# EDGAR Filing Document

**Accession Number:** 0000910671
**File Stem:** 0001193125-23-044691
**Filing Date:** 2023-2
**Character Count:** 161059
**Document Hash:** e46dddcc169bce4afee820ebfe774862
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-044691.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001193125-23-044691

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**EFFECTIVENESS DATE**: 20230222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Communications & Technology Fund, Inc.
- **CENTRAL INDEX KEY:** 0000910671
- **IRS NUMBER:** 521840883
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07075
- **FILM NUMBER:** 23652668

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T. Rowe Price Media & Telecommunications Fund, Inc.
- **DATE OF NAME CHANGE:** 20051028

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE MEDIA & TELECOMMUNICATIONS FUND INC
- **DATE OF NAME CHANGE:** 19980513

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEW AGE MEDIA FUND INC
- **DATE OF NAME CHANGE:** 19930827

## Series and Classes Contracts Data

### T. Rowe Price Communications & Technology Fund (Series ID: S000002101)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000005469 | T. Rowe Price Communications & Technology Fund         | PRMTX           |
| C000169955 | T. Rowe Price Communications & Technology Fund-I Class | TTMIX           |

GROWTH OF $10,000

![img-0.jpeg](img-0.jpeg)

Communications & Technology Fund $30,908
S&P 500 Index 32,654
Lipper Telecommunication Funds Average 17,012

10

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

AVERAGE ANNUAL COMPOUND TOTAL RETURN

SBA Communications & Technology, Inc. (SBA) is a registered company with the following: (1) a company's business, (2) a company's business, (3) a company's business, (4) a company's business, (5) a company's business, (6) a company's business, (7) a company's business, (8) a company's business, (9) a company's business, (10) a company's business, (11) a company's business, (12) a company's business, (13) a company's business, (14) a company's business, (15) a company's business, (16) a company's business, (17) a company's business, (18) a company's business, (19) a company's business, (20) a company's business, (21) a company's business, (22) a company's business, (23) a company's business, (24) a company's business, (25) a company's business, (26) a company's business, (27) a company's business, (28) a company's business, (29) a company's business, (30) a company's business, (31) a company's business, (32) a company's business, (33) a company's business, (34) a company's business, (35) a company's business, (36) a company's business, (37) a company's business, (38) a company's business, (39) a company's business, (40) a company's business, (41) a company's business, (42) a company's business, (43) a company's business, (44) a company's business, (45) a company's business, (46) a company's business, (47) a company's business, (48) a company's business, (49) a company's business, (50) a company's business, (51) a company's business, (52) a company's business, (53) a company's business, (54) a company's business, (55) a company's business, (56) a company's business, (57) a company's business, (58) a company's business, (59) a company's business, (60) a company's business, (61) a company's business, (62) a company's business, (63) a company's business, (64) a company's business, (65) a company's business, (66) a company's business, (67) a company's business, (68) a company's business, (69) a company's business, (70) a company's business, (71) a company's business, (72) a company's business, (73) a company's business, (74) a company's business, (75) a company's business, (76) a company's business, (77) a company's business, (78) a company's business, (79) a company's business, (80) a company's business, (81) a company's business, (82) a company's business, (83) a company's business, (84) a company's business, (85) a company's business, (86) a company's business, (87) a company's business, (88) a company's business, (89) a company's business, (90) a company's business, (91) a company's business, (92) a company's business, (93) a company's business, (94) a company's business, (95) a company's business, (96) a company's business, (97) a company's business, (98) a company's business, (99) a company's business

11

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

# EXPENSE RATIO

| Communications & Technology Fund | 0.75% |
| --- | --- |
| Communications & Technology Fund-I Class | 0.64 |

NVIDIA
an indication of future results. Current performance may be lower or higher than the Liberty Media-Landry Formula One.
The expense that shows a result of the fund's most recent prospectus. This number may vary based on the actual cost of the fund's performance. For the most recent report, performance is based on a different time course and is based on a different time course and is based on a different time course and is based on a different time course and is based on a different time course and is based on a different time course and is based on a different time course and is based on a different time course and is based on a different time course and is based on a different time course and is based on a different time course and is based on a different time course and is based on a different time course and is based on a different

Note: T. Rowe Price charges an annual account service fee of $20, generally for accounts with less than $10,000. The fee is waived for any investor whose T. Rowe Price mutual fund accounts total $50,000 or more; accounts electing to receive electronic delivery of account statements, transaction confirmations, prospectuses, and shareholder reports; or accounts of an investor who is a T. Rowe Price Personal Services or Enhanced Personal Services client (enrollment in these programs generally requires T. Rowe Price assets of at least $250,000).

![img-1.jpeg](img-1.jpeg)

13

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

FINANCIAL HIGHLIGHTS For a share outstanding throughout each period

Investor Class

This letter is valid for the above non-payment of the full distribution of the fee-keep-it of fund. The fund is subject to the approval of the Board of Directors. The fund is subject to the approval of the Board of Directors. The fund is subject to the approval of the Board of Directors. The fund is subject to the approval of the Board of Directors. The fund is subject to the approval of the Board of Directors. The fund is subject to the approval of the Board of Directors. The fund is subject to the approval of the Board of Directors. The fund is subject to the approval of the Board of Directors. The fund is subject to the approval of the Board of Directors.

**NET ASSET VALUE**
Beginning of period $182.60 $180.49 $123.76 $93.56 $96.47

| Investment activities |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Net investment income (loss) (1)(2) | (0.37) | (0.97) | (0.58) | (0.20) | 0.19 |

14

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

**FINANCIAL HIGHLIGHTS** For a share outstanding throughout each period

| I Class |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Year Ended |  |  |  |  |
|  | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |

assesses or collateral for securities lending that may be held in the portfolio. Please note that the fund has four share statutes. The original Share-Value (Investor Class)

charges no distribution and se

institutionally oriented clients and impose no 12b-1 or administrative fee payment. Each share class is presented separately in the table.

