Formulaire N-CSR T. Rowe Internationalisation des prix: 31 décembre ☎ assurance santé entreprise

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

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

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

Il peut hypothétiquement lui être demandé, selon la nature du contrat, de joindre :
les photocopies des certificats de scolarité pour les mioches de plus de 16 ans ou bien tout carton justifiant de situation ;
son attestation de PACS ;
son certificat de concubinage ;
le certificat de radiation de son ancienne mutuelle horodaté de moins de 3 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 cérémonial socio-professionnel d’un salarié en or sein de l’entreprise, son régime de protection sociale également être modifié. C’est alors à l’employeur de se charger de l’ensemble des allées et venues à d’assurance complémentaire.

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

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

Selon le prétexte de départ de l’entreprise du salarié, l’ancien employeur peut être tenu, dans le cadre de la portabilité des droits santé et prévoyance, de lui maintenir garanties à qui il bénéficiait au soudain de 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 industriel mondial

2019 31 décembre

RPGIX Catégorie Investisseur
TRGAX 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 régime de retraite ou investissez dans des fonds par le biais d'un intermédiaire financier (comme un conseil en investissement, 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.

T. LE FONDS MONDIAL DE L'INDUSTRIE À BAS PRIX

SOULIGNE

Le Global Industry Fund a enregistré de bons résultats et a surperformé ses indices de référence au cours des 12 mois se terminant en 2019. 31 décembre
Les options d'achat d'actions du fonds dans les conglomérats et les sociétés informatiques du secteur industriel ont contribué à l'avantage comparatif.
À cette époque, nous avons trouvé des occasions intéressantes d'ajouter des positions d'inventaire ferroviaire tout en réduisant l'impact de notre espace.
Les données économiques mondiales de l'industrie semblent s'être stabilisées après un ralentissement important en 2019. La première moitié.

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 – le S&P 500 et le 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 terminé 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, comme en témoignent les obligations de sociétés, les rendements des bons du Trésor à plus long terme étant tombés à leur plus bas historique 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 abandonné sa valorisation de manière spectaculaire 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 aux États-Unis 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 largement engagée à fournir des liquidités sur le marché 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 ne devraient pas s'attendre à ce que l'année dernière augmente trop. 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 assurer une croissance du capital à long terme.

COMMENTAIRE DU FONDS

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

Le fonds T.Rowe Global Industrials affiche un rendement de 30,94% pour la période de 12 mois terminée 2019. 31 décembre, avant l'indice de référence MSCI All Country World Index Industrial and Plus and Auto Components Net et MSCI All Country World Index Industrials Plus, voitures et composants automobiles. (La performance des actions de classe I a été légèrement différente, reflétant leurs différentes structures de prix. Les performances passées ne garantissent pas les performances futures.)

À partir de 2019 1 juin L'indice mondial MSCI des composants automobiles et automobiles Industrial Plus a remplacé l'indice mondial MSCI des composants automobiles et automobiles Industrial Plus comme fonds de référence. Le nouvel indice suppose que les dividendes seront réinvestis après déduction du précompte mobilier applicable dans le pays où les dividendes sont versés; en conséquence, le retour de la nouvelle référence reflète plus fidèlement les rendements des investisseurs d'émetteurs étrangers.

Quels facteurs ont influencé la performance du fonds?

Malgré les craintes d'un ralentissement de la production, les actions industrielles ont affiché de solides rendements sur une période de 12 mois. La performance du fonds par rapport à son indice de référence également L'année a été tirée par une solide sélection de titres dans les conglomérats industriels et les secteurs informatiques.

Parmi les participations de nos conglomérats industriels, GE était un grand partisan des rendements relatifs. Le travail que nous avons effectué sur l'analyse du potentiel d'évaluation et de risque / récompense de l'entreprise nous a donné confiance dans l'investissement dans GE 2018 fin 2019 au début de l'année après la vente effective de ses actions et le fonds pourrait en bénéficier à mesure que la société arriverait à maturité au cours de l'année. Nous pensons que la société est encore relativement tôt dans son redressement de trois à cinq ans et reste au sommet du stock. (Voir le portefeuille de placements du fonds pour une liste complète des actions disponibles et le montant de chaque portefeuille.)

