T.
ROWE
PRICE
Science
&
Technology
Fund
September
30,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
95.1%
CONSUMER/RETAIL
1.4%
Consumer
Brands
0.8%
Warby
Parker,
Class
A (1)
1,466,804
77,814
77,814
Consumer
Services
0.6%
New
Oriental
Education
&
Technology
Group,
ADR (1)
15,951,603
32,701
Think
&
Learn,
Acquisition
Date:
12/23/20
-
1/15/21,
Cost $11,621
(INR) (1)(2)(3)
7,289
27,993
60,694
Total
Consumer/Retail
138,508
HARDWARE
4.1%
Enterprise
Hardware
4.1%
Pure
Storage,
Class
A (1)(4)
15,280,788
384,465
Total
Hardware
384,465
HEALTHCARE
0.3%
Medical
Devices
&
Equipment
&
Supplies
0.3%
Intuitive
Surgical (1)
28,886
28,717
Total
Healthcare
28,717
INDUSTRIALS
0.0%
Transportation
Technology
Services
0.0%
Didi
Global,
Acquisition
Date:
10/19/15,
Cost $3,833 (1)(3)
139,768
4,137
Total
Industrials
4,137
INTERNET
50.4%
China
Internet
Media/Advertising
3.0%
58.com (1)(2)
8,367,978
—
Baidu,
ADR (1)
1,816,251
279,249
Kuaishou
Technology
(HKD) (1)(5)
208,200
2,222
281,471
China
Internet
Retail
5.8%
Alibaba
Group
Holding,
ADR (1)
3,713,799
549,828
549,828
China
Internet
Services
7.1%
Kanzhun,
ADR (1)
288,527
10,384
Tongcheng-Elong
Holdings
(HKD) (1)
41,470,000
100,141
Trip.com
Group,
ADR (1)
18,321,430
563,384
673,909
T.
ROWE
PRICE
Science
&
Technology
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Rest
of
World
Internet
Media/Advertising
3.4%
Mail.Ru
Group,
GDR (1)(4)
11,517,333
236,320
Prosus
(EUR)
1,113,551
89,130
325,450
Rest
of
World
Internet
Retail
6.7%
boohoo
Group
(GBP) (1)
39,956,752
116,620
Coupang,
Class
A (1)
2,428,570
67,636
D-MARKET
Elektronik
Hizmetler
ve
Ticaret,
ADR (1)
2,818,553
19,335
Zalando
(EUR) (1)
4,724,431
430,875
634,466
Rest
of
World
Internet
Services
4.1%
Deliveroo
(GBP) (1)(5)
20,524,762
79,412
Delivery
Hero
(EUR) (1)
1,628,669
207,745
Naspers,
N
Shares
(ZAR)
603,500
99,747
386,904
U.S.
Internet
Media/Advertising
7.4%
Alphabet,
Class
C (1)
122,865
327,473
Facebook,
Class
A (1)
819,129
278,004
Pinterest,
Class
A (1)
1,890,200
96,306
701,783
U.S.
Internet
Retail
9.3%
Amazon.com (1)
192,814
633,401
Etsy (1)
822,533
171,054
Wayfair,
Class
A (1)(5)
285,573
72,967
877,422
U.S.
Internet
Services
3.6%
Booking
Holdings (1)
133,726
317,448
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
927
336,132
Total
Internet
4,767,365
IT
SERVICES
0.4%
IT
Services
0.4%
VeriSign (1)
175,432
35,965
Total
IT
Services
35,965
MEDIA
&
ENTERTAINMENT
1.7%
Live
Entertainment
1.1%
CTS
Eventim
(EUR) (1)
1,363,706
102,605
102,605
T.
ROWE
PRICE
Science
&
Technology
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Video
Gaming
0.6%
Epic
Games,
Acquisition
Date:
6/18/20
-
3/29/21,
Cost $36,798 (1)(2)(3)
55,791
53,649
53,649
Total
Media
&
Entertainment
156,254
SEMICONDUCTORS
10.4%
Memory
4.2%
Micron
Technology
3,044,007
216,064
Samsung
Electronics
(KRW)
2,993,507
185,581
401,645
Processors
4.7%
QUALCOMM
1,173,517
151,360
Xilinx
1,973,200
297,934
449,294
Semiconductor
Capital
Equipment
1.5%
Applied
Materials
1,064,185
136,993
136,993
Total
Semiconductors
987,932
SOFTWARE
26.4%
Back-Office
Applications
Software
1.5%
Legalzoom.com (1)
102,211
2,698
Workday,
Class
A (1)
567,756
141,877
144,575
Collaboration
and
Productivity
Software
4.1%
TeamViewer
(EUR) (1)
2,986,408
87,369
Zoom
Video
Communications,
Class
A (1)
1,141,433
298,485
385,854
Front-Office
Applications
Software
7.2%
salesforce.com (1)
2,500,675
678,233
678,233
Industry-Specific
Software
0.0%
Procore
Technologies (1)
36,674
3,276
3,276
Infrastructure
and
Developer
Tool
Software
10.8%
Citrix
Systems
4,334,306
465,375
Microsoft
1,992,800
561,810
1,027,185
Security
Software
2.8%
ForgeRock,
Class
A (1)
288,993
11,250
Fortinet (1)
325,670
95,109
T.
