T. ROWE PRICE NEW HORIZONS FUND
September 30, 2020 (Unaudited)
| | |
| Portfolio of Investments‡ | Shares/Par | $ Value |
| (Cost and value in $000s) | | |
| COMMON STOCKS 92.6% | | |
| COMMUNICATION SERVICES 3.8% | | |
| Diversified Telecommunication Services 1.7% | | |
| GCI Liberty, Class A (1)(2) | 6,050,498 | 495,899 |
| Sarana Menara Nusantara (IDR) | 1,180,659,900 | 82,458 |
| | | 578,357 |
| Entertainment 0.0% | | |
| Houzz, Acquisition Date: 6/3/14, Cost $6,575 (1)(3)(4) | 877,600 | 6,073 |
| OfferUp, Acquisition Date: 3/6/15, Cost $5,042 (1)(3)(4) | 1,012,630 | 2,319 |
| | | 8,392 |
| Media 2.1% | | |
| Cable One (2) | 376,701 | 710,243 |
| | | 710,243 |
| Total Communication Services | | 1,296,992 |
| CONSUMER DISCRETIONARY 7.7% | | |
| Diversified Consumer Services 1.7% | | |
| Bright Horizons Family Solutions (1)(2) | 3,825,398 | 581,614 |
| | | 581,614 |
| Hotels, Restaurants & Leisure 1.6% | | |
| Planet Fitness, Class A (1) | 2,857,866 | 176,102 |
| Vail Resorts | 1,691,551 | 361,941 |
| | | 538,043 |
| Internet & Direct Marketing Retail 0.0% | | |
| A Place for Rover, Acquisition Date: 5/25/18, | | |
| Cost $2,132 (1)(3)(4) | 314,592 | 1,812 |
| Framebridge, EC, Acquisition Date: 5/19/20, | | |
| Cost $7,665 (1)(3)(4) | 7,665,340 | 3,082 |
| | | 4,894 |
| Multiline Retail 0.5% | | |
| Ollie's Bargain Outlet Holdings (1) | 1,895,177 | 165,544 |
| | | 165,544 |
| Specialty Retail 3.9% | | |
| Burlington Stores (1) | 1,798,050 | 370,560 |
| | |
| The accompanying notes are an integral part of this Portfolio of Investments. | |
| | | |
| T. ROWE PRICE NEW HORIZONS FUND |
|
| |
| |
| |
| | | Shares/Par | $ Value |
| (Cost and value in $000s) | | | |
| Reed Krakoff International, Acquisition Date: 8/30/13 - | | | |
| 10/14/14, Cost $11,106 (1)(2)(3)(4)(5) | 111,063 | 0 |
| RH (1)(2) | | 1,179,888 | 451,449 |
| Vroom (1)(2) | | 437,644 | 22,661 |
| Vroom, Acquisition Date: 7/13/15 - 11/21/19, | | | |
| Cost $81,010 (1)(2)(4) | | 9,726,422 | 478,452 |
| | | | 1,323,122 |
| Textiles, Apparel & Luxury Goods 0.0% | | | |
| Allbirds, Acquisition Date: 10/10/18 - 12/21/18, | | | |
| Cost $15,645 (1)(3)(4) | | 1,426,470 | 16,493 |
| | | | 16,493 |
| Total Consumer Discretionary | | | 2,629,710 |
| CONSUMER STAPLES 1.1% | | | |
| |
| Beverages 1.1% | | | |
| Boston Beer, Class A (1) | | 426,074 | 376,377 |
| Total Consumer Staples | | | 376,377 |
| ENERGY 0.1% | | | |
| |
| Oil, Gas & Consumable Fuels 0.1% | | | |
| Venture Global LNG, Series B, Acquisition Date: 3/8/18, | | | |
| Cost $2,981 (1)(3)(4) | | 987 | 3,798 |
| Venture Global LNG, Series C, Acquisition Date: 5/25/17 - | | | |
| 3/8/18, Cost $25,850 (1)(3)(4) | 7,166 | 27,575 |
| Total Energy | | | 31,373 |
| FINANCIALS 3.2% | | | |
| |
| Banks 0.3% | | | |
| Signature Bank | | 1,202,033 | 99,757 |
| | | | 99,757 |
| Capital Markets 2.5% | | | |
| CM Life Sciences (1) | | 1,032,637 | 10,812 |
| MarketAxess Holdings | | 240,240 | 115,697 |
| MSCI | | 1,993,134 | 711,110 |
| | | | 837,619 |
| Diversified Financial Services 0.1% | | | |
| Cannae Holdings (1) | | 1,110,872 | 41,391 |
| | | | 41,391 |
The accompanying notes are an integral part of this Portfolio of Investments.
| | |
| T. ROWE PRICE NEW HORIZONS FUND |
|
| |
| |
| |
| | Shares/Par | $ Value |
| (Cost and value in $000s) | | |
| |
| Insurance 0.3% | | |
| Palomar Holdings (1) | 1,145,561 | 119,413 |
| | | 119,413 |
| Total Financials | | 1,098,180 |
| HEALTH CARE 23.6% | | |
| |
| Biotechnology 9.9% | | |
| Abcam (GBP) (2) | 10,794,475 | 169,945 |
| ACADIA Pharmaceuticals (1) | 2,697,409 | 111,268 |
| Acceleron Pharma (1) | 1,379,437 | 155,228 |
| Acerta Pharma, Class B, Acquisition Date: 5/12/15, | | |
| Cost $4,434 (1)(3)(4) | 175,251,555 | 19,278 |
| ADC Therapeutics (1) | 349,989 | 11,546 |
| Adverum Biotechnologies (1) | 260,603 | 2,684 |
| Agios Pharmaceuticals (1) | 569,932 | 19,948 |
| Akero Therapeutics (1) | 206,345 | 6,353 |
| Alector (1) | 796,015 | 8,386 |
| Allogene Therapeutics (1) | 1,207,647 | 45,540 |
| Alnylam Pharmaceuticals (1) | 1,188,838 | 173,095 |
| Annexon (1) | 448,547 | 13,560 |
| Apellis Pharmaceuticals (1) | 950,593 | 28,679 |
| Arcturus Therapeutics Holdings (1) | 257,219 | 11,035 |
| Arcutis Biotherapeutics (1) | 392,902 | 11,512 |
| Ardelyx (1) | 942,985 | 4,951 |
| Argenx, ADR (1) | 933,598 | 245,088 |
| Ascendis Pharma, ADR (1) | 1,168,209 | 180,278 |
| Assembly Biosciences (1) | 275,428 | 4,528 |
| Avidity Biosciences (1) | 319,099 | 8,983 |
| Avrobio (1) | 477,418 | 6,216 |
| BeiGene, ADR (1) | 284,555 | 81,508 |
| Bluebird Bio (1) | 338,077 | 18,239 |
| Blueprint Medicines (1) | 692,987 | 64,240 |
| CRISPR Therapeutics (1) | 355,566 | 29,740 |
| CureVac (1) | 610,792 | 28,432 |
| Deciphera Pharmaceuticals (1) | 418,172 | 21,452 |
| Denali Therapeutics (1) | 1,454,367 | 52,110 |
The accompanying notes are an integral part of this Portfolio of Investments.
| | |
| T. ROWE PRICE NEW HORIZONS FUND |
|
| |
| |
| |
| | Shares/Par | $ Value |
| (Cost and value in $000s) | | |
| |
| Dicerna Pharmaceuticals (1) | 962,885 | 17,322 |
| Eidos Therapeutics (1) | 178,219 | 9,005 |
| Enanta Pharmaceuticals (1) | 361,580 | 16,553 |
| Epizyme (1) | 519,742 | 6,201 |
| Exelixis (1) | 5,072,371 | 124,019 |
| Fate Therapeutics (1) | 691,603 | 27,643 |
| FibroGen (1) | 1,087,691 | 44,726 |
| Flame Biosciences, Acquisition Date: 9/28/20, | | |
| Cost $7,914 (1)(3)(4) | 1,208,219 | 7,914 |
| G1 Therapeutics (1) | 481,462 | 5,561 |
| Generation Bio (1) | 406,065 | 12,551 |
| Generation Bio, Acquisition Date: 1/9/20, Cost $10,952 (1)(4) | 1,108,915 | 32,563 |
| Global Blood Therapeutics (1) | 708,832 | 39,085 |
| Homology Medicines (1) | 707,354 | 7,569 |
| IGM Biosciences (1) | 157,815 | 11,648 |
| Incyte (1) | 1,861,740 | 167,073 |
| Insmed (1) | 1,803,497 | 57,964 |
| Intellia Therapeutics (1) | 450,686 | 8,960 |
| Ionis Pharmaceuticals (1) | 1,440,733 | 68,363 |
| Iovance Biotherapeutics (1) | 2,303,856 | 75,843 |
| Karuna Therapeutics (1) | 275,892 | 21,332 |
| Karyopharm Therapeutics (1) | 356,047 | 5,198 |
| Kodiak Sciences (1) | 1,409,883 | 83,479 |
| Krystal Biotech (1) | 206,841 | 8,904 |
| Legend Biotech, ADR (1) | 198,829 | 6,138 |
| MeiraGTx Holdings (1) | 497,166 | 6,582 |
| Mersana Therapeutics (1) | 663,630 | 12,357 |
| Mirati Therapeutics (1) | 447,806 | 74,358 |
| MorphoSys (EUR) (1) | 93,011 | 11,770 |
| Neurocrine Biosciences (1) | 1,135,849 | 109,223 |
| Nkarta (1) | 338,437 | 10,173 |
| Orchard Therapeutics, ADR (1) | 1,042,052 | 4,283 |
| Progenic Pharmaceuticals, CVR (1) | 1,890,800 | 0 |
| PTC Therapeutics (1) | 583,885 | 27,297 |
| Radius Health (1) | 103,338 | 1,172 |
| RAPT Therapeutics (1) | 965,126 | 31,077 |
The accompanying notes are an integral part of this Portfolio of Investments.
