Formulaire N-CSR T. Rowe Internationalisation des prix: 31 décembre ◄ garantie entreprise

AFFILIATION D’UN SALARIÉ : COMMENT PROCÉDER ?
C’est à l’employeur de centraliser les documents nécessaires à l’affiliation de ses salariés pour les transmettre ensuite à l’organisme complémentaire.

Pour être affilié, un salarié doit remplir une déclaration d’affiliation à laquelle être jointe différents documents :

la photocopie de l’attestation de sa carte vitale et celle de tout membre de la famille bénéficiant du contrat (selon les dispositions prévues or contrat santé) ;
un relevé d’identité bancaire et pourquoi pas de caisse d’épargne.

Il peut le échéant lui être demandé, selon la nature du contrat, de joindre :
photocopies des certificats de scolarité pour les enfants de plus de 16 ans ainsi qu’à tout dossier justifiant de leur situation ;
son attestation de PACS ;
son certificat de union libre ;
le certificat de radiation de son ancienne mutuelle horodaté de moins durant une période de trois mois dans l’hypothèse ou le contrat santé prévoit un délai de carence.
LES MODALITÉS DE CHANGEMENT DE STATUT D’UN SALARIÉ
En de changement de coutume socio-professionnel d’un salarié or sein de l’entreprise, son régime de protection sociale aussi être modifié. C’est alors à l’employeur de se charger de l’ensemble des allées et venues en d’assurance complémentaire.

RADIATION D’UN SALARIÉ : COMMENT DÉCLARER CETTE MODIFICATION ?
Lorsqu’un salarié quitte son entreprise, l’adhésion au contrat collectif santé et/ou prévoyance desquelles il bénéficiait est résiliée de plein droit. L’ancien employeur doit alors informer l’organisme complémentaire de ce départ pendant écrit, dans plus brefs délais.

Pour clôturer le dossier santé du salarié et cesser les remboursements, le salarié remettre sa carte de tiers payant.

Selon le sujet de départ de l’entreprise du salarié, l’ancien employeur peut être tenu, a l’intérieur du cadre de la portabilité des droits santé et prévoyance, de lui maintenir les garanties dont il bénéficiait pour la rupture du contrat de travail à titre gratuit.

LES ÉTATS-UNIS
COMMISSION SÉCURITÉ ET CHANGEMENT
Washington, D.C.20549

FORMULAIRE N-CSR

RAPPORT DES ACTIONNAIRES CERTIFIÉS
INSCRIT
SOCIÉTÉS DE GESTION DES PLACEMENTS

Numéro de loi sur les sociétés d'investissement:
811-02958

T. Rowe Price International Funds, Inc.

(Exactement
nom du déclarant tel qu'indiqué dans la charte)
100
East Pratt Street, Baltimore, MD 21202

(Adresse du siège)
David
Ostereicher
100
East Pratt Street, Baltimore, MD 21202

(Nom
adresse et adresse de l'agent de service)

Numéro de téléphone du titulaire, y compris l'indicatif régional: (410) 345-2000

Fin de l'exercice: 31 décembre

Date du rapport: 2019 31 décembre

Point 1. Rapports aux actionnaires

a) Notification en vertu de la règle 30e-1.

Fonds d'obligations des marchés émergents

2019 31 décembre

PREMX Catégorie Investisseur
PAX Classe conseiller
PRXIX Classe I

À partir de 2021. Le 1er janvier, conformément aux règlements de la SEC, les copies papier des rapports annuels et semestriels aux actionnaires des Fonds T. Rowe Price ne seront plus envoyées par courrier, sauf si vous en faites la demande expresse. Au lieu de cela, les rapports aux actionnaires seront disponibles sur le site Web des Fonds (troweprice.com/prospectus) et vous serez averti par courrier électronique avec un lien vers votre site afin que vous puissiez accéder à vos rapports chaque fois qu'un rapport est publié sur votre site.

Si vous avez déjà choisi de recevoir les rapports par voie électronique, vous ne serez pas affecté par cette modification et aucune action n'est requise. À tout moment, les actionnaires qui investissent directement dans T. Les fonds Rowe Price peuvent généralement décider de recevoir des rapports ou d'autres communications par voie électronique lorsqu'ils sont en ligne Troweprice.com/paperless ou si vous parrainez un plan d'épargne-retraite ou investissez dans des fonds par le biais d'un intermédiaire financier (comme un conseiller en placement, un courtier, une compagnie d'assurance ou une banque), contactez votre agent ou votre intermédiaire financier.

Vous pouvez décider de continuer à recevoir gratuitement des copies papier des futurs rapports aux actionnaires. Si vous souhaitez investir directement avec T. Rowe Price, appelez T. Rowe Price: IRA, titulaires de comptes non remboursables et investisseurs institutionnels, 1-800-225-5132; comptes de retraite de petite entreprise, 1-800-492-7670. Si vous êtes un promoteur de régime de retraite ou investissez dans des fonds de T. Rowe Price par le biais d'un intermédiaire financier, veuillez contacter votre agent ou intermédiaire financier ou suivre les instructions supplémentaires fournies dans ce document. Votre choix de recevoir des copies papier des rapports s'appliquera à tous les fonds de votre compte auprès de votre intermédiaire financier ou, si vous investissez directement dans les fonds de T. Rowe Price, à T. Rowe Price. Votre choix peut être modifié à tout moment à l'avenir.

FONDS D'OBLIGATIONS DE CHANGEMENT DE TAUX

SOULIGNE

Fonds d'obligations des marchés émergents 12 mois clos 2019 Le 31 décembre, a surperformé son indice de référence et son groupe de pairs Lipper.
Les allocations de fonds par pays ont retardé les rendements relatifs et, lors de la sélection des titres, les rendements relatifs.
Le portefeuille reste déficient dans les avantages des marchés à faible rendement qui offrent une valeur relative limitée, comme la Chine et les Philippines, aux pays à haut rendement qui offrent de meilleures possibilités d'ajustement au risque, notamment l'Ukraine et le Brésil.
Les fondamentaux des marchés émergents soutiennent, notamment une croissance économique stable, des dépenses publiques plus disciplinées, des comptes courants largement équilibrés et des politiques économiques saines dans de nombreux pays clés.

Connectez-vous à votre compte troweprice.com Pour plus d'informations.

* Certains comptes de fonds communs de placement, qui sont évalués comme des frais de tenue de compte annuels, peuvent également vous faire économiser de l'argent en passant à la messagerie électronique. Livraison.

Commentaire du marché CIO

Cher actionnaire

Stocks en 2019 Une forte hausse alors que la plupart des principaux indices américains ont atteint des niveaux record dans un rallye à grande échelle qui a plus que compensé 2018. Pertes. Les actions les plus importantes et les moyennes capitalisations étaient les meilleures – les indices S&P 500 et Nasdaq ont enregistré la meilleure année depuis 2013. Les actions américaines ont surperformé leurs homologues mondiales, bien que la plupart des indices non américains aient également mis fin à de solides gains à deux chiffres.

Les valeurs technologiques ont bien performé dans le S&P 500, aidées par les gains importants des géants de l'industrie Apple et Microsoft, et les valeurs financières ont également surperformé l'ensemble du marché. Les titres à revenu fixe ont également réalisé des gains importants au cours de la même période, tout comme les obligations de sociétés, les rendements des bons du Trésor à plus long terme étant tombés à leurs plus bas historiques à la fin de l'été, avant de se redresser partiellement.

Notant que les marchés publics sont restés disciplinés, les investisseurs ont exprimé leur scepticisme quant à un certain niveau de valorisation du capital-investissement par rapport à leurs perspectives de rentabilité financière. Relativement peu de stocks publics initiaux (IPO) ont été évalués au cours de l'année, et un candidat principal à l'introduction en bourse (WeWork) a décidé de retirer complètement son offre après avoir considérablement baissé sa valorisation dans les semaines précédant l'introduction en bourse proposée.

Alors que l'année commençait avec la crainte que l'escalade du différend commercial américano-chinois n'entraîne une récession, les banques centrales mondiales ont joué un rôle important dans le soutien des marchés. Les décideurs de la Fed ont réduit leurs taux d'intérêt d'un quart de point de pourcentage en juillet, septembre et octobre et ont pris des mesures pour maintenir la liquidité sur les marchés des prêts à court terme. D'autres banques centrales ont également pris des mesures pour croître rapidement, notamment la Banque centrale européenne, qui a abaissé le taux de dépôt de référence plus profondément en territoire négatif et a annoncé la reprise de son programme d'assouplissement quantitatif.

Au cœur d'une politique monétaire positive se trouve un changement brutal depuis 2018, lorsque la Fed a relevé ses taux d'intérêt à quatre reprises, et l'économie semble avoir réussi. Après la fin du contrat en 2019, les chiffres clés de la production américaine ont montré une stabilisation à la fin de l'année, tandis que le marché du travail est resté robuste, avec de fortes augmentations de salaires et le chômage atteignant son plus bas niveau en 50 ans. Dans cette conjoncture économique en plein essor, il n'est pas étonnant que décembre Les responsables de la Fed semblaient convaincus que la politique monétaire était bien préparée pour soutenir une croissance soutenue et les projections pour 2020.

