T.
ROWE
PRICE
Communications
&
Technology
Fund
March
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
97.6%
FINANCIAL
SERVICES
4.2%
Other
Financial
Services
1.1%
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $67,333 (1)(2)(3)
12,002,332
96,859
XP,
Class
A (2)
491,934
18,531
115,390
Payments
3.1%
Mastercard,
Class
A
310,400
110,518
One97
Communications,
Series
G,
Acquisition
Date:
12/3/19,
Cost $8,204 (1)(2)(3)
32,222
8,217
PayPal
Holdings (2)
704,000
170,959
StoneCo,
Class
A (2)
741,696
45,407
335,101
Total
Financial
Services
450,491
HARDWARE
1.5%
Consumer
Electronics
1.5%
Apple
842,800
102,948
Roku (2)
185,100
60,300
Total
Hardware
163,248
INTERNET
41.3%
China
Internet
Media/Advertising
3.5%
Kuaishou
Technology
(HKD) (2)
799,800
27,778
Tencent
Holdings
(HKD)
4,416,100
352,438
380,216
China
Internet
Retail
2.4%
Alibaba
Group
Holding,
ADR (2)
1,143,020
259,157
259,157
Rest
of
World
Internet
Media/Advertising
3.6%
Sea,
ADR (2)
1,762,093
393,352
393,352
Rest
of
World
Internet
Retail
0.3%
Coupang (2)(4)
778,036
38,396
38,396
Rest
of
World
Internet
Services
0.4%
Trainline
(GBP) (2)
7,264,495
46,026
46,026
T.
ROWE
PRICE
Communications
&
Technology
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
U.S.
Internet
Media/Advertising
15.5%
Alphabet,
Class
A (2)
67,050
138,292
Alphabet,
Class
C (2)
293,303
606,735
Facebook,
Class
A (2)
2,168,800
638,777
Pinterest,
Class
A (2)
962,600
71,261
Snap,
Class
A (2)
4,257,083
222,603
Vimeo,
Class
A,
Acquisition
Date:
1/25/21,
Cost $5,887 (1)(2)(3)
181,629
6,055
1,683,723
U.S.
Internet
Retail
10.5%
Amazon.com (2)
318,200
984,536
Carvana (2)
478,397
125,531
Chewy,
Class
A (2)(4)
312,733
26,492
1,136,559
U.S.
Internet
Services
5.1%
Airbnb,
Class
A (2)(4)
53,126
9,984
Airbnb,
Class
B,
Acquisition
Date:
4/16/14
-
7/14/15,
Cost $8,157 (2)(3)
316,466
56,503
Booking
Holdings (2)
114,772
267,400
DoorDash,
Class
A (2)(4)
289,139
37,915
DoorDash,
Class
A,
Acquisition
Date:
11/12/19
-
6/17/20,
Cost $10,042 (2)(3)
255,984
31,889
Houzz,
Acquisition
Date:
6/3/14,
Cost $1,400 (1)(2)(3)
186,860
1,284
Maplebear
DBA
Instacart,
Acquisition
Date:
8/7/20,
Cost $4,000 (1)(2)(3)
86,339
10,792
Maplebear
DBA
Instacart,
Acquisition
Date:
8/7/20,
Cost $209 (1)
(2)(3)
4,511
564
Match
Group (2)
638,678
87,742
Redfin (2)
657,781
43,802
547,875
Total
Internet
4,485,304
IT
SERVICES
2.5%
Data
Centers
1.2%
Equinix,
REIT
190,256
129,296
129,296
IT
Services
1.3%
VeriSign (2)
407,300
80,955
Wix.com (2)
198,000
55,286
136,241
Total
IT
Services
265,537
T.
ROWE
PRICE
Communications
&
Technology
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
MEDIA
&
ENTERTAINMENT
8.6%
Direct-to-Consumer
Subscription
Services
5.7%
Netflix (2)
969,880
505,948
Spotify
Technology (2)
425,600
114,039
619,987
Diversified
Media
1.8%
Walt
Disney (2)
929,910
171,587
Warner
Music
Group,
Class
A
822,012
28,220
199,807
Live
Entertainment
0.8%
Liberty
Media-Liberty
Formula
One,
Class
C (2)
1,051,700
45,528
Live
Nation
Entertainment (2)
473,800
40,107
85,635
Video
Gaming
0.3%
Epic
Games,
Acquisition
Date:
6/18/20
-
3/29/21,
Cost $26,619 (1)(2)(3)
37,263
32,978
32,978
Total
Media
&
Entertainment
938,407
SEMICONDUCTORS
1.5%
Processors
1.5%
NVIDIA
303,300
161,941
Total
Semiconductors
161,941
SOFTWARE
16.9%
Back-Office
Applications
Software
4.6%
Avalara (2)
265,532
35,430
Bill.com
Holdings (2)
528,726
76,930
Ceridian
HCM
Holding (2)
576,594
48,589
Coupa
Software (2)
619,493
157,649
Paycom
Software (2)
356,000
131,741
Workday,
Class
A (2)
183,344
45,548
495,887
Collaboration
and
Productivity
Software
5.8%
Atlassian,
Class
A (2)(4)
1,007,799
212,404
ServiceNow (2)
626,592
313,365
Uipath,
Class
A,
Acquisition
Date:
12/11/20,
Cost $4,133 (1)(2)(3)
142,070
8,847
Zoom
Video
Communications,
Class
A (2)
305,870
98,273
632,889
T.
