T.
ROWE
PRICE
New
Horizons
Fund
September
30,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
90.9%
COMMUNICATION
SERVICES
0.0%
Diversified
Telecommunication
Services
0.0%
GCI
Liberty,
Class
A,
EC (1)
6,047,898
—
—
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
699
769
Total
Communication
Services
769
CONSUMER
DISCRETIONARY
6.7%
Automobile
Components
0.0%
Atmus
Filtration
Technologies (2)
566,524
11,812
11,812
Diversified
Consumer
Services
0.1%
Duolingo (2)
90,596
15,027
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (2)(3)
4,399,933
188
15,215
Hotels,
Restaurants
&
Leisure
1.6%
Cava
Group (2)
292,730
8,966
Cava
Group,
Acquisition
Date:
3/26/21,
Cost $44,312 (2)(3)
3,532,700
108,207
Wingstop
1,448,691
260,532
377,705
Household
Durables
0.6%
NVR (2)
24,165
144,103
144,103
Specialty
Retail
4.2%
Five
Below (2)(4)
3,314,046
533,230
Floor
&
Decor
Holdings,
Class
A (2)
4,854,318
439,316
Framebridge,
EC,
Acquisition
Date:
5/19/20
-
9/15/21,
Cost $2,186 (1)(2)(3)
2,186,159
984
973,530
Textiles,
Apparel
&
Luxury
Goods
0.2%
Moncler
(EUR)
714,976
41,436
41,436
Total
Consumer
Discretionary
1,563,801
T.
ROWE
PRICE
New
Horizons
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CONSUMER
STAPLES
0.4%
Food
Products
0.0%
Farmers
Business
Network,
Acquisition
Date:
11/3/17
-
7/31/20,
Cost $19,384 (1)(2)(3)
801,662
4,185
4,185
Personal
Care
Products
0.4%
elf
Beauty (2)
763,476
83,853
83,853
Total
Consumer
Staples
88,038
ENERGY
0.5%
Energy
Equipment
&
Services
0.5%
Noble
1,634,013
82,763
Weatherford
International (2)
378,865
34,223
Total
Energy
116,986
FINANCIALS
0.9%
Financial
Services
0.9%
FleetCor
Technologies (2)
250,464
63,954
Toast,
Class
A (2)
8,093,397
151,589
Total
Financials
215,543
HEALTH
CARE
21.0%
Biotechnology
11.1%
ACADIA
Pharmaceuticals (2)
1,710,563
35,648
Acerta
Future
Payments,
EC,
Acquisition
Date:
6/30/21,
Cost $8,852 (1)(2)(3)
8,851,872
8,409
Agios
Pharmaceuticals (2)
577,025
14,281
Akero
Therapeutics (2)
1,822,739
92,194
Allakos (2)
3,464,613
7,865
Alnylam
Pharmaceuticals (2)
1,496,041
264,949
Alpine
Immune
Sciences (2)
868,022
9,939
Apellis
Pharmaceuticals (2)
566,828
21,562
Arcellx (2)
371,917
13,344
Argenx,
ADR (2)
1,080,026
530,973
Ascendis
Pharma,
ADR (2)
844,247
79,055
Avidity
Biosciences (2)
3,355,873
21,411
BeiGene,
ADR (2)
276,200
49,680
Blueprint
Medicines (2)
2,099,006
105,412
C4
Therapeutics (2)
1,764,056
3,281
Centessa
Pharmaceuticals,
ADR (2)
1,010,699
6,539
Cerevel
Therapeutics
Holdings (2)
1,887,585
41,206
Crinetics
Pharmaceuticals (2)
1,333,578
39,661
CureVac (2)
1,398,311
9,550
Cymabay
Therapeutics (2)
722,396
10,771
T.
