Stock Fund PAIJX Stock Fund–Advisor Class...

Proof #6

October 31, 2017

ANNuAlREPORT

Emerging Markets Value Stock Fund

Emerging Markets Value Stock Fund–Advisor Class

Emerging Markets Value Stock Fund–I Class

T. ROwE PRICE

The fund invests in multi-cap companies thatappear to be out of favor or undervalued inemerging markets.

PRIJX

PAIJX

REVIX

Proof #6

REPORTS ON THE WEB

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HIGHLIGHTS

• Emergingmarketsstocksralliedoverthepast12monthsastheglobaleconomicrecoverybroadenedanddemandforhigher-riskassetsstayedstrong.

• TheEmergingMarketsValueStockFundreturned26.85%overitsfiscalyearendedOctober31,2017,inlinewiththeMSCIEmergingMarketsIndex.

• Valuestockshavelaggedgrowthstocksinemergingmarketsin2017asinvestorspiledintolarge-captechnologyandconsumerdiscretionarynames.Therotationintohigh-growthcompanieshasnotfavoredourstyleofinvesting,butithascreatedopportunitiesinrelativelylessexpensivecyclicalsectors.

• Thevaluationgapbetweengrowthandvaluestocksisverywide,andwebelievethatouropportunitysetexhibitsattractiverisk/rewardcharacteristics.Weareconfidentthatourextensiveresearchanddisciplinedstockselectionprocesswillhelpusgeneratevalueforshareholdersovertime.

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 requiresmutual funds and other publiccompanies to affirm that, to the best of their knowledge, the informa-tionintheirfinancialreportsisfairlyandaccuratelystatedinallmaterialrespects.

T. Rowe Price Emerging Markets Value Stock Fund

http://www.troweprice.com

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Manager’s Letter

1

Fellow Shareholders

Emerging markets stocks rallied over our fiscal year as investor sentiment

unexpectedly rebounded. Signs of improving demand worldwide, rising corporate

earnings, and surprisingly strong growth in China revived investors’ confidence in

the global outlook following a sell-off in the asset class sparked by last November’s

U.S. presidential election. Against this positive backdrop, the Emerging Markets Value

Stock Fund posted a double-digit gain in line with its benchmark.

The Emerging Markets Value Stock Fund returned 13.63% and 26.85% for the six and 12 months ended October 31, 2017, versus 16.40% and 26.91%, respectively, for the MSCI Emerging Markets Index. (Returns for the Advisor Class and I Class reflect their different fees.) For the 12-month period, Russia was the top contributor to relative performance, driven

by strong performance in select companies that are not included in our benchmark. On the other hand, stock selection in South Africa detracted the most from relative returns.

The Emerging Markets Value Stock Fund invests in undervalued companies in developing countries with potential for better performance. Our investment philosophy derives from a few key observations stemming from T. Rowe Price’s decades of experience in emerging markets investing. First, the market forces that typically drive stock prices back toward their historical averages can often fail

TotalReturnPeriodsEnded10/31/17 6Months 12Months

EmergingMarketsValueStockFund 13.63% 26.85%

EmergingMarketsValueStockFund–AdvisorClass 13.49 26.60

EmergingMarketsValueStockFund–IClass 13.78 18.62*

MSCIEmergingMarketsIndex 16.40 26.91

*Sinceinception3/6/17.

Performance Comparison

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to materialize in developing countries, making a classic value investing approach used in developed markets less effective. Additionally, we believe that more work is required to identify catalysts for change in emerging markets, where simply picking cheap stocks is not enough to generate outperformance.

We use a contrarian approach to identify “forgotten” companies, or those that have fallen out of favor with most investors, but have catalysts for change that could unlock value in the near term. Such catalysts typically include new management, a shift toward more disciplined capital spending, an improving economy, or any event that can help drive a company’s stock price to fair value. To find the best investments for your fund, we rely on T. Rowe Price’s global emerging markets equity analysts, who travel extensively around the world to conduct research and visit hundreds of companies in the emerging markets universe.

MaRkET ENvIRONMENT

Emerging markets stocks plunged at the start of our fiscal year amid worries about protectionist rhetoric and inflationary policies under the incoming U.S. administration. But starting in 2017, unexpectedly strong growth in China and other indicators signaling rising demand restored investor confidence in the asset class. Stronger corporate earnings and evidence of newfound capital spending discipline in many markets also supported buying sentiment. Aside from last

November’s postelection sell-off and a modest decline in September, the MSCI Emerging Markets Index rose in every single month during our fiscal year and hit a six-year high shortly before our period ended. The rally in emerging markets came even as the Federal Reserve raised short-term interest rates twice in 2017 as it continued to unwind its accommodative monetary policy in place

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

China 28.61% 41.30%

SouthKorea 21.56 41.09

Thailand 16.08 27.00

Taiwan 15.16 26.70

Russia 4.69 17.54

SouthAfrica 4.62 11.93

Brazil 11.10 9.99

Mexico -0.19 2.62

Source:RIMESOnline,usingMSCIindexes.

