I | T. Rowe Price

Strategy

Investment Objective

To maximise the value of its shares through both growth in the value of, and income from, its investments. The fund invests mainly in a diversified portfolio of bonds of all types from emerging market issuers, with a focus on bonds that are denominated in the local currency.

Investment Approach

Focus primarily on sovereign debt denominated in the currencies of the respective emerging countries.
Integrate proprietary credit research and relative value analysis.
Establish independent credit rating by country.
Add value through active country, currency and individual security selection decisions.
Limit risk through diversification.
Employ long-term investment horizon combined with low portfolio turnover.

Portfolio Construction

Higher concentration portfolio structure: typically 100-150 securities
Duration bands: managed within +/- 2 years of the benchmark
Average Credit Quality: BBB
Country exposure maximum 30% per country
Target tracking error: 200-400 bps

Performance (Class I)

Annualised Performance

Calculated:

	1 YR	3 YR Annualised	5 YR Annualised	10 YR Annualised	Since Manager Inception Annualised
Fund %	-3.33%	0.61%	2.34%	1.42%	-0.70%
Indicative Benchmark %	-2.82%	1.14%	2.34%	1.50%	-0.67%
Excess Return %	-0.51%	-0.53%	0.00%	-0.08%	-0.03%

	1 YR	3 YR Annualised	5 YR Annualised	10 YR Annualised
Fund %	-3.33%	0.61%	2.34%	1.42%
Indicative Benchmark %	-2.82%	1.14%	2.34%	1.50%
Excess Return %	-0.51%	-0.53%	0.00%	-0.08%

Recent Performance

	Month to DateData as of 05-Aug-2020	Quarter to DateData as of 05-Aug-2020	Year to DateData as of 05-Aug-2020	1 MonthData as of 30-Jun-2020	3 MonthsData as of 30-Jun-2020
Fund %	0.80%	3.74%	-3.62%	0.38%	11.15%
Indicative Benchmark %	0.02%	3.04%	-4.06%	0.47%	9.82%
Excess Return %	0.78%	0.70%	0.44%	-0.09%	1.33%

Past performance is not a reliable indicator of future performance. Source for fund performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.

Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.

Effective 1 January 2011, the benchmark for the sub-fund was changed to J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified. Prior to 1 January 2011, the benchmark was the J.P. Morgan Government Bond Index-Emerging Markets Broad Diversified Index. The benchmark change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the sub-fund. Historical benchmark representations have not been restated.

30-Jun-2020 - Andrew Keirle, Portfolio Manager,

EM local currency bonds delivered positive returns for the third consecutive month in June. Although the pace of the market rebound eased, market sentiment remained largely positive as major economies continued to scale back lockdown measures. The portfolio modestly outperformed the benchmark, driven by effective bond allocation. Our overweight exposure to Mexico bonds had a favourable impact as bond prices were lifted by the Bank of Mexico cutting interest rates in its ninth straight meeting. An underweight to Chilean bonds also helped. Overweight exposures to Russia and Malaysia had moderate negative impacts, however. Within currencies, our overweight to the Mexican peso hurt as the coronavirus and the interest rate cut put pressure on the currency. Our underweight position in the Thai baht also dragged amid a favourable backdrop for many Asian currencies. However, this backdrop meant our overweight in the Indonesian rupiah made a positive contribution.

Holdings

Issuers

Top
Issuers

Top 10 Issuers 69.43% Was (31-May-2020) 68.13%

Other View Top 10 Issuers

Holdings

Total
Holdings

113

Largest Holding Indonesia Treasury Bond 4.03% Was (31-Mar-2020) 2.81%

Top 10 Holdings 28.98%

Other View Full Holdings Quarterly data as of 30-Jun-2020

Quality Rating View quality analysis

	Largest Overweight	Largest Underweight
Quality Rating	B	A
By %	2.35%	-6.46%
Fund	3.41%	18.72%
Indicative Benchmark	1.06%	25.18%

Average Credit Quality

BBB

Duration View duration analysis

	Largest Overweight	Largest Underweight
Duration	5-7 Years	1-3 Years
By %	12.27%	-14.88%
Fund	32.15%	8.23%
Indicative Benchmark	19.88%	23.11%

Weighted Average Duration

5.38 Years

31-Mar-2020 - Andrew Keirle, Portfolio Manager,

Bond Allocation

We reduced the portfolio's overall duration exposure intraperiod as we recognized the escalation in the coronavirus outbreak and its impact on oil prices and the global economy would likely persist for the near term. However, at the end of the period we began selectively adding to some markets, such as Brazil, which we believe may have oversold and represent long-term value.�
We remain overweight Mexico as we see potential for the country to maintain healthy fundamentals and potentially ease policy further during the near-term volatility. Conversely, we are underweight Chile as its sensitivity to commodity prices may result in ongoing underperformance.
In Asia, after closing an overweight mid-period, we began moderately adding to our off-benchmark exposure in India as we believe current prices offer long-term value. We remained underweight to Thailand through the period.�
In emerging Europe, we maintained an overweight to Russia as we believe the country offers healthy account balances and stable policy. �We also moved to an overweight to Poland as we see the country's central bank likely to remain more dovish than regional counterparts. We added to an overweight to Romania as we see potential for the country to maintain a stable fiscal position. Conversely, we hold an underweight to the Czech Republic.

