prlax latin america fund rlaix latin america fund– i...

October 31, 2017

ANNuAlREPORT

Latin America Fund

Latin America Fund– I Class

T. ROwe PRICe

The fund invests in Latin American companies.

PRLAX

RLAIX

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HIGHLIGHTS

• LatinAmericanstocksroseinthepast12monthsdespiteconcernsaboutthepossibledissolutionoftheNorthAmericanFreeTradeAgreement(NAFTA)anduncertaintyleadinguptonextyear’spresidentialelectionsacrosstheregion.

• TheLatinAmericaFundreturned14.28%forthe12monthsendedOctober31,2017,outperformingitsbenchmarkandpeergroup.

• OurallocationsinArgentinaandinBrazilprovidedthebiggestcontributiontorelativereturns.

• Wehavesomeshort-termconcernsaboutthefateofNAFTAandtheincreasingpossibilitythatMexicowillelectaleft-wingpopulisttopowerinupcomingelections.However,wearepositiveaboutthemedium-andlong-termopportunitiesaswecontinuetoidentifydynamiccompaniesacrossLatinAmerica,wheresomegovernmentsarepursuingpromisingreforms.

T. Rowe Price Latin America Fund

TheviewsandopinionsinthisreportwerecurrentasofOctober31,2017.They are not guarantees of performance or investment results andshouldnotbe takenas investmentadvice. Investmentdecisionsreflectavarietyof factors,and themanagers reserve the right tochange theirviews about individual stocks, sectors, and the markets at any time.As a result, the views expressed should not be relied upon as a fore-castof the fund’s future investment intent.Thereport iscertifiedunderthe Sarbanes-Oxley Act, which requires mutual funds and other publiccompanies to affirm that, to the best of their knowledge, the informa-tionintheirfinancialreportsisfairlyandaccuratelystatedinallmaterialrespects.

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Manager’s Letter

1

Fellow Shareholders

Latin American markets generated solid returns over the past 12 months as leaders

pursued market-friendly reforms and the broad Latin American economy began to

grow, with Brazil emerging from recession. While investors have grown concerned

about the fate of NAFTA, continuing corruption in Brazil, and uncertainty about

upcoming presidential elections across the region, many companies reported solid

earnings growth. Against this backdrop, the Latin America Fund posted solid absolute

and relative returns.

PERfORmaNcE REvIEW

The Latin America Fund returned 14.28% in the 12 months ended October 31, 2017, outperforming its benchmark, the MSCI Emerging Markets Latin America Index, and its Lipper peer group average. (Returns for the fund’s I Class differed due to its fee structure and

other factors). Stock selection in Brazil and our inclusion of non-benchmark Argentine stocks drove relative returns. From a sector perspective, stock selection in consumer discretionary and financials bolstered relative results. Stock selection in information technology and consumer staples also contributed to relative performance.

Our underweight in materials detracted, as the sector was the top performer in the index, with many companies benefiting from a recovery in commodity prices and production.

TotalReturnPeriodsEnded10/31/17 6Months 12Months

LatinAmericaFund 9.73% 14.28%

LatinAmericaFund–IClass 9.87 13.69*

MSCIEmergingMarketsLatinAmericaIndex 9.14 10.50

LipperLatinAmericanFundsAverage 9.47 12.57

*Sinceinception3/6/17.

Performance Comparison

2

maRkET ENvIRONmENT

Latin American stocks generated solid returns over the 12-month period despite selling off during episodes of heightened risk aversion, especially in the immediate aftermath of the U.S. presidential election. While NAFTA negotiations, Brazil’s ongoing corruption scandal, and

geopolitical crises outside of Latin America caused additional bouts of selling, solid global growth and lower-than-expected U.S. interest rates supported the markets.

PORTfOLIO REvIEW

Brazil In Brazil, lower interest rates helped bolster corporate balance sheets, and President Michel Temer, while weakened

by the country’s corruption scandal, began to implement reforms. However, he has not been able to get Brazil’s Congress to approve the most important social security reform. Temer has twice been charged with corruption, but both times Brazil’s lower house of Congress voted against pursuing an investigation that would have forced him to step down. His term officially ends on December 31, 2017. Nonetheless, in the context of an improved macroeconomic outlook and a more favorable global environment, markets have looked past these challenges and rallied.

Stock selection in Brazil was a primary contributor to our relative return performance. Brazil has a highly consolidated and, generally, well-capitalized banking system, and we favor high-quality private banks, including Itau Unibanco and Banco Bradesco, which benefited from economic growth, strong earnings, and efforts to improve asset quality. We trimmed our position in Itau Unibanco, however, as valuations became extended and increased our holdings of Banco Bradesco, which we believe has stronger earnings potential. (Please refer to the portfolio of investments for a complete list of holdings and the amount each represents in the portfolio.)

PeriodsEnded10/31/17 TotalReturn(InU.S.DollarTerms) 6Months 12Months

Argentina 23.46% 51.15%

Peru 30.48 38.92

Chile 22.08 33.26

UnitedStates 8.99 23.52

UnitedKingdom 8.58 21.68

Brazil 11.10 9.99

Colombia 0.57 3.96

Mexico -0.19 2.62

Source:RIMESOnline,usingMSCIindexes.

Market Performance

3

Brazil’s long-term growth characteristics remain favorable for consumption-driven areas of the economy. We maintain a position in apparel retailer Lojas Renner, which was able to gain market share even during difficult economic times thanks to its superior value proposition and improved merchandising. However, we trimmed our position following the company’s strong performance. Drugstore

retailer Raia Drogasil is another large position. It continues to expand its store base in what is a very fragmented market.

Our position in meat-packer BRF detracted after abnormally high feed prices in Brazil raised costs, and a scandal that charged meatpackers with bribing officials to overlook spoiled meat temporarily disrupted the company’s domestic

and export business. As part of the investigation, one of BRF’s plants was closed and two of its executives were among the 60 people charged with taking part in the scheme. The plant was reopened April 8. We don’t believe there are any systemic or structural issues with BRF, and the company was quick to remedy the situation. Looking forward, we see the company benefiting from revenue acceleration and margin normalization. Longer term, we expect BRF to become a global low-cost protein provider with dominant brands and market positioning in Brazil.

mexicoMexico’s market rose less than 3% in U.S. dollar terms, far less than most other countries, amid intensifying concerns about the future of NAFTA. The weakening economy appeared to also boost political prospects of left-leaning populist presidential candidate and former Mexico City Mayor Andres Manuel Lopez Obrador (AMLO). We took a more cautious position in the country, where growth is slowing, and reduced our holdings in financials and real estate companies as loan growth forecasts softened. Grupo Financiero Santander Mexico, which we reduced during the period, weighed on results.

Other and Reserves3%

United Kingdom1%

Colombia1%

Peru6%

Argentina6%

Chile6%

Mexico20%

Brazil57%

Based on net assets as of 10/31/17.

Geographic Diversification

4

Despite signs of slowing domestic demand, consumer spending has been fairly resilient, prompting us to consolidate our position into our highest-conviction names, which are well positioned to navigate an environment of rising U.S. rates and foreign exchange volatility. We expect Wal-Mart de Mexico to continue to gain market share across Mexico and Central America, especially as Mexican consumers shop for better values amid tighter economic conditions.

Arca Continental was another top contributor. Arca manufactures and distributes Coca-Cola company beverages, and its business should benefit from margin expansion in its Argentine and U.S. markets. We eliminated beverage and retail company Fomento Economico Mexicano, as the company’s valuations are stretched, in our view.

argentinaArgentina’s stock market gained more than 51% during the period, as President Mauricio Macri’s market-friendly reform agenda gained steam, especially following

his party’s strong results in the country’s congressional elections in October. The victory appeared to fortify Macri’s mandate to move forward with his package of labor, tax, and fiscal reforms that are essential to achieve sustainable economic growth.

Our out-of-benchmark investments in banks added value, as shares of private sector banks Grupo Supervielle and Grupo Financiero Galicia benefited from the improved credit outlook. We sold our position in Galicia following its strong performance. We will continue to monitor valuations in the Argentine banking system, paying particular attention to long-term credit growth and capital levels.

PercentofNetAssets 4/30/17 10/31/17

Financials 33.5% 32.8%

ConsumerStaples 21.0 21.0

ConsumerDiscretionary 12.7 12.3

RealEstate 7.5 7.2

Materials 6.0 6.8

IndustrialsandBusinessServices 5.4 4.3

Energy 1.9 4.1

InformationTechnology 3.0 3.4

TelecommunicationServices 1.8 2.7

Utilities 2.8 2.2

HealthCare 0.5 0.0

OtherandReserves 3.9 3.2

Total 100.0% 100.0%

Historicalweightingsreflectcurrentindustry/sectorclassifications.

Sector Diversification

5

Latin America’s leading online trading platform MercadoLibre remains our largest Argentine holding, as it gives us exposure to the region’s fast-growing and underpenetrated e-commerce market. It was one of the fund’s top performers as it continued to gain market share across many Latin American markets. We expect the company’s management team will be able to drive sustainable growth and consolidate its leading position in e-commerce and digital payments.

Other countries (chile, colombia, and Peru)Stock markets in Chile and Peru generated exceptional gains during the period. We are underweight to Chile, as valuations look expensive. We have several holdings that should benefit from an improved economic outlook, including SACI Falabella and Banco Santander Chile. Falabella is a leading regional retailer with businesses in home improvement, retail banking, and shopping mall development. While the Chilean retail industry is relatively mature, other countries in the region, notably Peru and Colombia, are not, and Falabella has made inroads in those two countries.

In Colombia, we hold only Grupo Aval Acciones y Valores, the country’s largest bank, controlling about one-third of Colombia’s market share. The stock helped fund performance during the period. We remain overweight to Peru given our favorable view of economic growth supported by low levels of inflation and indebtedness. We benefited from owning Credicorp, which rallied on expectations that the economic slowdown is coming to an end. The dominant banking franchise gives us exposure to one of the most attractive and underpenetrated markets in Latin America. Following meetings with the bank’s chief executive, we added to our position, as we are supportive of Credicorp’s business plan and strong culture, which we believe will help it achieve its aims. We also like the shopping mall conglomerate InRetail Peru, which we expect will benefit as Peru’s consumer markets develop.

