T.
ROWE
PRICE
New
Horizons
Fund
March
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
94.3%
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
61
OfferUp,
Acquisition
Date:
3/6/15,
Cost $5,042 (1)(2)(3)
1,012,630
881
942
Total
Communication
Services
942
CONSUMER
DISCRETIONARY
7.2%
Automobiles
0.2%
Rivian
Automotive,
Class
A (3)
5,589,903
61,209
61,209
Hotels,
Restaurants
&
Leisure
2.5%
Cava
Group (3)
2,056,882
144,085
Wingstop
1,359,824
498,239
642,324
Specialty
Retail
3.5%
Five
Below (3)(4)
2,781,810
504,565
Floor
&
Decor
Holdings,
Class
A (3)
2,957,213
383,314
Framebridge,
EC,
Acquisition
Date:
5/19/20
-
9/15/21,
Cost $2,186 (1)(2)(3)
2,186,159
1,027
888,906
Textiles,
Apparel
&
Luxury
Goods
1.0%
Moncler
(EUR)
3,245,140
242,155
On
Holding,
Class
A (3)
168,600
5,965
248,120
Total
Consumer
Discretionary
1,840,559
CONSUMER
STAPLES
0.6%
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
0.6%
elf
Beauty (3)
758,550
148,699
148,699
Total
Consumer
Staples
152,884
T.
ROWE
PRICE
New
Horizons
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
ENERGY
3.7%
Energy
Equipment
&
Services
3.7%
Noble
2,353,060
114,100
TechnipFMC
13,425,974
337,126
Weatherford
International (3)
4,146,288
478,565
Total
Energy
929,791
FINANCIALS
2.5%
Capital
Markets
0.1%
StepStone
Group,
Class
A
365,659
13,069
13,069
Financial
Services
2.4%
Corpay (3)
772,787
238,436
Toast,
Class
A (3)
14,242,919
354,933
593,369
Total
Financials
606,438
HEALTH
CARE
23.1%
Biotechnology
11.9%
ACADIA
Pharmaceuticals (3)
1,528,811
28,268
Agios
Pharmaceuticals (3)
485,137
14,185
Akero
Therapeutics (3)
2,000,526
50,533
Alnylam
Pharmaceuticals (3)
1,324,945
198,013
Alpine
Immune
Sciences (3)
1,366,606
54,172
Apellis
Pharmaceuticals (3)
406,018
23,866
Arcellx (3)
468,633
32,593
Argenx,
ADR (3)
1,068,626
420,739
Ascendis
Pharma,
ADR (3)
734,347
111,011
Autolus
Therapeutics,
ADR (3)
2,282,116
14,560
Avidity
Biosciences (3)
3,620,888
92,405
Avidity
Biosciences
PIPE,
Acquisition
Date:
2/29/24,
Cost $4,791 (2)(3)
290,337
7,039
BeiGene,
ADR (3)
144,000
22,520
Blueprint
Medicines (3)
2,076,664
196,992
C4
Therapeutics (3)
1,164,278
9,512
Cargo
Therapeutics (3)
572,574
12,780
Celldex
Therapeutics (3)
730,785
30,671
Centessa
Pharmaceuticals,
ADR (3)
884,299
9,993
Crinetics
Pharmaceuticals (3)
1,499,632
70,198
Cytokinetics (3)
1,240,227
86,952
Day
One
Biopharmaceuticals (3)
1,430,839
23,638
Disc
Medicine (3)
453,611
28,242
Dyne
Therapeutics (3)
495,007
14,053
Entrada
Therapeutics (3)
1,763,519
24,989
Generation
Bio (3)
5,300,394
21,573
T.
