T. Rowe Price New Horizons Trust

T. Rowe Price New Horizons Trust

ANNUAL REPORT December 31, 2015 T. ROWE PRICE TRUST COMPANY T. ROWE PRICE INSTITUTIONAL COMMON TRUST FUND T. Rowe Price New Horizons Trust ANNUAL ...

387KB Sizes 0 Downloads 11 Views

Recommend Documents

T. Rowe Price Capital Appreciation
Jun 30, 2017 - T. Rowe Price Capital Appreciation. Category. Allocation—50% to 70% Equity. Overall Morningstar RatingT

news release - T. Rowe Price
34 mins ago - Depreciation and amortization of property and equipment. 34.0 ... Nonrecurring charge (insurance recoverie

T. Rowe Price Funds SICAV
20.09.2017 - Crown Castle International Corp., REIT. 4,75% 15/05/ ...... Crown Castle Towers LLC, 144A. 6,113% 15/01/ ..

T. Rowe Price Presentation - Granicus
May 20, 2015 - Issued in Australia by T. Rowe Price International Ltd (“TRPIL”) (ABN 84 104 852 191), Level 50, Gove

T. Rowe Price Growth Stock - Prudential Retirement
assets (including any borrowings for investment purposes) in the common stocks of a diversified group of growth companie

International Equity Portfolio - T. Rowe Price
Mar 31, 2016 - Top 10 Holdings as of 03-31-16. % Assets. Credicorp Ltd. 2.39. WPP PLC ADR. 2.38. Magna International Inc

commission and fee schedule - T. Rowe Price
Orders partially executed across multiple trading days are subject to a ... for any stock trade will not exceed 3% of th

Credit Opportunities Fund - T. Rowe Price
Nov 29, 2016 - residential and commercial mortgage-backed securities, collateralized loan obligations, asset-backed secu

T. Rowe Price Growth Stock Adv
Sep 30, 2017 - The Priceline Group Inc. 3.49. Microsoft Corp. 3.16. Alphabet Inc A. 3.15. PayPal Holdings Inc. 2.80. Vis

T. Rowe Price Funds SICAV - Fondsvermittlung24.de
20.09.2017 - Crown Castle International Corp., REIT. 4,75% 15/05/ ...... Crown Castle Towers LLC, 144A. 6,113% 15/01/ ..

ANNUAL REPORT December 31, 2015

T. ROWE PRICE TRUST COMPANY T. ROWE PRICE INSTITUTIONAL COMMON TRUST FUND

T. Rowe Price New Horizons Trust

ANNUAL REPORT

December 31, 2015

T. ROWE PRICE TRUST COMPANY T. ROWE PRICE INSTITUTIONAL COMMON TRUST FUND

T. Rowe Price New Horizons Trust

TABLE OF CONTENTS − − − − − − − −

Portfolio of Investments Statement of Assets and Liabilities Statement of Operations Statement of Changes in Net Assets Financial Highlights Notes to Financial Statements Schedules of Investments Purchased and Sold Report of Independent Auditors

T. ROWE PRICE NEW HORIZONS TRUST December 31, 2015

Portfolio of Investments



Shares/Par

$Cost

$Value

(Cost and value in $000s)

COMMON STOCKS 91.1% Consumer Discretionary 20.0% Distributors 0.9%

Core-Mark Holding

161,600

7,183

13,242

7,183

13,242

181,100

9,276

12,097

234,500

5,634

4,756

180,700

6,143

7,091

21,053

23,944

34,224

764

578

131,800

1,318

1,311

13,947

2,769

6,693

Choice Hotels International

260,540

10,415

13,134

Dunkin Brands

233,100

10,262

9,928

56,800

2,637

1,909

525,644

10,584

7,921

230,623

2,329

2,562

Lindblad Expeditions Holdings, Warrants, 7/1/20 (1)

79,450

40

242

Papa John's International

97,900

4,512

5,470

Vail Resorts

238,260

14,497

30,495

Whistler Blackcomb Holdings (CAD)

226,400

3,660

4,082

24,219

703

678

64,490

85,003

182,530

5,879

6,778

212,800

2,300

9,859

336,144

4,857

2,777

198,224

5,041

6,014

394,131

15,890

17,779

330,839

6,803

5,677

134,796

1,262

15,418

Diversified Consumer Services 1.5%

Bright Horizons Family Solutions Nord Anglia Education

(1)

(1)

ServiceMaster Global Holdings

(1)

Hotels, Restaurants & Leisure 5.5%

Bloomin Brands Capitol Acquisition Corporation III, Equity Units Chipotle Mexican Grill

Fiesta Restaurant Krispy Kreme

(1)

(1)

(1)

(1)

Lindblad Expeditions Holdings

Zoe's Kitchen

(1)

(1)

Internet & Catalog Retail 4.4%

Blue Nile

(1)

Ctrip.com International, ADR Etsy

(1)

(1)

Liberty TripAdvisor Holdings, Class A Liberty Ventures, Series A MakeMyTrip Netflix

(1)

(1)

(1)

(1)

T. ROWE PRICE NEW HORIZONS TRUST December 31, 2015

Shares/Par

$Cost

$Value

(Cost and value in $000s)

Priceline

2,507

2,216

3,196

22,390

589

1,066

44,837

68,564

10,328

4,110

4,479

Central European Media Enterprises, Warrants, 5/2/18 (1)

119,931

0

207

Multiplus (BRL)

228,200

2,543

2,143

54,043

54

35

6,707

6,864

354,635

18,623

15,214

744,000

5,227

3,201

23,850

18,415

346,512

6,493

6,033

387,400

8,502

8,565

166,100

6,344

10,999

148,700

11,917

37,684

11,055

1,105



297,500

21,639

23,636

56,000

86,917

237,840

2,722

4,226

103,100

4,062

3,116

6,784

7,342

230,904

310,291

907

1,545

907

1,545

2,049

2,495

(1)

Wayfair, Class A

(1)

Media 0.4%

Cable One

TrialPay, Acquisition Date: 4/13/15 , Cost $54

(1)(2)(3)

Multiline Retail 1.2%

Burlington Stores

(1)

Lojas Renner (BRL) Specialty Retail 5.6%

Francesca's Holdings Michaels

(1)

(1)

Monro Muffler Brake O'Reilly Automotive

(1)

Reed Krakoff International, Acquisition Date: 8/30/13 – 10/14/14, Cost $1,105 (1)(2)(3) Restoration Hardware Holdings

(1)

Textiles, Apparel & Luxury Goods 0.5%

Kate Spade

(1)

Steven Madden

(1)

Total Consumer Discretionary Consumer Staples 4.3% Beverages 0.1%

Boston Beer, Class A

(1)

7,651

Food & Staples Retailing 2.1%

Performance Food

(1)

107,800

T. ROWE PRICE NEW HORIZONS TRUST December 31, 2015

Shares/Par

$Cost

$Value

(Cost and value in $000s)

PriceSmart Sprouts Farmers Market

(1)

236,500

18,609

19,627

399,700

12,921

10,628

33,579

32,750

143,700

3,024

2,689

888,225

16,991

19,088

52,228

5,286

6,093

26,123

2,154

2,050

27,455

29,920

3,158

3,007

3,158

3,007

65,099

67,222

24,205

1,524

1,434

166,602

3,790

2,076

143,200

2,026

1,711

7,340

5,221

90,200

3,095

6,034

11,686

0

0

152,800

3,966

3,021

161,200

2,906

2,974

37,241

1,056

1,988

234,228

2,637

2,282

13,660

16,299

21,000

21,520

1,644

6,672

Food Products 1.9%

Blue Buffalo Pet Products

(1)

Flowers Foods J & J Snack Foods TreeHouse Foods

(1)