6

OUTLOOk

We are encouraged about the region’s medium- to long-term prospects, given improved economic growth, more positive macroeconomic policies, and favorable demographics of many countries. Nonetheless, we are a bit guarded near term because of the presidential elections next year in Colombia, Mexico, and Brazil. Battles will be fought over the inability of governments to fight corruption and crime, and voters may cast ballots for far-left- or far-right-leaning parties, which could set back reforms and prompt investor outflows.

Mexico is in a particularly precarious position, in our view. Its economy is weakening and is at risk of further economic slowing, especially as AMLO leads the polls for the July 2018 presidential election and with the fate of NAFTA unclear. In Argentina, Macri consolidated power following the victory of his governing coalition in congressional elections in October. We believe the strong results should enable him to implement needed reforms. But he will need to continue to address the country’s twin deficits and its high rate of inflation.

In the Andean region, Peru’s growth outlook has moderated but business confidence is picking up and unemployment is falling. Valuations in Chile look expensive. Following the end of our reporting period, market-friendly center-right candidate Sebastian Piñera won the first presidential election round by a much narrower margin than expected. While the sell-off is an indication that investors are now assigning a lower probability of Piñera winning in the second round, T. Rowe Price sovereign analyst Richard Hall expects he will prevail. Center-left candidate Alejandro Guillier could provide an upset, but Hall does not believe either winner would disrupt Chile’s governability or economic stability.

7

Our investment process relies on the bottom-up assessment of each individual company’s prospects and does not attempt to exploit broad shifts between markets and sectors based on political or economic developments. Periods of volatility provide opportunities to sharpen the portfolio’s focus and buy high-quality names at attractive levels. As always, we attempt to balance our long-term view against short-term uncertainties.

We continue to devote substantial effort to meeting with and assessing corporate management teams through regular trips to the region. We are confident that such meetings and careful fundamental analysis will allow us to identify companies with high returns and sustainable, above-market earnings growth rates.

Thank you for investing with T. Rowe Price.

Respectfully submitted,

Verena E. WachnitzLead portfolio manager and chair of the fund’s Investment Advisory Committee

November 16, 2017

The lead portfolio manager has day-to-day responsibility for managing the portfolio and works with committee members in developing and executing the fund’s investment program.

8


Risks of International Investing

FundsthatinvestoverseasgenerallycarrymoreriskthanfundsthatinveststrictlyinU.S.assets.Fundsinvestinginasinglecountryorlimitedgeographicregiontendtoberiskierthanmorediversifiedfunds.Riskscanresultfromvaryingstagesofeconomicandpoliticaldevelopment;differingregulatoryenvironments,tradingdays,andaccountingstandards;andhighertransactioncostsofnon-U.S.markets.Non-U.S.investmentsarealsosubjecttocurrencyrisk,oradeclineinthevalueofaforeigncurrencyversustheU.S.dollar,whichreducesthedollarvalueofsecuritiesdenominatedinthatcurrency.

Glossary

Lipper averages: TheaveragesofavailablemutualfundperformancereturnsforspecifiedtimeperiodsincategoriesdefinedbyLipperInc.

mScI Emerging markets Latin america Index:Amarketcapitalization-weightedindexofapproximately140stockstradedinsevenLatinAmericanmarkets.

Note:MSCImakesnoexpressorimpliedwarrantiesorrepresentationsandshallhavenoliabilitywhatsoeverwithrespecttoanyMSCIdatacontainedherein.TheMSCIdatamaynotbefurtherredistributedorusedasabasisforotherindicesoranysecuritiesorfinancialproducts.Thisreportisnotapproved,reviewed,orproducedbyMSCI.

9


TWENTY-fIvE LaRGEST HOLDINGS

Percentof NetAssets 10/31/17

ItauUnibancoHolding,Brazil 10.9%BancoBradesco,Brazil 8.9LojasRenner,Brazil 5.7Wal-MartdeMexico,Mexico 4.6Ambev,Brazil 4.3

RaiaDrogasil,Brazil 3.5Credicorp,Peru 3.3BRF,Brazil 3.2SACIFalabella,Chile 2.7BM&FBOVESPA,Brazil 2.7

GrupoMexico,Mexico 2.4AmericaMovil,Mexico 2.1CCR,Brazil 2.1UltraparParticipacoes,Brazil 2.0ArcaContinental,Mexico 1.9

MercadoLibre,Argentina 1.7IguatemiEmpresadeShoppingCenters,Brazil 1.7FibriaCelulose,Brazil 1.7ConcentradoraFibraDanhos,Mexico 1.6AlseaSABdeCV,Mexico 1.5

BancoSantanderChile,Chile 1.5BBSeguridadeParticipacoes,Brazil 1.5PromotorayOperadoradeInfraestructura,Mexico 1.4BRMallsParticipacoes,Brazil 1.4GrupoAvalAccionesyValores,Colombia 1.2

Total 75.5%

Note:Theinformationshowndoesnotreflectanyexchange-tradedfunds(ETFs),cashreserves,orcollateralforsecuritieslendingthatmaybeheldintheportfolio.

Portfolio Highlights


Performance and Expenses

10

MSCI Emerging Markets Latin America Index $8,182

Latin America Fund $7,791

As of 10/31/17

10/07 10/1310/1210/1110/1010/0910/08 10/1710/14

L AT I N A M E R I C A F U N D

Lipper Latin American Funds Average $7,448

5,000

10,000

15,000

20,000

25,000

$30,000

Note: Performance for the I Class will vary due to its differing fee structure. See returns table below.

10/15 10/16

Growth of $10,000

Thischartshowsthevalueofahypothetical$10,000investmentinthefundoverthepast10fiscalyearperiodsorsinceinception(forfundslacking10-yearrecords).Theresultiscomparedwithbenchmarks,whichmayincludeabroad-basedmarketindexandapeergroupaverageorindex.Marketindexesdonotincludeexpenses,whicharedeductedfromfundreturnsaswellasmutualfundaveragesandindexes.

Since InceptionPeriodsEnded10/31/17 1Year 5Years 10Years Inception Date

LatinAmericaFund 14.28% -1.13% -2.47% – –

LatinAmericaFund–IClass – – – 13.69% 3/6/17

Thistableshowshowthefundwouldhaveperformedeachyearifitsactual(orcumulative)returnsfortheperiodsshownhadbeenearnedataconstantrate.Returnsdonotreflecttaxesthattheshareholdermaypayonfunddistributionsortheredemptionoffundshares.Pastperformancecannotguaranteefutureresults.

Average Annual Compound Total Return

11


Fund Expense Example

Asamutualfundshareholder,youmayincurtwotypesofcosts:(1)transactioncosts,suchasredemptionfeesorsalesloads,and(2)ongoingcosts,includingmanagementfees,distributionandservice(12b-1)fees,andotherfundexpenses.Thefollowingexampleisintendedtohelpyouunderstandyourongoingcosts(indollars)ofinvestinginthefundandtocomparethesecostswiththeongoingcostsofinvestinginothermutualfunds.Theexampleisbasedonaninvestmentof$1,000investedatthebeginningofthemostrecentsix-monthperiodandheldfortheentireperiod.

Pleasenotethatthefundhastwoshareclasses:Theoriginalshareclass(InvestorClass)chargesnodistributionandservice(12b-1)fee,andtheIClasssharesarealsoavailabletoinstitutionallyorientedclientsandimposeno12b-1oradministrativefeepayment.Eachshareclassispresentedseparatelyinthetable.

actual ExpensesThefirstlineofthefollowingtable(Actual)providesinformationaboutactualaccountvaluesandexpensesbasedonthefund’sactualreturns.Youmayusetheinformationonthisline,togetherwithyouraccountbalance,toestimatetheexpensesthatyoupaidovertheperiod.Simplydivideyouraccountvalueby$1,000(forexample,an$8,600accountvaluedividedby$1,000=8.6),thenmultiplytheresultbythenumberonthefirstlineundertheheading“ExpensesPaidDuringPeriod”toestimatetheexpensesyoupaidonyouraccountduringthisperiod.

Hypothetical Example for comparison PurposesTheinformationonthesecondlineofthetable(Hypothetical)isbasedonhypotheticalaccountvaluesandexpensesderivedfromthefund’sactualexpenseratioandanassumed5%peryearrateofreturnbeforeexpenses(notthefund’sactualreturn).Youmaycomparetheongoingcostsofinvestinginthefundwithotherfundsbycontrastingthis5%hypotheticalexampleandthe5%hypotheticalexamplesthatappearintheshareholderreportsoftheotherfunds.Thehypotheticalaccountvaluesandexpensesmaynotbeusedtoestimatetheactualendingaccountbalanceorexpensesyoupaidfortheperiod.

Note:T.RowePricechargesanannualaccountservicefeeof$20,generallyforaccountswithlessthan$10,000.ThefeeiswaivedforanyinvestorwhoseT.RowePricemutualfundaccountstotal$50,000ormore;accountselectingtoreceiveelectronicdeliveryofaccountstatements,transactionconfirmations,prospectuses,andshareholderreports;oraccountsofaninvestorwhoisaT.RowePricePersonalServicesorEnhancedPersonalServicesclient(enrollmentintheseprogramsgenerallyrequiresT.RowePriceassetsofatleast$250,000).Thisfeeisnotincludedintheaccompanyingtable.Ifyouaresubjecttothefee,keepitinmindwhenyouareestimatingtheongoingexpensesofinvestinginthefundandwhencom-paringtheexpensesofthisfundwithotherfunds.

Youshouldalsobeawarethattheexpensesshowninthetablehighlightonlyyourongoingcostsanddonotreflectanytransactioncosts,suchasredemptionfeesorsalesloads.Therefore,thesecondlineofthetableisusefulincomparingongoingcostsonlyandwillnothelpyoudeterminetherelativetotalcostsofowningdifferentfunds.Totheextentafundchargestransactioncosts,however,thetotalcostofowningthatfundishigher.