ROWE
PRICE
New
Horizons
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Gyroscope
Therapeutics,
Milestone
Payment
1,
Acquisition
Date:
2/18/22,
Cost $8,140 (1)(2)(3)
8,139,642
—
Gyroscope
Therapeutics,
Milestone
Payment
2,
Acquisition
Date:
2/18/22,
Cost $5,425 (1)(2)(3)
5,424,598
—
Gyroscope
Therapeutics,
Milestone
Payment
3,
Acquisition
Date:
2/18/22,
Cost $5,425 (1)(2)(3)
5,424,598
—
Ideaya
Biosciences (3)
1,765,435
77,467
IGM
Biosciences (3)
1,852,696
17,879
Immatics (3)
1,006,189
10,575
Immunocore
Holdings,
ADR (3)
409,100
26,592
Immunome (3)
251,272
6,201
Immunovant (3)
802,858
25,940
Insmed (3)
4,564,030
123,822
Intellia
Therapeutics (3)
727,740
20,020
Ionis
Pharmaceuticals (3)
1,146,309
49,693
Keros
Therapeutics (3)
926,383
61,327
Kymera
Therapeutics (3)
2,986,850
120,071
Kyverna
Therapeutics (3)
311,745
7,744
Legend
Biotech,
ADR (3)
387,130
21,714
MacroGenics (3)
750,706
11,050
Madrigal
Pharmaceuticals (3)
175,143
46,770
Mirum
Pharmaceuticals (3)
772,989
19,418
Monte
Rosa
Therapeutics (3)
2,941,087
20,735
MoonLake
Immunotherapeutics (3)
522,634
26,252
Morphic
Holding (3)
980,853
34,526
Neurocrine
Biosciences (3)
236,718
32,648
Nurix
Therapeutics (3)
1,140,710
16,768
Nuvalent,
Class
A (3)
476,171
35,756
Praxis
Precision
Medicines (3)
133,805
8,165
Prime
Medicine (3)
1,631,137
11,418
Prothena (3)
1,903,007
47,138
RAPT
Therapeutics (3)
1,377,775
12,372
Relay
Therapeutics (3)
2,308,191
19,158
Replimune
Group (3)
3,036,473
24,808
REVOLUTION
Medicines (3)
1,769,962
57,046
REVOLUTION
Medicines,
Warrants,
11/14/28 (3)
302,672
48
Rocket
Pharmaceuticals (3)
1,014,464
27,330
Scholar
Rock,
Warrants,
12/31/25,
Acquisition
Date:
6/17/22,
Cost $— (2)(3)(4)
229,118
2,624
Scholar
Rock
Holding (3)(4)
3,944,027
70,046
SpringWorks
Therapeutics (3)
1,429,340
70,352
Tenaya
Therapeutics (3)
2,577,095
13,478
Ultragenyx
Pharmaceutical (3)
1,050,818
49,063
Vaxcyte (3)
1,230,476
84,054
Vera
Therapeutics (3)
1,030,887
44,452
Xencor (3)
1,523,315
33,711
T.
ROWE
PRICE
New
Horizons
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Zentalis
Pharmaceuticals (3)
1,256,676
19,805
3,007,533
Health
Care
Equipment
&
Supplies
0.7%
Penumbra (3)
809,192
180,595
180,595
Health
Care
Providers
&
Services
1.4%
Capsule,
Acquisition
Date:
4/7/21,
Cost $8,954 (1)(2)(3)
617,863
871
Molina
Healthcare (3)
872,861
358,598
359,469
Health
Care
Technology
2.2%
Veeva
Systems,
Class
A (3)
2,411,602
558,744
558,744
Life
Sciences
Tools
&
Services
6.1%
Bio-Techne
2,209,360
155,517
Eurofins
Scientific
(EUR)
2,964,897
188,865
ICON (3)
868,000
291,605
Repligen (3)
2,212,883
406,993
Sartorius
Stedim
Biotech
(EUR)
260,528
74,310
West
Pharmaceutical
Services
1,036,787
410,267
1,527,557
Pharmaceuticals
0.8%
Arvinas (3)
1,760,290
72,665
EyePoint
Pharmaceuticals (3)
1,218,598
25,188
Intra-Cellular
Therapies (3)
364,278
25,208
Longboard
Pharmaceuticals (3)
872,701
18,850
Pliant
Therapeutics (3)
2,034,418
30,313
Structure
Therapeutics,
ADR (3)
480,535
20,596
192,820
Total
Health
Care
5,826,718
INDUSTRIALS
&
BUSINESS
SERVICES
30.3%
Aerospace
&
Defense
0.1%
Hexcel
218,028
15,883
15,883
Commercial
Services
&
Supplies
0.7%
MSA
Safety
304,535
58,955
Rentokil
Initial
(GBP)
18,011,530
107,088
166,043
Construction
&
Engineering
1.4%
WillScot
Mobile
Mini
Holdings (3)
7,419,008
344,984
344,984
T.