Currency Selection

We reduced the portfolio's exposure to EM local currencies during the quarter as we recognized the likelihood for weakness in the near term. We also reduced or closed short positions in currencies such as the Singapore dollar, which can show relative stability in volatile markets.
We moved from a neutral position in the Colombian peso to an underweight, with the low oil prices likely to make an impact in the coming weeks. We also reduced our exposure to the Chilean peso.
Elsewhere, we moderated an off-benchmark exposure to the Indian rupee and closed overweights to the Czech koruna and Romanian leu.
Following the sell-off during the first quarter, valuations in EM currencies improved. We moderately began building exposures back up in some currencies, including the Mexico peso and Indonesia rupiah, where we view current levels offering long-term value.

Sectors

Total
Sectors

Largest Sector Sovereign 93.90% Was (31-May-2020) 91.76%

Other View complete Sector Diversification

Largest Overweight

Corporate

By2.55%

Fund 2.55%

Indicative Benchmark 0.00%

Largest Underweight

Sovereign

By-6.10%

Fund 93.90%

Indicative Benchmark 100.00%

30-Nov-2015 - Andrew Keirle, Portfolio Manager,

We maintain off-benchmark allocations to selected U.S. dollar-denominated and euro-denominated sovereign and quasi-sovereign bonds that hold attractive relative value.

Regions

Total
Regions

Largest Region Asia 30.51% Was (31-May-2020) 31.07%

Other View complete Region Diversification

Largest Overweight

Middle East & Africa

By4.45%

Fund 11.84%

Indicative Benchmark 7.39%

Largest Underweight

Emerging Europe

By-5.85%

Fund 26.26%

Indicative Benchmark 32.11%

Countries

Total
Countries

Largest Country Indonesia 10.52% Was (31-May-2020) 10.69%

Other View complete Country Diversification

Largest Overweight

South Africa

By2.19%

Fund 9.58%

Indicative Benchmark 7.39%

Largest Underweight

Poland

By-4.74%

Fund 3.82%

Indicative Benchmark 8.55%

30-Jun-2020 - Andrew Keirle, Portfolio Manager,

We maintained positions in countries that demonstrate positive reforms processes and a commitment to upholding stable fundamentals. For example, we maintained out-of-benchmark exposures in India, Ukraine, and Serbia. We also added to our Mexico overweight position where we see supportive monetary policies. Conversely, we moved further underweight Czech Republic where we see a more hawkish monetary outlook.

Currency

Total
Currencies

Largest Currency Mexican peso 12.32% Was (31-May-2020) 13.66%

Other View complete Currency Diversification

Largest Overweight

Czech koruna

By 3.04%

Fund 8.04%

Indicative Benchmark 5.00%

Largest Underweight

U.S. dollar

By -6.49%

Fund -6.49%

Indicative Benchmark 0.00%

30-Jun-2020 - Andrew Keirle, Portfolio Manager,

We continued to add to some risk positions as many EM currencies remain undervalued. We moved to an overweight exposure to the Malaysian ringgit where an improving trade outlook could boost the currency over the course of the year. We hold an overweight position in the Czech koruna as the country’s maintains a more hawkish monetary stance relative to regional peers. We used the relatively defensive Korean won and the Singapore dollar as funding currencies for more attractive relative value opportunities elsewhere.

Team (As of 05-Aug-2020)

Andrew Keirle
Portfolio Manager

Andrew Keirle is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment Team. Mr. Keirle is the lead portfolio manager for the Emerging Markets Local Currency Bond Strategy and has important input on a number of emerging markets bond strategies and global fixed income strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Mr. Keirle has 23 years of investment experience, 14 of which have been with T. Rowe Price. Prior to joining the firm in 2005, he was a portfolio manager and analyst at Lazard Asset Management. Prior to joining Lazard, Mr. Keirle spent seven years as a global portfolio manager at Gulf International Bank in London.

Mr. Keirle is a qualified member of the Institute of Investment Management and Research, and he also holds a diploma from the Society of Technical Analysts. He graduated with a B.Sc. in economics and politics from the University of Swansea at the University of Wales.

Fund manager
since
2012
Years at
T. Rowe Price
15
Years investment
experience
24

Fee Schedule

Share Class	Minimum Initial Investment and Holding Amount (USD)	Minimum Subsequent Investment (USD)	Minimum Redemption Amount (USD)	Sales Charge (up to)	Investment Management Fee (up to)	Ongoing Charges
Class I	$2,500,000	$100,000	$0	0.00%	65 basis points	0.75%
Class Q	$1,000	$100	$100	0.00%	65 basis points	0.82%
Class Sd	$10,000,000	$0	$0	0.00%	0 basis points	0.10%

Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.

