T.
ROWE
PRICE
Global
Technology
Fund
September
30,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
95.6%
BUSINESS
SERVICES
0.1%
Information
Services
0.1%
CoStar
Group (1)
119,770
10,307
Total
Business
Services
10,307
FINANCIAL
SERVICES
5.2%
Payments
5.2%
Adyen
(EUR) (1)
35,826
100,147
Mastercard,
Class
A
209,900
72,978
One97
Communications,
Series
G,
Acquisition
Date:
12/3/19,
Cost $6,129 (1)(2)(3)
24,073
7,121
Payoneer
Global (1)
2,284,873
19,536
Square,
Class
A (1)
868,300
208,253
Stripe,
Class
B,
Acquisition
Date:
5/18/21,
Cost $5,832 (1)(2)(3)
145,338
7,233
Visa,
Class
A
340,300
75,802
Total
Financial
Services
491,070
HARDWARE
1.0%
Consumer
Electronics
1.0%
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $9,250 (1)(2)
(3)
2,456,552
3,120
Peloton
Interactive,
Class
A (1)
1,012,200
88,112
Total
Hardware
91,232
INDUSTRIALS
3.6%
Automobile
Manufacturers
3.6%
Tesla (1)
434,600
337,024
337,024
Transportation
Technology
Services
0.0%
Didi
Global,
Acquisition
Date:
10/19/15,
Cost $2,272 (1)(3)
82,853
2,453
2,453
Total
Industrials
339,477
INTERNET
26.8%
China
Internet
Media/Advertising
2.5%
Bilibili,
ADR (1)
2,414,300
159,754
Tencent
Holdings
(HKD)
1,272,100
75,943
235,697
Rest
of
World
Internet
Media/Advertising
7.8%
Sea,
ADR (1)
2,315,172
737,915
737,915
T.
ROWE
PRICE
Global
Technology
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Rest
of
World
Internet
Retail
2.5%
Coupang (1)
2,454,984
68,371
Farfetch,
Class
A (1)
2,569,201
96,294
MercadoLibre (1)
41,842
70,269
234,934
Rest
of
World
Internet
Services
0.6%
Altimeter
Growth
SPAC
/
Grab
Holdings
PIPE (1)(4)
5,673,514
52,185
52,185
U.S.
Internet
Media/Advertising
2.9%
Facebook,
Class
A (1)
305,890
103,816
Khosla
Ventures
Acquisition
II,
Class
A (1)(5)
2,892,100
29,442
Khosla
Ventures
Acquisition
II
SPAC
/
Nextdoor
PIPE (1)(4)
467,709
4,285
Snap,
Class
A (1)
1,852,500
136,844
274,387
U.S.
Internet
Retail
6.1%
Amazon.com (1)
105,772
347,465
Carvana (1)
320,900
96,764
Etsy (1)
645,600
134,259
578,488
U.S.
Internet
Services
4.4%
Canva,
Acquisition
Date:
11/24/20
-
08/16/21,
Cost $16,156 (1)
(2)(3)
18,071
30,796
DoorDash,
Class
A (1)
1,335,725
275,133
Maplebear
DBA
Instacart,
Acquisition
Date:
8/7/20,
Cost $3,550 (1)(2)(3)
76,623
9,578
Maplebear
DBA
Instacart,
Acquisition
Date:
8/7/20,
Cost $185 (1)
(2)(3)
4,003
500
Match
Group (1)
319,700
50,190
Upwork (1)
1,041,800
46,912
413,109
Total
Internet
2,526,715
IT
SERVICES
0.0%
IT
Services
0.0%
Squarespace,
Class
A (1)
52,541
2,030
Total
IT
Services
2,030
MEDIA
&
ENTERTAINMENT
6.8%
Direct-to-Consumer
Subscription
Services
1.4%
Netflix (1)
214,400
130,857
Patreon,
Acquisition
Date:
8/19/21,
Cost $785 (1)(2)(3)
13,935
780
131,637
T.