ROWE
PRICE
New
Horizons
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Day
One
Biopharmaceuticals (2)
1,263,473
15,503
Denali
Therapeutics (2)
1,201,721
24,792
Disc
Medicine (2)
301,138
14,147
Entrada
Therapeutics (2)
1,782,330
28,161
EQRx,
Warrants,
12/20/26 (2)
302,672
12
Generation
Bio (2)
4,053,298
15,362
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)
1,589,963
42,897
IGM
Biosciences (2)
1,872,456
15,635
Immatics (2)
425,000
4,922
Immuneering,
Class
A (2)
1,515,381
11,638
Immunocore
Holdings,
ADR (2)
267,200
13,868
ImmunoGen (2)
648,356
10,289
Immunovant (2)
176,321
6,769
Insmed (2)
4,612,710
116,471
Intellia
Therapeutics (2)
915,619
28,952
Ionis
Pharmaceuticals (2)
1,120,349
50,819
Karuna
Therapeutics (2)
686,904
116,149
Keros
Therapeutics (2)
814,181
25,956
Kymera
Therapeutics (2)
2,677,387
37,216
Leap
Therapeutics,
Acquisition
Date:
9/28/20,
Cost $794 (2)(3)
62,500
78
Legend
Biotech,
ADR (2)
391,230
26,279
Mirati
Therapeutics (2)
414,414
18,052
Monte
Rosa
Therapeutics (2)
1,995,266
9,557
MoonLake
Immunotherapeutics (2)
677,069
38,593
Morphic
Holding (2)
935,914
21,442
Neurocrine
Biosciences (2)
268,140
30,166
Nurix
Therapeutics (2)
1,326,610
10,427
Nuvalent,
Class
A (2)
282,929
13,006
Prime
Medicine (2)
1,175,757
11,217
Prothena (2)
1,700,253
82,037
RAPT
Therapeutics (2)
2,021,130
33,591
RayzeBio (2)
407,774
9,053
Relay
Therapeutics (2)
3,111,055
26,164
Replimune
Group (2)
2,444,774
41,830
REVOLUTION
Medicines (2)
1,734,294
48,005
Rocket
Pharmaceuticals (2)
856,745
17,555
Sana
Biotechnology (2)
2,059,966
7,972
Scholar
Rock,
Warrants,
12/31/25,
Acquisition
Date:
6/17/22,
Cost $— (2)(3)(4)
229,118
638
Scholar
Rock
Holding (2)(4)
3,293,660
23,385
T.
ROWE
PRICE
New
Horizons
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Senti
Biosciences (2)
1,388,791
590
SpringWorks
Therapeutics (2)
406,536
9,399
Tenaya
Therapeutics (2)
2,428,543
6,193
Ultragenyx
Pharmaceutical (2)
932,755
33,253
Vaxcyte (2)
883,540
45,043
Xencor (2)
1,186,420
23,906
Zai
Lab,
ADR (2)
922,487
22,426
Zentalis
Pharmaceuticals (2)
1,076,083
21,586
2,583,594
Health
Care
Equipment
&
Supplies
0.2%
Novocure (2)
467,070
7,543
Shockwave
Medical (2)
232,511
46,293
53,836
Health
Care
Providers
&
Services
1.2%
Capsule,
Acquisition
Date:
4/7/21,
Cost $8,954 (1)(2)(3)
617,863
1,811
Molina
Healthcare (2)
882,169
289,255
291,066
Health
Care
Technology
3.0%
Veeva
Systems,
Class
A (2)
3,452,426
702,396
702,396
Life
Sciences
Tools
&
Services
4.8%
Bio-Techne
2,156,005
146,759
Eurofins
Scientific
(EUR)
2,012,782
113,435
Olink
Holding,
ADR (2)
1,408,078
20,769
Repligen (2)
2,456,559
390,618
Sartorius
Stedim
Biotech
(EUR)
263,306
62,641
West
Pharmaceutical
Services
1,047,846
393,162
1,127,384
Pharmaceuticals
0.7%
Arvinas (2)
1,246,330
24,478
EyePoint
Pharmaceuticals (2)
674,339
5,388
Longboard
Pharmaceuticals (2)
765,635
4,257
Pliant
Therapeutics (2)
1,585,629
27,495
Structure
Therapeutics,
ADR (2)
709,313
35,763
Ventyx
Biosciences (2)
1,720,586
59,756
157,137
Total
Health
Care
4,915,413
INDUSTRIALS
&
BUSINESS
SERVICES
31.8%
Commercial
Services
&
Supplies
0.8%
MSA
Safety
263,632
41,562
Rentokil
Initial
(GBP)
18,203,640
135,155
176,717
T.
