T.
ROWE
PRICE
Global
Technology
Fund
March
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
95.7%
BUSINESS
SERVICES
1.1%
Information
Services
1.1%
CoStar
Group (1)
113,977
93,677
Total
Business
Services
93,677
CONSUMER/RETAIL
0.8%
Retail
Stores
0.8%
Magazine
Luiza
(BRL)
18,433,764
65,762
Total
Consumer/Retail
65,762
FINANCIAL
SERVICES
8.9%
Payments
8.9%
Adyen
(EUR) (1)
31,409
70,086
FTAC
Olympus
Acquisition
SPAC/
Payoneer
PIPE (1)(2)
725,973
6,906
Mastercard
,
Class
A
673,500
239,800
One97
Communications,
Series
G,
Acquisition
Date:
12/3/19,
Cost $6,129 (1)(3)(4)
24,073
6,139
Square,
Class
A (1)
714,700
162,273
StoneCo
,
Class
A (1)
411,136
25,170
Visa,
Class
A
1,098,600
232,606
Total
Financial
Services
742,980
HARDWARE
0.0%
Consumer
Electronics
0.0%
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $9,250 (1)(3)
(4)
2,456,552
4,127
Total
Hardware
4,127
INDUSTRIALS
2.5%
Automobile
Manufacturers
2.5%
Tesla (1)
309,300
206,591
Total
Industrials
206,591
INTERNET
22.5%
China
Internet
Media/Advertising
0.8%
Kuaishou
Technology
(HKD) (1)
1,095,900
38,061
Tencent
Holdings
(HKD)
343,300
27,398
65,459
China
Internet
Retail
0.9%
Alibaba
Group
Holding,
ADR (1)
331,038
75,056
75,056
T.
ROWE
PRICE
Global
Technology
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Rest
of
World
Internet
Media/Advertising
6.2%
Sea,
ADR (1)
2,322,443
518,439
518,439
Rest
of
World
Internet
Retail
2.9%
Auto1
Group
(EUR) (1)
332,797
18,870
Coupang
(1)
1,958,313
96,643
Farfetch
,
Class
A (1)
776,298
41,159
MercadoLibre
(1)
54,742
80,588
MYT
Netherlands
Parent,
ADR (1)
323,180
9,133
246,393
Rest
of
World
Internet
Services
0.8%
Delivery
Hero
(EUR) (1)
540,969
70,119
70,119
U.S.
Internet
Media/Advertising
3.7%
Facebook,
Class
A (1)
769,890
226,756
Snap,
Class
A (1)
1,572,700
82,236
308,992
U.S.
Internet
Retail
5.2%
Amazon.com (1)
110,372
341,500
Etsy (1)
460,800
92,929
434,429
U.S.
Internet
Services
2.0%
Canva
,
Acquisition
Date:
11/24/20,
Cost $8,431 (1)(3)(4)
13,538
8,431
DoorDash
,
Class
A (1)
634,115
83,152
DoorDash
,
Class
A,
Acquisition
Date:
11/12/19,
Cost $6,894 (1)(4)
181,710
22,636
Maplebear
DBA
Instacart
,
Acquisition
Date:
8/7/20,
Cost $3,550 (1)(3)(4)
76,623
9,578
Maplebear
DBA
Instacart
,
Acquisition
Date:
8/7/20,
Cost $186 (1)
(3)(4)
4,003
500
Match
Group (1)
300,600
41,296
Upwork
(1)
133,004
5,955
171,548
Total
Internet
1,890,435
IT
SERVICES
0.0%
IT
Services
0.0%
Squarespace,
Class
C,
Acquisition
Date:
3/16/21,
Cost $3,595 (1)
(3)(4)
52,541
3,595
Total
IT
Services
3,595
T.
