I | T. Rowe Price

Strategy

Manager's Outlook

We are constructive on EM local currency bonds heading into the second half of 2019. Even after the recent rally, local currency emerging markets bonds remain one of the highest-yielding opportunities in the fixed income market. Valuations against other asset classes also remain attractive.

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The technical backdrop should remain supportive of the asset class in the near term. We expect the Federal Reserve to cut interest rates in the coming period and potentially follow with additional cuts over the course of the year. The ECB will also keep interest rates low and may possibly restart monthly bond purchases or even cut rates should economic concerns remain. Many EM central banks are expected, or have already started, to ease cycles as well. The continued low yield environment should keep demand for emerging markets assets strong. We also see the potential for the U.S. dollar to continue to decline against global currencies following an extended period of strength. This could improve the opportunities among emerging market currencies, which have so far lagged the rally in EM local bonds.

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However, real and nominal yields in EM local currency bonds have contracted recently even if they remain higher relative to other asset classes. The fact that many of the potential rate cuts have already been priced into the market mean that investors should remain conscious of the downside risk should central banks deliver less easing than expected.

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Global macro risks also remain areas to watch. Although the dialogue between the U.S. and China improved at the end of June, a formal deal on trade does not appear imminent and uncertainty could weigh on sentiment for some time. China's policy response to growth concerns will form a key area to watch, and an increase in fiscal or monetary stimulus would provide an additional boost to EM assets.

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Despite the wider growth concerns, fundamentals remain broadly supportive in emerging countries, including stable underlying economic growth, more disciplined government spending, largely balanced current accounts, and rational economic policy in most major markets. Should the looser monetary policy outlook translate into improved growth, EM local asset prices would likely rally further.

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Overall, the policy uncertainty alongside a handful of idiosyncratic concerns within EM mean that investors need to remain selective. Against this backdrop, we are focused on idiosyncratic opportunities with positive reform momentum and stable fundamentals that can perform in different market conditions. We are overweight select currencies that benefit from reforms and offer attractive carry.

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 %	9.92%	3.12%	0.55%	2.14%	-0.49%
Indicative Benchmark %	10.13%	3.06%	0.55%	2.32%	-0.45%
Excess Return %	-0.21%	0.06%	0.00%	-0.18%	-0.04%

	1 YR	3 YR Annualised	5 YR Annualised	10 YR Annualised
Fund %	9.92%	3.12%	0.55%	2.14%
Indicative Benchmark %	10.13%	3.06%	0.55%	2.32%
Excess Return %	-0.21%	0.06%	0.00%	-0.18%

Recent Performance

	Month to DateData as of 07-Oct-2019	Quarter to DateData as of 07-Oct-2019	Year to DateData as of 07-Oct-2019	1 MonthData as of 30-Sep-2019	3 MonthsData as of 30-Sep-2019
Fund %	1.17%	1.17%	9.10%	1.26%	-1.37%
Indicative Benchmark %	1.12%	1.12%	9.07%	0.96%	-0.79%
Excess Return %	0.05%	0.05%	0.03%	0.30%	-0.58%

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-Aug-2019 - Andrew Keirle, Portfolio Manager,

EM local currency bonds delivered negative returns in August. The U.S.-China trade dispute and increased uncertainty regarding Argentina’s politics hampered investors’ appetite for EM assets. The U.S. dollar also appreciated over the month, which further eroded returns in local currency bond markets. Within the portfolio, our overweight to the Argentinian peso had a negative impact. The currency came under heightened selling pressure after Alberto Fernández defeated incumbent President Mauricio Macri, who is viewed as more market friendly, in primary elections by a wider margin than anticipated. Our overweight to the Brazilian real also dragged as expectations grew that the country’s central bank could cut interest rates in the near term. On the positive side, our overweight to Egyptian government bonds aided relative performance, helped by the country’s central bank cutting interest rates during the month. Mexico’s central bank also lowered interest rates in August, resulting in our overweight position boosting performance.

