T.
ROWE
PRICE
New
Horizons
Fund
March
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
93.6%
COMMUNICATION
SERVICES
4.0%
Diversified
Telecommunication
Services
0.2%
Sarana
Menara
Nusantara
(IDR)
1,075,659,700
81,487
81,487
Entertainment
0.0%
Houzz,
Acquisition
Date:
6/3/14,
Cost $6,575 (1)(2)(3)
877,600
6,029
OfferUp,
Acquisition
Date:
3/6/15,
Cost $5,042 (1)(2)(3)
1,012,630
2,319
8,348
Media
3.8%
Cable
One (4)
431,501
788,939
Liberty
Broadband,
Class
C (2)
4,161,580
624,861
1,413,800
Total
Communication
Services
1,503,635
CONSUMER
DISCRETIONARY
7.0%
Diversified
Consumer
Services
2.1%
Bright
Horizons
Family
Solutions (2)(4)
4,655,690
798,218
798,218
Hotels,
Restaurants
&
Leisure
1.3%
Vail
Resorts
1,632,912
476,255
476,255
Internet
&
Direct
Marketing
Retail
1.1%
A
Place
for
Rover,
Acquisition
Date:
5/25/18,
Cost $2,132 (2)(3)
314,592
3,067
Coupang,
Class
A,
Acquisition
Date:
1/9/15,
Cost $16,846 (2)(3)
5,958,970
279,372
Deliveroo
Holdings
(GBP) (2)
6,820,269
27,027
Deliveroo
Holdings,
Acquisition
Date:
9/12/17
-
5/16/19,
Cost $46,942
(GBP) (2)(3)
26,419,400
99,460
Framebridge,
EC,
Acquisition
Date:
5/19/20,
Cost $5,712 (1)(2)(3)
5,712,448
1,761
410,687
Multiline
Retail
0.1%
Ollie's
Bargain
Outlet
Holdings (2)
520,899
45,318
45,318
Specialty
Retail
2.4%
Burlington
Stores (2)
1,669,550
498,862
MYT
Netherlands
Parent,
ADR (2)
1,060,038
29,957
RH (2)
629,751
375,709
904,528
T.
ROWE
PRICE
New
Horizons
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Textiles,
Apparel
&
Luxury
Goods
0.0%
Allbirds,
Acquisition
Date:
10/10/18
-
12/21/18,
Cost $15,644 (1)
(2)(3)
1,426,470
16,493
16,493
Total
Consumer
Discretionary
2,651,499
CONSUMER
STAPLES
1.9%
Beverages
1.6%
Boston
Beer,
Class
A (2)
491,648
593,065
593,065
Food
Products
0.3%
Freshpet (2)
631,227
100,245
100,245
Total
Consumer
Staples
693,310
ENERGY
0.1%
Oil,
Gas
&
Consumable
Fuels
0.1%
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $2,981 (1)(2)(3)
987
5,493
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $25,849 (1)(2)(3)
7,166
39,881
Total
Energy
45,374
FINANCIALS
3.5%
Capital
Markets
3.5%
CM
Life
Sciences (2)
1,033,337
16,978
CM
Life
Sciences
II (2)
841,225
10,768
CM
Life
Sciences
II
SPAC/SomaLogic
PIPE (2)(5)
1,629,162
18,450
FS
Development
Corp
II,
Class
A (2)
831,388
8,281
MarketAxess
Holdings
814,025
405,319
MSCI
1,976,944
828,893
Total
Financials
1,288,689
HEALTH
CARE
25.4%
Biotechnology
13.2%
Abcam
(GBP) (2)
9,730,753
186,657
ACADIA
Pharmaceuticals (2)
1,334,609
34,433
Acceleron
Pharma (2)
1,455,537
197,385
Acerta
Pharma,
Class
B,
Acquisition
Date:
5/12/15,
Cost $4,434 (1)(2)(3)
175,251,555
21,854
ADC
Therapeutics (2)
1,238,489
30,232
Agios
Pharmaceuticals (2)
560,632
28,951
Akero
Therapeutics (2)
522,308
15,152
Alector (2)
1,003,277
20,206
Allogene
Therapeutics (2)
1,208,547
42,662
T.
ROWE
PRICE
New
Horizons
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
Alnylam
Pharmaceuticals (2)
1,085,663
153,285
Annexon (2)
639,547
17,805
Apellis
Pharmaceuticals (2)
1,266,593
54,349
Ardelyx (2)
943,685
6,247
Argenx,
ADR (2)
1,025,831
282,504
Ascendis
Pharma,
ADR (2)
937,487
120,823
Avidity
Biosciences (2)
1,058,799
23,092
BeiGene,
ADR (2)
278,018
96,772
Bluebird
Bio (2)
416,978
12,572
Blueprint
Medicines (2)
966,387
93,962
C4
Therapeutics (2)
816,916
30,218
Cerevel
Therapeutics
Holdings (2)
1,077,262
14,791
CRISPR
Therapeutics (2)
314,525
38,325
Cullinan
Oncology (2)
351,160
14,633
CureVac (2)
697,279
63,773
Deciphera
Pharmaceuticals (2)
418,472
18,764
Denali
Therapeutics (2)
1,812,085
103,470
Design
Therapeutics (2)
376,380
11,254
Dicerna
Pharmaceuticals (2)
805,685
20,601
Enanta
Pharmaceuticals (2)
322,380
15,900
Exact
Sciences (2)
6,201,650
817,253
Exelixis (2)
5,990,871
135,334
Fate
Therapeutics (2)
904,476
74,574
FibroGen (2)
487,291
16,914
Flame
Biosciences,
Acquisition
Date:
9/28/20,
Cost $7,914 (1)(2)
(3)
1,208,219
7,914
G1
Therapeutics (2)
481,762
11,591
Generation
Bio (2)
1,898,486
54,031
Global
Blood
Therapeutics (2)
595,032
24,248
Homology
Medicines (2)
1,255,122
11,811
Ideaya
Biosciences (2)
248,312
5,835
IGM
Biosciences (2)
548,367
42,054
Incyte (2)
2,234,740
181,617
Insmed (2)
2,699,597
91,948
Intellia
Therapeutics (2)
669,058
53,695
Ionis
Pharmaceuticals (2)
1,519,333
68,309
Iovance
Biotherapeutics (2)
1,466,856
46,441
Karuna
Therapeutics (2)
356,979
42,920
Kodiak
Sciences (2)
1,566,369
177,611
Kronos
Bio (2)
584,737
17,115
Kronos
Bio,
Acquisition
Date:
8/20/20,
Cost $7,771 (2)(3)
481,200
13,380
Kymera
Therapeutics (2)
398,400
15,482
MeiraGTx
Holdings (2)
778,534
11,234
Mersana
Therapeutics (2)
1,027,330
16,622
Mirati
Therapeutics (2)
552,381
94,623
Molecular
Templates (2)
308,081
3,888
T.
