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 corporate bonds from emerging market issuers.

Investment Approach

Focus primarily on corporate debt issued by companies domiciled within emerging market countries.
Integrate proprietary credit research and relative value analysis.
Establish independent credit rating for each company and country.
Add value primarily through individual security selection decisions.
Limit risk through diversification.
Employ long-term investment horizon combined with low portfolio turnover.
Utilize collaboration across macroeconomic, equity and corporate debt teams to take a comprehensive view of corporate debt securities.
Diversification cannot assure a profit or protect against loss in a declining market.

Portfolio Construction

Diversified portfolio structure: typically 100-150 securities
Duration bands: managed within +/- 1 year of the benchmark
Expected average credit quality: BB
Maximum corporate issuer exposure of 3%
Country exposure will range between +/- 20% of index
Corporate sector exposure will range between +/- 20% of index
Expected tracking error will range between 250 - 450 bps

Performance (Class I)

Annualised Performance

Calculated:

	1 YR	3 YR Annualised	5 YR Annualised	Since Inception Annualised	Since Manager Inception Annualised
Fund %	11.17%	5.70%	5.55%	5.55%	7.73%
Indicative Benchmark %	10.59%	5.05%	5.21%	5.35%	6.65%
Excess Return %	0.58%	0.65%	0.34%	0.20%	1.08%

	1 YR	3 YR Annualised	5 YR Annualised	Since Inception Annualised
Fund %	11.17%	5.70%	5.55%	5.55%
Indicative Benchmark %	10.59%	5.05%	5.21%	5.35%
Excess Return %	0.58%	0.65%	0.34%	0.20%

Recent Performance

	Month to DateData as of 21-Oct-2019	Quarter to DateData as of 21-Oct-2019	Year to DateData as of 21-Oct-2019	1 MonthData as of 30-Sep-2019	3 MonthsData as of 30-Sep-2019
Fund %	0.45%	0.45%	11.83%	0.64%	2.01%
Indicative Benchmark %	0.40%	0.40%	11.08%	0.63%	1.66%
Excess Return %	0.05%	0.05%	0.75%	0.01%	0.35%

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.

30-Sep-2019 - Samy Muaddi, Portfolio Manager,

Emerging markets debt generated modest returns in September. Despite ongoing concerns about potential weakness in global growth stemming from trade disputes and increased geopolitical tensions, investors sought higher yields amid decreasing global rates. Within the portfolio our selection of higher-yielding telecoms supported performance within the technology, media, and telecommunications sector. Turk Telekomunikasyon, Axtel, and Digicel all recovered from recent weakness. Our positioning within the real estate sector also aided relative returns, supported by our overweight allocation and selection of higher-quality Chinese property developers, such as Shimao, Cifi, Country Garden, and Yanlord. In contrast, oil and gas was a source of weakness due to our underweight allocation and security selection within the sector. A lack of exposure to Argentinian oil companies also held back relative performance as they partially recovered from recent weakness. Saudi Arabian oil producer Aramco declined following an attack on two of its processing facilities.

Holdings

Issuers

Top
Issuers

Top 10 Issuers 13.66% Was (31-Aug-2019) 13.97%

Other View Top 10 Issuers

Holdings

Total
Holdings

158

Largest Holding Globo Comunicacao E Participacoes 1.77% Was (30-Jun-2019) 1.51%

Top 10 Holdings 13.21%

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

Quality Rating View quality analysis

	Largest Overweight	Largest Underweight
Quality Rating	BB	A
By %	13.01%	-13.27%
Fund	32.60%	5.66%
Indicative Benchmark	19.58%	18.93%

Average Credit Quality

BB+

Maturity View maturity analysis

	Largest Overweight	Largest Underweight
Maturity	7-10 Years	10+ Years
By %	7.25%	-6.99%
Fund	25.08%	8.37%
Indicative Benchmark	17.84%	15.37%

Weighted Average Maturity

6.99 Years

Duration View duration analysis

	Largest Overweight	Largest Underweight
Duration	5-7 Years	1-3 Years
By %	12.36%	-6.61%
Fund	31.80%	18.31%
Indicative Benchmark	19.44%	24.92%

Weighted Average Duration

5.48 Years

30-Jun-2019 - Samy Muaddi, Portfolio Manager,

Domestic Demand Could Drive Opportunities for Growth

We added to our overweight allocation to the technology, media, and telecommunications sector. We participated in a new issue by investment-grade, Chinese social media company Weibo and initiated a new position in Brazilian telecom Oi on attractive relative value.

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Adding to our overweight in real estate, we initiated a new position in high-yielding Indonesian property developer Jababeka following the successful reelection of President Joko Widodo. We also added to our holdings of Chinese developers Country Garden and Evergrande.

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We also added to the portfolio's overweight allocation to the transportation sector. We added to Brazilian airline Azul.

Underweight Lower-Yielding and Less-Attractive Risk-Adjusted Relative Value Sectors

The financials sector remains the largest underweight, and we further reduced financial holdings during the quarter. After an extended period of positive performance, we eliminated holdings of Banco Macro. Similarly, positions in Turkish banks Akbank and Garanti were trimmed as well.

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The oil and gas sector is a meaningful underweight, and we reduced our allocation to the sector by eliminating YPF and trimming Kosmos and Tullow. The portfolio remains focused on quasi-sovereigns such as Abu Dhabi National Energy and Petrobras.

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Though we maintained our underweight allocation to the metals and mining sector, we added to holdings. We participated in new issues from steel producers CSN and JSW Steel.

