T.
ROWE
PRICE
Science
&
Technology
Fund
September
30,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
97.3%
CONSUMER/RETAIL
0.8%
Consumer
Brands
0.4%
Warby
Parker,
Class
A (1)
1,466,804
19,567
19,567
Consumer
Services
0.4%
Think
&
Learn,
Acquisition
Date:
12/23/20
-
1/15/21,
Cost $11,621
(INR) (1)(2)(3)
7,289
22,118
22,118
Total
Consumer/Retail
41,685
FINANCIAL
SERVICES
0.4%
Payments
0.4%
Adyen
(EUR) (1)
17,254
21,519
Total
Financial
Services
21,519
HARDWARE
3.5%
Enterprise
Hardware
3.5%
Pure
Storage,
Class
A (1)
6,529,362
178,709
Total
Hardware
178,709
INDUSTRIALS
0.3%
Automobile
Manufacturers
0.3%
Rivian
Automotive,
Class
A (1)(4)
386,969
12,735
Total
Industrials
12,735
INTERNET
44.3%
China
Internet
Media/Advertising
2.3%
58.com (1)(2)
8,367,978
—
Baidu,
ADR (1)
984,583
115,679
115,679
China
Internet
Retail
3.4%
Alibaba
Group
Holding,
ADR (1)
2,206,244
176,477
176,477
China
Internet
Services
3.1%
Kanzhun,
ADR (1)
900,027
15,192
Tongcheng
Travel
Holdings
(HKD) (1)
15,305,600
29,869
Trip.com
Group,
ADR (1)
4,208,453
114,933
159,994
Rest
of
World
Internet
Media/Advertising
0.0%
VK,
GDR (1)(2)(5)
12,487,801
1
1
T.
ROWE
PRICE
Science
&
Technology
Fund
1
T.
ROWE
PRICE
Science
&
Technology
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Rest
of
World
Internet
Retail
5.0%
Auto1
Group
(EUR) (1)(4)
3,573,810
22,344
boohoo
Group
(GBP) (1)
22,790,937
9,138
Coupang,
Class
A (1)
1,945,670
32,434
D-MARKET
Elektronik
Hizmetler
ve
Ticaret,
ADR (1)(4)
2,818,553
2,715
MercadoLibre (1)
19,991
16,548
Zalando
(EUR) (1)(4)
8,949,202
174,804
257,983
Rest
of
World
Internet
Services
4.2%
Deliveroo
(GBP) (1)
24,852,435
23,363
Delivery
Hero
(EUR) (1)
2,900,439
105,945
Naspers,
N
Shares
(ZAR)
710,318
88,096
217,404
U.S.
Internet
Media/Advertising
16.1%
Alphabet,
Class
A (1)
5,005,500
478,776
Meta
Platforms,
Class
A (1)
2,310,975
313,553
Pinterest,
Class
A (1)
1,403,935
32,712
825,041
U.S.
Internet
Retail
9.2%
Amazon.com (1)
3,645,680
411,962
Etsy (1)(4)
509,627
51,029
Wayfair,
Class
A (1)(4)
268,473
8,739
471,730
U.S.
Internet
Services
1.0%
Booking
Holdings (1)
13,526
22,226
DoorDash,
Class
A (1)
390,412
19,306
Maplebear
DBA
Instacart,
Acquisition
Date:
8/7/20,
Cost $6,582 (1)(2)(3)
142,054
6,887
Maplebear
DBA
Instacart,
Acquisition
Date:
8/7/20,
Cost $344 (1)
(2)(3)
7,421
360
48,779
Total
Internet
2,273,088
IT
SERVICES
3.5%
IT
Services
3.5%
Accenture,
Class
A
699,400
179,956
Total
It
Services
179,956
MEDIA
&
ENTERTAINMENT
1.8%
Live
Entertainment
0.5%
CTS
Eventim
(EUR) (1)
627,242
25,806
25,806
T.
