UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-02958

T. Rowe Price International Funds, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2017

The views and opinions in this report were current as of December 31, 2017. They are not guarantees of performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and the managers reserve the right to change their views about individual stocks, sectors, and the markets at any time. As a result, the views expressed should not be relied upon as a forecast of the fund’s future investment intent. The report is certified under the Sarbanes-Oxley Act, which requires mutual funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.

Sign up for our Email Program, and you can begin to receive updated fund reports and prospectuses online rather than through the mail. Log in to your account at troweprice.com for more information.

Emerging markets corporate bonds generated solid returns in 2017, building on their strong 2016 performance. Healthy demand for the asset class easily digested a record pace of new issuance of emerging markets corporate debt. Bonds from corporate issuers in Asian emerging markets generally underperformed Latin American corporate debt.

As shown in the Performance Comparison table, the Emerging Markets Corporate Bond Fund returned 8.87% for the 12 months ended December 31, 2017. The fund outperformed the benchmark J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified but underperformed its Lipper peer group average. The Lipper peer group primarily includes funds that invest in emerging markets sovereign bonds, which broadly outperformed emerging markets corporate debt for the reporting period. Funds that focus on corporate bonds account for less than 20% of the peer group, which also incorporates strategies that invest in a blend of sovereign and corporate debt. (Returns for the fund’s Advisor and I Class shares may vary due to their different fee structures, cash flows, and other factors.)

Emerging markets corporate bonds generated solid returns in 2017, building on their strong 2016 performance. Most of the 2017 rally in the asset class took place in the first half of the year, overcoming some weakness in commodity prices. The price of a barrel of Brent crude oil, the global benchmark, finished 2017 at nearly $67 after starting the year at about $55 and falling below $45 in June. While emerging markets are divided about evenly between net oil exporters that benefit from higher prices and net oil importers that benefit from lower prices, the commodities markets tend to drive broad investor sentiment toward riskier asset classes such as emerging markets debt. Economic growth in China, which is another factor that influences sentiment toward “risk assets,” was resilient. Chinese gross domestic product grew by an annualized 6.8% in the third quarter, above the government’s stated goal of around 6.5%. China held its National Congress of the Communist Party of China, which occurs every five years, in October to choose the ruling political party’s leaders. The Congress further solidified Chinese President Xi Jinping’s political power and resulted in pledges to improve the quality and sustainability of economic growth.

Healthy demand for the asset class easily digested a record pace of new issuance of emerging markets corporate debt. Bonds with high yield credit ratings made up an increasing proportion of the new supply as noninvestment-grade issuers took advantage of the strong technical conditions to reduce their borrowing costs. Companies used the bulk of the proceeds from selling new bonds to refinance existing debt rather than adding to their total indebtedness. In fact, issuers of emerging markets corporate bonds have been deleveraging along with the countries in which they are based, which stands in sharp contrast to the many developed countries where leverage is increasing. Outside China, private sector leverage in emerging markets has decreased meaningfully. The default rate on emerging markets corporate bonds reached its lowest level in three years.

The Central Bank of Brazil cut interest rates as softer inflation gave the central bank room to stimulate the economy, supporting Brazilian corporate bonds, which easily outperformed the broad emerging markets corporate debt benchmark. However, corruption allegations against Brazil’s president, Michel Temer, increased uncertainty around the outlook for key fiscal reforms. Mexican corporate bonds were volatile, giving back some of their gains amid late-year concerns about North American Free Trade Agreement (NAFTA) negotiations and the possibility of renewed monetary tightening due to inflationary pressures. Bonds from corporate issuers in Asian emerging markets generally underperformed Latin American corporate debt, but Asian returns were still healthy. South Africa remained mired in political turbulence as President Jacob Zuma survived a legislative attempt to oust him, but South African corporates still outperformed the broad asset class. Late in the year, the African National Conference selected Cyril Ramaphosa as its reform-minded new leader and possible successor to Zuma.

Security selection was the primary contributor to the fund’s outperformance, particularly in the financials and consumer sectors. We bought newly issued debt from Banco Mercantil del Norte, one of the best-capitalized banks in Mexico, that posted strong returns. Bonds from Argentine banks Banco Macro and Banco Galicia were solid performers as the country’s financial institutions stand to benefit from Argentina’s economic recovery and declining inflation. In the consumer sector, the portfolio’s position in longer-maturity debt from Brazilian beef producer Minerva boosted relative returns as the company took market share from competitors and reported higher profits. In addition, the fund’s relative performance benefited from not holding bonds from Israeli pharmaceutical manufacturer Teva Pharmaceuticals when they sold off sharply as the company’s generic drugs business deteriorated. (Please refer to the fund’s portfolio of investments for a complete list of our holdings and the amount each represents in the portfolio.)

From a sector perspective, we tend to favor those better positioned to benefit from domestic growth sources as they are more insulated from external shocks. These sectors include infrastructure as well as technology, media, and telecommunications. Philippine port operator International Container Terminal Services, which we think will benefit as global growth rebounds, was one of our notable holdings in the infrastructure sector. We also expect the technology, media, and telecommunications sector to receive support from the increasing purchasing power of the middle class in emerging markets. Bonds from companies in the sector also tend to be more resilient to volatility in global financial markets, making them a useful defensive allocation in a time of monetary policy uncertainty in developed markets. For example, our position in bonds from MTN Mauritius, which provides telecommunication services in Africa, benefited as the company made progress in cutting costs to improve its operating efficiency.

The fund was underweight the financials sector as a result of its elevated valuations and limited transparency relative to other segments. This underweight positioning contributed slightly to relative returns as financials, which tend to be higher quality and offer lower yields, underperformed lower-rated areas of the market. The portfolio started the year underweight the metals and mining sector, but we selectively added to our holdings driven by bottom-up ideas, focusing on higher-quality companies in the sector. This positioning resulted from our cautious medium- to long-term outlook for the prices of a number of commodities. However, it detracted modestly from relative returns as commodities rallied, benefiting lower-quality metals and mining companies the most. We continued to underweight the oil and gas sector, where we anticipate that the imbalance between global supply and demand will weigh on oil prices in the longer term. This positioning also weighed on relative returns.