| Net realized and unrealized gain/ | (73.48) | Beginning 18.33 | Ending 31.92 | Expenses Paid |
| --- | --- | --- | --- | --- |
| Net asset value | $(18.00) | Account Value 17.36 | Account Value 31.72 | During Period |
| Beginning of period | $(18.00) | Incentive 16.15% | Incentive 31.72% | Incentive 31.72% |
| The first line of the following table (Actual) provides information about actual account values and |  |  |  |  |
| Distributions expenses based on the fund's actual returns. You may use the information on this line, together |  |  |  |  |
| Investment income | $(18.00) | Incentive 16.15% | Incentive 31.72% | Incentive 31.72% |
| Net investment income (loss) | $(18.00) | Incentive 16.15% | Incentive 31.72% | Incentive 31.72% |
| Net realized gain | $(18.00) | Incentive 16.15% | Incentive 31.72% | Incentive 31.72% |
| Net realized and unrealized gain/ | $(18.00) | Incentive 16.15% | Incentive 31.72% | Incentive 31.72% |
| loss | $(18.00) | Incentive 16.15% | Incentive 31.72% | Incentive 31.72% |
| Total distributions | $(73.72) | 18.38 | 67.03 | 31.96 |
| Total from investment activities | $(73.94) | 17.61 | 66.61 | 31.89 |

15

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

December 31, 2022

PORTFOLIO OF INVESTMENTS

Shares $ Value

(Cost and value in $000s)

COMMON STOCKS 96.5%

FINANCIAL SERVICES 8.0%

16

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

| Actual | $1,000.00 | $909.40 | $3.71 |
| --- | --- | --- | --- |
| Other Financial Services 0.0% |  |  |  |
| 10.0% (the amount of the result by the number on the first line under the heading "Expenses Paid |  |  |  |
| A) In the following: (a) In the following: (b) In the following: (c) In the following: (d) In the following: (e) In the following: (f) In the following: (g) In the following: (h) In the following: (i) In the following: (j) In the following: (k) In the following: (l) In the following: (m) In the following: (n) In the following: (o) In the following: (p) In the following: (q) In the following: (r) In the following: (s) In the following: (t) In the following: (u) In the following: (v) In the following: (w) In the following: (x) In the following: (y) In the following: (z) In the following: (w) In the following: (x) In the following: (y) In the following: (z) In the following: (w) In the following: (x) In the following: (y) In the following: (z) In the following: (w) In the following: (x) In the following: (y) In the following: (z) In the following: (w) In the following: (x) In the |  |  |  |
| Cost $67,333 (1)(2)(3) | 17,666,351 | 35,863 |  |
| 1.5% (in € million) | $17,666,351 | $35,863 |  |
| 2.0% (in € million) | $180.49 | $123.76 | $93.80 |
| 3.0% (in € million) | $209.50 | $2,387.200 | $235.92 |
| 4.0% (in € million) | $209.50 | $2,387.200 | $235.92 |
| 5.0% (in € million) | $209.50 | $2,387.200 | $235.92 |
| 6.0% (in € million) | $209.50 | $2,387.200 | $235.92 |
| 7.0% (in € million) | $209.50 | $2,387.200 | $235.92 |
| 8.0% (in € million) | $209.50 | $2,387.200 | $235.92 |
| 9.0% (in € million) | $209.50 | $2,387.200 | $235.92 |

| NET ASSETS VALUE | (40.58)% | 9.68% | 53.66% | 33.95% | (1.83)% |
| --- | --- | --- | --- | --- | --- |
| End of period | $92.91 | $183.05 | $181.06 | $124.00 | $93.63 |

Ratios to average net assets: 10

17

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

|  | Shares | $ Value |
| --- | --- | --- |

| A. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| C. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) |  |  |  |  |  |
| D. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) |  |  |  |  |  |
| E. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) |  |  |  |  |  |
| F. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) |  |  |  |  |  |
| G. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) |  |  |  |  |  |

18

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

|  | Shares | $ Value |
| --- | --- | --- |
| (Cost and value in $000s) |  |  |
| Snowflake, Class A (2) | 68,545 | 9,839 |

| Modeling: DBA Instacart, Acquisition Date: 8/7/20, Cost $209 (1) | 1,903,900 | 24,587 |
| --- | --- | --- |
| Total Cost | 4,511 | 24,587 |
| Interest Rate: 1.3% |  | 34,051 |
| Interest Rate: 0.0% |  | 215,638 |
| Interest Rate: 0.0% | 586,899 | 75,022 |
| Interest Rate: 0.0% |  | 994,054 |
| Interest Rate: 0.0% | 129,020 | 1,000 |
| Interest Rate: 0.0% | 50,385 | 1,000 |
| Interest Rate: 0.0% | 37,263 | 1,000 |
| Net Investment Income (loss) | (0.17)% (0.39)% (0.27)% (0.06)% | 0.1097 |
| Net Investment Income (loss) |  | 1,000 |
| Other (loss): 1.5% |  | 1,000 |
| Other (loss): 1.5% |  | 1,000 |
| Interest Rate: 0.0% |  | 1,000 |
| Interest Rate: 0.0% |  | 1,000 |
| Interest Rate: 0.0% |  | 1,000 |

(1) Per share amounts calculated using average shares outstanding method.

|  | Shares | $ Value |
| --- | --- | --- |
| (Cost and value in $000s) |  |  |
| Canva, Series A-3, Acquisition Date: 11/4/21 - 12/17/21, |  |  |
| Cost $368 (1)(2)(3) | 216 | 119 |
| Canva, Series A-4, Acquisition Date: 11/4/21 - 12/17/21, |  |  |
| Cost $39 (1)(2)(3) | 23 | 13 |

20

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

| STANDARD FACTORS | Shares | 17% Value |
| --- | --- | --- |
| Interest, Sales & Ad. Acquisition Date: 11/4/21, Cost $3 (1)(2)(3) | 2 | 88,200 |
| Interest, Sales & Ad. Acquisition Date: 11/18/20, Cost $7,501 (1)(2)(3) | 937,200 | 198,565 |
| Interest, Sales & Ad. Acquisition Date: 11/22/22, Cost $14,798 (1)(2)(3) | 1,468,200 | 183,801 |
| Interest, Sales & Ad. Acquisition Date: 6/2/14, Cost $4,200 (1)(2)(3) | 488,600 | 263,045 |
| China Internet Media Advertising 1.0% | 1 | 2,561 |
| China Internet Media Advertising 1.0% | 1 | 2,561 |
| China Internet Media Advertising 1.0% | 1 | 2,561 |
| China Internet Media Advertising 1.0% | 1 | 2,561 |
| China Internet Media Advertising 1.0% | 1 | 2,561 |
| China Internet Media Advertising 1.0% | 1 | 2,561 |

The accompanying notes are an integral part of these financial statements.

21

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

‡ Shares are denominated in U.S. dollars unless otherwise noted.