ROWE
PRICE
New
Horizons
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
Morphic
Holding (2)
135,605
8,581
MorphoSys
(EUR) (2)
129,618
11,290
Neurocrine
Biosciences (2)
860,649
83,698
Nkarta (2)
285,337
9,388
Nurix
Therapeutics (2)
1,140,803
35,468
Progenic
Pharmaceuticals,
CVR (2)
1,890,800
—
Prothena (2)
887,608
22,297
PTC
Therapeutics (2)
602,285
28,518
Radius
Health (2)
739,395
15,424
RAPT
Therapeutics (2)
942,375
20,921
Relay
Therapeutics (2)
362,597
12,535
Replimune
Group (2)
960,689
29,311
Rocket
Pharmaceuticals (2)
1,238,000
54,930
Sage
Therapeutics (2)
772,275
57,805
Sana
Biotechnology (2)
576,650
19,300
Scholar
Rock
Holding (2)
1,160,425
58,787
Seagen (2)
957,826
133,004
Solid
Biosciences (2)
1,988,776
10,998
Stoke
Therapeutics (2)
113,624
4,413
TG
Therapeutics (2)
428,592
20,658
Translate
Bio (2)
711,767
11,737
Turning
Point
Therapeutics (2)
695,800
65,816
Ultragenyx
Pharmaceutical (2)
1,912,838
217,796
uniQure (2)
695,581
23,434
Xencor (2)
1,190,083
51,245
Zai
Lab,
ADR (2)
524,070
69,927
Zentalis
Pharmaceuticals (2)
441,662
19,164
Zymeworks (2)
358,531
11,322
4,914,883
Health
Care
Equipment
&
Supplies
5.3%
DexCom (2)
600,337
215,755
IDEXX
Laboratories (2)
531,918
260,273
iRhythm
Technologies (2)
98,260
13,644
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 (2)
524,609
11,211
Nevro (2)(4)
2,717,418
379,080
Novocure (2)
469,800
62,098
Outset
Medical (2)
1,953,977
106,277
Shockwave
Medical (2)(4)
1,873,326
244,019
West
Pharmaceutical
Services
2,273,585
640,651
1,979,017
T.
ROWE
PRICE
New
Horizons
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
Health
Care
Providers
&
Services
0.1%
Guardant
Health (2)
305,903
46,696
46,696
Health
Care
Technology
2.7%
Phreesia (2)
1,252,025
65,231
Veeva
Systems,
Class
A (2)
3,659,257
955,944
1,021,175
Life
Sciences
Tools
&
Services
3.7%
Adaptive
Biotechnologies (2)
6,013,395
242,099
Eurofins
Scientific
(EUR) (2)
9,159,584
875,476
Olink
Holding,
ADR (2)
1,021,183
36,762
Repligen (2)
304,641
59,225
Sartorius
Stedim
Biotech
(EUR)
298,446
122,825
Seer,
Class
A,
Acquisition
Date:
12/8/20,
Cost $13,913 (2)(3)
732,270
34,797
1,371,184
Pharmaceuticals
0.4%
Arvinas (2)
798,893
52,807
Atea
Pharmaceuticals (2)
469,340
28,982
Cara
Therapeutics (2)
633,982
13,764
Longboard
Pharmaceuticals (2)(4)
301,281
4,917
Longboard
Pharmaceuticals,
Series
A,
Acquisition
Date:
10/27/20,
Cost $6,269 (2)(3)(4)
865,094
13,412
Reata
Pharmaceuticals,
Class
A (2)
150,065
14,961
Zeneca,
CVR,
Acquisition
Date:
7/18/13,
Cost $0 (1)(2)(3)
288,910
178
129,021
Total
Health
Care
9,461,976
INDUSTRIALS
&
BUSINESS
SERVICES
21.5%
Aerospace
&
Defense
1.3%
Teledyne
Technologies (2)
1,134,478
469,277
469,277
Airlines
0.7%
Alclear
Holdings,
Class
B,
Acquisition
Date:
9/4/15
-
2/16/18,
Cost $54,367 (1)(2)(3)(4)(6)
627,649
182,018
Wheels
Up
Partners,
Class
B,
Acquisition
Date:
9/18/15,
Cost $22,696 (2)(3)(4)(6)
7,989,973
33,141
Wheels
Up
Partners,
Class
C,
Acquisition
Date:
6/22/17,
Cost $18,460 (2)(3)(4)(6)
5,916,523
24,540
Wheels
Up
Partners,
Class
D,
Acquisition
Date:
5/17/19,
Cost $30,921 (2)(3)(4)(6)
8,885,330
36,854
276,553
Building
Products
2.3%
Armstrong
World
Industries (4)
4,782,691
430,873
T.
