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 %	13.77%	6.78%	2.89%	2.41%	0.27%
Indicative Benchmark %	13.47%	7.03%	2.78%	2.57%	0.27%
Excess Return %	0.30%	-0.25%	0.11%	-0.16%	0.00%

	1 YR	3 YR Annualised	5 YR Annualised	10 YR Annualised
Fund %	13.77%	6.78%	2.89%	2.41%
Indicative Benchmark %	13.47%	7.03%	2.78%	2.57%
Excess Return %	0.30%	-0.25%	0.11%	-0.16%

Recent Performance

	Month to Date	Quarter to Date	Year to Date	1 MonthData as of 31-Dec-2019	3 MonthsData as of 31-Dec-2019
Fund %	N/A	N/A	N/A	4.43%	5.50%
Indicative Benchmark %	N/A	N/A	N/A	4.13%	5.20%
Excess Return %	N/A	N/A	N/A	0.30%	0.30%

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.

31-Dec-2019 - Andrew Keirle, Portfolio Manager,

Emerging market local currency bonds posted strong positive returns over the final month of 2019. Progress towards a U.S.-China phase one trade deal buoyed sentiment globally. A weaker U.S. dollar also boosted local currency returns. Within the portfolio, our overweight to South Africa government bonds aided performance. Despite ongoing economic concerns, Fitch rating agency kept the country’s credit rating on hold which supported sentiment. However, our underweight in Thai government bonds held back performance as the country’s assets improved amid the wider rally. Within currencies, we opened an overweight in the Chilean peso following a sell-off in November. This exposure made a positive impact in December as the peso rebounded on the back of a government stimulus package and the central bank indicating interest rates would remain stable for the medium term. Our overweight position in the Brazilian real also furthered relative gains, helped by stronger-than-expected economic data.

Holdings

Issuers

Top
Issuers

Top 10 Issuers 72.94% Was (30-Nov-2019) 69.08%

Other View Top 10 Issuers

Holdings

Total
Holdings

103

Largest Holding Republic of South Africa Government Bond 3.77% Was (30-Sep-2019) 2.73%

Top 10 Holdings 30.43%

Other View Full Holdings Quarterly data as of 31-Dec-2019

Quality Rating View quality analysis

	Largest Overweight	Largest Underweight
Quality Rating	BBB	A
By %	4.75%	-9.02%
Fund	55.37%	22.92%
Indicative Benchmark	50.62%	31.94%

Average Credit Quality

BBB

Duration View duration analysis

	Largest Overweight	Largest Underweight
Duration	5-7 Years	1-3 Years
By %	13.34%	-14.51%
Fund	35.50%	11.05%
Indicative Benchmark	22.16%	25.56%

Weighted Average Duration

5.38 Years

30-Sep-2019 - Andrew Keirle, Portfolio Manager,

Bond Allocation

Our portfolio holds overweight positions in countries with the potential to maintain or ease monetary policy stances amid subdued inflation, such as Brazil where we added to an overweight exposure during the quarter. We also retained an overweight to Mexico.
In Asia, we held our out-of-benchmark exposure to Sri Lanka amid contained inflation and attractive real yields. We also retained an overweight to India. �
In emerging Europe, we initiated an overweight to Russia during the period due to a supportive fiscal position and rising expectations of an extended rate cutting cycle. We remain underweight CEE countries, including Czech Republic, Hungary, and Poland. The region's government bond prices have risen in recent months along with core eurozone bonds and currently offer little further value, in our view.
As we continue to seek attractive, risk-adjusted relative value, we expand our opportunity set beyond the benchmark. We continue to hold out-of-benchmark positions, including an allocation to Serbia.

