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T/Rowe Price New Horizons Fund/Inc · N-30D · For 12/31/00

Filed On 2/12/01 3:14pm ET · SEC File 811-00958 · Accession Number 80248-1-3

  As Of               Filer                 Filing     As/For/On Docs:Pgs

 2/12/01  T/Rowe Price New Horizo..Fund/Inc N-30D      12/31/00    1:43

Annual or Semi-Annual Report Mailed to Shareholders · Rule 30d-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       New Horizons Fund                                     43    179K 

N-30D 1st Page of 43 TOC Top Previous Next Bottom Just 1st
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 T. Rowe Price
--------------------------------------------------------------------------------
 Annual Report
 New Horizons Fund
--------------------------------------------------------------------------------
 December 31, 2000
================================================================================
REPORT HIGHLIGHTS                                                               
-----------------                                                               
NEW HORIZONS FUND                                                               
-----------------                                                               
     *    Formerly  high-flying  technology  stocks  reversed course and dragged
     nearly all major market indices into negative territory for 2000.
     *    The fund  suffered  most in the second half  (-11.21%) but closed down
just 1.86% for the year.                                    
     *    Results  were  better  than the  Russell  2000  Growth  Index for both
          periods a nd exceeded our Lipper peer average for the year but not the
last six months.                                            
     *    Biotech  holdings were the fund's best performers for the year,  while
most tech holdings were weak.                               
     *    Recent high levels of volatility, particularly for high-growth stocks,
          could well persist  until the  economy's  path becomes  clear;  longer
          term,  we  expect  small-cap  growth  stocks  to  continue   providing
above-average returns.                                      

================================================================================
UPDATES AVAILABLE                                                               
-----------------                                                               
     For  updates  on T. Rowe Price  funds  following  the end of each  calendar
quarter, please see our Web site at www.troweprice.com.                         

================================================================================
FELLOW SHAREHOLDERS                                                             
-------------------                                                             

     Amid  unprecedented  volatility,  stock  prices  fell in the second half of
2000, and most market indices ended the year in negative territory. The Standard
& Poor's 500 Stock Index fell 9.11% for the year,  ending its  unprecedented run
of five  consecutive  years of better  than 20% gains.  Technology  stocks,  the
market heroes of the late 1990s, reached  unsustainable  valuations early in the
year and fell sharply from their March peaks,  accounting for practically all of
the declines in most market  indices.  A strong  economic  backdrop early in the
year gave way to fears of a sharp slowdown as the year ended.                   

     Small-company  stocks fared somewhat  better than large for both the second
half and full year,  clearly  outperforming  large-caps for the first year since
1993.  Small-caps  entered 2000 much more reasonably  valued than large-caps and
thus  held up  better  when the  market  tumbled.  Small-cap  technology  stocks
experienced  huge  declines in most cases,  while many other  small-cap  sectors
actually rose during the year.                                                  

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PERFORMANCE COMPARISON                                                          
----------------------                                                          
Periods Ended 12/31/00             6 Months     12 Months                       
----------------------             --------     ---------                       
New Horizons Fund                   -11.21%       -1.86%                        
Russell 2000 Growth Index           -23.37       -22.43                         
Russell 2000 Index                   -5.88        -3.02                         
Lipper Small-Cap Fund Index         -10.68        -6.59                         
S&P 500 Stock Index                  -8.72        -9.11                         

     Your fund, which invests in the small-cap growth segment of the market, did
not escape the downturn,  declining  11.21% for the six months and 1.86% for the
full year.  However,  the fund held up much better than the Russell  2000 Growth
Index, as shown in the table,  and finished well ahead of the average  small-cap
growth fund for the year. Our somewhat  cautious  stance on technology  early in
the year as well as our  broad-based  portfolio  contributed  to our  relatively
better results for the year. The fund's  longer-term record continues to compare
favorably  with the small-cap  market indices and the average  small-cap  mutual
fund.  For the 5- and  10-year  periods  ended  December  31,  2000,  the fund's
cumulative  returns were 77.53% and 468.74%  respectively,  compared with 63.36%
and 323.51% for the Russell 2000 Index,  41.20% and 233.50% for the Russell 2000
Growth Index, and 72.43% and 336.11% for the Lipper Small-Cap Fund Index.       

YEAR-END DISTRIBUTIONS                                                          
----------------------                                                          

     On December 12, 2000, your Board of Directors declared a short-term capital
gain  distribution of $0.62 per share and a long-term  capital gain distribution
of $2.52 per share to  shareholders  of record on that date.  These were paid on
December 14,  2000.  You should have  already  received  your check or statement
reflecting  these  distri-butions  as well as a Form 1099-DIV  summarizing  this
information for 2000 tax purposes.                                              

MARKET ENVIRONMENT                                                              
------------------                                                              

     The U.S.  economy  roared  in like a lion in 2000 but  exited  like a lamb.
Nevertheless,  2000 was the economy's tenth consecutive year of positive growth,
an all-time record.  The initial robust economic momentum resulted from strength
in both the consumer  and capital  investment  sectors.  Record  employment  and
surging consumer confidence,  due in part to the strong financial markets of the
previous five years, led to recordbreaking  consumer spending on autos, housing,
and other  goods and  services.  A  technology-led  capital  spending  boom also
contributed  to the surging  economy.  Corporate  earnings  continued to rise at
near-record,  double-digit  annual  rates.  Even  inflation  and interest  rates
remained  benign in the first half,  despite some pockets of labor shortages and
surging energy prices.  Increasing  estimates of the federal budget surplus also
fueled investor optimism early in the year.                                     

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     The Fed may have sowed the seeds of the  economic  slowdown  by raising the
federal funds repeatedly  between June 1999 and May 2000. More likely,  economic
and stock market  expectations simply got too high and were bound to disappoint.
Economic growth of 5% to 7%,  corporate  earnings gains of 20%, and annual stock
returns   of  over  20%  were   unsustainable.   The   technology-led   Nasdaq's
second-quarter  correction,  a 37% peak-to-trough decline, was its sharpest fall
since 1990,  and a warning shot.  The market bounced back over the summer months
but then plummeted from September through  year-end,  once again with technology
stocks leading the way.                                                         

     By year-end,  most stock market indices, both large- and small-cap,  showed
single-digit  declines,  but the Nasdaq index fell 39%,  giving back the bulk of
its 86% rise in 1999.  While the overall  market peaked in March and  technology
stocks fell  approximately  50% over the  remainder of the year,  non-technology
sectors, specifically health care, financials, and energy, actually rose between
March and year-end.                                                             

     The last 10  months of the year  were a mirror  image of the  market of the
preceding  several years in other ways as well.  Small-cap  stocks  outperformed
large,  and value  stocks  outperformed  growth for the first  time since  1993.
Within the small-cap  market,  the implosion of technology  stocks led to record
underperformance   of  growth  versus   value,   a  reversal  of  1999's  record
outperformance of the growth sector.                                            

SMALL-CAP STOCK RETURNS                                                         
-----------------------                                                         

Periods Ended 12/31/00             6 Months     12 Months                       
----------------------             --------     ---------                       
Russell 2000 Index                  -5.88%       -3.02%                         
Russell 2000 Growth Index          -23.37       -22.43                          
Russell 2000 Value Index            16.04        22.83                          

     Dizzying market  volatility was a prominent  feature of last year's market.
The  average  daily move in the S&P 500 was over 1% while the  Nasdaq  Composite
rose  or fell  close  to 2% on  average.  An end to the  record-breaking  market
advance,  the abrupt change in market  leadership away from technology,  and the
unprecedented  volatility  cooled  investors'  love affair with equities.  While
retail mutual fund inflows  reached an all-time high in 2000, by year-end  these
had slowed to a trickle.                                                        

PORTFOLIO REVIEW                                                                
----------------                                                                

     Fund  performance  in the  second  half of 2000 was  inversely  related  to
weightings  in the  previously  high-flying  technology  and  telecommunications
sectors. While technology was our largest sector weighting,  entering the second
half at 32% of net assets, the portfolio was more broadly diversified across all
sectors of the small-cap growth universe than many similar funds. Top performers
were broadly  dispersed,  coming from  sectors  including  financial,  consumer,
business  services,  and  energy.  Almost  all  of  the  worst  performers  were
technology issues, reversing the trend of recent years.                         

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     Despite the pervasive technology weakness, the fund's top performer for the
six months was NetIQ, a computer software company,  which rose nearly 50% in the
second half. NetIQ, our largest holding at year-end, provides essential software
enabling  companies  to monitor and optimize the  performance  of their  Windows
NT-based systems and  applications.  Several longtime computer service holdings,
including  Bisys and Affiliated  Computer  Services,  were also top  performers,
rising better than 50% for the six months.  Other leading gainers included adult
education provider Apollo Group,  dental and medical products  distributor Henry
Schein,  mortgage insurer Radian Group,  and automotive parts retailer  O'Reilly
Automotive.                                                                     

     Eight of our 10 worst  contributors  in the last six months were technology
issues.   Semiconductor   stocks,  a  core  contributor  to  the  fund's  strong
performance in the '90s,  fell sharply in the second half as orders softened and
end  markets  weakened.   Altera,   Lattice   Semiconductor,   and  Cogenx  were
particularly  weak.  Media  stocks  were  generally  lackluster,   reflecting  a
softening advertising  environment.  Direct TV franchisee Pegasus Communications
fell sharply due to fears of a slowdown in new subscribers.                     

SECTOR DIVERSIFICATION                                                          
----------------------                                                          
  12/31/99      6/30/00       12/31/00
  --------      -------       --------
Financial                   3%            3%            3%                      
Health Care                15            17            19                       
Consumer                   14            11            13                       
Technology                 28            32            27                       
Business Services          32            27            27                       
Energy                      3             4             7                       
Industrial                  1             1             1                       
Reserves                    4             5             3                       
  --------      -------       --------
Total                     100%         100%           100%                      

     For  the  full  year,   biotechnology   stocks  were  the  fund's  standout
performers. Many of our biotechnology holdings doubled in price during the year,
including NPS Pharmaceuticals, Inhale Therapeutic Systems, and COR Therapeutics.
Other groups making a significant  contribution  to the year's  results  include
energy and consumer services,  particularly  education-related  companies.  Weak
stocks were mostly technology-related, as was the case for the six months.      

     We shifted our sector weightings  somewhat over the course of the year, but
most changes came from the sharply differing  performance of market sectors. The
biggest move was a reduction in our technology weighting from its peak of 32% at
midyear to 27% at year-end. The weighting drop reflected  underperformance,  and
we were actually a net buyer of technology stocks late in the year as the sector
weakened.  Business  services holdings fell early in the year but were stable in
the  second  half.  Health  care  holdings  rose,   principally  due  to  strong
performance  throughout the sector.  Energy  holdings also increased due to good
performance and net additions during the year.                                  

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OUTLOOK                                                                         
-------                                                                         

     The U.S.  economy enters 2001 with more uncertainty than at any time in the
past decade. The question is no longer if the economy will slow down, but rather
how  much.  Some  Wall  Street  economists  believe  we have  already  entered a
recession.  Despite  continued record employment  levels,  consumer spending has
weakened across the board. Consumer confidence has plummeted,  perhaps partly in
response to the stock market downturn.  The "wealth effect" from the bursting of
the technology stock bubble may be working its way through the economy. Extended
uncertainty  through  November  and  early  December  about the  outcome  of the
presidential  election also  contributed to the erosion in consumer  confidence.
The  Fed's  rate  hikes  in the  first  half of 2000 may  have  helped  slow the
overheated   economy,   and  many  industrial  sectors  are  experiencing  sharp
downturns.  The number of corporate earnings shortfall  announcements has surged
in recent months, encompassing practically every major sector in the economy.   

