T.
ROWE
PRICE
New
Horizons
Fund
March
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
92.5%
COMMUNICATION
SERVICES
1.1%
Entertainment
0.0%
Houzz,
Acquisition
Date:
6/3/14,
Cost $6,575 (1)(2)(3)
877,600
649
OfferUp,
Acquisition
Date:
3/6/15,
Cost $5,042 (1)(2)(3)
1,012,630
1,003
1,652
Media
1.1%
Cable
One
224,827
329,201
329,201
Total
Communication
Services
330,853
CONSUMER
DISCRETIONARY
7.5%
Diversified
Consumer
Services
1.7%
Bright
Horizons
Family
Solutions (2)
2,008,801
266,548
Clear
Secure,
Class
A (2)(4)
8,875,216
238,566
Duolingo (2)
130,842
12,444
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (3)
4,399,933
178
517,736
Hotels,
Restaurants
&
Leisure
2.7%
Sweetgreen,
Acquisition
Date:
6/30/15
-
9/13/19,
Cost $56,268 (2)
(3)(4)
6,296,989
191,369
Sweetgreen,
Class
A (2)(4)
2,601,219
83,213
Vail
Resorts
886,230
230,659
Wingstop (4)
2,696,839
316,474
821,715
Internet
&
Direct
Marketing
Retail
0.4%
Framebridge,
EC,
Acquisition
Date:
5/19/20
-
9/15/21,
Cost $2,186 (1)(2)(3)
2,186,159
657
Rent
the
Runway,
Acquisition
Date:
3/21/19
-
4/30/20,
Cost $26,389 (3)
1,383,588
9,056
Rent
the
Runway,
Class
A (2)
798,687
5,503
Xometry,
Class
A (2)(4)
3,326,328
122,242
137,458
Specialty
Retail
2.2%
Burlington
Stores (2)
1,845,540
336,202
RH (2)
377,635
123,143
Warby
Parker,
Class
A (2)(4)
6,778,389
229,177
688,522
T.
ROWE
PRICE
New
Horizons
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Textiles,
Apparel
&
Luxury
Goods
0.5%
On
Holding,
Class
A (2)
5,645,778
142,499
142,499
Total
Consumer
Discretionary
2,307,930
ENERGY
0.2%
Oil,
Gas
&
Consumable
Fuels
0.2%
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $2,981 (1)(2)(3)
987
5,873
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $25,849 (1)(2)(3)
7,166
42,639
Total
Energy
48,512
FINANCIALS
2.2%
Capital
Markets
2.2%
MarketAxess
Holdings
992,675
337,708
MSCI
661,758
332,785
Total
Financials
670,493
HEALTH
CARE
25.8%
Biotechnology
11.2%
Abcam
(GBP) (2)(4)
11,494,403
207,762
ACADIA
Pharmaceuticals (2)
1,089,143
26,379
Acerta
Future
Payments,
EC,
Acquisition
Date:
6/30/21,
Cost $18,065 (1)(2)(3)
18,065,044
15,843
ADC
Therapeutics (2)
884,001
12,986
Agios
Pharmaceuticals (2)
469,701
13,673
Akero
Therapeutics (2)
379,210
5,381
Alector (2)
683,284
9,737
Allogene
Therapeutics (2)
1,823,310
16,610
Alnylam
Pharmaceuticals (2)
1,449,940
236,761
Annexon (2)
643,625
1,757
Apellis
Pharmaceuticals (2)
1,405,164
71,396
Argenx,
ADR (2)
1,073,400
338,454
Ascendis
Pharma,
ADR (2)
1,076,118
126,293
Avidity
Biosciences (2)(4)
3,090,423
57,080
BeiGene,
ADR (2)
216,000
40,738
Bicycle
Therapeutics,
ADR (2)
248,755
10,915
Blueprint
Medicines (2)
1,294,512
82,693
C4
Therapeutics (2)
1,588,389
38,534
Centessa
Pharmaceuticals,
ADR (2)
1,014,527
9,100
Cerevel
Therapeutics
Holdings (2)
1,673,765
58,599
CRISPR
Therapeutics (2)
309,954
19,456
Day
One
Biopharmaceuticals (2)
789,357
7,830
Denali
Therapeutics (2)
1,532,623
49,304
T.
