T.
ROWE
PRICE
New
Horizons
Fund
March
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
89.8%
COMMUNICATION
SERVICES
0.0%
Entertainment
0.0%
Houzz,
Acquisition
Date:
6/3/14,
Cost $6,575 (1)(2)(3)
877,600
70
OfferUp,
Acquisition
Date:
3/6/15,
Cost $5,042 (1)(2)(3)
1,012,630
689
Total
Communication
Services
759
CONSUMER
DISCRETIONARY
7.3%
Diversified
Consumer
Services
0.0%
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (1)(2)
4,399,933
110
110
Hotels,
Restaurants
&
Leisure
0.5%
Wingstop
637,454
117,024
117,024
Specialty
Retail
6.8%
Burlington
Stores (2)
2,022,978
408,844
Five
Below (2)(4)
3,046,182
627,422
Floor
&
Decor
Holdings,
Class
A (2)(4)
5,718,494
561,670
Framebridge,
EC,
Acquisition
Date:
5/19/20
-
9/15/21,
Cost $2,186 (1)(2)(3)
2,186,159
984
1,598,920
Total
Consumer
Discretionary
1,716,054
CONSUMER
STAPLES
0.1%
Personal
Care
Products
0.1%
elf
Beauty (2)
198,222
16,324
Total
Consumer
Staples
16,324
ENERGY
0.6%
Oil,
Gas
&
Consumable
Fuels
0.6%
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $2,981 (1)(2)(3)
987
16,906
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $25,850 (1)(2)(3)
7,166
122,742
Total
Energy
139,648
FINANCIALS
1.9%
Capital
Markets
1.1%
MSCI
466,279
260,972
260,972
Financial
Services
0.8%
Toast,
Class
A (2)
11,155,810
198,016
198,016
T.
ROWE
PRICE
New
Horizons
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Insurance
0.0%
Palomar
Holdings (2)
165,834
9,154
9,154
Total
Financials
468,142
HEALTH
CARE
21.1%
Biotechnology
11.2%
Abcam,
ADR (2)
8,771,174
118,060
ACADIA
Pharmaceuticals (2)
1,384,071
26,048
Acerta
Future
Payments,
EC,
Acquisition
Date:
6/30/21,
Cost $8,852 (1)(2)(3)
8,851,872
8,409
Agios
Pharmaceuticals (2)
389,098
8,938
Akero
Therapeutics (2)
1,246,569
47,694
Allogene
Therapeutics (2)
2,546,161
12,578
Alnylam
Pharmaceuticals (2)
1,519,629
304,412
Apellis
Pharmaceuticals (2)
1,413,505
93,235
Argenx,
ADR (2)
1,070,300
398,772
Ascendis
Pharma,
ADR (2)
1,086,947
116,542
Avidity
Biosciences (2)
3,358,079
51,547
BeiGene,
ADR (2)
264,000
56,900
Blueprint
Medicines (2)
1,920,845
86,419
C4
Therapeutics (2)
1,765,216
5,543
Centessa
Pharmaceuticals,
ADR (2)
1,011,499
3,894
Cerevel
Therapeutics
Holdings (2)
1,741,953
42,486
CRISPR
Therapeutics (2)
243,204
11,000
CureVac (2)
1,399,211
9,753
Day
One
Biopharmaceuticals (2)
989,649
13,232
Denali
Therapeutics (2)
1,306,980
30,113
Dynamics
Special
Purpose,
Acquisition
Date:
12/20/21,
Cost $— (1)(2)
162,684
182
Entrada
Therapeutics (2)
1,783,501
25,861
EQRx,
Warrants,
12/20/26 (2)
302,672
55
Exelixis (2)
1,171,308
22,735
Generation
Bio (2)
4,055,963
17,441
Gossamer
Bio (2)
476,414
600
Gyroscope
Therapeutics,
Milestone
Payment
1,
Acquisition
Date:
2/18/22,
Cost $8,140 (1)(2)(3)
8,139,642
3,988
Gyroscope
Therapeutics,
Milestone
Payment
2,
Acquisition
Date:
2/18/22,
Cost $5,425 (1)(2)(3)
5,424,598
1,465
Gyroscope
Therapeutics,
Milestone
Payment
3,
Acquisition
Date:
2/18/22,
Cost $5,425 (1)(2)(3)
5,424,598
1,410
Ideaya
Biosciences (2)
1,207,634
16,581
IGM
Biosciences (2)
1,203,862
16,541
Immuneering,
Class
A (2)
1,295,586
12,580
Incyte (2)
352,644
25,486
Insmed (2)
4,198,680
71,588
T.
