T.

ROWE

PRICE

New

Horizons

Fund

September

30,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

90.9%

COMMUNICATION

SERVICES

0.0%

Diversified

Telecommunication

Services

0.0%

GCI

Liberty,

Class

A,

EC (1)

6,047,898‌

—‌

—‌

Entertainment

0.0%

Houzz,

Acquisition

Date:

6/3/14,

Cost $6,575 (1)(2)(3)

877,600‌

70‌

OfferUp,

Acquisition

Date:

3/6/15,

Cost $5,042 (1)(2)(3)

1,012,630‌

699‌

769‌

Total

Communication

Services

769‌

CONSUMER

DISCRETIONARY

6.7%

Automobile

Components

0.0%

Atmus

Filtration

Technologies (2)

566,524‌

11,812‌

11,812‌

Diversified

Consumer

Services

0.1%

Duolingo (2)

90,596‌

15,027‌

Rover

Group,

Acquisition

Date:

8/2/21,

Cost $— (2)(3)

4,399,933‌

188‌

15,215‌

Hotels,

Restaurants

&

Leisure

1.6%

Cava

Group (2)

292,730‌

8,966‌

Cava

Group,

Acquisition

Date:

3/26/21,

Cost $44,312 (2)(3)

3,532,700‌

108,207‌

Wingstop 

1,448,691‌

260,532‌

377,705‌

Household

Durables

0.6%

NVR (2)

24,165‌

144,103‌

144,103‌

Specialty

Retail

4.2%

Five

Below (2)(4)

3,314,046‌

533,230‌

Floor

&

Decor

Holdings,

Class

A (2)

4,854,318‌

439,316‌

Framebridge,

EC,

Acquisition

Date:

5/19/20

-

9/15/21,

Cost $2,186 (1)(2)(3)

2,186,159‌

984‌

973,530‌

Textiles,

Apparel

&

Luxury

Goods

0.2%

Moncler

(EUR) 

714,976‌

41,436‌

41,436‌

Total

Consumer

Discretionary

1,563,801‌

T.

ROWE

PRICE

New

Horizons

Fund

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CONSUMER

STAPLES

0.4%

Food

Products

0.0%

Farmers

Business

Network,

Acquisition

Date:

11/3/17

-

7/31/20,

Cost $19,384 (1)(2)(3)

801,662‌

4,185‌

4,185‌

Personal

Care

Products

0.4%

elf

Beauty (2)

763,476‌

83,853‌

83,853‌

Total

Consumer

Staples

88,038‌

ENERGY

0.5%

Energy

Equipment

&

Services

0.5%

Noble 

1,634,013‌

82,763‌

Weatherford

International (2)

378,865‌

34,223‌

Total

Energy

116,986‌

FINANCIALS

0.9%

Financial

Services

0.9%

FleetCor

Technologies (2)

250,464‌

63,954‌

Toast,

Class

A (2)

8,093,397‌

151,589‌

Total

Financials

215,543‌

HEALTH

CARE

21.0%

Biotechnology

11.1%

ACADIA

Pharmaceuticals (2)

1,710,563‌

35,648‌

Acerta

Future

Payments,

EC,

Acquisition

Date:

6/30/21,

Cost $8,852 (1)(2)(3)

8,851,872‌

8,409‌

Agios

Pharmaceuticals (2)

577,025‌

14,281‌

Akero

Therapeutics (2)

1,822,739‌

92,194‌

Allakos (2)

3,464,613‌

7,865‌

Alnylam

Pharmaceuticals (2)

1,496,041‌

264,949‌

Alpine

Immune

Sciences (2)

868,022‌

9,939‌

Apellis

Pharmaceuticals (2)

566,828‌

21,562‌

Arcellx (2)

371,917‌

13,344‌

Argenx,

ADR (2)

1,080,026‌

530,973‌

Ascendis

Pharma,

ADR (2)

844,247‌

79,055‌

Avidity

Biosciences (2)

3,355,873‌

21,411‌

BeiGene,

ADR (2)

276,200‌

49,680‌

Blueprint

Medicines (2)

2,099,006‌

105,412‌

C4

Therapeutics (2)

1,764,056‌

3,281‌

Centessa

Pharmaceuticals,

ADR (2)

1,010,699‌

6,539‌

Cerevel

Therapeutics

Holdings (2)

1,887,585‌

41,206‌

Crinetics

Pharmaceuticals (2)

1,333,578‌

39,661‌

CureVac (2)

1,398,311‌

9,550‌

Cymabay

Therapeutics (2)

722,396‌

10,771‌

T.

ROWE

PRICE

New

Horizons

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Day

One

Biopharmaceuticals (2)

1,263,473‌

15,503‌

Denali

Therapeutics (2)

1,201,721‌

24,792‌

Disc

Medicine (2)

301,138‌

14,147‌

Entrada

Therapeutics (2)

1,782,330‌

28,161‌

EQRx,

Warrants,

12/20/26 (2)

302,672‌

12‌

Generation

Bio (2)

4,053,298‌

15,362‌

Gyroscope

Therapeutics,

Milestone

Payment

1,

Acquisition

Date:

2/18/22,

Cost $8,140 (1)(2)(3)

8,139,642‌

3,988‌

Gyroscope

Therapeutics,

Milestone

Payment

2,

Acquisition

Date:

2/18/22,

Cost $5,425 (1)(2)(3)

5,424,598‌

1,465‌

Gyroscope

Therapeutics,

Milestone

Payment

3,

Acquisition

Date:

2/18/22,

Cost $5,425 (1)(2)(3)