ROWE
PRICE
New
Horizons
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Electrical
Equipment
1.6%
Hubbell
964,868
400,468
400,468
Ground
Transportation
4.3%
Old
Dominion
Freight
Line
2,132,396
467,656
Saia (3)
1,064,983
623,015
1,090,671
Industrial
Conglomerates
2.0%
Roper
Technologies
903,524
506,732
506,732
Machinery
9.8%
Atmus
Filtration
Technologies (3)
1,376,395
44,389
Esab
2,875,728
317,969
IDEX
2,785,142
679,630
Ingersoll
Rand
7,476,063
709,852
RBC
Bearings (3)
1,375,427
371,847
Toro
3,691,168
338,222
2,461,909
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
8.3%
Booz
Allen
Hamilton
Holding
4,356,296
646,649
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $18,150 (1)(2)
(3)(4)
2,653,566
11,463
Dayforce (3)(4)
10,678,154
707,001
Leidos
Holdings
200,500
26,283
Paylocity
Holding (3)(4)
4,080,817
701,329
2,092,725
Trading
Companies
&
Distributors
2.1%
SiteOne
Landscape
Supply (3)(4)
2,823,990
492,927
Xometry,
Class
A (3)
1,689,456
28,535
521,462
Total
Industrials
&
Business
Services
7,600,877
INFORMATION
TECHNOLOGY
26.1%
Electronic
Equipment,
Instruments
&
Components
3.4%
Novanta (3)
1,177,494
205,791
Teledyne
Technologies (3)
1,531,771
657,620
863,411
T.
ROWE
PRICE
New
Horizons
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
IT
Services
3.3%
Endava,
ADR (3)(4)
2,676,703
101,822
Globant (3)(4)
2,394,127
483,374
GoDaddy,
Class
A (3)
599,918
71,198
MongoDB (3)
452,742
162,372
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
835,420
Semiconductors
&
Semiconductor
Equipment
5.8%
Astera
Labs (3)
205,177
15,222
Entegris
5,629,146
791,120
MACOM
Technology
Solutions
Holdings (3)
986,755
94,373
MKS
Instruments
1,677,221
223,070
Monolithic
Power
Systems
499,577
338,424
1,462,209
Software
13.6%
Atlassian,
Class
A (3)
1,015,195
198,075
BILL
Holdings (3)
5,773,092
396,727
Confluent,
Class
A (3)
3,900,811
119,053
Databricks,
Acquisition
Date:
7/24/20
-
8/28/20,
Cost $5,376 (1)
(2)(3)
335,808
24,682
Datadog,
Class
A (3)
1,954,385
241,562
Descartes
Systems
Group (3)
3,045,247
278,731
Dynatrace (3)
1,218,329
56,579
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 (3)
1,028,352
644,324
Monday.com (3)
2,304,310
520,474
Nutanix,
Class
A (3)
79,500
4,907
Procore
Technologies (3)
6,609,644
543,114
Samsara,
Class
A (3)
9,646,895
364,556
Socure,
Acquisition
Date:
12/22/21,
Cost $2,205 (1)(2)(3)
137,206
858
Tanium,
Class
B,
Acquisition
Date:
9/24/20,
Cost $7,493 (1)(2)(3)
657,558
3,229
3,430,051
Total
Information
Technology
6,591,091
MATERIALS
0.8%
Chemicals
0.0%
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (2)(3)
217,921
65
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (2)(3)
217,921
58
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (2)(3)
217,921
52
175
T.
ROWE
PRICE
New
Horizons
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Metals
&
Mining
0.8%
Osisko
Gold
Royalties
(CAD)
2,501,400
41,051
Reliance
494,729
165,329
206,380
Paper
&
Forest
Products
0.0%
Louisiana-Pacific
67,300
5,647
5,647
Total
Materials
212,202
Total
Common
Stocks
(Cost
$15,695,127)
23,761,502
CONVERTIBLE
PREFERRED
STOCKS
4.4%
COMMUNICATION
SERVICES
0.0%
Entertainment
0.0%
Houzz,
Series
D,
Acquisition
Date:
6/3/14,
Cost $19,726 (1)(2)(3)
2,632,810
1,106
OfferUp,
Series
A-2,
Acquisition
Date:
3/6/15,
Cost $6,851 (1)(2)
(3)
1,375,830
1,197
OfferUp,
Series
C,
Acquisition
Date:
3/6/15,
Cost $11,641 (1)(2)(3)
2,337,940
2,735
OfferUp,
Series
C-1,
Acquisition
Date:
8/26/16,
Cost $4,573 (1)(2)
(3)
682,712
860
OfferUp,
Series
F,
Acquisition
Date:
7/1/20,
Cost $2,026 (1)(2)(3)
884,802
770
6,668
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
8,025
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
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
T.