ROWE
PRICE
New
Horizons
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
Lennox
International
852,892
265,752
Trex (2)
1,556,641
142,495
839,120
Commercial
Services
&
Supplies
4.5%
Rentokil
Initial
(GBP) (2)
73,682,473
491,933
Rollins
5,795,515
199,482
Waste
Connections
9,193,945
992,762
1,684,177
Industrial
Conglomerates
2.1%
Roper
Technologies
1,928,312
777,765
777,765
Machinery
1.1%
Graco
302,604
21,673
RBC
Bearings (2)
48,896
9,621
Toro
3,523,675
363,432
394,726
Professional
Services
6.5%
Booz
Allen
Hamilton
Holding (4)
10,990,080
885,031
Clarivate (2)
14,232,264
375,589
CoStar
Group (2)
868,335
713,676
TransUnion
4,627,774
416,500
Upwork (2)
461,257
20,651
2,411,447
Road
&
Rail
2.6%
Old
Dominion
Freight
Line
4,097,029
984,967
984,967
Trading
Companies
&
Distributors
0.4%
SiteOne
Landscape
Supply (2)
968,735
165,402
165,402
Total
Industrials
&
Business
Services
8,003,434
INFORMATION
TECHNOLOGY
28.9%
Electronic
Equipment,
Instruments
&
Components
0.0%
908
Devices (2)
178,487
8,657
8,657
IT
Services
5.5%
Black
Knight (2)
2,557,710
189,245
Endava,
ADR (2)(4)
2,020,192
171,090
Okta (2)
4,037,357
889,955
ServiceTitan,
Acquisition
Date:
11/9/18,
Cost $2,665 (1)(2)(3)
101,356
10,878
StoneCo,
Class
A (2)
8,814,857
539,645
T.
ROWE
PRICE
New
Horizons
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
Twilio,
Class
A (2)
781,765
266,394
2,067,207
Semiconductors
&
Semiconductor
Equipment
0.7%
Entegris
2,222,457
248,471
MACOM
Technology
Solutions
Holdings (2)
48,878
2,836
251,307
Software
22.7%
Atlassian,
Class
A (2)
3,142,784
662,373
Avalara (2)
1,278,982
170,654
Bill.com
Holdings (2)
1,643,633
239,149
Ceridian
HCM
Holding (2)
6,542,479
551,335
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $18,150 (1)(2)
(3)(4)
884,522
21,662
Coupa
Software (2)
3,565,184
907,268
Databricks,
Acquisition
Date:
7/24/20
-
8/28/20,
Cost $5,376 (1)
(2)(3)
111,936
19,854
Datadog,
Class
A (2)
6,800,814
566,780
Descartes
Systems
Group (2)(4)
4,839,408
294,768
DocuSign (2)
1,918,337
388,367
Duck
Creek
Technologies (2)
4,758,152
214,783
Evernote,
Acquisition
Date:
11/20/12,
Cost $2,296 (1)(2)(3)
190,876
510
Five9 (2)(4)
3,718,242
581,273
HashiCorp,
Acquisition
Date:
6/25/20,
Cost $10,040 (1)(2)(3)
385,718
10,040
HubSpot (2)
1,741,196
790,869
nCino (2)(4)
5,050,368
336,960
PagerDuty (2)
4,077,625
164,043
Paylocity
Holding (2)(4)
5,176,820
930,947
Procore
Technologies,
Acquisition
Date:
7/15/20
-
12/9/20,
Cost $13,339 (1)(2)(3)
236,900
14,925
Proofpoint (2)(4)
3,892,517
489,640
Q2
Holdings (2)
406,745
40,756
Tanium,
Class
B,
Acquisition
Date:
9/24/20,
Cost $7,493 (1)(2)(3)
657,558
7,493
Toast,
Acquisition
Date:
9/14/18
-
3/27/19,
Cost $5,430 (1)(2)(3)
199,157
25,586
Vimeo,
Class
A,
Acquisition
Date:
1/25/21,
Cost $21,611 (1)(2)(3)
666,808
22,229
Xero
(AUD) (2)
4,962,395
480,290
Zendesk (2)
3,955,705
524,605
Zenpayroll,
Acquisition
Date:
8/18/20
-
11/9/20,
Cost $28,448 (1)
(2)(3)
2,129,852
28,353
8,485,512
Total
Information
Technology
10,812,683
T.