5,424,598‌

1,410‌

Ideaya

Biosciences (2)

1,589,963‌

42,897‌

IGM

Biosciences (2)

1,872,456‌

15,635‌

Immatics (2)

425,000‌

4,922‌

Immuneering,

Class

A (2)

1,515,381‌

11,638‌

Immunocore

Holdings,

ADR (2)

267,200‌

13,868‌

ImmunoGen (2)

648,356‌

10,289‌

Immunovant (2)

176,321‌

6,769‌

Insmed (2)

4,612,710‌

116,471‌

Intellia

Therapeutics (2)

915,619‌

28,952‌

Ionis

Pharmaceuticals (2)

1,120,349‌

50,819‌

Karuna

Therapeutics (2)

686,904‌

116,149‌

Keros

Therapeutics (2)

814,181‌

25,956‌

Kymera

Therapeutics (2)

2,677,387‌

37,216‌

Leap

Therapeutics,

Acquisition

Date:

9/28/20,

Cost $794 (2)(3)

62,500‌

78‌

Legend

Biotech,

ADR (2)

391,230‌

26,279‌

Mirati

Therapeutics (2)

414,414‌

18,052‌

Monte

Rosa

Therapeutics (2)

1,995,266‌

9,557‌

MoonLake

Immunotherapeutics (2)

677,069‌

38,593‌

Morphic

Holding (2)

935,914‌

21,442‌

Neurocrine

Biosciences (2)

268,140‌

30,166‌

Nurix

Therapeutics (2)

1,326,610‌

10,427‌

Nuvalent,

Class

A (2)

282,929‌

13,006‌

Prime

Medicine (2)

1,175,757‌

11,217‌

Prothena (2)

1,700,253‌

82,037‌

RAPT

Therapeutics (2)

2,021,130‌

33,591‌

RayzeBio (2)

407,774‌

9,053‌

Relay

Therapeutics (2)

3,111,055‌

26,164‌

Replimune

Group (2)

2,444,774‌

41,830‌

REVOLUTION

Medicines (2)

1,734,294‌

48,005‌

Rocket

Pharmaceuticals (2)

856,745‌

17,555‌

Sana

Biotechnology (2)

2,059,966‌

7,972‌

Scholar

Rock,

Warrants,

12/31/25,

Acquisition

Date:

6/17/22,

Cost $— (2)(3)(4)

229,118‌

638‌

Scholar

Rock

Holding (2)(4)

3,293,660‌

23,385‌

T.

ROWE

PRICE

New

Horizons

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Senti

Biosciences (2)

1,388,791‌

590‌

SpringWorks

Therapeutics (2)

406,536‌

9,399‌

Tenaya

Therapeutics (2)

2,428,543‌

6,193‌

Ultragenyx

Pharmaceutical (2)

932,755‌

33,253‌

Vaxcyte (2)

883,540‌

45,043‌

Xencor (2)

1,186,420‌

23,906‌

Zai

Lab,

ADR (2)

922,487‌

22,426‌

Zentalis

Pharmaceuticals (2)

1,076,083‌

21,586‌

2,583,594‌

Health

Care

Equipment

&

Supplies

0.2%

Novocure (2)

467,070‌

7,543‌

Shockwave

Medical (2)

232,511‌

46,293‌

53,836‌

Health

Care

Providers

&

Services

1.2%

Capsule,

Acquisition

Date:

4/7/21,

Cost $8,954 (1)(2)(3)

617,863‌

1,811‌

Molina

Healthcare (2)

882,169‌

289,255‌

291,066‌

Health

Care

Technology

3.0%

Veeva

Systems,

Class

A (2)

3,452,426‌

702,396‌

702,396‌

Life

Sciences

Tools

&

Services

4.8%

Bio-Techne 

2,156,005‌

146,759‌

Eurofins

Scientific

(EUR) 

2,012,782‌

113,435‌

Olink

Holding,

ADR (2)

1,408,078‌

20,769‌

Repligen (2)

2,456,559‌

390,618‌

Sartorius

Stedim

Biotech

(EUR) 

263,306‌

62,641‌

West

Pharmaceutical

Services 

1,047,846‌

393,162‌

1,127,384‌

Pharmaceuticals

0.7%

Arvinas (2)

1,246,330‌

24,478‌

EyePoint

Pharmaceuticals (2)

674,339‌

5,388‌

Longboard

Pharmaceuticals (2)

765,635‌

4,257‌

Pliant

Therapeutics (2)

1,585,629‌

27,495‌

Structure

Therapeutics,

ADR (2)

709,313‌

35,763‌

Ventyx

Biosciences (2)

1,720,586‌

59,756‌

157,137‌

Total

Health

Care

4,915,413‌

INDUSTRIALS

&

BUSINESS

SERVICES

31.8%

Commercial

Services

&

Supplies

0.8%

MSA

Safety 

263,632‌

41,562‌

Rentokil

Initial

(GBP) 

18,203,640‌

135,155‌

176,717‌

T.

