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 %	-1.32%	-0.39%	5.00%	0.48%	-0.59%
Indicative Benchmark %	-1.45%	0.17%	4.78%	0.57%	-0.58%
Excess Return %	0.13%	-0.56%	0.22%	-0.09%	-0.01%

	1 YR	3 YR Annualised	5 YR Annualised	10 YR Annualised
Fund %	-1.32%	-0.39%	5.00%	0.48%
Indicative Benchmark %	-1.45%	0.17%	4.78%	0.57%
Excess Return %	0.13%	-0.56%	0.22%	-0.09%

Recent Performance

	Month to DateData as of 28-Oct-2020	Quarter to DateData as of 28-Oct-2020	Year to DateData as of 28-Oct-2020	1 MonthData as of 30-Sep-2020	3 MonthsData as of 30-Sep-2020
Fund %	1.12%	1.12%	-5.42%	-2.54%	0.67%
Indicative Benchmark %	0.77%	0.77%	-5.60%	-2.02%	0.61%
Excess Return %	0.35%	0.35%	0.18%	-0.52%	0.06%

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-Sep-2020 - Andrew Keirle, Portfolio Manager,

EM local currency bonds declined in September. Lackluster economic data, an uptick in coronavirus cases in Europe, equity losses, and political uncertainty weighed on investor risk sentiment as investors became more concerned about the durability of the global economic recovery. The U.S. dollar strengthened amid a bid for safe haven assets, driving losses in EM local currency assets. Within the portfolio, bond allocation detracted from relative performance, while currency exposure was about neutral. Our underweight allocation to Polish government bonds weighed on relative results, as did our underweight allocation to Czech Republic. An uptick in coronavirus cases in Europe led to concerns about subsequent lockdowns that could hamper economic recoveries in the region. Conversely, our overweight to Romanian government bonds was beneficial. An overweight to the Russian ruble hindered performance. The ruble weakened amid increased geopolitical tensions stemming from fighting between Azerbaijan and Armenia, and the poisoning of a leading opposition figure in Europe. Lower oil further weighed on the currency.

Holdings

Issuers

Top
Issuers

Top 10 Issuers 67.87% Was (31-Aug-2020) 66.82%

Other View Top 10 Issuers

Holdings

Total
Holdings

106

Largest Holding China Government Bond 3.86% Was (30-Jun-2020) 1.07%

Top 10 Holdings 30.05%

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

Quality Rating View quality analysis

	Largest Overweight	Largest Underweight
Quality Rating	B	A
By %	3.45%	-6.96%
Fund	4.28%	21.56%
Indicative Benchmark	0.83%	28.52%

Average Credit Quality

BBB

Duration View duration analysis

	Largest Overweight	Largest Underweight
Duration	5-7 Years	1-3 Years
By %	12.37%	-14.73%
Fund	32.60%	8.47%
Indicative Benchmark	20.23%	23.20%

Weighted Average Duration

5.29 Years

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

We added to the portfolio's risk profile early in the�quarter in anticipation of a market rebound, which played out over the period. We then reduced some of our exposure to higher beta markets later in the period following strong performance.�

Bond Allocation

We increased our exposure to the Asia-Pacific region where our outlook is improving. Indonesia and the Philippines government bonds are among our favored positions.
We were overweight to South Africa as we saw compelling value following the early-year selloffs. However, we began trimming this toward the end of the period following the strong performance over the quarter.
We remained overweight Mexico through the period. We viewed it as a strong rebound candidate due to healthy fundamentals and accommodative monetary policy. Conversely, we moderated an overweight to Brazil as political turmoil and rising coronavirus cases could trigger near-term volatility. We also maintained an underweight to Chile.�
In emerging Europe, we maintained an overweight to Russia as we believe the country offers healthy account balances and stable policy. We are underweight Poland and Czech Republic as we see less long-term value in these countries' bonds relative to other regions. We moderately increased an off-benchmark exposure to Serbia.� ��

Currency Selection

We began selectively adding back to our positions in local currencies during the quarter as our outlook improved following the selloff in March. We maintained overweight exposures to the Mexico peso and Indonesia rupiah, which we believe still offer long-term value.
We also added or maintained off-benchmark exposures in the Indian rupee, Egyptian pound, and Serbian dinar as we see improving fundamentals in these countries.�
The Czech koruna remains one of our largest overweights due to the Czech National Bank's relative hawkish policy outlook compared to regional peers. Conversely, we opened an underweight to the Polish zloty during the period, partly due to its central bank's more accommodative stance.
Late in the first quarter, we moderated or closed overweights to defensive currencies, such as the Korean won and Singapore dollar, as we prefer to use these currencies as funding currencies for more attractive value opportunities.