*****************************                                                   

The stock market                                                          
actually  showed                                                          
resiliency last                                                           
year as numerous                                                          
groups . . . rose                                                         
while technology                                                          
stocks faltered.                                                          

*****************************                                                   

     Probably  the most  telling  signal  confirming  the downturn was the Fed's
decision the first week of January to lower short-term  interest rates in a rare
interim meeting.  Whether the Fed can engineer another soft landing, as in 1995,
is the question.  There are some encouraging signs, however.  Employment remains
robust,  and, even if the unemployment rate rises somewhat,  the consumer sector
(two-thirds  of the  economy) is not likely to go into a  free-fall.  Investment
spending  on  productivity-enhancing   technology  investments  is  unlikely  to
plummet; Wall Street growth expectations simply got carried away. Despite record
increases in energy prices, inflation has remained surprisingly tame at close to
3%, and both short- and long-term interest rates are fairly low.                

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     Overall  stock  market  valuations  are quite  reasonable,  with the median
valuation  of  stocks  in the S&P 500 at a  price/earnings  (P/E)  ratio  of 16.
Surprisingly,  despite the washout in  technology,  many leading tech  companies
continue to sell at  extremely  high  valuations  compared  with the rest of the
market.  The stock  market  actually  showed  resiliency  last year as  numerous
groups, such as health care, financial, and energy issues, rose while technology
stocks faltered. The improved performance of the small-cap stock sector was also
quite encouraging.                                                              

     Softness in some technology stocks  continues,  a hangover from last year's
negative  sentiment  and  Wall  Street's  still-too-optimistic  earnings  growth
expectations. Your fund's average P/E and relative P/E compared with the S&P 500
remained well above recent levels at year-end (see page 7). The average 12-month
forward P/E of the fund's portfolio was 31.1, and the relative P/E was 1.41, its
highest since 1996.  Technology and  biotechnology  valuations remain well above
those in other sectors of the portfolio.  Of course,  growth  prospects in these
sectors are stronger as well.                                                   

     While the near-term outlook for the market and the fund is likely to remain
volatile, we continue to believe that our well-diversified  portfolio of vibrant
small-cap growth companies will deliver above-average returns over time.        

Respectfully submitted,                                                         

/s/                                                                             

John H. Laporte                                                                 
President of the fund and chairman of its Investment Advisory Committee         

January 23, 2001                                                                

     The  committee  chairman  has  day-to-day  responsibility  for managing the
portfolio  and works with  committee  members in  developing  and  executing the
fund's investment program.                                                      

================================================================================

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Graphs shown after letter.                                                      

NEW HORIZONS FUND P/E RATIO      NEW HORIZONS FUNDS P/E RELATIVE TO THE S&P 500 
---------------------------      ---------------------------------------------- 
12/65   24.6                               12/65   1.47               
20.4                                       1.27       
21.4                                       1.40       
20.7                                       1.50       
12/66   23.6                               12/66   1.56               
30.9                                       1.83       
32.4                                       1.91       
36.4                                       2.01       
12/67   31.9                               12/67   1.91               
29.2                                       1.86       
37.1                                       2.14       
32.8                                       1.84       
12/68   33.5                               12/68   1.86               
30.1                                       1.71       
31.4                                       1.86       
28.6                                       1.64       
12/69   28.6                               12/69   1.57               
25.0                                       1.43       
17.7                                       1.27       
20.4                                       1.28       
12/70   22.2                               12/70   1.31               
29.7                                       1.62       
28.0                                       1.63       
27.7                                       1.63       
12/71   28.6                               12/71   1.80               
33.5                                       1.99       
33.5                                       2.11       
29.7                                       1.97       
12/72   29.2                               12/72   1.90               
22.6                                       1.67       
17.9                                       1.46       
21.7                                       1.67       
12/73   16.8                               12/73   1.47               
15.7                                       1.39       
12.5                                       1.19       
8.70                                       1.13       
12/74   8.70                               12/74   1.04               
13.7                                       1.25       
15.3                                       1.29       
11.7                                       1.16       
12/75   11.5                               12/75   1.17               
12.4                                       1.14       
10.7                                       1.03       
10.1                                       1.04       
12/76   10.4                               12/76   1.07               
9.0                                        0.94       
8.7                                        1.02       
8.6                                        1.05       

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12/77   8.8                                12/77   1.11               
8.6                                        1.18       
9.5                                        1.22       
10.7                                       1.29       
12/78   8.9                                12/78   1.17               
9.6                                        1.28       
9.0                                        1.18       
9.80                                       1.20       
12/79   10.7                               12/79   1.32               
9.30                                       1.37       
10.4                                       1.28       
14.2                                       1.63       
12/80   16.5                               12/80   1.88               
15.7                                       1.89       
14.9                                       1.94       
11.3                                       1.66       
12/81   11.5                               12/81   1.53               
10.4                                       1.53       
10.8                                       1.54       
13.1                                       1.70       
12/82   16.8                               12/82   1.89               
19.4                                       2.11       
21.5                                       2.17       
19.3                                       2.05       
12/83   17.3                               12/83   1.86               
14.4                                       1.60       
13.9                                       1.62       
13.5                                       1.52       
12/84   12.4                               12/84   1.35               
14.5                                       1.42       
15.0                                       1.35       
14.0                                       1.27       
12/85   16.1                               12/85   1.30               
17.3                                       1.26       
17.5                                       1.15       
14.6                                       1.05       
12/86   14.5                               12/86   1.02               
18.3                                       1.10       
17.9                                       1.13       
18.2                                       1.14       
12/87   12.5                               12/87   1.01               
13.9                                       1.09       
14.7                                       1.20       
12.8                                       1.12       
12/88   12.5                               12/88   1.14               
13.0                                       1.12       
13.8                                       1.12       
14.5                                       1.08       
12/89   14.3                               12/89   1.01               
13.4                                       0.99       
15.0                                       1.05       
12.0                                       0.96       

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12/90   13.6                               12/90   1.01               
18.3                                       1.20       
17.1                                       1.17       
17.8                                       1.15       
12/91   19.8                               12/91   1.19               
19.4                                       1.23       
16.8                                       1.06       
17.0                                       1.06       
12/92   19.8                               12/92   1.20               
19.0                                       1.14       
19.7                                       1.20       
20.9                                       1.25       
12/93   21.5                               12/93   1.34               
20.0                                       1.32       
18.2                                       1.26       
18.9                                       1.29       
12/94   18.2                               12/94   1.37               
18.9                                       1.32       
20.4                                       1.34       
22.8                                       1.44       
12/95   23.6                               12/95   1.49               
24.1                                       1.48       
26.2                                       1.58       
21.4                                       1.58       
12/96   23.1                               12/96   1.23               
27.2                                       1.23       
23.6                                       1.17       
24.7                                       1.33       
12/97   24.4                               12/97   1.16               
20.6                                       1.09       
23.5                                       1.04       
20.7                                       0.96       
12/98   24.4                               12/98   0.92               
25.1                                       0.78       
28.3                                       0.90       
12/99   31.9                               12/99   1.03               
32.4                                       1.33       
32.6                                       1.38       
12/00   31.1                               12/00   1.41               

================================================================================

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T. Rowe Price New Horizons Fund                                                 
-------------------------------                                                 
PORTFOLIO HIGHLIGHTS                                                            
--------------------                                                            
TWENTY-FIVE LARGEST HOLDINGS                                                    
----------------------------                                        Percent of  
                                                                  Net Assets
                                                                    12/31/00
------------------------------------------------------------------------------- 
 NetIQ                                                                    2.1%
------------------------------------------------------------------------------- 
BISYS Group                                                              1.7
------------------------------------------------------------------------------- 
Catalina Marketing                                                       1.6
------------------------------------------------------------------------------- 
BJ Services                                                              1.6
------------------------------------------------------------------------------- 
Affiliated Computer Services                                             1.5
------------------------------------------------------------------------------- 
Maxim Integrated Products                                                1.4
------------------------------------------------------------------------------- 
Electronic Arts                                                          1.4
------------------------------------------------------------------------------- 
Orthodontic Centers of America                                           1.3
------------------------------------------------------------------------------- 
Analog Devices                                                           1.3
------------------------------------------------------------------------------- 
Radian Group                                                             1.2
------------------------------------------------------------------------------- 
Cephalon                                                                 1.2
------------------------------------------------------------------------------- 
Apollo Group                                                             1.2
------------------------------------------------------------------------------- 
Informatica                                                              1.2
------------------------------------------------------------------------------- 
SunGard Data Systems                                                     1.1
------------------------------------------------------------------------------- 
NPS Pharmaceuticals                                                      1.1
------------------------------------------------------------------------------- 
Henry Schein                                                             1.1
------------------------------------------------------------------------------- 
WebTrends                                                                1.1
------------------------------------------------------------------------------- 
Outback Steakhouse                                                       1.1
------------------------------------------------------------------------------- 
Pegasus Communications                                                   1.1
------------------------------------------------------------------------------- 
Internet Security Systems                                                1.0
------------------------------------------------------------------------------- 
Altera                                                                   1.0
------------------------------------------------------------------------------- 
Inhale Therapeutic Systems                                               1.0
------------------------------------------------------------------------------- 
COR Therapeutics                                                         1.0
------------------------------------------------------------------------------- 
Abgenix                                                                  0.9
------------------------------------------------------------------------------- 
Iron Mountain                                                            0.9
------------------------------------------------------------------------------- 
 Total                                                                   31.1%

Note: Table excludes reserves.                                              

================================================================================

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T. Rowe Price New Horizons Fund                                                 
-------------------------------                                                 
PORTFOLIO HIGHLIGHTS                                                            
--------------------                                                            
CONTRIBUTIONS TO THE CHANGE IN NET ASSET VALUE PER SHARE                        
--------------------------------------------------------                        
6 Months Ended 12/31/00                                                         
-----------------------                                                         
Ten Best Contributors                                                           
---------------------                                                           
NetIQ                                  19  cents                                
BISYS Group                            18                                       
Affiliated Computer Services           18                                       
Henry Schein                           14                                       
Apollo Group                           13                                       
NPS Pharmaceuticals                    13                                       
Radian Group                           12                                       
O'Reilly Automotive                    11                                       
Omnicare                               11                                       
SunGard Data Systems                   10                                       
Total                                 139   cents                               

Ten Worst Contributors                                                          
----------------------                                                          
Altera                                -23   cents                               
Concord Communications                 21                                       
Texas Instruments **                   18                                       
Cognex                                 18                                       
Harmonic                               16                                       
Lattice Semiconductor                  16                                       
Maxim Integrated Products              15                                       
Clear Channel Communications           15                                       
Pegasus Communications                 15                                       
Analog Devices                         14                                       
Total                                -171   cents                               

12 Months Ended 12/31/00                                                        
Ten Best Contributors                                                           
---------------------                                                           
Burr Brown **                          47   cents                               
NetIQ *                                28                                       
Orthodontic Centers of America         24                                       
Inhale Therapeutic Systems             22                                       
NPS Pharmaceuticals                    22                                       
Apollo Group                           18                                       
Analog Devices                         18                                       
Henry Schein                           18                                       
COR Therapeutics                       18                                       
BJ Services                            17                                       
Total                                 232   cents                               

N-30D 12th Page of 43 TOC 1st Previous Next Bottom Just 12th

Ten Worst Contributors                                                          
----------------------                                                          
Liberate Technologies                 -40   cents                               
Electronics for Imaging                25                                       
Synopsys **                            23                                       
Iron Mountain                          23                                       
Concord Communications                 21                                       
Texas Instruments **                   18                                       
Clear Channel Communications           18                                       
Harmonic *                             17                                       
Parametric Technology                  15                                       
VoiceStream Wireless ***               15                                       
Total                                -215   cents                               
*      Position added                                           
**     Position eliminated                                      
***    Position added and eliminated                            
================================================================================
T. Rowe Price New Horizons Fund                                                 
-------------------------------                                                 
PERFORMANCE COMPARISON                                                          
----------------------                                                          
     This chart 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 result is compared with benchmarks,  which may include a
broad-based  market index and a peer group average or index.  Market  indexes do
not include  expenses,  which are  deducted  from fund returns as well as mutual
fund averages and indexes.                                                      

Russell 2000            Lipper Small                    
       Growth Index           Cap Fund Index         New Horizons Fund
12/31/90        10000                   10000                   10000           
12/31/91        15119                   14853                   15230           
12/31/92        16293                   16514                   16842           
12/31/93        18473                   19309                   20548           
12/31/94        18024                   19216                   20610           
12/31/95        23619                   25292                   32037           
12/31/96        26279                   28926                   37494           
12/31/97        29681                   33270                   41159           
12/31/98        30048                   32985                   43730           
12/31/99        42997                   46687                   57952           
12/31/00        33350                   43611                   56874           

AVERAGE ANNUAL COMPOUND TOTAL RETURN                                            
------------------------------------                                            
     This table shows how the fund would have  performed each year if its actual
(or  cumulative)  returns  for the  periods  shown had been earned at a constant
rate.                                                                           

Periods Ended 12/31/00         1 Year      3 Years      5 Years     10 Years  
----------------------         ------      -------      -------     --------  
New Horizons Fund              -1.86%       11.38%       12.16%      18.98%   

     Investment  return and principal value represent past  performance and will
vary. Shares may be worth more or less at redemption than at original purchase. 