Credit Quality Considerations

From a secular perspective, we find the most value in BB to B credits. These segments generally offer opportunities to identify companies with improving fundamentals that are rating upgrade candidates or provide a stable and attractive risk-adjusted yield.

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We increased our holdings of BBB rated names that offer attractive risk-adjusted value, such as Chilean pulp producer Celulosa Arauco. We continue to generally avoid distressed issuers in the CCC and below segment given their increased volatility and history of poor risk-adjusted returns.

Sectors

Total
Sectors

Largest Sector TMT 18.15% Was (31-Aug-2019) 19.02%

Other View complete Sector Diversification

Largest Overweight

TMT

By6.61%

Fund 18.15%

Indicative Benchmark 11.54%

Largest Underweight

Financial

By-14.03%

Fund 15.78%

Indicative Benchmark 29.81%

30-Sep-2019 - Samy Muaddi, Portfolio Manager,

We focus on companies that we believe are well-positioned to benefit from domestic economic growth, such as those in real estate and consumer-related sectors. In contrast, we continue to have a lower exposure to financials in the portfolio, given rich valuations in some areas and poor transparency. We also maintain underweight allocations to extractive industries, such as the oil and gas sector.

Countries

Total
Countries

Largest Country China 12.57% Was (31-Aug-2019) 14.24%

Other View complete Country Diversification

Largest Overweight

South Africa

By5.38%

Fund 8.33%

Indicative Benchmark 2.95%

Largest Underweight

Qatar

By-3.15%

Fund 0.00%

Indicative Benchmark 3.15%

31-Dec-2016 - Samy Muaddi, Portfolio Manager,

Countries with strong reform agendas including Brazil, Argentina, and Indonesia, remain a key focus of the strategy. On the other hand, we have trimmed our exposure to Mexico, largely through longer-maturity industrials, given the uncertainties around the potential renegotiation of North American free trade agreements

Currency

Total
Currencies

Largest Currency U.S. dollar 100.00% Was (31-Aug-2019) 100.00%

Other View complete Currency Diversification

Largest Overweight

Canadian dollar

By 0.00%

Fund 0.00%

Indicative Benchmark 0.00%

Largest Underweight

U.S. dollar

By -0.00%

Fund 100.00%

Indicative Benchmark 100.00%

Team (As of 31-Aug-2019)

Samy Muaddi
Portfolio Manager

Samy Muaddi is a portfolio manager in the Fixed Income Division of T. Rowe Price. Mr. Muaddi is the lead manager and executive vice president of the Emerging Markets Corporate Bond Strategy and chairman of the strategy's Investment Advisory Committee. He also manages the Asia Credit Strategy and is co-portfolio manager of the Global High Income Strategy. Mr. Muaddi is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Mr. Muaddi has 13 years of investment experience, all of which have been with T. Rowe Price. He joined the firm in 2006.

Mr. Muaddi earned a B.A., summa cum laude, in economics from the University of Maryland. He also has earned the Chartered Financial Analyst designation. Mr. Muaddi is an adjunct professor at Georgetown University in the Walsh Graduate School of Foreign Service.

Fund manager
since
2015
Years at
T. Rowe Price
13
Years investment
experience
13

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 A	$15,000	$100	$100	5.00%	135 basis points	1.52%
Class I	$2,500,000	$100,000	$0	0.00%	70 basis points	0.80%
Class Q	$15,000	$100	$100	0.00%	70 basis points	0.87%
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	5.70%	5.29%
Weighted Average Maturity	6.99 Years	7.93 Years
Weighted Average Duration	5.48 Years	5.48 Years
Number of Holdings	158	1,495

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 (Russia and Ukraine)
Credit risk
Default risk
Derivatives risk
Emerging markets risk
Frontier markets risk
Geographic concentration risk
Hedging risk
Interest rate risk
Investment fund 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	-0.30%	0.00%
Beta	1.16	1.00
R-Squared	0.94	1.00
Annualized Std. Deviation	4.40%	3.70%
Information Ratio	0.28	0.00
Sharpe Ratio	1.03	1.14
Tracking Error	1.20%	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.

Quality (30-Sep-2019)

Monthly as of:

Quality Rating	% of Fund	% of Indicative Benchmark
US Treasury	0.00%	0.00%
AA	0.00%	2.28%
A	5.66%	18.93%
BBB	33.06%	37.12%
BB	32.60%	19.58%
B	22.53%	13.62%
CCC	0.73%	3.57%
CC	0.00%	0.11%
Not Rated	5.16%	4.78%
Reserves	0.27%	0.00%

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

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

Maturity (30-Sep-2019)

Monthly as of:

Bond Maturity	% of Fund	% of Indicative Benchmark
0-1 Years	0.46%	0.00%
1-3 Years	14.95%	19.65%
3-5 Years	29.48%	30.32%
5-7 Years	21.37%	16.82%
7-10 Years	25.08%	17.84%
10+ Years	8.37%	15.37%
Cash Equivalents	0.28%	0.00%

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

Duration (30-Sep-2019)

Monthly as of:

Duration	% of Fund	% of Indicative Benchmark
Under 1 Year	0.44%	0.02%
1-3 Years	18.31%	24.92%
3-5 Years	31.77%	33.63%
5-7 Years	31.80%	19.44%
7-10 Years	5.75%	9.07%
Over 10 Years	11.66%	12.92%
Cash Equivalents	0.27%	0.00%

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

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

Holdings (30-Sep-2019)

Quarterly as of:

Company	% of Fund	Previous Qtr Change	Value (USD)	Shares/Par	Sector	Industry	Country	Coupon Rate (%)	Quality	Maturity Date	Duration (Yrs)
Globo Comunicacao E Participacoes	1.77%	0.27	$2,520,707.00	2,450,000	Corporate High Grade	Telephones	Brazil	5.13%	NR	31-Mar-2027	N/A
Israel Chemicals	1.40%	0.18	$1,992,011.45	1,595,000	Corporate High Grade	Chemicals	Israel	6.38%	NR	31-May-2038	11.43
FirstRand Bank	1.38%	-0.06	$1,961,796.50	1,800,000	Corporate High Grade	Banking	South Africa	6.25%	Ba2	23-Apr-2028	6.55
Turk Telekomunikasyon	1.34%	0.33	$1,908,938.00	1,800,000	Corporate High Grade	Wireline Communications	Turkey	6.88%	NR	28-Feb-2025	4.48
Emirates NBD PJSC	1.33%	0.38	$1,893,692.50	1,800,000	Corporate High Grade	Banking	United Arab Emirates	6.13%	B1	20-Sep-2168	14.24
Ocp	1.24%	-0.06	$1,762,336.41	1,575,000	Agency/Supranationals	Foreign Agency	Morocco	5.63%	NR	25-Apr-2024	3.96
Latam Finance	1.21%	-0.09	$1,726,079.06	1,607,000	Corporate High Grade	Airlines	Chile	7.00%	NR	01-Mar-2026	5.15
Banco De Bogota	1.21%	-0.06	$1,714,779.33	1,600,000	Emerging Market Corporate	Em-Banks	Colombia	4.38%	Baa2	03-Aug-2027	6.60
Republic of South Africa Government International Bond	1.17%	-0.08	$1,664,773.69	1,575,000	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	4.88%	Baa3	14-Apr-2026	5.46
VTR Finance BV	1.16%	0.29	$1,651,007.01	1,579,000	Corporate High Grade	Cable Operators	Chile	6.88%	B1	15-Jan-2024	3.64
Empresa Nacional De Telecomunicaciones	1.16%	0.03	$1,650,307.82	1,550,000	Emerging Market Corporate	Em-Wireless Communications	Chile	4.75%	Baa3	01-Aug-2026	5.43
Equate Petrochemical BV	1.16%	0.12	$1,645,108.75	1,500,000	Corporate High Grade	Chemicals	Kuwait	4.25%	Baa2	03-Nov-2026	6.05
Enel Americas	1.09%	-0.05	$1,553,435.94	1,460,000	Corporate High Grade	Energy	Chile	4.00%	Baa3	25-Oct-2026	6.05
ICTSI Treasury BV	1.04%	-0.07	$1,477,436.72	1,400,000	Emerging Market Corporate	Em-Consumer Products	Philippines	4.63%	NR	16-Jan-2023	3.02
Peru LNG Srl	1.03%	-0.13	$1,461,067.22	1,400,000	Corporate Securities	Energy	Peru	5.38%	Baa3	22-Mar-2030	6.26
Minerva Luxembourg	1.02%	0.27	$1,457,687.78	1,400,000	Emerging Market Corporate	Em-Food/Tobacco	Brazil	6.50%	NR	20-Sep-2026	5.57
Golden Eagle Retail	1.02%	0.08	$1,455,116.87	1,500,000	Emerging Market Corporate	Em-Retail	China	4.63%	Ba3	21-May-2023	3.23
Industrias Penoles SAB de CV	1.00%	N/A	$1,417,437.75	1,410,000	Corporate High Grade	Metals & Mining	Mexico	4.15%	NR	12-Sep-2029	8.07
Samba Funding	1.00%	N/A	$1,416,998.63	1,425,000	Corporate High Grade	Financial	Saudi Arabia	2.75%	A1	02-Oct-2024	4.64
Shimao Property Holdings	0.98%	-0.08	$1,388,065.01	1,300,000	Corporate High Grade	Building & Real Estate	China	6.13%	NR	21-Feb-2024	3.82
Standard Bank	0.95%	-0.05	$1,358,550.97	1,265,000	Corporate High Grade	Financial	South Africa	5.95%	Ba2	31-May-2029	7.26
Transnet SOC	0.93%	-0.07	$1,319,917.44	1,300,000	Agency/Supranationals	Foreign Agency	South Africa	4.00%	Baa3	26-Jul-2022	2.63
Saudi Arabian Oil	0.93%	0.00	$1,318,543.33	1,200,000	Government	Foreign Govt & Muni (Excl Canadian)	Saudi Arabia	4.25%	A1	16-Apr-2039	13.20
LS Finance 2022	0.92%	-0.07	$1,312,345.11	1,300,000	Corporate High Grade	Retail	Hong Kong	4.25%	Ba2	16-Oct-2022	2.77
Indorama Ventures Global Services	0.91%	N/A	$1,296,621.56	1,300,000	Corporate High Grade	Energy	Thailand	4.38%	NR	12-Sep-2024	4.39
SASOL Financing USA	0.91%	-0.09	$1,294,529.50	1,200,000	Emerging Market Corporate	Em-Chemicals	South Africa	5.88%	Baa3	27-Mar-2024	3.95
21vianet	0.89%	0.09	$1,260,139.50	1,200,000	Corporate High Grade	Wireless Communications	China	7.88%	B1	15-Oct-2021	1.79
MAF Global Securities	0.87%	-0.07	$1,240,011.01	1,225,000	Corporate High Grade	Real Estate Investment Trust Securities	United Arab Emirates	5.50%	NR	07-Sep-2168	14.67
Brf	0.87%	0.12	$1,234,712.19	1,175,000	Emerging Market Corporate	Em-Consumer Products	Brazil	N/A	Ba2	22-May-2024	4.08
Azul Investments LLP	0.87%	-0.04	$1,231,796.33	1,200,000	Corporate High Grade	Airlines	Brazil	5.88%	B1	26-Oct-2024	4.23
Pakuwon Prima Pte	0.86%	0.08	$1,227,159.47	1,200,000	Corporate High Grade	Real Estate Investment Trust Securities	Indonesia	5.00%	Ba2	14-Feb-2024	3.87
Kosmos Energy	0.86%	-0.03	$1,224,869.58	1,150,000	Corporate High Grade	Energy	United States	7.13%	B2	04-Apr-2026	5.01
Yanlord Land HK	0.86%	-0.04	$1,224,699.40	1,150,000	Corporate High Grade	Building & Real Estate	China	6.75%	Ba3	23-Apr-2023	3.06
Axtel SAB de CV	0.85%	-0.04	$1,215,421.59	1,150,000	Emerging Market Corporate	Em-Wireless Communications	Mexico	6.38%	Ba3	14-Nov-2024	4.24
Telefonica Celular Del Paraguay	0.85%	-0.03	$1,209,866.93	1,100,000	Corporate High Grade	Wireline Communications	Paraguay	5.88%	Ba1	15-Apr-2027	5.95
Tullow Oil	0.85%	0.61	$1,204,103.44	1,175,000	Emerging Market Corporate	Em-Energy	Ghana	7.00%	B3	01-Mar-2025	4.44
Aes Gener	0.84%	0.18	$1,198,204.34	1,100,000	Corporate High Grade	Utilities	Chile	7.13%	Ba2	26-Mar-2079	14.29
Akbank T.A.S.	0.83%	0.18	$1,180,853.46	1,175,000	Corporate High Grade	Banking	Turkey	5.00%	B2	24-Oct-2022	2.74
GTLK Europe DAC	0.81%	-0.07	$1,157,012.69	1,100,000	Corporate High Grade	Financial	Russia	5.95%	Ba2	19-Jul-2021	1.69
