T.
ROWE
PRICE
Communications
&
Technology
Fund
March
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
97.7%
FINANCIAL
SERVICES
3.5%
Other
Financial
Services
0.5%
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $67,333 (1)(2)(3)
17,666,351
50,349
50,349
Payments
3.0%
Adyen
(EUR) (2)
15,754
31,204
Block,
Class
A (2)
189,700
25,723
Mastercard,
Class
A
502,000
179,405
One97
Communications,
Acquisition
Date:
12/3/19,
Cost $8,203
(INR) (2)(3)
322,220
2,128
PayPal
Holdings (2)
352,800
40,801
Stripe,
Class
B,
Acquisition
Date:
5/18/21,
Cost $7,901 (1)(2)(3)
196,898
8,087
287,348
Total
Financial
Services
337,697
HARDWARE
4.9%
Consumer
Electronics
4.9%
Apple
2,643,400
461,564
Total
Hardware
461,564
INDUSTRIALS
0.8%
Automobile
Manufacturers
0.6%
Rivian
Automotive,
Class
A (2)(4)
487,625
24,499
Tesla (2)
25,300
27,263
51,762
Transportation
Technology
Services
0.2%
Aurora
Innovation,
Acquisition
Date:
3/1/19,
Cost $12,597 (2)(3)
2,959,355
15,716
15,716
Total
Industrials
67,478
INTERNET
31.4%
China
Internet
Media/Advertising
0.9%
Tencent
Holdings
(HKD)
1,826,500
84,191
84,191
China
Internet
Retail
0.0%
JD.com,
Class
A
(HKD) (2)
86,976
2,468
2,468
Rest
of
World
Internet
Media/Advertising
0.7%
Sea,
ADR (2)
525,893
62,997
62,997
T.
ROWE
PRICE
Communications
&
Technology
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
U.S.
Internet
Media/Advertising
15.0%
Alphabet,
Class
A (2)
26,250
73,010
Alphabet,
Class
C (2)
286,603
800,479
Meta
Platforms,
Class
A (2)
1,747,400
388,552
Snap,
Class
A (2)(4)
3,078,883
110,809
Trade
Desk,
Class
A (2)
756,400
52,381
1,425,231
U.S.
Internet
Retail
10.5%
Amazon.com (2)
290,900
948,320
Carvana (2)(4)
413,097
49,278
997,598
U.S.
Internet
Services
4.3%
Airbnb,
Class
A (2)
341,492
58,655
Booking
Holdings (2)
95,172
223,507
Canva,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $39,325 (1)(2)
(3)
23,072
31,493
DoorDash,
Class
A (2)
728,223
85,340
Houzz,
Acquisition
Date:
6/3/14,
Cost $1,400 (1)(2)(3)
186,860
138
Maplebear
DBA
Instacart,
Acquisition
Date:
8/7/20,
Cost $4,000 (1)(2)(3)
86,339
8,289
Maplebear
DBA
Instacart,
Acquisition
Date:
8/7/20,
Cost $209 (1)
(2)(3)
4,511
433
407,855
Total
Internet
2,980,340
IT
SERVICES
2.8%
Data
Centers
1.7%
Equinix,
REIT
214,656
159,193
159,193
IT
Services
1.1%
VeriSign (2)
479,700
106,714
106,714
Total
IT
Services
265,907
MEDIA
&
ENTERTAINMENT
9.7%
Direct-to-Consumer
Subscription
Services
2.9%
Netflix (2)
477,180
178,747
Spotify
Technology (2)
656,200
99,099
277,846
Diversified
Media
2.8%
Universal
Music
Group
(EUR)
3,430,499
91,574
Walt
Disney (2)
1,005,410
137,902
T.