ROWE

PRICE

New

Horizons

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Construction

&

Engineering

1.2%

WillScot

Mobile

Mini

Holdings (2)

6,930,603‌

288,244‌

288,244‌

Electrical

Equipment

1.9%

Hubbell 

1,385,114‌

434,109‌

434,109‌

Ground

Transportation

5.1%

Convoy,

Warrants,

3/15/33,

Acquisition

Date:

3/24/23,

Cost $— (1)

(2)(3)

328,538‌

—‌

JB

Hunt

Transport

Services 

872,677‌

164,517‌

Old

Dominion

Freight

Line 

1,441,502‌

589,776‌

Saia (2)

1,109,555‌

442,324‌

1,196,617‌

Industrial

Conglomerates

2.7%

Roper

Technologies 

1,322,590‌

640,504‌

640,504‌

Machinery

8.1%

Esab 

954,029‌

66,992‌

IDEX 

2,698,748‌

561,393‌

Ingersoll

Rand 

10,318,877‌

657,519‌

RBC

Bearings (2)

1,322,275‌

309,584‌

Toro 

3,730,537‌

310,008‌

1,905,496‌

Passenger

Airlines

0.0%

Wheels

Up

Earnout,

Acquisition

Date:

7/23/21,

Cost $— (1)(2)(3)

1,049,318‌

—‌

Wheels

Up

Earnout,

Acquisition

Date:

7/23/21,

Cost $— (1)(2)(3)

1,049,318‌

—‌

Wheels

Up

Earnout,

Acquisition

Date:

7/23/21,

Cost $— (1)(2)(3)

1,049,318‌

—‌

—‌

Professional

Services

8.7%

Booz

Allen

Hamilton

Holding 

4,673,160‌

510,636‌

Ceridian

HCM

Holding (2)(4)

11,210,773‌

760,651‌

Checkr,

Acquisition

Date:

6/29/18

-

12/2/19,

Cost $18,150 (1)(2)

(3)(4)

2,653,566‌

14,329‌

Paylocity

Holding (2)(4)

4,166,762‌

757,101‌

2,042,717‌

Trading

Companies

&

Distributors

3.3%

SiteOne

Landscape

Supply (2)(4)

4,430,889‌

724,229‌

Xometry,

Class

A (2)

2,135,388‌

36,259‌

760,488‌

Total

Industrials

&

Business

Services

7,444,892‌

T.

ROWE

PRICE

New

Horizons

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

INFORMATION

TECHNOLOGY

29.5%

Electronic

Equipment,

Instruments

&

Components

3.2%

Novanta (2)

487,938‌

69,990‌

Teledyne

Technologies (2)

1,633,208‌

667,296‌

737,286‌

IT

Services

6.8%

Endava,

ADR (2)(4)

6,919,877‌

396,855‌

Globant (2)(4)

3,699,927‌

732,030‌

MongoDB (2)

1,310,282‌

453,174‌

ServiceTitan,

Acquisition

Date:

11/9/18

-

5/4/21,

Cost $4,411 (1)

(2)(3)

118,816‌

8,663‌

Themis

Solutions,

Acquisition

Date:

4/14/21,

Cost $9,168 (1)(2)(3)

408,330‌

7,991‌

1,598,713‌

Semiconductors

&

Semiconductor

Equipment

3.0%

Entegris 

5,323,639‌

499,943‌

Lattice

Semiconductor (2)

694,258‌

59,657‌

Monolithic

Power

Systems 

292,110‌

134,955‌

694,555‌

Software

16.5%

Atlassian,

Class

A (2)

2,428,630‌

489,393‌

BILL

Holdings (2)

6,511,990‌

707,007‌

Confluent,

Class

A (2)

2,086,602‌

61,784‌

Databricks,

Acquisition

Date:

7/24/20

-

8/28/20,

Cost $5,376 (1)

(2)(3)

335,808‌

24,682‌

Datadog,

Class

A (2)

4,641,207‌

422,768‌

Descartes

Systems

Group (2)(4)

4,220,022‌

309,665‌

Dynatrace (2)

1,149,672‌

53,724‌

Evernote

Chinese

Cash

Escrow,

EC (1)

429,118‌

408‌

Evernote

Equity

Holder

Expense

Fund,

EC (1)

15,815‌

15‌

Gusto,

Acquisition

Date:

8/18/20

-

11/9/20,

Cost $28,448 (1)(2)(3)

2,129,852‌

32,757‌

HubSpot (2)

1,265,403‌

623,211‌

Monday.com (2)

2,340,938‌

372,724‌

Procore

Technologies (2)

8,315,567‌

543,173‌

Samsara,

Class

A (2)

8,025,995‌

202,335‌

Socure,

Acquisition

Date:

12/22/21,

Cost $2,205 (1)(2)(3)

137,206‌

753‌

Tanium,

Class

B,

Acquisition

Date:

9/24/20,

Cost $7,493 (1)(2)(3)

657,558‌

2,900‌

Zscaler (2)

56,023‌

8,717‌

3,856,016‌

Total

Information

Technology

6,886,570‌

MATERIALS

0.1%

Chemicals

0.0%

Ginkgo

Bioworks,

Acquisition

Date:

9/17/21,

Cost $— (2)(3)

217,921‌

102‌

Ginkgo

Bioworks,

Acquisition

Date:

9/17/21,

Cost $— (2)(3)

217,921‌

90‌

T.