ROWE
PRICE
New
Horizons
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Construction
&
Engineering
1.2%
WillScot
Mobile
Mini
Holdings (2)
6,930,603
288,244
288,244
Electrical
Equipment
1.9%
Hubbell
1,385,114
434,109
434,109
Ground
Transportation
5.1%
Convoy,
Warrants,
3/15/33,
Acquisition
Date:
3/24/23,
Cost $— (1)
(2)(3)
328,538
—
JB
Hunt
Transport
Services
872,677
164,517
Old
Dominion
Freight
Line
1,441,502
589,776
Saia (2)
1,109,555
442,324
1,196,617
Industrial
Conglomerates
2.7%
Roper
Technologies
1,322,590
640,504
640,504
Machinery
8.1%
Esab
954,029
66,992
IDEX
2,698,748
561,393
Ingersoll
Rand
10,318,877
657,519
RBC
Bearings (2)
1,322,275
309,584
Toro
3,730,537
310,008
1,905,496
Passenger
Airlines
0.0%
Wheels
Up
Earnout,
Acquisition
Date:
7/23/21,
Cost $— (1)(2)(3)
1,049,318
—
Wheels
Up
Earnout,
Acquisition
Date:
7/23/21,
Cost $— (1)(2)(3)
1,049,318
—
Wheels
Up
Earnout,
Acquisition
Date:
7/23/21,
Cost $— (1)(2)(3)
1,049,318
—
—
Professional
Services
8.7%
Booz
Allen
Hamilton
Holding
4,673,160
510,636
Ceridian
HCM
Holding (2)(4)
11,210,773
760,651
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $18,150 (1)(2)
(3)(4)
2,653,566
14,329
Paylocity
Holding (2)(4)
4,166,762
757,101
2,042,717
Trading
Companies
&
Distributors
3.3%
SiteOne
Landscape
Supply (2)(4)
4,430,889
724,229
Xometry,
Class
A (2)
2,135,388
36,259
760,488
Total
Industrials
&
Business
Services
7,444,892
T.
ROWE
PRICE
New
Horizons
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
INFORMATION
TECHNOLOGY
29.5%
Electronic
Equipment,
Instruments
&
Components
3.2%
Novanta (2)
487,938
69,990
Teledyne
Technologies (2)
1,633,208
667,296
737,286
IT
Services
6.8%
Endava,
ADR (2)(4)
6,919,877
396,855
Globant (2)(4)
3,699,927
732,030
MongoDB (2)
1,310,282
453,174
ServiceTitan,
Acquisition
Date:
11/9/18
-
5/4/21,
Cost $4,411 (1)
(2)(3)
118,816
8,663
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $9,168 (1)(2)(3)
408,330
7,991
1,598,713
Semiconductors
&
Semiconductor
Equipment
3.0%
Entegris
5,323,639
499,943
Lattice
Semiconductor (2)
694,258
59,657
Monolithic
Power
Systems
292,110
134,955
694,555
Software
16.5%
Atlassian,
Class
A (2)
2,428,630
489,393
BILL
Holdings (2)
6,511,990
707,007
Confluent,
Class
A (2)
2,086,602
61,784
Databricks,
Acquisition
Date:
7/24/20
-
8/28/20,
Cost $5,376 (1)
(2)(3)
335,808
24,682
Datadog,
Class
A (2)
4,641,207
422,768
Descartes
Systems
Group (2)(4)
4,220,022
309,665
Dynatrace (2)
1,149,672
53,724
Evernote
Chinese
Cash
Escrow,
EC (1)
429,118
408
Evernote
Equity
Holder
Expense
Fund,
EC (1)
15,815
15
Gusto,
Acquisition
Date:
8/18/20
-
11/9/20,
Cost $28,448 (1)(2)(3)
2,129,852
32,757
HubSpot (2)
1,265,403
623,211
Monday.com (2)
2,340,938
372,724
Procore
Technologies (2)
8,315,567
543,173
Samsara,
Class
A (2)
8,025,995
202,335
Socure,
Acquisition
Date:
12/22/21,
Cost $2,205 (1)(2)(3)
137,206
753
Tanium,
Class
B,
Acquisition
Date:
9/24/20,
Cost $7,493 (1)(2)(3)
657,558
2,900
Zscaler (2)
56,023
8,717
3,856,016
Total
Information
Technology
6,886,570
MATERIALS
0.1%
Chemicals
0.0%
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (2)(3)
217,921
102
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (2)(3)
217,921
90
T.
