T.
ROWE
PRICE
New
Horizons
Fund
September
30,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
88.8%
COMMUNICATION
SERVICES
0.0%
Entertainment
0.0%
Houzz,
Acquisition
Date:
6/3/14,
Cost $6,575 (1)(2)(3)
877,600
360
OfferUp,
Acquisition
Date:
3/6/15,
Cost $5,042 (1)(2)(3)
1,012,630
688
Total
Communication
Services
1,048
CONSUMER
DISCRETIONARY
5.5%
Diversified
Consumer
Services
0.1%
Duolingo (2)
130,620
12,439
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (2)(3)
4,399,933
92
12,531
Hotels,
Restaurants
&
Leisure
2.1%
Sweetgreen,
Class
A (2)
10,563,164
195,419
Wingstop (4)
2,312,392
290,020
485,439
Internet
&
Direct
Marketing
Retail
1.0%
Framebridge,
EC,
Acquisition
Date:
5/19/20
-
9/15/21,
Cost $2,186 (1)(2)(3)
2,186,159
657
Xometry,
Class
A (2)
4,016,135
228,076
228,733
Specialty
Retail
2.3%
Burlington
Stores (2)
1,842,446
206,151
Floor
&
Decor
Holdings,
Class
A (2)
4,566,997
320,877
527,028
Total
Consumer
Discretionary
1,253,731
ENERGY
0.5%
Oil,
Gas
&
Consumable
Fuels
0.5%
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $2,981 (1)(2)(3)
987
14,603
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $25,849 (1)(2)(3)
7,166
106,023
Total
Energy
120,626
FINANCIALS
1.2%
Capital
Markets
1.2%
MSCI
667,249
281,439
Total
Financials
281,439
HEALTH
CARE
22.3%
Biotechnology
11.9%
Abcam
(GBP) (2)
8,194,917
122,364
ACADIA
Pharmaceuticals (2)
1,544,458
25,267
T.
ROWE
PRICE
New
Horizons
Fund
1
T.
ROWE
PRICE
New
Horizons
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Acerta
Future
Payments,
EC,
Acquisition
Date:
6/30/21,
Cost $18,065 (1)(2)(3)
18,065,044
15,843
Agios
Pharmaceuticals (2)
468,915
13,261
Akero
Therapeutics (2)
950,761
32,373
Alector (2)
623,419
5,898
Allogene
Therapeutics (2)
2,421,057
26,147
Alnylam
Pharmaceuticals (2)
1,392,258
278,674
Apellis
Pharmaceuticals (2)
1,245,926
85,097
Argenx,
ADR (2)
1,071,600
378,328
Ascendis
Pharma,
ADR (2)
1,142,791
118,005
Avidity
Biosciences (2)
3,085,211
50,382
BeiGene,
ADR (2)
215,600
29,067
Bicycle
Therapeutics,
ADR (2)
150,971
3,512
Blueprint
Medicines (2)
1,577,643
103,951
C4
Therapeutics (2)
1,767,564
15,502
Centessa
Pharmaceuticals,
ADR (2)
1,012,799
4,071
Cerevel
Therapeutics
Holdings (2)
1,744,270
49,293
CRISPR
Therapeutics (2)
279,528
18,267
Day
One
Biopharmaceuticals (2)
1,091,759
21,868
Denali
Therapeutics (2)
1,313,233
40,303
Dynamics
Special
Purpose,
Acquisition
Date:
12/20/21,
Cost $— (2)(3)
162,684
335
Enanta
Pharmaceuticals (2)
46,630
2,419
Entrada
Therapeutics (2)
1,785,873
28,145
EQRx,
Warrants,
12/31/28 (2)
302,672
248
Exelixis (2)
3,203,012
50,223
Exscientia,
ADR (2)
479,051
3,933
Fate
Therapeutics (2)
1,073,598
24,059
Flame
Biosciences,
Acquisition
Date:
9/28/20,
Cost $7,914 (1)(2)
(3)
1,208,219
5,546
Generation
Bio (2)
3,473,677
18,445
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)
1,354,241
20,205
IGM
Biosciences (2)
1,205,462
27,412
Imago
Biosciences (2)
988,263
14,873
Immuneering,
Class
A (2)
1,295,329
18,549
Incyte (2)
517,407
34,480
Insmed (2)
3,870,588
83,372
Intellia
Therapeutics (2)
651,064
36,434
Ionis
Pharmaceuticals (2)
1,507,417
66,673
Iovance
Biotherapeutics (2)
1,380,028
13,221
T.