Sberbank Of Russia Via Sb Capital	0.81%	-0.06	$1,155,809.74	1,065,000	Emerging Market Corporate	Em-Banks	Russia	6.13%	Baa3	07-Feb-2022	2.18
Sigma Alimentos SA de CV	0.81%	N/A	$1,147,517.48	1,090,000	Corporate High Grade	Food Processing	Mexico	4.13%	Baa3	02-May-2026	5.66
Shinhan Bank	0.80%	N/A	$1,136,325.52	1,100,000	Corporate High Grade	Banking	South Korea	3.88%	Baa1	07-Dec-2026	6.17
St Marys Cement Inc Canada	0.78%	N/A	$1,114,356.65	990,000	Corporate High Grade	Building Products	Brazil	5.75%	Ba1	28-Jan-2027	5.99
Gohl Capital	0.78%	-0.05	$1,106,182.00	1,050,000	Corporate High Grade	Gaming	Malaysia	4.25%	Baa1	24-Jan-2027	6.23
Tengizchevroil Finance Co International	0.78%	-0.05	$1,104,783.75	1,050,000	Corporate High Grade	Petroleum	Kazakhstan	4.00%	Baa2	15-Aug-2026	5.78
CIFI Holdings	0.77%	-0.04	$1,099,032.99	1,050,000	Corporate High Grade	Miscellaneous	China	7.63%	NR	28-Feb-2023	2.96
Saudi Telecom	0.77%	N/A	$1,090,223.61	1,000,000	Corporate High Grade	Wireline Communications	Saudi Arabia	3.89%	A1	13-May-2029	7.95
ABJA Investment Co Pte	0.76%	-0.05	$1,085,623.05	1,100,000	Emerging Market Corporate	Em-Metals	India	5.45%	NR	24-Jan-2028	6.52
Ecopetrol	0.76%	N/A	$1,080,634.24	950,000	Corporate High Grade	Miscellaneous	Colombia	5.38%	Baa3	26-Jun-2026	5.65
HPCL-Mittal Energy	0.75%	-0.05	$1,073,836.23	1,050,000	Corporate High Grade	Energy	India	5.25%	Ba2	28-Apr-2027	6.05
Mong Duong Finance Holdings BV	0.75%	N/A	$1,067,725.68	1,040,000	Corporate High Grade	Utilities	Vietnam	5.13%	Ba3	07-May-2029	5.59
Suzano Austria GmbH	0.75%	N/A	$1,065,962.10	970,000	Corporate High Grade	Miscellaneous	Brazil	6.00%	NR	15-Jan-2029	7.09
Almarai Sukuk	0.74%	-0.06	$1,058,238.75	1,000,000	Corporate High Grade	Food/Tobacco	Saudi Arabia	4.31%	Baa3	05-Mar-2024	4.02
SK Hynix	0.74%	N/A	$1,056,733.43	1,060,000	Corporate High Grade	Information Technology	South Korea	3.00%	Baa2	17-Sep-2024	4.57
KazMunayGas National Co JSC	0.74%	-0.04	$1,051,524.65	950,000	Corporate High Grade	Petroleum	Kazakhstan	4.75%	Baa3	19-Apr-2027	6.25
Metropolitan Light	0.74%	N/A	$1,048,507.12	998,000	Corporate High Grade	Other Telecommunications	Hong Kong	5.50%	Ba2	21-Nov-2022	2.81
Longfor Group Holdings	0.73%	-0.05	$1,043,086.90	1,000,000	Corporate High Grade	Miscellaneous	China	4.50%	Baa3	16-Jan-2028	6.84
Turkiye Garanti Bankasi	0.73%	-0.05	$1,033,076.72	1,025,000	Corporate High Grade	Banking	Turkey	5.88%	B2	16-Mar-2023	3.09
TNB Global Ventures Capital	0.72%	-0.03	$1,030,160.89	1,000,000	Corporate High Grade	Utilities	Malaysia	3.24%	A3	19-Oct-2026	6.18
Controladora Mabe SA de CV	0.72%	-0.02	$1,021,322.31	925,000	Corporate High Grade	Consumer Products	Mexico	5.60%	Baa3	23-Oct-2028	6.99
Listrindo Capital BV	0.72%	-0.05	$1,019,925.00	1,000,000	Emerging Market Corporate	Em-Utilities	Indonesia	4.95%	Ba2	14-Sep-2026	5.83
MTN Mauritius Investments	0.71%	-0.03	$1,016,345.50	900,000	Emerging Market Corporate	Em-Wireless Communications	South Africa	6.50%	Ba1	13-Oct-2026	5.54
Ruwais Power Co PJSC	0.71%	-0.02	$1,012,968.00	800,000	Corporate Securities	Energy	United Arab Emirates	6.00%	A3	31-Aug-2036	10.36
Petrobras Global Finance BV	0.71%	-0.02	$1,007,920.80	770,000	Agency/Supranationals	Foreign Agency	Brazil	8.75%	Ba2	23-May-2026	5.15
JSW Steel	0.71%	-0.20	$1,007,722.95	950,000	Corporate High Grade	Metals & Mining	India	5.95%	Ba2	18-Apr-2024	3.86
Engie Energia Chile	0.70%	-0.05	$1,001,039.62	925,000	Corporate High Grade	Electric Utilities	Chile	4.50%	NR	29-Jan-2025	4.72
Bank Mandiri Persero	0.70%	-0.04	$998,434.96	950,000	Corporate High Grade	Financial	Indonesia	3.75%	Baa2	11-Apr-2024	4.08
Bank of East Asia	0.69%	-0.04	$982,976.73	955,000	Corporate High Grade	Miscellaneous	Hong Kong	5.63%	Ba2	18-Nov-2167	14.00
Banco BTG Pactual SA/Cayman Islands	0.69%	-0.07	$975,539.69	925,000	Corporate High Grade	Banking	Brazil	7.75%	B1	15-Feb-2029	6.64
Yuzhou Properties	0.68%	0.19	$971,217.79	925,000	Corporate High Grade	Building & Real Estate	China	7.90%	NR	11-May-2021	1.45
Millicom International Cellular	0.67%	-0.04	$955,607.90	850,000	Corporate High Grade	Wireless Communications	Colombia	6.63%	Ba2	15-Oct-2026	5.51
CNAC HK Finbridge	0.67%	-0.06	$946,591.43	900,000	Corporate High Grade	Chemicals	China	4.63%	NR	14-Mar-2023	3.18
BBVA Bancomer SA/Texas	0.67%	N/A	$946,099.59	950,000	Corporate High Grade	Banking	Mexico	5.88%	Baa3	13-Sep-2034	9.79
Enel Chile	0.66%	-0.02	$945,036.31	835,000	Emerging Market Corporate	Em-Utilities	Chile	4.88%	Baa2	12-Jun-2028	7.08
HTA Group Ltd/Mauritius	0.66%	-0.07	$943,754.75	900,000	Corporate High Grade	Media & Communications	Congo, Democratic Republic Of	9.13%	B2	08-Mar-2022	2.16
Fufeng	0.66%	-0.06	$940,300.22	900,000	Corporate High Grade	Chemicals	China	5.88%	NR	28-Aug-2021	1.79
MHP	0.66%	-0.03	$939,941.81	850,000	Corporate High Grade	Food/Tobacco	Ukraine	7.75%	NR	10-May-2024	3.77
Abu Dhabi National Energy Co PJSC	0.66%	-0.05	$935,193.75	900,000	Corporate High Grade	Energy	United Arab Emirates	3.63%	A3	12-Jan-2023	3.06
Bharti Airtel International Netherlands BV	0.65%	-0.03	$930,889.78	850,000	Corporate High Grade	Wireline Communications	India	5.35%	Ba1	20-May-2024	4.04