In terms of country allocation, the portfolio’s largest overweight at the end of the year was to South Africa. We established this position late in 2017 when we anticipated that Cyril Ramaphosa’s selection as the new leader of the African National Conference would boost investor sentiment toward South Africa. However, we have some doubts about Ramaphosa’s ability to implement meaningful reforms, so we might moderate the South Africa overweight in the medium term. Our second-largest overweight at the end of 2017 was to Argentina, where we think that the country’s economic recovery and reforms will benefit financial companies and natural gas producers in particular. In Asia, we were overweight Indonesia, which offered attractive yields as well as the ability and willingness to implement potentially meaningful reforms. However, we moderated the size of this position later in the year as rising prices reduced relative value, trimming the fund’s exposure to Indonesian high yield bonds in particular. The portfolio was also overweight India, which we see as having one of the clearest routes to a second act of meaningful reforms. The fund’s largest country underweight at the end of the year was Mexico as a result of the meaningful risk of the U.S. exiting NAFTA as well as the country’s lagging economic growth.

Over the course of the year, we shifted the portfolio’s credit quality positioning to be slightly more defensive as the asset class continued to rally and the yield premium for taking on additional credit risk compressed. We continued to deemphasize lower-quality bonds in the noninvestment-grade segment, preferring issuers rated BBB (the lowest investment-grade rating) and BB (the highest noninvestment-grade rating) because these areas generally have more pricing inefficiencies and more opportunities to identify companies with improving fundamentals that are candidates for ratings upgrades. The fund increased its exposure to B rated bonds, but this was driven by bottom-up security selection. We offset this additional risk by rotating into more defensive Asian issuers. We continued to deemphasize distressed issuers—companies that carry credit spreads above 1,000 basis points—and bonds with credit ratings of CCC and below given their history of poor risk-adjusted returns.

Several of the long-standing vulnerabilities of emerging markets have diminished in recent years, making them increasingly attractive relative to developed markets. Overall, fiscal conditions have improved and are now broadly better than those in developed markets, balance of payment problems have eased to the point that current accounts in emerging markets as a whole are now balanced, private sector contingent liabilities (mainly a problem in China) have fallen, and political environments have broadly become more stable. Looking forward, we expect these improvements to continue to support the financial strength of emerging markets corporate bond issuers. Emerging markets corporate debt also offers attractive yields and lower duration relative to the global fixed income opportunity set, a factor that should continue to draw investors into the asset class. This should lead to a continued narrowing in credit spreads, but we anticipate that security selection will become even more important as investors differentiate between issuers.

Possibly the most meaningful risk to the asset class in the near to medium term is the potential for central banks in developed markets to tighten monetary policy more aggressively than markets expect. We believe that carefully telegraphed policy normalization in developed markets could introduce short-term volatility but would pose limited systemic risk to the asset class. In fact, we would likely view market dislocations associated with these events as opportunities to add at more attractive entry prices. However, abrupt policy adjustments from the Fed, the European Central Bank, or the Bank of Japan could trigger a more severe increase in yields on developed markets sovereign bonds, which could cause outflows from emerging markets debt by reducing the yield advantage the asset class currently offers. China’s struggle to manage its transition from an export-oriented economy to one focused on domestic consumption without inducing an abrupt slowdown is a key global risk that we continue to monitor. However, we think that the probability of a hard economic landing in China has meaningfully decreased.

Strong security selection has become even more critical in the ongoing environment of lower overall relative value, divergent trends in fundamentals, and country-specific developments. We believe that the extended reach of T. Rowe Price’s global credit, sovereign, and equity research platforms, combined with our emphasis on collaboration across those platforms, gives us a critical edge in analyzing both risks and opportunities in emerging markets corporate bonds.

Samy Muaddi
Lead portfolio manager and chairman of the fund’s Investment Advisory Committee

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

Funds that invest overseas generally carry more risk than funds that invest strictly in U.S. assets, including unpredictable changes in currency values. Investments in emerging markets are subject to abrupt and severe price declines and should be regarded as speculative. The economic and political structures of developing nations, in most cases, do not compare favorably with the U.S. or other developed countries in terms of wealth and stability, and their financial markets often lack liquidity. Some countries also have legacies of hyperinflation, currency devaluations, and governmental interference in markets.

International investments are subject to currency risk, a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency. The overall impact on a fund’s holdings can be significant and long-lasting depending on the currencies represented in the portfolio, how each one appreciates or depreciates in relation to the U.S. dollar, and whether currency positions are hedged. Further, exchange rate movements are unpredictable, and it is not possible to effectively hedge the currency risks of many developing countries.

Bonds are also subject to interest rate risk, the decline in bond prices that usually accompanies a rise in interest rates, and credit risk, the chance that any fund holding could have its credit rating downgraded or that a bond issuer will default (fail to make timely payments of interest or principal), potentially reducing the fund’s income level and share price.

Credit spreads: The additional yield that investors demand to hold a bond with credit risk compared with a Treasury security with a comparable maturity date.

Duration: A measure of a bond’s or bond fund’s sensitivity to changes in interest rates. For example, a fund with a duration of six years would fall about 6% in response to a one-percentage-point rise in rates, and vice versa.

Gross domestic product: The total market value of all goods and services produced in a country in a given year.

J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified: An unmanaged index that tracks U.S. dollar-denominated debt issued by emerging markets corporations.

Lipper averages: The averages of available mutual fund performance returns for specified time periods in categories defined by Lipper Inc.

Quasi-sovereign debt: Debt issued by a corporation and backed by the respective government, typically offering the higher yields of corporate debt with the added benefit of government support.

Weighted average maturity: A measure of a fund’s sensitivity to interest rates. In general, the longer the average maturity, the greater the fund’s sensitivity to interest rate changes. The weighted average maturity may take into account the interest rate readjustment dates for certain securities.

Weighted average spread duration (years): A measure of a portfolio’s price sensitivity to changes in credit spreads. Portfolios with longer weighted average spread durations are more sensitive to changes in credit spreads than securities with shorter durations.

This chart shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with benchmarks, which may include a broad-based market index and a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes.

As a mutual fund shareholder, you may incur two types of costs: (1) transaction costs, such as redemption fees or sales loads, and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the most recent six-month period and held for the entire period.

Please note that the fund has three share classes: The original share class (Investor Class) charges no distribution and service (12b-1) fee, Advisor Class shares are offered only through unaffiliated brokers and other financial intermediaries and charge a 0.25% 12b-1 fee, and I Class shares are available to institutionally oriented clients and impose no 12b-1 or administrative fee payment. Each share class is presented separately in the table.

