New Asia Fund PRASX. New Asia Fund I Class PNSIX SEMIANNUAL REPORT. The fund invests in growth companies located in the Asia ex Japan region.

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1 SEMIANNUAL REPORT April 30, 2018 PRASX T. ROWE PRICE New Asia Fund PNSIX New Asia Fund I Class The fund invests in growth companies located in the Asia ex Japan region. For more insights from T. Rowe Price investment professionals, go to troweprice.com.

2 HIGHLIGHTS Asia ex Japan stock markets rose in the six months ended April 30, 2018, as synchronized global growth supported the region s export-driven economies, though surging U.S. bond yields curbed gains starting in February. The New Asia Fund returned 1.74% in the first half of its fiscal year and underperformed the MSCI All Country Asia ex Japan Index and the Lipper Pacific Ex Japan Funds Average. The financials sector produced many top contributors. The biggest detractors were technology stocks, which sold off in 2018 due to valuation concerns for some Internet stocks and underperformance in select Asian tech suppliers following weak iphone demand. We continued our efforts to find companies that are gaining market share or enjoying pricing power in their respective industries. We turned more constructive toward select markets in Southeast Asia, where we were previously underweight. Go Paperless Sign up for e-delivery of your statements, confirmations, and prospectuses or shareholder reports. TO ENROLL: If you invest directly with T. Rowe Price, go to troweprice.com/paperless. If you invest through an investment advisor, a bank, or a brokerage firm, please contact that organization and ask if it can provide electronic documentation. It s fast receive your statements and confirmations faster than U.S. mail. It s convenient access your important account documents whenever you need them. It s secure we protect your online accounts using True Identity to confirm new accounts and make verification faster and more secure. It can save you money where applicable, T. Rowe Price passes on the cost savings to fund holders.* Log in to your account at troweprice.com for more information. * Certain mutual fund accounts that are assessed an annual account service fee can also save money by switching to e-delivery.

3 CIO Market Commentary Dear Shareholder Global markets experienced an abrupt reversal in early 2018, as a prolonged stretch of slow and steady gains in many equity markets gave way to a spike in volatility. In February, the S&P 500 Index broke its longest streak of positive monthly total returns on record and briefly declined by over 10% from its recent highs, putting it in correction territory. Overseas markets broadly followed Wall Street lower, and global stocks remained volatile through April. Strong results from November through January helped most markets end with gains for the first half of your fund s fiscal year, however. Several factors appeared to have unsettled investors, but the impact of tighter monetary policy and fears about heightened trade tensions were primary among them. Data in early February showing faster wage gains in the U.S. fostered speculation that the Federal Reserve might accelerate its pace of interest rate hikes in order to fight inflation. While most other central banks continued to keep short-term rates steady at very low levels, longer-term rates in many countries crept up as economic growth solidified. Investors around the world began to consider how the normalization of monetary policy might potentially impact stock and bond prices. Uncertainties deepened in early March after the Trump administration surprised many with the announcement of tariffs on imported steel and aluminum, only to later grant select trading partners temporary exemptions. The trade conflict between China and the U.S. intensified, however, with the U.S. announcing additional tariffs on Chinese goods and China responding with its own tariffs in a tit-for-tat escalation that proceeded through April. World currencies fluctuated amid increased market volatility, geopolitical swings, and concerns about rising U.S. protectionism. The greenback began to strengthen late in the period as the 10-year U.S. Treasury yield broke through 3%; but for the full six months ended April 30, the dollar declined almost 4% against the euro, British pound, and Japanese yen. The rise in other currencies boosted returns for U.S. investors in overseas markets. Emerging markets, supported by good earnings growth, proved resilient for much of the period and outperformed their developed peers over the last six months. Oil exporters and other commodity producers benefited from rising prices, and improving fiscal conditions lowered borrowing costs in a number of emerging economies. The month of April proved tougher for emerging markets, though, as U.S. yields and the dollar began to rise. 1

4 Notably, the shift in market sentiment beginning in February did not correspond to a widespread deterioration in economic conditions or corporate fundamentals. Indeed, corporate profit growth accelerated across many markets, and the world s major economies continued to expand in sync for the first time in several years. Market strength in the first three months of the period was largely based on the expectation of this improvement; conversely, weakness in the back half of the period appears to have largely reflected growing skepticism about whether this pace of improvement is sustainable. Time will tell if the recent turbulence was signaling trouble ahead or if the market was simply consolidating the strong gains over the past several years before moving higher. Among the developments we will be watching closely are election results in the U.S., Europe, and elsewhere, and whether a continuing populist backlash results in a wave of protectionism. On the economic front, the possibility that inflation finally takes hold in developed markets and how consumers and businesses adjust to an end of extreme monetary accommodation will help determine if growth can sustain its momentum. In historical terms, equity and bond valuations remain generally elevated, posing the risk that asset prices won t keep pace with improving fundamentals over the short term. Many investors have been asking our view on the recent return to more normal levels of market volatility. It s important to underscore that volatility, while sometimes unsettling, can be the friend of long-term, patient investors. More volatility can benefit active management, and I am confident that our dedicated, worldwide team of investment professionals are taking advantage of this period to discover new opportunities. Moreover, I have no doubt that your fund s experienced manager will continue to make the best use of those insights, putting the long-term interests of our shareholders above the short-term instincts that too often drive markets. Thank you for your continued confidence in T. Rowe Price. Sincerely, Robert Sharps Group Chief Investment Officer 2