Sectors

Total
Sectors

Largest Sector Sovereign 94.71% Was (31-Aug-2020) 91.04%

Other View complete Sector Diversification

Largest Overweight

Reserves

By2.33%

Fund 2.33%

Indicative Benchmark 0.00%

Largest Underweight

Sovereign

By-5.29%

Fund 94.71%

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 31.67% Was (31-Aug-2020) 30.92%

Other View complete Region Diversification

Largest Overweight

Middle East & Africa

By4.16%

Fund 11.39%

Indicative Benchmark 7.23%

Largest Underweight

Emerging Europe

By-3.57%

Fund 26.31%

Indicative Benchmark 29.88%

Countries

Total
Countries

Largest Country Indonesia 10.45% Was (31-Aug-2020) 11.20%

Other View complete Country Diversification

Largest Overweight

India

By2.31%

Fund 2.31%

Indicative Benchmark 0.00%

Largest Underweight

Poland

By-4.57%

Fund 3.73%

Indicative Benchmark 8.31%

30-Sep-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, Egypt, and Serbia. We maintained underweight positions in Thailand, and Poland as we prefer to allocate funds in markets offering more attractive valuations.

Currency

Total
Currencies

Largest Currency Mexican peso 12.35% Was (31-Aug-2020) 11.93%

Other View complete Currency Diversification

Largest Overweight

Indonesian rupiah

By 2.76%

Fund 12.13%

Indicative Benchmark 9.37%

Largest Underweight

U.S. dollar

By -9.18%

Fund -9.18%

Indicative Benchmark 0.00%

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

Although we took profits in some positions following strong performance, we still think many EM currencies can deliver good performance over the medium- to long-term. We are overweight the Indonesian rupiah and Malaysia ringgit, which could benefit from an improving trade outlook. We also hold off-benchmark positions in the Egyptian pound and Serbian dinar, while using the relatively defensive Korean won and Taiwan dollar as funding currencies for more attractive opportunities.

Team (As of 01-Oct-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-Sep-2020

Characteristic	Fund	Indicative Benchmark
Weighted Average Coupon	6.44%	5.57%
Weighted Average Maturity	8.18 Years	7.35 Years
Weighted Average Duration	5.29 Years	5.37 Years
Number of Holdings	106	239

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-2020

Risk/Return (5 Years)	Fund	Indicative Benchmark
Alpha	0.06%	0.00%
Beta	1.06	1.00
R-Squared	0.99	1.00
Annualized Std. Deviation	12.51%	11.75%
Information Ratio	0.14	0.00
Sharpe Ratio	0.30	0.31
Tracking Error	1.60%	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-Sep-2020)

Monthly as of:

Quality Rating	% of Fund	% of Indicative Benchmark
AAA	0.60%	0.00%
AA	1.72%	4.26%
A	21.56%	28.52%
BBB	49.81%	48.90%
BB	18.05%	17.50%
B	4.28%	0.83%
CC	0.05%	0.00%
Not Rated	1.58%	0.00%
Reserves	2.36%	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-2020)

Monthly as of:

Duration	% of Fund	% of Indicative Benchmark
Under 1 Year	1.88%	0.00%
1-3 Years	8.47%	23.20%
3-5 Years	29.96%	28.62%
5-7 Years	32.60%	20.23%
7-10 Years	18.36%	21.44%
Over 10 Years	6.41%	6.52%
Cash Equivalents	2.33%	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-Sep-2020)

Quarterly as of:

Company	% of Fund	Previous Qtr Change	Value (USD)	Shares/Par	Sector	Industry	Country	Coupon Rate (%)	Quality	Maturity Date	Duration (Yrs)
China Government Bond	3.86%	2.79	$3,836,547.60	25,400,000	Government	Foreign Govt & Muni (Excl Canadian)	China	3.12%	NR	05-Dec-2026	0.00
Mexican Bonos	3.41%	-0.04	$3,388,653.58	62,295,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	8.50%	Baa1	31-May-2029	0.00
Brazil Notas do Tesouro Nacional Serie F	3.40%	-0.19	$3,384,265.43	1,657,300	Government	Foreign Govt & Muni (Excl Canadian)	Brazil	10.00%	Ba2	01-Jan-2025	0.00
Indonesia Treasury Bond	3.38%	-0.64	$3,367,036.80	43,690,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	8.75%	NR	15-May-2031	0.00
Republic of South Africa Government Bond	3.09%	-0.17	$3,077,398.15	63,169,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	7.00%	Ba1	28-Feb-2031	0.00
Mexican Bonos	3.04%	0.27	$3,027,335.97	58,315,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	7.75%	Baa1	29-May-2031	0.00
Malaysia Government Bond	2.67%	0.22	$2,657,917.36	9,835,000	Government	Foreign Govt & Muni (Excl Canadian)	Malaysia	4.39%	A3	15-Apr-2026	0.00
Russian Federal Bond - ofZ	2.67%	0.25	$2,653,703.93	191,690,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	7.05%	Baa3	19-Jan-2028	0.00
Indonesia Treasury Bond	2.37%	0.01	$2,359,967.83	35,710,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	6.13%	Baa2	15-May-2028	0.00
Thailand Government Bond	2.15%	0.40	$2,139,659.81	54,380,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	3.40%	Baa1	17-Jun-2036	0.00
Republic of South Africa Government Bond	2.03%	-0.63	$2,016,681.28	36,581,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	8.00%	Ba1	31-Jan-2030	0.00
Colombian TES	1.94%	-0.05	$1,931,210.37	6,458,900,000	Government	Foreign Govt & Muni (Excl Canadian)	Colombia	7.50%	Baa2	26-Aug-2026	0.00
Hungary Government Bond	1.94%	0.79	$1,927,062.00	501,980,000	Government	Foreign Govt & Muni (Excl Canadian)	Hungary	5.50%	NR	24-Jun-2025	0.00
Russian Federal Bond - ofZ	1.92%	0.21	$1,910,123.09	130,342,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	8.15%	Baa3	03-Feb-2027	0.00
Malaysia Government Bond	1.65%	0.51	$1,644,060.92	6,007,000	Government	Foreign Govt & Muni (Excl Canadian)	Malaysia	4.23%	A3	30-Jun-2031	0.00
Brazil Notas do Tesouro Nacional Serie F	1.60%	-0.07	$1,590,454.17	779,000	Government	Foreign Govt & Muni (Excl Canadian)	Brazil	10.00%	Ba2	01-Jan-2027	0.00
Peruvian Government International Bond	1.50%	0.04	$1,496,561.44	4,400,000	Government	Foreign Govt & Muni (Excl Canadian)	Peru	6.35%	A3	12-Aug-2028	0.00
Thailand Government Bond	1.45%	0.63	$1,445,058.69	44,999,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	1.25%	Baa1	12-Mar-2028	0.00
Russian Federal Bond - ofZ	1.45%	-0.07	$1,441,712.20	101,700,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	7.10%	NR	16-Oct-2024	0.00
Mexican Bonos	1.41%	0.08	$1,405,107.39	30,400,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	5.75%	Baa1	05-Mar-2026	0.00