ROWE

PRICE

New

Horizons

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Ginkgo

Bioworks,

Acquisition

Date:

9/17/21,

Cost $— (2)(3)

217,921‌

81‌

273‌

Metals

&

Mining

0.1%

Reliance

Steel

&

Aluminum 

96,045‌

25,186‌

25,186‌

Total

Materials

25,459‌

Total

Common

Stocks

(Cost

$16,610,996)

21,257,471‌

CONVERTIBLE

BONDS

0.0%

Convoy,

15.00%,

9/30/26,

Acquisition

Date:

3/24/23,

Cost $2,279 (1)(2)(3)

2,279,182‌

2,279‌

Jetclosing,

4.00%,

12/31/23,

Acquisition

Date:

3/14/22,

Cost $2,500 (1)(2)(3)

2,500,000‌

1,162‌

Total

Convertible

Bonds

(Cost

$4,779)

3,441‌

CONVERTIBLE

PREFERRED

STOCKS

4.9%

COMMUNICATION

SERVICES

0.0%

Entertainment

0.0%

Houzz,

Series

D,

Acquisition

Date:

6/3/14,

Cost $19,726 (1)(2)(3)

2,632,810‌

1,237‌

OfferUp,

Series

A-2,

Acquisition

Date:

3/6/15,

Cost $6,850 (1)(2)

(3)

1,375,830‌

949‌

OfferUp,

Series

C,

Acquisition

Date:

3/6/15,

Cost $11,641 (1)(2)(3)

2,337,940‌

2,174‌

OfferUp,

Series

C-1,

Acquisition

Date:

8/26/16,

Cost $4,573 (1)(2)

(3)

682,712‌

683‌

OfferUp,

Series

F,

Acquisition

Date:

7/1/20,

Cost $2,026 (1)(2)(3)

884,802‌

611‌

5,654‌

Media

0.0%

DTX,

Series

A-1,

Acquisition

Date:

2/4/22,

Cost $8,815 (1)(2)(3)

4,844,924‌

1,357‌

1,357‌

Total

Communication

Services

7,011‌

CONSUMER

DISCRETIONARY

0.6%

Hotels,

Restaurants

&

Leisure

0.5%

Evolve

Vacation

Rental

Network,

Series

4,

Acquisition

Date:

8/15/14,

Cost $906 (1)(2)(3)(4)

718,332‌

10,746‌

Evolve

Vacation

Rental

Network,

Series

5,

Acquisition

Date:

11/6/15,

Cost $4,220 (1)(2)(3)(4)

1,727,442‌

25,843‌

Evolve

Vacation

Rental

Network,

Series

6,

Acquisition

Date:

1/18/17,

Cost $8,679 (1)(2)(3)(4)

2,218,727‌

33,192‌

Evolve

Vacation

Rental

Network,

Series

7,

Acquisition

Date:

1/10/18,

Cost $3,151 (1)(2)(3)(4)

433,698‌

6,488‌

T.

ROWE

PRICE

New

Horizons

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Evolve

Vacation

Rental

Network,

Series

8,

Acquisition

Date:

3/29/18

-

6/15/18,

Cost $17,862 (1)(2)(3)(4)

2,098,881‌

31,399‌

Evolve

Vacation

Rental

Network,

Series

9,

Acquisition

Date:

5/29/20,

Cost $4,323 (1)(2)(3)(4)

745,950‌

11,160‌

118,828‌

Specialty

Retail

0.1%

Minted,

Series

E,

Acquisition

Date:

10/30/18,

Cost $23,655 (1)(2)

(3)(4)

1,756,494‌

19,655‌

19,655‌

Total

Consumer

Discretionary

138,483‌

CONSUMER

STAPLES

0.0%

Food

Products

0.0%

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $25 (1)(2)(3)

1,323‌

7‌

Farmers

Business

Network,

Series

F,

Acquisition

Date:

7/31/20,

Cost $29 (1)(2)(3)

852‌

4‌

Total

Consumer

Staples

11‌

FINANCIALS

0.1%

Capital

Markets

0.1%

Trumid

Holdings,

Series

J-A,

Acquisition

Date:

7/31/20,

Cost $11,909 (1)(2)(3)(5)

24,002‌

11,034‌

Trumid

Holdings,

Series

J-B,

Acquisition

Date:

7/31/20,

Cost $7,186 (1)(2)(3)(5)

24,002‌

11,035‌

Trumid

Holdings,

Series

L,

Acquisition

Date:

9/15/21,

Cost $3,703 (1)(2)(3)(5)

4,229‌

1,944‌

24,013‌

Insurance

0.0%

Go

Maps,

Series

B,

Acquisition

Date:

12/15/17,

Cost $9,940 (1)

(2)(3)(4)

936,022‌

—‌

Go

Maps,

Series

B-1,

Acquisition

Date:

5/15/19

-

7/29/20,

Cost $2,147 (1)(2)(3)(4)

167,743‌

—‌

Go

Maps,

Series

B-3,

Acquisition

Date:

11/21/22,

Cost $4,837 (1)

(2)(3)(4)

605,644‌

—‌

Jetclosing,

Series

A,

Acquisition

Date:

5/25/18,

Cost $8,916 (1)

(2)(3)

4,570,635‌

—‌

Jetclosing,

Series

B-1,

Acquisition

Date:

7/13/20

-

2/25/21,

Cost $8,764 (1)(2)(3)

6,554,775‌

—‌

Jetclosing,

Series

B-2,

Acquisition

Date:

2/6/20,

Cost $1,328 (1)

(2)(3)

1,168,452‌

—‌

—‌

Total

Financials

24,013‌

T.