5 Management s Discussion of Fund Performance INVESTMENT OBJECTIVE The fund seeks long-term growth of capital through investments primarily in the common stocks of companies located (or with primary operations) in Asia (excluding Japan). FUND COMMENTARY Q: How did the fund perform in the past six months? The New Asia Fund returned 1.74% in the six months ended April 30, The fund underperformed the MSCI All Country Asia ex Japan Index and the Lipper Pacific Ex Japan Funds Average. The return for I Class shares reflects a different fee structure. (Past performance cannot guarantee future results.) PERFORMANCE COMPARISON Six-Month Period Ended 4/30/18 New Asia Fund New Asia Fund I Class MSCI All Country Asia ex Japan Index Total Return 1.74% Q: What factors influenced the fund s performance? Financials sector companies comprised many of the top absolute contributors as they benefited from strong domestic growth and expectations of rising interest Lipper Pacific Ex Japan Funds Average 3.85 rates worldwide. These included Singaporean lender DBS Group, whose shares rallied after it announced a record-high annual profit last year, a bullish 2018 outlook, and higher dividends. Hong Kong produced two large contributors: pan-asian life insurer AIA Group and Hong Kong Exchanges and Clearing, which operates the city s stock and futures exchanges. Other major financials sector contributors were Kotak Mahindra Bank, a conservatively run lender in India, and Agricultural Bank of China, one of four big state-owned lenders. We eliminated Hong Kong Exchanges and Clearing and Agricultural Bank of China this year after their strong performance, but maintain relatively large positions in the other names. (Please refer to the portfolio of investments for a complete list of holdings and the amount each represents in the portfolio.) The biggest detractors were concentrated in information technology stocks, which turned volatile in February after last year s rally in Internet and other tech-focused companies worldwide raised concerns about high valuations. South Korean online search engine Naver and Chinese online gaming and 3

6 e-commerce company NetEase were two detractors in the Internet sector. Our holdings in two companies in Apple s supply chain Largan Precision, a Taiwanese manufacturer of high-precision camera lenses used in smartphones, and contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC) underperformed following disappointing shipments of the latest iphone. Outside the IT sector, Hangzhou Robam Appliances, a Chinese manufacturer of high-end kitchen appliances, was another large detractor after reporting unexpectedly weak earnings. Compared with the benchmark, financials followed by health care added the most to relative performance, while information technology and consumer discretionary were the biggest detractors. From a geographic perspective, stock selection in India and Singapore contributed the most to relative returns, while stock selection in China and SECTOR DIVERSIFICATION Taiwan detracted the most. Percent of Net Assets 10/31/17 4/30/18 4 Q: How is the fund positioned? Information Technology Financials Consumer Staples Consumer Discretionary Industrials and Business Services Real Estate Health Care Telecommunication Services Materials Energy Utilities Other and Reserves Total 37.0% % 35.4% % The New Asia Fund invests in Asia-focused companies that feature strong and sustainable growth and/or solid potential for multiple expansion over the long term. Each position in the fund is the product of individual stock selection based on the insights of T. Rowe Price s Asia-based investment team. Though we are bottom-up stock pickers, three themes emerged from our portfolio decisions over the past six months. First, we added Historical weightings reflect current industry/sector classifications. to companies that we believe are positioned to increase share and pricing power in their respective markets. Second, we increased our exposure to Southeast Asia, where corporate earnings appear to be improving after several disappointing years, and positioned our Indian holdings ahead of an expected recovery in private sector investment. Finally, we added to smaller Asian technology companies as we sought to extend our exposure beyond large-cap Chinese Internet holdings.