ROWE
PRICE
New
Horizons
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
IVERIC
bio (2)
1,133,174
20,329
Karuna
Therapeutics (2)
615,657
138,480
Kymera
Therapeutics (2)
2,235,025
48,657
Lyell
Immunopharma (2)
2,440,096
17,886
MeiraGTx
Holdings (2)
649,088
5,459
Mirati
Therapeutics (2)
383,388
26,776
Monte
Rosa
Therapeutics (2)
1,688,120
13,792
Morphic
Holding (2)
586,010
16,584
Neurocrine
Biosciences (2)
409,565
43,500
Nurix
Therapeutics (2)
1,935,738
25,223
Pardes
Biosciences (2)
249,987
463
Progenic
Pharmaceuticals,
CVR (1)(2)
1,890,800
2,176
Prothena (2)
1,473,723
89,352
PTC
Therapeutics (2)
359,376
18,041
RAPT
Therapeutics (2)
1,641,446
39,493
Relay
Therapeutics (2)
2,241,880
50,151
Replimune
Group (2)
2,005,535
34,636
REVOLUTION
Medicines (2)
1,366,028
26,938
Rocket
Pharmaceuticals (2)
521,550
8,324
Sage
Therapeutics (2)
743,339
29,109
Sana
Biotechnology (2)
1,458,934
8,754
Scholar
Rock,
Warrants,
12/31/25,
Acquisition
Date:
6/17/22,
Cost $— (2)(3)(4)
229,118
1,018
Scholar
Rock
Holding (2)(4)
3,300,210
22,870
Senti
Biosciences (2)
1,462,032
3,173
Tenaya
Therapeutics (2)
1,056,280
3,063
Ultragenyx
Pharmaceutical (2)
1,507,304
62,417
Xencor (2)
1,188,780
30,885
Zai
Lab,
ADR (2)
808,787
27,661
Zentalis
Pharmaceuticals (2)
950,338
20,584
2,726,104
Health
Care
Equipment
&
Supplies
0.6%
Novocure (2)
452,670
34,394
Shockwave
Medical (2)
382,955
106,488
140,882
Health
Care
Technology
4.4%
Veeva
Systems,
Class
A (2)
6,126,809
1,010,188
1,010,188
Life
Sciences
Tools
&
Services
4.9%
Eurofins
Scientific
(EUR)
2,393,452
142,086
Olink
Holding,
ADR (2)
1,434,716
17,418
Repligen (2)
2,389,665
447,130
Sartorius
Stedim
Biotech
(EUR)
263,830
80,926
T.
ROWE
PRICE
New
Horizons
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
West
Pharmaceutical
Services
1,746,785
429,849
1,117,409
Pharmaceuticals
0.5%
Arvinas (2)
893,377
39,746
CinCor
Pharma (2)
444,711
14,595
DICE
Therapeutics (2)
1,483,531
30,086
Longboard
Pharmaceuticals (2)
766,919
2,853
Pliant
Therapeutics (2)
510,898
10,673
Ventyx
Biosciences (2)
354,903
12,390
Ventyx
Biosciences,
Acquisition
Date:
9/19/22,
Cost $7,560 (2)(3)
229,099
7,598
117,941
Total
Health
Care
5,112,524
INDUSTRIALS
&
BUSINESS
SERVICES
25.3%
Airlines
0.0%
Wheels
Up
Earnout,
Acquisition
Date:
7/23/21,
Cost $— (2)(3)
10,493,182
11
Wheels
Up
Earnout,
Acquisition
Date:
7/23/21,
Cost $— (2)(3)
10,493,182
7
Wheels
Up
Earnout,
Acquisition
Date:
7/23/21,
Cost $— (2)(3)
10,493,182
6
24
Building
Products
0.7%
Trex (2)
3,573,983
157,041
157,041
Commercial
Services
&
Supplies
2.0%
Rentokil
Initial
(GBP)
43,414,634
230,118
Waste
Connections
1,609,013
217,426
447,544
Electrical
Equipment
1.1%
Hubbell
1,150,434
256,547
256,547
Industrial
Conglomerates
2.6%
Roper
Technologies
1,631,251
586,663
586,663
Machinery
6.0%
IDEX
1,793,500
358,431
Ingersoll
Rand
7,946,475
343,765
RBC
Bearings (2)(4)
2,097,994
435,984
Toro
2,740,314
236,982
1,375,162
Professional
Services
4.5%
Booz
Allen
Hamilton
Holding
6,817,011
629,551
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $18,149 (1)(2)
(3)(4)
2,653,566
20,432
T.