Holdings

Issuers

Top
Issuers

Top 10 Issuers 68.16% Was (31-Jul-2019) 67.05%

Other View Top 10 Issuers

Holdings

Total
Holdings

109

Largest Holding Mexican Bonos 4.52% Was (31-Mar-2019) 4.60%

Top 10 Holdings 32.68%

Other View Full Holdings Quarterly data as of 30-Sep-2019

Quality Rating View quality analysis

	Largest Overweight	Largest Underweight
Quality Rating	BBB	US Treasury
By %	46.42%	0.00%
Fund	46.42%	0.00%
Indicative Benchmark	0.00%	0.00%

Average Credit Quality

BBB

Duration View duration analysis

	Largest Overweight	Largest Underweight
Duration	5-7 Years	1-3 Years
By %	14.59%	-14.74%
Fund	37.60%	10.76%
Indicative Benchmark	23.01%	25.50%

Weighted Average Duration

5.43 Years

30-Jun-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 and South Africa. We increased out overweight to South Africa during the period due to the favorable election outcome.
In Asia, we added to out-of-benchmark Sri Lanka amid contained inflation and high real yields. We also grew our out-of-benchmark positions in China and India.
In emerging Europe, we maintained a modest underweight to Turkish holdings where we see potential for further volatility linked to political tensions despite the overall attractive valuations. We moved from an underweight exposure to Russian bonds to being in line with the benchmark over the period.
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 allocations to Serbia and Egypt.

Currency Selection

We hold overweight positions in currencies whose countries are undertaking structural reforms, such as the Philippine peso and Indonesian rupiah, which we both increased slightly over the period. In both countries, the governments continue to make progress on reforms, and we anticipate that this trend will continue.
In Latin America, we increased our overweight to the Argentine peso over the quarter as the currency remains attractive from a valuation perspective. The improved outlook for October elections also reduces the downside risk over the coming months. We also modestly added to an overweight to the Brazilian real and opened an overweight to the Mexican peso. The expectations for monetary easing in the U.S. could add a tailwind to regional currencies.
The breadth of our research process allows us to evaluate currencies outside the benchmark where we see attractive opportunities. In addition to our exposures to the Serbian dinar and Egyptian pound, we maintained our off-benchmark exposure to the Nigerian naira and Sri Lankan rupee, which we increased this quarter.
We remain overweight the Czech koruna as the country's central bank may not implement the same degree of monetary easing as major developed market central banks.
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 91.96% Was (31-Aug-2019) 96.22%

Other View complete Sector Diversification

Largest Overweight

Reserves

By3.47%

Fund 3.47%

Indicative Benchmark 0.00%

Largest Underweight

Sovereign

By-8.04%

Fund 91.96%

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 31.48% Was (31-Aug-2019) 32.82%

Other View complete Region Diversification

Largest Overweight

Asia

By5.71%

Fund 31.48%

Indicative Benchmark 25.76%

Largest Underweight

Emerging Europe

By-8.95%

Fund 22.62%

Indicative Benchmark 31.57%

Countries

Total
Countries

Largest Country Indonesia 10.55% Was (31-Aug-2019) 10.70%

Other View complete Country Diversification

Largest Overweight

China

By2.31%

Fund 2.31%

Indicative Benchmark 0.00%

Largest Underweight

Poland

By-5.38%

Fund 3.31%

Indicative Benchmark 8.69%

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

We maintain a preference for countries that are implementing economic reforms, such as Egypt, Serbia and South Africa. We also maintained our overweight in Brazil, where we see continued accommodative monetary policy as potentially boosting the local bond market. Elsewhere, we are also overweight the Philippine and Indian local bond markets as we see potential for reforms and attractive yield opportunities there.

Currency

Total
Currencies

Largest Currency Mexican peso 11.65% Was (31-Aug-2019) 11.26%

Other View complete Currency Diversification

Largest Overweight

Egyptian pound

By 2.39%

Fund 2.39%

Indicative Benchmark 0.00%

Largest Underweight

New Taiwan dollar

By -4.49%

Fund -4.49%

Indicative Benchmark 0.00%

31-Aug-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 closed our overweight exposure to the Brazilian real as potential rate cuts in the coming months could weaken the currency. We also reduced our exposure to Argentina due to ongoing political uncertainty following the primary elections. We are also overweight in currencies offering higher real yields, such as the Indonesian rupiah, which should help limit the impact of swings in macroeconomic sentiment.

