N-Q 1 nhf.htm N-Q~NEW HORIZONS FUND T. Rowe Price New Horizons Fund
ITEM 1. SCHEDULE OF INVESTMENTS         
 
T. ROWE PRICE NEW HORIZONS FUND      
Unaudited        March 31, 2006 
PORTFOLIO OF INVESTMENTS †  Shares   
Value
(Cost and value in $000s)         
 
COMMON STOCKS 97.7%         
CONSUMER DISCRETIONARY 21.4%         
Distributors 0.1%         
Source Information Management (1)    490,000    5,586 
        5,586 
Diversified Consumer Services 3.9%         
Apollo Group, Class A (1)    2,695,000    141,514 
Education Management (1)    1,372,000    57,075 
Laureate (1)    1,617,000    86,316 
        284,905 
Hotels, Restaurants & Leisure 5.3%         
BJ's Restaurants (1)    500,000    13,500 
Orient-Express, Class A    588,000    23,067 
Panera Bread, Class A (1)    1,127,000    84,728 
PF Chang's China Bistro (1)    980,000    48,304 
Rare Hospitality International (1)    1,323,000    46,080 
Red Robin Gourmet Burgers (1)    417,800    19,720 
Shuffle Master (1)    264,400    9,450 
Sonic (1)    931,000    32,706 
Station Casinos    784,000    62,226 
Texas Roadhouse, Class A (1)    151,000    2,581 
WMS Industries (1)    1,470,000    44,247 
        386,609 
Household Durables 3.3%         
Meritage (1)    588,000    32,316 
Ryland Group    980,000    68,012 
Toll Brothers (1)    3,478,000    120,443 
Yankee Candle Company    686,000    18,776 
        239,547 
Internet & Catalog Retail 0.4%         
Blue Nile (1)    412,875    14,529 
priceline.com (1)    686,000    17,040 
        31,569 
Leisure Equipment & Products 0.2%         
MarineMax (1)    432,500    14,497 
        14,497 
Media 2.0%         
ADVO    1,102,000    35,264 
Catalina Marketing    1,053,000    24,324 
Cox Radio, Class A (1)    980,000    13,152 
Entercom Communications    816,900    22,808 
Radio One, Class D (1)    784,000    5,849 
Regent Communications (1)    1,715,000    7,906 
Spanish Broadcasting, Class A (1)    2,138,340    11,825 
TiVo (1)    980,000    7,085 
XM Satellite Radio Holdings, Class A (1)    833,000    18,551 
        146,764 
Multiline Retail 0.5%         
Tuesday Morning    1,421,000    32,811 
        32,811 
Specialty Retail 5.3%         
AC Moore Arts & Crafts (1)(2)    980,000    18,032 
AnnTaylor Stores (1)    1,225,000    45,068 
Christopher & Banks (2)    1,960,000    45,492 
DSW, Class A (1)    83,000    2,599 
Hibbett Sporting Goods (1)    47,400    1,564 
Hot Topic (1)    980,000    14,210 
O'Reilly Automotive (1)    3,527,000    128,947 
Pantry (1)    735,000    45,857 
Petco (1)    1,225,000    28,873 
Select Comfort (1)    392,000    15,504 
The Finish Line, Class A    1,225,000    20,151 
Zumiez (1)    382,000    23,340 
        389,637 
Textiles, Apparel, & Luxury Goods 0.4%         
Columbia Sportswear (1)    407,200    21,716 
Under Armour (1)    331,900    10,754 
        32,470 
 
Total Consumer Discretionary        1,564,395 
 
ENERGY 6.5%         
 
Energy Equipment & Services 5.0%         
BJ Services    588,000    20,345 
Cooper Cameron (1)    490,000    21,599 
FMC Technologies (1)    1,470,000    75,294 
Grant Prideco (1)    1,568,000    67,173 
Helmerich & Payne    343,000    23,948 
Hydril (1)    637,000    49,654 
Key Energy Services (1)    1,470,000    22,418 
National Oilwell Varco (1)    474,520    30,426 
Smith International    392,000    15,272 
Union Drilling (1)    406,000    5,936 
W-H Energy Services (1)    768,000    34,168 
        366,233 
Oil, Gas & Consumable Fuels 1.5%         
Bill Barrett (1)    1,078,000    35,132 
Cimarex Energy    539,000    23,317 
Encore Acquisition (1)    911,000    28,241 
Foundation Coal Holdings    490,000    20,159 
        106,849 
 
