T. ROWE PRICE NEW HORIZONS FUND
March 31, 2020 (Unaudited)

Portfolio of Investments‡	Shares/Par	$ Value
(Cost and value in $000s)
COMMON STOCKS 92.3%
COMMUNICATION SERVICES 4.7%
Diversified Telecommunication Services 2.0%
GCI Liberty, Class A (1)(2)	7,090,562	403,949
Sarana Menara Nusantara (IDR)	1,635,092,300	67,470
		471,419
Entertainment 0.1%
Houzz, Acquisition Date: 6/3/14, Cost $6,575 (1)(3)(4)	877,600	5,234
Offerup, Acquisition Date: 3/6/15, Cost $5,042 (1)(3)(4)	1,012,630	2,457
		7,691
Media 2.6%
Cable One (2)	374,348	615,432
		615,432
Total Communication Services		1,094,542
CONSUMER DISCRETIONARY 4.5%
Diversified Consumer Services 2.1%
Bright Horizons Family Solutions (1)(2)	4,701,872	479,591
Nord Anglia Education (1)	2,557,807	12,277
		491,868
Hotels, Restaurants & Leisure 0.6%
Vail Resorts	907,195	134,002
		134,002
Internet & Direct Marketing Retail 0.0%
A Place for Rover, Acquisition Date: 5/25/18,
Cost $2,132 (1)(3)(4)	314,592	1,455
		1,455
Multiline Retail 0.5%
Ollie's Bargain Outlet Holdings (1)	2,737,500	126,856
		126,856
Specialty Retail 1.2%
Burlington Stores (1)	1,766,600	279,936
The accompanying notes are an integral part of this Portfolio of Investments.

T. ROWE PRICE NEW HORIZONS FUND
		Shares/Par	$ Value
	(Cost and value in $000s)
	Reed Krakoff International, Acquisition Date: 8/30/13 -
	10/14/14, Cost $11,106 (1)(2)(3)(4)(5)	111,063	—
	Vroom, Acquisition Date: 10/11/16, Cost $2,286 (1)(2)(3)(4)	176,119	3,544
			283,480
	Textiles, Apparel & Luxury Goods 0.1%
	Allbirds, Acquisition Date: 10/10/18 - 12/21/18,
	Cost $15,645 (1)(3)(4)	1,426,470	13,602
			13,602
	Total Consumer Discretionary		1,051,263
	CONSUMER STAPLES 0.9%
	Beverages 0.9%
	Boston Beer, Class A (1)(2)	549,048	201,808
	Total Consumer Staples		201,808
	ENERGY 0.1%
	Oil, Gas & Consumable Fuels 0.1%
	Venture Global LNG, Series B, Acquisition Date: 3/8/18, Cost
	$2,981 (1)(3)(4)	987	3,798
	Venture Global LNG, Series C, Acquisition Date: 5/25/17 -
	3/8/18, Cost $25,850 (1)(3)(4)	7,166	27,575
	Total Energy		31,373
	FINANCIALS 4.7%
	Banks 0.7%
	Signature Bank	2,108,160	169,475
			169,475
	Capital Markets 3.1%
	MarketAxess Holdings	290,906	96,746
	MSCI	2,203,664	636,771
			733,517
	Diversified Financial Services 0.4%
	Cannae Holdings (1)	2,757,798	92,359
			92,359
	Insurance 0.5%
	Goosehead Insurance, Class A (1)	482,346	21,527
	The accompanying notes are an integral part of this Portfolio of Investments.

T. ROWE PRICE NEW HORIZONS FUND
	Shares/Par	$ Value
(Cost and value in $000s)
Palomar Holdings (1)(2)	1,391,883	80,952
		102,479
Total Financials		1,097,830
HEALTH CARE 23.8%
Biotechnology 9.9%
Abcam (GBP) (2)	13,741,594	193,840
ACADIA Pharmaceuticals (1)	3,392,342	143,326
Acceleron Pharma (1)	1,160,564	104,300
Acerta Pharma, Class B, Acquisition Date: 5/12/15,
Cost $4,434 (1)(3)(4)	175,251,555	19,278
Adverum Biotechnologies (1)	883,605	8,633
Agios Pharmaceuticals (1)	583,731	20,711
Aimmune Therapeutics (1)	1,119,637	16,145
Alector (1)	378,069	9,123
Allakos (1)	148,709	6,616
Allogene Therapeutics (1)	848,493	16,495
Alnylam Pharmaceuticals (1)	1,371,085	149,243
Amarin, ADR (1)	1,676,789	6,707
Apellis Pharmaceuticals (1)	553,607	14,831
Arcutis Biotherapeutics (1)	354,404	10,561
Ardelyx (1)	1,105,171	6,283
Argenx, ADR (1)	873,518	115,068
Ascendis Pharma, ADR (1)	1,328,227	149,572
Assembly Biosciences (1)	322,781	4,787
Avrobio (1)	381,583	5,937
Beam Therapeutics (1)	237,726	4,279
BeiGene, ADR (1)	177,048	21,796
Bluebird Bio (1)	455,251	20,923
Blueprint Medicines (1)	700,581	40,970
CRISPR Therapeutics (1)	140,326	5,951
Deciphera Pharmaceuticals (1)	559,600	23,039
Denali Therapeutics (1)	506,975	8,877
Dicerna Pharmaceuticals (1)	1,093,700	20,091
Enanta Pharmaceuticals (1)	516,847	26,581
Epizyme (1)	440,563	6,833
Exelixis (1)	3,926,135	67,608
The accompanying notes are an integral part of this Portfolio of Investments.