ROWE
PRICE
New
Horizons
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Specialty
Retail
0.1%
Minted,
Series
E,
Acquisition
Date:
10/30/18,
Cost $23,654 (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 $28 (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
9,427
Trumid
Holdings,
Series
J-B,
Acquisition
Date:
7/31/20,
Cost $7,186 (1)(2)(3)(5)
24,002
9,427
Trumid
Holdings,
Series
L,
Acquisition
Date:
9/15/21,
Cost $3,703 (1)(2)(3)(5)
4,229
1,661
20,515
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 $2,148 (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
—
—
Total
Financials
20,515
HEALTH
CARE
1.6%
Biotechnology
1.0%
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
20,667
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $27,023 (1)(2)(3)
3,336,170
12,144
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
T.
ROWE
PRICE
New
Horizons
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Genesis
Therapeutics,
Series
A,
Acquisition
Date:
11/24/20,
Cost $6,008 (1)(2)(3)
1,176,193
6,007
Genesis
Therapeutics,
Series
A-2,
Acquisition
Date:
11/24/20,
Cost $391 (1)(2)(3)
76,477
391
Genesis
Therapeutics,
Series
B,
Acquisition
Date:
8/10/23,
Cost $3,850 (1)(2)(3)
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
38,697
Tempus
Labs,
Series
E,
Acquisition
Date:
8/23/18,
Cost $11,140 (1)(2)(3)
665,388
29,863
Tempus
Labs,
Series
F,
Acquisition
Date:
4/30/19,
Cost $4,400 (1)
(2)(3)
177,721
8,259
Tempus
Labs,
Series
G,
Acquisition
Date:
2/6/20,
Cost $4,334 (1)
(2)(3)
113,018
5,480
Tempus
Labs,
Series
G-2,
Acquisition
Date:
11/19/20,
Cost $6,602 (1)(2)(3)
115,207
4,468
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
261,013
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
7,777
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $18,745 (1)
(2)(3)(4)
18,452,429
15,685
23,462
Health
Care
Providers
&
Services
0.1%
Capsule,
Series
1-D,
Acquisition
Date:
4/7/21,
Cost $8,954 (1)(2)
(3)
617,862
871
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 $12,813 (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
16,859
Life
Sciences
Tools
&
Services
0.4%
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $18,372 (1)(2)
(3)
2,080,677
3,891
T.
ROWE
PRICE
New
Horizons
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
‡
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $24,828 (1)(2)(3)
1,817,581
110,381
114,272
Total
Health
Care
415,606
INDUSTRIALS
&
BUSINESS
SERVICES
0.3%
Aerospace
&
Defense
0.1%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $18,589 (1)(2)(3)
412,771
14,475
14,475
Air
Freight
&
Logistics
0.0%
Flexe,
Series
C,
Acquisition
Date:
11/18/20,
Cost $17,689 (1)(2)(3)
1,453,824
9,246
Flexe,
Series
D,
Acquisition
Date:
4/7/22,
Cost $9,169 (1)(2)(3)
449,562
2,859
12,105
Professional
Services
0.2%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $25,265 (1)(2)
(3)(4)
5,552,310
23,986
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $45,551 (1)(2)(3)
(4)
4,517,982
19,518
43,504
Total
Industrials
&
Business
Services
70,084
INFORMATION
TECHNOLOGY
1.8%
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
6,305
Haul
Hub,
Series
C,
Acquisition
Date:
4/14/22,
Cost $5,451 (1)(2)
(3)(4)
288,891
2,042
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 $3,170 (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
196
T.
