T.
ROWE
PRICE
New
Horizons
Fund
September
30,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
94.0%
COMMUNICATION
SERVICES
3.1%
Entertainment
0.0%
Houzz,
Acquisition
Date:
6/3/14,
Cost $6,575 (1)(2)(3)
877,600
2,817
OfferUp,
Acquisition
Date:
3/6/15,
Cost $5,042 (1)(2)(3)
1,012,630
1,853
4,670
Media
3.1%
Cable
One (4)
446,264
809,135
Liberty
Broadband,
Class
C (2)
2,758,080
476,320
1,285,455
Total
Communication
Services
1,290,125
CONSUMER
DISCRETIONARY
7.6%
Diversified
Consumer
Services
2.5%
Alclear
Holdings,
Acquisition
Date:
9/4/15
-
2/16/18,
Cost $54,367 (2)(3)(4)
12,542,733
489,135
Bright
Horizons
Family
Solutions (2)(4)
3,271,383
456,096
Duolingo (2)
134,213
22,328
Rover
Group,
Acquisition
Date:
5/11/18
-
5/25/18,
Cost $31,678 (2)(3)
4,399,933
56,805
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (2)(3)
4,399,933
3,115
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (2)(3)
4,399,933
2,507
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (2)(3)
4,399,933
608
1,030,594
Hotels,
Restaurants
&
Leisure
2.2%
Vail
Resorts (4)
2,089,939
698,144
Wingstop
1,422,247
233,149
931,293
Internet
&
Direct
Marketing
Retail
0.7%
1stdibs.com,
Acquisition
Date:
2/7/19,
Cost $26,469 (2)(3)
1,760,759
20,742
Deliveroo
Holdings,
Acquisition
Date:
9/12/17
-
5/16/19,
Cost $46,943
(GBP) (2)(3)
26,419,400
97,800
Framebridge,
EC,
Acquisition
Date:
5/19/20,
Cost $2,186 (1)(2)(3)
2,186,159
560
Xometry,
Acquisition
Date:
7/20/20
-
9/4/20,
Cost $21,505 (2)(3)
(4)
2,115,564
115,904
Xometry,
Class
A (2)(4)
1,042,392
60,115
295,121
Specialty
Retail
2.2%
Burlington
Stores (2)
1,892,754
536,728
MYT
Netherlands
Parent,
ADR (2)
1,049,492
28,231
RH (2)
509,957
340,096
905,055
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
3,178,556
CONSUMER
STAPLES
0.6%
Beverages
0.3%
Boston
Beer,
Class
A (2)
208,151
106,105
106,105
Food
Products
0.3%
Freshpet (2)
850,429
121,348
121,348
Total
Consumer
Staples
227,453
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
4,530
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $25,849 (1)(2)(3)
7,166
32,893
Total
Energy
37,423
FINANCIALS
3.2%
Capital
Markets
3.2%
MarketAxess
Holdings
1,018,043
428,280
MSCI
1,497,644
911,077
Total
Financials
1,339,357
HEALTH
CARE
26.2%
Biotechnology
12.1%
Abcam
(GBP) (2)
10,768,444
215,836
ACADIA
Pharmaceuticals (2)
1,114,209
18,507
Acceleron
Pharma (2)
1,552,164
267,127
Acerta
Future
Payments,
EC,
Acquisition
Date:
6/30/21,
Cost $27,838 (1)(2)(3)
27,838,122
24,985
ADC
Therapeutics (2)
1,305,789
35,465
Agios
Pharmaceuticals (2)
589,706
27,215
Akero
Therapeutics (2)
655,579
14,652
Alector (2)
700,639
15,989
Allogene
Therapeutics (2)
1,631,347
41,926
Alnylam
Pharmaceuticals (2)
1,317,416
248,741
Annexon (2)
780,700
14,529
Apellis
Pharmaceuticals (2)
1,352,815
44,589
Argenx,
ADR (2)
1,035,885
312,837
T.
