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October 1, 1999
FUND PROFILE
T. ROWE PRICE
Global Stock Fund
A stock fund seeking long-term capital growth through investments in the U.S.
and overseas.
TROWEPRICELOGO
This profile summarizes key information about the fund that is included in the
fund's prospectus. The fund's prospectus includes additional information about
the fund, including a more detailed description of the risks associated with
investing in the fund that you may want to consider before you invest. You may
obtain the prospectus and other information about the fund at no cost by calling
1-800-638-5660, or by visiting our Web site at www.troweprice.com.
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FUND PROFILE
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What is the fund's objective?
The fund seeks long-term growth of capital through investments primarily in
the common stocks of established companies throughout the world, including
the U.S.
What is the fund's principal investment strategy?
We will diversify broadly by investing in a variety of industries in
developed and, to a lesser extent, emerging markets. Normally, the fund will
invest in at least five countries, one of which will be the U.S. While we can
purchase stocks without regard to a company's market capitalization (shares
outstanding multiplied by share price), investments will generally be in
large and, to a lesser extent, medium-sized companies. The percentage of
assets invested in U.S. and foreign stocks will vary over time according to
the manager's outlook.
Selection of common stocks reflects a growth style. Price-Fleming employs
in-depth fundamental research in an effort to identify companies capable of
achieving and sustaining above-average, long-term earnings growth. We seek to
purchase such stocks at reasonable prices in relation to present or
anticipated earnings, cash flow, or book value, and valuation factors often
influence our allocations among large-, mid-, or small-cap shares.
While we invest with an awareness of the global economic backdrop and our
outlook for individual countries, bottom-up stock selection is the focus of
our decision-making. Country allocation is driven largely by stock selection,
though we may limit investments in markets that appear to have poor overall
prospects.
In selecting stocks, we generally favor companies with one or more of the
following characteristics:
. leading market position;
. attractive business niche;
. strong franchise or natural monopoly;
. technological leadership or proprietary advantages;
. seasoned management;
. earnings growth and cash flow sufficient to support growing dividends;
. healthy balance sheet with relatively low debt.
While the fund invests primarily in common stocks, we may also purchase other
securities, including futures and options, in keeping with the fund's
objective.
The fund may sell securities for a variety of reasons, such as to secure
gains, limit losses, or redeploy assets into more promising opportunities.
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FUND PROFILE
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Further information about the fund's investments, including a review of
market conditions and fund strategies and their impact on performance, is
available in the annual and semiannual shareholder reports. To obtain free
copies of any of these documents, call 1-800-638-5660.
What are the main risks of investing in the fund?
As with all stock funds, this fund's share price can fall because of weakness
in one or more of its primary equity markets, a particular industry, or
specific holdings. Stock markets can decline for many reasons, including
adverse political or economic developments, changes in investor psychology,
or heavy institutional selling. The prospects for an industry or company may
deteriorate because of a variety of factors, including disappointing earnings
or changes in the competitive environment. In addition, our assessment of
companies held in the fund may prove incorrect, resulting in losses or poor
performance even in rising markets.
Because the fund invests both in the U.S. and overseas, it should be somewhat
less risky than a fund that invests all of its assets outside the U.S.
Nonetheless, funds that invest overseas generally carry more risk than funds
that invest strictly in U.S. assets. Even investments in countries with
highly developed economies are subject to significant risks. Some particular
risks affecting this fund include the following:
. Currency risk This refers to a decline in the value of a foreign currency
versus the U.S. dollar, which reduces the dollar value of securities
denominated in that currency. The overall impact on a fund's holdings can be
significant and long-lasting depending on the currencies represented in the
portfolio, how each one appreciates or depreciates in relation to the U.S.
dollar, and whether currency positions are hedged. Under normal conditions,
the fund does not engage in extensive foreign currency hedging programs.
Further, exchange rate movements are unpredictable and it is not possible to
effectively hedge the currency risks of many developing countries. The
introduction of the new European common currency on January 1, 1999, may have
unanticipated adverse effects.