7 Adding to companies gaining share or pricing power. Many of our biggest purchases were companies that we believed are well positioned to gain share and increase prices in their respective markets. This ability to take share particularly in an environment of slowing growth was evident in many Chinese consumer-driven companies. We initiated China Overseas Land & Investment, a government-backed homebuilder that we believe will continue to increase share in a cooling property market on the mainland, and added to our position in Tsingtao Brewery, which is benefiting from newfound pricing power following recent consolidation in the beer industry. Warming up to ASEAN, but staying on the sidelines in India. Most Southeast Asian markets have lagged other Asian markets for well over a year. However, we are seeing signs that economic and earnings growth may be turning the corner in a few countries after a prolonged period of below-potential performance. After previously being underweight to the biggest markets in the Association of Southeast Asian Nations (ASEAN), we have become more constructive toward Thailand and Indonesia, where the earnings outlook has lately picked up. We maintained a large position in CP All, operator of the 7-Eleven convenience chain in Thailand, and initiated positions in Thai homebuilder Land & Houses and in Indonesian conglomerate Astra International. Our outlook didn t extend to all ASEAN nations, however. We refrained from making any major purchases in the Philippines, one of Southeast Asia s fastest-growing economies, due to concerns about rising inflation and higher interest rates. We stayed on the sidelines in India, where we believe valuations appear expensive, but we remain constructive in the long run. India has mostly recovered from an abrupt demonetization in 2016 and the rollout of a nationwide sales tax in 2017, two major reforms that temporarily disrupted the economy. Though we find the direction of India s reforms encouraging, our view is tempered by a lack of private sector investment, which is essential for the economy to reach its full potential. Our largest Indian holdings are private sector lenders HDFC Bank and Kotak Mahindra Bank, which should be early beneficiaries of a capital spending upturn. Diversifying beyond the BATs. Our positioning in China s so-called BAT stocks an acronym for Baidu, Alibaba, and Tencent, the country s biggest and best-known Internet companies slightly shifted over the period. We maintained a large position in e-commerce leader Alibaba and gradually reduced our position in social media conglomerate Tencent after eliminating our long-held position in Baidu in However, we added to positions in Largan Precision, NetEase, and electronic components supplier 5

8 AAC Technologies on weakness as we broadened our search for growth opportunities in smaller, up-and-coming companies in Asia s technology sector. At the same time, we maintained key positions in global semiconductor and mobile phone leader Samsung Electronics and in custom chipmaker TSMC, which benefits from a diverse customer base worldwide. Looking ahead, businesses that are on the forefront of technology industry trends or gaining share in their respective industries will remain a key theme for your fund. Q: What is portfolio management s outlook? Our medium-term outlook for the region is constructive. Corporate fundamentals in the region appear solid, and we expect continued earnings growth for the rest of 2018, albeit at a slower pace than last year. Asian companies remain disciplined and continue to generate substantially more cash flow and higher profit margins compared with previous years. Risks to our outlook include a rise in protectionism worldwide, which would hurt Asia s trade-driven economies. A faster-than-expected pace of U.S. interest rate increases, which could usher in higher borrowing costs in Asia, is another headwind. We have sought to cushion the impact of these potential risks by making sure your fund is well-diversified. Our holdings include companies encompassing a range of growth rates and valuation multiples. Additionally, we maintain a balanced exposure to stocks that would either do well or poorly in a rising rate environment. Moreover, we keep a measured exposure to exportdependent names, but also view the current turmoil as a buying opportunity for such companies. Finally, we are mindful of the risk of a policy misstep in China as Beijing presses on with a long-term plan to deleverage the economy and promote higher-quality growth. China recently set a roughly 6.5% growth target for 2018, down slightly from last year s 6.9% pace. Despite the slowdown in headline gross domestic product growth, we continue to see many attractive growth opportunities on the ground in China, particularly among companies that are increasing share as the economy cools. Regardless of the overall policy backdrop, we continue to leverage the resources of T. Rowe Price s global research platform to seek out Asian companies that are taking share in their respective markets, demonstrating innovation, and generating value for shareholders. The views expressed reflect the opinions of T. Rowe Price as of the date of this report and are subject to change based on changes in market, economic, or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. 6

9 RISKS OF INTERNATIONAL INVESTING Funds that invest overseas generally carry more risk than funds that invest strictly in U.S. assets. Funds investing in a single country or in a limited geographic region tend to be riskier than more diversified funds. Risks can result from varying stages of economic and political development; differing regulatory environments, trading days, and accounting standards; and higher transaction costs of non-u.s. markets. Non-U.S. investments are also subject to currency risk, or 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 risks of international investing are heightened for securities of issuers in emerging market countries. Emerging market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. In addition to all of the risks of investing in international developed markets, emerging markets are more susceptible to governmental interference, local taxes being imposed on international investments, restrictions on gaining access to sales proceeds, and less liquid and less efficient trading markets. BENCHMARK INFORMATION Note: MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. 7