ROWE
PRICE
New
Horizons
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Ascendis
Pharma,
ADR (2)
1,069,846
170,523
Avidity
Biosciences (2)(4)
2,808,222
69,166
BeiGene,
ADR (2)
221,560
80,426
Blueprint
Medicines (2)
1,018,442
104,706
C4
Therapeutics (2)
1,380,674
61,688
Centessa
Pharmaceuticals,
ADR (2)
650,275
10,860
Cerevel
Therapeutics
Holdings (2)
1,529,242
45,113
CRISPR
Therapeutics (2)
311,642
34,882
Day
One
Biopharmaceuticals (2)
422,580
10,028
Day
One
Biopharmaceuticals,
Acquisition
Date:
2/2/21,
Cost $5,214 (2)(3)
386,541
8,714
Denali
Therapeutics (2)
1,511,954
76,278
Design
Therapeutics (2)
372,631
5,474
Dicerna
Pharmaceuticals (2)
1,117,136
22,521
Dynamics
Special
Purpose,
Class
A (2)(4)
1,465,718
14,569
Exact
Sciences (2)
5,505,048
525,457
Exelixis (2)
4,775,171
100,947
Fate
Therapeutics (2)
1,151,976
68,278
Flame
Biosciences,
Acquisition
Date:
9/28/20,
Cost $7,914 (1)(2)
(3)
1,208,219
7,914
FS
Development
Corp
II,
Class
A (2)
823,052
8,189
Generation
Bio (2)
2,607,734
65,376
Ginkgo
Bioworks,
Acquisition
Date:
5/11/21,
Cost $7,744 (2)(3)
774,404
8,527
Ginkgo
Bioworks,
Acquisition
Date:
7/30/19
-
9/9/19,
Cost $21,940 (2)(3)
7,264,250
79,983
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (2)(3)
217,923
1,814
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (2)(3)
217,921
1,743
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (2)(3)
217,921
1,679
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (2)(3)
217,921
1,619
Global
Blood
Therapeutics (2)
588,606
14,998
Homology
Medicines (2)
1,238,422
9,746
Ideaya
Biosciences (2)
1,200,755
30,607
IGM
Biosciences (2)
728,990
47,938
Imago
Biosciences (2)
343,427
6,879
Imago
Biosciences,
Acquisition
Date:
11/12/20,
Cost $7,930 (2)(3)
781,592
14,873
Immuneering,
Class
A (2)
853,387
22,657
Incyte (2)
1,730,576
119,029
Insmed (2)
3,556,627
97,949
Intellia
Therapeutics (2)
601,814
80,733
Ionis
Pharmaceuticals (2)
1,308,633
43,892
Iovance
Biotherapeutics (2)
1,368,056
33,736
IVERIC
bio (2)
1,688,632
27,423
Karuna
Therapeutics (2)
389,983
47,707
Kodiak
Sciences (2)
1,874,518
179,916
Kronos
Bio (2)
914,315
19,164
Kymera
Therapeutics (2)
999,264
58,697
T.
ROWE
PRICE
New
Horizons
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Lyell
Immunopharma (2)
1,741,765
25,778
MeiraGTx
Holdings (2)
770,900
10,160
Mersana
Therapeutics (2)
168,779
1,592
Mirati
Therapeutics (2)
822,612
145,528
Molecular
Templates (2)
586,774
3,937
Monte
Rosa
Therapeutics (2)
996,387
22,199
Morphic
Holding (2)
422,257
23,917
Neurocrine
Biosciences (2)
350,832
33,648
Nurix
Therapeutics (2)
1,514,002
45,359
Progenic
Pharmaceuticals,
CVR
1,890,800
92
Prothena (2)
1,490,120
106,141
PTC
Therapeutics (2)
596,259
22,187
Radius
Health (2)
588,769
7,307
RAPT
Therapeutics (2)
1,412,490
43,858
Relay
Therapeutics (2)
619,301
19,527
Replimune
Group (2)
2,018,689
59,834
Rocket
Pharmaceuticals (2)
827,163
24,724
Sage
Therapeutics (2)
445,717
19,750
Sana
Biotechnology (2)
570,825
12,855
Scholar
Rock
Holding (2)(4)
1,717,625
56,716
Seagen (2)
914,586
155,297
Solid
Biosciences (2)
1,968,876
4,706
Tenaya
Therapeutics (2)
421,152
8,697
Tenaya
Therapeutics,
Acquisition
Date:
12/17/20,
Cost $7,935 (2)
(3)
638,250
12,521
TG
Therapeutics (2)
342,736
11,406
Turning
Point
Therapeutics (2)
806,510
53,576
Ultragenyx
Pharmaceutical (2)
2,055,238
185,362
uniQure (2)
557,857
17,857
Xencor (2)
1,221,383
39,890
Zai
Lab,
ADR (2)
631,384
66,542
Zentalis
Pharmaceuticals (2)
1,170,887
78,028
Zymeworks (2)
697,443
20,254
5,064,061
Health
Care
Equipment
&
Supplies
5.6%
Figs,
Class
A (2)(4)
8,191,872
304,246
IDEXX
Laboratories (2)
347,124
215,876
Nevro (2)(4)
2,805,215
326,471
Novocure (2)
465,139
54,035
Shockwave
Medical (2)
1,382,415
284,612
Warby
Parker,
Class
A (2)(4)
5,900,586
313,026
West
Pharmaceutical
Services
2,038,731
865,523
2,363,789
T.