ROWE

PRICE

New

Horizons

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

HEALTH

CARE

1.8%

Biotechnology

1.1%

Adarx

Pharma,

Series

C,

Acquisition

Date:

8/2/23,

Cost $10,269 (1)(2)(3)

1,234,213‌

10,269‌

Caris

Life

Sciences,

Series

C,

Acquisition

Date:

8/14/20,

Cost $15,671 (1)(2)(3)

5,677,732‌

30,376‌

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $27,023 (1)(2)(3)

3,336,170‌

17,849‌

Eikon

Therapeutics,

Series

B,

Acquisition

Date:

12/3/21,

Cost $26,128 (1)(2)(3)

1,477,112‌

31,756‌

Eikon

Therapeutics,

Series

C,

Acquisition

Date:

5/18/23,

Cost $6,173 (1)(2)(3)

287,120‌

6,173‌

Genesis

Therapeutics,

Series

A,

Acquisition

Date:

11/24/20,

Cost $6,008 (1)(2)(3)(4)

1,176,193‌

6,008‌

Genesis

Therapeutics,

Series

A-2,

Acquisition

Date:

11/24/20,

Cost $391 (1)(2)(3)(4)

76,477‌

391‌

Genesis

Therapeutics,

Series

B,

Acquisition

Date:

8/10/23,

Cost $3,850 (1)(2)(3)(4)

753,779‌

3,850‌

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

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

35,839‌

Tempus

Labs,

Series

E,

Acquisition

Date:

8/23/18,

Cost $11,140 (1)(2)(3)

665,388‌

27,560‌

Tempus

Labs,

Series

F,

Acquisition

Date:

4/30/19,

Cost $4,400 (1)

(2)(3)

177,721‌

7,589‌

Tempus

Labs,

Series

G,

Acquisition

Date:

2/6/20,

Cost $4,335 (1)

(2)(3)

113,018‌

4,995‌

Tempus

Labs,

Series

G-2,

Acquisition

Date:

11/19/20,

Cost $6,602 (1)(2)(3)

115,207‌

4,154‌

Tessera

Therapeutics,

Series

C,

Acquisition

Date:

2/25/22,

Cost $9,702 (1)(2)(3)

474,429‌

9,702‌

Treeline

Biosciences,

Series

A,

Acquisition

Date:

4/9/21

-

9/26/22,

Cost $22,682 (1)(2)(3)

2,897,679‌

22,682‌

269,798‌

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

T.

ROWE

PRICE

New

Horizons

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Health

Care

Providers

&

Services

0.1%

Babyco,

Class

A,

Acquisition

Date:

11/3/17,

Cost $9,057 (1)(2)(3)

(5)

2,611,790‌

—‌

Capsule,

Series

1-D,

Acquisition

Date:

4/7/21,

Cost $8,954 (1)(2)

(3)

617,862‌

1,811‌

Color

Health,

Series

D,

Acquisition

Date:

12/17/20,

Cost $11,006 (1)(2)(3)

292,304‌

5,645‌

Color

Health,

Series

D-1,

Acquisition

Date:

1/13/20

-

12/23/20,

Cost $12,814 (1)(2)(3)

600,689‌

8,662‌

Color

Health,

Series

E,

Acquisition

Date:

10/26/21,

Cost $4,422 (1)

(2)(3)

44,229‌

1,681‌

17,799‌

Life

Sciences

Tools

&

Services

0.5%

Inscripta,

Series

E,

Acquisition

Date:

3/30/21,

Cost $18,372 (1)(2)

(3)

2,080,677‌

6,055‌

National

Resilience,

Series

B,

Acquisition

Date:

10/23/20,

Cost $24,828 (1)(2)(3)

1,817,581‌

110,381‌

116,436‌

Total

Health

Care

432,072‌

INDUSTRIALS

&

BUSINESS

SERVICES

0.5%

Aerospace

&

Defense

0.1%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $18,589 (1)(2)(3)

412,771‌

13,254‌

13,254‌

Air

Freight

&

Logistics

0.1%

FLEXE,

Series

C,

Acquisition

Date:

11/18/20,

Cost $17,689 (1)(2)

(3)

1,453,824‌

14,654‌

FLEXE,

Series

D,

Acquisition

Date:

4/7/22,

Cost $9,169 (1)(2)(3)

449,562‌

4,532‌

19,186‌

Ground

Transportation

0.1%

Convoy,

Series

C,

Acquisition

Date:

9/14/18,

Cost $21,159 (1)(2)

(3)

2,979,808‌

8,493‌

Convoy,

Series

D,

Acquisition

Date:

10/30/19,

Cost $26,263 (1)(2)

(3)

1,939,655‌

7,739‌

Convoy,

Series

E,

Acquisition

Date:

9/30/21,

Cost $10,692 (1)(2)

(3)

648,097‌

2,923‌

19,155‌

Professional

Services

0.2%

Checkr,

Series

C,

Acquisition

Date:

4/10/18,

Cost $25,265 (1)(2)

(3)(4)

5,552,310‌

29,983‌

T.

ROWE

PRICE

New

Horizons

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Checkr,

Series

D,

Acquisition

Date:

9/6/19,

Cost $45,551 (1)(2)(3)

(4)

4,517,982‌

24,397‌

54,380‌

Total

Industrials

&

Business

Services

105,975‌

INFORMATION

TECHNOLOGY

1.9%

IT

Services

0.5%

Haul

Hub,

Series

B,

Acquisition

Date:

2/14/20

-

3/3/21,

Cost $13,003 (1)(2)(3)(4)

891,864‌

10,782‌

Haul

Hub,

Series

C,

Acquisition

Date:

4/14/22,

Cost $5,451 (1)(2)

(3)(4)

288,891‌

3,493‌

ServiceTitan,

Series

A-1,

Acquisition

Date:

11/9/18,

Cost $55 (1)

(2)(3)

2,099‌

153‌

ServiceTitan,

Series

D,

Acquisition

Date:

11/9/18,

Cost $27,048 (1)(2)(3)

1,028,634‌

74,998‌

ServiceTitan,

Series

E,

Acquisition

Date:

4/23/20,

Cost $1,606 (1)

(2)(3)