ROWE
PRICE
New
Horizons
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Dynamics
Special
Purpose,
Acquisition
Date:
12/20/21,
Cost $— (3)(4)
162,684
1,446
Dynamics
Special
Purpose,
Acquisition
Date:
5/26/21
-
9/9/21,
Cost $14,641 (3)(4)
1,464,170
13,736
Entrada
Therapeutics (2)
1,377,639
12,936
EQRx,
Warrants,
4/29/21 (2)
302,672
245
Exact
Sciences (2)
5,434,348
379,970
Exelixis (2)
4,211,892
95,484
Exscientia,
ADR (2)
479,951
6,911
Fate
Therapeutics (2)
1,041,822
40,391
Flame
Biosciences,
Acquisition
Date:
9/28/20,
Cost $7,914 (1)(2)
(3)
1,208,219
7,914
Generation
Bio (2)
2,542,733
18,664
Global
Blood
Therapeutics (2)
573,821
19,877
Gyroscope
Therapeutics,
Milestone
Payment
1,
Acquisition
Date:
2/18/22,
Cost $8,140 (1)(2)(3)
8,139,642
2,826
Gyroscope
Therapeutics,
Milestone
Payment
2,
Acquisition
Date:
2/18/22,
Cost $5,425 (1)(2)(3)
5,424,598
785
Gyroscope
Therapeutics,
Milestone
Payment
3,
Acquisition
Date:
2/18/22,
Cost $5,425 (1)(2)(3)
5,424,598
654
Ideaya
Biosciences (2)
1,356,521
15,179
IGM
Biosciences (2)
1,025,102
27,401
Imago
Biosciences (2)
1,031,108
19,869
Immuneering,
Class
A (2)
1,033,309
6,686
Incyte (2)
1,168,090
92,770
Insmed (2)
3,705,013
87,068
Intellia
Therapeutics (2)
553,961
40,256
Ionis
Pharmaceuticals (2)
1,393,855
51,628
Iovance
Biotherapeutics (2)
1,514,549
25,217
IVERIC
bio (2)
1,447,966
24,369
Karuna
Therapeutics (2)
425,725
53,978
Kronos
Bio (2)
198,787
1,437
Kymera
Therapeutics (2)
1,211,832
51,285
Lyell
Immunopharma (2)
2,444,265
12,344
MeiraGTx
Holdings (2)
650,237
9,006
Mirati
Therapeutics (2)
647,848
53,266
Monte
Rosa
Therapeutics (2)
1,690,988
23,708
Morphic
Holding (2)
479,938
19,270
Neurocrine
Biosciences (2)
331,692
31,096
Nurix
Therapeutics (2)
1,882,033
26,367
Pardes
Biosciences (2)
578,891
4,180
Progenic
Pharmaceuticals,
CVR (1)
1,890,800
1,598
Prothena (2)
1,452,926
53,133
PTC
Therapeutics (2)
334,564
12,483
RAPT
Therapeutics (2)
1,377,167
30,284
Relay
Therapeutics (2)
1,922,836
57,550
T.
ROWE
PRICE
New
Horizons
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Replimune
Group (2)
1,968,304
33,422
REVOLUTION
Medicines (2)
858,200
21,893
Rocket
Pharmaceuticals (2)
442,396
7,016
Sage
Therapeutics (2)
714,518
23,651
Sana
Biotechnology (2)
882,148
7,287
Scholar
Rock
Holding (2)(4)
1,924,396
24,805
Seagen (2)
904,084
130,233
Tenaya
Therapeutics (2)
1,058,125
12,465
Turning
Point
Therapeutics (2)
1,258,829
33,800
Ultragenyx
Pharmaceutical (2)
2,208,618
160,390
Xencor (2)
1,190,819
31,771
Zai
Lab,
ADR (2)
746,187
32,817
Zentalis
Pharmaceuticals (2)
1,220,384
56,309
3,466,407
Health
Care
Equipment
&
Supplies
3.2%
Figs,
Class
A (2)(4)
11,596,777
249,563
IDEXX
Laboratories (2)
665,435
364,033
Nevro (2)
1,577,855
114,126
Novocure (2)
453,385
37,563
Shockwave
Medical (2)
1,061,878
220,191
985,476
Health
Care
Technology
4.9%
Doximity,
Class
A (2)
2,927,158
152,476
Phreesia (2)(4)
3,552,143
93,635
Veeva
Systems,
Class
A (2)
5,901,306
1,253,791
1,499,902
Life
Sciences
Tools
&
Services
6.2%
Adaptive
Biotechnologies (2)(4)
7,888,961
109,499
Eurofins
Scientific
(EUR)
2,470,036
244,343
Olink
Holding,
ADR (2)
1,997,316
35,272
Repligen (2)
2,423,171
455,774
Sartorius
Stedim
Biotech
(EUR)
264,280
108,200
West
Pharmaceutical
Services
2,352,781
966,311
1,919,399
Pharmaceuticals
0.3%
Arvinas (2)
799,868
53,831
DICE
Therapeutics (2)
1,104,582
21,130
Longboard
Pharmaceuticals (2)(4)
767,178
3,982
78,943
Total
Health
Care
7,950,127
T.