ROWE
PRICE
Global
Technology
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
MEDIA
&
ENTERTAINMENT
7.8%
Direct-to-Consumer
Subscription
Services
2.5%
Netflix (1)
399,300
208,299
208,299
Live
Entertainment
1.6%
Live
Nation
Entertainment (1)
1,546,200
130,886
130,886
Video
Gaming
3.7%
Epic
Games,
Acquisition
Date:
6/18/20
-
3/29/21,
Cost $37,575 (1)(3)(4)
58,355
51,644
ROBLOX,
Class
A (1)
3,997,152
259,135
310,779
Total
Media
&
Entertainment
649,964
MISCELLANEOUS
0.4%
Miscellaneous
0.4%
Altimeter
Growth (1)
1,275,946
15,592
Altimeter
Growth,
Class
A (1)
1,509,731
15,671
Total
Miscellaneous
31,263
REAL
ESTATE
1.1%
Real
Estate
1.1%
Opendoor
Technologies (1)
4,186,879
88,720
Total
Real
Estate
88,720
SEMICONDUCTORS
12.9%
Foundry
4.3%
Taiwan
Semiconductor
Manufacturing
(TWD)
16,985,000
357,691
357,691
Memory
0.7%
Micron
Technology (1)
628,300
55,422
55,422
Microcontrollers
1.4%
Infineon
Technologies
(EUR)
2,706,290
115,146
115,146
Processors
1.4%
MediaTek
(TWD)
3,386,000
116,468
116,468
Semiconductor
Capital
Equipment
5.1%
Applied
Materials
765,100
102,217
ASML
Holding
(EUR)
385,885
236,767
T.
ROWE
PRICE
Global
Technology
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
Lam
Research
151,500
90,179
429,163
Total
Semiconductors
1,073,890
SOFTWARE
37.7%
Back-Office
Applications
Software
5.5%
Bill.com
Holdings (1)
550,017
80,027
Coupa
Software (1)
234,143
59,585
Paylocity
Holding (1)
383,000
68,875
Workday,
Class
A (1)
1,004,900
249,647
458,134
Collaboration
and
Productivity
Software
11.5%
Atlassian
,
Class
A (1)
1,120,295
236,113
ServiceNow
(1)
454,088
227,094
Uipath
,
Class
A,
Acquisition
Date:
12/11/20,
Cost $2,800 (1)(3)(4)
96,228
5,993
Zoom
Video
Communications,
Class
A (1)
1,551,461
498,469
967,669
Design
Software
1.1%
Synopsys (1)
363,545
90,079
90,079
Front-Office
Applications
Software
6.4%
Five9 (1)
844,595
132,036
HubSpot
(1)
491,500
223,244
Zendesk
(1)
1,365,604
181,106
536,386
Industry-Specific
Software
4.7%
nCino
(1)
943,052
62,920
Procore
Technologies,
Acquisition
Date:
7/15/20
-
12/9/20,
Cost $4,058 (1)(3)(4)
71,500
4,505
Shopify,
Class
A (1)
292,110
323,220
390,645
Infrastructure
and
Developer
Tool
Software
3.5%
Databricks
,
Acquisition
Date:
7/24/20
-
8/28/20,
Cost $7,954 (1)
(3)(4)
165,620
29,376
HashiCorp
,
Acquisition
Date:
6/25/20,
Cost $2,685 (1)(3)(4)
103,154
2,685
PagerDuty
(1)
2,178,462
87,639
Snowflake,
Class
A (1)
46,567
10,677
Twilio
,
Class
A (1)
489,743
166,885
297,262
Security
Software
5.0%
Crowdstrike
Holdings,
Class
A (1)
1,211,763
221,159
T.
ROWE
PRICE
Global
Technology
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
Okta
(1)
902,900
199,026
420,185
Total
Software
3,160,360
Total
Common
Stocks
(Cost
$5,502,392)
8,011,364
CONVERTIBLE
PREFERRED
STOCKS
3.1%
INDUSTRIALS
0.7%
Automobile
Manufacturers
0.6%
Rivian
Automotive,
Series
E,
Acquisition
Date:
7/10/20,
Cost $12,197 (1)(3)(4)
787,440
29,017
Rivian
Automotive,
Series
F,
Acquisition
Date:
1/19/21,
Cost $20,176 (1)(3)(4)
547,511
20,176
49,193
Transportation
Technology
Services
0.1%
Waymo
,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $7,375 (1)(3)(4)
85,888
7,375
Xiaoju
Kuaizhi
,
Series
A-17,
Acquisition
Date:
10/19/15,
Cost $2,272 (1)(3)(4)
82,853
3,652
11,027
Total
Industrials
60,220
INTERNET
0.8%
China
Internet
Media/Advertising
0.4%
ByteDance
,
Series
E,
Acquisition
Date:
7/8/19,
Cost $9,606 (1)(3)
(4)
194,898
30,749
30,749
U.S.