BRITISH AMERICAN TOBACCO CO. (Lending) in fair value hierarchy. 586,600 21,532
SHORT-TERM INVESTMENTS 1.9% 1,156,600 38,013
DISTRIBUTION: 1.9% Non-income producing 582,900 120,000
Total Interest: 1.9% 1.9% cannot be offered for public resale without first being registered 1.9%
HOLDING: 1.9% 1.9% are related rules ("restricted security"). Acquired 1.9%
INVESTMENT: 1.9% 1.9% are related rules ("restricted security"). Acquired 1.9%
INVESTMENT: 1.9% 1.9% are related rules ("restricted security"). Acquired 1.9%
INVESTMENT: 1.9% 1.9% are related rules ("restricted security"). Acquired 1.9%
INVESTMENT: 1.9% 1.9% are related rules ("restricted security"). Acquired 1.9%
INVESTMENT: 1.9% 1.9% are related rules ("restricted security"). Acquired 1.9%
INVESTMENT: 1.9% 1.9% are related rules ("restricted security"). Acquired

22

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

AFFILIATED COMPANIES

($000s)

23

# T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

| Diversified Media | 2,000,000 | 100,000 |
| --- | --- | --- |
| Investments in securities, at value (cost $4,075,832) | $5,923,552 |  |
| Receivable for investment securities sold | 20,694 |  |
| Receivable for shares sold | 2,870 |  |
| Dividends receivable | 1,480 |  |
| Foreign currency (cost $249) | 252 |  |
| Other assets | 168 |  |
| Total assets | 5,949,016 |  |

24

# T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

December 31, 2022

# STATEMENT OF ASSETS AND LIABILITIES

($000s, except shares and per share amounts)

# Net Assets Consist of:

| Total distributable earnings (loss) | $1,865,623 |
| --- | --- |

| Total Securities and Development (Cost $7,398) | 152,401 | 49,398 |
| --- | --- | --- |
| Affiliates (Amount) | Gain/Loss | Income |
| Total Investments in Securities (Amount) (1/2) | - | 158,021 |
| Interest Rate and Development Tool Software 6.4% | 90,486 | 2,18,429 |
| Interest Rate and Development Tool Software 0.6% | 29,242 | 5,923,553 |
| Interest Rate and Development Tool Software 0.6% | 1,428,509 | 2,19,177 |
| Interest Rate and Development Tool Software 0.6% | 229,529 | 354,094 |
| Interest Rate and Development Tool Software 0.6% |  | 4,056,853 |
| Interest Rate and Development Tool Software 0.6% |  | 37,978 |
| Interest Rate and Development Tool Software 0.6% |  | Value |
| Interest Rate and Development Tool Software 0.6% |  | 5,890,076 |
| Interest Rate and Development Tool Software 0.6% |  | 7,398 |
| Interest Rate and Development Tool Software 0.6% |  | 3,331 |
| Interest Rate and Development Tool Software 0.6% |  | 291 |
| Interest Rate and Development Tool Software 0.6% |  | 4 |

The accompanying notes are an integral part of these financial statements.

25

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

# STATEMENT OF OPERATIONS

($000s)

|  | Year Ended 12/31/22 |
| --- | --- |
| Investment Income (Loss) |  |
| Income |  |

| Affiliate | 12/31/21 | Cost | Cost | 12/31/22 |
| --- | --- | --- | --- | --- |
| Chow Series A Acquisition Date: 11/4/21 - 12/17/21, |  |  | 156,804 | 1,173 |
| Chow Series B Acquisition Date: 12/22/21, Cost $2,068 (1), |  |  | 1,502 | $7,398,029 |
| Chow Series C |  |  | 128,696 | 963 |
| Chow Series D |  |  |  |  |
| Chow Series E |  |  | 2,328 | 111,591 |
| Chow Series F |  |  |  |  |
| Chow Series G |  |  |  |  |
| Chow Series H |  |  |  |  |
| Chow Series I |  |  |  |  |
| Chow Series J |  |  |  |  |
| Chow Series K |  |  |  |  |
| Chow Series L |  |  |  |  |
| Chow Series M |  |  |  |  |
| Chow Series N |  |  |  |  |
| Chow Series O |  |  |  |  |
| Chow Series P |  |  |  |  |
| Chow Series Q |  |  |  |  |
| Chow Series R |  |  |  |  |
| Chow Series S |  |  |  |  |
| Chow Series T |  |  |  |  |
| Chow Series U |  |  |  |  |
| Chow Series V |  |  |  |  |
| Chow Series W |  |  |  |  |
| Chow Series X |  |  |  |  |
| Chow Series Y |  |  |  |  |
| Chow Series Z |  |  |  |  |
| Chow Series AA |  |  |  |  |
| Chow Series AB |  |  |  |  |
| Chow Series AC |  |  |  |  |
| Chow Series AD |  |  |  |  |
| Chow Series AE |  |  |  |  |
| Chow Series AF |  |  |  |  |
| Chow Series AG |  |  |  |  |
| Chow Series AH |  |  |  |  |
| Chow Series AI |  |  |  |  |
| Chow Series AJ |  |  |  |  |
| Chow Series AK |  |  |  |  |
| Chow Series AL |  |  |  |  |
| Chow Series AM |  |  |  |  |
| Chow Series AN |  |  |  |  |
| Chow Series AO |  |  |  |  |
| Chow Series AP |  |  |  |  |
| Chow Series AQ |  |  |  |  |
| Chow Series AR |  |  |  |  |
| Chow Series AS |  |  |  |  |
| Chow Series AT |  |  |  |  |
| Chow Series AU |  |  |  |  |
| Chow Series AV |  |  |  |  |
| Chow Series AW |  |  |  |  |
| Chow Series AX |  |  |  |  |
| Chow Series AY |  |  |  |  |
| Chow Series AZ |  |  |  |  |
| Chow Series BA |  |  |  |  |
| Chow Series BB |  |  |  |  |
| Chow Series BC |  |  |  |  |
| Chow Series CD |  |  |  |  |
| Chow Series CE |  |  |  |  |
| Chow Series CF |  |  |  |  |
| Chow Series EG |  |  |  |  |
| Chow Series EH |  |  |  |  |
| Chow Series EI |  |  |  |  |
| Chow Series EJ |  |  |  |  |
| Chow Series EK |  |  |  |  |
| Chow Series EF |  |  |  |  |
| Chow Series EFM |  |  |  |  |
| Chow Series EFN |  |  |  |  |
| Chow Series EFO |  |  |  |  |
| Chow Series EFP |  |  |  |  |
| Chow Series EFQ |  |  |  |  |
| Chow Series EFR |  |  |  |  |
| Chow Series EFR |  |  |  |  |
| Chow Series EFR |  |  |  |  |
| Chow Series EFR |  |  |  |  |
| Chow Series EFR |  |  |  |  |
| Chow Series EFR |  |  |  |  |
| Chow Series EFR |  |  |  |  |

# **STATEMENT OF OPERATIONS**

($000s)

|  | Year Ended 12/31/22 |
| --- | --- |
| Realized and Unrealized Gain / Loss |  |
| Net realized gain (loss) |  |
| Securities | 621,531 |
| Foreign currency transactions | (17) |

The accompanying notes are an integral part of these financial statements.

