Item 1. Report to Shareholders
T. Rowe Price Institutional Emerging Markets Equity Fund
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Certified Semiannual Report
This report is certified under the Sarbanes-Oxley Act of 2002, which requires
that public companies, including mutual funds, affirm that the information
provided in their annual and semiannual shareholder reports fully and fairly
represents their financial position.
Financial Highlights
T. Rowe Price Institutional Emerging Markets Equity Fund
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Certified Semiannual Report
(Unaudited)
For a share outstanding
throughout each period
6 Months 10/31/02
Ended Through
4/30/04 10/31/03
NET ASSET VALUE
Beginning of period $ 14.18 $ 10.00
Investment activities
Net investment income (loss) 0.07 0.09
Net realized and
unrealized gain (loss) 1.19 4.10
Total from
investment activities 1.26 4.19
Distributions
Net investment income (0.09) (0.01)
Net realized gain (0.21) -
Total distributions (0.30) (0.01)
NET ASSET VALUE
End of period $ 15.14 $ 14.18
------------------------------------
Ratios/Supplemental Data
Total return^ 9.00% 41.94%
Ratio of total expenses to
average net assets 1.10%! 1.10%
Ratio of net investment
income (loss) to average
net assets 1.21%! 1.34%
Portfolio turnover rate 68.1%! 70.4%
Net assets, end of period
(in thousands) $ 25,945 $ 15,650
^ Total return reflects the rate that an investor would have earned on an
investment in the fund during each period, assuming reinvestment of all
distributions.
! Annualized
The accompanying notes are an integral part of these financial statements.
Portfolio of Investments ss. ++
T. Rowe Price Institutional Emerging Markets Equity Fund
Certified Semiannual Report
April 30, 2004 (Unaudited)
Shares Value
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(Cost and value in $ 000s)
ARGENTINA 0.6%
Common Stocks 0.6%
Quilmes Industrial ADR (USD) * 2,900 53
Tenaris ADR (USD) 3,100 93
Total Argentina (Cost $131) 146
BRAZIL 9.2%
Common Stocks 7.7%
Cia De Concessoes 5,100 44
Cia Energetica Minas Gerais
(Cemig) 9,916,000 152
Companhia de Bebidas
ADR (USD) 6,900 130
Companhia Siderurgica
Nacional 2,703,800 128
Companhia Vale do Rio Doce
ADR (USD), (1 ADR represents
250 preferred shares) 4,700 184
Companhia Vale do Rio Doce
ADR (USD) 2,300 104
Embraer Aircraft ADR (USD) 2,100 54
Gerdau 2,800 30
Petroleo Brasileiro (Petrobras)
ADR (USD) 23,500 586
Tele Centro Oeste Celular
ADR (USD) 500 4
Tele Norte Leste
Participacoes * 11,189,200 122
Tele Norte Leste
Participacoes ADR (USD) 11,500 136
Telemig Celular
Participacoes ADR (USD) 1,300 40
Telesp Celular
Participacoes ADR (USD) * 24,300 173
Votorantim Celulose ADR (USD) 3,800 119
2,006
Preferred Stocks 1.5%
Banco Bradesco 1,250 50
Banco Itau Holding Financeira 1,866,700 148
Caemi Mineracao e Metalurgica * 98,400 36
Cia Suzano de Papel e Celulose 34,100 151
385
Total Brazil (Cost $2,243) 2,391
CHINA 3.9%
Common Stocks 3.9%
China Insurance (HKD) 200,000 96
China Mobile
(Hong Kong) (HKD) 95,000 248
China Resources
Enterprise (HKD) 94,000 108