================================================================================

N-30D 13th Page of 43 TOC 1st Previous Next Bottom Just 13th

T. Rowe Price New Horizons Fund                                                 
-------------------------------  For a share outstanding throughout each period 
FINANCIAL HIGHLIGHTS                                                            
Year                  
Ended                   
                        12/31/00   12/31/99   12/31/98    12/31/97    12/31/96
NET ASSET VALUE                                                                 
Beginning of period      $  27.53   $  23.34   $  23.30   $   21.77   $   20.50 
--------------------------------------------------------------------------------
Investment activities                                                           
Net investment                                                                  
  income (loss)             (0.13)     (0.15)     (0.15)      (0.12)      (0.08)
Net realized and                                                                
unrealized gain (loss)      (0.37)      7.36       1.46        2.23        3.54 
--------------------------------------------------------------------------------
Total from                                                                      
investment activities       (0.50)      7.21       1.31        2.11        3.46 
--------------------------------------------------------------------------------
Distributions                                                                   
Net realized gain           (3.14)     (3.02)     (1.27)      (0.58)      (2.19)
--------------------------------------------------------------------------------
NET ASSET VALUE                                                                 
End of period            $  23.89   $  27.53   $  23.34   $   23.30   $   21.77 

Ratios/Supplemental Data                                                        
Total return*              (1.86)%    32.52%     6.25%       9.77%       17.03% 
--------------------------------------------------------------------------------
Ratio of total expenses                                                         
to average net assets       0.88%      0.90%     0.89%       0.88%       0.90%  
--------------------------------------------------------------------------------
Ratio of net investment                                                         
income (loss) to average                                                        
net assets                 (0.51)%    (0.66)%    (0.65)%     (0.57)%    (0.41)% 
--------------------------------------------------------------------------------
Portfolio turnover rate    47.2%      44.7%      41.2%       45.2%       41.4%  
--------------------------------------------------------------------------------
Net assets,                                                                     
end of period                                                                   
(in millions)            $   6,122  $  6,022  $   5,228  $    5,104  $    4,363 
--------------------------------------------------------------------------------
*    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.                                                        

The accompanying notes are an integral part of these financial statements.      

================================================================================

N-30D 14th Page of 43 TOC 1st Previous Next Bottom Just 14th

T. Rowe Price New Horizons Fund                                                 
-------------------------------                              December 31, 2000  
PORTFOLIO OF INVESTMENTS                                                        
------------------------                                          In thousands  
                                                        Shares         Value
                                                        ------         -----
EQUITY INVESTMENTS  96.8% **                                                    
FINANCIAL  3.1%                                                                 
Insurance  1.5%                                                                 
Mutual Risk Management                                   525,000  $      7,973  
------------------------------------------------------------------------------- 
Presidential Life                                        754,700        11,297  
------------------------------------------------------------------------------- 
Radian Group                                           1,000,000        75,063  
------------------------------------------------------------------------------- 
                                                                      94,333
------------------------------------------------------------------------------- 
Financial Services  1.6%                                                        
Affiliated Managers Group *                              400,000        21,950  
------------------------------------------------------------------------------- 
eSpeed (Class A) *                                       500,000         7,922  
------------------------------------------------------------------------------- 
Financial Federal *                                      600,000        14,325  
------------------------------------------------------------------------------- 
Investors Financial Services                             150,000        12,895  
------------------------------------------------------------------------------- 
Jones Lang Lasalle *                                     350,000         4,856  
------------------------------------------------------------------------------- 
Legg Mason                                               600,000        32,700  
------------------------------------------------------------------------------- 
                                                                      94,648
------------------------------------------------------------------------------- 
Total Financial                                                        188,981  
------------------------------------------------------------------------------- 

HEALTH CARE  19.1%                                                              
Pharmaceuticals  0.6%                                                           
Control Delivery Systems (Series A) *++ss.                74,432         4,000  
------------------------------------------------------------------------------- 
Ista Pharmaceuticals *                                   354,000         3,850  
------------------------------------------------------------------------------- 
King Pharmaceuticals *                                   300,000        15,506  
------------------------------------------------------------------------------- 
Magainin Pharmaceuticals, Warrants, 8/6/01 *++           337,299             0  
------------------------------------------------------------------------------- 
Shire Pharmaceuticals ADR *                              317,400        14,570  
------------------------------------------------------------------------------- 
                                                                      37,926
------------------------------------------------------------------------------- 
Biotechnology  13.0%                                                            
Abgenix *                                                980,100        57,918  
------------------------------------------------------------------------------- 
Advanced Medicine, (Series D) *++ss.                      513,334         4,620 
------------------------------------------------------------------------------- 
Aerogen *                                                250,000         2,641  
------------------------------------------------------------------------------- 
Affymetrix *                                             550,000        40,923  
------------------------------------------------------------------------------- 

N-30D 15th Page of 43 TOC 1st Previous Next Bottom Just 15th

Alexion Pharmaceutical *                                 480,000        31,185  
------------------------------------------------------------------------------- 
Alkermes *                                             1,500,000        47,109  
------------------------------------------------------------------------------- 
Aurora Biosciences *                                     545,000        17,151  
------------------------------------------------------------------------------- 
Cephalon *                                             1,185,900        75,045  
------------------------------------------------------------------------------- 
Charles River Laboratories *                             400,000        10,950  
------------------------------------------------------------------------------- 
COR Therapeutics *                                     1,695,000        59,590  
------------------------------------------------------------------------------- 
Cubist Pharmaceuticals *                                 410,000  $     12,082  
------------------------------------------------------------------------------- 
CV Therapeutics *                                         75,000         5,320  
------------------------------------------------------------------------------- 
Deltagen *                                               295,000         3,134  
------------------------------------------------------------------------------- 
Doubletwist (Series D) *++ss.                           2,657,807         4,000 
------------------------------------------------------------------------------- 
EDEN Bioscience *                                         41,000         1,226  
------------------------------------------------------------------------------- 
Epix Medical *                                           550,000         4,469  
------------------------------------------------------------------------------- 
Exelixis *                                               275,000         4,030  
------------------------------------------------------------------------------- 
Gilead Sciences *                                        585,000        48,518  
------------------------------------------------------------------------------- 
Human Genome Sciences *                                  440,000        30,498  
------------------------------------------------------------------------------- 
IDEC Pharmaceuticals *                                    10,000         1,895  
------------------------------------------------------------------------------- 
Incyte Genomics *                                        645,200        16,029  
------------------------------------------------------------------------------- 
Inhale Therapeutic Systems *                           1,200,000        60,038  
------------------------------------------------------------------------------- 
Invitrogen *                                             300,000        25,913  
------------------------------------------------------------------------------- 
Neose Technologies *                                     178,600         5,888  
------------------------------------------------------------------------------- 
Neurocrine Biosciences *                               1,150,700        38,081  
------------------------------------------------------------------------------- 
NPS Pharmaceuticals *+                                 1,452,000        69,469  
------------------------------------------------------------------------------- 
OSI Pharmaceuticals *                                    197,000        15,778  
------------------------------------------------------------------------------- 
Pharmacopeia *                                           150,000         3,277  
------------------------------------------------------------------------------- 
Pozen *                                                   35,000           637  
------------------------------------------------------------------------------- 
Protein Design Labs *                                     20,000         1,718  
------------------------------------------------------------------------------- 
Qiagen *                                                 200,000         6,938  
------------------------------------------------------------------------------- 

N-30D 16th Page of 43 TOC 1st Previous Next Bottom Just 16th

QLT *                                                    650,000        18,241  
------------------------------------------------------------------------------- 
Serologicals *+                                        1,825,000        27,546  
------------------------------------------------------------------------------- 
Transkaryotic Therapies *                                 50,000         1,820  
------------------------------------------------------------------------------- 
Triangle Pharmaceuticals *                             1,700,000         8,447  
------------------------------------------------------------------------------- 
Trimeris *                                               275,000        15,125  
------------------------------------------------------------------------------- 
ViroPharma *                                             490,800         7,086  
------------------------------------------------------------------------------- 
Visible Genetics *                                       375,000        14,098  
------------------------------------------------------------------------------- 
XOMA *                                                   100,000           981  
------------------------------------------------------------------------------- 
                                                                     799,414
------------------------------------------------------------------------------- 
Medical Instruments and Devices  2.9%                                           
Advanced Neuromodulation Systems *                       324,200         6,626  
------------------------------------------------------------------------------- 
Apogent Technologies *                                 1,000,000        20,500  
------------------------------------------------------------------------------- 
ArthroCare *                                             250,000         4,883  
------------------------------------------------------------------------------- 
Aspect Medical Systems *                                 500,000         4,320  
------------------------------------------------------------------------------- 
CIMA Labs *                                               50,000         3,252  
------------------------------------------------------------------------------- 
Cytyc *                                                  450,000        28,125  
------------------------------------------------------------------------------- 
Mentor                                                   765,000        15,085  
------------------------------------------------------------------------------- 
Mettler Toledo International *                           370,000        20,119  
------------------------------------------------------------------------------- 
Molecular Devices *                                      353,500  $     24,182  
------------------------------------------------------------------------------- 
Novoste *                                                240,000         6,585  
------------------------------------------------------------------------------- 
ResMed *                                                 500,000        19,937  
------------------------------------------------------------------------------- 
Waters *                                                 200,000        16,700  
------------------------------------------------------------------------------- 
Wilson Greatbatch Technologies *                         250,000         7,062  
------------------------------------------------------------------------------- 
                                                                     177,376
------------------------------------------------------------------------------- 

N-30D 17th Page of 43 TOC 1st Previous Next Bottom Just 17th

Healthcare Services  2.6%                                                       
AmeriPath *                                            1,000,000        25,062  
------------------------------------------------------------------------------- 
Boron LePore & Associates *+                           1,030,000        10,783  
------------------------------------------------------------------------------- 
Bruker Daltonics *                                        72,300         1,713  
------------------------------------------------------------------------------- 
Cerus *                                                   15,000         1,126  
------------------------------------------------------------------------------- 
Davita *                                               1,940,400        33,229  
------------------------------------------------------------------------------- 
HealthStream *+                                        2,500,000         2,734  
------------------------------------------------------------------------------- 
Omnicare                                               2,019,100        43,663  
------------------------------------------------------------------------------- 
Renal Care Group *                                     1,064,700        29,179  
------------------------------------------------------------------------------- 
Specialty Laboratories *                                 100,000         3,313  
------------------------------------------------------------------------------- 
WebMD *                                                  902,500         7,178  
------------------------------------------------------------------------------- 
                                                                     157,980
------------------------------------------------------------------------------- 
Total Health Care                                                    1,172,696  
------------------------------------------------------------------------------- 