ROWE
PRICE
New
Horizons
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Intellia
Therapeutics (2)
749,268
27,925
Ionis
Pharmaceuticals (2)
1,293,043
46,213
Iovance
Biotherapeutics (2)
1,117,328
6,827
IVERIC
bio (2)
2,254,900
54,862
Karuna
Therapeutics (2)
689,461
125,234
Keros
Therapeutics (2)
712,600
30,428
Kymera
Therapeutics (2)
2,468,519
73,142
Leap
Therapeutics,
Acquisition
Date:
9/28/20,
Cost $1,000 (1)(2)
787,694
254
Lyell
Immunopharma (2)
1,486,753
3,509
Mirati
Therapeutics (2)
469,786
17,467
Monte
Rosa
Therapeutics (2)
1,760,052
13,711
Morphic
Holding (2)
726,233
27,335
Neurocrine
Biosciences (2)
359,052
36,343
Nurix
Therapeutics (2)
1,545,349
13,723
Nuvalent,
Class
A (2)
283,114
7,386
Prime
Medicine (2)
401,372
4,937
Prime
Medicine
Restricted,
Acquisition
Date:
4/19/21,
Cost $10,556 (1)(2)
775,158
9,058
Progenic
Pharmaceuticals,
CVR (3)
1,890,800
2,176
Prometheus
Biosciences (2)
158,437
17,003
Prothena (2)
1,562,121
75,716
PTC
Therapeutics (2)
400,358
19,393
RAPT
Therapeutics (2)
1,905,640
34,968
Relay
Therapeutics (2)
2,661,365
43,833
Replimune
Group (2)
2,377,770
41,991
REVOLUTION
Medicines (2)
1,762,005
38,165
Rocket
Pharmaceuticals (2)
702,711
12,037
Sage
Therapeutics (2)
637,340
26,743
Sana
Biotechnology (2)
1,833,783
5,996
Scholar
Rock,
Warrants,
12/31/25,
Acquisition
Date:
6/17/22,
Cost $— (1)(2)(4)
229,118
820
Scholar
Rock
Holding (2)(4)
3,295,826
26,367
Senti
Biosciences (2)
1,313,785
1,550
Tenaya
Therapeutics (2)
2,430,140
6,926
Ultragenyx
Pharmaceutical (2)
1,312,041
52,613
Xencor (2)
1,187,200
33,111
Zai
Lab,
ADR (2)
923,087
30,702
Zentalis
Pharmaceuticals (2)
973,373
16,742
2,647,294
Health
Care
Equipment
&
Supplies
0.9%
Inari
Medical (2)
554,400
34,229
Novocure (2)
516,870
31,085
Penumbra (2)
207,960
57,956
Shockwave
Medical (2)
372,859
80,847
204,117
T.
ROWE
PRICE
New
Horizons
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Health
Care
Providers
&
Services
0.7%
Capsule,
Acquisition
Date:
4/7/21,
Cost $8,954 (1)(2)(3)
617,863
1,811
Molina
Healthcare (2)
585,838
156,706
158,517
Health
Care
Technology
3.0%
Veeva
Systems,
Class
A (2)
3,852,471
708,046
708,046
Life
Sciences
Tools
&
Services
4.6%
Eurofins
Scientific
(EUR)
1,524,618
102,088
Olink
Holding,
ADR (2)
1,408,978
31,744
Repligen (2)
2,476,781
416,991
Sartorius
Stedim
Biotech
(EUR)
263,480
80,835
West
Pharmaceutical
Services
1,315,387
455,742
1,087,400
Pharmaceuticals
0.7%
Arvinas (2)
1,082,249
29,567
DICE
Therapeutics (2)
1,666,265
47,738
Longboard
Pharmaceuticals (2)
766,138
3,011
Pliant
Therapeutics (2)
894,230
23,787
Reata
Pharmaceuticals,
Class
A (2)
124,800
11,347
Structure
Therapeutics,
ADR (2)
345,413
8,217
Ventyx
Biosciences (2)
1,120,902
37,550
161,217
Total
Health
Care
4,966,591
INDUSTRIALS
&
BUSINESS
SERVICES
24.8%
Commercial
Services
&
Supplies
0.6%
MSA
Safety
13,919
1,858
Rentokil
Initial
(GBP)
18,215,611
133,130
134,988
Construction
&
Engineering
0.7%
WillScot
Mobile
Mini
Holdings (2)
3,608,386
169,161
169,161
Electrical
Equipment
1.8%
Hubbell
1,777,591
432,506
432,506
Ground
Transportation
5.6%
Convoy,
Warrants,
3/15/33,
Acquisition
Date:
3/24/23,
Cost $— (1)
(2)(3)
328,538
—
JB
Hunt
Transport
Services
1,323,516
232,224
Old
Dominion
Freight
Line
1,849,081
630,241
T.