ROWE
PRICE
New
Horizons
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
INDUSTRIALS
&
BUSINESS
SERVICES
18.7%
Airlines
0.0%
Wheels
Up
Earnout,
Acquisition
Date:
7/23/21,
Cost $— (3)
10,493,182
140
Wheels
Up
Earnout,
Acquisition
Date:
7/23/21,
Cost $— (3)
10,493,182
116
Wheels
Up
Earnout,
Acquisition
Date:
7/23/21,
Cost $— (3)
10,493,182
99
355
Building
Products
1.6%
Lennox
International
634,850
163,703
Trex (2)
5,295,411
345,949
509,652
Commercial
Services
&
Supplies
2.3%
Aurora
Innovation,
Acquisition
Date:
3/1/19,
Cost $8,834 (3)
2,075,345
11,021
Rentokil
Initial
(GBP)
47,891,781
329,902
Waste
Connections
2,704,366
377,800
718,723
Industrial
Conglomerates
2.9%
Roper
Technologies
1,890,006
892,518
892,518
Machinery
1.3%
RBC
Bearings (2)
1,025,491
198,822
Toro
2,312,991
197,738
396,560
Professional
Services
5.1%
Booz
Allen
Hamilton
Holding (4)
11,230,842
986,517
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $18,150 (1)(2)
(3)(4)
884,522
42,802
CoStar
Group (2)
7,193,352
479,149
Legalzoom.com (2)
3,965,025
56,066
1,564,534
Road
&
Rail
4.2%
Old
Dominion
Freight
Line
4,097,482
1,223,836
Saia (2)
337,033
82,175
1,306,011
Trading
Companies
&
Distributors
1.3%
SiteOne
Landscape
Supply (2)(4)
2,456,069
397,122
397,122
Total
Industrials
&
Business
Services
5,785,475
T.
ROWE
PRICE
New
Horizons
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
INFORMATION
TECHNOLOGY
36.2%
Electronic
Equipment,
Instruments
&
Components
1.5%
Teledyne
Technologies (2)
966,726
456,904
456,904
IT
Services
9.4%
Endava,
ADR (2)(4)
4,435,952
590,115
Globant (2)
382,314
100,193
Okta (2)(4)
7,717,021
1,164,961
ServiceTitan,
Acquisition
Date:
11/9/18
-
5/4/21,
Cost $4,778 (1)
(2)(3)
122,485
12,055
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $9,168 (1)(2)(3)
408,330
9,845
Toast,
Class
A (2)(4)
24,234,670
526,619
Twilio,
Class
A (2)
3,064,745
505,101
2,908,889
Semiconductors
&
Semiconductor
Equipment
1.0%
Entegris
2,401,288
315,193
315,193
Software
24.3%
Atlassian,
Class
A (2)
4,355,941
1,279,906
Bill.com
Holdings (2)
2,314,396
524,882
Braze,
Class
A (2)
156,556
6,492
Ceridian
HCM
Holding (2)
6,720,571
459,418
Confluent,
Class
A (2)
901,504
36,962
Coupa
Software (2)
2,469,727
250,998
Databricks,
Acquisition
Date:
7/24/20
-
8/28/20,
Cost $5,376 (1)
(2)(3)
111,936
18,568
Datadog,
Class
A (2)
6,287,532
952,372
Descartes
Systems
Group (2)(4)
4,506,525
330,148
DocuSign (2)
2,163,511
231,755
Duck
Creek
Technologies (2)
4,450,901
98,454
Evernote,
Acquisition
Date:
11/20/12,
Cost $2,296 (1)(2)(3)
190,876
365
Gusto,
Acquisition
Date:
8/18/20
-
11/9/20,
Cost $28,448 (1)(2)(3)
2,129,852
61,238
HashiCorp,
Class
A (2)
306,221
16,536
HashiCorp,
Class
B,
Acquisition
Date:
3/13/20
-
6/25/20,
Cost $23,489 (3)
850,762
43,644
HubSpot (2)
2,115,298
1,004,640
Monday.com (2)
1,037,577
164,010
nCino (2)
4,575,499
187,504
Paylocity
Holding (2)(4)
5,527,565
1,137,407
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)
3,459,283
200,500
Socure,
Acquisition
Date:
12/22/21,
Cost $2,205 (1)(2)(3)
137,206
2,205
Tanium,
Class
B,
Acquisition
Date:
9/24/20,
Cost $7,493 (1)(2)(3)
657,558
6,063
T.