Outre les politiques des banques centrales, les investisseurs ont également suivi de près l'évolution du différend commercial américano-chinois. Les stocks ont chuté en mai et août après que les États-Unis ont annoncé de nouveaux tarifs sur certains droits d'importation chinois, et la Chine a riposté avec de nouveaux tarifs. Cependant, les investisseurs étaient généralement optimistes quant aux pourparlers commerciaux qui limitaient les péages de la guerre commerciale et, en décembre, les deux parties ont annoncé un accord de "première étape" pour réduire certains tarifs existants et en annuler de nouveaux.

Étant donné que la politique monétaire dans le monde est fondamentalement engagée dans la liquidité des marchés et que certains indicateurs de l'économie mondiale montrent des signes d'amélioration, il y a des raisons d'être optimiste pour 2020. Cependant, les investisseurs prudents s'attendent à ce que nous n'attendions pas de bénéfices excessifs par rapport à l'année dernière. Si nécessaire après la Seconde Guerre mondiale, le S&P 500 a généré une moyenne de retours à un chiffre au cours de la quatrième année de son cycle présidentiel.

De nouveaux développements sur le marché devraient suivre en 2019. La reprise régulière de la croissance des revenus et les risques mondiaux feront défaut dans les années à venir. Les problèmes commerciaux non résolus, les tensions au Moyen-Orient et les débats politiques sur les disparités fiscales, sanitaires et de richesse qui ont conduit à l'élection présidentielle américaine pourraient entraîner une volatilité du marché.

En plus de ces risques, les analystes de T. Rowe Price examineront attentivement les forces perturbatrices telles que l'innovation, le changement technologique et l'automatisation qui pourraient affecter de plus en plus d'industries mondiales. Dans un environnement incertain où il est possible de disperser les rendements, nous pensons qu'une recherche fondamentale approfondie, couvrant les aspects environnementaux, sociaux et de gouvernance, sera cruciale pour une évaluation réussie des opportunités et des risques. Je suis convaincu que notre approche d'investissement stratégique continuera de profiter à nos actionnaires.

Merci de votre confiance continue envers T. Rowe Price.

Cordialement

Robert Sharps
Investisseur en chef du groupe

Discussion de la direction sur le rendement du fonds

OBJECTIF D'INVESTISSEMENT

Le fonds vise à garantir un rapport qualité-prix et un revenu élevés.

COMMENTAIRE DU FONDS

Comment le fonds a-t-il fonctionné au cours des 12 derniers mois?

Rendement du Fonds d'obligations des marchés émergents de T.Rowe pour les 11 mois clos en 2019 Au 31 décembre, il était de 11,30%, surperformant l'indice de référence «J. P. Morgan Emerging Markets Bond Index Global et Lipper moyenne du groupe de pairs. (Résultats pour conseiller et les actions de catégorie I différaient légèrement, reflétant leur structure fiscale différente. Les performances passées ne garantissent pas les performances futures.)

Quels facteurs ont influencé la performance du fonds?

Les décisions d'allocation géographique du fonds ont réduit les rendements relatifs. La redistribution du portefeuille vers le Venezuela a stoppé la performance, le pays continuant de souffrir de malheurs politiques et économiques et ses obligations éprouvant des difficultés avec les sanctions du marché secondaire et des liquidités très limitées. Les obligations vénézuéliennes ont régulièrement baissé au cours de l'année en raison des radiations de prix et des radiations. Nous pensons que la crise économique et politique en cours finira par changer le régime au Venezuela et augmentera les chances de retour en raison d'une possible restructuration de la dette, car il existe une richesse considérable pour garantir ces bas prix des obligations. Cependant, nous prévoyons une fluctuation constante des obligations et un éventuel processus de restructuration prolongé. La surpondération de l'Argentine a également nui aux résultats. La souveraineté à haut rendement a chuté en août après que le candidat de l'opposition Alberto Fernández a remporté un mandat présidentiel plus que prévu. Ce résultat a immédiatement suscité des inquiétudes quant à la volonté de l'Argentine de poursuivre les réformes économiques et à la possibilité de payer un lourd fardeau de la dette en dollars. Plus tard cette année-là, les actifs argentins ont commencé à se remettre des niveaux revendus. D'un autre côté, le nôtre la productivité relative a accru le poids accordé au Liban. Le gouvernement libanais nouvellement formé a cherché à mettre en œuvre les réformes nécessaires pour alléger son lourd fardeau de la dette et obtenir un soutien étranger. Puis, en octobre, de vastes manifestations anti-gouvernementales et contre la corruption ont conduit à la démission du Premier ministre.

Les choix de sécurité ont contribué à des rendements relatifs. Les positions dans des entités d'État semi-souveraines ont été bénéfiques. Ces émetteurs offrent des bonus de souveraineté avec le soutien du gouvernement. Notre sélection de sociétés brésiliennes a contribué à la performance relative, principalement en raison de positions dans des sociétés pétrolières partiellement publiques Petrobrasdans une période qui a dépassé le souverain. Petrobras a profité de la hausse des prix du pétrole et d'un meilleur équilibre. La sélection au Mexique a profité du fait que la surpondération du portefeuille a été distribuée aux sociétés pétrolières publiques Petroleos Mexicanos (PEMEX) et Mexico City Airport Trust (MEXCAT). Le soutien accru du gouvernement à PEMEX et l'achat continu d'obligations MEXCAT ont aidé à produire des résultats. (Voir le portefeuille de placements du fonds pour une liste complète des actions disponibles et le montant de chaque portefeuille.)

La faible exposition du fonds aux devises des marchés émergents a quelque peu contribué aux résultats. La livre égyptienne, gagnée sur les obligations domestiques du pays, affiche des rendements élevés et les investissements étrangers ont augmenté. Portfolio la durée a été plus courte que celle de l'indice de référence pendant la majeure partie de la période considérée, ce qui a légèrement réduit les rendements relatifs, les taux de base ayant généralement baissé. (La duration mesure la sensibilité des obligations aux variations des taux d'intérêt.)

Comment le fonds est-il organisé?

Le portefeuille conserve le poids des marchés à faible rendement qui offrent une valeur relative limitée, par rapport à la Chine, aux Philippines et aux récents indices du CCG. Nous sommes surpondérés dans les pays à revenu élevé tels que l'Ukraine et le Brésil, qui offrent de meilleures opportunités de rendements ajustés au risque, en particulier des histoires idiosyncratiques avec un élan positif pour la réforme. Il montre un biais de style philosophique dans la façon dont nous traitons un portefeuille plutôt qu'une solution de positionnement tactique.

Nous conservons une allocation significative sur les obligations de sociétés des marchés émergents. Bien que nous croyions que la dette des entreprises a un grand potentiel pour bénéficier d'une croissance accélérée, nous tenons également compte du fait que les obligations de sociétés des marchés émergents sont généralement moins liquides que la dette publique. Dans le segment des sociétés des marchés émergents, nous avons tendance à privilégier les émetteurs presque indépendants tels que le brésilien Petrobras et le mexicain PEMEX, car ils sont généralement plus liquides que les sociétés traditionnelles et offrent des liens similaires avec les principales tendances de croissance.

En termes de risque de portefeuille tactique, nous avons légèrement ajouté des positions plus risquées en début d'année comme 2018 Au final, la pression de la classe de vente d'actifs a produit des valorisations attractives. Récemment, nous avons pris un risque de portefeuille et sommes un peu plus conservateurs par rapport à notre propre histoire. Bien que nous maintenions notre sous-pondération structurelle dans les pays à faible revenu, nous avons inclus plusieurs pays défensifs comme Israël, la Russie et l'Arabie saoudite. Nous avons également réduit notre surpondération sur la Turquie en raison des préoccupations persistantes concernant les réformes économiques et la géopolitique.

Parfois, le fonds a de petites obligations libellées en monnaie locale, dont la valeur relative semble convaincante par rapport à la dette libellée en dollars américains. À la fin de la période, la dette en monnaie locale représentait environ 2% du portefeuille. Selon la perspective d'une devise particulière et les coûts impliqués, nous pouvons couvrir le taux de change en tout ou en partie pour réduire le risque, ou choisir de ne pas couvrir si la devise semble être capable d'augmenter le ratio du dollar.

La liquidité du marché est une variable clé que nous surveillons de près. Une liquidité réduite peut limiter notre capacité à acheter et vendre des obligations des marchés émergents à des prix efficients. La dette des marchés émergents, en tant qu'une des catégories d'actifs à revenu fixe les plus risquées et les moins négociables, a tendance à être moins liquide que la dette souveraine de haute qualité telle que les bons du Trésor américain. Une volatilité accrue des marchés peut entraîner une liquidité limitée des obligations dans certains pays en développement. Par conséquent, nous considérons activement la profondeur et la liquidité du marché lors de l'évaluation d'une obligation d'achat ou de vente.

Quelle est la perspective de gestion de portefeuille?

Alors que la croissance mondiale inégale et la guerre commerciale entre les États-Unis et la Chine sont restées au premier plan tout au long de 2019, une politique monétaire mondiale favorable et une importante dette à revenu négatif dans les marchés développés ont fortement soutenu la dette des marchés émergents.