ROWE
PRICE
New
Horizons
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CoStar
Group (2)
5,459,669
380,266
1,030,249
Road
&
Rail
6.7%
JB
Hunt
Transport
Services
1,803,368
282,083
Old
Dominion
Freight
Line
3,389,254
843,144
Saia (2)(4)
2,070,520
393,399
1,518,626
Trading
Companies
&
Distributors
1.7%
SiteOne
Landscape
Supply (2)(4)
3,645,984
379,693
379,693
Total
Industrials
&
Business
Services
5,751,549
INFORMATION
TECHNOLOGY
33.1%
Electronic
Equipment,
Instruments
&
Components
1.3%
Teledyne
Technologies (2)
876,444
295,774
295,774
IT
Services
5.7%
Endava,
ADR (2)(4)
5,773,029
465,479
Globant (2)(4)
2,090,727
391,133
ServiceTitan,
Acquisition
Date:
11/9/18
-
5/4/21,
Cost $4,778 (1)
(2)(3)
122,485
8,441
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $9,168 (1)(2)(3)
408,330
8,289
Toast,
Class
A (2)
26,272,176
439,271
1,312,613
Semiconductors
&
Semiconductor
Equipment
3.0%
Entegris
7,067,140
586,714
MACOM
Technology
Solutions
Holdings (2)
1,565,454
81,075
Monolithic
Power
Systems
64,502
23,440
691,229
Software
23.1%
Atlassian,
Class
A (2)
4,459,062
939,034
Bill.com
Holdings (2)
2,419,553
320,276
Braze,
Class
A (2)
978,361
34,076
Ceridian
HCM
Holding (2)(4)
9,161,074
511,921
Coupa
Software (2)
1,337,399
78,639
Databricks,
Acquisition
Date:
7/24/20
-
8/28/20,
Cost $5,376 (1)
(2)(3)
335,808
18,568
Datadog,
Class
A (2)
2,945,812
261,529
Descartes
Systems
Group (2)(4)
5,144,695
326,842
Evernote,
Acquisition
Date:
11/20/12,
Cost $2,296 (1)(2)(3)
190,876
332
Gusto,
Acquisition
Date:
8/18/20
-
11/9/20,
Cost $28,448 (1)(2)(3)
2,129,852
40,105
HashiCorp,
Class
A (2)
2,038,840
65,630
HubSpot (2)(4)
2,645,874
714,704
T.
ROWE
PRICE
New
Horizons
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Monday.com (2)
935,121
105,987
nCino (2)
3,080,654
105,081
Paylocity
Holding (2)(4)
5,343,577
1,290,901
Plex
Systems,
EC,
Acquisition
Date:
9/7/21,
Cost $1,140 (1)(2)(3)
1,139,993
1,083
Plex
Systems,
EC,
Acquisition
Date:
9/7/21,
Cost $163 (1)(2)(3)
162,856
160
Procore
Technologies (2)
4,695,862
232,351
Socure,
Acquisition
Date:
12/22/21,
Cost $2,205 (1)(2)(3)
137,206
1,677
Tanium,
Class
B,
Acquisition
Date:
9/24/20,
Cost $7,493 (1)(2)(3)
657,558
5,057
Xero
(AUD) (2)
4,970,129
230,001
5,283,954
Total
Information
Technology
7,583,570
MATERIALS
0.0%
Chemicals
0.0%
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (2)(3)
217,921
260
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (2)(3)
217,921
238
Ginkgo
Bioworks,
Acquisition
Date:
9/17/21,
Cost $— (2)(3)
217,921
219
Total
Materials
717
MISCELLANEOUS
0.1%
Miscellaneous
0.1%
Revolution
Healthcare
Acquisition (2)
2,428,189
23,845
Total
Miscellaneous
23,845
REAL
ESTATE
0.8%
Real
Estate
Management
&
Development
0.8%
FirstService
1,473,014
175,303
Total
Real
Estate
175,303
Total
Common
Stocks
(Cost
$16,931,510)
20,304,352
CONVERTIBLE
BONDS
0.0%
Jetclosing,
4.00%,
9/14/23,
Acquisition
Date:
3/14/22,
Cost $2,500 (1)(3)(4)
2,500,000
1,162
Total
Convertible
Bonds
(Cost
$2,500)
1,162
CONVERTIBLE
PREFERRED
STOCKS
6.9%
COMMUNICATION
SERVICES
0.0%
Entertainment
0.0%
Houzz,
Series
D,
Acquisition
Date:
6/3/14,
Cost $19,726 (1)(2)(3)
2,632,810
1,079
OfferUp,
Series
A-2,
Acquisition
Date:
3/6/15,
Cost $6,850 (1)(2)
(3)
1,375,830
936
OfferUp,
Series
C,
Acquisition
Date:
3/6/15,
Cost $11,641 (1)(2)(3)
2,337,940
2,151
T.