27

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

# STATEMENT OF CHANGES IN NET ASSETS

($000s)

(loss)
++ Ex 12/31/22 subject to rebates and fees as described in Note 3.
+ Investment income comprised $2,193 of dividend income and $0 of interest income.
□ Purchase and sale information not shown for cash management funds. Year
^ The net interest of investments in affiliated companies was $118,989. Ended 12/31/22
Prospectus and shareholder reports
Increase (Decrease) in Net Assets
12/31/22 12/31/21
12/31/22
12/31/21
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25

28

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

# STATEMENT OF CHANGES IN NET ASSETS

($000s)

Year
Ended
12/31/22 12/31/21

| Net Assets |  |  |
| --- | --- | --- |
| Net assets |  | 100 |
| Decrease in net assets from operations | (5,658,251) | $(4,497,760) |
| Decrease in net assets from other financial assets | 11,548,327 | 10,924,502 |
| End of period | $5,890,676 | $11,548,327 |
| Net interest loss | (346,365) | (67,854) |
| Decrease in net assets from distributions | (902,948) | (901,769) |
| Share information (loss) |  |  |
| Shares sold |  |  |
| Capitalization Class | 4,188 | 7,112 |
| I Class | 18,094 | 2,105 |

The accompanying notes are an integral part of these financial statements.

29

# T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

# NOTES TO FINANCIAL STATEMENTS

T. Rowe Price Communications & Technology Fund, Inc. (the fund) is registered under the Investment Company Act of 1940 (the 1940 Act) as a nondiversified, open-end management investment company. The fund seeks to provide long-term capital growth. The fund has two classes of shares: the Communications & Technology Fund (Investor Class) and the Communications & Technology Fund-I Class (I Class). I Class

30

The accompanying notes are an integral part of these financial statements.

# T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

Shares sold
Shares in the 1,000 initial investment minimum, although the minimum is generally
1 Class Class
2,000,000 413,392
is valued or reduced for financial intermediaries, eligible retirement plans, and certain
Distributions reinvested 3,419 448
other amounts. Prior to November 15, 2021, the initial investment minimum was
Shares increased 535,270 778,050
$1 million and was generally waived for financial intermediaries, eligible retirement
plans and certain capital gains for Asia purported to be recorded in the other Class information
incorporated by the Company's shareholding. (Shares in the 1,000 initial investment minimum is 1 Class
Class) (407,703) (154,892)
Shares in the 1,000 initial investment minimum is 1 Class
realized gain (loss) or change in net unrealized gain/loss from securities. Distributions
to shareholders are recorded on the ex-dividend date. Income distributions, if any, are
declared and paid by each class annually. A capital gain distribution, if any, may also be
declared and paid by the fund annually.

31

# T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

**Indemnification** In the normal course of business, the fund may provide

indemnification in connection with its officers and directors, service providers, and/or private company investments. The fund's maximum exposure under these arrangements is not limited to the extent of the risks of the financial instrument, but the extent of the risks of the financial instrument, which are not limited to the extent of the risks of the financial instrument, is not limited to the extent of the risks of the financial instrument, but the extent of the risks of the financial instrument, which are not limited to the extent of the risks of the financial instrument, is not limited to the extent of the risks of the financial instrument, but the extent of the risks of the financial instrument, which are not limited to the extent of the risks of the financial instrument, is not limited to the extent of the risks of the financial instrument, but the extent of the risks

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

32

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk

requiring a fair value fund and GAAP. States that the prices that would be not, shall be set an
or liquidity associated with financial instruments at that level but rather the degree of
liability to maintain a fully charged or fully charged transaction between market participants
judgment used in determining those values.

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

Bias of Execution

requires the use of estimates made by management. Management believes that estimates
and valuations are appropriate; however, actual results may differ from those estimates,

# T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

by type of investment and may include market or investment specific considerations.
The Valuation Designee typically will afford greatest weight to actual prices in arm's
length transactions, to the extent they represent orderly transactions between market
participants, transaction information can be reliably obtained, and prices are deemed
representative of fair value. However, the Valuation Designee may also consider other
valuation methods such as market-based valuation multiples; a discount or premium

![img-0.jpeg](img-0.jpeg)

34

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

Capital Transactions and/or Beginning Gain (Loss) Ending
The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

35

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

T. Rowe Price Communications, Inc. (the company) is a registered firm for the following: "In addition to the following: "In addition to the following: "In addition to the following: "In addition to the following: "In addition to the following: "In addition to the following: "In addition to the following: "In addition to the following: "In addition to the following: "In addition to the following: "In addition to the following: "In addition to the following: "In addition to the following: "In addition to the following: "In addition

36

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

![img-1.jpeg](img-1.jpeg)

fair value (determination and credit spreads) multiple
years beginning for 1st December 1997. However, the fund is not to be added
Level 3 - unobservable inputs (including the following: Describing the options and
convenient, effective and information for the future of the 1st 1998. The
Convenient (and other) (the value)
The valuation - Designation of the 1st 1998. The value of the 1st 1998. The value of the 1st 1998. The value of the 1st 1998. The value of the 1st 1998. The value of the 1st 1998. The value of the 1st 1998. The value of the 1st 1998. The value of the 1st 1998. The value of

fund the next business day. Cash collateral is invested in accordance with investment
guidelines approved by fund management. Additionally, the lending agent indemnifies
the fund against losses resulting from borrower default. Although risk is mitigated by
the collateral and indemnification, 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, collateral investments decline in value, and the lending agent fails to perform.
Securities lending revenue consists of earnings on invested collateral and borrowing

38

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

Impact to

| Investments in Securities | Value (000s) | Valuation Technique(s)+ | Significant Unobservable Input(s) | Value or Range of Input(s) | Weighted Average of Input(s)* | Valuation from an increase in Input** |
| --- | --- | --- | --- | --- | --- | --- |
| The tax character of distributions paid for the periods presented was as follows: |  |  |  |  |  |  |