Market Performance

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since the 2008 financial crisis. Most individual emerging markets advanced over the past 12 months. China and South Korea led advancers with returns exceeding 40%. Russia and South Africa generated double-digit returns yet lagged the benchmark. Mexico rose the least with a low single-digit gain.

PORTfOLIO REvIEW

We are pleased to report that your fund kept pace with its benchmark in a difficult environment for value investors. Over the past year, value stocks lagged growth stocks in the emerging markets universe as risk-seeking investors flocked to technology, Internet, and consumer discretionary companies and bypassed traditionally cyclical sectors such as financials, materials, energy, and industrial and business services. This rotation into “growthier” companies has not been favorable to our investment style. However, it has created buying opportunities in relatively cheaper areas of the market that could bolster our long-term performance once investors turn their attention back to cyclical stocks.

In Latin America, Brazil remains the largest overweight country against the benchmark, but our exposure declined over the period. We maintained a relatively large position in investment bank Banco BTG Pactual, which made headlines in 2015 after its founder and chief executive was arrested in a widespread corruption probe surrounding state oil firm Petrobras. The arrest sparked a sell-off in BTG’s shares and forced the bank to sell assets and slash jobs worldwide. While the ongoing investigation into BTG’s founder continues to deter investors, we think that management’s recent actions will allow BTG to function reasonably well and that a ruling in the corruption case will be a positive catalyst for BTG shares. Elsewhere in the region, we added to Mexican petrochemicals company Mexichem, which fit our criteria for being a “neglected” stock and is well positioned to benefit from an upturn in the plastics industry. Chemical companies worldwide are benefiting from supply discipline in China. Additionally, Mexichem recently finished an investment and restructuring cycle lasting several years, and we believe that the company’s efforts will improve its free cash flow and returns to an extent that is underappreciated by the market. (Please refer to the portfolio of investments for a complete list of holdings and the amount each represents in the portfolio.)

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In Asia, our China allocation rose following a rally in Chinese stocks and a few large purchases over the period. China’s economy has beat expectations in 2017, and our research trips throughout the mainland have supported our view that the momentum will be sustained for some time. While we are mindful of the potential

risks brought on by China’s rapid credit growth in recent years, we are encouraged by Beijing’s firm stance in pledging to deleverage the financial system and to reform state-owned enterprises, which should pave the way for fundamentally stronger companies. Moreover, the formation of new nonperforming loans has declined as a result of slowing credit growth. In light of our increased confidence in China’s deleveraging goals, we initiated positions in Industrial & Commercial Bank of China and Agricultural Bank of China, both attractively valued banks that stand to benefit from the cyclical upturn in the economy. We eliminated Hong Kong-based laminates manufacturer Kingboard Chemical after strong performance and used proceeds to purchase Huaneng Power International, a state-owned, coal-based independent power producer that should benefit from Beijing’s recent focus on supply-side reform and restrictions on the expansion of thermal coal power plants.

In Southeast Asia, we eliminated our holdings in Malaysian cigarette maker British American Tobacco Bhd to help finance a new position in LT Group, a family-run conglomerate in the Philippines whose businesses range from banking to liquor. LT Group shares have underperformed the Philippine stock market for several years, and its board of directors stands out for being very conservative—qualities that underscore its perception as a “forgotten” stock. However, the company is now under the control of the founder’s son, who has proved to be a competent manager and is slowly turning around the various businesses. We believe that LT Group has strong upside potential in the next few years.

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

Geographic Diversification

Europe11%

Middle Eastand Africa

11%

Pacific ex Japan60%

Other andReserves2%

LatinAmerica

16%

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Our allocations to markets in emerging Europe, Middle East, and Africa stayed broadly unchanged. Russia was the fund’s top contributor to relative performance thanks to stock selection in names such as Internet company Mail.Ru and state-controlled lender Sberbank, which both generated outsized returns. Conversely, our stock selection was weakest in South Africa, which weighed the most on relative performance. Our position in South African investment company Brait was the biggest detractor in absolute terms as investors fretted about

weak performance in a women’s clothing chain it operates in the UK. We took advantage of the declines and increased our position in Brait, whose stock price we think is undervalued given that the company’s other businesses appear to be in solid shape.

OuTLOOk

Our outlook for emerging markets has brightened over the past 12 months. Stronger activity in emerging markets has coincided with a growth pickup in developed markets, pointing to “the broadest synchronized upswing the world economy has experienced in the last decade,” as the International Monetary Fund stated in July.

