Item 1. Report to Shareholders
DECEMBER 31, 2004
GLOBAL TECHNOLOGY FUND
Annual Report
T. ROWE PRICE
The views and opinions in this report were current as of December 31, 2004. They
are not guarantees of performance or investment results and should not be taken
as investment advice. Investment decisions reflect a variety of factors, and the
managers reserve the right to change their views about individual stocks,
sectors, and the markets at any time. As a result, the views expressed should
not be relied upon as a forecast of the fund's future investment intent. The
report is certified under the Sarbanes-Oxley Act of 2002, which requires mutual
funds and other public companies to affirm that, to the best of their knowledge,
the information in their financial reports is fairly and accurately stated in
all material respects.
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T. ROWE PRICE GLOBAL TECHNOLOGY FUND
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FELLOW SHAREHOLDERS
Global stocks ended 2004 on a high note. Most of the year's gains were due to a
fourth-quarter rally that was triggered by falling oil prices, continuing
economic growth, and a conclusive finale to the U.S. presidential election. In
the U.S., the widely followed Dow Jones Industrial Average registered the
smallest gain, while the broader market indices were stronger. Technology stocks
were weak in the third quarter, particularly in the U.S., but finished higher
thanks to solid earnings from software companies and an improving inventory
picture in semiconductors.
PERFORMANCE COMPARISON
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Periods Ended 12/31/04 6 Months 12 Months
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Global Technology Fund 2.80% 10.22%
MSCI AC World Index -
Information Technology 2.16 3.05
Your fund finished the 6- and 12-month periods with gains of 2.80% and
10.22%, respectively, ahead of the MSCI AC World Index - Information Technology
(well ahead over the year), which measures the performance of tech stocks in
various international markets. An underweight position in wireline equipment,
along with good stock selection within the group, was the primary reason for the
fund's strong results relative to the MSCI benchmark. In addition, an
overweighting in telecom services stock America Movil contributed strongly to
performance. Investors in non-U.S. equities continued to favor value stocks over
growth as they have for some time.
MARKET ENVIRONMENT
Following stellar returns in 2003, investors shifted their focus from the
strength of the economic recovery to its sustainability. Rising interest rates,
the weakening dollar, and escalating oil prices became fodder for the business
press. Investment returns were strongest in the fourth quarter due more to
end-of-year seasonality than to acceleration in underlying growth.
With the post-bubble recovery solidly under way, technology companies reexamined
their pertinent markets and potential growth within them--a process that drove
some major decisions and subsequent changes in industry structure. In the
software segment, PeopleSoft finally agreed to be acquired by Oracle in the
largest software merger ever. In late 2004, Symantec and VERITAS Software
announced their
agreement to combine two previously unrelated markets, security and storage
software. Within hardware, IBM decided to sell its personal computing business
unit to Lenovo Group, China's largest PC manufacturer. Although consolidation
should improve pricing within technology, it is also a sign of a maturing
industry.
In international markets, stocks delivered powerful returns over the year, with
Latin American markets leading the way. Japan had been weak earlier in the year
but managed to post significant gains during the final quarter. Emerging markets
overall were outstanding, while U.S. investors benefited from the strength of
the euro versus the sagging dollar.
PORTFOLIO REVIEW
We significantly increased our exposure to semiconductors and hardware and
reduced it to software during the past six months. As a result, semiconductors
represented the portfolio's largest industry allocation at the end of the year.
However, since our analysis indicated a better risk/reward profile for software
relative to the overall technology sector, software still retains a significant
weighting in the portfolio. Our largest purchases through the course of the year
were Microsoft, Red Hat, and Samsung Electronics, while our largest sales
included Cisco Systems, Hewlett-Packard, and Intuit, as well as Microsoft and
Samsung Electronics where we took some profits following strength in the stocks.
(Please refer to our portfolio of investments for a complete listing of the
portfolio's holdings and the amount each represents of the portfolio.)
Among portfolio holdings, Dell, Infosys Technologies, Texas Instruments, and
America Movil were the fund's best contributors, while laggards included Red
Hat, Multimedia Games, and Cisco Systems. Infosys Technologies, the Indian IT
outsourcing company, continues to perform well driven by the addition of new
clients, reflecting the continued growth of outsourcing. America Movil, a leader
of wireless services in Latin America, advanced because of increased penetration
and growth rates. Cisco Systems continued to execute well throughout 2004 but
sales growth appears to be slowing as we enter 2005. Red Hat failed to meet its
growth targets in its most recent quarters, and investors are worried about the
pricing environment in the LINUX market. Although the results for each of these
companies were disappointing, we maintain positions in both and remain confident
about their long-term prospects.
[GRAPHIC OMITTED]
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INDUSTRY DIVERSIFICATION
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Semiconductors 25%
Software 22%
Media 17%
Hardware 15%
Telecom Equipment 11%
IT Services 8%
Telecom Services 2%
Based on net assets as of 12/31/04.
In the Internet sector, the flight to quality continued with investors paying up
for proven business models. An overweighting and stock selection here
contributed to the fund's strong results, thanks to rewarding performance from
Google, eBay, and Sina. However, stock selection in gaming was a different story
as International Game Technology and Multimedia Games failed to meet
expectations, leading to a decline over the summer as concerns about sustainable
growth, replacement cycles, and regulation took their toll.