10 PORTFOLIO HIGHLIGHTS TWENTY-FIVE LARGEST HOLDINGS Percent of Net Assets 4/30/18 Samsung Electronics, South Korea 7.6% Taiwan Semiconductor Manufacturing Co., Taiwan 6.0 Tencent, China 6.0 Alibaba, China 5.7 AIA Group, Hong Kong 4.2 HDFC Bank, India 3.4 Yum China Holdings, China 3.0 DBS Group, Singapore 2.6 Largan Precision, Taiwan 2.2 CK Hutchison Holdings, Hong Kong 2.0 Naver, South Korea 1.9 CP All, Thailand 1.8 Kotak Mahindra Bank, India 1.8 HSBC Holdings, United Kingdom 1.8 Industrial & Commercial Bank of China, China 1.7 Yunnan Baiyao, China 1.7 President Chain Store, Taiwan 1.6 Sun Art Retail, China 1.5 POSCO, South Korea 1.5 NetEase, China 1.4 China Vanke, China 1.4 ITC, India 1.4 HKT Trust & HKT Limited, Hong Kong 1.4 Hang Lung Properties, Hong Kong 1.3 Housing Development Finance, India 1.2 Total 66.1% Note: The information shown does not reflect any exchange-traded funds (ETFs), cash reserves, or collateral for securities lending that may be held in the portfolio. 8

11 GROWTH OF $10,000 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 includes a broad-based market index and may also include 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. NEW ASIA FUND $25,000 21,500 18,000 14,500 11,000 7, /08 4/09 4/10 4/11 4/12 4/13 4/14 4/15 4/16 4/17 4/18 As of 4/30/18 New Asia Fund MSCI All Country Asia ex Japan Index Lipper Pacific Ex Japan Funds Average $17,851 $16,375 $16,201 Note: Performance for the I Class will vary due to its differing fee structure. See returns table below. AVERAGE ANNUAL COMPOUND TOTAL RETURN Since Inception Periods Ended 4/30/18 1 Year 5 Years 10 Years Inception Date New Asia Fund 18.85% 7.20% 5.97% New Asia Fund I Class % 12/17/15 This table shows how the fund would have performed each year if its actual (or cumulative) returns for the periods shown had been earned at a constant rate. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. Past performance cannot guarantee future results. 9

12 EXPENSE RATIO New Asia Fund 0.93% New Asia Fund I Class 0.82 The expense ratio shown is as of the fund s fiscal year ended 10/31/17. This number may vary from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, includes acquired fund fees and expenses but does not include fee or expense waivers. FUND EXPENSE EXAMPLE 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 two share classes: The original share class (Investor Class) charges no distribution and service (12b-1) fee, and the I Class shares are also 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. 10

13 FUND EXPENSE EXAMPLE (CONTINUED) 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. NEW ASIA FUND Beginning Ending Expenses Paid Account Value Account Value During Period* 11/1/17 4/30/18 11/1/17 to 4/30/18 Investor Class Actual $1, $1, $4.65 Hypothetical (assumes 5% return before expenses) 1, , I Class Actual 1, , Hypothetical (assumes 5% return before expenses) 1, , * Expenses are equal to the fund s annualized expense ratio for the 6-month period, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (181), and divided by the days in the year (365) to reflect the half-year period. The annualized expense ratio of the Investor Class was 0.93%, and the I Class was 0.82%. 11

14 QUARTER-END RETURNS Since Inception Periods Ended 3/31/18 1 Year 5 Years 10 Years Inception Date New Asia Fund 24.59% 7.83% 6.90% New Asia Fund I Class % 12/17/15 The fund s performance information represents only past performance and is not necessarily an indication of future results. Current performance may be lower or higher than the performance data cited. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. For the most recent month-end performance, please visit our website (troweprice.com) or contact a T. Rowe Price representative at or, for I Class shares, The performance information shown does not reflect the deduction of a 2% redemption fee on shares held for 90 days or less. If it did, the performance would be lower. This table provides returns through the most recent calendar quarter-end rather than through the end of the fund s fiscal period. It shows how the fund would have performed each year if its actual (or cumulative) returns for the periods shown had been earned at a constant rate. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. When assessing performance, investors should consider both short- and long-term returns. 12

15 Unaudited FINANCIAL HIGHLIGHTS For a share outstanding throughout each period Investor Class 6 Months Ended 4/30/18 Year Ended 10/31/17 10/31/16 10/31/15 10/31/14 10/31/13 NET ASSET VALUE Beginning of period $ $ $ $ $ $ Investment activities Net investment income (1) Net realized and unrealized gain / loss (1.48) Total from investment activities (1.32) Distributions Net investment income (0.10) (0.13) (0.20) (0.16) (0.15) (0.16) Net realized gain (1.79) (0.07) (0.65) (0.55) (0.23) Total distributions (1.89) (0.20) (0.20) (0.81) (0.70) (0.39) NET ASSET VALUE End of period $ $ $ $ $ $ Ratios/Supplemental Data Total return (2) 1.74% 29.24% 6.45% (7.52)% 10.15% 5.81% Ratio of total expenses to average net assets 0.93% (3) 0.93% 0.95% 0.94% 0.94% 0.93% Ratio of net investment income to average net assets 0.25% (3) 0.53% 0.83% 0.94% 1.04% 1.05% Portfolio turnover rate 25.7% 71.3% 39.4% 53.2% 58.5% 49.4% Net assets, end of period (in millions) $ 2,761 $ 2,793 $ 2,568 $ 2,768 $ 4,293 $ 4,699 (1) (2) (3) Per share amounts calculated using average shares outstanding method. Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions and payment of no redemption or account fees. Total return is not annualized for periods less than one year. Annualized The accompanying notes are an integral part of these financial statements. 13