ROWE
PRICE
New
Horizons
Fund
11
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $26,118 (1)(2)(3)
1,163,260
22,765
115,054
Software
1.3%
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
5,368
SecurityScorecard,
Series
E,
Acquisition
Date:
3/5/21,
Cost $18,207 (1)(2)(3)
3,604,617
18,996
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $18,216 (1)(2)(3)
2,889,530
20,776
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
1,042
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $2,199 (1)
(2)(3)
136,862
855
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $40 (1)(2)(3)
2,476
16
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $5,097 (1)(2)(3)
317,219
1,983
Tanium,
Series
G,
Acquisition
Date:
8/26/15,
Cost $31,923 (1)(2)
(3)
6,430,431
31,573
326,195
Total
Information
Technology
441,249
Total
Convertible
Preferred
Stocks
(Cost
$879,457)
1,093,973
PREFERRED
STOCKS
1.0%
HEALTH
CARE
1.0%
Life
Sciences
Tools
&
Services
1.0%
Sartorius
(EUR)
652,982
259,306
Total
Health
Care
259,306
Total
Preferred
Stocks
(Cost
$139,161)
259,306
T.
ROWE
PRICE
New
Horizons
Fund
12
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
0.2%
Money
Market
Funds
0.2%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (4)(6)
45,939,468
45,939
Total
Short-Term
Investments
(Cost
$45,939)
45,939
Total
Investments
in
Securities
99.9%
(Cost
$16,759,684)
$
25,160,720
Other
Assets
Less
Liabilities
0.1%
36,910
Net
Assets
100.0%
$
25,197,630
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Level
3
in
fair
value
hierarchy.
(2)
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
$1,200,479
and
represents
4.8%
of
net
assets.
(3)
Non-income
producing
(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
CAD
Canadian
Dollar
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
PIPE
Private
Investment
in
Public
Equity
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,
2024.
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
Checkr
$
—
$
(2,866)
$
—
Checkr,
Series
C
—
(5,996)
—
Checkr,
Series
D
—
(4,879)
—
Dayforce ^^
3,749
(13,298)
—
Endava,
ADR
(134,651)
(69,725)
—
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
547
(89,575)
—
Globant
1,626
(87,569)
—
Go
Maps,
Series
B
—
—
—
Go
Maps,
Series
B-1
—
—
—
Go
Maps,
Series
B-3
—
—
—
Haul
Hub,
Series
B
—
—
—
Haul
Hub,
Series
C
—
—
—
Kardium,
Series
D-5
—
—
—
Kardium,
Series
D-6
—
—
—
Minted,
Series
E
—
—
—
Paylocity
Holding
3,998
24,701
—
Scholar
Rock,
Warrants,
12/31/25
—
(352)
—
Scholar
Rock
Holding
326
(4,510)
—
SiteOne
Landscape
Supply
4,552
33,542
—
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
—
—
5,714++
Totals
$
(119,853)#
$
(220,527)
$
5,714+
T.
ROWE
PRICE
New
Horizons
Fund
14
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
03/31/24
Checkr
$
14,329
$
—
$
—
$
11,463
Checkr,
Series
C
29,982
—
—
23,986
Checkr,
Series
D
24,397
—
—
19,518
Dayforce ^^
722,054
—
1,755
707,001
Endava,
ADR
398,991
—
227,444
101,822
Evolve
Vacation
Rental
Network,
Series
4
10,746
—
—
10,746
Evolve
Vacation
Rental
Network,
Series
5
25,843
—
—
25,843
Evolve
Vacation
Rental
Network,
Series
6
33,192
—
—
33,192
Evolve
Vacation
Rental
Network,
Series
7
6,488
—
—
6,488
Evolve
Vacation
Rental
Network,
Series
8
31,399
—
—
31,399
Evolve
Vacation
Rental
Network,
Series
9
11,160
—
—
11,160
Five
Below
597,386
—
3,246
504,565
Globant
563,615
9,876
2,548
483,374
Go
Maps,
Series
B
—
—
—
—
Go
Maps,
Series
B-1
—
—
—
—
Go
Maps,
Series
B-3
—
—
—
—
Haul
Hub,
Series
B
6,305
—
—
6,305
Haul
Hub,
Series
C
2,042
—
—
2,042
Kardium,
Series
D-5
7,777
—
—
7,777
Kardium,
Series
D-6
15,685
—
—
15,685
Minted,
Series
E
19,655
—
—
19,655
Paylocity
Holding
677,731
—
1,103
701,329
Scholar
Rock,
Warrants,
12/31/25
2,976
—
—
2,624
Scholar
Rock
Holding
74,700
—
144
70,046
SiteOne
Landscape
Supply
546,183
—
86,798
492,927
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
1,013,758
¤
¤
45,939
Total
$
3,334,886^
T.
