivity
Software
0.2%
Formagrid,
Series
F,
Acquisition
Date:
12/8/21,
Cost $19,390 (1)
(2)(3)
103,534
6,793
6,793
Industry-Specific
Software
0.4%
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $5,223 (1)
(2)(3)
48,666
3,548
ServiceTitan,
Series
G,
Acquisition
Date:
6/28/21,
Cost $377 (1)
(2)(3)
3,171
231
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $721 (1)(2)(3)
32,120
629
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $72 (1)(2)(3)
3,190
63
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $78 (1)(2)(3)
3,490
68
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $9,129 (1)(2)(3)
406,590
7,957
12,496
Infrastructure
and
Developer
Tool
Software
0.7%
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $165 (1)(2)(3)
2,784
205
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $12,844 (1)
(2)(3)
174,786
12,847
T.
ROWE
PRICE
Global
Technology
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Databricks,
Series
I,
Acquisition
Date:
9/14/23,
Cost $5,303 (1)(2)
(3)
72,147
5,303
DataRobot,
Series
F,
Acquisition
Date:
10/27/20,
Cost $15,838 (1)
(2)(3)
1,205,132
4,591
DataRobot,
Series
G,
Acquisition
Date:
6/11/21,
Cost $12,075 (1)
(2)(3)
441,318
1,681
24,627
Total
Software
47,066
Total
Convertible
Preferred
Stocks
(Cost
$161,722)
127,679
SHORT-TERM
INVESTMENTS
0.3%
Money
Market
Funds
0.3%
T.
Rowe
Price
Treasury
Reserve
Fund,
5.40% (5)(6)
8,682,614
8,683
Total
Short-Term
Investments
(Cost
$8,683)
8,683
SECURITIES
LENDING
COLLATERAL
0.1%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.1%
Money
Market
Funds
0.1%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (5)(6)
2,170,111
2,170
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
2,170
Total
Securities
Lending
Collateral
(Cost
$2,170)
2,170
Total
Investments
in
Securities
100.1%
(Cost
$2,714,209)
$
3,418,259
Other
Assets
Less
Liabilities
(0.1)%
(4,400)
Net
Assets
100.0%
$
3,413,859
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Level
3
in
fair
value
hierarchy.
(3)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
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
$287,635
and
represents
8.4%
of
net
assets.
(4)
All
or
a
portion
of
this
security
is
on
loan
at
September
30,
2023.
T.
ROWE
PRICE
Global
Technology
Fund
7
.
.
.
.
.
.
.
.
.
.
(5)
Seven-day
yield
(6)
Affiliated
Companies
ADR
American
Depositary
Receipts
CNH
Offshore
China
Renminbi
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
JPY
Japanese
Yen
KRW
South
Korean
Won
TWD
Taiwan
Dollar
T.
ROWE
PRICE
Global
Technology
Fund
8
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
nine
months
ended
September
30,
2023.
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,
5.40%
$
—
$
—
$
—++
T.
Rowe
Price
Treasury
Reserve
Fund,
5.40%
—
—
658
Totals
$
—#
$
—
$
658+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
09/30/23
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
$
—
¤
¤
$
2,170
T.
Rowe
Price
Treasury
Reserve
Fund,
5.40%
18,093
¤
¤
8,683
Total
$
10,853^
#
Capital
gain
distributions
from
underlying
Price
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
$658
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
$10,853.
T.
ROWE
PRICE
Global
Technology
Fund
Unaudited
Notes
to
Portfolio
of
Investments
9
T.
Rowe
Price
Global
Technology
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)
T.
ROWE
PRICE
Global
Technology
Fund
10
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s 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 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.
T.
ROWE
PRICE
Global
Technology
Fund
11
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.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
2023
(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
$
2,422,279
$
705,313
$
152,135
$
3,279,727
Convertible
Preferred
Stocks
—
—
127,679
127,679
Short-Term
Investments
8,683
—
—
8,683
Securities
Lending
Collateral
2,170
—
—
2,170
Total
$
2,433,132
$
705,313
$
279,814
$
3,418,259
T.
ROWE
PRICE
Global
Technology
Fund
12
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
September
30,
2023.
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
September
30,
2023,
totaled $34,473,000 for
the
period ended
September
30,
2023.
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.
($000s)
Beginning
Balance
12/31/22
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
9/30/23
Investment
in
Securities
Common
Stocks
$
124,074
$
36,715
$
111
$
(8,765)
$
152,135
Convertible
Preferred
Stocks
133,478
(968)
8,337
(13,168)
127,679
Total
$
257,552
$
35,747
$
8,448
$
(21,933)
$
279,814
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
$152,135
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
uncertainty
5%
5%
Decrease
Market
comparable
Enterprise
value
to
sales
multiple
1.7x
–
9.5x
5.5x
Increase
T.
ROWE
PRICE
Global
Technology
Fund
13
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**
Sales
growth
rate
15%
–
55%
29%
Increase
Enterprise
value
to
gross
profit
multiple
4.7x
–11.6x
9.2x
Increase
Gross
profit
growth
rate
15%
–
25%
21%
Increase
Projected
enterprise
value
to
gross
profit
multiple
12.2x
–
15.3x
13.8x
Increase
Discount
to
public
company
multiples
4%
–
7%
6%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Convertible
Preferred
Stocks
$
127,679
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Enterprise
value
to
sales
multiple
1.7x
–
10.9x
6.5x
Increase
Sales
growth
rate
7%
–
55%
24%
Increase
Enterprise
value
to
gross
profit
multiple
4.9x
–
16.6x
9.0x
Increase
Gross
profit
growth
rate
9%
–
41%
24%
Increase
Projected
enterprise
value
to
sales
multiple
2.2x
–
4.0x
2.6x
Increase
T.
ROWE
PRICE
Global
Technology
Fund
14
+
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.
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**
Projected
enterprise
value
to
EBIT
multiple
12.7x
–
18.2x
15.5x
Increase
EBIT
growth
rate
22%
22%
Increase
Premium
to
public
company
multiples
2%
–13%
7%
Increase
Discount
to
public
company
multiples
29%
–
35%
32%
Decrease
Discount
rate
for
cost
of
capital
25%
25%
Decrease
Discount
for
uncertainty
70%
70%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
T.
ROWE
PRICE
Global
Technology
Fund
15
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
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.
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
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
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.
F132-054Q3
09/23