ROWE
PRICE
New
Horizons
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Workiva (2)
124,728
14,718
Xero
(AUD) (2)
6,329,566
479,703
7,509,672
Total
Information
Technology
11,190,658
MATERIALS
0.0%
Chemicals
0.0%
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (3)
217,921
446
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (3)
217,921
416
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (3)
217,921
390
Total
Materials
1,252
MISCELLANEOUS
0.1%
Miscellaneous
0.1%
Revolution
Healthcare
Acquisition (2)
2,432,375
24,056
Total
Miscellaneous
24,056
REAL
ESTATE
0.7%
Real
Estate
Management
&
Development
0.7%
FirstService
1,583,568
229,427
Total
Real
Estate
229,427
Total
Common
Stocks
(Cost
$20,707,080)
28,538,783
CONVERTIBLE
BONDS
0.0%
Jetclosing,
4.00%,
9/14/23,
Acquisition
Date:
3/14/22,
Cost $2,500 (1)(2)(3)(4)
2,500,000
2,500
Total
Convertible
Bonds
(Cost
$2,500)
2,500
CONVERTIBLE
PREFERRED
STOCKS
6.1%
COMMUNICATION
SERVICES
0.0%
Entertainment
0.0%
Houzz,
Series
D,
Acquisition
Date:
6/3/14,
Cost $19,726 (1)(2)(3)
2,632,810
1,948
OfferUp,
Series
A-2,
Acquisition
Date:
3/6/15,
Cost $6,851 (1)(2)
(3)
1,375,830
1,362
OfferUp,
Series
C,
Acquisition
Date:
3/6/15,
Cost $11,641 (1)(2)(3)
2,337,940
3,133
OfferUp,
Series
C-1,
Acquisition
Date:
8/26/16,
Cost $4,573 (1)(2)
(3)
682,712
990
OfferUp,
Series
F,
Acquisition
Date:
7/1/20,
Cost $2,026 (1)(2)(3)
884,802
876
8,309
T.
ROWE
PRICE
New
Horizons
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Media
0.0%
DTX,
Series
A-1,
Acquisition
Date:
2/4/22,
Cost $8,815 (1)(2)(3)
4,844,924
8,815
8,815
Total
Communication
Services
17,124
CONSUMER
DISCRETIONARY
0.9%
Hotels,
Restaurants
&
Leisure
0.3%
Cava
Group,
Series
E,
Acquisition
Date:
3/26/21,
Cost $13,294 (1)
(2)(3)
353,270
20,652
Cava
Group,
Series
F,
Acquisition
Date:
3/26/21,
Cost $42,096 (1)
(2)(3)
1,118,688
65,399
86,051
Internet
&
Direct
Marketing
Retail
0.6%
Evolve
Vacation
Rental
Network,
Series
4,
Acquisition
Date:
8/15/14,
Cost $906 (1)(2)(3)(4)
718,332
13,912
Evolve
Vacation
Rental
Network,
Series
5,
Acquisition
Date:
11/6/15,
Cost $4,220 (1)(2)(3)(4)
1,727,442
33,455
Evolve
Vacation
Rental
Network,
Series
6,
Acquisition
Date:
1/18/17,
Cost $8,679 (1)(2)(3)(4)
2,218,727
42,970
Evolve
Vacation
Rental
Network,
Series
7,
Acquisition
Date:
1/10/18,
Cost $3,151 (1)(2)(3)(4)
433,698
8,399
Evolve
Vacation
Rental
Network,
Series
8,
Acquisition
Date:
3/29/18
-
6/15/18,
Cost $17,862 (1)(2)(3)(4)
2,098,881
40,649
Evolve
Vacation
Rental
Network,
Series
9,
Acquisition
Date:
5/29/20,
Cost $4,323 (1)(2)(3)(4)
745,950
14,447
Minted,
Series
E,
Acquisition
Date:
10/30/18,
Cost $23,654 (1)(2)
(3)(4)
1,756,494
26,014
179,846
Total
Consumer
Discretionary
265,897
CONSUMER
STAPLES
0.2%
Food
Products
0.2%
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 $7,187 (1)(2)(3)(5)
24,002
21,017
T.