Portfolio Characteristics

as of 30-Jun-2020

Characteristic	Fund	Indicative Benchmark
Weighted Average Coupon	6.57%	5.76%
Weighted Average Maturity	8.39 Years	7.48 Years
Weighted Average Duration	5.38 Years	5.43 Years
Number of Holdings	112	236

Risks

The following risks are materially relevant to the fund (refer to prospectus for further details):

Capital risk
China Interbank Bond Market risk
Counterparty risk
Country risk (China)
Country risk (Russia and Ukraine)
Credit risk
Currency risk
Default risk
Derivatives risk
Emerging markets risk
Frontier markets risk
Geographic concentration risk
Hedging risk
Interest rate risk
Investment fund risk
Issuer concentration risk
Liquidity risk
Management risk
Market risk
Operational risk
Sector concentration risk

Risk/Return Characteristics

as of 30-Jun-2020

Risk/Return (5 Years)	Fund	Indicative Benchmark
Alpha	-0.01%	0.00%
Beta	1.06	1.00
R-Squared	0.99	1.00
Annualized Std. Deviation	12.88%	12.08%
Information Ratio	0.00	0.00
Sharpe Ratio	0.09	0.10
Tracking Error	1.58%	0.00%

Past performance is not a reliable indicator of future performance.

Statistics based on monthly net returns of the Fund's Class I shares.

Calendar Year Performance (Class I)

2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
12.36%	-2.59%	18.15%	-9.62%	-5.82%	-15.08%	11.52%	15.92%	-7.67%	13.77%	Fund
14.15%	-1.75%	16.76%	-8.98%	-5.72%	-14.92%	9.94%	15.21%	-6.21%	13.47%	Indicative Benchmark
-1.79%	-0.84%	1.39%	-0.64%	-0.10%	-0.16%	1.58%	0.71%	-1.46%	0.30%	Value added

Fund
Indicative Benchmark

Quality (30-Jun-2020)

Monthly as of:

Quality Rating	% of Fund	% of Indicative Benchmark
AAA	0.57%	0.00%
AA	1.88%	5.00%
A	18.72%	25.18%
BBB	51.74%	50.16%
BB	19.73%	18.60%
B	3.41%	1.06%
CC	0.06%	0.00%
Not Rated	1.60%	0.00%
Reserves	2.27%	0.00%

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

Sources for Credit Quality Diversification: Moody's Investors Service and Standard & Poor's (S&P) split ratings (i.e. BB/B and B/CCC) are assigned when the Moody's and S&P ratings differ. Short-Term holdings are not rated.

Duration (30-Jun-2020)

Monthly as of:

Duration	% of Fund	% of Indicative Benchmark
Under 1 Year	1.20%	0.00%
1-3 Years	8.23%	23.11%
3-5 Years	26.85%	28.88%
5-7 Years	32.15%	19.88%
7-10 Years	22.74%	21.57%
Over 10 Years	6.56%	6.55%
Cash Equivalents	2.27%	0.00%

Duration is a measure of a bond's sensitivity to interest rate changes.

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

Holdings (30-Jun-2020)

Quarterly as of:

Company	% of Fund	Previous Qtr Change	Value (USD)	Shares/Par	Sector	Industry	Country	Coupon Rate (%)	Quality	Maturity Date	Duration (Yrs)
Indonesia Treasury Bond	4.03%	1.22	$4,144,495.80	53,770,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	8.75%	NR	15-May-2031	0.00
Brazil Notas do Tesouro Nacional Serie F	3.59%	0.37	$3,690,851.01	1,657,300	Government	Foreign Govt & Muni (Excl Canadian)	Brazil	10.00%	Ba2	01-Jan-2025	0.00
Mexican Bonos	3.45%	1.70	$3,546,654.96	69,185,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	8.50%	Baa1	31-May-2029	0.00
Republic of South Africa Government Bond	3.27%	0.51	$3,361,809.21	68,969,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	7.00%	Ba1	28-Feb-2031	0.00
Mexican Bonos	2.77%	0.02	$2,853,146.70	58,315,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	7.75%	Baa1	29-May-2031	0.00
Republic of South Africa Government Bond	2.66%	0.06	$2,737,655.98	49,751,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	8.00%	Ba1	31-Jan-2030	0.00
Malaysia Government Bond	2.45%	0.03	$2,519,503.08	9,835,000	Government	Foreign Govt & Muni (Excl Canadian)	Malaysia	4.39%	A3	15-Apr-2026	0.00
Russian Federal Bond - ofZ	2.41%	0.45	$2,483,529.75	157,430,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	7.05%	Baa3	19-Jan-2028	0.00
Indonesia Treasury Bond	2.36%	-0.03	$2,427,547.34	36,610,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	6.13%	Baa2	15-May-2028	0.00
Colombian TES	1.99%	-0.07	$2,044,231.37	6,458,900,000	Government	Foreign Govt & Muni (Excl Canadian)	Colombia	7.50%	Baa2	26-Aug-2026	0.00
Thailand Government Bond	1.75%	0.04	$1,800,544.17	44,380,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	3.40%	Baa1	17-Jun-2036	0.00
Russian Federal Bond - ofZ	1.71%	-0.75	$1,755,259.13	105,342,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	8.15%	Baa3	03-Feb-2027	0.00
Brazil Notas do Tesouro Nacional Serie F	1.67%	-0.21	$1,714,117.23	761,000	Government	Foreign Govt & Muni (Excl Canadian)	Brazil	10.00%	Ba2	01-Jan-2027	0.00
Romania Government Bond	1.58%	0.18	$1,622,062.83	6,380,000	Government	Foreign Govt & Muni (Excl Canadian)	Romania	5.00%	NR	12-Feb-2029	0.00
Russian Federal Bond - ofZ	1.52%	0.28	$1,559,236.00	101,700,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	7.10%	NR	16-Oct-2024	0.00
Peruvian Government International Bond	1.47%	-0.73	$1,509,231.79	4,400,000	Government	Foreign Govt & Muni (Excl Canadian)	Peru	6.35%	A3	12-Aug-2028	0.00
Republic of Poland Government Bond	1.35%	-0.19	$1,388,882.18	4,695,000	Government	Foreign Govt & Muni (Excl Canadian)	Poland	4.00%	A2	25-Oct-2023	0.00
Russian Federal Bond - ofZ	1.34%	0.11	$1,381,692.35	79,880,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	8.50%	NR	17-Sep-2031	0.00
Thailand Government Bond	1.34%	-0.17	$1,379,026.63	34,800,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	3.65%	Baa1	20-Jun-2031	0.00
Republic of South Africa Government Bond	1.34%	0.34	$1,373,767.48	20,880,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	10.50%	Ba1	21-Dec-2026	0.00
Mexican Bonos	1.33%	0.71	$1,369,367.58	30,400,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	5.75%	Baa1	05-Mar-2026	0.00
Republic of Poland Government Bond	1.32%	-0.52	$1,358,270.03	4,688,000	Government	Foreign Govt & Muni (Excl Canadian)	Poland	2.75%	NR	25-Oct-2029	0.00
Hungary Government Bond	1.30%	0.88	$1,332,692.55	380,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Hungary	3.00%	NR	27-Oct-2027	0.00
Mexican Bonos	1.29%	0.43	$1,327,034.00	25,451,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	10.00%	Baa1	05-Dec-2024	0.00
Peru Government Bond	1.28%	0.55	$1,315,073.50	3,970,000	Government	Foreign Govt & Muni (Excl Canadian)	Peru	6.15%	A3	12-Aug-2032	0.00
Indonesia Treasury Bond	1.27%	0.57	$1,307,725.90	15,867,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	9.50%	Baa2	15-Jul-2031	0.00
Republic of Poland Government Bond	1.21%	-0.16	$1,242,495.51	4,420,000	Government	Foreign Govt & Muni (Excl Canadian)	Poland	2.50%	A2	25-Jul-2026	0.00
Hungary Government Bond	1.15%	-0.23	$1,183,466.15	310,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Hungary	5.50%	NR	24-Jun-2025	0.00
Malaysia Government Bond	1.14%	0.06	$1,173,115.25	4,592,000	Government	Foreign Govt & Muni (Excl Canadian)	Malaysia	4.23%	A3	30-Jun-2031	0.00
Brazil Notas do Tesouro Nacional Serie F	1.10%	-2.05	$1,128,795.68	521,700	Government	Foreign Govt & Muni (Excl Canadian)	Brazil	10.00%	Ba2	01-Jan-2023	0.00
Thailand Government Bond	1.08%	0.14	$1,112,311.51	26,355,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	4.88%	Baa1	22-Jun-2029	0.00
China development Bank	1.08%	0.15	$1,111,734.94	7,600,000	Government	Foreign Govt & Muni (Excl Canadian)	China	3.68%	NR	26-Feb-2026	0.00
China Government Bond	1.07%	N/A	$1,097,347.42	7,500,000	Government	Foreign Govt & Muni (Excl Canadian)	China	3.12%	NR	05-Dec-2026	0.00
Bonos de la Tesoreria de la Republica en pesos	1.04%	N/A	$1,074,113.94	735,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Chile	4.50%	A1	01-Mar-2026	0.00
Malaysia Government Bond	1.04%	-0.61	$1,069,449.92	4,400,000	Government	Foreign Govt & Muni (Excl Canadian)	Malaysia	3.48%	A3	15-Mar-2023	0.00
Colombian TES	1.04%	0.25	$1,065,347.20	3,937,300,000	Government	Foreign Govt & Muni (Excl Canadian)	Colombia	6.00%	Baa2	28-Apr-2028	0.00