| | |
| T. ROWE PRICE NEW HORIZONS FUND |
|
| |
| |
| |
| | Shares/Par | $ Value |
| (Cost and value in $000s) | | |
| |
| Relay Therapeutics (1) | 362,397 | 15,434 |
| Rocket Pharmaceuticals (1) | 1,021,738 | 23,357 |
| Sage Therapeutics (1) | 841,375 | 51,425 |
| Sarepta Therapeutics (1) | 374,108 | 52,536 |
| Scholar Rock Holding (1) | 568,117 | 10,050 |
| Seattle Genetics (1) | 1,226,126 | 239,941 |
| Translate Bio (1) | 717,967 | 9,772 |
| Turning Point Therapeutics (1) | 545,462 | 47,652 |
| Ultragenyx Pharmaceutical (1) | 1,580,760 | 129,923 |
| uniQure (1) | 379,381 | 13,973 |
| Xencor (1) | 1,189,483 | 46,140 |
| Zai Lab (HKD) (1) | 116,450 | 9,631 |
| Zai Lab, ADR (1) | 323,420 | 26,899 |
| Zentalis Pharmaceuticals (1) | 441,362 | 14,428 |
| Zymeworks (1) | 320,031 | 14,907 |
| | | 3,393,796 |
| Health Care Equipment & Supplies 7.6% | | |
| DexCom (1) | 1,631,833 | 672,690 |
| Exact Sciences (1) | 6,333,622 | 645,713 |
| IDEXX Laboratories (1) | 792,218 | 311,429 |
| Inari Medical (1) | 214,623 | 14,813 |
| JAND, Class A, Acquisition Date: 4/23/15 - 3/9/18, | | |
| Cost $26,928 (1)(2)(3)(4) | 1,875,578 | 46,009 |
| Lantheus Holdings (1) | 524,609 | 6,647 |
| Nevro (1)(2) | 2,384,970 | 332,226 |
| Novocure (1) | 469,500 | 52,260 |
| Outset Medical (1) | 286,805 | 14,340 |
| Outset Medical, Acquisition Date: 4/19/17 - 1/27/20, | | |
| Cost $31,665 (1)(4) | 1,667,972 | 79,229 |
| Shockwave Medical (1) | 957,870 | 72,607 |
| West Pharmaceutical Services | 1,297,061 | 356,562 |
| | | 2,604,525 |
| Health Care Providers & Services 0.1% | | |
| Guardant Health (1) | 305,703 | 34,172 |
| | | 34,172 |
The accompanying notes are an integral part of this Portfolio of Investments.
| | |
| T. ROWE PRICE NEW HORIZONS FUND |
|
| |
| |
| |
| | Shares/Par | $ Value |
| (Cost and value in $000s) | | |
| |
| Health Care Technology 2.4% | | |
| Schrodinger (1) | 303,385 | 14,414 |
| Veeva Systems, Class A (1) | 2,865,299 | 805,693 |
| | | 820,107 |
| Life Sciences Tools & Services 2.9% | | |
| Adaptive Biotechnologies (1) | 1,913,210 | 93,039 |
| Eurofins Scientific (EUR) (1)(2) | 947,473 | 750,561 |
| Repligen (1) | 201,719 | 29,762 |
| Sartorius Stedim Biotech (EUR) | 298,282 | 102,957 |
| | | 976,319 |
| Pharmaceuticals 0.7% | | |
| Arvinas (1) | 303,590 | 7,168 |
| Axsome Therapeutics (1) | 283,654 | 20,210 |
| Cara Therapeutics (1) | 641,332 | 8,161 |
| GW Pharmaceuticals, ADR (1) | 190,611 | 18,556 |
| Milestone Pharmaceuticals (1) | 153,813 | 1,126 |
| MyoKardia (1) | 1,265,775 | 172,563 |
| Odonate Therapeutics (1) | 74,484 | 1,000 |
| Reata Pharmaceuticals, Class A (1) | 128,093 | 12,479 |
| Tricida (1) | 70,253 | 636 |
| WaVe Life Sciences (1) | 129,768 | 1,102 |
| Zeneca, Acquisition Date: 7/18/13, Cost $- (1)(3)(4) | 288,910 | 178 |
| | | 243,179 |
| Total Health Care | | 8,072,098 |
| INDUSTRIALS & BUSINESS SERVICES 18.0% | | |
| |
| Aerospace & Defense 0.9% | | |
| Aerojet Rocketdyne Holdings (1) | 1,674,028 | 66,777 |
| Teledyne Technologies (1) | 772,104 | 239,514 |
| | | 306,291 |
| Airlines 0.7% | | |
| Alclear Holdings, Class B, Acquisition Date: 9/4/15 - 2/16/18, | | |
| Cost $54,367 (1)(2)(3)(4)(5) | 627,649 | 169,465 |
| Wheels Up Partners, Series B, Acquisition Date: 9/18/15, | | |
| Cost $22,697 (1)(2)(3)(4)(5) | 7,989,973 | 20,576 |
The accompanying notes are an integral part of this Portfolio of Investments.
| | |
| T. ROWE PRICE NEW HORIZONS FUND |
|
| |
| |
| |
| | Shares/Par | $ Value |
| (Cost and value in $000s) | | |
| Wheels Up Partners, Series C, Acquisition Date: 6/22/17, | | |
| Cost $18,460 (1)(2)(3)(4)(5) | 5,916,523 | 15,236 |
| Wheels Up Partners, Series D, Acquisition Date: 5/17/19, | | |
| Cost $30,921 (1)(2)(3)(4)(5) | 8,885,330 | 22,882 |
| | | 228,159 |
| Building Products 2.3% | | |
| Armstrong Worldwide Industries (2) | 5,516,465 | 379,588 |
| Lennox International | 1,040,892 | 283,757 |
| Trex (1) | 1,807,120 | 129,390 |
| | | 792,735 |
| Commercial Services & Supplies 4.3% | | |
| MSA Safety | 363,833 | 48,816 |
| Rentokil Initial (GBP) (1) | 60,654,308 | 419,236 |
| Rollins | 4,941,508 | 267,780 |
| Waste Connections | 7,072,979 | 734,175 |
| | | 1,470,007 |
| Industrial Conglomerates 1.8% | | |
| Roper Technologies | 1,587,667 | 627,303 |
| | | 627,303 |
| Machinery 1.2% | | |
| Graco | 3,372,704 | 206,915 |
| RBC Bearings (1) | 327,658 | 39,715 |
| Toro | 1,914,075 | 160,687 |
| | | 407,317 |
| Professional Services 4.9% | | |
| Clarivate (1) | 13,835,094 | 428,750 |
| CoStar Group (1) | 852,601 | 723,440 |
| TransUnion | 6,093,974 | 512,686 |
| | | 1,664,876 |
| Road & Rail 1.6% | | |
| Old Dominion Freight Line | 3,141,529 | 568,366 |
| | | 568,366 |
The accompanying notes are an integral part of this Portfolio of Investments.