Team (As of 31-Aug-2019)

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 30-Sep-2019

Characteristic	Fund	Indicative Benchmark
Weighted Average Coupon	6.83%	6.13%
Weighted Average Maturity	8.32 Years	7.81 Years
Weighted Average Duration	5.43 Years	5.50 Years
Number of Holdings	104	218

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-Sep-2019

Risk/Return (5 Years)	Fund	Indicative Benchmark
Alpha	0.05%	0.00%
Beta	1.04	1.00
R-Squared	0.98	1.00
Annualized Std. Deviation	11.43%	10.88%
Information Ratio	0.00	0.00
Sharpe Ratio	-0.04	-0.04
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)

2009	2010	2011	2012	2013	2014	2015	2016	2017	2018
19.51%	12.36%	-2.59%	18.15%	-9.62%	-5.82%	-15.08%	11.52%	15.92%	-7.67%	Fund
15.98%	14.15%	-1.75%	16.76%	-8.98%	-5.72%	-14.92%	9.94%	15.21%	-6.21%	Indicative Benchmark
3.53%	-1.79%	-0.84%	1.39%	-0.64%	-0.10%	-0.16%	1.58%	0.71%	-1.46%	Value added

Fund
Indicative Benchmark
Annual Report

Quality (30-Sep-2019)

Monthly as of:

Quality Rating	% of Fund	% of Indicative Benchmark
US Treasury	0.00%	0.00%
AAA	0.14%	0.00%
AA	0.91%	0.00%
A	22.84%	0.00%
BBB	46.42%	0.00%
BB	11.54%	0.00%
B	3.61%	0.00%
CCC	0.29%	0.00%
Not Rated	10.78%	0.00%
Reserves	3.47%	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-Sep-2019)

Monthly as of:

Duration	% of Fund	% of Indicative Benchmark
Under 1 Year	2.05%	0.03%
1-3 Years	10.76%	25.50%
3-5 Years	19.00%	21.51%
5-7 Years	37.60%	23.01%
7-10 Years	22.78%	23.28%
Over 10 Years	4.34%	6.67%
Cash Equivalents	3.47%	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-2019)

Quarterly as of:

Company	% of Fund	Previous Qtr Change	Value (USD)	Shares/Par	Sector	Industry	Country	Coupon Rate (%)	Quality	Maturity Date	Duration (Yrs)
Mexican Bonos	4.52%	-0.08	$3,733,068.43	70,475,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	7.75%	A3	29-May-2031	0.00
Brazil Notas do Tesouro Nacional Serie F	4.41%	-0.60	$3,637,906.35	1,216,700	Government	Foreign Govt & Muni (Excl Canadian)	Brazil	10.00%	Ba2	01-Jan-2023	0.00
Colombian TES	4.14%	-0.07	$3,413,495.19	9,338,900,000	Government	Foreign Govt & Muni (Excl Canadian)	Colombia	7.50%	Baa2	26-Aug-2026	0.00
Republic of South Africa Government Bond	3.39%	-0.73	$2,796,347.88	40,483,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	8.00%	Baa3	31-Jan-2030	0.00
Indonesia Treasury Bond	3.35%	-0.90	$2,763,198.39	35,570,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	8.75%	NR	15-May-2031	0.00
Republic of Poland Government Bond	3.14%	-0.03	$2,591,339.11	8,630,000	Government	Foreign Govt & Muni (Excl Canadian)	Poland	4.00%	A2	25-Oct-2023	0.00
Indonesia Treasury Bond	2.91%	-0.11	$2,404,521.07	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	2.91%	0.03	$2,399,959.29	1,485,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Chile	4.50%	A1	01-Mar-2026	0.00
Malaysia Government Bond	1.98%	-0.13	$1,637,534.89	6,395,000	Government	Foreign Govt & Muni (Excl Canadian)	Malaysia	4.39%	A3	15-Apr-2026	0.00
Hungary Government Bond	1.93%	0.49	$1,593,126.09	422,370,000	Government	Foreign Govt & Muni (Excl Canadian)	Hungary	2.50%	NR	24-Oct-2024	0.00
Thailand Government Bond	1.89%	-0.02	$1,560,438.53	42,970,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	3.85%	Baa1	12-Dec-2025	0.00
Russian Federal Bond - ofZ	1.76%	N/A	$1,451,586.21	93,500,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	6.90%	NR	23-May-2029	0.00
Russian Federal Bond - ofZ	1.73%	0.10	$1,423,514.43	88,200,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	7.05%	Baa3	19-Jan-2028	0.00
Republic of South Africa Government Bond	1.69%	-0.56	$1,392,092.98	22,389,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	7.00%	Baa3	28-Feb-2031	0.00
Brazil Notas do Tesouro Nacional Serie F	1.67%	1.03	$1,378,931.07	450,300	Government	Foreign Govt & Muni (Excl Canadian)	Brazil	10.00%	Ba2	01-Jan-2025	0.00
Romania Government Bond	1.63%	-0.12	$1,345,542.31	5,210,000	Government	Foreign Govt & Muni (Excl Canadian)	Romania	5.85%	NR	26-Apr-2023	0.00
Russian Federal Bond - ofZ	1.53%	0.04	$1,258,423.60	75,753,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	7.60%	Baa3	20-Jul-2022	0.00
Peruvian Government International Bond	1.46%	0.02	$1,208,008.64	3,460,000	Government	Foreign Govt & Muni (Excl Canadian)	Peru	6.35%	A3	12-Aug-2028	0.00
Serbia Treasury Bonds	1.44%	-0.03	$1,184,993.64	107,640,000	Government	Foreign Govt & Muni (Excl Canadian)	Serbia	5.88%	NR	08-Feb-2028	0.00
Russian Federal Bond - ofZ	1.39%	0.07	$1,147,950.95	66,742,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	8.15%	Baa3	03-Feb-2027	0.00
Romania Government Bond	1.39%	-0.02	$1,145,369.74	4,585,000	Government	Foreign Govt & Muni (Excl Canadian)	Romania	4.75%	NR	24-Feb-2025	0.00
Republic of South Africa Government Bond	1.37%	-0.03	$1,131,441.92	14,085,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	10.50%	Baa3	21-Dec-2026	0.00
Thailand Government Bond	1.28%	0.04	$1,053,884.09	28,320,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	3.40%	Baa1	17-Jun-2036	0.00
Thailand Government Bond	1.22%	0.43	$1,002,938.13	26,810,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	3.65%	Baa1	20-Jun-2031	0.00
Sri Lanka Government Bonds	1.16%	0.53	$957,557.51	155,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Sri Lanka	11.00%	NR	01-Aug-2024	0.00
Turkey Government Bond	1.14%	-0.50	$943,768.75	6,699,000	Government	Foreign Govt & Muni (Excl Canadian)	Turkey	10.60%	NR	11-Feb-2026	0.00