ROWE
PRICE
Communications
&
Technology
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Warner
Music
Group,
Class
A
1,061,606
40,182
269,658
Live
Entertainment
3.4%
Liberty
Media-Liberty
Formula
One,
Class
C (2)
2,405,900
168,028
Live
Nation
Entertainment (2)
1,320,507
155,344
323,372
Video
Gaming
0.6%
Epic
Games,
Acquisition
Date:
6/18/20
-
3/29/21,
Cost $26,619 (1)(2)(3)
37,263
32,109
ROBLOX,
Class
A (2)
478,300
22,117
54,226
Total
Media
&
Entertainment
925,102
SEMICONDUCTORS
2.8%
Processors
2.8%
NVIDIA
975,900
266,284
Total
Semiconductors
266,284
SOFTWARE
20.3%
Back-Office
Applications
Software
3.3%
Bill.com
Holdings (2)
495,126
112,290
Ceridian
HCM
Holding (2)
348,794
23,843
Coupa
Software (2)
412,693
41,942
Paycom
Software (2)
394,745
136,732
Plex
Systems,
EC,
Acquisition
Date:
9/7/21,
Cost $241 (1)(2)(3)
240,776
217
Plex
Systems,
EC,
Acquisition
Date:
9/7/21,
Cost $34 (1)(2)(3)
34,397
33
315,057
Collaboration
and
Productivity
Software
6.5%
Atlassian,
Class
A (2)
963,699
283,163
ServiceNow (2)
603,792
336,246
619,409
Front-Office
Applications
Software
2.3%
Salesforce (2)
1,022,300
217,055
217,055
Industry-Specific
Software
1.9%
Constellation
Software
(CAD)
43,816
74,899
Shopify,
Class
A (2)
122,417
82,749
Toast,
Class
A (2)(4)
1,130,800
24,572
182,220
Infrastructure
and
Developer
Tool
Software
6.1%
Datadog,
Class
A (2)
319,799
48,440
HashiCorp,
Class
A (2)(4)
29,242
1,579
Microsoft
1,654,200
510,006
T.
ROWE
PRICE
Communications
&
Technology
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Snowflake,
Class
A (2)
68,545
15,706
575,731
Security
Software
0.2%
Clear
Secure,
Class
A (2)(4)
173,524
4,664
SentinelOne,
Class
A (2)
301,845
11,694
Socure,
Acquisition
Date:
12/22/21,
Cost $2,073 (1)(2)(3)
129,020
2,073
18,431
Total
Software
1,927,903
TELECOM
SERVICES
21.5%
Towers
10.0%
American
Tower,
REIT
1,079,300
271,142
Cellnex
Telecom
(EUR)
1,844,583
88,770
Crown
Castle
International,
REIT
1,143,067
211,010
Helios
Towers
(GBP) (2)(4)
6,724,623
10,191
Sarana
Menara
Nusantara
(IDR)
300,004,100
22,325
SBA
Communications,
REIT
989,500
340,487
943,925
U.S.
Cable/Satellite
5.9%
Cable
One
27,400
40,120
Charter
Communications,
Class
A (2)
523,509
285,585
Comcast,
Class
A
4,972,128
232,795
558,500
U.S.
Wireless
5.6%
T-Mobile
U.S. (2)
3,763,619
483,060
Verizon
Communications
951,876
48,489
531,549
Total
Telecom
Services
2,033,974
Total
Common
Stocks
(Cost
$4,184,743)
9,266,249
CONVERTIBLE
PREFERRED
STOCKS
1.7%
INDUSTRIALS
0.1%
Transportation
Technology
Services
0.1%
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $10,915 (1)(2)
(3)
127,117
11,659
Total
Industrials
11,659
T.
ROWE
PRICE
Communications
&
Technology
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
INTERNET
0.8%
China
Internet
Media/Advertising
0.4%
ByteDance,
Series
E,
Acquisition
Date:
7/8/19,
Cost $12,010 (1)
(2)(3)
243,670
38,271
38,271
U.S.