Actual Expenses
The first line of the following table (Actual) provides information about actual account values and expenses based on the fund’s actual returns. You may use the information on this line, together with your account balance, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number on the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes
The information on the second line of the table (Hypothetical) is based on hypothetical account values and expenses derived from the fund’s actual expense ratio and an assumed 5% per year rate of return before expenses (not the fund’s actual return). You may compare the ongoing costs of investing in the fund with other funds by contrasting this 5% hypothetical example and the 5% hypothetical examples that appear in the shareholder reports of the other funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Note: T. Rowe Price charges an annual account service fee of $20, generally for accounts with less than $10,000. The fee is waived for any investor whose T. Rowe Price mutual fund accounts total $50,000 or more; accounts electing to receive electronic delivery of account statements, transaction confirmations, prospectuses, and shareholder reports; or accounts of an investor who is a T. Rowe Price Personal Services or Enhanced Personal Services client (enrollment in these programs generally requires T. Rowe Price assets of at least $250,000). This fee is not included in the accompanying table. If you are subject to the fee, keep it in mind when you are estimating the ongoing expenses of investing in the fund and when comparing the expenses of this fund with other funds.

You should also be aware that the expenses shown in the table highlight only your ongoing costs and do not reflect any transaction costs, such as redemption fees or sales loads. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. To the extent a fund charges transaction costs, however, the total cost of owning that fund is higher.

T. Rowe Price International Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act). The Emerging Markets Corporate Bond Fund (the fund) is a diversified, open-end management investment company established by the corporation. The fund seeks to provide high current income and, secondarily, capital appreciation. The fund has three classes of shares: the Emerging Markets Corporate Bond Fund (Investor Class), the Emerging Markets Corporate Bond Fund–Advisor Class (Advisor Class), and the Emerging Markets Corporate Bond 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.

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. Premiums and discounts on debt securities are amortized for financial reporting purposes. 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 by each class daily and paid monthly. 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 and investment income are allocated to the classes based upon the relative daily net assets of each class’s settled shares; realized and unrealized gains and losses are allocated based upon the relative daily net assets of each class’s outstanding shares. 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.

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.

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.

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.

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)

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 Debt securities generally are traded in the over-the-counter (OTC) market. Securities with remaining maturities of one year or more at the time of acquisition are valued at prices furnished by dealers who make markets in such securities or by an independent pricing service, which considers the yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Securities with remaining maturities of less than one year at the time of acquisition generally use amortized cost in local currency to approximate fair value. However, if amortized cost is deemed not to reflect fair value or the fund holds a significant amount of such securities with remaining maturities of more than 60 days, the securities are valued at prices furnished by dealers who make markets in such securities or by an independent pricing service. Generally, debt securities are categorized in Level 2 of the fair value hierarchy; however, to the extent the valuations include significant unobservable inputs, the securities would be categorized in Level 3.

Equity securities listed or regularly traded on a securities exchange or in the 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 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. Listed options, and OTC options with a listed equivalent, are valued at the mean of the closing bid and asked prices and generally are categorized in Level 2 of the fair value hierarchy. Financial futures contracts are valued at closing settlement prices and are categorized in Level 1 of the fair value hierarchy. Forward currency exchange contracts are valued using the prevailing forward exchange rate and are categorized in Level 2 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.

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 troubled or thinly traded debt instruments, 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, 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 a discount or premium from market value of a similar, freely traded security of the same issuer; discounted cash flows; yield to maturity; 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.

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

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

During the year ended December 31, 2017, the fund invested in derivative instruments. As defined by GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variable; it requires little or no initial investment and permits or requires net settlement. The fund invests in derivatives only if the expected risks and rewards are consistent with its investment objectives, policies, and overall risk profile, as described in its prospectus and Statement of Additional Information. The fund may use derivatives for a variety of purposes, such as seeking to hedge against declines in principal value, increase yield, invest in an asset with greater efficiency and at a lower cost than is possible through direct investment, or to adjust portfolio duration and credit exposure. The risks associated with the use of derivatives are different from, and potentially much greater than, the risks associated with investing directly in the instruments on which the derivatives are based. The fund at all times maintains sufficient cash reserves, liquid assets, or other SEC-permitted asset types to cover its settlement obligations under open derivative contracts.

The fund values its derivatives at fair value and recognizes changes in fair value currently in its results of operations. Accordingly, the fund does not follow hedge accounting, even for derivatives employed as economic hedges. Generally, the fund accounts for its derivatives on a gross basis. It does not offset the fair value of derivative liabilities against the fair value of derivative assets on its financial statements, nor does it offset the fair value of derivative instruments against the right to reclaim or obligation to return collateral. The following table summarizes the fair value of the fund’s derivative instruments held as of December 31, 2017, and the related location on the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Additionally, the amount of gains and losses on derivative instruments recognized in fund earnings during the year ended December 31, 2017, and the related location on the accompanying Statement of Operations is summarized in the following table by primary underlying risk exposure:

Counterparty Risk and Collateral The fund invests in derivatives in various markets, which expose it to differing levels of counterparty risk. Counterparty risk on exchange-traded and centrally cleared derivative contracts, such as futures, exchange-traded options, and centrally cleared swaps, is minimal because the clearinghouse provides protection against counterparty defaults. For futures and centrally cleared swaps, the fund is required to deposit collateral in an amount specified by the clearinghouse and the clearing firm (margin requirement), and the margin requirement must be maintained over the life of the contract. Each clearinghouse and clearing firm, in its sole discretion, may adjust the margin requirements applicable to the fund.

Derivatives, such as bilateral swaps, forward currency exchange contracts, and OTC options, that are transacted and settle directly with a counterparty (bilateral derivatives) expose the fund to greater counterparty risk. To mitigate this risk, the fund has entered into master netting arrangements (MNAs) with certain counterparties that permit net settlement under specified conditions and, for certain counterparties, also require the exchange of collateral to cover mark-to-market exposure. MNAs may be in the form of International Swaps and Derivatives Association master agreements (ISDAs) or foreign exchange letter agreements (FX letters).

MNAs provide the ability to offset amounts the fund owes a counterparty against amounts the counterparty owes the fund (net settlement). Both ISDAs and FX letters generally allow termination of transactions and net settlement upon the occurrence of contractually specified events, such as failure to pay or bankruptcy. In addition, ISDAs specify other events, the occurrence of which would allow one of the parties to terminate. For example, a downgrade in credit rating of a counterparty would allow the fund to terminate, while a decline in the fund’s net assets of more than a specified percentage would allow the counterparty to terminate. Upon termination, all transactions with that counterparty would be liquidated and a net termination amount settled. ISDAs include collateral agreements whereas FX letters do not. Collateral requirements are determined daily based on the net aggregate unrealized gain or loss on all bilateral derivatives with a counterparty, subject to minimum transfer amounts that typically range from $100,000 to $250,000. Any additional collateral required due to changes in security values is typically transferred the same business day.