. Emerging market risk To the extent the fund invests in emerging markets, it
is subject to greater risk than a fund investing only in developed markets.
The economic and political structures of developing nations, in most cases,
do not compare favorably with the U.S. or other developed countries in terms
of wealth and stability, and their financial markets often lack liquidity.
Fund performance will likely be negatively affected by portfolio exposure to
nations in the midst of hyperinflation, currency devaluation, trade
disagreements, sudden political upheaval, or interventionist government
policies. Significant buying or selling actions by a few major investors may
also heighten the volatility of emerging markets. These factors make
investing in such countries sig-
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nificantly riskier than in other countries and any one of them could cause
the fund's share price to decline.
. Other risks of foreign investing Other risks result from the varying stages
of economic and political development, the differing regulatory environments
and accounting standards, and higher transaction costs of non-U.S. markets.
Investments outside the United States could be subject to actions such as
capital or currency controls, nationalizing a company or industry,
expropriating assets, or imposing punitive taxes which would have an adverse
effect on the fund.
. Futures/options risk To the extent the fund uses futures and options, it is
exposed to additional volatility and potential losses.
. Year 2000 risk Companies, organizations, governmental entities, and markets
in which the fund invests will be affected by the Year 2000 problem. While at
this time the fund cannot predict the degree of impact, it is possible that
foreign markets will be less prepared than U.S. ones. The fund's return could
be adversely affected as a result.
As with all mutual funds, there can be no guarantee the fund will achieve its
objective.
. The fund's share price may decline, so when you sell your shares, you may
lose money. An investment in the fund is not a deposit of a bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency.
How can I tell if the fund is appropriate for me?
Consider your investment goals, your time horizon for achieving them, and
your tolerance for the inherent risk of common stock and international
investments. If you want to diversify your domestic stock portfolio by adding
foreign investments, but with moderate risk, seek the long-term capital
appreciation potential of growth stocks, and are comfortable with the risks
that accompany foreign investments, the fund could be an appropriate part of
your overall investment strategy.
The fund can be used in both regular and tax-deferred accounts, such as IRAs.
. The fund should not represent your complete investment program or be used
for short-term trading purposes.
How has the fund performed in the past?
The bar chart showing calendar year returns and the average annual total
return table indicate risk by illustrating how much returns can differ from
one year to the next. The fund's past performance is no guarantee of its
future returns.
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FUND PROFILE
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The fund can also experience short-term performance swings, as shown by the
best and worst calendar quarter returns during the years depicted in the
chart.
LOGO
<TABLE>
<CAPTION>
Calendar Year Total Returns
"96" "97" "98"
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<S> <C> <C> <C> <S>
20.01 13.23 22.50
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</TABLE>
Quarter ended Total return
Best quarter 3/31/98 14.70%
Worst quarter 9/30/98 -12.83%
<TABLE>
Table 1 Average Annual Total Returns
<CAPTION>
Periods ended
September 30, 1999
Since inception
1 year (12/29/95)
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<S> <C> <C>
Global Stock Fund 29.53% 16.55%
MSCI World Index 29.91 16.49
Lipper Global Funds Average 30.51 14.55
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</TABLE>
These figures include changes in principal value, reinvested dividends, and
capital gain distributions, if any.
What fees or expenses will I pay?
The fund is 100% no load. There are no fees or charges to buy or sell fund
shares, reinvest dividends, or exchange into other T. Rowe Price funds. There
are no 12b-1 fees.
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<TABLE>
Table 2 Fees and Expenses of the Fund
<CAPTION>
Annual fund operating expenses
(expenses that are deducted from fund assets)
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<S> <C>
Management fee 0.67%/a/
Other expenses 1.00%
Total annual fund operating
expenses 1.67%/a/
Fee waiver/reimbursement 0.47%
Net expenses 1.20%
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</TABLE>
/a/Price-Fleming is contractually obligated to waive its fees and bear any
expenses through October 31, 1999, that would cause the fund's ratio of
expenses to average net assets to exceed 1.20%. Fees waived or expenses paid
or assumed under this agreement are subject to reimbursement to Price-Fleming
by the fund whenever the fund's expense ratio is below 1.20%; however, no
reimbursement will be made after October 31, 2001, or if it would result in
the expense ratio exceeding 1.20%. Any amounts reimbursed have the effect of
increasing fees otherwise paid by the fund.