| | |
| T. ROWE PRICE NEW HORIZONS FUND |
|
| |
| |
| |
| | Shares/Par | $ Value |
| (Cost and value in $000s) | | |
| |
| Trading Companies & Distributors 0.3% | | |
| SiteOne Landscape Supply (1) | 749,604 | 91,414 |
| | | 91,414 |
| Total Industrials & Business Services | | 6,156,468 |
| INFORMATION TECHNOLOGY 34.0% | | |
| |
| IT Services 10.5% | | |
| Black Knight (1) | 6,528,014 | 568,264 |
| Booz Allen Hamilton Holding (2) | 8,339,462 | 692,009 |
| Endava, ADR (1) | 1,467,831 | 92,693 |
| Okta (1) | 2,623,657 | 561,069 |
| ServiceTitan, Acquisition Date: 11/9/18, Cost $2,665 (1)(3)(4) | 101,356 | 3,425 |
| Shopify, Class A (1) | 496,897 | 508,311 |
| StoneCo, Class A (1) | 10,805,711 | 571,514 |
| Twilio, Class A (1) | 2,357,365 | 582,481 |
| | | 3,579,766 |
| Semiconductors & Semiconductor Equipment 0.6% | | |
| Entegris | 2,810,057 | 208,900 |
| | | 208,900 |
| Software 22.9% | | |
| Anaplan (1) | 1,449,346 | 90,700 |
| Asana, Class A (1) | 1,885,290 | 54,296 |
| Atlassian, Class A (1) | 3,155,786 | 573,690 |
| Avalara (1) | 2,075,382 | 264,279 |
| Bill. com Holdings (1) | 2,201,156 | 220,798 |
| Ceridian HCM Holding (1) | 6,224,710 | 514,472 |
| Checkr, Acquisition Date: 6/29/18 - 12/2/19, | | |
| Cost $18,150 (1)(2)(3)(4) | 884,522 | 21,662 |
| Coupa Software (1) | 2,883,513 | 790,775 |
| Databricks, Acquisition Date: 7/24/20 - 8/28/20, | | |
| Cost $5,376 (1)(3)(4) | 111,936 | 5,373 |
| Datadog, Class A (1) | 6,366,103 | 650,361 |
| Descartes Systems Group (1)(2) | 5,153,208 | 293,630 |
| DocuSign (1) | 2,911,237 | 626,615 |
| Duck Creek Technologies (1) | 1,886,016 | 85,682 |
| Evernote, Acquisition Date: 11/20/12, Cost $2,296 (1)(3)(4) | 190,876 | 421 |
The accompanying notes are an integral part of this Portfolio of Investments.
| | |
| T. ROWE PRICE NEW HORIZONS FUND |
|
| |
| |
| |
| | Shares/Par | $ Value |
| (Cost and value in $000s) | | |
| |
| Five9 (1)(2) | 3,559,717 | 461,624 |
| HashiCorp, Acquisition Date: 6/25/20, Cost $10,040 (1)(3)(4) | 192,859 | 10,039 |
| HubSpot (1) | 2,209,924 | 645,806 |
| JFrog (1) | 215,293 | 18,225 |
| nCino, Acquisition Date: 9/16/19, Cost $24,750 (1)(4) | 1,137,954 | 86,139 |
| nCino (1) | 908,759 | 72,410 |
| PagerDuty (1) | 1,652,858 | 44,809 |
| Paylocity Holding (1)(2) | 5,448,262 | 879,458 |
| Procore Technologies, Acquisition Date: 7/15/20, | | |
| Cost $3,980 (1)(3)(4) | 88,436 | 3,980 |
| Proofpoint (1) | 2,638,140 | 278,456 |
| Q2 Holdings (1) | 2,166,332 | 197,699 |
| RealPage (1) | 2,849,322 | 164,235 |
| Tanium, Class B, Acquisition Date: 9/24/20, | | |
| Cost $7,493 (1)(3)(4) | 657,558 | 7,493 |
| Toast, Acquisition Date: 9/14/18 - 3/27/19, | | |
| Cost $5,430 (1)(3)(4) | 199,157 | 12,945 |
| Xero (AUD) (1) | 3,359,969 | 245,093 |
| Zendesk (1) | 5,005,594 | 515,176 |
| Zenpayroll, Acquisition Date: 8/18/20, Cost $1,774 (1)(3)(4) | 131,306 | 1,748 |
| | | 7,838,089 |
| Total Information Technology | | 11,626,755 |
| REAL ESTATE 1.1% | | |
| |
| Real Estate Management & Development 1.1% | | |
| Altus Group (CAD) | 1,989,460 | 82,668 |
| FirstService | 2,121,247 | 279,771 |
| WeWork, Class A, Acquisition Date: 5/26/15, | | |
| Cost $2,064 (1)(3)(4) | 145,669 | 0 |
| Total Real Estate | | 362,439 |
| Total Common Stocks (Cost $16,178,319) | | 31,650,392 |
| |
| PREFERRED STOCKS 0.6% | | |
| HEALTH CARE 0.6% | | |
| |
| Health Care Equipment & Supplies 0.6% | | |
| Sartorius (EUR) (6) | 525,943 | 215,572 |
The accompanying notes are an integral part of this Portfolio of Investments.
| | |
| T. ROWE PRICE NEW HORIZONS FUND |
|
| |
| |
| |
| | Shares/Par | $ Value |
| (Cost and value in $000s) | | |
| |
| Total Health Care | | 215,572 |
| Total Preferred Stocks (Cost $48,484) | | 215,572 |
| |
| CONVERTIBLE PREFERRED STOCKS 3.8% | | |
| COMMUNICATION SERVICES 0.1% | | |
| |
| Entertainment 0.1% | | |
| Houzz, Series D, Acquisition Date: 6/3/14, | | |
| Cost $19,726 (1)(3)(4) | 2,632,810 | 18,219 |
| OfferUp, Series A-2, Acquisition Date: 3/6/15, | | |
| Cost $6,850 (1)(3)(4) | 1,375,830 | 3,151 |
| OfferUp, Series C, Acquisition Date: 3/6/15, | | |
| Cost $11,641 (1)(3)(4) | 2,337,940 | 7,220 |
| OfferUp, Series C-1, Acquisition Date: 8/26/16, | | |
| Cost $4,573 (1)(3)(4) | 682,712 | 2,282 |
| OfferUp, Series F, Acquisition Date: 7/1/20, | | |
| Cost $2,026 (1)(3)(4) | 884,802 | 2,026 |
| Total Communication Services | | 32,898 |
| CONSUMER DISCRETIONARY 1.0% | | |
| |
| Diversified Consumer Services 0.1% | | |
| 1stdibs. com, Series D, Acquisition Date: 2/7/19, | | |
| Cost $26,470 (1)(2)(3)(4) | 5,282,277 | 24,668 |
| | | 24,668 |
| Hotels, Restaurants & Leisure 0.3% | | |
| Sweetgreen, Series F, Acquisition Date: 6/30/15, | | |
| Cost $26,916 (1)(2)(3)(4) | 3,509,234 | 58,218 |
| Sweetgreen, Series G, Acquisition Date: 8/15/16 - 2/27/18, | | |
| Cost $20,354 (1)(2)(3)(4) | 2,261,542 | 37,519 |
| Sweetgreen, Series I, Acquisition Date: 9/13/19, | | |
| Cost $8,998 (1)(2)(3)(4) | 526,213 | 8,730 |
| | | 104,467 |
| Internet & Direct Marketing Retail 0.5% | | |
| A Place for Rover, Series G, Acquisition Date: 5/11/18, | | |
| Cost $29,547 (1)(3)(4) | 3,924,648 | 22,606 |
| Coupang, Series G, Acquisition Date: 1/9/15, | | |
| Cost $16,846 (1)(3)(4) | 5,958,970 | 44,692 |
| Evolve Vacation Rental Network, Series 4, Acquisition Date: | | |
| 8/15/14, Cost $906 (1)(2)(3)(4) | 718,332 | 4,163 |
The accompanying notes are an integral part of this Portfolio of Investments.