At the stock level, we are encouraged by a recovery in earnings and cash flow as many companies have grown more focused on increasing revenue and disciplined in their capital spending. For example, companies in Asia are exhibiting stronger fundamentals across the board as greater management discipline has produced a structural uptrend in free cash flow generation. Reforms are also gaining traction

PercentofNetAssets 4/30/17 10/31/17

Financials 35.1% 39.1%

InformationTechnology 18.4 16.6

TelecommunicationServices 10.8 10.2

Materials 7.6 8.5

IndustrialsandBusinessServices 7.3 8.1

RealEstate 4.8 4.4

Energy 3.1 3.5

Utilities 3.4 3.0

ConsumerDiscretionary 3.1 2.8

ConsumerStaples 2.5 1.5

HealthCare 0.0 0.0

OtherandReserves 3.9 2.3

Total 100.0% 100.0%

Historicalweightingsreflectcurrentindustry/sectorclassifications.

Sector Diversification

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in several markets. In China, we are encouraged to see that some state-owned enterprises have lately introduced management incentives and special dividends.

Risks to our outlook include a shift toward protectionism in the U.S., which could restrain global trade and investment flows. North Korea is a grave concern following the buildup in tensions with the U.S. However, sovereign analysts at T. Rowe Price believe that the near-term risk of a nuclear war with North Korea is low and that further negotiations or a Cold War-style deterrence are the more likely outcomes of the current escalation.

China continues to stoke fears of a financial crisis owing to its rapid credit growth in recent years. While China’s economy faces many structural challenges, we are encouraged by official efforts to kick-start various changes as Beijing seeks to rebalance the drivers of economic growth. The timeline for implementing various reforms is uncertain, however, and we continue to monitor developments on the mainland to make sure that leaders do not backpedal on recent reforms.

Value stocks in emerging markets still trade at a large discount relative to the broad emerging markets universe even after the past year’s strong performance, and we continue to see upside potential in markets across the developing world. Thanks to T. Rowe Price’s longstanding strengths in fundamental research and the hard work of our global emerging markets equity team, we believe that we are well positioned to continue generating value for our shareholders over the long term.

Thank you for investing with T. Rowe Price.

Respectfully submitted,

Ernest YeungPortfolio manager and chairman of the fund’s Investment Advisory Committee

November 15, 2017

The committee chairman has day-to-day responsibility for managing the portfolio and works with committee members in developing and executing its investment program.

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Risks of International Investing

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

Glossary

Lipper averages:TheaveragesofavailablemutualfundperformancereturnsforspecifiedtimeperiodsincategoriesdefinedbyLipperInc.

MSCI Emerging Markets Index:Acapitalization-weightedindexofstocksfrom23emergingmarketcountriesthatonlyincludessecuritiesthatmaybetradedbyforeigninvestors.

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

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TWENTY-fIvE LaRGEST HOLDINGS

Percentof NetAssets 10/31/17

SamsungElectronics,SouthKorea 7.2%TaiwanSemiconductorManufacturingCo.,Taiwan 2.5PICCProperty&Casualty,China 2.5BancoBTGPactual,Brazil 2.5ChinaLifeInsurance,China 2.4

AgriculturalBankofChina,China 2.3YY,China 2.2KunlunEnergy,China 2.2AnhuiConchCement,China 2.1Industrial&CommercialBankofChina,China 2.1

Mail.Ru,Russia 2.1Land&Houses,Thailand 2.0StandardChartered,UnitedKingdom 2.0INGLifeInsuranceKorea,SouthKorea 1.9ICICIBank,India 1.8

Mexichem,Mexico 1.8AbuDhabiCommercialBank,UnitedArabEmirates 1.8FosunInternational,China 1.7CathayFinancialHolding,Taiwan 1.7VEON,Russia 1.7

ChinaUnicomHongKong,China 1.7POSCO,SouthKorea 1.7ChinaInternationalMarineContainers,China 1.7Sberbank,Russia 1.7CIMBGroupHoldingsBerhad,Malaysia 1.7

Total 55.0%

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

Portfolio Highlights

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Performance and Expenses

Growth of $10,000

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

Since InceptionPeriodsEnded10/31/17 OneYear Inception Date

EmergingMarketsValueStockFund 26.85% 18.93% 9/14/15

EmergingMarketsValueStockFund–AdvisorClass 26.60 18.67 9/14/15

EmergingMarketsValueStockFund–IClass – 18.62 3/6/17

Thistableshowshowthefundwouldhaveperformedeachyearifitsactual(orcumulative)returnsfortheperiodsshownhadbeenearnedataconstantrate.Returnsdonotreflecttaxesthattheshareholdermaypayonfunddistributionsortheredemptionoffundshares.Pastperformancecannotguaranteefutureresults.