The following table provides the information in a specific format:

39

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

# NOTE 5 - FOREIGN TAXES

The fund is subject to foreign income taxes imposed by certain countries in which it invests. Additionally, capital gains realized upon disposition of securities issued in or

| Investments in Securities | Value (000s) | Valuation Technique(s)+ | Significant Unobservable Input(s) | Value or Range of Input(s) | Weighted Average of Input(s)* | from an Increase in Input** |
| --- | --- | --- | --- | --- | --- | --- |

increased 52,413,101,000 and 43,670,788. Enterprise value 1.7% - 48.4% - 37.4% increase
in the cumulative and unfavorable inputs significantly above the actual level of the current increase
of the current increase in accordance with the applicable foreign tax law, and, to the
At December 31, 2022, the tax-basis cost of investment (including derivatives, if any)
extent permitted, capital losses are used to offset capital gains, taxes attributable to
and gross unrealized appreciation and depreciations made as of 2023 24% increase
income are accrued by the fund as a reduction of income. Current and deferred tax increase
3 - OTHER INVESTMENT TRANSACTIONS
(Note 3) - If the capital loss is reflected as a component of realized or change
(Note 3) - If the capital loss is reflected as a component of realized or change
(Note 3) - If the capital loss is reflected as a component of realized or change
(Note 3) - If the capital loss is reflected as a component of realized or change
(Note 3) - If the capital loss is reflected as a component of realized or change
(Note 3) - If the capital loss is reflected as a component of realized or change
(Note 3) - If the capital loss is reflected as a component of realized or change

40

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

limitation in place at the time such amounts were waived; or (2) the class's current
expense limitation. However, no repayment will be made more than three years after the
date of a payment or waiver.

The I Class is also subject to an operating expense limitation (I Class Limit) pursuant
to which Price Associates is contractually required to pay all operating expenses of

41

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

merchandise
the following information is provided in the following form: (1) The information is provided in the following form: (2) The information is provided in the following form: (3) The information is provided in the following form: (4) The information is provided in the following form: (5) The information is provided in the following form: (6) The information is provided in the following form: (7) The information is provided in the following form: (8) The information is provided in the following form: (9) The information is provided in the following form: (10) The information is provided in the following form: (11) The information is provided in the following form: (12) The information is provided in the following form: (13) The information is provided in the following form: (14) The information is provided in the following form: (15) The information is provided in the following form: (16) The information is provided in the following form: (17) The information is provided in the following form: (18) The information is provided in the following form: (19) The information is provided in the following form: (20) The information is provided in the following form: (21) The information is provided in the following form: (22) The information is provided in the following form: (23) The information is provided in the following form: (24) The information is provided in the following form: (25) The information is provided in the following form: (26) The information is provided in the following form: (27) The information is provided in the following form: (28) The information is provided in the following form: (29) The information is provided in the following form: (30) The information is provided in the following form: (31) The information is provided in the following form: (32) The information is provided in the following form: (33) The information is provided in the following form: (34) The information is provided in the following form: (35) The information is provided in the following form: (36) The information is provided in the following form: (37) The information is provided in the following form: (38) The information is provided in the following form: (39) The information is provided in the following form: (40) The information is provided in the following form: (41) The information is provided in the following form: (42) The information is provided in the following form: (43) The information is provided in the following form: (44) The information is provided in the following form: (45) The information is provided in the following form: (46) The information is provided in the following form: (47) The information is provided in the following form: (48) The information is provided in the following form: (49) The information is provided in the following form: (50) The information is provided in the following form: (51) The information is provided in the following form: (52) The information is provided in the following form: (53) The information is provided in the following form: (54) The information is provided in the following form: (55) The information is provided in the following form: (56) The information is provided in the following form: (57) The information is provided in the following form: (58) The information is provided in the following form: (59) The information is provided in the following form: (60) The information is provided in the following form: (61) The information is provided in the following form: (62) The information is provided in the following form: (63) The information is provided in the following form: (64) The information is provided in the following form: (65) The information is provided in the following form: (66) The information is provided in the following form: (67) The information is provided in the following form: (68) The information is provided in the following form: (69) The information is provided in the following form: (70) The information is provided in the following form: (71) The information is provided in the following form: (72) The information is provided in the following form: (73) The information is provided in the following form: (74) The information is provided in the following form: (75) The information is provided in the following form: (76) The information is provided in the following form: (77) The information is provided in the following form: (78) The information is provided in the following form: (79) The information is provided in the following form: (80) The information is provided in the following form: (81) The information is provided in the following form: (82) The information is provided in the following form: (83) The information is provided in the following form: (84) The information is provided in the following form: (85) The information is provided in the following form: (86) The information is provided in the following form: (87) The information is provided in the following form: (88) The information is provided in the following form: (89) The information is provided in the following form: (90) The information is provided in the following form: (91) The information is provided in the following form: (92) The information is provided in the following form: (93) The information is provided in the following form: (94) The information is provided in the following form: (95) The information is provided in the following form: (96) The information is provided in the following form: (97) The information is provided in the following form: (98) The information is provided in the following form: (99) The information is provided in the following form: (100)

42

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

In February 2022, Russian forces entered Ukraine and commenced an armed conflict leading to economic sanctions being imposed on Russia and certain of its

(8000c) (1) The following table provides the information in a specific format:

43

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of T. Rowe Price Communications &

# Technology Fund, Inc.

The following table provides the information in a specific format:

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (CONTINUED)

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits

45

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

# **TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/22**

In addition, the fund has entered into service agreements with Price Associates and two other companies. The fund has entered into service agreements with Price Associates and two other companies. The fund has entered into service agreements with Price Associates and two other companies. The fund has entered into service agreements with Price Associates and two other companies. The fund has entered into service agreements with Price Associates and two other companies. The fund has entered into service agreements with Price Associates and two other companies. The fund has entered into service agreements with Price Associates and two other companies. The fund has entered into service agreements with Price Associates and two other companies.