Household Products 0.2%

Energizer Holdings

88,300

Total Consumer Staples Energy 1.4% Energy Equipment & Services 0.3%

Dril-Quip

(1)

Forum Energy Technologies

(1)

RPC Oil, Gas & Consumable Fuels 1.1%

Diamondback Energy

(1)

Emerald Oil Warrants, 2/4/16, Acquisition Date: 8/26/11 Cost $0 (1)(2) Matador Resources Parsley Energy PDC Energy

(1)

(1)

(1)

Seven Generations Energy (CAD)

(1)

Total Energy Financials 6.2% Banks 1.6%

Signature Bank

(1)

43,500

T. ROWE PRICE NEW HORIZONS TRUST December 31, 2015

Shares/Par

$Cost

$Value

(Cost and value in $000s)

SVB Financial Group

(1)

66,300

4,391

7,883

Texas Capital Bancshares

(1)

95,470

4,053

4,718

Western Alliance Bancorp

(1)

164,000

1,467

5,881

11,555

25,154

101,700

5,130

3,667

71,400

1,251

2,404

6,381

6,071

821

821

821

821

149,600

8,884

9,709

89,700

6,923

14,583

221,704

10,634

15,991

26,441

40,283

300,110

7,244

10,774

35,932

1,726

2,955

226,100

3,103

3,032

12,073

16,761

91,500

3,304

3,413

196,955

632

649

47,218

710

1,553

4,646

5,615

Capital Markets 0.4%

Artisan Partners Asset Management Financial Engines Consumer Finance 0.1%

DLP Payments Holdings, Acquisition Date:2/20/15 Cost $821 (1)(2)(3)

2,482

Diversified Financial Services 2.6%

CBOE Holdings FactSet Research Systems MSCI, Class A Insurance 1.1%

First American Financial Infinity Property & Casualty Third Point Reinsurance

(1)

Real Estate Management & Development 0.3%

RE/MAX Holdings, Class A Redfin, Acquisition Date: 2/11/14 – 7/27/15 Cost $632 (1)(2)(3) WeWork, Class A, Acquisition Date: 12/9/14 – 5/26/15 Cost $710 (1)(2)(3)

T. ROWE PRICE NEW HORIZONS TRUST December 31, 2015

Shares/Par

$Cost

$Value

(Cost and value in $000s) Thrifts & Mortgage Finance 0.1%

PennyMac Financial Services

86,544

(1)

1,461

1,329

1,461

1,329

63,378

96,034

881,071

5,446

8,633

152,800

3,096

5,447

59,600

1,835

2,906

114,800

1,041

1,239

17,714

283

554

Total Financials Health Care 21.0% Biotechnology 9.4%

Abcam (GBP) ACADIA Pharmaceuticals Acceleron Pharma

(1)

(1)

Achillion Pharmaceuticals

(1)

Advanced Accelerator Applications, ADR

(1)

Agios Pharmaceuticals

(1)

3,127

346

203

Aimmune Therapeutics

(1)

14,940

239

276

48,817

2,542

9,312

61,200

908

4,858

176,400

2,340

1,711

56,608

672

556

31,206

905

793

33,100

498

597

Alexion Pharmaceuticals Alkermes

(1)

(1)

Amicus Therapeutics aTyr Pharma

(1)

(1)

Avexis, Acquisition Date: 9/3/15, Cost $905 Axovant Sciences

(1)

(1)(2)(3)

Bellicum Pharmaceuticals

(1)

32,127

623

651

BioCryst Pharmaceuticals

(1)

14,500

170

150

38,435

3,080

2,468

18,247

338

481

39,333

1,314

1,377

31,700

291

265

80,100

1,443

3,013

25,320

430

234

573,100

3,343

3,232

21,241

385

647

2,927

35

59

184,900

1,736

20,052

182,100

3,792

3,305

6,872

1,500

1,026

Bluebird Bio

(1)

Blueprint Medicines Clovis Oncology

(1)

(1)

CoLucid Pharmaceuticals Dyax

(1)

(1)

Exact Sciences Exelixis

(1)

FibroGen

(1)

Immune Design Incyte

(1)

(1)

(1)

Insmed

(1)

Intercept Pharmaceuticals

(1)

T. ROWE PRICE NEW HORIZONS TRUST December 31, 2015

Shares/Par

$Cost

$Value

(Cost and value in $000s)

Ironwood Pharmaceuticals

151,700

2,275

1,758

9,432

787

1,023

302,500

4,121

17,112

499,600

2,539

4,192

99,202

2,314

2,107

38,629

1,138

3,034

8,041

117

414

91,000

2,144

6,198

44,809

1,967

3,513

31,225

2,510

16,951

10,027

221

166

Regenxbio, Lock-Up Shares, Acquisition Date: 5/15/15 Cost $331 (1)(2)

34,572

331

545

Retrophin

21,116

404

407

24,422

365

1,096

(1)

Ligand Pharmaceuticals, Class B Neurocrine Biosciences Novavax

(1)

(1)

(1)

Novocure, Acquisition Date: 6/1/15, Cost $2,314 Ophthotech

(1)

Portola Pharmaceuticals Prothena

(1)(2)

(1)

(1)

Puma Biotechnology

(1)

Regeneron Pharmaceuticals Regenxbio

(1)

(1)

(1)

Seattle Genetics

(1)

Seres Therapeutics

(1)

18,000

327

632

Spark Therapeutics

(1)

57,548

1,145

2,608

81,200

2,766

4,248

46,911

530

5,263

64,632

145,312

48,236

2,537

3,176

282,700

12,436

23,153

EnteroMedics, Warrants, 6/8/16 (1)

59,000

1

0

EnteroMedics, Warrants, 9/28/16 (1)

10,460

0

0

112,900

653

876

9,000

694

454

221,800

10,008

16,174

69,253

795

795

29,000

638

648

41,728

529

480

23,014

141

59

84,800

6,478

9,292

227,400

13,029

13,694

TESARO

(1)

Ultragenyx Pharmaceutical

(1)

Health Care Equipment & Supplies 4.6%

Align Technology Dexcom

(1)

(1)

GenMark Diagnostics

(1)

HeartWare International IDEXX Laboratories

(1)

(1)

Jand, Class A, Acquisition Date: 4/23/15, Cost $795 Novocure

(1)

Oxford Immunotec Global Semler Scientific

(1)

(1)

Sirona Dental Systems

(1)

West Pharmaceutical Services

(1)(2)(3)

T. ROWE PRICE NEW HORIZONS TRUST December 31, 2015

Shares/Par

$Cost

$Value

(Cost and value in $000s)

Wright Medical Group

143,000

(1)

2,744

3,458

50,683

72,259

128,549

7,420

8,029

78,421

5,464

4,275

186,900

8,920

12,300

224,900

4,451

7,696

92,100

6,796

14,569

35,925

1,666

1,577

19,300

368

347

94,249

7,489

7,371

42,574

56,164

8,308

20,188

8,308

20,188

537,330

10,156

13,041

41,043

1,867

7,878

12,023

20,919

1,980

3



102,800

529

372

192,400

5,633

4,816

56,700

493

4,354

217,918

1,486

2,260

26,101

0

16

8,144

11,818

186,364

326,660

4,610

2,603

Health Care Providers & Services 3.6%

Acadia Healthcare

(1)

Adeptus Health, Class A Centene

(1)

Diplomat Pharmacy Henry Schein

(1)

(1)

Team Health Holdings Teladoc

(1)

(1)

(1)

WellCare Health Plans

(1)

Health Care Technology 1.3%

athenahealth

125,415

(1)

Life Sciences Tools & Services 1.3%

Bruker

(1)

Illumina

(1)