ROWE
PRICE
New
Horizons
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
MISCELLANEOUS
0.1%
Miscellaneous
0.1%
Revolution
Healthcare
Acquisition (2)
2,519,497
25,321
Total
Miscellaneous
25,321
REAL
ESTATE
1.2%
Real
Estate
Management
&
Development
1.2%
Altus
Group
(CAD)
1,990,260
95,720
FirstService (4)
2,386,147
353,603
WeWork,
Class
A,
Acquisition
Date:
5/26/15,
Cost $2,064 (2)(3)
145,669
1,637
Total
Real
Estate
450,960
Total
Common
Stocks
(Cost
$18,921,100)
34,936,881
CONVERTIBLE
PREFERRED
STOCKS
5.5%
COMMUNICATION
SERVICES
0.1%
Entertainment
0.1%
Houzz,
Series
D,
Acquisition
Date:
6/3/14,
Cost $19,726 (1)(2)(3)
2,632,810
18,087
OfferUp,
Series
A-2,
Acquisition
Date:
3/6/15,
Cost $6,851 (1)(2)
(3)
1,375,830
3,151
OfferUp,
Series
C,
Acquisition
Date:
3/6/15,
Cost $11,641 (1)(2)(3)
2,337,940
7,220
OfferUp,
Series
C-1,
Acquisition
Date:
8/26/16,
Cost $4,573 (1)(2)
(3)
682,712
2,283
OfferUp,
Series
F,
Acquisition
Date:
7/1/20,
Cost $2,026 (1)(2)(3)
884,802
2,026
Total
Communication
Services
32,767
CONSUMER
DISCRETIONARY
0.9%
Diversified
Consumer
Services
0.1%
1stdibs.com,
Series
D,
Acquisition
Date:
2/7/19,
Cost $26,469 (1)
(2)(3)(4)
5,282,277
43,896
43,896
Hotels,
Restaurants
&
Leisure
0.4%
Cava
Group,
Series
E,
Acquisition
Date:
3/26/21,
Cost $13,294 (1)
(2)(3)
353,270
13,294
Cava
Group,
Series
F,
Acquisition
Date:
3/26/21,
Cost $42,096 (1)
(2)(3)
1,118,688
42,096
Sweetgreen,
Series
F,
Acquisition
Date:
6/30/15,
Cost $26,916 (1)
(2)(3)(4)
3,509,234
53,270
Sweetgreen,
Series
G,
Acquisition
Date:
8/15/16
-
2/27/18,
Cost $20,354 (1)(2)(3)(4)
2,261,542
34,330
Sweetgreen,
Series
I,
Acquisition
Date:
9/13/19,
Cost $8,998 (1)
(2)(3)(4)
526,213
7,988
150,978
T.
ROWE
PRICE
New
Horizons
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
Internet
&
Direct
Marketing
Retail
0.4%
A
Place
for
Rover,
Series
G,
Acquisition
Date:
5/11/18,
Cost $29,547 (2)(3)
3,924,648
38,266
Evolve
Vacation
Rental
Network,
Series
4,
Acquisition
Date:
8/15/14,
Cost $906 (1)(2)(3)(4)
718,332
6,178
Evolve
Vacation
Rental
Network,
Series
5,
Acquisition
Date:
11/6/15,
Cost $4,220 (1)(2)(3)(4)
1,727,442
14,856
Evolve
Vacation
Rental
Network,
Series
6,
Acquisition
Date:
1/18/17,
Cost $8,679 (1)(2)(3)(4)
2,218,727
19,081
Evolve
Vacation
Rental
Network,
Series
7,
Acquisition
Date:
1/10/18,
Cost $3,151 (1)(2)(3)(4)
433,698
3,730
Evolve
Vacation
Rental
Network,
Series
8,
Acquisition
Date:
3/29/18
-
6/15/18,
Cost $17,862 (1)(2)(3)(4)
2,098,881
18,050
Evolve
Vacation
Rental
Network,
Series
9,
Acquisition
Date:
5/29/20,
Cost $4,323 (1)(2)(3)(4)
745,950
6,415
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)(2)(3)
787,264
11,605
Rent
the
Runway,
Series
G,
Acquisition
Date:
4/30/20,
Cost $8,790 (1)(2)(3)
596,324
8,790
138,213
Textiles,
Apparel
&
Luxury
Goods
0.0%
Allbirds,
Series
A,
Acquisition
Date:
10/10/18,
Cost $5,119 (1)(2)
(3)
466,735
5,397
Allbirds,
Series
B,
Acquisition
Date:
10/10/18,
Cost $899 (1)(2)(3)
82,000
948
Allbirds,
Series
C,
Acquisition
Date:
10/9/18,
Cost $8,595 (1)(2)(3)
783,670
9,061
Allbirds,
Series
Seed,
Acquisition
Date:
10/10/18,
Cost $2,750 (1)
(2)(3)
250,775
2,899
18,305
Total
Consumer
Discretionary
351,392
CONSUMER
STAPLES
0.1%
Food
Products
0.1%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $9,029 (1)(2)(3)
488,972
16,164
Farmers
Business
Network,
Series
F,
Acquisition
Date:
7/31/20,
Cost $10,408 (1)(2)(3)
314,865
10,408
Total
Consumer
Staples
26,572
FINANCIALS
0.2%
Capital
Markets
0.1%
Trumid
Holdings,
Series
J-A,
Acquisition
Date:
7/31/20,
Cost $11,909 (1)(2)(3)(6)
24,002
12,121
T.