Collateral may be in the form of cash or debt securities issued by the U.S. government or related agencies. Cash posted by the fund is reflected as cash deposits in the accompanying financial statements and generally is restricted from withdrawal by the fund; securities posted by the fund are so noted in the accompanying Portfolio of Investments; both remain in the fund’s assets. Collateral pledged by counterparties is not included in the fund’s assets because the fund does not obtain effective control over those assets. For bilateral derivatives, collateral posted or received by the fund is held in a segregated account at the fund’s custodian. While typically not sold in the same manner as equity or fixed income securities, exchange-traded or centrally cleared derivatives may be closed out only on the exchange or clearinghouse where the contracts were traded, and OTC and bilateral derivatives may be unwound with counterparties or transactions assigned to other counterparties to allow the fund to exit the transaction. This ability is subject to the liquidity of underlying positions. As of December 31, 2017, no collateral was pledged by either the fund or counterparties for bilateral derivatives. As of December 31, 2017, securities valued at $40,000 had been posted by the fund for exchange-traded and/or centrally cleared derivatives.

Forward Currency Exchange Contracts The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. It uses forward currency exchange contracts (forwards) primarily to protect its non-U.S. dollar-denominated securities from adverse currency movements. A forward involves an obligation to purchase or sell a fixed amount of a specific currency on a future date at a price set at the time of the contract. Although certain forwards may be settled by exchanging only the net gain or loss on the contract, most forwards are settled with the exchange of the underlying currencies in accordance with the specified terms. Forwards are valued at the unrealized gain or loss on the contract, which reflects the net amount the fund either is entitled to receive or obligated to deliver, as measured by the difference between the forward exchange rates at the date of entry into the contract and the forward rates at the reporting date. Appreciated forwards are reflected as assets and depreciated forwards are reflected as liabilities on the accompanying Statement of Assets and Liabilities. Risks related to the use of forwards include the possible failure of counterparties to meet the terms of the agreements; that anticipated currency movements will not occur, thereby reducing the fund’s total return; and the potential for losses in excess of the fund’s initial investment. During the year ended December 31, 2017, the volume of the fund’s activity in forwards, based on underlying notional amounts, was generally between 0% and 2% of net assets.

Futures Contracts The fund is subject to interest rate risk in the normal course of pursuing its investment objectives and uses futures contracts to help manage such risk. The fund may enter into futures contracts to manage exposure to interest rate and yield curve movements, security prices, foreign currencies, credit quality, and mortgage prepayments; as an efficient means of adjusting exposure to all or part of a target market; to enhance income; as a cash management tool; or to adjust portfolio duration and credit exposure. A futures contract provides for the future sale by one party and purchase by another of a specified amount of a specific underlying financial instrument at an agreed-upon price, date, time, and place. The fund currently invests only in exchange-traded futures, which generally are standardized as to maturity date, underlying financial instrument, and other contract terms. Payments are made or received by the fund each day to settle daily fluctuations in the value of the contract (variation margin), which reflect changes in the value of the underlying financial instrument. Variation margin is recorded as unrealized gain or loss until the contract is closed. The value of a futures contract included in net assets is the amount of unsettled variation margin; net variation margin receivable is reflected as an asset and net variation margin payable is reflected as a liability on the accompanying Statement of Assets and Liabilities. Risks related to the use of futures contracts include possible illiquidity of the futures markets, contract prices that can be highly volatile and imperfectly correlated to movements in hedged security values and/or interest rates, and potential losses in excess of the fund’s initial investment. During the year ended December 31, 2017, the volume of the fund’s activity in futures, based on underlying notional amounts, was generally between 0% and 5% of net assets.

Options The fund is subject to foreign currency exchange rate risk and credit risk in the normal course of pursuing its investment objectives and uses options to help manage such risks. The fund may use options to manage exposure to security prices, interest rates, foreign currencies, and credit quality; as an efficient means of adjusting exposure to all or a part of a target market; to enhance income; as a cash management tool; or to adjust credit exposure. Options are included in net assets at fair value, purchased options are included in Investments in Securities, and written options are separately reflected as a liability on the accompanying Statement of Assets and Liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as realized gain or loss. In return for a premium paid, currency options give the holder the right, but not the obligation, to buy and sell currency at a specified exchange rate. In return for a premium paid, options on swaps give the holder the right, but not the obligation, to enter a specified swap contract on predefined terms. The exercise price of an option on a credit default swap is stated in terms of a specified spread that represents the cost of credit protection on the reference asset, including both the upfront premium to open the position and future periodic payments. The exercise price of an interest rate swap is stated in terms of a fixed interest rate; generally, there is no upfront payment to open the position. Risks related to the use of options include possible illiquidity of the options markets; trading restrictions imposed by an exchange or counterparty; movements in the underlying asset values and currency values and credit ratings; and, for written options, potential losses in excess of the fund’s initial investment. During the year ended December 31, 2017, the volume of the fund’s activity in options, based on underlying notional amounts, was generally between 0% and 6% of net assets.

Swaps The fund is subject to credit risk in the normal course of pursuing its investment objectives and uses swap contracts to help manage such risk. The fund may use swaps in an effort to manage exposure to changes in interest rates, inflation rates, and credit quality; to adjust overall exposure to certain markets; to enhance total return or protect the value of portfolio securities; to serve as a cash management tool; or to adjust portfolio duration and credit exposure. Swap agreements can be settled either directly with the counterparty (bilateral swap) or through a central clearinghouse (centrally cleared swap). Fluctuations in the fair value of a contract are reflected in unrealized gain or loss and are reclassified to realized gain or loss upon contract termination or cash settlement. Net periodic receipts or payments required by a contract increase or decrease, respectively, the value of the contract until the contractual payment date, at which time such amounts are reclassified from unrealized to realized gain or loss. For bilateral swaps, cash payments are made or received by the fund on a periodic basis in accordance with contract terms; unrealized gain on contracts and premiums paid are reflected as assets and unrealized loss on contracts and premiums received are reflected as liabilities on the accompanying Statement of Assets and Liabilities. For bilateral swaps, premiums paid or received are amortized over the life of the swap and are recognized as realized gain or loss in the Statement of Operations. For centrally cleared swaps, payments are made or received by the fund each day to settle the daily fluctuation in the value of the contract (variation margin). Accordingly, the value of a centrally cleared swap included in net assets is the unsettled variation margin; net variation margin receivable is reflected as an asset and net variation margin payable is reflected as a liability on the accompanying Statement of Assets and Liabilities.

