# EDGAR Filing Document

**Accession Number:** 0000080248
**File Stem:** 0001193125-23-046072
**Filing Date:** 2023-2
**Character Count:** 228727
**Document Hash:** 595ce8b44af978917887eea84ecd1b20
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-046072.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001193125-23-046072

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**EFFECTIVENESS DATE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price New Horizons Fund, Inc.
- **CENTRAL INDEX KEY:** 0000080248
- **IRS NUMBER:** 520791372
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00958
- **FILM NUMBER:** 23658194

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE NEW HORIZONS FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### T. Rowe Price New Horizons Fund, Inc. (Series ID: S000002106)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000005478 | T. Rowe Price New Horizons Fund, Inc.   | PRNHX           |
| C000159684 | T. Rowe Price New Horizons Fund-I Class | PRJIX           |
| C000219323 | T. Rowe Price New Horizon Fund-Z Class  | TRUZX           |

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

# **FORM N-CSR**

# **CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-00958

T. Rowe Price New Horizons Fund, Inc.
(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)

David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

# ---**Item 1. Reports to Shareholders**

**(a) Report pursuant to Rule 30e-1**

T.RowePrice®

# **ANNUAL REPORT**

December 31, 2022

| PRNHX | T. ROWE PRICE New Horizons Fund |
| --- | --- |
| PRJIX | New Horizons Fund- I Class |

INVEST WITH CONFIDENCE®

- U.S. small-cap growth stocks fell sharply in 2022, significantly underperforming small-cap value stocks, as rising interest rates and concerns about slowing economic growth created challenging headwinds.

- The New Horizons Fund declined and underperformed the Russell 2000 Growth Index for the 12 months ended December 31, 2022.

# • TRUZX New Horizons Fund-
Z Class

# Go Paperless

Sign up for e-delivery of your statements, confirmations, and prospectuses or shareholder reports.

TO ENROLL:

If you invest directly with T. Rowe Price, go to troweprice.com/paperless.

If you invest through an investment advisor, a bank, or a brokerage firm, please contact that organization and ask if it can provide electronic documentation.

It's fast-receive your statements and confirmations faster than U.S. mail.

It's convenient-access your important account documents whenever you need them.

It's secure-we protect your online accounts using "True Identity" to confirm new accounts and make verification faster and more secure.

It can save you money-where applicable, T. Rowe Price passes on the cost savings to fund holders.*

* Certain mutual fund accounts that are assessed an annual account service fee can also save money by switching to e-delivery.

T. ROWE PRICE NEW HORIZONS FUND

Market Commentary

# **HIGHLIGHTS**

The information technology sector weighed heaviest on relative performance. The energy and health care sectors also modestly detracted and more than offset the positive contributions from the industrials and business services and real estate sectors. Notably, all major global block and band markets, like Sharps in 2022, as investors contended with persistently high inflation, tightening financial conditions, and slowing economic and corporate earnings growth. We are confident in the durable growth potential at our portfolio holdings and the high-caliber management teams at the helm of some of our highest-condition management teams. We continue to seek companies with advantaged positioning that can build investors' and faced a historically tough environment. And a sharp rise

Log in to your account at troweprice.com for more information.

T. ROWE PRICE NEW HORIZONS FUND

## Dear Shareholder

drive their parent notes. We go to the world and the world's most popular stock in a
master. With the advantage of the Argentine Bond Stock, becoming the worst
landscape considerable margin as equity investors, turned risk averse and as rising rates
year on record. (Bond prices and yields move in opposite directions.)
put downward pressure on growth stock valuations. Emerging markets stocks
greatly, poorer performance and the increased backlog. However, the U.S.
dollar strength has been offset towards contraction levels. The U.S.
other and/or retained investment in the corporate and household balance sheets
appeared strong. Meanwhile, the housing market has weakened amid rising

1

T. ROWE PRICE NEW HORIZONS FUND

Management's Discussion of Fund Performance

sharp increase in yields led to historically weak results across the fixed income
Hillings, the SAP 500 Index, energy was a rare bright spot, gaining more than

60% as oil prices jumped in response to Russia's invasion of Ukraine and
The past year has been a strong threat to investors' global success. In addition
concerns over commodity supply shortages. Defensive shares, such as utilities,
unleached by the broad assets that markets faced, and volatility may
consumer staples, and health care, held up relatively well and finished the
continue in the near term as central banks tighten policy amid slowing
year with roughly flat returns. Conversely, communication services, consumer
economic growth. However, in our view, there continue to be opportunities for
discretionary and information technology shares suffered the largest declines.
Investments focused on fundamentals. Valuations in most global equity
For more insights from T. Rowe Price
How did the fund performance increase so to

troweprice.com.

|  | Total Return |  |
| --- | --- | --- |
| Periods Ended 12/31/22 | 6 Months | 12 Months |
| New Horizons Fund | 1.42% | -37.00% |
| New Horizons Fund- I Class | 1.50 | -36.91 |

2

T. ROWE PRICE NEW HORIZONS FUND

# **INVESTMENT OBJECTIVE**

The new horizons Fund are the largest investment in the United States, which is the largest investment in the United Kingdom. The new horizons Fund is a 2.0 billion share of the 10-months' annual investment in the United Kingdom. The new horizons Fund is a 2.0 billion share of the 10-months' annual investment in the United Kingdom. The new horizons Fund is a 2.0 billion share of the 10-months' annual investment in the United Kingdom.

| New Horizons Fund-- |  |  |
| --- | --- | --- |
| Z Class | 1.85 | -36.49 |
| Russell 2000 Growth Index | 4.38 | -26.36 |
| Russell 2000 Index | 3.91 | -20.44 |
| S&P 500 Index | 2.31 | -18.11 |
| S&P MidCap 400 Index | 8.05 | -13.06 |
| Lipper Mid-Cap Growth |  |  |

3

T. ROWE PRICE NEW HORIZONS FUND

Allocate a software company with a suite of popular application development

|  | Percent of Net Assets |  |  |
| --- | --- | --- | --- |
|  | 12/31/21 | 6/30/22 | 12/31/22 |
| Information |  |  |  |
| Technology | 34.2% | 36.2% | 38.0% |
| Industrials and Business |  |  |  |

go. The Fed, which at the end of both T. Rowe Price New Horizons, is a strong, and to raise interest rates 0.7% percentage, with the result of market spending. The company's share of this is a significant, we were active in 50% by December, and indicated that upgrading the quality among both our high-growth and durable models. The market is a significant, and the market is a significant, and the market is a significant, and the market is a significant, and the market is a significant, and the market is a significant, and the market is a significant, and the market is a significant, and the market is a significant, and the market is a significant, and the market is a significant, and the market is a significant, and the market is a significant, and the market is a significant, and the market is a significant, and

79

4

T. ROWE PRICE NEW HORIZONS FUND

# How is the fund positioned?

| Services | 23.4 | 22.0 | 26.2 |
| --- | --- | --- | --- |
| Health Care | In every year, the first investment company is a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been |  |  |
| Consumer | The first investment company is a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been |  |  |
| Discretionary | The first investment company is a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been |  |  |
| Financials | The first investment company is a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been a company that has been |  |  |
| Energy | 0.1 | 0.2 | 0.3 |

5

T. ROWE PRICE NEW HORIZONS FUND

history of powerful strategic acquisitions and an increasing role in the fast-paced and rapid growth of the business. The company's business is a major part of the business, and it is a major part of the business. The company's business is a major part of the business, and it is a major part of the business. The company's business is a major part of the business, and it is a major part of the business. The company's business is a major part of the business, and it is a major part of the business. The company's business is a major part of the business, and it is a major part of the business.

Consumer Staples
Communication Services
Materials
Real Estate
The company's business is a major part of the business, and it is a major part of the business. The company's business is a major part of the business, and it is a major part of the business. The company's business is a major part of the business, and it is a major part of the business. The company's business is a major part of the business, and it is a major part of the business. The company's business is a major part of the business, and it is a major part of the business.