12


Beginning Ending ExpensesPaid AccountValue AccountValue DuringPeriod* 5/1/17 10/31/17 5/1/17to10/31/17

Investor class Actual $1,000.00 $1,097.30 $6.77

Hypothetical(assumes5%returnbeforeexpenses) 1,000.00 1,018.75 6.51

I classActual 1,000.00 1,098.70 5.87

Hypothetical(assumes5%returnbeforeexpenses) 1,000.00 1,019.61 5.65

*Expensesareequaltothefund’sannualizedexpenseratioforthe6-monthperiod,multipliedbytheaverageaccountvalueovertheperiod,multipliedbythenumberofdaysinthemostrecentfiscalhalfyear(184),anddividedbythedaysintheyear(365)toreflectthehalf-yearperiod.TheannualizedexpenseratiooftheInvestorClasswas1.28%,andtheIClasswas1.11%.

Latin America Fund

Fund Expense Example (continued)

13


LatinAmericaFund 1.38%

LatinAmericaFund–IClass 1.17

Theexpenseratioshownisasofthefund’sfiscalyearended10/31/16.TheexpenseratiofortheLatinAmericaFund–IClassisestimatedasoftheclass’sinceptiondateof3/6/17.Thisnumbermayvaryfromtheexpenseratioshownelsewhereinthisreportbecauseitisbasedonadifferenttimeperiodand,ifapplicable,includesacquiredfundfeesandexpensesbutdoesnotincludefeeorexpensewaivers.

Expense Ratio

Since InceptionPeriodsEnded9/30/17 1Year 5Years 10Years Inception Date

LatinAmericaFund 26.17% -0.39% -0.96% – –

LatinAmericaFund–IClass – – – 17.72% 3/6/17

Current performance may be higher or lower than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. For the most recent month-end performance, please visit our website (troweprice.com) or contact a T. Rowe Price representative at 1-800-225-5132 or, for I Class shares, 1-800-638-8790. The performance information shown does not reflect the deduction of a 2% redemption fee on shares held for 90 days or less. If it did, the performance would be lower.

Thistableprovidesreturnsthroughthemostrecentcalendarquarter-endratherthanthroughtheendofthefund’sfiscalperiod.Itshowshowthefundwouldhaveperformedeachyearifitsactual(orcumulative)returnsfortheperiodsshownhadbeenearnedataconstantrate.Averageannualtotalreturnfiguresincludechangesinprincipalvalue,reinvesteddividends,andcapitalgaindistributions.Returnsdonotreflecttaxesthattheshareholdermaypayonfunddistributionsortheredemptionoffundshares.Whenassessingperformance,investorsshouldconsiderbothshort-andlong-termreturns.

Quarter-End Returns

14


Financial Highlights For a share outstanding throughout each period

The accompanying notes are an integral part of these financial statements.

Investor Class

Year Ended

10/31/17

10/31/16

10/31/15

10/31/14

10/31/13

NET ASSET VALUE

Beginning of period

$ 22.03

$ 17.15

$ 30.02

$ 34.18

$ 40.43

Investment activities

Net investment income(1)

0.26(2)

0.23

0.26

0.47

0.46

Net realized and unrealized gain / loss

2.79

5.65

(9.32)

(2.70)

(2.01)

Total from investment activities

3.05

5.88

(9.06)

(2.23)

(1.55)

Distributions

Net investment income

(0.28)

(0.12)

(0.41)

(0.58)

(0.54)

Net realized gain

–

(0.88)

(3.40)

(1.35)

(4.16)

Total distributions

(0.28)

(1.00)

(3.81)

(1.93)

(4.70)

NET ASSET VALUE

End of period $ 24.80 $ 22.03 $ 17.15 $ 30.02 $ 34.18

Ratios/Supplemental Data Total return(3) 14.28%(2) 36.63% (32.08)% (6.42)% (4.82)%

Ratio of total expenses to average net assets

1.29%

(2) 1.38%

1.37%

1.31%

1.25%

Ratio of net investment income to average net assets

1.16%

(2) 1.26%

1.22%

1.52%

1.27%

Portfolio turnover rate

27.8%

26.9%

23.2%

20.5%

13.2%

Net assets, end of period

(in millions)

$ 681

$ 676

$ 495

$ 927

$ 1,278

(1) Per share amounts calculated using average shares outstanding method. (2) Excludes expenses waived related to the waiver of fund-level expenses ratably across all classes

in accordance with SEC rules. (3) 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 and payment of no redemption or account fees.

15


Financial Highlights


Forashareoutstandingthroughouttheperiod

I Class

3/6/17(1)

Through

10/31/17

NET ASSET VALUE

Beginning of period

$ 21.84

Investment activities

Net investment income(2)

0.07(3)

Net realized and unrealized gain / loss

2.92

Total from investment activities

2.99

NET ASSET VALUE

End of period $ 24.83

Ratios/Supplemental Data

Total return(4)

13.69%(3)

Ratio of total expenses to average net assets

1.11%(3)(5)(6)

Ratio of net investment income to average net assets

0.46%(3)(5)

Portfolio turnover rate

27.8%

Net assets, end of period (in thousands)

$ 17,106

(1) Inception date (2) Per share amounts calculated using average shares outstanding method. (3) See Note 6. Excludes expenses in excess of a 0.05% contractual operating expense limitation in

effect through 2/28/19. (4) Total return reflects the rate that an investor would have earned on an investment in the fund

during the period, assuming reinvestment of all distributions and payment of no redemption or account fees. Total return is not annualized for periods less than one year.

(5) Annualized (6) Includes investment-related costs borne by the fund in excess of the expense limitation (see Note

6).

T. Rowe Price Latin America Fund October 31, 2017

Portfolio of Investments ‡ Shares $ Value

(Cost and value in $000s)

16

First Page Footer

ARGENTINA 5.7%

Common Stocks 5.7%

Cablevision Holding, ADR (USD) (1) 126,856 2,922

Despegar.com (USD) (1)(2) 35,340 1,089

Globant (USD) (1)(2) 85,500 3,225

Grupo Supervielle, ADR (USD) 259,200 6,949

IRSA Propiedades Comerciales, ADR (USD) (2) 85,200 4,771

MercadoLibre (USD) 49,500 11,895

Tenaris, ADR (USD) 147,200 4,011

YPF, ADR (USD) 195,000 4,789

Total Argentina (Cost $24,414) 39,651

BRAZIL 57.0%

Common Stocks 36.5%

Ambev, ADR (USD) 4,742,800 30,022

B3 2,604,940 19,031

Banco BTG Pactual, Equity Units 558,500 3,758

BB Seguridade Participacoes 1,209,100 10,249

BR Malls Participacoes 2,487,380 9,672

Brasil Brokers Participacoes (1) 5,799,210 1,968

BRF (1) 1,649,964 22,354

Camil Alimentos (1) 1,270,900 3,131

CCR 2,580,597 14,357

Energias do Brasil 1,082,868 4,826

Energisa, Equity Units 413,100 3,122

Ez Tec Empreendimentos e Participacoes 630,100 4,157

Fibria Celulose, ADR (USD) 727,800 11,601

Iguatemi Empresa de Shopping Centers 991,600 11,652

Linx 1,352,000 8,609

Lojas Renner 3,771,670 39,754

Magazine Luiza 239,644 4,670

Multiplan Empreendimentos Imobiliarios 333,948 7,308

Petrobras, ADR (USD) (1) 627,500 6,432

Raia Drogasil 1,024,600 24,656


Shares $ Value


17

Ultrapar Participacoes 572,800 13,675

255,004

Preferred Stocks 20.5%

Banco Bradesco (3) 5,842,953 61,943

Itau Unibanco Holding (3) 5,871,723 75,764

Marcopolo (3) 4,584,000 5,563

143,270

Total Brazil (Cost $204,205) 398,274

CHILE 5.9%

Common Stocks 5.3%

Banco Santander Chile, ADR (USD) 329,758 10,315

Itau CorpBanca 403,467,996 3,796

Parque Arauco 1,341,959 3,878

SACI Falabella 1,986,413 19,039

37,028


Embotelladora Andina (3) 948,296 4,174

4,174

Total Chile (Cost $24,534) 41,202

COLOMBIA 1.2%

Common Stocks 1.0%

Grupo Aval Acciones y Valores, ADR (USD) (2) 847,000 7,047

7,047


Grupo Aval Acciones y Valores (3) 3,962,949 1,648

1,648

Total Colombia (Cost $13,033) 8,695


Shares $ Value


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MEXICO 20.1%

Common Stocks 20.1%

Alsea SAB de CV 3,481,800 10,537

America Movil, ADR (USD) 851,900 14,584

Arca Continental 2,110,400 13,431

Concentradora Fibra Danhos 6,583,500 11,061

Fresnillo (GBP) 203,249 3,515

Grupo Comercial Chedraui SA de CV 1,687,900 3,332

Grupo Financiero Santander Mexico, ADR, Class B (USD) 583,101 4,910

Grupo Mexico, Series B 5,189,000 16,876

Infraestructura Energetica Nova 1,456,800 7,431

Mexichem SAB de CV 3,294,417 8,485

Promotora y Operadora de Infraestructura 1,022,825 9,726

Telesites SAB de CV (1) 5,870,083 4,345

Unifin Finaciera SAB de CV 29,973 102

Wal-Mart de Mexico 14,260,988 31,926

Total Mexico (Cost $130,501) 140,261

PERU 5.8%

Common Stocks 5.8%

Alicorp SAA 1,150,303 3,592

Compania de Minas Buenaventura, ADR (USD) 517,700 7,139

Credicorp (USD) 111,500 23,352

InRetail Peru (USD) 320,347 6,359

Total Peru (Cost $19,407) 40,442

UNITED KINGDOM 0.6%

Common Stocks 0.6%

Liberty Global Plc LiLAC, Class C (USD) (1) 180,100 3,962

Total United Kingdom (Cost $3,935) 3,962


Shares $ Value


19

UNITED STATES 0.5%

Common Stocks 0.5%

PriceSmart 38,670 3,241

Total United States (Cost $3,105) 3,241

SHORT-TERM INVESTMENTS 2.9%

Money Market Funds 2.9%

T. Rowe Price Government Reserve Fund, 1.09% (4)(5) 19,876,742 19,877

Total Short-Term Investments (Cost $19,877) 19,877

SECURITIES LENDING COLLATERAL 0.1%

Investments in a Pooled Account through Securities Lending Program with JPMorgan Chase Bank 0.1%

Short-Term Funds 0.1%

T. Rowe Price Short-Term Fund, 1.16% (4)(5) 90,928 909

Total Investments through Securities Lending Program with JPMorgan Chase Bank 909

Total Securities Lending Collateral (Cost $909) 909

Total Investments in Securities

99.8% of Net Assets (Cost $443,920) $ 696,514

‡ Country classifications are generally based on MSCI categories or another unaffiliated third party data provider; Shares are denominated in the currency of the country presented unless otherwise noted.