ROWE
PRICE
New
Horizons
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
OfferUp,
Series
C-1,
Acquisition
Date:
8/26/16,
Cost $4,573 (1)(2)
(3)
682,712
676
OfferUp,
Series
F,
Acquisition
Date:
7/1/20,
Cost $2,026 (1)(2)(3)
884,802
602
5,444
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
14,259
CONSUMER
DISCRETIONARY
1.2%
Hotels,
Restaurants
&
Leisure
0.4%
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
0.8%
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
23,800
177,632
Total
Consumer
Discretionary
263,683
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
0.2%
Trumid
Holdings,
Series
J-A,
Acquisition
Date:
7/31/20,
Cost $11,909 (1)(2)(3)(5)
24,002
16,379
T.
ROWE
PRICE
New
Horizons
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Trumid
Holdings,
Series
J-B,
Acquisition
Date:
7/31/20,
Cost $7,187 (1)(2)(3)(5)
24,002
16,379
Trumid
Holdings,
Series
L,
Acquisition
Date:
9/15/21,
Cost $3,703 (1)(2)(3)(5)
4,229
2,886
35,644
Insurance
0.0%
Go
Maps,
Acquisition
Date:
4/26/21,
Cost $4,422 (1)(2)(3)(4)
4,421,929
2,211
Go
Maps,
Series
B,
Acquisition
Date:
12/15/17,
Cost $9,940 (1)
(2)(3)(4)
936,022
945
Go
Maps,
Series
B-1,
Acquisition
Date:
5/15/19
-
7/29/20,
Cost $2,147 (1)(2)(3)(4)
167,743
170
Jetclosing,
Series
A,
Acquisition
Date:
5/25/18,
Cost $8,917 (1)(2)
(3)(4)
4,570,635
—
Jetclosing,
Series
B-1,
Acquisition
Date:
7/13/20
-
2/25/21,
Cost $8,765 (1)(2)(3)(4)
6,554,775
—
Jetclosing,
Series
B-2,
Acquisition
Date:
2/6/20,
Cost $1,328 (1)
(2)(3)(4)
1,168,452
—
3,326
Total
Financials
38,970
HEALTH
CARE
2.4%
Biotechnology
1.3%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $15,671 (1)(2)(3)
5,677,732
37,359
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $27,023 (1)(2)(3)
3,336,170
21,952
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 $6,007 (1)(2)(3)(4)
1,176,193
6,007
Genesis
Therapeutics,
Series
A-2,
Acquisition
Date:
11/24/20,
Cost $391 (1)(2)(3)(4)
76,477
391
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
53,586
Tempus
Labs,
Series
E,
Acquisition
Date:
8/23/18,
Cost $11,140 (1)(2)(3)
665,388
40,216
Tempus
Labs,
Series
F,
Acquisition
Date:
4/30/19,
Cost $4,400 (1)
(2)(3)
177,721
10,884
Tempus
Labs,
Series
G,
Acquisition
Date:
2/6/20,
Cost $4,335 (1)
(2)(3)
113,018
7,005
T.