Currency Selection

We hold overweight positions in currencies with stable underlying fundamentals and whose countries are undertaking structural reforms, such as the Indonesian rupiah. We also opened an overweight in the Indian rupee during the period.��
Elsewhere in Asia, we moderated our overweight to the Philippines peso during the quarter by taking some profits after its strong performance this year.
In Latin America, we added to an overweight exposure in the Mexican peso. We believe the country's strong current accounts and healthy foreign currency reserves can help the peso maintain stability despite geopolitical risks. We also maintained an overweight to the Brazilian real. Conversely, we closed our overweight to the Argentinean peso during the period as we see the policy uncertainty in the coming months as a potential source of further volatility.
The breadth of our research process allows us to evaluate currencies outside the benchmark where we see attractive opportunities. We continue to hold an off-benchmark position in the Egyptian pound. Primary surpluses paired with solid growth has improved Egypt's debt dynamics, significantly reducing its debt/gross domestic product ratio recently. We also maintained our off-benchmark exposure to the Nigerian naira, Serbian dinar, and Sri Lankan rupee.
The strategy retains a mix of developed and emerging market currency short positions in the Swiss franc, South Korean won, Singapore dollar, and Taiwanese dollar, which we use to fund our preferred overweight positions.

Sectors

Total
Sectors

Largest Sector Sovereign 95.43% Was (30-Nov-2019) 92.51%

Other View complete Sector Diversification

Largest Overweight

Reserves

By1.74%

Fund 1.74%

Indicative Benchmark 0.00%

Largest Underweight

Sovereign

By-4.57%

Fund 95.43%

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 Latin America 29.93% Was (30-Nov-2019) 28.09%

Other View complete Region Diversification

Largest Overweight

Middle East & Africa

By5.01%

Fund 14.48%

Indicative Benchmark 9.47%

Largest Underweight

Emerging Europe

By-8.19%

Fund 23.64%

Indicative Benchmark 31.83%

Countries

Total
Countries

Largest Country South Africa 12.05% Was (30-Nov-2019) 11.07%

Other View complete Country Diversification

Largest Overweight

India

By3.07%

Fund 3.07%

Indicative Benchmark 0.00%

Largest Underweight

Poland

By-6.20%

Fund 2.78%

Indicative Benchmark 8.97%

31-Dec-2019 - Andrew Keirle, Portfolio Manager,

We maintain a preference for countries that are implementing economic reforms, such as South Africa where we added to our overweight exposure amid attractive valuations. We also maintained an overweight to India where we see potential for monetary policy to become more accommodative. Conversely, we remain underweight central and eastern Europe countries Poland and Czech Republic where we see little value in current bond prices.

Currency

Total
Currencies

Largest Currency Indonesian rupiah 11.46% Was (30-Nov-2019) 11.41%

Other View complete Currency Diversification

Largest Overweight

Czech koruna

By 2.52%

Fund 6.21%

Indicative Benchmark 3.69%

Largest Underweight

U.S. dollar

By -8.70%

Fund -8.70%

Indicative Benchmark 0.00%

31-Dec-2019 - Andrew Keirle, Portfolio Manager,

Similar to bond markets, we hold overweight and off-benchmark positions in currencies where countries are undertaking structural reforms and we see upside potential. Conversely, we are underweight currencies we view as having limited relative value. We hold an overweight in the Egyptian pound as we see positive structural reforms continuing. We also added to an overweight to the Chilean peso as fiscal and monetary policy in the country could remain supportive of the currency despite recent social protests.

Team (As of 06-Jan-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
14
Years investment
experience
23

Fee Schedule

Share Class	Minimum Initial Investment and Holding Amount	Minimum Subsequent Investment	Minimum Redemption Amount	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	$15,000	$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 31-Dec-2019

Characteristic	Fund	Indicative Benchmark
Weighted Average Coupon	6.90%	6.13%
Weighted Average Maturity	8.10 Years	7.70 Years
Weighted Average Duration	5.38 Years	5.41 Years
Number of Holdings	103	220

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 31-Dec-2019

Risk/Return (5 Years)	Fund	Indicative Benchmark
Alpha	0.07%	0.00%
Beta	1.05	1.00
R-Squared	0.98	1.00
Annualized Std. Deviation	11.34%	10.75%
Information Ratio	0.07	0.00
Sharpe Ratio	0.16	0.16
Tracking Error	1.51%	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
Annual Report

Quality (31-Dec-2019)

Monthly as of:

Quality Rating	% of Fund	% of Indicative Benchmark
US Government Agency Securities	0.00%	0.00%
US Treasury	0.35%	0.00%
AAA	0.12%	0.00%
AA	0.20%	3.20%
A	22.92%	31.94%
BBB	55.37%	50.62%
BB	12.90%	13.00%
B	4.49%	1.23%
Below B	0.00%	0.00%
CCC	0.96%	0.00%
CC	0.00%	0.00%
C	0.00%	0.00%
Not Rated	0.96%	0.00%
Reserves	1.74%	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 (31-Dec-2019)

Monthly as of:

Duration	% of Fund	% of Indicative Benchmark
Under 1 Year	3.01%	0.26%
1-3 Years	11.05%	25.56%
3-5 Years	21.99%	22.87%
5-7 Years	35.50%	22.16%
7-10 Years	22.71%	23.08%
Over 10 Years	4.00%	6.07%
Cash Equivalents	1.74%	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 (31-Dec-2019)

Quarterly as of:

Company	% of Fund	Previous Qtr Change	Value (USD)	Shares/Par	Sector	Industry	Country	Coupon Rate (%)	Quality	Maturity Date	Duration (Yrs)
Republic of South Africa Government Bond	3.77%	1.04	$3,725,808.13	53,991,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	8.00%	Baa3	31-Jan-2030	0.00
Brazil Notas do Tesouro Nacional Serie F	3.55%	-0.48	$3,514,751.36	1,216,700	Government	Foreign Govt & Muni (Excl Canadian)	Brazil	10.00%	Ba2	01-Jan-2023	0.00
Colombian TES	3.48%	-0.47	$3,437,561.26	10,038,900,000	Government	Foreign Govt & Muni (Excl Canadian)	Colombia	7.50%	Baa2	26-Aug-2026	0.00
Republic of South Africa Government Bond	3.44%	1.91	$3,399,056.87	54,879,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	7.00%	Baa3	28-Feb-2031	0.00
Brazil Notas do Tesouro Nacional Serie F	3.19%	1.29	$3,157,989.33	1,057,300	Government	Foreign Govt & Muni (Excl Canadian)	Brazil	10.00%	Ba2	01-Jan-2025	0.00
Mexican Bonos	3.02%	-0.68	$2,988,070.75	52,615,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	7.75%	A3	29-May-2031	0.00
Indonesia Treasury Bond	3.00%	0.06	$2,971,103.21	36,970,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	8.75%	NR	15-May-2031	0.00
Indonesia Treasury Bond	2.54%	-0.43	$2,507,109.07	36,610,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	6.13%	Baa2	15-May-2028	0.00
Bonos de la Tesoreria de la Republica en pesos	2.23%	-0.54	$2,209,395.15	1,485,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Chile	4.50%	A1	01-Mar-2026	0.00
Brazil Notas do Tesouro Nacional Serie F	2.20%	0.43	$2,173,972.54	710,000	Government	Foreign Govt & Muni (Excl Canadian)	Brazil	10.00%	Ba2	01-Jan-2027	0.00
Malaysia Government Bond	2.16%	-0.21	$2,137,959.42	8,165,000	Government	Foreign Govt & Muni (Excl Canadian)	Malaysia	4.39%	A3	15-Apr-2026	0.00
Peruvian Government International Bond	2.10%	0.04	$2,075,061.58	5,780,000	Government	Foreign Govt & Muni (Excl Canadian)	Peru	6.35%	A3	12-Aug-2028	0.00
Russian Federal Bond - ofZ	2.01%	0.66	$1,992,236.10	107,742,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	8.15%	Baa3	03-Feb-2027	0.00
India Government Bond	1.88%	1.06	$1,854,593.27	117,700,000	Government	Foreign Govt & Muni (Excl Canadian)	India	8.60%	NR	02-Jun-2028	0.00
Romania Government Bond	1.79%	N/A	$1,773,462.48	7,340,000	Government	Foreign Govt & Muni (Excl Canadian)	Romania	4.40%	NR	25-Sep-2023	0.00