Cnooc (HKD) 407,500 145
Panva Gas Holdings (HKD) * 274,000 122
Shanghai Forte Land Company
(H shares) (HKD) * 446,000 98
Shanghai Industrial
Holdings (HKD) 38,000 71
tom.com (HKD) * 542,000 119
Total China (Cost $1,115) 1,007
CZECH REPUBLIC 0.5%
Common Stocks 0.5%
Komercni Banka 1,263 139
Total Czech Republic (Cost $121) 139
EGYPT 0.5%
Common Stocks 0.5%
Orascom Construction Industries 7,700 119
Total Egypt (Cost $118) 119
HUNGARY 0.4%
Common Stocks 0.4%
Gedeon Richter 1,120 114
Total Hungary (Cost $78) 114
INDIA 4.9%
Common Stocks 4.9%
Arvind Mills * 99,336 111
Ballarpur Industries
GDR (USD) 720 5
Ballarpur Industries
GDR, 144A (USD) 5,610 42
HDFC Bank * 14,000 120
HDFC Bank ADR (USD) * 900 26
Hindalco Industries 3,320 82
I-Flex Solutions 5,500 65
ITC 6,470 157
Mahindra & Mahindra 11,500 121
Oil & Natural Gas * 4,300 81
Oil & Natural Gas
(Regulation S shares) * 4,000 76
Tata Tea 15,200 130
Zee Telefilms 90,100 256
Total India (Cost $1,052) 1,272
INDONESIA 1.0%
Common Stocks 1.0%
INDOSAT 326,500 147
Telekom Indonesia 122,500 112
Total Indonesia (Cost $210) 259
ISRAEL 5.9%
Common Stocks 5.9%
Bank Hapoalim 83,900 215
Check Point Software
Technologies (USD) * 9,195 215
Koor Industries * 2,000 78
Lipman Electronic Engineering
(USD) * 2,400 107
Makhteshim-Agan Industries * 42,700 172
NICE Systems ADR (USD) * 4,800 111
Orbotech (USD) * 6,600 139
Partner Communications
ADR (USD) * 28,240 214
Teva Pharmaceutical ADR (USD) 4,540 280
Total Israel (Cost $1,373) 1,531
KAZAKHSTAN 0.9%
Common Stocks 0.9%
PetroKazakhstan (USD) 9,100 244
Total Kazakhstan (Cost $267) 244
MALAYSIA 6.6%
Common Stocks 6.6%
Astro All Asia * 67,200 92
Astro All Asia
(Regulation S shares) * 20,000 27
Berjaya Sports Toto 131,900 152
CIMB Berhad 92,700 135
Hong Leong Bank 89,500 120
IJM 91,000 112
Magnum 196,000 149
Malayan Banking Berhad 107,000 295
Malaysian Industrial Development
Finance Berhad 255,300 80
MK Land Holdings 168,400 124
Multi Purpose Holdings Berhad
Warrants, 2/26/09 * 15,900 3
Multi-Purpose Holdings Berhad* 162,700 54
Public Bank Berhad 119,700 107
Sime Darby 70,200 100
Symphony House * 118,500 51
Symphony House, Class A !!* 14,600 6
Symphony House *
Warrants, 3/11/08 21,500 0
Telekom Malaysia * 33,000 82
Telekom Malaysia
(Regulation S shares) 9,000 22
Total Malaysia (Cost $1,669) 1,711
MEXICO 7.2%
Common Stocks 7.2%
America Movil ADR (USD) 18,800 635
Cemex 23,861 140
Consorcio ARA * 28,600 78
Grupo Aeroportuario
del Sureste ADR (USD) 3,400 66
Grupo Financiero Banorte 19,600 70
Grupo Modelo, Series C 46,000 115
Grupo Televisa ADR (USD) 5,524 241
Telmex ADR (USD) 6,739 230
Wal-Mart de Mexico 100,234 292
Total Mexico (Cost $1,628) 1,867
POLAND 0.3%
Common Stocks 0.3%
Telekomunikacja Polska 16,500 67
Total Poland (Cost $53) 67
RUSSIA 5.5%
Common Stocks 5.5%
AO VimpelCom ADR (USD) * 3,600 323
Gazprom ADR (USD) 3,400 104
Lukoil (USD) 4,570 125
Lukoil ADR (USD) 1,430 154
MMC Norilsk Nickel (USD) 4,000 239
Mobile Telesystems ADR (USD) 2,200 238
YUKOS ADR (USD) 5,630 252
Total Russia (Cost $1,135) 1,435
SOUTH AFRICA 8.6%
Common Stocks 8.6%
ABSA Group 23,600 153