ROWE
PRICE
New
Horizons
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
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
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
3,017
Jetclosing,
Series
B-1,
Acquisition
Date:
7/13/20
-
2/25/21,
Cost $8,765 (1)(2)(3)(4)
6,554,775
3,867
Jetclosing,
Series
B-2,
Acquisition
Date:
2/6/20,
Cost $1,328 (1)
(2)(3)(4)
1,168,452
689
23,055
Total
Financials
68,792
HEALTH
CARE
1.9%
Biotechnology
1.0%
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
Eikon
Therapeutics,
Series
B,
Acquisition
Date:
12/3/21,
Cost $26,128 (1)(2)(3)
1,477,112
26,128
Genesis
Therapeutics,
Series
A,
Acquisition
Date:
11/24/20,
Cost $6,398 (1)(2)(3)(4)
1,252,670
6,398
Insitro,
Series
B,
Acquisition
Date:
5/21/20,
Cost $7,412 (1)(2)(3)
1,189,622
21,760
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
51,338
Tempus
Labs,
Series
E,
Acquisition
Date:
8/23/18,
Cost $11,140 (1)(2)(3)
665,388
38,486
Tempus
Labs,
Series
F,
Acquisition
Date:
4/30/19,
Cost $4,400 (1)
(2)(3)
177,721
10,411
Tempus
Labs,
Series
G,
Acquisition
Date:
2/6/20,
Cost $4,335 (1)
(2)(3)
113,018
6,697
Tempus
Labs,
Series
G-2,
Acquisition
Date:
11/19/20,
Cost $6,602 (1)(2)(3)
115,207
6,819
Tessera
Therapeutics,
Series
C,
Acquisition
Date:
2/25/22,
Cost $9,702 (1)(2)(3)
474,429
9,702
T.
ROWE
PRICE
New
Horizons
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Treeline,
Series
A,
Acquisition
Date:
4/9/21,
Cost $10,457 (1)(2)(3)
1,335,884
10,457
300,611
Health
Care
Equipment
&
Supplies
0.1%
Kardium,
Series
D-5,
Acquisition
Date:
11/29/18,
Cost $8,865 (1)
(2)(3)(4)
9,149,620
9,294
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $18,745 (1)
(2)(3)(4)
18,452,429
18,745
28,039
Health
Care
Providers
&
Services
0.4%
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
29,221
Color
Health,
Series
D-1,
Acquisition
Date:
1/13/20
-
12/23/20,
Cost $12,813 (1)(2)(3)
600,689
60,050
Color
Health,
Series
E,
Acquisition
Date:
10/26/21,
Cost $4,422 (1)
(2)(3)
44,229
4,422
111,601
Life
Sciences
Tools
&
Services
0.4%
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
110,382
128,754
Total
Health
Care
569,005
INDUSTRIALS
&
BUSINESS
SERVICES
1.0%
Aerospace
&
Defense
0.1%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $18,589 (1)(2)(3)
412,771
28,067
28,067
Air
Freight
&
Logistics
0.1%
FLEXE,
Series
C,
Acquisition
Date:
11/18/20,
Cost $17,689 (1)(2)
(3)
1,453,824
29,650
29,650
Professional
Services
0.5%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $25,265 (1)(2)
(3)(4)
1,850,770
89,559
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $45,551 (1)(2)(3)
(4)
1,505,994
72,875
162,434
T.
ROWE
PRICE
New
Horizons
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Road
&
Rail
0.3%
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
Convoy,
Series
E,
Acquisition
Date:
9/30/21,
Cost $10,692 (1)(2)
(3)
648,097
10,692
91,853
Total
Industrials
&
Business
Services
312,004
INFORMATION
TECHNOLOGY
1.9%
IT
Services
0.4%
ServiceTitan,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $55 (1)
(2)(3)
2,099
207
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $27,048 (1)(2)(3)
1,028,634
101,238
ServiceTitan,
Series
E,
Acquisition
Date:
4/23/20,
Cost $1,606 (1)
(2)(3)
47,506
4,675
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $3,169 (1)
(2)(3)
29,532
2,906
ServiceTitan,
Series
G,
Acquisition
Date:
6/28/21,
Cost $1,631 (1)
(2)(3)
13,714
1,350
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $2,064 (1)(2)(3)
91,920
2,216
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $205 (1)(2)(3)
9,150
221
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $224 (1)(2)(3)
9,990
241
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $26,118 (1)(2)(3)
1,163,260
28,046
141,100
Software
1.5%
Databricks,
Series
F,
Acquisition
Date:
10/22/19,
Cost $25,522 (1)
(2)(3)
594,243
98,573
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $12,785 (1)
(2)(3)
72,081
11,957
Evernote,
Series
1,
Acquisition
Date:
11/20/12,
Cost $4,592 (1)(2)
(3)
381,752
729
Evernote,
Series
4,
Acquisition
Date:
5/2/12
-
11/20/12,
Cost $14,562 (1)(2)(3)
1,210,758
5,812
Evernote,
Series
5,
Acquisition
Date:
11/8/13,
Cost $2,274 (1)(2)
(3)
174,948
892
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
T.