The fund remains broadly diversified across the principal segments of the
science and technology sector. Stocks of semiconductors, software, media,
hardware, and telecom equipment companies accounted for 90% of the portfolio,
and IT services and telecom services constituted the remainder.
[GRAPHIC OMITTED]
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GEOGRAPHIC DIVERSIFICATION
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United States 81%
Europe 4%
Far East 13%
Other 2%
Based on net assets as of 12/31/04.
The fund's 25 largest holdings, which included Dell, Red Hat, Samsung
Electronics, Infosys Technologies, and Xilinx, represented 68.6% of net assets.
At the end of December, the average market capitalization for the fund was $42.6
billion, compared with $68.6 billion six months ago. U.S. stocks accounted for
81% of net assets at the end of 2004, roughly the same as six months earlier.
Our allocation to European shares declined to 4%, and the balance was invested
in the Far East and diverse regions.
OUTLOOK
In the near term, we are cautious since the first quarter is often challenging
given seasonal IT spending patterns, with many tech companies experiencing a
sequential sales decline. With the strong returns realized since the low for
the year in August, it may prove difficult for tech stocks to continue their
ascent with little incremental positive information feeding the momentum.
Technology stocks have recovered from their nadir in October 2002, but most of
the rally has occurred without a resurgence in corporate IT spending. Despite
record cash levels and historically high cash flow from operations, companies
have remained cautious about IT spending. The urgency to stay on the forefront
of technology in the late 1990s has dissipated and is no longer propelling
chief information officers to seek larger budgets. We expect this environment
of steady-but-modest improvement to persist because of the lower obsolescence
risks associated with retaining older technologies. Over the last 15 years, the
number of Internet users and wireless subscribers has grown to 850 million and
1.5 billion, respectively, their sheer size making the historic growth rates
impossible to repeat.
Emerging technologies--wireless broadband, Voice over Internet Protocol (VoIP),
digital television, and radio frequency identification (RFID)--are evolutionary
rather than revolutionary. In other words, the next-generation wireless phone
with built-in camera capable of receiving e-mail is simply a replacement for an
older-generation phone rather than an initial adoption. If personal computers
and wireless are more mature markets, where are the opportunities going
forward? First, certain semiconductor companies still offer good long-term
growth potential, but their customers need to reduce inventories before order
growth resumes. Second, worldwide broadband penetration currently stands at
less than 15% but is inexorably moving higher. Finally, the looming battle
between cable companies and traditional telephone carriers is likely to lead to
incremental spending on communications equipment.
Stock valuations appear reasonable, and our focus remains on companies with
growing market share and strong management teams, which are positioned to
benefit from an improving economic and IT spending environment. Technology is
still the principal means of improving corporate productivity, and we remain
upbeat about prospects for this segment of the equities markets over the long
term.
As always, we appreciate your continued support.
Respectfully submitted,
Robert N. Gensler
President of the fund and chairman of its Investment Advisory Committee
January 14, 2005
The committee chairman has day-to-day responsibility for managing the portfolio
and works with committee members in developing and executing the fund's
investment program.
RISKS OF INVESTING IN THE FUND
Funds that invest only in specific industries will experience greater volatility
than funds investing in a broad range of industries. Technology stocks,
historically, have experienced unusually wide price swings, both up and down.
The potential for wide variation in performance reflects the special risks
common to companies in the rapidly changing field of technology. For example,
products or services that at first appear promising may not prove commercially
successful and may become obsolete quickly. Earnings disappointments and intense
competition for market share can result in sharp price declines. Funds that
invest in foreign securities are subject to additional risks, including the
risks of political and economic instability, and currency fluctuations.
GLOSSARY
MSCI AC World Index - Information Technology: Measures the performance of
technology stocks in 23 global markets, including the U.S. The index is listed
in local currency and includes reinvestment of dividends.
Price/earnings ratio: Calculated by dividing a stock's price per share by the
company's earnings per share for the past 12 months or by expected earnings for
the coming year.
T. ROWE PRICE GLOBAL TECHNOLOGY FUND
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PORTFOLIO HIGHLIGHTS
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TWENTY-FIVE LARGEST HOLDINGS
Percent of
Net Assets
12/31/04
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Dell 11.0%
Red Hat 5.7
Samsung Electronics 4.2
Infosys Technologies 3.7
Xilinx 3.6
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Microsoft 3.2
Texas Instruments 3.0
Corning 2.6
Oracle 2.5
International Game Technology 2.4
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QUALCOMM 2.3
Yahoo! 2.1
Mercury Interactive 2.0
Intel 1.9
Nokia 1.9
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America Movil 1.8
Analog Devices 1.8
Activision 1.8
ChoicePoint 1.8
Google 1.7
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Maxim Integrated Products 1.6
Microchip Technology 1.6
VERITAS Software 1.6
I-Flex Solutions 1.4
LM Ericsson 1.4
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TOTAL 68.6%
T. ROWE PRICE GLOBAL TECHNOLOGY FUND
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PORTFOLIO HIGHLIGHTS
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MAJOR PORTFOLIO CHANGES
Listed in descending order of size
6 Months Ended 12/31/04
Largest Purchases Largest Sales
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Microsoft Microsoft
Red Hat Cisco Systems
Samsung Electronics Samsung Electronics
Xilinx IAC/InterActiveCorp **
Texas Instruments * Vodafone **
Nokia * International Game Technology
Corning Red Hat
Analog Devices * LM Ericsson
Google * VERITAS Software
Microchip Technology* Adobe Systems **
12 Months Ended 12/31/04
Largest Purchases Largest Sales
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Microsoft Microsoft
Red Hat Hewlett-Packard **
Samsung Electronics Samsung Electronics
VERITAS Software * Cisco Systems
Xilinx Intuit **
Dell Motorola **
Intel Red Hat
Corning * Certegy
International Game Technology Vodafone **
Semiconductor Manufacturing ** LM Ericsson
* Position added
** Position eliminated
Table may not include holdings that were both purchased and sold within the
specified time period.