Emirates Airline	0.65%	0.06	$928,344.03	903,555	Corporate High Grade	Airlines	United Arab Emirates	4.50%	NR	06-Feb-2025	2.62
Country Garden Holdings	0.65%	0.15	$925,448.27	850,000	Corporate High Grade	Building & Real Estate	China	8.00%	NR	27-Jan-2024	3.66
Greenko Dutch BV	0.64%	-0.06	$911,391.75	900,000	Corporate High Grade	Utilities	India	4.88%	Ba1	24-Jul-2022	2.58
Ukraine Railways Via Rail Capital Markets	0.64%	N/A	$910,904.63	850,000	Corporate High Grade	Transportation	Ukraine	8.25%	NR	09-Jul-2024	3.86
Oztel Holdings SPC	0.63%	-0.03	$898,879.25	850,000	Corporate High Grade	Miscellaneous	Oman	5.63%	Ba1	24-Oct-2023	3.53
Israel Electric	0.63%	-0.03	$896,237.33	800,000	Corporate High Grade	Electric Utilities	Israel	5.00%	Baa2	12-Nov-2024	4.46
Csn Resources	0.63%	-0.07	$895,704.38	850,000	Corporate High Grade	Metals & Mining	Brazil	7.63%	B2	13-Feb-2023	2.93
China Oil & Gas	0.62%	N/A	$886,147.11	859,000	Corporate High Grade	Exploration & Production	China	5.50%	Ba2	25-Jan-2023	2.98
Celulosa Arauco Y Constitucion	0.62%	-0.01	$885,715.25	783,000	Emerging Market Corporate	Em-Forest Products	Chile	5.50%	Baa3	30-Apr-2049	14.77
C&W Senior Financing DAC	0.62%	-0.02	$877,864.00	800,000	Corporate High Grade	Cable Operators	Panama	7.50%	B2	15-Oct-2026	N/A
Kernel Holding	0.61%	-0.05	$865,218.67	800,000	Corporate High Grade	Food/Tobacco	Ukraine	8.75%	NR	31-Jan-2022	2.08
SmarTone Finance	0.59%	-0.04	$838,738.39	800,000	Corporate High Grade	Wireless Communications	Hong Kong	3.88%	NR	08-Apr-2023	3.22
HT Global IT Solutions Holdings	0.59%	-0.06	$836,270.22	800,000	Corporate High Grade	Miscellaneous	India	7.00%	Ba3	14-Jul-2021	1.65
Times China Holdings	0.58%	N/A	$828,018.17	800,000	Corporate High Grade	Building & Real Estate	China	7.63%	B1	21-Feb-2022	2.14
TML Holdings Pte	0.58%	-0.04	$823,235.50	800,000	Corporate High Grade	Automotive	India	5.75%	NR	07-May-2021	1.48
Petroleos Mexicanos	0.57%	N/A	$812,736.82	780,000	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	7.69%	Baa3	23-Jan-2050	11.77
Gold Fields Orogen Holdings BVI	0.57%	-0.03	$808,484.06	750,000	Corporate High Grade	Metals & Mining	South Africa	5.13%	Baa3	15-May-2024	4.04
Banco do Brasil SA/Cayman	0.56%	-0.02	$802,004.00	700,000	Corporate High Grade	Banking	Brazil	9.00%	B2	18-Dec-2167	10.92
C&W Senior Financing DAC	0.54%	-0.02	$767,147.50	700,000	Corporate High Grade	Cable Operators	Panama	7.50%	B2	15-Oct-2026	5.29
Consolidated Energy Finance	0.54%	-0.04	$766,914.06	750,000	Corporate High Grade	Chemicals	Switzerland	6.88%	B1	15-Jun-2025	N/A
Banco Nacional de Costa Rica	0.53%	-0.03	$752,537.14	700,000	Corporate High Grade	Banking	Costa Rica	6.25%	B1	01-Nov-2023	3.51
Agile Group Holdings	0.53%	-0.06	$747,950.42	700,000	Corporate High Grade	Building & Real Estate	China	8.50%	Ba3	18-Jul-2021	1.64
Bangkok Bank PCL/Hong Kong	0.52%	N/A	$734,550.77	725,000	Corporate High Grade	Banking	Thailand	3.73%	Baa3	25-Sep-2034	11.39
Vedanta Resources Finance II	0.51%	N/A	$730,648.72	700,000	Emerging Market Corporate	Em-Metals	India	8.00%	B2	23-Apr-2023	2.95
Instituto Costarricense de Electricidad	0.50%	N/A	$705,041.91	825,000	Government	Foreign Govt & Muni (Excl Canadian)	Costa Rica	6.38%	B1	15-May-2043	10.63
Usiminas International Sarl	0.49%	N/A	$695,004.20	680,000	Corporate High Grade	Metals & Mining	Brazil	5.88%	Ba3	18-Jul-2026	5.49
BBVA Bancomer SA/Texas	0.48%	-0.04	$679,276.21	705,000	Corporate High Grade	Banking	Mexico	5.13%	NR	18-Jan-2033	9.37
Consorcio Transmantaro	0.48%	-0.01	$678,104.13	610,000	Corporate High Grade	Utilities	Peru	4.70%	Baa3	16-Apr-2034	9.37
Perusahaan Listrik Negara PT	0.47%	-0.54	$673,416.52	575,000	Corporate High Grade	Energy	Indonesia	5.45%	Baa2	21-May-2028	6.90
TBG Global Pte	0.47%	-0.55	$666,766.47	650,000	Emerging Market Corporate	Em-Telecom	Indonesia	5.25%	NR	10-Feb-2022	2.19
ICTSI Treasury BV	0.47%	-0.03	$661,887.92	600,000	Emerging Market Corporate	Em-Transportation	Philippines	5.88%	NR	17-Sep-2025	5.05
Zahidi	0.46%	-0.06	$658,933.37	644,232	Corporate High Grade	Airlines	United Arab Emirates	4.50%	NR	22-Mar-2028	3.95
China Mengniu Dairy	0.45%	-0.04	$636,656.97	600,000	Corporate High Grade	Food/Tobacco	China	4.25%	Baa1	07-Aug-2023	3.53
Banco Nacional de Costa Rica	0.44%	-0.03	$626,826.08	600,000	Corporate High Grade	Banking	Costa Rica	5.88%	B1	25-Apr-2021	1.45
Eskom Holdings SOC	0.44%	-0.05	$625,600.75	600,000	Corporate High Grade	Utilities	South Africa	7.13%	B3	11-Feb-2025	4.38
CAR	0.44%	-0.05	$623,836.11	625,000	Corporate High Grade	Services	China	6.13%	B1	04-Feb-2020	0.33
Easy Tactic	0.44%	-0.56	$623,584.49	600,000	Corporate High Grade	Building & Real Estate	China	9.13%	NR	28-Jul-2022	2.42
MTN Mauritius Investments	0.44%	-0.02	$620,921.75	600,000	Emerging Market Corporate	Em-Wireless Communications	South Africa	4.76%	Ba1	11-Nov-2024	4.43
Eskom Holdings SOC	0.43%	-0.04	$611,842.33	600,000	Corporate High Grade	Utilities	South Africa	5.75%	B3	26-Jan-2021	1.25
Eskom Holdings SOC	0.40%	0.24	$572,057.75	550,000	Corporate High Grade	Utilities	South Africa	6.75%	B3	06-Aug-2023	3.33
Vedanta Resources	0.39%	-0.18	$561,569.31	525,000	Corporate High Grade	Metals & Mining	India	8.25%	B2	07-Jun-2021	1.53