Republic of Poland Government Bond	1.40%	0.08	$1,396,698.74	4,688,000	Government	Foreign Govt & Muni (Excl Canadian)	Poland	2.75%	NR	25-Oct-2029	0.00
Romania Government Bond	1.38%	-0.19	$1,377,166.73	5,010,000	Government	Foreign Govt & Muni (Excl Canadian)	Romania	5.00%	NR	12-Feb-2029	0.00
Indonesia Treasury Bond	1.27%	0.00	$1,268,189.36	15,867,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	9.50%	Baa2	15-Jul-2031	0.00
Republic of Poland Government Bond	1.27%	0.06	$1,259,430.95	4,420,000	Government	Foreign Govt & Muni (Excl Canadian)	Poland	2.50%	A2	25-Jul-2026	0.00
Russian Federal Bond - ofZ	1.22%	-0.13	$1,210,636.77	79,880,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	8.50%	NR	17-Sep-2031	0.00
Indonesia Treasury Bond	1.21%	0.53	$1,202,662.63	16,000,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	8.38%	NR	15-Sep-2026	0.00
China development Bank	1.15%	0.07	$1,146,062.39	7,600,000	Government	Foreign Govt & Muni (Excl Canadian)	China	3.68%	NR	26-Feb-2026	0.00
Republic of Poland Government Bond	1.13%	-0.22	$1,128,320.34	3,695,000	Government	Foreign Govt & Muni (Excl Canadian)	Poland	4.00%	A2	25-Oct-2023	0.00
Malaysia Government Bond	1.10%	0.06	$1,097,391.15	4,400,000	Government	Foreign Govt & Muni (Excl Canadian)	Malaysia	3.48%	A3	15-Mar-2023	0.00
Thailand Government Bond	1.09%	0.01	$1,086,358.15	26,355,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	4.88%	Baa1	22-Jun-2029	0.00
China Government Bond	1.08%	0.07	$1,069,823.67	7,000,000	Government	Foreign Govt & Muni (Excl Canadian)	China	3.22%	NR	06-Dec-2025	0.00
Brazil Notas do Tesouro Nacional Serie F	1.05%	-0.04	$1,048,487.97	521,700	Government	Foreign Govt & Muni (Excl Canadian)	Brazil	10.00%	Ba2	01-Jan-2023	0.00
Republic of South Africa Government Bond	1.05%	0.01	$1,040,673.65	22,530,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	8.75%	Ba1	28-Feb-2048	0.00
Czech Republic Government Bond	1.03%	0.06	$1,025,428.79	20,750,000	Government	Foreign Govt & Muni (Excl Canadian)	Czech Republic	2.00%	NR	13-Oct-2033	0.00
Russian Federal Bond - ofZ	1.03%	0.09	$1,023,316.97	73,970,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	6.90%	NR	23-May-2029	0.00
Colombian TES	1.03%	0.56	$1,022,178.23	13,050,000	Government	Foreign Govt & Muni (Excl Canadian)	Colombia	3.30%	NR	17-Mar-2027	0.00
Serbia Treasury Bonds	0.97%	0.07	$965,196.31	80,240,000	Government	Foreign Govt & Muni (Excl Canadian)	Serbia	5.88%	NR	08-Feb-2028	0.00
Romania Government Bond	0.96%	0.04	$955,930.00	3,840,000	Government	Foreign Govt & Muni (Excl Canadian)	Romania	4.40%	NR	25-Sep-2023	0.00
Mexican Bonos	0.95%	0.08	$942,801.45	17,428,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	8.50%	Baa1	18-Nov-2038	0.00
Peruvian Government International Bond	0.92%	0.03	$919,188.83	2,460,000	Government	Foreign Govt & Muni (Excl Canadian)	Peru	8.20%	A3	12-Aug-2026	N/A
Republic of South Africa Government Bond	0.90%	-0.43	$896,352.04	12,690,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	10.50%	Ba1	21-Dec-2026	0.00
Egypt Government Bond	0.86%	0.55	$857,486.79	12,500,000	Government	Foreign Govt & Muni (Excl Canadian)	Egypt	15.90%	NR	02-Jul-2024	0.00