T. ROWE PRICE NEW HORIZONS FUND
	Shares/Par	$ Value
(Cost and value in $000s)
Fate Therapeutics (1)	210,981	4,686
FibroGen (1)	541,516	18,818
G1 Therapeutics (1)	390,142	4,299
Global Blood Therapeutics (1)	1,004,239	51,307
Guardant Health (1)	519,671	36,169
Homology Medicines (1)	628,869	9,773
IGM Biosciences (1)	84,981	4,772
Immunomedics (1)	803,479	10,831
Incyte (1)	880,997	64,515
Insmed (1)	981,136	15,728
Intercept Pharmaceuticals (1)	208,375	13,119
Ionis Pharmaceuticals (1)	507,733	24,006
Iovance Biotherapeutics (1)	2,457,722	73,572
Kadmon Holdings (1)	2,453,951	10,282
Karuna Therapeutics (1)	262,266	18,883
Karyopharm Therapeutics (1)	455,062	8,742
Kodiak Sciences (1)	1,300,101	62,015
Krystal Biotech (1)	306,113	13,236
Milestone Pharmaceuticals (1)	200,910	370
Minerva Neurosciences (1)	281,089	1,692
Mirati Therapeutics (1)	446,302	34,307
Momenta Pharmaceuticals (1)	690,759	18,789
MorphoSys (EUR) (1)	90,521	8,716
Neurocrine Biosciences (1)	1,265,282	109,510
Orchard Therapeutics, ADR (1)	1,047,343	7,886
Principia Biopharma (1)	403,376	23,952
Progenics Pharmaceuticals (1)	1,983,100	7,536
PTC Therapeutics (1)	487,444	21,745
Radius Health (1)	504,528	6,559
RAPT Therapeutics (1)	358,446	7,624
RAPT Therapeutics, Acquisition Date: 6/7/19,
Cost $4,081 (1)(3)	296,680	5,995
Rocket Pharmaceuticals (1)	650,600	9,076
Sage Therapeutics (1)	709,385	20,374
Sarepta Therapeutics (1)	523,375	51,197
Scholar Rock Holding (1)	420,982	5,098
Seattle Genetics (1)	1,354,091	156,235
The accompanying notes are an integral part of this Portfolio of Investments.

T. ROWE PRICE NEW HORIZONS FUND
	Shares/Par	$ Value
(Cost and value in $000s)
Tricida (1)	1,022,085	22,486
Ultragenyx Pharmaceutical (1)	1,193,900	53,045
Xencor (1)	889,168	26,568
Zai Lab, ADR (1)	198,498	10,219
Zymeworks (1)	303,557	10,767
		2,312,903
Health Care Equipment & Supplies 8.1%
DexCom (1)	2,550,164	686,683
Exact Sciences (1)	7,150,655	414,738
IDEXX Laboratories (1)	1,030,145	249,542
JAND, Class A, Acquisition Date: 4/23/15 - 3/9/18, Cost
$26,928 (1)(3)(4)	1,875,578	34,064
Nevro (1)(2)	2,526,399	252,589
Novocure (1)	550,336	37,060
Outset Medical, Acquisition Date: 1/27/20,
Cost $3,262 (1)(3)(4)	1,482,558	2,413
Shockwave Medical (1)	1,122,511	37,245
West Pharmaceutical Services	1,266,881	192,883
		1,907,217
Health Care Technology 2.5%
Veeva Systems, Class A (1)	3,742,250	585,176
		585,176
Life Sciences Tools & Services 2.5%
Adaptive Biotechnologies (1)	1,583,882	44,000
Bruker	2,525,381	90,560
Eurofins Scientific (EUR)	609,891	297,627
Repligen (1)	440,197	42,497
Sartorius Stedim Biotech (EUR)	575,293	114,802
		589,486
Pharmaceuticals 0.8%
Axsome Therapeutics (1)	173,538	10,209
Cara Therapeutics (1)	797,880	10,540
Catalent (1)	838,755	43,573
GW Pharmaceuticals, ADR (1)	186,740	16,353
Intra-Cellular Therapies (1)	628,403	9,659
The accompanying notes are an integral part of this Portfolio of Investments.

T. ROWE PRICE NEW HORIZONS FUND
		Shares/Par	$ Value
	(Cost and value in $000s)
	MyoKardia (1)	924,043	43,319
	Odonate Therapeutics (1)	294,378	8,128
	Reata Pharmaceuticals, Class A (1)	143,418	20,701
	Turning Point Therapeutics (1)	397,877	17,769
	WaVe Life Sciences (1)	209,799	1,966
	Zeneca, Acquisition Date: 7/18/13, Cost $- (1)(3)(4)	288,910	178
	Zogenix (1)	160,705	3,974
			186,369
	Total Health Care		5,581,151
	INDUSTRIALS & BUSINESS SERVICES 22.8%
	Aerospace & Defense 0.9%
	Aerojet Rocketdyne Holdings (1)	1,541,316	64,473
	BWX Technologies	2,669,242	130,019
	Teledyne Technologies (1)	95,000	28,241
			222,733
	Airlines 0.8%
	Alclear Holdings, Class B, Acquisition Date: 9/4/15 - 2/16/18,
	Cost $54,367 (1)(2)(3)(4)(5)	627,649	125,404
	Wheels Up Partners, Series B, Acquisition Date: 9/18/15, Cost
	$22,697 (1)(2)(3)(4)(5)	7,989,973	20,576
	Wheels Up Partners, Series C, Acquisition Date: 6/22/17, Cost
	$18,460 (1)(2)(3)(4)(5)	5,916,523	15,236
	Wheels Up Partners, Series D, Acquisition Date: 5/17/19, Cost
	$30,921 (1)(2)(3)(4)(5)	8,885,330	22,882
			184,098
	Building Products 3.7%
	Armstrong Worldwide Industries (2)	6,597,257	523,954
	Lennox International	1,843,639	335,155
			859,109
	Commercial Services & Supplies 5.1%
	Rentokil Initial (GBP)	63,550,736	303,517
	Rollins	9,685,740	350,043
	Waste Connections	6,870,598	532,471
			1,186,031
	The accompanying notes are an integral part of this Portfolio of Investments.