47,506‌

3,464‌

ServiceTitan,

Series

F,

Acquisition

Date:

3/25/21,

Cost $3,169 (1)

(2)(3)

29,532‌

2,153‌

ServiceTitan,

Series

G,

Acquisition

Date:

6/28/21,

Cost $1,631 (1)

(2)(3)

13,714‌

1,000‌

Themis

Solutions,

Series

AA,

Acquisition

Date:

4/14/21,

Cost $2,064 (1)(2)(3)

91,920‌

1,799‌

Themis

Solutions,

Series

AB,

Acquisition

Date:

4/14/21,

Cost $205 (1)(2)(3)

9,150‌

179‌

Themis

Solutions,

Series

B,

Acquisition

Date:

4/14/21,

Cost $224 (1)(2)(3)

9,990‌

195‌

Themis

Solutions,

Series

E,

Acquisition

Date:

4/14/21,

Cost $26,118 (1)(2)(3)

1,163,260‌

22,765‌

120,981‌

Software

1.4%

Databricks,

Series

F,

Acquisition

Date:

10/22/19,

Cost $25,522 (1)

(2)(3)

1,782,729‌

131,031‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $12,785 (1)

(2)(3)

216,243‌

15,894‌

Gusto,

Series

B,

Acquisition

Date:

8/18/20,

Cost $6,279 (1)(2)(3)

464,700‌

7,147‌

Gusto,

Series

B-2,

Acquisition

Date:

8/18/20,

Cost $11,722 (1)(2)

(3)

867,510‌

13,342‌

Gusto,

Series

C,

Acquisition

Date:

7/16/18,

Cost $20,951 (1)(2)(3)

2,755,737‌

42,383‌

Gusto,

Series

D,

Acquisition

Date:

7/16/19,

Cost $29,246 (1)(2)(3)

2,196,921‌

33,789‌

Lookout,

Series

F,

Acquisition

Date:

3/21/14

-

8/8/14,

Cost $31,937 (1)(2)(3)

2,795,838‌

6,486‌

SecurityScorecard,

Series

E,

Acquisition

Date:

3/5/21,

Cost $18,207 (1)(2)(3)

3,604,617‌

18,384‌

Seismic

Software,

Series

E,

Acquisition

Date:

12/13/18,

Cost $18,216 (1)(2)(3)

2,889,530‌

20,776‌

T.

ROWE

PRICE

New

Horizons

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Seismic

Software,

Series

F,

Acquisition

Date:

9/25/20,

Cost $2,446 (1)(2)(3)

278,205‌

2,000‌

Socure,

Series

A,

Acquisition

Date:

12/22/21,

Cost $2,679 (1)(2)

(3)

166,753‌

915‌

Socure,

Series

A-1,

Acquisition

Date:

12/22/21,

Cost $2,199 (1)

(2)(3)

136,862‌

751‌

Socure,

Series

B,

Acquisition

Date:

12/22/21,

Cost $40 (1)(2)(3)

2,476‌

14‌

Socure,

Series

E,

Acquisition

Date:

10/27/21,

Cost $5,097 (1)(2)(3)

317,219‌

1,742‌

Tanium,

Series

G,

Acquisition

Date:

8/26/15,

Cost $31,923 (1)(2)

(3)

6,430,431‌

28,358‌

323,012‌

Total

Information

Technology

443,993‌

Total

Convertible

Preferred

Stocks

(Cost

$965,637)

1,151,558‌

PREFERRED

STOCKS

1.0%

HEALTH

CARE

1.0%

Life

Sciences

Tools

&

Services

1.0%

Sartorius

(EUR) 

659,947‌

223,520‌

Total

Health

Care

223,520‌

Total

Preferred

Stocks

(Cost

$139,791)

223,520‌

SHORT-TERM

INVESTMENTS

2.9%

Money

Market

Funds

2.9%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (4)(6)

674,692,797‌

674,693‌

Total

Short-Term

Investments

(Cost

$674,693)

674,693‌

Total

Investments

in

Securities

99.7%

(Cost

$18,395,896)

$

23,310,683‌

Other

Assets

Less

Liabilities

0.3%

68,735‌

Net

Assets

100.0%

$

23,379,418‌

‡

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

$1,379,479

and

represents

5.9%

of

net

assets.

T.

ROWE

PRICE

New

Horizons

Fund

13

.

.

.

.

.

.

.

.

.

.

(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

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

nine

months

ended

September

30,

2023.

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

Babyco,

Class

A 

$

—‌

$

—‌

$

—‌

Ceridian

HCM

Holding 

(1,283‌)

53,490‌

—‌

Checkr 

—‌

(6,103‌)

—‌

Checkr,

Series

C 

—‌

(12,770‌)

—‌

Checkr,

Series

D 

—‌

(10,391‌)

—‌

Descartes

Systems

Group 

36,471‌

(1,892‌)

—‌

Endava,

ADR 

355‌

(130,977‌)

—‌

Entegris 

(77,504‌)

249,880‌

1,641‌

Evolve

Vacation

Rental

Network,

Series

4 

—‌

(3,154‌)

—‌

Evolve

Vacation

Rental

Network,

Series

5 

—‌

(7,583‌)

—‌

Evolve

Vacation

Rental

Network,

Series

6 

—‌

(9,740‌)

—‌

Evolve

Vacation

Rental

Network,

Series

7 

—‌

(1,904‌)

—‌

Evolve

Vacation

Rental

Network,

Series

8 

—‌

(9,214‌)

—‌

Evolve

Vacation

Rental

Network,

Series

9 

—‌

(3,274‌)