| | | |
| T. ROWE PRICE NEW HORIZONS FUND |
|
| |
| |
| |
| | | Shares/Par | $ Value |
| (Cost and value in $000s) | | | |
| |
| Evolve Vacation Rental Network, Series 5, Acquisition Date: | | | |
| 11/6/15, Cost $4,220 (1)(2)(3)(4) | 1,727,442 | 10,012 |
| Evolve Vacation Rental Network, Series 6, Acquisition Date: | | | |
| 1/18/17, Cost $8,679 (1)(2)(3)(4) | 2,218,727 | 12,859 |
| Evolve Vacation Rental Network, Series 7, Acquisition Date: | | | |
| 1/10/18, Cost $3,151 (1)(2)(3)(4) | 433,698 | 2,514 |
| Evolve Vacation Rental Network, Series 8, Acquisition Date: | | | |
| 3/29/18 - 6/15/18, Cost $17,862 (1)(2)(3)(4) | | 2,098,881 | 12,164 |
| Evolve Vacation Rental Network, Series 9, Acquisition Date: | | | |
| 5/29/20, Cost $4,323 (1)(2)(3)(4) | 745,950 | 4,323 |
| Minted, Series E, Acquisition Date: 10/30/18, | | | |
| Cost $23,655 (1)(2)(3)(4) | | 1,756,494 | 11,242 |
| Rent the Runway, Series F, Acquisition Date: 3/21/19, | | | |
| Cost $17,598 (1)(3)(4) | | 787,264 | 11,605 |
| Rent the Runway, Series G, Acquisition Date: 4/30/20, | | | |
| Cost $8,790 (1)(3)(4) | | 596,324 | 8,790 |
| Roofoods, Series F, Acquisition Date: 9/12/17, | | | |
| Cost $45,403 (1)(3)(4) | | 128,414 | 49,908 |
| Roofoods, Series G, Acquisition Date: 5/16/19, | | | |
| Cost $1,539 (1)(3)(4) | | 3,683 | 1,539 |
| | | | 196,417 |
| Textiles, Apparel & Luxury Goods 0.1% | | | |
| Allbirds, Series A, Acquisition Date: 10/10/18, | | | |
| Cost $5,119 (1)(3)(4) | | 466,735 | 5,397 |
| Allbirds, Series B, Acquisition Date: 10/10/18, | | | |
| Cost $899 (1)(3)(4) | | 82,000 | 948 |
| Allbirds, Series C, Acquisition Date: 10/9/18, | | | |
| Cost $8,595 (1)(3)(4) | | 783,670 | 9,061 |
| Allbirds, Series Seed, Acquisition Date: 10/10/18, | | | |
| Cost $2,750 (1)(3)(4) | | 250,775 | 2,900 |
| | | | 18,306 |
| Total Consumer Discretionary | | | 343,858 |
| CONSUMER STAPLES 0.1% | | | |
| |
| Food Products 0.1% | | | |
| Farmers Business Network, Series F, Acquisition Date: 7/31/20, | | | |
| Cost $10,408 (1)(3)(4) | | 314,865 | 10,408 |
| Farmers Business Network, Series D, Acquisition Date: 11/3/17, | | | |
| Cost $9,028 (1)(3)(4) | | 488,972 | 16,164 |
| Total Consumer Staples | | | 26,572 |
The accompanying notes are an integral part of this Portfolio of Investments.
| | |
| T. ROWE PRICE NEW HORIZONS FUND |
|
| |
| |
| |
| | Shares/Par | $ Value |
| (Cost and value in $000s) | | |
| |
| FINANCIALS 0.1% | | |
| |
| Capital Markets 0.0% | | |
| Trumid Holdings, Series J-A, Acquisition Date: 7/31/20, | | |
| Cost $11,909 (1)(3)(4)(5) | 24,002 | 11,909 |
| Trumid Holdings, Series J-B, Acquisition Date: 7/31/20, | | |
| Cost $7,186 (1)(3)(4)(5) | 24,002 | 7,146 |
| | | 19,055 |
| Insurance 0.1% | | |
| Go Maps, Series B, Acquisition Date: 12/15/17, | | |
| Cost $9,940 (1)(2)(3)(4) | 936,022 | 11,982 |
| Go Maps, Series B-1, Acquisition Date: 5/15/19 - 7/29/20, | | |
| Cost $2,147 (1)(2)(3)(4) | 167,743 | 2,147 |
| Jetclosing, Series A, Acquisition Date: 5/25/18, | | |
| Cost $8,917 (1)(2)(3)(4) | 4,570,635 | 6,596 |
| Jetclosing, Series B-1, Acquisition Date: 7/13/20, | | |
| Cost $2,595 (1)(2)(3)(4) | 1,941,006 | 2,595 |
| Jetclosing, Series B-2, Acquisition Date: 2/6/20, | | |
| Cost $1,328 (1)(2)(3)(4) | 1,168,452 | 1,563 |
| | | 24,883 |
| Total Financials | | 43,938 |
| HEALTH CARE 0.7% | | |
| |
| Biotechnology 0.3% | | |
| Caris Life Sciences, Series C, Acquisition Date: 8/14/20, | | |
| Cost $15,670 (1)(3)(4) | 5,677,732 | 15,670 |
| Ginkgo Bioworks, Series E, Acquisition Date: 7/30/19 - 9/9/19, | | |
| Cost $21,937 (1)(3)(4) | 148,007 | 22,229 |
| Insitro, Series B, Acquisition Date: 5/21/20, | | |
| Cost $7,412 (1)(3)(4) | 1,189,622 | 7,412 |
| Tempus Labs, Series D, Acquisition Date: 3/16/18, | | |
| Cost $8,530 (1)(3)(4) | 910,093 | 24,703 |
| Tempus Labs, Series E, Acquisition Date: 8/23/18, | | |
| Cost $11,140 (1)(3)(4) | 665,388 | 18,553 |
| Tempus Labs, Series F, Acquisition Date: 4/30/19, | | |
| Cost $4,400 (1)(3)(4) | 177,721 | 5,011 |
| Tempus Labs, Series G, Acquisition Date: 2/6/20, | | |
| Cost $4,335 (1)(3)(4) | 113,018 | 3,208 |
| | | 96,786 |
The accompanying notes are an integral part of this Portfolio of Investments.
| | |
| T. ROWE PRICE NEW HORIZONS FUND |
|
| |
| |
| |
| | Shares/Par | $ Value |
| (Cost and value in $000s) | | |
| |
| Health Care Equipment & Supplies 0.3% | | |
| JAND, Series D, Acquisition Date: 4/23/15, | | |
| Cost $15,460 (1)(2)(3)(4) | 1,346,025 | 33,019 |
| JAND, Series E, Acquisition Date: 3/9/18, | | |
| Cost $24,677 (1)(2)(3)(4) | 1,570,115 | 38,516 |
| JAND, Series F, Acquisition Date: 4/3/20, | | |
| Cost $21,615 (1)(2)(3)(4) | 1,108,868 | 27,201 |
| Kardium, Series D, Acquisition Date: 11/29/18, | | |
| Cost $8,865 (1)(3)(4) | 9,149,620 | 6,560 |
| | | 105,296 |
| Health Care Providers & Services 0.0% | | |
| Babyco, Class A, Acquisition Date: 11/3/17, | | |
| Cost $9,057 (1)(2)(3)(4)(5) | 2,611,790 | 6,702 |
| | | 6,702 |
| Health Care Technology 0.1% | | |
| Doximity, Series C, Acquisition Date: 4/10/14 - 3/22/18, | | |
| Cost $8,769 (1)(3)(4) | 1,894,489 | 31,733 |
| | | 31,733 |
| Total Health Care | | 240,517 |
| INDUSTRIALS & BUSINESS SERVICES 0.2% | | |
| |
| Machinery 0.1% | | |
| Xometry, Series A-2, Acquisition Date: 7/20/20, | | |
| Cost $3,026 (1)(2)(3)(4) | 316,036 | 3,046 |
| Xometry, Series B, Acquisition Date: 7/20/20, | | |
| Cost $1,039 (1)(2)(3)(4) | 108,482 | 1,045 |
| Xometry, Series C, Acquisition Date: 7/20/20, | | |
| Cost $1,098 (1)(2)(3)(4) | 112,738 | 1,087 |
| Xometry, Series D, Acquisition Date: 7/20/20, | | |
| Cost $858 (1)(2)(3)(4) | 87,492 | 843 |
| Xometry, Series E, Acquisition Date: 7/20/20, | | |
| Cost $8,620 (1)(2)(3)(4) | 632,771 | 8,620 |
| Xometry, Series Seed-1, Acquisition Date: 9/4/20, | | |
| Cost $4,767 (1)(2)(3)(4) | 595,883 | 4,767 |
| Xometry, Series Seed-2, Acquisition Date: 9/4/20, | | |
| Cost $2,097 (1)(2)(3)(4) | 262,162 | 2,097 |
| | | 21,505 |
The accompanying notes are an integral part of this Portfolio of Investments.