ROWE
PRICE
New
Horizons
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (2)(3)
217,921
81
273
Metals
&
Mining
0.1%
Reliance
Steel
&
Aluminum
96,045
25,186
25,186
Total
Materials
25,459
Total
Common
Stocks
(Cost
$16,610,996)
21,257,471
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%,
12/31/23,
Acquisition
Date:
3/14/22,
Cost $2,500 (1)(2)(3)
2,500,000
1,162
Total
Convertible
Bonds
(Cost
$4,779)
3,441
CONVERTIBLE
PREFERRED
STOCKS
4.9%
COMMUNICATION
SERVICES
0.0%
Entertainment
0.0%
Houzz,
Series
D,
Acquisition
Date:
6/3/14,
Cost $19,726 (1)(2)(3)
2,632,810
1,237
OfferUp,
Series
A-2,
Acquisition
Date:
3/6/15,
Cost $6,850 (1)(2)
(3)
1,375,830
949
OfferUp,
Series
C,
Acquisition
Date:
3/6/15,
Cost $11,641 (1)(2)(3)
2,337,940
2,174
OfferUp,
Series
C-1,
Acquisition
Date:
8/26/16,
Cost $4,573 (1)(2)
(3)
682,712
683
OfferUp,
Series
F,
Acquisition
Date:
7/1/20,
Cost $2,026 (1)(2)(3)
884,802
611
5,654
Media
0.0%
DTX,
Series
A-1,
Acquisition
Date:
2/4/22,
Cost $8,815 (1)(2)(3)
4,844,924
1,357
1,357
Total
Communication
Services
7,011
CONSUMER
DISCRETIONARY
0.6%
Hotels,
Restaurants
&
Leisure
0.5%
Evolve
Vacation
Rental
Network,
Series
4,
Acquisition
Date:
8/15/14,
Cost $906 (1)(2)(3)(4)
718,332
10,746
Evolve
Vacation
Rental
Network,
Series
5,
Acquisition
Date:
11/6/15,
Cost $4,220 (1)(2)(3)(4)
1,727,442
25,843
Evolve
Vacation
Rental
Network,
Series
6,
Acquisition
Date:
1/18/17,
Cost $8,679 (1)(2)(3)(4)
2,218,727
33,192
Evolve
Vacation
Rental
Network,
Series
7,
Acquisition
Date:
1/10/18,
Cost $3,151 (1)(2)(3)(4)
433,698
6,488
T.
ROWE
PRICE
New
Horizons
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Evolve
Vacation
Rental
Network,
Series
8,
Acquisition
Date:
3/29/18
-
6/15/18,
Cost $17,862 (1)(2)(3)(4)
2,098,881
31,399
Evolve
Vacation
Rental
Network,
Series
9,
Acquisition
Date:
5/29/20,
Cost $4,323 (1)(2)(3)(4)
745,950
11,160
118,828
Specialty
Retail
0.1%
Minted,
Series
E,
Acquisition
Date:
10/30/18,
Cost $23,655 (1)(2)
(3)(4)
1,756,494
19,655
19,655
Total
Consumer
Discretionary
138,483
CONSUMER
STAPLES
0.0%
Food
Products
0.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $25 (1)(2)(3)
1,323
7
Farmers
Business
Network,
Series
F,
Acquisition
Date:
7/31/20,
Cost $29 (1)(2)(3)
852
4
Total
Consumer
Staples
11
FINANCIALS
0.1%
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
0.0%
Go
Maps,
Series
B,
Acquisition
Date:
12/15/17,
Cost $9,940 (1)
(2)(3)(4)
936,022
—
Go
Maps,
Series
B-1,
Acquisition
Date:
5/15/19
-
7/29/20,
Cost $2,147 (1)(2)(3)(4)
167,743
—
Go
Maps,
Series
B-3,
Acquisition
Date:
11/21/22,
Cost $4,837 (1)
(2)(3)(4)
605,644
—
Jetclosing,
Series
A,
Acquisition
Date:
5/25/18,
Cost $8,916 (1)
(2)(3)
4,570,635
—
Jetclosing,
Series
B-1,
Acquisition
Date:
7/13/20
-
2/25/21,
Cost $8,764 (1)(2)(3)
6,554,775
—
Jetclosing,
Series
B-2,
Acquisition
Date:
2/6/20,
Cost $1,328 (1)
(2)(3)
1,168,452
—
—
Total
Financials
24,013
T.
