Item 1. Report to Shareholders
T. Rowe Price Science & Technology Fund
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June 30, 2004
Certified Semiannual Report
This report is certified under the Sarbanes-Oxley Act of 2002, which requires
that public companies, including mutual funds, affirm that the information
provided in their annual and semiannual shareholder reports fully and fairly
represents their financial position.
T. Rowe Price Science & Technology Fund
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Certified Semiannual Report (Unaudited)
FINANCIAL HIGHLIGHTS For a share outstanding throughout each period
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Investor Class
6 Months Year
Ended Ended
6/30/04 12/31/03 12/31/02 12/31/01 12/31/00 12/31/99
NET ASSET VALUE
Beginning of
period $ 18.80 $ 12.43 $ 20.92 $ 35.57 $ 63.71 $ 37.67
Investment
activities
Net investment
income (loss) (0.07) (0.11) (0.14) (0.18) (0.29) (0.09)
Net realized
and unrealized
gain (loss) 0.07 6.48 (8.35) (14.47) (20.57) 36.85
Total from
investment
activities 0.00 6.37 (8.49) (14.65) (20.86) 36.76
Distributions
Net realized
gain -- -- -- -- (7.28) (10.72)
NET ASSET VALUE
End of period $ 18.80 $ 18.80 $ 12.43 $ 20.92 $ 35.57 $ 63.71
---------------------------------------------------------------
Ratios/
Supplemental
Data
Total return^ 0.00% 51.25% (40.58)% (41.19)% (34.19)% 100.99%
Ratio of total
expenses to
average net
assets 1.02%+ 1.09% 1.11% 1.00% 0.86% 0.87%
Ratio of net
investment income
(loss) to average
net assets (0.73)%+ (0.73)% (0.87)% (0.73)% (0.55)% (0.26)%
Portfolio
turnover rate 58.8%+ 47.8% 60.8% 143.6% 134.1% 128.0%
Net assets,
end of period
(in millions) $ 4,139 $ 4,380 $ 2,839 $ 5,209 $ 8,892 $ 12,271
^ Total return reflects the rate that an investor would have earned on an
investment in the fund during each period, assuming reinvestment of all
distributions.
+ Annualized
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Science & Technology Fund
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Certified Semiannual Report (Unaudited)
FINANCIAL HIGHLIGHTS For a share outstanding throughout each period
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Advisor Class
6 Months Year 3/31/00
Ended Ended Through
6/30/04 12/31/03 12/31/02 12/31/01 12/31/00
NET ASSET VALUE
Beginning of
period $ 18.80 $ 12.42 $ 20.90 $ 35.54 $ 71.08
Investment
activities
Net investment
income (loss) (0.07) (0.13) (0.12) (0.17) (0.13)
Net realized
and unrealized
gain (loss) 0.08 6.51 (8.36) (14.47) (28.13)
Total from
investment
activities 0.01 6.38 (8.48) (14.64) (28.26)
Distributions
Net realized
gain - - - - (7.28)
NET ASSET VALUE
End of period $ 18.81 $ 18.80 $ 12.42 $ 20.90 $ 35.54
---------------------------------------------------------
Ratios/
Supplemental
Data
Total return^ 0.05% 51.37% (40.57)% (41.19)% (41.06)%
Ratio of total
expenses to
average net
assets 1.04%+ 1.05% 1.08% 0.99% 1.09%+
Ratio of net
investment income
(loss) to average
net assets (0.75)%+ (0.69)% (0.83)% (0.71)% 0.80%+
Portfolio
turnover rate 58.8%+ 47.8% 60.8% 143.6% 134.1%+
Net assets,
end of period
(in thousands) $ 632,067 $ 656,154 $ 346,768 $ 554,665 $ 829,024
^ Total return reflects the rate that an investor would have earned on an
investment in the fund during each period, assuming reinvestment of all
distributions.