Halma et John Bean Technologies ont également enregistré de bons résultats dans le segment des conglomérats industriels. Halma, un fabricant de produits de détection des dangers et de protection de la vie, a mis à profit une solide équipe de cadres qui ont fait du bon travail pour faire croître leur entreprise existante et investir des capitaux dans des acquisitions. John Bean, un fabricant d'équipement de transformation des aliments, a réalisé des gains importants en s'attaquant à certains des problèmes d'application qui résonneront en 2018. Avait du stock. Nous pensons que les deux sociétés continueront de valoriser leur valeur alors que les équipes de gestion existantes profitent des opportunités de croissance futures (tant organiques qu'inorganiques).

Plusieurs de nos parts dans le secteur industriel des TI ont également produit des rendements importants. Hexagone et Keyence, tous deux axés sur la technologie d'automatisation industrielle, ont bien fonctionné et Integris et Sinopsys a bénéficié de la demande croissante de technologies de plus en plus sophistiquées pour la conception et la fabrication de semi-conducteurs. Avec des positions solides sur des marchés de niche, nous pensons que ces entreprises ont le potentiel de croissance continue.

Dans le segment des biens de consommation durables, un fabricant chinois de climatiseurs Gree Electric Appliances Inc. de Zhuhai des bénéfices élevés ont été enregistrés. L'entreprise a profité d'une forte demande et d'une part de marché dominante, et elle semble toujours sur la voie d'une longue croissance car la climatisation en Chine est encore insuffisante. En outre, nous pensons que l'augmentation des investissements privés dans l'entreprise peut contribuer à améliorer la gouvernance d'entreprise, ce qui devrait contribuer à améliorer la valorisation de l'entreprise.

L'inconvénient est que les choix d'actions dans l'espace et la défense ont pesé sur les rendements relatifs du fonds dans notre situation. Thales et Le Bombardier. Thales a obtenu de mauvais résultats en raison d'un ralentissement de l'activité des satellites commerciaux et Bombardier a perdu la confiance du marché, car elle a peu progressé dans la résolution des dépassements de coûts et d'autres problèmes dans le segment ferroviaire.

Comment le fonds est-il organisé?

Nous construisons un portefeuille de bas en haut sur la base d'une analyse fondamentale pour identifier les entreprises qui peuvent générer plus de revenus ainsi que des estimations qui peuvent mesurer les données ci-dessus. Nous estimons la probabilité de profit par rapport à les cotes baissières de l'analyse des prix et des sociétés d'achat qui fournissent un bon rapport risque / rendement sur la base de cette analyse. En d'autres termes, nous devons être payés comme une forme de potentiel accru pour prendre des risques cycliques ou commerciaux.

Au cours de la période, nous avons suivi cette approche pour augmenter notre exposition à plusieurs sociétés qui, selon nous, se négociaient à escompte en raison des craintes d'une récession ou des problèmes spécifiques à l'entreprise que nous avons envisagés. réduire temporairement nos avoirs sur certains titres où le potentiel risque / rendement ne semblait plus attractif.

Par exemple, nous étions actifs dans le segment ferroviaire et avons pris des positions Union du Pacifique et Dans le sud de Norfolk. Les entreprises étaient confrontées à un environnement difficile, car les tarifs et le ralentissement des économies industrielles ont réduit le volume des véhicules ferroviaires. Cependant, nous pensons que 2020 Les volumes de fret vont se redresser, ce qui pourrait entraîner une augmentation des bénéfices. Outre les facteurs cycliques, nous apprécions également le fait que l'Union du Pacifique et le sud de Norfolk South s'efforcent d'augmenter la productivité grâce à une planification et des opérations plus efficaces.

À l'inverse, nous avons réalisé des ventes importantes dans les secteurs de l'aérospatiale et de la défense, notamment L3 Harris Technologies, que nous avons supprimé, et Northrop Grumman. Les entreprises ont bien performé, mais nous ne voyons pas de chemin clair vers des résultats significatifs dans un avenir proche. Nous avons également revu à la baisse nos positions Boeing car il est difficile de prévoir à quelle vitesse il pourra mettre à niveau son jet 737 Max.