Mexican Bonos	1.75%	0.63	$1,733,092.87	29,250,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	8.50%	A3	31-May-2029	0.00
Republic of Poland Government Bond	1.73%	0.05	$1,707,564.16	5,820,000	Government	Foreign Govt & Muni (Excl Canadian)	Poland	4.00%	A2	25-Oct-2023	0.00
Thailand Government Bond	1.61%	-0.09	$1,594,239.17	38,220,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	3.40%	Baa1	17-Jun-2036	0.00
Hungary Government Bond	1.57%	-0.28	$1,547,812.08	422,370,000	Government	Foreign Govt & Muni (Excl Canadian)	Hungary	2.50%	Baa3	24-Oct-2024	0.00
Malaysia Government Bond	1.49%	1.02	$1,473,119.89	5,900,000	Government	Foreign Govt & Muni (Excl Canadian)	Malaysia	3.48%	A3	15-Mar-2023	0.00
Thailand Government Bond	1.44%	0.12	$1,422,531.06	34,800,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	3.65%	Baa1	20-Jun-2031	0.00
Russian Federal Bond - ofZ	1.40%	-0.12	$1,383,877.36	79,200,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	7.05%	Baa3	19-Jan-2028	0.00
Romania Government Bond	1.36%	-0.24	$1,346,473.57	5,210,000	Government	Foreign Govt & Muni (Excl Canadian)	Romania	5.85%	NR	26-Apr-2023	0.00
Russian Federal Bond - ofZ	1.35%	0.72	$1,338,654.03	69,150,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	8.50%	NR	17-Sep-2031	0.00
Russian Federal Bond - ofZ	1.35%	0.55	$1,333,688.05	78,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	7.10%	NR	16-Oct-2024	0.00
Republic of South Africa Government Bond	1.14%	-0.11	$1,127,072.53	17,430,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	8.75%	Baa3	28-Feb-2048	0.00
Republic of South Africa Government Bond	1.14%	-0.15	$1,126,470.94	14,085,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	10.50%	Baa3	21-Dec-2026	0.00
Turkey Government Bond	1.13%	0.54	$1,115,989.76	6,623,000	Government	Foreign Govt & Muni (Excl Canadian)	Turkey	10.40%	NR	20-Mar-2024	0.00
Turkey Government Bond	1.11%	-0.19	$1,102,278.10	6,699,000	Government	Foreign Govt & Muni (Excl Canadian)	Turkey	10.60%	NR	11-Feb-2026	0.00
Russian Federal Bond - ofZ	1.11%	-0.68	$1,095,932.20	64,300,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	6.90%	NR	23-May-2029	0.00
Republic of South Africa Government Bond	1.04%	-0.10	$1,033,202.80	15,820,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	8.75%	Baa3	31-Jan-2044	0.00
Republic of Poland Government Bond	1.02%	-0.56	$1,011,764.07	3,598,000	Government	Foreign Govt & Muni (Excl Canadian)	Poland	2.75%	NR	25-Oct-2029	0.00
Mexican Udibonos	1.00%	0.26	$984,104.27	2,721,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	4.50%	A3	04-Dec-2025	N/A
Malaysia Government Bond	0.98%	0.05	$971,073.87	3,742,000	Government	Foreign Govt & Muni (Excl Canadian)	Malaysia	4.23%	A3	30-Jun-2031	0.00
Serbia Treasury Bonds	0.98%	-0.12	$969,039.95	80,240,000	Government	Foreign Govt & Muni (Excl Canadian)	Serbia	5.88%	NR	08-Feb-2028	0.00
Thailand Government Bond	0.98%	0.16	$964,428.13	27,999,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	1.25%	Baa1	12-Mar-2028	0.00
Mexican Bonos	0.91%	0.63	$897,468.91	14,821,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	10.00%	A3	05-Dec-2024	0.00