ROWE
PRICE
Science
&
Technology
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Video
Gaming
1.3%
Epic
Games,
Acquisition
Date:
6/18/20
-
3/29/21,
Cost $36,798 (1)(2)(3)
55,791
46,305
ROBLOX,
Class
A (1)(4)
487,471
17,471
63,776
Total
Media
&
Entertainment
89,582
REAL
ESTATE
0.4%
Real
Estate
0.4%
KE
Holdings,
ADR (1)(4)
780,837
13,680
Opendoor
Technologies,
Class
A (1)(4)
1,639,095
5,097
Total
Real
Estate
18,777
SEMICONDUCTORS
14.8%
Foundry
0.5%
Taiwan
Semiconductor
Manufacturing
(TWD)
2,004,000
26,564
26,564
Memory
1.8%
Micron
Technology
1,211,007
60,671
Samsung
Electronics
(KRW)
887,381
32,584
93,255
Processors
10.5%
Advanced
Micro
Devices (1)
2,014,847
127,661
Marvell
Technology
836,200
35,881
NVIDIA
1,959,800
237,900
QUALCOMM
1,217,617
137,567
539,009
Semiconductor
Capital
Equipment
2.0%
ASML
Holding
128,100
53,207
Lam
Research
139,200
50,947
104,154
Total
Semiconductors
762,982
SOFTWARE
26.5%
Back-Office
Applications
Software
1.7%
Intuit
100,792
39,039
Workday,
Class
A (1)
328,756
50,043
89,082
Collaboration
and
Productivity
Software
2.9%
ServiceNow (1)
69,800
26,357
TeamViewer
(EUR) (1)
2,986,408
23,048
Zoom
Video
Communications,
Class
A (1)
1,363,698
100,354
149,759
T.
ROWE
PRICE
Science
&
Technology
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Front-Office
Applications
Software
9.6%
HubSpot (1)
64,886
17,527
Qualtrics
International,
Class
A (1)
2,681,433
27,297
Salesforce (1)
3,100,530
445,980
490,804
Industry-Specific
Software
0.6%
Veeva
Systems,
Class
A (1)
180,685
29,791
29,791
Infrastructure
and
Developer
Tool
Software
9.4%
Microsoft
1,992,800
464,123
MongoDB (1)
86,005
17,077
481,200
Security
Software
2.3%
Fortinet (1)
1,997,150
98,120
NortonLifeLock
897,700
18,080
116,200
Total
Software
1,356,836
TELECOM
EQUIPMENT
1.0%
Wireline
Equipment
1.0%
Arista
Networks (1)
456,000
51,478
Total
Telecom
Equipment
51,478
Total
Common
Stocks
(Cost
$6,156,684)
4,987,347
CONVERTIBLE
PREFERRED
STOCKS
2.6%
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
13,773
Total
Consumer/Retail
13,773
INDUSTRIALS
1.4%
Transportation
Technology
Services
1.4%
GM
Cruise
Holdings,
Class
F,
Acquisition
Date:
5/7/19,
Cost $21,889 (1)(2)(3)
1,199,400
34,783
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
72,017
T.
ROWE
PRICE
Science
&
Technology
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
INTERNET
1.0%
Rest
of
World
Internet
Services
0.7%
Rappi,
Series
E,
Acquisition
Date:
9/8/20,
Cost $33,355 (1)(2)(3)
558,273
28,768
Rappi,
Series
F,
Acquisition
Date:
7/8/21,
Cost $10,111 (1)(2)(3)
156,954
8,088
36,856
U.S.
Internet
Services
0.3%
Maplebear
DBA
Instacart,
Series
G,
Acquisition
Date:
7/2/20,
Cost $14,085 (1)(2)(3)
292,877
14,199
14,199
Total
Internet
51,055
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
1,353
Total
Software
1,353
Total
Convertible
Preferred
Stocks
(Cost
$151,862)
138,198
SHORT-TERM
INVESTMENTS
0.4%
Money
Market
Funds
0.4%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.06% (5)(6)
18,097,922
18,098
Total
Short-Term
Investments
(Cost
$18,098)
18,098
SECURITIES
LENDING
COLLATERAL
1.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.5%
Money
Market
Funds
0.5%
T.
Rowe
Price
Government
Reserve
Fund,
3.07% (5)(6)
25,852,104
25,852
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
25,852
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
0.7%
Money
Market
Funds
0.7%
T.