L'allocation géographique du Fonds est essentiellement un sous-produit de décisions spécifiques d'investissement en actions. À la fin de la période considérée, l'Amérique du Nord représentait près de la moitié du portefeuille. L'Europe représente 26% du portefeuille et 17% pour le Japon. Notre position sur les marchés émergents est relativement faible, mais nombre de nos actions sur les marchés émergents sont de grandes multinationales qui génèrent généralement des revenus importants sur les marchés émergents à croissance rapide.

Quelle est la perspective de gestion de portefeuille?

Les données économiques mondiales de l'industrie semblent s'être stabilisées après un ralentissement significatif en 2019. La première moitié. Vers 2020 Les progrès des négociations commerciales et une politique monétaire plus favorable ont conduit à de meilleures nouvelles économiques.

Malgré l'amélioration du sentiment du marché, les investisseurs sont susceptibles d'être plus à risque qu'il y a un an. En effet, les gains en actions précèdent souvent des améliorations majeures, et après les très bons rendements boursiers observés en 2019, nous pourrions être dans une année de performance boursière plus modeste, même si les bénéfices augmentent à nouveau.

En 2019, nous pensions que le risque était bon marché et nous avons pu acheter des actions présentant un risque et un potentiel de rendement attrayants qui ont profité au fonds au fil des ans. Comme le risque devient plus cher une fois que nous commencerons à fonctionner en 2020, nous adopterons une approche plus prudente et nous concentrerons sur un équilibre prudent entre le potentiel d'actions et le risque de baisse de notre portefeuille.

Nous continuons à construire un portefeuille pour une entreprise à la fois, en prenant des risques, en examinant les fondamentaux de chaque entreprise pour trouver des entreprises avec des avantages concurrentiels durables plus forts que leurs pairs.

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 INTERNATIONAL

Les fonds qui investissent à l'étranger prennent généralement plus de risques que les fonds qui investissent strictement dans des actifs américains. Les fonds qui investissent dans un pays ou une région géographique limitée sont généralement plus risqués que les fonds plus diversifiés. Les risques peuvent découler de différentes étapes du développement économique et politique; différents environnements réglementaires, jours de bourse et normes comptables; et des coûts de transaction plus élevés sur les marchés non américains. Pas aux États-Unis. les placements comportent également un risque de change ou une dépréciation du change par rapport au dollar américain, ce qui entraîne une diminution de la valeur en dollars des titres libellés dans cette devise.

Le fonds n'est pas diversifié, ce qui signifie qu'il peut investir une plus grande proportion de ses actifs dans moins d'émetteurs que ce qui est autorisé pour un fonds "diversifié". Par conséquent, la mauvaise performance d'un seul émetteur peut avoir une incidence défavorable sur la performance du fonds par rapport à un investissement dans un plus grand nombre d'émetteurs. La concentration du fonds dans les sociétés industrielles rendra son cours de bourse plus volatil que les fonds plus diversifiés.

INFORMATIONS SUR LES PERSONNES

Remarque: MSCI ne fait aucune garantie ou représentation, expresse ou implicite, et n'est pas responsable des données MSCI contenues dans le présent document. Les données MSCI ne peuvent pas être davantage diffusées ou utilisées comme base pour d'autres indices ou titres ou produits financiers. Ce rapport n'a pas été approuvé, examiné et préparé par MSCI.

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 deux classes d'actions: la classe d'actions initiale (classe investisseur) ne facture aucun frais de distribution et de service (12b-1) et les actions de classe I sont également disponibles pour les clients institutionnels et ne nécessitent pas de 12b-1 ou d'administration. . paiement de la taxe. 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 1 000 $ (par exemple, 8 600 $ valeur de compte divisée par 1 000 = 8,6 $), puis multipliez le résultat par le nombre de la première ligne sous la rubrique "Coût de la période" pour estimer le coût, que vous avez payé pour votre compte. compte pendant cette période.