T. ROWE PRICE NEW HORIZONS FUND
	Shares/Par	$ Value
(Cost and value in $000s)
Industrial Conglomerates 2.1%
Roper Technologies	1,552,364	484,042
		484,042
Machinery 2.1%
Graco	2,847,878	138,777
RBC Bearings (1)	1,035,410	116,784
Toro	3,868,272	251,786
		507,347
Professional Services 5.5%
Clarivate Analytics (1)	11,033,166	228,938
CoStar Group (1)	1,027,132	603,142
TransUnion	6,912,005	457,437
		1,289,517
Road & Rail 2.2%
Old Dominion Freight Line	3,876,141	508,782
		508,782
Trading Companies & Distributors 0.4%
SiteOne Landscape Supply (1)	1,257,364	92,567
		92,567
Total Industrials & Business Services		5,334,226
INFORMATION TECHNOLOGY 29.8%
IT Services 11.5%
Black Knight (1)(2)	8,096,243	470,068
Booz Allen Hamilton Holding (2)	10,103,931	693,534
Endava, ADR (1)(2)	1,303,066	45,816
Gartner (1)	1,649,710	164,262
Okta (1)	3,786,061	462,884
Schrodinger (1)	355,445	15,327
ServiceTitan, Acquisition Date: 11/9/18, Cost $2,665 (1)(3)(4)	101,356	1,995
Shopify, Class A (1)	521,609	217,474
StoneCo, Class A (1)(2)	16,859,718	367,036
Twilio, Class A (1)	2,730,077	244,314
		2,682,710
The accompanying notes are an integral part of this Portfolio of Investments.

T. ROWE PRICE NEW HORIZONS FUND
	Shares/Par	$ Value
(Cost and value in $000s)
Semiconductors & Semiconductor Equipment 0.4%
Entegris	2,276,042	101,898
		101,898
Software 17.9%
Anaplan (1)	4,543,478	137,486
Atlassian, Class A (1)	3,539,973	485,897
Avalara (1)	1,821,124	135,856
Ceridian HCM Holding (1)	6,118,898	306,373
Checkr, Acquisition Date: 6/29/18 - 12/2/19,
Cost $18,150 (1)(2)(3)(4)	884,522	18,805
Coupa Software (1)	1,157,334	161,714
Datadog, Class A (1)(2)	6,948,530	250,008
Descartes Systems Group (1)(2)	5,446,563	187,307
DocuSign (1)	6,412,835	592,546
Evernote, Acquisition Date: 11/20/12, Cost $2,296 (1)(3)(4)	190,876	421
Five9 (1)	1,204,865	92,124
HubSpot (1)	854,151	113,764
Medallia (1)	796,355	15,959
nCino, Acquisition Date: 9/16/19, Cost $24,750 (1)(3)(4)	1,137,954	18,315
PagerDuty (1)	891,991	15,414
Paylocity Holding (1)(2)	2,771,365	244,767
Proofpoint (1)	2,611,791	267,944
Q2 Holdings (1)	1,498,357	88,493
RealPage (1)(2)	6,383,116	337,858
Smartsheet, Class A (1)	2,369,705	98,367
Toast, Acquisition Date: 9/14/18 - 3/27/19,
Cost $5,430 (1)(3)(4)	199,157	6,698
Workiva (1)	1,117,597	36,132
Xero (AUD) (1)	3,937,674	163,770
Zendesk (1)(2)	6,459,366	413,464
		4,189,482
Total Information Technology		6,974,090

The accompanying notes are an integral part of this Portfolio of Investments.

T. ROWE PRICE NEW HORIZONS FUND
	Shares/Par	$ Value
(Cost and value in $000s)
MATERIALS 0.0%
Chemicals 0.0%
Quaker Chemical	58,254	7,356
Total Materials		7,356
REAL ESTATE 1.0%
Real Estate Management & Development 1.0%
Altus Group (CAD) (2)	3,561,160	92,363
FirstService	1,789,068	137,973
WeWork, Class A, Acquisition Date: 5/26/15,
Cost $2,064 (1)(3)(4)	145,669	524
Total Real Estate		230,860
Total Common Stocks (Cost $15,884,368)		21,604,499
PREFERRED STOCKS 1.0%
HEALTH CARE 1.0%
Health Care Equipment & Supplies 1.0%
Sartorius (EUR) (6)	1,017,926	243,362
Total Health Care		243,362
Total Preferred Stocks (Cost $100,547)		243,362
CONVERTIBLE PREFERRED STOCKS 4.3%
COMMUNICATION SERVICES 0.1%
Entertainment 0.1%
Houzz, Series D, Acquisition Date: 6/3/14,
Cost $19,726 (1)(3)(4)	2,632,810	15,703
Offerup, Series A-2, Acquisition Date: 3/6/15,
Cost $6,850 (1)(3)(4)	1,375,830	3,338
Offerup, Series C, Acquisition Date: 3/6/15,
Cost $11,641 (1)(3)(4)	2,337,940	7,517
Offerup, Series C-1, Acquisition Date: 8/26/16,
Cost $4,573 (1)(3)(4)	682,712	2,384
Total Communication Services		28,942
The accompanying notes are an integral part of this Portfolio of Investments.

