T.
ROWE
PRICE
Science
&
Technology
Fund
March
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
93.7%
CONSUMER/RETAIL
0.3%
Consumer
Brands
0.2%
JAND,
Class
A,
Acquisition
Date:
3/9/18,
Cost $10,321 (1)(2)(3)
656,699
16,109
16,109
Consumer
Services
0.1%
Think
&
Learn,
Acquisition
Date:
12/23/20
-
1/15/21,
Cost $11,621
(INR) (1)(2)(3)
7,289
12,881
12,881
Total
Consumer/Retail
28,990
ENERGY
0.7%
Energy
0.7%
Array
Technologies (2)
2,237,393
66,719
Total
Energy
66,719
FINANCIAL
SERVICES
2.1%
Payments
2.1%
Visa,
Class
A
960,900
203,451
Total
Financial
Services
203,451
HARDWARE
2.7%
Enterprise
Hardware
2.7%
Pure
Storage,
Class
A (2)
12,036,988
259,277
Total
Hardware
259,277
HEALTHCARE
1.0%
Medical
Devices
&
Equipment
&
Supplies
1.0%
Intuitive
Surgical (2)
136,386
100,781
Total
Healthcare
100,781
INTERNET
51.2%
China
Internet
Media/Advertising
1.0%
58.com (1)(2)
8,367,978
—
Baidu,
ADR (2)
429,251
93,384
Kuaishou
Technology
(HKD) (2)
208,200
7,231
100,615
China
Internet
Retail
4.2%
Alibaba
Group
Holding,
ADR (2)
1,813,899
411,265
411,265
China
Internet
Services
5.9%
Tongcheng-Elong
Holdings
(HKD) (2)
36,941,600
83,610
T.
ROWE
PRICE
Science
&
Technology
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Trip.com
Group,
ADR (2)
12,617,843
500,045
583,655
Rest
of
World
Internet
Media/Advertising
2.5%
Mail.Ru
Group,
GDR (2)
10,774,313
246,165
246,165
Rest
of
World
Internet
Retail
7.0%
boohoo
Group
(GBP) (2)
23,780,921
111,352
Coupang (2)(4)
245,520
12,116
Coupang,
Class
A,
Acquisition
Date:
1/9/15,
Cost $6,172 (2)(3)
2,183,050
102,347
Zalando
(EUR) (2)
4,724,431
462,936
688,751
Rest
of
World
Internet
Services
3.8%
Delivery
Hero
(EUR) (2)(4)
1,628,669
211,103
Naspers,
N
Shares
(ZAR)
679,710
162,798
373,901
U.S.
Internet
Media/Advertising
14.7%
Alphabet,
Class
C (2)
363,765
752,495
Facebook,
Class
A (2)(4)
2,360,429
695,217
1,447,712
U.S.
Internet
Retail
7.7%
Amazon.com (2)
158,214
489,527
Etsy (2)
775,833
156,462
Wayfair,
Class
A (2)(4)
365,773
115,127
761,116
U.S.
Internet
Services
4.4%
Airbnb,
Class
B,
Acquisition
Date:
7/14/15,
Cost $12,110 (2)(3)
260,170
46,452
Booking
Holdings (2)
137,826
321,112
DoorDash,
Class
A (2)(4)
372,837
48,890
Maplebear
DBA
Instacart,
Acquisition
Date:
8/7/20,
Cost $6,582 (1)(2)(3)
142,054
17,757
Maplebear
DBA
Instacart,
Acquisition
Date:
8/7/20,
Cost $344 (1)
(2)(3)
7,421
928
435,139
Total
Internet
5,048,319
IT
SERVICES
1.6%
IT
Services
1.6%
VeriSign (2)
461,632
91,754
Wix.com (2)
214,008
59,755
Total
IT
Services
151,509
T.
ROWE
PRICE
Science
&
Technology
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
MEDIA
&
ENTERTAINMENT
1.2%
Live
Entertainment
0.7%
CTS
Eventim
(EUR) (2)
1,226,746
71,240
71,240
Video
Gaming
0.5%
Epic
Games,
Acquisition
Date:
6/18/20
-
3/29/21,
Cost $36,798 (1)(2)(3)
55,791
49,375
49,375
Total
Media
&
Entertainment
120,615
SEMICONDUCTORS
10.0%
Memory
4.9%
Micron
Technology (2)
3,044,007
268,512
Samsung
Electronics
(KRW)
2,993,507
216,564
485,076
Processors
3.3%
QUALCOMM
1,173,517
155,597
Xilinx
1,384,400
171,527
327,124
Semiconductor
Capital
Equipment
1.8%
Applied
Materials
1,279,685
170,966
170,966
Total
Semiconductors
983,166
SOFTWARE
22.2%
Back-Office
Applications
Software
1.3%
Intuit
195,477
74,879
Workday,
Class
A (2)
223,156
55,439
130,318
Collaboration
and
Productivity
Software
3.6%
Slack
Technologies,
Class
A (2)
1,113,500
45,241
TeamViewer
(EUR) (2)
1,950,407
83,412
Zoom
Video
Communications,
Class
A (2)
711,138
228,482
357,135
Front-Office
Applications
Software
5.2%
salesforce.com (2)
2,414,268
511,511
511,511
Infrastructure
And
Developer
Tool
Software
8.9%
Citrix
Systems
2,894,406
406,259
Microsoft
1,992,800
469,842
876,101
T.