ROWE
PRICE
New
Horizons
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
Trumid
Holdings,
Series
J-B,
Acquisition
Date:
7/31/20,
Cost $7,186 (1)(2)(3)(6)
24,002
12,121
24,242
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
-
2/25/21,
Cost $8,764 (1)(2)(3)(4)
6,554,775
8,764
Jetclosing,
Series
B-2,
Acquisition
Date:
2/6/20,
Cost $1,329 (1)
(2)(3)(4)
1,168,452
1,563
31,052
Total
Financials
55,294
HEALTH
CARE
1.5%
Biotechnology
0.6%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $15,671 (1)(2)(3)
5,677,732
15,671
Day
One
Bio,
Series
B,
Acquisition
Date:
2/2/21,
Cost $5,214 (1)
(2)(3)(4)
166,254
5,214
Genesis
Therapeutics,
Series
A,
Acquisition
Date:
11/24/20,
Cost $6,398 (1)(2)(3)(4)
1,252,670
6,398
Ginkgo
Bioworks,
Series
E,
Acquisition
Date:
7/30/19
-
9/9/19,
Cost $21,940 (1)(2)(3)
148,007
22,229
Gyroscope
Therapeutics,
Series
C-1,
Acquisition
Date:
3/30/21,
Cost $11,712 (1)(2)(3)
5,091,986
11,712
Imago
Biosciences,
Series
C,
Acquisition
Date:
11/12/20,
Cost $7,930 (1)(2)(3)
6,565,376
7,930
Insitro,
Series
B,
Acquisition
Date:
5/21/20,
Cost $7,412 (1)(2)(3)
1,189,622
21,759
Tempus
Labs,
Series
D,
Acquisition
Date:
3/16/18,
Cost $8,531 (1)
(2)(3)
910,093
50,940
Tempus
Labs,
Series
E,
Acquisition
Date:
8/23/18,
Cost $11,140 (1)(2)(3)
665,388
37,986
Tempus
Labs,
Series
F,
Acquisition
Date:
4/30/19,
Cost $4,400 (1)
(2)(3)
177,721
10,230
Tempus
Labs,
Series
G,
Acquisition
Date:
2/6/20,
Cost $4,334 (1)
(2)(3)
113,018
6,537
Tempus
Labs,
Series
G-2,
Acquisition
Date:
11/19/20,
Cost $6,602 (1)(2)(3)
115,207
6,602
Tenaya
Therapeutics,
Series
C,
Acquisition
Date:
12/17/20,
Cost $7,935 (1)(2)(3)
3,829,501
7,935
211,143
T.
ROWE
PRICE
New
Horizons
Fund
11
Shares
$
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-5,
Acquisition
Date:
11/29/18,
Cost $8,865 (1)
(2)(3)(4)
9,149,620
9,294
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $18,745 (1)
(2)(3)(4)
18,452,429
18,745
126,775
Health
Care
Providers
&
Services
0.1%
Babyco,
Class
A,
Acquisition
Date:
11/3/17,
Cost $9,057 (1)(2)(3)
(4)(6)
2,611,790
—
Color
Health,
Series
D,
Acquisition
Date:
12/17/20,
Cost $11,006 (1)(2)(3)
292,304
11,006
Color
Health,
Series
D-1,
Acquisition
Date:
1/13/20
-
12/23/20,
Cost $12,814 (1)(2)(3)
600,689
22,618
33,624
Health
Care
Technology
0.4%
Doximity,
Series
C,
Acquisition
Date:
4/10/14
-
3/22/18,
Cost $8,769 (1)(2)(3)
1,894,489
133,391
133,391
Life
Sciences
Tools
&
Services
0.1%
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $18,373 (1)(2)
(3)
2,080,677
18,373
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $24,828 (1)(2)(3)
1,817,581
24,828
43,201
Total
Health
Care
548,134
INDUSTRIALS
&
BUSINESS
SERVICES
0.2%
Aerospace
&
Defense
0.0%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $18,589 (1)(2)(3)
412,771
18,589
18,589
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
T.
ROWE
PRICE
New
Horizons
Fund
12
Shares
$
Value
(Cost
and
value
in
$000s)
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
Road
&
Rail
0.1%
Convoy,
Series
C,
Acquisition
Date:
9/14/18,
Cost $21,158 (1)(2)
(3)
2,979,808
34,715
Convoy,
Series
D,
Acquisition
Date:
10/30/19,
Cost $26,263 (1)(2)
(3)
1,939,655
22,597
57,312
Total
Industrials
&
Business
Services
97,406
INFORMATION
TECHNOLOGY
2.5%
IT
Services
0.3%
ServiceTitan,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $55 (1)
(2)(3)
2,099
225
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $27,048 (1)(2)(3)
1,028,634
110,397
ServiceTitan,
Series
E,
Acquisition
Date:
4/23/20,
Cost $1,606 (1)
(2)(3)
47,506
5,099
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $3,169 (1)
(2)(3)
29,532
3,169
118,890
Software
2.2%
Aurora
Innovation,
Series
B,
Acquisition
Date:
3/1/19,
Cost $8,834 (1)(2)(3)
956,010
18,792
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)
(2)(3)
594,243
105,400
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $12,785 (1)
(2)(3)
72,081
12,785
Evernote,
Series
1,
Acquisition
Date:
11/20/12,
Cost $4,591 (1)(2)
(3)
381,752
1,019
Evernote,
Series
4,
Acquisition
Date:
5/2/12
-
11/20/12,
Cost $14,562 (1)(2)(3)
1,210,758
4,335
Evernote,
Series
5,
Acquisition
Date:
11/8/13,
Cost $2,274 (1)(2)
(3)
174,948
644
FLEXE,
Series
C,
Acquisition
Date:
11/18/20,
Cost $17,689 (1)(2)
(3)
1,453,824
17,689
T.