ROWE
PRICE
Communications
&
Technology
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
Front-Office
Applications
Software
1.6%
salesforce.com (2)
797,200
168,903
168,903
Industry-Specific
Software
1.8%
nCino (2)
685,157
45,714
Shopify,
Class
A (2)
137,717
152,384
Toast,
Acquisition
Date:
11/14/18,
Cost $558 (1)(2)(3)
20,287
2,606
200,704
Infrastructure
And
Developer
Tool
Software
3.1%
Datadog,
Class
A (2)
356,899
29,744
Microsoft
984,000
231,998
PagerDuty (2)
372,996
15,006
Snowflake,
Class
A (2)
68,545
15,716
Twilio,
Class
A (2)
115,250
39,272
331,736
Total
Software
1,830,119
TELECOM
SERVICES
21.1%
Towers
8.3%
American
Tower,
REIT
1,147,300
274,274
Cellnex
Telecom
(EUR)
1,398,335
80,611
Crown
Castle
International,
REIT
1,344,667
231,458
Helios
Towers
(GBP) (2)(4)
18,559,030
43,192
Sarana
Menara
Nusantara
(IDR)
411,976,500
31,209
SBA
Communications,
REIT
851,700
236,389
897,133
U.S.
Cable/Satellite
7.8%
Altice
USA,
Class
A (2)
2,358,555
76,724
Charter
Communications,
Class
A (2)
670,409
413,655
Comcast,
Class
A
6,482,200
350,752
841,131
U.S.
Wireless
5.0%
T-Mobile
U.S. (2)
3,899,319
488,546
Verizon
Communications
951,876
55,351
543,897
Total
Telecom
Services
2,282,161
Total
Common
Stocks
(Cost
$4,022,884)
10,577,208
T.
ROWE
PRICE
Communications
&
Technology
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
CONVERTIBLE
PREFERRED
STOCKS
2.4%
INDUSTRIALS
0.4%
Transportation
Technology
Services
0.4%
Aurora
Innovation,
Series
B,
Acquisition
Date:
3/1/19,
Cost $12,597 (1)(2)(3)
1,363,230
26,797
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $10,915 (1)(2)
(3)
127,117
10,915
Xiaoju
Kuaizhi,
Series
A-17,
Acquisition
Date:
10/19/15,
Cost $3,572 (1)(2)(3)
130,241
5,741
Total
Industrials
43,453
INTERNET
0.7%
China
Internet
Media/Advertising
0.4%
ByteDance,
Series
E,
Acquisition
Date:
7/8/19,
Cost $12,010 (1)
(2)(3)
243,670
38,444
38,444
U.S.
Internet
Services
0.3%
FLEXE,
Series
C,
Acquisition
Date:
11/18/20,
Cost $7,501 (1)(2)(3)
616,504
7,501
Houzz,
Series
D,
1/2/24,
Acquisition
Date:
6/3/14,
Cost $4,200 (1)
(2)(3)
560,560
3,851
Maplebear
DBA
Instacart,
Series
G,
Acquisition
Date:
7/2/20,
Cost $8,509 (1)(2)(3)
176,934
22,117
Maplebear
DBA
Instacart,
Series
I,
Acquisition
Date:
2/26/21,
Cost $4,108 (1)(2)(3)
32,863
4,108
37,577
Total
Internet
76,021
SOFTWARE
1.3%
Back-Office
Applications
Software
0.1%
Plex
Systems
Holdings,
Series
B,
Acquisition
Date:
6/9/14,
Cost $3,508 (1)(2)(3)
1,528,887
5,519
5,519
Collaboration
and
Productivity
Software
0.6%
Uipath,
Series
D-1,
Acquisition
Date:
4/26/19,
Cost $10,489 (1)(2)
(3)
799,596
49,795
Uipath,
Series
D-2,
Acquisition
Date:
4/26/19,
Cost $1,761 (1)(2)
(3)
134,268
8,362
Uipath,
Series
E,
Acquisition
Date:
7/9/20,
Cost $388 (1)(2)(3)
20,887
1,301
Uipath,
Series
F,
Acquisition
Date:
2/2/21,
Cost $5,551 (1)(2)(3)
89,141
5,551
65,009
T.