T. ROWE PRICE GLOBAL TECHNOLOGY FUND
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GROWTH OF $10,000
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This chart shows the value of a hypothetical $10,000 investment in the fund over
the past 10 fiscal year periods or since inception (for funds lacking 10-year
records). The result is compared with benchmarks, which may include a
broad-based market index and a peer group average or index. Market indexes do
not include expenses, which are deducted from fund returns as well as mutual
fund averages and indexes.
[GRAPHIC OMITTED]
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GLOBAL TECHNOLOGY FUND
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As of
12/31/04
Global Technology Fund $ 5,500
MSCI AC World Index -
Information Technology $ 4,795
MSCI AC
Global World Index -
Technology Information
Fund Technology
9/29/00 $ 10,000 $ 10,000
12/00 7,430 6,986
12/01 4,750 5,027
12/02 3,330 3,138
12/03 4,990 4,653
12/04 5,500 4,795
AVERAGE ANNUAL COMPOUND TOTAL RETURN
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Since
Inception
Periods Ended 12/31/04 1 Year 9/29/00
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Global Technology Fund 10.22% -13.11%
MSCI AC World Index -
Information Technology 3.05 -15.88
Current performance may be higher or lower than the quoted past performance,
which cannot guarantee future results. Share price, principal value, and return
will vary, and you may have a gain or loss when you sell your shares. For the
most recent month-end performance information, please visit our Web site
(troweprice.com) or contact a T. Rowe Price representative at 1-800-225-5132.
This table shows how the fund would have performed each year if its actual (or
cumulative) returns for the periods shown had been earned at a constant rate.
Average annual total return figures include changes in principal value,
reinvested dividends, and capital gain distributions. Returns do not reflect
taxes that the shareholder may pay on fund distributions or the redemption of
fund shares.
T. ROWE PRICE GLOBAL TECHNOLOGY FUND
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FUND EXPENSE EXAMPLE
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As a mutual fund shareholder, you may incur two types of costs: (1) transaction
costs such as redemption fees or sales loads and (2) ongoing costs, including
management fees, distribution and service (12b-1) fees, and other fund expenses.
The following example is intended to help you understand your ongoing costs (in
dollars) of investing in the fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 invested at the beginning of the most recent six-month period and held
for the entire period.
Actual Expenses
The first line of the following table ("Actual") provides information about
actual account values and actual expenses. You may use the information in this
line, together with your account balance, to estimate the expenses that you paid
over the period. Simply divide your account value by $1,000 (for example, an
$8,600 account value divided by $1,000 = 8.6), then multiply the result by the
number in the first line under the heading "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The information on the second line of the table ("Hypothetical") is based on
hypothetical account values and expenses derived from the fund's actual expense
ratio and an assumed 5% per year rate of return before expenses (not the fund's
actual return). You may compare the ongoing costs of investing in the fund with
other funds by contrasting this 5% hypothetical example and the 5% hypothetical
examples that appear in the shareholder reports of the other funds. The
hypothetical account values and expenses may not be used to estimate the actual
ending account balance or expenses you paid for the period.
Note: T. Rowe Price charges an annual small-account maintenance fee of $10,
generally for accounts with less than $2,000 ($500 for UGMA/UTMA). The fee is
waived for any investor whose T. Rowe Price mutual fund accounts total $25,000
or more, accounts employing automatic investing, and IRAs and other retirement
plan accounts that utilize a prototype plan sponsored by T. Rowe Price (although
a separate custodial or administrative fee may apply to such accounts). This fee
is not included in the accompanying table. If you are subject to the fee, keep
it in mind when you are estimating the ongoing expenses of investing in the fund
and when comparing the expenses of this fund with other funds.
You should also be aware that the expenses shown in the table highlight only
your ongoing costs and do not reflect any transaction costs, such as redemption
fees or sales loads. Therefore, the second line of the table is useful in
comparing ongoing costs only and will not help you determine the relative total
costs of owning different funds. To the extent a fund charges transaction costs,
however, the total cost of owning that fund is higher.
FUND EXPENSE EXAMPLE (CONTINUED)
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T. ROWE PRICE GLOBAL TECHNOLOGY FUND
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Beginning Ending Expenses Paid
Account Value Account Value During Period*
7/1/04 12/31/04 7/1/04 to 12/31/04
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Actual $ 1,000.00 $ 1,028.00 $ 7.65
Hypothetical
(assumes 5%
return before 1,000.00 1,017.60 7.61
expenses)
* Expenses are equal to the fund's annualized expense ratio for the six-month
period (1.50%), multiplied by the average account value over the period,
multiplied by the number of days in the most recent fiscal half year (184)
divided by the days in the year (366) to reflect the half-year period.