Pharmaceuticals 0.8%

Alexza Pharmaceuticals, Warrants, 10/20/16 Acquisition Date: 8/26/11, Cost $3 (1)(2) Carbylan Therapeutics Catalent

(1)

(1)

Pacira Pharmaceuticals Therapeutics MD

(1)

(1)

Zeneca, Acquisition Date: 7/18/13, Cost $0

(1)(2)(3)

Total Health Care Industrials & Business Services 14.7% Aerospace & Defense 0.2%

DigitalGlobe

(1)

166,200

T. ROWE PRICE NEW HORIZONS TRUST December 31, 2015

Shares/Par

$Cost

$Value

(Cost and value in $000s)

HEICO, Class A

17,831

286

877

4,896

3,480

19,765

724

724

Allegiant Travel

110,032

5,989

18,467

Wheels Up Partners, Acquisition Date: 9/18/15 Cost $2,263 (1)(2)(3)

796,819

2,263

2,263

8,976

21,454

22,700

510

1,739

38,000

1,820

1,738

160,600

10,812

20,059

13,142

23,536

Airlines 1.4%

Alclear Holdings, Acquisition Date: 9/4/15 , Cost $724

(1)(2)(3)

Building Products 1.5%

A.O. Smith Armstrong Worldwide Industries Lennox International

(1)

Commercial Services & Supplies 3.0%

Healthcare Services

178,100

4,671

6,210

Mobile Mini

458,652

17,956

14,278

23,200

632

560

Rollins

221,700

6,097

5,742

Waste Connections

348,300

16,095

19,616

45,451

46,406

Ritchie Bros. Auctioneers

Electrical Equipment 1.6%

Acuity Brands

96,800

6,225

22,632

Franklin Electric

68,700

2,256

1,857

8,481

24,489

11,519

26,513

11,519

26,513

236,747

10,117

5,528

194,000

14,395

13,982

70,329

6,841

7,586

23,116

1,453

1,472

97,900

5,195

6,323

202,950

4,052

3,677

Industrial Conglomerates 1.7%

Roper Technologies

139,700

Machinery 4.2%

Colfax

(1)

Graco Middleby

(1)

Proto Labs

(1)

RBC Bearings Rexnord

(1)

(1)

T. ROWE PRICE NEW HORIZONS TRUST December 31, 2015

Shares/Par

$Cost

$Value

(Cost and value in $000s)

Rotork (GBP)

2,525,202

9,341

6,790

145,700

7,643

10,646

Valmont Industries

70,491

7,349

7,474

WABCO Holdings

14,321

656

1,465

67,042

64,943

208,500

6,384

10,344

12,659

777

777

127,600

3,031

3,518

10,192

14,639

19,643

1,964

1,964

2,000

118

118

38,313

1,610

853

3,692

2,935

618

675

618

675

174,009

229,070

Toro

(1)

Professional Services 0.9%

Advisory Board

(1)

CEB TransUnion

(1)

Road & Rail 0.2%

Encapsys Holdings, Acquisition Date: 8/3/15 Cost $1,964 (1)(2)(3) Old Dominion Freight Line Saia

(1)

(1)

Trading Companies & Distributors 0.0%

Beacon Roofing Supply

(1)

16,400

Total Industrials & Business Services Information Technology 22.2% Communications Equipment 1.1%

ADTRAN

180,700

3,791

3,112

Ciena

100,600

1,622

2,082

300,164

4,767

4,364

42,934

2,522

7,562

12,702

17,120

87,902

5,184

5,150

100,400

7,852

8,011

131,600

2,219

1,346

151,900

4,029

4,358

Finisar

(1) (1)

Palo Alto Networks

(1)

Electronic Equipment, Instruments & Components 1.4%

Badger Meter FEI InvenSense

(1)

National Instruments

T. ROWE PRICE NEW HORIZONS TRUST December 31, 2015

Shares/Par

$Cost

$Value

(Cost and value in $000s)

Trimble Navigation

150,800

(1)

2,616

3,235

21,900

22,100

Internet Software & Services 7.7%

58.com, ADR

(1)

117,000

5,753

7,717

CoStar Group

(1)

59,130

4,246

12,222

71,752

300

300

50,130

1,380

1,750

45,000

2,347

2,429

811,300

13,474

8,867

86,700

4,291

2,588

Coupa Software, Acquisition Date: 5/26/15, Cost $300 Cvent

(1)(2)(3)

(1)

Demandware

(1)

Endurance International Group Holdings Envestnet

(1)

(1)

Eventbrite, Acquisition Date: 6/28/13, Cost $215

(1)(2)(3)

17,419

215

285

Evernote, Acquisition Date: 11/20/12, Cost $199

(1)(2)(3)

16,509

199

126

424,503

13,487

10,273

8,586

643

643

54,300

874

1,131

286,900

8,560

8,237

151,900

1,969

2,058

158,648

4,096

5,780

11,608

578

578

89,286

1,216

609

88,500

2,077

2,283

332,600

20,455

10,756

70,000

2,473

4,915

232,054

3,817

3,488

25,100

424

542

3,528

25

18

297,900

5,798

6,777

122,519

2,070

3,324

12

0



529,600

16,133

12,435

341,500

9,953

8,893

126,853

119,024

GrubHub

(1)

Houzz, Acquisition Date: 6/3/14, Cost $643 Instructure Marketo

(1)(2)(3)

(1)

(1)

Match Group, Class A New Relic

(1)

(1)

Offerup, Acquisition Date: 3/6/15, Cost $578 Quotient Technology Shopify

(1)(2)(3)

(1)

(1)

Shutterstock

(1)

SPS Commerce

(1)

SVMK (f/k/a/ SurveyMonkey), Acquisition Date: 11/25/14 Cost $3,817 (1)(2)(3) Textura

(1)

Upwork, Acquisition Date:1/30 – 5/21/13, Cost $25 Wix.com

(1)(2)(3)

(1)

Youku Tudou, ADR

(1)

Youku Tudou, Class A, Acquisition Date:8/26/11, Cost $0 Zillow, Class C Zillow

(1)

(1)

(1)(2)

T. ROWE PRICE NEW HORIZONS TRUST December 31, 2015

Shares/Par

$Cost

$Value

(Cost and value in $000s) IT Services 2.0%

Black Knight Financial Services, Class A Gartner WEX

(1)

(1)

(1)

314,100

9,591

10,384

152,900

5,131

13,868

85,000

8,078

7,514

22,800

31,766

Semiconductor & Semiconductor Equipment 1.8%

Cavium

(1)

64,800

1,804

4,258

Diodes

(1)

90,300

1,557

2,075

111,700

1,531

2,313

65,900

626

715

591,200

4,137

6,870

338,700

7,358

6,408

35,140

1,311

1,706

Teradyne

48,536

644

1,003

Veeco

87,942

2,638

1,808

21,606

27,156

69,139

1,452

2,080

Atlassian, Class A, Lock-up Shares, Acquisition Date: 4/9/14 Cost $3,857 (1)(2)

241,046

3,857

6,888

Bottomline Technologies

236,100

5,428

7,019

230,800

2,370

1,498

Fairchild Semiconductor, Class A PDF Solutions PMC-Sierra Semtech

(1)

(1)

(1)

(1)

Silicon Laboratories

(1)

(1)

Software 7.6%

Atlassian, Class A

(1)

(1)

Computer Modelling (CAD) Cyber-Ark Software

(1)

55,526

2,193

2,506

Descartes Systems

(1)

412,100

6,018

8,275

155,000

4,245

7,872

156,000

3,239

4,863

196,800

7,424

11,840

15,090

541

850

20,125

788

1,274

47,026

3,841

3,979

16,362

288

664

134,200

4,141

8,724

108,333

2,883

9,377

61,400

3,476

3,611

Fleetmatics Fortinet

(1)