ROWE
PRICE
New
Horizons
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Saia (2)(4)
1,717,242
467,227
1,329,692
Industrial
Conglomerates
2.4%
Roper
Technologies
1,298,156
572,084
572,084
Machinery
8.7%
Esab
769,151
45,434
IDEX
2,729,839
630,674
Ingersoll
Rand
10,989,152
639,349
RBC
Bearings (2)
1,424,260
331,468
Toro
3,732,990
414,959
2,061,884
Passenger
Airlines
0.0%
Wheels
Up
Earnout,
Acquisition
Date:
7/23/21,
Cost $— (1)(2)
10,493,182
3
Wheels
Up
Earnout,
Acquisition
Date:
7/23/21,
Cost $— (1)(2)
10,493,182
2
Wheels
Up
Earnout,
Acquisition
Date:
7/23/21,
Cost $— (1)(2)
10,493,182
2
7
Professional
Services
2.3%
Booz
Allen
Hamilton
Holding
5,184,821
480,581
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $18,150 (1)(2)
(3)(4)
2,653,566
14,329
CoStar
Group (2)
715,760
49,280
544,190
Trading
Companies
&
Distributors
2.7%
SiteOne
Landscape
Supply (2)(4)
4,275,767
585,224
Xometry,
Class
A (2)
4,010,801
60,042
645,266
Total
Industrials
&
Business
Services
5,889,778
INFORMATION
TECHNOLOGY
33.1%
Electronic
Equipment,
Instruments
&
Components
3.2%
Novanta (2)
488,259
77,677
Teledyne
Technologies (2)
1,536,669
687,444
765,121
IT
Services
6.2%
Endava,
ADR (2)(4)
6,790,877
456,211
Globant (2)(4)
2,692,527
441,601
MongoDB (2)
2,368,619
552,173
ServiceTitan,
Acquisition
Date:
11/9/18
-
5/4/21,
Cost $4,778 (1)
(2)(3)
122,485
7,693
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $9,168 (1)(2)(3)
408,330
7,277
1,464,955
T.
ROWE
PRICE
New
Horizons
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Semiconductors
&
Semiconductor
Equipment
3.8%
Entegris
4,175,826
342,460
MACOM
Technology
Solutions
Holdings (2)
2,553,154
180,865
Monolithic
Power
Systems
740,472
370,636
893,961
Software
19.9%
Atlassian,
Class
A (2)
2,274,333
389,298
BILL
Holdings (2)
6,421,708
521,057
Ceridian
HCM
Holding (2)(4)
10,643,297
779,302
Confluent,
Class
A (2)
1,731,509
41,677
Databricks,
Acquisition
Date:
7/24/20
-
8/28/20,
Cost $5,376 (1)
(2)(3)
335,808
20,149
Datadog,
Class
A (2)
2,790,003
202,722
Descartes
Systems
Group (2)(4)
5,048,717
406,977
Evernote
Adjustment
Escrow (3)
118,614
113
Evernote
Chinese
Cash
Escrow (3)
856,861
814
Evernote
Equity
Holder
Expense
Fund (3)
15,815
15
Gusto,
Acquisition
Date:
8/18/20
-
11/9/20,
Cost $28,448 (1)(2)(3)
2,129,852
40,105
HashiCorp,
Class
A (2)
2,996,000
87,753
HubSpot (2)
1,487,597
637,807
Monday.com (2)
2,063,433
294,555
Paylocity
Holding (2)(4)
3,618,436
719,273
Procore
Technologies (2)
7,846,419
491,421
SentinelOne,
Class
A (2)
3,233,500
52,900
Socure,
Acquisition
Date:
12/22/21,
Cost $2,205 (1)(2)(3)
137,206
1,026
Tanium,
Class
B,
Acquisition
Date:
9/24/20,
Cost $7,493 (1)(2)(3)
657,558
2,900
Zscaler (2)
217,111
25,365
4,715,229
Total
Information
Technology
7,839,266
MATERIALS
0.9%
Chemicals
0.0%
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (1)(2)
217,921
90
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (1)(2)
217,921
82
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (1)(2)
217,921
75
247
Containers
&
Packaging
0.9%
Ball
3,685,365
203,100
203,100
Total
Materials
203,347
Total
Common
Stocks
(Cost
$16,334,121)
21,239,909
T.