6

T. ROWE PRICE NEW HORIZONS FUND

Utilities
business models defined by high margins and low capital intensity, great
Other and
Reserv
PRINCIPAL
Total
Historical weights
classifications.
business models defined by high margins and low capital intensity, great

7

T. ROWE PRICE NEW HORIZONS FUND

# RISKS OF INVESTING IN THE FUND

in Globant, a leading provider of digital platform and engineering services, **What is portfolio management's outlook?** **What is the position of the mutual fund** **Contribution** contained in this report. **What is the position of the mutual fund** **Contribution** contained in this report. **What is the position of the mutual fund** **Contribution** contained in this report. **What is the position of the mutual fund** **Contribution** contained in this report. **What is the position of the mutual fund** **Contribution** contained in this report. **What is the position of the mutual fund** **Contribution** contained in this report. **What is the position of the mutual fund** **Contribution** contained in this report. **What is the position of the mutual fund** **Contribution** contained in this report. **What is the position of the mutual fund** **Contribution** contained in this report. **What is the position of the mutual fund** **Contribution** contained in this report. **What is the position of the mutual fund** **Contribution** contained in this report. **What is the position of the mutual fund** **Contribution** contained in

8

T. ROWE PRICE NEW HORIZONS FUND

**BENCHMARK INFORMATION**

| TWENTY-FIVE LARGEST HOLDINGS |  | Percent of Net Assets |
| --- | --- | --- |
|  |  | 12/31/22 |

9

T. ROWE PRICE NEW HORIZONS FUND

Paylocity Holding
Ceridian
HubSpot
Old Dominion
Burlington
Bill.com
Ingersoll
3.3%
3.3
3.2
3.2
3.2
3.2
3.2
3.2
3.2
3.2
3.2
3.2
3.2
3.2
3.2
3.2
3.2
3.2
3.2
3.2
3.2
3.2
3.2
3.2
3.2
3.2
3.2

![img-0.jpeg](img-0.jpeg)

As of 12/31/22

| New Horizons Fund | $36,594 |
| --- | --- |
| Russell 2000 Growth Index | 24,112 |
| Lipper Mid-Cap Growth Funds Index | 26,999 |

10

T. ROWE PRICE NEW HORIZONS FUND

# **GROWTH OF \$10,000**

Booz Allen Hamilton Holding

2.7

|  | Periods Ended 12/31/22 | 1 Year | 5 Years | 10 Years | Since Inception | Inception Date |
| --- | --- | --- | --- | --- | --- | --- |
| The views change to a forecast | New Horizons Fund | -37.00% | 9.33% | 13.85% | - | - |
|  | New Horizons Fund- I Class | -36.91 | 9.46 | - | 11.58% | 8/28/15 |

$7

11

T. ROWE PRICE NEW HORIZONS FUND

# AVERAGE ANNUAL COMPOUND TOTAL RETURN

MSCI, Inc. is a limited, priced or operating by S&P DJI, Dow Jones, S&P, or their respective 2.2 New Horizons Fund-5.5% of such parties make any representation regarding the 2.2

| II |  |  |
| --- | --- | --- |
| R | New Horizons Fund | 0.75% |
| C | New Horizons Fund-I Class | 0.64 |
| S | New Horizons Fund-Z Class | 0.64 |

The expense ratio shown is as of the fund's most recent prospectus. This number may vary

12

T. ROWE PRICE NEW HORIZONS FUND

# EXPENSE RATIO

Fund 2,000,000.00 for i and Z Class shares, 1-800-638-8790. 1.9
From the expense ratio shown elsewhere in this report because it is based on a different time
Total table shows how the fund would have performed each year if its actual (or cumulative)
Total T. Rowe Price (the first annual income) is based on a total of 1,000,000.00 for the first
Guaranty fund based on a constant rate. Average annual total return figures include 1.9
with less than $10,000. The fee is valued for any investor whose T. Rowe Price annual fund
changes in principal value, individual dividends, and capital gain distributions. Returns for
Total are total $20,000 or more, accounts electing to receive electronic delivery of accounts
the reflect dates that the shareholder may pay on fund distributions. In the redemption of fund
statements, transaction, confirmatory, reinspection, and shareholder reports on accounts of
the fund, which are listed as follows: the following: (1) The following: (2) The following: (3) The following: (4) The following: (5) The following: (6) The following: (7) The following: (8) The following: (9) The following: (10) The following: (11) The following: (12) The following: (13) The following: (14) The following: (15) The following: (16) The following: (17) The following: (18) The following: (19) The following: (20) The following: (21) The following: (22) The following: (23) The following: (24) The following: (25) The following: (26) The following: (27) The following: (28) The following: (29) The following: (30) The following: (31) The following: (32) The following: (33) The following: (34) The following: (35) The following: (36) The following: (37) The following: (38) The following: (39) The following: (40) The following: (41) The following: (42) The following: (43) The following: (44) The following: (45) The following: (46) The following: (47) The following: (48) The following: (49) The following: (50) The following: (51) The following: (52) The following: (53) The following: (54) The following: (55) The following: (56) The following: (57) The following: (58) The following: (59) The following: (60) The following: (61) The following: (62) The following: (63) The following: (64) The following: (65) The following: (66) The following: (67) The following: (68) The following: (69) The following: (70) The following: (71) The following: (72) The following: (73) The following: (74) The following: (75) The following: (76) The following: (77) The following: (78) The following: (79) The following: (80) The following: (81) The following: (82) The following: (83) The following: (84) The following: (85) The following: (86) The following: (87) The following: (88) The following: (89) The following: (90) The following: (91) The following: (92) The following: (93) The following: (94) The following: (95) The following: (96) The following: (97) The following: (98) The following: (99) The following: (100) The following

![img-1.jpeg](img-1.jpeg)

13

T. ROWE PRICE NEW HORIZONS FUND

# **FUND EXPENSE EXAMPLE (CONTINUED)**

When you are as an agent, the original (2) ongoing costs including a fund and a fee combination

and expense (less 5) fund and other fund expenses. The following example is intended to help

you understand your ongoing costs (in dollars) of investing in the fund and to compare these

costs with the ongoing costs of investing in other mutual funds. The example is based on an

costs and do not reflect any transaction costs, such as redemption fees or sales loads.

Investment of $1,000 invested at the beginning of the most recent six-month period and held for

the state of useful in comparing ongoing costs only and will

have total costs of owning different funds. To the extent a fund

charges no distribution and service (12b-1) fee, a Class shown are also available to institutional

# **NET ASSET VALUE**

| Beginning of period | $76.81 | $82.28 | $59.37 | $48.20 | $52.57 |
| --- | --- | --- | --- | --- | --- |

Investment activities

| Net investment loss (1)(2) | (0.28) | (0.48) | (0.36) | (0.20) | (0.14) |
| --- | --- | --- | --- | --- | --- |

![img-2.jpeg](img-2.jpeg)

14

T. ROWE PRICE NEW HORIZONS FUND

| FINANCIAL INSTITUTIONS |  | Impose no 12b-1 or administrative fee payment, and Z Class shares are offered only to funds advised by T. Rowe Price and other advisory clients of T. Rowe Price or its affiliates that are subject to a contractual fee for investment management services and impose no 12b-1 fee or administrative fee payment. Each share class represented separately on the Fund. |  |  |  |
| --- | --- | --- | --- | --- | --- |
| I Class | Account Value | Account Value | During Period* |  |  |
|  | 7/1/22 | 12/31/22 | 7/1/22 | to 12/31/22 |  |
|  | (66.82) | 8.14 | 34.44 | 18.34 | 2.49 |
|  | (28.88) | 7.66 | 34.08 | 18.14 | 2.35 |
|  | This financial provides information about actual account values and distributions. Expenses based on the fund's actual returns. You may use the information on this line, together with the following: |  |  |  |  |
| NET ASSET VALUE | $(2.18) | $(12.13) | $(11.17) | $(9.97) | $(8.77) |
| Beginning of period | $77.03 | $82.55 | $53.52 | $48.26 | $52.65 |
| NET ASSET VALUE |  |  |  |  |  |
| End of period | $46.33 | $76.81 | $82.28 | $59.37 | $48.20 |
| Net investment loss (1)(2) | (0.20) | (0.39) | (0.28) | (0.13) | (0.07) |

15

T. ROWE PRICE NEW HORIZONS FUND

# FINANCIAL HIGHLIGHTS

The amount to estimate the expenses that you paid over the period. Simply
(under your account value) by $1,000. For example, an $1,000.00 amount value divided by $1,000
= 8.4) then multiply the result by the number on the first line under the heading "Expenses Paid
During Period" to estimate the expenses you paid on your account during this period.
Actual 1,015.00 3.35

| Z Class |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 18.36 | 3/16/20 (1) |  |
|  |  |  | based on hypothetical amount |  |  |
| Z Class |  |  |  |  |  |
| Revenues and expenses derived from the fund's actual expenses paid and estimated for one year |  |  |  |  |  |
| Z Class |  |  |  |  |  |
| Total ASSET VALUE |  |  |  |  |  |
| Beginning of period | (37.00)% | 9.71% | 57.72% | 37.71% | 4.04% |
|  | (12.25) | (12.25) | $76.86 | $82.36 | $86.43 |
| Ratio to average net assets: (2) |  |  |  |  |  |
| NET ASSET VALUE |  |  |  |  |  |
| End of period | $46.54 | $77.03 | $82.55 | $59.52 | $48.26 |
|  |  |  | 0.16 | 0.17 | 0.12 |

16

T. ROWE PRICE NEW HORIZONS FUND

December 31, 2022

**FINANCIAL INSTITUTIONS** expenses (not the fund's actual return). You may compare the ongoing costs of investing in the fund with other funds by contrasting this 5% annualized example. (Cost and value in $000s)  
 **State**  
 **State**  
 **State**  
 **State**  
 **State**  
 **State**  
 **State**  
 **State**  
 **State**  
 **State**  
 **State**  
 **State**  
 **State**  
 **State**  
 **State**  
 **State**  
 **State**  
 **State**  
 **State**  
 **State**  
 **State**  
 **State**

