# EDGAR Filing Document

**Accession Number:** 0000080248
**File Stem:** 0001193125-26-062792
**Filing Date:** 2026-2
**Character Count:** 160836
**Document Hash:** 7670c6dbcff31ef7a7cb1674c00c0900
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-062792.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0001193125-26-062792

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**EFFECTIVENESS DATE**: 20260223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price New Horizons Fund, Inc.
- **CENTRAL INDEX KEY:** 0000080248

**ORGANIZATION NAME:**
- **EIN:** 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:** 26662483

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

**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           |

?xml version='1.0' encoding='ASCII'? New Horizons Fund, Inc._NHF

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)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(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, 2025

------

#### Item 1. Reports to Shareholders
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report pursuant to Rule 30e-1

![Image](g68168g88i23.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# New Horizons Fund

# Investor Class (PRNHX)
This annual shareholder report contains important information about New Horizons Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| New Horizons Fund - Investor Class | $81 | 0.80% |

---

## What drove fund performance during the past 12 months?
* U.S. equities rose in 2025, with favorable corporate earnings, artificial intelligence tailwinds, and a broadly constructive regulatory environment helping overcome tariff concerns. As the year progressed, the U.S. Federal Reserve resumed short-term interest rate cuts despite continued elevated inflation. Small-caps performed well, particularly in the second half of the year, but still lagged large-caps. 

* Stock selection in health care contributed the most to performance relative to the Russell 2000 Growth Index. Shares of Insmed, a clinical-stage biopharmaceutical company focused on inhaled therapies for patients battling severe lung diseases, ended higher on a series of positive updates on its tentpole products. Stock choices and an average underweight in financials also added value. Toast, a leading software provider for restaurants, performed well as the company continued to demonstrate sales growth. 

* Stock selection in industrials and business services detracted the most, as less-than-truckload shipping company Saia dealt with margin pressures in a challenging freight environment. In information technology, stock choices weighed on relative returns. Shares of BILL fell early in the year on low take rates and currency headwinds. 

* The fund seeks long-term capital growth by investing primarily in common stocks of small, rapidly growing companies. We remain committed to our time-tested and disciplined investment process to invest in companies that are competitively advantaged; have pricing power; allocate capital well; and have idiosyncratic growth drivers spanning fertile investment areas like technology, health care, industrials and business services, and consumer sectors.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. Investor Class 28,776 Regulatory Benchmark 38,012 Strategy Benchmark 24,949](g68168g36p12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 9590 | 10097 | 9532 |
| **2016** | 10085 | 10362 | 9841 |
| **2016** | 10862 | 10818 | 10748 |
| **2016** | 10779 | 11274 | 11132 |
| **2017** | 11869 | 11921 | 11727 |
| **2017** | 12700 | 12280 | 12242 |
| **2017** | 13546 | 12842 | 13003 |
| **2017** | 14174 | 13656 | 13599 |
| **2018** | 15058 | 13568 | 13912 |
| **2018** | 16301 | 14095 | 14918 |
| **2018** | 17776 | 15099 | 15742 |
| **2018** | 14747 | 12940 | 12334 |
| **2019** | 17809 | 14757 | 14448 |
| **2019** | 19238 | 15361 | 14845 |
| **2019** | 18635 | 15540 | 14226 |
| **2019** | 20308 | 16954 | 15847 |
| **2020** | 17800 | 13410 | 11764 |
| **2020** | 24491 | 16364 | 15362 |
| **2020** | 27576 | 17871 | 16461 |
| **2020** | 32029 | 20495 | 21335 |
| **2021** | 31434 | 21796 | 22375 |
| **2021** | 35194 | 23592 | 23251 |
| **2021** | 36564 | 23568 | 21937 |
| **2021** | 35140 | 25754 | 21939 |
| **2022** | 28387 | 24395 | 19169 |
| **2022** | 21827 | 20321 | 15478 |
| **2022** | 22028 | 19413 | 15516 |
| **2022** | 22137 | 20808 | 16157 |
| **2023** | 23804 | 22302 | 17138 |
| **2023** | 25639 | 24172 | 18347 |
| **2023** | 24473 | 23386 | 17004 |
| **2023** | 26862 | 26209 | 19171 |
| **2024** | 28496 | 28835 | 20625 |
| **2024** | 26055 | 29762 | 20023 |
| **2024** | 27760 | 31616 | 21707 |
| **2024** | 27898 | 32448 | 22077 |
| **2025** | 24788 | 30916 | 19623 |
| **2025** | 26368 | 34314 | 21971 |
| **2025** | 28278 | 37120 | 24650 |
| **2025** | 28776 | 38012 | 24949 |

---

202501-4140694, 202601-5112730

F42-052 2/26

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| New Horizons Fund (Investor Class) | 3.15% | -2.12% | 11.15% |
| Russell 3000 Index (Regulatory Benchmark) | 17.15 | 13.15 | 14.29 |
| Russell 2000 Growth Index (Strategy Benchmark) | 13.01 | 3.18 | 9.57 |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$13,452,789

* Number of Portfolio Holdings386

* Investment Advisory Fees Paid (000s)$85,569

* Portfolio Turnover Rate92.8%

## **What did the fund invest in?** 

### **Sector Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Health Care | 27.1% |
| Industrials & Business Services | 21.5 |
| Information Technology | 21.0 |
| Consumer Discretionary | 8.4 |
| Financials | 8.3 |
| Energy | 4.4 |
| Materials | 3.7 |
| Real Estate | 2.2 |
| Communication Services | 2.0 |
| Other | 1.4 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Lattice Semiconductor | 1.9% |
| Natera | 1.6 |
| Guardant Health | 1.5 |
| Argenx | 1.5 |
| Fabrinet | 1.4 |
| MACOM Technology Solutions Holdings | 1.2 |
| SiteOne Landscape Supply | 1.2 |
| Teledyne Technologies | 1.2 |
| Repligen | 1.1 |
| Kymera Therapeutics | 1.1 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Frank Russell Company "LSE" does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

New Horizons Fund

Investor Class (PRNHX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g68168g58w15.jpg)

![Image](g68168g88i23.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# New Horizons Fund

# I Class (PRJIX)
This annual shareholder report contains important information about New Horizons Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| New Horizons Fund - I Class | $67 | 0.66% |

---

## What drove fund performance during the past 12 months?
* U.S. equities rose in 2025, with favorable corporate earnings, artificial intelligence tailwinds, and a broadly constructive regulatory environment helping overcome tariff concerns. As the year progressed, the U.S. Federal Reserve resumed short-term interest rate cuts despite continued elevated inflation. Small-caps performed well, particularly in the second half of the year, but still lagged large-caps. 

* Stock selection in health care contributed the most to performance relative to the Russell 2000 Growth Index. Shares of Insmed, a clinical-stage biopharmaceutical company focused on inhaled therapies for patients battling severe lung diseases, ended higher on a series of positive updates on its tentpole products. Stock choices and an average underweight in financials also added value. Toast, a leading software provider for restaurants, performed well as the company continued to demonstrate sales growth. 

* Stock selection in industrials and business services detracted the most, as less-than-truckload shipping company Saia dealt with margin pressures in a challenging freight environment. In information technology, stock choices weighed on relative returns. Shares of BILL fell early in the year on low take rates and currency headwinds. 

* The fund seeks long-term capital growth by investing primarily in common stocks of small, rapidly growing companies. We remain committed to our time-tested and disciplined investment process to invest in companies that are competitively advantaged; have pricing power; allocate capital well; and have idiosyncratic growth drivers spanning fertile investment areas like technology, health care, industrials and business services, and consumer sectors.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $500,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. I Class 1,456,922 Regulatory Benchmark 1,900,583 Strategy Benchmark 1,247,467](g68168g79g73.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **2015** | 500000 | 500000 | 500000 |
| **2016** | 479760 | 504841 | 476585 |
| **2016** | 504589 | 518121 | 492031 |
| **2016** | 543775 | 540907 | 537404 |
| **2016** | 539732 | 563676 | 556590 |
| **2017** | 594515 | 596049 | 586361 |
| **2017** | 636349 | 614023 | 612096 |
| **2017** | 679054 | 642092 | 650158 |
| **2017** | 710684 | 682784 | 679968 |
| **2018** | 755246 | 678383 | 695603 |
| **2018** | 817766 | 704764 | 745913 |
| **2018** | 892035 | 754971 | 787112 |
| **2018** | 740314 | 646994 | 616677 |
| **2019** | 894175 | 737854 | 722405 |
| **2019** | 966273 | 768069 | 742257 |
| **2019** | 936360 | 776999 | 711282 |
| **2019** | 1020519 | 847685 | 792328 |
| **2020** | 894840 | 670521 | 588185 |
| **2020** | 1231584 | 818221 | 768077 |
| **2020** | 1387097 | 893559 | 823055 |
| **2020** | 1611557 | 1024747 | 1066729 |
| **2021** | 1581883 | 1089787 | 1118735 |
| **2021** | 1771444 | 1179583 | 1162561 |
| **2021** | 1840943 | 1178384 | 1096847 |
| **2021** | 1769771 | 1287709 | 1096969 |
| **2022** | 1430199 | 1219738 | 958450 |
| **2022** | 1100047 | 1016027 | 773907 |
| **2022** | 1110616 | 970666 | 775779 |
| **2022** | 1116512 | 1040379 | 807836 |
| **2023** | 1200958 | 1115082 | 856893 |
| **2023** | 1294041 | 1208602 | 917326 |
| **2023** | 1235504 | 1169276 | 850190 |
| **2023** | 1356416 | 1310429 | 958565 |
| **2024** | 1439422 | 1441725 | 1031242 |
| **2024** | 1316592 | 1488091 | 1001138 |
| **2024** | 1403437 | 1580787 | 1085335 |
| **2024** | 1410572 | 1622413 | 1103828 |
| **2025** | 1254009 | 1545804 | 981129 |
| **2025** | 1334298 | 1715707 | 1098528 |
| **2025** | 1431397 | 1855986 | 1232479 |
| **2025** | 1456922 | 1900583 | 1247467 |

---

202501-4140694, 202601-5112730

F532-052 2/26

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| New Horizons Fund (I Class) | 3.29% | -2.00% | 11.29% |
| Russell 3000 Index (Regulatory Benchmark) | 17.15 | 13.15 | 14.29 |
| Russell 2000 Growth Index (Strategy Benchmark) | 13.01 | 3.18 | 9.57 |

---

The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$13,452,789

* Number of Portfolio Holdings386

* Investment Advisory Fees Paid (000s)$85,569

* Portfolio Turnover Rate92.8%

## **What did the fund invest in?** 

### **Sector Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Health Care | 27.1% |
| Industrials & Business Services | 21.5 |
| Information Technology | 21.0 |
| Consumer Discretionary | 8.4 |
| Financials | 8.3 |
| Energy | 4.4 |
| Materials | 3.7 |
| Real Estate | 2.2 |
| Communication Services | 2.0 |
| Other | 1.4 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Lattice Semiconductor | 1.9% |
| Natera | 1.6 |
| Guardant Health | 1.5 |
| Argenx | 1.5 |
| Fabrinet | 1.4 |
| MACOM Technology Solutions Holdings | 1.2 |
| SiteOne Landscape Supply | 1.2 |
| Teledyne Technologies | 1.2 |
| Repligen | 1.1 |
| Kymera Therapeutics | 1.1 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Frank Russell Company "LSE" does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

New Horizons Fund

I Class (PRJIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g68168g58w15.jpg)

![Image](g68168g88i23.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# New Horizons Fund

# Z Class (TRUZX)
This annual shareholder report contains important information about New Horizons Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| New Horizons Fund - Z Class | $0 | 0.00% |

---

## What drove fund performance during the past 12 months?
* U.S. equities rose in 2025, with favorable corporate earnings, artificial intelligence tailwinds, and a broadly constructive regulatory environment helping overcome tariff concerns. As the year progressed, the U.S. Federal Reserve resumed short-term interest rate cuts despite continued elevated inflation. Small-caps performed well, particularly in the second half of the year, but still lagged large-caps. 