Indonesia Treasury Bond	0.90%	-0.13	$890,138.17	10,850,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	9.00%	Baa2	15-Mar-2029	0.00
Russian Federal Bond - ofZ	0.89%	-0.58	$881,800.87	50,753,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	7.60%	Baa3	20-Jul-2022	0.00
Russian Federal Bond - ofZ	0.85%	-0.08	$839,549.25	46,900,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	7.75%	NR	16-Sep-2026	0.00
Turkey Government Bond	0.85%	-0.15	$836,433.18	4,840,000	Government	Foreign Govt & Muni (Excl Canadian)	Turkey	11.00%	B1	02-Mar-2022	0.00
Hungary Government Bond	0.83%	0.13	$822,918.06	219,130,000	Government	Foreign Govt & Muni (Excl Canadian)	Hungary	3.00%	NR	27-Oct-2027	0.00
Mexican Bonos	0.82%	-0.13	$815,358.48	13,428,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	8.50%	A3	18-Nov-2038	0.00
China development Bank	0.81%	0.28	$795,944.37	5,320,000	Government	Foreign Govt & Muni (Excl Canadian)	China	3.68%	NR	26-Feb-2026	0.00
Republic of South Africa Government Bond	0.80%	-0.08	$795,434.92	12,100,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	8.50%	Baa3	31-Jan-2037	0.00
Thailand Government Bond	0.80%	-1.17	$792,295.13	20,534,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	3.85%	Baa1	12-Dec-2025	0.00
Indonesia Treasury Bond	0.77%	-0.11	$763,777.14	8,867,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	9.50%	Baa2	15-Jul-2031	0.00
Indonesia Treasury Bond	0.76%	-0.12	$749,125.79	8,978,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	10.00%	Baa2	15-Sep-2024	0.00
Romania Government Bond	0.74%	0.21	$728,608.50	2,855,000	Government	Foreign Govt & Muni (Excl Canadian)	Romania	5.00%	NR	12-Feb-2029	0.00
China Government Bond	0.74%	-0.14	$728,509.60	5,000,000	Government	Foreign Govt & Muni (Excl Canadian)	China	3.22%	NR	06-Dec-2025	0.00
Peru Government Bond	0.69%	-0.11	$681,283.09	1,950,000	Government	Foreign Govt & Muni (Excl Canadian)	Peru	6.15%	A3	12-Aug-2032	0.00
Mexican Bonos	0.68%	0.22	$670,778.98	13,100,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	5.75%	A3	05-Mar-2026	0.00
Thailand Government Bond	0.65%	-0.11	$638,657.56	18,670,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	1.88%	Baa1	17-Jun-2022	0.00
Philippine Government Bond	0.63%	-0.10	$626,998.48	29,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Philippines	6.25%	NR	12-Mar-2024	0.00
Thailand Government Bond	0.62%	-0.46	$609,631.18	13,955,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	4.88%	Baa1	22-Jun-2029	0.00
HDFC Bank	0.60%	-0.11	$595,017.89	40,000,000	Emerging Market Corporate	Em-Banks	India	8.10%	Baa2	22-Mar-2025	0.00
Peruvian Government International Bond	0.60%	-0.10	$589,216.82	1,564,000	Government	Foreign Govt & Muni (Excl Canadian)	Peru	6.90%	A3	12-Aug-2037	0.00
National Highways Authority of India	0.59%	-0.11	$585,383.77	40,000,000	Government	Foreign Govt & Muni (Excl Canadian)	India	7.30%	NR	18-May-2022	0.00
Colombian TES	0.58%	-0.07	$577,711.00	6,300,000	Government	Foreign Govt & Muni (Excl Canadian)	Colombia	3.30%	NR	17-Mar-2027	0.00
Indonesia Treasury Bond	0.54%	N/A	$537,401.94	6,800,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	8.38%	NR	15-Sep-2026	0.00