Credit default swaps are agreements where one party (the protection buyer) agrees to make periodic payments to another party (the protection seller) in exchange for protection against specified credit events, such as certain defaults and bankruptcies related to an underlying credit instrument, or issuer or index of such instruments. Upon occurrence of a specified credit event, the protection seller is required to pay the buyer the difference between the notional amount of the swap and the value of the underlying credit, either in the form of a net cash settlement or by paying the gross notional amount and accepting delivery of the relevant underlying credit. For credit default swaps where the underlying credit is an index, a specified credit event may affect all or individual underlying securities included in the index and will be settled based upon the relative weighting of the affected underlying security(ies) within the index. Risks related to the use of credit default swaps include the possible inability of the fund to accurately assess the current and future creditworthiness of underlying issuers, the possible failure of a counterparty to perform in accordance with the terms of the swap agreements, potential government regulation that could adversely affect the fund’s swap investments, and potential losses in excess of the fund’s initial investment.

During the year ended December 31, 2017, the volume of the fund’s activity in swaps, based on underlying notional amounts, was generally between 0% and 3% of net assets.

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 76% of the fund’s net assets were invested in emerging markets and 13% 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.

Noninvestment-Grade Debt At December 31, 2017, approximately 63% of the fund’s net assets were invested, either directly or through its investment in T. Rowe Price institutional funds, in noninvestment-grade debt, including “high yield” or “junk” bonds or leveraged loans. The noninvestment-grade debt market may experience sudden and sharp price swings due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high-profile default, or a change in market sentiment. These events may decrease the ability of issuers to make principal and interest payments and adversely affect the liquidity or value, or both, of such securities. Investments in noninvestment-grade holdings may be considered speculative.

Restricted Securities The fund may invest in securities that are subject to legal or contractual restrictions on resale. Prompt sale of such securities at an acceptable price may be difficult and may involve substantial delays and additional costs.

Other Purchases and sales of portfolio securities other than short-term securities aggregated $67,545,000 and $69,871,000, respectively, for the year ended December 31, 2017.

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 between income and gain relate primarily to the character of net currency losses. For the year ended December 31, 2017, the following reclassifications were recorded to reflect tax character (there was no impact on results of operations or net assets):

Distributions during the years ended December 31, 2017 and December 31, 2016, totaled $2,434,000 and $3,466,000, respectively, and were characterized as ordinary income for tax purposes. At December 31, 2017, the tax-basis cost of investments, including derivatives, and components of net assets were as follows:

The fund intends to retain realized gains to the extent of available capital loss carryforwards. Net realized capital losses may be carried forward indefinitely to offset future realized capital gains. During the year ended December 31, 2017, the fund utilized $1,646,000 of capital loss carryforwards. In accordance with federal tax laws applicable to investment companies, net specified losses realized between November 1 and December 31 are not recognized for tax purposes until the subsequent year (late-year ordinary loss deferrals); however, such losses are recognized for financial reporting purposes in the year realized.

The fund is managed by T. Rowe Price Associates, Inc. (Price Associates), a wholly owned subsidiary of T. Rowe Price Group, Inc. (Price Group). 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 0.50% 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 December 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 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.

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 April 30, 2018, 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, $182,000 of expenses were waived/paid by Price Associates during the year ended December 31, 2017. Including this amount, expenses previously waived/paid by Price Associates in the amount of $718,000 remain subject to repayment by the fund at December 31, 2017.

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 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 December 31, 2017, expenses incurred pursuant to these service agreements were $86,000 for Price Associates; $35,000 for T. Rowe Price Services, Inc.; and less than $1,000 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 may invest its cash reserves 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. Cash collateral from securities lending is invested in the T. Rowe Price Short-Term Fund. The Price Reserve Funds pay no investment management fees.

As of December 31, 2017, T. Rowe Price Group, Inc., or its wholly owned subsidiaries owned 2,271,697 shares of the Investor Class, representing 44% of the Investor Class’s net assets, 25,116 shares of the Advisor Class, representing 15% of the Advisor Class’s net assets, and 26,096 shares of the I Class, representing 6% 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 December 31, 2017, the fund had no purchases or sales cross trades with other funds or accounts advised by Price Associates.

To the Board of Directors of T. Rowe Price International Funds, Inc. and
Shareholders of T. Rowe Price Emerging Markets Corporate Bond Fund

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of T. Rowe Price Emerging Markets Corporate Bond Fund (one of the funds constituting T. Rowe Price International Funds, Inc., hereafter referred to as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 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 ended December 31, 2017 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 are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the T. Rowe Price group of investment companies since 1973.

A description of the policies and procedures used by T. Rowe Price funds and portfolios to determine how to vote proxies relating to portfolio securities is available in each fund’s Statement of Additional Information. You may request this document by calling 1-800-225-5132 or by accessing the SEC’s website, sec.gov.

The description of our proxy voting policies and procedures is also available on our corporate website. To access it, please visit the following Web page:

Scroll down to the section near the bottom of the page that says, “Proxy Voting Policies.” Click on the Proxy Voting Policies link in the shaded box.

Each fund’s most recent annual proxy voting record is available on our website and through the SEC’s website. To access it through T. Rowe Price, visit the website location shown above, and scroll down to the section near the bottom of the page that says, “Proxy Voting Records.” Click on the Proxy Voting Records link in the shaded box.

The fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The fund’s Form N-Q is available electronically on the SEC’s website (sec.gov); hard copies may be reviewed and copied at the SEC’s Public Reference Room, 100 F St. N.E., Washington, DC 20549. For more information on the Public Reference Room, call 1-800-SEC-0330.

Your fund is overseen by a Board of Directors (Board) that meets regularly to review a wide variety of matters affecting or potentially affecting the fund, including performance, investment programs, compliance matters, advisory fees and expenses, service providers, and business and regulatory affairs. The Board elects the fund’s officers, who are listed in the final table. At least 75% of the Board’s members are independent of T. Rowe Price Associates, Inc. (T. Rowe Price), and its affiliates; “inside” or “interested” directors are employees or officers of T. Rowe Price. The business address of each director and officer is 100 East Pratt Street, Baltimore, Maryland 21202. The Statement of Additional Information includes additional information about the fund directors and is available without charge by calling a T. Rowe Price representative at 1-800-638-5660.