Un exemple hypothétique d'objectifs de comparaison
Les informations figurant dans la deuxième ligne du tableau (hypothétiques) sont basées sur les valeurs et les coûts hypothétiques du compte dérivés du ratio réel des frais du fonds et sur un rendement estimatif de 5% par an sur les coûts (et non sur les 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.

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). Le Fonds industriel mondial («le Fonds») est une société d'investissement à capital variable non diversifiée créée par une société. Le fonds vise à assurer une croissance du capital à long terme. Le Fonds comprend deux catégories d'actions: le Fonds Global Industrials (catégorie Investisseur) et le Fonds Global Industrials (Classe I). 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. Chaque classe aura des droits de vote exclusifs sur les questions qui ne concernent que cette classe; des droits de vote distincts pour les questions relatives aux deux catégories; et à tous autres égards, les mêmes droits et devoirs que les autres classes.

NOTE 1 – PRINCIPALES CONVENTIONS COMPTABLES

Base de préparation Le Fonds est une entreprise d'investissement et suit les lignes directrices en matière de comptabilité et de communication de l'information du Financial Accounting Standards Board (FASB). Codification des normes comptables Sujet 946 (ASC 946). Les états financiers ci-joints ont été préparés conformément aux principes comptables généralement reconnus aux États-Unis (PCGR), y compris, mais sans s'y limiter, ASC 946. Les PCGR nécessitent l'utilisation d'estimations faites par la direction. La direction estime que les estimations et les évaluations sont appropriées; cependant, les résultats réels peuvent différer de ces estimations et les estimations présentées dans les états financiers ci-joints peuvent différer des valeurs finalement réalisées à la vente ou à l'échéance. Certains montants de l'exercice précédent dans les états financiers ci-joints et les informations financières clés ont été retraités pour se conformer à la présentation de l'exercice en cours.

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 revenus d'intérêts et les pénalités, le cas échéant, sont comptabilisés en charges d'impôt sur le résultat. 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. Le cas échéant, la répartition des revenus sera déclarée et payée annuellement par chaque classe. 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 étrangères sont convertis quotidiennement en dollars américains au taux de change en vigueur en utilisant le cours acheteur moyen et les prix cotés en dollars américains de ces devises cotés par la principale 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 les deux catégories, les dépenses totales, les revenus de placement et les gains et pertes réalisés et non réalisés sont répartis entre les catégories en fonction de l'actif net quotidien relatif de chaque catégorie.

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. En vertu de cet arrangement, le risque maximal du fonds est inconnu; cependant, le risque de perte matérielle est actuellement considéré comme faible.

NOTE 2 – ÉVALUATION

Les instruments financiers du Fonds sont évalués et la valeur liquidative par action de chaque catégorie est calculée à la clôture de la Bourse de New York (NYSE), généralement à 16 heures. ET, Chaque jour, le NYSE est ouvert aux affaires. Cependant, la valeur liquidative par action peut être calculée en dehors des fermetures normales de NYSE, si les opérations sur NYSE sont restreintes, si NYSE ferme plus tôt ou comme autorisé par la SEC.

Juste valeur Les instruments financiers du Fonds sont comptabilisés à la juste valeur, qui est définie par les PCGR comme le prix qui aurait été reçu pour la vente de l'actif ou pour le transfert de passifs dans une transaction ordonnée entre les acteurs du marché à la date d'évaluation. Le comité d'évaluation des prix de T. Rowe (le «comité d'évaluation») est un comité interne auquel le conseil d'administration du fonds attribue certaines responsabilités pour s'assurer que les instruments financiers sont correctement évalués à leur juste valeur conformément aux PCGR et dans les années 40. Faites-le. Le comité d'évaluation, sous le contrôle du conseil, élabore et supervise les politiques et procédures de tarification et approuve toutes les déterminations de la juste valeur. Le comité d'évaluation établit des procédures pour l'évaluation des titres; détermine les méthodes de tarification, les sources et les personnes autorisées à effectuer des évaluations de la juste valeur; supervise la sélection, les services et l'application des fournisseurs de prix; superviser les pratiques de continuité des activités liées à l'évaluation; et fournit des conseils sur les questions de contrôle interne et d'évaluation. Le comité d'évaluation fait rapport au conseil, représenté par les trésoriers juridiques, de gestion de portefeuille et de négociation, d'exploitation, de gestion des risques et de fonds.