Average Annual Compound Total Return

MSCI Emerging Markets Index $14,636

Emerging Markets Value Stock Fund $14,464

As of 10/31/17

9/14/15 10/1610/15 10/17

E M E R G I N G M A R K E T S V A L U E S T O C K F U N D

$15,000

14,000

13,000

12,000

11,000

10,000

Lipper Emerging Markets Funds Average* $14,166

Note: Performance for the Advisor and I Classes will vary due to their differing fee structures. See returns table below.

*The Lipper Emerging Markets Funds Average is from 9/30/15.

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Fund Expense Example

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

Pleasenotethatthefundhasthreeshareclasses:Theoriginalshareclass(InvestorClass)chargesnodistributionandservice(12b-1)fee,theAdvisorClasssharesareofferedonlythroughunaffiliatedbrokersandotherfinancialintermediariesandchargea0.25%12b-1fee,andIClasssharesareavailabletoinstitutionallyorientedclientsandimposeno12b-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,keepitinmindwhenyouareestimatingtheongoingexpensesofinvestinginthefundandwhencomparingtheexpensesofthisfundwithotherfunds.

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

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Fund Expense Example (continued)

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

Investor ClassActual $1,000.00 $1,136.30 $8.08

Hypothetical(assumes5%returnbeforeexpenses) 1,000.00 1,017.64 7.63

advisor ClassActual 1,000.00 1,134.90 8.88


I ClassActual 1,000.00 1,137.80 5.93


*Expensesareequaltothefund’sannualizedexpenseratioforthe6-monthperiod,multipliedbytheaverageaccountvalueovertheperiod,multipliedbythenumberofdaysinthemostrecentfiscalhalfyear(184),anddividedbythedaysintheyear(365)toreflectthehalf-yearperiod.TheannualizedexpenseratiooftheInvestorClasswas1.50%,theAdvisorClasswas1.65%,andtheIClasswas1.10%.

Emerging Markets Value Stock Fund

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Since InceptionPeriodEnded9/30/17 OneYear Inception Date

EmergingMarketsValueStockFund 25.56% 18.31% 9/14/15

EmergingMarketsValueStockFund–AdvisorClass 25.40 18.08 9/14/15

EmergingMarketsValueStockFund–IClass – 15.65 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 Advisor and 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

EmergingMarketsValueStockFund 3.21%

EmergingMarketsValueStockFund–AdvisorClass 4.23

EmergingMarketsValueStockFund–IClass 2.22

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

Expense Ratio

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Financial Highlights For a share outstanding throughout each period

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

Investor ClassYear

Ended 10/31/17

10/31/16

9/14/15(1)

Through

10/31/15

NET ASSET VALUE

Beginning of period

$ 11.23

$ 10.42

$ 10.00

Investment activities

Net investment income (loss)(2)

0.19(3)(6)

0.14(3)

(0.01)(3)

Net realized and unrealized gain / loss

2.75

0.82

0.43

Total from investment activities

2.94

0.96

0.42

Distributions

Net investment income

(0.16)

–

–

Net realized gain

(0.09)

(0.15)

–

Total distributions

(0.25)

(0.15)

–

NET ASSET VALUE

End of period $ 13.92 $ 11.23 $ 10.42

Ratios/Supplemental Data Total return(4) 26.85%(3)(6) 9.43%(3) 4.20%(3)

Ratio of total expenses to average net assets

1.51%(3)(6)

1.50%(3)

1.50%(3)(5)

Ratio of net investment income (loss) to average net assets

1.49%(3)(6)

1.42%(3)

(1.09)%(3)(5)

Portfolio turnover rate

63.6%

93.8%

15.6%

Net assets, end of period (in thousands)

$ 41,456

$ 19,226

$ 13,257

(1) Inception date (2) Per share amounts calculated using average shares outstanding method. (3) See Note 6. Excludes expenses in excess of a 1.50% contractual expense limitation in effect

through 2/28/18. (4) 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. 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).

Proof #6

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Financial Highlights For a share outstanding throughout each period


Advisor Class

Year Ended

10/31/17

10/31/16

9/14/15(1)

Through

10/31/15

NET ASSET VALUE

Beginning of period

$ 11.20

$ 10.42

$ 10.00


Net investment income (loss)(2)

0.16(3)(6)

0.13(3)

(0.01)(3)


2.75

0.80

0.43


2.91

0.93

0.42

Distributions

Net investment income

(0.14)

–

–

Net realized gain

(0.09)

(0.15)

–

Total distributions

(0.23)

(0.15)

–

NET ASSET VALUE

End of period $ 13.88 $ 11.20 $ 10.42

Ratios/Supplemental Data Total return(4) 26.60%(3)(6) 9.14%(3) 4.20%(3)

Ratio of total expenses to average net assets

1.66%(3)(6)

1.65%(3)

1.65%(3)(5)

Ratio of net investment income (loss) to average net assets

1.27%(3)(6)

1.29%(3)

(1.12)%(3)(5)


63.6%

93.8%

15.6%

Net assets, end of period (in thousands)

$ 385

$ 297

$ 260

(1) Inception date (2) Per share amounts calculated using average shares outstanding method. (3) See Note 6. Excludes expenses in excess of a 1.65% contractual expense limitation in effect

through 2/28/18. (4) Total return reflects the rate that an investor would have earned on an investment in the fund


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

Note 6).