CONSUMER  13.2%                                                                 
Soft Goods Retailers  0.8%                                                      
Jo Ann Stores (Class B) *                                470,000         1,997  
------------------------------------------------------------------------------- 
Pacific Sunwear *                                      1,250,000        31,992  
------------------------------------------------------------------------------- 
Tuesday Morning *+                                     2,200,000        11,619  
------------------------------------------------------------------------------- 
Urban Outfitters *                                       606,500         4,833  
------------------------------------------------------------------------------- 
                                                                      50,441
------------------------------------------------------------------------------- 
Hard Goods Retailers  3.6%                                                      
Casey's General Stores                                 2,000,000        29,750  
------------------------------------------------------------------------------- 
Cole National (Class A) *+                             1,058,000         9,125  
------------------------------------------------------------------------------- 
Discount Auto Parts *                                    798,700         4,393  
------------------------------------------------------------------------------- 
Duane Reade *+                                         1,750,000        53,484  
------------------------------------------------------------------------------- 
Family Dollar Stores                                   1,500,000        32,156  
------------------------------------------------------------------------------- 
O'Reilly Automotive *                                  2,000,000        54,188  
------------------------------------------------------------------------------- 

N-30D 18th Page of 43 TOC 1st Previous Next Bottom Just 18th

Sonic Automotive *                                     1,000,000         6,875  
------------------------------------------------------------------------------- 
TSC *+                                                   800,000         6,950  
------------------------------------------------------------------------------- 
Tweeter Home Entertainment Group *+                    1,250,000        15,313  
------------------------------------------------------------------------------- 
Ultimate Electronics *                                   340,000  $      7,448  
------------------------------------------------------------------------------- 
Wild Oats Markets *                                      700,000         3,019  
------------------------------------------------------------------------------- 
                                                                     222,701
------------------------------------------------------------------------------- 
Consumer Durables  0.4%                                                         
Harman International                                     576,800        21,053  
------------------------------------------------------------------------------- 
                                                                      21,053
------------------------------------------------------------------------------- 
Consumer Nondurables  1.3%                                                      
American Italian Pasta *                                 500,000        13,406  
------------------------------------------------------------------------------- 
Nautica Enterprises *+                                 1,750,000        26,578  
------------------------------------------------------------------------------- 
QuikSilver *+                                          1,250,000        24,219  
------------------------------------------------------------------------------- 
Rayovac *                                                850,000        12,059  
------------------------------------------------------------------------------- 
                                                                      76,262
------------------------------------------------------------------------------- 
Restaurants  2.0%                                                               
Outback Steakhouse *                                   2,500,000        64,688  
------------------------------------------------------------------------------- 
PF Chang's China Bistro *                                500,000        15,734  
------------------------------------------------------------------------------- 
Sonic *+                                               1,800,000        42,075  
------------------------------------------------------------------------------- 
                                                                     122,497
------------------------------------------------------------------------------- 
Entertainment  0.9%                                                             
Intrawest                                                300,000         5,981  
------------------------------------------------------------------------------- 
Six Flags *                                            1,231,500        21,167  
------------------------------------------------------------------------------- 
Speedway Motorsports *                                   500,000        12,000  
------------------------------------------------------------------------------- 
Vail Resorts *                                           610,000        14,297  
------------------------------------------------------------------------------- 
                                                                      53,445
------------------------------------------------------------------------------- 

N-30D 19th Page of 43 TOC 1st Previous Next Bottom Just 19th

Consumer Services  4.2%                                                         
Advantage Learning Systems *                             405,000        13,631  
------------------------------------------------------------------------------- 
Apollo Group (Class A) *                               1,500,000        73,781  
------------------------------------------------------------------------------- 
Avis Group Holdings *                                  1,000,000        32,562  
------------------------------------------------------------------------------- 
Bright Horizons Family Solution *                        500,000        12,875  
------------------------------------------------------------------------------- 
Caliber Learning Network *                               560,000           560  
------------------------------------------------------------------------------- 
Devry *                                                  300,000        11,325  
------------------------------------------------------------------------------- 
Edison Schools *                                       1,015,000        32,004  
------------------------------------------------------------------------------- 
Extended Stay America *                                2,000,000        25,700  
------------------------------------------------------------------------------- 
School Specialty *                                       400,000         8,038  
------------------------------------------------------------------------------- 
Strayer Education +                                      800,000        20,175  
------------------------------------------------------------------------------- 
Sylvan Learning Systems *                              1,000,000        14,719  
------------------------------------------------------------------------------- 
University of Phoenix Online *+                          450,000        14,400  
------------------------------------------------------------------------------- 
                                                                     259,770
------------------------------------------------------------------------------- 
Total Consumer                                                         806,169  
------------------------------------------------------------------------------- 

TECHNOLOGY  26.5%                                                               
Computer Software  10.2%                                                        
Actuate *                                              2,050,000  $     39,270  
------------------------------------------------------------------------------- 
Convera *                                                750,000        13,313  
------------------------------------------------------------------------------- 
Electronic Arts *                                      2,000,000        85,312  
------------------------------------------------------------------------------- 
Great Plains Software *                                  625,000        29,414  
------------------------------------------------------------------------------- 
Informatica *                                          1,820,000        71,947  
------------------------------------------------------------------------------- 
Interact Commerce *                                      800,000         6,550  
------------------------------------------------------------------------------- 
Internet Security Systems *                              775,000        60,765  
------------------------------------------------------------------------------- 
Matrixone *                                            1,105,000        20,063  
------------------------------------------------------------------------------- 
National Instruments *                                   625,000        30,332  
------------------------------------------------------------------------------- 

N-30D 20th Page of 43 TOC 1st Previous Next Bottom Just 20th

NetIQ *                                                1,500,000       131,016  
------------------------------------------------------------------------------- 
Packeteer *                                            1,025,000        12,716  
------------------------------------------------------------------------------- 
Parametric Technology *                                2,000,000        26,937  
------------------------------------------------------------------------------- 
Register.com *                                           700,000         4,922  
------------------------------------------------------------------------------- 
Selectica *                                            1,229,900        29,748  
------------------------------------------------------------------------------- 
Speechworks International *                               47,500         2,332  
------------------------------------------------------------------------------- 
Support.com *                                            260,000         5,273  
------------------------------------------------------------------------------- 
Synplicity *                                             285,000         4,382  
------------------------------------------------------------------------------- 
Verity *                                               1,475,000        35,446  
------------------------------------------------------------------------------- 
Websense *                                               100,000         1,441  
------------------------------------------------------------------------------- 
Wind River Systems *                                     350,000        11,933  
------------------------------------------------------------------------------- 
                                                                     623,112
------------------------------------------------------------------------------- 
Semiconductors and Components  9.9%                                             
Altera *                                               2,300,000        60,591  
------------------------------------------------------------------------------- 
Analog Devices *                                       1,500,000        76,781  
------------------------------------------------------------------------------- 
ATMI *                                                 1,450,000        28,275  
------------------------------------------------------------------------------- 
Brooks Automation *                                      400,000        11,213  
------------------------------------------------------------------------------- 
Cabot Microelectronics *                                 975,000        50,730  
------------------------------------------------------------------------------- 
Cognex *                                               1,450,000        31,991  
------------------------------------------------------------------------------- 
Ddi *                                                  1,200,000        32,850  
------------------------------------------------------------------------------- 
hi/fn *+                                                 670,000        18,446  
------------------------------------------------------------------------------- 
Lam Research *                                         1,300,000        18,931  
------------------------------------------------------------------------------- 
Lattice Semiconductor *                                2,375,000        43,566  
------------------------------------------------------------------------------- 
Linear Technology                                        400,000        18,487  
------------------------------------------------------------------------------- 
Maxim Integrated Products *                            1,800,000        86,006  
------------------------------------------------------------------------------- 
Methode Electronics (Class A)                            600,000        13,613  
------------------------------------------------------------------------------- 

N-30D 21st Page of 43 TOC 1st Previous Next Bottom Just 21st

Micrel *                                                 985,000        33,151  
------------------------------------------------------------------------------- 
Molex                                                    122,070  $      4,330  
------------------------------------------------------------------------------- 
O2Micro International *                                  250,000         1,891  
------------------------------------------------------------------------------- 
Pixelworks *                                             325,000         7,313  
------------------------------------------------------------------------------- 
SIPEX *+                                               1,400,000        33,337  
------------------------------------------------------------------------------- 
Xilinx *                                                 775,000        35,892  
------------------------------------------------------------------------------- 
                                                                     607,394
------------------------------------------------------------------------------- 
Networking and Telecom Equipment  2.6%                                          
Airnet Commerce *                                        425,000         2,895  
------------------------------------------------------------------------------- 
AudioCodes *                                             650,000         8,795  
------------------------------------------------------------------------------- 
BreezeCom *                                              550,000         7,820  
------------------------------------------------------------------------------- 
Ceragon Networks                                         625,000         7,500  
------------------------------------------------------------------------------- 
Concord Communications *+                              1,500,000        13,148  
------------------------------------------------------------------------------- 
Floware Wireless Systems                                 300,000         3,525  
------------------------------------------------------------------------------- 
Harmonic *                                             2,200,000        12,581  
------------------------------------------------------------------------------- 
Newport                                                  525,000        41,262  
------------------------------------------------------------------------------- 
Nuance Communications                                    175,000         7,498  
------------------------------------------------------------------------------- 
Oplink Communications *                                1,083,000        19,596  
------------------------------------------------------------------------------- 
Sonicwall *                                              811,700        13,165  
------------------------------------------------------------------------------- 
Turnstone Systems *                                    2,400,000        17,588  
------------------------------------------------------------------------------- 
Vyyo *                                                   300,000         1,842  
------------------------------------------------------------------------------- 
                                                                     157,215
------------------------------------------------------------------------------- 
Computer Hardware/Peripherals  0.2%                                             
Electronics for Imaging *                                550,000         7,683  
------------------------------------------------------------------------------- 
MIPS Technologies *                                      200,000         5,331  
------------------------------------------------------------------------------- 
                                                                      13,014
------------------------------------------------------------------------------- 

N-30D 22nd Page of 43 TOC 1st Previous Next Bottom Just 22nd

E-Commerce  3.6%                                                                
Digital Insight *                                        500,000         9,078  
------------------------------------------------------------------------------- 
Keynote Systems *                                        600,000         8,531  
------------------------------------------------------------------------------- 
Liberate Technologies *                                2,400,000        32,625  
------------------------------------------------------------------------------- 
Loislaw.com *                                            770,000         3,285  
------------------------------------------------------------------------------- 
Netegrity *                                              325,000        17,662  
------------------------------------------------------------------------------- 
PurchasePro.com *                                      2,625,000        45,855  
------------------------------------------------------------------------------- 
ValiCert *                                               500,000         3,164  
------------------------------------------------------------------------------- 
webMethods *                                             263,500        23,435  
------------------------------------------------------------------------------- 
WebTrends *+                                           2,350,000        68,077  
------------------------------------------------------------------------------- 
Wink Communications *                                    500,000         3,031  
------------------------------------------------------------------------------- 
Zonafinanciera.com (Series C) *+++ss.                   1,190,760         5,000 
------------------------------------------------------------------------------- 
                                                                     219,743
------------------------------------------------------------------------------- 
Total Technology                                                     1,620,478  
------------------------------------------------------------------------------- 

