January 1, 2001
 FUND PROFILE
T. ROWE PRICE
European Stock Fund

 A stock fund seeking long-term capital growth through investments primarily in
 companies domiciled in Europe.
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 long-term growth of capital through investments primarily in
   the common stocks of European companies. Current income is a secondary
   objective.


 What is the fund's principal investment strategy?

   Normally, at least five countries will be represented in the portfolio. The
   fund expects to invest substantially all of its assets in the countries
   listed below, as well as others as their markets develop:

  . Primary Emphasis: Austria, Denmark, Finland, France, Germany, Ireland,
   Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland,
   and United Kingdom.

  . Others: Belgium, Czech Republic, Greece, Hungary, Israel, Poland, and
   Turkey.

   Selection of common stocks reflects a growth style. T. Rowe Price
   International, Inc. ("T. Rowe Price International") 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; and

   . healthy balance sheet with relatively low debt.




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   We also seek to take advantage of opportunities arising from such trends as
   privatization, the reduction of trade barriers, progress toward economic and
   monetary union, and the potential growth of the emerging economies of Eastern
   Europe.

   Normally, the fund invests primarily (at least 65% of total assets) in common
   stocks. To a lesser extent, the fund 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.

   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.

  . 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,




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   including Europe, can be highly interdependent and may decline at the same
   time regardless of circumstances within particular countries or companies.

  . 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 significantly 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,
   trading days, 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.

  . 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.

  . Futures/options risk  To the extent the fund uses futures and options, it is
   exposed to additional volatility and potential losses.

   As with any mutual fund, 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 seek the long-term capital appreciation potential of
   growth stocks in Europe, or want to diversify your domestic stock portfolio
   by adding foreign investments, and are comfortable with the risks that
   accompany foreign investments, the fund could be an appropriate part of your
   overall investment strategy.




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FUND PROFILE
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   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 and over time. Fund past performance is no guarantee of
   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.
LOGO



                      Calendar Year Total Returns
  "91"   "92"   "93"   "94"   "95"   "96"   "97"   "98"   "99"    "00"
 ----------------------------------------------------------------------
                                     
 7.31   -5.56  27.24  4.06   21.86  25.87  17.01  25.82  19.70   -6.66
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          Quarter ended              Total return

 Best quarter                           12/31/99 20.48%

 Worst quarter                           9/30/98 -14.01%



 Table 1  Average Annual Total Returns

                                       Periods ended 12/31/2000
                                   1 year      5 years      10 years
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  European Stock Fund                 -6.66%       15.67%       12.97%

  MSCI Europe Index                   -8.14        15.75        13.92
 --------------------------------
  Lipper European Region Funds        -6.19        15.58        12.33
  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                                           0.23%
  Total annual fund operating                              1.05%/ // /
  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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    $107        $334         $579          $1,283
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 Who manages the fund?

   T. Rowe Price International is responsible for the selection and management
   of the fund's portfolio investments. The company, a wholly owned subsidiary
   of T. Rowe Price Associates, is the successor to Rowe Price-Fleming
   International ("Price-Fleming"), a joint venture established in 1979 between
   T. Rowe Price Associates and Robert Fleming Holdings ("Flemings"). In 2000,
   T. Rowe Price became the sole owner of Rowe Price-Fleming and renamed the
   company T. Rowe Price International. The U.S. office of T. Rowe Price
   International is located at 100 East Pratt Street, Baltimore, Maryland 21202.
   Offices are also located in London, Tokyo, Singapore, Hong Kong, Buenos
   Aires, and Paris.




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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 John R. Ford, who joined Price-
   Fleming in 1982 and has 20 years of experience with the Fleming Group in
   research and portfolio management; Robert Revel-Chion, who joined
   Price-Fleming in 1998 and has 11 years of experience in investment management
   (four years of which were within the Fleming Group); and James B.M. Seddon,
   who joined Price-Fleming in 1987 and has 13 years of experience in 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;




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  . electronic transfers between fund and bank accounts;

  . automatic investing and automatic exchange;

  . brokerage services; and

  . asset manager accounts.


FUND PROFILE
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T. Rowe Price Associates, Inc.
100 East Pratt Street
Baltimore, MD 21202
www.troweprice.com
LOGO
                                                                     RPS F79-035
 T. Rowe Price Investment Services, Inc., Distributor