ROWE
PRICE
New
Horizons
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
HEALTH
CARE
1.8%
Biotechnology
1.1%
Adarx
Pharma,
Series
C,
Acquisition
Date:
8/2/23,
Cost $10,269 (1)(2)(3)
1,234,213
10,269
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $15,671 (1)(2)(3)
5,677,732
30,376
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $27,023 (1)(2)(3)
3,336,170
17,849
Eikon
Therapeutics,
Series
B,
Acquisition
Date:
12/3/21,
Cost $26,128 (1)(2)(3)
1,477,112
31,756
Eikon
Therapeutics,
Series
C,
Acquisition
Date:
5/18/23,
Cost $6,173 (1)(2)(3)
287,120
6,173
Genesis
Therapeutics,
Series
A,
Acquisition
Date:
11/24/20,
Cost $6,008 (1)(2)(3)(4)
1,176,193
6,008
Genesis
Therapeutics,
Series
A-2,
Acquisition
Date:
11/24/20,
Cost $391 (1)(2)(3)(4)
76,477
391
Genesis
Therapeutics,
Series
B,
Acquisition
Date:
8/10/23,
Cost $3,850 (1)(2)(3)(4)
753,779
3,850
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
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
35,839
Tempus
Labs,
Series
E,
Acquisition
Date:
8/23/18,
Cost $11,140 (1)(2)(3)
665,388
27,560
Tempus
Labs,
Series
F,
Acquisition
Date:
4/30/19,
Cost $4,400 (1)
(2)(3)
177,721
7,589
Tempus
Labs,
Series
G,
Acquisition
Date:
2/6/20,
Cost $4,335 (1)
(2)(3)
113,018
4,995
Tempus
Labs,
Series
G-2,
Acquisition
Date:
11/19/20,
Cost $6,602 (1)(2)(3)
115,207
4,154
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
269,798
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
T.
ROWE
PRICE
New
Horizons
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Health
Care
Providers
&
Services
0.1%
Babyco,
Class
A,
Acquisition
Date:
11/3/17,
Cost $9,057 (1)(2)(3)
(5)
2,611,790
—
Capsule,
Series
1-D,
Acquisition
Date:
4/7/21,
Cost $8,954 (1)(2)
(3)
617,862
1,811
Color
Health,
Series
D,
Acquisition
Date:
12/17/20,
Cost $11,006 (1)(2)(3)
292,304
5,645
Color
Health,
Series
D-1,
Acquisition
Date:
1/13/20
-
12/23/20,
Cost $12,814 (1)(2)(3)
600,689
8,662
Color
Health,
Series
E,
Acquisition
Date:
10/26/21,
Cost $4,422 (1)
(2)(3)
44,229
1,681
17,799
Life
Sciences
Tools
&
Services
0.5%
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $18,372 (1)(2)
(3)
2,080,677
6,055
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $24,828 (1)(2)(3)
1,817,581
110,381
116,436
Total
Health
Care
432,072
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
14,654
FLEXE,
Series
D,
Acquisition
Date:
4/7/22,
Cost $9,169 (1)(2)(3)
449,562
4,532
19,186
Ground
Transportation
0.1%
Convoy,
Series
C,
Acquisition
Date:
9/14/18,
Cost $21,159 (1)(2)
(3)
2,979,808
8,493
Convoy,
Series
D,
Acquisition
Date:
10/30/19,
Cost $26,263 (1)(2)
(3)
1,939,655
7,739
Convoy,
Series
E,
Acquisition
Date:
9/30/21,
Cost $10,692 (1)(2)
(3)
648,097
2,923
19,155
Professional
Services
0.2%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $25,265 (1)(2)
(3)(4)
5,552,310
29,983
T.