BUSINESS SERVICES  27.1%                                                        
Telecom Services  2.4%                                                          
Airgate PCS *                                            500,000  $     17,719  
------------------------------------------------------------------------------- 
Alamosa PCS Holdings *                                 1,000,000         7,766  
------------------------------------------------------------------------------- 
Brightpoint *                                          1,500,000         5,226  
------------------------------------------------------------------------------- 
Choice One Communications *                              500,000         4,680  
------------------------------------------------------------------------------- 
Cypress Communications *                                 500,000           476  
------------------------------------------------------------------------------- 
ITC Deltacom *                                           650,000         3,504  
------------------------------------------------------------------------------- 
Metromedia International *                             1,000,000         2,600  
------------------------------------------------------------------------------- 
Microcell Telecommunications *                         1,000,000        18,969  
------------------------------------------------------------------------------- 
Millicom International Cellular *                        900,000        20,616  
------------------------------------------------------------------------------- 
NTL *                                                    416,665         9,974  
------------------------------------------------------------------------------- 

N-30D 23rd Page of 43 TOC 1st Previous Next Bottom Just 23rd

OmniSky *                                                175,000         1,449  
------------------------------------------------------------------------------- 
SBA Communcations *                                      600,000        24,637  
------------------------------------------------------------------------------- 
Spectrasite Holdings *                                 1,511,200        19,976  
------------------------------------------------------------------------------- 
Telus *                                                  119,352         3,096  
------------------------------------------------------------------------------- 
Ubiquital *                                            1,000,000         5,625  
------------------------------------------------------------------------------- 
US Unwired (Class A)                                     500,000         2,359  
------------------------------------------------------------------------------- 
                                                                     148,672
------------------------------------------------------------------------------- 
Computer Services  5.3%                                                         
Affiliated Computer Services (Class A) *               1,534,800        93,143  
------------------------------------------------------------------------------- 
BISYS Group *                                          2,000,000       104,875  
------------------------------------------------------------------------------- 
NOVA *                                                 1,650,000        32,897  
------------------------------------------------------------------------------- 
Paychex                                                  500,000        24,328  
------------------------------------------------------------------------------- 
SunGard Data Systems *                                 1,478,700        69,684  
------------------------------------------------------------------------------- 
                                                                     324,927
------------------------------------------------------------------------------- 
Distribution  2.4%                                                              
Henry Schein *                                         2,000,000        69,250  
------------------------------------------------------------------------------- 
MSC Industrial Direct *                                1,750,000        31,609  
------------------------------------------------------------------------------- 
United Stationers *                                    1,000,000        24,844  
------------------------------------------------------------------------------- 
Watsco (Class A)                                       2,000,000        23,040  
------------------------------------------------------------------------------- 
                                                                     148,743
------------------------------------------------------------------------------- 
Transportation  0.7%                                                            
C.H. Robinson Worldwide                                  420,000        13,217  
------------------------------------------------------------------------------- 
EGL *                                                  1,000,000        23,781  
------------------------------------------------------------------------------- 
UTI Worldwide *                                          350,000         6,891  
------------------------------------------------------------------------------- 
                                                                      43,889
------------------------------------------------------------------------------- 

N-30D 24th Page of 43 TOC 1st Previous Next Bottom Just 24th

Media and Advertising  7.4%                                                     
ADVO *                                                 1,155,000  $     51,253  
------------------------------------------------------------------------------- 
Catalina Marketing *                                   2,505,000        97,538  
------------------------------------------------------------------------------- 
Citadel Communications *                                 162,800         1,949  
------------------------------------------------------------------------------- 
Classic Communications (Class A) *                       400,000           838  
------------------------------------------------------------------------------- 
Clear Channel Communications *                         1,000,000        48,437  
------------------------------------------------------------------------------- 
Emmis Broadcasting (Class A) *                           600,000        17,175  
------------------------------------------------------------------------------- 
Entercom Communications *                                432,100        14,880  
------------------------------------------------------------------------------- 
Infinity Broadcasting (Class A) *                      1,750,000        48,891  
------------------------------------------------------------------------------- 
Lamar Advertising *                                    1,000,000        38,719  
------------------------------------------------------------------------------- 
NDS Group ADR *                                          105,000         5,703  
------------------------------------------------------------------------------- 
Pegasus Communications *                               2,500,000        64,453  
------------------------------------------------------------------------------- 
Radio One *                                            1,500,000        16,453  
------------------------------------------------------------------------------- 
Regent Communications *                                1,500,000         8,953  
------------------------------------------------------------------------------- 
Sinclair Broadcast Group (Class A) *                   1,500,000        15,023  
------------------------------------------------------------------------------- 
Westwood One *                                           660,800        12,762  
------------------------------------------------------------------------------- 
Young Broadcasting (Class A) *                           332,300        11,070  
------------------------------------------------------------------------------- 
                                                                     454,097
------------------------------------------------------------------------------- 
Environmental  0.5%                                                             
Catalytica Energy Systems *                              137,499         2,376  
------------------------------------------------------------------------------- 
U.S. Liquids *                                           350,000           766  
------------------------------------------------------------------------------- 
Waste Connections *                                      850,000        28,076  
------------------------------------------------------------------------------- 
                                                                      31,218
------------------------------------------------------------------------------- 
Engineering and Construction  0.9%                                              
Tetra Tech *                                           1,000,000        31,844  
------------------------------------------------------------------------------- 
Toll Brothers *                                          500,000        20,437  
------------------------------------------------------------------------------- 
                                                                      52,281
------------------------------------------------------------------------------- 

N-30D 25th Page of 43 TOC 1st Previous Next Bottom Just 25th

Miscellaneous Business Services  7.1%                                           
AnswerThink *                                            750,000         2,719  
------------------------------------------------------------------------------- 
Cape Success *                                            46,320             0  
------------------------------------------------------------------------------- 
Cape Success, (Series B) *                                 3,584             0  
------------------------------------------------------------------------------- 
Comfort Systems USA *                                  1,750,000         3,719  
------------------------------------------------------------------------------- 
Corporate Executive Board *                              400,000        15,825  
------------------------------------------------------------------------------- 
DigitalThink *                                           250,000         4,242  
------------------------------------------------------------------------------- 
Direct Focus *                                           200,000         6,706  
------------------------------------------------------------------------------- 
Edgewater Technology *                                 1,250,000         8,184  
------------------------------------------------------------------------------- 
eLoyalty *                                             1,200,000         7,819  
------------------------------------------------------------------------------- 
Emerge Interactive *                                     400,000         1,450  
------------------------------------------------------------------------------- 
Exult *                                                  267,500    $    3,628  
------------------------------------------------------------------------------- 
F. Y. I. *                                               750,000        27,820  
------------------------------------------------------------------------------- 
Forrester Research *                                     250,000        12,508  
------------------------------------------------------------------------------- 
Global Imaging Systems *+                              1,100,000         3,919  
------------------------------------------------------------------------------- 
Heidrick & Struggles *                                   345,500        14,532  
------------------------------------------------------------------------------- 
iGATE Capital *                                           45,000           126  
------------------------------------------------------------------------------- 
Immedient *                                               13,056           104  
------------------------------------------------------------------------------- 
InfoUSA *                                              1,405,300         4,831  
------------------------------------------------------------------------------- 
Iron Mountain *                                        1,500,000        55,687  
------------------------------------------------------------------------------- 
Leapnet *+                                             1,573,792         1,303  
------------------------------------------------------------------------------- 
META Group *+                                          1,125,000         7,119  
------------------------------------------------------------------------------- 
Modis Professional Services *                            750,000         3,094  
------------------------------------------------------------------------------- 
New England Business Service                             200,000         3,650  
------------------------------------------------------------------------------- 
Orthodontic Centers of America *+                      2,500,000        78,125  
------------------------------------------------------------------------------- 
Prepaid Legal Services *                                 250,000         6,375  
------------------------------------------------------------------------------- 

N-30D 26th Page of 43 TOC 1st Previous Next Bottom Just 26th

ProBusiness Services *                                   600,000        15,994  
------------------------------------------------------------------------------- 
ProsoftTraining.com *+                                 1,175,000        14,173  
------------------------------------------------------------------------------- 
Resources Connection *                                   250,000         4,758  
------------------------------------------------------------------------------- 
SITEL *                                                2,750,000         7,906  
------------------------------------------------------------------------------- 
SmartForce ADR *                                         600,000        22,519  
------------------------------------------------------------------------------- 
Symyx Technologies *                                     600,000        21,619  
------------------------------------------------------------------------------- 
Tier Technologies (Class B) *                          1,250,000         7,090  
------------------------------------------------------------------------------- 
Trammell Crow *                                        1,500,000        20,250  
------------------------------------------------------------------------------- 
West TeleServices *                                      545,300        15,371  
------------------------------------------------------------------------------- 
Zebra Technologies (Class A) *                           744,000        30,667  
------------------------------------------------------------------------------- 
                                                                     433,832
------------------------------------------------------------------------------- 
Real Estate Services  0.4%                                                      
CoStar Group *                                           250,000         5,883  
------------------------------------------------------------------------------- 
Delta Pine & Land                                        750,000        15,703  
------------------------------------------------------------------------------- 
                                                                      21,586
------------------------------------------------------------------------------- 
Total Business Services                                              1,659,245  
------------------------------------------------------------------------------- 

ENERGY  7.2%                                                                    
Exploration and Production  1.5%                                                
Barrett Resources *                                      450,000        25,566  
------------------------------------------------------------------------------- 
Cross Timbers Oil                                      1,125,000        31,219  
------------------------------------------------------------------------------- 
Devon Energy                                             300,387        18,314  
------------------------------------------------------------------------------- 
Noble Affiliates                                         200,000  $      9,200  
------------------------------------------------------------------------------- 
Westport Resources *                                     500,000        10,969  
------------------------------------------------------------------------------- 
                                                                      95,268
------------------------------------------------------------------------------- 

N-30D 27th Page of 43 TOC 1st Previous Next Bottom Just 27th

Energy Services  5.7%                                                           
BJ Services *                                          1,400,000        96,425  
------------------------------------------------------------------------------- 
Coflexip ADR                                             400,000        24,938  
------------------------------------------------------------------------------- 
Cooper Cameron *                                         600,000        39,637  
------------------------------------------------------------------------------- 
Helmerich & Payne                                      1,200,000        52,650  
------------------------------------------------------------------------------- 
Hydril *                                                 300,000         5,288  
------------------------------------------------------------------------------- 
Key Energy Services *                                  3,250,000        33,922  
------------------------------------------------------------------------------- 
Seacor Smit *                                            450,000        23,681  
------------------------------------------------------------------------------- 
Smith International *                                    500,000        37,281  
------------------------------------------------------------------------------- 
Tidewater                                                750,000        33,281  
------------------------------------------------------------------------------- 
                                                                     347,103
------------------------------------------------------------------------------- 
Total Energy                                                           442,371  
------------------------------------------------------------------------------- 

INDUSTRIAL  0.3%                                                                
Paper and Forest Products  0.1%                                                 
Lydall *                                                 500,000         4,344  
------------------------------------------------------------------------------- 
                                                                       4,344
------------------------------------------------------------------------------- 
Machinery  0.2%                                                                 
Encompass Services *                                     884,907         4,480  
------------------------------------------------------------------------------- 
United Rentals *                                         827,000        11,113  
------------------------------------------------------------------------------- 
                                                                      15,593
------------------------------------------------------------------------------- 
Total Industrial                                                        19,937  
------------------------------------------------------------------------------- 

MISCELLANEOUS  0.3%                                                             
Global Industries                                        500,000         6,828  
------------------------------------------------------------------------------- 
Other Miscellaneous                                                      8,726  
------------------------------------------------------------------------------- 
Total Miscellaneous                                                     15,554  
------------------------------------------------------------------------------- 
Total Equity Investments (Cost  $4,525,406)                          5,925,431  