+ Annualized
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Science & Technology Fund
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Certified Semiannual Report (Unaudited) June 30, 2004
PORTFOLIO OF INVESTMENTS (1) Shares Value
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(Cost and value in $ 000s)
COMMON STOCKS AND WARRANTS 99.2%
HARDWARE 9.8%
Enterprise Hardware 8.3%
Dell * 5,150,000 184,473
EMC * 3,800,000 43,320
Hewlett-Packard 2,500,000 52,750
Lexmark International, Class A * 400,000 38,612
QLogic * 2,800,000 74,452
393,607
Supply Chain & Electronic
Manufacturing 1.5%
CDW 300,000 19,128
Flextronics * 2,500,000 39,875
Sanmina-SCI * 1,500,000 13,650
72,653
Total Hardware 466,260
HEALTH CARE 2.7%
Biotechnology 1.1%
Biogen Idec * 200,000 12,650
Cephalon * 400,000 21,600
MedImmune * 800,000 18,720
52,970
Medical Devices 0.1%
Johnson & Johnson 100,000 5,570
5,570
Pharmaceuticals 1.5%
Forest Laboratories * 850,000 48,136
Merck 250,000 11,875
Pfizer 350,000 11,998
72,009
Total Health Care 130,549
IT SERVICES 8.0%
IT Services 3.2%
Accenture, Class A * 2,000,000 54,960
IBM 1,100,000 96,965
151,925
Processors 4.8%
Certegy 700,000 27,160
DST Systems * 100,000 4,809
First Data 1,000,000 44,520
Fiserv * 2,400,000 93,336
Paychex 1,000,000 33,880
SunGard Data Systems * 1,000,000 26,000
229,705
Total IT Services 381,630
MEDIA 9.8%
Cable & Satellites 1.5%
Comcast, Class A * 1,000,000 27,610
EchoStar Communications, Class A * 1,350,000 41,513
69,123
Gaming 1.2%
International Game Technology 1,500,000 57,900
57,900
Internet 4.3%
eBay * 400,000 36,780
InterActiveCorp * 2,300,000 69,322
Yahoo! * 2,750,000 99,907
206,009
Media & Entertainment 2.2%
Time Warner * 2,500,000 43,950
Viacom, Class B 1,750,000 62,510
106,460
Radio/ Outdoor Advertising 0.6%
Clear Channel Communications 800,000 29,560
29,560
Total Media 469,052
SEMICONDUCTORS 20.8%
Analog Semiconductors 6.5%
Analog Devices 2,750,000 129,470
Intersil Holding, Class A 1,500,000 32,490
Linear Technology 800,000 31,576
Maxim Integrated Products 1,600,000 83,872
STMicroelectronics ADR 1,500,000 33,015
310,423
Digital Semiconductors 8.9%
Agere Systems, Class A * 7,000,000 16,100
Altera * 1,000,000 22,220
Intel 4,000,000 110,400
Marvell Technology Group * 400,000 10,680
Microchip Technology 1,900,000 59,926
Samsung Electronics (KRW) 150,000 61,921
Taiwan Semiconductor
Manufacturing, Warrants, 8/16/05 * 25,000,000 34,255
Texas Instruments 1,750,000 42,315
Xilinx 2,000,000 66,620
424,437
Semiconductor Capital Equipment 5.4%
Applied Materials * 5,000,000 98,100
ASML Holding * 1,000,000 17,110
Cabot Microelectronics * 400,000 12,244
KLA-Tencor * 1,200,000 59,256
Novellus Systems * 2,300,000 72,312
259,022
Total Semiconductors 993,882
SOFTWARE 33.3%
Application Software 5.3%
Adobe Systems 1,150,000 53,475
Informatica * 2,200,000 16,786
SAP (EUR) 350,000 58,092
SAP ADR 1,800,000 75,258
Siebel Systems * 4,800,000 51,264
254,875
Consumer Software 2.3%
Electronic Arts * 200,000 10,910
Intuit * 2,500,000 96,450
107,360
Infrastructure Software 12.8%
Microsoft 14,250,000 406,980
Oracle * 10,500,000 125,265
Red Hat * 3,520,000 80,854
613,099
Systems Software 10.2%
Mercury Interactive * 2,650,000 132,050
Network Associates * 3,500,000 63,455
Symantec * 1,100,000 48,158
VeriSign * 3,000,000 59,700
VERITAS Software * 6,600,000 182,820
486,183
Technical Software 2.7%
Cadence Design Systems * 5,800,000 84,854