ROWE
PRICE
Global
Technology
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Video
Gaming
5.4%
Epic
Games,
Acquisition
Date:
6/18/20
-
3/29/21,
Cost $37,575 (1)(2)(3)
58,355
56,115
ROBLOX,
Class
A (1)
6,042,385
456,502
512,617
Total
Media
&
Entertainment
644,254
REAL
ESTATE
1.2%
Real
Estate
1.2%
Opendoor
Technologies,
Class
A (1)
5,628,979
115,563
Total
Real
Estate
115,563
SEMICONDUCTORS
6.3%
Foundry
3.6%
Taiwan
Semiconductor
Manufacturing
(TWD)
16,279,000
336,684
336,684
Semiconductor
Capital
Equipment
2.7%
ASML
Holding
(EUR)
346,483
258,843
258,843
Total
Semiconductors
595,527
SOFTWARE
44.6%
Back-Office
Applications
Software
4.7%
Bill.com
Holdings (1)
854,417
228,087
Coupa
Software (1)
316,563
69,384
Legalzoom.com (1)
428,256
11,306
Paylocity
Holding (1)
464,000
130,106
Plex
Systems,
EC,
Acquisition
Date:
9/7/21,
Cost $87 (1)(2)(3)
86,778
78
Plex
Systems,
EC,
Acquisition
Date:
9/7/21,
Cost $12 (1)(2)(3)
12,397
12
438,973
Collaboration
and
Productivity
Software
16.0%
Atlassian,
Class
A (1)
1,487,395
582,196
Monday.com (1)
87,962
28,693
ServiceNow (1)
495,588
308,390
UiPath,
Class
A (1)
2,299,458
120,974
Zoom
Video
Communications,
Class
A (1)
1,785,140
466,814
1,507,067
Design
Software
1.9%
Glodon,
Class
A
(CNH)
6,758,294
69,784
Synopsys (1)
348,445
104,328
174,112
Front-Office
Applications
Software
7.1%
Five9 (1)
1,218,138
194,586
T.
ROWE
PRICE
Global
Technology
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
HubSpot (1)
703,800
475,832
670,418
Industry-Specific
Software
5.8%
nCino (1)
943,052
66,985
Procore
Technologies (1)
51,036
4,560
Procore
Technologies,
Acquisition
Date:
7/15/20
-
5/20/21,
Cost $5,065 (1)(3)
88,098
7,477
ServiceTitan,
Acquisition
Date:
5/4/21,
Cost $3,490 (1)(2)(3)
34,902
4,152
Shopify,
Class
A (1)
335,110
454,335
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $3,204 (1)(2)(3)
142,720
3,204
Toast,
Class
A (1)
59,380
2,966
543,679
Infrastructure
and
Developer
Tool
Software
4.3%
Confluent,
Class
A (1)
767,922
45,807
Databricks,
Acquisition
Date:
7/24/20
-
8/28/20,
Cost $7,954 (1)
(2)(3)
165,620
36,511
HashiCorp,
Acquisition
Date:
6/25/20,
Cost $2,685 (1)(2)(3)
103,154
4,617
MongoDB (1)
295,700
139,426
Twilio,
Class
A (1)
564,703
180,168
406,529
Security
Software
4.8%
Clear
Secure,
Class
A (1)
134,562
5,524
Okta (1)
1,888,511
448,219
453,743
Total
Software
4,194,521
Total
Common
Stocks
(Cost
$6,166,281)
9,010,696
CONVERTIBLE
PREFERRED
STOCKS
3.6%
FINANCIAL
SERVICES
0.2%
Other
Financial
Services
0.2%
Coalition,
Series
E,
Acquisition
Date:
9/7/21,
Cost $14,576 (1)(2)
(3)
882,194
14,576
Total
Financial
Services
14,576
HEALTHCARE
0.1%
Healthcare
Services
0.1%
Capsule,
Series
D,
Acquisition
Date:
4/7/21,
Cost $6,068 (1)(2)(3)
418,702
6,068
Total
Healthcare
6,068
T.