* Stock selection in health care contributed the most to performance relative to the Russell 2000 Growth Index. Shares of Insmed, a clinical-stage biopharmaceutical company focused on inhaled therapies for patients battling severe lung diseases, ended higher on a series of positive updates on its tentpole products. Stock choices and an average underweight in financials also added value. Toast, a leading software provider for restaurants, performed well as the company continued to demonstrate sales growth. 

* Stock selection in industrials and business services detracted the most, as less-than-truckload shipping company Saia dealt with margin pressures in a challenging freight environment. In information technology, stock choices weighed on relative returns. Shares of BILL fell early in the year on low take rates and currency headwinds. 

* The fund seeks long-term capital growth by investing primarily in common stocks of small, rapidly growing companies. We remain committed to our time-tested and disciplined investment process to invest in companies that are competitively advantaged; have pricing power; allocate capital well; and have idiosyncratic growth drivers spanning fertile investment areas like technology, health care, industrials and business services, and consumer sectors.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. Z Class 18,952 Regulatory Benchmark 30,798 Strategy Benchmark 24,316](g68168g75t01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Z Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **3/16/20** | 10000 | 10000 | 10000 |
| **3/31/20** | 11213 | 10865 | 11465 |
| **6/30/20** | 15456 | 13259 | 14972 |
| **9/30/20** | 17435 | 14480 | 16043 |
| **12/31/20** | 20289 | 16606 | 20793 |
| **3/31/21** | 19946 | 17659 | 21807 |
| **6/30/21** | 22373 | 19115 | 22661 |
| **9/30/21** | 23287 | 19095 | 21380 |
| **12/31/21** | 22423 | 20867 | 21383 |
| **3/31/22** | 18150 | 19765 | 18683 |
| **6/30/22** | 13982 | 16464 | 15085 |
| **9/30/22** | 14142 | 15729 | 15122 |
| **12/31/22** | 14241 | 16859 | 15747 |
| **3/31/23** | 15340 | 18069 | 16703 |
| **6/30/23** | 16555 | 19585 | 17881 |
| **9/30/23** | 15833 | 18948 | 16572 |
| **12/31/23** | 17414 | 21235 | 18685 |
| **3/31/24** | 18507 | 23362 | 20102 |
| **6/30/24** | 16957 | 24114 | 19515 |
| **9/30/24** | 18105 | 25616 | 21156 |
| **12/31/24** | 18229 | 26290 | 21516 |
| **3/31/25** | 16231 | 25049 | 19125 |
| **6/30/25** | 17297 | 27802 | 21413 |
| **9/30/25** | 18589 | 30075 | 24024 |
| **12/31/25** | 18952 | 30798 | 24316 |

---

202501-4140694, 202601-5112730

F1263-052 2/26

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 3/16/20** |
| New Horizons Fund (Z Class) | 3.96% | -1.35% | 11.66% |
| Russell 3000 Index (Regulatory Benchmark) | 17.15 | 13.15 | 21.42 |
| Russell 2000 Growth Index (Strategy Benchmark) | 13.01 | 3.18 | 16.57 |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$13,452,789

* Number of Portfolio Holdings386

* Investment Advisory Fees Paid (000s)$85,569

* Portfolio Turnover Rate92.8%

## **What did the fund invest in?** 

### **Sector Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Health Care | 27.1% |
| Industrials & Business Services | 21.5 |
| Information Technology | 21.0 |
| Consumer Discretionary | 8.4 |
| Financials | 8.3 |
| Energy | 4.4 |
| Materials | 3.7 |
| Real Estate | 2.2 |
| Communication Services | 2.0 |
| Other | 1.4 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Lattice Semiconductor | 1.9% |
| Natera | 1.6 |
| Guardant Health | 1.5 |
| Argenx | 1.5 |
| Fabrinet | 1.4 |
| MACOM Technology Solutions Holdings | 1.2 |
| SiteOne Landscape Supply | 1.2 |
| Teledyne Technologies | 1.2 |
| Repligen | 1.1 |
| Kymera Therapeutics | 1.1 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Frank Russell Company "LSE" does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

New Horizons Fund

Z Class (TRUZX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g68168g58w15.jpg)

------

#### 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 persons 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 of ethics during the period covered by this report.

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant's principal accountant were as follows:

---

| | | |
|:---|:---|:---|
|  | <u>2025</u> | <u>2024</u> |
|  Audit Fees | $46217 | $46029 |
|  Audit-Related Fees |  |  |
|  Tax Fees | 19125 | 20450 |
|  All Other Fees |  |  |

---

Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.

(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for 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 require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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 $1,862,000 and $1,262,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.

------

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

December

31,

2025

#### Financial

#### Statements

#### and

#### Other

#### Information
For

more

insights

from

T. Rowe

Price

investment

professionals,

go

to

#### troweprice.com
.

T. ROWE

PRICE

PRNHX

New

Horizons

Fund

PRJIX

New

Horizons

Fund–

.

I Class

TRUZX

New

Horizons

Fund–

.

Z Class

T. ROWE

PRICE

New

Horizons

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Investor

#### Class
..

Year

..

..

Ended

.

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

.81

$

.22

$

.33

$

.81

$

.28

Investment

activities

Net

investment

loss

(1)(2)

(0

.23)

(0

.22)

(0

.19)

(0

.28)

(0

.48)

Net

realized

and

unrealized

gain/loss

.26

.55

.08

(28

.02)

.14

Total

from

investment

activities

.03

.33

.89

(28

.30)

.66

Distributions

Net

realized

gain

(6

.13)

(2

.74)

—

(2

.18)

(13

.13)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 51

#### .71

#### $

#### 55

#### .81

#### $

#### 56

#### .22

#### $

#### 46

#### .33

#### $

#### 76

#### .81

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 3

#### .15

#### %

#### 3

#### .86

#### %

#### 21

#### .35

#### %

#### (#### 37

#### .00

####)

#### %

#### 9

#### .71

#### %
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

.80

%

.79

%

.78

%

.79

%

.75

%

Net

expenses

after

waivers/payments

by

Price

Associates

.80

%

.79

%

.78

%

.79

%

.75

%

Net

investment

loss

(0

.43)

%

(0

.38)

%

(0

.37)

%

(0

.51)

%

(0

.54)

%

Portfolio

turnover

rate

.8

%

.9

%

.8

%

.7

%

.5

%

Net

assets,

end

of

period

(in

millions)

$4,783

$7,756

$10,376

$9,636

$24,296

%

%

%

%

%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

New

Horizons

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### I

#### Class
..

Year

..

..

Ended

.

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

.22

$

.54

$

.54

$

.03

$

.55

Investment

activities

Net

investment

loss

(1)(2)

(0

.16)

(0

.14)

(0

.13)

(0

.20)

(0

.39)

Net

realized

and

unrealized

gain/loss

.28

.56

.13

(28

.11)

.16

Total

from

investment

activities

.12

.42

.00

(28

.31)

.77

Distributions

Net

realized

gain

(6

.13)

(2

.74)

—

(2

.18)

(13

.29)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 52

#### .21

#### $

#### 56

#### .22

#### $

#### 56

#### .54

#### $

#### 46

#### .54

#### $

#### 77

#### .03

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 3

#### .29

#### %

#### 3

#### .99

#### %

#### 21

#### .49

#### %

#### (#### 36

#### .91

####)

#### %

#### 9

#### .82

#### %
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

.66

%

.66

%

.66

%

.66

%

.64

%

Net

expenses

after

waivers/payments

by

Price

Associates

.66

%

.66

%

.66

%

.66

%

.64

%

Net

investment

loss

(0

.30)

%

(0

.25)

%

(0

.25)

%

(0

.36)

%

(0

.44)

%

Portfolio

turnover

rate

.8

%

.9

%

.8

%

.7

%

.5

%

Net

assets,

end

of

period

(in

millions)

$6,067

$9,715

$12,062

$10,763

$11,728

%

%

%

%

%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

New

Horizons

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Z

#### Class
..

Year

..

..

Ended

.

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

.29

$

.19

$

.77

$

.88

$

.36

Investment

activities

Net

investment

income

(1)(2)

.21

.24

.21

.16

.17

Net

realized

and

unrealized

gain/loss

.33

.60

.21

(28

.09)

.14

Total

from

investment

activities

.54

.84

.42

(27

.93)

.31

Distributions

Net

realized

gain

(6

.13)

(2

.74)

—

(2

.18)

(13

.79)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 53

#### .70

#### $

#### 57

#### .29

#### $

#### 57

#### .19

#### $

#### 46

#### .77

#### $

#### 76

#### .88

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 3

#### .96

#### %

#### 4

#### .68

#### %

#### 22

#### .28

#### %

#### (#### 36

#### .49

####)

#### %

#### 10

#### .52

#### %
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

.64

%

.64

%

.64

%

.64

%

.64

%

Net

expenses

after

waivers/payments

by

Price

Associates

.00

%

.00

%

.00

%

.00

%

.00

%

Net

investment

income

.37

%

.41

%

.41

%

.29

%

.20

%

Portfolio

turnover

rate

.8

%

.9

%

.8

%

.7

%

.5

%

Net

assets,

end

of

period

(in

millions)

$2,603

$2,292

$2,304

$1,905

$3,246

%

%

%

%

%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

New

Horizons

Fund

December

31,

2025

#### Portfolio

#### of

#### Investments

#### ‡

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### COMMON

#### STOCKS

#### 94.6%

#### COMMUNICATION

#### SERVICES

#### 2.0%

#### Diversified

#### Telecommunication

#### Services

#### 0.5%
AST

SpaceMobile (1)(2)

162,112

11,774

GCI

Liberty,

Class

A,

EC (1)(3)

6,047,898

—

Globalstar (1)

308,474

18,829

Lumen

Technologies (1)

4,423,300

34,369

64,972

#### Entertainment

#### 1.2%
Houzz,

Acquisition

Date:

6/3/14,

Cost $6,575 (1)(3)(4)

877,600

—

Madison

Square

Garden

Sports (1)

417,559

108,002

OfferUp,

Acquisition

Date:

3/6/15,

Cost $5,042 (1)(3)(4)

1,012,630

Roku (1)

508,765

55,196

163,532

#### Media

#### 0.3%
New

York

Times,

Class

A

538,560

37,387

Nexstar

Media

Group

13,400

2,721

40,108

Total

Communication

Services

268,612

#### CONSUMER

#### DISCRETIONARY

#### 8.2%

#### Automobile

#### Components

#### 0.4%
Dorman

Products (1)

102,385

12,613

Patrick

Industries (2)

438,272

47,522

60,135

#### Broadline

#### Retail

#### 0.1%
Global-e

Online (1)