T. ROWE PRICE NEW HORIZONS FUND
		Shares/Par	$ Value
	(Cost and value in $000s)
	CONSUMER DISCRETIONARY 1.6%
	Diversified Consumer Services 0.1%
	1stdibs. com, Series D, Acquisition Date: 2/7/19,
	Cost $26,470 (1)(2)(3)(4)	5,282,277	19,587
			19,587
	Hotels, Restaurants & Leisure 0.3%
	Sweetgreen, Series F, Acquisition Date: 6/30/15,
	Cost $26,916 (1)(2)(3)(4)	3,509,234	44,406
	Sweetgreen, Series G, Acquisition Date: 8/15/16 - 2/27/18,
	Cost $20,354 (1)(2)(3)(4)	2,261,542	28,617
	Sweetgreen, Series I, Acquisition Date: 9/13/19,
	Cost $8,998 (1)(2)(3)(4)	526,213	6,659
			79,682
	Internet & Direct Marketing Retail 0.7%
	A Place for Rover, Series G, Acquisition Date: 5/11/18, Cost
	$29,547 (1)(3)(4)	3,924,648	18,152
	Coupang, Series G, Acquisition Date: 1/9/15,
	Cost $16,858 (1)(3)(4)	5,958,970	17,936
	Evolve Vacation Rental Network, Series 4, Acquisition Date:
	8/15/14, Cost $906 (1)(2)(3)(4)	718,332	4,550
	Evolve Vacation Rental Network, Series 5, Acquisition Date:
	11/6/15, Cost $4,220 (1)(2)(3)(4)	1,727,442	10,942
	Evolve Vacation Rental Network, Series 6, Acquisition Date:
	1/18/17, Cost $8,679 (1)(2)(3)(4)	2,218,727	14,054
	Evolve Vacation Rental Network, Series 7, Acquisition Date:
	1/10/18, Cost $3,151 (1)(2)(3)(4)	433,698	2,747
	Evolve Vacation Rental Network, Series 8, Acquisition Date:
	3/29/18 - 6/15/18, Cost $17,862 (1)(2)(3)(4)	2,098,881	13,295
	Framebridge, Series C, Acquisition Date: 6/20/18,
	Cost $12,363 (1)(2)(3)(4)	3,558,133	4,329
	Minted, Series E, Acquisition Date: 10/30/18,
	Cost $23,654 (1)(2)(3)(4)	1,756,494	15,247
	Rent the Runway, Series F, Acquisition Date: 3/21/19, Cost
	$17,598 (1)(3)(4)	787,264	13,023
	Roofoods, Series F, Acquisition Date: 9/12/17,
	Cost $45,403 (1)(3)(4)	128,414	36,932
	Roofoods, Series G, Acquisition Date: 5/16/19,
	Cost $1,539 (1)(3)(4)	3,683	1,139
			152,346
	The accompanying notes are an integral part of this Portfolio of Investments.

T. ROWE PRICE NEW HORIZONS FUND
	Shares/Par	$ Value
(Cost and value in $000s)
Specialty Retail 0.4%
Vroom, Series C, Acquisition Date: 7/13/15,
Cost $9,073 (1)(2)(3)(4)	764,369	15,381
Vroom, Series D, Acquisition Date: 12/22/15,
Cost $9,072 (1)(2)(3)(4)	689,031	13,865
Vroom, Series E, Acquisition Date: 9/19/16,
Cost $11,432 (1)(2)(3)(4)	704,642	14,180
Vroom, Series F, Acquisition Date: 6/30/17 - 11/27/17, Cost
$17,583 (1)(2)(3)(4)	1,030,809	20,743
Vroom, Series G, Acquisition Date: 8/17/18,
Cost $17,825 (1)(2)(3)(4)	992,969	19,981
Vroom, Series H, Acquisition Date: 11/21/19,
Cost $13,740 (1)(2)(3)(4)	505,272	10,168
		94,318
Textiles, Apparel & Luxury Goods 0.1%
Allbirds, Series A, Acquisition Date: 10/10/18,
Cost $5,119 (1)(3)(4)	466,735	4,450
Allbirds, Series B, Acquisition Date: 10/10/18,
Cost $899 (1)(3)(4)	82,000	782
Allbirds, Series C, Acquisition Date: 10/9/18,
Cost $8,595 (1)(3)(4)	783,670	7,473
Allbirds, Series Seed, Acquisition Date: 10/10/18,
Cost $2,750 (1)(3)(4)	250,775	2,391
		15,096
Total Consumer Discretionary		361,029
CONSUMER STAPLES 0.0%
Food Products 0.0%
Farmers Business Network, Series D, Acquisition Date: 11/3/17,
Cost $9,028 (1)(3)(4)	488,972	8,434
Total Consumer Staples		8,434
FINANCIALS 0.1%
Insurance 0.1%
Go Maps, Series B, Acquisition Date: 12/15/17,
Cost $9,940 (1)(2)(3)(4)	936,022	6,375
Go Maps, Series B-1, Acquisition Date: 5/15/19,
Cost $417 (1)(2)(3)(4)	32,589	222
The accompanying notes are an integral part of this Portfolio of Investments.

T. ROWE PRICE NEW HORIZONS FUND
		Shares/Par	$ Value
	(Cost and value in $000s)
	Jetclosing, Series A, Acquisition Date: 5/25/18,
	Cost $8,917 (1)(2)(3)(4)	4,570,635	6,598
	Total Financials		13,195
	HEALTH CARE 0.8%
	Biotechnology 0.3%
	Generation Bio, Series C, Acquisition Date: 1/9/20, Cost
	$10,951 (1)(3)(4)	1,958,677	8,104
	Ginkgo Bioworks, Series E, Acquisition Date: 7/30/19 - 9/9/19,
	Cost $21,937 (1)(3)(4)	148,007	16,450
	Tempus Labs, Series D, Acquisition Date: 3/16/18,
	Cost $8,530 (1)(3)(4)	910,093	24,703
	Tempus Labs, Series E, Acquisition Date: 8/23/18, Cost
	$11,140 (1)(3)(4)	665,388	18,553
	Tempus Labs, Series F, Acquisition Date: 4/30/19,
	Cost $4,400 (1)(3)(4)	177,721	5,011
	Tempus Labs, Series G, Acquisition Date: 2/6/20,
	Cost $4,335 (1)(3)(4)	113,018	3,207
			76,028
	Health Care Equipment & Supplies 0.4%
	JAND, Series D, Acquisition Date: 4/23/15,
	Cost $15,460 (1)(3)(4)	1,346,025	24,447
	JAND, Series E, Acquisition Date: 3/9/18,
	Cost $24,677 (1)(3)(4)	1,570,115	28,517
	Kardium, Series D, Acquisition Date: 11/29/18,
	Cost $8,865 (1)(3)(4)	9,149,620	6,560
	Outset Medical, Series C, Acquisition Date: 4/19/17, Cost
	$13,807 (1)(3)(4)	5,327,861	10,566
	Outset Medical, Series D, Acquisition Date: 8/20/18, Cost
	$8,914 (1)(3)(4)	2,866,132	6,596
	Outset Medical, Series E, Acquisition Date: 1/27/20, Cost
	$5,683 (1)(3)(4)	2,583,174	4,205
			80,891
	Health Care Providers & Services 0.0%
	Babyco, Class A, Acquisition Date: 11/3/17,
	Cost $9,057 (1)(2)(3)(4)(5)	2,611,790	6,702
			6,702
	The accompanying notes are an integral part of this Portfolio of Investments.