ROWE
PRICE
New
Horizons
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Tempus
Labs,
Series
G-2,
Acquisition
Date:
11/19/20,
Cost $6,602 (1)(2)(3)
115,207
6,476
Tessera
Therapeutics,
Series
C,
Acquisition
Date:
2/25/22,
Cost $9,702 (1)(2)(3)
474,429
9,702
Treeline,
Series
A,
Acquisition
Date:
4/9/21
-
9/2/22,
Cost $22,682 (1)(2)(3)(4)
2,897,679
22,682
303,549
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
0.5%
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
15,249
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
108,942
Life
Sciences
Tools
&
Services
0.5%
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $18,373 (1)(2)
(3)
2,080,677
11,610
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $24,828 (1)(2)(3)
1,817,581
110,382
121,992
Total
Health
Care
562,522
INDUSTRIALS
&
BUSINESS
SERVICES
0.7%
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
0.2%
FLEXE,
Series
C,
Acquisition
Date:
11/18/20,
Cost $17,689 (1)(2)
(3)
1,453,824
29,650
FLEXE,
Series
D,
Acquisition
Date:
4/7/22,
Cost $9,169 (1)(2)(3)
449,562
9,169
38,819
T.
ROWE
PRICE
New
Horizons
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Professional
Services
0.3%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $25,265 (1)(2)
(3)(4)
5,552,310
42,753
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $45,551 (1)(2)(3)
(4)
4,517,982
34,788
77,541
Road
&
Rail
0.1%
Convoy,
Series
C,
Acquisition
Date:
9/14/18,
Cost $21,159 (1)(2)
(3)
2,979,808
15,435
Convoy,
Series
D,
Acquisition
Date:
10/30/19,
Cost $26,263 (1)(2)
(3)
1,939,655
10,048
Convoy,
Series
E,
Acquisition
Date:
9/30/21,
Cost $10,692 (1)(2)
(3)
648,097
3,357
28,840
Total
Industrials
&
Business
Services
173,267
INFORMATION
TECHNOLOGY
2.2%
IT
Services
0.6%
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20
-
3/3/21,
Cost $13,003 (1)(2)(3)(4)
891,864
16,829
Haul
Hub,
Series
C,
Acquisition
Date:
4/14/22,
Cost $5,451 (1)(2)
(3)(4)
288,891
5,451
ServiceTitan,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $55 (1)
(2)(3)
2,099
145
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $27,048 (1)(2)(3)
1,028,634
70,883
ServiceTitan,
Series
E,
Acquisition
Date:
4/23/20,
Cost $1,606 (1)
(2)(3)
47,506
3,274
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $3,169 (1)
(2)(3)
29,532
2,035
ServiceTitan,
Series
G,
Acquisition
Date:
6/28/21,
Cost $1,631 (1)
(2)(3)
13,714
945
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $2,064 (1)(2)(3)
91,920
1,866
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $206 (1)(2)(3)
9,150
186
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $224 (1)(2)(3)
9,990
203
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $26,118 (1)(2)(3)
1,163,260
23,614
125,431
Software
1.6%
Databricks,
Series
F,
Acquisition
Date:
10/22/19,
Cost $25,522 (1)
(2)(3)
1,782,729
98,573
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $12,785 (1)
(2)(3)
216,243
11,957
T.