ROWE
PRICE
New
Horizons
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CONVERTIBLE
BONDS
0.0%
Convoy,
15.00%,
9/30/26,
Acquisition
Date:
3/24/23,
Cost $2,279 (1)(2)(3)
2,279,182
2,279
Jetclosing,
4.00%,
9/14/23,
Acquisition
Date:
3/14/22,
Cost $2,500 (1)(2)(3)(4)
2,500,000
1,162
Total
Convertible
Bonds
(Cost
$4,779)
3,441
CONVERTIBLE
PREFERRED
STOCKS
5.8%
COMMUNICATION
SERVICES
0.0%
Entertainment
0.0%
Houzz,
Series
D,
Acquisition
Date:
6/3/14,
Cost $19,726 (1)(2)(3)
2,632,810
1,632
OfferUp,
Series
A-2,
Acquisition
Date:
3/6/15,
Cost $6,850 (1)(2)
(3)
1,375,830
935
OfferUp,
Series
C,
Acquisition
Date:
3/6/15,
Cost $11,641 (1)(2)(3)
2,337,940
2,151
OfferUp,
Series
C-1,
Acquisition
Date:
8/26/16,
Cost $4,573 (1)(2)
(3)
682,712
676
OfferUp,
Series
F,
Acquisition
Date:
7/1/20,
Cost $2,026 (1)(2)(3)
884,802
602
5,996
Media
0.0%
DTX,
Series
A-1,
Acquisition
Date:
2/4/22,
Cost $8,815 (1)(2)(3)
4,844,924
8,815
8,815
Total
Communication
Services
14,811
CONSUMER
DISCRETIONARY
1.0%
Hotels,
Restaurants
&
Leisure
0.9%
Cava
Group,
Series
E,
Acquisition
Date:
3/26/21,
Cost $13,294 (1)
(2)(3)
353,270
11,312
Cava
Group,
Series
F,
Acquisition
Date:
3/26/21,
Cost $42,096 (1)
(2)(3)
1,118,688
35,821
Evolve
Vacation
Rental
Network,
Series
4,
Acquisition
Date:
8/15/14,
Cost $906 (1)(2)(3)(4)
718,332
13,900
Evolve
Vacation
Rental
Network,
Series
5,
Acquisition
Date:
11/6/15,
Cost $4,220 (1)(2)(3)(4)
1,727,442
33,426
Evolve
Vacation
Rental
Network,
Series
6,
Acquisition
Date:
1/18/17,
Cost $8,679 (1)(2)(3)(4)
2,218,727
42,932
Evolve
Vacation
Rental
Network,
Series
7,
Acquisition
Date:
1/10/18,
Cost $3,151 (1)(2)(3)(4)
433,698
8,392
Evolve
Vacation
Rental
Network,
Series
8,
Acquisition
Date:
3/29/18
-
6/15/18,
Cost $17,862 (1)(2)(3)(4)
2,098,881
40,613
Evolve
Vacation
Rental
Network,
Series
9,
Acquisition
Date:
5/29/20,
Cost $4,323 (1)(2)(3)(4)
745,950
14,434
200,830
T.
ROWE
PRICE
New
Horizons
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Specialty
Retail
0.1%
Minted,
Series
E,
Acquisition
Date:
10/30/18,
Cost $23,655 (1)(2)
(3)(4)
1,756,494
14,983
14,983
Total
Consumer
Discretionary
215,813
CONSUMER
STAPLES
0.2%
Food
Products
0.2%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $9,028 (1)(2)(3)
488,972
24,463
Farmers
Business
Network,
Series
F,
Acquisition
Date:
7/31/20,
Cost $10,408 (1)(2)(3)
314,865
15,753
Total
Consumer
Staples
40,216
FINANCIALS
0.2%
Capital
Markets
0.1%
Trumid
Holdings,
Series
J-A,
Acquisition
Date:
7/31/20,
Cost $11,909 (1)(2)(3)(5)
24,002
11,034
Trumid
Holdings,
Series
J-B,
Acquisition
Date:
7/31/20,
Cost $7,186 (1)(2)(3)(5)
24,002
11,035
Trumid
Holdings,
Series
L,
Acquisition
Date:
9/15/21,
Cost $3,703 (1)(2)(3)(5)
4,229
1,944
24,013
Insurance
0.1%
Go
Maps,
Series
B,
Acquisition
Date:
12/15/17,
Cost $9,940 (1)
(2)(3)(4)
936,022
9,344
Go
Maps,
Series
B-1,
Acquisition
Date:
5/15/19
-
7/29/20,
Cost $2,147 (1)(2)(3)(4)
167,743
1,675
Go
Maps,
Series
B-3,
Acquisition
Date:
11/21/22,
Cost $4,837 (1)
(2)(3)(4)
605,644
6,046
Jetclosing,
Series
A,
Acquisition
Date:
5/25/18,
Cost $8,916 (1)(2)
(3)(4)
4,570,635
—
Jetclosing,
Series
B-1,
Acquisition
Date:
7/13/20
-
2/25/21,
Cost $8,764 (1)(2)(3)(4)
6,554,775
—
Jetclosing,
Series
B-2,
Acquisition
Date:
2/6/20,
Cost $1,328 (1)
(2)(3)(4)
1,168,452
—
17,065
Total
Financials
41,078
HEALTH
CARE
2.0%
Biotechnology
1.2%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $15,671 (1)(2)(3)
5,677,732
37,359
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $27,023 (1)(2)(3)
3,336,170
21,952
T.