ROWE
PRICE
New
Horizons
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Gusto,
Series
D,
Acquisition
Date:
7/16/19,
Cost $29,246 (1)(2)(3)
2,196,921
66,776
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
7,828
SecurityScorecard,
Series
E,
Acquisition
Date:
3/5/21,
Cost $18,207 (1)(2)(3)
1,201,539
21,219
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $18,216 (1)(2)(3)
2,889,530
36,033
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $2,446 (1)(2)(3)
278,205
3,469
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $2,679 (1)(2)
(3)
166,753
2,679
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $2,199 (1)
(2)(3)
136,862
2,199
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $40 (1)(2)(3)
2,476
40
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $5,097 (1)(2)(3)
317,219
5,097
Tanium,
Series
G,
Acquisition
Date:
8/26/15,
Cost $31,923 (1)(2)
(3)
6,430,431
59,289
459,850
Total
Information
Technology
600,950
Total
Convertible
Preferred
Stocks
(Cost
$1,033,797)
1,883,737
PREFERRED
STOCKS
0.6%
HEALTH
CARE
0.6%
Health
Care
Equipment
&
Supplies
0.6%
Sartorius
(EUR)
424,612
187,400
Total
Health
Care
187,400
Total
Preferred
Stocks
(Cost
$39,009)
187,400
SHORT-TERM
INVESTMENTS
0.6%
Money
Market
Funds
0.6%
T.
Rowe
Price
Government
Reserve
Fund,
0.29% (4)(6)
195,215,296
195,215
Total
Short-Term
Investments
(Cost
$195,215)
195,215
Total
Investments
in
Securities
99.8%
(Cost
$21,977,601)
$
30,807,635
Other
Assets
Less
Liabilities
0.2%
74,647
Net
Assets
100.0%
$
30,882,282
‡
Shares/Par
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
T.
ROWE
PRICE
New
Horizons
Fund
13
.
.
.
.
.
.
.
.
.
.
(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
$2,391,462
and
represents
7.7%
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
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
14
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
March
31,
2022.
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
Abcam
$
171
$
(61,243)
$
—
Adaptive
Biotechnologies
(35,269)
(82,187)
—
Avidity
Biosciences
(1)
(16,400)
—
Babyco,
Class
A
—
—
—
Booz
Allen
Hamilton
Holding
(15,539)
40,595
5,344
Cable
One
76,600
(191,246)
781
Checkr
—
(4,962)
—
Checkr,
Series
C
—
(10,382)
—
Checkr,
Series
D
—
(8,449)
—
Clear
Secure,
Class
A
58,867
(129,205)
—
Coupa
Software
(312,303)
52,516
—
Descartes
Systems
Group
301
(42,804)
—
Dynamics
Special
Purpose
—
2
—
Dynamics
Special
Purpose
—
21
—
Endava,
ADR
437
(117,075)
—
Evolve
Vacation
Rental
Network,
Series
4
—
(2)
—
Evolve
Vacation
Rental
Network,
Series
5
—
(5)
—
Evolve
Vacation
Rental
Network,
Series
6
—
(7)
—
Evolve
Vacation
Rental
Network,
Series
7
—
(2)
—
Evolve
Vacation
Rental
Network,
Series
8
—
(6)
—
Evolve
Vacation
Rental
Network,
Series
9
—
(2)
—
Figs,
Class
A
10
(38,843)
—
Genesis
Therapeutics,
Series
A
—
—
—
Go
Maps
—
—
—
Go
Maps,
Series
B
—
—
—
Go
Maps,
Series
B-1
—
—
—
Haul
Hub,
Series
B
—
—
—
Jetclosing,
4.00%,
9/14/23
—
—
5
Jetclosing,
Series
A
—
—
—
Jetclosing,
Series
B-1
—
(1)
—
Jetclosing,
Series
B-2
—
—
—
Kardium,
Series
D-5
—
—
—
Kardium,
Series
D-6
—
—
—
Longboard
Pharmaceuticals
(2,128)
2,346
—
T.