Banco do Brasil SA/Cayman	0.39%	-0.01	$556,294.27	475,000	Corporate High Grade	Banking	Brazil	9.25%	NR	15-Oct-2167	10.40
Country Garden Holdings	0.38%	-0.02	$544,681.89	500,000	Corporate High Grade	Building & Real Estate	China	7.25%	NR	08-Apr-2026	5.02
United Group BV	0.37%	-0.04	$523,238.18	455,000	Corporate High Grade	Cable Operators	Serbia	4.88%	B2	01-Jul-2024	N/A
Teva Pharmaceutical Finance Netherlands III BV	0.35%	-0.08	$496,045.50	600,000	Corporate High Grade	Miscellaneous	Israel	6.75%	Ba2	01-Mar-2028	5.99
Petrobras Global Finance BV	0.34%	-0.01	$488,877.94	400,000	Agency/Supranationals	Foreign Agency	Brazil	7.38%	Ba2	17-Jan-2027	5.74
Aia	0.34%	-0.01	$486,994.00	400,000	Corporate High Grade	Miscellaneous	Hong Kong	4.50%	A2	16-Mar-2046	16.32
Perusahaan Listrik Negara PT	0.34%	N/A	$480,068.78	440,000	Corporate High Grade	Energy	Indonesia	4.88%	Baa2	17-Jul-2049	15.78
Digicel	0.34%	-0.06	$478,224.50	650,000	Corporate High Grade	Wireless Communications	Jamaica	6.00%	Caa2	15-Apr-2021	1.24
Sberbank Of Russia Via Sb Capital	0.32%	N/A	$454,587.02	425,000	Emerging Market Corporate	Em-Banks	Russia	5.13%	Ba1	29-Oct-2022	2.78
Times China Holdings	0.31%	N/A	$437,765.09	440,000	Corporate High Grade	Building & Real Estate	China	6.75%	B1	16-Jul-2023	3.24
SM Investments	0.30%	-0.02	$425,355.33	400,000	Corporate High Grade	Retail	Philippines	4.88%	NR	10-Jun-2024	4.13
Cosan Overseas	0.30%	-0.02	$420,045.67	400,000	Corporate High Grade	Food/Tobacco	Brazil	8.25%	Ba2	05-Feb-2168	10.83
Tata Motors	0.29%	-0.02	$418,139.33	400,000	Corporate High Grade	Automotive	India	5.75%	Ba3	30-Oct-2024	4.27
Celulosa Arauco Y Constitucion	0.29%	-0.02	$416,162.22	400,000	Corporate High Grade	Miscellaneous	Chile	3.88%	Baa3	02-Nov-2027	6.81
Press Metal Labuan	0.28%	-0.25	$400,100.00	400,000	Corporate High Grade	Metals & Mining	Malaysia	4.80%	Ba3	30-Oct-2022	2.75
Egypt Government International Bond	0.28%	-0.02	$394,194.68	375,000	Government	Foreign Govt & Muni (Excl Canadian)	Egypt	6.20%	B2	01-Mar-2024	3.83
Braskem Finance	0.27%	-0.02	$377,427.74	362,000	Corporate High Grade	Chemicals	Brazil	7.38%	Ba1	04-Jan-2168	11.61
Banco BTG Pactual SA/Cayman Islands	0.26%	N/A	$369,221.13	350,000	Corporate High Grade	Banking	Brazil	7.75%	B1	15-Feb-2029	6.64
Egypt Government International Bond	0.26%	N/A	$367,972.79	350,000	Government	Foreign Govt & Muni (Excl Canadian)	Egypt	6.20%	B2	01-Mar-2024	3.83
Petropavlovsk 2016	0.25%	-0.00	$358,406.81	350,000	Corporate High Grade	Metals & Mining	Russia	8.13%	NR	14-Nov-2022	2.62
Sixsigma Networks Mexico SA de CV	0.25%	-0.05	$357,470.17	350,000	Corporate High Grade	Information Technology	Mexico	7.50%	B1	02-May-2025	4.35
Abu Dhabi National Energy Co PJSC	0.23%	-0.01	$328,241.96	300,000	Corporate High Grade	Energy	United Arab Emirates	4.38%	A3	23-Apr-2025	4.86
Oi	0.19%	-0.11	$272,392.01	290,000	Corporate High Grade	Wireline Communications	Brazil	10.00%	NR	27-Jul-2025	4.18
CNAC HK Finbridge	0.17%	-0.01	$244,560.85	240,000	Corporate High Grade	Chemicals	China	3.38%	Baa2	19-Jun-2024	4.29
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand	0.17%	-0.01	$237,166.11	220,000	Corporate High Grade	Banking	Mexico	8.50%	Ba1	20-Apr-2168	10.81
State Grid Overseas Investment 2016	0.16%	0.00	$233,696.44	200,000	Corporate High Grade	Utilities	China	4.00%	A1	04-May-2047	17.10
PCCW Capital No 4	0.15%	-0.01	$218,670.24	200,000	Corporate High Grade	Media & Communications	Hong Kong	5.75%	NR	17-Apr-2022	2.31
Aes Gener	0.15%	-0.01	$217,800.33	200,000	Corporate High Grade	Utilities	Chile	7.13%	Ba2	26-Mar-2079	14.06
Sigma Finance Netherlands BV	0.15%	N/A	$212,691.25	200,000	Corporate High Grade	Food Processing	Mexico	4.88%	Baa3	27-Mar-2028	6.97
Egypt Government International Bond	0.15%	-0.44	$208,152.11	200,000	Government	Foreign Govt & Muni (Excl Canadian)	Egypt	5.88%	B2	11-Jun-2025	4.73
Shimao Property Holdings	0.15%	-0.01	$207,224.99	200,000	Emerging Market Corporate	Em-Building & Real Estate	China	5.20%	NR	30-Jan-2025	4.59
State Grid Overseas Investment 2016	0.14%	-0.01	$205,356.33	200,000	Corporate High Grade	Utilities	China	2.88%	A1	18-May-2026	5.95
Agile Group Holdings	0.14%	-0.01	$205,332.53	200,000	Corporate High Grade	Miscellaneous	China	6.70%	Ba3	07-Mar-2022	2.21
Country Garden Holdings	0.14%	N/A	$205,086.17	200,000	Corporate High Grade	Building & Real Estate	China	6.15%	NR	17-Sep-2025	4.94
Mriya Farming	0.00%	-0.00	$3,247.89	55,800	Corporate Securities	Industrial - Other	United Kingdom	2.00%	NR	31-Dec-2025	N/A
Frontera Energy	0.00%	-0.00	$2,227.55	224	Energy	Energy Services	Canada	N/A	N/A	N/A	N/A
Mriya Farming	0.00%	N/A	$18.70	171,509	Industrial	Industrial - Other	United Kingdom	N/A	N/A	N/A	N/A
Mriya Farming	0.00%	N/A	$2.39	239	Industrial	Industrial - Other	United Kingdom	N/A	N/A	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
TMT	18.15%	11.54%
Transport	5.58%	1.08%
Real Estate	9.08%	5.58%
Industrial	7.88%	4.86%
Government	1.85%	0.00%
Utilities	12.64%	11.83%
Consumer	9.83%	9.29%
Pulp & Paper	1.66%	1.18%
Reserves	0.27%	0.00%
Infrastructure	1.50%	2.22%
Metals & Mining	5.60%	6.41%
Diversified	1.08%	2.04%
Oil & Gas	9.09%	14.17%
Financial	15.78%	29.81%