Malgré l'environnement de risque mondial, nous optimisons prudemment la classe d'actifs car elle offre l'une des plus grandes opportunités sur le marché des titres à revenu fixe et s'est avérée de plus en plus robuste du fait des corrections de marché. Après une année 2019 forte. La différence avec l'augmentation au cours de l'histoire restera raisonnable. (Les écarts de crédit mesurent le rendement supplémentaire requis par les investisseurs pour détenir des obligations à risque de crédit sur des titres d'État de haute qualité tels que des bons du Trésor américain ayant des échéances similaires.) Ce rendement fournit un amortisseur important pour la volatilité externe. En outre, la Réserve fédérale américaine plus audacieuse a facilité la conduite de la politique monétaire par les marchés émergents et peut soutenir des devises non importantes.

Les fondamentaux économiques clés continuent de soutenir la ME dans tous les domaines, notamment une croissance économique stable, des dépenses publiques plus disciplinées, une faible inflation, des comptes courants largement équilibrés et des politiques économiques saines dans de nombreux marchés clés. À court terme, nous pensons que les principaux risques macroéconomiques externes, notamment les élections aux États-Unis et la croissance mondiale, ainsi que plusieurs facteurs idiosyncratiques dans les marchés émergents, seront le principal moteur. Ces facteurs propres à chaque pays comprennent l'impact de la guerre commerciale et des mesures de relance budgétaire intérieure sur la Chine, et la trajectoire politique en Afrique du Sud, en Turquie, en Argentine et sur d'autres marchés émergents avec des taux bêta-bêta plus élevés. Dans cet environnement incertain, nous pensons que l'extension de la portée des plateformes mondiales de recherche sur le crédit, le gouvernement et les actions de T.Rowe Price, combinée à notre accent sur la collaboration sur ces plateformes, nous confère un avantage essentiel dans l'analyse des risques et des opportunités sur les marchés émergents. endetté.

Les opinions exprimées sont celles de M. Rowe Price à la date du présent rapport et sont sujettes à des changements de conditions de marché, économiques ou autres. Ces vues ne sont pas destinées à prédire des événements futurs et ne garantissent pas les résultats futurs.

Risque d'investissement obligataire international

Les fonds qui investissent à l'étranger prennent généralement plus de risques que les fonds qui investissent massivement dans des actifs américains, y compris des variations imprévisibles de la valeur des devises. Les investissements dans les marchés émergents baissent fortement et devraient être considérés comme de la spéculation. Les structures économiques et politiques des pays en développement ne sont généralement pas comparables à celles des États-Unis ou d'autres pays développés en termes de prospérité et de stabilité, et leurs marchés financiers manquent souvent de liquidités. Certains pays ont également un héritage d'hyperinflation, de dévaluation de la monnaie et d'intervention gouvernementale.

Les investissements internationaux sont soumis au risque de change, une diminution de la valeur d'une devise étrangère par rapport au dollar américain, ce qui se traduit par une diminution de la valeur en dollars des titres libellés dans cette devise. L'impact global sur les avoirs du fonds peut être substantiel et à long terme, selon les devises du portefeuille, la façon dont chacune est évaluée ou dépréciée par rapport au dollar américain et si les positions en devises sont couvertes. En outre, les fluctuations des taux de change sont imprévisibles et il est impossible de couvrir efficacement les risques de change de nombreux pays en développement.

Les obligations sont également soumises au risque de taux d'intérêt, une baisse des prix des obligations, généralement accompagnée d'une hausse des taux d'intérêt, et risque de crédit, la probabilité que la cote de crédit d'un fonds soit abaissée ou que l'émetteur d'obligations fasse défaut (faute de payer les intérêts ou le capital à temps) peut réduire le revenu et le cours de l'action du fonds.

INFORMATIONS SUR LES PERSONNES

Remarque: Les informations ont été obtenues de sources jugées fiables, mais J.P.Morgan ne garantit pas leur exhaustivité ou leur exactitude. L'index est utilisé avec permission. Le répertoire ne peut être copié, utilisé ou distribué sans le consentement écrit préalable de J.P.Morgan. Copyright 2020, J.P.Morgan Chase & Co. Tous droits réservés.

CROISSANCE DE 10 000 $

Ce graphique montre la valeur d'un placement hypothétique de 10 000 $ dans un fonds au cours des 10 derniers exercices ou depuis sa création (pour les fonds qui n'ont pas de dossier de 10 ans). Le résultat est comparé aux indices de référence, qui incluent un large indice de marché et peuvent également inclure une moyenne ou un indice de groupe de pairs. Les indices de marché n'incluent pas les coûts déduits du rendement du fonds, ainsi que les moyennes et indices des fonds d'investissement.

REMBOURSEMENTS TOTAUX MOYENS ANNUELS DES COMPOSANTS

RATIO DE DÉPENSES

EXEMPLE DE DÉPENSES DE FONDS

En tant qu'actionnaire d'un fonds commun de placement, vous pouvez encourir deux types de coûts: (1) les frais de transaction, tels que les frais de rachat ou les frais de souscription, et (2) les frais de fonctionnement, y compris les frais de gestion, les frais de distribution et d'entretien (12b-1) et les autres frais du fonds. . Cet exemple est destiné à vous aider à comprendre les coûts d'investissement actuels de votre fonds (en dollars) et à comparer ces coûts avec les coûts d'investissement actuels d'autres fonds communs de placement. Cet exemple est basé sur un investissement de 1 000 $ investi au début de la dernière période de six mois et détenu tout au long de la période.

Veuillez noter que le fonds a trois catégories d'actions: la catégorie d'actions initiale (catégorie investisseur) ne facture aucun frais de distribution et de maintenance (12b-1), les actions de catégorie conseiller sont offertes uniquement par l'intermédiaire de courtiers indépendants et d'autres intermédiaires financiers et facturent 0,25% 12b valeur des actions. 1 frais, tandis que les actions de classe I sont disponibles pour les clients institutionnalisés et ne nécessitent pas de frais 12b-1 ou administratifs. Chaque classe d'actions est répertoriée séparément dans le tableau.

Coûts réels
La première ligne de ce tableau (Réel) contient des informations sur les valeurs et les coûts réels du compte basés sur les rendements réels du fonds. Vous pouvez utiliser les informations de cette ligne pour estimer les coûts que vous avez payés au cours de la période, ainsi que le solde de votre compte. Divisez simplement la valeur de votre compte par 1000 $ (par exemple, la valeur de la facture de 8600 $ divisée par 1000 = 8,6 $), puis multipliez le résultat par le nombre dans la première ligne sous la rubrique "Coût de la période" pour estimer vos coûts que vous avez payé pour votre compte. compte pendant cette période.

Un exemple hypothétique d'objectifs de comparaison
Les informations de la deuxième ligne du tableau (hypothétiques) sont basées sur des valeurs de compte et des coûts hypothétiques dérivés du ratio des coûts réels du fonds et un rendement annuel estimé de 5% des coûts (et non des rendements réels du fonds). Vous pouvez comparer le coût actuel d'un investissement dans un fonds avec d'autres fonds en comparant cet exemple hypothétique de 5% et les exemples hypothétiques de 5% qui sont disponibles dans les rapports des actionnaires d'autres fonds. Les valeurs et les coûts fictifs du compte ne peuvent pas être utilisés pour calculer le solde ou les coûts réels du compte que vous avez payés pour la période.

Remarque: T. Rowe Price facture des frais annuels de tenue de compte de 20 $, généralement pour les comptes de moins de 10 000 $. Les investisseurs dont «T. Comptes de fonds communs de placement Rowe Price de 50 000 $ ou plus; Comptes optant pour la livraison électronique des relevés de comptes, des approbations de transactions, des prospectus et des rapports aux actionnaires; d'un investisseur qui est un «T. Comptes pour les services personnels Rowe Price ou les services personnels améliorés (nécessitant généralement au moins 250 000 $ d'actifs T. Rowe Price pour rejoindre ces programmes). Ces frais ne sont pas inclus dans le tableau ci-joint. Si vous êtes soumis à des frais, gardez cela à l'esprit lorsque vous évaluez le coût actuel d'un investissement dans un fonds et comparez le coût de ce fonds avec d'autres fonds.

Vous devez également savoir que les coûts indiqués dans le tableau ne font que mettre en évidence vos coûts actuels et ne reflètent aucun coût de transaction tel que les frais de rachat ou les frais de vente. Par conséquent, la deuxième ligne du tableau est utile pour comparer uniquement les coûts actuels et n'aidera pas à déterminer les coûts totaux relatifs de la détention de différents fonds. Cependant, dans la mesure où le fonds facture des frais de transaction, le coût total de possession du fonds est plus élevé.

Les notes ci-jointes font partie intégrante de ces états financiers.

Les notes ci-jointes font partie intégrante de ces états financiers.

Les notes ci-jointes font partie intégrante de ces états financiers.

















Les notes ci-jointes font partie intégrante de ces états financiers.

Les notes ci-jointes font partie intégrante de ces états financiers.

Les notes ci-jointes font partie intégrante de ces états financiers.

Les notes ci-jointes font partie intégrante de ces états financiers.