T. ROWE PRICE NEW HORIZONS FUND
	Shares/Par	$ Value
(Cost and value in $000s)
Health Care Technology 0.1%
Doximity, Series C, Acquisition Date: 4/10/14 - 3/22/18, Cost
$8,769 (1)(3)(4)	1,894,489	16,262
		16,262
Total Health Care		179,883
INDUSTRIALS & BUSINESS SERVICES 0.2%
Road & Rail 0.2%
Convoy, Series C, Acquisition Date: 9/14/18,
Cost $21,158 (1)(3)(4)	2,979,808	29,856
Convoy, Series D, Acquisition Date: 10/30/19,
Cost $26,262 (1)(3)(4)	1,939,655	19,435
Total Industrials & Business Services		49,291
INFORMATION TECHNOLOGY 1.5%
IT Services 0.1%
ServiceTitan, Series A-1, Acquisition Date: 11/9/18,
Cost $55 (1)(3)(4)	2,099	41
ServiceTitan, Series D, Acquisition Date: 11/9/18,
Cost $27,048 (1)(3)(4)	1,028,634	20,248
		20,289
Software 1.4%
Aurora Innovation, Series B, Acquisition Date: 3/1/19, Cost
$8,834 (1)(3)(4)	956,010	6,537
Checkr, Series C, Acquisition Date: 4/10/18,
Cost $25,265 (1)(2)(3)(4)	1,850,770	41,425
Checkr, Series D, Acquisition Date: 9/6/19,
Cost $45,551 (1)(2)(3)(4)	1,505,994	33,708
Databricks, Series F, Acquisition Date: 10/22/19,
Cost $25,522 (1)(3)(4)	594,243	18,886
Evernote, Series 1, Acquisition Date: 11/20/12,
Cost $4,591 (1)(3)(4)	381,752	842
Evernote, Series 4, Acquisition Date: 5/2/12 - 11/20/12, Cost
$14,562 (1)(3)(4)	1,210,758	5,000
Evernote, Series 5, Acquisition Date: 11/8/13,
Cost $2,274 (1)(3)(4)	174,948	760
HashiCorp, Series E, Acquisition Date: 3/13/20,
Cost $13,449 (1)(3)(4)	232,522	13,449
Haul Hub, Series B, Acquisition Date: 2/14/20,
Cost $8,685 (1)(3)(4)	595,656	6,427
The accompanying notes are an integral part of this Portfolio of Investments.

T. ROWE PRICE NEW HORIZONS FUND
		Shares/Par	$ Value
	(Cost and value in $000s)
	Lookout, Series F, Acquisition Date: 3/21/14 - 8/8/14, Cost
	$31,937 (1)(3)(4)	2,795,838	5,296
	Plex Systems Holdings, Series B, Acquisition Date: 6/9/14, Cost
	$16,608 (1)(3)(4)	7,238,750	15,588
	Seismic Software, Series E, Acquisition Date: 12/13/18, Cost
	$18,216 (1)(3)(4)	577,906	15,143
	Tanium, Series G, Acquisition Date: 8/26/15,
	Cost $31,923 (1)(3)(4)	6,430,431	40,454
	Toast, Series B, Acquisition Date: 9/14/18, Cost $416 (1)(3)(4)	24,053	809
	Toast, Series D, Acquisition Date: 6/27/18,
	Cost $29,721 (1)(3)(4)	1,717,286	57,757
	Toast, Series E, Acquisition Date: 3/27/19,
	Cost $10,561 (1)(3)(4)	386,836	13,010
	Toast, Series F, Acquisition Date: 2/14/20,
	Cost $12,434 (1)(3)(4)	273,578	9,201
	ZenPayroll, Series C, Acquisition Date: 7/16/18,
	Cost $20,951 (1)(3)(4)	2,755,737	27,147
	ZenPayroll, Series D, Acquisition Date: 7/16/19,
	Cost $29,246 (1)(3)(4)	2,196,921	21,642
			333,081
	Total Information Technology		353,370
	REAL ESTATE 0.0%
	Real Estate Management & Development 0.0%
	WeWork, Series D-1, Acquisition Date: 12/9/14,
	Cost $13,052 (1)(3)(4)	783,879	2,822
	WeWork, Series D-2, Acquisition Date: 12/9/14,
	Cost $10,256 (1)(3)(4)	615,906	2,217
	Total Real Estate		5,039
	Total Convertible Preferred Stocks (Cost $1,036,800)		999,183
	CONVERTIBLE BONDS 0.1%
	Color Genomics, Acquisition Date: 1/13/20, Cost $12,467,
	3.00%, 6/30/21 (1)(3)(4)	12,466,000	12,466
	Jetclosing, Acquisition Date: 2/6/20, Cost $1,300, 5.00%,
	7/31/21 (1)(2)(3)(4)	1,299,928	1,300
	Reed Krakoff International, Acquisition Date: 12/29/14 -
	3/26/15, Cost $2,130, 8.00%, 6/15/20 (1)(2)(3)(4)(7)	2,130,706	—
	Total Convertible Bonds (Cost $15,897)		13,766
	The accompanying notes are an integral part of this Portfolio of Investments.