Internet
Retail
0.1%
Rent
the
Runway,
Series
F,
Acquisition
Date:
3/21/19,
Cost $5,771 (1)(3)(4)
258,153
3,805
Rent
the
Runway,
Series
G,
Acquisition
Date:
4/30/20,
Cost $1,561 (1)(3)(4)
105,887
1,561
5,366
U.S.
Internet
Services
0.3%
FLEXE,
Series
C,
Acquisition
Date:
11/18/20,
Cost $5,197 (1)(3)(4)
427,147
5,197
Maplebear
DBA
Instacart
,
Series
G,
Acquisition
Date:
7/2/20,
Cost $7,573 (1)(3)(4)
157,469
19,684
Maplebear
DBA
Instacart
,
Series
I,
Acquisition
Date:
2/26/21,
Cost $3,391 (1)(3)(4)
27,125
3,391
28,272
Total
Internet
64,387
T.
ROWE
PRICE
Global
Technology
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
SOFTWARE
1.6%
Back-Office
Applications
Software
0.0%
Plex
Systems
Holdings,
Series
B,
Acquisition
Date:
6/9/14,
Cost $1,264 (1)(3)(4)
551,025
1,989
1,989
Collaboration
and
Productivity
Software
0.7%
Evernote,
Series
4,
Acquisition
Date:
5/2/12,
Cost $1,338 (1)(3)(4)
111,219
398
Evernote,
Series
5,
Acquisition
Date:
11/8/13,
Cost $866 (1)(3)(4)
66,613
245
Uipath
,
Series
D-1,
Acquisition
Date:
4/26/19,
Cost $9,119 (1)(3)
(4)
695,166
43,292
Uipath
,
Series
D-2,
Acquisition
Date:
4/26/19,
Cost $1,531 (1)(3)
(4)
116,730
7,270
Uipath
,
Series
E,
Acquisition
Date:
7/9/20,
Cost $380 (1)(3)(4)
20,448
1,273
Uipath
,
Series
F,
Acquisition
Date:
2/2/21,
Cost $4,321 (1)(3)(4)
69,386
4,321
56,799
Industry-Specific
Software
0.1%
Procore
Technologies,
Series
B,
Acquisition
Date:
7/15/20,
Cost $747 (1)(3)(4)
16,598
1,046
ServiceTitan
,
Series
F,
Acquisition
Date:
3/25/21,
Cost $5,223 (1)
(3)(4)
48,666
5,223
6,269
Infrastructure
and
Developer
Tool
Software
0.8%
Databricks
,
Series
F,
Acquisition
Date:
10/22/19,
Cost $11,114 (1)
(3)(4)
258,785
45,900
Databricks
,
Series
G,
Acquisition
Date:
2/1/21,
Cost $4,246 (1)(3)
(4)
23,939
4,246
DataRobot
,
Series
F,
Acquisition
Date:
10/27/20,
Cost $15,838 (1)
(3)(4)
1,205,132
15,838
HashiCorp
,
Series
E,
Acquisition
Date:
3/13/20,
Cost $3,368 (1)
(3)(4)
116,462
3,368
69,352
Total
Software
134,409
Total
Convertible
Preferred
Stocks
(Cost
$134,474)
259,016
T.