(1)

Guidewire Software HubSpot Imperva

(1) (1)

NetSuite

(1)

Paylocity Holding Proofpoint

(1)

ServiceNow Splunk

(1)

(1)

(1)

(1)

T. ROWE PRICE NEW HORIZONS TRUST December 31, 2015

Shares/Par

$Cost

$Value

(Cost and value in $000s)

SS&C Technologies Holdings

538,000

24,327

36,729

76,511

118,049

174,900

1,978

824

137,900

2,344

2,147

439,424

3,528

6,499

7,850

9,470

290,222

344,685

239,000

5,247

2,734

157,693

4,981

4,162

10,228

6,896

6,780

13,191

6,780

13,191

1,047,984

1,415,569

595,789

2,134

3,975

73,226

92

175

172,811

422

422

Forward Ventures, Unit G, Acquisition Date: 1/9/15 Cost $1,921 (1)(2)(3)

67,888

1,921

2,811

Glam Media, Series M-1, Acquisition Date: 8/26/11 – 8/1/12 Cost $297 (1)(2)(3)

23,086

297



Technology Hardware, Storage & Peripherals 0.6%

Intevac

(1)

Pure Storage, Class A

(1)

Pure Storage, Class B, Acquisition Date: 8/22/13 – 4/17/14 Cost $3,528 (1)(2)

Total Information Technology Materials 0.4% Chemicals 0.4%

Flotek Industries

(1)

Victrex (GBP) Total Materials Telecommunication Services 0.9% Wireless Telecommunication Services 0.9%

Sarana Menara Nusantara (IDR) (1)

38,282,800

Total Telecommunication Services Total Common Stocks CONVERTIBLE PREFERRED STOCKS 4.0% Consumer Discretionary 0.7% Chewy, Series C, Acquisition Date: 8/7/14, Cost $2,134 (1)(2)(3)

Evolve Vacation Rental Network, Series 4 Acquisition Date: 8/15/14 Cost $92 (1)(2)(3) Evolve Vacation Rental Network, Series 5 Acquisition Date: 11/6/15, Cost $422 (1)(2)(3)

T. ROWE PRICE NEW HORIZONS TRUST December 31, 2015

Shares/Par

$Cost

$Value

(Cost and value in $000s)

Glam Media, Series M-1, EC, Acquisition Date: 8/26/11 Cost $42 (1)(2)(3)

3,299

42



51,498

1,609

22

395,001

3,030

3,030

9,547

10,435

321,909

782

1,061

500,082

1,215

1,649

144,466

476

476

WeWork, Series D1, Acquisition Date: 12/9/14 Cost $1,379 (1)(2)(3)

82,842

1,379

2,725

WeWork, Series D2, Acquisition Date: 12/9/14 Cost $1,084 (1)(2)(3)

65,090

1,084

2,141

4,936

8,052

Peixe Urbano, Class C, Acquisition Date: 12/05/11 – 12/26/14, Cost $1,609 (1)(2)(3) Sweetgreen, Series F, Acquisition Date: 6/30/15 Cost $3,030 (1)(2)(3) Total Consumer Discretionary Financials 0.5% Redfin, Series B, Acquisition Date: 12/10/13, Cost $782 (1)(2)(3)

Redfin, Series F, Acquisition Date: 11/7/13, Cost $1,215 (1)(2)(3)

Redfin, Series G, Acquisition Date: 12/16/14, Cost $476 (1)(2)(3)

Total Financials Health Care 0.5% Acerta Pharma, Series B, Acquisition Date: 5/12/15 Cost $2,550 (1)(2)(3)

221,725

2,550

4,964

Beigene, Series A-2, Acquisition Date: 4/21/15 Cost $521 (1)(2)(3)

444,831

521

521

Doximity, Series C, Acquisition Date: 4/10/14 Cost $538 (1)(2)(3)

111,660

538

485

Editas Medicine, Series B, Acquisition Date: 8/4/15 Cost $452 (1)(2)(3)

100,443

452

452

154,642

1,776

1,776

5,837

8,198

Jand, Series D, Acquisition Date: 4/23/15, Cost $1,776

(1)(2)(3)

Total Health Care Information Technology 2.3% Apptio, Series D, Acquisition Date: 3/9/12, Cost $944

(1)(2)(3)

52,705

944

909

Apptio, Series E, Acquisition Date: 5/3/13, Cost $179

(1)(2)(3)

7,909

179

137

101,595

4,129

4,129

Cargurus, Series D, Acquisition Date: 7/7/15 Cost $4,129 (1)(2)(3)

T. ROWE PRICE NEW HORIZONS TRUST December 31, 2015

Shares/Par

$Cost

$Value

(Cost and value in $000s)

Cloudera, Series F, Acquisition Date: 2/5/14 Cost $1,380 (1)(2)(3)

94,788

1,380

2,575

574,013

2,400

2,400

223,342

923

1,787

Eventbrite, Series A, Acquisition Date: 7/23/13 Cost $177 (1)(2)(3)

14,365

177

235

Eventbrite, Series C, Acquisition Date: 7/23/13 Cost $259 (1)(2)(3)

20,936

259

343

Eventbrite, Series F, Acquisition Date: 4/22/13 Cost $849 (1)(2)(3)

68,729

849

1,126

Eventbrite, Series F1, Acquisition Date: 2/6/14 Cost $2,575 (1)(2)(3)

157,192

2,575

2,575

Evernote, Series 1, Acquisition Date: 11/20/12 Cost $397 (1)(2)(3)

33,019

397

253

109,666

1,319

840

17,017

221

130

25,756

1,930

1,930

Living Social, Series E, Acquisition Date: 8/26/11 Cost $1,613 (1)(2)(3)

285,380

1,613



Lookout, Series F, Acquisition Date: 3/21/14 Cost $3,004 (1)(2)(3)

262,999

3,004

3,004

MongoDB, Series F, Acquisition Date: 10/2/13 Cost $1,505 (1)(2)(3)

89,983

1,505

846

OfferUp, Series A2, Acquisition Date: 3/6/15 Cost $785 (1)(2)(3)

15,771

785

785

OfferUp, Series C, Acquisition Date: 3/6/15 Cost $1,335 (1)(2)(3)

26,800

1,335

1,335

Plex Systems, Series B, Acquisition Date: 6/9/14 Cost $1,619 (1)(2)(3)

705,742

1,619

1,510

Tanium, Series G, Acquisition Date: 8/26/15 Cost $3,189 (1)(2)(3)

214,149

3,189

3,189

272,730

3,085

3,085

95,359

872

482

8,906

81

45

Coupa Software, Series G, Acquisition Date: 5/26/15 Cost $2,400 (1)(2)(3) Domo, Series D, Acquisition Date: 1/31/14, Cost $923

(1)(2)(3)

Evernote, Series 4, Acquisition Date: 5/2 – 11/20/12 Cost $1,319 (1)(2)(3) Evernote, Series 5, Acquisition Date: 11/8/13 Cost $221 (1)(2)(3) Houzz, Series D, Acquisition Date: 6/3/14, Cost $1,930

Twilio, Series E, Acquisition Date: 4/24/15, Cost $3,085 (1)(2)(3)

Upwork, Series A1, Acquisition Date: 3/13/12 Cost $872 (1)(2)(3) Upwork, Series A2, Acquisition Date: 3/13/12, Cost $81 (1)(2)(3)

(1)(2)(3)

T. ROWE PRICE NEW HORIZONS TRUST December 31, 2015

Shares/Par

$Cost

$Value

(Cost and value in $000s)

Upwork, Series B1, Acquisition Date: 8/19/14 Cost $462 (1)(2)(3)