ROWE
PRICE
New
Horizons
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Health
Care
Providers
&
Services
0.4%
Guardant
Health (2)
1,409,534
176,206
176,206
Health
Care
Technology
4.5%
Doximity,
Class
A (2)(4)
1,145,278
92,424
Doximity,
Series
C,
Acquisition
Date:
4/10/14
-
3/22/18,
Cost $8,769 (2)(3)(4)
3,788,978
290,482
Phreesia (2)(4)
3,642,928
224,768
Sema4
Holdings (2)
1,023,292
7,767
Sema4
Holdings,
Warrants,
9/24/27 (2)
339,079
719
Veeva
Systems,
Class
A (2)
4,407,718
1,270,172
1,886,332
Life
Sciences
Tools
&
Services
3.3%
Adaptive
Biotechnologies (2)(4)
6,968,395
236,856
Eurofins
Scientific
(EUR)
4,334,559
555,371
Olink
Holding,
ADR (2)
1,863,246
45,184
Repligen (2)
1,128,258
326,055
Sartorius
Stedim
Biotech
(EUR)
295,461
165,105
Seer (2)
732,270
25,285
SomaLogic (2)
832,888
10,319
SomaLogic,
Acquisition
Date:
3/29/21,
Cost $16,292 (2)(3)
1,629,162
19,176
SomaLogic,
Warrants,
12/31/27 (2)
165,557
571
1,383,922
Pharmaceuticals
0.3%
Arvinas (2)
765,859
62,938
Cara
Therapeutics (2)
478,119
7,387
CM
Life
Sciences
III (2)
1,514,964
15,794
DICE
Therapeutics (2)
776,629
25,435
Longboard
Pharmaceuticals (2)(4)
1,168,395
10,410
Reata
Pharmaceuticals,
Class
A (2)
156,824
15,778
Zeneca,
CVR,
Acquisition
Date:
7/18/13,
Cost $0 (1)(2)(3)
288,910
—
137,742
Total
Health
Care
11,012,052
INDUSTRIALS
&
BUSINESS
SERVICES
19.4%
Airlines
0.2%
Wheels
Up
Earnout,
Acquisition
Date:
7/23/21,
Cost $— (2)(3)
10,493,182
543
Wheels
Up
Earnout,
Acquisition
Date:
7/23/21,
Cost $— (2)(3)
10,493,182
489
Wheels
Up
Earnout,
Acquisition
Date:
7/23/21,
Cost $— (2)(3)
10,493,182
443
Wheels
Up
Experience,
Acquisition
Date:
9/18/15
-
5/17/19,
Cost $72,077 (2)(3)
10,493,182
65,693
67,168
T.
ROWE
PRICE
New
Horizons
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Building
Products
1.8%
Armstrong
World
Industries (4)
3,886,448
371,039
Lennox
International
651,064
191,524
Trex (2)
1,751,832
178,564
741,127
Commercial
Services
&
Supplies
4.8%
Rentokil
Initial
(GBP) (4)
98,345,611
772,288
Rollins
7,065,197
249,614
Waste
Connections
7,944,345
1,000,431
2,022,333
Industrial
Conglomerates
2.1%
Roper
Technologies
2,013,574
898,316
898,316
Machinery
1.5%
Graco
300,124
21,000
RBC
Bearings (2)
827,267
175,546
Toro
4,419,075
430,462
627,008
Professional
Services
5.7%
Booz
Allen
Hamilton
Holding (4)
11,906,187
944,756
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $18,150 (1)(2)
(3)(4)
884,522
47,764
CoStar
Group (2)
10,921,579
939,911
Legalzoom.com (2)
1,757,125
46,388
TransUnion
3,434,274
385,703
Upwork (2)
456,597
20,561
2,385,083
Road
&
Rail
2.5%
Old
Dominion
Freight
Line
3,696,422
1,057,103
1,057,103
Trading
Companies
&
Distributors
0.8%
SiteOne
Landscape
Supply (2)
1,755,783
350,226
350,226
Total
Industrials
&
Business
Services
8,148,364
INFORMATION
TECHNOLOGY
32.5%
Electronic
Equipment,
Instruments
&
Components
1.4%
Teledyne
Technologies (2)
1,337,766
574,678
574,678
IT
Services
7.0%
Endava,
ADR (2)(4)
3,192,933
433,760
Flywire (2)
999,153
43,803
T.
ROWE
PRICE
New
Horizons
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Okta (2)
4,320,118
1,025,337
ServiceTitan,
Acquisition
Date:
11/9/18
-
5/4/21,
Cost $4,778 (1)
(2)(3)
122,485
14,571
StoneCo,
Class
A (2)
2,552,747
88,631
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $9,168 (1)(2)(3)
408,330
9,168
Toast,
Class
B,
Acquisition
Date:
6/27/18
-
2/14/20,
Cost $58,562 (2)(3)(4)
13,004,550
617,098
Twilio,
Class
A (2)
2,134,324
680,956
2,913,324
Semiconductors
&
Semiconductor
Equipment
0.9%
Entegris
3,087,012
388,655
388,655
Software
23.2%
Atlassian,
Class
A (2)
3,625,684
1,419,165
Avalara (2)
1,265,682
221,203
Bill.com
Holdings (2)
1,140,368
304,421
Ceridian
HCM
Holding (2)
6,475,879
729,313
Coupa
Software (2)(4)
3,826,684
838,733
Databricks,
Acquisition
Date:
7/24/20
-
8/28/20,
Cost $5,376 (1)
(2)(3)
111,936
24,677
Datadog,
Class
A (2)
7,128,553
1,007,621
Descartes
Systems
Group (2)(4)
4,621,608
375,552
DocuSign (2)
2,619,935
674,450
Duck
Creek
Technologies (2)
4,854,472
214,762
Evernote,
Acquisition
Date:
11/20/12,
Cost $2,296 (1)(2)(3)
190,876
389
Gusto,
Acquisition
Date:
8/18/20
-
11/9/20,
Cost $28,448 (1)(2)(3)
2,129,852
61,238
HashiCorp,
Acquisition
Date:
6/25/20,
Cost $10,039 (1)(2)(3)
385,718
17,265
HubSpot (2)
1,652,596
1,117,304
Monday.com (2)
447,987
146,133
nCino (2)(4)
4,999,968
355,148
Paylocity
Holding (2)(4)
5,346,547
1,499,172
Plex
Systems,
EC,
Acquisition
Date:
9/7/21,
Cost $1,140 (1)(2)(3)
1,139,993
1,026
Plex
Systems,
EC,
Acquisition
Date:
9/7/21,
Cost $163 (1)(2)(3)
162,856
158
Procore
Technologies (2)
458,342
40,948
Procore
Technologies,
Acquisition
Date:
7/15/20
-
5/20/21,
Cost $16,885 (2)(3)
295,858
25,110
Tanium,
Class
B,
Acquisition
Date:
9/24/20,
Cost $7,493 (1)(2)(3)
657,558
7,493
Xero
(AUD) (2)
4,912,410
482,048
Zendesk (2)
1,110,995
129,309
9,692,638
Total
Information
Technology
13,569,295
T.