NOTES AUX ÉTATS FINANCIERS

T. Rowe Price International Funds, Inc. (corporation) est constituée sous les années 40. Loi sur les sociétés d'investissement (loi de 1940). Emerging Markets Bond Fund (le Fonds) est une société d'investissement à capital variable non diversifiée créée par une société. Le fonds vise à garantir un rapport qualité-prix et un revenu élevés. Le Fonds comprend trois catégories d'actions: Fonds des marchés émergents (Catégorie Investisseur), Fonds des marchés émergents – Catégorie Conseiller (Catégorie Conseiller) et Fonds des marchés émergents – Catégorie I (Catégorie I). Les actions de catégorie Conseiller ne sont vendues que par l'intermédiaire de divers courtiers et autres intermédiaires financiers. Les actions de catégorie I nécessitent un minimum de 1 million de dollars. $ Investissement initial, bien qu'il n'y ait généralement pas d'exigence minimale pour les régimes de retraite, les intermédiaires financiers et certains autres comptes. La catégorie des conseillers fonctionne conformément au plan de règles 12b-1 approuvé par le conseil, selon lequel la catégorie rembourse aux intermédiaires financiers la distribution, le service aux actionnaires et / ou certains services administratifs; L'investisseur et la classe I ne paient pas de frais en vertu de la règle 12b-1. Chaque classe aura des droits de vote exclusifs sur les questions qui ne concernent que cette classe; droits de vote séparés pour toutes les catégories; et à tous autres égards, les mêmes droits et devoirs que les autres classes.

NOTE 1 – PRINCIPALES CONVENTIONS COMPTABLES

Base de préparation La fondation est
Une société d'investissement et adhère aux principes comptables et de reporting du Financial Accounting Standards Board (FASB).
Comptabilité
Codification des normes
Sujet 946 (ASC 946). Les états financiers ci-joints ont été
préparé conformément aux principes comptables généralement reconnus aux États-Unis (PCGR), y compris, mais sans s'y limiter,
non limité à ASC 946. Le BAP nécessite des estimations de gestion. La direction estime que les estimations et
les évaluations sont appropriées; cependant, les résultats réels peuvent différer de ces estimations et les estimations sont reflétées
les états financiers ci-joints peuvent différer de la valeur finalement réalisée à la vente ou à l'échéance. Certaines années précédentes
les montants figurant dans les états financiers et les informations financières clés ci-joints ont été retraités pour être conformes à l'exercice en cours
présentation.

Opérations d'investissement, revenus d'investissement et distribution Les transactions d'investissement sont comptabilisées le jour ouvrable. Les produits et les charges sont comptabilisés selon la comptabilité d'exercice. Les gains et pertes réalisés sont comptabilisés au coût. Les primes et escomptes sur les titres de créance sont amortis aux fins de l'information financière. Le montant en principal ajusté en fonction de l'inflation des obligations indexées sur l'inflation est présenté comme un revenu d'intérêt. Les intérêts et pénalités liés à l'impôt sur les sociétés, le cas échéant, sont sont comptabilisés en charges d’impôts. Les dividendes reçus de placements dans des fonds communs de placement sont présentés comme des revenus de dividendes; les distributions de gains en capital sont reflétées comme des gains / pertes réalisés. Le revenu de dividendes et les bénéfices distribués sont distribués à la date d'expiration du dividende. Les dividendes non monétaires, le cas échéant, sont évalués à la juste valeur marchande des actifs reçus. Les distributions aux actionnaires sont comptabilisées à la date d'expiration du dividende. La répartition des revenus est déclarée quotidiennement pour chaque classe et versée mensuellement. Le Fonds peut également déclarer et verser des distributions de gains en capital sur une base annuelle.

Conversion de devises Les actifs, y compris les investissements, et les passifs libellés en devises sont convertis quotidiennement en dollars américains au taux de change en vigueur en utilisant le cours acheteur moyen et les prix demandés de ces devises pour la grande banque. Les achats et les ventes de titres, les produits et les charges sont convertis en dollars américains au taux de change en vigueur à la date pertinente de cette transaction. L'effet des variations des taux de change sur les gains et les pertes réalisés et non réalisés sur les titres n'est pas distingué de la part attribuable aux variations des prix du marché.

Comptabilité en classe Les frais de service aux actionnaires, de prospectus et de rapport aux actionnaires engagés par chaque catégorie sont payés directement par la catégorie à laquelle ils se rapportent. Pour toutes les classes, les dépenses totales et les revenus de placement sont répartis en classes en fonction du règlement net relatif de chaque classe dans chaque classe d'actions; Les gains et les pertes réalisés et non réalisés sont attribués en fonction de l'actif net quotidien relatif de chaque catégorie d'actions en circulation. La Catégorie Conseiller paie des frais selon la Règle 12b-1 jusqu’à 0,25% de l’actif net moyen quotidien de la Catégorie.

Frais de rachat Jusqu'en 2019 1er avril Une commission de 2% a été calculée pour le rachat des actions du fonds détenues pendant 90 jours ou moins afin de décourager les opérations à court terme et de protéger les intérêts des actionnaires à long terme. Les frais de rachat n'ont pas été déduits du produit de la vente ou de l'échange d'actions du Fonds. Les impôts ont été versés au fonds et comptabilisés comme une augmentation du capital versé. Du fait de ces frais, le prix de rachat par action peut différer de la valeur liquidative par action.

Nouvelles directives comptables À partir de 2019 1er janvier Le Fonds a adopté les recommandations du FASB qui ont raccourci la période d'amortissement pour certains titres de créance négociables considérés comme des primes. L'acceptation n'a eu aucune incidence sur l'actif net ou les résultats d'exploitation du Fonds.

Compensation Dans le cours normal de ses activités, le Fonds peut indemniser les dommages causés à ses dirigeants et administrateurs, prestataires de services et / ou sociétés privées. Pagal šią tvarką maksimali fondo rizika nežinoma; tačiau materialinių nuostolių rizika šiuo metu laikoma nedidelė.

2 PASTABA – VERTINIMAS

Fondo finansinės priemonės yra įvertinamos ir kiekvienos klasės grynoji turto vertė (GAV) vienai akcijai yra apskaičiuojama Niujorko vertybinių popierių biržos (NYSE) pabaigoje, paprastai 16 val. ET, kiekvieną dieną NYSE yra atvira verslui. Tačiau vienos akcijos GAV gali būti apskaičiuojamas ne įprastu NYSE uždarymu, jei prekyba NYSE yra apribota, jei NYSE uždaroma anksčiau, arba tai, ką gali leisti SEC.

Tikroji vertė Fondo finansinės priemonės yra apskaitomos tikrąja verte, kurią BAP apibrėžia kaip kainą, kuri būtų gauta už turto pardavimą arba sumokėta už įsipareigojimų perkėlimą vykdant tvarkingą rinkos dalyvių sandorį vertinimo dieną. T. Rowe kainos vertinimo komitetas (vertinimo komitetas) yra vidaus komitetas, kuriam fondo direktorių valdyba (valdyba) pavedė tam tikras pareigas, siekdama užtikrinti, kad finansinės priemonės būtų tinkamai įkainotos tikrąja verte pagal BAP ir 1940 m. Veikti. Vertinimo komitetas, prižiūrimas valdybos, parengia ir prižiūri su kainodara susijusią politiką ir procedūras bei tvirtina visus tikrosios vertės nustatymus. Vertinimo komitetas nustato vertybinių popierių vertės nustatymo procedūras; nustato kainodaros metodus, šaltinius ir asmenis, kurie gali atlikti tikrosios vertės kainodaros veiksmus; prižiūri kainų nustatymo tiekėjų pasirinkimą, paslaugas ir vykdymą; prižiūri su vertinimu susijusią verslo tęstinumo praktiką; ir teikia rekomendacijas dėl vidaus kontrolės ir su vertinimu susijusių klausimų. Vertinimo komitetas atsiskaito valdybai, atstovaujamas teisinių, portfelio valdymo ir prekybos, operacijų, rizikos valdymo ir fondo iždininkų.

Finansinių priemonių tikrajai vertei nustatyti naudojami įvairūs vertinimo metodai ir įvestys. BAP nustato tokią tikrosios vertės hierarchiją, pagal kurią klasifikuojami duomenys, naudojami tikrajai vertei įvertinti:

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

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

Level 3 – unobservable inputs

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

Valuation Techniques Debt securities generally are traded in the over-the-counter (OTC) market and are valued at prices furnished by independent pricing services or by broker dealers who make markets in such securities. When valuing securities, the independent pricing services consider 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. 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 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.

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. 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, 2019 (for further detail by category, please refer to the accompanying Portfolio of Investments):

Following is a reconciliation of the fund’s Level 3 holdings for the year ended December 31, 2019. Gain (loss) reflects both realized and change in unrealized gain/loss on Level 3 holdings during the period, if any, and is included on the accompanying Statement of Operations. The change in unrealized gain/loss on Level 3 instruments held at December 31, 2019, totaled $(513,000) for the year ended December 31, 2019.