Internet
Services
0.4%
Canva,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $2,560 (1)(2)(3)
1,502
2,050
Canva,
Series
A-3,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $368 (1)(2)(3)
216
295
Canva,
Series
A-4,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $39 (1)(2)(3)
23
31
Canva,
Series
A-5,
Acquisition
Date:
11/4/21,
Cost $4 (1)(2)(3)
2
3
FLEXE,
Series
C,
Acquisition
Date:
11/18/20,
Cost $7,501 (1)(2)(3)
616,504
12,573
Houzz,
Series
D,
Acquisition
Date:
6/3/14,
Cost $4,200 (1)(2)(3)
560,560
415
Maplebear
DBA
Instacart,
Series
G,
Acquisition
Date:
7/2/20,
Cost $8,509 (1)(2)(3)
176,934
16,986
Maplebear
DBA
Instacart,
Series
I,
Acquisition
Date:
2/26/21,
Cost $4,108 (1)(2)(3)
32,863
3,155
35,508
Total
Internet
73,779
SOFTWARE
0.8%
Collaboration
And
Productivity
Software
0.3%
Formagrid,
Series
F,
Acquisition
Date:
12/8/21,
Cost $30,420 (1)
(2)(3)
162,425
30,420
30,420
Front-Office
Applications
Software
0.2%
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $5,712 (1)(2)(3)
906,055
11,298
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $727 (1)(2)(3)
82,725
1,032
Seismic
Software,
Series
G,
Acquisition
Date:
8/9/21,
Cost $880 (1)(2)(3)
61,023
761
13,091
Infrastructure
and
Developer
Tool
Software
0.2%
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $5,350 (1)(2)
(3)
30,162
5,003
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $16,290 (1)
(2)(3)
73,893
12,257
17,260
Security
Software
0.1%
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $2,520 (1)(2)
(3)
156,804
2,520
T.
ROWE
PRICE
Communications
&
Technology
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $2,068 (1)
(2)(3)
128,696
2,068
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $37 (1)(2)(3)
2,328
37
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $4,793 (1)(2)(3)
298,293
4,793
9,418
Total
Software
70,189
Total
Convertible
Preferred
Stocks
(Cost
$119,011)
155,627
SHORT-TERM
INVESTMENTS
0.8%
Money
Market
Funds
0.8%
T.
Rowe
Price
Treasury
Reserve
Fund,
0.29% (5)(6)
79,138,645
79,139
Total
Short-Term
Investments
(Cost
$79,139)
79,139
SECURITIES
LENDING
COLLATERAL
0.5%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.0%
Money
Market
Funds
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
0.29% (5)(6)
32,215
32
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
32
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.5%
Money
Market
Funds
0.5%
T.
Rowe
Price
Government
Reserve
Fund,
0.29% (5)(6)
51,495,538
51,496
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
51,496
Total
Securities
Lending
Collateral
(Cost
$51,528)
51,528
Total
Investments
in
Securities
100.7%
(Cost
$4,434,421)
$
9,552,543
Other
Assets
Less
Liabilities
(0.7)%
(
71,031
)
Net
Assets
100.0%
$
9,481,512
T.
ROWE
PRICE
Communications
&
Technology
Fund
7
‡
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
$306,692
and
represents
3.2%
of
net
assets.
(4)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2022.
(5)
Seven-day
yield
(6)
Affiliated
Companies
ADR
American
Depositary
Receipts
CAD
Canadian
Dollar
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
GBP
British
Pound
HKD
Hong
Kong
Dollar
IDR
Indonesian
Rupiah
INR
Indian
Rupee
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,
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
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
$
—
$
—
$
—
++
T.
Rowe
Price
Treasury
Reserve
Fund,
0.29%
—
—
36
Totals
$
—
#
$
—
$
36
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
03/31/22
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
$
168
¤
¤
$
51,528
T.