ROWE
PRICE
New
Horizons
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
‡
MISCELLANEOUS
0.1%
Miscellaneous
0.1%
Revolution
Healthcare
Acquisition (2)
2,494,497
24,571
Total
Miscellaneous
24,571
REAL
ESTATE
1.2%
Real
Estate
Management
&
Development
1.2%
Altus
Group
(CAD)
1,969,860
96,114
FirstService
2,141,247
386,452
Total
Real
Estate
482,566
Total
Common
Stocks
(Cost
$20,939,225)
39,309,762
CONVERTIBLE
PREFERRED
STOCKS
4.6%
COMMUNICATION
SERVICES
0.1%
Entertainment
0.1%
Houzz,
Series
D,
Acquisition
Date:
6/3/14,
Cost $19,726 (1)(2)(3)
2,632,810
8,451
OfferUp,
Series
A-2,
Acquisition
Date:
3/6/15,
Cost $6,850 (1)(2)
(3)
1,375,830
2,518
OfferUp,
Series
C,
Acquisition
Date:
3/6/15,
Cost $11,641 (1)(2)(3)
2,337,940
5,775
OfferUp,
Series
C-1,
Acquisition
Date:
8/26/16,
Cost $4,573 (1)(2)
(3)
682,712
1,823
OfferUp,
Series
F,
Acquisition
Date:
7/1/20,
Cost $2,026 (1)(2)(3)
884,802
1,619
Total
Communication
Services
20,186
CONSUMER
DISCRETIONARY
0.8%
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
Internet
&
Direct
Marketing
Retail
0.3%
Evolve
Vacation
Rental
Network,
Series
4,
Acquisition
Date:
8/15/14,
Cost $906 (1)(2)(3)(4)
718,332
8,534
Evolve
Vacation
Rental
Network,
Series
5,
Acquisition
Date:
11/6/15,
Cost $4,220 (1)(2)(3)(4)
1,727,442
20,522
T.
ROWE
PRICE
New
Horizons
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Evolve
Vacation
Rental
Network,
Series
6,
Acquisition
Date:
1/18/17,
Cost $8,679 (1)(2)(3)(4)
2,218,727
26,358
Evolve
Vacation
Rental
Network,
Series
7,
Acquisition
Date:
1/10/18,
Cost $3,151 (1)(2)(3)(4)
433,698
5,152
Evolve
Vacation
Rental
Network,
Series
8,
Acquisition
Date:
3/29/18
-
6/15/18,
Cost $17,862 (1)(2)(3)(4)
2,098,881
24,935
Evolve
Vacation
Rental
Network,
Series
9,
Acquisition
Date:
5/29/20,
Cost $4,323 (1)(2)(3)(4)
745,950
8,862
Minted,
Series
E,
Acquisition
Date:
10/30/18,
Cost $23,655 (1)(2)
(3)(4)
1,756,494
26,014
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
140,772
Textiles,
Apparel
&
Luxury
Goods
0.1%
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
2,900
18,306
Total
Consumer
Discretionary
310,056
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
30,394
Farmers
Business
Network,
Series
F,
Acquisition
Date:
7/31/20,
Cost $10,408 (1)(2)(3)
314,865
19,571
Total
Consumer
Staples
49,965
FINANCIALS
0.2%
Capital
Markets
0.1%
Trumid
Holdings,
Series
J-A,
Acquisition
Date:
7/31/20,
Cost $11,909 (1)(2)(3)(5)
24,002
21,017
Trumid
Holdings,
Series
J-B,
Acquisition
Date:
7/31/20,
Cost $7,186 (1)(2)(3)(5)
24,002
21,017
Trumid
Holdings,
Series
L,
Acquisition
Date:
9/15/21,
Cost $3,703 (1)(2)(3)(5)
4,229
3,703
45,737
Insurance
0.1%
Go
Maps,
Acquisition
Date:
4/26/21,
Cost $4,422 (1)(2)(3)(4)
4,421,929
4,422
T.