ROWE
PRICE
New
Horizons
Fund
15
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
Minted,
Series
E
$
—
$
1
$
—
Okta
1,126
(459,577)
—
Paylocity
Holding
1,008
(155,958)
—
Phreesia
(47)
(54,339)
—
Rentokil
Initial
3,157
(95,057)
—
Rover
Group
—
(249)
—
Scholar
Rock
Holding
9
(20,065)
—
SiteOne
Landscape
Supply
329
(172,292)
—
Sweetgreen
—
(59)
—
Sweetgreen,
Class
A
3
11,324
—
Toast,
Class
A ^^
147
(117,400)
—
Vail
Resorts
19,934
(145,042)
1,693
Warby
Parker,
Class
A
179
(86,692)
—
Wingstop
24
(131,711)
11,247
Xometry,
Class
A
156
(48,392)
—
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
—��
—
65
Affiliates
not
held
at
period
end
114,256
(207,113)
352
Totals
$
(88,573)#
$
(2,289,962)
$
19,487+
T.
ROWE
PRICE
New
Horizons
Fund
16
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
03/31/22
Abcam
$
269,075
$
—
$
70
$
207,762
Adaptive
Biotechnologies
*
17,218
45,203
109,499
Armstrong
World
Industries
378,979
—
181,054
—
Avidity
Biosciences
*
—
63
57,080
Babyco,
Class
A
—
—
—
—
Booz
Allen
Hamilton
Holding
1,110,598
—
164,675
986,517
Cable
One
768,018
—
247,570
*
Checkr
47,764
—
—
42,802
Checkr,
Series
C
99,941
—
—
89,559
Checkr,
Series
D
81,324
—
—
72,875
Clear
Secure,
Class
A
393,465
—
25,694
238,566
Coupa
Software
613,090
59,608
474,216
*
Descartes
Systems
Group
373,021
—
69
330,148
Dynamics
Special
Purpose
13,715
—
—
13,736
Dynamics
Special
Purpose
1,444
—
—
1,446
Endava,
ADR
585,676
121,631
117
590,115
Evolve
Vacation
Rental
Network,
Series
4
13,914
—
—
13,912
Evolve
Vacation
Rental
Network,
Series
5
33,460
—
—
33,455
Evolve
Vacation
Rental
Network,
Series
6
42,977
—
—
42,970
Evolve
Vacation
Rental
Network,
Series
7
8,401
—
—
8,399
Evolve
Vacation
Rental
Network,
Series
8
40,655
—
—
40,649
Evolve
Vacation
Rental
Network,
Series
9
14,449
—
—
14,447
Figs,
Class
A
*
45,011
214
249,563
Genesis
Therapeutics,
Series
A
6,398
—
—
6,398
Go
Maps
4,422
—
—
4,422
Go
Maps,
Series
B
9,379
—
—
9,379
Go
Maps,
Series
B-1
1,681
—
—
1,681
Haul
Hub,
Series
B
13,003
—
—
13,003
Jetclosing,
4.00%,
9/14/23
—
2,500
—
2,500
Jetclosing,
Series
A
3,017
—
—
3,017
Jetclosing,
Series
B-1
3,867
—
—
3,867
Jetclosing,
Series
B-2
689
—
—
689
Kardium,
Series
D-5
9,294
—
—
9,294
T.
ROWE
PRICE
New
Horizons
Fund
17
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
03/31/22
Kardium,
Series
D-6
$
18,745
$
—
$
—
$
18,745
Longboard
Pharmaceuticals
*
—
3,363
3,982
Minted,
Series
E
26,014
—
—
26,014
Okta
*
509,856
116
1,164,961
Paylocity
Holding
1,236,827
56,755
217
1,137,407
Phreesia
*
—
175
93,635
Rentokil
Initial
768,896
—
343,938
*
Rover
Group
427
—
—
*
Rover
Group
42,645
—
37,310
—
Scholar
Rock
Holding
*
3,246
25
24,805
SiteOne
Landscape
Supply
*
61,392
122
397,122
Sweetgreen
*
—
—
191,369
Sweetgreen,
Class
A
*
64,065
23
83,213
Toast,
Class
A ^^
*
279,558
35
526,619
Vail
Resorts
668,991
—
293,290
*
Warby
Parker,
Class
A
*
—
87
229,177
Wingstop
288,496
160,018
328
316,474
Xometry,
Class
A
*
—
30
122,242
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
281,465
¤
¤
195,215
Total
$
7,728,730^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$19,487
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
$6,174,157.