(1) Non-income producing(2) All or a portion of this security is on loan at October 31, 2017 -- total

value of such securities at period-end amounts to $900. See Note 3.(3) Preferred stocks are shares that carry certain preferential rights. The

dividend rate may not be consistent each pay period and could be zero for a particular year.

(4) Seven-day yield(5) Affiliated Company

ADR American Depositary Receipts GBP British Pound USD U.S. Dollar


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Affiliated Companies

($000s)

The fund may invest in certain securities that are considered affiliated companies. As defined by the 1940 Act, an affiliated company is one in which the fund owns 5% or more of the outstanding voting securities, or a company that is under common ownership or control. The following securities were considered affiliated companies for all or some portion of the year ended October 31, 2017. Net realized gain (loss), investment income, change in net unrealized gain/loss, and purchase and sales cost reflect all activity for the period then ended.

Affiliate

Net Realized Gain(Loss)

Change in NetUnrealizedGain/Loss

InvestmentIncome

T. Rowe Price Government Reserve Fund $ — $ — $ 145 T. Rowe Price Short-Term Fund — — —++ Totals $ —# $ — $ 145+ Supplementary Investment Schedule Affiliate

Value10/31/16

PurchaseCost

SalesCost

Value10/31/17

T. Rowe Price Government Reserve Fund $ 22,446 ¤ ¤ $ 19,877 T. Rowe Price Short-Term Fund 2,977 ¤ ¤ 909 $ 20,786^

# Capital gain/loss distributions from mutual funds represented $0 of the net realized gain(loss).

++ Excludes earnings on securities lending collateral, which are subject to rebates and fees as described in Note 3.

+ Investment income comprised $145 of dividend income and $0 of interest income. ¤ Purchase and sale information not shown for cash management funds. ^ The cost basis of investments in affiliated companies was $20,786.

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($000s, except shares and per share amounts)

Statement of Assets and Liabilities

Assets

Investments in securities, at value (cost $443,920) $ 696,514

Foreign currency (cost $2,635) 2,610

Dividends receivable 755

Receivable for shares sold 520

Receivable for investment securities sold 288

Cash 50

Other assets 33

Total assets 700,770

Liabilities

Obligation to return securities lending collateral 909

Payable for shares redeemed 720

Investment management fees payable 644

Due to affiliates 124

Payable to directors 2

Other liabilities 152

Total liabilities 2,551

NET ASSETS $ 698,219 Net Assets Consist of:

Undistributed net investment income $ 4,255

Accumulated undistributed net realized gain 3,869

Net unrealized gain 252,554

Paid-in capital applicable to 28,148,138 shares of $0.01 par value capital stock outstanding; 18,000,000,000 shares of the Corporation authorized 437,541

NET ASSETS $ 698,219

22



Statement of Assets and Liabilities

NET ASSET VALUE PER SHARE

Investor Class ($681,113,757 / 27,459,186 shares outstanding) $ 24.80

I Class ($17,105,722 / 688,952 shares outstanding) $ 24.83


($000s)

Statement of Operations

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Year Ended

10/31/17Investment Income (Loss)

Income Dividend (net of foreign taxes of $1,449) $ 15,972 Securities lending 16

Total income 15,988

Expenses Investment management 6,799 Shareholder servicing

Investor Class 1,170 Prospectus and shareholder reports

Investor Class 62 Custody and accounting 238 Registration 86 Legal and audit 34 Directors 2 Miscellaneous 145 Waived / paid by Price Associates (124)

Total expenses 8,412

Net investment income 7,576

Realized and Unrealized Gain / Loss

Net realized gain (loss) Securities 28,307 Foreign currency transactions (416)

Net realized gain 27,891

Change in net unrealized gain / loss

Securities 47,719 Other assets and liabilities denominated in foreign currencies (52)

Change in net unrealized gain / loss 47,667

Net realized and unrealized gain / loss 75,558

INCREASE IN NET ASSETS FROM OPERATIONS $ 83,134


($000s)

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Statement of Changes in Net Assets

Year Ended

10/31/17 10/31/16Increase (Decrease) in Net Assets

Operations Net investment income $ 7,576 $ 6,826 Net realized gain (loss) 27,891 (15,393) Change in net unrealized gain / loss 47,667 182,036 Increase in net assets from operations 83,134 173,469

Distributions to shareholders

Net investment income Investor Class (8,221) (3,390)

Net realized gain Investor Class – (24,862)

Decrease in net assets from distributions (8,221) (28,252)

Capital share transactions*

Shares sold Investor Class 101,753 100,578 I Class 17,203 –

Distributions reinvested Investor Class 7,803 26,704

Shares redeemed Investor Class (178,649) (91,872) I Class (637) –

Redemption fees received 225 102 Increase (decrease) in net assets from capital share transactions (52,302) 35,512

Net Assets

Increase during period 22,611 180,729 Beginning of period 675,608 494,879

End of period $ 698,219 $ 675,608

Undistributed net investment income 4,255 4,900


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Statement of Changes in Net Assets

(000s)

Year Ended

10/31/17 10/31/16*Share information

Shares sold Investor Class 4,550 5,306 I Class 715 –

Distributions reinvested Investor Class 423 1,700

Shares redeemed Investor Class (8,180) (5,189) I Class (26) –

Increase (decrease) in shares outstanding (2,518) 1,817

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Notes to Financial Statements

T. Rowe Price International Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act). The Latin America Fund (the fund) is a nondiversified, open-end management investment company established by the corporation. The fund seeks long-term growth of capital through investments primarily in the common stocks of companies located (or with primary operations) in Latin America. The fund has two classes of shares: the Latin America Fund (Investor Class) and the Latin America Fund–I Class (I Class). I Class shares generally are available only to investors meeting a $1,000,000 minimum investment or certain other criteria. Each class has exclusive voting rights on matters related solely to that class; separate voting rights on matters that relate to both classes; and, in all other respects, the same rights and obligations as the other class.

NOTE 1 - SIGNIfIcaNT accOUNTING POLIcIES

Basis of Preparation The fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 (ASC 946). The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), including, but not limited to, ASC 946. GAAP requires the use of estimates made by management. Management believes that estimates and valuations are appropriate; however, actual results may differ from those estimates, and the valuations reflected in the accompanying financial statements may differ from the value ultimately realized upon sale or maturity.

Investment Transactions, Investment Income, and Distributions Investment transactions are accounted for on the trade date basis. Income and expenses are recorded on the accrual basis. Realized gains and losses are reported on the identified cost 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. Income tax-related interest and penalties, if incurred, are recorded as income tax expense. Income distributions are declared and paid by each class annually. Distributions to shareholders are recorded on the ex-dividend date. A capital gain distribution may also be declared and paid by the fund annually.

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currency Translation Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing 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 respective date of such transaction. The portion of the results of operations attributable to changes in foreign exchange rates on investments is not bifurcated from the portion attributable to changes in market prices. 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.

class accounting Shareholder servicing, prospectus, and shareholder report expenses incurred by each class are charged directly to the class to which they relate. Expenses common to both classes, investment income, and realized and unrealized gains and losses are allocated to the classes based upon the relative daily net assets of each class. To the extent any expenses are waived or reimbursed in accordance with an expense limitation (see Note 6), the waiver or reimbursement is charged to the applicable class or allocated across the classes in the same manner as the related expense.

Redemption fees A 2% fee is assessed on redemptions of fund shares held for 90 days or less to deter short-term trading and to protect the interests of long-term shareholders. Redemption fees are withheld from proceeds that shareholders receive from the sale or exchange of fund shares. The fees are paid to the fund and are recorded as an increase to paid-in capital. The fees may cause the redemption price per share to differ from the net asset value per share.

New accounting Guidance In March 2017, the FASB issued amended guidance to shorten the amortization period for certain callable debt securities, held at a premium. The guidance is effective for fiscal years and interim periods beginning after December 15, 2018. Adoption will have no effect on the fund’s net assets or results of operations.

On August 1, 2017, the fund implemented amendments to Regulation S-X, issued by the Securities and Exchange Commission, which require standardized, enhanced disclosures, particularly related to derivatives, in investment company financial statements. Adoption had no effect on the fund’s net assets or results of operations.

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Indemnification In the normal course of business, the fund may provide indemnification in connection with its officers and directors, service providers, and/or private company investments. The fund’s maximum exposure under these arrangements is unknown; however, the risk of material loss is currently considered to be remote.