# **NOTE 7. OTHER MATTERS**

46

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

In accordance with Rule 22e-4 (Liquidity Rule) under the Investment Company Act of 1940, as amended, the fund has established a liquidity risk management program

$936,602,000 from long-term capital gains, subject to a long-term capital gains tax rate of 0.1%. The company is reasonably designed to assess and manage the fund's liquidity risk, which generally represents the risk that the fund would not be able to meet redemption requirements. The company is not a member of the company's business, but it is not a member of the company's business, but it is not a member of the company's business, but it is not a member of the company's business, but it is not a member of the company's business, but it is not a member of the company's business, but it is not a member of the company's business, but it is not a member of the company's business, but it is not a member of the company's business, but it is not a member

47

# T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

# LIQUIDITY RISK MANAGEMENT PROGRAM (CONTINUED)

For the fund and other T. Rowe Price funds, the annual assessment incorporated a report related to a fund's holdings, shareholder and portfolio concentration, any borrowings during the period, cash flow projections, and other relevant data for the period of April 1, 2021, through March 31, 2022. The report described the methodology for classifying

48

reduction of the following: The following is a result of the following: The following is a result of the following: The following is a result of the following: The following is a result of the following: The following is a result of the following: The following is a result of the following: The following is a result of the following: The following is a result of the following: The following is a result of the following: The following is a result of the following: The following is a result of the following: The following is a result of

**ABOUT OF THE FUNDING IN DIRECTORS** and **DIRECTORS** and mitigating the risk that the investment is the result of the following: The following is a result of the following: The following is a result of the following: The following is a result of the following: The following is a result of the following: The following is a result of the following: The following is a result of the following: The following is a result of the following: The following is a result of the following: The following is a result of the following: The following is a result of the following: The following is a result of the following: The following

49

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

INDEPENDENT DIRECTORS (CONTINUED)

Name Guidelines." Click on the links in the shaded box.

2. (Year of Birth) The number of additional information on the additional information about the fund is included in the following: (1) The number of additional information on the additional information about the fund is included in the following: (2) The number of additional information on the additional information about the fund is included in the following: (3) The number of additional information on the additional information about the fund is included in the following: (4) The number of additional information on the additional information about the fund is included in the following: (5) The number of additional information on the additional information about the fund is included in the following: (6) The number of additional information on the additional information about the fund is included in the following: (7) The number of additional information on the additional information about the fund is included in the following: (8) The number of additional information on the additional information about the fund is included in the following: (9) The number of additional information on the additional information about the fund is included in the following: (10) The number of additional information on the additional information about the fund is included in the following: (11) The number of additional information on the additional information about the fund is included in the following: (12) The number of additional information on the additional information about the fund is included in the following: (13) The number of additional information on the additional information about the fund is included in the following: (14) The number of additional information on the additional information about the fund is included in the following: (15) The number of additional information on the additional information about the fund is included in the following: (16) The number of additional information on the additional information about the fund is included in the following: (17) The number of additional information on the additional information about the fund is included in the following: (18) The number of additional information on the additional information about the fund is included in the following: (19) The number of additional information on the additional information about the fund is included in the following: (20) The number of additional information on the additional information about the fund is included in the following: (21) The number of additional information on the additional information about the fund is included in the following: (22) The number of additional information on the additional information about the fund is included in the following: (23) The number of additional information on the additional information about the fund is included in the following: (24) The number of additional information on the additional information about the fund is included in the following: (25) The number of additional information on the additional information about the fund is included in the following: (26) The number of additional information on the additional information about the fund is included in the following: (27) The number of additional information on the additional information about the fund is included in the following: (28) The number of additional information on the additional information about the fund is included in the following: (29) The number of additional information on the additional information about the fund is included in the following: (30) The number of additional information on the additional information about the fund is included in the following: (31) The number of additional information on the additional information about the fund is included in the following: (32) The number of additional information on the additional information about the fund is included in the following: (33) The number of additional information on the additional information about the fund is included in the following: (34) The number of additional information on the additional information about the fund is included in the following: (35) The number of additional information on the additional information about the fund is included in the following: (36) The number of additional information on the additional information about the fund is included in the following: (37) The number of additional information on the additional information about the fund is included in the following: (38) The number of additional information on the additional information about the fund is included in the following: (39) The number of additional information on the additional information about the fund is included in the following: (40) The number of additional information on the additional information about the fund is included in the following: (41) The number of additional information on the additional information about the fund is included in the following: (42) The number of additional information on the additional information about the fund is included in the following: (43) The number of additional information on the additional information about the fund is included in the following: (44) The number of additional information on the additional information about the fund is included in the following: (45) The number of additional information on the additional information about the fund is included in the following: (46) The number of additional information on the additional information about the fund is included in the following: (47) The number of additional information on the additional information about the fund is included in the following: (48) The number of additional information on the additional information about the fund is included in the following: (49) The number of additional information on the additional information about the fund is included in the following: (50) The number of additional information on the additional information about the fund is included in the following: (51) The number of additional information on the additional information about the fund is included in the following: (52) The number of additional information on the additional information about the fund is included in the following: (53) The number of additional information on the additional information about the fund is included in the following: (54) The number of additional information on the additional information about the fund is included in the following: (55) The number of additional information on the additional information about the fund is included in the following: (56) The number of additional information on the additional information about the fund is included in the following: (57) The number of additional information on the additional information about the fund is included in the following: (58) The number of additional information on the additional information about the fund is included in the following: (59) The number of additional information on the additional information about the fund is included in the following: (60) The number of additional information on the additional information about the fund is included in the following: (61) The number of additional information on the additional information about the fund is included in the following: (62) The number of additional information on the additional information about the fund is included in the following: (63) The number of additional information on the additional information about the fund is included in the following: (64) The number of additional information on the additional information about the fund is included in the following: (65) The number of additional information on the additional information about the fund is included in the following: (66) The number of additional information on the additional information about the fund is included in the following: (67) The number of additional information on the additional information about the fund is included in the following: (68) The number of additional information on the additional information about the fund is included in the following: (69) The number of additional information on the additional information about the fund is included in the following: (70) The number of additional information on the additional information about the fund is included in the following: (71) The number of additional information on the additional information about the fund is included in the following: (72) The number of additional information on the additional information about the fund is included in the following: (73) The number of additional information on the additional information about the fund is included in the following: (74) The number of additional information on the additional information about the fund is included in the following: (75) The number of additional information on the additional information about the fund is included in the following: (76) The number of additional information on the additional information about the fund is included in the following: (77) The number of additional information on the additional information about the fund is included in the following: (78) The number of additional information on the additional information about the fund is included in the following: (79) The number of additional information on the additional information about the fund is included in the following: (80) The number of additional information on the additional information about the fund is included in the following: (81) The number of additional information on the additional information about the fund is included in the following: (82) The number of additional information on the additional information about the fund is included in the following: (83) The number of additional information on the additional information about the fund is included in the following: (84) The number of additional information on the additional information about the fund is included in the following: (85) The number of additional information on the additional information about the fund is included in the following: (86) The number of additional information on the additional information about the fund is included in the following: (87) The number of additional information on the additional information about the fund is included in the following: (88) The number of additional information on the additional information about the fund is included in the following: (89) The number of additional information on the additional information about the fund is included in the following: (90) The number of additional information on the additional information about the fund is included in the following: (91) The number of additional information on the additional information about the fund is included in the following: (92) The number of additional information on the additional information about the fund is included in the following: (93) The number of additional information on the additional information about the fund is included in the following: (94) The number of additional information on the additional information about the fund is included in the following: (95) The number of additional information on the additional information about the fund is included in the following: (96) The number of additional information on the additional information about the fund is included in the following: (97) The number of additional information on the additional information about the fund is included in the following: (98) The number of additional information on the additional information about the fund is included in the following: (99) The number of additional information on the additional information about the fund is included in the following: (100)