| | |
| T. ROWE PRICE NEW HORIZONS FUND |
|
| |
| |
| |
| | Shares/Par | $ Value |
| (Cost and value in $000s) | | |
| |
| Road & Rail 0.1% | | |
| Convoy, Series C, Acquisition Date: 9/14/18, | | |
| Cost $21,158 (1)(3)(4) | 2,979,808 | 29,856 |
| Convoy, Series D, Acquisition Date: 10/30/19, | | |
| Cost $26,262 (1)(3)(4) | 1,939,655 | 19,435 |
| | | 49,291 |
| Total Industrials & Business Services | | 70,796 |
| INFORMATION TECHNOLOGY 1.6% | | |
| |
| IT Services 0.1% | | |
| ServiceTitan, Series A-1, Acquisition Date: 11/9/18, | | |
| Cost $55 (1)(3)(4) | 2,099 | 71 |
| ServiceTitan, Series D, Acquisition Date: 11/9/18, | | |
| Cost $27,048 (1)(3)(4) | 1,028,634 | 34,765 |
| ServiceTitan, Series E, Acquisition Date: 4/23/20, | | |
| Cost $1,606 (1)(3)(4) | 47,506 | 1,605 |
| | | 36,441 |
| Software 1.5% | | |
| Aurora Innovation, Series B, Acquisition Date: 3/1/19, | | |
| Cost $8,834 (1)(3)(4) | 956,010 | 8,834 |
| Checkr, Series C, Acquisition Date: 4/10/18, | | |
| Cost $25,265 (1)(2)(3)(4) | 1,850,770 | 45,325 |
| Checkr, Series D, Acquisition Date: 9/6/19, | | |
| Cost $45,551 (1)(2)(3)(4) | 1,505,994 | 36,882 |
| Databricks, Series F, Acquisition Date: 10/22/19, | | |
| Cost $25,522 (1)(3)(4) | 594,243 | 28,524 |
| Evernote, Series 1, Acquisition Date: 11/20/12, | | |
| Cost $4,591 (1)(3)(4) | 381,752 | 842 |
| Evernote, Series 4, Acquisition Date: 5/2/12 - 11/20/12, | | |
| Cost $14,562 (1)(3)(4) | 1,210,758 | 4,999 |
| Evernote, Series 5, Acquisition Date: 11/8/13, | | |
| Cost $2,274 (1)(3)(4) | 174,948 | 760 |
| HashiCorp, Series E, Acquisition Date: 3/13/20, | | |
| Cost $13,449 (1)(3)(4) | 232,522 | 13,449 |
| Haul Hub, Series B, Acquisition Date: 2/14/20, | | |
| Cost $8,685 (1)(3)(4) | 595,656 | 8,685 |
| Lookout, Series F, Acquisition Date: 3/21/14 - 8/8/14, | | |
| Cost $31,937 (1)(3)(4) | 2,795,838 | 6,626 |
| Plex Systems Holdings, Series B, Acquisition Date: 6/9/14, | | |
| Cost $16,608 (1)(3)(4) | 7,238,750 | 15,588 |
The accompanying notes are an integral part of this Portfolio of Investments.
| | |
| T. ROWE PRICE NEW HORIZONS FUND |
|
| |
| |
| |
| | Shares/Par | $ Value |
| (Cost and value in $000s) | | |
| |
| Procore Technologies, Series B, Acquisition Date: 7/15/20, | | |
| Cost $2,653 (1)(3)(4) | 58,958 | 2,653 |
| Seismic Software, Series E, Acquisition Date: 12/13/18, | | |
| Cost $18,216 (1)(3)(4) | 577,906 | 25,400 |
| Seismic Software, Series F, Acquisition Date: 9/25/20, | | |
| Cost $2,446 (1)(3)(4) | 55,641 | 2,446 |
| Tanium, Series G, Acquisition Date: 8/26/15, | | |
| Cost $31,923 (1)(3)(4) | 6,430,431 | 73,276 |
| Toast, Series B, Acquisition Date: 9/14/18, Cost $416 (1)(3)(4) | 24,053 | 1,563 |
| Toast, Series D, Acquisition Date: 6/27/18, | | |
| Cost $29,721 (1)(3)(4) | 1,717,286 | 111,624 |
| Toast, Series E, Acquisition Date: 3/27/19, | | |
| Cost $10,561 (1)(3)(4) | 386,836 | 25,144 |
| Toast, Series F, Acquisition Date: 2/14/20, | | |
| Cost $12,434 (1)(3)(4) | 273,578 | 17,783 |
| Zenpayroll, Series B, Acquisition Date: 8/18/20, | | |
| Cost $6,279 (1)(3)(4) | 464,700 | 6,186 |
| Zenpayroll, Series B-2, Acquisition Date: 8/18/20, | | |
| Cost $11,722 (1)(3)(4) | 867,510 | 11,549 |
| ZenPayroll, Series C, Acquisition Date: 7/16/18, | | |
| Cost $20,951 (1)(3)(4) | 2,755,737 | 36,685 |
| ZenPayroll, Series D, Acquisition Date: 7/16/19, | | |
| Cost $29,246 (1)(3)(4) | 2,196,921 | 29,246 |
| | | 514,069 |
| Total Information Technology | | 550,510 |
| REAL ESTATE 0.0% | | |
| |
| Real Estate Management & Development 0.0% | | |
| WeWork, Series D-1, Acquisition Date: 12/9/14, | | |
| Cost $13,052 (1)(3)(4) | 783,879 | 0 |
| WeWork, Series D-2, Acquisition Date: 12/9/14, | | |
| Cost $10,256 (1)(3)(4) | 615,906 | 0 |
| Total Real Estate | | 0 |
| Total Convertible Preferred Stocks (Cost $1,047,559) | | 1,309,089 |
| |
| CONVERTIBLE BONDS 0.1% | | |
| |
| Color Genomics, 3.00%, 6/30/21, Acquisition Date: 1/13/20, | | |
| Cost $12,467 (1)(3)(4) | 12,466,502 | 12,467 |
| Kronos Bio, 0.00%, 2/20/22, Acquisition Date: 8/20/20, | | |
| Cost $7,771 (1)(3)(4) | 7,771,392 | 7,771 |
The accompanying notes are an integral part of this Portfolio of Investments.
| | | |
| T. ROWE PRICE NEW HORIZONS FUND |
|
| |
| |
| | Shares/Par | | $ Value |
| (Cost and value in $000s) | | | |
| Reed Krakoff International, 8.00%, 12/15/20, Acquisition Date: | | | |
| 12/29/14 - 3/26/15, Cost $2,131 (1)(2)(3)(4)(7) | 2,130,706 | | 0 |
| Total Convertible Bonds (Cost $22,369) | | | 20,238 |
| BANK LOANS 0.1% (8) | | | |
| Uber Technologies, FRN, 3M USD LIBOR + 4.00%, 5.00%, | | | |
| 4/4/25 | 17,160,013 | | 17,003 |
| Total Bank Loans (Cost $17,101) | | | 17,003 |
| SHORT-TERM INVESTMENTS 2.6% | | | |
| MONEY MARKET FUNDS 2.6% | | | |
| T. Rowe Price Government Reserve Fund, 0.09% (2)(9) | 894,030,030 | | 894,030 |
| Total Short-Term Investments (Cost $894,030) | | | 894,030 |
| Total Investments in Securities 99.8% | | | |
| (Cost $18,207,862) | | $ | 34,106,324 |
| Other Assets Less Liabilities 0.2% | | | 85,143 |
| Net Assets 100.0% | | $ | 34,191,467 |
| | |
| ‡ | | Shares/Par are denominated in U. S. dollars unless otherwise noted. |
| (1 | ) | Non-income producing |
| (2 | ) | Affiliated Companies |
| (3 | ) | Level 3 in fair value hierarchy. |
| (4 | ) | 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 has registration rights for certain restricted |
| | | securities. Any costs related to such registration are borne by the issuer. The |
| | | aggregate value of restricted securities (excluding 144A holdings) at period- |
| | | end amounts to $2,435,486 and represents 7.1% of net assets. |
| (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 | ) | Preferred stocks are shares that carry certain preferential rights. The dividend |
| | | rate may not be consistent each pay period and could be zero for a particular |
| | | year. |
| (7 | ) | Security is in default or has failed to make a scheduled interest and/or |
| | | principal payment. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE NEW HORIZONS FUND
| | |
| (8 | ) | Bank loan positions may involve multiple underlying tranches. In those |
| | | instances, the position presented reflects the aggregate of those respective |
| | | underlying tranches and the rate presented reflects the weighted average rate |
| | | of the settled positions. |
| (9 | ) | Seven-day yield |
| 3M USD LIBOR | | Three month USD LIBOR (London interbank offered rate) |
| ADR | | American Depositary Receipts |
| AUD | | Australian Dollar |
| CAD | | Canadian Dollar |
| 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 |
| FRN | | Floating Rate Note |
| GBP | | British Pound |
| HKD | | Hong Kong Dollar |
| IDR | | Indonesian Rupiah |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE NEW HORIZONS FUND
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, 2020. 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.