Proof #6

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Financial Highlights


Forashareoutstandingthroughouttheperiod

I Class

3/6/17(1)

Through

10/31/17

NET ASSET VALUE

Beginning of period

$ 11.76


Net investment income (2)

0.13 (3)(6)


2.06


2.19

NET ASSET VALUE

End of period $ 13.95

Ratios/Supplemental Data Total return(4) 18.62%(3)(6)

Ratio of total expenses to average net assets 1.10%

(3)(5)(6)

Ratio of net investment income to average net assets 1.56%

(3)(5)(6)


63.6%

Net assets, end of period (in thousands) $1,149

(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


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

(See Note 6).

Proof #6

T. Rowe Price Emerging Markets Value Stock Fund October 31, 2017

Portfolio of Investments ‡ Shares $ Value

(Cost and value in $000s)

16

AUSTRIA 1.6%

Common Stocks 1.6%

Erste Group Bank 15,869 681

Total Austria (Cost $464) 681

BRAZIL 9.9%

Common Stocks 5.3%

Banco Btg Pactual, Equity Units 157,500 1,060

Energias do Brasil 69,227 309

Tim Participacoes, ADR (USD) 28,200 520

Transmissora Alianca de Energia Eletrica, Equity Units 61,200 384

2,273

Preferred Stocks 4.6%

Banco Bradesco (1) 65,726 697

Marcopolo (1) 582,730 707

Petrobras Brasileiro (1)(2) 111,700 573

1,977

Total Brazil (Cost $2,962) 4,250

CHILE 1.0%

Common Stocks 1.0%

Itau CorpBanca, ADR (USD) 32,100 442

Total Chile (Cost $415) 442

CHINA 27.6%

Common Stocks 27.6%

Agricultural Bank of China, H Shares (HKD) 2,112,000 995

Anhui Conch Cement, H Shares (HKD) 213,500 915

China International Marine Containers, H Shares (HKD) 364,800 727

China Life Insurance, H Shares (HKD) 314,000 1,041

China Mobile (HKD) 58,000 583

Proof #6


Shares $ Value


17

China Overseas Land & Investment (HKD) 104,000 338

China Unicom Hong Kong (HKD) (2) 522,000 741

Fosun International (HKD) 303,000 752

Huaneng Power International, H Shares (HKD) 880,000 588

Industrial & Commercial Bank of China, H Shares (HKD) 1,145,000 911

Kunlun Energy (HKD) 1,020,000 946

Lonking Holdings (HKD) 1,450,000 652

PICC Property & Casualty, H Shares (HKD) 538,000 1,068

Uni-President China Holdings (HKD) 768,000 642

YY, ADR (USD) (2) 10,652 963

Total China (Cost $9,874) 11,862

EGYPT 2.8%

Common Stocks 2.8%

OCI (EUR) (2) 29,527 700

Telecom Egypt 686,203 503

Total Egypt (Cost $999) 1,203

HONG KONG 1.2%

Common Stocks 1.2%

Pacific Textiles 497,000 523

Total Hong Kong (Cost $578) 523

INDIA 2.9%

Common Stocks 2.9%

ICICI Bank, ADR (USD) 86,770 794

State Bank of India, GDR (USD) 9,384 444

Total India (Cost $881) 1,238

Proof #6


Shares $ Value


18

INDONESIA 1.4%

Common Stocks 1.4%

Bank Negara Indonesia Persero 1,089,500 611

Total Indonesia (Cost $401) 611

MALAYSIA 1.7%

Common Stocks 1.7%

CIMB Group Holdings Berhad 497,505 722

Total Malaysia (Cost $592) 722

MEXICO 3.4%

Common Stocks 3.4%

Concentradora Fibra Danhos 399,268 671

Mexichem SAB de CV 299,013 770

Total Mexico (Cost $1,472) 1,441

PERU 1.3%

Common Stocks 1.3%

Compania de Minas Buenaventura, ADR (USD) 39,800 549

Total Peru (Cost $503) 549

PHILIPPINES 1.5%

Common Stocks 1.5%

LT Group 1,891,100 659

Total Philippines (Cost $589) 659

Proof #6


Shares $ Value


19

ROMANIA 1.3%

Common Stocks 1.3%

BRD-Groupe Societe Generale 175,736 553

Total Romania (Cost $507) 553

RUSSIA 5.5%

Common Stocks 5.5%

Mail.Ru, GDR (USD) (2) 27,713 900

Sberbank of Russia, ADR (USD) 50,406 723

VEON, ADR (USD) 190,400 745

Total Russia (Cost $1,816) 2,368

SAUDI ARABIA 1.2%