Example. The following table gives you a rough idea of how expense ratios
may translate into dollars and helps you to compare the cost of investing in
this fund with that of other funds. Although your actual costs may be higher
or lower, the table shows how much you would pay if operating expenses remain
the same, the expense limitation currently in place is not renewed, you
invest $10,000, you earn a 5% annual return, and you hold the investment for
the following periods:
<TABLE>
<CAPTION>
1 year 3 years 5 years 10 years
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<S> <C> <C> <C>
$122 $381 $660 $1,455
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</TABLE>
Who manages the fund?
The fund is managed by Rowe Price-Fleming International, Inc., a joint
venture between T. Rowe Price Associates, Inc. and the London-based Fleming
Group. Established in 1979, Price-Fleming manages investments for individual
and institutional accounts, including 12 no-load mutual funds sold directly
to the public.
The fund has an Investment Advisory Group that has day-to-day responsibility
for managing the portfolio and developing and executing its investment
program. The advisory group consists of Martin G. Wade, who joined
Price-Fleming in 1979 and has 30 years of experience with the Fleming Group
in research, client service, and investment management; John R. Ford, who
joined Price-Fleming in 1982 and has 19 years of experience with the Fleming
Group in research and portfolio management; James B.M. Seddon, who joined
Price-Fleming in 1987 and has 12 years of experience in portfolio management;
Mark C.J. Bickford-Smith, who joined Price-Fleming in 1995 and has 14 years
of experience with the Fleming Group in research and financial analysis;
Robert W. Smith, who joined Price-Fleming in 1996, has
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FUND PROFILE
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been with T. Rowe Price since 1992, and has 12 years of experience in
financial analysis; and David J.L. Warren, who joined Price-Fleming in 1983
and has 18 years of experience in equity research, fixed income research, and
portfolio management.
Note: The following questions and answers about buying and selling shares and
services do not apply to employer-sponsored retirement plans. If you are a
participant in one of these plans, please call your plan's toll-free number for
additional information.
How can I purchase shares?
Fill out the New Account Form and return it with your check in the postpaid
envelope. The minimum initial purchase is $2,500 ($1,000 for IRAs and gifts
or transfers to minors). The minimum subsequent investment is $100 ($50 for
IRAs, gifts or transfers to minors, or Automatic Asset Builder). You can also
open an account by bank wire, by exchanging from another T. Rowe Price fund,
or by transferring assets from another financial institution.
How can I sell shares?
You may redeem or sell any portion of your account on any business day.
Simply write to us or call. You can also access your account at any time via
Tele*Access /(R)/ or our Web site. We offer convenient exchange among our
entire family of domestic and international funds. Restrictions may apply in
special circumstances, and some redemption requests need a signature
guarantee. A $5 fee is charged for wire redemptions under $5,000.
When will I receive income and capital gain distributions?
The fund distributes income and net capital gains, if any, at year-end. For
regular accounts, income and short-term gains are taxable at ordinary income
rates, and long-term gains are taxable at the capital gains rate.
Distributions are reinvested automatically in additional shares unless you
choose another option, such as receiving a check. Distributions paid to IRAs
and employer-sponsored retirement plans are automatically reinvested.
What services are available?
A wide range, including but not limited to:
. retirement plans for individuals and large and small businesses;
. automated information and transaction services by telephone or computer;
. electronic transfers between fund and bank accounts;
. automatic investing and automatic exchange;
. brokerage services; and
. asset manager accounts.
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FUND PROFILE
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T. Rowe Price Associates, Inc.
100 East Pratt Street
Baltimore, MD 21202
www.troweprice.com
LOGO
RPS F04-035
T. Rowe Price Investment Services, Inc., Distributor
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