ROWE
PRICE
New
Horizons
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Go
Maps,
Series
B,
Acquisition
Date:
12/15/17,
Cost $9,940 (1)
(2)(3)(4)
936,022
9,379
Go
Maps,
Series
B-1,
Acquisition
Date:
5/15/19
-
7/29/20,
Cost $2,147 (1)(2)(3)(4)
167,743
1,681
Jetclosing,
Series
A,
Acquisition
Date:
5/25/18,
Cost $8,917 (1)(2)
(3)(4)
4,570,635
5,256
Jetclosing,
Series
B-1,
Acquisition
Date:
7/13/20
-
2/25/21,
Cost $8,765 (1)(2)(3)(4)
6,554,775
6,686
Jetclosing,
Series
B-2,
Acquisition
Date:
2/6/20,
Cost $1,328 (1)
(2)(3)(4)
1,168,452
1,192
28,616
Total
Financials
74,353
HEALTH
CARE
1.1%
Biotechnology
0.7%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $15,671 (1)(2)(3)
5,677,732
45,990
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $27,023 (1)(2)(3)
3,336,170
27,023
Genesis
Therapeutics,
Series
A,
Acquisition
Date:
11/24/20,
Cost $6,398 (1)(2)(3)
1,252,670
6,398
Gyroscope
Therapeutics,
Series
C-1,
Acquisition
Date:
3/30/21,
Cost $11,712 (1)(2)(3)
5,091,986
11,712
Insitro,
Series
B,
Acquisition
Date:
5/21/20,
Cost $7,412 (1)(2)(3)
1,189,622
21,759
Insitro,
Series
C,
Acquisition
Date:
4/7/21,
Cost $15,759 (1)(2)(3)
861,590
15,759
Prime
Medicine,
Series
B,
Acquisition
Date:
4/19/21,
Cost $10,556 (1)(2)(3)
2,409,814
10,556
Ring
Therapeutics,
Series
B,
Acquisition
Date:
4/12/21,
Cost $13,087 (1)(2)(3)
1,422,490
13,087
Tempus
Labs,
Series
D,
Acquisition
Date:
3/16/18,
Cost $8,531 (1)
(2)(3)
910,093
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 $4,335 (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
Treeline,
Series
A,
Acquisition
Date:
4/9/21,
Cost $10,457 (1)(2)(3)
1,335,884
10,457
275,036
Health
Care
Equipment
&
Supplies
0.1%
Kardium,
Series
D-5,
Acquisition
Date:
11/29/18,
Cost $8,865 (1)
(2)(3)(4)
9,149,620
9,294
T.
ROWE
PRICE
New
Horizons
Fund
11
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $18,745 (1)
(2)(3)(4)
18,452,429
18,745
28,039
Health
Care
Providers
&
Services
0.1%
Babyco,
Class
A,
Acquisition
Date:
11/3/17,
Cost $9,057 (1)(2)(3)
(4)(5)
2,611,790
—
Capsule,
Series
D,
Acquisition
Date:
4/7/21,
Cost $17,908 (1)(2)(3)
1,235,725
17,908
Color
Health,
Series
D,
Acquisition
Date:
12/17/20,
Cost $11,006 (1)(2)(3)
292,304
13,385
Color
Health,
Series
D-1,
Acquisition
Date:
1/13/20
-
12/23/20,
Cost $12,814 (1)(2)(3)
600,689
27,505
58,798
Life
Sciences
Tools
&
Services
0.2%
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $18,372 (1)(2)
(3)
2,080,677
18,372
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $24,828 (1)(2)(3)
1,817,581
80,719
99,091
Total
Health
Care
460,964
INDUSTRIALS
&
BUSINESS
SERVICES
0.6%
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
Professional
Services
0.4%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $25,265 (1)(2)
(3)(4)
1,850,770
99,941
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $45,551 (1)(2)(3)
(4)
1,505,994
81,324
181,265
Road
&
Rail
0.2%
Convoy,
Acquisition
Date:
9/30/21,
Cost $10,692 (1)(2)(3)
648,097
10,692
Convoy,
Series
C,
Acquisition
Date:
9/14/18,
Cost $21,159 (1)(2)
(3)
2,979,808
49,161
Convoy,
Series
D,
Acquisition
Date:
10/30/19,
Cost $26,263 (1)(2)
(3)
1,939,655
32,000
91,853
Total
Industrials
&
Business
Services
291,707
INFORMATION
TECHNOLOGY
1.7%
IT
Services
0.4%
ServiceTitan,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $55 (1)
(2)(3)
2,099
250
T.
ROWE
PRICE
New
Horizons
Fund
12
Shares
$
Value
(Cost
and
value
in
$000s)
‡
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $27,048 (1)(2)(3)
1,028,634
122,367
ServiceTitan,
Series
E,
Acquisition
Date:
4/23/20,
Cost $1,606 (1)
(2)(3)
47,506
5,652
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $3,169 (1)
(2)(3)
29,532
3,513
ServiceTitan,
Series
G,
Acquisition
Date:
6/28/21,
Cost $1,631 (1)
(2)(3)
13,714
1,631
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $2,064 (1)(2)(3)
91,920
2,064
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $205 (1)(2)(3)
9,150
205
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $224 (1)(2)(3)
9,990
224
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $26,118 (1)(2)(3)
1,163,260
26,118
162,024
Software
1.3%
Aurora
Innovation,
Series
B,
Acquisition
Date:
3/1/19,
Cost $8,834 (2)(3)
956,010
18,523
Databricks,
Series
F,
Acquisition
Date:
10/22/19,
Cost $25,522 (1)
(2)(3)
594,243
131,002
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $12,785 (1)
(2)(3)
72,081
15,891
Evernote,
Series
1,
Acquisition
Date:
11/20/12,
Cost $4,591 (1)(2)
(3)
381,752
779
Evernote,
Series
4,
Acquisition
Date:
5/2/12
-
11/20/12,
Cost $14,562 (1)(2)(3)
1,210,758
4,722
Evernote,
Series
5,
Acquisition
Date:
11/8/13,
Cost $2,274 (1)(2)
(3)
174,948
717
FLEXE,
Series
C,
Acquisition
Date:
11/18/20,
Cost $17,689 (1)(2)
(3)
1,453,824
17,689
Gusto,
Series
B,
Acquisition
Date:
8/18/20,
Cost $6,279 (1)(2)(3)
464,700
14,125
Gusto,
Series
B-2,
Acquisition
Date:
8/18/20,
Cost $11,722 (1)(2)
(3)
867,510
26,368
Gusto,
Series
C,
Acquisition
Date:
7/16/18,
Cost $20,951 (1)(2)(3)
2,755,737
83,762
Gusto,
Series
D,
Acquisition
Date:
7/16/19,
Cost $29,246 (1)(2)(3)
2,196,921
66,776
HashiCorp,
Series
E,
Acquisition
Date:
3/13/20,
Cost $13,449 (1)
(2)(3)
465,044
20,815
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
7,493
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)
2,889,530
41,684
T.