NOTE 3 – DERIVATIVE INSTRUMENTS

During the year ended December 31, 2019, 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, to enhance return, 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, 2019, 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, 2019, 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) may 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 below a specified rating 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 next 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, 2019, securities valued at $6,741,000 had been pledged or posted by the fund to counterparties for bilateral derivatives. As of December 31, 2019, no collateral was pledged by counterparties to the fund for bilateral derivatives. As of December 31, 2019, cash of $3,095,000 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 and to increase exposure to a particular foreign currency, to shift the fund’s foreign currency exposure from one country to another, or to enhance the fund’s return. 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, 2019, the volume of the fund’s activity in forwards, based on underlying notional amounts, was generally between 2% and 5% 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, 2019, the volume of the fund’s activity in futures, based on underlying notional amounts, was generally between 3% and 8% of net assets.

Options The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives and uses options to help manage such risk. 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, options purchased are included in Investments in Securities, and Options written 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. 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, for options written, potential losses in excess of the fund’s initial investment. During the year ended December 31, 2019, the volume of the fund’s activity in options, based on underlying notional amounts, was generally between 0% and 7% of net assets.

Swaps The fund is subject to interest rate risk and credit risk in the normal course of pursuing its investment objectives and uses swap contracts to help manage such risks. The fund may use swaps in an effort to manage both long and short 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.

Interest rate swaps are agreements to exchange cash flows based on the difference between specified interest rates applied to a notional principal amount for a specified period of time. Risks related to the use of interest rate swaps include the potential for unanticipated movements in interest or currency rates, 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.

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, 2019, the volume of the fund’s activity in swaps, based on underlying notional amounts, was generally between 0% and 7% of net assets.

NOTE 4 – OTHER INVESTMENT TRANSACTIONS

Consistent with its investment objective, the fund engages in the following practices to manage exposure to certain risks and/or to enhance performance. The investment objective, policies, program, and risk factors of the fund are described more fully in the fund’s prospectus and Statement of Additional Information.

Emerging and Frontier Markets The fund invests, either directly or through investments in other T. Rowe Price 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. 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 The fund invests, either directly or through its investment in other T. Rowe Price funds, in noninvestment-grade debt, including “high yield” or “junk” bonds or leveraged loans. Noninvestment-grade debt issuers are more likely to suffer an adverse change in financial condition that would result in the inability to meet a financial obligation. The noninvestment-grade debt market may experience sudden and sharp price swings due to a variety of factors that may decrease the ability of issuers to make principal and interest payments and adversely affect the liquidity or value, or both, of such securities. Accordingly, securities issued by such companies carry a higher risk of default and should be considered speculative.

Restricted Securities The fund invests 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 $2,380,839,000 and $2,883,190,000, respectively, for the year ended December 31, 2019.

NOTE 5 – FEDERAL INCOME TAXES

No provision for federal income taxes is required since the fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute to shareholders all of its taxable income and gains. Distributions determined in accordance with federal income tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes.

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.

Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. The permanent book/tax adjustments have no impact on results of operations or net assets and relate primarily to the character of net currency losses.

Distributions during the years ended December 31, 2019 and December 31, 2018, were characterized for tax purposes as follows:

At December 31, 2019, the tax-basis cost of investments, including derivatives, and components of net assets were as follows:

The difference between book-basis and tax-basis net unrealized appreciation (depreciation) is attributable to the deferral of losses from wash sales and the realization of gains/losses on certain open derivative contracts for tax purposes. Tax-basis undistributed ordinary income includes interest income on troubled debt issues that has not been recognized for financial reporting purposes. 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. 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.

NOTE 6 – RELATED PARTY TRANSACTIONS

The fund is managed by T. Rowe Price Associates, Inc. (Price Associates), a wholly owned subsidiary of T. Rowe Price Group, Inc. (Price Group). 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 0.45% 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. The fee is computed daily and paid monthly. At December 31, 2019, the effective annual group fee rate was 0.29%.

The Advisor Class is subject to a contractual expense limitation through the expense limitation date 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, and 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 (net expense ratio) to exceed its expense limitation. The 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 net expense ratio (after the repayment is taken into account) to exceed the lesser of: (1) the expense limitation in place at the time such amounts were waived; or (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, and brokerage; and other non-recurring expenses permitted by the investment management agreement, to the extent such operating expenses, on an annualized basis, exceed the I Class Limit. This agreement will continue through the expense limitation date indicated in the table below, 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 the lesser of: (1) the I Class Limit in place at the time such amounts were paid; or (2) the current I Class Limit. However, no repayment will be made more than three years after the date of a payment or waiver.

Pursuant to these agreements, expenses were waived/paid by and/or repaid to Price Associates during the year ended December 31, 2019 as indicated in the table below. Including these amounts, expenses previously waived/paid by Price Associates in the amount of $6,000 remain subject to repayment by the fund at December 31, 2019. Any repayment of expenses previously waived/paid by Price Associates during the period would be included in the net investment income and expense ratios presented on the accompanying Financial Highlights.

In addition, the fund has entered into service agreements with Price Associates and two wholly owned subsidiaries of Price Associates, each an affiliate of the fund (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 Advisor Class. For the year ended December 31, 2019, expenses incurred pursuant to these service agreements were $70,000 for Price Associates; $749,000 for T. Rowe Price Services, Inc.; and $28,000 for T. Rowe Price Retirement Plan Services, Inc. All amounts due to and due from Price, exclusive of investment management fees payable, are presented net on the accompanying Statement of Assets and Liabilities.

Additionally, the fund is one of several mutual funds in which certain college savings plans managed by Price Associates may invest. As approved by the fund’s Board of Directors, shareholder servicing costs associated with each college savings plan are borne by the fund in proportion to the average daily value of its shares owned by the college savings plan. For the year ended December 31, 2019, the fund was charged $34,000 for shareholder servicing costs related to the college savings plans, of which $30,000 was for services provided by Price. All amounts due to and due from Price, exclusive of investment management fees payable, are presented net on the accompanying Statement of Assets and Liabilities. At December 31, 2019, less than 1% of the outstanding shares of the Investor Class were held by college savings plans.

The fund is also one of several mutual funds sponsored by Price Associates (underlying Price Funds) in which the T. Rowe Price Spectrum Funds (Spectrum Funds) and T. Rowe Price Retirement Funds (Retirement Funds) may invest. None of the Spectrum Funds or Retirement Funds invest in the underlying Price Funds for the purpose of exercising management or control. Pursuant to special servicing agreements, expenses associated with the operation of the Spectrum Funds and Retirement Funds are borne by each underlying Price Fund to the extent of estimated savings to it and in proportion to the average daily value of its shares owned by the Spectrum Funds and Retirement Funds.

Expenses allocated under these special servicing agreements are reflected as shareholder servicing expense in the accompanying financial statements. For the year ended December 31, 2019, the fund was allocated $654,000 of Spectrum Funds’ expenses and $4,077,000 of Retirement Funds’ expenses. Of these amounts, $1,846,000 related to services provided by Price. All amounts due to and due from Price, exclusive of investment management fees payable, are presented net on the accompanying Statement of Assets and Liabilities. At December 31, 2019, approximately 73% of the outstanding shares of the Investor Class were held by the Spectrum Funds and Retirement Funds.

In addition, other mutual funds, trusts, and other accounts managed by Price Associates or its affiliates (collectively, Price Funds and accounts) may invest in the fund and are not subject to the special servicing agreements disclosed above. No Price fund or account may invest for the purpose of exercising management or control over the fund. At December 31, 2019, approximately 78% of the I Class’s outstanding shares were held by Price Funds and accounts.

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.

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, 2019, the fund had no purchases or sales cross trades with other funds or accounts advised by Price Associates.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of T. Rowe Price Emerging Markets Bond Fund (one of the funds constituting T. Rowe Price International Funds, Inc., referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, 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, 2019, 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, 2019 and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion
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, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Baltimore, Maryland
February 14, 2020

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

TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/19

We are providing this information as required by the Internal Revenue Code. The amounts shown may differ from those elsewhere in this report because of differences between tax and financial reporting requirements.

The fund will pass through foreign source income of $303,239,000 and foreign taxes paid of $465,000.

INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND RECORDS

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:

https://www.troweprice.com/corporate/en/utility/policies.html

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.

HOW TO OBTAIN QUARTERLY PORTFOLIO HOLDINGS

Effective for reporting periods on or after March 1, 2019, a fund, except a money market fund, files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Prior to March 1, 2019, a fund, including a money market fund, filed a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A money market fund files detailed month-end portfolio holdings information on Form N-MFP with the SEC each month and posts a complete schedule of portfolio holdings on its website (troweprice.com) as of each month-end for the previous six months. A fund’s Forms N-PORT, N-MFP, and N-Q are available electronically on the SEC’s website (sec.gov).

ABOUT THE FUND’S DIRECTORS AND OFFICERS

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 the Boards 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.