16 Unaudited FINANCIAL HIGHLIGHTS For a share outstanding throughout each period I Class 6 Months Ended 4/30/18 Year Ended 10/31/17 12/17/15 (1) Through 10/31/16 NET ASSET VALUE Beginning of period $ $ $ Investment activities Net investment income (2) (6) 0.09 (3) Net realized and unrealized gain / loss Total from investment activities Distributions Net investment income (0.12) (0.14) Net realized gain (1.79) (0.07) Total distributions (1.91) (0.21) NET ASSET VALUE End of period $ $ $ Ratios/Supplemental Data Total return (4) 1.79% 29.35% (6) 8.46% (3) Ratio of total expenses to average net assets 0.82% (5) 0.82% (6) (3) (5) 0.84% Ratio of net investment income to average net assets 0.35% (5) 0.79% (6) (3) (5) 0.80% Portfolio turnover rate 25.7% 71.3% 39.4% Net assets, end of period (in thousands) $ 346,149 $ 352,741 $ 99,530 (1) (2) (3) (4) (5) (6) Inception Date Per share amounts calculated using average shares outstanding method. See Note 6. Excludes expenses in excess of a 0.05% contractual operating expense limitation in effect through 2/29/20. Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions and payment of no redemption or account fees. Total Return is not annualized for periods less than one year. Annualized See Note 6. Includes expenses repaid (0.00% of average net assets) related to its contractual expense limitation The accompanying notes are an integral part of these financial statements. 14

17 April 30, 2018 (Unaudited) PORTFOLIO OF INVESTMENTS Shares $ Value (Cost and value in $000s) CHINA 37.2% Common Stocks 30.3% 3SBio (HKD)(1)(2) 7,698,500 16, com, ADR (USD) 383,774 33,538 AAC Technologies Holdings (HKD) 1,643,000 23,582 Alibaba Group Holding, ADR (USD)(2) 990, ,757 China Mengniu Dairy (HKD) 3,194,000 10,297 China Overseas Land & Investment (HKD) 9,758,000 32,695 China Pacific Insurance Group, Class H (HKD) 3,447,600 15,213 China Unicom Hong Kong (HKD)(2) 18,342,000 25,936 China Vanke, H Shares (HKD) 10,724,200 44,321 Ctrip.com International, ADR (USD)(2) 841,886 34,433 Industrial & Commercial Bank of China, H Shares (HKD) 60,819,000 53,392 Kunlun Energy (HKD) 33,438,000 28,630 NetEase, ADR (USD) 175,000 44,987 Sun Art Retail Group (HKD) 40,920,500 45,993 Tencent Holdings (HKD) 3,762, ,951 Tsingtao Brewery, H Shares (HKD) 6,360,000 32,928 Uni-President China Holdings (HKD) 33,369,000 31,545 Wuxi Biologics (HKD)(1)(2) 824,000 7,474 Yum China Holdings (USD) 2,182,200 93,311 Zhou Hei Ya International Holdings (HKD)(1) 6,523,000 5, ,254 Common Stocks - China A shares 6.9% Hangzhou Robam Appliances (3) 1,577,877 8,288 Hangzhou Robam Appliances (CNH) 4,907,898 25,784 Hongfa Technology (CNH) 5,280,742 30,429 Huayu Automotive Systems (3) 1,692,729 5,908 Huayu Automotive Systems (CNH) 6,363,916 22,216 Inner Mongolia Yili Industrial Group (3) 6,936,001 28,665 Inner Mongolia Yili Industrial Group (CNH) 989,600 4,091 Jiangsu Hengrui Medicine (CNH) 1,994,184 26,095 Kweichow Moutai (CNH) 86,620 9,005 15

18 (Cost and value in $000s) Shares $ Value Yunnan Baiyao Group (3) 220,169 3,282 Yunnan Baiyao Group (CNH) 3,284,278 48, ,726 Total China (Cost $829,632) 1,154,980 HONG KONG 12.4% Common Stocks 12.4% AIA Group 14,650, ,932 CK Hutchison Holdings 5,370,212 63,502 Hang Lung Properties 17,262,000 40,852 HKT Trust & HKT, Equity Units 32,891,000 43,274 HSBC Holdings 5,548,800 55,278 Jardine Strategic Holdings (USD) 334,500 12,659 Minth Group 4,126,000 19,591 Pacific Textiles Holdings 11,370,000 10,401 Stella International Holdings 8,546,000 10,070 Total Hong Kong (Cost $315,674) 386,559 INDIA 9.6% Common Stocks 9.6% Apollo Tyres 6,557,763 28,800 HDFC Bank 3,546, ,459 HDFC Standard Life Insurance (1) 820,440 6,355 Housing Development Finance 1,280,711 36,012 ITC 10,451,874 44,089 Kotak Mahindra Bank 3,129,366 56,715 Wipro 4,667,313 19,365 Total India (Cost $209,754) 297,795 INDONESIA 1.9% Common Stocks 1.9% Astra International 17,575,900 8,996 16