ROWE
PRICE
New
Horizons
Fund
13
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $2,446 (1)(2)(3)
278,205
4,014
Tanium,
Series
G,
Acquisition
Date:
8/26/15,
Cost $31,923 (1)(2)
(3)
6,430,431
73,276
558,846
Total
Information
Technology
720,870
REAL
ESTATE
0.0%
Real
Estate
Management
&
Development
0.0%
WeWork,
Series
D-1,
Acquisition
Date:
12/9/14,
Cost $13,053 (2)
(3)
783,879
5,834
WeWork,
Series
D-2,
Acquisition
Date:
12/9/14,
Cost $5,525 (2)(3)
331,829
2,470
Total
Real
Estate
8,304
Total
Convertible
Preferred
Stocks
(Cost
$1,127,306)
1,936,405
PREFERRED
STOCKS
0.8%
HEALTH
CARE
0.8%
Health
Care
Equipment
&
Supplies
0.8%
Sartorius
(EUR)
520,999
331,672
Total
Health
Care
331,672
Total
Preferred
Stocks
(Cost
$49,951)
331,672
SHORT-TERM
INVESTMENTS
0.7%
Money
Market
Funds
0.7%
T.
Rowe
Price
Government
Reserve
Fund,
0.05% (4)(6)
299,631,349
299,631
Total
Short-Term
Investments
(Cost
$299,631)
299,631
Total
Investments
in
Securities
100.1%
(Cost
$22,416,113)
$
41,877,470
Other
Assets
Less
Liabilities
(0.1)%
(55,187)
Net
Assets
100.0%
$
41,822,283
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Level
3
in
fair
value
hierarchy.
(2)
Non-income
producing
T.
ROWE
PRICE
New
Horizons
Fund
14
.
.
.
.
.
.
.
.
.
.
(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
$4,149,322
and
represents
9.9%
of
net
assets.
(4)
Affiliated
Companies
(5)
Investment
in
a
partnership
held
indirectly
through
a
limited
liability
company
that
is
owned
by
the
fund
and
treated
as
a
corporation
for
U.S.
tax
purposes.
(6)
Seven-day
yield
ADR
American
Depositary
Receipts
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
GBP
British
Pound
T.
ROWE
PRICE
New
Horizons
Fund
15
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,
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
$
—
$
(17,427)
$
—
Adaptive
Biotechnologies
1,411
(144,798)
—
Alclear
Holdings
—
307,117
—
Armstrong
World
Industries
19,877
98,274
2,895
Avidity
Biosciences
101
8,417
—
Babyco,
Class
A
—
—
—
Booz
Allen
Hamilton
Holding
12,340
(89,813)
12,395
Bright
Horizons
Family
Solutions
25,922
(156,087)
—
Cable
One
11,307
(175,791)
3,251
Checkr
—
26,102
—
Checkr,
Series
C
—
54,616
—
Checkr,
Series
D
—
44,442
—
Coupa
Software
24,471
(327,578)
—
Day
One
Bio,
Series
B
—
—
—
Descartes
Systems
Group
8,907
97,434
—
Doximity,
Class
A
31
47,102
—
Doximity,
Series
C
—
281,713
—
Dynamics
Special
Purpose,
Class
A
—
(88)
—
Endava,
ADR
2,519
147,622
—
Eurofins
Scientific
209,227
98,942
2,895
Evolve
Vacation
Rental
Network,
Series
4
—
4,371
—
Evolve
Vacation
Rental
Network,
Series
5
—
10,510
—
Evolve
Vacation
Rental
Network,
Series
6
—
13,499
—
Evolve
Vacation
Rental
Network,
Series
7
—
2,638
—
Evolve
Vacation
Rental
Network,
Series
8
—
12,771
—
Evolve
Vacation
Rental
Network,
Series
9
—
4,539
—
Figs,
Class
A
43
(23,101)
—
FirstService
10,092
89,302
850
Genesis
Therapeutics,
Series
A
—
—
—
Go
Maps
—
—
—
Go
Maps,
Series
B
—
(2,603)
—
Go
Maps,
Series
B-1
—
(466)
—
Haul
Hub,
Series
B
—
—
—
Jetclosing,
Series
A
—
(1,340)
—
T.