N-30D 28th Page of 43 TOC 1st Previous Next Bottom Just 28th

SHORT-TERM INVESTMENTS  5.6%                                                    
Money Market Funds  5.6%                                                        
Reserve Investment Fund, 6.69% #+                    345,232,108       345,232  
------------------------------------------------------------------------------- 
Total Short-Term Investments (Cost  $345,232)                          345,232  

Total Investments in Securities                                                 
102.4% of Net Assets (Cost $4,870,638)                            $  6,270,663  

Other Assets Less Liabilities                                         (148,373) 

NET ASSETS                                                        $  6,122,290  
#  Seven-day yield                                                        
+  Affiliated company                                                     
*  Non-income producing                                                   
ADR  American Depository Receipt                                              
++  Securities contain some restrictions as to public resale - total of such
securities at period-end amounts to 0.3.% of net assets             
**  Common stocks, rights, and warrants - cost $4,507,786, value $5,907,811,
   96.6% of net assets; Preferred stocks - cost $8,620, value $8,620, 0.1%
    of net assets; Convertible preferred stocks - cost $9,000, value $9,000,
0.1% of net assets                                                  
ss. Private Placement                                                       

The accompanying notes are an integral part of these financial statements.      
================================================================================
T. Rowe Price New Horizons Fund                                                 
-------------------------------                              December 31, 2000  
STATEMENT OF ASSETS AND LIABILITIES                                             
-----------------------------------                               In thousands  
ASSETS                                                                          
Investments in securities, at value                                             
  Affiliated companies (cost $859,974)                       $     923,455
  Other companies (cost $4,010,664)                              5,347,208
  Total investments in securities                                6,270,663

Other assets                                                          166,719   
Total assets                                                        6,437,382   
LIABILITIES                                                                     
Total liabilities                                                     315,092   

NET ASSETS                                                      $   6,122,290   
Net Assets Consist of:                                                          
Accumulated net realized gain/loss - net of distributions       $     133,830   
Net unrealized gain (loss)                                          1,400,025   

Paid-in-capital applicable to 256,216,632 shares of                             
$1.00 par value capital stock outstanding;                                      
300,000,000 shares authorized                                       4,588,435   

NET ASSETS                                                      $   6,122,290   
NET ASSET VALUE PER SHARE                                       $       23.89   

The accompanying notes are an integral part of these financial statements.      

================================================================================

N-30D 29th Page of 43 TOC 1st Previous Next Bottom Just 29th

T. Rowe Price New Horizons Fund                                                 
-------------------------------                                                 
STATEMENT OF OPERATIONS                                                         
-----------------------                                      In thousands       
                                                              Year
                                                             Ended
                                                          12/31/00
Investment Income (Loss)                                                        
Income                                                                          
Interest (including $21,205 from affiliated companies)        $  21,205     
Dividend (including $196 from affiliated companies)               4,309     
--------------------------------------------------------------------------      
Total income                                                     25,514     
--------------------------------------------------------------------------      
Expenses                                                                        
Investment management                                            45,642     
Shareholder servicing                                            13,691     
Custody and accounting                                              313     
Prospectus and shareholder reports                                  273     
Registration                                                        204     
Legal and audit                                                      34     
Directors                                                            18     
Miscellaneous                                                        35     
--------------------------------------------------------------------------      
Total expenses                                                   60,210     
Expenses paid indirectly                                           (133)    
--------------------------------------------------------------------------      
Net expenses                                                     60,077     
--------------------------------------------------------------------------      
Net investment income (loss)                                      (34,563)      
--------------------------------------------------------------------------      
Realized and Unrealized Gain (Loss)                                             
Net realized gain (loss) on securities                                          
(including $5,436 from affiliated companies)                      805,258       
--------------------------------------------------------------------------      
Change in net unrealized gain or loss on securities                             
(including $79,009 from affiliated companies)                    (957,315)      
--------------------------------------------------------------------------      
Net realized and unrealized gain (loss)                          (152,057)      
--------------------------------------------------------------------------      
INCREASE (DECREASE) IN NET                                                      
ASSETS FROM OPERATIONS                                          $(186,620)      

The accompanying notes are an integral part of these financial statements.      

================================================================================

N-30D 30th Page of 43 TOC 1st Previous Next Bottom Just 30th

T. Rowe Price New Horizons Fund                                                 
-------------------------------                                                 
STATEMENT OF CHANGES IN NET ASSETS                                              
----------------------------------                                 In thousands 
                                            Year
                                           Ended
                                                       12/31/00       12/31/99
Increase (Decrease) in Net Assets                                               
Operations                                                                      
  Net investment income (loss)                        $  (34,563)    $  (32,602)
 Net realized gain (loss)                               805,258        764,303
 Change in net unrealized gain or loss                 (957,315)       753,938
--------------------------------------------------------------------------------
 Increase (decrease) in net assets from operations     (186,620)     1,485,639
--------------------------------------------------------------------------------
Distributions to shareholders                                                   
  Net realized gain                                     (749,163)      (593,298)
--------------------------------------------------------------------------------
Capital share transactions *                                                    
 Shares sold                                          2,020,588        787,313
 Distributions reinvested                               724,155        571,898
  Shares redeemed                                     (1,708,666)    (1,458,035)
--------------------------------------------------------------------------------
Increase (decrease) in net assets from capital                              
  share transactions                                   1,036,077        (98,824)
--------------------------------------------------------------------------------
Net Assets                                                                      
Increase (decrease) during period                        100,294        793,517 
Beginning of period                                    6,021,996      5,228,479 
--------------------------------------------------------------------------------
End of period                                         $6,122,290     $6,021,996 

*Share information                                                              
 Shares sold                                             68,146         33,180
 Distributions reinvested                                30,198         23,390
  Shares redeemed                                        (60,830)       (61,913)
--------------------------------------------------------------------------------
  Increase (decrease) in shares outstanding               37,514         (5,343)

The accompanying notes are an integral part of these financial statements.      

================================================================================

N-30D 31st Page of 43 TOC 1st Previous Next Bottom Just 31st

T. Rowe Price New Horizons Fund                                                 
-------------------------------                                December 31, 2000
NOTES TO FINANCIAL STATEMENTS                                                   
-----------------------------                                                   
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES                                        
----------------------------------------                                        

     T. Rowe Price New Horizons Fund , Inc.  (the fund) is registered  under the
Investment Company Act of 1940 as a diversified,  open-end management investment
company  and  commenced  operations  on June 3, 1960.  The fund seeks  long-term
growth of  capital  by  investing  primarily  in common  stocks of small  growth
companies.  The  accompanying  financial  statements were prepared in accordance
with  generally  accepted  accounting  principles,  which  require  the  use  of
estimates made by fund management.                                              

     Valuation  Equity  securities  listed or  regularly  traded on a securities
exchange  are valued at the last quoted  sales price at the time the  valuations
are made.  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 and securities
regularly  traded in the  over-the-counter  market are valued at the mean of the
latest  bid and asked  prices.  Other  equity  securities  are valued at a price
within  the limits of the  latest  bid and asked  prices  deemed by the Board of
Directors, or by persons delegated by the Board, best to reflect fair value.    

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

     Affiliated  Companies As defined by the Investment  Company Act of 1940, an
affiliated  company is one in which the fund owns at least 5% of the outstanding
voting securities.                                                              

     Assets  and  liabilities  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 or under the  supervision  of the officers of the
fund, as authorized by the Board of Directors.                                  

     Other Income and expenses  are  recorded on the accrual  basis.  Investment
transactions are accounted for on the trade date.  Realized gains and losses are
reported on the identified  cost basis.  Dividend  income and  distributions  to
shareholders  are  recorded  by the fund on the  ex-dividend  date.  Income  and
capital gain  distributions are determined in accordance with federal income tax
regulations  and may  differ  from net  investment  income  and  realized  gains
determined in accordance with generally accepted accounting principles. Expenses
paid indirectly  reflect credits earned on daily uninvested cash balances at the
custodian and are used to reduce the fund's custody charges.                    

NOTE 2 - INVESTMENT TRANSACTIONS                                                
--------------------------------                                                

     Purchases  and  sales  of  portfolio  securities,   other  than  short-term
securities,  aggregated $3,376,819,000 and $3,046,481,000 respectively,  for the
year ended December 31, 2000.                                                   

N-30D 32nd Page of 43 TOC 1st Previous Next Bottom Just 32nd

NOTE 3 - FEDERAL INCOME TAXES                                                   
-----------------------------                                                   

     No provision for federal income taxes is required since the fund intends to
continue to qualify as a regulated  investment company and distribute all of its
taxable income.                                                                 

Undistributed net investment income                    $    34,563,000          
Undistributed net realized gain                           (119,640,000)         
Paid-in-capital                                             85,077,000          

     In order for the fund's capital accounts and  distributions to shareholders
to  reflect  the  tax   character  of  certain   transactions,   the   following
reclassifications  were made  during  the year  ended  December  31,  2000.  The
reclassifications  relate  primarily to a tax practice  that treats a portion of
the proceeds from each redemption of capital shares as a distribution of taxable
net investment  income and/or  realized  capital gain. The results of operations
and net assets were not affected by the increases/(decreases) to these accounts.

     At December  31,  2000,  the cost of  investments  for  federal  income tax
purposes  was  substantially  the same as for  financial  reporting  and totaled
$4,870,638,000.  Net unrealized gain aggregated $1,400,025,000 at period-end, of
which  $2,319,575,000  related to appreciated  investments  and  $919,550,000 to
depreciated investments.                                                        

NOTE 4 - RELATED PARTY TRANSACTIONS                                             
-----------------------------------                                             

     The fund is managed by T. Rowe Price Associates, Inc. (the manager or Price
Associates), a wholly owned subsidiary of T. Rowe Price Group (Price Group). The
investment management agreement between the fund and the manager provides for an
annual  investment  management fee, of which  $3,555,000 was payable at December
31,  2000.  The fee is  computed  daily and paid  monthly,  and  consists  of an
individual  fund fee equal to 0.35% of average daily net assets and a group fee.
The group fee is based on the combined assets of cer-tain mutual funds sponsored
by Price Group (the  group).  The group fee rate ranges from 0.48% for the first
$1 billion of assets to 0.295% for assets in excess of $120 billion. At December
31, 2000, and for the year then ended,  the effective  annual group fee rate was
0.32%. The fund pays a pro-rata share of the group fee based on the ratio of its
net assets to those of the group.                                               

     In addition, the fund has entered into agreements with Price Associates and
two wholly owned  subsidiaries of Price  Associates,  pursuant to which the fund
receives certain other services. Price Associates computes the daily share price
and maintains the financial records of the fund. T. Rowe Price Services, Inc. is
the fund's transfer and dividend  disbursing agent and provides  shareholder and
admin-istrative  services to the fund. T. Rowe Price  Retirement  Plan Services,
Inc. provides  subaccounting and recordkeeping  services for certain  retirement
accounts  invested in the fund.  The fund  incurred  expenses  pursuant to these
related party agreements  totaling  approximately  $9,774,000 for the year ended
December 31, 2000, of which $954,000 was payable at period-end.                 

N-30D 33rd Page of 43 TOC 1st Previous Next Bottom Just 33rd

     The fund may invest in the Reserve  Investment Fund and Government  Reserve
Investment  Fund   (collectively,   the  Reserve  Funds),   open-end  management
investment companies managed by Price Associates.  The Reserve Funds are offered
as cash management  options only to mutual funds and other accounts sponsored by
Price  Group,  and are not  available  to the public.  The Reserve  Funds pay no
investment management fees. Distributions from the Reserve Funds to the fund for
the year ended  December  31, 2000,  totaled  $21,205,000  and are  reflected as
interest income in the accompanying Statement of Operations.                    