Synopsys * 1,500,000 42,645
127,499
Total Software 1,589,016
TELECOM EQUIPMENT 10.3%
Wireless Equipment 2.1%
Nokia ADR 2,250,000 32,715
QUALCOMM 900,000 65,682
98,397
Wireline Equipment 8.2%
Cisco Systems * 12,000,000 284,400
Juniper Networks * 2,750,000 67,567
Nortel Networks * 7,750,000 38,673
390,640
Total Telecom Equipment 489,037
TELECOM SERVICES 0.4%
Wireless-International 0.4%
Vodafone ADR 750,000 16,575
Total Telecom Services 16,575
Total Miscellaneous Common Stock 4.1% 195,771
Total Common Stocks and
Warrants (Cost $4,755,014) 4,731,772
SHORT-TERM INVESTMENTS 0.8%
Money Market Fund 0.8%
T. Rowe Price Government Reserve
Investment Fund, 1.04% # 39,426,025 39,426
Total Short-Term Investments
(Cost $39,426) 39,426
Total Investments in Securities
100.0% of Net Assets (Cost $4,794,440) $ 4,771,198
-------------
(1) Denominated in U.S. dollar unless otherwise noted
# Seven-day yield
* Non-income producing
ADR American Depository Receipts
EUR Euro
KRW South Korean won
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Science & Technology Fund
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Certified Semiannual Report (Unaudited) June 30, 2004
STATEMENT OF ASSETS AND LIABILITIES
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(In thousands except shares and per share amounts)
Assets
Investments in securities, at value
(cost $4,794,440) $ 4,771,198
Other assets 47,638
Total assets 4,818,836
Liabilities
Total liabilities 47,521
NET ASSETS $ 4,771,315
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Net Assets Consist of:
Undistributed net investment income (loss) $ (17,827)
Undistributed net realized gain (loss) (5,915,377)
Net unrealized gain (loss) (23,241)
Paid-in-capital applicable to 253,735,507 shares of
$0.01 par value capital stock outstanding;
1,000,000,000 shares authorized 10,727,760
NET ASSETS $ 4,771,315
-------------
NET ASSET VALUE PER SHARE
Investor Class
($4,139,247,845/220,128,609 shares outstanding) $ 18.80
-------------
Advisor Class
($632,067,165/33,606,898 shares outstanding) $ 18.81
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The accompanying notes are an integral part of these financial statements.
T. Rowe Price Science & Technology Fund
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Certified Semiannual Report (Unaudited)
STATEMENT OF OPERATIONS
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($ 000s)
6 Months
Ended
6/30/04
Investment Income (Loss)
Income
Dividend $ 6,842
Securities lending 87
Total income 6,929
Expenses
Investment management 16,153
Shareholder servicing
Investor Class 6,952
Advisor Class 333
Rule 12b-1 fees-Advisor Class 798
Legal and audit 162
Prospectus and shareholder reports
Investor Class 155
Advisor Class 1
Custody and accounting 150
Registration 40
Directors 8
Miscellaneous 4
Total expenses 24,756
Net investment income (loss) (17,827)
Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Securities 352,647
Foreign currency transactions (45)
Net realized gain (loss) 352,602
Change in net unrealized gain (loss)
Securities (340,615)
Other assets and liabilities
denominated in foreign currencies 1
Change in net unrealized gain (loss) (340,614)
Net realized and unrealized gain (loss) 11,988
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ (5,839)
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The accompanying notes are an integral part of these financial statements.