Common Stocks 1.2%

Saudi British Bank 76,138 502

Total Saudi Arabia (Cost $506) 502

SOUTH AFRICA 5.2%

Common Stocks 5.2%

Barclays Africa 61,863 613

Brait 117,172 438

Nedbank 33,065 484

Telkom SA SOC 192,510 721

Total South Africa (Cost $2,671) 2,256

SOUTH KOREA 14.0%

Common Stocks 14.0%

Hyundai Motor 3,644 524

ING Life Insurancve Korea 18,656 800

KT 20,341 566

Proof #6


Shares $ Value


20

Netmarble Games (2) 1,882 292

POSCO 2,518 734

Samsung Electronics 1,257 3,099

Total South Korea (Cost $4,426) 6,015

TAIWAN 6.1%

Common Stocks 6.1%

Catcher Technology 36,000 383

Cathay Financial Holding 454,000 750

Pegatron 162,000 420

Taiwan Semiconductor Manufacturing 135,000 1,092

Total Taiwan (Cost $1,986) 2,645

THAILAND 3.3%

Common Stocks 3.3%

Bangkok Bank, NVDR 70,100 407

BEC World 245,600 129

Land & Houses, NVDR 2,640,600 866

Total Thailand (Cost $1,222) 1,402

TURKEY 1.1%

Common Stocks 1.1%

Akbank 175,722 465

Total Turkey (Cost $460) 465

UNITED ARAB EMIRATES 1.8%

Common Stocks 1.8%

Abu Dhabi Commercial Bank 382,232 770

Total United Arab Emirates (Cost $701) 770

Proof #6


Shares $ Value


21

UNITED KINGDOM 1.9%

Common Stocks 1.9%

Standard Chartered (2) 84,199 840

Total United Kingdom (Cost $756) 840

SHORT-TERM INVESTMENTS 2.1%

Money Market Funds 2.1%

T. Rowe Price Government Reserve Fund, 1.09% (3)(4) 924,941 925

Total Short-Term Investments (Cost $925) 925

Total Investments in Securities

99.8% of Net Assets (Cost $35,706) $ 42,922

‡

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)

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.

(2) Non-income producing (3) Seven-day yield (4) Affiliated Company

ADR American Depositary Receipts EUR Euro GDR Global Depositary Receipts HKD Hong Kong Dollar

NVDR Non-Voting Depositary Receipts USD U.S. Dollar

Proof #6


22


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 $ — $ — $ 8Totals $ —# $ — $ 8+ Supplementary Investment Schedule Affiliate

Value10/31/16

PurchaseCost

SalesCost

Value10/31/17

T. Rowe Price Government Reserve Fund $ 665 $ ¤ $ ¤ $ 925 $ 925^

# Capital gain/loss distributions from mutual funds represented $0 of the net realized gain(loss). + Investment income comprised $8 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 $925.

Proof #6

23


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

Statement of Assets and Liabilities

Assets

Investments in securities, at value (cost $35,706) $ 42,922

Receivable for shares sold 79

Receivable for investment securities sold 63

Cash 25

Due from affiliates 15

Dividends receivable 7

Foreign currency (cost $2) 2

Other assets 132

Total assets 43,245

Liabilities

Payable for investment securities purchased 96

Investment management fees payable 37

Due to affiliates 9

Other liabilities 113

Total liabilities 255

NET ASSETS $ 42,990 Net Assets Consist of:

Undistributed net investment income $ 378

Accumulated undistributed net realized gain 802

Net unrealized gain 7,216

Paid-in capital applicable to 3,088,893 shares of $0.01 par value capital stock outstanding; 18,000,000,000 shares of the Corporation authorized 34,594

NET ASSETS $ 42,990

Proof #6

24



Statement of Assets and Liabilities

NET ASSET VALUE PER SHARE

Investor Class ($41,456,232 / 2,978,808 shares outstanding) $ 13.92

Advisor Class ($385,454 / 27,772 shares outstanding) $ 13.88

I Class ($1,148,463 / 82,313 shares outstanding) $ 13.95

Proof #6


($000s)

Statement of Operations

25


Year Ended

10/31/17Investment Income (Loss)