T. ROWE PRICE GLOBAL TECHNOLOGY FUND
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FINANCIAL HIGHLIGHTS For a share outstanding throughout each period
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Year 9/29/00
Ended Through
12/31/04 12/31/03 12/31/02 12/31/01 12/31/00
NET ASSET VALUE
Beginning of period $ 4.99 $ 3.33 $ 4.75 $ 7.43 $ 10.00
Investment activities
Net investment
income (loss) (0.02) (0.05)* (0.05)* (0.06)* (0.01)
Net realized
and unrealized
gain (loss) 0.53 1.71 (1.37) (2.62) (2.56)
Total from
investment
activities 0.51 1.66 (1.42) (2.68) (2.57)
NET ASSET VALUE
END OF PERIOD $ 5.50 $ 4.99 $ 3.33 $ 4.75 $ 7.43
-----------------------------------------------------------
Ratios/Supplemental Data
Total return^ 10.22% 49.85%* (29.89)%* (36.07)%* (25.70)%
Ratio of total
expenses to
average net assets 1.50% 1.50%* 1.50%* 1.50%* 1.37%+
Ratio of net
investment
income (loss)
to average
net assets (0.45)% (1.17)%* (1.15)%* (1.08)%* (0.25)%+
Portfolio
turnover rate 137.4% 151.4% 211.4% 189.2% 123.6%+
Net assets,
end of period
(in thousands) $ 91,766 $ 84,764 $ 55,145 $ 84,120 $ 131,168
^ 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.
* Excludes expenses in excess of a 1.50% contractual expense limitation in
effect through April 30, 2007.
+ Annualized
The accompanying notes are an integral part of these financial statements.
T. ROWE PRICE GLOBAL TECHNOLOGY FUND
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December 31, 2004
PORTFOLIO OF INVESTMENTS (1) Shares Value
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(Cost and value in $ 000s)
COMMON STOCKS 95.3%
HARDWARE 15.4%
Consumer Electronics 1.1%
Digital Theater Systems * 30,000 604
Kiryung Electronic (KRW) * 80,000 416
1,020
Enterprise Hardware 11.0%
Dell * 240,000 10,114
10,114
Imaging 1.1%
Global Imaging Systems * 25,000 987
987
Supply Chain & Electronic Manufacturing 2.2%
CDW 17,000 1,128
Flextronics * 63,000 871
1,999
Total Hardware 14,120
IT SERVICES 8.1%
IT Services 4.5%
Accenture, Class A * 26,000 702
Infosys Technologies (INR) 70,000 3,387
4,089
Processors 3.6%
Certegy 15,000 533
ChoicePoint * 35,000 1,610
Digital Insight * 29,000 533
Jack Henry & Associates 34,000 677
3,353
Total IT Services 7,442
MEDIA 16.6%
Gaming 4.7%
International Game Technology 65,000 2,235
Multimedia Games * 69,000 1,087
WMS Industries * 30,000 1,006
4,328
Internet 11.9%
Amazon.com * 21,000 930
Arbinet Holdings * 2,500 62
Autobytel * 55,000 332
CJ Internet (KRW) * 50,000 500
CNET Networks * 100,000 1,123
eBay * 8,000 930
Google, Class A * 8,000 1,545
HouseValues * 16,500 248
NCsoft (KRW) * 11,000 891
Netflix * 70,000 863
NHN Corporation (KRW) 5,000 403
Sina * 31,000 994
The Knot * 24,000 121
Yahoo! * 51,000 1,922
10,864
Total Media 15,192
SEMICONDUCTORS 20.5%
Analog Semiconductors 7.3%
AMIS Holdings * 55,000 908
Analog Devices 45,000 1,661
Intersil Holding, Class A 55,000 921
Linear Technology 24,000 930
Maxim Integrated Products 35,000 1,484
National Semiconductor 45,000 808
6,712
Digital Semiconductors 13.2%
Advanced Energy Industries * 11,000 101
Altera * 47,000 973
Infineon Technologies (EUR) * 80,000 864
Integrated Circuit Systems * 37,000 774
Intel 75,000 1,754
Microchip Technology 55,000 1,466
PortalPlayer * 1,400 35
Sirf Technology Holdings * 13,000 165
Texas Instruments 110,000 2,708
Xilinx 110,000 3,262
12,102
Total Semiconductors 18,814
SOFTWARE 22.3%
Applications Software 1.3%
FileNet * 30,000 773
WebSideStory * 35,000 435
1,208
Consumer Software 2.3%
Activision * 80,000 1,614
THQ * 21,000 482
2,096
Infrastructure Software 11.3%
Microsoft 110,000 2,938
Oracle * 165,000 2,264
Red Hat * 390,000 5,207
10,409
Systems Software 6.8%
I-Flex Solutions (INR) 90,000 1,330
McAfee * 35,000 1,013
Mercury Interactive * 40,000 1,822
Motive * 5,700 65
VeriSign * 16,000 536
VERITAS Software * 50,000 1,427
6,193
Technical Software 0.6%
Cadence Design Systems * 40,000 552
552
Total Software 20,458
TELECOM EQUIPMENT 10.6%
Wireless Equipment 5.6%
LM Ericsson (SEK) * 400,000 1,271
Nokia (EUR) 55,000 865
Nokia ADR 55,000 862
QUALCOMM 50,000 2,120
5,118
Wireline Equipment 5.0%
Cisco Systems * 48,000 927
Corning * 200,000 2,354
ECI Telecom * 60,000 490
Juniper Networks * 32,000 870
4,641
Total Telecom Equipment 9,759
TELECOM SERVICES 1.8%
Wireless-International 1.8%
America Movil ADR, Series L 32,000 1,675
Total Telecom Services 1,675
Total Common Stocks (Cost $78,204) 87,460
PREFERRED STOCKS 4.2%
Samsung Electronics (KRW) 13,500 3,893
Total Preferred Stocks (Cost $3,735) 3,893
SHORT-TERM INVESTMENTS 0.5%
Money Market Fund 0.5%
T. Rowe Price Government Reserve
Investment Fund 1.85% #+ 422,525 423
Total Short-Term Investments (Cost $423) 423
Total Investments in Securities
100.0% of Net Assets (Cost $82,362) $ 91,776
----------
(1) Denominated in U.S. dollars unless otherwise noted
# Seven-day yield
* Non-income producing
+ Affiliated company - See Note 4
ADR American Depository Receipts
EUR Euro
INR Indian rupee
KRW South Korean won
SEK Swedish krona
The accompanying notes are an integral part of these financial statements.