     Additionally,  is one of several  mutual  funds  sponsored  by Price  Group
(underlying  funds) in which the T. Rowe Price  Spectrum  Funds  (Spectrum)  may
invest.  Spectrum  does not invest in the  underlying  funds for the  purpose of
exercising  management  or control.  Expenses  associated  with the operation of
Spectrum are borne by each underlying fund to the extent of estimated savings to
it and in proportion to the average daily value of its shares owned by Spectrum,
pursuant  to  special  servicing  agreements  between  and among  Spectrum,  the
underlying funds,  Price Associates,  and, in the case of T. Rowe Price Spectrum
International,   T.  Rowe  Price   International.   Spectrum  Growth  Fund  held
approximately  10.1% of the outstanding shares of the fund at December 31, 2000.
For the year then ended, the fund was allocated $1,579,000 of Spectrum expenses,
$148,000 of which was payable at period-end.                                    

================================================================================
T. Rowe Price New Horizons Fund                                                 
-------------------------------                                                 
REPORT OF INDEPENDENT ACCOUNTANTS                                               
---------------------------------                                               

To the Board of Directors and Shareholders of                                   
T. Rowe Price New Horizons Fund, Inc.                                           

     In our  opinion,  the  accompanying  statement  of assets and  liabilities,
including the portfolio of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material  respects,  the financial  position of T. Rowe Price New Horizons Fund,
Inc. (the "Fund") at December 31, 2000, and the results of its  operations,  the
changes in its net assets and the  financial  highlights  for each of the fiscal
periods presented,  in conformity with accounting  principles generally accepted
in the United  States of  America.  These  financial  statements  and  financial
highlights   (hereafter   referred  to  as  "financial   statements")   are  the
responsibility  of the Fund's  management;  our  responsibility is to express an
opinion on these  financial  statements  based on our audits.  We conducted  our
audits of these  financial  statements  in accordance  with  auditing  standards
generally  accepted in the United States of America,  which require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements,  assessing the accounting  principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe  that our  audits,  which  included  confirmation  of  securities  at
December 31, 2000 by  correspondence  with the  custodian,  provide a reasonable
basis for our opinion.                                                          

PricewaterhouseCoopers LLP                                                      

Baltimore, Maryland                                                             
January 19, 2001                                                                

================================================================================

N-30D 34th Page of 43 TOC 1st Previous Next Bottom Just 34th

T. Rowe Price New Horizons Fund                                                 
-------------------------------                                                 
TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/00                     
-----------------------------------------------------------                     

        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:              

*    $148,048,000 from short-term capital gains,                
       *    $686,192,000 from long-term capital gains, subject to the 20% rate
gains category.                                       

        For corporate shareholders,  $1,232,000 of the fund's distributed income
    and short-term capital gains qualified for the dividends-received deduction.

================================================================================
T. Rowe Price Shareholder Services                                              
----------------------------------                                              
INVESTMENT SERVICES AND INFORMATION                                             
-----------------------------------                                             

KNOWLEDGEABLE SERVICE REPRESENTATIVES                                           
-------------------------------------                                           
BY PHONE  Shareholder  service  representatives  are available from 8 a.m. to 10
p.m. ET Monday through  Friday and from 7 a.m. to midnight ET on weekends.  Call
1-800-225-5132  to  speak  directly  with a  representative  who will be able to
assist you with your accounts.                                                  

IN  PERSON  Visit  one  of  our  investor  center   locations  to  meet  with  a
representative  who will be able to assist you with your accounts.  You can also
drop off  applications  or obtain  prospectuses  and other  literature  at these
centers.                                                                        

AUTOMATED 24-HOUR SERVICES                                                      
--------------------------                                                      
TELE*ACCESS[REGISTRATION  MARK]Call 1-800-638-2587 to obtain information such as
account  balance,  date and  amount of your last  transaction,  latest  dividend
payment, fund prices, and yields. Additionally,  you have the ability to request
prospectuses,  statements,  and account and tax forms; to reorder checks; and to
initiate purchase,  redemption,  and exchange orders for identically  registered
accounts.                                                                       

INTERNET. T ROWE PRICE WEB SITE: WWW.TROWEPRICE.COM  All the  information  and  
services  available on  Tele*Access  are  available on our  Web site, including 
transactions in  your fund  and  brokerage accounts (with preauthorized access).

N-30D 35th Page of 43 TOC 1st Previous Next Bottom Just 35th

ACCOUNT SERVICES                                                                
----------------                                                                
CHECKING  Write  checks for $500 or more on any money  market and most bond fund
accounts (except the High Yield and Emerging Markets Bond Funds).               

AUTOMATIC INVESTING Build your account over time by investing directly from your
bank account or paycheck with Automatic Asset Builder.  Additionally,  Automatic
Exchange enables you to set up systematic investments from one fund account into
another,  such as from a money fund into a stock fund.  A $50  minimum  makes it
easy to get started.                                                            

AUTOMATIC  WITHDRAWAL  If you need  money  from your fund  account  on a regular
basis, you can establish scheduled, automatic redemptions.                      

DIVIDEND  AND  CAPITAL  GAINS  PAYMENT  OPTIONS  Reinvest  all or  some  of your
distributions,  or take  them in  cash.  We give  you  maximum  flexibility  and
convenience.                                                                    

BROKERAGE SERVICES*                                                             
-------------------                                                             
INVESTMENTS AVAILABLE You can trade stocks, bonds, options, precious metals, and
other securities at a savings over full-service commission rates.**             

TO  OPEN  AN  ACCOUNT  Call  a  shareholder  service   representative  for  more
information.                                                                    

INVESTMENT INFORMATION                                                          
----------------------                                                          
COMBINED  STATEMENT A  comprehensive  overview of your T. Rowe Price accounts is
provided.  The summary page gives you earnings by tax category,  provides  total
portfolio  value,  and lists your  investments  by type.  Detail  pages  itemize
account transactions.                                                           

SHAREHOLDER  REPORTS  Portfolio  managers review the performance of the funds in
plain language and discuss T. Rowe Price's economic outlook.                    

T. ROWE PRICE REPORT This is a quarterly  newsletter  with relevant articles on 
market  trends,  personal  financial  planning,  and T.  Rowe  Price's  economic
perspective.                                                                    

PERFORMANCE UPDATE This quarterly report reviews recent market  developments and
provides comprehensive performance information for every T. Rowe Price fund.    

INSIGHTS  These are reports on mutual fund tax  issues,  investment  strategies,
investment fundamentals, and financial markets.                                 

DETAILED  INVESTMENT  GUIDES  Our Asset Mix  Worksheet,  College  Planning  Kit,
Diversifying Overseas: A Guide to International  Investing,  Retirees  Financial
Guide, and Retirement Planning Kit (also available on disk or CD-ROM for PC use)
can help you determine and reach your investment goals.                         

     *    T. Rowe  Price  Brokerage  is a division  of T. Rowe Price  Investment
Services, Inc., Member NASD/SIPC.                           
     **   Based on a  January  2001  survey  for  representative-assisted  stock
          trades.  Services vary by firm, and  commissions may vary depending on
size of order.                                              
================================================================================

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T. Rowe Price Mutual Funds                                                      
--------------------------                                                      

STOCK FUNDS                                                                     
-----------                                                                     
DOMESTIC                                                                        
Blue Chip Growth                                                                
Capital Appreciation                                                            
Capital Opportunity                                                             
Developing Technologies                                                         
Diversified Small-Cap Growth                                                    
Dividend Growth                                                                 
Equity Income                                                                   
Equity Index 500                                                                
Extended Equity Market Index                                                    
Financial Services                                                              
Growth & Income                                                                 
Growth Stock                                                                    
Health Sciences                                                                 
Media & Telecommunications                                                      
Mid-Cap Growth                                                                  
Mid-Cap Value                                                                   
New America  Growth                                                             
New Era                                                                         
New Horizons*                                                                   
Real Estate                                                                     
Science & Technology                                                            
Small-Cap Stock                                                                 
Small-Cap Value                                                                 
Spectrum  Growth                                                                
Tax-Efficient Growth                                                            
Tax-Efficient Multi-Cap Growth                                                  
Total Equity Market Index                                                       
Value                                                                           

BLENDED ASSET FUNDS                                                             
Balanced                                                                        
Personal Strategy Balanced                                                      
Personal Strategy Growth                                                        
Personal Strategy Income                                                        
Tax-Efficient Balanced                                                          

BOND FUNDS                                                                      
----------                                                                      
DOMESTIC TAXABLE                                                                
Corporate Income                                                                
GNMA                                                                            
High Yield                                                                      
New Income                                                                      
Short-Term Bond                                                                 
Spectrum Income                                                                 
Summit GNMA                                                                     
U.S. Bond Index                                                                 
U.S. Treasury  Intermediate                                                     
U.S. Treasury Long-Term                                                         

N-30D 37th Page of 43 TOC 1st Previous Next Bottom Just 37th

DOMESTIC TAX-FREE                                                               
California Tax-Free Bond                                                        
Florida Intermediate Tax-Free                                                   
Georgia Tax-Free Bond                                                           
Maryland Short-Term                                                             
Tax-Free  Bond                                                                  
Maryland Tax-Free Bond                                                          
New Jersey Tax-Free  Bond                                                       
New York  Tax-Free  Bond                                                        
Summit  Municipal  Income                                                       
Summit Municipal Intermediate                                                   
Tax-Free High Yield                                                             
Tax-Free Income                                                                 
Tax-Free Intermediate Bond                                                      
Tax-Free Short-Intermediate                                                     
Virginia Tax-Free Bond                                                          

MONEY  MARKET FUNDS                                                             
-------------------                                                             
TAXABLE                                                                         
Prime Reserve                                                                   
Summit Cash Reserves                                                            
U.S. Treasury Money                                                             

TAX-FREE                                                                        
California Tax-Free Money                                                       
New York Tax-Free Money                                                         
Summit Municipal                                                                
Money Market                                                                    
Tax-Exempt Money                                                                

INTERNATIONAL/GLOBAL FUNDS                                                      
---------------------------                                                     
STOCK                                                                           
Emerging Europe & Mediterranean                                                 
Emerging Markets Stock                                                          
European Stock                                                                  
Global Stock                                                                    
Global Technology                                                               
International Discovery*                                                        
International Equity Index                                                      
International Growth & Income                                                   
International Stock                                                             
Japan                                                                           
Latin America                                                                   
New Asia                                                                        
Spectrum International                                                          

N-30D 38th Page of 43 TOC 1st Previous Next Bottom Just 38th

BOND                                                                            
Emerging Markets Bond                                                           
International Bond                                                              

T. ROWE PRICE NO-LOAD VARIABLE ANNUITY                                          
--------------------------------------                                          
Blue Chip Growth  Portfolio                                                     
Equity Income  Portfolio                                                        
Equity Index 500 Portfolio                                                      
Health  Sciences  Portfolio                                                     
International  Stock  Portfolio                                                 
Limited-Term  Bond Portfolio                                                    
Mid-Cap  Growth  Portfolio                                                      
New  America  Growth  Portfolio                                                 
Personal Strategy Balanced                                                      
Portfolio                                                                       
Prime Reserve Portfolio                                                         

*    Closed to new investors.                                         
     +    Investments  in the funds are not insured or guaranteed by the FDIC or
          any other government  agency.  Although the funds seek to preserve the
          value of your  investment  at $1.00 per share,  it is possible to lose
money by investing in the funds.                            

     Please  call  for  a  prospectus,   which  contains  complete  information,
including fees and expenses. Read it carefully before investing.                