Republic of South Africa Government Bond	1.03%	0.15	$1,060,991.12	22,530,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	8.75%	Ba1	28-Feb-2048	0.00
China Government Bond	1.00%	-0.22	$1,032,678.13	7,000,000	Government	Foreign Govt & Muni (Excl Canadian)	China	3.22%	NR	06-Dec-2025	0.00
Czech Republic Government Bond	0.97%	0.70	$999,231.33	20,750,000	Government	Foreign Govt & Muni (Excl Canadian)	Czech Republic	2.00%	NR	13-Oct-2033	0.00
Hungary Government Bond	0.96%	-0.64	$990,203.79	292,370,000	Government	Foreign Govt & Muni (Excl Canadian)	Hungary	2.50%	Baa3	24-Oct-2024	0.00
Russian Federal Bond - ofZ	0.94%	-0.76	$970,285.73	63,470,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	6.90%	NR	23-May-2029	0.00
Romania Government Bond	0.92%	-0.15	$945,210.46	3,840,000	Government	Foreign Govt & Muni (Excl Canadian)	Romania	4.40%	NR	25-Sep-2023	0.00
Czech Republic Government Bond	0.91%	0.41	$937,580.64	19,300,000	Government	Foreign Govt & Muni (Excl Canadian)	Czech Republic	2.50%	NR	25-Aug-2028	0.00
Serbia Treasury Bonds	0.91%	-0.17	$931,083.69	80,240,000	Government	Foreign Govt & Muni (Excl Canadian)	Serbia	5.88%	NR	08-Feb-2028	0.00
Malaysia Government Bond	0.90%	0.25	$927,531.11	3,428,000	Government	Foreign Govt & Muni (Excl Canadian)	Malaysia	4.94%	A3	30-Sep-2043	0.00
Peruvian Government International Bond	0.90%	0.82	$924,451.32	2,460,000	Government	Foreign Govt & Muni (Excl Canadian)	Peru	8.20%	A3	12-Aug-2026	N/A
Mexican Bonos	0.87%	0.15	$895,637.43	17,428,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	8.50%	Baa1	18-Nov-2038	0.00
Thailand Government Bond	0.82%	-0.22	$841,271.78	27,999,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	1.25%	Baa1	12-Mar-2028	0.00
Philippine Government International Bond	0.79%	N/A	$815,228.77	32,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Philippines	6.25%	Baa2	14-Jan-2036	0.00
Peruvian Government International Bond	0.78%	-0.73	$804,011.96	2,304,000	Government	Foreign Govt & Muni (Excl Canadian)	Peru	6.90%	A3	12-Aug-2037	0.00
Romania Government Bond	0.78%	-0.78	$798,654.55	3,210,000	Government	Foreign Govt & Muni (Excl Canadian)	Romania	5.85%	NR	26-Apr-2023	0.00
Indonesia Treasury Bond	0.76%	0.35	$780,741.49	10,600,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	8.25%	NR	15-May-2036	0.00
Russian Federal Bond - ofZ	0.76%	-0.04	$780,636.95	50,753,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	7.60%	Baa3	20-Jul-2022	0.00
Serbia Treasury Bonds	0.75%	N/A	$776,000.80	73,130,000	Government	Foreign Govt & Muni (Excl Canadian)	Serbia	4.50%	NR	11-Jan-2026	0.00
Thailand Government Bond	0.75%	-0.11	$771,030.41	20,534,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	3.85%	Baa1	12-Dec-2025	0.00
Russian Federal Bond - ofZ	0.74%	-0.02	$757,636.42	46,900,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	7.75%	NR	16-Sep-2026	0.00
China Government Bond	0.73%	0.20	$753,759.36	5,200,000	Government	Foreign Govt & Muni (Excl Canadian)	China	3.13%	NR	21-Nov-2029	0.00
Republic of South Africa Government Bond	0.73%	-0.09	$752,025.07	15,820,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	8.75%	Ba1	31-Jan-2044	0.00
Indonesia Treasury Bond	0.68%	0.35	$702,197.61	9,100,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	8.38%	NR	15-Sep-2026	0.00
Bonos de la Tesoreria de la Republica en pesos	0.68%	0.25	$697,742.80	375,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Chile	6.00%	A1	01-Jan-2043	0.00
Thailand Government Bond	0.60%	-0.09	$621,718.06	18,670,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	1.88%	Baa1	17-Jun-2022	0.00
Jasa Marga Persero	0.60%	0.31	$617,334.26	9,000,000,000	Corporate High Grade	Transportation Services	Indonesia	7.50%	Baa3	11-Dec-2020	0.00
Turkey Government Bond	0.58%	-0.09	$599,890.55	3,999,000	Government	Foreign Govt & Muni (Excl Canadian)	Turkey	10.60%	NR	11-Feb-2026	0.00
India Government Bond	0.55%	-0.08	$570,788.96	37,000,000	Government	Foreign Govt & Muni (Excl Canadian)	India	8.26%	Baa3	02-Aug-2027	0.00
European Bank for Reconstruction & development	0.54%	-0.03	$555,330.69	8,040,000,000	Government	Foreign Govt & Muni (Excl Canadian)	SNAT (Supe Natl Wrld Global)	5.60%	NR	30-Jan-2025	0.00
HDFC Bank	0.54%	-0.10	$553,755.26	40,000,000	Emerging Market Corporate	Em-Banks	India	8.10%	Baa3	22-Mar-2025	0.00
National Highways Authority of India	0.52%	-0.16	$534,753.82	40,000,000	Government	Foreign Govt & Muni (Excl Canadian)	India	7.30%	NR	18-May-2022	0.00
Turkey Government Bond	0.47%	N/A	$483,786.57	3,050,000	Government	Foreign Govt & Muni (Excl Canadian)	Turkey	12.40%	NR	08-Mar-2028	0.00
Colombian TES	0.47%	-0.06	$478,285.27	6,300,000	Government	Foreign Govt & Muni (Excl Canadian)	Colombia	3.30%	NR	17-Mar-2027	0.00
Thailand Government Bond	0.42%	-0.06	$432,541.06	12,240,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	3.63%	Baa1	16-Jun-2023	0.00
India Government Bond	0.41%	-0.47	$426,047.40	27,690,000	Government	Foreign Govt & Muni (Excl Canadian)	India	8.60%	NR	02-Jun-2028	0.00
Ghana Government International Bond	0.38%	-0.09	$394,970.62	420,000	Government	Foreign Govt & Muni (Excl Canadian)	Ghana	7.88%	B3	11-Feb-2035	7.67
Colombian TES	0.38%	-0.02	$394,326.08	1,126,400,000	Government	Foreign Govt & Muni (Excl Canadian)	Colombia	10.00%	Baa2	24-Jul-2024	0.00
Romanian Government International Bond	0.37%	N/A	$383,113.84	315,000	Government	Foreign Govt & Muni (Excl Canadian)	Romania	3.62%	Baa3	26-May-2030	8.31