ROWE
PRICE
New
Horizons
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Evernote,
Series
1,
Acquisition
Date:
11/20/12,
Cost $4,592 (1)(2)
(3)
381,752
664
Evernote,
Series
4,
Acquisition
Date:
5/2/12
-
11/20/12,
Cost $14,562 (1)(2)(3)
1,210,758
6,877
Evernote,
Series
5,
Acquisition
Date:
11/8/13,
Cost $2,274 (1)(2)
(3)
174,948
1,062
Gusto,
Series
B,
Acquisition
Date:
8/18/20,
Cost $6,279 (1)(2)(3)
464,700
8,750
Gusto,
Series
B-2,
Acquisition
Date:
8/18/20,
Cost $11,722 (1)(2)
(3)
867,510
16,335
Gusto,
Series
C,
Acquisition
Date:
7/16/18,
Cost $20,951 (1)(2)(3)
2,755,737
51,891
Gusto,
Series
D,
Acquisition
Date:
7/16/19,
Cost $29,246 (1)(2)(3)
2,196,921
41,368
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)(4)
3,604,617
17,591
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $18,216 (1)(2)(3)
2,889,530
29,907
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $2,445 (1)(2)(3)
278,205
2,879
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $2,679 (1)(2)
(3)
166,753
2,038
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $2,199 (1)
(2)(3)
136,862
1,673
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $40 (1)(2)(3)
2,476
30
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $5,097 (1)(2)(3)
317,219
3,876
Tanium,
Series
G,
Acquisition
Date:
8/26/15,
Cost $31,923 (1)(2)
(3)
6,430,431
49,450
352,749
Total
Information
Technology
478,180
Total
Convertible
Preferred
Stocks
(Cost
$1,060,642)
1,580,846
PREFERRED
STOCKS
0.6%
HEALTH
CARE
0.6%
Life
Sciences
Tools
&
Services
0.6%
Sartorius
(EUR)
423,889
146,625
Total
Health
Care
146,625
Total
Preferred
Stocks
(Cost
$38,944)
146,625
T.
ROWE
PRICE
New
Horizons
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
3.5%
Money
Market
Funds
3.5%
T.
Rowe
Price
Government
Reserve
Fund,
3.07% (4)(6)
799,846,205
799,846
Total
Short-Term
Investments
(Cost
$799,846)
799,846
Total
Investments
in
Securities
99.8%
(Cost
$18,833,442)
$
22,832,831
Other
Assets
Less
Liabilities
0.2%
34,777
Net
Assets
100.0%
$
22,867,608
‡
Shares/Par
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
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$1,843,921
and
represents
8.1%
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
13
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
nine
months
ended
September
30,
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
$
(6,463)
$
(92,817)
$
—
Avidity
Biosciences
(6)
(23,005)
—
Babyco,
Class
A
—
—
—
Booz
Allen
Hamilton
Holding
45,309
20,414
25,827
Ceridian
HCM
Holding
885
(298,201)
—
Checkr
—
(27,332)
—
Checkr,
Series
C
—
(57,188)
—
Checkr,
Series
D
—
(46,536)
—
Coupa
Software
(489,389)
155,292
—
Descartes
Systems
Group
733
(84,913)
—
Dynamics
Special
Purpose
—
(1,109)
—
Endava,
ADR
1,067
(367,921)
—
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)
—
Genesis
Therapeutics,
Series
A
—
(1)
—
Genesis
Therapeutics,
Series
A-2
—
—
—
Globant
15
(73,504)
—
Go
Maps
—
(2,211)
—
Go
Maps,
Series
B
—
(8,434)
—
Go
Maps,
Series
B-1
—
(1,511)
—
Haul
Hub,
Series
B
—
3,826
—
Haul
Hub,
Series
C
—
—
—
HubSpot
1,771
(831,207)
—
Jetclosing,
4.00%,
9/14/23
—
(1,338)
55
Jetclosing,
Series
A
—
(3,017)
—
Jetclosing,
Series
B-1
—
(3,867)
—
Jetclosing,
Series
B-2
—
(689)
—
Kardium,
Series
D-5
—
—
—
Kardium,
Series
D-6
—
—
—
Longboard
Pharmaceuticals
(2,128)
1,219
—
T.
ROWE
PRICE
New
Horizons
Fund
14
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
Minted,
Series
E
$
—
$
(2,214)
$
—
Paylocity
Holding
(1,348)
48,105
—
RAPT
Therapeutics
52
(14,943)
—
RBC
Bearings
556
(6,213)
—
Rentokil
Initial
13,271
(174,511)
3,959
Repligen
(27,712)
(17,733)
—
Rover
Group
—
(335)
—
Saia
67
(60,255)
—
Scholar
Rock,
Warrants,
12/31/25
—
1,018
—
Scholar
Rock
Holding
18
(30,862)
—
SecurityScorecard,
Series
E
—
(616)
—
SiteOne
Landscape
Supply
752
(343,581)
—
Sweetgreen,
Class
A
(15,774)
(75,638)
—
Toast,
Class
A ^^
687
(247,810)
—
Treeline,
Series
A
—
—
—
Wingstop
(44,433)
(81,330)
12,105
Xometry,
Class
A
342
28,666
—
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
—
—
6,180
Affiliates
not
held
at
period
end
(947,459)
(1,326,026)
3,909
Totals
$
(1,469,187)#
$
(4,048,352)
$
52,035+
T.