ROWE
PRICE
Global
Technology
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
INDUSTRIALS
1.1%
Automobile
Manufacturers
1.0%
Rivian
Automotive,
Series
E,
Acquisition
Date:
7/10/20,
Cost $12,197 (1)(2)(3)
787,440
55,932
Rivian
Automotive,
Series
F,
Acquisition
Date:
1/19/21,
Cost $20,176 (1)(2)(3)
547,511
38,890
94,822
Transportation
Technology
Services
0.1%
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $7,375 (1)(2)(3)
85,888
7,878
7,878
Total
Industrials
102,700
INTERNET
0.5%
China
Internet
Media/Advertising
0.2%
ByteDance,
Series
E,
Acquisition
Date:
7/8/19,
Cost $9,606 (1)(2)
(3)
194,898
24,471
24,471
U.S.
Internet
Retail
0.0%
Rent
the
Runway,
Series
F,
Acquisition
Date:
3/21/19,
Cost $5,770 (1)(2)(3)
258,153
3,805
Rent
the
Runway,
Series
G,
Acquisition
Date:
4/30/20,
Cost $1,561 (1)(2)(3)
105,887
1,561
5,366
U.S.
Internet
Services
0.3%
FLEXE,
Series
C,
Acquisition
Date:
11/18/20,
Cost $5,197 (1)(2)(3)
427,147
5,197
Maplebear
DBA
Instacart,
Series
G,
Acquisition
Date:
7/2/20,
Cost $7,573 (1)(2)(3)
157,469
19,683
Maplebear
DBA
Instacart,
Series
I,
Acquisition
Date:
2/26/21,
Cost $3,391 (1)(2)(3)
27,125
3,391
28,271
Total
Internet
58,108
MEDIA
&
ENTERTAINMENT
0.1%
Direct-to-Consumer
Subscription
Services
0.1%
Patreon,
Series
D,
Acquisition
Date:
7/14/21,
Cost $12,334 (1)(2)
(3)
220,247
12,334
Total
Media
&
Entertainment
12,334
SOFTWARE
1.6%
Back-Office
Applications
Software
0.1%
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $6,226 (1)(2)(3)
204,816
6,225
6,225
T.
ROWE
PRICE
Global
Technology
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Collaboration
and
Productivity
Software
0.0%
Evernote,
Series
4,
Acquisition
Date:
5/2/12,
Cost $1,338 (1)(2)(3)
111,219
434
Evernote,
Series
5,
Acquisition
Date:
11/8/13,
Cost $866 (1)(2)(3)
66,613
273
707
Industry-Specific
Software
0.2%
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $5,223 (1)
(2)(3)
48,666
5,790
ServiceTitan,
Series
G,
Acquisition
Date:
6/28/21,
Cost $377 (1)
(2)(3)
3,171
377
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $721 (1)(2)(3)
32,120
721
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $72 (1)(2)(3)
3,190
72
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $78 (1)(2)(3)
3,490
78
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $9,129 (1)(2)(3)
406,590
9,129
16,167
Infrastructure
and
Developer
Tool
Software
1.3%
Databricks,
Series
F,
Acquisition
Date:
10/22/19,
Cost $11,114 (1)
(2)(3)
258,785
57,050
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $4,246 (1)(2)
(3)
23,939
5,277
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $12,844 (1)
(2)(3)
58,262
12,844
DataRobot,
Series
F,
Acquisition
Date:
10/27/20,
Cost $15,838 (1)
(2)(3)
1,205,132
32,973
DataRobot,
Series
G,
Acquisition
Date:
6/11/21,
Cost $12,075 (1)
(2)(3)
441,318
12,075
HashiCorp,
Series
E,
Acquisition
Date:
3/13/20,
Cost $3,368 (1)
(2)(3)
116,462
5,213
125,432
Total
Software
148,531
Total
Convertible
Preferred
Stocks
(Cost
$189,339)
342,317
T.
ROWE
PRICE
Global
Technology
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
1.6%
Money
Market
Funds
1.6%
T.