Colombian TES	0.53%	0.38	$524,461.66	1,652,300,000	Government	Foreign Govt & Muni (Excl Canadian)	Colombia	6.00%	Baa2	28-Apr-2028	0.00
Indonesia Treasury Bond	0.52%	N/A	$510,713.56	6,000,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	9.50%	Baa2	15-May-2041	0.00
Brazil Notas do Tesouro Nacional Serie	0.51%	-0.07	$503,055.11	43,200	Government	Foreign Govt & Muni (Excl Canadian)	Brazil	6.00%	Ba2	15-May-2045	0.00
Malaysia Government Bond	0.48%	-0.09	$472,608.33	1,678,000	Government	Foreign Govt & Muni (Excl Canadian)	Malaysia	4.94%	A3	30-Sep-2043	0.00
Eskom Holdings SOC	0.47%	-0.14	$463,707.38	440,000	Corporate High Grade	Utilities	South Africa	7.13%	Caa1	11-Feb-2025	4.13
Bonos de la Tesoreria de la Republica en pesos	0.45%	0.04	$446,666.40	240,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Chile	6.00%	A1	01-Jan-2043	0.00
Thailand Government Bond	0.45%	-0.08	$445,584.96	12,240,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	3.63%	Baa1	16-Jun-2023	0.00
Philippine Government Bond	0.45%	-0.07	$441,799.49	20,430,000	Government	Foreign Govt & Muni (Excl Canadian)	Philippines	5.75%	NR	12-Apr-2025	0.00
Colombian TES	0.43%	-0.06	$424,007.70	1,126,400,000	Government	Foreign Govt & Muni (Excl Canadian)	Colombia	10.00%	Baa2	24-Jul-2024	0.00
Philippine Government International Bond	0.40%	-0.08	$397,397.45	20,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Philippines	3.90%	Baa2	26-Nov-2022	0.00
Indonesia Treasury Bond	0.39%	-0.07	$384,917.19	5,400,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	5.63%	Baa2	15-May-2023	0.00
Romanian Government International Bond	0.36%	-0.03	$351,112.23	303,000	Government	Foreign Govt & Muni (Excl Canadian)	Romania	2.12%	Baa3	16-Jul-2031	10.08
Russian Federal Bond - ofZ	0.35%	N/A	$349,609.25	20,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	7.25%	NR	10-May-2034	0.00
U.S. Treasury Notes	0.35%	N/A	$347,487.85	353,000	US Govt & Agencies	U S Treasury Obligations	United States	1.25%	Aaa	31-Aug-2024	N/A
Sri Lanka Government International Bond	0.31%	N/A	$311,081.83	300,000	Government	Foreign Govt & Muni (Excl Canadian)	Sri Lanka	6.85%	B2	14-Mar-2024	3.54
Celulosa Arauco Y Constitucion	0.31%	N/A	$304,179.50	300,000	Corporate High Grade	Forest Products	Chile	4.20%	Baa3	29-Jan-2030	8.09
Romania Government Bond	0.30%	-0.05	$297,348.45	1,180,000	Government	Foreign Govt & Muni (Excl Canadian)	Romania	4.75%	NR	24-Feb-2025	0.00
Jasa Marga Persero	0.29%	-0.05	$290,146.04	4,000,000,000	Corporate High Grade	Transportation Services	Indonesia	7.50%	Baa2	11-Dec-2020	0.00
Ukraine Government International Bond	0.29%	0.11	$286,778.72	220,000	Government	Foreign Govt & Muni (Excl Canadian)	Ukraine	6.75%	NR	20-Jun-2026	5.12
Standard Chartered Bank	0.27%	-0.04	$265,702.19	3,300,000,000	Corporate High Grade	Banking	Indonesia	9.00%	NR	19-Mar-2029	N/A
Egypt Government Bond	0.26%	-0.05	$256,367.58	3,860,000	Government	Foreign Govt & Muni (Excl Canadian)	Egypt	15.25%	NR	09-Dec-2024	0.00
Indonesia Treasury Bond	0.25%	-0.05	$248,920.79	3,367,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	7.00%	Baa2	15-May-2022	0.00