African Bank Investments 131,700 201
Anglo American 21,500 431
Impala Platinum Holdings 5,290 361
Investec 5,500 97
Naspers (N shares) 45,000 305
Pick 'N Pay Stores 34,200 88
SABMiller 7,500 81
Sanlam 189,310 239
Sappi 5,900 80
Standard Bank Group 30,200 175
Telkom South Africa 1,800 20
Total South Africa (Cost $2,110) 2,231
SOUTH KOREA 20.3%
Common Stocks 18.6%
Amorepacific 750 120
Cheil Industries 7,040 101
Daewoo Shipbuilding
GDR, 144A (USD) 1,400 30
Hanwha Chemical 21,530 144
Hyundai Motor 11,220 211
Kookmin Bank * 11,640 431
Kookmin Bank ADR (USD) * 1,100 41
Korean Air Lines 7,400 100
Kumgang Korea Chemical 1,940 198
LG Chemical 3,200 128
LG Electronics * 2,940 177
LG Home Shopping 1,490 62
LG International 12,680 97
Lotte Chilsung Beverage 320 189
NCsoft 1,430 102
Plenus 7,670 103
POSCO 280 34
Pusan Bank 19,970 115
Samsung Electronics 3,330 1,568
Shinhan Financial 11,500 199
Shinsegae 610 137
SK Corporation * 4,150 173
South Korea Telecom 2,180 370
4,830
Preferred Stocks 1.7%
Samsung Electronics 1,590 435
435
Total South Korea (Cost $4,505) 5,265
SWITZERLAND 0.7%
Common Stocks 0.7%
Compagnie Financiere Richemont 100 3
Compagnie Financiere
Richemont ADR (ZAR) 72,200 185
Total Switzerland (Cost $161) 188
TAIWAN 11.9%
Common Stocks 11.9%
Acer 122,685 172
Advantech 60,639 127
Basso Industry 60,000 119
Catcher Technology 27,000 112
Cathay Financial Holding * 96,000 169
Cheng Shin Rubber Industry 78,000 90
China Steel 9,000 8
China Trust Finance Holdings 172,380 184
EVA Airways 187,820 76
Evergreen Marine 155,440 119
Far Eastern Textile * 150,000 89
First Financial Holdings * 138,000 100
Formosa Plastic 106,680 152
Hon Hai Precision Industry 40,000 157
Nan Ya Plastic 127,760 171
Phoenixtec Power 35,180 37
Polaris Securities 150,280 83
Quanta Computer 27,000 57
Taishin Financial Holdings 209,000 182
Taiwan Cellular 98,000 90
Taiwan Semiconductor
Manufacturing 224,640 386
United Microelectronics 281,248 250
Vanguard International
Semiconductor * 96,000 43
Via Technologies 96,000 109
Total Taiwan (Cost $2,959) 3,082
THAILAND 1.9%
Common Stocks 1.9%
Bangkok Bank NVDR * 52,300 123
C.P. 7-Eleven 54,300 77
Kasikornbank Public NVDR * 62,400 76
Shin 141,300 124
Siam Commercial Bank 77,300 89
Total Thailand (Cost $368) 489
TURKEY 4.1%
Common Stocks 4.1%
Akbank 21,017,999 98
Anadolu Efes Biracilik
ve Malt Sanayii 6,727,750 94
Dogan Yayin Holding * 32,947,540 110
Hurriyet Gazete * 47,954,324 136
Turkcell Iletisim Hizmetleri * 44,521,600 483
Turkcell Iletisim
Hizmetleri ADR (USD) * 600 17
Turkiye Garanti Bankasi *37,937,784 116
Total Turkey (Cost $690) 1,054
SHORT-TERM INVESTMENTS 4.0%
Money Market Funds 4.0%
T. Rowe Price Reserve
Investment Fund, 1.09% # 1,039,173 1,039
Total Short-Term Investments
(Cost $1,039) 1,039
Total Investments in Securities
98.9% of Net Assets (Cost $23,025) $ 25,650
ss. Denominated in currency of the country of incorporation unless
otherwise noted
++ At April 30, 2004, a substantial number of the fund's international
securities were valued by the T. Rowe Price Valuation Committee,
established by the fund's Board of Directors. See Note 1.