ROWE
PRICE
Science
&
Technology
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
McAfee,
Class
A
2,508,828
55,470
NortonLifeLock
3,964,059
100,291
262,120
Total
Software
2,501,243
Total
Common
Stocks
(Cost
$7,031,308)
9,004,586
CONVERTIBLE
PREFERRED
STOCKS
1.8%
CONSUMER/RETAIL
0.2%
Consumer
Services
0.2%
Think
&
Learn,
Series
F,
Acquisition
Date:
12/23/20,
Cost $14,605
(INR) (1)(2)(3)
4,539
17,432
Total
Consumer/Retail
17,432
INDUSTRIALS
0.7%
Transportation
Technology
Services
0.7%
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
27,357
Waymo,
Series
B-2,
Acquisition
Date:
6/11/21,
Cost $9,877 (1)(2)
(3)
107,687
9,877
Total
Industrials
68,838
INTERNET
0.9%
Rest
of
World
Internet
Services
0.5%
Rappi,
Series
E,
Acquisition
Date:
9/8/20,
Cost $33,355 (1)(2)(3)
558,273
35,966
Rappi,
Series
F,
Acquisition
Date:
7/8/21,
Cost $10,111 (1)(2)(3)
156,954
10,111
46,077
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
82,687
SOFTWARE
0.0%
Infrastructure
and
Developer
Tool
Software
0.0%
Mesosphere,
Series
D,
Acquisition
Date:
5/4/18,
Cost $22,329 (1)
(2)(3)
2,019,933
4,505
Total
Software
4,505
Total
Convertible
Preferred
Stocks
(Cost
$151,862)
173,462
T.
ROWE
PRICE
Science
&
Technology
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
3.3%
Money
Market
Funds
3.3%
T.
Rowe
Price
Treasury
Reserve
Fund,
0.05% (4)(6)
316,249,678
316,250
Total
Short-Term
Investments
(Cost
$316,250)
316,250
SECURITIES
LENDING
COLLATERAL
1.1%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.3%
Short-Term
Funds
0.3%
T.
Rowe
Price
Short-Term
Fund,
0.07% (4)(6)
2,864,574
28,646
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
28,646
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.8%
Short-Term
Funds
0.8%
T.
Rowe
Price
Short-Term
Fund,
0.07% (4)(6)
7,106,465
71,064
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
71,064
Total
Securities
Lending
Collateral
(Cost
$99,710)
99,710
Total
Investments
in
Securities
101.3%
(Cost
$7,599,130)
$
9,594,008
Other
Assets
Less
Liabilities
(1.3)%
(
119,116
)
Net
Assets
100.0%
$
9,474,892
‡
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
$277,925
and
represents
2.9%
of
net
assets.
(4)
Affiliated
Companies
(5)
All
or
a
portion
of
this
security
is
on
loan
at
September
30,
2021.
(6)
Seven-day
yield
T.
ROWE
PRICE
Science
&
Technology
Fund
6
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
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
Mail.Ru
Group,
GDR
$
—
$
(
60,594
)
$
—
Pure
Storage,
Class
A
20,153
45,897
—
T.
Rowe
Price
Treasury
Reserve
Fund,
0.05%
—
—
138
T.
Rowe
Price
Short-Term
Fund,
0.07%
—
—
—
++
Totals
$
20,153
#
$
(
14,697
)
$
138
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
09/30/21
Mail.Ru
Group,
GDR
$
*
$
77,745
$
—
$
236,320
Pure
Storage,
Class
A
324,087
61,902
47,421
384,465
T.
Rowe
Price
Treasury
Reserve
Fund,
0.05%
586,718
¤
¤
316,250
T.
Rowe
Price
Short-Term
Fund,
0.07%
31,737
¤
¤
99,710
Total
$
1,036,745
^
#
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
$138
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
$929,115.
*
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
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.
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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
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 $76,452,000 for
the
period ended
September
30,
2021.
F61-054Q3
09/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
7,162,356
$
1,741,904
$
100,326
$
9,004,586
Convertible
Preferred
Stocks
—
—
173,462
173,462
Short-Term
Investments
316,250
—
—
316,250
Securities
Lending
Collateral
99,710
—
—
99,710
Total
$
7,578,316
$
1,741,904
$
273,788
$
9,594,008
($000s)
Beginning
Balance
12/31/20
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
9/30/21
Investment
in
Securities
Common
Stocks
$
56,993
$
36,330
$
30,057
$
(23,054
)
$
100,326
Convertible
Preferred
Stocks
161,255
14,955
19,989
(22,737
)
173,462
Total
$
218,248
$
51,285
$
50,046
$
(45,791
)
$
273,788