Rowe
Price
Treasury
Reserve
Fund,
0.29%
1,911
¤
¤
79,139
Total
$
130,667
^
#
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
$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
$130,667.
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
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
T.
ROWE
PRICE
Communications
&
Technology
Fund
10
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
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.
T.
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11
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.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
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
$
8,709,562
$
423,466
$
133,221
$
9,266,249
Convertible
Preferred
Stocks
—
—
155,627
155,627
Short-Term
Investments
79,139
—
—
79,139
Securities
Lending
Collateral
51,528
—
—
51,528
Total
$
8,840,229
$
423,466
$
288,848
$
9,552,543
T.
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PRICE
Communications
&
Technology
Fund
12
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
March
31,
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
March
31,
2022,
totaled $(33,707,000) for
the
period ended
March
31,
2022.
During
the
period,
transfers
out
of
Level
3
were
because
observable
market
data
became
available
for
the
security.
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.
($000s)
Beginning
Balance
12/31/21
Gain
(Loss)
During
Period
Ending
Balance
3/31/22
Investment
in
Securities
Common
Stocks
$
166,057
$
(32,836)
$
133,221
Convertible
Preferred
Stocks
156,498
(871)
155,627
Total
$
322,555
$
(33,707)
$
288,848
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
$
133,221
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
Uncertainty
3%
–10%
9%
Decrease
Market
comparable
Enterprise
Value
to
Sales
Multiple
5.5x
–
22.9x
12.9x
Increase
T.
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Communications
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Technology
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13
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**
Sales
Growth
Rate
17%
–
56%
36%
Increase
Enterprise
Value
to
Gross
Profit
Multiple
2.7x
–
33.8x
26.3x
Increase
Gross
Profit
Growth
Rate
40%
–56%
53%
Increase
Enterprise
Value
to
EBITDA
Multiple
12.7x
–
95.2x
43.3x
Increase
EBITDA
Growth
Rate
65%
–
108%
88%
Increase
Segment-
based
Enterprise
Value
to
Sales
Multiple
2.1x
2.1x
Increase
Segment-
based
Enterprise
Value
to
Gross
Merchandise
Value
Multiple
0.6x
0.6x
Increase
Price-to-
Earnings
Multiple
8.8x
–
18..8x
13.8x
Increase
Discount
for
Lack
of
Collectability
100%
100%
Decrease
Discount
for
Lack
of
Marketability
10%
10%
Decrease
Convertible
Preferred
Stocks
$
155,627
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
T.
ROWE
PRICE
Communications
&
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**
Market
comparable
Enterprise
Value
to
Sales
Multiple
2.5x
–
22.9x
7.0x
Increase
Sales
Growth
Rate
21%
–
75%
39%
Increase
Enterprise
Value
to
Gross
Profit
Multiple
2.7x
–
29.7x
15.7x
Increase
Gross
Profit
Growth
Rate
30%
–66%
51%
Increase
Enterprise
Value
to
EBITDA
Multiple
12.7x
–
95.2x
43.3x
Increase
EBITDA
Growth
Rate
65%
–
108%
88%
Increase
Enterprise
Value
to
EBIT
multiple
11.8x
–
17.0x
14.0x
Increase
EBIT
growth
rate
23%
–
42%
33%
Increase
Segment-
based
Enterprise
Value
to
Sales
Multiple
2.1x
2.1x
Increase
Segment-
based
Enterprise
Value
to
Gross
Merchandise
Value
Multiple
0.6x
0.6x
Increase
Discount
for
Lack
of
Collectability
100%
100%
Decrease
T.
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Communications
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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.
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.
Economic
sanctions
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result, Russian-related
stocks
and
debt
have
since
suffered
significant
declines
in
value.
The
duration
of
the
coronavirus
outbreak
and
the
Russian-Ukraine
conflict,
and
their
effects
on
the
financial
markets,
cannot
be
determined
with
certainty.
The fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
these
events.
F121-054Q1
03/22
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