Hungary Government Bond	0.85%	-0.11	$844,148.68	246,810,000	Government	Foreign Govt & Muni (Excl Canadian)	Hungary	2.50%	Baa3	24-Oct-2024	0.00
Romania Government Bond	0.85%	0.07	$841,428.45	3,210,000	Government	Foreign Govt & Muni (Excl Canadian)	Romania	5.85%	NR	26-Apr-2023	0.00
Hungary Government Bond	0.84%	-0.46	$836,035.13	236,650,000	Government	Foreign Govt & Muni (Excl Canadian)	Hungary	3.00%	NR	27-Oct-2027	0.00
Malaysia Government Bond	0.82%	-0.08	$817,831.37	2,953,000	Government	Foreign Govt & Muni (Excl Canadian)	Malaysia	4.94%	A3	30-Sep-2043	0.00
Serbia Treasury Bonds	0.82%	0.06	$811,888.38	73,130,000	Government	Foreign Govt & Muni (Excl Canadian)	Serbia	4.50%	NR	11-Jan-2026	0.00
Peruvian Government International Bond	0.78%	0.00	$778,804.00	2,304,000	Government	Foreign Govt & Muni (Excl Canadian)	Peru	6.90%	A3	12-Aug-2037	0.00
Colombian TES	0.78%	-0.25	$777,733.63	2,782,300,000	Government	Foreign Govt & Muni (Excl Canadian)	Colombia	6.00%	Baa2	28-Apr-2028	0.00
Indonesia Treasury Bond	0.78%	0.02	$773,664.65	10,600,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	8.25%	NR	15-May-2036	0.00
China Government Bond	0.77%	0.04	$768,927.66	5,200,000	Government	Foreign Govt & Muni (Excl Canadian)	China	3.13%	NR	21-Nov-2029	0.00
Republic of South Africa Government Bond	0.74%	0.01	$740,904.85	15,820,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	8.75%	Ba1	31-Jan-2044	0.00
Kenya Infrastructure Bond	0.73%	0.44	$724,395.78	78,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Kenya	10.20%	NR	25-May-2026	0.00
Czech Republic Government Bond	0.69%	-0.22	$684,352.59	13,840,000	Government	Foreign Govt & Muni (Excl Canadian)	Czech Republic	2.50%	NR	25-Aug-2028	0.00
Turkey Government Bond	0.67%	0.20	$670,793.67	5,350,000	Government	Foreign Govt & Muni (Excl Canadian)	Turkey	12.40%	NR	08-Mar-2028	0.00
Russian Federal Bond - ofZ	0.67%	-0.07	$667,693.99	46,900,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	7.75%	NR	16-Sep-2026	0.00
Bonos de la Tesoreria de la Republica en pesos	0.67%	-0.38	$662,726.74	455,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Chile	4.50%	A1	01-Mar-2026	0.00
Bonos de la Tesoreria de la Republica en pesos	0.66%	-0.02	$659,730.44	375,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Chile	6.00%	A1	01-Jan-2043	0.00
Romania Government Bond	0.62%	0.34	$616,057.31	2,355,000	Government	Foreign Govt & Muni (Excl Canadian)	Romania	4.75%	NR	24-Feb-2025	0.00
Jasa Marga Persero	0.61%	0.01	$604,194.02	9,000,000,000	Corporate High Grade	Transportation Services	Indonesia	7.50%	Baa3	11-Dec-2020	0.00
HDFC Bank	0.59%	0.05	$584,354.38	40,000,000	Emerging Market Corporate	Em-Banks	India	8.10%	Baa3	22-Mar-2025	0.00
India Government Bond	0.57%	0.02	$569,119.37	37,000,000	Government	Foreign Govt & Muni (Excl Canadian)	India	8.26%	Baa3	02-Aug-2027	0.00
European Bank for Reconstruction & development	0.56%	0.02	$560,494.62	8,040,000,000	Government	Foreign Govt & Muni (Excl Canadian)	SNAT (Supe Natl Wrld Global)	5.60%	NR	30-Jan-2025	0.00