Republic of South Africa Government Bond	1.10%	0.85	$905,373.87	13,680,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	8.75%	Baa3	28-Feb-2048	0.00
Indonesia Treasury Bond	1.05%	0.31	$865,845.73	10,850,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	9.00%	Baa2	15-Mar-2029	0.00
Republic of South Africa Government Bond	0.98%	0.01	$810,255.59	12,100,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	8.50%	Baa3	31-Jan-2037	0.00
Brazil Notas do Tesouro Nacional Serie F	0.97%	0.05	$798,149.37	257,000	Government	Foreign Govt & Muni (Excl Canadian)	Brazil	10.00%	Ba2	01-Jan-2027	0.00
Mexican Bonos	0.92%	0.00	$755,427.77	13,428,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	8.50%	A3	18-Nov-2038	0.00
Turkey Government Bond	0.91%	0.06	$752,643.68	4,840,000	Government	Foreign Govt & Muni (Excl Canadian)	Turkey	11.00%	B1	02-Mar-2022	0.00
China Government Bond	0.90%	N/A	$739,964.81	5,000,000	Government	Foreign Govt & Muni (Excl Canadian)	China	3.22%	NR	06-Dec-2025	0.00
Indonesia Treasury Bond	0.90%	-0.01	$738,854.59	8,867,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	9.50%	Baa2	15-Jul-2031	0.00
Indonesia Treasury Bond	0.89%	-0.01	$733,404.90	8,978,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	10.00%	Baa2	15-Sep-2024	0.00
Republic of South Africa Government Bond	0.87%	N/A	$715,296.42	10,700,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	8.75%	Baa3	31-Jan-2044	0.00
Turkey Government Bond	0.82%	0.04	$676,479.83	4,723,000	Government	Foreign Govt & Muni (Excl Canadian)	Turkey	10.40%	NR	20-Mar-2024	0.00
India Government Bond	0.81%	-0.03	$669,967.22	41,700,000	Government	Foreign Govt & Muni (Excl Canadian)	India	8.60%	NR	02-Jun-2028	0.00
Peru Government Bond	0.81%	0.02	$665,214.38	1,950,000	Government	Foreign Govt & Muni (Excl Canadian)	Peru	6.15%	A3	12-Aug-2032	0.00
Thailand Government Bond	0.80%	0.01	$657,437.72	20,099,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	1.25%	Baa1	12-Mar-2028	0.00
Russian Federal Bond - ofZ	0.79%	0.00	$650,151.12	40,600,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	7.10%	NR	16-Oct-2024	0.00
Czech Republic Government Bond	0.75%	0.01	$620,368.95	12,450,000	Government	Foreign Govt & Muni (Excl Canadian)	Czech Republic	2.50%	NR	25-Aug-2028	0.00
Thailand Government Bond	0.74%	-0.01	$610,562.87	18,670,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	1.88%	Baa1	17-Jun-2022	0.00
Mexican Bonos	0.74%	-0.02	$606,512.24	10,870,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	8.50%	A3	31-May-2029	0.00
Mexican Udibonos	0.73%	-0.52	$605,927.87	1,741,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	4.50%	A3	04-Dec-2025	N/A
Philippine Government Bond	0.72%	N/A	$598,169.75	29,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Philippines	6.25%	NR	12-Mar-2024	N/A
HDFC Bank	0.72%	-0.01	$591,873.06	40,000,000	Emerging Market Corporate	Em-Banks	India	8.10%	Baa2	22-Mar-2025	0.00
Republic of South Africa Government Bond	0.71%	-0.02	$584,646.35	8,694,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	8.25%	Baa3	31-Mar-2032	0.00
Malaysia Government Bond	0.71%	-0.44	$583,722.45	2,272,000	Government	Foreign Govt & Muni (Excl Canadian)	Malaysia	4.23%	A3	30-Jun-2031	0.00
National Highways Authority of India	0.70%	-0.07	$574,548.97	40,000,000	Government	Foreign Govt & Muni (Excl Canadian)	India	7.30%	NR	18-May-2022	0.00
Peruvian Government International Bond	0.69%	0.02	$573,205.36	1,564,000	Government	Foreign Govt & Muni (Excl Canadian)	Peru	6.90%	A3	12-Aug-2037	0.00
Colombian TES	0.67%	-0.00	$555,498.20	6,300,000	Government	Foreign Govt & Muni (Excl Canadian)	Colombia	3.30%	NR	17-Mar-2027	0.00
Thailand Government Bond	0.64%	0.00	$531,056.33	13,055,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	4.88%	Baa1	22-Jun-2029	0.00
Republic of Poland Government Bond	0.61%	-0.17	$500,367.11	1,778,000	Government	Foreign Govt & Muni (Excl Canadian)	Poland	2.75%	NR	25-Oct-2029	0.00