Malaysia Government Bond	0.36%	N/A	$370,279.73	1,575,000	Government	Foreign Govt & Muni (Excl Canadian)	Malaysia	4.07%	NR	15-Jun-2050	N/A
Egypt Government International Bond	0.34%	N/A	$353,127.04	350,000	Government	Foreign Govt & Muni (Excl Canadian)	Egypt	5.75%	B2	29-May-2024	3.45
Egypt Government Bond	0.31%	N/A	$321,758.11	4,600,000	Government	Foreign Govt & Muni (Excl Canadian)	Egypt	15.90%	NR	02-Jul-2024	0.00
Celulosa Arauco Y Constitucion	0.30%	0.00	$310,292.00	300,000	Emerging Market Corporate	Em-Forest Products	Chile	4.20%	Baa3	29-Jan-2030	7.71
Kenya Infrastructure Bond	0.29%	N/A	$299,323.22	32,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Kenya	10.20%	NR	25-May-2026	N/A
Romania Government Bond	0.28%	-0.04	$290,756.16	1,180,000	Government	Foreign Govt & Muni (Excl Canadian)	Romania	4.75%	NR	24-Feb-2025	0.00
Transnet SOC	0.28%	N/A	$287,522.56	290,000	Agency/Supranationals	Foreign Agency	South Africa	4.00%	Ba1	26-Jul-2022	1.92
Republic of South Africa Government Bond	0.28%	N/A	$284,627.18	4,520,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	7.75%	Ba1	28-Feb-2023	0.00
Turkey Government Bond	0.26%	-0.46	$269,043.98	1,768,000	Government	Foreign Govt & Muni (Excl Canadian)	Turkey	10.40%	NR	20-Mar-2024	0.00
Indonesia Treasury Bond	0.26%	-0.58	$265,822.62	3,350,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	9.00%	Baa2	15-Mar-2029	0.00
Ukraine Railways Via Rail Capital Markets	0.25%	N/A	$257,296.88	250,000	Corporate High Grade	Transportation	Ukraine	8.25%	NR	09-Jul-2024	3.24
Standard Chartered Bank	0.25%	-0.00	$257,008.77	3,300,000,000	Corporate High Grade	Banking	Indonesia	9.00%	NR	19-Mar-2029	N/A
Egypt Government Bond	0.25%	-0.07	$252,323.49	3,860,000	Government	Foreign Govt & Muni (Excl Canadian)	Egypt	15.25%	NR	09-Dec-2024	0.00
Trinidad & Tobago Government International Bond	0.24%	N/A	$246,375.00	250,000	Government	Foreign Govt & Muni (Excl Canadian)	Trinidad and Tobago	4.50%	Ba1	26-Jun-2030	7.93
Georgian Railway JSC	0.23%	N/A	$241,242.85	230,000	Corporate High Grade	Transportation	Georgia	7.75%	NR	11-Jul-2022	1.79
Ukraine Government International Bond	0.23%	-0.52	$234,415.07	205,000	Government	Foreign Govt & Muni (Excl Canadian)	Ukraine	6.75%	NR	20-Jun-2026	4.81
Centrais Eletricas Brasileiras	0.23%	N/A	$232,231.67	240,000	Corporate High Grade	Utilities	Brazil	4.63%	NR	04-Feb-2030	7.46
EQUATE PETROCHEMICALS	0.22%	N/A	$228,096.83	200,000	Corporate High Grade	Chemicals	Kuwait	5.88%	Baa2	18-May-2030	7.58
BBVA Bancomer SA/Texas	0.22%	N/A	$223,684.16	225,000	Corporate High Grade	Banking	Mexico	5.88%	Baa3	13-Sep-2034	9.28
Paraguay Government International Bond	0.22%	N/A	$222,455.00	200,000	Government	Foreign Govt & Muni (Excl Canadian)	Paraguay	4.95%	Ba1	28-Apr-2031	7.80
Shimao Group Holdings	0.21%	N/A	$216,004.21	200,000	Emerging Market Corporate	Em-Building & Real Estate	China	5.60%	NR	15-Jul-2026	4.99
Grupo Energia Bogota SA ESP	0.21%	N/A	$211,593.75	200,000	Corporate High Grade	Utilities	Colombia	4.88%	Baa2	15-May-2030	7.79
Petroleos Mexicanos	0.20%	N/A	$206,230.28	223,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	6.50%	Ba2	13-Mar-2027	5.15
Mongolia Government International Bond	0.20%	N/A	$200,704.39	200,000	Government	Foreign Govt & Muni (Excl Canadian)	Mongolia	5.13%	B3	05-Dec-2022	2.25
Croatia Government International Bond	0.16%	N/A	$168,358.54	150,000	Government	Foreign Govt & Muni (Excl Canadian)	Croatia	1.50%	Ba2	17-Jun-2031	10.03
Brazil Notas do Tesouro Nacional Serie	0.16%	-0.48	$163,134.33	21,200	Government	Foreign Govt & Muni (Excl Canadian)	Brazil	6.00%	Ba2	15-May-2045	0.00
Indonesia Treasury Bond	0.16%	-0.32	$161,655.55	2,000,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	9.50%	Baa2	15-May-2041	0.00
Standard Chartered Bank/Singapore	0.15%	-0.00	$155,762.89	2,000,000,000	Corporate High Grade	Banking	Indonesia	9.00%	NR	19-Mar-2029	N/A
India Government Bond	0.14%	N/A	$147,507.80	10,650,000	Government	Foreign Govt & Muni (Excl Canadian)	India	6.45%	NR	07-Oct-2029	0.00
Empresas Publicas de Medellin ESP	0.14%	-0.01	$146,669.91	500,000,000	Corporate High Grade	Energy	Colombia	7.63%	Baa3	10-Sep-2024	0.00
Thailand Government Bond	0.09%	-0.01	$97,107.03	2,400,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	3.78%	Baa1	25-Jun-2032	0.00
Petroleos Mexicanos	0.09%	-0.02	$88,344.44	2,600,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	7.47%	Ba2	12-Nov-2026	0.00
Argentine Bonos del Tesoro	0.06%	-0.00	$63,890.86	8,495,000	Government	Foreign Govt & Muni (Excl Canadian)	Argentina	18.20%	Ca	03-Oct-2021	0.00
Uruguay Government International Bond	0.05%	-0.00	$55,474.10	2,500,000	Government	Foreign Govt & Muni (Excl Canadian)	Uruguay	8.50%	NR	15-Mar-2028	0.00
Uruguay Government International Bond	0.05%	-0.01	$54,711.47	2,300,000	Government	Foreign Govt & Muni (Excl Canadian)	Uruguay	9.88%	NR	20-Jun-2022	0.00
Banco de Credito del Peru	0.03%	-0.01	$34,890.87	121,000	Corporate High Grade	Banking	Peru	4.85%	Baa1	30-Oct-2020	0.00
European Investment Bank	0.03%	-0.00	$33,739.93	500,000	Agency/Supranationals	Foreign Agency	SNAT (Supe Natl Wrld Global)	8.13%	Aaa	21-Dec-2026	0.00
Colombia Government International Bond	0.02%	-0.00	$21,554.35	78,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Colombia	7.75%	Baa2	14-Apr-2021	0.00
US 10YR FUT OPTN Aug20P 137.5	0.00%	N/A	$1,328.13	17	Government	Taxable Futures	United States	N/A	NR	N/A	N/A

