April 1, 2000
 FUND PROFILE
T. ROWE PRICE
International Bond Fund

 A worldwide income fund seeking high income and capital growth through foreign
 fixed income securities.
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.

TROWEPRICELOGO







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FUND PROFILE
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 What is the fund's objective?

   The fund seeks to provide high current income and capital appreciation by
   investing in high-quality, nondollar-denominated government and corporate
   bonds outside the U.S.


 What is the fund's principal investment strategy?

   The fund invests at least 65% of its total assets in high-quality foreign
   bonds but may invest up to 20% of assets in below-investment-grade, high-risk
   bonds including those in default or with the lowest rating. Up to 20% of
   assets may be invested in dollar-denominated foreign bonds such as Brady and
   other emerging market bonds.

   Although the fund expects to maintain an intermediate-to-long weighted
   average maturity, there are no maturity restrictions on the overall portfolio
   or on individual securities. The fund has wide flexibility to purchase and
   sell currencies and engage in hedging transactions. However, in the normal
   course, it does not attempt to cushion the impact of foreign currency
   fluctuations on the dollar. Therefore, the fund is likely to be heavily
   exposed to foreign currencies.

   Investment decisions are based on fundamental market factors, such as yield
   differences among bonds as well as demand and supply factors, currency
   trends, and credit quality. The fund generally invests in countries where the
   combination of fixed income returns and currency exchange rates appears
   attractive, or, if the currency trend is unfavorable, where Price-Fleming
   believes the currency risk can be minimized through hedging. The fund sells
   holdings for a variety of reasons, such as to adjust the portfolio's average
   maturity or quality, to shift assets into higher-yielding securities, or to
   alter geographic or currency exposure.

   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?

   The fund is subject to the usual risks of fixed income investing as well as
   the special risks of international investing.

  . Interest rate risk  This risk refers to the decline in bond prices that
   usually accompanies a rise in interest rates. Longer-maturity bonds typically
   suffer greater declines than those with shorter maturities.




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FUND PROFILE
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  . Credit risk  This is the chance that any fund holding could have its credit
   rating downgraded, or that a bond issuer will default (the failure of an
   issuer to make timely payments of interest or principal), potentially
   reducing the fund's income level and share price. The risk of default is much
   greater for the emerging market bonds in the fund's portfolio.

  . Nondiversified risk  Because it is nondiversified, the fund can invest more
   of its assets in a fewer number of issuers than diversified funds. This could
   result in greater potential losses than funds investing in a broader variety
   of issues.

  . Currency risk  This is 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 the 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. Because the fund is normally heavily
   exposed to foreign currencies, and does not attempt to hedge the impact of
   these currencies on the dollar, changes in currency exchange rates are likely
   to have a significant impact on the fund's performance. Currency trends are
   unpredictable and to the extent the fund purchases and sells currencies, it
   will also be subject to the risk that its trading strategies, including
   efforts at hedging, will not be successful. Furthermore, hedging costs can be
   significant and reduce fund net asset values and many emerging market
   currencies can not be effectively hedged.

  . Emerging market risk  The fund's 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. Certain countries have legacies of
   hyperinflation and currency devaluations versus the dollar (which adversely
   affects returns to U.S. investors).

  . Other risks of foreign investing  Other risks of foreign investing result
   from the varying stages of economic and political development of foreign
   countries, the differing regulatory environments, trading days and accounting
   standards of non-U.S. markets, and higher transaction costs. Acts of
   government interfering in capital markets, such as capital or currency
   controls, nationalization of companies or industries, expropriation of
   assets, or imposition of punitive taxes would also have an adverse effect on
   the fund.

  . Derivatives risk  To the extent the fund uses these instruments, it may be
   exposed to additional volatility and potential losses.


   As with all mutual funds, there can be no guarantee the fund will achieve its
   objective.




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FUND PROFILE
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  . 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 fixed income investing. If you are
   willing to accept the special risks associated with international investing
   and the general risks of investing in fixed income securities to achieve
   current income and potential capital growth, this fund could be appropriate
   for you.

   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.

   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
  "90"   "91"   "92"   "93"   "94"   "95"   "96"   "97"   "98"    "99"
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 16.05  17.75  2.40   20.00  -1.84  20.30  7.13   -3.17  15.03  -7.86
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FUND PROFILE
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          Quarter ended              Total return

 Best quarter                            3/31/95 12.51%

 Worst quarter                           3/31/97 -5.59%



 Table 1  Average Annual Total Returns

                                           Periods ended 3/31/00
                                       1 year    5 years     10 years
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  International Bond Fund              -4.91%     2.87%       8.24%

  J.P. Morgan Non-U.S. Index Plus      -1.66      3.92         ---
  J.P. Morgan Non-US$ Gov't Bond
  Index                                -2.50      3.35        8.87
  Lipper International Income Funds    -2.29      4.52        6.57
  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                                           0.67%/ // /
  Other expenses                                           0.21%
  Total annual fund operating                              0.88%/ // /
  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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    $90         $281         $488          $1,084
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FUND PROFILE
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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.

   The fund has an Investment Advisory Group with day-to-day responsibility for
   managing the funds. The advisory group consists of Peter Askew, who joined
   Price-Fleming in 1988 and has been managing multicurrency fixed income
   portfolios since 1976; Christopher Rothery, who joined Price-Fleming in 1994
   and has been managing multicurrency fixed income portfolios since 1988; and
   Michael Conelius, who joined T. Rowe Price in 1988 and Price-Fleming in 1995,
   and has been managing investments since 1992.


 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 monthly 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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                                                                     RPS F76-035
 T. Rowe Price Investment Services, Inc., Distributor