17

T. ROWE PRICE NEW HORIZONS FUND

| ORIGINAL: 0.00% (1)(2)(3) - 1.00 was 0.00% |  |  |  |
| --- | --- | --- | --- |
| Offer/Up, Acquisition Date: 3/6/15, Cost $5,042 (1)(2)(3) |  | 1,012,630 Shares/Par | 999 $ Value 759 |
| Total Communication Services |  |  |  |
| Accts and rates in 2015 |  |  |  |
| CONSUMER DISCRETIONARY 6.8% |  |  |  |
| Advertising Payments, Fee, Accumptions, Date: 6/30/21 |  | 0.64% | 0.65% |
| Advertising Committees Services 0.8% |  |  |  |
| Services 0.8% |  | 18,065,044 | 15,843 |
| Services 0.8% |  | 0.64% | 0.64% |
| Services 0.8% |  | 0.64% | 0.64% |
| Services 0.8% |  | 0.64% | 0.64% |
| Services 0.8% |  | 0.64% | 0.64% |
| Services 0.8% |  | 0.64% | 0.64% |

| Total Communications and other services outstanding, method |  | 18,065,044 | 15,843 |
| --- | --- | --- | --- |
| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |
| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |
| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |
| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |
| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |

| Total Communications and other services outstanding, method |  | 0.64% | 0.64% |
| --- | --- | --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
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</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

| Total Communications and other services outstanding, method |  |
| --- | --- |

</table>

<table></td></table>

T. ROWE PRICE NEW HORIZONS FUND

| Allogene Therapeutics (2) | 2,472,626 | 15,553 |
| --- | --- | --- |
| Sawingsen Class A (2) | 1,017,589 | 53,373 |
| Atnylam Pharmaceuticals (2) | 1,000,000 | 3,000,000 |
| Wintolup (4) | 1,853,917 | 255,281 |
| Acetyl and Valerol (2) | 1,032,595 | 53,396 |
| Argenx ADR (2) | 1,071,000 | 336,852 |
| Institute of Drug and Drug Research (2) | 1,000,000 | 1,000,000 |
| Institute of Drug and Drug Research (2) | 1,000,000 | 1,000,000 |
| Institute of Drug and Drug Research (2) | 1,000,000 | 1,000,000 |
| Institute of Drug and Drug Research (2) | 1,000,000 | 1,000,000 |

(1) Inception date
(2) Per share amounts calculated using average shares outstanding method.

19

T. ROWE PRICE NEW HORIZONS FUND

| CA Thermonics (2) | 1,789,474 | 110,444 |
| --- | --- | --- |
| Specialty Pharmaceuticals, ADR (2) | 1,789,474 | 110,444 |
| General Therapeutics Holdings (2) | 1,789,474 | 110,444 |
| CDS Therapeutics (2) | 1,789,474 | 110,444 |
| CDS Therapeutics (2) | 1,789,474 | 110,444 |
| CDS Therapeutics (2) | 1,789,474 | 110,444 |
| Refinery, Carbon, and Other related arrangements with Price Associates (2) | 1,789,474 | 110,444 |
| Refinery, Carbon, and Other related arrangements with Price Associates (2) | 1,789,474 | 110,444 |
| Refinery, Carbon, and Other related arrangements with Price Associates (2) | 1,789,474 | 110,444 |
| Refinery, Carbon, and Other related arrangements with Price Associates (2) | 1,789,4 | 110,444 |
| Refinery, Carbon, and Other related arrangements with Price Associates (2) | 1,789,4 | 110,444 |
| Refinery, Carbon, and Other related arrangements with Price Associates (2) | 1,789,4 | 110,444 |
| Refinery, Carbon, and Other related arrangements with Price Associates (2) | 1,789,4 |  |

20

T. ROWE PRICE NEW HORIZONS FUND

| Billings & Commission Funds: 0.5% | 1,704,788 | 24,130 |
| --- | --- | --- |
| Wage, Pharmaceutical, 2000/2001 | 1,704,788 | 17,745 |
| Volume Capital 2000 Series B, Acquisition Date: 3/8/18, | Shares/Par | $ Value |
| Roofing 2000 | 1,563,422 | 1,000,000 |
| Total Capital 2000 (2000s) | 1,563,422 | 1,000,000 |
| Shares, Pharmaceutical, 2000 Series C, Acquisition Date: 5/25/17 - 3/8/18, | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series D, Acquisition Date: 6/29/18 - 12/2/19, Cost $18,149 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series E, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series F, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series G, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series H, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series I, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series J, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series K, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series L, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series M, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series N, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series O, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series P, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series Q, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series R, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series S, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series Series T, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series U, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series V, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series W, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series X, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series Y, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series Z, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AA, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AB, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AC, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AD, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AE, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AF, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AG, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AH, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AI, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AJ, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AK, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AL, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AM, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AN, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AO, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AP, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AQ, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AR, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AS, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AT, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AU, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AV, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AW, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AX, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AY, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series AZ, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series BA, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series BB, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series BC, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series CD, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series CE, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series CF, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series CE, AE, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series CF, AE, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series CF, AE, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563, 422 | 1,000,000 |
| Total Capital 2000 Series CF, AE, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series CF, AE, Acquisition Date: 9/28/20, Cost $7, 914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series CF, AE, Acquisition Date: 9/28/20, Cost $7,914 (1)(2) | 1,563,422 | 1,000,000 |
| Total Capital 2000 Series CF, AE, Acquisition Date: 9/28/20 |  |  |

21

T. ROWE PRICE NEW HORIZONS FUND

| Plante (T) (2) | 670,595 | 13,270 |
| --- | --- | --- |
| Winston, 2016 (1)(2)(3) | 1,384,495 | 294,900 |
| 2016 (1)(2)(3) | 2,000,000 Par | 2,000 |
| 2016 (1)(2)(3) | 1,707,212 | 2,000 |
| Baltimore, 2016 (1)(2)(3) | 2,069,240 | 433,678 |
| Baltimore, 2016 (1)(2)(3) | 5,424,256 | 4,509,648 |
| Baltimore, 2016 (1)(2)(3) | 2,364,198 | 1,383,679 |
| Baltimore, 2016 (1)(2)(3) | 3,296,685 | 257,480 |
| Baltimore, 2016 (1)(2)(3) | 6,104,550 | 153,335 |
| Baltimore, 2016 (1)(2)(3) | 4,104,550 | 153,335 |
| Baltimore, 2016 (1)(2)(3) | 4,104,550 | 153,335 |
| Baltimore, 2016 (1)(2)(3) | 10,428,821 | 52,000 |
| Baltimore, 2016 (1)(2)(3) | 1,384,215 | 254,900 |
| Baltimore, 2016 (1)(2)(3) | 10,428,821 | 52,000 |

22

T. ROWE PRICE NEW HORIZONS FUND

| Preparation of Plans (1)(2), 12/22/21, Cost $2,205 (1)(2)(3) | 1,294,208 | 4,026 |
| --- | --- | --- |
| Reimbursement of Funds, Acquisition Date: 1/26/21, Cost $- (2)(3) | 10,403,042 | 5,000,000 |
| Reimbursement of Funds, Acquisition Date: 1/26/20, Cost $7,493 (1)(2)(3) | 3,000,000 Par | 2,000 due |
| Reimbursement of Funds, Acquisition Date: 1/26/20, Cost $7,493 (1)(2)(3) | 3,000,000 Par | 2,000 due |
| Reimbursement of Funds, Acquisition Date: 1/26/20, Cost $7,493 (1)(2)(3) | 4,201,663 | 23,048 |
| Reimbursement of Funds, Acquisition Date: 1/26/20, Cost $7,493 (1)(2)(3) | 949,750 | 4,940,428 |
| Reimbursement of Funds, Acquisition Date: 1/26/20, Cost $7,493 (1)(2)(3) | 749,801 | 26,461 |
| Reimbursement of Funds, Acquisition Date: 1/26/20, Cost $7,493 (1)(2)(3) | 1,373,489 | 8,955,888 |
| Reimbursement of Funds, Acquisition Date: 1/26/20, Cost $7,493 (1)(2)(3) | 1,373,489 | 8,955,888 |
| Reimbursement of Funds, Acquisition Date: 1/26/20, Cost $7,493 (1)(2)(3) | 1,373,489 | 8,955,888 |

23

T. ROWE PRICE NEW HORIZONS FUND

| Global Property Acquisition Date: 9/17/21 | Cost $- (2)(3) | 6,817,921 | 556,008 |
| --- | --- | --- | --- |
| Health Care Providers & Services 0.0% | Cost $- (2)(3) | 1,116,000 | 36,000 |
| Health Care Providers & Services 0.0% | Cost $- (2)(3) | 2,428,000 | 40,000 |
| Health Care Providers & Services 0.0% | Cost $4,778 (1) | 1,235,725 | 3,013 |
| Health Care Providers & Services 0.0% | Cost $4,778 (1) | 122,485 | 20,319,000 |
| Total Common Stock (Cost $16,346,919) | Cost $15,719 | 1,222,676 | 3,013 |
| Total Common Stock (Cost $16,346,919) | Cost $15,719 | 1,222,676 | 3,013 |
| Health Care Providers & Services 0.0% | Cost $15,719 | 1,222,676 | 3,013 |
| Health Care Providers & Services 0.0% | Cost $15,719 | 1,222,676 | 3,013 |
| Health Care Providers & Services 0.0% | Cost $15,719 | 1,222,676 | 3,013 |