ROWE
PRICE
New
Horizons
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Eikon
Therapeutics,
Series
B,
Acquisition
Date:
12/3/21,
Cost $26,128 (1)(2)(3)
1,477,112
26,128
Genesis
Therapeutics,
Series
A,
Acquisition
Date:
11/24/20,
Cost $6,008 (1)(2)(3)(4)
1,176,193
6,007
Genesis
Therapeutics,
Series
A-2,
Acquisition
Date:
11/24/20,
Cost $391 (1)(2)(3)(4)
76,477
391
Insitro,
Series
B,
Acquisition
Date:
5/21/20,
Cost $7,412 (1)(2)(3)
1,189,622
21,759
Insitro,
Series
C,
Acquisition
Date:
4/7/21,
Cost $15,759 (1)(2)(3)
861,590
15,759
Leap
Therapeutics,
Acquisition
Date:
9/28/20,
Cost $6,120 (1)(2)
4,819
1,557
Leap
Therapeutics,
Hold-Back
Shares,
Acquisition
Date:
9/28/20,
Cost $794 (1)(2)
625
191
Ring
Therapeutics,
Series
B,
Acquisition
Date:
4/12/21,
Cost $13,087 (1)(2)(3)
1,422,490
13,087
Tempus
Labs,
Series
D,
Acquisition
Date:
3/16/18,
Cost $8,531 (1)
(2)(3)
910,093
53,586
Tempus
Labs,
Series
E,
Acquisition
Date:
8/23/18,
Cost $11,140 (1)(2)(3)
665,388
40,216
Tempus
Labs,
Series
F,
Acquisition
Date:
4/30/19,
Cost $4,400 (1)
(2)(3)
177,721
10,884
Tempus
Labs,
Series
G,
Acquisition
Date:
2/6/20,
Cost $4,335 (1)
(2)(3)
113,018
7,005
Tempus
Labs,
Series
G-2,
Acquisition
Date:
11/19/20,
Cost $6,602 (1)(2)(3)
115,207
6,476
Tessera
Therapeutics,
Series
C,
Acquisition
Date:
2/25/22,
Cost $9,702 (1)(2)(3)
474,429
9,702
Treeline
Biosciences,
Series
A,
Acquisition
Date:
4/9/21
-
9/26/22,
Cost $22,682 (1)(2)(3)
2,897,679
22,682
294,741
Health
Care
Equipment
&
Supplies
0.1%
Kardium,
Series
D-5,
Acquisition
Date:
11/29/18,
Cost $8,865 (1)
(2)(3)(4)
9,149,620
9,294
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $18,745 (1)
(2)(3)(4)
18,452,429
18,745
28,039
Health
Care
Providers
&
Services
0.2%
Babyco,
Class
A,
Acquisition
Date:
11/3/17,
Cost $9,057 (1)(2)(3)
(4)(5)
2,611,790
—
Capsule,
Series
1-D,
Acquisition
Date:
4/7/21,
Cost $8,954 (1)(2)
(3)
617,862
1,812
Color
Health,
Series
D,
Acquisition
Date:
12/17/20,
Cost $11,006 (1)(2)(3)
292,304
11,955
Color
Health,
Series
D-1,
Acquisition
Date:
1/13/20
-
12/23/20,
Cost $12,813 (1)(2)(3)
600,689
24,568
Color
Health,
Series
E,
Acquisition
Date:
10/26/21,
Cost $4,422 (1)
(2)(3)
44,229
1,809
40,144
T.
ROWE
PRICE
New
Horizons
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Life
Sciences
Tools
&
Services
0.5%
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $18,372 (1)(2)
(3)
2,080,677
11,610
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $24,828 (1)(2)(3)
1,817,581
110,382
121,992
Total
Health
Care
484,916
INDUSTRIALS
&
BUSINESS
SERVICES
0.5%
Aerospace
&
Defense
0.1%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $18,589 (1)(2)(3)
412,771
13,254
13,254
Air
Freight
&
Logistics
0.1%
FLEXE,
Series
C,
Acquisition
Date:
11/18/20,
Cost $17,689 (1)(2)
(3)
1,453,824
26,140
FLEXE,
Series
D,
Acquisition
Date:
4/7/22,
Cost $9,169 (1)(2)(3)
449,562
8,083
34,223
Ground
Transportation
0.1%
Convoy,
Series
C,
Acquisition
Date:
9/14/18,
Cost $21,158 (1)(2)
(3)
2,979,808
15,435
Convoy,
Series
D,
Acquisition
Date:
10/30/19,
Cost $26,263 (1)(2)
(3)
1,939,655
10,048
Convoy,
Series
E,
Acquisition
Date:
9/30/21,
Cost $10,692 (1)(2)
(3)
648,097
3,357
28,840
Professional
Services
0.2%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $25,265 (1)(2)
(3)(4)
5,552,310
29,983
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $45,551 (1)(2)(3)
(4)
4,517,982
24,397
54,380
Total
Industrials
&
Business
Services
130,697
INFORMATION
TECHNOLOGY
1.9%
IT
Services
0.5%
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20
-
3/3/21,
Cost $13,003 (1)(2)(3)(4)
891,864
16,830
Haul
Hub,
Series
C,
Acquisition
Date:
4/14/22,
Cost $5,451 (1)(2)
(3)(4)
288,891
5,451
ServiceTitan,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $55 (1)
(2)(3)
2,099
132
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $27,048 (1)(2)(3)
1,028,634
64,609
T.
