May 01, 2018

T. Rowe Price Communications & Technology Fund

(formerly T. Rowe Price Media & Telecommunications Fund)

Supplement to Prospectus and Summary Prospectus Dated May 1, 2018

On July 25, 2018, the T. Rowe Price Communications & Technology Fund’s shareholders approved a proposal to amend the fund’s investment objective. The change will go into effect on August 1, 2018. Accordingly, effective August 1, 2018, the investment objective on page 1 is revised as follows:

“The fund seeks to provide long-term capital growth.”