24

T. ROWE PRICE NEW HORIZONS FUND

| 1 | 4,578,525 | 451,887 |
| --- | --- | --- |
| 2 | 7,808,779 | 42,952 |
| 3 | 11,888,000 | 5,000 |
| 4 | 5,124,715 | 454,161 |
| 5 | 1,203,400 | 478,902 |
| 6 | 3,634,301 | 411,403 |
| 7 | 1,168,452 | 1,131,502 |
| 8 | 2,098,881 | 1,980,815 |
| 9 |  | 17,065 |
| 10 | 49,453,020 | 579,424 |
| 11 | 5,735,000 | 34,000 |
| 12 | 5,765,273 | 628,164 |
| 13 | 28,452,429 | 18,245 |

25

T. ROWE PRICE NEW HORIZONS FUND

| Ceridian HCM Holding (2)(4) | 11,426,351 | 733,642 |
| --- | --- | --- |
| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |
| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |
| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |
| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |
| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |
| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |
| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |
| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |
| Health Care Providers & Services (2)(4) |  |  |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |
| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |
| Health Care Providers & Services (2)(4) |  |  |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |
| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table></table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table></table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table></table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table></table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table></table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table></table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table></table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table></table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table></table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table></table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table></table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table></table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table></table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table></table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table></table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table></table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table></table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table></table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table></table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table></table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table></table>

| Health Care Providers & Services (2)(4) | 1,426,351 | 1,426,351 |
| --- | --- | --- |

</table></table><tr><td>Health Care Providers &amp; Services (2)(4)</td><td>1,426,351</td><td>1,426,351</td></tr></table></table></table></table><tr><td>Health Care Providers &amp; Services (2)(4)</td><td>1,426,351</td><td>1,426,351</td></tr></table></table></table></table><tr><td>Health Care Providers &amp; Services (2)(4)</td><td>1,426,351</td><td>1,426,351</td></tr></table></table></table></table><tr><td>Health Care Providers &amp; Services (2)(4)</td><td>1,426,351</td><td>1,426,351</td></tr></table></table></table></table></table></table><tr><td>Health Care Providers &amp; Services (2)(4)</td><td>1,426,351</td><td>1,426,351</td></tr></table></table></table></table></table><tr><td>Health Care Providers &amp; Services (2)(4)</td><td>1,426,351</td><td>1,426,351</td></tr></table></table></table></table></table></table></table></table><tr><td>Health Care Providers &amp; Services (2)(4)</td><td>1,426,351</td><td>1,426,351</td></tr></table></table></table></table></table></table></table></table></table></table></table>

26

T. ROWE PRICE NEW HORIZONS FUND[{"box_2d": [36, 83, 619, 192], "label": "table", "caption": "

| Farmers Business Network, Series E Acquisition Date: 7/31/20 | 1,176,193 | 6,008 |
| --- | --- | --- |
| First International Acquisition Date: 7/31/20, Cost $6,415 (1)(2)(1) | 4,844,935 | 11,824 |
| First International Acquisition Date: 11/24/20, Cost $6,415 (1)(2)(1) | 3,000,000 | 9,000 |
| INFORMATION TECHNOLOGY 2.1% |  |  |
| Total Cash Value (Amounts) | 76,477 | 46,380 |
| U.S. Government, Series E Acquisition Date: 5/21/20, Cost $7,412 (1)(2)(3) | 1,189,622 | 31,359 |
| First International Acquisition Date: 5/21/20, Cost $20,951 (1)(2)(3) | 2,724,737 | 32,581 |
| First International Acquisition Date: 5/21/20, Cost $20,951 (1)(2)(3) | 361,550 | 15,750 |
| First International Acquisition Date: 7/31/20, Cost $20,951 (1)(2)(3) | 2,693,841 | 16,690 |
| First International Acquisition Date: 7/31/20, Cost $20,951 (1)(2)(3) | 2,693,841 | 16,690 |
| First International Acquisition Date: 7/31/20, Cost $20,951 (1)(2)(3) | 2,693,841 | 16,690 |
| First International Acquisition Date: 7/31/20, Cost $20,951 (1)(2)(3) | 2,693,841 | 16,690 |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |
| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |
| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |
| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></table>

| First International Acquisition Date: 7/31/20, Cost $6,451 (1)(2) | 2,693,841 | 11,610 |
| --- | --- | --- |

<table><tr><td></td><td></td><td></td></tr></

T. ROWE PRICE NEW HORIZONS FUND

| 2018-19-287 (1H2) (3)(4) | 3,618,057 | 53,566 |
| --- | --- | --- |
| 2018-19-287 (1H2) (3)(4) | 2,099 | 121,900 |
| 2018-19-287 (1H2) (3)(4) | 2,695,980 | 48,000 |
| 2018-19-287 (1H2) (3)(4) | 1,026,632 | 64,000 |
| 2018-19-287 (1H2) (3)(4) | 1,026,632 | 64,000 |
| 2018-19-287 (1H2) (3)(4) | 1,026,632 | 64,000 |
| 2018-19-287 (1H2) (3)(4) | 1,026,632 | 64,000 |

28

T. ROWE PRICE NEW HORIZONS FUND

| (2)(3) | Total | 19,770 | 20,000 |
| --- | --- | --- | --- |
| Fixed Assets | Total | 19,770 | 20,000 |
| Fixed Assets | Total | 19,770 | 20,000 |
| Fixed Assets | Total | 19,770 | 20,000 |
| Fixed Assets | Total | 19,770 | 20,000 |
| Fixed Assets | Total | 19,770 | 20,000 |

| Fixed Assets | Total | 19,770 | 20,000 |
| --- | --- | --- | --- |
| Fixed Assets | Total | 19,770 | 20,000 |
| Fixed Assets | Total | 19,770 | 20,000 |

29

T. ROWE PRICE NEW HORIZONS FUND

| April 26, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 | Days under Right on ownership or control. The 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 | Securities | 20,769 |
| --- | --- | --- | --- |
| SHELTERED STOCKS 0.0% | 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 | 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 | 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 |
| ANNUAL 1.0% | 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 | 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 | 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 |
| ANNUAL 1.0% | 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 | 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 | 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 |
| ANNUAL 1.0% | 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 | 1, 1, 1 | 1, 1, 1 |

30

T. ROWE PRICE NEW HORIZONS FUND

| Annual Preferred Stocks (Cost $74,932) | Gain (Lots) | Gain (Days) | 2014/2015 |
| --- | --- | --- | --- |
| Balance at 31st of December 31, 2014 | - | $ - | $ - |
| Balance at 31st of December 31, 2014 | 9,910 | 1,258,760 | 21,050 |
| Balance at 31st of December 31, 2014 | 70,150 | (228,200) | 2,274 |
| Balance at 31st of December 31, 2014 | - | - | - |
| Balance at 31st of December 31, 2014 | - | - | - |
| Total Investment and Other Stocks | 929 | (51,652) | - |

31

T. ROWE PRICE NEW HORIZONS FUND

| Regimen | Value | Purchase | (800) | Value |
| --- | --- | --- | --- | --- |
| 1. 2016-2017 Net Assets | 12/31/21 | Cost | (1,000) | 12/31/22 |
| 2. 2016-2017 Net Assets (Cost $17,956,211) | $269,075 | $1,261 | $(78,000) | $22,361,993 |
| 3. 2016-2017 Net Assets (Cost $17,956,211) | $278,979 | $25 | $(21,000) | $ |
| 4. 2016-2017 Net Assets (Cost $17,956,211) | $278,979 | $25 | $(21,000) | $ |
| 5. 2016-2017 Net Assets (Cost $17,956,211) | $278,979 | $25 | $(21,000) | $ |
| 6. 2016-2017 Net Assets (Cost $17,956,211) | $278,979 | $25 | $(21,000) | $ |
| 7. 2016-2017 Net Assets (Cost $17,956,211) | $278,979 | $25 | $(21,000) | $ |
| 8. 2016-2017 Net Assets (Cost $17,956,211) | $278,979 | $25 | $(21,000) | $ |
| 9. 2016-2017 Net Assets (Cost $17,956,211) | $278,979 | $25 | $(21,000) | $ |
| 10. 2016-2017 Net Assets (Cost $17,956,211) | $278,979 | $25 | $(21,000) | $ |