Brazil Notas do Tesouro Nacional Serie	0.60%	0.05	$493,769.81	43,200	Government	Foreign Govt & Muni (Excl Canadian)	Brazil	6.00%	Ba2	15-May-2045	0.00
Colombian TES	0.56%	-0.01	$458,769.13	1,126,400,000	Government	Foreign Govt & Muni (Excl Canadian)	Colombia	10.00%	Baa2	24-Jul-2024	0.00
Colombian TES	0.55%	-0.04	$455,936.00	1,444,400,000	Government	Foreign Govt & Muni (Excl Canadian)	Colombia	6.00%	Baa2	28-Apr-2028	0.00
Egypt Government Bond	0.55%	-0.02	$451,742.68	7,600,000	Government	Foreign Govt & Muni (Excl Canadian)	Egypt	15.25%	NR	09-Dec-2024	0.00
Malaysia Government Bond	0.55%	0.13	$450,327.57	1,678,000	Government	Foreign Govt & Muni (Excl Canadian)	Malaysia	4.94%	A3	30-Sep-2043	0.00
China development Bank	0.54%	N/A	$444,497.26	3,020,000	Government	Foreign Govt & Muni (Excl Canadian)	China	3.68%	NR	26-Feb-2026	0.00
Hungary Government Bond	0.53%	-0.07	$438,391.54	115,130,000	Government	Foreign Govt & Muni (Excl Canadian)	Hungary	3.00%	NR	27-Oct-2027	0.00
Turkey Government International Bond	0.52%	-0.01	$430,969.23	420,000	Government	Foreign Govt & Muni (Excl Canadian)	Turkey	6.25%	B1	26-Sep-2022	2.85
Thailand Government Bond	0.52%	-0.01	$426,872.50	12,240,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	3.63%	Baa1	16-Jun-2023	0.00
Republic of Poland Government Bond	0.52%	0.00	$426,824.12	1,526,000	Government	Foreign Govt & Muni (Excl Canadian)	Poland	2.50%	A2	25-Jul-2027	0.00
Guatemala Government Bond	0.50%	N/A	$412,800.44	400,000	Government	Foreign Govt & Muni (Excl Canadian)	Guatemala	4.90%	NR	01-Jun-2030	7.78
Malaysia Government Bond	0.48%	-0.02	$391,993.78	1,600,000	Government	Foreign Govt & Muni (Excl Canadian)	Malaysia	3.48%	A3	15-Mar-2023	0.00
Philippine Government International Bond	0.47%	-0.01	$384,258.05	20,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Philippines	3.90%	Baa2	26-Nov-2022	0.00
Mexican Bonos	0.46%	0.00	$382,322.05	7,900,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	5.75%	A3	05-Mar-2026	0.00
Philippine Government Bond	0.45%	-0.00	$368,056.81	18,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Philippines	5.75%	NR	12-Apr-2025	0.00
Indonesia Treasury Bond	0.45%	-0.02	$367,732.85	5,400,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	5.63%	Baa2	15-May-2023	0.00
Sri Lanka Government Bonds	0.39%	N/A	$324,822.83	55,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Sri Lanka	11.00%	NR	01-Jun-2026	0.00
Sri Lanka Government Bonds	0.38%	-0.27	$310,547.13	52,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Sri Lanka	11.50%	NR	15-Dec-2021	0.00
Housing development Finance	0.36%	-0.01	$298,093.60	20,000,000	Emerging Market Corporate	Em-Financial	India	7.88%	NR	21-Aug-2019	0.00
Banco de Credito del Peru	0.34%	-0.02	$277,707.93	900,000	Corporate High Grade	Banking	Peru	4.85%	Baa1	30-Oct-2020	0.00
Jasa Marga Persero	0.34%	-0.02	$277,386.21	4,000,000,000	Corporate High Grade	Transportation Services	Indonesia	7.50%	Baa2	11-Dec-2020	0.00
Czech Republic Government Bond	0.33%	-0.00	$274,267.74	6,300,000	Government	Foreign Govt & Muni (Excl Canadian)	Czech Republic	1.00%	NR	26-Jun-2026	0.00
Egypt Government Bond	0.33%	N/A	$270,651.25	4,300,000	Government	Foreign Govt & Muni (Excl Canadian)	Egypt	15.90%	NR	09-Sep-2024	0.00
Standard Chartered Bank	0.31%	-0.01	$258,545.27	3,300,000,000	Corporate High Grade	Banking	Indonesia	9.00%	NR	19-Mar-2029	N/A
China Government Bond	0.30%	-0.03	$246,035.45	1,650,000	Government	Foreign Govt & Muni (Excl Canadian)	China	3.57%	NR	22-Jun-2024	0.00
Indonesia Treasury Bond	0.29%	-0.02	$239,431.41	3,367,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	7.00%	Baa2	15-May-2022	0.00
Philippine Government International Bond	0.28%	0.01	$227,905.64	10,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Philippines	6.25%	Baa2	14-Jan-2036	0.00
Petroleos Mexicanos	0.27%	-0.02	$226,130.34	5,400,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	7.47%	Baa3	12-Nov-2026	0.00