ROWE
PRICE
New
Horizons
Fund
13
Shares
$
Value
(Cost
and
value
in
$000s)
HashiCorp,
Series
E,
Acquisition
Date:
3/13/20,
Cost $13,449 (1)
(2)(3)
465,044
13,449
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20
-
3/3/21,
Cost $13,003 (1)(2)(3)(4)
891,864
13,003
Lookout,
Series
F,
Acquisition
Date:
3/21/14
-
8/8/14,
Cost $31,937 (1)(2)(3)
2,795,838
6,626
Plex
Systems
Holdings,
Series
B,
Acquisition
Date:
6/9/14,
Cost $16,608 (1)(2)(3)
7,238,750
26,132
Procore
Technologies,
Series
B,
Acquisition
Date:
7/15/20,
Cost $2,655 (1)(2)(3)
58,958
3,714
SecurityScorecard,
Series
E,
Acquisition
Date:
3/5/21,
Cost $18,207 (1)(2)(3)
1,201,539
18,207
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $18,216 (1)(2)(3)(4)
2,889,530
25,400
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $2,446 (1)(2)(3)(4)
278,205
2,446
Tanium,
Series
G,
Acquisition
Date:
8/26/15,
Cost $31,923 (1)(2)
(3)
6,430,431
73,276
Toast,
Series
B,
Acquisition
Date:
9/14/18,
Cost $416 (1)(2)(3)
24,053
3,090
Toast,
Series
D,
Acquisition
Date:
6/27/18,
Cost $29,721 (1)(2)(3)
1,717,286
220,620
Toast,
Series
E,
Acquisition
Date:
3/27/19,
Cost $10,560 (1)(2)(3)
386,836
49,697
Toast,
Series
F,
Acquisition
Date:
2/14/20,
Cost $12,434 (1)(2)(3)
273,578
35,147
Zenpayroll,
Series
B,
Acquisition
Date:
8/18/20,
Cost $6,279 (1)
(2)(3)
464,700
6,186
Zenpayroll,
Series
B-2,
Acquisition
Date:
8/18/20,
Cost $11,722 (1)
(2)(3)
867,510
11,549
Zenpayroll,
Series
C,
Acquisition
Date:
7/16/18,
Cost $20,951 (1)
(2)(3)
2,755,737
36,685
Zenpayroll,
Series
D,
Acquisition
Date:
7/16/19,
Cost $29,246 (1)
(2)(3)
2,196,921
29,246
817,344
Total
Information
Technology
936,234
REAL
ESTATE
0.0%
Real
Estate
Management
&
Development
0.0%
WeWork,
Series
D-1,
Acquisition
Date:
12/9/14,
Cost $13,052 (2)
(3)
783,879
8,810
WeWork,
Series
D-2,
Acquisition
Date:
12/9/14,
Cost $10,256 (2)
(3)
615,906
6,923
Total
Real
Estate
15,733
Total
Convertible
Preferred
Stocks
(Cost
$1,251,642)
2,063,532
T.
ROWE
PRICE
New
Horizons
Fund
14
Shares
$
Value
(Cost
and
value
in
$000s)
PREFERRED
STOCKS
0.7%
HEALTH
CARE
0.7%
Health
Care
Equipment
&
Supplies
0.7%
Sartorius
(EUR) (7)
526,242
262,362
Total
Health
Care
262,362
Total
Preferred
Stocks
(Cost
$49,050)
262,362
SHORT-TERM
INVESTMENTS
0.6%
Money
Market
Funds
0.6%
T.
Rowe
Price
Government
Reserve
Fund,
0.04% (4)(8)
219,495,905
219,496
Total
Short-Term
Investments
(Cost
$219,496)
219,496
Total
Investments
in
Securities
100.4%
(Cost
$20,441,288)
$
37,482,271
Other
Assets
Less
Liabilities
(0.4)%
(
167,385
)
Net
Assets
100.0%
$
37,314,886
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Level
3
in
fair
value
hierarchy.
(2)
Non-income
producing
(3)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
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
$3,094,671
and
represents
8.3%
of
net
assets.
(4)
Affiliated
Companies
(5)
A
portion
of
the
position
represents
an
unfunded
commitment;
a
liability
to
fund
the
commitment
has
been
recognized.
The
fund's
total
unfunded
commitment
at
March
31,
2021,
was
$16,292
and
was
valued
at
$18,450
(0.0%
of
net
assets).
(6)
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.
(7)
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.
(8)
Seven-day
yield
ADR
American
Depositary
Receipts
AUD
Australian
Dollar
CAD
Canadian
Dollar
T.
ROWE
PRICE
New
Horizons
Fund
15
.
.
.
.
.
.
.
.
.
.
CVR
Contingent
Value
Rights
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
EUR
Euro
GBP
British
Pound
IDR
Indonesian
Rupiah
PIPE
Private
Investment
in
Public
Equity
SPAC
Special
Purpose
Acquisition
Company
T.
ROWE
PRICE
New
Horizons
Fund
16
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,
2021.
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
1stdibs.com,
Series
D
$
—
$
—
$
—
Alclear
Holdings,
Class
B
—
—
—
Armstrong
World
Industries
2,086
85,597
1,160
Babyco,
Class
A
—
—
—
Booz
Allen
Hamilton
Holding
2,892
(
62,305
)
3,634
Bright
Horizons
Family
Solutions
1,111
(
1,200
)
—
Cable
One
1,259
(
154,759
)
969
Checkr
—
—
—
Checkr,
Series
C
—
—
—
Checkr,
Series
D
—
—
—
Day
One
Bio,
Series
B
—
—
—
Descartes
Systems
Group
469
11,330
—
Endava,
ADR
195
11,197
—
Eurofins
Scientific
20,360
100,238
—
Evolve
Vacation
Rental
Network,
Series
4
—
2,015
—
Evolve
Vacation
Rental
Network,
Series
5
—
4,844
—
Evolve
Vacation
Rental
Network,
Series
6
—
6,222
—
Evolve
Vacation
Rental
Network,
Series
7
—
1,216
—
Evolve
Vacation
Rental
Network,
Series
8
—
5,886
—
Evolve
Vacation
Rental
Network,
Series
9
—
2,092
—
FirstService
478
26,853
305
Five9
788
(
67,541
)
—
Genesis
Therapeutics,
Series
A
—
—
—
Go
Maps,
Series
B
—
—
—
Go
Maps,
Series
B-1
—
—
—
Haul
Hub,
Series
B
—
—
—
JAND,
Class
A
—
—
—
JAND,
Series
D
—
—
—
JAND,
Series
E
—
—
—
JAND,
Series
F
—
—
—
Jetclosing,
Series
A
—
—
—
Jetclosing,
Series
B-1
—
—
—
Jetclosing,
Series
B-2
—
—
—
Kardium,
Series
D-5
—
429
—
T.