32

T. ROWE PRICE NEW HORIZONS FUND

|  | Value | Purchase | Sales | Value |
| --- | --- | --- | --- | --- |
| Annual Income | 12/31/21 | Cost | 350,000 | 12/31/22 |
| Income Taxes, Net | 4,422 | $298,968 | (51,500) | 732,808 |
| Income Taxes, Net | 41,064 | 461 | (70,030) | 78,438 |
| Income Taxes, Net | 38,301 | 5,451 | - | 43,388 |
| Income Taxes, Net at period end | 81,324 | (1,498,458) | (1,124,581) | 704,769 |
| Income Taxes, Net | 393,465 | $(1,633,120) | $(4,336,787) | $63,362 |
| Income Taxes, Net | 613,000 | 59,607 | 874,278 | - |
| Income Taxes, Net | 373,000 | 130,527 | 1,884 | 451,675 |

Note: Disposition distributions from underlying Price funds represented $0 of the net realized gain

33

T. ROWE PRICE NEW HORIZONS FUND

December 31, 2022[{"box_2d": [32, 88, 611, 239], "label": "table", "caption": "

| Dividend income | 10,314 | - | 10,347 | - |
| --- | --- | --- | --- | --- |
| Dividend income comprised $63,881 of dividend income and $80 of interest income. |  |  |  |  |
| Dividends | 9,294 | - | 9,294 | - |
| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| Dividends | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| Dividends | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| Dividends | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |
| Dividends | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |
| Dividends | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |
| Dividends | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |
| Dividends | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |
| Dividends | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |
| Dividends | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |
| Dividends | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
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| Dividends and sale information not shown for cash management funds. |  |  |  |  |
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| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
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| Dividends and sale information not shown for cash management funds. |  |  |  |  |
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| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
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| Dividends and sale information not shown for cash management funds. |  |  |  |  |
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| Dividends and sale information not shown for cash management funds. |  |  |  |  |
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| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
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| Dividends and sale information not shown for cash management funds. |  |  |  |  |
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| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
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| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
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| Dividends and sale information not shown for cash management funds. |  |  |  |  |
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| Dividends and sale information not shown for cash management funds. |  |  |  |  |
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| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
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| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |

| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| --- | --- | --- | --- | --- |
| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| Dividends and sale information not shown for cash management funds. |  |  |  |  |
| Dividends and sale information not shown for cash management funds. |  |  |  |  |

2. table</tabletabletabletabletabletabletabletabletabletabletabletabletabletabletable</table</table</table</table</table</>table</table</table>2.table</tabletabletabletabletable</tabletable</table</table</table</table</table</table</table</table>2.table</tabletabletabletabletabletable</tabletable</table</table</table</table</table</table</table</table</table</table</table</td><trtabletable</tabletable</td><trtabletable</td><tr>2,000 1 2

T. ROWE PRICE NEW HORIZONS FUND

December 31, 2022

| STATEMENT OF ASSETS AND LIABILITIES |  | 8,777 | 84 | 4 |
| --- | --- | --- | --- | --- |
| Balance (losses and per share amounts) | 42,971 | 264,100 | 226 | 42,932 |
| Bank Receivables |  |  |  | 454,861 |
| Excess Vacation Rental Network, |  |  |  |  |
| Number | 768,806 | - | 476,396 | - |
| Series |  |  |  | 8,302 |
| Repligen |  | 552,031 | 361,493 | 601,780 |
| Excess Car Rental Network |  |  |  | 22,430,068 |
| Rower Credit | 46,498 | - | 37,310 | - |
| Series | 40,655 | - | - | 40,613 |
| Rower Credit distributable earnings (loss) | 427 | - | - | $2,019,920 |
| Excess Car Rental Network |  |  |  |  |
| Sales | 4,541,000 | 4,541,000 | 769 | 433,878 |
| Sales | 4,541,000 | 4,541,000 | - | 1,540,955 |
| Sales Payable for investment securities outstanding | 4,541,000 | 4,541,000 | - | - |
| School Stock |  |  |  |  |
| Payment of shares redeemed |  |  |  | 20,294,329 |
| Investment management fees payable |  |  |  | 12,476 |
| NET ASSETS |  |  |  | $22,304,349 |
| Other liabilities |  |  |  | 1,872 |
| NET ASSET VALUE PER SHARE |  |  |  |  |

35

T. ROWE PRICE NEW HORIZONS FUND

| STATEMENT OF ASSETS AND LIABILITIES |  | 45,011 | 392,127 | 1,162 |
| --- | --- | --- | --- | --- |
| General Reserve, Insurance, Services | - | 464,535 | 461 | 412,459 |
| General Reserve, Insurance (per share amounts) | - | 12,134 | 84 | 23,688 |
| General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve | 6,398 | - | 390 | 6,008 |
| General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve | - | - | - | 17,591 |
| General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve, General Reserve | - | 266,697 | 528 | 482,105 |
| Total Liabilities | - | 310 | - | 125,310 |
| Taxes, Class A | - | 119,079 | 131,853 | 407,574 |
| Dividend | - | 522,837 | 299 | - |
| Toys, Class A | - | 334,174 | 166,450 | - |
| Go Mkt, Class A | 9,779 | - | - | - |
| Deposits | - | - | - | - |
| Deposits | - | - | - | - |
| Deposits | - | - | - | - |
| Deposits | - | - | - | - |
| Deposits | - | - | - | - |
| Deposits | - | - | - | - |
| Deposits | - | - | - | - |

| Total Liabilities |  | 45,011 | 392,127 | 1,162 |
| --- | --- | --- | --- | --- |
| Investment Income (Loss) | 668,991 | - | 443,278 | - |
| Total Investment Income (Loss) |  |  |  |  |
| T Class |  |  |  |  |
| Income |  |  |  |  |
| ($10,762,814,762 / 231,246,283 shares outstanding) |  |  |  | $46.54 |
| Dividend (net of foreign taxes or $905) |  |  |  | $75,809 |
| Z Class |  |  |  |  |
| INCOME |  |  |  | 80 |
| ($1,904,905,988 / 40,732,514 shares outstanding) |  |  |  | $46.77 |
| Other |  |  |  | 15 |
| Total income |  |  |  | 75,899 |

The accompanying notes are an integral part of these financial statements.

36

T. ROWE PRICE NEW HORIZONS FUND

| STATEMENT - On page 11/2016 | * | - | 137,220 | - |
| --- | --- | --- | --- | --- |
| Womery | 288,496 | 209,435 | 208,105 | 255,281 |
| Xometry, Class A | * | 28,824 | 98 | * |
| T. Rowe Price Government |  |  |  |  |
| Reserve Fund, 4.30% | 281,465 | 0 | 0 | 399,266 |
| Expenses |  |  |  |  |
| Total |  |  |  | $8,134,890 |
| Investment management |  |  |  | 195,523 |
|  |  |  |  | 1,231,722 |
| Realized and unrealized Gain / Loss |  |  |  |  |
| Investor Class |  | $18,789 |  |  |
| Net realized gain (loss) |  |  |  |  |
| J Class |  | 1,338 |  | 20,127 |
| Securities |  |  |  | (2,136,159) |
| Prospectus and shareholder reports |  |  |  | (1,392) |
| Foreign currency transactions |  |  |  |  |
| Investor Class |  | 218 |  | (2,137,551) |
| Net realized loss |  |  |  |  |
| J Class |  | 178 |  | 396 |

37

T. ROWE PRICE NEW HORIZONS FUND

# STATEMENT OF OPERATIONS

($000s)

| Custody and accounting | Year | 1,073 |
| --- | --- | --- |
| Registration | Ended | 420 |
| Decrease (Decrease) in Net Assets | 12/31/22 | 12/31/23 |
| Decrease (Decrease) in Net Assets and liabilities denominated in foreign currencies |  | (11,954,688) |
| Decrease (Decrease) in Net Assets |  | (10) |
| Decrease (Decrease) in Net Assets |  | (11,954,720) |
| Net assets | $(101,111) | $(101,111) |
| Net assets | (2,137,551) | (14,193,373) |
| Net real estate gain / loss |  | 6,768,336 |
| Taxes | (11,954,711) | (2,659,093) |
| Taxes | (14,193,373) | (14,193,373) |
| Decrease in net assets |  |  |
| Decrease in Net Assets from operations |  |  |

The accompanying notes are an integral part of these financial statements.

38

T. ROWE PRICE NEW HORIZONS FUND

# STATEMENT OF CHANGES IN NET ASSETS financial statements.

($000s)

| Distributions to shareholders | Year Ended |  |
| --- | --- | --- |
|  | 12/31/22 | 12/31/21 |
| Net Assets |  |  |
| Class | (440,452) | (3,605,882) |
| Increase/(decrease) during period | (1,695,824) | (1,737,025) |
| Beginnings of period | 3,057,803 | 3,048,836 |
| End of period | $(2,394,349) | $(3,269,623) |

*Share information (000s)(a)

39

T. ROWE PRICE NEW HORIZONS FUND

# STATEMENT OF CHANGES IN NEW ASSETS

($000s)

# Capital share transactions

Shares sold
Commodity of 1940 (the 1940 Act) as a diversified, open-end management, 27,000
Investor Class 1,100,016 2,335,291
companies The fund seeks long-term capital growth by investing primarily in common
3 Class 1,000,000 3,371,000
space and small, rapidly growing companies. The fund has three classes of shares: the
Distributions reinvested
New Horizons Fund (Investor Class), the New Horizons Fund-I Class (I Class), and
Investor Class 1,000,000 3,465,310
the New Horizons Fund-Z Class (Z Class). I Class shares represent $500,000 in 1983
1 Class 1,000,000 3,465,310
investment minimum, although the minimum generally is worth or reduced
Shares redeemed
financial intermediaries, eligible retirement plans, and certain other accounts. Prior to

The accompanying notes are an integral part of these financial statements.