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
South Africa	8.33%	2.95%
Brazil	10.89%	5.81%
China	12.57%	7.95%
Chile	7.90%	4.22%
Costa Rica	1.47%	0.00%
India	5.89%	4.43%
Kazakhstan	1.52%	0.56%
Ukraine	1.91%	0.96%
Paraguay	0.85%	0.07%
Egypt	0.68%	0.00%
Indonesia	3.56%	2.88%
Mexico	5.66%	4.99%
Vietnam	0.75%	0.14%
Morocco	1.24%	0.66%
Ghana	0.85%	0.30%
Saudi Arabia	3.43%	2.97%
United Arab Emirates	4.92%	4.54%
Malaysia	1.78%	1.52%
Panama	1.16%	0.91%
United States	0.86%	0.84%
Kuwait	1.16%	1.48%
Israel	2.38%	2.75%
Philippines	1.80%	2.36%
Thailand	1.43%	2.52%
Turkey	2.90%	4.00%
Colombia	2.64%	4.23%
Hong Kong	3.44%	5.26%
Peru	1.50%	3.51%
Russia	2.20%	4.67%
South Korea	1.54%	4.36%

A maximum of 30 largest countries are displayed.

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
U.S. dollar	100.00%	100.00%
Canadian dollar	0.00%	0.00%
Dollar Bloc Subtotal	100.00%	100.00%