N/A indicates Not Available.

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

Sector Diversification (30-Jun-2020)

Monthly as of:

Sector Diversification	% of Fund	% of Indicative Benchmark
Corporate	2.55%	0.00%
Reserves	2.27%	0.00%
Quasi-Sovereign	1.19%	0.00%
Interest Rate Swaps	0.08%	0.00%
Sovereign	93.90%	100.00%

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

Country Diversification (30-Jun-2020)

Monthly as of:

Country Diversification	% of Fund	% of Indicative Benchmark
South Africa	9.58%	7.39%
India	2.17%	0.00%
Serbia	1.66%	0.00%
Egypt	1.36%	0.00%
Peru	4.46%	3.44%
Romania	3.93%	3.04%
Indonesia	10.52%	9.66%
Russia	9.42%	8.76%
Philippines	0.79%	0.19%
SNAT (Supe Natl Wrld Global)	0.57%	0.00%
Mexico	10.36%	9.82%
Ukraine	0.48%	0.00%
Ghana	0.38%	0.00%
Kenya	0.29%	0.00%
Trinidad and Tobago	0.24%	0.00%
Georgia	0.23%	0.00%
Kuwait	0.22%	0.00%
Paraguay	0.22%	0.00%
Mongolia	0.20%	0.00%
Croatia	0.16%	0.00%
China	4.08%	4.00%
Hungary	3.41%	3.64%
Chile	2.02%	2.30%
Malaysia	5.89%	6.89%
Colombia	4.24%	5.75%
Turkey	1.32%	3.13%
Brazil	6.77%	9.01%
Thailand	6.86%	9.16%
Czech Republic	1.83%	5.00%
Poland	3.82%	8.55%

A maximum of 30 largest countries are displayed.