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

The registrant’s Board of Directors/Trustees has determined that Mr. Bruce W. Duncan qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Duncan is considered independent for purposes of Item 3 of Form N-CSR.

(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:

Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.

(e)(1) The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,169,000 and $2,146,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.

(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

(a)(1) The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.

(2) Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(3) Written solicitation to repurchase securities issued by closed-end companies: not applicable.

(b) A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price International Funds, Inc.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

		By	/s/ Edward C. Bernard
			Edward C. Bernard
			Principal Executive Officer

Date	February 15, 2018


		By	/s/ Catherine D. Mathews
			Catherine D. Mathews
			Principal Financial Officer

Date	February 15, 2018

Independent Directors

Name
(Year of Birth)
Year Elected*
[Number of T. Rowe Price		Principal Occupation(s) and Directorships of Public Companies and
Portfolios Overseen]		Other Investment Companies During the Past Five Years

Bruce W. Duncan		Chief Executive Officer and Director (2009 to December 2016),
(1951)		Chairman of the Board (January 2016 to present), and President
2013		(2009 to September 2016), First Industrial Realty Trust, an owner
[191]		and operator of industrial properties; Chairman of the Board
		(2005 to September 2016) and Director (1999 to September
		2016), Starwood Hotels & Resorts, a hotel and leisure company;
		Director, Boston Properties (May 2016 to present); Director,
		Marriott International, Inc. (September 2016 to present)

Robert J. Gerrard, Jr.		Advisory Board Member, Pipeline Crisis/Winning Strategies, a
(1952)		collaborative working to improve opportunities for young African
2012		Americans (1997 to present)
[191]

Paul F. McBride		Advisory Board Member, Vizzia Technologies (2015 to present)
(1956)
2013
[191]

Cecilia E. Rouse, Ph.D.		Dean, Woodrow Wilson School (2012 to present); Professor and
(1963)		Researcher, Princeton University (1992 to present); Member of
2012		National Academy of Education (2010 to present); Director, MDRC,
[191]		a nonprofit education and social policy research organization
		(2011 to present); Research Associate of Labor Studies Program
		(2011 to 2015) and Board Member (2015 to present), National
		Bureau of Economic Research (2011 to present); Chair of Committee
		on the Status of Minority Groups in the Economic Profession
		(2012 to present); Vice President (2015 to present), American
		Economic Association

John G. Schreiber		Owner/President, Centaur Capital Partners, Inc., a real estate
(1946)		investment company (1991 to present); Cofounder, Partner, and
2001		Cochairman of the Investment Committee, Blackstone Real Estate
[191]		Advisors, L.P. (1992 to 2015); Director, General Growth Properties,
		Inc. (2010 to 2013); Director, Blackstone Mortgage Trust, a real
		estate finance company (2012 to 2016); Director and Chairman of
		the Board, Brixmor Property Group, Inc. (2013 to present); Director,
		Hilton Worldwide (2013 to present); Director, Hudson Pacific
		Properties (2014 to 2016)

Mark R. Tercek		President and Chief Executive Officer, The Nature Conservancy
(1957)		(2008 to present)
2009
[191]

*Each independent director serves until retirement, resignation, or election of a successor.

Inside Directors

Name
(Year of Birth)
Year Elected*
[Number of T. Rowe Price		Principal Occupation(s) and Directorships of Public Companies and
Portfolios Overseen]		Other Investment Companies During the Past Five Years

Edward C. Bernard		Director and Vice President, T. Rowe Price; Vice Chairman of the
(1956)		Board, Director, and Vice President, T. Rowe Price Group, Inc.;
2006		Chairman of the Board, Director, and President, T. Rowe Price
[191]		Investment Services, Inc.; Chairman of the Board and Director,
		T. Rowe Price Retirement Plan Services, Inc., and T. Rowe Price
		Services, Inc.; Chairman of the Board, Chief Executive Officer,
		Director, and President, T. Rowe Price International and T. Rowe
		Price Trust Company; Chairman of the Board, all funds

Robert W. Sharps, CFA, CPA**		Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe
(1971)		Price Trust Company; Vice President, International Funds
2017
[135]

*Each inside director serves until retirement, resignation, or election of a successor.
**Effective April 1, 2017, Brian C. Rogers was replaced by Robert W. Sharps as an inside director of certain Price Funds.

Officers

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

Jason R. Adams (1979)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.; formerly, Research Analyst, Caxton
		Associates (to 2015)

Ulle Adamson, CFA (1979)		Vice President, T. Rowe Price Group, Inc., and
Executive Vice President		T. Rowe Price International

Roy H. Adkins (1970)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Christopher D. Alderson (1962)		Director and Vice President, T. Rowe Price
President		International; Vice President, Price Hong Kong,
		Price Singapore, and T. Rowe Price Group, Inc.

Syed H. Ali (1970)		Vice President, Price Singapore and T. Rowe
Vice President		Price Group, Inc.

Paulina Amieva (1981)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.

Malik S. Asif (1981)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Harishankar Balkrishna (1983)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Sheena L. Barbosa (1983)		Vice President, Price Hong Kong and T. Rowe
Vice President		Price Group, Inc.

Peter J. Bates, CFA (1974)		Vice President, T. Rowe Price and T. Rowe Price
Executive Vice President		Group, Inc.

Luis M. Baylac (1982)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Timothy Bei (1973)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.

Oliver D.M. Bell, IMC (1969)		Vice President, T. Rowe Price Group, Inc., and
Executive Vice President		T. Rowe Price International

R. Scott Berg, CFA (1972)		Vice President, T. Rowe Price and T. Rowe Price
Executive Vice President		Group, Inc.

Steven E. Boothe, CFA (1977)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.

Peter I. Botoucharov (1965)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Tala Boulos (1984)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International; formerly, Vice
		President, CEEMEA Corporate Credit Research,
		Deutsche Bank (to 2013)

Darrell N. Braman (1963)		Vice President, Price Hong Kong, Price
Vice President and Secretary		Singapore, T. Rowe Price, T. Rowe Price Group,
		Inc., T. Rowe Price International, T. Rowe Price
		Investment Services, Inc., and T. Rowe Price
		Services, Inc.

Ryan N. Burgess, CFA (1974)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.

Sheldon Chan (1981)		Vice President, Price Hong Kong and T. Rowe
Vice President		Price Group, Inc.

