<PAGE>
FELLOW SHAREHOLDERS
Latin American markets are volatile animals, and the last three months presented
one of the most extreme examples of this in recent history. In our experience,
the key is to focus on the long-term trend and not be transfixed by what can be
vicious short-term moves.
PERFORMANCE COMPARISON
<TABLE>
<CAPTION>
Periods Ended 4/30/94
Since Inception
3 Months 12/29/93
--------------------------
<S> <C> <C>
Latin America Fund -20.1% -12.2%
MSCI EMF Latin America Index -16.6 -3.0
</TABLE>
================================================================================
MARKET REVIEW & PORTFOLIO STRATEGY
After the post-NAFTA euphoria and the heralding of a period of apparent
political and economic stability, MEXICO was rocked first by the uprising in
Chiapas and then by the assassination of PRI presidential candidate Donaldo
Colosio, President Salinas' protege. Investors have begun to wonder if the
economic progress of the last few years has been bought at the cost of
political oppression which is about to spill over into a general unraveling of
society. Rumours that the assassination was in some way orchestrated by PRI
conservatives have not helped investor sentiment. Despite the seriousness of the
situation, we expect to see a continuation of the greater political openness and
honesty begun by President Salinas. Though Colosio's successor, Ernesto Zedillo,
does not have the same charisma, he does have the same goals. The risk is that
Zedillo and the PRI may falter and the reform process derail. In our view,
Colosio's assassination will provide the cohesion for a decisive PRI victory in
August, though market jitters may continue until then.
The political uncertainty has affected capital flows, particularly that in
the hands of short-term-oriented hedge funds. The peso also came under pressure,
and the government's response was to defend the currency by raising interest
rates and spending reserves. As we saw in Europe, this strategy is only credible
in the short term because reserves are finite and the cost to the domestic
economy of high rates becomes too great. Nevertheless, economic fundamentals and
NAFTA should see Mexico through to the elections. If the PRI wins, we believe
pressure on the peso will diminish, interest rates will move lower, and the
economy will improve.
Despite the difficult economic backdrop currently, the operating
performance of some of your Fund's holdings such as TELEFONOS DE MEXICO ADS and
CIFRA ADR has remained good. We find the Mexican market compelling at current
valuations and anticipate strong second-half performance.
In BRAZIL, the market was even more volatile than Mexico's over the
quarter, but extreme swings have characterized this market for years. Early in
1994, faster-than-expected progress in Economy Minister Cardoso's plan had
investors discounting a smooth and rapid transition from current inflation
levels (over 40% per month) to much lower levels. Evidence that the plan was not
proceeding quite as smoothly as hoped, along with worries over Mr. Cardoso's
presidential bid, led to a rapid turnaround in sentiment. Despite the
uncertainty and volatility, in our view Brazil is closer to addressing its major
fundamental problems than it has been for some time. The budget deficit is being
cut, and the plan for a new currency to help control inflation looks well
conceived. Critical constitutional reforms enabling some government-owned
industries to be turned into private businesses are likely after November's
elections. The risks remain that Cardoso is not successful in the elections and
the unpredictable left-winger Mr. Lula wins. Reforms would be delayed if this
happens, but, as with the conversion of Argentinian President Carlos Menem in
the face of similar economic reality, it would be only a matter of time before
Lula adopted more pragmatic policies. With stock prices down significantly, we
are slowly adding to positions in Brazil.
<PAGE>
The ARGENTINIAN market, like Brazil's, spiked up early in the year, then
fell sharply. The fixed exchange rate between the peso and the U.S. dollar makes
Argentinian interest rates particularly sensitive to developments in America.
The current account deficit also makes Argentina dependent on flows of capital.
Inflation numbers have been excellent, however, and growth robust. As a result,
valuations have become attractive and your Fund added to its positions.
In CHILE, the economy continues to grow at above-average rates compared
with the rest of the region. The trade deficit has been the main constraint in
Chile, but that is being helped by the recent firming of copper prices. COMPANIA
DE TELEFONOS DE CHILE ADS, the well-managed telephone group, was shaken somewhat
by tariff charges, but initial reactions appear to have been too strong and the
long-term story remains intact.
Smaller markets in the region have generally held up better during the
recent turbulence, particularly COLOMBIA, which is effectively closed to direct
investment from foreigners, and PERU, which has a small and illiquid stock
market in a fast-growing economy. The exception was VENEZUELA, where the market
has been lackluster. Rafael Caldera's presidential victory has brought a new
plan from his finance minister to try to revive the economy, but investors
remain skeptical of the new regime.