80,857

462

408

76,579

909

1,008

69,182

911

911

Total Information Technology

37,052

35,977

Total Convertible Preferred Stocks

57,372

62,662

853,661

856

864

50,608

51



1,849

2



909

864

236



236



3,517

3,497

3,517

3,497

72,921

72,921

72,921

72,921

Vroom, Series C, Acquisition Date: 7/13/15, Cost $909

(1)(2)(3)

Vroom, Series D, Acquisition Date: 12/22/15, Cost $911 (1)(2)(3)

CORPORATE BONDS 0.1% Corporate Securities 0.1% Central European Media Enterprises, PIK, 15.00%, 12/1/17 Glam Media, 9.00%, 12/2/16, Acquisition Date: 8/26/11 Cost $51 (1) (2)(3) Glam Media, EC, 9.00%, 12/2/16, Acquisition Date: 8/26/11 – 8/1/12, Cost $2 (1) (2)(3) Total Corporate Bonds CONVERTIBLE BONDS 0.0% Consumer Discretionary 0.0% Reed Krakoff, 8.00%, 1/10/16, Acquisition Date: 12/29/14 – 3/26/15, Cost $236 (1) (2)(3)

236,270

Total Convertible Bonds BANK LOANS 0.2% Corporate Securities 0.2% Lindblad Expeditions, VR, 5.5%, 5/8/21

3,532,250

Total Bank Loans

SHORT-TERM INVESTMENTS 4.7% Money Market Funds 4.7% T. Rowe Price Reserve Investment Fund, 0.22% Total Short-Term Investments

(4)(5)

72,921,021

T. ROWE PRICE NEW HORIZONS TRUST December 31, 2015

Shares/Par

$Cost

$Value

(Cost and value in $000s)

Total Investments in Securities 100.1% of Net Assets ‡ (1) (2)

(3) (4) (5)

ADR BRL CAD EC

GBP IDR PIK VR

$

1,182,939 $

1,555,513

Shares/Par are denominated in U.S. dollars unless otherwise noted. Non-income producing Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at period-end amounts to $93,752 and represents 6.0% of net assets. Level 3 in fair value hierarchy. See Note 2. Seven-day yield Considered an affiliate, as defined under GAAP, due to common management by Price Associates; the fair value of the trust's affiliated holdings at December 31, 2015 totaled $72,921 representing 4.7% of the trust's net assets. American Depository Receipts Brazilian Real Canadian Dollar Escrow CUSIP; represents a beneficial interest in a residual pool of bankruptcy assets; the amount and timing of future distributions, if any, is uncertain; when presented, interest rate and maturity date are those of the original security. British Pound Indonesian Rupiah Payment-in-kind Variable Rate; rate shown is effective rate at period-end.

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

Statement of Assets and Liabilities T. Rowe Price New Horizons Trust December 31, 2015 ($000s, except units and per unit amounts)

Assets Investments in securities, at value (cost $1,182,939) Receivable for investment securities sold Dividends and interest receivable Receivable for units issued Foreign currency (cost $140) Other assets Total assets

$

Liabilities Payable for investment securities purchased Payable for units redeemed Trustee fees payable Other liabilities Total liabilities

1,555,513 757 618 564 140 30 1,557,622

1,476 1,073 757 29 3,335

NET ASSETS

$

1,554,287

Net Assets Consist of: Paid-in capital and retained earnings Net unrealized gain

$

1,181,714 372,573

$

1,554,287

$

24.86

$

24.83

$

26.59

NET ASSETS applicable to 61,949,967 units of beneficial interest outstanding; unlimited number of units authorized NET ASSET VALUE PER UNIT Class A ($1,291,250,752 / 51,932,638 units outstanding) Class D ($46,480,277 / 1,871,866 units outstanding) Class Z ($216,555,530 / 8,145,463 units outstanding)

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

Statement of Operations T. Rowe Price New Horizons Trust ($000s) Year Ended 12/31/15 Investment Income (Loss) Income Dividend Interest Total income Expenses Trustee fees Class A Class D Total expenses Net investment loss

$

7,309 206 7,515

9,452 436 9,888 (2,373)

Realized and Unrealized Gain / Loss Net realized gain (loss) Securities Foreign currency transactions Net realized gain

206,193 18 206,211

Change in net unrealized gain / loss Securities Other assets and liabilities denominated in foreign currencies Change in net unrealized gain / loss Net realized and unrealized gain / loss INCREASE IN NET ASSETS FROM OPERATIONS

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

(115,997) (2) (115,999) 90,212 $

87,839

Statement of Changes in Net Assets T. Rowe Price New Horizons Trust ($000s) Year Ended 12/31/15 Increase (Decrease) in Net Assets Operations Net investment loss Net realized gain Change in net unrealized gain / loss Increase in net assets from operations Unit transactions* Units sold Class A Class D Class Z Units redeemed Class A Class D Class Z Decrease in net assets from unit transactions Net Assets Decrease during period Beginning of period End of period

*Unit information Units sold Class A Class D Class Z Units redeemed Class A Class D Class Z Increase (decrease) in units outstanding

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

$

(2,373) 206,211 (115,999) 87,839

214,510 44,883 75,309 (503,622) (75,043) (28,418) (272,381)

(184,542) 1,738,829 $ 1,554,287

8,469 1,797 2,836 (19,904) (2,976) (1,057) (10,835)

Financial Highlights T. Rowe Price New Horizons Trust

For a trust unit outstanding throughout the period Class A Year Ended 12/31/15 Unit value, beginning of period

$

Investment activities Net investment income (loss)(1) Net realized and unrealized gain / loss Total from investment activities Unit value, end of period

23.76

Class D Year Ended 12/31/15 $

(0.05) 1.15 1.10 $

24.86

23.75

Class Z Year Ended 12/31/15 $

25.24

(0.07) 1.15 1.08 $

24.83

0.12 1.23 1.35 $

26.59

Ratios/Supplemental Data Total return(2) Ratio of expenses to average net assets Ratio of net investment income (loss) to average net assets (1) (2)

4.63% 0.66% (0.22)%

4.55% 0.70% (0.27)%

Per unit amounts calculated using average units outstanding method. Total return reflects the rate that an investor would have earned on an investment in the trust during the period.

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

5.35% 0.00% 0.45%

T. Rowe Price New Horizons Trust December 31, 2015

NOTES TO FINANCIAL STATEMENTS

T. Rowe Price New Horizons Trust (the trust) is a trust formed under the T. Rowe Price Institutional Common Trust Fund and is operated by T. Rowe Price Trust Company (the trust company or trustee). The trust company is a wholly owned subsidiary of T. Rowe Price Associates, Inc. (Price Associates), which is wholly owned by T. Rowe Price Group, Inc. The trust operates in accordance with the Amended and Restated Declaration of Trust, dated January 1, 2014, and an Amended and Restated Supplemental Declaration of Trust dated January 1, 2012 (collectively, the Declaration of Trust), and commenced operations on March 31, 2006. It is subject to the provisions of the Financial Institutions Article of the Annotated Code of Maryland and the Employee Retirement Income Security Act of 1974 (ERISA), as applicable. The investment objective of the trust is to provide long-term capital growth through investment in stocks of small, rapidly growing companies. Under normal conditions, the trust will invest primarily in the common stocks of a diversified group of small emerging growth companies before they become widely recognized by the investment community or in companies that offer the possibility of accelerating earnings growth because of changes in management, new products, or structural changes in the economy. The trust offers three classes of units: Class A, Class D, and Class Z. Each class differs from the other classes only in the rate of trustee fees borne by the class. In all other respects, each class has the same rights and obligations as the other class.