ROWE
PRICE
New
Horizons
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ServiceTitan,
Series
E,
Acquisition
Date:
4/23/20,
Cost $1,606 (1)
(2)(3)
47,506
2,984
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $3,169 (1)
(2)(3)
29,532
1,855
ServiceTitan,
Series
G,
Acquisition
Date:
6/28/21,
Cost $1,631 (1)
(2)(3)
13,714
861
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $2,064 (1)(2)(3)
91,920
1,638
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $205 (1)(2)(3)
9,150
163
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $224 (1)(2)(3)
9,990
178
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $26,118 (1)(2)(3)
1,163,260
20,729
115,430
Software
1.4%
Databricks,
Series
F,
Acquisition
Date:
10/22/19,
Cost $25,522 (1)
(2)(3)
1,782,729
106,964
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $12,785 (1)
(2)(3)
216,243
12,975
Gusto,
Series
B,
Acquisition
Date:
8/18/20,
Cost $6,279 (1)(2)(3)
464,700
8,750
Gusto,
Series
B-2,
Acquisition
Date:
8/18/20,
Cost $11,722 (1)(2)
(3)
867,510
16,335
Gusto,
Series
C,
Acquisition
Date:
7/16/18,
Cost $20,951 (1)(2)(3)
2,755,737
51,891
Gusto,
Series
D,
Acquisition
Date:
7/16/19,
Cost $29,246 (1)(2)(3)
2,196,921
41,368
Lookout,
Series
F,
Acquisition
Date:
3/21/14
-
8/8/14,
Cost $31,937 (1)(2)(3)
2,795,838
6,710
SecurityScorecard,
Series
E,
Acquisition
Date:
3/5/21,
Cost $18,207 (1)(2)(3)(4)
3,604,617
17,591
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $18,216 (1)(2)(3)
2,889,530
29,907
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $2,446 (1)(2)(3)
278,205
2,879
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $2,679 (1)(2)
(3)
166,753
1,247
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $2,199 (1)
(2)(3)
136,862
1,024
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $40 (1)(2)(3)
2,476
18
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $5,097 (1)(2)(3)
317,219
2,373
Tanium,
Series
G,
Acquisition
Date:
8/26/15,
Cost $31,923 (1)(2)
(3)
6,430,431
28,358
328,390
Total
Information
Technology
443,820
Total
Convertible
Preferred
Stocks
(Cost
$1,027,033)
1,371,351
T.
ROWE
PRICE
New
Horizons
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
PREFERRED
STOCKS
1.2%
HEALTH
CARE
1.2%
Life
Sciences
Tools
&
Services
1.2%
Sartorius
(EUR)
660,380
278,321
Total
Health
Care
278,321
Total
Preferred
Stocks
(Cost
$139,831)
278,321
SHORT-TERM
INVESTMENTS
2.9%
Money
Market
Funds
2.9%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (4)(6)
689,640,822
689,641
Total
Short-Term
Investments
(Cost
$689,641)
689,641
Total
Investments
in
Securities
99.7%
(Cost
$18,195,405)
$
23,582,663
Other
Assets
Less
Liabilities
0.3%
60,885
Net
Assets
100.0%
$
23,643,548
‡
Shares/Par
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$1,637,423
and
represents
6.9%
of
net
assets.
(2)
Non-income
producing
(3)
Level
3
in
fair
value
hierarchy.
(4)
Affiliated
Companies
(5)
Investment
in
a
partnership
held
indirectly
through
a
limited
liability
company
that
is
owned
by
the
fund
and
treated
as
a
corporation
for
U.S.
tax
purposes.
(6)
Seven-day
yield
ADR
American
Depositary
Receipts
CVR
Contingent
Value
Rights
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
EUR
Euro
GBP
British
Pound
T.
ROWE
PRICE
New
Horizons
Fund
13
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
March
31,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
Babyco,
Class
A
$
—
$
—
$
—
Burlington
Stores
87,485
(66,051)
—
Ceridian
HCM
Holding
(1,604)
111,255
—
Checkr
—
(6,103)
—
Checkr,
Series
C
—
(12,770)
—
Checkr,
Series
D
—
(10,391)
—
Descartes
Systems
Group
12,480
52,829
—
Endava,
ADR
238
(64,733)
—
Entegris
(74,120)
209,397
796
Evolve
Vacation
Rental
Network,
Series
4
—
—
—
Evolve
Vacation
Rental
Network,
Series
5
—
—
—
Evolve
Vacation
Rental
Network,
Series
6
—
—
—
Evolve
Vacation
Rental
Network,
Series
7
—
—
—
Evolve
Vacation
Rental
Network,
Series
8
—
—
—
Evolve
Vacation
Rental
Network,
Series
9
—
—
—
Five
Below
4
13,997
—
Floor
&
Decor
Holdings,
Class
A
(3,463)
171,224
—
Genesis
Therapeutics,
Series
A
—
(1)
—
Genesis
Therapeutics,
Series
A-2
—
—
—
Globant
15
(9,303)
—
Go
Maps,
Series
B
—
—
—
Go
Maps,
Series
B-1
—
—
—
Go
Maps,
Series
B-3
—
—
—
Haul
Hub,
Series
B
—
—
—
Haul
Hub,
Series
C
—
—
—
HubSpot
75,387
207,778
—
Jetclosing,
4.00%,
9/14/23
—
—
25
Jetclosing,
Series
A
—
—
—
Jetclosing,
Series
B-1
—
—
—
Jetclosing,
Series
B-2
—
—
—
Kardium,
Series
D-5
—
—
—
Kardium,
Series
D-6
—
—
—
Minted,
Series
E
—
(8,818)
—
Paylocity
Holding
41,264
(13,517)
—
T.