T. Rowe Price Science & Technology Fund
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Certified Semiannual Report (Unaudited)
STATEMENT OF CHANGES IN NET ASSETS
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($ 000s)
6 Months Year
Ended Ended
6/30/04 12/31/03
Increase (Decrease) in Net Assets
Operations
Net investment income (loss) $ (17,827) $ (29,507)
Net realized gain (loss) 352,602 (42,740)
Change in net unrealized gain (loss) (340,614) 1,760,368
Increase (decrease) in net assets
from operations (5,839) 1,688,121
Capital share transactions *
Shares sold
Investor Class 354,867 1,012,841
Advisor Class 20,735 146,751
Shares redeemed
Investor Class (590,196) (952,995)
Advisor Class (44,235) (44,822)
Increase (decrease) in net assets from
capital share transactions (258,829) 161,775
Net Assets
Increase (decrease) during period (264,668) 1,849,896
Beginning of period 5,035,983 3,186,087
End of period $ 4,771,315 $ 5,035,983
------------------------------------
(Including undistributed net
investment income (loss) of $(17,827)
at 6/30/04 and $0 at 12/31/03)
*Share information
Shares sold
Investor Class 18,916 66,882
Advisor Class 1,097 9,847
Shares redeemed
Investor Class (31,795) (62,360)
Advisor Class (2,387) (2,862)
Increase (decrease) in shares outstanding (14,169) 11,507
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Science & Technology Fund
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Certified Semiannual Report (Unaudited) June 30, 2004
NOTES TO FINANCIAL STATEMENTS
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NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
T. Rowe Price Science & Technology Fund, Inc. (the fund) is registered under the
Investment Company Act of 1940 (the 1940 Act) as a diversified, open-end
management investment company. The fund seeks to provide long-term capital
appreciation. The fund has two classes of shares: the T. Rowe Price Science &
Technology Fund original share class, referred to in this report as the Investor
Class, offered since September 30, 1987, and T. Rowe Price Science & Technology
Fund--Advisor Class (Advisor Class), offered since March 31, 2000. Advisor Class
shares are sold only through brokers and other financial intermediaries that are
compensated by the class for distribution, shareholder servicing, and/or certain
administrative services under a Board-approved Rule 12b-1 plan. Each class has
exclusive voting rights on matters related solely to that class, separate voting
rights on matters that relate to both classes, and, in all other respects, the
same rights and obligations as the other class.
The accompanying financial statements were prepared in accordance with
accounting principles generally accepted in the United States of America, which
require the use of estimates made by fund management.
Valuation
The fund values its investments and computes its net asset value per share at
the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET, each day
that the NYSE is open for business. Equity securities listed or regularly traded
on a securities exchange or in the over-the-counter market are valued at the
last quoted sale price or, for certain markets, the official closing price at
the time the valuations are made, except for OTC Bulletin Board securities,
which are valued at the mean of the latest 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 latest
bid and asked prices for domestic securities and the last quoted sale price for
international securities.
Investments in mutual funds are valued at the mutual fund's closing net asset
value per share on the day of valuation.
Other investments and those for which the above valuation procedures are
inappropriate or are deemed not to reflect fair value are stated at fair value
as determined in good faith by the T. Rowe Price Valuation Committee,
established by the fund's Board of Directors.
Most foreign markets close before the close of trading on the NYSE. If the fund
determines that developments between the close of a foreign market and the close
of the NYSE will, in its judgment, materially affect the value of some or all of
its portfolio securities, which in turn will affect the fund's share price, the
fund will adjust the previous closing prices to reflect the fair value of the
securities as of the close of the NYSE, as determined in good faith by the T.
Rowe Price Valuation Committee, established by the fund's Board of Directors. A
fund may also fair value securities in other situations, such as when a
particular foreign market is closed but the fund is open. In deciding whether to
make fair value adjustments, the fund reviews 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 closing market prices and information used for
adjusting those prices. The fund cannot predict how often it will use closing
prices and how often it will adjust those prices. As a means of evaluating its
fair value process, the fund routinely compares closing market prices, the next
day's opening prices in the same markets, and adjusted prices.
Currency Translation
Assets, including investments, and liabilities 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 quoted by a major bank. Purchases and sales of securities, income,
and expenses are translated into U.S. dollars at the prevailing exchange rate on
the date of the transaction. The effect of changes in foreign currency exchange
rates on realized and unrealized security gains and losses is reflected as a
component of security gains and losses.
Class Accounting
The Advisor Class pays distribution, shareholder servicing, and/or certain
administrative expenses in the form of Rule 12b-1 fees, in an amount not
exceeding 0.25% of the class's average daily net assets. Shareholder servicing,
prospectus, and shareholder report expenses incurred by each class are charged
directly to the class to which they relate. Expenses common to both classes,
investment income, and realized and unrealized gains and losses are allocated to
the classes based upon the relative daily net assets of each class.
Rebates and Credits
Subject to best execution, the fund may direct certain security trades to
brokers who have agreed to rebate a portion of the related brokerage commission
to the fund in cash. Commission rebates are included in realized gain on
securities in the accompanying financial statements and
totaled $218,000 for the six months ended June 30, 2004. Additionally, the fund
earns credits on temporarily uninvested cash balances at the custodian that
reduce the fund's custody charges. Custody expense in the accompanying financial
statements is presented before reduction for credits.