NOTE 2 - vaLUaTION

The fund’s financial instruments are valued and each class’s net asset value (NAV) per share is computed at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET, each day the NYSE is open for business. However, the NAV per share may be calculated at a time other than the normal close of the NYSE if trading on the NYSE is restricted, if the NYSE closes earlier, or as may be permitted by the SEC.

fair value The fund’s financial instruments are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The T. Rowe Price Valuation Committee (the Valuation Committee) is an internal committee that has been delegated certain responsibilities by the fund’s Board of Directors (the Board) to ensure that financial instruments are appropriately priced at fair value in accordance with GAAP and the 1940 Act. Subject to oversight by the Board, the Valuation Committee develops and oversees pricing-related policies and procedures and approves all fair value determinations. Specifically, the Valuation Committee establishes procedures to value securities; determines pricing techniques, sources, and persons eligible to effect fair value pricing actions; oversees the selection, services, and performance of pricing vendors; oversees valuation-related business continuity practices; and provides guidance on internal controls and valuation-related matters. The Valuation Committee reports to the Board and has representation from legal, portfolio management and trading, operations, risk management, and the fund’s treasurer.

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Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 – quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date

Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads)

Level 3 – unobservable inputs

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

valuation Techniques Equity securities listed or regularly traded on a securities exchange or in the over-the-counter (OTC) market are valued at the last quoted sale price or, for certain markets, the official closing price at the time the valuations are made. OTC Bulletin Board securities are valued at the mean of the closing 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 closing bid and asked prices for domestic securities and the last quoted sale or closing price for international securities.

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For valuation purposes, the last quoted prices of non-U.S. equity securities may be adjusted to reflect the fair value of such securities at the close of the NYSE. If the fund determines that developments between the close of a foreign market and the close of the NYSE will affect the value of some or all of its portfolio securities, the fund will adjust the previous quoted prices to reflect what it believes to be the fair value of the securities as of the close of the NYSE. In deciding whether it is necessary to adjust quoted prices to reflect fair value, 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 may also fair value securities in other situations, such as when a particular foreign market is closed but the fund is open. The fund uses outside pricing services to provide it with quoted prices and information to evaluate or adjust those prices. The fund cannot predict how often it will use quoted prices and how often it will determine it necessary to adjust those prices to reflect fair value. As a means of evaluating its security valuation process, the fund routinely compares quoted prices, the next day’s opening prices in the same markets, and adjusted prices.

Actively traded equity securities listed on a domestic exchange generally are categorized in Level 1 of the fair value hierarchy. Non-U.S. equity securities generally are categorized in Level 2 of the fair value hierarchy despite the availability of quoted prices because, as described above, the fund evaluates and determines whether those quoted prices reflect fair value at the close of the NYSE or require adjustment. OTC Bulletin Board securities, certain preferred securities, and equity securities traded in inactive markets generally are categorized in Level 2 of the fair value hierarchy.

Investments in mutual funds are valued at the mutual fund’s closing NAV per share on the day of valuation and are categorized in Level 1 of the fair value hierarchy. Assets and liabilities other than financial instruments, including short-term receivables and payables, are carried at cost, or estimated realizable value, if less, which approximates fair value.

Thinly traded financial instruments 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 Valuation Committee. The

31


objective of any fair value pricing determination is to arrive at a price that could reasonably be expected from a current sale. Financial instruments fair valued by the Valuation Committee are primarily private placements, restricted securities, warrants, rights, and other securities that are not publicly traded.

Subject to oversight by the Board, the Valuation Committee regularly makes good faith judgments to establish and adjust the fair valuations of certain securities as events occur and circumstances warrant. For instance, in determining the fair value of an equity investment with limited market activity, such as a private placement or a thinly traded public company stock, the Valuation Committee considers a variety of factors, which may include, but are not limited to, the issuer’s business prospects, its financial standing and performance, recent investment transactions in the issuer, new rounds of financing, negotiated transactions of significant size between other investors in the company, relevant market valuations of peer companies, strategic events affecting the company, market liquidity for the issuer, and general economic conditions and events. In consultation with the investment and pricing teams, the Valuation Committee will determine an appropriate valuation technique based on available information, which may include both observable and unobservable inputs. The Valuation Committee typically will afford greatest weight to actual prices in arm’s length transactions, to the extent they represent orderly transactions between market participants, transaction information can be reliably obtained, and prices are deemed representative of fair value. However, the Valuation Committee may also consider other valuation methods such as market-based valuation multiples; a discount or premium from market value of a similar, freely traded security of the same issuer; or some combination. Fair value determinations are reviewed on a regular basis and updated as information becomes available, including actual purchase and sale transactions of the issue. Because any fair value determination involves a significant amount of judgment, there is a degree of subjectivity inherent in such pricing decisions, and fair value prices determined by the Valuation Committee could differ from those of other market participants. Depending on the relative significance of unobservable inputs, including the valuation technique(s) used, fair valued securities may be categorized in Level 2 or 3 of the fair value hierarchy.

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valuation Inputs The following table summarizes the fund’s financial instruments, based on the inputs used to determine their fair values on October 31, 2017:

($000s) Level 1 Level 2 Level 3 Total value

Quoted Prices

Significant Observable

Inputs

Significant Unobservable

Inputs

InvestmentsinSecurities

Argentina $ 36,729 $ 2,922 $ — $ 39,651

Brazil 48,055 350,219 — 398,274

Chile 10,315 30,887 — 41,202

Colombia 7,047 1,648 — 8,695

Mexico 19,494 120,767 — 140,261

Peru 30,491 9,951 — 40,442

UnitedKingdom 3,962 — — 3,962

UnitedStates 3,241 — — 3,241

Short-TermInvestments 19,877 — — 19,877

SecuritiesLendingCollateral 909 — — 909

Total $ 180,120 $ 516,394 $ — $ 696,514

There were no material transfers between Levels 1 and 2 during the year ended October 31, 2017.

NOTE 3 - OTHER INvESTmENT TRaNSacTIONS

Consistent with its investment objective, the fund engages in the following practices to manage exposure to certain risks and/or to 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 and frontier markets The fund may invest, either directly or through investments in T. Rowe Price institutional funds, in securities of companies located in, issued by governments of, or denominated in or linked to the currencies of emerging and frontier market countries; at period-end,

33


approximately 90% of the fund’s net assets were invested in emerging markets and 6% in frontier markets. Emerging markets, and to a greater extent frontier markets, generally have economic structures that are less diverse and mature, and political systems that are less stable, than developed countries. These markets may be subject to greater political, economic, and social uncer-tainty and differing regulatory environments that may potentially impact the fund’s ability to buy or sell certain securities or repatriate proceeds to U.S. dollars. Such securities are often subject to greater price volatility, less liquidity, and higher rates of inflation than U.S. securities. Investing in frontier markets is significantly riskier than investing in other countries, including emerging markets.

Securities Lending The fund may lend its securities to approved borrowers to earn additional income. Its securities lending activities are administered by a lending agent in accordance with a securities lending agreement. Security loans generally do not have stated maturity dates, and the fund may recall a security at any time. The fund receives collateral in the form of cash or U.S. government securities, valued at 102% to 105% of the value of the securities on loan. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities; any additional collateral required due to changes in security values is delivered to the fund the next business day. Cash collateral is invested in accordance with investment guidelines approved by fund management. Additionally, the lending agent indemnifies the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities, collateral investments decline in value, and the lending agent fails to perform. Securities lending revenue consists of earnings on invested collateral and borrowing fees, net of any rebates to the borrower, compensation to the lending agent, and other administrative costs. In accordance with GAAP, investments made with cash collateral are reflected in the accompanying financial statements, but collateral received in the form of securities is not. At October 31, 2017, the value of loaned securities was $900,000; the value of cash collateral and related investments was $909,000.

Other Purchases and sales of portfolio securities other than short-term securities aggregated $175,602,000 and $232,970,000, respectively, for the year ended October 31, 2017.

34


NOTE 4 - 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. Distributions determined in accordance with federal income 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 but are not adjusted for temporary differences.

The fund files U.S. federal, state, and local tax returns as required. The fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Reclassifications to paid-in capital relate primarily to a tax practice that treats a portion of the proceeds from each redemption of capital shares as a distribution of taxable net investment income or realized capital gain. For the year ended October 31, 2017, the following reclassifications were recorded to reflect tax character (there was no impact on results of operations or net assets):

Undistributednetrealizedgain $ (1,517)

Paid-incapital 1,517

($000s)

Distributions during the years ended October 31, 2017 and October 31, 2016, were characterized for tax purposes as follows:

($000s)

October 312017 2016

Ordinaryincome $ 8,221 $ 3,390

Long-termcapitalgain – 24,862

Totaldistributions $ 8,221 $ 28,252

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At October 31, 2017, the tax-basis cost of investments and components of net assets were as follows:

Costofinvestments $ 447,993

Unrealizedappreciation $ 272,696

Unrealizeddepreciation (24,215)

Netunrealizedappreciation(depreciation) 248,481

Undistributedordinaryincome 10,687

Undistributedlong-termcapitalgain 1,510

Paid-incapital 437,541

Netassets $ 698,219

($000s)

The difference between book-basis and tax-basis net unrealized appreciation (depreciation) is attributable to the deferral of losses from wash sales, and the realization of gains/losses on passive foreign investment companies for tax purposes. During the year ended October 31, 2017, the fund utilized $18,944,000 of capital loss carryforwards.

NOTE 5 - fOREIGN TaxES

The fund is subject to foreign income taxes imposed by certain countries in which it invests. Additionally, certain foreign currency transactions are subject to tax, and capital gains realized upon disposition of securities issued in or by certain foreign countries are subject to capital gains tax imposed by those countries. All taxes are computed in accordance with the applicable foreign tax law, and, to the extent permitted, capital losses are used to offset capital gains. Taxes attributable to income are accrued by the fund as a reduction of income. Taxes incurred on the purchase of foreign currencies are recorded as realized loss on foreign currency transactions. Current and deferred tax expense attributable to capital gains is reflected as a component of realized or change in unrealized gain/loss on securities in the accompanying financial statements. At October 31, 2017, the fund had no deferred tax liability attributable to foreign securities and no foreign capital loss carryforwards.