ROWE
PRICE
New
Horizons
Fund
15
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
09/30/22
Abcam
$
269,075
$
—
$
53,894
$
*
Adaptive
Biotechnologies
*
17,218
357,392
—
Armstrong
World
Industries
378,979
—
181,054
—
Avidity
Biosciences
*
—
156
*
Babyco,
Class
A
—
—
—
—
Booz
Allen
Hamilton
Holding
1,110,598
—
501,461
*
Cable
One
768,018
—
350,255
—
Ceridian
HCM
Holding
*
150,228
466
511,921
Checkr
47,764
—
—
20,432
Checkr,
Series
C
99,941
—
—
42,753
Checkr,
Series
D
81,324
—
—
34,788
Clear
Secure,
Class
A
393,465
—
54,367
—
Coupa
Software
613,090
59,608
749,351
*
Descartes
Systems
Group
373,021
38,917
183
326,842
Dynamics
Special
Purpose
1,444
—
—
*
Dynamics
Special
Purpose
13,715
—
14,641
—
Endava,
ADR
585,676
248,084
360
465,479
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
392,127
—
Genesis
Therapeutics,
Series
A
6,398
—
390
6,007
Genesis
Therapeutics,
Series
A-2
—
391
—
391
Globant
—
464,958
321
391,133
Go
Maps
4,422
—
—
2,211
Go
Maps,
Series
B
9,379
—
—
945
Go
Maps,
Series
B-1
1,681
—
—
170
Haul
Hub,
Series
B
13,003
—
—
16,829
Haul
Hub,
Series
C
—
5,451
—
5,451
T.
ROWE
PRICE
New
Horizons
Fund
16
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
09/30/22
HubSpot
$
*
$
230,524
$
739
$
714,704
Jetclosing,
4.00%,
9/14/23
—
2,500
—
1,162
Jetclosing,
Series
A
3,017
—
—
—
Jetclosing,
Series
B-1
3,867
—
—
—
Jetclosing,
Series
B-2
689
—
—
—
Kardium,
Series
D-5
9,294
—
—
9,294
Kardium,
Series
D-6
18,745
—
—
18,745
Longboard
Pharmaceuticals
*
—
3,365
*
Minted,
Series
E
26,014
—
—
23,800
Okta
*
610,063
1,488,577
—
Paylocity
Holding
1,236,827
64,858
58,889
1,290,901
Phreesia
*
—
201,893
—
RAPT
Therapeutics
*
3,845
51
*
RBC
Bearings
*
246,754
162
435,984
Rentokil
Initial
768,896
—
364,267
*
Repligen
*
334,864
361,327
*
Rover
Group
46,498
—
37,310
—
Rover
Group
427
—
—
*
Saia
—
454,193
539
393,399
Scholar
Rock,
Warrants,
12/31/25
—
—
—
1,018
Scholar
Rock
Holding
*
12,134
51
22,870
SecurityScorecard,
Series
E
*
—
—
17,591
SiteOne
Landscape
Supply
*
215,530
400
379,693
Sweetgreen,
Class
A
*
119,079
47,298
*
Toast,
Class
A ^^
*
322,762
177
*
Treeline,
Series
A
*
12,225
—
22,682
Vail
Resorts
668,991
—
443,278
—
Warby
Parker,
Class
A
*
—
137,220
—
Wingstop
288,496
186,198
103,344
290,020
Xometry,
Class
A
*
28,824
78
*
T.
Rowe
Price
Government
Reserve
Fund,
3.07%
281,465
¤
¤
799,846
Total
$
6,400,893^
T.
ROWE
PRICE
New
Horizons
Fund
17
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$51,980
of
dividend
income
and
$55
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$5,813,022.
^^
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 fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the fund’s
own
assumptions
in
determining
fair
value)
T.
ROWE
PRICE
New
Horizons
Fund
19
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.
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.
T.