Diverses techniques et données d'évaluation sont utilisées pour déterminer la juste valeur des instruments financiers. Les PCGR établissent une hiérarchie de juste valeur qui classe les données utilisées pour évaluer la juste valeur:

Niveau 1 – Cours cotés (non ajustés) d'instruments financiers identiques disponibles pour le fonds à la date de clôture

Niveau 2 – Prix cotés autres que le niveau 1, observables directement ou indirectement (y compris, mais sans s'y limiter, les prix d'instruments financiers similaires sur des marchés actifs, les prix d'instruments financiers identiques ou similaires sur des marchés inactifs, les taux d'intérêt) et les courbes de rendement, la volatilité implicite et les écarts de crédit.

Niveau 3 – Entrées discrètes

Les données observées sont générées à l'aide de données de marché, telles que des informations accessibles au public sur des événements ou des transactions réels, et reflètent les hypothèses que les acteurs du marché utiliseraient pour déterminer le prix d'un instrument financier. Les données non observables sont celles pour lesquelles il n'y a pas de données de marché et qui sont générées en utilisant les meilleures informations disponibles sur les hypothèses que les acteurs du marché utiliseraient pour déterminer le prix d'un instrument financier. Les PCGR exigent des méthodes d'évaluation pour maximiser l'utilisation des données d'observation pertinentes et minimiser l'utilisation de données non observables. Lorsque plusieurs données sont utilisées pour évaluer la juste valeur, un instrument financier est classé au niveau de la hiérarchie de la juste valeur en fonction de la valeur la plus basse qui est importante pour la juste valeur de l'instrument financier. Pirkimo lygiai nebūtinai rodo rizikos ar likvidumo, susijusios su finansinėmis priemonėmis, lygį tuo lygiu, bet veikiau sprendimo laipsnį, naudojamą nustatant šias vertes.

Vertinimo metodai Nuosavybės vertybiniai popieriai, kotiruojami arba kuriais reguliariai prekiaujama vertybinių popierių biržoje arba ne biržos (OTC) rinkoje, yra vertinami pagal paskutinę kotiruojamą pardavimo kainą arba, tam tikrose rinkose, oficialią uždarymo kainą tuo metu, kai atliekamas vertinimas. Nebiržiniai skelbimų lentos vertybiniai popieriai yra vertinami uždarymo kainos ir prašomų kainų vidurkiu. Vertybinis popierius, kuris yra įtrauktas į sąrašą ar kuriuo prekiaujama daugiau nei vienoje biržoje, yra vertinamas pagal vertybinių popierių biržos pasiūlymą, kuris, kaip nustatyta, yra pagrindinė tokio vertybinio popieriaus rinka. Į biržos sąrašus įtraukti vertybiniai popieriai, kuriais neprekiaujama tam tikrą dieną, yra vertinami pagal uždarymo kainą ir vietinių vertybinių popierių prašomas kainas ir paskutinę kotiruojamą tarptautinių vertybinių popierių pardavimo ar uždarymo kainą.

Vertinimo tikslais paskutinės kotiruojamos ne JAV nuosavybės vertybinių popierių kainos gali būti pakoreguotos, kad atspindėtų tokių vertybinių popierių tikrąją vertę NYSE pabaigoje. Jei fondas nuspręs, kad pokyčiai tarp užsienio rinkos uždarymo ir NYSE uždarymo turės įtakos kai kurių ar visų jo portfelio vertybinių popierių vertei, fondas pakoreguos ankstesnes kotiruojamas kainas, kad atspindėtų tai, kas, jo manymu, yra tikroji vertė. vertybinių popierių nuo NYSE pabaigos. Nuspręsdamas, ar reikia koreguoti kotiruojamas kainas, kad atspindėtų tikrąją vertę, fondas apžvelgia įvairius veiksnius, įskaitant pokyčius užsienio rinkose, JAV vertybinių popierių rinkų rezultatus ir JAV rinkose esančių priemonių, prekiaujančių užsienio vertybiniais popieriais ir užsienio vertybinių popierių krepšeliai. The fund may also fair value securities in other situations, such as when a particular foreign market is closed but the fund is open. The fund uses outside pricing services to provide it with quoted prices and information to evaluate or adjust those prices. The fund cannot predict how often it will use quoted prices and how often it will determine it necessary to adjust those prices to reflect fair value. As a means of evaluating its security valuation process, the fund routinely compares quoted prices, the next day’s opening prices in the same markets, and adjusted prices.