National Highways Authority of India	0.56%	0.04	$554,577.98	40,000,000	Government	Foreign Govt & Muni (Excl Canadian)	India	7.30%	NR	18-May-2022	0.00
India Government Bond	0.44%	0.03	$439,591.85	27,690,000	Government	Foreign Govt & Muni (Excl Canadian)	India	8.60%	NR	02-Jun-2028	0.00
Romanian Government International Bond	0.42%	0.05	$422,204.59	315,000	Government	Foreign Govt & Muni (Excl Canadian)	Romania	3.62%	Baa3	26-May-2030	8.15
Thailand Government Bond	0.42%	-0.92	$420,127.78	10,820,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	3.65%	Baa1	20-Jun-2031	0.00
Malaysia Government Bond	0.40%	0.04	$399,786.41	1,575,000	Government	Foreign Govt & Muni (Excl Canadian)	Malaysia	4.07%	NR	15-Jun-2050	0.00
Bulgaria Government International Bond	0.39%	N/A	$392,670.22	344,000	Government	Foreign Govt & Muni (Excl Canadian)	Bulgaria	1.38%	Baa2	23-Sep-2050	24.19
Ivory Coast Government International Bond	0.38%	N/A	$382,385.83	400,000	Government	Foreign Govt & Muni (Excl Canadian)	Cote d Ivoire	6.13%	Ba3	15-Jun-2033	7.94
Colombian TES	0.36%	-0.02	$361,578.22	1,126,400,000	Government	Foreign Govt & Muni (Excl Canadian)	Colombia	10.00%	Baa2	24-Jul-2024	0.00
Turkey Government Bond	0.35%	-0.23	$349,338.63	2,934,000	Government	Foreign Govt & Muni (Excl Canadian)	Turkey	10.60%	NR	11-Feb-2026	0.00
Peru Government Bond	0.35%	-0.93	$345,207.32	1,070,000	Government	Foreign Govt & Muni (Excl Canadian)	Peru	6.15%	A3	12-Aug-2032	0.00
Peruvian Government International Bond	0.32%	N/A	$323,121.22	950,000	Government	Foreign Govt & Muni (Excl Canadian)	Peru	6.35%	A3	12-Aug-2028	0.00
Petroleos Mexicanos	0.32%	0.24	$322,428.96	8,700,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	7.47%	Ba2	12-Nov-2026	0.00
Celulosa Arauco Y Constitucion	0.32%	0.02	$320,585.00	300,000	Emerging Market Corporate	Em-Forest Products	Chile	4.20%	Baa3	29-Jan-2030	7.67
Mexican Bonos	0.32%	-0.97	$319,833.89	5,831,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	10.00%	Baa1	05-Dec-2024	0.00
Hungary Government Bond	0.32%	N/A	$314,235.49	100,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Hungary	1.00%	Baa3	26-Nov-2025	0.00
Colombian TES	0.30%	N/A	$299,276.23	1,000,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Colombia	7.25%	NR	18-Oct-2034	0.00
Transnet SOC	0.29%	0.01	$290,088.48	290,000	Agency/Supranationals	Foreign Agency	South Africa	4.00%	Ba1	26-Jul-2022	1.72
Egypt Government Bond	0.26%	0.02	$262,544.93	3,860,000	Government	Foreign Govt & Muni (Excl Canadian)	Egypt	15.25%	NR	09-Dec-2024	0.00
Indonesia Treasury Bond	0.26%	-0.00	$254,915.96	3,350,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	9.00%	Baa2	15-Mar-2029	0.00
Standard Chartered Bank	0.25%	0.00	$250,449.60	3,300,000,000	Corporate High Grade	Banking	Indonesia	9.00%	NR	19-Mar-2029	N/A
Trinidad & Tobago Government International Bond	0.25%	0.01	$249,502.50	250,000	Government	Foreign Govt & Muni (Excl Canadian)	Trinidad and Tobago	4.50%	Ba1	26-Jun-2030	7.69
Albania Government International Bond	0.25%	N/A	$249,395.99	205,000	Government	Foreign Govt & Muni (Excl Canadian)	Albania	3.50%	B1	16-Jun-2027	5.87