ROWE
PRICE
New
Horizons
Fund
17
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
Kardium,
Series
D-6
$
—
$
—
$
—
Longboard
Pharmaceuticals
—
97
—
Longboard
Pharmaceuticals,
Series
A
—
7,143
—
Minted,
Series
E
—
—
—
nCino
337
(
23,795
)
—
Nevro
490
(
89,663
)
—
PagerDuty
140
(
6,097
)
—
Paylocity
Holding
1,895
(
129,107
)
—
Proofpoint
(
3,719
)
(
42,522
)
—
RH
120,818
20,094
—
Seismic
Software,
Series
E
—
—
—
Seismic
Software,
Series
F
—
—
—
Shockwave
Medical
295
39,462
—
Sweetgreen,
Series
F
—
(
4,948
)
—
Sweetgreen,
Series
G
—
(
3,189
)
—
Sweetgreen,
Series
I
—
(
742
)
—
Vail
Resorts
29,685
(
1,341
)
—
Wheels
Up
Partners,
Class
B
—
5,336
—
Wheels
Up
Partners,
Class
C
—
3,950
—
Wheels
Up
Partners,
Class
D
—
5,933
—
Xometry,
Series
A-2
—
—
—
Xometry,
Series
B
—
—
—
Xometry,
Series
C
—
1
—
Xometry,
Series
D
—
—
—
Xometry,
Series
E
—
—
—
Xometry,
Series
Seed-1
—
—
—
Xometry,
Series
Seed-2
—
—
—
T.
Rowe
Price
Government
Reserve
Fund,
0.04%
—
—
109
Affiliates
not
held
at
period
end
299,973
(
317,481
)
—
Totals
$
479,552
#
$
(
564,755
)
$
6,177
+
T.
ROWE
PRICE
New
Horizons
Fund
18
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
03/31/21
1stdibs.com,
Series
D
$
43,896
$
—
$
—
$
43,896
Alclear
Holdings,
Class
B
182,018
—
—
182,018
Armstrong
World
Industries
410,191
1,330
66,245
430,873
Babyco,
Class
A
—
—
—
—
Booz
Allen
Hamilton
Holding
876,853
94,476
23,993
885,031
Bright
Horizons
Family
Solutions
733,199
66,601
382
798,218
Cable
One
861,462
82,552
316
788,939
Checkr
21,662
—
—
21,662
Checkr,
Series
C
45,325
—
—
45,325
Checkr,
Series
D
36,882
—
—
36,882
Day
One
Bio,
Series
B
—
5,214
—
5,214
Descartes
Systems
Group
282,681
892
135
294,768
Endava,
ADR
*
43,015
96
171,090
Eurofins
Scientific
901,175
2,889
128,826
*
Evolve
Vacation
Rental
Network,
Series
4
4,163
—
—
6,178
Evolve
Vacation
Rental
Network,
Series
5
10,012
—
—
14,856
Evolve
Vacation
Rental
Network,
Series
6
12,859
—
—
19,081
Evolve
Vacation
Rental
Network,
Series
7
2,514
—
—
3,730
Evolve
Vacation
Rental
Network,
Series
8
12,164
—
—
18,050
Evolve
Vacation
Rental
Network,
Series
9
4,323
—
—
6,415
FirstService
326,015
970
235
353,603
Five9
629,563
19,747
496
581,273
Genesis
Therapeutics,
Series
A
6,398
—
—
6,398
Go
Maps,
Series
B
11,982
—
—
11,982
Go
Maps,
Series
B-1
2,147
—
—
2,147
Haul
Hub,
Series
B
*
4,318
—
13,003
JAND,
Class
A
46,009
—
—
46,009
JAND,
Series
D
33,019
—
—
33,019
JAND,
Series
E
38,516
—
—
38,516
JAND,
Series
F
27,201
—
—
27,201
Jetclosing,
Series
A
6,596
—
—
6,596
Jetclosing,
Series
B-1
2,595
6,169
—
8,764
T.
ROWE
PRICE
New
Horizons
Fund
19
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
03/31/21
Jetclosing,
Series
B-2
$
1,563
$
—
$
—
$
1,563
Kardium,
Series
D-5
*
—
—
9,294
Kardium,
Series
D-6
—
18,745
—
18,745
Longboard
Pharmaceuticals
—
4,824
4
4,917
Longboard
Pharmaceuticals,
Series
A
6,269
—
—
13,412
Minted,
Series
E
11,242
—
—
11,242
nCino
*
106,371
190
336,960
Nevro
351,301
117,754
312
379,080
PagerDuty
169,862
506
228
*
Paylocity
Holding
984,619
75,617
182
930,947
Proofpoint
583,813
1,709
53,360
489,640
RH
738,848
2,340
385,573
*
Seismic
Software,
Series
E
*
—
—
25,400
Seismic
Software,
Series
F
*
—
—
2,446
Shockwave
Medical
*
90,842
48
244,019
Sweetgreen,
Series
F
58,218
—
—
53,270
Sweetgreen,
Series
G
37,519
—
—
34,330
Sweetgreen,
Series
I
8,730
—
—
7,988
Vail
Resorts
609,419
1,926
133,749
*
Vroom
398,491
—
81,010
—
Wheels
Up
Partners,
Class
B
27,805
—
—
33,141
Wheels
Up
Partners,
Class
C
20,590
—
—
24,540
Wheels
Up
Partners,
Class
D
30,921
—
—
36,854
Xometry,
Series
A-2
3,046
—
—
3,046
Xometry,
Series
B
1,045
—
—
1,045
Xometry,
Series
C
1,086
—
—
1,087
Xometry,
Series
D
843
—
—
843
Xometry,
Series
E
8,620
—
—
8,620
Xometry,
Series
Seed-1
4,767
—
—
4,767
Xometry,
Series
Seed-2
2,097
—
—
2,097
T.