40

T. ROWE PRICE NEW HORIZONS FUND

# NOTICE TO FINANCIAL STATEMENTS

T. Rowe Price New Horizons Fund, the fund is registered under the Investment as dividend income, Capital gain distributions are recorded as realized gain/loss.
Shares redeemed
In the financial and capital gain distributions are recorded as the ex-dividend date.
November 2, 2021, the initial investment minimum was $2,000,000 and was $2,000,000.
Net Asset dividends, if any, are recorded at the fair market value of the asset dividend, waived by financial intermediaries, eligible retirement plans and other centralized
Pro forma from litigation payments, if any, are included in the net realized gain/loss.
In the financial and capital gain distributions, the I Class minimum financial assets exceeded or change in net unrealized gain/loss from securities. Distributions to shareholders are from the Investor Class to the I Class. This transfer of shares from Investor Class to the I Class is reflected in the ex-dividend date. Income distributions, if any, are declared and paid by I Class is reflected in the Statement of Changes in Net Assets within the Capital shares
and other other instruments. In the financial and capital gain distributions, the I Class is only and paid by transactions as shares redeemed and shares sold, respectively. The Z Class is only shares held by affiliated products
available to funds advised by T. Rowe Price Associates, Inc. and its affiliates and other

41

T. ROWE PRICE NEW HORIZONS FUND

as income tax expense. Dividends received from mutual fund investments are reflected

the fund annually.
Update (ASU), ASU 2022-03, Fair Value Measurement (Topic B20) - Fair Value

Copyright © 2022, A&M, Inc. All rights reserved. The content of this publication is subject to the exclusive copyright of the author(s) and the copyright owner(s) of the author(s) in the course of the year. The author(s) is not a registered trademark of A&M, Inc. or a registered trademark of A&M, Inc. or a registered trademark of A&M, Inc. or a registered trademark of A&M, Inc. or a registered trademark of A&M, Inc. or a registered trademark of A&M, Inc. or a registered trademark of A&M, Inc. or a registered trademark of A&M, Inc. or a registered trademark of A&M, Inc. or a registered trademark of A&M, Inc. or a registered trademark of

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

42

T. ROWE PRICE NEW HORIZONS FUND

**New Accounting Guidance** In June 2022, the FASB issued Accounting Standards

on the respective date of such transaction. The effect of changes in foreign currency impact on the fund's financial statements exchange rates on realized and unrealized security gains and losses is not material.

**The FASB issued Accounting Standards** in June 2022, the FASB issued Accounting Standards

**Basis of Preparation** The fund is an investment company and follows accounting and capital accounting statements. The fund is a member of the Department of Financial Accounting and Financial Accounting. The fund is a member of the Department of Financial Accounting and Financial Accounting. The fund is a member of the Department of Financial Accounting and Financial Accounting. The fund is a member of the Department of Financial Accounting and Financial Accounting. The fund is a member of the Department of Financial Accounting and Financial Accounting. The fund is a member of the Department of Financial Accounting and Financial Accounting. The fund is a member of the Department of Financial Accounting and Financial Accounting. The fund is a member of the Department of Financial Accounting and Financial Accounting. The fund is a member

43

T. ROWE PRICE NEW HORIZONS FUND

and evaluates pricing vendors and pricing agents. The duties and responsibilities of modifications due to the planned discontinuation of the London Interbank Offered that the fund can access at the reporting date. The fund is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it is not a contract, but it

44

T. ROWE PRICE NEW HORIZONS FUND

The last quoted prices of non-U.S. equity securities may be adjusted to reflect the fair

$55,301,000 of net gain on $84,213,000 of in-kind redemptions.

The following table provides the information in a tabular format:

NOTE 02 as VALUATION

45

T. ROWE PRICE NEW HORIZONS FUND

prices determined by the Valuation Designee could differ from those of other market

valued that prices, the industry for industry and the business of the company, are not only available to the company, but also to the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company

| Investments | Value | Valuation | Significant Unobservable | Value or Range of | Weighted Average of | Impact to Valuation from an Increase |
| --- | --- | --- | --- | --- | --- | --- |

46

T. ROWE PRICE NEW HORIZONS FUND

a wide variety of factors and inputs, both observable and unobservable, in determining

| Investments | Value | Valuation | Significant Unobservable | Value or Range of | Weighted Average of | Impact to Valuation from an Increase |
| --- | --- | --- | --- | --- | --- | --- |

the time the valuations are made. OTC Bulletin Board securities are valued at the mean value of the cash flows. The Company's share of the assets is $100,000. The Company's share of the assets is $100,000. The Company's share of the assets is $100,000.

47

T. ROWE PRICE NEW HORIZONS FUND

in Securities (000s) Technique(s)+ Inputs(s) Input(s) Input(s)* in Input**

| Investments | Value | Valuation Balance | Significant Unobservable | Value or Range of Total | Weighted Average of Total | Impact to Valuation from an Increase |
| --- | --- | --- | --- | --- | --- | --- |
| representative of fair value. However, the value of the fair value is not available for the fair value. | 12/31/21 | 12/31/21 | 12/31/21 | 12/31/21 | 12/31/21 | 12/31/22 |

48

T. ROWE PRICE NEW HORIZONS FUND

in Securities (000s) Technique(s)+ Inputs(s) Input(s) Input(s)* in Input**

| Investments | Value | Valuation | Significant Unobservable | Value or Range of | Weighted Average of | Impact to Valuation from an Increase |
| --- | --- | --- | --- | --- | --- | --- |
| Total |  | $2,187,298 Market comparable | $2,187,298 Market comparable | $2,187,298 Market comparable | $(88,500) 2% | $(88,500) 3% |

49

T. ROWE PRICE NEW HORIZONS FUND

in Securities (000s) Technique(s)+ Inputs(s) Input(s) Input(s)* in Input**

In accordance with GAAP, the following table provides quantitative information about significant undiscountable assets used to determine the liabilities of the following financial instruments:
Level 3 assets by class of financial instruments, including the following: financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments, financial instruments

50

T. ROWE PRICE NEW HORIZONS FUND

# NOTE 3 - OTHER INVESTMENT TRANSACTIONS

| may be difficult and may involve substantial problems and additional costs. | 55% | 55% | Increase |
| --- | --- | --- | --- |
| Convertible $1,162 | Estimated gross on |  |  |
| Other Purchases and sales of multiple securities, on |  |  |  |
| aggregated $14,032,488,000 and | licensed 436,000, respectively | December 31, | December 31, |
| December 31, 2022 | Enterprise | 8.4x | 22.3x |
| Ordinary income (including short-term capital gains) | value of | - 26.9% | -# |
| Preferred | Decrease | 100% | 100% |
| Stocks | comparable | 105 | 1,530,832 |
| Long-term capital gain | transaction | 1,017,037 | 4,304,437 |
| price(s) | force(s) |  |  |

51

T. ROWE PRICE NEW HORIZONS FUND

The tax character of distributions paid for the periods presented was as follows:

| NOTE | 4 - FEDERAL INCOME TAXES | EBITDA | 23% | 81% | Increase |
| --- | --- | --- | --- | --- | --- |
|  | Options pricing | growth rate | 3129 | 3 | 3 |
|  | Total distributions | for federal income tax | 3129 | 3 | 3 |
|  | Debtors | increase | 0.8x | 0.8x | increase |
|  | At December 31, 2022, the tax value cost of the period (including dividends) |  |  |  |  |
|  | Increased from the current year |  |  |  |  |
|  | Debtors | increase | 0.8x | 0.8x | increase |
|  | Debtors are assumed in accordance with the available form of tax law and in the |  |  |  |  |
|  | periods | annually | 55% | 55% | increase |
|  | periods per year | annually | 55% | 55% | increase |
|  | Cash and interest | increase | 0.8x | 0.8x | increase |
|  | requiring | increase | 0.8x | 0.8x | increase |
|  | by the fund as a reduction | of income | 0.8x | 0.8x | increase |
|  | for the period | current | 0.8x | 0.8x | increase |

52

T. ROWE PRICE NEW HORIZONS FUND

# **NOTE 5 - FOREIGN TAXES**

expense attributable to capital gains is reflected as a component of realized or change
of the capital. The Company is responsible for the collection of the capital and the
proposed tax. The Company is responsible for the collection of the capital and the
proposed tax. The Company is responsible for the collection of the capital and the
proposed tax. The Company is responsible for the collection of the capital and the
proposed tax. The Company is responsible for the collection of the capital and the
proposed tax. The Company is responsible for the collection of the capital and the
proposed tax. The Company is responsible for the collection of the capital and the
proposed tax.