ROWE
PRICE
New
Horizons
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
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
105,975
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
10,782
Haul
Hub,
Series
C,
Acquisition
Date:
4/14/22,
Cost $5,451 (1)(2)
(3)(4)
288,891
3,493
ServiceTitan,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $55 (1)
(2)(3)
2,099
153
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $27,048 (1)(2)(3)
1,028,634
74,998
ServiceTitan,
Series
E,
Acquisition
Date:
4/23/20,
Cost $1,606 (1)
(2)(3)
47,506
3,464
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $3,169 (1)
(2)(3)
29,532
2,153
ServiceTitan,
Series
G,
Acquisition
Date:
6/28/21,
Cost $1,631 (1)
(2)(3)
13,714
1,000
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $2,064 (1)(2)(3)
91,920
1,799
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $205 (1)(2)(3)
9,150
179
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $224 (1)(2)(3)
9,990
195
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $26,118 (1)(2)(3)
1,163,260
22,765
120,981
Software
1.4%
Databricks,
Series
F,
Acquisition
Date:
10/22/19,
Cost $25,522 (1)
(2)(3)
1,782,729
131,031
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $12,785 (1)
(2)(3)
216,243
15,894
Gusto,
Series
B,
Acquisition
Date:
8/18/20,
Cost $6,279 (1)(2)(3)
464,700
7,147
Gusto,
Series
B-2,
Acquisition
Date:
8/18/20,
Cost $11,722 (1)(2)
(3)
867,510
13,342
Gusto,
Series
C,
Acquisition
Date:
7/16/18,
Cost $20,951 (1)(2)(3)
2,755,737
42,383
Gusto,
Series
D,
Acquisition
Date:
7/16/19,
Cost $29,246 (1)(2)(3)
2,196,921
33,789
Lookout,
Series
F,
Acquisition
Date:
3/21/14
-
8/8/14,
Cost $31,937 (1)(2)(3)
2,795,838
6,486
SecurityScorecard,
Series
E,
Acquisition
Date:
3/5/21,
Cost $18,207 (1)(2)(3)
3,604,617
18,384
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $18,216 (1)(2)(3)
2,889,530
20,776
T.
ROWE
PRICE
New
Horizons
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $2,446 (1)(2)(3)
278,205
2,000
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $2,679 (1)(2)
(3)
166,753
915
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $2,199 (1)
(2)(3)
136,862
751
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $40 (1)(2)(3)
2,476
14
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $5,097 (1)(2)(3)
317,219
1,742
Tanium,
Series
G,
Acquisition
Date:
8/26/15,
Cost $31,923 (1)(2)
(3)
6,430,431
28,358
323,012
Total
Information
Technology
443,993
Total
Convertible
Preferred
Stocks
(Cost
$965,637)
1,151,558
PREFERRED
STOCKS
1.0%
HEALTH
CARE
1.0%
Life
Sciences
Tools
&
Services
1.0%
Sartorius
(EUR)
659,947
223,520
Total
Health
Care
223,520
Total
Preferred
Stocks
(Cost
$139,791)
223,520
SHORT-TERM
INVESTMENTS
2.9%
Money
Market
Funds
2.9%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (4)(6)
674,692,797
674,693
Total
Short-Term
Investments
(Cost
$674,693)
674,693
Total
Investments
in
Securities
99.7%
(Cost
$18,395,896)
$
23,310,683
Other
Assets
Less
Liabilities
0.3%
68,735
Net
Assets
100.0%
$
23,379,418
‡
Shares/Par
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Level
3
in
fair
value
hierarchy.
(2)
Non-income
producing
(3)
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
$1,379,479
and
represents
5.9%
of
net
assets.
T.
ROWE
PRICE
New
Horizons
Fund
13
.
.
.
.
.
.
.
.
.
.