—‌

Five

Below 

8‌

(127,286‌)

—‌

Floor

&

Decor

Holdings,

Class

A 

3,258‌

128,407‌

—‌

Genesis

Therapeutics,

Series

A 

—‌

—‌

—‌

Genesis

Therapeutics,

Series

A-2 

—‌

—‌

—‌

Genesis

Therapeutics,

Series

B 

—‌

—‌

—‌

Globant 

73‌

114,216‌

—‌

Go

Maps,

Series

B 

—‌

(9,344‌)

—‌

Go

Maps,

Series

B-1 

—‌

(1,675‌)

—‌

Go

Maps,

Series

B-3 

—‌

(6,046‌)

—‌

Haul

Hub,

Series

B 

—‌

(6,048‌)

—‌

Haul

Hub,

Series

C 

—‌

(1,958‌)

—‌

HubSpot 

195,155‌

187,054‌

—‌

Jetclosing,

4.00%,

12/31/23 

—‌

—‌

75‌

Jetclosing,

Series

A 

—‌

—‌

—‌

Jetclosing,

Series

B-1 

—‌

—‌

—‌

Jetclosing,

Series

B-2 

—‌

—‌

—‌

Kardium,

Series

D-5 

—‌

—‌

—‌

Kardium,

Series

D-6 

—‌

—‌

—‌

Minted,

Series

E 

—‌

(4,146‌)

—‌

Paylocity

Holding 

41,662‌

(78,283‌)

—‌

T.

ROWE

PRICE

New

Horizons

Fund

15

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

RBC

Bearings 

$

(4,454‌)

$

57,982‌

$

—‌

Repligen 

(14,706‌)

(247‌)

—‌

Saia 

125,017‌

237,848‌

—‌

Scholar

Rock,

Warrants,

12/31/25 

—‌

(524‌)

—‌

Scholar

Rock

Holding 

21‌

(6,441‌)

—‌

SecurityScorecard,

Series

E 

—‌

793‌

—‌

SiteOne

Landscape

Supply 

(20,056‌)

215,745‌

—‌

Wingstop 

31,583‌

52,118‌

441‌

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

—‌

—‌

29,399‌

Affiliates

not

held

at

period

end

248,931‌

(310,789‌)

—‌

Totals

$

564,531‌#

$

547,744‌

$

31,556‌+

T.

ROWE

PRICE

New

Horizons

Fund

16

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

09/30/23

Babyco,

Class

A 

$

—‌

$

—‌

$

—‌

$

*

Burlington

Stores 

669,300‌

124,070‌

482,581‌

—‌

Ceridian

HCM

Holding 

733,642‌

76,035‌

102,516‌

760,651‌

Checkr 

20,432‌

—‌

—‌

14,329‌

Checkr,

Series

C 

42,753‌

—‌

—‌

29,983‌

Checkr,

Series

D 

34,788‌

—‌

—‌

24,397‌

Descartes

Systems

Group 

451,675‌

—‌

140,118‌

309,665‌

Endava,

ADR 

504,688‌

23,395‌

251‌

396,855‌

Entegris 

518,485‌

141,204‌

409,626‌

*

Evolve

Vacation

Rental

Network,

Series

4 

13,900‌

—‌

—‌

10,746‌

Evolve

Vacation

Rental

Network,

Series

5 

33,426‌

—‌

—‌

25,843‌

Evolve

Vacation

Rental

Network,

Series

6 

42,932‌

—‌

—‌

33,192‌

Evolve

Vacation

Rental

Network,

Series

7 

8,392‌

—‌

—‌

6,488‌

Evolve

Vacation

Rental

Network,

Series

8 

40,613‌

—‌

—‌

31,399‌

Evolve

Vacation

Rental

Network,

Series

9 

14,434‌

—‌

—‌

11,160‌

Five

Below 

—‌

660,953‌

437‌

533,230‌

Floor

&

Decor

Holdings,

Class

A 

412,359‌

58,384‌

159,834‌

*

Genesis

Therapeutics,

Series

A 

6,008‌

—‌

—‌

6,008‌

Genesis

Therapeutics,

Series

A-2 

391‌

—‌

—‌

391‌

Genesis

Therapeutics,

Series

B 

—‌

3,850‌

—‌

3,850‌

Globant 

407,574‌

210,829‌

589‌

732,030‌

Go

Maps,

Series

B 

9,344‌

—‌

—‌

—‌

Go

Maps,

Series

B-1 

1,675‌

—‌

—‌

—‌

Go

Maps,

Series

B-3 

6,046‌

—‌

—‌

—‌

Haul

Hub,

Series

B 

16,830‌

—‌

—‌

10,782‌

Haul

Hub,

Series

C 

5,451‌

—‌

—‌

3,493‌

HubSpot 

706,705‌

145,457‌

416,005‌

*

Jetclosing,

4.00%,

12/31/23 

1,162‌

—‌

—‌

*

Jetclosing,

Series

A 

—‌

—‌

—‌

*

Jetclosing,

Series

B-1 

—‌

—‌

—‌

*

Jetclosing,

Series

B-2 

—‌

—‌

—‌

*

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

12/31/22

Purchase

Cost

Sales

Cost

Value

09/30/23

Kardium,

Series

D-6 

$

18,745‌

$

—‌

$

—‌

$

18,745‌

Minted,

Series

E 

23,801‌

—‌

—‌

19,655‌

Paylocity

Holding 

743,473‌

132,664‌

40,753‌

757,101‌

RBC

Bearings 

454,861‌

—‌

203,259‌

*

Repligen 

601,780‌

22,472‌

233,387‌

*

Saia 

433,878‌

5,050‌

234,452‌

*

Scholar

Rock,

Warrants,

12/31/25 

1,162‌

—‌

—‌

638‌

Scholar

Rock

Holding 

29,848‌

—‌

22‌

23,385‌

SecurityScorecard,

Series

E 

17,591‌

—‌

—‌

*

SiteOne

Landscape

Supply 

482,105‌

87,429‌

61,050‌

724,229‌

Wingstop 

255,281‌

134,940‌

181,807‌

*

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

399,266‌

 ¤

 ¤

674,693‌

Total

$

5,172,232‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$31,481

of

dividend

income

and

$75

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$4,586,829.