Rowe
Price
Government
Reserve
Fund,
3.07% (5)(6)
34,670,152
34,670
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
34,670
Total
Securities
Lending
Collateral
(Cost
$60,522)
60,522
Total
Investments
in
Securities
101.5%
(Cost
$6,387,166)
$
5,204,165
Other
Assets
Less
Liabilities
(1.5)%
(78,847)
Net
Assets
100.0%
$
5,125,318
‡
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
$213,868
and
represents
4.2%
of
net
assets.
(4)
All
or
a
portion
of
this
security
is
on
loan
at
September
30,
2022.
(5)
Affiliated
Companies
(6)
Seven-day
yield
ADR
American
Depositary
Receipts
EUR
Euro
GBP
British
Pound
GDR
Global
Depositary
Receipts
HKD
Hong
Kong
Dollar
INR
Indian
Rupee
KRW
South
Korean
Won
TWD
Taiwan
Dollar
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,
2022.
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
VK,
GDR
$
—
$
(140,755)
$
—
T.
Rowe
Price
Treasury
Reserve
Fund,
3.06%
—
—
1,170
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
—
—
—++
Totals
$
—#
$
(140,755)
$
1,170+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
09/30/22
VK,
GDR
$
133,320
$
7,436
$
—
$
1
T.
Rowe
Price
Treasury
Reserve
Fund,
3.06%
161,371
¤
¤
18,098
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
129,713
¤
¤
60,522
Total
$
78,621^
#
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
$1,170
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
$353,407.
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 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
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)
Level
3
–
unobservable
inputs
(including
the fund’s
own
assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Science
&
Technology
Fund
9
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
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.
T.
ROWE
PRICE
Science
&
Technology
Fund
10
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,
2022
(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
$
4,328,596
$
583,080
$
75,671
$
4,987,347
Convertible
Preferred
Stocks
—
—
138,198
138,198
Short-Term
Investments
18,098
—
—
18,098
Securities
Lending
Collateral
60,522
—
—
60,522
Total
$
4,407,216
$
583,080
$
213,869
$
5,204,165
T.
ROWE
PRICE
Science
&
Technology
Fund
11
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
September
30,
2022.
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,
2022,
totaled $(196,370,000) for
the
period ended
September
30,
2022.
During
the
period,
transfers
into
Level
3
resulted
from
a
lack
of marketability
for
the
securities.
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
12/31/21
Gain
(Loss)
During
Period
Total
Purchases
Transfer
Into
Level
3
Ending
Balance
9/30/22
Investment
in
Securities
Common
Stocks
$
99,352
$
(164,437)
$
7,436
$
133,320
$
75,671
Convertible
Preferred
Stocks
170,131
(31,933)
—
—
138,198
Total
$
269,483
$
(196,370)
$
7,436
$
133,320
$
213,869
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
$
75,671
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
uncertainty
100%
100%
Decrease
Discount
for
lack
of
marketability
100%
100%
Decrease
T.
ROWE
PRICE
Science
&
Technology
Fund
12
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**
Market
comparable
Enterprise
value
to
sales
multiple
2.6x
–
5.3x
4.3x
Increase
Sales
growth
rate
17%
–
74%
35%
Increase
Enterprise
value
to
gross
merchandise
value
multiple
0.3x
–
0.4x
0.3x
Increase
Gross
merchandise
value
growth
rate
18%
–
19%
18%
Increase
Discount
for
lack
of
marketability
10%
10%
Decrease
Convertible
Preferred
Stocks
$
138,198
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Enterprise
value
to
sales
multiple
2.6x
–
4.8x
3.8x
Increase
Sales
growth
rate
57%
–
74%
62%
Increase
Enterprise
value
to
gross
profit
multiple
4.5x
4.5x
Increase
Enterprise
value
to
gross
merchandise
value
multiple
0.3x
–
0.7x
0.5x
Increase
Gross
merchandise
value
growth
rate
18%
–
30%
27%
Increase
T.
ROWE
PRICE
Science
&
Technology
Fund
13
+
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.
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
a
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.
These
are
recent
examples
of
global
events
which
may
have
an
impact
on
the
fund’s
performance,
which
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F61-054Q3
09/22
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