^^
Includes
previously
reported
affiliate
Toast,
Class
B;
acquired
through
a
corporate
action.
*
On
the
date
indicated,
issuer
was
held
but
not
considered
an
affiliated
company.
T.
ROWE
PRICE
New
Horizons
Fund
Unaudited
Notes
to
Portfolio
of
Investments
18
T.
Rowe
Price
New
Horizons
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The
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
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)
T.
ROWE
PRICE
New
Horizons
Fund
19
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
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.
T.
ROWE
PRICE
New
Horizons
Fund
20
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
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.
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
21
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2022
(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,
2022.
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,
2022,
totaled $(74,007,000) for
the
period ended
March
31,
2022.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
26,662,050
$
1,641,967
$
234,766
$
28,538,783
Convertible
Bonds
—
—
2,500
2,500
Convertible
Preferred
Stocks
—
—
1,883,737
1,883,737
Preferred
Stocks
—
187,400
—
187,400
Short-Term
Investments
195,215
—
—
195,215
Total
$
26,857,265
$
1,829,367
$
2,121,003
$
30,807,635
($000s)
Beginning
Balance
12/31/21
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
3/31/22
Investment
in
Securities
Common
Stocks
$
253,174
$
(27,624)
$
18,989
$
(9,773)
$
234,766
Convertible
Bonds
—
—
2,500
—
2,500
Convertible
Preferred
Stocks
1,934,124
(24,865)
18,517
(44,039)
1,883,737
Total
$
2,187,298
$
(52,489)
$
40,006
$
(53,812)
$
2,121,003
T.
ROWE
PRICE
New
Horizons
Fund
22
In
accordance
with
GAAP,
the
following
table
provides
quantitative
information
about
significant
unobservable
inputs
used
to
determine
the
fair
valuations
of
the
fund’s
Level
3
assets,
by
class
of
financial
instrument.
Because
the
Valuation
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
23
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Common
Stocks
$234,766
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
uncertainty
3%
-
88%
59%
Decrease
Expected
present
value
Discount
rate
for
cost
of
equity
12%
-
20%
18%
Decrease
Timing
of
events
2.75
yrs
2.75
yrs
Decrease
Discount
for
lack
of
collectability
50%
50%
Decrease
Market
comparable
Probability
for
potential
outcome
20%
-
50%
33%
Increase
Enterprise
value
to
sales
multiple
2.8x
-
18.2x
9.6x
Increase
Sales
growth
rate
3%
-
75%
51%
Increase
Segment-
based
enterprise
value
to
sales
multiple
2.1x
2.1x
Increase
Segment-
based
enterprise
value
to
gross
merchandise
value
multiple
0.6x
0.6x
Increase
Enterprise
value
to
gross
profit
multiple
2.7x
–
24.5x
14.2x
Increase
Gross
profit
growth
rate
4%
-
66%
53%
Increase
T.
ROWE
PRICE
New
Horizons
Fund
24
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Enterprise
value
to
EBITDA
multiple
10.5x
10.5x
Increase
Projected
enterprise
value
to
EBITDA
multiple
12.5x
12.5x
Increase
Discount
for
lack
of
collectability
100%
100%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Convertible
Preferred
Stocks
$1,883,737
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
lack
of
collectability
100%
100%
Decrease
Market
comparable
Premium
for
liquidation
preference
—#
—#
Increase
Probability
for
potential
outcome
20%
-
50%
33%
Increase
Enterprise
value
to
sales
multiple
2.1x
–
18.2x
9.3x
Increase
Sales
growth
rate
3%
-
105%
45%
Increase
Segment-
based
enterprise
value
to
sales
multiple
2.1x
2.1x
Increase
T.
ROWE
PRICE
New
Horizons
Fund
25
#
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.
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**
Segment-
based
enterprise
value
to
gross
merchandise
value
multiple
0.6x
0.6x
Increase
Enterprise
value
to
gross
profit
multiple
2.7x
–
24.5x
13.8x
Increase
Gross
profit
growth
rate
4%
-
103%
49%
Increase
Enterprise
value
to
EBITDA
multiple
21.0x
21.0x
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
Bonds
$2,500
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
T.
ROWE
PRICE
New
Horizons
Fund
26
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict.
Economic
sanctions
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result, Russian-related
stocks
and
debt
have
since
suffered
significant
declines
in
value.
The
duration
of
the
coronavirus
outbreak
and
the
Russian-Ukraine
conflict,
and
their
effects
on
the
financial
markets,
cannot
be
determined
with
certainty.
The fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
these
events.
F42-054Q1
03/22