January 1, 2000
 FUND PROFILE
T. ROWE PRICE
New Asia Fund

 A stock fund seeking long-term capital growth through investments in Asia and
 the Pacific Basin, excluding Japan.
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.

T ROWE PRICE LOGO


FUND PROFILE
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 What is the fund's objective?

   The fund seeks long-term growth of capital through investments in companies
   located, or with primary operations, in Asia (excluding Japan).


 What is the fund's principal investment strategy?

   The fund will invest at least 65% of its total assets in any of the countries
   listed below, as well as others as their markets develop:

  . Primary Emphasis:  Australia, Hong Kong, Indonesia, India, New Zealand,
   Philippines, Singapore, South Korea, Taiwan, and Thailand.

  . Others:  China, Pakistan, and Vietnam.

   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.

   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.

   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.

   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.

   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.

  . Emerging market risk  Investments in emerging markets are subject to abrupt
   and severe price declines. 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. These economies are less well
   developed and can be overly reliant on particular industries, more vulnerable
   to the ebb and flow of international trade, trade barriers, and other
   protectionist or retaliatory measures. Certain countries have legacies of
   hyperinflation and currency devaluations. Investments in countries or regions
   that have recently begun moving away from central planning and state-owned
   industries toward free markets should be regarded as speculative. While
   certain countries have made progress in economic growth, liberalization,
   fiscal discipline, and political and social stability, there is no assurance
   these trends will continue. Some countries have histories of instability and
   upheaval that could cause their govern-




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FUND PROFILE
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   ments to act in a detrimental or hostile manner toward private enterprise or
   foreign investment. Significant external risks currently affect some emerging
   countries.

   Governments in many emerging market countries participate to a significant
   degree in their economies and securities markets. The volatility of emerging
   markets may be heightened by the actions of a few major investors. For
   example, substantial increases or decreases in cash flows of mutual funds
   investing in these markets could significantly affect local stock prices and,
   therefore, fund share prices. These factors make investing in such countries
   significantly riskier than in other countries and any one of them could cause
   a fund's share price to decline.

  . Geographic risk  Funds that are less diversified across geographic regions,
   countries, industries, or individual companies are generally riskier than
   more diversified funds. The economies and financial markets of certain
   regions, including Asia, can be highly interdependent and may decline at the
   same time regardless of circumstances within particular countries or
   companies. In addition, portfolio securities may be listed on foreign
   exchanges that are open on days when the fund does not compute its share
   price. As a result, the fund's net asset value may be significantly affected
   by trading on days when shareholders can not make transactions.

  . 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.




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FUND PROFILE
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 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 emerging-market
   investments. A regional fund such as this one is most appropriately used to
   supplement more-diversified "core" holdings. If you want additional exposure
   to Asia and can accept the fund's additional risks in an effort to achieve
   potentially greater capital appreciation, 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 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.

   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.
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                            Calendar Year Total Returns
           "91"   "92"   "93"   "94"    "95"   "96"   "97"    "98"    "99"
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          19.32  11.24  78.76  -19.15  3.75   13.51  -37.13  -11.11  99.88
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          Quarter ended              Total return

 Best quarter                           12/31/99 42.04%

 Worst quarter                          12/31/97 -27.05%




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 Table 1  Average Annual Total Returns

                                                 Periods ended
                                               December 31, 1999
                                                               Since inception
                                      1 year      5 years       (09/28/1990)
 -----------------------------------
                                                     
  New Asia Fund                          99.88%        5.64%       10.70%

  MSCI All Country Far East Free
  Ex-Japan Index                         62.11         0.78        12.57
  Lipper Pacific Ex-Japan Funds          73.21         3.06         8.68
  Average
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 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.


 Table 2  Fees and Expenses of the Fund

                                               Annual fund operating expenses
                                        (expenses that are deducted from fund assets)
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  Management fee                                           0.82%/ // /
  Other expenses                                           0.47%
  Total annual fund operating                              1.29%/ // /
  expenses
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   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, you invest $10,000, you earn a 5% annual return, and you hold the
   investment for the following periods:


   1 year      3 years      5 years       10 years
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    $131        $409         $708          $1,556
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 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.




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FUND PROFILE
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   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; Frances Dydasco, who
   joined Price-Fleming in 1996 and has 10 years of experience in research and
   financial analysis; and Mark J.T. Edwards, who joined Price-Fleming in 1987
   and has 17 years of experience in financial analysis.

 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.


FUND PROFILE
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 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.
T. Rowe Price Associates, Inc.
100 East Pratt Street
Baltimore, MD 21202
www.troweprice.com

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 T. Rowe Price Investment Services, Inc., Distributor