ROWE
PRICE
New
Horizons
Fund
14
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
RBC
Bearings
$
(3,578)
$
56,456
$
—
Repligen
(13,452)
20,481
—
Saia
8,677
129,249
—
Scholar
Rock,
Warrants,
12/31/25
—
(342)
—
Scholar
Rock
Holding
16
(3,470)
—
SecurityScorecard,
Series
E
—
—
—
SiteOne
Landscape
Supply
(14,171)
90,327
—
Wingstop
31,555
43,500
180
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
—
—
7,916
Totals
$
146,733#
$
910,994
$
8,917+
T.
ROWE
PRICE
New
Horizons
Fund
15
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
03/31/23
Babyco,
Class
A
$
—
$
—
$
—
$
—
Burlington
Stores
669,300
124,070
318,475
*
Ceridian
HCM
Holding
733,642
36,763
102,358
779,302
Checkr
20,432
—
—
14,329
Checkr,
Series
C
42,753
—
—
29,983
Checkr,
Series
D
34,788
—
—
24,397
Descartes
Systems
Group
451,675
—
97,527
406,977
Endava,
ADR
504,688
16,384
128
456,211
Entegris
518,485
4,373
389,795
*
Evolve
Vacation
Rental
Network,
Series
4
13,900
—
—
13,900
Evolve
Vacation
Rental
Network,
Series
5
33,426
—
—
33,426
Evolve
Vacation
Rental
Network,
Series
6
42,932
—
—
42,932
Evolve
Vacation
Rental
Network,
Series
7
8,392
—
—
8,392
Evolve
Vacation
Rental
Network,
Series
8
40,613
—
—
40,613
Evolve
Vacation
Rental
Network,
Series
9
14,434
—
—
14,434
Five
Below
—
613,474
49
627,422
Floor
&
Decor
Holdings,
Class
A
412,359
29,616
51,529
561,670
Genesis
Therapeutics,
Series
A
6,008
—
—
6,007
Genesis
Therapeutics,
Series
A-2
391
—
—
391
Globant
407,574
43,609
279
441,601
Go
Maps,
Series
B
9,344
—
—
9,344
Go
Maps,
Series
B-1
1,675
—
—
1,675
Go
Maps,
Series
B-3
6,046
—
—
6,046
Haul
Hub,
Series
B
16,830
—
—
16,830
Haul
Hub,
Series
C
5,451
—
—
5,451
HubSpot
706,705
14,148
290,824
*
Jetclosing,
4.00%,
9/14/23
1,162
—
—
1,162
Jetclosing,
Series
A
—
—
—
—
Jetclosing,
Series
B-1
—
—
—
—
Jetclosing,
Series
B-2
—
—
—
—
Kardium,
Series
D-5
9,294
—
—
9,294
Kardium,
Series
D-6
18,745
—
—
18,745
T.
ROWE
PRICE
New
Horizons
Fund
16
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
03/31/23
Minted,
Series
E
$
23,801
$
—
$
—
$
14,983
Paylocity
Holding
743,473
29,976
40,659
719,273
RBC
Bearings
454,861
—
179,849
*
Repligen
601,780
14,874
220,144
*
Saia
433,878
5,050
100,950
467,227
Scholar
Rock,
Warrants,
12/31/25
1,162
—
—
820
Scholar
Rock
Holding
29,848
—
11
26,367
SecurityScorecard,
Series
E
17,591
—
—
17,591
SiteOne
Landscape
Supply
482,105
51,376
38,584
585,224
Wingstop
255,281
—
181,757
*
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
399,266
¤
¤
689,641
Total
$
6,091,660^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$8,892
of
dividend
income
and
$25
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$5,112,804.
*
On
the
date
indicated,
issuer
was
held
but
not
considered
an
affiliated
company.
T.
ROWE
PRICE
New
Horizons
Fund
Unaudited
Notes
to
Portfolio
of
Investments
17
T.
Rowe
Price
New
Horizons
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
New
Horizons
Fund
18
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
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
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of its portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
T.