T. ROWE PRICE NEW HORIZONS FUND

	Shares/Par		$ Value
(Cost and value in $000s)
BANK LOANS 0.1% (8)
Blue Nile, FRN, 3M USD LIBOR + 6.50%, 8.113%, 2/17/23	233,375		138
Uber Technologies, FRN, 3M USD LIBOR + 4.00%, 5.00%,
4/4/25	17,291,675		15,966
Total Bank Loans (Cost $17,372)			16,104
SHORT-TERM INVESTMENTS 1.8%
Money Market Funds 1.8%
T. Rowe Price Government Reserve Fund, 0.95% (2)(9)	433,830,819		433,831
Total Short-Term Investments (Cost $433,831)			433,831
Total Investments in Securities 99.6%
(Cost $17,488,815)		$	23,310,745
Other Assets Less Liabilities 0.4%			90,169
Net Assets 100.0%		$	23,400,914

‡		Shares/Par are denominated in U. S. dollars unless otherwise noted.
(1	)	Non-income producing
(2	)	Affiliated Companies
(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 $1,363,398 and represents 5.8% of net assets.
(4	)	Level 3 in fair value hierarchy.
(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	)	Preferred stocks are shares that carry certain preferential rights. The dividend
		rate may not be consistent each pay period and could be zero for a particular
		year.
(7	)	Security is in default or has failed to make a scheduled interest and/or
		principal payment.
(8	)	Bank loan positions may involve multiple underlying tranches. In those
		instances, the position presented reflects the aggregate of those respective
		underlying tranches and the rate presented reflects the weighted average rate
		of the settled positions.
(9	)	Seven-day yield
3M USD LIBOR		Three month USD LIBOR (London interbank offered rate)

The accompanying notes are an integral part of this Portfolio of Investments.

T. ROWE PRICE NEW HORIZONS FUND

ADR	American Depositary Receipts
AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
FRN	Floating Rate Note
GBP	British Pound
IDR	Indonesian Rupiah
USD	U. S. Dollar

The accompanying notes are an integral part of this Portfolio of Investments.

T. ROWE PRICE NEW HORIZONS FUND

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, 2020. 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.

			Change in Net
	Net Realized Gain			Unrealized		Investment
Affiliate		(Loss)		Gain/Loss		Income
1stdibs. com, Series D	$	—	$	(6,883)	$	—
Abcam		(6,788)		(51,996)		632
Alclear Holdings, Class B^^		—		(57,786)		—
Altus Group		(895)		(11,632)		281
Armstrong Worldwide Industries		871		(101,960)		1,292
Babyco, Class A		—		(2,355)		—
Black Knight		(7,344)		(54,567)		—
Booz Allen Hamilton Holding		(917)		(26,414)		3,085
Boston Beer, Class A		417		(6,093)		—
Bright Horizons Family Solutions		6,907		(191,644)		—
Cable One		1,022		58,163		832
Checkr		—		(6,607)		—
Checkr, Series C		—		(14,554)		—
Checkr, Series D		—		(11,843)		—
Datadog, Class A++		176		(5,333)		—
Descartes Systems Group		409		(45,858)		—
Endava		58		(14,244)		—
Evolve Vacation Rental Network,
Series 4		—		(1,599)		—
Evolve Vacation Rental Network,
Series 5		—		(3,845)		—
Evolve Vacation Rental Network,
Series 6		—		(4,938)		—
Evolve Vacation Rental Network,
Series 7		—		(966)		—
Evolve Vacation Rental Network,
Series 8		—		(4,671)		—
FirstService		10,190		(37,576)		207
Framebridge, Series C		—		(8,034)		—
GCI Liberty, Class A		756		(99,244)		—
Go Maps, Series B		—		(5,607)		—
Go Maps, Series B-1		—		(195)		—
The accompanying notes are an integral part of this Portfolio of Investments.

T. ROWE PRICE NEW HORIZONS FUND
Affiliated Companies (continued)
($000s)
				Change in Net
	Net Realized Gain			Unrealized		Investment
Affiliate		(Loss)		Gain/Loss		Income
Goosehead Insurance, Class A		15,171		(12,367)		—
Jetclosing		—		—		—
Jetclosing, Series A		—		(2,319)		—
Lennox International		(15,275)		(103,021)		1,420
Minted, Series E		—		(5,357)		—
Nevro		194		(48,290)		—
Ollie's Bargain Outlet Holdings		(92,750)		1,203		—
Outset Medical, Series C		—		(3,713)		2,630
Outset Medical, Series D		—		(2,318)		632
Palomar Holdings		120		10,739		—
Paylocity Holding		8,603		(63,467)		—
RealPage		344		(7,044)		—
Reed Krakoff International		—		—		—
Reed Krakoff International Conv.
Bond		—		—		—
Shockwave Medical		3,793		(17,951)		—
StoneCo, Class A		7,264		(310,471)		—
Sweetgreen, Series F		—		(15,602)		—
Sweetgreen, Series G		—		(10,055)		—
Sweetgreen, Series I		—		(2,339)		—
Twilio, Class A		4,811		29,791		—
Vail Resorts		149,997		(306,094)		2,896
Vroom		—		(1,245)		—
Vroom, Series C		—		(5,404)		—
Vroom, Series D		—		(4,872)		—
Vroom, Series E		—		(4,981)		—
Vroom, Series F		—		(7,288)		—
Vroom, Series G		—		(7,021)		—
Vroom, Series H		—		(3,572)		—
Wheels Up Partners, Series B		—		(7,229)		—
Wheels Up Partners, Series C		—		(5,354)		—
Wheels Up Partners, Series D		—		(8,039)		—
Workiva		(4,814)		(17,970)		—
Zendesk		(3,105)		(72,416)		—
T. Rowe Price Government
Reserve Fund		—		—		3,315
Totals	$	79,215#	$	(1,732,347)	$	17,222+
The accompanying notes are an integral part of this Portfolio of Investments.