Andrew Chang (1983)		Vice President, T. Rowe Price Group, Inc.
Vice President

Tak Yiu Cheng, CFA, CPA (1974)		Vice President, Price Hong Kong and T. Rowe
Vice President		Price Group, Inc.

Carolyn Hoi Che Chu (1974)		Vice President, Price Hong Kong and T. Rowe
Vice President		Price Group, Inc.

Archibald Ciganer Albeniz, CFA (1976)		Vice President, T. Rowe Price Group, Inc., and
Executive Vice President		T. Rowe Price International

Richard N. Clattenburg, CFA (1979)		Vice President, Price Singapore, T. Rowe
Executive Vice President		Price, T. Rowe Price Group, Inc., and T. Rowe
		Price International

Michael J. Conelius, CFA (1964)		Vice President, T. Rowe Price, T. Rowe Price
Executive Vice President		Group, Inc., T. Rowe Price International, and
		T. Rowe Price Trust Company

Michael F. Connelly, CFA (1977)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.

Andrew S. Davis (1978)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.

Richard de los Reyes (1975)		Vice President, T. Rowe Price, T. Rowe Price
Vice President		Group, Inc., and T. Rowe Price Trust Company

Michael Della Vedova (1969)		Vice President, T. Rowe Price Group, Inc., and
Executive Vice President		T. Rowe Price International

Shawn T. Driscoll (1975)		Vice President, T. Rowe Price, T. Rowe Price
Vice President		Group, Inc., and T. Rowe Price Trust Company

Bridget A. Ebner (1970)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.

David J. Eiswert, CFA (1972)		Vice President, T. Rowe Price, T. Rowe Price
Executive Vice President		Group, Inc., and T. Rowe Price International

Henry M. Ellenbogen (1973)		Vice President, T. Rowe Price, T. Rowe Price
Vice President		Group, Inc., and T. Rowe Price Trust Company

Ryan W. Ferro (1985)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.; formerly, student, Tuck School of
		Business at Dartmouth (to 2014)

Mark S. Finn, CFA, CPA (1963)		Vice President, T. Rowe Price, T. Rowe Price
Vice President		Group, Inc., and T. Rowe Price Trust Company

Quentin S. Fitzsimmons (1968)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International; formerly, Portfolio
		Manager, Royal Bank of Scotland Group
		(to 2015)

Melissa C. Gallagher (1974)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Justin T. Gerbereux, CFA (1975)		Vice President, T. Rowe Price, T. Rowe Price
Vice President		Group, Inc., and T. Rowe Price Trust Company

John R. Gilner (1961)		Chief Compliance Officer and Vice President,
Chief Compliance Officer		T. Rowe Price; Vice President, T. Rowe Price
		Group, Inc., and T. Rowe Price Investment
		Services, Inc.

Vishnu Vardhan Gopal (1979)		Vice President, Price Hong Kong and T. Rowe
Vice President		Price Group, Inc.

Joel Grant (1978)		Vice President, T. Rowe Price and T. Rowe
Vice President		Price Group, Inc.; formerly, Analyst, Fidelity
		International (to 2014)

Paul D. Greene II (1978)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.

Benjamin Griffiths, CFA (1977)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Amanda B. Hall, CFA (1985)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International; formerly, student,
		Stanford Graduate School of Business (to 2014)

Richard L. Hall (1979)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.

Nabil Hanano, CFA (1984)		Vice President, T. Rowe Price International
Vice President

Steven C. Huber, CFA, FSA (1958)		Vice President, T. Rowe Price, T. Rowe Price
Vice President		Group, Inc., and T. Rowe Price International

Stefan Hubrich, Ph.D., CFA (1974)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.

Arif Husain, CFA (1972)		Vice President, T. Rowe Price Group, Inc.,
Executive Vice President		and T. Rowe Price International; formerly,
		Director/Head of UK and Euro Fixed Income,
		AllianceBernstein (to 2013)

Hiromasa Ikeda (1971)		Vice President, Price Hong Kong and T. Rowe
Vice President		Price Group, Inc.; formerly, Manager, Fidelity
		Korea (to 2014)

Tetsuji Inoue (1971)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Michael Jacobs (1971)		Vice President, T. Rowe Price Group, Inc.,
Vice President		and T. Rowe Price International; formerly,
		Vice President, JP Morgan Asset Management
		(to 2013)

Randal S. Jenneke (1971)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Prashant G. Jeyaganesh (1983)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.

Nina P. Jones, CPA (1980)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.

Yoichiro Kai (1973)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Jacob Kann, CFA (1987)		Vice President, T. Rowe Price; formerly, Equity
Vice President		Research Associate, Eaton Vance Corporation
		(to 2013)

Jai Kapadia (1982)		Vice President, Price Hong Kong and T. Rowe
Vice President		Price Group, Inc.

Andrew J. Keirle (1974)		Vice President, T. Rowe Price Group, Inc., and
Executive Vice President		T. Rowe Price International

Paul J. Krug, CPA (1964)		Vice President, T. Rowe Price, T. Rowe Price
Vice President		Group, Inc., and T. Rowe Price Trust Company

Christopher J. Kushlis, CFA (1976)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Shengrong Lau (1982)		Vice President, Price Singapore and T. Rowe
Vice President		Price Group, Inc.

Mark J. Lawrence (1970)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Jacqueline Liu (1979)		Vice President, Price Hong Kong and T. Rowe
Vice President		Price Group, Inc.; formerly, Investment Analyst,
		Fidelity International Hong Kong Limited
		(to 2014)

Anh Lu (1968)		Vice President, Price Hong Kong and T. Rowe
Executive Vice President		Price Group, Inc.

Oxana Lyalina (1987)		Vice President, T. Rowe Price International;
Vice President		formerly, Senior Analyst, Goldman Sachs
		International (to 2013)

Sebastien Mallet (1974)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Ryan Martyn (1979)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Catherine D. Mathews (1963)		Vice President, T. Rowe Price, T. Rowe Price
Treasurer and Vice President		Group, Inc., and T. Rowe Price Trust Company

Jonathan H.W. Matthews, CFA (1975)		Vice President, T. Rowe Price Group, Inc., and
Executive Vice President		T. Rowe Price International

Raymond A. Mills, Ph.D., CFA (1960)		Vice President, T. Rowe Price, T. Rowe Price
Executive Vice President		Group, Inc., T. Rowe Price International, and
		T. Rowe Price Trust Company

Jihong Min (1979)		Vice President, Price Singapore and T. Rowe
Vice President		Price Group, Inc.

Eric C. Moffett (1974)		Vice President, Price Hong Kong and T. Rowe
Executive Vice President		Price Group, Inc.