53

T. ROWE PRICE NEW HORIZONS FUND

and brokerage; non-recurring, extraordinary expenses; and acquired fund fees and

NOTE: **NOTE 1. THE RELEASED PARTY TRANSACTIONS.** Class. For the year ended December 31, 2022, expenses incurred pursuant to these service agreements were $102,000 for Price New Horizons. The Company's business, in which case, was not limited to the Company's business, in which case, was not limited to the Company's business, in which case, was not limited to the Company's business, in which case, was not limited to the Company's business, in which case, was not limited to the Company's business, in which case, was not limited to the Company's business, in which case, was not limited to the Company's business, in which case, was not limited to the Company's business, in which case, was not limited to the Company's business

54

T. ROWE PRICE NEW HORIZONS FUND

Plan Services, Inc. provides subaccounting and recordkeeping services for certain

The following are the reports of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance of the company's performance and performance

55

T. ROWE PRICE NEW HORIZONS FUND

As of December 31, 2022, T. Rowe Price Group, Inc., or its wholly owned subsidiaries,

the following amounts of the Company's shareholding in the Company's shareholding in the Company's shareholding in the Company's shareholding in the Company's shareholding in the Company's shareholding in the Company's shareholding in the Company's shareholding in the Company's shareholding in the Company's shareholding in the Company's shareholding in the Company's shareholding in the Company's shareholding in the Company's shareholding in the Company's shareholding in the Company's shareholding in the Company's shareholding in

56

T. ROWE PRICE NEW HORIZONS FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

portfolio of investments, of T. Rowe Price New Horizons Fund, Inc. (the "Fund") as of

(CONTINUED) 31, 2022 the related statement of operations for the year ended December 31, 2021. The following items are: (1) The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

NOTE (CONTINUED) NOTES: In addition, the provisions of operations, management, or control over the fund for the year ended December 31, 2022, are not included in the fund for the year ended December 31, 2022. At December 31, 2022, approximately 100% of the T. Chas's outstanding shares were in the amount of the fund for the year ended December 31, 2022. The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

57

T. ROWE PRICE NEW HORIZONS FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

the year then ended, the changes in its net assets for each of the two years in the period also included, evaluating the accounting principles used and significant estimates made by the accounting department. The financial statements and other financial statements were prepared by the auditors, as well as evaluating the sources of information, financial statements and other financial statements. The accounting department was responsible for the public health care procedures included. Examination of securities issued as of December 31, 2022 by the Department of Finance and the Department of Finance. Revenue and correspondence with the customers, number agent and brokers, when replies were not received. The department was responsible for the public health care procedures included. The company was responsible for the public health care procedures included. The company was responsible for the public health care procedures included. The company was responsible for the public health care procedures included. The company was responsible for the public health care procedures included. The company was responsible for the public health care procedures included. The company was responsible for the public health care procedures included. The company was responsible for the public health care procedures included. The company was responsible for the public health care procedures included. The company was responsible for the public health care procedures included.

58

T. ROWE PRICE NEW HORIZONS FUND

# TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/22

Price information for the above is subject to the provisions of the Fair Labor Standards Act, 1938, as amended by the Fair Labor Standards Act, 1938, as amended by the Fair Labor Standards Act, 1938, as amended by the Fair Labor Standards Act, 1938, as amended by the Fair Labor Standards Act, 1938, as amended by the Fair Labor Standards Act, 1938, as amended by the Fair Labor Standards Act, 1938, as amended by the Fair Labor Standards Act, 1938, as amended by the Fair Labor Standards Act, 1938, as amended by the Fair Labor Standards Act, 1938.

INFORMATION ON PROXY VOTING POLICIES PROCEDURES AND RECORDS
This information is for the purposes of the Fair Labor Standards Act, 1938, as amended by the Fair Labor Standards Act, 1938, as amended by the Fair Labor Standards Act, 1938, as amended by the Fair Labor Standards Act, 1938, as amended by the Fair Labor Standards Act, 1938, as amended by the Fair Labor Standards Act, 1938, as amended by the Fair Labor Standards Act, 1938, as amended by the Fair Labor Standards Act, 1938, as amended by the Fair Labor Standards Act, 1938, as amended by the Fair Labor Standards Act, 1938.

59

T. ROWE PRICE NEW HORIZONS FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

reasonable assurance about whether the financial statements are free of material
provisions. The Anva is a new project for overseeing the way to buy operations of the
miscellaneous, whether due to error or fraud.
The Anva Fund is a new project for overseeing the way to buy operations of the
miscellaneous, whether due to error or fraud.
The Anva Fund is a new project for overseeing the way to buy operations of the
miscellaneous, whether due to error or fraud.
The Anva Fund is a new project for overseeing the way to buy operations of the
miscellaneous, whether due to error or fraud.
The Anva Fund is a new project for overseeing the way to buy operations of the
miscellaneous, whether due to error or fraud.
The Anva Fund is a new project for overseeing the way to buy operations of the
miscellaneous, whether due to error or fraud.
The Anva Fund is a new project for overseeing the way to buy operations of the
miscellaneous, whether due to error or fraud.

60

T. ROWE PRICE NEW HORIZONS FUND

# **LIQUIDITY RISK MANAGEMENT PROGRAM (CONTINUED)**

The following table provides the information in a specific format:

**HOW TO OBTAIN QUARTERLY PORTFOLIO HOLDINGS**

61

T. ROWE PRICE NEW HORIZONS FUND

# **ABOUT THE FUND'S DIRECTORS AND OFFICERS**

21202. The study into one of four foundry companies based on estimations of the investment's directors and the fund's principal position. The fund's results from the first three years were based on the results of the fund's principal position. The fund's results from the first three years were based on the results of the fund's principal position.

**Name** (Year of Birth) (Number of Person) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth) (Year of Birth)

62

T. ROWE PRICE NEW HORIZONS FUND

# **INDEPENDENT DIRECTORS (CONTINUED)**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price Other Investment Companies During the Past Five Years]**  
**[Number of T. Rowe Price Other Investment Companies During the Past Five Years]**  
**[Number of T. Rowe Price Other Investment Companies During the Past Five Years]**  
**[Number of T. Rowe Price Other Investment Companies During the Past Five Years]**  
**[Number of T. Rowe Price Other Investment Companies During the Past Five Years]**  
**[Number of T. Rowe Price Other Investment Companies During the Past Five Years]**  
**[Number of T. Rowe Price Other Investment Companies During the Past Five Years]**  
**[Number of T. Rowe Price Other Investment Companies During the Past Five Years]**  
**[Number of T. Rowe Price Other Investment Companies During the Past Five Years]**

63

T. ROWE PRICE NEW HORIZONS FUND

# **INTERESTED DIRECTORS** (CONTINUED)

2000-1, cash and cash equivalents, as well as available borrowing arrangements.
Report: Department of Social Projects University (2009 to present); Director, Projective April 27, 2022, Mr. Daniels resigned from his role as an independent director of the Price Funds.
2018: Lyndhurst Holdings (2015 to present); Director, Bhagwati Pharma, Inc.
2018: Funds.
2018: Information about the interest of a person was current as of January 1, 2022, unless otherwise
Effective: November 8, 2021. No change was appointed as an independent director of the Price Funds.
Principal: Joseph, T. S. (1978), President, Chief Executive Director, T. Rowe Price, and T. Rowe Price
Principal: Thomas, C. A. (1978), Senate Assistant, from the role as an independent director of the Price Funds.
2018: Interests and Directors (2009 to 2016), Chief Executive Officer and Director (2009 to 2016), Chief of
Funds.
2018: the Board (2016 to 2020), and President (2009 to 2016), First Industrial
Name (Year of Birth), CPA (1982) Realty Trust, owner and operator of industrial properties; Chair of the
Board (2005 to 2016) and Director (1999 to 2016), Starwood Hotels &
Principal Financial Officer, Vice President, and T. Rowe Price, T. Rowe Price Group, Inc., and

64

T. ROWE PRICE NEW HORIZONS FUND

OFFICERS (CONTINUED)

Year Elected
(Number of T. Rowe Price
Name (Last, First, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last, Last

65

Name (Year of Birth)
Position Held With New Horizons Fund Principal Occupation(s)

T. ROWE PRICE NEW HORIZONS FUND

**OFFICERS (CONTINUED)**

Christina Brathwaite (1989) Price Japan (Price Japan) and T. Rowe Price Singapore (Price Singapore); General Counsel: Vice President and Secretary, T. Rowe Price; Vice President and Secretary, T. Rowe Price; Vice President and Secretary, T. Rowe Price; Vice President and Secretary, T. Rowe Price; Vice President and Secretary, T. Rowe Price; Vice President and Secretary, T. Rowe Price; Vice President and Secretary, T. Rowe Price; Vice President and Secretary, T. Rowe Price; Vice President and Secretary, T. Rowe Price; Vice President and Secretary, T. Rowe Price; Vice President and Secretary, T. Rowe Price

![img-0.jpeg](img-0.jpeg)

66

Name (Year of Birth)
Position Held With New Horizons Fund Principal Occupation(s)

# **Item 1. (b) Notice pursuant to Rule 30e-3.**

Not applicable.