Agile Group Holdings	0.22%	-0.04	$218,677.66	200,000	Corporate High Grade	Building & Real Estate	China	8.50%	Ba3	18-Jul-2021	1.39
Sri Lanka Government Bonds	0.22%	-1.06	$217,064.84	36,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Sri Lanka	11.00%	NR	01-Aug-2024	0.00
Shimao Property Holdings	0.22%	-0.03	$214,703.57	200,000	Corporate High Grade	Building & Real Estate	China	5.60%	NR	15-Jul-2026	5.33
Eskom Holdings SOC	0.21%	N/A	$209,958.00	200,000	Corporate High Grade	Utilities	South Africa	6.75%	Caa1	06-Aug-2023	3.08
Indonesia Treasury Bond	0.21%	-0.04	$205,544.45	2,700,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	8.25%	NR	15-May-2036	0.00
Czech Republic Government Bond	0.20%	-0.39	$195,087.78	4,050,000	Government	Foreign Govt & Muni (Excl Canadian)	Czech Republic	2.50%	NR	25-Aug-2028	0.00
Empresas Publicas de Medellin ESP	0.16%	-0.02	$162,612.26	500,000,000	Corporate High Grade	Energy	Colombia	7.63%	Baa3	10-Sep-2024	0.00
Standard Chartered Bank/Singapore	0.16%	-0.03	$161,031.63	2,000,000,000	Corporate High Grade	Banking	Indonesia	9.00%	NR	19-Mar-2029	N/A
Argentine Republic Government International Bond	0.15%	0.00	$146,010.69	260,000	Government	Foreign Govt & Muni (Excl Canadian)	Argentina	5.25%	Caa2	15-Jan-2028	4.54
Petroleos Mexicanos	0.12%	-0.16	$122,338.79	2,600,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	7.47%	Baa3	12-Nov-2026	0.00
Argentine Republic Government International Bond	0.08%	0.00	$76,453.13	140,000	Government	Foreign Govt & Muni (Excl Canadian)	Argentina	5.63%	Caa2	26-Jan-2022	1.53
Peruvian Government International Bond	0.07%	-0.01	$67,199.01	170,000	Government	Foreign Govt & Muni (Excl Canadian)	Peru	8.20%	A3	12-Aug-2026	N/A
Uruguay Government International Bond	0.06%	-0.02	$60,427.23	2,300,000	Government	Foreign Govt & Muni (Excl Canadian)	Uruguay	9.88%	NR	20-Jun-2022	0.00
Uruguay Government International Bond	0.06%	-0.01	$59,125.06	2,500,000	Government	Foreign Govt & Muni (Excl Canadian)	Uruguay	8.50%	NR	15-Mar-2028	0.00
European Investment Bank	0.06%	-0.01	$56,345.78	730,000,000	Government	Foreign Govt & Muni (Excl Canadian)	SNAT (Supe Natl Wrld Global)	6.95%	Aaa	06-Feb-2020	0.00
Argentine Bonos del Tesoro	0.05%	-0.01	$49,062.23	8,495,000	Government	Foreign Govt & Muni (Excl Canadian)	Argentina	18.20%	Caa2	03-Oct-2021	0.00
Romania Government Bond	0.05%	-0.01	$47,499.61	190,000	Government	Foreign Govt & Muni (Excl Canadian)	Romania	5.95%	NR	11-Jun-2021	0.00
European Investment Bank	0.04%	-0.01	$37,359.64	500,000	Agency/Supranationals	Foreign Agency	SNAT (Supe Natl Wrld Global)	8.13%	Aaa	21-Dec-2026	0.00
Banco de Credito del Peru	0.04%	-0.29	$37,196.62	121,000	Corporate High Grade	Banking	Peru	4.85%	Baa1	30-Oct-2020	0.00
European Investment Bank	0.03%	-0.01	$26,572.25	150,000	Government	Foreign Govt & Muni (Excl Canadian)	SNAT (Supe Natl Wrld Global)	8.00%	Aaa	01-Apr-2020	0.00
Colombia Government International Bond	0.03%	-0.00	$25,999.55	78,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Colombia	7.75%	Baa2	14-Apr-2021	0.00