| | | | | | | | |
| | | | | Change in Net | | |
| | | Net Realized Gain | | Unrealized | | Investment |
| Affiliate | | (Loss) | | Gain/Loss | | Income |
| 1stdibs. com, Series D | $ | — | $ | (1,802) | $ | — |
| Abcam | | (10,237) | | (27,662) | | 632 |
| Alclear Holdings, Class B | | — | | (13,725) | | — |
| Altus Group | | 4,763 | | 23,923 | | 643 |
| Armstrong Worldwide Industries | | (38,948) | | (130,324) | | 6,499 |
| Babyco, Class A | | — | | (2,355) | | — |
| Black Knight | | 25,406 | | 131,314 | | — |
| Booz Allen Hamilton Holding | | 20,798 | | 91,756 | | 14,707 |
| Boston Beer, Class A | | 89,342 | | 213,876 | | — |
| Bright Horizons Family Solutions | | 42,880 | | (12,065) | | — |
| Cable One | | 24,954 | | 134,334 | | 2,700 |
| Checkr | | — | | (3,750) | | — |
| Checkr, Series C | | — | | (10,654) | | — |
| Checkr, Series D | | — | | (8,669) | | — |
| Datadog, Class A++ | | 88,247 | | 423,344 | | — |
| Descartes Systems Group | | 9,034 | | 72,142 | | — |
| Endava | | 1,855 | | 24,879 | | — |
| Eurofins Scientific | | 1,450 | | 164,977 | | — |
| Evolve Vacation Rental Network, | | | | | | |
| Series 4 | | — | | (1,986) | | — |
| Evolve Vacation Rental Network, | | | | | | |
| Series 5 | | — | | (4,775) | | — |
| Evolve Vacation Rental Network, | | | | | | |
| Series 6 | | — | | (6,133) | | — |
| Evolve Vacation Rental Network, | | | | | | |
| Series 7 | | — | | (1,199) | | — |
| Evolve Vacation Rental Network, | | | | | | |
| Series 8 | | — | | (5,802) | | — |
| Evolve Vacation Rental Network, | | | | | | |
| Series 9 | | — | | — | | — |
The accompanying notes are an integral part of this Portfolio of Investments.
| | | | | |
| | T. ROWE PRICE NEW HORIZONS FUND | |
| |
| |
| |
| |
| Affiliated Companies (continued) | | |
| ($000s) | | | |
| |
| | | Change in Net | |
| | Net Realized Gain | Unrealized | Investment |
| Affiliate | (Loss) | Gain/Loss | Income |
| FirstService | 13,998 | 56,933 | 656 |
| Five9 | 3,638 | 147,448 | — |
| GCI Liberty, Class A | 24,040 | 47,441 | — |
| Go Maps, Series B | — | — | — |
| Go Maps, Series B-1 | — | — | — |
| HubSpot | 21,267 | 354,398 | — |
| JAND, Class A | — | 11,945 | — |
| JAND, Series D | — | 8,572 | — |
| JAND, Series E | — | 10,000 | — |
| JAND, Series F | — | 5,586 | — |
| Jetclosing, Series A | — | (2,321) | — |
| Jetclosing, Series B-1 | — | — | — |
| Jetclosing, Series B-2^^ | — | 263 | — |
| Lennox International | (67,745) | 56,861 | 5,431 |
| Minted, Series E | — | (9,362) | — |
| Nevro | (1,599) | 60,676 | — |
| Ollie's Bargain Outlet Holdings | (78,349) | 109,698 | — |
| Palomar Holdings | 16,512 | 59,736 | — |
| Paylocity Holding | 15,114 | 280,599 | — |
| Planet Fitness, Class A | (35,702) | 2,089 | — |
| RealPage | 24,016 | 18,337 | — |
| Reed Krakoff International | — | — | — |
| Reed Krakoff International Conv. | | | |
| Bond | — | — | — |
| RH | 53,763 | 140,064 | — |
| Shockwave Medical | 6,294 | 23,454 | — |
| StoneCo, Class A | 205,037 | (205) | — |
| Sweetgreen, Series F | — | (1,790) | — |
| Sweetgreen, Series G | — | (1,153) | — |
| Sweetgreen, Series I | — | (268) | — |
| Twilio, Class A | 29,971 | 381,087 | — |
| Vail Resorts | 230,355 | (363,671) | 5,792 |
| Vroom | 19 | 13,033 | — |
| Vroom Private Placement** | — | 346,207 | — |
The accompanying notes are an integral part of this Portfolio of Investments.
| | | | | | | | | | | |
| | | T. ROWE PRICE NEW HORIZONS FUND | | |
| |
| |
| |
| |
| Affiliated Companies (continued) | | | | | | | |
| ($000s) | | | | | | | | | |
| |
| | | | | | | Change in Net | | |
| | | Net Realized Gain | | Unrealized | | Investment |
| Affiliate | | | (Loss) | | Gain/Loss | | Income |
| Wheels Up Partners, Series B | | | | — | | (7,229) | | — |
| Wheels Up Partners, Series C | | | | — | | (5,354) | | — |
| Wheels Up Partners, Series D | | | | — | | (8,039) | | — |
| Xometry, Series A-2 | | | | | — | | 20 | | — |
| Xometry, Series B | | | | | — | | 6 | | — |
| Xometry, Series C | | | | | — | | (11) | | — |
| Xometry, Series D | | | | | — | | (15) | | — |
| Xometry, Series E | | | | | — | | — | | — |
| Xometry, Series Seed-1 | | | | | — | | — | | — |
| Xometry, Series Seed-2 | | | | | — | | — | | — |
| Zendesk | | | | | 8,172 | | 156,805 | | — |
| T. Rowe Price Government | | | | | | | | |
| Reserve Fund | | | | | — | | — | | 4,024 |
| Affiliates not held at period end | | 34,338 | | (55,878) | | 3,262 |
| Totals | | $ | 762,683# | $ | 2,885,606 | $ | 44,346+ |
| |
| Supplementary Investment Schedule | | | | | | | |
| | | Value | | | Purchase | Sales | | Value |
| Affiliate | | 12/31/19 | | | Cost | Cost | | 9/30/20 |
| 1stdibs. com, Series D | $ | 26,470 | | $ | | — $ | — $ | | 24,668 |
| Abcam | | 272,393 | | | 3,416 | 78,202 | | 169,945 |
| Alclear Holdings, Class B | 214,015 | | | | — | 30,825 | | 169,465 |
| Altus Group | | 110,572 | | | | — | 51,827 | | * |
| Armstrong Worldwide | | | | | | | | | |
| Industries | | 554,993 | | | 105,414 | 150,495 | | 379,588 |
| Babyco, Class A | | 9,057 | | | | — | — | | 6,702 |
| Black Knight | | 499,413 | | | 60,781 | 123,244 | | * |
| Booz Allen Hamilton | | | | | | | | | |
| Holding | | 708,354 | | | 30,197 | 138,298 | | 692,009 |
| Boston Beer, Class A | | 207,382 | | | 64,182 | 109,063 | | * |
| Bright Horizons Family | | | | | | | | | |
| Solutions | | 649,380 | | | 94,835 | 150,536 | | 581,614 |
| Cable One | | 549,997 | | | 130,008 | 104,096 | | 710,243 |
| Checkr | | 25,412 | | | | — | — | | 21,662 |
The accompanying notes are an integral part of this Portfolio of Investments.
| | | | |
| | T. ROWE PRICE NEW HORIZONS FUND | |
| |
| |
| |
| |
| Affiliated Companies (continued) | | | |
| ($000s) | | | | |
| |
| |
| Supplementary Investment Schedule | | | |
| | Value | Purchase | Sales | Value |
| Affiliate | 12/31/19 | Cost | Cost | 9/30/20 |
| Checkr, Series C | 55,979 | — | — | 45,325 |
| Checkr, Series D | 45,551 | — | — | 36,882 |
| Datadog, Class A++ | * | 314,007 | 177,727 | * |
| Descartes Systems Group | 232,579 | 14,353 | 25,444 | 293,630 |
| Endava | 52,002 | 23,294 | 7,482 | * |
| Eurofins Scientific | * | 278,376 | 32,529 | 750,561 |
| Evolve Vacation Rental | | | | |
| Network, Series 4 | 6,149 | — | — | 4,163 |
| Evolve Vacation Rental | | | | |
| Network, Series 5 | 14,787 | — | — | 10,012 |
| Evolve Vacation Rental | | | | |
| Network, Series 6 | 18,992 | — | — | 12,859 |
| Evolve Vacation Rental | | | | |
| Network, Series 7 | 3,713 | — | — | 2,514 |
| Evolve Vacation Rental | | | | |
| Network, Series 8 | 17,966 | — | — | 12,164 |
| Evolve Vacation Rental | | | | |
| Network, Series 9 | — | 4,323 | — | 4,323 |
| FirstService | 208,646 | 55,777 | 41,585 | * |
| Five9 | — | 342,170 | 27,994 | 461,624 |
| Framebridge, Series C | 12,363 | — | — | ## |
| GCI Liberty, Class A | 503,741 | — | 55,283 | 495,899 |
| Go Maps, Series B | 11,982 | — | — | 11,982 |
| Go Maps, Series B-1 | 417 | 1,730 | — | 2,147 |
| Goosehead Insurance, | | | | |
| Class A | 38,945 | — | 9,875 | — |
| HubSpot | — | 374,642 | 83,234 | * |
| JAND, Class A | * | — | — | 46,009 |
| JAND, Series D | * | — | — | 33,019 |
| JAND, Series E | * | — | — | 38,516 |
| JAND, Series F | — | 21,615 | — | 27,201 |
| Jetclosing, Series A | 8,917 | — | — | 6,596 |
| Jetclosing, Series B-1 | — | 2,595 | — | 2,595 |
| Jetclosing, Series B-2^^ | — | 1,300 | — | 1,563 |
The accompanying notes are an integral part of this Portfolio of Investments.