ROWE
PRICE
New
Horizons
Fund
19
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
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
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
New
Horizons
Fund
20
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
March
31,
2023.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
March
31,
2023,
totaled $(37,606,000) for
the
period ended
March
31,
2023.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
20,658,107
$
326,731
$
255,071
$
21,239,909
Convertible
Bonds
—
—
3,441
3,441
Convertible
Preferred
Stocks
—
1,748
1,369,603
1,371,351
Preferred
Stocks
—
278,321
—
278,321
Short-Term
Investments
689,641
—
—
689,641
Total
$
21,347,748
$
606,800
$
1,628,115
$
23,582,663
($000s)
Beginning
Balance
12/31/22
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
3/31/23
Investment
in
Securities
Common
Stocks
$
256,024
$
24,159
$
991
$
(26,103)
$
255,071
Convertible
Bonds
1,162
—
2,279
—
3,441
Convertible
Preferred
Stocks
1,437,295
(59,372)
8,954
(17,274)
1,369,603
Total
$
1,694,481
$
(35,213)
$
12,224
$
(43,377)
$
1,628,115
T.
ROWE
PRICE
New
Horizons
Fund
21
In
accordance
with
GAAP,
the
following
table
provides
quantitative
information
about
significant
unobservable
inputs
used
to
determine
the
fair
valuations
of
the
fund’s
Level
3
assets,
by
class
of
financial
instrument.
Because
the
Valuation
Designee considers
a
wide
variety
of
factors
and
inputs,
both
observable
and
unobservable,
in
determining
fair
values,
the
unobservable
inputs
presented
do
not
reflect
all
inputs
significant
to
the
fair
value
determination.
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Common
Stocks
$255,071
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
uncertainty
5%
-
100%
54%
Decrease
Expected
present
value
Discount
rate
for
cost
of
equity
5%
-
11%
6%
Decrease
Timing
of
events
2.08
yrs
2.08
yrs
Decrease
Discount
for
lack
of
collectability
50%
50%
Decrease
Market
comparable
Probability
for
potential
outcome
25%
-
40%
33%
Increase
Enterprise
value
to
sales
multiple
1.1x
-
14.3x
7.8x
Increase
Sales
growth
rate
10%
-
168%
38%
Increase
Enterprise
value
to
gross
profit
multiple
1.5x
-
18.4x
10.2x
Increase
Gross
profit
growth
rate
11%
-
34%
32%
Increase
T.
ROWE
PRICE
New
Horizons
Fund
22
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Enterprise
value
to
EBITDA
multiple
7.5x
-
9.5x
8.5x
Increase
EBITDA
growth
rate
(47%)
(47%)
Increase
Projected
enterprise
value
to
EBITDA
multiple
12.0x
12.0x
Increase
Enterprise
value
to
gross
merchandise
value
0.4x
0.4x
Increase
Enterprise
value
to
billings
multiple
5.4x
5.4x
Increase
Discount
rate
for
cost
of
capital
13%
13%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Options
pricing
model
Private
company
valuation
—#
—#
—#
Risk-free
rate
4%
4%
Increase
Volatility
55%
55%
Increase
Convertible
Bonds
$3,441
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
T.
ROWE
PRICE
New
Horizons
Fund
23
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Estimated
liquidation
value
—#
—#
—#
Decrease
Convertible
Preferred
Stocks
$1,369,603
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Premium
for
cumulative
preferred
dividend
rights
3%
-
8%
4%
Increase
Discount
for
cumulative
preferred
dividend
rights
2%
2%
Decrease
Market
comparable
Probability
for
potential
outcome
25%
-
40%
33%
Increase
Enterprise
value
to
sales
multiple
0.8x
-
14.3x
5.3x
Increase
Sales
growth
rate
(58%)
-
266%
31%
Increase
Enterprise
value
to
gross
profit
multiple
1.5x
-
18.4x
7.8x
Increase
Gross
profit
growth
rate
8%
-
57%
30%
Increase
Enterprise
value
to
EBITDA
multiple
7.5x
-
23.3x
17.9x
Increase
EBITDA
growth
rate
65%
-
93%
87%
Increase
T.
ROWE
PRICE
New
Horizons
Fund
24
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Projected
enterprise
value
to
EBITDA
multiple
15.1x
15.1x
Increase
Projected
enterprise
value
to
sales
multiple
0.8x
0.8x
Increase
Enterprise
value
to
gross
merchandise
value
0.4x
0.4x
Increase
Enterprise
value
to
billings
multiple
5.1x
-
6.0x
5.4x
Increase
Billings
growth
rate
15%
15%
Increase
Discount
rate
for
cost
of
capital
30%
-
40%
33%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Estimated
liquidation
value
—#
—#
—#
Decrease
Discount
for
lack
of
collectability
100%
100%
Decrease
Options
pricing
model
Private
company
valuation
—#
—#
—#
Risk-free
rate
4%
4%
Increase
Volatility
55%
55%
Increase
T.
ROWE
PRICE
New
Horizons
Fund
25
+
Valuation
techniques
may
change
in
order
to
reflect the
Valuation
Designee’s
judgment
of
current
market
participant
assumptions.
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
Valuation
Designee.
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F42-054Q1
03/23