337,979

13,286

13,286

#### Diversified

#### Consumer

#### Services

#### 0.4%
Frontdoor (1)

384,562

22,186

Liberty

Live

Holdings,

Class

C (1)

321,080

26,701

Universal

Technical

Institute (1)

398,400

10,410

59,297

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 3.0%
Cava

Group (1)(2)

528,129

30,996

Dutch

Bros,

Class

A (1)

1,126,898

68,989

Hyatt

Hotels,

Class

A

183,000

29,339

Life

Time

Group

Holdings (1)

1,579,183

41,975

Navan,

Class

A (1)

841,155

14,367

Planet

Fitness,

Class

A (1)

739,463

80,209

T. ROWE

PRICE

New

Horizons

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Rush

Street

Interactive (1)

69,300

1,346

Travel

+

Leisure

198,300

13,986

Viking

Holdings (1)

860,563

61,453

Wingstop (2)

254,620

60,724

403,384

#### Household

#### Durables

#### 1.3%
Cavco

Industries (1)

70,145

41,438

Installed

Building

Products (2)

489,067

126,859

168,297

#### Leisure

#### Products

#### 0.3%
Peloton

Interactive,

Class

A (1)

5,499,784

33,879

33,879

#### Specialty

#### Retail

#### 1.8%
American

Eagle

Outfitters

759,814

20,036

Boot

Barn

Holdings (1)

446,878

78,860

Floor

&

Decor

Holdings,

Class

A (1)

473,519

28,833

Urban

Outfitters (1)

106,300

8,000

Victoria's

Secret (1)

601,100

32,562

Warby

Parker,

Class

A (1)

1,220,705

26,599

Wayfair,

Class

A (1)

468,300

47,022

241,912

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.9%
Birkenstock

Holding (1)(2)

1,254,823

51,322

Kontoor

Brands

158,587

9,688

On

Holding,

Class

A (1)

1,384,074

64,332

125,342

Total

Consumer

Discretionary

1,105,532

#### CONSUMER

#### STAPLES

#### 0.8%

#### Beverages

#### 0.3%
Vita

Coco (1)

712,628

37,776

37,776

#### Food

#### Products

#### 0.0%
Farmers

Business

Network,

Acquisition

Date:

11/3/17

-

7/31/20,

Cost $14,239 (1)(3)(4)

588,894

—

—

#### Personal

#### Care

#### Products

#### 0.4%
elf

Beauty (1)

626,750

47,658

47,658

T. ROWE

PRICE

New

Horizons

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Tobacco

#### 0.1%
Turning

Point

Brands

123,419

13,379

13,379

Total

Consumer

Staples

98,813

#### ENERGY

#### 4.4%

#### Energy

#### Equipment

#### &

#### Services

#### 2.8%
Expro

Group

Holdings (1)

3,214,485

42,913

Kodiak

Gas

Services

489,547

18,309

Solaris

Energy

Infrastructure (2)

192,661

8,857

TechnipFMC

3,036,605

135,311

TETRA

Technologies (1)

1,758,600

16,478

Tidewater (1)

640,763

32,365

Weatherford

International

1,560,279

122,108

376,341

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1.6%
ARC

Resources

(CAD)

149,600

2,807

Delek

U.S.

Holdings

580,100

17,206

PBF

Energy,

Class

A

1,425,945

38,672

Permian

Resources

3,674,702

51,556

Tourmaline

Oil

(CAD)

91,700

4,113

Uranium

Energy (1)(2)

7,675,453

89,649

Viper

Energy,

Class

A

351,009

13,559

217,562

Total

Energy

593,903

#### FINANCIALS

#### 8.1%

#### Banks

#### 2.1%
Coastal

Financial (1)(2)

65,168

7,468

Columbia

Banking

System

2,202,229

61,552

CRB

Group,

Acquisition

Date:

8/26/25,

Cost $2,322 (1)(3)(4)

35,725

3,756

Customers

Bancorp (1)(2)

492,000

35,975

Fulton

Financial

2,192,055

42,372

Popular

450,225

56,062

Western

Alliance

Bancorp (2)

953,452

80,157

287,342

#### Capital

#### Markets

#### 1.9%
Evercore,

Class

A

39,162

13,325

Galaxy

Digital,

Class

A (1)(2)

553,493

12,376

Houlihan

Lokey

73,599

12,820

iCapital,

Acquisition

Date:

11/14/25,

Cost $1,478 (1)(3)(4)

105,546

1,478

Invesco

1,115,400

29,302

Moelis,

Class

A

264,340

18,171

T. ROWE

PRICE

New

Horizons

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

StepStone

Group,

Class

A

1,154,344

74,074

StoneX

Group (1)

525,429

49,984

TPG

713,601

45,556

257,086

#### Consumer

#### Finance

#### 0.8%
Enova

International (1)

290,330

45,640

FirstCash

Holdings

370,368

59,029

104,669

#### Financial

#### Services

#### 2.4%
Affirm

Holdings (1)

664,351

49,448

Marqeta,

Class

A (1)

11,185,592

53,132

PennyMac

Financial

Services

386,432

50,947

Rocket,

Class

A

3,876,027

75,040

StoneCo,

Class

A (1)

1,373,783

20,318

Toast,

Class

A (1)

1,205,809

42,818

Voya

Financial

291,207

21,692

Wise,

Class

A

(GBP) (1)

1,159,839

13,895

327,290

#### Insurance

#### 0.9%
Lemonade (1)(2)

884,013

62,924

Neptune

Insurance

Holdings,

Class

A (1)

265,897

7,753

RenaissanceRe

Holdings

152,871

42,981

Root,

Class

A (1)(2)

80,044

5,782

119,440

Total

Financials

1,095,827

#### HEALTH

#### CARE

#### 25.2%

#### Biotechnology

#### 13.6%
Abivax,

ADR (1)

96,328

12,990

Absci (1)(2)

1,347,300

4,702

Agios

Pharmaceuticals (1)

74,300

2,022

Alnylam

Pharmaceuticals (1)

227,151

90,327

Arcellx (1)(2)

415,234

27,073

Argenx,

ADR (1)

232,427

195,459

Ascendis

Pharma,

ADR (1)

312,986

66,741

Bridgebio

Pharma (1)(2)

855,611

65,446

Caris

Life

Sciences (1)

1,509,053

40,714

Celcuity (1)

197,800

19,729

Celldex

Therapeutics (1)

538,361

14,622

Centessa

Pharmaceuticals,

ADR (1)

311,306

7,786

CG

oncology (1)

723,500

30,040

Cogent

Biosciences (1)

754,695

26,807

T. ROWE

PRICE

New

Horizons

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Cytokinetics (1)

252,020

16,013

Denali

Therapeutics (1)

478,112

7,894

Dianthus

Therapeutics (1)

153,300

6,317

Disc

Medicine (1)

471,851

37,470

Dyne

Therapeutics (1)(2)

881,281

17,238

Evommune (1)(2)

292,245

5,003

GRAIL (1)

66,700

5,709

Gyroscope

Therapeutics,

Milestone

Payment

1,

Acquisition

Date:

2/18/22,

Cost $8,140 (1)(3)(4)

8,139,642

—

Gyroscope

Therapeutics,

Milestone

Payment

2,

Acquisition

Date:

2/18/22,

Cost $5,425 (1)(3)(4)

5,424,598

—

Gyroscope

Therapeutics,

Milestone

Payment

3,

Acquisition

Date:

2/18/22,

Cost $5,425 (1)(3)(4)

5,424,598

—

Ideaya

Biosciences (1)

527,373

18,231

Immuneering,

Class

A (1)(2)

698,170

4,594

Immunome (1)(2)

129,324

2,778

Insmed (1)(2)

706,516

122,962

Ionis

Pharmaceuticals (1)(2)

473,872

37,488

Janux

Therapeutics (1)

233,314

3,220

Kodiak

Sciences (1)(2)

126,384

3,534

Kymera

Therapeutics (1)

1,965,240

152,915

Madrigal

Pharmaceuticals (1)(2)

67,433

39,269

Mineralys

Therapeutics (1)(2)

528,200

19,168

Mirum

Pharmaceuticals (1)

460,319

36,361

Mirum

Pharmaceuticals

PIPE,

Acquisition

Date:

12/8/25,

Cost $4,279 (1)(4)(5)

62,486

4,442

Monte

Rosa

Therapeutics (1)(2)

1,706,251

26,754

Natera (1)

948,220

217,228

Nurix

Therapeutics (1)

284,300

5,393

Nuvalent,

Class

A (1)(2)

493,633

49,655

ORIC

Pharmaceuticals (1)

736,051

6,021

Praxis

Precision

Medicines (1)

190,217

56,065

Replimune

Group (1)

2,436,709

23,685

Revolution

Medicines (1)

433,748

34,548

Revolution

Medicines,

Warrants,

11/14/28 (1)

302,672

Rhythm

Pharmaceuticals (1)

427,788

45,790

Ring

Therapeutics,

Acquisition

Date:

4/12/21,

Cost $13,087 (1)

(3)(4)

284,498

1,309

Scholar

Rock

Holding (1)

1,852,807

81,616

Soleno

Therapeutics (1)

459,799

21,289

Treeline

Biosciences,

Warrants,

8/21/35,

Acquisition

Date:

8/21/25,

Cost $— (1)(3)(4)

60,777

Ultragenyx

Pharmaceutical (1)

234,571

5,395

Vera

Therapeutics (1)

1,135,135

57,483

T. ROWE

PRICE

New

Horizons

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Viridian

Therapeutics (1)

1,058,110

32,928

Xenon

Pharmaceuticals (1)

288,100

12,913

Zenas

Biopharma (1)(2)

230,663

8,375

1,832,238

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.9%
iRhythm

Technologies (1)

273,604

48,548

Kestra

Medical

Technologies (1)(2)

2,046,178

54,265

Masimo (1)

105,005

13,657

Penumbra (1)

368,823

114,671

TransMedics

Group (1)(2)

166,774

20,288

251,429

#### Health

#### Care

#### Providers

#### &

#### Services

#### 4.9%
Alignment

Healthcare (1)

2,396,495

47,331

Billiontoone,

Class

A (1)

144,562

11,831

BrightSpring

Health

Services (1)

2,818,489

105,552

Capsule,

Acquisition

Date:

4/7/21,

Cost $8,954 (1)(3)(4)

617,863

1,124

Concentra

Group

Holdings

Parent

1,443,741

28,413

Encompass

Health

398,097

42,254

Ensign

Group (2)

478,349

83,328

GeneDx

Holdings (1)(2)

134,929

17,549

Guardant

Health (1)

1,938,742

198,023

HealthEquity (1)

386,864

35,441

Oscar

Health,

Class

A (1)

1,206,168

17,333

RadNet (1)

1,081,938

77,196

665,375

#### Health

#### Care

#### Technology

#### 0.4%
HeartFlow (1)

120,150

3,502

Veeva

Systems,

Class

A (1)

245,339

54,767

58,269

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 2.7%
Adaptive

Biotechnologies (1)

1,645,314

26,720

Bio-Techne

2,075,032

122,033

Ginkgo

Bioworks,

Earn

Out

Shares

$15.00,

Acquisition

Date:

9/17/21,

Cost $— (1)(3)(4)

5,448

—

Ginkgo

Bioworks,

Earn

Out

Shares

$17.50,

Acquisition

Date:

9/17/21,

Cost $— (1)(3)(4)

5,448

—

Ginkgo

Bioworks,

Earn

Out

Shares

$20.00,

Acquisition

Date:

9/17/21,

Cost $— (1)(3)(4)

5,448

—

Personalis (1)(2)

900,100

7,165

Repligen (1)(2)

936,547

153,463

Revvity

160,572

15,535

Sartorius

Stedim

Biotech

(EUR)

146,390

35,956

T. ROWE

PRICE

New

Horizons

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Tempus

AI (1)(2)

80,712

4,766

365,638

#### Pharmaceuticals

#### 1.7%
Axsome

Therapeutics (1)

408,293

74,570

Crinetics

Pharmaceuticals (1)

1,492,204

69,462

Elanco

Animal

Health (1)(2)

901,100

20,392

LENZ

Therapeutics (1)(2)

365,000

5,840

MediWound (1)(2)

241,532

4,459

Structure

Therapeutics,

ADR (1)

202,816

14,106

Terns

Pharmaceuticals (1)

173,013

6,990

WaVe

Life

Sciences (1)

2,289,440

38,920

234,739

Total

Health

Care

3,407,688

#### INDUSTRIALS

#### &

#### BUSINESS

#### SERVICES

#### 20.7%

#### Aerospace

#### &

#### Defense

#### 3.1%
AeroVironment (1)

119,795

28,977

Beta

Technologies,

Class

A (1)

283,206

7,989

BWX

Technologies

166,539

28,785

Curtiss-Wright

36,752

20,260

Huntington

Ingalls

Industries

145,140

49,358

Karman

Holdings (1)

441,779

32,325

Kratos

Defense

&

Security

Solutions (1)

76,011

5,770

Leonardo

DRS

730,703

24,910

Loar

Holdings (1)(2)

511,712

34,796

Mercury

Systems (1)

526,552

38,444

Moog,

Class

A

265,064

64,556

StandardAero (1)

507,186

14,546

VSE

384,189

66,376

417,092

#### Air

#### Freight

#### &

#### Logistics

#### 0.2%
CH

Robinson

Worldwide

131,200

21,092

21,092

#### Building

#### Products

#### 1.6%
Modine

Manufacturing (1)

1,055,959

140,981

Zurn

Elkay

Water

Solutions

1,616,297

75,142

216,123

#### Commercial

#### Services

#### &

#### Supplies

#### 0.2%
Casella

Waste

Systems,

Class

A (1)(2)

173,170

16,960

Pitney

Bowes

619,577

6,549

23,509

T. ROWE

PRICE

New

Horizons

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Construction

#### &

#### Engineering

#### 2.1%
API

Group (1)

3,250,474

124,363

Arcosa

51,700

5,497

Construction

Partners,

Class

A (1)

376,593

40,879

Dycom

Industries (1)

253,750

85,742

Granite

Construction (2)

236,000

27,223

283,704

#### Electrical

#### Equipment

#### 3.4%
Acuity

194,812

70,140

American

Superconductor (1)(2)

135,066

3,887

Array

Technologies (1)

2,912,246

26,851

Bloom

Energy,

Class

A (1)

82,530

7,171

Ceres

Power

Holdings

(GBP) (1)

1,050,929

2,998

EnerSys

181,000

26,562

Eos

Energy

Enterprises (1)(2)

230,687

2,644

Fluence

Energy (1)(2)

1,653,700

32,710

Hubbell

242,873

107,862

Nextpower,

Class

A (1)

594,778

51,811

nVent

Electric

653,563

66,644

Shoals

Technologies

Group,

Class

A (1)

3,413,638

29,016

Vicor (1)

256,100

28,068

456,364

#### Ground

#### Transportation

#### 0.9%
JB

Hunt

Transport

Services

51,900

10,086

Lyft,

Class

A (1)

735,091

14,239

Old

Dominion

Freight

Line

432,333

67,790

Saia (1)

99,722

32,561

124,676

#### Machinery

#### 5.1%
Atmus

Filtration

Technologies

1,545,993

80,253

Enpro

202,632

43,390

Esab

861,183

96,211

Federal

Signal

114,900

12,477

Ingersoll

Rand

723,837

57,342

JBT

Marel (2)

89,900

13,545

Middleby (1)

220,146

32,729

Mueller

Industries

139,957

16,067

RBC

Bearings (1)

287,096

128,743

SPX

Technologies (1)

408,378

81,700

Toro

695,173

54,724

Watts

Water

Technologies,

Class

A

231,096

63,787

680,968

T. ROWE

PRICE

New

Horizons

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### Passenger

#### Airlines

#### 0.2%
Joby

Aviation (1)

1,808,250

23,869

Wheels

Up

Earnout,

Acquisition

Date:

7/23/21,

Cost $— (1)(3)

(4) 1,049,318

—

Wheels

Up

Earnout,

Acquisition

Date:

7/23/21,

Cost $— (1)(3)

(4) 1,049,318

—

Wheels

Up

Earnout,

Acquisition

Date:

7/23/21,

Cost $— (1)(3)

(4) 1,049,318

—

23,869

#### Professional

#### Services

#### 2.2%
Checkr,

Acquisition

Date:

6/29/18

-

12/2/19,

Cost $18,150 (1)

(3)(4)(6)

2,653,566

23,617

FTI

Consulting (1)

199,358

34,056

Paylocity

Holding (1)

421,763

64,319

Planet

Labs

PBC (1)

680,800

13,425

UL

Solutions,

Class

A (2)

495,339

39,062

Upwork (1)(2)

5,785,845

114,676

289,155

#### Trading

#### Companies

#### &

#### Distributors

#### 1.7%
Diploma

(GBP)

365,024

25,971

FTAI

Aviation

7,000

1,378

SiteOne

Landscape

Supply (1)

1,305,136

162,568

Xometry,

Class

A (1)

558,839

33,234

223,151

Total

Industrials

&

Business

Services

2,759,703

#### INFORMATION

#### TECHNOLOGY

#### 19.3%

#### Communications

#### Equipment

#### 0.7%
Applied

Optoelectronics (1)(2)

1,309,300

45,642

Calix (1)

385,055

20,381

Lumentum

Holdings (1)(2)

35,100

12,938

Ondas

Holdings (1)(2)

489,039

4,773

Viavi

Solutions (1)

859,841

15,322

99,056

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 3.7%
Bel

Fuse,

Class

B

122,664

20,807

Belden

368,092

42,901

Cognex

1,238,470

44,560

Fabrinet (1)

411,149

187,188

Itron (1)

62,946

5,845

Mirion

Technologies (1)

453,951

10,632

Novanta (1)

210,608

25,060

T. ROWE

PRICE

New

Horizons

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Teledyne

Technologies (1)

303,506

155,010

492,003

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 8.1%
Ambarella (1)

515,100

36,490

Credo

Technology

Group

Holding (1)

616,936

88,771

Entegris

1,281,676

107,981

FormFactor (1)

538,564

30,041

Impinj (1)

94,307

16,410

Lattice

Semiconductor (1)

3,441,571

253,231

MACOM

Technology

Solutions

Holdings (1)

952,912

163,215

MKS

124,500

19,895

Monolithic

Power

Systems

104,372

94,599

Onto

Innovation (1)

214,701

33,893

Power

Integrations

368,800

13,107

Qnity

Electronics

34,200

2,792

Rambus (1)

371,791

34,164

SiTime (1)(2)

243,089

85,856

Synaptics (1)

295,400

21,865

Teradyne

459,990

89,036

1,091,346

#### Software

#### 6.3%
Alarm.com

Holdings (1)

273,584

13,958

Appfolio,

Class

A (1)

177,212

41,228

Aurora

Innovation (1)(2)

1,839,786

7,065

BILL

Holdings (1)

1,136,064

61,961

Braze,

Class

A (1)

380,800

13,058

Circle

Internet

Group (1)

16,200

1,285

Datadog,

Class

A (1)

703,757

95,704

Descartes

Systems

Group (1)

478,176

41,917

D-Wave

Quantum (1)(2)

674,400

17,636

Figma,

Class

A (1)

1,100,277

41,117

Gusto,

Acquisition

Date:

10/6/20

-

11/9/20,

Cost $11,149 (1)(3)

(4) 836,888

20,336

HubSpot (1)

124,895

50,120

Intapp (1)

881,836

40,406

InterDigital (2)

29,920

9,526

JFrog (1)

1,483,152

92,638

Manhattan

Associates (1)

70,775

12,266

Monday.com (1)

224,437

33,118

nCino (1)

1,122,585

28,783

PAR

Technology (1)(2)

295,396

10,717

Procore

Technologies (1)(2)

987,890

71,859

Rubrik,

Class

A (1)

47,848

3,660

T. ROWE

PRICE

New

Horizons

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Samsara,

Class

A (1)

1,386,601

49,155

ServiceTitan,

Class

A (1)(2)

523,560

55,759

Tanium,

Class

B,

Acquisition

Date:

9/24/20,

Cost $7,493 (1)(3)

(4) 657,558

2,630

Unity

Software (1)

31,200

1,378

Workiva (1)

331,062

28,554

845,834

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.5%
IonQ (1)(2)

1,459,310

65,479

65,479

Total

Information

Technology

2,593,718

#### MATERIALS

#### 3.7%

#### Chemicals

#### 0.0%
Axalta

Coating

Systems (1)

83,000

2,682

2,682

#### Construction

#### Materials

#### 0.1%
Knife

River (1)

103,087

7,252

7,252

#### Metals

#### &

#### Mining

#### 3.5%
Artemis

Gold

(CAD) (1)

2,251,027

60,173

Capstone

Copper

(CAD) (1)

701,100

7,039

Coeur

Mining (1)

1,173,003

20,915

ERO

Copper

(CAD) (1)

653,900

18,499

Hecla

Mining

857,721

16,460

Hudbay

Minerals

563,700

11,189

Ivanhoe

Electric (1)

3,334,572

53,286

MP

Materials (1)(2)

67,753

3,423

OR

Royalties

(CAD)

1,768,831

62,657

Reliance

179,971

51,988

Royal

Gold

340,546

75,700

Sibanye

Stillwater,

ADR (1)

2,667,700

38,015

Taseko

Mines (1)

1,267,800

7,176

Warrior

Met

Coal

475,423

41,918

468,438

#### Paper

#### &

#### Forest

#### Products

#### 0.1%
Louisiana-Pacific

157,574

12,726

12,726

Total

Materials

491,098

T. ROWE

PRICE

New

Horizons

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### MISCELLANEOUS

#### 0.0%

#### Miscellaneous

#### 0.0%
Churchill

Capital

Corp.