(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
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
14
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
nine
months
ended
September
30,
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
$
—
$
—
$
—
Ceridian
HCM
Holding
(1,283)
53,490
—
Checkr
—
(6,103)
—
Checkr,
Series
C
—
(12,770)
—
Checkr,
Series
D
—
(10,391)
—
Descartes
Systems
Group
36,471
(1,892)
—
Endava,
ADR
355
(130,977)
—
Entegris
(77,504)
249,880
1,641
Evolve
Vacation
Rental
Network,
Series
4
—
(3,154)
—
Evolve
Vacation
Rental
Network,
Series
5
—
(7,583)
—
Evolve
Vacation
Rental
Network,
Series
6
—
(9,740)
—
Evolve
Vacation
Rental
Network,
Series
7
—
(1,904)
—
Evolve
Vacation
Rental
Network,
Series
8
—
(9,214)
—
Evolve
Vacation
Rental
Network,
Series
9
—
(3,274)
—
Five
Below
8
(127,286)
—
Floor
&
Decor
Holdings,
Class
A
3,258
128,407
—
Genesis
Therapeutics,
Series
A
—
—
—
Genesis
Therapeutics,
Series
A-2
—
—
—
Genesis
Therapeutics,
Series
B
—
—
—
Globant
73
114,216
—
Go
Maps,
Series
B
—
(9,344)
—
Go
Maps,
Series
B-1
—
(1,675)
—
Go
Maps,
Series
B-3
—
(6,046)
—
Haul
Hub,
Series
B
—
(6,048)
—
Haul
Hub,
Series
C
—
(1,958)
—
HubSpot
195,155
187,054
—
Jetclosing,
4.00%,
12/31/23
—
—
75
Jetclosing,
Series
A
—
—
—
Jetclosing,
Series
B-1
—
—
—
Jetclosing,
Series
B-2
—
—
—
Kardium,
Series
D-5
—
—
—
Kardium,
Series
D-6
—
—
—
Minted,
Series
E
—
(4,146)
—
Paylocity
Holding
41,662
(78,283)
—
T.
ROWE
PRICE
New
Horizons
Fund
15
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
RBC
Bearings
$
(4,454)
$
57,982
$
—
Repligen
(14,706)
(247)
—
Saia
125,017
237,848
—
Scholar
Rock,
Warrants,
12/31/25
—
(524)
—
Scholar
Rock
Holding
21
(6,441)
—
SecurityScorecard,
Series
E
—
793
—
SiteOne
Landscape
Supply
(20,056)
215,745
—
Wingstop
31,583
52,118
441
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
—
—
29,399
Affiliates
not
held
at
period
end
248,931
(310,789)
—
Totals
$
564,531#
$
547,744
$
31,556+
T.
ROWE
PRICE
New
Horizons
Fund
16
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
09/30/23
Babyco,
Class
A
$
—
$
—
$
—
$
*
Burlington
Stores
669,300
124,070
482,581
—
Ceridian
HCM
Holding
733,642
76,035
102,516
760,651
Checkr
20,432
—
—
14,329
Checkr,
Series
C
42,753
—
—
29,983
Checkr,
Series
D
34,788
—
—
24,397
Descartes
Systems
Group
451,675
—
140,118
309,665
Endava,
ADR
504,688
23,395
251
396,855
Entegris
518,485
141,204
409,626
*
Evolve
Vacation
Rental
Network,
Series
4
13,900
—
—
10,746
Evolve
Vacation
Rental
Network,
Series
5
33,426
—
—
25,843
Evolve
Vacation
Rental
Network,
Series
6
42,932
—
—
33,192
Evolve
Vacation
Rental
Network,
Series
7
8,392
—
—
6,488
Evolve
Vacation
Rental
Network,
Series
8
40,613
—
—
31,399
Evolve
Vacation
Rental
Network,
Series
9
14,434
—
—
11,160
Five
Below
—
660,953
437
533,230
Floor
&
Decor
Holdings,
Class
A
412,359
58,384
159,834
*
Genesis
Therapeutics,
Series
A
6,008
—
—
6,008
Genesis
Therapeutics,
Series
A-2
391
—
—
391
Genesis
Therapeutics,
Series
B
—
3,850
—
3,850
Globant
407,574
210,829
589
732,030
Go
Maps,
Series
B
9,344
—
—
—
Go
Maps,
Series
B-1
1,675
—
—
—
Go
Maps,
Series
B-3
6,046
—
—
—
Haul
Hub,
Series
B
16,830
—
—
10,782
Haul
Hub,
Series
C
5,451
—
—
3,493
HubSpot
706,705
145,457
416,005
*
Jetclosing,
4.00%,
12/31/23
1,162
—
—
*
Jetclosing,
Series
A
—
—
—
*
Jetclosing,
Series
B-1
—
—
—
*
Jetclosing,
Series
B-2
—
—
—
*
Kardium,
Series
D-5
9,294
—
—
9,294
T.