Income Dividend (net of foreign taxes of $118) $ 903 Interest 5

Total income 908

Expenses Investment management 315 Shareholder servicing

Investor Class $ 44 Advisor Class 1 45

Rule 12b-1 fees Advisor Class 1

Prospectus and shareholder reports Investor Class 15 Advisor Class 1 16

Custody and accounting 170 Registration 88 Legal and audit 45 Miscellaneous 33 Waived / paid by Price Associates (256)

Total expenses 457

Net investment income 451

Realized and Unrealized Gain / Loss

Net realized gain (loss) Securities 1,830 Foreign currency transactions (4)

Net realized gain 1,826 Change in net unrealized gain / loss on securities 4,951

Net realized and unrealized gain / loss 6,777

INCREASE IN NET ASSETS FROM OPERATIONS $ 7,228

Proof #6


($000s)

26

Statement of Changes in Net Assets

Year Ended

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

Operations Net investment income $ 451 $ 221 Net realized gain (loss) 1,826 (660) Change in net unrealized gain / loss 4,951 2,085 Increase in net assets from operations 7,228 1,646

Distributions to shareholders

Net investment income Investor Class (277) – Advisor Class (4) –

Net realized gain Investor Class (156) (208) Advisor Class (2) (4)

Decrease in net assets from distributions (439) (212)

Capital share transactions*

Shares sold Investor Class 23,117 6,643 Advisor Class 16 15 I Class 1,158 –

Distributions reinvested Investor Class 254 103

Shares redeemed Investor Class (7,784) (2,198) I Class (93) –

Redemption fees received 10 9 Increase in net assets from capital share transactions 16,678 4,572

Net Assets

Increase during period 23,467 6,006 Beginning of period 19,523 13,517

End of period $ 42,990 $ 19,523

Undistributed net investment income 378 221

Proof #6


27


Statement of Changes in Net Assets

(000s)

Year Ended

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

Shares sold Investor Class 1,871 653 Advisor Class 2 1 I Class 89 –

Distributions reinvested Investor Class 24 10

Shares redeemed Investor Class (628) (224) I Class (7) –

Increase in shares outstanding 1,351 440

Proof #6

28


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 T. Rowe Price Emerging Markets Value Stock Fund (the fund) is a diversified, open-end management investment company established by the corporation. The fund seeks long-term growth of capital. The fund has three classes of shares: the Emerging Markets Value Stock Fund (Investor Class), the Emerging Markets Value Stock Fund–Advisor Class (Advisor Class), and the Emerging Markets Value Stock Fund–I Class (I Class). Advisor Class shares are sold only through unaffiliated brokers and other unaffiliated financial intermediaries. I Class shares generally are available only to investors meeting a $1,000,000 minimum investment or certain other criteria. The Advisor Class operates under a Board-approved Rule 12b-1 plan pursuant to which the class compensates financial intermediaries for distribution, shareholder servicing, and/or certain administrative services; the Investor and I Classes do not pay Rule 12b-1 fees. Each class has exclusive voting rights on matters related solely to that class; separate voting rights on matters that relate to all classes; and, in all other respects, the same rights and obligations as the other classes.

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,

Proof #6

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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.

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 all 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. The Advisor Class pays Rule 12b-1 fees, in an amount not exceeding 0.25% of the class’s average daily net assets; during the year ended October 31, 2017, the Advisor Class incurred $1,000 in these fees.

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.

Proof #6

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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.

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.

Proof #6

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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 iden-tical 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.

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

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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 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.

Proof #6

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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.

Proof #6

34


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,except: $ — $ 21,288 $ — $ 21,288

Brazil 520 3,730 — 4,250

Chile 442 — — 442

China 963 10,899 — 11,862

India 794 444 — 1,238

Peru 549 — — 549

Russia 745 1,623 — 2,368

Short-TermInvestments 925 — — 925

Total $ 4,938 $ 37,984 $ — $ 42,922

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, approximately 91% of the fund’s net assets were invested in emerging markets

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and 2% 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 uncertainty 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.

Other Purchases and sales of portfolio securities other than short-term securities aggregated $34,986,000 and $18,576,000, respectively, for the year ended October 31, 2017.

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. Reclassifications between income and gain relate primarily to the character of foreign capital

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gains taxes. 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):

Undistributednetinvestmentincome $ (13)

Undistributednetrealizedgain (75)

Paid-incapital 88

($000s)

Distributions during the years ended October 31, 2017 and October 31, 2016, totaled $439,000 and $212,000, respectively, and were characterized as ordinary income for tax purposes. At October 31, 2017, the tax-basis cost of investments, including derivatives, and components of net assets were as follows:

Costofinvestments $ 36,446

Unrealizedappreciation $ 7,585

Unrealizeddepreciation (1,109)

Netunrealizedappreciation(depreciation) 6,476

Undistributedordinaryincome 1,178

Undistributedlong-termcapitalgain 742

Paid-incapital 34,594

Netassets $ 42,990

($000s)

The difference between book-basis and tax-basis net unrealized appreciation (depreciation) is attributable to the deferral of losses from wash sales, the realization of gains/losses on passive foreign investment companies for tax purposes. During the year ended October 31, 2017, the fund utilized $583,000 of capital loss carryforwards.