Total Energy        473,082 
 
FINANCIALS 6.5%         
 
Capital Markets 2.5%         
Affiliated Managers Group (1)    539,000    57,463 
Cohen & Steers    392,000    9,604 
GFI Group (1)    106,400    5,523 
Greenhill    245,000    16,197 
Investors Financial Services    322,500    15,115 
Legg Mason    514,000    64,420 
optionsXpress Holdings    255,000    7,415 
Thomas Weisel Partners (1)    185,100    4,054 
        179,791 
Commercial Banks 1.5%         
Boston Private Financial    343,000    11,590 
Prosperity Bancshares    294,000    8,881 
Signature Bank (1)    571,400    18,622 
SVB Financial Group (1)    261,000    13,846 
Texas Capital Bancshares (1)    588,000    14,112 
UCBH Holdings    2,352,000    44,500 
        111,551 
Consumer Finance 0.1%         
Advance America Cash Advance Centers    733,500    10,548 
        10,548 
Diversified Financial Services 0.4%         
Endeavor Acquisition (1)(2)    1,490,000    13,261 
IntercontinentalExchange (1)    160,000    11,048 
International Securities Exchange    178,000    7,414 
        31,723 
Insurance 1.5%         
Direct General    343,000    5,835 
Hub International    48,400    1,356 
Infinity Property & Casualty    931,000    38,860 
James River Group (1)    341,600    9,196 
MaxRe Capital    980,000    23,324 
National Financial Partners    539,000    30,464 
        109,035 
Real Estate 0.3%         
CapitalSource, REIT    784,000    19,506 
HouseValues (1)    490,000    4,037 
        23,543 
Thrifts & Mortgage Finance 0.2%         
Delta Financial (2)    1,416,000    13,523 
        13,523 
 