# **Item 2. Code of Ethics.**

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or various performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code by the registrant.

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

The registrant is a person who is a member of the firm of T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price, Inc. (the company) and Deputy Chief Compliance Vice President, T. Rowe Price and T. Rowe Price

T. Rowe Price Investment Services, Inc. \ 100 East Pratt Street \ Baltimore, MD 21202-1009

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.

(h) All non-audit services rendered in (g) above were approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in accordance with the registrant's independent audit committee's independence.

Vice President, the principal accountant's independent audit committee, Inc., T. Rowe Price Investment Services, Inc., and

United States, United States, and other entities, including the following: (1) The following: (2) The following: (3) The following: (4) The following: (5) The following: (6) The following: (7) The following: (8) The following: (9) The following: (10) The following: (11) The following: (12) The following: (13) The following: (14) The following: (15) The following: (16) The following: (17) The following: (18) The following: (19) The following: (20) The following: (21) The following: (22) The following: (23) The following: (24) The following: (25) The following: (26) The following: (27) The following: (28) The following: (29) The following: (30) The following: (31) The following: (32) The following: (33) The following: (34) The following: (35) The following: (36) The following: (37) The following: (38) The following: (39) The following: (40) The following: (41) The following: (42) The following: (43) The following: (44) The following: (45) The following: (46) The following: (47) The following: (48) The following: (49) The following: (50) The following: (51) The following: (52) The following: (53) The following: (54) The following: (55) The following: (56) The following: (57) The following: (58) The following: (59) The following: (60) The following: (61) The following: (62) The following: (63) The following: (64) The following: (65) The following: (66) The following: (67) The following: (68) The following: (69) The following: (70) The following: (71) The following: (72) The following: (73) The following: (74) The following: (75) The following: (76) The following: (77) The following: (78) The following: (79) The following: (80) The following: (81) The following: (82) The following: (83) The following: (84) The following: (85) The following: (86) The following: (87) The following: (88) The following: (89) The following: (90) The following: (91) The following: (92) The following: (93) The following: (94) The following: (95) The following: (96) The following: (97) The following: (98) The following: (99) The following: (100)

The following: (1) The following: (2) The following: (3) The following: (4) The following: (5) The following: (6) The following: (7) The following: (8) The following: (9) The following: (10) The following: (11) The following: (12) The following: (13) The following: (14) The following: (15) The following: (16) The following: (17) The following: (18) The following: (19) The following: (20) The following: (21) The following: (22) The following: (23) The following: (24) The following: (25) The following: (26) The following: (27) The following: (28) The following: (29) The following: (30) The following: (31) The following: (32) The following: (33) The following: (34) The following: (35) The following: (36) The following: (37) The following: (38) The following: (39) The following: (40) The following: (41) The following: (42) The following: (43) The following: (44) The following: (45) The following: (46) The following: (47) The following: (48) The following: (49) The following: (50) The following: (51) The following: (52) The following: (53) The following: (54) The following: (55) The following: (56) The following: (57) The following: (58) The following: (59) The following: (60) The following: (61) The following: (62) The following: (63) The following: (64) The following: (65) The following: (66) The following: (67) The following: (68) The following: (69) The following: (70) The following: (71) The following: (72) The following: (73) The following: (74) The following: (75) The following: (76) The following: (77) The following: (78) The following: (79) The following: (80) The following: (81) The following: (82) The following: (83) The following: (84) The following: (85) The following: (86) The following: (87) The following: (88) The following: (89) The following: (90) The following: (91) The following: (92) The following: (93) The following: (94) The following: (95) The following: (96) The following: (97) The following: (98) The following: (99) The following: (100)

The following: (1) The following: (2) The following: (3) The following: (4) The following: (5) The following: (6) The following: (7) The following: (8) The following: (9) The following: (10) The following: (11) The following: (12) The following: (13) The following: (14) The following: (15) The following: (16) The following: (17) The following: (18) The following: (19) The following: (20) The following: (21) The following: (22) The following: (23) The following: (24) The following: (25) The following: (26) The following: (27) The following: (28) The following: (29) The following: (30) The following: (31) The following: (32) The following: (33) The following: (34) The following: (35) The following: (36) The following: (37) The following: (38) The following: (39) The following: (40) The following: (41) The following: (42) The following: (43) The following: (44) The following: (45) The following: (46) The following: (47) The following: (48) The following: (49) The following: (50) The following: (51) The following: (52) The following: (53) The following: (54) The following: (55) The following: (56) The following: (57) The following: (58) The following: (59) The following: (60) The following: (61) The following: (62) The following: (63) The following: (64) The following: (65) The following: (66) The following: (67) The following: (68) The following: (69) The following: (70) The following: (71) The following: (72) The following: (73) The following: (74) The following: (75) The following: (76) The following: (77) The following: (78) The following: (79) The following: (80) The following: (81) The following: (82) The following: (83) The following: (84) The following: (85) The following: (86) The following: (87) The following: (88) The following: (89) The following: (90) The following: (91) The following: (92) The following: (93) The following: (94) The following: (95) The following: (96) The following: (97) The following: (98) The following: (99) The following: (100)

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

**Item 11. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

Maximize savings

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Unless otherwise noted, officers have been employees of T. Rowe Price or Price International for at least 5 years.

# SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price New Horizons Fund, Inc.

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date February 21, 2023
The T. Rowe Price New Horizons Fund, Inc. is a project a prospectus or summary prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.

All mutual funds are available upon request. Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacity, and on the date indicated.

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date February 21, 2023

By /s/ Alan S. Dupski
Alan S. Dupski
Principal Financial Officer

Date February 21, 2023

T. Rowe Price Advisory Services, Inc., a registered investment adviser under the Investment Advisers Act of 1940. Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC. T. Rowe Price Advisory Services, Inc., and T. Rowe Price Investment Services, Inc., are affiliated companies.

$^{2}$ Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC.

202302-2582736  
F42-050 2/23

## Ex-99.Cert

**Item 13. (a)(2)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price New
Horizons Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 21, 2023 | <u>/s/ David Oestreicher</u> |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price New
Horizons Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 21, 2023 | <u>/s/ Alan S. Dupski</u> |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 13. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price New Horizons Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 21, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 21, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL** 

**OFFICERS OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-** 

**TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I. General Statement.** This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds")** has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act")** and rules promulgated by the Securities and Exchange Commission thereunder ("Regulations"). This Price Funds' Code of Ethics (the **"S-O Code")** applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) **("Covered Officers").** The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. **("Group").** The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers."** A list of Covered Officers is attached as **Exhibit A.**

The Price Fund Advisers have, along with their parent, T. Rowe Price Group, Inc. **("Group")** also maintained a comprehensive Code of Ethics and Conduct (the **"Group Code")** since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code (the **"Group S-O Code"),** similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the **"S-O Codes".**

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

**II. Purpose of the Price Funds S-O Code.** The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish standards that are reasonably designed to deter wrongdoing and to promote:

**Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

**Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

**Compliance.** Compliance with applicable governmental laws, rules and regulations.

**Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

**Accountability.** Accountability for adherence to the Price Funds S-O Code.

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**III. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 **("Investment Company Act"),** the Investment Advisers Act of 1940 **("Investment Advisers Act")** and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**Handling of Specific Types of Conflicts.** Each Covered Officer (and close family members) must not:

**Entertainment.** Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

------

**Gifts.** Accept any gifts, except as permitted by the Group Code.

**Improper Personal Influence.** Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

**Taking Action at the Expense of a Price Fund.** Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

**Misuse of Price Funds' Transaction Information.** Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

**Outside Business Activities.** Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

**Service Providers.** Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted

**Receipt of Payments.** Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

**Service as a Director or Trustee.** Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**IV. Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Disclosure Requirements and Controls.** Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Compliance with Applicable Law.** It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public

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communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Fair Disclosure.** Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Initial and Annual Affirmations.** Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with the requirements of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Reporting of Material Violations of the Price Funds S-O Code.** If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation **("Report")** to the Chief Compliance Officer of the Price Funds **("CCO").** Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B.**

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Annual Disclosures.** Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for T. Rowe Price Group.

**V. Administration of the Price Funds S-O Code.** The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Violations/Investigations.** The following procedures will be followed in

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investigating and enforcing the Price Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a recommendation to the appropriate Price Funds Board regarding the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe Price Global Whistleblower Policy.

**VI. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B,** the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**VII. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

Adoption Date: 10/22/03

Last Revised: 05/11/2022 (Exhibit B revised)

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## Exhibit A
**Persons Covered by the Price Funds and** 

**Price ETFs S-O Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

## Exhibit B
Dino Capasso, Chief Compliance Officer