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation The trust is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 (ASC 946). The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), including, but not limited to, ASC 946. GAAP requires the use of estimates made by the trustee. The trustee believes that estimates and valuations are appropriate; however, actual results may differ from those estimates, and the valuations reflected in the accompanying financial statements may differ from the value ultimately realized upon sale or maturity. Investment Transactions, Investment Income, and Distributions Income and expenses are recorded on the accrual basis. Premiums and discounts on debt securities are amortized. Dividends received from investments in mutual funds are reflected as dividend income; capital gain distributions are reflected as realized gain/loss. Dividend income and capital gain distributions are recorded on the ex-dividend date. Investment transactions are accounted for on the trade date. Realized gains and losses are reported on the identified cost basis. The trust does not distribute its earnings, which accumulate in its net asset value.

T. Rowe Price New Horizons Trust December 31, 2015

Currency Translation Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate, using the mean of the bid and asked prices of such currencies against U.S. dollars as quoted by a major bank. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is reflected as a component of security gains and losses. Expenses and Class Accounting Under the terms of the Declaration of Trust, trustee fees for certain classes and taxes and legal expenses, if any, as well as other fees and/or extraordinary charges permitted by the Declaration of Trust are paid by the trust. Additionally, costs, commissions, and taxes associated with investment securities, which may be capitalized or reflected as a reduction of related income and/or net gain/loss, are borne by the trust. Expenses related to audit services and trust operations, including investment management, accounting, and custody, are borne by the trustee, which is compensated for its services through trustee fees. The Declaration of Trust provides for trustee fees to be paid by certain classes. For such classes, the annual trustee fee charged to a class is equal to the applicable rate below applied to the class’s average daily net assets. Fees for Class Z are paid directly by unit holders at negotiated rates and, therefore, are not reflected in the accompanying financial statements. Class A D Z

Trustee Fee Rate 0.66% 0.70% 0.00%

Trustee fees are charged directly to the class to which they relate. Expenses not incurred by or related to a specific class, as well as realized and unrealized gains and losses, are allocated pro rata to all classes based upon the relative daily net assets of each class. Income Taxes The trust is organized and operated as a group trust, in accordance with Sections 401(a) and 501(a) of the Internal Revenue Code of 1986, as amended, and Revenue Ruling 81-100, as amended, and is generally exempt from federal income taxes. Accordingly, there is no provision for federal income taxes in the accompanying financial statements. In-Kind Redemptions Under certain circumstances, and when considered to be in the best interest of all unitholders, the trust may distribute portfolio securities rather than cash as payment for a redemption of trust units (in-kind redemption). During the year

T. Rowe Price New Horizons Trust December 31, 2015

ended December 31, 2015, the trust realized $126,325,000 of net gain on $246,410,000 of in-kind redemptions. In-Kind Subscriptions Under certain circumstances, and when considered to be in the best interest of the trust, the trust may accept portfolio securities rather than cash as payment for the purchase of trust units (in-kind subscription). For financial reporting purposes, the cost of contributed securities is equal to the fair value of the securities on the date of contribution. In-kind subscriptions result in no gain or loss for the trust. During the year ended December 31, 2015, the trust accepted $114,940,000 of in-kind subscriptions, all of which were from other funds or trusts managed by Price Associates and/or its affiliates. Unit Transactions Each investor’s beneficial interest in the net assets of the trust is represented by units, an unlimited number of which are authorized. Unit transactions are subject to terms, conditions, and limitations defined in the Declaration of Trust. Trust units are issued and redeemed only on a valuation date and at the net asset value per unit computed on that date. Under the terms of the Declaration of Trust, unit holders are required to provide a 90-day advance written notice to the trustee prior to redemption of trust units; the notice period may be shortened or waived by the trustee in its sole discretion. New Accounting Guidance In May 2015, FASB issued ASU No. 2015-07, Fair Value

Measurement (Topic 820), Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). The ASU removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient and amends certain disclosure requirements for such investments. The ASU is effective for interim and annual reporting periods beginning after December 15, 2015. Adoption will have no effect on the trust’s net assets or results of operations.

NOTE 2 - VALUATION The trust’s financial instruments are valued and each class’s net asset value (NAV) per unit is computed at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET, each day the NYSE is open for business. Fair Value The trust’s financial instruments are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The T. Rowe Price Valuation Committee (the Valuation Committee) has been established to ensure that financial instruments are appropriately priced at fair value in accordance with GAAP.

T. Rowe Price New Horizons Trust December 31, 2015

Subject to oversight by the trustee, the Valuation Committee develops and oversees pricing-related policies and procedures and approves all fair value determinations. Specifically, the Valuation Committee establishes procedures to value securities; determines pricing techniques, sources, and persons eligible to effect fair value pricing actions; oversees the selection, services, and performance of pricing vendors; oversees valuation-related business continuity practices; and provides guidance on internal controls and valuation-related matters. Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value: Level 1 – quoted prices (unadjusted) in active markets for identical financial instruments that the trust can access at the reporting date Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads) Level 3 – unobservable inputs Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values. Valuation Techniques Equity securities listed or regularly traded on a securities exchange or in the over-the-counter (OTC) market are valued at the last quoted sale price or, for certain markets, the official closing price at the time the valuations are made. OTC Bulletin Board securities are valued at the mean of the closing bid and asked prices. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for such security. Listed securities not traded on a particular day are valued at the mean of the closing bid and asked prices for domestic securities and the last quoted sale or closing price for international securities.

T. Rowe Price New Horizons Trust December 31, 2015

For valuation purposes, the last quoted prices of non-U.S. equity securities may be adjusted to reflect the fair value of such securities at the close of the NYSE. If the trustee (including its service providers) determines that developments between the close of a foreign market and the close of the NYSE will, in its judgment, materially affect the value of some or all of its portfolio securities, the trust will adjust the previous quoted prices to reflect what it believes to be the fair value of the securities as of the close of the NYSE. In deciding whether it is necessary to adjust quoted prices to reflect fair value, the trustee reviews a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. The trustee may also fair value securities in other situations, such as when a particular foreign market is closed but the trust is open. The trustee uses outside pricing services to provide it with quoted prices and information to evaluate or adjust those prices. The trustee cannot predict how often it will use quoted prices and how often it will determine it necessary to adjust those prices to reflect fair value. As a means of evaluating its security valuation process, the trustee routinely compares quoted prices, the next day’s opening prices in the same markets, and adjusted prices. Actively traded equity securities listed on a domestic exchange generally are categorized in Level 1 of the fair value hierarchy. Non-U.S. equity securities generally are categorized in Level 2 of the fair value hierarchy despite the availability of quoted prices because, as described above, the trustee evaluates and determines whether those quoted prices reflect fair value at the close of the NYSE or require adjustment. OTC Bulletin Board securities, certain preferred securities, and equity securities traded in inactive markets generally are categorized in Level 2 of the fair value hierarchy. Debt securities generally are traded in the OTC market. Securities with remaining maturities of one year or more at the time of acquisition are valued at prices furnished by dealers who make markets in such securities or by an independent pricing service, which considers the yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Generally, debt securities are categorized in Level 2 of the fair value hierarchy; however, to the extent the valuations include significant unobservable inputs, the securities would be categorized in Level 3. Investments in other common trust funds or mutual funds are valued at such trust’s or fund’s closing NAV per unit or share, respectively, on the day of valuation. Investments in common trust funds are categorized in Level 2 of the fair value hierarchy, and investments in mutual funds are categorized in Level 1. Assets and liabilities other than financial instruments, including short-term receivables and payables, are carried at cost, or estimated realizable value, if less, which approximates fair value.