Total Financials        479,714 
 
HEALTH CARE 20.5%         
 
Biotechnology 8.2%         
Abgenix (1)    882,000    19,845 
Acadia Pharmaceuticals (1)(2)    955,000    15,261 
Acadia Pharmaceuticals, Warrants, 4/1/10 (1)(2)(3)    520,000    1,018 
Advanced Life Sciences (1)    587,300    1,962 
Alexion Pharmaceutical (1)    735,000    26,034 
Alkermes (1)    1,641,000    36,184 
Altus Pharmaceuticals (1)    397,300    8,713 
Amylin Pharmaceuticals (1)    171,000    8,370 
Array BioPharma (1)    882,000    8,061 
Cephalon (1)    710,000    42,777 
CombinatoRx (1)(2)(3)    280,000    2,999 
Cubist Pharmaceuticals (1)    906,000    20,811 
deCode genetics (1)    1,862,000    16,143 
Diversa (1)    1,470,000    13,392 
DOV Pharmaceutical (1)    392,000    6,264 
EXACT Sciences (1)    392,000    1,203 
Exelixis (1)    1,568,000    18,832 
Incyte Genomics (1)    2,058,000    12,389 
Inhibitex (1)    980,000    7,115 
InterMune (1)    588,000    10,901 
Keryx Biopharmaceuticals (1)    514,000    9,823 
Mannkind (1)    314,000    6,418 
Mannkind, Warrants, 8/5/10 (1)(3)    314,000    516 
Martek Biosciences (1)    490,000    16,087 
Memory Pharmaceuticals (1)    294,000    814 
Momenta Pharmaceuticals (1)    980,000    19,267 
Myogen (1)    882,000    31,955 
Myogen, Warrants, 9/29/09 (1)(3)    113,000    3,213 
Myriad Genetics (1)    1,004,000    26,194 
Neurocrine Biosciences (1)    906,000    58,473 
NPS Pharmaceuticals (1)    352,800    3,013 
Panacos Pharmaceuticals (1)    700,500    5,296 
Pharmion (1)    925,200    16,672 
pSivida ADS (1)(2)    877,553    3,968 
Rigel Pharmaceuticals (1)    784,000    9,008 
Senomyx (1)(2)    1,470,000    24,196 
Theravance (1)    735,000    20,609 
Trimeris (1)    612,000    8,268 
Vertex Pharmaceuticals (1)    1,323,000    48,409 
Vion Pharmaceuticals (1)    3,101,700    7,010 
        597,483 
Health Care Equipment & Supplies 2.1%         
American Medical Systems (1)    490,000    11,025 
Analogic    98,000    6,488 
Cerus (1)    1,205,000    10,315 
Conor Medsystems (1)    122,000    3,587 
Endologix (1)    217,175    1,032 
EV3 (1)    64,800    1,148 
Greatbatch (1)    392,000    8,589 
Immucor (1)    899,900    25,818 
Integra LifeSciences (1)    533,100    21,846 
ResMed (1)    418,400    18,401 
Respironics (1)    1,127,000    43,852 
Stereotaxis (1)    79,500    1,002 
Symmetry Medical (1)    73,000    1,548 
        154,651 
Health Care Providers & Services 9.4%         
AMERIGROUP (1)    784,000    16,495 
Community Health System (1)    980,000    35,427 
Coventry Health Care (1)    1,873,500    101,131 
DaVita (1)    2,597,000    156,365 
Healthspring (1)    490,000    9,119 
HealthStream (1)(2)    2,357,000    8,768 
Healthways (1)    196,000    9,984 
Henry Schein (1)    3,723,000    178,183 
LCA- Vision    637,000    31,920 
LifePoint Hospitals (1)    588,000    18,287 
Omnicare    882,000    48,501 
Symbion (1)    686,000    15,538 
United Surgical Partners International (1)    514,000    18,201 
VCA Antech (1)    932,300    26,552 
WebMD Health (1)    120,000    4,997 
Wellcare Health Plans (1)    147,000    6,680 
        686,148 
Pharmaceuticals 0.8%         
Alexza Pharmaceuticals (1)    254,800    2,484 
Atherogenics (1)    833,000    13,595 
Inspire Pharmaceuticals (1)    1,176,000    6,151 
Medicines Company (1)    1,216,300    25,019 
Noven Pharmaceuticals (1)    245,000    4,412 
ViroPharma (1)    583,600    7,412 
        59,073 
 
Total Health Care        1,497,355 
 
INDUSTRIALS & BUSINESS SERVICES 15.0%         
 
Aerospace & Defense 2.2%         
Argon (1)    637,000    21,359 
Armor Holdings (1)    960,600    55,993 
HEICO, Class A    711,900    19,385 
Moog, Class A (1)    1,159,800    41,161 
MTC Technologies (1)    196,000    5,486 
Triumph Group (1)    441,000    19,519 
        162,903 
Air Freight & Logistics 0.3%         
EGL (1)    294,000    13,230 
Global Logistics (1)(2)    954,000    7,880 
        21,110 
Commercial Services & Supplies 6.7%         
Advisory Board (1)    882,000    49,189 
Corporate Executive Board    782,800    78,985 
CRA International (1)    430,800    21,221 
Global Cash Access (1)    1,078,000    18,887 
IHS (1)    514,000    14,058 
Kenexa (1)    182,900    5,624 
Korn/Ferry (1)    1,960,000    39,965 
Mobile Mini (1)(2)    2,058,000    63,633 
Navigant Consulting (1)    1,487,600    31,760 
Resources Global Professionals (1)    1,637,900    40,800 
School Specialty (1)(2)    1,568,000    54,096 
Taleo, Class A (1)(2)    686,000    8,952 
Waste Connections (1)    1,470,000    58,521 
        485,691 
Industrial Conglomerates 1.3%         
Roper Industries    1,960,000    95,315 
        95,315 
Machinery 3.0%         
Actuant, Class A (2)    1,470,000    89,993 
ESCO Electronics (1)    294,000    14,891 
Oshkosh Truck    1,862,000    115,891 
        220,775 
Trading Companies & Distributors 1.5%         
H & E Equipment Services (1)    87,000    2,533 
Interline Brands (1)    1,078,000    27,198 
MSC Industrial Direct    980,000    52,940 
United Rentals (1)    735,000    25,357 
        108,028 
 