Samy B. Muaddi, CFA (1984)		Vice President, T. Rowe Price and T. Rowe Price
Executive Vice President		Group, Inc.

Tobias F. Mueller (1980)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Jared T. Murphy (1986)		Vice President, T. Rowe Price; formerly,
Vice President		student, Stanford Graduate School of Business
		(to 2015); formerly, Associate, ShawSpring
		Partners (to 2013)

Joshua Nelson (1977)		Vice President, T. Rowe Price, T. Rowe Price
Executive Vice President		Group, Inc., and T. Rowe Price International

Philip A. Nestico (1976)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.

Michael Niedzielski (1979)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International; formerly, Manager
		and Analyst, Fidelity Investments, Boston and
		London offices (to 2015)

Sridhar Nishtala (1975)		Vice President, Price Singapore and T. Rowe
Vice President		Price Group, Inc.

Jason Nogueira, CFA (1974)		Vice President, T. Rowe Price and T. Rowe Price
Executive Vice President		Group, Inc.

David Oestreicher (1967)		Director, Vice President, and Secretary, T. Rowe
Vice President		Price Investment Services, Inc., T. Rowe Price
		Retirement Plan Services, Inc., T. Rowe
		Price Services, Inc., and T. Rowe Price Trust
		Company; Chief Legal Officer, Vice President,
		and Secretary, T. Rowe Price Group, Inc.; Vice
		President and Secretary, T. Rowe Price and
		T. Rowe Price International; Vice President,
		Price Hong Kong and Price Singapore

Kenneth A. Orchard (1975)		Vice President, T. Rowe Price Group, Inc., and
Executive Vice President		T. Rowe Price International

Curt J. Organt, CFA (1968)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.

Paul T. O’Sullivan (1973)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Oluwaseun A. Oyegunle, CFA (1984)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International; formerly, student,
		The Wharton School, University of Pennsylvania
		(to 2013)

Gonzalo Pángaro, CFA (1968)		Vice President, T. Rowe Price Group, Inc., and
Executive Vice President		T. Rowe Price International

Vivek Rajeswaran (1985)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.

John W. Ratzesberger (1975)		Vice President, T. Rowe Price, T. Rowe Price
Vice President		Group, Inc., and T. Rowe Price Trust Company;
		formerly, North American Head of Listed
		Derivatives Operation, Morgan Stanley (to 2013)

Shannon H. Rauser (1987)		Employee, T. Rowe Price
Assistant Secretary

Melanie A. Rizzo (1982)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.

David L. Rowlett, CFA (1975)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.

Mariel Santiago (1981)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.; formerly, Equity Research Analyst,
		HSBC Securities, Inc. (to 2014)

Federico Santilli, CFA (1974)		Vice President, T. Rowe Price Group, Inc., and
Executive Vice President		T. Rowe Price International

Sebastian Schrott (1977)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

John C.A. Sherman (1969)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Gabriel Solomon (1977)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.

Eunbin Song, CFA (1980)		Vice President, Price Singapore and T. Rowe
Vice President		Price Group, Inc.

Joshua K. Spencer, CFA (1973)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.

David A. Stanley (1963)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Taymour R. Tamaddon, CFA (1976)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.

Ju Yen Tan (1972)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Sin Dee Tan, CFA (1979)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Dean Tenerelli (1964)		Vice President, T. Rowe Price Group, Inc., and
Executive Vice President		T. Rowe Price International

Siby Thomas (1979)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.

Justin Thomson (1968)		Vice President, T. Rowe Price Group, Inc., and
Executive Vice President		T. Rowe Price International

Mitchell J.K. Todd (1974)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Mark J. Vaselkiv (1958)		Vice President, T. Rowe Price, T. Rowe Price
Executive Vice President		Group, Inc., and T. Rowe Price Trust Company

Rupinder Vig (1979)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International; formerly, Partner,
		Egerton Capital (to 2016); formerly, Executive
		Director, Morgan Stanley (to 2014)

Kes Visuvalingam, CFA (1968)		Director, Responsible Officer, and Vice
Vice President		President, Price Hong Kong; Director, Chief
		Executive Officer, and Vice President, Price
		Singapore; Vice President, T. Rowe Price
		Group, Inc.

Verena E. Wachnitz, CFA (1978)		Vice President, T. Rowe Price Group, Inc., and
Executive Vice President		T. Rowe Price International

David J. Wallack (1960)		Vice President, T. Rowe Price, T. Rowe Price
Vice President		Group, Inc., and T. Rowe Price Trust Company

Dai Wang (1989)		Vice President, Price Hong Kong and T. Rowe
Vice President		Price Group, Inc.; formerly, student, Harvard
		Business School (to 2014)

Megan Warren (1968)		Vice President, T. Rowe Price, T. Rowe Price
Vice President		Group, Inc., T. Rowe Price Retirement Plan
		Services, Inc., T. Rowe Price Services, Inc.,
		and T. Rowe Price Trust Company; formerly,
		Executive Director, JP Morgan Chase (to 2017)

Hiroshi Watanabe, CFA (1975)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Christopher S. Whitehouse (1972)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Clive M. Williams (1966)		Vice President, Price Hong Kong, Price
Vice President		Singapore, T. Rowe Price, T. Rowe Price Group,
		Inc., and T. Rowe Price International

J. Howard Woodward, CFA (1974)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Marta Yago (1977)		Vice President, T. Rowe Price Group, Inc., and
Vice President		T. Rowe Price International

Benjamin T. Yeagle (1978)		Vice President, T. Rowe Price and T. Rowe Price
Vice President		Group, Inc.

Ernest C. Yeung, CFA (1979)		Director, Responsible Officer, and Vice
Executive Vice President		President, Price Hong Kong; Vice President,
		T. Rowe Price Group, Inc.

Alison Mei Ling Yip (1966)		Vice President, Price Hong Kong and T. Rowe
Vice President		Price Group, Inc.

Eric Yuan (1984)		Vice President, Price Hong Kong; formerly,
Vice President		student, Columbia Business School (to 2016);
		formerly, Analyst, Yulan Capital Management
		(to 2014)

Wenli Zheng (1979)		Vice President, Price Hong Kong and T. Rowe
Vice President		Price Group, Inc.

Unless otherwise noted, officers have been employees of T. Rowe Price or T. Rowe Price International for at least 5 years.

/s/ Edward C. Bernard

Edward C. Bernard

Principal Executive Officer

February 15, 2018