Investment Transactions, Investment Income, and Distributions
Income and expenses are recorded on the accrual basis. Dividends received from
mutual fund investments are reflected as dividend income; capital gain
distributions are reflected as realized gain/loss. Dividend income and capital
gain distributions are recorded on the ex-dividend date. Investment transactions
are accounted for on the trade date. Realized gains and losses are reported on
the identified cost basis. Distributions to shareholders are recorded on the
ex-dividend date. Income distributions are declared and paid by each class on an
annual basis. Capital gain distributions, if any, are declared and paid by the
fund, typically on an annual basis.
Other
In the normal course of business, the fund enters into contracts that provide
general indemnifications. The fund's maximum exposure under these arrangements
is dependent on claims that may be made against the fund in the future and,
therefore, cannot be estimated; however, based on experience, the risk of
material loss from such claims is considered remote.
NOTE 2 - INVESTMENT TRANSACTIONS
Consistent with its investment objective, the fund engages in the following
practices to manage exposure to certain risks or enhance performance. The
investment objective, policies, program, and risk factors of the fund are
described more fully in the fund's prospectus and Statement of Additional
Information.
Securities Lending
The fund lends its securities to approved brokers to earn additional income. It
receives as collateral cash and U.S. government securities valued at 102% to
105% of the value of the securities on loan. Cash collateral is invested in a
money market pooled trust managed by the fund's lending agent in accordance with
investment guidelines approved by fund management. Collateral is maintained over
the life of the loan in an amount not less than the value of loaned securities,
as determined at the close of fund business each day; any additional collateral
required due to changes in security values is delivered to the fund the next
business day. Although risk is mitigated by the collateral, the fund could
experience a delay in recovering its securities and a possible loss of income or
value if the borrower fails to return the securities. Securities
lending revenue recognized by the fund consists of earnings on invested
collateral and borrowing fees, net of any rebates to the borrower and
compensation to the lending agent. At June 30, 2004, there were no securities on
loan.
Other
Purchases and sales of portfolio securities, other than short-term securities,
aggregated $1,408,027,000 and $1,654,437,000, respectively, for the six months
ended June 30, 2004.
NOTE 3 - FEDERAL INCOME TAXES
No provision for federal income taxes is required since the fund intends to
continue to qualify as a regulated investment company under Subchapter M of the
Internal Revenue Code and distribute to shareholders all of its taxable income
and gains. Federal income tax regulations differ from generally accepted
accounting principles; therefore, distributions determined in accordance with
tax regulations may differ in amount or character from net investment income and
realized gains for financial reporting purposes. Financial reporting records are
adjusted for permanent book/tax differences to reflect tax character. Financial
records are not adjusted for temporary differences. The amount and character of
tax-basis distributions and composition of net assets are finalized at fiscal
year-end; accordingly, tax-basis balances have not been determined as of June
30, 2004.
The fund intends to retain realized gains to the extent of available capital
loss carryforwards. As of December 31, 2003, the fund had $6,267,968,000 of
unused capital loss carryforwards, of which $4,234,327,000 expire in 2009,
$1,904,219,000 expire in 2010, and $129,422,000 expire in 2011.
At June 30, 2004, the cost of investments for federal income tax purposes was
$4,794,440,000. Net unrealized loss aggregated $23,241,000 at period-end, of
which $527,964,000 related to appreciated investments and $551,205,000 related
to depreciated investments.
NOTE 4 - RELATED PARTY TRANSACTIONS
The fund is managed by T. Rowe Price Associates, Inc. (the manager or Price
Associates), a wholly owned subsidiary of T. Rowe Price Group, Inc. The
investment management agreement between the fund and the manager provides for an
annual investment management fee, which is computed daily and paid
monthly. The fee consists of an individual fund fee, equal to 0.35% of the
fund's average daily net assets, and the fund's pro-rata share of a group fee.
The group fee is calculated based on the combined net assets of certain mutual
funds sponsored by Price Associates (the group) applied to a graduated fee
schedule, with rates ranging from 0.48% for the first $1 billion of assets to
0.295% for assets in excess of $120 billion. The fund's portion of the group fee
is determined by the ratio of its average daily net assets to those of the
group. At June 30, 2004, the effective annual group fee rate was 0.31%, and
investment management fee payable totaled $2,566,000.