Total Industrials & Business Services        1,093,822 
 
INFORMATION TECHNOLOGY 22.4%         
 
Communications Equipment 0.4%         
ADTRAN    588,000    15,394 
Harmonic (1)    784,000    4,994 
Packeteer (1)    784,000    9,094 
Tekelec (1)    196,000    2,711 
        32,193 
Computers & Peripherals 0.5%         
Avid Technology (1)    612,000    26,598 
Rackable Systems (1)    163,900    8,662 
        35,260 
Electronic Equipment & Instruments 2.0%         
Cogent (1)    837,582    15,361 
DTS (1)    570,700    11,220 
International Displayworks (1)    1,982,000    12,982 
Mercury Computer Systems (1)    343,000    5,557 
Molex    98,000    3,254 
National Instruments    833,000    27,172 
Orbotech (1)    955,000    23,522 
Scansource (1)    294,000    17,761 
Trimble Navigation (1)    619,900    27,926 
        144,755 
Internet Software & Services 2.9%         
24/7 Media (1)    1,666,000    17,426 
Autobytel (1)    1,381,448    6,659 
CNET Networks (1)    1,960,000    27,852 
Digital Insight (1)    539,000    19,620 
Digital River (1)    716,300    31,238 
Digitas (1)    1,556,120    22,408 
Equinix (1)    159,900    10,269 
Liquidity Services (1)    270,757    3,317 
Marchex, Class B (1)    980,000    21,070 
Sina (1)    735,000    20,506 
The Knot (1)    736,400    13,329 
Vocus (1)    230,000    3,415 
WebSideStory (1)    970,700    16,686 
        213,795 
IT Services 3.0%         
BISYS Group (1)    392,000    5,284 
Fidelity National Information    1,274,000    51,661 
Global Payments    784,000    41,560 
Heartland Payment Systems (1)    812,500    20,126 
Maximus    343,000    12,341 
Moneygram International    588,000    18,063 
Paychex    98,000    4,083 
RightNow Technologies (1)    980,000    15,553 
SkillSoft ADR (1)    3,429,000    17,968 
SRA International, Class A (1)    196,000    7,395 
TALX Corporation    431,300    12,283 
Verifone Holdings (1)    333,000    10,086 
        216,403 
Semiconductor & Semiconductor Equipment 7.3%         
Advanced Energy Industries (1)    784,000    11,078 
Altera (1)    588,000    12,136 
AMIS Holdings (1)    1,395,075    12,639 
Analog Devices    735,000    28,143 
Atheros Communications (1)    784,000    20,533 
ATMI (1)    548,300    16,559 
Cabot Microelectronics (1)    294,000    10,907 
CEVA (1)    604,100    4,005 
Cognex    196,000    5,810 
Conexant Systems (1)    2,450,000    8,453 
Credence Systems (1)    980,000    7,193 
Cymer (1)    980,000    44,531 
Entegris (1)    2,107,000    22,419 
FEI (1)    1,501,750    29,810 
Integrated Device Technology (1)    3,576,000    53,139 
Intersil Holding, Class A    1,004,000    29,036 
Intevac (1)    980,000    28,204 
Lattice Semiconductor (1)    1,666,000    11,096 
Linear Technology    196,000    6,876 
Maxim Integrated Products    735,000    27,305 
MKS Instruments (1)    588,000    13,777 
PDF Solutions (1)    515,700    9,757 
Pixelworks (1)    687,000    3,414 
PMC-Sierra (1)    3,184,000    39,131 
Semtech (1)    1,127,000    20,162 
Silicon Laboratories (1)    588,000    32,311 
Virage Logic (1)    939,200    10,134 
Xilinx    490,000    12,475 
        531,033 
Software 6.3%         
Activision (1)    2,940,000    40,542 
Agile Software (1)    247,000    1,885 
Bottomline Technologies (1)    98,000    1,345 
Cadence Design Systems (1)    49,000    906 
Convera (1)    1,470,000    14,083 
FactSet Research Systems    1,367,000    60,626 
FileNet (1)    882,000    23,832 
Jack Henry & Associates    2,082,000    47,615 
Kronos (1)    784,000    29,314 
McAfee (1)    735,000    17,882 
Motive (1)    1,131,700    4,414 
NAVTEQ (1)    784,000    39,710 
Net 1 UEPS Technologies (1)    392,000    11,094 
Open Solutions (1)(2)    1,225,000    33,455 
Quest Software (1)    1,058,400    17,675 
Red Hat (1)    1,274,000    35,646 
RSA Security (1)    710,000    12,737 
Take-Two Interactive Software (1)    1,568,000    29,259 
THQ (1)    331,991    8,595 
Ultimate Software Group (1)    407,000    10,521 
Verint Systems (1)    642,200    22,715 
        463,851 
Total Information Technology        1,637,290 
MATERIALS 0.6%         
Chemicals 0.6%         
Airgas    392,000    15,324 
Symyx Technologies (1)    980,000    27,185 
Total Materials        42,509 
TELECOMMUNICATION SERVICES 4.8%         
Diversified Telecommunication Services 0.1%         
Time Warner Telecom, Class A (1)    490,000    8,796 
        8,796 
Wireless Telecommunication Services 4.7%         
Crown Castle International (1)    1,715,000    48,620 
NII Holdings, Class B (1)    4,314,600    254,432 
SBA Communications (1)    1,029,000    24,089 
Ubiquital (1)    810,400    8,185 
Wireless Facilities (1)    1,960,000    7,879 
        343,205 
Total Telecommunication Services        352,001 
 