Ukraine Government International Bond	0.24%	0.01	$238,720.10	205,000	Government	Foreign Govt & Muni (Excl Canadian)	Ukraine	6.75%	NR	20-Jun-2026	4.51
Paraguay Government International Bond	0.24%	0.02	$235,480.00	200,000	Government	Foreign Govt & Muni (Excl Canadian)	Paraguay	4.95%	Ba1	28-Apr-2031	7.62
BBVA Bancomer SA/Texas	0.23%	0.01	$228,843.97	225,000	Corporate High Grade	Banking	Mexico	5.88%	Baa3	13-Sep-2034	9.40
Grupo Energia Bogota SA ESP	0.23%	0.02	$227,806.25	200,000	Corporate High Grade	Utilities	Colombia	4.88%	Baa2	15-May-2030	7.65
Mongolia Government International Bond	0.21%	0.01	$208,265.60	200,000	Government	Foreign Govt & Muni (Excl Canadian)	Mongolia	5.13%	B3	05-Dec-2022	2.02
Petroleos Mexicanos	0.21%	0.01	$206,591.54	223,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	6.50%	Ba2	13-Mar-2027	5.11
Dominican Republic International Bond	0.19%	N/A	$184,844.69	10,250,000	Government	Foreign Govt & Muni (Excl Canadian)	Dominican Republic	9.75%	Ba3	05-Jun-2026	0.00
Bonos de la Tesoreria de la Republica en pesos	0.18%	N/A	$179,141.78	120,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Chile	4.70%	NR	01-Sep-2030	0.00
Indonesia Treasury Bond	0.16%	0.01	$162,352.16	2,000,000,000	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	9.50%	Baa2	15-May-2041	0.00
Brazil Notas do Tesouro Nacional Serie	0.16%	0.00	$157,952.05	21,200	Government	Foreign Govt & Muni (Excl Canadian)	Brazil	6.00%	Ba2	15-May-2045	0.00
India Government Bond	0.15%	0.01	$152,007.03	10,650,000	Government	Foreign Govt & Muni (Excl Canadian)	India	6.45%	NR	07-Oct-2029	0.00
Standard Chartered Bank/Singapore	0.15%	0.00	$151,787.63	2,000,000,000	Corporate High Grade	Banking	Indonesia	9.00%	NR	19-Mar-2029	N/A
Empresas Publicas de Medellin ESP	0.14%	-0.01	$136,169.55	500,000,000	Corporate High Grade	Energy	Colombia	7.63%	Baa3	10-Sep-2024	0.00
Thailand Government Bond	0.10%	0.00	$95,505.32	2,400,000	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	3.78%	Baa1	25-Jun-2032	0.00
Russian Federal Bond - ofZ	0.07%	-0.69	$68,998.17	5,033,000	Government	Foreign Govt & Muni (Excl Canadian)	Russia	7.60%	Baa3	20-Jul-2022	0.00
Uruguay Government International Bond	0.06%	0.01	$61,388.10	2,500,000	Government	Foreign Govt & Muni (Excl Canadian)	Uruguay	8.50%	NR	15-Mar-2028	0.00
Uruguay Government International Bond	0.06%	0.01	$58,219.64	2,300,000	Government	Foreign Govt & Muni (Excl Canadian)	Uruguay	9.88%	NR	20-Jun-2022	0.00
Argentine Bonos del Tesoro	0.05%	-0.01	$51,693.38	8,495,000	Government	Foreign Govt & Muni (Excl Canadian)	Argentina	18.20%	Ca	03-Oct-2021	0.00
European Investment Bank	0.04%	0.00	$35,220.09	500,000	Agency/Supranationals	Foreign Agency	SNAT (Supe Natl Wrld Global)	8.13%	Aaa	21-Dec-2026	0.00
Banco de Credito del Peru	0.03%	0.00	$34,388.89	121,000	Corporate High Grade	Banking	Peru	4.85%	Baa1	30-Oct-2020	0.00
Colombia Government International Bond	0.02%	0.00	$21,307.38	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 (30-Sep-2020)

