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T. Rowe Price International Funds-Equity Portfolios
T. Rowe Price International Stock Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Discovery Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Japan Fund
T. Rowe Price Latin America Fund
T. Rowe Price New Asia Fund
T. Rowe Price International Stock Fund
Supplement to prospectuses dated March 1, 2000
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T. Rowe Price International Bond Fund-Advisor Class
T. Rowe Price International Stock Fund-Advisor Class
Supplement to prospectuses dated March 31, 2000
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Institutional International Funds, Inc.
Foreign Equity Fund
Supplement to prospectus dated March 1, 2000
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T. Rowe Price International Funds-Foreign Bond Funds
T. Rowe Price Global Bond Fund
T. Rowe Price International Bond Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Spectrum Funds
Spectrum International Fund
Supplement to prospectuses dated May 1, 1999, and 2000. Please retain for use
with your May 1, 2000, prospectus.
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T. Rowe Price Funds
T. Rowe Price International Stock Fund
Supplement to prospectuses dated March 1, 2000, and May 1, 2000. Please retain
for use with your May 1, 2000, prospectus.
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On April 11, 2000, T. Rowe Price Associates, Inc. ("T. Rowe Price") entered
into an agreement with Robert Fleming Holdings, Ltd. and other related
companies (collectively "Flemings") to purchase Flemings's 50% interest in Rowe
Price-Fleming International, Inc. ("RPFI"), the investment adviser to the
funds. As a result of the purchase, T. Rowe Price will own all of RPFI and have
the right to elect all of its directors. The transaction is subject to the
approval of several regulatory bodies outside the United States but, barring
any unexpected developments, should be finalized no later than December 31,
2000. Because the transaction may be deemed to be a change in control of RPFI
that would result in the termination of the investment management agreements
between RPFI and the funds, we intend to seek the approval of the boards of
directors and shareholders of the funds of new investment management agreements
with RPFI. It is anticipated that any new investment management agreements
would be identical in all material respects to the existing agreements with
RPFI. We expect to hold shareholder meetings to vote on the new agreements in
the second half of this year. Research agreements between RPFI and Flemings
also will cease at the time the transaction becomes final. At that time, the
parties may enter into a transition agreement under which research and other
services will be provided to RPFI by Flemings.
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The date of the above supplement is April 20, 2000.
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C01-042 4/20/00
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