# Seven-day yield
* Non-income producing
144A Security was purchased pursuant to Rule 144A under the Securities Act
of 1933 and may be resold in transactions exempt from registration
only to qualified institutional buyers--total value of such securities
at period-end amounts to $72 and represents 0.3% of net assets
!! Security contains restrictions as to public resale pursuant to the
Securities Act of 1933 and related rules--total value of such
securities at period-end amounts to $6 and represents 0.02% of net
assets
ADR American Depository Receipts
GDR Global Depository Receipts
HKD Hong Kong dollar
NVDR Non Voting Depository Receipt
USD United States dollar
ZAR South African rand
The accompanying notes are an integral part of these financial statements.
Statement of Assets and Liabilities
T. Rowe Price Institutional Emerging Markets Equity Fund
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Certified Semiannual Report
April 30, 2004 (Unaudited)
(Amounts in $ 000s except shares and per share amounts)
Assets
Investments in securities, at value
(cost $23,025) $ 25,650
Other assets 798
Total assets 26,448
Liabilities
Total liabilities 503
NET ASSETS $ 25,945
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Net Assets Consist of:
Undistributed net investment income (loss) $ 107
Undistributed net realized gain (loss) 957
Net unrealized gain (loss) 2,624
Paid-in-capital applicable to 1,713,487 shares of
$0.01 par value capital stock outstanding;
1,000,000,000 shares of the Corporation authorized 22,257
NET ASSETS $ 25,945
--------------------
NET ASSET VALUE PER SHARE $ 15.14
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The accompanying notes are an integral part of these financial statements.
Statement of Operations
T. Rowe Price Institutional Emerging Markets Equity Fund
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Certified Semiannual Report
(Unaudited)
($ 000s)
6 Months
Ended
4/30/04
Investment Income (Loss)
Dividend income (net of foreign taxes of $33) $ 257
Investment management and administrative expense 123
Net investment income (loss) 134
Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Securities (net of foreign taxes of $137) 964
Foreign currency transactions (2)
Net realized gain (loss) 962
Change in net unrealized gain (loss)
Securities (net of decrease in
deferred foreign taxes of $5) 91
Other assets and liabilities
denominated in foreign currencies (1)
Change in net unrealized gain (loss) 90
Net realized and unrealized gain (loss) 1,052
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ 1,186
The accompanying notes are an integral part of these financial statements.
Statement of Changes in Net Assets
T. Rowe Price Institutional Emerging Markets Equity Fund
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Certified Semiannual Report
(Unaudited)
($ 000s)
6 Months 10/31/02
Ended Through
4/30/04 10/31/03
Increase (Decrease) in Net Assets
Operations
Net investment income (loss) $ 134 $ 95
Net realized gain (loss) 962 256
Change in net unrealized gain (loss) 90 2,534
Increase (decrease) in net
assets from operations 1,186 2,885
Distributions to shareholders
Net investment income (115) (2)
Net realized gain (268) -
Decrease in net assets
from distributions (383) (2)
Capital share transactions *
Shares sold 10,426 12,921
Distributions reinvested 280 2
Shares redeemed (1,214) (156)
Increase (decrease) in net
assets from capital
share transactions 9,492 12,767
Net Assets
Increase (decrease) during period 10,295 15,650
Beginning of period 15,650 -
End of period $ 25,945 $ 15,650
------------------------------------
(Including undistributed net investment income of $107 at 4/30/04 and $88
at 10/31/03)
*Share information
Shares sold 670 1,116
Distributions reinvested 19 -
Shares redeemed (79) (13)
Increase (decrease) in shares outstanding 610 1,103
The accompanying notes are an integral part of these financial statements.
Notes to Financial Statements
T. Rowe Price Institutional Emerging Markets Equity Fund
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Certified Semiannual Report
April 30, 2004 (Unaudited)
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
T. Rowe Price Institutional International Funds, Inc. (the corporation) is
registered under the Investment Company Act of 1940 (the 1940 Act). The
Institutional Emerging Markets Equity Fund (the fund), a diversified,
open-end management investment company, is one portfolio established by the
corporation and commenced operations on October 31, 2002. The fund seeks
long-term growth of capital through investments primarily in the common
stocks of companies located (or with primary operations) in emerging
markets.
The accompanying financial statements were prepared in accordance with
accounting principles generally accepted in the United States of America,
which require the use of estimates made by fund management.