ROWE
PRICE
New
Horizons
Fund
16
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
Jetclosing,
Series
B-1
$
—
$
(2,079)
$
—
Jetclosing,
Series
B-2
—
(371)
—
Kardium,
Series
D-5
—
429
—
Kardium,
Series
D-6
—
—
—
Longboard
Pharmaceuticals
(31)
(679)
—
Minted,
Series
E
—
14,772
—
nCino
3,715
47,406
—
Nevro
5,108
(161,985)
—
Paylocity
Holding
15,968
396,985
—
Phreesia
75
16,824
—
Rentokil
Initial
934
65,308
7,945
RH
224,293
(43,656)
—
Scholar
Rock
Holding
523
(20,969)
—
Seismic
Software,
Series
E
—
16,284
—
Seismic
Software,
Series
F
—
1,568
—
Shockwave
Medical
45,844
129,690
—
Sweetgreen,
Series
F
—
(4,948)
—
Sweetgreen,
Series
G
—
(3,189)
—
Sweetgreen,
Series
I
—
(742)
—
Themis
Solutions
—
—
—
Themis
Solutions,
Series
AA
—
—
—
Themis
Solutions,
Series
AB
—
—
—
Themis
Solutions,
Series
B
—
—
—
Themis
Solutions,
Series
E
—
—
—
Toast,
Class
B
—
558,536
—
Vail
Resorts
38,626
69,306
1,839
Warby
Parker,
Class
A
—
224,346
—
Xometry ^^
—
94,400
—
Xometry,
Class
A
7
(3,370)
—
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
—
—
164
T.
Rowe
Price
Short-Term
Fund,
0.07%
—
—
—++
Affiliates
not
held
at
period
end
1,021,737
(914,808)
—
Totals
$
1,683,047#
$
889,377
$
32,234+
T.
ROWE
PRICE
New
Horizons
Fund
17
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
09/30/21
1stdibs.com,
Series
D
$
43,896
$
—
$
26,469
$
*
Adaptive
Biotechnologies
*
181,817
2,801
236,856
Alclear
Holdings
182,018
—
—
489,135
Armstrong
World
Industries
410,191
3,718
141,144
371,039
Avidity
Biosciences
*
52,945
334
69,166
Babyco,
Class
A
—
—
—
—
Booz
Allen
Hamilton
Holding
876,853
187,068
29,352
944,756
Bright
Horizons
Family
Solutions
733,199
69,410
190,426
456,096
Cable
One
861,462
126,559
3,095
809,135
Checkr
21,662
—
—
47,764
Checkr,
Series
C
45,325
—
—
99,941
Checkr,
Series
D
36,882
—
—
81,324
Coupa
Software
*
568,679
53,927
838,733
Day
One
Bio,
Series
B
—
5,214
5,214
*
Descartes
Systems
Group
282,681
3,337
7,900
375,552
Doximity,
Class
A
—
45,336
14
92,424
Doximity,
Series
C
—
8,769
—
290,482
Dynamics
Special
Purpose,
Class
A
—
14,667
10
14,569
Endava,
ADR
*
170,240
1,076
433,760
Eurofins
Scientific
901,175
6,733
451,479
*
Evolve
Vacation
Rental
Network,
Series
4
4,163
—
—
8,534
Evolve
Vacation
Rental
Network,
Series
5
10,012
—
—
20,522
Evolve
Vacation
Rental
Network,
Series
6
12,859
—
—
26,358
Evolve
Vacation
Rental
Network,
Series
7
2,514
—
—
5,152
Evolve
Vacation
Rental
Network,
Series
8
12,164
—
—
24,935
Evolve
Vacation
Rental
Network,
Series
9
4,323
—
—
8,862
Figs,
Class
A
—
327,402
55
304,246
FirstService
326,015
3,485
32,350
*
Five9
629,563
19,747
341,583
—
Genesis
Therapeutics,
Series
A
6,398
—
—
*
Go
Maps
—
4,422
—
4,422
Go
Maps,
Series
B
11,982
—
—
9,379
T.