INVESTMENT POLICY AND OUTLOOK
We reiterate that Latin American markets are volatile, but we believe the long-
term outlook for these emerging countries--which have policies in place to
exploit the growth potential--is attractive. Although the ride will continue to
be bumpy, we remain optimistic about the long-term prospects for the region and
its equity markets.
Respectfully submitted,
/s/ Martin G. Wade
Martin G. Wade
President
May 25, 1994
2
<PAGE>
TWENTY-FIVE LARGEST HOLDINGS
April 30, 1994
<TABLE>
<CAPTION>
Percent of
Net Assets
----------
<S> <C>
Telefonos de Mexico ADS (USD), Mexico 15.6%
Cifra ADR (USD), Mexico 8.8
Tolmex 'B', Mexico 7.4
Compania de Telefonos de Chile ADS
(USD), Chile 4.6
Telebras ADR (USD), Brazil 4.3
Telefonica de Argentina ADR (USD),
Argentina 3.8
Groupo Financiero Bancomer ADS (USD),
Mexico 3.2
YPF Sociedad Anonima ADR (USD),
Argentina 3.1
Chilectra Metropolitana ADR (USD), Chile 2.8
Perez 'B', Argentina 2.5
Cemex 'B', Mexico 2.5
Banco Bradesco, Brazil 2.3
Grupo Televisa ADR (USD), Mexico 1.9
Fomentos Economico Mexicano 'B', Mexico 1.9
Companhia Siderurgica Nacional, Brazil 1.4
Brahma, Brazil 1.4
Eletrobras, Brazil 1.4
Banco do Brasil, Brazil 1.4
Companhia Energetica de Minas ADR (USD),
Brazil 1.3
Panamerican Beverages ADR (USD), Mexico 1.1
Embotelladores del Valle Anahuac, Mexico 0.9
Grupo Sidek ADR (USD), Mexico 0.8
Desc 'B', Mexico 0.8
Brasmotor, Brazil 0.6
Elektra, Mexico 0.6
- ---------------------------------------------------------------------
Total 76.4%
=====================================================================
</TABLE>
INDUSTRY DIVERSIFICATION
April 30, 1994
<TABLE>
<CAPTION>
Percent of
Net Assets
----------
<S> <C>
Telecommunications 24.9%
Electrical & Electronics 12.2
Building Materials & Components 8.9
Merchandising 8.8
Energy Sources 5.3
Beverage/Tobacco Manufacturing 4.9
Business & Public Services 3.7
Banking 3.6
Financial Services 2.9
Mining 2.0
Other Industries 9.4
Short-Term Investments 10.8
Other Assets Less Liabilities 2.6
- ---------------------------------------------------------------------
Net Assets 100.0%
=====================================================================
</TABLE>
SECURITY CLASSIFICATION
April 30, 1994
<TABLE>
<CAPTION>
Cost Market Value
Percent of Net Assets (000) (000)
- --------------------- -------- ------------
<S> <C> <C>
Common Stocks, 77.6% $117,768 $ 94,466
Preferred Stocks, 8.9% 13,396 10,845
Bonds, 0.1% 150 154
Short-Term
Investments, 10.8% 13,187 13,187
----------------------
Total Investments, 97.4% 144,501 118,652
Other Assets Less
Liabilities, 2.6% 3,199 3,197
Net Assets, 100.0% $147,700 $121,849
============================================================================
</TABLE>
3
<PAGE>
STATEMENT OF NET ASSETS (VALUE IN THOUSANDS)
T. Rowe Price Latin America Fund / April 30, 1994 (Unaudited)
<TABLE>
<CAPTION>
ARGENTINA -- 11.7%
Value
-----
<C> <S> <C>
COMMON STOCKS
20,000 shs. Banco Frances del Rio de la Plata............... $ 177
90,000 Cadipsa......................................... 189
50,000 Central Costanera............................... 152
30,000 Central Puerto.................................. 228
167,733 Colorin......................................... 227
41,324 Compania Interamericana de Auto................. 567
35,000 Modelo Terrabusi................................ 179
21,000 Molinos Rio de la Plata......................... 258
612,311 Perez `B'....................................... 3,064
40,000 *Polledo......................................... 200
29,000 Quilmes Industrial (USD)........................ 590
71,968 Telefonica de Argentina ADR (USD)............... 4,588
153,762 YPF Sociedad Anonima ADR (USD).................. 3,806
Total Argentina 14,225
BELIZE -- 0.1%
COMMON STOCK
10,000 Belize Holdings (USD)........................... 164
BRAZIL -- 17.3%
COMMON STOCKS
91,494 Companhia Energetica de Minas ADR (USD)......... 1,578
65,750,000 Companhia Siderurgica Nacional.................. 1,752
7,900,000 Eletrobras...................................... 1,717
146,608 *Telebras ADR (USD).............................. 5,204
10,251
PREFERRED STOCKS
3,633,720 *Acesita......................................... 167
130,000,000 Artex........................................... 439
224,374,523 Banco Bradesco.................................. 2,808
83,390,000 Banco do Brasil................................. 1,678
2,800,000 Banco Nacional.................................. 129
7,344,000 Brahma.......................................... 1,743
2,550,000 Brasmotor....................................... 724