36


NOTE 6 - RELaTED PaRTY TRaNSacTIONS

The fund is managed by T. Rowe Price Associates, Inc. (Price Associates), a wholly owned subsidiary of T. Rowe Price Group, Inc. (Price Group). Price Associates has entered into a sub-advisory agreement(s) with one or more of its wholly owned subsidiaries, to provide investment advisory services to the fund. The investment management agreement between the fund and Price Associates provides for an annual investment management fee, which is computed daily and paid monthly. The fee consists of an individual fund fee, equal to 0.75% of the fund’s average daily net assets, and a group fee. The group fee rate is calculated based on the combined net assets of certain mutual funds sponsored by Price Associates (the group) applied to a graduated fee schedule, with rates ranging from 0.48% for the first $1 billion of assets to 0.265% for assets in excess of $650 billion. The fund’s group fee is determined by applying the group fee rate to the fund’s average daily net assets. At October 31, 2017, the effective annual group fee rate was 0.29%.

The I Class is subject to an operating expense limitation (I Class limit) pursuant to which Price Associates is contractually required to pay all operating expenses of the I Class, excluding management fees, interest, expenses related to borrowings, taxes, brokerage, and other non-recurring expenses permitted by the investment management agreement, to the extent such operating expenses, on an annualized basis, exceed 0.05% of average net assets. This agreement will continue until February 28, 2019, and may be renewed, revised, or revoked only with approval of the fund’s Board. The I Class is required to repay Price Associates for expenses previously paid to the extent the class’s net assets grow or expenses decline sufficiently to allow repayment without causing the class’s operating expenses (after the repayment is taken into account) to exceed both: (1) the expense limitation in place at the time such amounts were paid; and (2) the class’s current expense limitation. However, no repayment will be made more than three years after the date of a payment or waiver.

Pursuant to this agreement, $124,000 of expenses were waived/paid by Price Associates during the year ended October 31, 2017 and remain subject to repayment by the fund.

In addition, the fund has entered into service agreements with Price Associates and two wholly owned subsidiaries of Price Associates (collectively, Price). Price Associates provides certain accounting and administrative services to the fund. T. Rowe Price Services, Inc. provides shareholder and administrative

37


services in its capacity as the fund’s transfer and dividend-disbursing agent. T. Rowe Price Retirement Plan Services, Inc. provides subaccounting and recordkeeping services for certain retirement accounts invested in the Investor Class and I Class. For the year ended October 31, 2017, expenses incurred pursuant to these service agreements were $86,000 for Price Associates; $745,000 for T. Rowe Price Services, Inc.; and $46,000 for T. Rowe Price Retirement Plan Services, Inc. The total amount payable at period-end pursuant to these service agreements is reflected as Due to Affiliates in the accompanying financial statements.

The fund is also one of several mutual funds sponsored by Price Associates (underlying Price funds) in which the T. Rowe Price Spectrum Funds (Spectrum Funds) may invest. The Spectrum Funds do not invest in the underlying Price funds for the purpose of exercising management or control. Pursuant to special servicing agreements, expenses associated with the operation of the Spectrum Funds are borne by each underlying Price fund to the extent of estimated savings to it and in proportion to the average daily value of its shares owned by the Spectrum Funds.

Expenses allocated under these special servicing agreements are reflected as shareholder servicing expense in the accompanying financial statements. For the year ended October 31, 2017, the fund was allocated $17,000 of Spectrum Funds’ expenses. Of these amounts, $11,000 related to services provided by Price. At period-end, the amount payable to Price pursuant to these special servicing agreements are reflected as Due to Affiliates in the accompanying financial statements. Additionally, redemption fees received by the Spectrum Funds are allocated to each underlying Price fund in proportion to the average daily value of its shares owned by the Spectrum Funds. Less than $1,000 of redemption fees reflected in the accompanying financial statements were received from the Spectrum Funds. At October 31, 2017, approximately 3% of the outstanding shares of the Investor Class were held by the Spectrum Funds.

The fund may invest in certain open-end management investment companies managed by Price Associates and considered affiliates of the fund: the T. Rowe Price Government Reserve Fund or the T. Rowe Price Treasury Reserve Fund, organized as money market funds, or the T. Rowe Price Short-Term Fund, a short-term bond fund (collectively, the Price Reserve Funds). The Price Reserve Funds are offered as short-term investment options to mutual funds, trusts, and other accounts managed by Price Associates or its affiliates and are not available for direct purchase by members of the public. The Price Reserve Funds pay no investment management fees.

38


As of October 31, 2017, T. Rowe Price Group, Inc., or its wholly owned subsidiaries owned 11,447 shares of the I Class, representing 2% of the I Class’s net assets.

The fund may participate in securities purchase and sale transactions with other funds or accounts advised by Price Associates (cross trades), in accordance with procedures adopted by the fund’s Board and Securities and Exchange Commission rules, which require, among other things, that such purchase and sale cross trades be effected at the independent current market price of the security. During the year ended October 31, 2017, the fund had no purchases or sales cross trades with other funds or accounts advised by Price Associates.

39


Report of Independent Registered Public Accounting Firm

To the Board of Directors of T. Rowe Price International funds, Inc. and Shareholders of T. Rowe Price Latin america fund

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the T. Rowe Price Latin America Fund (one of the portfolios comprising T. Rowe Price International Funds, Inc., hereafter referred to as the “Fund”) as of October 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2017 by correspondence with the custodian and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLPBaltimore, MarylandDecember 15, 2017

40


Tax Information (Unaudited) for the Tax Year Ended 10/31/17

WeareprovidingthisinformationasrequiredbytheInternalRevenueCode.Theamountsshownmaydifferfromthoseelsewhereinthisreportbecauseofdifferencesbetweentaxandfinancialreportingrequirements.

Thefund’sdistributionstoshareholdersincluded:

• $1,218,000fromshort-termcapitalgains,

• $299,000fromlong-termcapitalgains,subjecttoalong-termcapitalgainstaxrateofnotgreaterthan20%.

Fortaxablenon-corporateshareholders,$6,443,000ofthefund’sincomerepresentsqualifieddividendincomesubjecttoalong-termcapitalgainstaxrateofnotgreaterthan20%.

Forcorporateshareholders,$81,000ofthefund’sincomequalifiesforthedividends-receiveddeduction.

Thefundwillpassthroughforeignsourceincomeof$12,518,000andforeigntaxespaidof$1,449,000.

AdescriptionofthepoliciesandproceduresusedbyT.RowePricefundsandportfoliostodeterminehowtovoteproxiesrelatingtoportfoliosecuritiesisavailableineachfund’sStatementofAdditionalInformation.Youmayrequestthisdocumentbycalling1-800-225-5132orbyaccessingtheSEC’swebsite,sec.gov.

Thedescriptionofourproxyvotingpoliciesandproceduresisalsoavailableonourcorporatewebsite.Toaccessit,pleasevisitthefollowingWebpage:

https://www3.troweprice.com/usis/corporate/en/utility/policies.html

Scrolldowntothesectionnearthebottomofthepagethatsays,“ProxyVotingPolicies.”ClickontheProxyVotingPolicieslinkintheshadedbox.

Eachfund’smostrecentannualproxyvotingrecordisavailableonourwebsiteandthroughtheSEC’swebsite.ToaccessitthroughT.RowePrice,visitthewebsitelocationshownabove,andscrolldowntothesectionnearthebottomofthepagethatsays,“ProxyVotingRecords.”ClickontheProxyVotingRecordslinkintheshadedbox.

Information on Proxy Voting Policies, Procedures, and Records

ThefundfilesacompletescheduleofportfolioholdingswiththeSecuritiesandExchangeCommissionforthefirstandthirdquartersofeachfiscalyearonFormN-Q.Thefund’sFormN-QisavailableelectronicallyontheSEC’swebsite(sec.gov);hardcopiesmaybereviewedandcopiedattheSEC’sPublicReferenceRoom,100FSt.N.E.,Washington,DC20549.FormoreinformationonthePublicReferenceRoom,call1-800-SEC-0330.

How to Obtain Quarterly Portfolio Holdings

41


About the Fund’s Directors and Officers

YourfundisoverseenbyaBoardofDirectors(Board)thatmeetsregularlytoreviewawidevarietyofmattersaffectingorpotentiallyaffectingthefund,includingperformance,investmentprograms,compliancematters,advisoryfeesandexpenses,serviceproviders,andbusinessandregulatoryaffairs.TheBoardelectsthefund’sofficers,whoarelistedinthefinaltable.Atleast75%oftheBoard’smembersareindependentofT.RowePriceAssociates,Inc.(T.RowePrice),anditsaffiliates;“inside”or“interested”directorsareemployeesorofficersofT.RowePrice.Thebusinessaddressofeachdirectorandofficeris100EastPrattStreet,Baltimore,Maryland21202.TheStatementofAdditionalInformationincludesadditionalinformationaboutthefunddirectorsandisavailablewithoutchargebycallingaT.RowePricerepresentativeat1-800-638-5660.

Independent Directors

Name(Year of Birth)Year Elected*[Number of T. Rowe PricePortfolios Overseen]

Principal Occupation(s) and Directorships of Public companies and Other Investment companies During the Past five Years

AnthonyW.Deering(1945)1991[191]

Chairman,ExeterCapital,LLC,aprivateinvestmentfirm(2004topresent);DirectorandAdvisoryBoardMember,DeutscheBankNorthAmerica(2004topresent);Director,VornadoRealEstateInvestmentTrust(2004to2012);Director,UnderArmour(2008topresent);Director,BrixmorRealEstateInvestmentTrust(2012topresent)

BruceW.Duncan(1951)2013[191]

ChiefExecutiveOfficerandDirector(2009toDecember2016),ChairmanoftheBoard(January2016topresent),andPresident(2009toSeptember2016),FirstIndustrialRealtyTrust,anownerandoperatorofindustrialproperties;ChairmanoftheBoard(2005toSeptember2016)andDirector(1999toSeptember2016),StarwoodHotels&Resorts,ahotelandleisurecompany;Director,BostonProperties(May2016topresent);Director,MarriottInternational,Inc.(September2016topresent)

RobertJ.Gerrard,Jr.(1952)2012[191]

AdvisoryBoardMember,PipelineCrisis/WinningStrategies,acollaborativeworkingtoimproveopportunitiesforyoungAfricanAmericans(1997topresent)

PaulF.McBride(1956)2013[191]

AdvisoryBoardMember,VizziaTechnologies(2015topresent)

*Eachindependentdirectorservesuntilretirement,resignation,orelectionofasuccessor.