ROWE
PRICE
New
Horizons
Fund
17
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
09/30/23
Kardium,
Series
D-6
$
18,745
$
—
$
—
$
18,745
Minted,
Series
E
23,801
—
—
19,655
Paylocity
Holding
743,473
132,664
40,753
757,101
RBC
Bearings
454,861
—
203,259
*
Repligen
601,780
22,472
233,387
*
Saia
433,878
5,050
234,452
*
Scholar
Rock,
Warrants,
12/31/25
1,162
—
—
638
Scholar
Rock
Holding
29,848
—
22
23,385
SecurityScorecard,
Series
E
17,591
—
—
*
SiteOne
Landscape
Supply
482,105
87,429
61,050
724,229
Wingstop
255,281
134,940
181,807
*
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
399,266
¤
¤
674,693
Total
$
5,172,232^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$31,481
of
dividend
income
and
$75
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$4,586,829.
*
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
18
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
19
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
20
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
21
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
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
September
30,
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
September
30,
2023,
totaled $(244,659,000) for
the
period ended
September
30,
2023.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
20,679,901
$
462,051
$
115,519
$
21,257,471
Convertible
Bonds
—
—
3,441
3,441
Convertible
Preferred
Stocks
—
—
1,151,558
1,151,558
Preferred
Stocks
—
223,520
—
223,520
Short-Term
Investments
674,693
—
—
674,693
Total
$
21,354,594
$
685,571
$
1,270,518
$
23,310,683
($000s)
Beginning
Balance
12/31/22
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Transfer
Into
Level
3
Ending
Balance
9/30/23
Investment
in
Securities
Common
Stocks
$
256,024
$
16,130
$
20,257
$
(176,904)
$
12
$
115,519
Convertible
Bonds
1,162
—
2,279
—
—
3,441
Convertible
Preferred
Stocks
1,437,295
(222,935)
29,245
(92,047)
—
1,151,558
Total
$
1,694,481
$
(206,805)
$
51,781
$
(268,951)
$
12
$
1,270,518
T.
ROWE
PRICE
New
Horizons
Fund
22
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
$115,519
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
uncertainty
5%
-
100%
57%
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
Premium
for
liquidation
preference
—#
—#
—#
Probability
for
potential
outcome
25%
-
50%
33%
Increase
Enterprise
value
to
sales
multiple
1.4x
–
9.8x
6.5x
Increase
Sales
growth
rate
7%
-
55%
24%
Increase
Enterprise
value
to
gross
profit
multiple
1.8x
–
13.1x
9.4x
Increase
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**
Gross
profit
growth
rate
11%
-
37%
23%
Increase
Enterprise
value
to
gross
merchandise
value
0.5x
0.5x
Increase
Enterprise
value
to
billings
multiple
5.4x
5.4x
Increase
Discount
for
uncertainty
100%
100%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Convertible
Bonds
$3,441
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Estimated
liquidation
value
—#
—#
—#
—#
Convertible
Preferred
Stocks
$1,151,558
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Premium
for
cumulative
preferred
dividend
rights
9%
-
23%
13%
Increase
Discount
for
uncertainty
50%
50%
Decrease
Market
comparable
Premium
for
liquidation
preference
—#
—#
—#
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**
Probability
for
potential
outcome
5%
-
70%
33%
Increase
Enterprise
value
to
sales
multiple
1.0x
-
13.5x
5.5x
Increase
Sales
growth
rate
1%
-
66%
23%
Increase
Enterprise
value
to
gross
profit
multiple
1.8x
-
16.6x
7.4x
Increase
Gross
profit
growth
rate
5%
-
37%
20%
Increase
Enterprise
value
to
EBITDA
multiple
7.5x
7.5x
Increase
EBITDA
growth
rate
65%
65%
Increase
Projected
enterprise
value
to
EBITDA
multiple
15.1x
15.1x
Increase
Projected
enterprise
value
to
sales
multiple
6.5x
–
7.9x
7.2x
Increase
Enterprise
value
to
gross
merchandise
value
0.5x
0.5x
Increase
Enterprise
value
to
billings
multiple
5.4x
–
5.7x
5.5x
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.
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**
Rate
of
return
40%
40%
Increase
Discount
rate
for
cost
of
capital
15%
-
40%
17%
Decrease
Discount
for
uncertainty
80%
-
100%
98%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Estimated
liquidation
value
—#
—#
—#
—#
Discount
for
lack
of
collectability
100%
100%
Decrease
T.
ROWE
PRICE
New
Horizons
Fund
26
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.
F42-054Q3
09/23