1,382,000 Casa Anglo Bras................................. 287
10,200,000 Cemig........................................... 17
999,998 Coteminas....................................... 271
1,023,000 *Dixie Lalekla................................... 373
1,215,000 shs. *Industrias Villares............................. $ 280
586,450 Lojas Americanas................................ 132
974,000 Mesbla.......................................... 568
122,500 Moinho Santista................................. 433
180,400,000 Refrigeracao Parana............................. 367
2,148,500 Weg............................................. 429
10,845
Total Brazil 21,096
CHILE -- 7.9%
COMMON STOCKS
10,000 Chile Fund (USD)................................ 452
81,160 Chilectra Metropolitana ADR (USD)............... 3,419
62,186 Compania de Telefonos de Chile ADS (USD)........ 5,597
5,200 Cristalerias de Chile ADS (USD)................. 116
Total Chile 9,584
COLUMBIA -- 0.4%
COMMON STOCK
15,000 Banco Ganadero GDS (USD)........................ 356
CORPORATE BOND
130,000 USD Bancol, Cv., 5.20%, 2/1/99...................... 154
Total Columbia 510
MEXICO -- 48.4%
COMMON STOCKS
139,744 shs. Cemex `B'....................................... 3,008
3,857,130 Cifra ADR (USD)................................. 10,781
3,000 Consorcio Grupo Dina ADS (USD).................. 39
154,965 Desc `B'........................................ 965
75,000 *Elektra......................................... 694
268,000 *Embotelladores del Valle Anahuac................ 1,072
220,000 Empaques Ponderosa.............................. 524
25,000 *Farmacias Benavides............................. 121
483,691 Fomentos Economico Mexicano `B'................. 2,260
153,598 Grupo Financiero Bancomer ADS (USD)............. 3,840
2,555 Grupo Financiero Bancomer GDS (USD)............. 63
41,000 *Grupo Mexicano de Desarrollo ADS (USD).......... 671
300,000 *Grupo Posadas................................... 269
8,600 Grupo Radio Centro ADS (USD).................... 196
</TABLE>
4
<PAGE>
<TABLE>
<C> <S> <C>
116,400 shs. Grupo Sidek ADR (USD)........................... $ 1,004
10,000 Grupo Situr `B'................................. 26
21,000 Grupo Situr ADR (USD)........................... 554
42,748 *Grupo Televisa ADR (USD)........................ 2,266
10,000 Grupo Tribasa ADR (USD)......................... 245
25,000 *International de Ceramica `C'................... 156
38,050 Panamerican Beverages ADR (USD)................. 1,308
14,000 *Sears Roebuck ADS (USD)......................... 375
375,000 *Seguros Comercial Americana..................... 243
140,000 *Sistema Argos................................... 256
322,970 Telefonos de Mexico ADS (USD)................... 19,015
750,683 Tolmex `B'...................................... 9,008
Total Mexico 58,959
VENEZUELA -- 0.8%
COMMON STOCKS
113,333 Mavesa ADR (USD)................................ 637
45,500 Sudamtex de Venezuela ADR (USD)................. 290
Total Venezuela 927
SHORT-TERM INVESTMENTS -- 10.8%
COMMERCIAL PAPER
$1,800,000 Colgate Palmolive, 3.65%, 5/13/94............... 1,795
8,400,000 Federal Home Loan Bank, 3.55%, 5/2/94........... 8,397
2,000 Harvard University, 3.55%, 5/2/94............... 2
405,000 Motorola Credit, 3.875%, 5/18/94................ 404
2,600,000 Wool International Discount, 3.65%, 5/25/94..... 2,589
Total Short-Term Investments 13,187
</TABLE>
<TABLE>
<S> <C> <C>
================================================================================
Total Investments in Securities --
97.4% (Cost--$144,501) $118,652
================================================================================
Other Assets Less Liabilities -- 2.6% 3,197
Net Assets Consisting of:
Accumulated net investment income
-- net of distributions............................... $ (320)
Accumulated realized gains/losses
-- net of distributions............................... 107
Unrealized depreciation of investments................. (25,851)
Paid-in-capital applicable to
13,870,070 shares of $0.01 par
value capital stock outstanding;
1,000,000,000 shares of the
Corporation authorized............................... 147,913
--------
Net Assets - 100.0% $121,849
========
Net Asset Value Per Share $8.78
=====
================================================================================
</TABLE>
* Non-income producing
(USD) U.S. dollar denominated
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
STATEMENT OF OPERATIONS
T. Rowe Price Latin America Fund / From December 29, 1993 (Commencement of
Operations) to April 30, 1994 (Unaudited)
<TABLE>
<CAPTION>
Amounts in Thousands