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

Region Diversification (30-Jun-2020)

Monthly as of:

Region Diversification	% of Fund	% of Indicative Benchmark
Middle East & Africa	11.84%	7.39%
Other	0.65%	0.00%
Asia	30.51%	29.90%
Latin America	28.47%	30.60%
Emerging Europe	26.26%	32.11%

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

Currency Diversification (30-Jun-2020)

Monthly as of:

Currency Diversification	% of Fund	% of Indicative Benchmark
Mexican peso	12.32%	9.82%
Australian dollar	-1.23%	0.00%
U.S. dollar	-6.49%	0.00%
Dollar Bloc Subtotal	4.60%	9.82%

Indicative Benchmark : J.P. Morgan GBI - EM Global Diversified

Currency Diversification	% of Fund	% of Indicative Benchmark
Czech koruna	8.04%	5.00%
Polish zloty	7.29%	8.55%
Hungarian forint	3.68%	3.64%
British pound sterling	-0.02%	0.00%
Swiss franc	-1.71%	0.00%
euro	-2.16%	0.00%
European Bloc Subtotal	15.11%	17.19%

Indicative Benchmark : J.P. Morgan GBI - EM Global Diversified

Currency Diversification	% of Fund	% of Indicative Benchmark
Thai baht	9.18%	9.16%
Malaysian ringgit	7.66%	6.89%
Japanese yen	0.00%	0.00%
Korean won	-1.21%	0.00%
Singapore dollar	-1.51%	0.00%
New Taiwan dollar	-3.04%	0.00%
Far East Bloc Subtotal	11.09%	16.06%

Indicative Benchmark : J.P. Morgan GBI - EM Global Diversified

Currency Diversification	% of Fund	% of Indicative Benchmark
Indonesian rupiah	10.90%	9.66%
Brazilian real	9.60%	9.01%
Russian ruble	9.52%	8.76%
South African rand	7.46%	7.39%
Colombian peso	6.74%	5.75%
Chinese renminbi	5.05%	4.00%
New Romanian leu	4.03%	3.04%
Peruvian nuevo sol	3.38%	3.44%
Turkish lira	3.13%	3.13%
Chilean peso	2.34%	2.30%
Serbia dinar	1.97%	0.00%
Egyptian pound	1.71%	0.00%
Indian rupee	1.53%	0.00%
Offshore Chinese renminbi	0.73%	0.00%
Ukranian hryvna	0.49%	0.00%
Kenyan shilling	0.29%	0.00%
Philippine peso	0.14%	0.19%
Peso uruguayo	0.11%	0.14%
Argentinian peso	0.08%	0.00%
Dominican peso	0.00%	0.14%
Emerging Markets Bloc Subtotal	69.20%	56.94%

Indicative Benchmark : J.P. Morgan GBI - EM Global Diversified

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

Daily performance data is based on the latest available NAV. Performance returns for share classes less than 1 year old (and associated benchmarks) are cumulative rather than annualised.

Please note that no management fees are charged to the S and J share classes. No administration agent fees are charged to the J class. Fee arrangements for the S and J classes are made directly with the investment manager. Please see the prospectus for further information.

The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors and via www.troweprice.com.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class. The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

Net Asset figure applies to all share classes.

Number of years managing the fund. In the case of co-portfolio management, the longer tenure is displayed.

The specific securities identified and described in this report do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.

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Total Assets (USD)

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Manager Tenure

Information Ratio (5 Years)

Tracking Error (5 Years)

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Strategy

Investment Objective

Investment Approach

Portfolio Construction

Performance (Class I)

Annualised Performance

Recent Performance

Holdings

Issuers

TopIssuers

Holdings

TotalHoldings

Average Credit Quality

Weighted Average Duration

Bond Allocation

Currency Selection

Sectors

TotalSectors

Largest Overweight

Corporate

Largest Underweight

Sovereign

Regions

TotalRegions

Largest Overweight

Middle East & Africa

Largest Underweight

Emerging Europe

Countries

TotalCountries

Largest Overweight

South Africa

Largest Underweight

Poland

Currency

TotalCurrencies

Largest Overweight

Czech koruna

Largest Underweight

U.S. dollar

Team (As of 05-Aug-2020)

Andrew KeirlePortfolio Manager

Fee Schedule

Portfolio Characteristics

Risks

Risk/Return Characteristics

Calendar Year Performance (Class I)

Monthly Performance (Class I)

Quality (30-Jun-2020)

Duration (30-Jun-2020)

Holdings (30-Jun-2020)

Sector Diversification (30-Jun-2020)

Country Diversification (30-Jun-2020)

Region Diversification (30-Jun-2020)

Currency Diversification (30-Jun-2020)

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3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

1YR Return
(View Total Returns)

Information Ratio
(5 Years)

Tracking Error
(5 Years)

Top
Issuers

Total
Holdings

Total
Sectors

Total
Regions

Total
Countries

Total
Currencies

Andrew Keirle
Portfolio Manager

GIPS^® Information