T. ROWE PRICE GLOBAL TECHNOLOGY FUND
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December 31, 2004
STATEMENT OF ASSETS AND LIABILITIES
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(In thousands except shares and per share amounts)
Assets
Investments in securities, at value
Affiliated companies (cost $423) $ 423
Non-affiliated companies (cost $81,939) 91,353
Total investments in securities 91,776
Other assets 380
Total assets 92,156
Liabilities
Total liabilities 390
NET ASSETS $ 91,766
----------
Net Assets Consist of:
Undistributed net realized gain (loss) (87,499)
Net unrealized gain (loss) 9,414
Paid-in-capital applicable to 16,686,468 shares
of $0.0001 par value capital stock outstanding;
1,000,000,000 shares authorized 169,851
NET ASSETS $ 91,766
----------
NET ASSET VALUE PER SHARE $ 5.50
----------
The accompanying notes are an integral part of these financial statements.
T. ROWE PRICE GLOBAL TECHNOLOGY FUND
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STATEMENT OF OPERATIONS
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($ 000s)
Year
Ended
12/31/04
Investment Income (Loss)
Dividend income $ 893
Expenses
Investment management 652
Shareholder servicing 394
Custody and accounting 118
Prospectus and shareholder reports 44
Registration 39
Legal and audit 17
Directors 5
Miscellaneous 7
Reductions/repayments of fees and expenses
Investment management fees (waived) repaid 3
Total expenses 1,279
Net investment income (loss) (386)
Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Securities 12,271
Foreign currency transactions (27)
Net realized gain (loss) 12,244
Change in net unrealized gain (loss)
Securities (3,486)
Other assets and liabilities
denominated in foreign currencies 1
Change in net unrealized gain (loss) (3,485)
Net realized and unrealized gain (loss) 8,759
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ 8,373
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The accompanying notes are an integral part of these financial statements.
T. ROWE PRICE GLOBAL TECHNOLOGY FUND
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STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
($ 000s)
Year
Ended
12/31/04 12/31/03
Increase (Decrease) in Net Assets
Operations
Net investment income (loss) $ (386) $ (780)
Net realized gain (loss) 12,244 10,133
Change in net unrealized gain (loss) (3,485) 18,203
Increase (decrease) in net
assets from operations 8,373 27,556
Capital share transactions *
Shares sold 21,141 15,805
Shares redeemed (22,512) (13,742)
Increase (decrease) in net
assets from capital
share transactions (1,371) 2,063
Net Assets
Increase (decrease) during period 7,002 29,619
Beginning of period 84,764 55,145
END OF PERIOD $ 91,766 $ 84,764
--------------------------------
(Including undistributed net investment
income of $0 at 12/31/04 and $0 at 12/31/03)
*Share information
Shares sold 4,135 3,786
Shares redeemed (4,439) (3,375)
Increase (decrease) in shares outstanding (304) 411
The accompanying notes are an integral part of these financial statements.
T. ROWE PRICE GLOBAL TECHNOLOGY FUND
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December 31, 2004
NOTES TO FINANCIAL STATEMENTS
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NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
T. Rowe Price Global 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 commenced operations on September 29,
2000. The fund seeks to provide long-term capital growth.
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, including restricted securities, 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.
Rebates
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 $19,000 for the
year ended December 31, 2004.
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 on an annual basis.
Capital gain distributions, if any, are declared and paid by the fund, typically
on an annual basis. During the year ended December 31, 2004, the fund received a
one-time special dividend on a security held in its portfolio (Microsoft Corp.).
The dividend, which totaled $616,000, represents 69% of dividend income
reflected in the accompanying financial statements and is not expected to recur.
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.
Emerging Markets
At December 31, 2004, approximately 12% of the fund's net assets were invested
in securities of companies located in emerging markets. Future economic or
political developments could adversely affect the liquidity or value, or both,
of such securities.