Mexican Bonos	0.27%	-0.48	$223,309.71	3,821,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	10.00%	A3	05-Dec-2024	0.00
Argentine Republic Government International Bond	0.27%	-0.05	$222,301.64	260,000	Government	Foreign Govt & Muni (Excl Canadian)	Argentina	5.25%	B2	15-Jan-2028	6.00
Agile Group Holdings	0.27%	-0.01	$220,273.50	200,000	Corporate High Grade	Building & Real Estate	China	8.50%	Ba3	18-Jul-2021	1.81
Shimao Property Holdings	0.26%	-0.00	$215,113.99	200,000	Corporate High Grade	Building & Real Estate	China	6.13%	NR	21-Feb-2024	3.95
Indonesia Treasury Bond	0.25%	-0.01	$203,456.07	2,700,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	8.25%	NR	15-May-2036	0.00
Empresas Publicas de Medellin ESP	0.20%	-0.01	$168,797.28	500,000,000	Corporate High Grade	Energy	Colombia	7.63%	Baa3	10-Sep-2024	N/A
Standard Chartered Bank/Singapore	0.19%	-0.00	$156,694.09	2,000,000,000	Corporate High Grade	Banking	Indonesia	9.00%	NR	19-Mar-2029	N/A
Argentine Bonos del Tesoro	0.18%	-0.02	$150,176.78	8,495,000	Government	Foreign Govt & Muni (Excl Canadian)	Argentina	18.20%	B2	03-Oct-2021	0.00
Ukraine Government International Bond	0.18%	N/A	$145,207.66	120,000	Government	Foreign Govt & Muni (Excl Canadian)	Ukraine	6.75%	NR	20-Jun-2026	5.51
Mexican Bonos	0.17%	-0.01	$140,193.17	2,679,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	7.50%	A3	03-Jun-2027	0.00
Bonos de la Tesoreria de la Republica en pesos	0.16%	0.01	$133,333.92	65,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Chile	6.00%	A1	01-Jan-2043	0.00
Argentine Republic Government International Bond	0.15%	-0.01	$120,728.30	140,000	Government	Foreign Govt & Muni (Excl Canadian)	Argentina	5.63%	B2	26-Jan-2022	2.21
Romania Government Bond	0.14%	-0.11	$114,927.25	450,000	Government	Foreign Govt & Muni (Excl Canadian)	Romania	5.00%	NR	12-Feb-2029	0.00
Argentine Bonos del Tesoro	0.12%	-0.02	$101,975.06	5,937,000	Government	Foreign Govt & Muni (Excl Canadian)	Argentina	16.00%	B2	17-Oct-2023	0.00
Argentina Treasury Bond BONCER	0.11%	-0.02	$89,606.69	2,400,000	Government	Foreign Govt & Muni (Excl Canadian)	Argentina	2.50%	B2	22-Jul-2021	0.00
China Government Bond	0.11%	-0.01	$88,483.64	600,000	Government	Foreign Govt & Muni (Excl Canadian)	China	3.13%	NR	13-Apr-2022	0.00
Russian Federal Bond - ofZ	0.09%	0.00	$73,255.17	4,150,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	8.50%	NR	17-Sep-2031	0.00
Peruvian Government International Bond	0.08%	0.00	$65,983.61	170,000	Government	Foreign Govt & Muni (Excl Canadian)	Peru	8.20%	A3	12-Aug-2026	N/A
Uruguay Government International Bond	0.08%	-0.01	$64,922.99	2,300,000	Government	Foreign Govt & Muni (Excl Canadian)	Uruguay	9.88%	NR	20-Jun-2022	0.00
Uruguay Government International Bond	0.08%	-0.01	$63,709.23	2,500,000	Government	Foreign Govt & Muni (Excl Canadian)	Uruguay	8.50%	Baa2	15-Mar-2028	0.00
European Investment Bank	0.06%	-0.00	$53,274.67	730,000,000	Government	Foreign Govt & Muni (Excl Canadian)	SNAT (Supe Natl Wrld Global)	6.95%	Aaa	06-Feb-2020	0.00
Romania Government Bond	0.06%	-0.00	$47,814.43	190,000	Government	Foreign Govt & Muni (Excl Canadian)	Romania	5.95%	NR	11-Jun-2021	0.00
Bonos de la Nacion Argentina con Ajuste por CER	0.05%	-0.00	$43,016.07	1,248,000	Government	Foreign Govt & Muni (Excl Canadian)	Argentina	4.00%	NR	06-Mar-2020	0.00
European Investment Bank	0.05%	0.00	$38,003.72	500,000	Agency/Supranationals	Foreign Agency	SNAT (Supe Natl Wrld Global)	8.13%	Aaa	21-Dec-2026	0.00
Colombia Government International Bond	0.03%	-0.00	$25,787.95	78,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Colombia	7.75%	Baa2	14-Apr-2021	0.00
European Investment Bank	0.03%	-0.00	$24,593.45	150,000	Government	Foreign Govt & Muni (Excl Canadian)	SNAT (Supe Natl Wrld Global)	8.00%	Aaa	01-Apr-2020	0.00
US 10YR FUT OPTN Aug19P 126	0.00%	N/A	$2,843.75	26	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-Sep-2019)