X,

Class

A (1)

415,000

6,474

Total

Miscellaneous

6,474

#### REAL

#### ESTATE

#### 2.2%

#### Real

#### Estate

#### Management

#### &

#### Development

#### 2.2%
Colliers

International

Group (2)

451,741

66,410

Compass,

Class

A (1)

5,534,913

58,504

Cushman

&

Wakefield (1)

2,100,748

34,011

FirstService

203,001

31,573

Jones

Lang

LaSalle (1)

328,290

110,460

Total

Real

Estate

300,958

#### Total

#### Common

#### Stocks

#### (Cost

#### $10,082,696)

#### 12,722,326

#### CONVERTIBLE

#### PREFERRED

#### STOCKS

#### 4.5%

#### COMMUNICATION

#### SERVICES

#### 0.0%

#### Entertainment

#### 0.0%
Houzz,

Series

D,

Acquisition

Date:

6/3/14,

Cost $19,726 (1)(3)

(4) 2,632,810

—

OfferUp,

Series

A-2,

Acquisition

Date:

3/6/15,

Cost $6,851 (1)

(3)(4)

1,375,830

OfferUp,

Series

C,

Acquisition

Date:

3/6/15,

Cost $11,641 (1)

(3)(4)

2,337,940

1,052

OfferUp,

Series

C-1,

Acquisition

Date:

8/26/16,

Cost $4,573 (1)

(3)(4)

682,712

OfferUp,

Series

F,

Acquisition

Date:

7/1/20,

Cost $2,026 (1)(3)

(4) 884,802

2,133

#### Media

#### 0.0%
DTX,

Series

A-1,

Acquisition

Date:

2/4/22,

Cost $8,815 (1)(3)(4)

4,844,924

2,326

2,326

Total

Communication

Services

4,459

#### CONSUMER

#### DISCRETIONARY

#### 0.2%

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.2%
Evolve

Vacation

Rental

Network,

Series

4,

Acquisition

Date:

8/15/14,

Cost $906 (1)(3)(4)(6)

718,332

2,629

Evolve

Vacation

Rental

Network,

Series

5,

Acquisition

Date:

11/6/15,

Cost $4,220 (1)(3)(4)(6)

1,727,442

6,322

Evolve

Vacation

Rental

Network,

Series

6,

Acquisition

Date:

1/18/17,

Cost $8,679 (1)(3)(4)(6)

2,218,727

8,121

T. ROWE

PRICE

New

Horizons

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Evolve

Vacation

Rental

Network,

Series

7,

Acquisition

Date:

1/10/18,

Cost $3,151 (1)(3)(4)(6)

433,698

1,587

Evolve

Vacation

Rental

Network,

Series

8,

Acquisition

Date:

3/29/18

-

6/15/18,

Cost $17,862 (1)(3)(4)(6)

2,098,881

7,682

Evolve

Vacation

Rental

Network,

Series

9,

Acquisition

Date:

5/29/20,

Cost $4,323 (1)(3)(4)(6)

745,950

2,730

Total

Consumer

Discretionary

29,071

#### CONSUMER

#### STAPLES

#### 0.0%

#### Food

#### Products

#### 0.0%
Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17

-

7/31/20,

Cost $3,161 (1)(3)(4)

131,054

—

Farmers

Business

Network,

Series

F,

Acquisition

Date:

11/3/17

-

7/31/20,

Cost $2,036 (1)(3)(4)

83,889

—

Total

Consumer

Staples

—

#### FINANCIALS

#### 0.2%

#### Capital

#### Markets

#### 0.2%
iCapital,

Series

B-1,

Acquisition

Date:

11/14/25,

Cost $7,539 (1)

(3)(4)

538,536

7,539

iCapital,

Series

B-2,

Acquisition

Date:

11/14/25,

Cost $957 (1)

(3)(4)

68,370

957

Trumid

Holdings,

Series

J-A,

Acquisition

Date:

7/31/20,

Cost $11,909 (1)(3)(4)(7)

24,002

8,665

Trumid

Holdings,

Series

J-B,

Acquisition

Date:

7/31/20,

Cost $7,187 (1)(3)(4)(7)

24,002

8,664

Trumid

Holdings,

Series

L,

Acquisition

Date:

9/15/21,

Cost $3,703 (1)(3)(4)(7)

4,229

1,527

27,352

#### Financial

#### Services

#### 0.0%
Airwallex

Cayman,

Series

G,

Acquisition

Date:

11/21/25,

Cost $3,560 (1)(3)(4)

167,118

3,560

3,560

Total

Financials

30,912

#### HEALTH

#### CARE

#### 1.6%

#### Biotechnology

#### 1.0%
Adarx

Pharma,

Series

C,

Acquisition

Date:

8/2/23,

Cost $10,269 (1)(3)(4)

1,234,213

14,181

Eikon

Therapeutics,

Series

B,

Acquisition

Date:

12/3/21,

Cost $19,567 (1)(3)(4)

1,106,212

6,465

Eikon

Therapeutics,

Series

B-1,

Acquisition

Date:

12/3/21

-

2/14/25,

Cost $6,561 (1)(3)(4)

1,122,551

6,561

Eikon

Therapeutics,

Series

C,

Acquisition

Date:

5/18/23,

Cost $4,897 (1)(3)(4)

227,803

1,331

T. ROWE

PRICE

New

Horizons

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Eikon

Therapeutics,

Series

C-1,

Acquisition

Date:

5/18/23

-

2/14/25,

Cost $1,275 (1)(3)(4)

218,199

1,275

Eikon

Therapeutics,

Series

D,

Acquisition

Date:

2/14/25,

Cost $7,836 (1)(3)(4)

1,340,753

7,836

Genesis

Therapeutics,

Series

A,

Acquisition

Date:

11/24/20,

Cost $6,007 (1)(3)(4)

1,176,193

6,008

Genesis

Therapeutics,

Series

A-2,

Acquisition

Date:

11/24/20,

Cost $391 (1)(3)(4)

76,477

Genesis

Therapeutics,

Series

B,

Acquisition

Date:

8/10/23,

Cost $3,850 (1)(3)(4)

753,779

3,850

Insitro,

Series

B,

Acquisition

Date:

5/21/20,

Cost $7,412 (1)(3)

(4) 1,189,622

21,759

Insitro,

Series

C,

Acquisition

Date:

4/7/21,

Cost $15,759 (1)(3)

(4) 861,590

15,759

Tessera

Therapeutics,

Series

C,

Acquisition

Date:

2/25/22,

Cost $9,702 (1)(3)(4)

826,411

4,281

Tessera

Therapeutics,

Series

D,

Acquisition

Date:

3/7/25,

Cost $2,426 (1)(3)(4)

468,247

2,426

Treeline

Biosciences,

Series

A,

Acquisition

Date:

4/9/21

-

9/26/22,

Cost $22,682 (1)(3)(4)

2,897,679

21,115

Treeline

Biosciences,

Series

A-1,

Acquisition

Date:

10/2/24,

Cost $17,466 (1)(3)(4)

2,028,504

14,782

Treeline

Biosciences,

Series

A-2,

Acquisition

Date:

8/21/25,

Cost $3,489 (1)(3)(4)

405,178

2,953

130,973

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.2%
Kardium,

Series

D-5,

Acquisition

Date:

11/29/18,

Cost $8,865 (1)(3)(4)

9,149,620

7,495

Kardium,

Series

D-6,

Acquisition

Date:

1/8/21,

Cost $18,745 (1)

(3)(4)

18,452,429

15,268

22,763

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.1%
Capsule,

Series

1-D,

Acquisition

Date:

4/7/21,

Cost $8,954 (1)

(3)(4)

617,862

1,125

Color

Health,

Series

D,

Acquisition

Date:

12/17/20,

Cost $11,006 (1)(3)(4)

292,304

5,609

Color

Health,

Series

D-1,

Acquisition

Date:

1/13/20,

Cost $12,813 (1)(3)(4)

600,689

8,097

Color

Health,

Series

E,

Acquisition

Date:

10/26/21,

Cost $4,422 (1)(3)(4)

44,229

1,813

16,644

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.3%
Manus

Bio,

Series

One-6,

Acquisition

Date:

3/30/21,

Cost $18,373 (1)(3)(4)

1,751,541

5,255

T. ROWE

PRICE

New

Horizons

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

National

Resilience,

Series

B,

Acquisition

Date:

10/23/20,

Cost $24,828 (1)(3)(4)

1,817,581

29,208

34,463

Total

Health

Care

204,843

#### INDUSTRIALS

#### &

#### BUSINESS

#### SERVICES

#### 0.8%

#### Aerospace

#### &

#### Defense

#### 0.0%
ABL

Space

Systems,

Series

A-8,

Acquisition

Date:

3/24/21,

Cost $18,589 (1)(3)(4)

468,377

#### Air

#### Freight

#### &

#### Logistics

#### 0.1%
Flexe,

Series

C,

Acquisition

Date:

11/18/20,

Cost $17,689 (1)

(3)(4)

1,453,824

4,245

Flexe,

Series

D,

Acquisition

Date:

4/7/22,

Cost $9,169 (1)(3)(4)

449,562

1,672

5,917

#### Professional

#### Services

#### 0.7%
Checkr,

Series

C,

Acquisition

Date:

4/10/18,

Cost $25,265 (1)

(3)(4)(6)

5,552,310

49,416

Checkr,

Series

D,

Acquisition

Date:

9/6/19,

Cost $45,551 (1)(3)

(4)(6)

4,517,982

40,210

89,626

Total

Industrials

&

Business

Services

95,646

#### INFORMATION

#### TECHNOLOGY

#### 1.7%

#### IT

#### Services

#### 0.0%
Haul

Hub,

Series

B,

Acquisition

Date:

2/14/20

-

3/3/21,

Cost $13,004 (1)(3)(4)(6)

891,864

1,302

Haul

Hub,

Series

C,

Acquisition

Date:

4/14/22,

Cost $5,451 (1)

(3)(4)(6)

288,891

1,724

#### Software

#### 1.7%
Databricks,

Series

F,

Acquisition

Date:

10/22/19,

Cost $6,237 (1)(3)(4)

435,695

82,782

Gusto,

Series

C,

Acquisition

Date:

7/16/18,

Cost $20,951 (1)(3)

(4) 2,755,737

66,964

Gusto,

Series

D,

Acquisition

Date:

7/16/19,

Cost $19,989 (1)(3)

(4) 1,501,509

36,487

Harvey

AI

Corp,

Series

F,

Acquisition

Date:

12/3/25,

Cost $2,130 (1)(3)(4)

85,276

2,130

Physical

Intelligence,

Series

B,

Acquisition

Date:

10/24/25,

Cost $1,455 (1)(3)(4)

5,359

1,455

SecurityScorecard,

Series

E,

Acquisition

Date:

3/5/21,

Cost $18,207 (1)(3)(4)

3,604,617

12,400

T. ROWE

PRICE

New

Horizons

Fund

#### Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

Tanium,

Series

G,

Acquisition

Date:

8/26/15,

Cost $31,923 (1)

(3)(4)

6,430,431

25,722

227,940

Total

Information

Technology

229,664

#### MATERIALS

#### 0.0%

#### Metals

#### &

#### Mining

#### 0.0%
Cyclic

Materials,

Series

C,

Acquisition

Date:

12/11/25,

Cost $3,513 (1)(3)(4)

426,926

3,513

Total

Materials

3,513

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $619,543)

#### 598,108

#### PREFERRED

#### STOCKS

#### 0.3%

#### HEALTH

#### CARE

#### 0.3%

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.3%
Sartorius

(EUR)

160,428

46,197

Total

Health

Care

46,197

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $15,474)

#### 46,197

#### SHORT-TERM

#### INVESTMENTS

#### 1.0%

#### Money

#### Market

#### Funds

#### 1.0%
T. Rowe

Price

Government

Reserve

Fund,

3.77% (6)(8)

138,681,217

138,681

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $138,681)

#### 138,681

#### SECURITIES

#### LENDING

#### COLLATERAL

#### 2.0%

#### INVESTMENTS

#### IN

#### A

#### POOLED

#### ACCOUNT

#### THROUGH

#### SECURITIES

#### LENDING

#### PROGRAM

#### WITH

#### STATE

#### STREET

#### BANK

#### AND

#### TRUST

#### COMPANY 2.0%

#### Money

#### Market

#### Funds 2.0%
T. Rowe

Price

Treasury

Reserve

Fund,

3.75% (6)(8)

272,726,757

272,727

#### Total

#### Investments

#### in

#### a

#### Pooled

#### Account

#### through

#### Securities

#### Lending

#### Program

#### with

#### State

#### Street

#### Bank

#### and

#### Trust

#### Company

#### 272,727

#### Total

#### Securities

#### Lending

#### Collateral

#### (Cost

#### $272,727)

#### 272,727

#### Total

#### Investments

#### in

#### Securities

#### 102.4%

#### of

#### Net

#### Assets

#### (Cost

#### $11,129,121)

#### $

#### 13,778,039
T. ROWE

PRICE

New

Horizons

Fund

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1) Non-income

producing

(2) See

Note

4. All

or

a

portion

of

this

security

is

on

loan

at

December

31,

2025. (3) See

Note

2. Level

in

fair

value

hierarchy.