Restricted Securities
The fund may invest in securities that are subject to legal or contractual
restrictions on resale. Although certain of these securities may be readily
sold, for example, under Rule 144A, others may be illiquid, and their sale may
involve substantial delays and additional costs, and prompt sale at an
acceptable price may be difficult.
Purchases and sales of portfolio securities, other than short-term securities,
aggregated $116,642,000 and $118,848,000, respectively, for the year ended
December 31, 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 significantly 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.
T. ROWE PRICE GLOBAL TECHNOLOGY FUND
- --------------------------------------------------------------------------------
There were no distributions in the year ended December 31, 2004. At December 31,
2004, the tax-basis components of net assets were as follows:
- --------------------------------------------------------------------------------
Unrealized appreciation $ 12,206,000
Unrealized depreciation (2,802,000)
Net unrealized appreciation (depreciation) 9,404,000
Capital loss carryforwards (87,489,000)
Paid-in capital 169,851,000
Net assets $ 91,766,000
---------------
The fund intends to retain realized gains to the extent of available capital
loss carryforwards for federal income tax purposes. During the year ended
December 31, 2004, the fund utilized $12,271,000 of capital loss carryforwards.
As of December 31, 2004, the fund had $53,907,000 of capital loss carryforwards
that expire in 2009 and $33,582,000 that expire in 2010.
For the year ended December 31, 2004, the fund recorded the following permanent
reclassifications to reflect tax character. Reclassifications to paid-in capital
relate primarily to the current net operating loss. Results of operations and
net assets were not affected by these reclassifications.
- --------------------------------------------------------------------------------
Undistributed net investment income $ 386,000
Undistributed net realized gain 19,000
Paid-in capital (405,000)
At December 31, 2004, the cost of investments for federal income tax purposes
was $82,372,000.
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 0.45% 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 December 31,
2007, the effective annual group fee rate was 0.31%, and investment management
fee payable totaled $66,000.
The fund is also subject to a contractual expense limitation through April 30,
2007. During the limitation period, the manager is required to waive its
management fee and reimburse the fund for any expenses, excluding interest,
taxes, brokerage commissions, and extraordinary expenses, that would otherwise
cause the fund's ratio of total expenses to average net assets (expense ratio)
to exceed its expense limitation of 1.50%. Through April 30, 2009, the fund 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 fund's expense ratio to
exceed its expense limitation. For the year ended December 31, 2004, the fund
operated below its expense limitation. Pursuant to this agreement, at December
31, 2004, management fees waived in the amount of $130,000 remain subject to
repayment by the fund through April 30, 2007.
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 price 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 fund. For the year ended December 31, 2004, expenses incurred
pursuant to these service agreements were $84,000 for Price Associates, $288,000
for T. Rowe Price Services, Inc., and $2,000 for T. Rowe Price Retirement Plan
Services, Inc. At period-end, a total of $41,000 of these expenses was payable.
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 and
affiliates of the fund. 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 year ended December 31, 2004, dividend income from the Reserve Funds
totaled $6,000, and the value of shares of the Reserve Funds held at December
31, 2004 and December 31, 2003 was $423,000 and $1,000, respectively.
As of December 31, 2004, T. Rowe Price Group, Inc. and/or its wholly owned
subsidiaries owned 199,621 shares of the fund, representing 1.2% of the fund's
net assets.
T. ROWE PRICE GLOBAL TECHNOLOGY FUND
- --------------------------------------------------------------------------------
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------
To the Board of Directors and Shareholders of
T. Rowe Price Global Technology Fund, Inc.
In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of T. Rowe Price Global Technology
Fund, Inc. (the "Fund") at December 31, 2004, and the results of its operations,
the changes in its net assets and the financial highlights for each of the
fiscal periods presented, in conformity with accounting principles generally
accepted in the United States of America. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with the auditing standards
of the Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at December 31, 2004 by
correspondence with the custodian, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Baltimore, Maryland
February 11, 2005
T. ROWE PRICE GLOBAL TECHNOLOGY FUND
- --------------------------------------------------------------------------------
INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND RECORDS
- --------------------------------------------------------------------------------
A description of the policies and procedures used by T. Rowe Price funds and
portfolios to determine how to vote proxies relating to portfolio securities is
available in each fund's Statement of Additional Information, which you may
request by calling 1-800-225-5132 or by accessing the SEC's Web site,
www.sec.gov. The description of our proxy voting policies and procedures is also
available on our Web site, www.troweprice.com. To access it, click on the words
"Company Info" at the top of our homepage for individual investors. Then, in the
window that appears, click on the "Proxy Voting Policy" navigation button in the
top left corner.
Each fund's most recent annual proxy voting record is available on our Web site
and through the SEC's Web site. To access it through our Web site, follow the
directions above, then click on the words "Proxy Voting Record" at the bottom of
the Proxy Voting Policy page.
HOW TO OBTAIN QUARTERLY PORTFOLIO HOLDINGS
- --------------------------------------------------------------------------------
The fund files a complete schedule of portfolio holdings with the Securities and
Exchange Commission for the first and third quarters of each fiscal year on Form
N-Q. The fund's Form N-Q is available electronically on the SEC's Web site
(www.sec.gov); hard copies may be reviewed and copied at the SEC's Public
Reference Room, 450 Fifth St. N.W., Washington, DC 20549. For more information
on the Public Reference Room, call 1-800-SEC-0330.