N/A indicates Not Available.

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

Sector Diversification (31-Dec-2019)

Monthly as of:

Sector Diversification	% of Fund	% of Indicative Benchmark
Reserves	1.74%	0.00%
Corporate	1.68%	0.00%
Quasi-Sovereign	1.05%	0.00%
Interest Rate Swaps	0.10%	0.00%
Other	0.00%	0.00%
Sovereign	95.43%	100.00%

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

Country Diversification (31-Dec-2019)

Monthly as of:

Country Diversification	% of Fund	% of Indicative Benchmark
India	3.07%	0.00%
South Africa	12.05%	9.47%
Egypt	2.02%	0.00%
China	1.98%	0.00%
Romania	4.60%	2.69%
Philippines	1.48%	0.19%
Serbia	0.98%	0.00%
Sri Lanka	0.95%	0.00%
Indonesia	10.61%	10.00%
Russia	9.32%	8.85%
Nigeria	0.42%	0.00%
United States	0.35%	0.00%
Ukraine	0.29%	0.00%
Argentina	0.27%	0.00%
Chile	2.99%	2.77%
SNAT (Supe Natl Wrld Global)	0.12%	0.00%
Germany	0.00%	0.00%
Italy	0.00%	0.00%
Peru	3.49%	3.53%
Uruguay	0.12%	0.16%
Dominican Republic	0.00%	0.17%
Brazil	9.44%	10.00%
Turkey	3.09%	3.77%
Colombia	5.21%	6.24%
Malaysia	5.11%	6.15%
Hungary	2.40%	3.85%
Mexico	8.39%	10.00%
Thailand	6.54%	9.50%
Czech Republic	0.19%	3.69%
Poland	2.78%	8.97%

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

Region Diversification (31-Dec-2019)

Monthly as of:

Region Diversification	% of Fund	% of Indicative Benchmark
Middle East & Africa	14.48%	9.47%
Asia	29.74%	25.83%
Other	0.47%	0.00%
Latin America	29.93%	32.87%
Emerging Europe	23.64%	31.83%

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

Currency Diversification (31-Dec-2019)

Monthly as of:

Currency Diversification	% of Fund	% of Indicative Benchmark
Mexican peso	11.00%	10.00%
Canadian dollar	-1.46%	0.00%
U.S. dollar	-8.70%	0.00%
Dollar Bloc Subtotal	0.85%	10.00%

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

Currency Diversification	% of Fund	% of Indicative Benchmark
Polish zloty	7.98%	8.97%
Czech koruna	6.21%	3.69%
Hungarian forint	3.34%	3.85%
British pound sterling	-0.02%	0.00%
euro	-0.70%	0.00%
Swiss franc	-1.24%	0.00%
European Bloc Subtotal	15.57%	16.51%

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

Currency Diversification	% of Fund	% of Indicative Benchmark
Thai baht	7.76%	9.50%
Malaysian ringgit	7.34%	6.15%
Korean won	0.02%	0.00%
Hong Kong dollar	0.01%	0.00%
Japanese yen	0.00%	0.00%
New Taiwan dollar	-2.47%	0.00%
Singapore dollar	-2.47%	0.00%
Far East Bloc Subtotal	10.18%	15.64%

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

Currency Diversification	% of Fund	% of Indicative Benchmark
Indonesian rupiah	11.46%	10.00%
Brazilian real	10.68%	10.00%
Russian ruble	9.57%	8.85%
South African rand	8.99%	9.47%
Colombian peso	6.28%	6.24%
Chilean peso	4.81%	2.77%
Turkish lira	4.55%	3.77%
Peruvian nuevo sol	4.24%	3.53%
New Romanian leu	3.66%	2.69%
Egyptian pound	1.99%	0.00%
Indian rupee	1.98%	0.00%
Serbia dinar	1.98%	0.00%
Chinese renminbi	1.71%	0.00%
Ukranian hryvna	0.48%	0.00%
Nigerian naira	0.42%	0.00%
Sri Lanka rupee	0.20%	0.00%
Philippine peso	0.19%	0.19%
Peso uruguayo	0.12%	0.16%
Argentinian peso	0.06%	0.00%
Offshore Chinese renminbi	0.03%	0.00%
Dominican peso	0.00%	0.17%
Emerging Markets Bloc Subtotal	73.40%	57.84%

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.

3YR Return Annualised (View Total Returns)

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

Reserves

Largest Underweight

Sovereign

Regions

TotalRegions

Largest Overweight

Middle East & Africa

Largest Underweight

Emerging Europe

Countries

TotalCountries

Largest Overweight

India

Largest Underweight

Poland

Currency

TotalCurrencies

Largest Overweight

Czech koruna

Largest Underweight

U.S. dollar

Team (As of 06-Jan-2020)

Andrew KeirlePortfolio Manager

Fee Schedule

Portfolio Characteristics

Risks

Risk/Return Characteristics

Calendar Year Performance (Class I)

Monthly Performance (Class I)

Quality (31-Dec-2019)

Duration (31-Dec-2019)

Holdings (31-Dec-2019)

Sector Diversification (31-Dec-2019)

Country Diversification (31-Dec-2019)

Region Diversification (31-Dec-2019)

Currency Diversification (31-Dec-2019)

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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