ROWE
PRICE
Global
Technology
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
SHORT-TERM
INVESTMENTS
1.0%
Money
Market
Funds
1.0%
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04% (5)(6)
83,097,018
83,097
Total
Short-Term
Investments
(Cost
$83,097)
83,097
Total
Investments
in
Securities
99.8%
(Cost
$5,719,963)
$
8,353,477
Other
Assets
Less
Liabilities
0.2%
19,770
Net
Assets
100.0%
$
8,373,247
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
A
portion
of
the
position
represents
an
unfunded
commitment;
a
liability
to
fund
the
commitment
has
been
recognized.
The
fund's
total
unfunded
commitment
at
March
31,
2021,
was
$7,260
and
was
valued
at
$6,906
(0.1
%
of
net
assets).
(3)
Level
3
in
fair
value
hierarchy.
(4)
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
$408,225
and
represents
4.9%
of
net
assets.
(5)
Seven-day
yield
(6)
Affiliated
Companies
ADR
American
Depositary
Receipts
BRL
Brazilian
Real
EUR
Euro
HKD
Hong
Kong
Dollar
PIPE
Private
Investment
in
Public
Equity
SPAC
Special
Purpose
Acquisition
Company
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
three
months
ended
March
31,
2021.
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
Treasury
Reserve
Fund,
0.04%
$
—#
$
—
$
14+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
03/31/21
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04%
$
79,288
¤
¤
$
83,097^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$14
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
$83,097.
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
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
T.
ROWE
PRICE
Global
Technology
Fund
10
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
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
T.
ROWE
PRICE
Global
Technology
Fund
11
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
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.
T.
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PRICE
Global
Technology
Fund
12
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2021
(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,
2021.
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,
2021,
totaled $140,152,000 for
the
period ended
March
31,
2021.
In
accordance
with
GAAP,
the
following
table
provides
quantitative
information
about
significant
unobservable
inputs
used
to
determine
the
fair
valuations
of
the
fund’s
Level
3
assets,
by
class
of
financial
instrument.
Because
the
Valuation
Committee
considers
a
wide
variety
of
factors
and
inputs,
both
observable
and
unobservable,
in
determining
fair
values,
the
unobservable
inputs
presented
do
not
reflect
all
inputs
significant
to
the
fair
value
determination.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
6,738,881
$
1,145,910
$
126,573
$
8,011,364
Convertible
Preferred
Stocks
—
—
259,016
259,016
Short-Term
Investments
83,097
—
—
83,097
Total
$
6,821,978
$
1,145,910
$
385,589
$
8,353,477
($000s)
Beginning
Balance
1/1/21
Gain
(Loss)
During
Period
Total
Purchases
Ending
Balance
3/31/21
Investment
in
Securities
Common
Stocks
$
67,972
$
43,527
$
15,074
$
126,573
Convertible
Preferred
Stocks
125,034
96,625
37,357
259,016
Total
$
193,006
$
140,152
$
52,431
$
385,589
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**
Common
Stock
$
126,573
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Enterprise
Value
to
Sales
Multiple
3.4x
–
4.8x
4.1x
Increase
Sales
Growth
Rate
19%
19%
Increase
Enterprise
Value
to
Gross
Profit
Multiple
7.5x
–
15.1x
11.3x
Increase
Gross
Profit
Growth
Rate
21%
21%
Increase
Discount
for
Lack
of
Marketability
10%
10%
Decrease
Convertible
Preferred
Stocks
$
259,016
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
Comparable
Premium
for
Liquidation
Preference
—#
—#
Increase
Probability
for
Potential
Outcome
10%
-
80%
33%
Increase
Enterprise
Value
to
Sales
Multiple
3.5x
–
8.1x
6.6x
Increase
Sales
Growth
Rate
10%
-
38%
33%
Increase
T.
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PRICE
Global
Technology
Fund
14
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
fund’s
management.
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
+
Valuation
techniques
may
change
in
order
to
reflect
management’s
judgment
of
current
market
participant
assumptions.
F132-054Q1
03/21
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
Gross
Profit
Multiple
4.6x
–
9.2x
7.7x
Increase
Gross
Profit
Growth
Rate
15%
15%
Increase
Discount
for
Lack
of
Marketability
10%
10%
Decrease