T. Rowe Price New Horizons Trust December 31, 2015

Thinly traded financial instruments and those for which the above valuation procedures are inappropriate or are deemed not to reflect fair value are stated at fair value as determined in good faith by the Valuation Committee. The objective of any fair value pricing determination is to arrive at a price that could reasonably be expected from a current sale. Financial instruments fair valued by the Valuation Committee are primarily private placements, restricted securities, warrants, rights, and other securities that are not publicly traded. Subject to oversight by the trustee, the Valuation Committee regularly makes good faith judgments to establish and adjust the fair valuations of certain securities as events occur and circumstances warrant. For instance, in determining the fair value of an equity investment with limited market activity, such as a private placement or a thinly traded public company stock, the Valuation Committee considers a variety of factors, which may include, but are not limited to, the issuer’s business prospects, its financial standing and performance, recent investment transactions in the issuer, new rounds of financing, negotiated transactions of significant size between other investors in the company, relevant market valuations of peer companies, strategic events affecting the company, market liquidity for the issuer, and general economic conditions and events. In consultation with the investment and pricing teams, the Valuation Committee will determine an appropriate valuation technique based on available information, which may include both observable and unobservable inputs. The Valuation Committee typically will afford greatest weight to actual prices in arm’s length transactions, to the extent they represent orderly transactions between market participants; transaction information can be reliably obtained; and prices are deemed representative of fair value. However, the Valuation Committee may also consider other valuation methods such as market-based valuation multiples; a discount or premium from market value of a similar, freely traded security of the same issuer; or some combination. Fair value determinations are reviewed on a regular basis and updated as information becomes available, including actual purchase and sale transactions of the issue. Because any fair value determination involves a significant amount of judgment, there is a degree of subjectivity inherent in such pricing decisions, and fair value prices determined by the Valuation Committee could differ from those of other market participants. Depending on the relative significance of unobservable inputs, including the valuation technique(s) used, fair valued securities may be categorized in Level 2 or 3 of the fair value hierarchy. Valuation Inputs The following table summarizes the trust’s financial instruments, based on the inputs used to determine their fair values on December 31, 2015:

T. Rowe Price New Horizons Trust December 31, 2015

($000s)

Level 1

Investments in Securities, except: $ Common Stocks Convertible Preferred Stocks Corporate Bonds Bank Loans

Quoted Prices 72,921 $ 1,338,290 — — —

Level 2 Significant Observable Inputs —$ 62,228 — 864 3,497

Level 3 Total Value Significant Unobservable Inputs —$ 72,921 15,051 1,415,569 62,662 62,662 — 864 — 3,497

Total

1,411,211 $

66,589 $

77,713 $ 1,555,513

$

There were no material transfers between Levels 1 and 2 during the year. Following is a reconciliation of the trust’s Level 3 holdings for the year ended December 31, 2015. Gain (loss) reflects both realized and change in unrealized gain/loss on Level 3 holdings during the year, if any, and is included on the accompanying Statement of Operations. The change in unrealized gain/loss on Level 3 instruments held at December 31, 2015, totaled $5,497,000 for the year then ended. Transfers into and out of Level 3 are reflected at the value of the financial instrument at the beginning of the year. During the year, transfers out of Level 3 were because observable market data became available for the security. ($000s)

Investments in Securities Common Stocks Convertible Preferred Stocks Corporate Bonds Convertible Bonds Total Level 3

Beginning Balance 1/1/15 $

11,085

$

36,446 40 110 47,681

Gain (Loss) During Period $

(865)

$

6,638 (40) (236) 5,497

Total Purchases $

9,411

$

27,413 — 126 36,950

Transfers Out of Level 3

Total Sales $



$

(662) — — (662)

$

(4,580)

$

(7,173) — — (11,753)

Ending Balance 12/31/15 $

15,051

$

62,662 — — 77,713

In accordance with GAAP, the following table provides quantitative information about significant unobservable inputs used to determine the fair valuations of the trust’s Level 3 assets, by class of financial instrument; it also indicates the sensitivity of the Level 3 valuations to changes in those significant unobservable inputs. Because the Valuation Committee considers a wide variety of factors and inputs, both observable and unobservable, in determining fair values, the unobservable inputs presented do not reflect all inputs significant to the fair value determination.

T. Rowe Price New Horizons Trust December 31, 2015

Investments in Securities Common Stocks

Market Value ($000s) $ 10,575

Valuation Technique(s) Recent comparable transaction price(s)#

$

Income approach

Impact to Valuation from an Increase in Input* -

Discount rate for time value of money

12.0%

Decrease

Discount for industry performance

2.0%

Decrease

Significant Unobservable Input(s) -

$

3,488

Market comparable

Enterprise value to sales multiple

10.5x

Increase

$

126

Market comparable

Price to sales multiple

10.9x

Increase

Revenue growth rate

11%

Increase

Enterprise value to sales multiple

4.6x - 4.9x

Increase

Revenue growth rate

25%

Increase

Discount for lack of marketability

10%

Decrease

Premium for strategic acquisition

30%

Increase

$

Convertible Preferred Stocks

793

Value or Range of Input(s) -

18

Probability weighted expected present value

$

35

Estimated liquidation value

Discount for lack of collectability

36% - 100%

Decrease

$

16

Estimated liquidation value#

-

-

-

$

40,308

Recent comparable transaction price(s)#

-

-

-

$

3,975

Recent comparable transaction price(s)

Discount for noncontrolling interest

5%

Decrease

T. Rowe Price New Horizons Trust December 31, 2015

Investments in Securities

Market Value ($000s)

Valuation Technique(s)

Value or Range of Input(s) 3%

Impact to Valuation from an Increase in Input* Decrease

Discount for noncontrolling interest

10%

Decrease

Discount for transaction risk

5%

Decrease

Discount rate for time value of money

8%

Decrease

Discount for legal uncertainty Discount for regulatory uncertainty Royalty rate

15%

Decrease

28%

Decrease

10%

Decrease

Estimated sales

$100 $3,500 million (avg. $1,606 million)

Decrease

-

-

-

Enterprise value to sales multiple

10.7x

Increase

Revenue growth rate

67% - 70%

Increase

Enterprise value to sales multiple Revenue growth rate

3.3x - 4.8x

Increase

15% - 25%

Increase

Price to sales multiple

5.0x - 10.9x

Increase

Revenue growth rate

11% - 60%

Increase

Significant Unobservable Input(s) Discount for liquidation preference

$

2,811

Recent comparable transaction price(s)

$

4,964

Income approach

$

2,575

Recent comparable transaction price(s)# Market Comparable

$

$

2,556

2,554

Market Comparable

Market Comparable

T. Rowe Price New Horizons Trust December 31, 2015

Investments in Securities

Market Value ($000s)

$

Bonds

Convertible Bonds

-

Valuation Technique(s)

Significant Unobservable Input(s)

Value or Range of Input(s)

Income approach

Discount for liquidation preference

100%

Impact to Valuation from an Increase in Input* Decrease

$

1,787

Probability weighted expected present value

Discount for liquidation preference

5% - 100%

Decrease

$

175

Probability weighted expected present value

Discount for liquidation preference

0% - 48% (weighted avg. 2%)

Decrease

$

935

Probability weighted expected present value

Enterprise value to sales multiple

4.6x - 4.9x

Increase

Revenue growth rate

25%

Increase

Discount for lack of marketability Premium for strategic acquisition

10%

Decrease

30%

Increase

$

22

Estimated liquidation value

Discount for lack of collectability

50% - 100%

Decrease

$

-

Income approach

Discount for liquidation preference

100%

Decrease

$

-

Estimated liquidation value

Discount for lack of collectability

100%

Decrease

$

-

Estimated liquidation value

Discount for lack of collectability

100%

Decrease

# - No quantitative unobservable inputs significant to the valuation technique were created by the trust’s management. * Represents the directional change in the fair value of the Level 3 investment(s) that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

