Item 1. Report to Shareholders
T. Rowe Price Science & Technology Fund
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Certified Financials
T. Rowe Price Science & Technology Fund
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Certified Financials (Unaudited)
FINANCIAL HIGHLIGHTS For a share outstanding throughout each period
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Science & Technology shares
6 Months Year
Ended Ended
6/30/03 12/31/02 12/31/01 12/31/00 12/31/99 12/31/98
NET ASSET VALUE
Beginning of period $ 12.43 $ 20.92 $ 35.57 $ 63.71 $ 37.67 $ 27.26
Investment activities
Net investment
income (loss) (0.05) (0.14) (0.18) (0.29) (0.09) (0.18)
Net realized and
unrealized gain
(loss) 2.78 (8.35) (14.47) (20.57) 36.85 11.58
Total from
investment
activities 2.73 (8.49) (14.65) (20.86) 36.76 11.40
Distributions
Net realized gain - - - (7.28) (10.72) (0.99)
NET ASSET VALUE
End of period $ 15.16 $ 12.43 $ 20.92 $ 35.57 $ 63.71 $ 37.67
------- -------- -------- -------- -------- --------
Ratios/Supplemental Data
Total return^ 21.96% (40.58)% (41.19)% (34.19)% 100.99% 42.35%
Ratio of total
expenses to average
net assets 1.15%+ 1.11% 1.00% 0.86% 0.87% 0.94%
Ratio of net
investment
income (loss) to
average net assets (0.79)%+ (0.87)% (0.73)% (0.55)% (0.26)% (0.61)%
Portfolio turnover
rate 47.3%+ 60.8% 143.6% 134.1% 128.0% 108.9%
Net assets,
end of period
(in millions) $ 3,537 $ 2,839 $ 5,209 $ 8,892 $ 12,271 $ 4,696
^ 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 Financials (Unaudited)
FINANCIAL HIGHLIGHTS For a share outstanding throughout each period
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Science & Technology-Advisor Class shares
6 Months Year 3/31/00
Ended Ended Through
6/30/03 12/31/02 12/31/01 12/31/00
NET ASSET VALUE
Beginning of period $ 12.42 $ 20.90 $ 35.54 $ 71.08
Investment activities
Net investment income
(loss) (0.02) (0.12) (0.17) (0.13)
Net realized and
unrealized gain (loss) 2.76 (8.36) (14.47) (28.13)
Total from
investment activities 2.74 (8.48) (14.64) (28.26)
Distributions
Net realized gain - - - (7.28)
NET ASSET VALUE
End of period $ 15.16 $ 12.42 $ 20.90 $ 35.54
Ratios/Supplemental Data
Total return^ 22.06% (40.57)% (41.19)% (41.06)%
Ratio of total expenses to
average net assets 1.05%+ 1.08% 0.99% 1.09%+
Ratio of net investment
income (loss) to average
net assets (0.68)%+ (0.83)% (0.71)% 0.80%+
Portfolio turnover rate 47.3%+ 60.8% 143.6% 134.1%+
Net assets, end of period
(in thousands) $ 506,007 $ 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 Financials (Unaudited) June 30, 2003
PORTFOLIO OF INVESTMENTS Shares Value
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In thousands
COMMON STOCKS 92.5%
COMMUNICATIONS EQUIPMENT 8.0%
Wireless Equipment 2.4%
Nokia 2,000,000 $ 32,860
QUALCOMM 1,750,000 62,563
95,423
Wireline Equipment 5.6%
CIENA * 2,500,000 12,975
Cisco Systems * 12,890,000 215,134
228,109
Total Communications Equipment 323,532
COMMUNICATION SERVICES 1.3%
Wireless Services 1.3%
KT Corp. ADR 750,000 14,783
Vodafone 2,000,000 39,300
Total Communication Services 54,083
COMPONENT PROCESSING EQUIPMENT 6.9%
Semiconductor Processing Equipment 6.9%
Applied Materials * 6,500,000 103,090
ASM Lithography * 800,000 7,648
Cabot Microelectronics * 250,000 12,618
Cognex * 500,000 11,175
KLA-Tencor * 1,250,000 58,112
Novellus Systems * 2,300,000 84,228