T. ROWE PRICE GLOBAL TECHNOLOGY FUND
- --------------------------------------------------------------------------------
ABOUT THE FUND'S DIRECTORS AND OFFICERS
- --------------------------------------------------------------------------------
Your fund is governed by a Board of Directors that meets regularly to review
investments, performance, compliance matters, advisory fees, expenses, and other
business affairs, and is responsible for protecting the interests of
shareholders. The majority of the fund's directors are independent of T. Rowe
Price Associates, Inc. (T. Rowe Price); "inside" directors are officers of
T. Rowe Price. The Board of Directors elects the fund's officers, who are
listed in the final table. The business address of each director and officer is
100 East Pratt Street, Baltimore, MD 21202. The Statement of Additional
Information includes additional information about the fund directors and is
available without charge by calling a T. Rowe Price representative at
1-800-225-5132.
Independent Directors
Name
(Year of Birth)
Year Elected*
Principal Occupation(s) During Past 5 Years and Directorships of Other Public
Companies
Anthony W. Deering
(1945)
2001
Director, Chairman of the Board, President, and Chief Executive Officer, The
Rouse Company, real estate developers; Director, Mercantile Bank (4/03 to
present)
Donald W. Dick, Jr.
(1943)
2000
Principal, EuroCapital Advisors, LLC, an acquisition and management advisory
firm
David K. Fagin
(1938)
2000
Director, Golden Star Resources Ltd., Canyon Resources Corp. (5/00 to present),
and Pacific Rim Mining Corp.(2/02 to present); Chairman and President, Nye Corp.
Karen N. Horn
(1943)
2003
Managing Director and President, Global Private Client Services, Marsh Inc.
(1999-2003); Managing Director and Head of International Private Banking,
Bankers Trust (1996-1999); Director, Eli Lilly and Company and Georgia Pacific
(5/04 to present)
F. Pierce Linaweaver
(1934)
2001
President, F. Pierce Linaweaver & Associates, Inc., consulting environmental and
civil engineers
John G. Schreiber
(1946)
2001
Owner/President, Centaur Capital Partners, Inc., a real estate investment
company; Partner, Blackstone Real Estate Advisors, L.P.; Director, AMLI
Residential Properties Trust and The Rouse Company, real estate developers
* Each independent director oversees 112 T. Rowe Price portfolios and serves
until retirement, resignation, or election of a successor.
Inside Directors
Name
(Year of Birth)
Year Elected*
[Number of T. Rowe Price Portfolios Overseen]
Principal Occupation(s) During Past 5 Years and Directorships of Other Public
Companies
James A.C. Kennedy, CFA
(1953)
2001
[43]
Director and Vice President, T. Rowe Price and T. Rowe Price Group, Inc.;
Director, T. Rowe Price Global Investment Services Limited and T. Rowe Price
International, Inc.
James S. Riepe
(1943)
2000
[112]
Director and Vice President, T. Rowe Price; Vice Chairman of the Board,
Director, and Vice President, T. Rowe Price Group, Inc.; Chairman of the Board
and Director, T. Rowe Price Global Asset Management Limited, T. Rowe Price
Global Investment Services Limited, T. Rowe Price Investment Services, Inc.,
T. Rowe Price Retirement Plan Services, Inc., and T. Rowe Price Services, Inc.;
Chairman of the Board, Director, President, and Trust Officer, T. Rowe Price
Trust Company; Director, T. Rowe Price International, Inc.; Chairman of the
Board, Global Technology Fund
* Each inside director serves until retirement, resignation, or election of a
successor.
Officers
Name (Year of Birth)
Title and Fund(s) Served
Principal Occupation(s)
Kennard W. Allen (1977)
Vice President, Global Technology Fund
Vice President, T. Rowe Price; formerly Equity Research Intern, Tonge Investment
Advisors (to 2000); student, Colby College (to 2000)
R. Scott Berg (1972)
Vice President, Global Technology Fund
Vice President, T. Rowe Price; formerly student, Stanford Graduate School of
Business (to 2002); intern, T. Rowe Price (to 2001); Financial Analysis and
Planning Manager, Mead Consumer & Office Products (to 2000)
Stephen V. Booth, CPA (1961)
Vice President, Global Technology Fund
Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price
Trust Company
Joseph A. Carrier (1960)
Treasurer, Global Technology Fund
Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price
Investment Services, Inc., and T. Rowe Price Trust Company
Donald J. Easley, CFA (1971)
Vice President, Global Technology Fund
Vice President, T. Rowe Price and T. Rowe Price
Group, Inc.
David J. Eiswert, CFA (1972)
Vice President, Global Technology Fund
Employee, T. Rowe Price; formerly Analyst, Mellon Growth Advisors and Fidelity
Management and Research (to 2003)
Roger L. Fiery III, CPA (1959)
Vice President, Global Technology Fund
Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price
International, Inc., and T. Rowe Price Trust Company
Robert N. Gensler (1957)
President, Global Technology Fund
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
John R. Gilner (1961)
Chief Compliance Officer,
Global Technology Fund
Chief Compliance Officer and Vice President, T. Rowe Price; Vice President,
T. Rowe Price Investment Services, Inc., and T. Rowe Price Group, Inc.
Gregory S. Golczewski (1966)
Vice President, Global Technology Fund
Vice President, T. Rowe Price and T. Rowe Price Trust Company
Unless otherwise noted, officers have been employees of T. Rowe Price or T. Rowe
Price International for at least five years.