Monthly as of:

Sector Diversification	% of Fund	% of Indicative Benchmark
Reserves	3.47%	0.00%
Quasi-Sovereign	2.07%	0.00%
Corporate	1.90%	0.00%
Other	0.32%	0.00%
Interest Rate Swaps	0.29%	0.00%
Sovereign	91.96%	100.00%

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

Country Diversification (30-Sep-2019)

Monthly as of:

Country Diversification	% of Fund	% of Indicative Benchmark
China	2.31%	0.00%
India	2.23%	0.00%
Sri Lanka	2.12%	0.00%
Egypt	1.98%	0.00%
Philippines	1.74%	0.30%
Serbia	1.10%	0.00%
South Africa	9.47%	8.57%
Indonesia	10.55%	10.00%
Ukraine	0.44%	0.00%
Russia	8.50%	8.16%
Romania	2.92%	2.64%
Nigeria	0.25%	0.00%
SNAT (Supe Natl Wrld Global)	0.14%	0.00%
Peru	3.96%	3.83%
Argentina	0.29%	0.16%
Germany	0.00%	0.00%
Italy	0.00%	0.00%
United States	0.00%	0.00%
Uruguay	0.15%	0.19%
Chile	3.19%	3.28%
Dominican Republic	0.00%	0.19%
Mexico	9.16%	10.00%
Colombia	5.44%	6.45%
Turkey	2.89%	4.01%
Thailand	8.18%	9.43%
Brazil	8.39%	10.00%
Hungary	2.55%	4.19%
Malaysia	4.35%	6.04%
Czech Republic	0.92%	3.88%
Poland	3.31%	8.69%

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

Region Diversification (30-Sep-2019)

Monthly as of:

Region Diversification	% of Fund	% of Indicative Benchmark
Asia	31.48%	25.76%
Middle East & Africa	11.71%	8.57%
Other	0.14%	0.00%
Latin America	30.58%	34.10%
Emerging Europe	22.62%	31.57%

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

Currency Diversification (30-Sep-2019)

Monthly as of:

Currency Diversification	% of Fund	% of Indicative Benchmark
Mexican peso	11.65%	10.00%
Canadian dollar	-1.50%	0.00%
U.S. dollar	-1.89%	0.00%
Dollar Bloc Subtotal	8.26%	10.00%

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

Currency Diversification	% of Fund	% of Indicative Benchmark
Polish zloty	8.56%	8.69%
Czech koruna	5.83%	3.88%
Hungarian forint	3.23%	4.19%
British pound sterling	-0.03%	0.00%
Swiss franc	-0.74%	0.00%
euro	-2.25%	0.00%
European Bloc Subtotal	14.60%	16.76%

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

Currency Diversification	% of Fund	% of Indicative Benchmark
Thai baht	7.50%	9.43%
Malaysian ringgit	5.95%	6.04%
Hong Kong dollar	0.02%	0.00%
Japanese yen	0.00%	0.00%
Korean won	-0.20%	0.00%
Singapore dollar	-1.24%	0.00%
New Taiwan dollar	-4.49%	0.00%
Far East Bloc Subtotal	7.55%	15.47%

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

Currency Diversification	% of Fund	% of Indicative Benchmark
Brazilian real	11.51%	10.00%
Indonesian rupiah	10.88%	10.00%
Russian ruble	8.72%	8.16%
South African rand	8.44%	8.57%
Colombian peso	6.49%	6.45%
Peruvian nuevo sol	5.09%	3.83%
Turkish lira	4.08%	4.01%
Chilean peso	2.52%	3.28%
New Romanian leu	2.41%	2.64%
Egyptian pound	2.39%	0.00%
Chinese renminbi	2.02%	0.00%
Serbia dinar	1.93%	0.00%
Indian rupee	1.49%	0.00%
Philippine peso	0.78%	0.30%
Nigerian naira	0.76%	0.00%
Sri Lanka rupee	0.44%	0.00%
Ukranian hryvna	0.25%	0.00%
Peso uruguayo	0.15%	0.19%
Argentinian peso	0.06%	0.16%
Dominican peso	0.00%	0.19%
Offshore Chinese renminbi	-0.82%	0.00%
Emerging Markets Bloc Subtotal	69.59%	57.77%

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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Information Ratio (5 Years)

Tracking Error (5 Years)

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Investment Approach

Portfolio Construction

Performance (Class I)

Annualised Performance

Recent Performance

Holdings

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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

Asia

Largest Underweight

Emerging Europe

Countries

TotalCountries

Largest Overweight

China

Largest Underweight

Poland

Currency

TotalCurrencies

Largest Overweight

Egyptian pound

Largest Underweight

New Taiwan dollar

Team (As of 31-Aug-2019)

Andrew KeirlePortfolio Manager

Fee Schedule

Portfolio Characteristics

Risks

Risk/Return Characteristics

Calendar Year Performance (Class I)

Monthly Performance (Class I)

Quality (30-Sep-2019)

Duration (30-Sep-2019)

Holdings (30-Jun-2019)

Sector Diversification (30-Sep-2019)

Country Diversification (30-Sep-2019)

Region Diversification (30-Sep-2019)

Currency Diversification (30-Sep-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