--------------------
<S> <C> <C>
INVESTMENT INCOME
Income
Dividends (net of foreign taxes of $5)................. $ 126
Interest............................................... 139
--------
Total income........................................... $ 265
Expenses
Shareholder servicing fees & expenses.................. 442
Custodian and accounting fees & expenses............... 65
Registration fees & expenses........................... 64
Prospectus & shareholder reports....................... 17
Proxy & annual meeting expenses........................ 10
Legal & auditing fees.................................. 7
Directors' fees & expenses............................. 2
Less: Expenses reimbursed by Manager................... (22)
--------
Total expenses......................................... 585
--------
Net investment income.................................... (320)
--------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss)
Securities............................................. (122)
Foreign currency transactions.......................... 229
--------
Net realized gain........................................ 107
Change in unrealized appreciation or depreciation
Securities............................................. (25,849)
Other assets and liabilities denominated in foreign
currencies............................................ (2)
--------
Change in unrealized appreciation or depreciation........ (25,851)
--------
Net loss on investments.................................. (25,744)
--------
DECREASE IN NET ASSETS FROM OPERATIONS................... $(26,064)
========
================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
T. Rowe Price Latin America Fund / From December 29, 1993 (Commencement of
Operations) to April 30, 1994 (Unaudited)
<TABLE>
<CAPTION>
Amounts in Thousands
--------------------
<S> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income...................................... $ (320)
Net realized gain on investments........................... 107
Change in unrealized appreciation or depreciation of
investments............................................... (25,851)
--------
Decrease in net assets from operations..................... (26,064)
--------
Capital share transactions
Sold 16,655 shares......................................... 173,854
Redeemed 2,785 shares...................................... (26,414)
Redemption fees............................................ 473
--------
Increase in net assets from capital share transactions..... 147,913
--------
Total increase............................................... 121,849
NET ASSETS
Beginning of period........................................ --
--------
End of period.............................................. $121,849
========
================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
NOTES TO FINANCIAL STATEMENTS
T. Rowe Price Latin America Fund / April 30, 1994 (Unaudited)
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
T. Rowe Price International Funds, Inc. (the Corporation) is registered under
the Investment Company Act of 1940. The Latin American Fund (the Fund), a non-
diversified, open-end management investment company, is one of the portfolios
established by the Corporation.
A) Valuation - Equity securities listed or regularly traded on a securities
exchange (including NASDAQ) are valued at the last quoted sales price at the
time the valuations are made. A security which 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. Other equity securities and those listed
securities that are not traded on a particular day are valued at a price within
the limits of the latest bid and asked prices deemed by the Board of Directors,
or by persons delegated by the Board, best to reflect fair value.
Debt securities are generally traded in the over-the-counter market and are
valued at a price deemed best to reflect fair value as quoted by dealers who
make markets in these securities or by an independent pricing service. Short-
term debt securities are valued at their cost which, when combined with accrued
interest, approximates fair value.
For purposes of determining the Fund's net asset value per share, all
assets and liabilities
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONT'D)
initially expressed in foreign currencies are converted into U.S. dollars at the
mean of the bid and offer prices of such currencies against U.S. dollars quoted
by a major bank.
Assets and liabilities 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 or under the supervision of the officers of the
Fund, as authorized by the Board of Directors.