Actively traded equity securities listed on a domestic exchange generally are categorized in Level 1 of the fair value hierarchy. Non-U.S. equity securities generally are categorized in Level 2 of the fair value hierarchy despite the availability of quoted prices because, as described above, the fund evaluates and determines whether those quoted prices reflect fair value at the close of the NYSE or require adjustment. OTC Bulletin Board securities, certain preferred securities, and equity securities traded in inactive markets generally are categorized in Level 2 of the fair value hierarchy.

Investments in mutual funds are valued at the mutual fund’s closing NAV per share on the day of valuation and are categorized in Level 1 of the fair value hierarchy. Assets and liabilities other than financial instruments, including short-term receivables and payables, are carried at cost, or estimated realizable value, if less, which approximates fair value.

Thinly traded financial instruments and those for which the above valuation procedures are inappropriate or are deemed not to reflect fair value are stated at fair value as determined in good faith by the Valuation Committee. The objective of any fair value pricing determination is to arrive at a price that could reasonably be expected from a current sale. Financial instruments fair valued by the Valuation Committee are primarily private placements, restricted securities, warrants, rights, and other securities that are not publicly traded.

Subject to oversight by the Board, the Valuation Committee regularly makes good faith judgments to establish and adjust the fair valuations of certain securities as events occur and circumstances warrant. For instance, in determining the fair value of an equity investment with limited market activity, such as a private placement or a thinly traded public company stock, the Valuation Committee considers a variety of factors, which may include, but are not limited to, the issuer’s business prospects, its financial standing and performance, recent investment transactions in the issuer, new rounds of financing, negotiated transactions of significant size between other investors in the company, relevant market valuations of peer companies, strategic events affecting the company, market liquidity for the issuer, and general economic conditions and events. In consultation with the investment and pricing teams, the Valuation Committee will determine an appropriate valuation technique based on available information, which may include both observable and unobservable inputs. The Valuation Committee typically will afford greatest weight to actual prices in arm’s length transactions, to the extent they represent orderly transactions between market participants, transaction information can be reliably obtained, and prices are deemed representative of fair value. However, the Valuation Committee may also consider other valuation methods such as market-based valuation multiples; a discount or premium from market value of a similar, freely traded security of the same issuer; or some combination. Fair value determinations are reviewed on a regular basis and updated as information becomes available, including actual purchase and sale transactions of the issue. Because any fair value determination involves a significant amount of judgment, there is a degree of subjectivity inherent in such pricing decisions, and fair value prices determined by the Valuation Committee could differ from those of other market participants. Depending on the relative significance of unobservable inputs, including the valuation technique(s) used, fair valued securities may be categorized in Level 2 or 3 of the fair value hierarchy.

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 $0 for the year ended December 31, 2019.

NOTE 3 – OTHER INVESTMENT TRANSACTIONS

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

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.

Securities Lending The fund may lend its securities to approved borrowers to earn additional income. Its securities lending activities are administered by a lending agent in accordance with a securities lending agreement. Security loans generally do not have stated maturity dates, and the fund may recall a security at any time. The fund receives collateral in the form of cash or U.S. government securities. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities; any additional collateral required due to changes in security values is delivered to the fund the next business day. Cash collateral is invested in accordance with investment guidelines approved by fund management. Additionally, the lending agent indemnifies the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities, collateral investments decline in value, and the lending agent fails to perform. Securities lending revenue consists of earnings on invested collateral and borrowing fees, net of any rebates to the borrower, compensation to the lending agent, and other administrative costs. In accordance with GAAP, investments made with cash collateral are reflected in the accompanying financial statements, but collateral received in the form of securities is not. At December 31, 2019, the value of loaned securities was $1,045,000; the value of cash collateral and related investments was $1,102,000.