ROWE
PRICE
Science
&
Technology
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
Security
Software
3.2%
Fortinet (2)
399,070
73,596
McAfee,
Class
A
4,010,721
91,204
NortonLifeLock
7,183,859
152,729
317,529
Total
Software
2,192,594
TELECOM
EQUIPMENT
0.7%
Wireline
Equipment
0.7%
Cisco
Systems
1,244,400
64,348
Total
Telecom
Equipment
64,348
Total
Common
Stocks
(Cost
$6,359,405)
9,219,769
CONVERTIBLE
PREFERRED
STOCKS
1.8%
CONSUMER/RETAIL
0.4%
Consumer
Brands
0.2%
JAND,
Series
E,
Acquisition
Date:
3/9/18,
Cost $12,732 (1)(2)(3)
810,105
19,872
19,872
Consumer
Services
0.2%
Think
&
Learn,
Series
F,
Acquisition
Date:
12/23/20,
Cost $14,605
(INR) (1)(2)(3)
4,539
14,734
14,734
Total
Consumer/Retail
34,606
INDUSTRIALS
0.6%
Transportation
Technology
Services
0.6%
GM
Cruise
Holdings,
Class
F,
Acquisition
Date:
5/7/19,
Cost $21,889 (1)(2)(3)
1,199,400
31,604
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $25,611 (1)(2)
(3)
298,258
25,611
Xiaoju
Kuaizhi,
Series
A-17,
Acquisition
Date:
10/19/15,
Cost $3,833 (1)(2)(3)
139,768
6,161
Total
Industrials
63,376
INTERNET
0.7%
Rest
of
World
Internet
Services
0.3%
Rappi,
Series
E,
Acquisition
Date:
9/8/20,
Cost $33,355 (1)(2)(3)
558,273
33,355
33,355
T.
ROWE
PRICE
Science
&
Technology
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
U.S.
Internet
Services
0.4%
Maplebear
DBA
Instacart,
Series
G,
Acquisition
Date:
7/2/20,
Cost $14,085 (1)(2)(3)
292,877
36,610
36,610
Total
Internet
69,965
SOFTWARE
0.1%
Infrastructure
And
Developer
Tool
Software
0.1%
Mesosphere,
Series
D,
Acquisition
Date:
5/4/18,
Cost $22,329 (1)
(2)(3)
2,019,933
4,504
Total
Software
4,504
Total
Convertible
Preferred
Stocks
(Cost
$148,439)
172,451
SHORT-TERM
INVESTMENTS
4.3%
Money
Market
Funds
4.3%
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04% (5)(6)
424,272,021
424,272
Total
Short-Term
Investments
(Cost
$424,272)
424,272
SECURITIES
LENDING
COLLATERAL
1.5%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
1.3%
Short-Term
Funds
1.3%
T.
Rowe
Price
Short-Term
Fund,
0.08% (5)(6)
13,480,000
134,800
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
134,800
T.
ROWE
PRICE
Science
&
Technology
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.2%
Short-Term
Funds
0.2%
T.
Rowe
Price
Short-Term
Fund,
0.08% (5)(6)
1,691,623
16,916
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
16,916
Total
Securities
Lending
Collateral
(Cost
$151,716)
151,716
Total
Investments
in
Securities
101.3%
(Cost
$7,083,832)
$
9,968,208
Other
Assets
Less
Liabilities
(1.3)%
(
128,095
)
Net
Assets
100.0%
$
9,840,113
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Level
3
in
fair
value
hierarchy.
(2)
Non-income
producing
(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
$418,300
and
represents
4.3%
of
net
assets.
(4)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2021.
(5)
Seven-day
yield
(6)
Affiliated
Companies
ADR
American
Depositary
Receipts
EUR
Euro
GBP
British
Pound
GDR
Global
Depositary
Receipts
HKD
Hong
Kong
Dollar
INR
Indian
Rupee
KRW
South
Korean
Won
ZAR
South
African
Rand
T.
ROWE
PRICE
Science
&
Technology
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,
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
Pure
Storage,
Class
A
$
—
$
—
$
—
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04%
—
—
75
T.
Rowe
Price
Short-Term
Fund,
0.08%
—
—
—
++
Totals
$
—
#
$
—
$
75
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
03/31/21
Pure
Storage,
Class
A
$
324,087
$
—
$
—
$
*
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04%
586,817
¤
¤
424,272
T.
Rowe
Price
Short-Term
Fund,
0.08%
31,737
¤
¤
151,716
Total
$
575,988
^
#
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
$75
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
$575,988.
*
On
the
date
indicated,
issuer
was
held
but
not
considered
an
affiliated
company.
T.
ROWE
PRICE
Science
&
Technology
Fund
Unaudited
Notes
to
Portfolio
of
Investments
8
T.
Rowe
Price
Science
&
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
Science
&
Technology
Fund
9
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
Science
&
Technology
Fund
10
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.
ROWE
PRICE
Science
&
Technology
Fund
11
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 $50,300,000 for
the
period ended
March
31,
2021.
During
the
period,
transfers
out
of
Level
3
were
because
observable
market
data
became
available
for
the
security.
F61-054Q1
03/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
7,317,509
$
1,805,210
$
97,050
$
9,219,769
Convertible
Preferred
Stocks
—
—
172,451
172,451
Short-Term
Investments
424,272
—
—
424,272
Securities
Lending
Collateral
151,716
—
—
151,716
Total
$
7,893,497
$
1,805,210
$
269,501
$
9,968,208
($000s)
Beginning
Balance
1/1/21
Gain
(Loss)
During
Period
Total
Purchases
Transfer
Out
of
Level
3
Ending
Balance
3/31/21
Investment
in
Securities
Common
Stocks
$
56,993
$
22,731
$
17,326
$
—
$
97,050
Convertible
Preferred
Stocks
161,255
27,569
—
(16,373
)
172,451
Total
$
218,248
$
50,300
$
17,326
$
(16,373
)
$
269,501