     The T. Rowe Price No-Load  Variable  Annuity [#V6021] is issued by Security
Benefit Life Insurance Company.  In New York, it  [#FSB201(11-96)]  is issued by
First Security Benefit Life Insurance Company of New York, White Plains,  NY. T.
Rowe Price  refers to the  underlying  portfolios'  investment  managers and the
distributors, T. Rowe Price Investment Services, Inc.;                          

     T. Rowe Price Insurance Agency, Inc.; and T. Rowe Price Insurance Agency of
Texas,  Inc.  The  Security  Benefit  Group of  Companies  and the T. Rowe Price
companies are not affiliated.  The variable  annuity may not be available in all
states.                                                                         

     The contract has limitations.  Call a representative for costs and complete
details of the coverage.                                                        
================================================================================
T. Rowe Price Advisory Services and Retirement Resources                        
--------------------------------------------------------                        
ADVISORY SERVICES, RETIREMENT RESOURCES                                         
---------------------------------------                                         
     T. Rowe Price is your full-service retirement specialist. We have developed
unique  advisory  services that can help you meet the most difficult  retirement
challenges. Our broad array of retirement plans is suitable for individuals, the
self-employed,  small businesses,  corporations, and nonprofit organizations. We
also provide recordkeeping,  communications, and investment management services,
and our educational materials, self-help planning guides, and software tools are
recognized  as  among  the  industry's  best.  For  information  or  to  request
literature,   call  us  at   1-800-638-5660,   or   visit   our   Web   site  at
WWW.TROWEPRICE.COM.                                                             

N-30D 39th Page of 43 TOC 1st Previous Next Bottom Just 39th

ADVISORY SERVICES*                                                              
------------------                                                              
     T. ROWE PRICE  RETIREMENT  INCOME  MANAGERSM helps retirees or those within
two years of retirement  determine how much income they can take in  retirement.
The program  uses  extensive  statistical  analysis  and the input of  financial
planning   professionals  to  suggest  an  income  plan  that  best  meets  your
objectives.                                                                     

     T. ROWE PRICE ROLLOVER INVESTMENT SERVICE offers asset allocation advice to
those planning a major change in their  qualified  retirement  plans,  such as a
401(k) rollover from a previous employer or an IRA transfer.                    

RETIREMENT RESOURCES                                                            
--------------------                                                            
Traditional, Roth, and Rollover IRAs                                            
SEP-IRA and SIMPLE IRA                                                          
Profit Sharing                                                                  
Money Purchase Pension                                                          
"Paired" Plans (Money Purchase                                                  
Pension and Profit Sharing Plans)                                             
401(k) and 403(b)                                                               
457 Deferred Compensation                                                       

PLANNING AND INFORMATIONAL GUIDES                                               
Minimum Required Distributions Guide                                            
Retirement Planning Kit                                                         
Retirees Financial Guide                                                        
Tax Considerations for Investors                                                

INSIGHTS REPORTS                                                                
The Challenge of Preparing for Retirement                                       
Financial Planning After Retirement                                             
The Roth IRA: A Review                                                          

SOFTWARE PACKAGES                                                               
T. Rowe Price Retirement Planning                                               
AnalyzerTM CD-ROM or diskette $19.95.                                         
To order, please call 1-800-541-5760.                                         
Also available on the Internet for $9.95.                                     
T. Rowe Price Variable Annuity AnalyzerTM                                       
CD-ROM or diskette, free. To order,                                           
please call 1-800-469-5304.                                                   

T. ROWE PRICE IMMEDIATE VARIABLE                                                
ANNUITY (INCOME ACCOUNT)                                                      

*    Both services described  below  are  provided  by T.  Rowe  Price  Advisory
     Services,  Inc., a federally  registered  investment advisor.  The services
involve costs.                                                        
================================================================================

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T. Rowe Price Insights Reports                                                  
------------------------------                                                  
THE FUNDAMENTALS OF INVESTING                                                   
-----------------------------                                                   
     Whether  you are  unsure  how to get  started  or are saving for a specific
goal, such as retirement or college,  the T. Rowe Price Insights series can help
you make informed investment decisions.  These reports, written in plain English
about  fundamental  investment  topics,  can be  useful  at every  stage of your
investment  journey.  They  cover a range of  topics,  from the  basic,  such as
getting started with mutual funds,  to the more advanced,  such as managing risk
through  diversification  or buying individual  securities  through a broker. To
request one or more Insights, call us at 1-800-638-5660.  T. Rowe Price Insights
are  also   available   for   reading  or   downloading   on  the   Internet  at
WWW.TROWEPRICE.COM.                                                             

INSIGHTS REPORTS                                                                
----------------                                                                
GENERAL INFORMATION                                                             
The ABCs of Giving                                                              
Back to Basics: The ABCs of Investing                                           
The Challenge of Preparing for                                                  
Retirement                                                                    
Financial Planning After Retirement                                             
Getting Started: Investing With Mutual                                          
Funds                                                                         
The Roth IRA: A Review                                                          
Tax Information for Mutual Fund                                                 
Investors                                                                     

INVESTMENT STRATEGIES                                                           
Conservative Stock Investing                                                    
Dollar Cost Averaging                                                           
Equity Index Investing                                                          
Growth Stock Investing                                                          
Investing for Higher Yield                                                      
Managing Risk Through Diversification                                           
The Power of Compounding                                                        
Value Investing                                                                 

TYPES OF SECURITIES                                                             
The Basics of International Stock                                               
Investing                                                                     
The Basics of Tax-Free Investing                                                
The Fundamentals of Fixed-Income                                                
Investing                                                                     
Global Bond Investing                                                           
Investing in Common Stocks                                                      
Investing in Emerging Growth Stocks                                             
Investing in Financial Services Stocks                                          
Investing in Health Care Stocks                                                 
Investing in High-Yield Municipal                                               
Bonds                                                                         

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Investing in Money Market Securities                                            
Investing in Mortgage-Backed Securities                                         
Investing in Natural Resource Stocks                                            
Investing in Science and Technology                                             
Stocks                                                                        
Investing in Small-Company Stocks                                               
Understanding Derivatives                                                       
Understanding High-Yield "Junk" Bonds                                           

BROKERAGE INSIGHTS                                                              
Combining Individual Securities With                                            
Mutual Funds                                                                  
Getting Started: An Introduction to                                             
Individual Securities                                                         
What You Should Know About Bonds                                                
What You Should Know About Margin                                               
and Short-Selling                                                             
What You Should Know About Options                                              
What You Should Know About Stocks                                               
================================================================================
T. Rowe Price Brokerage                                                         
-----------------------                                                         
BROKERAGE SERVICES                                                              
------------------                                                              

T. ROWE PRICE  BROKERAGE  IS A DIVISION  OF T. ROWE PRICE  INVESTMENT  SERVICES,
INC., MEMBER NASD/SIPC.                                                         

     T. Rowe Price Brokerage provides  high-quality services and financial tools
you can use to manage your  investments  effectively and  conveniently.  We also
offer  commission   savings  over   full-service   brokerages  on  a  number  of
transactions.*                                                                  

     INTERNET AND AUTOMATED  SERVICES You can enter trades,  access quotes,  and
review  account  information  24 hours a day, seven days a week, by telephone or
computer.  We offer a  flat-rate  commission  of $19.95 on stock  trades  placed
through our online Account Access-Brokerage service.**                          

     RESEARCH SERVICES To help you make informed investment decisions,  we offer
access to several sources of data. You can research your  investments  using our
Online Research & News Service,  provided by Thomson  Investors  Network,  which
includes  company  profiles,  intraday and 12-month  interactive  charting,  and
analysts'  ratings and earnings  estimates.  Using our Research On Call service,
you can request  reports from  Standard & Poor's,  Vicker's,  Lipper,  and other
well-known research providers to be delivered by fax or by mail.                

     DIVIDEND  REINVESTMENT  SERVICE This service  helps keep more of your money
working for you. Cash dividends from your eligible  securities  will be invested
automatically  in additional  shares of the same company,  free of charge.  Most
stocks listed on national  securities  exchanges or Nasdaq are eligible for this
service.                                                                        

*    Based on a January 2001 survey for  representative-assisted  stock  trades.
     Services vary by firm, and commissions may vary depending on size of order.
**   $19.95 per trade for up to 1,000  shares plus an  additional  $.02 for each
     share  over  1,000  shares.  Visit our Web site for a  complete  commission
     schedule   or  call  for   rates  on   representative-assisted   and  other
non-Internet trades.                                                  
================================================================================

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FOR FUND AND ACCOUNT INFORMATION                                                
OR TO CONDUCT TRANSACTIONS,                                                     
24 HOURS, 7 DAYS A                                                              
WEEK By touch-tone telephone                                                    
TELE*ACCESS 1-800-638-2587                                                      
By Account Access on the Internet                                               
WWW.TROWEPRICE.COM/ACCESS                                                       

FOR ASSISTANCE WITH YOUR EXISTING                                               
FUND ACCOUNT, CALL:                                                             
Shareholder Service Center                                                      
1-800-225-5132                                                                  

TO OPEN A BROKERAGE ACCOUNT                                                     
OR OBTAININFORMATION, CALL:                                                     
1-800-638-5660                                                                  

FOR THE HEARING IMPAIRED, CALL:                                                 
1-800-367-0763                                                                  

INTERNET ADDRESS:                                                               
www.troweprice.com                                                              

PLAN ACCOUNT LINES FOR RETIREMENT                                               
PLAN PARTICIPANTS:                                                              
The appropriate 800 number appears                                              
on your retirement account statement.                                           

T. Rowe Price Associates                                                        
100 East Pratt Street                                                           
Baltimore, Maryland  21202                                                      

This report is authorized for  distribution                                     
only to shareholders  and to others who                                         
have  received  a copy of the  prospectus                                       
appropriate  to the fund or funds covered                                       
in this report.                                                                 

WALK-IN INVESTOR CENTERS:                                                       
For directions, call 1-800-225-5132                                             
or visit our Web site at                                                        
www.troweprice.com/investorcenters                                              

BALTIMORE AREA                                                                  
Downtown                                                                        
105 East Lombard Street                                                         
Owings Mills                                                                    
Three Financial Center                                                          
4515 Painters Mill Road                                                         

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BOSTON AREA                                                                     
386 Washington Street                                                           
Wellesley                                                                       
Colorado Springs                                                                
2260 Briargate Parkway                                                          

LOS ANGELES AREA                                                                
Warner Center                                                                   
21800 Oxnard Street, Suite 270                                                  
Woodland Hills                                                                  

SAN FRANCISCO AREA                                                              
1990 North California Boulevard                                                 
Suite 100                                                                       
Walnut Creek                                                                    

TAMPA                                                                           
4200 West Cypress Street                                                        
10th Floor                                                                      

WASHINGTON, D.C.                                                                
900 17th Street N.W.                                                            
Farragut Square                                                                 

T. Rowe Price Investment Services, Inc., Distributor.        F42-050  12/31/00

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Dates Referenced Herein and Documents Incorporated By Reference

		Referenced-On Page
This N-30D Filing	Date	First	Last	Other Filings

	12/12/00	2
	12/14/00	2
For The Period Ended	12/31/00	1	33	24F-2NT, NSAR-B
	1/19/01	33
	1/23/01	6		497K3B
Filed On / Filed As Of	2/12/01

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Filing Submission - Alternative Formats (Word / Rich Text, HTML, Plain Text, SGML, XML, et al.)

T/Rowe Price New Horizons Fund/Inc · N-30D · For 12/31/00

Filed On 2/12/01 3:14pm ET · SEC File 811-00958 · Accession Number 80248-1-3

Annual or Semi-Annual Report Mailed to Shareholders · Rule 30d-1Filing Table of Contents

Dates Referenced Herein and Documents Incorporated By Reference

Annual or Semi-Annual Report Mailed to Shareholders · Rule 30d-1
Filing Table of Contents