19 (Cost and value in $000s) Shares $ Value Bank Central Asia 22,349,800 35,341 Hero Supermarket (2) 41,741,400 2,841 Sarana Menara Nusantara 53,866,700 12,112 Total Indonesia (Cost $58,698) 59,290 MALAYSIA 1.3% Common Stocks 1.3% British American Tobacco Malaysia 1,292,500 8,059 Malaysia Airports Holdings 14,734,100 33,756 Total Malaysia (Cost $40,032) 41,815 PHILIPPINES 1.1% Common Stocks 1.1% SM Investments 491,250 8,883 Universal Robina 9,319,610 25,293 Total Philippines (Cost $40,351) 34,176 SINGAPORE 3.6% Common Stocks 3.6% DBS Group Holdings 3,506,100 80,893 SATS 2,183,700 9,074 Sea, ADR (USD)(2) 2,131,695 22,362 Total Singapore (Cost $84,838) 112,329 SOUTH KOREA 13.2% Common Stocks 12.0% Hyundai Motor 132,478 19,759 KEPCO Plant Service & Engineering 343,884 16,258 LG Electronics 370,490 35,129 Naver 87,142 58,110 POSCO 131,572 45,335 17

20 (Cost and value in $000s) Shares $ Value Samsung Electronics 80, , ,192 Preferred Stocks 1.2% Samsung Electronics (4) 19,247 38,271 38,271 Total South Korea (Cost $235,456) 411,463 SRI LANKA 0.9% Common Stocks 0.9% Commercial Bank of Ceylon 15,183,362 13,042 John Keells Holdings 12,831,617 13,409 Total Sri Lanka (Cost $27,385) 26,451 SWITZERLAND 0.7% Common Stocks 0.7% ams 107,259 8,846 DKSH Holding 154,696 12,407 Total Switzerland (Cost $19,910) 21,253 TAIWAN 11.6% Common Stocks 11.6% Asustek Computer 2,400,000 22,430 Delta Electronics 3,554,372 12,886 Giant Manufacturing 1,906,000 9,680 Largan Precision 578,000 67,226 Merida Industry 2,452,000 10,917 President Chain Store 4,972,000 48,872 Taiwan Semiconductor Manufacturing 24,618, ,528 Total Taiwan (Cost $263,804) 359,539 18

21 (Cost and value in $000s) THAILAND 2.8% Shares $ Value Common Stocks 2.8% CP ALL 20,579,600 56,731 Land & Houses 39,845,100 13,743 Land & Houses, NVDR 48,621,500 16,923 Total Thailand (Cost $62,251) 87,397 UNITED KINGDOM 1.0% Common Stocks 1.0% Standard Chartered 3,022,244 31,746 Total United Kingdom (Cost $34,865) 31,746 SHORT-TERM INVESTMENTS 2.6% Money Market Funds 2.6% T. Rowe Price Government Reserve Fund, 1.72%, (5)(6) 79,840,822 79,841 Total Short-Term Investments (Cost $79,841) 79,841 Total Investments in Securities 99.9% of Net Assets (Cost $2,302,491) $ 3,104,634 Country classifications are generally based on MSCI categories or another unaffiliated third party data provider; Shares are denominated in the currency of the country presented unless otherwise noted. (1) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers -- total value of such securities at period-end amounts to $36,100 and represents 1.2% of net assets. (2) Non-income producing (3) China A shares held through the QFII are subject to certain restrictions. See Note 3. (4) Preferred stocks are shares that carry certain preferential rights. The dividend rate may not be consistent each pay period and could be zero for a particular year. (5) Affiliated Company (6) Seven-day yield ADR American Depositary Receipts 19