INDEPENDENT DIRECTORS(a)
Name
(Year of Birth)
Year Elected
(Number of T. Rowe Price
Portfolios Overseen)
Principal Occupation(s) and Directorships of Public Companies and Other Investment Companies During the Past Five Years
Teresa Bryce Bazemore
(1959)
2018
(189)
President, Radian Guaranty (2008 to 2017); Chief Executive Officer, Bazemore Consulting LLC (2018 to present); Director, Chimera Investment Corporation (2017 to present); Director, Federal Home Loan Bank of Pittsburgh (2017 to present)
Ronald J. Daniels
(1959)
2018
(189)
President, The Johns Hopkins University(b) and Professor, Political Science Department, The Johns Hopkins University (2009 to present); Director, Lyndhurst Holdings (2015 to present)
Bruce W. Duncan
(1951)
2013
(189)
Chief Executive Officer and Director (January 2009 to December 2016), Chairman of the Board (January 2016 to present), and President (January 2009 to September 2016), First Industrial Realty Trust, an owner 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; Member, Investment Company Institute Board of Governors (2017 to present); Member, Independent Directors Council Governing Board (2017 to present); Senior Advisor, KKR (November 2018 to present); Director, Boston Properties (May 2016 to present); Director, Marriott International, Inc. (September 2016 to present)
Robert J. Gerrard, Jr.
(1952)
2012
(189)
Advisory Board Member, Pipeline Crisis/Winning Strategies, a collaborative working to improve opportunities for young African Americans (1997 to January 2016); Chairman of the Board, all funds (July 2018 to present)
Paul F. McBride
(1956)
2013
(189)
Advisory Board Member, Vizzia Technologies (2015 to present); Board Member, Dunbar Armored (2012 to 2018)
Cecilia E. Rouse, Ph.D.
(1963)
2012
(189)
Dean, Woodrow Wilson School (2012 to present); Professor and Researcher, Princeton University (1992 to present); Director, MDRC, a nonprofit education and social policy research organization (2011 to present); Member, National Academy of Education (2010 to present); Research Associate of Labor Studies Program at the National Bureau of Economic Research (2011 to 2015); Board Member, National Bureau of Economic Research (2011 to present); Chair of Committee on the Status of Minority Groups in the Economic Profession of the American Economic Association (2012 to 2018); Vice President (2015 to 2016) and Board Member, American Economic Association (2018 to present)
John G. Schreiber
(1946)
2001
(189)
Owner/President, Centaur Capital Partners, Inc., a real estate investment company (1991 to present); Cofounder, Partner, and Cochairman of the Investment Committee, Blackstone Real Estate Advisors, L.P. (1992 to 2015); 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 (2007 to present); Director, Hudson Pacific Properties (2014 to 2016); Director, Invitation Homes (2014 to 2017); Director, JMB Realty Corporation (1980 to present)
Mark R. Tercek(c)
(1957)
L'année 2009
(0)
President and Chief Executive Officer, The Nature Conservancy (2008 to present)
(a)All information about the independent directors was current as of February 19, 2019, unless otherwise indicated, except for the number of portfolios overseen, which is current as of the date of this report.
(b)William J. Stromberg, president and chief executive officer of T. Rowe Price Group, Inc., the parent company of the Price Funds’ investment advisor, has served on the Board of Trustees of Johns Hopkins University since 2014 and is a member of the Johns Hopkins University Board’s Compensation Committee.
(c)Effective February 15, 2019, Mr. Tercek resigned from his role as independent director of the Price Funds.

INSIDE DIRECTORS
Name
(Year of Birth)
Year Elected*
(Number of T. Rowe Price
Portfolios Overseen)
Principal Occupation(s) and Directorships of Public Companies and Other Investment Companies During the Past Five Years
David Oestreicher
(1967)
2018
(189)
Chief Legal Officer, Vice President, and Secretary, T. Rowe Price Group, Inc.; Director, Vice President, and Secretary, T. Rowe Price Investment Services, Inc., T. Rowe Price Retirement Plan Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Trust Company; Vice President and Secretary, T. Rowe Price, T. Rowe Price Hong Kong (Price Hong Kong), and T. Rowe Price International; Vice President, T. Rowe Price Japan (Price Japan) and T. Rowe Price Singapore (Price Singapore); Principal Executive Officer and Executive Vice President, all funds
Robert W. Sharps, CFA, CPA**
(1971)
2017
(189)
Director and Vice President, T. Rowe Price; Vice President, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; Vice President, International Funds
*Each inside director serves until retirement, resignation, or election of a successor.
**Mr. Sharps replaced Edward A. Wiese as director of the domestic fixed income Price Funds effective January 1, 2019.
OFFICERS
Name (Year of Birth)
Position Held With International Funds
Principal Occupation(s)
Mariel Abreu (1981)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Jason R. Adams (1979)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Ulle Adamson, CFA (1979)
Executive Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Roy H. Adkins (1970)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Christopher D. Alderson (1962)
President
Director and Vice President, T. Rowe Price International; Vice President, Price Hong Kong, Price Singapore, and T. Rowe Price Group, Inc.
Syed H. Ali (1970)
Vice President
Vice President, Price Singapore and T. Rowe Price Group, Inc.
Kennard W. Allen (1977)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Paulina Amieva (1981)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Malik S. Asif (1981)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Ziad Bakri, M.D., CFA (1980)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Harishankar Balkrishna (1983)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Sheena L. Barbosa (1983)
Vice President
Vice President, Price Hong Kong and T. Rowe Price Group, Inc.
Peter J. Bates, CFA (1974)
Executive Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Jason A. Bauer (1979)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Luis M. Baylac (1982)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Timothy Bei (1973)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Oliver D.M. Bell (1969)
Executive Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
R. Scott Berg, CFA (1972)
Executive Vice President
Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company
Steve E. Boothe, CFA (1977)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Peter I. Botoucharov (1965)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Tala Boulos (1984)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Darrell N. Braman (1963)
Vice President and Secretary
Vice President, Price Hong Kong, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, T. Rowe Price Retirement Plan Services, Inc., and T. Rowe Price Services, Inc.
Christopher P. Brown, Jr., CFA (1977)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Sheldon Chan (1981)
Vice President
Vice President, Price Hong Kong and T. Rowe Price Group, Inc.
Andrew Chang (1983)
Vice President
Vice President, T. Rowe Price Group, Inc.
William Chen (1979)
Vice President
Vice President, Price Hong Kong; formerly, Greater China TMT and Automation Analyst, J.P. Morgan Asset Management (to 2018)
Carolyn Hoi Che Chu (1974)
Vice President
Vice President, Price Hong Kong and T. Rowe Price Group, Inc.
Archibald Ciganer Albeniz, CFA (1976)
Executive Vice President
Director and Vice President, Price Japan; Vice President, T. Rowe Price Group, Inc.
Richard N. Clattenburg, CFA (1979)
Executive Vice President
Vice President, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International
Michael J. Conelius, CFA (1964)
Executive Vice President
Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company
Michael F. Connelly, CFA (1977)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Andrew S. Davis (1978)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Richard de los Reyes (1975)
Vice President
Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company
Michael Della Vedova (1969)
Executive Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Iona Dent, CFA (1991)
Vice President
Vice President, T. Rowe Price; formerly, Associate, Equity Research, Deutsche Bank (to 2018)
Maria Elena Drew (1973)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International; formerly, Executive Director, Goldman Sachs Asset Management (to 2017)
Shawn T. Driscoll (1975)
Vice President
Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company
Alan S. Dupski, CPA (1982)
Assistant Treasurer
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Bridget A. Ebner (1970)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
David J. Eiswert, CFA (1972)
Executive Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Dawei Feng (1979)
Vice President
Vice President, Price Hong Kong and T. Rowe Price Group, Inc.; formerly, Head of China Consumer in Equity Research, Credit Lyonnais Asia-Pacific (to 2018)
Ryan W. Ferro (1985)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Mark S. Finn, CFA, CPA (1963)
Vice President
Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company
Quentin S. Fitzsimmons (1968)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International; formerly, Portfolio Manager, Royal Bank of Scotland Group (to 2015)
Melissa C. Gallagher (1974)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Justin T. Gerbereux, CFA (1975)
Vice President
Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company
Aaron Gifford, CFA (1987)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly, Strategist, Morgan Stanley & Co. LLC (to 2017)
John R. Gilner (1961)
Chief Compliance Officer
Chief Compliance Officer and Vice President, T. Rowe Price; Vice President, T. Rowe Price Group, Inc., and T. Rowe Price Investment Services, Inc.
Vishnu V. Gopal (1979)
Vice President
Vice President, Price Hong Kong and T. Rowe Price Group, Inc.
Joel Grant (1978)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Gary J. Greb (1961)
Vice President
Vice President, T. Rowe Price, T. Rowe Price International, and T. Rowe Price Trust Company
Paul D. Greene II (1978)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Benjamin Griffiths, CFA (1977)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Gianluca Guicciardi (1983)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Richard L. Hall (1979)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Nabil Hanano, CFA (1984)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Daniel B. Hirsch, CFA (1985)
Vice President
Vice President, T. Rowe Price
Jeffrey Holford, Ph.D., ACA (1972)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly, Managing Director, Jeffries Financial Group (to 2018)
Stefan Hubrich, Ph.D., CFA (1974)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Arif Husain, CFA (1972)
Executive Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Hiromasa Ikeda (1971)
Vice President
Vice President, Price Hong Kong and T. Rowe Price Group, Inc.
Tetsuji Inoue (1971)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Michael D. Jacobs (1971)
Vice President
Vice President, Price Japan, T. Rowe Price Group, Inc., and T. Rowe Price International
Randal S. Jenneke (1971)
Vice President
Vice President, T. Rowe Price Group, Inc.
Prashant G. Jeyaganesh (1983)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Nina P. Jones, CPA (1980)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Yoichiro Kai (1973)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Jacob H. Kann, CFA (1987)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Jai Kapadia (1982)
Vice President
Vice President, Price Hong Kong and T. Rowe Price Group, Inc.
Andrew J. Keirle (1974)
Executive Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Takanori Kobayashi (1981)
Vice President
Vice President, Price Japan, T. Rowe Price Group, Inc., and T. Rowe Price International; formerly, Research Analyst, Allianz Global Investors (to 2017)
Paul J. Krug, CPA (1964)
Vice President
Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company
Christopher J. Kushlis, CFA (1976)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Shengrong Lau (1982)
Vice President
Vice President, Price Singapore and T. Rowe Price Group, Inc.
Mark J. Lawrence (1970)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Jacqueline L. Liu (1979)
Vice President
Vice President, Price Hong Kong and T. Rowe Price Group, Inc.
Johannes Loefstrand (1988)
Vice President
Vice President, T. Rowe Price International
Anh Lu (1968)
Executive Vice President
Vice President, Price Hong Kong and T. Rowe Price Group, Inc.
Oxana Lyalina (1987)
Vice President
Vice President, T. Rowe Price International
Sebastien Mallet (1974)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Jennifer Martin (1972)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Ryan Martyn (1979)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Catherine D. Mathews (1963)
Principal Financial Officer, Vice President,
and Treasurer
Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company
Raymond A. Mills, Ph.D., CFA (1960)
Executive Vice President
Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company
Jihong Min (1979)
Vice President
Vice President, Price Singapore and T. Rowe Price Group, Inc.
Eric C. Moffett (1974)
Executive Vice President
Vice President, Price Hong Kong and T. Rowe Price Group, Inc.
Ivan Morozov, CFA (1987)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Samy B. Muaddi, CFA (1984)
Executive Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Tobias F. Mueller, CFA (1980)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Joshua Nelson (1977)
Executive Vice President
Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company
Philip A. Nestico (1976)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Michael Niedzielski (1979)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Sridhar Nishtala (1975)
Vice President
Director and Vice President, Price Singapore and T. Rowe Price Group, Inc.
Jason Nogueira, CFA (1974)
Executive Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Kenneth A. Orchard (1975)
Executive Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Curt J. Organt, CFA (1968)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Paul T. O’Sullivan (1973)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Oluwaseun A. Oyegunle, CFA (1984)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Gonzalo Pángaro, CFA (1968)
Executive Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Vivek Rajeswaran (1985)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
John W. Ratzesberger (1975)
Vice President
Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company
Shannon H. Rauser (1987)
Assistant Secretary
Assistant Vice President, T. Rowe Price
Todd Reese (1990)
Vice President
Employee, T. Rowe Price; formerly, Investment Analyst, Trian Fund Management (to 2016)
Melanie A. Rizzo (1982)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
David L. Rowlett, CFA (1975)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Federico Santilli, CFA (1974)
Executive Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Nikolaj Schmidt (1975)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Sebastian Schrott (1977)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Bin Shen, CFA (1987)
Vice President
Employee, T. Rowe Price
John C.A. Sherman (1969)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Gabriel Solomon (1977)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Scott D. Solomon, CFA (1981)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Joshua K. Spencer, CFA (1973)
Vice President
Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company
David Stanley (1963)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Saurabh Sud, CFA (1985)
Executive Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly, Senior Vice President, PIMCO (to 2018)
Taymour R. Tamaddon, CFA (1976)
Vice President
Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company
Ju Yen Tan (1972)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Sin Dee Tan, CFA (1979)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Dean Tenerelli (1964)
Executive Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Siby Thomas (1979)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Justin Thomson (1968)
Executive Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Mark J. Vaselkiv (1958)
Executive Vice President
Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company
Rupinder Vig (1979)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International; formerly, Partner, Egerton Capital (to 2016)
Willem Visser (1979)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International; formerly, Investment Analyst, NN Investment Partners (to 2017)
Kes Visuvalingam, CFA (1968)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Chris Vost (1989)
Vice President
Vice President, T. Rowe Price International
Zenon Voyiatzis (1971)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Verena E. Wachnitz, CFA (1978)
Executive Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
David J. Wallack (1960)
Vice President
Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company
Dai Wang (1989)
Vice President
Vice President, Price Hong Kong and T. Rowe Price Group, Inc.
Megan Warren (1968)
Vice President
Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Retirement Plan Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Trust Company; formerly, Executive Director, JPMorgan Chase (to 2017)
Hiroshi Watanabe, CFA (1975)
Vice President
Director and Vice President, Price Japan; Vice President, T. Rowe Price Group, Inc.
Clive M. Williams (1966)
Vice President
Vice President, Price Hong Kong, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International
J. Howard Woodward, CFA (1974)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Marta Yago (1977)
Vice President
Vice President, T. Rowe Price Group, Inc., and T. Rowe Price International
Benjamin T. Yeagle (1978)
Vice President
Vice President, T. Rowe Price and T. Rowe Price Group, Inc.
Ernest C. Yeung, CFA (1979)
Executive Vice President
Director and Vice President, Price Hong Kong; Vice President, T. Rowe Price Group, Inc.
Alison Mei Ling Yip (1966)
Vice President
Vice President, Price Hong Kong and T. Rowe Price Group, Inc.
Eric Yuan (1984)
Vice President
Vice President, Price Hong Kong and T. Rowe Price Group, Inc.; formerly, student, Columbia Business School (to 2016)
Wenli Zheng (1979)
Vice President
Vice President, Price Hong Kong and T. Rowe Price Group, Inc.
Unless otherwise noted, officers have been employees of T. Rowe Price or T. Rowe Price International for at least 5 years.