B) Currency translation - Foreign currency amounts are translated into U.S.
dollars at prevailing exchange rates as follows: assets and liabilities at the
rate of exchange at the end of the respective period, purchases and sales of
securities and income and expenses at the rate of exchange prevailing on the
dates of such transactions. The effect of changes in foreign exchange rates on
realized and unrealized security gains or losses is reflected as a component of
such gains or losses.
C) Other - Income and expenses are recorded on the accrual basis. Investment
transactions are accounted for on the trade date. Realized gains and losses are
reported on an identified cost basis. Dividend income and distributions to
shareholders are recorded by the Fund on the ex-dividend date. Income and
capital gain distributions are determined in accordance with federal income tax
regulations which may differ from generally accepted accounting principles.
NOTE 2 - ORGANIZATION
The Fund was organized on November 4, 1993, and had no operations prior to
December 29, 1993, other than those related to organizational matters.
NOTE 3 - FINANCIAL INSTRUMENTS
As a part of its investment program, the Fund engages in the following
activities, the nature and risk of which are set forth more fully in the Fund's
Prospectus and Statement of Additional Information.
A) Emerging Markets - The Fund has investments in securities of companies
located in emerging markets. Future economic or political developments could
adversely affect the liquidity or value, or both, of such securities.
B) Other - Purchases and sales of portfolio securities, other than short-term
and U.S. Government securities, aggregated $132,018,000 and $594,000.
NOTE 4 - FEDERAL INCOME TAXES
No provision for federal income taxes is required since the Fund intends to
qualify as a regulated investment company and distribute all of its taxable
income.
At April 30, 1994, the aggregate cost of investments for federal income tax
and financial reporting purposes was $144,501,000 and net unrealized
depreciation aggregated $25,849,000, of which $252,000 related to appreciated
investments and $26,101,000 to depreciated investments.
NOTE 5 - RELATED PARTY TRANSACTIONS
The Fund is managed by Rowe Price-Fleming International, Inc. (Price-Fleming)
which is owned by T. Rowe Price Associates, Inc. (Price Associates), Robert
Fleming Holdings Limited, and Jardine Fleming Holdings Limited under a joint
venture agreement.
The investment management agreement between the Fund and Price-Fleming (the
Manager) provides for an annual investment management fee, computed daily and
paid monthly, consisting of an Individual Fund Fee equal to 0.75% of average
daily net assets and a Group Fee. The Group Fee is based on the combined assets
of certain mutual funds sponsored by the Manager or Price Associates (the
Group). The Group Fee rate ranges from 0.48% for the first $1 billion of assets
to 0.31% for assets in excess of $34 billion. The effective annual Group Fee
rate at April 30, 1994, and for the period then ended was 0.34%. The Fund pays a
pro rata portion of the Group Fee based
8
<PAGE>
on the ratio of the Fund's net assets to those of the Group.
Under the terms of the investment management agreement, the Manager is
required to bear any expenses through October 31, 1995, which would cause the
Fund's ratio of expenses to average net assets to exceed 2.00%. Thereafter, the
Fund is required to reimburse the Manager for these expenses, provided average
net assets have grown or expenses have declined sufficiently so as not to cause
the Fund's ratio of expenses to average net assets to exceed 2.00% in any month,
and that no such reimbursement shall be made to the Manager after October 31,
1997. Pursuant to this agreement, $316,000 of management fees were not accrued
by the Fund for the period ended April 30, 1994, and $22,000 of other expenses
were borne by the Manager.
T. Rowe Price Services, Inc. (TRPS) and Retirement Plan Services, Inc.
(RPS) are wholly owned subsidiaries of Price Associates. TRPS provides transfer
and dividend disbursing agent functions and shareholder services for all
accounts. RPS provides subaccounting and recordkeeping services for certain
retirement accounts invested in the Fund. Price Associates, under a separate
agreement, calculates the daily share price and maintains the financial records
of the Fund. For the period ended April 30, 1994, the Fund incurred fees
totalling approximately $405,000 for these services provided by related parties.
At April 30, 1994, these investment management and service fees payable were
$232,000.