Total Component Processing Equipment 276,871
COMPONENTS 13.9%
Analog Semiconductors 6.5%
Analog Devices * 2,900,000 100,978
Intersil Holding, Class A * 500,000 13,305
Linear Technology 750,000 24,157
Maxim Integrated Products 3,600,000 123,084
261,524
Digital Semiconductors 6.9%
Altera * 750,000 $ 12,300
Intel 1,750,000 36,372
Marvell Technology Group * 250,000 8,593
Microchip Technology 2,300,000 56,649
Samsung Electronics (KRW) 180,000 53,495
Taiwan Semiconductor Manufacturing * 25,000,000 41,173
Texas Instruments 3,000,000 52,800
Xilinx * 750,000 18,982
280,364
Optical Components 0.5%
Agere Systems, Class A * 4,000,000 9,320
JDS Uniphase * 3,250,000 11,408
20,728
Total Components 562,616
E-COMMERCE 11.7%
E-Commerce 11.7%
Accenture, Class A * 2,250,000 40,702
Certegy * 1,300,000 36,075
Concord EFS * 4,000,000 58,880
DST Systems * 700,000 26,600
First Data 2,500,000 103,600
Fiserv * 2,600,000 92,586
Paychex 1,200,000 35,172
SunGard Data Systems * 1,200,000 31,092
VeriSign * 3,500,000 48,405
Total E-Commerce 473,112
HARDWARE 10.2%
Contract Manufacturing 1.3%
Celestica * 1,000,000 15,760
Flextronics * 2,000,000 20,780
Sanmina-SCI * 2,500,000 15,775
52,315
Peripherals 2.7%
EMC * 1,000,000 $ 10,470
Lexmark International, Class A * 400,000 28,308
Network Appliance * 750,000 12,158
QLogic * 1,250,000 60,412
111,348
Systems 6.2%
Dell Computer * 6,000,000 191,760
IBM 700,000 57,750
249,510
Total Hardware 413,173
LIFE SCIENCES AND HEALTH CARE 2.5%
Biotechnology 1.1%
Cephalon * 550,000 22,638
Genentech * 150,000 10,818
MedImmune * 300,000 10,911
44,367
Pharmaceuticals 1.4%
Bristol-Myers Squibb 700,000 19,005
Eli Lilly 150,000 10,346
Pfizer 500,000 17,075
Wyeth 200,000 9,110
55,536
Total Life Sciences and Health Care 99,903
MEDIA 5.6%
Media 5.6%
AOL Time Warner * 5,000,000 80,450
Clear Channel Communications * 1,200,000 50,868
Comcast, Class A, Special * 1,000,000 28,830
Univision Communications, Class A * 500,000 15,200
Viacom, Class B * 1,200,000 52,392
Total Media 227,740
SOFTWARE 27.8%
Consumer and Multimedia Software 5.7%
Adobe Systems 2,475,000 $ 79,373
Electronic Arts * 650,000 48,094
Intuit * 2,300,000 102,419
229,886
Enterprise Software 21.0%
Informatica * 2,700,000 18,657
Internet Security Systems * 600,000 8,694
Mercury Interactive * 2,000,000 77,220
Microsoft 15,750,000 403,357
Network Associates * 2,500,000 31,700
Oracle * 2,500,000 30,050
PeopleSoft * 3,250,000 57,168
SAP (EUR) 250,000 29,533
SAP ADR 300,000 8,766
Siebel Systems * 5,250,000 50,085
VERITAS Software * 4,750,000 136,182
851,412
Technical Software 1.1%
Synopsys * 700,000 43,295
43,295
Total Software 1,124,593
Total Miscellaneous Common Stocks 4.6% 183,709
Total Common Stocks (Cost $4,024,319) 3,739,332
CONVERTIBLE PREFERRED STOCKS 0.0%
idealab!, Series D *++^ 1,000,000 1,000
Total Convertible Preferred Stocks (Cost $100,000) 1,000
SHORT-TERM INVESTMENTS 7.8%
Money Market Fund 7.8%
T. Rowe Price Government Reserve
Investment Fund, 1.01% #+ 315,095,716 315,096
Total Short-Term Investments (Cost $315,096) 315,096
Value
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In thousands
Total Investments in Securities
100.3% of Net Assets (Cost $4,439,415) $ 4,055,428
Other Assets Less Liabilities (11,947)
NET ASSETS $ 4,043,481
------------
# Seven-day yield
* Non-income producing
+ Affiliated company - See Note 2.