Other Purchases and sales of portfolio securities other than short-term securities aggregated $11,957,000 and $12,332,000, respectively, for the year ended December 31, 2019.

NOTE 4 – FEDERAL INCOME TAXES

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

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 a tax practice that treats a portion of the proceeds from each redemption of capital shares as a distribution of taxable net investment income or realized capital gain. For the year ended December 31, 2019, the following reclassification was recorded:

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 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 for tax purposes. During the year ended December 31, 2019, the fund utilized $37,000 of capital loss carryforwards. In accordance with federal tax laws applicable to investment companies, net specified losses realized between November 1 and December 31 are not recognized for tax purposes until the subsequent year (late-year ordinary loss deferrals); however, such losses are recognized for financial reporting purposes in the year realized.

NOTE 5 – FOREIGN TAXES

The fund is subject to foreign income taxes imposed by certain countries in which it invests. Additionally, capital gains realized upon disposition of securities issued in or by certain foreign countries are subject to capital gains tax imposed by those countries. All taxes are computed in accordance with the applicable foreign tax law, and, to the extent permitted, capital losses are used to offset capital gains. Taxes attributable to income are accrued by the fund as a reduction of income. Current and deferred tax expense attributable to capital gains is reflected as a component of realized or change in unrealized gain/loss on securities in the accompanying financial statements. To the extent that the fund has country specific capital loss carryforwards, such carryforwards are applied against net unrealized gains when determining the deferred tax liability. Any deferred tax liability incurred by the fund is included in either Other liabilities or Deferred tax liability on the accompanying Statement of Assets and Liabilities.

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 0.40% 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 Investor 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 $66,000 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 a wholly owned subsidiary 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. For the year ended December 31, 2019, expenses incurred pursuant to these service agreements were $70,000 for Price Associates and $22,000 for T. Rowe Price 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.

The fund may invest its cash reserves in certain open-end management investment companies managed by Price Associates and considered affiliates of the fund: the T. Rowe Price Government Reserve Fund or the T. Rowe Price Treasury Reserve Fund, organized as money market funds, or the T. Rowe Price Short-Term Fund, a short-term bond fund (collectively, the Price Reserve Funds). The Price Reserve Funds are offered as short-term investment options to mutual funds, trusts, and other accounts managed by Price Associates or its affiliates and are not available for direct purchase by members of the public. Cash collateral from securities lending is invested in the T. Rowe Price Short-Term Fund. The Price Reserve Funds pay no investment management fees.

As of December 31, 2019, T. Rowe Price Group, Inc., or its wholly owned subsidiaries owned 700,000 shares of the Investor Class, representing 40% of the Investor Class’s net assets and 20,644 shares of the I Class, representing 17% of the I Class’s net assets.

The fund may participate in securities purchase and sale transactions with other funds or accounts advised by Price Associates (cross trades), in accordance with procedures adopted by the fund’s Board and Securities and Exchange Commission rules, which require, among other things, that such purchase and sale cross trades be effected at the independent current market price of the security. During the year ended December 31, 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 Global Industrials 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 Global Industrials 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’s distributions to shareholders included $665,000 from long-term capital gains, subject to a long-term capital gains tax rate of not greater than 20%

For taxable non-corporate shareholders, $120,000 of the fund’s income represents qualified dividend income subject to a long-term capital gains tax rate of not greater than 20%.

For corporate shareholders, $120,000 of the fund’s income qualifies for the dividends received deduction.

The fund will pass through foreign source income of $83,000 and foreign taxes paid of $21,000.

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)
L'année 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)
L'année 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)
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)
L'année 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)
Le président
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”),
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. Un
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 ☎ assurance santé entreprise
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