Total Common Stocks (Cost $3,910,614)        7,140,168 
SHORT-TERM INVESTMENTS 2.5%         
 
Money Market Funds 2.5%         
 
T. Rowe Price Reserve Investment Fund, 4.71% (2)(4)   
179,004,213
   179,004 
 
Total Short-Term Investments (Cost $179,004)        179,004 
 
 
Total Investments in Securities         
100.2% of Net Assets (Cost $4,089,618)                               $    7,319,172 
 
†    Denominated in U.S. dollars unless otherwise noted         
(1)    Non-income producing         
(2)    Affiliated company         
(3)    Restricted security         
(4)    Seven-day yield         
ADR    American Depository Receipts         
ADS    American Depository Shares         
REIT    Real Estate Investment Trust         










(2) 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 which is under common ownership or 
control.                             
 
            Purchase    Sales        Investment    Value     
Affiliate        Cost    Cost        Income ‡    3/31/06    12/31/05 
AC Moore Arts &                             
Crafts    $                  - $ 206   $   -  $
18,032
 $ 14,550 
Acadia                         
Pharmaceuticals        -    2,501        -    15,261    12,925 
Acadia                             
Pharmaceuticals,                             
Warrants, 4/1/10        -    -        -    1,018    221 
Actuant, Class A        -    458        -    89,993    83,700 
Agile Software        -    -        -    **    10,178 
Altiris        -    -        -    -    15,476 
Christopher & Banks    -    370        80    45,492    37,560 
CombinatoRx        2,870    -        -    2,999    - 
Delta Financial        -    188        72    13,523    12,109 
Endeavor Acquisition    -    248        -    13,261    12,153 
Global Logistics        7,792    160        -    7,880    - 
HealthStream        -    50        -    8,768    5,604 
Mobile Mini        3,198    292        -    63,633    47,039 
Open Solutions        -    425        -    33,455    28,650 
pSivida ADS        -    -        -    3,968    * 
School Specialty        -    492        -    54,096    58,304 
Senomyx        -    180        -    24,196    18,180 
Spanish Broadcasting,                         
Class A        -    -        -    **    11,152 
Taleo, Class A        2,564    152        -    8,952    6,640 
The Finish Line                             
Class A        -    -        -    **    30,485 
The Knot        -    -        -    **    8,580 
Tuesday Morning        -    -        -    **    30,334 
T. Rowe Price Reserve                         
Investment Fund,                             
4.71%        ¤    ¤        2,385    179,004    230,004 
Totals                $    2,537 $    583,531 $    673,844 
 
‡    Includes dividend income of $2,537 and no interest income.         
*    The issuer was not considered an affiliated company at December 31, 2005.         
**    The issuer was not considered an affiliated company at March 31, 2006.         
¤    Purchase and sale information not shown for cash management funds.         











(3) Restricted Securities             
Amounts in (000s)             
 
 
The fund may invest in securities that cannot be offered for public resale without first being 
registered under the Securities Act of 1933 and related rules. The total restricted securities 
(excluding 144A issues) at period-end amounts to $7,746 and represents 0.1% of net assets. 
 