(4) Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$657,577

and

represents

4.9%

of

net

assets.

(5) All

or

a

portion

of

the

position

represents

an

unfunded

commitment;

a

liability

to

fund

the

commitment

has

been

recognized.

The

fund's

total

unfunded

commitment

at

December

31,

2025,

was

$4,279

and

was

valued

at

$4,442

(0.0%

of

net

assets).

(6) Affiliated

Companies

(7) Investment

in

a

partnership

held

indirectly

through

a

limited

liability

company

that

is

owned

by

the

fund

and

treated

as

a

corporation

for

U.S.

tax

purposes.

(8) Seven-day

yield

ADR

American

Depositary

Receipts

CAD

Canadian

Dollar

EC

Escrow

CUSIP;

represents

a

beneficial

interest

in

a

residual

pool

of

assets;

the

amount

and

timing

of

future

distributions,

if

any,

is

uncertain;

when

presented,

interest

rate

and

maturity

date

are

those

of

the

original

security.

EUR

Euro

GBP

British

Pound

PIPE

Private

Investment

in

Public

Equity

T. ROWE

PRICE

New

Horizons

Fund

#### AFFILIATED

#### COMPANIES
($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

year

ended

December

31,

2025. Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

#### Affiliate

#### Net

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Net

#### Unrealized

#### Gain/Loss

#### Investment

#### Income
BILL

Holdings

$

(366,609)

$

98,933

$

—

Checkr

—

7,324

—

Checkr,

Series

C

—

15,325

—

Checkr,

Series

D

—

12,469

—

Esab

70,622

(89,357)

730

Evolve

Vacation

Rental

Network,

Series

—

(4,432)

—

Evolve

Vacation

Rental

Network,

Series

—

(10,659)

—

Evolve

Vacation

Rental

Network,

Series

—

(13,689)

—

Evolve

Vacation

Rental

Network,

Series

—

(2,676)

—

Evolve

Vacation

Rental

Network,

Series

—

(12,950)

—

Evolve

Vacation

Rental

Network,

Series

—

(4,603)

—

Haul

Hub,

Series

B

—

(2,686)

—

Haul

Hub,

Series

C

—

(869) —

Kardium,

Series

—

(282) —

Kardium,

Series

—

(417) —

Monte

Rosa

Therapeutics

(23,303)

34,498

—

Replimune

Group

(67,625)

46,656

—

SiteOne

Landscape

Supply

13,421

(19,557)

—

T. Rowe

Price

Government

Reserve

Fund,

3.77%

—

—

11,794

T. Rowe

Price

Treasury

Reserve

Fund,

3.75%

—

—

—++

Affiliates

not

held

at

period

end

60,027

(97,853)

—

Totals

$

(313,467)#

$

(44,825)

$

12,524+

T. ROWE

PRICE

New

Horizons

Fund

#### AFFILIATED

#### COMPANIES
(CONTINUED)

($000s)

#### Supplementary

#### Investment

#### Schedule

#### Affiliate

#### Value

#### 12/31/24

#### Purchase

#### Cost

#### Sales

#### Cost

#### Value

#### 12/31/25
BILL

Holdings

$

529,627

$

25,956

$

592,555

$

\*

Checkr

16,293

—

—

23,617

Checkr,

Series

C

34,091

—

—

49,416

Checkr,

Series

D

27,741

—

—

40,210

Dayforce

664,105

73,388

546,745

—

Esab

365,356

8,353

188,141

\*

Evolve

Vacation

Rental

Network,

Series

7,061

—

—

2,629

Evolve

Vacation

Rental

Network,

Series

16,981

—

—

6,322

Evolve

Vacation

Rental

Network,

Series

21,810

—

—

8,121

Evolve

Vacation

Rental

Network,

Series

4,263

—

—

1,587

Evolve

Vacation

Rental

Network,

Series

20,632

—

—

7,682

Evolve

Vacation

Rental

Network,

Series

7,333

—

—

2,730

Generation

Bio

5,657

—

56,348

—

Haul

Hub,

Series

B

3,987

—

1,302

Haul

Hub,

Series

C

1,291

—

—

IGM

Biosciences

10,855

—

53,059

—

Kardium,

Series

7,777

—

—

\*

Kardium,

Series

15,685

—

—

\*

Monte

Rosa

Therapeutics

23,619

—

31,363

\*

Replimune

Group

57,283

2,924

83,178

\*

SiteOne

Landscape

Supply

\*

52,627

231,012

\*

T. Rowe

Price

Government

Reserve

Fund,

3.77%

859,519

¤

¤

138,681

T. Rowe

Price

Treasury

Reserve

Fund,

3.75%

—

¤

¤

272,727

Total

$

555,446^

T. ROWE

PRICE

New

Horizons

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

4. +

Investment

income

comprised

$12,524

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$557,970.

\*

On

the

date

indicated,

issuer

was

held

but

not

considered

an

affiliated

company.

T. ROWE

PRICE

New

Horizons

Fund

December

31,

2025

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

#### Assets
Investments

in

securities,

at

value

(cost

$11,129,121)

$

13,778,039

Receivable

for

investment

securities

sold

23,053

Receivable

for

shares

sold

20,071

Dividends

receivable

1,486

Due

from

affiliates

857

Cash

549

Foreign

currency

(cost

$114)

Other

assets

Total

assets

13,824,623

#### Liabilities
Obligation

to

return

securities

lending

collateral

272,727

Payable

for

shares

redeemed

55,179

Payable

for

investment

securities

purchased

35,387

Investment

management

fees

payable

7,541

Payable

to

directors

Other

liabilities

990

Total

liabilities

371,834

#### NET

#### ASSETS

#### $

#### 13,452,789
T. ROWE

PRICE

New

Horizons

Fund

December

31,

2025

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Net

#### Assets

#### Consist

#### of:
Total

distributable

earnings

(loss)

$

2,825,996

Paid-in

capital

applicable

to

257,180,816

shares

of

$1.00

par

value

capital

stock

outstanding;

1,600,000,000

shares

authorized

10,626,793

#### NET

#### ASSETS

#### $

#### 13,452,789

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $4,783,242;

#### Shares

#### outstanding:

#### 92,508,111)

#### $

#### 51.71

#### I

#### Class

#### (Net

#### assets:

#### $6,066,723;

#### Shares

#### outstanding:

#### 116,201,712)

#### $

#### 52.21

#### Z

#### Class

#### (Net

#### assets:

#### $2,602,824;

#### Shares

#### outstanding:

#### 48,470,993)

#### $

#### 53.70
T. ROWE

PRICE

New

Horizons

Fund

#### Statement

#### of

#### Operations

($000s)

Year

Ended

12/31/25

#### Investment

#### Income
(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$162)

$

56,793

Securities

lending

Other

Total

income

57,286

Expenses

Investment

management

99,757

Shareholder

servicing

Investor

Class

$

9,051

I

Class

1,490

10,541

Prospectus

and

shareholder

reports

Investor

Class

I

Class

Z

Class

Custody

and

accounting

Registration

Legal

and

audit

Directors

Miscellaneous

Waived

/

paid

by

Price

Associates

(14,188)

Total

expenses

97,127

Net

investment

loss

(39,841)

T. ROWE

PRICE

New

Horizons

Fund

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

12/31/25

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

gain

(loss)

Securities

3,197,138

Futures

(17,168)

Foreign

currency

transactions

(21)

Net

realized

gain

3,179,949

Change

in

net

unrealized

gain

/

loss

Securities

(2,947,236)

Other

assets

and

liabilities

denominated

in

foreign

currencies

Change

in

net

unrealized

gain

/

loss

(2,947,196)

Net

realized

and

unrealized

gain

/

loss

232,753

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 192,912
T. ROWE

PRICE

New

Horizons

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/25

12/31/24

#### Increase
(Decrease)

#### in

#### Net

#### Assets
Operations

Net

investment

loss

$

(39,841)

$

(52,552)

Net

realized

gain

3,179,949

2,207,618

Change

in

net

unrealized

gain

/

loss

(2,947,196)

(1,299,641)

Increase

in

net

assets

from

operations

192,912

855,425

Distributions

to

shareholders

Net

earnings

Investor

Class

(523,658)

(370,116)

I

Class

(672,621)

(462,944)

Z

Class

(265,303)

(105,623)

Decrease

in

net

assets

from

distributions

(1,461,582)

(938,683)

Capital

share

transactions

\*

Shares

sold

Investor

Class

2,194,505

600,833

I

Class

294,822

655,898

Z

Class

541,053

184,905

Distributions

reinvested

Investor

Class

504,215

358,602

I

Class

601,287

425,238

Z

Class

265,303

105,623

Shares

redeemed

Investor

Class

(5,196,842)

(3,541,437)

I

Class

(3,939,324)

(3,384,359)

Z

Class

(306,245)

(301,771)

Decrease

in

net

assets

from

capital

share

transactions

(5,041,226)

(4,896,468)

T. ROWE

PRICE

New

Horizons

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/25

12/31/24

#### Net

#### Assets
Decrease

during

period

(6,309,896)

(4,979,726)

Beginning

of

period

19,762,685

24,742,411

#### End

#### of

#### period

#### $

#### 13,452,789

#### $

#### 19,762,685
\*Share

information

(000s)

Shares

sold

Investor

Class

39,747

10,530

I

Class

5,446

11,379

Z

Class

9,218

3,162

Distributions

reinvested

Investor

Class

9,322

6,045

I

Class

11,008

7,116

Z

Class

4,725

1,735

Shares

redeemed

Investor

Class

(95,534)

(62,185)

I

Class

(73,045)

(59,032)

Z

Class

(5,470)

(5,190)

Decrease

in

shares

outstanding

(94,583)

(86,440)

T. ROWE

PRICE

New

Horizons

Fund

#### NOTES

#### TO

#### FINANCIAL

#### STATEMENTS

T. Rowe

Price

New

Horizons

Fund,

Inc. (the

corporation)

is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

New

Horizons

Fund,

Inc.

(the

fund)

is a

diversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks long-term

capital

growth

by

investing

primarily

in

common

stocks

of

small,

rapidly

growing

companies.

The

fund

has three classes

of

shares:

the

New

Horizons

Fund,

Inc.