ROWE
PRICE
Communications
&
Technology
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
Front-Office
Applications
Software
0.1%
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $5,712 (1)(2)(3)
906,055
7,965
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $727 (1)(2)(3)
82,725
727
8,692
Industry-Specific
Software
0.5%
Toast,
Series
D,
Acquisition
Date:
6/27/18,
Cost $6,343 (1)(2)(3)
366,515
47,086
Toast,
Series
F,
Acquisition
Date:
2/14/20,
Cost $1,556 (1)(2)(3)
34,233
4,398
51,484
Infrastructure
And
Developer
Tool
Software
0.0%
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $5,350 (1)(2)
(3)
30,162
5,350
5,350
Total
Software
136,054
Total
Convertible
Preferred
Stocks
(Cost
$104,797)
255,528
SHORT-TERM
INVESTMENTS
0.0%
Money
Market
Funds
0.0%
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04% (5)(6)
4,808,972
4,809
Total
Short-Term
Investments
(Cost
$4,809)
4,809
SECURITIES
LENDING
COLLATERAL
0.9%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.0%
Short-Term
Funds
0.0%
T.
Rowe
Price
Short-Term
Fund,
0.08% (5)(6)
245,000
2,450
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
2,450
T.
ROWE
PRICE
Communications
&
Technology
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.9%
Short-Term
Funds
0.9%
T.
Rowe
Price
Short-Term
Fund,
0.08% (5)(6)
9,870,334
98,703
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
98,703
Total
Securities
Lending
Collateral
(Cost
$101,153)
101,153
Total
Investments
in
Securities
100.9%
(Cost
$4,233,643)
$
10,938,698
Other
Assets
Less
Liabilities
(0.9)%
(
102,004
)
Net
Assets
100.0%
$
10,836,694
‡
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
$512,122
and
represents
4.7%
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
HKD
Hong
Kong
Dollar
IDR
Indonesian
Rupiah
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
T.
ROWE
PRICE
Communications
&
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%
$
—
$
—
$
3
T.
Rowe
Price
Short-Term
Fund,
0.08%
—
—
—
++
Totals
$
—
#
$
—
$
3
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
03/31/21
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04%
$
67,253
¤
¤
$
4,809
T.
Rowe
Price
Short-Term
Fund,
0.08%
59,468
¤
¤
101,153
Total
$
105,962
^
#
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
$3
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
$105,962.
T.
ROWE
PRICE
Communications
&
Technology
Fund
Unaudited
Notes
to
Portfolio
of
Investments
9
T.
Rowe
Price
Communications
&
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
Communications
&
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
Communications
&
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.
ROWE
PRICE
Communications
&
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 $77,536,000 for
the
period ended
March
31,
2021.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
9,739,360
$
669,646
$
168,202
$
10,577,208
Convertible
Preferred
Stocks
—
—
255,528
255,528
Short-Term
Investments
4,809
—
—
4,809
Securities
Lending
Collateral
101,153
—
—
101,153
Total
$
9,845,322
$
669,646
$
423,730
$
10,938,698
($000s)
Beginning
Balance
1/1/21
Gain
(Loss)
During
Period
Total
Purchases
Ending
Balance
3/31/21
Investment
in
Securities
Common
Stocks
$
137,680
$
9,810
$
20,712
$
168,202
Convertible
Preferred
Stocks
172,793
67,726
15,009
255,528
Total
$
310,473
$
77,536
$
35,721
$
423,730
T.
ROWE
PRICE
Communications
&
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
Stocks
$
168,202
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Rate
of
Return
15%
15%
Increase
Market
comparable
Enterprise
Value
to
Sales
Multiple
8.2x
8.2x
Increase
Enterprise
Value
to
Gross
Profit
Multiple
11.7x
11.7x
Increase
Enterprise
Value
to
Gross
Merchandise
Value
Multiple
1.9x
1.9x
Increase
Discount
for
Lack
of
Marketability
10%
10%
Decrease
Convertible
Preferred
Stocks
$
255,528
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
Comparable
Enterprise
Value
to
Sales
Multiple
5.2x
–
8.2x
6.7x
Increase
Sales
Growth
Rate
12%
-
38%
32%
Increase
T.
ROWE
PRICE
Communications
&
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.
F121-054Q1
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
8.3x
–
11.7x
10.0x
Increase
Gross
Profit
Growth
Rate
15%
15%
Increase
Enterprise
Value
to
Gross
Merchandise
Value
Multiple
1.9x
1.9x
Increase
Discount
for
Lack
of
Marketability
10%
10%
Decrease