22 CNH Offshore China Renminbi HKD Hong Kong Dollar NVDR Non-Voting Depositary Receipts USD U.S. Dollar 20

23 AFFILIATED COMPANIES ($000s) The fund may invest in certain securities that are considered affiliated companies. As defined by the 1940 Act, an affiliated company is one in which the fund owns 5% or more of the outstanding voting securities, or a company that is under common ownership or control. The following securities were considered affiliated companies for all or some portion of the six months ended April 30, Net realized gain (loss), investment income, and change in net unrealized gain/loss, and purchase and sales cost reflect all activity for the period then ended. Affiliate Net Realized Gain (Loss) Change in Net Unrealized Gain/Loss Investment Income T. Rowe Price Government Reserve Fund $ $ $ 570 T. Rowe Price Short-Term Fund ++ Totals $ # $ $ 570+ Supplementary Investment Schedule Value Affiliate 10/31/17 Purchase Cost Sales Cost Value 4/30/18 T. Rowe Price Government Reserve Fund $ 81,553 $ 79,841 T. Rowe Price Short-Term Fund 3,283 $ 79,841^ # Capital gain/loss distributions from mutual funds represented $0 of the net realized gain(loss). ++ Excludes earnings on securities lending collateral, which are subject to rebates and fees such as described in Note 3. + Investment income comprised $570 of dividend income and $0 of interest income. Purchase and sale information not shown for cash management funds. ^ The cost basis of investments in affiliated companies was $79,841. The accompanying notes are an integral part of these financial statements. 21

24 April 30, 2018 (Unaudited) STATEMENT OF ASSETS AND LIABILITIES ($000s, except shares and per share amounts) Assets Investments in securities, at value (cost $2,302,491) $ 3,104,634 Dividends receivable 4,061 Receivable for shares sold 823 Foreign currency (cost $577) 576 Receivable for investment securities sold 551 Other assets 2,410 Total assets 3,113,055 Liabilities Investment management fees payable 2,025 Payable for investment securities purchased 1,563 Payable for shares redeemed 1,302 Due to affiliates 158 Payable to directors 2 Other liabilities 608 Total liabilities 5,658 N E T A S S E T S $ 3, 1 0 7,

25 April 30, 2018 (Unaudited) STATEMENT OF ASSETS AND LIABILITIES ($000s, except shares and per share amounts) Net Assets Consist of: Undistributed net investment income $ 1,842 Accumulated undistributed net realized gain 125,201 Net unrealized gain 801,524 Paid-in capital applicable to 160,409,983 shares of $0.01 par value capital stock outstanding; 18,000,000,000 shares of the Corporation authorized 2,178,830 N E T A S S E T S $ 3, 1 0 7, NET ASSET VALUE PER SHARE Investor Class ($2,761,247,554 / 142,555,865 shares outstanding) $ I Class ($346,149,394 / 17,854,118 shares outstanding) $ The accompanying notes are an integral part of these financial statements. 23

26 Unaudited STATEMENT OF OPERATIONS ($000s) 6 Months Ended 4/30/18 Investment Income (Loss) Income Dividend (net of foreign taxes of $127) $ 18,770 Securities lending 26 Total income 18,796 Expenses Investment management 12,588 Shareholder servicing Investor Class $ 1,640 I Class 8 1,648 Prospectus and shareholder reports Investor Class 49 I Class 4 53 Custody and accounting 263 Proxy and annual meeting 46 Registration 37 Legal and audit 18 Directors 6 Miscellaneous 27 Total expenses 14,686 Net investment income 4,110 Realized and Unrealized Gain / Loss Net realized gain (loss) Securities 136,922 Foreign currency transactions 112 Net realized gain 137,034 24

27 Unaudited STATEMENT OF OPERATIONS ($000s) 6 Months Ended 4/30/18 Change in net unrealized gain / loss Securities (84,796) Other assets and liabilities denominated in foreign currencies (94) Change in net unrealized gain / loss (84,890) Net realized and unrealized gain / loss 52,144 INCREASE IN NET ASSETS FROM OPERATIONS $ 56,254 The accompanying notes are an integral part of these financial statements. 25

28 Unaudited STATEMENT OF CHANGES IN NET ASSETS ($000s) 6 Months Ended 4/30/18 Year Ended 10/31/17 Increase (Decrease) in Net Assets Operations Net investment income $ 4,110 $ 15,351 Net realized gain 137, ,200 Change in net unrealized gain / loss (84,890) 383,546 Increase in net assets from operations 56, ,097 Distributions to shareholders Net investment income Investor Class (13,416) (20,051) I Class (2,038) (859) Net realized gain Investor Class (240,151) (10,796) I Class (30,397) (430) Decrease in net assets from distributions (286,002) (32,136) Capital share transactions* Shares sold Investor Class 104, ,996 I Class 41, ,102 Distributions reinvested Investor Class 233,197 27,066 I Class 29,730 1,028 Shares redeemed Investor Class (165,497) (580,712) I Class (52,197) (46,187) Redemption fees received Increase (decrease) in net assets from capital share transactions 191,302 (206,630) 26