(Investor

Class),

the

New

Horizons

Fund–I

Class

(I

Class)

and

the

New

Horizons

Fund–Z

Class

(Z

Class).

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Z

Class

is

only

available

to

funds

advised

by

T. Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

to

a

contractual

fee

for

investment

management

services. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

#### NOTE

#### 1

#### -

#### SIGNIFICANT

#### ACCOUNTING

#### POLICIES

#### Basis

#### of

#### Preparation
The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

*Accounting* 

*Standards* 

*Codification* 

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946. GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

#### Investment

#### Transactions,

#### Investment

#### Income,

#### and

#### Distributions
Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

as

dividend income;

capital

gain

distributions

are

reflected

as

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

T. ROWE

PRICE

New

Horizons

Fund

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any,

are

declared

and

paid

by

each

class annually. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

#### Currency

#### Translation
Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

#### Class

#### Accounting
Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes,

investment

income,

and

realized

and

unrealized

gains

and

losses

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class.

#### In-Kind

#### Redemptions
In

accordance

with

guidelines

described

in

the

fund's

prospectus,

and

when

considered

to

be

in

the

best

interest

of

all

shareholders,

the

fund

may

distribute

portfolio

securities

rather

than

cash

as

payment

for

a

redemption

of

fund

shares

(in-kind

redemption).

Gains

and

losses

realized

on

in-kind

redemptions

are

not

recognized

for

tax

purposes

and

are

reclassified

from

undistributed

realized

gain

(loss)

to

paid-in

capital.

During

the

year ended

December

31,

2025,

the

fund

realized

$1,242,344,000 of

net

gain

on

$1,948,522,000

of

in-kind

redemptions.

#### Capital

#### Transactions
Each

investor's

interest

in

the

net

assets

of

the

fund

is

represented

by

fund

shares.

The

fund's

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

Eastern

time,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T. Rowe

Price

Associates,

Inc.,

or

its

agents.

T. ROWE

PRICE

New

Horizons

Fund

#### Indemnification
In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund's

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

#### NOTE

#### 2

#### -

#### VALUATION

#### Fair

#### Value
&nbsp;&nbsp;&nbsp;&nbsp;The

fund's

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund's

Board

of

Directors

(the

Board)

has

designated

T. Rowe

Price

Associates,

Inc.

as

the

fund's

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

–

inputs

other

than

Level

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

–

unobservable

inputs

(including

the Valuation

Designee's assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

T. ROWE

PRICE

New

Horizons

Fund

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

#### Valuation

#### Techniques
Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-

counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

the

fund's portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decides whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

or how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund's

closing

NAV

per

share

on

the

day

of

valuation.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value.

T. ROWE

PRICE

New

Horizons

Fund

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

the

greatest

weight

to

actual

prices

in

arm's

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

#### Valuation

#### Inputs
&nbsp;&nbsp;&nbsp;&nbsp;The

following

table

summarizes

the

fund's

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

December

31,

2025

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Value

#### Assets
Common

Stocks

$

12,428,749

$

238,550

$

55,027

$

12,722,326

Convertible

Preferred

Stocks

—

—

598,108

598,108

Preferred

Stocks

—

46,197

—

46,197

Short-Term

Investments

138,681

—

—

138,681

Securities

Lending

Collateral

272,727

—

—

272,727

Total

$

12,840,157

$

284,747

$

653,135

$

13,778,039

T. ROWE

PRICE

New

Horizons

Fund

Following

is

a

reconciliation

of

the

fund's

Level

holdings

for

the

year ended

December

31,

2025. Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

holdings

during

the

period,

if

any,

and

is

included

on

the

accompanying

Statement

of

Operations.

The

change

in

unrealized

gain/loss

on

Level

instruments

held

at

December

31,

2025,

totaled $(182,245,000) for

the

year ended

December

31,

2025. Additionally,

during

the

period,

transfers

into

and/or

out

of

Level

include

securities

acquired

or

exchanged

as

a

result

of

a

corporate

action.

In

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

to

determine

the

fair

valuations

of

the

fund's

Level

assets,

by

class

of

financial

instrument.

Because

the

Valuation

Designee

considers

a

wide

variety

of

factors

and

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

($000s)

#### Beginning

#### Balance

#### 12/31/24

#### Gain
(Loss)

#### During

#### Period

#### Total

#### Purchases

#### Total

#### Sales

#### Transfer

#### Into

#### Level 3

#### Transfer

#### Out

#### of

#### Level

#### 3

#### Ending

#### Balance

#### 12/31/25
Investment

in

Securities

Common

Stocks

$

109,461

$

9,562

$

16,886

$

(75,737)

$

—

$

(5,145)

$

55,027

Convertible

Preferred

Stocks

866,880

(32,705)

68,815

(310,027)

5,145

—

598,108

Total

$

976,341

$

(23,143)

$

85,701

$

(385,764)

$

5,145

$

(5,145)

$

653,135

#### Investments

#### in

#### Securities

#### Value
(000s)

#### Valuation

#### Technique(s)+

#### Significant

#### Unobservable

#### Inputs(s)

#### Value

#### or

#### Range

#### of

#### Input(s)

#### Weighted

#### Average

#### of

#### Input(s)\*

#### Impact

#### to

#### Valuation

#### from

#### an

#### Increase

#### in

#### Input\*\*
Common

Stocks

$55,027

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

T. ROWE

PRICE

New

Horizons

Fund

#### Investments

#### in

#### Securities

#### Value
(000s)

#### Valuation

#### Technique(s)+

#### Significant

#### Unobservable

#### Inputs(s)

#### Value

#### or

#### Range

#### of

#### Input(s)

#### Weighted

#### Average

#### of

#### Input(s)\*

#### Impact

#### to

#### Valuation

#### from

#### an

#### Increase

#### in

#### Input\*\*
Discount

for

dilution

15%

15%

Decrease

Discount

for

uncertainty

100%

100%

Decrease

Market

comparable

Probability

for

potential

outcome

25%

-

50%

33%

Increase

Enterprise

value

to

sales

multiple

1.1x

–

1.7x

1.2x

Increase

Enterprise

value

to

gross

profit

multiple

2.2x

2.2x

Increase

Discount

for

lack

of

recoverability

100%

100%

Decrease

Discount

for

uncertainty

100%

100%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Convertible

Preferred

Stocks

$598,108

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Discount

for

dilution

Discount

for

dilution

15%

15%

Decrease

Market

comparable

Premium

for

liquidation

preference

—#

—#

—#

Private

company

valuation

—#

—#

—#

Probability

for

potential

outcome

10%

-

70%

33%

Increase

T. ROWE

PRICE

New

Horizons

Fund

#### Investments

#### in

#### Securities

#### Value
(000s)

#### Valuation

#### Technique(s)+

#### Significant

#### Unobservable

#### Inputs(s)

#### Value

#### or

#### Range

#### of

#### Input(s)

#### Weighted

#### Average

#### of

#### Input(s)\*

#### Impact

#### to

#### Valuation

#### from

#### an

#### Increase

#### in

#### Input\*\*
Enterprise

value

to

sales

multiple

0.5x

–

9.3x

5.3x

Increase

Sales

growth

rate

12%

-

28%

19%

Increase

Enterprise

value

to

gross

profit

multiple

0.7x

–

8.8x

3.0x

Increase

Gross

profit

growth

rate

18%

18%

Increase

Enterprise

value

to

EBITDA

multiple

12.4x

12.4x

Increase

Cost

of

capital

30%

30%

Decrease

Rate

of

return

0%

-

7%

3%

Decrease

Discount

for

lack

of

recoverability

100%

100%

Decrease

Discount

for

uncertainty

100%

100%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Options

pricing

model

Private

company

valuation

—#

—#

—#

Risk-free

rate

4%

4%

Increase

Volatility

45%

45%

Increase

T. ROWE

PRICE

New

Horizons

Fund

+

Valuation

techniques

may

change

in

order

to

reflect the

Valuation

Designee's

judgment

of

current

market

participant

assumptions.

\*

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

\*\*

Represents

the

directional

change

in

the

fair

value

of

the

Level

investment(s)

that

would

have

resulted

from

an

increase

in

the

corresponding

input

at

period

end.

A

decrease

in

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

Valuation

Designee.

#### NOTE

#### 3

#### -

#### DERIVATIVE

#### INSTRUMENTS
During

the

year ended

December

31,

2025,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement

or

delivery

of

cash

or

other

assets.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund's

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

As

of

December

31,

2025,

the

fund

held

no

derivative

instruments.

T. ROWE

PRICE

New

Horizons

Fund

The

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

December

31,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure:

#### Futures

#### Contracts
The

fund

is

subject

to equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risk.

The fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rates,

security

prices,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

During

the

year ended

December

31,

2025,

the

volume

of

the

fund's

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

less

than

1%

of

net

assets.

($000s)&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Location

#### of

#### Gain
(Loss)

#### on

#### Statement

#### of

#### Operations

#### Futures

#### Realized

#### Gain
(Loss)

Equity

derivatives

$

(17,168)

Total

$

(17,168)

T. ROWE

PRICE

New

Horizons

Fund

#### NOTE

#### 4

#### -

#### OTHER

#### INVESTMENT

#### TRANSACTIONS
Consistent

with

its

investment

objective, the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

more

fully

in the

fund's prospectus

and

Statement

of

Additional

Information.

#### Restricted

#### Securities
The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

#### Lending
The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

fund,

except

in

the

event

of

borrower

default. Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

December

31,

2025,

the

value

of

loaned

securities

was

$343,677,000;

the

aggregate

value

of

collateral

was

$353,873,000

and

consisted

of

cash

collateral

and

related

investments

of

$272,727,000

and

U.S.

government

securities

of

$81,146,000.

T. ROWE

PRICE

New

Horizons

Fund

#### Other
Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term securities

aggregated $14,462,258,000 and

$18,338,590,000,

respectively,

for

the

year ended

December

31,

2025. #### NOTE

#### 5

#### -

#### FEDERAL

#### INCOME

#### TAXES
Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The

fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required.

The

fund's

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

permanent

book/tax

adjustments

relate

primarily

to

the

current

net

operating

loss,

redemptions

in

kind

and

deemed

distributions

on

shareholder

redemptions.

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

($000s)

#### December

#### 31,

#### 2025

#### December

#### 31,

#### 2024
Ordinary

income

(including

short-term

capital

gains,

if

any)

$

130,413

$

—

Long-term

capital

gain

1,331,169

938,683

Total

distributions

$

1,461,582

$

938,683

T. ROWE

PRICE

New

Horizons

Fund

At

December

31,

2025,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were as

follows:

At

December

31,

2025,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales

and

the

realization

of

gains/losses

on

passive

foreign

investment

companies.

#### NOTE

#### 6

#### -

#### FOREIGN TAXES
The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/

loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

($000s)

Cost

of

investments

$

11,217,518

Unrealized

appreciation

$

3,200,203

Unrealized

depreciation

(639,670)

Net

unrealized

appreciation

(depreciation)

$

2,560,533

($000s)

Undistributed

long-term

capital

gain

$

265,463

Net

unrealized

appreciation

(depreciation)

2,560,533

Total

distributable

earnings

(loss)

$

2,825,996

T. ROWE

PRICE

New

Horizons

Fund

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

#### NOTE

#### 7

#### -

#### RELATED

#### PARTY

#### TRANSACTIONS
The

fund

is

managed

by

T. Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T. Rowe

Price

Group,

Inc.