42

Independent Directors (continued)

Name(Year of Birth)Year Elected*[Number of T. Rowe PricePortfolios Overseen]


CeciliaE.Rouse,Ph.D.(1963)2012[191]

Dean,WoodrowWilsonSchool(2012topresent);ProfessorandResearcher,PrincetonUniversity(1992topresent);MemberofNationalAcademyofEducation(2010topresent);Director,MDRC,anonprofiteducationandsocialpolicyresearchorganization(2011topresent);ResearchAssociateofLaborStudiesProgram(2011to2015)andBoardMember(2015topresent),NationalBureauofEconomicResearch(2011topresent);ChairofCommitteeontheStatusofMinorityGroupsintheEconomicProfession(2012topresent);VicePresident(2015topresent),AmericanEconomicAssociation

JohnG.Schreiber(1946)2001[191]

Owner/President,CentaurCapitalPartners,Inc.,arealestateinvestmentcompany(1991topresent);Cofounder,Partner,andCochairmanoftheInvestmentCommittee,BlackstoneRealEstateAdvisors,L.P.(1992to2015);Director,GeneralGrowthProperties,Inc.(2010to2013);Director,BlackstoneMortgageTrust,arealestatefinancecompany(2012to2016);DirectorandChairmanoftheBoard,BrixmorPropertyGroup,Inc.(2013topresent);Director,HiltonWorldwide(2013topresent);Director,HudsonPacificProperties(2014to2016)

MarkR.Tercek(1957)2009[191]

PresidentandChiefExecutiveOfficer,TheNatureConservancy(2008topresent)

*Eachindependentdirectorservesuntilretirement,resignation,orelectionofasuccessor.


43


Inside Directors

Name(Year of Birth)Year Elected*[Number of T. Rowe Price Portfolios Overseen]


EdwardC.Bernard(1956)2006[191]

DirectorandVicePresident,T.RowePrice;ViceChairmanoftheBoard,Director,andVicePresident,T.RowePriceGroup,Inc.;ChairmanoftheBoard,Director,andPresident,T.RowePriceInvestmentServices,Inc.;ChairmanoftheBoardandDirector,T.RowePriceRetirementPlanServices,Inc.,andT.RowePriceServices,Inc.;ChairmanoftheBoard,ChiefExecutiveOfficer,Director,andPresident,T.RowePriceInternationalandT.RowePriceTrustCompany;ChairmanoftheBoard,allfunds

RobertW.Sharps,CFA,CPA**(1971)2017[135]

VicePresident,T.RowePrice,T.RowePriceGroup,Inc.,andT.RowePriceTrustCompany;VicePresident,InternationalFunds

*Eachinsidedirectorservesuntilretirement,resignation,orelectionofasuccessor.**EffectiveApril1,2017,BrianC.RogerswasreplacedbyRobertW.Sharpsasaninsidedirector

ofcertainPriceFunds.

Officers

Name (Year of Birth)Position Held With International funds Principal Occupation(s)

JasonR.Adams(1979)VicePresident

VicePresidentT.RowePriceandT.RowePriceGroup,Inc.;formerly,ResearchAnalyst,CaxtonAssociates(to2015)

UlleAdamson,CFA(1979)ExecutiveVicePresident

VicePresident,T.RowePriceGroup,Inc.,andT.RowePriceInternational

RoyH.Adkins(1970)VicePresident


ChristopherD.Alderson(1962)President

DirectorandVicePresident,T.RowePriceInternational;VicePresident,PriceHongKong,PriceSingapore,andT.RowePriceGroup,Inc.

SyedH.Ali(1970)VicePresident

VicePresident,PriceSingaporeandT.RowePriceGroup,Inc.

Unlessotherwisenoted,officershavebeenemployeesofT.RowePriceorT.RowePriceInternationalforatleast5years.

44


Officers (continued)


PaulinaAmieva(1981)VicePresident

VicePresident,T.RowePriceandT.RowePriceGroup,Inc.

MalikS.Asif(1981)VicePresident

VicePresident,T.RowePriceGroup,Inc.,andT.RowePriceInternational;formerly,student,TheUniversityofChicagoBoothSchoolofBusiness(to2012)

HarishankarBalkrishna(1983)VicePresident


SheenaL.Barbosa(1983)VicePresident

VicePresident,PriceHongKongandT.RowePriceGroup,Inc.

PeterJ.Bates,CFA(1974)ExecutiveVicePresident


LuisM.Baylac(1982)VicePresident


TimothyBei(1973)VicePresident


OliverD.M.Bell,IMC(1969)ExecutiveVicePresident


R.ScottBerg,CFA(1972)ExecutiveVicePresident


StevenE.Boothe,CFA(1977)VicePresident


PeterI.Botoucharov(1965)VicePresident


TalaBoulos(1984)VicePresident

VicePresident,T.RowePriceGroup,Inc.,andT.RowePriceInternational;formerly,VicePresident,CEEMEACorporateCreditResearch,DeutscheBank(to2013)

DarrellN.Braman(1963)VicePresidentandSecretary

VicePresident,PriceHongKong,PriceSingapore,T.RowePrice,T.RowePriceGroup,Inc.,T.RowePriceInternational,T.RowePriceInvestmentServices,Inc.,andT.RowePriceServices,Inc.


45




RyanN.Burgess,CFA(1974)VicePresident


SheldonChan(1981)VicePresident


AndrewChang(1983)VicePresident

VicePresident,T.RowePriceGroup,Inc.

TakYiuCheng,CFA,CPA(1974)VicePresident


CarolynHoiCheChu(1974)VicePresident


ArchibaldCiganerAlbeniz,CFA(1976)ExecutiveVicePresident


RichardN.Clattenburg,CFA(1979)ExecutiveVicePresident

VicePresident,PriceSingapore,T.RowePrice,T.RowePriceGroup,Inc.,andT.RowePriceInternational

MichaelJ.Conelius,CFA(1964)ExecutiveVicePresident

VicePresident,T.RowePrice,T.RowePriceGroup,Inc.,T.RowePriceInternational,andT.RowePriceTrustCompany

MichaelF.Connelly,CFA(1977)VicePresident


AndrewS.Davis(1978)VicePresident


RicharddelosReyes(1975)VicePresident

VicePresident,T.RowePrice,T.RowePriceGroup,Inc.,andT.RowePriceTrustCompany

MichaelDellaVedova(1969)ExecutiveVicePresident


ShawnT.Driscoll(1975)VicePresident


BridgetA.Ebner(1970)VicePresident


DavidJ.Eiswert,CFA(1972)ExecutiveVicePresident

VicePresident,T.RowePrice,T.RowePriceGroup,Inc.,andT.RowePriceInternational


46




HenryM.Ellenbogen(1973)VicePresident


RyanW.Ferro(1985)VicePresident

VicePresident,T.RowePrice;formerly,student,TuckSchoolofBusinessatDartmouth(to2014)

MarkS.Finn,CFA,CPA(1963)VicePresident


QuentinS.Fitzsimmons(1968)VicePresident

VicePresident,T.RowePriceGroup,Inc.,andT.RowePriceInternational;formerly,PortfolioManager,RoyalBankofScotlandGroup(to2015)

MelissaC.Gallagher(1974)VicePresident


JustinT.Gerbereux,CFA(1975)VicePresident


JohnR.Gilner(1961)ChiefComplianceOfficer

ChiefComplianceOfficerandVicePresident,T.RowePrice;VicePresident,T.RowePriceGroup,Inc.,andT.RowePriceInvestmentServices,Inc.

VishnuVardhanGopal(1979)VicePresident


JoelGrant(1978)VicePresident

VicePresident,T.RowePriceandT.RowePriceGroup,Inc.;formerly,Analyst,FidelityInternational(to2014)

PaulD.GreeneII(1978)VicePresident


BenjaminGriffiths,CFA(1977)VicePresident


AmandaB.Hall,CFA(1985)VicePresident

VicePresident,T.RowePriceInternational;formerly,student,StanfordGraduateSchoolofBusiness(to2014)

RichardL.Hall(1979)VicePresident



47




NabilHanano,CFA(1984)VicePresident

VicePresident,T.RowePriceInternational

StevenC.Huber,CFA,FSA(1958)VicePresident


StefanHubrich,Ph.D.,CFA(1974)VicePresident


ArifHusain,CFA(1972)ExecutiveVicePresident

VicePresident,T.RowePriceGroup,Inc.,andT.RowePriceInternational;formerly,Director/HeadofUKandEuroFixedIncome,AllianceBernstein(to2013)

HiromasaIkeda(1971)VicePresident

VicePresident,PriceHongKongandT.RowePriceGroup,Inc.;formerly,Manager,FidelityKorea(to2014)

TetsujiInoue(1971)VicePresident


MichaelJacobs(1971)VicePresident

VicePresident,T.RowePriceGroup,Inc.,andT.RowePriceInternational;formerly,VicePresident,JPMorganAssetManagement(to2013)

RandalS.Jenneke(1971)VicePresident


PrashantG.Jeyaganesh(1983)VicePresident


NinaP.Jones,CPA(1980)VicePresident


YoichiroKai(1973)VicePresident


JacobKann,CFA(1987)VicePresident

Employee,T.RowePrice;formerly,EquityResearchAssociate,EatonVanceCorporation(to2013)

JaiKapadia(1982)VicePresident


AndrewJ.Keirle(1974)ExecutiveVicePresident



48




PaulJ.Krug,CPA(1964)VicePresident


ChristopherJ.Kushlis,CFA(1976)VicePresident


ShengrongLau(1982)VicePresident


MarkJ.Lawrence(1970)VicePresident


JacquelineLiu(1979)VicePresident

VicePresident,PriceHongKongandT.RowePriceGroup,Inc.;formerly,InvestmentAnalyst,FidelityInternationalHongKongLimited(to2014)