Valuation
The fund values its investments and computes its net asset value per share
at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET,
each day that the NYSE is open for business. Equity securities listed or
regularly traded on a securities exchange or in the over-the-counter market
are valued at the last quoted sale price or, for certain markets, the
official closing price at the time the valuations are made, except for OTC
Bulletin Board securities, which are valued at the mean of the latest bid
and asked prices. A security that is listed or traded on more than one
exchange is valued at the quotation on the exchange determined to be the
primary market for such security. Listed securities not traded on a
particular day are valued at the mean of the latest bid and asked prices
for domestic securities and the last quoted sale price for international
securities.
Investments in mutual funds are valued at the mutual fund's closing net
asset value per share on the day of valuation.
Other investments and those for which the above valuation procedures are
inappropriate or are deemed not to reflect fair value are stated at fair
value as determined in good faith by the T. Rowe Price Valuation Committee,
established by the fund's Board of Directors.
Most foreign markets close before the close of trading on the NYSE. If the
fund determines that developments between the close of a foreign market and
the close of the NYSE will, in its judgment, materially affect the value of
some or all of its portfolio securities, which in turn will affect the
fund's share price, the fund will adjust the previous closing prices to
reflect the fair value of the securities as of the close of the NYSE, as
determined in good faith by the T. Rowe Price Valuation
Committee, established by the fund's Board of Directors. A fund may also
fair value securities in other situations, such as when a particular
foreign market is closed but the fund is open. In deciding whether to make
fair value adjustments, the fund reviews a variety of factors, including
developments in foreign markets, the performance of U.S. securities
markets, and the performance of instruments trading in U. S. markets that
represent foreign securities and baskets of foreign securities. The fund
uses outside pricing services to provide it with closing market prices and
information used for adjusting those prices. The fund cannot predict how
often it will use closing prices and how often it will adjust those prices.
As a means of evaluating its fair value process, the fund routinely
compares closing market prices, the next day's opening prices in the same
markets, and adjusted prices.
Currency Translation
Assets, including investments, and liabilities denominated in foreign
currencies are translated into U.S. dollar values each day at the
pre-vailing exchange rate, using the mean of the bid and asked prices of
such currencies against U.S. dollars as quoted by a major bank. Purchases
and sales of securities, income, and expenses are translated into U.S.
dollars at the prevailing exchange rate on the date of the transaction. The
effect of changes in foreign currency exchange rates on realized and
unrealized security gains and losses is reflected as a component of
security gains and losses.
Investment Transactions, Investment Income, and Distributions
Income and expenses are recorded on the accrual basis. Dividends received
from mutual fund investments are reflected as dividend income; capital gain
distributions are reflected as realized gain/loss. Dividend income and
capital gain distributions are recorded on the ex-dividend date. Investment
transactions are accounted for on the trade date. Realized gains and losses
are reported on the identified cost basis. Distributions to shareholders
are recorded on the ex-dividend date. Income distributions are declared and
paid an annual basis. Capital gain distributions, if any, are declared and
paid by the fund, typically on an annual basis.
Other
In the normal course of business, the fund enters into contracts that
provide general indemnifications. The fund's maximum exposure under these
arrangements is dependent on claims that may be made against the fund in
the future and, therefore, cannot be estimated; however, based on
experience, the risk of material loss from such claims is considered
remote.
NOTE 2 - INVESTMENT TRANSACTIONS
Consistent with its investment objective, the fund engages in the following
practices to manage exposure to certain risks or enhance performance. The
investment objective, policies, program, and risk factors of the fund are
described more fully in the fund's prospectus and Statement of Additional
Information.
Emerging Markets
At April 30, 2004, approximately 94% of the fund's net assets were invested
in securities of companies located in emerging markets or denominated in or
linked to currencies of emerging market countries. Future economic or
political developments could adversely affect the liquidity or value, or
both, of such securities.
Other
Purchases and sales of portfolio securities, other than short-term
securities, aggregated $16,392,000 and $7,056,000, respectively, for the
six months ended April 30, 2004.