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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.

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 Investor Class and Advisor Class are each subject to a contractual expense limitation through the limitation dates indicated in the table below. During the limitation period, Price Associates is required to waive its management fee or pay any expenses (excluding interest, expenses related to borrowings, taxes, brokerage, and other non-recurring expenses permitted by the investment management agreement) that would otherwise cause the class’s ratio of

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annualized total expenses to average net assets (expense ratio) to exceed its expense limitation. Each class is required to repay Price Associates for expenses previously waived/paid to the extent the class’s net assets grow or expenses decline sufficiently to allow repayment without causing the class’s expense ratio (after the repayment is taken into account) to exceed both: (1) the expense limitation in place at the time such amounts were waived; 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.

advisor Class

Expenselimitation 1.50% 1.65%

Limitationdate February28,2018 February28,2018

Investor Class

The I Class is also 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 these agreements, $256,000 of expenses were waived/paid by Price Associates during the year ended October 31, 2017 and remain subject to repayment by the fund. Including this amount, expenses previously waived/paid by Price Associates in the amount of $571,000 remain subject to repayment by the fund at October 31, 2017.

In addition, the fund has entered into service agreements with Price Associates and a wholly owned subsidiary 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 services in its capacity as the fund’s transfer and dividend-disbursing agent. For the year ended October 31, 2017, expenses-incurred pursuant to these service

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agreements were $86,000 for Price Associates and $36,000 for T. Rowe Price 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 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.

As of October 31, 2017, T. Rowe Price Group, Inc., or its wholly owned sub-sidiaries owned 675,000 shares of the Investor Class, representing 23% of the Investor Class’s net assets, 25,000 shares of the Advisor Class, representing 90% of the Advisor Class’s net assets and 21,259 shares of the I Class, representing 26% 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.

Proof #6

40


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 Emerging Markets value Stock 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 Emerging Markets Value Stock 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, brokers, and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLPBaltimore, MarylandDecember 15, 2017

Proof #6

41


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

WeareprovidingthisinformationasrequiredbytheInternalRevenueCode.Theamountsshownmaydifferfromthoseelsewhereinthisreportbecauseofdifferencesbetweentaxandfinancialreportingrequirements.

Thefund’sdistributionstoshareholdersincluded:

• $214,000fromshort-termcapitalgains,

• $33,000fromlong-termcapitalgains,subjecttoalong-termcapitalgainstaxrateofnotgreaterthan20%.

Fortaxablenon-corporateshareholders,$529,000ofthefund’sincomerepresentsqualifieddividendincomesubjecttoalong-termcapitalgainstaxrateofnotgreaterthan20%.

Forcorporateshareholders,$3,000ofthefund’sincomequalifiesforthedividends-receiveddeduction.

Thefundwillpassthroughforeignsourceincomeof$864,000andforeigntaxespaidof$127,000.

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

Proof #6

42


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.

Proof #6

43


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.

Proof #6

44

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.

Unlessotherwisenoted,officershavebeenemployeesofT.RowePriceorT.RowePriceInternationalforatleast5years.


Proof #6

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Officers (continued)


SyedH.Ali(1970)VicePresident

VicePresident,PriceSingaporeandT.RowePriceGroup,Inc.

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.


Proof #6

46




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


Proof #6

47




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



Proof #6

48



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




Proof #6

49




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


EricC.Moffett(1974)ExecutiveVicePresident



Proof #6

50



SamyB.Muaddi,CFA(1984)ExecutiveVicePresident


TobiasF.Mueller(1980)VicePresident


JaredT.Murphy(1986)VicePresident

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


PaulT.O’Sullivan(1973)VicePresident




Proof #6

51




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.

JohnC.A.Sherman(1969)VicePresident


GabrielSolomon(1977)VicePresident



Proof #6

52



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);ExecutiveDirector,MorganStanley(to2014)

KesVisuvalingam,CFA(1968)VicePresident

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

VerenaE.Wachnitz,CFA(1978)ExecutiveVicePresident




Proof #6

53




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;student,ColumbiaBusinessSchool(to2016);formerlyAnalyst,YulanCapitalManagement(to2014)

WenliZheng(1979)VicePresident



Proof #6

F34-050 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

201712-295032

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.

ˆTheTargetDateFundsareinclusiveoftheRetirementFunds,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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