T. ROWE PRICE NEW HORIZONS FUND
Affiliated Companies (continued)
($000s)
Supplementary Investment Schedule
		Value	Purchase	Sales	Value
Affiliate		12/31/19	Cost	Cost	3/31/20
1stdibs. com, Series D	$	26,470	$                                                         —	$                                  —	$                            19,587
Abcam		272,393	—	26,557	193,840
Alclear Holdings, Class B^^		214,015	—	30,825	125,404
Altus Group		110,572	—	6,577	92,363
Armstrong Worldwide
Industries		554,993	71,583	662	523,954
Babyco, Class A		9,057	—	—	6,702
Black Knight		499,413	60,781	35,559	470,068
Booz Allen Hamilton
Holding		708,354	30,197	18,603	693,534
Boston Beer, Class A		207,382	640	121	201,808
Bright Horizons Family
Solutions		649,380	43,278	21,423	479,591
Cable One		549,997	7,644	372	615,432
Checkr		25,412	—	—	18,805
Checkr, Series C		55,979	—	—	41,425
Checkr, Series D		45,551	—	—	33,708
Datadog, Class A++		*	158,742	142	250,008
Descartes Systems Group		232,579	786	200	187,307
Endava		52,002	8,146	88	45,816
Evolve Vacation Rental
Network, Series 4		6,149	—	—	4,550
Evolve Vacation Rental
Network, Series 5		14,787	—	—	10,942
Evolve Vacation Rental
Network, Series 6		18,992	—	—	14,054
Evolve Vacation Rental
Network, Series 7		3,713	—	—	2,747
Evolve Vacation Rental
Network, Series 8		17,966	—	—	13,295
FirstService		208,646	576	33,673	*
Framebridge, Series C		12,363	—	—	4,329
GCI Liberty, Class A		503,741	—	548	403,949
Go Maps, Series B		11,982	—	—	6,375
Go Maps, Series B-1		417	—	—	222
Goosehead Insurance,
Class A		38,945	—	5,051	*
The accompanying notes are an integral part of this Portfolio of Investments.

T. ROWE PRICE NEW HORIZONS FUND
Affiliated Companies (continued)
($000s)
Supplementary Investment Schedule
	Value	Purchase	Sales	Value
Affiliate	12/31/19	Cost	Cost	3/31/20
Jetclosing	—	1,300	—	1,300
Jetclosing, Series A	8,917	—	—	6,598
Lennox International	508,626	28,762	99,212	*
Minted, Series E	20,604	—	—	15,247
Nevro	*	178,093	243	252,589
Ollie's Bargain Outlet
Holdings	296,841	572	171,760	*
Outset Medical, Series C	14,279	—	—	*
Outset Medical, Series D	8,914	—	—	*
Palomar Holdings	63,989	6,278	54	80,952
Paylocity Holding	*	64,077	34,711	244,767
RealPage	333,335	12,151	584	337,858
Reed Krakoff International	—	—	—	—
Reed Krakoff International
Conv. Bond	—	—	—	—
Shockwave Medical	94,525	—	39,329	*
StoneCo, Class A	689,442	10,124	22,059	367,036
Sweetgreen, Series F	60,008	—	—	44,406
Sweetgreen, Series G	38,672	—	—	28,617
Sweetgreen, Series I	8,998	—	—	6,659
Twilio, Class A	621,245	—	406,722	*
Vail Resorts	515,090	39,528	114,522	*
Vroom	4,789	—	—	3,544
Vroom, Series C	20,785	—	—	15,381
Vroom, Series D	18,737	—	—	13,865
Vroom, Series E	19,161	—	—	14,180
Vroom, Series F	28,031	—	—	20,743
Vroom, Series G	27,002	—	—	19,981
Vroom, Series H	13,740	—	—	10,168
Wheels Up Partners,
Series B	27,805	—	—	20,576
Wheels Up Partners,
Series C	20,590	—	—	15,236
Wheels Up Partners,
Series D	30,921	—	—	22,882
Workiva	131,120	—	77,018	*
The accompanying notes are an integral part of this Portfolio of Investments.

T. ROWE PRICE NEW HORIZONS FUND

Affiliated Companies (continued)
($000s)
Supplementary Investment Schedule
	Value	Purchase	Sales	Value
Affiliate	12/31/19	Cost	Cost	3/31/20
Zendesk	435,991	129,403	79,514	413,464
T. Rowe Price Government
Reserve Fund	350,522	¤	¤	433,831
				$                                  6,849,695^

#	Capital gain distributions from mutual funds represented $0 of the net realized gain (loss) .
*	On the date indicated, issuer was held but not considered an affiliated company.
^^    Includes previously reported affiliate Alclear Holdings, Class B; acquired through a
	corporate action.
++   Includes previously reported affiliate Datadog, Class A and Datadog, Class B; acquired
	through a corporate action
+	Investment income comprised $17,222 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 $5,269,665.

The accompanying notes are an integral part of this Portfolio of Investments.

T. ROWE PRICE NEW HORIZONS FUND
Unaudited
NOTES TO PORTFOLIO OF
INVESTMENTS

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

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.

Fair Value
The fund’s financial instruments 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 procedures to value securities; determines pricing
techniques, sources, and persons eligible to effect fair value pricing actions; oversees the selection, services, and
performance of pricing vendors; oversees valuation-related business continuity practices; and provides guidance on
internal controls and valuation-related matters. The Valuation Committee reports to the Board and has representation
from legal, portfolio management and trading, operations, risk management, and the fund’s treasurer.

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

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 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

T. ROWE PRICE NEW HORIZONS FUND

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.

For valuation purposes, 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, the fund will adjust the previous
quoted prices to reflect what it believes to be the fair value of the securities as of the close of the NYSE. In deciding
whether it is necessary to adjust quoted prices to reflect fair value, the fund reviews 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 may also fair value
securities in other situations, such as when a particular foreign market is closed but the fund is open. 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. As a means of evaluating its security valuation process, the fund routinely compares quoted prices, the
next day’s opening prices in the same markets, and adjusted prices.

Actively traded equity securities listed on a domestic exchange generally are categorized in Level 1 of the fair value
hierarchy. Non-U.S. equity securities generally are categorized in Level 2 of the fair value hierarchy despite the
availability of quoted prices because, as described above, the fund evaluates and determines whether those quoted prices
reflect fair value at the close of the NYSE or require adjustment. OTC Bulletin Board securities, certain preferred
securities, and equity securities traded in inactive markets generally are categorized in Level 2 of the fair value
hierarchy.

Debt securities generally are traded in the 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. Generally, debt securities are categorized in Level 2 of the fair value
hierarchy; however, to the extent the valuations include significant unobservable inputs, the securities would be
categorized in Level 3.

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 quoted by a major bank.

Investments in mutual funds are valued at the mutual fund’s closing NAV per share on the day of valuation and are
categorized in Level 1 of the fair value hierarchy.