Indicative Benchmark : J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

Currency Diversification	% of Fund	% of Indicative Benchmark	% Underweight/Overweight
euro	0.00%	0.00%
European Bloc Subtotal	0.00%	0.00%

Indicative Benchmark : J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

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

Indicative Benchmark Data Source: JP Morgan

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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Portfolio Construction

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Recent Performance

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Holdings

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Average Credit Quality

Weighted Average Maturity

Weighted Average Duration

Domestic Demand Could Drive Opportunities for Growth

Underweight Lower-Yielding and Less-Attractive Risk-Adjusted Relative Value Sectors

Credit Quality Considerations

Sectors

TotalSectors

Largest Overweight

TMT

Largest Underweight

Financial

Countries

TotalCountries

Largest Overweight

South Africa

Largest Underweight

Qatar

Currency

TotalCurrencies

Largest Overweight

Canadian dollar

Largest Underweight

U.S. dollar

Team (As of 31-Aug-2019)

Samy MuaddiPortfolio Manager

Fee Schedule

Portfolio Characteristics

Risks

Risk/Return Characteristics

Quality (30-Sep-2019)

Maturity (30-Sep-2019)

Duration (30-Sep-2019)

Holdings (30-Sep-2019)

Sector Diversification (30-Sep-2019)

Country 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)

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Issuers

Total
Holdings

Total
Sectors

Total
Countries

Total
Currencies

Samy Muaddi
Portfolio Manager

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