(Price

Group). The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly.

The

fee

consists

of

an

individual

fund

fee,

equal

to

0.35%

of

the fund's

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.26%

for

assets

in

excess

of

$845

billion.

The

fund's

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund's

average

daily

net

assets.

At December

31,

2025,

the

effective

annual

group

fee

rate

was

0.28%.

Price

Associates

has

contractually

agreed,

at

least

through

February

28,

2027,

to

waive

a

portion

of

its

management

fee

so

that

an

individual

fund

fee

of 0.2975%

is

applied

to

the

fund's

average

daily

net

assets

that

are

equal

to

or

greater

than $40 billion.

Thereafter,

this

agreement

will

automatically

renew

for

one-year

terms

unless

terminated

by

the

fund's

Board.

Any

fees

waived

under

this

agreement

are

not

subject

to

reimbursement

to

Price

Associates

by

the

fund. No

management

fees

were

waived

under

this

arrangement

for

the

year ended

December

31,

2025. The

Investor

Class

is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

During

the

limitation

period,

Price

Associates

is required

to

waive

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the class's ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

The

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class's net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the class's net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) T. ROWE

PRICE

New

Horizons

Fund

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2) the class's

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class's

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class's

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2) the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

Z

Class

is

also

subject

to

a

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

to

waive

and/or

bear

all

of

the

Z

Class'

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

in

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

is

expected

to

remain

in

place

indefinitely,

and

the

agreement

may

only

be

amended

or

terminated

with

approval

by

the

fund's

Board.

Expenses

of

the

fund

waived/paid

by

the

manager

are

not

subject

to

later

repayment

by

the

fund.

Pursuant

to these

agreements,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the year

ended December

31,

2025 as

indicated

in

the

table

below.

At

December

31,

2025,

there

were

no

amounts

subject

to

repayment

by

the

fund. Any

repayment

of

expenses

previously

waived/

paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

T. ROWE

PRICE

New

Horizons

Fund

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T. Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund's

transfer

and

dividend-disbursing

agent.

T. Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class.

For

the

year

ended

December

31,

2025,

expenses

incurred

pursuant

to

these

service

agreements

were

$124,000

for

Price

Associates;

$4,166,000

for

T. Rowe

Price

Services,

Inc.;

and

$1,222,000

for

T. Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T. Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

Additionally,

the

fund

is

one

of

several

mutual

funds

in

which

certain

college

savings

plans

managed

by

Price

Associates invests.

As

approved

by

the

fund's

Board

of

Directors,

shareholder

servicing

costs

associated

with

each

college

savings

plan

are

borne

by

the

fund

in

proportion

to

the

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Price

has

agreed

to waive/reimburse

shareholder

servicing

costs in

excess

of

0.05%

of

the

fund's

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Any

amounts

waived/

paid

by

Price

under

this

voluntary

agreement

are

not

subject

to

repayment

by

the

fund.

Price

may

amend

or

terminate

this

voluntary

arrangement

at

any

time

without

prior

notice.

For

the

year ended

December

31,

2025,

the

fund

was

charged $33,000 for

shareholder

servicing

costs

related

to

the

college

savings

plans, which

is

net

of

a

reimbursement

by

Price

of

$5,000.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

#### Investor

#### Class

#### I

#### Class

#### Z

#### Class
Expense

limitation/I

Class

Limit

0.99%

0.05%

0.00%

Expense

limitation

date

02/29/28

02/29/28

N/A

(Waived)/repaid

during

the

period

($000s)

$—

$—

$(14,188)

T. ROWE

PRICE

New

Horizons

Fund

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities. At

December

31,

2025,

approximately

1%

of

the

outstanding

shares

of

the

I

Class

were

held

by

college

savings

plans.

Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

or

control

over

the

fund.

At

December

31,

2025, 100%

of

the

Z

Class's

outstanding

shares

were

held

by

Price

Funds

and

accounts.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T. Rowe

Price

Government

Reserve

Fund

or

the

T. Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Effective

November

12,

2025, cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T. Rowe

Price

Treasury Reserve Fund.

Prior

to

November

12,

2025,

cash

collateral

from

securities

lending,

if

any,

was

invested

in

the

T. Rowe

Price

Government

Reserve

Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

As

of

December

31,

2025,

T. Rowe

Price

Group,

Inc.,

or

its

wholly

owned

subsidiaries,

owned

306,809

shares

of

the

I

Class,

representing

less

than

1%

of

the

I

Class's

net

assets.

The fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund's

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

year

ended

December

31,

2025,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

#### NOTE

#### 8

#### -

#### SEGMENT

#### REPORTING
Operating segments

are

defined

as

components

of

a

company

that

engage

in

business

activities

and

for

which

discrete

financial

information

is

available

and

regularly

reviewed

by

the

chief

operating

decision

maker

(CODM)

in

deciding

how

to

allocate

resources

and

assess

performance.

The

Management

T. ROWE

PRICE

New

Horizons

Fund

Committee

of

Price

Associates

acts

as

the

fund's

CODM.

The

fund

makes

investments

in

accordance

with

its

investment

objective

as

outlined

in

the

Prospectus

and

is

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

of

the

fund

on

the

whole.

The

fund's

revenue

is

derived

from

investments

in

a

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

highlights.

The

CODM

compares

the

fund's

performance

to

its

benchmark

index

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

The accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

#### NOTE

#### 9

#### -

#### OTHER

#### MATTERS
Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

and

regulatory

developments

(including

trading

and

tariff

arrangements),

and

public

health

epidemics

or

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-

existing

political,

social,

and

economic

risks.

The

fund's

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

T. ROWE

PRICE

New

Horizons

Fund

#### REPORT

#### OF

#### INDEPENDENT

#### REGISTERED

#### PUBLIC

#### ACCOUNTING

#### FIRM

#### To

#### the

#### Board

#### of

#### Directors

#### and

#### Shareholders

#### of
T. #### Rowe

#### Price

#### New

#### Horizons

#### Fund,

#### Inc.

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T. Rowe

Price

New

Horizons

Fund,

Inc.

(the

"Fund")

as

of

December

31,

2025,

the

related

statement

of

operations

for

the

year

ended

December

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T. ROWE

PRICE

New

Horizons

Fund

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

custodians,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

February

18,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T. Rowe

Price

group

of

investment

companies

since

1973. #### REPORT

#### OF

#### INDEPENDENT

#### REGISTERED

#### PUBLIC

#### ACCOUNTING

#### FIRM
(continued)

T. ROWE

PRICE

New

Horizons

Fund

#### TAX

#### INFORMATION
(UNAUDITED)

#### FOR

#### THE

#### TAX

#### YEAR

#### ENDED 12/31/25
We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

The

fund's

distributions

to

shareholders

included:

$2,007,477,000

from

long-term

capital

gains,

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%

For

nonresident

alien

shareholders,

100%

of

short-term

capital

gain

dividends

distributed

by

the

fund

for

the

fiscal

year

are

qualified

short-term

capital

gains.

For

taxable

non-corporate

shareholders,

$43,663,000

of

the

fund's

income

represents

qualified

dividend

income

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

corporate

shareholders,

$40,081,000

of

the

fund's

income

qualifies

for

the

dividends-received

deduction.

1307

Point

Street

Baltimore,

Maryland

21231

T. Rowe

Price

Investment

Services,

Inc.

*Call* 

*1-800-638-5660* 

*to* 

*request* 

*a* 

*prospectus* 

*or* 

*summary* 

*prospectus;* 

*each* 

*includes* 

*investment* 

*objectives,* 

*risks,* 

*fees,* 

*expenses,* 

*and* 

*other* 

*information* 

*that* 

*you* 

*should* 

*read* 

*and* 

*consider* 

*carefully* 

*before* 

*investing.*

F42-050

2/26

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

------

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | [The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached.](d68168dex99codeeth.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | Listing standards relating to recovery of erroneously awarded compensation: not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | [Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](d68168dex99cert.htm) |
| (b) | [A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.](d68168dex99906ce.htm) |

---

------

#### 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. | T. Rowe Price New Horizons Fund, Inc. |
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | February 18, 2026 |

---

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 capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | February 18, 2026 |

---

---

| | |
|:---|:---|
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | February 18, 2026 |

---

## Ex-99.Cert

**Item 19. (a)(3)** 

**<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 18, 2026 | /s/ David Oestreicher |
|  | 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 18, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 19. (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;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;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| Date: February 18, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: February 18, 2026 | /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.**  **<u>INTRODUCTORY NOTE</u>** 

**A.** **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, Group also maintained a comprehensive Global Code of Conduct (the **"Code of Conduct"**) and a Code of Ethics and Personal Transactions Policy (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 of Ethics for Principal Executive and Senior Financial Officers (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.

***The Introductory Note is a summary and should not be considered a substitute for reading and understanding the entire Policy. Associates must be familiar with all of their responsibilities under the Policy. Please refer to Section VI below for a list of the applicable rules/regulations. Capitalized terms are defined in Section IV. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them under the Glossary.***

**II.**  **<u>POLICY</u>** 

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of
interest between personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Compliance.** Compliance with applicable governmental laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accountability.** Accountability for adherence to the Price Funds S-O Code.

**A.** **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.

**III.**  **<u>PROCEDURES</u>** 

**A.** **Handling of Specific Types of Conflicts.** 

Each Covered Officer (and close family members) must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Gifts.** 

Accept any gifts, except as permitted by the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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.

**B.** **Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **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;**2.** **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 communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **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;**4.** **Initial and Annual Affirmations. Each Covered Officer must:** 

&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;2. Annually affirm that he or she has complied with requirements of the Price Funds S-O Code.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **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;**6.** **Annual Disclosures.** 

Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for Group.

**C.** **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;**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;**B.** **Violations/Investigations.** The following procedures will be followed in investigating and enforcing the Price
Funds S-O Code:

&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;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. <br>

&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.

**D. 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.

**E. 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.

**IV.**  **<u>DEFINED TERMS</u>** 

Capitalized terms used herein shall have the meanings set forth below:

***Act*** means the Sarbanes-Oxley Act of 2002

***Code of Conduct*** means the Group Global Code of Conduct

***Covered Officers*** means the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for a Price Fund

***Group*** means T. Rowe Price Group, Inc.

***Group Code*** means the Group Global Code of Ethics and Conduct

***Group S-O Code*** means the Group Code of Ethics for Principal Executive and Senior Financial Officers

***Investment Advisers Act*** means the Investment Advisers Act of 1940

***Investment Company Act*** means Investment Company Act of 1940

***Price ETFs*** means the T. Rowe Price Exchange-Traded Funds

***Price Funds*** means the T. Rowe Price Mutual Funds and Exchange-Traded Funds

***Price Fund Advisers*** means the investment managers to the Price Funds listed on **Exhibit A**

------

***Regulations*** means the rules promulgated by the Securities and Exchange Commission

***S-O Code*** means this Price Funds' Code of Ethics

***S-O Codes*** means the Group S-O Code and the Price Funds S-O Code

**V.**  **<u>RELATED POLICIES</u> <u>& PROCEDURES</u>** 

**VI.**  **<u>RELATED RULES</u> <u>& REGULATIONS</u>** 

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**Exhibit A** 

**Persons Covered by the Price Funds and Price ETFs S-0 Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

**Exhibit B** 

Savonne Lynn Ferguson, Chief Compliance Officer