9
<PAGE>
FINANCIAL HIGHLIGHTS
T. Rowe Price Latin America Fund (Unaudited)
<TABLE>
<CAPTION>
For a share outstanding
throughout the period
-----------------------
From
December 29, 1993
(Commencement of
Operations) to
April 30,
1994
-----------------------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD.................... $ 10.00
---------
Investment Activities
Net investment income................................. (0.02)*
Net realized and unrealized loss...................... (1.22)
---------
Total from Investment Activities........................ (1.24)
Redemption fees added to paid-in-capital................ 0.02
---------
NET ASSET VALUE, END OF PERIOD.......................... $ 8.78
=========
================================================================================
RATIOS/SUPPLEMENTAL DATA
Total Return............................................ (12.2)%
Ratio of Expenses to Average Net Assets................. 2.00%+*
Ratio of Net Investment Income to Average Net Assets.... (1.10)%+
Portfolio Turnover Rate................................. 1.89%+
Net Assets, End of Period (in thousands)................ $ 121,849
Number of Shareholder Accounts, End of Period........... 19,000
================================================================================
</TABLE>
+ Annualized.
* Excludes expenses in excess of a 2.00% voluntary expense limitation in effect
through October 31, 1995.
10
<PAGE>
SHAREHOLDER SERVICES
To help shareholders monitor their current investments and make decisions that
accurately reflect their financial goals, T. Rowe Price offers a wide variety of
information and services--at no extra cost.
TELEPHONE SERVICES
ACCESS YOUR ACCOUNT 24 HOURS A DAY BY CALLING 1-800-638-2587.
Tele*Access(R)--Gives you your account balance, date and amount of your
last transaction, latest dividend payment, and fund prices and yields.
TransactionLine(R)--Lets you purchase, exchange or redeem shares anytime.
SHAREHOLDER SERVICE REPRESENTATIVES ARE AVAILABLE FROM 8:00 A.M. TO 10:00 P.M.,
MONDAY - FRIDAY, AND SATURDAY FROM 9:00 A.M. TO 5:00 P.M., E.T. CALL 1-800-225-
5132.
Shareholder Service Center--Call to exchange shares or move money between
your bank and fund accounts.
ACCOUNT SERVICES
Checking--Write checks for $500 or more on any money market bond, or tax-
free fund account.
Automatic Investing--Build your account over time by investing directly
from your bank account or paycheck. A low, $50 minimum makes it easy to get
started.
Automatic Withdrawal--If you need money from your fund account on a regular
basis, you can establish scheduled, automatic redemptions.
Dividend and Capital Gains Payment Options--Reinvest all or some of your
distributions or take them in cash. We give you maximum flexibility and
convenience.
INVESTMENT INFORMATION
Combined Statement--A comprehensive overview of your T. Rowe Price
accounts. The summary page gives your earnings by tax category, provides total
portfolio value, and lists your investments by type--stock, bond, and money
market. Detail pages itemize account transactions by fund.
Quarterly Shareholder Reports--Portfolio managers review the performance of
the funds in plain language and discuss T. Rowe Price's economic outlook.
The T. Rowe Price Report--A quarterly newsletter with relevant articles on
market trends, personal financial planning, and T. Rowe Price's economic
perspective.
Insights--A library of information that includes reports on mutual fund tax
issues, investment strategies, and financial markets.
Detailed Investment Guides--Our widely acclaimed Asset Mix Worksheet,
College Planning Kit, Retirees Financial Guide, Retirement Planning Kit (also
available on disk for PC use) and Guide to Risk-Adjusted Performance can help
you determine and reach your investment goals.
DISCOUNT BROKERAGE
Trade stocks, bonds, options, and precious metals at substantial savings over
full-cost brokers.
Tele*Trade--Call this automated phone service after business hours to
place your orders.
Fax*Trade--Buy and sell by simply faxing your order.
Tele*Quote--Provides 24-hour access to stock and option quotes.
Money Fund Sweep Feature--Buy and sell securities and have your "sweep"
account automatically debited or credited. Dividend and interest payments are
credited daily.
If you have questions or would like to add a service to your account, please
call our Shareholder Service Center.
11
<PAGE>
SemiAnnual Report
- ------------------------------------------------------------------------------
For yield, price, last transaction,
and current balance, 24 hours,
7 days a week, call:
1-800-638-2587 toll free
625-7676 Baltimore area
For assistance with your existing
fund account, call:
Shareholder Service Center
1-800-225-5132 toll free
625-6500 Baltimore area
T. Rowe Price
100 East Pratt Street
Baltimore, Maryland 21202
This report is authorized for distri-
bution only to shareholders and to
others who have received a copy of
the prospectus of the T. Rowe Price
Latin America Fund.
T. Rowe Price
Invest With Confidence/(R)/
LAF
T. Rowe Price
- -------------
Latin America Fund
April 30, 1994
[ART APPEARS HERE]