++ Security contains restrictions as to
public resale pursuant to the Securities
Act of 1933 and related rules -- total of
such securities at period-end amounts to
$1,000,000 and represents 0.0% of net assets
^ Security valued by the Fund's Board of Directors
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 Financials (Unaudited) June 30, 2003
Statement of Assets and Liabilities
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In thousands
Assets
Investments in securities, at value
Affiliated companies (cost $315,096) $ 315,096
Other companies (cost $4,124,319) 3,740,332
Total investments in securities 4,055,428
Other assets 19,850
Total assets 4,075,278
Liabilities
Total liabilities 31,797
NET ASSETS $ 4,043,481
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Net Assets Consist of:
Undistributed net investment income (loss) $ (13,581)
Undistributed net realized gain (loss) (6,558,587)
Net unrealized gain (loss) (383,985)
Paid-in-capital applicable to 266,715,653 shares of $0.01
par value capital stock outstanding;
1,000,000,000 shares authorized 10,999,634
NET ASSETS $ 4,043,481
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NET ASSET VALUE PER SHARE
Science & Technology shares
($3,537,474,511/233,347,649 shares outstanding) $ 15.16
--------------
Science & Technology-Advisor Class shares
($506,006,652/33,368,004 shares outstanding) $ 15.16
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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 Financials (Unaudited)
STATEMENT OF OPERATIONS
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In thousands 6 Months
Ended
6/30/03
Investment Income (Loss)
Income
Dividend (net of foreign taxes of $324) $ 4,838
Income distributions from mutual funds 1,414
Securities lending 62
Total income 6,314
Expenses
Investment management 11,717
Shareholder servicing
Science & Technology shares 6,654
Science & Technology-Advisor Class shares 190
Distribution - Science & Technology-Advisor Class shares 500
Prospectus and shareholder reports
Science & Technology shares 357
Science & Technology-Advisor Class shares 1
Legal and audit 352
Custody and accounting 123
Registration 49
Directors 17
Total expenses 19,960
Expenses paid indirectly (65)
Net expenses 19,895
Net investment income (loss) (13,581)
Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Securities (333,166)
Foreign currency transactions (82)
Net realized gain (loss) (333,248)
Change in net unrealized gain (loss)
Securities 1,059,009
Other assets and liabilities
denominated in foreign currencies 1
Change in net unrealized gain (loss) 1,059,010
Net realized and unrealized gain (loss) 725,762
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ 712,181
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Science & Technology Fund
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Certified Financials (Unaudited)
STATEMENT OF CHANGES IN NET ASSETS
In thousands 6 Months Year
Ended Ended
6/30/03 12/31/02
Increase (Decrease) in Net Assets
Operations
Net investment income (loss) $ (13,581) $ (35,255)
Net realized gain (loss) (333,248) (1,528,459)
Change in net unrealized gain (loss) 1,059,010 (731,423)
Increase (decrease) in net assets
from operations 712,181 (2,295,137)
Capital share transactions *
Shares sold
Science & Technology shares 501,094 1,060,383
Science & Technology-Advisor Class shares 90,359 66,815
Shares redeemed
Science & Technology shares (431,552) (1,363,783)
Science & Technology-Advisor Class shares (14,688) (45,703)
Increase (decrease) in net assets from
capital share transactions 145,213 (282,288)
Net Assets
Increase (decrease) during period 857,394 (2,577,425)
Beginning of period 3,186,087 5,763,512
End of period $ 4,043,481 $ 3,186,087
---------------------------
*Share information
Shares sold
Science & Technology shares 36,882 68,692
Science & Technology-Advisor Class shares 6,557 4,386
Shares redeemed
Science & Technology shares (32,020) (89,235)
Science & Technology-Advisor Class shares (1,101) (3,013)
Increase (decrease) in shares outstanding 10,318 (19,170)
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Science & Technology Fund
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Certified Financials (Unaudited) June 30, 2003
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: Science &
Technology Fund, offered since September 30, 1987, and Science &
Technology--Advisor Class (Advisor Class), which was first offered on March
31, 2000. Advisor Class shares are sold only through brokers and other
financial intermediaries that are compensated by the class for distribution
and 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
Investments are valued 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
official closing price for certain markets, at the time the valuations are
made. 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 ask prices for domestic securities
and the last quoted sale price for international securities.
Investments in mutual funds are valued at the closing net asset value per
share of the mutual fund 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 or under the supervision of the
officers of the fund, as authorized by the Board of Directors.
Most foreign markets close before the NYSE. Developments that could affect
the values of securities that occur between the close of a foreign market
and the close of the NYSE normally will not be reflected in security
valuations. However, if such developments are so significant that they
will, in the judgment of the officers of the fund, clearly and materially
affect the value of securities, the previous closing prices may be adjusted
to reflect the fair value of the securities as of the close of the NYSE, as
determined in good faith by or under the supervision of the officers of the
fund, as authorized by the Board of Directors.
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 ask 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 such gains and
losses.