Number of 2 (Other, State, or Regional) Occupations (and Director's Name of Public, Government and Portfolios Ownership) Other Investment Companies During the First Five Years

INDEPENDENT DIRECTORS
(1956) The United States, the every investment held by the fund is classified at least 1,000,000,000. The United States, the every investment held by the fund is classified at least monthly into one of four sources: (1) Member, Dunbar, Amoree (2012 to 2018)

Name
(1956) ability to be sold during designated time frames in current market conditions without
(1956) (QUARTERLY PORTFOLIO HOLDINGS

Year Elected

50

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

INTERESTED DIRECTORS (CONTINUED)

Name
(Year of Birth)
Year Elected

[205] [Text block for the following: [Text block for the following: [Text block for the following: [Text block for the following: [Text block for the following: [Text block for the following: [Text block for the following: [Text block for the following: [Text block for the following: [Text block for the following: [Text block for the following: [Text block for the following: [Text block for the following: [Text block for the following: [Text block for the following: [Text

51

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

# **OFFICERS (CONTINUED)**

Chris Graff (1985) Vice President

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly, Partner-Investment Team,

52

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND

OFFICERS (CONTINUED)[{"box_2d": [30, 87, 609, 199], "label": "text", "caption": "Effective April 27, 2022. Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 2022, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 2021, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 2020, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 2019, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 2018, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 2017, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 2016, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 2015, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 2014, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 2013, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 2012, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 2011, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 2010, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 2009, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 2008, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 2007, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 2006, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 2005, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 2004, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 2003, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 2002, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 2001, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 2000, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1999, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1998, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1997, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1996, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1995, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1994, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1993, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1992, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1991, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1990, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1989, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1988, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1987, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1986, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1985, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1984, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1983, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1982, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1981, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1980, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1979, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1978, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1977, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1976, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1975, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1974, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1973, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1972, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1971, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1970, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1969, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1968, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1967, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1966, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1965, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1964, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1963, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1962, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1961, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1960, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1959, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1958, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1957, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1956, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1955, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1954, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1953, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1952, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1951, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1950, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1949, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1948, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1947, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1946, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1945, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1944, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1943, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1942, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1941, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1940, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1939, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1938, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1937, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1936, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1935, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1934, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1933, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1932, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1931, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1930, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1929, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1928, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1927, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1926, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1925, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1924, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1923, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1922, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1921, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1920, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1919, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1918, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1917, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1916, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1915, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1914, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1913, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1912, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1911, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1910, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1909, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1908, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1907, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1906, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1905, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1904, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1903, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1902, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1901, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1900, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1899, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1898, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1897, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1896, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1895, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1894, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1893, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1892, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1891, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1890, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1889, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1888, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1887, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1886, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1885, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1884, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1883, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1882, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1881, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1880, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1879, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1878, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1877, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1876, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1875, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1874, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1873, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1872, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1871, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1870, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1869, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1868, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1867, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1866, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1865, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1864, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1863, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1862, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1861, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1860, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1859, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1858, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1857, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1856, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1855, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1854, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1853, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1852, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1851, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1850, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1849, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1848, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1847, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1846, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1845, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1844, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1843, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1842, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1841, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1840, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1839, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1838, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1837, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1836, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1835, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1834, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1833, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1832, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1831, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1830, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1829, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1828, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1827, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1826, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1825, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1824, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1823, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1822, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1821, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1820, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1819, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1818, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1817, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1816, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1815, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1814, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1813, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1812, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1811, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1810, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1809, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1808, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1807, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1806, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1805, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1804, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1803, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1802, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1801, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1800, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1799, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1798, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1797, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1796, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1795, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1794, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1793, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1792, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1791, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1790, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1789, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1788, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1787, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1786, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1785, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1784, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1783, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1782, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1781, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1780, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1779, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1778, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1777, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1776, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1775, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1774, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1773, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1772, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1771, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1770, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1769, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1768, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1767, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1766, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1765, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1764, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1763, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1762, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1761, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1760, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1759, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1758, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1757, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1756, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1755, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1754, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1753, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1752, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1751, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1750, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1749, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1748, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1747, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1746, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1745, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1744, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1743, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1742, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1741, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1740, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1739, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1738, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1737, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1736, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1735, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1734, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1733, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1732, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1731, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1730, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1729, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1728, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1727, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1726, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1725, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1724, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1723, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1722, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1721, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1720, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1719, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1718, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1717, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1716, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1715, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1714, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1713, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1712, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1711, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1710, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1709, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1708, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1707, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1706, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1705, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1704, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1703, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1702, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1701, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1700, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1699, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1698, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1697, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1696, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1695, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1694, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1693, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1692, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1691, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1690, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1689, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1688, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1687, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1686, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1685, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1684, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1683, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1682, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1681, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1680, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1679, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1678, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1677, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1676, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1675, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1674, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1673, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1672, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1671, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1670, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1669, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1668, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1667, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1666, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1665, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1664, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1663, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1662, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1661, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1660, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1659, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1658, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1657, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1656, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1655, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1654, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1653, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1652, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1651, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1650, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1649, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1648, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1647, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1646, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1645, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1644, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1643, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1642, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1641, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1640, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1639, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1638, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1637, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1636, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1635, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1634, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1633, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1632, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1631, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1630, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1629, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1628, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1627, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1626, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1625, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1624, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1623, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1622, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1621, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1620, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1619, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1618, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1617, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1616, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1615, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1614, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1613, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1612, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1611, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1610, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1609, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1608, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1607, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1606, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1605, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1604, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1603, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1602, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1601, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1600, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1599, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1598, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1597, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1596, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1595, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1594, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1593, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1592, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1591, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1590, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1589, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1588, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1587, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1586, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1585, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1584, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1583, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1582, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1581, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1580, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1579, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1578, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1577, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1576, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1575, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1574, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1573, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1572, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1571, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1570, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1569, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1568, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1567, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1566, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1565, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1564, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1563, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1562, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1561, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1560, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1559, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1558, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1557, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1556, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1555, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1554, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1553, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1552, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1551, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1550, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1549, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1548, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1547, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1546, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1545, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1544, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1543, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1542, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1541, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1540, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1539, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1538, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1537, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1536, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1535, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1534, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1533, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1532, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1531, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1530, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1529, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1528, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1527, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1526, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1525, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1524, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1523, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1522, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1521, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1520, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1519, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1518, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1517, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1516, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1515, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1514, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1513, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1512, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1511, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1510, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1509, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1508, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1507, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1506, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1505, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1504, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1503, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1502, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1501, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1500, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1499, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1498, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1497, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1496, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1495, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1494, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1493, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1492, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1491, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1490, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1489, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1488, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1487, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1486, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1485, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1484, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1483, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1482, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1481, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1480, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1479, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1478, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1477, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1476, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1475, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1474, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1473, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1472, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1471, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1470, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1469, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1468, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1467, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1466, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1465, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1464, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1463, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1462, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1461, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1460, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1459, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1458, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1457, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1456, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1455, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1454, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1453, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1452, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1451, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1450, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1449, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1448, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1447, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1446, Mr. Daniels resigned from his role as an independent director of the Price Research Laboratory. In 1445,