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

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.

Item 3. Audit Committee Financial Expert.

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.

Item 4. Principal Accountant Fees and Services.

(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 $3,227,000 and $2,544,000, 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.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

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

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(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.

Auteur /s/
David Oestreicher
David Oestreicher
Principal Executive
Officer
Date February 14, 2020

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.

Auteur /s/
David Oestreicher
David Oestreicher
Principal Executive
Officer
Date February 14, 2020
Auteur /s/
Alan S. Dupski
Alan S. Dupski
Principal Financial Officer
Date February 14, 2020

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND
SENIOR FINANCIAL
OFFICERS OF THE PRICE FUNDS
UNDER THE SARBANES-OXLEY ACT OF 2002

I. General Statement. This Code of Ethics ( “Price Funds S-O
Code”)
has been designed to bring the Price Funds
into compliance with the applicable requirements of the Sarbanes-Oxley Act of
2002
( “Act”) and rules promulgated by The
Securities and Exchange Commission thereunder (“Regulations”). The Price Funds
S-O Code applies solely to the Principal Executive Officer, Principal Financial
Officer, Principal Accounting Officer or Controller of, or persons performing
similar functions for, a Price Fund (whether such persons are employed by a
Price Fund or third party)
(“Covered
Officers”)
. “Price
Funds”
shall include each registered fund that is
managed, sponsored and distributed by affiliates of T. Rowe Price Group,
Inc
. (“Group”).
investment managers to the Price Funds will be referred to as the
“Price Fund Advisers.” A
list of Covered Officers is attached as
Exhibit
A
.

The Price Fund Advisers have, along with their
parent, T. Rowe Price Group, Inc.
(“Group”) also maintained a comprehensive
Code of Ethics and Conduct
( “Group Code”) since 1972, which applies to all officers, directors and employees of
the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code
( “Group S-O Code”), similar to the Price
Funds S-O Code, which applies solely to its principal executive and senior
financial officers. The Group S-O Code and the Price Funds S-O Code will be
referred to collectively as the
“S-O
Codes”
.

The Price Funds S-O Code has been adopted by the
Price Funds in accordance with the Act and Regulations thereunder and will be
administered in conformity with the disclosure requirements of Item 2 of Form
N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O
Codes are supplementary to the Group Code, but the Group Code is administered
separately from the S-O Codes, as the S-O Codes are from each other.

II. Purpose of the Price Funds S-O Code.
The purpose of the Price Funds S-O Code, as mandated
by the Act and the Regulations, is to establish standards that are reasonably
designed to deter wrongdoing and to promote:

Ethical Conduct.
Honest and ethical conduct, including the ethical
handling of actual or apparent conflicts of interest between personal and
professional relationships.

Disclosure. Full, fair, accurate, timely
and understandable disclosure in reports and documents that the Price Funds file
with, or submit to, the SEC and in other public communications made by the Price
Funds.

Compliance. Compliance with applicable
governmental laws, rules and regulations.

Reporting of
Violations.
The prompt internal reporting of
violations of the Price Funds S-O Code to an appropriate person or persons
identified in the Price Funds S-O Code.

Accountability. Accountability for
adherence to the Price Funds S-O Code.

III. Covered Officers Should Handle Ethically
Actual and Apparent Conflicts of Interest.

Overview. Each
Covered Officer owes a duty to the Price Funds to adhere to a high standard of
honesty and business ethics and should be sensitive to situations that may give
rise to actual as well as apparent conflicts of interest.