T. Rowe Price New Horizons Trust December 31, 2015

NOTE 3 – OTHER INVESTMENT TRANSACTIONS Consistent with its investment objective, the trust engages in the following practices to manage exposure to certain risks or to enhance performance. Restricted Securities The trust may invest in securities that are subject to legal or contractual restrictions on resale. Prompt sale of such securities at an acceptable price may be difficult and may involve substantial delays and additional costs. Bank Loans The trust may invest in bank loans, which represent an interest in amounts owed by a borrower to a syndication of lenders. Bank loans are generally noninvestment-grade and often involve borrowers whose financial condition is troubled or highly leveraged. Bank loans may be in the form of either assignments or participations. A loan assignment transfers all legal, beneficial, and economic rights to the buyer, and transfer typically requires consent of both the borrower and agent. In contrast, a loan participation generally entitles the buyer to receive the cash flows from principal, interest, and any fee payments; however, the seller continues to hold legal title to the loan. As a result, the buyer of a loan participation generally has no direct rights against the borrower and is exposed to credit risk of both the borrower and seller of the participation. Bank loans often have extended settlement periods, usually may be repaid at any time at the option of the borrower, and may require additional principal to be funded at the borrowers’ discretion at a later date (unfunded commitments). Until settlement, the trust maintains liquid assets sufficient to settle its unfunded loan commitments. The trust reflects both the funded portion of a bank loan as well as its unfunded commitment in the Portfolio of Investments. However, to the extent a credit agreement provides no initial funding of a tranche and funding of the full commitment at a future date(s) is at the borrower’s discretion and considered uncertain, no loan is reflected in the Portfolio of Investments until paid.

NOTE 4 – RELATED PARTY TRANSACTIONS Pursuant to the Declaration of Trust, the trustee is responsible for management and control of the trust and is permitted to retain investment advisory and other services, as it deems appropriate and at its expense, to assist in fulfilling its obligations. The trustee has engaged Price Associates to provide investment advisory services for the trust. The trustee pays for investment advisory services, as well as accounting, custody, and audit services provided for the trust. The trustee is compensated for its services in the form of trustee fees that are accrued daily and paid monthly at rates described in Note 1. At December 31, 2015, trustee fees payable by all classes totaled $757,000. Further, Class Z incurs no trustee fees; however, fees are paid directly by the Class Z unit holders to the trustee in accordance with contractual agreements between the trust company and the individual

T. Rowe Price New Horizons Trust December 31, 2015

unit holders (or in the case where the Class Z unit holder is another common trust fund offered by the trustee, the trustee is paid by such other common trust fund). Such fees paid directly by unit holders are typically withdrawn from the unit holder’s account. Price Associates and its wholly owned subsidiaries provide certain administrative and other services for the trust. Certain officers and directors of the trustee are also officers and directors of Price Associates and its affiliates. The trust company may also serve as directed trustee for one or more qualified retirement plans invested in the trust. The Retirement Trusts, another series of common trust funds operated by the trust company, are permitted to invest in the trust on the same terms as other unit holders. The Retirement Trusts do not invest in the trust for the purpose of exercising management or control; however, investments by the Retirement Trusts may represent a significant portion of the trust’s net assets. The Retirement Trusts held the following investments in the trust on December 31, 2015, and had the following transactions during the year then ended:

T. Rowe Price Retirement Balanced Trust T. Rowe Price Retirement 2005 Trust T. Rowe Price Retirement 2010 Trust T. Rowe Price Retirement 2015 Trust T. Rowe Price Retirement 2020 Trust T. Rowe Price Retirement 2025 Trust T. Rowe Price Retirement 2030 Trust T. Rowe Price Retirement 2035 Trust T. Rowe Price Retirement 2040 Trust T. Rowe Price Retirement 2045 Trust T. Rowe Price Retirement 2050 Trust T. Rowe Price Retirement 2055 Trust T. Rowe Price Retirement 2060 Trust

Number of Trust Units Held 52,184 59,409 165,543 390,078 1,034,504 1,073,006 1,381,558 1,018,219 1,350,262 770,773 595,343 247,326 7,259

Percentage of Trust Units Held 0.1% 0.1% 0.3% 0.6% 1.7% 1.7% 2.2% 1.6% 2.2% 1.2% 1.0% 0.4% 0.0%

Net Issuances/ (Redemptions) of Trust Units 5,309 34,295 35,979 53,913 156,220 283,828 280,987 295,946 245,001 161,944 141,494 77,367 7,258

The trust may invest in one or more registered investment companies that are underlying series of the T. Rowe Price Reserve Investment Funds, Inc. (the Price Reserve Investment Funds) and are managed by Price Associates and considered affiliates of the trust. The Price Reserve Investment Funds are offered as short-term investment options to mutual funds, trusts, and other accounts managed by Price Associates or its affiliates and are not available for direct purchase by members of the public. The Price Reserve Investment Funds pay no investment management fees. Distributions from the Price Reserve Investment Funds to the trust for the year ended December 31, 2015, totaled $38,000.

T. Rowe Price New Horizons Trust December 31, 2015

The trust is available for investment only to qualified trusts, defined by the Declaration of Trust to include pension, profit sharing, and other benefit plans, as well as certain other trusts. As a result, certain unit holders may, on their own, hold a significant percentage of the trust’s outstanding units.

NOTE 5 – SUBSEQUENT EVENT Effective January 1, 2016, the trustee revised the Declaration of Trust. As part of that revision, the trustee fee rate charged to certain preexisting classes was changed. The table below reflects the available classes, as well as the revised annual fee rates (as a percent of the class’s average net assets) for each class. Class A D Z

Trustee Fee Rate 0.65% 0.65% 0.00%

The trustee believes that no other events have occurred between December 31, 2015, the date of this report, and April 1, 2016, the date the financial statements were available for issuance, that require adjustment of, or disclosure in, the accompanying financial statements.

T. Rowe Price New Horizons Trust December 31, 2015

SCHEDULE OF INVESTMENTS PURCHASED

Cost

Shares/Par

(Amounts in 000s)

Common, Preferred & Convertible Preferred Stocks Corporate & Convertible Bonds Short-Term Investments

28,159 3,833 440,716

Total Investments Purchased

SCHEDULE OF INVESTMENTS SOLD

$

759,499 3,816 440,716

$

1,204,031

Shares/Par

Proceeds

Gain/(Loss)

(Amounts in 000s)

Common, Preferred & Convertible Preferred Stocks Corporate & Convertible Bonds Short-Term Investments Total Investments Sold

36,958 9 408,016

$

1,012,733 9 408,016

$

206,193 -

$

1,420,758

$

206,193

Independent Auditor’s Report To the Board of Directors of T. Rowe Price Trust Company and the Unit holders of T. Rowe Price New Horizons Trust: We have audited the accompanying financial statements of T. Rowe Price New Horizons Trust (one of the trusts comprising T. Rowe Price Institutional Common Trust Fund, hereafter referred to as the "Trust"), which comprise the statement of assets and liabilities, including the portfolio of investments, as of December 31, 2015, and the related statements of operations, of changes in net assets and the financial highlights for the year then ended. These financial statements and financial highlights are hereafter collectively referred to as “financial statements”. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Trust’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of T. Rowe Price New Horizons Trust at December 31, 2015, and the results of its operations, changes in its net assets and the financial highlights for the year then ended, in accordance with accounting principles generally accepted in the United States of America.

PricewaterhouseCoopers LLP, 100 E. Pratt Street, Suite 1900, Baltimore, MD 21202 T: (410) 783-7600, F: (410) 783-7680, www.pwc.com

Other Matter Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The Schedules of Investments Purchased and Investments Sold are presented for purposes of additional analysis and are not a required part of the financial statements. The information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves and other additional procedures, in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements taken as a whole.

April 1, 2016

2