Class Accounting
The Advisor Class pays distribution and administrative expenses in the form
of Rule 12b-1 fees, in an amount not exceeding 0.25% of the class's average
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. 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.
Expenses Paid Indirectly
Certain security trades are directed to brokers who have agreed to rebate a
portion of the related commission to the fund to pay fund expenses.
Additionally, credits earned on temporarily uninvested cash balances at the
custodian are used to reduce the fund's custody charges. Total expenses in
the accompanying statement of operations are presented before reduction for
rebates and credits, which totaled $65,000 and $0, respectively, for the
six months ended June 30, 2003.
Other
Income and expenses are recorded on the accrual basis. Investment
transactions are accounted for on the trade date. Realized gains and losses
are reported on the identified cost basis. Dividend income and
distributions to shareholders are recorded by the fund on the ex-dividend
date.
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, 2003, there were no securities on loan.
Affiliated Companies
The fund may invest in certain securities that are con-sidered 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. At
June 30, 2003, the value of affiliated companies totaled $315,096,000,
representing 7.8% of the value of the fund's investments in securities. For
the six months then ended, $1,414,000 (100.0%) of income distributions from
mutual funds reflected in the accompanying financial statements resulted
from transactions with affiliated companies.
Other
Purchases and sales of portfolio securities, other than short-term
securities, aggregated $775,681,000 and $844,115,000, respectively, for the
six months ended June 30, 2003.
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 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. Temporary
differences are not adjusted. 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, 2003.
For tax purposes, the fund has elected to treat net capital losses realized
between November 1 and December 31 of each year as occurring on the first
day of the following tax year; consequently, $86,792,000 of realized losses
recognized for financial reporting purposes in the year ended December 31,
2002 were recognized for tax purposes on January 1, 2003. Further, the fund
intends to retain realized gains to the extent of available capital loss
carryforwards. As of December 31, 2002, the fund had $6,138,546,000 of
unused capital loss carryforwards, of which $4,234,327,000 expire in 2009,
and $1,904,219,000 expire in 2010.
At June 30, 2003, the cost of investments for federal income tax purposes
was $4,439,415,000. Net unrealized loss aggregated $383,985,000 at
period-end, of which $404,358,000 related to appreciated investments and
$788,343,000 related to depreciated investments.
NOTE 4 - FOREIGN TAXES
The fund is subject to foreign income taxes imposed by certain countries in
which it invests. Foreign income taxes are accrued by the fund as a
reduction of income.
NOTE 5 - 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 net
assets to those of the group. At June 30, 2003, the effective annual group
fee rate was 0.32%, and investment management fee payable totaled
$2,246,000.
Through December 31, 2003, the manager is required to bear any expenses,
excluding interest, taxes, brokerage commissions, and extraordinary
expenses, for the Advisor Class that would cause the class's ratio of total
expenses to average net assets (expense ratio) to exceed 1.15%. Thereafter,
through December 31, 2005, the Advisor Class is required to reimburse the
manager for these expenses, provided that its average net assets have grown
or expenses have declined sufficiently to allow reimbursement without
causing its expense ratio to exceed 1.15%. This agreement had no impact on
the fund's total expenses during the six months ended June 30, 2003 and, at
that date, no amounts were subject to future reimbursement by the fund.
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 Science & Technology class.
Expenses incurred pursuant to these service agreements totaled $4,938,000
for the six months ended June 30, 2003, of which $1,030,000 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, 2003, the Science & Technology class was
charged $17,000 for shareholder servicing costs related to the college
savings plans, of which $14,000 was for services provided by Price and
$4,000 was payable at period-end. At June 30, 2003, approximately 0.1% of
the outstanding shares of the Science & Technology class were held by
college savings plans.
The fund may invest in the T. Rowe Price Reserve Investment Fund and 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 only
to mutual funds, trusts, and other accounts managed by Price Associates
and/or its affiliates, and are not available to the public. The Reserve
Funds pay no investment management fees. Distributions from the Reserve
Funds to the fund for the six months ended June 30, 2003, totaled
$1,414,000.
Item 2. Code of Ethics.
Not required at this time.
Item 3. Audit Committee Financial Expert.
Not required at this time.
Item 4. Principal Accountant Fees and Services.
Not required at this time.
Item 5. Audit Committee of Listed Registrants.
Not required at this time.
Item 6. [Reserved]
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 8. [Reserved]
Item 9. 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 10. Exhibits.
(a)(1) Not required at this time.
(a)(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.
(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 13, 2003
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 13, 2003
By /s/ Joseph A. Carrier
Joseph A. Carrier
Principal Financial Officer
Date August 12, 2003