T. Rowe Price Institutional International Growth Equity Fund
In section 1, the portfolio manager table under Management for the Institutional International Growth Equity Fund is supplemented as follows:
Effective April 1, 2015, Richard N. Clattenburg will replace Robert W. Smith as the funds portfolio manager and Chairman of the funds Investment Advisory Committee. Mr. Clattenburg joined T. Rowe Price in 2005.
In section 3, the disclosure under Portfolio Management with respect to the Institutional International Growth Equity Fund is supplemented as follows:
Effective April 1, 2015, Richard N. Clattenburg will replace Robert W. Smith as Chairman of the funds Investment Advisory Committee. Mr. Clattenburg joined the Firm in 2005 and his investment experience dates from 2003. During the past five years, he has served as an equity research analyst and assisted portfolio managers in executing the Firms international equity strategies.
E78-041 9/30/14