Officers (Continued)
Name (Year of Birth)
Title and Fund(s) Served
Principal Occupation(s)
Henry H. Hopkins (1942)
Vice President, Global Technology Fund
Director and Vice President, T. Rowe Price Investment Services, Inc., T. Rowe
Price Services, Inc., and T. Rowe Price Trust Company; Vice President, T. Rowe
Price, T. Rowe Price Price Group, Inc., T. Rowe Price International, Inc., and
T. Rowe Price Retirement Plan Services, Inc.
Patricia B. Lippert (1953)
Secretary, Global Technology Fund
Assistant Vice President, T. Rowe Price and T. Rowe Price Investment Services,
Inc.
Anh Lu (1968)
Vice President, Global Technology Fund
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International,
Inc.; formerly Business Development Manager, Microsoft (to 2000); Vice
President, Salomon Smith Barney Hong Kong (to 2001)
D. James Prey III (1959)
Vice President, Global Technology Fund
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Jeffrey Rottinghaus, CPA (1970)
Vice President, Global Technology Fund
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly student,
the Wharton School, University of Pennsylvania (to 2001); Information Technology
Consultant, Kelly-Lewey & Associates (to 1999)
Michael F. Sola (1969)
Vice President, Global Technology Fund
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Julie L. Waples (1970)
Vice President, Global Technology Fund
Vice President, T. Rowe Price
Wenhua Zhang, CFA, CPA (1970)
Vice President, Global Technology Fund
Vice President, T. Rowe Price; formerly student, the Wharton School, University
of Pennsylvania (to 2001); Associate, Swiss Reinsurance Company (to 1999)
Unless otherwise noted, officers have been employees of T. Rowe Price or T. Rowe
Price International for at least five years.
Item 2. Code of Ethics.
The registrant has adopted 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. A copy of this code of ethics is filed as an exhibit to this Form
N-CSR. No substantive amendments were approved or waivers were granted to this
code of ethics during the period covered by this report.
Item 3. Audit Committee Financial Expert.
The registrant's Board of Directors/Trustees has determined that Mr. David K.
Fagin qualifies as an audit committee financial expert, as defined in Item 3 of
Form N-CSR. Mr. Fagin is considered independent for purposes of Item 3 of Form
N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) - (d) Aggregate fees billed to the registrant for the last two fiscal years
for professional services rendered by the registrant's principal accountant were
as follows:
2004 2003
Audit Fees $6,543 $7,899
Audit-Related Fees 913 452
Tax Fees 2,808 2,052
All Other Fees - 124
Audit fees include amounts related to the audit of the registrant's annual
financial statements and services normally provided by the accountant in
connection with statutory and regulatory filings. Audit-related fees include
amounts reasonably related to the performance of the audit of the registrant's
financial statements, specifically the issuance of a report on internal
controls. Tax fees include amounts related to tax compliance, tax planning, and
tax advice. Other fees include the registrant's pro-rata share of amounts for
agreed-upon procedures in conjunction with service contract approvals by the
registrant's Board of Directors/Trustees.
(e)(1) The registrant's audit committee has adopted a policy whereby audit and
non-audit services performed by the registrant's principal accountant for the
registrant, its investment adviser, and any entity controlling, controlled by,
or under common control with the investment adviser that provides ongoing
services to the registrant require pre-approval in advance at regularly
scheduled audit committee meetings. If such a service is required between
regularly scheduled audit committee meetings, pre-approval may be authorized by
one audit committee member with ratification at the next scheduled audit
committee meeting. Waiver of pre-approval for audit or non-audit services
requiring fees of a de minimis amount is not permitted.
(2) No services included in (b) - (d) above were approved pursuant to
paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Less than 50 percent of the hours expended on the principal accountant's
engagement to audit the registrant's financial statements for the most recent
fiscal year were attributed to work performed by persons other than the
principal accountant's full-time, permanent employees.
(g) The aggregate fees billed for the most recent fiscal year and the preceding
fiscal year by the registrant's principal accountant for non-audit services
rendered to the registrant, its investment adviser, and any entity controlling,
controlled by, or under common control with the investment adviser that provides
ongoing services to the registrant were $903,000 and $821,000, respectively, and
were less than the aggregate fees billed for those same periods by the
registrant's principal accountant for audit services rendered to the T. Rowe
Price Funds.
(h) All non-audit services rendered in (g) above were pre-approved by the
registrant's audit committee. Accordingly, these services were considered by the
registrant's audit committee in maintaining the principal accountant's
independence.
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. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. 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 change in the registrant's internal control over financial
reporting that occurred during the registrant's second fiscal quarter covered by
this report that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting.
Item 12. Exhibits.
(a)(1) The registrant's code of ethics pursuant to Item 2 of Form N-CSR is
attached.
(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 Global Technology Fund, Inc.
By /s/ James S. Riepe
-----------------------------------
James S. Riepe
Principal Executive Officer
Date February 18, 2005
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 February 18, 2005
By /s/ Joseph A. Carrier
-----------------------------------
Joseph A. Carrier
Principal Financial Officer
Date February 18, 2005