A “conflict of interest” occurs when a Covered
Officer’s private interest interferes with the interests of, or his or her
service to, the Price Funds. For example, a conflict of interest would arise if
a Covered Officer, or a member of his or her family, receives improper personal
benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the
Price Funds S-O Code arise out of the relationships between Covered Officers and
the Price Funds and may already be subject to provisions regulating conflicts of
interest in the Investment Company Act of 1940
(“Investment Company Act”), the
Investment Advisers Act of 1940
(“Investment Advisers
Act”)
and the Group Code. For example, Covered
Officers may not individually engage in certain transactions (such as the
purchase or sale of securities or other property) with a Price Fund because of
their status as “affiliated persons” of a Price Fund. The compliance programs
and procedures of the Price Funds and Price Fund Advisers are designed to
prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity
for improper personal benefit, conflicts arise from, or as a result of, the
contractual relationship between a Price Fund and its Price Fund Adviser (and
its affiliates) of which the Covered Officers may also be officers or employees.
As a result, the Price Funds S-O Code recognizes that the Covered Officers will,
in the normal course of their duties (whether formally for the Price Funds or
for the Price Fund Advisers, or for both), be involved in establishing policies
and implementing decisions which will have different effects on these entities.
The participation of the Covered Officers in such activities is inherent in the
contractual relationship between each Price Fund and its respective Price Fund
Adviser. Such participation is also consistent with the performance by the
Covered Officers of their duties as officers of the Price Funds and, if
consistent with the provisions of the Investment Company Act and the Investment
Advisers Act, it will be deemed to have been handled ethically.

Other conflicts of interest are covered by the
Price Funds S-O Code, even if these conflicts of interest are not addressed by
or subject to provisions in the Investment Company Act and the Investment
Advisers Act.

Whenever a Covered Officer is confronted with a
conflict of interest situation where he or she is uncertain as to the
appropriate action to be taken, he or she should discuss the matter with the
Chairperson of Group’s Ethics Committee or another member of the
Committee.

Handling of Specific Types of
Conflicts.
Each Covered Officer (and close family
members) must not:

Entertainment. Accept entertainment from
any company with which any Price Fund or any Price Fund Adviser has current or
prospective business dealings, including portfolio companies, unless such
entertainment is in full compliance with the policy on entertainment as set
forth in the Group Code.

Gifts.
Accept any gifts, except as permitted by the Group
Code.

Improper Personal
Influence.
Use his or her personal influence or
personal relationships improperly to influence investment decisions, brokerage
allocations or financial reporting by the Price Funds to the detriment of any
one or more of the Price Funds.

Taking Action at
the Expense of a Price Fund.
Cause a Price Fund to
take action, or fail to take action, for the personal benefit of the Covered
Officer rather than for the benefit of one or more of the Price Funds.

Misuse of Price
Funds’ Transaction Information.
Use knowledge of
portfolio transactions made or contemplated for a Price Fund or any other
clients of the Price Fund Advisers to trade personally or cause others to trade
in order to take advantage of or avoid the market impact of such portfolio
transactions.

Outside Business
Activities.
Engage in any outside business activity
that detracts from a Covered Officer’s ability to devote appropriate time and
attention to his or her responsibilities to a Price Fund.

Service Providers.
Excluding Group and its affiliates, have any
ownership interest in, or any consulting or employment relationship with, any of
the Price Funds’ service providers, except that an ownership interest in public
companies is permitted

Receipt of
Payments.
Have a direct or indirect financial
interest in commissions, transaction charges, spreads or other payments paid by
a Price Fund for effecting portfolio transactions or for selling or redeeming
shares other than an interest (such as compensation or equity ownership) arising
from the Covered Officer’s employment by Group or any of its affiliates.

Service as a
Director or Trustee.
Serve as a director, trustee or
officer of any public or private company or a non-profit organization that
issues securities eligible for purchase by any of the Price Funds, unless
approval is obtained as required by the Group Code.

IV. Covered Officers’ Specific Obligations and
Accountabilities.

A. Disclosure
Requirements and Controls.
Each Covered Officer must
familiarize himself or herself with the disclosure requirements (Form N-1A
registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN,
N-CSR, etc.) applicable to the Price Funds and the disclosure controls and
procedures of the Price Fund and the Price Fund Advisers.

B. Compliance with
Applicable Law.
It is the responsibility of each
Covered Officer to promote compliance with all laws, rules and regulations
applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer
should, to the extent appropriate within his or her area of responsibility,
consult with other officers and employees of the Price Funds and the Price Fund
Advisers and take other appropriate steps with the goal of promoting full, fair,
accurate, timely and understandable disclosure in the reports and documents the
Price Funds file with, or submit to, the SEC, and in other public communications
made by the Price Funds.

C. Fair
Disclosure
. Each Covered Officer must not knowingly
misrepresent, or cause others to misrepresent, facts about a Price Fund to
others, whether within or outside the Price organization, including to the Price
Fund’s directors and auditors, and to governmental regulators and
self-regulatory organizations.

D. Initial and
Annual Affirmations.
Each Covered Officer must:

1. Upon adoption of
the Price Funds S-O Code (or thereafter, as applicable, upon becoming a Covered
Officer), affirm in writing that he or she has received, read, and understands
the Price Funds S-O Code.

2. Annually affirm
that he or she has complied with the requirements of the Price Funds S-O Code.

E. Reporting of
Material Violations of the Price Funds S-O Code.
If
a Covered Officer becomes aware of any material violation of the Price Funds S-O
Code or laws and governmental rules and regulations applicable to the operations
of the Price Funds, he or she must promptly report the violation
(“Report”) to the Chief Compliance Officer of the Price Funds (“CCO”).
Failure to report a material violation will be considered itself a violation of
the Price Funds S-O Code. The CCO is identified in the attached
Exhibit B.

It is the Price Funds
policy that no retaliation or other adverse action will be taken against any
Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their
affiliates based upon any lawful actions of the Covered Officer or employee with
respect to a Report made in good faith.

F. Annual
Disclosures.
Each Covered Officer must report, at
least annually, all affiliations or other relationships as called for in the “Annual Compliance Certification” for T. Rowe Price Group.

V. Administration of the Price Funds S-O Code.
The Ethics Committee is responsible for
administering the Price Funds S-O Code and applying its provisions to specific
situations in which questions are presented.

A. Waivers and
Interpretations.
The Chairperson of the Ethics
Committee has the authority to interpret the Price Funds S-O Code in any
particular situation and to grant waivers where justified, subject to the
approval of the Joint Audit Committee of the Price Funds. All material
interpretations concerning Covered Officers will be reported to the Joint Audit
Committee of the Price Funds at its next meeting. Waivers, including implicit
waivers, to Covered Officers will be publicly disclosed as required in the
Instructions to N-CSR. Pursuant to the definition in the Regulations, an
implicit waiver means a Price Fund’s failure to take action within a reasonable
period of time regarding a material departure from a provision of the Price
Funds S-O Code that has been made known to an “executive officer” (as defined in
Rule 3b-7 under the Securities Exchange Act of 1934) of a Price Fund. An
executive officer of a Price Fund includes its president and any vice-president
in charge of a principal business unit, division or function.

B.
Violations/Investigations.
The following procedures
will be followed in investigating and enforcing the Price Funds S-O Code:

1. The CCO will take
or cause to be taken appropriate action to investigate any potential or actual
violation reported to him or her.

2. The CCO, after
consultation if deemed appropriate with Outside
Counsel
to the Price Funds, will make a recommendation to the appropriate Price Funds
Board regarding the action to be taken with regard to each material violation.
Such action could include any of the following: a letter of censure or
suspension, a fine, a suspension of trading privileges or termination of
officership or employment. In addition, the violator may be required to
surrender any profit realized (or loss avoided) from any activity that is in
violation of the Price Funds S-O Code.

VI. Amendments to the Price Funds S-O Code.
Except as to the contents of Exhibit A et

Exhibit B, the Price Funds S-O Code may not be
materially amended except in written form, which is specifically approved or
ratified by a majority vote of each Price Fund Board, including a majority of
the independent directors on each Board.

VII. Confidentiality. All reports and records prepared or maintained pursuant to the Price
Funds S-O Code will be considered confidential and shall be maintained and
protected accordingly. Except as otherwise required by law, the Price Funds S-O
Code or as necessary in connection with regulations under the Price Funds S-O
Code, such matters shall not be disclosed to anyone other than the directors of
the appropriate Price Fund Board, Outside Counsel to the Price Funds,
members of the Ethics Committee and the CCO and authorized persons on his or her
staff.

Adoption Date: 10/22/03

Last Revised: February 5, 2020

Exhibit A
Persons Covered by the Price Funds S-O Code of
Ethics
David Oestreicher, Executive Vice President and Principal Executive Officer
Alan S. Dupski, Treasurer and Principal Financial Officer

Exhibit B
John R. Gilner, Chief Compliance Officer

Formulaire N-CSR T. Rowe Internationalisation des prix: 31 décembre ◄ garantie entreprise
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