The Advisor Class is also subject to a contractual expense limitation through
April 30, 2006. During the limitation period, the manager is required to waive
its management fee and reimburse the class for any expenses, excluding interest,
taxes, brokerage commissions, and extraordinary expenses, that would otherwise
cause the class's ratio of total expenses to average net assets (expense ratio)
to exceed its expense limitation of 1.15%. Through April 30, 2008, the class is
required to repay the manager for expenses previously reimbursed and management
fees waived to the extent its net assets have grown or expenses have declined
sufficiently to allow repayment without causing the class's expense ratio to
exceed its expense limitation. For the six months ended June 30, 2004, the
Advisor Class operated below its expense limitation.
In addition, the fund has entered into service agreements with Price Associates
and two wholly owned subsidiaries of Price Associates (collectively, Price).
Price Associates computes the daily share prices and maintains the financial
records of the fund. T. Rowe Price Services, Inc., provides shareholder and
administrative services in its capacity as the fund's transfer and dividend
disbursing agent. T. Rowe Price Retirement Plan Services, Inc., provides
subaccounting and recordkeeping services for certain retirement accounts
invested in the Investor Class. Expenses incurred pursuant to these service
agreements totaled $5,244,000 for the six months ended June 30, 2004, of which
$1,124,000 was payable at period-end.
Additionally, the fund is one of several mutual funds in which certain college
savings plans managed by Price Associates may invest. As approved by the fund's
Board of Directors, shareholder servicing costs associated with each college
savings plan are borne by the fund in proportion to the average daily value of
its shares owned by the college savings plan. For the six months ended June 30,
2004, the fund was charged $16,000 for shareholder servicing costs
related to the college savings plans, of which $12,000 was for services provided
by Price and $1,000 was payable at period-end. At June 30, 2004, approximately
0.2% of the outstanding shares of the Investor Class were held by college
savings plans.
The fund may invest in the T. Rowe Price Reserve Investment Fund and the T. Rowe
Price Government Reserve Investment Fund (collectively, the Reserve Funds),
open-end management investment companies managed by Price Associates. The
Reserve Funds are offered as cash management options to mutual funds, trusts,
and other accounts managed by Price Associates and/or its affiliates, and are
not available for direct purchase by members of the public. The Reserve Funds
pay no investment management fees. During the six months ended June 30, 2004,
dividend income from the Reserve Funds totaled $330,000.
T. Rowe Price Science & Technology Fund
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Certified Semiannual Report
INFORMATION ON PROXY VOTING
- --------------------------------------------------------------------------------
A description of the policies and procedures that the T. Rowe Price Science &
Technology Fund uses to determine how to vote proxies relating to portfolio
securities is available, without charge, upon request by calling 1-800-225-5132.
It also appears in the fund's Statement of Additional Information (Form 485B),
which can be found on the SEC's Web site, www.sec.gov.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions is filed as an
exhibit to the registrant's annual Form N-CSR. No substantive amendments were
approved or waivers were granted to this code of ethics during the registrant's
most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant's annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant's annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
Not applicable. The complete schedule of investments is included in Item 1 of
this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 8. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
Not applicable.
Item 9. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 10. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer
have evaluated the registrant's disclosure controls and procedures within 90
days of this filing and have concluded that the registrant's disclosure controls
and procedures were effective, as of that date, in ensuring that information
required to be disclosed by the registrant in this Form N-CSR was recorded,
processed, summarized, and reported timely.
(b) The registrant's principal executive officer and principal financial officer
are aware of no changes in the registrant's internal control over financial
reporting that occurred during the registrant's most recent fiscal half-year
that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
Item 11. Exhibits.
(a)(1) The registrant's code of ethics pursuant to Item 2 of Form N-CSR is filed
with the registrant's annual Form N-CSR.
(2) Separate certifications by the registrant's principal executive officer
and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of
1940, are attached.
(3) Written solicitation to repurchase securities issued by closed-end
companies: not applicable.
(b) A certification by the registrant's principal executive officer and
principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940,
is attached.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
T. Rowe Price Science & Technology Fund, Inc.
By: /s/ James S. Riepe
James S. Riepe
Principal Executive Officer
Date: August 16, 2004
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ James S. Riepe
James S. Riepe
Principal Executive Officer
Date: August 16, 2004
By: /s/ Joseph A. Carrier
Joseph A. Carrier
Principal Financial Officer
Date: August 16, 2004