| | | | |
| | T. ROWE PRICE NEW HORIZONS FUND | |
| |
| |
| |
| |
| Affiliated Companies (continued) | | | |
| ($000s) | | | | |
| |
| Supplementary Investment Schedule | | | |
| | Value | Purchase | Sales | Value |
| Affiliate | 12/31/19 | Cost | Cost | 9/30/20 |
| Lennox International | 508,626 | 28,762 | 310,492 | * |
| Minted, Series E | 20,604 | — | — | 11,242 |
| Nevro | * | 193,138 | 44,617 | 332,226 |
| Ollie's Bargain Outlet | | | | |
| Holdings | 296,841 | 572 | 241,567 | * |
| Outset Medical, Series C | 14,279 | — | — | ## |
| Outset Medical, Series D | 8,914 | — | — | ## |
| Palomar Holdings | 63,989 | 21,079 | 25,391 | * |
| Paylocity Holding | * | 381,289 | 61,298 | 879,458 |
| Planet Fitness, Class A | — | 379,220 | 205,207 | * |
| RealPage | 333,335 | 66,603 | 254,040 | * |
| Reed Krakoff International | — | — | — | — |
| Reed Krakoff International | | | | |
| Conv. Bond | — | — | — | — |
| RH | — | 377,209 | 65,824 | 451,449 |
| Shockwave Medical | 94,525 | — | 45,372 | * |
| StoneCo, Class A | 689,442 | 54,245 | 171,968 | * |
| Sweetgreen, Series F | 60,008 | — | — | 58,218 |
| Sweetgreen, Series G | 38,672 | — | — | 37,519 |
| Sweetgreen, Series I | 8,998 | — | — | 8,730 |
| Twilio, Class A | 621,245 | 165,123 | 584,974 | * |
| Vail Resorts | 515,090 | 350,771 | 140,249 | * |
| Vroom | — | 9,640 | 12 | 22,661 |
| Vroom Private Placement** | 132,245 | — | — | 478,452 |
| Wheels Up Partners, Series | | | | |
| B | 27,805 | — | — | 20,576 |
| Wheels Up Partners, Series | | | | |
| C | 20,590 | — | — | 15,236 |
| Wheels Up Partners, Series | | | | |
| D | 30,921 | — | — | 22,882 |
| Workiva | 131,120 | — | 104,784 | — |
| Xometry, Series A-2 | — | 3,026 | — | 3,046 |
| Xometry, Series B | — | 1,039 | — | 1,045 |
| Xometry, Series C | — | 1,098 | — | 1,087 |
| Xometry, Series D | — | 858 | — | 843 |
| Xometry, Series E | — | 8,620 | — | 8,620 |
The accompanying notes are an integral part of this Portfolio of Investments.
| | | | | | | | |
| | | | T. ROWE PRICE NEW HORIZONS FUND | | |
| |
| |
| |
| |
| | Affiliated Companies (continued) | | | | |
| ($ | 000 s) | | | | | |
| |
| |
| | Supplementary Investment Schedule | | | | |
| | | | Value | Purchase | Sales | | Value |
| | Affiliate | | 12/31/19 | Cost | Cost | | 9/30/20 |
| | Xometry, Series Seed-1 | | — | 4,767 | — | | 4,767 |
| | Xometry, Series Seed-2 | | — | 2,097 | — | | 2,097 |
| | Zendesk | | 435,991 | 143,325 | 220,945 | | * |
| | T. Rowe Price Government | | | | | | |
| | Reserve Fund | | 350,522 | ¤ | ¤ | | 894,030 |
| | Total | | | | | $ | 8,309,664^ |
| |
| # | Capital gain distributions from mutual funds represented $0 of the net realized gain (loss) . |
| * | On the date indicated, issuer was held but not considered an affiliated company. |
| ## Acquired by a non-affiliated company. |
| ++ Includes previously reported affiliate Datadog, Class A and Datadog, Class B; acquired |
| | through a corporate action. |
| ** Includes previously reported affiliate Vroom, Vroom, Series C, Vroom, Series D, Vroom, |
| | Series E, Vroom, Series F, Vroom, Series G, and Vroom, Series H; acquired through a |
| | corporate action. |
| ^^ Includes previously reported affiliate Jetclosing; acquired through a corporate action. |
| + | Investment income comprised $44,346 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 $5,022,729. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE NEW HORIZONS FUND
Unaudited
NOTES TO PORTFOLIO OF
INVESTMENTS
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
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.
Fair Value
The fund’s financial instruments 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 T. Rowe Price Valuation Committee (the Valuation Committee) is an internal committee that has been
delegated certain responsibilities by the fund’s Board of Directors (the Board) to ensure that financial instruments are
appropriately priced at fair value in accordance with GAAP and the 1940 Act. Subject to oversight by the Board, the
Valuation Committee develops and oversees pricing-related policies and procedures and approves all fair value
determinations. Specifically, the Valuation Committee establishes procedures to value securities; determines pricing
techniques, sources, and persons eligible to effect fair value pricing actions; oversees the selection, services, and
performance of pricing vendors; oversees valuation-related business continuity practices; and provides guidance on
internal controls and valuation-related matters. The Valuation Committee reports to the Board and has representation
from legal, portfolio management and trading, operations, risk management, and the fund’s treasurer.
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
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 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
T. ROWE PRICE NEW HORIZONS FUND
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.
For valuation purposes, 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 fund 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, the fund will adjust the previous
quoted prices to reflect what it believes to be the fair value of the securities as of the close of the NYSE. In deciding
whether it is necessary to adjust quoted prices to reflect fair value, the fund reviews 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 fund may also fair value
securities in other situations, such as when a particular foreign market is closed but the fund is open. The fund uses
outside pricing services to provide it with quoted prices and information to evaluate or adjust those prices. The fund
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. As a means of evaluating its security valuation process, the fund routinely compares quoted prices, the
next day’s opening prices in the same markets, and adjusted prices.
Actively traded equity securities listed on a domestic exchange generally are categorized in Level 1 of the fair value
hierarchy. Non-U.S. equity securities generally are categorized in Level 2 of the fair value hierarchy despite the
availability of quoted prices because, as described above, the fund evaluates and determines whether those quoted prices
reflect fair value at the close of the NYSE or require adjustment. OTC Bulletin Board securities, certain preferred
securities, and equity securities traded in inactive markets generally are categorized in Level 2 of the fair value
hierarchy.
Debt securities generally are traded in the 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
services consider 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. Generally, debt securities are categorized in Level 2 of the fair value
hierarchy; however, to the extent the valuations include significant unobservable inputs, the securities would be
categorized in Level 3.
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 quoted by a major bank.
Investments in mutual funds are valued at the mutual fund’s closing NAV per share on the day of valuation and are
categorized in Level 1 of the fair value hierarchy.
Thinly traded financial instruments and those for which the above valuation procedures are inappropriate or are
deemed not to reflect fair value are stated at fair value as determined in good faith by the Valuation Committee. The
objective of any fair value pricing determination is to arrive at a price that could reasonably be expected from a current
sale. Financial instruments fair valued by the Valuation Committee are primarily private placements, restricted
securities, warrants, rights, and other securities that are not publicly traded.
Subject to oversight by the Board, the Valuation Committee regularly makes good faith judgments to establish and
adjust the fair valuations of certain securities as events occur and circumstances warrant. For instance, in determining
the fair value of an equity investment with limited market activity, such as a private placement or a thinly traded public
company stock, the Valuation Committee considers a variety of factors, which may include, but are not limited to, the
issuer’s business prospects, its financial standing and performance, recent investment transactions in the issuer, new
rounds of financing, negotiated transactions of significant size between other investors in the company, relevant market
valuations of peer companies, strategic events affecting the company, market liquidity for the issuer, and general
economic conditions and events. In consultation with the investment and pricing teams, the Valuation Committee will
determine an appropriate valuation technique based on available information, which may include both observable and
T. ROWE PRICE NEW HORIZONS FUND
unobservable inputs. The Valuation Committee 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 Committee 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; or some combination. Fair value determinations are reviewed on a
regular basis and updated as information becomes available, including actual purchase and sale transactions of the
issue. Because any fair value determination involves a significant amount of judgment, there is a degree of subjectivity
inherent in such pricing decisions, and fair value prices determined by the Valuation Committee could differ from
those of other market participants. Depending on the relative significance of unobservable inputs, including the
valuation technique(s) used, fair valued securities may be categorized in Level 2 or 3 of the fair value hierarchy.