Thinly traded financial instruments and those for which the above valuation procedures are inappropriate or are
deemed not to reflect fair value are stated at fair value as determined in good faith by the Valuation Committee. 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.

Subject to oversight by the Board, the Valuation Committee regularly makes good faith judgments to establish and
adjust the fair valuations of certain securities as events occur and circumstances warrant. For instance, in determining
the fair value of an equity investment with limited market activity, such as a private placement or a thinly traded public
company stock, the Valuation Committee considers a variety of factors, which may include, but are not limited to, the
issuer’s business prospects, its financial standing and performance, recent investment transactions in the issuer, new
rounds of financing, negotiated transactions of significant size between other investors in the company, relevant market
valuations of peer companies, strategic events affecting the company, market liquidity for the issuer, and general
economic conditions and events. In consultation with the investment and pricing teams, the Valuation Committee will
determine an appropriate valuation technique based on available information, which may include both observable and

T. ROWE PRICE NEW HORIZONS FUND

unobservable inputs. 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; 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
issue. 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. Depending on the relative significance of unobservable inputs, including the
valuation technique(s) used, fair valued securities may be categorized in Level 2 or 3 of the fair value hierarchy.

Valuation Inputs
The following table summarizes the fund’s financial instruments, based on the inputs used to determine their fair values
on March 31, 2020 (for further detail by category, please refer to the accompanying Portfolio of Investments):

($000s)		Level 1		Level 2		Level 3		Total Value
Assets
Common Stocks	$	19,999,668	$	1,260,377	$	344,454	$	21,604,499
Preferred Stocks		—		243,362		—		243,362
Convertible Preferred Stocks		—		—		999,183		999,183
Convertible Bonds		—		—		13,766		13,766
Bank Loans		—		16,104		—		16,104
Short-Term Investments		433,831		—		—		433,831
Total	$	20,433,499	$	1,519,843	$	1,357,403	$	23,310,745

Following is a reconciliation of the fund’s Level 3 holdings for the period ended March 31, 2020. 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, 2020, totaled $(398,539,000) for the period ended March 31, 2020.
During the period, transfers out of Level 3 were because observable market data became available for the security.

($000s)				Gain
		Beginning		(Loss)						Transfers		Ending
		Balance		During		Total		Total		Out of		Balance
		1/1/20		Period		Purchases		Sales		Level 3		3/31/20
Investment in Securities
Common Stocks	$	482,568	$	(96,825)	$	3,261	$	(44,550)	$	–	$	344,454
Convertible Preferred
Stocks		1,231,635		(287,989)		55,537		–		–		999,183
Convertible Bonds		–		–		13,766		–		–		13,766
Bank Loans		11,844		–		–		–		(11,844)		–
Total	$	1,726,047	$	(384,814)	$	72,564	$	(44,550)	$	(11,844)	$	1,357,403

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
							Impact to
				Significant	Value or	Weighted	Valuation from
Investments in		Market	Valuation	Unobservable	Range of	Average of	an Increase
Securities		Value (000s)	Technique(s)+	Input(s)	Input(s)	Input(s)*	in Input**
Common Stocks	$	344,454	Recent comparable	—#	—#	—#	—#
			transaction price(s)
				Discount for	10%	10%	Decrease
				Uncertainty
				Market performance	14% - 26%	25%	Decrease
				adjustment
			Expected	Discount for	5%	5%	Decrease
			present value	Regulatory Uncertainty
				Discount Rate for	8% - 23%	17%	Decrease
				Cost of Equity
			Market comparable	Enterprise Value to	3.9x - 14.5x	6.4x	Increase
				Sales Multiple
				Discount for lack of	10%	10%	Decrease
				marketability
				Gross Profit	34%	34%	Increase
				Growth Rate
				Sales Growth Rate	10% – 70%	50%	Increase
				Acquisition Premium	10%	10%	Increase
				Enterprise Value to	0.8x	0.8x	Increase
				Gross Merchandise
				Value Multiple
				Enterprise Value to	6.3x - 16.6x	9.0x	Increase
				Gross Profit Multiple
				Enterprise Value to	7.9x	7.9x	Increase
				EBITDA Multiple
				Projected Enterprise	10.4x	10.4x	Increase
				Value to EBITDA
				Multiple
				Market performance	14% - 26%	17%	Decrease
				adjustment
			Estimated	—#	—#	—#	—#
			liquidation value
				Discount for lack	100%	100%	Decrease
				of collectability
Convertible	$	999,183	Recent comparable	Discount Factor	0% – 7%	0%	Decrease
Preferred Stocks			transaction price(s)
				Discount for	10%	10%	Decrease
				Uncertainty
				Market performance	10% - 26%	26%	Decrease
				adjustment
			Expected present	Market performance	26%	26%	Decrease
			value	adjustment

T. ROWE PRICE NEW HORIZONS FUND
							Impact to
				Significant	Value or	Weighted	Valuation from
Investments in		Market	Valuation	Unobservable	Range of	Average of	an Increase
Securities		Value (000s)	Technique(s)+	Input(s)	Input(s)	Input(s)*	in Input**
				Discount Rate for Cost	15% – 20%	15%	Decrease
				of Equity
				Timing of Events	0.06 - 7.88 yrs	3.0yrs	Decrease
				Discount for lack of	25% – 50%	36%	Decrease
				collectability
			Market Comparable	Sales Growth Rate	10% - 70%	33%	Increase
				Enterprise Value to	1.3x – 14.5x	5.2x	Increase
				Sales Multiple
				Enterprise Value to	0.8x	0.8x	Increase
				Gross Merchandise
				Value Multiple
				Discount for lack of	10%	10%	Decrease
				marketability
				Enterprise Value to	2.8% –16.6%	7.0%	Increase
				Gross Profit Multiple
				Gross Profit	13% – 40%	24%	Increase
				Growth Rate
				Market performance	17% – 26%	25%	Decrease
				adjustment
				Acquisition Premium	10%	10%	Increase
Convertible	$	13,766	Recent comparable	—#	—#	—#	—#
Bonds			transaction price(s)
			Estimated	Discount for lack of	100%	100%	Decrease
			liquidation value	collectability

#	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.