Rowe
Price
Treasury
Reserve
Fund,
0.05% (5)(6)
154,660,282
154,660
Total
Short-Term
Investments
(Cost
$154,660)
154,660
Total
Investments
in
Securities
100.8%
(Cost
$6,510,280)
$
9,507,673
Other
Assets
Less
Liabilities
(0.8)%
(
77,946
)
Net
Assets
100.0%
$
9,429,727
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Level
3
in
fair
value
hierarchy.
(3)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
has
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$516,064
and
represents
5.5%
of
net
assets.
(4)
A
portion
of
the
position
represents
an
unfunded
commitment;
a
liability
to
fund
the
commitment
has
been
recognized.
The
fund's
total
unfunded
commitment
at
September
30,
2021,
was
$61,412
and
was
valued
at
$56,470
(0.6%
of
net
assets).
(5)
Affiliated
Companies
(6)
Seven-day
yield
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
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
nine
months
ended
September
30,
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
Khosla
Ventures
Acquisition
II,
Class
A
$
—
$
(
1,453
)
$
—
T.
Rowe
Price
Treasury
Reserve
Fund,
0.05%
—
—
36
Totals
$
—
#
$
(
1,453
)
$
36
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
09/30/21
Khosla
Ventures
Acquisition
II,
Class
A
$
—
$
30,895
$
—
$
29,442
T.
Rowe
Price
Treasury
Reserve
Fund,
0.05%
79,288
¤
¤
154,660
Total
$
184,102
^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$36
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
$185,555.
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
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
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.
ROWE
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
September
30,
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
September
30,
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
September
30,
2021,
totaled $211,014,000 for
the
period ended
September
30,
2021.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
7,939,078
$
907,801
$
163,817
$
9,010,696
Convertible
Preferred
Stocks
—
—
342,317
342,317
Short-Term
Investments
154,660
—
—
154,660
Total
$
8,093,738
$
907,801
$
506,134
$
9,507,673
($000s)
Beginning
Balance
12/31/20
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
9/30/21
Investment
in
Securities
Common
Stocks
$
67,972
$
70,089
$
32,614
$
(6,858)
$
163,817
Convertible
Preferred
Stocks
125,034
129,212
107,535
(19,464)
342,317
Total
$
193,006
$
199,301
$
140,149
$
(26,322)
$
506,134
T.
ROWE
PRICE
Global
Technology
Fund
13
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.
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
$
163,817
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
uncertainty
3%–
10%
9%
Decrease
Market
comparable
Enterprise
value
to
sales
multiple
4.8x
–
30.2x
10.1x
Increase
Sales
growth
rate
11%–
40%
26%
Increase
Enterprise
value
to
gross
profit
multiple
9.5x
–
48.2x
33.6x
Increase
Gross
profit
growth
rate
13%–
42%
35%
Increase
Enterprise
value
to
EBITDA
multiple
22.0x
–
25.4x
23.7x
Increase
EBITDA
growth
rate
32%
32%
Increase
Discount
for
lack
of
marketability
10%
10%
Decrease
T.
ROWE
PRICE
Global
Technology
Fund
14
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**
Convertible
Preferred
Stocks
$
342,317
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Capital
conversion
reference
point
$55
Billion
$55
Billion
Increase
Market
comparable
Premium
for
liquidation
preference
—#
—#
Increase
Probability
for
potential
outcome
20%
-
55%
33%
Increase
Enterprise
value
to
sales
multiple
3.1x
–
30.2x
7.6x
Increase
Sales
growth
rate
2%
-
40%
35%
Increase
Enterprise
value
to
gross
profit
multiple
4.6x
–
38.9x
31.0x
Increase
Gross
profit
growth
rate
1%–
42%
37%
Increase
Discount
for
lack
of
collectability
100%
100%
Decrease
T.
ROWE
PRICE
Global
Technology
Fund
15
#
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.
F132-054Q3
09/21
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**
Discount
for
lack
of
marketability
10%
10%
Decrease