Monthly as of:

Sector Diversification	% of Fund	% of Indicative Benchmark
Reserves	2.33%	0.00%
Corporate	2.01%	0.00%
Quasi-Sovereign	0.96%	0.00%
Other	0.03%	0.00%
Interest Rate Swaps	-0.04%	0.00%
Sovereign	94.71%	100.00%

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

Country Diversification (30-Sep-2020)

Monthly as of:

Country Diversification	% of Fund	% of Indicative Benchmark
India	2.31%	0.00%
Egypt	2.17%	0.00%
Serbia	1.79%	0.00%
Romania	4.24%	2.94%
Indonesia	10.45%	9.37%
South Africa	8.11%	7.23%
Peru	3.92%	3.10%
Russia	9.03%	8.23%
Kenya	0.73%	0.00%
SNAT (Supe Natl Wrld Global)	0.60%	0.00%
Bulgaria	0.39%	0.00%
Cote d Ivoire	0.38%	0.00%
Mexico	9.97%	9.63%
Trinidad and Tobago	0.25%	0.00%
Albania	0.25%	0.00%
Ukraine	0.24%	0.00%
Paraguay	0.24%	0.00%
Mongolia	0.21%	0.00%
Hungary	3.94%	3.89%
Dominican Republic	0.19%	0.17%
Uruguay	0.12%	0.14%
China	6.83%	7.00%
Malaysia	6.65%	7.39%
Colombia	4.80%	5.61%
Chile	1.82%	2.72%
Turkey	1.03%	2.26%
Brazil	6.25%	8.68%
Czech Republic	1.67%	4.26%
Thailand	5.21%	8.90%
Poland	3.73%	8.31%

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-Sep-2020)

Monthly as of:

Region Diversification	% of Fund	% of Indicative Benchmark
Middle East & Africa	11.39%	7.23%
Other	0.67%	0.00%
Asia	31.67%	32.85%
Latin America	27.61%	30.05%
Emerging Europe	26.31%	29.88%

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

Currency Diversification (30-Sep-2020)

Monthly as of:

Currency Diversification	% of Fund	% of Indicative Benchmark
Mexican peso	12.35%	9.63%
Australian dollar	-1.49%	0.00%
Canadian dollar	-1.53%	0.00%
U.S. dollar	-9.18%	0.00%
Dollar Bloc Subtotal	0.15%	9.63%

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

Currency Diversification	% of Fund	% of Indicative Benchmark
Czech koruna	6.24%	4.26%
Polish zloty	5.73%	8.31%
Hungarian forint	3.65%	3.89%
Swiss franc	-1.00%	0.00%
euro	-2.54%	0.00%
European Bloc Subtotal	12.08%	16.45%

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

Currency Diversification	% of Fund	% of Indicative Benchmark
Malaysian ringgit	9.07%	7.39%
Thai baht	8.86%	8.90%
Japanese yen	1.54%	0.00%
Korean won	-1.51%	0.00%
New Taiwan dollar	-2.06%	0.00%
Far East Bloc Subtotal	15.90%	16.30%

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

Currency Diversification	% of Fund	% of Indicative Benchmark
Indonesian rupiah	12.13%	9.37%
Russian ruble	8.74%	8.23%
Brazilian real	8.53%	8.68%
South African rand	7.36%	7.23%
Chinese renminbi	7.01%	7.00%
Colombian peso	6.27%	5.61%
New Romanian leu	4.56%	2.94%
Peruvian nuevo sol	3.75%	3.10%
Turkish lira	2.98%	2.26%
Chilean peso	2.75%	2.72%
Serbia dinar	2.50%	0.00%
Egyptian pound	2.00%	0.00%
Offshore Chinese renminbi	1.23%	0.00%
Ukranian hryvna	0.74%	0.00%
Kenyan shilling	0.73%	0.00%
Philippine peso	0.19%	0.18%
Dominican peso	0.19%	0.17%
Peso uruguayo	0.12%	0.14%
Argentinian peso	0.06%	0.00%
Indian rupee	0.02%	0.00%
Emerging Markets Bloc Subtotal	71.87%	57.62%

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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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

Indonesian rupiah

Largest Underweight

U.S. dollar

Team (As of 01-Oct-2020)

Andrew KeirlePortfolio Manager

Fee Schedule

Portfolio Characteristics

Risks

Risk/Return Characteristics

Calendar Year Performance (Class I)

Monthly Performance (Class I)

Quality (30-Sep-2020)

Duration (30-Sep-2020)

Holdings (30-Sep-2020)

Sector Diversification (30-Sep-2020)

Country Diversification (30-Sep-2020)

Region Diversification (30-Sep-2020)

Currency Diversification (30-Sep-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