29 Unaudited STATEMENT OF CHANGES IN NET ASSETS ($000s) 6 Months Ended 4/30/18 Year Ended 10/31/17 Net Assets Increase (decrease) during period (38,446) 478,331 Beginning of period 3,145,843 2,667,512 E n d o f p e r i o d $ 3, 1 0 7, $ 3, 1 4 5, Undistributed net investment income 1,842 13,186 *Share information Shares sold Investor Class 5,113 9,008 I Class 2,047 13,253 Distributions reinvested Investor Class 12,127 1,760 I Class 1, Shares redeemed Investor Class (8,242) (33,845) I Class (2,584) (2,540) Increase (decrease) in shares outstanding 10,006 (12,297) The accompanying notes are an integral part of these financial statements. 27

30 Unaudited NOTES TO FINANCIAL STATEMENTS T. Rowe Price International Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act). The New Asia Fund (the fund) is a nondiversified, open-end management investment company established by the corporation. The fund seeks long-term growth of capital through investments primarily in the common stocks of companies located (or with primary operations) in Asia (excluding Japan). The fund has two classes of shares: the New Asia Fund (Investor Class), and the New Asia Fund I Class (I Class). I Class shares generally are available only to investors meeting a $1,000,000 minimum investment or certain other criteria. Each class has exclusive voting rights on matters related solely to that class; separate voting rights on matters that relate to both classes; and, in all other respects, the same rights and obligations as the other class. NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation The fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 (ASC 946). The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), including, but not limited to, ASC 946. GAAP requires the use of estimates made by management. Management believes that estimates and valuations are appropriate; however, actual results may differ from those estimates, and the valuations reflected in the accompanying financial statements may differ from the value ultimately realized upon sale or maturity. Investment Transactions, Investment Income, and Distributions Investment transactions are accounted for on the trade date basis. Income and expenses are recorded on the accrual basis. Realized gains and losses are reported on the identified cost basis. Dividends received from mutual fund investments are reflected as dividend income; capital gain distributions are reflected as realized gain/loss. Dividend income and capital gain distributions are recorded on the ex-dividend date. Income tax-related interest and penalties, if incurred, are recorded as income tax expense. Income distributions are declared and paid by each class annually. Distributions to shareholders are recorded on the ex-dividend date. A capital gain distribution may also be declared and paid by the fund annually. 28

31 Currency Translation Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate, using the mean of the bid and asked prices of such currencies against U.S. dollars as quoted by a major bank. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective date of such transaction. The portion of the results of operations attributable to changes in foreign exchange rates on investments is not bifurcated from the portion attributable to changes in market prices. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is reflected as a component of security gains and losses. Class Accounting Shareholder servicing, prospectus, and shareholder report expenses incurred by each class are charged directly to the class to which they relate. Expenses common to both classes, investment income, and realized and unrealized gains and losses are allocated to the classes based upon the relative daily net assets of each class. To the extent any expenses are waived or reimbursed in accordance with an expense limitation (see Note 6), the waiver or reimbursement is charged to the applicable class or allocated across the classes in the same manner as the related expense. Rebates Subject to best execution, the fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commission to the fund in cash. Commission rebates are reflected as realized gain on securities in the accompanying financial statements and totaled $2,000 for the six months ended April 30, 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, Adoption will have 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. 29

32 NOTE 2 - VALUATION The fund s financial instruments are valued and each class s net asset value (NAV) per share is computed at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET, each day the NYSE is open for business. However, the NAV per share may be calculated at a time other than the normal close of the NYSE if trading on the NYSE is restricted, if the NYSE closes earlier, or as may be permitted by the SEC. Fair Value The fund s financial instruments are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The T. Rowe Price Valuation Committee (the Valuation Committee) is an internal committee that has been delegated certain responsibilities by the fund s Board of Directors (the Board) to ensure that financial instruments are appropriately priced at fair value in accordance with GAAP and the 1940 Act. Subject to oversight by the Board, the Valuation Committee develops and oversees pricing-related policies and procedures and approves all fair value determinations. Specifically, the Valuation Committee establishes procedures to value securities; determines pricing techniques, sources, and persons eligible to effect fair value pricing actions; oversees the selection, services, and performance of pricing vendors; oversees valuation-related business continuity practices; and provides guidance on internal controls and valuation-related matters. The Valuation Committee reports to the Board and has representation from legal, portfolio management and trading, operations, risk management, and the fund s treasurer. Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value: Level 1 quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date Level 2 inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads) Level 3 unobservable inputs 30

33 Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values. Valuation Techniques Equity securities listed or regularly traded on a securities exchange or in the over-the-counter (OTC) market are valued at the last quoted sale price or, for certain markets, the official closing price at the time the valuations are made. OTC Bulletin Board securities are valued at the mean of the closing bid and asked prices. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for such security. Listed securities not traded on a particular day are valued at the mean of the closing bid and asked prices for domestic securities and the last quoted sale or closing price for international securities. For valuation purposes, the last quoted prices of non-u.s. equity securities may be adjusted to reflect the fair value of such securities at the close of the NYSE. If the fund determines that developments between the close of a foreign market 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. 31