Rowe
Price
Government
Reserve
Fund,
0.04%
1,443,261
¤
¤
219,496
Total
$
7,799,526
^
T.
ROWE
PRICE
New
Horizons
Fund
20
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$6,177
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
$4,727,388.
*
On
the
date
indicated,
issuer
was
held
but
not
considered
an
affiliated
company.
T.
ROWE
PRICE
New
Horizons
Fund
Unaudited
Notes
to
Portfolio
of
Investments
21
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
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
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
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
T.
ROWE
PRICE
New
Horizons
Fund
22
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
fund's
own
assumptions
in
determining
fair
value)
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
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.
Each
business
day,
the
fund
uses
information
from
outside
pricing
services
to
evaluate
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
fund
uses
outside
pricing
services
T.
ROWE
PRICE
New
Horizons
Fund
23
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.
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
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
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.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
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;
discounted
cash
flows;
yield
to
maturity;
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
investment.
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.
T.
ROWE
PRICE
New
Horizons
Fund
24
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
March
31,
2021.
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,
2021,
totaled $341,618,000 for
the
period ended
March
31,
2021.
During
the
period,
transfers
out
of
Level
3
were
because
observable
market
data
became
available
for
the
security.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
31,514,587
$
2,930,815
$
491,479
$
34,936,881
Convertible
Preferred
Stocks
—
53,999
2,009,533
2,063,532
Preferred
Stocks
—
262,362
—
262,362
Short-Term
Investments
219,496
—
—
219,496
Total
$
31,734,083
$
3,247,176
$
2,501,012
$
37,482,271
($000s)
Beginning
Balance
1/1/21
Gain
(Loss)
During
Period
Total
Purchases
Transfer
Out
of
Level
3
Ending
Balance
3/31/21
Investment
in
Securities
Common
Stocks
$
521,444
$
29,099
$
21,611
$
(80,675)
$
491,479
Convertible
Preferred
Stocks
1,677,235
312,519
172,671
(152,892)
2,009,533
Total
$
2,198,679
$
341,618
$
194,282
$
(233,567)
$
2,501,012
T.
ROWE
PRICE
New
Horizons
Fund
25
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
26
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
$
491,479
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Expected
present
value
Discount
Rate
for
Cost
of
Equity
20%
20%
Decrease
Timing
of
Events
2.26
–
4.20
yrs
3.24
yrs
Decrease
Discount
for
Lack
of
Collectability
25%
-
75%
50%
Decrease
Market
comparable
Premium
for
Liquidation
Preference
—#
—#
Increase
Probability
for
Potential
Outcome
10%
-
80%
33%
Increase
Enterprise
Value
to
Sales
Multiple
3.5x
-
8.2x
7.8x
Increase
Sales
Growth
Rate
10%
10%
Increase
Enterprise
Value
to
Gross
Merchandise
Value
Multiple
1.9x
1.9x
Increase
Enterprise
Value
to
Gross
Profit
Multiple
4.6x
–
15.2x
14.3x
Increase
Enterprise
Value
to
EBITDA
Multiple
10.0x
10.0x
Increase
T.
ROWE
PRICE
New
Horizons
Fund
27
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Projected
Enterprise
Value
to
EBITDA
Multiple
12.0x
12.0x
Increase
Discount
for
Lack
of
Marketability
10%
10%
Decrease
Estimated
Liquidation
value
—#
—#
—#
—#
Convertible
Preferred
Stocks
$
2,009,533
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
Cumulative
Preferred
Dividend
Rights
0%
-
2%
1%
Decrease
Premium
for
Cumulative
Preferred
Dividend
Rights
0%
-
1%
1%
Increase
Market
comparable
Premium
for
Liquidation
Preference
—#
—#
Increase
Probability
for
Potential
Outcome
10%
-
80%
33%
Increase
Enterprise
Value
to
Sales
Multiple
1.4x
–
24.7x
14.9x
Increase
Sales
Growth
Rate
1%
-
30%
25%
Increase
T.
ROWE
PRICE
New
Horizons
Fund
28
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Enterprise
Value
to
Gross
Merchandise
Value
Multiple
1.9x
1.9x
Increase
Enterprise
Value
to
Gross
Profit
Multiple
3.1x
–
44.1x
21.3x
Increase
Gross
Profit
Growth
Rate
2%
-
57%
33%
Increase
Enterprise
Value
to
EBITDA
Multiple
77.4x
77.4x
Increase
Acquisition
Premium
10%
10%
Increase
Discount
for
Lack
of
Marketability
10%
10%
Decrease
Estimated
liquidation
value
Discount
for
Lack
of
Collectability
100%
100%
Decrease
Options
pricing
model
Private
Company
Valuation
—#
—#
—#
Risk-Free
Rate
3%
3%
Increase
Volatility
38%
38%
Increase
T.
ROWE
PRICE
New
Horizons
Fund
29
#
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
management’s
judgment
of
current
market
participant
assumptions.
F42-054Q1
03/21