ROWE
PRICE
New
Horizons
Fund
20
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 are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
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
September
30,
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
September
30,
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
September
30,
2022,
totaled $(385,541,000) for
the
period ended
September
30,
2022.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
19,234,768
$
815,279
$
254,305
$
20,304,352
Convertible
Bonds
—
—
1,162
1,162
Convertible
Preferred
Stocks
—
—
1,580,846
1,580,846
Preferred
Stocks
—
146,625
—
146,625
Short-Term
Investments
799,846
—
—
799,846
Total
$
20,034,614
$
961,904
$
1,836,313
$
22,832,831
($000s)
Beginning
Balance
12/31/21
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
9/30/22
Investment
in
Securities
Common
Stocks
$
253,174
$
(8,085)
$
18,989
$
(9,773)
$
254,305
Convertible
Bonds
—
(1,338)
2,500
—
1,162
Convertible
Preferred
Stocks
1,934,124
(354,601)
45,753
(44,430)
1,580,846
Total
$
2,187,298
$
(364,024)
$
67,242
$
(54,203)
$
1,836,313
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
Designee considers
a
wide
variety
of
factors
and
inputs,
both
observable
and
unobservable,
in
determining
fair
values,
the
unobservable
inputs
presented
do
not
reflect
all
inputs
significant
to
the
fair
value
determination.
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
$254,305
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
uncertainty
2%
-
88%
57%
Decrease
Expected
present
value
Discount
rate
for
cost
of
equity
12%
-
20%
13%
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%
-
40%
30%
Increase
Enterprise
value
to
sales
multiple
2.4x
-
16.8x
9.4x
Increase
Sales
growth
rate
3%
-
75%
41%
Increase
Segment-
based
enterprise
value
to
sales
multiple
1.6x
1.6x
Increase
Segment-
based
enterprise
value
to
gross
merchandise
value
multiple
0.3x
0.3x
Increase
Enterprise
value
to
gross
profit
multiple
1.5x
–
23.2x
12.7x
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**
Gross
profit
growth
rate
3%
-
66%
40%
Increase
Enterprise
value
to
EBITDA
multiple
10.1x
–
26.9x
12.2x
Increase
EBITDA
growth
rate
23%
23%
Increase
Projected
enterprise
value
to
EBITDA
multiple
14.0x
14.0x
Increase
Discount
rate
for
cost
of
capital
13%
13%
Decrease
Discount
for
lack
of
collectability
100%
100%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Convertible
Preferred
Stocks
$1,580,846
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Premium
for
cumulative
preferred
dividend
rights
3%
-
8%
4%
Increase
Discount
for
cumulative
preferred
dividend
rights
2%
2%
Decrease
Discount
for
lack
of
collectability
100%
100%
Decrease
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**
Market
comparable
Premium
for
liquidation
preference
—#
—#
Increase
Probability
for
potential
outcome
20%
-
40%
33%
Increase
Enterprise
value
to
sales
multiple
0.8x
–
16.8x
7.7x
Increase
Sales
growth
rate
3%
-
266%
44%
Increase
Segment-
based
enterprise
value
to
sales
multiple
1.6x
1.6x
Increase
Segment-
based
enterprise
value
to
gross
merchandise
value
multiple
0.3x
0.3x
Increase
Enterprise
value
to
gross
profit
multiple
1.5x
–
23.2x
12.3x
Increase
Gross
profit
growth
rate
3%
-
66%
40%
Increase
Enterprise
value
to
EBITDA
multiple
21.0x
–
26.9x
22.6x
Increase
EBITDA
growth
rate
23%
23%
Increase
Projected
enterprise
value
to
sales
multiple
0.8x
0.8x
Increase
T.
ROWE
PRICE
New
Horizons
Fund
26
+
Valuation
techniques
may
change
in
order
to
reflect the
Valuation
Designee’s
judgment
of
current
market
participant
assumptions.
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
Valuation
Designee.
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
8.3x
8.3x
Increase
Discount
rate
for
cost
of
capital
30%
30%
Decrease
Discount
for
lack
of
collectability
100%
100%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Estimated
liquidation
value
—#
—#
—#
Decrease
Discount
for
lack
of
collectability
100%
100%
Decrease
Convertible
Bonds
$1,162
Estimated
liquidation
value
—#
—#
—#
Decrease
T.
ROWE
PRICE
New
Horizons
Fund
27
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
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
These
are
recent
examples
of
global
events
which
may
have
an
impact
on
the
fund’s
performance,
which
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F42-054Q3
09/22