AnhLu(1968)ExecutiveVicePresident


OxanaLyalina(1987)VicePresident

VicePresident,T.RowePriceInternational;formerly,SeniorAnalyst,GoldmanSachsInternational(to2013)

SebastienMallet(1974)VicePresident


RyanMartyn(1979)VicePresident


CatherineD.Mathews(1963)TreasurerandVicePresident


JonathanH.W.Matthews,CFA(1975)ExecutiveVicePresident


RaymondA.Mills,Ph.D.,CFA(1960)ExecutiveVicePresident

VicePresident,T.RowePrice,T.RowePriceGroup,Inc.,T.RowePriceInternational,andT.RowePriceTrustCompany

JihongMin(1979)VicePresident



49




EricC.Moffett(1974)ExecutiveVicePresident


SamyB.Muaddi,CFA(1984)ExecutiveVicePresident


TobiasF.Mueller(1980)VicePresident


JaredT.Murphy(1986)VicePresident

VicePresident,T.RowePrice;formerly,student,StanfordGraduateSchoolofBusiness(to2015);formerly,Associate,ShawSpringPartners(to2013)

JoshuaNelson(1977)ExecutiveVicePresident


PhilipA.Nestico(1976)VicePresident


MichaelNiedzielski(1979)VicePresident

VicePresidentT.RowePriceGroup,Inc.,andT.RowePriceInternational;formerly,ManagerandAnalyst,FidelityInvestments,BostonandLondonoffices(to2015)

SridharNishtala(1975)VicePresident


JasonNogueira,CFA(1974)ExecutiveVicePresident


DavidOestreicher(1967)VicePresident

Director,VicePresident,andSecretary,T.RowePriceInvestmentServices,Inc.,T.RowePriceRetirementPlanServices,Inc.,T.RowePriceServices,Inc.,andT.RowePriceTrustCompany;ChiefLegalOfficer,VicePresident,andSecretary,T.RowePriceGroup,Inc.;VicePresidentandSecretary,T.RowePriceandT.RowePriceInternational;VicePresident,PriceHongKongandPriceSingapore

KennethA.Orchard(1975)ExecutiveVicePresident


CurtJ.Organt,CFA(1968)VicePresident



50




PaulT.O’Sullivan(1973)VicePresident


OluwaseunA.Oyegunle,CFA(1984)VicePresident

VicePresident,T.RowePriceGroup,Inc.,andT.RowePriceInternational;formerly,student,TheWhartonSchool,UniversityofPennsylvania(to2013)

GonzaloPángaro,CFA(1968)ExecutiveVicePresident


VivekRajeswaran(1985)VicePresident


JohnW.Ratzesberger(1975)VicePresident

VicePresident,T.RowePrice,T.RowePriceGroup,Inc.,andT.RowePriceTrustCompany;formerly,NorthAmericanHeadofListedDerivativesOperation,MorganStanley(to2013)

ShannonH.Rauser(1987)AssistantSecretary

Employee,T.RowePrice

MelanieA.Rizzo(1982)VicePresident

VicePresident,T.RowePrice

DavidL.Rowlett,CFA(1975)VicePresident


MarielSantiago(1981)VicePresident

VicePresident,T.RowePriceandT.RowePriceGroup,Inc.;formerly,EquityResearchAnalyst,HSBCSecurities,Inc.(to2014)

FedericoSantilli,CFA(1974)ExecutiveVicePresident


SebastianSchrott(1977)VicePresident


DeborahD.Seidel(1962)VicePresident

VicePresident,T.RowePrice,T.RowePriceGroup,Inc.,T.RowePriceInvestmentServices,Inc.,andT.RowePriceServices,Inc.


51




JohnC.A.Sherman(1969)VicePresident


GabrielSolomon(1977)VicePresident


EunbinSong,CFA(1980)VicePresident


JoshuaK.Spencer,CFA(1973)VicePresident


DavidA.Stanley(1963)VicePresident


TaymourR.Tamaddon,CFA(1976)VicePresident


JuYenTan(1972)VicePresident


SinDeeTan,CFA(1979)VicePresident


DeanTenerelli(1964)ExecutiveVicePresident


SibyThomas(1979)VicePresident


JustinThomson(1968)ExecutiveVicePresident


MitchellJ.K.Todd(1974)VicePresident


MarkJ.Vaselkiv(1958)ExecutiveVicePresident


RupinderVig(1979)VicePresident

VicePresident,T.RowePriceGroup,Inc.,andT.RowePriceInternational;formerly,Partner,EgertonCapital(to2016);formerly,ExecutiveDirector,MorganStanley(to2014)

KesVisuvalingam,CFA(1968)VicePresident

Director,ResponsibleOfficer,andVicePresident,PriceHongKong;Director,ChiefExecutiveOfficer,andVicePresident,PriceSingapore;VicePresident,T.RowePriceGroup,Inc.


52




VerenaE.Wachnitz,CFA(1978)ExecutiveVicePresident


DavidJ.Wallack(1960)VicePresident


DaiWang(1989)VicePresident

VicePresident,PriceHongKongandT.RowePriceGroup,Inc.;formerly,student,HarvardBusinessSchool(to2014)

MeganWarren(1968)VicePresident

VicePresident,T.RowePrice,T.RowePriceRetirementPlanServices,Inc.,T.RowePriceServices,Inc.,andT.RowePriceTrustCompany;formerly,ExecutiveDirector,JPMorganChase(to2017)

HiroshiWatanabe,CFA(1975)VicePresident


ChristopherS.Whitehouse(1972)VicePresident


CliveM.Williams(1966)VicePresident

VicePresident,PriceHongKong,PriceSingapore,T.RowePrice,T.RowePriceGroup,Inc.,andT.RowePriceInternational

J.HowardWoodward,CFA(1974)VicePresident


MartaYago(1977)VicePresident


BenjaminT.Yeagle(1978)VicePresident


ErnestC.Yeung,CFA(1979)ExecutiveVicePresident

Director,ResponsibleOfficer,andVicePresident,PriceHongKong;VicePresident,T.RowePriceGroup,Inc.

AlisonMeiLingYip(1966)VicePresident


EricYuan(1984)VicePresident

Employee,T.RowePrice;formerly,student,ColumbiaBusinessSchool(to2016);formerly,Analyst,YulanCapitalManagement(to2014)

WenliZheng(1979)VicePresident



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F97-050 12/17

STOck fUNDSDomestic Blue Chip GrowthCapital Appreciation‡

Capital OpportunityDiversified Mid-Cap GrowthDividend GrowthEquity IncomeEquity Index 500Extended Equity Market IndexFinancial ServicesGrowth & IncomeGrowth StockHealth Sciences‡

Media & TelecommunicationsMid-Cap Growth‡

Mid-Cap Value‡

New America GrowthNew EraNew Horizons‡

QM U.S. Small & Mid-Cap Core EquityQM U.S. Small-Cap Growth EquityQM U.S. Value EquityReal EstateScience & TechnologySmall-Cap Stock‡

Small-Cap ValueTax-Efficient Equity Total Equity Market IndexU.S. Large-Cap CoreValue

aSSET aLLOcaTION fUNDSBalanced Global AllocationPersonal Strategy BalancedPersonal Strategy GrowthPersonal Strategy IncomeReal AssetsSpectrum GrowthSpectrum IncomeSpectrum InternationalTarget Date Fundsˆ

BOND fUNDSDomestic TaxableCorporate IncomeCredit OpportunitiesFloating RateGNMA High Yield‡

Inflation Protected BondLimited Duration Inflation

Focused BondNew IncomeShort-Term BondTotal ReturnUltra Short-Term BondU.S. Bond Enhanced IndexU.S. High YieldU.S. Treasury IntermediateU.S. Treasury Long-Term

Domestic Tax-freeCalifornia Tax-Free BondGeorgia Tax-Free BondIntermediate Tax-Free High YieldMaryland Short-Term Tax-Free BondMaryland Tax-Free BondNew Jersey Tax-Free BondNew York Tax-Free BondSummit Municipal IncomeSummit Municipal IntermediateTax-Free High YieldTax-Free IncomeTax-Free Short-IntermediateVirginia Tax-Free Bond

mONEY maRkET fUNDSTaxableCash Reserves1

Government Money2

U.S. Treasury Money2

mONEY maRkET fUNDS (cont.)Tax-freeCalifornia Tax-Free Money1

Maryland Tax-Free Money1

New York Tax-Free Money1

Summit Municipal Money Market1

Tax-Exempt Money1

INTERNaTIONaL/GLOBaL fUNDSStockAfrica & Middle EastAsia OpportunitiesEmerging EuropeEmerging Markets StockEmerging Markets Value StockEuropean Stock Global ConsumerGlobal Growth StockGlobal IndustrialsGlobal Real EstateGlobal StockGlobal Technology‡

International Concentrated EquityInternational DiscoveryInternational Equity IndexInternational StockInternational Value EquityJapanLatin AmericaNew AsiaOverseas StockQM Global Equity

BondDynamic Global BondEmerging Markets BondEmerging Markets Corporate BondEmerging Markets Local Currency BondGlobal High Income BondGlobal Multi-Sector BondInternational BondInternational Bond (USD Hedged)

T.RowePriceInvestmentServices,Inc.100EastPrattStreetBaltimore,MD21202

Thispagecontainssupplementaryinformationthatisnotpartoftheshareholderreport.

T. Rowe Price Mutual Funds

201712-295000

Call 1-800-225-5132 to request a prospectus or summary prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. ‡

Subjecttocertainexceptions,thefundiscurrentlyclosedtonewinvestorsandnewaccounts.ˆ

TheTargetDateFundsareinclusiveoftheRetirementFunds,theTargetFunds,andtheRetirementBalancedFund.

1 Retail Funds: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. Beginning October 14, 2016, the Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

2 Government Funds: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

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