    Acquisition        Acquisition 
Description    Date        Cost 
Acadia Pharmaceuticals, Warrants, 4/1/10    4/20/05    $    0 
CombinatoRx    3/24/06        2,870 
Mannkind, Warrants, 8/5/10    8/5/05        8 
Myogen, Warrants, 9/29/09    9/29/04        14 
Totals        $    2,892 
 
The fund has registration rights for certain restricted securities held as of March 31, 2006. 
Any costs related to such registration are borne by the issuer.         
 
 
The accompanying notes are an integral part of this Portfolio of Investments.         











T. ROWE PRICE NEW HORIZONS FUND
Unaudited March 31, 2006
NOTES TO PORTFOLIO OF INVESTMENTS

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

T. Rowe Price New Horizons Fund, Inc. (the fund) is registered under the Investment Company Act of 1940 (the 1940 Act) as a diversified, open-end management investment company. The fund seeks long-term capital growth by investing primarily in common stocks of small, rapidly growing companies.

The accompanying portfolio of investments was prepared in accordance with accounting principles generally accepted in the United States of America, which require the use of estimates made by fund management. Fund management believes that estimates and security valuations are appropriate; however actual results may differ from those estimates, and the security valuations reflected in the portfolio of investments may differ from the value the fund receives upon sale of the securities.

Valuation

The fund values its investments and computes its net asset value per share at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET, each day that the NYSE is open for business. Equity securities listed or regularly traded on a securities exchange or in the over-the-counter market are valued at the last quoted sale price or, for certain markets, the official closing price at the time the valuations are made, except for OTC Bulletin Board securities, which are valued at the mean of the latest 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 latest bid and asked prices for domestic securities and the last quoted sale price for international securities.

Investments in mutual funds are valued at the mutual fund's closing net asset value per share on the day of valuation.

Other investments and those for which the above valuation procedures are inappropriate or are deemed not to reflect fair value are stated at fair value as determined in good faith by the T. Rowe Price Valuation Committee, established by the fund's Board of Directors.

Investment Transactions

Investment transactions are accounted for on the trade date.

NOTE 2 - INVESTMENT TRANSACTIONS

Consistent with its investment objective, the fund engages in the following practices to manage exposure to certain risks or 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 may invest in securities that are subject to legal or contractual restrictions on resale. Although certain of these securities may be readily sold, for example, under Rule 144A, others may be illiquid, and their sale may involve substantial delays and additional costs, and prompt sale at an acceptable price may be difficult.

NOTE 3 - FEDERAL INCOME TAXES

At March 31, 2006, the cost of investments for federal income tax purposes was $4,089,618,000. Net unrealized gain aggregated $3,229,554,000 at period-end, of which $3,420,607,000 related to appreciated investments and $191,053,000 related to depreciated investments.

NOTE 4 - RELATED PARTY TRANSACTIONS

The fund may invest in the T. Rowe Price Reserve Investment Fund and the T. Rowe Price Government Reserve Investment Fund (collectively, the T. Rowe Price Reserve Funds), open-end management investment companies managed by Price Associates and affiliates of the fund. The T. Rowe Price Reserve Funds are offered as cash management options to mutual funds, trusts, and other accounts managed by Price Associates and/or its affiliates, and are not available for direct purchase by members of the public. The T. Rowe Price Reserve Funds pay no investment management fees.

For the period ended March 31, 2006, total realized gain on all affiliated companies was $7,452,000.













Item 2. 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-Q 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 registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

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.

















SIGNATURES
 
 
    Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment 
Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the 
undersigned, thereunto duly authorized. 
 
T. Rowe Price New Horizons Fund, Inc. 
 
 
By    /s/ Edward C. Bernard 
    Edward C. Bernard 
    Principal Executive Officer 
 
Date    May 19, 2006 
 
 
    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/ Edward C. Bernard 
    Edward C. Bernard 
    Principal Executive Officer 
 
Date    May 19, 2006 
 
 
 
By    /s/ Joseph A. Carrier 
    Joseph A. Carrier 
    Principal Financial Officer 
 
Date    May 19, 2006