*

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

valuation

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 Valuation

Designee’s 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 Valuation

Designee

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

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

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 Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

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

T.

ROWE

PRICE

New

Horizons

Fund

20

services

consider

factors

such

as,

but

not

limited

to,

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 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,

2023

(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,

2023.

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,

2023,

totaled $(244,659,000) for

the

period ended

September

30,

2023.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

20,679,901‌

$

462,051‌

$

115,519‌

$

21,257,471‌

Convertible

Bonds

—‌

—‌

3,441‌

3,441‌

Convertible

Preferred

Stocks

—‌

—‌

1,151,558‌

1,151,558‌

Preferred

Stocks

—‌

223,520‌

—‌

223,520‌

Short-Term

Investments

674,693‌

—‌

—‌

674,693‌

Total

$

21,354,594‌

$

685,571‌

$

1,270,518‌

$

23,310,683‌

($000s)

Beginning

Balance

12/31/22

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Transfer

Into

Level

3

Ending

Balance

9/30/23

Investment

in

Securities

Common

Stocks

$

256,024‌

$

16,130‌

$

20,257‌

$

(176,904‌)

$

12‌

$

115,519‌

Convertible

Bonds

1,162‌

—‌

2,279‌

—‌

—‌

3,441‌

Convertible

Preferred

Stocks

1,437,295‌

(222,935‌)

29,245‌

(92,047‌)

—‌

1,151,558‌

Total

$

1,694,481‌

$

(206,805‌)

$

51,781‌

$

(268,951‌)

$

12‌

$

1,270,518‌

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.

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

$115,519

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Discount

for

uncertainty

5%

-

100%

57%

Decrease

Expected

present

value

Discount

rate

for

cost

of

equity

5%

-

11%

6%

Decrease

Timing

of

events

2.08

yrs

2.08

yrs

Decrease

Discount

for

lack

of

collectability

50%

50%

Decrease

Market

comparable

Premium

for

liquidation

preference

—#

—#

—#

Probability

for

potential

outcome

25%

-

50%

33%

Increase

Enterprise

value

to

sales

multiple

1.4x

–

9.8x

6.5x

Increase

Sales

growth

rate

7%

-

55%

24%

Increase

Enterprise

value

to

gross

profit

multiple

1.8x

–

13.1x

9.4x

Increase

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**

Gross

profit

growth

rate

11%

-

37%

23%

Increase

Enterprise

value

to

gross

merchandise

value

0.5x

0.5x

Increase

Enterprise

value

to

billings

multiple

5.4x

5.4x

Increase

Discount

for

uncertainty

100%

100%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Convertible

Bonds

$3,441

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Estimated

liquidation

value

—#

—#

—#

—#

Convertible

Preferred

Stocks

$1,151,558

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Premium

for

cumulative

preferred

dividend

rights

9%

-

23%

13%

Increase

Discount

for

uncertainty

50%

50%

Decrease

Market

comparable

Premium

for

liquidation

preference

—#

—#

—#

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**

Probability

for

potential

outcome

5%

-

70%

33%

Increase

Enterprise

value

to

sales

multiple

1.0x

-

13.5x

5.5x

Increase

Sales

growth

rate

1%

-

66%

23%

Increase

Enterprise

value

to

gross

profit

multiple

1.8x

-

16.6x

7.4x

Increase

Gross

profit

growth

rate

5%

-

37%

20%

Increase

Enterprise

value

to

EBITDA

multiple

7.5x

7.5x

Increase

EBITDA

growth

rate

65%

65%

Increase

Projected

enterprise

value

to

EBITDA

multiple

15.1x

15.1x

Increase

Projected

enterprise

value

to

sales

multiple

6.5x

–

7.9x

7.2x

Increase

Enterprise

value

to

gross

merchandise

value

0.5x

0.5x

Increase

Enterprise

value

to

billings

multiple

5.4x

–

5.7x

5.5x

Increase

T.

ROWE

PRICE

New

Horizons

Fund

25

+

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.

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

the 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.

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**

Rate

of

return

40%

40%

Increase

Discount

rate

for

cost

of

capital

15%

-

40%

17%

Decrease

Discount

for

uncertainty

80%

-

100%

98%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Estimated

liquidation

value

—#

—#

—#

—#

Discount

for

lack

of

collectability

100%

100%

Decrease

T.

ROWE

PRICE

New

Horizons

Fund

26

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.

In

March

2023,

the

collapse

of

some

US

regional

and

global

banks

as

well

as

overall

concerns

around

the

soundness

and

stability

of

the

global

banking

sector

has

sparked

concerns

of

a

broader

financial

crisis

impacting

the

overall

global

banking

sector.

In

certain

cases,

government

agencies

have

assumed

control

or

otherwise

intervened

in

the

operations

of

certain

banks

due

to

liquidity

and

solvency

concerns.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F42-054Q3

09/23