T. Rowe Price announced changes to its redemption policies on Tuesday, to take effect on June 1, 2004. All of T. Rowe's 19 international funds will have a redemption fee of 2 percent for shares held less than 90 days or one year, depending on the fund.

Other changes include a 1 percent redemption fee for shares of T. Rowe Price Small-Cap Value Fund - Advisor Class and T. Rowe Price High Yield Fund - Advisor Class held for less than one year. The T. Rowe Price index funds redemption fee holding period will be reduced from 180 days to 90 days.

"While we have had redemption fees on 17 funds -- about one-fifth of our total retail funds -- including some as far back as 1993, the Boards are taking these actions as additional steps designed to deter short-term trading and further protect the interests of our long-term shareholders," said James Riepe, chairman of the fund boards.

The redemption fees will be paid back to the funds. 

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