Valuation Inputs
The following table summarizes the fund’s financial instruments, based on the inputs used to determine their fair values
on September 30, 2020 (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 | $ | 28,669,914$ | 2,550,702$ | 429,776$ | 31,650,392 |
| Preferred Stocks | | — | 215,572 | — | 215,572 |
| Convertible Preferred Stocks | | — | — | 1,309,089 | 1,309,089 |
| Convertible Bonds | | — | — | 20,238 | 20,238 |
| Bank Loans | | — | 17,003 | — | 17,003 |
| Short-Term Investments | | 894,030 | — | — | 894,030 |
| Total | $ | 29,563,944$ | 2,783,277$ | 1,759,103$ | 34,106,324 |
Following is a reconciliation of the fund’s Level 3 holdings for the period ended September 30, 2020. 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, 2020, totaled $23,689,000 for the period ended September 30,
2020. During the period, transfers out of Level 3 were because observable market data became available for the security.
| | | | | | | | | | | | | | | | | |
| ($ | 000 s) | | Beginning | | Gain (Loss) | | | | | | Transfers | | Ending |
| | | | | Balance | | During | | Total | | Total | | Out of | | Balance |
| | | | | 1/1/20 | | Period | | Purchases | | Sales | | Level 3 | | 9/30/20 |
| | Investment in Securities | | | | | | | | | | | | | |
| | Common Stocks | | $ | 482,568 | $ | (22,946) | $ | 44,244 | $ | (44,550) | $ | (29,540) | $ | 429,776 |
| | Convertible Preferred | | | | | | | | | | | | | |
| | Stocks | | | 1,231,635 | | 56,444 | | 180,109 | | (31,643) | | (127,456) | | 1,309,089 |
| | Convertible Bonds | | | – | | – | | 20,238 | | – | | – | | 20,238 |
| | Bank Loans | | | 11,844 | | – | | – | | – | | (11,844) | | – |
| |
| | Total | | $ | 1,726,047 | $ | 33,498 | $ | 244,591 | $ | (76,193) | $ | (168,840) | $ | 1,759,103 |
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
Committee 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.
| | | | | | | | | | |
| | | | | T. ROWE PRICE NEW HORIZONS FUND | | | | | |
| |
| |
| |
| | | | | | | | | | | Impact to |
| | | | | | | | | | | Valuation |
| | | | | | Significant | Value or | | Weighted | | from an |
| Investments in | | Value | | Valuation | Unobservable | Range of | | Average of | | Increase |
| Securities | ($000 | s) | Technique(s)+ | Input(s) | Input(s) | | Input(s)* | | in Input** |
| |
| Common | $ | 429,776 | | Recent | Discount Factor | —# | | —# | | —# |
| Stocks | | | | comparable | | | | | | |
| | | | | transaction | | | | | | |
| | | | | price(s) | | | | | | |
| | | | | | Discount for Lack of | 100 | % | 100 | % | Decrease |
| | | | | | Collectability | | | | | |
| |
| | | | | | Market performance | 14% - 26% | | 22 | % | Decrease |
| | | | | | adjustment | | | | | |
| |
| | | | | Expected | Discount for Regulatory | 5 | % | 5 | % | Decrease |
| | | | | present value | Uncertainty | | | | | |
| |
| | | | | | Discount Rate for | 8% - 23% | | 17 | % | Decrease |
| | | | | | Cost of Equity | | | | | |
| |
| | | | | | Timing of events | 0.24 - 4.69 yrs | | 2.49 | yrs | Decrease |
| |
| |
| | | | | | Discount for lack of | 0% - 75% | | 27 | % | Decrease |
| | | | | | collectability | | | | | |
| |
| | | | | Market | Enterprise Value to Sales | 4.3x – 4.9x | | 4.3 | x | Increase |
| | | | | comparable | Multiple | | | | | |
| |
| | | | | | Discount for Lack of | 10 | % | 10 | % | Decrease |
| | | | | | Marketability | | | | | |
| |
| | | | | | Discount Rate for Cost of | 25 | % | 25 | % | Decrease |
| | | | | | Equity | | | | | |
| |
| | | | | | Sales Growth Rate | 10 | % | 10 | % | Increase |
| |
| | | | | | Acquisition Premium | 10 | % | 10 | % | Increase |
| |
| | | | | | Enterprise Value to Gross | 1.2 | x | 1.2 | x | Increase |
| | | | | | Merchandise Value | | | | | |
| | | | | | Multiple | | | | | |
| |
| | | | | | Enterprise Value to Gross | 6.6x – 15.2x | | 13.1 | x | Increase |
| | | | | | Profit Multiple | | | | | |
| |
| | | | | | Enterprise Value to | 7.9 | x | 7.9 | x | Increase |
| | | | | | EBITDA Multiple | | | | | |
| |
| | | | | | Projected Enterprise | 10.4 | x | 10.4 | x | Increase |
| | | | | | Value to EBITDA Multiple | | | | | |
| |
| | | | | | Projected Enterprise | 11.9 | x | 11.9 | x | Increase |
| | | | | | Value to Gross Profit | | | | | |
| | | | | | Multiple | | | | | |
| |
| | | | | | Market Performance | 14% - 26% | | 14 | % | Decrease |
| | | | | | Adjustment | | | | | |
| |
| | | | | Estimated | Discount Factor | —# | | —# | | —# |
| | | | | liquidation | | | | | | |
| | | | | value | | | | | | |
| | | | | | Discount for Lack of | 100 | % | 100 | % | Decrease |
| | | | | | Collectability | | | | | |
| | | | | | | | | | |
| | | | | T. ROWE PRICE NEW HORIZONS FUND | | | | | |
| |
| |
| |
| | | | | | | | | | | Impact to |
| | | | | | | | | | | Valuation |
| | | | | | Significant | Value or | | Weighted | | from an |
| Investments in | | Value | | Valuation | Unobservable | Range of | | Average of | | Increase |
| Securities | ($ | 000 | s) | Technique(s)+ | Input(s) | Input(s) | | Input(s)* | | in Input** |
| |
| Convertible | $ | 1,309,089 | | Recent | Discount Factor | —# | | —# | | —# |
| Preferred | | | | comparable | | | | | | |
| Stocks | | | | transaction | | | | | | |
| | | | | price(s) | | | | | | |
| | | | | | Discount for Lack of | 100 | % | 100 | % | Decrease |
| | | | | | Collectability | | | | | |
| |
| | | | | | Market Performance | 26 | % | 26 | % | Decrease |
| | | | | | Adjustment | | | | | |
| |
| | | | | Expected | Market Performance | 26 | % | 26 | % | Decrease |
| | | | | present value | Adjustment | | | | | |
| |
| | | | | | Discount Rate for Cost of | 15 | % | 15 | % | Decrease |
| | | | | | Equity | | | | | |
| |
| | | | | Market | Sales Growth Rate | 1% - 91% | | 59 | % | Increase |
| | | | | Comparable | | | | | | |
| | | | | | Enterprise Value to Sales | 1.4x – 11.8x | | 5.5 | x | Increase |
| | | | | | Multiple | | | | | |
| |
| | | | | | Enterprise Value to Gross | 1.2 | x | 1.2 | x | Increase |
| | | | | | Merchandise Value | | | | | |
| | | | | | Multiple | | | | | |
| |
| | | | | | Discount Rate for Cost of | 25 | % | 25 | % | Decrease |
| | | | | | Equity | | | | | |
| |
| | | | | | Discount for Lack of | 10 | % | 10 | % | Decrease |
| | | | | | Marketability | | | | | |
| |
| | | | | | Enterprise Value to Gross | 3.1% –15.2% | | 11.1 | % | Increase |
| | | | | | Profit Multiple | | | | | |
| |
| | | | | | Projected Enterprise | 11.9 | % | 11.9 | % | Increase |
| | | | | | Value to Gross Profit | | | | | |
| | | | | | Multiple | | | | | |
| |
| | | | | | Gross Profit Growth Rate | 2% – 25% | | 17 | % | Increase |
| |
| | | | | | Market Performance | 26 | % | 26 | % | Decrease |
| | | | | | Adjustment | | | | | |
| |
| | | | | | Acquisition Premium | 10 | % | 10 | % | Increase |
| |
| Convertible | $ | 20,238 | | Recent | Discount Factor | —# | | —# | | —# |
| Bonds | | | | comparable | | | | | | |
| | | | | transaction | | | | | | |
| | | | | price(s) | | | | | | |
| |
| | | | | Estimated | Discount for Lack of | 100 | % | 100 | % | Decrease |
| | | | | liquidation | Collectability | | | | | |
| | | | | value | | | | | | |
| |
| # | No quantitative unobservable inputs significant to the valuation technique were created by the fund’s management. |
| |
| * | 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. |
| + | Valuation techniques may change in order to reflect our judgment of current market participant assumptions. |