ROWE
PRICE
New
Horizons
Fund
15
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$5,714
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$2,698,493.
^^
Includes
previously
reported
affiliate
Ceridian
HCM
Holding
acquired
through
a
corporate
action.
T.
ROWE
PRICE
New
Horizons
Fund
Unaudited
Notes
to
Portfolio
of
Investments
16
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
17
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.
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.
T.
ROWE
PRICE
New
Horizons
Fund
18
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.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
23,001,104
$
663,307
$
97,091
$
23,761,502
Convertible
Preferred
Stocks
—
—
1,093,973
1,093,973
Preferred
Stocks
—
259,306
—
259,306
Short-Term
Investments
45,939
—
—
45,939
Total
$
23,047,043
$
922,613
$
1,191,064
$
25,160,720
T.
ROWE
PRICE
New
Horizons
Fund
19
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
March
31,
2024.
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,
2024,
totaled $(21,094,000) for
the
period ended
March
31,
2024.
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.
($000s)
Beginning
Balance
12/31/23
Gain
(Loss)
During
Period
Total
Sales
Ending
Balance
3/31/24
Investment
in
Securities
Common
Stocks
$
108,184
$
(1,388)
$
(9,705)
$
97,091
Convertible
Bonds
—
—
—
—
Convertible
Preferred
Stocks
1,112,383
(18,410)
—
1,093,973
Total
$
1,220,567
$
(19,798)
$
(9,705)
$
1,191,064
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
$97,091
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
uncertainty
5%
-
100%
5%
Decrease
Expected
present
value
Discount
rate
for
cost
of
equity
7%
7%
Decrease
Timing
of
events
1.07
yrs
1.07
yrs
Decrease
T.
ROWE
PRICE
New
Horizons
Fund
20
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**
Discount
for
lack
of
collectability
50%
50%
Decrease
Market
comparable
Premium
for
liquidation
preference
—#
—#
—#
Probability
for
potential
outcome
20%
-
80%
49%
Increase
Enterprise
value
to
sales
multiple
1.5x
–
11.5x
6.4x
Increase
Sales
growth
rate
5%
-
55%
21%
Increase
Enterprise
value
to
gross
profit
multiple
1.8x
–
15.3x
9.3x
Increase
Gross
profit
growth
rate
24%
-
25%
24%
Increase
Enterprise
value
to
gross
merchandise
value
0.5x
0.5x
Increase
Projected
enterprise
value
to
EBITDA
multiple
11.8x
11.8x
Increase
Projected
enterprise
value
to
sales
multiple
1.1x
–
1.3x
1.2x
Increase
Discount
to
public
company
multiples
31%
–
52%
42%
Decrease
T.
ROWE
PRICE
New
Horizons
Fund
21
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**
Discount
rate
for
cost
of
capital
15%
15%
Decrease
Discount
for
uncertainty
100%
100%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Convertible
Preferred
Stocks
$1,093,973
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Conversion
ratio
—#
—#
—#
Premium
for
cumulative
preferred
dividend
rights
10%
-
25%
14%
Increase
Discount
for
uncertainty
100%
100%
Decrease
Market
comparable
Premium
for
liquidation
preference
—#
—#
—#
Conversion
ratio
—#
—#
—#
Probability
for
potential
outcome
5%
-
80%
34%
Increase
Enterprise
value
to
sales
multiple
1.4x
-
11.9x
5.6x
Increase
Sales
growth
rate
1%
-
55%
19%
Increase
Enterprise
value
to
gross
profit
multiple
1.8x
-
18.3x
7.3x
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**
Gross
profit
growth
rate
5%
-
31%
21%
Increase
Projected
enterprise
value
to
EBITDA
multiple
11.8x
11.8x
Increase
Projected
enterprise
value
to
sales
multiple
1.1x
–
7.6x
6.3x
Increase
Projected
enterprise
value
to
gross
profit
multiple
6.8x
–
9.6x
7.8x
Increase
Enterprise
value
to
gross
merchandise
value
0.5x
0.5x
Increase
Discount
to
public
company
multiples
31%
-
52%
42%
Decrease
Discount
rate
for
cost
of
capital
15%
-
30%
15%
Decrease
Discount
for
uncertainty
100%
100%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
T.
ROWE
PRICE
New
Horizons
Fund
23
+
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
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics 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.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
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
03/24