# investment goals.

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T. Rowe Price Investment Services, Inc. \ 100 East Pratt Street \ Baltimore, MD 21202-1009

Name (Year of Birth)
Position Held With Communications &
Technology Fund

Principal Occupation(s)

# **Item 1. (b) Notice pursuant to Rule 30e-3.**

Not applicable.

# **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, and the corresponding similar functions of the registrant's principal accounting officer. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by the Form N-CSR. The registrant's name is the name of the registrant's principal accounting officer.

**You achieve them.**

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(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 $2,037,000 and $3,732,000, respectively.

(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 the following section of the report: T. Rowe Price Management, T. Rowe Price Management, T. Rowe Price Management, T. Rowe Price Management, T. Rowe Price Management, T. Rowe Price Management, T. Rowe Price Management, T. Rowe Price Management, T. Rowe Price Management, T. Rowe Price Management, T. Rowe Price Management, T. Rowe Price Management, T. Rowe Price Management, T. Rowe Price Management, T. Rowe Price Management, T. Rowe Price Management

(b) Not applicable.

# **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.**

There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

# **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 period 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

(a) 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(b) under the Investment Company Act of 1940, is attached.
(1) for online investing
(powered by experts)
(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(b) under the Investment Company Act of 1940, are attached.

Unless otherwise noted, officers have been employees of T. Rowe Price or Price International for at least 5 years.

5 years.
(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.
Call 1-800-225-5132 to request a prospectus or summary prospectus; each includes investment

Unless otherwise noted, officers have been employees of T. Rowe Price or Price International for at least 5 years.

# 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 Communications & Technology Fund, Inc.

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer and other information that you should read and consider carefully before investing.

Date February 16, 2023
An mutual fund is subject to market risk, including possible loss of principal. Investing internationally involves special risks including economic and political uncertainty and currency fluctuation.

The T. Rowe Price® ActivePlus Portfolios is a discretionary investment management program provided by T. Rowe Price. 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 associated securities: Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC.

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date February 16, 2023

By /s/ Alan S. Dupski
Alan S. Dupski
Principal Financial Officer

Date February 16, 2023

T. Rowe Price Advisory Services, Inc., and T. Rowe Price Investment Services, Inc., are affiliated companies.

$^{2}$ Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC.
Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC.

202302-2582106
F121-050 2/23

## Ex-99.Cert

**Item 13. (a)(2)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price
Communications & Technology Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 16, 2023 | <u>/s/ David Oestreicher</u> |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price
Communications & Technology Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 16, 2023 | <u>/s/ Alan S. Dupski</u> |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 13. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Communications & Technology Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 16, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 16, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL** 

**OFFICERS OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-** 

**TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I. General Statement.** This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds")** has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act")** and rules promulgated by the Securities and Exchange Commission thereunder ("Regulations"). This Price Funds' Code of Ethics (the **"S-O Code")** applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) **("Covered Officers").** The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. **("Group").** The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers."** A list of Covered Officers is attached as **Exhibit A.**

The Price Fund Advisers have, along with their parent, T. Rowe Price Group, Inc. **("Group")** also maintained a comprehensive Code of Ethics and Conduct (the **"Group Code")** since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code (the **"Group S-O Code"),** similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the **"S-O Codes".**

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

**II. Purpose of the Price Funds S-O Code.** The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish standards that are reasonably designed to deter wrongdoing and to promote:

**Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

**Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

**Compliance.** Compliance with applicable governmental laws, rules and regulations.

**Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

**Accountability.** Accountability for adherence to the Price Funds S-O Code.

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**III. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 **("Investment Company Act"),** the Investment Advisers Act of 1940 **("Investment Advisers Act")** and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**Handling of Specific Types of Conflicts.** Each Covered Officer (and close family members) must not:

**Entertainment.** Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

------

**Gifts.** Accept any gifts, except as permitted by the Group Code.

**Improper Personal Influence.** Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

**Taking Action at the Expense of a Price Fund.** Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

**Misuse of Price Funds' Transaction Information.** Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

**Outside Business Activities.** Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

**Service Providers.** Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted

**Receipt of Payments.** Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

**Service as a Director or Trustee.** Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**IV. Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Disclosure Requirements and Controls.** Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Compliance with Applicable Law.** It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public

------

communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Fair Disclosure.** Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Initial and Annual Affirmations.** Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with the requirements of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Reporting of Material Violations of the Price Funds S-O Code.** If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation **("Report")** to the Chief Compliance Officer of the Price Funds **("CCO").** Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B.**

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Annual Disclosures.** Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for T. Rowe Price Group.

**V. Administration of the Price Funds S-O Code.** The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Violations/Investigations.** The following procedures will be followed in

------

investigating and enforcing the Price Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a recommendation to the appropriate Price Funds Board regarding the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe Price Global Whistleblower Policy.

**VI. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B,** the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**VII. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

Adoption Date: 10/22/03

Last Revised: 05/11/2022 (Exhibit B revised)

------

## Exhibit A
**Persons Covered by the Price Funds and** 

**Price ETFs S-O Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

## Exhibit B
Dino Capasso, Chief Compliance Officer