ROWE
PRICE
New
Horizons
Fund
18
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
09/30/21
Go
Maps,
Series
B-1
$
2,147
$
—
$
—
$
1,681
Haul
Hub,
Series
B
*
4,318
—
13,003
JAND,
Class
A
46,009
—
26,928
—
JAND,
Series
D
33,019
—
15,460
—
JAND,
Series
E
38,516
—
24,678
—
JAND,
Series
F
27,201
—
21,615
—
Jetclosing,
Series
A
6,596
—
—
5,256
Jetclosing,
Series
B-1
2,595
6,170
—
6,686
Jetclosing,
Series
B-2
1,563
—
—
1,192
Kardium,
Series
D-5
*
—
—
9,294
Kardium,
Series
D-6
—
18,745
—
18,745
Longboard
Pharmaceuticals
—
11,170
81
10,410
Longboard
Pharmaceuticals,
Series
A
6,269
—
6,269
—
Minted,
Series
E
11,242
—
—
26,014
nCino
*
133,394
1,947
355,148
Nevro
351,301
140,200
3,045
326,471
PagerDuty
169,862
1,172
124,244
—
Paylocity
Holding
984,619
119,442
1,874
1,499,172
Phreesia
—
209,620
1,676
224,768
Proofpoint
583,813
1,709
406,015
—
Rentokil
Initial
*
202,618
8,876
772,288
RH
738,848
100,371
455,467
*
Scholar
Rock
Holding
*
28,417
360
56,716
Seismic
Software,
Series
E
*
—
—
*
Seismic
Software,
Series
F
*
—
—
*
Shockwave
Medical
*
150,893
109,734
*
Sweetgreen,
Series
F
58,218
—
—
53,270
Sweetgreen,
Series
G
37,519
—
—
34,330
Sweetgreen,
Series
I
8,730
—
—
7,988
Themis
Solutions
—
9,168
—
*
Themis
Solutions,
Series
AA
—
2,064
—
*
Themis
Solutions,
Series
AB
—
205
—
*
Themis
Solutions,
Series
B
—
224
—
*
Themis
Solutions,
Series
E
—
26,118
—
*
Toast,
Class
B
—
58,562
—
617,098
Vail
Resorts
609,419
154,291
134,872
698,144
Vroom
398,491
—
81,010
—
Warby
Parker,
Class
A
—
88,680
—
313,026
T.
ROWE
PRICE
New
Horizons
Fund
19
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
09/30/21
Wheels
Up
Partners,
Class
B
$
27,805
$
—
$
22,696
$
—
Wheels
Up
Partners,
Class
C
20,590
—
18,460
—
Wheels
Up
Partners,
Class
D
30,921
—
30,921
—
Xometry ^^
21,504
—
—
115,904
Xometry,
Class
A
—
63,495
10
60,115
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
1,443,261
¤
¤
299,631
T.
Rowe
Price
Short-Term
Fund,
0.07%
—
¤
¤
—
Total
$
11,589,492^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
^^
Includes
previously
reported
affiliate
Xometry,
Series
A-2,
Xometry,
Series
B,
Xometry,
Series
C,
Xometry,
Series
D,
Xometry,
Series
E,
Xometry,
Series
Seed-1,
and
Xometry,
Series
Seed-2;
acquired
through
a
corporate
action.
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$32,234
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
$6,688,984.
*
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
20
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
21
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
22
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
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations
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
23
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
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
September
30,
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
September
30,
2021,
totaled $714,458,000 for
the
period ended
September
30,
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
$
34,809,991
$
4,223,977
$
275,794
$
39,309,762
Convertible
Preferred
Stocks
—
26,827
1,909,578
1,936,405
Preferred
Stocks
—
331,672
—
331,672
Short-Term
Investments
299,631
—
—
299,631
Total
$
35,109,622
$
4,582,476
$
2,185,372
$
41,877,470
($000s)
Beginning
Balance
12/31/20
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Transfer
Out
of
Level
3
Ending
Balance
9/30/21
Investment
in
Securities
Common
Stocks
$
521,444
$
(80,435)
$
102,174
$
(267,389)
$
—
$
275,794
Convertible
Preferred
Stocks
1,677,235
322,644
311,306
(382,815)
(18,792)
1,909,578
Total
$
2,198,679
$
242,209
$
413,480
$
(650,204)
$
(18,792)
$
2,185,372
T.
ROWE
PRICE
New
Horizons
Fund
24
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
25
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
$275,794
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
uncertainty
3%
-
10%
9%
Decrease
Expected
present
value
Discount
rate
for
cost
of
equity
10%
-
20%
16%
Decrease
Timing
of
events
3.67
yrs
3.67
yrs
Decrease
Discount
for
lack
of
collectability
50%
50%
Decrease
Market
comparable
Probability
for
potential
outcome
20%
-
55%
33%
Increase
Enterprise
value
to
sales
multiple
3.6x
-
30.2x
21.8x
Increase
Sales
growth
rate
2%
-
40%
37%
Increase
Enterprise
value
to
gross
merchandise
value
multiple
1.9x
1.9x
Increase
Enterprise
value
to
gross
profit
multiple
4.6x
–
38.9x
28.5x
Increase
Gross
profit
growth
rate
1%
-
42%
39%
Increase
Enterprise
value
to
EBITDA
multiple
10.8x
10.8x
Increase
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**
Projected
enterprise
value
to
EBITDA
multiple
12.7x
12.7x
Increase
Discount
for
lack
of
collectability
100%
100%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Estimated
liquidation
value
Discount
for
lack
of
collectability
100%
100%
Decrease
Convertible
Preferred
Stocks
$1,909,578
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
Discount
for
lack
of
collectability
100%
100%
Decrease
Market
comparable
Premium
for
liquidation
preference
—#
—#
Increase
Probability
for
potential
outcome
20%
-
55%
33%
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**
Enterprise
value
to
sales
multiple
2.1x
–
30.2x
8.0x
Increase
Sales
growth
rate
2%
-
100%
43%
Increase
Enterprise
value
to
gross
merchandise
value
multiple
1.9x
1.9x
Increase
Enterprise
value
to
gross
profit
multiple
4.2x
–
38.9x
12.8x
Increase
Gross
profit
growth
rate
1%
-
150%
40%
Increase
Discount
for
lack
of
collectability
100%
100%
Decrease
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
28
#
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.
F42-054Q3
09/21