NOTE 3 - FEDERAL INCOME TAXES
No provision for federal income taxes is required since the fund intends to
continue to qualify as a regulated investment company under Subchapter M of
the Internal Revenue Code and distribute to shareholders all of its taxable
income and gains. Federal income tax regulations differ from generally
accepted accounting principles; therefore, distributions determined in
accordance with tax regulations may differ in amount or character from net
investment income and realized gains for financial reporting purposes.
Financial reporting records are adjusted for permanent book/tax differences
to reflect tax character. Financial records are not adjusted for temporary
differences. The amount and character of tax-basis distributions and
composition of net assets are finalized at fiscal year-end; accordingly,
tax-basis balances have not been determined as of April 30, 2004.
At April 30, 2004, the cost of investments for federal income tax purposes
was $23,025,000. Net unrealized gain aggregated $2,624,000 at period-end,
of which $3,218,000 related to appreciated investments and $594,000 related
to depreciated investments.
NOTE 4 - FOREIGN TAXES
The fund is subject to foreign income taxes imposed by certain countries in
which it invests. Foreign income taxes are accrued by the fund as a
reduction of income.
Gains realized upon disposition of Indian securities held by the fund are
subject to capital gains tax in India, payable prior to repatriation of
sale proceeds. The tax is computed on net realized gains, and realized
losses in excess of gains may be carried forward eight years to offset
future gains. In addition, the fund accrues a deferred tax liability for
net unrealized gains on Indian securities. At April 30, 2004, the fund had
no deferred tax liability, and $192,000 of capital loss carryforwards that
expire in fiscal 2012.
NOTE 5 - RELATED PARTY TRANSACTIONS
The fund is managed by T. Rowe Price International, Inc. (the manager), a
wholly owned subsidiary of T. Rowe Price Associates, Inc. (Price
Associates), which is wholly owned by T. Rowe Price Group, Inc. The
investment management and administrative agreement between the fund and the
manager provides for an all-inclusive annual fee equal to 1.10% of the
fund's average daily net assets. The fee is computed daily and paid
monthly. The agreement provides that investment management, shareholder
servicing, transfer agency, accounting, and custody services are provided
to the fund, and interest, taxes, brokerage commissions, directors' fees
and expenses, and extraordinary expenses are paid directly by the fund. At
April 30, 2004, $18,000 was payable under this agreement.
The fund may invest in the T. Rowe Price Reserve Investment Fund and the
T. Rowe Price Government Reserve Investment Fund (collectively, the Reserve
Funds), open-end management investment companies managed by Price
Associates. The Reserve Funds are offered as cash management options to
mutual funds, trusts, and other accounts managed by Price Associates and/or
its affiliates, and are not available for direct purchase by members of the
public. The Reserve Funds pay no investment management fees. During the six
months ended April 30, 2004, dividend income from the Reserve Funds totaled
$5,000.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions is filed as an
exhibit to the registrant's annual Form N-CSR. No substantive amendments were
approved or waivers were granted to this code of ethics during the registrant's
most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant's annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant's annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
Not applicable. The complete schedule of investments is included in Item 1 of
this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 8. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
Not applicable.
Item 9. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 10. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer
have evaluated the registrant's disclosure controls and procedures within 90
days of this filing and have concluded that the registrant's disclosure controls
and procedures were effective, as of that date, in ensuring that information
required to be disclosed by the registrant in this Form N-CSR was recorded,
processed, summarized, and reported timely.
(b) The registrant's principal executive officer and principal financial officer
are aware of no changes in the registrant's internal control over financial
reporting that occurred during the registrant's most recent fiscal half-year
that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
Item 11. Exhibits.
(a)(1) The registrant's code of ethics pursuant to Item 2 of Form N-CSR is filed
with the registrant's annual Form N-CSR.
(2) Separate certifications by the registrant's principal executive officer
and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of
1940, are attached.
(3) Written solicitation to repurchase securities issued by closed-end
companies: not applicable.
(b) A certification by the registrant's principal executive officer and
principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940,
is attached.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
T. Rowe Price Institutional International Funds, Inc.
By /s/ James S. Riepe
James S. Riepe
Principal Executive Officer
Date June 15, 2004
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By /s/ James S. Riepe
James S. Riepe
Principal Executive Officer
Date June 15, 2004
By /s/ Joseph A. Carrier
Joseph A. Carrier
Principal Financial Officer
Date June 15, 2004